Date of First Use: January 21, 2010

Goldman SachsReal Estate Securities Fund

Attractive Opportunities in Real Estate Securities

SEEKS LONG-TERM CAPITAL APPRECIATION AND DIVIDEND INCOME

RESEARCH-INTENSIVE PROCESS

We employ a fundamental

approach to stock selection by

investing in high quality companies

with well located assets,

experienced management teams,

and sustainable competitive

advantages.

LOW CORRELATION

Real estate securities have

historically exhibited low

correlation to both the stock and

bond markets, and can therefore be

an important sector to consider in

creating a well-diversified

portfolio.

DUAL BENEFITS

The growth potential of equities

combined with the potential for

didvidend streams offered through

REITS.

Total Fund Net Assets (MM) $513.6 Weighted Average Market Cap $8.21B

NAV - Class I $10.09 Weighted Median Market Cap $6.56B

Total Number of Holdings 30

3 Year Beta 0.93 Net Expense Ratio - Class I (Current) 1.04%

3 Year R-Squared 0.99 Gross Expense Ratio - Class I (Before Waiver) 1.11%

3 Year Standard Deviation -

TOTAL RETURNS AT NAV (%)

-20

-10

0

10

20

30

40

50

8.85 8.94

3 Months

8.92

25.4829.19

YTD

30.3425.48

29.19

1 Year

30.34

-14.33-13.88

3 Years

-13.43 -0.80 -0.22

5 Years

-0.74

10.25 10.47

10 Years

9.77 8.22 7.75

Since Inception7.27.98

N/A

Class IWilshire RESI (Free float Market Cap)

Lipper Real Estate Funds Peer Group Average

Below are the fund’s average annual total returns with all distributions reinvested for periods ended 12.31.09, assuming payment of the maximum sales charge at the beginning of the stated periods:

1 Yr: +25.48% 5 Yrs: -0.80% 10 Yrs: +10.25%

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. Because Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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 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. 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.

Lipper Total Return Rankings-Lipper Analytical Services, Inc., an independent publisher of mutual fund rankings, records rankings for these and other Goldman Sachs Funds for one-year, three-year, five-year, and ten-year total returns periods. Lipper compares mutual funds within a universe of funds with similar investment objectives, including dividend reinvestment. Lipper rankings are based on total return at net asset value and do not reflect sales charges. Lipper rankings do not imply that the fund had a high total return.

Firm-wide AUM includes assets managed by GSAM and its investment advisory affiliates.

As of 12.31.09

Class I: GREIX

Class A: GREAX

Class S: GRESX

Class IR: GRETX

LIPPER RANKINGS -CLASS I

Real Estate Funds

1 Year 170 out of 229 funds

5 Year 107 out of 169 funds

10 Year 28 out of 76 funds

Goldman Sachs Asset

Management, the asset

management arm of The

Goldman Sachs Group, Inc.,

is among the world’s largest

asset managers, with over $734.1

billion in assets under

management as of 9.30.09.

Founded in 1869, Goldman Sachs

is a leading global investment

banking, securities and

investment management firm.

Date of First Use: January 21, 2010

Goldman Sachs Real Estate Securities Fund

Access Goldman Sachs’

expertise in the real

estate arena

The investment team has deep experience and knowledge of both property fundamentals and real estate capital markets.

The investment team is fully integrated with the Fundamental Equity teams globally, which have a high degree of focus on real estate within their local markets.

The team operates on a unified platform with compensation structured to encourage idea generation and provide accountability.

James Otness, CFA

Co-Lead Portfolio Manager

40 Years of Investment

Experience

David Kruth, CFA

Co-Lead Portfolio Manager

23 Years of Investment

Experience

GROWTH OF $10,000 AT NAV (CLASS I)

$0

$10,000

2009 YTD: $24,702Inception Date 7.27.98

Cal Yr Ret (Class I at NAV) (%) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Goldman Sachs Real Estate

Securities Fund32.35 7.16 3.31 39.90 34.65 13.30 34.86 -15.63 -40.54 25.48

Wilshire RESI (Free float Market

Cap)30.64 10.45 2.66 37.09 34.68 14.04 35.86 -17.78 -39.80 29.19

TOP TEN HOLDINGS (%)

Simon Property Group 14.1

Vornado Realty Trust 7.4

Public Storage 6.8

Boston Properties 6.2

AvalonBay Communities 5.7

Ventas 5.5

Host Hotels & Resorts 4.7

ProLogis 4.2

Digital Realty Trust Inc 3.8

Nationwide Health Properties 3.7

QUARTERLY DIVIDENDS

Class Inst

12.31.09 $0.011

INDUSTRY ALLOCATIONS (%)

Fund Index

Retail 22.0 22.3

Office 17.0 17.7

Multifamily 15.4 16.3

Diversified 12.4 10.8

Health Care 12.2 13.4

Hotels 6.8 6.9

Self Storage 6.8 6.3

Industrial 4.2 6.3

Other 1.9 0.0

Cash 1.3 0.0

The Real Estate Securities Fund invests primarily in a diversified portfolio of equity investments in issuers related to the real estate industry, including REITs. The value of a REIT is affected by changes in the value of the properties owned by the REIT or securing mortgage loans held by the REIT. REITs and real estate companies are also subject to risks generally associated with investments in real estate including possible declines in the value of real estate, general and local economic conditions, environmental problems and changes in interest rates.

The 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 issuers related to the real estate industry, its net asset value may fluctuate substantially overtime 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.

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.

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.

The Net Asset Value (NAV) is the market value of one share of the Fund.

The Fund’s since inception performance begins at $10,000, assumes reinvestment of dividends and does not reflect sales charges.

Percentages may not sum to 100% due to rounding.

The Price to Earnings figure represents the Price to Funds From Operations (“FFO”) of the Fund. FFO is the most commonly accepted and reported measure of REIT operating performance and is equal to a REIT’s net income, excluding gains or losses from sales of property, and adding back real estate depreciation.

Correlation Measure - R-squared: Measures how closely the historical movement of a portfolio’s returns relates to a particular market index over a specified time period. Risk Measures - Standard Deviation: Measures the historical total risk of a portfolio by assessing the probable range within which a portfolio’s return could deviate from its average return over a defined historical period of time. Beta: Measures the historical market risk of a portoflio or the volatility of a portfolio relative to an underlying index over a defined historical period of time. Risk-Adjusted-Return Measure - Alpha: Measures how a portfolio has historically performed against its expected returns based on the beta figure.

The Dow Jones Wilshire Real Estate Securities Index is an unmanaged index of publicly traded REITs and real estate operating companies. The Index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

A prospectus for the Fund containing more complete information may be obtained from your authorized dealer or from Goldman, Sachs Co. by calling 1-800-621-2550. 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.Please see the glossary of terms. Goldman Sachs Co. is the distributor of the Goldman Sachs Funds.Copyright 2010 Goldman, Sachs & Co. All Rights Reserved. REITFCT_IAS/1-10

NOT FDIC-INSURED May Lose Value No Bank Guarantee