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GOLDMAN SACHS TRUST
0000822977
<p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="3"><b>GOLDMAN SACHS TRUST (the “Trust”) </b></font></p><p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2"><b>Goldman Sachs Fund of Funds Portfolios </b></font></p> <p style="margin-top:6px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2">Class A Shares, Class B Shares, Class C Shares, Institutional Shares, Service Shares, Class R Shares and Class IR Shares (as applicable) of the </font></p><p style="margin-top:6px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2">Goldman Sachs Balanced Strategy Portfolio </font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2">Goldman Sachs Growth and Income Strategy Portfolio </font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2">Goldman Sachs Growth Strategy Portfolio </font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2">Goldman Sachs Equity Growth Strategy Portfolio </font></p><p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2">Goldman Sachs Income Strategies Portfolio </font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2">(the “Portfolios”) </font></p> <p style="margin-top:6px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2">Supplement dated June 15, 2012 to the</font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font style="font-family:Times New Roman" size="2">Prospectus dated April 27, 2012 (the “Prospectus”) </font></p> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">Effective at the close of business on June 29, 2012, the Goldman Sachs Dynamic Allocation Fund will be added as an underlying fund that will be used for investment by the Goldman Sachs Balanced Strategy Portfolio, the Goldman Sachs Growth and Income Strategy Portfolio, and the Goldman Sachs Growth Strategy Portfolio. </font></p> <p style="margin-top:0px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">Accordingly, the Portfolios’ Prospectus is hereby revised as follows: </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>With respect to the Goldman Sachs Balanced Strategy Portfolio, the “</b><b><i>Summary—Principal Strategy</i></b><b>” section of the Prospectus is replaced in its entirety with the following: </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">Effective at the close of business on June 29, 2012, the Portfolio seeks to achieve its investment objective by investing in a combination of underlying funds that currently exist or that may become available for investment in the future for which Goldman Sachs Asset Management (“GSAM” or the “Investment Adviser”) or an affiliate now or in the future acts as investment adviser or principal underwriter (the “Underlying Funds”). Some of the Underlying Funds invest primarily in fixed income or money market instruments (the “Underlying Fixed Income Funds”), some of the Underlying Funds invest primarily in equity securities (the “Underlying Equity Funds”), and other Underlying Funds invest dynamically across equity, fixed income and commodity investments through a managed-volatility approach (the “Underlying Dynamic Funds”). </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">Under normal conditions, the Portfolio seeks to achieve its investment objective by investing approximately 50% (which allocation could be increased by 30% or decreased by 25%) of its assets in Underlying Fixed Income Funds, approximately 15% (which allocation could be increased by 5% or decreased by 15%) of its assets in the Underlying Dynamic Fund, and approximately 35% (which allocation could be increased by 25% or decreased by 30%) of its assets in Underlying Equity Funds. The allocation will be measured at the time of rebalance. Typically, the Portfolio is rebalanced at the end of every calendar quarter, but the Portfolio can be rebalanced intra-quarter at the discretion of the Investment Adviser. Unless otherwise stated herein, the Portfolio’s investment in any of the Underlying Funds may exceed 25% of its assets. The Investment Adviser expects that the Portfolio will invest a relatively significant percentage of its fixed income allocation in the Goldman Sachs Global Income and Core Fixed Income Funds; a relatively significant percentage of its equity allocation in the Goldman Sachs Structured Large Cap Growth, Goldman Sachs Structured Large Cap Value and Goldman Sachs Structured International Equity Funds; and all of its dynamic allocation in the Goldman Sachs Dynamic Allocation Fund. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>With respect to the Goldman Sachs Growth and Income Strategy Portfolio, the “</b><b><i>Summary—Principal Strategy</i></b><b>” section of the Prospectus is replaced in its entirety with the following: </b></font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">Effective at the close of business on June 29, 2012, the Portfolio seeks to achieve its investment objective by investing in a combination of underlying funds that currently exist or that may become available for investment in the future for which Goldman Sachs Asset Management (“GSAM” or the “Investment Adviser”) or an affiliate now or in the future acts as investment adviser or principal underwriter (the “Underlying Funds”). Some of the Underlying Funds invest primarily in fixed income or money market instruments (the “Underlying Fixed Income Funds”), some of the Underlying Funds invest primarily in equity securities (the “Underlying Equity Funds”), and other Underlying Funds invest dynamically across equity, fixed income and commodity investments through a managed-volatility approach (the “Underlying Dynamic Funds”). </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">Under normal conditions, the Portfolio seeks to achieve its investment objective by investing approximately 55% (which allocation could be increased by 25% or decreased by 30%) of its assets in Underlying Equity Funds, approximately 15% (which allocation could be increased by 5% or decreased by 15%) of its assets in the Underlying Dynamic Fund, and approximately 30% (which allocation could be increased by 30% or decreased by 25%) of its assets in the Underlying Fixed Income Funds. The allocation will be measured at the time of rebalance. Typically, the Portfolio is rebalanced at the end of every calendar quarter, but the Portfolio can be rebalanced intra-quarter at the discretion of the Investment Adviser. Unless otherwise stated herein, the Portfolio’s investment in any of the Underlying Funds may exceed 25% of its assets. The Investment Adviser expects that the Portfolio will invest a relatively significant percentage of its equity allocation in the Goldman Sachs Structured Large Cap Growth, Goldman Sachs Structured Large Cap Value and Goldman Sachs Structured International Equity Funds; a relatively significant percentage of its fixed income allocation in the Goldman Sachs Core Fixed Income and Goldman Sachs Global Income Funds; and all of its dynamic allocation to the Goldman Sachs Dynamic Allocation Fund. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>With respect to the Goldman Sachs Growth Strategy Portfolio, the “</b><b><i>Summary—Principal Strategy</i></b><b>” section of the Prospectus is replaced in its entirety with the following: </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">Effective at the close of business on June 29, 2012, the Portfolio seeks to achieve its investment objective by investing in a combination of underlying funds that currently exist or that may become available for investment in the future for which Goldman Sachs Asset Management (“GSAM” or the “Investment Adviser”) or an affiliate now or in the future acts as investment adviser or principal underwriter (the “Underlying Funds”). Some of the Underlying Funds invest primarily in fixed income or money market instruments (the “Underlying Fixed Income Funds”), some of the Underlying Funds invest primarily in equity securities (the “Underlying Equity Funds”), and other Underlying Funds invest dynamically across equity, fixed income and commodity investments through a managed-volatility approach (the “Underlying Dynamic Funds”). </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">Under normal conditions, the Portfolio seeks to achieve its investment objective by investing approximately 75% (which allocation could be increased by 25% or decreased by 30%) of its assets in Underlying Equity Funds, approximately 15% (which allocation could be increased by 5% or decreased by 15%) of its assets in the Underlying Dynamic Fund, and approximately 10% (which allocation could be increased by 30% or decreased by 10%) of its assets in the Underlying Fixed Income Funds. The allocation will be measured at the time of rebalance. Typically, the Portfolio is rebalanced at the end of every calendar quarter, but the Portfolio can be rebalanced intra-quarter at the discretion of the Investment Adviser. Unless otherwise stated herein, the Portfolio’s investment in any of the Underlying Funds may exceed 25% of its assets. The Investment Adviser expects that the Portfolio will invest a relatively significant percentage of its equity allocation in the Goldman Sachs Structured Large Cap Growth, Goldman Sachs Structured Large Cap Value and Goldman Sachs Structured International Equity Funds, and all of its dynamic allocation to the Goldman Sachs Dynamic Allocation Fund. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>With respect to the Goldman Sachs Equity Growth Strategy Portfolio, the following is inserted after the first sentence of the second paragraph of the “</b><b><i>Summary—Principal Strategy</i></b><b>” section of the Prospectus: </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">The allocation will be measured at the time of rebalance. Typically, the Portfolio is rebalanced at the end of every calendar quarter, but the Portfolio can be rebalanced intra-quarter at the discretion of the Investment Adviser. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>Additionally, the second sentence of the second paragraph of this section is replaced in its entirety with the following: </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">Unless otherwise stated herein, the Portfolio’s investment in any of the Underlying Funds may exceed 25% of its assets. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>With respect to the Goldman Sachs Income Strategies Portfolio, the following is inserted after the second sentence of the second paragraph of the “</b><b><i>Summary—Principal Strategy</i></b><b>” section of the Prospectus: </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">The allocation will be measured at the time of rebalance. Typically, the Portfolio is rebalanced at the end of every calendar quarter, but the Portfolio can be rebalanced intra-quarter at the discretion of the Investment Adviser. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>Additionally, the third sentence of the second paragraph of this section is replaced in its entirety with the following: </b></font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">Unless otherwise stated herein, the Portfolio’s investment in any of the Underlying Funds may exceed 25% of its assets. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>Effective at the close of business on June 29, 2012, with respect to the Goldman Sachs Balanced Strategy Portfolio, Goldman Sachs Growth and Income Strategy Portfolio, and Goldman Sachs Growth Strategy Portfolio, the following risks are inserted into the “</b><b><i>Summary—Principal Risks of the Underlying Funds</i></b><b>” sections of the Prospectus: </b></font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b><i>Absence of Regulation. </i></b>Certain of the Underlying Funds engage in over-the-counter (“OTC”) transactions. In general, there is less governmental regulation and supervision of transactions in the OTC markets than of transactions entered into on organized exchanges. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b><i>Commodity Sector Risk. </i></b>Exposure to the commodities markets may subject certain of the Underlying Funds to greater volatility than investments in traditional securities. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked swaps in which certain of the Underlying Funds invest may involve companies in the financial services sector, and events affecting the financial services sector may cause the Underlying Fund’s share value to fluctuate. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b><i>Expenses. </i></b>By investing in other investment companies (including ETFs and money market funds) indirectly through an Underlying Fund, the investor will incur not only a proportionate share of the expenses of the other investment companies held by the Underlying Fund (including operating costs and investment management fees), but also expenses of the Underlying Fund. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b><i>Leverage Risk. </i></b>Borrowing and the use of derivatives result in leverage, which can magnify the effects of changes in the value of an Underlying Fund’s investments and make it more volatile. The use of leverage may cause certain Underlying Funds to liquidate portfolio positions to satisfy their obligations or to meet asset segregation requirements when it may not be advantageous to do so. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b><i>Management Risk. </i></b>A strategy used by the Investment Adviser may fail to produce the intended results. The Investment Adviser attempts to execute a complex strategy for certain of the Underlying Funds using proprietary quantitative models. Investments selected using these models may perform differently than expected as a result of the factors used in the models, the weight placed on each factor, changes from the factors’ historical trends, and technical issues in the construction and implementation of the models (including, for example, data problems and/or software issues). There is no guarantee that the Investment Adviser’s use of these quantitative models will result in effective investment decisions for an Underlying Fund. Additionally, commonality of holdings across quantitative money managers may amplify losses. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b><i>Tax Risk. </i></b>The tax treatment of certain of an Underlying Fund’s commodity-linked investments may be adversely affected by future legislation, Treasury Regulations, and/or guidance issued by the Internal Revenue Service (the “IRS”) that could affect whether income from such investments is “qualifying income” under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), or otherwise affect the character, timing and/or amount of the Underlying Fund’s taxable income for any gains and distributions made by an Underlying Fund. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b><i>Treasury Inflation Protected Securities (“TIPS”) Risk. </i></b>The value of TIPS generally fluctuates in response to inflationary concerns. As inflationary expectations increase, TIPS will become more attractive, because they protect future interest payments against inflation. Conversely, as inflationary concerns decrease, TIPS will become less attractive and less valuable. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>Effective at the close of business on June 29, 2012, with respect to the Goldman Sachs Balanced Strategy Portfolio, the first paragraph in the “</b><b><i>Summary—Performance</i></b><b>” section of the Prospectus is replaced in its entirety with the following: </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the performance of the Portfolio’s Class A Shares from year to year; and (b) how the average annual total returns of the Portfolio’s Class A, Class B, Class C, Institutional, Service, Class IR and Class R Shares compare to those of certain broad-based securities market indices and to the Balanced Strategy Composite Index, 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. Effective at the close of business on June 29, 2012, the components of the Balanced Strategy Composite Index will change from the Barclays U.S. Aggregate Bond Index (60%), the S&P 500 Index (20%), and the MSCI EAFE Index (20%) to a blend of the Barclays Global Aggregate Bond Index (60%) and the MSCI All Country World Index (the “MSCI ACWI Index”) (40%). The Investment Adviser believes that these are more appropriate benchmarks against which to measure the performance of the Portfolio, given the more global nature of the Portfolio’s investments. The Portfolio’s past performance, before and after taxes, is not necessarily an indication of how the Portfolio 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 this Prospectus. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>Effective at the close of business on June 29, 2012, with respect to the Goldman Sachs Growth and Income Strategy Portfolio, the first paragraph in the “</b><b><i>Summary—Performance</i></b><b>” section of the Prospectus is replaced in its entirety with the following: </b></font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the performance of the Portfolio’s Class A Shares from year to year; and (b) how the average annual total returns of the Portfolio’s Class A, Class B, Class C, Institutional, Service, Class IR and Class R Shares compare to those of certain broad-based securities market indices and to the Growth and Income Strategy Composite Index, 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. Effective at the close of business on June 29, 2012, the components of the Growth and Income Strategy Composite Index will change from the Barclays U.S. Aggregate Bond Index (40%), the S&P 500 Index (30%), and the MSCI EAFE Index (30%) to a blend of the Barclays Global Aggregate Bond Index (40%) and the MSCI All Country World Index (the “MSCI ACWI Index”) (60%). The Investment Adviser believes that these are more appropriate benchmarks against which to measure the performance of the Portfolio, given the more global nature of the Portfolio’s investments. The Portfolio’s past performance, before and after taxes, is not necessarily an indication of how the Portfolio 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 this Prospectus. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>Effective at the close of business on June 29, 2012, with respect to the Goldman Sachs Growth Strategy Portfolio, the first paragraph in the “</b><b><i>Summary—Performance</i></b><b>” section of the Prospectus is replaced in its entirety with the following: </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the performance of the Portfolio’s Class A Shares from year to year; and (b) how the average annual total returns of the Portfolio’s Class A, Class B, Class C, Institutional, Service, Class IR and Class R Shares compare to those of certain broad-based securities market indices and to the Growth Strategy Composite Index, 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. Effective at the close of business on June 29, 2012, the components of the Growth Strategy Composite Index will change from the S&P 500 Index (40%), the MSCI EAFE Index (40%), and the Barclays U.S. Aggregate Bond Index (20%) to a blend of the Barclays Global Aggregate Bond Index (20%) and the MSCI All Country World Index (the “MSCI ACWI Index”) (80%). The Investment Adviser believes that these are more appropriate benchmarks against which to measure the performance of the Portfolio, given the more global nature of the Portfolio’s investments. The Portfolio’s past performance, before and after taxes, is not necessarily an indication of how the Portfolio 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 this Prospectus. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>Effective at the close of business on June 29, 2012, with respect to the Goldman Sachs Equity Growth Strategy Portfolio, the first paragraph in the “</b><b><i>Summary—Performance</i></b><b>” section of the Prospectus is replaced in its entirety with the following: </b></font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the performance of the Portfolio’s Class A Shares from year to year; and (b) how the average annual total returns of the Portfolio’s Class A, Class B, Class C, Institutional, Service, Class IR and Class R Shares compare to those of certain broad-based securities market indices and to the Equity Growth Strategy Composite Index, 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. Effective at the close of business on June 29, 2012, the Portfolio’s benchmark will change from the Equity Growth Strategy Composite Index (comprised of the S&P 500 Index (50%) and the MSCI EAFE Index (50%)) to the MSCI All Country World Index (the “MSCI ACWI Index”). The Investment Adviser believes that the MSCI ACWI Index is a more appropriate benchmark against which to measure the performance of the Portfolio given the more global nature of the Portfolio’s investments. The Portfolio’s past performance, before and after taxes, is not necessarily an indication of how the Portfolio 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 this Prospectus. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>Effective at the close of business on June 29, 2012, with respect to the Goldman Sachs Income Strategies Portfolio, the first paragraph in the “</b><b><i>Summary—Performance</i></b><b>” section of the Prospectus is replaced in its entirety with the following: </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the performance of the Portfolio’s Class A Shares from year to year; and (b) how the average annual total returns of the Portfolio’s Class A, Class C, Institutional, Class IR and Class R Shares compare to those of certain broad-based securities market indices and to the Income Strategies Composite Index, 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. Effective at the close of business on June 29, 2012, the components of the Income Strategies Composite Index will change from the S&P 500 Index (40%) and the Barclays U.S. Aggregate Bond Index (60%) to a blend of the Barclays Global Aggregate Bond Index (60%) and the MSCI World Index (40%). The Investment Adviser believes that these are more appropriate benchmarks against which to measure the performance of the Portfolio, given the more global nature of the Portfolio’s investments. The Portfolio’s past performance, before and after taxes, is not necessarily an indication of how the Portfolio 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 this Prospectus. </font></p>
<p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>With respect to the Goldman Sachs Balanced Strategy Portfolio, the “</b><b><i>Summary—Principal Strategy</i></b><b>” section of the Prospectus is replaced in its entirety with the following: </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">Effective at the close of business on June 29, 2012, the Portfolio seeks to achieve its investment objective by investing in a combination of underlying funds that currently exist or that may become available for investment in the future for which Goldman Sachs Asset Management (“GSAM” or the “Investment Adviser”) or an affiliate now or in the future acts as investment adviser or principal underwriter (the “Underlying Funds”). Some of the Underlying Funds invest primarily in fixed income or money market instruments (the “Underlying Fixed Income Funds”), some of the Underlying Funds invest primarily in equity securities (the “Underlying Equity Funds”), and other Underlying Funds invest dynamically across equity, fixed income and commodity investments through a managed-volatility approach (the “Underlying Dynamic Funds”). </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">Under normal conditions, the Portfolio seeks to achieve its investment objective by investing approximately 50% (which allocation could be increased by 30% or decreased by 25%) of its assets in Underlying Fixed Income Funds, approximately 15% (which allocation could be increased by 5% or decreased by 15%) of its assets in the Underlying Dynamic Fund, and approximately 35% (which allocation could be increased by 25% or decreased by 30%) of its assets in Underlying Equity Funds. The allocation will be measured at the time of rebalance. Typically, the Portfolio is rebalanced at the end of every calendar quarter, but the Portfolio can be rebalanced intra-quarter at the discretion of the Investment Adviser. Unless otherwise stated herein, the Portfolio’s investment in any of the Underlying Funds may exceed 25% of its assets. The Investment Adviser expects that the Portfolio will invest a relatively significant percentage of its fixed income allocation in the Goldman Sachs Global Income and Core Fixed Income Funds; a relatively significant percentage of its equity allocation in the Goldman Sachs Structured Large Cap Growth, Goldman Sachs Structured Large Cap Value and Goldman Sachs Structured International Equity Funds; and all of its dynamic allocation in the Goldman Sachs Dynamic Allocation Fund. </font></p><br /><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>Effective at the close of business on June 29, 2012, with respect to the Goldman Sachs Balanced Strategy Portfolio, Goldman Sachs Growth and Income Strategy Portfolio, and Goldman Sachs Growth Strategy Portfolio, the following risks are inserted into the “</b><b><i>Summary—Principal Risks of the Underlying Funds</i></b><b>” sections of the Prospectus: </b></font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b><i>Absence of Regulation. </i></b>Certain of the Underlying Funds engage in over-the-counter (“OTC”) transactions. In general, there is less governmental regulation and supervision of transactions in the OTC markets than of transactions entered into on organized exchanges. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b><i>Commodity Sector Risk. </i></b>Exposure to the commodities markets may subject certain of the Underlying Funds to greater volatility than investments in traditional securities. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked swaps in which certain of the Underlying Funds invest may involve companies in the financial services sector, and events affecting the financial services sector may cause the Underlying Fund’s share value to fluctuate. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b><i>Expenses. </i></b>By investing in other investment companies (including ETFs and money market funds) indirectly through an Underlying Fund, the investor will incur not only a proportionate share of the expenses of the other investment companies held by the Underlying Fund (including operating costs and investment management fees), but also expenses of the Underlying Fund. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b><i>Leverage Risk. </i></b>Borrowing and the use of derivatives result in leverage, which can magnify the effects of changes in the value of an Underlying Fund’s investments and make it more volatile. The use of leverage may cause certain Underlying Funds to liquidate portfolio positions to satisfy their obligations or to meet asset segregation requirements when it may not be advantageous to do so. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b><i>Management Risk. </i></b>A strategy used by the Investment Adviser may fail to produce the intended results. The Investment Adviser attempts to execute a complex strategy for certain of the Underlying Funds using proprietary quantitative models. Investments selected using these models may perform differently than expected as a result of the factors used in the models, the weight placed on each factor, changes from the factors’ historical trends, and technical issues in the construction and implementation of the models (including, for example, data problems and/or software issues). There is no guarantee that the Investment Adviser’s use of these quantitative models will result in effective investment decisions for an Underlying Fund. Additionally, commonality of holdings across quantitative money managers may amplify losses. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b><i>Tax Risk. </i></b>The tax treatment of certain of an Underlying Fund’s commodity-linked investments may be adversely affected by future legislation, Treasury Regulations, and/or guidance issued by the Internal Revenue Service (the “IRS”) that could affect whether income from such investments is “qualifying income” under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), or otherwise affect the character, timing and/or amount of the Underlying Fund’s taxable income for any gains and distributions made by an Underlying Fund. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b><i>Treasury Inflation Protected Securities (“TIPS”) Risk. </i></b>The value of TIPS generally fluctuates in response to inflationary concerns. As inflationary expectations increase, TIPS will become more attractive, because they protect future interest payments against inflation. Conversely, as inflationary concerns decrease, TIPS will become less attractive and less valuable. </font></p><br /><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>Effective at the close of business on June 29, 2012, with respect to the Goldman Sachs Balanced Strategy Portfolio, the first paragraph in the “</b><b><i>Summary—Performance</i></b><b>” section of the Prospectus is replaced in its entirety with the following: </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the performance of the Portfolio’s Class A Shares from year to year; and (b) how the average annual total returns of the Portfolio’s Class A, Class B, Class C, Institutional, Service, Class IR and Class R Shares compare to those of certain broad-based securities market indices and to the Balanced Strategy Composite Index, 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. Effective at the close of business on June 29, 2012, the components of the Balanced Strategy Composite Index will change from the Barclays U.S. Aggregate Bond Index (60%), the S&P 500 Index (20%), and the MSCI EAFE Index (20%) to a blend of the Barclays Global Aggregate Bond Index (60%) and the MSCI All Country World Index (the “MSCI ACWI Index”) (40%). The Investment Adviser believes that these are more appropriate benchmarks against which to measure the performance of the Portfolio, given the more global nature of the Portfolio’s investments. The Portfolio’s past performance, before and after taxes, is not necessarily an indication of how the Portfolio 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 this Prospectus. </font></p>
<p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>With respect to the Goldman Sachs Growth and Income Strategy Portfolio, the “</b><b><i>Summary—Principal Strategy</i></b><b>” section of the Prospectus is replaced in its entirety with the following: </b></font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">Effective at the close of business on June 29, 2012, the Portfolio seeks to achieve its investment objective by investing in a combination of underlying funds that currently exist or that may become available for investment in the future for which Goldman Sachs Asset Management (“GSAM” or the “Investment Adviser”) or an affiliate now or in the future acts as investment adviser or principal underwriter (the “Underlying Funds”). Some of the Underlying Funds invest primarily in fixed income or money market instruments (the “Underlying Fixed Income Funds”), some of the Underlying Funds invest primarily in equity securities (the “Underlying Equity Funds”), and other Underlying Funds invest dynamically across equity, fixed income and commodity investments through a managed-volatility approach (the “Underlying Dynamic Funds”). </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">Under normal conditions, the Portfolio seeks to achieve its investment objective by investing approximately 55% (which allocation could be increased by 25% or decreased by 30%) of its assets in Underlying Equity Funds, approximately 15% (which allocation could be increased by 5% or decreased by 15%) of its assets in the Underlying Dynamic Fund, and approximately 30% (which allocation could be increased by 30% or decreased by 25%) of its assets in the Underlying Fixed Income Funds. The allocation will be measured at the time of rebalance. Typically, the Portfolio is rebalanced at the end of every calendar quarter, but the Portfolio can be rebalanced intra-quarter at the discretion of the Investment Adviser. Unless otherwise stated herein, the Portfolio’s investment in any of the Underlying Funds may exceed 25% of its assets. The Investment Adviser expects that the Portfolio will invest a relatively significant percentage of its equity allocation in the Goldman Sachs Structured Large Cap Growth, Goldman Sachs Structured Large Cap Value and Goldman Sachs Structured International Equity Funds; a relatively significant percentage of its fixed income allocation in the Goldman Sachs Core Fixed Income and Goldman Sachs Global Income Funds; and all of its dynamic allocation to the Goldman Sachs Dynamic Allocation Fund. </font></p><br /><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>Effective at the close of business on June 29, 2012, with respect to the Goldman Sachs Balanced Strategy Portfolio, Goldman Sachs Growth and Income Strategy Portfolio, and Goldman Sachs Growth Strategy Portfolio, the following risks are inserted into the “</b><b><i>Summary—Principal Risks of the Underlying Funds</i></b><b>” sections of the Prospectus: </b></font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b><i>Absence of Regulation. </i></b>Certain of the Underlying Funds engage in over-the-counter (“OTC”) transactions. In general, there is less governmental regulation and supervision of transactions in the OTC markets than of transactions entered into on organized exchanges. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b><i>Commodity Sector Risk. </i></b>Exposure to the commodities markets may subject certain of the Underlying Funds to greater volatility than investments in traditional securities. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked swaps in which certain of the Underlying Funds invest may involve companies in the financial services sector, and events affecting the financial services sector may cause the Underlying Fund’s share value to fluctuate. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b><i>Expenses. </i></b>By investing in other investment companies (including ETFs and money market funds) indirectly through an Underlying Fund, the investor will incur not only a proportionate share of the expenses of the other investment companies held by the Underlying Fund (including operating costs and investment management fees), but also expenses of the Underlying Fund. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b><i>Leverage Risk. </i></b>Borrowing and the use of derivatives result in leverage, which can magnify the effects of changes in the value of an Underlying Fund’s investments and make it more volatile. The use of leverage may cause certain Underlying Funds to liquidate portfolio positions to satisfy their obligations or to meet asset segregation requirements when it may not be advantageous to do so. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b><i>Management Risk. </i></b>A strategy used by the Investment Adviser may fail to produce the intended results. The Investment Adviser attempts to execute a complex strategy for certain of the Underlying Funds using proprietary quantitative models. Investments selected using these models may perform differently than expected as a result of the factors used in the models, the weight placed on each factor, changes from the factors’ historical trends, and technical issues in the construction and implementation of the models (including, for example, data problems and/or software issues). There is no guarantee that the Investment Adviser’s use of these quantitative models will result in effective investment decisions for an Underlying Fund. Additionally, commonality of holdings across quantitative money managers may amplify losses. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b><i>Tax Risk. </i></b>The tax treatment of certain of an Underlying Fund’s commodity-linked investments may be adversely affected by future legislation, Treasury Regulations, and/or guidance issued by the Internal Revenue Service (the “IRS”) that could affect whether income from such investments is “qualifying income” under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), or otherwise affect the character, timing and/or amount of the Underlying Fund’s taxable income for any gains and distributions made by an Underlying Fund. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b><i>Treasury Inflation Protected Securities (“TIPS”) Risk. </i></b>The value of TIPS generally fluctuates in response to inflationary concerns. As inflationary expectations increase, TIPS will become more attractive, because they protect future interest payments against inflation. Conversely, as inflationary concerns decrease, TIPS will become less attractive and less valuable. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>Effective at the close of business on June 29, 2012, with respect to the Goldman Sachs Growth and Income Strategy Portfolio, the first paragraph in the “</b><b><i>Summary—Performance</i></b><b>” section of the Prospectus is replaced in its entirety with the following: </b></font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the performance of the Portfolio’s Class A Shares from year to year; and (b) how the average annual total returns of the Portfolio’s Class A, Class B, Class C, Institutional, Service, Class IR and Class R Shares compare to those of certain broad-based securities market indices and to the Growth and Income Strategy Composite Index, 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. Effective at the close of business on June 29, 2012, the components of the Growth and Income Strategy Composite Index will change from the Barclays U.S. Aggregate Bond Index (40%), the S&P 500 Index (30%), and the MSCI EAFE Index (30%) to a blend of the Barclays Global Aggregate Bond Index (40%) and the MSCI All Country World Index (the “MSCI ACWI Index”) (60%). The Investment Adviser believes that these are more appropriate benchmarks against which to measure the performance of the Portfolio, given the more global nature of the Portfolio’s investments. The Portfolio’s past performance, before and after taxes, is not necessarily an indication of how the Portfolio 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 this Prospectus. </font></p>
<p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>With respect to the Goldman Sachs Growth Strategy Portfolio, the “</b><b><i>Summary—Principal Strategy</i></b><b>” section of the Prospectus is replaced in its entirety with the following: </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">Effective at the close of business on June 29, 2012, the Portfolio seeks to achieve its investment objective by investing in a combination of underlying funds that currently exist or that may become available for investment in the future for which Goldman Sachs Asset Management (“GSAM” or the “Investment Adviser”) or an affiliate now or in the future acts as investment adviser or principal underwriter (the “Underlying Funds”). Some of the Underlying Funds invest primarily in fixed income or money market instruments (the “Underlying Fixed Income Funds”), some of the Underlying Funds invest primarily in equity securities (the “Underlying Equity Funds”), and other Underlying Funds invest dynamically across equity, fixed income and commodity investments through a managed-volatility approach (the “Underlying Dynamic Funds”). </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">Under normal conditions, the Portfolio seeks to achieve its investment objective by investing approximately 75% (which allocation could be increased by 25% or decreased by 30%) of its assets in Underlying Equity Funds, approximately 15% (which allocation could be increased by 5% or decreased by 15%) of its assets in the Underlying Dynamic Fund, and approximately 10% (which allocation could be increased by 30% or decreased by 10%) of its assets in the Underlying Fixed Income Funds. The allocation will be measured at the time of rebalance. Typically, the Portfolio is rebalanced at the end of every calendar quarter, but the Portfolio can be rebalanced intra-quarter at the discretion of the Investment Adviser. Unless otherwise stated herein, the Portfolio’s investment in any of the Underlying Funds may exceed 25% of its assets. The Investment Adviser expects that the Portfolio will invest a relatively significant percentage of its equity allocation in the Goldman Sachs Structured Large Cap Growth, Goldman Sachs Structured Large Cap Value and Goldman Sachs Structured International Equity Funds, and all of its dynamic allocation to the Goldman Sachs Dynamic Allocation Fund. </font></p><br /><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>Effective at the close of business on June 29, 2012, with respect to the Goldman Sachs Balanced Strategy Portfolio, Goldman Sachs Growth and Income Strategy Portfolio, and Goldman Sachs Growth Strategy Portfolio, the following risks are inserted into the “</b><b><i>Summary—Principal Risks of the Underlying Funds</i></b><b>” sections of the Prospectus: </b></font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b><i>Absence of Regulation. </i></b>Certain of the Underlying Funds engage in over-the-counter (“OTC”) transactions. In general, there is less governmental regulation and supervision of transactions in the OTC markets than of transactions entered into on organized exchanges. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b><i>Commodity Sector Risk. </i></b>Exposure to the commodities markets may subject certain of the Underlying Funds to greater volatility than investments in traditional securities. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked swaps in which certain of the Underlying Funds invest may involve companies in the financial services sector, and events affecting the financial services sector may cause the Underlying Fund’s share value to fluctuate. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b><i>Expenses. </i></b>By investing in other investment companies (including ETFs and money market funds) indirectly through an Underlying Fund, the investor will incur not only a proportionate share of the expenses of the other investment companies held by the Underlying Fund (including operating costs and investment management fees), but also expenses of the Underlying Fund. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b><i>Leverage Risk. </i></b>Borrowing and the use of derivatives result in leverage, which can magnify the effects of changes in the value of an Underlying Fund’s investments and make it more volatile. The use of leverage may cause certain Underlying Funds to liquidate portfolio positions to satisfy their obligations or to meet asset segregation requirements when it may not be advantageous to do so. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b><i>Management Risk. </i></b>A strategy used by the Investment Adviser may fail to produce the intended results. The Investment Adviser attempts to execute a complex strategy for certain of the Underlying Funds using proprietary quantitative models. Investments selected using these models may perform differently than expected as a result of the factors used in the models, the weight placed on each factor, changes from the factors’ historical trends, and technical issues in the construction and implementation of the models (including, for example, data problems and/or software issues). There is no guarantee that the Investment Adviser’s use of these quantitative models will result in effective investment decisions for an Underlying Fund. Additionally, commonality of holdings across quantitative money managers may amplify losses. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b><i>Tax Risk. </i></b>The tax treatment of certain of an Underlying Fund’s commodity-linked investments may be adversely affected by future legislation, Treasury Regulations, and/or guidance issued by the Internal Revenue Service (the “IRS”) that could affect whether income from such investments is “qualifying income” under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), or otherwise affect the character, timing and/or amount of the Underlying Fund’s taxable income for any gains and distributions made by an Underlying Fund. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b><i>Treasury Inflation Protected Securities (“TIPS”) Risk. </i></b>The value of TIPS generally fluctuates in response to inflationary concerns. As inflationary expectations increase, TIPS will become more attractive, because they protect future interest payments against inflation. Conversely, as inflationary concerns decrease, TIPS will become less attractive and less valuable. </font></p><br /><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>Effective at the close of business on June 29, 2012, with respect to the Goldman Sachs Growth Strategy Portfolio, the first paragraph in the “</b><b><i>Summary—Performance</i></b><b>” section of the Prospectus is replaced in its entirety with the following: </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the performance of the Portfolio’s Class A Shares from year to year; and (b) how the average annual total returns of the Portfolio’s Class A, Class B, Class C, Institutional, Service, Class IR and Class R Shares compare to those of certain broad-based securities market indices and to the Growth Strategy Composite Index, 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. Effective at the close of business on June 29, 2012, the components of the Growth Strategy Composite Index will change from the S&P 500 Index (40%), the MSCI EAFE Index (40%), and the Barclays U.S. Aggregate Bond Index (20%) to a blend of the Barclays Global Aggregate Bond Index (20%) and the MSCI All Country World Index (the “MSCI ACWI Index”) (80%). The Investment Adviser believes that these are more appropriate benchmarks against which to measure the performance of the Portfolio, given the more global nature of the Portfolio’s investments. The Portfolio’s past performance, before and after taxes, is not necessarily an indication of how the Portfolio 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 this Prospectus. </font></p>
<p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>With respect to the Goldman Sachs Equity Growth Strategy Portfolio, the following is inserted after the first sentence of the second paragraph of the “</b><b><i>Summary—Principal Strategy</i></b><b>” section of the Prospectus: </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">The allocation will be measured at the time of rebalance. Typically, the Portfolio is rebalanced at the end of every calendar quarter, but the Portfolio can be rebalanced intra-quarter at the discretion of the Investment Adviser. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>Additionally, the second sentence of the second paragraph of this section is replaced in its entirety with the following: </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">Unless otherwise stated herein, the Portfolio’s investment in any of the Underlying Funds may exceed 25% of its assets. </font></p> <br /><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>Effective at the close of business on June 29, 2012, with respect to the Goldman Sachs Equity Growth Strategy Portfolio, the first paragraph in the “</b><b><i>Summary—Performance</i></b><b>” section of the Prospectus is replaced in its entirety with the following: </b></font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the performance of the Portfolio’s Class A Shares from year to year; and (b) how the average annual total returns of the Portfolio’s Class A, Class B, Class C, Institutional, Service, Class IR and Class R Shares compare to those of certain broad-based securities market indices and to the Equity Growth Strategy Composite Index, 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. Effective at the close of business on June 29, 2012, the Portfolio’s benchmark will change from the Equity Growth Strategy Composite Index (comprised of the S&P 500 Index (50%) and the MSCI EAFE Index (50%)) to the MSCI All Country World Index (the “MSCI ACWI Index”). The Investment Adviser believes that the MSCI ACWI Index is a more appropriate benchmark against which to measure the performance of the Portfolio given the more global nature of the Portfolio’s investments. The Portfolio’s past performance, before and after taxes, is not necessarily an indication of how the Portfolio 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 this Prospectus. </font></p>
<p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>With respect to the Goldman Sachs Income Strategies Portfolio, the following is inserted after the second sentence of the second paragraph of the “</b><b><i>Summary—Principal Strategy</i></b><b>” section of the Prospectus: </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">The allocation will be measured at the time of rebalance. Typically, the Portfolio is rebalanced at the end of every calendar quarter, but the Portfolio can be rebalanced intra-quarter at the discretion of the Investment Adviser. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>Additionally, the third sentence of the second paragraph of this section is replaced in its entirety with the following: </b></font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">Unless otherwise stated herein, the Portfolio’s investment in any of the Underlying Funds may exceed 25% of its assets. </font></p><br /><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>Effective at the close of business on June 29, 2012, with respect to the Goldman Sachs Income Strategies Portfolio, the first paragraph in the “</b><b><i>Summary—Performance</i></b><b>” section of the Prospectus is replaced in its entirety with the following: </b></font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2">The bar chart and table below provide an indication of the risks of investing in the Portfolio by showing: (a) changes in the performance of the Portfolio’s Class A Shares from year to year; and (b) how the average annual total returns of the Portfolio’s Class A, Class C, Institutional, Class IR and Class R Shares compare to those of certain broad-based securities market indices and to the Income Strategies Composite Index, 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. Effective at the close of business on June 29, 2012, the components of the Income Strategies Composite Index will change from the S&P 500 Index (40%) and the Barclays U.S. Aggregate Bond Index (60%) to a blend of the Barclays Global Aggregate Bond Index (60%) and the MSCI World Index (40%). The Investment Adviser believes that these are more appropriate benchmarks against which to measure the performance of the Portfolio, given the more global nature of the Portfolio’s investments. The Portfolio’s past performance, before and after taxes, is not necessarily an indication of how the Portfolio 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 this Prospectus. </font></p>