Class A: GSGOX Class B: GSOBX
Class C: GSOCX Institutional: GSOIX Service: GSOSX Class IR: GSOTX
Class R: GSORX
Before you invest, you may want to review the Goldman Sachs Government Income
Fund’s (the “Fund”) Prospectus, which contains more information about the Fund and its risks. You can find the Fund’s Prospectus and other information about the Fund, including the Statement of Additional Information
(“SAI”) and most recent annual reports to shareholders, online at
www.goldmansachsfunds.com/summaries
. You can also get this information at no cost by calling 800-621-2550 for Institutional and Service shareholders, 800-526-7384 for
all other shareholders or by sending an e-mail request to gs-funds-document-requests@gs.com. The Fund’s Prospectus and SAI, both dated July 29, 2013, are incorporated by reference into this Summary Prospectus.
The Fund seeks a high level of current income, consistent with safety of principal.
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FEES AND EXPENSES OF THE FUND
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This table describes the fees and expenses that you may pay if you buy and hold shares
of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in Goldman Sachs Funds. More information about these and other discounts
is available from your financial professional and in “Shareholder Guide—Common Questions Applicable to the Purchase of Class A Shares” beginning on page 86 of the Prospectus and “Other Information Regarding Maximum Sales Charge,
Purchases, Redemptions, Exchanges and Dividends” beginning on page B-134 of the Fund’s SAI.
SHAREHOLDER FEES
(fees paid directly from your investment)
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Class A
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Class B
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Class C
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Institutional
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Service
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Class IR
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Class R
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Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)
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3.75
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%
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None
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None
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None
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None
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None
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None
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Maximum Deferred Sales Charge (Load) (as a percentage of the lower of original
purchase price or sale proceeds)
1
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None
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5.00
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%
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1.00
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%
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None
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None
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None
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None
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ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of
your investment)
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Class A
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Class B
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Class C
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Institutional
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Service
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Class IR
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Class R
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Management Fees
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0.54
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%
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0.54
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%
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0.54
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%
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0.54
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%
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0.54
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%
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0.54
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%
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0.54
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%
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Distribution and Service
(12b-1)
Fees
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0.25
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%
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1.00
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%
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1.00
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%
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None
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None
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None
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0.50
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%
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Other Expenses
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0.21
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%
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0.21
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%
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0.21
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%
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0.12
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%
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0.62
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%
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0.21
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%
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0.21
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%
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Service Fees
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None
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None
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None
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None
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0.25
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%
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None
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None
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Shareholder Administration Fees
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None
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None
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None
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None
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0.25
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%
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None
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None
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All Other Expenses
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0.21
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%
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0.21
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%
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0.21
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%
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0.12
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%
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0.12
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%
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0.21
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%
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0.21
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%
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Total Annual Fund Operating Expenses
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1.00
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%
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1.75
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%
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1.75
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%
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0.66
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%
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1.16
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%
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0.75
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%
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1.25
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%
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Fee Waiver and Expense
Limitation
2
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(0.09
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)%
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(0.08
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)%
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(0.08
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)%
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(0.09
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)%
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(0.09
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)%
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(0.08
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)%
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(0.09
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)%
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Total Annual Fund Operating Expenses After Fee Waiver and Expense
Limitation
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0.91
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%
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1.67
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%
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1.67
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%
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0.57
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%
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1.07
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%
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0.67
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%
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1.16
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%
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1
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A contingent deferred sales charge (“CDSC”) is imposed on Class B Shares redeemed within six years of purchase, declining from a rate of 5%
in the first year to 1% in the sixth year, and eliminated thereafter. A CDSC of 1% is imposed on Class C Shares redeemed within 12 months of purchase.
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2
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The Investment Adviser has agreed to (i) reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, transfer agency
fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, litigation, indemnification, shareholder meeting and other extraordinary expenses) to 0.004% of the Fund’s average daily net assets and
(ii) waive a portion of its management fee in order to achieve an effective net management fee rate of 0.53% as an annual percentage rate of average daily net assets of the Fund. These arrangements will remain in effect through at least
July 29, 2014, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. The Fund’s “Other Expenses” may be further reduced by any custody and transfer agency
fee credits received by the Fund.
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2 SUMMARY PROSPECTUS — GOLDMAN SACHS GOVERNMENT INCOME FUND
This Example is intended to help you compare the cost of investing in the Fund with the
cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in Class A, Class B, Class C, Institutional,
Service, Class IR and/or Class R Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class B, Class C, Institutional, Service, Class IR and/or Class R Shares at the end of those periods. The Example also
assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year). Although your
actual costs may be higher or lower, based on these assumptions your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Class A Shares
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$
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464
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$
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673
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$
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898
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$
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1,546
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Class B Shares
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— Assuming complete redemption at end of period
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$
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670
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$
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843
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$
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1,141
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$
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1,858
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— Assuming no redemption
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$
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170
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$
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543
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$
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941
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$
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1,858
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Class C Shares
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— Assuming complete redemption at end of period
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$
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270
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$
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543
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$
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941
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$
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2,056
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— Assuming no redemption
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$
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170
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$
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543
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$
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941
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$
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2,056
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Institutional Shares
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$
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58
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$
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202
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$
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359
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$
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814
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Service Shares
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$
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109
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$
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360
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$
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630
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$
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1,401
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Class IR Shares
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$
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68
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$
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232
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$
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409
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$
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923
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Class R Shares
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$
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118
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$
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388
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$
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678
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$
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1,503
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The Fund pays transaction costs when it buys and sells securities or instruments
(
i.e.
, “turns over” its portfolio). A high rate of portfolio turnover may result in increased transaction costs, which must be borne by the Fund and its shareholders, and is also likely to result in higher short-term capital gains
for taxable shareholders. These costs are not reflected in annual fund operating expenses or in the expense example above, but are reflected in the Fund’s performance. The Fund’s portfolio turnover rate for the fiscal year ended
March 31, 2013 was 943% of the average value of its portfolio.
The Fund invests, under normal circumstances, at least 80% of its net assets plus any
borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in securities issued or guaranteed by the U.S. Government, its agencies, instrumentalities or sponsored enterprises (“U.S. Government
Securities”) and in repurchase agreements collateralized by such securities. The remainder of the Fund’s Net Assets may be invested in non-government securities such as privately issued adjustable rate and fixed rate mortgage loans or
other mortgage-related securities (“Mortgage-Backed Securities”), asset-backed securities and corporate securities. The Fund also intends to invest in derivatives, including (but not limited to) interest rate futures, options, interest
rate swaps and credit default swaps, which are used primarily to hedge the Fund’s portfolio risks, manage the Fund’s duration and/or gain exposure to certain fixed income securities. 100% of the Fund’s portfolio will be invested in
U.S. dollar-denominated securities.
The Fund’s investments in non-U.S. Government Securities must be rated AAA or Aaa by a nationally
recognized statistical rating organization (“NRSRO”) at the time of purchase, or, if unrated, must be determined by the Investment Adviser to be of comparable credit quality. The Fund’s target duration range under normal interest rate
conditions is expected to approximate that of the Barclays U.S. Government/Mortgage Index, plus or minus one year, and over the past ten years ended June 30, 2013, the duration of this index has ranged between 2.83 and 5.18 years.
“Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For
example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase
of approximately 3% of that security’s market price.
The Fund’s benchmark index is the Barclays U.S. Government/ Mortgage Index.
GSAM’s Fixed Income Investing Philosophy:
Global fixed income markets are constantly evolving and are highly diverse—with myriad countries, currencies, sectors, issuers and securities. We
believe that inefficiencies in these complex markets cause bond prices to diverge from their fair value. To capitalize on these inefficiencies and generate consistent risk-adjusted performance, we believe it is critical to:
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Thoughtfully combine diversified sources of return by employing multiple strategies
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Take a global perspective to uncover relative value opportunities
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¡
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Employ focused specialist teams to identify short-term mis-pricings and incorporate long-term views
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¡
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Emphasize a risk-aware approach as we view risk management as both an offensive and defensive tool
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¡
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Build a strong team of skilled investors who excel on behalf of our clients
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3 SUMMARY PROSPECTUS — GOLDMAN SACHS GOVERNMENT INCOME FUND
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PRINCIPAL RISKS OF THE FUND
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Loss of money is a risk of investing in the Fund. An investment in the Fund is not a
bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency. The Fund should not be relied upon as a complete investment program. There can be no assurance that the Fund will
achieve its investment objective. Investments in the Fund involve substantial risks which prospective investors should consider carefully before investing.
Credit/Default Risk.
An issuer or guarantor of fixed income securities or instruments held by the Fund may default on its obligation to pay interest and repay principal or default on any
other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in net asset value (“NAV”).
Derivatives Risk.
Loss may result from the Fund’s investments in options futures, swaps and other derivative instruments. These
instruments may be illiquid, difficult to price and leveraged so that small changes in the value of underlying instruments may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the
other party in the transaction will not fulfill its contractual obligation.
Interest Rate Risk.
When interest rates increase,
fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or
instruments.
Mortgage-Backed and/or Other Asset-Backed Securities Risk.
Mortgage-related and other asset-backed securities are
subject to certain additional risks, including “extension risk” (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and “prepayment risk” (i.e., in periods of declining interest rates,
issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of
private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as
risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.
U.S. Government Securities Risk.
The U.S. government may not provide financial support to U.S. government agencies,
instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government Securities issued by the Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie
Mac”) and the Federal Home Loan Banks are neither issued nor guaranteed by the U.S. Treasury, and therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S.
Government Securities held by the Fund may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. It is possible that issuers of U.S. Government Securities will not have the funds to meet their payment
obligations in the future.
The bar chart and table below provide an indication of the risks of investing in the
Fund by showing: (a) changes in the performance of the Fund’s Class A Shares from year to year; and (b) how the average annual total returns of the Fund’s Class A, Class B, Class C, Institutional, Service, Class IR and
Class R Shares compare to those of a broad-based securities market index. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is
available at no cost at
www.goldmansachsfunds.com/performance
or by calling the appropriate phone number on the back cover of the Prospectus.
The bar chart (including “Best Quarter” and “Worst Quarter” information) does not reflect the sales loads applicable to Class A Shares. If the sales loads were reflected, returns
would be less.
Performance reflects fee waivers and expense limitations in effect.
4 SUMMARY PROSPECTUS — GOLDMAN SACHS GOVERNMENT INCOME FUND
AVERAGE ANNUAL TOTAL RETURNS
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For the period ended
December 31, 2012
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1 Year
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5 Years
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10 Years
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Since
Inception
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Class A Shares (Inception 2/10/93)
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Returns Before Taxes
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-1.31%
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3.89%
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3.89%
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5.46%
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Returns After Taxes on Distributions
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-2.70%
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2.38%
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2.49%
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3.46%
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Returns After Taxes on Distributions and Sale of Fund Shares
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-0.65%
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2.47%
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2.52%
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3.44%
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Barclays U.S. Government/ Mortgage Index (reflects no deductions for fees, expenses or
taxes)
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2.26%
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5.46%
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4.87%
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6.04%
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Class B Shares (Inception 5/1/96)
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Returns Before Taxes
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-3.32%
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3.48%
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3.65%
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5.18%
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Barclays U.S. Government/ Mortgage Index (reflects no deductions for fees, expenses or
taxes)
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2.26%
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5.46%
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4.87%
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6.11%
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Class C Shares (Inception 8/15/97)
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Returns Before Taxes
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0.74%
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3.90%
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3.51%
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|
4.54%
|
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|
Barclays U.S. Government/ Mortgage Index (reflects no deductions for fees, expenses or
taxes)
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2.26%
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5.46%
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4.87%
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5.91%
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Institutional Shares (Inception 8/15/97)
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Returns Before Taxes
|
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2.87%
|
|
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|
5.04%
|
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|
|
4.67%
|
|
|
|
5.71%
|
|
|
Barclays U.S. Government/ Mortgage Index (reflects no deductions for fees, expenses or
taxes)
|
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2.26%
|
|
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5.46%
|
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4.87%
|
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|
5.91%
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|
Service Shares (Inception 8/15/97)
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|
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Returns Before Taxes
|
|
|
2.29%
|
|
|
|
4.50%
|
|
|
|
4.14%
|
|
|
|
5.18%
|
|
|
Barclays U.S. Government/ Mortgage Index (reflects no deductions for fees, expenses or
taxes)
|
|
|
2.26%
|
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5.46%
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4.87%
|
|
|
|
6.04%
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|
|
Class IR Shares (Inception 11/30/07)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Returns Before Taxes
|
|
|
2.71%
|
|
|
|
4.91%
|
|
|
|
N/A
|
|
|
|
4.91%
|
|
|
Barclays U.S. Government/ Mortgage Index (reflects no deductions for fees, expenses
or taxes)
|
|
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2.26%
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|
5.46%
|
|
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|
N/A
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|
|
|
5.41%
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|
|
Class R Shares (Inception 11/30/07)
|
|
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|
|
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Returns
|
|
|
2.27%
|
|
|
|
4.44%
|
|
|
|
N/A
|
|
|
|
4.43%
|
|
|
Barclays U.S. Government/Mortgage Index (reflects no deductions for fees, expenses
or taxes)
|
|
|
2.26%
|
|
|
|
5.46%
|
|
|
|
N/A
|
|
|
|
5.41%
|
|
The after-tax returns are for Class A Shares only. The after-tax returns for Class B, Class C, Institutional, Service
and Class IR Shares, and returns for Class R Shares (which are offered exclusively to employee benefit plans), will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect
the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through
tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
Goldman Sachs Asset Management, L.P. is the investment adviser for the Fund (the
“Investment Adviser” or “GSAM”).
Portfolio Managers:
Michael Swell, Managing Director, Co-Head
Global Lead Portfolio Management, has managed the Fund since 2009; Mark Van Wyk, Managing Director, has managed the Fund since 2010.
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BUYING AND SELLING FUND SHARES
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The minimum initial investment for Class A and Class C Shares is, generally, $1,000.
The minimum initial investment for Institutional Shares is, generally, $1,000,000 for individual or certain institutional investors, alone or in combination with other assets under the management of the Investment Adviser and its affiliates. There
is no minimum for initial purchases of Class IR and Class R Shares. Those share classes with a minimum initial investment requirement do not impose it on certain employee benefit plans, and Institutional Shares do not impose it on certain investment
advisers investing on behalf of other accounts.
The minimum subsequent investment for Class A and Class C shareholders is $50, except for
certain employee benefit plans, for which there is no minimum. There is no minimum subsequent investment for Institutional, Class IR or Class R shareholders.
The Fund does not impose minimum purchase requirements for initial or subsequent investments in Service Shares, although an Authorized Institution (as defined below) may impose such minimums and/or
establish other requirements such as a minimum account balance.
Class B Shares are generally no longer available for purchase by current or
prospective investors.
You may purchase and redeem (sell) shares of the Fund on any business day through certain banks, trust companies,
brokers, dealers, investment advisers and other financial institutions (“Authorized Institutions”).
The Fund’s distributions are taxable, and will be taxed as ordinary income or
capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Investments through tax-deferred arrangements may become taxable upon withdrawal from such arrangements.
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PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL
INTERMEDIARIES
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If you purchase the Fund through an Authorized Institution, the Fund and/or its related
companies may pay the Authorized Institution for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the Authorized Institution and your salesperson to recommend the Fund over another
investment. Ask your salesperson or visit your Authorized Institution’s website for more information.
SDFISUM513
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