GOLDMAN SACHS TRUST

Fundamental Equity Growth Funds

Class A, Class B, Class C, Institutional, Service, Class IR and
Class R Shares (as applicable) of the
Goldman Sachs All Cap Growth Fund

Goldman Sachs Capital Growth Fund

Goldman Sachs Concentrated Growth Fund

Goldman Sachs Growth Opportunities Fund

Goldman Sachs Small/Mid Cap Growth Fund

Goldman Sachs Strategic Growth Fund

Goldman Sachs Tollkeeper Fund

Goldman Sachs Financial Square Funds

FST, FST Select, FST Preferred, FST Capital, FST Administration and FST Service Shares of the

Goldman Sachs Financial Square Federal Fund

Goldman Sachs Financial Square Government Fund

Goldman Sachs Financial Square Money Market Fund

Goldman Sachs Financial Square Prime Obligations Fund

Goldman Sachs Financial Square Tax-Free Money Market Fund

Goldman Sachs Financial Square Treasury Instruments Fund

Goldman Sachs Financial Square Treasury Obligations Fund

Goldman Sachs Fundamental Equity Value Funds

Class A, Class B, Class C, Institutional, Service, Class IR and
Class R Shares (as applicable) of the
Goldman Sachs Growth and Income Fund

Goldman Sachs Large Cap Value Fund

Goldman Sachs Mid Cap Value Fund

Goldman Sachs Small Cap Value Fund

Goldman Sachs Institutional Liquid Assets Portfolios

ILA Shares, ILA Administration Shares, ILA Service Shares,

ILA Cash Management Shares, ILA Class B Shares and ILA Class C Shares
(as applicable) of the

Goldman Sachs Institutional Liquid Assets Prime Obligations Portfolio

Goldman Sachs Institutional Liquid Assets Money Market Portfolio

Goldman Sachs Institutional Liquid Assets Treasury Obligations Portfolio

Goldman Sachs Institutional Liquid Assets Treasury Instruments Portfolio

Goldman Sachs Institutional Liquid Assets Federal Portfolio

Goldman Sachs Institutional Liquid Assets Tax-Exempt Diversified Portfolio

Goldman Sachs Institutional Liquid Assets Tax-Exempt California Portfolio

Goldman Sachs Institutional Liquid Assets Tax-Exempt New York Portfolio

Global Tax-Aware Equity Portfolios

Class A and Institutional Shares of the
Goldman Sachs Tax-Advantaged Global Equity Portfolio

Goldman Sachs Enhanced Dividend Global Equity Portfolio

Goldman Sachs Retirement Strategies Portfolios

Class A Shares, Institutional Shares, Class R Shares

and Class IR Shares of the

Goldman Sachs Retirement Strategy 2010

Goldman Sachs Retirement Strategy 2015

Goldman Sachs Retirement Strategy 2020

Goldman Sachs Retirement Strategy 2030

Goldman Sachs Retirement Strategy 2040

Goldman Sachs Retirement Strategy 2050

Supplement dated April 27, 2010 to the

Prospectuses dated December 29, 2009

On April 16, 2010, the Securities and Exchange Commission (“SEC”) brought an action under the U.S. federal securities laws in the U.S. District Court for the Southern District of New York against Goldman, Sachs & Co. (“GS&Co.”) and one of its employees alleging that they made materially misleading statements and omissions in connection with a 2007 private placement of securities relating to a synthetic collateralized debt obligation sold to two institutional investors. GS&Co. and/or other affiliates of The Goldman Sachs Group, Inc. have received or may in the future receive notices and requests for information from various regulators, and have become or may in the future become involved in legal proceedings, based on allegations similar to those made by the SEC or other matters.

Neither Goldman Sachs Asset Management, L.P. or Goldman Sachs Asset Management International (collectively “GSAM”) nor any GSAM-managed funds have been named in the complaint. Moreover, the SEC complaint does not seek any penalties against them or against any employee who is or has been part of GSAM.

In the view of GS&Co. and GSAM, neither the matters alleged in this or any such similar proceedings nor their eventual resolution are likely to have a material affect on the ability of GS&Co., GSAM or their affiliates to provide services to GSAM-managed funds. Due to a provision in the law governing the operation of mutual funds, the resolution of the SEC action could, under certain circumstances, result in a situation in which GS&Co., GSAM and their affiliates would be ineligible to serve as an investment adviser or principal underwriter for U.S.-registered mutual funds absent an exemption from the SEC. While there is

no assurance that such an exemption would be granted, the SEC has granted this type of relief in the past.

00073974

DECFDSSTK 4-10