Tax Information for Calendar Year 2017 (January 24, 2018)

Tax Information for Calendar Year 2017 (January 24, 2018) U.S. INCOME TAX INFORMATION: Please be advised that a percentage of the income distributions paid by the Goldman Sachs Dynamic Municipal Income Fund, the Goldman Sachs High Yield Municipal Fund and the Goldman Sachs Short Duration Tax-Free Fund during calendar year 2017 were exempt-interest dividends and, as such, are not subject to U.S. federal income tax. The remainder of the income distributions paid by these Funds should be considered ordinary taxable dividends for U.S. federal income tax purposes. The amount of exempt interest and ordinary income dividends paid by the Funds, reflected as a percentage of income distributions paid, is presented in Table 1. Table 1 EXEMPT-INTEREST ORDINARY TAXABLE Dynamic Municipal Income Fund 99.96% 0.04% High Yield Municipal Fund 94.71% 5.29% Short Duration Tax-Free Fund 97.79% 2.21% Shareholders who are subject to the Alternative Minimum Tax ( AMT ) should be aware that in some instances tax-exempt interest is considered a tax preference item for purposes of the AMT calculation. This tax preference item would include a fund s investment in certain tax-exempt municipal obligations which are considered to be private activity bonds. The last line of Table 3, on the next page, notes the percentage, if any, of the exemptinterest dividends paid by the Goldman Sachs Dynamic Municipal Income Fund, the Goldman Sachs High Yield Municipal Fund and the Goldman Sachs Short Duration Tax- Free Fund that are a tax preference item for purposes of the AMT calculation. For corporate shareholders, Table 4 on page 3 reflects the percent of the total ordinary dividends paid by the Goldman Sachs Funds during the calendar year 2017 which qualify for the 70% corporate dividends received deduction. Please note that during 2017, a percentage of the distributions paid by several of the Goldman Sachs Funds have been classified as a nontaxable return of capital for U.S. federal income tax purposes. Although the return of capital is not taxable, you must reduce the cost basis of your Fund shares by this distribution when determining gain or loss upon disposition. Table 2 lists the Funds that paid a return of capital in 2017, the period that the return of capital was paid, and the percentage of each Fund s distributions paid during the period that were classified as a return of capital. Table 2 DATES PAID RETURN OF CAPITAL Commodity Strategy Fund 1/1/17-12/31/17 17.80% Global Infrastructure Fund 1/1/17-12/31/17 1.63% High Yield Floating Rate Fund 1/1/17-3/31/17 7.62% Income Builder Fund 1/1/17-10/31/17 6.24% Local Emerging Markets Debt Fund 1/1/17-3/31/17 100.00% MLP & Energy Fund 9/29/17-11/30/17 63.17% MLP Energy Infrastructure Fund 1/1/17-11/30/17 88.69% MLP Energy and Renaissance Fund* 1/1/17-11/30/17 44.55% Multi-Manager Non-Core Fixed Income Fund 1/1/17-10/31/17 7.24% Short Duration Income Fund 1/1/17-3/31/17 1.00% Strategic Income Fund 1/1/17-3/31/17 100.00% Total Emerging Markets Income Fund 1/1/17-3/31/17 100.00% U.S. Mortgages Fund 1/1/17-3/31/17 3.53%

Table 3 STATE/ COMMONWEALTH DYNAMIC MUNICIPAL INCOME FUND HIGH YIELD MUNICIPAL FUND SHORT DURATION TAX-FREE FUND Alabama 2.90% 3.43% 2.36% Alaska 0.09% 0.70% 0.10% Arizona 1.82% 1.44% 3.19% Arkansas 0.58% 0.00% 0.68% California 11.94% 12.11% 7.85% Colorado 3.17% 3.24% 1.10% Connecticut 1.43% 0.69% 2.00% Delaware 0.69% 0.27% 0.11% District of Columbia 2.07% 0.84% 0.00% Florida 13.00% 14.37% 3.10% Georgia 0.89% 1.36% 4.42% Guam 1.54% 1.61% 0.21% Hawaii 0.21% 0.00% 0.52% Idaho 0.25% 0.02% 0.05% Illinois 11.75% 19.27% 11.23% Indiana 0.38% 0.73% 0.50% Iowa 0.10% 0.04% 0.05% Kansas 0.00% 0.00% 0.60% Kentucky 1.51% 1.53% 1.01% Louisiana 1.57% 3.12% 0.56% Maine 0.16% 0.00% 0.10% Maryland 0.71% 1.17% 3.86% Massachusetts 0.98% 0.52% 3.24% Michigan 2.22% 0.66% 3.84% Minnesota 0.25% 0.20% 0.55% Mississippi 0.23% 0.04% 0.05% Missouri 0.17% 0.10% 1.91% Montana 0.05% 0.00% 0.26% Nebraska 0.00% 0.00% 0.69% Nevada 0.30% 0.36% 1.44% New Hampshire 0.09% 0.00% 0.50% New Jersey 4.98% 3.16% 6.74% New Mexico 0.53% 0.43% 0.63% New York 5.29% 2.60% 12.81% North Carolina 0.46% 0.23% 0.97% North Dakota 0.00% 0.00% 0.00% Ohio 3.82% 6.52% 1.26% Oklahoma 0.17% 1.33% 0.42% Oregon 1.50% 0.21% 1.10% Pennsylvania 2.82% 2.42% 3.85% Puerto Rico 2.46% 4.06% 0.77% Rhode Island 0.04% 0.07% 0.41% South Carolina 0.29% 0.44% 0.95% South Dakota 0.09% 0.00% 0.00% Tennessee 0.66% 0.95% 0.51% Texas 10.08% 5.49% 8.27% Utah 0.43% 0.83% 0.84% Vermont 0.06% 0.06% 0.07% Virginia 1.41% 0.82% 2.51% Virgin Islands 0.94% 0.90% 0.21% Washington 1.21% 1.12% 1.09% West Virginia 0.19% 0.11% 0.17% Wisconsin 1.52% 0.43% 0.34% Wyoming 0.00% 0.00% 0.00% TOTAL 100.00% 100.00% 100.00% AMT Percentage 8.07% 9.11% 2.60% STATE AND LOCAL TAX INFORMATION: Many states permit shareholders to exclude from their state taxable income the percentage of their mutual fund dividends derived from obligations issued by their state of residence or its municipalities. Table 3 is provided to assist those shareholders of the Goldman Sachs Dynamic Municipal Income Fund, the Goldman Sachs High Yield Municipal Fund and the Goldman Sachs Short Duration Tax-Free Fund who can benefit from this exclusion. The table reflects the source of the exempt-interest dividends paid by the Funds during 2017. Many states also permit shareholders to exclude from their state taxable income the percentage of their mutual fund dividends derived from federal obligations. Table 4 on the next page provides the percentage of ordinary dividends derived from federal obligations held by each of the Funds during calendar year 2017 to assist those shareholders who can benefit from such an exclusion. Please note that shareholders of all the Funds other than the Goldman Sachs Inflation Protected Securities Fund who are residents of California, Connecticut or New York are NOT entitled to the pass-through of interest derived from federal obligations held in these Funds for state income tax purposes. MINNESOTA STATE TAX INFORMATION: Residents of the State of Minnesota will be required to add back the entire amount of their exempt-interest dividend to federal taxable income in order to compute Minnesota taxable income. The exempt-interest dividend, although not subject to U.S. federal income tax, is subject to Minnesota state income tax.

Table 4 FEDERAL OBLIGATIONS PERCENTAGE RECEIVED DEDUCTION FEDERAL OBLIGATIONS PERCENTAGE RECEIVED DEDUCTION Absolute Return Multi-Asset Fund 13.56% 5.02% Managed Futures Strategy Fund 0.00% 0.00% Absolute Return Tracker Fund 5.85% 18.96% Mid Cap Value Fund 0.13% 100.00% Alternative Premia Fund 3.66% 1.72% MLP & Energy Fund 0.00% 65.21% Asia Equity Fund 0.00% 0.00% MLP Energy and Renaissance Fund* 0.00% 100.00% Balanced Strategy Portfolio 2.41% 4.65% MLP Energy Infrastructure Fund 0.00% 100.00% Blue Chip Fund 0.00% 100.00% MLP Income Opportunities Fund* 0.00% 100.00% Bond Fund 17.05% 0.00% Multi-Manager Alternatives Fund 0.00% 0.00% Capital Growth Fund 0.03% 100.00% Multi-Manager Global Equity Fund 0.00% 31.57% Commodity Strategy Fund 9.34% 0.00% Multi-Manager International Equity Fund 0.00% 0.02% Concentrated Growth Fund 0.00% 100.00% Multi-Manager Non-Core Fixed Income Fund 0.02% 0.00% Core Fixed Income Fund 16.67% 0.00% Multi-Manager Real Assets Strategies Fund 0.00% 9.46% Dynamic Municipal Income Fund 0.00% 0.00% Multi-Manager U.S. Dynamic Equity Fund 0.00% 100.00% Emerging Markets Debt Fund 1.03% 0.00% Multi-Manager U.S. Small Cap Equity Fund 0.00% 36.22% Emerging Markets Equity Fund 0.00% 0.00% N-11 Equity Fund 0.00% 0.00% Emerging Markets Equity Insights Fund 0.02% 0.00% Real Estate Securities Fund 0.04% 0.00% Enhanced Dividend Global Equity Portfolio 0.21% 47.81% Rising Dividend Growth Fund 0.00% 100.00% Enhanced Income Fund 9.56% 0.00% Satellite Strategies Portfolio 0.32% 2.04% Equity Income Fund 0.10% 100.00% Short Duration Government Fund 46.99% 0.00% Equity Growth Strategy Portfolio 0.04% 23.91% Short Duration Income Fund 5.39% 0.00% Flexible Cap Growth Fund 0.00% 100.00% Short Duration Tax-Free Fund 0.05% 0.00% Focused Growth Fund 0.00% 100.00% Short-Term Conservative Income Fund 0.46% 0.00% Focused International Equity Fund 0.21% 0.00% Small Cap Equity Insights Fund 0.29% 100.00% Focused Value Fund 0.00% 32.00% Small Cap Growth Insights Fund 0.17% 20.05% Global Income Fund 2.84% 0.00% Small Cap Value Fund 0.00% 47.05% Global Managed Beta Fund 0.66% 16.82% Small Cap Value Insights Fund 0.00% 21.17% Global Infrastructure Fund 0.00% 22.86% Small/Mid Cap Growth Fund 0.00% 0.00% Global Real Estate Securities Fund 0.08% 0.00% Small/Mid Cap Value Fund 0.00% 100.00% Government Income Fund 47.57% 0.00% Strategic Factor Allocation Fund 7.90% 19.53% GQG Partners International Opportunities Fund 0.38% 7.18% Strategic Growth Fund 0.00% 42.53% Growth and Income Strategy Portfolio 1.65% 12.96% Strategic Income Fund 11.44% 0.00% Growth Opportunities Fund 0.00% 0.00% Strategic International Equity Fund 0.04% 0.00% Growth Strategy Portfolio 1.32% 16.31% Strategic Macro Fund 15.67% 0.00% High Quality Floating Rate Fund 4.73% 0.00% Tactical Exposure Fund 29.75% 4.98% High Yield Floating Rate Fund 0.65% 0.00% Tactical Tilt Overlay Fund 5.11% 2.30% High Yield Fund 0.27% 0.04% Target Date 2020 Portfolio 1 11.78% 7.20% High Yield Municipal Fund 0.00% 0.00% Target Date 2025 Portfolio 1 14.55% 18.08% Income Builder Fund 0.71% 25.46% Target Date 2030 Portfolio 1 9.16% 14.16% Inflation Protected Securities Fund 99.52% 0.00% Target Date 2035 Portfolio 1 9.94% 18.79% International Equity Dividend and Premium Fund 0.00% 0.00% Target Date 2040 Portfolio 1 6.86% 14.98% International Equity Insights Fund 0.00% 0.00% Target Date 2045 Portfolio 1 6.67% 17.68% International Real Estate Securities Fund 0.00% 0.00% Target Date 2050 Portfolio 1 5.33% 17.47% International Small Cap Insights Fund 0.02% 0.00% Target Date 2055 Portfolio 1 3.94% 17.63% International Tax-Managed Equity Fund 0.03% 0.00% Tax-Advantaged Global Equity Portfolio 0.37% 39.92% Investment Grade Credit Fund 0.61% 0.00% Technology Opportunities Fund 0.00% 0.00% Large Cap Growth Insights Fund 0.09% 19.68% Total Emerging Markets Income Fund 0.13% 0.00% Large Cap Value Fund 0.10% 48.64% U.S. Equity Dividend and Premium Fund 0.07% 93.24% Large Cap Value Insights Fund 0.11% 100.00% U.S. Equity Insights Fund 0.03% 18.53% Local Emerging Markets Debt Fund 0.35% 0.00% U.S. Mortgages Fund 2.47% 0.00% Long Short Credit Strategies Fund 1.64% 0.00% U.S. Tax-Managed Equity Fund 0.33% 100.00%

FOREIGN TAX CREDIT: For the 2017 tax year, the Goldman Sachs Funds listed below elected to pass through a credit for taxes paid to foreign jurisdictions. Your share of foreign withholding taxes paid by the Funds has been reported to you and the Internal Revenue Service in Box 6 of Form 1099-DIV. Federal tax rules generally permit U.S. taxpayers to either claim a deduction or take a credit against their U.S. tax liability for taxes paid to foreign jurisdictions. Your ability to claim a foreign tax credit may be subject to certain limitations, including a holding period requirement. The following information is provided to help you calculate your foreign tax credit if you are required to file IRS Forms 1116 or 1118. To determine the amount of your dividend that is from foreign sources multiply the amount in Box 1a of Form 1099-DIV by your Fund s foreign source income percentage in Table 5 below. If you have foreign source qualified dividends (Box 1b of Form 1099-DIV multiplied by the foreign source income percentage below), you may be required to make certain adjustments to your foreign source income. Please refer to the IRS instructions for Forms 1116 or 1118, or consult your tax advisor for more information. Table 5 FOREIGN TAX CREDIT FOREIGN SOURCE INCOME % FOREIGN TAX CREDIT FOREIGN SOURCE INCOME % Asia Equity Fund 0.065300 100.00% International Tax-Managed Equity Fund 0.022000 90.39% Balanced Strategy Portfolio 0.004000 10.19% Multi-Manager Global Equity 0.013300 56.49% Enhanced Dividend Global Equity Portfolio 0.010100 38.96% Multi-Manager International Equity 0.019400 94.51% Emerging Markets Equity Fund 0.073900 67.20% N-11 Equity Fund 0.051500 100.00% Emerging Markets Equity Insights Fund 0.031000 74.89% Satellite Strategies Portfolio 0.005800 58.48% Equity Growth Strategy 0.018500 23.68% Strategic International Equity Fund 0.029800 81.94% Focused International Equity Fund 0.049900 85.49% Target Date 2020 Portfolio 1 0.002048 5.09% Global Managed Beta Fund 0.007300 25.41% Target Date 2025 Portfolio 1 0.003311 13.38% GQG Partners International Opportunities Fund 0.006600 100.00% Target Date 2030 Portfolio 1 0.003796 12.08% Growth & Income Strategy 0.007100 18.78% Target Date 2035 Portfolio 1 0.004456 16.32% Growth Strategy 0.012500 27.85% Target Date 2040 Portfolio 1 0.004446 13.68% International Equity Dividend and Premium Fund 0.021800 96.09% Target Date 2045 Portfolio 1 0.005300 16.71% International Equity Insights Fund 0.014100 69.21% Target Date 2050 Portfolio 1 0.052200 17.11% International Real Estate Securities Fund 0.026700 73.21% Target Date 2055 Portfolio 1 0.006072 17.27% International Small Cap Insights Fund 0.018400 71.21% Tax Advantaged Global Equity Portfolio 0.010000 48.60%

* Shares of closed-end investment companies frequently trade at a discount from their net asset value ( NAV ) and the Fund cannot predict whether its shares will trade at, below or above NAV or the initial public offering price. The Fund is subject to leverage risk, which involves risks and special considerations including the likelihood of greater volatility of NAV, market price and dividend rate of the shares than a comparable portfolio without leverage; the risk that fluctuations in interest rates on borrowings and short-term debt or in the interest or dividend rates on any leverage that the Fund must pay will reduce returns; the effect of leverage in a declining market, which is likely to cause a greater decline in the NAV of the shares than if the Fund were not leveraged, which may result in a greater decline in the market price of the shares. The Fund s investments in derivative instruments can be illiquid, may disproportionately increase losses, and may have a potentially large impact on Fund performance. 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. An investment in the Fund is not appropriate for all investors and is not intended to be a complete investment program. The Fund is designed as a long-term investment and not as a trading vehicle. * This communication is not an offer to sell these securities and is not a solicitation to buy these securities in any jurisdiction where the offer or sale is not permitted. * Investors should consider their investment goals, time horizons and risk tolerance before investing in the Funds. An investment in the Funds is not appropriate for all investors, and the Funds are not intended to be a complete investment program. Investors should carefully review and consider the Funds investment objective, risks, charges and expenses before investing. 1 GSAM, LP is the investment adviser to the funds. Madison Asset Management, LLC is the sub-adviser to the GS Target Date Portfolios. The Goldman Sachs Funds Tax Guide for 2017 is now available on our public web site at: https://assetmanagement.gs.com/content/gsam/us/en/individual/literature-and-forms/forms-and-tax-center.html. This guide provides a general overview on the tax aspects of mutual fund investing. If you would like a copy of this guide mailed to you, and you are a Class A, B or C shareholder, please call 1-800-526-7384. For all other shareholders, please call 1-800-621-2550. Please be advised that the federal, state and local tax laws applicable to investments in the Funds are complex. In addition, state and local tax laws differ substantially from state-to-state. Therefore, it is strongly recommended that shareholders consult their tax advisers concerning the application of all such laws to their 2017 dividend distributions. 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 (Retail 1-800-526-7384) (Institutional 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. The tax information above is provided as general information. More tax information is available in the Prospectus and Statement of Additional Information for the Funds. Goldman Sachs does not provide legal, tax or accounting advice. Shareholders should obtain their own independent tax advice based on their particular circumstances. Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds. 2018 Goldman Sachs. All rights reserved. Date of First Use: January 24, 2018. 119401-TMPL-01/2017