Prospectuses Goldman Sachs offers combined prospectuses for its funds. You agree to receive the following prospectuses electronically and to carefully read and agree to their terms before investing or sending money. A prospectus may also be obtained by calling Goldman Sachs & Co. at 1-800-762-5035. The prospectuses contain detailed information about the funds' investment policies, risks, charges and expenses. The prospectus contains this and other important information about the Fund. Domestic Equity Funds Prospectus SAI Balanced Fund Concentrated Growth Fund Small Cap Value Fund1 Mid Cap Value Fund1 Growth Opportunities Fund Small / Mid Cap Growth Fund Strategic Growth Fund Capital Growth Fund Large Cap Value Fund Growth and Income Fund All Cap Growth Fund Structured Equity Funds Prospectus SAI Structured Small Cap Equity Fund Structured Large Cap Growth Fund Structured Large Cap Value Fund Structured U.S. Equity Fund Structured International Equity Fund Structured Small Cap Growth Fund Structured Small Cap Value Fund Structured International Small Cap Fund Structured Emerging Markets Equity Fund International Equity Funds Prospectus SAI Asia Equity Fund Emerging Markets Equity Fund International Small Cap Fund Japanese Equity Fund Concentrated International Equity Fund BRIC Fund (Brazil, Russia, India, China) Concentrated Emerging Markets Equity Fund Strategic International Equity Fund Structured Equity Flex Funds Prospectus SAI Structured U.S. Equity Flex Fund Structured International Equity Flex Fund Asset Allocation Portfolios Prospectus SAI Balanced Strategy Portfolio Growth and Income Strategy Portfolio Growth Strategy Portfolio Equity Growth Strategy Portfolio Satellite Strategies Portfolio Income Strategies Portfolio Retirement Strategies Portfolios Prospectus SAI Retirement Strategy 2010 Portfolio Retirement Strategy 2015 Portfolio Retirement Strategy 2020 Portfolio Retirement Strategy 2030 Portfolio Retirement Strategy 2040 Portfolio Retirement Strategy 2050 Portfolio Global Tax-Aware Equity Porfolios Prospectus SAI Tax-Advantaged Global Equity Portfolio Enhanced Dividend Global Equity Portfolio Fixed Income Funds Prospectus SAI Ultra-Short Duration Government Fund Enhanced Income Fund Short Duration Government Fund High Yield Fund Global Income Fund Core Fixed Income Fund Core Plus Fixed Income Fund Government Income Fund Emerging Markets Debt Fund Investment Grade Credit Fund U.S. Mortgages Fund High Yield Municipal Fund Municipal Income Fund Short Duration Tax-Free Fund California AMT-Free Municipal Fund New York AMT-Free Municipal Fund Inflation Protected Securities Fund Local Emerging Markets Debt Fund Specialty Funds Prospectus SAI Tollkeeper FundSM Structured Tax-Managed Equity Fund Real Estate Securities Fund U.S. Equity Dividend Premium Fund International Real Estate Securities Fund Commodity Strategy Fund Structured International Tax-Managed Equity Fund International Equity Dividend and Premium Fund Absolute Return Tracker FundSM Money Market Funds Prospectus SAI ILA Prime Obligations Portfolio ILA Tax-Exempt Diversified Portfolio

1Goldman Sachs Mid-Cap Value and Small Cap Value Funds are currently closed to new investors. Goldman Sachs Tollkeeper FundSM is a registered service mark of Goldman, Sachs & Co. Effective June 1, 2007 the California Intermediate AMT-Free Municipal Fund was renamed the California AMT-Free Municipal Fund. Additionally, the Fund's duration, expected approximate interest rate sensitivity and benchmark have changed. The Lehman Brothers Aggregate Municipal Bond Index replaced the Lehman Brothers CA 1-10 Year Municipal Bond Index as the Fund's benchmark. The Lehman Brothers Aggregate Municipal Bond Index is an unmanaged broad-based total return index composed of approximately 40,000 investment grade, fixed rate, and tax exempt issues, with a remaining maturity of at least one year. In the Investment Adviser's opinion, the Lehman Brothers Aggregate Municipal Bond Index is a more appropriate benchmark against which to measure performance of the Funds. Effective June 1, 2007 the New York Intermediate AMT-Free Municipal Fund was renamed the New York AMT-Free Municipal Fund. Additionally, the Fund's duration, expected approximate interest rate sensitivity and benchmark have changed. The Lehman Brothers Aggregate Municipal Bond Index replaced the Lehman Brothers NY 1-10 Year Municipal Bond Index as the Fundss benchmark. The Lehman Brothers Aggregate Municipal Bond Index is an unmanaged broad-based total return index composed of approximately 40,000 investment grade, fixed rate, and tax exempt issues, with a remaining maturity of at least one year. In the Investment Adviser's opinion, the Lehman Brothers Aggregate Municipal Bond Index is a more appropriate benchmark against which to measure performance of the Funds. Goldman, Sachs & Co. is the distributor of the Goldman Sachs Funds. Important Disclosures