Goldman Sachs Asset Allocation Portfolios Investment Outlook

Goldman Sachs Asset Allocation Portfolios Investment Outlook Overview The Goldman Sachs Asset Allocation Portfolios are managed by the Global Portfolio Solutions (GPS) team. 1 GPS has been designing customized multi-asset solutions for institutional clients including sovereign wealth funds, pension plans, endowments and foundations as well as managing investment funds since 1995. In managing the Asset Allocation Portfolios, GPS takes a fundamental, team-based approach to determining the long-term asset allocations, incorporating dynamic views, and implementing strategies that perform bottom-up security selection. The Team seeks to navigate constantly changing market conditions by incorporating top-down asset class views throughout the market cycle, and implement dynamic views to take advantage of market dislocations and changes in the economic cycle. Market Review A mix of continued healthy global economic growth, a solid earnings season and the absence of hawkish surprises from major central banks helped markets to a strong finish in Q4, rounding out what was already a very strong year for equity markets. Emerging markets equity, as measured by the MSCI Emerging Market Index, continued to outperform developed markets, as measured by the MSCI World Index, thanks to steady Chinese economic data, higher commodity prices, and broadly improving exports. Within developed equities, Japanese equities were the best performer as a result of Prime Minister Abe winning super-majority and weakness in the Yen. U.S. equities, as measured by the S&P 500 Index, also performed well relative to developed equities despite a weaker dollar, as the Trump administration announced their nomination for Federal Reserve Chairman in November and shortly thereafter delivered on a tax bill that incorporated a corporate tax cut. On the other hand, Eurozone and U.K. equities underperformed as currency strength weighed on their equity markets. At the December Federal Open Market Committee meeting, the U.S. Federal Reserve upgraded its growth projections after taking into account the potential impact of tax cuts. In fixed income, the U.S. 10 year yield increased slightly along with modest curve flattening, driven mainly by the bottoming out in U.S. inflation and expectations of tax cuts. Q4 Fund Performance (Total Return at NAV, as of 12/31/2017) 8.00% 6.00% 4.00% 2.00% 0.00% 2.77% 2.59% Balanced Portfolio 3.76% 3.65% Growth & Income Portfolio Class I 4.74% 4.56% Growth Portfolio Benchmark 5.73% 5.43% Equity Growth Portfolio Quarterly Standardized Total Returns as of 12/31/2017 3 Since Inception Fund Characteristics (1/02/98 12/31/17) I-Shares Balanced Growth & Income Growth Equity Growth Total Return (Net) 5.0% 5.5% 5.5% 5.9% Standard Deviation (Ann.) 7.1% 10.4% 13.5% 15.8% Beta to S&P 500 0.35 0.53 0.73 0.87 1.44% / Gross Expense Ratio (A/I) 2 1.04% 1.36% / Net Expense Ratio (A/I) 2 0.96% 1.42% / 1.02% 1.37% / 0.97% 1.44% / 1.04% 1.38% / 0.98% 1 Yr 5 Yr 10 Yr Class A / Class I Class A / Class I Class A / Class I Balanced Portfolio 5.07% / 11.63% 3.93% / 5.53% 3.09% / 4.08% Growth & Income Portfolio 9.79% / 16.60% 5.94% / 7.58% 3.16% / 4.16% Growth Portfolio 14.36% / 21.53% 8.05% / 9.71% 3.23% / 4.23% Equity Growth Portfolio 19.01% / 26.48% 10.28% / 11.97% 3.96% / 4.97% 1.47% / 1.07% 1.37% / 0.97% 1 Effective April 28, 2017, management of the GS Asset Allocation Portfolios transitioned from the Quantitative Investment Strategies ( QIS ) team to the Global Portfolio Solutions ( GPS ) team. 2 The expense ratios of the Funds, 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. Pursuant to a contractual arrangement, the expense limitation arrangement and total operating expense limitation arrangement will remain in effect through at least April 28, 2018, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. 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.gsamfunds.com to obtain the most recent month-end returns. The Funds were incepted on January 2, 1998. 3 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. These returns reflect the maximum initial sales charge of 5.5% for Class A Shares. Because Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. Global Portfolio Solutions Goldman Sachs Asset Management 1

Performance Review Over the fourth quarter of 2017, the GS Asset Allocation Portfolios posted positive absolute returns, with those having greater equity exposure delivering stronger performance. However, the Portfolios posted negative excess returns as each Portfolio underperformed its respective benchmark. The Portfolios strategic asset allocation, which is the long-term positioning of a portfolio, drove returns across the Portfolios. Allocations to emerging markets equity continued to deliver positive performance, supported by macro conditions and higher commodity prices. Allocations to U.S. large cap equity also contributed positively, boosted by the passing of tax reform and potential corporate tax cuts. Medium-term dynamic views contributed positively across Portfolios, while short-term views posted mixed performance. The views implemented in the Portfolios reflect the portfolio manager s decision to overweight or underweight asset classes based on the current economic cycle and tactical market opportunities. Positive performance was driven by a view to be overweight emerging markets equity. Short-term tactical tilts, which seek to take advantage of market mispricings or dislocations, detracted from returns across Portfolios with the exception of the Equity Growth Portfolio, which only allocated to tactical equity views. Positive tactical performance in the Equity Growth Portfolio was driven by the view to be long Japanese equities. Security selection, which reflects the impact of underlying stock and bond selection made by underlying GSAM managers, detracted from returns across Portfolios. Negative performance was concentrated in the GS Emerging Markets Equity Insights and the GS U.S. Large Cap Growth Insights Funds, both of which underperformed their respective benchmarks. Investment Outlook: Look Ahead 4 Attractiveness Less Neutral More Equity Fixed Income Real Assets US Equity European Equity Japanese Equity Emerging Markets Equity Emerging Markets Debt Local Investment Grade Corporate Bonds High Yield Corporate Bonds US Government Fixed Income Public Real Estate Public Infrastructure Neutral. Resilient US economy, pickup in earnings and compression in P/E may likely result in muted equity returns. Positive. Improving economic growth, supportive fundamentals, accommodative monetary policy and thawing credit markets to drive excess return. Despite diminishing to some degree, political and policy risk may continue to weigh on sentiment. Positive. Improvement in corporate fundamentals, supportive relative valuations, higher earnings on rising external demand, emerging recovery in private consumption and capex support buoyant equities. Stronger currency from exogenous factors remains a risk. Positive. EMs outperformed DMs last year on improving macro stability driven by recovering external balances, and firming economic data suggesting growth pickup across EMs has been better than expected. However, this strong macro environment is somewhat eclipsed by recent strong outperformance of DM equities and elevated risk from expected higher US rates. Positive. Increasing attractiveness of valuation, carry (above 6%), and higher commodities prices are supportive. However, concerns around rebalancing in China leading to growth deceleration and elevated risk from expected higher US rates are headwinds for EM Debt. Negative. Expectation of rising treasury yields amidst signs of maturation in the broader credit cycle outweighs rising corporate profitability. Negative. Rising expectations of improving corporate profitability is supportive. However, risk-reward seems skewed to the downside given threat of maturing US credit cycle, expectation of higher inflation and higher treasury yield. Negative. US government bond investors are undercompensated for the Fed policy and inflation risk. Despite cautious tone on inflation, the Fed has adhered to a more data-dependent path. Fiscal expansion is a headwind to US government bond. Neutral. All-time high occupancy rate, expectation of higher yields and late-cycle concerns seem to be counter-balanced by lower multiples and improving supply dynamics in certain pockets of real estate by early-tomid 2018. Neutral. Potential fiscal expansion and focus on infrastructure by current US administration is supportive. However, expectation of rising interest rates in the US remains a headwind. 4 Source: GPS as of December 31, 2017.Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this commentary and may be subject to change, they should not be construed as investment advice. Past performance does not guarantee future results, which may vary. Global Portfolio Solutions Goldman Sachs Asset Management 2

Balanced Portfolio For the investor seeking current income and long-term capital appreciation. Approximately half of the Portfolio (within a range of 25%-80%) is invested in fixed income funds, approximately 35% (within a range of 5%-60%) of the Portfolio is invested in equity funds and approximately 15% (within a range of 0%-20%) in a dynamic allocation sleeve. The Portfolio emphasizes diversification by investing across traditional, satellite and alternative asset classes to potentially improve risk and return over the long-term through a fundamental approach. NASDAQ SYMBOLS Class A GIPAX Class IR GIPTX Class C GIPCX Service GIPSX Class I GIPIX Class R6 GIPUX Class R GIPRX Capital Weights 9/30/2017 12/31/2017 Equity 40.0% 40.5% GS Large Cap Growth Insights Fund 4.1% 4.0% GS Large Cap Value Insights Fund 4.1% 4.2% GS ActiveBeta Large Cap Equity ETF 2.7% 1.6% US Large Cap Equity Futures 6.9% 9.2% GS Small Cap Equity Insights Fund 0.9% 0.8% GS International Equity Insights Fund 3.1% 3.0% GS International Small Cap Insights Fund 2.8% 2.8% GS Emerging Markets Equity Insights Fund 7.8% 7.8% GS ActiveBeta Emerging Markets Equity ETF 2.3% 2.2% GS Global Infrastructure Fund 2.5% 2.4% GS Global Real Estate Securities Fund 2.7% 2.5% Fixed Income 45.9% 45.5% GS Core Fixed Income Fund 1.4% 1.3% GS Global Income Fund 30.8% 30.5% GS High Yield Fund 7.7% 7.6% GS Emerging Market Debt Fund 4.4% 4.4% GS Local Emerging Markets Debt Fund 0.9% 1.0% LIBOR Floors 0.7% 0.7% Multi- 14.2% 14.0% GS Managed Futures Fund 4.8% 4.7% GS Alternative Premia Fund 5 4.2% 4.0% GS Tactical Exposure Fund 10.0% 9.7% Cash, Other 6-4.8% -4.4% Total 100.0% 100.0% 5 Effective after the close of business on October 30, 2017, the Goldman Sachs Dynamic Allocation Fund was renamed the Goldman Sachs Alternative Premia Fund. 6 Portfolio allocations may add to greater than 100% due to derivative positions. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund 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. Global Portfolio Solutions Goldman Sachs Asset Management 3

Growth and Income Portfolio For the investor seeking current income and long-term capital appreciation. Under normal circumstances, assets are allocated approximately 30% (within a range of 5%- 60%) in fixed income funds, approximately 55% (within a range of 25%-80%) of the Portfolio is invested in equity funds and approximately 15% (within a range of 0%- 20%) in a dynamic allocation sleeve. The Portfolio emphasizes diversification by investing across traditional, satellite and alternative asset classes to potentially improve risk and return over the long-term through a fundamental approach. NASDAQ SYMBOLS Class A GOIAX Class IR GPITX Class C GOICX Service GOISX Class I GOIIX Class R6 GOIUX Class R GPIRX Capital Weights 9/30/2017 12/31/2017 Equity 61.2% 61.5% GS Large Cap Growth Insights Fund 7.7% 7.4% GS Large Cap Value Insights Fund 7.8% 7.4% GS ActiveBeta Large Cap Equity ETF 6.2% 5.2% US Large Cap Equity Futures 7.1% 9.2% GS Small Cap Equity Insights Fund 1.4% 1.4% GS International Equity Insights Fund 6.7% 6.5% GS ActiveBeta International Equity ETF 1.9% 1.9% GS International Small Cap Insights Fund 3.4% 3.4% GS Emerging Markets Equity Insights Fund 10.5% 10.5% GS ActiveBeta Emerging Markets Equity ETF 3.1% 3.1% GS Global Infrastructure Fund 2.9% 2.8% GS Global Real Estate Securities Fund 2.8% 2.8% Fixed Income 24.8% 24.8% GS Global Income Fund 9.1% 9.2% GS High Yield Fund 8.6% 8.6% GS Emerging Market Debt Fund 5.3% 5.3% GS Local Emerging Markets Debt Fund 1.0% 1.0% LIBOR Floors 0.8% 0.7% Multi- 14.0% 13.8% GS Managed Futures Fund 4.8% 4.9% GS Alternative Premia Fund 5 4.0% 4.1% GS Tactical Exposure Fund 10.0% 9.8% Cash, Other 6-4.8% -5.0% Total 100.0% 100.0% 5 Effective after the close of business on October 30, 2017, the Goldman Sachs Dynamic Allocation Fund was renamed the Goldman Sachs Alternative Premia Fund. 6 Portfolio allocations may add to greater than 100% due to derivative positions. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund 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. Global Portfolio Solutions Goldman Sachs Asset Management 4

Growth Portfolio For the investor seeking current income and long-term capital appreciation. Under normal circumstances, assets are allocated approximately 10% (within a range of 0%- 40%) in fixed income funds, approximately 75% (within a range of 45%-100%) of the Portfolio is invested in equity funds and approximately 15% (within a range of 0%-20%) in a dynamic allocation sleeve. The Portfolio emphasizes diversification by investing across traditional, satellite and alternative asset classes to potentially improve risk and return over the long-term through a fundamental approach. NASDAQ SYMBOLS Class A GGSAX Class IR GGSTX Class C GGSCX Service GGSSX Class I GGSIX Class R6 GGSUX Class R GGSRX Capital Weights 9/30/2017 12/31/2017 Equity 81.9% 82.4% GS Large Cap Growth Insights Fund 8.9% 8.8% GS Large Cap Value Insights Fund 8.8% 9.0% GS ActiveBeta Large Cap Equity ETF 8.3% 7.2% US Large Cap Equity Futures 7.1% 9.5% GS Small Cap Equity Insights Fund 3.5% 3.5% GS International Equity Insights Fund 7.9% 7.7% GS ActiveBeta International Equity ETF 1.4% 1.4% GS International Small Cap Insights Fund 5.0% 4.9% GS Emerging Markets Equity Insights Fund 17.1% 16.8% GS ActiveBeta Emerging Markets Equity ETF 5.5% 5.5% GS Global Infrastructure Fund 1.5% 1.5% GS Global Real Estate Securities Fund 6.9% 6.9% Fixed Income 6.3% 6.1% GS High Yield Fund 4.1% 4.0% GS Emerging Market Debt Fund 1.0% 1.0% LIBOR Floors 1.2% 1.1% Multi- 11.9% 11.6% GS Managed Futures Fund 2.4% 2.4% GS Alternative Premia Fund 5 4.1% 4.0% GS Tactical Exposure Fund 10.0% 9.6% Cash, Other 6-4.6% -4.3% Total 100.0% 100.0% 5 Effective after the close of business on October 30, 2017, the Goldman Sachs Dynamic Allocation Fund was renamed the Goldman Sachs Alternative Premia Fund. 6 Portfolio allocations may add to greater than 100% due to derivative positions. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund 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. Global Portfolio Solutions Goldman Sachs Asset Management 5

Equity Growth Portfolio For the investor seeking current income and long-term capital appreciation. Under normal circumstances, substantially all assets (within a range of 80%-100%) are allocated among equity funds. The Portfolio emphasizes diversification by investing across traditional, satellite and alternative asset classes to potentially improve risk and return over the long-term through a fundamental approach. NASDAQ SYMBOLS Class A GAPAX Class IR GAPTX Class C GAXCX Service GAPUX Class I GAPIX Class R6 GAPRX Class R GAPSX Capital Weights 9/30/2017 12/31/2017 Equity 100.0% 100.0% GS Large Cap Growth Insights Fund 12.5% 12.2% GS Large Cap Value Insights Fund 12.1% 12.0% GS ActiveBeta Large Cap Equity ETF 9.6% 9.5% US Large Cap Equity Futures 1.9% 2.9% GS Small Cap Equity Insights Fund 6.1% 6.1% GS International Equity Insights Fund 14.5% 14.5% GS ActiveBeta International Equity ETF 5.8% 5.8% GS International Small Cap Insights Fund 3.8% 3.8% GS Emerging Markets Equity Insights Fund 17.6% 18.4% GS ActiveBeta Emerging Markets Equity ETF 6.8% 7.1% GS Global Real Estate Securities Fund 6.5% 6.5% Tilts 3.0% 2.4% Cash 6-0.1% -1.0% Total 100.0% 100.0% 6 Portfolio allocations may add to greater than 100% due to derivative positions. Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund 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. Global Portfolio Solutions Goldman Sachs Asset Management 6

Diversification does not protect an investor from market risk and does not ensure a profit. Risk Considerations The Goldman Sachs Balanced Portfolio invests in affiliated domestic and international fixed income and equity funds ( underlying funds ). The Portfolio s investment in any of the underlying funds may exceed 25% of its assets. The Portfolio currently expects to invest a relatively significant percentage of its assets in the Goldman Sachs Global Income, Goldman Sachs Strategic Income, Goldman Sachs Large Cap Growth Insights, Goldman Sachs Large Cap Value Insights, Goldman Sachs International Equity Insights, and Goldman Sachs Dynamic Allocation Funds. The Portfolio is subject to the risk factors of the underlying funds in direct proportion to its investments in those underlying funds, and the ability of the Portfolio to meet its investment objective is directly related to the ability of the underlying funds to meet their investment objectives, as well as the allocation among those underlying funds by the Investment Adviser. An underlying fund is subject to the risks associated with its investments, including (as applicable) those associated with equity, fixed income, foreign and derivative investments generally. From time to time, the underlying funds in which the Portfolio invests, and the size of the investments in the underlying funds, may change. Because the Portfolio is subject to the underlying fund expenses as well as its own expenses, the cost of investing in the Portfolio may be higher than investing in a mutual fund that only invests directly in stocks and bonds. The Goldman Sachs Growth and Income Portfolio invests in affiliated domestic and international fixed income and equity funds ( underlying funds ). The Portfolio s investment in any of the underlying funds may exceed 25% of its assets. The Portfolio currently expects to invest a relatively significant percentage of its assets in the Goldman Sachs Large Cap Growth Insights, Goldman Sachs Large Cap Value Insights, Goldman Sachs International Equity Insights, Goldman Sachs Global Income, Goldman Sachs Strategic Income, and Goldman Sachs Dynamic Allocation Funds. The Portfolio is subject to the risk factors of the underlying funds in direct proportion to its investments in those underlying funds, and the ability of the Portfolio to meet its investment objective is directly related to the ability of the underlying funds to meet their investment objectives, as well as the allocation among those underlying funds by the Investment Adviser. An underlying fund is subject to the risks associated with its investments, including (as applicable) those associated with equity, fixed income, foreign and derivative investments generally. From time to time, the underlying funds in which the Portfolio invests, and the size of the investments in the underlying funds, may change. Because the Portfolio is subject to the underlying fund expenses as well as its own expenses, the cost of investing in the Portfolio may be higher than investing in a mutual fund that only invests directly in stocks and bonds. The Goldman Sachs Growth Portfolio invests in affiliated domestic and international fixed income and equity funds ( underlying funds ). The Portfolio s investment in any of the underlying funds may exceed 25% of its assets. The Portfolio currently expects to invest a relatively significant percentage of its assets in the Goldman Sachs Large Cap Growth Insights, Goldman Sachs Large Cap Value Insights, Goldman Sachs International Equity Insights, and Goldman Sachs Dynamic Allocation Funds. The Portfolio is subject to the risk factors of the underlying funds in direct proportion to its investments in those underlying funds, and the ability of the Portfolio to meet its investment objective is directly related to the ability of the underlying funds to meet their investment objectives, as well as the allocation among those underlying funds by the Investment Adviser. An underlying fund is subject to the risks associated with its investments, including (as applicable) those associated with equity, fixed income, foreign and derivative investments generally. From time to time, the underlying funds in which the Portfolio invests, and the size of the investments in the underlying funds, may change. Because the Portfolio is subject to the underlying fund expenses as well as its own expenses, the cost of investing in the Portfolio may be higher than investing in a mutual fund that only invests directly in stocks and bonds. The Goldman Sachs Equity Growth Portfolio invests substantially all of its assets in affiliated domestic and international equity funds ( underlying funds ). The Portfolio s investment in any of the underlying funds may exceed 25% of its assets. The Portfolio currently expects to invest a relatively significant percentage of its assets in the Goldman Sachs Large Cap Growth Insights, Goldman Sachs Large Cap Value Insights and Goldman Sachs International Equity Funds. The Portfolio is subject to the risk factors of the underlying funds in direct proportion to its investments in those underlying funds, and the ability of the Portfolio to meet its investment objective is directly related to the ability of the underlying funds to meet their investment objectives, as well as the allocation among those underlying funds by the Investment Adviser. An underlying fund is subject to the risks associated with its investments, including (as applicable) those associated with equity, fixed income, foreign and derivative investments generally. From time to time, the underlying funds in which the Portfolio invests, and the size of the investments in the underlying funds, may change. Because the Portfolio is subject to the underlying fund expenses as well as its own expenses, the cost of investing in the Portfolio may be higher than investing in a mutual fund that only invests directly in stocks and bonds. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this commentary and may be subject to change, they should not be construed as investment advice. This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. This material has been prepared by GSAM and is not a product of Goldman Sachs Global Investment Research. The views and opinions expressed may differ from those of Goldman Sachs Global Investment Research or other departments or divisions of Goldman Sachs and its affiliates. Investors are urged to consult with their financial advisors before buying or selling any securities. This information may not be current and GSAM has no obligation to provide any updates or changes. Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. We have relied upon and assumed without independent verification, the accuracy and completeness of all information available from public sources. Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur. Performance Definitions Standard Deviation: A statistical measure of volatility indicates the risk associated with a return series. Beta: A statistical measure of the risk of a security or portfolio relative to the risk of the market and indicates a security s or portfolio s volatility. Global Portfolio Solutions Goldman Sachs Asset Management 7

Glossary Hawkish: Tends to suggest higher interest rates, the opposite of dovish. Short-term views: Multi-month time frame. Medium-term views: Multi-year time frame. THIS MATERIAL IS FOR INFORMATIONAL PURPOSES ONLY AND IS PROVIDED SOLELY ON THE BASIS THAT IT WILL NOT CONSTITUTE INVESTMENT OR OTHER ADVICE OR A RECOMMENDATION RELATING TO ANY PERSON S OR PLAN S INVESTMENT OR OTHER DECISIONS, AND GOLDMAN SACHS IS NOT A FIDUCIARY OR ADVISOR WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE MATERIAL OR CONTENT HEREIN INCLUDING UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 OR DEPARTMENT OF LABOR REGULATIONS. PLAN SPONSORS AND OTHER FIDUCIARIES SHOULD CONSIDER THEIR OWN CIRCUMSTANCES IN ASSESSING ANY POTENTIAL COURSE OF ACTION. The Balanced Portfolio is benchmarked to the blended benchmark composed of 40% of the MSCI All Country World Index and 60% of the Bloomberg Barclays Global Index. The Growth and Income Portfolio is benchmarked to the blended benchmark composed of 60% of the MSCI All Country World Index and 40% of the Bloomberg Barclays Global Index. The Growth Portfolio is benchmarked to the blended benchmark composed of 80% of the MSCI All Country World Index and 20% of the Bloomberg Barclays Global Index. The Equity Growth Portfolio is benchmarked to the MSCI All Country World Index. The Bloomberg Barclays Global Aggregate Bond Index provides a broad-based measure of the global investment grade fixed income markets from 24 local currency markets. This multi-currency index includes U.S. Treasury securities and government bonds, as well as corporate and securitized fixedrate bonds from both developed and emerging markets issuers. The S&P 500 Index is an unmanaged index of 500 stocks that is generally representative of the performance of larger companies in the U.S. The MSCI ACWI Index captures large- and mid-cap representation across 23 Developed Markets and 23 Emerging Markets countries. With 2,484 constituents, the index covers approximately 85% of the global investable equity opportunity set. A summary prospectus, if available, or a Prospectus for the Fund containing more information may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550. Please consider a fund's objectives, risks, and charges and expenses, and read the summary prospectus, if available, and the Prospectus carefully before investing. The summary prospectus, if available, and the Prospectus contains this and other information about the Fund. Please visit our Web site at: http://www.gsamfunds.com/ Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds. 2018 Goldman Sachs. All Rights Reserved. Date of First Use: January 16, 2018. Compliance Code: 118228-OTU AAPQ/1200/01-18 Global Portfolio Solutions Goldman Sachs Asset Management 8