Goldman Sachs High Yield Instl (GSHIX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Peter V. Bonanno, Esq.	Copies to:
Goldman, Sachs & Co.	Jack W. Murphy, Esq.
One New York Plaza	Dechert LLP
New York, New York 10004	1775 I Street, NW
	Washington, D.C. 20006
(Name and address of agents for service)

Registrant’s telephone number, including area code: (312) 655-4400

Date of fiscal year end: August 31

Date of reporting period: February 29, 2008

ITEM 1.	REPORTS TO STOCKHOLDERS.
	The Semi-Annual Report to Stockholders is filed herewith.

Goldman Sachs Funds

Semi-Annual Report	February 29, 2008
	Retirement Strategies Portfolios
	Retirement Strategy 2010 Retirement Strategy 2015 Retirement Strategy 2020 Retirement Strategy 2030 Retirement Strategy 2040 Retirement Strategy 2050

Goldman Sachs Retirement Strategies Portfolios

n	GOLDMAN SACHS RETIREMENT STRATEGY 2010
n	GOLDMAN SACHS RETIREMENT STRATEGY 2015
n	GOLDMAN SACHS RETIREMENT STRATEGY 2020
n	GOLDMAN SACHS RETIREMENT STRATEGY 2030
n	GOLDMAN SACHS RETIREMENT STRATEGY 2040
n	GOLDMAN SACHS RETIREMENT STRATEGY 2050

TABLE OF CONTENTS

Principal Investment Strategies and Risks	1
Letters to Shareholders and Performance Summaries	2
Schedules of Investments	18
Financial Statements	24
Notes to the Financial Statements	30
Financial Highlights	38
Other Information	50

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Principal Investment Strategies and Risks

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 invest a greater percentage of their assets in underlying fixed income funds. The Portfolios will then be 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.

1

PORTFOLIO RESULTS

Retirement Strategies Portfolios

Dear Shareholder,

This report provides an overview on the performance of the Goldman Sachs Retirement Strategies Portfolios (individually, the “Portfolio,” and collectively, the “Portfolios”) for the period from inception on September 5, 2007 through February 29, 2008.

  Asset Allocation

Overall, the various Portfolios invest their assets in a strategic mix of underlying equity and fixed income funds. The target equity and fixed income allocation percentages for each Portfolio will change gradually over time based on the number of years that remain until the target date of the Portfolio. Each Portfolio’s asset allocation will become more conservative (i.e., the Portfolio’s allocation to fixed income investments will increase) as the Portfolio approaches its target date.

Every June, we reset our strategic benchmarks to reflect current market expectations and to bring the total equity portion of the various Portfolios in-line with our long-term target weights. During the rest of the year, we allow these strategic targets to shift with their respective market returns but we continue to adjust our tactical allocations to reflect our views. We adjust the overall asset allocation each quarter based on current market conditions and our economic and market forecasts. By reallocating the Portfolios on a quarterly basis, we seek to enhance performance over the long term.

  Regional and Sector Preferences

n	Asset Class Selection — Since the inception of the Portfolios, our quantitative models have generally preferred international assets. We favored foreign stocks over U.S. stocks and international bonds over U.S. bonds. Our asset class timing decision, which positions our exposure to stocks, bonds and cash, was one of our most significant tactical decisions. We have held a negative view on bonds and positive view on stocks since the Portfolios’ inception. However, during the fourth quarter of 2007, we moderated the strength of our views in response to increased market risk. In August, investors had begun liquidating some of their positions to reduce their risk exposure, and the market saw a general flight to quality toward the end of the year. Since that time, we have increased our underweight to bonds and overweight to stocks.
	In our equity style and size allocation models, we had a slight bias toward U.S. growth stocks because we believed they offered greater return potential for the risk taken. They were also relatively undervalued. Until the beginning of 2008, we were overweight U.S. large-cap stocks versus U.S. small-cap stocks. Thereafter, we shifted to an underweight given that small-cap stocks offered relatively strong momentum characteristics and a higher expected compensation for risk.
	In the fixed income sector, our favorable view of the spread between equity and fixed income influenced our decision to overweight to high yield relative to investment grade bonds.
	We remained overweight throughout the period, increasing our position further as market risk decreased toward the end of 2007.

2

PORTFOLIO RESULTS

	As a result of market momentum, we became progressively more bullish on emerging markets equity relative to developed equity over the period.
n	Equities — For the period from September 5, 2007 through February 29, 2008, we held a modest overweight in international equities relative to U.S. equities because we believed that international markets offered more compensation for risk than the U.S. market. Furthermore, international equity was relatively inexpensive compared to domestic equity.
	We also implemented our country level views within the Goldman Sachs Structured International Equity Fund. Europe remained one of our preferred global regions. We favored France and Norway in particular, primarily because we considered them to be excellent sources of value. In Asia, both Hong Kong and Japan became increasingly attractive. Given their unattractive valuations and weaker macroeconomic conditions, we remained bearish on the U.K. and Australia.
n	Fixed Income — We preferred international fixed income over U.S. fixed income during the reporting period. Foreign macroeconomic conditions appeared more favorable for international debt markets; meanwhile, the level of real yield offered in the U.S. remained unattractive relative to foreign bond issues.

  Performance

The performance of your Portfolio is driven primarily by three factors: 1) strategic asset allocation policy, 2) underlying fund performance, and 3) asset allocation decisions.

1.  CONTRIBUTION OF STRATEGIC ASSET ALLOCATION POLICY

Equity markets were generally down over the period from September 5, 2007 through February 29, 2008 resulting in the negative performance of the Retirement Strategies Portfolios. The Portfolios benefited to some extent, however, from their exposure to commodities as well as fixed income.

2.  CONTRIBUTION OF UNDERLYING FUND PERFORMANCE

The second component of the Portfolios performance is the contribution from our underlying fund managers. Overall, underlying fund security selection detracted from all the Portfolios over the year with the majority of the underlying funds underperforming their respective benchmarks. The weakest performers were the GS Structured Emerging Markets Equity Fund, GS Structured Large Cap Growth Fund, GS Structured Large Cap Value Fund and the GS Structured International Equity Fund.

3

PORTFOLIO RESULTS

3.  CONTRIBUTION OF ASSET ALLOCATION DECISIONS

	Our Global Tactical Asset Allocation (GTAA) decisions generated positive returns across all Portfolios during the reporting period, with the exception of the Retirement Strategy 2010 Portfolio, where the contribution from our GTAA decisions was relatively flat. Contributions to the other Portfolios ranged from approximately 10 basis points to approximately 60 basis points, with the Portfolios with longer time horizons experiencing the greatest contributions to their returns.
	With respect to our GTAA decisions, our decision to overweight emerging equity versus developed equity was the largest contributor for the period. In addition, the Portfolios benefited from our overweight to international equities versus domestic equities as well as our equity country selection strategy, as implemented within the Structured International Equity Fund.
n	Goldman Sachs Retirement Strategy 2010 Portfolio — During the period from their inception on September 5, 2007 through February 29, 2008, the Portfolio’s Class A, Institutional and Service Shares generated cumulative total returns of -3.16%, -2.94% and -3.20%, respectively. During the period from their inception on November 30, 2007 through February 29, 2008, the Portfolio’s Class R and IR Shares generated cumulative total returns of -5.82% and -5.68%, respectively.
n	Goldman Sachs Retirement Strategy 2015 Portfolio — During the period from their inception on September 5, 2007 through February 29, 2008, the Portfolio’s Class A, Institutional and Service Shares generated cumulative total returns of -4.27%, -4.05% and -4.31%, respectively. During the period from their inception on November 30, 2007 through February 29, 2008, the Portfolio’s Class R and IR Shares generated cumulative total returns of -6.82% and -6.68%, respectively.
n	Goldman Sachs Retirement Strategy 2020 Portfolio — During the period from their inception on September 5, 2007 through February 29, 2008, the Portfolio’s Class A, Institutional and Service Shares generated cumulative total returns of -5.31%, -5.13% and -5.28%, respectively. During the period from their inception on November 30, 2007 through February 29, 2008, the Portfolio’s Class R and IR Shares generated cumulative total returns of -7.68% and -7.54%, respectively.
n	Goldman Sachs Retirement Strategy 2030 Portfolio — During the period from their inception on September 5, 2007 through February 29, 2008, the Portfolio’s Class A, Institutional and Service Shares generated cumulative total returns of -6.70%, -6.61% and -6.76%, respectively. During the period from their inception on November 30, 2007 through February 29, 2008, the Portfolio’s Class R and IR Shares generated cumulative total returns of -8.86% and -8.72%, respectively.

4

PORTFOLIO RESULTS

n	Goldman Sachs Retirement Strategy 2040 Portfolio — During the period from their inception on September 5, 2007 through February 29, 2008, the Portfolio’s Class A, Institutional and Service Shares generated cumulative total returns of -7.36%, -7.16% and -7.41%, respectively. During the period from their inception on November 30, 2007 through February 29, 2008, the Portfolio’s Class R and IR Shares generated cumulative total returns of -9.41% and -9.27%, respectively.
n	Goldman Sachs Retirement Strategy 2050 Portfolio — During the period from their inception on September 5, 2007 through February 29, 2008, the Portfolio’s Class A, Institutional and Service Shares generated cumulative total returns of -7.70%, -7.50% and -7.75%, respectively. During the period from their inception on November 30, 2007 through February 29, 2008, the Portfolio’s Class R and IR Shares generated cumulative total returns of -9.74% and -9.60%, respectively.
	We hope this summary has been helpful to you in your understanding of how we manage your Portfolio. We thank you for the confidence you have placed in us and we look forward to your continued support.
	Goldman Sachs Quantitative Investment Strategies Group
	March 13, 2008

5

FUND BASICS

Retirement Strategy 2010 Portfolio

as of February 29, 2008

PERFORMANCE REVIEW

September 5, 2007–February 29, 2008	Portfolio Total Return (based on NAV)1
Class A		-3.16	%
Institutional		-2.94
Service		-3.20

November 30, 2007–February 29, 2008
Class R	-5.82	%
Class IR	-5.68

¹  The net asset value (NAV) represents the net assets of the class of the Portfolio (ex-dividend) divided by the total number of shares of the class outstanding. The Portfolio’s performance assumes the reinvestment of dividends and other distributions. The Portfolio’s performance does not reflect the deduction of any applicable sales charges.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS²

For the period ended 12/31/07	One Year		Since Inception			Inception Date
Class A		N/A		-3.62	%	9/5/07
Institutional		N/A		2.10		9/5/07
Service		N/A		1.93		9/5/07
Class R		N/A		-0.92		11/30/07
Class IR		N/A		-0.78		11/30/07

²  As the Portfolio has not been operating for one year, the Standardized Average Annual Total Returns are cumulative total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares. Because Institutional, Service, Class R and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

Total return figures in the above charts represent past performance and do not indicate future results, which will vary. The investment return and principal value of an investment will fluctuate and, therefore, 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 total return figures in the above charts. Please visit www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS³

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.19	%		2.66	%
Institutional		0.79			2.26
Service		1.29			2.76
Class R		1.44			2.91
Class IR		0.94			2.41

³  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Applicable 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 ratios may change without shareholder approval.

6

FUND BASICS

OVERALL FUND WEIGHTINGS⁴

Percentage of Net Assets as of 2/29/08

⁴  The percentage shown for each underlying fund reflects the value of that fund as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.

7

FUND BASICS

Retirement Strategy 2015 Portfolio

as of February 29, 2008

PERFORMANCE REVIEW

September 5, 2007–February 29, 2008	Portfolio Total Return (based on NAV)1
Class A		-4.27	%
Institutional		-4.05
Service		-4.31

November 30, 2007–February 29, 2008
Class R	-6.82	%
Class IR	-6.68

¹  The net asset value (NAV) represents the net assets of the class of the Portfolio (ex-dividend) divided by the total number of shares of the class outstanding. The Portfolio’s performance assumes the reinvestment of dividends and other distributions. The Portfolio’s performance does not reflect the deduction of any applicable sales charges.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS²

For the period ended 12/31/07	One Year		Since Inception			Inception Date
Class A		N/A		-3.98	%	9/5/07
Institutional		N/A		1.83		9/5/07
Service		N/A		1.66		9/5/07
Class R		N/A		-1.00		11/30/07
Class IR		N/A		-0.96		11/30/07

² As the Portfolio has not been operating for one year, the Standardized Average Annual Total Returns are cumulative total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares. Because Institutional, Service, Class R and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

Total return figures in the above charts represent past performance and do not indicate future results, which will vary. The investment return and principal value of an investment will fluctuate and, therefore, 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 total return figures in the above charts. Please visit www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS³

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.21	%		2.65	%
Institutional		0.81			2.25
Service		1.31			2.75
Class R		1.46			2.90
Class IR		0.96			2.40

³  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Applicable 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 ratios may change without shareholder approval.

8

FUND BASICS

OVERALL FUND WEIGHTINGS⁴

Percentage of Net Assets as of 2/29/08

⁴  The percentage shown for each underlying fund reflects the value of that fund as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.

9

FUND BASICS

Retirement Strategy 2020 Portfolio

as of February 29, 2008

PERFORMANCE REVIEW

September 5, 2007–February 29, 2008	Portfolio Total Return (based on NAV)1
Class A		-5.31	%
Institutional		-5.13
Service		-5.28

November 30, 2007–February 29, 2008
Class R	-7.68	%
Class IR	-7.54

¹  The net asset value (NAV) represents the net assets of the class of the Portfolio (ex-dividend) divided by the total number of shares of the class outstanding. The Portfolio’s performance assumes the reinvestment of dividends and other distributions. The Portfolio’s performance does not reflect the deduction of any applicable sales charges.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS²

For the period ended 12/31/07	One Year		Since Inception			Inception Date
Class A		N/A		-4.17	%	9/5/07
Institutional		N/A		1.47		9/5/07
Service		N/A		1.31		9/5/07
Class R		N/A		-1.14		11/30/07
Class IR		N/A		-1.10		11/30/07

²  As the Portfolio has not been operating for one year, the Standardized Average Annual Total Returns are cumulative total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares. Because Institutional, Service, Class R and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

Total return figures in the above charts represent past performance and do not indicate future results, which will vary. The investment return and principal value of an investment will fluctuate and, therefore, 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 total return figures in the above charts. Please visit www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS³

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.22	%		2.63	%
Institutional		0.82			2.23
Service		1.32			2.73
Class R		1.47			2.88
Class IR		0.97			2.38

³  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Applicable 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 ratios may change without shareholder approval.

10

FUND BASICS

OVERALL FUND WEIGHTINGS⁴

Percentage of Net Assets as of 2/29/08

⁴  The percentage shown for each underlying fund reflects the value of that fund as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.

11

FUND BASICS

Retirement Strategy 2030 Portfolio

as of February 29, 2008

PERFORMANCE REVIEW

September 5, 2007–February 29, 2008	Portfolio Total Return (based on NAV)1
Class A		-6.70	%
Institutional		-6.61
Service		-6.76

November 30, 2007–February 29, 2008
Class R	-8.86	%
Class IR	-8.72

¹  The net asset value (NAV) represents the net assets of the class of the Portfolio (ex-dividend) divided by the total number of shares of the class outstanding. The Portfolio’s performance assumes the reinvestment of dividends and other distributions. The Portfolio’s performance does not reflect the deduction of any applicable sales charges.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS²

For the period ended 12/31/07	One Year		Since Inception			Inception Date
Class A		N/A		-4.50	%	9/5/07
Institutional		N/A		1.14		9/5/07
Service		N/A		0.97		9/5/07
Class R		N/A		-1.18		11/30/07
Class IR		N/A		-1.14		11/30/07

² As the Portfolio has not been operating for one year, the Standardized Average Annual Total Returns are cumulative total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares. Because Institutional, Service, Class R and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

Total return figures in the above charts represent past performance and do not indicate future results, which will vary. The investment return and principal value of an investment will fluctuate and, therefore, 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 total return figures in the above charts. Please visit www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS³

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.25	%		2.59	%
Institutional		0.85			2.19
Service		1.35			2.69
Class R		1.50			2.84
Class IR		1.00			2.34

³  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Applicable 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 ratios may change without shareholder approval.

12

FUND BASICS

OVERALL FUND WEIGHTINGS⁴

Percentage of Net Assets as of 2/29/08

⁴  The percentage shown for each underlying fund reflects the value of that fund as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.

13

FUND BASICS

Retirement Strategy 2040 Portfolio

as of February 29, 2008

PERFORMANCE REVIEW

September 5, 2007–February 29, 2008	Portfolio Total Return (based on NAV)1
Class A		-7.36	%
Institutional		-7.16
Service		-7.41

November 30, 2007-February 29, 2008
Class R	-9.41	%
Class IR	-9.27

¹  The net asset value (NAV) represents the net assets of the class of the Portfolio (ex-dividend) divided by the total number of shares of the class outstanding. The Portfolio’s performance assumes the reinvestment of dividends and other distributions. The Portfolio’s performance does not reflect the deduction of any applicable sales charges.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS²

For the period ended 12/31/07	One Year		Since Inception			Inception Date
Class A		N/A		-4.72	%	9/5/07
Institutional		N/A		1.01		9/5/07
Service		N/A		0.84		9/5/07
Class R		N/A		-1.31		11/30/07
Class IR		N/A		-1.27		11/30/07

² As the Portfolio has not been operating for one year, the Standardized Average Annual Total Returns are cumulative total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares. Because Institutional, Service, Class R and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

Total return figures in the above charts represent past performance and do not indicate future results, which will vary. The investment return and principal value of an investment will fluctuate and, therefore, 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 total return figures in the above charts. Please visit www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS³

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.26	%		2.57	%
Institutional		0.86			2.17
Service		1.36			2.67
Class R		1.51			2.82
Class IR		1.01			2.32

³  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Applicable 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 ratios may change without shareholder approval.

14

FUND BASICS

OVERALL FUND WEIGHTINGS⁴

Percentage of Net Assets as of 2/29/08

⁴  The percentage shown for each underlying fund reflects the value of that fund as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.

15

FUND BASICS

Retirement Strategy 2050 Portfolio

as of February 29, 2008

PERFORMANCE REVIEW

September 5, 2007–February 29, 2008	Portfolio Total Return (based on NAV)1
Class A		-7.70	%
Institutional		-7.50
Service		-7.75

November 30, 2007–February 29, 2008
Class R	-9.74	%
Class IR	-9.60

¹  The net asset value (NAV) represents the net assets of the class of the Portfolio (ex-dividend) divided by the total number of shares of the class outstanding. The Portfolio’s performance assumes the reinvestment of dividends and other distributions. The Portfolio’s performance does not reflect the deduction of any applicable sales charges.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS²

For the period ended 12/31/07	One Year		Since Inception			Inception Date
Class A		N/A		-4.75	%	9/5/07
Institutional		N/A		0.88		9/5/07
Service		N/A		0.72		9/5/07
Class R		N/A		-1.33		11/30/07
Class IR		N/A		-1.29		11/30/07

²  As the Portfolio has not been operating for one year, the Standardized Average Annual Total Returns are cumulative total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares. Because Institutional, Service, Class R and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

Total return figures in the above charts represent past performance and do not indicate future results, which will vary. The investment return and principal value of an investment will fluctuate and, therefore, 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 total return figures in the above charts. Please visit www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS³

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.26	%		2.58	%
Institutional		0.86			2.18
Service		1.36			2.68
Class R		1.51			2.83
Class IR		1.01			2.33

³  The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Applicable 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 ratios may change without shareholder approval.

16

FUND BASICS

OVERALL FUND WEIGHTINGS⁴

Percentage of Net Assets as of 2/29/08

⁴  The percentage shown for each underlying fund reflects the value of that fund as a percentage of net assets. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.

17

GOLDMAN SACHS RETIREMENT STRATEGY 2010 PORTFOLIO

Schedule of Investments

February 29, 2008 (Unaudited)

Shares		Description	Value
Mutual Funds (Institutional Shares) – 100.1%
Equity – 57.8%
	188,862	Goldman Sachs Structured International Equity Fund – 23.4%	$	2,525,086
	96,338	Goldman Sachs Structured Large Cap Growth Fund – 11.6%		1,253,361
	73,012	Goldman Sachs Structured Large Cap Value Fund – 8.1%		875,419
	65,914	Goldman Sachs Structured Emerging Markets Equity Fund – 5.5%		591,907
	47,911	Goldman Sachs Structured Small Cap Equity Fund – 4.7%		507,862
	18,209	Goldman Sachs International Real Estate Securities Fund – 1.7%		182,450
	18,272	Goldman Sachs Structured International Small Cap Fund – 1.5%		158,231
	9,358	Goldman Sachs Real Estate Securities Fund – 1.3%		137,936
				6,232,252
Fixed Income – 42.3%
	150,695	Goldman Sachs Inflation Protected Securities Fund – 15.5%		1,668,190
	97,327	Goldman Sachs Global Income Fund – 11.8%		1,277,899
	89,818	Goldman Sachs High Yield Fund – 6.0%		644,001
	27,863	Goldman Sachs Commodity Strategy Fund – 3.5%		379,213
	31,126	Goldman Sachs Core Fixed Income Fund – 2.8%		307,212
	18,456	Goldman Sachs Emerging Markets Debt Fund – 2.0%		217,963
	7,418	Goldman Sachs Local Emerging Markets Debt Fund – 0.7%		74,258
				4,568,736
TOTAL INVESTMENTS – 100.1%
(Cost $11,636,655)			$	10,800,988
LIABILITIES IN EXCESS OF   OTHER ASSETS – (0.1)%				(15,619	)
NET ASSETS – 100.0%			$	10,785,369

The percentage shown for each investment and investment category reflects the value of the respective investment or category as a percentage of net assets.

For information on the mutual funds and underlying mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

 The accompanying notes are an integral part of these financial statements.

18

GOLDMAN SACHS RETIREMENT STRATEGY 2015 PORTFOLIO

Schedule of Investments

February 29, 2008 (Unaudited)

Shares		Description	Value
Mutual Funds (Institutional Shares) – 98.9%
Equity – 64.4%
	191,286	Goldman Sachs Structured International Equity Fund – 25.8%	$	2,557,492
	101,893	Goldman Sachs Structured Large Cap Growth Fund – 13.3%		1,325,632
	80,114	Goldman Sachs Structured Large Cap Value Fund – 9.7%		960,569
	69,648	Goldman Sachs Structured Emerging Markets Equity Fund – 6.3%		625,441
	46,215	Goldman Sachs Structured Small Cap Equity Fund – 4.9%		489,884
	17,098	Goldman Sachs International Real Estate Securities Fund – 1.7%		171,321
	16,307	Goldman Sachs Structured International Small Cap Fund – 1.4%		141,217
	8,586	Goldman Sachs Real Estate Securities Fund – 1.3%		126,559
				6,398,115
Fixed Income – 34.5%
	104,702	Goldman Sachs Inflation Protected Securities Fund – 11.7%		1,159,054
	76,522	Goldman Sachs Global Income Fund – 10.1%		1,004,730
	77,351	Goldman Sachs High Yield Fund – 5.6%		554,605
	26,270	Goldman Sachs Commodity Strategy Fund – 3.6%		357,529
	15,537	Goldman Sachs Emerging Markets Debt Fund – 1.9%		183,494
	9,938	Goldman Sachs Core Fixed Income Fund – 1.0%		98,090
	6,308	Goldman Sachs Local Emerging Markets Debt Fund – 0.6%		63,142
				3,420,644
TOTAL INVESTMENTS – 98.9%
(Cost $10,781,197)			$	9,818,759
OTHER ASSETS IN EXCESS OF   LIABILITIES – 1.1%				111,387
NET ASSETS – 100.0%			$	9,930,146

The percentage shown for each investment and investment category reflects the value of the respective investment or category as a percentage of net assets.

For information on the mutual funds and underlying mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

The accompanying notes are an integral part of these financial statements. 

19

GOLDMAN SACHS RETIREMENT STRATEGY 2020 PORTFOLIO

Schedule of Investments

February 29, 2008 (Unaudited)

Shares		Description	Value
Mutual Funds (Institutional Shares) – 96.6%
Equity – 69.3%
	214,251	Goldman Sachs Structured International Equity Fund – 27.5%	$	2,864,530
	118,353	Goldman Sachs Structured Large Cap Growth Fund – 14.8%		1,539,776
	96,037	Goldman Sachs Structured Large Cap Value Fund – 11.0%		1,151,480
	76,284	Goldman Sachs Structured Emerging Markets Equity Fund – 6.6%		685,026
	49,397	Goldman Sachs Structured Small Cap Equity Fund – 5.0%		523,612
	17,837	Goldman Sachs International Real Estate Securities Fund – 1.7%		178,730
	16,941	Goldman Sachs Structured International Small Cap Fund – 1.4%		146,711
	8,954	Goldman Sachs Real Estate Securities Fund – 1.3%		131,983
				7,221,848
Fixed Income – 27.3%
	80,043	Goldman Sachs Inflation Protected Securities Fund – 8.5%		886,079
	60,088	Goldman Sachs Global Income Fund – 7.6%		788,957
	73,263	Goldman Sachs High Yield Fund – 5.0%		525,298
	27,216	Goldman Sachs Commodity Strategy Fund – 3.6%		370,409
	13,641	Goldman Sachs Emerging Markets Debt Fund – 1.5%		161,095
	5,737	Goldman Sachs Local Emerging Markets Debt Fund – 0.6%		57,424
	5,562	Goldman Sachs Core Fixed Income Fund – 0.5%		54,900
				2,844,162
TOTAL INVESTMENTS – 96.6%
(Cost $11,166,691)			$	10,066,010
OTHER ASSETS IN EXCESS OF LIABILITIES – 3.4%				352,549
NET ASSETS – 100.0%			$	10,418,559

The percentage shown for each investment and investment category reflects the value of the respective investment or category as a percentage of net assets.

For information on the mutual funds and underlying mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

 The accompanying notes are an integral part of these financial statements.

20

GOLDMAN SACHS RETIREMENT STRATEGY 2030 PORTFOLIO

Schedule of Investments

February 29, 2008 (Unaudited)

Shares		Description	Value
Mutual Funds (Institutional Shares) – 96.6%
Equity – 77.9%
	250,796	Goldman Sachs Structured International Equity Fund – 30.7%	$	3,353,136
	143,225	Goldman Sachs Structured Large Cap Growth Fund – 17.0%		1,863,361
	119,818	Goldman Sachs Structured Large Cap Value Fund – 13.1%		1,436,623
	87,089	Goldman Sachs Structured Emerging Markets Equity Fund – 7.2%		782,063
	54,753	Goldman Sachs Structured Small Cap Equity Fund – 5.3%		580,382
	19,165	Goldman Sachs International Real Estate Securities Fund – 1.8%		192,037
	18,814	Goldman Sachs Structured International Small Cap Fund – 1.5%		162,928
	9,608	Goldman Sachs Real Estate Securities Fund – 1.3%		141,624
				8,512,154
Fixed Income – 18.7%
	52,427	Goldman Sachs Global Income Fund – 6.3%		688,368
	65,232	Goldman Sachs High Yield Fund – 4.3%		467,711
	29,298	Goldman Sachs Commodity Strategy Fund – 3.6%		398,747
	28,172	Goldman Sachs Inflation Protected Securities Fund – 2.9%		311,869
	10,874	Goldman Sachs Emerging Markets Debt Fund – 1.2%		128,416
	4,662	Goldman Sachs Local Emerging Markets Debt Fund – 0.4%		46,662
	14	Goldman Sachs Core Fixed Income Fund – 0.0%		134
				2,041,907
TOTAL INVESTMENTS – 96.6%
(Cost $11,855,350)			$	10,554,061
OTHER ASSETS IN EXCESS OF   LIABILITIES – 3.4%				375,948
NET ASSETS – 100.0%			$	10,930,009

The percentage shown for each investment and investment category reflects the value of the respective investment or category as a percentage of net assets.

For information on the mutual funds and underlying mutual funds, please call our toll-free shareholder services line at 1-800- 526-7384 or visit us on the web at www.goldmansachsfunds.com

The accompanying notes are an integral part of these financial statements. 

21

GOLDMAN SACHS RETIREMENT STRATEGY 2040 PORTFOLIO

Schedule of Investments

February 29, 2008 (Unaudited)

Shares		Description	Value
Mutual Funds (Institutional Shares) – 98.4%
Equity – 83.9%
	247,641	Goldman Sachs Structured International Equity Fund – 33.1%	$	3,310,956
	140,495	Goldman Sachs Structured Large Cap Growth Fund – 18.3%		1,827,836
	118,674	Goldman Sachs Structured Large Cap Value Fund – 14.3%		1,422,907
	85,328	Goldman Sachs Structured Emerging Markets Equity Fund – 7.7%		766,246
	52,579	Goldman Sachs Structured Small Cap Equity Fund – 5.6%		557,337
	20,938	Goldman Sachs Structured International Small Cap Fund – 1.8%		181,320
	17,958	Goldman Sachs International Real Estate Securities Fund – 1.8%		179,935
	9,001	Goldman Sachs Real Estate Securities Fund – 1.3%		132,682
				8,379,219
Fixed Income – 14.5%
	48,606	Goldman Sachs Global Income Fund – 6.4%		638,192
	29,346	Goldman Sachs Commodity Strategy Fund – 4.0%		399,395
	42,113	Goldman Sachs High Yield Fund – 3.0%		301,950
	7,154	Goldman Sachs Emerging Markets Debt Fund – 0.8%		84,484
	2,877	Goldman Sachs Local Emerging Markets Debt Fund – 0.3%		28,794
	13	Goldman Sachs Core Fixed Income Fund – 0.0%		132
				1,452,947
TOTAL INVESTMENTS – 98.4%
(Cost $11,191,385)			$	9,832,166
OTHER ASSETS IN EXCESS OF   LIABILITIES – 1.6%				160,949
NET ASSETS – 100.0%			$	9,993,115

The percentage shown for each investment and investment category reflects the value of the respective investment or category as a percentage of net assets.

For information on the mutual funds and underlying mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

 The accompanying notes are an integral part of these financial statements.

22

GOLDMAN SACHS RETIREMENT STRATEGY 2050 PORTFOLIO

Schedule of Investments

February 29, 2008 (Unaudited)

Shares		Description	Value
Mutual Funds (Institutional Shares) – 100.3%
Equity – 89.1%
	247,024	Goldman Sachs Structured International Equity Fund – 35.3%	$	3,302,706
	139,451	Goldman Sachs Structured Large Cap Growth Fund – 19.4%		1,814,254
	118,581	Goldman Sachs Structured Large Cap Value Fund – 15.2%		1,421,784
	84,618	Goldman Sachs Structured Emerging Markets Equity Fund – 8.1%		759,866
	51,334	Goldman Sachs Structured Small Cap Equity Fund – 5.8%		544,144
	22,583	Goldman Sachs Structured International Small Cap Fund – 2.1%		195,568
	17,209	Goldman Sachs International Real Estate Securities Fund – 1.8%		172,439
	8,617	Goldman Sachs Real Estate Securities Fund – 1.4%		127,020
				8,337,781
Fixed Income – 11.2%
	29,527	Goldman Sachs Commodity Strategy Fund – 4.3%		401,857
	29,729	Goldman Sachs Global Income Fund – 4.2%		390,339
	25,718	Goldman Sachs High Yield Fund – 2.0%		184,398
	4,382	Goldman Sachs Emerging Markets Debt Fund – 0.5%		51,752
	1,749	Goldman Sachs Local Emerging Markets Debt Fund – 0.2%		17,507
	8	Goldman Sachs Core Fixed Income Fund – 0.0%		84
				1,045,937
TOTAL INVESTMENTS – 100.3%
(Cost $10,773,802)			$	9,383,718
LIABILITIES IN EXCESS OF OTHER   ASSETS – (0.3)%				(24,636	)
NET ASSETS – 100.0%			$	9,359,082

The percentage shown for each investment and investment category reflects the value of the respective investment or category as a percentage of net assets.

For information on the mutual funds and underlying mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

The accompanying notes are an integral part of these financial statements. 

23

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Statements of Assets and Liabilities

February 29, 2008 (Unaudited)

		Retirement Strategy
		2010
Assets:
Investments in securities, at value (identified cost $11,636,655, $10,781,197, $11,166,691, $11,855,350, $11,191,385 and $10,773,802, respectively)		$	10,800,988
Cash			—
Receivables:
	Portfolio shares sold		20,905
	Deferred offering costs		61,808
	Reimbursement from adviser		27,126
	Dividends		13,601
	Investment securities sold		—
Other assets			3,485
Total assets			10,927,913
Liabilities:
Due to Custodian			2,939
Payables:
	Investment securities purchased		13,637
	Amounts owed to affiliates		1,546
Accrued expenses and other liabilities			124,422
Total liabilities			142,544
Net Assets:
Paid-in capital			11,384,203
Accumulated distributions in excess of net investment income			(27,368	)
Accumulated net realized gain from investment transactions			264,201
Net unrealized loss on investments			(835,667	)
NET ASSETS		$	10,785,369
Net Assets:
	Class A	$	1,068,565
	Institutional		9,688,266
	Service		9,693
	Class R		9,416
	Class IR		9,429
Shares Outstanding:
	Class A		113,303
	Institutional		1,026,332
	Service		1,027
	Class R		1,000
	Class IR		1,000
Total shares outstanding, $0.001 par value (unlimited number of shares authorized)			1,142,662
Net asset value, offering and redemption price per share:(a)
	Class A		$9.43
	Institutional		9.44
	Service		9.43
	Class R		9.42
	Class IR		9.43

(a)  Maximum public offering price per share (NAV per share multiplied by 1.0582) for Class A Shares of the Retirement Strategy 2010 Portfolio, Retirement Strategy 2015 Portfolio, Retirement Strategy 2020 Portfolio, Retirement Strategy 2030 Portfolio, Retirement Strategy 2040 Portfolio and Retirement Strategy 2050 Portfolio is $9.98, $9.84, $9.72, $9.56, $9.49 and $9.45 respectively.

 The accompanying notes are an integral part of these financial statements.

24

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Retirement Strategy			Retirement Strategy			Retirement Strategy			Retirement Strategy			Retirement Strategy
2015			2020			2030			2040			2050
$	9,818,759		$	10,066,010		$	10,554,061		$	9,832,166		$	9,383,718
	—			27,014			32,858			—			—
	148,697			382,725			406,137			194,237			5,048
	61,808			61,808			61,808			61,808			61,808
	28,034			27,033			29,626			28,129			29,863
	10,328			8,653			6,638			4,598			2,813
	—			—			—			—			6,173
	3,485			6,017			3,485			5,994			3,706
	10,071,111			10,579,260			11,094,613			10,126,932			9,493,129
	3,863			—			—			3,281			6,173
	10,336			35,681			39,487			4,604			2,812
	1,151			465			666			489			337
	125,615			124,555			124,451			125,443			124,725
	140,965			160,701			164,604			133,817			134,047
	10,644,761			11,250,998			11,949,818			11,059,797			10,448,668
	(47,664	)		(52,420	)		(66,221	)		(74,162	)		(83,127	)
	295,487			320,662			347,701			366,699			383,625
	(962,438	)		(1,100,681	)		(1,301,289	)		(1,359,219	)		(1,390,084	)
$	9,930,146		$	10,418,559		$	10,930,009		$	9,993,115		$	9,359,082
$	330,542		$	918,638		$	1,568,512		$	703,233		$	87,938
	9,571,373			9,471,956			9,333,922			9,262,472			9,243,837
	9,578			9,477			9,330			9,269			9,234
	9,320			9,237			9,117			9,064			9,030
	9,333			9,251			9,128			9,077			9,043
	35,547			99,963			173,534			78,391			9,850
	1,028,557			1,029,169			1,032,145			1,031,820			1,034,430
	1,030			1,030			1,032			1,033			1,034
	1,004			1,006			1,010			1,013			1,013
	1,005			1,006			1,011			1,013			1,013
	1,067,143			1,132,174			1,208,732			1,113,270			1,047,340
	$9.30		$	9.19		$	9.04		$	8.97		$	8.93
	9.31			9.20			9.04			8.98			8.94
	9.30			9.20			9.04			8.97			8.93
	9.28			9.19			9.02			8.95			8.91
	9.29			9.19			9.03			8.96			8.92

The accompanying notes are an integral part of these financial statements. 

25

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Statements of Operations

For the Period Ended February 29, 2008 (Unaudited)

	Retirement
	Strategy 2010(a)
Investment income:
Dividends from Underlying Funds	$	200,175
Interest		689
Total investment income		200,864
Expenses:
Amortization of offering costs		58,192
Registration fees		33,569
Professional fees		25,315
Custody and Accounting fees		13,087
Trustee fees		8,854
Management fees		7,537
Printing fees		6,199
Transfer Agent fees(b)		2,244
Distribution and Service fees(b)		385
Service Share fees-Service Plan		12
Service Share fees-Shareholder Administration Plan		12
Other		14,721
Total expenses		170,127
Less — expense reductions		(161,735	)
Net expenses		8,392
NET INVESTMENT INCOME		192,472
Realized and unrealized gain (loss) on investment transactions:
Capital gain distributions from Underlying Funds		291,478
Net realized gain from investment transactions		28,844
Net unrealized loss on investment transactions		(835,667	)
Net realized and unrealized loss on investment transactions		(515,345	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(322,873	)

(a)	Commenced operations on September 5, 2007.
(b)	Class specific Distribution and Service, and Transfer Agent fees were as follows:

	Distribution and Service
	Fees				Transfer Agent Fees
Portfolio	Class A		Class R(c)		Class A		Institutional		Service		Class R(c)		Class IR(c)
Retirement Strategy 2010	$	373	$	12	$	284	$	1,950	$	2	$	4	$	4
Retirement Strategy 2015		60		12		45		1,945		2		4		4
Retirement Strategy 2020		159		12		120		1,940		2		4		4
Retirement Strategy 2030		326		11		247		1,932		2		4		4
Retirement Strategy 2040		167		11		126		1,929		2		4		4
Retirement Strategy 2050		21		11		16		1,927		2		4		4

(c)   Commenced operations on November 30, 2007.

 The accompanying notes are an integral part of these financial statements.

26

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Retirement			Retirement			Retirement			Retirement			Retirement
Strategy 2015(a)			Strategy 2020(a)			Strategy 2030(a)			Strategy 2040(a)			Strategy 2050(a)
$	196,454		$	195,878		$	194,677		$	191,820		$	188,532
	385			229			28			32			—
	196,839			196,107			194,705			191,852			188,532
	58,192			58,192			58,192			58,192			58,192
	33,558			33,587			33,566			33,562			33,340
	25,971			25,324			25,324			25,971			25,316
	13,132			13,070			13,023			13,015			13,015
	8,854			8,854			8,854			8,854			8,854
	7,326			7,364			7,438			7,356			7,239
	6,199			6,199			6,405			6,404			6,404
	2,000			2,070			2,189			2,065			1,953
	72			171			337			178			32
	12			12			12			12			12
	12			12			12			12			12
	14,928			14,607			14,604			14,932			14,991
	170,256			169,462			169,956			170,553			169,360
	(162,581	)		(161,590	)		(161,743	)		(162,705	)		(161,838	)
	7,675			7,872			8,213			7,848			7,522
	189,164			188,235			186,492			184,004			181,010
	324,381			353,900			389,713			407,011			420,914
	32,125			29,705			23,657			26,543			30,658
	(962,438	)		(1,100,681	)		(1,301,289	)		(1,359,219	)		(1,390,084	)
	(605,932	)		(717,076	)		(887,919	)		(925,665	)		(938,512	)
$	(416,768	)	$	(528,841	)	$	(701,427	)	$	(741,661	)	$	(757,502	)

The accompanying notes are an integral part of these financial statements. 

27

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Statements of Changes in Net Assets

		Retirement			Retirement
		Strategy 2010			Strategy 2015
		For the			For the
		Period Ended			Period Ended
		February 29,			February 29,
		2008			2008
		(Unaudited)(a)			(Unaudited)(a)
From operations:
Net investment income		$	192,472		$	189,164
Net realized gain from investment transactions and capital gain distributions from Underlying Funds			320,322			356,506
Net unrealized loss on investments			(835,667	)		(962,438	)
Net decrease in net assets resulting from operations			(322,873	)		(416,768	)
Distributions to shareholders:
From net investment income
	Class A Shares		(211	)		(224	)
	Institutional Shares		(219,004	)		(235,928	)
	Service Shares		(203	)		(220	)
	Class R(b)		(209	)		(226	)
	Class IR(b)		(213	)		(230	)
From net realized gains
	Class A Shares		(57	)		(61	)
	Institutional Shares		(55,899	)		(60,779	)
	Service Shares		(56	)		(61	)
	Class R(b)		(55	)		(59	)
	Class IR(b)		(54	)		(59	)
Total distributions to shareholders			(275,961	)		(297,847	)
From share transactions:
Net proceeds from sales of shares			11,121,114			10,346,914
Reinvestment of dividends and distributions			275,962			297,847
Cost of shares repurchased			(12,873	)		—
Net increase in net assets resulting from share transactions			11,384,203			10,644,761
TOTAL INCREASE			10,785,369			9,930,146
Net assets:
Beginning of period			—			—
End of period		$	10,785,369		$	9,930,146
Accumulated distributions in excess of net investment income		$	(27,368	)	$	(47,664	)

(a)	Commenced operations on September 5, 2007.
(b)	Commenced operations on November 30, 2007.

 The accompanying notes are an integral part of these financial statements.

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GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Retirement			Retirement			Retirement			Retirement
Strategy 2020			Strategy 2030			Strategy 2040			Strategy 2050
For the			For the			For the			For the
Period Ended			Period Ended			Year Ended			Period Ended
February 29,			February 29,			29,			February 29,
2008			2008			2008			2008
(Unaudited)(a)			(Unaudited)(a)			(Unaudited)(a)			(Unaudited)(a)
$	188,235		$	186,492		$	184,004		$	181,010
	383,605			413,370			433,554			451,572
	(1,100,681	)		(1,301,289	)		(1,359,219	)		(1,390,084	)
	(528,841	)		(701,427	)		(741,661	)		(757,502	)
	(1,048	)		(392	)		(339	)		(305	)
	(238,922	)		(251,596	)		(257,085	)		(263,073	)
	(223	)		(236	)		(242	)		(247	)
	(229	)		(242	)		(248	)		(254	)
	(233	)		(247	)		(252	)		(258	)
	(284	)		(106	)		(91	)		(82	)
	(62,474	)		(65,369	)		(66,567	)		(67,665	)
	(63	)		(66	)		(67	)		(68	)
	(61	)		(64	)		(65	)		(66	)
	(61	)		(64	)		(65	)		(66	)
	(303,598	)		(318,382	)		(325,021	)		(332,084	)
	10,959,522			11,686,357			10,763,036			10,117,287
	303,598			318,382			325,021			332,084
	(12,122	)		(54,921	)		(28,260	)		(703	)
	11,250,998			11,949,818			11,059,797			10,448,668
	10,418,559			10,930,009			9,993,115			9,359,082
	—			—			—			—
$	10,418,559		$	10,930,009		$	9,993,115		$	9,359,082
$	(52,420	)	$	(66,221	)	$	(74,162	)	$	(83,127	)

The accompanying notes are an integral part of these financial statements. 

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GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Notes to Financial Statements

February 29, 2008 (Unaudited)

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end, management investment company. The Trust includes Goldman Sachs Retirement Strategy 2010 Portfolio, Goldman Sachs Retirement Strategy 2015 Portfolio, Goldman Sachs Retirement Strategy 2020 Portfolio, Goldman Sachs Retirement Strategy 2030 Portfolio, Goldman Sachs Retirement Strategy 2040 Portfolio and Goldman Sachs Retirement Strategy 2050 Portfolio (collectively, the “Portfolios” or, individually, a “Portfolio”), which commenced operations on September 5, 2007. The Portfolios are diversified portfolios offering five classes of shares – Class A, Institutional, Service, Class R and Class IR Shares. Class A Shares of the Portfolios are sold with a front-end sales charge of up to 5.50%. Institutional, Service, Class R and Class IR Shares of the Portfolios are not subject to a sales charge. Goldman, Sachs & Co. (“Goldman Sachs”), as distributor of the Portfolios, receives such sales charges of which a certain portion may be retained. Goldman Sachs Asset Management, L.P., (“GSAM”), an affiliate of Goldman Sachs, serves as Investment Adviser pursuant to a Management Agreement (the “Agreement”) with the Trust on behalf of the Portfolios. Class R and Class IR Shares of the Portfolios commenced operations on November 30, 2007.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies consistently followed by the Portfolios. The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that may affect the reported amounts. Actual results could differ from those estimates.

A. Investment Valuation — Each Portfolio invests in a combination of underlying mutual funds (the “Underlying Funds”) for which GSAM and Goldman Sachs Asset Management International (“GSAMI”), affiliates of Goldman Sachs, act as investment advisers. Investments in the Underlying Funds are valued at the net asset value per share of the Institutional Share class of each Underlying Fund on the day of valuation. Because each Portfolio invests primarily in other mutual funds, which fluctuate in value, the Portfolios’ shares will correspondingly fluctuate in value. The investment valuation policy of the Portfolios is to value investments at market value. The Underlying Funds may invest in fixed income securities which, if market quotations are readily available, are valued at market value on the basis of quotations furnished by a pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which considers yield or price with respect to comparable bonds, quotations from bond dealers or by reference to other securities that are considered comparable in such characteristics as rating, interest rate and maturity date, to determine fair value. If accurate quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, that fair value of the Funds’ investments may be determined based on yield equivalents, a pricing matrix or other sources, under valuation procedures established by the Trustees. The Underlying Funds may also invest in equity securities and investment companies. Investments in equity securities and investment companies traded on a U.S. securities exchange or the NASDAQ system or investments in securities traded on a foreign securities exchange for which an independent fair value service cannot provide a quote are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, such securities and investment companies are valued at the last bid price. The Underlying Funds may also invest in foreign securities traded on a foreign equity securities exchange that are valued daily at fair value determined by an independent service (if available) under valuation procedures approved by the Trustees consistent with applicable regulatory guidance. Short-term debt obligations maturing in sixty days or less are valued at amortized cost, which approximates market value.

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GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

     In addition, GSAM, consistent with its procedures and applicable regulatory guidance, may (but need not) determine to make an adjustment to the previous closing prices of either domestic or foreign securities in light of significant events, to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. Significant events that could affect a large number of securities in a particular market may include, but are not limited to, situations relating to one or more single issuers in a market sector, significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions or market closings; equipment failures; natural or man made disasters or acts of God; armed conflicts; governmental actions or other developments; as well as the same or similar events which may affect specific issuers or the securities markets even though not tied directly to the securities markets. Other significant events that could relate to a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; corporate announcements, including those relating to earnings, products and regulatory news; significant litigation; low trading volume; trading units; or suspensions.

B. Securities Transactions and Investment Income — Purchases and sales of the Underlying Funds are reflected for financial reporting purposes as of the trade date. Realized gains and losses on sales of the Underlying Funds are calculated using the identified cost basis. Dividend income and capital gains distributions from the Underlying Funds are recorded on the ex-dividend date. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted. Net investment income (other than class-specific expenses) and unrealized and realized gains or losses are allocated daily to each class of shares of the respective Portfolio based upon the relative proportion of net assets of each class.

C. Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Portfolio of the Trust are allocated to the Portfolios based on a straight-line and/or “pro-rata” basis depending upon the nature of the expense. Expenses included in the accompanying financial statements reflect the expenses of each Portfolio and do not include any expenses associated with the Underlying Funds. Because the Underlying Funds have varied expense and fee levels and the Portfolios may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by each Portfolio will vary.

     Class A and Class R Shareholders of the Portfolios bear all expenses and fees relating to their respective Distribution and Service Plans. Service Shares bear all expenses and fees relating to their Service and Shareholder Administration Plans. Each class of shares of the Portfolios separately bears its respective class-specific Transfer Agency fees.

D. Federal Taxes and Distributions to Shareholders — It is each Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, no federal tax provisions are required.

     The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with Federal income tax rules, which may differ from GAAP. Therefore, the source of a Portfolio’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gains, or as a tax return of capital.

     The Portfolios adopted Financial Accounting Standards Board (FASB) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” (FIN 48), on February 29, 2008. FIN 48 establishes financial accounting and disclosure requirements for recognition and measurement of tax positions taken or expected to be taken on an income tax return. GSAM has reviewed the tax position for the open tax year ending August 31, 2008 and has determined that the implementation of FIN 48 did not have a material impact on the Portfolios’ financial statements.

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GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Notes to Financial Statements (continued)

February 29, 2008 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

E. Dividend Distributions to Shareholders — Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid annually.

F. Offering Costs — Offering costs paid in connection with the offering of shares of the Portfolios are amortized on a straight-line basis over 12 months from the date of commencement of operations.

3. AGREEMENTS

A. Management Agreement — Under the Agreement, GSAM manages the Portfolios, subject to the general supervision of the Trust’s Board of Trustees.

     As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administering the Portfolios’ business affairs, including providing facilities, GSAM is entitled to a fee (“Management Fee”), computed daily and payable monthly, equal to an annual percentage rate of 0.15% of the Portfolios’ average daily net assets. GSAM has voluntarily agreed not to impose a portion of the Management fee equal to 0.05% of the Portfolios’ average daily net assets.

B. Distribution Agreement and Service Plan — Goldman Sachs serves as Distributor of the shares of the Portfolios pursuant to a Distribution Agreement. Goldman Sachs may receive a portion of the Class A sales load. During the period ended February 29, 2008, Goldman Sachs advised the Portfolios that it retained approximately $0, $700, $300, $100, $100, and $0, respectively, for the Retirement Strategy 2010, Retirement Strategy 2015, Retirement Strategy 2020, Retirement Strategy 2030, Retirement Strategy 2040 and Retirement Strategy 2050 Portfolios in relation to these sales load charges.

     The Trust, on behalf of each Portfolio, has adopted Distribution and Service Plans (the “Plans”). Under the Plans, Goldman Sachs and/or authorized dealers are entitled to a monthly fee for distribution services equal to, on an annual basis, 0.25% and 0.50% of each Portfolio’s average daily net assets attributable to Class A and Class R Shares, respectively. With respect to Class R and Class A shares, the distributor at its discretion may use compensation for distribution services paid under the Distribution and Service Plan for personal and account maintenance services and expenses so long as such total compensation under the Plan does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

C. Transfer Agency Agreement — Goldman Sachs also serves as the Transfer Agent to the Portfolios for a fee. Fees charged for such transfer agency services are calculated daily and payable monthly at an annual rate as follows: 0.19% of the average daily net assets for Class A, Class R and Class IR Shares and 0.04% of the average daily net assets for Institutional and Service Shares.

D. Service Plan and Shareholder Administration Plan — The Trust, on behalf of each Portfolio, has adopted a Service Plan and a Shareholder Administration Plan for Service Shares. These plans allow for Service Shares to compensate service organizations for providing varying levels of personal and account administration and shareholder administration services to their customers who are beneficial owners of such shares. The Service Plan and Shareholder Administration Plan each provide for compensation to the service organizations in an amount equal to, on an annual basis, 0.25% of the average daily net assets of the Service Shares.

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GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

3. AGREEMENTS (continued)

E. Other Agreements — Additionally, GSAM has voluntarily agreed to limit certain “Other Expenses” of the Portfolios (excluding Management fees, Distribution and Service fees, Transfer Agent fees and expenses, taxes, interest, brokerage fees and litigation, Service Share fees, indemnification, shareholder proxy meeting and other extraordinary expenses exclusive of any custody and transfer agent expense reductions) to the extent that such expenses exceed, on an annual basis, 0.014% of each Portfolio’s average daily net assets. Such expense reimbursements, if any, are computed daily and paid monthly. In addition, the Portfolios are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any.

     For the period ended February 29, 2008, GSAM has voluntarily agreed to waive certain management fees and agreed to reimburse other expenses. These expense reductions were as follows (in thousands):

	Management		Other Expense		Total Expense
Portfolio	Fee Waiver		Reimbursement		Reductions
Retirement Strategy 2010	$	3	$	159	$	162
Retirement Strategy 2015		3		160		163
Retirement Strategy 2020		3		159		162
Retirement Strategy 2030		3		159		162
Retirement Strategy 2040		3		160		163
Retirement Strategy 2050		3		159		162

     At February 29, 2008, the amounts owed to affiliates were as follows (in thousands):

			Distribution
	Management		and Service		Transfer
Portfolio	Fees		Fees		Agent Fees		Total
Retirement Strategy 2010	$	1		—*	$	1	$	2
Retirement Strategy 2015		1		—*		—*		1
Retirement Strategy 2020		—*		—*		—*		—*
Retirement Strategy 2030		—*		—*		1		1
Retirement Strategy 2040		—*		—*		—*		—*
Retirement Strategy 2050		—*		—*		—*		—*

*  Amount is less than $500.

33

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Notes to Financial Statements (continued)

February 29, 2008 (Unaudited)

4. PORTFOLIO SECURITY TRANSACTIONS

The cost of purchases and proceeds from sales of the Underlying Funds for the period ended February 29, 2008, were as follows:

Portfolio	Purchases		Sales
Retirement Strategy 2010	$	13,635,478	$	2,027,666
Retirement Strategy 2015		12,759,750		2,010,678
Retirement Strategy 2020		13,089,056		1,952,070
Retirement Strategy 2030		13,732,957		1,901,264
Retirement Strategy 2040		13,003,674		1,838,832
Retirement Strategy 2050		12,533,755		1,790,611

5. TAX INFORMATION

At February 29, 2008, the Portfolios’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Retirement			Retirement			Retirement			Retirement			Retirement			Retirement
	Strategy			Strategy			Strategy			Strategy			Strategy			Strategy
	2010			2015			2020			2030			2040			2050
Tax Cost	$	11,636,655		$	10,781,197		$	11,166,691		$	11,855,350		$	11,191,385		$	10,773,802
Gross unrealized security gain		256,738			212,498			181,872			129,235			105,470			103,406
Gross unrealized security loss		(1,092,405	)		(1,174,936	)		(1,282,553	)		(1,430,524	)		(1,464,689	)		(1,493,490	)
Net unrealized security loss	$	(835,667	)	$	(962,438	)	$	(1,100,681	)	$	(1,301,289	)	$	(1,359,219	)	$	(1,390,084	)

6. OTHER MATTERS

Underlying Fund’s Concentration — The Portfolios do not invest in the Underlying Funds for the purpose of exercising management or control; however, investments by the Portfolios within their principal investment strategies may represent a significant portion of each Underlying Fund’s net assets. As of February 29, 2008, none of the Portfolios were the owners of record of 5% or more of the total outstanding voting shares of the Underlying Funds. As of February 29, 2008, Goldman Sachs Group, Inc. (“GSG”) was the beneficial owner of the Retirement Strategies Portfolios as follows:

	Retirement		Retirement		Retirement		Retirement		Retirement		Retirement
Share Class	Strategy 2010		Strategy 2015		Strategy 2020		Strategy 2030		Strategy 2040		Strategy 2050
Class A		—%		3%		1%		—%		1%		10%
Institutional		97%		97%		97%		97%		97%		96%
Service Class		97%		97%		97%		97%		97%		97%
Class R		10%		10%		10%		10%		10%		10%
Class IR		10%		10%		10%		10%		10%		10%

34

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

6. OTHER MATTERS (continued)

New Accounting Pronouncements — On September 15, 2006, the FASB released Statement Financial Accounting Standard No. 157, “Fair Value Measurements” (“FAS 157”), which provides enhanced guidance for using fair value to measure assets and liabilities. FAS 157 requires companies to provide expanded information about the assets and liabilities measured at fair value and the potential effect of these fair valuations on an entity’s financial performance. FAS 157 does not expand the use of fair value in any new circumstances, but provides clarification on acceptable fair valuation methods and applications. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007. GSAM does not believe the adoption of FAS 157 will impact the amounts reported in the financial statements; however, additional disclosures will be required.

35

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Notes to Financial Statements (continued)

February 29, 2008 (Unaudited)

7. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Retirement Strategy						Retirement Strategy
	2010 Portfolio(a)						2015 Portfolio(a)
	For the Period Ended						For the Period Ended
	February 29, 2008						February 29, 2008
	Shares			Dollars			Shares		Dollars
Class A Shares
Shares sold		114,646		$	1,109,094			35,518	$	336,894
Reinvestment of dividends and distributions		28			268			29		285
Shares repurchased		(1,371	)		(12,873	)		—		—
		113,303			1,096,489			35,547		337,179
Institutional Shares
Shares sold		998,195			9,982,010			998,000		9,980,010
Reinvestment of dividends and distributions		28,137			274,903			30,557		296,706
		1,026,332			10,256,913			1,028,557		10,276,716
Service Shares
Shares sold		1,001			10,010			1,001		10,010
Reinvestment of dividends and distributions		26			259			29		281
		1,027			10,269			1,030		10,291
Class R Shares(b)
Shares sold		973			10,000			975		10,000
Reinvestment of dividends and distributions		27			264			29		286
		1,000			10,264			1,004		10,286
Class IR Shares(b)
Shares sold		973			10,000			975		10,000
Reinvestment of dividends and distributions		27			268			30		289
		1,000			10,268			1,005		10,289
NET INCREASE		1,142,662		$	11,384,203			1,067,143	$	10,644,761

(a)	Commenced operations on September 5, 2007.
(b)	Commenced operations on November 30, 2007.

36

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Retirement Strategy						Retirement Strategy						Retirement Strategy						Retirement Strategy
2020 Portfolio(a)						2030 Portfolio(a)						2040 Portfolio(a)						2050 Portfolio(a)
For the Period Ended						For the Period Ended						For the Period Ended						For the Period Ended
February 29, 2008						February 29, 2008						February 29, 2008						February 29, 2008
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
	101,140		$	949,502			179,696		$	1,666,337			81,554		$	753,016			9,885		$	90,437
	138			1,331			52			497			45			430			40			387
	(1,315	)		(12,122	)		(6,214	)		(54,921	)		(3,208	)		(28,260	)		(75	)		(703	)
	99,963			938,711			173,534			1,611,913			78,391			725,186			9,850			90,121
	998,001			9,980,010			999,128			9,990,010			998,001			9,980,010			999,798			9,996,840
	31,168			301,396			33,017			316,965			33,819			323,652			34,632			330,738
	1,029,169			10,281,406			1,032,145			10,306,975			1,031,820			10,303,662			1,034,430			10,327,578
	1,001			10,010			1,001			10,010			1,001			10,010			1,001			10,010
	29			286			31			302			32			308			33			315
	1,030			10,296			1,032			10,312			1,033			10,318			1,034			10,325
	976			10,000			978			10,000			980			10,000			979			10,000
	30			290			32			307			33			313			34			320
	1,006			10,290			1,010			10,307			1,013			10,313			1,013			10,320
	975			10,000			979			10,000			979			10,000			979			10,000
	31			295			32			311			34			318			34			324
	1,006			10,295			1,011			10,311			1,013			10,318			1,013			10,324
	1,132,174		$	11,250,998			1,208,732		$	11,949,818			1,113,270		$	11,059,797			1,047,340		$	10,448,668

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GOLDMAN SACHS RETIREMENT STRATEGY 2010 PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from								Distributions
			investment operations								to shareholders
	Net asset
	value,		Net		Net realized			Total from			From net			From net
	beginning		investment		and unrealized			investment			investment			realized			Total
Year - Share Class	of period		income(a)(b)		loss			operations			income			gains			distributions
FOR THE PERIODS ENDED FEBRUARY 29, (UNAUDITED)
2008 - A (commenced September 5, 2007)	$	10.00	$	0.06	$	(0.37	)	$	(0.31	)	$	(0.20	)	$	(0.06	)	$	(0.26	)
2008 - Institutional (commenced September 5, 2007)		10.00		0.19		(0.47	)		(0.28	)		(0.22	)		(0.06	)		(0.28	)
2008 - Service (commenced September 5, 2007)		10.00		0.17		(0.48	)		(0.31	)		(0.20	)		(0.06	)		(0.26	)
2008 - R (commenced November 30, 2007)		10.28		0.13		(0.72	)		(0.59	)		(0.21	)		(0.06	)		(0.27	)
2008 - IR (commenced November 30, 2007)		10.28		0.15		(0.72	)		(0.57	)		(0.22	)		(0.06	)		(0.28	)

(a)	Calculated based on the average shares outstanding methodology.
(b)	Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.
(c)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
(d)	Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.
(e)	Annualized.

 The accompanying notes are an integral part of these financial statements.

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GOLDMAN SACHS RETIREMENT STRATEGY 2010 PORTFOLIO

													Ratios assuming no
													expense reductions
										Ratio of						Ratio of
					Net assets,		Ratio of			net investment			Ratio of			net investment
Net asset					end of		net expenses			income			total expenses			income (loss)			Portfolio
value, end		Total			period		to average			to average			to average			to average			turnover
of period		return(c)			(in 000s)		net assets(d)			net assets(b)			net assets(d)			net assets(b)(e)			rate
$	9.43		(3.16	)%	$	1,069		0.55	%(e)		3.97	%(e)		3.79	%(e)		0.73	%(e)		19	%
	9.44		(2.94	)		9,688		0.15	(e)		3.92	(e)		3.39	(e)		0.68	(e)		19
	9.43		(3.20	)		10		0.65	(e)		3.44	(e)		3.89	(e)		0.20	(e)		19
	9.42		(5.82	)		9		0.80	(e)		5.51	(e)		3.96	(e)		2.35	(e)		19
	9.43		(5.68	)		9		0.30	(e)		6.03	(e)		3.43	(e)		2.87	(e)		19

The accompanying notes are an integral part of these financial statements. 

39

GOLDMAN SACHS RETIREMENT STRATEGY 2015 PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from								Distributions
			investment operations								to shareholders
	Net asset
	value,		Net		Net realized			Total from			From net			From net
	beginning		investment		and unrealized			investment			investment			realized			Total
Year - Share Class	of period		income(a)(b)		loss			operations			income			gains			distributions
FOR THE PERIODS ENDED FEBRUARY 29, (UNAUDITED)
2008 - A (Commenced September 5, 2007)	$	10.00	$	0.08	$	(0.50	)	$	(0.42	)	$	(0.22	)	$	(0.06	)	$	(0.28	)
2008 - Institutional (Commenced September 5, 2007)		10.00		0.19		(0.58	)		(0.39	)		(0.24	)		(0.06	)		(0.30	)
2008 - Service (Commenced September 5, 2007)		10.00		0.16		(0.58	)		(0.42	)		(0.22	)		(0.06	)		(0.28	)
2008 - R (Commenced November 30, 2007)		10.26		0.14		(0.83	)		(0.69	)		(0.23	)		(0.06	)		(0.29	)
2008 - IR (Commenced November 30, 2007)		10.26		0.15		(0.82	)		(0.67	)		(0.24	)		(0.06	)		(0.30	)

(a)	Calculated based on the average shares outstanding methodology.
(b)	Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends of the Underlying Funds in which the Portfolio invests.
(c)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
(d)	Expense ratios exclude expenses of the Underlying Funds in which the Portfolio invests.
(e)	Annualized.

 The accompanying notes are an integral part of these financial statements.

40

GOLDMAN SACHS RETIREMENT STRATEGY 2015 PORTFOLIO

													Ratios assuming no
													expense reductions
										Ratio of						Ratio of
					Net assets,		Ratio of			net investment			Ratio of			net investment
Net asset					end of		net expenses			income			total expenses			income (loss)			Portfolio
value, end		Total			period		to average			to average			to average			to average			turnover
of period		return(c)			(in 000s)		net assets(d)			net assets(b)			net assets(d)			net assets(b)			rate
$	9.30		(4.27	)%	$	331		0.55	%(e)		3.41	%(e)		3.89	%(e)		0.07	%(e)		20	%
	9.31		(4.05	)		9,571		0.15	(e)		3.90	(e)		3.49	(e)		0.56	(e)		20
	9.30		(4.31	)		10		0.65	(e)		3.42	(e)		3.99	(e)		0.08	(e)		20
	9.28		(6.82	)		9		0.80	(e)		5.72	(e)		4.17	(e)		2.35	(e)		20
	9.29		(6.68	)		9		0.30	(e)		6.28	(e)		3.67	(e)		2.91	(e)		20

The accompanying notes are an integral part of these financial statements. 

41

GOLDMAN SACHS RETIREMENT STRATEGY 2020 PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from								Distributions
			investment operations								to shareholders
	Net asset
	value,		Net		Net realized			Total from			From net			From net
	beginning		investment		and unrealized			investment			investment			realized			Total
Year - Share Class	of period		income(a)(b)		loss			operations			income			gains			distributions
FOR THE PERIODS ENDED FEBRUARY 29, (UNAUDITED)
2008 - A (Commenced September 5, 2007)	$	10.00	$	0.07	$	(0.59	)	$	(0.52	)	$	(0.23	)	$	(0.06	)	$	(0.29	)
2008 - Institutional (Commenced September 5, 2007)		10.00		0.18		(0.68	)		(0.50	)		(0.24	)		(0.06	)		(0.30	)
2008 - Service (Commenced September 5, 2007)		10.00		0.16		(0.68	)		(0.52	)		(0.22	)		(0.06	)		(0.28	)
2008 - R (Commenced November 30, 2007)		10.25		0.14		(0.90	)		(0.76	)		(0.24	)		(0.06	)		(0.30	)
2008 - IR (Commenced November 30, 2007)		10.25		0.16		(0.92	)		(0.76	)		(0.24	)		(0.06	)		(0.30	)

(a)	Calculated based on the average shares outstanding methodology.
(b)	Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.
(c)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
(d)	Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.
(e)	Annualized.

 The accompanying notes are an integral part of these financial statements.

42

GOLDMAN SACHS RETIREMENT STRATEGY 2020 PORTFOLIO

													Ratios assuming no
													expense reductions
										Ratio of						Ratio of
					Net assets,		Ratio of			net investment			Ratio of			net investment
Net asset					end of		net expenses			income			total expenses			income (loss)			Portfolio
value, end		Total			period		to average			to average			to average			to average			turnover
of period		return(c)			(in 000s)		net assets(d)			net assets(b)			net assets(d)			net assets(b)			rate
$	9.19		(5.31	)%	$	919		0.55	%(e)		3.32	%(e)		3.85	%(e)		0.02	%(e)		19	%
	9.20		(5.13	)		9,472		0.15	(e)		3.87	(e)		3.45	(e)		0.57	(e)		19
	9.20		(5.28	)		10		0.65	(e)		3.37	(e)		3.95	(e)		0.07	(e)		19
	9.19		(7.68	)		9		0.80	(e)		5.89	(e)		4.12	(e)		2.58	(e)		19
	9.19		(7.54	)		9		0.30	(e)		6.47	(e)		3.61	(e)		3.16	(e)		19

The accompanying notes are an integral part of these financial statements. 

43

GOLDMAN SACHS RETIREMENT STRATEGY 2030 PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from								Distributions
			investment operations								to shareholders
	Net asset
	value,		Net		Net realized			Total from			From net			From net
	beginning		investment		and unrealized			investment			investment			realized			Total
Year - Share Class	of period		income(a)(b)		loss			operations			income			gains			distributions
FOR THE PERIODS ENDED FEBRUARY 29, (UNAUDITED)
2008 - A (Commenced September 5, 2007)	$	10.00	$	0.02	$	(0.67	)	$	(0.65	)	$	(0.24	)	$	(0.07	)	$	(0.31	)
2008 - Institutional (Commenced September 5, 2007)		10.00		0.18		(0.82	)		(0.64	)		(0.25	)		(0.07	)		(0.32	)
2008 - Service (Commenced September 5, 2007)		10.00		0.16		(0.81	)		(0.65	)		(0.24	)		(0.07	)		(0.31	)
2008 - R (Commenced November 30, 2007)		10.22		0.15		(1.03	)		(0.88	)		(0.25	)		(0.07	)		(0.32	)
2008 - IR (Commenced November 30, 2007)		10.22		0.16		(1.03	)		(0.87	)		(0.25	)		(0.07	)		(0.32	)

(a)	Calculated based on the average shares outstanding methodology.
(b)	Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying Funds in which the Portfolio invests.
(c)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
(d)	Expense ratios exclude expenses of the Underlying Funds in which the Portfolio invests.
(e)	Annualized.

 The accompanying notes are an integral part of these financial statements.

44

GOLDMAN SACHS RETIREMENT STRATEGY 2030 PORTFOLIO

													Ratios assuming no
													expense reductions
										Ratio of						Ratio of
					Net assets,		Ratio of			net investment			Ratio of			net investment
Net asset					end of		net expenses			income			total expenses			income (loss)			Portfolio
value, end		Total			period		to average			to average			to average			to average			turnover
of period		return(c)			(in 000s)		net assets(d)			net assets(b)			net assets(d)			net assets(b)			rate
$	9.04		(6.70	)%	$	1,569		0.55	%(e)		3.33	%(e)		3.82	%(e)		0.06	%(e)		18	%
	9.04		(6.61	)		9,334		0.15	(e)		3.86	(e)		3.42	(e)		0.59	(e)		18
	9.04		(6.76	)		9		0.65	(e)		3.37	(e)		3.92	(e)		0.10	(e)		18
	9.02		(8.86	)		9		0.80	(e)		6.18	(e)		4.01	(e)		2.94	(e)		18
	9.03		(8.72	)		9		0.30	(e)		6.65	(e)		3.61	(e)		3.41	(e)		18

The accompanying notes are an integral part of these financial statements. 

45

GOLDMAN SACHS RETIREMENT STRATEGY 2040 PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from								Distributions
			investment operations								to shareholders
	Net asset
	value,		Net		Net realized			Total from			From net			From net
	beginning		investment		and unrealized			investment			investment			realized			Total
Year - Share Class	of period		income(a)(b)		loss			operations			income			gains			distributions
FOR THE PERIODS ENDED FEBRUARY 29, (UNAUDITED)
2008 - A (Commenced September 5, 2007)	$	10.00	$	0.02	$	(0.73	)	$	(0.71	)	$	(0.25	)	$	(0.07	)	$	(0.32	)
2008 - Institutional (Commenced September 5, 2007)		10.00		0.18		(0.87	)		(0.69	)		(0.26	)		(0.07	)		(0.33	)
2008 - Service (Commenced September 5, 2007)		10.00		0.16		(0.88	)		(0.72	)		(0.24	)		(0.07	)		(0.31	)
2008 - R (Commenced November 30, 2007)		10.21		0.15		(1.09	)		(0.94	)		(0.25	)		(0.07	)		(0.32	)
2008 - IR (Commenced November 30, 2007)		10.21		0.16		(1.08	)		(0.92	)		(0.26	)		(0.07	)		(0.33	)

(a)	Calculated based on the average shares outstanding methodology.
(b)	Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the Underlying Funds in which the Portfolio invests.
(c)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
(d)	Expense ratios exclude expenses of the Underlying Funds in which the Portfolio invests.
(e)	Annualized.

 The accompanying notes are an integral part of these financial statements.

46

GOLDMAN SACHS RETIREMENT STRATEGY 2040 PORTFOLIO

													Ratios assuming no
													expense reductions
										Ratio of						Ratio of
					Net assets,		Ratio of			net investment			Ratio of			net investment
Net asset					end of		net expenses			income			total expenses			income (loss)			Portfolio
value, end		Total			period		to average			to average			to average			to average			turnover
of period		return(c)			(in 000s)		net assets(d)			net assets(b)			net assets(d)			net assets(b)			rate
$	8.97		(7.36	)%	$	703		0.55	%(e)		3.25	%(e)		3.84	%(e)		0.01	%(e)		18	%
	8.98		(7.16	)		9,263		0.15	(e)		3.78	(e)		3.44	(e)		0.49	(e)		18
	8.97		(7.41	)		9		0.65	(e)		3.30	(e)		3.94	(e)		0.01	(e)		18
	8.95		(9.41	)		9		0.80	(e)		6.22	(e)		4.17	(e)		2.85	(e)		18
	8.96		(9.27	)		9		0.30	(e)		6.76	(e)		3.67	(e)		3.39	(e)		18

The accompanying notes are an integral part of these financial statements. 

47

GOLDMAN SACHS RETIREMENT STRATEGY 2050 PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from								Distributions
			investment operations								to shareholders
	Net asset
	value,		Net		Net realized			Total from			From net			From net
	beginning		investment		and unrealized			investment			investment			realized			Total
Year - Share Class	of period		income(a)(b)		loss			operations			income			gains			distributions
FOR THE PERIODS ENDED FEBRUARY 29, (UNAUDITED)
2008 - A (Commenced September 5, 2007)	$	10.00	$	0.10	$	(0.85	)	$	(0.75	)	$	(0.25	)	$	(0.07	)	$	(0.32	)
2008 - Institutional (Commenced September 5, 2007)		10.00		0.18		(0.91	)		(0.73	)		(0.26	)		(0.07	)		(0.33	)
2008 - Service (Commenced September 5, 2007)		10.00		0.15		(0.90	)		(0.75	)		(0.25	)		(0.07	)		(0.32	)
2008 - R (Commenced November 30, 2007)		10.21		0.15		(1.12	)		(0.97	)		(0.26	)		(0.07	)		(0.33	)
2008 - IR (Commenced November 30, 2007)		10.21		0.16		(1.12	)		(0.96	)		(0.26	)		(0.07	)		(0.33	)

(a)	Calculated based on the average shares outstanding methodology.
(b)	Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.
(c)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares.
(d)	Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.
(e)	Annualized.

 The accompanying notes are an integral part of these financial statements.

48

GOLDMAN SACHS RETIREMENT STRATEGY 2050 PORTFOLIO

													Ratios assuming no
													expense reductions
										Ratio of						Ratio of
					Net assets,		Ratio of			net investment			Ratio of			net investment
Net asset					end of		net expenses			income			total expenses			income (loss)			Portfolio
value, end		Total			period		to average			to average			to average			to average			turnover
of period		return(c)			(in 000s)		net assets(d)			net assets(b)			net assets(d)			net assets(b)			rate
$	8.93		(7.70	)%	$	88		0.55	%(e)		3.69	%(e)		3.92	%(e)		0.33	%(e)		18	%
	8.94		(7.50	)		9,244		0.15	(e)		3.76	(e)		3.52	(e)		0.40	(e)		18
	8.93		(7.75	)		9		0.65	(e)		3.28	(e)		4.02	(e)		(0.08	)(e)		18
	8.91		(9.74	)		9		0.80	(e)		6.25	(e)		4.22	(e)		2.83	(e)		18
	8.92		(9.60	)		9		0.30	(e)		6.77	(e)		3.70	(e)		3.35	(e)		18

The accompanying notes are an integral part of these financial statements. 

49

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Fund Expenses (Unaudited) — Period Ended February 29, 2008

          As a shareholder of Class A, Institutional, Service, Class R or Class IR Shares of the Portfolios you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (with respect to Class A Shares), and redemption fees (if any); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (with respect to Class A and Class R Shares); and other Portfolio expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Institutional, Service, Class R and Class IR Shares of the Portfolios and to compare these costs with the ongoing costs of investing in other mutual funds.

          The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 5, 2007 (commencement of operations) through February 29, 2008.

          Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

          Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Portfolios’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Portfolios’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolios and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

          Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees and do not include expenses of the Underlying Funds in which the Portfolios invest. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Retirement Strategy 2010 Portfolio							Retirement Strategy 2015 Portfolio							Retirement Strategy 2020 Portfolio							Retirement Strategy 2030 Portfolio							Retirement Strategy 2040 Portfolio
						Expenses							Expenses							Expenses							Expenses							Expenses
						Paid for							Paid for							Paid for							Paid for							Paid for
	Beginning		Ending			the		Beginning		Ending			the		Beginning		Ending			the		Beginning		Ending			the		Beginning		Ending			the
	Account		Account			period		Account		Account			period		Account		Account			period		Account		Account			period		Account		Account			period
	Value		Value			ended		Value		Value			ended		Value		Value			ended		Value		Value			ended		Value		Value			ended
Share Class	9/5/07		2/29/08			2/29/08*		9/5/07		2/29/08			2/29/08*		9/5/07		2/29/08			2/29/08*		9/5/07		2/29/08			2/29/08*		9/5/07		2/29/08			2/29/08*
Class A
Actual	$	1,000	$	968.40		$	2.63	$	1,000	$	957.30		$	2.67	$	1,000	$	946.90		$	2.60	$	1,000	$	933.00		$	2.59	$	1,000	$	926.40		$	2.58
Hypothetical (5% return)		1,000		1,021.61	+		2.70		1,000		1,021.61	+		2.76		1,000		1,021.61	+		2.70		1,000		1,021.61	+		2.70		1,000		1,021.61	+		2.70
Institutional
Actual		1,000		970.60			0.74		1,000		959.50			0.74		1,000		948.70			0.73		1,000		933.90			0.73		1,000		928.40			0.75
Hypothetical (5% return)		1,000		1,023.56	+		0.76		1,000		1,023.56	+		0.76		1,000		1,023.56	+		0.76		1,000		1,023.56	+		0.76		1,000		1,023.56	+		0.78
Service
Actual		1,000		968.00			3.11		1,000		956.90			3.09		1,000		947.20			3.08		1,000		932.40			3.05		1,000		925.90			3.04
Hypothetical (5% return)		1,000		1,021.16	+		3.19		1,000		1,021.16	+		3.19		1,000		1,021.16	+		3.19		1,000		1,021.16	+		3.19		1,000		1,021.16	+		3.19
Class R#
Actual		1,000		941.80			1.94		1,000		931.80			1.94		1,000		923.20			1.93		1,000		911.40			1.92		1,000		905.90			1.92
Hypothetical (5% return)		1,000		1,010.57	+		2.01		1,000		1,010.56	+		2.02		1,000		1,010.56	+		2.02		1,000		1,010.56	+		2.02		1,000		1,010.56	+		2.02
Class IR#
Actual		1,000		943.20			0.73		1,000		933.20			0.73		1,000		924.60			0.73		1,000		912.80			0.72		1,000		907.30			0.72
Hypothetical (5% return)		1,000		1,012.57	+		0.76		1,000		1,012.57	+		0.76		1,000		1,012.57	+		0.76		1,000		1,012.57	+		0.76		1,000		1,012.57	+		0.76

50

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Fund Expenses (Unaudited) — Period Ended February 29, 2008 (continued)

	Retirement Strategy 2050 Portfolio
						Expenses
						Paid for
	Beginning		Ending			the
	Account		Account			period
	Value		Value			ended
Share Class	9/5/07		2/29/08			2/29/08*
Class A
Actual	$	1,000	$	923.00		$	2.58
Hypothetical 5% return		1,000		1,021.61	+		2.71
Institutional
Actual		1,000		925.00			0.72
Hypothetical 5% return		1,000		1,023.56	+		0.76
Service
Actual		1,000		922.50			3.05
Hypothetical 5% return		1,000		1,021.16	+		3.20
Class R#
Actual		1,000		902.60			1.92
Hypothetical 5% return		1,000		1,010.59	+		2.02
Class IR#
Actual		1,000		904.00			0.72
Hypothetical 5% return		1,000		1,012.60	+		0.76

*   Expenses for each share class are calculated using each Portfolio’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the period ended February 29, 2008. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Portfolio	Class A			Institutional			Service			Class R			Class IR
Retirement Strategy 2010		0.55	%		0.15	%		0.65	%		0.80	%		0.30	%
Retirement Strategy 2015		0.55			0.15			0.65			0.80			0.30
Retirement Strategy 2020		0.55			0.15			0.65			0.80			0.30
Retirement Strategy 2030		0.55			0.15			0.65			0.80			0.30
Retirement Strategy 2040		0.55			0.15			0.65			0.80			0.30
Retirement Strategy 2050		0.55			0.15			0.65			0.80			0.30

+	Hypothetical expenses are based on each Portfolio’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.
#	Class R and Class IR commenced on November 30, 2007.

51

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FUNDS PROFILE

Goldman Sachs Funds

Goldman Sachsis a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, The Investment Management Divisionof Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With portfolio management teams located around the world — and $809.2 billion in assets under management as of December 31, 2007 — our investment professionals bring firsthand knowledge of local markets to every investment decision, making us one of the few truly global asset managers.

GOLDMAN SACHS FUNDS

In building a globally diversified portfolio, you can select from more than 80 Goldman Sachs Funds and gain access to investment opportunities across borders, investment styles, asset classes and security capitalizations.

Money Market¹

Fixed Income
▪  Enhanced Income Fund
▪  Ultra-Short Duration
Government Fund
▪  Short Duration Government Fund
▪  Short Duration Tax-Free Fund
▪  California AMT-Free Municipal Fund²
▪  New York AMT-Free Municipal Fund²
▪  Municipal Income Fund
▪  Government Income Fund
▪  Inflation Protected Securities Fund
▪  U.S. Mortgages Fund
▪  Core Fixed Income Fund
▪  Core Plus Fixed Income Fund
▪  Investment Grade Credit Fund
▪  Global Income Fund
▪  High Yield Municipal Fund
▪  High Yield Fund
▪  Emerging Markets Debt Fund
▪  Local Emerging Markets Debt Fund Domestic Equity
▪  Balanced Fund
▪  Growth and Income Fund
▪  Structured Large Cap Value Fund
▪  Large Cap Value Fund
▪  Structured U.S. Equity Fund
▪  Structured U.S. Equity Flex Fund
▪  Structured Large Cap Growth Fund
▪  Capital Growth Fund
▪  Strategic Growth Fund
▪  All Cap Growth Fund
▪  Concentrated Growth Fund
▪  Mid Cap Value Fund
▪  Growth Opportunities Fund
▪  Small/ Mid Cap Growth Fund
▪  Structured Small Cap Equity Fund
▪  Structured Small Cap Value Fund
▪  Structured Small Cap Growth Fund
▪  Small Cap Value Fund

Asset Allocation³
▪  Asset Allocation Portfolios
▪  Income Strategies Portfolio
▪  Satellite Strategies Portfolio

Retirement Strategies³ International Equity
▪  Structured International Equity Fund
▪  Structured International Equity Flex Fund
▪  Strategic International Equity Fund
▪  Concentrated International Equity Fund
▪  Japanese Equity Fund
▪  Structured International Small Cap Fund
▪  International Small Cap Fund
▪  Asia Equity Fund
▪  Structured Emerging Markets Equity Fund
▪  Emerging Markets Equity Fund
▪  Concentrated Emerging Markets Equity Fund
▪  BRIC Fund (Brazil, Russia, India, China)

Specialty³
▪  U.S. Equity Dividend and Premium Fund
▪  International Equity Dividend and Premium Fund
▪  Structured Tax-Managed Equity Fund
▪  Structured International Tax-Managed Equity Fund
▪  Real Estate Securities Fund
▪  International Real Estate Securities Fund
▪  Tollkeeper Fund^SM
▪  Commodity Strategy Fund

1	An investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds.
2	Effective June 1, 2007, the California Intermediate AMT-Free Municipal Fund was renamed the California AMT-Free Municipal Fund and the New York Intermediate AMT-Free Municipal Fund was renamed the New York AMT-Free Municipal Fund.
3	Individual Funds within the Asset Allocation, Retirement Strategies and Specialty categories will have various placement on the risk/return spectrum and may have greater or lesser risk than that indicated by the placement of the general Asset Allocation, Retirement Strategies or Specialty category.

The Goldman Sachs Tollkeeper Fund^sm is a registered service mark of Goldman, Sachs & Co.

TRUSTEES Ashok N. Bakhru, Chairman John P. Coblentz, Jr. Diana M. Daniels Patrick T. Harker James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel	OFFICERS James A. McNamara, President John M. Perlowski, Senior Vice President and Treasurer Peter V. Bonanno, Secretary
GOLDMAN, SACHS & CO. Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

Goldman Sachs Asset Management, L.P. 32 Old Slip, 32nd Floor, New York, New York 10005

The reports concerning the Portfolios included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Portfolios in the future. These statements are based on Portfolio management’s predictions and expectations concerning certain future events and their expected impact on the Portfolios, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Portfolios. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Portfolios use to determine how to vote proxies relating to portfolio securities and information regarding how a Portfolio voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission Web site at http://www.sec.gov.

The Portfolios file their complete schedule of portfolio holdings with the Securities and Exchange Commission (”SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Portfolios’ Forms N-Q will become available on the SEC’s website at http://www.sec.gov within 60 days after the Portfolios’ first and third fiscal quarters. When available, the Portfolios’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. When available, Forms N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Because Retirement Strategies Portfolios are subject to underlying fund expenses as well as their own, the cost of this type of investment may be higher than the cost of a mutual fund that only invests in stocks and bonds.

Holdings and allocations shown may not be representative of current or future investments.

Holdings and allocations may not include the Portfolios’ entire investment portfolio, which may change at any time. Portfolio holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus. Please consider a Portfolio’s objectives, risks, and charges and expenses, and read the Prospectus carefully before investing. The Prospectus contains this and other information about the Portfolios.

Copyright 2008 Goldman, Sachs & Co. All rights reserved. 08-7019 RTMTSAR/1.3K/04-08

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

(b) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(c) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(d) A copy of the Code of Ethics is available as provided in Item 12(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS.
	The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 6.	SCHEDULE OF INVESTMENTS.
	The Schedule of Investments is included as part of the Semi-Annual Report to Stockholders filed under Item 1 of this Form N-CSR.

ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
	The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
	Not applicable.

ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
	Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
 
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1)		Goldman Sachs Trust's Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 11(a)(1) of the registrant's Form N-CSR filed on March 8, 2004 for its Real Estate Securities Fund (Accession Number 0000950123-04-0002984).
(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.
(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Goldman Sachs Trust
By:	/s/ James A. McNamara
	James A. McNamara
	President/Principal Executive Officer
	Goldman Sachs Trust
Date:	May 8, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ James A. McNamara
	James A. McNamara
	President/Principal Executive Officer
	Goldman Sachs Trust
Date:	May 8, 2008
By:	/s/ John M. Perlowski
	John M. Perlowski
	Treasurer/Principal Financial Officer
	Goldman Sachs Trust
Date:	May 8, 2008