n  Goldman Sachs Retirement Strategy 2010 Portfolio n  Goldman Sachs Retirement Strategy 2015 Portfolio n  Goldman Sachs Retirement Strategy 2020 Portfolio n  Goldman Sachs Retirement Strategy 2030 Portfolio n  Goldman Sachs Retirement Strategy 2040 Portfolio n  Goldman Sachs Retirement Strategy 2050 Portfolio

	THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED UPON THE ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
	AN INVESTMENT IN A PORTFOLIO IS NOT A BANK DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. AN INVESTMENT IN A PORTFOLIO INVOLVES INVESTMENT RISKS, AND YOU MAY LOSE MONEY IN A PORTFOLIO.

	General Investment Management Approach
	Goldman Sachs Asset Management, L.P. (“GSAM ® ”) serves as investment adviser (the “Investment Adviser”) to six Retirement Strategies Portfolios contained in this Prospectus: Retirement Strategy 2010 Portfolio, Retirement Strategy 2015 Portfolio, Retirement Strategy 2020 Portfolio, Retirement Strategy 2030 Portfolio, Retirement Strategy 2040 Portfolio and Retirement Strategy 2050 Portfolio (each a “Portfolio”, collectively the “Portfolios”). The Portfolios are intended for investors saving for retirement who prefer to have their asset allocation decisions made by professional money managers. Each Portfolio seeks to achieve its objective by investing in a combination of underlying funds that currently exist or that may become available for investment in the future for which GSAM or an affiliate now or in the future acts as investment adviser or principal underwriter (the “Underlying Funds”). Some of these Underlying Funds invest primarily in fixed income or money market securities (the “Underlying Fixed Income Funds”) and other Underlying Funds invest primarily in equity securities (the “Underlying Equity Funds”). An investor may choose to invest in one or more of the Portfolios based on individual investment goals, risk tolerance, financial circumstances and planned retirement year.
	GSAM’s Retirement Strategy Investment Philosophy:
	The Investment Advisor’s Quantitative Strategies Group uses a disciplined, rigorous and quantitative approach to global tactical asset allocation. The Global Tactical Asset Allocation (“GTAA”) strategy attempts to add value by actively managing exposure to global stock, bond and currency markets. In contrast to stock and bond selection strategies which focus on individual stocks and bonds, GTAA focuses on broad asset classes. The Investment Adviser’s GTAA models use financial and economic factors that are designed to capture intuitive fundamental relationships across markets. While the GTAA process is rigorous and quantitative, there is economic reasoning behind each position.
	Each Portfolio starts with a strategic allocation among the various asset classes. The Investment Adviser then tactically deviates from the strategic allocations based on forecasts provided by the models. The tactical process seeks to add value by overweighting attractive markets and underweighting unattractive markets. Greater deviations from the strategic allocation of a given Portfolio result in higher risk that the tactical allocation will underperform the strategic allocation. However, the Investment Adviser’s risk control process balances the amount any asset class can be overweighted in seeking to achieve higher expected returns against the amount of risk imposed by that deviation from the strategic allocation. The Investment

	Adviser employs GSAM’s proprietary Black Litterman asset allocation technique in an effort to optimally balance these two goals.
	References in this Prospectus to a Portfolio’s benchmarks are for informational purposes only, and unless otherwise noted are not an indication of how a particular Portfolio is managed.
	The Retirement Strategy Investment Process involves investing a Portfolio’s assets in other Goldman Sachs Funds to help investors reach their retirement goals.

	Portfolio Investment Objectives and Strategies
	Each Portfolio seeks long-term capital appreciation and income consistent with its current asset allocation which will change over time with an increasing allocation to fixed income funds.

MAIN INVESTMENT STRATEGIES

	Each Portfolio employs an asset allocation strategy designed for investors planning to retire in approximately the calendar year designated in the Portfolio’s name.
	Each Portfolio seeks to achieve its investment objective by investing within specified equity and fixed income ranges. Each Portfolio is invested in a combination of up to approximately 15 equity and fixed income Underlying Funds based on the Portfolio’s target date. The target allocation percentages for each Portfolio will change gradually over time based on the number of years that remain until the target date of the Portfolio. Each Portfolio’s asset allocation will become more conservative (i.e., the Portfolio’s allocation to fixed income investments will increase) as the Portfolio approaches its target date.
	The Portfolios’ benchmarks will be the S&P 500 Index, Lehman Brothers Aggregate Bond Index and the MSCI EAFE Index.
	The table below illustrates the current Underlying Equity/ Fixed Income Fund allocation targets and ranges for each Portfolio at the inception of the Portfolio. As noted above, the target percentages for each Portfolio will change over time so that the percentage of assets allocated to fixed income funds will gradually increase as the Portfolio approaches its target date.

	Each Portfolio can invest in any or all of the Underlying Funds. It is expected, however, that each Portfolio will normally invest in approximately 10-15 Underlying Funds at any particular time as part of that Portfolio’s strategic allocation. The Portfolio may invest in other Underlying Funds periodically to gain tactical exposure to a particular asset class. Each Portfolio’s investment in any of the Underlying Funds may, and in some cases is expected to, exceed 25% of such Portfolio’s total assets. Each Portfolio intends to invest solely in Underlying Funds for which GSAM or an affiliate serves an investment adviser or principal underwriter.
	A Portfolio’s investment in particular Underlying Funds will depend on various criteria. Among other things, the Investment Adviser will analyze the Underlying Funds’ respective investment objectives, policies and investment strategies in order to determine which Underlying Funds, in combination with other Underlying Funds, are appropriate in light of a Portfolio’s investment objective and target date.
	A Portfolio may purchase or sell securities to: (a) accommodate purchases and sales of its shares; (b) change the percentages of its assets invested in each of the Underlying Funds in response to economic or market conditions; and (c) maintain or modify the allocation of its assets among the Underlying Funds within the percentage ranges described above as the Portfolios approach their target date.
	GSAM will periodically rebalance each Portfolio’s investments towards its target percentages as then in effect.
	THE PARTICULAR UNDERLYING FUNDS IN WHICH EACH PORTFOLIO MAY INVEST, THE EQUITY/ FIXED INCOME TARGETS AND RANGES OF EACH PORTFOLIO, AND THE INVESTMENTS BY EACH PORTFOLIO IN THE UNDERLYING FUNDS WILL CHANGE FROM TIME TO TIME WITHOUT SHAREHOLDER APPROVAL.
	In addition, each Portfolio’s investment objective, and all policies not specifically designated as fundamental in this Prospectus or the Statement of Additional Information (the “Additional Statement”), are non-fundamental and may be changed without shareholder approval. However, each Portfolio will provide shareholders with at least 60 days’ written notice before any change in its investment objective. If there is a change in a Portfolio’s investment objective, you should consider whether that Portfolio remains an appropriate investment in light of your then-current financial position and needs.

	real estate industry; purchase restricted and illiquid securities; purchase securities on a when-issued or delayed delivery basis; enter into repurchase agreements; borrow money; and engage in various other investment practices. The risks presented by these investment practices are discussed in Appendix A to this Prospectus and the Additional Statement.
n	Affiliated Persons —In managing the Portfolios, the Investment Adviser will have the authority to select and substitute Underlying Funds. The Investment Adviser is subject to conflicts of interest in allocating Portfolio assets among the various Underlying Funds both because the fees payable to it and/or its affiliates by some Underlying Funds are higher than the fees payable by other Underlying Funds and because the Investment Adviser and its affiliates are also responsible for managing the Underlying Funds. The Investment Adviser and/or its affiliates are compensated by the Portfolios and by the Underlying Funds for advisory and/or principal underwriting services provided. The Trustees and officers of the Goldman Sachs Trust may also have conflicting interests in fulfilling their fiduciary duties to both the Portfolios and the Underlying Funds. The Portfolios will only invest in Underlying Funds for which Goldman Sachs or its affiliates now or in the future serve as advisor or underwriter. Other funds with similar investment strategies may perform better or worse than the Underlying Funds.
n	Expenses —You may invest in the Underlying Funds directly. By investing in the Underlying Funds indirectly through a Portfolio, you will incur not only a proportionate share of the expenses of the Underlying Funds held by the Portfolio (including operating costs and investment management fees), but also expenses of the Portfolio.
n	Temporary Investments —Although the Portfolios normally seek to remain substantially invested in the Underlying Funds, each Portfolio may invest a portion of its assets in high-quality, short-term debt obligations (including commercial paper, certificates of deposit, bankers’ acceptances, repurchase agreements, debt obligations backed by the full faith and credit of the U.S. government and demand and time deposits of domestic and foreign banks and savings and loan associations) to maintain liquidity, to meet shareholder redemptions and for other short-term cash needs. Also, there may be times when, in the opinion of the Investment Adviser, abnormal market or economic conditions warrant that, for temporary defensive purposes, a Portfolio may invest without limitation in short-term obligations. When a Portfolio’s assets are invested in such investments, the Portfolio may not be achieving its investment objective.

	Description of the Underlying Funds

DESCRIPTION OF THE UNDERLYING FUNDS

The following is a concise description of the investment objectives and practices of each of the Underlying Funds that are available for investment by the Portfolios as of the date of this Prospectus. A Portfolio may also invest in other Underlying Funds not listed below that currently exist or that may become available for investment in the future at the discretion of the Investment Adviser and without shareholder approval. Additional information regarding the investment practices of the Underlying Funds is provided in Appendix A to this Prospectus and in the Additional Statement. This Prospectus is not an offer to sell and is not soliciting an offer to buy any of the Underlying Funds. A description of the Portfolios’ policies and procedures with respect to the disclosure of a Portfolio’s portfolio security holdings is available in the Additional Statement. For information regarding the disclosure of an Underlying Fund’s portfolio securities holdings, see the applicable Underlying Fund’s prospectus.

	liability of the issuers of some U.S. Government Securities held by an Underlying Fund may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. It is possible that these issuers will not have the funds to meet their payment obligations in the future.

Risk That Applies Primarily To The Underlying Equity Funds:

n	Stock Risk —The risk that stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have in periods experienced substantial price volatility and may do so again in the future.

Risks That Are Particularly Important For Specific Underlying Funds:

n	Non-Diversification Risk —The Commodity Strategy, Global Income and Emerging Market Debt Funds are non-diversified, meaning that each fund is permitted to invest more of its assets in fewer issuers than “diversified” mutual funds. Thus, these funds may be more susceptible to adverse developments affecting any single issuer held in their portfolios, and may be more susceptible to greater losses because of these developments.
n	Sovereign Risk —Certain Underlying Funds will be subject to the risk that the issuer of the non-U.S. sovereign debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay the principal or interest when due. Sovereign Risk includes the following risks:

	n	Political Risk —The risks associated with the general political and social environment of a country. These factors may include among other things government instability, poor socioeconomic conditions, corruption, lack of law and order, lack of democratic accountability, poor quality of the bureaucracy, internal and external conflict, and religious and ethnic tensions. High political risk can impede the economic welfare of a country.
	n	Economic Risk —The risks associated with the general economic environment of a country. These can encompass, among other things, low quality and growth rate of Gross Domestic Product (“GDP”), high inflation or deflation, high government deficits as a percentage of GDP, weak financial sector, overvalued exchange rate, and high current account deficits as a percentage of GDP.
	n	Repayment Risk —The risk associated with the inability of a country to pay its external debt obligations in the immediate future. Repayment risk factors may include but are not limited to high foreign debt as a percentage of GDP, high foreign debt service as a percentage of exports, low foreign exchange reserves as a percentage of short-term debt or exports, and an unsustainable exchange rate structure.

n	Foreign Risk —Certain Underlying Funds will be subject to risk of loss with respect to their foreign investments that is not typically associated with domestic investments. Loss may result because of less foreign government regulation, less public

	information and less economic, political and social stability. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions. The Underlying Funds will also be subject to the risk of negative foreign currency rate fluctuations. Foreign risks will normally be greatest when an Underlying Fund invests in issuers located in emerging countries.
n	Emerging Countries Risk —Certain Underlying Funds may invest in emerging country securities. The securities markets of Asian, Latin, Central and South American, Eastern European, Middle Eastern, African and other emerging countries are less liquid, are especially subject to greater price volatility, have smaller market capitalizations, have less government regulation and are not subject to as extensive and frequent accounting, financial and other reporting requirements as the securities markets of more developed countries. Further, investment in equity securities of issuers located in certain emerging countries involves risk of loss resulting from problems in share registration and custody and substantial economic and political disruptions. These risks are not normally associated with investments in more developed countries.
n	Mid Cap and Small Cap Risk —Certain Underlying Funds may invest in small cap and mid cap stocks. The securities of small capitalization and mid-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable an Underlying Fund to effect sales at an advantageous time or without a substantial drop in price. Both mid-cap and small-cap companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of an Underlying Fund’s portfolio. Generally, the smaller the company size, the greater these risks.
n	Initial Public Offering (“IPO”) Risk —The risk that the market value of IPO shares will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk. When an Underlying Fund’s asset base is small, a significant portion of the Underlying Fund’s performance could be attributable to investments in IPOs, because such investments would have a magnified impact on the Underlying Fund. As the Underlying Fund’s assets grow, the effect of the Underlying Fund’s investments in IPOs on the Underlying Fund’s performance will probably decline, which could reduce the Underlying Fund’s performance.
n	“Junk Bond” Risk —Certain Underlying Funds may invest in non-investment grade fixed income securities (commonly known as “junk bonds”) that are considered speculative. Non-investment grade fixed income securities and unrated securities of

	comparable credit quality are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less secondary market liquidity. Certain Underlying Funds may purchase the securities of issuers that are in default.
n	Concentration Risk —The risk that if the Global Income or Emerging Markets Debt Funds invest more than 25% of its total assets in issuers within the same country, state, region, currency, industry or economic sector, an adverse economic, business or political development may affect the value of the Global Income Fund’s or Emerging Markets Debt Fund’s investments more than if its investments were not so concentrated. In addition, the Global Income Fund may invest more than 25% of its total assets in the securities of corporate and governmental issuers located in each of Canada, Germany, Japan and the United Kingdom, as well as in the securities of U.S. issuers. Concentration of the Global Income Fund’s investments in such issuers will subject the Fund, to a greater extent than if investments were less concentrated, to losses arising from adverse developments affecting those issuers or countries. The International Real Estate Securities and Real Estate Securities Funds concentrate their investments in issuers within the same country, state, region, currency, industry or economic sector. An adverse economic, business or political development may affect the value of the International Real Estate Securities, the Real Estate Securities, the Global Income or the Emerging Markets Debt Funds’ investments more than if its investments were not so concentrated. In addition, securities of issuers held by an Underlying Fund may lack sufficient market liquidity to enable an Underlying Fund to sell the securities at an advantageous time or without a substantial drop in price.
n	Non-Hedging Foreign Currency Trading Risk —The Core Fixed Income, Global Income, High Yield and Emerging Markets Debt Funds may engage, to a greater extent than the other Underlying Funds, in forward foreign currency transactions for speculative purposes. These Underlying Funds’ investment advisers may purchase or sell foreign currencies through the use of forward contracts based on the investment advisers’ judgment regarding the direction of the market for a particular foreign currency or currencies. In pursuing this strategy, the investment advisers seek to profit from anticipated movements in currency rates by establishing “long” and/or “short” positions in forward contracts on various foreign currencies. Foreign exchange rates can be extremely volatile and a variance in the degree of volatility of the market or in the direction of the market from the investment advisers’ expectations may produce significant losses to these Underlying Funds.
n	Commodity Risk —The Commodity Strategy Fund invests a significant percentage of its portfolio in commodity-linked securities. Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional

	securities. The value of commodity-linked derivative investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.
n	Absence of Regulation —The risk for the Commodity Strategy Fund that in general there is less governmental regulation and supervision of transactions in the OTC markets (in which option contracts and certain options on swaps are generally traded) than of transactions entered into on organized exchanges.
n	Counterparty Risk —Many of the protections afforded to participants on some organized exchanges, such as the performance guarantee of an exchange clearing house, might not be available in connection with OTC transactions entered into by the Commodity Strategy Fund. Therefore, in those instances in which the Commodity Strategy Fund enters into OTC transactions, the Commodity Strategy Fund will be subject to the risk that its direct counterparty will not perform its obligations under the transactions and that the Commodity Strategy Fund will sustain losses.
n	REIT Risk —The Real Estate Securities Fund and the International Real Estate Securities Fund invest a significant percentage of their portfolios in REITs. Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs whose underlying properties are concentrated in a particular industry or geographic region are also subject to risks affecting such industries and regions. The securities of REITs involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements because of interest rate changes, economic conditions and other factors. Securities of such issuers may lack sufficient market liquidity to enable the Real Estate Securities Fund or the International Real Estate Securities Fund to effect sales at an advantageous time or without a substantial drop in price.
n	Inflation Protected Securities Risk —The value of Inflation Protected Securities (“IPS”) generally fluctuates in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of IPS. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of IPS. Although the principal value of IPS declines in periods of deflation, holders at maturity receive no less than the par value of the bond. However, if the Inflation Protected Securities Fund purchases IPS in the secondary market whose principal values have been adjusted upward due to inflation since issuance, this Underlying Fund may experience a loss if there is a subsequent period of deflation. If inflation is lower

	than expected during the period the Inflation Protected Securities Fund holds an IPS, the Underlying Fund may earn less on the security than on a conventional bond. The U.S. Treasury only began issuing inflation-protected securities (“TIPS”) in 1997, and corporations began issuing Corporate Inflation Protected Securities (“CIPS”) even more recently. As a result, the market for such securities may be less developed or liquid, and more volatile, than certain other securities markets. Although IPS with different maturities may be issued in the future, the U.S. Treasury currently issues TIPS in five-year, ten- year and twenty-year maturities, and CIPS are currently issued in five-year, seven-year and ten-year maturities. The U.S. Treasury uses the CPIU as the measurement for inflation, while other issuers of IPS may use different indices as the measure of inflation.
n	Deflation Risk —It is possible that prices throughout the economy may decline over time, resulting in “deflation”. If this occurs, the principal and income of inflation-protected fixed income securities held by an Underlying Fund would likely decline in price, which could result in losses for the Underlying Fund.
n	CPIU Measurement Risk —The CPIU is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. There can be no assurance that the CPIU will accurately measure the real rate of inflation in the prices of goods and services.
n	Investment Style Risk —Different investment styles tend to shift in and out of favor depending upon market and economic conditions as well as investor sentiment. An Underlying Fund may outperform or underperform other funds that employ a different investment style. Examples of different investment styles include growth and value investing. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions of the issuing company’s growth of earnings potential. Growth companies are often expected by investors to increase their earnings at a certain rate. When these expectations are not met, investors can punish the stocks inordinately even if earnings showed an absolute increase. Also, since growth companies usually invest a high portion of earnings in their business, growth stocks may lack the dividends of some value stocks that can cushion stock prices in a falling market. Growth oriented funds will typically underperform when value investing is in favor. Value stocks are those that are undervalued in comparison to their peers due to adverse business developments or other factors.

More information about the portfolio securities and investment techniques of the Underlying Funds, and their associated risks, is provided in Appendix A. You should consider the investment risks discussed in this section and in Appendix A. Both are important to your investment choice.

1		The maximum sales charge is a percentage of the offering price. A CDSC of 1% is imposed on certain redemptions (within 18 months of purchase) of Class A Shares sold without an initial sales charge as part of an investment of $1 million or more.
2		The Investment Adviser is entitled to a management fee at an annual rate of 0.15% of the average daily net assets of each Portfolio. Additionally, as of the date of this Prospectus, the Investment Adviser is voluntarily waiving a portion of its management fee equal to 0.05% based on the average daily net assets of each Portfolio.
3		“Other Expenses” include transfer agency fees and expenses equal on an annualized basis to 0.19% of the average daily net assets of each Portfolio’s Class A Shares, plus all other ordinary expenses not detailed above. The Investment Adviser has voluntarily agreed to reduce or limit “Other Expenses” of each Portfolio (excluding management fees, transfer agency fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meetings and other extraordinary expenses exclusive of any expense offset arrangements) to 0.014% of each Portfolio’s average daily net assets.
4		“Underlying Fund Expenses” for each Portfolio are based upon the strategic allocation of each Portfolio’s investment in the Underlying Funds and upon the actual total operating expenses of the Underlying Funds (including any current waivers and expense limitations of the Underlying Funds). Actual Underlying Fund Expenses incurred by each Portfolio may vary with changes in the allocation of each Portfolio’s assets among the Underlying Funds and with other events that directly affect the expenses of the Underlying Funds.

Example

The following Example is intended to help you compare the cost of investing in a Portfolio (without waivers and expense limitations) with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in Class A Shares of a Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that a Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

The hypothetical example assumes that a CDSC will not apply to redemptions of Class A Shares within the first 18 months.

Certain institutions that sell Portfolio shares and/or their salespersons may receive other compensation in connection with the sale and distribution of Class A Shares or for services to their customers’ accounts and/or the Portfolios. For additional information regarding such compensation, see “What Should I Know When I Purchase Shares Through An Authorized Dealer?” in the Prospectus and “Payments to Intermediaries” in the Additional Statement.

	Service Providers

INVESTMENT ADVISERS

	Except as noted below, GSAM also serves as investment adviser to each Underlying Fund.

	GSAM has been registered as an investment adviser with the SEC since 1990 and is an affiliate of Goldman Sachs. GSAMI, a member of the Investment Management Regulatory Organization Limited since 1990 and a registered investment adviser since 1991, is an affiliate of Goldman Sachs. As of March 31, 2007, GSAM, including its investment advisory affiliates, had assets under management of $660.8 billion.
	Under an Asset Allocation Management Agreement with each Portfolio, the Investment Adviser, subject to the general supervision of the Trustees, provides advice as to each Portfolio’s investment transactions, including determinations concerning changes to (a) the Underlying Funds in which the Portfolios may invest; and (b) the percentage range of assets of any Portfolio that may be invested in the Underlying Equity Funds and the Underlying Fixed Income Funds as separate groups.
	The Investment Adviser also performs the following additional services for the Portfolios:

	n	Supervises all non-advisory operations of the Portfolios
	n	Provides personnel to perform necessary executive, administrative and clerical services to the Portfolios

	n	Arranges for the preparation of all required tax returns, reports to shareholders, prospectuses and statements of additional information and other reports filed with the SEC and other regulatory authorities
	n	Maintains the records of each Portfolio
	n	Provides office space and all necessary office equipment and services

MANAGEMENT FEES

	As compensation for its services and its assumption of certain expenses, the Investment Adviser is entitled to the following fees, computed daily and payable monthly, at the annual rates listed below (as a percentage of each respective Portfolio’s average daily net assets):

	The Investment Adviser may voluntarily waive a portion of its advisory fee from time to time and may discontinue or modify any such voluntary limitations in the future at its discretion.
	In addition, each Portfolio, as a shareholder in the Underlying Funds, will indirectly bear a proportionate share of any investment management fees and other expenses paid by the Underlying Funds. The following chart shows the total net operating expense ratios (management fee plus other operating expenses) of Institutional Shares of each Underlying Fund in which the Portfolios may invest after applicable fee waivers and expense limitations, as of the end of each Underlying Fund’s most recent fiscal year. In addition, the following chart shows the contractual investment management fees payable to the Investment Adviser or its affiliates by the Underlying Funds (in each case as an annualized percentage of an Underlying Fund’s average daily net assets). Absent voluntary fee waivers

	and/or expense reimbursements, which may be discontinued at any time, the total operating expense ratios of certain Underlying Funds would be higher.

* This Fund commenced operations on August 31, 2007.

PORTFOLIO MANAGERS

	Robert B. Litterman, Ph.D., a Managing Director of Goldman Sachs, is the co-developer, along with the late Fischer Black, of the Black-Litterman Global Asset Allocation Model, a key tool in the investment management division’s (“IMD”) asset allocation process. As Director of Quantitative Resources, Dr. Litterman oversees Quantitative Equities, the Quantitative Strategies Group, and the Global Investment Strategies Group. In total, these groups include over 100 professionals. Prior to moving to IMD, Dr. Litterman, who became a Partner in 1994, was the head of the Firmwide Risk department. Preceding that time, Dr. Litterman spent eight years in the Fixed Income Division’s research department where he was co-director of the research and model development group.
	Quantitative Strategies Group

	n	The Quantitative Strategies Group consists of over 60 professionals, including 10 Ph.Ds, with extensive academic and practitioner experience
	n	Disciplined, quantitative models are used to determine the relative attractiveness of the world’s stock, bond and currency markets
	n	Theory and economic intuition guide the investment process