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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Peter V. Bonanno, Esq.	Copies to:
Goldman, Sachs & Co.	Geoffrey R.T. Kenyon, Esq.
200 West Street	Dechert LLP
New York, New York 10282	200 Clarendon Street
	27th Floor Boston, MA 02116-5021
(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, 2011

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

Goldman Sachs Funds

Semi-Annual Report	February 28, 2011
	Retirement Strategies Portfolios
	Retirement Strategy 2010 Portfolio
	Retirement Strategy 2015 Portfolio
	Retirement Strategy 2020 Portfolio
	Retirement Strategy 2030 Portfolio
	Retirement Strategy 2040 Portfolio
	Retirement Strategy 2050 Portfolio

Goldman Sachs Retirement Strategies Portfolios

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

TABLE OF CONTENTS
Principal Investment Strategies and Risks	1
Investment Process	2
Market Review	4
Portfolio Management Discussion and Performance Summaries	6
Schedules of Investments	20
Financial Statements	26
Notes to Financial Statements	33
Financial Highlights	44
Other Information	56

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Principal Investment Strategies and Risks

The Retirement Strategies Portfolios are expected to invest all of their assets in a combination of affiliated underlying core equity, core fixed income, and other diversifier funds (“Underlying Funds”). Because the Portfolios are subject to the Underlying Fund expenses as well as their own expenses, the cost of this type of investment may be higher than a mutual fund that only invests in stocks and bonds. The risk factors to which the Portfolios are subject are proportionate to the amount of assets they allocate to each Underlying Fund. As the Portfolios are further away from their target date, the Portfolios will have a higher allocation to equity investments and will therefore have greater risk exposure to those risks associated with equity investments. As the Portfolios approach (and pass) their individual target date, their asset allocations will shift so that they invest a greater percentage of their assets in underlying fixed income funds. The Portfolios will then be more susceptible to the risks associated with fixed income investments.

Some of the risk factors associated with many of the underlying equity and certain of the other diversifier funds include the volatility of U.S. and non-U.S. equity investments, including Real Estate Investment Trusts (REITs)* ; the illiquidity associated with investments in small-capitalization companies; and the political, economic and currency risks of non-U.S. securities, which are particularly significant with respect to equities of issuers located in emerging markets. Some of the risk factors associated with many of the underlying fixed income and certain of the other diversifier funds include prepayment, credit and interest rate risk; the price fluctuations of U.S. government securities in response to changes in interest rates and inflation; the credit risk and volatility of high yield bonds; the volatility of investments in commodities; the political, economic and currency risks of non-U.S. securities, which are particularly significant with respect to issuers located in emerging markets; and financial risks associated with derivative investments.

Each Portfolio employs an asset allocation strategy designed for investors planning to retire at or around age 65 in approximately the calendar year designated in the Portfolio’s name (target date). Approximately five years after a Portfolio’s target date, the Portfolio expects that it will become part of another mutual fund managed by the Investment Adviser, the Goldman Sachs Income Strategies Portfolio, which has a current target allocation of approximately 60% of total assets in fixed income and 40% of total assets in equity. The principal value of a Portfolio is not guaranteed at any time and a Portfolio may experience losses, including near, at, or after the target date. There is no guarantee that a Portfolio will provide adequate income at and through retirement.

* A REIT is a corporation or trust that uses the pooled capital of many investors to purchase and manage income property. REITs are traded on major exchanges just like stocks. Source : InvestorWords.com

          1

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

What Differentiates Goldman Sachs’
Approach to Retirement Strategies?

We believe that strong, consistent investment results through asset allocation are best achieved through teams of experts working together on a global scale.

n	Goldman Sachs’ Quantitative Investment Strategies Teamdetermines the strategic and quarterly tactical asset allocations. The team is comprised of over 110 professionals with significant academic and practitioner experience.
n	Goldman Sachs’ Portfolio Management Teamsoffer expert management of the underlying Goldman Sachs mutual funds in which each Retirement Strategy Portfolio (each, a “Portfolio”) invests. These same teams manage portfolios for institutional and high net worth investors.

Goldman Sachs Asset Allocation Investment Process

Quantitative Investment Strategies Team

Each Retirement Strategy Portfolio represents a diversified global portfolio on the efficient frontier. Aimed at helping investors reach their retirement goals, each Portfolio is designed to invest within a specified core equity, core fixed income and other diversifying asset class range, becoming more conservative as the Portfolio reaches its target date. The long-term strategic asset allocation is the primary source of risk and the corresponding primary determinant of total return. It therefore represents an anchor, or neutral starting point, from which tactical asset allocation decisions are made.

Quantitative Investment Strategies Team

For each Portfolio, the strategic asset allocation is combined with a measured amount of tactical risk. Changing market conditions create opportunities to capitalize on investing in different countries and asset classes relative to others over time. Within each Portfolio, we shift assets away from the strategic allocation (over and underweighting certain asset classes and countries) to seek to benefit from changing conditions in global capital markets.

Using proprietary portfolio construction models to maintain each Portfolio’s original risk/return profile over time, the team makes eight active decisions based on its current outlook on global equity, fixed income and currency markets.

nAsset class selection	Are stocks, bonds or cash more attractive?
nRegional equity selection	Are U.S. or non-U.S. equities more attractive?
nRegional bond selection	Are U.S. or non-U.S. bonds more attractive?
nU.S. equity style selection	Are U.S. value or U.S. growth equities more attractive?
nU.S. equity size selection	Are U.S. large-cap or U.S. small-cap equities more attractive?
nEquity country selection	Which international countries are more attractive?
nHigh yield selection	Are high yield or core fixed income securities more attractive?
nEmerging/developed equity selection	Are emerging or developed equities more attractive?

2          

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Mutual Fund Portfolio Management Teams

Each Portfolio is comprised of underlying Goldman Sachs Mutual Funds managed by broad, deep portfolio management teams. In addition to global tactical asset allocation, we seek to generate excess returns through security selection within each underlying mutual fund. Whether in the core equity, core fixed income or other diversifying asset classes arenas, these portfolio management teams share a commitment to firsthand fundamental research and seek performance driven by successful security selection.

Enhancements Made to Proprietary Quantitative Model during the Six-Month Period Ended February 28, 2011

To construct the Retirement Strategies Portfolios (the “Portfolios”), the Quantitative Investment Strategies (“QIS”) team makes active decisions based on its current outlook on global equity, fixed income and currency markets. On a quarterly basis, in order to benefit from changing conditions in global capital markets, the QIS team shifts assets away from the existing allocation (i.e., tactically tilting the Portfolios’ positions in certain asset classes and countries from their strategic, long-term weights).

The QIS team’s Global Tactical Asset Allocation (GTAA) model, which drives the tactical views implemented in the Portfolios, uses financial and economic factors in seeking to capture intuitive fundamental relationships across markets that are grounded in financial theory and have behavioral or economic motivation. The QIS team’s approach is to combine traditional fundamental analysis with sophisticated quantitative modeling and, through proprietary daily risk models, to carefully construct and manage risk in the Portfolios.

During the six-month period ended February 28, 2011, the QIS team enhanced the GTAA model by refining various signals in its currency, bond and equity strategies. The QIS team believes these enhancements will further add value to its process over time.

          3

MARKET REVIEW

Goldman Sachs Retirement Strategies Portfolios

Market Review

After a slowdown that raised fears of a double dip recession, the global economic recovery regained momentum during the six months ended February 28, 2011 (the “Reporting Period”).

When the Reporting Period began in September 2010, U.S. economic data was mixed. Earlier gains in U.S. industrial production and business investment had leveled out, and though activity slowed across manufacturing and services, these sectors still continued to expand. The exception to this pattern in the U.S. economy was consumer demand, which remained constrained by ongoing job losses and a persistently weak housing market.

Still, as the Reporting Period progressed, investor sentiment was buoyed by strong corporate earnings and confidence in accommodative monetary and fiscal policy, including the formal announcement of a second round of quantitative easing by the Federal Reserve (“the Fed”) in November and the extension of tax cuts by the U.S. government in December. U.S. economic growth increased with the Gross Domestic Product (“GDP”) expanding at an annualized rate of 2.6% in the third quarter and 2.8% in fourth quarter. Robust sales figures, strong increases in purchasing and manufacturing surveys, and increased business spending were reported. Although the labor market did not show a consistently positive trend, conditions began to improve. In December, the unemployment rate declined to 9.4%, with non-farm payrolls showing a modest increase of 103,000 jobs. Although job growth was meager in January, the rate of joblessness fell further to 9.0%. The unemployment rate then dropped to 8.9% in February as non-farm payrolls increased by 192,000 jobs.

The economic recovery continued overseas as well. The Eurozone beat expectations despite the divergence between the economic strength of Germany and the economic contractions in peripheral European Union member states. Growth in many emerging market countries tended to be far more robust than that of their developed market counterparts.

Equity Markets

U.S. and international equity indices posted substantial gains during the Reporting Period, reflecting increased confidence about the global economic recovery. The U.S. equity market, as represented by the Standard & Poor’s 500^® Index (the “S&P 500 Index”), posted a return of 27.73% for the Reporting Period. Notably, the U.S. equity market outpaced the developed international equity markets, as investors gained confidence in the U.S. economic recovery. The MSCI EAFE Index (Net), representing non-U.S. equity markets, rose 23.77%. In the last two months of the Reporting Period, unrest in the Arab nations, particularly the fall of Egypt’s Mubarak government and violent clashes in Libya, prompted investor flows from emerging to developed equity markets, such as the U.S. Still, the emerging equity markets, represented by the MSCI Emerging Markets Index (Net), rose 14.95% for the Reporting Period overall.

From a capitalization perspective within the U.S. equity market, small-cap companies performed best, followed by mid-cap companies and then large-cap companies. Growth stocks outperformed value stocks across the capitalization spectrum. (All as measured by Russell Investments indices.)

4          

MARKET REVIEW

Fixed Income Markets

The fixed income market experienced mixed results during the Reporting Period. In the U.S., government bonds and investment grade corporate bonds were among the weakest-performing sectors with longer-term maturities generally turning in the worst results. High yield corporate bonds posted the largest gains. The Barclays Capital U.S. High Yield Bond Index (2% Cap), up 10.05%, significantly outperformed the Barclays Capital U.S. Aggregate Bond Index, which returned -0.83%.

The global fixed income market, as represented by the Barclays Capital Global Aggregate Bond Index (U.S. dollar hedged), was up 1.77% for the Reporting Period. Emerging markets debt, as represented by the JP Morgan EMBI Global Diversified Index, was relatively flat at -0.52%. During the Reporting Period, there was concern that rising inflation in many of these high growth economies would prompt interest rate increases. Still, both dollar-denominated and local currency emerging market bonds benefited from strong investor demand for higher yields, with local currency bonds receiving additional support from currency appreciation versus the U.S. dollar.

Regional and Sector Preferences

Equities

n Regional — The Quantitative Investment Strategies (“QIS”) team grew increasingly bullish on equities versus fixed income as a result of equities’ inexpensive long-term valuations. The QIS team preferred international equities relative to U.S. equities until the beginning of 2011 when supportive macroeconomic conditions and strong momentum in U.S. stocks led to a shift in preference for U.S. equities over international equities. When the Reporting Period began, the QIS team favored emerging market equities versus developed market equities, becoming relatively neutral at the end of 2010 and then bearish in early 2011 because of expensive valuations, weak momentum and poor investment flows for emerging market equities.

The QIS Team implemented its country level views within the Goldman Sachs Structured International Equity Fund and the Goldman Sachs Structured Emerging Markets Equity Fund, which served as two of the Portfolios’ Underlying Funds.

n Style and Size — Among U.S. equities, the Portfolios were overweight U.S. value stocks at the beginning of the Reporting Period, largely because U.S. value stocks appeared relatively inexpensive compared to U.S. growth stocks. However, in response to weak momentum and lower risk premiums in the fourth quarter of 2010, the QIS team shifted the Portfolios to a neutral position. Throughout the Reporting Period, the Portfolios maintained an overweight to small-cap stocks relative to large-cap stocks. However, near the end of the Reporting Period, as small-cap stocks appeared increasingly expensive versus large-cap stocks, the QIS team moderated its bullish view and slightly reduced the Portfolios’ overweighted position.

Fixed Income

During the Reporting Period, the QIS team preferred international fixed income over U.S. fixed income because of that segment’s relatively less expensive valuations and strong short-term momentum. Within U.S. fixed income, the QIS team favored U.S. high yield bonds over investment-grade bonds because of a supportive interest rate environment and strong momentum.

          5

PORTFOLIO RESULTS

Goldman Sachs Retirement Strategies Portfolios

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Portfolios’ performance and positioning for the six-month period ended February 28, 2011 (the “Reporting Period”).

Q

How did the Goldman Sachs Retirement Strategies Portfolios (the “Portfolios”) perform during the Reporting Period?

A

Goldman Sachs Retirement Strategy 2010 Portfolio — During the Reporting Period, the Portfolio’s Class A, Institutional, IR and R Shares generated cumulative total returns, without sales charges, of 15.42%, 15.59%, 15.60% and 15.32%, respectively. This compares to the 12.76% cumulative total return of the Portfolio’s blended benchmark, which is comprised of the S&P 500® Index, the Barclays Capital U.S. Aggregate Bond Index and the MSCI EAFE Index (Net), during the same period.

Goldman Sachs Retirement Strategy 2015 Portfolio — During the Reporting Period, the Portfolio’s Class A, Institutional, IR and R Shares generated cumulative total returns, without sales charges, of 17.58%, 17.97%, 17.84% and 17.50%, respectively. This compares to the 15.04% cumulative total return of the Portfolio’s blended benchmark, which is comprised of the S&P 500^® Index, the Barclays Capital U.S. Aggregate Bond Index and the MSCI EAFE Index (Net), during the same period.

Goldman Sachs Retirement Strategy 2020 Portfolio — During the Reporting Period, the Portfolio’s Class A, Institutional, IR and R Shares generated cumulative total returns, without sales charges, of 19.67%, 19.80%, 19.78% and 19.52%, respectively. This compares to the 17.02% cumulative total return of the Portfolio’s blended benchmark, which is comprised of the S&P 500^® Index, the Barclays Capital U.S. Aggregate Bond Index and the MSCI EAFE Index (Net), during the same period.

Goldman Sachs Retirement Strategy 2030 Portfolio — During the Reporting Period, the Portfolio’s Class A, Institutional, IR and R Shares generated cumulative total returns, without sales charges, of 22.38%, 22.54%, 22.45% and 22.04%, respectively. This compares to the 19.93% cumulative total return of the Portfolio’s blended benchmark, which is comprised of the S&P 500^® Index, the Barclays Capital U.S. Aggregate Bond Index and the MSCI EAFE Index (Net), during the same period.

Goldman Sachs Retirement Strategy 2040 Portfolio — During the Reporting Period, the Portfolio’s Class A, Institutional, IR and R Shares generated cumulative total returns, without sales charges, of 23.36%, 23.81%, 23.68% and 23.33%, respectively. This compares to the 21.41% cumulative total return of the Portfolio’s blended benchmark, which is comprised of the S&P 500^® Index, the Barclays Capital U.S. Aggregate Bond Index and the MSCI EAFE Index (Net), during the same period.

Goldman Sachs Retirement Strategy 2050 Portfolio — During the Reporting Period, the Portfolio’s Class A, Institutional, IR and R Shares generated cumulative total returns, without sales charges, of 24.90%, 24.96%, 24.83% and 24.77%, respectively. This compares to the 22.83% cumulative total return of the Portfolio’s blended benchmark, which is comprised of the S&P 500^® Index, the Barclays Capital U.S. Aggregate Bond Index and the MSCI EAFE Index (Net), during the same period.

The components of the Portfolios’ blended benchmarks generated cumulative total returns of 27.73%, -0.83% and 23.77% for the S&P 500^® Index, the Barclays Capital U.S. Aggregate Bond Index and the MSCI EAFE Index (Net), respectively, during the same period. The differing returns of the Portfolios’ blended benchmarks reflect the varying percentages of the components comprising each blended benchmark.

Q	What key factors affected the Portfolios’ performance during the Reporting Period?
A	During the Reporting Period, all six Portfolios provided positive results. Our strategic, long-term asset allocation policy and our quarterly tactical decisions added to the Portfolios’ relative performance. The performance of the Underlying Funds overall also enhanced results.
Q	How did Global Tactical Asset Allocation decisions help or hurt the Portfolios’ performance during the Reporting Period?
A	During the Reporting Period, the implementation of our quarterly tactical views contributed to the performance of all six Portfolios.

6          

PORTFOLIO RESULTS

As equities outperformed fixed income during the Reporting Period, our preference for global equities over global fixed income contributed positively.

Within the Portfolios’ equity allocation, an overweighted position to small-cap stocks versus large-cap stocks from the beginning of the Reporting Period through the end of 2010 was advantageous. Small-cap stocks significantly outpaced large-cap stocks during the Reporting Period as a whole. The impact of the Portfolios’ overweight to U.S. value stocks over U.S. growth stocks was flat.

Our preference for developed market stocks over emerging market stocks in January and February 2011 boosted relative results, as developed market stocks outperformed their emerging market counterparts during these months. Our views on domestic equities versus international equities detracted from the Portfolios’ performance during the Reporting Period overall.

In fixed income, the Portfolios’ modestly overweighted position to high yield bonds versus investment-grade bonds enhanced their relative performance. Our preference for international fixed income versus U.S. fixed income detracted slightly from results during the Reporting Period.

Q

How did the Portfolios’ Underlying Funds perform relative to their respective benchmark indices during the Reporting Period?

A

During the Reporting Period, the performance of the Underlying Funds overall enhanced the Portfolios’ results. Among Underlying Core Equity Funds, the Goldman Sachs Structured International Equity Fund and the Goldman Sachs Structured Small Cap Equity Fund performed best relative to their respective benchmark indices. The Goldman Sachs Strategic Growth Fund and the Goldman Sachs Structured Large Cap Growth Fund underperformed most relative to their respective benchmark indices.

Among Underlying Core Fixed Income Funds, the Goldman Sachs Core Fixed Income Fund outperformed most relative to its respective benchmark index. The Goldman Sachs Inflation Protected Securities Fund underperformed most relative to its benchmark index. Among Underlying Other Diversifier Funds, the Goldman Sachs Structured International Small Cap Fund and the Goldman Sachs Structured Emerging Markets Equity Funds performed best relative to their respective benchmark indices. The Goldman Sachs Real Estate Securities Fund and the Goldman Sachs Absolute Return Tracker Fund underperformed most relative to their benchmark indices during the Reporting Period.

Q	How did the Portfolios use derivatives during the Reporting Period?
A	The Portfolios do not directly invest in derivatives. However, some of the Underlying Funds used derivatives during the Reporting Period to apply their active investment views with greater versatility and to afford greater risk management precision. As market conditions warranted during the Reporting Period, some of these Underlying Funds engaged in forward foreign currency exchange contracts, financial futures contracts and swap contracts to enhance return and for hedging purposes.
Q	What tactical changes did you make during the Reporting Period within both the equity and fixed income portions of the Portfolios?
A	We grew increasingly bullish on equities versus fixed income during the Reporting Period. In the fourth quarter of 2010, we favored international equities over U.S. equities. We reversed our view in early 2011 and became bullish on U.S. equities over international equities. Although we favored value stocks over growth stocks at the beginning of the Reporting Period, we adopted a relatively neutral position during the fourth quarter and through the end of the Reporting Period. We moderated our preference for small-cap stocks over large-cap stocks. From an overweight in emerging market equities versus developed market equities, we shifted the Portfolios to a neutral position during the fourth calendar quarter and then to an underweight in early 2011.

In fixed income, we moderated the Portfolios’ overweight to non-U.S. fixed income versus U.S. fixed income. Throughout the Reporting Period, the Portfolios remained consistently overweight to U.S. high yield bonds relative to investment-grade bonds.

Q

What was the Portfolios’ tactical view and strategy at the end of the Reporting Period?

A

As of February 28, 2011, we remained bullish on stocks relative to bonds because of, in our view, equities’ inexpensive long-term valuations. Within the U.S. equity market, the Portfolios were neutral value stocks versus growth stocks and overweight small-cap stocks versus large-cap stocks. The Portfolios were overweight U.S. equities relative to international equities. We favored developed market stocks versus the stocks of emerging nations, and we continued to have a preference for international fixed income relative to U.S. fixed income. We were slightly bullish on high yield bonds relative to investment-grade fixed income.

          7

FUND BASICS

Retirement Strategy 2010 Portfolio

as of February 28, 2011

    PERFORMANCE REVIEW

September 1, 2010–February 28, 2011	Portfolio Total Return (based on NAV)1
Class A		15.42	%
Institutional		15.59
Class IR		15.60
Class R		15.32

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

    STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS²

For the period ended 12/31/10	One Year			Since Inception			Inception Date
Class A		4.01	%		-2.38	%	9/5/07
Institutional		10.59			-0.30		9/5/07
Class IR		10.46			-1.39		11/30/07
Class R		9.89			-1.88		11/30/07

2

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. Because Institutional, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns.

The returns represent past performance. Past performance does not guarantee future results. The Portfolio’s 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 Portfolio distributions or the redemption of Portfolio shares.

    EXPENSE RATIOS³

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.25	%		2.76	%
Institutional		0.85			2.36
Class IR		1.00			2.51
Class R		1.50			3.01

³ The expense ratios of the Portfolio, 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 Prospectus for the Portfolio and may differ from the expense ratios disclosed in the Financial Highlights in this report due to Underlying Fund fees and expenses. Applicable waivers and expense limitations may be modified or terminated in the future, consistent with the terms of any agreements in place. If this occurs, the expense ratios may change without shareholder approval.

8          

FUND BASICS

    OVERALL UNDERLYING FUND WEIGHTINGS⁴

Percentage of Net Assets

⁴ The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities.

          9

FUND BASICS

Retirement Strategy 2015 Portfolio

as of February 28, 2011

    PERFORMANCE REVIEW

September 1, 2010–February 28, 2011	Portfolio Total Return (based on NAV)1
Class A		17.58	%
Institutional		17.97
Class IR		17.84
Class R		17.50

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

    STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS²

For the period ended 12/31/10	One Year			Since Inception			Inception Date
Class A		4.33	%		-3.45	%	9/5/07
Institutional		10.91			-1.40		9/5/07
Class IR		10.63			-2.50		11/30/07
Class R		10.09			-3.00		11/30/07

2

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. Because Institutional, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns.

The returns represent past performance. Past performance does not guarantee future results. The Portfolio’s 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 Portfolio distributions or the redemption of Portfolio shares.

    EXPENSE RATIOS³

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.28	%		2.87	%
Institutional		0.88			2.47
Class IR		1.03			2.62
Class R		1.53			3.12

³ The expense ratios of the Portfolio, 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 Prospectus for the Portfolio and may differ from the expense ratios disclosed in the Financial Highlights in this report due to Underlying Fund fees and expenses. Applicable waivers and expense limitations may be modified or terminated in the future, consistent with the terms of any agreements in place. If this occurs, the expense ratios may change without shareholder approval.

10          

FUND BASICS

    OVERALL UNDERLYING FUND WEIGHTINGS⁴

Percentage of Net Assets

⁴ The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities.

          11

FUND BASICS

Retirement Strategy 2020 Portfolio

as of February 28, 2011

    PERFORMANCE REVIEW

September 1, 2010–February 28, 2011	Portfolio Total Return (based on NAV)1
Class A		19.67	%
Institutional		19.80
Class IR		19.78
Class R		19.52

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

    STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS²

For the period ended 12/31/10	One Year			Since Inception			Inception Date
Class A		4.81	%		-4.31	%	9/5/07
Institutional		11.24			-2.29		9/5/07
Class IR		11.36			-3.36		11/30/07
Class R		10.61			-3.87		11/30/07

2

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. Because Institutional, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns.

The returns represent past performance. Past performance does not guarantee future results. The Portfolio’s 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 Portfolio distributions or the redemption of Portfolio shares.

    EXPENSE RATIOS³

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.30	%		2.66	%
Institutional		0.90			2.26
Class IR		1.05			2.41
Class R		1.55			2.91

³ The expense ratios of the Portfolio, 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 Prospectus for the Portfolio and may differ from the expense ratios disclosed in the Financial Highlights in this report due to Underlying Fund fees and expenses. Applicable waivers and expense limitations may be modified or terminated in the future, consistent with the terms of any agreements in place. If this occurs, the expense ratios may change without shareholder approval.

12          

FUND BASICS

    OVERALL UNDERLYING FUND WEIGHTINGS⁴

Percentage of Net Assets

⁴ The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities.

          13

FUND BASICS

Retirement Strategy 2030 Portfolio

as of February 28, 2011

    PERFORMANCE REVIEW

September 1, 2010–February 28, 2011	Portfolio Total Return (based on NAV)1
Class A		22.38	%
Institutional		22.54
Class IR		22.45
Class R		22.04

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

    STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS²

For the period ended 12/31/10	One Year			Since Inception			Inception Date
Class A		5.28	%		-5.51	%	9/5/07
Institutional		11.94			-3.51		9/5/07
Class IR		11.69			-4.63		11/30/07
Class R		11.25			-5.10		11/30/07

2

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. Because Institutional, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns.

The returns represent past performance. Past performance does not guarantee future results. The Portfolio’s 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 Portfolio distributions or the redemption of Portfolio shares.

    EXPENSE RATIOS³

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.32	%		2.34	%
Institutional		0.92			1.94
Class IR		1.07			2.09
Class R		1.57			2.59

³ The expense ratios of the Portfolio, 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 Prospectus for the Portfolio and may differ from the expense ratios disclosed in the Financial Highlights in this report due to Underlying Fund fees and expenses. Applicable waivers and expense limitations may be modified or terminated in the future, consistent with the terms of any agreements in place. If this occurs, the expense ratios may change without shareholder approval.

14          

FUND BASICS

    OVERALL UNDERLYING FUND WEIGHTINGS⁴

Percentage of Net Assets

⁴ The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities.

          15

FUND BASICS

Retirement Strategy 2040 Portfolio

as of February 28, 2011

    PERFORMANCE REVIEW

September 1, 2010–February 28, 2011	Portfolio Total Return (based on NAV)1
Class A		23.36	%
Institutional		23.81
Class IR		23.68
Class R		23.33

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

    STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS²

For the period ended 12/31/10	One Year			Since Inception			Inception Date
Class A		5.52	%		-5.89	%	9/5/07
Institutional		12.18			-3.90		9/5/07
Class IR		11.88			-5.02		11/30/07
Class R		11.48			-5.44		11/30/07

2

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. Because Institutional, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns.

The returns represent past performance. Past performance does not guarantee future results. The Portfolio’s 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 Portfolio distributions or the redemption of Portfolio shares.

    EXPENSE RATIOS³

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.34	%		2.86	%
Institutional		0.94			2.46
Class IR		1.09			2.61
Class R		1.59			3.11

³ The expense ratios of the Portfolio, 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 Prospectus for the Portfolio and may differ from the expense ratios disclosed in the Financial Highlights in this report due to Underlying Fund fees and expenses. Applicable waivers and expense limitations may be modified or terminated in the future, consistent with the terms of any agreements in place. If this occurs, the expense ratios may change without shareholder approval.

16          

FUND BASICS

    OVERALL UNDERLYING FUND WEIGHTINGS⁴

Percentage of Net Assets

⁴ The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities.

          17

FUND BASICS

Retirement Strategy 2050 Portfolio

as of February 28, 2011

    PERFORMANCE REVIEW

September 1, 2010–February 28, 2011	Portfolio Total Return (based on NAV)1
Class A		24.90	%
Institutional		24.96
Class IR		24.83
Class R		24.77

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

    STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS²

For the period ended 12/31/10	One Year			Since Inception			Inception Date
Class A		5.84	%		-6.14	%	9/5/07
Institutional		12.50			-4.17		9/5/07
Class IR		12.37			-5.31		11/30/07
Class R		11.60			-5.82		11/30/07

2

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. Because Institutional, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns.

The returns represent past performance. Past performance does not guarantee future results. The Portfolio’s 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 Portfolio distributions or the redemption of Portfolio shares.

    EXPENSE RATIOS³

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.34	%		3.35	%
Institutional		0.94			2.95
Class IR		1.09			3.10
Class R		1.59			3.60

³ The expense ratios of the Portfolio, 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 Prospectus for the Portfolio and may differ from the expense ratios disclosed in the Financial Highlights in this report due to Underlying Fund fees and expenses. Applicable waivers and expense limitations may be modified or terminated in the future, consistent with the terms of any agreements in place. If this occurs, the expense ratios may change without shareholder approval.

18          

FUND BASICS

    OVERALL UNDERLYING FUND WEIGHTINGS⁴

Percentage of Net Assets

⁴ The Portfolio is actively managed and, as such, its composition may differ over time. The percentage shown for each underlying fund reflects the value of that underlying fund as a percentage of net assets of the Portfolio. Figures in the above graph may not sum to 100% due to rounding and/or the exclusion of other assets and liabilities.

          19

GOLDMAN SACHS RETIREMENT STRATEGY 2010 PORTFOLIO

Schedule of Investments

February 28, 2011 (Unaudited)

Shares		Description	Value
Underlying Funds (Institutional Shares)(a) – 100.5%
Underlying Core Equity Funds – 50.9%
	236,674	Goldman Sachs Structured International Equity Fund – 21.1%	$	2,631,812
	87,187	Goldman Sachs Structured Large Cap Growth Fund – 9.1%		1,136,923
	103,458	Goldman Sachs Structured Large Cap Value Fund – 8.9%		1,111,144
	40,097	Goldman Sachs Structured Small Cap Equity Fund – 4.2%		525,675
	43,887	Goldman Sachs Strategic Growth Fund – 3.8%		475,734
	37,630	Goldman Sachs Large Cap Value Fund – 3.8%		473,387
				6,354,675
Underlying Core Fixed Income Funds – 25.5%
	146,532	Goldman Sachs Inflation Protected Securities Fund – 12.8%		1,598,659
	79,464	Goldman Sachs Global Income Fund – 8.1%		1,008,404
	58,672	Goldman Sachs Core Fixed Income Fund – 4.6%		578,503
				3,185,566
Underlying Other Diversifier Funds – 24.1%
	99,323	Goldman Sachs Commodity Strategy Fund – 5.2%		653,545
	59,715	Goldman Sachs Absolute Return Tracker Fund – 4.5%		564,307
	45,113	Goldman Sachs Structured International Small Cap Fund – 3.3%		406,469
	44,404	Goldman Sachs Structured Emerging Markets Equity Fund – 3.2%		394,756
	32,451	Goldman Sachs High Yield Fund – 1.9%		241,757
	14,539	Goldman Sachs Real Estate Securities Fund – 1.6%		198,025
	31,010	Goldman Sachs International Real Estate Securities Fund – 1.6%		196,290
	19,007	Goldman Sachs Local Emerging Markets Debt Fund – 1.4%		177,716
	13,879	Goldman Sachs Emerging Markets Debt Fund – 1.4%		168,902
				3,001,767
TOTAL UNDERLYING FUNDS (INSTITUTIONAL SHARES) – 100.5%
(Cost $11,042,638)			$	12,542,008
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.5)%				(60,665	)
NET ASSETS – 100.0%			$	12,481,343

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

(a) Represents Affiliated Funds.

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

GOLDMAN SACHS RETIREMENT STRATEGY 2015 PORTFOLIO

Schedule of Investments

February 28, 2011 (Unaudited)

Shares		Description	Value
Underlying Funds (Institutional Shares)(a) – 100.5%
Underlying Core Equity Funds – 58.3%
	281,347	Goldman Sachs Structured International Equity Fund – 24.5%	$	3,128,574
	102,426	Goldman Sachs Structured Large Cap Growth Fund – 10.5%		1,335,629
	121,415	Goldman Sachs Structured Large Cap Value Fund – 10.2%		1,303,999
	51,673	Goldman Sachs Strategic Growth Fund – 4.4%		560,135
	44,247	Goldman Sachs Large Cap Value Fund – 4.4%		556,631
	41,792	Goldman Sachs Structured Small Cap Equity Fund – 4.3%		547,895
				7,432,863
Underlying Core Fixed Income Funds – 17.6%
	103,214	Goldman Sachs Inflation Protected Securities Fund – 8.9%		1,126,063
	63,576	Goldman Sachs Global Income Fund – 6.3%		806,778
	31,259	Goldman Sachs Core Fixed Income Fund – 2.4%		308,214
				2,241,055
Underlying Other Diversifier Funds – 24.6%
	109,621	Goldman Sachs Commodity Strategy Fund – 5.7%		721,308
	59,854	Goldman Sachs Absolute Return Tracker Fund – 4.4%		565,616
	50,274	Goldman Sachs Structured Emerging Markets Equity Fund – 3.5%		446,932
	47,370	Goldman Sachs Structured International Small Cap Fund – 3.4%		426,801
	31,083	Goldman Sachs High Yield Fund – 1.8%		231,572
	14,548	Goldman Sachs Real Estate Securities Fund – 1.6%		198,141
	31,102	Goldman Sachs International Real Estate Securities Fund – 1.5%		196,874
	18,573	Goldman Sachs Local Emerging Markets Debt Fund – 1.4%		173,660
	13,641	Goldman Sachs Emerging Markets Debt Fund – 1.3%		166,009
				3,126,913
TOTAL UNDERLYING FUNDS (INSTITUTIONAL SHARES) – 100.5%
(Cost $10,797,983)			$	12,800,831
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.5)%				(57,693	)
NET ASSETS – 100.0%			$	12,743,138

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

(a) Represents Affiliated Funds.

The accompanying notes are an integral part of these financial statements.          21

GOLDMAN SACHS RETIREMENT STRATEGY 2020 PORTFOLIO

Schedule of Investments

February 28, 2011 (Unaudited)

Shares		Description	Value
Underlying Funds (Institutional Shares)(a) – 100.3%
Underlying Core Equity Funds – 64.7%
	465,122	Goldman Sachs Structured International Equity Fund – 27.6%	$	5,172,161
	167,604	Goldman Sachs Structured Large Cap Growth Fund – 11.6%		2,185,556
	198,600	Goldman Sachs Structured Large Cap Value Fund – 11.4%		2,132,959
	84,529	Goldman Sachs Strategic Growth Fund – 4.9%		916,290
	72,352	Goldman Sachs Large Cap Value Fund – 4.8%		910,185
	62,479	Goldman Sachs Structured Small Cap Equity Fund – 4.4%		819,096
				12,136,247
Underlying Core Fixed Income Funds – 11.1%
	95,673	Goldman Sachs Inflation Protected Securities Fund – 5.6%		1,043,795
	68,552	Goldman Sachs Global Income Fund – 4.6%		869,928
	16,398	Goldman Sachs Core Fixed Income Fund – 0.9%		161,682
				2,075,405
Underlying Other Diversifier Funds – 24.5%
	170,417	Goldman Sachs Commodity Strategy Fund – 6.0%		1,121,343
	77,860	Goldman Sachs Absolute Return Tracker Fund – 3.9%		735,779
	80,576	Goldman Sachs Structured Emerging Markets Equity Fund – 3.8%		716,316
	71,241	Goldman Sachs Structured International Small Cap Fund – 3.4%		641,884
	45,257	Goldman Sachs High Yield Fund – 1.8%		337,166
	20,950	Goldman Sachs Real Estate Securities Fund – 1.5%		285,333
	44,929	Goldman Sachs International Real Estate Securities Fund – 1.5%		284,397
	26,243	Goldman Sachs Local Emerging Markets Debt Fund – 1.3%		245,368
	19,253	Goldman Sachs Emerging Markets Debt Fund – 1.3%		234,306
				4,601,892
TOTAL UNDERLYING FUNDS (INSTITUTIONAL SHARES) – 100.3%
(Cost $15,921,199)			$	18,813,544
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%				(65,159	)
NET ASSETS – 100.0%			$	18,748,385

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

(a) Represents Affiliated Funds.

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

GOLDMAN SACHS RETIREMENT STRATEGY 2030 PORTFOLIO

Schedule of Investments

February 28, 2011 (Unaudited)

Shares		Description	Value
Underlying Funds (Institutional Shares)(a) – 100.5%
Underlying Core Equity Funds – 72.5%
	798,996	Goldman Sachs Structured International Equity Fund – 31.1%	$	8,884,840
	287,439	Goldman Sachs Structured Large Cap Growth Fund – 13.1%		3,748,209
	339,997	Goldman Sachs Structured Large Cap Value Fund – 12.8%		3,651,573
	144,881	Goldman Sachs Strategic Growth Fund – 5.5%		1,570,515
	123,753	Goldman Sachs Large Cap Value Fund – 5.5%		1,556,807
	96,981	Goldman Sachs Structured Small Cap Equity Fund – 4.5%		1,271,417
				20,683,361
Underlying Core Fixed Income Funds – 5.0%
	65,986	Goldman Sachs Inflation Protected Securities Fund – 2.5%		719,911
	55,971	Goldman Sachs Global Income Fund – 2.5%		710,269
				1,430,180
Underlying Other Diversifier Funds – 23.0%
	265,146	Goldman Sachs Commodity Strategy Fund – 6.1%		1,744,659
	133,933	Goldman Sachs Structured Emerging Markets Equity Fund – 4.2%		1,190,668
	110,965	Goldman Sachs Structured International Small Cap Fund – 3.5%		999,791
	101,609	Goldman Sachs Absolute Return Tracker Fund – 3.4%		960,202
	31,395	Goldman Sachs Real Estate Securities Fund – 1.5%		427,600
	67,331	Goldman Sachs International Real Estate Securities Fund – 1.5%		426,208
	45,845	Goldman Sachs High Yield Fund – 1.2%		341,542
	26,246	Goldman Sachs Local Emerging Markets Debt Fund – 0.8%		245,402
	19,338	Goldman Sachs Emerging Markets Debt Fund – 0.8%		235,345
				6,571,417
TOTAL UNDERLYING FUNDS (INSTITUTIONAL SHARES) – 100.5%
(Cost $24,175,313)			$	28,684,958
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.5)%				(141,493	)
NET ASSETS – 100.0%			$	28,543,465

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

(a) Represents Affiliated Funds.

The accompanying notes are an integral part of these financial statements.          23

GOLDMAN SACHS RETIREMENT STRATEGY 2040 PORTFOLIO

Schedule of Investments

February 28, 2011 (Unaudited)

Shares		Description	Value
Underlying Funds (Institutional Shares)(a) – 100.4%
Underlying Core Equity Funds – 75.7%
	483,587	Goldman Sachs Structured International Equity Fund – 32.6%	$	5,377,491
	174,266	Goldman Sachs Structured Large Cap Growth Fund – 13.7%		2,272,422
	205,979	Goldman Sachs Structured Large Cap Value Fund – 13.4%		2,212,211
	87,886	Goldman Sachs Strategic Growth Fund – 5.8%		952,682
	75,052	Goldman Sachs Large Cap Value Fund – 5.7%		944,159
	56,382	Goldman Sachs Structured Small Cap Equity Fund – 4.5%		739,169
				12,498,134
Underlying Core Fixed Income Funds – 3.0%
	38,723	Goldman Sachs Global Income Fund – 3.0%		491,389
Underlying Other Diversifier Funds – 21.7%
	152,013	Goldman Sachs Commodity Strategy Fund – 6.1%		1,000,248
	80,021	Goldman Sachs Structured Emerging Markets Equity Fund – 4.3%		711,387
	64,617	Goldman Sachs Structured International Small Cap Fund – 3.5%		582,203
	54,741	Goldman Sachs Absolute Return Tracker Fund – 3.1%		517,303
	17,974	Goldman Sachs Real Estate Securities Fund – 1.5%		244,799
	38,585	Goldman Sachs International Real Estate Securities Fund – 1.5%		244,245
	15,958	Goldman Sachs High Yield Fund – 0.7%		118,886
	9,079	Goldman Sachs Local Emerging Markets Debt Fund – 0.5%		84,884
	6,663	Goldman Sachs Emerging Markets Debt Fund – 0.5%		81,090
				3,585,045
TOTAL UNDERLYING FUNDS (INSTITUTIONAL SHARES) – 100.4%
(Cost $13,606,017)			$	16,574,568
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.4)%				(64,747	)
NET ASSETS – 100.0%			$	16,509,821

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

(a) Represents Affiliated Funds.

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

GOLDMAN SACHS RETIREMENT STRATEGY 2050 PORTFOLIO

Schedule of Investments

February 28, 2011 (Unaudited)

Shares		Description	Value
Underlying Funds (Institutional Shares)(a) – 100.4%
Underlying Core Equity Funds – 78.8%
	381,747	Goldman Sachs Structured International Equity Fund – 33.9%	$	4,245,026
	137,953	Goldman Sachs Structured Large Cap Growth Fund – 14.4%		1,798,903
	163,031	Goldman Sachs Structured Large Cap Value Fund – 14.0%		1,750,958
	69,574	Goldman Sachs Strategic Growth Fund – 6.0%		754,184
	59,435	Goldman Sachs Large Cap Value Fund – 6.0%		747,688
	42,965	Goldman Sachs Structured Small Cap Equity Fund – 4.5%		563,265
				9,860,024
Underlying Core Fixed Income Funds – 1.1%
	10,836	Goldman Sachs Global Income Fund – 1.1%		137,508
Underlying Other Diversifier Funds – 20.5%
	114,186	Goldman Sachs Commodity Strategy Fund – 6.0%		751,343
	62,686	Goldman Sachs Structured Emerging Markets Equity Fund – 4.4%		557,279
	49,315	Goldman Sachs Structured International Small Cap Fund – 3.5%		444,328
	38,799	Goldman Sachs Absolute Return Tracker Fund – 2.9%		366,650
	13,499	Goldman Sachs Real Estate Securities Fund – 1.5%		183,851
	29,008	Goldman Sachs International Real Estate Securities Fund – 1.5%		183,620
	4,476	Goldman Sachs High Yield Fund – 0.3%		33,349
	2,548	Goldman Sachs Local Emerging Markets Debt Fund – 0.2%		23,827
	1,847	Goldman Sachs Emerging Markets Debt Fund – 0.2%		22,478
				2,566,725
TOTAL UNDERLYING FUNDS (INSTITUTIONAL SHARES) – 100.4%
(Cost $10,304,805)			$	12,564,257
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.4)%				(55,620	)
NET ASSETS – 100.0%			$	12,508,637

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

(a) Represents Affiliated Funds.

The accompanying notes are an integral part of these financial statements.          25

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Statements of Assets and Liabilities

February 28, 2011 (Unaudited)

	Retirement
	Strategy 2010
	Portfolio
Assets:
Investments in Affiliated Underlying Funds, at value (identified cost $11,042,638, $10,797,983, $15,921,199, $24,175,313, $13,606,017 and $10,304,805, respectively)	$	12,542,008
Cash		5,690
Receivables:
Dividends		6,309
Reimbursement from investment adviser		1,776
Portfolio shares sold		1,912
Total assets		12,557,695
Liabilities:
Payables:
Investment securities purchased		11,999
Amounts owed to affiliates		3,948
Portfolio shares redeemed		625
Accrued expenses		59,780
Total liabilities		76,352
Net Assets:
Paid-in capital		13,243,140
Accumulated undistributed (distributions in excess of) net investment income		(89,005	)
Accumulated net realized loss from investment transactions		(2,172,162	)
Net unrealized gain on investments		1,499,370
NET ASSETS	$	12,481,343
Net Assets:
Class A	$	5,091,467
Institutional		5,284,200
Class IR		9,921
Class R		2,095,755
Total Net Assets	$	12,481,343
Shares Outstanding $0.001 par value (unlimited shares authorized):
Class A		574,359
Institutional		593,556
Class IR		1,116
Class R		236,739
Net asset value, offering and redemption price per share:(a)
Class A		$8.86
Institutional		8.90
Class IR		8.89
Class R		8.85

(a) Maximum public offering price per share (NAV per share multiplied by 1.0582) for Class A Shares of the Retirement Strategy 2010, Retirement Strategy 2015, Retirement Strategy 2020, Retirement Strategy 2030, Retirement Strategy 2040 and Retirement Strategy 2050 Portfolios is $9.38, $9.01, $8.81, $8.50, $8.32 and $8.32, respectively.

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

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Retirement			Retirement			Retirement			Retirement			Retirement
Strategy 2015			Strategy 2020			Strategy 2030			Strategy 2040			Strategy 2050
Portfolio			Portfolio			Portfolio			Portfolio			Portfolio
$	12,800,831		$	18,813,544		$	28,684,958		$	16,574,568		$	12,564,257
	2,433			16,223			57,594			27,198			15,034
	4,977			5,730			5,027			1,425			397
	—			1,573			—			2,141			2,489
	2,871			5,185			16,607			7,179			30,502
	12,811,112			18,842,255			28,764,186			16,612,511			12,612,679
	4,977			21,953			56,551			28,623			40,432
	3,562			5,871			9,923			5,163			2,707
	—			7,238			95,440			9,822			1,624
	59,435			58,808			58,807			59,082			59,279
	67,974			93,870			220,721			102,690			104,042
	13,835,858			18,955,968			27,178,649			16,978,230			13,852,248
	(64,216	)		(72,321	)		(63,562	)		19,229			97,035
	(3,031,352	)		(3,027,607	)		(3,081,267	)		(3,456,189	)		(3,700,098	)
	2,002,848			2,892,345			4,509,645			2,968,551			2,259,452
$	12,743,138		$	18,748,385		$	28,543,465		$	16,509,821		$	12,508,637
$	4,966,423		$	11,499,513		$	19,379,009		$	10,174,342		$	4,269,082
	6,742,083			6,143,203			7,507,158			5,647,470			8,026,893
	9,626			202,941			9,026			10,208			8,881
	1,025,006			902,728			1,648,272			677,801			203,781
$	12,743,138		$	18,748,385		$	28,543,465		$	16,509,821		$	12,508,637
	583,474			1,380,442			2,414,436			1,294,093			543,441
	788,855			733,853			931,758			715,269			1,016,837
	1,128			24,274			1,125			1,295			1,126
	121,105			108,657			205,729			86,325			25,894
	$8.51			$8.33			$8.03			$7.86			$7.86
	8.55			8.37			8.06			7.90			7.89
	8.54			8.36			8.02			7.89			7.88
	8.46			8.31			8.01			7.85			7.87

The accompanying notes are an integral part of these financial statements.          27

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Statements of Operations

For the Six Months Ended February 28, 2011 (Unaudited)

	Retirement
	Strategy 2010
	Portfolio
Investment income:
Dividends from Affiliated Underlying Funds		$241,459
Expenses:
Professional fees		31,696
Custody and accounting fees		20,790
Registration fees		19,925
Printing and mailing costs		13,525
Distribution and Service fees(a)		11,548
Management fees		9,419
Transfer Agent fees(a)		8,199
Trustee fees		7,948
Other		1,870
Total expenses		124,920
Less — expense reductions		(98,016	)
Net expenses		26,904
NET INVESTMENT INCOME		214,555
Realized and unrealized gain (loss) from investment transactions:
Capital gain distributions from Affiliated Underlying Funds		105,913
Net realized gain (loss) from Affiliated Underlying Funds		583,890
Net change in unrealized gain on Affiliated Underlying Funds		890,960
Net realized and unrealized gain from investment transactions		1,580,763
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,795,318

(a) Class specific Distribution and Service, and Transfer Agent fees were as follows:

	Distribution and Service Fees				Transfer Agent Fees
Portfolio	Class A		Class R		Class A		Institutional		Class IR		Class R
Retirement Strategy 2010	$	7,385	$	4,163	$	5,613	$	995	$	9	$	1,582
Retirement Strategy 2015		6,278		1,949		4,772		1,252		9		741
Retirement Strategy 2020		13,399		1,743		10,183		1,089		149		663
Retirement Strategy 2030		22,007		3,466		16,725		1,215		58		1,318
Retirement Strategy 2040		11,416		1,441		8,676		1,012		9		548
Retirement Strategy 2050		4,702		497		3,574		1,433		7		189

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

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Retirement			Retirement			Retirement			Retirement			Retirement
Strategy 2015			Strategy 2020			Strategy 2030			Strategy 2040			Strategy 2050
Portfolio			Portfolio			Portfolio			Portfolio			Portfolio
	$243,434			$349,646			$532,725			$316,804			$237,374
	31,696			31,696			31,696			31,696			31,696
	20,138			22,511			21,986			21,590			21,241
	18,985			19,754			21,412			20,216			19,042
	13,215			13,523			13,565			13,497			13,482
	8,227			15,142			25,473			12,857			5,199
	9,056			12,766			18,846			11,084			8,350
	6,774			12,084			19,316			10,245			5,203
	7,947			7,948			7,950			7,948			7,946
	1,866			1,903			1,683			1,884			1,540
	117,904			137,327			161,927			131,017			113,699
	(96,021	)		(100,398	)		(102,815	)		(99,492	)		(96,951	)
	21,883			36,929			59,112			31,525			16,748
	221,551			312,717			473,613			285,279			220,626
	79,611			82,802			63,750			4,299			2,570
	345,793			439,274			460,910			303,538			(154,441	)
	1,274,848			2,149,447			3,832,205			2,411,724			2,330,164
	1,700,252			2,671,523			4,356,865			2,719,561			2,178,293
$	1,921,803		$	2,984,240		$	4,830,478		$	3,004,840		$	2,398,919

The accompanying notes are an integral part of these financial statements.          29

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Statements of Changes in Net Assets

	Retirement Strategy 2010 Portfolio						Retirement Strategy 2015 Portfolio
	For the						For the
	Six Months Ended			For the Fiscal			Six Months Ended			For the Fiscal
	February 28, 2011			Year Ended			February 28, 2011			Year Ended
	(Unaudited)			August 31, 2010			(Unaudited)			August 31, 2010
From operations:
Net investment income	$	214,555		$	343,736		$	221,551		$	326,582
Net realized gain (loss) from investment transactions and capital gain distributions		689,803			(154,123	)		425,404			(1,694,640	)
Net change in unrealized gain on investment transactions		890,960			608,254			1,274,848			2,055,822
Net increase in net assets resulting from operations		1,795,318			797,867			1,921,803			687,764
Distributions to shareholders:
From net investment income
Class A Shares		(169,854	)		(167,074	)		(141,662	)		(136,021	)
Institutional Shares		(172,543	)		(273,641	)		(201,695	)		(289,801	)
Class IR Shares		(312	)		(255	)		(275	)		(239	)
Class R Shares		(64,179	)		(217	)		(28,143	)		(842	)
From net realized gains
Class A Shares		—			(511	)		—			—
Institutional Shares		—			(754	)		—			—
Class IR Shares		—			(1	)		—			—
Class R Shares		—			(1	)		—			—
Total distributions to shareholders		(406,888	)		(442,454	)		(371,775	)		(426,903	)
From share transactions:
Proceeds from sales of shares		2,019,065			4,492,766			1,990,625			2,766,367
Reinvestment of distributions		406,210			440,896			370,303			426,903
Cost of shares redeemed		(3,198,892	)		(6,833,914	)		(1,833,183	)		(6,041,445	)
Net increase (decrease) in net assets resulting from share transactions		(773,617	)		(1,900,252	)		527,745			(2,848,175	)
TOTAL INCREASE (DECREASE)		614,813			(1,544,839	)		2,077,773			(2,587,314	)
Net assets:
Beginning of period		11,866,530			13,411,369			10,665,365			13,252,679
End of period	$	12,481,343		$	11,866,530		$	12,743,138		$	10,665,365
Accumulated undistributed (distributions in excess of) net investment income	$	(89,005	)	$	103,328		$	(64,216	)	$	86,008

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

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Retirement Strategy 2020 Portfolio						Retirement Strategy 2030 Portfolio						Retirement Strategy 2040 Portfolio
For the						For the						For the
Six Months Ended			For the Fiscal			Six Months Ended			For the Fiscal			Six Months Ended			For the Fiscal
February 28, 2011			Year Ended			February 28, 2011			Year Ended			February 28, 2011			Year Ended
(Unaudited)			August 31, 2010			(Unaudited)			August 31, 2010			(Unaudited)			August 31, 2010
$	312,717		$	367,262		$	473,613		$	484,914		$	285,279		$	302,306
	522,076			(947,692	)		524,660			(576,560	)		307,837			(1,668,218	)
	2,149,447			1,200,250			3,832,205			738,136			2,411,724			1,790,231
	2,984,240			619,820			4,830,478			646,490			3,004,840			424,319
	(280,175	)		(248,560	)		(400,680	)		(327,021	)		(175,415	)		(179,030	)
	(157,850	)		(276,203	)		(168,089	)		(207,054	)		(112,649	)		(211,378	)
	(5,051	)		(247	)		(1,562	)		(175	)		(189	)		(193	)
	(21,884	)		(2,289	)		(34,327	)		(12,764	)		(11,758	)		(5,401	)
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	(464,960	)		(527,299	)		(604,658	)		(547,014	)		(300,011	)		(396,002	)
	3,629,466			6,286,890			7,165,525			9,572,195			3,068,390			5,216,591
	464,562			527,299			602,424			547,014			299,944			395,688
	(2,444,413	)		(7,791,763	)		(3,194,856	)		(11,462,798	)		(1,347,642	)		(7,810,963	)
	1,649,615			(977,574	)		4,573,093			(1,343,589	)		2,020,692			(2,198,684	)
	4,168,895			(885,053	)		8,798,913			(1,244,113	)		4,725,521			(2,170,367	)
	14,579,490			15,464,543			19,744,552			20,988,665			11,784,300			13,954,667
$	18,748,385		$	14,579,490		$	28,543,465		$	19,744,552		$	16,509,821		$	11,784,300
$	(72,321	)	$	79,922		$	(63,562	)	$	67,483		$	19,229		$	33,961

The accompanying notes are an integral part of these financial statements.          31

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Statements of Changes in Net Assets

	Retirement Strategy 2050 Portfolio
	For the
	Six Months Ended			For the Fiscal
	February 28, 2011			Year Ended
	(Unaudited)			August 31, 2010
From operations:
Net investment income	$	220,626		$	205,101
Net realized loss from investment transactions and capital gain distributions		(151,871	)		(2,166,824	)
Net change in unrealized gain on investment transactions		2,330,164			2,107,719
Net increase in net assets resulting from operations		2,398,919			145,996
Distributions to shareholders:
From net investment income
Class A Shares		(79,043	)		(54,568	)
Institutional Shares		(168,453	)		(172,324	)
Class IR Shares		(180	)		(158	)
Class R Shares		(2,978	)		(227	)
Total distributions to shareholders		(250,654	)		(227,277	)
From share transactions:
Proceeds from sales of shares		1,411,141			2,575,477
Reinvestment of distributions		250,522			227,277
Cost of shares redeemed		(519,731	)		(2,952,052	)
Net increase (decrease) in net assets resulting from share transactions		1,141,932			(149,298	)
TOTAL INCREASE (DECREASE)		3,290,197			(230,579	)
Net assets:
Beginning of period		9,218,440			9,449,019
End of period	$	12,508,637		$	9,218,440
Accumulated undistributed net investment income	$	97,035		$	127,063

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

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Notes to Financial Statements

February 28, 2011 (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 table lists those series of the Trust that are included in this report (collectively, the “Portfolios” or individually a “Portfolio”), along with their corresponding share classes and respective diversification status under the Act:

		Diversified/
Portfolio	Share Classes Offered	Non-diversified
All Retirement Strategies Portfolios	A, Institutional, IR and R	Diversified

Class A Shares are sold with a front-end sales charge of up to 5.50%. Institutional, Class IR and Class R Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”), serves as investment adviser to each Portfolio pursuant to a management agreement (the “Agreement”) with the Trust.

The Portfolios are expected to invest primarily all of their assets in a combination of domestic and international equity, fixed income and other diversifier underlying funds (“Underlying Funds”) which are registered under the Act, for which GSAM and Goldman Sachs Asset Management International (“GSAMI”), affiliates of Goldman Sachs, act as investment advisers.

2. SIGNIFICANT ACCOUNTING POLICIES

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

A. Investment Valuation — The investment valuation policy of the Portfolios, as well as the Underlying Funds, is to value investments at market value. Investments in the Underlying Funds are valued at the net asset value per share (“NAV”) of the Institutional Share class of each Underlying Fund on the day of valuation. Because each Portfolio invests primarily in other mutual funds, that fluctuate in value, the Portfolios’ shares will correspondingly fluctuate in value. The Underlying Funds may invest in debt securities which, if market quotations are readily available, are valued on the basis of quotations furnished by an independent pricing service approved by the trustees or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from bond dealers to determine current value. If accurate quotations are not readily available, or if GSAM or GSAMI believes that such quotations do not accurately reflect fair value, the fair value of the Underlying Funds’ investments may be determined based on yield equivalents, a pricing matrix or other sources, under valuation procedures established by the trustees. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued at amortized cost, which approximates market value.

The Underlying Funds may invest in equity securities and investment companies. 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. Investments in equity securities and investment companies traded on a foreign securities exchange for which an independent fair value service cannot provide a quote are valued daily at their last sale price or official closing price on the principal exchange 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. Unlisted equity securities in the Underlying Funds 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 NAV of the investment company on the valuation date.

          33

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2011 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

The Underlying Funds may also invest in equity securities traded on a foreign securities exchange that are valued daily at fair value determined by an independent fair value service (if available) under valuation procedures approved by the trustees consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchanges. While the independent fair value service may not take into account market or security specific information, under the valuation procedures, these securities might also be fair valued by GSAM or GSAMI by taking into consideration market or security specific information as discussed below.

GSAM or GSAMI, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the previous closing prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining an Underlying Fund’s NAV. Significant events that could affect a large number of securities in a particular market may include, but are not limited to: situations relating to one or more single issuers in a market sector; significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions or market closings; equipment failures; natural or man-made disasters or acts of God; armed conflicts; 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 and Portfolio Share Transactions, and Investment Income — Purchases and sales of the Underlying Funds and Portfolio share transactions are reflected for financial reporting purposes as of the trade date, which may cause the NAV as stated in the accompanying financial statements to be different than the NAV applied to Portfolio share transactions. Realized gains and losses on sales of Underlying Funds are calculated using the identified cost basis. Dividend income, capital gains and return of capital distributions from Underlying Funds are recognized on the ex-dividend date. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted.

Investment income and unrealized and realized gains or losses are allocated daily to each class of shares of the respective Portfolio based upon the relative proportion of net assets of each class.

C. Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Portfolio of the Trust are allocated to the Portfolios on a straight-line and/or pro-rata basis depending upon the nature of the expense and are accrued daily. Non-class specific expenses are allocated daily to each share class of the respective Portfolio based upon the relative proportion of net assets of each class. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agent, and Service fees.

Expenses included in the accompanying financial statements reflect the expenses of each Portfolio and do not include any expenses associated with the Underlying Funds. Because the Underlying Funds have varied expense and fee levels and the Portfolios may own different proportions of Underlying Funds at different times, the amount of fees and expenses incurred indirectly by each Portfolio will vary.

D. Federal Taxes and Distributions to Shareholders — It is each Portfolio’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Portfolios are not required to make any provisions for the payment of federal income tax. 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
Portfolio	Declared/Paid	Declared/Paid
All Retirement Strategies Portfolios	Annually	Annually

34          

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Net capital losses are carried forward to future fiscal 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 gains 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. The source of each Portfolio’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital. Certain components of the Portfolios’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

3. FAIR VALUE OF INVESTMENTS

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 (i.e., the exit price). GAAP 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 are described below:

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 active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar securities, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

All Underlying Funds are classified as Level 1 securities. Please refer to the Schedule of Investments for further detail.

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Portfolios, subject to the general supervision of the trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Portfolios’ business affairs, including providing facilities, GSAM is entitled to a management fee, computed daily and paid monthly, equal to an annual percentage rate of 0.15% of each Portfolio’s average daily net assets. GSAM agreed to waive a portion of its management fee equal to 0.05% of each Portfolio’s average daily net assets through at least December 29, 2011. Prior to such date GSAM may not terminate the agreement without the approval of the trustees.

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

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Portfolios pursuant to a Distribution Agreement, may retain a portion of the Class A front end sales charge. During the six months ended February 28, 2011, Goldman Sachs advised that it did not retain any front end sales charges.

          35

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2011 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

D. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Portfolios for a fee pursuant to a Transfer Agency Agreement. The fees charged for such transfer agency services are computed daily and paid monthly at an annual rate as follows: 0.19% of the average daily net assets for Class A, Class IR and Class R Shares and 0.04% of the average daily net assets for Institutional Shares.

E. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expense” of the Portfolios (excluding management fees, distribution and service fees, transfer agent fees and expenses, taxes, interest, brokerage fees and litigation, indemnification, shareholder meetings and other extraordinary expenses, exclusive of any transfer agent fee credit reductions) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Portfolio. Such Other Expense reimbursements, if any, are computed daily and paid monthly. In addition, the Portfolios are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Portfolios are 0.014%. These Other Expense reimbursements will remain in place through at least December 29, 2011, and prior to such date GSAM may not terminate the arrangements without the approval of the trustees. In addition, the Portfolios have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction in the Portfolios’ expenses.

For the six months ended February 28, 2011, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows (in thousands):

			Other		Total
	Management		Expense		Expense
Portfolio	Fee Waiver		Reimbursements		Reductions
Retirement Strategy 2010	$	3	$	95	$	98
Retirement Strategy 2015		3		93		96
Retirement Strategy 2020		4		96		100
Retirement Strategy 2030		6		97		103
Retirement Strategy 2040		3		96		99
Retirement Strategy 2050		3		94		97

As of February 28, 2011, the amounts owed to affiliates of the Portfolios were as follows (in thousands):

			Distribution
	Management		and Service		Transfer
Portfolio	Fees		Fees		Agent Fees		Total
Retirement Strategy 2010	$	1	$	2	$	1	$	4
Retirement Strategy 2015		1		2		1		4
Retirement Strategy 2020		1		3		2		6
Retirement Strategy 2030		2		5		3		10
Retirement Strategy 2040		1		2		2		5
Retirement Strategy 2050		1		1		1		3

F. Line of Credit Facility — As of February 28, 2011, the Portfolios participated in a $580,000,000 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 its affiliates. Pursuant to the terms of the facility, the Portfolios and other borrowers could

36          

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

increase the credit amount by an additional $340,000,000, for a total of up to $920,000,000. 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 Portfolios based on the amount of the commitment that has not been utilized. For the six months ended February 28, 2011, the Portfolios did not have any borrowings under the facility.

G. Other Transactions with Affiliates — As of February 28, 2011, the Goldman Sachs Group, Inc. was the beneficial owner of the outstanding shares of the Portfolios as follows:

Retirement			Retirement			Retirement			Retirement			Retirement			Retirement
Strategy 2010			Strategy 2015			Strategy 2020			Strategy 2030			Strategy 2040			Strategy 2050
	42	%		38	%		22	%		6	%		24	%		56	%

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of the Underlying Funds for the six months ended February 28, 2011, were as follows:

Portfolio	Purchases		Sales
Retirement Strategy 2010	$	4,080,328	$	4,943,981
Retirement Strategy 2015		3,934,755		3,476,877
Retirement Strategy 2020		6,159,814		4,567,938
Retirement Strategy 2030		10,543,285		5,942,991
Retirement Strategy 2040		5,070,357		3,054,433
Retirement Strategy 2050		2,827,077		1,709,862

6. TAX INFORMATION

As of the most recent fiscal year end, August 31, 2010, the Portfolios’ capital loss carryforwards and certain timing differences on a tax basis were as follows:

	Retirement			Retirement			Retirement			Retirement			Retirement			Retirement
	Strategy			Strategy			Strategy			Strategy			Strategy			Strategy
	2010			2015			2020			2030			2040			2050
Capital loss carryforward:(1)
Expiring 2017	$	—		$	(37,262	)	$	(92,140	)	$	(6,509	)	$	(60,191	)	$	(127,377	)
Expiring 2018		(540,451	)		(331,636	)		(290,270	)		(261,102	)		(337,900	)		(280,682	)
Total capital loss carryforward	$	(540,451	)	$	(368,898	)	$	(382,410	)	$	(267,611	)	$	(398,091	)	$	(408,059	)
Timing differences (post-October loss deferral)	$	(686,257	)	$	(1,427,553	)	$	(691,650	)	$	(428,603	)	$	(929,956	)	$	(1,018,904	)

(1) Expiration occurs on August 31 of the year indicated.

          37

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2011 (Unaudited)

6. TAX INFORMATION (continued)

As of February 28, 2011, the Portfolios’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Retirement			Retirement			Retirement			Retirement			Retirement			Retirement
	Strategy			Strategy			Strategy			Strategy			Strategy			Strategy
	2010			2015			2020			2030			2040			2050
Tax Cost	$	12,674,955		$	12,455,563		$	18,394,855		$	27,084,005		$	16,041,420		$	12,425,396
Gross unrealized gain		1,499,370			2,002,848			2,913,143			4,528,404			2,974,157			2,261,042
Gross unrealized loss		(1,632,317	)		(1,657,580	)		(2,494,454	)		(2,927,451	)		(2,441,009	)		(2,122,181	)
Net unrealized security gain (loss)	$	(132,947	)	$	345,268		$	418,689		$	1,600,953		$	533,148		$	138,861

The difference between GAAP-basis and tax-basis unrealized gains (losses), as of the most recent fiscal year end, is attributable primarily to wash sales and differences related to the tax treatment of Underlying Fund investments.

GSAM has reviewed the Portfolios’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Portfolios’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Portfolios will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

7. OTHER RISKS

Concentration in the Underlying Funds — The investments of a Portfolio are concentrated in the Underlying Funds, and the Portfolio’s investment performance is directly related to the investment performance of the Underlying Funds it holds. A Portfolio that has a relative concentration of its portfolio in a single Underlying Fund may be more susceptible to adverse developments affecting that Underlying Fund, and may be more susceptible to losses because of these developments.

Market and Credit Risks — In the normal course of business, the Portfolios and the Underlying 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 Portfolios and the Underlying Funds may also be exposed to credit risk in the event that an issuer fails to perform or that an institution or entity with which the Portfolios and the Underlying Funds have unsettled or open transaction defaults.

Investing in foreign markets by the Underlying Funds may involve special risks and considerations not typically associated with investing in the U.S. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and capital, and adverse political and economic developments. Moreover, securities issued in these markets may be less liquid, be subject to government ownership controls, have delayed settlements and their prices may be more volatile than those of comparable securities in the U.S.

38          

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

8. INDEMNIFICATIONS

Under the Trust’s organizational documents, its 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 Portfolios. Additionally, in the course of business, the Portfolios enter into contracts that contain a variety of indemnification clauses. The Portfolios’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolios that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

9. SUBSEQUENT EVENTS

Subsequent events after the balance sheet date have been evaluated through the date the financial statements were issued. GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

          39

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2011 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Retirement Strategy 2010 Portfolio
	For the Six Months Ended
	February 28, 2011						For the Fiscal Year Ended
	(Unaudited)						August 31, 2010
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		48,814		$	418,138			501,992		$	4,060,841
Reinvestment of distributions		19,810			169,176			21,016			166,029
Shares redeemed		(366,762	)		(3,134,109	)		(309,012	)		(2,497,613	)
		(298,138	)		(2,546,795	)		213,996			1,729,257
Institutional Shares
Shares sold		1,235			10,052			11			85
Reinvestment of distributions		20,134			172,543			34,602			274,394
Shares redeemed		(3	)		(24	)		(538,901	)		(4,300,078	)
		21,366			182,571			(504,288	)		(4,025,599	)
Class IR Shares
Shares sold		—			—			1			10
Reinvestment of distributions		36			312			33			256
Shares redeemed		—			—			(1	)		(10	)
		36			312			33			256
Class R Shares
Shares sold		186,346			1,590,875			53,790			431,830
Reinvestment of distributions		7,524			64,179			27			217
Shares redeemed		(7,458	)		(64,759	)		(4,532	)		(36,213	)
		186,412			1,590,295			49,285			395,834
NET INCREASE (DECREASE)		(90,324	)	$	(773,617	)		(240,974	)	$	(1,900,252	)

40          

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Retirement Strategy 2015 Portfolio												Retirement Strategy 2020 Portfolio
For the Six Months Ended												For the Six Months Ended
February 28, 2011						For the Fiscal Year Ended						February 28, 2011						For the Fiscal Year Ended
(Unaudited)						August 31, 2010						(Unaudited)						August 31, 2010
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
	84,808		$	698,263			315,659		$	2,412,364			215,662		$	1,734,254			703,049		$	5,227,980
	17,202			140,540			18,160			136,021			35,190			280,114			34,284			248,560
	(211,409	)		(1,710,268	)		(228,949	)		(1,730,992	)		(269,942	)		(2,140,848	)		(422,547	)		(3,103,896	)
	(109,399	)		(871,465	)		104,870			817,393			(19,090	)		(126,480	)		314,786			2,372,644
	59,793			476,649			28,244			211,175			150,343			1,158,684			98,490			718,892
	24,584			201,345			38,537			289,801			19,689			157,513			37,992			276,203
	(12,038	)		(100,469	)		(571,179	)		(4,300,078	)		(30,265	)		(242,066	)		(633,384	)		(4,600,078	)
	72,339			577,525			(504,398	)		(3,799,102	)		139,767			1,074,131			(496,902	)		(3,604,983	)
	—			—			3			25			11,567			92,364			13,842			102,839
	34			275			32			239			632			5,051			34			247
	—			—			(3	)		(25	)		(1,886	)		(15,313	)		(973	)		(6,952	)
	34			275			32			239			10,313			82,102			12,903			96,134
	101,095			815,713			18,804			142,803			82,345			644,164			32,305			237,179
	3,466			28,143			112			842			2,753			21,884			316			2,289
	(2,726	)		(22,446	)		(1,289	)		(10,350	)		(5,904	)		(46,186	)		(10,936	)		(80,837	)
	101,835			821,410			17,627			133,295			79,194			619,862			21,685			158,631
	64,809		$	527,745			(381,869	)	$	(2,848,175	)		210,184		$	1,649,615			(147,528	)	$	(977,574	)

          41

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2011 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (continued)

	Retirement Strategy 2030 Portfolio
	For the Six Months Ended
	February 28, 2011						For the Fiscal Year Ended
	(Unaudited)						August 31, 2010
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		365,292		$	2,787,623			1,116,258		$	7,844,983
Reinvestment of distributions		52,214			399,439			47,463			327,021
Shares redeemed		(374,949	)		(2,805,056	)		(708,464	)		(4,952,098	)
		42,557			382,006			455,257			3,219,906
Institutional Shares
Shares sold		508,060			3,726,103			182,548			1,297,065
Reinvestment of distributions		21,786			167,096			29,964			207,054
Shares redeemed		(33,975	)		(263,218	)		(929,081	)		(6,419,968	)
		495,871			3,629,981			(716,569	)		(4,915,849	)
Class IR Shares
Shares sold		776			6,053			6,727			49,683
Reinvestment of distributions		204			1,562			25			175
Shares redeemed		(7,675	)		(61,787	)		(4	)		(25	)
		(6,695	)		(54,172	)		6,748			49,833
Class R Shares
Shares sold		86,211			645,746			54,419			380,464
Reinvestment of distributions		4,493			34,327			1,853			12,764
Shares redeemed		(8,328	)		(64,795	)		(12,853	)		(90,707	)
		82,376			615,278			43,419			302,521
NET INCREASE (DECREASE)		614,109		$	4,573,093			(211,145	)	$	(1,343,589	)

42          

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Retirement Strategy 2040 Portfolio												Retirement Strategy 2050 Portfolio
For the Six Months Ended												For the Six Months Ended
February 28, 2011						For the Fiscal Year Ended						February 28, 2011						For the Fiscal Year Ended
(Unaudited)						August 31, 2010						(Unaudited)						August 31, 2010
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
	226,626		$	1,678,097			688,543		$	4,691,732			101,852		$	749,975			291,151		$	1,958,294
	23,442			175,348			26,714			178,716			10,580			79,035			8,194			54,568
	(153,540	)		(1,136,311	)		(511,127	)		(3,479,427	)		(48,655	)		(360,103	)		(178,730	)		(1,211,665	)
	96,528			717,134			204,130			1,391,021			63,777			468,907			120,615			801,197
	170,499			1,184,091			45,119			310,880			88,453			637,053			43,300			290,258
	15,000			112,649			31,502			211,378			22,444			168,329			25,797			172,324
	(22,937	)		(172,777	)		(648,040	)		(4,327,298	)		(13,488	)		(100,235	)		(256,120	)		(1,611,845	)
	162,562			1,123,963			(571,419	)		(3,805,040	)		97,409			705,147			(187,023	)		(1,149,263	)
	185			1,386			173			1,223			—			—			7			46
	25			189			29			193			24			180			23			158
	(197	)		(1,499	)		(4	)		(27	)		—			—			(7	)		(46	)
	13			76			198			1,389			24			180			23			158
	27,536			204,816			31,348			212,756			3,239			24,113			48,183			326,879
	1,572			11,758			807			5,401			398			2,978			34			227
	(4,851	)		(37,055	)		(610	)		(4,211	)		(8,090	)		(59,393	)		(19,048	)		(128,496	)
	24,257			179,519			31,545			213,946			(4,453	)		(32,302	)		29,169			198,610
	283,360		$	2,020,692			(335,546	)	$	(2,198,684	)		156,757		$	1,141,932			(37,216	)	$	(149,298	)

          43

GOLDMAN SACHS RETIREMENT STRATEGY 2010 PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from									Distributions
			investment operations									to shareholders
	Net asset
	value,		Net			Net realized			Total from			From net			From net
	beginning		investment			and unrealized			investment			investment			realized			Total
Year - Share Class	of period		income(a)			gain (loss)			operations			income			gains			distributions
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2011 - A	$	7.91	$	0.14	(d)	$	1.07		$	1.21		$	(0.26	)	$	—		$	(0.26	)
2011 - Institutional		7.97		0.16	(d)		1.07			1.23			(0.30	)		—			(0.30	)
2011 - IR		7.95		0.15	(d)		1.08			1.23			(0.29	)		—			(0.29	)
2011 - R		7.93		0.15	(d)		1.05			1.20			(0.28	)		—			(0.28	)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2010 - A		7.69		0.17	(d)		0.28			0.45			(0.23	)		—	(e)		(0.23	)
2010 - Institutional		7.74		0.24	(d)		0.24			0.48			(0.25	)		—	(e)		(0.25	)
2010 - IR		7.72		0.20	(d)		0.27			0.47			(0.24	)		—	(e)		(0.24	)
2010 - R		7.71		0.07	(d)		0.36			0.43			(0.21	)		—	(e)		(0.21	)
2009 - A		9.03		0.26	(d)		(1.29	)		(1.03	)		(0.24	)		(0.07	)		(0.31	)
2009 - Institutional		9.06		0.28	(d)		(1.28	)		(1.00	)		(0.25	)		(0.07	)		(0.32	)
2009 - IR		9.04		0.27	(d)		(1.28	)		(1.01	)		(0.24	)		(0.07	)		(0.31	)
2009 - R		9.01		0.24	(d)		(1.28	)		(1.04	)		(0.19	)		(0.07	)		(0.26	)
FOR THE PERIOD ENDED AUGUST 31,
2008 - A (Commenced September 5, 2007)		10.00		0.30			(1.01	)		(0.71	)		(0.20	)		(0.06	)		(0.26	)
2008 - Institutional (Commenced September 5, 2007)		10.00		0.32			(0.98	)		(0.66	)		(0.22	)		(0.06	)		(0.28	)
2008 - IR (Commenced November 30, 2007)		10.28		0.32			(1.28	)		(0.96	)		(0.22	)		(0.06	)		(0.28	)
2008 - R (Commenced November 30, 2007)		10.28		0.31			(1.31	)		(1.00	)		(0.21	)		(0.06	)		(0.27	)

(a)	Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.
(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 a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.
(c)	Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.
(d)	Calculated based on the average shares outstanding methodology.
(e)	Amount is less than $0.005 per share.
(f)	Annualized.

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

GOLDMAN SACHS RETIREMENT STRATEGY 2010 PORTFOLIO

													Ratio of
					Net assets,		Ratio of			Ratio of			net investment
Net asset					end of		net expenses			total expenses			income			Portfolio
value, end		Total			period		to average			to average			to average			turnover
of period		return(b)			(in 000s)		net assets(c)			net assets(c)			net assets(a)			rate
$	8.86		15.42	%	$	5,091		0.55	%(f)		2.11	%(f)		3.17	%(f)		32	%
	8.90		15.59			5,284		0.15	(f)		1.71	(f)		3.69	(f)		32
	8.89		15.60			10		0.30	(f)		1.86	(f)		3.54	(f)		32
	8.85		15.32			2,096		0.80	(f)		2.36	(f)		3.46	(f)		32
	7.91		5.85			6,901		0.55			2.06			2.06			60
	7.97		6.28			4,558		0.15			1.66			2.90			60
	7.95		6.16			9		0.30			1.81			2.43			60
	7.93		5.56			399		0.80			2.31			0.86			60
	7.69		(10.77	)		5,065		0.55			3.16			3.91			54
	7.74		(10.38	)		8,330		0.15			2.76			4.13			54
	7.72		(10.59	)		8		0.30			2.91			3.97			54
	7.71		(10.98	)		8		0.80			3.41			3.50			54
	9.03		(7.27	)		1,604		0.55	(f)		3.54	(f)		2.59	(f)		41
	9.06		(6.85	)		9,296		0.15	(f)		3.14	(f)		2.74	(f)		41
	9.04		(9.58	)		9		0.30	(f)		3.29	(f)		2.37	(f)		41
	9.01		(9.92	)		9		0.80	(f)		3.79	(f)		2.30	(f)		41

The accompanying notes are an integral part of these financial statements.          45

GOLDMAN SACHS RETIREMENT STRATEGY 2015 PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from									Distributions
			investment operations									to shareholders
	Net asset
	value,		Net			Net realized			Total from			From net			From net
	beginning		investment			and unrealized			investment			investment			realized			Total
Year - Share Class	of period		income(a)			gain (loss)			operations			income			gains			distributions
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2011 - A	$	7.44	$	0.14	(d)	$	1.16		$	1.30		$	(0.23	)	$	—		$	(0.23	)
2011 - Institutional		7.48		0.16	(d)		1.17			1.33			(0.26	)		—			(0.26	)
2011 - IR		7.47		0.15	(d)		1.17			1.32			(0.25	)		—			(0.25	)
2011 - R		7.42		0.15	(d)		1.14			1.29			(0.25	)		—			(0.25	)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2010 - A		7.29		0.15	(d)		0.21			0.36			(0.21	)		—			(0.21	)
2010 - Institutional		7.33		0.21	(d)		0.17			0.38			(0.23	)		—			(0.23	)
2010 - IR		7.31		0.18	(d)		0.20			0.38			(0.22	)		—			(0.22	)
2010 - R		7.30		0.08	(d)		0.25			0.33			(0.21	)		—			(0.21	)
2009 - A		8.86		0.23	(d)		(1.45	)		(1.22	)		(0.21	)		(0.14	)		(0.35	)
2009 - Institutional		8.89		0.26	(d)		(1.46	)		(1.20	)		(0.22	)		(0.14	)		(0.36	)
2009 - IR		8.87		0.25	(d)		(1.46	)		(1.21	)		(0.21	)		(0.14	)		(0.35	)
2009 - R		8.84		0.21	(d)		(1.44	)		(1.23	)		(0.17	)		(0.14	)		(0.31	)
FOR THE PERIOD ENDED AUGUST 31,
2008 - A (Commenced September 5, 2007)		10.00		0.30			(1.16	)		(0.86	)		(0.22	)		(0.06	)		(0.28	)
2008 - Institutional (Commenced September 5, 2007)		10.00		0.32			(1.13	)		(0.81	)		(0.24	)		(0.06	)		(0.30	)
2008 - IR (Commenced November 30, 2007)		10.26		0.31			(1.40	)		(1.09	)		(0.24	)		(0.06	)		(0.30	)
2008 - R (Commenced November 30, 2007)		10.26		0.31			(1.44	)		(1.13	)		(0.23	)		(0.06	)		(0.29	)

(a)	Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.
(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 a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.
(c)	Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.
(d)	Calculated based on the average shares outstanding methodology.
(e)	Annualized.

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

GOLDMAN SACHS RETIREMENT STRATEGY 2015 PORTFOLIO

													Ratio of
					Net assets,		Ratio of			Ratio of			net investment
Net asset					end of		net expenses			total expenses			income			Portfolio
value, end		Total			period		to average			to average			to average			turnover
of period		return(b)			(in 000s)		net assets(c)			net assets(c)			net assets(a)			rate
$	8.51		17.58	%	$	4,966		0.55	%(e)		2.14	%(e)		3.43	%(e)		29	%
	8.55		17.97			6,742		0.15	(e)		1.74	(e)		3.86	(e)		29
	8.54		17.84			10		0.30	(e)		1.89	(e)		3.67	(e)		29
	8.46		17.50			1,025		0.80	(e)		2.39	(e)		3.69	(e)		29
	7.44		4.94			5,153		0.55			2.14			2.02			49
	7.48		5.23			5,361		0.15			1.74			2.79			49
	7.47		5.25			8		0.30			1.89			2.34			49
	7.42		4.55			143		0.80			2.39			1.12			49
	7.29		(12.96	)		4,287		0.55			3.23			3.58			39
	7.33		(12.64	)		8,946		0.15			2.83			3.95			39
	7.31		(12.85	)		8		0.30			2.98			3.81			39
	7.30		(13.25	)		12		0.80			3.48			3.30			39
	8.86		(8.80	)		1,741		0.55	(e)		3.57	(e)		2.27	(e)		34
	8.89		(8.38	)		9,855		0.15	(e)		3.17	(e)		2.60	(e)		34
	8.87		(10.90	)		9		0.30	(e)		3.32	(e)		2.79	(e)		34
	8.84		(11.24	)		9		0.80	(e)		3.82	(e)		2.25	(e)		34

The accompanying notes are an integral part of these financial statements.          47

GOLDMAN SACHS RETIREMENT STRATEGY 2020 PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from									Distributions
			investment operations									to shareholders
	Net asset
	value,		Net			Net realized			Total from			From net			From net
	beginning		investment			and unrealized			investment			investment			realized			Total
Year - Share Class	of period		income(a)			gain (loss)			operations			income			gains			distributions
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2011 - A	$	7.14	$	0.14	(d)	$	1.26		$	1.40		$	(0.21	)	$	—		$	(0.21	)
2011 - Institutional		7.19		0.16	(d)		1.25			1.41			(0.23	)		—			(0.23	)
2011 - IR		7.18		0.16	(d)		1.25			1.41			(0.23	)		—			(0.23	)
2011 - R		7.14		0.15	(d)		1.23			1.38			(0.21	)		—			(0.21	)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2010 - A		7.06		0.14	(d)		0.16			0.30			(0.22	)		—			(0.22	)
2010 - Institutional		7.10		0.21	(d)		0.12			0.33			(0.24	)		—			(0.24	)
2010 - IR		7.09		0.09	(d)		0.23			0.32			(0.23	)		—			(0.23	)
2010 - R		7.08		0.09	(d)		0.20			0.29			(0.23	)		—			(0.23	)
2009 - A		8.74		0.19	(d)		(1.57	)		(1.38	)		(0.15	)		(0.15	)		(0.30	)
2009 - Institutional		8.77		0.23	(d)		(1.58	)		(1.35	)		(0.17	)		(0.15	)		(0.32	)
2009 - IR		8.75		0.22	(d)		(1.58	)		(1.36	)		(0.15	)		(0.15	)		(0.30	)
2009 - R		8.72		0.13	(d)		(1.51	)		(1.38	)		(0.11	)		(0.15	)		(0.26	)
FOR THE PERIOD ENDED AUGUST 31,
2008 - A (Commenced September 5, 2007)		10.00		0.30			(1.27	)		(0.97	)		(0.23	)		(0.06	)		(0.29	)
2008 - Institutional (Commenced September 5, 2007)		10.00		0.31			(1.24	)		(0.93	)		(0.24	)		(0.06	)		(0.30	)
2008 - IR (Commenced November 30, 2007)		10.25		0.31			(1.51	)		(1.20	)		(0.24	)		(0.06	)		(0.30	)
2008 - R (Commenced November 30, 2007)		10.25		0.30			(1.53	)		(1.23	)		(0.24	)		(0.06	)		(0.30	)

(a)	Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.
(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 a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.
(c)	Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.
(d)	Calculated based on the average shares outstanding methodology.
(e)	Annualized.

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

GOLDMAN SACHS RETIREMENT STRATEGY 2020 PORTFOLIO

													Ratio of
					Net assets,		Ratio of			Ratio of			net investment
Net asset					end of		net expenses			total expenses			income			Portfolio
value, end		Total			period		to average			to average			to average			turnover
of period		return(b)			(in 000s)		net assets(c)			net assets(c)			net assets(a)			rate
$	8.33		19.67	%	$	11,500		0.55	%(e)		1.73	%(e)		3.51	%(e)		27	%
	8.37		19.80			6,143		0.15	(e)		1.33	(e)		3.98	(e)		27
	8.36		19.78			203		0.30	(e)		1.48	(e)		3.98	(e)		27
	8.31		19.52			903		0.80	(e)		1.98	(e)		3.76	(e)		27
	7.14		4.21			9,999		0.55			1.91			1.95			64
	7.19		4.66			4,270		0.15			1.51			2.82			64
	7.18		4.53			100		0.30			1.66			1.22			64
	7.14		3.98			210		0.80			2.16			1.16			64
	7.06		(15.06	)		7,658		0.55			3.00			3.04			45
	7.10		(14.69	)		7,744		0.15			2.60			3.73			45
	7.09		(14.80	)		8		0.30			2.75			3.58			45
	7.08		(15.21	)		55		0.80			3.25			1.98			45
	8.74		(9.94	)		3,049		0.55	(e)		3.47	(e)		2.06	(e)		33
	8.77		(9.56	)		9,040		0.15	(e)		3.07	(e)		2.48	(e)		33
	8.75		(11.97	)		9		0.30	(e)		3.22	(e)		2.68	(e)		33
	8.72		(12.31	)		9		0.80	(e)		3.72	(e)		2.17	(e)		33

The accompanying notes are an integral part of these financial statements.          49

GOLDMAN SACHS RETIREMENT STRATEGY 2030 PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from									Distributions
			investment operations									to shareholders
	Net asset
	value,		Net			Net realized			Total from			From net			From net
	beginning		investment			and unrealized			investment			investment			realized			Total
Year - Share Class	of period		income(a)			gain (loss)			operations			income			gains			distributions
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2011 - A	$	6.71	$	0.14	(d)	$	1.35		$	1.49		$	(0.17	)	$	—		$	(0.17	)
2011 - Institutional		6.75		0.16	(d)		1.35			1.51			(0.20	)		—			(0.20	)
2011 - IR		6.74		0.15	(d)		1.32			1.47			(0.19	)		—			(0.19	)
2011 - R		6.71		0.14	(d)		1.33			1.47			(0.17	)		—			(0.17	)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2010 - A		6.65		0.13	(d)		0.08			0.21			(0.15	)		—			(0.15	)
2010 - Institutional		6.68		0.21	(d)		0.03			0.24			(0.17	)		—			(0.17	)
2010 - IR		6.67		0.07	(d)		0.16			0.23			(0.16	)		—			(0.16	)
2010 - R		6.66		0.10	(d)		0.11			0.21			(0.16	)		—			(0.16	)
2009 - A		8.53		0.14	(d)		(1.69	)		(1.55	)		(0.18	)		(0.15	)		(0.33	)
2009 - Institutional		8.55		0.20	(d)		(1.73	)		(1.53	)		(0.19	)		(0.15	)		(0.34	)
2009 - IR		8.53		0.20	(d)		(1.73	)		(1.53	)		(0.18	)		(0.15	)		(0.33	)
2009 - R		8.50		0.02	(d)		(1.57	)		(1.55	)		(0.14	)		(0.15	)		(0.29	)
FOR THE PERIOD ENDED AUGUST 31,
2008 - A (Commenced September 5, 2007)		10.00		0.29			(1.45	)		(1.16	)		(0.24	)		(0.07	)		(0.31	)
2008 - Institutional (Commenced September 5, 2007)		10.00		0.30			(1.43	)		(1.13	)		(0.25	)		(0.07	)		(0.32	)
2008 - IR (Commenced November 30, 2007)		10.22		0.30			(1.67	)		(1.37	)		(0.25	)		(0.07	)		(0.32	)
2008 - R (Commenced November 30, 2007)		10.22		0.29			(1.69	)		(1.40	)		(0.25	)		(0.07	)		(0.32	)

(a)	Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.
(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 a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.
(c)	Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.
(d)	Calculated based on the average shares outstanding methodology.
(e)	Annualized.

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

GOLDMAN SACHS RETIREMENT STRATEGY 2030 PORTFOLIO

													Ratio of
					Net assets,		Ratio of			Ratio of			net investment
Net asset					end of		net expenses			total expenses			income			Portfolio
value, end		Total			period		to average			to average			to average			turnover
of period		return(b)			(in 000s)		net assets(c)			net assets(c)			net assets(a)			rate
$	8.03		22.38	%	$	19,379		0.55	%(e)		1.37	%(e)		3.62	%(e)		24	%
	8.06		22.54			7,507		0.15	(e)		0.97	(e)		4.22	(e)		24
	8.02		22.45			9		0.30	(e)		1.12	(e)		3.91	(e)		24
	8.01		22.04			1,648		0.80	(e)		1.62	(e)		3.74	(e)		24
	6.71		3.14			15,923		0.55			1.57			1.92			67
	6.75		3.57			2,941		0.15			1.17			2.99			67
	6.74		3.44			53		0.30			1.32			0.98			67
	6.71		3.02			827		0.80			1.82			1.42			67
	6.65		(17.33	)		12,749		0.55			2.66			2.48			39
	6.68		(16.99	)		7,700		0.15			2.26			3.48			39
	6.67		(17.10	)		7		0.30			2.41			3.37			39
	6.66		(17.52	)		533		0.80			2.91			0.25			39
	8.53		(11.97	)		3,747		0.55	(e)		3.42	(e)		1.91	(e)		39
	8.55		(11.67	)		8,838		0.15	(e)		3.02	(e)		2.33	(e)		39
	8.53		(13.77	)		9		0.30	(e)		3.17	(e)		2.65	(e)		39
	8.50		(14.11	)		9		0.80	(e)		3.67	(e)		2.14	(e)		39

The accompanying notes are an integral part of these financial statements.          51

GOLDMAN SACHS RETIREMENT STRATEGY 2040 PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from									Distributions
			investment operations									to shareholders
	Net asset
	value,		Net			Net realized			Total from			From net			From net
	beginning		investment			and unrealized			investment			investment			realized			Total
Year - Share Class	of period		income(a)			gain (loss)			operations			income			gains			distributions
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2011 - A	$	6.49	$	0.14	(d)	$	1.37		$	1.51		$	(0.14	)	$	—		$	(0.14	)
2011 - Institutional		6.52		0.15	(d)		1.39			1.54			(0.16	)		—			(0.16	)
2011 - IR		6.51		0.15	(d)		1.38			1.53			(0.15	)		—			(0.15	)
2011 - R		6.48		0.14	(d)		1.37			1.51			(0.14	)		—			(0.14	)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2010 - A		6.48		0.12	(d)		0.06			0.18			(0.17	)		—			(0.17	)
2010 - Institutional		6.51		0.18	(d)		0.02			0.20			(0.19	)		—			(0.19	)
2010 - IR		6.49		0.14	(d)		0.06			0.20			(0.18	)		—			(0.18	)
2010 - R		6.49		0.08	(d)		0.08			0.16			(0.17	)		—			(0.17	)
2009 - A		8.45		0.12	(d)		(1.72	)		(1.60	)		(0.16	)		(0.21	)		(0.37	)
2009 - Institutional		8.47		0.20	(d)		(1.77	)		(1.57	)		(0.18	)		(0.21	)		(0.39	)
2009 - IR		8.45		0.19	(d)		(1.78	)		(1.59	)		(0.16	)		(0.21	)		(0.37	)
2009 - R		8.42		0.04	(d)		(1.64	)		(1.60	)		(0.12	)		(0.21	)		(0.33	)
FOR THE PERIOD ENDED AUGUST 31,
2008 - A (Commenced September 5, 2007)		10.00		0.29			(1.52	)		(1.23	)		(0.25	)		(0.07	)		(0.32	)
2008 - Institutional (Commenced September 5, 2007)		10.00		0.30			(1.50	)		(1.20	)		(0.26	)		(0.07	)		(0.33	)
2008 - IR (Commenced November 30, 2007)		10.21		0.30			(1.73	)		(1.43	)		(0.26	)		(0.07	)		(0.33	)
2008 - R (Commenced November 30, 2007)		10.21		0.30			(1.77	)		(1.47	)		(0.25	)		(0.07	)		(0.32	)

(a)	Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.
(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 a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.
(c)	Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.
(d)	Calculated based on the average shares outstanding methodology.
(e)	Annualized.

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

GOLDMAN SACHS RETIREMENT STRATEGY 2040 PORTFOLIO

													Ratio of
					Net assets,		Ratio of			Ratio of			net investment
Net asset					end of		net expenses			total expenses			income			Portfolio
value, end		Total			period		to average			to average			to average			turnover
of period		return(b)			(in 000s)		net assets(c)			net assets(c)			net assets(a)			rate
$	7.86		23.36	%	$	10,174		0.55	%(e)		1.90	%(e)		3.73	%(e)		21	%
	7.90		23.81			5,647		0.15	(e)		1.50	(e)		4.11	(e)		21
	7.89		23.68			10		0.30	(e)		1.65	(e)		4.09	(e)		21
	7.85		23.33			678		0.80	(e)		2.15	(e)		3.83	(e)		21
	6.49		2.66			7,769		0.55			2.07			1.78			63
	6.52		2.94			3,605		0.15			1.67			2.68			63
	6.51		2.97			8		0.30			1.82			1.99			63
	6.48		2.38			402		0.80			2.32			1.19			63
	6.48		(17.91	)		6,435		0.55			3.41			2.24			36
	6.51		(17.53	)		7,314		0.15			3.01			3.45			36
	6.49		(17.77	)		7		0.30			3.16			3.31			36
	6.49		(18.08	)		198		0.80			3.66			0.73			36
	8.45		(12.73	)		1,751		0.55	(e)		3.64	(e)		1.83	(e)		32
	8.47		(12.43	)		8,760		0.15	(e)		3.24	(e)		2.26	(e)		32
	8.45		(14.43	)		9		0.30	(e)		3.39	(e)		2.59	(e)		32
	8.42		(14.77	)		9		0.80	(e)		3.89	(e)		2.08	(e)		32

The accompanying notes are an integral part of these financial statements.          53

GOLDMAN SACHS RETIREMENT STRATEGY 2050 PORTFOLIO

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from									Distributions
			investment operations									to shareholders
	Net asset
	value,		Net			Net realized			Total from			From net			From net
	beginning		investment			and unrealized			investment			investment			realized			Total
Year - Share Class	of period		income(a)			gain (loss)			operations			income			gains			distributions
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2011 - A	$	6.42	$	0.14		$	1.45		$	1.59		$	(0.15	)	$	—		$	(0.15	)
2011 - Institutional		6.46		0.15			1.45			1.60			(0.17	)		—			(0.17	)
2011 - IR		6.45		0.14			1.45			1.59			(0.16	)		—			(0.16	)
2011 - R		6.41		0.12			1.46			1.58			(0.12	)		—			(0.12	)
FOR THE FISCAL YEARS ENDED AUGUST 31,
2010 - A		6.42		0.11	(d)		0.03			0.14			(0.14	)		—			(0.14	)
2010 - Institutional		6.44		0.15	(d)		0.03			0.18			(0.16	)		—			(0.16	)
2010 - IR		6.43		0.13	(d)		0.04			0.17			(0.15	)		—			(0.15	)
2010 - R		6.43		0.01	(d)		0.10			0.11			(0.13	)		—			(0.13	)
2009 - A		8.40		0.10	(d)		(1.74	)		(1.64	)		(0.09	)		(0.25	)		(0.34	)
2009 - Institutional		8.43		0.18	(d)		(1.82	)		(1.64	)		(0.10	)		(0.25	)		(0.35	)
2009 - IR		8.41		0.17	(d)		(1.81	)		(1.64	)		(0.09	)		(0.25	)		(0.34	)
2009 - R		8.38		0.14	(d)		(1.79	)		(1.65	)		(0.05	)		(0.25	)		(0.30	)
FOR THE PERIOD ENDED AUGUST 31,
2008 - A (Commenced September 5, 2007)		10.00		0.29			(1.57	)		(1.28	)		(0.25	)		(0.07	)		(0.32	)
2008 - Institutional (Commenced September 5, 2007)		10.00		0.30			(1.54	)		(1.24	)		(0.26	)		(0.07	)		(0.33	)
2008 - IR (Commenced November 30, 2007)		10.21		0.30			(1.77	)		(1.47	)		(0.26	)		(0.07	)		(0.33	)
2008 - R (Commenced November 30, 2007)		10.21		0.29			(1.79	)		(1.50	)		(0.26	)		(0.07	)		(0.33	)

(a)	Recognition of net investment income by the Portfolio is affected by the timing of declaration of dividends by the Underlying Funds in which the Portfolio invests.
(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 a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or the redemption of Portfolio shares. Total returns for periods less than one full year are not annualized.
(c)	Expense ratios exclude the expenses of the Underlying Funds in which the Portfolio invests.
(d)	Calculated based on the average shares outstanding methodology.
(e)	Annualized.

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

GOLDMAN SACHS RETIREMENT STRATEGY 2050 PORTFOLIO

													Ratio of
					Net assets,		Ratio of			Ratio of			net investment
Net asset					end of		net expenses			total expenses			income			Portfolio
value, end		Total			period		to average			to average			to average			turnover
of period		return(b)			(in 000s)		net assets(c)			net assets(c)			net assets(a)			rate
$	7.86		24.90	%	$	4,269		0.55	%(e)		2.29	%(e)		3.74	%(e)		15	%
	7.89		24.96			8,027		0.15	(e)		1.89	(e)		4.10	(e)		15
	7.88		24.83			9		0.30	(e)		2.04	(e)		3.94	(e)		15
	7.87		24.77			204		0.80	(e)		2.54	(e)		3.22	(e)		15
	6.42		2.08			3,080		0.55			2.56			1.67			53
	6.46		2.65			5,937		0.15			2.16			2.16			53
	6.45		2.52			7		0.30			2.31			1.94			53
	6.41		1.68			195		0.80			2.81			0.10			53
	6.42		(18.64	)		2,304		0.55			4.38			1.76			28
	6.44		(18.51	)		7,131		0.15			3.98			3.21			28
	6.43		(18.62	)		7		0.30			4.13			3.09			28
	6.43		(18.93	)		8		0.80			4.63			2.54			28
	8.40		(13.18	)		501		0.55	(e)		3.79	(e)		1.74	(e)		39
	8.43		(12.77	)		8,716		0.15	(e)		3.39	(e)		2.13	(e)		39
	8.41		(14.77	)		9		0.30	(e)		3.54	(e)		2.35	(e)		39
	8.38		(15.11	)		8		0.80	(e)		4.04	(e)		1.87	(e)		39

The accompanying notes are an integral part of these financial statements.          55

GOLDMAN SACHS RETIREMENT STRATEGIES PORTFOLIOS

Portfolio Expenses — Six Month Period Ended February 28, 2011 (Unaudited)

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2010 through February 28, 2011.

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

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

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

	Retirement Strategy Portfolio 2010							Retirement Strategy Portfolio 2015							Retirement Strategy Portfolio 2020							Retirement Strategy Portfolio 2030							Retirement Strategy Portfolio 2040							Retirement Strategy Portfolio 2050
						Expenses							Expenses							Expenses							Expenses							Expenses							Expenses
	Beginning		Ending			Paid for the		Beginning		Ending			Paid for the		Beginning		Ending			Paid for the		Beginning		Ending			Paid for the		Beginning		Ending			Paid for the		Beginning		Ending			Paid for the
	Account Value		Account Value			6 months ended		Account Value		Account Value			6 months ended		Account Value		Account Value			6 months ended		Account Value		Account Value			6 months ended		Account Value		Account Value			6 months ended		Account Value		Account Value			6 months ended
Share Class	9/1/10		2/28/11			2/28/11*		9/1/10		2/28/11			2/28/11*		9/1/10		2/28/11			2/28/11*		9/1/10		2/28/11			2/28/11*		9/1/10		2/28/11			2/28/11*		9/1/10		2/28/11			2/28/11*
Class A
Actual	$	1,000.00	$	1,154.20		$	2.94	$	1,000.00	$	1,175.80		$	2.97	$	1,000.00	$	1,196.70		$	3.00	$	1,000.00	$	1,223.80		$	3.03	$	1,000.00	$	1,233.60		$	3.05	$	1,000.00	$	1,249.00		$	3.07
Hypothetical 5% return		1,000.00		1,022.07	+		2.76		1,000.00		1,022.07	+		2.76		1,000.00		1,022.07	+		2.76		1,000.00		1,022.07	+		2.76		1,000.00		1,022.07	+		2.76		1,000.00		1,022.07	+		2.76
Institutional
Actual		1,000.00		1,155.90			0.80		1,000.00		1,179.70			0.81		1,000.00		1,198.00			0.82		1,000.00		1,225.40			0.83		1,000.00		1,238.10			0.83		1,000.00		1,249.60			0.84
Hypothetical 5% return		1,000.00		1,024.05	+		0.75		1,000.00		1,024.05	+		0.75		1,000.00		1,024.05	+		0.75		1,000.00		1,024.05	+		0.75		1,000.00		1,024.05	+		0.75		1,000.00		1,024.05	+		0.75
Class IR
Actual		1,000.00		1,156.00			1.60		1,000.00		1,178.40			1.62		1,000.00		1,197.80			1.63		1,000.00		1,224.50			1.65		1,000.00		1,236.80			1.66		1,000.00		1,248.30			1.67
Hypothetical 5% return		1,000.00		1,023.31	+		1.51		1,000.00		1,023.31	+		1.51		1,000.00		1,023.31	+		1.51		1,000.00		1,023.31	+		1.51		1,000.00		1,023.31	+		1.51		1,000.00		1,023.31	+		1.51
Class R
Actual		1,000.00		1,153.20			4.27		1,000.00		1,175.00			4.31		1,000.00		1,195.20			4.35		1,000.00		1,220.40			4.40		1,000.00		1,233.30			4.43		1,000.00		1,247.70			4.46
Hypothetical 5% return		1,000.00		1,020.83	+		4.01		1,000.00		1,020.83	+		4.01		1,000.00		1,020.83	+		4.01		1,000.00		1,020.83	+		4.01		1,000.00		1,020.83	+		4.01		1,000.00		1,020.83	+		4.01

*   Expenses for each share class are calculated using each Portfolio’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2011. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

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

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

56

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 $717.1 billion in assets under management as of December 31, 2010 — our investment professionals bring firsthand knowledge of local markets to every investment decision. Goldman Sachs Asset Management ranks in the top 10 asset management firms worldwide, based on assets under management.¹

    OVERVIEW OF GOLDMAN SACHS FUNDS

Money Market²
Financial Square Funds^sm
n Financial Square Tax-Exempt Funds
n Financial Square Federal Fund
n Financial Square Government Fund
n Financial Square Money Market Fund
n Financial Square Prime Obligations Fund
n Financial Square Treasury Instruments Fund
n Financial Square Treasury Obligations Fund

Fixed Income
Short Duration and Government
n Enhanced Income Fund
n Ultra-Short Duration Govt. Fund
n Short Duration Government Fund
n Government Income Fund
n Inflation Protected Securities Fund
Multi-Sector
n Core Fixed Income Fund
n Core Plus Fixed Income Fund
n Global Income Fund
n Strategic Income Fund
Municipal and Tax-Free
n High Yield Municipal Fund
n Municipal Income Fund
n Short Duration Tax-Free Fund
Single Sector
n Investment Grade Credit Fund
n U.S. Mortgages Fund
n High Yield Fund
n High Yield Floating Rate Fund n Emerging Markets Debt Fund
n Local Emerging Markets Debt Fund
Corporate Credit
n Credit Strategies Fund

Fundamental Equity
n Growth and Income Fund
n Small Cap Value Fund
n Mid Cap Value Fund
n Large Cap Value Fund
n Capital Growth Fund
n Strategic Growth Fund
n Small/Mid Cap Growth Fund
n Flexible Cap Growth Fund³
n Concentrated Growth Fund
n Technology Tollkeeper Fund^SM 5
n Growth Opportunities Fund
n U.S. Equity Fund

Structured Equity
n Balanced Fund
n Structured Small Cap Equity Fund
n Structured U.S. Equity Fund
n Structured Small Cap Growth Fund
n Structured Large Cap Growth Fund
n Structured Large Cap Value Fund
n Structured Small Cap Value Fund
n Structured Tax-Managed Equity Fund
n Structured International Tax-Managed Equity Fund
n U.S. Equity Dividend and Premium Fund n International Equity Dividend and Premium Fund
n Structured International Small Cap Fund
n Structured International Equity Fund
n Structured Emerging Markets Equity Fund

Fundamental Equity International
n Strategic International Equity Fund
n Concentrated International Equity Fund
n International Small Cap Fund
n Asia Equity Fund
n Emerging Markets Equity Fund
n BRIC Fund (Brazil, Russia, India, China)
n N-11 Equity Fund

Select Satellite⁴
n Real Estate Securities Fund
n International Real Estate Securities Fund
n Commodity Strategy Fund
n Dynamic Allocation Fund
n Absolute Return Tracker Fund

Total Portfolio Solutions⁴
n Balanced Strategy Portfolio
n Growth and Income Strategy Portfolio
n Growth Strategy Portfolio
n Equity Growth Strategy Portfolio
n Income Strategies Portfolio
n Satellite Strategies Portfolio
n Retirement Strategies Portfolios
n Enhanced Dividend Global Equity Portfolio
n Tax Advantaged Global Equity Portfolio

Firmwide assets under management includes assets managed by GSAM and its Investment Advisory Affiliates.

1	Ranking for Goldman Sachs Group, Inc., includes Goldman Sachs Asset Management, Private Wealth Management and Merchant Banking 2009 year-end assets. Ranked 9th in total assets worldwide. Pensions&Investments, June 2010.
2	An investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) 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.
3	Effective March 31, 2011, the Goldman Sachs All Cap Growth Fund changed its name to the Goldman Sachs Flexible Cap Growth Fund.
4	Individual Funds within the Total Portfolio Solutions and Select Satellite 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 Total Portfolio Solutions or Select Satellite category.
5	Effective July 31, 2010, the Goldman Sachs Tollkeeper Fund was renamed the Goldman Sachs Technology Tollkeeper Fund.

The Goldman Sachs Technology Tollkeeper Fund^sm and Financial Square Funds^sm are registered service marks of Goldman, Sachs & Co.

TRUSTEES Ashok N. Bakhru, Chairman Donald C. Burke John P. Coblentz, Jr. Diana M. Daniels Joseph P. LoRusso James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel	OFFICERS James A. McNamara, President George F. Travers, Principal Financial Officer Peter V. Bonanno, Secretary Scott M. McHugh, Treasurer
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. 200 West Street, New York, New York 10282

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

Portfolios on the efficient frontier are optimal in both the sense that they offer maximal expected return for some given level of risk and minimal risk for some given level of expected return. The efficient frontier is the line created from a risk-reward graph, comprised of optimal portfolios. The optimal portfolios plotted along the curve have the highest expected return possible for the given amount of risk.

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

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

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

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

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

^© 2011 Goldman Sachs. All rights reserved. 51119.MF.MED.TMPL/4/2011 RTMTSAR11/1K

ITEM 2. CODE OF ETHICS.

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

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.
	Not applicable.

ITEM 6.	SCHEDULE OF INVESTMENTS.
	Schedule of Investments is included as part of the Report to Stockholders filed under Item 1.

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

(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 and the Investment Company Act of 1940, 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 2, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, 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 2, 2011
By:	/s/ George F. Travers
	George F. Travers
	Principal Financial Officer
	Goldman Sachs Trust
Date:	May 2, 2011