Date of First Use: August 16, 2013 Goldman Sachs Balanced Strategy Portfolio Built-In Diversification and Ongoing Asset Allocation in One Convenient Package SEEKS CURRENT INCOME AND LONG-TERM CAPITAL APPRECIATION Optimized By investing in optimized combinations of different sectors, styles, market capitalizations and geographic areas, the Portfolio provides diversification and risk- management benefits that should potentially improve the risk/reward trade-off over time. Diversified The Portfolio invests in up to 18 underlying Goldman Sachs Funds comprised of 40% equity / 60% fixed income on average, aligned each quarter to its unique risk profile.* Proactive The Portfolio features a dynamic forward-looking, quarterly tactical reallocation process designed to capitalize on changing market conditions. Total Fund Net Assets (MM) $539.3 NAV - Class I $10.60 Net Expense Ratio - Class I (Current) 0.88% Standardized 30-Day Subsidized Yield - Class I 2.47% Gross Expense Ratio - Class I (Before Waiver) 0.94% Standardized 30-Day Unsubsidized Yield - Class I 2.39% TOTAL RETURNS AT NAV (%) -2.16 1.15 7.10 7.00 3.49 5.77 4.80 -1.21 1.70 7.49 7.35 4.70 6.08 N/A -0.49 4.60 10.67 10.00 4.90 5.88 N/A 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception 1.2.98 -5 0 5 10 15 Class I Composite Index - Balanced Strategy Lipper Mixed-Asset Target Alloc Moderate Funds Below are the fund’s average annual total returns with all distributions reinvested for periods ended 6.30.13, assuming payment of the maximum sales charge at the beginning of the stated periods: 1 Yr: +7.10% 5 Yrs: +3.49% 10 Yrs: +5.77% 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. Because Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. 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. Performance reflects cumulative total returns for periods of less than one year and average annual total returns for periods of greater than one year. Since inception returns for periods of less than one year are cumulative. All Fund performance data reflect the reinvestment of distributions. Lipper Total Return Rankings - Lipper Analytical Services, Inc., an independent publisher of mutual fund rankings, records rankings for these and other Goldman Sachs Funds for one-year, three-year, five-year, and ten-year total returns periods. Lipper compares mutual funds within a universe of funds with similar investment objectives, including dividend reinvestment. Lipper rankings are based on total return at net asset value and do not reflect sales charges. Lipper rankings do not imply that the fund had a high total return. Data as of 6.30.13. * Percentages represent the approximate allocation of equities and bonds in the portfolio. The underlying investments and portfolio allocation ranges are subject to change from time to time without shareholder approval. The Balanced Strategy Composite Index is a composite representation prepared by the Investment Adviser of the performance of the Portfolio’s asset classes weighted according to their respective weightings in the Portfolio’s target range. The Balanced Strategy Composite is comprised of the Barclays Global Aggregate Bond Index (hedged to USD) (60%) and the MSCI ACWI (unhedged) (40%). The Balanced Composite figures do not reflect any deduction for fees, expenses or taxes. An investor cannot invest directly in an index. 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. Percentages may not sum to 100% due to rounding. Diversification does not protect an investor from market risk and does not ensure a profit. As of 6.30.13 Class A: GIPAX Class S: GIPSX Class C: GIPCX Class IR: GIPTX Class I: GIPIX Class R: GIPRX LIPPER RANKINGS -CLASS I Mixed-Asset Target Alloc Moderate Funds 1 Year 462 out of 518 funds 5 Year 315 out of 384 funds 10 Year 119 out of 216 funds Goldman Sachs Asset Management, the asset management arm of The Goldman Sachs Group, Inc., is among the world’s largest asset managers, with $748.1 billion in assets under management as of 3.31.13. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm.
Transcript
Date of First Use: August 16, 2013
Goldman SachsBalanced Strategy Portfolio Built-In Diversification and Ongoing Asset Allocation in One Convenient Package
SEEKS CURRENT INCOME AND LONG-TERM CAPITAL APPRECIATION
Optimized
By investing in optimized
combinations of different sectors,
styles, market capitalizations and
geographic areas, the Portfolio
provides diversification and risk-
management benefits that should
potentially improve the risk/reward
trade-off over time.
Diversified
The Portfolio invests in up to 18
underlying Goldman Sachs Funds
comprised of 40% equity / 60%
fixed income on average, aligned
each quarter to its unique risk
profile.*
Proactive
The Portfolio features a dynamic
forward-looking, quarterly tactical
reallocation process designed to
capitalize on changing market
conditions.
Total Fund Net Assets (MM) $539.3
NAV - Class I $10.60 Net Expense Ratio - Class I (Current) 0.88%
Standardized 30-Day Subsidized Yield - Class I 2.47% Gross Expense Ratio - Class I (Before Waiver) 0.94%
Standardized 30-Day Unsubsidized Yield - Class I 2.39%
TOTAL RETURNS AT NAV (%)
-2.161.15
7.10 7.00
3.49
5.774.80
-1.21
1.70
7.49 7.35
4.706.08
N/A-0.49
4.60
10.67 10.00
4.905.88
N/A
3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception
1.2.98
-5
0
5
10
15
Class IComposite Index - Balanced Strategy
Lipper Mixed-Asset Target Alloc Moderate Funds
Below are the fund’s average annual total returns with all distributions reinvested for periods ended 6.30.13, assuming payment of the maximum sales charge at the beginning of the stated periods:
1 Yr: +7.10% 5 Yrs: +3.49% 10 Yrs: +5.77%
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. Because Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.
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.
Performance reflects cumulative total returns for periods of less than one year and average annual total returns for periods of greater than one year. Since inception returns for periods of less than one year are cumulative. All Fund performance data reflect the reinvestment of distributions.
Lipper Total Return Rankings - Lipper Analytical Services, Inc., an independent publisher of mutual fund rankings, records rankings for these and other Goldman Sachs Funds for one-year, three-year, five-year, and ten-year total returns periods. Lipper compares mutual funds within a universe of funds with similar investment objectives, including dividend reinvestment. Lipper rankings are based on total return at net asset value and do not reflect sales charges. Lipper rankings do not imply that the fund had a high total return. Data as of 6.30.13.
* Percentages represent the approximate allocation of equities and bonds in the portfolio. The underlying investments and portfolio allocation ranges are subject to change from time to time without shareholder approval.
The Balanced Strategy Composite Index is a composite representation prepared by the Investment Adviser of the performance of the Portfolio’s asset classes weighted according to their respective weightings in the Portfolio’s target range. The Balanced Strategy Composite is comprised of the Barclays Global Aggregate Bond Index (hedged to USD) (60%) and the MSCI ACWI (unhedged) (40%). The Balanced Composite figures do not reflect any deduction for fees, expenses or taxes. An investor cannot invest directly in an index.
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. Percentages may not sum to 100% due to rounding.
Diversification does not protect an investor from market risk and does not ensure a profit.
As of 6.30.13
Class A: GIPAX Class S: GIPSX
Class C: GIPCX Class IR: GIPTX
Class I: GIPIX Class R: GIPRX
LIPPER RANKINGS -CLASS I
Mixed-Asset Target Alloc
Moderate Funds
1 Year 462 out of 518 funds
5 Year 315 out of 384 funds
10 Year 119 out of 216 funds
Goldman Sachs Asset
Management, the asset
management arm of The
Goldman Sachs Group, Inc.,
is among the world’s largest
asset managers, with $748.1
billion in assets under
management as of 3.31.13.
Founded in 1869, Goldman Sachs
is a leading global investment
banking, securities and
investment management firm.
Date of First Use: August 16, 2013
Goldman Sachs Balanced Strategy Portfolio
Benefit from the
experience of the
Quantitative Investment
Strategies Group
QIS employs a globally integrated team of over 65 professionals, with an additional 60-plus professionals dedicated to trading, information technology and the development of analytical tools.
A team approach to determining the long-term strategic benchmark asset allocation, making quarterly global tactical asset allocation decisions and implementing security selection choices.
Uses a disciplined, rigorous and quantitative approach to global tactical asset allocation and attempts to add value by actively managing exposure to global stock, bond and currency markets.
William Fallon, Ph.D.
Chief Investment Officer,
Macro Alpha Strategies
24 Years of Investment
Experience
Cal Yr Ret (Class I at NAV) (%) 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
The Goldman Sachs Balanced Strategy Portfolio invests in affiliated domestic and international fixed income and equity funds (“underlying funds”). The Portfolio’s investment in any of the underlying funds may exceed 25% of its assets. The Portfolio currently expects to invest a relatively significant percentage of its assets in the Goldman Sachs Short Duration Government, Goldman Sachs Global Income, Goldman Sachs Core Fixed Income, Goldman Sachs Structured Large Cap Growth, Goldman Sachs Structured Large Cap Value, and Goldman Sachs Structured International Equity Funds. The Portfolio is subject to the risk factors of the underlying funds in direct proportion to its investments in those underlying funds, and the ability of the Portfolio to meet its investment objective is directly related to the ability of the underlying funds to meet their investment objectives, as well as the allocation among those underlying funds by the Investment Adviser. An underlying fund is subject to the risks associated with its investments, including (as applicable) those associated with equity, fixed income, foreign and derivative investments generally. From time to time, the underlying funds in which the Portfolio invests, and the size of the investments in the underlying funds, may change. Because the Portfolio is subject to the underlying fund expenses as well as its own expenses, the cost of investing in the Portfolio may be higher than investing in a mutual fund that only invests directly in stocks and bonds.
Effective at the close of business May 3, 2013, the Goldman Sachs Structured Large Cap Growth, Structured Large Cap Value, Structured Small Cap Equity, Structured Small Cap Growth, Structured Small Cap Value, Structured US Equity, Structured Emerging Markets Equity, Structured International Equity and Structured International Small Cap will be renamed the Goldman Sachs Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights, US Equity Insights, Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights respectively.
The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 45 country indices comprising 24 developed and 21 emerging market country indices. The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. The emerging market country indices included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey.
The Barclays Global Aggregate Bond Index hedged to the U.S dollar, is an unmanaged index, provides a broad-based measure of the global investment-grade fixed-rate debt markets and covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities. The Index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.
Fund of Funds Portfolios are subject to the underlying fund expenses as well as the expenses of the portfolio, and the cost of this type of investment may be higher than a mutual fund that only invests in stocks and bonds.
The calculation of the 30-Day Standardized Subsidized Yield is mandated by the SEC and is determined by dividing the net investment income per share earned during the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements received by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standard Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.
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.
