Funds in Focus

Four Goldman Sachs Equity Funds Turn 10

June 2009

Four Goldman Sachs Fundamental Equity Funds will celebrate 10 years of performance in 2009—what may be among the most challenging years in market history. Despite the uncertainty and volatility we’ve experienced in the past two years, these four funds have reason to celebrate.

GS Growth Opportunities Fund Inception Date: 5/24/1999 Overall Morningstar Rating™ as of 6/30/09		GS Technology Tollkeeper Fund Inception Date: 10/1/1999 Overall Morningstar Rating™ as of 6/30/09


GS Strategic Growth Fund Inception Date: 5/24/1999		GS Large Cap Value Fund Inception Date: 12/15/1999
Please click a fund name above to access standardized total returns. Morningstar rated Goldman Sachs Growth Opportunities fund Class A shares as of 6/30/09, 4 stars for the overall, 4 stars for the 3-year, 3 stars for the 5-year periods and 5 stars for the 10-year periods among 794, 794, 658 and 331 Mid-Cap Growth funds, respectively, based on risk-adjusted return. Morningstar rated Goldman Sachs Technology Tollkeeper fund Class A shares as of 6/30/09, class A shares is 4 stars for the overall, 4 stars for the 3-year and 4 stars for the 5-year periods, among 215, 215 and 194 Technology funds, respectively, based on risk-adjusted return. Morningstar Risk-Adjusted Ratings - The Overall Rating is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating Metrics. Morningstar, Inc. is an independent publisher of mutual fund research and ratings. Ratings reflect a fund’s risk-adjusted 3-, 5, and 10-year total returns, including any sales charge. A Fund is rated against all other funds in its category. 5 stars are assigned to the top 10%; 4 stars to the next 22.5%; 3 stars to the next 35%; 2 stars to the next 22.5%; and 1 star to the bottom 10%. Morningstar only rates funds with at least a 3-year history.

The Fundamental Equity team—even in uncertain market climates—can boast:

A process that—while not immune to uncertainty—unveils opportunities in times of turmoil
Strong discipline—adjusting risk to participate in up markets and mitigating it in down markets
A forward looking view—never backward
Funds with consistent returns over the long run
A broad team of experienced investment professionals—averaging more than 20 years of experience
Global reach and perspective—100 investment professionals in more than 10 offices worldwide

Past performance does not guarantee future results.

Even with today’s slowing economy, margin pressures and credit crunch, there are still areas of opportunity for strong stock selection. The Fundamental Equity team looks for quality companies that can:

Actively take market share
Sustain earnings growth
Capitalize on secular growth drivers
Exert pricing power
Self-finance their growth

The Fundamental Equity team has an unyielding belief: The market eventually recognizes the value of dominant quality franchises.

Goldman Sachs Asset Management’s Fundamental Equity team covers three major investment areas: growth, value and global equities. Each experienced team has its own distinct investment philosophy and process, while united by their forward-looking, truly active approach. Our teams leverage the insights and resources of the broader fundamental equity platform, offering comprehensive research capabilities and high-conviction stock selection.

The Strategic Growth Fund invests primarily in large-capitalization U.S. equity investments and is subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions.

The Growth Opportunities Fund invests in U.S. equity investments with a primary focus on mid-cap companies. The Fund is subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. The securities of 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.The Fund may invest in foreign securities, which may be more volatile and less liquid than investment in U.S. securities and will be subject to the risks of currency fluctuations and sudden economic or political developments. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all.

The Technology Tollkeeper Fund invests in equity securities of high quality technology, media or service companies that adopt or use technology to improve their cost structure, revenue opportunities or competitive advantage. The Technology Tollkeeper Fund is subject to greater risk of loss as a result of adverse economic, business or other developments than if its investments were diversified across different industry sectors. Securities of issuers held by the Fund may lack sufficient market liquidity to enable the Fund to sell the securities at an advantageous time or without a substantial drop in price. Because the Fund invests in “Tollkeeper” companies, its net asset value may fluctuate substantially over time and its performance may be substantially different from the returns of the broader stock market. The Fund may invest in foreign securities, which may be more volatile and less liquid than investment in U.S. securities and will be subject to the risks of currency fluctuations and sudden economic or political developments. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all.

Goldman Sachs Technology Tollkeeper Fund^SM is a registered service mark of Goldman, Sachs & Co.

The Large Cap Value Fund invests primarily in large-capitalization U.S. equity investments and is subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. The Fund may invest in foreign securities, which may be more volatile and less liquid than investment in U.S. securities and will be subject to the risks of currency fluctuations and sudden economic or political developments. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all. The Fund may participate in the Initial Public Offering (IPO) market, and a portion of the Fund’s returns consequently may be attributable to its investment in IPOs. The market value of IPO shares may fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, and the small number of shares available for trading and limited information about the issuer. When a fund’s asset base is small, IPOs may have a magnified impact on the fund’s performance. As a fund’s assets grow, it is probable that the effect of the fund’s investment in IPOs on its total returns may not be as significant, which could reduce the fund’s performance.

A summary prospectus, if available, or a Prospectus for the Fund containing more information may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail - 1-800-526-7384) (institutional - 1-800-621-2550) for the Goldman Sachs Funds and (1-800-762-5035) for the Goldman Sachs Variable Insurance Trust Funds. Please consider a fund's objectives, risks, and charges and expenses, and read the summary prospectus, if available, and the Prospectus carefully before investing. The summary prospectus, if available, and the Prospectus contains this and other information about the Fund.

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Goldman, Sachs & Co. is the distributor of the Goldman Sachs Funds.

NOT FDIC-INSURED | May Lose Value | No Bank Guarantee

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