Goldman Sachs Mid Cap Value Fund Institutional Class

AS OF SEPTEMBER 30, 2011

FUND INVESTMENT OBJECTIVE ASSET CLASS U.S. Stock MORNINGSTAR CATEGORY Mid-Cap Value FUND VOLATILITY (RISK) Alpha (3-Yr.): 1.44%* Beta (3-Yr.): 1.10* Standard Deviation (3-Yr.): 23.84%
*Calculated against S&P 500 TR. Alpha is a measure of the difference between a portfolios actual returns and its expected returns, given its level of market risk, which is known as beta. A positive alpha indicates the portfolio has performed better than predicted, given its level of market risk (beta). A negative alpha indicates a portfolio has underperformed, given the expectations established by the funds market risk exposure. Alpha may be useful in analyzing a managers ability to add value on a risk adjusted basis to a portfolios performance. Beta is a means of measuring the volatility of a security in comparison with the market as a whole. A beta of 1 indicates that the securitys price has moved with the market. A beta of more or less than 1 indicates that the securitys price will be more or less volatile, respectively, than the market. Standard deviation measures the performance volatility of an investment against itself that is, how much the investment goes up or down. The larger the standard deviation, the more likely the investment may experience a return that is far more or far less than its average.

TICKER: GSMCX

The investment seeks long-term capital appreciation. The fund normally invests at least 80% of net assets in a diversified portfolio of equity investments in mid-cap issuers with public stock market capitalizations within the range of the market capitalization of companies in the Russell Midcap(R) Value Index at the time of investment. It invests primarily in publicly traded U.S. securities and may invest in foreign securities, including emerging markets. The fund may also invest in companies with public stock market capitalizations outside the range of companies in the Russell Midcap(R) Value Index at the time of investment and in fixed income securities.

PORTFOLIO COMPOSITION TOP HOLDINGS (06/30/11) J.M. Smucker Co. Principal Financial Group PPL Corp Lear Corporation Xcel Energy Inc Sprint Nextel Corp Scripps Networks Interactive Inc SLM Corp DISH Network Corp Liberty Media Corp., IActive Shs A Top 10 Holdings As Percentage of Total: Total Number of Holdings Annual Turnover Ratio ANNUAL RETURNS
Fund Benchmark* Peer Group YTD -15.38% -13.01% -14.67% 2010 24.85% 24.75% 21.92% 2009 33.19% 34.21% 35.41% 2008 -36.47% -38.44% -36.77% 2007 3.35% -1.42% 0.83% 2006 16.06% 20.22% 15.87% 2005 12.90% 12.65% 8.82% 2004 25.86% 23.71% 17.85% 2003 28.04% 38.07% 33.85% 2002 -4.71% -9.64% -13.25%

1.92% 1.86% 1.85% 1.83% 1.76% 1.69% 1.68% 1.60% 1.59% 1.54% 17.32% 113 104%

ASSET TYPES (06/30/11) Stocks 98.03% | Bonds 0.00% | Cash 1.97% | Other 0.00% TOP INDUSTRY/SECTOR WEIGHTINGS (06/30/11) Financial Services Utilities Consumer Cyclical Industrials Technology Energy Health Care Consumer Defensive Real Estate Telecom Service

22.56% 10.90% 10.80% 9.30% 7.60% 6.84% 6.40% 6.12% 6.08% 6.05%

GENERAL INFORMATION Fund of Funds: No Share Price (09/30/11): $30.59 Fund Size (09/30/11): $3,320.9m Fund Began: 08/01/95 Manager: John Arege Manager Tenure: Since 12/09 Family & Address: Goldman Sachs Goldman Sachs Trust New York, NY 100384925

GROWTH OF $10,000 (12/31/01 - 09/30/11)

$25,000 $20,000 $15,000 $10,000

ANNUALIZED TOTAL RETURN

10% 0% -10% -20%

$5,000

-30%
$0 3Q02 3Q03 3Q04 3Q05 3Q06 3Q07 3Q08 3Q09 3Q10 3Q11

Fund Benchmark* Peer Group

$18,592 $18,469 N/A

Crt Qtr -20.23% -18.46% -19.59%

1 Yr -4.50% -2.36% -4.14%

3 Yr 2.39% 1.98% 2.00%

5 Yr 0.05% -0.84% -1.03%

10 Yr 7.73% 7.54% 6.15%

FEES & EXPENSES

Fund Total Expense Ratio (net): 0.76% Fund Total Expense Ratio (gross): 0.76%

To deter market-timing or other disruptive trading in fund shares, some funds have a fee on a redemption of shares recently purchased.

Mutual funds are currently offered through ING Investment Advisors, LLC, a FINRA Registered Broker Dealer and SEC Registered Investment Adviser.

Fund report published by Standard & Poors Financial Communications, a division of The McGraw-Hill Companies. This report is for informational purposes only. The report contains statements and statistics that have been obtained from sources believed to be reliable but not guaranteed as to accuracy or completeness. Neither Standard & Poors nor the information providers shall have any liability, contingent or otherwise, for the accuracy, completeness, or timeliness of the information or for any decision made or action taken by you in reliance upon the information.

Total return performance is historical and assumes reinvestment of all dividends and capital gain distributions. Past performance is no guarantee of future results. Mutual and collective funds are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Investment return and principal value will fluctuate, so that when redeemed, an investors shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted; current performance information can be obtained at www.goldmansachsfunds.com. or 800-621-2550. Securities of smaller companies may be more volatile than those of larger companies. You should consider the funds investment goals, risks, charges, and expenses before you invest. Youll find this and other information in the funds prospectus, which you should read carefully before investing.
*Benchmark for this fund is Russell Midcap Value Index. The Russell Midcap Value Index is a capitalization-weighted index that measures the performance of the value component, within the smallest 800 stocks in the Russell 1000 Index, based on factors such as lower price-earnings ratios. All index information which is

credited marked or entitled 'Russell' is (c)Copyright Frank Russell Company 2011 - All rights reserved.

2011 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

GSMCX