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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)


Peter V. Bonanno, Esq.		Copies to:
Goldman, Sachs & Co.		Jack W. Murphy, Esq.
One New York Plaza		Dechert LLP
New York, New York 10004		1775 I Street, NW
		Washington, D.C. 20006

(Name and address of agents for service)

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

Date of fiscal year end: August 31

Date of reporting period: February 28, 2009


ITEM 1.		REPORTS TO STOCKHOLDERS.

		The Semi-Annual Report to Stockholders is filed herewith.

Goldman Sachs Funds



Semi-Annual Report			February 28, 2009



			Fundamental Equity Value Funds
			Growth and Income
			Large Cap Value
			Mid Cap Value
			Small Cap Value

Goldman Sachs Fundamental Equity Value Funds


n	GOLDMAN SACHS GROWTH AND INCOME FUND

n	GOLDMAN SACHS LARGE CAP VALUE FUND

n	GOLDMAN SACHS MID CAP VALUE FUND

n	GOLDMAN SACHS SMALL CAP VALUE FUND

TABLE OF CONTENTS


Principal Investment Strategies and Risks		1
Investment Process		2
Letters to Shareholders		3
Schedules of Investments		24
Financial Statements		36
Notes to Financial Statements		42
Financial Highlights		56
Other Information		64


NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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 Growth and Income 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 Large Cap Value 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 Mid Cap Value Fund invests primarily in mid 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 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.

The Goldman Sachs Small Cap Value Fund invests primarily in small 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. Stocks of smaller companies are often more volatile and less liquid and present greater risks than stocks of larger companies. 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 VALUE FUNDS

What Differentiates the Goldman Sachs
Equity Value Investment Process?

Goldman Sachs’ Equity Value Team believes that all successful investing should thoughtfully weigh two important attributes of a stock: price and prospects. Through independent fundamental research, the Team seeks to identify and invest in quality businesses that are selling at compelling valuations.


		At the heart of our value investment philosophy is a belief in the rigorous analysis of business fundamentals. Our approach may include: n Meetings with management teams and on-site company visits n Industry-specific, proprietary financial and valuation models n Assessment of management quality n Analysis of each company’s competitive position and industry dynamics n Interviews with competitors, suppliers and customers We seek to invest in companies: n When market uncertainty exists n When their economic value is not recognized by the market We buy companies with quality characteristics. For us, this means companies that have: n Sustainable operating earnings or cash flow, or competitive advantage n Excellent stewardship of capital n Capability to earn above their cost of capital n Strong or improving balance sheets and cash flow Value portfolios that strive to offer: n Capital appreciation potential as each company’s true value is recognized in the marketplace n Investment style consistency

PORTFOLIO OVERVIEW

Goldman Sachs Fundamental Equity Value Funds

Dear Shareholder:

This Market Review and Outlook provides an overview that covers the Goldman Sachs Growth and Income Fund, the Goldman Sachs Large Cap Value Fund, the Goldman Sachs Mid Cap Value Fund, and the Goldman Sachs Small Cap Value Fund (the “Funds”) for the six-month reporting period that ended February 28, 2009.

Market Review

2008 marked the second worst year in history for U.S. equity markets, culminating in a sharp decline during the second half of the year. During the six month reporting period that ended February 28, 2009, the equity markets were challenged by periods of extreme volatility and broad-based selling, often triggered by high profile collapses at several large financial and insurance companies. During the period, the overall market, as measured by the S&P 500 Index, returned −41.82%. The depth and breadth of the market’s decline was severe, with little differentiation across market capitalizations, investment styles and regions, as all segments posted sharp, double digit losses.

The market was driven to multi-year lows, as solvency and liquidity problems from the credit crunch persisted. In addition, fears of a slowing global economy and uncertainty around government action intensified among investors. Headlines were centered on the sharp rise in unemployment figures, disappointing company earnings and an overall contracting economy. The ongoing financial crisis continues to impact both developed and emerging economies. Given this backdrop, on an absolute basis, it was not possible for the Funds to avoid the market’s steep and rapid decline.

While there is likely more news to come with respect to economic data releases, unemployment and corporations under distress, we believe that much of this has already been reflected in equity prices, and valuations are currently reflecting great uncertainty. We maintain our forward-looking approach to risk management and our vigilance in revisiting the investment theses of every position in each Fund’s portfolio in light of any new information in this challenging environment.

Outlook

We remain cautious on companies led by unseasoned and untested management teams. We are also concerned that looming earnings disappointments will support market volatility at elevated levels. While we do not expect a swift end to corporate weakness, we do see prospects in select companies that are poised to benefit from an environment of lower competition, higher pricing and improved market share. We also think well capitalized companies led by shareholder-friendly management should find ways to distance themselves from weakened industry peers. We are excited to find ourselves in a unique market, rich with newly discounted opportunities for fundamental stock pickers. We believe our consistent, disciplined approach to identifying these high quality, cash-generating businesses will benefit our portfolios as we seek to produce consistent, strong and competitive returns over time.

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

Goldman Sachs Equity Value Investment Team

New York, March 11, 2009

PORTFOLIO RESULTS

Growth and Income Fund

Dear Shareholder,

This report provides an overview on the performance of the Goldman Sachs Growth and Income Fund (the “Fund”) during the six-month reporting period that ended February 28, 2009.

Performance Review

Over the six-month period that ended February 28, 2009, the Fund’s Class A, B, C, Institutional, Service, Class IR and Class R Shares generated cumulative total returns, without sales charges, of −40.59%, −40.81%, −40.83%, −40.49%, −40.63%, −40.50% and −40.67%, respectively. These returns compare to the −44.71% cumulative total return of the Fund’s benchmark, the Russell 1000 Value Index (with dividends reinvested) (the “Index”), over the same time period.

During the reporting period, a mix of perception, emotion and technical forces caused dislocation of the share prices of many companies from their true economic values, as elevated market uncertainty often leads to greater market inefficiencies. As fundamental stock pickers, we strive to capitalize on these inefficiencies by looking through the emotion for long term survivors and winners. We focus on developing an independent point of view on business models, management quality, free cash flow and balance sheet strength. We also conduct rigorous scenario analysis to account for near-term risks. In an environment with low visibility, we think experience is a key to success. We also believe teamwork facilitates vigilant risk management by driving out complacency from our existing holdings.

While the Fund experienced significant weakness along with the overall stock market, it outperformed its benchmark over the six-month period. Stock selection was strong in Financials, Insurance and Healthcare, whereas our holdings in Energy, Consumer Staples and Services experienced weakness.

Within the Financials sector, our limited exposure and defensive positioning helped us avoid many of the sector’s steep declines, particularly those experienced in the large, money center banks. Stock selection was strong in the Insurance sector, as shares of Travelers Companies, Inc. and PartnerRe managed to post modest gains during the six-month period. The portfolio also benefited from several investments in less economic or credit sensitive areas such as Healthcare, where our holdings in Amgen, Inc. and Genentech, Inc. continued to be strong performers. Within the Consumer Cyclicals sector, we avoided most retailers with the exception of Wal-Mart Stores, Inc., which was among the positive contributors to performance during the reporting period.

A combination of slowing near-term global demand and technical pressures weighed on our Energy investments. We have invested in Energy companies that we believe demonstrate disciplined capital allocation and competitive cost structures. We feel these companies are well positioned in a low-priced commodity environment, as high cost companies will need high prices to support their operations. Despite the recent weakness, we believe escalating industry costs and supply pressures should support higher valuations over time.

PORTFOLIO RESULTS

Portfolio Composition

Given the market’s steep decline, we have identified several high quality names trading near all-time low valuations. In the Financials and Insurance sectors, where we have remained cautious since mid-2007, we continue to employ a selective approach. During the reporting period, we sold out of Hartford Financial Services Group due to deteriorating fundamentals and capital concerns amidst the worsening credit storm. In the Energy sector, we exited our position in Marathon Oil Corp., a restructuring story that we believe has sensitivity to uncertain global economic conditions.

Portfolio Highlights

During the reporting period, there were a number of holdings that impacted performance, including the following:


n	Visa — Visa, a Financial holding that we believe is a well-run franchise with opportunity for margin improvement, was a leading contributor to performance during the reporting period.

n	Sprint Nextel Corp. — Sprint was among the Fund’s detractors from performance during the reporting period. However, investors have reacted favorably to recent announcements regarding new products and the company’s competitive prepaid wireless plan. Despite experiencing weakness, we continue to believe the new management should steer the company in a positive direction, with improved branding, execution and profitability initiatives.

n	Becton Dickinson & Co. — In the Healthcare sector, Becton Dickinson, a medical equipment supplier and recent addition to the portfolio, was among the Fund’s positive contributors to performance. Despite the challenging economic environment, we think this company can benefit from favorable demographic trends and opportunities for margin improvement.

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

Goldman Sachs Value Investment Team

New York, March 11, 2009

FUND BASICS

Growth and Income Fund

as of February 28, 2009

PERFORMANCE REVIEW


	Fund Total Return			Russell 1000
September 1, 2008–February 28, 2009	(based on NAV)¹			Value Index²


Class A		-40.59	%		-44.71	%
Class B		-40.81			-44.71
Class C		-40.83			-44.71
Institutional		-40.49			-44.71
Service		-40.63			-44.71
Class IR		-40.50			-44.71
Class R		-40.67			-44.71


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 1000 Value Index is a market capitalization weighted index of the 1,000 largest U.S. companies with lower price-to-book ratios and lower forecasted growth values. The Index figures do not reflect any deduction of fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS³


For the period ended 12/31/08	One Year			Five Years			Ten Years			Since Inception			Inception Date


Class A		-38.96	%		-1.48	%		-0.96	%		4.80	%	2/5/93
Class B		-39.13			-1.51			-1.15			1.76		5/1/96
Class C		-36.54			-1.11			-1.15			-1.58		8/15/97
Institutional		-35.17			0.03			0.01			2.80		6/3/96
Service		-35.51			-0.47			-0.50			5.10	⁴	2/5/93
Class IR		-35.28			N/A			N/A			-33.20		11/30/07
Class R		-35.55			N/A			N/A			-33.48		11/30/07


³	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, Service, Class IR and Class R 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 March 6, 1996 (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 Growth and Income Fund reflects the expenses applicable to the Fund’s Class A Shares. The fees applicable to Services Shares are different from those applicable to Class A Shares which impact performance ratings and rankings for a class of shares.

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 RATIOS⁵


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


Class A		1.16	%		1.16	%
Class B		1.91			1.91
Class C		1.91			1.91
Institutional		0.76			0.76
Service		1.26			1.26
Class IR		0.91			0.91
Class R		1.41			1.41

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 2/28/09⁶


Holding	% of Net Assets			Line of Business


Johnson & Johnson		4.8	%	Pharmaceuticals
Exxon Mobil Corp.		4.4		Oil, Gas & Consumable Fuels
Hess Corp.		4.0		Oil, Gas & Consumable Fuels
Entergy Corp.		3.7		Electric Utilities
AT&T, Inc.		3.4		Diversified Telecommunication Services
Unilever NV		2.9		Food Products
JPMorgan Chase & Co.		2.8		Diversified Financial Services
The Travelers Cos., Inc.		2.7		Insurance
Devon Energy Corp.		2.6		Oil, Gas & Consumable Fuels
Pfizer, Inc.		2.5		Pharmaceuticals


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

FUND BASICS

SECTOR ALLOCATIONS AS OF 2/28/09⁷

Percentage of Investment Portfolio

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 may differ from GICS. The percentage shown for each investment category of the Fund reflects the value of investments in the category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). The securities lending reinvestment vehicle represents 6.7% of the Fund’s net assets at February 28, 2009.

PORTFOLIO RESULTS

Large Cap Value Fund

Dear Shareholder,

This report provides an overview on the performance of the Goldman Sachs Large Cap Value Fund (the “Fund”) during the six-month reporting period that ended February 28, 2009.

Performance Review

Over the six-month period that ended February 28, 2009, the Fund’s Class A, B, C, Institutional, Service, Class IR and Class R Shares generated cumulative total returns, without sales charges, of −41.19%, −41.33%, −41.39%, −41.00%, −41.17%, −41.08% and −41.19%, respectively. These returns compare to the −44.71% cumulative total return of the Fund’s benchmark, the Russell 1000 Value Index (with dividends reinvested) (the “Index”), over the same time period.

During the reporting period, a mix of perception, emotion and technical forces caused dislocation of the share prices of many companies from their true economic values, as elevated market uncertainty often leads to greater market inefficiencies. As fundamental stock pickers, we strive to capitalize on these inefficiencies by looking through the emotion for long term survivors and winners. We focus on developing an independent point of view on business models, management quality, free cash flow and balance sheet strength. We also conduct rigorous scenario analysis to account for near term risks. In an environment with low visibility, we think experience is a key to success. We also believe teamwork facilitates vigilant risk management by driving out complacency from our existing holdings.

While the Fund experienced significant weakness along with the overall stock market, it outperformed its benchmark over the six-month reporting period. During that time, stock selection was strong in Financials, Healthcare and Insurance, whereas Energy, Services and Consumer Staples detracted from performance.

Within the Financials sector, our limited exposure and defensive positioning helped us avoid many of the sector’s steep declines, particularly those experienced in the large, money center banks. Stock selection was strong in the Insurance sector as shares of Travelers Companies, Inc. and PartnerRe managed to post modest gains during the reporting period. The portfolio also benefited from several investments in less economic or credit sensitive areas such as Healthcare, where our holdings in Amgen, Inc. and Genentech, Inc. continue to rank as strong performers. Within the Consumer Cyclicals sector, we avoided most retailers with the exception of Wal-Mart Stores, Inc., which was among the positive contributors to performance during the reporting period.

A combination of slowing near-term global demand and technical pressures weighed on our Energy investments during the reporting period. We have invested in Energy companies that we believe demonstrate disciplined capital allocation and competitive cost structures. We feel these companies are well positioned in a low-priced commodity environment, as high cost companies will need high prices to support their operations. Despite the recent weakness, we believe escalating industry costs and supply pressures should support higher valuations over time.

PORTFOLIO RESULTS

Portfolio Composition

Given the market’s steep decline, we have identified several high quality names trading near all-time low valuations. In the Financials and Insurance sectors, where we have remained cautious since mid-2007, we continue to employ a selective approach. During the reporting period, we sold out of Hartford Financial Services Group due to deteriorating fundamentals and capital concerns amidst the worsening credit storm. In the Energy space, we exited our position in Marathon Oil Corp., a restructuring story that we believe has sensitivity to uncertain global economic conditions, as well as Weatherford International Ltd.

Portfolio Highlights

During the reporting period, there were a number of holdings that impacted performance, including the following:


n	Visa — Visa, a Financial holding that we believe is a well-run franchise with opportunity for margin improvement, was a leading contributor to performance during the reporting period.

n	Sprint Nextel Corp. — Sprint was among the Fund’s detractors from performance during the reporting period. However, investors have reacted favorably to recent announcements regarding new products and the company’s competitive prepaid wireless plan. Despite experiencing weakness, we continue to believe the new management should steer the company in a positive direction, with improved branding, execution and profitability initiatives.

n	Becton Dickinson & Co. — In the Healthcare sector, Becton Dickinson, a medical equipment supplier and recent addition to the portfolio, was among the Fund’s positive contributors to performance. Despite the challenging economic environment, we think this company can benefit from favorable demographic trends and opportunities for margin improvement.

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

Goldman Sachs Value Investment Team

New York, March 11, 2009

FUND BASICS

Large Cap Value Fund

as of February 28, 2009

PERFORMANCE REVIEW


	Fund Total Return			Russell 1000
September 1, 2008–February 28, 2009	(based on NAV)¹			Value Index²


Class A		-41.19	%		-44.71	%
Class B		-41.33			-44.71
Class C		-41.39			-44.71
Institutional		-41.00			-44.71
Service		-41.17			-44.71
Class IR		-41.08			-44.71
Class R		-41.19			-44.71


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 1000 Value Index is a market capitalization weighted index of the 1,000 largest U.S. companies with lower price-to-book ratios and lower forecasted growth values. The Index figures do not reflect any deduction of fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS³


For the period ended 12/31/08	One Year			Five Years			Since Inception			Inception Date


Class A		-40.64	%		-1.79	%		0.47	%	12/15/99
Class B		-40.74			-1.80			0.34		12/15/99
Class C		-38.31			-1.42			0.33		12/15/99
Institutional		-36.93			-0.26			1.49		12/15/99
Service		-37.29			-0.78			1.04		12/15/99
Class IR		-37.02			N/A			-34.49		11/30/07
Class R		-37.29			N/A			-34.72		11/30/07


³	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, Service, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.
	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		1.17	%		1.17	%
Class B		1.92			1.92
Class C		1.92			1.92
Institutional		0.77			0.77
Service		1.27			1.27
Class IR		0.92			0.92
Class R		1.42			1.42

⁴

TOP TEN HOLDINGS AS OF 2/28/09⁵


Holding	% of Net Assets			Line of Business


Exxon Mobil Corp.		4.3	%	Oil, Gas & Consumable Fuels
Johnson & Johnson		3.8		Pharmaceuticals
Entergy Corp.		3.6		Electric Utilities
JPMorgan Chase & Co.		3.1		Diversified Financial Services
Unilever NV		2.8		Food Products
The Travelers Cos., Inc.		2.8		Insurance
Hess Corp.		2.7		Oil, Gas & Consumable Fuels
Philip Morris International, Inc.		2.7		Tobacco
Wyeth		2.6		Pharmaceuticals
Range Resources Corp.		2.6		Oil, Gas & Consumable Fuels


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

FUND BASICS

SECTOR ALLOCATIONS AS OF 2/28/09⁶

Percentage of Investment Portfolio

⁶

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 may differ from GICS. The percentage shown for each investment category of the Fund reflects the value of investments in the category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). The securities lending reinvestment vehicle represents 14.4% of the Fund’s net assets at February 28, 2009.

PORTFOLIO RESULTS

Mid Cap Value Fund

Dear Shareholder,

This report provides an overview on the performance of the Goldman Sachs Mid Cap Value Fund (the “Fund”) during the six-month reporting period that ended February 28, 2009.

Performance Review

Over the six-month period that ended February 28, 2009, the Fund’s Class A, B, C, Institutional, Service and Class IR Shares generated cumulative total returns, without sales charges, of −42.98%, −43.23%, −43.19%, −42.89%, −43.02% and −42.95%, respectively. These returns compare to the −48.03% cumulative total return of the Fund’s benchmark, the Russell Midcap Value Index (with dividends reinvested) (the “Index”), over the same time period.

During the period from their inception on January 6, 2009 through February 28, 2009, the Fund’s Class R Shares generated a cumulative total return of −18.70%. This return compares to the −24.96% cumulative total return of the Index over the same time period.

During the reporting period, a mix of perception, emotion and technical forces caused dislocation of the share prices of many companies from their true economic values, as elevated market uncertainty often leads to greater market inefficiencies. As fundamental stock pickers, we strive to capitalize on these inefficiencies by looking through the emotion for long term survivors and winners. We focus on developing an independent point of view on business models, management quality, free cash flow and balance sheet strength. We also conduct rigorous scenario analysis to account for near term risks. In an environment with low visibility, we think experience is a key to success. We also believe teamwork facilitates vigilant risk management by driving out complacency from our existing holdings.

While the Fund experienced significant weakness along with the overall stock market, it outperformed its benchmark over the six-month period. The Fund had positive contributions to relative performance in Financials, Consumer Cyclicals and Insurance, whereas Technology, Consumer Staples and Energy were among the negative contributors to performance.

Within the Financials sector, our limited exposure and defensive positioning in this highly volatile sector helped us avoid many of the sector’s steep declines, particularly those experienced by regional banks and brokers. The portfolio experienced similar results in the Consumer Cyclicals sector, where we have avoided the struggling automakers. Stock selection in the Insurance sector contributed positively to portfolio performance. Among contributors was PartnerRe, a holding we believe is well poised to benefit from improved pricing this year.

A combination of slowing near-term global demand and technical pressures weighed on our Energy investments in Smith International and Williams Companies during the reporting period. We have invested in Energy companies that we believe demonstrate disciplined capital allocation and competitive cost structures. We feel these companies are well positioned in a low-priced commodity environment, as high cost companies will need high prices to support their operations. Despite the recent weakness, we believe escalating industry costs and supply pressures should support higher valuations over time.

PORTFOLIO RESULTS

Portfolio Composition

Given the market’s steep decline, we have identified several high quality names, some trading near 10 year-low valuations. In the volatile Basic Materials sector, we initiated a position in Steel Dynamics, a name we had owned earlier in the year. We view this attractively valued company as a low cost producer with the potential to improve earnings over time. We eliminated our remaining shares of Vornado Realty, an integrated REIT, due to our concerns of weakening office property fundamentals. Additionally, we sold our shares of Apartment Investment & Management Company given the lack of credit and financing available in the market. In Basic Materials, we eliminated our position in U.S. Steel Corp. in an effort to manage near term volatility.

Portfolio Highlights

During the reporting period, there were a number of holdings that impacted performance, including the following:


n	H&R Block, Inc. — In Financials, H&R Block was among the top contributors to performance. We believe the company is in the early stages of revitalization and will benefit from the recent disposition of non-core businesses, a new management team and its renewed focus on the tax business.

n	Supervalu — Supervalu was among the Fund’s detractors from performance during the reporting period. Growing concerns with ongoing weakened sales and market share trends prompted us to exit this investment.

n	WR Berkeley Corp. — Stock selection in the Insurance sector was a positive contributor to performance. This was led by our investment in WR Berkeley, a company that we believe should benefit from improved pricing.

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

Goldman Sachs Value Investment Team

New York, March 11, 2009

FUND BASICS

Mid Cap Value Fund

as of February 28, 2009

PERFORMANCE REVIEW


September 1, 2008–February 28, 2009	Fund Total Return (based on NAV)¹			Russell Midcap Value Index²


Class A		-42.98	%		-48.03	%
Class B		-43.23			-48.03
Class C		-43.19			-48.03
Institutional		-42.89			-48.03
Service		-43.02			-48.03
Class IR		-42.95			-48.03

January 6, 2009–February 28, 2009

Class R³		-18.70	%		−24.96	%


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 Midcap Value Index is an unmanaged index of common stock prices that measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower 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.
³	Class R Shares commenced operations on January 6, 2009.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS⁴


For the period ended 12/31/08	One Year			Five Years			Ten Years			Since Inception			Inception Date


Class A		-40.13	%		0.05	%		5.92	%		4.80	%	8/15/97
Class B		-40.25			0.04			5.74			4.57		8/15/97
Class C		-37.73			0.44			5.72			4.57		8/15/97
Institutional		-36.39			1.60			6.94			9.06		8/1/95
Service		-36.69			1.13			6.43			5.46		7/18/97
Class IR		-36.51			N/A			N/A			-33.46		11/30/07

⁴

The Standardized Total Returns are average annual total returns (or cumulative total returns if period is less than one year) 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, Service, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

FUND BASICS

EXPENSE RATIOS⁴


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


Class A		1.16	%		1.16	%
Class B		1.91			1.91
Class C		1.91			1.91
Institutional		0.76			0.76
Service		1.26			1.26
Class IR		0.91			0.91
Class R		1.41			1.41

⁴

TOP TEN HOLDINGS AS OF 2/28/09⁵


Holding	% of Net Assets			Line of Business


Range Resources Corp.		3.2	%	Oil, Gas & Consumable Fuels
Entergy Corp.		3.0		Electric Utilities
PPL Corp.		2.7		Electric Utilities
W.R. Berkley Corp.		2.4		Insurance
Activision Blizzard, Inc.		2.3		Software
H&R Block, Inc.		2.2		Diversified Consumer Services
Laboratory Corp. of America Holdings		2.0		Health Care Providers & Services
PG&E Corp.		1.9		Multi-Utilities
DPL, Inc.		1.8		Electric Utilities
Edison International		1.6		Electric Utilities


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

FUND BASICS

SECTOR ALLOCATIONS AS OF 2/28/09⁶

Percentage of Investment Portfolio

⁶

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 may differ from GICS. The percentage shown for each investment category of the Fund reflects the value of investments in the category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). The securities lending reinvestment vehicle represents 9.2% of the Fund’s net assets at February 28, 2009.

PORTFOLIO RESULTS

Small Cap Value Fund

Dear Shareholder,

This report provides an overview on the performance of the Goldman Sachs Small Cap Value Fund (the “Fund”) during the six-month reporting period that ended February 28, 2009.

Performance Review

Over the six-month period that ended February 28, 2009, the Fund’s Class A, B, C, Institutional, Service, Class IR and Class R Shares generated cumulative total returns, without sales charges, of −42.14%, −42.35%, −42.34%, −42.01%, −42.17%, −42.06% and −42.21%, respectively. These returns compare to the −47.16% cumulative total return of the Fund’s benchmark, the Russell 2000 Value Index (with dividends reinvested) (the “Index”), over the same time period.

During the reporting period, a mix of perception, emotion and technical forces caused dislocation of the share prices of many companies from their true economic values, as elevated market uncertainty often leads to greater market inefficiencies. As fundamental stock pickers, we strive to capitalize on these inefficiencies by looking through the emotion for long term survivors and winners. We focus on developing an independent point of view on business models, management quality, free cash flow and balance sheet strength. We also conduct rigorous scenario analysis to account for near term risks. In an environment with low visibility, we think experience is a key to success. We also believe teamwork facilitates vigilant risk management by driving out complacency from our existing holdings.

While the Fund experienced significant weakness along with the overall stock market, it outperformed its benchmark over the six-month reporting period. Stock selection was relatively strong in Financials, Consumer Cyclicals and Insurance, whereas Healthcare, Consumer Staples and Basic Materials were negative contributors to performance.

Several of our largest holdings performed relatively well in a significantly distressed market environment. The portfolio also experienced gains in select Financial holdings, such as Bank of the Ozarks, Inc. and First Financial Bankshares, Inc. Our overall exposure to this sector remains focused on banks that we believe have sufficient capital. In some cases, such as First Financial Bankshares, our holdings have not required Troubled Asset Relief Program (TARP) assistance due to the existing strength of their balance sheets.

Sharp reactions to cautious company outlooks drove down the share prices of our top names in the Healthcare sector, including Symmetry Medical, Inc. Despite the recent weakness in the name, we remain positive on the outlook for the company. In our view, demand trends for orthopedics and medical solutions should hold up relatively well in a challenging economic environment. Although our positioning in the real estate investment trust (REIT) sector contributed to performance, industry wide weakness weighed on select investments in this sector.

PORTFOLIO RESULTS

Portfolio Composition

As forward looking investors, we added to several key investments that are priced at levels we believe to be compelling. For example, we added to our investment in Parametric Technology Corp., a company that has generated robust free cash flow and recurring revenues. We eliminated several former large holdings in an effort to improve the risk profile of the portfolio. We also reduced our investments in several top ten names such as El Paso Electric and ProAssurance Corp. While we continue to hold positive views of both names, we have pared our exposure to better reflect our risk/reward assumptions. We also reduced our exposure in REITs Biomed Realty and American Campus Communities.

Portfolio Highlights

During the reporting period, there were a number of holdings that impacted performance, including the following:


n	AirTran Holdings, Inc. — The Fund benefited from its holding in airline holding company AirTran Holdings. The company rebounded from its mid-year lows in 2008, as the prospects of lower fuel costs and reduced capacity helped drive the stock higher.

n	Aaron Rents, Inc. — In Consumer Cyclicals, we increased our exposure to Aaron Rents, as we anticipate a growing number of consumers to shift toward the retail rental market in a challenging economic environment. The company was among top contributors to performance during the reporting period.

n	Parallel Petroleum and Rex Energy — Parallel Petroleum and Rex Energy were among the Fund’s detractors from performance in the Energy sector. We sold our last stakes in both names in response to heightened volatility in the sector.

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

Goldman Sachs Value Investment Team

New York, March 11, 2009

FUND BASICS

Small Cap Value Fund

as of February 28, 2009

PERFORMANCE REVIEW


September 1, 2008–February 28, 2009	Fund Total Return (based on NAV)¹			Russell 2000 Value Index²


Class A		-42.14	%		-47.16	%
Class B		-42.35			-47.16
Class C		-42.34			-47.16
Institutional		-42.01			-47.16
Service		-42.17			-47.16
Class IR		-42.06			-47.16
Class R		-42.21			-47.16


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 2000 Value Index is an unmanaged index of common stock prices that measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower 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 12/31/08	One Year			Five Years			Ten Years			Since Inception			Inception Date


Class A		-31.15	%		-1.35	%		6.79	%		8.13	%	10/22/92
Class B		-31.28			-1.37			6.58			6.00		5/1/96
Class C		-28.40			-0.97			6.56			4.61		8/15/97
Institutional		-26.85			0.17			7.82			5.83		8/15/97
Service		-27.20			-0.33			7.27	⁴		8.43	⁴	10/22/92
Class IR		-26.96			N/A			N/A			-26.04		11/30/07
Class R		-27.30			N/A			N/A			-26.40		11/30/07


³	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, Service, Class IR and Class R 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 the Class A Shares (excluding the impact of the front-end sales charge applicable to Class A Shares since Service Shares are not subject to any sales charges). Performance of Class A Shares of the Small Cap Value 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.

FUND BASICS

EXPENSE RATIOS⁵


	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 IR		1.23			1.23
Class R		1.73			1.73

⁵

TOP TEN HOLDINGS AS OF 2/28/09⁶


Holding	% of Net Assets			Line of Business


El Paso Electric Co.		1.9	%	Electric Utilities
Max Capital Group Ltd.		1.7		Insurance
MFA Mortgage Investments, Inc.		1.6		Real Estate Investment Trusts
Aaron Rents, Inc.		1.5		Specialty Retail
First Financial Bankshares, Inc.		1.5		Commercial Banks
Cleco Corp.		1.4		Electric Utilities
Digital Realty Trust, Inc.		1.3		Real Estate Investment Trusts
Watsco, Inc.		1.3		Trading Companies & Distributors
National Retail Properties, Inc.		1.3		Real Estate Investment Trusts
ProAssurance Corp.		1.3		Insurance


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

FUND BASICS

SECTOR ALLOCATIONS AS OF 2/28/09⁷

Percentage of Investment Portfolio

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 may differ from GICS. The percentage shown for each investment category of the Fund reflects the value of investments in the category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). The securities lending reinvestment vehicle represents 17.9% of the Fund’s net assets at February 28, 2009.

GOLDMAN SACHS GROWTH AND INCOME FUND

Schedule of Investments

February 28, 2009 (Unaudited)


	Shares		Description	Value

Common Stocks – 98.0%


	Aerospace & Defense – 2.8%
		347,301	Honeywell International, Inc.	$	9,318,086
		463,000	The Boeing Co.		14,556,720

					23,874,806


	Auto Components – 0.4%
		303,405	Johnson Controls, Inc.		3,452,749


	Beverages – 0.8%
		171,392	The Coca-Cola Co.		7,001,363


	*Biotechnology – 4.9%**
		430,500	Amgen, Inc.		21,064,365
		231,200	Biogen Idec, Inc.		10,644,448
		127,700	Genentech, Inc.		10,924,735

					42,633,548


	Capital Markets – 2.6%
		600,012	AllianceBernstein Holding LP		7,302,146
		758,655	Morgan Stanley^(a)		14,824,119

					22,126,265


	Chemicals – 2.3%
		437,400	Air Products & Chemicals, Inc.		20,229,750


	Commercial Banks^(a) – 0.3%
		696,317	Synovus Financial Corp.		2,423,183


	Commercial Services & Supplies – 1.8%
		591,070	Waste Management, Inc.		15,958,890


	Computers & Peripherals – 1.4%
		418,434	Hewlett-Packard Co.		12,147,139


	Diversified Consumer Services – 1.8%
		809,186	H&R Block, Inc.		15,455,453


	Diversified Financial Services – 2.8%
		1,066,113	JPMorgan Chase & Co.		24,360,682


	Diversified Telecommunication Services – 4.2%
		1,238,178	AT&T, Inc.^(a)		29,431,491
		204,808	Embarq Corp.		7,162,136

					36,593,627


	Electric Utilities – 8.5%
		179,518	American Electric Power Co., Inc.		5,035,480
		141,361	Edison International		3,847,846
		479,616	Entergy Corp.		32,321,322
		366,397	FirstEnergy Corp.		15,593,856
		596,885	PPL Corp.		16,647,123

					73,445,627


	Food & Staples Retailing – 1.9%
		331,304	Wal-Mart Stores, Inc.		16,313,409


	Food Products – 5.8%
		313,000	Campbell Soup Co.		8,379,010
		562,085	ConAgra Foods, Inc.		8,476,242
		171,806	General Mills, Inc.		9,016,379
		1,299,231	Unilever NV		24,828,304

					50,699,935


	Health Care Equipment & Supplies – 4.3%
		360,407	Baxter International, Inc.		18,348,320
		195,700	Becton, Dickinson & Co.		12,111,873
		187,700	Zimmer Holdings, Inc.*		6,573,254

					37,033,447


	Household Durables – 0.1%
		215,406	Newell Rubbermaid, Inc.		1,217,044


	Household Products – 2.6%
		93,846	The Clorox Co.		4,560,916
		373,400	The Procter & Gamble Co.		17,986,678

					22,547,594


	Industrial Conglomerates^(a) – 0.7%
		681,386	General Electric Co.		5,798,595


	Insurance – 7.3%
		116,100	Aflac, Inc.		1,945,836
		176,788	Everest Re Group Ltd.		11,514,202
		156,919	PartnerRe Ltd.^(a)		9,713,286
		350,558	The Allstate Corp.		5,899,891
		272,169	The Chubb Corp.		10,625,478
		646,292	The Travelers Cos., Inc.		23,363,456

					63,062,149


	IT Services – 0.7%
		104,539	Visa, Inc.		5,928,407


	Leisure Equipment & Products – 0.5%
		371,852	Mattel, Inc.		4,402,728


	Media – 2.1%
		2,399,862	Time Warner, Inc.		18,310,947


	Multi-Utilities – 1.7%
		129,700	Ameren Corp.		3,084,266
		303,668	PG&E Corp.		11,606,191

					14,690,457


	Multiline Retail^(a) – 0.4%
		136,500	Target Corp.		3,864,315


	Oil, Gas & Consumable Fuels – 16.0%
		525,701	Devon Energy Corp.		22,957,363
		386,315	EOG Resources, Inc.		19,331,203
		567,367	Exxon Mobil Corp.		38,524,219
		633,654	Hess Corp.		34,654,537
		362,166	Occidental Petroleum Corp.		18,785,550
		390,646	The Williams Cos., Inc.		4,414,300

					138,667,172


	Pharmaceuticals – 9.2%
		839,899	Johnson & Johnson		41,994,950
		1,747,732	Pfizer, Inc.		21,514,581
		403,716	Wyeth		16,479,687

					79,989,218

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

GOLDMAN SACHS GROWTH AND INCOME FUND


	Shares		Description	Value

Common Stocks – (continued)
	Pharmaceuticals – (continued)

	Real Estate Investment Trusts – 2.1%
		629,423	HCP, Inc.^(a)	$	11,499,558
		213,200	Health Care REIT, Inc.		6,560,164

					18,059,722


	Road & Rail – 0.5%
		147,000	Norfolk Southern Corp.		4,662,840


	Software – 1.0%
		538,500	Microsoft Corp.		8,696,775


	Specialty Retail – 0.9%
		375,100	The Home Depot, Inc.		7,835,839


	Textiles, Apparel & Luxury Goods – 0.9%
		194,700	NIKE, Inc. Class B		8,085,891


	Thrifts & Mortgage Finance^(a) – 0.6%
		567,879	New York Community Bancorp, Inc.
					5,593,608


	Tobacco – 2.2%
		569,141	Philip Morris International, Inc.		19,049,149


	*Wireless Telecommunication Services – 1.9%**
		5,087,373	Sprint Nextel Corp.		16,737,457


	TOTAL COMMON STOCKS
	(Cost $1,262,464,745)			$	850,949,780

Dividend

Maturity

Shares

Rate

Date

Value

Preferred Stock^(b)(c) – 1.3%

JPMorgan Chase & Co.

16,878,000

7.900

04/29/49

11,643,457

(Cost $16,336,713)

Principal

Interest

Maturity

Amount

Rate

Date

Value

Repurchase Agreement^(d) – 0.6%

Joint Repurchase Agreement Account II

5,300,000

0.274

03/02/09

5,300,000

Maturity Value: $5,300,121

(Cost $5,300,000)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE

(Cost $1,284,101,458)

867,893,237


	Shares		Rate	Value

Securities Lending Reinvestment Vehicle^(b)(e) – 6.7%


	Boston Global Investment Trust – Enhanced Portfolio
		58,580,433	0.641%	$	57,936,049
	(Cost $57,991,300)


	TOTAL INVESTMENTS – 106.6%
	(Cost $1,342,092,758)			$	925,829,286


	LIABILITIES IN EXCESS OF OTHER ASSETS – (6.6)%				(57,221,620	)


	NET ASSETS – 100.0%			$	868,607,666

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)		Variable rate security. Interest rate disclosed is that which is in effect at February 28, 2009.

(c)		Securities with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(d)		Joint repurchase agreement was entered into on February 27, 2009. Additional information appears on page 35.

(e)		Represents an affiliated issuer.




Investment Abbreviation:
REIT	—	Real Estate Investment Trust

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

GOLDMAN SACHS LARGE CAP VALUE FUND

Schedule of Investments

February 28, 2009 (Unaudited)


	Shares		Description	Value

Common Stocks – 96.8%


	Aerospace & Defense – 2.8%
		699,900	Honeywell International, Inc.	$	18,778,317
		940,361	The Boeing Co.^(a)		29,564,950

					48,343,267


	Air Freight & Logistics – 0.5%
		202,769	C.H. Robinson Worldwide, Inc.		8,390,581


	Auto Components – 0.5%
		714,103	Johnson Controls, Inc.		8,126,492


	*Biotechnology – 5.1%**
		845,023	Amgen, Inc.^(a)		41,346,975
		588,369	Biogen Idec, Inc.		27,088,509
		250,859	Genentech, Inc.		21,460,988

					89,896,472
��

	Capital Markets – 5.0%
		469,868	Franklin Resources, Inc.		21,519,954
		1,741,111	Invesco Ltd.		19,900,899
		1,289,028	Morgan Stanley & Co.^(a)		25,187,607
		1,726,121	TD Ameritrade Holding Corp.*^(a)
					20,489,056

					87,097,516


	Chemicals – 2.5%
		556,889	Air Products & Chemicals, Inc.		25,756,116
		431,826	The Mosaic Co.		18,590,110

					44,346,226


	Commercial Banks^(a) – 0.4%
		211,475	M&T Bank Corp.		7,739,985


	Commercial Services & Supplies^(a) – 1.7%
		1,078,551	Waste Management, Inc.		29,120,877


	Computers & Peripherals – 1.4%
		828,601	Hewlett-Packard Co.		24,054,287


	*Consumer Finance^(a) – 0.5%**
		2,002,011	SLM Corp.		9,209,251


	Diversified Financial Services – 3.1%
		2,371,315	JPMorgan Chase & Co.		54,184,548


	Diversified Telecommunication Services^(a) – 1.3%
		946,787	AT&T, Inc.		22,505,127


	Electric Utilities – 5.7%
		943,201	Entergy Corp.		63,562,315
		839,153	FirstEnergy Corp.^(a)		35,714,352

					99,276,667


	*Energy Equipment & Services^(a) – 0.8%**
		232,839	Transocean Ltd.		13,916,787


	Food & Staples Retailing – 1.9%
		678,198	Wal-Mart Stores, Inc.		33,394,469


	Food Products – 4.8%
		626,026	Campbell Soup Co.		16,758,716
		342,449	General Mills, Inc.		17,971,724
		2,600,484	Unilever NV^(a)		49,695,249

					84,425,689


	Health Care Equipment & Supplies – 4.2%
		723,395	Baxter International, Inc.		36,828,039
		383,294	Becton, Dickinson & Co.		23,722,066
		367,416	Zimmer Holdings, Inc.*		12,866,908

					73,417,013


	*Health Care Providers & Services – 3.9%**
		630,211	Laboratory Corp. of America Holdings		34,667,907
		965,759	WellPoint, Inc.		32,758,545

					67,426,452


	Household Durables – 0.1%
		434,523	Newell Rubbermaid, Inc.		2,455,055


	Household Products – 2.5%
		912,871	The Procter & Gamble Co.		43,972,996


	Industrial Conglomerates^(a) – 1.0%
		2,101,105	General Electric Co.		17,880,404


	Insurance – 8.1%
		230,600	Aflac, Inc.		3,864,856
		582,710	Everest Re Group Ltd.		37,951,902
		393,353	PartnerRe Ltd.		24,348,551
		549,185	Prudential Financial, Inc.^(a)		9,012,126
		439,631	The Chubb Corp.		17,163,194
		1,365,320	The Travelers Cos., Inc.		49,356,318

					141,696,947


	IT Services^(a) – 1.9%
		572,406	Visa, Inc.		32,461,144


	Media – 3.6%
		5,234,641	Time Warner, Inc.		39,940,311
		1,552,029	Viacom, Inc. Class B*		23,885,726

					63,826,037


	Multi-Utilities – 1.3%
		613,292	PG&E Corp.		23,440,020


	Multiline Retail – 0.4%
		276,334	Target Corp.		7,823,016


	Oil, Gas & Consumable Fuels – 16.0%
		951,118	Devon Energy Corp.		41,535,323
		840,281	EOG Resources, Inc.^(a)		42,047,661
		1,118,359	Exxon Mobil Corp.^(a)		75,936,576
		875,653	Hess Corp.^(a)		47,889,463
		521,475	Occidental Petroleum Corp.		27,048,908
		1,261,658	Range Resources Corp.^(a)		44,877,175

					279,335,106

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

GOLDMAN SACHS LARGE CAP VALUE FUND


	Shares		Description	Value

Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)

	Pharmaceuticals – 7.6%
		1,322,455	Johnson & Johnson	$	66,122,750
		1,710,670	Pfizer, Inc.		21,058,348
		1,134,943	Wyeth		46,328,373

					133,509,471


	Software – 1.5%
		1,651,018	Microsoft Corp.		26,663,941


	Specialty Retail^(a) – 0.9%
		747,230	The Home Depot, Inc.		15,609,635


	Textiles, Apparel & Luxury Goods – 0.9%
		387,005	NIKE, Inc. Class B		16,072,318


	Tobacco – 2.7%
		1,416,916	Philip Morris International, Inc.		47,424,178


	*Wireless Telecommunication Services^(a) – 2.2%**
		11,734,209	Sprint Nextel Corp.		38,605,548


	TOTAL COMMON STOCKS
	(Cost $2,398,577,921)			$	1,695,647,522

Principal

Interest

Maturity

Amount

Rate

Date

Value

Repurchase Agreement^(b) – 3.9%

Joint Repurchase Agreement Account II

67,800,000

0.274

03/02/09

67,800,000

Maturity Value: $67,801,548

(Cost $67,800,000)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE

(Cost $2,466,377,921)

1,763,447,522


	Shares		Rate			Value

Securities Lending Reinvestment Vehicle^(c)(d) – 14.4%


	Boston Global Investment Trust – Enhanced Portfolio
		254,820,051		0.641	%	$	252,017,030
	(Cost $251,240,763)


	TOTAL INVESTMENTS – 115.1%
	(Cost $2,717,618,684)					$	2,015,464,552


	LIABILITIES IN EXCESS OF OTHER ASSETS – (15.1)%						(263,850,244	)


	NET ASSETS – 100.0%					$	1,751,614,308

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 27, 2009. Additional information appears on page 35.

(c)		Variable rate security. Interest rate disclosed is that which is in effect at February 28, 2009.

(d)		Represents an affiliated issuer.

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

GOLDMAN SACHS MID CAP VALUE FUND

Schedule of Investments

February 28, 2009 (Unaudited)


	Shares		Description	Value

Common Stocks – 98.6%


	*Aerospace & Defense^(a) – 0.6%**
		334,328	Alliant Techsystems, Inc.	$	23,623,617


	*Airlines^(a) – 0.2%**
		1,466,447	Delta Air Lines, Inc.		7,376,228


	Auto Components – 0.4%
		1,265,030	Johnson Controls, Inc.		14,396,041


	Beverages – 0.4%
		1,195,389	Coca-Cola Enterprises, Inc.		13,723,066


	Building Products – 0.5%
		740,200	Lennox International, Inc.		19,171,180


	Capital Markets – 4.1%
		1,029,567	Franklin Resources, Inc.		47,154,169
		3,429,203	Invesco Ltd.		39,195,790
		496,923	Lazard Ltd.		12,065,291
		957,146	Northern Trust Corp.^(a)		53,169,460

					151,584,710


	Chemicals – 2.9%
		1,218,488	Air Products & Chemicals, Inc.		56,355,070
		302,894	Terra Industries, Inc.		7,811,636
		975,977	The Mosaic Co.^(a)		42,015,810

					106,182,516


	Commercial Banks – 1.7%
		1,010,953	Commerce Bancshares, Inc.		35,110,398
		439,613	M&T Bank Corp.^(a)		16,089,836
		3,849,382	Synovus Financial Corp.^(a)		13,395,849

					64,596,083


	Commercial Services & Supplies – 3.0%
		2,741,621	Iron Mountain, Inc.*^(a)		50,939,318
		3,008,957	Republic Services, Inc.		59,878,245

					110,817,563


	*Communications Equipment – 0.4%**
		1,847,926	CommScope, Inc.		16,501,979


	*Consumer Finance^(a) – 0.4%**
		3,023,462	SLM Corp.		13,907,925


	Diversified Consumer Services – 2.2%
		4,181,561	H&R Block, Inc.		79,867,815


	Diversified Financial Services – 1.0%
		1,476,226	CIT Group, Inc.^(a)		3,616,754
		1,511,243	The NASDAQ OMX Group, Inc.*
					31,584,978

					35,201,732


	Diversified Telecommunication Services – 0.8%
		864,229	Embarq Corp.		30,222,088


	Electric Utilities – 12.1%
		1,981,917	American Electric Power Co., Inc.
					55,592,772
		3,241,078	DPL, Inc.^(a)		65,145,668
		2,235,371	Edison International		60,846,798


		1,661,433	Entergy Corp.		111,963,970
		1,338,578	FirstEnergy Corp.		56,969,880
		3,609,183	PPL Corp.		100,660,114

					451,179,202


	Electrical Equipment – 0.9%
		1,107,544	Cooper Industries Ltd.		23,358,103
		531,100	Rockwell Automation, Inc.		10,675,110

					34,033,213


	Electronic Equipment, Instruments & Components – 1.6%
		2,377,961	Amphenol Corp.		60,447,769


	Energy Equipment & Services – 2.1%
		1,056,478	Dril-Quip, Inc.*		22,207,167
		1,337,052	Smith International, Inc.		28,719,877
		2,463,679	Weatherford International Ltd.*		26,287,455

					77,214,499


	Food & Staples Retailing – 1.0%
		1,020,020	Safeway, Inc.		18,870,370
		877,063	The Kroger Co.		18,128,892

					36,999,262


	Food Products – 2.8%
		2,118,937	Campbell Soup Co.		56,723,943
		3,167,810	ConAgra Foods, Inc.		47,770,575

					104,494,518


	Gas Utilities^(a) – 0.6%
		740,057	EQT Corp.		22,756,753


	Health Care Equipment & Supplies – 2.9%
		352,972	Becton, Dickinson & Co.		21,845,437
		783,055	Edwards Lifesciences Corp.*		43,545,689
		1,465,450	Kinetic Concepts, Inc.*^(a)		31,917,501
		319,272	Zimmer Holdings, Inc.*		11,180,905

					108,489,532


	*Health Care Providers & Services – 3.4%**
		335,273	Coventry Health Care, Inc.		3,862,345
		342,635	Health Net, Inc.		4,522,782
		1,331,056	Laboratory Corp. of America Holdings^(a)		73,221,391
		1,314,699	WellPoint, Inc.		44,594,590

					126,201,108


	Health Care Technology – 0.7%
		1,934,060	IMS Health, Inc.		24,214,431


	Household Durables – 2.2%
		1,098,805	Fortune Brands, Inc.		26,096,619
		469,234	M.D.C. Holdings, Inc.^(a)		11,838,774
		3,400,558	Newell Rubbermaid, Inc.		19,213,152
		75,291	NVR, Inc.*^(a)		25,054,586

					82,203,131

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

GOLDMAN SACHS MID CAP VALUE FUND


	Shares		Description	Value

Common Stocks – (continued)
	Household Durables – (continued)

	Household Products^(a) – 1.8%
		221,731	Energizer Holdings, Inc.*	$	9,354,831
		1,152,477	The Clorox Co.		56,010,382

					65,365,213


	Insurance – 13.3%
		1,062,698	Aon Corp.^(a)		40,637,571
		634,017	Arch Capital Group Ltd.*^(a)		34,236,918
		811,577	Assurant, Inc.		16,556,171
		919,228	Everest Re Group Ltd.		59,869,320
		1,134,097	Lincoln National Corp.		9,741,893
		1,964,278	Marsh & McLennan Cos., Inc.		35,219,504
		715,554	PartnerRe Ltd.^(a)		44,292,793
		784,849	Prudential Financial, Inc.		12,879,372
		581,262	RenaissanceRe Holdings Ltd.		26,174,228
		3,990,480	The Progressive Corp.*		46,169,854
		566,407	Torchmark Corp.^(a)		11,667,984
		1,619,989	Unum Group		16,491,488
		4,291,560	W.R. Berkley Corp.		89,307,364
		2,306,832	Willis Group Holdings Ltd.		50,496,552

					493,741,012


	*IT Services – 0.9%**
		298,935	Affiliated Computer Services, Inc.		13,939,339
		661,257	Hewitt Associates, Inc.		19,507,082

					33,446,421


	Leisure Equipment & Products – 0.6%
		1,832,458	Mattel, Inc.		21,696,303


	Life Sciences Tools & Services – 0.4%
		1,130,170	PerkinElmer, Inc.		14,556,590


	Machinery – 1.0%
		423,419	Eaton Corp.		15,306,597
		658,489	Parker Hannifin Corp.		21,973,778

					37,280,375


	*Media^(a) – 2.4%**
		3,488,582	DISH Network Corp.		39,246,547
		3,205,463	Viacom, Inc. Class B		49,332,076

					88,578,623


	Metals & Mining – 0.5%
		2,292,119	Steel Dynamics, Inc.		19,139,194


	Multi-Utilities – 3.4%
		2,597,557	CMS Energy Corp.^(a)		28,728,981
		1,860,747	PG&E Corp.		71,117,750
		655,541	Sempra Energy		27,250,839

					127,097,570


	Multiline Retail – 0.9%
		443,975	J.C. Penney Co., Inc.		6,806,137
		779,279	Kohl’s Corp.*		27,383,864

					34,190,001


	Office Electronics – 0.4%
		2,606,144	Xerox Corp.		13,499,826


	Oil, Gas & Consumable Fuels – 6.6%
		2,600	Brasil Ecodiesel Industria e Comercio de Biocombustiveis e Oleos Vegetais SA ADR*		942
		4,600	Brasil Ecodiesel Industria e Comercio de Biocombustiveis e Oleos Vegetais SA ADR*^(b)		1,666
		1,414,820	Cabot Oil & Gas Corp.^(a)		28,819,883
		1,193,473	EOG Resources, Inc.		59,721,389
		1,036,182	Newfield Exploration Co.*		20,029,398
		3,301,927	Range Resources Corp.		117,449,543
		1,534,748	The Williams Cos., Inc.		17,342,652

					243,365,473


	Personal Products – 0.1%
		349,277	Herbalife Ltd.		4,764,138


	Real Estate Investment Trusts – 4.0%
		575,277	Alexandria Real Estate Equities, Inc.^(a)		22,988,069
		3,446,573	Annaly Capital Management, Inc.		47,907,370
		342,287	Essex Property Trust, Inc.		18,620,413
		427,566	Federal Realty Investment Trust^(a)		17,585,789
		727,860	HCP, Inc.^(a)		13,298,002
		904,761	Health Care REIT, Inc.		27,839,496

					148,239,139


	Road & Rail – 1.4%
		1,539,954	Landstar System, Inc.		48,739,544
		187,192	Ryder System, Inc.		4,279,209

					53,018,753


	Semiconductors & Semiconductor Equipment – 0.5%
		1,126,931	KLA-Tencor Corp.		19,439,560


	Software – 3.6%
		8,641,111	Activision Blizzard, Inc.*		86,670,344
		2,856,355	CA, Inc.^(a)		48,415,217

					135,085,561


	Specialty Retail – 3.3%
		315,117	AutoZone, Inc.*^(a)		44,819,091
		1,209,235	Ross Stores, Inc.		35,696,617
		1,879,062	The TJX Cos., Inc.		41,846,711

					122,362,419


	Textiles, Apparel & Luxury Goods – 0.7%
		642,793	NIKE, Inc. Class B		26,695,193

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

GOLDMAN SACHS MID CAP VALUE FUND

Schedule of Investments (continued)

February 28, 2009 (Unaudited)


	Shares		Description	Value

Common Stocks – (continued)
	Textiles, Apparel & Luxury Goods – (continued)

	Thrifts & Mortgage Finance – 2.4%
		888,961	Hudson City Bancorp, Inc.	$	9,218,525
		2,753,106	New York Community Bancorp, Inc.^(a)		27,118,094
		3,016,848	People’s United Financial, Inc.^(a)		52,523,324

					88,859,943


	Tobacco – 0.7%
		446,221	Lorillard, Inc.		26,077,155


	*Wireless Telecommunication Services – 0.8%**
		8,582,509	Sprint Nextel Corp.		28,236,455


	TOTAL COMMON STOCKS
	(Cost $5,090,523,177)			$	3,660,140,878

Principal

Interest

Maturity

Amount

Rate

Date

Value

Repurchase Agreement^(c) – 1.8%

Joint Repurchase Agreement Account II

67,400,000

0.274

03/02/09

67,400,000

Maturity Value: $67,401,539

(Cost $67,400,000)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE

(Cost $5,157,923,177)

3,727,540,878


	Shares		Rate			Value

Securities Lending Reinvestment Vehicle^(d)(e) – 9.2%


	Boston Global Investment Trust – Enhanced Portfolio
		346,726,318		0.641	%	$	342,912,328
	(Cost $340,953,968)


	TOTAL INVESTMENTS – 109.6%
	(Cost $5,498,877,145)					$	4,070,453,206


	LIABILITIES IN EXCESS OF OTHER ASSETS – (9.6)%						(356,295,756	)


	NET ASSETS – 100.0%					$	3,714,157,450

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)		Security is exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounted to $1,666, which represents approximately 0.0% of net assets as of February 28, 2009.

(c)		Joint repurchase agreement was entered into on February 27, 2009. Additional information appears on page 35.

(d)		Variable rate security. Interest rate disclosed is that which is in effect at February 28, 2009.

(e)		Represents an affiliated issuer.




Investment Abbreviations:
ADR	—	American Depositary Receipt
REIT	—	Real Estate Investment Trust

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments

February 28, 2009 (Unaudited)


	Shares		Description	Value

Common Stocks – 96.6%


	*Aerospace & Defense – 0.9%**
		392,694	AAR Corp.^(a)	$	5,191,415
		87,434	TransDigm Group, Inc.		3,089,917

					8,281,332


	Air Freight & Logistics^(a) – 0.2%
		90,324	Forward Air Corp.		1,502,991


	*Airlines^(a) – 1.1%**
		3,712,693	AirTran Holdings, Inc.		11,100,952


	*Biotechnology^(a) – 0.3%**
		866,490	Medarex, Inc.		3,387,976


	Building Products – 0.6%
		266,368	Universal Forest Products, Inc.		5,804,159


	Capital Markets – 1.7%
		329,598	Ares Capital Corp.		1,186,553
		445,491	BGC Partners, Inc.^(a)		761,790
		230,396	Gladstone Capital Corp.^(a)		1,520,613
		267,168	KBW, Inc.*^(a)		3,796,457
		424,308	Knight Capital Group, Inc.*^(a)		7,463,578
		653,141	PennantPark Investment Corp.		1,959,423

					16,688,414


	Chemicals – 3.1%
		709,726	H.B. Fuller Co.		8,090,876
		533,637	KMG Chemicals, Inc.		2,097,194
		195,264	Minerals Technologies, Inc.^(a)		5,842,299
		2,204,072	PolyOne Corp.*		3,548,556
		500,440	Sensient Technologies Corp.		10,108,888

					29,687,813


	Commercial Banks – 13.3%
		58,808	Bank of Hawaii Corp.		1,884,208
		383,496	Bank of the Ozarks, Inc.^(a)		7,957,542
		593,141	Boston Private Financial Holdings, Inc.^(a)		2,058,199
		133,074	Bridge Capital Holdings*		685,331
		190,627	City Holding Co.		4,998,240
		481,119	CoBiz, Inc.^(a)		2,270,882
		9,473	Community Trust Bancorp, Inc.		245,445
		138,786	Cullen/Frost Bankers, Inc.		5,973,349
		228,231	East West Bancorp, Inc.^(a)		1,622,722
		525,761	F.N.B. Corp.^(a)		3,301,779
		326,446	First Financial Bankshares, Inc.^(a)		14,043,707
		652,123	Glacier Bancorp, Inc.^(a)		10,036,173
		278,094	Hancock Holding Co.^(a)		7,886,746
		166,012	Home Bancshares, Inc.^(a)		3,038,020
		154,632	IBERIABANK Corp.		6,680,102
		177,030	PacWest Bancorp^(a)		2,421,770
		191,846	Pinnacle Financial Partners, Inc.*^(a)		3,806,225
		476,582	Prosperity Bancshares, Inc.^(a)		12,162,373
		55,570	S.Y. Bancorp, Inc.		1,312,008
		135,103	SCBT Financial Corp.		2,702,060
		320,217	Seacoast Banking Corp. of Florida^(a)		1,239,240


		467,069	Signature Bank*^(a)		11,681,396
		262,753	Southcoast Financial Corp.*^(d)		1,142,976
		203,036	Sterling Bancorp		1,786,717
		279,305	Sterling Bancshares, Inc.^(a)		1,522,212
		158,262	Sterling Financial Corp.^(a)		216,819
		164,659	Summit State Bank		750,845
		295,962	Texas Capital Bancshares, Inc.*		2,882,670
		415,878	The South Financial Group, Inc.^(a)		524,006
		180,624	TriCo Bancshares		2,382,431
		220,805	UMB Financial Corp.^(a)		8,375,134
		109,879	United Community Banks, Inc.^(a)		380,181

					127,971,508


	Commercial Services & Supplies – 2.7%
		1,124,889	Comfort Systems USA, Inc.		10,708,943
		367,500	G&K Services, Inc.		6,559,875
		368,485	Waste Connections, Inc.*		8,784,683

					26,053,501


	Communications Equipment – 2.4%
		903,775	ADC Telecommunications, Inc.*^(a)		2,566,721
		832,377	Emulex Corp.*		4,378,303
		184,694	F5 Networks, Inc.*		3,693,880
		537,888	Plantronics, Inc.		4,620,458
		315,472	Polycom, Inc.*^(a)		4,195,777
		314,515	Tekelec*		3,855,954

					23,311,093


	*Computers & Peripherals – 1.8%**
		750,162	Avid Technology, Inc.		7,471,613
		1,099,153	Electronics for Imaging, Inc.		9,782,462

					17,254,075


	*Consumer Finance – 0.3%**
		243,335	First Cash Financial Services, Inc.		3,323,956


	*Containers & Packaging – 0.0%**
		1,125,082	Caraustar Industries, Inc.		38,815


	Diversified Consumer Services – 0.5%
		273,898	Hillenbrand, Inc.		4,593,269


	Diversified Financial Services – 1.3%
		444,970	Compass Diversified Holdings		3,920,186
		462,230	Financial Federal Corp.		8,782,370

					12,702,556


	*Diversified Telecommunication Services – 0.3%**
		397,106	Premiere Global Services, Inc.		3,319,806


	Electric Utilities – 6.2%
		641,820	Cleco Corp.		13,170,146
		1,307,314	El Paso Electric Co.*		18,472,347
		118,267	MGE Energy, Inc.		3,557,471
		1,029,859	NV Energy, Inc.		9,546,793
		246,231	The Empire District Electric Co.^(a)		3,400,450

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

February 28, 2009 (Unaudited)


	Shares		Description	Value

Common Stocks – (continued)
	Electric Utilities – (continued)

		83,233	Unisource Energy Corp.	$	2,092,478
		565,659	Westar Energy, Inc.		9,559,637

					59,799,322


	Electrical Equipment^(a) – 0.3%
		132,790	Franklin Electric Co., Inc.		2,921,380


	Electronic Equipment, Instruments & Components – 1.1%
		155,872	Anixter International, Inc.*^(a)		4,584,196
		243,608	MTS Systems Corp.		5,758,893

					10,343,089


	Energy Equipment & Services – 1.7%
		127,106	Core Laboratories NV^(a)		9,583,793
		311,357	Dril-Quip, Inc.*		6,544,724

					16,128,517


	Food & Staples Retailing – 1.2%
		426,971	Casey’s General Stores, Inc.		8,500,993
		84,066	Nash Finch Co.^(a)		2,928,859

					11,429,852


	*Food Products^(a) – 1.2%**
		198,001	Ralcorp Holdings, Inc.		11,998,861


	Gas Utilities – 0.6%
		302,354	Southwest Gas Corp.		5,892,879


	Health Care Equipment & Supplies – 3.4%
		729,081	American Medical Systems Holdings, Inc.*^(a)		7,545,988
		1,251,625	Cardiac Science Corp.*^(d)		4,555,915
		118,024	Edwards Lifesciences Corp.*		6,563,315
		212,283	Hill-Rom Holdings, Inc.^(a)		2,084,619
		96,352	Kinetic Concepts, Inc.*		2,098,547
		280,771	Orthofix International NV*		4,461,451
		994,067	Symmetry Medical, Inc.*		5,318,258

					32,628,093


	*Health Care Providers & Services – 1.9%**
		170,866	Amedisys, Inc.^(a)		5,589,027
		251,413	Healthways, Inc.		2,290,372
		269,285	Lincare Holdings, Inc.^(a)		5,673,835
		308,298	PSS World Medical, Inc.^(a)		4,448,740

					18,001,974


	Hotels, Restaurants & Leisure – 1.8%
		495,035	California Pizza Kitchen, Inc.*^(a)		5,148,364
		147,165	CEC Entertainment, Inc.*^(a)		3,436,303
		212,183	Choice Hotels International, Inc.^(a)		5,253,651
		167,368	Papa John’s International, Inc.*		3,707,201

					17,545,519


	Household Durables – 1.3%
		106,968	Ethan Allen Interiors, Inc.^(a)		1,020,475
		171,790	M.D.C. Holdings, Inc.		4,334,261
		538,721	The Ryland Group, Inc.^(a)		7,612,128

					12,966,864


	Insurance – 9.5%
		901,376	Ambac Financial Group, Inc.^(a)		531,812
		1,680,651	American Equity Investment Life Holding Co.^(a)		6,453,700
		524,741	Aspen Insurance Holdings Ltd.		11,434,106
		162,924	Assured Guaranty Ltd.		720,124
		344,965	Donegal Group, Inc.		4,850,208
		966,407	Max Capital Group Ltd.		15,945,716
		2,030,761	Meadowbrook Insurance Group, Inc.		11,697,183
		90,906	Navigators Group, Inc.*		4,748,020
		260,438	ProAssurance Corp.*		12,446,332
		173,634	RLI Corp.		8,504,593
		312,149	Tower Group, Inc.^(a)		6,364,718
		341,923	Willis Group Holdings Ltd.		7,484,695

					91,181,207


	Machinery – 2.2%
		714,963	Actuant Corp.		7,356,969
		442,132	Mueller Industries, Inc.		7,989,325
		434,750	Tennant Co.		4,286,635
		952,987	Wabash National Corp.		1,953,624

					21,586,553


	Media – 0.8%
		333,792	Interactive Data Corp.		7,550,375


	Metals & Mining – 1.8%
		352,100	Commercial Metals Co.		3,594,941
		547,287	Kaiser Aluminum Corp.^(a)		12,062,206
		100,217	Olympic Steel, Inc.		1,240,686

					16,897,833


	Multi-Utilities^(a) – 0.6%
		523,056	CMS Energy Corp.		5,784,999


	*Multiline Retail^(a) – 0.6%**
		401,519	Big Lots, Inc.		6,227,560


	Oil, Gas & Consumable Fuels – 1.1%
		371,262	Cabot Oil & Gas Corp.		7,562,607
		111,857	Goodrich Petroleum Corp.*^(a)		2,219,243
		93,678	Petroleum Development Corp.*		1,133,504

					10,915,354


	*Personal Products – 0.7%**
		614,372	Elizabeth Arden, Inc.		3,403,621
		668,836	Prestige Brands Holdings, Inc.		3,658,533

					7,062,154


	*Professional Services – 1.0%**
		563,613	On Assignment, Inc.		1,330,127
		368,693	Resources Connection, Inc.		5,069,529
		210,207	School Specialty, Inc.		2,957,612

					9,357,268

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

GOLDMAN SACHS SMALL CAP VALUE FUND


	Shares		Description	Value

Common Stocks – (continued)
	*Professional Services – (continued)**

	Real Estate Investment Trusts – 9.2%
		524,767	Acadia Realty Trust^(a)	$	5,268,661
		679,541	American Campus Communities, Inc.		11,633,742
		675,408	BioMed Realty Trust, Inc.		5,761,230
		412,462	Cogdell Spencer, Inc.		2,635,632
		431,747	Digital Realty Trust, Inc.^(a)		12,904,918
		2,609,095	MFA Mortgage Investments, Inc.		14,976,205
		120,594	Mid-America Apartment Communities, Inc.		3,117,355
		879,053	National Retail Properties, Inc.^(a)		12,631,992
		848,998	OMEGA Healthcare Investors, Inc.
					11,147,344
		617,840	Parkway Properties, Inc.^(a)		7,185,479
		474,658	U-Store-It Trust		1,186,645

					88,449,203


	Road & Rail^(a) – 0.4%
		274,037	Heartland Express, Inc.		3,389,838


	*Semiconductors & Semiconductor Equipment – 2.6%**
		1,248,235	Atmel Corp.		4,456,199
		142,004	ATMI, Inc.		1,888,653
		228,360	FormFactor, Inc.		3,302,086
		355,901	MKS Instruments, Inc.		4,480,793
		1,258,591	ON Semiconductor Corp.^(a)		4,606,443
		510,025	Semtech Corp.		5,992,794

					24,726,968


	Software – 3.9%
		665,415	Ariba, Inc.*^(a)		5,822,381
		80,133	FactSet Research Systems, Inc.^(a)		3,088,326
		434,829	JDA Software Group, Inc.*		4,217,841
		2,246,475	Lawson Software, Inc.*^(a)		8,626,464
		414,453	Monotype Imaging Holdings, Inc.*		1,023,699
		1,014,587	Parametric Technology Corp.*		8,258,738
		176,715	Progress Software Corp.*		2,816,837
		164,141	Solera Holdings, Inc.*		3,412,492

					37,266,778


	Specialty Retail – 4.1%
		589,229	Aaron Rents, Inc.^(a)		14,159,173
		145,448	Advance Auto Parts, Inc.		5,563,386
		206,788	Aeropostale, Inc.*^(a)		4,795,414
		881,347	Asbury Automotive Group, Inc.		2,511,839
		277,240	The Children’s Place Retail Stores, Inc.*^(a)		5,067,947
		195,004	The Gymboree Corp.*		5,015,503
		171,813	Urban Outfitters, Inc.*		2,858,968

					39,972,230


	Textiles, Apparel & Luxury Goods – 1.0%
		476,934	Fossil, Inc.*		6,018,907
		351,243	K-Swiss, Inc.^(a)		3,498,380

					9,517,287


	Thrifts & Mortgage Finance – 2.1%
		119,097	Berkshire Hills Bancorp, Inc.		2,508,183
		638,258	Brookline Bancorp, Inc.		5,603,905
		232,319	Dime Community Bancshares		2,290,666
		506,786	NewAlliance Bancshares, Inc.^(a)		5,787,496
		240,479	Provident Financial Services, Inc.		2,246,074
		65,057	WSFS Financial Corp.		1,437,109

					19,873,433


	Trading Companies & Distributors – 3.2%
		688,289	Applied Industrial Technologies, Inc.		11,095,219
		1,477,015	RSC Holdings, Inc.*^(a)		6,794,269
		368,861	Watsco, Inc.^(a)		12,662,998

					30,552,486


	Transportation Infrastructure^(a) – 0.6%
		379,771	Aegean Marine Petroleum Network, Inc.		6,228,244


	TOTAL COMMON STOCKS
	(Cost $1,395,629,415)			$	931,218,336



Exchange Traded Fund^(a) – 0.8%


		212,383	iShares Russell 2000 Value Index Fund
	(Cost $11,032,235)			$	7,751,979

Principal

Interest

Maturity

Amount

Rate

Date

Value

Repurchase Agreement^(b) – 3.2%

Joint Repurchase Agreement Account II

30,500,000

0.274

03/02/09

30,500,000

Maturity Value: $30,500,696

(Cost $30,500,000)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE

(Cost $1,437,161,650)

969,470,315

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

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

February 28, 2009 (Unaudited)


	Shares		Rate			Value

Securities Lending Reinvestment Vehicle^(c)(d) – 17.9%


	Boston Global Investment Trust – Enhanced Portfolio
		174,741,183		0.641	%	$	172,819,030
	(Cost $172,086,803)


	TOTAL INVESTMENTS – 118.5%
	(Cost $1,609,248, 453)					$	1,142,289,345


	LIABILITIES IN EXCESS OF OTHER ASSETS – (18.5)%						(177,948,567	)


	NET ASSETS – 100.0%					$	964,340,778

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 27, 2009. Additional information appears on page 35.

(c)		Variable rate security. Interest rate disclosed is that which is in effect at February 28, 2009.

(d)		Represents an affiliated issuer.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II — At February 28, 2009, the Funds had undivided interests in the Joint Repurchase Agreement Account II, as follows:


Fund	Principal Amount

Growth and Income	$	5,300,000


Large Cap Value		67,800,000


Mid Cap Value		67,400,000


Small Cap Value		30,500,000

REPURCHASE AGREEMENTS


	Principal		Interest			Maturity		Maturity
Counterparty	Amount		Rate			Date		Value

Banc of America Securities LLC	$	5,600,000,000		0.28	%		03/02/09	$	5,600,130,667


Barclays Capital, Inc.		1,500,000,000		0.25			03/02/09		1,500,031,250


Barclays Capital, Inc.		7,500,000,000		0.27			03/02/09		7,500,168,750


Citigroup Global Markets, Inc.		1,000,000,000		0.29			03/02/09		1,000,024,167


Credit Suisse Securities (USA) LLC		500,000,000		0.25			03/02/09		500,010,416


Credit Suisse Securities (USA) LLC		2,000,000,000		0.28			03/02/09		2,000,046,667


Deutsche Bank Securities, Inc.		1,500,000,000		0.25			03/02/09		1,500,031,250


Deutsche Bank Securities, Inc.		1,475,000,000		0.27			03/02/09		1,475,033,187


Deutsche Bank Securities, Inc.		7,000,000,000		0.29			03/02/09		7,000,169,167


Greenwich Capital Markets		500,000,000		0.29			03/02/09		500,012,083


JPMorgan Securities		2,565,000,000		0.28			03/02/09		2,565,059,850


Merrill Lynch & Co., Inc.		1,000,000,000		0.28			03/02/09		1,000,023,333


Morgan Stanley & Co.		3,075,000,000		0.26			03/02/09		3,075,066,625


UBS Securities LLC		2,275,000,000		0.26			03/02/09		2,275,049,292


TOTAL								$	37,490,856,704

At February 28, 2009, the Joint Repurchase Agreement Account II was fully collateralized by Federal Farm Credit Bank, 1.950% to 6.900%, due 04/01/09 to 01/22/19; Federal Home Loan Bank, 2.650% to 6.270%, due 05/07/09 to 06/02/28; Federal Home Loan Mortgage Corp., 1.250% to 8.000%, due 04/09/09 to 02/01/48; Federal National Mortgage Association, 3.050% to 11.500%, due 04/01/09 to 02/01/49; Government National Mortgage Association, 3.500% to 7.500%, due 12/15/17 to 02/20/39; U.S. Treasury Bills, 0.000%, due 11/19/09 to 12/17/09; U.S. Treasury Bond, 6.250%, due 08/15/23; U.S. Treasury Inflation Protected Security, 3.000%, due 07/15/12; U.S. Treasury Notes, 1.125% to 5.125%, due 11/15/10 to 11/15/18; U.S. Treasury Principal-Only Stripped Security, 0.000%, due 05/15/10. The aggregate market value of the collateral, including accrued interest, was $38,331,216,272.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Assets and Liabilities

February 28, 2009 (Unaudited)


	Growth and
	Income Fund

Assets:

Investments in securities of unaffiliated issuers, at value (identified cost $1,284,101,458, $2,466,377,921, $5,157,923,177 and $1,421,850,952, respectively)^(a)	$	867,893,237
Investments in securities of affiliated issuers, at value (identified cost $0, $0, $0 and $15,310,698, respectively)		—
Investments in securities lending reinvestment vehicle — affiliated issuer, at value (identified cost $57,991,300, $251,240,763, $340,953,968, and $172,086,803, respectively)		57,936,049
Cash		99,245
Receivables:
Investment securities sold		10,844,768
Dividend and interest		3,445,191
Fund shares sold		1,089,863
Reimbursement from adviser		53,999
Securities lending income		29,271
Foreign tax reclaims, at value		27,112
Receivable from affiliate relating to certain investment transactions		—
Other assets		160,106


Total assets		941,578,841





Liabilities:

Payables:
Payable upon return of securities loaned		60,228,241
Investment securities purchased		8,962,074
Fund shares redeemed		2,660,062
Amounts owed to affiliates		842,157
Accrued expenses and other liabilities		278,641


Total liabilities		72,971,175





Net Assets:

Paid-in capital		1,601,978,126
Accumulated undistributed net investment income		4,196,352
Accumulated net realized loss from investment transactions		(321,303,340	)
Net unrealized loss on investments		(416,263,472	)


NET ASSETS	$	868,607,666



Net Assets:
Class A	$	678,070,658
Class B		46,600,822
Class C		24,461,630
Institutional		117,890,580
Service		1,537,781
Class IR		5,288
Class R		40,907




Total Net Assets	$	868,607,666


Shares Outstanding $0.001 par value (unlimited shares authorized):
Class A		50,300,811
Class B		3,574,326
Class C		1,885,236
Institutional		8,616,223
Service		114,155
Class IR		393
Class R		3,039


Net asset value, offering and redemption price per share:^(b)
Class A		$13.48
Class B		13.04
Class C		12.98
Institutional		13.68
Service		13.47
Class IR		13.47
Class R		13.46


(a)		Includes loaned securities having a market value of $56,042,245, $240,997,144, $346,334,625 and $170,398,724 for the Growth and Income, Large Cap Value, Mid Cap Value, and Small Cap Value Funds, respectively.


(b)		Maximum public offering price per share (NAV per share multiplied by 1.0582) for Class A Shares of the Growth and Income, Large Cap Value, Mid Cap Value and Small Cap Value Funds is $14.26, $7.61, $19.70 and $21.13, 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 VALUE FUNDS


Large Cap			Mid Cap			Small Cap
Value Fund			Value Fund			Value Fund





$	1,763,447,522		$	3,727,540,878		$	963,771,424
	—			—			5,698,891

	252,017,030			342,912,328			172,819,030
	18,270			585,526			33,340
	36,600,356			49,756,388			731,861
	5,464,038			8,467,904			1,005,884
	4,937,636			23,341,994			3,086,577
	—			—			1,089
	177,795			328,457			284,776
	—			—			—
	—			344,853			—
	41,679			107,575			60,117


	2,062,704,326			4,153,385,903			1,147,492,989










	254,954,425			362,035,745			177,308,576
	46,702,308			60,735,176			2,830,666
	7,795,247			12,644,990			1,733,999
	1,332,913			3,196,823			1,034,706
	305,125			615,719			244,264


	311,090,018			439,228,453			183,152,211







	3,224,322,488			6,666,768,216			1,625,695,804
	6,394,763			2,079,793			3,871,819
	(776,948,811	)		(1,526,266,620	)		(198,267,737	)
	(702,154,132	)		(1,428,423,939	)		(466,959,108	)


$	1,751,614,308		$	3,714,157,450		$	964,340,778




$	460,524,846		$	1,975,554,949		$	415,991,073
	17,012,540			60,797,229			20,542,107
	48,333,358			116,098,606			33,101,737
	1,170,112,486			1,417,807,321			464,779,879
	5,375,807			143,893,931			29,907,084
	50,240,253			3,381			5,890
	15,018			2,033			13,008




$	1,751,614,308		$	3,714,157,450		$	964,340,778



	64,019,947			106,108,441			20,829,428
	2,419,759			3,372,851			1,177,643
	6,919,684			6,489,747			1,900,162
	161,272,756			75,646,334			22,240,130
	750,782			7,803,424			1,525,635
	7,031,575			183			296
	2,105			109			652



	$7.19			$18.62			$19.97
	7.03			18.03			17.44
	6.98			17.89			17.42
	7.26			18.74			20.90
	7.16			18.44			19.60
	7.14			18.50			19.92
	7.14			18.61			19.95

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Operations

For the Six Months Ended February 28, 2009 (Unaudited)


	Growth and
	Income Fund


Investment income:

Dividends — unaffiliated issuers^(a)	$	16,735,960
Dividends — affiliated issuers		—
Securities lending income — affiliated issuer		122,208
Interest		855,062


Total investment income		17,713,230





Expenses:

Management fees		3,780,019
Distribution and Service fees^(b)		1,572,789
Transfer Agent fees^(b)		949,231
Printing fees		78,515
Custody and accounting fees		56,061
Registration fees		76,028
Professional fees		67,061
Trustee fees		8,016
Service share fees — Shareholder Administration Plan		2,164
Service share fees — Service Plan		2,164
Other		149,099


Total expenses		6,741,147


Less — expense reductions		(142,132	)


Net expenses		6,599,015


NET INVESTMENT INCOME		11,114,215





Realized and unrealized gain (loss) from investment transactions:

Net realized loss from:
Investment transactions — unaffiliated issuers (including commission recapture of $114,513, $180,353, $637,040 and $0, respectively)		(306,623,438	)
Investment transactions — affiliated issuers		—
Securities lending reinvestment vehicle transactions — affiliated issuer		(2,236,941	)
Payments by affiliate relating to certain investment transactions		—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(302,186,769	)
Securities lending reinvestment vehicle — affiliated issuer		(55,251	)


Net realized and unrealized loss from investment transactions		(611,102,399	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(599,988,184	)


(a)		Foreign taxes withheld on dividends were $109,514, $200,805 and $3,822 for Growth and Income, Large Cap Value and Small Cap Value Funds, respectively.
(b)		Class specific Distribution and Service and Transfer Agent fees were as follows:


	Distribution and Service Fees									Transfer Agent Fees
Fund	Class A		Class B		Class C		Class R			Class A		Class B		Class C		Institutional		Service		Class IR		Class R
Growth and Income	$	1,100,267	$	311,747	$	160,723	$	52		$	836,203	$	59,232	$	30,537	$	22,887	$	346	$	6	$	20
Large Cap Value		730,013		112,125		319,188		34			554,810		21,304		60,646		279,929		1,223		59,969		13
Mid Cap Value		3,089,883		410,238		771,838		2	^(c)		2,348,311		77,945		146,649		346,772		36,154		6		1	^(c)
Small Cap Value		684,196		141,043		225,027		24			519,990		26,798		42,755		109,591		7,853		7		9


(c)		Class R Shares of the Mid Cap Value Fund commenced operations on January 6, 2009.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS


Large Cap			Mid Cap			Small Cap
Value Fund			Value Fund			Value Fund






$	25,289,386		$	52,083,569		$	13,593,171
	—			—			40,361
	418,999			1,180,481			1,285,842
	443,846			732,385			164,432


	26,152,231			53,996,435			15,083,806








	7,593,231			16,375,652			6,039,052
	1,161,360			4,271,961			1,050,290
	977,894			2,955,838			707,003
	98,771			169,190			87,174
	77,068			134,549			76,175
	65,857			53,570			50,843
	67,815			71,691			69,246
	8,016			8,016			8,016
	7,647			225,963			49,083
	7,647			225,963			49,083
	134,821			463,543			96,136


	10,200,127			24,955,936			8,282,101


	(1,583	)		(8,794	)		(3,608	)


	10,198,544			24,947,142			8,278,493


	15,953,687			29,049,293			6,805,313







	(655,855,890	)		(1,414,436,119	)		(170,017,503	)
	—			—			(15,450,536	)
	(3,713,662	)		(21,081,777	)		(5,221,773	)
	—			344,853			—
	(559,161,218	)		(1,439,444,801	)		(505,222,704	)
	776,267			1,958,360			732,227


	(1,217,954,503	)		(2,872,659,484	)		(695,180,289	)


$	(1,202,000,816	)	$	(2,843,610,191	)	$	(688,374,976	)

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Changes in Net Assets


	Growth and Income Fund
	For the
	Six Months Ended			For the
	February 28, 2009			Year Ended
	(Unaudited)			August 31, 2008




From operations:

Net investment income	$	11,114,215		$	27,981,288
Net realized gain (loss) from investment transactions		(308,860,379	)		24,171,653
Payments by affiliate relating to certain investment transactions		—			—
Net change in unrealized loss on investments		(302,242,020	)		(250,866,937	)


Net decrease in net assets resulting from operations		(599,988,184	)		(198,713,996	)





Distributions to shareholders:

From net investment income
Class A Shares		(13,505,045	)		(24,765,336	)
Class B Shares		(716,493	)		(1,089,122	)
Class C Shares		(368,118	)		(562,950	)
Institutional Shares		(1,990,297	)		(754,110	)
Service Shares		(26,140	)		(29,285	)
Class IR Shares^(a)		(112	)		(150	)
Class R Shares^(a)		(254	)		(123	)
From net realized gains
Class A Shares		(2,002,918	)		(174,629,892	)
Class B Shares		(148,137	)		(15,046,758	)
Class C Shares		(75,218	)		(7,365,430	)
Institutional Shares		(285,115	)		(3,594,625	)
Service Shares		(4,321	)		(175,813	)
Class IR Shares^(a)		(15	)		(1,143	)
Class R Shares^(a)		(49	)		(1,143	)


Total distributions to shareholders		(19,122,232	)		(228,015,880	)





From share transactions:

Net proceeds from sales of shares		196,926,798			303,005,668
Reinvestment of distributions		18,665,032			221,919,507
Cost of shares redeemed		(200,612,319	)		(439,787,330	)


Net increase (decrease) in net assets resulting from share transactions		14,979,511			85,137,845


TOTAL INCREASE (DECREASE)		(604,130,905	)		(341,592,031	)





Net assets:

Beginning of period		1,472,738,571			1,814,330,602


End of period	$	868,607,666		$	1,472,738,571


Accumulated undistributed net investment income	$	4,196,352		$	9,688,596


(a)		Commenced operations on November 30, 2007 (except for Mid Cap Value Fund’s Class R Shares which commenced operations on January 6, 2009).

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS


Large Cap Value Fund						Mid Cap Value Fund						Small Cap Value Fund
For the						For the						For the
Six Months Ended			For the			Six Months Ended			For the			Six Months Ended			For the
February 28, 2009			Year Ended			February 28, 2009			Year Ended			February 28, 2009			Year Ended
(Unaudited)			August 31, 2008			(Unaudited)			August 31, 2008			(Unaudited)			August 31, 2008





													��
$	15,953,687		$	36,615,545		$	29,049,293		$	62,570,247		$	6,805,313		$	3,580,218
	(659,569,552	)		(54,118,382	)		(1,435,517,896	)		58,632,857			(190,689,812	)		57,943,994
	—			—			344,853			—			—			—
	(558,384,951	)		(289,337,417	)		(1,437,486,441	)		(599,751,476	)		(504,490,477	)		(182,479,077	)


	(1,202,000,816	)		(306,840,254	)		(2,843,610,191	)		(478,548,372	)		(688,374,976	)		(120,954,865	)








	(6,347,400	)		(7,848,648	)		(30,580,466	)		(20,011,387	)		(1,948,679	)		—
	(12,171	)		(91,594	)		(66,752	)		—			—			—
	(50,671	)		(219,626	)		(212,104	)		—			—			—
	(23,676,542	)		(20,408,547	)		(31,249,233	)		(23,101,724	)		(4,754,093	)		(813,381	)
	(62,443	)		(64,702	)		(2,089,035	)		(1,204,026	)		(70,907	)		—
	(1,021,095	)		(125	)		(107	)		(94	)		(51	)		(15	)
	(223	)		(121	)		—			—			(6	)		(11	)

	—			(63,740,648	)		—			(439,412,750	)		(837,590	)		(156,520,890	)
	—			(2,898,370	)		—			(18,927,070	)		(49,084	)		(10,923,547	)
	—			(7,706,447	)		—			(34,929,828	)		(78,054	)		(16,167,770	)
	—			(110,468,250	)		—			(270,292,115	)		(832,759	)		(120,009,792	)
	—			(552,961	)		—			(29,659,797	)		(59,775	)		(10,585,004	)
	—			(669	)		—			(1,069	)		(11	)		(1,763	)
	—			(669	)		—			—			(11	)		(1,763	)


	(31,170,545	)		(214,001,377	)		(64,197,697	)		(837,539,860	)		(8,631,020	)		(315,023,936	)







	659,733,357			1,530,324,232			731,636,357			1,752,895,609			317,985,317			391,199,046
	25,618,943			181,195,909			56,783,098			749,449,879			7,693,226			289,280,251
	(561,134,941	)		(993,465,065	)		(869,779,117	)		(2,313,202,158	)		(279,410,191	)		(657,829,400	)


	124,217,359			718,055,076			(81,359,656	)		189,143,330			46,268,352			22,649,897


	(1,108,954,002	)		197,213,445			(2,989,167,544	)		(1,126,944,902	)		(650,737,644	)		(413,328,904	)







	2,860,568,310			2,663,354,865			6,703,324,994			7,830,269,896			1,615,078,422			2,028,407,326


$	1,751,614,308		$	2,860,568,310		$	3,714,157,450		$	6,703,324,994		$	964,340,778		$	1,615,078,422


$	6,394,763		$	21,611,621		$	2,079,793		$	37,228,197		$	3,871,819		$	3,840,242

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements

February 28, 2009 (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 following are the Goldman Sachs Funds included in this report (collectively, the “Funds” or individually a “Fund”), the share classes offered by each Fund and each Funds’ diversification status under the Act:


Fund	Share Classes Offered		Diversified/Non-diversified

Growth and Income, Large Cap Value, Mid Cap Value and Small Cap Value		A, B, C, Institutional, Service, IR and R Shares		Diversified

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 IR and Class R Shares of the Funds are not subject to a sales charge. Goldman, Sachs & Co. (“Goldman Sachs”) serves as Distributor of the shares of the Funds pursuant to a Distribution Agreement. Goldman Sachs may retain a certain portion of such sales charges it receives as Distributor. Class R Shares of the Mid Cap Value Fund commenced operations on January 6, 2009.

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.

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 accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that may affect 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 United States (“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 for long positions and at the last ask price for short positions. Debt securities for which market quotations are readily available are valued on the basis of quotations furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which considers yield or price with respect to comparable bonds, quotations from bond dealers or by reference to other securities that are considered comparable in such characteristics as rating, interest rate and maturity date, to determine 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. In the absence of market quotations, broker quotes will be utilized or the security will be fair valued. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share (“NAV”) on the valuation date. Short-term debt obligations maturing in sixty days or less are valued at amortized cost, which approximates market value. If accurate quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined based on yield equivalents, a pricing matrix or other sources, under valuation procedures established by the Board of Trustees.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

GSAM, consistent with its procedures and applicable regulatory guidance, may determine to make an adjustment to the previous closing prices of 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 Funds’ NAV. Significant events that could affect a large number of securities in a particular market may include, but are not limited to: situations relating to one or more single issuers in a market sector; significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions or market closings; equipment failures; natural or man-made disasters or acts of God; armed conflicts; 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, including those relating to earnings, products and regulatory news; significant litigation; low trading volume; and trading limits or suspensions.

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 recognized 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 Funds based upon the relative proportion of net assets of each class.

In addition, distributions received from the Funds’ investments in real estate investment trusts (“REITs”) often include a “return of capital” which is recorded by the Funds as a reduction of the cost basis of the securities held. The Internal Revenue Code of 1986, as amended (the “Code”) requires a REIT to distribute at least 95% of its taxable income to investors. In many cases, however, because of “non-cash” expenses such as property depreciation, a REIT’s cash flow will exceed its taxable income. The REIT may distribute this excess cash to offer a more competitive yield. This portion of the Funds’ distributions is deemed a return of capital and is generally not taxable to shareholders.

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) from investments.

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.

E. 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. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:


	Income Distributions		Capital Gains Distributions
Fund	Declared and Paid		Declared and Paid

Growth and Income		Quarterly		Annually


Large Cap Value, Mid Cap Value and Small Cap Value		Annually		Annually

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2009 (Unaudited)


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 GAAP. Therefore, the source of a Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital.

GSAM has reviewed the tax positions for the Funds for the open tax years (tax years ended August 31, 2005-2008) and determined that they did not have a material impact on the Funds’ financial statements.

F. Repurchase Agreements — The Funds may enter into 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 that the Funds seek to assert their rights. The collateral for all repurchase agreements are held in safekeeping at the Funds’ custodian or designated subcustodians under tri-party repurchase agreements. Under these arrangements, the Funds are permitted to deliver or re-pledge these securities.

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 agreements.

3. AGREEMENTS

A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the 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 six months ended ended February 28, 2009, GSAM received a Management fee on a contractual basis at the following rates:


	Contractual Management Rate
	Up to			Next			Next			Next			Over			Effective
Fund	$1 billion			$1 billion			$3 billion			$3 billion			$8 billion			Rate

Growth and Income		0.70	%		0.63	%		0.60	%		0.59	%		0.58	%		0.69	%


Large Cap Value		0.75			0.68			0.65			0.64			0.63			0.71


Mid Cap Value		0.75			0.75			0.68			0.65			0.64			0.71


Small Cap Value		1.00			1.00			0.90			0.86			0.84			1.00

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS


3. AGREEMENTS (continued)

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 Plans to compensate service organizations 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 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 28, 2009, 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

Growth and Income	$	166,400	$	100	$	—


Large Cap Value		46,900		100		—


Mid Cap Value		42,600		600		—


Small Cap Value		16,200		—		—

C. Transfer Agency Agreement — Goldman Sachs also serves as the Transfer Agent of the Funds for a fee pursuant to a Transfer Agency Agreement. 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 IR and Class R 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, has adopted a Service Plan and a Shareholder Administration Plan for Service Shares. These plans allow for Service Shares to compensate service organizations for providing varying levels of personal and account administration and shareholder administration services to their customers who are beneficial owners of such shares. The Service Plan and Shareholder Administration Plan each provide for compensation to the service organizations in an amount equal to, on an annual basis, 0.25% of the average daily net assets of the Service Shares.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2009 (Unaudited)


3. AGREEMENTS (continued)

E. Other Agreements — GSAM has voluntarily agreed to limit certain “Other Expenses” of the Funds (excluding Management fees, Distribution and Service fees, Transfer Agent fees and expenses, Service Share fees, taxes, interest, brokerage fees and litigation, indemnification, shareholder meetings costs and other extraordinary expenses, exclusive of any custody and transfer agent fee credit reductions) to the extent that 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 Expenses limitations for Growth and Income, Large Cap Value, Mid Cap Value and Small Cap Value Funds as an annual percentage rate of average daily net assets were 0.054%, 0.064%, 0.104% and 0.064%, respectively. 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.

For the six months ended February 28, 2009, these expense reductions, including any Management Fee waivers and Other Expense reimbursements, were as follows (in thousands):


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

Growth and Income	$	140	$	—	$	2	$	142


Large Cap Value		—		1		1		2


Mid Cap Value		—		6		3		9


Small Cap Value		1		2		1		4

As of February 28, 2009, the amounts owed to affiliates of the Funds were as follows (in thousands):


	Management		Distribution and		Transfer
Fund	Fees		Service Fees		Agent Fees		Total

Growth and Income	$	513	$	204	$	125	$	842


Large Cap Value		1,049		153		131		1,333


Mid Cap Value		2,229		570		398		3,197


Small Cap Value		810		133		92		1,035

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS


3. AGREEMENTS (continued)

F. Line of Credit Facility — The Funds participate in a $700,000,000 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. Pursuant to the terms of the facility, the Funds and other borrowers may increase the credit amount by an additional $300,000,000 for a total of up to $1 billion. This 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 28, 2009, the Funds did not have any borrowings under the facility.

4. FAIR VALUE OF INVESTMENTS

For the six months ended February 28, 2009, the Funds adopted FASB Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”). The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Fair value measurements do not include transaction costs. FAS 157 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FAS 157 are described below:

Basis of Fair Value Measurement

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly;

Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

The following is a summary of the levels within the fair value hierarchy in which the Funds invest. All amounts in the following table reflect Investments in Securities Long-Assets:


Level	Growth and Income		Large Cap Value		Mid Cap Value		Small Cap Value

Level 1	$	850,949,780	$	1,695,647,522	$	3,660,140,878	$	938,970,315


Level 2		74,879,506		319,817,030		410,312,328		203,319,030


Level 3		—		—		—		—


Total	$	925,829,286	$	2,015,464,552	$	4,070,453,206	$	1,142,289,345

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2009 (Unaudited)

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, Goldman Sachs Agency Lending (“GSAL”), formerly Boston Global Advisers, a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of 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 (“Enhanced Portfolio”), a Delaware statutory trust. The Enhanced Portfolio, deemed an affiliate of the Trust, is exempt from registration under Section 3(c)(7) of the Act and is managed by GSAM, for which GSAM may receive an investment advisory fee of up to 0.10% on an annualized basis of the average daily net assets of the Enhanced Portfolio. The Enhanced Portfolio invests primarily in short-term investments, but is not a “money market fund” subject to the requirements of Rule 2a-7 of the Act. The Funds’ investment of cash collateral in the Enhanced Portfolio is subject to a net asset value that may fall or rise due to market and credit conditions.

Both the Funds and GSAL receive compensation relating to the lending of the Funds’ securities. The amounts earned by the Funds for the six months ended February 28, 2009, are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs as of, and for the six months ended February 28, 2009:


	Earnings of GSAL		Earnings Received
	Relating to		by the Funds		Amount Payable to
	Securities		From Lending to		Goldman Sachs
	Loaned for the six		Goldman Sachs for the		Upon Return of
	months ended		six months ended		Securities Loaned as
Fund	February 28, 2009		February 28, 2009		of February 28, 2009

Growth and Income	$	13,796	$	29,104	$	11,572,000


Large Cap Value		46,249		86,144		91,661,750


Mid Cap Value		133,745		174,314		71,954,150


Small Cap Value		143,218		214,503		17,743,000

The following table provides information about the Funds’ investment in the Enhanced Portfolio for the six months ended February 28, 2009.


		Number of						Number of
		Shares Held						Shares Held		Value at
		Beginning		Shares		Shares		End		End
		of Period		Bought		Sold		of Period		of Period
Fund		(in 000’s)		(in 000’s)		(in 000’s)		(in 000’s)		(000’s)

	Growth and Income		139,659		218,482		299,561		58,580	$	57,936


	Large Cap Value		245,722		972,235		963,137		254,820		252,017


	Mid Cap Value		1,115,771		1,471,597		2,240,642		346,726		342,912


	Small Cap Value		275,975		553,702		654,936		174,741		172,819

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2009, were as follows:


Fund	Purchases		Sales and Maturities

Growth and Income	$	805,136,996	$	677,513,722


Large Cap Value		2,270,142,133		1,815,505,595


Mid Cap Value		5,013,477,222		4,586,956,909


Small Cap Value		1,221,278,754		963,675,634

For the six-months ended February 28, 2009, GSAM has agreed to reimburse the Mid Cap Value Fund for losses in the amount of $344,853 relating to certain security transactions.

For the six months ended February 28, 2009, Goldman Sachs earned approximately $23,950, $6,594, $208,830 and $31,387 of brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant on behalf of Growth and Income, Large Cap Value, Mid Cap Value and Small Cap Value Funds, respectively.

An investment by the Funds representing greater than 5% of the voting securities of an issuer makes that issuer an affiliated person (as defined in the Act) of the Trust. The following table provides information about the investments by the Small Cap Value Fund in shares of issuers of which the Trust is an affiliate for the six months ended February 28, 2009.


	Number of						Number of
	Shares Held						Shares Held		Value at
	Beginning		Shares		Shares		End		End		Dividend
	of Period		Bought		Sold		of Period		of Period		Income
Name of Affiliated Issuer	(in 000’s)		(in 000’s)		(in 000’s)		(in 000’s)		(000’s)		(000’s)

Caraustar Industries, Inc.ˆ		1,574		22		471		1,125	$	39	$	—


Cache, Inc.ˆ		729		7		736		—		—		—


Cardiac Science Corp.		1,223		29		—		1,252		4,556		—


Meadowbrook Insurance Group, Inc.ˆ		1,982		49		—		2,031		11,697		40


Southcoast Financial Corp.		260		3		—		263		1,143		—


ˆ	As of Feb. 28, 2009, security is no longer considered to be an affiliate of the Trust.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2009 (Unaudited)

7. TAX INFORMATION

As of the Growth and Income Fund’s most recent fiscal year end, August 31, 2008, the Fund’s capital loss carryforward was $768,359, which expires on August 31, 2010. The Large Cap Value, Mid Cap Value and Small Cap Value Funds had no capital loss carryfowards as of August 31, 2008.

At February 28, 2009, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. Federal income tax purposes were as follows:


	Growth and			Large Cap			Mid Cap			Small Cap
	Income Fund			Value Fund			Value Fund			Value Fund

Tax Cost	$	1,341,705,433		$	2,765,119,435		$	5,523,685,743		$	1,616,184,804


Gross unrealized gain		5,630,253			16,574,550			79,220,511			36,853,909
Gross unrealized loss		(421,506,400	)		(766,229,433	)		(1,532,453,048	)		(510,749,368	)


Net unrealized security loss	$	(415,876,147	)	$	(749,654,883	)	$	(1,453,232,537	)	$	(473,895,459	)

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

8. OTHER RISKS

Indemnifications — Under the Trust’s organizational documents, its Board of Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be against the Funds that have not yet occurred. However, the Funds believe the risk of loss under these arrangements to be remote.

Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Funds may also be exposed to credit risk in the event of the failure of an issuer to perform or that an institution or entity with which the Funds have unsettled or open transaction defaults.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

9. OTHER MATTERS

New Accounting Pronouncements — In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“FAS 161”). FAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. FAS 161 requires enhanced disclosures about the Funds’ derivative and hedging activities. Management is currently evaluating the impact the adoption of FAS 161 will have on the Funds’ financial statement disclosures.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2009 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Growth and Income Fund

	For the Six Months Ended
	February 28, 2009						For the Year Ended
	(Unaudited)						August 31, 2008

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		5,052,949		$	84,494,623			7,722,180		$	207,189,386
Reinvestment of distributions		901,038			15,211,739			7,432,666			195,811,114
Shares converted from Class B^(a)		158,803			2,936,963			507,368			13,894,424
Shares redeemed		(9,720,119	)		(166,659,682	)		(13,165,634	)		(342,318,547	)


		(3,607,329	)		(64,016,357	)		2,496,580			74,576,377


Class B Shares
Shares sold		282,314			4,582,151			448,258			11,457,705
Reinvestment of distributions		51,393			821,065			600,096			15,336,859
Shares converted to Class A^(a)		(164,042	)		(2,936,963	)		(523,457	)		(13,894,424	)
Shares redeemed		(688,879	)		(11,566,642	)		(1,478,579	)		(37,733,852	)


		(519,214	)		(9,100,389	)		(953,682	)		(24,833,712	)


Class C Shares
Shares sold		244,206			3,904,170			362,752			9,200,346
Reinvestment of distributions		24,462			389,720			273,553			6,958,732
Shares redeemed		(459,359	)		(7,604,598	)		(821,047	)		(20,550,643	)


		(190,691	)		(3,310,708	)		(184,742	)		(4,391,565	)


Institutional Shares
Shares sold		5,619,210			103,147,307			3,029,699			73,131,804
Reinvestment of distributions		131,558			2,236,902			140,030			3,748,819
Shares redeemed		(876,845	)		(14,581,597	)		(1,313,353	)		(38,205,231	)


		4,873,923			90,802,612			1,856,376			38,675,392


Service Shares
Shares sold		42,035			757,061			74,501			2,006,425
Reinvestment of distributions		310			5,182			2,327			61,425
Shares redeemed		(11,750	)		(199,800	)		(34,970	)		(979,057	)


		30,595			562,443			41,858			1,088,793


Class IR Shares^(b)
Shares sold		—			—			336			10,001
Reinvestment of distributions		8			127			49			1,293


		8			127			385			11,294


Class R Shares^(b)
Shares sold		2,636			41,486			336			10,001
Reinvestment of distributions		19			297			48			1,265


		2,655			41,783			384			11,266


NET INCREASE		589,947		$	14,979,511			3,257,159		$	85,137,845


(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 VALUE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)


	Large Cap Value Fund

	For the Six Months Ended
	February 28, 2009						For the Year Ended
	(Unaudited)						August 31, 2008

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		13,011,719		$	114,997,620			19,960,058		$	274,382,510
Reinvestment of distributions		687,519			5,761,372			4,730,287			65,609,086
Shares converted from Class B^(a)		80,850			821,958			166,589			2,289,483
Shares redeemed		(16,914,142	)		(150,424,373	)		(25,596,661	)		(353,732,748	)


		(3,134,054	)		(28,843,423	)		(739,727	)		(11,451,669	)


Class B Shares
Shares sold		292,109			2,589,230			467,817			6,174,585
Reinvestment of distributions		1,297			10,636			195,946			2,651,152
Shares converted to Class A^(a)		(83,089	)		(821,958	)		(171,397	)		(2,289,483	)
Shares redeemed		(532,172	)		(4,702,116	)		(873,732	)		(11,495,205	)


		(321,855	)		(2,924,208	)		(381,366	)		(4,958,951	)


Class C Shares
Shares sold		664,967			5,777,141			1,511,430			19,827,503
Reinvestment of distributions		4,756			38,763			438,054			5,891,827
Shares redeemed		(1,457,402	)		(12,512,047	)		(2,072,421	)		(26,885,925	)


		(787,679	)		(6,696,143	)		(122,937	)		(1,166,595	)


Institutional Shares
Shares sold		57,893,396			530,409,147			82,468,892			1,136,724,240
Reinvestment of distributions		2,220,873			18,744,166			7,615,541			106,617,570
Shares redeemed		(43,315,493	)		(385,790,971	)		(43,652,991	)		(596,424,603	)


		16,798,776			163,362,342			46,431,442			646,917,207


Service Shares
Shares sold		252,543			2,294,381			412,179			5,566,597
Reinvestment of distributions		5,119			42,696			30,752			424,690
Shares redeemed		(160,703	)		(1,481,557	)		(287,501	)		(3,704,082	)


		96,959			855,520			155,430			2,287,205


Class IR Shares^(b)
Shares sold		420,035			3,654,009			7,278,048			87,638,797
Reinvestment of distributions		122,729			1,021,095			57			794
Shares redeemed		(689,513	)		(6,223,877	)		(99,781	)		(1,222,502	)


		(146,749	)		(1,548,773	)		7,178,324			86,417,089


Class R Shares^(b)
Shares sold		1,350			11,829			672			10,000
Reinvestment of distributions		26			215			57			790


		1,376			12,044			729			10,790


NET INCREASE		12,506,774		$	124,217,359			52,521,895		$	718,055,076


(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 VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2009 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (continued)


	Mid Cap Value Fund

	For the Six Months Ended
	February 28, 2009						For the Year Ended
	(Unaudited)						August 31, 2008

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		16,446,338		$	374,948,340			25,284,599		$	895,810,438
Reinvestment of distributions		1,373,717			28,710,692			12,221,433			431,416,589
Shares converted from Class B^(a)		78,038			2,023,975			180,301			6,569,107
Shares redeemed		(20,852,079	)		(484,681,657	)		(38,168,266	)		(1,361,059,878	)


		(2,953,986	)		(78,998,650	)		(481,933	)		(27,263,744	)


Class B Shares
Shares sold		65,735			1,383,906			75,003			2,585,130
Reinvestment of distributions		2,978			60,367			501,568			17,078,415
Shares converted to Class A^(a)		(80,964	)		(2,023,975	)		(187,220	)		(6,569,107	)
Shares redeemed		(670,875	)		(15,202,116	)		(1,303,121	)		(44,684,393	)


		(683,126	)		(15,781,818	)		(913,770	)		(31,589,955	)


Class C Shares
Shares sold		404,557			8,574,349			730,202			24,913,767
Reinvestment of distributions		7,557			152,034			745,154			25,193,670
Shares redeemed		(1,392,472	)		(30,288,683	)		(3,124,359	)		(106,600,753	)


		(980,358	)		(21,562,300	)		(1,649,003	)		(56,493,316	)


Institutional Shares
Shares sold		13,780,120			311,720,272			20,060,547			714,075,481
Reinvestment of distributions		1,251,240			26,313,582			7,127,691			253,603,241
Shares redeemed		(13,170,656	)		(301,586,317	)		(19,133,658	)		(689,132,753	)


		1,860,704			36,447,537			8,054,580			278,545,969


Service Shares
Shares sold		1,550,363			35,006,990			3,250,707			115,500,793
Reinvestment of distributions		74,665			1,546,310			633,595			22,156,801
Shares redeemed		(1,690,030	)		(38,017,832	)		(3,151,472	)		(111,724,381	)


		(65,002	)		(1,464,532	)		732,830			25,933,213


Class IR Shares^(b)
Shares sold		—			—			254			10,000
Reinvestment of distributions		6			113			33			1,163
Shares redeemed		(110	)		(2,506	)		—			—


		(104	)		(2,393	)		287			11,163


Class R Shares^(c)
Shares sold		109			2,500			—			—


		109			2,500			—			—


NET INCREASE (DECREASE)		(2,821,763	)	$	(81,359,656	)		5,742,991		$	189,143,330


(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 6, 2009.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)


	Small Cap Value Fund

	For the Six Months Ended
	February 28, 2009						For the Year Ended
	(Unaudited)						August 31, 2008

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		4,926,916		$	131,852,978			4,251,696		$	152,074,584
Reinvestment of distributions		111,520			2,577,232			4,333,666			149,338,130
Shares converted from Class B^(a)		23,673			680,576			66,224			2,524,239
Shares redeemed		(6,015,629	)		(154,339,690	)		(9,299,750	)		(332,289,869	)


		(953,520	)		(19,228,904	)		(648,164	)		(28,352,916	)


Class B Shares
Shares sold		52,342			1,173,127			30,647			922,976
Reinvestment of distributions		2,249			45,476			330,526			9,998,399
Shares converted to Class A^(a)		(27,099	)		(680,576	)		(74,504	)		(2,524,239	)
Shares redeemed		(217,322	)		(4,848,864	)		(618,387	)		(19,920,756	)


		(189,830	)		(4,310,837	)		(331,718	)		(11,523,620	)


Class C Shares
Shares sold		125,771			2,799,177			200,447			6,240,905
Reinvestment of distributions		3,266			65,944			449,122			13,567,963
Shares redeemed		(362,281	)		(7,902,973	)		(924,076	)		(29,396,752	)


		(233,244	)		(5,037,852	)		(274,507	)		(9,587,884	)


Institutional Shares
Shares sold		6,589,121			173,233,636			5,487,368			202,536,547
Reinvestment of distributions		201,955			4,879,231			2,943,099			106,128,156
Shares redeemed		(3,514,532	)		(93,349,392	)		(6,719,216	)		(254,538,786	)


		3,276,544			84,763,475			1,711,251			54,125,917


Service Shares
Shares sold		350,353			8,917,225			812,182			29,404,034
Reinvestment of distributions		5,522			125,286			303,078			10,244,052
Shares redeemed		(651,261	)		(18,969,272	)		(608,266	)		(21,683,237	)


		(295,386	)		(9,926,761	)		506,994			17,964,849


Class IR Shares^(b)
Shares sold		4			101			237			10,000
Reinvestment of distributions		3			57			52			1,778


		7			158			289			11,778


Class R Shares^(b)
Shares sold		363			9,073			237			10,000
Reinvestment of distributions		—			—			52			1,773


		363			9,073			289			11,773


NET INCREASE		1,604,934		$	46,268,352			964,434		$	22,649,897


(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 GROWTH AND INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


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

FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)


	2009 - A	$	23.10	$	0.18		$	(9.50	)	$	(9.32	)	$	(0.26	)	$	(0.04	)	$	(0.30	)
	2009 - B		22.35		0.11			(9.19	)		(9.08	)		(0.19	)		(0.04	)		(0.23	)
	2009 - C		22.24		0.11			(9.14	)		(9.03	)		(0.19	)		(0.04	)		(0.23	)
	2009 - Institutional		23.45		0.21			(9.64	)		(9.43	)		(0.30	)		(0.04	)		(0.34	)
	2009 - Service		23.09		0.17			(9.49	)		(9.32	)		(0.26	)		(0.04	)		(0.30	)
	2009 - IR		23.08		0.20			(9.48	)		(9.28	)		(0.29	)		(0.04	)		(0.33	)
	2009 - R		23.08		0.15			(9.48	)		(9.33	)		(0.25	)		(0.04	)		(0.29	)


FOR THE YEARS ENDED AUGUST 31,


	2008 - A		30.01		0.46			(3.51	)		(3.05	)		(0.46	)		(3.40	)		(3.86	)
	2008 - B		29.15		0.26			(3.41	)		(3.15	)		(0.25	)		(3.40	)		(3.65	)
	2008 - C		29.03		0.26			(3.39	)		(3.13	)		(0.26	)		(3.40	)		(3.66	)
	2008 - Institutional		30.41		0.55			(3.54	)		(2.99	)		(0.57	)		(3.40	)		(3.97	)
	2008 - Service		30.00		0.43			(3.50	)		(3.07	)		(0.44	)		(3.40	)		(3.84	)
	2008 - IR (Commenced operations on November 30, 2007)		29.78		0.36			(3.25	)		(2.89	)		(0.41	)		(3.40	)		(3.81	)
	2008 - R (Commenced operations on November 30, 2007)		29.78		0.28			(3.24	)		(2.96	)		(0.34	)		(3.40	)		(3.74	)



	2007 - A		28.45		0.48			2.92			3.40			(0.39	)		(1.45	)		(1.84	)
	2007 - B		27.69		0.24			2.84			3.08			(0.17	)		(1.45	)		(1.62	)
	2007 - C		27.60		0.23			2.84			3.07			(0.19	)		(1.45	)		(1.64	)
	2007 - Institutional		28.81		0.61			2.95			3.56			(0.51	)		(1.45	)		(1.96	)
	2007 - Service		28.45		0.44			2.92			3.36			(0.36	)		(1.45	)		(1.81	)



	2006 - A		25.55		0.46			2.86			3.32			(0.42	)		—			(0.42	)
	2006 - B		24.86		0.24			2.82			3.06			(0.23	)		—			(0.23	)
	2006 - C		24.78		0.25			2.80			3.05			(0.23	)		—			(0.23	)
	2006 - Institutional		25.86		0.57			2.91			3.48			(0.53	)		—			(0.53	)
	2006 - Service		25.54		0.42			2.88			3.30			(0.39	)		—			(0.39	)



	2005 - A		22.88		0.41	^(d)		2.61	^(e)		3.02			(0.35	)		—			(0.35	)
	2005 - B		22.27		0.22	^(d)		2.54	^(e)		2.76			(0.17	)		—			(0.17	)
	2005 - C		22.21		0.22	^(d)		2.53	^(e)		2.75			(0.18	)		—			(0.18	)
	2005 - Institutional		23.15		0.52	^(d)		2.63	^(e)		3.15			(0.44	)		—			(0.44	)
	2005 - Service		22.87		0.38	^(d)		2.61	^(e)		2.99			(0.32	)		—			(0.32	)



	2004 - A		19.22		0.22			3.67			3.89			(0.23	)		—			(0.23	)
	2004 - B		18.72		0.05			3.58			3.63			(0.08	)		—			(0.08	)
	2004 - C		18.67		0.05			3.57			3.62			(0.08	)		—			(0.08	)
	2004 - Institutional		19.44		0.31			3.72			4.03			(0.32	)		—			(0.32	)
	2004 - Service		19.19		0.19			3.68			3.87			(0.19	)		—			(0.19	)


(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 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.


(c)	Annualized.


(d)	Reflects income recognized from special dividends which amounted to $0.05 per share and 0.20% of average net assets.


(e)	Reflects an increase of $0.02 due to payments by affiliates during the period to reimburse certain security claims.


(f)	Performance has not been restated to reflect the impact of security claims recorded during the period. If restated, the performance would have been 13.33%, 12.45%, 12.45%, 13.78% and 13.20% for Class A, Class B, Class, C, Institutional and Service Shares, respectively.

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

GOLDMAN SACHS GROWTH AND INCOME 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			total expenses			income			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




$	13.48		(40.59	)%	$	678,071		1.18	%^(c)		2.06	%^(c)		1.21	%^(c)		2.03	%^(c)		60	%
	13.04		(40.81	)		46,601		1.93	^(c)		1.31	^(c)		1.96	^(c)		1.28	^(c)		60
	12.98		(40.83	)		24,462		1.93	^(c)		1.31	^(c)		1.96	^(c)		1.28	^(c)		60
	13.68		(40.49	)		117,890		0.78	^(c)		2.51	^(c)		0.81	^(c)		2.48	^(c)		60
	13.47		(40.63	)		1,538		1.28	^(c)		1.99	^(c)		1.31	^(c)		1.96	^(c)		60
	13.47		(40.50	)		5		0.93	^(c)		2.31	^(c)		0.96	^(c)		2.28	^(c)		60
	13.46		(40.67	)		41		1.43	^(c)		1.85	^(c)		1.46	^(c)		1.82	^(c)		60





	23.10		(11.57	)		1,245,353		1.16			1.77			1.16			1.77			69
	22.35		(12.26	)		91,496		1.91			1.03			1.91			1.03			69
	22.24		(12.24	)		46,177		1.91			1.02			1.91			1.02			69
	23.45		(11.22	)		87,766		0.76			2.07			0.76			2.07			69
	23.09		(11.65	)		1,929		1.26			1.67			1.26			1.67			69
	23.08		(11.10	)		9		0.91	^(c)		1.96	^(c)		0.91	^(c)		1.96	^(c)		69
	23.08		(11.36	)		9		1.41	^(c)		1.53	^(c)		1.41	^(c)		1.53	^(c)		69



	30.01		12.10			1,542,986		1.16			1.60			1.17			1.59			98
	29.15		11.25			147,110		1.91			0.82			1.92			0.81			98
	29.03		11.24			65,632		1.91			0.81			1.92			0.80			98
	30.41		12.53			57,352		0.76			2.00			0.77			1.99			98
	30.00		11.97			1,251		1.26			1.47			1.27			1.46			98



	28.45		13.14			1,061,063		1.18			1.72			1.19			1.72			51
	27.69		12.36			64,579		1.93			0.93			1.94			0.93			51
	27.60		12.33			18,834		1.93			0.97			1.94			0.97			51
	28.81		13.62			27,590		0.78			2.14			0.79			2.14			51
	28.45		13.06			1,013		1.28			1.59			1.29			1.59			51



	25.55		13.37	^(f)		924,479		1.19			1.65	^(d)		1.21			1.63	^(d)		45
	24.86		12.50	^(f)		92,469		1.94			0.91	^(d)		1.96			0.89	^(d)		45
	24.78		12.49	^(f)		16,149		1.94			0.89	^(d)		1.96			0.87	^(d)		45
	25.86		13.83	^(f)		19,226		0.79			1.94	^(d)		0.81			1.92	^(d)		45
	25.54		13.24	^(f)		1,083		1.29			1.57	^(d)		1.31			1.55	^(d)		45



	22.88		20.27			637,130		1.19			1.02			1.21			1.00			54
	22.27		19.38			93,367		1.94			0.27			1.96			0.25			54
	22.21		19.40			12,159		1.94			0.27			1.96			0.25			54
	23.15		20.75			4,659		0.79			1.43			0.81			1.41			54
	22.87		20.14			1,204		1.29			0.94			1.31			0.92			54

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

GOLDMAN SACHS LARGE CAP VALUE 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^(a)			gain (loss)			operations			income			gains			distributions



FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)


	2009 - A	$	12.37	$	0.06		$	(5.14	)	$	(5.08	)	$	(0.10	)	$	—		$	(0.10	)
	2009 - B		11.99		0.02			(4.98	)		(4.96	)		—	^(d)		—			—	^(d)
	2009 - C		11.92		0.02			(4.95	)		(4.93	)		(0.01	)		—			(0.01	)
	2009 - Institutional		12.52		0.07			(5.18	)		(5.11	)		(0.15	)		—			(0.15	)
	2009 - Service		12.30		0.05			(5.10	)		(5.05	)		(0.09	)		—			(0.09	)
	2009 - IR		12.33		0.07			(5.11	)		(5.04	)		(0.15	)		—			(0.15	)
	2009 - R		12.31		0.05			(5.10	)		(5.05	)		(0.12	)		—			(0.12	)


FOR THE YEARS ENDED AUGUST 31,


	2008 - A		14.95		0.15			(1.61	)		(1.46	)		(0.12	)		(1.00	)		(1.12	)
	2008 - B		14.54		0.05			(1.57	)		(1.52	)		(0.03	)		(1.00	)		(1.03	)
	2008 - C		14.46		0.05			(1.56	)		(1.51	)		(0.03	)		(1.00	)		(1.03	)
	2008 - Institutional		15.12		0.21			(1.63	)		(1.42	)		(0.18	)		(1.00	)		(1.18	)
	2008 - Service		14.88		0.13			(1.59	)		(1.46	)		(0.12	)		(1.00	)		(1.12	)
	2008 - IR (Commenced November 30, 2007)		14.89		0.10			(1.47	)		(1.37	)		(0.19	)		(1.00	)		(1.19	)
	2008 - R (Commenced November 30, 2007)		14.89		0.09			(1.49	)		(1.40	)		(0.18	)		(1.00	)		(1.18	)




	2007 - A		13.80		0.15			1.62			1.77			(0.12	)		(0.50	)		(0.62	)
	2007 - B		13.44		0.04			1.58			1.62			(0.02	)		(0.50	)		(0.52	)
	2007 - C		13.40		0.04			1.57			1.61			(0.05	)		(0.50	)		(0.55	)
	2007 - Institutional		13.94		0.21			1.64			1.85			(0.17	)		(0.50	)		(0.67	)
	2007 - Service		13.75		0.14			1.60			1.74			(0.11	)		(0.50	)		(0.61	)




	2006 - A		13.40		0.12			1.36			1.48			(0.09	)		(0.99	)		(1.08	)
	2006 - B		13.09		0.02			1.32			1.34			—			(0.99	)		(0.99	)
	2006 - C		13.06		0.03			1.31			1.34			(0.01	)		(0.99	)		(1.00	)
	2006 - Institutional		13.52		0.18			1.37			1.55			(0.14	)		(0.99	)		(1.13	)
	2006 - Service		13.37		0.11			1.35			1.46			(0.09	)		(0.99	)		(1.08	)




	2005 - A		11.80		0.13	^(c)		1.65			1.78			(0.09	)		(0.09	)		(0.18	)
	2005 - B		11.54		0.04	^(c)		1.61			1.65			(0.01	)		(0.09	)		(0.10	)
	2005 - C		11.53		0.03	^(c)		1.61			1.64			(0.02	)		(0.09	)		(0.11	)
	2005 - Institutional		11.90		0.19	^(c)		1.66			1.85			(0.14	)		(0.09	)		(0.23	)
	2005 - Service		11.80		0.12	^(c)		1.65			1.77			(0.11	)		(0.09	)		(0.20	)




	2004 - A		9.86		0.08			1.95			2.03			(0.09	)		—			(0.09	)
	2004 - B		9.66		—	^(d)		1.91			1.91			(0.03	)		—			(0.03	)
	2004 - C		9.67		—	^(d)		1.90			1.90			(0.04	)		—			(0.04	)
	2004 - Institutional		9.95		0.12			1.96			2.08			(0.13	)		—			(0.13	)
	2004 - Service		9.91		0.06			1.96			2.02			(0.13	)		—			(0.13	)


	(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)	Reflects income recognized from special dividends which amounted to $0.03 per share and 0.21% of average net assets.
	(d)	Amount is less than $0.005 per share.
	(e)	Annualized.

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

GOLDMAN SACHS LARGE CAP VALUE 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




$	7.19		(41.19	)%	$	460,525		1.19	%^(e)		1.25	%^(e)		1.19	%^(e)		1.25	%^(e)		79	%
	7.03		(41.33	)		17,013		1.94	^(e)		0.49	^(e)		1.94	^(e)		0.49	^(e)		79
	6.98		(41.39	)		48,333		1.94	^(e)		0.49	^(e)		1.94	^(e)		0.49	^(e)		79
	7.26		(41.00	)		1,170,112		0.79	^(e)		1.66	^(e)		0.79	^(e)		1.66	^(e)		79
	7.16		(41.17	)		5,376		1.29	^(e)		1.16	^(e)		1.29	^(e)		1.16	^(e)		79
	7.14		(41.08	)		50,240		0.94	^(e)		1.50	^(e)		0.94	^(e)		1.50	^(e)		79
	7.14		(41.19	)		15		1.44	^(e)		1.25	^(e)		1.44	^(e)		1.25	^(e)		79





	12.37		(10.55	)		830,475		1.17			1.11			1.17			1.11			81
	11.99		(11.24	)		32,884		1.92			0.37			1.92			0.37			81
	11.92		(11.26	)		91,900		1.92			0.36			1.92			0.36			81
	12.52		(10.19	)		1,808,728		0.77			1.50			0.77			1.50			81
	12.30		(10.65	)		8,044		1.27			0.99			1.27			0.99			81
	12.33		(10.10	)		88,528		0.92	^(e)		1.20	^(e)		0.92	^(e)		1.20	^(e)		81
	12.31		(10.29	)		9		1.42	^(e)		0.94	^(e)		1.42	^(e)		0.94	^(e)		81




	14.95		13.01			1,014,800		1.19			1.02			1.19			1.02			92
	14.54		12.19			45,416		1.94			0.27			1.94			0.27			92
	14.46		12.19			113,208		1.94			0.28			1.94			0.28			92
	15.12		13.48			1,482,513		0.79			1.43			0.79			1.43			92
	14.88		12.88			7,418		1.29			0.93			1.29			0.93			92




	13.80		11.67			707,319		1.23			0.94			1.23			0.94			66
	13.44		10.78			24,939		1.98			0.17			1.98			0.17			66
	13.40		10.85			54,910		1.98			0.19			1.98			0.19			66
	13.94		12.12			506,910		0.83			1.35			0.83			1.35			66
	13.75		11.56			4,756		1.33			0.86			1.33			0.86			66




	13.40		15.16			518,376		1.25			1.03	^(c)		1.26			1.02	^(c)		70
	13.09		14.35			25,040		2.00			0.29	^(c)		2.01			0.28	^(c)		70
	13.06		14.28			37,503		2.00			0.25	^(c)		2.01			0.24	^(c)		70
	13.52		15.61			321,210		0.85			1.45	^(c)		0.86			1.44	^(c)		70
	13.37		15.08			2,523		1.35			0.87	^(c)		1.36			0.86	^(c)		70




	11.80		20.71			291,795		1.25			0.68			1.28			0.65			72
	11.54		19.76			17,069		2.00			(0.07	)		2.03			(0.10	)		72
	11.53		19.74			14,601		2.00			(0.07	)		2.03			(0.10	)		72
	11.90		21.07			158,316		0.85			1.07			0.88			1.04			72
	11.80		20.51			134		1.35			0.48			1.38			0.45			72

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

GOLDMAN SACHS MID CAP VALUE 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 28, (UNAUDITED)


	2009 - A	$	33.11	$	0.13		$	(14.33	)	$	(14.20	)	$	(0.29	)	$	—		$	(0.29	)
	2009 - B		31.77		0.04			(13.76	)		(13.72	)		(0.02	)		—			(0.02	)
	2009 - C		31.54		0.04			(13.66	)		(13.62	)		(0.03	)		—			(0.03	)
	2009 - Institutional		33.47		0.18			(14.49	)		(14.31	)		(0.42	)		—			(0.42	)
	2009 - Service		32.78		0.12			(14.19	)		(14.07	)		(0.27	)		—			(0.27	)
	2009 - IR		33.01		0.16			(14.30	)		(14.14	)		(0.37	)		—			(0.37	)
	2009 - R (Commenced January 6, 2009)		22.89		0.01			(4.29	)		(4.28	)		—			—			—


FOR THE YEARS ENDED AUGUST 31,


	2008 - A		39.84		0.28			(2.61	)		(2.33	)		(0.19	)		(4.21	)		(4.40	)
	2008 - B		38.47		0.01			(2.50	)		(2.49	)		—			(4.21	)		(4.21	)
	2008 - C		38.23		0.01			(2.49	)		(2.48	)		—			(4.21	)		(4.21	)
	2008 - Institutional		40.24		0.42			(2.62	)		(2.20	)		(0.36	)		(4.21	)		(4.57	)
	2008 - Service		39.49		0.24			(2.57	)		(2.33	)		(0.17	)		(4.21	)		(4.38	)
	2008 - IR (Commenced November 30, 2007)		39.32		0.25			(1.98	)		(1.73	)		(0.37	)		(4.21	)		(4.58	)




	2007 - A		36.84		0.23			4.62			4.85			(0.18	)		(1.67	)		(1.85	)
	2007 - B		35.73		(0.07	)		4.48			4.41			—			(1.67	)		(1.67	)
	2007 - C		35.52		(0.07	)		4.45			4.38			—			(1.67	)		(1.67	)
	2007 - Institutional		37.18		0.40			4.66			5.06			(0.33	)		(1.67	)		(2.00	)
	2007 - Service		36.57		0.19			4.57			4.76			(0.17	)		(1.67	)		(1.84	)




	2006 - A		36.88		0.18			2.30			2.48			(0.13	)		(2.39	)		(2.52	)
	2006 - B		35.96		(0.09	)		2.25			2.16			—			(2.39	)		(2.39	)
	2006 - C		35.76		(0.09	)		2.24			2.15			—			(2.39	)		(2.39	)
	2006 - Institutional		37.17		0.33			2.32			2.65			(0.25	)		(2.39	)		(2.64	)
	2006 - Service		36.67		0.15			2.29			2.44			(0.15	)		(2.39	)		(2.54	)




	2005 - A		30.82		0.15			8.36			8.51			(0.10	)		(2.35	)		(2.45	)
	2005 - B		30.23		(0.11	)		8.19			8.08			—			(2.35	)		(2.35	)
	2005 - C		30.08		(0.11	)		8.14			8.03			—			(2.35	)		(2.35	)
	2005 - Institutional		31.01		0.29			8.41			8.70			(0.19	)		(2.35	)		(2.54	)
	2005 - Service		30.68		0.12			8.31			8.43			(0.09	)		(2.35	)		(2.44	)




	2004 - A		25.37		0.11			5.51			5.62			(0.17	)		—			(0.17	)
	2004 - B		24.92		(0.11	)		5.42			5.31			—			—			—
	2004 - C		24.81		(0.11	)		5.40			5.29			(0.02	)		—			(0.02	)
	2004 - Institutional		25.49		0.23			5.53			5.76			(0.24	)		—			(0.24	)
	2004 - Service		25.26		0.09			5.51			5.60			(0.18	)		—			(0.18	)


(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 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.
(c)	Annualized.

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

GOLDMAN SACHS MID CAP VALUE 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




$	18.62		(42.98	)%	$	1,975,555		1.19	%^(c)		1.15	%^(c)		1.19	%^(c)		1.15	%^(c)		91	%
	18.03		(43.23	)		60,797		1.94	^(c)		0.39	^(c)		1.94	^(c)		0.39	^(c)		91
	17.89		(43.19	)		116,099		1.94	^(c)		0.39	^(c)		1.94	^(c)		0.39	^(c)		91
	18.74		(42.89	)		1,417,807		0.79	^(c)		1.55	^(c)		0.79	^(c)		1.55	^(c)		91
	18.44		(43.02	)		143,894		1.29	^(c)		1.05	^(c)		1.29	^(c)		1.05	^(c)		91
	18.50		(42.95	)		3		0.94	^(c)		1.43	^(c)		0.94	^(c)		1.43	^(c)		91
	18.61		(18.70	)		2		1.44	^(c)		0.68	^(c)		1.44	^(c)		0.68	^(c)		91





	33.11		(6.50	)		3,611,466		1.16			0.78			1.16			0.78			85
	31.77		(7.20	)		128,844		1.91			0.03			1.91			0.03			85
	31.54		(7.22	)		235,637		1.91			0.03			1.91			0.03			85
	33.47		(6.11	)		2,469,463		0.76			1.18			0.76			1.18			85
	32.78		(6.59	)		257,906		1.26			0.67			1.26			0.67			85
	33.01		(5.12	)		9		0.91	^(c)		1.03	^(c)		0.91	^(c)		1.03	^(c)		85




	39.84		13.25			4,363,868		1.16			0.57			1.16			0.57			74
	38.47		12.42			191,174		1.91			(0.18	)		1.91			(0.18	)		74
	38.23		12.41			348,637		1.91			(0.18	)		1.91			(0.18	)		74
	40.24		13.70			2,644,803		0.76			0.97			0.76			0.97			74
	39.49		13.13			281,788		1.26			0.47			1.26			0.47			74




	36.84		7.14			3,434,753		1.17			0.51			1.19			0.49			49
	35.73		6.34			206,336		1.92			(0.25	)		1.94			(0.27	)		49
	35.52		6.35			353,614		1.92			(0.25	)		1.94			(0.27	)		49
	37.18		7.58			1,837,408		0.77			0.91			0.79			0.90			49
	36.57		7.05			161,237		1.27			0.42			1.29			0.41			49




	36.88		28.68			2,714,610		1.22			0.43			1.23			0.42			58
	35.96		27.76			234,405		1.97			(0.34	)		1.98			(0.35	)		58
	35.76		27.73			360,806		1.97			(0.31	)		1.98			(0.32	)		58
	37.17		29.20			1,253,069		0.82			0.82			0.83			0.81			58
	36.67		28.55			79,224		1.32			0.35			1.33			0.34			58




	30.82		22.24			915,091		1.24			0.37			1.24			0.37			71
	30.23		21.31			148,555		1.99			(0.38	)		1.99			(0.38	)		71
	30.08		21.35			96,007		1.99			(0.37	)		1.99			(0.37	)		71
	31.01		22.71			537,533		0.84			0.78			0.84			0.78			71
	30.68		22.27			13,997		1.34			0.30			1.34			0.30			71

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

GOLDMAN SACHS SMALL CAP VALUE 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 28, (UNAUDITED)


	2009 - A	$	34.71	$	0.13		$	(14.74	)	$	(14.61	)	$	(0.09	)	$	(0.04	)	$	(0.13	)
	2009 - B		30.31		0.03			(12.86	)		(12.83	)		—			(0.04	)		(0.04	)
	2009 - C		30.27		0.03			(12.84	)		(12.81	)		—			(0.04	)		(0.04	)
	2009 - Institutional		36.43		0.19			(15.46	)		(15.27	)		(0.22	)		(0.04	)		(0.26	)
	2009 - Service		34.02		0.11			(14.44	)		(14.33	)		(0.05	)		(0.04	)		(0.09	)
	2009 - IR		34.71		0.16			(14.73	)		(14.57	)		(0.18	)		(0.04	)		(0.22	)
	2009 - R		34.61		0.09			(14.69	)		(14.60	)		(0.02	)		(0.04	)		(0.06	)


FOR THE YEARS ENDED AUGUST 31,


	2008 - A		44.74		0.05			(2.64	)		(2.59	)		—			(7.44	)		(7.44	)
	2008 - B		40.33		(0.20	)		(2.38	)		(2.58	)		—			(7.44	)		(7.44	)
	2008 - C		40.29		(0.21	)		(2.37	)		(2.58	)		—			(7.44	)		(7.44	)
	2008 - Institutional		46.46		0.20			(2.74	)		(2.54	)		(0.05	)		(7.44	)		(7.49	)
	2008 - Service		44.04		—	^(c)		(2.58	)		(2.58	)		—			(7.44	)		(7.44	)
	2008 - IR (Commenced November 30, 2007)		42.18		0.09			(0.06	)		0.03			(0.06	)		(7.44	)		(7.50	)
	2008 - R (Commenced November 30, 2007)		42.18		(0.03	)		(0.06	)		(0.09	)		(0.04	)		(7.44	)		(7.48	)




	2007 - A		43.93		(0.01	)		4.60			4.59			—			(3.78	)		(3.78	)
	2007 - B		40.23		(0.31	)		4.19			3.88			—			(3.78	)		(3.78	)
	2007 - C		40.19		(0.31	)		4.19			3.88			—			(3.78	)		(3.78	)
	2007 - Institutional		45.40		0.18			4.75			4.93			(0.09	)		(3.78	)		(3.87	)
	2007 - Service		43.34		(0.06	)		4.54			4.48			—			(3.78	)		(3.78	)




	2006 - A		43.07		0.02			4.07			4.09			—			(3.23	)		(3.23	)
	2006 - B		39.98		(0.28	)		3.76			3.48			—			(3.23	)		(3.23	)
	2006 - C		39.95		(0.28	)		3.75			3.47			—			(3.23	)		(3.23	)
	2006 - Institutional		44.24		0.19			4.20			4.39			—			(3.23	)		(3.23	)
	2006 - Service		42.58		(0.04	)		4.03			3.99			—			(3.23	)		(3.23	)




	2005 - A		39.25		0.06			6.39	^(e)		6.45			—			(2.63	)		(2.63	)
	2005 - B		36.86		(0.23	)		5.98	^(e)		5.75			—			(2.63	)		(2.63	)
	2005 - C		36.84		(0.23	)		5.97	^(e)		5.74			—			(2.63	)		(2.63	)
	2005 - Institutional		40.09		0.20			6.58	^(e)		6.78			—			(2.63	)		(2.63	)
	2005 - Service		38.86		—	^(c)		6.35	^(e)		6.35			—			(2.63	)		(2.63	)




	2004 - A		33.77		(0.16	)		6.29			6.13			—			(0.65	)		(0.65	)
	2004 - B		31.99		(0.43	)		5.95			5.52			—			(0.65	)		(0.65	)
	2004 - C		31.96		(0.43	)		5.96			5.53			—			(0.65	)		(0.65	)
	2004 - Institutional		34.35		(0.01	)		6.40			6.39			—			(0.65	)		(0.65	)
	2004 - Service		33.48		(0.21	)		6.24			6.03			—			(0.65	)		(0.65	)


(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 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.
(c)	Amount is less than $0.005 per share.
(d)	Annualized.
(e)	Reflects an increase of $0.01 due to payments by affiliates during the period to reimburse certain security claims.


(f)	Performance has not been restated to reflect the impact of security claims recorded during the period. If restated the performance would have been 16.71%, 15.85%, 15.83%, 17.20% and 16.61% for Class A, Class B, Class C, Institutional and Service Shares, respectively.

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

GOLDMAN SACHS SMALL CAP VALUE 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


													��

$	19.97		(42.14	)%	$	415,991		1.50	%^(d)		0.99	%^(d)		1.50	%^(d)		0.99	%^(d)		68	%
	17.44		(42.35	)		20,542		2.25	^(d)		0.23	^(d)		2.25	^(d)		0.23	^(d)		68
	17.42		(42.34	)		33,102		2.25	^(d)		0.23	^(d)		2.25	^(d)		0.23	^(d)		68
	20.90		(42.01	)		464,780		1.10	^(d)		1.41	^(d)		1.10	^(d)		1.41	^(d)		68
	19.60		(42.17	)		29,907		1.60	^(d)		0.87	^(d)		1.60	^(d)		0.87	^(d)		68
	19.92		(42.06	)		6		1.25	^(d)		1.21	^(d)		1.25	^(d)		1.21	^(d)		68
	19.95		(42.21	)		13		1.75	^(d)		0.74	^(d)		1.75	^(d)		0.74	^(d)		68





	34.71		(5.66	)		756,153		1.48			0.11			1.48			0.11			51
	30.31		(6.36	)		41,450		2.23			(0.63	)		2.23			(0.63	)		51
	30.27		(6.36	)		64,587		2.23			(0.63	)		2.23			(0.63	)		51
	36.43		(5.30	)		690,912		1.08			0.50			1.08			0.50			51
	34.02		(5.74	)		61,956		1.58			0.01			1.58			0.01			51
	34.71		0.20			10		1.23	^(d)		0.39	^(d)		1.23	^(d)		0.39	^(d)		51
	34.61		(0.11	)		10		1.73	^(d)		(0.07	)^(d)		1.73	^(d)		(0.07	)^(d)		51




	44.74		10.59			1,003,510		1.46			(0.01	)		1.47			(0.02	)		69
	40.33		9.75			68,532		2.21			(0.74	)		2.22			(0.75	)		69
	40.29		9.76			97,013		2.21			(0.75	)		2.22			(0.76	)		69
	46.46		11.04			801,476		1.06			0.39			1.07			0.38			69
	44.04		10.47			57,875		1.56			(0.13	)		1.57			(0.14	)		69




	43.93		10.01			994,880		1.47			0.04			1.48			0.04			46
	40.23		9.21			83,531		2.22			(0.70	)		2.23			(0.70	)		46
	40.19		9.19			110,108		2.22			(0.70	)		2.23			(0.71	)		46
	45.40		10.45			711,046		1.07			0.43			1.08			0.43			46
	43.34		9.88			45,735		1.58			(0.10	)		1.58			(0.10	)		46




	43.07		16.73	^(f)		1,071,447		1.48			0.14			1.48			0.14			48
	39.98		15.88	^(f)		107,342		2.23			(0.59	)		2.23			(0.59	)		48
	39.95		15.86	^(f)		129,767		2.23			(0.60	)		2.23			(0.60	)		48
	44.24		17.23	^(f)		655,181		1.08			0.48			1.08			0.48			48
	42.58		16.64	^(f)		31,806		1.58			—			1.58			—			48




	39.25		18.30			920,309		1.49			(0.43	)		1.49			(0.43	)		57
	36.86		17.40			114,169		2.24			(1.17	)		2.24			(1.17	)		57
	36.84		17.45			127,560		2.24			(1.18	)		2.24			(1.18	)		57
	40.09		18.76			332,947		1.09			(0.04	)		1.09			(0.04	)		57
	38.86		18.16			19,131		1.59			(0.55	)		1.59			(0.55	)		57

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Fund Expenses — Six Month Period Ended February 28, 2009 (Unaudited)

As a shareholder of Class A, Class B, Class C, Institutional, Service, Class IR or Class R Shares of a Fund, 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 IR and Class R 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, 2008 through February 28, 2009.

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.


	Growth and Income Fund							Large Cap Value Fund							Mid Cap Value Fund							Small Cap Value Fund
													Expenses							Expenses							Expenses
						Expenses Paid							Paid for							Paid for							Paid for
	Beginning		Ending			for the		Beginning		Ending			the		Beginning		Ending			the		Beginning		Ending			the
	Account		Account			6 months		Account		Account			6 months		Account		Account			6 months		Account		Account			6 months
	Value		Value			ended		Value		Value			ended		Value		Value			ended		Value		Value			ended
Share Class	9/1/08		2/28/09			2/28/09*		9/1/08		2/28/09			2/28/09*		9/1/08		2/28/09			2/28/09*		9/1/08		2/28/09			2/28/09*
Class A
Actual	$	1,000.00	$	594.10		$	4.66	$	1,000.00	$	588.10		$	4.69	$	1,000.00	$	570.20		$	4.62	$	1,000.00	$	578.60		$	5.88
Hypothetical 5% return		1,000.00		1,018.94	+		5.91		1,000.00		1,018.91	+		5.96		1,000.00		1,018.91	+		5.94		1,000.00		1,017.34	+		7.52

Class B
Actual		1,000.00		591.90			7.62		1,000.00		586.70			7.63		1,000.00		567.70			7.52		1,000.00		576.50			8.80
Hypothetical 5% return		1,000.00		1,015.22	+		9.64		1,000.00		1,015.19	+		9.69		1,000.00		1,015.19	+		9.67		1,000.00		1,013.63	+		11.24

Class C
Actual		1,000.00		591.70			7.62		1,000.00		586.10			7.63		1,000.00		568.10			7.52		1,000.00		576.60			8.80
Hypothetical 5% return		1,000.00		1,015.22	+		9.64		1,000.00		1,015.19	+		9.69		1,000.00		1,015.19	+		9.67		1,000.00		1,013.63	+		11.24

Institutional
Actual		1,000.00		595.10			3.08		1,000.00		590.00			3.13		1,000.00		571.10			3.07		1,000.00		579.90			4.31
Hypothetical 5% return		1,000.00		1,020.93	+		3.91		1,000.00		1,020.89	+		3.97		1,000.00		1,020.89	+		3.95		1,000.00		1,019.34	+		5.51

Service
Actual		1,000.00		593.70			5.06		1,000.00		588.30			5.09		1,000.00		569.80			5.01		1,000.00		578.30			6.26
Hypothetical 5% return		1,000.00		1,018.45	+		6.41		1,000.00		1,018.41	+		6.47		1,000.00		1,018.41	+		6.44		1,000.00		1,016.86	+		8.00

Class IR
Actual		1,000.00		595.00			3.68		1,000.00		589.20			3.71		1,000.00		570.50			3.66		1,000.00		579.40			4.90
Hypothetical 5% return		1,000.00		1,020.18	+		4.66		1,000.00		1,020.13	+		4.71		1,000.00		1,020.13	+		4.71		1,000.00		1,018.60	+		6.26

Class R#
Actual		1,000.00		593.30			5.65		1,000.00		588.10			3.71		1,000.00		813.00			1.90		1,000.00		577.90			6.85
Hypothetical 5% return		1,000.00		1,017.70	+		7.15		1,000.00		1,017.65	+		7.20		1,000.00		1,005.17	+		2.10		1,000.00		1,016.12	+		8.75

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 28, 2009. 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 IR			Class R

Growth and Income		1.18	%		1.93	%		1.93	%		0.78	%		1.28	%		0.93	%		1.43	%
Large Cap Value		1.19			1.94			1.94			0.79			1.29			0.94			1.44
Mid Cap Value		1.19			1.94			1.94			0.79			1.29			0.94			1.44	#
Small Cap Value		1.50			2.25			2.25			1.10			1.60			1.25			1.75


+	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 Shares of the Mid Cap Value Fund commenced operations on January 6, 2009.

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 $739 billion in assets under management as of December 31, 2008 — our investment professionals bring firsthand knowledge of local markets to every investment decision, making us one of the few truly global asset managers.

GOLDMAN SACHS FUNDS

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


Money Market¹ Fixed Income n Enhanced Income Fund n Ultra-Short Duration Government Fund n Short Duration Government Fund n Short Duration Tax-Free Fund n Municipal Income Fund n Government Income Fund n Inflation Protected Securities Fund n U.S. Mortgages Fund n Core Fixed Income Fund n Core Plus Fixed Income Fund n Investment Grade Credit Fund n Global Income Fund n High Yield Municipal Fund n High Yield Fund n Emerging Markets Debt Fund n Local Emerging Markets Debt Fund		Domestic Equity n Balanced Fund n Growth and Income Fund n Structured Large Cap Value Fund n Large Cap Value Fund n Structured U.S. Equity Fund n Structured Large Cap Growth Fund n Capital Growth Fund n Strategic Growth Fund n All Cap Growth Fund n Concentrated Growth Fund n Tollkeeper Fund^SM n Mid Cap Value Fund n Growth Opportunities Fund n Small/Mid Cap Growth Fund n Structured Small Cap Equity Fund n Structured Small Cap Value Fund n Structured Small Cap Growth Fund n Small Cap Value Fund Fund of Funds²n Asset Allocation Portfolios n Income Strategies Portfolio n Satellite Strategies Portfolio n Enhanced Dividend Global Equity Portfolio n Tax-Advantaged Global Equity Portfolio		Retirement Strategies² International Equity n Structured International Equity Fund n Structured International Equity Flex Fund n Strategic International Equity Fund n Concentrated International Equity Fund n Structured International Small Cap Fund n International Small Cap Fund n Asia Equity Fund n Structured Emerging Markets Equity Fund n Emerging Markets Equity Fund n BRIC Fund (Brazil, Russia, India, China) Specialty²n U.S. Equity Dividend and Premium Fund n International Equity Dividend and Premium Fund n Structured Tax-Managed Equity Fund n Structured International Tax-Managed Equity Fund n Real Estate Securities Fund n International Real Estate Securities Fund n Commodity Strategy Fund n Absolute Return Tracker 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	Individual Funds within the Fund of Funds, 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 Fund of Funds, 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

This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions. It also refers to specific securities which pertains to past performance or is the basis for previously made discretionary investment decisions. It should not be assumed that the recommendations made in the future will be profitable or will equal the performance of the securities discussed in this document. A complete list of recommendations is available upon request. This material should not be construed as research or investment advice, or recommendation to buy or sell investments in the strategy or any other investments mentioned in this report or to follow any investment strategy.

This material has been prepared by GSAM and is not a product of the Goldman Sachs Global Investment Research (GIR) Department. The views and opinions expressed may differ from the views and opinions expressed by the GIR Department or other departments or divisions of Goldman Sachs and its affiliates. Investors are urged to consult with their financial advisors before buying or selling any securities. This information should not be relied upon in making an investment decision. GSAM has no obligation to provide any updates or changes.

Holdings may change by the time you receive this report. The securities discussed do not represent all of the portfolio’s holdings and may represent only a small percentage of the strategy’s portfolio holdings. Future portfolio holdings may not be profitable. The information should not be deemed representative of future characteristics for the strategy.

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. Forms 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, Forms N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

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

	(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.

		Not applicable.


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 6, 2009

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 6, 2009

By:				/s/ John M. Perlowski

				John M. Perlowski
				Treasurer/Principal Financial Officer
				Goldman Sachs Trust

Date:				May 6, 2009

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