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 After a strong finish to 2017, the first quarter of 2018 saw increased volatility and global equity markets experienced their first pullback after rallying for eight straight quarters. Equities peaked in the last week of January followed by an initial trigger of stronger than expected wage growth data out of the U.S. in early February sparking a pull back. Wage growth data led to the repricing of the U.S. rate hike path and weighed on equities, with the selloff extending due to rising concerns around trade protectionism and worsening sentiment around U.S. technology stocks, which sold off in the second half of March due to concerns around user data privacy. The first quarter also saw some moderation in developed market macroeconomic data, particularly in Europe and Japan. Emerging markets equity outperformed their developed market peers due to stronger market data, attractive valuations, and higher commodity prices. Within fixed income, the U.S. 10 year yield increased over the quarter driven by the U.S. Federal Reserve s decision to raise the policy rate in March in conjunction with a gradual pickup in inflation and a higher expected fiscal deficit. Overall, the outcome of the March Federal Open Market Committee (FOMC) meeting was considered dovish and was in line with market expectations. In currencies, the U.S. dollar continued to weaken versus other major developed currencies. Q1 Fund Performance (Total Return at NAV, as of 3/31/2018) 0.80% 0.40% 0.00% -0.40% -0.80% -1.20% -0.45% -0.41% -0.38% -0.62% -0.71% -0.79% Balanced Portfolio Growth & Income Portfolio Class I Growth Portfolio Benchmark 0.47% -0.96% Equity Growth Portfolio Quarterly Standardized Total Returns as of 3/31/2018 3 Since Inception Fund Characteristics (1/02/98 3/31/18) I-Shares Balanced Growth & Income Growth Equity Growth Total Return (Net) 4.9% 5.4% 5.4% 5.9% Standard Deviation (Ann.) 7.1% 10.4% 13.5% 15.7% 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% 1.47% / 1.07% 1.37% / 0.97% 1 Yr 5 Yr 10 Yr Class A / Class I Class A / Class I Class A / Class I Balanced Portfolio 0.94% / 7.25% 3.10% / 4.68% 3.32% / 4.32% Growth & Income Portfolio 4.42% / 10.91% 4.94% / 6.54% 3.80% / 4.79% Growth Portfolio 7.48% / 14.15% 6.79% / 8.42% 4.09% / 5.11% Equity Growth Portfolio 11.38% / 18.31% 8.98% / 10.67% 5.05% / 6.06% 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. Whilst the name of the team responsible for fiduciary management at GSAM has changed over the course of the past several years, any historical references to this group of investment professionals who offer this service at GSAM is presented under the name of Global Portfolio Solutions. Global Portfolio Solutions Goldman Sachs Asset Management 1

Performance Review Over the first quarter of 2018, performance was mixed across the GS Asset Allocation Portfolios. At the total return level, the Equity Growth Portfolio posted positive returns while the other Portfolios posted negative absolute returns. However, with the exception of the Balanced Portfolio, all of the Portfolios generated positive excess returns over their respective benchmarks. Security selection, which reflects the impact of stock and bond selection made by underlying GSAM managers, was the primary contributor to returns across portfolios. Positive performance was concentrated in the GS Emerging Markets Equity Insights and the GS US Large Cap Value Insights Funds, both of which outperformed their respective benchmarks. The Portfolios strategic asset allocation, which is the long-term positioning of a portfolio, contributed to returns in the Equity Growth Portfolio but detracted from returns in the other Portfolios. Negative performance was driven by exposure to fixed income, while equities overall were a positive contributor to total portfolio returns. Within fixed income, the primary detractor from total returns was LIBOR floors (a macroeconomic hedge strategy where we buy put options on short-term interest rates) as short-term interest rates trended upward. Within equities, allocations to emerging markets equity continued to generate positive returns. However, allocations to infrastructure and public real estate detracted from returns, negatively impacted by the prospect of higher yields. Medium-term dynamic views, which reflect the portfolio manager s decision to overweight or underweight asset classes based on the current economic cycle, contributed positively across Portfolios. 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, also contributed to returns across Portfolios. 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 Positive. Above trend US economic growth, prospect of strong earnings growth, increased buybacks provide tailwind to equities (amidst intermittent market volatility).recent market correction is an opportunity to add to US equities despite rising risk of a trade war, rising interest rates and a late profit cycle. Positive. Accommodative monetary policy, improving economic growth fundamentals, and continuing earnings expansion are tailwind to European equities, that benefit from the 'Growth' phase of the cycle hence both earnings growth & dividend yield contribute to the overall returns. Positive. Supportive fiscal/monetary policy backdrop, sustained profit growth, improving domestic demand and an improved flow of funds landscape support buoyant equities. Near term concerns related to yen appreciation, mixed domestic macro data, and global trade tensions pose downside risks Positive. EMs outperformed DMs year to date on improving macro environment driven by firming economic data suggesting growth story across EMs has been better than expected. Rising interest rates in US and trade protectionism pose risks, while softer dollar and better macro data remain supportive to EM equities Positive. Increasing attractiveness of valuation, carry (~6%), and higher commodities prices are supportive. However, concerns around ongoing trade negotiation and elevated risk from expected higher US rates are headwinds for EM Debt. Negative. Market expectation of rising treasury yields amidst signs of maturation in the broader credit cycle outweighs rising corporate profitability. Neutral. Rising expectations of improving corporate profitability is supportive. However, at current spread levels, risk-reward seems balanced given threat of maturing US credit cycle, expectation of higher treasury yield. Negative. US government bond investors are still undercompensated for the Fed policy, inflation risk and ongoing fiscal expansion. Despite cautious tone on inflation, the Fed has adhered to a more data-dependent path. However, recent sell-off and extreme short positioning in the treasury market are risks to the view. Neutral. All-time high occupancy rate, expectation of higher yields and latecycle concerns seem to be counter-balanced by lower multiples and improving supply dynamics in certain pockets of real estate by mid-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 March 31, 2018.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 12/31/2017 3/31/2018 Equity 40.5% 41.2% GS Large Cap Growth Insights Fund 4.0% 4.2% GS Large Cap Value Insights Fund 4.2% 4.2% GS ActiveBeta Large Cap Equity ETF 1.6% 1.5% US Large Cap Equity Futures 9.2% 9.3% GS Small Cap Equity Insights Fund 0.8% 0.8% GS International Equity Insights Fund 3.0% 3.1% GS International Small Cap Insights Fund 2.8% 2.8% GS Emerging Markets Equity Insights Fund 7.8% 7.9% GS ActiveBeta Emerging Markets Equity ETF 2.2% 2.3% GS Global Infrastructure Fund 2.4% 2.5% GS Global Real Estate Securities Fund 2.5% 2.6% Fixed Income 45.5% 46.5% GS Core Fixed Income Fund 1.3% 1.4% GS Global Income Fund 30.5% 31.2% GS High Yield Fund 7.6% 7.6% GS Emerging Market Debt Fund 4.4% 4.6% GS Local Emerging Markets Debt Fund 1.0% 1.1% LIBOR Floors 0.7% 0.6% Multi- 14.0% 12.3% GS Managed Futures Fund 4.7% 4.8% GS Alternative Premia Fund 5 4.0% 4.0% GS Tactical Exposure Fund 9.7% 10.3% Cash, Other 6-4.4% -6.9% 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 12/31/2017 3/31/2018 Equity 61.5% 61.8% GS Large Cap Growth Insights Fund 7.4% 7.6% GS Large Cap Value Insights Fund 7.4% 7.6% GS ActiveBeta Large Cap Equity ETF 5.2% 5.1% US Large Cap Equity Futures 9.2% 9.3% GS Small Cap Equity Insights Fund 1.4% 1.4% GS International Equity Insights Fund 6.5% 6.6% GS ActiveBeta International Equity ETF 1.9% 1.9% GS International Small Cap Insights Fund 3.4% 3.2% GS Emerging Markets Equity Insights Fund 10.5% 10.4% GS ActiveBeta Emerging Markets Equity ETF 3.1% 3.0% GS Global Infrastructure Fund 2.8% 3.0% GS Global Real Estate Securities Fund 2.8% 2.8% Fixed Income 24.8% 25.1% GS Global Income Fund 9.2% 9.4% GS High Yield Fund 8.6% 8.8% GS Emerging Market Debt Fund 5.3% 5.3% GS Local Emerging Markets Debt Fund 1.0% 1.0% LIBOR Floors 0.7% 0.7% Multi- 13.8% 13.1% GS Managed Futures Fund 4.9% 4.9% GS Alternative Premia Fund 5 4.1% 4.1% GS Tactical Exposure Fund 9.8% 10.0% Cash, Other 6-5.0% -5.9% 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 12/31/2017 3/31/2018 Equity 82.4% 83.3% GS Large Cap Growth Insights Fund 8.8% 8.7% GS Large Cap Value Insights Fund 9.0% 8.8% GS ActiveBeta Large Cap Equity ETF 7.2% 7.2% US Large Cap Equity Futures 9.5% 9.2% GS Small Cap Equity Insights Fund 3.5% 3.7% GS International Equity Insights Fund 7.7% 7.9% GS ActiveBeta International Equity ETF 1.4% 1.4% GS International Small Cap Insights Fund 4.9% 4.9% GS Emerging Markets Equity Insights Fund 16.8% 17.2% GS ActiveBeta Emerging Markets Equity ETF 5.5% 5.7% GS Global Infrastructure Fund 1.5% 1.5% GS Global Real Estate Securities Fund 6.9% 7.1% Fixed Income 6.1% 6.3% GS High Yield Fund 4.0% 4.2% GS Emerging Market Debt Fund 1.0% 1.1% LIBOR Floors 1.1% 1.1% Multi- 11.6% 10.3% GS Managed Futures Fund 2.4% 2.5% GS Alternative Premia Fund 5 4.0% 4.1% GS Tactical Exposure Fund 9.6% 10.2% Cash, Other 6-4.3% -6.6% 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 12/31/2017 3/31/2018 Equity 100.0% 100.0% GS Large Cap Growth Insights Fund 12.2% 12.2% GS Large Cap Value Insights Fund 12.0% 11.9% GS ActiveBeta Large Cap Equity ETF 9.5% 9.6% US Large Cap Equity Futures 2.9% 3.2% GS Small Cap Equity Insights Fund 6.1% 6.3% GS International Equity Insights Fund 14.5% 14.2% GS ActiveBeta International Equity ETF 5.8% 5.9% GS International Small Cap Insights Fund 3.8% 3.7% GS Emerging Markets Equity Insights Fund 18.4% 18.0% GS ActiveBeta Emerging Markets Equity ETF 7.1% 7.0% GS Global Real Estate Securities Fund 6.5% 6.6% Tilts 2.4% 3.7% Cash 6-1.0% -2.4% 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 Insights 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 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 fixed-rate 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: April 18, 2018. Compliance Code: 128076-OTU AAPQ/1200/04-18 Global Portfolio Solutions Goldman Sachs Asset Management 8