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

Goldman Sachs High Yield Instl (GSHIX) N-CSRSCertified 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
		Fundamental Equity Growth Funds
		Capital Growth Concentrated Growth Growth Opportunities Small/ Mid Cap Growth Strategic Growth All Cap Growth

Goldman Sachs Fundamental Equity Growth Funds


n	CAPITAL GROWTH

n	CONCENTRATED GROWTH

n	GROWTH OPPORTUNITIES

n	SMALL/MID CAP GROWTH

n	STRATEGIC GROWTH

n	ALL CAP GROWTH

TABLE OF CONTENTS


Principal Investment Strategies and Risks		1
Letters to Shareholders and Performance Summaries		4
Schedules of Investments		39
Financial Statements		54
Notes to the Financial Statements		61
Financial Highlights		76
Other Information		88



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Principal Investment Strategies and Risks


This is not a complete list of risks that may affect the Funds. For additional information concerning the risks applicable to the Funds, please see the Funds’ Prospectuses.

The Goldman Sachs Capital Growth Fund invests primarily in large capitalization U.S. equity investments. The Fund’s equity investments are subject to market risk which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. The Fund may also invest in fixed income securities (including non-investment grade fixed income securities), which are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Non-investment grade fixed income securities involve greater price volatility and present greater risks than higher rated fixed income securities. The Fund may also invest in foreign securities, including emerging country securities, which may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and sudden economic or political developments.

The Goldman Sachs Concentrated Growth Fund invests primarily in U.S. equity investments. The Fund’s equity investments are subject to market risk which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. The Fund may also invest in fixed income securities (including non-investment grade fixed income securities), which are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. The Fund may also invest in foreign securities, including emerging country securities, which may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and sudden economic or political developments.

The Concentrated Growth Fund is “non-diversified” under the Investment Company Act of 1940 and may invest a large percentage of its assets in fewer issuers than “diversified” mutual funds. Because of the smaller number of stocks generally held in the Fund’s portfolio, the Fund may be subject to greater risks than a more diversified fund. A change in the value of any single holding may affect the overall value of the portfolio more than it would affect a diversified fund that holds more investments.

The Goldman Sachs Growth Opportunities Fund The Goldman Sachs Growth Opportunities Fund invests in U.S. equity investments with a primary focus on mid cap companies. The Fund’s equity investments are subject to market risk which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. The securities of mid capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements.

The Fund may also invest in fixed income securities (including non-investment grade fixed income securities), which are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Non-investment grade fixed income securities involve greater price volatility and present greater risks than higher rated fixed income securities. The Fund may also invest in foreign securities, including emerging country securities, which may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and sudden economic or political developments.

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS


The Goldman Sachs Small/Mid Cap Growth Fund The Goldman Sachs Small/Mid Cap Growth Fund invests in equity investments with a primary focus on small and mid cap companies. The Fund’s equity investments are subject to market risk which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. The securities of small and mid capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements.

The Fund may also invest in fixed income securities (including non-investment grade fixed income securities), which are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Non-investment grade fixed income securities involve greater price volatility and present greater risks than higher rated fixed income securities. The Fund may also invest in foreign securities, including emerging country securities, which may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and sudden economic or political developments.

The Goldman Sachs Strategic Growth Fund invests primarily in large capitalization U.S. equity investments. The Fund’s equity investments are subject to market risk which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. The Fund may also invest in fixed income securities (including non-investment grade fixed income securities), which are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Non-investment grade fixed income securities involve greater price volatility and present greater risks than higher rated fixed income securities. The Fund may also invest in foreign securities, including emerging country securities, which may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and sudden economic or political developments.

The Goldman Sachs All Cap Growth Fund invests in U.S. equity investments in small, mid and large cap issuers. The Fund’s equity investments are subject to market risk which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. The securities of small and mid capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements.

The Fund may also invest in fixed income securities (including non-investment grade fixed income securities), which are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Non-investment grade fixed income securities involve greater price volatility and present greater risks than higher rated fixed income securities. The Fund may also invest in foreign securities, including emerging country securities, which may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and sudden economic or political developments.

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

What Differentiates the Goldman Sachs Growth Team’s Investment Process?

For over 27 years, the Goldman Sachs Growth Team has consistently applied a three-step investment process based on our belief that wealth is created through the long-term ownership of growing businesses.


n Make decisions as long-term business owners rather than as stock traders n Perform in-depth, fundamental research n Focus on long-term structural and competitive advantages		Result Performance driven by the compounding growth of businesses over time — not short-term market movements Long-term participation in growing businesses — less reliance on macroeconomic predictions, market timing, sector rotation or momentum


Identify high quality growth businesses. Some required investment criteria include: n Established brand names n Dominant market shares n Pricing power n Recurring revenue streams n Free cash flow n Long product life cycles n Favorable long-term growth prospects n Excellent management		Result Investment in businesses that we believe are strategically positioned for consistent, sustainable long-term growth


n Perform rigorous valuation analysis of every potential investment n Use valuation tools and analytics to ensure that the high-quality business franchises we have identified also represent sound investments		Result Good investment decisions based on solid understanding of what each business is worth Attractive buying opportunities as the stock prices of quality growth businesses fluctuate over time

PORTFOLIO RESULTS

Goldman Sachs Capital Growth Fund

Dear Shareholder,

This report provides an overview on the performance of the Goldman Sachs Capital Growth Fund during the six-month reporting period that ended February 29, 2008.

Performance Review


	Over the six-month period that ended February 29, 2008, the Fund’s Class A, B, C, Institutional and Service Shares generated cumulative total returns, without sales charges, of -8.89%, -9.25%, -9.21%, -8.71% and -8.91%, respectively. These returns compare to the -6.56% cumulative total returns of the Fund’s benchmark, the Russell 1000 Growth Index (with dividends reinvested), over the same time period. During the period from their inception on November 30, 2007 through February 29, 2008, the Fund’s Class R and IR shares generated cumulative total returns of -10.77% and -10.69%, respectively. These returns compare to the -9.96% cumulative total return of the Fund’s benchmark, the Russell 1000 Growth Index (with dividends reinvested), over the same time period.

	The Fund generated a negative return and underperformed its benchmark, the Russell 1000 Growth Index, during the six-month period. This was primarily due to weakness in some of the Fund’s Finance and Consumer Discretionary holdings. Conversely, select Technology and Energy businesses were positive contributors to the Fund’s relative performance.

	Shares of Freddie Mac detracted from the performance of the Fund after the company announced higher future credit loss expectations than we had estimated. We were of the belief that Freddie Mac would not experience meaningfully higher credit losses because of its high quality, mostly prime, mortgage portfolio. As we had expected, Freddie Mac recently began reporting timely financials and subsequently the Office of Federal Housing Enterprise Oversight (OFHEO) lifted its previous restrictions of portfolio growth by government sponsored enterprises (such as Freddie Mac) effective March 1, 2008. We believed that Freddie Mac’s timely reporting of financials would benefit the company as the OFHEO would likely eventually lift its 30% surcharge on capital it had previously placed on the company (the regulatory capital Freddie Mac is required to maintain on its balance sheet). This would put Freddie Mac in a position of having excess capital, which would enable it either to buy back stock or profitably grow its portfolio at more attractive spreads. However, because of the increase in credit loss expectations and higher write-downs to its existing portfolio, we now believe the reduction, and eventual elimination, of the capital surcharge for Freddie Mac is further down the road than we had previously anticipated. Because of this change, we believe there is a greater risk that Freddie Mac may need to raise more capital in a very difficult market, which could hurt existing shareholders. As a result, our evaluation of Freddie Mac’s growth prospects changed and we decided to eliminate the position and allocate the capital to companies in which we have higher conviction.

	Despite reporting strong earnings during the period, Cisco Systems, Inc. detracted from performance. Shares of the company were down as an earnings report detailed slower than expected U.S. enterprise growth. Overall, Cisco posted strong sales growth, particularly in international markets and reaffirmed a target long-term growth rate in the mid teens. We continue to have conviction in Cisco as a global leader in networking and communications products and believe the company will be able to meet our expectations for long-term growth.

PORTFOLIO RESULTS

Holdings in Energy companies positively contributed to performance during the period as the price of oil hit a record high. Oil well services & equipment business, Weatherford International, independent oil and gas company, Quicksilver Resources, Inc., and oil sands producer, Suncor, Inc., were among the top contributors to performance during the period. Shares of Weatherford rose as the company was awarded a multimillion dollar contract by Sakhalin Energy Investment Company (a consortium including Royal Dutch Shell, Russia’s Gazprom and Japan’s Mitsui). Under the terms of the deal, Weatherford will provide its casing running and drilling services for the consortium’s Sakhalin II project, which is one of the largest integrated oil and gas development ventures in the world. We believe Weatherford has a competitive advantage, given its patented technology on case drilling, which is a drilling area still in its infancy. Quicksilver Resources reported an increase in fiscal fourth quarter profit, driven by an increase in production and higher pricing. Suncor also contributed to performance given rising energy prices. We believe Suncor is positioned for sustainable growth as it continues to initiate upgrades and increase production efficiency. The company recently announced that its Commerce City and Sarnia Ontario refineries will be ramped up to full production now that their planned maintenance operations have been completed. We believe our energy holdings are competitively positioned in their industries and are poised to deliver long-term growth.

Portfolio Composition

The Fund invests primarily in large-capitalization U.S. equity investments. Since the Fund’s inception, we have focused on several key investment criteria that we believe can drive a company’s growth over the long term. These characteristics are: dominant market share, established brand name, pricing power, recurring revenue stream, free cash flow, high returns on invested capital, predictable growth, sustainable growth, long product life cycle, enduring competitive advantage, favorable demographic trends and excellent management. We strive to purchase companies with these characteristics at reasonable valuations in order to capture the full benefits of their growth.

Portfolio Highlights


	Although the Fund underperformed its benchmark over the reporting period, there were a number of holdings that enhanced its performance, including the following:

n	Research In Motion Ltd. — Research In Motion was the top contributor to performance during the reporting period as the company continues to benefit from subscriber growth and expanding business opportunities in key markets. We believe Research In Motion’s growth prospects are favorable as businesses continue to advance the adoption of mobile email and introduce it more deeply within their organizations. In addition, its consumer-focused BlackBerry products are broadening the brand’s appeal into a larger market. We have high conviction in Research In Motion as its sales in the U.S. remain strong and international demand is solid. In our view, BlackBerry’s strong brand name and superior technology provide a competitive advantage over substitute products.

PORTFOLIO RESULTS


n	Activision, Inc. — Shares of video game developer Activision rose during the period. The company benefited from strong sales of popular games such as Guitar Hero 3 and Call of Duty 4. Both of these games are nearly sold out at retail stores. In addition, French entertainment firm Vivendi announced that it would merge its video game division with Activision to create Activision Blizzard. We believe this is a compelling opportunity for the new organization as there should be many synergies that result from the merger. We believe the gaming cycle has started to take off and continue to have conviction in Activision. In our view, Activision is well positioned with a strong franchise of new videogame titles.

n	QUALCOMM, Inc. — QUALCOMM contributed to performance during the period after the company reported strong earnings amid market uncertainty. The company benefited from an improved mix of higher margin chips that are needed for cell phones with Internet and downloading capabilities. The demand for these advanced phones continues to increase with the proliferation of wireless email and mobile Internet. The company also provided strong guidance for next quarter, driven by these factors. We believe QUALCOMM’s established chip franchise has sustainable growth potential as advanced mobile devices become standard.

	We thank you for your investment and look forward to your continued confidence.

	Goldman Sachs Growth Equity Investment Team

	New York, March 13, 2008

FUND BASICS

Capital Growth Fund

as of February 29, 2008

PERFORMANCE REVIEW


September 1, 2007-
February 29, 2008	Fund Total Return (based on NAV)¹			Russell 1000 Growth Index²

Class A		-8.89	%		-6.56	%
Class B		-9.25			-6.56
Class C		-9.21			-6.56
Institutional		-8.71			-6.56
Service		-8.91			-6.56


November 30, 2007-February 29, 2008

Class R	-10.77	%	-9.96	%

Class IR	-10.69		-9.96


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

²	The Russell 1000 Growth Index is an unmanaged index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged Index.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS³


For the period ended 12/31/07	One Year			Five Years			Ten Years			Since Inception			Inception Date

Class A		3.57	%		9.02	%		4.42	%		10.14	%	4/20/90
Class B		3.69			9.16			4.23			7.31		5/1/96
Class C		7.80			9.45			4.25			4.72		8/15/97
Institutional		9.99			10.70			5.43			5.91		8/15/97
Service		9.47			10.15			4.90			10.43⁴		4/20/90
Class R		N/A			N/A			N/A			0.62		11/30/07
Class IR		N/A			N/A			N/A			0.66		11/30/07


³	The Standardized Average Annual Total Returns are average annual total returns as of the most recent calendar quarter-end, except for Class R and IR Shares, which are cumulative total returns. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). 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.

⁴	Performance data for Service Shares prior to August 15, 1997 (commencement of operations) is that of Class A Shares (excluding the impact of front-end sales charges applicable to Class A Shares since Service Shares are not subject to any sales charges). Performance of Class A Shares of the Capital Growth Fund reflects the expenses applicable to the Fund’s Class A Shares. The fees applicable to Service Shares are different from those applicable to Class A Shares which impact performance ratings and rankings for a class of shares.

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.

FUND BASICS

EXPENSE RATIOS⁵


	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)

Class A		1.40	%		1.43	%
Class B		2.15			2.18
Class C		2.15			2.18
Institutional		1.00			1.03
Service		1.50			1.53
Class R		1.65			1.68
Class IR		1.15			1.18

⁵

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.

TOP TEN HOLDINGS AS OF 2/29/08⁶


Holding	% of Net Assets			Line of Business

Microsoft Corp.		3.6	%	Software
Suncor Energy, Inc.		3.5		Oil, Gas & Consumable Fuels
Cisco Systems, Inc.		3.0		Communications Equipment
QUALCOMM, Inc.		3.0		Communications Equipment
Weatherford International Ltd.		2.8		Energy Equipment & Services
Google, Inc.		2.6		Internet Software & Services
American Tower Corp.		2.5		Wireless Telecommunication Services
Hess Corp.		2.4		Oil, Gas & Consumable Fuels
Lowe’s Cos., Inc.		2.4		Specialty Retail
Western Union Co.		2.3		IT Services


⁶	The top 10 holdings may not be representative of the Fund’s future investments.

FUND BASICS

SECTOR ALLOCATIONS⁷

Percentage of Net Assets

⁷

The Fund is actively managed and, as such, its composition may differ over time. The above graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team in the schedule of investments may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term Investments include repurchase agreements and securities lending collateral, if any. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.

PORTFOLIO RESULTS

Goldman Sachs Concentrated Growth Fund

Dear Shareholder,

This report provides an overview on the performance of the Goldman Sachs Concentrated Growth Fund during the six-month reporting period that ended February 29, 2008.

Performance Review


	Over the six-month period that ended February 29, 2008, the Fund’s Class A, B, C, Institutional and Service Shares generated cumulative total returns, without sales charges, of -8.45%, -8.80%, -8.81%, -8.24% and -8.47%, respectively. These returns compare to the -6.56% cumulative total return of the Fund’s benchmark, the Russell 1000 Growth Index (with dividends reinvested), over the same time period. During the period from their inception on November 30, 2007 through February 29, 2008, the Fund’s Class R and IR shares generated cumulative total returns of -10.79% and -10.65%, respectively. These returns compare to the -9.96% cumulative total return of the Fund’s benchmark, the Russell 1000 Growth Index (with dividends reinvested), over the same period.

	The Fund generated a negative return during the six-month period and lagged its benchmark, the Russell 1000 Growth Index. The U.S. equity markets were characterized by heightened volatility as risk aversion remained a prevalent theme for investors. Fears of a U.S. recession and lingering issues surrounding the sub-prime mortgage fallout weighed on various sectors of the market, particularly Financials. Within the Fund, its holdings in the Finance and Consumer Discretionary sectors detracted from performance during the reporting period. In contrast, strength from our Energy holding and stock selection within the Technology sector positively contributed to performance.

	Shares of Freddie Mac detracted from the performance of the Fund after the company announced higher future credit loss expectations than we had estimated. We were of the belief that Freddie Mac would not experience meaningfully higher credit losses because of its high quality, mostly prime, mortgage portfolio. As we had expected, Freddie Mac recently began reporting timely financials and subsequently the Office of Federal Housing Enterprise Oversight (OFHEO) lifted its previous restrictions of portfolio growth by government sponsored enterprises (such as Freddie Mac) effective March 1, 2008. We believed that Freddie Mac’s timely reporting of financials would benefit the company as the OFHEO would likely eventually lift its 30% surcharge on capital it had previously placed on the company (the regulatory capital Freddie Mac is required to maintain on its balance sheet). This would put Freddie Mac in a position of having excess capital, which would enable it either to buy back stock or profitably grow its portfolio at more attractive spreads. However, because of the increase in credit loss expectations and higher write-downs to its existing portfolio, we now believe the reduction, and eventual elimination, of the capital surcharge for Freddie Mac is further down the road than we had previously anticipated. Because of this change, we believe there is a greater risk that Freddie Mac may need to raise more capital in a very difficult market, which could hurt existing shareholders. As a result, our evaluation of Freddie Mac’s growth prospects changed and we decided to eliminate the position and allocate the capital to companies in which we have higher conviction.

	Shares of Lowe’s Companies, Inc. were down as a result of a struggling U.S. housing market that experienced fewer home sales and rising inventory. Lowe’s pulled back after the company reported a decrease in third quarter profit and lowered its full year outlook. We believe the long-term prospects are still favorable for Lowe’s as home improvement is

PORTFOLIO RESULTS


	driven by an aging housing stock and 70% of the houses in the U.S. are over 25 years old. In addition, the company has reported continued increases in market share based on independent estimates. We continue to have high conviction in the long-term growth potential of Lowe’s and believe it will perform well over the long run.

	Despite reporting strong earnings during the period, Cisco Systems, Inc. detracted from performance. Shares of the company were down as an earnings report detailed slower than expected U.S. enterprise growth. Overall, Cisco posted strong sales growth, particularly in international markets and reaffirmed a target long-term growth rate in the mid teens. We continue to have conviction in Cisco as a global leader in networking and communications products and believe the company will be able to meet our expectations for long-term growth.

	Energy companies benefited during the reporting period as the price of oil hit record highs. Oil well services & equipment businesses, Weatherford International, and oil sands producer, Suncor, Inc., were among the top contributors to performance during the six-month period. Shares of Weatherford rose as the company was awarded a multimillion dollar contract by Sakhalin Energy Investment Company (a consortium including Royal Dutch Shell, Russia’s Gazprom and Japan’s Mitsui). Under the terms of the deal, Weatherford will provide its casing running and drilling services for the consortium’s Sakhalin II project, which is one of the largest integrated oil and gas development ventures in the world. We believe Weatherford has a competitive advantage, given its patented technology on case drilling, which is a drilling area still in its infancy. We believe our energy holdings are competitively positioned in their industries and are poised to deliver long-term growth. Suncor also positively contributed to performance given rising energy prices. We believe Suncor is positioned for sustainable growth as it continues to initiate upgrades and increase production efficiency. The company recently announced that its Commerce City and Sarnia Ontario refineries will be ramped up to full production now that their planned maintenance operations have been completed.

Portfolio Composition


	The Fund typically holds 30-45 high quality growth companies and tends to be more concentrated in individual holdings, industries and sectors than the typical broadly diversified large-cap growth fund.

Portfolio Highlights


	Although the Fund underperformed its benchmark over the reporting period, there were a number of holdings that enhanced results, including the following:

n	Research In Motion Ltd. — Research In Motion was the top contributor to performance during the reporting period as the company continues to benefit from subscriber growth and expanding business opportunities in key markets. We believe Research In Motion’s growth prospects are favorable as businesses continue to advance the adoption of mobile email and introduce it more deeply within their organizations. In addition, its consumer-focused

PORTFOLIO RESULTS


	BlackBerry products are broadening the brand’s appeal into a larger market. We have high conviction in Research In Motion as its sales in the U.S. remain strong and international demand is solid. In our view, BlackBerry’s strong brand name and superior technology provide a competitive advantage over substitute products.

n	Western Union Co. — Western Union’s stock contributed to performance as the company has started to overcome headwinds that it faced earlier in the period. The company’s Mexican revenues were hampered by an Arizona state investigation of illegal immigrants. This interrupted the company’s money-transfer services and weakened Latino customer confidence. In addition, the company was hurt by special charges from its spin-off from First Data in late 2006. With these issues in the past, we believe the company may be poised for future growth as rising global migration may provide significant international opportunities. Furthermore, we are encouraged by the company’s $1 billion share repurchase authorization as it demonstrates management’s confidence in the business.

n	Yahoo, Inc. — Yahoo contributed to performance as Microsoft Corp. placed a bid to acquire the company. Shares of Yahoo moved sharply higher on the news as the market recognized the value of its underlying business. We took advantage of Yahoo’s run-up in share price and exited our position as we believe Microsoft’s bid virtually closed the gap between Yahoo’s stock price and the economic value of the business. While Yahoo’s stock benefited from Microsoft’s proposed acquisition, shares of the software giant were down as investors expressed uncertainty about the merger. We believe the bid makes strategic sense for Microsoft, as the acquisition would help it to increase its competitiveness in Internet search and advertising. Internet search is a rapidly growing area and provides the largest return on investment of any other advertising medium. In addition to search advertising, we believe Microsoft has significant opportunities for growth in its other business segments including Windows Vista, Microsoft Office, and Xbox. The Xbox product is still early in its product life cycle and we believe Microsoft should see significant margin expansion in its gaming console business going forward. We believe search advertising will continue to gain share and combining the second (Yahoo) and third (Microsoft) largest players in the space will create greater challenges for Google, Inc. In our view, Google remains the dominant market share leader in Internet searches worldwide with attractive growth prospects in online advertising, search and Internet shopping. Google is an industry innovator that continues to identify additional sources of revenue by finding new ways to sell ads. We believe that the strong secular growth of search and online advertising could support another competitor in addition to Google (such as Yahoo) and still provide significant opportunities for both companies.

	We thank you for your investment and look forward to your continued confidence.

	Goldman Sachs Growth Equity Investment Team

	New York, March 13, 2008

FUND BASICS

Concentrated Growth Fund

as of February 29, 2008

PERFORMANCE REVIEW


September 1, 2007-
February 29, 2008	Fund Total Return (based on NAV)¹			Russell 1000 Growth Index²

Class A		-8.45	%		-6.56	%
Class B		-8.80			-6.56
Class C		-8.81			-6.56
Institutional		-8.24			-6.56
Service		-8.47			-6.56


November 30, 2007-February 29, 2008

Class R	-10.79	%	-9.96	%
Class IR	-10.65		-9.96


¹	The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.
²	The Russell 1000 Growth Index is an unmanaged index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged Index.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS³


For the period ended 12/31/07	One Year			Five Years			Since Inception			Inception Date

Class A		6.92	%		9.15	%		8.81	%	9/3/02
Class B		6.90			9.22			9.00		9/3/02
Class C		11.24			9.56			9.13		9/3/02
Institutional		13.59			10.83			10.40		9/3/02
Service		13.08			10.36			9.93		9/3/02
Class R		N/A			N/A			-0.03		11/30/07
Class IR		N/A			N/A			0.04		11/30/07

The Standardized Average Annual Total Returns are average annual total returns as of the most recent calendar quarter-end, except for Class R and IR Shares, which are cumulative total returns. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). 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.

FUND BASICS

EXPENSE RATIOS⁴


	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)

Class A		1.48	%		1.54	%
Class B		2.23			2.29
Class C		2.23			2.29
Institutional		1.08			1.14
Service		1.58			1.64
Class R		1.73			1.79
Class IR		1.23			1.29

⁴

TOP TEN HOLDINGS AS OF 2/29/08⁵


Holding	% of Net Assets			Line of Business

Suncor Energy, Inc.		4.8	%	Oil, Gas & Consumable Fuels
Western Union Co.		4.8		IT Services
QUALCOMM, Inc.		4.4		Communications Equipment
Hess Corp.		4.4		Oil, Gas & Consumable Fuels
Electronic Arts, Inc.		4.3		Software
American Tower Corp.		4.0		Wireless Telecommunication Services
Thermo Fisher Scientific, Inc.		3.9		Life Sciences Tools & Services
PepsiCo., Inc.		3.9		Beverages
Research In Motion Ltd.		3.8		Communications Equipment
Microsoft Corp.		3.8		Software


⁵	The top 10 holdings may not be representative of the Fund’s future investments.

FUND BASICS

SECTOR ALLOCATIONS⁶

Percentage of Net Assets

(CONCENTRATED GROWTH FUND ALLOCATION BAR CHART)

⁶

FUND BASICS

PORTFOLIO RESULTS

Goldman Sachs Growth Opportunities Fund

Dear Shareholder,

This report provides an overview on the performance of the Goldman Sachs Growth Opportunities Fund during the six-month reporting period that ended February 29, 2008.

Performance Review


	Over the six-month period that ended February 29, 2008, the Fund’s Class A, B, C, Institutional and Service Shares generated cumulative total returns, without sales charges, of -7.85%, -8.20%, -8.22%, -7.65% and -7.90%, respectively. These returns compare to the -7.39% cumulative total return of the Fund’s benchmark, the Russell Midcap Growth Index (with dividends reinvested), over the same time period. During the period from their inception on November 30, 2007 through February 29, 2009, the Fund’s Class R and IR shares generated cumulative total returns of -8.77% and -8.68%, respectively. These returns compare to the -9.10% cumulative total return of the Fund’s benchmark, the Russell Midcap Growth Index (with dividends reinvested), over the same period.

	The Fund experienced weakness along with the overall stock market and underperformed its benchmark over the reporting period. Stock selection within the Finance sector was the main detractor from performance. On the positive side, the Fund’s Technology and Producer Goods & Services holdings were positive contributors to performance. Higher market volatility persisted and companies traded in sympathy with their respective sectors. The market gave little recognition to the differences between individual businesses within sectors. This allowed us to take advantage of buying and selling opportunities by adjusting our position sizes to reflect our current level of conviction.

	FormFactor, Inc. detracted from performance after the company reported worse-than-expected fourth quarter earnings. The company has seen strong demand for its new products as the semiconductor industry is transitioning to a new architecture. Unfortunately, the company struggled to ramp up production to sufficiently meet customer demand. Rapid production ramp ups typically grow revenue and market share while temporarily sacrificing margins due to higher expenses. The company’s recent results seem to confirm this trend as FormFactor was able to grow revenues substantially but not enough to overcome rising operational costs. In addition, the upgrade to DRAM (the next generation of memory) has been slightly slower than expected in the industry. We believe FormFactor may be well positioned to benefit from the demand for probe cards, which are an interface between an electronic test system and a semiconductor wafer. In our view, the computer industry will suffer without new architectures. FormFactor is the dominant leader in chip-testing technology and we believe it has a competitive advantage as it essentially provides a consumable product for semiconductor testing since a new probe card is needed for each new architecture.

	On the positive side within Technology, Netflix.com, Inc. raised guidance for the first quarter of 2008 and the full year as the company believes it will benefit from an increase in subscriber growth. In February 2008, Netflix decided to offer high definition DVDs in Sony’s Blu-Ray format only. Netflix had offered high definition DVDs in both Sony and Toshiba’s formats for the past two years. Recently, four of the six major movie studios decided only to offer movies in Blu-Ray format. This action drove Netflix to make a strategic move as it was an indication that Sony’s Blu-Ray format would become the dominant DVD format. With Toshiba recently discontinuing its HD DVD product, Blu-Ray has officially become the dominant format in the market and we believe consumers will be more likely to purchase high definition DVD players. We believe Netflix is well positioned to gain market share as competition in the industry has also decreased.

PORTFOLIO RESULTS


	Amylin Pharmaceuticals, Inc. continued to face headwinds as it reported a wider loss in its fiscal fourth quarter despite an increase in revenues. In addition, the company’s 2008 outlook was below analysts’ expectations. Amylin has been affected by higher marketing costs for its diabetes drugs, Byetta and Symlin, and development costs for Byetta LAR. We believe spending on Byetta LAR will likely increase this year, as three new studies will focus on the drug. Amylin’s management believes its efforts to support physicians and patients starting Byetta therapy will be more productive in generating sales. In our view, shares of Amylin may experience near-term weakness. However, in our view, the company has attractive opportunities that may come to fruition over the long term.

	Within the retail space, Coach, Inc. was the primary driver of underperformance. While two new handbag lines and higher sales of fall handbags helped in its fiscal first quarter, slower traffic in Coach’s U.S. stores has led to concerns that the company will report weak second quarter earnings. In our view, there are a number of initiatives that we believe should help Coach continue to gain market share in spite of the recent weakness. The company is expected to open 60 new stores within the next year and it has fragrance, jewelry and beauty lines in the pipeline. We believe these efforts, combined with management’s effective execution, may drive future growth.

	Uncertainty in the Finance sector negatively impacted our stock selection during the reporting period. For example, shares of Discover Financial Services pulled back as the company’s Goldfish credit card unit has been struggling and the company agreed to sell it to Barclays for $70 million. This was a steep discount to the investment Discover made in the business two years ago. We continue to have conviction in Discover as the company’s strategy to improve its merchant network by increasing vendor acceptance of its cards has been successful thus far. We believe that, as an independent company, Discover has a good opportunity to grow its business by boosting transaction volumes and acceptance of the Discover card among retailers and other merchants.

	At the end of 2007, First Solar, Inc. reported significantly stronger third quarter results that exceeded analysts’ expectations, raised its sales outlook for 2008 and boosted its revenue outlook for 2008. The raised outlook was due to strong execution and the belief that that will continue. A main contributor to the results was First Solar’s completion of its German production facility. This enabled the company to increase sales due to the faster than expected ramp up of new solar plants in this region. First Solar also signed new contracts, doubling its long-term customer base. We continue to have confidence in the company as it has attractive long-term contracts.

Portfolio Composition

The Fund invests primarily in medium-sized growth companies with a market capitalization between $1 and $10 billion. Since the Fund’s inception, we have focused on several key investment criteria that we believe can drive a company’s growth over the long term. These characteristics are: dominant market share, established brand name, pricing power, recurring revenue stream, free cash flow, high returns on invested capital, predictable

PORTFOLIO RESULTS


	growth, sustainable growth, long product life cycle, enduring competitive advantage, favorable demographic trends and excellent management. We strive to purchase companies with these characteristics at reasonable valuations in order to capture the full benefits of their growth.

Portfolio Highlights


	There were a number of holdings that enhanced the Fund’s results during the reporting period, including the following:

n	Activision, Inc. — Shares of video game developer Activision rose during the period. The company benefited from strong sales of popular games such as Guitar Hero 3 and Call of Duty 4. Both of these games are nearly sold out at retail stores. In addition, French entertainment firm Vivendi announced that it would merge its video game division with Activision to create Activision Blizzard. We believe this is a compelling opportunity for the new organization as there should be many synergies that result from the merger. We believe the gaming cycle has started to take off and continue to have conviction in Activision. In our view, Activision is well positioned with a strong franchise of new videogame titles.

n	Hess Corp. — Hess Corp., a recent addition to the portfolio, contributed positively to performance. Hess is an integrated energy company with an extraordinarily rich oil reserves portfolio. The company meets our criteria for a high-quality growth business given its attractive business model, favorable growth prospects and experienced management. The company has also shown the ability to add new, promising discoveries at an impressive rate. We believe Hess has numerous prospects with the opportunity to significantly expand the company’s reserves. Hess’ growth prospects come predominantly from its exploration opportunities in the Gulf of Mexico, Brazil, Ghana, Australia, Libya and North Dakota. In addition, we have confidence in the company’s experienced management team, as it has an established history of successful exploration and production and a focus on growing reserves over the long run.

n	Iron Mountain, Inc. — Information protection and storage services company Iron Mountain reported strong fiscal third quarter earnings. The quarter was characterized by higher margins and better prices in its shredded paper business. The company also agreed to acquire Stratify, a company that provides electronic discovery services for the legal market. This acquisition should build upon Iron Mountain’s eDiscovery suite of products, which manages digital information and paper. We believe Iron Mountain is well positioned as it continues to make strategic investments to grow its business.

	We thank you for your investment and look forward to your continued confidence.

	Goldman Sachs Growth Equity Investment Team

	New York, March 13, 2008

FUND BASICS

Growth Opportunities Fund

as of February 29, 2008

PERFORMANCE REVIEW


September 1, 2007-	Fund Total Return			Russell Midcap
February 29, 2008	(based on NAV)¹			Growth Index²

Class A		-7.85	%		-7.39	%

Class B		-8.20			-7.39

Class C		-8.22			-7.39

Institutional		-7.65			-7.39

Service		-7.90			-7.39

November 30, 2007-February 29, 2008

Class R		-8.77	%		-9.10	%
Class IR		-8.68			-9.10


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

²	The Russell Midcap Growth Index is an unmanaged market capitalization weighted index that measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged Index.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS³


For the period ended 12/31/07	One Year			Five Years			Since Inception			Inception Date

Class A		12.79	%		13.91	%		12.91	%	5/24/99

Class B		12.69			14.05			12.89		5/24/99

Class C		17.31			14.35			12.81		5/24/99

Institutional		19.87			15.68			14.11		5/24/99

Service		19.28			15.11			13.53		5/24/99

Class R		N/A			N/A			1.92		11/30/07

Class IR		N/A			N/A			1.97		11/30/07

FUND BASICS

EXPENSE RATIOS⁴


	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)

Class A		1.48	%		1.48	%
Class B		2.23			2.23
Class C		2.23			2.23
Institutional		1.08			1.08
Service		1.58			1.58
Class R		1.73			1.73
Class IR		1.23			1.23

⁴

TOP TEN HOLDINGS AS OF 2/29/08⁵


Holding	% of Net Assets			Line of Business

Weatherford International Ltd.		2.9	%	Energy, Equipment & Services

Activision, Inc.		2.7		Software

Netflix, Inc.		2.5		Internet & Catalog Retail

Fortune Brands, Inc.		2.5		Household Durables

Coach, Inc.		2.4		Textiles, Apparel & Luxury Goods

Electronic Arts, Inc.		2.4		Software

Hess Corp.		2.4		Oil, Gas & Consumable Fuels

Global Payments, Inc.		2.3		IT Services

Charles River Laboratories International, Inc.		2.3		Life Sciences Tools & Services
Western Union Co.		2.3		IT Services


⁵	The top 10 holdings may not be representative of the Fund’s future investments.

FUND BASICS

SECTOR ALLOCATIONS⁶

Percentage of Net Assets

⁶

FUND BASICS

PORTFOLIO RESULTS

Goldman Sachs Small/Mid Cap Growth Fund

Dear Shareholder,

This report provides an overview on the performance of the Goldman Sachs Small/ Mid-Cap Growth Fund during the six-month reporting period that ended February 29, 2008.

Performance Review


	Over the six-month period that ended February 29, 2008, the Fund’s Class A, B, C, Institutional and Service Shares generated cumulative total returns, without sales charges, of -8.69%, -9.03%, -8.96%, -8.50% and -8.75%, respectively. These returns compare to the -8.82% cumulative total return of the Fund’s benchmark, the Russell 2500 Growth Index (with dividends reinvested), over the same time period. During the period from their inception on November 30, 2007 through February 29, 2008, the Fund’s Class R and IR shares generated cumulative total returns of -10.82% and -10.75%, respectively. These returns compare to the -10.07% cumulative total return of the Fund’s benchmark, the Russell 2500 Growth Index (with dividends reinvested), over the same period.

	The Fund experienced weakness along with the overall stock market and performed largely in line with its benchmark over the reporting period. Stock selection within the Healthcare and Finance sectors detracted from performance while Technology and Energy companies positively contributed to its relative performance.

	Amylin Pharmaceuticals, Inc. continued to face headwinds as it reported a wider loss in its fiscal fourth quarter despite an increase in revenues. In addition, the company’s 2008 outlook was below analysts’ expectations. Amylin has been affected by higher marketing costs for its diabetes drugs, Byetta and Symlin, and development costs for Byetta LAR. We believe spending on Byetta LAR will likely increase this year, as three new studies will focus on the drug. Amylin’s management believes its efforts to support physicians and patients starting Byetta therapy will be more productive in generating sales. In our view, shares of Amylin may experience near-term weakness. However, in our view, the company has attractive opportunities that may come to fruition over the long term.

	FormFactor, Inc. detracted from performance after the company reported worse-than-expected fourth quarter earnings. The company has seen strong demand for its new products as the semiconductor industry is transitioning to a new architecture. Unfortunately, the company struggled to ramp up production to sufficiently meet customer demand. Rapid production ramp ups typically grow revenue and market share while temporarily sacrificing margins due to higher expenses. The company’s recent results seem to confirm this trend as FormFactor was able to grow revenues substantially but not enough to overcome rising operational costs. In addition, the upgrade to DRAM (the next generation of memory) has been slightly slower than expected in the industry. We believe FormFactor may be well positioned to benefit from the demand for probe cards, which are an interface between an electronic test system and a semiconductor wafer. In our view, the computer industry will suffer without new architectures. FormFactor is the dominant leader in chip-testing technology and we believe it has a competitive advantage as it essentially provides a consumable product for semiconductor testing since a new probe card is needed for each new architecture.

PORTFOLIO RESULTS


	On the positive side within Technology, Netflix.com, Inc. raised guidance for the first quarter of 2008 and the full year as the company believes it will benefit from an increase in subscriber growth. In February 2008, Netflix decided to offer high definition DVDs in Sony’s Blu-Ray format only. Netflix had offered high definition DVDs in both Sony and Toshiba’s formats for the past two years. Recently, four of the six major movie studios decided only to offer movies in Blu-Ray format. This action drove Netflix to make a strategic move as it was an indication that Sony’s Blu-Ray format would become the dominant DVD format. With Toshiba recently discontinuing its HD DVD product, Blu-Ray has officially become the dominant format in the market and we believe consumers will be more likely to purchase high definition DVD players. We believe Netflix is well positioned to gain market share as competition in the industry has also decreased.

	Consumer Discretionary holding Harman International Industries, Inc. detracted from performance as the company lowered its 2008 outlook due to difficulty in the portable navigation device market. The entire industry has been negatively impacted by pricing pressure on in-car global positioning systems (GPS) devices. Harman is also increasing its spending on research and development as it prepares to launch new in-car “infotainment platforms” in 2008. The new GPS systems will have added features that will enable users to play music and view photos. We believe the fundamentals of Harman’s core business remain strong and that the company’s new focus on developing these platforms should help increase its footprint.

	Entravision Communication detracted from performance as companies that rely on local advertising dollars were impacted by the economic slowdown. While the company is not immune from the overall economy, it continues to outpace industry revenue growth rates due to its focus on serving the fast growing Spanish-language population. We remain enthusiastic about the growth prospects of Entravision, as the company continues to increase its ratings share within its markets. The company is the dominant television station regardless of language in many of its markets. We believe this dominant position may make the company a key beneficiary of political dollars in 2008. Entravision is making accretive capital allocation decisions and aggressively repurchasing its shares. The company recently announced that it is selling its outdoor advertising division, Vista Media, to Lamar for $100 million. Entravision also repurchased over 10% of shares outstanding over the last year.

	Stock selection within the Energy sector positively contributed to performance over the last six months. Rex Energy reported a strong fiscal third quarter and a 50% increase in revenues over the same period last year. Management also reaffirmed guidance for the fourth quarter of 2007. The company continues to drive growth as it increases production and cash flow. Elsewhere, the Fund’s holding in Quicksilver Resources, Inc. was a positive contributor to performance as it announced third quarter earnings that beat expectations. Shares of the company reached an all-time high after the results were released. We continue to have conviction in our Energy positions, as we believe they have differentiated themselves from competitors and are able to grow in various market environments.

PORTFOLIO RESULTS

Portfolio Highlights


	During the reporting period, there were a number of holdings that enhanced results, including the following:

n	First Solar, Inc. — First Solar reported significantly strong third quarter results that exceeded analysts’ expectations, raised its sales outlook for 2008 and boosted its revenue outlook for 2008. The raised outlook was due to strong execution and the belief that it will continue. A main contributor to the results was First Solar’s completion of its German production facility. This enabled the company to increase sales due to the faster than expected ramp up of new solar plants in this region. First Solar also signed new contracts, doubling its long-term customer base. We continue to have confidence in the company as it has attractive long-term contracts.

n	Activision, Inc. — Shares of video game developer Activision rose during the period. The company benefited from strong sales of popular games such as Guitar Hero 3 and Call of Duty 4. Both of these games are nearly sold out at retail stores. In addition, French entertainment firm Vivendi announced that it would merge its video game division with Activision to create Activision Blizzard. We believe this is a compelling opportunity for the new organization as there should be many synergies that result from the merger. We believe the gaming cycle has started to take off and continue to have conviction in Activision. In our view, Activision is well positioned with a strong franchise of new videogame titles.

n	Charles River Laboratories International, Inc. — Medical research company Charles River Laboratories reported solid third quarter earnings from higher sales growth and raised its overall guidance. Growth was attributed to higher demand for research models and services and pre-clinical services. Synergies from Charles River’s acquisition of the Northwest Kinetics Phase I clinical services business also helped increase sales. The company is in the process of moving to a new pre-clinical facility where it has plans to improve its sales mix.

	We thank you for your investment and look forward to your continued confidence.

	Goldman Sachs Growth Equity Investment Team

	New York, March 13, 2008

FUND BASICS

Small/ Mid Cap Growth Fund

as of February 29, 2008

PERFORMANCE REVIEW


September 1, 2007-February 29,	Fund Total Return			Russell 2500
2008	(based on NAV)¹			Growth Index²

Class A		-8.69	%		-8.82	%
Class B		-9.03			-8.82
Class C		-8.96			-8.82
Institutional		-8.50			-8.82
Service		-8.75			-8.82


November 30, 2007-February 29, 2008

Class R	-10.82	%	-10.07	%
Class IR	-10.75		-10.07


¹	The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.
²	The Russell 2500 Growth Index offers investors access to the small to mid cap growth segment of the US equity universe. The Russell 2500 Growth Index is constructed to provide a comprehensive and unbiased barometer of the small to mid cap growth market. Based on ongoing empirical research of investment manager behavior, the methodology used to determine growth probability approximates the aggregate small to mid cap growth manager’s opportunity set. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged Index.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS³


For the period ended 12/31/07	One Year			Since Inception			Inception Date

Class A		12.27	%		12.29	%		6/30/05
Class B		12.64			12.78			6/30/05
Class C		16.93			13.85			6/30/05
Institutional		19.40			15.17			6/30/05
Service		18.78			14.58			6/30/05
Class R		N/A			1.53			11/30/07
Class IR		N/A			1.60			11/30/07

The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at: www.goldmansachsfunds.com to obtain the most recent month-end returns. 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.

FUND BASICS

EXPENSE RATIOS⁴


	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)

Class A		1.50	%		1.64	%
Class B		2.25			2.39
Class C		2.25			2.39
Institutional		1.10			1.24
Service		1.60			1.74
Class R		1.75			1.89
Class IR		1.25			1.39

⁴

TOP TEN HOLDINGS AS OF 2/29/08⁵


Holding	% of Net Assets			Line of Business

Rex Energy Corp.		3.0	%	Oil, Gas & Consumable Fuels
Activision, Inc.		2.6		Software
Quicksilver Resources, Inc.		2.5		Oil, Gas & Consumable Fuels
Netflix, Inc.		2.3		Internet & Catalog Retail
Charles River Laboratories

International, Inc.		2.1		Life Sciences Tools & Services
Amphenol Corp.		1.9		Electronic Equipment & Instruments
Ritchie Bros. Auctioneers, Inc.		1.9		Commercial Services & Supplies
UTS Energy Corp.		1.8		Oil, Gas & Consumable Fuels
Alliant Techsystems, Inc.		1.8		Aerospace & Defense
Global Payments, Inc.		1.8		IT Services


⁵	The top 10 holdings may not be representative of the Fund’s future investments.

FUND BASICS

SECTOR ALLOCATIONS⁶

Percentage of Net Assets

⁶

PORTFOLIO RESULTS

Goldman Sachs Strategic Growth Fund

Dear Shareholder,

This report provides an overview on the performance of the Goldman Sachs Strategic Growth Fund during the six-month reporting period that ended February 29, 2008.

Performance Review


	Over the six-month period that ended February 29, 2008, the Fund’s Class A, B, C, Institutional and Service Shares generated cumulative total returns, without sales charges, of -7.72%, -8.01%, -8.10%, -7.51% and -7.51%, respectively. These returns compare to the -6.56% cumulative total return of the Fund’s benchmark, the Russell 1000 Growth Index (with dividends reinvested), over the same time period.

	The Fund generated negative results during the six-month period and lagged its benchmark, the Russell 1000 Growth Index. The U.S. equity markets were characterized by heightened volatility as risk aversion remained a prevalent theme for investors. Fears of a U.S. recession and lingering issues surrounding the subprime mortgage fallout weighed on various sectors of the market, particularly financials. Within the Fund, its holdings in the Finance and Consumer Discretionary sectors detracted from relative performance during the reporting period. In contrast, strength from our Energy holdings and stock selection within the Technology sector positively contributed to relative performance.

	Shares of Freddie Mac detracted from the performance of the Fund after the company announced higher future credit loss expectations than we had estimated. We were of the belief that Freddie Mac would not experience meaningfully higher credit losses because of its high quality, mostly prime, mortgage portfolio. As we had expected, Freddie Mac recently began reporting timely financials and subsequently the Office of Federal Housing Enterprise Oversight (OFHEO) lifted its previous restrictions of portfolio growth by government sponsored enterprises (such as Freddie Mac) effective March 1, 2008. We believed that Freddie Mac’s timely reporting of financials would benefit the company as the OFHEO would likely eventually lift its 30% surcharge on capital it had previously placed on the company (the regulatory capital Freddie Mac is required to maintain on its balance sheet). This would put Freddie Mac in a position of having excess capital, which would enable it either to buy back stock or profitably grow its portfolio at more attractive spreads. However, because of the increase in credit loss expectations and higher write-downs to its existing portfolio, we now believe the reduction, and eventual elimination, of the capital surcharge for Freddie Mac is further down the road than we had previously anticipated. Because of this change, we believe there is a greater risk that Freddie Mac may need to raise more capital in a very difficult market, which could hurt existing shareholders. As a result, our evaluation of Freddie Mac’s growth prospects changed and we decided to eliminate the position and allocate the capital to companies in which we have higher conviction.

	Shares of home improvement companies, Home Depot and Lowe’s Companies, Inc., were down as a result of a struggling U.S. housing market that experienced fewer home sales and rising inventories. Lowe’s pulled back after the company reported a decrease in third quarter profits and lowered its full year outlook. We believe the long-term prospects are still favorable for Lowe’s as home improvement is driven by an aging housing stock and 70% of the houses in the U.S. are over 25 years old. In addition, the company has reported continued increases in market share based on independent estimates. We continue to have high conviction in the long-term growth potential of Lowe’s and believe it will outperform

PORTFOLIO RESULTS


	Home Depot over the long run. As a result, we exited our position in Home Depot to reallocate the funds into Lowe’s.

	Despite reporting strong earnings during the period, Cisco Systems, Inc. detracted from performance. Shares of the company were down as an earnings report detailed slower than expected U.S. enterprise growth. Overall, Cisco posted strong sales growth, particularly in international markets and reaffirmed a target long-term growth rate in the mid teens. We continue to have conviction in Cisco as a global leader in networking and communications products and believe the company will be able to meet our expectations for long-term growth.

	Holdings in Energy companies benefited during the reporting period as the price of oil hit record highs. Oil well services & equipment business, Weatherford International, and oil sands producer, Suncor, Inc., were among the top contributors to performance during the six-month period. Shares of Weatherford rose as the company was awarded a multimillion dollar contract by Sakhalin Energy Investment Company (a consortium including Royal Dutch Shell, Russia’s Gazprom and Japan’s Mitsui). Under the terms of the deal, Weatherford will provide its casing running and drilling services for the consortium’s Sakhalin II project, which is one of the largest integrated oil and gas development ventures in the world. We believe Weatherford has a competitive advantage, given its patented technology on case drilling, which is a drilling area still in its infancy. We believe our energy holdings are competitively positioned in their industries and are poised to deliver long-term growth. Suncor also contributed to performance given rising energy prices. We believe Suncor is positioned for sustainable growth as it continues to initiate upgrades and increase production efficiency. The company recently announced that its Commerce City and Sarnia Ontario refineries will be ramped up to full production now that their planned maintenance operations have been completed.

Portfolio Composition

The Fund invests in large-cap growth stocks. More specifically, we seek businesses with dominant market share, established brand name, pricing power, recurring revenue stream and free cash flow. Additionally, we seek companies with high returns on invested capital, predictable growth, sustainable growth, long product life cycle, enduring competitive advantage, favorable demographic trends and excellent management. The Fund is more selective and focused than many mutual funds and there are typically 50 to 70 holdings in the portfolio.

Portfolio Highlights


	Although the Fund underperformed its benchmark over the reporting period, there were a number of holdings that enhanced results, including the following:

n	Research In Motion — Research In Motion was the top contributor to performance during the reporting period as the company continues to benefit from subscriber growth and expanding business opportunities in key markets. We believe Research In Motion’s growth

PORTFOLIO RESULTS


	prospects are favorable as businesses continue to advance the adoption of mobile email and introduce it more deeply within their organizations. In addition, its consumer-focused BlackBerry products are broadening the brand’s appeal into a larger market. We have high conviction in Research In Motion as its sales in the U.S. remain strong and international demand is solid. In our view, BlackBerry’s strong brand name and superior technology provide a competitive advantage over substitute products.

n	Western Union Co. — Western Union’s stock contributed to performance as the company has started to overcome headwinds that it faced earlier in the period. The company’s Mexican revenues were hampered by an Arizona state investigation of illegal immigrants. This interrupted the company’s money-transfer services and weakened Latino customer confidence. In addition, the company was hurt by special charges from its spin-off from First Data in late 2006. With these issues in the past, we believe the company may be poised for future growth as rising global migration may provide significant international opportunities. Furthermore, we are encouraged by the company’s $1 billion share repurchase authorization as it demonstrates management’s confidence in the business.

n	Yahoo, Inc. — Yahoo contributed to performance as Microsoft Corp. placed a bid to acquire the company. Shares of Yahoo moved sharply higher on the news as the market recognized the value of its underlying business. We took advantage of Yahoo’s run-up in share price and exited our position as we believe Microsoft’s bid virtually closed the gap between Yahoo’s stock price and the economic value of the business. While Yahoo’s stock benefited from Microsoft’s proposed acquisition, shares of the software giant were down as investors expressed uncertainty about the merger. We believe the bid makes strategic sense for Microsoft, as the acquisition would help it to increase its competitiveness in Internet search and advertising. Internet search is a rapidly growing area and provides the largest return on investment of any other advertising medium. In addition to search advertising, we believe Microsoft has significant opportunities for growth in its other business segments including Windows Vista, Microsoft Office, and Xbox. The Xbox product is still early in its product life cycle and we believe Microsoft should see significant margin expansion in its gaming console business going forward. We believe search advertising will continue to gain share and combining the second (Yahoo) and third (Microsoft) largest players in the space will create greater challenges for Google, Inc. In our view, Google remains the dominant market share leader in Internet searches worldwide with attractive growth prospects in online advertising, search and Internet shopping. Google is an industry innovator that continues to identify additional sources of revenue by finding new ways to sell ads. We believe that the strong secular growth of search and online advertising could support another competitor in addition to Google (such as Yahoo) and still provide significant opportunities for both companies.

	We thank you for your investment and look forward to your continued confidence.

	Goldman Sachs Growth Equity Investment Team

	New York, March 13, 2008

FUND BASICS

Strategic Growth Fund

as of February 29, 2008

PERFORMANCE REVIEW


September 1, 2007-	Fund Total Return			Russell 1000
February 29, 2008	(based on NAV)¹			Growth Index²

Class A		-7.72	%		-6.56	%
Class B		-8.01			-6.56
Class C		-8.10			-6.56
Institutional		-7.51			-6.56
Service		-7.51			-6.56


¹	The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.
²	The Russell 1000 Growth Index is an unmanaged market capitalization weighted index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged Index.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS³


For the period ended 12/31/07	One Year			Five Years			Since Inception			Inception Date

Class A		5.07	%		8.54	%		0.22	%	5/24/99
Class B		5.37			8.68			0.13		5/24/99
Class C		9.36			8.95			0.15		5/24/99
Institutional		11.56			10.21			1.29		5/24/99
Service		11.42			9.81			0.94		5/24/99

The Standardized Average Annual Total Returns are average annual 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, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

FUND BASICS

EXPENSE RATIOS⁴


	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)

Class A		1.44	%		1.51	%
Class B		2.19			2.26
Class C		2.19			2.26
Institutional		1.04			1.11
Service		1.54			1.61

⁴

TOP TEN HOLDINGS AS OF 2/29/08⁵


Holding	% of Net Assets			Line of Business

Suncor Energy, Inc.		3.9	%	Oil, Gas & Consumable Fuels

Microsoft Corp.		3.6		Software

Western Union Co.		3.5		IT Services

QUALCOMM, Inc.		3.3		Communications Equipment

Thermo Fisher Scientific, Inc.		3.1		Life Sciences Tools and Services

Google, Inc.		3.0		Internet Software & Services

Lowe’s Cos., Inc.		2.9		Specialty Retail

Weatherford International Ltd.		2.9		Energy Equipment & Services

Cisco Systems, Inc.		2.9		Communications Equipment

Chesapeake Energy Corp.		2.8		Oil, Gas & Consumable Fuels


⁵	The top 10 holdings may not be representative of the Fund’s future investments.

FUND BASICS

SECTOR ALLOCATIONS⁶

Percentage of Net Assets

⁶

FUND BASICS

PORTFOLIO RESULTS

Goldman Sachs All Cap Growth Fund

Dear Shareholder,

This report provides an overview on the performance of the Goldman Sachs All Cap Growth Fund for the period from its inception on January 31, 2008 through February 29, 2008.

Performance Review


	Over the period from its inception on January 31, 2008 through February 29, 2008, the Fund’s Class A, C, Institutional, R and IR Shares generated cumulative total returns, without sales charges, of -1.60%, -1.70%, -1.60%, -1.60% and -1.60%, respectively. These returns compare to the -2.10% cumulative total return of the Fund’s benchmark, the Russell 3000 Growth Index (with dividends reinvested), over the same time period.

	The Fund outperformed its benchmark during the reporting period. This was largely due to the strength of the Fund’s holdings in the Healthcare and Energy sectors. Conversely, the Fund’s Technology holdings detracted from relative performance during the period.

	Energy companies performed well in February as the price of oil hit a record high. Oil well services and equipment firm, Weatherford International, and independent oil and gas company, Rex Energy Corp., were among the top contributors to performance during the period. Shares of Weatherford rose as the company was awarded a multimillion dollar contract by Sakhalin Energy Investment Company (a consortium including Royal Dutch Shell, Russia’s Gazprom and Japan’s Mitsui). Under the terms of the deal, Weatherford will provide its casing running and drilling services for the consortium’s Sakhalin II project, which is one of the largest integrated oil and gas development ventures in the world. We believe Weatherford has a competitive advantage given its patent technology on case drilling, which is a drilling area still in its infancy. Rex Energy reported a strong fiscal third quarter and a 50% increase in revenues over the same period last year. We believe our Energy holdings are competitively positioned in their industries and are poised to deliver long-term growth.

	Tessera Technologies, Inc., a company that provides miniaturization technologies to the electronics industry, detracted from performance during the period, as the company experienced disappointing litigation results. Tessera Technologies is currently involved in a case before the International Trade Commission (ITC) to enforce several of the company’s patents. Recently, the ITC judge elected to stay (postpone) the case, pending the results of the U.S. Patent and Trademark Office reexamination of Tessera Technologies’ patents at issue. This was a disappointing result for the company as, in the event of a successful suit, the receipt of the royalty streams for these patents would be delayed. Tessera Technologies continues to collect royalties for these patents from existing licensees currently under contract.

	Google detracted from performance in February, after an Internet research company released data that detailed a year-over-year decline in Google’s “paid clicks.” “Paid clicks” is a metric that counts the number of times users click advertising search links and is one way Google monetizes online search. While this number is slightly disappointing, we anticipated a slow down in early January and took the opportunity to trim the position at that time. We believe the market is now overreacting and that the current valuation makes the company very attractive.

PORTFOLIO RESULTS

In our view, Google remains the dominant market share leader in Internet searches worldwide, with attractive growth prospects in online advertising, search and Internet shopping. The company is an industry innovator that continues to identify additional sources of revenue by finding new ways to sell ads. For example, it is just beginning to enjoy the benefits from its recent acquisition of YouTube. Shares of Google also traded down during the month on competitive threat concerns following the announcement of a possible merger between Yahoo, Inc. and Microsoft Corp., the number two and three companies in on-line search. While we will continue to evaluate the businesses and industry dynamics, we believe that the strong secular growth of search and online advertising could support another competitor in addition to Google and still provide significant opportunities for both companies.

Portfolio Composition

The Fund invests primarily in U.S. equity investments. Since the Fund’s inception, we have focused on several key investment criteria that we believe can drive a company’s growth over the long term. These characteristics are: dominant market share, established brand name, pricing power, recurring revenue stream, free cash flow, high returns on invested capital, predictable growth, sustainable growth, long product life cycle, enduring competitive advantage, favorable demographic trends and excellent management. We strive to purchase companies with these characteristics at reasonable valuations in order to capture the full benefits of their growth.

Portfolio Highlights


	During the reporting period, there were a number of holdings that enhanced results, including the following:

n	Research In Motion Ltd. — Shares of Research In Motion rose during the period after the company reaffirmed earnings and raised subscriber guidance. The BlackBerry maker reported that holiday smart phone sales were above expectations and that subscriber growth for the quarter would be higher than the company’s previous estimates. We believe subscriber growth is one of the most important metrics for business models like Research In Motion. For these types of companies, more subscribers lead to predictable streams of cash flow in subscription fees as well as increased hardware sales and servicing revenue. In our view, Research In Motion has a substantial edge in the enterprise market for smart phones and is beginning to benefit from their increased marketing towards consumers. We believe BlackBerry’s strong brand name and superior technology provide a competitive advantage over similar products.

PORTFOLIO RESULTS


n	Thermo Fisher Scientific, Inc. — Thermo Fisher Scientific was a top contributor to positive performance during the period. The medical products provider reported solid fourth quarter results, driven by double digit growth in both of its key business units, laboratory products & services and analytical technologies. In addition, the company noted that its business is relatively immune to economic cycles and it does not expect to see a downturn as the economy slows. Investors were encouraged by these comments and the stock responded favorably. We like Thermo Fisher Scientific for its dominant market position and believe it should continue to benefit from the trend of large pharmaceutical companies consolidating their number of suppliers.

n	Suncor, Inc. — Suncor also positively contributed to performance given rising energy prices. We believe Suncor is positioned for sustainable growth as it continues to initiate upgrades and increase production efficiency. The company recently announced that its Commerce City and Sarnia Ontario refineries will be ramped up to full production now that their planned maintenance operations have been completed.

	We thank you for your investment and look forward to your continued confidence.

	Goldman Sachs Growth Equity Investment Team

	New York, March 13, 2008

FUND BASICS

All Cap Growth Fund

as of February 29, 2008

PERFORMANCE REVIEW


January 31, 2008-
February 29, 2008	Fund Total Return (based on NAV)¹			Russell 3000 Growth Index²

Class A		-1.60	%		-2.10	%

Class C		-1.70			-2.10

Institutional		-1.60			-2.10

Class R		-1.60			-2.10

Class IR		-1.60			-2.10


¹	The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.
²	The unmanaged Russell 3000 Growth Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

EXPENSE RATIOS³


	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)

Class A		1.45	%		2.43	%

Class C		2.20			3.18

Institutional		1.05			2.03

Class R		1.70			2.68

Class IR		1.20			2.18

TOP TEN HOLDINGS AS OF 2/29/08⁴


Holding	% of Net Assets			Line of Business

Microsoft Corp.		3.0	%	Software

Rex Energy Corp.		2.6		Oil, Gas & Consumable Fuels

Weatherford International Ltd.		2.5		Energy Equipment & Services

Suncor Energy, Inc.		2.3		Oil, Gas & Consumable Fuels

Hess Corp.		2.3		Oil, Gas & Consumable Fuels

QUALCOMM, Inc.		2.2		Communications Equipment

Merck & Co., Inc.		2.1		Pharmaceuticals

Cisco Systems, Inc.		2.0		Communications Equipment

Google, Inc.		2.0		Internet Software & Services

Gilead Sciences, Inc.		1.9		Biotechnology


⁴	The top 10 holdings may not be representative of the Fund’s future investments.

FUND BASICS

SECTOR ALLOCATIONS⁵

Percentage of Net Assets (as of February 29, 2008)

⁵

GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments

February 29, 2008 (Unaudited)


Shares		Description	Value
Common Stocks – 98.8%

Aerospace & Defense – 1.3%
	391,281	United Technologies Corp.	$	27,589,223

Auto Components – 1.0%
	1,332,340	Gentex Corp.		21,477,321

Beverages – 2.1%
	641,591	PepsiCo., Inc.		44,629,070

Biotechnology – 4.2%
	619,240	Amylin Pharmaceuticals, Inc.*^(a)		16,391,283
	433,098	Genentech, Inc.*		32,807,174
	895,076	Gilead Sciences, Inc.*		42,354,996

				91,553,453

Capital Markets – 1.7%
	424,000	Raymond James Financial, Inc.		9,527,280
	1,435,806	The Charles Schwab Corp.		28,156,156

				37,683,436

Communications Equipment – 8.0%
	2,686,813	Cisco Systems, Inc.*		65,477,633
	1,543,559	QUALCOMM, Inc.		65,400,595
	405,374	Research In Motion Ltd.*		42,077,821

				172,956,049

Computers & Peripherals – 4.2%
	315,891	Apple, Inc.*		39,492,693
	988,340	Dell, Inc.*		19,618,549
	285,900	International Business Machines Corp.		32,552,574

				91,663,816

Consumer Finance – 0.7%
	956,220	Discover Financial Services		14,429,360

Diversified Financial Services – 2.4%
	62,900	CME Group, Inc.		32,286,570
	517,731	Moody’s Corp.^(a)		19,663,423

				51,949,993

Electrical Equipment – 1.4%
	400,700	Amphenol Corp.		14,813,879
	277,177	Rockwell Automation, Inc.		15,164,354

				29,978,233

Energy Equipment & Services – 6.9%
	672,137	Baker Hughes, Inc.		45,228,099
	521,788	Schlumberger Ltd.^(a)		45,108,573
	873,858	Weatherford International Ltd.*		60,226,293

				150,562,965

Food & Staples Retailing – 0.9%
	200,000	Costco Wholesale Corp.^(a)		12,384,000
	160,000	CVS Caremark Corp.		6,460,800

				18,844,800

Food Products – 0.5%
	195,469	Wm. Wrigley Jr. Co.		11,700,774

Health Care Equipment & Supplies – 3.0%
	623,317	Baxter International, Inc.		36,788,169
	657,544	St. Jude Medical, Inc.*		28,261,241

				65,049,410

Household Durables – 4.3%
	678,454	Fortune Brands, Inc.		44,085,941
	325,281	Harman International Industries, Inc.^(a)		13,401,577
	1,538,913	Newell Rubbermaid, Inc.		34,933,325

				92,420,843

Household Products – 1.0%
	331,996	Procter & Gamble Co.		21,971,495

Internet Software & Services – 3.9%
	160,500	Amazon.com, Inc.*^(a)		10,347,435
	29,800	Baidu.com, Inc. ADR*^(a)		7,489,634
	151,600	Equinix, Inc.*^(a)		10,513,460
	120,700	Google, Inc.*		56,871,426

				85,221,955

IT Services – 5.9%
	727,280	Cognizant Technology Solutions Corp.*^(a)		21,971,129
	349,258	Fiserv, Inc.*		18,377,956
	647,238	Global Payments, Inc.		25,675,931
	466,334	Iron Mountain, Inc.*		14,027,327
	2,362,074	Western Union Co.		49,131,139

				129,183,482

Leisure Equipment & Products – 0.5%
	565,300	Mattel, Inc.		10,921,596

Life Sciences Tools & Services – 3.1%
	420,398	Charles River Laboratories International, Inc.*		24,626,915
	775,103	Thermo Fisher Scientific, Inc.*		43,351,511

				67,978,426

Media – 4.3%
	614,200	Comcast Corp.*		12,001,468
	419,612	Lamar Advertising Co.^(a)		15,991,413
	448,776	National CineMedia, Inc.		9,671,123
	801,302	The McGraw-Hill Cos., Inc.^(a)		32,797,291
	573,065	Viacom, Inc. Class B*		22,779,334

				93,240,629

Multiline Retail – 1.3%
	262,047	J.C. Penney Co., Inc.		12,109,192
	306,277	Target Corp.		16,113,233

				28,222,425

Oil, Gas & Consumable Fuels – 9.5%
	726,500	Chesapeake Energy Corp.		32,852,330
	567,691	Hess Corp.		52,897,447
	125,800	Occidental Petroleum Corp.		9,733,146

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments (continued)

February 29, 2008 (Unaudited)


Shares		Description	Value
Common Stocks – (continued)

Oil, Gas & Consumable Fuels – (continued)
	1,054,622	Quicksilver Resources, Inc.*^(a)	$	36,278,997
	732,223	Suncor Energy, Inc.		75,565,414

				207,327,334

Pharmaceuticals – 6.2%
	505,200	Johnson & Johnson		31,302,192
	1,030,352	Merck & Co., Inc.		45,644,593
	1,195,827	Schering-Plough Corp.		25,949,446
	627,200	Teva Pharmaceutical Industries Ltd. ADR^(a)		30,776,704

				133,672,935

Real Estate Management & Development – 1.4%
	1,511,060	CB Richard Ellis Group, Inc.*^(a)		30,311,864

Semiconductors & Semiconductor Equipment – 3.3%
	1,907,533	Intel Corp.		38,055,283
	1,198,948	Linear Technology Corp.^(a)		33,222,849

				71,278,132

Software – 7.4%
	1,245,310	Activision, Inc.*		33,934,698
	1,033,948	Electronic Arts, Inc.*		48,895,401
	2,851,693	Microsoft Corp.		77,623,083

				160,453,182

Specialty Retail – 2.4%
	2,172,316	Lowe’s Cos., Inc.		52,070,414

Textiles, Apparel & Luxury Goods – 1.1%
	770,552	Coach, Inc.*		23,363,137

Trading Companies & Distributors – 0.8%
	233,370	W.W. Grainger, Inc.^(a)		17,190,034

Wireless Telecommunication Services – 4.1%
	1,415,500	American Tower Corp.*		54,411,820
	467,265	Crown Castle International Corp.*		16,863,594
	1,047,250	MetroPCS Communications, Inc.*^(a)		16,703,637

				87,979,051

TOTAL COMMON STOCKS
(Cost $1,963,392,674)			$	2,142,874,837

Principal

Interest

Maturity

Amount

Rate

Date

Value

Repurchase Agreement^(b) – 1.4%

Joint Repurchase Agreement Account II

31,100,000

3.166

03/03/08

31,100,000

Maturity Value: $31,108,205

(Cost $31,100,000)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL

(Cost $1,994,492,674)

2,173,974,837


		Interest
Shares		Rate			Value
Securities Lending Collateral^(c) – 8.0%

Boston Global Investment Trust – Enhanced Portfolio
	174,024,925		3.646	%	$	174,024,925
(Cost $174,024,925)

TOTAL INVESTMENTS – 108.2%
(Cost $2,168,517,599)					$	2,347,999,762

LIABILITIES IN EXCESS OF OTHER ASSETS – (8.2)%						(177,473,152	)

NET ASSETS – 100.0%					$	2,170,526,610


	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.


*	Non-income producing security.

(a)	All or a portion of security is on loan.

(b)	Joint repurchase agreement was entered into on February 29, 2008. Additional information appears on page 52.

(c)	Variable rate security. Interest rate disclosed is that which is in effect at February 29, 2008.

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Schedule of Investments

February 29, 2008 (Unaudited)


Shares		Description	Value
Common Stocks – 99.3%

Aerospace & Defense – 1.5%
	59,490	United Technologies Corp.	$	4,194,640

Beverages – 3.9%
	162,380	PepsiCo., Inc.		11,295,153

Biotechnology – 3.7%
	191,370	Amylin Pharmaceuticals, Inc.*^(a)		5,065,564
	73,890	Genentech, Inc.*		5,597,167

				10,662,731

Capital Markets – 3.4%
	502,070	The Charles Schwab Corp.		9,845,593

Communications Equipment – 11.8%
	429,520	Cisco Systems, Inc.*		10,467,402
	297,660	QUALCOMM, Inc.		12,611,854
	105,390	Research In Motion Ltd.*		10,939,482

				34,018,738

Diversified Financial Services – 2.0%
	11,420	CME Group, Inc.		5,861,886

Energy Equipment & Services – 7.2%
	99,200	Baker Hughes, Inc.		6,675,168
	70,100	Schlumberger Ltd.		6,060,145
	115,830	Weatherford International Ltd.*		7,983,004

				20,718,317

Health Care Equipment & Supplies – 5.4%
	115,400	Baxter International, Inc.		6,810,908
	201,810	St. Jude Medical, Inc.*		8,673,794

				15,484,702

Household Durables – 3.2%
	141,879	Fortune Brands, Inc.		9,219,297

Internet Software & Services – 3.2%
	19,370	Google, Inc.*		9,126,757

IT Services – 4.8%
	661,300	Western Union Co.		13,755,040

Life Sciences Tools & Services – 3.9%
	202,650	Thermo Fisher Scientific, Inc.*		11,334,214

Media – 4.9%
	196,160	The McGraw-Hill Cos., Inc.		8,028,829
	155,925	Viacom, Inc. Class B*		6,198,018

				14,226,847

Multiline Retail – 2.3%
	126,660	Target Corp.		6,663,583

Oil, Gas & Consumable Fuels – 12.2%
	192,490	Chesapeake Energy Corp.		8,704,398
	134,660	Hess Corp.		12,547,618
	135,170	Suncor Energy, Inc.		13,949,544

				35,201,560

Pharmaceuticals – 6.7%
	125,000	Merck & Co., Inc.		5,537,500
	305,740	Schering-Plough Corp.		6,634,558
	143,710	Teva Pharmaceutical Industries Ltd. ADR		7,051,850

				19,223,908

Software – 8.1%
	262,400	Electronic Arts, Inc.*		12,408,896
	398,040	Microsoft Corp.		10,834,649

				23,243,545

Specialty Retail – 2.7%
	319,670	Lowe’s Cos., Inc.		7,662,490

Textiles, Apparel & Luxury Goods – 2.3%
	216,940	Coach, Inc.*		6,577,621

Wireless Telecommunication Services – 6.1%
	299,850	American Tower Corp.*		11,526,234
	167,730	Crown Castle International Corp.*		6,053,376

				17,579,610

TOTAL COMMON STOCKS
(Cost $276,722,731)			$	285,896,232

Principal

Interest

Maturity

Amount

Rate

Date

Value

Repurchase Agreement^(b) – 0.3%

Joint Repurchase Agreement Account II

800,000

3.166

03/03/08

800,000

Maturity Value: $800,211

(Cost $800,000)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL

(Cost $277,522,731)

286,696,232

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Schedule of Investments (continued)

February 29, 2008 (Unaudited)


		Interest
Shares		Rate			Value
Securities Lending Collateral^(c) – 1.8%

Boston Global Investment Trust – Enhanced Portfolio
	5,068,000		3.646	%	$	5,068,000
(Cost $5,068,000)

TOTAL INVESTMENTS – 101.4%
(Cost $282,590,731)					$	291,764,232

LIABILITIES IN EXCESS OF OTHER ASSETS – (1.4)%						(3,920,469	)

NET ASSETS – 100.0%					$	287,843,763


	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.


*	Non-income producing security.

(a)	All or a portion of security is on loan.

(b)	Joint repurchase agreement was entered into on February 29, 2008. Additional information appears on page 52.

(c)	Variable rate security. Interest rate disclosed is that which is in effect at February 29, 2008.

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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Schedule of Investments

February 29, 2008 (Unaudited)


Shares		Description	Value
Common Stocks – 99.4%

Aerospace & Defense – 1.9%
	338,098	Alliant Techsystems, Inc.*^(a)	$	35,480,004

Air Freight & Logistics – 1.2%
	417,000	C.H. Robinson Worldwide, Inc.		21,171,090

Auto Components – 2.2%
	2,510,068	Gentex Corp.		40,462,296

Biotechnology – 1.7%
	1,147,679	Amylin Pharmaceuticals, Inc.*^(a)		30,379,063

Capital Markets – 1.7%
	1,394,981	Raymond James Financial, Inc.^(a)		31,345,223

Computers & Peripherals – 0.8%
	685,586	Network Appliance, Inc.*		14,822,369

Consumer Finance – 1.5%
	1,769,695	Discover Financial Services		26,704,698

Diversified Consumer Services – 0.5%
	212,016	Weight Watchers International, Inc.^(a)		9,964,752

Diversified Financial Services – 3.0%
	781,157	Moody’s Corp.^(a)		29,668,343
	259,500	Nymex Holdings, Inc.^(a)		25,636,005

				55,304,348

Electrical Equipment – 2.5%
	33,986	First Solar, Inc.*		6,973,927
	354,590	Rockwell Automation, Inc.^(a)		19,399,619
	340,219	Roper Industries, Inc.		19,188,352

				45,561,898

Electronic Equipment & Instruments – 3.7%
	1,085,973	Amphenol Corp.		40,148,422
	1,082,144	Cogent, Inc.*^(a)		10,821,440
	623,244	FLIR Systems, Inc.*		17,737,524

				68,707,386

Energy Equipment & Services – 2.9%
	766,251	Weatherford International Ltd.*		52,810,019

Food Products – 0.5%
	168,100	Wm. Wrigley Jr. Co.		10,062,466

Health Care Equipment & Supplies – 4.0%
	391,978	C.R. Bard, Inc.		37,155,595
	866,697	St. Jude Medical, Inc.*		37,250,637

				74,406,232

Health Care Providers & Services – 2.5%
	238,526	Laboratory Corp. of America Holdings*		18,440,445
	952,873	Psychiatric Solutions, Inc.*^(a)		26,956,777

				45,397,222

Hotels, Restaurants & Leisure – 0.6%
	652,501	Pinnacle Entertainment, Inc.*^(a)		10,218,166

Household Durables – 6.2%
	697,488	Fortune Brands, Inc.		45,322,770
	711,002	Harman International Industries, Inc.		29,293,283
	1,710,549	Newell Rubbermaid, Inc.		38,829,462

				113,445,515

Insurance – 1.0%
	413,980	Aon Corp.		17,225,708
	587,666	Security Capital Assurance Ltd.^(a)		893,252

				18,118,960

Internet & Catalog Retail – 2.5%
	1,449,008	Netflix, Inc.*^(a)		45,759,673

Internet Software & Services – 1.8%
	53,939	Bankrate, Inc.*^(a)		2,279,462
	453,098	Equinix, Inc.*^(a)		31,422,346

				33,701,808

IT Services – 12.0%
	866,926	Cognizant Technology Solutions Corp.*		26,189,835
	780,036	Fiserv, Inc.*		41,045,494
	1,074,030	Global Payments, Inc.		42,606,770
	947,582	Iron Mountain, Inc.*		28,503,267
	970,423	NeuStar, Inc.*^(a)		24,901,054
	539,481	Paychex, Inc.		16,972,072
	2,017,229	Western Union Co.		41,958,363

				222,176,855

Leisure Equipment & Products – 1.4%
	1,347,520	Mattel, Inc.		26,034,086

Life Sciences Tools & Services – 4.3%
	716,989	Charles River Laboratories International, Inc.*		42,001,216
	655,701	Thermo Fisher Scientific, Inc.*^(a)		36,673,357

				78,674,573

Machinery – 0.9%
	568,254	Kennametal, Inc.		17,257,874

Media – 2.9%
	4,287,902	Entravision Communications Corp.*^(b)		24,869,831
	486,063	Lamar Advertising Co.^(a)		18,523,861
	500,498	National CineMedia, Inc.		10,785,732

				54,179,424

Multiline Retail – 1.0%
	416,499	J.C. Penney Co., Inc.		19,246,419

Oil, Gas & Consumable Fuels – 8.8%
	743,300	Chesapeake Energy Corp.		33,612,026
	917,129	Continental Resources, Inc.*		25,752,982
	468,664	Hess Corp.		43,670,112

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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Schedule of Investments (continued)

February 29, 2008 (Unaudited)


Shares		Description	Value
Common Stocks – (continued)

Oil, Gas & Consumable Fuels – (continued)
	1,150,966	Quicksilver Resources, Inc.*^(a)	$	39,593,230
	335,619	Whiting Petroleum Corp.*		20,546,595

				163,174,945

Personal Products – 1.2%
	293,846	Chattem, Inc.*^(a)		22,890,603

Real Estate Management & Development – 2.1%
	1,903,123	CB Richard Ellis Group, Inc.*^(a)		38,176,647

Semiconductors & Semiconductor Equipment – 4.1%
	1,330,376	FormFactor, Inc.*		23,853,642
	977,140	Linear Technology Corp.		27,076,549
	1,043,487	Tessera Technologies, Inc.*		24,584,554

				75,514,745

Software – 6.2%
	1,810,718	Activision, Inc.*		49,342,066
	941,201	Electronic Arts, Inc.*		44,509,395
	334,988	Salesforce.com, Inc.*^(a)		20,005,483

				113,856,944

Specialty Retail – 3.6%
	508,844	Advance Auto Parts, Inc.		17,066,628
	849,464	Urban Outfitters, Inc.*		24,447,574
	1,026,811	Williams-Sonoma, Inc.^(a)		23,986,305

				65,500,507

Textiles, Apparel & Luxury Goods – 2.4%
	1,476,377	Coach, Inc.*		44,763,751

Trading Companies & Distributors – 0.9%
	233,610	W.W. Grainger, Inc.		17,207,713

Wireless Telecommunication Services – 4.9%
	791,407	American Tower Corp.*		30,421,685
	781,052	Clearwire Corp.*^(a)		10,942,538
	720,553	Crown Castle International Corp.*		26,004,758
	1,427,247	MetroPCS Communications, Inc.*^(a)		22,764,590

				90,133,571

TOTAL COMMON STOCKS
(Cost $1,830,407,980)			$	1,832,611,845

Principal

Interest

Maturity

Amount

Rate

Date

Value

Repurchase Agreement^(c) – 0.6%

Joint Repurchase Agreement Account II

11,800,000

3.166

03/03/08

11,800,000

Maturity Value: $11,803,113

(Cost $11,800,000)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL

(Cost $1,842,207,980)

1,844,411,845


		Interest
Shares		Rate			Value
Securities Lending Collateral^(d) – 23.6%

Boston Global Investment Trust – Enhanced Portfolio
	435,478,275		3.646	%	$	435,478,275
(Cost $435,478,275)

TOTAL INVESTMENTS – 123.6%
(Cost $2,277,686,255)					$	2,279,890,120

LIABILITIES IN EXCESS OF OTHER ASSETS – (23.6)%						(435,136,948	)

NET ASSETS – 100.0%					$	1,844,753,172


	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.


*	Non-income producing security.

(a)	All or a portion of security is on loan.

(b)	Represents an affiliated issuer.

(c)	Joint repurchase agreement was entered into on February 29, 2008. Additional information appears on page 52.

(d)	Variable rate security. Interest rate disclosed is that which is in effect at February 29, 2008.

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Schedule of Investments

February 29, 2008 (Unaudited)


Shares		Description	Value
Common Stocks – 99.7%

Aerospace & Defense – 2.9%
	65,800	Aerovironment, Inc.*^(a)	$	1,397,592
	20,100	Alliant Techsystems, Inc.*		2,109,294

				3,506,886

Auto Components – 1.6%
	119,300	Gentex Corp.		1,923,116

Beverages – 0.5%
	15,800	Hansen Natural Corp.*^(a)		655,700

Biotechnology – 3.6%
	21,000	Affymax, Inc.*^(a)		404,250
	18,500	Alexion Pharmaceuticals, Inc.*^(a)		1,121,285
	52,100	Amylin Pharmaceuticals, Inc.*^(a)		1,379,087
	99,211	NeurogesX, Inc.*		438,513
	43,800	Progenics Pharmaceuticals, Inc.*^(a)		670,140
	62,300	Vanda Pharmaceuticals, Inc.*		284,088

				4,297,363

Capital Markets – 5.0%
	37,200	Eaton Vance Corp.		1,184,820
	51,800	Evercore Partners, Inc.^(a)		1,017,352
	20,147	Oppenheimer Holdings, Inc.		929,179
	50,755	Raymond James Financial, Inc.		1,140,465
	29,200	Stifel Financial Corp.*		1,272,828
	46,900	TradeStation Group, Inc.*		450,240

				5,994,884

Commercial Services & Supplies – 3.0%
	67,903	Healthcare Services Group, Inc.^(a)		1,343,121
	31,800	Ritchie Bros. Auctioneers, Inc.		2,277,198

				3,620,319

Communications Equipment – 1.0%
	57,810	Neutral Tandem, Inc.*^(a)		1,190,308

Consumer Finance – 0.3%
	36,200	First Cash Financial Services, Inc.*		338,470

Diversified Consumer Services – 3.0%
	27,570	Bright Horizons Family Solutions, Inc.*		1,240,099
	12,100	Capella Education Co.*		637,791
	37,490	Coinstar, Inc.*		1,093,208
	13,275	Weight Watchers International, Inc.		623,925

				3,595,023

Diversified Financial Services – 0.3%
	10,000	MSCI, Inc.*		297,300

Electrical Equipment – 2.4%
	3,400	First Solar, Inc.*		697,680
	8,800	Rockwell Automation, Inc.		481,448
	30,770	Roper Industries, Inc.		1,735,428

				2,914,556

Electronic Equipment & Instruments – 4.8%
	62,100	Amphenol Corp.		2,295,837
	67,160	Cogent, Inc.*^(a)		671,600
	23,920	Dolby Laboratories, Inc.*		1,058,460
	61,520	FLIR Systems, Inc.*		1,750,859

				5,776,756

Energy Equipment & Services – 4.0%
	33,900	Dresser-Rand Group, Inc.*		1,154,973
	69,928	Tesco Corp.*		1,722,327
	31,090	W-H Energy Services, Inc.*		1,954,628

				4,831,928

Health Care Equipment & Supplies – 4.2%
	16,300	Gen-Probe, Inc.*		779,303
	102,654	Natus Medical, Inc.*		1,949,399
	31,900	NuVasive, Inc.*		1,229,426
	156,990	OraSure Technologies, Inc.*		1,120,909

				5,079,037

Health Care Providers & Services – 3.4%
	16,500	Laboratory Corp. of America Holdings*		1,275,615
	73,380	Psychiatric Solutions, Inc.*		2,075,920
	22,500	VCA Antech, Inc.*		722,475

				4,074,010

Health Care Technology – 1.0%
	69,011	MedAssets, Inc.*		1,253,240

Hotels, Restaurants & Leisure – 2.6%
	20,240	Life Time Fitness, Inc.*^(a)		588,174
	26,980	P.F. Chang’s China Bistro, Inc.*^(a)		769,739
	44,871	Pinnacle Entertainment, Inc.*		702,680
	113,842	Texas Roadhouse, Inc.*		1,058,731

				3,119,324

Household Durables – 2.0%
	29,900	Harman International Industries, Inc.		1,231,880
	54,100	Newell Rubbermaid, Inc.		1,228,070

				2,459,950

Household Products – 0.2%
	64,300	Central Garden & Pet Co.*		282,920

Insurance – 0.9%
	39,100	eHealth, Inc.*		957,559
	81,700	Security Capital Assurance Ltd.^(a)		124,184

				1,081,743

Internet & Catalog Retail – 3.2%
	8,180	Blue Nile, Inc.*^(a)		361,229
	46,600	GSI Commerce, Inc.*		674,302
	89,200	Netflix, Inc.*^(a)		2,816,936

				3,852,467

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Schedule of Investments (continued)

February 29, 2008 (Unaudited)


Shares		Description	Value
Common Stocks – (continued)

Internet Software & Services – 1.8%
	13,500	Bankrate, Inc.*^(a)	$	570,510
	109,876	Switch and Data Facilities Co.*^(a)		1,148,204
	41,100	The Knot, Inc.*^(a)		474,705

				2,193,419

IT Services – 5.2%
	67,561	Genpact Ltd.*^(a)		1,030,305
	53,100	Global Payments, Inc.		2,106,477
	60,145	Iron Mountain, Inc.*		1,809,162
	53,170	NeuStar, Inc.*		1,364,342

				6,310,286

Life Sciences Tools & Services – 2.8%
	43,960	Charles River Laboratories International, Inc.*		2,575,177
	9,450	Covance, Inc.*		797,674

				3,372,851

Machinery – 2.6%
	34,500	IDEX Corp.		1,040,520
	39,800	Kennametal, Inc.		1,208,726
	96,610	TurboChef Technologies, Inc.*^(a)		821,185

				3,070,431

Media – 2.9%
	225,270	Entravision Communications Corp.*		1,306,566
	28,900	Lamar Advertising Co.^(a)		1,101,379
	39,400	LodgeNet Entertainment Corp.*^(a)		366,814
	32,600	National CineMedia, Inc.		702,530

				3,477,289

Oil, Gas & Consumable Fuels – 12.3%
	53,100	Continental Resources, Inc.*		1,491,048
	62,500	Delta Petroleum Corp.*^(a)		1,497,500
	90,540	OPTI Canada, Inc.*		1,591,407
	88,800	Quicksilver Resources, Inc.*		3,054,720
	226,308	Rex Energy Corp.*		3,553,035
	372,300	UTS Energy Corp.*		2,201,459
	22,600	Whiting Petroleum Corp.*		1,383,572

				14,772,741

Personal Products – 2.3%
	24,610	Chattem, Inc.*^(a)		1,917,119
	104,800	Physicians Formula Holdings, Inc.*		825,824

				2,742,943

Real Estate Management & Development – 1.7%
	103,200	CB Richard Ellis Group, Inc.*		2,070,192

Semiconductors & Semiconductor Equipment – 5.2%
	28,980	Cavium Networks, Inc.*^(a)		412,096
	142,804	Eagle Test Systems, Inc.*		1,495,158
	75,850	FormFactor, Inc.*		1,359,991
	96,320	Intellon Corp.*		530,723
	26,600	Linear Technology Corp.		737,086
	70,590	Tessera Technologies, Inc.*		1,663,100

				6,198,154

Software – 3.7%
	112,820	Activision, Inc.*		3,074,345
	22,800	Salesforce.com, Inc.*		1,361,616

				4,435,961

Specialty Retail – 5.3%
	24,300	Advance Auto Parts, Inc.		815,022
	61,600	CSK Auto Corp.*^(a)		558,712
	36,290	Tractor Supply Co.*		1,358,698
	23,900	Ulta Salon, Cosmetics & Fragrance, Inc.*^(a)		334,839
	69,930	Urban Outfitters, Inc.*		2,012,585
	56,510	Williams-Sonoma, Inc.^(a)		1,320,074

				6,399,930

Trading Companies & Distributors – 0.6%
	9,570	W.W. Grainger, Inc.		704,926

Transportation Infrastructure – 0.4%
	41,600	CAI International, Inc.*		420,576

Wireless Telecommunication Services – 3.0%
	48,200	Clearwire Corp.*^(a)		675,282
	76,200	MetroPCS Communications, Inc.*		1,215,390
	54,150	SBA Communications Corp.*		1,681,358

				3,572,030

TOTAL COMMON STOCKS
(Cost $125,512,069)			$	119,887,029

Principal

Interest

Maturity

Amount

Rate

Date

Value

Repurchase Agreement^(b) – 1.2%

Joint Repurchase Agreement Account II

1,400,000

3.166

03/03/08

1,400,000

Maturity Value: $1,400,369

(Cost $1,400,000)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL

(Cost $126,912,069)

121,287,029

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND


		Interest
Shares		Rate	Value
Securities Lending Collateral^(c) – 17.1%

Boston Global Investment Trust
	20,605,000	3.646%	$	20,605,000
(Cost $20,605,000)

TOTAL INVESTMENTS – 118.0%
(Cost $147,517,069)			$	141,892,029

LIABILITIES IN EXCESS OF OTHER ASSETS – (18.0)%				(21,620,633	)

NET ASSETS – 100.0%			$	120,271,396


	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.


*	Non-income producing security.

(a)	All or a portion of security is on loan.

(b)	Joint repurchase agreement was entered into on February 29, 2008. Additional information appears on page 52.

(c)	Variable rate security. Interest rate disclosed is that which is in effect at February 29, 2008.

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Schedule of Investments

February 29, 2008 (Unaudited)


Shares		Description	Value
Common Stocks – 97.1%

Aerospace & Defense – 1.4%
	63,090	United Technologies Corp.	$	4,448,476

Beverages – 2.6%
	121,210	PepsiCo., Inc.		8,431,368

Biotechnology – 4.4%
	87,330	Amylin Pharmaceuticals, Inc.*^(a)		2,311,625
	71,980	Genentech, Inc.*		5,452,485
	134,030	Gilead Sciences, Inc.*		6,342,300

				14,106,410

Capital Markets – 2.4%
	391,860	The Charles Schwab Corp.		7,684,375

Communications Equipment – 8.9%
	379,580	Cisco Systems, Inc.*		9,250,364
	248,700	QUALCOMM, Inc.		10,537,419
	83,440	Research In Motion Ltd.*		8,661,072

				28,448,855

Computers & Peripherals – 4.9%
	47,830	Apple, Inc.*		5,979,707
	179,040	Dell, Inc.*		3,553,944
	53,240	International Business Machines Corp.		6,061,906

				15,595,557

Consumer Finance – 1.0%
	203,110	Discover Financial Services		3,064,930

Diversified Financial Services – 2.0%
	12,660	CME Group, Inc.		6,498,378

Energy Equipment & Services – 7.7%
	119,580	Baker Hughes, Inc.		8,046,538
	83,650	Schlumberger Ltd.		7,231,542
	134,380	Weatherford International Ltd.*		9,261,470

				24,539,550

Food Products – 1.5%
	77,950	Kraft Foods, Inc.		2,429,701
	41,117	Wm. Wrigley Jr. Co.		2,461,264

				4,890,965

Health Care Equipment & Supplies – 4.9%
	119,770	Baxter International, Inc.		7,068,825
	202,370	St. Jude Medical, Inc.*		8,697,863

				15,766,688

Household Durables – 2.4%
	87,890	Fortune Brands, Inc.		5,711,092
	84,170	Newell Rubbermaid, Inc.		1,910,659

				7,621,751

Household Products – 1.2%
	56,650	Procter & Gamble Co.		3,749,097

Internet & Catalog Retail – 1.0%
	48,270	Amazon.com, Inc.*		3,111,967

Internet Software & Services – 3.0%
	20,710	Google, Inc.*		9,758,138

IT Services – 3.5%
	542,820	Western Union Co.		11,290,656

Life Sciences Tools & Services – 3.1%
	176,270	Thermo Fisher Scientific, Inc.*		9,858,781

Media – 4.4%
	146,370	Comcast Corp.*		2,860,070
	40,740	Lamar Advertising Co.^(a)		1,552,601
	162,938	The McGraw-Hill Cos., Inc.		6,669,052
	72,297	Viacom, Inc. Class B*		2,873,806

				13,955,529

Multiline Retail – 2.0%
	122,790	Target Corp.		6,459,982

Oil, Gas & Consumable Fuels – 9.3%
	195,790	Chesapeake Energy Corp.		8,853,624
	90,040	Hess Corp.		8,389,927
	121,540	Suncor Energy, Inc.		12,542,928

				29,786,479

Pharmaceuticals – 9.3%
	98,930	Johnson & Johnson		6,129,703
	197,340	Merck & Co., Inc.		8,742,162
	339,590	Schering-Plough Corp.		7,369,103
	154,840	Teva Pharmaceutical Industries Ltd. ADR		7,597,998

				29,838,966

Semiconductors & Semiconductor Equipment – 2.9%
	280,150	Intel Corp.		5,588,993
	137,130	Linear Technology Corp.		3,799,872

				9,388,865

Software – 6.2%
	177,440	Electronic Arts, Inc.*		8,391,138
	423,360	Microsoft Corp.		11,523,859

				19,914,997

Specialty Retail – 2.9%
	387,880	Lowe’s Cos., Inc.		9,297,484

Wireless Telecommunication Services – 4.2%
	202,850	American Tower Corp.*		7,797,554
	158,150	Crown Castle International Corp.*		5,707,633

				13,505,187

TOTAL COMMON STOCKS
(Cost $282,120,483)			$	311,013,431

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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Principal

Interest

Maturity

Amount

Rate

Date

Value

Repurchase Agreement^(b) – 2.4%

Joint Repurchase Agreement Account II

7,700,000

3.166

03/03/08

7,700,000

Maturity Value: $7,702,032

(Cost $7,700,000)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL

(Cost $289,820,483)

318,713,431


		Interest
Shares		Rate			Value
Securities Lending Collateral^(c) – 1.1%

Boston Global Investment Trust – Enhanced Portfolio
	3,388,250		3.646	%	$	3,388,250
(Cost $3,388,250)

TOTAL INVESTMENTS – 100.6%
(Cost $293,208,733)					$	322,101,681

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.6)%						(2,064,653	)

NET ASSETS – 100.0%					$	320,037,028


	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.


*	Non-income producing security.

(a)	All or a portion of security is on loan.

(b)	Joint repurchase agreement was entered into on February 29, 2008. Additional information appears on page 52.

(c)	Variable rate security. Interest rate disclosed is that which was in effect at February 29, 2008.

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

GOLDMAN SACHS ALL CAP GROWTH FUND

Schedule of Investments

February 29, 2008 (Unaudited)


Shares		Description	Value
Common Stocks – 99.5%

Aerospace & Defense – 2.2%
	234	Alliant Techsystems, Inc.*	$	24,556
	265	United Technologies Corp.		18,685

				43,241

Air Freight & Logistics – 0.5%
	191	C.H. Robinson Worldwide, Inc.		9,697

Auto Components – 1.0%
	1,165	Gentex Corp.		18,780

Beverages – 1.6%
	445	PepsiCo., Inc.		30,954

Biotechnology – 3.4%
	299	Amylin Pharmaceuticals, Inc.*		7,915
	251	Genentech, Inc.*		19,013
	786	Gilead Sciences, Inc.*		37,194
	175	Progenics Pharmaceuticals, Inc.*		2,677

				66,799

Capital Markets – 3.0%
	260	Oppenheimer Holdings, Inc.		11,991
	604	Raymond James Financial, Inc.		13,572
	333	Stifel Financial Corp.*		14,516
	982	The Charles Schwab Corp.		19,257

				59,336

Communications Equipment – 5.4%
	1,627	Cisco Systems, Inc.*		39,650
	1,024	QUALCOMM, Inc.		43,387
	224	Research In Motion Ltd.*		23,251

				106,288

Computers & Peripherals – 3.8%
	256	Apple, Inc.*		32,005
	380	Dell, Inc.*		7,543
	204	International Business Machines Corp.		23,228
	542	Network Appliance, Inc.*		11,718

				74,494

Consumer Finance – 0.4%
	514	Discover Financial Services		7,756

Diversified Financial Services – 2.3%
	57	CME Group, Inc.		29,258
	402	Moody’s Corp.		15,268

				44,526

Electrical Equipment – 1.7%
	45	First Solar, Inc.*		9,234
	149	Rockwell Automation, Inc.		8,152
	297	Roper Industries, Inc.		16,751

				34,137

Electronic Equipment & Instruments – 2.4%
	482	Amphenol Corp.		17,819
	227	Dolby Laboratories, Inc.*		10,045
	704	FLIR Systems, Inc.*		20,036

				47,900

Energy Equipment & Services – 6.3%
	416	Baker Hughes, Inc.		27,993
	347	Schlumberger Ltd.		29,998
	686	Tesco Corp.*		16,896
	704	Weatherford International Ltd.*		48,520

				123,407

Food Products – 0.5%
	178	Wm. Wrigley Jr. Co.		10,655

Health Care Equipment & Supplies – 3.6%
	462	Baxter International, Inc.		27,267
	118	C.R. Bard, Inc.		11,185
	195	NuVasive, Inc.*		7,516
	587	St. Jude Medical, Inc.*		25,229

				71,197

Health Care Providers & Services – 0.7%
	501	Psychiatric Solutions, Inc.*		14,173

Health Care Technology – 0.3%
	340	MedAssets, Inc.*		6,174

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

GOLDMAN SACHS ALL CAP GROWTH FUND


Shares		Description	Value
Common Stocks – (continued)

Hotels, Restaurants & Leisure – 0.4%
	70	Life Time Fitness, Inc.*	$	2,034
	392	Pinnacle Entertainment, Inc.*		6,139

				8,173

Household Durables – 2.7%
	420	Fortune Brands, Inc.		27,291
	119	Harman International Industries, Inc.		4,903
	907	Newell Rubbermaid, Inc.		20,589

				52,783

Insurance – 0.7%
	235	Aon Corp.		9,778
	149	eHealth, Inc.*		3,649

				13,427

Internet & Catalog Retail – 1.1%
	145	Amazon.com, Inc.*		9,348
	400	Netflix, Inc.*		12,632

				21,980

Internet Software & Services – 2.6%
	16	Baidu.com, Inc. ADR*		4,021
	69	Bankrate, Inc.*		2,916
	82	Google, Inc.*		38,637
	617	Switch & Data Facilities Co.*		6,448

				52,022

IT Services – 4.7%
	706	Cognizant Technology Solutions Corp.*		21,328
	293	Fiserv, Inc.*		15,418
	755	Genpact Ltd.*		11,514
	483	Global Payments, Inc.		19,160
	485	Iron Mountain, Inc.*		14,589
	407	NeuStar, Inc.*		10,444

				92,453

Leisure Equipment & Products – 0.4%
	450	Mattel, Inc.		8,694

Life Sciences Tools & Services – 3.1%
	416	Charles River Laboratories International, Inc.*		24,369
	653	Thermo Fisher Scientific, Inc.*		36,523

				60,892

Machinery – 2.0%
	193	Danaher Corp.		14,311
	389	IDEX Corp.		11,732
	444	Kennametal, Inc.		13,484

				39,527

Media – 3.8%
	411	Comcast Corp.*		8,031
	2,246	Entravision Communications Corp.*		13,027
	244	Lamar Advertising Co.*		9,299
	429	National CineMedia, Inc.		9,245
	497	The McGraw-Hill Companies, Inc.		20,342
	393	Viacom, Inc. Class B*		15,621

				75,565

Multiline Retail – 1.7%
	165	J.C. Penney Co., Inc.		7,624
	493	Target Corp.		25,937

				33,561

Oil, Gas & Consumable Fuels – 10.6%
	530	Chesapeake Energy Corp.		23,967
	832	Continental Resources, Inc.*		23,362
	379	Delta Petroleum Corp.*		9,081
	479	Hess Corp.		44,633
	337	Quicksilver Resources, Inc.*		11,593
	3,309	Rex Energy Corp.*		51,951
	434	Suncor Energy, Inc.		44,789

				209,376

Personal Products – 0.6%
	147	Chattem, Inc.*		11,451

Pharmaceuticals – 4.4%
	394	Johnson & Johnson		24,413
	934	Merck & Co., Inc.		41,376
	610	Schering-Plough Corp.		13,237
	145	Teva Pharmaceutical Industries Ltd. ADR		7,115

				86,141

Real Estate Management & Development – 1.3%
	1,262	CB Richard Ellis Group, Inc.*		25,316

Semiconductors & Semiconductor Equipment – 3.8%
	755	Eagle Test Systems, Inc.*		7,905
	620	FormFactor, Inc.*		11,117
	1,266	Intel Corp.		25,257
	431	Linear Technology Corp.		11,943
	776	Tessera Technologies, Inc.*		18,282

				74,504

Software – 6.6%
	1,245	Activision, Inc.*		33,926
	421	Electronic Arts, Inc.*		19,909
	2,135	Microsoft Corp.		58,115
	293	Salesforce.com, Inc.*		17,498

				129,448

Specialty Retail – 3.7%
	188	Advance Auto Parts, Inc.		6,306
	1,525	Lowe’s Companies, Inc.		36,554
	232	Tractor Supply Co.*		8,686
	465	Urban Outfitters, Inc.*		13,383
	323	Williams-Sonoma, Inc.		7,545

				72,474

Textiles, Apparel & Luxury Goods – 0.8%
	523	Coach, Inc.*		15,857

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

GOLDMAN SACHS ALL CAP GROWTH FUND

Schedule of Investments (continued)

February 29, 2008 (Unaudited)


Shares		Description	Value
Common Stocks – (continued)

Trading Companies & Distributors – 0.5%
	122	W.W. Grainger, Inc.	$	8,986

Wireless Telecommunication Services – 4.9%
	956	American Tower Corp.*		36,749
	168	Clearwire Corp.*		2,354
	313	Crown Castle International Corp.*		11,296
	706	MetroPCS Communications, Inc.*		11,261
	1,663	Western Union Co.		34,590

				96,250

TOTAL INVESTMENTS – 99.5%
(Cost $1,984,867)			$	1,958,394

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.5%				10,148

NET ASSETS – 100.0%			$	1,968,542


	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.


*	Non-income producing security.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II — At February 29, 2008, certain Funds had undivided interests in the Joint Repurchase Agreement Account II, as follows:


Fund	Principal Amount

Capital Growth	$	31,100,000

Concentrated Growth		800,000

Growth Opportunities		11,800,000

Small/Mid Cap Growth		1,400,000

Strategic Growth		7,700,000

REPURCHASE AGREEMENTS


	Principal		Interest			Maturity		Maturity
Counterparty	Amount		Rate			Date		Value

ABN Amro, Inc.	$	3,000,000,000		3.16	%		03/03/08	$	3,000,790,000

Banc of America Securities LLC		5,000,000,000		3.16			03/03/08		5,001,316,667

Barclays Capital PLC		5,300,000,000		3.18			03/03/08		5,301,404,500

Citigroup Global Markets, Inc.		4,650,000,000		3.15			03/03/08		4,651,220,625

Credit Suisse Securities (USA) LLC		1,000,000,000		3.18			03/03/08		1,000,265,000

Credit Suisse Securities (USA) LLC		2,600,000,000		3.20			03/03/08		2,600,693,333

Deutsche Bank Securities, Inc.		6,000,000,000		3.15			03/03/08		6,001,575,000

Greenwich Capital Markets		1,250,000,000		3.15			03/03/08		1,250,328,125

JPMorgan Securities		500,000,000		3.17			03/03/08		500,132,083

Merrill Lynch		3,500,000,000		3.18			03/03/08		3,500,927,500

UBS Securities LLC		2,000,000,000		3.18			03/03/08		2,000,530,000

TOTAL								$	34,809,182,833

At February 29, 2008, the Joint Repurchase Agreement Account II was fully collateralized by Federal Home Loan Bank, 5.250% to 6.000%, due 06/25/10 to 03/28/16; Federal Home Loan Mortgage Association, 0.000% to 10.750%, due 03/01/08 to 12/01/47; Federal National Mortgage Association, 3.500% to 11.000%, due 06/01/08 to 03/01/48 and U.S. Treasury Notes, 4.375% to 4.750%, due 11/15/08 to 8/15/12. The aggregate market value of the collateral, including accrued interest, was $35,624,281,841.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Assets and Liabilities

February 29, 2008 (Unaudited)


		Capital Growth
		Fund

Assets:

Investments in securities, at value (identified cost $1,994,492,674, $277,522,731, $1,807,739,823, $126,912,069, $289,820,483, and $1,984,867, respectively)^(a)		$	2,173,974,837
Investment in securities of affiliated issuers, at value (identified cost $34,468,157 Growth Opportunities only)			—
Securities lending collateral, at value which equals cost			174,024,925
Cash			18,865
Receivables:
	Investment securities sold		22,326,715
	Dividends and interest		2,518,852
	Fund shares sold		1,486,371
	Securities lending income		102,611
	Reimbursement from adviser		56,707
Deferred offering costs			—
Other assets			52,673

Total assets			2,374,562,556

Liabilities:

Due to Broker			7,580
Payables:
	Payable upon return of securities loaned		174,024,925
	Investment securities purchased		21,253,070
	Fund shares repurchased		4,987,957
	Amounts owed to affiliates		2,508,770
Accrued expenses and other liabilities			1,253,644

Total liabilities			204,035,946

Net Assets:

Paid-in capital			1,934,453,643
Accumulated undistributed net investment income (loss)			(4,332,559	)
Accumulated net realized gain (loss) from investment transactions			60,923,658
Net unrealized gain (loss) on investments			179,481,868

NET ASSETS		$	2,170,526,610

Net Assets:
	Class A	$	1,543,705,433
	Class B		191,111,948
	Class C		137,424,721
	Institutional		292,034,403
	Service		6,232,248
	Class R		8,924
	Class IR		8,933

Shares Outstanding:
	Class A		72,155,702
	Class B		9,807,735
	Class C		7,059,349
	Institutional		13,170,485
	Service		295,279
	Class R		417
	Class IR		417

Total shares of beneficial interest outstanding, $0.001 par value (unlimited shares authorized)			102,489,384

Net asset value, offering and redemption price per share:^(b)
	Class A		$21.39
	Class B		19.49
	Class C		19.47
	Institutional		22.17
	Service		21.11
	Class R		21.38
	Class IR		21.40


(a)	Includes loaned securities having a market value of $164,600,200, $4,791,070, $412,528,356, $19,441,119 and $3,219,600 for the Capital Growth, Concentrated Growth, Growth Opportunities, Small/Mid Cap Growth and Strategic Growth Funds, respectively.
(b)	Maximum public offering price per share (NAV per share multiplied by 1.0582) for Class A Shares of the Capital Growth, Concentrated Growth, Growth Opportunities, Small/Mid Cap Growth, Strategic Growth, and All Cap Growth Funds is $22.63, $13.53, $21.41, $12.16, $10.24, and $10.41, respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS


			Growth
Concentrated			Opportunities			Small/Mid Cap			Strategic Growth			All Cap Growth
Growth Fund			Fund			Growth Fund			Fund			Fund



$	286,696,232		$	1,819,542,014		$	121,287,029		$	318,713,431		$	1,958,394
	—			24,869,831			—			—			—
	5,068,000			435,478,275			20,605,000			3,388,250			—
	14,806			44,274			32,690			87,837			33,246
	5,203,657			5,908,650			622,773			6,999,798			10,848
	267,625			994,190			32,539			344,869			1,665
	861,195			3,354,323			166,981			1,179,770			—
	2,803			504,010			34,680			2,521			—
	—			—			9,450			11,891			36,765
	—			—			—			—			199,759
	—			32,122			6,947			8,623			—

	298,114,318			2,290,727,689			142,798,089			330,736,990			2,240,677



	—			—			—			—			—
	5,068,000			435,478,275			20,605,000			3,388,250			—
	4,506,640			2,221,924			646,351			6,109,417			33,935
	210,505			6,091,075			1,042,814			724,916			—
	320,127			1,971,534			130,256			323,736			1,654
	165,283			211,709			102,272			153,643			236,546

	10,270,555			445,974,517			22,526,693			10,699,962			272,135



	286,403,669			1,779,758,956			126,383,404			331,353,504			2,000,031
	(610,567	)		(3,450,450	)		(397,036	)		(370,200	)		944
	(7,122,786	)		66,240,801			(89,932	)		(39,839,175	)		(5,960	)
	9,173,447			2,203,865			(5,625,040	)		28,892,899			(26,473	)

$	287,843,763		$	1,844,753,172		$	120,271,396		$	320,037,028		$	1,968,542


$	107,529,017		$	807,559,947		$	37,223,175		$	162,783,197		$	9,849
	1,523,283			53,843,273			3,231,016			6,371,513			—
	1,856,870			112,223,485			9,905,792			10,776,866			9,834
	176,914,517			859,811,156			69,737,441			140,102,564			1,929,170
	2,219			11,297,054			156,126			2,888			—
	8,924			9,123			8,917			—			9,847
	8,933			9,134			8,929			—			9,842


	8,409,948			39,921,982			3,239,395			16,811,319			1,001
	124,749			2,865,466			288,254			702,315			—
	152,376			6,023,360			884,022			1,186,418			1,000
	13,550,309			40,718,233			6,022,135			14,038,418			196,001
	174			565,098			13,683			297			—
	699			451			777			—			1,001
	699			451			777			—			1,000

	22,238,954			90,095,041			10,449,043			32,738,767			200,003

	$12.79		$	20.23		$	11.49		$	9.68		$	9.84
	12.21			18.79			11.21			9.07			—
	12.19			18.63			11.21			9.08			9.83
	13.06			21.12			11.58			9.98			9.84
	12.76			19.99			11.41			9.73			—
	12.77			20.22			11.48			—			9.84
	12.79			20.24			11.49			—			9.84

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Operations

For the Period Ended February 29, 2008 (Unaudited)


	Capital Growth
	Fund

Investment income:

Dividends^(a)	$	9,235,434
Interest (including securities lending income of $462,473, $16,170, $2,234,847, $157,884, $27,795 and $0, respectively)		797,993

Total investment income		10,033,427

Expenses:

Management fees		9,668,692
Distribution and Service fees^(d)		3,071,797
Transfer Agent fees^(d)		1,711,692
Custody and accounting fees		76,087
Printing fees		75,842
Registration fees		38,074
Professional fees		36,478
Service share fees — Service Plan		10,189
Service share fees — Shareholder Administration Plan		10,189
Trustee fees		8,854
Amortization of offering costs		—
Other		94,550

Total expenses		14,802,444

Less — expense reductions		(334,089	)

Net expenses		14,468,355

NET INVESTMENT INCOME (LOSS)		(4,434,928	)

Realized and unrealized gain (loss) from investment transactions:

Net realized gain (loss) from investment transactions — unaffiliated issuers (including commissions recaptured of $79,141, $0, $136,937, $0, $9,498 and $0, respectively)		135,373,344
Net realized loss from investment transactions — affiliated issuers		—
Net change in unrealized loss on investments		(354,807,310	)

Net realized and unrealized loss on investment transactions		(219,433,966	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(223,868,894	)


(a)	Foreign taxes withheld on dividends were $38,060, $8,204, $2,568 and $8,048 for Capital Growth, Concentrated Growth, Small/Mid Cap Growth and Strategic Growth Funds, respectively.
(b)	Commenced operations on November 30, 2007.
(c)	Commenced operation on January 31, 2008.
(d)	Class specific Distribution and Service and Transfer Agent fees were as follows:


	Distribution and Service Fees								Transfer Agent Fees

	Class A		Class B		Class C		Class R^(b)		Class A		Class B		Class C		Institutional		Service		Class R^(b)		Class IR^(b)
Fund
Capital Growth	$	1,867,383	$	675,659	$	528,744	$	11	$	1,419,212	$	128,375	$	100,461	$	62,017	$	1,619	$	4	$	4
Concentrated Growth		138,596		7,156		8,014		11		105,334		1,360		1,523		40,487		—		4		4
Growth Opportunities		1,135,277		304,292		616,044		12		862,811		57,816		117,048		181,145		2,431		4		4
Small/Mid Cap Growth		46,163		15,229		48,285		12		35,085		2,894		9,174		15,638		29		4		4
Strategic Growth		196,229		32,879		56,806		—		149,134		6,247		10,793		30,672		1		—		—
All Cap Growth^(c)		2		—		8		4		2		—		1		62		—		1		1

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS


			Growth
Concentrated Growth			Opportunities			Small/Mid Cap Growth			Strategic Growth			All Cap Growth
Fund			Fund			Fund			Fund			Fund^(c)



$	1,189,665		$	6,565,122		$	184,352		$	1,583,250		$	1,913
	146,090			3,545,909			268,955			148,912			707

	1,335,755			10,111,031			453,307			1,732,162			2,620



	1,581,799			10,022,025			639,903			1,641,434			1,573
	153,777			2,055,625			109,689			285,914			14
	148,712			1,221,259			62,828			196,847			67
	26,343			67,395			30,661			31,601			3,741
	23,648			69,685			35,696			35,383			2,726
	11,440			10,872			28,426			22,765			3,538
	28,750			35,030			31,500			30,871			6,583
	3			15,420			185			—			—
	3			15,420			185			—			—
	8,854			8,854			8,854			8,854			1,363
	—			—			—			—			17,241
	2,000			79,119			5,953			13,915			1,595

	1,985,329			13,600,704			953,880			2,267,584			38,441

	(36,823	)		(38,917	)		(103,537	)		(141,051	)		(36,765	)

	1,948,506			13,561,787			850,343			2,126,533			1,676

	(612,751	)		(3,450,756	)		(397,036	)		(394,371	)		944




	2,996,808			166,905,209			4,455,968			1,295,391			(5,960	)
	—			(9,040	)		—			—			—
	(30,463,734	)		(322,627,635	)		(17,175,455	)		(27,613,773	)		(26,473	)


	(27,466,926	)		(155,731,466	)		(12,719,487	)		(26,318,382	)		(32,433	)


$	(28,079,677	)	$	(159,182,222	)	$	(13,116,523	)	$	(26,712,753	)	$	(31,489	)

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets


		Capital Growth Fund

		For the
		Six Months Ended			For the
		February 29, 2008			Year Ended
		(Unaudited)			August 31, 2007

From operations:

Net investment loss		$	(4,434,928	)	$	(6,269,215	)
Net realized gain from investment transactions			135,373,344			189,436,928
Net change in unrealized gain (loss) on investments			(354,807,310	)		68,145,993

Net increase (decrease) in net assets resulting from operations			(223,868,894	)		251,313,706

Distributions to shareholders:

From net realized gains
	Class A Shares		(14,788,391	)		—
	Class B Shares		(932,509	)		—
	Class C Shares		(875,661	)		—
	Institutional Shares		(3,337,242	)		—
	Service Shares		(87,400	)		—
	Class R^(a)		(109	)		—
	Class IR^(a)		(109	)		—

Total distributions to shareholders			(20,021,421	)		—

From share transactions:

Proceeds from sales of shares			142,056,846			230,058,806
Proceeds received in connection with merger			723,504,958			68,808,967
Reinvestment of dividends and distributions			18,143,000			—
Cost of shares repurchased			(314,550,784	)		(442,019,105	)

Net increase (decrease) in net assets resulting from share transactions			569,154,020			(143,151,332	)

TOTAL INCREASE (DECREASE)			325,263,705			108,162,374

Net assets:

Beginning of period			1,845,262,905			1,737,100,531

End of period		$	2,170,526,610		$	1,845,262,905

Accumulated undistributed net investment income (loss)		$	(4,332,559	)	$	102,369


(a)	Commenced operations on November 30, 2007.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS


Concentrated Growth Fund						Growth Opportunities Fund

For the						For the
Six Months Ended			For the			Six Months Ended			For the
February 29, 2008			Year Ended			February 29, 2008			Year Ended
(Unaudited)			August 31, 2007			(Unaudited)			August 31, 2007



$	(612,751	)	$	(359,981	)	$	(3,450,756	)	$	(15,699,296	)
	2,996,808			15,834,682			166,896,169			235,604,953
	(30,463,734	)		23,845,676			(322,627,635	)		247,446,131

	(28,079,677	)		39,320,377			(159,182,222	)		467,351,788



	(8,583,205	)		(2,448,956	)		(120,775,909	)		(47,042,599	)
	(107,327	)		(17,173	)		(8,627,886	)		(3,676,650	)
	(136,581	)		(23,504	)		(17,875,472	)		(6,253,316	)
	(14,420,481	)		(4,595,818	)		(122,089,293	)		(39,775,669	)
	(174	)		(75	)		(1,630,425	)		(549,610	)
	(699	)		—			(1,330	)		—
	(699	)		—			(1,330	)		—

	(23,249,166	)		(7,085,526	)		(271,001,645	)		(97,297,844	)



	115,283,745			92,555,118			377,854,541			476,791,417
	—			—			—			15,690,962
	22,025,284			6,761,049			234,960,823			84,975,070
	(82,551,229	)		(36,143,968	)		(347,836,355	)		(810,437,669	)

	54,757,800			63,172,199			264,979,009			(232,980,220	)

	3,428,957			95,407,050			(165,204,858	)		137,073,724



	284,414,806			189,007,756			2,009,958,030			1,872,884,306

$	287,843,763		$	284,414,806		$	1,844,753,172		$	2,009,958,030

$	(610,567	)	$	2,184		$	(3,450,450	)	$	306

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets (continued)


														All Cap Growth
		Small/Mid Cap Growth Fund						Strategic Growth Fund						Fund^(b)

		For the						For the						For the
		Six Months Ended			For the			Six Months Ended			For the			Period Ended
		February 29, 2008			Year Ended			February 29, 2008			Year Ended			February 29, 2008
		(Unaudited)			August 31, 2007			(Unaudited)			August 31, 2007			(Unaudited)

From operations:

Net investment income (loss)		$	(397,036	)	$	(786,608	)	$	(394,371	)	$	(796,549	)	$	944
Net realized gain (loss) on investment			4,455,968			7,564,226			1,295,391			35,537,737			(5,960	)
Net change in unrealized gain (loss) on investments			(17,175,455	)		16,372,803			(27,613,773	)		14,411,940			(26,473	)

Net increase (decrease) in net assets resulting from operations			(13,116,523	)		23,150,421			(26,712,753	)		49,153,128			(31,489	)

Distributions to shareholders:

From net realized gains
	Class A Shares		(2,686,132	)		—			—			—			—
	Class B Shares		(225,185	)		—			—			—			—
	Class C Shares		(727,612	)		—			—			—			—
	Institutional Shares		(5,361,753	)		—			—			—			—
	Service Shares		(10,852	)		—			—			—			—
	Class R^(a)		(684	)		—			—			—			—
	Class IR^(a)		(684	)		—			—			—			—

Total distributions to shareholders			(9,012,902	)		—			—			—			—

From share transactions:

Proceeds from sales of shares			48,734,441			115,178,045			94,890,080			66,206,738			2,000,081
Reinvestment of dividends and distributions			8,318,820			—			—			—			—
Cost of shares repurchased			(26,790,486	)		(107,327,188	)		(56,267,932	)		(136,222,924	)		(50	)

Net increase (decrease) in net assets resulting from share transactions			30,262,775			7,850,857			38,622,148			(70,016,186	)		2,000,031

TOTAL INCREASE (DECREASE)			8,133,350			31,001,278			11,909,395			(20,863,058	)		1,968,542

Net assets:

Beginning of period			112,138,046			81,136,768			308,127,633			328,990,691			—

End of period		$	120,271,396		$	112,138,046		$	320,037,028		$	308,127,633		$	1,968,542

Accumulated undistributed net investment income (loss)		$	(397,036	)	$	—		$	(370,200	)	$	24,171		$	944


(a)	Commenced operations on November 30, 2007.
(b)	Commenced operations on January 31, 2008.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

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 the Goldman Sachs Capital Growth Fund, Goldman Sachs Concentrated Growth Fund, Goldman Sachs Growth Opportunities Fund, Goldman Sachs Small/Mid Cap Growth Fund, Goldman Sachs Strategic Growth Fund and Goldman Sachs All Cap Growth Fund (collectively, the “Funds” or individually a “Fund”). Capital Growth, Growth Opportunities and Small/Mid Cap Growth are diversified portfolios offering seven classes of shares — Class A, Class B, Class C, Institutional, Service, Class R and Class IR Shares. Concentrated Growth is a non-diversified portfolio offering seven classes of shares — Class A, Class B, Class C, Institutional, Service, Class R and Class IR Shares. Strategic Growth is a diversified portfolio offering five classes of shares — Class A, Class B, Class C, Institutional and Service Shares. All Cap Growth is a diversified portfolio also offering five classes of shares — Class A, Class C, Institutional, Class R and Class IR Shares. Class A Shares of the Funds are sold with a front-end sales charge of up to 5.50%. Class B Shares of the Funds are sold with a contingent deferred sales charge that declines from 5.00% to zero, depending upon the period of time the shares are held. Class C Shares of the Funds are sold with a contingent deferred sales charge of 1.00% during the first 12 months. Institutional, Service, Class R and Class IR Shares of the Funds are not subject to a sales charge. Goldman, Sachs & Co. (“Goldman Sachs”), as distributor of the Funds 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 Funds. Class R and Class IR Shares of the Funds (except for All Cap Growth) commenced operations on November 30, 2007. All Cap Growth commenced operations on January 31, 2008.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies consistently followed by the Funds. 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 — The investment valuation policy of the Funds is to value investments at market value. Investments in equity securities and investment companies traded on a U.S. securities exchange or the NASDAQ system 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. Debt securities are valued at prices supplied by independent pricing services or broker/dealer-supplied valuations. 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 current value. Unlisted equity securities for which market quotations are available are valued at the last sale price on valuation date, or if no sale occurs, at the last bid price. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share on the valuation date. Short-term debt obligations maturing in sixty days or less are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available or are deemed not to reflect market value by GSAM are valued at fair value using methods approved by the Trust’s Board of Trustees.

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 29, 2008 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

In addition, GSAM, consistent with its procedures and applicable regulatory guidance, may 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 the 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 disruptions or market closings; government 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 on significant litigation and regulatory news such as governmental approvals.

B. Security Transactions and Investment Income — Security transactions are reflected for financial reporting purposes as of the trade date. Realized gains and losses on sales of portfolio securities are calculated using the identified cost basis. Dividend income is recorded on the ex-dividend date, net of foreign withholding taxes, if any, which are reduced by any amounts reclaimable by the Funds, where applicable. 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 Fund based upon the relative proportion of net assets of each class.

C. Commission Recapture — The Funds may direct portfolio trades, subject to obtaining best execution, to various brokers who have agreed to rebate a portion of the commissions generated. Such rebates are made directly to the Funds as cash payments and are included in the net realized gain (loss) on investments in the Statements of Operations.

D. Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Funds on a straight-line and/or “pro-rata” basis depending upon the nature of the expense.

Class A, Class B, Class C and Class R shareholders of the Funds 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 Funds separately bears its respective class-specific Transfer Agency fees.

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

F. Federal Taxes and Distributions to Shareholders — It is each Fund’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. Dividends and distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid annually. Net capital losses are carried forward to future years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gain distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with Federal income tax rules, which may differ from U.S. generally accepted accounting principles. Therefore, the source of each Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain, or as a tax return of capital.

The Funds 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 positions for the open tax years (tax years ended August 31, 2004-2007) and has determined that the implementation of FIN 48 did not have a material impact on the Funds’ financial statements.

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

G. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the Funds, including accrued interest is required to exceed the value of the repurchase agreement, including accrued interest. If the seller defaults or becomes insolvent, realization of the collateral by the Funds may be delayed or limited and there may be a decline in the value of the collateral during the period while the Funds seek to assert their rights. The underlying securities for all repurchase agreements are held in safekeeping at the Funds’ custodian or designated subcustodians under triparty repurchase agreements.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other registered investment companies having management agreements with GSAM, or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. In addition, the Funds’ credit exposure is allocated to the underlying repurchase counterparties on a pro-rata basis. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

H. Segregation Transactions — The Funds may enter into certain derivative transactions to seek to increase total return. Forward foreign currency exchange contracts, futures contracts, written options, when-issued securities and forward commitments represent examples of such transactions. As a result of entering into these transactions, the Funds are required to segregate liquid assets with a current value equal to or greater than the market value of the corresponding transactions.

3. AGREEMENTS

A. Management Agreement — Under the Agreement, GSAM manages the Funds, 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 Funds’ 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 each Fund’s average daily net assets.

For the period ended February 29, 2008, GSAM received a Management Fee on a contractual basis at the following rates:


	Contractual Management Rate

	Up to			Next			Over
Fund	$1 Billion			$1 Billion			$2 Billion			Effective Rate

Capital Growth		1.00	%		0.90	%		0.80	%		0.94	%

Concentrated Growth, Strategic Growth and All Cap Growth		1.00			0.90			0.86			1.00

Growth Opportunities and Small/Mid Cap Growth		1.00			1.00			0.90			1.00

B. Distribution Agreement and Service Plan — The Trust, on behalf of each Fund, 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%, 0.75%, 0.75% and 0.50% of each Fund’s average daily net assets attributable to Class A, Class B, Class C and Class R Shares, respectively. Additionally, Goldman Sachs and/or authorized dealers are entitled to receive under the Plans a separate fee for personal and account maintenance services equal to, on an annual basis, 0.25% of each Fund’s average daily net assets attributable to Class B and Class C Shares. With respect to Class A and Class R 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.

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 29, 2008 (Unaudited)

3. AGREEMENTS (continued)

Goldman Sachs serves as Distributor of the shares of the Funds pursuant to a Distribution Agreement. Goldman Sachs may retain a portion of the Class A sales load and Class B and Class C contingent deferred sales charges. During the six months ended February 29, 2008, Goldman Sachs advised the Funds that it retained the following approximate amounts:


	Front End		Contingent Deferred
	Sales Load		Sales Charge

Fund	Class A		Class B		Class C

Capital Growth	$	88,000	$	500	$	1,600

Concentrated Growth		4,200		—		—

Growth Opportunities		76,000		200		1,300

Small/Mid Cap Growth		16,800		100		—

Strategic Growth		17,200		100		—

All Cap Growth		—		N/A		—

C. Transfer Agency Agreement — Goldman Sachs also serves as the Transfer Agent of the Funds for a fee. The 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 B, Class C, 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 Fund except All Cap Growth Fund, has adopted a Service Plan and 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.

E. Other Agreements — GSAM has voluntarily agreed to limit certain “Other Expenses” of the Funds (excluding Management Fees, Distribution and Service fees, Transfer Agency fees and expenses, Service Share fees, taxes, interest, brokerage fees and litigation, indemnification, shareholder proxy meeting and other extraordinary expenses exclusive of any custody and transfer agent fee credit reductions) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such expense reimbursements, if any, are computed daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations of the Capital Growth, Concentrated Growth, Growth Opportunities, Small/Mid Cap Growth, Strategic Growth and All Cap Growth Funds as an annual percentage rate of average daily net assets were 0.004%, 0.044%, 0.114%, 0.064%, 0.004%, and 0.014%, respectively.

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

3. AGREEMENTS (continued)

For the period ended February 29, 2008, GSAM has voluntarily agreed to reimburse other expenses. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent resulting in a reduction in the Funds’ expenses. These expense reductions were as follows (in thousands):


			Expense Credits

	Other Expense		Custody		Transfer		Total Expense
Fund	Reimbursement		Fee		Agent Fee		Reductions

Capital Growth	$	289	$	9	$	36	$	334

Concentrated Growth		32		3		2		37

Growth Opportunities		—		14		25		39

Small/Mid Cap Growth		100		3		1		104

Strategic Growth		137		1		3		141

All Cap Growth		37		—		—		37

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


	Management		Distribution and			Transfer			Over
Fund	Fees		Service Fees			Agent Fees			Reimbursement		Total

Capital Growth	$	1,636	$	577		$	296		$	—	$	2,509

Concentrated Growth		231		24			22			43		320

Growth Opportunities		1,495		299			178			—		1,972

Small/Mid Cap Growth		101		19			10			—		130

Strategic Growth		255		46			23			—		324

All Cap Growth		2		—	*		—	*		—		2

* Amount is less than $500.

4. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the period ended February 29, 2008, were as follows:


Fund	Purchases		Sales and Maturities

Capital Growth	$	1,078,585,031	$	1,260,146,066

Concentrated Growth		180,356,026		145,740,660

Growth Opportunities		871,291,533		841,429,929

Small/Mid Cap Growth		61,193,890		36,293,142

Strategic Growth		152,469,693		121,294,201

All Cap Growth		2,165,606		174,778

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 29, 2008 (Unaudited)

4. PORTFOLIO SECURITIES TRANSACTIONS (continued)

For the six months ended February 29, 2008, Goldman Sachs earned approximately $30,000, $24,300, $24,000 and $11,300 of brokerage commissions from portfolio transactions, executed on behalf of the Capital Growth, Concentrated Growth, Growth Opportunities and Strategic Growth Funds, respectively.

An investment by the Fund of at least 5% of the voting securities of an issuer makes that issuer an affiliated person (as defined in the Act) of the Trust and an affiliate (as defined in Rule 6-02(a) of Regulation S-X) of the Trust.

The following table provides information about the investments by the Growth Opportunities Fund in shares of an issuer of which the Trust is an affiliate for the six months ended February 29, 2008.

Number of

Shares

Number of Shares

Shares

Held End

Value at End

Held Beginning

Bought

Sold

of Period

Dividend

Name of Affiliated Issuer

of Period (in 000’s)

(in 000’s)

Income

Entravision Communications Corp.

3,539

751

4,288

24,870

—

5. SECURITIES LENDING

Pursuant to exemptive relief granted by the SEC and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Boston Global Advisers (“BGA”) — a wholly owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ security lending procedures, the loans are collateralized at all times with cash and/or securities with a market value at least equal to the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds bear the risk of delay on recovery or loss of rights in the collateral should the borrower of the securities fail financially.

The Funds invest the cash collateral received in connection with securities lending transactions in the Enhanced Portfolio of Boston Global Investment Trust, a Delaware statutory trust. The Enhanced Portfolio is exempt from registration under Section 3(c)(7) of the Act and is managed by GSAM, for which GSAM receives an investment advisory fee of up to 0.07% of the average daily net assets of the Enhanced Portfolio. The Enhanced Portfolio invests in money market instruments, but is not a “money market fund” subject to the requirements of Rule 2a-7 of the Act. The Funds bear the risk of incurring a loss from the investment of cash collateral due to either credit or market factors.

Both the Funds and BGA receive compensation relating to the lending of the Funds’ securities. The amounts earned by the Funds for the six months ended February 29, 2008, are reported parenthetically under Investment Income on the Statements of Operations. The All Cap Growth Fund did not participate in the securities lend program for the period ended February 29, 2008.

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

5. SECURITIES LENDING (continued)

The table below details securities lending activity as of, and for the six months ended February 29, 2008:


	Earnings of BGA		Earnings Received by the		Amount Payable to
	Relating to		Funds From Lending to		Goldman Sachs Upon
	Securities Loaned for		Goldman Sachs for the		Return of
	the six months ended		six months ended		Securities Loaned as
Fund	February 29, 2008		February 29, 2008		of February 29, 2008

Capital Growth	$	51,380	$	36,759	$	8,794,750

Concentrated Growth		1,796		63		—

Growth Opportunities		248,300		230,842		51,748,300

Small/Mid Cap Growth		17,537		36,883		2,757,750

Strategic Growth		3,088		8,282		—

6. LINE OF CREDIT FACILITY

The Funds, (except for All Cap Growth, which is pending) participate in a $450,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM or affiliates. Under the most restrictive arrangement under the facility, each Fund must own securities having a market value in excess of 300% of each Fund’s total bank borrowings. The facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended February 29, 2008, the Funds did not have any borrowings under the facility.

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 29, 2008 (Unaudited)

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2007, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:


		Capital			Concentrated		Growth		Small/Mid		Strategic
		Growth			Growth		Opportunities		Cap Growth		Growth

Capital loss carryforward:¹
	Expiring 2008	$	(2,855,572	)	$	—	$	—	$	—	$	—
	Expiring 2010		—			—		—		—		(7,128,060	)
	Expiring 2011		(38,678,807	)		—		—		—		(14,179,519	)
	Expiring 2012		—			—		—		—		(13,060,848	)
	Expiring 2013		—			—		—		—		(2,826,194	)

Total capital loss carryforward²		$	(41,534,379	)		—		—		—	$	(37,194,621	)


1	Expiration occurs on August 31 of the year indicated. Due to Fund mergers, utilization of these losses may be substantially limited under the Code.
2	The Capital Growth and Strategic Growth Funds utilized approximately $184,450,000 and $34,604,000, respectively, of capital losses as of the most recent fiscal year end.

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


	Capital			Concentrated			Growth			Small/Mid Cap			Strategic			All Cap
	Growth			Growth			Opportunities			Growth			Growth			Growth

Tax Cost	$	2,181,308,752		$	283,305,269		$	2,286,335,892		$	147,883,270		$	297,124,297		$	1,984,867

Gross unrealized gain		303,421,258			23,736,637			227,281,886			14,033,307			41,781,837			68,395
Gross unrealized loss		(136,730,248	)		(15,277,674	)		(233,727,658	)		(20,024,548	)		(16,804,453	)		(94,868	)

Net unrealized security gain (loss)	$	166,691,010		$	8,458,963		$	(6,445,772	)	$	(5,991,241	)	$	24,977,384		$	(26,473	)

The difference between book-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales and differences related to the tax treatment of return of capital distributions from underlying fund investments as of the most recent fiscal year end.

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

8. OTHER MATTERS

Mergers and Reorganizations — At a meeting held on November 9, 2006, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (“the Reorganization Agreement”) providing for the tax-free acquisition of the AXA Enterprise Growth Fund by the Capital Growth Fund. The acquisition was completed on December 17, 2007, as of the close of business on December 14, 2007.

Pursuant to the Reorganization Agreement, the assets and liabilities of the AXA Enterprise Growth Fund (“Acquired Fund”) Class A, Class B, Class C and Class Y were transferred into the Capital Growth Fund (“Survivor Fund”) Class A, Class B, Class C and Institutional Class, respectively, in a tax-free exchange as follows:


		Exchanged Shares				Acquired Fund’s
		of Survivor		Value of		Shares Outstanding
Survivor Share Class/Acquired Fund Share Class		Issued		Exchanged Shares		as of December 14, 2007

Capital Growth Class A/
	AXA Enterprise Growth Class A		19,649,825	$	467,665,613		23,838,852

Capital Growth Class B/
	AXA Enterprise Growth Class B		6,811,061		147,869,015		8,219,599

Capital Growth Class C/
	AXA Enterprise Growth Class C		4,242,672		92,023,645		5,031,579

Capital Growth Institutional Class/
	AXA Enterprise Growth Class Y		646,924		15,946,685		763,862

The following chart shows the Survivor Fund’s and Acquired Fund’s aggregate net assets (immediately before and after the completion of the acquisition) and the Acquired Fund’s unrealized appreciation.

Survivor Fund’s

Acquired Fund’s

Aggregate

Net Assets

Acquired

Net Assets

immediately

Fund’s

before

after

Unrealized

Survivor/Acquired Fund

acquisition

Appreciation

Capital Growth/AXA Enterprise Growth Fund Bond

1,813,624,193

723,504,958

2,537,129,151

134,031,539

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 29, 2008 (Unaudited)

8. OTHER MATTERS (continued)

At a meeting held on November 9, 2006, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (“the Reorganization Agreement”) providing for the tax-free acquisition of the AXA Enterprise Large Cap Growth Fund and AXA Enterprise Multi-Manager Mid Cap Growth Funds by the Capital Growth and Growth Opportunities Funds, respectively. The acquisition was completed on June 25, 2007, as of the close of business June 22, 2007.

Pursuant to the Reorganization Agreement, the assets and liabilities of the AXA Enterprise Large Cap Growth Fund (“Acquired Fund”) Class A, Class B, Class C and Class Y were transferred into the Capital Growth Fund (“Survivor Fund”) Class A, Class B, Class C and Institutional Class, respectively, in a tax-free exchange as follows:


		Exchanged Shares				Acquired Fund’s
		of Survivor		Value of		Shares Outstanding
Survivor Share Class/Acquired Fund Share Class		Issued		Exchanged Shares		as of June 22, 2007

Capital Growth Class A/AXA Enterprise Large Cap Growth Class A			1,068,261	$	25,691,759		2,124,720

Capital Growth Class B/AXA Enterprise Large Cap Growth Class B			1,387,652		30,597,805		2,591,315

Capital Growth Class C/AXA Enterprise Large Cap Growth Class C			495,843		10,918,460		925,309

Capital Growth Institutional Class/
	AXA Enterprise Large Cap Growth Class Y		64,424		1,600,943		131,100

Survivor Fund’s

Acquired Fund’s

Aggregate

Net Assets

Acquired

Net Assets

immediately

Fund’s

before

after

Unrealized

Capital Loss

Survivor/Acquired Fund

acquisition

Appreciation

Carryforward*

Capital Growth/AXA Enterprise Large Cap Growth

1,837,121,169

68,808,967

1,905,930,136

6,009,246

(112,365,169

)


*	Utilization of the Acquired Fund’s capital loss carryforward may be substantially limited under the Code.

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

8. OTHER MATTERS (continued)

Pursuant to the Reorganization Agreement, the assets and liabilities of the AXA Enterprise Multi-Manager Mid Cap Growth Fund (“Acquired Fund”) Class A, Class P, Class B, Class C, and Class Y were transferred into the Growth Opportunities Fund (“Survivor Fund”) Class A, Class A, Class B, Class C and Institutional Class, respectively, in a tax-free exchange as follows:


		Exchanged Shares				Acquired Fund’s
		of Survivor		Value of		Shares Outstanding
Survivor Share Class/Acquired Fund Share Class		Issued		Exchanged Shares		as of June 22, 2007

Growth Opportunities Class A/
	AXA Enterprise Multi-Manager Mid Cap Growth Class A/		118,499	$	2,960,170		270,781
	AXA Enterprise Multi-Manager Mid Cap Growth Class P		175,396		4,381,395		398,928

Growth Opportunities Class B/
	AXA Enterprise Multi-Manager Mid Cap Growth Class B		37,083		873,299		83,469

Growth Opportunities Class C/
	AXA Enterprise Multi-Manager Mid Cap Growth Class C		27,859		651,351		62,304

Growth Opportunities Institutional Class/
	AXA Enterprise Multi-Manager Mid Cap Growth Class Y		263,809		6,824,747		611,701

Survivor Fund’s

Acquired Fund’s

Aggregate

Net Assets

Acquired

Net Assets

immediately

Fund’s

before

after

Unrealized

Survivor/Acquired Fund

acquisition

Appreciation

Growth Opportunities/AXA Enterprise Multi-Manager Mid Cap Growth

2,024,026,102

15,690,962

2,039,717,064

2,946,710

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 of 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 will be adopted by the Funds on September 1, 2008. GSAM does not believe the adoption of FAS 157 will impact the amounts reported in the Funds’ financial statements; however, additional disclosures will be required.

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 29, 2008 (Unaudited)

9. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Capital Growth Fund

	For the Six Months Ended
	February 29, 2008						For the Year Ended
	(Unaudited)						August 31, 2007

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		3,734,867		$	86,361,024			6,794,490		$	153,515,538
Shares issued in connection with merger		19,649,825			467,665,613			1,068,261			25,691,759
Reinvestment of dividends and distributions		575,691			14,069,893			—			—
Shares converted from Class B^(a)		232,188			5,588,125			516,254			11,470,158
Shares repurchased		(9,562,222	)		(222,211,712	)		(13,397,103	)		(303,513,136	)

		14,630,349			351,472,943			(5,018,098	)		(112,835,681	)


Class B Shares
Shares sold		182,472			3,826,015			105,436			2,206,935
Shares issued in connection with merger		6,811,061			147,869,015			1,387,652			30,597,805
Reinvestment of dividends and distributions		37,975			846,827			—			—
Shares converted to Class A^(a)		(253,954	)		(5,588,125	)		(561,275	)		(11,470,158	)
Shares repurchased		(1,126,370	)		(23,719,159	)		(1,826,707	)		(37,855,312	)

		5,651,184			123,234,573			(894,894	)		(16,520,730	)


Class C Shares
Shares sold		368,908			7,899,479			790,779			16,511,660
Shares issued in connection with merger		4,242,672			92,023,645			495,843			10,918,460
Reinvestment of dividends and distributions		34,628			771,517			—			—
Shares repurchased		(1,086,684	)		(22,756,861	)		(1,394,927	)		(29,044,627	)

		3,559,524			77,937,780			(108,305	)		(1,614,507	)


Institutional Shares
Shares sold		1,753,798			42,931,301			2,362,976			55,434,061
Shares issued in connection with merger		646,924			15,946,685			64,424			1,600,943
Reinvestment of dividends and distributions		93,760			2,373,065			—			—
Shares repurchased		(1,683,944	)		(40,919,862	)		(2,888,288	)		(68,116,465	)

		810,538			20,331,189			(460,888	)		(11,081,461	)


Service Shares
Shares sold		42,515			1,019,027			105,824			2,390,612
Reinvestment of dividends and distributions		3,378			81,480			—			—
Shares repurchased		(202,949	)		(4,943,190	)		(160,313	)		(3,489,565	)

		(157,056	)		(3,842,683	)		(54,489	)		(1,098,953	)


Class R Shares^(b)
Shares sold		413			10,000			—			—
Reinvestment of dividends and distributions		4			109			—			—

		417			10,109			—			—


Class IR Shares^(b)
Shares sold		413			10,000			—			—
Reinvestment of dividends and distributions		4			109			—			��

		417			10,109			—			—

NET INCREASE (DECREASE)		24,495,373		$	569,154,020			(6,536,674	)	$	(143,151,332	)


(a)	Class B Shares automatically convert into Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund.
(b)	Commenced operations on November 30, 2007.

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS


Concentrated Growth Fund												Growth Opportunities Fund

For the Six Months Ended												For the Six Months Ended
February 29, 2008						For the Year Ended						February 29, 2008						For the Year Ended
(Unaudited)						August 31, 2007						(Unaudited)						August 31, 2007

Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars

	4,102,504		$	61,755,665			1,817,293		$	25,581,252			5,830,191		$	137,512,033			9,441,022		$	219,796,086
	—			—			—			—			—			—			293,895			7,341,565
	533,015			7,702,081			162,191			2,222,019			4,916,881			112,547,421			1,972,117			43,919,036
	66			1,003			121			1,657			61,012			1,560,435			53,656			1,219,031
	(2,356,925	)		(34,020,465	)		(1,267,772	)		(17,722,805	)		(8,750,321	)		(209,500,438	)		(17,526,632	)		(401,851,380	)

	2,278,660			35,438,284			711,833			10,082,123			2,057,763			42,119,451			(5,765,942	)		(129,575,662	)


	73,433			1,047,779			42,057			585,577			215,804			4,726,263			106,614			2,359,890
	—			—			—			—			—			—			37,083			873,299
	3,553			49,094			317			4,203			348,179			7,416,215			149,398			3,149,317
	(69	)		(1,003	)		(125	)		(1,657	)		(64,906	)		(1,560,435	)		(56,707	)		(1,219,031	)
	(21,261	)		(301,695	)		(3,298	)		(46,144	)		(332,178	)		(7,300,408	)		(1,035,268	)		(22,434,375	)

	55,656			794,175			38,951			541,979			166,899			3,281,635			(798,880	)		(17,270,900	)


	95,192			1,394,420			25,583			346,261			763,885			16,404,111			1,456,733			31,822,229
	—			—			—			—			—			—			27,859			651,351
	5,542			76,432			1,455			19,236			586,610			12,389,464			204,661			4,281,506
	(3,705	)		(46,115	)		(12,034	)		(163,136	)		(696,418	)		(15,113,891	)		(2,087,481	)		(45,183,733	)

	97,029			1,424,737			15,004			202,361			654,077			13,679,684			(398,228	)		(8,428,647	)


	3,377,176			51,065,881			4,466,062			66,041,953			8,522,356			214,859,648			8,970,331			216,513,010
	—			—			—			—			—			—			263,809			6,824,747
	963,101			14,196,105			324,857			4,515,517			4,280,314			102,213,909			1,456,560			33,515,434
	(3,268,942	)		(48,182,954	)		(1,265,934	)		(18,211,808	)		(4,784,644	)		(113,558,114	)		(13,945,014	)		(333,071,498	)

	1,071,335			17,079,032			3,524,985			52,345,662			8,018,026			203,515,443			(3,254,314	)		(76,218,307	)


	—			—			5			75			183,618			4,332,486			272,750			6,300,202
	12			174			6			74			17,285			391,154			4,976			109,777
	—			—			(5	)		(75	)		(100,580	)		(2,363,504	)		(344,165	)		(7,896,683	)

	12			174			6			74			100,323			2,360,136			(66,439	)		(1,486,704	)


	650			10,000			—			—			393			10,000			—			—
	49			699			—			—			58			1,330			—			—

	699			10,699			—			—			451			11,330			—			—


	650			10,000			—			—			393			10,000			—			—
	49			699			—			—			58			1,330			—			—

	699			10,699			—			—			451			11,330			—			—

	3,504,090		$	54,757,800			4,290,779		$	63,172,199			10,997,990		$	264,979,009			(10,283,803	)	$	(232,980,220	)

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 29, 2008 (Unaudited)

9. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Small/Mid Cap Growth Fund

	For the Six Months Ended
	February 29, 2008						For the Year Ended
	(Unaudited)						August 31, 2007

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,899,986		$	25,493,164			2,519,342		$	30,672,431
Reinvestment of dividends and distributions		175,501			2,325,388			—			—
Shares converted from Class B^(a)		3,917			53,871			6,895			89,226
Shares repurchased		(800,660	)		(9,892,586	)		(7,488,130	)		(93,892,766	)

		1,278,744			17,979,837			(4,961,893	)		(63,131,109	)

Class B Shares
Shares sold		124,384			1,609,626			61,160			756,503
Reinvestment of dividends and distributions		15,758			204,062			—			—
Shares converted to Class A^(a)		(3,997	)		(53,871	)		(7,011	)		(89,226	)
Shares repurchased		(35,270	)		(422,073	)		(18,580	)		(227,245	)

		100,875			1,337,744			35,569			440,032

Class C Shares
Shares sold		436,284			5,814,194			150,788			1,879,903
Reinvestment of dividends and distributions		33,561			434,620			—			—
Shares repurchased		(75,584	)		(916,813	)		(237,653	)		(2,823,118	)

		394,261			5,332,001			(86,865	)		(943,215	)

Institutional Shares
Shares sold		1,183,861			15,736,927			6,291,932			81,783,306
Reinvestment of dividends and distributions		400,931			5,352,429			—			—
Shares repurchased		(1,217,900	)		(15,549,884	)		(766,955	)		(10,231,504	)

		366,892			5,539,472			5,524,977			71,551,802

Service Shares
Shares sold		4,673			60,530			7,114			85,902
Reinvestment of dividends and distributions		72			953			—			—
Shares repurchased		(682	)		(9,130	)		(12,266	)		(152,555	)

		4,063			52,353			(5,152	)		(66,653	)

Class R Shares^(b)
Shares sold		725			10,000			—			—
Reinvestment of dividends and distributions		52			684			—			—
Shares repurchased		—			—			—			—

		777			10,684			—			—

Class IR Shares^(b)
Shares sold		725			10,000			—			—
Reinvestment of dividends and distributions		52			684			—			—
Shares repurchased		—			—			—			—

		777			10,684			—			—

NET INCREASE (DECREASE)		2,146,389		$	30,262,775			506,636		$	7,850,857


(a)	Class B Shares automatically convert into Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund.
(b)	Commenced operations on November 30, 2007.
(c)	Commenced operations on January 31, 2008.

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS


Strategic Growth Fund												All Cap Growth Fund^(c)

For the Six Months Ended												For the Period Ended
February 29, 2008						For the Year Ended						February 29, 2008
(Unaudited)						August 31, 2007						(Unaudited)

Shares			Dollars			Shares			Dollars			Shares			Dollars

	5,815,294		$	61,217,907			2,576,050		$	25,543,199			1,002		$	10,020
	—			—			—			—			—			—
	46,239			493,959			17,396			166,869			—			—
	(2,268,825	)		(23,750,663	)		(3,476,344	)		(34,433,973	)		(1	)		(10	)

	3,592,708			37,961,203			(882,898	)		(8,723,905	)		1,001			10,010

	215,873			2,159,010			91,309			876,811			—			—
	—			—			—			—			—			—
	(49,237	)		(493,959	)		(18,410	)		(166,869	)		—			—
	(131,078	)		(1,309,797	)		(296,794	)		(2,776,598	)		—			—

	35,558			355,254			(223,895	)		(2,066,656	)		—			—

	193,248			1,956,344			194,037			1,842,182			1,001			10,010
	—			—			—			—			—			—
	(108,416	)		(1,073,567	)		(299,963	)		(2,786,068	)		(1	)		(10	)

	84,832			882,777			(105,926	)		(943,886	)		1,000			10,000

	2,706,928			29,556,819			3,735,600			37,943,959			196,002			1,960,021
	—			—						—			—			—
	(2,764,415	)		(30,133,905	)		(9,496,220	)		(96,215,370	)		(1	)		(10	)

	(57,487	)		(577,086	)		(5,760,620	)		(58,271,411	)		196,001			1,960,011

	—			—			62			587			—			—
	—			—			—			—			—			—
	—			—			(1,116	)		(10,915	)		—			—

	—			—			(1,054	)		(10,328	)		—			—

	—			—			—			—			1,002			10,020
	—			—			—			—			—			—
	—			—			—			—			(1	)		(10	)

	—			—			—			—			1,001			10,010

	—			—			—			—			1,001			10,010
	—			—			—			—			—			—
	—			—			—			—			(1	)		(10	)

	—			—			—			—			1,000			10,000

	3,655,611		$	38,622,148			(6,974,393	)	$	(70,016,186	)		200,003		$	2,000,031

GOLDMAN SACHS CAPITAL GROWTH FUND

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 (loss)^(a)			gain (loss)			operations			income			gains			distributions

FOR THE SIX MONTHS ENDED FEBRUARY 29, (UNAUDITED)

2008 - A	$	23.73	$	(0.05	)	$	(2.03	)	$	(2.08	)	$	—		$	(0.26	)	$	(0.26	)
2008 - B		21.73		(0.12	)		(1.86	)		(1.98	)		—			(0.26	)		(0.26	)
2008 - C		21.70		(0.12	)		(1.85	)		(1.97	)		—			(0.26	)		(0.26	)
2008 - Institutional		24.54		—	^(c)		(2.11	)		(2.11	)		—			(0.26	)		(0.26	)
2008 - Service		23.43		(0.06	)		(2.00	)		(2.06	)		—			(0.26	)		(0.26	)
2008 - R (commenced November 30, 2007)		24.22		(0.03	)		(2.55	)		(2.58	)		—			(0.26	)		(0.26	)
2008 - IR (commenced November 30, 2007)		24.22		—	^(c)		(2.56	)		(2.56	)		—			(0.26	)		(0.26	)
FOR THE YEARS ENDED AUGUST 31,

2007 - A		20.62		(0.08	)		3.19			3.11			—			—			—
2007 - B		19.03		(0.23	)		2.93			2.70			—			—			—
2007 - C		18.99		(0.23	)		2.94			2.71			—			—			—
2007 - Institutional		21.24		0.01			3.29			3.30			—			—			—
2007 - Service		20.38		(0.10	)		3.15			3.05			—			—			—

2006 - A		20.06		(0.08	)		0.65			0.57			(0.01	)		—			(0.01	)
2006 - B		18.63		(0.22	)		0.62			0.40			—			—			—
2006 - C		18.60		(0.22	)		0.61			0.39			—			—			—
2006 - Institutional		20.65		—	^(c)		0.68			0.68			(0.09	)		—			(0.09	)
2006 - Service		19.86		(0.10	)		0.65			0.55			(0.03	)		—			(0.03	)

2005 - A		18.31		0.05	^(e)		1.70	^(f)		1.75			—			—			—
2005 - B		17.13		(0.09	)^(e)		1.59	^(f)		1.50			—			—			—
2005 - C		17.10		(0.09	)^(e)		1.59	^(f)		1.50			—			—			—
2005 - Institutional		18.77		0.13	^(e)		1.75	^(f)		1.88			—			—			—
2005 - Service		18.14		0.01	^(e)		1.71	^(f)		1.72			—			—			—

2004 - A		17.07		(0.05	)		1.29			1.24			—			—			—
2004 - B		16.09		(0.17	)		1.21			1.04			—			—			—
2004 - C		16.07		(0.17	)		1.20			1.03			—			—			—
2004 - Institutional		17.44		0.03			1.30			1.33			—			—			—
2004 - Service		16.94		(0.07	)		1.27			1.20			—			—			—

2003 - A		15.44		—	^(c)		1.63			1.63			—			—			—
2003 - B		14.66		(0.11	)		1.54			1.43			—			—			—
2003 - C		14.64		(0.11	)		1.54			1.43			—			—			—
2003 - Institutional		15.71		0.06			1.67			1.73			—			—			—
2003 - Service		15.33		(0.01	)		1.62			1.61			—			—			—


(a)	Calculated based on the average shares outstanding methodology.
(b)	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 Fund distributions or the redemption of Fund shares.
(c)	Less than $0.005 per share.
(d)	Annualized.
(e)	Reflects income recognized from special dividends which amounted to $0.11 per share and 0.56% of average net assets.
(f)	Reflects an increase of $0.01 due to payments by affiliates during the period to reimburse certain security claims

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

GOLDMAN SACHS CAPITAL GROWTH FUND


													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 (loss)			total expenses			income (loss)			Portfolio
value, end		Total			period		to average			to average			to average			to average			turnover
of period		return^(b)			(in 000s)		net assets			net assets			net assets			net assets			rate



$	21.39		(8.89	)%	$	1,543,706		1.38	%^(d)		(0.40	)% ^(d)		1.42	%^(d)		(0.44	)% ^(d)		52	%
	19.49		(9.25	)		191,112		2.13	^(d)		(1.18	)^(d)		2.17	^(d)		(1.22	)^(d)		52
	19.47		(9.21	)		137,425		2.13	^(d)		(1.18	)^(d)		2.17	^(d)		(1.22	)^(d)		52
	22.17		(8.71	)		292,034		0.98	^(d)		0.02	^(d)		1.02	^(d)		(0.02	)^(d)		52
	21.11		(8.91	)		6,232		1.48	^(d)		(0.50	)^(d)		1.52	^(d)		(0.54	)^(d)		52
	21.38		(10.77	)		9		1.63	^(d)		(0.57	)^(d)		1.67	^(d)		(0.61	)^(d)		52
	21.40		(10.69	)		9		1.13	^(d)		(0.04	)^(d)		1.17	^(d)		(0.08	)^(d)		52


	23.73		15.08			1,365,143		1.40			(0.35	)		1.43			(0.38	)		41
	21.73		14.19			90,307		2.15			(1.09	)		2.18			(1.12	)		41
	21.70		14.27			75,933		2.15			(1.09	)		2.18			(1.12	)		41
	24.54		15.54			303,283		1.00			0.05			1.03			0.02			41
	23.43		14.97			10,598		1.50			(0.44	)		1.53			(0.47	)		41

	20.62		2.86			1,289,843		1.39			(0.41	)		1.44			(0.45	)		51
	19.03		2.15			96,106		2.14			(1.16	)		2.19			(1.21	)		51
	18.99		2.10			68,528		2.14			(1.16	)		2.19			(1.21	)		51
	21.24		3.31			272,295		0.99			(0.01	)		1.04			(0.05	)		51
	20.38		2.76			10,330		1.49			(0.51	)		1.54			(0.55	)		51

	20.06		9.56			1,374,264		1.39			0.24	^(e)		1.45			0.18	^(e)		34
	18.63		8.76			160,575		2.14			(0.48	)^(e)		2.20			(0.54	)^(e)		34
	18.60		8.77			81,132		2.14			(0.49	)^(e)		2.20			(0.55	)^(e)		34
	20.65		10.02			273,418		0.99			0.68	^(e)		1.05			0.62	^(e)		34
	19.86		9.48			9,858		1.49			0.04	^(e)		1.55			(0.02	)^(e)		34

	18.31		7.26			1,343,848		1.39			(0.26	)		1.47			(0.34	)		43
	17.13		6.46			196,910		2.14			(1.01	)		2.22			(1.09	)		43
	17.10		6.41			89,086		2.14			(1.01	)		2.22			(1.09	)		43
	18.77		7.63			289,239		0.99			0.14			1.07			0.06			43
	18.14		7.08			5,592		1.49			(0.36	)		1.57			(0.44	)		43

	17.07		10.56			1,483,768		1.40			—			1.48			(0.08	)		17
	16.09		9.75			226,663		2.15			(0.74	)		2.23			(0.82	)		17
	16.07		9.77			100,027		2.15			(0.74	)		2.23			(0.82	)		17
	17.44		11.01			303,840		1.00			0.41			1.08			0.33			17
	16.94		10.50			5,985		1.50			(0.10	)		1.58			(0.18	)		17

The accompanying notes are an integral part of these financial statements. 77

GOLDMAN SACHS CONCENTRATED GROWTH FUND

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 (loss)^(a)			gain (loss)			operations			income			gains			distributions

FOR THE SIX MONTHS ENDED FEBRUARY 29, (UNAUDITED)

2008 - A	$	15.01	$	(0.05	)	$	(1.09	)	$	(1.14	)	$	—		$	(1.08	)	$	(1.08	)
2008 - B		14.43		(0.10	)		(1.04	)		(1.14	)		—			(1.08	)		(1.08	)
2008 - C		14.41		(0.09	)		(1.05	)		(1.14	)		—			(1.08	)		(1.08	)
2008 - Institutional		15.27		(0.02	)		(1.11	)		(1.13	)		—			(1.08	)		(1.08	)
2008 - Service		14.98		(0.05	)		(1.09	)		(1.14	)		—			(1.08	)		(1.08	)
2008 - R (Commenced November 30, 2007)		15.38		(0.02	)		(1.51	)		(1.53	)		—			(1.08	)		(1.08	)
2008 - IR Commenced November 30, 2007)		15.38		(0.01	)		(1.50	)		(1.51	)		—			(1.08	)		(1.08	)
FOR THE YEARS ENDED AUGUST 31,

2007 - A		12.98		(0.06	)		2.57			2.51			—			(0.48	)		(0.48	)
2007 - B		12.59		(0.16	)		2.48			2.32			—			(0.48	)		(0.48	)
2007 - C		12.57		(0.16	)		2.48			2.32			—			(0.48	)		(0.48	)
2007 - Institutional		13.15		—	^(d)		2.60			2.60			—			(0.48	)		(0.48	)
2007 - Service		12.97		(0.07	)		2.56			2.49			—			(0.48	)		(0.48	)

2006 - A		12.74		(0.06	)		0.61			0.55			—			(0.31	)		(0.31	)
2006 - B		12.46		(0.15	)		0.59			0.44			—			(0.31	)		(0.31	)
2006 - C		12.43		(0.16	)		0.61			0.45			—			(0.31	)		(0.31	)
2006 - Institutional		12.89		(0.01	)		0.62			0.61			(0.04	)		(0.31	)		(0.35	)
2006 - Service		12.73		(0.07	)		0.62			0.55			—			(0.31	)		(0.31	)

2005 - A		11.70		0.01	^(f)		1.22			1.23			—			(0.19	)		(0.19	)
2005 - B		11.53		(0.09	)^(f)		1.21			1.12			—			(0.19	)		(0.19	)
2005 - C		11.51		(0.09	)^(f)		1.20			1.11			—			(0.19	)		(0.19	)
2005 - Institutional		11.79		0.05	^(f)		1.24			1.29			—			(0.19	)		(0.19	)
2005 - Service		11.70		—	^(f)		1.22			1.22			—			(0.19	)		(0.19	)

2004 - A		11.64		(0.07	)		0.17			0.10			—			(0.04	)		(0.04	)
2004 - B		11.56		(0.16	)		0.17			0.01			—			(0.04	)		(0.04	)
2004 - C		11.55		(0.16	)		0.16			—			—			(0.04	)		(0.04	)
2004 - Institutional		11.68		(0.02	)		0.17			0.15			—			(0.04	)		(0.04	)
2004 - Service		11.64		(0.07	)		0.17			0.10			—			(0.04	)		(0.04	)
FOR THE PERIOD ENDED AUGUST 31,

2003 - A (commenced September 3, 2002)		10.00		(0.08	)		1.72			1.64			—			—			—
2003 - B (commenced September 3, 2002)		10.00		(0.16	)		1.72			1.56			—			—			—
2003 - C (commenced September 3, 2002)		10.00		(0.16	)		1.71			1.55			—			—			—
2003 - Institutional (commenced September 3, 2002)		10.00		(0.03	)		1.71			1.68			—			—			—
2003 - Service (commenced September 3, 2002)		10.00		(0.07	)		1.71			1.64			—			—			—


(a)	Calculated based on the average shares outstanding methodology.
(b)	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 changes. 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 Fund distributions or the redemption of Fund shares.
(c)	Annualized.
(d)	Amount is less than $0.005 per share.
(e)	Amount is less than $0.005% of average net assets.
(f)	Reflects income recognized from special dividends which amounted to $0.06 per share and 0.51% of average net assets.

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

GOLDMAN SACHS CONCENTRATED GROWTH FUND


													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 (loss)			total expenses			income (loss)			Portfolio
value, end		Total			period		to average			to average			to average			to average			turnover
of period		return^(b)			(in 000s)		net assets			net assets			net assets			net assets			rate



$	12.79		(8.45	)%	$	107,529		1.48	%^(c)		(0.63	)% ^(c)		1.50	%^(c)		(0.65	)% ^(c)		47	%
	12.21		(8.80	)		1,523		2.23	^(c)		(1.40	)^(c)		2.25	^(c)		(1.42	)^(c)		47
	12.19		(8.81	)		1,857		2.23	^(c)		(1.38	)^(c)		2.25	^(c)		(1.40	)^(c)		47
	13.06		(8.24	)		176,915		1.08	^(c)		(0.24	)^(c)		1.10	^(c)		(0.26	)^(c)		47
	12.76		(8.47	)		2		1.58	^(c)		(0.75	)^(c)		1.60	^(c)		(0.77	)^(c)		47
	12.77		(10.79	)		9		1.73	^(c)		(0.71	)^(c)		1.75	^(c)		(0.73	)^(c)		47
	12.79		(10.65	)		9		1.23	^(c)		(0.23	)^(c)		1.25	^(c)		(0.25	)^(c)		47


	15.01		19.66			92,015		1.48			(0.43	)		1.54			(0.49	)		50
	14.43		18.74			997		2.23			(1.14	)		2.29			(1.20	)		50
	14.41		18.77			797		2.23			(1.19	)		2.29			(1.25	)		50
	15.27		20.10			190,603		1.08			—	^(e)		1.14			(0.06	)		50
	14.98		19.52			2		1.58			(0.54	)		1.64			(0.58	)		50

	12.98		4.32			70,352		1.48			(0.49	)		1.64			(0.69	)		48
	12.59		3.52			380		2.23			(1.22	)		2.39			(1.43	)		48
	12.57		3.62			507		2.23			(1.24	)		2.39			(1.44	)		48
	13.15		4.75			117,767		1.08			(0.09	)		1.24			(0.30	)		48
	12.97		4.33			2		1.51			(0.54	)		1.68			(0.74	)		48

	12.74		10.52			62,366		1.48			0.06	^(f)		1.71			(0.17	)^(f)		46
	12.46		9.71			115		2.23			(0.72	)^(f)		2.46			(0.95	)^(f)		46
	12.43		9.64			401		2.23			(0.76	)^(f)		2.46			(0.99	)^(f)		46
	12.89		10.95			85,571		1.08			0.40	^(f)		1.31			0.17	^(f)		46
	12.73		10.43			2		1.58			(0.05	)^(f)		1.81			(0.28	)^(f)		46

	11.70		0.84			61,216		1.48			(0.61	)		1.79			(0.92	)		28
	11.53		0.06			96		2.23			(1.38	)		2.54			(1.69	)		28
	11.51		(0.02	)		247		2.23			(1.34	)		2.54			(1.65	)		28
	11.79		1.26			45,464		1.08			(0.20	)		1.39			(0.51	)		28
	11.70		0.84			2		1.58			(0.61	)		1.89			(0.92	)		28


	11.64		16.40			49,494		1.48	^(c)		(0.76	)^(c)		2.65	^(c)		(1.93	)^(c)		19
	11.56		15.60			92		2.23	^(c)		(1.50	)^(c)		3.40	^(c)		(2.67	)^(c)		19
	11.55		15.50			20		2.23	^(c)		(1.53	)^(c)		3.40	^(c)		(2.70	)^(c)		19
	11.68		16.80			27,810		1.08	^(c)		(0.32	)^(c)		2.25	^(c)		(1.49	)^(c)		19
	11.64		16.40			2		1.58	^(c)		(0.72	)^(c)		2.75	^(c)		(1.89	)^(c)		19

The accompanying notes are an integral part of these financial statements. 79

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from
			investment operations

	Net asset											Distributions
	value,		Net			Net realized			Total from			to shareholders
	beginning		investment			and unrealized			investment			from net
Year - Share Class	of period		loss^(a)			gain (loss)			operations			realized gains

FOR THE SIX MONTHS ENDED FEBRUARY 29, (UNAUDITED)

2008 - A	$	25.20	$	(0.05	)	$	(1.54	)	$	(1.59	)	$	(3.38	)
2008 - B		23.72		(0.13	)		(1.42	)		(1.55	)		(3.38	)
2008 - C		23.55		(0.13	)		(1.41	)		(1.54	)		(3.38	)
2008 - Institutional		26.11		(0.01	)		(1.60	)		(1.61	)		(3.38	)
2008 - Service		24.95		(0.06	)		(1.52	)		(1.58	)		(3.38	)
2008 - R (commenced November 30, 2007)		25.44		(0.04	)		(1.80	)		(1.84	)		(3.38	)
2008 - IR (commenced November 30, 2007)		25.44		(0.01	)		(1.81	)		(1.82	)		(3.38	)
FOR THE YEARS ENDED AUGUST 31,

2007 - A		20.81		(0.21	)		5.77			5.56			(1.17	)
2007 - B		19.80		(0.36	)		5.45			5.09			(1.17	)
2007 - C		19.66		(0.36	)		5.42			5.06			(1.17	)
2007 - Institutional		21.45		(0.12	)		5.95			5.83			(1.17	)
2007 - Service		20.63		(0.23	)		5.72			5.49			(1.17	)

2006 - A		22.21		(0.19	)		(0.09	)		(0.28	)		(1.12	)
2006 - B		21.33		(0.34	)		(0.07	)		(0.41	)		(1.12	)
2006 - C		21.19		(0.34	)		(0.07	)		(0.41	)		(1.12	)
2006 - Institutional		22.77		(0.11	)		(0.09	)		(0.20	)		(1.12	)
2006 - Service		22.05		(0.21	)		(0.09	)		(0.30	)		(1.12	)

2005 - A		18.58		(0.20	)^(d)		3.83			3.63			—
2005 - B		17.98		(0.34	)^(d)		3.69			3.35			—
2005 - C		17.86		(0.34	)^(d)		3.67			3.33			—
2005 - Institutional		18.97		(0.12	)^(d)		3.92			3.80			—
2005 - Service		18.46		(0.23	)^(d)		3.82			3.59			—

2004 - A		17.38		(0.15	)		1.35			1.20			—
2004 - B		16.94		(0.28	)		1.32			1.04			—
2004 - C		16.83		(0.28	)		1.31			1.03			—
2004 - Institutional		17.67		(0.08	)		1.38			1.30			—
2004 - Service		17.29		(0.17	)		1.34			1.17			—

2003 - A		14.09		(0.12	)		3.41			3.29			—
2003 - B		13.84		(0.22	)		3.32			3.10			—
2003 - C		13.74		(0.22	)		3.31			3.09			—
2003 - Institutional		14.27		(0.06	)		3.46			3.40			—
2003 - Service		14.03		(0.13	)		3.39			3.26			—


(a)	Calculated based on the average shares outstanding methodology.
(b)	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 changes. 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 Fund distributions or the redemption of Fund shares.
(c)	Annualized.
(d)	Reflects income recognized from special dividends which amounted to $0.01 per share and 0.03% of average net assets.

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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND


													Ratios assuming no
													expenses reductions

										Ratio of						Ratio of
					Net assets,		Ratio of			net investment			Ratio of			net investment
Net asset					end of		net expenses			loss			total expenses			loss			Portfolio
value, end		Total			period		to average			to average			to average			to average			turnover
of period		return^(b)			(in 000s)		net assets			net assets			net assets			net assets			rate



$	20.23		(7.85	)%	$	807,560		1.46	%^(c)		(0.46	)% ^(c)		1.46	%^(c)		(0.46	)% ^(c)		43	%
	18.79		(8.20	)		53,843		2.21	^(c)		(1.21	)^(c)		2.21	^(c)		(1.21	)^(c)		43
	18.63		(8.22	)		112,224		2.21	^(c)		(1.21	)^(c)		2.21	^(c)		(1.21	)^(c)		43
	21.12		(7.65	)		859,811		1.06	^(c)		(0.05	)^(c)		1.06	^(c)		(0.05	)^(c)		43
	19.99		(7.90	)		11,297		1.56	^(c)		(0.56	)^(c)		1.56	^(c)		(0.56	)^(c)		43
	20.22		(8.77	)		9		1.71	^(c)		(0.73	)^(c)		1.71	^(c)		(0.73	)^(c)		43
	20.24		(8.68	)		9		1.21	^(c)		(0.21	)^(c)		1.21	^(c)		(0.21	)^(c)		43


	25.20		27.46			954,089		1.47			(0.90	)		1.48			(0.91	)		67
	23.72		26.45			64,011		2.22			(1.66	)		2.23			(1.67	)		67
	23.55		26.49			126,425		2.22			(1.65	)		2.23			(1.66	)		67
	26.11		27.92			853,836		1.07			(0.50	)		1.08			(0.51	)		67
	24.95		27.36			11,597		1.57			(1.00	)		1.58			(1.01	)		67

	20.81		(1.46	)		908,135		1.47			(0.89	)		1.47			(0.89	)		82
	19.80		(2.16	)		69,240		2.22			(1.64	)		2.22			(1.64	)		82
	19.66		(2.17	)		113,383		2.22			(1.64	)		2.22			(1.64	)		82
	21.45		(1.06	)		771,166		1.07			(0.49	)		1.07			(0.49	)		82
	20.63		(1.56	)		10,961		1.57			(0.99	)		1.57			(0.99	)		82

	22.21		19.54			936,312		1.49			(0.94	)^(d)		1.49			(0.94	)^(d)		62
	21.33		18.63			91,286		2.24			(1.69	)^(d)		2.24			(1.69	)^(d)		62
	21.19		18.65			112,420		2.24			(1.69	)^(d)		2.24			(1.69	)^(d)		62
	22.77		20.03			739,739		1.09			(0.54	)^(d)		1.09			(0.54	)^(d)		62
	22.05		19.45			8,242		1.59			(1.04	)^(d)		1.59			(1.04	)^(d)		62

	18.58		6.90			615,510		1.49			(0.80	)		1.49			(0.80	)		51
	17.98		6.14			85,969		2.24			(1.55	)		2.24			(1.55	)		51
	17.86		6.12			69,067		2.24			(1.55	)		2.24			(1.55	)		51
	18.97		7.36			290,601		1.09			(0.40	)		1.09			(0.40	)		51
	18.46		6.77			1,464		1.59			(0.87	)		1.59			(0.87	)		51

	17.38		23.35			441,187		1.53			(0.80	)		1.53			(0.80	)		66
	16.94		22.40			85,601		2.28			(1.56	)		2.28			(1.56	)		66
	16.83		22.49			63,358		2.28			(1.56	)		2.28			(1.56	)		66
	17.67		23.83			189,498		1.13			(0.41	)		1.13			(0.41	)		66
	17.29		23.24			539		1.63			(0.90	)		1.63			(0.90	)		66

The accompanying notes are an integral part of these financial statements. 81

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from									Distributions
			investment operations									to shareholders

	Net asset		Net
	value,		investment			Net realized			Total from			From net			From net
	beginning		income			and unrealized			investment			investment			realized			Total
Year - Share Class	of period		(loss)^(a)			gain (loss)			operations			income			gains			distributions

FOR THE SIX MONTHS ENDED FEBRUARY 29, (UNAUDITED)

2008 - A	$	13.48	$	(0.05	)	$	(1.00	)	$	(1.05	)	$	—		$	(0.94	)	$	(0.94	)
2008 - B		13.22		(0.10	)		(0.97	)		(1.07	)		—			(0.94	)		(0.94	)
2008 - C		13.21		(0.10	)		(0.96	)		(1.06	)		—			(0.94	)		(0.94	)
2008 - Institutional		13.55		(0.03	)		(1.00	)		(1.03	)		—			(0.94	)		(0.94	)
2008 - Service		13.40		(0.06	)		(0.99	)		(1.05	)		—			(0.94	)		(0.94	)
2008 - R (commenced November 30, 2007)		13.79		(0.03	)		(1.34	)		(1.37	)		—			(0.94	)		(0.94	)
2008 - IR (commenced November 30, 2007)		13.79		(0.02	)		(1.34	)		(1.36	)		—			(0.94	)		(0.94	)
FOR THE YEARS ENDED AUGUST 31,

2007 - A		10.42		(0.11	)		3.17			3.06			—			—			—
2007 - B		10.30		(0.20	)		3.12			2.92			—			—			—
2007 - C		10.30		(0.20	)		3.11			2.91			—			—			—
2007 - Institutional		10.44		(0.06	)		3.17			3.11			—			—			—
2007 - Service		10.37		(0.12	)		3.15			3.03			—			—			—

2006 - A		10.40		(0.09	)		0.22			0.13			—	^(d)		(0.11	)		(0.11	)
2006 - B		10.36		(0.16	)		0.21			0.05			—			(0.11	)		(0.11	)
2006 - C		10.36		(0.16	)		0.21			0.05			—			(0.11	)		(0.11	)
2006 - Institutional		10.38		(0.04	)		0.21			0.17			—	^(d)		(0.11	)		(0.11	)
2006 - Service		10.37		(0.10	)		0.21			0.11			—			(0.11	)		(0.11	)
FOR THE PERIOD ENDED AUGUST 31,

2005 - A (commenced June 30, 2005)		10.00		(0.01	)		0.41			0.40			—			—			—
2005 - B (commenced June 30, 2005)		10.00		(0.02	)		0.38			0.36			—			—			—
2005 - C (commenced June 30, 2005)		10.00		(0.02	)		0.38			0.36			—			—			—
2005 - Institutional (commenced June 30, 2005)		10.00		—	^(d)		0.38			0.38			—			—			—
2005 - Service (commenced June 30, 2005)		10.00		(0.01	)		0.38			0.37			—			—			—


(a)	Calculated based on the average shares outstanding methodology.
(b)	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 Fund distributions or the redemption of Fund shares.
(c)	Annualized.
(d)	Amount is less than $0.005 per share.

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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND


													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 (loss)			total expenses			income (loss)			Portfolio
value, end		Total			period		to average			to average			to average			to average			turnover
of period		return^(b)			(in 000s)		net assets			net assets			net assets			net assets			rate



$	11.49		(8.69	)%	$	37,223		1.50	%^(c)		(0.78	)% ^(c)		1.66	%^(c)		(0.94	)% ^(c)		29	%
	11.21		(9.03	)		3,231		2.25	^(c)		(1.54	)^(c)		2.41	^(c)		(1.70	)^(c)		29
	11.21		(8.96	)		9,906		2.25	^(c)		(1.54	)^(c)		2.41	^(c)		(1.70	)^(c)		29
	11.58		(8.50	)		69,737		1.10	^(c)		(0.39	)^(c)		1.26	^(c)		(0.55	)^(c)		29
	11.41		(8.75	)		156		1.60	^(c)		(0.90	)^(c)		1.76	^(c)		(1.06	)^(c)		29
	11.48		(10.82	)		9		1.75	^(c)		(1.08	)^(c)		1.91	^(c)		(1.24	)^(c)		29
	11.49		(10.75	)		9		1.25	^(c)		(0.52	)^(c)		1.41	^(c)		(0.68	)^(c)		29


	13.48		29.37			26,423		1.50			(0.89	)		1.64			(1.03	)		68
	13.22		28.35			2,477		2.25			(1.64	)		2.39			(1.78	)		68
	13.21		28.25			6,472		2.25			(1.64	)		2.39			(1.78	)		68
	13.55		29.79			76,637		1.10			(0.49	)		1.24			(0.63	)		68
	13.40		29.22			129		1.60			(0.99	)		1.74			(1.13	)		68

	10.42		1.24			72,124		1.49			(0.79	)		2.05			(1.35	)		64
	10.30		0.45			1,563		2.25			(1.56	)		3.15			(2.47	)		64
	10.30		0.45			5,937		2.25			(1.54	)		2.82			(2.12	)		64
	10.44		1.63			1,360		1.07			(0.38	)		6.98			(6.29	)		64
	10.37		1.04			153		1.61			(0.95	)		2.46			(1.81	)		64


	10.40		4.00			569		1.50	^(c)		(0.69	)^(c)		16.73	^(c)		(15.92	)^(c)		3
	10.36		3.60			69		2.25	^(c)		(1.42	)^(c)		17.48	^(c)		(16.65	)^(c)		3
	10.36		3.60			19		2.25	^(c)		(1.35	)^(c)		17.48	^(c)		(16.58	)^(c)		3
	10.38		3.80			5,415		1.10	^(c)		(0.13	)^(c)		16.33	^(c)		(15.36	)^(c)		3
	10.37		3.70			10		1.60	^(c)		(0.62	)^(c)		16.83	^(c)		(15.85	)^(c)		3

The accompanying notes are an integral part of these financial statements. 83

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from
			investment operations
												Distributions
	Net asset											to shareholders
	value,		Net			Net realized			Total from			from net
	beginning		investment			and unrealized			investment			investment
Year - Share Class	of period		income (loss)^(a)			gain (loss)			operations			income

FOR THE SIX MONTHS ENDED FEBRUARY 29, (UNAUDITED)

2008 - A	$	10.49	$	(0.02	)	$	(0.79	)	$	(0.81	)	$	—
2008 - B		9.86		(0.06	)		(0.73	)		(0.79	)		—
2008 - C		9.88		(0.06	)		(0.74	)		(0.80	)		—
2008 - Institutional		10.79		—	^(c)		(0.81	)		(0.81	)		—
2008 - Service		10.52		0.01			(0.80	)		(0.79	)		—
FOR THE YEARS ENDED AUGUST 31,

2007 - A		9.03		(0.04	)		1.50			1.46			—
2007 - B		8.55		(0.11	)		1.42			1.31			—
2007 - C		8.57		(0.11	)		1.42			1.31			—
2007 - Institutional		9.25		—	^(c)		1.54			1.54			—
2007 - Service		9.06		(0.05	)		1.51			1.46			—

2006 - A		8.75		(0.05	)		0.33			0.28			—
2006 - B		8.35		(0.11	)		0.31			0.20			—
2006 - C		8.36		(0.11	)		0.32			0.21			—
2006 - Institutional		8.94		(0.01	)		0.33			0.32			(0.01	)
2006 - Service		8.77		(0.05	)		0.34			0.29			—

2005 - A		8.07		0.01	^(e)		0.67			0.68			—	^(c)
2005 - B		7.76		(0.05	)^(e)		0.64			0.59			—
2005 - C		7.78		(0.05	)^(e)		0.63			0.58			—
2005 - Institutional		8.25		0.05	^(e)		0.68			0.73			(0.04	)
2005 - Service		8.10		—	^{(c) (e)}		0.67			0.67			—	^(c)

2004 - A		7.79		(0.04	)		0.32			0.28			—
2004 - B		7.55		(0.10	)		0.31			0.21			—
2004 - C		7.56		(0.10	)		0.32			0.22			—
2004 - Institutional		7.93		(0.01	)		0.33			0.32			—
2004 - Service		7.82		(0.05	)		0.33			0.28			—

2003 - A		6.95		(0.03	)		0.87			0.84			—
2003 - B		6.79		(0.08	)		0.84			0.76			—
2003 - C		6.80		(0.09	)		0.85			0.76			—
2003 - Institutional		7.05		(0.01	)		0.89			0.88			—
2003 - Service		6.97		(0.03	)		0.88			0.85			—


(a)	Calculated based on the average shares outstanding methodology.
(b)	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 Fund distributions or the redemption of Fund shares.
(c)	Less than $0.005 per share.
(d)	Annualized.
(e)	Reflects income recognized from special dividends which amounted to $0.05 per share and 0.57% of average net assets.
(f)	Amount is less than 0.005% per share.

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

GOLDMAN SACHS STRATEGIC GROWTH FUND


													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 (loss)			total expenses			income (loss)			Portfolio
value, end		Total			period		to average			to average			to average			to average			turnover
of period		return^(b)			(in 000s)		net assets			net assets			net assets			net assets			rate



$	9.68		(7.72	)%	$	162,783		1.44	%^(d)		(0.38	)% ^(d)		1.53	%^(d)		(0.47	)% ^(d)		37	%
	9.07		(8.01	)		6,371		2.19	^(d)		(1.12	)^(d)		2.28	^(d)		(1.21	)^(d)		37
	9.08		(8.10	)		10,777		2.19	^(d)		(1.14	)^(d)		2.28	^(d)		(1.23	)^(d)		37
	9.98		(7.51	)		140,103		1.04	^(d)		0.01	^(d)		1.13	^(d)		(0.08	)^(d)		37
	9.73		(7.51	)		3		1.54	^(d)		0.13	^(d)		1.63	^(d)		0.04	^(d)		37


	10.49		16.17			138,613		1.45			(0.41	)		1.51			(0.47	)		50
	9.86		15.32			6,574		2.20			(1.17	)		2.26			(1.23	)		50
	9.88		15.29			10,878		2.20			(1.16	)		2.26			(1.22	)		50
	10.79		16.65			152,059		1.05			(0.02	)		1.11			(0.08	)		50
	10.52		16.11			3		1.55			(0.55	)		1.61			(0.61	)		50

	9.03		3.20			127,318		1.44			(0.52	)		1.56			(0.64	)		53
	8.55		2.40			7,619		2.19			(1.27	)		2.30			(1.38	)		53
	8.57		2.51			10,344		2.19			(1.27	)		2.31			(1.39	)		53
	9.25		3.56			183,697		1.04			(0.12	)		1.16			(0.24	)		53
	9.06		3.31			12		1.54			(0.45	)		1.65			(0.55	)		53

	8.75		8.44			164,330		1.44			0.12	^(e)		1.57			(0.01	)^(e)		46
	8.35		7.60			10,195		2.19			(0.62	)^(e)		2.32			(0.75	)^(e)		46
	8.36		7.46			11,392		2.19			(0.64	)^(e)		2.32			(0.77	)^(e)		46
	8.94		8.82			155,546		1.04			0.54	^(e)		1.17			0.41	^(e)		46
	8.77		8.27			261		1.54			—	^{(e) (f)}		1.67			(0.13	)^(e)		46

	8.07		3.59			173,243		1.44			(0.47	)		1.55			(0.58	)		19
	7.76		2.78			11,537		2.19			(1.22	)		2.30			(1.33	)		19
	7.78		2.91			11,491		2.19			(1.22	)		2.30			(1.33	)		19
	8.25		4.04			129,083		1.04			(0.07	)		1.15			(0.18	)		19
	8.10		3.58			297		1.54			(0.58	)		1.65			(0.69	)		19

	7.79		12.09			146,867		1.45			(0.49	)		1.62			(0.66	)		14
	7.55		11.19			11,452		2.20			(1.24	)		2.37			(1.41	)		14
	7.56		11.18			8,979		2.20			(1.24	)		2.37			(1.41	)		14
	7.93		12.48			93,806		1.05			(0.09	)		1.22			(0.26	)		14
	7.82		12.20			1		1.55			(0.44	)		1.72			(0.61	)		14

The accompanying notes are an integral part of these financial statements. 85

GOLDMAN SACHS ALL CAP GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout The Period


			Income (loss) from
			investment operations

	Net asset
	value,		Net		Net realized			Total from
	beginning		investment		and unrealized			investment
Year - Share Class	of period		income^(a)(b)		loss			operations

FOR THE PERIOD ENDED FEBRUARY 29, (UNAUDITED)

2008 - A (Commenced January 31, 2008)	$	10.00	$	—	$	(0.16	)	$	(0.16	)
2008 - C (Commenced January 31, 2008)		10.00		—		(0.17	)		(0.17	)
2008 - Institutional (Commenced January 31, 2008)		10.00		—		(0.16	)		(0.16	)
2008 - R (Commenced January 31, 2008)		10.00		—		(0.16	)		(0.16	)
2008 - IR (Commenced January 31, 2008)		10.00		—		(0.16	)		(0.16	)


(a)	Calculated based on the average shares outstanding methodology.
(b)	Amount is less than $0.005 per share.
(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 returns would be reduced if sales or redemption charges 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 Fund distributions or the redemption of Fund shares.
(d)	Annualized.
(e)	Amount is less than 0.005% per share.

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

GOLDMAN SACHS ALL CAP GROWTH FUND


													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 (loss)			total expenses			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^(d)			net assets^(d)			net assets^(d)			rate



$	9.84		(1.60	)%	$	10		1.45	%		0.25	%		24.83	%		(22.12	)%		9	%
	9.83		(1.70	)		10		2.20			(0.51	)		25.58			(23.90	)		9
	9.84		(1.60	)		1,929		1.05			0.61			24.43			(22.75	)		9
	9.84		(1.60	)		10		1.70			—	^(e)		25.08			(23.37	)		9
	9.84		(1.60	)		10		1.20			0.51			24.58			(22.88	)		9

The accompanying notes are an integral part of these financial statements. 87

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

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

As a shareholder of Class A, Class B, Class C, Institutional, Service, Class R or Class IR Shares of the Funds you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (with respect to Class A Shares), contingent deferred sales charges (loads) on redemptions (with respect to Class B and Class C Shares), and redemption fees (if any); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (with respect to Class A, Class B, Class C and Class R Shares); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class B, Class C, Institutional, Service, Class R and Class IR Shares of the Funds 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 1, 2007 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 Funds’ actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ 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 Funds 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. 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.



	Capital Growth Fund							Concentrated Growth Fund							Growth Opportunities Fund							Small/Mid Cap Growth Fund							Strategic Growth Fund							All Cap Growth Fund‡

						Expenses							Expenses							Expenses							Expenses							Expenses							Expenses
						Paid for							Paid for							Paid for							Paid for							Paid for							Paid for
	Beginning		Ending			the 6		Beginning		Ending			the 6		Beginning		Ending			the 6		Beginning		Ending			the 6		Beginning		Ending			the 6		Beginning		Ending			the
	Account		Account			months		Account		Account			months		Account		Account			months		Account		Account			months		Account		Account			months		Account		Account			period
	Value		Value			ended		Value		Value			ended		Value		Value			ended		Value		Value			ended		Value		Value			ended		Value		Value			ended
Share Class	9/1/07		2/29/08			2/29/08*		9/1/07		2/29/08			2/29/08*		9/1/07		2/29/08			2/29/08*		9/1/07		2/29/08			2/29/08*		9/1/07		2/29/08			2/29/08*		1/31/08		2/29/08			2/29/08*

Class A
Actual	$	1,000	$	911.10		$	6.58	$	1,000	$	915.50		$	7.06	$	1,000	$	921.50		$	6.97	$	1,000	$	913.10		$	7.14	$	1,000	$	922.80		$	6.90	$	1,000	$	984.00		$	1.14
Hypothetical (5% return before expenses)		1,000		1,017.98	+		6.94		1,000		1,017.50	+		7.43		1,000		1,017.61	+		7.32		1,000		1,017.40	+		7.53		1,000		1,017.69	+		7.24		1,000		1,002.91	+		1.15

Class B
Actual		1,000		907.50			10.10		1,000		912.00			10.62		1,000		918.00			10.54		1,000		909.70			10.68		1,000		919.90			10.46		N/A		N/A			N/A
Hypothetical (5% return before expenses)		1,000		1,014.27	+		10.67		1,000		1,013.76	+		11.18		1,000		1,013.87	+		11.07		1,000		1,013.68	+		11.26		1,000		1,013.97	+		10.97		N/A		N/A			N/A

Class C
Actual		1,000		907.90			10.10		1,000		911.90			10.60		1,000		917.80			10.54		1,000		910.40			10.70		1,000		919.00			10.45		1,000		983.00			1.73
Hypothetical (5% return before expenses)		1,000		1,014.27	+		10.67		1,000		1,013.77	+		11.17		1,000		1,013.87	+		11.07		1,000		1,013.66	+		11.28		1,000		1,013.97	+		10.97		1,000		1,002.22	+		1.75

Institutional
Actual		1,000		912.90			4.68		1,000		917.60			5.15		1,000		923.50			5.07		1,000		915.00			5.22		1,000		924.90			4.98		1,000		984.00			0.82
Hypothetical (5% return before expenses)		1,000		1,019.97	+		4.94		1,000		1,019.49	+		5.42		1,000		1,019.59	+		5.33		1,000		1,019.41	+		5.51		1,000		1,019.69	+		5.22		1,000		1,003.13	+		0.83

Service
Actual		1,000		910.90			7.03		1,000		915.30			7.52		1,000		921.00			7.45		1,000		912.50			7.61		1,000		924.90			7.37		N/A		N/A			N/A
Hypothetical (5% return before expenses)		1,000		1,017.50	+		7.42		1,000		1,017.01	+		7.92		1,000		1,017.11	+		7.82		1,000		1,016.91	+		8.02		1,000		1,017.21	+		7.72		N/A		N/A			N/A

Class R #
Actual		1,000		892.30			3.75		1,000		893.50			3.98		1,000		912.30			3.85		1,000		891.80			4.03		N/A		N/A			N/A		1,000		984.00			1.34
Hypothetical (5% return before expenses)		1,000		1,008.19	+		3.98		1,000		1,007.95	+		4.22		1,000		1,008.13	+		4.04		1,000		1,007.90	+		4.27		N/A		N/A			N/A		1,000		1,002.76	+		1.35

Class IR #
Actual		1,000		893.10			2.60		1,000		892.10			2.83		1,000		913.20			2.81		1,000		892.50			2.88		N/A		N/A			N/A		1,000		984.00			0.94
Hypothetical (5% return before expenses)		1,000		1,012.16	+		2.76		1,000		1,012.16	+		3.01		1,000		1,012.16	+		2.95		1,000		1,012.16	+		3.06		N/A		N/A			N/A		1,000		1,003.96	+		0.95

Expenses for each share class are calculated using the Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months 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:


Fund	Class A			Class B			Class C			Institutional			Service			Class R			Class IR

Capital Growth		1.38	%		2.13	%		2.13	%		0.98	%		1.48	%		1.63	%		1.13	%
Concentrated Growth		1.48			2.23			2.23			1.08			1.58			1.73			1.23
Growth Opportunities		1.46			2.21			2.21			1.06			1.56			1.66			1.21
Small Mid/Cap Growth		1.50			2.25			2.25			1.10			1.60			1.75			1.25
Strategic Growth		1.44			2.19			2.19			1.04			1.54			N/A			N/A
All Cap Growth		1.45			N/A			2.20			1.05			N/A			1.70			1.20


+	Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.


#	Class R and Class IR commenced operations on November 30, 2007.


‡	Commenced operations on January 31, 2008.

FUNDS PROFILE

Goldman Sachs Funds

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

Today, The Investment Management Division of 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 Market¹Fixed 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 Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, 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 Funds. 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 Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund 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 Funds 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. Beginning the fiscal quarter ended November 30, 2004 and every first and third fiscal quarter thereafter, the Funds’ Form N-Q will become available on the SEC’s website at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. When available, the Funds’ 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, Form 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).

All Funds in this report may invest in foreign securities, which may be more volatile and less liquid than investment in U.S. securities and will be subject to the risks of currency fluctuations and sudden economic or political developments. At times, the Funds may be unable to sell certain of their portfolio securities without a substantial drop in price, if at all. The Small/ Mid Cap Growth Fund and All Cap Growth Fund may also invest in foreign securities and emerging market securities. Foreign and emerging market securities may be more volatile than investment in U.S. securities and will be subject to the risks of currency fluctuations and political developments.

The Capital Growth, Strategic Growth, Concentrated Growth, Growth Opportunities and All Cap Growth Funds may participate in the Initial Public Offering (IPO) market, and a portion of the Funds’ returns consequently may be attributable to their investment in IPOs. The market value of IPO shares may fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, and the small number of shares available for trading and limited information about the issuer. When a fund’s asset base is small, IPOs may have a magnified impact on the fund’s performance. As a fund’s assets grow, it is probable that the effect of the fund’s investment in IPOs on its total returns may not be as significant, which could reduce the fund’s performance.

Holdings and allocations shown may not be representative of current or future investments. Holdings and allocations may not include the Fund’s entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.

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


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

Investment Abbreviation:

American Depositary Receipt