The Goldman Sachs Strategic Income Fund invests in a broadly diversified portfolio of U.S. and foreign investment grade and non-investment grade fixed income investments including, but not limited to: U.S. Government securities (such as U.S. Treasury securities or Treasury inflation protected securities), non-U.S. sovereign debt, agency securities, corporate debt securities, agency and non-agency mortgage-backed securities, asset-backed securities, custodial receipts, municipal securities, loans and loan participations, and convertible securities.

The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. The guarantee on certain U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. The Fund’s investments in mortgage-backed securities are subject to, among other risks, prepayment risks. These risks may results in greater share price volatility. The Fund may invest in high yield, fixed income securities that, at the time of purchase, are non-investment grade, also known as “junk bonds.” High yield securities involve greater price volatility, are less liquid and present greater risk than higher rated fixed securities.

The Fund may also invest in foreign issuers which are denominated in currencies other than the U.S. dollar and in securities of issuers located in emerging countries denominated in any currency. The Fund’s foreign and emerging market investments may be more volatile and less liquid than its investments in U.S. securities and will be subject to the risks of currency fluctuations and sudden economic or political developments. At times the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all.

The Fund may also make substantial investments in other derivatives instruments, including interest rate futures contracts, options (including options on futures contracts, swaps, bonds, stocks and indexes), swaps (including credit default, index, basis, total return, volatility and currency swaps), other forward contracts and other derivatives instruments. The Fund may engage in foreign currency transactions for hedging purposes (including cross hedging) or for speculative purposes. Derivative instruments 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; risks of default by a counterparty; and the risks that transactions may not be liquid. Moreover, there is no guarantee that any attempt by the Fund to hedge against currency fluctuations will be successful.

The Fund is subject to the risk associated with implementing short positions. Taking short positions involves leverage of the Fund’s assets and presents various other risks. Losses on short positions are potentially unlimited, as a loss occurs when the value of an asset with respect to which the Fund has a short position increases. The implementation of short positions, as well as the use of derivatives generally, involves sophisticated investment techniques that have the potential to add additional risk to the Fund.

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 for Class A shares and CDSC for Class B and C shares. Because Institutional, Service, Administration, Class R and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. Shares of some of the funds may be subject to a redemption fee. Please refer to the current prospectus.

¹The standardized Total Returns are average annual 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 for Class A shares and CDSC for class B and C shares. Because Institutional, Service, Administration, Class R and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. Shares of some of the funds may be subject to a redemption fee. Please refer to the shareholder guide and current prospectus for the Fund, accessible from the literature section, for additional pricing information.

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. The Fund's waivers and/or expense limitations will remain in place through at least July 27, 2013, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund's Board of Trustees.

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 (retail - 1-800-526-7384) (institutional - 1-800-621-2550) for the Goldman Sachs Funds and (1-800-762-5035) for the Goldman Sachs Variable Insurance Trust Funds. 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.

NAV: The NAV (Net Asset Value) represents the net assets of the Fund (ex-dividend) divided by the total number of shares. The expense ratios of the funds, both with and without any waivers and expense limitations, are as set forth above. The waivers and expense limitations are voluntary and may be modified or terminated at any time at the option of the Investment Adviser. If this occurs, the expense ratio may increase without shareholder approval.

Equity funds are subject to the risk of rising and falling stock prices and have tended to be more volatile than funds that invest in fixed income securities. Bond funds fluctuate in value with changes in interest rates, and lower-rated bonds involve higher credit risk and may be speculative investments. Funds concentrated in non-US investments may be more volatile than US investments and involve special political and currency risks. A fund concentrated in an economic sector or geographical region will also be more volatile.

The information and services provided on this Web site are intended for persons in the U.S. only. Non-U.S. persons are directed to our audience selection page.

Goldman, Sachs & Co. is the distributor of the Goldman Sachs Funds.

NOT FDIC-INSURED | May Lose Value | No Bank Guarantee