FST Shares: FTXXX
Before you invest, you may want to review the Goldman Sachs Financial Square Tax-Free Money Market
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 or by sending an e-mail request to gs-funds-document-requests@gs.com. The Fund’s
Prospectus and SAI, both dated December 29, 2011, are incorporated by reference into this Summary
Prospectus.
INVESTMENT OBJECTIVE
The Fund seeks to maximize current income to the
extent consistent with the preservation of capital and the
maintenance of liquidity by investing exclusively in high
quality money market instruments.
FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you
may pay if you buy and hold shares of the Fund.
SHAREHOLDER FEES (fees paid directly from your investment)
| FST Shares | ||||
Maximum Sales Charge (Load) Imposed on Purchases |
None | |||
Maximum Deferred Sales Charge (Load) |
None | |||
Maximum Sales Charge (Load) Imposed on Reinvested |
None | |||
Dividends |
||||
Redemption Fees |
None | |||
Exchange Fees |
None | |||
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each
year as a percentage of the value of your investment)
| FST Shares | ||||
Management Fees |
0.21 | % | ||
Other Expenses |
0.02 | % | ||
Total Annual Fund Operating Expenses |
0.23 | % | ||
Fee Waiver1 |
(0.05 | )% | ||
Total Annual Fund Operating Expenses After Fee Waiver |
0.18 | % | ||
| 1 | The Investment Adviser has agreed to not impose a portion of the Management Fee equal annually to 0.045% of the Fund’s average daily net assets through at least December 29, 2012, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. |
2 SUMMARY PROSPECTUS — GOLDMAN SACHS FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND — FST
SHARES
EXPENSE EXAMPLE
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 FST Shares of the Fund for the time periods
indicated and then redeem all of your FST 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 management fee waiver arrangement for only
the first year). Although your actual costs may be higher
or lower, based on these assumptions your costs would be:
| 1 Year | 3 Years | 5 Years | 10 Years | |||||||||||||
FST Shares |
$18 | $69 | $124 | $288 | ||||||||||||
PRINCIPAL STRATEGY
The Fund pursues its investment objective by investing
at least 80% of its net assets plus any borrowings for
investment purposes (measured at the time of investment)
(“Net Assets”) in securities issued by or on behalf of
states, territories and possessions of the U.S. and their
political subdivisions, agencies, authorities and
instrumentalities, and the District of Columbia, the
interest from which, if any, is in the opinion of bond
counsel excluded from gross income for federal income tax
purposes, and generally not an item of tax preference under
the federal alternative minimum tax (“AMT”). The Investment
Adviser ordinarily expects 100% of the Fund’s assets will
be invested in municipal obligations, but the Investment
Adviser may cause the Fund to invest in short-term taxable
instruments for temporary investment purposes.
The Fund’s securities are valued using the amortized cost
method as permitted by Rule 2a-7 under the Investment
Company Act of 1940, as amended (the “Investment Company
Act”). Under Rule 2a-7, the Fund may invest only in U.S.
dollar-denominated securities that are determined to
present minimal credit risk and meet certain other
criteria, including conditions relating to maturity,
portfolio diversification, portfolio liquidity and credit
quality. The Fund seeks to maintain a stable net asset
value (“NAV”) of $1.00 per share.
PRINCIPAL RISKS OF 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 other government agency.
Although the Fund seeks to preserve the value of your
investment at $1.00 per share, it is possible to lose money
by investing in the Fund. 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.
Credit/Default Risk. An issuer or guarantor of a security
held by the Fund may default on its obligation to pay
interest and repay principal. This also includes the risk
of default on foreign letters of credit, guarantees or
insurance policies that back municipal securities.
Additionally, the credit quality of securities may
deteriorate rapidly, which may impair the Fund’s liquidity
and cause significant NAV deterioration.
Geographic and Sector Risk. If the Fund invests a
significant portion of its total assets in certain
issuers within the same state or economic sector, an
adverse economic, business or political development
affecting that state or sector may affect the value of
the Fund’s investments more than if its investments were
not so concentrated.
Interest Rate Risk. When interest rates increase, the
Fund’s yield will tend to be lower than prevailing market
rates, and the market value of its securities may also be
adversely affected. A low interest rate environment poses
additional risks to the Fund, because low yields on the
Fund’s portfolio holdings may have an adverse impact on
the Fund’s ability to provide a positive yield to its
shareholders, pay expenses out of Fund assets, or, at
times, maintain a stable $1.00 share price.
Liquidity Risk. The Fund may make investments that may
become less liquid in response to market developments or
adverse investor perceptions. Illiquid investments may be
more difficult to value. The liquidity of portfolio
securities can deteriorate rapidly due to credit events
affecting issuers or guarantors or due to general market
conditions or a lack of willing buyers. An inability to
sell one or more portfolio positions, or selling such
positions at an unfavorable time and/or under unfavorable
conditions, can adversely affect the Fund’s ability to
maintain a $1.00 share price. Liquidity risk may also refer
to the risk that a Fund will not be able to pay redemption
proceeds within the allowable time period because of
unusual market conditions, an unusually high volume of
redemption requests, or other reasons. Certain shareholders
may own or control a significant percentage of the Fund’s
shares, and redemptions by these shareholders of their Fund
shares may further increase the Fund’s liquidity risk and
may adversely impact the Fund’s NAV.
Market Risk. The value of the securities in which the Fund
invests may go up or down in response to the prospects of
individual companies, particular industry sectors or
governments and/or general economic conditions.
Municipal Securities Risk. Municipal securities are subject
to certain additional risks. The Fund may be more sensitive
to adverse economic, business or political developments if
it invests a substantial portion of its assets in the debt
securities of similar projects (such as those relating to
education, health care, housing, transportation, and
utilities), industrial development bonds, or in particular
types of municipal securities (such as
general obligation bonds, private activity bonds and moral
obligation bonds). Municipalities continue to experience
difficulties in the current economic and political
environment.
Regulatory Risk. The Securities and Exchange Commission
(“SEC”) in 2010 adopted amendments to money market fund
regulations, imposing new liquidity, credit quality, and
maturity requirements on all money market funds, and may
adopt additional amendments in the future. These changes
may affect the Fund’s operations and/or return potential.
3 SUMMARY PROSPECTUS — GOLDMAN SACHS FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND — FST
SHARES
Stable NAV Risk. The Fund may not be able to maintain
a NAV per share of $1.00 at all times. If any money market
fund fails to maintain a stable NAV (or if there is a
perceived threat of such a failure), other money market
funds, including the Fund, could be subject to increased
redemption activity, which could adversely affect the
Fund’s NAV. Shareholders of the Fund should not rely on or
expect the Investment Adviser or an affiliate to purchase
distressed assets from the Fund, make capital infusions
into the Fund, enter into capital support agreements with
the Fund or take other actions to help the Fund maintain a
stable $1.00 share price.
Tax Risk. Future legislative or
administrative changes or court decisions may materially
affect the value of the Fund’s portfolio and/or the ability
of the Fund to pay federal tax-exempt dividends. The Fund
would not be a suitable investment for IRAs, other
tax-exempt or tax-deferred accounts or for other investors
who are not sensitive to the federal, state or local tax
consequences of their investments.
PERFORMANCE
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 FST Shares from
year to year for up to the last ten years (with respect
to the bar chart); and (b) the average annual total
returns of the Fund’s FST Shares. The Fund’s past
performance is not necessarily an indication of how the
Fund will perform in the future. Performance reflects fee
waivers and expense limitations in effect.
Updated performance information is available at no cost at www.goldmansachsfunds.com/performance or by calling 1-800-621-2550.
Updated performance information is available at no cost at www.goldmansachsfunds.com/performance or by calling 1-800-621-2550.
AVERAGE
ANNUAL TOTAL RETURN
| For the period ended | Since | |||||||||||||||
| December 31, 2010 | 1 Year | 5 Years | 10 Years | Inception | ||||||||||||
FST Shares |
0.14 | % | 1.86 | % | 1.74 | % | 2.44 | % | ||||||||
(Inception 7/19/94) |
||||||||||||||||
PORTFOLIO MANAGEMENT
Goldman Sachs Asset Management, L.P. is the
investment adviser for the Fund (the “Investment
Adviser” or “GSAM”).
BUYING AND SELLING FUND SHARES
Generally, FST Shares may be purchased only through
certain banks, brokers, registered investment advisers and
other financial institutions authorized to receive such
orders (“Authorized Institutions”). The minimum initial
investment requirement imposed upon Authorized Institutions
for the purchase of FST Shares is generally $10 million,
and there is no minimum imposed upon additional investments. Authorized
Institutions may, however, impose a minimum amount for
initial and additional investments in FST Shares, and may
establish other requirements such as a minimum account
balance.
You may purchase and redeem (sell) shares of the Fund on
any business day through an Authorized Institution.
TAX INFORMATION
The Fund’s distributions that are designated as
“exempt interest dividends” are generally not subject to
federal income tax. To the extent that Fund distributions
are attributable to interest on certain federal
obligations or interest on obligations of your state of
residence or its municipalities or authorities, they will
in most cases be exempt from state and local income taxes.
The Fund intends to avoid investments which pay interest
that is a preference item in determining AMT liability.
PAYMENTS TO BROKER-DEALERS AND
OTHER FINANCIAL INTERMEDIARIES
OTHER FINANCIAL INTERMEDIARIES
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 website for more information.
4
SUMMARY PROSPECTUS — GOLDMAN SACHS FINANCIAL SQUARE TAX-FREE MONEY MARKET FUND — FST
SHARES
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