Class
A: GSDAX Class C: GSCDX Institutional: GSDIX Class IR: GSIRX
Before you invest, you may want to review the Goldman Sachs Emerging Markets Debt 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 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 27, 2012, as amended to date, are incorporated by reference into this Summary Prospectus.
The Fund seeks a high level of total return consisting of income and capital
appreciation.
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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 96 of the Prospectus and “Other Information Regarding Maximum Sales
Charge, Purchases, Redemptions, Exchanges and Dividends” beginning on page B-128 of the Fund’s 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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4.50
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%
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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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1.00
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%
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None
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None
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Redemption Fee (as a percentage of amount redeemed, imposed on the redemption of shares
held for 30 calendar days or less)
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2.00
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%
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2.00
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%
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2.00
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%
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2.00
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%
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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 C
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Institutional
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Class IR
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Management Fees
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0.80
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%
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0.80
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%
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0.80
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%
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0.80
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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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None
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None
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Other Expenses
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0.22
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%
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0.22
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%
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0.13
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%
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0.22
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%
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Total Annual Fund Operating Expenses
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1.27
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%
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2.02
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%
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0.93
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%
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1.02
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%
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Expense Limitation
2
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(0.04
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)%
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(0.04
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)%
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(0.04
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)%
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(0.04
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)%
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Total Annual Fund Operating Expenses After Expense Limitation
3
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1.23
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%
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1.98
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%
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0.89
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%
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0.98
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%
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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 acquired fund fees and expenses, transfer agency fees and
expenses, taxes, interest, brokerage fees, litigation, indemnification, shareholder meeting and other extraordinary expenses) to 0.054% of the Fund’s average daily net assets through at least July 27, 2013, and prior to such date the
Investment Adviser may not terminate the arrangement 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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3
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The Fund’s “Total Annual Fund Operating Expenses After Expense Limitation” have been restated to reflect the expense limitation
currently in effect.
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2 SUMMARY PROSPECTUS — GOLDMAN SACHS EMERGING MARKETS DEBT 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 $10,000 in Class A, Class C, Institutional and/or Class IR
Shares of the Fund for the time periods indicated and then redeem all of your Class A, Class C, Institutional and/or Class IR Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that
the Fund’s operating expenses remain the same (except that the Example incorporates the expense limitation arrangement for only the first year). Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Class A Shares
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$
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570
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$
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831
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$
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1,112
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$
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1,912
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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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301
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$
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630
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$
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1,084
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$
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2,345
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— Assuming no redemption
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$
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201
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$
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630
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$
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1,084
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$
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2,345
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Institutional Shares
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$
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91
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$
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292
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$
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511
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$
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1,139
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Class IR Shares
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$
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100
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$
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321
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$
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559
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$
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1,244
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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, 2012 was 86% 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 sovereign and corporate debt securities and other instruments of issuers in emerging market countries. Such instruments may include credit linked notes
and other investments with similar economic exposures. Emerging market countries include but are not limited to those considered to be developing by the World Bank. Generally, the Investment Adviser has broad discretion to identify other countries
that it considers to qualify as emerging markets countries. The majority of these countries are likely to be located in Asia, South and Central America, the Middle East, Central and Eastern Europe, and Africa. Sovereign debt issuers include
governments or any of their agencies, political subdivisions or instrumentalities. In determining whether an issuer of corporate debt is in an emerging market country, the Investment Adviser will ordinarily do so by identifying the issuer’s
“country of risk.” The issuer’s “country of risk” is defined by Bloomberg and is based on a number of criteria, including its country of domicile, the primary stock exchange on which it trades, the location from which the
majority of its revenue comes, and its reporting currency. However, the Investment Adviser may also (but is not required to) deem other issuers to be in an emerging market country if they are otherwise tied economically to an emerging market
country.
The Investment Adviser currently intends that the Fund’s investment focus will be in the following emerging countries:
Argentina, Brazil, Colombia, Ecuador, Egypt, Malaysia, Mexico, Peru, The Philippines, Poland, Russia, South Africa, Turkey, Ukraine and Venezuela, as well as other emerging countries to the extent that foreign investors are permitted by applicable
law to make such investments. The Fund may invest in all types of foreign and emerging country fixed income securities. Foreign securities include securities of issuers located outside the U.S. or securities quoted or denominated in a currency other
than the U.S. Dollar.
The countries in which the Fund invests may have sovereign ratings that are below investment grade or are unrated.
Moreover, to the extent the Fund invests in corporate or other privately issued debt obligations, many of the issuers of such obligations will be smaller companies with stock market capitalizations of $1 billion or less at the time of investment.
Securities of these issuers may be rated below investment grade or unrated. Although a majority of the Fund’s assets may be denominated in U.S. Dollars, the Fund may invest in securities denominated in any currency and may be subject to the
risk of adverse currency fluctuations. Additionally, the Fund intends to use structured securities or derivatives, including but not limited to credit linked notes, financial future contracts, forward contracts and swap contracts to gain exposure to
certain countries or currencies.
The Fund may invest in securities without regard to credit rating. The Fund’s target duration range
under normal interest rate conditions is that of the J.P. Morgan EMBI Global Diversified Index, plus or minus 2 years, and over the last ten years ended June 30, 2012, the duration of this Index has ranged between 5.2 and 7.3 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 portfolio managers seek to build a portfolio consisting of their
“best ideas” across the emerging markets debt market consistent with the Fund’s overall risk budget and the views of the Investment Adviser’s Global Fixed Income top-down teams. As market conditions change, the volatility and
attractiveness of sectors, securities and strategies can change as well. To optimize the Fund’s risk/return potential within its longterm risk budget, the portfolio managers may dynamically adjust the mix of top-down and bottom-up strategies in
the Fund’s portfolio.
THE FUND IS NON-DIVERSIFIED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY
ACT”), AND MAY INVEST MORE OF ITS ASSETS IN FEWER ISSUERS THAN DIVERSIFIED MUTUAL FUNDS.
3 SUMMARY PROSPECTUS — GOLDMAN SACHS EMERGING MARKETS DEBT 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.
Credit/Default Risk.
An issuer or guarantor of fixed income securities held by the Fund (which
may have low credit ratings) may default on its obligation to pay interest, repay principal or make a margin payment. Additionally, the credit quality of securities may deteriorate rapidly, which may impair the Fund’s liquidity and cause
significant net asset value (“NAV”) deterioration. To the extent that the Fund holds non-investment grade fixed income securities, these risks may be more pronounced.
Derivatives Risk.
Loss may result from the Fund’s investments in futures, forwards, swaps, structured securities (e.g., credit linked notes) and other derivative instruments. These
instruments may be illiquid, difficult to price and leveraged so that small changes 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 obligations.
Foreign and Emerging Countries Risk.
Foreign securities may be subject to risk of loss
because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. 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. The Fund also invests in issuers located in emerging
countries, where these risks may be more pronounced.
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 will normally have more price volatility because of this risk than short-term fixed income securities.
Liquidity Risk.
The Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse
investor perceptions. Illiquid investments may be more difficult to value. 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.
Non-Diversification Risk.
The Fund is non-diversified, meaning that it is permitted to invest more of its assets in fewer issuers than
diversified mutual funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.
Non-Investment Grade Fixed Income Securities Risk.
Non-investment grade fixed income securities and unrated securities of comparable credit
quality (commonly referred to as “junk bonds”) are considered speculative and are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater
price volatility due to such factors as specific corporate or municipal developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less secondary market liquidity.
Sovereign Risk.
An issuer of non-U.S. sovereign debt, or the governmental authorities that control the repayment of the debt, may be unable
or unwilling to repay the principal or interest when due. This may result from political or social factors, the general economic environment of a country, or levels of foreign debt or foreign currency exchange rates.
The bar chart below and the table on the following page 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 C, Institutional and
Class IR 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 expense limitations in effect.
4 SUMMARY PROSPECTUS — GOLDMAN SACHS EMERGING MARKETS DEBT FUND
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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Since
Inception
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Class A Shares (Inception 08/29/03)
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Returns Before Taxes
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1.80%
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6.53%
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9.86%
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Returns After Taxes on Distributions
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-0.08%
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4.22%
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7.14%
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Returns After Taxes on Distributions and Sale of Fund Shares
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1.35%
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4.20%
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6.89%
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J.P. Morgan EMBI Global Diversified Index (reflects no deduction for fees, expenses or
taxes)
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7.35%
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7.87%
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9.44%
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Class C Shares (Inception 09/29/06)
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Returns Before Taxes
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4.73%
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6.74%
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7.27%
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J.P. Morgan EMBI Global Diversified Index (reflects no deduction for fees, expenses or
taxes)
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7.35%
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7.87%
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8.23%
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Institutional Shares (Inception 08/29/03)
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Returns Before Taxes
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6.94%
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7.90%
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10.88%
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J.P. Morgan EMBI Global Diversified Index (reflects no deduction for fees, expenses or
taxes)
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7.35%
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7.87%
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9.44%
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Class IR Shares (Inception 07/30/10)
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Returns Before Taxes
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6.75%
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N/A
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6.40%
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J.P. Morgan EMBI Global Diversified Index (reflects no deduction for fees, expenses or
taxes)
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7.35%
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N/A
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6.70%
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The after-tax returns are for Class A Shares only. The after-tax returns for Class C, Institutional and Class IR
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 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:
Samuel Finkelstein, Managing Director, Global Head of
Macro Strategies, has managed the Fund since 2003; and Ricardo Penfold, Managing Director, has managed the Fund since 2003.
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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 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 or Class IR shareholders.
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 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.
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