Goldman Sachs Dynamic Municipal Income Fund (GSMIX) Diversifiers

The investment seeks a high level of current income that is exempt from regular federal income tax. The fund invests at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in fixed income securities issued by or on behalf of states, territories and possessions of the United States and the political subdivisions, agencies and instrumentalities thereof, the interest on which is exempt from regular federal income tax. It may invest up to 100% of its net assets in private activity bonds, the interest on which may be a preference item for purposes of the federal alternative minimum tax.