Goldman Sachs Class A: GICAX Class IR: GIRLX Class C ... · PDF fileInternational Small Cap Insights Fund ... (MM) $330.3 3 Year Standard Deviation 18.54% NAV ... 2014, and prior to

Date of First Use: July 18, 2013

Goldman SachsInternational Small Cap Insights Fund

Offering Fundamental Investment Appeal in the International Markets

SEEKS LONG-TERM GROWTH OF CAPITAL

Fundamentally Based

We use 6 historically proven

investment themes - Valuation,

Momentum, Sentiment,

Profitability, Quality, and

Management - to calculate

potential returns for over 2,500

stocks daily.

Quantitatively Constructed

Our proprietary risk model helps

construct a well-diversified small

cap portfolio that seeks to fluctuate

in price at the same rate as the

market, has similar sector, style

and capitalization characteristics to

the MSCI EAFE Small Cap Index,

and maximizes return potential for

our six fundamental themes.

Efficient Implementation

Transaction costs are considered at

every step of the process, from the

weighting of investment themes, to

portfolio optimization, to trading.

We seek to trade with maximum

efficiency using integrated trading

systems and sophisticated

transaction cost management

techniques.

Total Fund Net Assets (MM) $330.3 3 Year Standard Deviation 18.54%

NAV - Class I $8.79 Weighted Average Market Cap $1.56B

Total Number of Holdings 479 Weighted Median Market Cap $1.36B

3 Year Beta 1.00 Net Expense Ratio - Class I (Current) 0.90%

3 Year R-Squared 0.98 Gross Expense Ratio - Class I (Before Waiver) 1.11%

TOTAL RETURNS AT NAV (%)

-2.55

6.29

21.35

14.35

4.83

N/A1.11

-2.52

5.69

20.88

11.87

2.48N/A -0.68-1.27

4.78

19.77

9.98

1.68N/A N/A

3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception

9.28.07

-5

0

5

10

15

20

25

Class IMSCI EAFE Small Cap Index - Net Unhedged USD

Lipper International Small/Mid-Cap Core

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: +21.35% 5 Yrs: +4.83% Since Inception: +1.11%

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 February 28, 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.

Morningstar Risk-Adjusted Ratings: Foreign Small/Mid Value Category- Class I Shares 3 Year 5 stars out of 36 funds, 5 Year 4 stars out of 32 funds. The Overall Rating is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating Metrics. Morningstar, Inc. is an independent publisher of mutual fund research and ratings. Ratings reflect a fund’s risk-adjusted 3-, 5-, and 10-year total returns, including any sales charge. A Fund is rated against all other funds in its category. 5 stars are assigned to the top 10%; 4 stars to the next 22.5%; 3 stars to the next 35%; 2 stars to the next 22.5%; and 1 star to the bottom 10%. Morningstar only rates funds with at least a 3-year history. Data shown is as of 6.30.13

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.

As of 6.30.13

Class A: GICAX Class IR: GIRLX

Class C: GICCX

Class I: GICIX

★ ★ ★ ★Overall Morningstar Rating (Class I)

36 Foreign Small/Mid Value Funds

LIPPER RANKINGS -CLASS I

International Small/Mid-Cap

Core

1 Year (top 30%) 16 out of 53 funds

3 Year (top 5%) 2 out of 42 funds

5 Year (top 16%) 6 out of 38 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: July 18, 2013

Goldman Sachs International Small Cap Insights Fund

Access an experienced

investment team

The Quantitative Investment Strategies team has a thorough understanding of our model’s intricacies and participates in the ongoing research that keeps our quantitative process compelling.

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.

Our team based approach to portfolio construction ensures a high degree of continuity.

Ron Hua, CFA

Chief Investment Officer,

Equity Alpha Strategies

19 Years of Investment

Experience

Len Ioffe, CFA

Senior Portfolio Manager

23 Years of Investment

Experience

Cal Yr Ret (Class I at NAV) (%) 2008 2009 2010 2011 2012

Goldman Sachs International

Small Cap Insights Fund-43.68 44.57 28.30 -14.14 21.09

MSCI EAFE Small Cap Index - Net

Unhedged USD-46.87 46.78 22.04 -15.94 19.94

TOP TEN HOLDINGS (%)

Topdanmark A/S 1.0

Fred Olsen Energy ASA 1.0

Daiichikosho Co. Ltd. 0.9

Mondi Plc 0.9

Renewable Energy Corp AS 0.9

GN Store Nord 0.8

Modern Times Group AB 0.8

Freenet Ag 0.8

Leoni AG 0.8

Gestevision Telecinco SA 0.8

REGIONAL ALLOCATIONS (%)

Fund Index

Europe ex-UK 42.2 35.5

Japan 28.6 28.9

UK 19.4 21.9

Asia ex-Japan 9.8 13.7

DIVIDENDS

Class Inst

6.30.13 $0.000

Effective May 3, 2013, the Goldman Sachs Structured International Small Cap Fund was renamed the Goldman Sachs International Small Cap Insights. The Goldman Sachs International Small Cap Insights Fund invests primarily in a broadly diversified portfolio of equity investments in small capitalization non-U.S. issuers. The Fund’s investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic or political developments. The securities of mid- and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. The Investment Adviser’s use of quantitative models to execute the Fund’s investment strategy may fail to produce the intended result. Different investment styles (e.g., “quantitative”) tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes.

2013 Lipper Fund Award: “International Small/Mid-Cap Core Fund” is for three-year risk adjusted performance among 39 eligible funds for the period ended Dec. 31, 2012. Fund classification averages are calculated with all eligible share classes for each eligible classification. The calculation periods extend over 36, 60, and 120 months. The highest Lipper Leader for Consistent Return (Effective Return) value within each eligible classification determines the fund classification winner over three, five, or 10 years. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. Source: Lipper, Inc. Past performance does not guarantee future results, which may vary.

Effective June 1, 2008, the MSCI Provisional EAFE Small Cap Index was renamed the MSCI EAFE Small Cap Index. The MSCI EAFE Small Cap Index is a free float adjusted market capitalization index that is designed to measure the equity market performance of the small market capitalization segment of developed markets, excluding the US and Canada. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged Index.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

The Weighted Average Market Cap represents the average value of the companies in the index or portfolio. The Weighted Median Market Cap provides the middle market capitalization level in the index or portfolio. Companies with a larger market capitalization have a greater impact on both calculations.

Valuation: attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. Profitability: assesses whether the company is earning more than its cost of capital. Quality: evaluates whether the company’s earnings are coming from more persistent, cash-based sources, as opposed to accruals. Management: assesses the characteristics, policies and strategic decisions of company management. Momentum: predicts drift in stock prices caused by under-reaction to company-specific information. Sentiment: reflects selected investment views and decisions of individuals and financial intermediaries.

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.

The Net Asset Value (NAV) is the market value of one share of the Fund. Percentages may not sum to 100% due to rounding.

Firm-wide AUM includes assets managed by GSAM and its investment advisory affiliates.

Correlation Measure - R-squared: Measures how closely the historical movement of a portfolio’s returns relates to a particular market index over a specified time period. Risk Measures - Standard Deviation: Measures the historical total risk of a portfolio by assessing the probable range within which a portfolio’s return could deviate from its average return over a defined historical period of time. Beta: Measures the historical market risk of a portfolio or the volatility of a portfolio relative to an underlying index over a defined historical period of time.

A summary prospectus, if available, or a Prospectus for the Fund containing more information may be obtained from your Authorized Institution or from Goldman, Sachs & Co. by calling 1-800-621-2550. Please read the summary prospectus, if available, and the Prospectus, which contains a fund’s objectives, risks, charges and expenses, and other information about the Fund, carefully before investing.Goldman, Sachs & Co. is the distributor of the Goldman Sachs Funds.© 2013 Goldman Sachs. All rights reserved. STRCTINTSCFCT_IAS/7-13

NOT FDIC-INSURED May Lose Value No Bank Guarantee