The Goldman Sachs Dynamic Allocation Fund invests primarily in exchange-traded funds (“ETFs”), futures, swaps and other derivatives that provide exposure to a broad spectrum of asset classes, including but not limited to equities (both in U.S. and non-U.S. companies), fixed income (U.S. and non-U.S., investment grade and high yield) and commodities. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; risk of default by a counterparty; and liquidity risk. The Fund’s equity investments are subject to market risk, which means that the value of its investments may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. The Fund’s fixed income investments are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. High yield, lower rated securities involve greater price volatility and present greater risks than higher rated fixed income securities. The Fund is subject to the risk that exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The Fund may also invest in foreign securities, including emerging markets securities, which may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and sudden economic or political developments. The Fund is non-diversified and may invest more of its assets in fewer issuers than diversified funds. Accordingly, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and to greater losses resulting from these developments. The Fund may also engage in leverage, to the extent permitted under the asset coverage and other restrictions applicable to registered investment companies. This leverage presents the potential for substantial profits but also entails a high degree of risk including the risk that losses may be similarly substantial.

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. Please visit our Web site at: www.goldmansachsfunds.com to obtain the most recent month-end returns.

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 for Class A shares and CDSC for Class B and C shares. Because Institutional, Service, Administration, Class R and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. Shares of some of the funds may be subject to a redemption fee. Please refer to the current prospectus.

¹The standardized Total Returns are average annual 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 for Class A shares and CDSC for class B and C shares. Because Institutional, Service, Administration, Class R and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. Shares of some of the funds may be subject to a redemption fee. Please refer to the shareholder guide and current prospectus for the Fund, accessible from the literature section, for additional pricing information.

The expense ratios of the Fund, 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. The Fund's waivers and/or expense limitations will remain in place through at least July 27, 2013, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund's Board of Trustees.

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.

NAV: The NAV (Net Asset Value) represents the net assets of the Fund (ex-dividend) divided by the total number of shares. The expense ratios of the funds, both with and without any waivers and expense limitations, are as set forth above. The waivers and expense limitations are voluntary and may be modified or terminated at any time at the option of the Investment Adviser. If this occurs, the expense ratio may increase without shareholder approval.

Equity funds are subject to the risk of rising and falling stock prices and have tended to be more volatile than funds that invest in fixed income securities. Bond funds fluctuate in value with changes in interest rates, and lower-rated bonds involve higher credit risk and may be speculative investments. Funds concentrated in non-US investments may be more volatile than US investments and involve special political and currency risks. A fund concentrated in an economic sector or geographical region will also be more volatile.

The information and services provided on this Web site are intended for persons in the U.S. only. Non-U.S. persons are directed to our audience selection page.

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

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