Goldman Sachs
Managed Futures Strategy Fund Profile
PERFORMANCE AND CHARACTERISTICS
A trend following alternative strategy that
invests in a wide range of globally diversified
asset classes that seek to generate long-term
absolute returns.
Objective:
Seeks to generate long-term absolute return.
STANDARDIZED TOTAL RETURNS (%)
For the Periods ended 6.30.13
Data as of 8.31.13
Class A: GMSAX
A SHARES
PERFORMANCE SUMMARY (NAV) (%)
CURRENT YEAR
INCEPTION DATE: 2.29.12
Goldman Sachs Managed Futures Strategy Fund
Q4
Q3
Q2
Q1
-
-
-
-
-
1 Yr
3 Yrs
5 Yrs
-10.43
-
-
-8.52
-1.04
-
-
-
-
-
-4.83
-
-
ASSET CLASS EXPOSURES (%)
Developed Equity
27.50
5 Year
N/A
Emerging Market Equity
-2.40
Since Inception
-7.37
Developed Currency
-5.30
Emerging Market Currency
-7.90
Short-term Fixed Income
45.90
Medium-term Fixed Income
-40.20
Current (net)
1.44%
Long-term Fixed Income
-0.40
Before Waiver (gross)
5.89%
Total
17.20
Total Fund Net Assets (MM)
$25.6
NAV - Class A
$9.45
Since
10 Yrs Inception
-
-3.68
The returns represent past performance. Past performance does not guarantee future results. The Fund's investment return and principal value will fluctuate so that an
investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please
visit our Web site at: www.goldmansachsfunds.com to obtain the most recent month-end returns. The Standardized Total Returns are average annual total returns or cumulative
total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value.
These returns reflect the maximum initial sales charge of 5.5% for Class A Shares.
-4.60
FINANCIAL INFORMATION
ANNUALIZED
YTD
1 Year
EXPENSE RATIO (%)
CALENDAR YEARS
Goldman Sachs Managed Futures Strategy Fund Profile
The expense ratios of the Fund, both current (net of any fee waivers or expense limitations) and before waivers (gross of any fee waivers or expense
limitations) are as set forth above. Each Fund's waivers and/or expense limitations will remain in place through at least April 30, 2014 and prior to such date
the Investment Adviser may not terminate the arrangements without the approval of the Fund's Board of Trustees.
Disclosures for Asset Class Exposures. Data as of 8.31.13. Portfolio exposures represent the notional contract value in U.S. dollars of the Fund's physical and derivative
positions, divided by the Fund's net assets. "% of Net Assets" represents the net exposure within the Fund to a given asset class. It is calculated as the sum of the notional
contract value in U.S. dollars of the Fund's physical and derivative positions (for a given asset class), divided by the Fund's net assets. For example, a strategy that is 30% long
the S&P 500 and 25% short the Russell 2000 would have 5% net exposure to developed equity (assuming no other developed equity positions). The Fund may use leverage,
and as such, portfolio exposures may not sum to 100% and may at times exceed the Fund's net assets. Medium term fixed income (5-Yr. Swaps) and Short term fixed income
(1-Yr. Swaps) exposures for the Managed Futures Strategy Fund are duration adjusted to the equivalent 10-Yr. contract's duration. "% Contribution to Risk" (portfolio variance)
for each asset class is calculated based on the Fund's notional exposure to the asset class at the most recent quarter-end, as well as each asset classes' realized volatility and
correlation with other asset classes in the portfolio, based on daily price changes during the past quarter. Future realized contribution to risk may vary significantly from the
above-reported amounts.
The Goldman Sachs Managed Futures Strategy Fund implements a trend-following strategy that takes long and/or short positions in a wide range of asset classes,
including equities, fixed income, currencies, and commodities, to seek long-term absolute return. The Fund's investments in fixed income securities are subject to the risks
associated with debt securities generally, including credit/default, liquidity, interest rate, call, and extension risk. The Fund's equity investments are subject to market risk,
which means that the value of its investments may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic
conditions. Different investment styles tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes. Managed
futures strategies have historically offered the potential for stronger performance in extreme bull and bear markets and weaker performance in range-bound and sharply
reversing markets. Foreign and emerging market securities may be more volatile and less liquid than investments in U.S. securities and will be subject to the risks of
currency fluctuation and adverse economic or political developments. The Fund is subject to the risk that exposure to the commodities markets may subject the Fund to
greater volatility than investments in traditional securities. Derivative investments may involve a high degree of financial risk. These risks include the risk that a small
movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative
instrument; risk of default by a counterparty; and liquidity risk. At times, the Fund may be unable to sell certain of its investments without a substantial drop in price, if at all.
The Fund's over-the-counter transactions are subject to less government regulation and supervision. The Fund's borrowing and use of derivatives may result in leverage,
which can make the Fund more volatile. The tax treatment of commodity-linked derivative instruments may be adversely affected by future legislation or regulatory
developments. The Fund is "non-diversified" and may invest more of its assets in fewer issuers than "diversified" funds. Accordingly, the Fund may be more susceptible to
adverse developments affecting any single issuer held in its portfolio and to greater losses resulting from these developments.
Holdings and allocations shown are unaudited, and may not be representative of current or future investments. Holdings and allocations may not include the Fund's entire
investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or
investment advice regarding particular securities. Current and future holdings are subject to risk.
Firm-wide AUM includes assets managed by GSAM and its investment advisory affiliates.
The Net Asset Value (NAV) is the market value of one share of the Fund.
Goldman, Sachs & Co. is the distributor of the Goldman Sachs Funds.
© 2013 Goldman Sachs. All rights reserved.
A SHARES
Data as of 8.31.13
Goldman Sachs Asset Management, the asset
management arm of The Goldman Sachs Group,
Inc., is among the world's largest asset
managers, with $739.4 billion in assets under
management as of 6.30.13.
Founded in 1869, Goldman Sachs is a leading
global investment banking, securities and
investment management firm.
A summary prospectus, if available, or a
Prospectus for the Fund containing more
information may be obtained from your
authorized dealer or from Goldman, Sachs & Co.
by calling 1-800-526-7384. Please consider a
fund's objectives, risks, and charges and
expenses, and read the summary prospectus, if
available, and the Prospectus carefully before
investing. The summary prospectus, if available,
and the Prospectus contains this and other
information about the Fund.
Date of First Use: September 19, 2013
2010-30186.MF.OTU