GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

		n  Goldman Sachs U.S. Equity Dividend and Premium Fund n  Goldman Sachs International Equity Dividend and Premium Fund n  Goldman Sachs Structured Tax-Managed Equity Fund n  Goldman Sachs Structured International Tax-Managed Equity Fund

U.S. EQUITY DIVIDEND AND PREMIUM FUND

	I. Stock Selection and Portfolio Construction
	The U.S. Equity Dividend and Premium Fund seeks to maintain an equity portfolio that will produce a gross return similar to that of its equity benchmark, the S&P 500 Index. In addition, the Fund will write index call options against a portion of the equity portfolio. Because of the impact of call options written by the Fund, the return of the Fund is not expected to closely track the S&P 500 Index, even if the return of the portfolio securities held by the Fund resembles the return of the equity benchmark. In addition, the return of the Fund may trail the return of the S&P 500 Index for short or extended periods of time.
	Generally, the Fund will seek to hold certain of the higher dividend paying stocks within each industry and sector while still maintaining industry and sector weights that are similar to those of the S&P 500 Index. The Investment Adviser will consider annualized dividend yields, scheduled dividend record dates and any extraordinary dividends when evaluating securities. The Investment Adviser will generally not seek to outperform the S&P 500 Index through active security selection.
	The Investment Adviser will use proprietary quantitative techniques, including optimization tools, a risk model, and a transactions cost model, in identifying a portfolio of stocks that it believes may enhance expected dividend yield while limiting deviations when compared to the S&P 500 Index. Deviations are constrained with regard to position sizes, industry weights, sector weights, volatility as compared to the market (i.e., Beta) and estimated tracking error.
	II. Call Writing
	The Fund will regularly write call options in order to generate additional cash flow. It is anticipated that the calls will typically be written against the S&P 500 Index or against exchange-traded funds linked to the S&P 500 (“ETFs”). The goal of the call writing is to generate an amount of premium that, when annualized and added to the Fund’s expected dividend yield, provides an attractive level of cash flow.

	Call writing, however, entails certain risks. For more information, see “Principal Risks of the Fund” and “Appendix A—Other Portfolio Risks—Risks of Writing S&P 500 Index and Related ETF Call Options.”
	The Investment Adviser anticipates generally using index call options, or call options on related ETFs, with expirations of three months or less. Outstanding call options will be rolled forward upon expiration, so that there will generally be some options outstanding.
	Goldman Sachs U.S. Equity Dividend and Premium Fund is a fully invested portfolio that offers broad access to a well-defined stock universe, and disciplined stock selection along with exposure to the returns of S&P 500 Index or related ETF option call writing.

INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

	I. Stock Selection and Portfolio Construction
	The International Equity Dividend and Premium Fund seeks to maintain an equity portfolio that will produce a gross return similar to that of its equity benchmark, the MSCI ® Europe, Australasia, Far East (“EAFE ® ”) Index. In addition, the Fund will write index call options against a portion of the equity portfolio. Because of the impact of call options written by the Fund, the return of the Fund is not expected to closely track the MSCI EAFE ® Index, even if the return of the portfolio securities held by the Fund resembles the return of the equity benchmark. In addition, the return of the Fund may trail the return of the MSCI EAFE ® Index for short or extended periods of time.
	Generally, the Fund will seek to hold certain of the higher dividend paying stocks within each industry and sector while still maintaining industry and sector weights that are similar to those of the MSCI EAFE ® Index. The Investment Adviser will consider annualized dividend yields, scheduled dividend record dates and any extraordinary dividends when evaluating securities. The Investment Adviser will generally not seek to outperform the MSCI EAFE ® Index through active security selection.
	The Investment Adviser will use proprietary quantitative techniques, including optimization tools, a risk model and a transactions cost model, in identifying a portfolio of stocks that it believes may enhance expected dividend yield while limiting deviations when compared to the MSCI EAFE ® Index. Deviations are

	constrained with regard to position sizes, industry weights, sector weights, volatility as compared to the market (i.e., Beta) and estimated tracking error.
	II. Call Writing
	The Fund will regularly write call options in order to generate additional cash flow. It is anticipated that the calls will typically be written against the MSCI EAFE ® Index, against exchange-traded funds (“ETFs”) linked to the MSCI EAFE ® Index or against other national or regional stock market indices. The goal of the call writing is to generate an amount of premium that, when annualized and added to the Fund’s expected dividend yield, provides an attractive level of cash flow. Call writing, however, entails certain risks. For more information, see “Principal Risks of the Fund” and “Appendix A—Other Portfolio Risks—Risks of Writing Index and Related ETF Call Options.”
	The Investment Adviser anticipates generally using index call options, or call options on related ETFs, with expirations of three months or less. Outstanding call options will be rolled forward upon expiration, so that there will generally be some options outstanding.
	Goldman Sachs International Equity Dividend and Premium Fund is a fully invested portfolio that offers broad access to a well-defined stock universe, and disciplined stock selection along with exposure to the returns of the MSCI EAFE ® Index or related ETF option call writing.

STRUCTURED TAX-MANAGED EQUITY FUND

	Goldman Sachs’ Structured Tax-Managed Investment Philosophy:
	This Fund uses Goldman Sachs’ quantitative style of funds management which emphasizes the three building blocks of active management: fundamentally-based stock selection, careful portfolio construction and efficient implementation.
	Step 1: Stock Selection
	The Investment Adviser attempts to forecast returns on approximately 10,000 stocks globally on a daily basis using proprietary CORE SM (“Computer-Optimized, Research-Enhanced”) models developed by the Quantitative Investment Strategies (“QIS”) group. These quantitative models are based on six investment themes — Valuation, Profitability, Quality, Management, Momentum and Sentiment. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. Profitability assesses whether the company is earning more than its cost of capital. Quality evaluates whether the company’s earnings are coming from more persistent, cash-based sources, as opposed to accruals. Management assesses the company’s management strategy and behavior. Momentum predicts drift in stock prices caused by under-reaction to company-specific information. Finally, the Sentiment theme looks at how Wall Street analysts’ views about a company’s earnings and prospects are changing over time.
	Step 2: Portfolio Construction
	The Investment Adviser uses a proprietary risk model to help manage the expected deviation of the portfolio’s returns from those of the benchmark. The model, which attempts to identify and measure the comparative risks between equity investments as accurately as possible, by including in the risk model all of the above themes used in the return model, as well as several other factors that the Investment Adviser believes are associated with risk but not return. In this process, the Investment Adviser seeks to add value over the benchmark by overweighting stocks with attractive characteristics (as defined by the return model) and underweighting stocks with poor characteristics relative to the stocks’ benchmark weights. At the same time, the Investment Adviser seeks to manage risk by controlling active stock positions as well as exposure to other characteristics such as size and sector allocations relative to the benchmark. A computer optimizer evaluates many different security combinations (considering many possible weightings) in an effort to construct the most efficient risk/return portfolio given the Fund’s benchmark.

	Step 3: Efficient Implementation
	The portfolio management team considers transaction costs at each step of the investment process. The team incorporates expected portfolio turnover when assigning weights to the variables of the multifactor model. The team also factors expected execution costs into portfolio construction and evaluates multiple trading options. The team then selects the trading strategy it believes will minimize the total transaction costs to the Fund.
	Goldman Sachs Structured Tax-Managed Equity Fund is a fully invested portfolio that offers broad access to a well-defined stock universe, seeks to outperform its benchmark on an after-tax basis through consistent, disciplined stock selection, and is intended to be an effective tool for implementing a tax-managed strategy within an overall investment portfolio.

STRUCTURED INTERNATIONAL TAX-MANAGED EQUITY FUND

	Goldman Sachs’ Structured International Tax-Managed Equity Investment Philosophy:
	This Fund uses Goldman Sachs’ quantitative style of funds management which emphasizes the three building blocks of active management: fundamentally-based stock selection, careful portfolio construction and efficient implementation.
	Step 1: Stock Selection
	The Investment Adviser attempts to forecast returns on approximately 10,000 stocks globally on a daily basis using proprietary CORE SM (“Computer-Optimized, Research-Enhanced”) models developed by the Quantitative Investment Strategies (“QIS”) group. These quantitative models are based on six investment themes—Valuation, Profitability, Quality, Management, Momentum and Sentiment. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. Profitability assesses whether the company is earning more than its cost of capital. Quality evaluates whether the company’s earnings are coming from more persistent, cash-based sources, as opposed to accruals. Management assesses the Company’s management strategy and behavior. Momentum predicts drift in stock prices caused by under-reaction to company-specific information. Finally, the Sentiment theme looks at how Wall Street analysts’ views about a company’s earnings and prospects are changing over time.

	Step 2: Portfolio Construction
	The Investment Adviser uses a proprietary risk model to help manage the expected deviation of the portfolio’s returns from those of the benchmark. The model attempts to identify and measure the comparative risks between equity investments as accurately as possible, by including in the risk model all of the above themes used in the return model, as well as several other factors that the Investment Adviser believes are associated with risk but not return. In this process, the Investment Adviser seeks to add value over the benchmark by overweighting stocks with attractive characteristics (as defined by the return model) and underweighting stocks with poor characteristics relative to the stocks’ benchmark weights. At the same time, the Investment Adviser seeks to manage risk by controlling active stock positions as well as exposure to other characteristics such as size and sector allocations relative to the benchmark. A computer optimizer evaluates many different security combinations (considering many possible weightings) in an effort to construct the most efficient risk/return portfolio given each Fund’s benchmark.
	Step 3: Efficient Implementation
	The portfolio management team considers transaction costs at each step of the investment process. The team incorporates expected portfolio turnover when assigning weights to the variables of the multifactor model. The team also factors expected execution costs into portfolio construction and evaluates multiple trading options. The team then selects the trading strategy it believes will minimize the total transaction costs to the Fund.
	Goldman Sachs Structured International Tax-Managed Equity Fund is a fully invested portfolio that offers broad access to a well-defined stock universe, seeks to outperform its benchmark on an after-tax basis through consistent, disciplined stock selection, and is intended to be an effective tool for implementing a tax-managed strategy within an overall investment portfolio.

	the option. The premium, the exercise price and the market price of the index or related ETF determine the gain or loss realized by the Fund as the seller of the index or related ETF call option. The Fund can also repurchase the call option prior to the expiration date, ending its obligation. In this case, the cost of entering into closing purchase transactions will determine the gain or loss realized by the Fund.
	During periods in which the U.S. equity markets are generally unchanged or falling, a diversified portfolio with a S&P 500 Index and related ETF call option strategy may outperform the same portfolio without the options because of the premiums received from writing call options. Similarly, in a modestly rising market (where the income from premiums exceeds the aggregate appreciation of the underlying index or related ETF over their exercise prices) such a portfolio may outperform the same portfolio without the options. However, in other rising markets (where the aggregate appreciation of the underlying index or related ETF over its exercise price exceeds the income from premiums), a portfolio with a S&P 500 Index and related ETF call strategy could significantly underperform the same portfolio without the options.
	Tax-Efficient Investing. The Fund seeks to achieve returns primarily in the form of qualifying dividends paid on common stocks, capital gains from the options and portfolio securities the Fund sells, and unrealized price appreciation, and may use different strategies in seeking tax-efficiency. These strategies include:

	n	Limiting portfolio turnover that may result in short-term capital gains
	n	Selling tax lots of securities that have a higher tax basis before selling tax lots of securities that have a lower tax basis

	The Fund’s practice of writing call options, however, will generally result in short-term and long-term capital gains or losses each year under special tax rules applicable to those transactions. The Fund will seek to offset the short-term capital gains from option writing by generating offsetting short-term capital losses in the portfolio. The tax goals of this Fund differ from those of the Structured Tax-Managed Equity Fund described elsewhere in this prospectus. The U.S. Equity Dividend and Premium Fund does not seek to defer the realization of long-term capital gains. It merely seeks to avoid or minimize any net short-term capital gains. See “Taxation-Distributions” below.
	Other.  The Fund’s investments in fixed income securities are limited to securities that are considered cash equivalents.

Other Specific Risks:

More information about the Funds’ portfolio securities and investment techniques, 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.

U.S. Equity Dividend and Premium Fund

TOTAL RETURN		CALENDAR YEAR (CLASS A)
Best Quarter* Q4 ’06           +6.16% Worst Quarter* Q4 ’07           -4.61%

Structured Tax-Managed Equity Fund

TOTAL RETURN		CALENDAR YEAR (CLASS A)
Best Quarter* Q2 ’03           +14.71% Worst Quarter* Q3 ’02           -15.29%

1		The maximum sales charge is a percentage of the offering price. Under certain circumstances, as described in the Shareholder Guide, the maximum sales charge may be reduced or waived entirely. A contingent deferred sales charge (“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 maximum CDSC is a percentage of the lesser of the NAV at the time of the redemption or the NAV when the shares were originally purchased.
3		A CDSC of 1% is imposed on Class C Shares redeemed within 12 months of purchase.
4		Except for the International Equity Dividend and Premium Fund and the Structured International Tax-Managed Equity Fund, the Funds’ annual operating expenses are based on actual expenses incurred for the fiscal year ended December 31, 2007. The annual operating expenses for the International Equity Dividend and Premium Fund and the Structured International Tax-Managed Equity Fund are based on amounts expected to be incurred for the fiscal year ending December 31, 2008.
5		The Investment Adviser is entitled to management fees from the Funds at the annual rates equal to the following percentages of the average daily net assets of the Funds: