Goldman Sachs Small Cap Value Fund Institutional Shares

This fund typically allocates a minimum of 80% of its total investment capital (encompassing net assets and any borrowed funds, as measured at the time of acquisition) to a diversified portfolio of stocks. These investments focus on smaller capitalization companies whose market values align with the range of companies comprising the Russell 2000® Value Index at the point of investment. While its primary emphasis is on publicly traded U.S. equities, including real estate investment trusts, the fund also has the flexibility to invest in international securities.