Date of First Use: July 16, 2008 Goldman Sachs Retirement Strategies Portfolios Reaching Retirement Goals One Portfolio at a Time LONG-TERM GROWTH OF CAPITAL DYNAMIC Each portfolio will automatically adjust over time based on the number of years that remain until the target date. DRIVEN Aimed at helping investors reach their retirement goals, each portfolio is designed to invest within a specified equity and fixed income range, becoming more conservative as the portfolio reaches its target date. SIMPLE Invested in up to 15 equity and fixed income underlying funds, each portfolio is a simpler solution for those seeking diversification. TOTAL RETURNS AT NAV (%) Class A 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since Inception Incept. Date Retirement Strategies 2010 Portfolio -0.11 -5.74 - - - - - 9.5.07 Retirement Strategies 2015 Portfolio -0.11 -6.59 - - - - - 9.5.07 Retirement Strategies 2020 Portfolio -0.11 -7.32 - - - - - 9.5.07 Retirement Strategies 2030 Portfolio -0.11 -8.48 - - - - - 9.5.07 Retirement Strategies 2040 Portfolio -0.11 -8.91 - - - - - 9.5.07 Retirement Strategies 2050 Portfolio 0.00 -9.23 - - - - - 9.5.07 Below are the fund’s average annual total returns with all distributions reinvested for periods ended 6.30.08, assuming payment of the maximum sales charge at the beginning of the stated periods: Expense Ratios Expense Ratios Class A 1 Year 5 Years Since Inception Current (Net) Before Waiver (Gross) Retirement Strategies 2010 Portfolio - - -9.15 1.19 2.66 Retirement Strategies 2015 Portfolio - - -10.30 1.21 2.65 Retirement Strategies 2020 Portfolio - - -11.18 1.22 2.63 Retirement Strategies 2030 Portfolio - - -12.60 1.25 2.59 Retirement Strategies 2040 Portfolio - - -13.22 1.26 2.57 Retirement Strategies 2050 Portfolio - - -13.55 1.26 2.58 The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value. These returns reflect the maximum initial sales charge of 5.5% for Class A Shares. Performance reflects cumulative total returns for periods of less than one year and average annual total returns for periods of greater than one year. Since inception returns for periods of less than one year are cumulative. All Fund performance data reflect the reinvestment of distributions. The expense ratios of the Portfolios, both current (net of any fee waivers or expense limitations) and before waivers (gross of any fee waivers or expense limitations) are as set forth above. Waivers and expense limitations are voluntary and the Investment Adviser may modify or terminate them at any time without shareholder approval. If this occurs, the expense ratios may change. Diversification does not protect an investor from market risk and does not ensure a profit. As of 6.30.08 Goldman Sachs Asset Management, the asset management arm of The Goldman Sachs Group, Inc., is among the world’s largest asset managers, with over $780.5 billion in assets under management as of 03.31.08. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm.
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Date of First Use: July 16, 2008
Goldman SachsRetirement Strategies Portfolios
Reaching Retirement Goals One Portfolio at a Time
LONG-TERM GROWTH OF CAPITAL
DYNAMIC
Each portfolio will automatically
adjust over time based on the
number of years that remain until
the target date.
DRIVEN
Aimed at helping investors reach
their retirement goals, each
portfolio is designed to invest
within a specified equity and fixed
income range, becoming more
conservative as the portfolio
reaches its target date.
SIMPLE
Invested in up to 15 equity and
fixed income underlying funds,
each portfolio is a simpler solution
for those seeking diversification.
TOTAL RETURNS AT NAV (%)
Class A 3 Months YTD 1 Year 3 Years 5 Years 10 Years Since
Inception Incept.
Date Retirement Strategies 2010
Portfolio-0.11 -5.74 - - - - - 9.5.07
Retirement Strategies 2015
Portfolio-0.11 -6.59 - - - - - 9.5.07
Retirement Strategies 2020
Portfolio-0.11 -7.32 - - - - - 9.5.07
Retirement Strategies 2030
Portfolio-0.11 -8.48 - - - - - 9.5.07
Retirement Strategies 2040
Portfolio-0.11 -8.91 - - - - - 9.5.07
Retirement Strategies 2050
Portfolio0.00 -9.23 - - - - - 9.5.07
Below are the fund’s average annual total returns with all distributions reinvested for periods ended 6.30.08, assuming payment of the maximum sales charge at the beginning of the stated periods:
Expense Ratios Expense Ratios
Class A 1 Year 5 Years Since Inception Current (Net)Before Waiver
(Gross)
Retirement Strategies 2010
Portfolio- - -9.15 1.19 2.66
Retirement Strategies 2015
Portfolio- - -10.30 1.21 2.65
Retirement Strategies 2020
Portfolio- - -11.18 1.22 2.63
Retirement Strategies 2030
Portfolio- - -12.60 1.25 2.59
Retirement Strategies 2040
Portfolio- - -13.22 1.26 2.57
Retirement Strategies 2050
Portfolio- - -13.55 1.26 2.58
The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above.
The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at net asset value. These returns reflect the maximum initial sales charge of 5.5% for Class A Shares.
Performance reflects cumulative total returns for periods of less than one year and average annual total returns for periods of greater than one year. Since inception returns for periods of less than one year are cumulative. All Fund performance data reflect the reinvestment of distributions.
The expense ratios of the Portfolios, both current (net of any fee waivers or expense limitations) and before waivers (gross of any fee waivers or expense limitations) are as set forth above. Waivers and expense limitations are voluntary and the Investment Adviser may modify or terminate them at any time without shareholder approval. If this occurs, the expense ratios may change.
Diversification does not protect an investor from market risk and does not ensure a profit.
As of 6.30.08
Goldman Sachs Asset
Management, the asset
management arm of The
Goldman Sachs Group, Inc.,
is among the world’s largest
asset managers, with over
$780.5 billion in assets under
management as of 03.31.08.
Founded in 1869, Goldman Sachs
is a leading global investment
banking, securities and
investment management firm.
Date of First Use: July 16, 2008
Goldman Sachs Retirement Strategies Portfolios
Benefit from the
experience of the
Quantitative Investment
Strategies Group
Support from multiple teams of experts including the Quantitative Investment Strategies team, which is made up of over 125 professionals, and the underlying Portfolio Management Teams.
A team approach to determining the long-term strategic benchmark asset allocation, making quarterly global tactical asset allocation decisions and implementing security selection choices.
Uses a disciplined, rigorous and quantitative approach to global tactical asset allocation and attempts to add value by actively managing exposure to global stock, bond and currency markets.
Mark M. Carhart,Ph.D., CFA
Co-Chief Investment Officer
15 Years of Investment
Experience
Raymond J. Iwanowski
Co-Chief Investment Officer
19 Years of Investment
Experience
Katinka Domotorffy, CFA
Head of Strategy/Senior
Portfolio Manager
9 Years of Investment
Experience
ASSET CLASS WEIGHTINGS (%)
2010 Portfolio
2015 Portfolio
2020 Portfolio
2030 Portfolio
2040 Portfolio
2050 Portfolio
Domestic Short Term Bonds 1.5 0.9 0.7 0.4 0.5 0.3
Domestic Long Term Bonds 19.8 13.5 9.4 3.7 1.8 1.1
International Bonds 6.3 5.4 3.5 1.2 1.4 0.9
High Yield Bonds 3.3 3.2 2.7 1.9 1.4 0.8
Emerging Markets Debt 3.0 3.0 3.0 2.9 2.0 1.2
Domestic Value Equity 9.7 11.4 13.1 15.4 15.6 15.8
International Equity 23.7 26.6 29.1 32.8 34.0 35.3
Emerging Markets Equity 7.1 7.9 8.4 9.1 9.5 9.8
Real Estate 3.0 3.0 3.1 3.1 3.5 3.9
Commodities 3.5 3.5 3.5 3.5 3.7 3.8
NASDAQ SYMBOLSClass A Class R
Retirement 2010 GRCAX GRCRX
Retirement 2015 GRDAX GRDRX
Retirement 2020 GRJAX GRJRX
Class A Class R
2030 Portfolio GRLAX GRLRX
2040 Portfolio GRNAX GRNRX
2050 Portfolio GRPAX GRPRX
Holdings and allocations shown are unaudited, and may not be representative of current or future investments. Holdings and allocations may not include the Fund’s entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.
Percentages may not sum to 100% due to rounding.
The Retirement Strategies Portfolios are expected to invest all of their assets in a combination of affiliated underlying equity and fixed income funds. Because the Portfolios are subject to the underlying fund expenses as well as their own expenses, the cost of this type of investment may be higher than a mutual fund that only invests in stocks and bonds. The risk factors to which the Portfolios are subject are proportionate to the amount of assets they allocate to each underlying fund. As the Portfolios are further away from their target date, the Portfolios will have a higher allocation to equity investments and will therefore have greater risk exposure to those risks associated with equity investments. As the Portfolios approach their individual target date, their asset allocations will shift so that they invests a greater percentage of their assets in underlying fixed income funds. The Portfolios will then be more susceptible to the risks associated with fixed income investments.
Some of the risk factors associated with many of the underlying equity funds include the volatility of U.S. and non-U.S. equity investments (including REITs); the illiquidity associated with investments in small-capitalization companies; and the political, economic and currency risks of non-U.S. securities, which are particularly significant with respect to equities of issuers located in emerging markets. Some of the risk factors associated with many of the underlying fixed income funds include prepayment, credit and interest rate risk; the price fluctuations of U.S. government securities in response to changes in interest rates and inflation; the credit risk and volatility of high yield bonds; the volatility of investments in commodities; the political, economic and currency risks of non-U.S. securities, which are particularly significant with respect to issuers located in emerging markets; and financial risks associated with derivative investments.
A prospectus for the Fund containing more complete information may be obtained from your authorized dealer or from Goldman, Sachs Co. by calling 1–800–526–7384. Please consider a fund’s objectives, risks, and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund. Visit our Web site www.goldmansachsfunds.com to obtain month-end returns.Please see the glossary of terms. Goldman Sachs Co. is the distributor of the Goldman Sachs Funds.Copyright 2008 Goldman, Sachs & Co. All Rights Reserved. RETFCT_ABC 07-08
