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)


Caroline Kraus, Esq.		Copies to:
Goldman, Sachs & Co.		Geoffrey R.T. Kenyon, Esq.
200 West Street		Dechert LLP
New York, New York 10282		100 Oliver Street
		40th Floor
		Boston, MA 02110-2605

(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, 2015

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Stockholders is filed herewith.

Goldman Sachs Funds

LOGO



Semi-Annual Report				February 28, 2015

				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*

*Effective after the close of business on April 30, 2015, the Goldman Sachs U.S Equity Fund will be renamed the Goldman Sachs Dynamic U.S. Equity Fund.

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			7

Schedules of Investments			61

Financial Statements			80

Financial Highlights			90

Notes to Financial Statements			108

Other Information			131



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. 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 and invests, under normal circumstances, in approximately 30-45 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 mid- and small-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 mid- and small-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 industry sectors and/or general economic conditions. The securities of mid- and small-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 mid- and small-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 equity investments with a primary focus on mid- and small-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 mid- and small-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 mid- and small-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

MARKET REVIEW

Goldman Sachs Fundamental Equity Growth Funds

Market Review

Overall, U.S. equities advanced for the six months ended February 28, 2015 (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 6.12% . The Russell 3000^® Index generated a return of 5.98% . By the end of the Reporting Period, the S&P 500 Index and Dow Jones Industrial Average each rose to new record highs, and the NASDAQ Composite neared its dot-com era high seen in 2000.

Several macroeconomic themes influenced U.S. equity market performance during the Reporting Period, including the improving domestic economy, the expectation the Federal Reserve (the “Fed”) would increase interest rates soon, and sharply falling oil prices. More specifically, the U.S. reported Gross Domestic Product (“GDP”) growth well ahead of that of Europe and Japan during the Reporting Period. In addition, the U.S. labor market continued to improve, with unemployment falling to 5.6%, its lowest level since June 2008. In turn, financial markets increasingly focused on the potential that the Fed would increase interest rates, which led to an appreciation of the U.S. dollar against many currencies. At the same time, the price of West Texas Intermediate (“WTI”) crude oil fell from more than $90 per barrel at the beginning of the Reporting Period to less than $50 per barrel in January 2015, before recovering modestly in February 2015.

Given this backdrop, the energy sector declined significantly, the only sector in the S&P 500 Index to post a negative return during the Reporting Period. In contrast, both the consumer discretionary and consumer staples sectors significantly outperformed the S&P 500 Index during the Reporting Period, as the U.S. equity markets reflected investor sentiment that the combination of an improving economy, healthier job market, strong U.S. dollar and low oil prices would be positive for U.S. consumers. Health care was the best performing sector in the S&P 500 Index during the Reporting Period, as robust merger and acquisition activity pushed stock prices higher.

For the Reporting Period overall, mid-cap companies performed best, but only modestly ahead of both large-cap and small-cap companies. Growth stocks outpaced value stocks across the capitalization spectrum of the U.S. equity market. (All as measured by Russell Investments indices.)

Looking Ahead

We believe many of the trends that drove equities higher in 2014 — a slowly improving global economy, increased growth spending and rising corporate earnings — may well continue to influence equity returns as 2015 further unfolds. In addition, diverging central bank policies, U.S. dollar strength and a dramatic drop in commodity prices, notably oil, appear to be shaping up as macro themes that may also continue to drive equities in the months ahead. We believe that equity returns will once again look attractive when compared to the low expected returns for bonds, cash and commodities.

Indeed, in our view, improving global economic growth, led by the U.S., should be a tailwind for equities and support further earnings growth, which we expect to be the main driver of higher prices. While there is a case for possible multiple expansion, we are not counting on re-rating to drive stocks higher. (Re-rating is when the market changes its view of a company sufficiently to make calculation ratios, such as its price/earnings ratio, substantially higher or

MARKET REVIEW

lower.) We believe positive investor sentiment will continue to drive the bull market, supported by healthy merger and acquisition activity and capital expenditure expansion. Companies in the information technology and health care sectors may still benefit from these trends, but stock prices have already risen in these sectors, which may limit upside and compel us to look to other areas of the market, such as financials.

U.S. shale oil production has increased to the point where a dip in global demand has sent oil prices sharply lower. While energy stocks were hard hit during 2014, we are beginning to look for opportunities to invest, given the wide range of individual company prospects. Similarly, we are actively considering which other industries and economies may benefit from lower oil prices and which ones might be negatively impacted.

For much of 2014, there were a number of factors hindering global consumption, despite our bullish long-term view on the consumer. At the end of the Reporting Period, however, we saw lower oil prices as a possible, if not probable, catalyst to spur consumption. A consumer comeback in the U.S. is particularly meaningful to U.S. GDP and could therefore have global implications because of the size of the U.S. economy. Yet, at the end of the Reporting Period, the U.S. stock market appeared to already reflect some of this positive scenario, while European stock markets appeared to reflect dire sentiment on Europe. We believe European corporate earnings could benefit from improving U.S. consumption and therein may lie the investment opportunity. In addition, both the euro and yen depreciated meaningfully against the U.S. dollar in 2014 and early 2015, and we believe these currencies will remain relatively weak, which we believe should benefit exports in both countries and contribute to corporate earnings growth.

As always, we maintain our focus on seeking companies that we believe will generate long-term growth in today’s ever-changing market conditions.

MARKET REVIEW

Changes to the Funds’ Portfolio Management Team during the Reporting Period

On February 11, 2015, Craig Glassner, a managing director and portfolio manager on the Growth Equity Investment Team, left the firm to pursue another opportunity. Craig shared portfolio management responsibility for the Mid Cap Growth strategy with Steve Barry and Ashley Woodruff. In addition, he also shared portfolio management responsibility for the Small/Mid Cap Growth strategy with Steve Barry and Dan Zimmerman. Steve Barry, as the architect of the Mid Cap Growth and Small/Mid Cap Growth strategies, has consistently managed these strategies since their respective inception dates in 1999 and 2005. Ashley Woodruff will continue to manage our Mid Cap Growth strategy with Steve Barry. Ashley is a consumer sector portfolio manager and holds primary research responsibility for the consumer sector. Ashley joined the Growth Equity Investment Team in 2013 as a managing director and has 13 years of investment experience. Dan Zimmerman, along with Steve Barry, will continue to manage our Small/Mid Cap Growth strategy. Dan is a financials sector portfolio manager and holds primary research responsibility for the financial services and agricultural industries. Dan has been with the Growth Equity Investment Team since 2008 and has 13 years of investment experience. Craig’s research responsibilities for the health care sector have been absorbed by Tim Leahy and Anant Padmanabhan. Tim has 16 years of investment experience, approximately 10 of which are with the Growth Equity Investment Team. Anant has 10 years of research experience. Both Tim and Anant are members of the health care research team. The Growth Equity Investment Team continues to be led by Steve Barry, Chief Investment Officer and Head of Fundamental Equity. Steve has 29 years of investment experience and has been with the Growth Equity Investment Team since 1999. The Growth Equity Investment Team consists of 14 investment professionals and three risk professionals, with the senior leaders of the Team averaging 17 years of investment experience. Our 34-year time-tested investment philosophy remains the same. We seek to buy high quality growth businesses at what we believe are attractive valuations and drive investment performance through stock selection.

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 Equity 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 Equity Investment Team discusses the Goldman Sachs Capital Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2015 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, Service, IR and R Shares generated cumulative total returns, without sales charges, of 9.72%, 9.30%, 9.90%, 9.61%, 9.83% and 9.53%, respectively. These returns compare to the 8.46% 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 health care, information technology and materials sectors helped the Fund’s performance most relative to the Russell Index. Detracting from the Fund’s relative results most were weak stock selection in the industrials and consumer discretionary sectors and having no exposure at all to the utilities sector.

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

The Fund benefited most relative to the Russell Index from positions in natural food supermarket owner and operator Whole Foods Market, international technology stalwart International Business Machines (“IBM”) and specialty retailer L Brands.

Whole Foods Market was a strong contributor to the Fund’s performance during the Reporting Period, as investors gained confidence in several of the company’s strategic initiatives. More specifically, the company began to see positive results from initiatives aimed at cutting costs, improving profitability and reaccelerating top-line growth. Whole Foods Market also rolled out a national advertising campaign to emphasize its high quality food standards in the fall of 2014 and began testing a customer loyalty program, both of which we believe could drive traffic and comparable store sales growth. In our view, Whole Foods Market was well positioned at the end of the Reporting Period as a market leader.

Shares of IBM rose during the Reporting Period based in part on the company’s reports of fourth quarter 2014 earnings that were ahead of expectations. We believe these results reflected the multinational company’s resilience during a Reporting Period replete with currency headwinds. More important perhaps, the company announced major initiatives during the Reporting Period in the mobility, security and cloud spaces, which we believe may provide strong upside potential. At the end of the Reporting Period, we felt confident that IBM should continue to be well received by the markets, as it improves its gross margins and maintains dominant market share in a high barrier industry. Moreover, we viewed recent acquisitions by the company as new opportunities to further unlock value for its shareholders.

PORTFOLIO RESULTS

Reporting Period, we believe L Brands was well positioned for long-term growth based upon three key initiatives: Victoria’s Secret’s U.S. square footage growth; international expansion; and operating margin expansion through supply chain improvements that should reduce lead times, in our view, and allow stores to stay lean and reduce markdowns.

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 global clothing manufacturer PVH, metal component manufacturer Precision Castparts and energy services company Halliburton.

PVH detracted from the Fund’s results, as the consumer environment and potential currency headwinds to earnings were an overhang on the stock. Still, at the end of the Reporting Period, underlying trends were on track, and PVH remained a high quality growth company, in our view. Importantly, its Calvin Klein business was beginning to inflect, or tilt, positively after recent product re-launches. Despite what we believe were some short-term currency-related challenges to the stock, we believe PVH’s global expansion opportunity should lead to steady earnings growth ahead.

Shares of Precision Castparts declined, as the company reported fiscal first quarter earnings that were slightly below consensus expectations, despite delivering year-over-year earnings and revenue growth. Also, volatility in energy prices negatively impacted the outlook for the company, causing further uncertainty about its stock. At the end of the Reporting Period, we continued to believe the company has leading global positions in diverse end markets, including aerospace forgings, castings and aero structures, as well as strong and growing businesses serving gas power generation and the oil industry. In our view, these end markets should provide attractive cyclical and secular growth tailwinds to the company.

The sell-off in oil prices weighed on the energy sector broadly, and shares of Halliburton were no exception. During the Reporting Period, Halliburton announced its intention to purchase oilfield services competitor Baker Hughes. This transaction, if completed, would create the second largest oilfield services company globally. Indeed, we believe the deal would be accretive for Halliburton, which should primarily benefit from Baker Hughes’ strong technology presence in North America and from an estimated $2 billion in cost synergies by the end of 2017. While we acknowledge the near-term volatility of oil prices, we continued to believe at the end of the Reporting Period that Halliburton is a high quality company, well positioned to be a strong performer over the long term. We also continued to believe shares of Halliburton were attractively valued and that the company was well positioned to benefit from its leadership position in North America. Additionally, we remained positive on Halliburton’s efficiency program in North America, which supports better margin improvement, in our view.

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 Philip Morris International, the largest tobacco product manufacturer in the world, distributing solely outside of the U.S. We believe the company is a high quality, durable franchise with what we consider to be its leading market share, favorable geographic mix of both highly developed and emerging market exposure, strong free cash flow generation and fairly inelastic demand. In addition, we believe organic revenue has reached an inflection point given the company’s continued pricing power and increased stability in key markets. We believe Philip Morris International is well positioned to deliver better than expected revenue growth with new lower health risk products paired with abating foreign exchange headwinds. Finally, in our view, the company’s stock was trading at a favorable valuation relative to its peers at the time of our purchase, thus presenting what we believed to be a compelling risk/reward opportunity.

We established a Fund position in specialty pharmaceuticals company Shire. Shares of the company had pulled back after potential acquirer AbbVie announced plans to terminate the deal due to developments around inversion policy (related to the practice of relocating businesses for tax purposes), which lowered the tax incentives of future deals. We believe the market overreacted to this news, and we viewed this event as a buying opportunity. In our opinion, at the time of our purchase Shire was trading at an attractive valuation given the strong fundamentals of the company and what we consider to be the potential upside in its product pipeline.

PORTFOLIO RESULTS

Conversely, we exited the Fund’s position in Regeneron Pharmaceuticals during the Reporting Period. The company reported earnings shy of consensus estimates, implying disappointing sales from its flagship drug Eylea. While we remained constructive on the company’s growth outlook and its products’ potential, we decided to reallocate the capital from its sale to companies we believe offer a more favorable risk/reward opportunity.

We sold the Fund’s position in beverage giant Coca-Cola. While the company executed well over the past few years, we believed it was prudent to exit the Fund’s position in favor of higher conviction consumer ideas.

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 the consumer staples sector increased and its allocations to the health care and telecommunication services sectors decreased relative to the Russell Index.

How was the Fund positioned relative to its benchmark index at the end of February 2015?

At the end of February 2015, the Fund had overweighted positions relative to the Russell Index in the consumer discretionary and financials sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in the industrials and health care sectors. The Fund was rather neutrally weighted to the Russell Index in the materials, energy, consumer staples and information technology sectors and had no position at all in the utilities or telecommunication services sectors on February 28, 2015.

FUND BASICS

Capital Growth Fund

as of February 28, 2015

LOGO


PERFORMANCE REVIEW
September 1, 2014–February 28, 2015	Fund Total Return (based on NAV)¹			Russell 1000^® Growth Index²
Class A		9.72	%		8.46	%
Class C		9.30			8.46
Institutional		9.90			8.46
Service		9.61			8.46
Class IR		9.83			8.46
Class R		9.53			8.46

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 12/31/14	One Year			Five Years			Ten Years			Since Inception	Inception Date
Class A		7.42	%		12.86	%		6.53	%	9.34%	4/20/90
Class C		11.71			13.30			6.34		5.45	8/15/97
Institutional		14.11			14.59			7.56		6.65	8/15/97
Service		13.60			14.03			7.03		9.52	8/15/97
Class IR		13.95			14.43			N/A		7.61	11/30/07
Class R		13.40			13.86			N/A		7.08	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 C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The returns 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.GSAMFUNDS.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		1.16	%		1.51	%
Class C		1.91			2.26
Institutional		0.76			1.11
Service		1.26			1.61
Class IR		0.91			1.26
Class R		1.41			1.76

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. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 29, 2015, 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 2/28/15⁵
Holding	% of Net Assets			Line of Business
Apple, Inc.		7.0	%	Computers & Peripherals
Oracle Corp.		2.2		Software
Comcast Corp. Class A		2.1		Media
Yum! Brands, Inc.		1.7		Hotels, Restaurants & Leisure
The Home Depot, Inc.		1.7		Specialty Retail
QUALCOMM, Inc.		1.6		Communications Equipment
Facebook, Inc. Class A		1.6		Internet Software & Services
Amazon.com, Inc.		1.6		Internet & Catalog Retail
Celgene Corp.		1.5		Biotechnology
Google, Inc. Class C		1.5		Internet Software & 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, 2015

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 above graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. Short-term investments represent repurchase agreements. The above 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 Equity 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 Equity Investment Team discusses the Goldman Sachs Concentrated Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2015 (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 9.43%, 9.02%, 9.68%, 9.60% and 9.31%, respectively. These returns compare to the 8.46% 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 consumer staples, health care and materials sectors helped the Fund’s performance most relative to the Russell Index. Challenging stock selection in the industrials, consumer discretionary and energy sectors detracted from the Fund’s relative results most 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 natural food supermarket owner and operator Whole Foods Market, specialty retailer L Brands and wholesale club retailer Costco Wholesale.

L Brands was a top contributor to the Fund’s results, as the company reported strong third quarter 2014 results and raised its fiscal year earnings guidance in November 2014. Strong comparable store sales growth at both its Victoria’s Secret and Bath & Body Works chains, combined with margin expansion, drove upside performance. At the end of the Reporting Period, we believe L Brands was well positioned for long-term growth based upon three key initiatives: Victoria’s Secret’s U.S. square footage growth; international expansion; and operating margin expansion through supply

PORTFOLIO RESULTS

chain improvements that should reduce lead times, in our view, and allow stores to stay lean and reduce markdowns.

In October 2014, Costco Wholesale announced fiscal third quarter earnings that exceeded consensus estimates. Improved same store sales, operating margins and inventory management were the key drivers to the successful quarter. The company carried this momentum into February 2015, when it announced a $5 per share special dividend, reflecting strong cash flow generation and health of its business as well as an attractive return of capital to shareholders. In our view, Costco Wholesale should continue to be well received by the market thanks to what we consider to be a strong management team committed to improving its business model and gaining market share.

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 metal component manufacturer Precision Castparts, oil and gas exploration and production company Anadarko Petroleum and energy services company Halliburton.

Anadarko Petroleum detracted from the Fund’s returns during the Reporting Period due to persistent concerns regarding lower oil prices and the potential negative impact of such on the company’s long-term profitability. In our view, the market was undervaluing the company’s ability to expand margins and generate meaningful cash flows. Further supporting this view was the report that Anadarko Petroleum had a strong third quarter of 2014 and raised production guidance despite the broader outlook for the energy sector.

At the end of the Reporting Period, we continued to believe Anadarko Petroleum has a solid core business with strong market share that is sustainable given the company’s improved drilling efficiencies.

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 The Priceline Group, an online travel company that offers customers travel reservations and services through its Booking.com, priceline. com and Agoda brands. Its shares declined during the Reporting Period due to concerns about weak fourth quarter 2014 earnings guidance. However, we believe the guidance could prove overly conservative and viewed the stock’s sell-off as an attractive entry point. We believe The Priceline Group is a high quality franchise with a dominant market position. While we expect its growth rate to decelerate, we believe the company should grow earnings and free cash flow above market expectations while generating strong returns on invested capital. The Priceline Group has gained market share in all geographies and, in our view, should benefit from secular tailwinds driving growth in online travel.

PORTFOLIO RESULTS

We established a Fund position in global biotechnology company Biogen Idec. Following a share price pullback in October 2014 on concerns about its leading multiple sclerosis treatment, Tecfidera, we initiated a Fund position in the company’s stock. We believe that concerns over Tecfidera were overblown and strength in this treatment and in its treatment of hemophilia may well continue to drive top and bottom line growth. Additionally, Biogen Idec has one of the best product pipelines in the biotechnology industry, in our view, with highly innovative programs in multiple sclerosis and various Alzheimer’s products that, while early stage, have the potential to produce high profile data in 2015. We believe the share price pullback provided an opportunity to buy a company with what we consider to be an attractive risk/reward profile.

Conversely, we eliminated the Fund’s position in Celgene, a global biopharmaceutical company focused on the treatment of cancer and immune-inflammatory related diseases. While we remained confident in the company’s outlook and the potential upside of its pipeline developments, we decided to allocate the sales proceeds to positions based on higher conviction.

We sold the Fund’s position in leading online retailer eBay. Our concern about eBay is that the recovery in its Marketplaces business may take longer than originally anticipated and pressure its margins. While the pending spinoff of PayPal could be a catalyst for the stock, we believe there is also risk, as the structure of the operating agreements between the two businesses could impact future investment plans and margins for the company. Although the company’s risk/reward profile is still relatively attractive, in our view, we believe our upside scenario for the company became less probable. Therefore, we exited the position to fund higher conviction ideas.

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 the consumer discretionary and consumer staples sectors increased and its allocations to the information technology, industrials and financials sectors decreased relative to the Russell Index.

How was the Fund positioned relative to its benchmark index at the end of February 2015?

At the end of February 2015, the Fund had overweighted positions relative to the Russell Index in the financials and consumer discretionary sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in the industrials and materials sectors. The Fund was rather neutrally weighted to the Russell Index in the consumer staples, information technology, health care and energy sectors and had no position at all in the utilities and telecommunication services sectors on February 28, 2015.

FUND BASICS

Concentrated Growth Fund

as of February 28, 2015

LOGO


PERFORMANCE REVIEW
September 1, 2014–February 28, 2015	Fund Total Return (based on NAV)¹			Russell 1000^® Growth Index²
Class A		9.43	%		8.46	%
Class C		9.02			8.46
Institutional		9.68			8.46
Class IR		9.60			8.46
Class R		9.31			8.46


STANDARDIZED TOTAL RETURNS³
For the period ended 12/31/14	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		5.58	%		11.82	%		6.35	%		7.39	%	9/03/02
Class C		9.82			12.25			6.15			7.07		9/03/02
Institutional		12.19			13.55			7.38			8.31		9/03/02
Class IR		12.00			13.36			N/A			6.49		11/30/07
Class R		11.49			12.82			N/A			5.99		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 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.

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.GSAMFUNDS.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		1.22	%		1.59	%
Class C		1.97			2.34
Institutional		0.82			1.19
Class IR		0.97			1.34
Class R		1.45			1.83

⁴


TOP TEN HOLDINGS AS OF 2/28/15⁵
Holding	% of Net Assets			Line of Business
Apple, Inc.		7.0	%	Computers & Peripherals
American Tower Corp.		3.5		Real Estate Investment Trusts
Costco Wholesale Corp.		3.5		Food & Staples Retailing
Amazon.com, Inc.		3.4		Internet & Catalog Retail
Intercontinental Exchange, Inc.		2.9		Diversified Financial Services
Google, Inc. Class A		2.9		Internet Software & Services
The Priceline Group, Inc.		2.9		Internet & Catalog Retail
Equinix, Inc.		2.8		Internet Software & Services
McKesson Corp.		2.8		Health Care Providers & Services
EMC Corp.		2.7		Computers & Peripherals

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, 2015

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 Equity 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 Equity Investment Team discusses the Goldman Sachs Flexible Cap Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2015 (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 9.24%, 8.84%, 9.38%, 9.41% and 9.10%, respectively. These returns compare to the 8.51% 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, materials and health care sectors helped the Fund’s performance most relative to the Russell Index. The only two sectors that detracted from the Fund’s relative results during the Reporting Period were industrials and energy, wherein stock selection proved challenging.

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

PORTFOLIO RESULTS

when it announced a $5 per share special dividend, reflecting strong cash flow generation and health of its business as well as an attractive return of capital to shareholders. In our view, Costco Wholesale should continue to be well received by the market thanks to what we consider to be a strong management team committed to improving its business model and gaining market share.

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 oil and gas exploration and production companies Whiting Petroleum and Anadarko Petroleum, and multinational oilfield services company Weatherford International.

Whiting Petroleum detracted most from the Fund’s relative returns during the Reporting Period. The company reported strong fiscal third quarter results. However, its capital efficiency and production guidance fell short of consensus estimates. At the end of the Reporting Period, we remained confident in Whiting Petroleum’s ongoing efforts to develop new completion designs and de-risk acquired acreage, but we decided to exit the Fund’s position in the company in favor of other high conviction opportunities.

Shares of Weatherford International declined sharply in connection with the sell-off in oil prices during the Reporting Period. We believe the company has a solid core business and is well positioned to increase its market share for the foreseeable future. In addition, we believe Weatherford International is well positioned to drive improved profitability and free cash flow generation through its restructuring process. At the end of the Reporting Period, we believed the company’s shares were attractively valued and that its stock multiple should re-rate as it begins to execute on its turnaround initiatives. (Re-rating is when the market changes its view of a company sufficiently to make calculation ratios, such as its price/earnings ratio, substantially higher or lower.)

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 Walgreens Boots Alliance during the Reporting Period. Walgreens Boots Alliance is the result of a merger between Walgreens and Boots Alliance, which specializes in both retail and wholesale pharmacy. In our view, Walgreens Boots Alliance should be a formidable player in the pharmacy space, and we see meaningful revenue and cost synergies with the combined company. Boots Alliance’s management is now in charge of running the business and appears to us to be squarely focused on improving execution, profitability and creating value for shareholders. We are optimistic about the new management team’s ability to deliver. We also believe the earnings power of this franchise is underappreciated by the market, and we see significant upside potential to shares over a multi-year period if its management can indeed execute on its initiatives.

We initiated a Fund position in Amgen, the world’s largest independent biotechnology firm. After several years of weaker pipeline productivity, Amgen now has 10 Phase III assets, at least half of which we believe may be introduced to the market. (Phase III is when a drug or treatment is given to large groups of people to confirm its effectiveness, monitor side effects, compare it to commonly used treatments and collect information that will allow the drug or treatment to be used safely.) In our view, the strength of Amgen’s pipeline provides a solid foundation for longer-term growth and earnings potential. At the time of purchase, Amgen was trading at a discount to its large-cap biotechnology peers. We believe that recent concerns regarding competition to Amgen’s key franchise have been exaggerated, and, as a result, we viewed its shares as attractively valued at the end of the Reporting Period.

PORTFOLIO RESULTS

Conversely, in addition to the previously mentioned sale of Whiting Petroleum, we exited the Fund’s position in oilfield services company Schlumberger during the Reporting Period. The stock had detracted from returns during the Reporting Period due to persistent concerns about lower oil prices and the potential negative impact of such on the company’s long-term profitability. While we continue to believe Schlumberger has a solid core business with strong market share, we decided to sell the position in favor of other higher conviction opportunities.

We sold the Fund’s position in Canadian coffee and doughnut chain Tim Hortons. Its shares surged on the announcement that Burger King intended to acquire Tim Hortons at a 30% premium. The merger makes strategic sense in our view and validates our investment thesis that Tim Hortons was an attractive growth story and an undervalued company.

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 the information technology and consumer staples sectors increased and its allocations to the consumer discretionary, industrials and financials sectors decreased relative to the Russell Index.

How was the Fund positioned relative to its benchmark index at the end of February 2015?

At the end of February 2015, the Fund had an overweighted position relative to the Russell Index in the consumer discretionary sector. On the same date, the Fund had underweighted positions compared to the Russell Index in the energy, industrials and materials sectors and was rather neutrally weighted to the Russell Index in the financials, information technology, consumer staples, telecommunication services and health care sectors. The Fund had no position at all in the utilities sector on February 28, 2015.

FUND BASICS

Flexible Cap Growth Fund

as of February 28, 2015

LOGO


PERFORMANCE REVIEW
September 1, 2014–February 28, 2015	Fund Total Return (based on NAV)¹			Russell 3000^® Growth Index²
Class A		9.24	%		8.51	%
Class C		8.84			8.51
Institutional		9.38			8.51
Class IR		9.41			8.51
Class R		9.10			8.51

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 12/31/14	One Year			Five Years			Since Inception			Inception Date
Class A		6.97	%		12.90	%		9.49	%		1/31/08
Class C		11.30			13.36			9.60			1/31/08
Institutional		13.71			14.68			10.86			1/31/08
Class IR		13.51			14.51			10.69			1/31/08
Class R		13.05			13.97			10.16			1/31/08

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 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		1.22	%		3.28	%
Class C		1.97			4.05
Institutional		0.82			2.88
Class IR		0.97			3.00
Class R		1.47			3.52

⁴


TOP TEN HOLDINGS AS OF 2/28/15⁵
Holding	% of Net Assets			Line of Business
Apple, Inc.		6.5	%	Computers & Peripherals
Google, Inc. Class A		1.8		Internet Software & Services
Google, Inc. Class C		1.8		Internet Software & Services
Costco Wholesale Corp.		1.8		Food & Staples Retailing
Amazon.com, Inc.		1.7		Internet & Catalog Retail
NIKE, Inc. Class B		1.7		Textiles, Apparel & Luxury Goods
Oracle Corp.		1.7		Software
Walgreens Boots Alliance, Inc.		1.6		Food & Staples Retailing
QUALCOMM, Inc.		1.6		Communications Equipment
Whole Foods Market, Inc.		1.5		Food & Staples Retailing

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, 2015

LOGO

⁶

PORTFOLIO RESULTS

Goldman Sachs Focused Growth Fund

Portfolio Composition

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Equity Investment Team discusses the Goldman Sachs Focused Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2015 (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 10.00%, 9.60%, 10.28%, 10.13% and 9.89%, respectively. These returns compare to the 8.46% 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 consumer staples, financials and health care sectors helped the Fund’s performance most relative to the Russell Index. Challenging stock selection in the industrials, information technology and energy sectors detracted from the Fund’s relative results most.

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

The Fund benefited most relative to the Russell Index from positions in natural food supermarket owner and operator Whole Foods Market, wholesale club retailer Costco Wholesale and regulated exchanges and clearing houses global operator Intercontinental Exchange.

Intercontinental Exchange reported two consecutive quarters of better than expected earnings, which was well received by the markets. Also, the company announced an increase in projected share buybacks, which we believe reflects the underappreciated value of its stock. At the end of the Reporting Period, we remained confident in Intercontinental

PORTFOLIO RESULTS

Exchange’s long-term growth trajectory, as the company has a leading market share position in the over-the-counter market and should benefit, in our view, from the globalization of markets and migration toward clearing and post-trade automation. We also believe the company has a strong management team committed to execution and delivering results. It is our view that the company is a reasonably valued, high quality growth franchise with the potential to outperform its peers over the long term.

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 global clothing manufacturer PVH, oil and gas exploration and production company Anadarko Petroleum and energy services company Halliburton.

PVH detracted from the Fund’s results, as the consumer environment and potential currency headwinds to earnings were an overhang on the stock. Still, at the end of the Reporting Period, underlying trends were on track, and PVH remained a high quality growth company, in our view. Importantly, its Calvin Klein business was beginning to inflect, or tilt, positively after recent product re-launches. Despite what we believe was some short-term currency-related challenges to the stock, we believe PVH’s global expansion opportunity should lead to steady earnings growth ahead.

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?

PORTFOLIO RESULTS

Group is a high quality franchise with a dominant market position. While we expect its growth rate to decelerate, we believe the company should grow earnings and free cash flow above market expectations while generating strong returns on invested capital. The Priceline Group has gained market share in all geographies and, in our view, should benefit from secular tailwinds driving growth in online travel.

We established a Fund position in Kansas City Southern, a transportation holding company with domestic and international rail operations in North America. We believe the company is a high quality growth business with a favorable market structure, high barriers to entry and strong underlying fundamentals. We are positive on Kansas City Southern’s long-term growth trajectory and believe it is further reinforced by the significant track and locomotive investments the company has made over the past 15 years. Furthermore, Kansas City Southern has significant exposure to cross-border trade with Mexico, which has been growing volumes. In our view, the company has the potential for significant margin improvement should it better its efficiencies as we anticipate. At the time of purchase, we viewed Kansas City Southern as a compelling growth company trading at an attractive valuation.

Conversely, we sold the Fund’s position in leading online retailer eBay. Our concern about eBay is that the recovery in its Marketplaces business may take longer than originally anticipated and pressure its margins. While the pending spinoff of PayPal could be a catalyst for the stock, we believe there is also risk, as the structure of the operating agreements between the two businesses could impact future investment plans and margins for the company. Although the company’s risk/reward profile is still relatively attractive, in our view, we believe our upside scenario for the company became less probable. Therefore, we exited the position to fund higher conviction ideas.

We exited the Fund’s position in commercial real estate services firm CBRE Group. Its stock had performed well, and we believed its underlying earnings power relative to where we are in the commercial real estate cycle had narrowed. We believe CBRE Group’s management has done a notable job expanding the firm to a more recurring revenue business model. However, while underlying trends appear to continue to improve and the business is not as economically sensitive as it used to be, it is still exposed to commercial real estate trends. As a result, we decided to sell the position in favor of higher conviction names, specifically within the information technology sector. This sale narrowed the Fund’s overweight within the financials sector as well.

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 the consumer discretionary, health care and industrials sectors increased and its allocations to financials and health care decreased relative to the Russell Index.

How was the Fund positioned relative to its benchmark index at the end of February 2015?

At the end of February 2015, the Fund had overweighted positions relative to the Russell Index in the financials, consumer discretionary, consumer staples and information technology sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in the industrials, health care and energy sectors. The Fund had no positions at all in the utilities, telecommunication services or materials sectors on February 28, 2015.

FUND BASICS

Focused Growth Fund

as of February 28, 2015

LOGO


PERFORMANCE REVIEW
September 1, 2014–February 28, 2015	Fund Total Return (based on NAV)¹			Russell 1000^® Growth Index²
Class A		10.00	%		8.46	%
Class C		9.60			8.46
Institutional		10.28			8.46
Class IR		10.13			8.46
Class R		9.89			8.46

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 12/31/14	One Year			Since Inception			Inception Date
Class A		5.36	%		16.92	%		1/31/12
Class C		9.66			18.36			1/31/12
Institutional		11.99			19.73			1/31/12
Class IR		11.84			19.55			1/31/12
Class R		11.28			18.94			1/31/12

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 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		1.25	%		2.81	%
Class C		2.00			3.47
Institutional		0.85			2.29
Class IR		1.00			2.49
Class R		1.50			2.99

⁴


TOP TEN HOLDINGS AS OF 2/28/15⁵
Holding	% of Net Assets			Line of Business
Apple, Inc.		8.3	%	Computers & Peripherals
Google, Inc. Class A		5.6		Internet Software & Services
EMC Corp.		4.9		Computers & Peripherals
American Tower Corp.		4.8		Real Estate Investment Trusts
Intercontinental Exchange, Inc.		4.8		Diversified Financial Services
Whole Foods Market, Inc.		4.8		Food & Staples Retailing
Costco Wholesale Corp.		4.7		Food & Staples Retailing
Amazon.com, Inc.		4.6		Internet & Catalog Retail
Equinix, Inc.		4.6		Internet Software & Services
The Priceline Group, Inc.		4.5		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, 2015

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 Equity 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 Equity Investment Team discusses the Goldman Sachs Growth Opportunities Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2015 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, Service, IR and R Shares generated cumulative total returns, without sales charges, of 5.59%, 5.20%, 5.80%, 5.56%, 5.72% and 5.46%, respectively. These returns compare to the 7.99% 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. Sector allocation as a whole contributed positively during the Reporting Period.

Which equity market sectors most significantly affected Fund performance?

Detracting most from the Fund’s relative results was challenging stock selection in the industrials, consumer discretionary and energy sectors. Effective stock selection in the 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 offshore drilling and production equipment manufacturer Dril-Quip, multinational oilfield services company Weatherford International and oil and gas exploration and production company Whiting Petroleum.

Dril-Quip detracted from the Fund’s relative returns during the Reporting Period due to persistent concerns regarding lower oil prices and the potential negative impact of such on the company’s profitability. In our view, markets were undervaluing the company’s strong fundamentals and its ability to generate meaningful cash flow. Dril-Quip’s quarterly earnings during the Reporting Period were well above consensus estimates, which we believe supports this view. At the end of the Reporting Period, we continued to believe Dril-Quip has a profitable core business with strong market share that is sustainable over the long term.

Shares of Weatherford International declined sharply in connection with the sell-off in oil prices during the Reporting Period. We believe the company has a solid core business and is well positioned to increase its market share for the foreseeable future. We additionally believe Weatherford International is well positioned to drive improved profitability and free cash flow generation through its restructuring process. At the end of the Reporting Period, we believed the company’s shares were attractively valued and that its stock multiple should re-rate as it begins to execute

PORTFOLIO RESULTS

on its turnaround initiatives. (Re-rating is when the market changes its view of a company sufficiently to make calculation ratios, such as its price/earnings ratio, substantially higher or lower.)

Whiting Petroleum detracted most from the Fund’s relative results during the Reporting Period. The company reported strong fiscal third quarter results. However, its capital efficiency and production guidance fell short of consensus estimates. At the end of the Reporting Period, we remained confident in Whiting Petroleum’s ongoing efforts to develop new completion designs and de-risk acquired acreage, but we decided to exit the Fund’s position in the company in favor of other high conviction opportunities.

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

The Fund benefited most relative to the Russell Index from positions in natural food supermarket owner and operator Whole Foods Market, television show and movie Internet subscription service Netflix and specialty retailer L Brands.

Netflix exceeded market expectations during the Reporting Period, reporting strong fiscal fourth quarter results across key subscriber metrics. We believe sentiment around subscriber growth and pricing improved, reflecting Netflix’s ability to execute and deliver unique, high quality content. At the end of the Reporting Period, we maintained our conviction in the strength of Netflix’s franchise and believe the company’s international expansion opportunity and secular tailwinds may well be key drivers of growth over time.

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 oil and gas exploration and production company Pioneer Natural Resources during the Reporting Period. Shares of Pioneer Natural Resources were weak due to the negative outlook for the energy sector. In our view, will not have a long-term impact on Pioneer Natural Resources’ cash flow growth and that investors overreacted to this trend. Rather, we believe the fundamentals of the company are strong and supported by what we consider to be its strong management team and recent infrastructure investments. As a result, we believe the sell-off created an opportunity to buy a high quality franchise with significant growth potential at an attractive valuation.

We established a Fund position in auto parts company Advance Auto Parts. Its stock had experienced a downturn due to lower than expected earnings guidance. However, we believe the guidance was conservative and saw the pullback as an attractive opportunity to initiate a position. In our view, Advance Auto Parts is well positioned for long-term earnings growth, specifically through potential acquisition targets that could help create synergies within the company. Furthermore, we believe the company is well positioned for potential long-term multiple expansion as it grows its daily delivery program.

Conversely, in addition to the previously mentioned sale of Whiting Petroleum, we sold the Fund’s position in Canadian coffee and doughnut chain Tim Hortons. Its shares surged on the announcement that Burger King intended to acquire Tim Hortons at a 30% premium. The merger makes strategic sense in our view and validates our investment thesis that Tim Hortons was an attractive growth story and an undervalued company.

We exited the Fund’s position in Xilinx, a leading programmable logic devices (“PLDs”) company. During

PORTFOLIO RESULTS

2014, shares of Xilinx were volatile, as the pace of wireless network build-outs in China were slower than expected and wireline capital spending in the U.S. was impacted by regulatory uncertainty. During the last months of 2014, however, the stock rallied strongly off of its lows, and we used that as an opportunity to exit the position for another semiconductor company.

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 the information technology sector increased and its allocation to financials decreased relative to the Russell Index.

How was the Fund positioned relative to its benchmark index at the end of February 2015?

At the end of February 2015, the Fund had overweighted positions relative to the Russell Index in the telecommunication services and consumer staples sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in the industrials and information technology sectors. The Fund was rather neutrally weighted to the Index in the consumer discretionary, health care, materials, energy and financials sectors and had no position at all in the utilities sector on February 28, 2015.

FUND BASICS

Growth Opportunities Fund

as of February 28, 2015

LOGO


PERFORMANCE REVIEW
September 1, 2014–February 28, 2015	Fund Total Return (based on NAV)¹			Russell Midcap^® Growth Index²
Class A		5.59	%		7.99	%
Class C		5.20			7.99
Institutional		5.80			7.99
Service		5.56			7.99
Class IR		5.72			7.99
Class R		5.46			7.99

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 12/31/14	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		4.87	%		13.37	%		8.85	%		11.29	%	5/24/99
Class C		9.06			13.81			8.65			10.87		5/24/99
Institutional		11.44			15.13			9.90			12.14		5/24/99
Service		10.89			14.56			9.35			11.58		5/24/99
Class IR		11.29			14.96			N/A			9.79		11/30/07
Class R		10.71			14.38			N/A			9.25		11/30/07

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.36	%		1.40	%
Class C		2.11			2.15
Institutional		0.96			1.00
Service		1.46			1.50
Class IR		1.11			1.15
Class R		1.61			1.65

⁴


TOP TEN HOLDINGS AS OF 2/28/15⁵
Holding	% of Net Assets			Line of Business
Goldman Sachs Financial Square Funds – Government Fund		2.7	%	Investment Company
Intercontinental Exchange, Inc.		2.6		Diversified Financial Services
Mylan, Inc.		2.4		Pharmaceuticals
W.W. Grainger, Inc.		2.2		Trading Companies & Distributors
Kate Spade & Co.		2.2		Textiles, Apparel & Luxury Goods
First Republic Bank		2.1		Commercial Banks
LinkedIn Corp. Class A		2.1		Internet Software & Services
SBA Communications Corp. Class A		2.1		Wireless Telecommunication Services
Whole Foods Market, Inc.		2.0		Food & Staples Retailing
Equinix, Inc.		2.0		Internet Software & 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, 2015

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. 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 Equity 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 Equity 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, 2015 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, Service, IR and R Shares generated cumulative total returns, without sales charges, of 9.44%, 9.01%, 9.70%, 9.39%, 9.60% and 9.32%, respectively. These returns compare to the 8.64% 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 health care, consumer staples and materials sectors helped the Fund’s performance most relative to the Russell Index. Challenging stock selection in the energy, information technology and consumer discretionary sectors detracted from the Fund’s relative results most during the Reporting Period. Having an overweighted exposure relative to the Russell Index in the weakly performing energy sector for much of the Reporting Period also hurt performance.

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

The Fund benefited most relative to the Russell Index from positions in clinical stage pharmaceutical company Cempra, clothing retailer Burlington Stores and clinical stage biotechnology company Bluebird Bio.

Cempra reported better than expected fourth quarter 2014 earnings in February 2015. Its shares also rose in early 2015 after the company announced positive Phase III results for a drug it is developing — solithromycin — to treat community acquired bacterial pneumonia. (Phase III is when a drug or treatment is given to large groups of people to confirm its effectiveness, monitor side effects, compare it to commonly used treatments and collect information that will allow the drug or treatment to be used safely.) At the end of the Reporting Period, we believed the company was well positioned to benefit from its pipeline of upcoming products and was trading at what we considered to be an attractive valuation.

Burlington Stores reported strong fiscal second quarter results in September 2014. Same store sales beat its management’s guidance as well as market consensus. The company followed that up with fiscal third quarter earnings in December 2014, announcing earnings per share and revenue that exceeded expectations and raising its full year outlook. At the end of the Reporting Period, we believed the company was building momentum and was trading at what we considered to be a reasonable valuation.

PORTFOLIO RESULTS

Shares of Bluebird Bio soared after the company reported encouraging results from its experimental gene therapy for an inherited blood disorder. As a result, its management has been in discussion with U.S. and European Union regulatory bodies regarding accelerated development efforts for the drug. In our view, the company is well positioned for growth given its seeming momentum and progress in a rare market niche.

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 oil and gas exploration and production company Whiting Petroleum, offshore drilling and production equipment manufacturer Dril-Quip and discount retailer Five Below.

Shares of Five Below declined after the company lowered its fiscal fourth quarter earnings guidance as a result of weaker than expected holiday sales. In our view, markets were undervaluing the company’s strong fundamentals and its ability to generate meaningful cash flow. This view is supported, we believe, by Five Below’s new store productivity and earnings growth, which could improve further as the company builds out its distribution facilities. At the end of the Reporting Period, we believed Five Below was an attractive business with strong market share that is sustainable over the long term.

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 biopharmaceutical company Alkermes. The company announced encouraging results from a Phase II clinical trial of its schizophrenia treatment—a sizable market that has not seen meaningful innovation in years. (Phase II is when a drug or treatment is given to a larger group of people to see if it is effective and to further evaluate its safety.) As a result, Alkermes has engaged in formal discussions with the U.S. Food and Drug Administration (“FDA”) to advance the drug into a critical development program. In our view, Alkermes is well positioned for growth, as it has several pipeline candidates in schizophrenia, depression and multiple sclerosis that investors should get more clarity on during the next six to 18 months. We believe these are all rare and significant market opportunities on which Alkermes may well be able to capitalize.

PORTFOLIO RESULTS

Tim Hortons was an attractive growth story and an undervalued company.

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 the industrials, information technology and materials sectors increased and its allocations to the consumer discretionary, health care, financials and energy sectors decreased relative to the Russell Index.

How was the Fund positioned relative to its benchmark index at the end of February 2015?

At the end of February 2015, the Fund had overweighted positions relative to the Russell Index in the consumer staples, telecommunication services and consumer discretionary sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in the information technology, materials and energy sectors. The Fund was rather neutrally weighted to the Index in the industrials, financials and health care sectors and had no position at all in the utilities sector on February 28, 2015.

FUND BASICS

Small/Mid Cap Growth Fund

as of February 28, 2015

LOGO


PERFORMANCE REVIEW
September 1, 2014–February 28, 2015	Fund Total Return (based on NAV)¹			Russell 2500^® Growth Index²
Class A		9.44	%		8.64	%
Class C		9.01			8.64
Institutional		9.70			8.64
Service		9.39			8.64
Class IR		9.60			8.64
Class R		9.32			8.64

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 12/31/14	One Year			Five Years			Since Inception			Inception Date
Class A		4.54	%		14.69	%		10.85	%	6/30/05
Class C		8.73			15.13			10.64		6/30/05
Institutional		11.08			16.45			11.92		6/30/05
Service		10.53			15.89			11.36		6/30/05
Class IR		10.94			16.28			10.73		11/30/07
Class R		10.34			15.71			10.18		11/30/07

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.33	%		1.47	%
Class C		2.08			2.22
Institutional		0.93			1.07
Service		1.43			1.57
Class IR		1.08			1.22
Class R		1.58			1.72

⁴


TOP TEN HOLDINGS AS OF 2/28/15⁵
Holding	% of Net Assets			Line of Business
Kate Spade & Co.		2.1	%	Textiles, Apparel & Luxury Goods
First Republic Bank		2.0		Commercial Banks
Healthcare Services Group, Inc.		2.0		Commercial Services & Supplies
SBA Communications Corp. Class A		1.7		Wireless Telecommunication Services
Navient Corp.		1.7		Consumer Finance
Equinix, Inc.		1.6		Internet Software & Services
Graco, Inc.		1.6		Machinery
Electronics for Imaging, Inc.		1.6		Computers & Peripherals
Ulta Salon, Cosmetics & Fragrance, Inc.		1.6		Specialty Retail
Burlington Stores, Inc.		1.6		Multiline 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, 2015

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 Equity 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 Equity Investment Team discusses the Goldman Sachs Strategic Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2015 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, Service, IR and R Shares generated cumulative total returns, without sales charges, of 8.74%, 8.29%, 8.88%, 8.69%, 8.87% and 8.56%, respectively. These returns compare to the 8.46% 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 consumer staples, materials and health care sectors helped the Fund’s performance most relative to the Russell Index. Challenging stock selection in the industrials, energy and information technology sectors detracted most from the Fund’s relative results most during the Reporting Period.

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

PORTFOLIO RESULTS

as an attractive return of capital to shareholders. In our view, Costco Wholesale should continue to be well received by the market thanks to what we consider to be a strong management team committed to improving its business model and gaining market share.

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 energy services company Halliburton, oil and gas exploration and production company Anadarko Petroleum and oil and gas equipment manufacturer Cameron International. The Fund exited its position in Cameron International during the reporting period.

Similar to other companies in the energy sector, Cameron International struggled due to persistent concerns regarding lower oil prices and the potential negative impact of such on the company’s long-term profitability. Cameron International reported fourth quarter 2014 results during the Reporting Period, announcing better than expected earnings per share, driven by strong results in its drilling business. However, inbound orders were weak, leading to a decrease in earnings guidance. While we acknowledge the near-term volatility of oil prices, at the end of the Reporting Period, we continued to believe Cameron International is a high quality company, well positioned to be a strong performer over the long term.

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 pharmaceutical company Actavis during the Reporting Period. With its pending acquisition of Allergan, Actavis is expected to become a $24 billion revenue, approximately $120 billion market-cap company, roughly in line with many large-cap pharmaceutical companies. We believe integration risk is manageable, and following the acquisition, we expect Actavis to be a faster grower than big pharmaceutical companies with a well diversified revenue growth trajectory for the next several years. In our view, faster growth with some visibility may well result in multiple expansion. At the end of the Reporting Period, Actavis was trading at a discount to its peers, a gap that we expect to close.

PORTFOLIO RESULTS

expect significant upside to shares over a multi-year period if its management can indeed execute on its initiatives.

Conversely, we exited the Fund’s position in electronic payment company Visa. While we are confident in the company’s global market share and its ability to capitalize on secular growth trends within technology, we decided to sell the Fund’s position and reallocate the capital to higher conviction ideas.

We sold the Fund’s position in Sensata Technologies Holding, a sensor and control manufacturer. Its stock had been a weak performer, and we became increasingly concerned about the company’s ability to produce earnings per share upside potential. Therefore, we decided to exit the Fund’s position in favor of higher conviction opportunities.

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 the consumer staples sector increased and its allocations to the consumer discretionary, industrials and materials sectors decreased relative to the Russell Index.

How was the Fund positioned relative to its benchmark index at the end of February 2015?

At the end of February 2015, the Fund had overweighted positions relative to the Russell Index in the financials, consumer staples, consumer discretionary and information technology sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in the industrials, materials and energy sectors. The Fund was rather neutrally weighted to the Russell Index in the health care sector and had no positions at all in the utilities and telecommunication services sectors on February 28, 2015.

FUND BASICS

Strategic Growth Fund

as of February 28, 2015

LOGO


PERFORMANCE REVIEW
September 1, 2014–February 28, 2015	Fund Total Return (based on NAV)¹			Russell 1000^® Growth Index²
Class A		8.74	%		8.46	%
Class C		8.29			8.46
Institutional		8.88			8.46
Service		8.69			8.46
Class IR		8.87			8.46
Class R		8.56			8.46

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 12/31/14	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		6.86	%		12.55	%		6.53	%		3.33	%	5/24/99
Class C		11.29			13.02			6.33			2.95		5/24/99
Institutional		13.64			14.31			7.57			4.13		5/24/99
Service		13.03			13.77			7.10			3.70		5/24/99
Class IR		13.47			14.13			N/A			17.45		01/06/09
Class R		12.91			13.63			N/A			16.94		01/06/09

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.16	%		1.53	%
Class C		1.91			2.28
Institutional		0.76			1.13
Service		1.26			1.63
Class IR		0.91			1.28
Class R		1.38			1.75

⁴


TOP TEN HOLDINGS AS OF 2/28/15⁵
Holding	% of Net Assets			Line of Business
Apple, Inc.		7.0	%	Computers & Peripherals
Amazon.com, Inc.		2.6		Internet & Catalog Retail
Costco Wholesale Corp.		2.5		Food & Staples Retailing
American Tower Corp.		2.3		Real Estate Investment Trusts
Google, Inc. Class A		2.3		Internet Software & Services
Oracle Corp.		2.1		Software
NIKE, Inc. Class B		2.0		Textiles, Apparel & Luxury Goods
Honeywell International, Inc.		2.0		Aerospace & Defense
Equinix, Inc.		2.0		Internet Software & Services
QUALCOMM, Inc.		1.9		Communications Equipment

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, 2015

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 Equity 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 Equity Investment Team discusses the Goldman Sachs Technology Tollkeeper Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2015 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, Service and IR Shares generated cumulative total returns, without sales charges, of 7.55%, 7.16%, 7.81%, 7.48% and 7.71%, respectively. These returns compare to the 7.70% cumulative total return of the Fund’s benchmark, the S&P North American Technology Sector Index (the “S&P Technology Index”), during the same period. The Fund’s former benchmark, the NASDAQ Composite Index (the “NASDAQ Index”), returned 8.37% during the Reporting Period.

Were there any changes to the Fund during the Reporting Period?

Effective December 29, 2014, the primary benchmark for the Fund was changed from the NASDAQ Index to the S&P Technology Index.

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 Technology Index during the Reporting Period.

Which equity market sectors most significantly affected Fund performance?

As both the Fund and the S&P Technology Index have the majority of their respective assets allocated to the information technology sector and our Team focuses 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 sector and having exposure to the telecommunication services and financials sectors, which are not components of the S&P Technology Index but which outpaced the S&P Technology Index, boosted the Fund’s relative results the most. Detracting most from the Fund’s relative results were weak stock selection in and having an overweighted allocation to the consumer discretionary sector.

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

The Fund benefited most relative to the S&P Technology Index from positions in leading personal computer and related personal computing and mobile communication device manufacturer Apple, cloud-based software-as-a-service (“SaaS”) provider ServiceNow and professional networking site LinkedIn.

Apple’s earnings results exceeded analysts’ expectations during the Reporting Period and appeared to confirm that momentum is building in the business, particularly around the iPhone 6 product cycle. Apple’s sales were supported by first-time buyers, including those switching from Android, which we believe is important to the sustainability of results. We believe Apple should continue to improve its margin profile, strengthen its global market share and benefit from current business trends. As our views on Apple grew more

PORTFOLIO RESULTS

favorable, we added to the Fund’s position in its stock, moving from an underweight to a modest overweight relative to the S&P Technology Index.

ServiceNow reported strong fiscal fourth quarter earnings, which were driven by accelerated billings and profit growth. The company also raised its 2015 guidance. We believe the company’s results during the Reporting Period reflect the transformation in computing infrastructure toward cloud-based platforms and services. In our view, ServiceNow’s platform is beginning to gain traction, which should be a key driver of long-term growth.

LinkedIn reported positive fourth quarter 2014 results, driven by better than expected revenue growth and strong margins. Internal engagement metrics, such as unique members and page views, accelerated as well. At the end of the Reporting Period, we believed LinkedIn was well positioned to capture an open-ended market opportunity, as it disrupts the recruiting industry, monetizes its rapidly growing global user base through new product launches and demonstrates pricing power. While the stock may not appear overly inexpensive on a number of valuation metrics, we believe it commands a premium, due to its dominant market position, strength of its global platform and what we consider to be its attractive growth profile.

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 leading Internet radio company Pandora Media, infrastructure software company VMware and leading online travel review site TripAdvisor.

Despite announcing positive third quarter 2014 results and strong fourth quarter 2014 guidance, Pandora Media’s shares fell on weaker than expected active listener growth. Its management also announced that growing active listeners may be more challenging in the future due to an increasingly competitive environment. However, the company continued to see solid advertising and subscription revenue growth. At the end of the Reporting Period, we remained positive on Pandora Media’s growing advertising opportunity due to its high user engagement and leading market position.

VMware reported solid third quarter 2014 earnings, with revenue, margins and earnings coming in ahead of expectations. However, weak deferred revenue and operating cash flow numbers as well as lower than expected guidance weighed on VMware’s stock. At the end of the Reporting Period, we continued to like the company, as we believe VMware has a healthy pipeline of products that may help drive growth in the months ahead. Furthermore, we believe VMware was trading at an attractive valuation relative to its peers at the end of the Reporting Period.

Shares of TripAdvisor fell after the company reported poor earnings and guidance for the third quarter of 2014, driven by lower than expected click-based revenue growth. TripAdvisor reported slightly better than expected fourth quarter 2014 results, but we became less comfortable with the company’s risk/reward profile and thus decided to sell the Fund’s position in favor of other higher conviction ideas we felt were trading at more attractive valuations.

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 Broadcom, a company that provides semiconductor solutions for wired and wireless communications. Broadcom is a market leader in merchant silicon for Ethernet switches, which we believe should benefit both from leading network vendors choosing merchant silicon over custom application-specific integrated circuits and from the secular growth in white box switches, which typically use merchant silicon. We are also positive on its management’s recent decisions to take steps to maximize shareholder value, as demonstrated by the decisions to exit the baseband business and align management incentives with shareholders’ interests. Despite the stock’s strong performance during the Reporting Period, we believe its shares remained attractively valued at the end of February 2015.

We established a Fund position in Intuit, whose products include QuickBooks, TurboTax and Quicken. We believe Intuit should see relatively stable pricing and demand for its core businesses over the long term. Furthermore, the company should be able to launch scalable new products, which can increase revenue with similar profit margins, in our view. Finally, we believe the company is well positioned

PORTFOLIO RESULTS

to successfully make the transition from desktop and licensing to online subscription in the future.

Conversely, we exited the Fund’s position in Xilinx, a leading programmable logic devices (“PLDs”) company. During 2014, shares of Xilinx were volatile, as the pace of wireless network build-outs in China were slower than expected and wireline capital spending in the U.S. was impacted by regulatory uncertainty. During the last months of 2014, however, the stock rallied strongly off of its lows, and we used that as an opportunity to exit the position for another semiconductor company.

We sold the Fund’s position in Microsoft during the Reporting Period. While we continue to like the stock, we decided to exit the position to fund higher conviction opportunities within the industry.

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. During this Reporting Period, some of the changes were due to the change in benchmark index. Thus, on an absolute basis, during the Reporting Period, the Fund’s exposure to the information technology sector increased somewhat and its exposure to the consumer discretionary sector decreased modestly.

How was the Fund positioned relative to its benchmark index at the end of February 2015?

At the end of February 2015, the Fund’s was underweighted relative to the S&P Technology Index in the information technology sector and was rather neutrally weighted to the S&P Technology Index in the consumer discretionary sector, the only other component of the S&P Technology Index. On the same date, the Fund had exposure to the financials and telecommunication services sectors.

FUND BASICS

Technology Tollkeeper Fund

as of February 28, 2015

LOGO


PERFORMANCE REVIEW
September 1, 2014– February 28, 2015	Fund Total Return (based on NAV)¹			S&P North American Technology Sector Index²			NASDAQ Composite Index³
Class A		7.55	%		7.70	%		8.37	%
Class C		7.16			7.70			8.37
Institutional		7.81			7.70			8.37
Service		7.48			7.70			8.37
Class IR		7.71			7.70			8.37

The S&P North American Technology Sector Index provides investors with a benchmark that represents U.S. securities classified under the GICS^® technology sector and Internet retail sub-industry.

As of December 29, 2014, the Fund’s benchmark was changed from the NASDAQ Composite Index to the S&P North American Technology Sector Index. The Investment Adviser believes that the S&P North American Technology Sector Index is a more appropriate index against which to measure performance. In connection with this benchmark change, there was no change to the investment philosophy or strategy of the Fund. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 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 RETURNS⁴
For the period ended 12/31/14	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		3.98	%		11.66	%		8.89	%		4.20	%		10/1/99
Class C		8.06			12.08			8.70			3.80			10/1/99
Institutional		10.43			13.38			9.95			5.01			10/1/99
Service		9.91			12.84			9.41			4.51			10/1/99
Class IR		10.27			N/A			N/A			12.92			9/30/10

⁴

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 C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

FUND BASICS


EXPENSE RATIOS⁵
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.47	%		1.54	%
Class C		2.22			2.29
Institutional		1.07			1.14
Service		1.57			1.64
Class IR		1.22			1.29

⁵


TOP TEN HOLDINGS AS OF 2/28/15⁶
Holding	% of Net Assets			Line of Business
Apple, Inc.		9.6	%	Computers & Peripherals
QUALCOMM, Inc.		5.1		Communications Equipment
LinkedIn Corp. Class A		4.6		Internet Software & Services
EMC Corp.		4.1		Computers & Peripherals
Oracle Corp.		3.8		Software
Google, Inc. Class A		3.7		Internet Software & Services
American Tower Corp.		3.6		Real Estate Investment Trusts
Amazon.com, Inc.		3.5		Internet & Catalog Retail
ServiceNow, Inc.		3.5		Software
SBA Communications Corp. Class A		3.5		Wireless Telecommunication Services

⁶

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁷

As of February 28, 2015

LOGO

⁷

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 Equity Investment Team and the Goldman Sachs Fundamental Equity 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 Equity Investment Team and the Goldman Sachs Value Equity Investment Team discuss the Goldman Sachs U.S. Equity Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2015 (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 6.02%, 5.63%, 6.26%, 6.18% and 5.90%, respectively. These returns compare to the 6.12% cumulative total return of the Fund’s benchmark, the Standard & Poor’s 500^® Index (the “S&P 500 Index”), during the same period.

Were there any changes to the Fund during the Reporting Period?

There were no changes to the Fund during the Reporting Period.

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

The Fund’s performance relative to the S&P 500 Index was driven primarily by stock selection overall during the Reporting Period.

Which equity market sectors most significantly affected Fund performance?

Effective stock selection in the health care and consumer staples sectors helped the Fund’s performance most relative to the S&P 500 Index. Having no exposure to the materials sector, which lagged the S&P 500 Index during the Reporting Period, also added value. Challenging stock selection in the energy, consumer discretionary and financials sectors detracted from the Fund’s relative results most during the Reporting Period.

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 natural food supermarket owner and operator Whole Foods Market, athletic footwear, apparel and equipment company Nike and wholesale club retailer Costco Wholesale.

Toward the end of the third quarter of 2014, Nike reported its fiscal first quarter 2015 revenues, earnings and profit margins, which were meaningfully ahead of consensus expectations. The company also raised its revenue and earnings outlook for its fiscal year 2015. Additionally, future orders growth accelerated in its three major regions — the

PORTFOLIO RESULTS

U.S., Western Europe and China. At the end of the Reporting Period, we continued to believe in the strength and quality of Nike’s franchise and remained positive on the company’s outlook.

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 three oil and gas exploration and production companies—Southwestern Energy, Devon Energy and Apache.

Southwestern Energy was a top detractor from the Fund’s relative performance, driven by weak natural gas prices. Despite the company’s underperformance, we believe its management has executed its strategy well and at the end of the Reporting Period, the company was attractively valued relative to its peers. Furthermore, at the end of the Reporting Period, we continued to believe that Southwestern Energy has an underappreciated resource base, specifically in the Marcellus and Fayetteville shales, and that its newly acquired assets enhance the company’s position and growth opportunities. Additionally, we remained positive on the company’s operational leverage to higher natural gas prices and encouraged by its management team’s commitment to disciplined growth, costs reductions and shareholder returns.

Low oil prices weighed negatively on Devon Energy’s shares and overshadowed the company’s strong results. Indeed, despite its underperformance, we continued to believe at the end of the Reporting Period that the value of Devon Energy’s large North American asset base was not fully recognized at its then current market price. We also remained positive on a number of actions the company has taken to unlock shareholder value. Finally, we believe Devon Energy maintains a strong balance sheet, which could help expedite the development of its oil properties going forward.

Similarly, Apache’s shares declined along with the drop in energy prices during the Reporting Period. Still, during 2014, Apache announced the sale of $1.4 billion of non-core assets and the exit of liquid natural gas projects, which consumed capital. We view these sales of non-core assets favorably, as we feel it demonstrates Apache’s commitment to focusing on its core business, which we believe has the potential to generate higher returns on investment and more predictable growth. Overall, at the end of the Reporting Period, we viewed its shares as attractively valued given Apache’s balance sheet strength, improving free cash flow generation and potential for increased shareholder distributions.

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 Walgreens Boots Alliance during the Reporting Period. Walgreens Boots Alliance is the result of a merger between Walgreens and Boots Alliance, which specializes in both retail and wholesale pharmacy. In our view, Walgreens Boots Alliance should be a formidable player in the pharmacy space, and we see meaningful revenue and cost synergies with the combined company. Boots Alliance’s management is now in charge of running the business and appears to us to be squarely focused on improving execution, profitability and creating value for shareholders. We are optimistic about the new management team’s ability to deliver. We also believe the earnings power of this franchise is underappreciated by the market, and we expect significant upside to shares over a multi-year period if its management can indeed execute on its initiatives.

We established a Fund position in media entertainment content producer Viacom. We find Viacom attractive for a number of reasons. First, Viacom is the largest cable network by viewership and has a strong position in the overall cable ecosystem. Second, Viacom has a large portion of its business that provides highly visible recurring revenues with long-term contracts and built-in escalators that bring some stability to the business and help manage the downside. Third, we believe new methods of viewership measurement rolling out in 2015 could positively benefit the company by capturing previously unmeasured viewers. Fourth, Viacom’s

PORTFOLIO RESULTS

management team has a demonstrated history of returning capital through dividends and buybacks. Lastly, at the time of purchase, we found Viacom attractively valued relative to its peers and the broader market.

Conversely, we exited the Fund’s position in pharmaceutical company Merck following strong performance. We continue to like the business but believe other ideas and peers provide a more attractive risk/reward opportunity.

Similarly, we sold the Fund’s position in media content provider Twenty-First Century Fox in favor of other opportunities that we believe have more compelling upside. We continue to like the business but believe better opportunities exist elsewhere.

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 the consumer staples, financials and telecommunication services sectors increased and its allocations to the health care, information technology and industrials sectors decreased compared to the S&P 500 Index.

How was the Fund positioned relative to its benchmark index at the end of February 2015?

At the end of February 2015, the Fund had overweighted positions relative to the S&P 500 Index in financials, consumer discretionary and consumer staples. On the same date, the Fund had underweighted positions compared to the S&P 500 Index in the health care, utilities, information technology, energy and industrials sectors and was rather neutrally weighted to the S&P 500 Index in the telecommunication services sectors. The Fund had no position at all in the materials sector on February 28, 2015.

FUND BASICS

U.S. Equity Fund

as of February 28, 2015

LOGO


PERFORMANCE REVIEW
September 1, 2014–February 28, 2015	Fund Total Return (based on NAV)¹			S&P 500^® Index²
Class A		6.02	%		6.12	%
Class C		5.63			6.12
Institutional		6.26			6.12
Class IR		6.18			6.12
Class R		5.90			6.12

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 12/31/14	One Year			Five Years			Since Inception			Inception Date
Class A		6.21	%		12.35	%		12.67	%	11/30/09
Class C		10.39			12.77			13.07		11/30/09
Institutional		12.80			14.10			14.39		11/30/09
Class IR		12.66			13.92			14.21		11/30/09
Class R		12.12			13.35			13.65		11/30/09

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 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		1.22	%		3.00	%
Class C		1.97			3.74
Institutional		0.82			2.61
Class IR		0.97			2.76
Class R		1.47			3.26

⁴


TOP TEN HOLDINGS AS OF 2/28/15⁵
Holding	% of Net Assets			Line of Business
General Electric Co.		5.2	%	Industrial Conglomerates
Apple, Inc.		4.0		Computers & Peripherals
JPMorgan Chase & Co.		3.8		Commercial Banks
Pfizer, Inc.		3.6		Pharmaceuticals
Bank of America Corp.		3.5		Commercial Banks
Microsoft Corp.		3.1		Software
Prudential Financial, Inc.		2.6		Insurance
American International Group, Inc.		2.5		Insurance
Whole Foods Market, Inc.		2.5		Food & Staples Retailing
NIKE, Inc. Class B		2.5		Textiles, Apparel & Luxury Goods

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, 2015

LOGO

⁶

GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments

February 28, 2015 (Unaudited)


Shares		Description	Value
	Common Stocks – 98.2%
	Aerospace & Defense – 4.2%
	137,154	Honeywell International, Inc.	$	14,096,688
	59,601	Precision Castparts Corp.		12,891,696
	71,870	The Boeing Co.		10,841,590
	38,071	United Technologies Corp.		4,641,236

				42,471,210

	Airlines* – 0.6%
	93,473	United Continental Holdings, Inc.		6,092,570

	Auto Components – 0.8%
	140,049	BorgWarner, Inc.		8,607,412

	Automobiles* – 0.5%
	27,240	Tesla Motors, Inc.		5,538,982

	Beverages – 0.7%
	166,154	Coca-Cola Enterprises, Inc.		7,676,315

	Biotechnology – 5.3%
	88,908	Amgen, Inc.		14,022,570
	14,378	Biogen Idec, Inc.*		5,889,085
	128,712	Celgene Corp.*		15,642,369
	86,513	Cepheid, Inc.*		4,917,399
	135,466	Gilead Sciences, Inc.*		14,024,795

				54,496,218

	Chemicals – 3.8%
	56,026	Airgas, Inc.		6,567,368
	63,853	Ashland, Inc.		8,148,920
	318,285	Axalta Coating Systems Ltd.*		9,039,294
	41,903	International Flavors & Fragrances, Inc.		5,109,233
	36,251	The Sherwin-Williams Co.		10,338,785

				39,203,600

	Commercial Banks – 0.9%
	161,533	First Republic Bank		9,207,381

	Communications Equipment – 1.6%
	228,624	QUALCOMM, Inc.		16,577,526

	Computers & Peripherals – 8.2%
	555,185	Apple, Inc.		71,319,065
	438,218	EMC Corp.		12,682,029

				84,001,094

	Construction & Engineering* – 0.3%
	100,446	Quanta Services, Inc.		2,890,836

	Consumer Finance – 1.9%
	54,850	American Express Co.		4,475,212
	335,308	Navient Corp.		7,175,591
	800,157	SLM Corp.*		7,577,487

				19,228,290

	Containers & Packaging – 0.7%
	132,455	Avery Dennison Corp.		7,092,965

	Common Stocks – (continued)
	Distributors* – 0.5%
	221,983	LKQ Corp.	$	5,455,232

	Diversified Financial Services – 1.4%
	59,376	Intercontinental Exchange, Inc.		13,974,735

	Electrical Equipment* – 1.0%
	81,451	Generac Holdings, Inc.		4,014,720
	119,107	Sensata Technologies Holding NV		6,400,810

				10,415,530


	Electronic Equipment, Instruments & Components – 0.8%
	92,625	Amphenol Corp. Class A		5,229,608
	29,078	IPG Photonics Corp.*		2,788,580

				8,018,188

	Energy Equipment & Services – 1.2%
	23,394	Baker Hughes, Inc.		1,462,359
	10,708	Cameron International Corp.*		504,133
	78,661	Halliburton Co.		3,377,703
	88,028	Schlumberger Ltd.		7,408,436

				12,752,631

	Food & Staples Retailing – 3.6%
	95,808	Costco Wholesale Corp.		14,079,944
	149,082	Walgreens Boots Alliance, Inc.		12,385,732
	188,963	Whole Foods Market, Inc.		10,674,520

				37,140,196

	Food Products – 3.0%
	93,549	Keurig Green Mountain, Inc.		11,934,982
	134,006	McCormick & Co., Inc.		10,101,372
	131,704	The Hain Celestial Group, Inc.*		8,235,451

				30,271,805

	Health Care Equipment & Supplies – 1.1%
	141,389	Abbott Laboratories		6,697,597
	10,121	Intuitive Surgical, Inc.*		5,060,500

				11,758,097

	Health Care Providers & Services – 1.1%
	49,280	McKesson Corp.		11,270,336

	Health Care Technology* – 0.8%
	120,468	Cerner Corp.		8,680,924

	Hotels, Restaurants & Leisure – 4.8%
	219,315	Hilton Worldwide Holdings, Inc.*		6,200,035
	92,317	Las Vegas Sands Corp.		5,252,837
	38,767	Panera Bread Co. Class A*		6,258,157
	148,035	Starbucks Corp.		13,839,052
	214,230	Yum! Brands, Inc.		17,376,195

				48,926,276

	Household Durables* – 0.6%
	148,426	Toll Brothers, Inc.		5,686,200


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

GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments (continued)

February 28, 2015 (Unaudited)


Shares		Description	Value
	Common Stocks – (continued)
	Household Products – 1.4%
	199,004	Colgate-Palmolive Co.	$	14,093,463

	Industrial Conglomerates – 0.7%
	82,090	Danaher Corp.		7,164,815

	Internet & Catalog Retail* – 3.0%
	42,943	Amazon.com, Inc.		16,325,211
	14,865	Netflix, Inc.		7,059,537
	6,113	The Priceline Group, Inc.		7,564,715

				30,949,463

	Internet Software & Services – 8.2%
	25,360	Demandware, Inc.*		1,602,498
	122,743	eBay, Inc.*		7,108,047
	47,398	Equinix, Inc.		10,625,447
	209,323	Facebook, Inc. Class A*		16,530,237
	26,461	Google, Inc. Class A*		14,887,753
	27,666	Google, Inc. Class C*		15,448,694
	41,026	LinkedIn Corp. Class A*		10,962,147
	44,424	Rackspace Hosting, Inc.*		2,206,540
	59,570	Twitter, Inc.*		2,864,126
	29,173	Yahoo!, Inc.*		1,291,781

				83,527,270

	IT Services – 2.8%
	89,615	Cognizant Technology Solutions Corp. Class A*		5,599,593
	25,911	Fidelity National Information Services, Inc.		1,751,325
	33,585	Fiserv, Inc.*		2,621,981
	17,638	FleetCor Technologies, Inc.*		2,706,198
	29,212	Global Payments, Inc.		2,683,414
	17,177	International Business Machines Corp.		2,781,644
	88,089	MasterCard, Inc. Class A		7,939,462
	10,959	Visa, Inc. Class A		2,973,286

				29,056,903

	Life Sciences Tools & Services – 0.4%
	107,723	Agilent Technologies, Inc.		4,546,988

	Machinery – 0.9%
	31,893	Caterpillar, Inc.		2,643,929
	44,399	Cummins, Inc.		6,314,870

				8,958,799

	Media – 4.8%
	368,364	Comcast Corp. Class A		21,873,454
	132,961	The Walt Disney Co.		13,838,581
	378,896	Twenty-First Century Fox, Inc. Class A		13,261,360

				48,973,395

	Oil, Gas & Consumable Fuels – 3.0%
	50,679	Anadarko Petroleum Corp.		4,268,692
	36,638	Cimarex Energy Co.		4,018,456
	41,401	Concho Resources, Inc.*		4,509,397
	50,481	EOG Resources, Inc.		4,529,155

	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)
	27,353	Marathon Petroleum Corp.	$	2,872,065
	42,332	Pioneer Natural Resources Co.		6,456,477
	57,581	Valero Energy Corp.		3,552,172

				30,206,414

	Pharmaceuticals – 4.2%
	202,875	AbbVie, Inc.		12,273,938
	22,007	Actavis PLC*		6,411,960
	190,278	Mylan, Inc.*		10,907,686
	56,864	Shire PLC ADR		13,755,970

				43,349,554

	Professional Services – 0.2%
	39,213	Nielsen Holdings NV		1,772,820

	Real Estate Investment Trusts – 1.3%
	132,513	American Tower Corp.		13,137,339

	*Real Estate Management & Development – 0.8%**
	233,215	CBRE Group, Inc. Class A		7,989,946

	Road & Rail – 2.4%
	129,775	Kansas City Southern		15,033,136
	320,475	Swift Transportation Co.*		9,063,033

				24,096,169

	Semiconductors & Semiconductor Equipment – 1.5%
	115,429	Applied Materials, Inc.		2,891,496
	144,573	Broadcom Corp. Class A		6,539,037
	92,614	Texas Instruments, Inc.		5,445,703

				14,876,236

	Software – 4.7%
	14,815	Adobe Systems, Inc.*		1,171,867
	33,500	Intuit, Inc.		3,270,605
	190,960	Microsoft Corp.		8,373,596
	507,088	Oracle Corp.		22,220,596
	58,846	salesforce.com, Inc.*		4,082,735
	47,489	ServiceNow, Inc.*		3,621,511
	16,519	Splunk, Inc.*		1,110,903
	20,597	Tableau Software, Inc. Class A*		1,936,324
	23,004	VMware, Inc. Class A*		1,956,950

				47,745,087

	Specialty Retail – 3.9%
	50,764	Advance Auto Parts, Inc.		7,864,866
	82,752	L Brands, Inc.		7,601,599
	148,449	The Home Depot, Inc.		17,034,523
	50,657	Ulta Salon, Cosmetics & Fragrance, Inc.*		7,130,479

				39,631,467

	Textiles, Apparel & Luxury Goods – 3.2%
	378,549	Kate Spade & Co.*		13,041,013
	105,718	NIKE, Inc. Class B		10,267,332
	83,664	PVH Corp.		8,912,726

				32,221,071


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

GOLDMAN SACHS CAPITAL GROWTH FUND


Shares		Description	Value
	Common Stocks – (continued)
	Tobacco – 1.4%
	170,441	Philip Morris International, Inc.	$	14,139,785

	TOTAL COMMON STOCKS
	(Cost $708,375,219)		$	1,003,871,533


Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment^(a) – 1.4%
	Repurchase Agreement – 1.4%
	Joint Repurchase Agreement Account II
$	14,300,000		0.081	%		03/02/15	$	14,300,000
	(Cost $14,300,000)

	TOTAL INVESTMENTS – 99.6%
	(Cost $722,675,219)						$	1,018,171,533

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.4%							4,334,410

	NET ASSETS – 100.0%						$	1,022,505,943


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 27, 2015. Additional information appears on page 79.



Investment Abbreviation:
ADR		—American Depositary Receipt


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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Schedule of Investments

February 28, 2015 (Unaudited)


Shares		Description	Value
	Common Stocks – 98.7%
	Aerospace & Defense – 4.9%
	46,475	Honeywell International, Inc.	$	4,776,701
	20,661	Precision Castparts Corp.		4,468,974

				9,245,675

	Auto Components – 1.5%
	46,250	BorgWarner, Inc.		2,842,525

	Biotechnology* – 2.5%
	11,338	Biogen Idec, Inc.		4,643,931

	Chemicals – 1.3%
	8,589	The Sherwin-Williams Co.		2,449,583

	Communications Equipment – 2.3%
	58,289	QUALCOMM, Inc.		4,226,535

	Computers & Peripherals – 9.7%
	101,897	Apple, Inc.		13,089,688
	175,323	EMC Corp.		5,073,848

				18,163,536

	Consumer Finance* – 2.0%
	401,597	SLM Corp.		3,803,124

	Diversified Financial Services – 2.9%
	23,143	Intercontinental Exchange, Inc.		5,446,937

	Energy Equipment & Services – 1.7%
	72,492	Halliburton Co.		3,112,806

	Food & Staples Retailing – 8.2%
	43,618	Costco Wholesale Corp.		6,410,102
	45,652	Walgreens Boots Alliance, Inc.		3,792,768
	89,088	Whole Foods Market, Inc.		5,032,581

				15,235,451

	Food Products – 1.8%
	43,384	McCormick & Co., Inc.		3,270,286

	Health Care Equipment & Supplies – 2.3%
	90,032	Abbott Laboratories		4,264,816

	Health Care Providers & Services – 2.8%
	22,838	McKesson Corp.		5,223,051

	Health Care Technology* – 1.9%
	48,307	Cerner Corp.		3,481,002

	Hotels, Restaurants & Leisure – 2.6%
	60,912	Yum! Brands, Inc.		4,940,572

	Household Products – 1.6%
	42,553	Colgate-Palmolive Co.		3,013,603

	Industrial Conglomerates – 1.7%
	37,330	Danaher Corp.		3,258,162

	Common Stocks – (continued)
	Internet & Catalog Retail* – 6.3%
	16,702	Amazon.com, Inc.	$	6,349,432
	4,331	The Priceline Group, Inc.		5,359,526

				11,708,958

	Internet Software & Services – 10.0%
	23,528	Equinix, Inc.		5,274,389
	9,611	Google, Inc. Class A*		5,407,437
	5,678	Google, Inc. Class C*		3,170,595
	17,779	LinkedIn Corp. Class A*		4,750,549

				18,602,970

	IT Services – 2.7%
	14,625	FleetCor Technologies, Inc.*		2,243,914
	31,709	MasterCard, Inc. Class A		2,857,932

				5,101,846

	Media – 2.5%
	136,030	Twenty-First Century Fox, Inc. Class A		4,761,050

	Oil, Gas & Consumable Fuels – 2.0%
	43,887	Anadarko Petroleum Corp.		3,696,602

	Pharmaceuticals* – 4.4%
	12,880	Actavis PLC		3,752,717
	78,907	Mylan, Inc.		4,523,344

				8,276,061

	Real Estate Investment Trusts – 3.5%
	65,377	American Tower Corp.		6,481,476

	Real Estate Management & Development* – 1.5%
	81,245	CBRE Group, Inc. Class A		2,783,454

	Road & Rail – 2.1%
	34,059	Kansas City Southern		3,945,395

	Software – 4.4%
	113,335	Oracle Corp.		4,966,340
	42,387	ServiceNow, Inc.*		3,232,432

				8,198,772

	Specialty Retail – 1.8%
	36,012	L Brands, Inc.		3,308,062

	Textiles, Apparel & Luxury Goods – 5.8%
	65,152	Kate Spade & Co.*		2,244,487
	49,934	NIKE, Inc. Class B		4,849,590
	34,912	PVH Corp.		3,719,175

				10,813,252

	TOTAL COMMON STOCKS
	(Cost $135,889,015)		$	184,299,493


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

GOLDMAN SACHS CONCENTRATED GROWTH FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment^(a) – 1.5%
	Repurchase Agreement – 1.5%
	Joint Repurchase Agreement Account II
$	2,800,000		0.081	%		03/02/15	$	2,800,000
	(Cost $2,800,000)

	TOTAL INVESTMENTS – 100.2%
	(Cost $138,689,015)						$	187,099,493

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.2)%							(309,642	)

	NET ASSETS – 100.0%						$	186,789,851


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 27, 2015. Additional information appears on page 79.


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

GOLDMAN SACHS FLEXIBLE CAP GROWTH FUND

Schedule of Investments

February 28, 2015 (Unaudited)


Shares		Description	Value
	Common Stocks – 98.7%
	Aerospace & Defense – 1.9%
	1,763	Honeywell International, Inc.	$	181,201
	769	Precision Castparts Corp.		166,335

				347,536

	Auto Components – 0.5%
	1,507	BorgWarner, Inc.		92,620

	*Automobiles – 0.2%**
	208	Tesla Motors, Inc.		42,295

	Beverages – 0.8%
	3,173	Coca-Cola Enterprises, Inc.		146,593

	Biotechnology – 7.1%
	2,259	Alder Biopharmaceuticals, Inc.*		60,722
	1,732	Alkermes PLC*		121,673
	1,711	Amgen, Inc.		269,859
	505	Biogen Idec, Inc.*		206,843
	1,481	Celgene Corp.*		179,986
	2,457	Cepheid, Inc.*		139,656
	1,703	Gilead Sciences, Inc.*		176,311
	1,028	Medivation, Inc.*		120,821

				1,275,871

	Chemicals – 2.7%
	1,422	Airgas, Inc.		166,687
	4,600	Axalta Coating Systems Ltd.*		130,640
	841	International Flavors & Fragrances, Inc.		102,543
	296	The Sherwin-Williams Co.		84,419

				484,289

	Commercial Banks – 1.2%
	3,910	First Republic Bank		222,870

	Commercial Services & Supplies – 2.3%
	5,045	Healthcare Services Group, Inc.		169,361
	3,696	Interface, Inc.		74,622
	695	Stericycle, Inc.*		93,804
	1,666	Waste Connections, Inc.		78,252

				416,039

	Communications Equipment – 1.6%
	3,912	QUALCOMM, Inc.		283,659

	Computers & Peripherals – 7.9%
	9,143	Apple, Inc.		1,174,510
	8,488	EMC Corp.		245,642

				1,420,152

	Consumer Finance – 1.6%
	4,930	Navient Corp.		105,502
	19,321	SLM Corp.*		182,970

				288,472

	Distributors* – 0.4%
	3,228	LKQ Corp.		79,328

	Common Stocks – (continued)
	Diversified Financial Services – 1.4%
	1,035	Intercontinental Exchange, Inc.	$	243,598

	Diversified Telecommunication Services* – 0.8%
	2,693	Level 3 Communications, Inc.		145,045

	Electrical Equipment – 1.6%
	2,338	Generac Holdings, Inc.*		115,240
	714	Hubbell, Inc. Class B		81,253
	1,690	Sensata Technologies Holding NV*		90,821

				287,314

	Electronic Equipment, Instruments & Components – 0.9%
	3,031	Amphenol Corp. Class A		171,130

	Energy Equipment & Services – 1.9%
	1,141	Dril-Quip, Inc.*		82,905
	4,022	Halliburton Co.		172,705
	6,508	Weatherford International PLC*		82,586

				338,196

	Food & Staples Retailing – 4.9%
	2,121	Costco Wholesale Corp.		311,702
	3,462	Walgreens Boots Alliance, Inc.		287,623
	4,869	Whole Foods Market, Inc.		275,050

				874,375

	Food Products – 3.6%
	2,244	Freshpet, Inc.*		41,357
	1,285	Keurig Green Mountain, Inc.		163,940
	2,045	McCormick & Co., Inc.		154,152
	1,860	The Hain Celestial Group, Inc.*		116,306
	2,146	TreeHouse Foods, Inc.*		179,320

				655,075

	Health Care Equipment & Supplies – 1.4%
	3,339	Abbott Laboratories		158,169
	709	Teleflex, Inc.		86,278

				244,447

	Health Care Providers & Services – 2.5%
	1,375	Acadia Healthcare Co., Inc.*		86,941
	844	Henry Schein, Inc.*		118,202
	829	McKesson Corp.		189,592
	1,434	Surgical Care Affiliates, Inc.*		46,577

				441,312

	Health Care Technology* – 1.0%
	1,454	Cerner Corp.		104,775
	3,830	HMS Holdings Corp.		67,178

				171,953

	Hotels, Restaurants & Leisure – 4.0%
	69	Chipotle Mexican Grill, Inc.*		45,883
	839	Panera Bread Co. Class A*		135,440
	2,433	Starbucks Corp.		227,449


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

GOLDMAN SACHS FLEXIBLE CAP GROWTH FUND


Shares		Description	Value
	Common Stocks – (continued)
	Hotels, Restaurants & Leisure – (continued)
	2,669	Yum! Brands, Inc.	$	216,482
	2,884	Zoe’s Kitchen, Inc.*		98,950

				724,204

	Household Durables* – 1.0%
	2,782	M/I Homes, Inc.		60,564
	3,328	Toll Brothers, Inc.		127,496

				188,060

	Household Products – 0.9%
	2,216	Colgate-Palmolive Co.		156,937

	Industrial Conglomerates – 0.8%
	1,570	Danaher Corp.		137,030

	Internet & Catalog Retail* – 3.1%
	796	Amazon.com, Inc.		302,608
	143	Netflix, Inc.		67,912
	146	The Priceline Group, Inc.		180,672

				551,192

	Internet Software & Services – 9.0%
	1,873	Demandware, Inc.*		118,355
	2,465	eBay, Inc.*		142,748
	1,062	Equinix, Inc.		238,074
	2,415	Facebook, Inc. Class A*		190,713
	575	Google, Inc. Class A*		323,512
	577	Google, Inc. Class C*		322,197
	777	LinkedIn Corp. Class A*		207,614
	3,203	OPOWER, Inc.*		48,109
	2,166	Pandora Media, Inc.*		32,057

				1,623,379

	IT Services – 2.4%
	1,090	Fidelity National Information Services, Inc.		73,673
	414	FleetCor Technologies, Inc.*		63,520
	669	Global Payments, Inc.		61,454
	2,493	MasterCard, Inc. Class A		224,694

				423,341

	Life Sciences Tools & Services – 0.5%
	2,121	Agilent Technologies, Inc.		89,527

	Machinery – 1.1%
	1,598	Graco, Inc.		121,096
	1,025	IDEX Corp.		79,192

				200,288

	Media – 2.1%
	3,415	Comcast Corp. Class A		202,783
	5,113	Twenty-First Century Fox, Inc. Class A		178,955

				381,738

	Multiline Retail* – 0.7%
	2,238	Burlington Stores, Inc.		124,366

	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – 0.6%
	1,242	Anadarko Petroleum Corp.	$	104,614

	Pharmaceuticals – 2.4%
	1,509	AbbVie, Inc.		91,295
	3,576	Mylan, Inc.*		204,994
	563	Shire PLC ADR		136,195

				432,484

	Professional Services* – 0.5%
	2,512	TriNet Group, Inc.		91,286

	Real Estate Investment Trusts – 0.8%
	1,427	American Tower Corp.		141,473

	Real Estate Management & Development* – 0.8%
	4,038	CBRE Group, Inc. Class A		138,342

	Road & Rail – 1.9%
	1,358	Kansas City Southern		157,311
	3,118	Roadrunner Transportation Systems, Inc.*		80,039
	3,534	Swift Transportation Co.*		99,941

				337,291

	Semiconductors & Semiconductor Equipment – 0.7%
	3,000	Broadcom Corp. Class A		135,690

	Software – 6.4%
	2,480	Guidewire Software, Inc.*		138,037
	780	Intuit, Inc.		76,151
	8,426	Mavenir Systems, Inc.*		122,767
	6,830	Oracle Corp.		299,291
	2,626	Red Hat, Inc.*		181,509
	1,708	ServiceNow, Inc.*		130,252
	1,423	Splunk, Inc.*		95,697
	1,033	Tableau Software, Inc. Class A*		97,112

				1,140,816

	Specialty Retail – 4.6%
	940	Advance Auto Parts, Inc.		145,634
	3,209	Five Below, Inc.*		101,838
	1,384	L Brands, Inc.		127,134
	1,196	Restoration Hardware Holdings, Inc.*		105,368
	2,037	The Home Depot, Inc.		233,746
	806	Ulta Salon, Cosmetics & Fragrance, Inc.*		113,452

				827,172

	Textiles, Apparel & Luxury Goods – 4.5%
	6,999	Kate Spade & Co.*		241,116
	3,102	NIKE, Inc. Class B		301,266
	1,478	PVH Corp.		157,451
	1,325	Under Armour, Inc. Class A*		102,038

				801,871

	Trading Companies & Distributors – 0.4%
	286	W.W. Grainger, Inc.		67,756


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

GOLDMAN SACHS FLEXIBLE CAP GROWTH FUND

Schedule of Investments (continued)

February 28, 2015 (Unaudited)


Shares		Description	Value
	Common Stocks – (continued)
	*Wireless Telecommunication Services – 1.3%**
	1,812	SBA Communications Corp. Class A	$	225,974

	TOTAL COMMON STOCKS
	(Cost $12,704,577)		$	17,717,000


Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment^(a) – 1.7%
	Repurchase Agreement – 1.7%
	Joint Repurchase Agreement Account II
$	300,000		0.081	%		03/02/15	$	300,000
	(Cost $300,000)

	TOTAL INVESTMENTS – 100.4%
	(Cost $13,004,577)						$	18,017,000

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.4)%							(73,704	)

	NET ASSETS – 100.0%						$	17,943,296


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 27, 2015. Additional information appears on page 79.



Investment Abbreviation:
ADR—		-American Depositary Receipt


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

GOLDMAN SACHS FOCUSED GROWTH FUND

Schedule of Investments

February 28, 2015 (Unaudited)


Shares		Description	Value
	Common Stocks – 98.3%
	Communications Equipment – 3.0%
	13,921	QUALCOMM, Inc.	$	1,009,412

	Computers & Peripherals – 13.1%
	21,398	Apple, Inc.		2,748,787
	56,070	EMC Corp.		1,622,666

				4,371,453

	Consumer Finance – 5.1%
	31,278	Navient Corp.		669,349
	109,007	SLM Corp.*		1,032,296

				1,701,645

	Diversified Financial Services – 4.8%
	6,809	Intercontinental Exchange, Inc.		1,602,566

	Food & Staples Retailing – 12.5%
	10,659	Costco Wholesale Corp.		1,566,447
	12,170	Walgreens Boots Alliance, Inc.		1,011,084
	28,001	Whole Foods Market, Inc.		1,581,776

				4,159,307

	Health Care Equipment & Supplies – 4.3%
	30,061	Abbott Laboratories		1,423,990

	Hotels, Restaurants & Leisure – 4.5%
	18,552	Yum! Brands, Inc.		1,504,753

	*Internet & Catalog Retail – 9.2%**
	4,059	Amazon.com, Inc.		1,543,069
	1,220	The Priceline Group, Inc.		1,509,726

				3,052,795

	Internet Software & Services – 13.8%
	6,836	Equinix, Inc.		1,532,460
	3,307	Google, Inc. Class A*		1,860,618
	4,440	LinkedIn Corp. Class A*		1,186,368

				4,579,446

	Oil, Gas & Consumable Fuels – 2.8%
	11,102	Anadarko Petroleum Corp.		935,121

	Pharmaceuticals* – 4.5%
	26,031	Mylan, Inc.		1,492,227

	Real Estate Investment Trusts – 4.8%
	16,223	American Tower Corp.		1,608,348

	Road & Rail – 4.3%
	12,354	Kansas City Southern		1,431,087

	Textiles, Apparel & Luxury Goods – 11.6%
	31,216	Kate Spade & Co.*		1,075,391
	14,035	NIKE, Inc. Class B		1,363,079
	13,259	PVH Corp.		1,412,482

				3,850,952

	TOTAL COMMON STOCKS
	(Cost $28,785,606)		$	32,723,102


Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment^(a) – 1.8%
	Repurchase Agreement – 1.8%
	Joint Repurchase Agreement Account II
$	600,000		0.081	%		03/02/15	$	600,000
	(Cost $600,000)

	TOTAL INVESTMENTS – 100.1%
	(Cost $29,385,606)						$	33,323,102

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%							(35,082	)

	NET ASSETS – 100.0%						$	33,288,020


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 27, 2015. Additional information appears on page 79.


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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Schedule of Investments

February 28, 2015 (Unaudited)


Shares		Description	Value
	Common Stocks – 98.2%
	Auto Components – 1.7%
	1,486,925	BorgWarner, Inc.	$	91,386,411

	Automobiles* – 0.9%
	231,257	Tesla Motors, Inc.		47,023,798

	Beverages – 1.1%
	1,298,279	Coca-Cola Enterprises, Inc.		59,980,490

	Biotechnology* – 4.5%
	894,947	Alkermes PLC		62,870,027
	1,277,407	Cepheid, Inc.		72,607,814
	512,312	Medivation, Inc.		60,212,029
	356,482	Vertex Pharmaceuticals, Inc.		42,574,645

				238,264,515

	Chemicals – 5.4%
	632,797	Airgas, Inc.		74,176,464
	313,580	Ashland, Inc.		40,019,080
	1,837,929	Axalta Coating Systems Ltd.*		52,197,184
	457,953	International Flavors & Fragrances, Inc.		55,838,209
	218,161	The Sherwin-Williams Co.		62,219,517

				284,450,454

	Commercial Banks – 2.1%
	1,993,548	First Republic Bank		113,632,236

	Consumer Finance – 2.6%
	3,929,107	Navient Corp.		84,082,890
	5,439,533	SLM Corp.*		51,512,377

				135,595,267

	Distributors* – 1.3%
	2,836,704	LKQ Corp.		69,712,001

	Diversified Financial Services – 2.6%
	579,271	Intercontinental Exchange, Inc.		136,337,223

	Diversified Telecommunication Services* – 0.9%
	843,630	Level 3 Communications, Inc.		45,437,912

	Electrical Equipment – 5.8%
	1,442,527	AMETEK, Inc.		76,655,885
	1,512,110	Generac Holdings, Inc.*		74,531,902
	611,657	Hubbell, Inc. Class B		69,606,566
	1,584,965	Sensata Technologies Holding NV*		85,176,019

				305,970,372

	Electronic Equipment, Instruments & Components – 1.6%
	1,538,576	Amphenol Corp. Class A		86,868,001

	Energy Equipment & Services* – 2.2%
	714,275	Dril-Quip, Inc.		51,899,221
	4,983,837	Weatherford International PLC		63,244,892

				115,144,113

	Food & Staples Retailing – 2.0%
	1,908,839	Whole Foods Market, Inc.		107,830,315

	Common Stocks – (continued)
	Food Products – 6.3%
	777,988	Keurig Green Mountain, Inc.	$	99,255,709
	1,195,712	McCormick & Co., Inc.		90,132,771
	1,012,547	The Hain Celestial Group, Inc.*		63,314,564
	941,693	TreeHouse Foods, Inc.*		78,687,867

				331,390,911

	Health Care Equipment & Supplies – 2.2%
	119,541	Intuitive Surgical, Inc.*		59,770,500
	448,345	Teleflex, Inc.		54,559,103

				114,329,603

	Health Care Providers & Services – 1.8%
	300,050	Cardinal Health, Inc.		26,401,400
	478,463	Henry Schein, Inc.*		67,008,743

				93,410,143

	Health Care Technology* – 2.1%
	884,072	Cerner Corp.		63,706,228
	2,800,600	HMS Holdings Corp.		49,122,524

				112,828,752

	Hotels, Restaurants & Leisure* – 2.6%
	74,937	Chipotle Mexican Grill, Inc.		49,830,857
	537,799	Panera Bread Co. Class A		86,816,893

				136,647,750

	Household Durables* – 1.1%
	1,556,800	Toll Brothers, Inc.		59,641,008

	Internet & Catalog Retail* – 2.2%
	173,694	Netflix, Inc.		82,489,017
	391,715	TripAdvisor, Inc.		34,960,564

				117,449,581

	Internet Software & Services – 5.3%
	474,002	Equinix, Inc.		106,259,398
	423,450	LinkedIn Corp. Class A*		113,145,840
	1,334,880	Pandora Media, Inc.*		19,756,224
	876,623	Twitter, Inc.*		42,148,034

				281,309,496

	IT Services – 2.9%
	832,925	Fidelity National Information Services, Inc.		56,297,401
	457,276	FleetCor Technologies, Inc.*		70,159,856
	286,038	Global Payments, Inc.		26,275,451

				152,732,708

	Life Sciences Tools & Services – 1.8%
	1,045,244	Agilent Technologies, Inc.		44,119,749
	168,566	Mettler-Toledo International, Inc.*		52,958,380

				97,078,129


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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND


Shares		Description	Value
	Common Stocks – (continued)
	Machinery – 2.8%
	955,298	Flowserve Corp.	$	59,352,665
	1,145,179	Graco, Inc.		86,781,664

				146,134,329

	Multiline Retail* – 1.0%
	986,913	Burlington Stores, Inc.		54,842,755

	Oil, Gas & Consumable Fuels – 1.8%
	617,711	Pioneer Natural Resources Co.		94,213,282

	Pharmaceuticals* – 2.4%
	2,223,412	Mylan, Inc.		127,457,093

	Real Estate Management & Development* – 1.2%
	1,843,910	CBRE Group, Inc. Class A		63,172,357

	Road & Rail – 2.0%
	907,036	Kansas City Southern		105,071,050

	Semiconductors & Semiconductor Equipment – 1.0%
	1,192,458	Broadcom Corp. Class A		53,934,875

	Software – 5.3%
	1,157,475	Guidewire Software, Inc.*		64,425,059
	580,661	Intuit, Inc.		56,689,934
	1,148,319	Red Hat, Inc.*		79,371,809
	1,014,913	ServiceNow, Inc.*		77,397,265

				277,884,067

	Specialty Retail – 6.5%
	607,532	Advance Auto Parts, Inc.		94,124,933
	1,845,757	Five Below, Inc.*		58,575,098
	574,948	L Brands, Inc.		52,814,723
	506,118	Restoration Hardware Holdings, Inc.*		44,588,996
	676,147	Ulta Salon, Cosmetics & Fragrance, Inc.*		95,174,452

				345,278,202

	Textiles, Apparel & Luxury Goods – 6.9%
	3,368,158	Kate Spade & Co.*		116,033,043
	875,874	PVH Corp.		93,306,857
	870,690	Under Armour, Inc. Class A*		67,051,837
	1,173,112	VF Corp.		89,930,766

				366,322,503

	Trading Companies & Distributors – 2.2%
	498,655	W.W. Grainger, Inc.		118,136,356

	Wireless Telecommunication Services* – 2.1%
	902,211	SBA Communications Corp. Class A		112,514,734

	TOTAL COMMON STOCKS
	(Cost $4,002,595,954)		$	5,199,412,792


	Investment Company^(a) – 2.7%
	142,354,684	Goldman Sachs Financial Square Government Fund – Instiutional Shares	$	142,354,684
	(Cost $142,354,684)

	TOTAL INVESTMENTS – 100.9%
	(Cost $4,144,950,638)		$	5,341,767,476

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.9)%			(46,514,945	)

	NET ASSETS – 100.0%		$	5,295,252,531


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 Fund.


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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Schedule of Investments

February 28, 2015 (Unaudited)


Shares		Description	Value
	Common Stocks – 98.2%
	Aerospace & Defense* – 0.7%
	598,881	Aerovironment, Inc.	$	16,415,328

	Auto Components – 0.9%
	391,037	BorgWarner, Inc.		24,033,134

	Biotechnology* – 8.2%
	1,023,072	Achillion Pharmaceuticals, Inc.		12,420,094
	326,655	Alder Biopharmaceuticals, Inc.		8,780,487
	481,704	Alkermes PLC		33,839,706
	887,465	Amicus Therapeutics, Inc.		7,774,193
	170,014	Bluebird Bio, Inc.		16,205,735
	575,983	Cepheid, Inc.		32,738,874
	206,192	Clovis Oncology, Inc.		15,765,440
	213,390	Forward Pharma A/S ADR		4,967,719
	267,820	Medivation, Inc.		31,476,885
	196,736	Ophthotech Corp.		10,571,609
	207,088	Otonomy, Inc.		7,678,823
	412,260	Stemline Therapeutics, Inc.		6,262,229
	99,889	Synageva BioPharma Corp.		9,862,041
	170,222	Ultragenyx Pharmaceutical, Inc.		9,237,948

				207,581,783

	Chemicals – 4.1%
	265,666	Airgas, Inc.		31,141,369
	150,279	Ashland, Inc.		19,178,606
	1,133,975	Axalta Coating Systems Ltd.*		32,204,890
	183,013	International Flavors & Fragrances, Inc.		22,314,775

				104,839,640

	Commercial Banks – 4.3%
	1,053,229	Eagle Bancorp, Inc.*		39,127,458
	906,431	First Republic Bank		51,666,567
	519,933	Independent Bank Group, Inc.		18,753,983

				109,548,008

	Commercial Services & Supplies – 4.0%
	1,502,902	Healthcare Services Group, Inc.		50,452,420
	1,208,786	Interface, Inc.		24,405,389
	73,395	Stericycle, Inc.*		9,906,123
	379,919	Waste Connections, Inc.		17,844,796

				102,608,728

	*Computers & Peripherals – 1.6%**
	1,013,720	Electronics for Imaging, Inc.		41,157,032

	Consumer Finance – 2.8%
	1,961,927	Navient Corp.		41,985,238
	3,001,125	SLM Corp.*		28,420,654

				70,405,892

	Containers & Packaging – 0.8%
	389,481	Avery Dennison Corp.		20,856,708

	Distributors* – 1.2%
	1,265,073	LKQ Corp.		31,089,169

	*Diversified Telecommunication Services – 1.0%**
	475,361	Level 3 Communications, Inc.		25,602,943

	Common Stocks – (continued)
	Electrical Equipment – 3.9%
	667,317	Generac Holdings, Inc.*	$	32,892,055
	295,755	Hubbell, Inc. Class B		33,656,919
	631,281	Sensata Technologies Holding NV*		33,925,041

				100,474,015

	Electronic Equipment, Instruments & Components – 2.2%
	572,249	Amphenol Corp. Class A		32,309,178
	251,521	IPG Photonics Corp.*		24,120,864

				56,430,042

	Energy Equipment & Services* – 1.6%
	414,631	Dril-Quip, Inc.		30,127,089
	736,070	Weatherford International PLC		9,340,728

				39,467,817

	Food & Staples Retailing* – 1.4%
	930,820	Sprouts Farmers Market, Inc.		34,263,484

	Food Products – 4.7%
	480,223	Freshpet, Inc.*		8,850,510
	427,374	McCormick & Co., Inc.		32,215,452
	647,697	The Hain Celestial Group, Inc.*		40,500,493
	455,375	TreeHouse Foods, Inc.*		38,051,135

				119,617,590

	Health Care Equipment & Supplies – 2.7%
	421,625	DexCom, Inc.*		25,609,503
	218,725	Teleflex, Inc.		26,616,645
	671,585	Tornier NV*		16,413,537

				68,639,685

	Health Care Providers & Services* – 3.8%
	465,222	Acadia Healthcare Co., Inc.		29,415,987
	336,039	Adeptus Health, Inc. Class A		14,903,330
	168,326	Henry Schein, Inc.		23,574,056
	160,680	MEDNAX, Inc.		11,483,800
	565,551	Surgical Care Affiliates, Inc.		18,369,096

				97,746,269

	Health Care Technology* – 1.1%
	1,517,463	HMS Holdings Corp.		26,616,301

	Hotels, Restaurants & Leisure – 4.4%
	652,619	Bloomin’ Brands, Inc.*		16,811,465
	646,613	Chuy’s Holdings, Inc.*		14,529,394
	248,695	Jack in the Box, Inc.		24,046,320
	244,985	Panera Bread Co. Class A*		39,547,929
	10,915	Shake Shack, Inc. Class A*		470,982
	474,671	Zoe’s Kitchen, Inc.*		16,285,962

				111,692,052

	Household Durables*^(a) – 1.1%
	1,283,071	M/I Homes, Inc.		27,932,456

	Internet Software & Services – 3.3%
	355,756	Demandware, Inc.*		22,480,222
	186,203	Equinix, Inc.		41,742,058


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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND


Shares		Description	Value
	Common Stocks – (continued)
	Internet Software & Services – (continued)
	547,114	OPOWER, Inc.*	$	8,217,652
	850,599	Pandora Media, Inc.*		12,588,865

				85,028,797

	IT Services – 3.6%
	887,781	EVERTEC, Inc.		18,510,234
	189,655	FleetCor Technologies, Inc.*		29,098,767
	133,145	Global Payments, Inc.		12,230,700
	992,728	InterXion Holding NV*		31,638,241

				91,477,942

	Life Sciences Tools & Services – 2.2%
	628,812	Bruker Corp.*		11,966,292
	63,398	Mettler-Toledo International, Inc.*		19,917,750
	499,703	PerkinElmer, Inc.		23,486,041

				55,370,083

	Machinery – 3.6%
	415,698	Flowserve Corp.		25,827,317
	546,526	Graco, Inc.		41,415,740
	318,120	IDEX Corp.		24,577,951

				91,821,008

	Media* – 0.4%
	144,835	AMC Networks, Inc. Class A		10,431,017
	356,277	RLJ Entertainment, Inc.		609,233

				11,040,250

	Multiline Retail* – 1.6%
	732,969	Burlington Stores, Inc.		40,731,087

	Pharmaceuticals* – 1.6%
	250,019	Aerie Pharmaceuticals, Inc.		7,030,534
	663,544	Cempra, Inc.		21,976,577
	885,667	Corium International, Inc.		6,075,676
	391,713	Revance Therapeutics, Inc.		6,286,994

				41,369,781

	Professional Services* – 1.6%
	519,321	The Advisory Board Co.		28,105,652
	375,414	TriNet Group, Inc.		13,642,545

				41,748,197

	Real Estate Management & Development* – 1.0%
	721,405	CBRE Group, Inc. Class A		24,715,335

	Road & Rail – 2.9%
	87,837	Kansas City Southern		10,175,038
	1,330,408	Roadrunner Transportation Systems, Inc.*		34,151,574
	1,024,951	Swift Transportation Co.*		28,985,614

				73,312,226

	Software* – 7.5%
	624,643	Guidewire Software, Inc.		34,767,629
	1,632,920	Mavenir Systems, Inc.^(a)		23,791,644
	267,780	NetSuite, Inc.		25,819,348

	Common Stocks – (continued)
	Software* – (continued)
	506,459	Red Hat, Inc.	$	35,006,446
	497,115	ServiceNow, Inc.		37,909,990
	311,561	Splunk, Inc.		20,952,477
	148,688	Tableau Software, Inc. Class A		13,978,159

				192,225,693

	Specialty Retail – 5.4%
	212,666	Advance Auto Parts, Inc.		32,948,344
	949,441	Five Below, Inc.*		30,130,510
	378,381	Restoration Hardware Holdings, Inc.*		33,335,366
	291,449	Ulta Salon, Cosmetics & Fragrance, Inc.*		41,024,361

				137,438,581

	Textiles, Apparel & Luxury Goods – 4.8%
	1,517,008	Kate Spade & Co.*		52,260,925
	343,520	PVH Corp.		36,595,186
	432,965	Under Armour, Inc. Class A*		33,342,635

				122,198,746

	Thrifts & Mortgage Finance* – 0.5%
	1,450,429	MGIC Investment Corp.		13,242,417

	Wireless Telecommunication Services* – 1.7%
	345,740	SBA Communications Corp. Class A		43,117,235

	TOTAL COMMON STOCKS
	(Cost $1,891,485,934)		$	2,501,855,454


Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment^(b) – 3.2%
	Repurchase Agreement – 3.2%
	Joint Repurchase Agreement Account II
$	81,400,000		0.081	%		03/02/15	$	81,400,000
	(Cost $81,400,000)

	TOTAL INVESTMENTS – 101.4%
	(Cost $1,972,885,934)						$	2,583,255,454

	LIABILITIES IN EXCESS OF OTHER ASSETS – (1.4)%							(35,003,861	)

	NET ASSETS – 100.0%						$	2,548,251,593


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 27, 2015. Additional information appears on page 79.



Investment Abbreviation:
ADR		—American Depositary Receipt


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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Schedule of Investments

February 28, 2015 (Unaudited)


Shares		Description	Value
	Common Stocks – 98.2%
	Aerospace & Defense – 3.7%
	80,915	Honeywell International, Inc.	$	8,316,444
	32,876	Precision Castparts Corp.		7,111,079

				15,427,523

	Auto Components – 0.7%
	50,438	BorgWarner, Inc.		3,099,920

	Beverages – 2.0%
	38,780	Coca-Cola Enterprises, Inc.		1,791,636
	148,371	The Coca-Cola Co.		6,424,464

				8,216,100

	Biotechnology – 4.4%
	22,380	Amgen, Inc.		3,529,774
	15,239	Biogen Idec, Inc.*		6,241,742
	39,267	Celgene Corp.*		4,772,118
	38,611	Gilead Sciences, Inc.*		3,997,397

				18,541,031

	Chemicals – 1.9%
	29,615	Airgas, Inc.		3,471,471
	15,231	The Sherwin-Williams Co.		4,343,881

				7,815,352

	Commercial Banks – 1.1%
	78,478	First Republic Bank		4,473,246

	Communications Equipment – 1.9%
	112,216	QUALCOMM, Inc.		8,136,782

	Computers & Peripherals – 8.8%
	228,498	Apple, Inc.		29,352,853
	273,538	EMC Corp.		7,916,190

				37,269,043

	Consumer Finance – 1.5%
	34,667	American Express Co.		2,828,480
	164,209	Navient Corp.		3,514,073

				6,342,553

	Diversified Financial Services – 1.9%
	33,138	Intercontinental Exchange, Inc.		7,799,360

	Energy Equipment & Services – 1.2%
	118,663	Halliburton Co.		5,095,389

	Food & Staples Retailing – 5.7%
	70,550	Costco Wholesale Corp.		10,368,028
	77,054	Walgreens Boots Alliance, Inc.		6,401,646
	131,353	Whole Foods Market, Inc.		7,420,131

				24,189,805

	Food Products – 3.8%
	26,672	Keurig Green Mountain, Inc.		3,402,814
	48,039	McCormick & Co., Inc.		3,621,180

	Common Stocks – (continued)
	Food Products – (continued)
	70,662	The Hain Celestial Group, Inc.*	$	4,418,495
	46,015	The Hershey Co.		4,775,436

				16,217,925

	Health Care Equipment & Supplies – 1.2%
	109,011	Abbott Laboratories		5,163,851

	Health Care Providers & Services – 1.6%
	30,027	McKesson Corp.		6,867,175

	Health Care Technology* – 1.2%
	72,686	Cerner Corp.		5,237,753

	Hotels, Restaurants & Leisure – 4.0%
	60,766	Las Vegas Sands Corp.		3,457,585
	64,871	Starbucks Corp.		6,064,466
	88,075	Yum! Brands, Inc.		7,143,763

				16,665,814

	Household Durables* – 0.8%
	89,443	Toll Brothers, Inc.		3,426,561

	Household Products – 1.2%
	68,451	Colgate-Palmolive Co.		4,847,700

	Industrial Conglomerates – 1.1%
	51,282	Danaher Corp.		4,475,893

	Internet & Catalog Retail* – 5.2%
	28,977	Amazon.com, Inc.		11,015,897
	8,154	Netflix, Inc.		3,872,416
	5,717	The Priceline Group, Inc.		7,074,673

				21,962,986

	Internet Software & Services – 10.7%
	82,358	eBay, Inc.*		4,769,352
	37,018	Equinix, Inc.		8,298,510
	101,738	Facebook, Inc. Class A*		8,034,250
	16,907	Google, Inc. Class A*		9,512,385
	13,945	Google, Inc. Class C*		7,786,888
	25,116	LinkedIn Corp. Class A*		6,710,995

				45,112,380

	IT Services – 3.0%
	26,822	FleetCor Technologies, Inc.*		4,115,299
	19,456	International Business Machines Corp.		3,150,705
	58,202	MasterCard, Inc. Class A		5,245,746

				12,511,750

	Life Sciences Tools & Services – 0.6%
	63,296	Agilent Technologies, Inc.		2,671,724

	Machinery – 1.3%
	16,551	Cummins, Inc.		2,354,049
	44,441	Ingersoll-Rand PLC		2,985,991

				5,340,040


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

GOLDMAN SACHS STRATEGIC GROWTH FUND


Shares		Description	Value
	Common Stocks – (continued)
	Media – 3.2%
	126,367	Comcast Corp. Class A	$	7,503,673
	174,331	Twenty-First Century Fox, Inc. Class A		6,101,585

				13,605,258

	Oil, Gas & Consumable Fuels – 2.1%
	52,883	Anadarko Petroleum Corp.		4,454,335
	29,727	Pioneer Natural Resources Co.		4,533,962

				8,988,297

	Pharmaceuticals – 4.6%
	48,939	AbbVie, Inc.		2,960,810
	22,972	Actavis PLC*		6,693,122
	121,887	Mylan, Inc.*		6,987,172
	11,546	Shire PLC ADR		2,793,093

				19,434,197

	Real Estate Investment Trusts – 2.3%
	99,545	American Tower Corp.		9,868,891

	Real Estate Management & Development* – 1.0%
	121,531	CBRE Group, Inc. Class A		4,163,652

	Road & Rail – 1.2%
	43,016	Kansas City Southern		4,982,973

	Software – 5.4%
	35,231	Intuit, Inc.		3,439,603
	123,799	Microsoft Corp.		5,428,586
	206,550	Oracle Corp.		9,051,021
	65,208	ServiceNow, Inc.*		4,972,762

				22,891,972

	Specialty Retail – 2.9%
	13,901	Advance Auto Parts, Inc.		2,153,682
	47,533	L Brands, Inc.		4,366,381
	51,057	The Home Depot, Inc.		5,858,791

				12,378,854

	Textiles, Apparel & Luxury Goods – 4.0%
	112,403	Kate Spade & Co.*		3,872,283
	86,969	NIKE, Inc. Class B		8,446,429
	43,897	PVH Corp.		4,676,348

				16,995,060

	Trading Companies & Distributors – 1.0%
	18,219	W.W. Grainger, Inc.		4,316,263

	TOTAL COMMON STOCKS
	(Cost $302,516,942)		$	414,533,073


Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment^(a) – 1.7%
	Repurchase Agreement – 1.7%
	Joint Repurchase Agreement Account II
$	7,000,000		0.081	%		03/02/15	$	7,000,000
	(Cost $7,000,000)

	TOTAL INVESTMENTS – 99.9%
	(Cost $309,516,942)						$	421,533,073

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%							553,593

	NET ASSETS – 100.0%						$	422,086,666


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		Joint repurchase agreement was entered into on February 27, 2015. Additional information appears on page 79.



Investment Abbreviation:
ADR		—American Depositary Receipt


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

GOLDMAN SACHS TECHNOLOGY TOLLKEEPER FUND

Schedule of Investments

February 28, 2015 (Unaudited)


Shares		Description	Value

	Common Stocks – 98.7%
	Automobiles* – 0.8%
	16,294	Tesla Motors, Inc.	$	3,313,222

	Communications Equipment – 5.0%
	303,283	QUALCOMM, Inc.		21,991,050

	Computers & Peripherals – 15.3%
	322,802	Apple, Inc.		41,467,145
	177,375	Electronics for Imaging, Inc.*		7,201,425
	621,507	EMC Corp.		17,986,412

				66,654,982

	Diversified Financial Services – 2.7%
	50,983	Intercontinental Exchange, Inc.		11,999,359

	Diversified Telecommunication Services* – 2.0%
	162,536	Level 3 Communications, Inc.		8,754,189

	Electronic Equipment, Instruments & Components – 3.0%
	235,423	Amphenol Corp. Class A		13,291,983

	Internet & Catalog Retail* – 5.8%
	40,072	Amazon.com, Inc.		15,233,771
	8,156	The Priceline Group, Inc.		10,092,887

				25,326,658

	Internet Software & Services – 22.1%
	95,071	Demandware, Inc.*		6,007,537
	114,015	eBay, Inc.*		6,602,609
	55,240	Equinix, Inc.		12,383,427
	150,757	Facebook, Inc. Class A*		11,905,280
	28,808	Google, Inc. Class A*		16,208,245
	25,725	Google, Inc. Class C*		14,364,840
	75,206	LinkedIn Corp. Class A*		20,095,043
	222,245	Pandora Media, Inc.*		3,289,226
	126,632	Yahoo!, Inc.*		5,607,265

				96,463,472

	IT Services – 6.7%
	178,746	Cognizant Technology Solutions Corp. Class A*		11,168,944
	87,738	Fidelity National Information Services, Inc.		5,930,212
	44,868	FleetCor Technologies, Inc.*		6,884,097
	59,526	Global Payments, Inc.		5,468,058

				29,451,311

	Real Estate Investment Trusts – 3.6%
	156,696	American Tower Corp.		15,534,841

	Semiconductors & Semiconductor Equipment – 4.5%
	345,294	Applied Materials, Inc.		8,649,615
	242,234	Broadcom Corp. Class A		10,956,244

				19,605,859

	Software – 23.7%
	145,343	Adobe Systems, Inc.*		11,496,631
	218,324	Guidewire Software, Inc.*		12,151,914
	71,357	Intuit, Inc.		6,966,584

	Common Stocks – (continued)
	Software – (continued)
	371,870	Oracle Corp.	$	16,295,344
	134,557	Red Hat, Inc.*		9,300,580
	189,187	Salesforce.com, Inc.*		13,125,794
	197,755	ServiceNow, Inc.*		15,080,796
	76,136	Splunk, Inc.*		5,120,146
	96,233	VMware, Inc. Class A*		8,186,541
	65,978	Workday, Inc. Class A*		5,641,119

				103,365,449

	Wireless Telecommunication Services* – 3.5%
	120,810	SBA Communications Corp. Class A		15,066,215

	TOTAL COMMON STOCKS
	(Cost $277,245,692)		$	430,818,590


Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment^(a) – 0.6%
	Repurchase Agreement – 0.6%
	Joint Repurchase Agreement Account II
$	2,700,000		0.081	%		03/02/15	$	2,700,000
	(Cost $2,700,000)

	TOTAL INVESTMENTS – 99.3%
	(Cost $279,945,692)						$	433,518,590

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.7%							2,865,138

	NET ASSETS – 100.0%						$	436,383,728


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 27, 2015. Additional information appears on page 79.


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

GOLDMAN SACHS U.S. EQUITY FUND

Schedule of Investments

February 28, 2015 (Unaudited)


Shares		Description	Value
	Common Stocks – 95.8%
	Aerospace & Defense – 1.5%
	1,413	The Boeing Co.	$	213,151

	Automobiles – 1.4%
	5,226	General Motors Co.		194,982

	Biotechnology* – 1.4%
	495	Biogen Idec, Inc.		202,747

	Commercial Banks – 9.1%
	31,692	Bank of America Corp.		501,051
	4,158	Citigroup, Inc.		217,962
	8,922	JPMorgan Chase & Co.		546,740
	1,114	SunTrust Banks, Inc.		45,674

				1,311,427

	Communications Equipment – 1.6%
	3,176	QUALCOMM, Inc.		230,292

	Computers & Peripherals – 6.0%
	4,506	Apple, Inc.		578,841
	9,962	EMC Corp.		288,300

				867,141

	Diversified Financial Services – 2.2%
	1,323	Intercontinental Exchange, Inc.		311,381

	Diversified Telecommunication Services – 2.1%
	5,991	Verizon Communications, Inc.		296,255

	Electric Utilities – 1.4%
	5,895	FirstEnergy Corp.		206,207

	Food & Staples Retailing – 7.3%
	1,958	Costco Wholesale Corp.		287,748
	1,233	Wal-Mart Stores, Inc.		103,486
	3,588	Walgreens Boots Alliance, Inc.		298,091
	6,493	Whole Foods Market, Inc.		366,789

				1,056,114

	Food Products – 2.6%
	5,483	ConAgra Foods, Inc.		191,795
	2,421	McCormick & Co., Inc.		182,495

				374,290

	Health Care Equipment & Supplies – 2.1%
	6,288	Abbott Laboratories		297,863

	Health Care Providers & Services – 1.8%
	1,124	McKesson Corp.		257,059

	Hotels, Restaurants & Leisure – 3.4%
	2,103	Starbucks Corp.		196,599
	3,553	Yum! Brands, Inc.		288,184

				484,783

	Household Products – 1.6%
	3,251	Colgate-Palmolive Co.		230,236

	Industrial Conglomerates – 5.2%
	28,731	General Electric Co.		746,719

	Common Stocks – (continued)
	Insurance – 7.2%
	2,242	Aflac, Inc.	$	139,564
	6,633	American International Group, Inc.		367,004
	4,675	Prudential Financial, Inc.		377,974
	3,784	The Hartford Financial Services Group, Inc.		154,993


				1,039,535

	*Internet & Catalog Retail – 2.1%**
	802	Amazon.com, Inc.		304,888

	Internet Software & Services – 6.8%
	3,724	eBay, Inc.*		215,657
	682	Equinix, Inc.		152,887
	444	Google, Inc. Class A*		249,808
	308	Google, Inc. Class C*		171,987
	721	LinkedIn Corp. Class A*		192,651


				982,990

	Media – 2.0%
	4,208	Viacom, Inc. Class B		294,307

	Oil, Gas & Consumable Fuels – 6.8%
	2,210	Apache Corp.		145,506
	5,564	Devon Energy Corp.		342,687
	1,637	Exxon Mobil Corp.		144,940
	13,694	Southwestern Energy Co.*		343,446


				976,579

	Pharmaceuticals – 5.8%
	5,728	Mylan, Inc.*		328,358
	14,894	Pfizer, Inc.		511,162


				839,520

	Real Estate Investment Trusts – 2.1%
	3,039	American Tower Corp.		301,286

	Road & Rail – 2.4%
	6,314	Hertz Global Holdings, Inc.*		145,664
	1,761	Kansas City Southern		203,994


				349,658

	Software – 4.0%
	10,094	Microsoft Corp.		442,622
	1,710	ServiceNow, Inc.*		130,404

				573,026

	Specialty Retail – 2.3%
	8,083	The Gap, Inc.		336,253

	Textiles, Apparel & Luxury Goods – 3.6%
	3,774	NIKE, Inc. Class B		366,531
	1,417	PVH Corp.		150,953


				517,484

	TOTAL COMMON STOCKS
	(Cost $11,142,455)		$	13,796,173


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

GOLDMAN SACHS U.S. EQUITY FUND

Schedule of Investments (continued)

February 28, 2015 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment^(a) – 3.5%
	Repurchase Agreement – 3.5%
	Joint Repurchase Agreement Account II
$	500,000		0.081	%		03/02/15	$	500,000
	(Cost $500,000)

	TOTAL INVESTMENTS – 99.3%
	(Cost $11,642,455)						$	14,296,173

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.7%							100,182

	NET ASSETS – 100.0%						$	14,396,355


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 27, 2015. Additional information appears on page 79.


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Schedule of Investments

February 28, 2015 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II — At February 28, 2015, certain Funds had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of March 2, 2015, as follows:


Fund	Principal Amount		Maturity Value		Collateral Allocation Value
Capital Growth	$	14,300,000	$	14,300,097	$	14,586,001
Concentrated Growth		2,800,000		2,800,019		2,856,000
Flexible Cap Growth		300,000		300,002		306,000
Focused Growth		600,000		600,004		612,000
Small/Mid Cap Growth		81,400,000		81,400,552		83,028,008
Strategic Growth		7,000,000		7,000,047		7,140,001
Technology Tollkeeper		2,700,000		2,700,018		2,754,000
U.S. Equity		500,000		500,003		510,000

REPURCHASE AGREEMENTS — At February 28, 2015, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account II were as follows:


Counterparty	Interest Rate			Capital Growth		Concentrated Growth		Flexible Cap Growth		Focused Growth		Small/Mid Cap Growth		Strategic Growth		Technology Tollkeeper		U.S. Equity
BNP Paribas Securities Co.		0.090	%	$	5,760,709	$	1,127,971	$	120,854	$	241,708	$	32,791,728	$	2,819,927	$	1,087,687	$	201,423
Citigroup Global Markets, Inc.		0.080			4,800,591		939,976		100,712		201,423		27,326,440		2,349,940		906,405		167,853
Merrill Lynch & Co., Inc.		0.070			3,738,700		732,053		78,434		156,869		21,281,832		1,830,133		705,908		130,724
TOTAL				$	14,300,000	$	2,800,000	$	300,000	$	600,000	$	81,400,000	$	7,000,000	$	2,700,000	$	500,000

At February 28, 2015, the Joint Repurchase Agreement Account II was fully collateralized by:


Issuer	Interest Rates		Maturity Dates
Federal Home Loan Mortgage Corp.		3.000% to 4.500%		11/01/29 to 06/01/43
Federal National Mortgage Association		3.000 to 5.000		10/01/25 to 11/01/44
Government National Mortgage Association		3.000 to 6.000		11/15/34 to 09/20/44
United States Treasury Stripped Securities		0.000		02/15/35 to 11/15/41
United States Treasury Note		1.625		03/31/19


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Assets and Liabilities

February 28, 2015 (Unaudited)


	Capital Growth Fund
Assets:
Investments of unaffiliated issuers, at value (cost $722,675,219, $138,689,015, $13,004,577, $29,385,606, $4,002,595,954, $1,925,395,558, $309,516,942, $279,945,692 and $11,642,455)	$	1,018,171,533
Investments of affiliated issuers, at value (cost $0, $0, $0, $0, $142,354,684, $47,490,376, $0, $0 and $0)		—
Cash		64,004
Receivables:
Investments sold		17,654,931
Dividends and interest		804,537
Fund shares sold		414,985
Foreign tax reclaims		102,146
Reimbursement from investment adviser		7,633
Other assets		11,950
Total assets		1,037,231,719

Liabilities:
Payables:
Investments purchased		13,031,990
Fund shares redeemed		650,249
Management fees		545,282
Distribution and Service fees and Transfer Agent fee		330,133
Accrued expenses		168,122
Total liabilities		14,725,776

Net Assets:
Paid-in capital		698,899,105
Undistributed (distributions in excess of) net investment income (loss)		490,410
Accumulated net realized gain		27,620,114
Net unrealized gain		295,496,314
NET ASSETS	$	1,022,505,943
Net Assets:
Class A	$	745,272,864
Class C		84,997,018
Institutional		184,147,615
Service		1,121,557
Class IR		3,336,352
Class R		3,630,537
Total Net Assets	$	1,022,505,943
Shares Outstanding $0.001 par value (unlimited shares authorized):
Class A		28,308,958
Class C		4,034,859
Institutional		6,481,986
Service		43,787
Class IR		125,527
Class R		141,184
Net asset value, offering and redemption price per share:^(a)
Class A		$26.33
Class C		21.07
Institutional		28.41
Service		25.61
Class IR		26.58
Class R		25.71

(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 $27.86, $18.14, $13.15, $16.03, $27.04, $22.29, $13.24, $19.95 and $15.81, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS


Concentrated Growth Fund		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

$	187,099,493	$	18,017,000		$	33,323,102	$	5,199,412,792		$	2,531,531,354		$	421,533,073	$	433,518,590		$	14,296,173
	—		—			—		142,354,684			51,724,100			—		—			—
	65,687		19,040			9,791		1,412,968			521,199			33,027		1,541			89,222

	3,871,533		—			—		—			3,933,749			—		6,370,440			670,578
	162,040		13,271			8,537		3,009,571			697,860			389,646		69,384			28,508
	17,583		—			—		7,855,999			6,634,270			1,288,643		400,195			40,000
	13,243		—			—		—			—			31,343		—			233
	1,999		1,892			20,704		—			—			945		15,004			—
	1,327		3,560			2,989		24,559			9,376			1,991		2,052			3,296
	191,232,905		18,054,763			33,365,123		5,354,070,573			2,595,051,908			423,278,668		440,377,206			15,128,010



	4,187,228		—			—		46,053,717			40,070,188			569,376		1,356,848			618,668
	67,230		49,013			—		8,092,915			4,313,557			247,508		2,015,280			25,548
	109,311		10,444			19,634		3,566,419			1,604,908			228,213		330,136			7,633
	11,312		4,237			1,072		709,497			570,280			40,259		143,042			2,410
	67,973		47,773			56,397		395,494			241,382			106,646		148,172			77,396
	4,443,054		111,467			77,103		58,818,042			46,800,315			1,192,002		3,993,478			731,655


	130,768,787		12,490,952			28,558,472		3,906,549,011			1,923,673,745			296,970,141		268,281,657			11,068,778
	243,003		(25,236	)		38,558		(7,945,815	)		(17,483,584	)		818,872		(3,878,480	)		33,217
	7,367,583		465,157			753,494		199,832,497			31,691,912			12,281,522		18,407,653			640,642
	48,410,478		5,012,423			3,937,496		1,196,816,838			610,369,520			112,016,131		153,572,898			2,653,718
$	186,789,851	$	17,943,296		$	33,288,020	$	5,295,252,531		$	2,548,251,593		$	422,086,666	$	436,383,728		$	14,396,355

$	8,017,806	$	7,086,595		$	62,146	$	1,071,347,337		$	827,786,509		$	48,919,026	$	263,247,570		$	4,896,247
	3,822,151		1,729,281			56,491		189,379,666			246,297,491			12,209,846		59,420,619			446,827
	174,511,182		8,726,088			33,134,504		3,718,735,809			1,236,388,787			359,652,210		98,594,961			8,704,663
	—		—			—		57,016,933			10,645,391			197,310		11,864,568			—
	422,908		368,134			17,575		170,799,971			190,965,145			1,051,950		3,256,010			229,730
	15,804		33,198			17,304		87,972,815			36,168,270			56,324		—			118,888
$	186,789,851	$	17,943,296		$	33,288,020	$	5,295,252,531		$	2,548,251,593		$	422,086,666	$	436,383,728		$	14,396,355

	467,721		570,203			4,102		41,931,486			39,305,733			3,910,578		13,961,896			327,772
	253,955		150,009			3,808		9,288,336			12,880,522			1,139,340		3,584,862			30,583
	9,707,086		673,146			2,170,542		130,159,833			56,204,470			27,263,286		4,886,525			580,071
	—		—			—		2,300,415			514,335			15,826		637,494			—
	24,401		28,765			1,152		6,507,027			8,869,305			79,705		162,551			15,328
	941		2,732			1,147		3,532,091			1,754,557			4,541		—			7,970

	$17.14		$12.43			$15.15		$25.55			$21.06			$12.51		$18.85			$14.94
	15.05		11.53			14.84		20.39			19.12			10.72		16.58			14.61
	17.98		12.96			15.27		28.57			22.00			13.19		20.18			15.01
	—		—			—		24.79			20.70			12.47		18.61			—
	17.33		12.80			15.25		26.25			21.53			13.20		20.03			14.99
	16.79		12.15			15.09		24.91			20.61			12.40		—			14.92


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Operations

For the Six Months Ended February 28, 2015 (Unaudited)


	Capital Growth Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $1,496, $0, $0, $0, $25,411, $10,810, $0, $0 and $0)	$	6,085,927
Dividends — affiliated issuers		—
Interest		5,166
Total investment income		6,091,093

Expenses:
Management fees		4,778,598
Distribution and Service fees^(a)		1,318,807
Transfer Agent fees^(a)		787,806
Printing and mailing costs		94,947
Custody, accounting and administrative services		58,685
Registration fees		46,590
Professional fees		33,967
Trustee fees		12,366
Service Share fees — Shareholder Administration Plan		1,408
Service Share fees — Service Plan		1,408
Other		13,890
Total expenses		7,148,472
Less — expense reductions		(1,626,609	)
Net expenses		5,521,863
NET INVESTMENT INCOME (LOSS)		569,230

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers (including commission recapture of $19,300, $4,721, $135, $591, $164,264, $0, $814, $4,008 and $296)		63,619,946
Investments — affiliated issuers		—
Foreign currency transactions		(2,060	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		26,569,703
Investments — affiliated issuers		—
Foreign currency translations		(105	)
Net realized and unrealized gain		90,187,484
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	90,756,714

(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^(b)		Class C		Class R		Class A		Class B^(b)		Class C		Institutional		Service		Class IR		Class R
Capital Growth	$	878,386	$	29,260	$	402,313	$	8,848	$	667,573	$	5,560	$	76,439	$	31,845	$	225	$	2,802	$	3,362
Concentrated Growth		9,490		569		17,334		37		7,213		108		3,294		33,269		—		365		14
Flexible Cap Growth		7,778		—		6,571		110		5,912		—		1,248		1,616		—		225		42
Focused Growth		67		—		218		40		51		—		41		5,570		—		15		15
Growth Opportunities		1,301,502		14,402		925,229		204,248		989,142		2,736		175,794		717,981		11,144		143,161		77,614
Small/Mid Cap Growth		921,084		6,856		1,123,264		83,886		700,024		1,303		213,420		223,680		1,709		166,346		31,876
Strategic Growth		64,167		1,568		57,606		58		48,767		298		10,945		66,473		33		942		22
Technology Tollkeeper		312,543		8,430		283,252		—		237,533		1,602		53,818		20,071		2,168		2,893		—
U.S. Equity		5,894		—		1,551		278		4,480		—		294		1,718		—		207		106

(b)

Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.


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

$	1,330,490		$	83,593		$	214,831		$	20,035,232		$	5,854,454		$	2,797,419		$	1,630,070		$	134,132
	—			—			—			1,143			—			—			—			—
	892			334			403			6,080			15,439			2,345			2,688			276
	1,331,382			83,927			215,234			20,042,455			5,869,893			2,799,764			1,632,758			134,408


	889,584			79,493			139,886			23,941,574			11,334,992			1,983,559			2,113,069			48,810
	27,430			14,459			325			2,445,381			2,135,090			123,399			604,225			7,723
	44,263			9,043			5,692			2,117,572			1,338,358			127,480			318,085			6,805
	15,403			13,105			16,805			308,064			197,299			27,785			77,803			14,219
	25,060			26,289			22,382			134,333			84,207			41,285			38,382			23,717
	29,718			25,528			31,359			39,564			65,876			36,928			40,710			15,666
	28,594			29,923			31,136			33,604			78,268			32,769			33,672			39,290
	10,124			9,762			9,724			16,379			12,540			10,319			10,367			9,011
	—			—			—			69,648			10,681			207			13,553			—
	—			—			—			69,648			10,681			207			13,553			—
	6,267			5,092			3,443			49,446			13,385			9,232			8,316			4,443
	1,076,443			212,694			260,752			29,225,213			15,281,377			2,393,170			3,271,735			169,684
	(283,898	)		(124,844	)		(142,267	)		(1,236,943	)		(1,566,404	)		(725,614	)		(95,734	)		(102,325	)
	792,545			87,850			118,485			27,988,270			13,714,973			1,667,556			3,176,001			67,359
	538,837			(3,923	)		96,749			(7,945,815	)		(7,845,080	)		1,132,208			(1,543,243	)		67,049



	10,100,398			965,469			861,614			378,481,433			67,281,025			21,729,454			26,892,450			1,145,443
	—			—			—			—			33,238			—			—			—
	—			—			—			(27,222	)		158			(820	)		—			—

	6,286,339			547,720			1,883,259			(77,521,053	)		152,799,252			12,682,850			5,177,620			(356,372	)
	—			—			—			—			3,897,226			—			—			—
	—			—			—			(1,268	)		(322	)		—			—			—
	16,386,737			1,513,189			2,744,873			300,931,890			224,010,577			34,411,484			32,070,070			789,071
$	16,925,574		$	1,509,266		$	2,841,622		$	292,986,075		$	216,165,497		$	35,543,692		$	30,526,827		$	856,120


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets


	Capital Growth Fund
	For the Six Months Ended February 28, 2015 (Unaudited)			For the Fiscal Year Ended August 31, 2014
From operations:
Net investment income (loss)	$	569,230		$	(635,153	)
Net realized gain		63,617,886			192,105,537
Net change in unrealized gain (loss)		26,569,598			15,554,210
Net increase in net assets resulting from operations		90,756,714			207,024,594

Distributions to shareholders:
From net investment income
Class A Shares		—			(1,685,221	)
Institutional Shares		—			(651,899	)
Service Shares		—			(1,578	)
Class IR Shares		—			(11,151	)
Class R Shares		—			(4,233	)
From net realized gains
Class A Shares		(109,107,619	)		(137,514,229	)
Class B Shares^(a)		—			(4,533,042	)
Class C Shares		(14,781,808	)		(18,780,747	)
Institutional Shares		(22,936,412	)		(26,252,486	)
Service Shares		(181,082	)		(222,125	)
Class IR Shares		(451,620	)		(539,137	)
Class R Shares		(557,137	)		(562,868	)
Total distributions to shareholders		(148,015,678	)		(190,758,716	)

From share transactions:
Proceeds from sales of shares		60,763,503			46,585,483
Reinvestment of distributions		140,089,222			179,706,343
Cost of shares redeemed		(75,996,623	)		(143,214,729	)
Net increase in net assets resulting from share transactions		124,856,102			83,077,097
TOTAL INCREASE		67,597,138			99,342,975

Net assets:
Beginning of period		954,908,805			855,565,830
End of period	$	1,022,505,943		$	954,908,805
Undistributed (distributions in excess of) net investment income (loss)	$	490,410		$	(78,820	)

(a)

Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.


84		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, 2015 (Unaudited)			For the Fiscal Year Ended August 31, 2014			For the Six Months Ended February 28, 2015 (Unaudited)			For the Fiscal Year Ended August 31, 2014

$	538,837		$	72,251		$	(3,923	)	$	(34,732	)
	10,100,398			39,400,390			965,469			2,393,302
	6,286,339			(3,503,722	)		547,720			886,392
	16,925,574			35,968,919			1,509,266			3,244,962



	—			—			—			—
	(366,604	)		(258,083	)		—			(12,391	)
	—			—			—			—
	(283	)		(275	)		—			—
	—			—			—			—

	(1,407,056	)		(886,939	)		(897,010	)		(620,899	)
	—			(36,576	)		—			—
	(700,153	)		(341,863	)		(182,809	)		(139,480	)
	(28,939,818	)		(14,924,877	)		(1,118,730	)		(813,854	)
	—			—			—			—
	(67,917	)		(37,654	)		(32,793	)		(11,334	)
	(2,664	)		(1,284	)		(8,089	)		(5,635	)
	(31,484,495	)		(16,487,551	)		(2,239,431	)		(1,603,593	)


	5,933,712			14,294,982			2,857,173			2,940,711
	30,851,757			16,211,287			2,237,814			1,591,368
	(16,549,837	)		(26,768,101	)		(1,648,072	)		(2,958,340	)
	20,235,632			3,738,168			3,446,915			1,573,739
	5,676,711			23,219,536			2,716,750			3,215,108


	181,113,140			157,893,604			15,226,546			12,011,438
$	186,789,851		$	181,113,140		$	17,943,296		$	15,226,546
$	243,003		$	71,053		$	(25,236	)	$	(21,313	)


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets


	Focused Growth Fund
	For the Six Months Ended February 28, 2015 (Unaudited)			For the Fiscal Year Ended August 31, 2014
From operations:
Net investment income (loss)	$	96,749		$	18,581
Net realized gain		861,614			2,200,665
Net change in unrealized gain (loss)		1,883,259			1,274,461
Net increase in net assets resulting from operations		2,841,622			3,493,707

Distributions to shareholders:
From net investment income
Class A Shares		—			—
Institutional Shares		(76,654	)		(26,580	)
Service Shares		—			—
Class IR Shares		(18	)		(10	)
Class R Shares		—			—
From net realized gains
Class A Shares		(3,858	)		(3,925	)
Class B Shares^(a)		—			—
Class C Shares		(2,722	)		(2,323	)
Institutional Shares		(1,977,313	)		(1,063,316	)
Service Shares		—			—
Class IR Shares		(1,099	)		(938	)
Class R Shares		(1,094	)		(935	)
Total distributions to shareholders		(2,062,758	)		(1,098,027	)

From share transactions:
Proceeds from sales of shares		7,560,568			14,218,517
Reinvestment of distributions		2,062,758			1,098,027
Cost of shares redeemed		(1,572,641	)		(6,197,098	)
Net increase (decrease) in net assets resulting from share transactions		8,050,685			9,119,446
TOTAL INCREASE (DECREASE)		8,829,549			11,515,126

Net assets:
Beginning of period		24,458,471			12,943,345
End of period	$	33,288,020		$	24,458,471
Undistributed net investment income (loss)	$	38,558		$	18,481

(a)

Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.


86		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, 2015 (Unaudited)			For the Fiscal Year Ended August 31, 2014			For the Six Months Ended February 28, 2015 (Unaudited)			For the Fiscal Year Ended August 31, 2014

$	(7,945,815	)	$	(21,419,441	)	$	(7,845,080	)	$	(14,368,427	)
	378,454,211			1,018,902,639			67,314,421			202,528,671
	(77,522,321	)		46,107,975			156,696,156			125,627,804
	292,986,075			1,043,591,173			216,165,497			313,788,048



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

	(213,956,510	)		(89,135,434	)		(59,422,373	)		(34,915,088	)
	—			(816,955	)		—			(241,378	)
	(45,806,967	)		(16,251,523	)		(19,729,913	)		(9,748,706	)
	(674,995,963	)		(240,888,335	)		(89,205,827	)		(40,240,222	)
	(11,651,811	)		(4,773,288	)		(662,911	)		(402,842	)
	(30,389,606	)		(8,961,670	)		(13,778,175	)		(6,136,306	)
	(17,292,249	)		(5,816,843	)		(2,780,547	)		(1,398,747	)
	(994,093,106	)		(366,644,048	)		(185,579,746	)		(93,083,289	)


	832,855,256			1,171,712,416			481,663,966			974,000,673
	802,333,312			287,053,891			164,354,585			81,410,265
	(979,790,575	)		(1,537,897,775	)		(386,923,236	)		(617,493,100	)
	655,397,993			(79,131,468	)		259,095,315			437,917,838
	(45,709,038	)		597,815,657			289,681,066			658,622,597


	5,340,961,569			4,743,145,912			2,258,570,527			1,599,947,930
$	5,295,252,531		$	5,340,961,569		$	2,548,251,593		$	2,258,570,527
$	(7,945,815	)	$	—		$	(17,483,584	)	$	(9,638,504	)


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets


	Strategic Growth Fund
	For the Six Months Ended February 28, 2015 (Unaudited)			For the Fiscal Year Ended August 31, 2014
From operations:
Net investment income (loss)	$	1,132,208		$	681,949
Net realized gain		21,728,634			60,456,322
Net change in unrealized gain (loss)		12,682,850			30,319,366
Net increase in net assets resulting from operations		35,543,692			91,457,637

Distributions to shareholders:
From net investment income
Class A Shares		—			(72,021	)
Institutional Shares		(991,937	)		(1,083,692	)
Service Shares		—			(39	)
Class IR Shares		(1,531	)		(2,932	)
Class R Shares		—			(14	)
From net realized gains
Class A Shares		(7,853,382	)		(12,687,895	)
Class B Shares^(a)		—			(163,134	)
Class C Shares		(2,031,017	)		(1,543,546	)
Institutional Shares		(47,665,788	)		(36,102,729	)
Service Shares		(26,879	)		(12,312	)
Class IR Shares		(147,162	)		(120,720	)
Class R Shares		(2,673	)		(1,136	)
Total distributions to shareholders		(58,720,369	)		(51,790,170	)

From share transactions:
Proceeds from sales of shares		48,947,624			117,827,433
Reinvestment of distributions		56,900,752			50,216,800
Cost of shares redeemed		(58,328,439	)		(152,129,059	)
Net increase (decrease) in net assets resulting from share transactions		47,519,937			15,915,174
TOTAL INCREASE (DECREASE)		24,343,260			55,582,641

Net assets:
Beginning of period		397,743,406			342,160,765
End of period	$	422,086,666		$	397,743,406
Undistributed net investment income (loss)	$	818,872		$	680,132

(a)

Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.


88		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, 2015 (Unaudited)			For the Fiscal Year Ended August 31, 2014			For the Six Months Ended February 28, 2015 (Unaudited)			For the Fiscal Year Ended August 31, 2014

$	(1,543,243	)	$	(3,605,725	)	$	67,049		$	84,945
	26,892,450			31,713,725			1,145,443			2,092,727
	5,177,620			66,023,829			(356,372	)		625,983
	30,526,827			94,131,829			856,120			2,803,655



	—			—			(22,274	)		(14,081	)
	—			—			(71,169	)		(59,761	)
	—			—			—			—
	—			—			(1,481	)		(978	)
	—			—			(255	)		(207	)

	(19,398,872	)		(3,390,217	)		(745,006	)		(342,004	)
	—			(91,485	)		—			—
	(4,987,729	)		(836,560	)		(46,987	)		(14,635	)
	(7,490,876	)		(1,086,772	)		(1,330,442	)		(780,489	)
	(853,327	)		(169,169	)		—			—
	(226,844	)		(53,596	)		(33,295	)		(16,071	)
	—			—			(17,289	)		(7,485	)
	(32,957,648	)		(5,627,799	)		(2,268,198	)		(1,235,711	)


	47,130,718			109,317,850			889,466			2,933,540
	29,561,008			5,055,014			2,266,647			1,079,150
	(74,739,958	)		(133,803,184	)		(1,447,267	)		(3,348,013	)
	1,951,768			(19,430,320	)		1,708,846			664,677
	(479,053	)		69,073,710			296,768			2,232,621


	436,862,781			367,789,071			14,099,587			11,866,966
$	436,383,728		$	436,862,781		$	14,396,355		$	14,099,587
$	(3,878,480	)	$	(2,335,237	)	$	33,217		$	61,347


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

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		Total from investment operations		From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2015 - A	$	28.16	$	0.02	^(d)	$	2.52	$	2.54	$	—		$	(4.37	)	$	(4.37	)
2015 - C		23.45		(0.07	)^(d)		2.06		1.99		—			(4.37	)		(4.37	)
2015 - Institutional		30.01		0.07	^(d)		2.70		2.77		—			(4.37	)		(4.37	)
2015 - Service		27.53		—	^(d)(f)		2.45		2.45		—			(4.37	)		(4.37	)
2015 - IR		28.36		0.05	^(d)		2.54		2.59		—			(4.37	)		(4.37	)
2015 - R		27.64		(0.02	)^(d)		2.46		2.44		—			(4.37	)		(4.37	)

FOR THE FISCAL YEARS ENDED AUGUST 31,
2014 - A		28.13		(0.01	)		6.41		6.40		(0.08	)		(6.29	)		(6.37	)
2014 - C		24.46		(0.18	)		5.46		5.28		—			(6.29	)		(6.29	)
2014 - Institutional		29.57		0.10			6.79		6.89		(0.16	)		(6.29	)		(6.45	)
2014 - Service		27.62		(0.04	)		6.29		6.25		(0.05	)		(6.29	)		(6.34	)
2014 - IR		28.28		0.06			6.44		6.50		(0.13	)		(6.29	)		(6.42	)
2014 - R		27.75		(0.08	)		6.31		6.23		(0.05	)		(6.29	)		(6.34	)
2013 - A		24.40		0.10	^(g)		3.66		3.76		(0.03	)		—			(0.03	)
2013 - C		21.35		(0.08	)^(g)		3.19		3.11		—			—			—
2013 - Institutional		25.64		0.21	^(g)		3.84		4.05		(0.12	)		—			(0.12	)
2013 - Service		23.96		0.07	^(g)		3.60		3.67		(0.01	)		—			(0.01	)
2013 - IR		24.53		0.18	^(g)		3.67		3.85		(0.10	)		—			(0.10	)
2013 - R		24.14		0.03	^(g)		3.62		3.65		(0.04	)		—			(0.04	)
2012 - A		20.49		0.02			3.93		3.95		(0.04	)		—			(0.04	)
2012 - C		18.03		(0.13	)		3.45		3.32		—			—			—
2012 - Institutional		21.54		0.10			4.12		4.22		(0.12	)		—			(0.12	)
2012 - Service		20.13		—	^(f)		3.85		3.85		(0.02	)		—			(0.02	)
2012 - IR		20.66		0.08			3.93		4.01		(0.14	)		—			(0.14	)
2012 - R		20.31		(0.03	)		3.88		3.85		(0.02	)		—			(0.02	)
2011 - A		17.68		0.03			2.78		2.81		—			—			—
2011 - C		15.68		(0.12	)		2.47		2.35		—			—			—
2011 - Institutional		18.57		0.12			2.91		3.03		(0.06	)		—			(0.06	)
2011 - Service		17.39		0.01			2.73		2.74		—			—			—
2011 - IR		17.81		0.31			2.58		2.89		(0.04	)		—			(0.04	)
2011 - R		17.57		(0.03	)		2.77		2.74		—			—			—
2010 - A		16.95		0.01			0.72		0.73		—			—			—
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		—			—			—

(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 $0.03 per share and 0.23% of average net assets.

(e)

Annualized.

(f)

Amount is less than $0.005 per share.

(g)

Reflects income recognized from special dividends which amounted to $0.06 per share and 0.21% of average net assets.


90		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)

$	26.33		9.72	%	$	745,273		1.15	%^(e)		1.49	%^(e)		0.12	%^(d)(e)		30	%
	21.07		9.30			84,997		1.90	^(e)		2.24	^(e)		(0.63	)^(d)(e)		30
	28.41		9.90			184,148		0.75	^(e)		1.09	^(e)		0.52	^(d)(e)		30
	25.61		9.61			1,122		1.25	^(e)		1.59	^(e)		0.02	^(d)(e)		30
	26.58		9.83			3,336		0.90	^(e)		1.24	^(e)		0.37	^(d)(e)		30
	25.71		9.53			3,631		1.40	^(e)		1.74	^(e)		(0.14	)^(d)(e)		30


	28.16		25.50			702,534		1.16			1.51			(0.05	)		75
	23.45		24.57			81,954		1.91			2.26			(0.80	)		75
	30.01		26.03			147,642		0.76			1.11			0.35			75
	27.53		25.39			1,135		1.26			1.61			(0.15	)		75
	28.36		25.80			2,951		0.91			1.26			0.20			75
	27.64		25.18			3,571		1.41			1.76			(0.30	)		75
	28.13		15.41			630,495		1.14			1.50			0.38	^(g)		52
	24.46		14.57			75,375		1.89			2.25			(0.37	)^(g)		52
	29.57		15.89			124,795		0.74			1.10			0.75	^(g)		52
	27.62		15.32			980		1.24			1.60			0.27	^(g)		52
	28.28		15.75			2,112		0.89			1.25			0.67	^(g)		52
	27.75		15.15			2,480		1.39			1.75			0.13	^(g)		52
	24.40		19.24			662,127		1.14			1.48			0.09			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
	18.03		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
	15.68		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


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

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		Total from investment operations		From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2015 - A	$	18.94	$	0.02	^(d)	$	1.61	$	1.63	$	—		$	(3.43	)	$	(3.43	)
2015 - C		17.09		(0.04	)^(d)		1.43		1.39		—			(3.43	)		(3.43	)
2015 - Institutional		19.71		0.06	^(d)		1.69		1.75		(0.05	)		(3.43	)		(3.48	)
2015 - IR		19.10		0.04	^(d)		1.64		1.68		(0.02	)		(3.43	)		(3.45	)
2015 - R		18.64		—	^(d)(f)		1.58		1.58		—			(3.43	)		(3.43	)

FOR THE FISCAL YEARS ENDED AUGUST 31,
2014 - A		17.05		(0.06	)		3.78		3.72		—			(1.83	)		(1.83	)
2014 - C		15.65		(0.17	)		3.44		3.27		—			(1.83	)		(1.83	)
2014 - Institutional		17.63		0.02			3.92		3.94		(0.03	)		(1.83	)		(1.86	)
2014 - IR		17.15		(0.01	)		3.81		3.80		(0.02	)		(1.83	)		(1.85	)
2014 - R		16.84		(0.10	)		3.73		3.63		—			(1.83	)		(1.83	)
2013 - A		14.97		0.11	^(g)		2.03		2.14		(0.06	)		—			(0.06	)
2013 - C		13.79		(0.06	)^(g)		1.93		1.87		(0.01	)		—			(0.01	)
2013 - Institutional		15.48		0.09	^(g)		2.18		2.27		(0.12	)		—			(0.12	)
2013 - IR		15.07		0.12	^(g)		2.07		2.19		(0.11	)		—			(0.11	)
2013 - R		14.80		0.01	^(g)		2.06		2.07		(0.03	)		—			(0.03	)
2012 - A		12.64		—	^(f)		2.33		2.33		—			—			—
2012 - C		11.73		(0.09	)		2.15		2.06		—			—			—
2012 - Institutional		13.07		0.05			2.41		2.46		(0.05	)		—			(0.05	)
2012 - IR		12.73		0.04			2.34		2.38		(0.04	)		—			(0.04	)
2012 - R		12.52		(0.03	)		2.31		2.28		—			—			—
2011 - A		10.91		(0.01	)		1.74		1.73		—			—			—
2011 - C		10.20		(0.10	)		1.63		1.53		—			—			—
2011 - Institutional		11.25		0.04			1.80		1.84		(0.02	)		—			(0.02	)
2011 - IR		10.97		0.04			1.73		1.77		(0.01	)		—			(0.01	)
2011 - R		10.83		(0.04	)		1.73		1.69		—			—			—
2010 - A		10.51		(0.02	)		0.42		0.40		—			—			—
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		—			—			—

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Reflects income recognized from special dividends which amounted to $0.05 per share and 0.61% of average net assets.

(e)

Annualized.

(f)

Reflects income recognized from a special dividend which amounted to $0.06 per share and 0.35% of average net assets.

(g)

Amount is less than $0.005 per share.


92		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)

$	17.14		9.43	%	$	8,018		1.25	%^(e)		1.57	%^(e)		0.25	%^(d)(e)		25	%
	15.05		9.02			3,822		2.00	^(e)		2.32	^(e)		(0.50	)^(d)(e)		25
	17.98		9.68			174,511		0.85	^(e)		1.17	^(e)		0.65	^(d)(e)		25
	17.33		9.60			423		1.00	^(e)		1.32	^(e)		0.50	^(d)(e)		25
	16.79		9.31			16		1.50	^(e)		1.82	^(e)		(0.01	)^(d)(e)		25


	18.94		22.88			7,564		1.27			1.60			(0.32	)		60
	17.09		21.98			3,460		2.02			2.35			(1.06	)		60
	19.71		23.44			169,387		0.87			1.20			0.09			60
	19.10		23.20			385		1.02			1.35			(0.06	)		60
	18.64		22.61			14		1.50			1.84			(0.55	)		60
	17.05		14.36			8,476		1.26			1.62			0.69	^(g)		57
	15.65		13.57			2,561		2.01			2.37			(0.39	)^(g)		57
	17.63		14.81			146,183		0.86			1.23			0.56	^(g)		57
	17.15		14.61			346		1.01			1.38			0.76	^(g)		57
	16.84		14.13			12		1.51			1.87			0.09	^(g)		57
	14.97		18.38			92,207		1.26			1.57			0.01			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
	11.73		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
	10.20		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


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

GOLDMAN SACHS FLEXIBLE CAP 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)
2015 - A	$	13.21	$	(0.01	)^(d)	$	1.13	$	1.12	$	—		$	(1.90	)	$	(1.90	)
2015 - C		12.43		(0.05	)^(d)		1.05		1.00		—			(1.90	)		(1.90	)
2015 - Institutional		13.68		0.01	^(d)		1.17		1.18		—			(1.90	)		(1.90	)
2015 - IR		13.53		0.01	^(d)		1.16		1.17		—			(1.90	)		(1.90	)
2015 - R		12.97		(0.03	)^(d)		1.11		1.08		—			(1.90	)		(1.90	)

FOR THE FISCAL YEARS ENDED AUGUST 31,
2014 - A		11.83		(0.05	)		3.01		2.96		—			(1.58	)		(1.58	)
2014 - C		11.29		(0.14	)		2.86		2.72		—			(1.58	)		(1.58	)
2014 - Institutional		12.17		—	^(f)		3.11		3.11		(0.02	)		(1.58	)		(1.60	)
2014 - IR		12.05		(0.02	)		3.08		3.06		—			(1.58	)		(1.58	)
2014 - R		11.66		(0.08	)		2.97		2.89		—			(1.58	)		(1.58	)
2013 - A		11.48		—	^(f)(h)		1.71		1.71		—			(1.36	)		(1.36	)
2013 - C		11.09		(0.08	)^(h)		1.64		1.56		—			(1.36	)		(1.36	)
2013 - Institutional		11.73		0.04	^(h)		1.76		1.80		—			(1.36	)		(1.36	)
2013 - IR		11.64		0.03	^(h)		1.74		1.77		—			(1.36	)		(1.36	)
2013 - R		11.36		(0.02	)^(h)		1.68		1.66		—			(1.36	)		(1.36	)
2012 - A		10.38		(0.02	)		1.71		1.69		—			(0.59	)		(0.59	)
2012 - C		10.12		(0.10	)		1.66		1.56		—			(0.59	)		(0.59	)
2012 - Institutional		10.55		0.02			1.75		1.77		—			(0.59	)		(0.59	)
2012 - IR		10.49		0.01			1.73		1.74		—			(0.59	)		(0.59	)
2012 - R		10.30		(0.05	)		1.70		1.65		—			(0.59	)		(0.59	)
2011 - A		9.41		(0.04	)		1.51		1.47		—			(0.50	)		(0.50	)
2011 - C		9.25		(0.12	)		1.49		1.37		—			(0.50	)		(0.50	)
2011 - Institutional		9.53		—	^(f)		1.52		1.52		—			(0.50	)		(0.50	)
2011 - IR		9.49		—	^(f)		1.50		1.50		—			(0.50	)		(0.50	)
2011 - R		9.37		(0.07	)		1.50		1.43		—			(0.50	)		(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		—			—			—

(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.

(g)

Amount is less than 0.005% of average net assets.

(h)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.20% of average net assets.


94		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)

$	12.43		9.24	%	$	7,087		1.25	%^(e)		2.81	%^(e)		(0.19	)%^(d)(e)		25	%
	11.53		8.84			1,729		2.00	^(e)		3.52	^(e)		(0.91	)^(d)(e)		25
	12.96		9.38			8,726		0.85	^(e)		2.43	^(e)		0.20	^(d)(e)		25
	12.80		9.41			368		0.99	^(e)		2.46	^(e)		0.09	^(d)(e)		25
	12.15		9.10			33		1.50	^(e)		3.17	^(e)		(0.48	)^(d)(e)		25


	13.21		26.62			5,665		1.28			3.32			(0.40	)		56
	12.43		25.68			1,119		2.03			4.09			(1.15	)		56
	13.68		27.21			8,262		0.88			2.92			—	^(g)		56
	13.53		26.98			126		1.03			3.04			(0.17	)		56
	12.97		26.38			55		1.53			3.56			(0.65	)		56
	11.83		16.78			4,584		1.26			3.62			0.03	^(h)		40
	11.29		15.94			1,005		2.01			4.32			(0.75	)^(h)		40
	12.17		17.23			6,215		0.86			3.18			0.37	^(h)		40
	12.05		17.08			167		1.01			3.35			0.26	^(h)		40
	11.66		16.50			41		1.51			3.91			(0.19	)^(h)		40
	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


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

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)
2015 - A	$	14.74	$	0.02	^(d)	$	1.41	$	1.43	$	—		$	(1.02	)	$	(1.02	)
2015 - C		14.51		(0.03	)^(d)		1.38		1.35		—			(1.02	)		(1.02	)
2015 - Institutional		14.85		0.05	^(d)		1.43		1.48		(0.04	)		(1.02	)		(1.06	)
2015 - IR		14.83		0.04	^(d)		1.42		1.46		(0.02	)		(1.02	)		(1.04	)
2015 - R		14.70		—	^(d)		1.41		1.41		—			(1.02	)		(1.02	)

FOR THE FISCAL YEARS ENDED AUGUST 31,
2014 - A		12.95		(0.05	)		2.77		2.72		—			(0.93	)		(0.93	)
2014 - C		12.85		(0.15	)		2.74		2.59		—			(0.93	)		(0.93	)
2014 - Institutional		13.02		0.01			2.78		2.79		(0.03	)		(0.93	)		(0.96	)
2014 - IR		13.01		(0.01	)		2.77		2.76		(0.01	)		(0.93	)		(0.94	)
2014 - R		12.95		(0.08	)		2.76		2.68		—			(0.93	)		(0.93	)
2013 - A		11.35		0.01	^(f)		1.66		1.67		(0.05	)		(0.02	)		(0.07	)
2013 - C		11.31		(0.06	)^(f)		1.63		1.57		(0.01	)		(0.02	)		(0.03	)
2013 - Institutional		11.38		0.07	^(f)		1.66		1.73		(0.07	)		(0.02	)		(0.09	)
2013 - IR		11.38		0.06	^(f)		1.65		1.71		(0.06	)		(0.02	)		(0.08	)
2013 - R		11.34		—	^(f)(g)		1.64		1.64		(0.01	)		(0.02	)		(0.03	)

FOR THE PERIOD ENDED AUGUST 31,
2012 - A (Commenced January 31, 2012)		10.00		—	^(g)		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)

(d)

Reflects income recognized from a special dividend which amounted to $0.05 per share and 0.68% of average net assets.

(e)

Annualized.

(f)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.18% of average net assets.

(g)

Amount is less than $0.005 per share.


96		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			Ratio of total expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate^(c)

$	15.15		10.00	%	$	62		1.24	%^(e)		2.25	%^(e)		0.25	%^(d)(e)		33	%
	14.84		9.60			56		1.99	^(e)		3.02	^(e)		(0.43	)^(d)(e)		33
	15.27		10.28			33,135		0.84	^(e)		1.86	^(e)		0.69	^(d)(e)		33
	15.25		10.13			18		1.01	^(e)		2.04	^(e)		0.54	^(d)(e)		33
	15.09		9.89			17		1.49	^(e)		2.52	^(e)		0.05	^(d)(e)		33


	14.74		21.60			42		1.26			2.83			(0.37	)		97
	14.51		20.71			39		2.01			3.49			(1.05	)		97
	14.85		22.00			24,346		0.86			2.31			0.10			97
	14.83		21.83			16		1.01			2.51			(0.08	)		97
	14.70		21.28			16		1.51			3.01			(0.58	)		97
	12.95		14.79			56		1.24			6.12			0.08	^(f)		87
	12.85		13.94			23		1.99			6.91			(0.52	)^(f)		87
	13.02		15.33			12,838		0.84			4.59			0.53	^(f)		87
	13.01		15.08			13		1.00			6.58			0.52	^(f)		87
	12.95		14.53			13		1.49			7.08			0.02	^(f)		87


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


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

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 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)
2015 - A	$	30.22	$	(0.08	)^(d)	$	1.57	$	1.49	$	(6.16	)
2015 - C		25.42		(0.15	)^(d)		1.28		1.13		(6.16	)
2015 - Institutional		33.02		(0.02	)^(d)		1.73		1.71		(6.16	)
2015 - Service		29.51		(0.09	)^(d)		1.53		1.44		(6.16	)
2015 - IR		30.85		(0.04	)^(d)		1.60		1.56		(6.16	)
2015 - R		29.65		(0.11	)^(d)		1.53		1.42		(6.16	)

FOR THE FISCAL YEARS ENDED AUGUST 31,
2014 - A		26.65		(0.19	)		5.95		5.76		(2.19	)
2014 - C		22.89		(0.34	)		5.06		4.72		(2.19	)
2014 - Institutional		28.83		(0.08	)		6.46		6.38		(2.19	)
2014 - Service		26.10		(0.21	)		5.81		5.60		(2.19	)
2014 - IR		27.10		(0.12	)		6.06		5.94		(2.19	)
2014 - R		26.25		(0.25	)		5.84		5.59		(2.19	)
2013 - A		23.88		(0.11	)^(f)		4.53		4.42		(1.65	)
2013 - C		20.89		(0.26	)^(f)		3.91		3.65		(1.65	)
2013 - Institutional		25.59		(0.01	)^(f)		4.90		4.89		(1.65	)
2013 - Service		23.44		(0.13	)^(f)		4.44		4.31		(1.65	)
2013 - IR		24.19		(0.05	)^(f)		4.61		4.56		(1.65	)
2013 - R		23.59		(0.17	)^(f)		4.48		4.31		(1.65	)
2012 - A		21.36		(0.15	)		4.06		3.91		(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 - 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 - 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		—

(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 0.65% of average net assets.

(e)

Annualized.

(f)

Reflects income recognized from special dividends which amounted to $0.04 per share and 0.17% of average net assets.

(g)

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


98		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 loss to average net assets			Portfolio turnover rate^(c)

$	25.55		5.59	%	$	1,071,347		1.35	%^(e)		1.40	%^(e)		(0.57	)%^(d)(e)		27	%
	20.39		5.20			189,380		2.10	^(e)		2.15	^(e)		(1.32	)^(d)(e)		27
	28.57		5.80			3,718,736		0.95	^(e)		1.00	^(e)		(0.17	)^(d)(e)		27
	24.79		5.56			57,017		1.45	^(e)		1.50	^(e)		(0.67	)^(d)(e)		27
	26.25		5.72			170,800		1.10	^(e)		1.15	^(e)		(0.33	)^(d)(e)		27
	24.91		5.46			87,973		1.60	^(e)		1.65	^(e)		(0.82	)^(d)(e)		27


	30.22		22.57			1,110,320		1.36			1.40			(0.66	)		59
	25.42		21.67			191,125		2.11			2.15			(1.41	)		59
	33.02		23.04			3,750,790		0.96			1.00			(0.26	)		59
	29.51		22.42			57,643		1.46			1.50			(0.76	)		59
	30.85		22.87			143,249		1.11			1.15			(0.41	)		59
	29.65		22.25			80,542		1.61			1.65			(0.91	)		59
	26.65		19.84			1,130,449		1.35			1.41			(0.44	)^(f)		41
	22.89		18.94			172,010		2.10			2.16			(1.19	)^(f)		41
	28.83		20.38			3,207,925		0.95			1.01			(0.05	)^(f)		41
	26.10		19.74			60,977		1.45			1.51			(0.54	)^(f)		41
	27.10		20.18			91,093		1.10			1.16			(0.21	)^(f)		41
	26.25		19.61			71,263		1.60			1.66			(0.71	)^(f)		41
	23.88		19.15			1,068,187		1.35			1.41			(0.67	)		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)
	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)
	17.11		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)


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

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)
2015 - A	$	20.90	$	(0.08	)	$	1.95	$	1.87	$	(1.71	)
2015 - C		19.20		(0.15	)		1.78		1.63		(1.71	)
2015 - Institutional		21.71		(0.04	)		2.04		2.00		(1.71	)
2015 - Service		20.58		(0.09	)		1.92		1.83		(1.71	)
2015 - IR		21.30		(0.06	)		2.00		1.94		(1.71	)
2015 - R		20.51		(0.11	)		1.92		1.81		(1.71	)

FOR THE FISCAL YEARS ENDED AUGUST 31,
2014 - A		18.63		(0.16	)^(d)		3.43		3.27		(1.00	)
2014 - C		17.31		(0.29	)^(d)		3.18		2.89		(1.00	)
2014 - Institutional		19.25		(0.09	)^(d)		3.55		3.46		(1.00	)
2014 - Service		18.38		(0.18	)^(d)		3.38		3.20		(1.00	)
2014 - IR		18.93		(0.12	)^(d)		3.49		3.37		(1.00	)
2014 - R		18.35		(0.21	)^(d)		3.37		3.16		(1.00	)
2013 - A		15.52		(0.11	)^(f)		3.99		3.88		(0.77	)
2013 - C		14.58		(0.23	)^(f)		3.73		3.50		(0.77	)
2013 - Institutional		15.95		(0.06	)^(f)		4.13		4.07		(0.77	)
2013 - Service		15.34		(0.13	)^(f)		3.94		3.81		(0.77	)
2013 - IR		15.72		(0.08	)^(f)		4.06		3.98		(0.77	)
2013 - R		15.34		(0.15	)^(f)		3.93		3.78		(0.77	)
2012 - A		13.67		(0.12	)		2.63		2.51		(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 - 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 - 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		—

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Reflects income recognized from special dividends which amounted to $0.01 per share and 0.12% of average net assets.

(e)

Annualized.

(f)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.14% of average net assets.


100		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)

$	21.06		9.44	%		$	827,787		1.33	%^(e)		1.46	%^(e)		(0.82	)%^(e)		28	%
	19.12		9.01				246,297		2.08	^(e)		2.22	^(e)		(1.57	)^(e)		28
	22.00		9.70				1,236,389		0.93	^(e)		1.07	^(e)		(0.42	)^(e)		28
	20.70		9.39				10,645		1.43	^(e)		1.56	^(e)		(0.92	)^(e)		28
	21.53		9.60				190,965		1.08	^(e)		1.22	^(e)		(0.57	)^(e)		28
	20.61		9.32				36,168		1.58	^(e)		1.72	^(e)		(1.07	)^(e)		28


	20.90		17.97				741,254		1.33			1.48		��	(0.82	)^(d)		43
	19.20		17.11				221,451		2.08			2.23			(1.57	)^(d)		43
	21.71		18.39				1,077,769		0.93			1.08			(0.42	)^(d)		43
	20.58		17.83				8,692		1.43			1.58			(0.92	)^(d)		43
	21.30		18.22				171,779		1.08			1.23			(0.57	)^(d)		43
	20.51		17.63				34,118		1.58			1.73			(1.07	)^(d)		43
	18.63		26.18				592,798		1.34			1.49			(0.68	)^(f)		37
	17.31		25.23				150,744		2.09			2.24			(1.44	)^(f)		37
	19.25		26.68				725,662		0.94			1.09			(0.32	)^(f)		37
	18.38		26.02				8,495		1.44			1.59			(0.77	)^(f)		37
	18.93		26.49				93,255		1.09			1.24			(0.45	)^(f)		37
	18.35		25.82				24,420		1.59			1.74			(0.93	)^(f)		37
	15.52		18.97				393,284		1.35			1.50			(0.83	)		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		14.51				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
	11.56		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


The accompanying notes are an integral part of these financial statements.		101

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		Total from investment operations		From net investment income			From net realized gains			Total distributions
FOR SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2015 - A	$	13.50	$	0.02	^(d)	$	1.07	$	1.09	$	—		$	(2.08	)	$	(2.08	)
2015 - C		11.90		(0.03	)^(d)		0.93		0.90		—			(2.08	)		(2.08	)
2015 - Institutional		14.15		0.04	^(d)		1.12		1.16		(0.04	)		(2.08	)		(2.12	)
2015 - Service		13.47		0.01	^(d)		1.07		1.08		—			(2.08	)		(2.08	)
2015 - IR		14.14		0.03	^(d)		1.13		1.16		(0.02	)		(2.08	)		(2.10	)
2015 - R		13.42		0.02	^(d)		1.04		1.06		—			(2.08	)		(2.08	)

FOR THE FISCAL YEARS ENDED AUGUST 31,
2014 - A		12.29		(0.01	)		3.06		3.05		(0.01	)		(1.83	)		(1.84	)
2014 - C		11.09		(0.10	)		2.74		2.64		—			(1.83	)		(1.83	)
2014 - Institutional		12.79		0.04			3.21		3.25		(0.06	)		(1.83	)		(1.89	)
2014 - Service		12.28		(0.02	)		3.05		3.03		(0.01	)		(1.83	)		(1.84	)
2014 - IR		12.80		0.02			3.20		3.22		(0.05	)		(1.83	)		(1.88	)
2014 - R		12.26		(0.04	)		3.05		3.01		(0.02	)		(1.83	)		(1.85	)
2013 - A		11.57		0.06	^(f)		1.58		1.64		(0.05	)		(0.87	)		(0.92	)
2013 - C		10.54		(0.04	)^(f)		1.46		1.42		—			(0.87	)		(0.87	)
2013 - Institutional		12.00		0.10	^(f)		1.66		1.76		(0.10	)		(0.87	)		(0.97	)
2013 - Service		11.59		0.03	^(f)		1.61		1.64		(0.08	)		(0.87	)		(0.95	)
2013 - IR		12.01		0.07	^(f)		1.68		1.75		(0.09	)		(0.87	)		(0.96	)
2013 - R		11.53		0.03	^(f)		1.60		1.63		(0.03	)		(0.87	)		(0.90	)
2012 - A		9.77		0.01			1.81		1.82		(0.02	)		—			(0.02	)
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		—	^(g)		1.79		1.79		—			—			—
2011 - A		8.53		0.02			1.25		1.27		(0.03	)		—			(0.03	)
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		—	^(g)		1.24		1.24		(0.01	)		—			(0.01	)
2010 - A		8.22		0.02			0.30		0.32		(0.01	)		—			(0.01	)
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		—	^(g)		0.30		0.30		—			—			—

(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 0.38% of average net assets.

(e)

Annualized.

(f)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.29% of average net assets.

(g)

Amount is less than $0.005 per share.

(h)

Amount is less than 0.005% of average net assets.


102		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)

$	12.51		8.74	%	$	48,919		1.15	%^(e)		1.52	%^(e)		0.26	%^(d)(e)		29	%
	10.72		8.29			12,210		1.90	^(e)		2.27	^(e)		(0.49	)^(d)(e)		29
	13.19		8.88			359,652		0.75	^(e)		1.12	^(e)		0.66	^(d)(e)		29
	12.47		8.69			197		1.25	^(e)		1.62	^(e)		0.14	^(d)(e)		29
	13.20		8.87			1,052		0.90	^(e)		1.27	^(e)		0.50	^(d)(e)		29
	12.40		8.56			56		1.39	^(e)		1.74	^(e)		0.32	^(d)(e)		29


	13.50		26.74			51,626		1.16			1.53			(0.10	)		64
	11.90		25.83			11,717		1.91			2.28			(0.85	)		64
	14.15		27.32			332,401		0.76			1.13			0.30			64
	13.47		26.55			156		1.26			1.63			(0.20	)		64
	14.14		27.03			994		0.91			1.28			0.15			64
	13.42		26.49			15		1.38			1.75			(0.30	)		64
	12.29		15.53			87,987		1.15			1.54			0.49	^(f)		55
	11.09		14.68			9,314		1.90			2.29			(0.35	)^(f)		55
	12.79		15.98			242,865		0.75			1.14			0.81	^(f)		55
	12.28		15.45			82		1.25			1.64			0.24	^(f)		55
	12.80		15.80			884		0.90			1.29			0.57	^(f)		55
	12.26		15.36			6		1.34			1.73			0.22	^(f)		55
	11.57		18.45			181,257		1.15			1.51			0.14			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
	8.95		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			—	^(h)		40
	8.53		3.83			192,744		1.15			1.53			0.22			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


The accompanying notes are an integral part of these financial statements.		103

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			Distributions to shareholders from net realized gains
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2015 - A	$	18.97	$	(0.07	)^(d)	$	1.42		$	1.35		$	(1.47	)
2015 - C		16.91		(0.12	)^(d)		1.26			1.14			(1.47	)
2015 - Institutional		20.16		(0.03	)^(d)		1.52			1.49			(1.47	)
2015 - Service		18.76		(0.07	)^(d)		1.39			1.32			(1.47	)
2015 - IR		20.04		(0.05	)^(d)		1.51			1.46			(1.47	)

FOR THE FISCAL YEARS ENDED AUGUST 31,
2014 - A		15.20		(0.15	)		4.16			4.01			(0.24	)
2014 - C		13.68		(0.25	)		3.72			3.47			(0.24	)
2014 - Institutional		16.08		(0.08	)		4.40			4.32			(0.24	)
2014 - Service		15.04		(0.16	)		4.12			3.96			(0.24	)
2014 - IR		16.01		(0.11	)		4.38			4.27			(0.24	)
2013 - A		13.62		(0.12	)		1.70			1.58			—
2013 - C		12.34		(0.20	)		1.54			1.34			—
2013 - Institutional		14.34		(0.06	)		1.80			1.74			—
2013 - Service		13.49		(0.13	)		1.68			1.55			—
2013 - IR		14.30		(0.09	)		1.80			1.71			—
2012 - A		11.51		(0.13	)		2.24			2.11			—
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 - 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 - 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			—

(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 0.20% of average net assets.

(e)

Annualized.


104		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)

$	18.85		7.55	%	$	263,248		1.49	%^(e)		1.54	%^(e)		(0.72	)%^(d)(e)		17	%
	16.58		7.16			59,421		2.24	^(e)		2.29	^(e)		(1.47	)^(d)(e)		17
	20.18		7.81			98,595		1.09	^(e)		1.14	^(e)		(0.32	)^(d)(e)		17
	18.61		7.48			11,865		1.59	^(e)		1.64	^(e)		(0.82	)^(d)(e)		17
	20.03		7.71			3,256		1.24	^(e)		1.29	^(e)		(0.48	)^(d)(e)		17


	18.97		26.55			260,982		1.51			1.55			(0.85	)		39
	16.91		25.54			58,602		2.26			2.30			(1.60	)		39
	20.16		27.03			99,039		1.11			1.15			(0.45	)		39
	18.76		26.49			10,712		1.61			1.65			(0.96	)		39
	20.04		26.83			3,228		1.26			1.30			(0.59	)		39
	15.20		11.60			228,424		1.50			1.55			(0.85	)		33
	13.68		10.86			50,278		2.25			2.30			(1.59	)		33
	16.08		12.13			70,416		1.10			1.15			(0.43	)		33
	15.04		11.49			10,167		1.60			1.65			(0.95	)		33
	16.01		11.96			2,651		1.25			1.30			(0.59	)		33
	13.62		18.28			239,355		1.50			1.55			(1.06	)		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
	10.51		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	^(e)		1.27	^(e)		(0.59	)^(e)		64
	10.43		14.11			225,873		1.50			1.63			(1.03	)		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


The accompanying notes are an integral part of these financial statements.		105

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)
2015 - A	$	16.66	$	0.06		$	0.88		$	0.94		$	(0.07	)	$	(2.59	)	$	(2.66	)
2015 - C		16.33		—	^(e)		0.87			0.87			—			(2.59	)		(2.59	)
2015 - Institutional		16.75		0.09			0.89			0.98			(0.13	)		(2.59	)		(2.72	)
2015 - IR		16.72		0.08			0.89			0.97			(0.11	)		(2.59	)		(2.70	)
2015 - R		16.62		0.04			0.88			0.92			(0.03	)		(2.59	)		(2.62	)

FOR THE FISCAL YEARS ENDED AUGUST 31,
2014 - A		14.79		0.06			3.23			3.29			(0.05	)		(1.37	)		(1.42	)
2014 - C		14.58		(0.06	)		3.18			3.12			—			(1.37	)		(1.37	)
2014 - Institutional		14.85		0.12			3.25			3.37			(0.10	)		(1.37	)		(1.47	)
2014 - IR		14.83		0.10			3.24			3.34			(0.08	)		(1.37	)		(1.45	)
2014 - R		14.78		0.02			3.23			3.25			(0.04	)		(1.37	)		(1.41	)
2013 - A		12.30		0.09			2.48			2.57			(0.08	)		—			(0.08	)
2013 - C		12.13		(0.01	)		2.46			2.45			—			—			—
2013 - Institutional		12.35		0.14			2.50			2.64			(0.14	)		—			(0.14	)
2013 - IR		12.34		0.12			2.50			2.62			(0.13	)		—			(0.13	)
2013 - R		12.29		0.04			2.51			2.55			(0.06	)		—			(0.06	)
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			—	^(e)		(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	)
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	)		—	^(e)		—			—	^(e)
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)

Annualized.

(e)

Amount is less than $0.005 per share.


106		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)

$	14.94		6.02	%	$	4,896		1.20	%^(d)		2.66	%^(d)		0.73	%^(d)		31	%
	14.61		5.63			447		1.95	^(d)		3.30	^(d)		0.06	^(d)		31
	15.01		6.26			8,705		0.80	^(d)		2.27	^(d)		1.13	^(d)		31
	14.99		6.18			230		0.95	^(d)		2.41	^(d)		0.98	^(d)		31
	14.92		5.90			119		1.45	^(d)		2.90	^(d)		0.49	^(d)		31


	16.66		23.41			4,542		1.20			3.04			0.37			67
	16.33		22.44			247		1.95			3.78			(0.37	)		67
	16.75		23.92			8,995		0.80			2.65			0.76			67
	16.72		23.71			205		0.95			2.80			0.61			67
	16.62		23.06			110		1.45			3.30			0.11			67
	14.79		21.05			2,869		1.18			3.66			0.68			61
	14.58		20.20			126		1.93			4.41			(0.09	)		61
	14.85		21.56			8,646		0.78			3.24			1.06			61
	14.83		21.39			174		0.93			3.39			0.90			61
	14.78		20.83			51		1.43			3.80			0.29			61
	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	^(d)		11.67	^(d)		0.37	^(d)		63
	9.49		(5.10	)		14		1.93	^(d)		12.42	^(d)		(0.29	)^(d)		63
	9.57		(4.20	)		4,351		0.78	^(d)		11.27	^(d)		0.74	^(d)		63
	9.56		(4.31	)		20		0.93	^(d)		11.42	^(d)		0.62	^(d)		63
	9.53		(4.65	)		10		1.43	^(d)		11.92	^(d)		0.10	^(d)		63


The accompanying notes are an integral part of these financial statements.		107

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements

February 28, 2015 (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, C, Institutional, Service, IR and R	Diversified
Concentrated Growth and Focused Growth	A, C, Institutional, IR and R	Non-diversified
Flexible Cap Growth and U.S. Equity	A, C, Institutional, IR and R	Diversified
Technology Tollkeeper	A, C, Institutional, Service and IR	Diversified

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge (“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.

At the close of business on November 14, 2014, Class B Shares of the Capital Growth, Concentrated Growth, Growth Opportunities, Small/Mid Cap Growth, Strategic Growth and Technology Tollkeeper Funds were converted to Class A Shares of the Fund.

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.

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

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2. SIGNIFICANT ACCOUNTING POLICIES (continued)

payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

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. 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.

E. 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 net realized gain (loss) from investments on the Statement of Operations.


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

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2015 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 there is no sale or official closing price or it is believed by the investment adviser to not represent fair value, 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 NAV on the valuation date. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2.

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. These investments are generally classified as Level 2 of the fair value hierarchy.

Investments in Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund are valued at the NAV of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy.

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

The Goldman Sachs Financial Square Government Fund may invest in debt securities which are valued daily on the basis of quotations supplied by dealers, if market quotations are readily available, 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.

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 of G8 countries (not held in money market funds), 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, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation, income payments, events of default and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) 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.

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Notes to Financial Statements (continued)

February 28, 2015 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of February 28, 2015:



CAPITAL GROWTH

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	20,156,780	$	—	$	—
North America		983,714,753		—		—
Short-term Investment		—		14,300,000		—
Total	$	1,003,871,533	$	14,300,000	$	—

CONCENTRATED GROWTH

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
North America	$	184,299,493	$	—	$	—
Short-term Investment		—		2,800,000		—
Total	$	184,299,493	$	2,800,000	$	—

FLEXIBLE CAP GROWTH

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	431,275	$	—	$	—
North America		17,285,725		—		—
Short-term Investment		—		300,000		—
Total	$	17,717,000	$	300,000	$	—

112

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



FOCUSED GROWTH

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
North America	$	32,723,102	$	—	$	—
Short-term Investment		—		600,000		—
Total	$	32,723,102	$	600,000	$	—

GROWTH OPPORTUNITIES

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	211,290,938	$	—	$	—
North America		4,988,121,854		—		—
Investment Company		142,354,684		—		—
Total	$	5,341,767,476	$	—	$	—

SMALL/MID CAP GROWTH

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	130,124,972	$	—	$	—
North America		2,371,730,482		—		—
Short-term Investment		—		81,400,000		—
Total	$	2,501,855,454	$	81,400,000	$	—

STRATEGIC GROWTH

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	2,793,093	$	—	$	—
North America		411,739,980		—		—
Short-term Investment		—		7,000,000		—
Total	$	414,533,073	$	7,000,000	$	—

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2015 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



TECHNOLOGY TOLLKEEPER

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
North America	$	430,818,590	$	—	$	—
Short-term Investment		—		2,700,000		—
Total	$	430,818,590	$	2,700,000	$	—

U.S. EQUITY

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
North America	$	13,796,173	$	—	$	—
Short-term Investment		—		500,000		—
Total	$	13,796,173	$	500,000	$	—

(a)

Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principle exchange or system on which they are traded, which may differ from country of domicile.

For further information regarding security characteristics, see the Schedules of Investments.


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.

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended February 28, 2015, contractual and effective net management fees with GSAM were at the following rates:


	Contractual 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	%		0.71	%^#
Concentrated Growth		1.00			0.90			0.86			0.84			0.82			1.00			0.80	^{#^}
Flexible Cap Growth		1.00			0.90			0.86			0.84			0.82			1.00			0.80	^{#^}
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			0.94			0.90	^#
Small/Mid Cap Growth		1.00			1.00			0.90			0.86			0.84			0.99			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 fee rates, set forth in the Funds’ most recent prospectuses. In addition, the Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. These waivers will be effective through at least December 29, 2015, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees.

Effective December 29, 2014, GSAM agreed to waive a portion of it’s management fee in order to achieve an Effective Net Management Rate of 0.78% for both Concentrated Growth and Flexible Cap Growth Fund. Prior to December 29, 2014, the Effective Net Management Rate for both Concentrated Growth and Flexible Cap Growth Fund was 0.81%.

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 C			Class R*
Distribution Plan		0.25	%		0.75	%		0.50	%
Service Plan		—			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.

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Notes to Financial Statements (continued)

February 28, 2015 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 C Shares’ CDSC. During the six months ended February 28, 2015, Goldman Sachs advised that it retained the following amounts:


	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Capital Growth	$	16,645	$	313
Concentrated Growth		804		—
Flexible Cap Growth		865		—
Focused Growth		2		—
Growth Opportunities		21,267		398
Small/Mid Cap Growth		38,105		10
Strategic Growth		3,370		—
Technology Tollkeeper		6,915		271
U.S. Equity		234		7

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 the 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 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 Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, brokerage fees, shareholder meetings, litigation, indemnification and 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

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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Growth, Focused Growth, Growth Opportunities, Small/Mid Cap Growth, Strategic Growth, Technology Tollkeeper and U.S. Equity Funds are 0.004%, 0.004%, 0.004%, 0.014%, 0.014%, 0.064%, 0.004%, 0.034% and 0.084%, respectively. Prior to December 29, 2014, the Other Expense limitation for Concentrated Growth, Flexible Cap, Technology Tollkeeper and U.S. Equity Funds were 0.014%, 0.014%, 0.064%, and 0.044% respectively. These Other Expense limitations will remain in place through at least December 29, 2015, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. The Funds bear their respective share of costs related to proxy and shareholder meetings, and GSAM has agreed to reimburse each Fund to the extent such expenses exceed a specified percentage of the Fund’s net assets. 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, 2015, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Management Fee Waiver		Other Expense Reimbursements		Total Expense Reductions
Capital Growth	$	1,385,282	$	241,327	$	1,626,609
Concentrated Growth		178,145		105,753		283,898
Flexible Cap Growth		15,969		108,875		124,844
Focused Growth		29,376		112,891		142,267
Growth Opportunities		991,781		245,162		1,236,943
Small/Mid Cap Growth		1,566,404		—		1,566,404
Strategic Growth		575,232		150,382		725,614
Technology Tollkeeper		—		95,734		95,734
U.S. Equity		—		102,325		102,325

G. Line of Credit Facility — As of February 28, 2015, the Funds participated in a $1,080,000,000 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 $120,000,000, for a total of up to $1,200,000,000. 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, 2015, the Funds did not have any borrowings under the facility.

H. Other Transactions with Affiliates — For the six months ended February 28, 2015, Goldman Sachs earned $2,523, $285, $9, $14,920, $3,791 and $2,940 in brokerage commissions from portfolio transactions, on behalf of the Capital Growth, Concentrated Growth, Flexible Cap Growth, Growth Opportunities, Small/Mid Cap Growth and Technology Tollkeeper Funds, respectively.

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Notes to Financial Statements (continued)

February 28, 2015 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 Small/Mid Cap Growth Fund in shares of issuers of which the Fund is an affiliate for the six months ended February 28, 2015:


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
M/I Homes, Inc.		1,259,098		28,307		(4,334	)		1,283,071	$	27,932,456
Mavenir Systems, Inc.		1,177,571		493,005		(37,656	)		1,632,920		23,791,644

The Growth Opportunities Fund invests in the Institutional Shares of the Goldman Sachs Financial Square Government Fund. This Underlying Fund is considered to be affiliated with the Fund. GSAM has contractually agreed to waive irrevocably a portion of any underlying fund’s management fee in an amount equal to the management fee paid to GSAM due to the Fund’s investment in an affiliated fund for which it also serves as investment advisor. For the six months ended February 28, 2015, GSAM waived $21,272 of such fund’s management fee. The table below shows the transactions in and earnings from investments in this affiliated Fund for the six months ended February 28, 2015:


Underlying Fund	Market Value 8/31/14		Purchases at Cost		Proceeds from Sales			Market Value 2/28/15
Goldman Sachs Financial Square Government Fund	$	—	$	416,035,977	$	(273,681,293	)	$	142,354,684

As of February 28, 2015, the Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of outstanding Class C, Institutional, Class IR and Class R Shares of the following funds:


Fund	Class C			Institutional			Class IR			Class R
Concentrated Growth		—	%		—	%		—	%		100	%
Flexible Cap Growth		—			—			6			60
Focused Growth		30			—			100			100
Strategic Growth		—			—			—			12
U.S. Equity		—			38			9			17

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

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, 2015, were as follows:


Fund	Purchases		Sales and Maturities
Capital Growth	$	287,303,309	$	320,990,941
Concentrated Growth		44,273,606		55,926,674
Flexible Cap Growth		5,084,823		3,959,201
Focused Growth		15,072,938		9,339,547
Growth Opportunities		1,376,060,962		1,799,405,998
Small/Mid Cap Growth		684,215,236		652,797,557
Strategic Growth		114,487,527		125,818,957
Technology Tollkeeper		71,225,467		103,963,906
U.S. Equity		4,292,378		5,321,880

6. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2014, the Funds had certain timing differences on a tax basis as follows:

Capital

Growth

Flexible
Cap Growth

Small/Mid Cap

Growth

Technology

Tollkeeper

Timing differences

(Qualified Late Year Loss Deferrals)

(123,134

)

(21,313

)

(9,638,504

)

(2,335,237

)

As of February 28, 2015, 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	$	724,183,017		$	138,958,313		$	13,081,543		$	29,464,275		$	4,155,268,343		$	1,974,947,118		$	310,121,791		$	280,146,665		$	11,757,822
Gross unrealized gain		301,980,892			50,486,725			5,226,508			4,185,136			1,290,364,066			653,342,748			116,246,174			156,226,649			2,773,453
Gross unrealized loss		(7,992,376	)		(2,345,545	)		(291,051	)		(326,309	)		(103,864,933	)		(45,034,412	)		(4,834,892	)		(2,854,724	)		(235,102	)
Net unrealized gain	$	293,988,516		$	48,141,180		$	4,935,457		$	3,858,827		$	1,186,499,133		$	608,308,336		$	111,411,282		$	153,371,925		$	2,538,351

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2015 (Unaudited)

6. TAX INFORMATION (continued)

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales and differences in tax treatment of 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:

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that a Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio.

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 or guarantor fails to perform or that an institution or entity with which the Funds have unsettled or open transactions defaults.

Non-Diversification Risk — The Concentrated Growth and Focused Growth Funds are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in fewer issuers than diversified mutual funds. Thus, a 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.

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

8. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, 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. 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.

At a meeting held on February 11-12, 2015, the Board of Trustees of the Goldman Sachs Trust approved a change in the Goldman Sachs U.S. Equity Fund’s name to the Goldman Sachs Dynamic U.S. Equity Fund, effective on April 30, 2015. In addition, effective as of that time, the Fund’s principal investment strategy will change. Under the Fund’s new principal strategy, the Fund may invest in securities of companies of any investment style (e.g., “growth”, “value”, or “core”) and of any market capitalization. Additionally, the Fund intends to take advantage of its flexibility to invest up to 20% of its net assets in equity securities of non-U.S. issuers.

121

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2015 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Capital Growth Fund

	For the Six Months Ended February 28, 2015 (Unaudited)						For the Fiscal Year Ended August 31, 2014

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		666,820		$	17,794,246			817,672		$	21,983,864
Reinvestment of distributions		4,123,424			103,869,050			5,245,662			131,666,115
Shares converted from Class B^(a)		414,688			12,024,309			162,015			4,329,011
Shares redeemed		(1,841,618	)		(48,497,158	)		(3,691,623	)		(99,881,853	)
		3,363,314			85,190,447			2,533,726			58,097,137
Class B Shares
Shares sold		47			1,093			13,241			303,172
Reinvestment of distributions		—			—			207,751			4,371,080
Shares converted to Class A^(a)		(498,183	)		(12,024,309	)		(192,166	)		(4,329,011	)
Shares redeemed		(145,866	)		(3,510,428	)		(174,199	)		(3,978,897	)
		(644,002	)		(15,533,644	)		(145,373	)		(3,633,656	)
Class C Shares
Shares sold		217,005			4,565,212			220,352			4,912,068
Reinvestment of distributions		662,843			13,382,800			807,423			16,963,972
Shares redeemed		(340,280	)		(7,380,291	)		(614,238	)		(13,922,721	)
		539,568			10,567,721			413,537			7,953,319
Institutional Shares
Shares sold		1,298,279			37,160,336			608,224			17,589,113
Reinvestment of distributions		799,639			21,718,191			953,235			25,413,240
Shares redeemed		(536,435	)		(15,188,566	)		(861,169	)		(24,302,231	)
		1,561,483			43,689,961			700,290			18,700,122
Service Shares
Shares sold		19,292			503,337			5,856			150,012
Reinvestment of distributions		4,638			113,688			7,946			195,070
Shares redeemed		(21,365	)		(538,254	)		(8,066	)		(214,810	)
		2,565			78,771			5,736			130,272
Class IR Shares
Shares sold		9,920			266,079			22,319			663,769
Reinvestment of distributions		17,639			448,370			21,811			550,288
Shares redeemed		(6,074	)		(163,903	)		(14,792	)		(392,222	)
		21,485			550,546			29,338			821,835
Class R Shares
Shares sold		17,826			473,200			37,441			983,485
Reinvestment of distributions		22,629			557,123			22,147			546,578
Shares redeemed		(28,491	)		(718,023	)		(19,750	)		(521,995	)
		11,964			312,300			39,838			1,008,068
NET INCREASE		4,856,377		$	124,856,102			3,577,092		$	83,077,097

(a)

Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Concentrated Growth Fund

	For the Six Months Ended February 28, 2015 (Unaudited)						For the Fiscal Year Ended August 31, 2014

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		27,525		$	497,540			70,876		$	1,263,347
Reinvestment of distributions		71,053			1,165,979			46,698			806,000
Shares converted from Class B^(a)		7,520			147,183			777			13,556
Shares redeemed		(37,729	)		(657,722	)		(216,261	)		(3,916,519	)
		68,369			1,152,980			(97,910	)		(1,833,616	)
Class B Shares
Shares sold		59			1,022			1,871			30,647
Reinvestment of distributions		—			—			1,155			18,124
Shares converted to Class A^(a)		(8,332	)		(147,183	)		(856	)		(13,556	)
Shares redeemed		(9,429	)		(164,839	)		(4,608	)		(74,624	)
		(17,702	)		(311,000	)		(2,438	)		(39,409	)
Class C Shares
Shares sold		38,609			577,404			54,822			891,916
Reinvestment of distributions		27,141			391,651			13,114			205,364
Shares redeemed		(14,306	)		(220,302	)		(29,125	)		(475,180	)
		51,444			748,753			38,811			622,100
Institutional Shares
Shares sold		276,071			4,838,552			645,154			12,053,841
Reinvestment of distributions		1,700,015			29,223,264			845,482			15,142,586
Shares redeemed		(863,279	)		(15,489,037	)		(1,185,832	)		(22,208,510	)
		1,112,807			18,572,779			304,804			4,987,917
Service Shares
Shares sold		—			—			—			—
Reinvestment of distributions		—			—			—			—
Shares redeemed		—			—			—			—
		—			—			—			—
Class IR Shares
Shares sold		1,186			19,194			2,911			55,231
Reinvestment of distributions		4,113			68,200			2,182			37,929
Shares redeemed		(1,050	)		(17,937	)		(5,111	)		(93,268	)
		4,249			69,457			(18	)		(108	)
Class R Shares
Shares sold		—			—			—			—
Reinvestment of distributions		165			2,663			76			1,284
Shares redeemed		—			—			—			—
		165			2,663			76			1,284
NET INCREASE		1,219,332		$	20,235,632			243,325		$	3,738,168

(a)

Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

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Notes to Financial Statements (continued)

February 28, 2015 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Flexible Cap Growth Fund

	For the Six Months Ended February 28, 2015 (Unaudited)						For the Fiscal Year Ended August 31, 2014

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		133,614		$	1,662,541			77,853		$	969,663
Reinvestment of distributions		75,889			897,010			52,753			620,899
Shares converted from Class B^(a)		—			—			—			—
Shares redeemed		(68,078	)		(835,069	)		(89,405	)		(1,104,307	)
		141,425			1,724,482			41,201			486,255
Class B Shares
Shares sold		—			—			—			—
Reinvestment of distributions		—			—			—			—
Shares converted to Class A^(a)		—			—			—			—
Shares redeemed		—			—			—			—
		—			—			—			—
Class C Shares
Shares sold		51,977			570,209			21,829			254,183
Reinvestment of distributions		16,649			182,809			11,545			128,615
Shares redeemed		(8,638	)		(97,748	)		(32,358	)		(377,495	)
		59,988			655,270			1,016			5,303
Institutional Shares
Shares sold		30,777			407,075			132,857			1,673,820
Reinvestment of distributions		90,748			1,117,114			67,892			824,885
Shares redeemed		(52,456	)		(688,861	)		(107,336	)		(1,365,164	)
		69,069			835,328			93,413			1,133,541
Service Shares
Shares sold		—			—			—			—
Reinvestment of distributions		—			—			—			—
Shares redeemed		—			—			—			—
		—			—			—			—
Class IR Shares
Shares sold		16,803			216,247			3,150			40,575
Reinvestment of distributions		2,697			32,792			941			11,334
Shares redeemed		(34	)		(443	)		(8,637	)		(111,298	)
		19,466			248,596			(4,546	)		(59,389	)
Class R Shares
Shares sold		90			1,101			201			2,470
Reinvestment of distributions		700			8,089			487			5,635
Shares redeemed		(2,266	)		(25,951	)		(6	)		(76	)
		(1,476	)		(16,761	)		682			8,029
NET INCREASE		288,472		$	3,446,915			131,766		$	1,573,739

(a)

Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

124

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10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Focused Growth Fund

	For the Six Months Ended February 28, 2015 (Unaudited)						For the Fiscal Year Ended August 31, 2014

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,880		$	28,442			2,067		$	29,063
Reinvestment of distributions		265			3,858			288			3,925
Shares converted from Class B^(a)		—			—			—			—
Shares redeemed		(884	)		(13,715	)		(3,871	)		(54,793	)
		1,261			18,585			(1,516	)		(21,805	)
Class B Shares
Shares sold		—			—			—			—
Reinvestment of distributions		—			—			—			—
Shares converted to Class A^(a)		—			—			—			—
Shares redeemed		—			—			—			—
		—			—			—			—
Class C Shares
Shares sold		952			13,553			705			10,005
Reinvestment of distributions		191			2,722			172			2,323
Shares redeemed		—			—			—			—
		1,143			16,275			877			12,328
Institutional Shares
Shares sold		497,423			7,518,573			1,004,877			14,179,449
Reinvestment of distributions		140,298			2,053,966			79,496			1,089,896
Shares redeemed		(106,373	)		(1,558,926	)		(431,484	)		(6,142,305	)
		531,348			8,013,613			652,889			9,127,040
Service Shares
Shares sold		—			—			—			—
Reinvestment of distributions		—			—			—			—
Shares redeemed		—			—			—			—
		—			—			—			—
Class IR Shares
Shares sold		—			—			—			—
Reinvestment of distributions		76			1,117			69			948
Shares redeemed		—			—			—			—
		76			1,117			69			948
Class R Shares
Shares sold		—			—			—			—
Reinvestment of distributions		76			1,095			68			935
Shares redeemed		—			—			—			—
		76			1,095			68			935
NET INCREASE (DECREASE)		533,904		$	8,050,685			652,387		$	9,119,446

(a)

Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

125

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2015 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Growth Opportunities Fund

	For the Six Months Ended February 28, 2015 (Unaudited)						For the Fiscal Year Ended August 31, 2014

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		5,868,974		$	156,307,350			8,032,868		$	226,986,472
Reinvestment of distributions		7,862,988			194,608,943			3,023,596			81,878,972
Shares converted from Class B^(a)		34,936			1,073,724			8,330			235,984
Shares redeemed		(8,573,404	)		(233,699,086	)		(16,739,369	)		(474,277,948	)
		5,193,494			118,290,931			(5,674,575	)		(165,176,520	)
Class B Shares
Shares sold		331			8,625			5,618			136,443
Reinvestment of distributions		—			—			32,372			750,045
Shares converted to Class A^(a)		(41,101	)		(1,073,724	)		(9,730	)		(235,984	)
Shares redeemed		(242,765	)		(6,335,557	)		(152,113	)		(3,664,921	)
		(283,535	)		(7,400,656	)		(123,853	)		(3,014,417	)
Class C Shares
Shares sold		1,033,559			21,482,753			1,106,125			26,356,127
Reinvestment of distributions		1,727,078			34,161,609			525,007			12,022,662
Shares redeemed		(991,063	)		(21,086,131	)		(1,625,462	)		(38,972,519	)
		1,769,574			34,558,231			5,670			(593,730	)
Institutional Shares
Shares sold		20,120,247			587,092,139			26,488,122			816,361,992
Reinvestment of distributions		18,723,667			517,709,381			5,904,682			174,188,106
Shares redeemed		(22,262,518	)		(671,298,051	)		(30,086,326	)		(926,283,442	)
		16,581,396			433,503,469			2,306,478			64,266,656
Service Shares
Shares sold		293,054			7,403,695			303,678			8,322,118
Reinvestment of distributions		373,256			8,961,890			133,648			3,536,321
Shares redeemed		(319,041	)		(8,357,999	)		(820,546	)		(22,482,432	)
		347,269			8,007,586			(383,220	)		(10,623,993	)
Class IR Shares
Shares sold		1,693,768			45,805,922			2,493,334			71,573,272
Reinvestment of distributions		1,195,970			30,389,605			324,816			8,961,670
Shares redeemed		(1,026,118	)		(27,976,125	)		(1,535,926	)		(44,199,453	)
		1,863,620			48,219,402			1,282,224			36,335,489
Class R Shares
Shares sold		568,774			14,754,772			791,843			21,975,992
Reinvestment of distributions		683,591			16,501,884			214,811			5,716,115
Shares redeemed		(436,997	)		(11,037,626	)		(1,005,143	)		(28,017,060	)
		815,368			20,219,030			1,511			(324,953	)
NET INCREASE (DECREASE)		26,287,186		$	655,397,993			(2,585,765	)	$	(79,131,468	)

(a)

Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

126

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10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Small/Mid Cap Growth Fund

	For the Six Months Ended February 28, 2015 (Unaudited)						For the Fiscal Year Ended August 31, 2014

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		7,268,869		$	148,941,871			16,550,003		$	331,130,563
Reinvestment of distributions		2,828,794			56,179,848			1,717,157			33,226,981
Shares converted from Class B^(a)		16,583			355,101			6,285			127,122
Shares redeemed		(6,278,455	)		(128,333,141	)		(14,624,797	)		(294,251,887	)
		3,835,791			77,143,679			3,648,648			70,232,779
Class B Shares
Shares sold		429			8,145			9,815			178,788
Reinvestment of distributions		—			—			10,394			185,838
Shares converted to Class A^(a)		(18,064	)		(355,101	)		(6,813	)		(127,122	)
Shares redeemed		(165,032	)		(3,247,551	)		(94,754	)		(1,768,237	)
		(182,667	)		(3,594,507	)		(81,358	)		(1,530,733	)
Class C Shares
Shares sold		1,606,405			29,881,204			4,080,815			75,333,355
Reinvestment of distributions		939,595			16,969,080			451,785			8,073,399
Shares redeemed		(1,201,990	)		(22,488,163	)		(1,704,492	)		(31,466,929	)
		1,344,010			24,362,121			2,828,108			51,939,825
Institutional Shares
Shares sold		12,412,617			264,803,071			21,521,263			448,083,942
Reinvestment of distributions		3,594,511			74,478,267			1,609,625			32,272,964
Shares redeemed		(9,437,847	)		(198,207,622	)		(11,200,433	)		(232,698,654	)
		6,569,281			141,073,716			11,930,455			247,658,252
Service Shares
Shares sold		202,087			4,010,053			250,224			4,972,415
Reinvestment of distributions		19,492			380,479			8,213			156,610
Shares redeemed		(129,625	)		(2,618,548	)		(298,366	)		(5,876,586	)
		91,954			1,771,984			(39,929	)		(747,561	)
Class IR Shares
Shares sold		1,326,839			27,762,351			4,929,199			100,390,233
Reinvestment of distributions		679,062			13,778,175			311,646			6,136,306
Shares redeemed		(1,200,172	)		(24,905,583	)		(2,104,449	)		(42,676,478	)
		805,729			16,634,943			3,136,396			63,850,061
Class R Shares
Shares sold		314,216			6,257,271			702,974			13,911,377
Reinvestment of distributions		132,069			2,568,736			71,370			1,358,167
Shares redeemed		(354,803	)		(7,122,628	)		(442,149	)		(8,754,329	)
		91,482			1,703,379			332,195			6,515,215
NET INCREASE (DECREASE)		12,555,580		$	259,095,315			21,754,515		$	437,917,838

(a)

Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

127

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2015 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Strategic Growth Fund

	For the Six Months Ended February 28, 2015 (Unaudited)						For the Fiscal Year Ended August 31, 2014

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		618,737		$	7,772,032			959,683		$	12,190,924
Reinvestment of distributions		623,276			7,460,611			1,036,246			12,414,221
Shares converted from Class B^(a)		6,679			92,424			1,559			19,533
Shares redeemed		(1,161,145	)		(14,682,751	)		(5,331,240	)		(68,591,918	)
		87,547			642,316			(3,333,752	)		(43,967,240	)
Class B Shares
Shares sold		—			—			9,240			100,954
Reinvestment of distributions		—			—			12,306			130,328
Shares converted to Class A^(a)		(7,606	)		(92,424	)		(1,762	)		(19,533	)
Shares redeemed		(62,687	)		(758,883	)		(41,839	)		(459,498	)
		(70,293	)		(851,307	)		(22,055	)		(247,749	)
Class C Shares
Shares sold		103,311			1,107,699			165,954			1,825,903
Reinvestment of distributions		143,499			1,473,731			100,743			1,068,877
Shares redeemed		(92,426	)		(1,002,150	)		(121,789	)		(1,357,416	)
		154,384			1,579,280			144,908			1,537,364
Institutional Shares
Shares sold		3,143,364			39,895,195			7,759,535			103,324,151
Reinvestment of distributions		3,789,883			47,790,420			2,915,104			36,467,953
Shares redeemed		(3,165,682	)		(41,753,659	)		(6,163,497	)		(81,267,515	)
		3,767,565			45,931,956			4,511,142			58,524,589
Service Shares
Shares sold		5,548			70,596			5,009			63,893
Reinvestment of distributions		2,064			24,623			888			10,619
Shares redeemed		(3,339	)		(40,395	)		(1,060	)		(13,761	)
		4,273			54,824			4,837			60,751
Class IR Shares
Shares sold		4,509			64,130			23,906			311,567
Reinvestment of distributions		11,782			148,694			9,876			123,652
Shares redeemed		(6,888	)		(90,478	)		(32,534	)		(436,175	)
		9,403			122,346			1,248			(956	)
Class R Shares
Shares sold		3,195			37,972			782			10,041
Reinvestment of distributions		225			2,673			97			1,150
Shares redeemed		(10	)		(123	)		(217	)		(2,776	)
		3,410			40,522			662			8,415
NET INCREASE (DECREASE)		3,956,289		$	47,519,937			1,306,990		$	15,915,174

(a)

Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

128

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Technology Tollkeeper Fund

	For the Six Months Ended February 28, 2015 (Unaudited)						For the Fiscal Year Ended August 31, 2014

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,445,998		$	26,481,817			3,470,987		$	60,962,111
Reinvestment of distributions		1,001,763			17,841,403			185,416			3,133,535
Shares converted from Class B^(a)		109,463			2,114,732			53,673			909,103
Shares redeemed		(2,351,245	)		(42,304,511	)		(4,980,250	)		(86,641,213	)
		205,979			4,133,441			(1,270,174	)		(21,636,464	)
Class B Shares
Shares sold		72			406			4,414			69,798
Reinvestment of distributions		—			—			5,077			76,914
Shares converted to Class A^(a)		(122,977	)		(2,114,732	)		(59,877	)		(909,103	)
Shares redeemed		(131,293	)		(2,253,641	)		(123,378	)		(1,948,304	)
		(254,198	)		(4,367,967	)		(173,764	)		(2,710,695	)
Class C Shares
Shares sold		208,970			3,345,846			442,555			6,903,734
Reinvestment of distributions		254,225			3,986,258			44,282			670,880
Shares redeemed		(343,040	)		(5,495,967	)		(698,408	)		(10,756,212	)
		120,155			1,836,137			(211,571	)		(3,181,598	)
Institutional Shares
Shares sold		727,809			14,001,045			1,829,512			33,547,607
Reinvestment of distributions		354,531			6,750,272			53,912			965,022
Shares redeemed		(1,107,788	)		(21,611,374	)		(1,350,780	)		(24,508,192	)
		(25,448	)		(860,057	)		532,644			10,004,437
Service Shares
Shares sold		169,957			3,034,958			356,691			6,160,990
Reinvestment of distributions		43,017			756,231			9,275			155,067
Shares redeemed		(146,614	)		(2,619,029	)		(470,614	)		(8,071,739	)
		66,360			1,172,160			(104,648	)		(1,755,682	)
Class IR Shares
Shares sold		13,653			266,646			95,097			1,673,610
Reinvestment of distributions		11,996			226,844			3,008			53,596
Shares redeemed		(24,162	)		(455,436	)		(102,621	)		(1,877,524	)
		1,487			38,054			(4,516	)		(150,318	)
Class R Shares
Shares sold		—			—			—			—
Reinvestment of distributions		—			—			—			—
Shares redeemed		—			—			—			—
		—			—			—			—
NET INCREASE (DECREASE)		114,335		$	1,951,768			(1,232,029	)	$	(19,430,320	)

(a)

Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

129

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 28, 2015 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	U.S. Equity Fund

	For the Six Months Ended February 28, 2015 (Unaudited)						For the Fiscal Year Ended August 31, 2014

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		34,988		$	555,953			128,347		$	2,026,089
Reinvestment of distributions		52,412			765,728			23,914			356,084
Shares converted from Class B^(a)		—			—			—			—
Shares redeemed		(32,260	)		(486,151	)		(73,652	)		(1,139,425	)
		55,140			835,530			78,609			1,242,748
Class B Shares
Shares sold		—			—			—			—
Reinvestment of distributions		—			—			—			—
Shares converted to Class A^(a)		—			—			—			—
Shares redeemed		—			—			—			—
		—			—			—			—
Class C Shares
Shares sold		12,796			188,834			6,704			102,411
Reinvestment of distributions		3,284			46,988			997			14,635
Shares redeemed		(645	)		(9,729	)		(1,192	)		(18,003	)
		15,435			226,093			6,509			99,043
Institutional Shares
Shares sold		7,997			123,217			48,848			764,017
Reinvestment of distributions		95,608			1,401,610			45,793			683,691
Shares redeemed		(60,405	)		(943,262	)		(139,916	)		(2,180,461	)
		43,200			581,565			(45,275	)		(732,753	)
Service Shares
Shares sold		—			—			—			—
Reinvestment of distributions		—			—			—			—
Shares redeemed		—			—			—			—
		—			—			—			—
Class IR Shares
Shares sold		1,230			19,129			—			—
Reinvestment of distributions		2,373			34,777			1,143			17,049
Shares redeemed		(558	)		(8,088	)		(613	)		(10,058	)
		3,045			45,818			530			6,991
Class R Shares
Shares sold		152			2,333			2,623			41,023
Reinvestment of distributions		1,201			17,544			517			7,691
Shares redeemed		(2	)		(37	)		(4	)		(66	)
		1,351			19,840			3,136			48,648
NET INCREASE (DECREASE)		118,171		$	1,708,846			43,509		$	664,677

(a)

Class B Shares were converted into Class A Shares at the close of business on November 14, 2014.

130

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Fund Expenses — Six Month Period Ended February 28, 2015 (Unaudited)

As a shareholder of Class A, 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 C Shares), and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (with respect to Class A, 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 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, 2014 through February 28, 2015.

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 9/1/14		Ending Account Value 2/28/15			Expenses Paid for the 6 months ended 2/28/15*		Beginning Account Value 9/1/14		Ending Account Value 2/28/15			Expenses Paid for the 6 months ended 2/28/15*		Beginning Account Value 9/1/14		Ending Account Value 2/28/15			Expenses Paid for the 6 months ended 2/28/15*		Beginning Account Value 9/1/14		Ending Account Value 2/28/15			Expenses Paid for the 6 months ended 2/28/15*		Beginning Account Value 9/1/14		Ending Account Value 2/28/15			Expenses Paid for the 6 months ended 2/28/15*
Class A
Actual	$	1,000.00	$	1,097.20		$	5.98	$	1,000.00	$	1,094.30		$	6.49	$	1,000.00	$	1,092.40		$	6.49	$	1,000.00	$	1,100.00		$	6.46	$	1,000.00	$	1,055.90		$	6.88
Hypothetical 5% return		1,000.00		1,019.09	+		5.76		1,000.00		1,018.60	+		6.26		1,000.00		1,018.60	+		6.26		1,000.00		1,018.65	+		6.21		1,000.00		1,018.10	+		6.76
Class C
Actual		1,000.00		1,093.00			9.86		1,000.00		1,090.20			10.37		1,000.00		1,088.40			10.36		1,000.00		1,096.00			10.34		1,000.00		1,052.00			10.68
Hypothetical 5% return		1,000.00		1,015.37	+		9.49		1,000.00		1,014.88	+		9.99		1,000.00		1,014.88	+		9.99		1,000.00		1,014.93	+		9.94		1,000.00		1,014.38	+		10.49
Institutional
Actual		1,000.00		1,099.00			3.90		1,000.00		1,096.80			4.42		1,000.00		1,093.80			4.41		1,000.00		1,102.80			4.38		1,000.00		1,058.00			4.85
Hypothetical 5% return		1,000.00		1,021.08	+		3.76		1,000.00		1,020.58	+		4.26		1,000.00		1,020.58	+		4.26		1,000.00		1,020.63	+		4.21		1,000.00		1,020.08	+		4.76
Service
Actual		1,000.00		1,096.10			6.50		N/A		N/A			N/A		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		1,055.60			7.39
Hypothetical 5% return		1,000.00		1,018.60	+		6.26		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		1,098.30			4.68		1,000.00		1,096.00			5.20		1,000.00		1,094.10			5.14		1,000.00		1,101.30			5.26		1,000.00		1,057.20			5.61
Hypothetical 5% return		1,000.00		1,020.33	+		4.51		1,000.00		1,019.84	+		5.01		1,000.00		1,019.89	+		4.96		1,000.00		1,019.79	+		5.06		1,000.00		1,019.34	+		5.51
Class R
Actual		1,000.00		1,095.30			7.27		1,000.00		1,093.10			7.78		1,000.00		1,091.00			7.78		1,000.00		1,098.90			7.75		1,000.00		1,054.60			8.15
Hypothetical 5% return		1,000.00		1,017.85	+		7.00		1,000.00		1,017.36	+		7.50		1,000.00		1,017.36	+		7.50		1,000.00		1,017.41	+		7.45		1,000.00		1,016.86	+		8.00

131

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Fund Expenses — Six Month Period Ended February 28, 2015 (Unaudited) (continued)


	Small/Mid Cap Growth Fund							Strategic Growth Fund							Technology Tollkeeper Fund							U.S. Equity Fund
Share Class	Beginning Account Value 9/1/14		Ending Account Value 2/28/15			Expenses Paid for the 6 months ended 2/28/15*		Beginning Account Value 9/1/14		Ending Account Value 2/28/15			Expenses Paid for the 6 months ended 2/28/15*		Beginning Account Value 9/1/14		Ending Account Value 2/28/15			Expenses Paid for the 6 months ended 2/28/15*		Beginning Account Value 9/1/14		Ending Account Value 2/28/15			Expenses Paid for the 6 months ended 2/28/15*
Class A
Actual	$	1,000.00	$	1,094.40		$	6.91	$	1,000.00	$	1,087.40		$	5.95	$	1,000.00	$	1,075.50		$	7.67	$	1,000.00	$	1,060.20		$	6.13
Hypothetical 5% return		1,000.00		1,018.20	+		6.66		1,000.00		1,019.09	+		5.76		1,000.00		1,017.41	+		7.45		1,000.00		1,018.84	+		6.01
Class C
Actual		1,000.00		1,090.10			10.78		1,000.00		1,082.90			9.81		1,000.00		1,071.60			11.51		1,000.00		1,056.30			9.94
Hypothetical 5% return		1,000.00		1,014.48	+		10.39		1,000.00		1,015.37	+		9.49		1,000.00		1,013.69	+		11.18		1,000.00		1,015.13	+		9.74
Institutional
Actual		1,000.00		1,097.00			4.84		1,000.00		1,088.80			3.88		1,000.00		1,078.10			5.62		1,000.00		1,062.60			4.09
Hypothetical 5% return		1,000.00		1,020.18	+		4.66		1,000.00		1,021.08	+		3.76		1,000.00		1,019.39	+		5.46		1,000.00		1,020.83	+		4.01
Service
Actual		1,000.00		1,093.90			7.42		1,000.00		1,086.90			6.47		1,000.00		1,074.80			8.18		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,017.70	+		7.15		1,000.00		1,018.60	+		6.26		1,000.00		1,016.91	+		7.95		N/A		N/A			N/A
Class IR
Actual		1,000.00		1,096.00			5.61		1,000.00		1,088.70			4.66		1,000.00		1,077.10			6.39		1,000.00		1,061.80			4.86
Hypothetical 5% return		1,000.00		1,019.44	+		5.41		1,000.00		1,020.33	+		4.51		1,000.00		1,018.65	+		6.21		1,000.00		1,020.08	+		4.76
Class R
Actual		1,000.00		1,093.20			8.20		1,000.00		1,085.60			7.19		N/A		N/A			N/A		1,000.00		1,059.00			7.40
Hypothetical 5% return		1,000.00		1,016.96	+		7.90		1,000.00		1,017.90	+		6.95		N/A		N/A			N/A		1,000.00		1,017.60	+		7.25

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, 2015. 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 C			Institutional			Service			Class IR			Class R
Capital Growth		1.15	%		1.90	%		0.75	%		1.25	%		0.90	%		1.40	%
Concentrated Growth		1.25			2.00			0.85			N/A			1.00			1.50
Flexible Cap Growth		1.25			2.00			0.85			N/A			0.99			1.50
Focused Growth		1.24			1.99			0.84			N/A			1.01			1.49
Growth Opportunities		1.35			2.10			0.95			1.45			1.10			1.60
Small/Mid Cap Growth		1.33			2.08			0.93			1.43			1.08			1.58
Strategic Growth		1.15			1.90			0.75			1.25			0.90			1.39
Technology Tollkeeper		1.49			2.24			1.09			1.59			1.24			N/A
U.S. Equity		1.20			1.95			0.80			N/A			0.95			1.45

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.

132

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 $1.02 trillion in assets under supervision as of December 31, 2014, 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. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman, Sachs & Co. subject to legal, internal and regulatory restrictions.

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 Fund

Limited Maturity Obligations Fund

Short Duration Government Fund

Short Duration Income Fund

Government Income Fund

Inflation Protected Securities Fund

Multi-Sector

Core Fixed Income Fund

Bond Fund²

Global Income Fund

Strategic Income Fund

Municipal and Tax-Free

High Yield Municipal Fund

Dynamic Municipal Income Fund³

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

Dynamic Emerging Markets Debt Fund

Fixed Income Alternatives

Long Short Credit Strategies Fund

Fixed Income Macro Strategies Fund

Fundamental Equity

Growth and Income Fund

Small Cap Value Fund

Small/Mid 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 Fund⁴

Income Builder Fund

Tax-Advantaged Equity

U.S. Tax-Managed Equity Fund⁵

International Tax-Managed Equity Fund⁵

U.S. Equity Dividend and Premium Fund

International Equity Dividend and Premium Fund

Equity Insights

Small Cap Equity Insights Fund

U.S. Equity Insights Fund

Small Cap Growth Insights Fund

Large Cap Growth Insights Fund

Large Cap Value Insights Fund

Small Cap Value Insights Fund

International Small Cap Insights Fund

International Equity Insights Fund

Emerging Markets Equity Insights Fund

Fundamental Equity International

Strategic International Equity Fund

Focused International Equity Fund

International Small Cap Fund

Asia Equity Fund

Emerging Markets Equity Fund

BRIC Fund (Brazil, Russia, India, China)

N-11 Equity Fund

Select Satellite⁶

Real Estate Securities Fund

International Real Estate Securities Fund

Commodity Strategy Fund

Dynamic Commodity Strategy Fund

Dynamic Allocation Fund

Absolute Return Tracker Fund

Long Short Fund

Managed Futures Strategy Fund

MLP Energy Infrastructure Fund

Multi-Manager Alternatives Fund

Multi-Asset Real Return Fund

Retirement Portfolio Completion Fund

Tactical Tilt Implementation Fund

Total Portfolio Solutions⁶

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 on October 1, 2014, the Goldman Sachs Core Plus Fixed Income Fund was renamed the Goldman Sachs Bond Fund.

Effective on December 18, 2014, the Goldman Sachs Municipal Income Fund was renamed the Goldman Sachs Dynamic Municipal Income Fund.

⁴

Effective April 30, 2015, the Goldman Sachs U.S. Equity Fund will be renamed the Goldman Sachs Dynamic U.S. Equity Fund.

⁵

Effective on April 30, 2014, the Goldman Sachs Structured Tax-Managed Equity and Structured International Tax-Managed Equity Funds were renamed the Goldman Sachs U.S. Tax-Managed Equity and International Tax-Managed Equity Funds, respectively.

⁶

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.

*This list covers open-end funds only. Please visit our web site at www.GSAMFUNDS.com to learn about our closed-end funds.


TRUSTEES Ashok N. Bakhru, Chairman Kathryn A. Cassidy John P. Coblentz, Jr. Diana M. Daniels Joseph P. LoRusso Herbert J. Markley James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel Roy W. Templin Gregory G. Weaver		OFFICERS James A. McNamara, President Scott M. McHugh, Principal Financial Officer and Treasurer Caroline Kraus, Secretary

GOLDMAN, SACHS & CO. Distributor and Transfer Agent		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our web site at www.GSAMFUNDS.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 (“SEC”) web site at http://www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Qs. The Funds’ Form N-Qs 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’ Form N-Qs 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-Qs 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).

Goldman, Sachs & Co. (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

Fund holdings and allocations shown are as of February 28, 2015 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. Current and future holdings are subject to risk.

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.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

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 Institution or from Goldman, Sachs & Co. by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

ITEM 2.

CODE OF ETHICS.

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

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

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

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

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. John P. Coblentz, Jr. is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Table 1 — Items 4(a) - 4(d). The accountant fees below reflect the aggregate fees billed by all of the Funds of the Goldman Sachs Trust and includes the Goldman Sachs Funds to which this certified shareholder report relates.


	2014			�� 2013			Description of Services Rendered



Audit Fees:

• PricewaterhouseCoopers LLP (“PwC”)		$	4,269,524		$	3,372,161	Financial Statement audits.

Audit-Related Fees:

• PwC		$	0		$	2,340	Other attest services.

Tax Fees:

• PwC		$	939,217		$	816,858	Tax compliance services provided in connection with the preparation and review of registrant’s tax returns.

Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs Trust’s service affiliates * that were pre-approved by the Audit Committee of the Goldman Sachs Trust pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.


	2014			2013			Description of Services Rendered



Audit-Related Fees:

• PwC		$	1,486,420		$	1,516,680	Internal control review performed in accordance with Statement on Standards for Attestation Engagements No. 16. These fees are borne by the Funds’ Adviser.

*	These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as “service affiliates”).

Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures

Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs Trust. The Audit and Non-Audit Services Pre-Approval Policy (the “Policy”) adopted by the Audit Committee of Goldman Sachs Trust (“GST”) sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GST may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission’s rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.

De Minimis Waiver. The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GST at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.

Pre-Approval of Non-Audit Services Provided to GST’s Investment Advisers. The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GST, the Audit Committee will pre-approve those non-audit services provided to GST’s investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GST) where the engagement relates directly to the operations or financial reporting of GST.

Item 4(e)(2) – 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GST’s service affiliates listed in Table 2 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

Item 4(f) – Not applicable.

Item 4(g) Aggregate Non-Audit Fees Disclosure

The aggregate non-audit fees billed to GST by PwC for the twelve months ended August 31, 2014 and August 31, 2013 were approximately $939,217 and $819,198 respectively. The aggregate non-audit fees billed to GST’s adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2013 and December 31, 2012 $9.8 million and $9.8 million respectively. With regard to the aggregate non-audit fees billed to GST’s adviser and service affiliates, the 2012 and 2011 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST’s operations or financial reporting.

Item 4(h) — GST’s Audit Committee has considered whether the provision of non-audit services to GST’s investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors’ independence.

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)	Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 12(a)(1) of the registrant’s Form N-CSR filed on June 3, 2010 for its Short Duration and Government Fixed Income Funds.

(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.

(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

SIGNATURES

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


		Goldman Sachs Trust

By:		/s/ James A. McNamara


		James A. McNamara
		President/Principal Executive Officer
		Goldman Sachs Trust

Date:		May 4, 2015

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


By:		/s/ James A. McNamara


		James A. McNamara
		President/Principal Executive Officer
		Goldman Sachs Trust

Date:		May 4, 2015

By:		/s/ Scott McHugh


		Scott McHugh
		Principal Financial Officer
		Goldman Sachs Trust

Date:		May 4, 2015

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