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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive,

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)


Copies to:
Caroline Kraus		Geoffrey R.T. Kenyon, Esq.
Goldman, Sachs & Co.		Dechert LLP
200 West Street		200 Clarendon Street
New York, New York 10282		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, 2013

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Stockholders is filed herewith.

Goldman Sachs Funds

LOGO



Semi-Annual Report				February 28, 2013

				Fundamental Equity Growth Funds
				Capital Growth
				Concentrated Growth
				Flexible Cap Growth
				Focused Growth
				Growth Opportunities
				Small/Mid Cap Growth
				Strategic Growth
				Technology Tollkeeper
				U.S. Equity

LOGO

Goldman Sachs Fundamental Equity Growth Funds

CAPITAL GROWTH

CONCENTRATED GROWTH

FLEXIBLE CAP GROWTH

FOCUSED GROWTH

GROWTH OPPORTUNITIES

SMALL/MID CAP GROWTH

STRATEGIC GROWTH

TECHNOLOGY TOLLKEEPER

U.S. EQUITY


TABLE OF CONTENTS

Principal Investment Strategies and Risks			1

Investment Process			3

Market Review			4

Portfolio Management Discussions and Performance Summaries			6

Schedules of Investments			60

Financial Statements			78

Financial Highlights			88

Notes to Financial Statements			106

Other Information			127



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Principal Investment Strategies and Risks

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

The Goldman Sachs Capital Growth Fund invests primarily in U.S. equity investments and invests, under normal circumstances, in approximately 30–40 companies. The Fund’s equity investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. Different investment styles (e.g., “growth”) tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes.

The Goldman Sachs Concentrated Growth Fund invests primarily in U.S. equity investments. The Fund’s equity investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. The securities of small- and mid-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Different investment styles (e.g., “growth”) tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes. The Fund is “non-diversified” and may invest more of its assets in fewer issuers than “diversified” funds. Accordingly, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and to greater losses resulting from these developments.

The Goldman Sachs Flexible Cap Growth Fund invests primarily in U.S. equity investments in small-, mid- and large-capitalization issuers. The Fund’s equity investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. The securities of small- and mid-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Different investment styles (e.g., “growth”) tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes.

The Goldman Sachs Focused Growth Fund invests primarily in U.S. equity investments and invests, under normal circumstances, in approximately 20–25 companies. The Fund’s equity investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. The securities of small- and mid-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Different investment styles (e.g., “growth”) tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes. The Fund is “non-diversified” and may invest more of its assets in fewer issuers than “diversified” funds. Accordingly, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and to greater losses resulting from these developments.

The Goldman Sachs Growth Opportunities Fund invests primarily in U.S. equity investments with a primary focus on mid-capitalization companies. The Fund’s equity investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. The securities of small- and mid-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Different investment styles (e.g., “growth”) tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes.

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

The Goldman Sachs Small/Mid Cap Growth Fund invests primarily in U.S. equity investments with a primary focus on small- and mid-capitalization companies. The Fund’s equity investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. The securities of small- and mid-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Different investment styles (e.g., “growth”) tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes.

The Goldman Sachs Strategic Growth Fund invests primarily in U.S. equity investments. The Fund’s equity investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. Different investment styles (e.g., “growth”) tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes.

The Goldman Sachs Technology Tollkeeper Fund invests primarily in equity securities of high quality technology, media or service companies that adopt or use technology to improve their cost structure, revenue opportunities or competitive advantage (“Technology Tollkeeper” companies). Because the Fund concentrates its investments in certain specific industries, the Fund is subject to greater risk of loss as a result of adverse economic, business or other developments affecting those industries than if its investments were more diversified across different industries. Stock prices of internet and internet-related companies in particular may be especially volatile. The securities of small- and mid-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Different investment styles (e.g., “growth”) tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes.

The Goldman Sachs U.S. Equity Fund invests primarily in large-capitalization U.S. equity investments. The Fund’s equity investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. Different investment styles (e.g., “growth” and “value”) tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes.

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

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

For over 30 years, the Goldman Sachs Growth Team has consistently applied a three-step investment process based on our belief that wealth is created through the long-term ownership of growing businesses.

LOGO

Make decisions as long-term business owners rather than as stock traders

Perform in-depth, fundamental research

Focus on long-term structural and competitive advantages

Result

Performance driven by the compounding growth of businesses over time — not short-term market movements

Long-term participation in growing businesses — less reliance on macroeconomic predictions, market timing, sector rotation or momentum

LOGO

Identify high quality growth businesses. Some required investment criteria include:

Established brand names

Dominant market shares

Pricing power

Recurring revenue streams

Free cash flow

Long product life cycles

Favorable long-term growth prospects

Excellent management

Result

Investments in businesses that we believe are strategically positioned for consistent, sustainable long-term growth

LOGO

Perform rigorous valuation analysis of every potential investment

Use valuation tools and analytics to ensure that the high-quality business franchises we have identified also represent sound investments

Result

Good investment decisions based on solid understanding of what each business is worth

Attractive buying opportunities as the stock prices of quality growth businesses fluctuate over time

Effective April 17, 2013, alongside Steve Barry, the CIO of the Growth Equity team, the portfolio managers for the Growth Equity Funds will be:

Capital Growth, Concentrated Growth, Focused Growth and Strategic Growth Funds — Tim Leahy and Steve Becker

Flexible Cap Growth, Growth Opportunities, Small/Mid Cap Growth and Technology Tollkeeper Funds — Jeff Rabinowitz

MARKET REVIEW

Goldman Sachs Fundamental Equity Growth Funds

Market Review

Overall, U.S. equities advanced for the six months ended February 28, 2013 (the “Reporting Period”) with broad sector participation. The Standard & Poor’s 500^® Index (the “S&P 500 Index”) ended the Reporting Period with a gain of 8.95%, and the Russell 3000^® Index generated a return of 9.97%.

As the Reporting Period began in September 2012, U.S. equities were in the midst of a rally that had begun in the summer of 2012 following assurance of ongoing easing monetary policy from the Federal Reserve Board (the “Fed”) and the European Central Bank. However, the U.S. equity market then pulled back in October 2012 on some cautious corporate earnings guidance and uncertainty surrounding the U.S. presidential election. Also pressuring the U.S. equity market was the worst storm in decades battering the East Coast.

The U.S. equity market subsequently regained momentum in November 2012, as election day largely preserved the status quo in the White House and Congress and economic data continued to show signs of improvement. More specifically, the U.S. reported better than expected third calendar quarter Gross Domestic Product growth of 2%, the 13th consecutive quarter of economic expansion, and the unemployment rate dropped to 7.8%, the lowest rate seen since January 2009. U.S. manufacturing activity increased, and the housing market showed further signs of improvement, as construction of new homes hit a four-year high. In December 2012, further clarification from the Fed, tying its low interest rate policy, in part, to the condition that unemployment drop to 6.5% or lower, helped to offset increasing worries about the then-looming fiscal cliff of tax increases and spending cuts. Following weeks of tense negotiations and technically falling off the fiscal cliff for one day, the U.S. Congress finally reached an agreement averting the full force of tax increases that were scheduled to take effect on January 1, 2013. While spending cuts and other important fiscal issues were not truly addressed but merely postponed, the passage of The American Taxpayer Relief Act (ATRA) of 2012 did resolve some lingering uncertainties.

The U.S. equity market rally picked up steam in the first two months of 2013, with the S&P 500 Index reaching a five-year high and then a new record level and the Dow Jones Industrial Average hitting the 14,000 milestone. Further strengthening in home prices and improving U.S. employment data lifted markets, despite the realization that no deal would be reached in Washington D.C. to avoid the sequester, or automatic spending cuts, scheduled by the federal government to go into effect on March 1, 2013.

For the Reporting Period overall, mid-cap companies performed best with small-cap companies close behind. While generating solid positive returns, large-cap stocks followed at some distance. Value stocks significantly outpaced growth stocks across the capitalization spectrum. (All as measured by Russell Investments indices.) Within the S&P 500 Index, nine of ten sectors made gains during the Reporting Period. The consistent and persistent commitment to accommodative monetary policy from the U.S. Fed and other central banks throughout the Reporting Period drove market leading returns in the financials sector. On optimism about the economy and improved consumer confidence, the industrials, health care and consumer discretionary sectors also posted double-digit gains. The information technology sector was the only one to decline during the Reporting Period, largely due to some weaker than expected corporate earnings reports.

MARKET REVIEW

Looking Ahead

With the U.S. equity market trading near all-time highs at the end of the Reporting Period, we continue to use our bottom-up, fundamental research process to drive our investment decisions for the Funds rather than sentiment or headlines. Even after a strong start to 2013, many of the reasons we began the Reporting Period constructive on U.S. equities still held true at the end of the Reporting Period. First, corporate balance sheets remained strong, which we believe provides companies with the ability to generate shareholder value, even in a slow-growth economic environment. Second, the S&P 500 Index was trading below its historical average price to earnings (P/E) ratio, while its dividend yield was greater than the yield on the 10-year U.S. Treasury bond. Third, continued strength in the U.S. housing recovery should, in our view, provide further support to the economy and boost confidence among consumers.

Of course, risks remain. Fiscal policy will likely be a drag on U.S. economic growth as 2013 progresses. Further, with the ultimate direction of fiscal policy still unclear, there is the potential for political headlines, in both the U.S. and overseas, to impact the U.S. equity market. We have long been cautious regarding companies that have a high degree of government dependency, whether it is related to sales, subsidies or regulations.

We believe companies with strong business franchises and competitive advantages may provide some degree of stability against an uncertain backdrop. As always, deep research resources, a forward-looking investment process and truly actively managed portfolios are keys, in our view, to both preserving capital and outperforming the market over the long term.

PORTFOLIO RESULTS

Goldman Sachs Capital Growth Fund

Portfolio Composition

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Investment Team discusses the Goldman Sachs Capital Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2013 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, B, C, Institutional, Service, IR and R Shares generated cumulative total returns, without sales charges, of 7.17%, 6.79%, 6.74%, 7.38%, 7.14%, 7.31% and 7.02%, respectively. These returns compare to the 6.23% cumulative total return of the Fund’s benchmark, the Russell 1000^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

Stock selection overall contributed most to the Fund’s performance relative to the Russell Index during the Reporting Period.

Which equity market sectors most significantly affected Fund performance?

Effective stock selection in the information technology, financials and consumer staples sectors helped the Fund’s performance most relative to the Russell Index. Detracting from the Fund’s relative results most was having underweighted positions in industrials and materials, each of which outperformed the Russell Index during the Reporting Period, and weak stock selection in the energy sector.

What were some of the Fund’s best-performing individual stocks?

The Fund benefited most relative to the Russell Index from positions in global commercial real estate services firm CBRE Group, biotechnology company Gilead Sciences and software giant Microsoft.

CBRE Group contributed most to the Fund’s relative performance during the Reporting Period. Its shares rose on the heels of announcing a solid fourth calendar quarter, during which earnings beat analysts’ expectations. In addition, CBRE Group published positive guidance for 2013. At the end of the Reporting Period, we believed the company still had strong growth potential, as it was gaining market share and continued to boost margins through international expansion. Additionally, in our view, the deal struck by CBRE Group to buy a majority of the real estate investment management business of Dutch financial company ING Group should be beneficial, as it provides relatively stable assets under management, recurring revenues and solid margins.

Gilead Sciences was a top contributor to the Fund’s relative performance during the Reporting Period. In our view, the company is a dominant player in the HIV and hepatitis C treatment areas, and indeed it was positive pipeline development in these areas that drove the company’s strong performance during the Reporting Period. At the end of the Reporting Period, we continued to have high conviction in the company, as we believed it was well positioned within the biotechnology industry, holding significant market share in several niche areas. In our view, Gilead Sciences remained attractively valued at the end of the Reporting Period given its strong pipeline and dominant HIV franchise.

PORTFOLIO RESULTS

Microsoft was a strong contributor to the Fund’s performance during the Reporting Period despite the stock underperforming the Russell Index. As we had been reducing the Fund’s position during the Reporting Period and ultimately exited the position completely, the Fund’s underweighted allocation compared to the Russell Index contributed positively to relative results. During the Reporting Period, Microsoft announced disappointing fiscal first quarter results caused by slower than expected enterprise adoption of the Windows 8 operating system. Investors were also disappointed by the sudden departure of the head of the Windows division. This departure was unexpected, as he was viewed by many as a potential chief executive officer successor. We exited the Fund’s position in Microsoft prior to this announcement, based on our view of slower anticipated growth ahead and limited traction in the mobile computing industry. While Microsoft pays an attractive dividend and should continue to generate large amounts of free cash flow, we believe its flagship Windows product is maturing. We also see the changes being driven by mobile and cloud computing potentially leading to disruptions in the company’s markets.

Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

Detracting most from the Fund’s results relative to its benchmark index were positions in personal computer and mobile communications device giant Apple, point-of-sale card payment device manufacturer VeriFone Systems and retail electronic payments network operator Visa.

A position in Apple detracted most from the Fund’s returns during the Reporting Period. Shares of Apple pulled back as concern persisted around disappointing first calendar quarter iPhone guidance. The iPhone accounts for approximately 60% of the company’s gross profits and remains the key driver of Apple’s growth. At the end of the Reporting Period, we continued to have a positive outlook on the company and saw a number of potential catalysts that could contribute to additional growth. We believe an iPhone that targets the emerging market consumer could reaccelerate growth and help expand the overall market for Apple products. We also believe the market is discounting the optionality in Apple’s stock from new product introductions. (Optionality is the value of additional optional investment opportunities available only after having made an initial investment.) In addition, there is the possibility that Apple could sign a deal with China Mobile, the largest wireless carrier in China with approximately 700 million subscribers. Were this to be realized, this deal could significantly expand the addressable market for Apple’s iPhone. Even as near-term expectations are reduced, we believe the company’s long-term growth potential is still greater than the broader market. We believe Apple has plenty of financial flexibility with its strong balance sheet and healthy free cash flow to return capital to shareholders. Overall, then, we remain positive on Apple and believed, at the end of the Reporting Period, that its stock was trading at a reasonable valuation for a high quality franchise with solid growth potential.

VeriFone Systems was another significant detractor from the Fund’s relative results during the Reporting Period. Its shares declined sharply following a revenue and earnings miss and a disappointing outlook for the fiscal first quarter of 2013. In our view, the results highlight the challenges the company is facing in migrating from a hardware business to a services business and demonstrate its management’s failure to integrate recent acquisitions. As a result, we exited the Fund’s position in VeriFone Systems by the end of the Reporting Period.

Visa, a new position for the Fund during the Reporting Period, was a relative detractor from results, given the Fund’s underweight position in this strongly performing stock. In October 2012, the company announced a new chief executive officer, named Charles Scharf, which we viewed as a positive. Visa also reported a solid fiscal first quarter driven by earnings and net revenue growth that exceeded analysts’ expectations. The company also extended its existing partnership with JPMorgan Chase for another ten years.

PORTFOLIO RESULTS

How did the Fund use derivatives and similar instruments during the Reporting Period?

During the Reporting Period, we did not use derivatives as part of an active management strategy.

Did the Fund make any significant purchases or sales during the Reporting Period?

We initiated a Fund position in Activision Blizzard, a leading publisher of gaming software and content, during the Reporting Period. Activision Blizzard owns three of the largest franchises in the electronic gaming industry — Call of Duty and Skylanders on console and World of Warcraft on personal computer. World of Warcraft is offered through a monthly subscription model that provides a large and reliable stream of cash flow, which, in turn, can be used to invest for growth in newer intellectual properties. In our view, these newer properties, including Call of Duty and Skylanders, and upcoming new releases have margin structures that are higher than the corporate average, which should drive Activision Blizzard’s operating margins higher if the company grows over the next few years as anticipated. In addition, we believe the company’s valuations were attractive at the time of purchase.

We established a Fund position in Allergan, a health care company focused on developing pharmaceuticals, biologics, medical devices and over-counter products. Continued strong growth in key franchises as well as regulatory successes drove the company’s share price appreciation during the Reporting Period. In our view, Allergan has stable growth franchises in ophthalmology and botox for therapeutic and cosmetic applications. Furthermore, we believe the company has a strong pipeline, include DARPins (designed ankyrin repeat proteins) for wet macular degeneration and diabetic macular edema, which could produce significant long-term growth opportunities.

Conversely, in addition to the sale of Microsoft, already mentioned, we eliminated the Fund’s position in specialty retailer Urban Outfitters during the Reporting Period. Shares of Urban Outfitters rose after the company announced strong results during a mid-quarter update during the fourth calendar quarter. While we still have conviction in the company, its story was becoming more understood by the market and thus the valuation gap narrowed in our view. Therefore, we exited the Fund’s position.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to consumer discretionary, consumer staples, industrials, financials, information technology and telecommunication services increased and its allocations to energy, health care and materials decreased relative to the Russell Index.

How was the Fund positioned relative to its benchmark index at the end of February 2013?

At the end of February 2013, the Fund had an overweighted position relative to the Russell Index in the financials sector. On the same date, the Fund had underweighted positions compared to the Russell Index in industrials and materials. The Fund was rather neutrally weighted to the Russell Index in information technology, consumer discretionary, telecommunication services, energy, health care and consumer staples and had no position at all in utilities on February 28, 2013.

FUND BASICS

Capital Growth Fund

as of February 28, 2013

LOGO


PERFORMANCE REVIEW
September 1, 2012–February 28, 2013	Fund Total Return (based on NAV)¹			Russell 1000 Growth Index²
Class A		7.17	%		6.23	%
Class B		6.79			6.23
Class C		6.74			6.23
Institutional		7.38			6.23
Service		7.14			6.23
Class IR		7.31			6.23
Class R		7.02			6.23

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

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


STANDARDIZED TOTAL RETURNS³
For the period ended 12/31/12	One Year			Five Years	Ten Years	Since Inception	Inception Date
Class A		12.01	%	0.73%	5.39%	8.27%	4/20/90
Class B		12.62		0.71	5.34	5.82	5/01/96
Class C		16.63		1.12	5.20	3.54	8/15/97
Institutional		18.96		2.29	6.41	4.72	8/15/97
Service		18.40		1.78	5.88	8.46	8/15/97
Class IR		18.82		2.13	N/A	2.23	11/30/07
Class R		18.26		1.63	N/A	1.73	11/30/07

The Standardized 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 and the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Class B Shares automatically convert to Class A Shares on or about the fifteenth day of the last month of the calendar year that is eight years after purchase. Returns for Class B Shares for the period after the conversion reflect the performance of Class A Shares. Because Institutional, Service, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. The Fund’s Class B Shares are no longer available for purchase by new or existing shareholders (although current Class B shareholders may continue to reinvest income and capital gains distributions into Class B Shares, and Class B shareholders may continue to exchange their shares for Class B Shares of certain other Goldman Sachs Funds).

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.14	%		1.48	%
Class B		1.89			2.23
Class C		1.89			2.23
Institutional		0.74			1.08
Service		1.24			1.58
Class IR		0.89			1.23
Class R		1.39			1.73

⁴

The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Fund’s waivers and/or expense limitations will remain in place through at least December 29, 2013, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.


TOP TEN HOLDINGS AS OF 2/28/13⁵
Holding	% of Net Assets			Line of Business
Apple, Inc.		7.3	%	Computers & Peripherals
Google, Inc. Class A		4.1		Internet Software & Services
QUALCOMM, Inc.		3.4		Communications Equipment
Schlumberger Ltd.		2.6		Energy Equipment & Services
Honeywell International, Inc.		2.5		Aerospace & Defense
Philip Morris International, Inc.		2.5		Tobacco
American Tower Corp.		2.4		Real Estate Investment Trusts
Amazon.com, Inc.		2.3		Internet & Catalog Retail
NIKE, Inc. Class B		2.3		Textiles, Apparel & Luxury Goods
SBA Communications Corp. Class A		2.3		Wireless Telecommunication Services

⁵

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

FUND BASICS


FUND VS. BENCHMARK SECTOR ALLOCATION⁶
As of February 28, 2013

LOGO

⁶

The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Short-term investments represent repurchase agreements. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

PORTFOLIO RESULTS

Goldman Sachs Concentrated Growth Fund

Portfolio Composition

The Fund invests primarily in U.S. equity investments. The Fund typically holds 30–40 high quality growth companies and tends to be more concentrated in individual holdings, industries and sectors than the typical broadly diversified large-cap growth fund. Since the Fund’s inception, the Goldman Sachs Growth Investment Team has focused on several key investment criteria that it believes can drive a company’s growth over the long term. These characteristics are: dominant market share, established brand name, pricing power, recurring revenue stream, free cash flow, high returns on invested capital, predictable growth, sustainable growth, long product life cycle, enduring competitive advantage, favorable demographic trends and excellent management. The Team strives to purchase these companies at reasonable valuations in order to capture the full benefits of their growth.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Investment Team discusses the Goldman Sachs Concentrated Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2013 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, B, C, Institutional, IR and R Shares generated cumulative total returns, without sales charges, of 7.66%, 7.32%, 7.33%, 7.91%, 7.80% and 7.62%, respectively. These returns compare to the 6.23% cumulative total return of the Fund’s benchmark, the Russell 1000^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

Stock selection overall contributed most to the Fund’s performance relative to the Russell Index during the Reporting Period.

Which equity market sectors most significantly affected Fund performance?

Effective stock selection in the information technology, financials and consumer staples sectors helped the Fund’s performance most relative to the Russell Index. Detracting from the Fund’s relative results most was weak stock selection in the health care and materials sectors and having underweighted positions in industrials and health care, each of which outperformed the Russell Index during the Reporting Period.

What were some of the Fund’s best-performing individual stocks?

The Fund benefited most relative to the Russell Index from positions in global commercial real estate services firm CBRE Group, gaming software and content publisher Activision Blizzard and apparel and footwear company PVH.

PORTFOLIO RESULTS

upcoming new releases have margin structures that are higher than the corporate average, which should drive Activision Blizzard’s operating margins higher if the company grows over the next few years as anticipated. In addition, we believe the company’s valuations were attractive at the time of purchase. During the Reporting Period, the company reported solid fourth calendar quarter results, driven by strong performance in key franchises. Its management announced its Skylanders franchise crossed the $1 billion revenue threshold following its launch in 2011, while its Call of Duty franchise grew year-over-year and saw increases in online engagement for Black Ops 2, particularly in December 2012.

PVH is an apparel company whose portfolio of brands includes Calvin Klein, Tommy Hilfiger, Van Heusen and IZOD, amongst others. Its shares performed well during the Reporting Period after the company announced its strategic acquisition of rival Warnaco Group. Warnaco Group had licensed Calvin Klein’s jeans from PVH, which bought Calvin Klein’s company from the designer in 2003. Analysts, including ours, believe the deal should be substantially accretive to earnings per share upon completion, as it will give the company full control of the Calvin Klein brand and expand PVH’s presence in Europe, Asia and Latin America. PVH’s stock also performed well as both the Tommy Hilfiger and Calvin Klein brands continued to demonstrate high growth both in the U.S. and in international markets.

Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

Detracting most from the Fund’s results relative to its benchmark index were positions in personal computer and mobile communications device giant Apple, computer storage and data management company NetApp and generic drug manufacturer Teva Pharmaceutical Industries.

NetApp was another significant detractor from the Fund’s relative results during the Reporting Period despite posting an in-line fiscal third quarter 2012 and giving positive guidance. We believe that fears of weak demand from the U.S. government were an overhang on the stock, as the government represents approximately 15% of NetApp’s revenues. However, at the end of the Reporting Period, we continued to like the business and thought its management was executing well. In our view, the combination of already low expectations and any real improvement in the demand environment should support the company’s growth.

Teva Pharmaceutical Industries detracted from the Fund’s results relative to the Russell Index during the Reporting Period. The company has a high concentration of profits in a single product, Copaxone. Concerns arose that a new pill from Biogen Idec and the threat of generics to Copaxone would challenge the firm’s profitability. However, we believe Teva Pharmaceutical Industries is competitively well positioned in the industry given its expansive global footprint and its ability to launch products earlier than other generics manufacturers. In our view, Teva Pharmaceutical Industries benefits from economies of scale and also produces about half of the active ingredients used in their products, enabling the company to keep costs low. We further believe the company’s strong free cash flow generation gives it financial flexibility.

PORTFOLIO RESULTS

How did the Fund use derivatives and similar instruments during the Reporting Period?

During the Reporting Period, we did not use derivatives as part of an active management strategy.

Did the Fund make any significant purchases or sales during the Reporting Period?

In addition to the purchase of Activision Blizzard, already mentioned, we initiated a Fund position in Intercontinental Exchange, an operator of regulated futures exchanges, over-the-counter (“OTC”) markets and derivatives clearing houses. We believe the globalization of markets, rising demand for commodities, movement toward clearing and post-trade automation, and need for better risk management amidst an uncertain macro environment should drive Intercontinental Exchange’s growth going forward.

Conversely, we exited the Fund’s position in social networking website operator Facebook, as we came to believe its path to growth has been extended and is less certain. While the company delivered in-line second calendar quarter earnings on a strong increase in ad revenue, payments revenue growth was challenged and a large amount of insider selling, due to the expiration of the lock-up, caused material weakness in the stock. (Underwriters in Initial Public Offerings (“IPOs”) and insiders of the issuing company agree on lock-ups to prevent insiders from selling their stock within a given time window after the IPO. This time window normally amounts to 180 days. The lock-up agreement attempts to ensure the stability of the issuing company and to align insiders’ incentives with the goals of the company. After the expiration of the lock-up period, insiders are free to sell but potentially have to take into account insider regulation.) The Fund’s position in Facebook detracted from its relative returns during the Reporting Period. In our view, Facebook has achieved tremendous scale in the U.S. and has a large market opportunity as its networking effect creates stickiness, or loyalty, in its user, or customer, base. Though we continue to believe Facebook is well positioned to benefit from targeted advertising on its platform as a result of the information it has on its users as well as the potential to monetize new ad formats and the social networking ad medium over time, we sold the position.

We sold the Fund’s position in beauty products company Avon Products during the Reporting Period. Avon Products’ stock performed poorly, and thus detracted from the Fund’s results, due to the company’s difficulties executing and managing inventory in key markets. The company’s new chief executive officer, Sheri McCoy, made it clear that the organization she inherited was dysfunctional in a number of ways and communicated a frank assessment of the business as it stands today. She stated that she believes company fundamentals are unlikely to improve during the second half of 2013. While we continue to believe in the growth opportunity of Avon Products’ direct selling model and its research and development capabilities, we also believe improvements will likely require a lot of investment during a time when cost pressures in the business remain fairly significant. We are optimistic about the company’s new management team and its ability to improve past weakness. However, in our view, new products will need to work in order to reinvigorate top-line growth and create operating leverage. Given the variability in outcomes that we perceive and the headwinds the company is facing, we decided to exit the position.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to information technology increased and its allocations to financials, energy, consumer staples, health care and industrials decreased relative to the Russell Index.

How was the Fund positioned relative to its benchmark index at the end of February 2013?

At the end of February 2013, the Fund had overweighted positions relative to the Russell Index in the financials, information technology, energy and telecommunication services sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in industrials, health care, consumer staples, consumer discretionary and materials. The Fund had no position at all in the utilities sector on February 28, 2013.

FUND BASICS

Concentrated Growth Fund

as of February 28, 2013

LOGO


PERFORMANCE REVIEW
September 1, 2012–February 28, 2013	Fund Total Return (based on NAV)¹			Russell 1000 Growth Index²
Class A		7.66	%		6.23	%
Class B		7.32			6.23
Class C		7.33			6.23
Institutional		7.91			6.23
Class IR		7.80			6.23
Class R		7.62			6.23


STANDARDIZED TOTAL RETURNS³
For the period ended 12/31/12	One Year			Five Years	Ten Years	Since Inception	Inception Date
Class A		12.80	%	0.10%	5.11%	5.07%	9/03/02
Class B		13.57		0.08	5.05	5.04	9/03/02
Class C		17.49		0.48	4.92	4.85	9/03/02
Institutional		19.84		1.64	6.13	6.07	9/03/02
Class IR		19.68		1.46	N/A	1.44	11/30/07
Class R		19.08		0.99	N/A	0.97	11/30/07

The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.26	%		1.57	%
Class B		2.01			2.32
Class C		2.01			2.32
Institutional		0.86			1.17
Class IR		1.01			1.32
Class R		1.51			1.82

⁴


TOP TEN HOLDINGS AS OF 2/28/13⁵
Holding	% of Net Assets			Line of Business
Apple, Inc.		7.7	%	Computers & Peripherals
Google, Inc. Class A		6.2		Internet Software & Services
QUALCOMM, Inc.		6.2		Communications Equipment
American Tower Corp.		5.3		Real Estate Investment Trusts
Schlumberger Ltd.		5.1		Energy Equipment & Services
CBRE Group, Inc. Class A		3.6		Real Estate Management & Development
Crown Castle International Corp.		3.6		Wireless Telecommunication Services
NIKE, Inc. Class B		3.6		Textiles, Apparel & Luxury Goods
Costco Wholesale Corp.		3.4		Food & Staples Retailing
Activision Blizzard, Inc.		3.4		Software

⁵

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

FUND BASICS


FUND VS. BENCHMARK SECTOR ALLOCATION⁶
As of February 28, 2013

LOGO

⁶

The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Short-term investments represent repurchase agreements. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

PORTFOLIO RESULTS

Goldman Sachs Flexible Cap Growth Fund

Portfolio Composition

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Investment Team discusses the Goldman Sachs Flexible Cap Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2013 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, IR and R Shares generated cumulative total returns, without sales charges, of 7.11%, 6.80%, 7.41%, 7.36% and 7.01%, respectively. These returns compare to the 6.62% cumulative total return of the Fund’s benchmark, the Russell 3000^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

Stock selection overall contributed most to the Fund’s performance relative to the Russell Index during the Reporting Period.

Which equity market sectors most significantly affected Fund performance?

Effective stock selection in the financials, information technology and consumer staples sectors helped the Fund’s performance most relative to the Russell Index. Detracting from the Fund’s relative results most was weak stock selection in the consumer discretionary and health care sectors and having underweighted positions in industrials and health care, each of which outpaced the Russell Index during the Reporting Period.

What were some of the Fund’s best-performing individual stocks?

The Fund benefited most relative to the Russell Index from positions in global commercial real estate services firm CBRE Group, software giant Microsoft and apparel and footwear company PVH.

PORTFOLIO RESULTS

adoption of the Windows 8 operating system. Investors were also disappointed by the sudden departure of the head of the Windows division. This departure was unexpected, as he was viewed by many as a potential chief executive officer successor. We exited the Fund’s position in Microsoft prior to this announcement, based on our view of slower anticipated growth ahead and limited traction in the mobile computing industry. While Microsoft pays an attractive dividend and should continue to generate large amounts of free cash flow, we believe its flagship Windows product is maturing. We also see the changes being driven by mobile and cloud computing potentially leading to disruptions in the company’s markets.

Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

VeriFone Systems, a new position for the Fund during the Reporting Period, was another significant detractor from the Fund’s relative results. Its shares declined sharply following a revenue and earnings miss and a disappointing outlook for the fiscal first quarter of 2013. In our view, the results highlight the challenges the company is facing in migrating from a hardware business to a services business and demonstrate its management’s failure to integrate recent acquisitions. As a result, we exited the Fund’s position in VeriFone Systems by the end of the Reporting Period.

Micros Systems is a designer, manufacturer and servicer of enterprise information solutions. Its shares were weak during the Reporting Period as fiscal uncertainty affected the company’s underlying customer base of hospitality providers, retailers and restaurants. Despite the near-term weakness, the company maintained dominant market share with high margins at the end of the Reporting Period and, in our view, was well capitalized. The company also generated recurring revenue through the high-touch servicing it provides to clients. We believe Micros Systems operates a unique franchise that is well positioned for growth as the company appears to be increasing its customer base through new contracts with hotel chains and expanding its business globally.

PORTFOLIO RESULTS

How did the Fund use derivatives and similar instruments during the Reporting Period?

During the Reporting Period, we did not use derivatives as part of an active management strategy.

Did the Fund make any significant purchases or sales during the Reporting Period?

We established a Fund position in Philip Morris International during the Reporting Period. Philip Morris International produces, sells, distributes and markets a wide range of branded cigarettes and tobacco products. In our view, the company has a fundamentally attractive business with price inelasticity for its products and an industry structure that supports persistent pricing power. We believe the company has an attractive geographic profile, with approximately two-thirds of its volume and half of its revenues coming from emerging markets. In our view, Philip Morris International is led by a competent management team that has been successful in producing robust free cash flow and returns on invested capital while aggressively returning cash to shareholders through dividends and buybacks.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to consumer staples, health care and industrials increased and its allocations to financials, information technology, energy and consumer discretionary decreased relative to the Russell Index.

How was the Fund positioned relative to its benchmark index at the end of February 2013?

At the end of February 2013, the Fund had an overweighted position relative to the Russell Index in the financials sector. On the same date, the Fund had underweighted positions compared to the Russell Index in industrials, consumer staples and health care and was rather neutrally weighted to the Russell Index in information technology, materials, telecommunication services, energy and consumer discretionary. The Fund had no position at all in the utilities sector on February 28, 2013.

FUND BASICS

Flexible Cap Growth Fund

as of February 28, 2013

LOGO


PERFORMANCE REVIEW
September 1, 2012–February 28, 2013	Fund Total Return (based on NAV)¹			Russell 3000 Growth Index²
Class A		7.11	%		6.62	%
Class C		6.80			6.62
Institutional		7.41			6.62
Class IR		7.36			6.62
Class R		7.01			6.62

The unmanaged Russell 3000 Growth Index (with dividends reinvested) measures the performance of the 3,000 largest U.S. companies based on total market capitalization. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³
For the period ended 12/31/12	One Year			Since Inception	Inception Date
Class A		12.42	%	4.50%	1/31/08
Class C		16.99		4.98	1/31/08
Institutional		19.48		6.16	1/31/08
Class IR		19.28		6.01	1/31/08
Class R		18.68		5.48	1/31/08

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.26	%		3.14	%
Class C		2.01			3.89
Institutional		0.86			2.74
Class IR		1.01			2.89
Class R		1.51			3.39

⁴


TOP TEN HOLDINGS AS OF 2/28/13⁵
Holding	% of Net Assets			Line of Business
Apple, Inc.		6.7	%	Computers & Peripherals
Google, Inc. Class A		3.9		Internet Software & Services
QUALCOMM, Inc.		3.3		Communications Equipment
Schlumberger Ltd.		2.7		Energy Equipment & Services
SBA Communications Corp. Class A		2.1		Wireless Telecommunication Services
Costco Wholesale Corp.		2.0		Food & Staples Retailing
American Tower Corp.		1.9		Real Estate Investment Trusts
NIKE, Inc. Class B		1.7		Textiles, Apparel & Luxury Goods
CBRE Group, Inc. Class A		1.6		Real Estate Management & Development
Amazon.com, Inc.		1.6		Internet & Catalog Retail

⁵

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

FUND BASICS


FUND VS. BENCHMARK SECTOR ALLOCATION⁶
As of February 28, 2013

LOGO

⁶

PORTFOLIO RESULTS

Goldman Sachs Focused Growth Fund

Portfolio Composition

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Investment Team discusses the Goldman Sachs Focused Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2013 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, IR and R Shares generated cumulative total returns, without sales charges, of 9.65%, 9.16%, 9.84%, 9.68% and 9.48%, respectively. These returns compare to the 6.23% cumulative total return of the Fund’s benchmark, the Russell 1000^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

Stock selection overall contributed most to the Fund’s performance relative to the Russell Index during the Reporting Period.

Which equity market sectors most significantly affected Fund performance?

Effective stock selection in the financials, information technology and consumer discretionary sectors helped the Fund’s performance most relative to the Russell Index. Having an overweighted exposure to the financials sector, which outpaced the Russell Index, also boosted the Fund’s relative results. Detracting from the Fund’s relative results most was having no exposure to the industrials and health care sectors, each of which outperformed the Russell Index during the Reporting Period. To a lesser extent, weak stock selection in and having an underweighted allocation to the materials sector also hurt.

What were some of the Fund’s best-performing individual stocks?

The Fund benefited most relative to the Russell Index from positions in global commercial real estate services firm CBRE Group, apparel and footwear company PVH and gaming software and content publisher Activision Blizzard.

PORTFOLIO RESULTS

expand PVH’s presence in Europe, Asia and Latin America. PVH’s stock also performed well as both the Tommy Hilfiger and Calvin Klein brands continued to demonstrate high growth both in the U.S. and in international markets.

Activision Blizzard, a new position for the Fund during the Reporting Period, was a top contributor to its relative results. Activision Blizzard owns three of the largest franchises in the electronic gaming industry — Call of Duty and Skylanders on console and World of Warcraft on personal computer. World of Warcraft is offered through a monthly subscription model that provides a large and reliable stream of cash flow, which, in turn, can be used to invest for growth in newer intellectual properties. In our view, these newer properties, including Call of Duty and Skylanders, and upcoming new releases have margin structures that are higher than the corporate average, which should drive Activision Blizzard’s operating margins higher if the company grows over the next few years as anticipated. In addition, we believe the company’s valuations were attractive at the time of purchase. During the Reporting Period, the company reported solid fourth calendar quarter results, driven by strong performance in key franchises. Its management announced its Skylanders franchise crossed the $1 billion revenue threshold following its launch in 2011, while its Call of Duty franchise grew year-over-year and saw increase in online engagement for Black Ops 2, particularly in December 2012.

Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

The only positions to detract from the Fund’s results relative to its benchmark index during the Reporting Period were those in personal computer and mobile communications device giant Apple and diversified hospitality company Marriott International.

Shares of Marriott International performed weakly during the Reporting Period, detracting from the Fund’s relative results. Lodging is generally tied to Gross Domestic Product (“GDP”), so broad concern around GDP slowing weighed on sentiment regarding the hospitality company. Marriott International’s revenue per available room decelerated throughout the Reporting Period, and there was concern of continued slowdown in this metric if GDP continues to slow. In our view, the company is well positioned relative to its peers, and, at the end of the Reporting Period, we believe the stock was trading at a reasonable valuation.

How did the Fund use derivatives and similar instruments during the Reporting Period?

During the Reporting Period, we did not use derivatives as part of an active management strategy.

PORTFOLIO RESULTS

Did the Fund make any significant purchases or sales during the Reporting Period?

Conversely, we eliminated the Fund’s position in specialty retailer Urban Outfitters during the Reporting Period. Shares of Urban Outfitters rose after the company announced strong results during a mid-quarter update during the fourth calendar quarter. While we still have conviction in the company, its story was becoming more understood by the market and thus the valuation gap narrowed in our view. Therefore, we exited the Fund’s position.

We sold the Fund’s position in futures and options exchange CME Group. The company performed well in January 2013, as its stock bounced back from December 2012 lows. Average daily volumes improved during January 2013, particularly for interest rate products. At the end of the Reporting Period, we believed the market was starting to realize that CME Group may well benefit from the changing regulatory environment with the centralized clearing mandate requirement to begin in March 2013. However, we decided to sell out of the Fund’s position in favor of a position in Intercontinental Exchange, in which we had higher conviction.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to information technology increased and its allocations to financials, energy, materials, consumer discretionary and consumer staples decreased relative to the Russell Index.

How was the Fund positioned relative to its benchmark index at the end of February 2013?

At the end of February 2013, the Fund had overweighted positions relative to the Russell Index in the financials, information technology, energy and telecommunication services sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in consumer staples, consumer discretionary and materials. The Fund had no position at all in the utilities, health care and industrials sectors on February 28, 2013.

FUND BASICS

Focused Growth Fund

as of February 28, 2013

LOGO


PERFORMANCE REVIEW
September 1, 2012–February 28, 2013	Fund Total Return (based on NAV)¹			Russell 1000 Growth Index²
Class A		9.65	%		6.23	%
Class C		9.16			6.23
Institutional		9.84			6.23
Class IR		9.68			6.23
Class R		9.48			6.23

The Russell 1000 Growth Index (with dividends reinvested) is an unmanaged market capitalization weighted index of the 1000 largest U.S. companies with higher price-to-book ratios and higher forecasted growth values. The Index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.


STANDARDIZED TOTAL RETURNS³
For the period ended 12/31/12	Since Inception	Inception Date
Class A	11.16%	1/31/12
Class C	15.83	1/31/12
Institutional	18.04	1/31/12
Class IR	17.87	1/31/12
Class R	17.34	1/31/12

The Standardized Total Returns are cumulative total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.24	%		17.07	%
Class C		1.99			17.82
Institutional		0.84			16.67
Class IR		0.99			16.82
Class R		1.49			17.32

⁴


TOP TEN HOLDINGS AS OF 2/28/13⁵
Holding	% of Net Assets			Line of Business
Apple, Inc.		8.5	%	Computers & Peripherals
Google, Inc. Class A		7.6		Internet Software & Services
QUALCOMM, Inc.		7.5		Communications Equipment
NIKE, Inc. Class B		6.0		Textiles, Apparel & Luxury Goods
American Tower Corp.		5.2		Real Estate Investment Trusts
Schlumberger Ltd.		5.1		Energy Equipment & Services
Activision Blizzard, Inc.		4.8		Software
CBRE Group, Inc. Class A		4.8		Real Estate Management & Development
SBA Communications Corp. Class A		4.7		Wireless Telecommunication Services
American Express Co.		4.6		Consumer Finance

⁵

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

FUND BASICS


FUND VS. BENCHMARK SECTOR ALLOCATION⁶
As of February 28, 2013

LOGO

⁶

The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Short-term investments represent repurchase agreements. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

PORTFOLIO RESULTS

Goldman Sachs Growth Opportunities Fund

Portfolio Composition

The Fund invests primarily in medium-sized growth companies with a market capitalization between $1 and $10 billion. Since the Fund’s inception, the Goldman Sachs Growth Investment Team has focused on several key investment criteria that it believes can drive a company’s growth over the long term. These characteristics are: dominant market share, established brand name, pricing power, recurring revenue stream, free cash flow, high returns on invested capital, predictable growth, sustainable growth, long product life cycle, enduring competitive advantage, favorable demographic trends and excellent management. The Team strives to purchase these companies at reasonable valuations in order to capture the full benefits of their growth.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Investment Team discusses the Goldman Sachs Growth Opportunities Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2013 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, B, C, Institutional, Service, IR and R Shares generated cumulative total returns, without sales charges, of 9.77%, 9.38%, 9.38%, 10.02%, 9.69%, 9.94% and 9.67%, respectively. These returns compare to the 11.23% cumulative total return of the Fund’s benchmark, the Russell Midcap^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

The Fund generated solid absolute gains, but stock selection overall detracted from its performance relative to the Russell Index during the Reporting Period.

Which equity market sectors most significantly affected Fund performance?

Detracting most from the Fund’s relative results was weak stock selection in the consumer discretionary, industrials and health care sectors. Having an underweight position in the industrials sector, which outpaced the Russell Index during the Reporting Period, also hurt. Effective stock selection in the information technology, financials, materials and telecommunication services sectors helped the Fund’s performance most relative to the Russell Index.

Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

Detracting most from the Fund’s results relative to its benchmark index were positions in footwear and accessories designer Deckers Outdoor, information technology integrated systems company Micros Systems and personal care and food products company Hain Celestial Group.

Deckers Outdoor was the biggest detractor from the Fund’s results during the Reporting Period. The company’s earnings and guidance were disappointing during 2012, as it continued to battle headwinds from the impact of an unseasonably warm winter in 2011, which pressured the company’s inventory position and profitability. However, at the end of the Reporting Period, we expected the company’s inventory pressure to subside through the course of 2013. The stock had already recovered some of its losses in the early months of 2013, and its results for the fourth quarter of 2012 beat expectations. We continued to believe in the strength of the company’s Ugg brand and expected the company to show improved sales and margin expansion in 2013.

PORTFOLIO RESULTS

recurring revenue through the high-touch servicing it provides to clients. We believe Micros Systems operates a unique franchise that is well positioned for growth as the company appears to be increasing its customer base through new contracts with hotel chains and expanding its business globally.

Hain Celestial Group manufactures, markets, distributes and sells natural and organic products. The company re-affirmed weak guidance in mid-October 2012 when it was expected to raise guidance instead. Uncertainty also arose after a change in its management team early in the fourth calendar quarter. Hain Celestial Group also announced the closing of the acquisition of BluePrint, a nationally recognized brand in the raw juice category based in New York City. Hain Celestial Group’s shares traded lower, as investors questioned the difficulty of the integration. We added to the Fund’s position in the company on weakness, as we continued to believe Hain Celestial Group is a diversified way to capitalize on the trends of healthier eating, increased fitness and an aging population. In our view, the company has remained focused on improving margins, and we view its acquisition strategy positively.

What were some of the Fund’s best-performing individual stocks?

The Fund benefited most relative to the Russell Index from positions in specialty commercial financial services company FleetCor Technologies, global commercial real estate services firm CBRE Group and apparel and footwear company PVH.

FleetCor Technologies, an independent global provider of specialized payment products and services, was the top contributor to the Fund’s relative performance during the Reporting Period. FleetCor Technologies’ stock performed well, as the company has successfully integrated accretive acquisitions and consistently beat and raised earnings estimates. While we still like the company and its growth prospects, we trimmed the Fund’s position in FleetCor Technologies’ stock to take profits and reflect its increased valuation.

CBRE Group contributed to the Fund’s relative performance during the Reporting Period. Its shares rose on the heels of announcing a solid fourth calendar quarter, during which earnings beat analysts’ expectations. In addition, CBRE Group published positive guidance for 2013. At the end of the Reporting Period, we believed the company still had strong growth potential, as it was gaining market share and continued to boost margins through international expansion. Additionally, in our view, the deal struck by CBRE Group to buy a majority of the real estate investment management business of Dutch financial company ING Group should be beneficial, as it provides relatively stable assets under management, recurring revenues and solid margins.

How did the Fund use derivatives and similar instruments during the Reporting Period?

During the Reporting Period, we did not use derivatives as part of an active management strategy.

PORTFOLIO RESULTS

Did the Fund make any significant purchases or sales during the Reporting Period?

We established a Fund position in discount retailer Dollar General. The company is a leader in the dollar stores retailing segment, a segment that has been a relatively consistent, long-term share gainer within the broader U.S. retailing industry over the past several years. We believe the company should deliver sales growth going forward supported by square footage growth from new stores. Moreover, we believe initiatives including direct sourcing, private brands and reduced inventory shrinkage should lower costs and thereby drive margin expansion. (Inventory shrinkage is material or goods lost through deterioration, obsolescence, pilferage, theft and/or waste.) We have confidence in the company management’s ability to take advantage of existing growth opportunities and to continue to gain market share in a growing industry.

We exited the Fund’s position in Family Dollar Stores. While we like the retail market segment, we lost confidence in the turnaround story of Family Dollar Stores, in particular with its key strategic initiatives regarding the sale of tobacco products. We decided to sell out of the Fund’s position and to initiate a position in Dollar General instead, a similar company but one that we believe should provide more consistent growth.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to information technology, financials, consumer staples and health care increased and its allocations to telecommunication services, energy, industrials and consumer discretionary decreased relative to the Russell Index.

How was the Fund positioned relative to its benchmark index at the end of February 2013?

At the end of February 2013, the Fund had overweighted positions relative to the Russell Index in the financials, telecommunication services, information technology and health care sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in industrials, consumer discretionary, consumer staples and materials. The Fund was rather neutrally weighted to the Index in energy and had no position at all in utilities on February 28, 2013.

FUND BASICS

Growth Opportunities Fund

as of February 28, 2013

LOGO


PERFORMANCE REVIEW
September 1, 2012–February 28, 2013	Fund Total Return (based on NAV)¹			Russell Midcap Growth Index²
Class A		9.77	%		11.23	%
Class B		9.38			11.23
Class C		9.38			11.23
Institutional		10.02			11.23
Service		9.69			11.23
Class IR		9.94			11.23
Class R		9.67			11.23

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


STANDARDIZED TOTAL RETURNS³
For the period ended 12/31/12	One Year			Five Years	Ten Years			Since Inception			Inception Date
Class A		12.51	%	3.83%		9.37	%		9.94	%	5/24/99
Class B		12.76		3.80		9.32			9.96		5/24/99
Class C		17.10		4.23		9.17			9.58		5/24/99
Institutional		19.52		5.42		10.43			10.83		5/24/99
Service		18.93		4.91		9.89			10.28		5/24/99
Class IR		19.28		5.27		N/A			5.58		11/30/07
Class R		18.73		4.76		N/A			5.07		11/30/07

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.35	%		1.41	%
Class B		2.10			2.16
Class C		2.10			2.16
Institutional		0.95			1.01
Service		1.45			1.51
Class IR		1.10			1.16
Class R		1.60			1.66

⁴


TOP TEN HOLDINGS AS OF 2/28/13⁵
Holding	% of Net Assets			Line of Business
SBA Communications Corp. Class A		3.3	%	Wireless Telecommunication Services
PVH Corp.		2.5		Textiles, Apparel & Luxury Goods
CBRE Group, Inc. Class A		2.3		Real Estate Management & Development
Agilent Technologies, Inc.		2.2		Life Sciences Tools & Services
Equinix, Inc.		2.1		Internet Software & Services
Activision Blizzard, Inc.		2.1		Software
Amphenol Corp. Class A		2.0		Electronic Equipment, Instruments & Components
Dollar General Corp.		2.0		Multiline Retail
IntercontinentalExchange, Inc.		2.0		Diversified Financial Services
PetSmart, Inc.		1.8		Specialty Retail

⁵

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

FUND BASICS


FUND VS. BENCHMARK SECTOR ALLOCATION⁶
As of February 28, 2013

LOGO

⁶

The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Short-term investments represent repurchase agreements. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

PORTFOLIO RESULTS

Goldman Sachs Small/Mid Cap Growth Fund

Portfolio Composition

The Fund invests primarily in small and medium-sized growth companies with a market capitalization between $200 million and $10 billion. Since the Fund’s inception, the Goldman Sachs Growth Investment Team has focused on several key investment criteria that it believes can drive a company’s growth over the long term. These characteristics are: dominant market share, established brand name, pricing power, recurring revenue stream, free cash flow, high returns on invested capital, predictable growth, sustainable growth, long product life cycle, enduring competitive advantage, favorable demographic trends and excellent management. The Team strives to purchase these companies at reasonable valuations in order to capture the full benefits of their growth.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Investment Team discusses the Goldman Sachs Small/Mid Cap Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2013 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, B, C, Institutional, Service, IR and R Shares generated cumulative total returns, without sales charges, of 12.57%, 12.12%, 12.13%, 12.80%, 12.52%, 12.73% and 12.38%, respectively. These returns compare to the 11.98% cumulative total return of the Fund’s benchmark, the Russell 2500^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

Stock selection overall contributed most to the Fund’s performance relative to the Russell Index during the Reporting Period.

Which equity market sectors most significantly affected Fund performance?

Effective stock selection in the financials, information technology and health care sectors helped the Fund’s performance most relative to the Russell Index. Detracting from the Fund’s relative results was weak stock selection in the consumer discretionary, industrials, energy and consumer staples sectors. Having an underweighted allocation to the industrials sector, which outpaced the Russell Index during the Reporting Period, also hurt.

What were some of the Fund’s best-performing individual stocks?

The Fund benefited most relative to the Russell Index from positions in independent investment banking boutique Evercore Partners, specialty commercial financial services company FleetCor Technologies and global commercial real estate services firm CBRE Group.

A position in Evercore Partners contributed most to the Fund’s relative returns during the Reporting Period. The company’s shares performed well as merger and acquisition activity started to improve and a higher percentage of announced deals closed or were anticipated to close. We believe this is a trend that will continue and that Evercore Partners is well positioned to benefit. In our view, a key competitive advantage is the company’s management team, led by former deputy Treasury Secretary Roger Altman as its chairman and co-founder of BlackRock Ralph Schlosstein as its chief executive officer.

FleetCor Technologies, an independent global provider of specialized payment products and services, was a top contributor to the Fund’s relative performance during the Reporting Period. FleetCor Technologies’ stock performed well, as the company has successfully integrated accretive acquisitions and consistently beat and raised earnings estimates. While we still like the company and its growth prospects, we trimmed the Fund’s position in FleetCor Technologies’ stock to take profits and reflect its increased valuation.

PORTFOLIO RESULTS

Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

Detracting most from the Fund’s results relative to its benchmark index were positions in footwear and accessories designer Deckers Outdoor, personal care and food products company Hain Celestial Group and specialty pet supplies and services group PetSmart.

A position in PetSmart detracted from the Fund’s relative results during the Reporting Period. In our view, there were two primary issues that impacted PetSmart’s stock — concerns over the turnover in its management, as both its chief executive officer and chief financial officer are leaving the company over the next year, and concerns that the Internet will become a growing threat to its business. However, we added to the Fund’s position in the company on weakness, as we remained confident in its business growth prospects and think the management turnover is a long-planned transition that should not negatively impact the business. While we are wary of the impact of online retail on all traditional retailers, we think PetSmart is relatively well positioned given that it remains largely uneconomical to ship pet food to consumers. Traffic trends at PetSmart stores remained positive during the Reporting Period, which, in our view, is the best indicator consumers continue to prefer to shop for pet supplies in stores rather than online.

How did the Fund use derivatives and similar instruments during the Reporting Period?

During the Reporting Period, we did not use derivatives as part of an active management strategy.

Did the Fund make any significant purchases or sales during the Reporting Period?

During the Reporting Period, we initiated a Fund position in ExactTarget, a cross-channel interactive marketing company that earns the vast majority of its revenue from email marketing. In our view, ExactTarget has an attractive recurring revenue profile, has grown revenues sequentially every quarter since its inception, and is poised to benefit from growth in international markets and new product categories. As chief marketing officers broadly gain control over an increasing share of information technology budgets, we believe ExactTarget’s differentiated platform positions the company well for years of strong growth and a corresponding increase in the company’s asset value.

PORTFOLIO RESULTS

We established a Fund position in biopharmaceutical company Achillion Pharmaceuticals, which is predominantly focused on producing drugs for patients with hepatitis C. We believe the company currently has two best-in-class drugs for this disease and that there is a potential $15 billion market opportunity. In our view, even if Achillion Pharmaceuticals only takes a small portion of total market share, it justifies a premium to the price of Achillion Pharmaceuticals’ shares at the time of our purchase.

Conversely, we sold the Fund’s position in Robbins & Myers, a leading supplier of engineered equipment and systems for critical applications in global energy, industrial, chemical and pharmaceutical markets. During the third quarter of 2012, Robbins & Myers announced it was being acquired by oilfield machinery and equipment company National Oilwell Varco. In our view, the acquisition validated our fundamental investment thesis and valuation analysis of Robbins & Myers, which was trading at a discount to our assessment of the company’s intrinsic value. We were encouraged by the stock’s strong performance following the announcement, so we decided to take profits and reallocate capital into opportunities with what we considered to have more attractive risk-reward profiles.

We exited the Fund’s position in consumer and commercial product producer Newell Rubbermaid. We decided to reallocate capital into opportunities with what we believed to have more favorable risk-reward profiles, as we believe Newell Rubbermaid’s valuations reflected, at the time of our sale, confidence in the business’ turnaround and were trading at the higher end of long-term averages.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to financials, information technology, health care and consumer staples increased and its allocation to materials, telecommunication services, industrials and consumer discretionary decreased relative to the Russell Index.

How was the Fund positioned relative to its benchmark index at the end of February 2013?

At the end of February 2013, the Fund had overweighted positions relative to the Russell Index in the telecommunication services, energy and health care sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in industrials and materials. The Fund was rather neutrally weighted to the Russell Index in financials, information technology, consumer staples and consumer discretionary and had no position at all in utilities on February 28, 2013.

FUND BASICS

Small/Mid Cap Growth Fund

as of February 28, 2013

LOGO


PERFORMANCE REVIEW
September 1, 2012–February 28, 2013	Fund Total Return (based on NAV)¹			Russell 2500 Growth Index²
Class A		12.57	%		11.98	%
Class B		12.12			11.98
Class C		12.13			11.98
Institutional		12.80			11.98
Service		12.52			11.98
Class IR		12.73			11.98
Class R		12.38			11.98

The Russell 2500 Growth Index (with dividends reinvested) is an unmanaged index that measures the performance of the small- to mid-cap growth segment of the US equity universe. The Russell 2500 Growth Index is constructed to provide a comprehensive and unbiased barometer of the small- to mid-cap growth market. Based on ongoing empirical research of investment manager behavior, the methodology used to determine growth probability approximates the aggregate small- to mid-cap growth manager’s opportunity set. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³
For the period ended 12/31/12	One Year			Five Years	Since Inception	Inception Date
Class A		14.15	%	4.66%	7.95%	6/30/05
Class B		14.59		4.67	7.91	6/30/05
Class C		18.72		5.03	7.90	6/30/05
Institutional		21.27		6.26	9.15	6/30/05
Service		20.61		5.73	8.60	6/30/05
Class IR		21.04		6.10	6.32	11/30/07
Class R		20.44		5.59	5.80	11/30/07

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.35	%		1.50	%
Class B		2.10			2.25
Class C		2.10			2.25
Institutional		0.95			1.10
Service		1.45			1.60
Class IR		1.10			1.25
Class R		1.60			1.75

⁴


TOP TEN HOLDINGS AS OF 2/28/13⁵
Holding	% of Net Assets			Line of Business
SBA Communications Corp. Class A		3.5	%	Wireless Telecommunication Services
PVH Corp.		2.7		Textiles, Apparel & Luxury Goods
Healthcare Services Group, Inc.		2.0		Commercial Services & Supplies
Dril-Quip, Inc.		1.8		Energy Equipment & Services
MSCI, Inc. Class A		1.8		Diversified Financial Services
Rackspace Hosting, Inc.		1.7		Internet Software & Services
Evercore Partners, Inc. Class A		1.7		Capital Markets
Kennametal, Inc.		1.7		Machinery
CBRE Group, Inc. Class A		1.7		Real Estate Management & Development
Ritchie Bros. Auctioneers, Inc.		1.6		Commercial Services & Supplies

⁵

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

FUND BASICS


FUND VS. BENCHMARK SECTOR ALLOCATION⁶
As of February 28, 2013

LOGO

⁶

The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Short-term investments represent repurchase agreements. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

PORTFOLIO RESULTS

Goldman Sachs Strategic Growth Fund

Portfolio Composition

The Fund invests primarily in U.S. equity investments. The Fund is more selective and focused than many mutual funds and there are typically 50 to 70 holdings in the portfolio. Since the Fund’s inception, the Goldman Sachs Growth Investment Team has focused on several key investment criteria that it believes can drive a company’s growth over the long term. These characteristics are: dominant market share, established brand name, pricing power, recurring revenue stream, free cash flow, high returns on invested capital, predictable growth, sustainable growth, long product life cycle, enduring competitive advantage, favorable demographic trends and excellent management. The Team strives to purchase these companies at reasonable valuations in order to capture the full benefits of their growth.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Investment Team discusses the Goldman Sachs Strategic Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2013 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, B, C, Institutional, Service, IR and R Shares generated cumulative total returns, without sales charges, of 7.45%, 7.03%, 6.92%, 7.64%, 7.27%, 7.48% and 7.27%, respectively. These returns compare to the 6.23% cumulative total return of the Fund’s benchmark, the Russell 1000^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

Stock selection overall contributed most to the Fund’s performance relative to the Russell Index during the Reporting Period.

Which equity market sectors most significantly affected Fund performance?

Effective stock selection in the information technology, financials and consumer staples sectors helped the Fund’s performance most relative to the Russell Index. Having an overweighted allocation to financials, which outpaced the Russell Index during the Reporting Period, also helped. Detracting from the Fund’s relative results most was having an underweighted exposure to the industrials sector, which outperformed the Russell Index during the Reporting Period, and weak stock selection in the health care and energy sectors.

What were some of the Fund’s best-performing individual stocks?

The Fund benefited most relative to the Russell Index from positions in global commercial real estate services firm CBRE Group, biotechnology company Gilead Sciences and apparel and footwear company PVH.

PORTFOLIO RESULTS

attractively valued at the end of the Reporting Period given its strong pipeline and dominant HIV franchise.

Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

Detracting most from the Fund’s results relative to its benchmark index were positions in personal computer and mobile communications device giant Apple, medical device company St. Jude Medical and discount retailer Dollar General.

St. Jude Medical detracted from the Fund’s relative performance, as reports of safety and quality issues continued to weigh on the company and as such reports led to concerns about the possibility of market share loss. In addition, St. Jude Medical experienced pricing pressure combined with weak volume growth. We decided to sell out of the Fund’s position in St. Jude Medical by the end of the Reporting Period in favor of what we considered to be more attractive investment opportunities.

The Fund’s position in Dollar General detracted from its relative results. Despite reporting a decent third calendar quarter, Dollar General’s shares traded down as the company discussed heightened competition and looming consumer weakness as a result of ending payroll tax cuts. Even with these near-term setbacks, we added to the Fund’s position on weakness during the Reporting Period because we believe the company should deliver sales growth going forward supported by square footage growth from new stores. Moreover, we believe initiatives including direct sourcing, private brands and reduced inventory shrinkage should lower costs and thereby drive margin expansion. (Inventory shrinkage is material or goods lost through deterioration, obsolescence, pilferage, theft and/or waste.) We have confidence in the company management’s ability to take advantage of existing growth opportunities and to continue to gain market share in a growing industry.

PORTFOLIO RESULTS

How did the Fund use derivatives and similar instruments during the Reporting Period?

During the Reporting Period, we did not use derivatives as part of an active management strategy.

Did the Fund make any significant purchases or sales during the Reporting Period?

We established a Fund position in aerospace and defense company Boeing. We believe the important growth drivers for Boeing are likely to come from increasing the production rate and deliveries of its 787 program and the successful development of its new 737 MAX. We believe cash flows may well improve substantially as the new planes are delivered. We are particularly optimistic regarding the outlook for the 787, as headlines appear to be moving away from the production issues that delayed its initial launch. Boeing also maintains a multi-year head start on competitor Airbus’ next generation plane, the A350, an important lead in a duopolistic industry.

Conversely, we sold the Fund’s position in software giant Microsoft. During the Reporting Period, Microsoft announced disappointing fiscal first quarter results caused by slower than expected enterprise adoption of the Windows 8 operating system. Investors were also disappointed by the sudden departure of the head of the Windows division. This departure was unexpected, as he was viewed by many as a potential chief executive officer successor. We exited the Fund’s position in Microsoft prior to this announcement, based on our view of slower anticipated growth ahead and limited traction in the mobile computing industry. While Microsoft pays an attractive dividend and should continue to generate large amounts of free cash flow, we believe its flagship Windows product is maturing. We also see the changes being driven by mobile and cloud computing potentially leading to disruptions in the company’s markets.

We eliminated the Fund’s position in specialty retailer Urban Outfitters during the Reporting Period. Shares of Urban Outfitters rose after the company announced strong results during a mid-quarter update during the fourth calendar quarter. While we still have conviction in the company, its story was becoming more understood by the market and thus the valuation gap narrowed in our view. Therefore, we exited the Fund’s position.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to financials, information technology and industrials increased and its allocations to energy and health care decreased relative to the Russell Index.

How was the Fund positioned relative to its benchmark index at the end of February 2013?

At the end of February 2013, the Fund had overweighted positions relative to the Russell Index in the financials and information technology sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in industrials, consumer staples and materials. The Fund was rather neutrally weighted to the Russell Index in consumer discretionary, telecommunication services, energy and health care and had no position at all in utilities on February 28, 2013.

FUND BASICS

Strategic Growth Fund

as of February 28, 2013

LOGO


PERFORMANCE REVIEW
September 1, 2012–February 28, 2013	Fund Total Return (based on NAV)¹			Russell 1000 Growth Index²
Class A		7.45	%		6.23	%
Class B		7.03			6.23
Class C		6.92			6.23
Institutional		7.64			6.23
Service		7.27			6.23
Class IR		7.48			6.23
Class R		7.27			6.23

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


STANDARDIZED TOTAL RETURNS³
For the period ended 12/31/12	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		12.91	%		0.72	%		5.15	%		0.82	%	5/24/99
Class B		13.21			0.68			5.09			0.80		5/24/99
Class C		17.52			1.10			4.95			0.50		5/24/99
Institutional		19.98			2.27			6.16			1.65		5/24/99
Service		19.40			1.79			5.73			1.25		5/24/99
Class IR		19.78			N/A			N/A			15.00		01/06/09
Class R		19.26			N/A			N/A			14.51		01/06/09

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.goldmansachsfunds. com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.15	%		1.51	%
Class B		1.90			2.26
Class C		1.90			2.26
Institutional		0.75			1.11
Service		1.25			1.61
Class IR		0.90			1.26
Class R		1.40			1.76

⁴


TOP TEN HOLDINGS AS OF 2/28/13⁵
Holding	% of Net Assets			Line of Business
Apple, Inc.		7.2	%	Computers & Peripherals
Google, Inc. Class A		4.7		Internet Software & Services
QUALCOMM, Inc.		4.5		Communications Equipment
American Tower Corp.		3.7		Real Estate Investment Trusts
Schlumberger Ltd.		3.6		Energy Equipment & Services
Crown Castle International Corp.		3.1		Wireless Telecommunication Services
NIKE, Inc. Class B		2.9		Textiles, Apparel & Luxury Goods
Costco Wholesale Corp.		2.7		Food & Staples Retailing
Amazon.com, Inc.		2.5		Internet & Catalog Retail
Praxair, Inc.		2.2		Chemicals

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of February 28, 2013

LOGO

⁶

PORTFOLIO RESULTS

Goldman Sachs Technology Tollkeeper Fund

Portfolio Composition

The Fund invests primarily in equity securities of high quality technology, media or service companies that adopt or use technology to improve their cost structure, revenue opportunities or competitive advantage (“Technology Tollkeeper” companies). The Goldman Sachs Growth Investment Team believes Technology Tollkeeper connotes a promising growth business. Like a toll collector for a highway or bridge, Technology Tollkeeper companies may grow revenue by increasing “traffic,” or customers and sales, and raising “tolls,” or prices, and margins. The Team believes that the characteristics of recurring revenue or the ability to generate free cash flow should enable them to consistently grow their business.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Investment Team discusses the Goldman Sachs Technology Tollkeeper Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2013 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, B, C, Institutional, Service and IR Shares generated cumulative total returns, without sales charges, of 3.60%, 3.24%, 3.24%, 3.84%, 3.56% and 3.78%, respectively. These returns compare to the 3.04% cumulative total return of the Fund’s benchmark, the NASDAQ Composite Index (the “NASDAQ Index”), during the same period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

Stock selection overall contributed most to the Fund’s performance relative to the NASDAQ Index during the Reporting Period.

Which equity market sectors most significantly affected Fund performance?

As both the Fund and the NASDAQ Index have the majority of their respective assets allocated to the information technology sector and our Team’s focus is on picking stocks that fit our definition of a Technology Tollkeeper company, broad equity market sector performance generally does not have a meaningful impact on relative performance. That said, effective stock selection in the information technology and telecommunication services sectors helped the Fund’s performance. Detracting from the Fund’s relative results was weak stock selection in and having an underweighted allocation to the consumer discretionary sector, which outpaced the NASDAQ Index during the Reporting Period. Having no positions in health care or industrials, each of which outpaced the NASDAQ Index during the Reporting Period, also hurt.

What were some of the Fund’s best-performing individual stocks?

The Fund benefited most relative to the NASDAQ Index from positions in social networking website operator Facebook, gaming software and content publisher Activision Blizzard and data center services company InterXion Holding.

Facebook was a top contributor to the Fund’s relative results during the Reporting Period, as the company demonstrated significant progress in monetizing its mobile-related operations during its third fiscal quarter. Also, selling pressure from the expiration of insider lock-ups failed to materialize, alleviating investor fears and removing one of the primary overhangs on the stock. (Underwriters in Initial Public Offerings (“IPOs”) and insiders of the issuing company agree on lock-ups to prevent insiders from selling their stock within a given time window after the IPO. This time window normally amounts to 180 days. The lock-up agreement attempts to ensure the stability of the issuing company and to align insiders’ incentives with the goals of the company. After the expiration of the lock-up period, insiders are free to sell but potentially have to take into account insider regulation.) In our view, Facebook has achieved tremendous scale in the U.S. and has a large market opportunity as its networking effect creates stickiness, or loyalty, in its user, or customer, base. While we trimmed

PORTFOLIO RESULTS

the Fund’s position in Facebook, taking some profits, we maintained the holding, as we continue to believe Facebook is well positioned to benefit from targeted advertising on its platform as a result of the information it has on its users as well as the potential to monetize new ad formats and the social networking ad medium over time. The company is in the very early stages of development, and with attractive long-term growth opportunities and a strong competitive position, we believe patient investors should be rewarded over time, despite the rocky start Facebook has had as a public company.

Activision Blizzard, a new position for the Fund during the Reporting Period, was a top contributor to its relative results. Activision Blizzard owns three of the largest franchises in the electronic gaming industry — Call of Duty and Skylanders on console and World of Warcraft on personal computer. World of Warcraft is offered through a monthly subscription model that provides a large and reliable stream of cash flow, which, in turn, can be used to invest for growth in newer intellectual properties. In our view, these newer properties, including Call of Duty and Skylanders, and upcoming new releases have margin structures that are higher than the corporate average, which should drive Activision Blizzard’s operating margins higher if the company grows over the next few years as anticipated. In addition, we believe the company’s valuations were attractive at the time of purchase. During the Reporting Period, the company reported solid fourth calendar quarter results, driven by strong performance key franchises. Its management announced its Skylanders franchise crossed the $1 billion revenue threshold following its launch in 2011, while its Call of Duty franchise grew year-over-year and saw increase in online engagement for Black Ops 2, particularly in December 2012.

A position in InterXion Holding, a provider of carrier-neutral collocation data center services throughout Europe, contributed to the Fund’s performance during the Reporting Period. The company reported strong fourth calendar quarter results and provided strong guidance for the first quarter of 2013. The company’s data centers act as content and connectivity hubs that facilitate the processing, storage, sharing and distribution of data, content, applications and media among carriers and customers. At the end of the Reporting Period, we believed the company should continue to benefit from a number of key long-term secular growth drivers, including cloud computing, mobile data and video.

Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

Detracting most from the Fund’s results relative to its benchmark index were positions in point-of-sale card payment device manufacturer VeriFone Systems, information technology integrated systems company Micros Systems and computer memory device manufacturer EMC.

VeriFone Systems detracted most from the Fund’s relative results during the Reporting Period. Its shares declined sharply following a revenue and earnings miss and a disappointing outlook for the fiscal first quarter of 2013. In our view, the results highlight the challenges the company is facing in migrating from a hardware business to a services business and demonstrate its management’s failure to integrate recent acquisitions. As a result, we exited the Fund’s position in VeriFone Systems by the end of the Reporting Period.

Shares of EMC declined during the Reporting Period, primarily due to less than anticipated earnings. Such earnings weakness was attributable to investor concerns that the company lost market share and to a sluggish macro and potentially weak spending environment in 2013. EMC was also negatively impacted in January 2013 by disappointing quarterly results and guidance from VMware, in which EMC holds an approximately 80% stake. We trimmed the Fund’s position in EMC during the Reporting Period but maintained the holding. EMC’s high-end and mid-tier storage products continued to record consistent growth and were gaining market share. Also, we believe that concerns over the

PORTFOLIO RESULTS

company’s data storage business stem from the macro environment late in 2012 and that such concerns were overblown. At the end of the Reporting Period, we did not see any company specific issues. While governments’ technology budgets may be tightened in 2013, the company’s management expected strong global information technology spending by corporations to offset any weakness. Long-term, we also believe the outlook is favorable for information storage and virtualization. At the end of the Reporting Period, we believed EMC had a strong balance sheet and was trading below its average price to earnings ratio of recent years. As an industry leader in information storage, we found shares of the company to be attractively valued.

How did the Fund use derivatives and similar instruments during the Reporting Period?

During the Reporting Period, we did not use derivatives as part of an active management strategy.

Did the Fund make any significant purchases or sales during the Reporting Period?

In addition to the purchase of Activision Blizzard, already mentioned, we initiated a Fund position in ExactTarget, a cross-channel interactive marketing company that earns the vast majority of its revenue from email marketing, during the Reporting Period. In our view, ExactTarget has an attractive recurring revenue profile, has grown revenues sequentially every quarter since its inception, and is poised to benefit from growth in international markets and new product categories. As chief marketing officers broadly gain control over an increasing share of information technology budgets, we believe ExactTarget’s differentiated platform positions the company well for years of strong growth and a corresponding increase in the company’s asset value.

In addition to the sale of VeriFone Systems, mentioned earlier, we exited the Fund’s position in software giant Microsoft. During the Reporting Period, Microsoft announced disappointing fiscal first quarter results caused by slower than expected enterprise adoption of the Windows 8 operating system. Investors were also disappointed by the sudden departure of the head of the Windows division. This departure was unexpected, as he was viewed by many as a potential chief executive officer successor. We exited the Fund’s position in Microsoft prior to this announcement, based on our view of slower anticipated growth ahead and limited traction in the mobile computing industry. While Microsoft pays an attractive dividend and should continue to generate large amounts of free cash flow, we believe its flagship Windows product is maturing. We also see the changes being driven by mobile and cloud computing potentially leading to disruptions in the company’s markets.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to information technology and telecommunication services increased and its allocation to consumer discretionary decreased relative to the NASDAQ Index.

How was the Fund positioned relative to its benchmark index at the end of February 2013?

At the end of February 2013, the Fund’s most significant overweighting relative to the NASDAQ Index continued to be in the information technology sector. The Fund also had an overweighted position relative to the NASDAQ Index, albeit more modest, in telecommunication services. On the same date, the Fund had underweighted positions compared to the NASDAQ Index in consumer discretionary and financials. The Fund had no exposure to the consumer staples, energy, health care, materials, industrials and utilities sectors on February 28, 2013.

FUND BASICS

Technology Tollkeeper Fund

as of February 28, 2013

LOGO


PERFORMANCE REVIEW
September 1, 2012–February 28, 2013	Fund Total Return (based on NAV)¹			NASDAQ Composite Index²
Class A		3.60	%		3.04	%
Class B		3.24			3.04
Class C		3.24			3.04
Institutional		3.84			3.04
Service		3.56			3.04
Class IR		3.78			3.04

The NASDAQ Composite Index is a broad-based capitalization-weighted index of all NASDAQ National Market and small-cap stocks. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³
For the period ended 12/31/12	One Year			Five Years	Ten Years	Since Inception	Inception Date
Class A		13.81	%	2.52%	10.51%	2.14%	10/1/99
Class B		14.59		2.55	10.45	2.10	10/1/99
Class C		18.58		2.93	10.33	1.81	10/1/99
Institutional		20.95		4.11	11.59	2.99	10/1/99
Service		20.36		3.62	11.08	2.51	10/1/99
Class IR		20.74		N/A	N/A	7.63	9/30/10

The Standardized 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 and the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Class B Shares automatically convert to Class A Shares on or about the fifteenth day of the last month of the calendar year that is eight years after purchase. Returns for Class B Shares for the period after the conversion reflect the performance of Class A Shares. Because Institutional, Service and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. The Fund’s Class B Shares are no longer available for purchase by new or existing shareholders (although current Class B shareholders may continue to reinvest income and capital gains distributions into Class B Shares, and Class B shareholders may continue to exchange their shares for Class B Shares of certain other Goldman Sachs Funds).

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.50	%		1.55	%
Class B		2.25			2.30
Class C		2.25			2.30
Institutional		1.10			1.15
Service		1.60			1.65
Class IR		1.25			1.30

⁴


TOP TEN HOLDINGS AS OF 2/28/13⁵
Holding	% of Net Assets			Line of Business
Apple, Inc.		10.8	%	Computers & Peripherals
Google, Inc. Class A		6.3		Internet Software & Services
QUALCOMM, Inc.		5.5		Communications Equipment
Activision Blizzard, Inc.		4.2		Software
Rackspace Hosting, Inc.		4.2		Internet Software & Services
Oracle Corp.		3.7		Software
SBA Communications Corp. Class A		3.6		Wireless Telecommunication Services
Salesforce.com, Inc.		3.4		Software
Equinix, Inc.		3.3		Internet Software & Services
Amazon.com, Inc.		3.2		Internet & Catalog Retail

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of February 28, 2013

LOGO

⁶

The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using the Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Short-term investments represent repurchase agreements. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

PORTFOLIO RESULTS

Goldman Sachs U.S. Equity Fund

Portfolio Composition

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Investment Team and the Goldman Sachs Value Investment Team discuss the Goldman Sachs U.S. Equity Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2013 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, IR and R Shares generated cumulative total returns, without sales charges, of 9.59%, 9.23%, 9.86%, 9.77% and 9.55%, respectively. These returns compare to the 8.95% cumulative total return of the Fund’s benchmark, the Standard & Poor’s 500^® Index (the “S&P 500 Index”), during the same period.

What key factors were responsible for the Fund’s performance during the Reporting Period?

Stock selection overall contributed most to the Fund’s performance relative to the S&P 500 Index during the Reporting Period.

Which equity market sectors most significantly affected Fund performance?

Effective stock selection in the financials, information technology and telecommunication services sectors helped the Fund’s relative results most. The only two sectors to detract from the Fund’s performance relative to the S&P 500 Index were energy and consumer discretionary, both attributable to weak stock selection.

What were some of the Fund’s best-performing individual stocks?

The Fund benefited most relative to the S&P 500 Index from positions in diversified banking institutions JPMorgan Chase and Bank of America and in home improvement and buildings products manufacturer and installer Masco.

In the financials sector, the Fund’s holding in JPMorgan Chase contributed positively to performance during the Reporting Period. Its stock improved as concerns surrounding the company’s multi-billion trading loss and other litigation risks subsided and as the company reported better than expected third calendar quarter results. In addition, the company’s management discussed returning value to shareholders and assured investors the company was on track to meet Basel III capital requirements. (Basel III is a global regulatory standard relating to banks’ capital adequacy and liquidity.) By the end of the Reporting Period, we had trimmed the Fund’s position in JPMorgan Chase, taking profits, but maintained the holding, as we continued to have conviction in JPMorgan Chase’s management team and believed the company would benefit from what we considered to be its strong balance sheet, resilient business model and robust capital generating franchises.

A position in Bank of America also contributed strongly to the Fund’s results during the Reporting Period, posting one of the largest gains in the S&P 500 Index during the fourth quarter of 2012. The company made progress on legacy, or long-standing, issues, particularly relating to its mortgage business, and recent settlements reduced litigation risks. Bank of America also increased its capital adequacy ratios over the past few years, which should allow, we believe, the company to invest more capital back into its businesses as the need to build additional reserves decreases. On the expense side,

PORTFOLIO RESULTS

Bank of America lowered its funding costs and closed less profitable banking centers. Should its management continue to take steps to reduce expenses as anticipated, we believe additional cost savings could benefit the company’s earnings over the coming years. We believe earnings improvement seen in 2012 may well continue in 2013, and we believe the company should also benefit from its high exposure to the improving housing market. Due to its strong performance, we trimmed the Fund’s position in Bank of America but maintained the holding.

Shares of Masco increased after reporting third quarter 2012 earnings that beat estimates on higher operating margins. At the end of the Reporting Period, we believed Masco still has room to improve results, in part from additional restructuring efforts in its cabinet and installation segments. In our view, Masco was also well positioned to benefit from an improving housing market in the U.S. through increased demand for its products. We believed the combination of cost savings initiatives and higher volumes should lead to margin expansion and greater returns on invested capital.

Which stocks detracted significantly from the Fund’s performance during the Reporting Period?

Detracting most from the Fund’s results relative to its benchmark index were positions in independent oil and gas exploration and production company Devon Energy, biotechnology company Vertex Pharmaceuticals and computer memory device manufacturer EMC.

The Fund’s stock selection in the energy sector detracted from performance during the Reporting Period, largely driven by Devon Energy, a North America-focused independent energy company engaged in the exploration, development and production of oil, natural gas and natural gas liquids (“NGLs”). During the Reporting Period, shares of Devon Energy fell along with the broader energy sector due to a decline in oil prices. The company has shifted production and resources toward oil and NGLs over time. As a result, its shares fell further after it reported third calendar quarter production levels that missed expectations due to operating issues. The market was also disappointed by Devon Energy’s forecast for flat overall production in 2013. At the end of the Reporting Period, we recognized our investment thesis may take longer to play out than originally expected, however we believed the value of Devon’s Energy’s large, North American asset base was not fully recognized at its then-current market price. While natural gas output may fall, higher margin oil production should increase, which should lead to a more favorable production mix in our view. Further, Devon Energy’s management is reviewing a number of strategic options, including the creation of a master limited partnership with assets from the company’s midstream business. (The midstream component of the energy industry is usually defined as those companies providing products or services that help link the supply side, i.e. energy producers, and the demand side, i.e. energy end-users, for any type of energy commodity. Such midstream business can include, but are not limited to, those that process, store, market and transport various energy commodities.) We believe the company’s management is taking the right steps to bring out the value within its large asset base. We believe the company maintains a strong balance sheet, which, along with its joint venture partnerships, may help speed up the development of its oil properties. In addition, we believe its cash flow should increase in 2013, as the company projects to spend significantly less on acquiring new acreage.

In October 2012, shares of Vertex Pharmaceuticals declined after a mid-stage study on the firm’s cystic fibrosis drug Kaleydeco did not meet investors’ expectations. Its shares continued to decline in November 2012 after a rival firm announced that a viable alternative to Vertex Pharmaceuticals’ hepatitis C drug Incivek cleared phase three trials. Its company management also announced third calendar quarter earnings that showed slowing Incivek sales and reimbursements for Kaleydeco in the European Union. Despite these setbacks, at the end of the Reporting Period, we continued to believe company has an attractive risk-reward profile with high upside potential. Already a market share leader in the treatment of hepatitis C, we believe Vertex Pharmaceuticals has the potential for margin and multiple expansion through further market penetration and pricing power. Further, in our view, the company maintained its first-mover advantage in cystic fibrosis treatments given its differentiated product pipeline. Holding more than $1 billion in cash, the company is sufficiently capitalized, in our view, to fund the development of its pipeline.

Shares of EMC declined during the Reporting Period, primarily due to less than anticipated earnings. Such earnings weakness was attributable to investor concerns that the company lost market share and to a sluggish macro and potentially weak spending environment in 2013. EMC was also negatively impacted in January 2013 by disappointing quarterly results and guidance from VMware, in which EMC holds an approximately 80% stake. However, EMC’s high-end and mid-tier storage products continued to record consistent growth and were gaining market share. We added

PORTFOLIO RESULTS

to the Fund’s position in EMC for this reason and because we believe that concerns over the company’s data storage business stem from the macro environment late in 2012 and that such concerns were overblown. At the end of the Reporting Period, we did not see any company specific issues. While governments’ technology budgets may be tightened in 2013, the company’s management expected strong global information technology spending by corporations to offset any weakness. Long-term, we also believe the outlook is favorable for information storage and virtualization. At the end of the Reporting Period, we believed EMC had a strong balance sheet and was trading below its average price to earnings ratio of recent years. As an industry leader in information storage, we found shares of the company to be attractively valued.

How did the Fund use derivatives and similar instruments during the Reporting Period?

During the Reporting Period, we did not use derivatives as part of an active management strategy.

Did the Fund make any significant purchases or sales during the Reporting Period?

We initiated a Fund position in Duke Energy during the Reporting Period. The company has a strong dividend yield and, at the time of purchase, was trading at a discount to its peers as uncertainty around regulatory issues heightened and as the company completes its merger with Progress Energy. We believe the near-term concerns are temporary. In our view, earnings growth should be driven ahead by continued investments in environmental and infrastructure projects and modest growth in electricity demand.

We established a Fund position in Activision Blizzard, a leading publisher of gaming software and content, during the Reporting Period. Activision Blizzard owns three of the largest franchises in the electronic gaming industry — Call of Duty and Skylanders on console and World of Warcraft on personal computer. World of Warcraft is offered through a monthly subscription model that provides a large and reliable stream of cash flow, which, in turn, can be used to invest for growth in newer intellectual properties. In our view, these newer properties, including Call of Duty and Skylanders, and upcoming new releases have margin structures that are higher than the corporate average, which should drive Activision Blizzard’s operating margins higher if the company grows over the next few years as anticipated. In addition, we believe the company’s valuations were attractive at the time of purchase.

We exited the Fund’s position in enterprise software firm Oracle. Oracle has dominant market share in database management software, and the company outperformed other information technology names and the broader U.S. equity market during the Reporting Period. As a result, we sold the Fund’s shares in Oracle, taking profits, and re-allocated the proceeds to opportunities that we considered to have greater return potential.

Were there any notable changes in the Fund’s weightings during the Reporting Period?

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s exposure to financials and industrials increased and its allocations to telecommunication services, information technology, utilities and health care decreased compared to the S&P 500 Index.

How was the Fund positioned relative to its benchmark index at the end of February 2012?

At the end of February 2013, the Fund had overweighted positions relative to the S&P 500 Index in financials and consumer discretionary. On the same date, the Fund had underweighted positions compared to the S&P 500 Index in materials, health care, consumer staples, industrials and utilities and was rather neutrally weighted to the S&P 500 Index in telecommunication services, information technology and energy.

FUND BASICS

U.S. Equity Fund

as of February 28, 2013

LOGO


PERFORMANCE REVIEW
September 1, 2012–February 28, 2013	Fund Total Return (based on NAV)¹			S&P 500 Index²
Class A		9.59	%		8.95	%
Class C		9.23			8.95
Institutional		9.86			8.95
Class IR		9.77			8.95
Class R		9.55			8.95

The S&P 500 Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³
For the period ended 12/31/12	One Year			Since Inception	Inception Date
Class A		11.68	%	6.89%	11/30/09
Class C		16.29		8.02	11/30/09
Institutional		18.67		9.30	11/30/09
Class IR		18.48		9.10	11/30/09
Class R		17.96		8.58	11/30/09

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.18	%		3.63	%
Class C		1.93			4.38
Institutional		0.78			3.23
Class IR		0.93			3.38
Class R		1.43			3.88

⁴


TOP TEN HOLDINGS AS OF 2/28/13⁵
Holding	% of Net Assets			Line of Business
General Electric Co.		4.2	%	Industrial Conglomerates
Apple, Inc.		3.9		Computers & Peripherals
Exxon Mobil Corp.		3.2		Oil, Gas & Consumable Fuels
JPMorgan Chase & Co.		3.2		Diversified Financial Services
Google, Inc. Class A		2.8		Internet Software & Services
The Procter & Gamble Co.		2.8		Household Products
The Boeing Co.		2.8		Aerospace & Defense
NIKE, Inc. Class B		2.4		Textiles, Apparel & Luxury Goods
SBA Communications Corp. Class A		2.4		Wireless Telecommunication Services
Devon Energy Corp.		2.3		Oil, Gas & Consumable Fuels

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of February 28, 2013

LOGO

⁶

GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments

February 28, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – 99.8%
	Aerospace & Defense – 4.0%
	295,844	Honeywell International, Inc.	$	20,738,665
	169,437	The Boeing Co.		13,029,705

				33,768,370

	Air Freight & Logistics – 0.8%
	66,358	FedEx Corp.		6,996,124

	Beverages – 3.8%
	115,967	Beam, Inc.		7,077,466
	76,182	Diageo PLC ADR		9,119,747
	201,651	PepsiCo., Inc.		15,279,096

				31,476,309

	Biotechnology* – 4.7%
	152,737	Celgene Corp.		15,759,404
	379,362	Gilead Sciences, Inc.		16,202,551
	151,614	Vertex Pharmaceuticals, Inc.		7,098,567

				39,060,522

	Capital Markets – 0.6%
	75,824	T. Rowe Price Group, Inc.		5,397,910

	Chemicals – 2.7%
	57,235	Ecolab, Inc.		4,381,339
	47,145	Monsanto Co.		4,763,060
	122,863	Praxair, Inc.		13,889,662

				23,034,061

	Communications Equipment – 3.4%
	430,704	QUALCOMM, Inc.		28,267,103

	Computers & Peripherals – 8.3%
	137,849	Apple, Inc.		60,846,549
	259,627	NetApp, Inc.*		8,783,181

				69,629,730

	Construction & Engineering* – 0.3%
	101,119	Quanta Services, Inc.		2,871,780

	Consumer Finance – 1.7%
	232,875	American Express Co.		14,473,181

	Diversified Financial Services – 3.5%
	179,158	CME Group, Inc.		10,717,231
	79,419	IntercontinentalExchange, Inc.*		12,295,650
	202,079	MSCI, Inc. Class A*		6,694,877

				29,707,758

	Electrical Equipment – 1.9%
	81,382	Eaton Corp. PLC		5,043,243
	47,338	Rockwell Automation, Inc.		4,276,515
	55,745	Roper Industries, Inc.		6,946,384

				16,266,142

	Electronic Equipment, Instruments & Components – 1.1%
	126,968	Amphenol Corp. Class A		8,996,952


	Common Stocks – (continued)
	Energy Equipment & Services – 3.7%
	153,002	Halliburton Co.	$	6,351,113
	49,075	National Oilwell Varco, Inc.		3,343,480
	276,667	Schlumberger Ltd.		21,538,526

				31,233,119

	Food & Staples Retailing – 2.9%
	158,080	Costco Wholesale Corp.		16,011,923
	111,591	Wal-Mart Stores, Inc.		7,898,411

				23,910,334

	Health Care Equipment & Supplies – 2.7%
	320,754	Abbott Laboratories		10,838,278
	41,315	C.R. Bard, Inc.		4,083,988
	14,843	Intuitive Surgical, Inc.*		7,568,297

				22,490,563

	Health Care Providers & Services* – 0.7%
	63,931	Henry Schein, Inc.		5,703,924

	Hotels, Restaurants & Leisure – 4.4%
	38,004	Chipotle Mexican Grill, Inc.*		12,039,287
	111,599	Las Vegas Sands Corp.		5,746,232
	165,066	Marriott International, Inc. Class A		6,511,854
	66,851	McDonald’s Corp.		6,411,011
	96,937	Yum! Brands, Inc.		6,347,435

				37,055,819

	Household Products – 2.1%
	110,825	Church & Dwight Co., Inc.		6,866,717
	19,292	Colgate-Palmolive Co.		2,207,584
	115,712	The Procter & Gamble Co.		8,814,940

				17,889,241

	Industrial Conglomerates – 1.3%
	174,448	Danaher Corp.		10,745,997

	Internet & Catalog Retail* – 3.5%
	72,944	Amazon.com, Inc.		19,276,911
	14,233	Priceline.com, Inc.		9,786,326

				29,063,237

	Internet Software & Services* – 6.7%
	64,165	Equinix, Inc.		13,574,106
	144,891	Facebook, Inc. Class A		3,948,280
	43,273	Google, Inc. Class A		34,670,327
	76,345	Rackspace Hosting, Inc.		4,264,632

				56,457,345

	IT Services – 4.4%
	122,796	Cognizant Technology Solutions Corp. Class A*		9,427,049
	56,843	International Business Machines Corp.		11,415,780
	22,592	MasterCard, Inc. Class A		11,698,589
	28,170	Visa, Inc. Class A		4,468,889

				37,010,307


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

GOLDMAN SACHS CAPITAL GROWTH FUND


Shares		Description	Value

	Common Stocks – (continued)
	Life Sciences Tools & Services – 1.1%
	215,244	Agilent Technologies, Inc.	$	8,928,321

	Machinery – 0.5%
	38,266	Cummins, Inc.		4,433,881

	Media – 2.9%
	84,056	Discovery Communications, Inc. Class A*		6,163,826
	110,655	Scripps Networks Interactive Class A		6,976,798
	185,052	Viacom, Inc. Class B		10,818,140

				23,958,764

	Multiline Retail* – 1.0%
	180,967	Dollar General Corp.		8,386,011

	Oil, Gas & Consumable Fuels – 0.5%
	32,870	Pioneer Natural Resources Co.		4,135,375

	Personal Products – 1.0%
	135,637	The Estee Lauder Cos., Inc. Class A		8,694,332

	Pharmaceuticals – 3.3%
	80,393	Allergan, Inc.		8,716,209
	262,347	Sanofi ADR		12,385,402
	66,661	Shire PLC ADR		6,243,469

				27,345,080

	Real Estate Investment Trusts – 2.4%
	256,272	American Tower Corp.		19,886,707

	Real Estate Management & Development* – 1.5%
	507,028	CBRE Group, Inc. Class A		12,254,867

	Semiconductors & Semiconductor Equipment – 1.2%
	277,621	Xilinx, Inc.		10,346,935

	Software – 5.0%
	1,028,144	Activision Blizzard, Inc.		14,702,459
	57,249	Citrix Systems, Inc.*		4,058,954
	447,921	Oracle Corp.		15,345,774
	44,279	Salesforce.com, Inc.*		7,492,892

				41,600,079

	Specialty Retail – 1.3%
	114,437	Limited Brands, Inc.		5,209,172
	84,180	PetSmart, Inc.		5,480,960

				10,690,132

	Textiles, Apparel & Luxury Goods – 4.1%
	41,217	Lululemon Athletica, Inc.*		2,763,600
	353,103	NIKE, Inc. Class B		19,229,989
	99,970	PVH Corp.		12,181,345

				34,174,934

	Tobacco – 2.5%
	225,419	Philip Morris International, Inc.		20,682,193


	Common Stocks – (continued)
	Wireless Telecommunication Services* – 2.3%
	269,734	SBA Communications Corp. Class A	$	19,183,482

	TOTAL COMMON STOCKS
	(Cost $556,315,252)		$	836,206,921


Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment^(a) – 0.9%
	Repurchase Agreement – 0.9%
	Joint Repurchase Agreement Account II
$	7,500,000		0.191	%		03/01/13	$	7,500,000
	(Cost $7,500,000)

	TOTAL INVESTMENTS – 100.7%
	(Cost $563,815,252)						$	843,706,921

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.7)%							(6,126,869	)

	NET ASSETS – 100.0%						$	837,580,052


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		Joint repurchase agreement was entered into on February 28, 2013. Additional information appears on pages 76-77.



Investment Abbreviation:
ADR		—American Depositary Receipt


The accompanying notes are an integral part of these financial statements.		61

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Schedule of Investments

February 28, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – 97.9%
	Aerospace & Defense – 1.5%
	32,572	Honeywell International, Inc.	$	2,283,297

	Beverages – 2.3%
	46,190	PepsiCo., Inc.		3,499,816

	Biotechnology* – 1.6%
	50,758	Vertex Pharmaceuticals, Inc.		2,376,490

	Capital Markets – 1.6%
	45,066	Northern Trust Corp.		2,396,159

	Chemicals – 2.8%
	36,590	Praxair, Inc.		4,136,499

	Communications Equipment – 6.2%
	141,328	QUALCOMM, Inc.		9,275,357

	Computers & Peripherals – 9.7%
	26,053	Apple, Inc.		11,499,794
	92,069	NetApp, Inc.*		3,114,694

				14,614,488

	Consumer Finance – 3.3%
	79,123	American Express Co.		4,917,494

	Diversified Financial Services* – 2.1%
	20,130	IntercontinentalExchange, Inc.		3,116,527

	Energy Equipment & Services – 7.0%
	66,142	Halliburton Co.		2,745,555
	99,184	Schlumberger Ltd.		7,721,474

				10,467,029

	Food & Staples Retailing – 3.4%
	50,480	Costco Wholesale Corp.		5,113,119

	Health Care Equipment & Supplies – 1.4%
	63,255	Abbott Laboratories		2,137,386

	Hotels, Restaurants & Leisure – 5.4%
	10,059	Chipotle Mexican Grill, Inc.*		3,186,591
	35,153	Las Vegas Sands Corp.		1,810,028
	76,818	Marriott International, Inc. Class A		3,030,470

				8,027,089

	Household Products – 2.7%
	52,559	The Procter & Gamble Co.		4,003,945

	Internet & Catalog Retail* – 2.9%
	10,339	Amazon.com, Inc.		2,732,288
	2,385	Priceline.com, Inc.		1,639,878

				4,372,166

	Internet Software & Services* – 10.7%
	20,729	Equinix, Inc.		4,385,220
	11,684	Google, Inc. Class A		9,361,221
	40,900	Rackspace Hosting, Inc.		2,284,674

				16,031,115

	IT Services – 2.2%
	6,476	MasterCard, Inc. Class A		3,353,402


	Common Stocks – (continued)
	Multiline Retail* – 1.5%
	47,596	Dollar General Corp.	$	2,205,599

	Pharmaceuticals – 2.3%
	42,317	AbbVie, Inc.		1,562,344
	50,975	Teva Pharmaceutical Industries Ltd. ADR		1,906,465

				3,468,809

	Real Estate Investment Trusts – 5.3%
	102,160	American Tower Corp.		7,927,616

	Real Estate Management & Development* – 3.6%
	226,219	CBRE Group, Inc. Class A		5,467,713

	Semiconductors & Semiconductor Equipment – 2.2%
	87,106	Xilinx, Inc.		3,246,441

	Software – 7.0%
	352,820	Activision Blizzard, Inc.		5,045,326
	87,988	Oracle Corp.		3,014,469
	14,622	Salesforce.com, Inc.*		2,474,335

				10,534,130

	Textiles, Apparel & Luxury Goods – 5.6%
	98,518	NIKE, Inc. Class B		5,365,290
	25,387	PVH Corp.		3,093,406

				8,458,696

	Wireless Telecommunication Services* – 3.6%
	78,015	Crown Castle International Corp.		5,445,447

	TOTAL COMMON STOCKS
	(Cost $93,942,311)		$	146,875,829


Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment^(a) – 2.2%
	Repurchase Agreement – 2.2%
	Joint Repurchase Agreement Account II
$	3,400,000		0.191	%		03/01/13	$	3,400,000
	(Cost $3,400,000)

	TOTAL INVESTMENTS – 100.1%
	(Cost $97,342,311)						$	150,275,829

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%							(196,695	)

	NET ASSETS – 100.0%						$	150,079,134


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		Joint repurchase agreement was entered into on February 28, 2013. Additional information appears on pages 76-77.



Investment Abbreviation:
ADR		—American Depositary Receipt


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

GOLDMAN SACHS FLEXIBLE CAP GROWTH FUND

Schedule of Investments

February 28, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – 97.6%
	Aerospace & Defense – 1.1%
	1,856	Honeywell International, Inc.	$	130,106

	Auto Components* – 0.4%
	2,946	Gentherm, Inc.		45,368

	Beverages – 2.9%
	1,038	Beam, Inc.		63,349
	1,411	Diageo PLC ADR		168,911
	1,657	PepsiCo., Inc.		125,551

				357,811

	Biotechnology* – 4.6%
	1,195	BioMarin Pharmaceutical, Inc.		69,274
	1,095	Celgene Corp.		112,982
	1,911	Cepheid, Inc.		69,618
	3,050	Gilead Sciences, Inc.		130,266
	3,770	Vertex Pharmaceuticals, Inc.		176,511

				558,651

	Capital Markets – 1.5%
	3,428	Lazard Ltd. Class A		123,065
	1,199	Northern Trust Corp.		63,751

				186,816

	Chemicals – 3.5%
	1,035	Airgas, Inc.		103,790
	567	Ecolab, Inc.		43,404
	1,396	International Flavors & Fragrances, Inc.		101,880
	1,567	Praxair, Inc.		177,149

				426,223

	Commercial Banks – 0.5%
	1,689	First Republic Bank		61,564

	Commercial Services & Supplies – 2.3%
	4,934	Healthcare Services Group, Inc.		118,909
	4,020	Ritchie Bros. Auctioneers, Inc.		91,576
	731	Stericycle, Inc.*		70,117

				280,602

	Communications Equipment – 3.3%
	6,195	QUALCOMM, Inc.		406,578

	Computers & Peripherals – 7.6%
	1,843	Apple, Inc.		813,500
	3,399	NetApp, Inc.*		114,988

				928,488

	Construction & Engineering* – 0.8%
	3,440	Quanta Services, Inc.		97,696

	Consumer Finance – 2.1%
	2,598	American Express Co.		161,466
	5,188	SLM Corp.		98,416

				259,882

	Diversified Consumer Services* – 0.8%
	1,843	Coinstar, Inc.		94,343


	Common Stocks – (continued)
	Diversified Financial Services – 3.1%
	2,044	CME Group, Inc.	$	122,272
	1,081	IntercontinentalExchange, Inc.*		167,360
	2,783	MSCI, Inc. Class A*		92,201

				381,833

	Diversified Telecommunication Services* – 0.8%
	3,949	TW telecom, Inc.		99,989

	Electrical Equipment – 1.3%
	899	Rockwell Automation, Inc.		81,216
	567	Roper Industries, Inc.		70,654

				151,870

	Electronic Equipment, Instruments & Components – 1.5%
	2,019	Amphenol Corp. Class A		143,067
	3,713	RealD, Inc.*		43,219

				186,286

	Energy Equipment & Services – 3.8%
	1,767	Halliburton Co.		73,348
	796	National-Oilwell Varco, Inc.		54,232
	4,279	Schlumberger Ltd.		333,120

				460,700

	Food & Staples Retailing – 2.6%
	2,397	Costco Wholesale Corp.		242,792
	3,839	The Chefs’ Warehouse, Inc.*		69,102

				311,894

	Food Products* – 0.8%
	1,007	The Hain Celestial Group, Inc.		55,133
	786	TreeHouse Foods, Inc.		45,895

				101,028

	Health Care Equipment & Supplies – 2.3%
	3,512	Abbott Laboratories		118,671
	925	C.R. Bard, Inc.		91,436
	2,123	CareFusion Corp.*		69,507

				279,614

	Health Care Providers & Services* – 1.7%
	3,077	ExamWorks Group, Inc.		43,570
	1,156	Henry Schein, Inc.		103,138
	714	MEDNAX, Inc.		61,133

				207,841

	Hotels, Restaurants & Leisure – 2.8%
	472	Chipotle Mexican Grill, Inc.*		149,525
	2,323	Marriott International, Inc. Class A		91,642
	1,452	Yum! Brands, Inc.		95,077

				336,244

	Household Products – 1.8%
	1,352	Church & Dwight Co., Inc.		83,770
	1,819	The Procter & Gamble Co.		138,571

				222,341


The accompanying notes are an integral part of these financial statements.		63

GOLDMAN SACHS FLEXIBLE CAP GROWTH FUND

Schedule of Investments (continued)

February 28, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Industrial Conglomerates – 0.8%
	1,652	Danaher Corp.	$	101,763

	Internet & Catalog Retail* – 2.7%
	731	Amazon.com, Inc.		193,181
	205	Priceline.com, Inc.		140,954

				334,135

	Internet Software & Services* – 5.9%
	663	Equinix, Inc.		140,258
	597	Google, Inc. Class A		478,316
	1,737	Rackspace Hosting, Inc.		97,029

				715,603

	IT Services – 3.7%
	873	Cognizant Technology Solutions Corp. Class A*		67,020
	4,479	InterXion Holding NV*		110,766
	338	MasterCard, Inc. Class A		175,023
	651	Visa, Inc. Class A		103,275

				456,084

	Life Sciences Tools & Services – 0.9%
	2,608	Agilent Technologies, Inc.		108,180

	Machinery – 2.3%
	1,182	Graco, Inc.		68,674
	1,078	IDEX Corp.		54,902
	3,997	Kennametal, Inc.		161,799

				285,375

	Media – 2.7%
	1,246	Discovery Communications, Inc. Class A*		91,369
	6,290	Pandora Media, Inc.*		76,738
	1,181	Scripps Networks Interactive Class A		74,462
	1,390	Viacom, Inc. Class B		81,260

				323,829

	Multiline Retail* – 1.1%
	2,860	Dollar General Corp.		132,532

	Oil, Gas & Consumable Fuels* – 0.5%
	1,317	Whiting Petroleum Corp.		64,138

	Personal Products – 0.5%
	961	The Estee Lauder Cos., Inc. Class A		61,600

	Pharmaceuticals – 1.3%
	630	Allergan, Inc.		68,305
	953	Shire PLC ADR		89,258

				157,563

	Real Estate Investment Trusts – 1.9%
	3,015	American Tower Corp.		233,964

	Real Estate Management & Development* – 1.6%
	8,086	CBRE Group, Inc. Class A		195,439

	Road & Rail* – 0.6%
	3,421	Roadrunner Transportation Systems, Inc.		77,930


	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – 1.7%
	923	Hittite Microwave Corp.*	$	59,829
	3,865	Xilinx, Inc.		144,048

				203,877

	Software – 5.1%
	7,927	Activision Blizzard, Inc.		113,356
	807	Citrix Systems, Inc.*		57,216
	2,408	MICROS Systems, Inc.*		103,063
	5,511	Oracle Corp.		188,807
	900	Salesforce.com, Inc.*		152,298

				614,740

	Specialty Retail – 2.7%
	1,670	Dick’s Sporting Goods, Inc.		83,500
	971	Limited Brands, Inc.		44,200
	1,527	PetSmart, Inc.		99,423
	1,076	Restoration Hardware Holdings, Inc.*		41,544
	878	Tiffany & Co.		58,967

				327,634

	Textiles, Apparel & Luxury Goods – 4.6%
	940	Carter’s, Inc.*		53,025
	1,572	Deckers Outdoor Corp.*		63,415
	803	Lululemon Athletica, Inc.*		53,841
	3,881	NIKE, Inc. Class B		211,359
	1,417	PVH Corp.		172,662

				554,302

	Tobacco – 1.0%
	1,363	Philip Morris International, Inc.		125,055

	Wireless Telecommunication Services* – 2.1%
	3,506	SBA Communications Corp. Class A		249,347

	TOTAL COMMON STOCKS
	(Cost $8,489,508)		$	11,896,858


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

GOLDMAN SACHS FLEXIBLE CAP GROWTH FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment^(a) – 1.6%
	Repurchase Agreement – 1.6%
	Joint Repurchase Agreement Account II
$	200,000		0.191	%		03/01/13	$	200,000
	(Cost $200,000)

	TOTAL INVESTMENTS – 99.2%
	(Cost $8,689,508)						$	12,096,858

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.8%							92,600

	NET ASSETS – 100.0%						$	12,189,458


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		Joint repurchase agreement was entered into on February 28, 2013. Additional information appears on pages 76-77.



Investment Abbreviation:
ADR		—American Depositary Receipt


The accompanying notes are an integral part of these financial statements.		65

GOLDMAN SACHS FOCUSED GROWTH FUND

Schedule of Investments

February 28, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – 97.9%
	Capital Markets – 4.6%
	10,550	Northern Trust Corp.	$	560,943

	Chemicals – 2.8%
	3,010	Praxair, Inc.		340,281

	Communications Equipment – 7.5%
	14,095	QUALCOMM, Inc.		925,055

	Computers & Peripherals – 8.5%
	2,379	Apple, Inc.		1,050,091

	Consumer Finance – 4.6%
	9,103	American Express Co.		565,751

	Diversified Financial Services* – 3.1%
	2,477	IntercontinentalExchange, Inc.		383,489

	Energy Equipment & Services – 7.6%
	7,423	Halliburton Co.		308,129
	7,985	Schlumberger Ltd.		621,632

				929,761

	Food & Staples Retailing – 4.5%
	5,398	Costco Wholesale Corp.		546,763

	Hotels, Restaurants & Leisure – 4.2%
	917	Chipotle Mexican Grill, Inc.*		290,496
	5,821	Marriott International, Inc. Class A		229,639

				520,135

	Internet Software & Services* – 14.1%
	2,617	Equinix, Inc.		553,627
	1,165	Google, Inc. Class A		933,398
	4,469	Rackspace Hosting, Inc.		249,638

				1,736,663

	IT Services – 3.2%
	756	MasterCard, Inc. Class A		391,472

	Real Estate Investment Trusts – 5.2%
	8,238	American Tower Corp.		639,269

	Real Estate Management & Development* – 4.8%
	24,288	CBRE Group, Inc. Class A		587,041

	Semiconductors & Semiconductor Equipment – 3.3%
	10,735	Xilinx, Inc.		400,093

	Software – 4.8%
	41,574	Activision Blizzard, Inc.		594,508

	Textiles, Apparel & Luxury Goods – 10.4%
	13,530	NIKE, Inc. Class B		736,844
	4,483	PVH Corp.		546,253

				1,283,097


	Common Stocks – (continued)
	Wireless Telecommunication Services* – 4.7%
	8,130	SBA Communications Corp. Class A	$	578,206

	TOTAL COMMON STOCKS
	(Cost $11,159,841)		$	12,032,618


Principal Amount		Interest Rate			Maturity Date		Value

	Short-term Investment^(a) – 2.4%
	Repurchase Agreement – 2.4%
	Joint Repurchase Agreement Account II
$	300,000		0.191	%		03/01/13	$	300,000
	(Cost $300,000)

	TOTAL INVESTMENTS – 100.3%
	(Cost $11,459,841)						$	12,332,618

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%							(38,728	)

	NET ASSETS – 100.0%						$	12,293,890


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		Joint repurchase agreement was entered into on February 28, 2013. Additional information appears on pages 76-77.


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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Schedule of Investments

February 28, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – 98.3%
	Air Freight & Logistics – 0.5%
	416,413	C.H. Robinson Worldwide, Inc.	$	23,743,869

	Beverages – 1.2%
	870,096	Beam, Inc.		53,101,959

	Biotechnology* – 4.9%
	258,229	Alexion Pharmaceuticals, Inc.		22,398,784
	1,288,541	ARIAD Pharmaceuticals, Inc.		27,098,017
	640,688	BioMarin Pharmaceutical, Inc.		37,140,683
	1,247,868	Cepheid, Inc.		45,459,831
	342,247	Medivation, Inc.		16,818,018
	1,382,973	Vertex Pharmaceuticals, Inc.		64,750,796

				213,666,129

	Capital Markets – 4.4%
	1,756,139	Lazard Ltd. Class A		63,045,390
	1,358,035	Northern Trust Corp.		72,206,721
	825,692	T. Rowe Price Group, Inc.		58,781,014

				194,033,125

	Chemicals – 4.7%
	806,297	Airgas, Inc.		80,855,463
	859,602	Ecolab, Inc.		65,802,533
	840,375	International Flavors & Fragrances, Inc.		61,330,568

				207,988,564

	Commercial Banks – 1.7%
	2,102,138	First Republic Bank		76,622,930

	Commercial Services & Supplies – 1.5%
	2,841,305	Ritchie Bros. Auctioneers, Inc.		64,724,928

	Communications Equipment* – 0.5%
	1,160,728	Juniper Networks, Inc.		24,003,855

	Computers & Peripherals* – 1.4%
	1,757,890	NetApp, Inc.		59,469,419

	Construction & Engineering* – 1.0%
	1,526,554	Quanta Services, Inc.		43,354,134

	Consumer Finance – 1.4%
	3,316,690	SLM Corp.		62,917,609

	Diversified Consumer Services* – 1.4%
	1,234,325	Coinstar, Inc.		63,185,097

	Diversified Financial Services* – 3.8%
	561,531	IntercontinentalExchange, Inc.		86,936,229
	2,421,646	MSCI, Inc. Class A		80,229,132

				167,165,361

	Diversified Telecommunication Services* – 1.3%
	2,257,994	TW telecom, Inc.		57,172,408

	Electrical Equipment – 2.6%
	494,976	Rockwell Automation, Inc.		44,716,132
	419,764	Roper Industries, Inc.		52,306,792


	Common Stocks – (continued)
	Electrical Equipment – (continued)
	534,600	Sensata Technologies Holding NV*	$	17,369,154

				114,392,078

	Electronic Equipment, Instruments & Components – 2.8%
	1,269,312	Amphenol Corp. Class A		89,943,448
	2,683,575	RealD, Inc.*^(a)		31,236,813

				121,180,261

	Energy Equipment & Services – 3.2%
	876,888	Cameron International Corp.*		55,875,303
	262,004	Core Laboratories NV		35,933,849
	591,106	Dril-Quip, Inc.*		48,606,646

				140,415,798

	Food Products* – 2.0%
	990,252	The Hain Celestial Group, Inc.		54,216,297
	596,818	TreeHouse Foods, Inc.		34,848,203

				89,064,500

	Health Care Equipment & Supplies – 2.8%
	703,323	C.R. Bard, Inc.		69,523,479
	1,605,999	CareFusion Corp.*		52,580,407

				122,103,886

	Health Care Providers & Services* – 2.3%
	635,697	Henry Schein, Inc.		56,716,887
	727,468	HMS Holdings Corp.		21,089,297
	251,284	MEDNAX, Inc.		21,514,936

				99,321,120

	Hotels, Restaurants & Leisure – 3.6%
	183,425	Chipotle Mexican Grill, Inc.*		58,107,206
	1,041,013	Dunkin’ Brands Group, Inc.		38,673,633
	1,535,961	Marriott International, Inc. Class A		60,593,661

				157,374,500

	Household Products – 1.4%
	994,440	Church & Dwight Co., Inc.		61,615,502

	Internet Software & Services* – 3.9%
	441,247	Equinix, Inc.		93,345,803
	1,426,823	Rackspace Hosting, Inc.		79,702,333

				173,048,136

	IT Services – 2.9%
	521,963	Cognizant Technology Solutions Corp. Class A*		40,071,100
	748,235	FleetCor Technologies, Inc.*		52,234,285
	1,954,962	Genpact Ltd.		34,426,881

				126,732,266

	Life Sciences Tools & Services – 2.9%
	2,301,528	Agilent Technologies, Inc.		95,467,382
	157,019	Mettler-Toledo International, Inc.*		33,413,643

				128,881,025


The accompanying notes are an integral part of these financial statements.		67

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Schedule of Investments (continued)

February 28, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Machinery – 2.8%
	939,783	Graco, Inc.	$	54,601,392
	1,727,529	Kennametal, Inc.		69,930,374

				124,531,766

	Media – 3.2%
	632,416	Discovery Communications, Inc. Class A*		46,375,065
	3,269,254	Pandora Media, Inc.*		39,884,899
	831,186	Scripps Networks Interactive Class A		52,406,277

				138,666,241

	Multiline Retail* – 2.0%
	1,903,404	Dollar General Corp.		88,203,741

	Oil, Gas & Consumable Fuels – 1.9%
	378,127	Pioneer Natural Resources Co.		47,572,158
	739,942	Whiting Petroleum Corp.*		36,035,175

				83,607,333

	Personal Products – 0.9%
	609,191	The Estee Lauder Cos., Inc. Class A		39,049,143

	Pharmaceuticals – 1.2%
	500,267	Shire PLC ADR		46,855,007
	172,194	Zoetis, Inc.*		5,759,890

				52,614,897

	Real Estate Management & Development* – 2.3%
	4,201,996	CBRE Group, Inc. Class A		101,562,243

	Semiconductors & Semiconductor Equipment – 4.1%
	1,963,228	Altera Corp.		69,537,535
	1,088,516	Linear Technology Corp.		41,624,852
	1,850,014	Xilinx, Inc.		68,950,022

				180,112,409

	Software – 5.5%
	6,374,889	Activision Blizzard, Inc.		91,160,913
	573,362	Citrix Systems, Inc.*		40,651,366
	1,256,295	MICROS Systems, Inc.*		53,769,426
	322,928	Salesforce.com, Inc.*		54,645,876

				240,227,581

	Specialty Retail – 5.0%
	833,991	Dick’s Sporting Goods, Inc.		41,699,550
	1,390,703	Limited Brands, Inc.		63,304,800
	1,245,888	PetSmart, Inc.		81,119,768
	533,780	Tiffany & Co.		35,848,665

				221,972,783

	Textiles, Apparel & Luxury Goods – 4.3%
	1,189,746	Deckers Outdoor Corp.*		47,994,354
	474,338	Lululemon Athletica, Inc.*		31,804,363
	885,643	PVH Corp.		107,915,599

				187,714,316


	Common Stocks – (continued)
	Wireless Telecommunication Services* – 5.0%
	1,056,775	Crown Castle International Corp.	$	73,762,895
	2,062,812	SBA Communications Corp. Class A		146,707,189

				220,470,084

	TOTAL COMMON STOCKS
	(Cost $3,283,986,465)		$	4,324,010,996


Principal Amount		Interest Rate	Maturity Date		Value

	Short-term Investment^(b) – 1.5%
	Repurchase Agreement – 1.5%
	Joint Repurchase Agreement Account II
$	63,700,000	0.191%		03/01/13	$	63,700,000
	(Cost $63,700,000)

	TOTAL INVESTMENTS – 99.8%
	(Cost $3,347,686,465)				$	4,387,710,996

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%					10,767,775

	NET ASSETS – 100.0%				$	4,398,478,771


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		Represents an affiliated issuer.
(b)		Joint repurchase agreement was entered into on February 28, 2013. Additional information appears on pages 76-77.



Investment Abbreviation:
ADR		—American Depositary Receipt


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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Schedule of Investments

February 28, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – 97.1%
	Aerospace & Defense* – 0.6%
	289,637	Aerovironment, Inc.	$	6,406,771

	Auto Components* – 0.8%
	570,467	Gentherm, Inc.		8,785,192

	Biotechnology* – 7.3%
	715,439	Achillion Pharmaceuticals, Inc.		5,795,056
	388,830	ARIAD Pharmaceuticals, Inc.		8,177,095
	239,135	BioMarin Pharmaceutical, Inc.		13,862,656
	451,763	Cepheid, Inc.		16,457,726
	376,134	Durata Therapeutics, Inc.		3,215,946
	324,880	Incyte Corp.		7,212,336
	108,772	Medivation, Inc.		5,345,056
	608,967	Regulus Therapeutics, Inc.		3,136,180
	476,966	Swedish Orphan Biovitrum AB ADR		2,890,175
	134,744	Synageva BioPharma Corp.		6,733,158
	137,741	Synta Pharmaceuticals Corp.		1,183,195
	154,407	Vertex Pharmaceuticals, Inc.		7,229,336

				81,237,915

	Capital Markets – 2.8%
	458,462	Evercore Partners, Inc. Class A		18,659,403
	342,731	Lazard Ltd. Class A		12,304,043

				30,963,446

	Chemicals – 3.1%
	156,930	Airgas, Inc.		15,736,940
	157,018	American Vanguard Corp.		4,872,269
	181,080	International Flavors & Fragrances, Inc.		13,215,218

				33,824,427

	Commercial Banks – 3.1%
	762,424	Eagle Bancorp, Inc.*		16,544,601
	289,599	First Republic Bank		10,555,884
	241,419	Popular, Inc.*		6,740,418

				33,840,903

	Commercial Services & Supplies – 4.0%
	893,757	Healthcare Services Group, Inc.		21,539,544
	774,985	Ritchie Bros. Auctioneers, Inc.		17,654,158
	47,353	Stericycle, Inc.*		4,542,100

				43,735,802

	Communications Equipment* – 0.9%
	1,133,073	Calix, Inc.		9,710,436

	Construction & Engineering* – 1.0%
	381,597	Quanta Services, Inc.		10,837,355

	Consumer Finance – 1.1%
	658,094	SLM Corp.		12,484,043

	Diversified Consumer Services* – 1.4%
	305,038	Coinstar, Inc.		15,614,895


	Common Stocks – (continued)
	Diversified Financial Services* – 1.8%
	596,582	MSCI, Inc. Class A	$	19,764,762

	Diversified Telecommunication Services* – 1.4%
	613,498	TW telecom, Inc.		15,533,769

	Electrical Equipment – 1.4%
	93,286	Roper Industries, Inc.		11,624,369
	134,827	Sensata Technologies Holding NV*		4,380,529

				16,004,898

	Electronic Equipment, Instruments & Components – 3.3%
	227,568	Amphenol Corp. Class A		16,125,469
	215,115	IPG Photonics Corp.		12,754,168
	691,214	RealD, Inc.*		8,045,731

				36,925,368

	Energy Equipment & Services – 3.3%
	83,851	Core Laboratories NV		11,500,164
	241,574	Dril-Quip, Inc.*		19,864,630
	84,324	Lufkin Industries, Inc.		5,462,509

				36,827,303

	Food & Staples Retailing* – 0.7%
	418,054	The Chefs’ Warehouse, Inc.		7,524,972

	Food Products* – 2.2%
	279,019	The Hain Celestial Group, Inc.		15,276,290
	149,697	TreeHouse Foods, Inc.		8,740,808

				24,017,098

	Health Care Equipment & Supplies* – 2.1%
	325,981	CareFusion Corp.		10,672,618
	356,180	DexCom, Inc.		5,317,767
	89,439	Given Imaging Ltd.		1,417,608
	361,141	Tornier NV		6,276,631

				23,684,624

	Health Care Providers & Services* – 4.7%
	288,806	Acadia Healthcare Co., Inc.		7,861,299
	774,709	ExamWorks Group, Inc.		10,969,879
	157,639	Henry Schein, Inc.		14,064,552
	270,837	HMS Holdings Corp.		7,851,565
	134,199	MEDNAX, Inc.		11,490,118

				52,237,413

	Health Care Technology* – 0.6%
	370,185	MedAssets, Inc.		6,837,317

	Hotels, Restaurants & Leisure – 1.7%
	255,105	Dunkin’ Brands Group, Inc.		9,477,151
	453,883	Texas Roadhouse, Inc.		8,778,097

				18,255,248

	Household Products – 1.1%
	192,645	Church & Dwight Co., Inc.		11,936,284


The accompanying notes are an integral part of these financial statements.		69

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Schedule of Investments (continued)

February 28, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Internet Software & Services* – 4.3%
	81,914	Equinix, Inc.	$	17,328,907
	384,663	ExactTarget, Inc.		8,577,985
	363,994	Internap Network Services Corp.		3,159,468
	340,354	Rackspace Hosting, Inc.		19,012,174

				48,078,534

	IT Services – 3.7%
	230,327	FleetCor Technologies, Inc.*		16,079,128
	531,057	Genpact Ltd.		9,351,914
	640,479	InterXion Holding NV*		15,839,045

				41,270,087

	Life Sciences Tools & Services* – 1.5%
	27,607	Mettler-Toledo International, Inc.		5,874,770
	320,476	PAREXEL International Corp.		11,117,312

				16,992,082

	Machinery – 3.9%
	241,490	Graco, Inc.		14,030,569
	206,094	IDEX Corp.		10,496,367
	458,049	Kennametal, Inc.		18,541,824

				43,068,760

	Media* – 1.4%
	1,188,216	Pandora Media, Inc.		14,496,235
	378,620	RLJ Entertainment, Inc.		1,495,549

				15,991,784

	Oil, Gas & Consumable Fuels* – 4.3%
	422,819	Approach Resources, Inc.		10,464,770
	751,073	Rex Energy Corp.		10,124,464
	242,982	Rosetta Resources, Inc.		11,828,364
	314,023	Whiting Petroleum Corp.		15,292,920

				47,710,518

	Pharmaceuticals* – 0.6%
	406,870	Sagent Pharmaceuticals, Inc.		6,672,668

	Real Estate Management & Development* – 1.7%
	767,088	CBRE Group, Inc. Class A		18,540,517

	Road & Rail* – 1.4%
	672,489	Roadrunner Transportation Systems, Inc.		15,319,300

	Semiconductors & Semiconductor Equipment – 5.8%
	346,189	Cavium, Inc.*		12,781,298
	227,806	Hittite Microwave Corp.*		14,766,385
	536,171	Intermolecular, Inc.*		5,184,773
	177,849	Linear Technology Corp.		6,800,946
	517,489	STR Holdings, Inc.*		1,034,978
	159,368	Ultratech, Inc.*		6,530,901
	444,246	Xilinx, Inc.		16,557,048

				63,656,329


	Common Stocks – (continued)
	Software* – 2.8%
	314,723	MICROS Systems, Inc.	$	13,470,144
	243,302	NetSuite, Inc.		16,980,047

				30,450,191

	Specialty Retail – 4.3%
	208,687	Dick’s Sporting Goods, Inc.		10,434,350
	252,429	PetSmart, Inc.		16,435,652
	123,262	Restoration Hardware Holdings, Inc.*		4,759,146
	227,651	Rue21, Inc.*		6,146,577
	185,803	Tile Shop Holdings, Inc.*		3,275,707
	148,973	Urban Outfitters, Inc.*		6,036,386

				47,087,818

	Textiles, Apparel & Luxury Goods – 7.5%
	285,304	Carter’s, Inc.*		16,093,999
	286,613	Deckers Outdoor Corp.*		11,561,968
	489,989	Fifth & Pacific Co., Inc.*		8,863,901
	82,751	Lululemon Athletica, Inc.*		5,548,455
	245,978	PVH Corp.		29,972,419
	186,112	Under Armour, Inc. Class A*		9,171,599
	36,700	Wolverine World Wide, Inc.		1,548,740

				82,761,081

	Wireless Telecommunication Services* – 3.5%
	536,798	SBA Communications Corp. Class A		38,177,074

	TOTAL COMMON STOCKS
	(Cost $828,749,239)		$	1,072,766,984


Principal Amount		Interest Rate			Maturity Date		Value

	Short-term Investment^(a) – 3.5%
	Repurchase Agreement – 3.5%
	Joint Repurchase Agreement Account II
$	39,000,000		0.191	%		03/01/13	$	39,000,000
	(Cost $39,000,000)

	TOTAL INVESTMENTS – 100.6%
	(Cost $867,749,239)						$	1,111,766,984

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.6)%							(6,202,063	)

	NET ASSETS – 100.0%						$	1,105,564,921


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		Joint repurchase agreement was entered into on February 28, 2013. Additional information appears on pages 76-77.



Investment Abbreviation:
ADR		—American Depositary Receipt


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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Schedule of Investments

February 28, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – 99.4%
	Aerospace & Defense – 3.3%
	104,286	Honeywell International, Inc.	$	7,310,448
	57,424	The Boeing Co.		4,415,906

				11,726,354

	Air Freight & Logistics – 1.1%
	37,085	FedEx Corp.		3,909,871

	Beverages – 3.2%
	42,129	Diageo PLC ADR		5,043,263
	85,960	PepsiCo., Inc.		6,513,189

				11,556,452

	Biotechnology* – 3.5%
	37,197	Celgene Corp.		3,837,986
	134,759	Gilead Sciences, Inc.		5,755,557
	63,245	Vertex Pharmaceuticals, Inc.		2,961,131

				12,554,674

	Capital Markets – 1.9%
	78,463	Northern Trust Corp.		4,171,877
	36,446	T. Rowe Price Group, Inc.		2,594,591

				6,766,468

	Chemicals – 2.9%
	34,157	Ecolab, Inc.		2,614,718
	69,127	Praxair, Inc.		7,814,808

				10,429,526

	Communications Equipment – 4.5%
	247,455	QUALCOMM, Inc.		16,240,472

	Computers & Peripherals – 8.3%
	58,824	Apple, Inc.		25,964,914
	115,856	NetApp, Inc.*		3,919,408

				29,884,322

	Consumer Finance – 2.2%
	124,513	American Express Co.		7,738,483

	Diversified Financial Services – 2.5%
	79,068	CME Group, Inc.		4,729,848
	27,876	IntercontinentalExchange, Inc.*		4,315,762

				9,045,610

	Electrical Equipment – 0.7%
	29,511	Rockwell Automation, Inc.		2,666,024

	Electronic Equipment, Instruments & Components – 1.3%
	64,230	Amphenol Corp. Class A		4,551,338

	Energy Equipment & Services – 5.0%
	79,733	Halliburton Co.		3,309,717
	23,007	National Oilwell Varco, Inc.		1,567,467
	165,753	Schlumberger Ltd.		12,903,871

				17,781,055

	Food & Staples Retailing – 2.7%
	96,660	Costco Wholesale Corp.		9,790,691


	Common Stocks – (continued)
	Health Care Equipment & Supplies – 3.0%
	174,199	Abbott Laboratories	$	5,886,184
	16,841	C.R. Bard, Inc.		1,664,733
	6,226	Intuitive Surgical, Inc.*		3,174,575

				10,725,492

	Hotels, Restaurants & Leisure – 4.6%
	17,393	Chipotle Mexican Grill, Inc.*		5,509,928
	44,238	Las Vegas Sands Corp.		2,277,815
	101,937	Marriott International, Inc. Class A		4,021,415
	21,168	McDonald’s Corp.		2,030,011
	40,782	Yum! Brands, Inc.		2,670,405

				16,509,574

	Household Products – 1.5%
	72,029	The Procter & Gamble Co.		5,487,169

	Industrial Conglomerates – 1.6%
	95,054	Danaher Corp.		5,855,326

	Internet & Catalog Retail* – 3.6%
	34,373	Amazon.com, Inc.		9,083,752
	5,760	Priceline.com, Inc.		3,960,461

				13,044,213

	Internet Software & Services* – 8.0%
	30,349	Equinix, Inc.		6,420,331
	65,810	Facebook, Inc. Class A		1,793,323
	21,107	Google, Inc. Class A		16,910,928
	65,292	Rackspace Hosting, Inc.		3,647,211

				28,771,793

	IT Services – 1.7%
	11,928	MasterCard, Inc. Class A		6,176,557

	Life Sciences Tools & Services – 1.3%
	108,588	Agilent Technologies, Inc.		4,504,230

	Media – 2.3%
	35,755	Discovery Communications, Inc. Class A*		2,621,914
	97,412	Viacom, Inc. Class B		5,694,706

				8,316,620

	Multiline Retail* – 1.4%
	107,455	Dollar General Corp.		4,979,465

	Personal Products – 0.5%
	28,448	The Estee Lauder Cos., Inc. Class A		1,823,517

	Pharmaceuticals – 3.8%
	34,110	Allergan, Inc.		3,698,206
	130,600	Sanofi ADR		6,165,626
	38,225	Shire PLC ADR		3,580,154

				13,443,986

	Real Estate Investment Trusts – 3.7%
	170,615	American Tower Corp.		13,239,724


The accompanying notes are an integral part of these financial statements.		71

GOLDMAN SACHS STRATEGIC GROWTH FUND

Schedule of Investments (continued)

February 28, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Real Estate Management & Development* – 1.8%
	268,821	CBRE Group, Inc. Class A	$	6,497,404

	Semiconductors & Semiconductor Equipment – 1.8%
	171,028	Xilinx, Inc.		6,374,214

	Software – 5.6%
	496,332	Activision Blizzard, Inc.		7,097,548
	217,840	Oracle Corp.		7,463,198
	32,257	Salesforce.com, Inc.*		5,458,529

				20,019,275

	Specialty Retail – 0.6%
	48,955	Limited Brands, Inc.		2,228,432

	Textiles, Apparel & Luxury Goods – 5.2%
	28,474	Lululemon Athletica, Inc.*		1,909,182
	188,762	NIKE, Inc. Class B		10,279,979
	51,897	PVH Corp.		6,323,649

				18,512,810

	Tobacco – 1.2%
	46,551	Philip Morris International, Inc.		4,271,054

	Wireless Telecommunication Services* – 3.1%
	160,606	Crown Castle International Corp.		11,210,299

	TOTAL COMMON STOCKS
	(Cost $286,850,927)		$	356,632,494


Principal Amount		Interest Rate	Maturity Date		Value
	Short-term Investment^(a) – 1.4%
	Repurchase Agreement – 1.4%
	Joint Repurchase Agreement Account II
$	4,900,000	0.191%		03/01/13	$	4,900,000
	(Cost $4,900,000)

	TOTAL INVESTMENTS – 100.8%
	(Cost $291,750,927)				$	361,532,494

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.8)%					(2,778,783	)

	NET ASSETS – 100.0%				$	358,753,711


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		Joint repurchase agreement was entered into on February 28, 2013. Additional information appears on pages 76-77.



Investment Abbreviation:
ADR		—American Depositary Receipt


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

GOLDMAN SACHS TECHNOLOGY TOLLKEEPER FUND

Schedule of Investments

February 28, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – 99.3%
	Communications Equipment – 8.9%
	459,793	Calix, Inc.*	$	3,940,426
	396,588	Juniper Networks, Inc.*		8,201,440
	308,032	QUALCOMM, Inc.		20,216,140

				32,358,006

	Computers & Peripherals – 14.9%
	89,301	Apple, Inc.		39,417,462
	205,481	EMC Corp.*		4,728,118
	305,069	NetApp, Inc.*		10,320,484

				54,466,064

	Diversified Consumer Services* – 2.9%
	204,799	Coinstar, Inc.		10,483,661

	Diversified Financial Services* – 2.2%
	51,398	IntercontinentalExchange, Inc.		7,957,438

	Diversified Telecommunication Services* – 1.9%
	281,770	TW telecom, Inc.		7,134,416

	Electronic Equipment, Instruments & Components – 4.8%
	128,666	Amphenol Corp. Class A		9,117,273
	728,261	RealD, Inc.*		8,476,958

				17,594,231

	Internet & Catalog Retail* – 5.5%
	44,590	Amazon.com, Inc.		11,783,800
	11,966	Priceline.com, Inc.		8,227,582

				20,011,382

	Internet Software & Services* – 18.5%
	56,739	Equinix, Inc.		12,003,135
	218,190	ExactTarget, Inc.		4,865,637
	245,055	Facebook, Inc. Class A		6,677,749
	28,870	Google, Inc. Class A		23,130,644
	214,915	Internap Network Services Corp.		1,865,462
	273,418	Rackspace Hosting, Inc.		15,273,130
	163,236	Yandex NV Class A		3,785,443

				67,601,200

	IT Services* – 4.7%
	82,803	Cognizant Technology Solutions Corp. Class A		6,356,786
	437,754	InterXion Holding NV		10,825,657

				17,182,443

	Media* – 2.9%
	868,404	Pandora Media, Inc.		10,594,529

	Real Estate Investment Trusts – 2.9%
	136,229	American Tower Corp.		10,571,370

	Semiconductors & Semiconductor Equipment – 7.7%
	188,319	Altera Corp.		6,670,259
	121,168	Cavium, Inc.*		4,473,523
	83,471	Hittite Microwave Corp.*		5,410,590


	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	243,263	Intermolecular, Inc.*	$	2,352,353
	244,505	Xilinx, Inc.		9,112,701

				28,019,426

	Software – 17.9%
	1,078,205	Activision Blizzard, Inc.		15,418,331
	91,660	Citrix Systems, Inc.*		6,498,694
	199,225	MICROS Systems, Inc.*		8,526,830
	128,428	NetSuite, Inc.*		8,962,990
	389,992	Oracle Corp.		13,361,126
	73,363	Salesforce.com, Inc.*		12,414,487

				65,182,458

	Wireless Telecommunication Services* – 3.6%
	182,479	SBA Communications Corp. Class A		12,977,906

	TOTAL COMMON STOCKS
	(Cost $300,800,369)		$	362,134,530


Principal Amount		Interest Rate	Maturity Date		Value
	Short-term Investment^(a) – 0.5%
	Repurchase Agreement – 0.5%

$	1,900,000	0.191%		03/01/13	$	1,900,000
	(Cost $1,900,000)

	TOTAL INVESTMENTS – 99.8%
	(Cost $302,700,369)				$	364,034,530

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%					552,771

	NET ASSETS – 100.0%				$	364,587,301


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		Joint repurchase agreement was entered into on February 28, 2013. Additional information appears on pages 76-77.


The accompanying notes are an integral part of these financial statements.		73

GOLDMAN SACHS U.S. EQUITY FUND

Schedule of Investments

February 28, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – 97.5%
	Aerospace & Defense – 2.8%
	3,989	The Boeing Co.	$	306,754

	Air Freight & Logistics – 0.8%
	857	FedEx Corp.		90,354

	Automobiles* – 1.0%
	4,174	General Motors Co.		113,324

	Beverages – 2.6%
	1,293	Anheuser-Busch InBev NV ADR		121,529
	2,246	PepsiCo., Inc.		170,180

				291,709

	Biotechnology* – 2.8%
	590	Celgene Corp.		60,876
	3,352	Gilead Sciences, Inc.		143,164
	2,382	Vertex Pharmaceuticals, Inc.		111,525

				315,565

	Building Products – 0.7%
	4,186	Masco Corp.		80,622

	Capital Markets – 1.0%
	4,894	Morgan Stanley, Inc.		110,360

	Chemicals – 1.4%
	1,401	Praxair, Inc.		158,383

	Commercial Banks – 1.5%
	6,202	SunTrust Banks, Inc.		171,113

	Commercial Services & Supplies – 1.1%
	3,187	Waste Management, Inc.		118,939

	Communications Equipment – 2.1%
	3,624	QUALCOMM, Inc.		237,843

	Computers & Peripherals – 5.5%
	969	Apple, Inc.		427,717
	6,427	EMC Corp.*		147,885
	1,013	NetApp, Inc.*		34,270

				609,872

	Consumer Finance – 1.7%
	2,958	American Express Co.		183,840

	Diversified Financial Services – 5.1%
	18,584	Bank of America Corp.		208,698
	7,241	JPMorgan Chase & Co.		354,230

				562,928

	Diversified Telecommunication Services – 1.3%
	3,931	AT&T, Inc.		141,162

	Electric Utilities – 2.5%
	2,203	Duke Energy Corp.		152,558
	4,155	PPL Corp.		128,057

				280,615


	Common Stocks – (continued)
	Energy Equipment & Services – 4.3%
	4,342	Halliburton Co.	$	180,236
	2,548	Schlumberger Ltd.		198,362
	1,906	Transocean Ltd.*		99,684

				478,282

	Food & Staples Retailing – 3.1%
	2,203	Costco Wholesale Corp.		223,142
	2,914	Walgreen Co.		119,299

				342,441

	Food Products – 0.7%
	2,891	Mondelez International, Inc. Class A		79,936

	Health Care Equipment & Supplies – 1.6%
	5,325	Abbott Laboratories		179,932

	Health Care Providers & Services – 1.6%
	1,176	Aetna, Inc.		55,496
	2,187	UnitedHealth Group, Inc.		116,895

				172,391

	Hotels, Restaurants & Leisure – 2.3%
	269	Chipotle Mexican Grill, Inc.*		85,216
	1,798	Marriott International, Inc. Class A		70,931
	1,485	Yum! Brands, Inc.		97,238

				253,385

	Household Products – 2.8%
	4,079	The Procter & Gamble Co.		310,738

	Industrial Conglomerates – 4.2%
	20,042	General Electric Co.		465,375

	Insurance – 6.1%
	3,844	American International Group, Inc.*		146,111
	935	Everest Re Group Ltd.		116,510
	3,360	Prudential Financial, Inc.		186,715
	3,990	The Hartford Financial Services Group, Inc.		94,204
	1,688	The Travelers Cos., Inc.		135,749

				679,289

	Internet & Catalog Retail* – 2.5%
	693	Amazon.com, Inc.		183,139
	142	Priceline.com, Inc.		97,636

				280,775

	Internet Software & Services* – 3.5%
	370	Equinix, Inc.		78,273
	388	Google, Inc. Class A		310,866

				389,139

	IT Services – 1.3%
	282	MasterCard, Inc. Class A		146,025


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

GOLDMAN SACHS U.S. EQUITY FUND


Shares		Description	Value

	Common Stocks – (continued)
	Media – 1.6%
	1,798	DIRECTV*	$	86,610
	1,474	Viacom, Inc. Class B		86,170

				172,780

	Multiline Retail* – 1.1%
	2,594	Dollar General Corp.		120,206

	Oil, Gas & Consumable Fuels – 6.4%
	4,716	Devon Energy Corp.		255,890
	3,977	Exxon Mobil Corp.		356,141
	3,052	Southwestern Energy Co.*		104,592

				716,623

	Pharmaceuticals – 4.4%
	2,501	Johnson & Johnson		190,351
	4,257	Merck & Co., Inc.		181,902
	4,316	Pfizer, Inc.		118,129

				490,382

	Real Estate Investment Trusts – 1.9%
	2,692	American Tower Corp.		208,899

	Real Estate Management & Development* – 1.3%
	5,985	CBRE Group, Inc. Class A		144,657

	Semiconductors & Semiconductor Equipment – 2.8%
	1,585	Altera Corp.		56,141
	2,686	Lam Research Corp.*		113,618
	3,865	Xilinx, Inc.		144,048

				313,807

	Software – 2.8%
	10,255	Activision Blizzard, Inc.		146,646
	1,855	Adobe Systems, Inc.*		72,902
	518	Salesforce.com, Inc.*		87,656

				307,204

	Specialty Retail – 1.6%
	1,024	Bed Bath & Beyond, Inc.*		58,112
	3,191	Lowe’s Cos., Inc.		121,737

				179,849

	Textiles, Apparel & Luxury Goods – 3.3%
	4,917	NIKE, Inc. Class B		267,780
	822	PVH Corp.		100,161

				367,941

	Wireless Telecommunication Services* – 2.4%
	3,754	SBA Communications Corp. Class A		266,984

	TOTAL COMMON STOCKS
	(Cost $8,828,310)		$	10,840,423


Principal Amount		Interest Rate	Maturity Date		Value
	Short-term Investment^(a) – 1.8%
	Repurchase Agreement – 1.8%

$	200,000	0.191%		03/01/13	$	200,000
	(Cost $200,000)

	TOTAL INVESTMENTS – 99.3%
	(Cost $9,028,310)				$	11,040,423

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.7%					73,823

	NET ASSETS – 100.0%				$	11,114,246


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		Joint repurchase agreement was entered into on February 28, 2013. Additional information appears on pages 76-77.



Investment Abbreviation:
ADR		—American Depositary Receipt


The accompanying notes are an integral part of these financial statements.		75

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Schedule of Investments (continued)

February 28, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II — At February 28, 2013, the Funds had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of March 1, 2013, as follows:


Fund	Principal Amount		Maturity Value		Collateral Allocation Value
Capital Growth	$	7,500,000	$	7,500,040	$	7,685,883
Concentrated Growth		3,400,000		3,400,018		3,484,267
Flexible Cap Growth		200,000		200,001		204,957
Focused Growth		300,000		300,002		307,435
Growth Opportunities		63,700,000		63,700,338		65,278,765
Small/Mid Cap Growth		39,000,000		39,000,207		39,966,591
Strategic Growth		4,900,000		4,900,026		5,021,443
Technology Tollkeeper		1,900,000		1,900,010		1,947,090
U.S. Equity		200,000		200,001		204,957

REPURCHASE AGREEMENTS — At February 28, 2013, the Principal Amounts of the Funds’ interest in the Joint Repurchase Agreement Account II were as follows:


Counterparty	Interest Rate			Capital Growth		Concentrated Growth		Flexible Cap Growth		Focused Growth		Growth Opportunities		Small/Mid Cap Growth		Strategic Growth		Technology Tollkeeper		U.S. Equity
BNP Paribas Securities Co.		0.190	%	$	2,067,782	$	937,395	$	55,141	$	82,711	$	17,562,362	$	10,752,466	$	1,350,951	$	523,838	$	55,141
Credit Suisse Securities LLC		0.160			281,331		127,537		7,502		11,253		2,389,437		1,462,921		183,803		71,270		7,502
Deutsche Bank Securities, Inc.		0.200			1,563,918		708,976		41,704		62,557		13,282,880		8,132,376		1,021,760		396,193		41,704
J.P. Morgan Securities LLC		0.200			576,728		261,450		15,379		23,069		4,898,346		2,998,987		376,796		146,105		15,379
Wells Fargo Securities LLC		0.190			3,010,241		1,364,642		80,274		120,410		25,566,975		15,653,250		1,966,690		762,594		80,274
TOTAL				$	7,500,000	$	3,400,000	$	200,000	$	300,000	$	63,700,000	$	39,000,000	$	4,900,000	$	1,900,000	$	200,000


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

ADDITIONAL INVESTMENT INFORMATION (continued)

At February 28, 2013, the Joint Repurchase Agreement Account II was fully collateralized by:


Issuer	Interest Rates			Maturity Dates
Federal Home Loan Mortgage Corp.		2.000 to 4.500	%		04/01/26 to 02/01/43
Federal National Mortgage Association		2.000 to 5.000			12/01/22 to 01/01/43
Government National Mortgage Association		3.000 to 6.500			07/20/26 to 02/20/43
U.S. Treasury Notes		1.750 to 3.125			09/30/13 to 10/31/18


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Assets and Liabilities

February 28, 2013 (Unaudited)


	Capital Growth Fund		Concentrated Growth Fund
Assets:
Investments of unaffiliated issuers, at value (cost $563,815,252, $97,342,311, $8,689,508, $11,459,841, $3,280,052,771, $867,749,239, $291,750,927, $302,700,369 and $9,028,310)	$	843,706,921	$	150,275,829
Investments of affiliated issuers, at value (cost $67,633,694 for Growth Opportunities Fund)		—		—
Cash		24,518		6,790
Receivables:
Investments sold		2,413,903		1,193,901
Dividends and interest		886,884		115,544
Fund shares sold		91,759		326,120
Reimbursement from investment adviser		36,042		12,054
Other assets		28,197		1,185
Total assets		847,188,224		151,931,423

Liabilities:
Payables:
Investments purchased		5,684,358		1,611,775
Fund shares redeemed		2,993,233		39,807
Amounts owed to affiliates		767,704		127,434
Accrued expenses		162,877		73,273
Total liabilities		9,608,172		1,852,289

Net Assets:
Paid-in capital		536,384,881		107,503,369
Undistributed net investment income (loss)		1,709,746		8,764
Accumulated net realized gain (loss)		19,593,756		(10,366,517	)
Net unrealized gain		279,891,669		52,933,518
NET ASSETS	$	837,580,052	$	150,079,134
Net Assets:
Class A	$	655,029,380	$	87,151,565
Class B		22,937,394		332,499
Class C		73,067,523		3,013,018
Institutional		80,849,280		59,205,909
Service		1,180,814		—
Class IR		2,552,623		364,950
Class R		1,963,038		11,193
Total Net Assets	$	837,580,052	$	150,079,134
Shares Outstanding $0.001 par value (unlimited shares authorized):
Class A		25,079,696		5,429,473
Class B		1,005,156		22,451
Class C		3,205,682		203,742
Institutional		2,950,794		3,572,700
Service		46,026		—
Class IR		97,361		22,624
Class R		76,111		705
Net asset value, offering and redemption price per share:^(a)
Class A		$26.12		$16.05
Class B		22.82		14.81
Class C		22.79		14.79
Institutional		27.40		16.57
Service		25.66		—
Class IR		26.22		16.13
Class R		25.79		15.88

(a)

Maximum public offering price per share for Class A Shares of the Capital Growth, Concentrated Growth, Flexible Cap Growth, Focused Growth, Growth Opportunities, Small/Mid Cap Growth, Strategic Growth, Technology Tollkeeper and U.S. Equity Funds is $27.64, $16.98, $11.48, $13.09, $25.83, $17.59, $12.10, $14.93 and $14.17, respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS


Flexible Cap Growth Fund		Focused Growth Fund		Growth Opportunities Fund		Small/Mid Cap Growth Fund			Strategic Growth Fund		Technology Tollkeeper Fund			U.S. Equity Fund


$	12,096,858	$	12,332,618	$	4,356,474,183	$	1,111,766,984		$	361,532,494	$	364,034,530		$	11,040,423
	—		—		31,236,813		—			—		—			—
	98,887		99,190		11,845		32,226			74,021		95,363			59,147

	66,917		72,518		23,835,303		8,988,340			1,969,419		1,567,942			97,744
	9,346		6,095		2,601,856		475,590			314,784		18,842			18,326
	76,097		2,500		7,057,800		3,671,063			533,367		378,657			—
	37,877		26,367		2,156		—			32,638		8,803			19,829
	147		125		57,033		8,017			2,769		3,051			140
	12,386,129		12,539,413		4,421,276,989		1,124,942,220			364,459,492		366,107,188			11,235,609



	42,288		175,981		13,571,007		16,716,669			4,701,228		—			43,010
	79,581		—		5,200,479		1,515,977			642,641		972,979			741
	10,500		7,622		3,699,387		996,667			264,707		422,030			7,681
	64,302		61,920		327,345		147,986			97,205		124,878			69,931
	196,671		245,523		22,798,218		19,377,299			5,705,781		1,519,887			121,363


	8,676,699		11,324,194		3,337,132,199		870,550,631			275,850,908		313,710,536			9,065,113
	9,696		2,479		560,701		(5,868,477	)		434,090		(4,548,036	)		10,530
	95,713		94,440		20,761,340		(3,134,978	)		12,687,146		(5,909,360	)		26,490
	3,407,350		872,777		1,040,024,531		244,017,745			69,781,567		61,334,161			2,012,113
$	12,189,458	$	12,293,890	$	4,398,478,771	$	1,105,564,921		$	358,753,711	$	364,587,301		$	11,114,246

	$5,813,092	$	72,951	$	1,111,514,590	$	479,317,361		$	156,227,003	$	237,353,825		$	2,814,224
	—		—		10,656,856		4,614,697			1,227,772		7,176,193			—
	849,078		12,349		165,835,685		108,550,628			9,315,701		49,734,403			133,828
	5,293,038		12,183,691		2,895,077,449		419,524,841			191,283,367		57,088,144			7,976,221
	—		—		60,137,336		7,514,516			105,828		11,125,669			—
	167,099		12,484		94,024,425		64,776,166			589,432		2,109,067			146,668
	67,151		12,415		61,232,430		21,266,712			4,608		—			43,305
	$12,189,458	$	12,293,890	$	4,398,478,771	$	1,105,564,921		$	358,753,711	$	364,587,301		$	11,114,246

	535,566		5,899		45,538,492		28,835,632			13,671,532		16,826,185			210,128
	—		—		500,901		297,484			118,861		563,242			—
	81,673		1,003		7,879,934		7,001,256			900,562		3,904,102			10,100
	474,907		982,414		109,879,411		24,479,017			16,120,501		3,833,844			594,175
	—		—		2,514,888		458,051			9,272		796,530			—
	15,126		1,007		3,793,281		3,840,323			49,618		142,163			10,934
	6,270		1,003		2,544,435		1,297,269			404		—			3,232

	$10.85		$12.37		$24.41		$16.62			$11.43		$14.11			$13.39
	—		—		21.28		15.51			10.33		12.74			—
	10.40		12.31		21.05		15.50			10.34		12.74			13.25
	11.15		12.40		26.35		17.14			11.87		14.89			13.42
	—		—		23.91		16.41			11.41		13.97			—
	11.05		12.40		24.79		16.87			11.88		14.84			13.41
	10.71		12.38		24.07		16.39			11.40		—			13.40


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Operations

For the Six Months Ended February 28, 2013 (Unaudited)


	Capital Growth Fund			Concentrated Growth Fund
Investment income:
Dividends (net of foreign withholding taxes of $0, $1,860, $68, $0, $130,058, $33,005, $0, $0 and $0)	$	7,119,751		$	1,467,310
Interest		6,196			1,121
Total investment income		7,125,947			1,468,431

Expenses:
Management fees		4,150,957			731,281
Distribution and Service fees^(a)		1,293,954			126,223
Transfer Agent fees^(a)		726,272			98,069
Printing and mailing costs		90,889			14,199
Registration fees		66,729			42,447
Custody, accounting and administrative services		54,379			25,452
Professional fees		44,299			38,878
Trustee fees		10,646			9,669
Service Share fees — Shareholder Administration Plan		1,375			—
Service Share fees — Service Plan		1,375			—
Amortization of offering costs		—			—
Other		9,261			2,801
Total expenses		6,450,136			1,089,019
Less — expense reductions		(1,504,922	)		(262,176	)
Net expenses		4,945,214			826,843
NET INVESTMENT INCOME (LOSS)		2,180,733			641,588

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers (including commission recapture of $52,988, $9,081, $0, $0, $226,166, $0, $14,892, $11,641 and $0)		36,615,907			7,492,914
Investments — affiliated issuers		—			—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		18,827,605			2,787,780
Investments — affiliated issuers		—			—
Net realized and unrealized gain		55,443,512			10,280,694
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	57,624,245		$	10,922,282

(a)

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


	Distribution and Service Fees								Transfer Agent Fees
Fund	Class A		Class B		Class C		Class R		Class A		Class B		Class C		Institutional		Service		Class IR		Class R
Capital Growth	$	807,960	$	121,233	$	360,017	$	4,744	$	614,050	$	23,034	$	68,403	$	16,422	$	220	$	2,340	$	1,803
Concentrated Growth		109,944		1,672		14,581		26		83,557		318		2,770		10,900		—		514		10
Flexible Cap Growth		7,915		—		4,278		159		6,014		—		813		955		—		156		61
Focused Growth		71		—		58		29		53		—		11		1,124		—		11		11
Growth Opportunities		1,328,596		55,769		782,702		138,931		1,009,733		10,596		148,713		548,160		11,923		78,075		52,794
Small/Mid Cap Growth		521,858		22,831		463,771		49,283		396,613		4,338		88,116		65,014		1,381		49,973		18,727
Strategic Growth		205,210		6,677		41,660		11		155,960		1,268		7,915		41,436		16		386		4
Technology Tollkeeper		295,305		36,964		246,457		—		224,432		7,023		46,827		9,570		2,178		2,407		—
U.S. Equity		4,023		—		723		50		3,058		—		137		1,434		—		109		19


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS


Flexible Cap Growth Fund			Focused Growth Fund			Growth Opportunities Fund			Small/Mid Cap Growth Fund			Strategic Growth Fund			Technology Tollkeeper Fund			U.S. Equity Fund

$	89,095		$	48,415		$	22,872,250		$	4,049,229		$	3,489,228		$	896,092		$	112,360
	118			94			46,573			21,803			2,089			3,854			140
	89,213			48,509			22,918,823			4,071,032			3,491,317			899,946			112,500


	60,938			28,554			19,751,124			4,595,488			1,907,518			1,771,017			37,328
	12,352			158			2,305,998			1,057,743			253,558			578,726			4,796
	7,999			1,210			1,859,994			624,162			206,985			292,437			4,757
	13,199			13,806			191,475			71,130			32,619			57,684			14,127
	49,536			30,617			58,312			32,481			53,537			35,863			47,819
	33,184			18,015			115,219			55,740			42,077			32,191			25,646
	41,035			6,884			37,732			34,777			39,087			41,360			40,852
	7,624			7,615			17,856			12,400			10,073			10,068			7,622
	—			—			74,516			8,629			98			13,613			—
	—			—			74,516			8,629			98			13,613			—
	—			114,172			—			—			—			—			—
	2,381			29,882			51,447			15,432			6,725			7,863			5,645
	228,248			250,913			24,538,189			6,516,611			2,552,375			2,854,435			188,592
	(157,709	)		(226,611	)		(1,172,204	)		(689,357	)		(729,703	)		(71,711	)		(139,396	)
	70,539			24,302			23,365,985			5,827,254			1,822,672			2,782,724			49,196
	18,674			24,207			(447,162	)		(1,756,222	)		1,668,645			(1,882,778	)		63,304




	587,867			115,922			126,519,801			15,816,617			28,625,094			1,204,369			295,475
	—			—			(327,414	)		—			—			—			—

	234,764			503,225			266,548,514			98,319,559			(2,878,804	)		12,832,768			647,792
	—			—			5,535,977			—			—			—			—
	822,631			619,147			398,276,878			114,136,176			25,746,290			14,037,137			943,267
$	841,305		$	643,354		$	397,829,716		$	112,379,954		$	27,414,935		$	12,154,359		$	1,006,571


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets


	Capital Growth Fund
	For the Six Months Ended February 28, 2013 (Unaudited)			For the Fiscal Year Ended August 31, 2012
From operations:
Net investment income (loss)	$	2,180,733		$	590,889
Net realized gain		36,615,907			96,649,991
Net change in unrealized gain		18,827,605			63,428,264
Net increase in net assets resulting from operations		57,624,245			160,669,144

Distributions to shareholders:
From net investment income
Class A Shares		(690,477	)		(1,176,897	)
Class B Shares		—			—
Class C Shares		—			—
Institutional Shares		(395,128	)		(843,182	)
Service Shares		(417	)		(883	)
Class IR Shares		(10,114	)		(9,608	)
Class R Shares		(3,429	)		(579	)
From net realized gains
Class A Shares		—			—
Class C Shares		—			—
Institutional Shares		—			—
Class IR Shares		—			—
Class R Shares		—			—
Total distributions to shareholders		(1,099,565	)		(2,031,149	)

From share transactions:
Proceeds from sales of shares		23,594,106			66,322,103
Reinvestment of distributions		1,032,918			1,885,834
Cost of shares redeemed		(94,716,194	)		(451,308,864	)
Net decrease in net assets resulting from share transactions		(70,089,170	)		(383,100,927	)
TOTAL DECREASE		(13,564,490	)		(224,462,932	)

Net assets:
Beginning of period		851,144,542			1,075,607,474
End of period	$	837,580,052		$	851,144,542
Undistributed net investment income (loss)	$	1,709,746		$	628,578


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS


Concentrated Growth Fund						Flexible Cap Growth Fund
For the Six Months Ended February 28, 2013 (Unaudited)			For the Fiscal Year Ended August 31, 2012			For the Six Months Ended February 28, 2013 (Unaudited)			For the Fiscal Year Ended August 31, 2012

$	641,588		$	346,598		$	18,674		$	(21,034	)
	7,492,914			20,967,098			587,867			1,193,798
	2,787,780			7,552,943			234,764			667,097
	10,922,282			28,866,639			841,305			1,839,861



	(355,613	)		—			—			—
	(218	)		—			—			—
	(1,983	)		—			—			—
	(419,468	)		(298,715	)		—			—
	—			—			—			—
	(4,247	)		(1,459	)		—			—
	(24	)		—			—			—

	—			—			(713,810	)		(622,301	)
	—			—			(102,494	)		(57,805	)
	—			—			(539,715	)		(233,496	)
	—			—			(18,987	)		(6,825	)
	—			—			(7,512	)		(9,321	)
	(781,553	)		(300,174	)		(1,382,518	)		(929,748	)


	9,104,752			8,892,961			1,160,643			1,930,385
	741,898			268,022			1,362,254			901,192
	(22,098,543	)		(124,417,630	)		(3,072,366	)		(11,557,742	)
	(12,251,893	)		(115,256,647	)		(549,469	)		(8,726,165	)
	(2,111,164	)		(86,690,182	)		(1,090,682	)		(7,816,052	)


	152,190,298			238,880,480			13,280,140			21,096,192
$	150,079,134		$	152,190,298		$	12,189,458		$	13,280,140
$	8,764		$	148,729		$	9,696		$	(8,978	)


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets


	Focused Growth Fund
	For the Six Months Ended February 28, 2013 (Unaudited)			For the Period Ended August 31, 2012^(a)
From operations:
Net investment income (loss)	$	24,207		$	5,534
Net realized gain (loss)		115,922			(13,299	)
Net change in unrealized gain		503,225			369,552
Net increase in net assets resulting from operations		643,354			361,787

Distributions to shareholders:
From net investment income
Class A Shares		(261	)		—
Class C Shares		(11	)		—
Institutional Shares		(27,074	)		—
Class IR Shares		(54	)		—
Class R Shares		(11	)		—
From net realized gains
Class A Shares		(115	)		—
Class B Shares		—			—
Class C Shares		(21	)		—
Institutional Shares		(8,003	)		—
Service Shares		—			—
Class IR Shares		(22	)		—
Class R Shares		(22	)		—
Total distributions to shareholders		(35,594	)		—

From share transactions:
Proceeds from sales of shares		8,190,727			3,135,328
Reinvestment of distributions		35,594			—
Cost of shares redeemed		(25,691	)		(11,615	)
Net increase (decrease) in net assets resulting from share transactions		8,200,630			3,123,713
TOTAL INCREASE (DECREASE)		8,808,390			3,485,500

Net assets:
Beginning of period		3,485,500			—
End of period	$	12,293,890		$	3,485,500
Undistributed net investment income (loss)	$	2,479		$	5,683

(a)

Commenced operations on January 31, 2012.


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS


Growth Opportunities Fund						Small/Mid Cap Growth Fund
For the Six Months Ended February 28, 2013 (Unaudited)			For the Fiscal Year Ended August 31, 2012			For the Six Months Ended February 28, 2013 (Unaudited)			For the Fiscal Year Ended August 31, 2012

$	(447,162	)	$	(17,949,874	)	$	(1,756,222	)	$	(6,203,176	)
	126,192,387			243,865,457			15,816,617			49,029,178
	272,084,491			518,961,983			98,319,559			95,595,374
	397,829,716			744,877,566			112,379,954			138,421,376



	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—
	—			—			—			—

	(71,926,329	)		(64,632,350	)		(19,824,908	)		(17,429,835	)
	(869,553	)		(1,049,756	)		(235,890	)		(250,616	)
	(12,084,546	)		(10,894,704	)		(4,682,209	)		(3,847,394	)
	(173,115,032	)		(165,671,437	)		(14,180,476	)		(15,419,415	)
	(4,124,116	)		(3,596,434	)		(332,236	)		(249,049	)
	(5,489,820	)		(3,529,948	)		(2,347,737	)		(1,510,883	)
	(3,762,229	)		(2,560,779	)		(941,534	)		(790,187	)
	(271,371,625	)		(251,935,408	)		(42,544,990	)		(39,497,379	)


	676,953,899			1,161,792,215			280,360,806			254,027,889
	213,144,077			177,970,409			38,750,263			32,384,155
	(757,193,779	)		(1,918,088,425	)		(132,976,287	)		(417,739,214	)
	132,904,197			(578,325,801	)		186,134,782			(131,327,170	)
	259,362,288			(85,383,643	)		255,969,746			(32,403,173	)


	4,139,116,483			4,224,500,126			849,595,175			881,998,348
$	4,398,478,771		$	4,139,116,483		$	1,105,564,921		$	849,595,175
$	560,701		$	1,007,863		$	(5,868,477	)	$	(4,112,255	)


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets


	Strategic Growth Fund
	For the Six Months Ended February 28, 2013 (Unaudited)			For the Fiscal Year Ended August 31, 2012
From operations:
Net investment income (loss)	$	1,668,645		$	1,692,336
Net realized gain (loss)		28,625,094			36,038,433
Net change in unrealized gain (loss)		(2,878,804	)		45,973,656
Net increase in net assets resulting from operations		27,414,935			83,704,425

Distributions to shareholders:
From net investment income
Class A Shares		(768,074	)		(301,353	)
Institutional Shares		(1,757,888	)		(1,575,792	)
Service Shares		(540	)		(5	)
Class IR Shares		(2,531	)		—
Class R Shares		(13	)		—
From net realized gains
Class A Shares		(12,147,881	)		—
Class B Shares		(108,492	)		—
Class C Shares		(659,516	)		—
Institutional Shares		(14,440,628	)		—
Service Shares		(5,491	)		—
Class IR Shares		(24,554	)		—
Class R Shares		(318	)		—
Total distributions to shareholders		(29,915,926	)		(1,877,150	)

From share transactions:
Proceeds from sales of shares		28,697,962			139,830,367
Reinvestment of distributions		29,155,483			1,800,223
Cost of shares redeemed		(144,383,879	)		(246,130,710	)
Net increase (decrease) in net assets resulting from share transactions		(86,530,434	)		(104,500,120	)
TOTAL INCREASE (DECREASE)		(89,031,425	)		(22,672,845	)

Net assets:
Beginning of period		447,785,136			470,457,981
End of period	$	358,753,711		$	447,785,136
Undistributed net investment income (loss)	$	434,090		$	1,294,491


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS


Technology Tollkeeper Fund						U.S. Equity Fund
For the Six Months Ended February 28, 2013 (Unaudited)			For the Fiscal Year Ended August 31, 2012			For the Six Months Ended February 28, 2013 (Unaudited)			For the Fiscal Year Ended August 31, 2012

$	(1,882,778	)	$	(4,085,720	)	$	63,304		$	92,293
	1,204,369			(6,808,499	)		295,475			(167,357	)
	12,832,768			67,954,046			647,792			1,490,650
	12,154,359			57,059,827			1,006,571			1,415,586



	—			—			(20,678	)		(10,984	)
	—			—			(76,416	)		(43,957	)
	—			—			—			—
	—			—			(1,243	)		(317	)
	—			—			(60	)		(5	)

	—			—			—			(31,407	)
	—			—			—			—
	—			—			—			(1,397	)
	—			—			—			(61,958	)
	—			—			—			—
	—			—			—			(905	)
	—			—			—			(110	)
	—			—			(98,397	)		(151,040	)


	46,169,658			104,187,444			1,046,033			2,394,132
	—			—			83,817			97,808
	(54,592,448	)		(173,142,909	)		(1,636,818	)		(2,489,896	)
	(8,422,790	)		(68,955,465	)		(506,968	)		2,044
	3,731,569			(11,895,638	)		401,206			1,266,590


	360,855,732			372,751,370			10,713,040			9,446,450
$	364,587,301		$	360,855,732		$	11,114,246		$	10,713,040
$	(4,548,036	)	$	(2,665,258	)	$	10,530		$	45,623


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

GOLDMAN SACHS CAPITAL GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2013 - A	$	24.40	$	0.07	^(d)	$	1.68		$	1.75		$	(0.03	)	$	—
2013 - B		21.37		(0.02	)^(d)		1.47			1.45			—			—
2013 - C		21.35		(0.02	)^(d)		1.46			1.44			—			—
2013 - Institutional		25.64		0.13	^(d)		1.75			1.88			(0.12	)		—
2013 - Service		23.96		0.06	^(d)		1.65			1.71			(0.01	)		—
2013 - IR		24.53		0.11	^(d)		1.68			1.79			(0.10	)		—
2013 - R		24.14		0.04	^(d)		1.65			1.69			(0.04	)		—

FOR THE FISCAL YEARS ENDED AUGUST 31,
2012 - A		20.49		0.02			3.93			3.95			(0.04	)		—
2012 - B		18.06		(0.13	)		3.44			3.31			—			—
2012 - C		18.03		(0.13	)		3.45			3.32			—			—
2012 - Institutional		21.54		0.10			4.12			4.22			(0.12	)		—
2012 - Service		20.13		—	^(f)		3.85			3.85			(0.02	)		—
2012 - IR		20.66		0.08			3.93			4.01			(0.14	)		—
2012 - R		20.31		(0.03	)		3.88			3.85			(0.02	)		—
2011 - A		17.68		0.03			2.78			2.81			—			—
2011 - B		15.70		(0.11	)		2.47			2.36			—			—
2011 - C		15.68		(0.12	)		2.47			2.35			—			—
2011 - Institutional		18.57		0.12			2.91			3.03			(0.06	)		—
2011 - Service		17.39		0.01			2.73			2.74			—			—
2011 - IR		17.81		0.31			2.58			2.89			(0.04	)		—
2011 - R		17.57		(0.03	)		2.77			2.74			—			—
2010 - A		16.95		0.01			0.72			0.73			—			—
2010 - B		15.15		(0.11	)		0.66			0.55			—			—
2010 - C		15.14		(0.11	)		0.65			0.54			—			—
2010 - Institutional		17.72		0.10			0.75			0.85			—			—
2010 - Service		16.68		(0.01	)		0.72			0.71			—			—
2010 - IR		17.02		0.07			0.72			0.79			—			—
2010 - R		16.88		(0.01	)		0.70			0.69			—			—
2009 - A		22.40		—	^(f)		(4.58	)		(4.58	)		—			(0.87	)
2009 - B		20.33		(0.10	)		(4.21	)		(4.31	)		—			(0.87	)
2009 - C		20.31		(0.10	)		(4.20	)		(4.30	)		—			(0.87	)
2009 - Institutional		23.26		0.06			(4.73	)		(4.67	)		—			(0.87	)
2009 - Service		22.09		(0.02	)		(4.52	)		(4.54	)		—			(0.87	)
2009 - IR		22.44		0.03			(4.58	)		(4.55	)		—			(0.87	)
2009 - R		22.37		(0.03	)		(4.59	)		(4.62	)		—			(0.87	)
2008 - A		23.73		(0.10	)		(0.97	)		(1.07	)		—			(0.26	)
2008 - B		21.73		(0.25	)		(0.89	)		(1.14	)		—			(0.26	)
2008 - C		21.70		(0.25	)		(0.88	)		(1.13	)		—			(0.26	)
2008 - Institutional		24.54		—	^(f)		(1.02	)		(1.02	)		—			(0.26	)
2008 - Service		23.43		(0.12	)		(0.96	)		(1.08	)		—			(0.26	)
2008 - IR (Commenced November 30, 2007)		24.22		(0.03	)		(1.49	)		(1.52	)		—			(0.26	)
2008 - R (Commenced November 30, 2007)		24.22		(0.10	)		(1.49	)		(1.59	)		—			(0.26	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption 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 Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c)

The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(d)

Reflects income recognized from special dividends which amounted to $0.05 per share and 0.44% of average net assets.

(e)

Annualized.

(f)

Amount is less than $0.005 per share.

(g)

Amount is less than 0.005% of average net assets.


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

GOLDMAN SACHS CAPITAL GROWTH FUND



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

$	26.12		7.17	%	$	655,029		1.14	%^(e)		1.51	%^(e)		0.57	%^(d)(e)		19	%
	22.82		6.79			22,937		1.89	^(e)		2.26	^(e)		(0.16	)^(d)(e)		19
	22.79		6.74			73,068		1.89	^(e)		2.26	^(e)		(0.18	)^(d)(e)		19
	27.40		7.38			80,849		0.74	^(e)		1.11	^(e)		0.98	^(d)(e)		19
	25.66		7.14			1,181		1.24	^(e)		1.61	^(e)		0.47	^(d)(e)		19
	26.22		7.31			2,553		0.89	^(e)		1.26	^(e)		0.85	^(d)(e)		19
	25.79		7.02			1,963		1.39	^(e)		1.75	^(e)		0.34	^(d)(e)		19


	24.40		19.24			662,127		1.14			1.48			0.09			55
	21.37		18.27			27,428		1.89			2.23			(0.66	)		55
	21.35		18.36			73,162		1.89			2.23			(0.66	)		55
	25.64		19.64			83,466		0.74			1.08			0.42			55
	23.96		19.08			1,072		1.24			1.58			(0.02	)		55
	24.53		19.48			2,415		0.89			1.23			0.36			55
	24.14		18.92			1,475		1.39			1.73			(0.12	)		55
	20.49		15.89			662,256		1.14			1.47			0.13			58
	18.06		15.03			38,824		1.89			2.22			(0.61	)		58
	18.03		14.99			72,314		1.89			2.22			(0.62	)		58
	21.54		16.33			299,223		0.74			1.07			0.53			58
	20.13		15.76			953		1.24			1.57			0.03			58
	20.66		16.20			1,472		0.89			1.22			1.64			58
	20.31		15.59			567		1.39			1.72			(0.12	)		58
	17.68		4.31			707,444		1.14			1.47			0.07			31
	15.70		3.63			55,429		1.89			2.22			(0.66	)		31
	15.68		3.57			75,203		1.89			2.22			(0.67	)		31
	18.57		4.80			344,601		0.74			1.07			0.52			31
	17.39		4.26			988		1.24			1.57			(0.03	)		31
	17.81		4.64			8		0.89			1.22			0.36			31
	17.57		4.09			412		1.39			1.72			(0.08	)		31
	16.95		(19.11	)		966,913		1.25			1.48			—	^(g)		49
	15.15		(19.73	)		83,648		2.00			2.23			(0.75	)		49
	15.14		(19.69	)		84,936		2.00			2.23			(0.75	)		49
	17.72		(18.78	)		212,977		0.85			1.08			0.40			49
	16.68		(19.17	)		1,462		1.35			1.58			(0.13	)		49
	17.02		(18.90	)		8		1.00			1.23			0.23			49
	16.88		(19.29	)		106		1.50			1.73			(0.19	)		49
	22.40		(4.57	)		1,505,237		1.36			1.40			(0.42	)		69
	20.33		(5.37	)		154,511		2.11			2.15			(1.19	)		69
	20.31		(5.33	)		126,865		2.11			2.15			(1.19	)		69
	23.26		(4.22	)		288,404		0.96			1.00			(0.01	)		69
	22.09		(4.72	)		3,135		1.46			1.50			(0.52	)		69
	22.44		(6.39	)		9		1.11	^(e)		1.15	^(e)		(0.19	)^(e)		69
	22.37		(6.68	)		9		1.61	^(e)		1.65	^(e)		(0.62	)^(e)		69


The accompanying notes are an integral part of these financial statements.		89

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2013 - A	$	14.97	$	0.06	^(d)	$	1.08		$	1.14		$	(0.06	)	$	—
2013 - B		13.81		—	^(d)(f)		1.01			1.01			(0.01	)		—
2013 - C		13.79		—	^(d)(f)		1.01			1.01			(0.01	)		—
2013 - Institutional		15.48		0.09	^(d)		1.12			1.21			(0.12	)		—
2013 - IR		15.07		0.08	^(d)		1.09			1.17			(0.11	)		—
2013 - R		14.80		0.04	^(d)		1.07			1.11			(0.03	)		—

FOR THE FISCAL YEARS ENDED AUGUST 31,
2012 - A		12.64		—	^(f)		2.33			2.33			—			—
2012 - B		11.75		(0.09	)		2.15			2.06			—			—
2012 - C		11.73		(0.09	)		2.15			2.06			—			—
2012 - Institutional		13.07		0.05			2.41			2.46			(0.05	)		—
2012 - IR		12.73		0.04			2.34			2.38			(0.04	)		—
2012 - R		12.52		(0.03	)		2.31			2.28			—			—
2011 - A		10.91		(0.01	)		1.74			1.73			—			—
2011 - B		10.22		(0.10	)		1.63			1.53			—			—
2011 - C		10.20		(0.10	)		1.63			1.53			—			—
2011 - Institutional		11.25		0.04			1.80			1.84			(0.02	)		—
2011 - IR		10.97		0.04			1.73			1.77			(0.01	)		—
2011 - R		10.83		(0.04	)		1.73			1.69			—			—
2010 - A		10.51		(0.02	)		0.42			0.40			—			—
2010 - B		9.92		(0.11	)		0.41			0.30			—			—
2010 - C		9.90		(0.11	)		0.41			0.30			—			—
2010 - Institutional		10.79		0.02			0.44			0.46			—			—
2010 - IR		10.54		0.03			0.40			0.43			—			—
2010 - R		10.46		(0.05	)		0.42			0.37			—			—
2009 - A		13.54		(0.02	)		(3.01	)		(3.03	)		—			—
2009 - B		12.88		(0.09	)		(2.87	)		(2.96	)		—			—
2009 - C		12.85		(0.09	)		(2.86	)		(2.95	)		—			—
2009 - Institutional		13.85		0.01			(3.07	)		(3.06	)		—			—
2009 - IR		13.55		(0.01	)		(3.00	)		(3.01	)		—			—
2009 - R		13.51		(0.05	)		(3.00	)		(3.05	)		—			—
2008 - A		15.01		(0.10	)		(0.29	)		(0.39	)		—			(1.08	)^(h)
2008 - B		14.43		(0.19	)		(0.28	)		(0.47	)		—			(1.08	)^(h)
2008 - C		14.41		(0.19	)		(0.29	)		(0.48	)		—			(1.08	)^(h)
2008 - Institutional		15.27		(0.04	)		(0.30	)		(0.34	)		—			(1.08	)^(h)
2008 - IR (Commmenced November 30, 2007)		15.38		(0.05	)		(0.70	)		(0.75	)		—			(1.08	)^(h)
2008 - R (Commmenced November 30, 2007)		15.38		(0.09	)		(0.70	)		(0.79	)		—			(1.08	)^(h)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Reflects income recognized from special dividends which amounted to $0.06 per share and 0.73% of average net assets.

(e)

Annualized.

(f)

Amount is less than $0.005 per share.

(g)

Amount is less than 0.005% of average assets.

(h)

Includes a distribution from capital of approximately $0.006 per share.


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

GOLDMAN SACHS CONCENTRATED GROWTH FUND



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

$	16.05		7.66	%	$	87,152		1.26	%^(e)		1.62	%^(e)		0.75	%^(d)(e)		17	%
	14.81		7.32			332		2.01	^(e)		2.37	^(e)		—	^(d)(e)(g)		17
	14.79		7.33			3,013		2.01	^(e)		2.37	^(e)		0.01	^(d)(e)		17
	16.57		7.91			59,206		0.86	^(e)		1.22	^(e)		1.13	^(d)(e)		17
	16.13		7.80			365		1.01	^(e)		1.38	^(e)		1.09	^(d)(e)		17
	15.88		7.62			11		1.51	^(e)		1.87	^(e)		0.50	^(d)(e)		17


	14.97		18.38			92,207		1.26			1.57			0.01			33
	13.81		17.48			395		2.01			2.32			(0.74	)		33
	13.79		17.51			2,877		2.01			2.32			(0.72	)		33
	15.48		18.80			56,118		0.86			1.17			0.39			33
	15.07		18.69			584		1.01			1.32			0.28			33
	14.80		18.08			10		1.51			1.82			(0.22	)		33
	12.64		15.86			109,826		1.30			1.56			(0.08	)		35
	11.75		14.97			496		2.05			2.31			(0.83	)		35
	11.73		15.00			2,000		2.05			2.31			(0.82	)		35
	13.07		16.35			126,113		0.90			1.16			0.33			35
	12.73		16.13			437		1.05			1.31			0.28			35
	12.52		15.60			9		1.55			1.81			(0.29	)		35
	10.91		3.81			108,338		1.30			1.56			(0.22	)		45
	10.22		3.02			793		2.05			2.31			(0.98	)		45
	10.20		3.03			1,356		2.05			2.31			(0.97	)		45
	11.25		4.26			124,258		0.90			1.16			0.18			45
	10.97		4.08			147		1.05			1.31			0.27			45
	10.83		3.54			8		1.55			1.81			(0.45	)		45
	10.51		(22.38	)		101,233		1.37			1.61			(0.27	)		65
	9.92		(22.98	)		1,084		2.12			2.36			(1.03	)		65
	9.90		(22.96	)		1,461		2.12			2.36			(1.03	)		65
	10.79		(22.09	)		151,504		0.97			1.21			0.13			65
	10.54		(22.21	)		7		1.12			1.36			(0.07	)		65
	10.46		(22.58	)		7		1.62			1.86			(0.51	)		65
	13.54		(3.07	)		115,431		1.48			1.51			(0.70	)		71
	12.88		(3.79	)		1,457		2.23			2.26			(1.46	)		71
	12.85		(3.86	)		2,300		2.23			2.26			(1.46	)		71
	13.85		(2.68	)		183,809		1.08			1.11			(0.30	)		71
	13.55		(5.34	)		9		1.23	^(e)		1.26	^(e)		(0.49	)^(e)		71
	13.51		(5.62	)		9		1.73	^(e)		1.76	^(e)		(0.93	)^(e)		71


The accompanying notes are an integral part of these financial statements.		91

GOLDMAN SACHS FLEXIBLE CAP GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net realized gains
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2013 - A	$	11.48	$	0.01	^(d)	$	0.72		$	0.73		$	(1.36	)
2013 - C		11.09		(0.03	)^(d)		0.70			0.67			(1.36	)
2013 - Institutional		11.73		0.03	^(d)		0.75			0.78			(1.36	)
2013 - IR		11.64		0.03	^(d)		0.74			0.77			(1.36	)
2013 - R		11.36		—	^(d)(f)		0.71			0.71			(1.36	)

FOR THE FISCAL YEARS ENDED AUGUST 31,
2012 - A		10.38		(0.02	)		1.71			1.69			(0.59	)
2012 - C		10.12		(0.10	)		1.66			1.56			(0.59	)
2012 - Institutional		10.55		0.02			1.75			1.77			(0.59	)
2012 - IR		10.49		0.01			1.73			1.74			(0.59	)
2012 - R		10.30		(0.05	)		1.70			1.65			(0.59	)
2011 - A		9.41		(0.04	)		1.51			1.47			(0.50	)
2011 - C		9.25		(0.12	)		1.49			1.37			(0.50	)
2011 - Institutional		9.53		—	^(f)		1.52			1.52			(0.50	)
2011 - IR		9.49		—	^(f)		1.50			1.50			(0.50	)
2011 - R		9.37		(0.07	)		1.50			1.43			(0.50	)
2010 - A		8.83		(0.03	)		0.61			0.58			—
2010 - C		8.75		(0.11	)		0.61			0.50			—
2010 - Institutional		8.90		—	^(f)		0.63			0.63			—
2010 - IR		8.88		(0.01	)		0.62			0.61			—
2010 - R		8.81		(0.06	)		0.62			0.56			—
2009 - A		10.64		(0.02	)		(1.71	)		(1.73	)		(0.08	)
2009 - C		10.60		(0.08	)		(1.69	)		(1.77	)		(0.08	)
2009 - Institutional		10.67		0.01			(1.70	)		(1.69	)		(0.08	)
2009 - IR		10.66		(0.01	)		(1.69	)		(1.70	)		(0.08	)
2009 - R		10.62		(0.04	)		(1.69	)		(1.73	)		(0.08	)

FOR THE PERIOD ENDED AUGUST 31,
2008 - A (Commenced January 31, 2008)		10.00		(0.03	)		0.67			0.64			—
2008 - C (Commenced January 31, 2008)		10.00		(0.08	)		0.68			0.60			—
2008 - Institutional (Commenced January 31, 2008)		10.00		(0.01	)		0.68			0.67			—
2008 - IR (Commenced January 31, 2008)		10.00		(0.02	)		0.68			0.66			—
2008 - R (Commenced January 31, 2008)		10.00		(0.05	)		0.67			0.62			—

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.40% of average net assets.

(e)

Annualized.

(f)

Amount is less than $0.005 per share.


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

GOLDMAN SACHS FLEXIBLE CAP GROWTH FUND



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

$	10.85		7.11	%	$	5,813		1.26	%^(e)		3.83	%^(e)		0.19	%^(d)(e)		20	%
	10.40		6.80			849		2.02	^(e)		4.60	^(e)		(0.54	)^(d)(e)		20
	11.15		7.41			5,293		0.86	^(e)		3.49	^(e)		0.61	^(d)(e)		20
	11.05		7.36			167		1.01	^(e)		3.61	^(e)		0.47	^(d)(e)		20
	10.71		7.01			67		1.51	^(e)		4.12	^(e)		(0.04	)^(d)(e)		20


	11.48		17.11			7,423		1.26			3.14			(0.22	)		32
	11.09		16.23			975		2.01			3.89			(0.95	)		32
	11.73		17.61			4,640		0.86			2.74			0.21			32
	11.64		17.41			179		1.01			2.89			0.06			32
	11.36		16.84			63		1.51			3.39			(0.43	)		32
	10.38		15.42			15,853		1.34			2.59			(0.37	)		51
	10.12		14.58			974		2.09			3.34			(1.10	)		51
	10.55		15.77			4,142		0.94			2.19			0.04			51
	10.49		15.62			116		1.09			2.34			(0.04	)		51
	10.30		15.05			11		1.59			2.84			(0.61	)		51
	9.41		6.57			14,952		1.35			2.91			(0.35	)		61
	9.25		5.71			650		2.10			3.66			(1.10	)		61
	9.53		7.08			3,145		0.95			2.51			0.04			61
	9.49		6.87			43		1.10			2.66			(0.10	)		61
	9.37		6.36			10		1.60			3.16			(0.59	)		61
	8.83		(16.03	)		11,162		1.38			7.98			(0.25	)		56
	8.75		(16.47	)		392		2.13			8.73			(1.02	)		56
	8.90		(15.60	)		4,256		0.98			7.58			0.11			56
	8.88		(15.71	)		9		1.13			7.73			(0.08	)		56
	8.81		(16.14	)		9		1.63			8.23			(0.57	)		56


	10.64		6.50			2,262		1.45	^(e)		20.95	^(e)		(0.54	)^(e)		41
	10.60		6.10			62		2.20	^(e)		21.70	^(e)		(1.37	)^(e)		41
	10.67		6.80			2,322		1.05	^(e)		20.55	^(e)		(0.22	)^(e)		41
	10.66		6.70			11		1.20	^(e)		20.70	^(e)		(0.36	)^(e)		41
	10.62		6.40			11		1.70	^(e)		21.20	^(e)		(0.87	)^(e)		41


The accompanying notes are an integral part of these financial statements.		93

GOLDMAN SACHS FOCUSED GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations							Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain		Total from investment operations		From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2013 - A	$	11.35	$	0.04	^(e)	$	1.05	$	1.09	$	(0.05	)	$	(0.02	)	$	(0.07	)
2013 - C		11.31		(0.01	)^(e)		1.04		1.03		(0.01	)		(0.02	)		(0.03	)
2013 - Institutional		11.38		0.05	^(e)		1.06		1.11		(0.07	)		(0.02	)		(0.09	)
2013 - IR		11.38		0.05	^(e)		1.05		1.10		(0.06	)		(0.02	)		(0.08	)
2013 - R		11.34		0.02	^(e)		1.05		1.07		(0.01	)		(0.02	)		(0.03	)

FOR THE PERIOD ENDED AUGUST 31,
2012 - A (Commenced January 31, 2012)		10.00		—	^(f)		1.35		1.35		—			—			—
2012 - C (Commenced January 31, 2012)		10.00		(0.05	)		1.36		1.31		—			—			—
2012 - Institutional (Commenced January 31, 2012)		10.00		0.02			1.36		1.38		—			—			—
2012 - IR (Commenced January 31, 2012)		10.00		0.01			1.37		1.38		—			—			—
2012 - R (Commenced January 31, 2012)		10.00		(0.02	)		1.36		1.34		—			—			—

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)

(e)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.59% of average net assets.

(f)

Amount is less than $0.005 per share.


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

GOLDMAN SACHS FOCUSED GROWTH FUND



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

$	12.37		9.65	%	$	73		1.24	%		7.15	%		0.67	%^(e)		22	%
	12.31		9.16			12		1.99			7.90			(0.14	)^(e)		22
	12.40		9.84			12,184		0.84			6.75			0.85	^(e)		22
	12.40		9.68			12		0.99			6.90			0.86	^(e)		22
	12.38		9.48			12		1.49			7.41			0.35	^(e)		22


	11.35		13.50			35		1.24			17.07			0.04			23
	11.31		13.10			11		1.99			17.82			(0.81	)		23
	11.38		13.80			3,417		0.84			16.67			0.36			23
	11.38		13.80			11		0.99			16.82			0.22			23
	11.34		13.40			11		1.49			17.32			(0.30	)		23


The accompanying notes are an integral part of these financial statements.		95

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net realized gains
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2013 - A	$	23.88	$	(0.03	)^(d)	$	2.21		$	2.18		$	(1.65	)
2013 - B		21.10		(0.10	)^(d)		1.93			1.83			(1.65	)
2013 - C		20.89		(0.10	)^(d)		1.91			1.81			(1.65	)
2013 - Institutional		25.59		0.02	^(d)		2.39			2.41			(1.65	)
2013 - Service		23.44		(0.04	)^(d)		2.16			2.12			(1.65	)
2013 - IR		24.19		—	^(d)(f)		2.25			2.25			(1.65	)
2013 - R		23.59		(0.06	)^(d)		2.19			2.13			(1.65	)

FOR THE FISCAL YEARS ENDED AUGUST 31,
2012 - A		21.36		(0.15	)		4.06			3.91			(1.39	)
2012 - B		19.16		(0.28	)		3.61			3.33			(1.39	)
2012 - C		18.99		(0.28	)		3.57			3.29			(1.39	)
2012 - Institutional		22.71		(0.06	)		4.33			4.27			(1.39	)
2012 - Service		21.01		(0.17	)		3.99			3.82			(1.39	)
2012 - IR		21.57		(0.09	)		4.10			4.01			(1.39	)
2012 - R		21.17		(0.20	)		4.01			3.81			(1.39	)
2011 - A		19.09		(0.16	)		2.65			2.49			(0.22	)
2011 - B		17.27		(0.30	)		2.41			2.11			(0.22	)
2011 - C		17.11		(0.30	)		2.40			2.10			(0.22	)
2011 - Institutional		20.21		(0.07	)		2.79			2.72			(0.22	)
2011 - Service		18.80		(0.18	)		2.61			2.43			(0.22	)
2011 - IR		19.23		(0.10	)		2.66			2.56			(0.22	)
2011 - R		18.97		(0.22	)		2.64			2.42			(0.22	)
2010 - A		16.91		(0.15	)		2.33			2.18			—
2010 - B		15.42		(0.26	)		2.11			1.85			—
2010 - C		15.28		(0.26	)		2.09			1.83			—
2010 - Institutional		17.83		(0.07	)		2.45			2.38			—
2010 - Service		16.67		(0.16	)		2.29			2.13			—
2010 - IR		16.99		(0.10	)		2.34			2.24			—
2010 - R		16.85		(0.19	)		2.31			2.12			—
2009 - A		21.68		(0.08	)		(3.65	)		(3.73	)		(1.04	)
2009 - B		20.06		(0.18	)		(3.42	)		(3.60	)		(1.04	)
2009 - C		19.89		(0.17	)		(3.40	)		(3.57	)		(1.04	)
2009 - Institutional		22.67		(0.03	)		(3.77	)		(3.80	)		(1.04	)
2009 - Service		21.41		(0.11	)		(3.59	)		(3.70	)		(1.04	)
2009 - IR		21.72		(0.07	)		(3.62	)		(3.69	)		(1.04	)
2009 - R		21.65		(0.14	)		(3.62	)		(3.76	)		(1.04	)
2008 - A		25.20		(0.12	)		(0.02	)		(0.14	)		(3.38	)
2008 - B		23.72		(0.27	)		(0.01	)		(0.28	)		(3.38	)
2008 - C		23.55		(0.27	)		(0.01	)		(0.28	)		(3.38	)
2008 - Institutional		26.11		(0.03	)		(0.03	)		(0.06	)		(3.38	)
2008 - Service		24.95		(0.14	)		(0.02	)		(0.16	)		(3.38	)
2008 - IR (Commenced November 30, 2007)		25.44		(0.06	)		(0.28	)		(0.34	)		(3.38	)
2008 - R (Commenced November 30, 2007)		25.44		(0.13	)		(0.28	)		(0.41	)		(3.38	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Reflects income recognized from special dividends which amounted to $0.04 per share and 0.36% of average net assets.

(e)

Annualized.

(f)

Amount is less than $0.005 per share.

(g)

Portfolio turnover rates exclude portfolio securities received as a result of in-kind redemptions.


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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND



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

$	24.41		9.77	%	$		1,111,515		1.35	%^(e)		1.41	%^(e)		(0.25	)%^(d)(e)		18	%
	21.28		9.38				10,657		2.10	^(e)		2.16	^(e)		(0.96	)^(d)(e)		18
	21.05		9.38				165,836		2.10	^(e)		2.16	^(e)		(1.00	)^(d)(e)		18
	26.35		10.02				2,895,077		0.95	^(e)		1.01	^(e)		0.14	^(d)(e)		18
	23.91		9.69				60,137		1.45	^(e)		1.51	^(e)		(0.35	)^(d)(e)		18
	24.79		9.94				94,024		1.10	^(e)		1.16	^(e)		(0.02	)^(d)(e)		18
	24.07		9.67				61,232		1.60	^(e)		1.66	^(e)		(0.51	)^(d)(e)		18


	23.88		19.15				1,068,187		1.35			1.41			(0.67	)		59
	21.10		18.29				12,613		2.10			2.16			(1.42	)		59
	20.89		18.24				157,901		2.10			2.16			(1.42	)		59
	25.59		19.61				2,710,810		0.95			1.01			(0.27	)		59
	23.44		19.03				59,834		1.45			1.51			(0.77	)		59
	24.19		19.43				75,702		1.10			1.16			(0.42	)		59
	23.59		18.83				54,071		1.60			1.66			(0.91	)		59
	21.36		12.97				1,060,320		1.36			1.41			(0.70	)		71	^(g)
	19.16		12.13				16,380		2.11			2.16			(1.46	)		71	^(g)
	18.99		12.18				158,371		2.11			2.16			(1.46	)		71	^(g)
	22.71		13.39				2,843,584		0.96			1.01			(0.30	)		71	^(g)
	21.01		12.85				57,002		1.46			1.51			(0.81	)		71	^(g)
	21.57		13.24				54,912		1.11			1.16			(0.43	)		71	^(g)
	21.17		12.68				33,931		1.61			1.66			(0.94	)		71	^(g)
	19.09		12.89				799,256		1.37			1.44			(0.76	)		57	^(g)
	17.27		12.00				21,174		2.12			2.19			(1.51	)		57	^(g)
	17.11		11.98				129,009		2.12			2.19			(1.51	)		57	^(g)
	20.21		13.35				2,216,786		0.97			1.04			(0.35	)		57	^(g)
	18.80		12.78				60,893		1.47			1.54			(0.86	)		57	^(g)
	19.23		13.18				12,823		1.12			1.19			(0.49	)		57	^(g)
	18.97		12.58				7,954		1.62			1.69			(0.97	)		57	^(g)
	16.91		(15.03	)			641,989		1.45			1.50			(0.58	)		78
	15.42		(15.64	)			27,191		2.20			2.25			(1.33	)		78
	15.28		(15.62	)			85,240		2.20			2.25			(1.33	)		78
	17.83		(14.66	)			1,257,148		1.05			1.10			(0.19	)		78
	16.67		(15.08	)			30,614		1.55			1.60			(0.74	)		78
	16.99		(14.81	)			1,382		1.20			1.25			(0.46	)		78
	16.85		(15.20	)			934		1.70			1.75			(0.94	)		78
	21.68		(1.25	)			851,222		1.47			1.47			(0.54	)		81
	20.06		(1.99	)			48,770		2.22			2.22			(1.28	)		81
	19.89		(2.00	)			116,837		2.22			2.22			(1.29	)		81
	22.67		(0.87	)			938,726		1.07			1.07			(0.14	)		81
	21.41		(1.35	)			10,601		1.57			1.57			(0.64	)		81
	21.72		(2.01	)			10		1.22	^(e)		1.22	^(e)		(0.35	)^(e)		81
	21.65		(2.32	)			10		1.72	^(e)		1.72	^(e)		(0.81	)^(e)		81


The accompanying notes are an integral part of these financial statements.		97

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of period		Net investment loss^(a)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net realized gains
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2013 - A	$	15.52	$	(0.04	)^(d)	$	1.91		$	1.87		$	(0.77	)
2013 - B		14.59		(0.09	)^(d)		1.78			1.69			(0.77	)
2013 - C		14.58		(0.09	)^(d)		1.78			1.69			(0.77	)
2013 - Institutional		15.95		—	^(d)(f)		1.96			1.96			(0.77	)
2013 - Service		15.34		(0.04	)^(d)		1.88			1.84			(0.77	)
2013 - IR		15.72		(0.02	)^(d)		1.94			1.92			(0.77	)
2013 - R		15.34		(0.05	)^(d)		1.87			1.82			(0.77	)

FOR THE FISCAL YEARS ENDED AUGUST 31,
2012 - A		13.67		(0.12	)		2.63			2.51			(0.66	)
2012 - B		12.98		(0.21	)		2.48			2.27			(0.66	)
2012 - C		12.98		(0.21	)		2.47			2.26			(0.66	)
2012 - Institutional		13.98		(0.06	)		2.69			2.63			(0.66	)
2012 - Service		13.53		(0.13	)		2.60			2.47			(0.66	)
2012 - IR		13.81		(0.08	)		2.65			2.57			(0.66	)
2012 - R		13.55		(0.15	)		2.60			2.45			(0.66	)
2011 - A		12.08		(0.15	)		2.01			1.86			(0.27	)
2011 - B		11.57		(0.24	)		1.92			1.68			(0.27	)
2011 - C		11.56		(0.24	)		1.93			1.69			(0.27	)
2011 - Institutional		12.30		(0.09	)		2.04			1.95			(0.27	)
2011 - Service		11.97		(0.16	)		1.99			1.83			(0.27	)
2011 - IR		12.17		(0.10	)		2.01			1.91			(0.27	)
2011 - R		12.01		(0.18	)		1.99			1.81			(0.27	)
2010 - A		10.63		(0.12	)		1.57			1.45			—
2010 - B		10.25		(0.20	)		1.52			1.32			—
2010 - C		10.25		(0.21	)		1.52			1.31			—
2010 - Institutional		10.78		(0.07	)		1.59			1.52			—
2010 - Service		10.54		(0.13	)		1.56			1.43			—
2010 - IR		10.68		(0.09	)		1.58			1.49			—
2010 - R		10.59		(0.15	)		1.57			1.42			—
2009 - A		12.25		(0.05	)		(1.57	)		(1.62	)		—
2009 - B		11.90		(0.11	)		(1.54	)		(1.65	)		—
2009 - C		11.90		(0.11	)		(1.54	)		(1.65	)		—
2009 - Institutional		12.37		(0.02	)		(1.57	)		(1.59	)		—
2009 - Service		12.16		(0.06	)		(1.56	)		(1.62	)		—
2009 - IR		12.27		(0.04	)		(1.55	)		(1.59	)		—
2009 - R		12.22		(0.08	)		(1.55	)		(1.63	)		—
2008 - A		13.48		(0.09	)		(0.20	)		(0.29	)		(0.94	)^(g)
2008 - B		13.22		(0.18	)		(0.20	)		(0.38	)		(0.94	)^(g)
2008 - C		13.21		(0.18	)		(0.19	)		(0.37	)		(0.94	)^(g)
2008 - Institutional		13.55		(0.04	)		(0.20	)		(0.24	)		(0.94	)^(g)
2008 - Service		13.40		(0.10	)		(0.20	)		(0.30	)		(0.94	)^(g)
2008 - IR (Commenced November 30, 2007)		13.79		(0.04	)		(0.54	)		(0.58	)		(0.94	)^(g)
2008 - R (Commenced November 30, 2007)		13.79		(0.09	)		(0.54	)		(0.63	)		(0.94	)^(g)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.36% of average net assets.

(e)

Annualized.

(f)

Amount is less than $0.005 per share.

(g)

Includes a distribution from capital of $0.01 per share.


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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND



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

$	16.62		12.57	%	$		479,317		1.34	%^(e)		1.49	%^(e)		(0.45	)%^(d)(e)		16	%
	15.51		12.12				4,615		2.09	^(e)		2.24	^(e)		(1.18	)^(d)(e)		16
	15.50		12.13				108,551		2.09	^(e)		2.24	^(e)		(1.20	)^(d)(e)		16
	17.14		12.80				419,525		0.94	^(e)		1.09	^(e)		(0.06	)^(d)(e)		16
	16.41		12.52				7,515		1.44	^(e)		1.59	^(e)		(0.54	)^(d)(e)		16
	16.87		12.73				64,776		1.09	^(e)		1.24	^(e)		(0.21	)^(d)(e)		16
	16.39		12.38				21,267		1.59	^(e)		1.74	^(e)		(0.69	)^(d)(e)		16


	15.52		18.97				393,284		1.35			1.50			(0.83	)		51
	14.59		18.11				4,783		2.10			2.25			(1.58	)		51
	14.58		18.03				87,185		2.10			2.25			(1.58	)		51
	15.95		19.42				291,636		0.95			1.10			(0.43	)		51
	15.34		18.87				6,774		1.45			1.60			(0.92	)		51
	15.72		19.22				46,777		1.10			1.25			(0.57	)		51
	15.34		18.69				19,156		1.60			1.75			(1.07	)		51
	13.67		15.30				403,960		1.47			1.50			(0.99	)		53
	12.98		14.41				5,343		2.22			2.25			(1.75	)		53
	12.98		14.51				79,875		2.22			2.25			(1.74	)		53
	13.98		15.77				340,712		1.07			1.10			(0.59	)		53
	13.53		15.19				5,879		1.57			1.60			(1.08	)		53
	13.81		15.60				30,858		1.22			1.25			(0.71	)		53
	13.55		14.97				15,370		1.72			1.75			(1.24	)		53
	12.08		13.64				267,826		1.50			1.54			(0.98	)		48
	11.57		12.88				6,024		2.25			2.29			(1.73	)		48
	11.56		12.78				47,685		2.25			2.29			(1.73	)		48
	12.30		14.10				222,616		1.10			1.14			(0.58	)		48
	11.97		13.57				2,762		1.60			1.64			(1.07	)		48
	12.17		13.95				15,059		1.25			1.29			(0.72	)		48
	12.01		13.41				10,318		1.75			1.79			(1.23	)		48
	10.63		(13.22	)			122,262		1.50			1.68			(0.59	)		55
	10.25		(13.87	)			4,882		2.25			2.43			(1.32	)		55
	10.25		(13.87	)			18,220		2.25			2.43			(1.34	)		55
	10.78		(12.85	)			103,383		1.10			1.28			(0.17	)		55
	10.54		(13.32	)			1,196		1.60			1.78			(0.71	)		55
	10.68		(12.96	)			131		1.25			1.43			(0.44	)		55
	10.59		(13.34	)			533		1.75			1.93			(0.90	)		55
	12.25		(2.65	)			59,269		1.50			1.68			(0.73	)		63
	11.90		(3.42	)			3,768		2.25			2.43			(1.49	)		63
	11.90		(3.34	)			10,295		2.25			2.43			(1.50	)		63
	12.37		(2.25	)			86,275		1.10			1.28			(0.35	)		63
	12.16		(2.75	)			245		1.60			1.78			(0.84	)		63
	12.27		(4.69	)			10		1.25	^(e)		1.43	^(e)		(0.48	)^(e)		63
	12.22		(5.08	)			10		1.75	^(e)		1.93	^(e)		(0.98	)^(e)		63


The accompanying notes are an integral part of these financial statements.		99

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2013 - A	$	11.57	$	0.04	^(d)	$	0.74		$	0.78		$	(0.05	)	$	(0.87	)	$	(0.92	)
2013 - B		10.53		—	^(d)(f)		0.67			0.67			—			(0.87	)		(0.87	)
2013 - C		10.54		—	^(d)(f)		0.67			0.67			—			(0.87	)		(0.87	)
2013 - Institutional		12.00		0.06	^(d)		0.78			0.84			(0.10	)		(0.87	)		(0.97	)
2013 - Service		11.59		0.03	^(d)		0.74			0.77			(0.08	)		(0.87	)		(0.95	)
2013 - IR		12.01		0.05	^(d)		0.78			0.83			(0.09	)		(0.87	)		(0.96	)
2013 - R		11.53		0.03	^(d)		0.74			0.77			(0.03	)		(0.87	)		(0.90	)

FOR THE FISCAL YEARS ENDED AUGUST 31,
2012 - A		9.77		0.01			1.81			1.82			(0.02	)		—			(0.02	)
2012 - B		8.94		(0.06	)		1.65			1.59			—			—			—
2012 - C		8.95		(0.06	)		1.65			1.59			—			—			—
2012 - Institutional		10.14		0.06			1.86			1.92			(0.06	)		—			(0.06	)
2012 - Service		9.80		0.02			1.79			1.81			(0.02	)		—			(0.02	)
2012 - IR		10.10		0.04			1.87			1.91			—			—			—
2012 - R		9.74		—	^(f)		1.79			1.79			—			—			—
2011 - A		8.53		0.02			1.25			1.27			(0.03	)		—			(0.03	)
2011 - B		7.84		(0.05	)		1.15			1.10			—			—			—
2011 - C		7.86		(0.05	)		1.14			1.09			—			—			—
2011 - Institutional		8.85		0.06			1.30			1.36			(0.07	)		—			(0.07	)
2011 - Service		8.55		0.02			1.25			1.27			(0.02	)		—			(0.02	)
2011 - IR		8.84		0.04			1.29			1.33			(0.07	)		—			(0.07	)
2011 - R		8.51		—	^(f)		1.24			1.24			(0.01	)		—			(0.01	)
2010 - A		8.22		0.02			0.30			0.32			(0.01	)		—			(0.01	)
2010 - B		7.61		(0.05	)		0.28			0.23			—			—			—
2010 - C		7.62		(0.05	)		0.29			0.24			—			—			—
2010 - Institutional		8.52		0.06			0.30			0.36			(0.03	)		—			(0.03	)
2010 - Service		8.24		0.01			0.30			0.31			—			—			—
2010 - IR		8.51		0.04			0.32			0.36			(0.03	)		—			(0.03	)
2010 - R		8.21		—	^(f)		0.30			0.30			—			—			—
2009 - A		10.34		0.01			(2.13	)		(2.12	)		—			—			—
2009 - B		9.65		(0.04	)		(2.00	)		(2.04	)		—			—			—
2009 - C		9.67		(0.04	)		(2.01	)		(2.05	)		—			—			—
2009 - Institutional		10.68		0.04			(2.20	)		(2.16	)		—			—			—
2009 - Service		10.40		0.01			(2.17	)		(2.16	)		—			—			—
2009 - IR (Commenced January 6, 2009)		7.07		0.02			1.42			1.44			—			—			—
2009 - R (Commenced January 6, 2009)		6.83		—	^(f)		1.38			1.38			—			—			—
2008 - A		10.49		(0.05	)		(0.10	)		(0.15	)		—			—			—
2008 - B		9.86		(0.12	)		(0.09	)		(0.21	)		—			—			—
2008 - C		9.88		(0.12	)		(0.09	)		(0.21	)		—			—			—
2008 - Institutional		10.79		(0.01	)		(0.10	)		(0.11	)		—			—			—
2008 - Service		10.52		(0.02	)		(0.10	)		(0.12	)		—			—			—

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.56% of average net assets.

(e)

Annualized.

(f)

Amount is less than $0.005 per share.

(g)

Amount is less than 0.005% of average net assets.


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

GOLDMAN SACHS STRATEGIC GROWTH FUND


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

$	11.43		7.45	%	$	156,227		1.16	%^(e)		1.54	%^(e)		0.68	%^(d)(e)		19	%
	10.33		7.03			1,228		1.91	^(e)		2.29	^(e)		(0.08	)^(d)(e)		19
	10.34		6.92			9,316		1.91	^(e)		2.29	^(e)		(0.09	)^(d)(e)		19
	11.87		7.64			191,283		0.76	^(e)		1.14	^(e)		1.08	^(d)(e)		19
	11.41		7.27			106		1.26	^(e)		1.64	^(e)		0.48	^(d)(e)		19
	11.88		7.48			589		0.91	^(e)		1.29	^(e)		0.82	^(d)(e)		19
	11.40		7.27			5		1.33	^(e)		1.71	^(e)		0.50	^(d)(e)		19


	11.57		18.45			181,257		1.15			1.51			0.14			54
	10.53		17.62			1,482		1.90			2.26			(0.60	)		54
	10.54		17.71			8,279		1.90			2.26			(0.61	)		54
	12.00		18.97			256,389		0.75			1.11			0.54			54
	11.59		18.50			52		1.25			1.61			0.18			54
	12.01		18.85			321		0.90			1.26			0.38			54
	11.53		18.32			4		1.40			1.76			(0.05	)		54
	9.77		14.89			199,185		1.15			1.51			0.19			40
	8.94		14.03			1,834		1.90			2.26			(0.56	)		40
	8.95		13.87			8,828		1.90			2.26			(0.56	)		40
	10.14		15.33			260,481		0.75			1.11			0.58			40
	9.80		14.90			2		1.25			1.61			0.21			40
	10.10		14.99			125		0.90			1.26			0.42			40
	9.74		14.52			4		1.40			1.76			—	^(g)		40
	8.53		3.83			192,744		1.15			1.53			0.22			60
	7.84		3.02			2,716		1.90			2.28			(0.55	)		60
	7.86		3.15			9,224		1.90			2.28			(0.55	)		60
	8.85		4.26			264,902		0.75			1.13			0.60			60
	8.55		3.76			1		1.25			1.63			0.11			60
	8.84		4.25			10		0.90			1.28			0.39			60
	8.51		3.65			3		1.40			1.78			0.01			60
	8.22		(20.50	)		141,371		1.28			1.62			0.12			62
	7.61		(21.14	)		3,729		2.03			2.37			(0.63	)		62
	7.62		(21.20	)		8,447		2.03			2.37			(0.63	)		62
	8.52		(20.22	)		114,641		0.88			1.22			0.52			62
	8.24		(20.77	)		1		1.38			1.72			0.10			62
	8.51		20.37			3		1.03	^(e)		1.37	^(e)		0.32	^(e)		62
	8.21		20.20			3		1.53	^(e)		1.87	^(e)		0.05	^(e)		62
	10.34		(1.43	)		177,810		1.44			1.52			(0.44	)		59
	9.65		(2.12	)		6,015		2.19			2.27			(1.19	)		59
	9.67		(2.12	)		11,374		2.19			2.27			(1.19	)		59
	10.68		(1.02	)		154,711		1.04			1.12			(0.05	)		59
	10.40		(1.14	)		3		1.54			1.62			(0.20	)		59


The accompanying notes are an integral part of these financial statements.		101

GOLDMAN SACHS TECHNOLOGY TOLLKEEPER FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of period		Net investment loss^(a)			Net realized and unrealized gain (loss)			Total from investment operations
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2013 - A	$	13.62	$	(0.07	)	$	0.56		$	0.49
2013 - B		12.34		(0.11	)		0.51			0.40
2013 - C		12.34		(0.11	)		0.51			0.40
2013 - Institutional		14.34		(0.04	)		0.59			0.55
2013 - Service		13.49		(0.07	)		0.55			0.48
2013 - IR		14.30		(0.05	)		0.59			0.54

FOR THE FISCAL YEARS ENDED AUGUST 31,
2012 - A		11.51		(0.13	)		2.24			2.11
2012 - B		10.52		(0.21	)		2.03			1.82
2012 - C		10.51		(0.21	)		2.04			1.83
2012 - Institutional		12.08		(0.09	)		2.35			2.26
2012 - Service		11.41		(0.14	)		2.22			2.08
2012 - IR		12.06		(0.11	)		2.35			2.24
2011 - A		10.43		(0.14	)		1.22			1.08
2011 - B		9.60		(0.21	)		1.13			0.92
2011 - C		9.59		(0.21	)		1.13			0.92
2011 - Institutional		10.90		(0.09	)		1.27			1.18
2011 - Service		10.34		(0.15	)		1.22			1.07
2011 - IR (Commenced September 30, 2010)		12.30		(0.07	)		(0.17	)		(0.24	)
2010 - A		9.14		(0.11	)		1.40			1.29
2010 - B		8.48		(0.17	)		1.29			1.12
2010 - C		8.47		(0.17	)		1.29			1.12
2010 - Institutional		9.52		(0.07	)		1.45			1.38
2010 - Service		9.08		(0.12	)		1.38			1.26
2009 - A		10.19		(0.06	)		(0.99	)		(1.05	)
2009 - B		9.52		(0.10	)		(0.94	)		(1.04	)
2009 - C		9.52		(0.11	)		(0.94	)		(1.05	)
2009 - Institutional		10.56		(0.03	)		(1.01	)		(1.04	)
2009 - Service		10.12		(0.07	)		(0.97	)		(1.04	)

FOR THE PERIOD JANUARY 1, 2008 TO AUGUST 31, 2008*
2008 - A		11.52	��	(0.06	)		(1.27	)		(1.33	)
2008 - B		10.82		(0.10	)		(1.20	)		(1.30	)
2008 - C		10.81		(0.10	)		(1.19	)		(1.29	)
2008 - Institutional		11.91		(0.03	)		(1.32	)		(1.35	)
2008 - Service		11.45		(0.06	)		(1.27	)		(1.33	)

The Fund changed its fiscal year end from December 31 to August 31.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.


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

GOLDMAN SACHS TECHNOLOGY TOLLKEEPER FUND



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

$	14.11		3.60	%	$	237,354		1.50	%^(d)		1.54	%^(d)		(1.00	)%^(d)		13	%
	12.74		3.24			7,176		2.25	^(d)		2.29	^(d)		(1.74	)^(d)		13
	12.74		3.24			49,734		2.25	^(d)		2.29	^(d)		(1.74	)^(d)		13
	14.89		3.84			57,088		1.10	^(d)		1.14	^(d)		(0.60	)^(d)		13
	13.97		3.56			11,126		1.60	^(d)		1.64	^(d)		(1.10	)^(d)		13
	14.84		3.78			2,109		1.25	^(d)		1.29	^(d)		(0.75	)^(d)		13


	13.62		18.28			239,355		1.50			1.55			(1.06	)		43
	12.34		17.25			8,034		2.25			2.30			(1.82	)		43
	12.34		17.36			50,682		2.25			2.30			(1.81	)		43
	14.34		18.65			49,238		1.10			1.15			(0.66	)		43
	13.49		18.18			10,977		1.60			1.65			(1.15	)		43
	14.30		18.52			2,569		1.25			1.30			(0.81	)		43
	11.51		10.35			244,288		1.50			1.52			(1.07	)		64
	10.52		9.58			10,408		2.25			2.27			(1.82	)		64
	10.51		9.59			50,424		2.25			2.27			(1.82	)		64
	12.08		10.83			54,356		1.10			1.12			(0.66	)		64
	11.41		10.35			10,826		1.60			1.62			(1.18	)		64
	12.06		(1.95	)		2,449		1.25	^(d)		1.27	^(d)		(0.59	)^(d)		64
	10.43		14.11			225,873		1.50			1.63			(1.03	)		97
	9.60		13.21			13,547		2.25			2.38			(1.78	)		97
	9.59		13.22			47,001		2.25			2.38			(1.78	)		97
	10.90		14.50			32,538		1.10			1.23			(0.63	)		97
	10.34		13.88			11,324		1.60			1.73			(1.12	)		97
	9.14		(10.22	)		196,405		1.50			1.67			(0.76	)		52
	8.48		(10.92	)		17,643		2.25			2.42			(1.49	)		52
	8.47		(10.94	)		44,420		2.25			2.42			(1.51	)		52
	9.52		(9.85	)		21,790		1.10			1.27			(0.37	)		52
	9.08		(10.28	)		6,111		1.60			1.77			(0.88	)		52


	10.19		(11.63	)		184,063		1.44	^(d)		1.51	^(d)		(0.86	)^(d)		29
	9.52		(12.01	)		33,787		2.19	^(d)		2.26	^(d)		(1.60	)^(d)		29
	9.52		(12.03	)		49,880		2.19	^(d)		2.26	^(d)		(1.60	)^(d)		29
	10.56		(11.34	)		17,717		1.04	^(d)		1.11	^(d)		(0.45	)^(d)		29
	10.12		(11.62	)		3,185		1.54	^(d)		1.61	^(d)		(0.89	)^(d)		29


The accompanying notes are an integral part of these financial statements.		103

GOLDMAN SACHS U.S. EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


				Income (loss) from investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period			Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2013 - A	$	12.30		$	0.06	^(d)	$	1.11		$	1.17		$	(0.08	)	$	—		$	(0.08	)
2013 - C		12.13			0.01	^(d)		1.11			1.12			—			—			—
2013 - Institutional		12.35			0.08	^(d)		1.13			1.21			(0.14	)		—			(0.14	)
2013 - IR		12.34			0.08	^(d)		1.12			1.20			(0.13	)		—			(0.13	)
2013 - R		12.29			0.04	^(d)		1.13			1.17			(0.06	)		—			(0.06	)

FOR THE FISCAL YEARS ENDED AUGUST 31,
2012 - A		10.71			0.08			1.66			1.74			(0.04	)		(0.11	)		(0.15	)
2012 - C		10.61			(0.01	)		1.64			1.63			—			(0.11	)		(0.11	)
2012 - Institutional		10.76			0.13			1.65			1.78			(0.08	)		(0.11	)		(0.19	)
2012 - IR		10.73			0.11			1.65			1.76			(0.04	)		(0.11	)		(0.15	)
2012 - R		10.70			0.05			1.65			1.70			—	^(f)		(0.11	)		(0.11	)
2011 - A		9.55			0.03			1.21			1.24			(0.05	)		(0.03	)		(0.08	)
2011 - C		9.49			(0.05	)		1.21			1.16			(0.01	)		(0.03	)		(0.04	)
2011 - Institutional		9.57	��		0.08			1.22			1.30			(0.08	)		(0.03	)		(0.11	)
2011 - IR		9.56			0.06			1.22			1.28			(0.08	)		(0.03	)		(0.11	)
2011 - R		9.53			0.01			1.20			1.21			(0.01	)		(0.03	)		(0.04	)

FOR THE PERIOD ENDED AUGUST 31,
2010 - A (Commenced November 30, 2009)		10.00			0.03			(0.47	)		(0.44	)		(0.01	)		—			(0.01	)
2010 - C (Commenced November 30, 2009)		10.00			(0.02	)		(0.49	)		(0.51	)		—	^(f)		—			—	^(d)
2010 - Institutional (Commenced November 30, 2009)		10.00			0.06			(0.48	)		(0.42	)		(0.01	)		—			(0.01	)
2010 - IR (Commenced November 30, 2009)		10.00			0.05			(0.48	)		(0.43	)		(0.01	)		—			(0.01	)
2010 - R (Commenced November 30, 2009)		10.00			0.01			(0.47	)		(0.46	)		(0.01	)		—			(0.01	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.29% of average net assets.

(e)

Annualized.

(f)

Amount is less than $0.005 per share.


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

GOLDMAN SACHS U.S. EQUITY FUND



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

$	13.39		9.59	%	$	2,814		1.18	%^(e)			3.80	%^(e)		0.91	%^(d)(e)		27	%
	13.25		9.23			134		1.93	^(e)	��		4.60	^(e)		0.15	^(d)(e)		27
	13.42		9.86			7,976		0.78	^(e)			3.40	^(e)		1.33	^(d)(e)		27
	13.41		9.77			147		0.93	^(e)			3.59	^(e)		1.22	^(d)(e)		27
	13.40		9.55			43		1.44	^(e)			3.92	^(e)		0.57	^(d)(e)		27


	12.30		16.37			3,331		1.18				3.63			0.69			76
	12.13		15.45			158		1.93				4.38			(0.05	)		76
	12.35		16.71			7,142		0.78				3.23			1.11			76
	12.34		16.52			70		0.93				3.38			0.97			76
	12.29		16.02			12		1.43				3.88			0.45			76
	10.71		12.94			3,110		1.18				4.88			0.29			51
	10.61		12.19			139		1.93				5.63			(0.42	)		51
	10.76		13.54			5,945		0.78				4.48			0.72			51
	10.73		13.32			241		0.93				4.63			0.56			51
	10.70		12.70			11		1.43				5.13			0.08			51


	9.55		(4.44	)		777		1.18	^(e)			11.67	^(e)		0.37	^(e)		63
	9.49		(5.10	)		14		1.93	^(e)			12.42	^(e)		(0.29	)^(e)		63
	9.57		(4.20	)		4,351		0.78	^(e)			11.27	^(e)		0.74	^(e)		63
	9.56		(4.31	)		20		0.93	^(e)			11.42	^(e)		0.62	^(e)		63
	9.53		(4.65	)		10		1.43	^(e)			11.92	^(e)		0.10	^(e)		63


The accompanying notes are an integral part of these financial statements.		105

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements

February 28, 2013 (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 “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:


Fund	Share Classes Offered*	Diversified/ Non-diversified
Capital Growth, Growth Opportunities, Small/Mid Cap Growth and Strategic Growth	A, B, C, Institutional, Service, IR and R	Diversified
Concentrated Growth	A, B, C, Institutional, IR and R	Non-diversified
Flexible Cap Growth and U.S. Equity	A, C, Institutional, IR and R	Diversified
Focused Growth	A, C, Institutional, IR and R	Non-diversified
Technology Tollkeeper	A, B, C, Institutional, Service and IR	Diversified

Class B Shares are generally no longer available for purchase by current or prospective investors.

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class B Shares were sold with a contingent deferred sales charge (“CDSC”) that declines from 5.00% to zero, depending upon the period of time the shares are held. Class C Shares are sold with a CDSC of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, 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 the Funds pursuant to a management agreement (the “Agreement”) with the Trust.

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B. Investment Income and Investments — Investment income includes interest income and dividend income, net of any foreign withholding taxes, less any amounts reclaimable. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), and non-class specific expenses of each Fund are allocated daily based upon the 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 and Shareholder Administration fees. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the respective Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.

D. Offering Costs — Offering costs paid in connection with the offering of shares of the Focused Growth Fund have been amortized on a straight-line basis over 12 months from the date of commencement of operations.

E. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended ( the “Code”) applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Funds 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 annually. 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.

Under the Regulated Investment Company Modernization Act of 2010, the Funds are 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.

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 Fund’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 Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

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

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Notes to Financial Statements (continued)

February 28, 2013 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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 levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. 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 investments, 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).

The Trustees have adopted Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ portfolio investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities and investment companies traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges including, but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, equity securities and exchange traded investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Investments in investment companies (other than those that are exchange traded) are valued at the daily NAV on the valuation date. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. Investments applying these valuation adjustments are classified as Level 2 of the fair value hierarchy.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. 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 securities dealers to determine current value. 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 fair value. With the exception of treasury securities, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

Short Term Investments — Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair market value. These investments are classified as Level 2 of the fair value hierarchy.

Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the Funds, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.

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

B. Level 3 Fair Value Investments — To the extent that the aforementioned significant inputs are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer, may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs, ratings downgrades; and bankruptcies.

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Notes to Financial Statements (continued)

February 28, 2013 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of February 28, 2013:



CAPITAL GROWTH

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	836,206,921	$	—	$	—
Short-term Investments		—		7,500,000		—
Total	$	836,206,921	$	7,500,000	$	—

CONCENTRATED GROWTH

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	146,875,829	$	—	$	—
Short-term Investments		—		3,400,000		—
Total	$	146,875,829	$	3,400,000	$	—

FLEXIBLE CAP GROWTH

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	11,896,858	$	—	$	—
Short-term Investments		—		200,000		—
Total	$	11,896,858	$	200,000	$	—

FOCUSED GROWTH

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	12,032,618	$	—	$	—
Short-term Investments		—		300,000		—
Total	$	12,032,618	$	300,000	$	—

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



GROWTH OPPORTUNITIES

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	4,324,010,996	$	—	$	—
Short-term Investments		—		63,700,000		—
Total	$	4,324,010,996	$	63,700,000	$	—

SMALL/MID CAP GROWTH

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	1,069,876,809	$	2,890,175	$	—
Short-term Investments		—		39,000,000		—
Total	$	1,069,876,809	$	41,890,175	$	—

STRATEGIC GROWTH

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	356,632,494	$	—	$	—
Short-term Investments		—		4,900,000		—
Total	$	356,632,494	$	4,900,000	$	—

TECHNOLOGY TOLLKEEPER

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	362,134,530	$	—	$	—
Short-term Investments		—		1,900,000		—
Total	$	362,134,530	$	1,900,000	$	—

U.S. EQUITY

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	10,840,423	$	—	$	—
Short-term Investments		—		200,000		—
Total	$	10,840,423	$	200,000	$	—

For further information regarding security characteristics, see the Schedules of Investments.

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Notes to Financial Statements (continued)

February 28, 2013 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Funds, 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 Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

For the six months ended February 28, 2013, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate																		Effective Net Management Rate
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate
Capital Growth		1.00	%		0.90	%		0.80	%		0.80	%		0.80	%		1.00	%		0.70	%^#
Concentrated Growth		1.00			0.90			0.86			0.84			0.82			1.00			0.81	^#
Flexible Cap Growth		1.00			0.90			0.86			0.84			0.82			1.00			0.81	^#
Focused Growth		1.00			0.90			0.86			0.84			0.82			1.00			0.79	^#
Growth Opportunities		1.00			1.00			0.90			0.86			0.84			0.95			0.90	^#
Small/Mid Cap Growth		1.00			1.00			0.90			0.86			0.84			1.00			0.85	^#
Strategic Growth		1.00			0.90			0.86			0.84			0.82			1.00			0.71	^#
Technology Tollkeeper		1.00			0.90			0.86			0.84			0.82			1.00			1.00
U.S. Equity		0.70			0.63			0.60			0.59			0.58			0.70			0.70

GSAM agreed to waive a portion of its management fees, in order to achieve the effective net management fee rates shown above through at least December 29, 2013. Prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. Where the application of the above contractual management fee breakpoint schedule would result in a lower management fee rate, the breakpoint schedule will be applied to the Fund’s assets.

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

B. Distribution and Service Plans — The Trust, on behalf of each Fund, has adopted Distribution and Service Plans (the “Plans”). Under the Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee, accrued daily and paid monthly, for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers, at the following annual rates calculated on a Fund’s average daily net assets of each respective share class:


	Distribution and Service Plan Rates
	Class A*			Class B			Class C			Class R*
Distribution Plan		0.25	%		0.75	%		0.75	%		0.50	%
Service Plan		—			0.25			0.25			—

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 Funds pursuant to a Distribution Agreement, may retain a portion of the Class A front end sales charge and Class B and Class C Shares’ CDSC. During the six months ended February 28, 2013, Goldman Sachs advised that it retained the following approximate amounts:


	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class B		Class C
Capital Growth	$	11,900	$	—	$	400
Concentrated Growth		700		—		—
Flexible Cap Growth		600		N/A		—
Focused Growth		100		N/A		—
Growth Opportunities		36,700		—		300
Small/Mid Cap Growth		37,500		—		—	*
Strategic Growth		1,800		—		—
Technology Tollkeeper		15,600		—		200
U.S. Equity		500		N/A		—

Amounts less than $50.

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Notes to Financial Statements (continued)

February 28, 2013 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

D. Service Plan and Shareholder Administration Plan — The Trust, on behalf of each Fund that offers Service Shares, has adopted a Service Plan and a Shareholder Administration Plan. These plans allow for service organizations to provide varying levels of personal and account maintenance and shareholder administration services to their customers who are beneficial owners of such shares. The Service Plan and Shareholder Administration Plan each provide for compensation to the service organizations which is accrued daily and paid monthly at an annual rate of 0.25% (0.50% in aggregate) of the average daily net assets of the Service Shares.

E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to a Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.19% of the average daily net assets of Class A, Class B, Class C, Class IR and Class R Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expense” of the Funds (excluding management fees, distribution and service fees, acquired fund fees and expenses, transfer agent fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, litigation, indemnification, shareholder meeting and other extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Capital Growth, Concentrated Growth, Flexible Cap Growth, Focused Growth, Growth Opportunities, Small/Mid Cap Growth, Strategic Growth, Technology Tollkeeper and U.S. Equity Funds are 0.004%, 0.014%, 0.014%, 0.014%, 0.014%, 0.064%, 0.004%, 0.064% and 0.044%, respectively. These Other Expense reimbursements will remain in place through at least December 29, 2013, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended February 28, 2013, these expense reductions, including any fee waivers and Other Expense reimbursements were as follows:


Fund	Management Fee Waiver		Custody Fee Credits		Other Expense Reimbursements		Total Expense Reductions
Capital Growth	$	1,245,287	$	36	$	259,599	$	1,504,922
Concentrated Growth		138,943		25		123,208		262,176
Flexible Cap Growth		11,578		25		146,106		157,709
Focused Growth		5,996		24		220,591		226,611
Growth Opportunities		991,780		196		180,228		1,172,204
Small/Mid Cap Growth		689,323		34		—		689,357
Strategic Growth		553,180		35		176,488		729,703
Technology Tollkeeper		—		26		71,685		71,711
U.S. Equity		—		31		139,365		139,396

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued )

As of February 28, 2013, the amounts owed to affiliates of the Funds were as follows:


Fund	Management Fees		Distribution and Service Fees		Transfer Agent Fees		Total
Capital Growth	$	452,565	$	201,712	$	113,427	$	767,704
Concentrated Growth		92,958		19,366		15,110		127,434
Flexible Cap Growth		7,547		1,784		1,169		10,500
Focused Growth		7,215		28		379		7,622
Growth Opportunities		3,027,692		371,436		300,259		3,699,387
Small/Mid Cap Growth		703,338		183,484		109,845		996,667
Strategic Growth		195,995		38,257		30,455		264,707
Technology Tollkeeper		284,393		91,331		46,306		422,030
U.S. Equity		6,183		739		759		7,681

G. Line of Credit Facility — As of February 28, 2013, the Funds participated in a $630,000,000 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 (“Other Borrowers”). Pursuant to the terms of the facility, the Funds and Other Borrowers could increase the credit amount by an additional $340,000,000, for a total of up to $970,000,000. This facility is to be used solely for temporary or emergency purposes, which may include the funding of redemptions. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended February 28, 2013, the Funds did not have any borrowings under the facility.

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Notes to Financial Statements (continued)

February 28, 2013 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

H. Other Transactions with Affiliates — For the six months ended February 28, 2013, Goldman Sachs earned approximately $2,300 in brokerage commissions from portfolio transactions on behalf of the Small/Mid Cap Growth Fund.

An investment by a Fund representing greater than 5% of the voting securities of an issuer makes that issuer an affiliated person (as defined by the Act) of such Fund. The following table provides information about the investment by the Growth Opportunities Fund in shares of issuers of which the Fund is an affiliate for the six months ended February 28, 2013:

Name of Affiliated Issuer

Number of

Shares Held

Beginning

of Period

Shares

Bought

Shares

Sold

Number of
Shares Held
End of Period

Value at

End of Period

Dividend

Income

RealD, Inc.

2,733,653

—

(50,078

)

2,683,575

31,236,813

—

As of February 28, 2013, the Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of outstanding Class A, Class C, Institutional, Class IR and Class R Shares of the following Funds:


Fund	Class A			Class C			Institutional			Class IR			Class R
Concentrated Growth		—	%		—	%		—	%		—	%		99	%
Flexible Cap Growth		—			—			—			8			20
Focused Growth		17			100			20			100			100
Strategic Growth		—			—			—			—			98
U.S. Equity		—			10			35			9			32

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5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2013, were as follows:


Fund	Purchases		Sales and Maturities
Capital Growth	$	157,806,857	$	223,140,594
Concentrated Growth		24,774,503		40,324,425
Flexible Cap Growth		2,479,320		4,709,847
Focused Growth		9,370,210		1,345,705
Growth Opportunities		752,950,138		935,500,479
Small/Mid Cap Growth		261,555,030		143,411,971
Strategic Growth		72,881,047		189,206,852
Technology Tollkeeper		46,889,899		54,877,546
U.S. Equity		2,900,839		3,626,857

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Notes to Financial Statements (continued)

February 28, 2013 (Unaudited)


6. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2012, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:


	Capital Growth			Concentrated Growth			Technology Tollkeeper			U.S. Equity
Capital loss carryforwards:⁽¹⁾
Expiring 2018	$	(3,077,823	)	$	(13,845,990	)	$	—		$	—
Perpetual Short-term		—			—			(6,614,247	)		(30,604	)
Total capital loss carryforwards	$	(3,077,823	)	$	(13,845,990	)	$	(6,614,247	)	$	(30,604	)

(1)

With the exception of perpetual capital loss carryforwards, expiration occurs on August 31 of the year indicated.

As of February 28, 2013, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Capital Growth			Concentrated Growth			Flexible Cap Growth			Focused Growth			Growth Opportunities			Small/Mid Cap Growth			Strategic Growth			Technology Tollkeeper			U.S. Equity
Tax Cost	$	569,142,502		$	99,148,402		$	8,857,033		$	11,467,517		$	3,370,184,258		$	873,379,884		$	294,383,677		$	302,946,096		$	9,122,846
Gross unrealized gain		283,391,570			53,547,970			3,566,311			990,055			1,135,696,608			271,588,042			72,469,174			76,429,630			2,080,388
Gross unrealized loss		(8,827,151	)		(2,420,543	)		(326,486	)		(124,954	)		(118,169,870	)		(33,200,942	)		(5,320,357	)		(15,341,196	)		(162,811	)
Net unrealized gain	$	274,564,419		$	51,127,427		$	3,239,825		$	865,101		$	1,017,526,738		$	238,387,100		$	67,148,817		$	61,088,434		$	1,917,577

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, differences in tax treatment of partnerships and underlying fund investments.

In order to present certain components of the Funds’ capital accounts on a tax basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds and result primarily from certain non-deductible expenses and differences in the tax treatment of expired capital loss carryforwards, net operating losses, redemptions utilized as distributions and underlying fund investments.

GSAM has reviewed the Funds’ 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 Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.


7. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

Liquidity Risk — The Funds may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions.

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

118

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS


7. OTHER RISKS (continued)

Non-Diversification Risk — Each of the Concentrated Growth Fund and Focused Growth Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in fewer issuers than diversified mutual funds. Thus, each Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

Portfolio Concentration Risk — The Technology Tollkeeper Fund invests primarily in equity investments in high-quality technology, media, or service companies that adopt or use technology to improve their cost structure, revenue opportunities or competitive advantage (“Technology Tollkeeper” companies). Because of its focus on technology, media and service companies, the Technology Tollkeeper Fund is subject to greater risk of loss as a result of adverse economic, business or other developments than if its investments were diversified across different industry sectors. The Technology Tollkeeper Fund may also invest in a relatively few number of issuers. Thus, the Technology Tollkeeper Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and may be more susceptible to greater losses because of these developments.

Shareholder Concentration Risk — Certain funds, accounts, individuals or Goldman Sachs affiliates may from time to time own (beneficially or of record) or control a significant percentage of the Funds’ shares. Redemptions by these entities of their holdings in the Funds, may impact the Funds’ liquidity and NAV. These redemptions may also force the Funds to sell securities.


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


9. OTHER MATTERS

New Accounting Pronouncement — In December 2011, the Financial Accounting Standards Board issued an Accounting Standards Update (“ASU”) to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting (“netting”) on the Statement of Assets and Liabilities. This information will enable users of the Fund’s financial statements to evaluate the effect or potential effect of netting arrangements on the Funds’ financial position. The ASU is effective for financial statements with fiscal years beginning on or after January 1, 2013, and interim periods within those fiscal years. At this time, GSAM is evaluating the implications of these changes on the financial statements.


10. SUBSEQUENT EVENTS

Subsequent events after the Statement of Assets and Liabilities 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.

119

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2013 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Capital Growth Fund

	For the Six Months Ended February 28, 2013 (Unaudited)						For the Fiscal Year Ended August 31, 2012

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		463,898		$	11,562,763			1,084,024		$	24,154,826
Reinvestment of distributions		26,769			652,349			52,303			1,108,305
Shares converted from Class B^(a)		110,693			2,779,619			353,535			7,719,849
Shares redeemed		(2,661,851	)		(66,449,967	)		(6,664,249	)		(147,831,503	)
		(2,060,491	)		(51,455,236	)		(5,174,387	)		(114,848,523	)
Class B Shares
Shares sold		12,862			284,102			31,691			631,477
Reinvestment of distributions		—			—			—			—
Shares converted to Class A^(a)		(126,443	)		(2,779,619	)		(401,921	)		(7,719,849	)
Shares redeemed		(164,597	)		(3,601,307	)		(496,555	)		(9,601,763	)
		(278,178	)		(6,096,824	)		(866,785	)		(16,690,135	)
Class C Shares
Shares sold		129,971			2,837,370			229,000			4,496,638
Reinvestment of distributions		—			—			—			—
Shares redeemed		(351,608	)		(7,677,920	)		(811,583	)		(15,909,096	)
		(221,637	)		(4,840,550	)		(582,583	)		(11,412,458	)
Institutional Shares
Shares sold		296,339			7,780,414			1,387,625			34,003,014
Reinvestment of distributions		14,360			366,743			34,518			766,649
Shares redeemed		(615,370	)		(16,204,149	)		(12,060,256	)		(276,289,478	)
		(304,671	)		(8,056,992	)		(10,638,113	)		(241,519,815	)
Service Shares
Shares sold		2,278			55,486			8,337			177,814
Reinvestment of distributions		15			371			33			693
Shares redeemed		(1,009	)		(25,236	)		(10,961	)		(242,183	)
		1,284			30,621			(2,591	)		(63,676	)
Class IR Shares
Shares sold		15,857			390,465			83,789			1,983,053
Reinvestment of distributions		410			10,026			452			9,608
Shares redeemed		(17,347	)		(438,066	)		(57,040	)		(1,326,123	)
		(1,080	)		(37,575	)		27,201			666,538
Class R Shares
Shares sold		27,462			683,506			37,981			875,281
Reinvestment of distributions		142			3,429			28			579
Shares redeemed		(12,597	)		(319,549	)		(4,804	)		(108,718	)
		15,007			367,386			33,205			767,142
NET DECREASE		(2,849,766	)	$	(70,089,170	)		(17,204,053	)	$	(383,100,927	)

(a)

Class B Shares automatically convert into Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund.

120

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS


Concentrated Growth Fund												Flexible Cap Growth Fund
For the Six Months Ended February 28, 2013 (Unaudited)						For the Fiscal Year Ended August 31, 2012						For the Six Months Ended February 28, 2013 (Unaudited)						For the Fiscal Year Ended August 31, 2012
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars

	95,622		$	1,452,832			298,275		$	4,099,586			27,600		$	308,682			133,292		$	1,436,893
	23,697			352,580			—			—			69,116			702,914			59,683			598,033
	745			11,645			1,550			22,618			—			—			—			—
	(851,211	)		(13,043,075	)		(2,828,879	)		(38,324,423	)		(207,816	)		(2,335,678	)		(1,074,061	)		(10,753,016	)
	(731,147	)		(11,226,018	)		(2,529,054	)		(34,202,219	)		(111,100	)		(1,324,082	)		(881,086	)		(8,718,090	)

	1			14			1,174			15,089			—			—			—			—
	9			118			—			—			—			—			—			—
	(807	)		(11,645	)		(1,673	)		(22,618	)		—			—			—			—
	(5,325	)		(75,554	)		(13,134	)		(168,228	)		—			—			—			—
	(6,122	)		(87,067	)		(13,633	)		(175,757	)		—			—			—			—

	16,819			239,034			88,927			1,039,296			19,157			208,221			16,505			167,714
	111			1,519			—			—			9,747			95,129			5,501			53,517
	(21,753	)		(305,486	)		(50,798	)		(634,034	)		(35,145	)		(377,700	)		(30,415	)		(311,608	)
	(4,823	)		(64,933	)		38,129			405,262			(6,241	)		(74,350	)		(8,409	)		(90,377	)

	460,194			7,366,709			262,002			3,655,390			56,606			627,889			11,239			122,770
	24,979			383,410			19,908			266,563			51,636			538,564			22,869			233,496
	(536,978	)		(8,369,446	)		(6,307,896	)		(85,264,561	)		(28,931	)		(319,951	)		(31,173	)		(351,212	)
	(51,805	)		(619,327	)		(6,025,986	)		(81,342,608	)		79,311			846,502			2,935			5,054

	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—

	3,048			46,088			6,314			83,600			1,369			15,371			6,064			65,540
	284			4,247			112			1,459			1,793			18,561			673			6,825
	(19,482	)		(304,982	)		(2,004	)		(26,384	)		(3,386	)		(39,016	)		(2,418	)		(26,257	)
	(16,150	)		(254,647	)		4,422			58,675			(224	)		(5,084	)		4,319			46,108

	5			75			—			—			44			480			14,675			137,468
	1			24			—			—			706			7,086			938			9,321
	—			—			—			—			(2	)		(21	)		(11,152	)		(115,649	)
	6			99			—			—			748			7,545			4,461			31,140
	(810,041	)	$	(12,251,893	)		(8,526,122	)	$	(115,256,647	)		(37,506	)	$	(549,469	)		(877,780	)	$	(8,726,165	)

121

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2013 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Focused Growth Fund

	For the Six Months Ended February 28, 2013 (Unaudited)						For the Period Ended August 31, 2012^(a)

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		4,878		$	57,449			4,077		$	42,857
Reinvestment of distributions		33			376			—			—
Shares converted from Class B^(b)		—			—			—			—
Shares redeemed		(2,065	)		(24,767	)		(1,024	)		(11,584	)
		2,846			33,058			3,053			31,273
Class B Shares
Shares sold		—			—			—			—
Reinvestment of distributions		—			—			—			—
Shares converted to Class A^(b)		—			—			—			—
Shares redeemed		—			—			—			—
		—			—			—			—
Class C Shares
Shares sold		—			—			1,000			10,000
Reinvestment of distributions		3			32			—			—
Shares redeemed		—			—			—			—
		3			32			1,000			10,000
Institutional Shares
Shares sold		679,258			8,133,278			300,173			3,062,463
Reinvestment of distributions		3,066			35,077			—			—
Shares redeemed		(81	)		(924	)		(2	)		(21	)
		682,243			8,167,431			300,171			3,062,442
Service Shares
Shares sold		—			—			—			—
Reinvestment of distributions		—			—			—			—
Shares redeemed		—			—			—			—
		—			—			—			—
Class IR Shares
Shares sold		—			—			1,000			9,998
Reinvestment of distributions		7			76			—			—
Shares redeemed		—			—			—			—
		7			76			1,000			9,998
Class R Shares
Shares sold		—			—			1,001			10,010
Reinvestment of distributions		3			33			—			—
Shares redeemed		—			—			(1	)		(10	)
		3			33			1,000			10,000
NET INCREASE (DECREASE)		685,102		$	8,200,630			306,224		$	3,123,713

(a)

Commenced operations on January 31, 2012.

(b)

122

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS


Growth Opportunities Fund												Small/Mid Cap Growth Fund
For the Six Months Ended February 28, 2013 (Unaudited)						For the Fiscal Year Ended August 31, 2012						For the Six Months Ended February 28, 2013 (Unaudited)						For the Fiscal Year Ended August 31, 2012
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars

	6,625,961		$	157,472,102			12,479,928		$	276,499,645			6,583,166		$	104,892,894			7,242,299		$	105,157,992
	2,964,499			66,165,624			2,839,166			59,650,884			1,264,232			19,013,728			1,220,980			16,666,374
	12,978			307,819			30,359			658,382			4,401			68,325			14,646			207,722
	(8,801,836	)		(207,572,224	)		(20,251,134	)		(445,364,324	)		(4,349,430	)		(68,541,146	)		(12,689,251	)		(178,758,545	)
	801,602			16,373,321			(4,901,681	)		(108,555,413	)		3,502,369			55,433,801			(4,211,326	)		(56,726,457	)

	13,672			280,606			23,933			480,623			15,070			223,001			30,709			412,653
	40,326			785,947			50,305			938,689			13,116			184,412			15,992			206,298
	(14,786	)		(307,819	)		(34,128	)		(658,382	)		(4,700	)		(68,325	)		(15,516	)		(207,722	)
	(136,105	)		(2,831,757	)		(297,173	)		(5,834,768	)		(53,803	)		(790,242	)		(114,983	)		(1,551,849	)
	(96,893	)		(2,073,023	)		(257,063	)		(5,073,838	)		(30,317	)		(451,154	)		(83,798	)		(1,140,620	)

	799,610			16,294,207			1,236,535			24,115,016			1,308,641			19,600,594			1,380,478			18,852,885
	457,705			8,824,234			422,485			7,807,516			276,804			3,887,979			235,881			3,040,509
	(936,713	)		(19,312,730	)		(2,440,814	)		(47,349,929	)		(562,307	)		(8,316,955	)		(1,793,758	)		(24,152,011	)
	320,602			5,805,711			(781,794	)		(15,427,397	)		1,023,138			15,171,618			(177,399	)		(2,258,617	)

	18,269,222			465,250,820			33,459,444			791,179,267			7,658,649			125,586,872			6,684,343			97,137,207
	5,195,727			125,061,145			4,498,137			100,983,169			793,208			12,285,172			722,281			10,097,488
	(19,498,548	)		(497,787,156	)		(57,238,667	)		(1,365,933,364	)		(2,254,989	)		(36,576,078	)		(13,499,985	)		(191,048,721	)
	3,966,401			92,524,809			(19,281,086	)		(473,770,928	)		6,196,868			101,295,966			(6,093,361	)		(83,814,026	)

	329,848			7,656,572			603,262			13,213,280			115,488			1,802,813			189,054			2,711,034
	140,298			3,068,322			121,131			2,500,144			6,203			92,110			5,394			72,774
	(508,208	)		(11,825,843	)		(884,568	)		(19,276,595	)		(105,272	)		(1,633,209	)		(187,351	)		(2,599,588	)
	(38,062	)		(1,100,949	)		(160,175	)		(3,563,171	)		16,419			261,714			7,097			184,220

	820,318			19,798,337			1,414,402			32,013,233			1,536,637			24,431,192			1,586,072			23,092,898
	241,798			5,476,736			166,081			3,529,228			153,792			2,345,328			109,459			1,510,525
	(397,873	)		(9,538,526	)		(996,769	)		(22,440,530	)		(825,006	)		(13,024,537	)		(955,561	)		(13,736,580	)
	664,243			15,736,547			583,714			13,101,931			865,423			13,751,983			739,970			10,866,843

	436,261			10,201,255			1,103,996			24,291,151			245,208			3,823,440			467,680			6,663,220
	170,855		��	3,762,069			123,114			2,560,779			63,446			941,534			58,489			790,187
	(354,520	)		(8,325,543	)		(537,873	)		(11,888,915	)		(260,167	)		(4,094,120	)		(411,670	)		(5,891,920	)
	252,596			5,637,781			689,237			14,963,015			48,487			670,854			114,499			1,561,487
	5,870,489		$	132,904,197			(24,108,848	)	$	(578,325,801	)		11,622,387		$	186,134,782			(9,704,318	)	$	(131,327,170	)

123

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2013 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Strategic Growth Fund

	For the Six Months Ended February 28, 2013 (Unaudited)						For the Fiscal Year Ended August 31, 2012

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		711,682		$	8,042,089			4,642,961		$	46,368,395
Reinvestment of distributions		1,197,404			12,752,339			29,590			295,906
Shares converted from Class B^(a)		1,377			15,375			8,375			81,778
Shares redeemed		(3,911,500	)		(44,536,076	)		(9,398,894	)		(97,114,411	)
		(2,001,037	)		(23,726,273	)		(4,717,968	)		(50,368,332	)
Class B Shares
Shares sold		3,123			31,690			10,625			105,936
Reinvestment of distributions		9,625			92,882			—			—
Shares converted to Class A^(a)		(1,518	)		(15,375	)		(9,153	)		(81,778	)
Shares redeemed		(33,171	)		(344,695	)		(65,774	)		(603,941	)
		(21,941	)		(235,498	)		(64,302	)		(579,783	)
Class C Shares
Shares sold		154,704			1,578,401			49,492			493,305
Reinvestment of distributions		52,954			502,138			—			—
Shares redeemed		(92,645	)		(965,671	)		(249,916	)		(2,412,589	)
		115,013			1,114,868			(200,424	)		(1,919,284	)
Institutional Shares
Shares sold		1,606,511			18,742,364			9,078,777			92,535,724
Reinvestment of distributions		1,427,641			15,775,437			145,345			1,504,317
Shares redeemed		(8,274,862	)		(98,515,216	)		(13,554,630	)		(145,862,912	)
		(5,240,710	)		(63,997,415	)		(4,330,508	)		(51,822,871	)
Service Shares
Shares sold		6,185			67,915			4,351			47,378
Reinvestment of distributions		495			5,271			—			—
Shares redeemed		(1,930	)		(21,614	)		(2	)		(18	)
		4,750			51,572			4,349			47,360
Class IR Shares
Shares sold		20,460			235,428			26,562			279,629
Reinvestment of distributions		2,447			27,085			—			—
Shares redeemed		(52	)		(607	)		(12,184	)		(136,839	)
		22,855			261,906			14,378			142,790
Class R Shares
Shares sold		6			75			—			—
Reinvestment of distributions		31			331			—			—
		37			406			—			—
NET INCREASE (DECREASE)		(7,121,033	)	$	(86,530,434	)		(9,294,475	)	$	(104,500,120	)

(a)

124

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS


Technology Tollkeeper Fund
For the Six Months Ended February 28, 2013 (Unaudited)						For the Fiscal Year Ended August 31, 2012
Shares			Dollars			Shares			Dollars

	1,707,591		$	23,596,697			4,457,690		$	56,545,968
	—			—			—			—
	28,125			391,512			100,055			1,233,162
	(2,489,373	)		(34,241,792	)		(8,195,427	)		(99,752,966	)
	(753,657	)		(10,253,583	)		(3,637,682	)		(41,973,836	)

	15,694			192,995			23,354			273,568
	—			—			—			—
	(31,049	)		(391,512	)		(109,787	)		(1,233,162	)
	(72,232	)		(892,683	)		(251,907	)		(2,866,147	)
	(87,587	)		(1,091,200	)		(338,340	)		(3,825,741	)

	296,732			3,708,277			508,668			5,813,555
	—			—			—			—
	(499,337	)		(6,212,910	)		(1,197,561	)		(13,657,384	)
	(202,605	)		(2,504,633	)		(688,893	)		(7,843,829	)

	1,065,553			15,792,585			1,875,402			24,313,242
	—			—			—			—
	(664,320	)		(9,616,882	)		(2,941,535	)		(37,120,645	)
	401,233			6,175,703			(1,066,133	)		(12,807,403	)

	160,230			2,187,987			1,450,494			16,969,227
	—			—			—			—
	(177,550	)		(2,412,185	)		(1,585,284	)		(19,177,207	)
	(17,320	)		(224,198	)		(134,790	)		(2,207,980	)

	46,772			691,117			20,030			271,884
	—			—			—			—
	(84,273	)		(1,215,996	)		(43,385	)		(568,560	)
	(37,501	)		(524,879	)		(23,355	)		(296,676	)

	—			—			—			—
	—			—			—			—
	—			—			—			—
	(697,437	)	$	(8,422,790	)		(5,889,193	)	$	(68,955,465	)

125

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2013 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)


	U.S. Equity Fund

	For the Six Months Ended February 28, 2013 (Unaudited)						For the Fiscal Year Ended August 31, 2012

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		21,350		$	274,716			47,129		$	523,773
Reinvestment of distributions		1,659			20,678			3,236			35,118
Shares redeemed		(83,741	)		(1,081,955	)		(69,803	)		(786,446	)
		(60,732	)		(786,561	)		(19,438	)		(227,555	)
Class C Shares
Shares sold		1,633			21,774			5,114			58,024
Reinvestment of distributions		—			—			130			1,397
Shares redeemed		(4,544	)		(57,534	)		(5,320	)		(62,172	)
		(2,911	)		(35,760	)		(76	)		(2,751	)
Institutional Shares
Shares sold		48,232			627,272			150,543			1,751,835
Reinvestment of distributions		4,955			61,836			5,516			59,956
Shares redeemed		(37,131	)		(470,209	)		(130,594	)		(1,400,473	)
		16,056			218,899			25,465			411,318
Class IR Shares
Shares sold		7,309			93,500			5,209			60,500
Reinvestment of distributions		100			1,243			112			1,222
Shares redeemed		(2,182	)		(27,120	)		(22,101	)		(240,805	)
		5,227			67,623			(16,780	)		(179,083	)
Class R Shares
Shares sold		2,212			28,771			—			—
Reinvestment of distributions		5			60			11			115
		2,217			28,831			11			115
NET INCREASE (DECREASE)		(40,143	)	$	(506,968	)		(10,818	)	$	2,044

126

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Fund Expenses — Six Month Period Ended February 28, 2013 (Unaudited)

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2012 through February 28, 2013.

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

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

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


	Capital Growth Fund							Concentrated Growth Fund							Flexible Cap Growth Fund							Focused Growth Fund							Growth Opportunities Fund
Share Class	Beginning Account Value 9/1/12		Ending Account Value 2/28/13			Expenses Paid for the 6 months ended 2/28/13*		Beginning Account Value 9/1/12		Ending Account Value 2/28/13			Expenses Paid for the 6 months ended 2/28/13*		Beginning Account Value 9/1/12		Ending Account Value 2/28/13			Expenses Paid for the 6 months ended 2/28/13*		Beginning Account Value 9/1/12		Ending Account Value 2/28/13			Expenses Paid for the 6 months ended 2/28/13*		Beginning Account Value 9/1/12		Ending Account Value 2/28/13			Expenses Paid for the 6 months ended 2/28/13*
Class A
Actual	$	1,000.00	$	1,071.70		$	5.86	$	1,000.00	$	1,076.60		$	6.49	$	1,000.00	$	1,071.10		$	6.47	$	1,000.00	$	1,096.50		$	6.45	$	1,000.00	$	1,097.70		$	7.02
Hypothetical 5% return		1,000.00		1,019.14	+		5.71		1,000.00		1,018.55	+		6.31		1,000.00		1,018.55	+		6.31		1,000.00		1,018.65	+		6.21		1,000.00		1,018.10	+		6.76
Class B
Actual		1,000.00		1,067.90			9.69		1,000.00		1,073.20			10.33		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		1,093.80			10.90
Hypothetical 5% return		1,000.00		1,015.42	+		9.44		1,000.00		1,014.83	+		10.04		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		1,014.38	+		10.49
Class C
Actual		1,000.00		1,067.40			9.69		1,000.00		1,073.30			10.33		1,000.00		1,068.00			10.36		1,000.00		1,091.60			10.32		1,000.00		1,093.80			10.90
Hypothetical 5% return		1,000.00		1,015.42	+		9.44		1,000.00		1,014.83	+		10.04		1,000.00		1,014.78	+		10.09		1,000.00		1,014.93	+		9.94		1,000.00		1,014.38	+		10.49
Institutional
Actual		1,000.00		1,073.80			3.80		1,000.00		1,079.10			4.43		1,000.00		1,074.10			4.42		1,000.00		1,098.40			4.37		1,000.00		1,100.20			4.95
Hypothetical 5% return		1,000.00		1,021.13	+		3.71		1,000.00		1,020.53	+		4.31		1,000.00		1,020.53	+		4.31		1,000.00		1,020.63	+		4.21		1,000.00		1,020.08	+		4.76
Service
Actual		1,000.00		1,071.40			6.37		N/A		N/A			N/A		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		1,096.90			7.54
Hypothetical 5% return		1,000.00		1,018.65	+		6.21		N/A		N/A			N/A		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		1,017.60	+		7.25
Class IR
Actual		1,000.00		1,073.10			4.57		1,000.00		1,078.00			5.20		1,000.00		1,073.60			5.19		1,000.00		1,096.80			5.15		1,000.00		1,099.40			5.73
Hypothetical 5% return		1,000.00		1,020.38	+		4.46		1,000.00		1,019.79	+		5.06		1,000.00		1,019.79	+		5.06		1,000.00		1,019.89	+		4.96		1,000.00		1,019.34	+		5.51
Class R
Actual		1,000.00		1,070.20			7.13		1,000.00		1,076.20			7.77		1,000.00		1,070.10			7.75		1,000.00		1,094.80			7.74		1,000.00		1,096.70			8.32
Hypothetical 5% return		1,000.00		1,017.90	+		6.95		1,000.00		1,017.31	+		7.55		1,000.00		1,017.31	+		7.55		1,000.00		1,017.41	+		7.45		1,000.00		1,016.86	+		8.00

127

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Fund Expenses — Six Month Period Ended February 28, 2013 (Unaudited) (continued)


	Small/Mid Cap Growth Fund							Strategic Growth Fund							Technology Tollkeeper Fund							U.S. Equity Fund
Share Class	Beginning Account Value 9/1/12		Ending Account Value 2/28/13			Expenses Paid for the 6 months ended 2/28/13*		Beginning Account Value 9/1/12		Ending Account Value 2/28/13			Expenses Paid for the 6 months ended 2/28/13*		Beginning Account Value 9/1/12		Ending Account Value 2/28/13			Expenses Paid for the 6 months ended 2/28/13*		Beginning Account Value 9/1/12		Ending Account Value 2/28/13			Expenses Paid for the 6 months ended 2/28/13*
Class A
Actual	$	1,000.00	$	1,125.70		$	7.06	$	1,000.00	$	1,074.50		$	5.97	$	1,000.00	$	1,036.00		$	7.57	$	1,000.00	$	1,095.90		$	6.13
Hypothetical 5% return		1,000.00		1,018.15	+		6.71		1,000.00		1,019.04	+		5.81		1,000.00		1,017.36	+		7.50		1,000.00		1,018.94	+		5.91
Class B
Actual		1,000.00		1,121.20			10.99		1,000.00		1,070.30			9.80		1,000.00		1,032.40			11.34		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,014.43	+		10.44		1,000.00		1,015.32	+		9.54		1,000.00		1,013.64	+		11.23		N/A		N/A			N/A
Class C
Actual		1,000.00		1,121.30			10.99		1,000.00		1,069.20			9.80		1,000.00		1,032.40			11.34		1,000.00		1,092.30			10.01
Hypothetical 5% return		1,000.00		1,014.43	+		10.44		1,000.00		1,015.32	+		9.54		1,000.00		1,013.64	+		11.23		1,000.00		1,015.22	+		9.64
Institutional
Actual		1,000.00		1,128.00			4.96		1,000.00		1,076.40			3.91		1,000.00		1,038.40			5.56		1,000.00		1,098.60			4.06
Hypothetical 5% return		1,000.00		1,020.13	+		4.71		1,000.00		1,021.03	+		3.81		1,000.00		1,019.34	+		5.51		1,000.00		1,020.93	+		3.91
Service
Actual		1,000.00		1,125.20			7.59		1,000.00		1,072.70			6.48		1,000.00		1,035.60			8.08		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,017.65	+		7.20		1,000.00		1,018.55	+		6.31		1,000.00		1,016.86	+		8.00		N/A		N/A			N/A
Class IR
Actual		1,000.00		1,127.30			5.75		1,000.00		1,074.80			4.68		1,000.00		1,037.80			6.32		1,000.00		1,097.70			4.84
Hypothetical 5% return		1,000.00		1,019.39	+		5.46		1,000.00		1,020.28	+		4.56		1,000.00		1,018.60	+		6.26		1,000.00		1,020.18	+		4.66
Class R
Actual		1,000.00		1,123.80			8.37		1,000.00		1,072.70			6.84		N/A		N/A			N/A		1,000.00		1,095.50			7.48
Hypothetical 5% return		1,000.00		1,016.91	+		7.95		1,000.00		1,018.20	+		6.66		N/A		N/A			N/A		1,000.00		1,017.65	+		7.20

Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2013. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:


Fund	Class A			Class B			Class C			Institutional			Service			Class IR			Class R
Capital Growth		1.14	%		1.89	%		1.89	%		0.74	%		1.24	%		0.89	%		1.39	%
Concentrated Growth		1.26			2.01			2.01			0.86			N/A			1.01			1.51
Flexible Cap Growth		1.26			N/A			2.02			0.86			N/A			1.01			1.51
Focused Growth		1.24			N/A			1.99			0.84			N/A			0.99			1.49
Growth Opportunities		1.35			2.10			2.10			0.95			1.45			1.10			1.60
Small/Mid Cap Growth		1.34			2.09			2.09			0.94			1.44			1.09			1.59
Strategic Growth		1.16			1.91			1.91			0.76			1.26			0.91			1.33
Technology Tollkeeper		1.50			2.25			2.25			1.10			1.60			1.25			N/A
U.S. Equity		1.18			N/A			1.93			0.78			N/A			0.93			1.44

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

128

FUNDS PROFILE

Goldman Sachs Funds

LOGO

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 approximately $742.4 billion in assets under management as of December 31, 2012, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. GSAM’s assets under management includes assets managed by Goldman Sachs Asset Management, LP and its Investment Advisory Affiliates.

OVERVIEW OF GOLDMAN SACHS FUNDS

LOGO

Money Market¹

Financial Square Funds^SM

Financial Square Tax-Exempt Funds

Financial Square Federal Fund

Financial Square Government Fund

Financial Square Money Market Fund

Financial Square Prime Obligations Fund

Financial Square Treasury Instruments Fund

Financial Square Treasury Obligations Fund

Fixed Income

Short Duration and Government

Enhanced Income Fund

High Quality Floating Rate Fund²

Short Duration Government Fund

Short Duration Income Fund

Government Income Fund

Inflation Protected Securities Fund

Multi-Sector

Core Fixed Income Fund

Core Plus Fixed Income Fund

Global Income Fund

Strategic Income Fund

World Bond Fund

Municipal and Tax-Free

High Yield Municipal Fund

Municipal Income Fund

Short Duration Tax-Free Fund

Single Sector

Investment Grade Credit Fund

U.S. Mortgages Fund

High Yield Fund

High Yield Floating Rate Fund

Emerging Markets Debt Fund

Local Emerging Markets Debt Fund

Corporate Credit

Credit Strategies Fund

Fundamental Equity

Growth and Income Fund

Small Cap Value Fund

Mid Cap Value Fund

Large Cap Value Fund

Capital Growth Fund

Strategic Growth Fund

Focused Growth Fund

Small/Mid Cap Growth Fund

Flexible Cap Growth Fund

Concentrated Growth Fund

Technology Tollkeeper Fund

Growth Opportunities Fund

Rising Dividend Growth Fund

U.S. Equity Fund

Income Builder Fund³

Structured Equity

Structured Small Cap Equity Fund

Structured U.S. Equity Fund

Structured Small Cap Growth Fund

Structured Large Cap Growth Fund

Structured Large Cap Value Fund

Structured Small Cap Value Fund

Structured Tax-Managed Equity Fund Structured International

Tax-Managed Equity Fund

U.S. Equity Dividend and Premium Fund

International Equity Dividend and Premium Fund

Structured International Small Cap Fund

Structured International Equity Fund Structured Emerging Markets Equity Fund

Fundamental Equity International

Strategic International Equity Fund

Concentrated International Equity Fund

International Small Cap Fund

Asia Equity Fund

Emerging Markets Equity Fund

BRIC Fund (Brazil, Russia, India, China)

N-11 Equity Fund China Equity Fund

Select Satellite⁴

Real Estate Securities Fund

International Real Estate

Securities Fund

Commodity Strategy Fund

Dynamic Allocation Fund

Absolute Return Tracker Fund

Managed Futures Strategy Fund

Retirement Portfolio Completion Fund Income Strategies Portfolio

Total Portfolio Solutions⁴

Balanced Strategy Portfolio

Growth and Income Strategy Portfolio

Growth Strategy Portfolio

Equity Growth Strategy Portfolio

Satellite Strategies Portfolio

Enhanced Dividend Global Equity Portfolio

Tax Advantaged Global Equity Portfolio

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.

Effective at the close of business on July 27, 2012, the Goldman Sachs Ultra-Short Duration Government Fund was renamed the Goldman Sachs High Quality Floating Rate Fund.

Effective at the close of business on June 29, 2012, the Goldman Sachs Balanced Fund was renamed the Goldman Sachs Income Builder 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.

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

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

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s Web site at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. 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).

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

Holdings and allocations shown are as of February 28, 2013 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.

Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

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).

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:				April 18, 2013

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:				April 18, 2013

By:				/s/ George F. Travers
				George F. Travers
				Principal Financial Officer
				Goldman Sachs Trust

Date:				April 18, 2013

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