Mutual Fund Summary Prospectus (497k)
April 17 2013 - 3:02PM
Edgar (US Regulatory)
Class A: GGOAX Class B: GGOBX
Class C: GGOCX Institutional: GGOIX Service: GGOSX
Class IR: GGOTX Class R: GGORX
Before you invest, you may want to review the Goldman Sachs Growth Opportunities 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 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 Funds Prospectus and SAI,
both dated December 28, 2012, as amended to date, are incorporated by reference into this Summary Prospectus.
The Fund seeks long-term growth of capital.
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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 $50,000 in Goldman Sachs Funds. More information about these and other discounts is
available from your financial professional and in Shareholder GuideCommon Questions Applicable to the Purchase of Class A Shares beginning on page 53 of the Prospectus and Other Information Regarding Maximum Sales
Charge, Purchases, Redemptions, Exchanges and Dividends beginning on page B-104 of the Funds 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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5.50
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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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0.95
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%
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0.95
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%
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0.95
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%
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0.95
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%
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0.95
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%
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0.95
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%
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0.95
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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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0.06
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%
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0.56
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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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0.06
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%
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0.06
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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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1.41
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%
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2.16
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%
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2.16
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%
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1.01
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%
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1.51
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%
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1.16
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%
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1.66
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%
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Fee Waiver and Expense
Limitation
2
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(0.06
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)%
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(0.06
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)%
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(0.06
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)%
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(0.06
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)%
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(0.06
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)%
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(0.06
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)%
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(0.06
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)%
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Total Annual Fund Operating Expenses After Fee Waiver and Expense
Limitation
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1.35
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%
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2.10
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%
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2.10
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%
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0.95
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%
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1.45
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%
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1.10
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%
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1.60
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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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The Investment Adviser has agreed to (i) waive a portion of its management fees in order to achieve an effective net management fee rate of 0.90%
as an annual percentage rate of the average daily net assets of the Fund; and (ii) 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 0.014% of the Funds average daily net assets. These arrangements will remain in effect through at least
December 29, 2013, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. The Funds 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 GROWTH OPPORTUNITIES 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.
This Example assumes that you invest $10,000 in Class A, Class B, Class C, Institutional,
Service, Class IR and/or Class R Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class B, Class C, Institutional, Service, Class IR and/or Class R Shares at the end of those periods. The Example also
assumes that your investment has a 5% return each year and that the Funds operating expenses remain the same (except that the Example incorporates the fee waiver and expense limitation arrangements for only the first year).
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Class A Shares
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$
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680
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$
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966
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$
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1,273
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$
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2,143
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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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713
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$
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970
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$
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1,354
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$
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2,298
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Assuming no redemption
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$
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213
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$
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670
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$
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1,154
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$
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2,298
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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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313
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$
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670
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$
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1,154
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$
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2,488
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Assuming no redemption
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$
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213
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$
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670
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$
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1,154
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$
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2,488
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Institutional Shares
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$
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97
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$
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316
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$
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552
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$
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1,231
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Service Shares
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$
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148
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$
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471
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$
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818
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$
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1,796
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Class IR Shares
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$
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112
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$
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363
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$
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633
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$
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1,404
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Class R Shares
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$
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163
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$
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518
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$
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897
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$
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1,960
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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, 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 the 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 August 31, 2012 was 59% of the average value of its portfolio.
The Fund invests, under normal circumstances, at least 90% of its total assets measured
at the time of purchase (Total Assets) in equity investments with a primary focus on midcap companies. The Fund seeks to achieve its investment objective by investing in a diversified portfolio of equity investments that are considered
by the Investment Adviser to be strategically positioned for long-term growth. Although the Fund invests primarily in publicly traded U.S. securities, it may invest up to 25% of its Total Assets in foreign securities, including securities of issuers
in countries with emerging markets or economies (emerging countries) and securities quoted in foreign currencies.
The Funds
fundamental equity growth investment process involves evaluating potential investments based on specific characteristics believed to indicate a high-quality business with sustainable growth, including strong business franchises, favorable long-term
prospects, and excellent management. The Investment Adviser will also consider valuation of companies when determining whether to buy and/or sell securities. The Investment Adviser may decide to sell a position for various reasons, including when a
companys fundamental outlook deteriorates, because of valuation and price considerations, for risk management purposes, or when a company is deemed to be misallocating capital or a company no longer fits within the Funds definition of a
mid cap company. In addition, the Investment Adviser may sell a position in order to meet shareholder redemptions.
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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.
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.
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 sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets.
Mid-Cap and Small-Cap Risk.
Investments in mid-capitalization and small capitalization companies involve greater risks than investments in
larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.
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.
3 SUMMARY PROSPECTUS GOLDMAN SACHS GROWTH OPPORTUNITIES FUND
The bar chart at right and table below provide an indication of the risks of investing
in the Fund by showing: (a) changes in the performance of the Funds Class A Shares from year to year; and (b) how the average annual total returns of the Funds 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 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 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 applicable fee waivers and/or expense limitations in effect during the periods shown.
AVERAGE ANNUAL TOTAL RETURNS
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For the period ended
December 31, 2011
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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 5/24/99)
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Returns Before Taxes
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-9.35%
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3.88%
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4.12%
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9.25%
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Returns After Taxes on Distributions
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-10.19%
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2.87%
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3.46%
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8.54%
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Returns After Taxes on Distributions and Sale of Fund Shares
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-4.92%
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3.09%
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3.44%
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8.07%
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Russell Midcap
®
Growth Index (reflects no deduction for fees, expenses or taxes)
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-1.65%
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2.44%
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5.28%
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4.18%
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Class B Shares (Inception 5/24/99)
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Returns Before Taxes
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-9.60%
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3.85%
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4.07%
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9.27%
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Russell Midcap
®
Growth Index (reflects no deduction for fees, expenses or taxes)
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-1.65%
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2.44%
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5.28%
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4.18%
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Class C Shares (Inception 5/24/99)
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Returns Before Taxes
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-5.74%
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4.28%
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3.93%
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8.92%
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Russell Midcap
®
Growth Index (reflects no deduction for fees, expenses or taxes)
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-1.65%
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2.44%
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5.28%
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4.18%
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Institutional Shares (Inception 5/24/99)
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Returns Before Taxes
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-3.70%
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5.48%
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5.13%
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10.17%
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Russell Midcap
®
Growth Index (reflects no deduction for fees, expenses or taxes)
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-1.65%
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2.44%
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5.28%
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4.18%
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Service Shares (Inception 5/24/99)
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Returns Before Taxes
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-4.17%
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4.96%
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4.61%
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9.62%
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Russell Midcap
®
Growth Index (reflects no deduction for fees, expenses or taxes)
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-1.65%
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2.44%
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5.28%
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4.18%
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Class IR Shares (Inception 11/30/07)
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Returns Before Taxes
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-3.81%
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N/A
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N/A
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2.46%
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Russell Midcap
®
Growth Index (reflects no deduction for fees, expenses or taxes)
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-1.65%
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N/A
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N/A
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0.37%
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Class R Shares (Inception 11/30/07)
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Returns
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-4.30%
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N/A
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N/A
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1.97%
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Russell Midcap
®
Growth Index (reflects no deduction for fees, expenses or taxes)
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-1.65%
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N/A
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N/A
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0.37%
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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 retirement 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 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 GROWTH OPPORTUNITIES FUND
Goldman Sachs Asset Management, L.P. is the investment adviser for the Fund (the
Investment Adviser or GSAM).
Portfolio Managers:
Steven M. Barry, Managing Director, Chief Investment
OfficerFundamental Equity, Chief Investment OfficerGrowth Equity, has managed the Fund since 1999; and Jeffrey Rabinowitz, CFA, Managing Director, has managed the Fund since 2011.
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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 brokers, investment advisers
and other financial institutions (Authorized Institutions).
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. 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 Institutions website for more information.
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