e497k
Class A: GERAX Class C: GERCX Institutional: GERIX Class IR: GIRPX
Before you invest, you may want to review the Goldman Sachs Structured Emerging Markets Equity
Funds (the Fund) Prospectus, which contains more information about the Fund and its risks. You
can find the Funds 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 shareholders, 800-526-7384 for all other shareholders or by sending
an e-mail request to gs-funds-document-requests@gs.com. The Funds Prospectus and SAI, both dated
February 28, 2011, as amended to date, are incorporated by reference into this Summary Prospectus.
INVESTMENT OBJECTIVE
The Fund seeks long-term growth of capital.
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. 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 $50,000 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 52 of the Prospectus and Other
Information Regarding Maximum Sales Charge, Purchases,
Redemptions, Exchanges and Dividends beginning on page
B-123 of the Funds SAI.
SHAREHOLDER FEES (fees paid directly from your investment)
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Class A |
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Class C |
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Institutional |
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Class IR |
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Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
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5.5 |
% |
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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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1.0 |
% |
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None |
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None |
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 C |
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Institutional |
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Class IR |
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Management Fees |
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1.00 |
% |
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1.00 |
% |
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1.00 |
% |
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1.00 |
% |
Distribution and Service
(12b-1) Fees |
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0.25 |
% |
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1.00 |
% |
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None |
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None |
Other Expenses |
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0.45 |
% |
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0.45 |
% |
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0.30 |
% |
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0.45 |
% |
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Total Annual Fund Operating Expenses |
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1.70 |
% |
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2.45 |
% |
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1.30 |
% |
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1.45 |
% |
Expense Limitation2 |
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(0.25 |
)% |
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(0.25 |
)% |
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(0.25 |
)% |
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(0.25 |
)% |
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Total Annual Fund Operating Expenses After Expense Limitation |
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1.45 |
% |
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2.20 |
% |
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1.05 |
% |
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1.20 |
% |
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1 |
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A contingent deferred sales charge
(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 reduce
or limit Other Expenses (excluding management
fees, distribution and service fees, transfer agency
fees and expenses, taxes, interest, brokerage fees
and litigation, indemnification, shareholder meeting
and other extraordinary expenses exclusive of any
custody and transfer agent fee credit reductions) to
0.014% of the Funds average daily net assets
through at least February 28, 2012, and prior to
such date, the Investment Adviser may not terminate
the arrangement without the approval of the Board of
Trustees. |
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Asset Management |
2 SUMMARY PROSPECTUS GOLDMAN SACHS STRUCTURED EMERGING MARKETS EQUITY FUND
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
$10,000 in Class A, Class C, Institutional and/or Class IR
Shares of the Fund for the time periods indicated and then
redeem all of your Class A, Class C, Institutional and/or
Class IR Shares at the end of those periods. The Example
also assumes that your investment has a 5% return each year
and that the Funds operating expenses remain the same
(except that the Example incorporates the expense
limitation arrangement for only the first year). Although
your actual costs may be higher or lower, based on these
assumptions your costs would be:
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1 Year |
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3 Years |
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5 Years |
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10 Years |
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Class A Shares |
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$ |
689 |
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$ |
1,033 |
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$ |
1,400 |
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$ |
2,428 |
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Class C Shares |
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Assuming complete
redemption at end of
period |
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$ |
323 |
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$ |
740 |
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$ |
1,283 |
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$ |
2,767 |
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Assuming no redemption |
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$ |
223 |
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$ |
740 |
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$ |
1,283 |
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$ |
2,767 |
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Institutional Shares |
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$ |
107 |
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$ |
387 |
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$ |
689 |
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$ |
1,546 |
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Class IR Shares |
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$ |
122 |
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$ |
434 |
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$ |
768 |
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$ |
1,714 |
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PORTFOLIO TURNOVER
The Fund pays transactions 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, including brokerage
commissions, 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
Funds performance. The Funds portfolio turnover rate for
the fiscal year ended October 31, 2010 was 214% of the
average value of its portfolio.
PRINCIPAL STRATEGY
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 a diversified portfolio of equity investments in
emerging country issuers. Currently, emerging countries
include, among others, Central and South American, African,
Asian and Eastern European countries. Under normal
circumstances, the Fund will not invest more than 35% of
its Net Assets in securities of issuers in any one emerging
country.
The portfolio management team uses two distinct
strategiesa bottom-up stock selection
strategy and a top-down country/ currency selection
strategyto manage the Fund.
The Fund uses a structured quantitative style of
management that emphasizes fundamentally-based stock
selection, careful portfolio construction and efficient
implementation. The Funds investments are selected using
both a variety of quantitative techniques and fundamental
research, including, but not limited to, such investment
themes as: Valuation, Profitability, Quality, Momentum and
Sentiment. The Valuation theme attempts to capture
potential mispricings of securities, typically by comparing
a measure of the companys intrinsic value to its market
value. Profitability assesses whether the company is
earning more than its cost of capital. Quality evaluates
whether the companys earnings are coming from more
persistent, cash based sources, as opposed to accruals.
Momentum seeks to predict drifts in stock prices caused by
under-reaction to company-specific information. Finally,
the Sentiment theme reflects selected investment views and
decisions of individuals and financial intermediaries.
The Fund seeks to maximize its expected return, while
maintaining risk, style, capitalization and industry
characteristics similar to the MSCI® Emerging
Markets Standard Index (unhedged, with dividend
reinvested, net of dividend withholding taxes)
(MSCI® Emerging Markets (net) Index),
adjusted for country views. Additionally, the portfolio
management teams views of the relative attractiveness of
emerging countries and currencies are considered in
allocating the Funds assets among emerging countries.
MSCI® Emerging Markets (net) Index is designed
to measure equity market performance of the large and mid
market capitalization segments of emerging markets.
The
Fund may also invest in fixed income securities that are
considered to be cash equivalents.
PRINCIPAL RISKS OF THE FUND
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 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.
Stock Risk. Stock prices have historically risen and
fallen in periodic cycles. U.S. and foreign stock markets
have experienced periods of substantial price volatility
in the past and may do so again in the future.
Market Risk. The value of the instruments 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.
3 SUMMARY PROSPECTUS GOLDMAN SACHS STRUCTURED EMERGING MARKETS EQUITY FUND
Foreign Risk. Foreign securities may be subject to
risk of loss because of less foreign government regulation,
less public information and less economic, political and
social stability in these countries. Loss may also result
from the imposition of exchange controls, confiscations and
other government restrictions, or from problems in
registration, settlement or custody. Foreign risk also
involves the risk of negative foreign currency rate
fluctuations, which may cause the value of securities
denominated in such foreign currency (or other instruments
through which the Fund has exposure to foreign currencies)
to decline in value. Currency exchange rates may fluctuate
significantly over short periods of time.
Emerging Countries Risk. The securities markets of most
Central and South American, African, Middle Eastern,
Asian, Eastern European and other emerging countries are
less liquid, are especially subject to greater price
volatility, have smaller market capitalizations, have less
government regulation and are not subject to as extensive
and frequent accounting, financial and other reporting
requirements as the securities markets of more developed
countries.
Investment Style Risk. Different investment styles
(e.g., growth, value or quantitative) tend to
shift in and out of favor depending upon market and
economic conditions and investor sentiment. The Fund may
outperform or underperform other funds that invest in
similar asset classes but employ different investment
styles.
Liquidity Risk. The risk that the Fund may make
investments that may be illiquid or that may become less
liquid in response to market developments or adverse
investor perceptions. Liquidity risk may also refer to the
risk that the 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. To meet redemption
requests, the Fund may be forced to sell securities at an
unfavorable time and/or under unfavorable conditions.
Management Risk. The risk that a strategy used by the
Investment Adviser may fail to produce the intended
results. The Investment Adviser attempts to execute a
complex strategy for the Fund using proprietary
quantitative models. Investments selected using these
models may perform differently than expected as a result of
the factors used in the models, the weight placed on each
factor, changes from the factors historical trends, and
technical issues in the construction and implementation of
the models (including, for example, data problems and/or
software issues). There is no guarantee that the Investment
Advisers use of these quantitative models will result in
effective investment decisions for the Fund. Additionally,
commonality of holdings across quantitative money managers
may amplify losses.
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 Funds Institutional Shares from
year to year; and (b) how the average annual total returns
of the Funds Class A, Class C and Institutional Shares
compare to those of a broad-based securities market index.
The Funds 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 800-621-2550 for Institutional shareholders and
800-526-7384 for all other shareholders.
Performance reflects expense limitations in effect. Because
Class IR Shares did not have a full calendar year of
operations as of the date of this Prospectus, the figures
shown provide performance for the other share classes of
the Fund. Class IR Shares would have annual returns
substantially similar to those of the other share classes
shown because Class IR Shares represent interest in the
same portfolio of securities. Annual returns would differ
only to the extent Class IR Shares have different expenses.
AVERAGE ANNUAL TOTAL RETURNS
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For the period ended December 31, 2010 |
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1 Year |
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Since Inception |
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Class A Shares (Inception 10/05/07) |
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Returns Before Taxes |
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11.49 |
% |
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-3.22 |
% |
Returns After Taxes on Distributions |
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11.80 |
% |
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-3.21 |
% |
Returns After Taxes on Distributions and Sale
of Fund Shares |
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8.09 |
% |
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-2.58 |
% |
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Class C Shares (Inception 10/05/07) |
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Returns Before Taxes |
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16.07 |
% |
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-2.06 |
% |
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Institutional Shares (Inception 10/05/07) |
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Returns Before Taxes |
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18.43 |
% |
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-1.12 |
% |
MSCI® Emerging Markets Standard Index
(net of withholding taxes) (reflects no
deduction for fees, expenses or taxes) |
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18.88 |
% |
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-0.05 |
% |
The after-tax returns are for Class A Shares only.
The after-tax returns for Class C and Institutional Shares
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 investors
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.
4 SUMMARY PROSPECTUS GOLDMAN SACHS STRUCTURED EMERGING MARKETS EQUITY FUND
PORTFOLIO MANAGEMENT
Goldman Sachs Asset Management, L.P. is the investment
adviser for the Fund (the Investment Adviser or GSAM).
Portfolio Managers: Ron Hua, CFA, Managing Director, Chief
Investment Officer of Quantitative Investment Strategies
Equity Alpha Strategies, has managed the Fund since 2011;
and Len Ioffe, CFA, Managing Director, has managed the Fund
since 2008.
BUYING AND SELLING FUND SHARES
The minimum initial investment for Class A and Class C
Shares is, generally, $1,000. The minimum initial
investment for Institutional Shares is, generally,
$10,000,000 for individual investors and $1,000,000 alone
or in combination with other assets under the management of
the Investment Adviser and its affiliates for certain other
types of investors. There may be no minimum for initial
purchases of Institutional Shares for certain retirement
accounts or for initial purchases of Class IR Shares.
The minimum subsequent investment for Class A and Class C
shareholders is $50, except for Employer Sponsored Benefit
Plans, for which there is no minimum. There is no minimum
subsequent investment for Institutional or Class IR
shareholders.
You may purchase and redeem (sell) shares of the Fund on
any business day through certain brokers, registered
investment advisers and other financial institutions
(Authorized Institutions).
TAX INFORMATION
The Funds 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.
PAYMENTS TO BROKER-DEALERS AND 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
Institutions website for more information.
STINTSM411V3