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

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

Explanatory Note

This amended and restated Semi-Annual Report (originally filed with the SEC on Form N-CSR on May 4, 2015) revises information with respect to the aggregate non-audit fees under Item 4(g).

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Stockholders is filed herewith.

Goldman Sachs Funds

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Semi-Annual Report				February 28, 2015

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

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Goldman Sachs Fundamental Equity Value Funds

GROWTH AND INCOME

LARGE CAP VALUE

MID CAP VALUE

SMALL CAP VALUE

SMALL/MID CAP VALUE


TABLE OF CONTENTS

Principal Investment Strategies and Risks			1

Investment Process			2

Market Review			3

Portfolio Management Discussions and Performance Summaries			6

Schedules of Investments			40

Financial Statements			54

Financial Highlights			60

Notes to Financial Statements			70

Other Information			88



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Principal Investment Strategies and Risks

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

The Goldman Sachs Growth and Income Fund invests primarily in 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., “value”) tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes. Foreign and emerging markets investments may be more volatile than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic or political developments. Investments in master limited partnerships (“MLPs”) are subject to certain risks, including risks related to limited control and limited rights to vote, potential conflicts of interest, cash flow risks, dilution risks, limited liquidity and risks related to the general partner’s right to force sales at undesirable times or prices. Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs whose underlying properties are concentrated in a particular industry or geographic region are also subject to risks affecting such industries and regions. The securities of REITs involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements because of interest rate changes, economic conditions and other factors.

The Goldman Sachs Large Cap Value Fund invests primarily in large-capitalization U.S. equity investments. The Fund’s equity investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. Different investment styles (e.g., “value”) 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 Mid Cap Value Fund invests primarily in mid-capitalization U.S. equity investments. The Fund’s equity investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular 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., “value”) 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 Small Cap Value Fund invests primarily in small-capitalization U.S. equity investments. The Fund’s equity investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular 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., “value”) 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 Small/Mid Cap Value 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., “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 VALUE FUNDS

What Differentiates the Goldman Sachs

Fundamental Equity Value Investment Process?

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

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At the heart of our value investment philosophy is a belief in the rigorous analysis of business fundamentals. Our approach may include:

Meetings with management teams and on-site company visits

Industry-specific, proprietary financial and valuation models

Assessment of management quality

Analysis of each company’s competitive position and industry dynamics

Interviews with competitors, suppliers and customers

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We seek to invest in companies when we believe:

Market uncertainty exists

Their economic value is not recognized by the market

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We seek to buy companies with quality characteristics. For us, this means companies that have:

Sustainable operating earnings, or competitive advantage

Excellent stewardship of capital

Capability to earn above their cost of capital

Strong or improving balance sheets and cash flow

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Value portfolios that strive to offer:

Capital appreciation potential as each company’s true value is recognized in the marketplace

Investment style consistency

MARKET REVIEW

Goldman Sachs Fundamental Equity Value 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.)

MARKET REVIEW

Looking Ahead

At the end of the Reporting Period, we believed U.S. equities had further upside potential should the U.S. economy continue to accelerate. We believe real earnings growth may well serve as a fundamental driver of performance going forward. We believe U.S. corporate fundamentals are strong, evidenced by both healthy balance sheets and earnings resilience, and should provide companies with a number of options to increase shareholder value. While we acknowledge the potential for headwinds remains, such as geopolitical risks, we ultimately remain constructive on the direction of U.S. equity markets. We believe the U.S. has the best macroeconomic outlook of the developed economies, and we are optimistic on the strengthening U.S. housing and employment markets as well as on the potential for a continued recovery in consumer spending. Consumption, which accounts for approximately 70% of U.S. GDP, may benefit from the combination of low energy prices and a strong U.S. dollar. Furthermore, with strong GDP growth momentum from 2014, we believe an acceleration in earnings growth could continue in the U.S., as the country appears to be less exposed to weaker segments of the global economy given its lower reliance on exports.

Looking forward, we believe that should the U.S. economy continue to improve, companies may reinvest for future growth by increasing capital expenditures, research and development, hiring, and merger and acquisition activity rather than keeping excess cash on balance sheets. From a valuation perspective, we believe U.S. equities remained, at the end of the Reporting Period, fairly valued overall considering the positive macro environment and were inexpensive relative to fixed income. We believe a forward-looking analysis is critical in this investing environment, and we believe stock selection will be increasingly important as companies differentiate themselves on earnings growth and valuation.

Regardless of market direction, our fundamental, bottom-up stock selection continues to drive our process, rather than headlines or sentiment. We maintain high conviction in the companies the Fundamental Equity Value Funds own, and we believe they have the potential to outperform relative to the broader market regardless of economic growth conditions. We continue to focus on undervalued companies that we believe have comparatively greater control of their own destiny, such as innovators with differentiated products, companies with low cost structures, or companies that have been investing in their own businesses and may be poised to gain market share. We maintain our discipline in seeking to identify companies with strong or improving balance sheets, led by quality management teams and trading at discounted valuations, and we maintain our long-term investment perspective.

As always, deep research resources, a forward-looking investment process and truly actively managed portfolios are keys, in our view, to both preserving capital and seeking to outperform the market over the long term.

MARKET REVIEW

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

Effective February 18, 2015, Timothy Ryan serves as a portfolio manager for the Goldman Sachs Mid Cap Value Fund.

Additionally, Sean Gallagher serves as sole Chief Investment Officer of the Value Equity Investment Team. The other portfolio managers serve as primary research analysts for particular industries. While the entire team debates investment ideas and overall portfolio structure, the final buy/sell decision for a particular security resides primarily with the portfolio manager responsible for that particular industry. As Chief Investment Officer of the Value Equity Investment Team, Mr. Gallagher is ultimately responsible for the composition of the Funds’ portfolio structure at both the stock and industry level.

PORTFOLIO RESULTS

Goldman Sachs Growth and Income Fund

Portfolio Composition

Under normal circumstances, the Fund invests at least 65% of its total net assets in equity investments that the Goldman Sachs Value Equity Investment Team considers to have favorable prospects for capital appreciation and/or dividend-paying ability. Although the Fund will invest primarily in publicly traded U.S. securities, including preferred and convertible securities, master limited partnerships and real estate investment trusts, it may invest up to 25% of its total net assets in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. The Fund may also invest up to 35% of its total net assets in fixed income securities, such as government, corporate and bank debt obligations, that offer the potential to further the Fund’s investment objective of long-term capital appreciation and growth of income.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Value Equity Investment Team discusses the Goldman Sachs Growth and Income 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 3.29%, 2.94%, 3.54%, 3.25%, 3.44% and 3.18%, respectively. These returns compare to the 3.48% cumulative total return of the Fund’s benchmark, the Russell 1000^® Value 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. Sector allocation as a whole also contributed positively to the Fund’s results.

Which equity market sectors most significantly affected Fund performance?

Effective stock selection in the information technology, industrials and health care sectors helped the Fund’s relative results most. The only two sectors that detracted from the Fund’s relative results during the Reporting Period were energy and consumer discretionary, wherein stock selection proved challenging.

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

The Fund benefited most relative to the Russell Index from positions in office supply retailer Staples, grocery chain Kroger and pharmaceuticals company Pfizer.

Shares of Staples rose during the Reporting Period, supported by the announcement of an activist investor taking a 5% stake in the company, increasing speculation that a merger with Office Depot could be in the future. We believe the subsequently announced merger between these two companies could be highly accretive. Fundamentally, though, even without the merger, we believe the changing dynamics and near-term consolidation in the office supply industry create favorable tailwinds for the industry and that the market is currently underestimating this potential. We believe Staples’ management team’s decision to proceed with store closures should help to drive down costs and increase productivity in its remaining stores. At the end of the Reporting Period, we were also encouraged by the trajectory of the company’s international business after recent restructuring and leadership changes.

PORTFOLIO RESULTS

been able to gain market share, driven by a focus on low prices, high convenience and healthy choices. At the end of the Reporting Period, its margins appeared to have stabilized. We believe its margins may begin to expand following many years of investment to improve its competitive positioning. We also believe its acquisition of Harris Teeter Supermarkets may provide synergies and boost its earnings per share over the next two to three years. We believe that further industry consolidation could be beneficial for the company due to its strong market share and stable cash flows.

Pfizer’s shares appreciated as the market started to reflect what we consider to be the true value of its product pipeline. Additionally, Pfizer’s shares reacted positively to the Food and Drug Administration’s (“FDA”) accelerated approval of its new drug Ibrance as well as early enthusiasm regarding its immune-oncology assets. Also, share price appreciation was supported by its recently announced acquisition of Hospira, which we believe may well strengthen its biosimilars pipeline. At the end of the Reporting Period, we continued to believe Pfizer has strong fundamentals, a number of growth opportunities and an attractive valuation. Indeed, in our view, Pfizer’s pipeline was undervalued at the end of the Reporting Period, and we expect its management to continue to highlight the pipeline value through clinical success. Pfizer also has a strong, highly rated balance sheet with more than $33 billion of cash that we believe provides the company with the financial flexibility to invest for growth and return capital to shareholders. The company also pays what we view as an attractive dividend.

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 — Canadian Oil Sands, Devon Energy and Apache.

Shares of Canadian Oil Sands underperformed, as lower oil prices led to cash flow concerns and a subsequent dividend reduction. We believe the company’s capacity utilization has the potential to improve, with its management having made higher capital investments for upgrades in the past few years. Additionally, we believe these recent upgrades should lead to a decrease in capital expenditures over the next few years. With lower oil prices, however, free cash flow generation could be lower than anticipated and not support the company’s dividend, in our view. Thus, while we are encouraged by the company’s new management team, we exited the Fund’s position in the company in early January 2015 to reduce the Fund’s energy exposure, and we reallocated the capital into higher conviction names.

Lower oil prices weighed negatively on Devon Energy’s shares and overshadowed the company’s strong results. 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 focus 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 diversified financial services company Fifth Third Bancorp based upon its improving returns and what we consider to be its attractive valuation relative to its peers. We believe the bank can continue to improve return on assets and return on equity, as it improves efficiency and sheds legacy costs. In our view, Fifth Third Bancorp’s ability to potentially benefit from eventual rising interest rates may be underappreciated by the market.

PORTFOLIO RESULTS

with smaller firms. We believe the company is a high quality franchise, which at the time of our purchase, featured a reasonable valuation with the potential to benefit from increased capital deployment and improvement in sales.

Conversely, in addition to the sale of Canadian Oil Sands, already mentioned, we sold the Fund’s position in semiconductor bellwether Intel. Its stock showed strong performance during the Reporting Period, but we believe it has limited upside potential moving forward. We also see the relatively flat personal computer market continuing and view such as a possible hindrance in the future. While we still believe the company is a well-run, quality business, we decided to exit the Fund’s position in favor of higher conviction opportunities.

We sold the Fund’s position in diversified financial services institution Citigroup. Our confidence was tested on Citigroup’s results and execution in non-U.S. markets, where it has an outsized exposure relative to its peers. While we still have a favorable long-term view of the company, we believe the market is fully appreciating the company for now. We therefore eliminated the position in favor of companies we believe have greater upside potential.

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

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

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

We established a Fund position in insurance company Aflac. The company has a substantial presence in the supplemental medical insurance market in Japan, where it is the dominant provider of cancer insurance, and a leading presence in the supplemental health and life business in the U.S., especially with smaller firms. We believe the company is a high quality franchise, which at the time of our purchase, featured a reasonable valuation with the potential to benefit from increased capital deployment and improvement in sales.

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

PORTFOLIO RESULTS

Reporting Period, the Fund’s allocations compared to the benchmark index in financials and telecommunication services increased as did its position in cash. The Fund’s exposure to energy and information technology decreased compared to the Russell Index.

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

FUND BASICS

Growth and Income Fund

as of February 28, 2015

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PERFORMANCE REVIEW
September 1, 2014–February 28, 2015	Fund Total Return (based on NAV)¹			Russell 1000 Value Index²
Class A		3.29	%		3.48	%
Class C		2.94			3.48
Institutional		3.54			3.48
Service		3.25			3.48
Class IR		3.44			3.48
Class R		3.18			3.48

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


STANDARDIZED TOTAL RETURNS³
For the period ended 12/31/14	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		5.19	%		11.38	%		5.33	%		7.13	%	2/5/93
Class C		9.48			11.82			5.14			3.14		8/15/97
Institutional		11.76			13.09			6.35			6.29		6/3/96
Service		11.17			12.54			5.83			5.85		3/6/96
Class IR		11.61			12.94			N/A			4.89		11/30/07
Class R		11.03			12.38			N/A			4.38		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 fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.14	%		1.23	%
Class C		1.89			1.98
Institutional		0.74			0.83
Service		1.24			1.33
Class IR		0.89			0.97
Class R		1.39			1.48

⁴

The expense ratios of the Fund, both current (net of any fee waivers or expense limitations) and before waivers (gross of any fee waivers or expense limitations) are as set forth above. 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.


TOP TEN HOLDINGS AS OF 2/28/15⁵
Holding	% of Net Assets			Line of Business
General Electric Co.		5.3	%	Industrial Conglomerates
JPMorgan Chase & Co.		4.5		Commercial Banks
Exxon Mobil Corp.		4.1		Oil, Gas & Consumable Fuels
Pfizer, Inc.		4.0		Pharmaceuticals
Verizon Communications, Inc.		3.6		Diversified Telecommunication Services
Merck & Co., Inc.		3.0		Pharmaceuticals
Prudential Financial, Inc.		2.8		Insurance
Eli Lilly & Co.		2.8		Pharmaceuticals
Medtronic PLC		2.6		Health Care Equipment & Supplies
The Gap, Inc.		2.6		Specialty Retail

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of February 28, 2015

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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 Large Cap Value Fund

Portfolio Composition

The Fund invests, under normal circumstances, at least 80% of its total net assets in a diversified portfolio of equity investments in large-cap U.S. issuers with public stock market capitalizations within the range of the market capitalization of companies constituting the Russell 1000^® Value Index at the time of investment. The Fund seeks its investment objective of long-term capital appreciation by investing in value opportunities that the Goldman Sachs Value Equity Investment Team defines as companies with identifiable competitive advantages whose intrinsic value is not reflected in the stock price. Although the Fund will invest primarily in publicly traded U.S. securities, including preferred and convertible securities, it may invest up to 20% of its total net assets in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. The Fund may also invest up to 20% of its total net assets in fixed income securities, such as government, corporate and bank debt obligations.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Value Equity Investment Team discusses the Goldman Sachs Large Cap Value 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 2.30%, 1.89%, 2.52%, 2.22%, 2.42% and 2.18%, respectively. These returns compare to the 3.48% cumulative total return of the Fund’s benchmark, the Russell 1000^® Value 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 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 to the Fund’s results.

Which equity market sectors most significantly affected Fund performance?

Detracting most from the Fund’s performance relative to the Russell Index were financials, energy and consumer discretionary, where stock selection was comparatively weak. Effective stock selection in the health care, consumer staples and utilities sectors helped the Fund’s relative results most. Having an underweighted allocation to telecommunication services, which lagged the Russell Index during the Reporting Period, also added value.

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, Apache and Devon Energy.

Southwestern Energy was a top detractor from the Fund’s relative performance, driven by weaker natural gas prices. Despite the company’s underperformance, we believe its management has executed well on its strategy and, at the end of the Reporting Period, the company was attractively valued relative to its peers. Further, 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.

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

PORTFOLIO RESULTS

it demonstrates Apache’s commitment to focus 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.

Similarly, lower 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.

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

The Fund benefited most relative to the Russell Index from positions in grocery chain Kroger, medical device company Medtronic and pharmaceuticals company Pfizer.

Kroger reported positive quarterly earnings results driven by solid execution, which helped the company maintain its positive momentum and drive its shares higher. In line with our view, Kroger was able to gain additional market share from its peers. We also found it positive that its management repurchased its shares at a greater than anticipated rate during the Reporting Period. In our view, Kroger has consistently been able to gain market share, driven by a focus on low prices, high convenience and healthy choices. At the end of the Reporting Period, its margins appeared to have stabilized. We believe its margins may begin to expand following many years of investment to improve its competitive positioning. We also believe its acquisition of Harris Teeter Supermarkets could provide synergies and boost its earnings per share over the next two to three years. We believe that further industry consolidation could be beneficial for the company due to its strong market share and stable cash flows.

Following weakness related to an announced corporate tax inversion regulation and its resulting impact on Medtronic’s proposed acquisition of fellow medical device manufacturer Covidien, shares of Medtronic traded higher as the company’s management reaffirmed its commitment to the acquisition and reiterated the transaction’s potential benefits regardless of the new tax guidelines. We believe the deal between Medtronic and Covidien has the potential to provide Medtronic with strengthened revenue growth, earnings accretion driven by substantial cost synergies, improved free cash flow flexibility as well as higher returns on invested capital. In addition, we believe the potential combined entity’s increasingly diversified business could benefit from the continued growth of overall health care spending along with an expansion in medical device utilization as reimbursement and regulatory uncertainties subside.

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 health care products manufacturer Johnson & Johnson after its stock sold off due in part to lower than expected 2015 guidance from its management. Its stock also declined because the market seemed to become incrementally concerned about the company’s pharmaceutical business segment growth given the risk of losing its Remicade patent. At the time of purchase, we believed Johnson & Johnson had become attractively valued relative to its peers. Overall, we believe that Johnson & Johnson is a quality company with strong

PORTFOLIO RESULTS

management that we expect can overcome these issues and maintain its pharmaceuticals segment growth.

We established a Fund position in snack food and beverage provider Mondelez International. We believe the company is positioned well within its space, as we view the company as attractively valued when compared to its competitors. We also believe the company shows potential for improvements in the biscuit business in China and to be the beneficiary of a better pricing environment in European chocolate. We are encouraged by the company management team’s efforts to create shareholder value, as demonstrated recently through the implementation of a cost-cutting initiative. Overall, we view Mondelez International as an attractively valued company with a strong management team and compelling upside potential.

Conversely, we sold the Fund’s position in beauty products manufacturer Estee Lauder. Our exit was motivated by slowing demand in the Hong Kong retail sector relating to the protests, along with the slowing of the China market in general. We felt that Estee Lauder was no longer a compelling position and chose to reallocate the capital into companies with what we considered to have more attractive risk/reward profiles.

We exited the Fund’s position in semiconductor bellwether Intel. Its stock showed strong performance during the Reporting Period, but we believe it has limited upside potential moving forward. While we still believe the company is a well-run, quality business, 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 allocation compared to the benchmark index in consumer discretionary increased as did its position in cash. The Fund’s exposure to health care and industrials decreased compared 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 information technology sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in financials, materials, utilities and energy and was rather neutrally weighted to the Russell Index in consumer staples, health care, industrials and telecommunication services.

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

PORTFOLIO RESULTS

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 allocation compared to the benchmark index in consumer discretionary increased as did its position in cash. The Fund’s exposure to health care and industrials decreased compared to the Russell Index.

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

FUND BASICS

Large Cap Value Fund

as of February 28, 2015

LOGO


PERFORMANCE REVIEW
September 1, 2014–February 28, 2015	Fund Total Return (based on NAV)¹			Russell 1000 Value Index²
Class A		2.30	%		3.48	%
Class C		1.89			3.48
Institutional		2.52			3.48
Service		2.22			3.48
Class IR		2.42			3.48
Class R		2.18			3.48


STANDARDIZED TOTAL RETURNS³
For the period ended 12/31/14	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		6.09	%		11.61	%		5.80	%		5.95	%	12/15/99
Class C		10.37			12.05			5.62			5.55		12/15/99
Institutional		12.73			13.34			6.84			6.76		12/15/99
Service		12.20			12.78			6.30			6.27		12/15/99
Class IR		12.56			13.17			N/A			5.53		11/30/07
Class R		11.97			12.59			N/A			5.02		11/30/07

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.16	%		1.20	%
Class C		1.91			1.95
Institutional		0.76			0.80
Service		1.26			1.30
Class IR		0.91			0.95
Class R		1.41			1.45

⁴


TOP TEN HOLDINGS AS OF 2/28/15⁵
Holding	% of Net Assets			Line of Business
General Electric Co.		5.1	%	Industrial Conglomerates
JPMorgan Chase & Co.		4.2		Commercial Banks
Exxon Mobil Corp.		3.6		Oil, Gas & Consumable Fuels
Bank of America Corp.		3.5		Commercial Banks
Pfizer, Inc.		3.3		Pharmaceuticals
American International Group, Inc.		3.0		Insurance
Prudential Financial, Inc.		2.8		Insurance
EMC Corp.		2.5		Computers & Peripherals
Devon Energy Corp.		2.4		Oil, Gas & Consumable Fuels
Medtronic PLC		2.3		Health Care Equipment & Supplies

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

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 Mid Cap Value Fund

Portfolio Composition

The Fund invests, under normal circumstances, at least 80% of its total net assets in a diversified portfolio of equity investments in mid-cap issuers with public stock market capitalizations within the range of the market capitalization of companies constituting the Russell Midcap^® Value Index at the time of investment. The Fund seeks its investment objective of long-term capital appreciation by investing in mid-cap U.S. equity investments that are believed to be undervalued or undiscovered by the marketplace. Although the Fund will invest primarily in publicly traded U.S. securities, it may invest up to 25% of its total net assets in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. The Fund may also invest in the aggregate up to 20% of its total net assets in companies with public stock market capitalizations outside the range of companies constituting the Russell Midcap^® Value Index at the time of investment and in fixed income securities, such as government, corporate and bank debt obligations.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Value Equity Investment Team discusses the Goldman Sachs Mid Cap Value 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 3.62%, 3.24%, 3.80%, 3.56%, 3.73% and 3.47%, respectively. These returns compare to the 4.68% cumulative total return of the Fund’s benchmark, the Russell Midcap^® Value 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 absolute gains, but sector allocation overall detracted from its performance relative to the Russell Index during the Reporting Period. Stock selection as a whole contributed positively, albeit modestly, to relative results.

Which equity market sectors most significantly affected Fund performance?

Detracting from the Fund’s performance most relative to the Russell Index was stock selection in the financials and industrials sectors. Having an overweighted allocation to the poorly performing energy sector and exposure to cash during months when the Russell Index gained ground also hurt. Effective stock selection in the consumer staples, health care and information technology sectors helped the Fund’s relative results most.

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, QEP Resources and Cimarex Energy.

PORTFOLIO RESULTS

businesses can include, but are not limited to, those that process, store, market and transport various energy commodities.) While we continue to have a positive long-term outlook on QEP Resources, we exited the position in efforts to reduce the Fund’s oil exposure and reallocated the proceeds into a higher conviction name.

Similarly, shares of Cimarex Energy declined as lower oil prices negatively weighed on investor sentiment. Also, Cimarex Energy has relatively limited hedges to the dropping oil prices in place, so this means it may have to begin cutting its capital expenditures aggressively, which would likely, in turn, signify a drop in production. The company’s strong production growth outlook preceding the oil price drop, high quality Permian assets and strong balance sheet had attracted us to the name. However, we sold the Fund’s position in Cimarex Energy during the Reporting Period based on our concerns about what we believed to be an impending drop in production and a premium valuation.

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

The Fund benefited most relative to the Russell Index from positions in global specialty health care company Endo International, grocery chain Kroger and global health service organization Cigna.

Shares of Endo International rose during the Reporting Period, as the company’s acquisition of Auxilium Pharmaceuticals was finalized, a deal that we believe will be accretive moving forward. The company also reported strong third quarter 2014 earnings, which had a positive impact on its share price. At the end of the Reporting Period, we remained encouraged by Endo International’s merger and acquisition activity and by what we consider to be its strong product pipeline and experienced management team. We thus believed the stock to be compelling from a risk/reward perspective. Indeed, despite strong performance during the Reporting Period, we continued to view its shares as attractively valued relative to its peers.

Shares of Cigna benefited during the Reporting Period from better than expected results in its third and fourth quarter 2014 earnings and from better than expected earnings guidance for 2015. According to its statements, the company expected to double its size over the next seven to eight years through organic growth and future capital deployment. We also see upside potential in the company’s margin guidance for its Medicare Advantage and individual exchange portfolios.

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 Devon Energy. Despite its recent underperformance, we believe the value of Devon Energy’s large North American asset base is not fully recognized at its market price at the time of our purchase, and we are positive on a number of actions the company has taken to unlock shareholder value. Further, we believe Devon

PORTFOLIO RESULTS

Energy maintains a strong balance sheet, which could help expedite the development of its oil properties going forward.

Conversely, in addition to the sales of Cimarex Energy and QEP Resources, already mentioned, we exited the Fund’s position in Agilent Technologies, a leading global life science and analytical measurement company. While we were optimistic about Agilent Technology’s health care business, we eliminated the Fund position due to the company’s exposure to energy end-markets, which we felt may lead to increased downside risk potential.

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

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s allocations compared to the Russell Index in consumer discretionary, consumer staples and information technology increased as did its position in cash. The Fund’s exposure to the energy, financials, health care, industrials and materials sectors decreased compared 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, consumer staples, information technology and energy sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in financials, utilities and materials and was rather neutrally weighted to the Russell Index in health care and industrials. The Fund had no allocation to telecommunication services at the end of February 2015.

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

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 allocations compared to the Russell Index in consumer discretionary, consumer staples and information technology increased as did its position in cash. The Fund’s exposure to the energy, financials, health care, industrials and materials sectors decreased compared to the Russell Index.

PORTFOLIO RESULTS

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

FUND BASICS

Mid Cap Value Fund

as of February 28, 2015

LOGO


PERFORMANCE REVIEW
September 1, 2014–February 28, 2015	Fund Total Return (based on NAV)¹			Russell Midcap Value Index²
Class A		3.62	%		4.68	%
Class C		3.24			4.68
Institutional		3.80			4.68
Service		3.56			4.68
Class IR		3.73			4.68
Class R		3.47			4.68

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


STANDARDIZED TOTAL RETURNS³
For the period ended 12/31/14	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		7.01	%		14.19	%		8.11	%		9.25	%	8/15/97
Class C		11.28			14.63			7.91			8.80		8/15/97
Institutional		13.71			15.96			9.16			11.94		8/1/95
Service		13.15			15.39			8.62			9.64		7/18/97
Class IR		13.55			15.80			N/A			8.43		11/30/07
Class R		12.97			15.21			N/A			17.23		1/6/09

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.14	%		1.14	%
Class C		1.89			1.89
Institutional		0.74			0.74
Service		1.24			1.24
Class IR		0.89			0.89
Class R		1.39			1.39

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 recently available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report.


TOP TEN HOLDINGS AS OF 2/28/15⁵
Holding	% of Net Assets			Line of Business
Cigna Corp.		2.0	%	Health Care Providers & Services
Sempra Energy		1.9		Multi-Utilities
Navient Corp.		1.9		Consumer Finance
Lincoln National Corp.		1.9		Insurance
Brixmor Property Group, Inc.		1.6		Real Estate Investment Trusts
Broadcom Corp. Class A		1.6		Semiconductors & Semiconductor Equipment
Endo International PLC		1.6		Pharmaceuticals
The Gap, Inc.		1.5		Specialty Retail
FirstEnergy Corp.		1.5		Electric Utilities
Huntington Bancshares, Inc		1.5		Commercial Banks

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

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 Cap Value Fund

Portfolio Composition

The Fund invests, under normal circumstances, at least 80% of its total net assets in a diversified portfolio of equity investments in small-cap issuers with public stock market capitalizations within the range of the market capitalization of companies constituting the Russell 2000^® Value Index at the time of investment. Under normal circumstances, the Fund’s investment horizon for ownership of stocks will be two to three years. The Fund seeks its investment objective of long-term capital appreciation by investing in small-cap U.S. equity investments that are believed to be undervalued or undiscovered by the marketplace. Although the Fund will invest primarily in publicly traded U.S. securities, it may invest up to 25% of its total net assets in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. The Fund may also invest in the aggregate up to 20% of its total net assets in companies with public stock market capitalizations outside the range of companies constituting the Russell 2000^® Value Index at the time of investment and in fixed income securities, such as government, corporate and bank debt obligations.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Value Equity Investment Team discusses the Goldman Sachs Small Cap Value 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 3.95%, 3.56%, 4.14%, 3.89%, 4.06% and 3.81%, respectively. These returns compare to the 2.31% cumulative total return of the Fund’s benchmark, the Russell 2000^® Value 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 discretionary, energy and financials sectors helped the Fund’s performance most relative to the Russell Index. Detracting from the Fund’s relative results most was weak stock selection in the health care and telecommunication services sectors, having an overweighted allocation to the poorly performing materials sector and having exposure to cash during a Reporting Period when the Russell Index gained ground.

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

The Fund benefited most relative to the Russell Index from positions in casual restaurant operator and franchiser Jack in the Box, oil and gas exploration and production company SM Energy and lodging resort Diamond Resorts International.

Jack in the Box operates and franchises Jack in the Box and Qdoba Mexican Grill restaurants. During the Reporting Period, Jack in the Box reported two consecutive quarters of earnings that exceeded consensus expectations, benefiting from robust same-store sales growth at both business chains. Overall, at the end of the Reporting Period, we believed Jack in the Box’s management team was executing well, and we remained optimistic on the potential for significant unit growth moving forward. In addition, in our view, Jack in the Box is supported by strong free cash flow generation, and we believe its operating margins can expand through more efficient business operations.

During the Reporting Period, we initiated a Fund position in SM Energy. We view SM Energy as a high quality company supported by a well-capitalized balance sheet and a strong, low cost position in the Eagle Ford shale. We established the Fund position in SM Energy at what we viewed as an attractive valuation following recent broad-based energy sector weakness due to sharply declining crude oil and natural gas prices. From our purchase date through the end of

PORTFOLIO RESULTS

the Reporting Period, SM Energy’s stock recovered and outperformed the Russell Index based on strong execution and operational performance by the company and on some recovery and seeming stabilization in crude oil prices.

Strong quarterly earnings during the Reporting Period helped drive up shares of Diamond Resorts International. We view the company’s $100 million share buyback program, announced in October 2014, as a positive for shareholder value. Its acquisitions of Hospitality Management and Consulting Services was also a positive, in our view, and should, we believe, lead to a more transparent management structure for the company.

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 — Rex Energy, Laredo Petroleum and Rice Energy.

Shares of Rex Energy traded lower largely due to investor concerns about the recent decline in natural gas prices and the potential resulting impact of such on the company’s operations. At the end of December 2014, Rex Energy’s shares continued to move lower after the company announced a meaningful reduction to its 2015 capital expenditure budget. However, we believe this decision demonstrates financial discipline, and, at the end of the Reporting Period, we continued to be optimistic on the company’s outlook. Overall, we view Rex Energy as well positioned in areas that could experience significant production growth, and we are positive on its management’s commitment to strengthening the company’s operational results going forward.

At the beginning of November 2014, Laredo Petroleum reported better than expected earnings, highlighted by solid production results. However, its shares underperformed as lower oil prices during the fourth calendar quarter weighed negatively on investor sentiment. Despite what we believe may well be short-term weakness, we remained constructive at the end of the Reporting Period on the company’s acreage in the core of the Midland Basin, and we anticipate that Laredo Petroleum’s production and reserve growth could accelerate in this area going forward. Additionally, we view the company’s decision to reduce its 2015 capital expenditure budget favorably, as it demonstrates financial discipline.

Rice Energy reported lower than anticipated third quarter 2014 earnings per share, but earnings before interest, taxes, depreciation and amortization (“EBITDA”) exceeded investor expectations. As the Reporting Period progressed, Rice Energy’s shares were adversely impacted by the decline in energy prices. At the end of the Reporting Period, we maintained the Fund’s position in Rice Energy because, in our view, its prominent acreage in the Marcellus and Utica shales has the potential to drive strong results for the company. Additionally, Rice Energy is supported by a management team seemingly committed to high returns, and we believe the company’s growth opportunities in the Upper Devonian Shale were not fully reflected in the stock’s valuation at the end of the Reporting Period.

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

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

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

In addition to the purchase of SM Energy, already mentioned, we initiated a Fund position in Curtiss-Wright during the Reporting Period. Curtiss-Wright designs, manufactures and overhauls precision components and systems, providing engineered services to the aerospace, automotive, shipbuilding, oil, petrochemical, agricultural equipment, power generation, metal working and fire and rescue industries. Curtiss-Wright has undergone a significant management change and strategic refocus over the last year or so. The company has stated it is looking to drive higher organic growth, margins and returns on invested capital by divesting less profitable businesses, realigning the organization and driving productivity improvements. Its management also seems to be committed to using cash flow for strategic bolt-on acquisitions as well as share repurchases. (A bolt-on acquisition is the acquisition of a company where the acquiring company intends to merge the target company into one of its departments.) We believe the company is in the early stages of its transformation and still has significant room for operational improvement in the coming years combined with capital deployment.

PORTFOLIO RESULTS

in line with our expectations. In our view, the valuation at the time of sale left the company with limited upside potential, and we therefore decided to transition the capital into names that we believed had greater upside potential.

We sold the Fund’s position in Cleco, a Louisiana-based public utility holding company. We had initiated the Fund’s position in Cleco based on our positive outlook on the company’s above-average earnings growth prospects and its management’s focus on allocating free cash flow in a shareholder-friendly manner. Additionally, we viewed Cleco as a potential acquisition candidate. Indeed, in October 2014, its shares rose sharply after Cleco announced plans to be acquired by a group of infrastructure investors. Following the announcement, we exited the Fund’s position and transitioned the capital into names we believed had greater upside potential.

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

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. We seek to outpace the benchmark index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. Consequently, changes in its sector weights are generally the direct result of individual stock selection or of stock appreciation or depreciation. That said, during the Reporting Period, the Fund’s allocation compared to the benchmark index in consumer discretionary increased as did its position in cash. The Fund’s exposure to the materials and utilities sectors decreased compared 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 was overweighted in materials and underweighted in financials relative to the Russell Index. The Fund was rather neutrally weighted to the other eight sectors in the Russell Index at the end of February 2015.

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

Conversely, we exited the Fund’s position in oil and gas exploration and production company RSP Permian. The decision to sell the Fund’s position in RSP Permian was based on the company’s valuation, which we believe became in line with our expectations. In our view, the valuation at the time of sale left the company with limited upside potential, and we therefore decided to transition the capital into names that we believed had greater upside potential.

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

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

PORTFOLIO RESULTS

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

FUND BASICS

Small Cap Value Fund

as of February 28, 2015

LOGO


PERFORMANCE REVIEW
September 1, 2014–February 28, 2015	Fund Total Return (based on NAV)¹			Russell 2000 Value Index²
Class A		3.95	%		2.31	%
Class C		3.56			2.31
Institutional		4.14			2.31
Service		3.89			2.31
Class IR		4.06			2.31
Class R		3.81			2.31

The Russell 2000 Value Index (with dividends reinvested) is an unmanaged index of common stock prices that measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³
For the period ended 12/31/14	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		0.98	%		15.41	%		8.07	%		10.83	%	10/22/92
Class C		5.00			15.85			7.88			8.93		8/15/97
Institutional		7.28			17.19			9.13			10.20		8/15/97
Service		6.75			16.61			8.58			9.65		8/15/97
Class IR		7.14			17.02			N/A			10.44		11/30/07
Class R		6.60			16.43			N/A			9.91		11/30/07

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.35	%		1.40	%
Class C		2.10			2.15
Institutional		0.95			1.00
Service		1.45			1.50
Class IR		1.10			1.15
Class R		1.60			1.65

⁴


TOP TEN HOLDINGS AS OF 2/28/15⁵
Holding	% of Net Assets			Line of Business
Esterline Technologies Corp.		1.2	%	Aerospace & Defense
Pebblebrook Hotel Trust		1.2		Real Estate Investment Trusts
Chesapeake Lodging Trust		1.1		Real Estate Investment Trusts
PrivateBancorp, Inc.		1.0		Commercial Banks
SM Energy Co.		1.0		Oil, Gas & Consumable Fuels
Strategic Hotels & Resorts, Inc.		1.0		Real Estate Investment Trusts
Spectrum Brands Holdings, Inc.		1.0		Household Products
National Health Investors, Inc.		1.0		Real Estate Investment Trusts
American Equity Investment Life Holding Co.		0.9		Insurance
Bank of the Ozarks, Inc.		0.9		Commercial Banks

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

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. Underlying sector allocations of Exchange Traded Funds held by the Fund are not reflected in the graph above. 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 Value Fund

Portfolio Composition

The Fund’s investment objective is to seek long-term capital appreciation. The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at time of purchase) in a diversified portfolio of equity investments in small- and mid-cap issuers with public stock market capitalizations within the range of the market capitalization of companies constituting the Russell 2000^® Value Index and the Russell Midcap Value Index, respectively, at the time of investment. As of September 30, 2014, the capitalization range of the companies in these indexes was between $56 million and $30.6 billion. Under normal circumstances, the Fund’s investment horizon for ownership of stocks will be two to three years. Although the Fund will invest primarily in publicly traded U.S. securities, it may also invest in foreign securities, including securities of issuers in emerging countries and securities quoted in foreign currencies. The Fund may invest in companies with public stock market capitalizations outside the range of companies constituting the Russell 2000^® Value Index and the Russell Midcap Value Index at the time of investment and in fixed income securities, such as government, corporate and bank debt obligations.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Value Equity Investment Team discusses the Goldman Sachs Small/Mid Cap Value 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 2.76%, 2.45%, 3.11%, 2.89% and 2.63%, respectively. These returns compare to the 1.87% cumulative total return of the Fund’s benchmark, the Russell 2500^® Value 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 discretionary, energy and information technology sectors helped the Fund’s performance most relative to the Russell Index. Detracting from the Fund’s relative results most was stock selection in the industrials, health care and utilities sectors. Having a portion of assets in cash during a Reporting Period when the Russell Index gained ground also detracted.

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

The Fund benefited most relative to the Russell Index from positions in casual restaurant operator and franchiser Jack in the Box, global specialty health care company Endo International and real estate investment trust Pebblebrook Hotel Trust.

PORTFOLIO RESULTS

remained encouraged by Endo International’s merger and acquisition activity and by what we consider to be its strong product pipeline and experienced management team. We thus believed the stock to be compelling from a risk/reward perspective. Indeed, despite strong performance during the Reporting Period, we continued to view its shares as attractively valued relative to its peers.

Pebblebrook Hotel Trust, an owner of upper-upscale and luxury hotel properties in high barrier U.S. urban markets, was another top contributor to the Fund’s results during the Reporting Period. At the industry level, U.S. hotels experienced better than expected revenue per available room (“RevPar”) growth during the Reporting Period. Shares of Pebblebrook Hotel Trust also benefited from an improving macroeconomic backdrop given the company’s favorable geographic exposure and highly regarded management team. At the end of the Reporting Period, we remained constructive on Pebblebrook Hotel Trust’s potential for both margin expansion and earnings growth over the long term, and we also continued to be positive on its management’s profitable track record of capital allocation.

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 — Laredo Petroleum, QEP Resources and Eclipse Resources.

Although QEP Resources beat consensus earnings estimates and successfully sold its midstream business during the fourth quarter of 2014, shares of the company declined as a result of weaker energy prices. (The midstream component of the energy industry is usually defined as those companies providing products or services that help link the supply side, i.e., energy producers, and the demand side, i.e., energy end-users, for any type of energy commodity. Midstream businesses can include, but are not limited to, those that process, store, market and transport various energy commodities.) We initiated the Fund’s position in QEP Resources during the Reporting Period given our positive outlook on its management making a decision to the sell the remaining part of its midstream business in 2014. We also believe QEP Resources possesses an attractive risk/reward profile relative to its peers and are constructive its management’s strategic initiatives to transform the company into a focused and balanced exploration and production company.

We had bought Eclipse Resources, a Marcellus and Utica shale exploration and production company, on its Initial Public Offering (“IPO”) in the Fund’s prior fiscal year. Given the company’s focus on natural gas, we believed the position would provide some balance in the Fund’s portfolio, which had many oil-exposed names. However, the stock has underperformed since the IPO due to natural gas price weakness during the Reporting Period and on investor concerns over infrastructure/takeaway capacity constraints out of the Marcellus and Utica shales. At the end of the Reporting Period, we continued to believe Eclipse Resources had “best in class” acreage in the Marcellus and Utica shales, but after persistent underperformance, we decided to exit the Fund’s position and transition the capital into names that we believed have greater upside potential.

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

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

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

In addition to the purchase of QEP Resources, already mentioned, we initiated a Fund position in Bank of Hawaii during the Reporting Period. In our view, Bank of Hawaii is a well-managed, high quality banking franchise with dominant market share in the Hawaiian Islands. Its management has a long track record of delivering high returns on a conservatively-managed balance sheet. Hawaii has been benefiting from a strong tourist trade, and its economy has been expanding at a solid rate. Hawaii is one of the most energy-dependent states, moreover, and is expected to benefit disproportionately from lower oil prices.

PORTFOLIO RESULTS

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

In addition to the purchase of QEP Resources, already mentioned, we initiated a Fund position in Bank of Hawaii during the Reporting Period. In our view, Bank of Hawaii is a well-managed, high quality banking franchise with dominant share in the Hawaiian Islands. Its management has a long track record of delivering high returns on a conservatively-managed balance sheet. Hawaii has been benefiting from a strong tourist trade, and its economy has been expanding at a solid rate. Hawaii is one of the most energy-dependent states, moreover, and is expected to benefit disproportionately from lower oil prices.

We established a Fund position in Empire State Realty Trust, the owner of the Empire State Building as well as other office and retail properties in New York City. We believe its shares were trading, at the time of the Fund’s purchase, at an unwarranted discount relative to its peers due to concerns over new supply in the observatory market. We recognize the potential for new competition in this space. However, we believe investors are underappreciating what we view as the company’s significant growth potential and high quality balance sheet. In addition, we believe Empire State Realty Trust’s upcoming re-leasing opportunities could lead to meaningful increases in the company’s rental rates.

Conversely, in addition to those sales already mentioned, we sold the Fund’s position in TRW Automotive Holdings. After the announcement was made late in 2014 that ZF Friedrichshafen would be acquiring TRW Automotive Holdings, its shares surged higher. This strong performance had the company trading near our target price, and so we decided to exit the Fund’s position in favor of other high conviction opportunities.

We exited the Fund’s position in Oil States International in early January 2015 because the company had outperformed its peer group and because we sought to reduce the Fund’s exposure to oil services. We opted to reallocate the proceeds to higher conviction natural gas exploration and production names.

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 allocations compared to the benchmark index in consumer staples and information technology increased. The Fund’s exposure to the energy sector decreased compared 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 was overweighted in consumer discretionary, consumer staples, information technology and materials relative to the Russell Index. On the same date, the Fund had underweighted positions compared to the Russell Index in financials, industrials and utilities and was rather neutrally weighted to the Russell Index in energy and health care. The Fund had no allocation to telecommunication services at the end of February 2015.

FUND BASICS

Small/Mid Cap Value Fund

as of February 28, 2015

LOGO


PERFORMANCE REVIEW
September 1, 2014–February 28, 2015	Fund Total Return (based on NAV)¹			Russell 2500 Value Index²
Class A		2.76	%		1.87	%
Class C		2.45			1.87
Institutional		3.11			1.87
Class IR		2.89			1.87
Class R		2.63			1.87

The Russell 2500 Value Index is composed of the smallest 2,500 of the 3,000 largest U.S. companies based on total market capitalization with lower price-to-book ratios and lower forecast growth values. It is calculated by Frank Russell Company, and reflects reinvestment of all dividends and capital gains. 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	Since Inception			Inception Date
Class A		4.72	%		1/31/2014
Class C		9.04			1/31/2014
Institutional		11.29			1/31/2014
Class IR		11.14			1/31/2014
Class R		10.66			1/31/2014

The Standardized Total Returns are cumulative 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 atwww.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects 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 RATIOS³
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.33	%		4.81	%
Class C		2.08			6.16
Institutional		0.93			10.28
Class IR		1.08			10.63
Class R		1.58			11.13


TOP TEN HOLDINGS AS OF 2/28/15⁵
Holding	% of Net Assets			Line of Business
Pebblebrook Hotel Trust		1.6	%	Real Estate Investment Trusts
Brixmor Property Group, Inc.		1.6		Real Estate Investment Trusts
Carlisle Cos., Inc.		1.6		Industrial Conglomerates
Esterline Technologies Corp.		1.5		Aerospace & Defense
Post Properties, Inc.		1.4		Real Estate Investment Trusts
Highwoods Properties, Inc.		1.4		Real Estate Investment Trusts
Packaging Corp. of America		1.3		Containers & Packaging
CBL & Associates Properties, Inc.		1.3		Real Estate Investment Trusts
Hanesbrands, Inc.		1.2		Textiles, Apparel & Luxury Goods
Starwood Property Trust, Inc.		1.1		Real Estate Investment Trusts

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of February 28, 2015

LOGO

⁶

GOLDMAN SACHS GROWTH AND INCOME FUND

Schedule of Investments

February 28, 2015 (Unaudited)


Shares		Description	Value

	Common Stocks – 96.7%
	Aerospace & Defense – 1.0%
	31,605	The Boeing Co.	$	4,767,614

	Air Freight & Logistics – 1.0%
	47,243	United Parcel Service, Inc. Class B		4,806,030

	Automobiles – 1.8%
	234,586	General Motors Co.		8,752,404

	Capital Markets – 3.1%
	330,566	AllianceBernstein Holding LP		9,467,410
	302,495	Ares Capital Corp.		5,233,164

				14,700,574

	Chemicals – 0.5%
	33,692	Eastman Chemical Co.		2,508,706

	Commercial Banks – 10.5%
	560,015	Bank of America Corp.		8,853,837
	128,577	BB&T Corp.		4,892,355
	394,987	Fifth Third Bancorp		7,646,948
	351,640	JPMorgan Chase & Co.		21,548,499
	136,098	Wells Fargo & Co.		7,456,810

				50,398,449

	Commercial Services & Supplies – 0.5%
	44,200	Waste Management, Inc.		2,408,016

	Communications Equipment – 2.3%
	367,506	Cisco Systems, Inc.		10,845,102

	Computers & Peripherals – 2.6%
	44,249	Apple, Inc.		5,684,227
	239,717	EMC Corp.		6,937,410

				12,621,637

	Consumer Finance – 2.7%
	61,780	Capital One Financial Corp.		4,862,704
	377,542	Navient Corp.		8,079,399

				12,942,103

	Diversified Telecommunication Services – 3.6%
	353,911	Verizon Communications, Inc.		17,500,899

	Electric Utilities – 3.1%
	266,751	FirstEnergy Corp.		9,330,950
	28,096	NextEra Energy, Inc.		2,906,812
	75,847	PPL Corp.		2,586,383

				14,824,145

	Electrical Equipment – 1.0%
	67,971	Eaton Corp. PLC		4,826,621

	Food & Staples Retailing – 1.3%
	52,503	The Kroger Co.		3,735,588
	32,157	Wal-Mart Stores, Inc.		2,698,937

				6,434,525

	Food Products – 1.6%
	220,818	ConAgra Foods, Inc.		7,724,214


Shares		Description	Value

	Common Stocks – (continued)
	Health Care Equipment & Supplies – 2.6%
	159,681	Medtronic PLC	$	12,389,649

	Hotels, Restaurants & Leisure – 1.0%
	62,170	Starwood Hotels & Resorts Worldwide, Inc.		4,994,116

	Household Products – 0.8%
	44,626	The Procter & Gamble Co.		3,799,011

	Industrial Conglomerates – 5.3%
	982,594	General Electric Co.		25,537,618

	Insurance – 8.9%
	118,534	Aflac, Inc.		7,378,741
	196,037	American International Group, Inc.		10,846,727
	50,970	Arthur J. Gallagher & Co.		2,395,080
	167,563	Prudential Financial, Inc.		13,547,469
	117,684	The Hartford Financial Services Group, Inc.		4,820,337
	37,397	The Travelers Cos., Inc.		4,017,934

				43,006,288

	Internet Software & Services* – 0.8%
	63,488	eBay, Inc.		3,676,590

	Machinery – 0.7%
	43,026	Caterpillar, Inc.		3,566,855

	Media – 4.0%
	85,525	CBS Corp. Class B		5,054,528
	84,435	Liberty Global PLC Series C*		4,404,974
	138,596	Viacom, Inc. Class B		9,693,404

				19,152,906

	Multi-Utilities – 1.7%
	151,829	PG&E Corp.		8,157,772

	Oil, Gas & Consumable Fuels – 8.5%
	78,971	Apache Corp.		5,199,451
	184,715	Devon Energy Corp.		11,376,597
	223,376	Exxon Mobil Corp.		19,777,711
	180,514	Southwestern Energy Co.*		4,527,291

				40,881,050

	Pharmaceuticals – 13.0%
	191,332	Eli Lilly & Co.		13,425,766
	93,849	Johnson & Johnson		9,620,461
	247,432	Merck & Co., Inc.		14,484,669
	99,642	Mylan, Inc.*		5,711,978
	557,834	Pfizer, Inc.		19,144,863

				62,387,737

	Real Estate Investment Trusts – 3.1%
	202,260	Brixmor Property Group, Inc.		5,137,404
	445,668	MFA Financial, Inc.		3,547,517
	255,850	Starwood Property Trust, Inc.		6,242,740

				14,927,661


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

GOLDMAN SACHS GROWTH AND INCOME FUND


Shares		Description	Value

	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – 1.7%
	230,262	Maxim Integrated Products, Inc.	$	7,919,862

	Software – 1.6%
	173,039	Microsoft Corp.		7,587,760

	Specialty Retail – 3.6%
	294,498	Staples, Inc.		4,937,259
	296,519	The Gap, Inc.		12,335,190

				17,272,449

	Thrifts & Mortgage Finance – 1.7%
	486,581	New York Community Bancorp, Inc.		8,082,110

	Tobacco – 1.1%
	97,765	Altria Group, Inc.		5,503,192

	TOTAL COMMON STOCKS
	(Cost $399,043,385)		$	464,903,665


Principal Amount		Interest Rate			Maturity Date		Value

	Short-term Investment^(a) – 1.5%
	Repurchase Agreement – 1.5%
	Joint Repurchase Agreement Account II
$	7,100,000		0.081	%		03/02/15	$	7,100,000
	(Cost $7,100,000)

	TOTAL INVESTMENTS – 98.2%
	(Cost $406,143,385)						$	472,003,665

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.8%							8,653,190

	NET ASSETS – 100.0%						$	480,656,855


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 53.



Investment Abbreviation:
LP		—Limited Partnership


The accompanying notes are an integral part of these financial statements.		41

GOLDMAN SACHS LARGE CAP VALUE FUND

Schedule of Investments

February 28, 2015 (Unaudited)


Shares		Description	Value

	Common Stocks – 97.2%
	Aerospace & Defense – 1.0%
	101,491	The Boeing Co.	$	15,309,917

	Automobiles – 1.6%
	668,008	General Motors Co.		24,923,378

	Beverages – 0.7%
	90,974	Anheuser-Busch InBev NV ADR		11,522,767

	Capital Markets – 2.6%
	106,771	Affiliated Managers Group, Inc.*		23,107,380
	130,650	Ameriprise Financial, Inc.		17,458,759

				40,566,139

	Chemicals – 0.5%
	108,054	Eastman Chemical Co.		8,045,701

	Commercial Banks – 12.7%
	3,411,177	Bank of America Corp.		53,930,708
	678,766	Citigroup, Inc.		35,580,914
	958,853	Fifth Third Bancorp		18,563,394
	1,058,980	JPMorgan Chase & Co.		64,894,294
	434,655	Wells Fargo & Co.		23,814,748

				196,784,058

	Commercial Services & Supplies – 0.5%
	142,719	Waste Management, Inc.		7,775,331

	Communications Equipment – 1.9%
	1,025,020	Cisco Systems, Inc.		30,248,340

	Computers & Peripherals – 2.5%
	1,324,028	EMC Corp.		38,317,370

	Consumer Finance – 1.8%
	138,153	Capital One Financial Corp.		10,874,023
	787,535	Navient Corp.		16,853,249

				27,727,272

	Diversified Telecommunication Services – 2.0%
	618,139	Verizon Communications, Inc.		30,566,974

	Electric Utilities – 3.3%
	449,060	Exelon Corp.		15,232,115
	452,240	FirstEnergy Corp.		15,819,355
	192,476	NextEra Energy, Inc.		19,913,567

				50,965,037

	Electrical Equipment – 1.0%
	219,866	Eaton Corp. PLC		15,612,685

	Food & Staples Retailing – 1.4%
	107,629	The Kroger Co.		7,657,804
	256,580	Whole Foods Market, Inc.		14,494,204

				22,152,008

	Food Products – 4.5%
	576,139	ConAgra Foods, Inc.		20,153,342
	672,954	Mondelez International, Inc. Class A		24,855,556
	319,170	Tyson Foods, Inc. Class A		13,184,913


Shares		Description	Value

	Common Stocks – (continued)
	Food Products – (continued)
	257,675	Unilever NV	$	11,201,132

				69,394,943

	Health Care Equipment & Supplies – 2.3%
	466,906	Medtronic PLC		36,227,237

	Health Care Providers & Services – 2.6%
	169,677	Express Scripts Holding Co.*		14,386,913
	235,593	UnitedHealth Group, Inc.		26,770,432

				41,157,345

	Hotels, Restaurants & Leisure – 1.8%
	697,045	MGM Resorts International*		15,146,788
	153,712	Starwood Hotels & Resorts Worldwide, Inc.		12,347,685

				27,494,473

	Household Products – 1.0%
	187,940	The Procter & Gamble Co.		15,999,332

	Industrial Conglomerates – 5.1%
	3,034,786	General Electric Co.		78,874,088

	Insurance – 9.1%
	382,158	Aflac, Inc.		23,789,335
	855,232	American International Group, Inc.		47,319,987
	1,079,681	Genworth Financial, Inc. Class A*		8,367,528
	529,039	Prudential Financial, Inc.		42,772,803
	485,708	The Hartford Financial Services Group, Inc.		19,894,600

				142,144,253

	Internet & Catalog Retail – 1.1%
	184,089	Expedia, Inc.		16,890,166

	Internet Software & Services* – 2.8%
	204,226	eBay, Inc.		11,826,728
	56,875	Google, Inc. Class A		31,999,581

				43,826,309

	IT Services* – 0.7%
	291,482	Vantiv, Inc. Class A		10,781,919

	Machinery – 0.7%
	138,914	Caterpillar, Inc.		11,515,971

	Media – 4.2%
	402,274	CBS Corp. Class B		23,774,393
	271,087	Liberty Global PLC Series C*		14,142,609
	387,906	Viacom, Inc. Class B		27,130,146

				65,047,148

	Multi-Utilities – 0.5%
	159,195	PG&E Corp.		8,553,547

	Oil, Gas & Consumable Fuels – 9.2%
	253,750	Apache Corp.		16,706,900
	597,781	Devon Energy Corp.		36,817,332
	633,315	Exxon Mobil Corp.		56,073,710


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

GOLDMAN SACHS LARGE CAP VALUE FUND


Shares		Description	Value

	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)
	1,303,841	Southwestern Energy Co.*	$	32,700,332

				142,298,274

	Pharmaceuticals – 8.5%
	241,686	Bristol-Myers Squibb Co.		14,723,511
	93,300	Eli Lilly & Co.		6,546,861
	251,600	Johnson & Johnson		25,791,516
	247,082	Merck & Co., Inc.		14,464,180
	328,296	Mylan, Inc.*		18,819,568
	1,498,227	Pfizer, Inc.		51,419,151

				131,764,787

	Road & Rail* – 1.2%
	791,165	Hertz Global Holdings, Inc.		18,252,177

	Semiconductors & Semiconductor Equipment – 1.2%
	526,138	Maxim Integrated Products, Inc.		18,096,517

	Software – 2.7%
	565,332	Microsoft Corp.		24,789,808
	236,870	SAP SE ADR		16,625,905

				41,415,713

	Specialty Retail – 3.8%
	828,170	Staples, Inc.		13,884,270
	740,343	The Gap, Inc.		30,798,269
	352,911	Urban Outfitters, Inc.*		13,749,412

				58,431,951


Shares		Description	Value

	Common Stocks – (continued)
	Textiles, Apparel & Luxury Goods* – 0.7%
	129,964	Fossil Group, Inc.	$	11,178,204

	TOTAL COMMON STOCKS
	(Cost $1,322,629,682)		$	1,509,861,331


	Investment Company^(a) – 1.5%
	22,615,928	Goldman Sachs Financial Square Government Fund – Institutional Shares	$	22,615,928
	(Cost $22,615,928)

	TOTAL INVESTMENTS – 98.7%
	(Cost $1,345,245,610)		$	1,532,477,259

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.3%			20,110,947

	NET ASSETS – 100.0%		$	1,552,588,206


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.



Investment Abbreviation:
ADR		—American Depositary Receipt


The accompanying notes are an integral part of these financial statements.		43

GOLDMAN SACHS MID CAP VALUE FUND

Schedule of Investments

February 28, 2015 (Unaudited)


Shares		Description	Value

	Common Stocks – 96.7%
	Aerospace & Defense – 2.7%
	1,028,813	Orbital ATK, Inc.	$	68,189,726
	2,468,783	Textron, Inc.		109,391,775
	1,288,185	Triumph Group, Inc.		77,020,581

				254,602,082

	Airlines* – 0.6%
	853,289	United Continental Holdings, Inc.		55,617,377

	Beverages – 1.0%
	1,274,872	Molson Coors Brewing Co. Class B		96,750,036

	Building Products – 1.9%
	1,456,883	Armstrong World Industries, Inc.*		81,337,778
	2,207,488	Fortune Brands Home & Security, Inc.		102,250,844

				183,588,622

	Capital Markets – 2.3%
	2,665,181	Invesco Ltd.		107,326,839
	1,997,920	Raymond James Financial, Inc.		114,141,169

				221,468,008

	Chemicals – 3.0%
	2,317,494	Axalta Coating Systems Ltd.*		65,816,830
	1,203,320	Celanese Corp. Series A		68,721,605
	373,571	CF Industries Holdings, Inc.		114,398,647
	380,386	The Valspar Corp.		32,960,447

				281,897,529

	Commercial Banks – 5.0%
	4,257,801	Fifth Third Bancorp		82,431,027
	2,416,467	First Horizon National Corp.		34,531,314
	13,260,807	Huntington Bancshares, Inc.		145,073,229
	258,097	M&T Bank Corp.		31,229,737
	591,251	Signature Bank*		72,930,811
	3,956,259	Zions Bancorp.		105,770,584

				471,966,702

	Communications Equipment – 1.7%
	7,881,189	Brocade Communications Systems, Inc.		97,647,932
	2,671,921	Juniper Networks, Inc.		63,885,631

				161,533,563

	Consumer Finance – 3.1%
	8,498,338	Navient Corp.		181,864,433
	12,266,540	SLM Corp.		116,164,134

				298,028,567

	Containers & Packaging – 1.1%
	1,206,045	Packaging Corp. of America		99,932,889

	Diversified Financial Services – 1.0%
	2,066,601	Voya Financial, Inc.		91,323,098

	Electric Utilities – 1.5%
	4,160,813	FirstEnergy Corp.		145,545,239


Shares		Description	Value
	Common Stocks – (continued)
	Energy Equipment & Services* – 0.3%
	2,642,040	Weatherford International PLC	$	33,527,488

	Food & Staples Retailing – 2.0%
	1,190,328	The Kroger Co.		84,691,837
	1,798,207	Whole Foods Market, Inc.		101,580,714

				186,272,551

	Food Products – 2.9%
	3,809,653	ConAgra Foods, Inc.		133,261,662
	3,449,707	Tyson Foods, Inc. Class A		142,507,396

				275,769,058

	Health Care Equipment & Supplies – 1.4%
	1,129,482	Zimmer Holdings, Inc.		135,978,338

	Health Care Providers & Services – 5.1%
	1,429,543	Cardinal Health, Inc.		125,785,489
	1,589,729	Cigna Corp.		193,358,738
	1,322,049	Envision Healthcare Holdings, Inc.*		48,413,434
	952,268	Laboratory Corp. of America Holdings*		117,157,532

				484,715,193

	Health Care Technology* – 0.6%
	4,875,377	Allscripts Healthcare Solutions, Inc.		58,528,901

	Hotels, Restaurants & Leisure – 2.1%
	5,018,689	MGM Resorts International*		109,056,112
	1,176,683	Starwood Hotels & Resorts Worldwide, Inc.		94,522,945

				203,579,057

	Household Durables* – 1.7%
	434,654	Mohawk Industries, Inc.		80,128,465
	2,050,227	Toll Brothers, Inc.		78,544,196

				158,672,661

	Household Products – 1.5%
	1,055,011	Energizer Holdings, Inc.		141,192,122

	Independent Power Producers & Energy Traders – 0.8%
	3,192,225	NRG Energy, Inc.		76,549,556

	Insurance – 8.4%
	2,192,482	Arthur J. Gallagher & Co.		103,024,729
	656,784	Everest Re Group Ltd.		116,533,185
	5,625,797	Genworth Financial, Inc. Class A*		43,599,927
	3,101,935	Lincoln National Corp.		178,795,533
	2,314,624	Principal Financial Group, Inc.		118,439,310
	1,407,269	Unum Group		47,227,948
	1,796,934	Validus Holdings Ltd.		74,824,332
	3,060,244	XL Group PLC		110,780,833

				793,225,797

	Internet & Catalog Retail – 1.7%
��	922,763	Expedia, Inc.		84,663,505
	2,462,623	Liberty Interactive Corp. Class A*		72,721,257

				157,384,762


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

GOLDMAN SACHS MID CAP VALUE FUND


Shares		Description	Value
	Common Stocks – (continued)
	Internet Software & Services* – 1.1%
	1,140,057	AOL, Inc.	$	46,217,911
	3,744,049	Pandora Media, Inc.		55,411,925

				101,629,836

	IT Services – 2.1%
	598,449	WEX, Inc.*		64,028,059
	9,596,785	Xerox Corp.		130,996,115

				195,024,174

	Leisure Equipment & Products* – 0.9%
	1,933,209	Vista Outdoor, Inc.		84,403,905

	Machinery – 1.0%
	3,506,749	Terex Corp.		96,119,990

	Marine* – 0.8%
	1,007,291	Kirby Corp.		77,641,990

	Media – 3.4%
	1,380,073	AMC Networks, Inc. Class A*		99,392,857
	1,453,126	Discovery Communications, Inc. Class A*		46,935,970
	545,668	Liberty Broadband Corp. Class C*		28,407,476
	2,647,467	Liberty Media Corp. Class C*		102,192,226
	664,179	Scripps Networks Interactive Class A		48,020,142

				324,948,671

	Metals & Mining – 0.9%
	1,344,099	Carpenter Technology Corp.		56,936,034
	497,113	Reliance Steel & Aluminum Co.		28,340,412

				85,276,446

	Multi-Utilities – 4.1%
	2,171,247	PG&E Corp.		116,661,101
	1,580,144	SCANA Corp.		89,989,201
	1,705,443	Sempra Energy		184,528,933

				391,179,235

	Oil, Gas & Consumable Fuels – 4.6%
	4,523,199	Chesapeake Energy Corp.		75,446,959
	2,189,828	Devon Energy Corp.		134,871,507
	610,898	Pioneer Natural Resources Co.		93,174,163
	5,267,017	Southwestern Energy Co.*		132,096,786

				435,589,415

	Pharmaceuticals* – 2.4%
	1,725,111	Endo International PLC		147,669,502
	1,343,161	Mylan, Inc.		76,996,704

				224,666,206

	Professional Services – 0.4%
	267,419	The Dun & Bradstreet Corp.		35,427,669

	Real Estate Investment Trusts – 5.7%
	307,579	AvalonBay Communities, Inc.		51,777,849
	6,125,620	Brixmor Property Group, Inc.		155,590,748
	6,110,839	DDR Corp.		115,739,291
	2,931,487	RLJ Lodging Trust		93,250,601
	5,037,780	Starwood Property Trust, Inc.		122,921,832

				539,280,321


Shares		Description	Value
	Common Stocks – (continued)
	Road & Rail – 2.1%
	4,268,208	Hertz Global Holdings, Inc.*	$	98,467,558
	900,040	Kansas City Southern		104,260,634

				202,728,192

	Semiconductors & Semiconductor Equipment – 4.8%
	3,878,980	Altera Corp.		143,561,050
	9,262,859	Atmel Corp.*		77,252,244
	3,369,376	Broadcom Corp. Class A		152,396,876
	2,281,956	Maxim Integrated Products, Inc.		78,487,877

				451,698,047

	Software* – 3.2%
	882,974	Check Point Software Technologies Ltd.		73,719,499
	1,262,102	Citrix Systems, Inc.		80,364,345
	1,286,961	Informatica Corp.		55,268,540
	1,071,599	VMware, Inc. Class A		91,160,927

				300,513,311

	Specialty Retail – 4.6%
	1,969,325	Best Buy Co., Inc.		75,031,282
	963,123	GNC Acquisition Holdings, Inc. Class A		46,316,585
	6,088,419	Staples, Inc.		102,072,345
	3,510,507	The Gap, Inc.		146,037,091
	1,801,696	Urban Outfitters, Inc.*		70,194,076

				439,651,379

	Textiles, Apparel & Luxury Goods* – 1.2%
	762,986	Fossil Group, Inc.		65,624,426
	1,460,193	Kate Spade & Co.		50,303,649

				115,928,075

	TOTAL COMMON STOCKS
	(Cost $7,814,556,056)		$	9,169,356,058


	Investment Company^(a) – 3.4%
	326,511,533	Goldman Sachs Financial Square Government Fund – Institutional Shares	$	326,511,533
	(Cost $326,511,533)

	TOTAL INVESTMENTS – 100.1%
	(Cost $8,141,067,589)		$	9,495,867,591

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%			(11,517,284	)

	NET ASSETS – 100.0%		$	9,484,350,307


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.		45

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments

February 28, 2015 (Unaudited)


Shares		Description	Value
	Common Stocks – 94.7%
	Aerospace & Defense – 2.7%
	61,845	Cubic Corp.	$	3,232,638
	630,089	Curtiss-Wright Corp.		45,731,860
	686,114	Esterline Technologies Corp.*		80,858,535
	589,173	Moog, Inc. Class A*		44,458,994

				174,282,027

	Air Freight & Logistics – 0.5%
	636,415	Forward Air Corp.		34,048,203

	Auto Components* – 0.8%
	1,016,912	American Axle & Manufacturing Holdings, Inc.		25,341,447
	175,266	Tenneco, Inc.		10,207,492
	512,885	Tower International, Inc.		13,883,797

				49,432,736

	Biotechnology* – 0.8%
	1,663,897	Infinity Pharmaceuticals, Inc.		25,291,234
	158,577	Ligand Pharmaceuticals, Inc.		8,732,835
	354,047	TESARO, Inc.		18,881,327

				52,905,396

	Building Products* – 0.6%
	1,009,685	Continental Building Products, Inc.		21,062,029
	896,248	NCI Building Systems, Inc.		15,092,816

				36,154,845

	Capital Markets – 2.1%
	212,309	Cohen & Steers, Inc.		8,846,916
	466,990	Golub Capital BDC, Inc.		8,293,742
	301,007	Moelis & Co.		9,686,405
	732,668	New Mountain Finance Corp.		10,909,427
	1,577,053	OM Asset Management PLC*		28,323,872
	944,818	Stifel Financial Corp.*		51,747,682
	157,431	Virtus Investment Partners, Inc.		20,776,169

				138,584,213

	Chemicals – 2.6%
	210,761	Axiall Corp.		9,760,342
	423,786	Cytec Industries, Inc.		22,261,478
	217,929	H.B. Fuller Co.		9,741,426
	490,622	Methanex Corp.		26,640,775
	155,594	Minerals Technologies, Inc.		11,394,149
	875,765	PolyOne Corp.		34,802,901
	274,977	Quaker Chemical Corp.		22,322,633
	131,363	Tronox Ltd. Class A		2,842,695
	318,593	W.R. Grace & Co.*		31,588,496

				171,354,895

	Commercial Banks – 13.5%
	2,236,394	BancorpSouth, Inc.		50,072,862
	1,678,948	Bank of the Ozarks, Inc.		61,449,497
	670,795	Banner Corp.		29,286,910
	2,104,164	Boston Private Financial Holdings, Inc.		26,407,258
	364,940	Bridge Capital Holdings*		7,846,210
	753,828	CoBiz, Inc.		8,510,718


Shares		Description	Value
	Common Stocks – (continued)
	Commercial Banks – (continued)
	754,130	Community Bank System, Inc.	$	26,786,698
	398,424	ConnectOne Bancorp, Inc.		7,275,222
	821,759	CVB Financial Corp.		12,860,528
	955,781	First Financial Bankshares, Inc.		25,108,367
	1,058,508	First Midwest Bancorp, Inc.		18,100,487
	845,018	Flushing Financial Corp.		16,545,452
	1,361,724	Glacier Bancorp, Inc.		33,076,276
	944,840	Great Western Bancorp, Inc.		21,731,320
	444,391	Heritage Financial Corp.		7,163,583
	878,217	Home Bancshares, Inc.		27,795,568
	545,132	Independent Bank Corp.		22,797,420
	237,255	Independent Bank Group, Inc.		8,557,788
	293,658	Lakeland Financial Corp.		11,464,408
	1,340,237	LegacyTexas Financial Group, Inc.		30,825,451
	1,400,954	MB Financial, Inc.		43,695,755
	1,093,952	PacWest Bancorp		50,141,290
	848,589	Pinnacle Financial Partners, Inc.		35,640,738
	1,920,865	PrivateBancorp, Inc.		66,711,641
	559,046	Prosperity Bancshares, Inc.		28,919,450
	369,563	Sandy Spring Bancorp, Inc.		9,527,334
	151,119	Sierra Bancorp		2,445,105
	497,150	South State Corp.		33,572,540
	122,272	Southcoast Financial Corp.*		868,131
	622,505	Southwest Bancorp, Inc.		10,370,933
	662,806	State Bank Financial Corp.		13,521,242
	147,223	Summit State Bank		2,012,538
	429,190	Texas Capital Bancshares, Inc.*		19,927,292
	269,692	The First of Long Island Corp.		6,618,242
	368,672	TriCo Bancshares		8,811,261
	720,579	UMB Financial Corp.		37,138,642
	1,751,869	Webster Financial Corp.		60,492,037

				884,076,194

	Commercial Services & Supplies – 1.5%
	920,326	Ceco Environmental Corp.		13,096,239
	328,863	G&K Services, Inc. Class A		23,674,847
	879,219	Mobile Mini, Inc.		36,478,796
	931,048	Progressive Waste Solutions Ltd.		26,060,034

				99,309,916

	Communications Equipment – 1.4%
	785,551	ADTRAN, Inc.		16,912,913
	715,931	Digi International, Inc.*		7,574,550
	2,827,947	Extreme Networks, Inc.*		10,039,212
	2,110,411	JDS Uniphase Corp.*		29,060,359
	1,208,175	RADWARE Ltd.*		25,661,637

				89,248,671

	Computers & Peripherals* – 0.4%
	643,651	Electronics for Imaging, Inc.		26,132,231

	Construction & Engineering – 1.1%
	881,633	Comfort Systems USA, Inc.		16,486,537
	831,404	EMCOR Group, Inc.		36,606,718
	715,050	MYR Group, Inc.*		19,763,982

				72,857,237


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

GOLDMAN SACHS SMALL CAP VALUE FUND


Shares		Description	Value
	Common Stocks – (continued)
	Consumer Finance* – 0.2%
	343,645	First Cash Financial Services, Inc.	$	16,543,070

	Containers & Packaging* – 1.2%
	1,480,557	Berry Plastics Group, Inc.		50,797,911
	1,785,028	Graphic Packaging Holding Co.		26,936,072

				77,733,983

	Distributors – 0.4%
	371,618	Core-Mark Holding Co., Inc.		26,132,178

	Diversified Financial Services – 0.4%
	290,344	MarketAxess Holdings, Inc.		23,108,479

	Diversified Telecommunication Services*^(a) – 0.3%
	2,358,198	Premiere Global Services, Inc.		22,968,849

	Electric Utilities – 2.9%
	804,979	ALLETE, Inc.		44,145,048
	849,777	IDACORP, Inc.		53,213,036
	257,483	Otter Tail Corp.		8,424,844
	1,065,944	PNM Resources, Inc.		30,432,701
	1,449,653	Portland General Electric Co.		54,057,560

				190,273,189

	Electrical Equipment* – 0.3%
	809,136	Thermon Group Holdings, Inc.		19,840,015

	Electronic Equipment, Instruments & Components – 1.9%
	395,688	Anixter International, Inc.*		31,215,826
	294,608	Belden, Inc.		26,155,298
	1,012,260	CTS Corp.		17,674,060
	227,807	Littelfuse, Inc.		22,853,598
	1,288,736	Newport Corp.*		25,723,171

				123,621,953

	Energy Equipment & Services* – 0.6%
	666,605	Forum Energy Technologies, Inc.		13,018,796
	1,013,116	Newpark Resources, Inc.		9,594,208
	134,488	Oil States International, Inc.		5,847,538
	1,654,170	TETRA Technologies, Inc.		9,875,395

				38,335,937

	Food & Staples Retailing* – 0.1%
	610,892	SUPERVALU, Inc.		6,035,613

	Food Products – 1.1%
	402,941	B&G Foods, Inc.		11,544,260
	176,219	Freshpet, Inc.*		3,247,716
	186,275	J&J Snack Foods Corp.		18,849,167
	641,853	The Hain Celestial Group, Inc.*		40,135,068

				73,776,211

	Gas Utilities – 1.3%
	361,652	New Jersey Resources Corp.		22,632,182
	1,059,365	Southwest Gas Corp.		60,659,240

				83,291,422

	Health Care Equipment & Supplies* – 1.4%
	2,495,762	Endologix, Inc.		39,358,167


Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Supplies* – (continued)
	535,292	Integra LifeSciences Holdings Corp.	$	32,122,873
	930,355	Tornier NV		22,737,876

				94,218,916

	Health Care Providers & Services – 1.7%
	333,525	Adeptus Health, Inc. Class A*		14,791,834
	666,922	Air Methods Corp.*		35,340,197
	1,199,404	HealthSouth Corp.		52,126,098
	217,011	Surgical Care Affiliates, Inc.*		7,048,517

				109,306,646

	Health Care Technology – 1.1%
	4,338,075	Allscripts Healthcare Solutions, Inc.*		52,078,590
	972,716	Quality Systems, Inc.		16,905,804

				68,984,394

	Hotels, Restaurants & Leisure – 3.6%
	1,037,427	Bloomin’ Brands, Inc.*		26,724,119
	1,244,477	Diamond Resorts International, Inc.*		43,121,128
	232,824	DineEquity, Inc.		25,268,389
	563,403	Jack in the Box, Inc.		54,475,436
	504,062	Krispy Kreme Doughnuts, Inc.*		10,998,633
	373,765	Marriott Vacations Worldwide Corp.		28,428,566
	522,717	Vail Resorts, Inc.		45,899,780

				234,916,051

	Household Durables* – 0.9%
	531,738	Meritage Homes Corp.		23,667,658
	2,698,716	Standard Pacific Corp.		23,586,778
	507,230	William Lyon Homes Class A		11,509,049

				58,763,485

	Household Products – 1.0%
	673,761	Spectrum Brands Holdings, Inc.		63,117,930

	Independent Power Producers & Energy Traders* – 0.5%
	1,262,222	Dynegy, Inc.		35,178,127

	Industrial Conglomerates – 0.7%
	518,705	Carlisle Cos., Inc.		48,275,874

	Insurance – 4.8%
	2,166,635	American Equity Investment Life Holding Co.		61,727,431
	296,688	AMERISAFE, Inc.		12,324,420
	315,477	AmTrust Financial Services, Inc.		17,004,210
	3,474,732	CNO Financial Group, Inc.		56,499,142
	450,782	Endurance Specialty Holdings Ltd.		28,656,212
	86,280	Enstar Group Ltd.*		12,001,548
	489,745	Fidelity & Guaranty Life		10,127,927
	2,589,833	Maiden Holdings Ltd.		37,060,510
	698,315	National General Holdings Corp.		12,988,659
	532,546	ProAssurance Corp.		23,959,245
	421,840	RLI Corp.		20,412,838
	889,194	Symetra Financial Corp.		20,078,000

				312,840,142


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

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

February 28, 2015 (Unaudited)


Shares		Description	Value
	Common Stocks – (continued)
	Internet & Catalog Retail – 0.5%
	441,844	HSN, Inc.	$	29,855,399

	Internet Software & Services*^(a) – 0.3%
	1,592,255	Everyday Health, Inc.		22,769,247

	IT Services – 0.6%
	1,638,544	Convergys Corp.		36,621,458

	Leisure Equipment & Products – 0.0%
	59,728	Brunswick Corp.		3,239,647

	Life Sciences Tools & Services* – 0.8%
	1,072,952	Albany Molecular Research, Inc.		17,403,282
	1,944,145	Bruker Corp.		36,997,079

				54,400,361

	Machinery – 3.6%
	1,513,286	Actuant Corp. Class A		38,497,996
	254,014	Alamo Group, Inc.		12,738,802
	622,987	Barnes Group, Inc.		24,931,940
	278,740	CIRCOR International, Inc.		14,959,976
	548,453	CLARCOR, Inc.		36,093,692
	201,106	Graco, Inc.		15,239,813
	382,258	RBC Bearings, Inc.		23,719,109
	230,913	Standex International Corp.		16,741,192
	499,378	Watts Water Technologies, Inc. Class A		27,455,802
	450,141	Woodward, Inc.		21,854,346

				232,232,668

	Media – 1.5%
	743,239	Carmike Cinemas, Inc.*		23,226,219
	1,827,619	Live Nation Entertainment, Inc.*		46,768,770
	408,400	Nexstar Broadcasting Group, Inc. Class A		22,270,052
	378,748	Townsquare Media, Inc.*		5,010,836

				97,275,877

	Metals & Mining – 1.1%
	2,855,254	AK Steel Holding Corp.*		12,620,223
	190,033	Commercial Metals Co.		2,859,997
	1,019,357	Globe Specialty Metals, Inc.		16,972,294
	494,331	Kaiser Aluminum Corp.		37,346,707
	107,786	TimkenSteel Corp.		3,240,047

				73,039,268

	Multi-Utilities – 1.1%
	527,662	Black Hills Corp.		26,821,059
	844,194	NorthWestern Corp.		45,746,873

				72,567,932

	Multiline Retail* – 0.6%
	687,382	Burlington Stores, Inc.		38,197,818

	Oil, Gas & Consumable Fuels – 2.6%
	722,375	Laredo Petroleum, Inc.*		8,617,934
	2,163,089	Parsley Energy, Inc. Class A*		32,208,395
	3,675,703	Rex Energy Corp.*^(a)		18,010,945


Shares		Description	Value
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)
	2,174,060	Rice Energy, Inc.*	$	42,568,095
	1,374,783	SM Energy Co.		66,704,471

				168,109,840

	Paper & Forest Products – 0.6%
	1,111,602	KapStone Paper and Packaging Corp.		38,305,805

	Pharmaceuticals* – 0.8%
	990,801	Catalent, Inc.		27,712,704
	623,965	Prestige Brands Holdings, Inc.		24,047,611

				51,760,315

	Professional Services* – 0.6%
	502,814	On Assignment, Inc.		19,212,523
	746,234	TrueBlue, Inc.		17,170,844

				36,383,367

	Real Estate Investment Trusts – 12.4%
	1,767,613	Acadia Realty Trust		60,381,660
	1,985,059	Apollo Commercial Real Estate Finance, Inc.		33,924,658
	1,402,568	Blackstone Mortgage Trust, Inc. Class A		40,548,241
	2,155,047	CBL & Associates Properties, Inc.		43,144,041
	2,113,527	Chesapeake Lodging Trust		75,157,020
	2,439,488	CubeSmart		56,596,122
	1,155,735	DuPont Fabros Technology, Inc.		36,186,063
	1,160,573	Highwoods Properties, Inc.		52,933,735
	1,478,476	Hudson Pacific Properties, Inc.		47,252,093
	4,073,265	MFA Financial, Inc.		32,423,189
	877,559	National Health Investors, Inc.		62,464,650
	1,568,723	Pebblebrook Hotel Trust		76,208,563
	579,357	PS Business Parks, Inc.		48,190,915
	141,873	Sovran Self Storage, Inc.		13,055,153
	4,960,185	Strategic Hotels & Resorts, Inc.*		65,077,627
	1,879,318	Terreno Realty Corp.		41,420,169
	2,681,281	Two Harbors Investment Corp.		27,992,574

				812,956,473

	Real Estate Management & Development – 0.8%
	1,869,710	Kennedy-Wilson Holdings, Inc.		50,033,440

	Semiconductors & Semiconductor Equipment – 3.6%
	583,936	Cabot Microelectronics Corp.*		30,253,724
	3,235,438	Entegris, Inc.*		43,387,224
	1,469,367	Fairchild Semiconductor International, Inc.*		25,625,760
	3,019,911	Intersil Corp. Class A		47,080,413
	957,044	MKS Instruments, Inc.		33,841,076
	981,940	Semtech Corp.*		28,407,524
	554,394	Silicon Laboratories, Inc.*		28,074,512

				236,670,233

	Software – 1.9%
	850,745	Bottomline Technologies de, Inc.*		22,527,728
	743,674	Monotype Imaging Holdings, Inc.		23,805,005


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

GOLDMAN SACHS SMALL CAP VALUE FUND


Shares		Description	Value
	Common Stocks – (continued)
	Software – (continued)
	756,512	Pegasystems, Inc.	$	14,971,372
	794,460	PTC, Inc.*		27,532,011
	545,863	Verint System, Inc.*		33,229,410

				122,065,526

	Specialty Retail – 2.9%
	1,232,027	American Eagle Outfitters, Inc.		18,443,444
	254,279	Asbury Automotive Group, Inc.*		20,004,129
	542,659	Boot Barn Holdings, Inc.*		13,354,838
	38,288	Genesco, Inc.*		2,811,488
	614,807	GNC Acquisition Holdings, Inc. Class A		29,566,069
	463,346	Lithia Motors, Inc. Class A		43,767,663
	253,585	Monro Muffler Brake, Inc.		16,036,715
	5,138,241	Office Depot, Inc.*		48,145,318

				192,129,664

	Textiles, Apparel & Luxury Goods – 0.7%
	302,459	Carter’s, Inc.		26,849,285
	177,412	Movado Group, Inc.		4,557,714
	426,605	Steven Madden Ltd.^*		15,575,349

				46,982,348

	Thrifts & Mortgage Finance – 1.7%
	807,462	Brookline Bancorp, Inc.		7,816,232
	553,515	Dime Community Bancshares		8,612,693
	692,991	Oritani Financial Corp.		9,916,701
	1,085,322	Provident Financial Services, Inc.		19,752,861
	3,258,955	Radian Group, Inc.		51,524,079
	170,245	WSFS Financial Corp.		13,234,846

				110,857,412

	Trading Companies & Distributors – 1.6%
	540,539	Applied Industrial Technologies, Inc.		23,681,014
	428,279	Beacon Roofing Supply, Inc.*		12,856,936
	843,472	Kaman Corp.		35,004,088
	474,631	WESCO International, Inc.*		32,953,630

				104,495,668

	TOTAL COMMON STOCKS
	(Cost $4,843,729,495)		$	6,186,598,794


Shares		Description	Value
	Exchange Traded Fund – 2.3%
	1,450,447	iShares Russell 2000 Value ETF
	(Cost $146,080,023)		$	147,757,036


	Investment Company^(a) – 3.6%
	238,193,203	Goldman Sachs Financial Square Government Fund – Institutional Shares	$	238,193,203
	(Cost $238,193,203)

	TOTAL INVESTMENTS – 100.6%
	(Cost $5,228,002,721)		$	6,572,549,033

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.6)%			(36,923,042	)

	NET ASSETS – 100.0%		$	6,535,625,991


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.



Investment Abbreviation:
ETF		—Exchange Traded Fund


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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments

February 28, 2015 (Unaudited)


Shares		Description	Value
	Common Stocks – 99.4%
	Aerospace & Defense – 2.4%
	1,174	Curtiss-Wright Corp.	$	85,209
	1,987	Esterline Technologies Corp.*		234,168
	807	Triumph Group, Inc.		48,250

				367,627

	Auto Components – 1.7%
	2,016	American Axle & Manufacturing Holdings, Inc.*		50,239
	965	BorgWarner, Inc.		59,309
	1,356	Lear Corp.		147,695

				257,243

	Beverages – 0.6%
	1,324	Molson Coors Brewing Co. Class B		100,478

	Biotechnology* – 0.4%
	378	Ligand Pharmaceuticals, Inc.		20,817
	864	TESARO, Inc.		46,077

				66,894

	Building Products – 0.8%
	1,207	A.O. Smith Corp.		76,077
	1,188	Fortune Brands Home & Security, Inc.		55,028

				131,105

	Capital Markets – 2.3%
	2,005	Ares Capital Corp.		34,686
	5,054	ETRADE Financial Corp.		131,581
	3,857	OM Asset Management PLC*		69,272
	2,126	Stifel Financial Corp.*		116,441

				351,980

	Chemicals – 3.6%
	766	Ashland, Inc.		97,757
	3,806	Axalta Coating Systems Ltd.*		108,090
	1,665	Cytec Industries, Inc.		87,462
	1,131	Methanex Corp.		61,413
	1,579	PolyOne Corp.		62,750
	1,598	RPM International, Inc.		80,779
	658	W.R. Grace & Co.*		65,241

				563,492

	Commercial Banks – 9.5%
	3,993	BancorpSouth, Inc.		89,403
	2,682	Bank of Hawaii Corp.		161,617
	3,414	Bank of the Ozarks, Inc.		124,952
	3,765	BankUnited, Inc.		122,024
	3,623	East West Bancorp, Inc.		144,739
	2,512	Glacier Bancorp, Inc.		61,016
	3,602	PacWest Bancorp		165,098
	4,050	PrivateBancorp, Inc.		140,657
	1,190	Prosperity Bancshares, Inc.		61,559
	1,243	Signature Bank*		153,324
	696	Texas Capital Bancshares, Inc.*		32,315
	1,465	UMB Financial Corp.		75,506
	3,769	Webster Financial Corp.		130,144

				1,462,354


Shares		Description	Value
	Common Stocks – (continued)
	Commercial Services & Supplies – 0.6%
	1,840	Waste Connections, Inc.	$	86,425

	Communications Equipment* – 0.8%
	9,053	JDS Uniphase Corp.		124,660

	Construction & Engineering* – 0.5%
	2,546	Quanta Services, Inc.		73,274

	Construction Materials – 0.3%
	668	Eagle Materials, Inc.		52,438

	Consumer Finance* – 0.3%
	824	First Cash Financial Services, Inc.		39,667

	Containers & Packaging – 2.3%
	2,420	MeadWestvaco Corp.		128,405
	2,443	Packaging Corp. of America		202,427
	421	Rock-Tenn Co. Class A		28,898

				359,730

	Diversified Financial Services – 0.4%
	709	MarketAxess Holdings, Inc.		56,429

	Electric Utilities – 2.8%
	1,785	IDACORP, Inc.		111,777
	3,561	OGE Energy Corp.		115,768
	1,701	Pinnacle West Capital Corp.		109,000
	2,668	Westar Energy, Inc.		103,652

				440,197

	Electrical Equipment – 1.1%
	790	Hubbell, Inc. Class B		89,902
	1,575	Sensata Technologies Holding NV*		84,641

				174,543

	Electronic Equipment, Instruments & Components – 3.0%
	1,103	Anixter International, Inc.*		87,016
	2,343	Avnet, Inc.		107,333
	536	Belden, Inc.		47,586
	5,368	Ingram Micro, Inc. Class A*		132,643
	6,062	Vishay Intertechnology, Inc.		86,323

				460,901

	Energy Equipment & Services* – 0.1%
	319	Oil States International, Inc.		13,870

	Food & Staples Retailing* – 0.6%
	11,789	Rite Aid Corp.		94,076

	Food Products – 1.7%
	1,748	Hormel Foods Corp.		102,275
	1,975	Pinnacle Foods, Inc.		71,693
	1,406	The Hain Celestial Group, Inc.*		87,917

				261,885

	Gas Utilities – 2.0%
	3,035	Atmos Energy Corp.		160,976
	6,181	Questar Corp.		144,512

				305,488


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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND


Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Supplies* – 0.4%
	2,246	Tornier NV	$	54,892

	Health Care Providers & Services – 2.2%
	4,171	Envision Healthcare Holdings, Inc.*		152,742
	3,067	HealthSouth Corp.		133,292
	1,088	Tenet Healthcare Corp.*		50,374

				336,408

	Health Care Technology* – 0.8%
	10,400	Allscripts Healthcare Solutions, Inc.		124,852

	Hotels, Restaurants & Leisure – 2.0%
	2,191	Diamond Resorts International, Inc.*		75,918
	1,202	Jack in the Box, Inc.		116,221
	3,815	Krispy Kreme Doughnuts, Inc.*		83,243
	419	Vail Resorts, Inc.		36,793

				312,175

	Household Durables – 2.6%
	3,270	Jarden Corp.*		173,539
	2,283	Lennar Corp. Class A		114,629
	2,806	Toll Brothers, Inc.*		107,498

				395,666

	Household Products – 1.0%
	1,616	Spectrum Brands Holdings, Inc.		151,387

	Independent Power Producers & Energy Traders – 0.4%
	2,699	NRG Energy, Inc.		64,722

	Industrial Conglomerates – 1.6%
	2,711	Carlisle Cos., Inc.		252,313

	Insurance – 8.7%
	4,133	Allied World Assurance Co. Holdings AG		167,180
	4,700	American Equity Investment Life Holding Co.		133,903
	1,474	AmTrust Financial Services, Inc.		79,449
	9,014	CNO Financial Group, Inc.		146,568
	1,945	Endurance Specialty Holdings Ltd.		123,644
	2,654	HCC Insurance Holdings, Inc.		148,305
	1,597	ProAssurance Corp.		71,849
	1,481	The Hanover Insurance Group, Inc.		104,025
	2,828	Torchmark Corp.		150,591
	2,382	Validus Holdings Ltd.		99,186
	2,356	W.R. Berkley Corp.		117,588

				1,342,288

	Internet & Catalog Retail – 0.5%
	815	HSN, Inc.		55,070
	623	Liberty Ventures Series A*		25,032

				80,102

	Internet Software & Services – 1.1%
	2,488	IAC/InterActiveCorp.		167,741

	IT Services – 0.8%
	1,113	Broadridge Financial Solutions, Inc.		59,245
	1,738	Vantiv, Inc. Class A*		64,289

				123,534


Shares		Description	Value
	Common Stocks – (continued)
	Life Sciences Tools & Services – 0.9%
	4,654	Bruker Corp.*	$	88,566
	1,191	PerkinElmer, Inc.		55,977

				144,543

	Machinery – 4.4%
	2,292	Actuant Corp. Class A		58,309
	708	CLARCOR, Inc.		46,594
	699	Graco, Inc.		52,970
	2,190	Kennametal, Inc.		76,650
	1,158	Lincoln Electric Holdings, Inc.		79,948
	1,135	Pall Corp.		114,419
	2,840	Terex Corp.		77,844
	2,133	The Timken Co.		90,610
	2,196	Xylem, Inc.		78,397

				675,741

	Media – 2.2%
	2,799	Gannett Co., Inc.		99,085
	5,347	Live Nation Entertainment, Inc.*		136,830
	1,261	The Madison Square Garden Co. Class A*		98,799

				334,714

	Metals & Mining – 0.6%
	7,838	AK Steel Holding Corp.*		34,644
	775	Royal Gold, Inc.		55,878

				90,522

	Multi-Utilities – 1.6%
	4,230	CMS Energy Corp.		148,600
	2,365	Vectren Corp.		105,597

				254,197

	Oil, Gas & Consumable Fuels – 3.3%
	5,630	Chesapeake Energy Corp.		93,908
	1,746	Laredo Petroleum, Inc.*		20,830
	6,574	QEP Resources, Inc.		141,210
	5,094	Rice Energy, Inc.*		99,741
	3,293	SM Energy Co.		159,776

				515,465

	Pharmaceuticals* – 1.4%
	2,609	Catalent, Inc.		72,974
	1,656	Endo International PLC		141,753

				214,727

	Real Estate Investment Trusts – 12.2%
	2,551	American Campus Communities, Inc.		105,280
	9,989	Brixmor Property Group, Inc.		253,721
	9,711	CBL & Associates Properties, Inc.		194,414
	8,489	Empire State Realty Trust, Inc. Class A		150,255
	4,609	Highwoods Properties, Inc.		210,216
	1,487	National Health Investors, Inc.		105,845
	5,261	Pebblebrook Hotel Trust		255,579
	3,711	Post Properties, Inc.		211,044
	1,215	PS Business Parks, Inc.		101,064
	7,244	Starwood Property Trust, Inc.		176,754


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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments (continued)

February 28, 2015 (Unaudited)


Shares		Description	Value
	Common Stocks – (continued)
	Real Estate Investment Trusts – (continued)
	9,884	Strategic Hotels & Resorts, Inc.*	$	129,678

				1,893,850

	Real Estate Management & Development – 0.4%
	2,377	Kennedy-Wilson Holdings, Inc.		63,609

	Semiconductors & Semiconductor Equipment – 2.1%
	6,144	Atmel Corp.*		51,241
	5,061	Cypress Semiconductor Corp.*		74,650
	4,631	Intersil Corp. Class A		72,197
	2,173	Semtech Corp.*		62,865
	3,001	Teradyne, Inc.		57,979

				318,932

	Software – 2.8%
	2,824	PTC, Inc.*		97,866
	1,156	Solera Holdings, Inc.		64,435
	1,002	SS&C Technologies Holdings, Inc.		60,801
	2,637	Synopsys, Inc.*		122,383
	1,442	Verint System, Inc.*		87,782

				433,267

	Specialty Retail – 3.6%
	1,591	CST Brands, Inc.		66,233
	2,192	Dick’s Sporting Goods, Inc.		118,565
	1,681	GNC Acquisition Holdings, Inc. Class A		80,839
	1,063	Lithia Motors, Inc. Class A		100,411
	9,047	Office Depot, Inc.*		84,771
	452	Penske Automotive Group, Inc.		22,297
	1,081	Williams-Sonoma, Inc.		86,967

				560,083

	Textiles, Apparel & Luxury Goods – 1.9%
	1,700	Gildan Activewear, Inc.		103,394
	1,458	Hanesbrands, Inc.		185,953

				289,347


Shares		Description	Value
	Common Stocks – (continued)
	Thrifts & Mortgage Finance – 0.8%
	7,848	Radian Group, Inc.	$	124,077

	Trading Companies & Distributors* – 0.8%
	1,886	WESCO International, Inc.		130,945

	Water Utilities – 0.5%
	2,756	Aqua America, Inc.		72,869

	TOTAL COMMON STOCKS
	(Cost $14,499,287)		$	15,367,724


Principal Amount	Interest Rate			Maturity Date		Value
Short-term Investment^(a) – 7.1%
Repurchase Agreement – 7.1%
Joint Repurchase Agreement Account II
$1,100,000		0.081	%		03/02/15	$	1,100,000
(Cost $1,100,000)

TOTAL INVESTMENTS – 106.5%
(Cost $15,599,287)						$	16,467,724

LIABILITIES IN EXCESS OF OTHER ASSETS – (6.5)%							(998,786	)

NET ASSETS – 100.0%						$	15,468,938


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 53.


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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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
Growth and Income	$	7,100,000	$	7,100,048	$	7,242,001
Small/Mid Cap Value		1,100,000		1,100,007		1,122,000

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			Growth and Income		Small/Mid Cap Value
BNP Paribas Securities Co.		0.090	%	$	2,860,212	$	443,132
Citigroup Global Markets, Inc.		0.080			2,383,510		369,276
Merrill Lynch & Co., Inc.		0.070			1,856,278		287,592
TOTAL				$	7,100,000	$	1,100,000

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.		53

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Assets and Liabilities

February 28, 2015 (Unaudited)


	Growth and Income Fund
Assets:
Investments of unaffiliated issuers, at value (cost $406,143,385, $1,322,629,682, $7,814,556,056, $4,902,989,599 and $15,599,287)	$	472,003,665
Investments of affiliated issuers, at value (cost $0, $22,615,928, $326,511,533, $325,013,122 and $0)		—
Cash		68,062
Receivables:
Investments sold		24,480,041
Dividends and interest		1,426,489
Fund shares sold		89,993
Reimbursement from investment adviser		37,233
Foreign tax reclaims		37,173
Other assets		5,641
Total assets		498,148,297

Liabilities:
Payables:
Investments purchased		16,583,388
Fund shares redeemed		404,256
Management fees		252,390
Distribution and Service fees and Transfer Agent fee		166,152
Accrued expenses and other liabilities		85,256
Total liabilities		17,491,442

Net Assets:
Paid-in capital		549,617,554
Undistributed (distributions in excess of) net investment income		1,364,354
Accumulated net realized gain (loss)		(136,185,333	)
Net unrealized gain		65,860,280
NET ASSETS	$	480,656,855
Net Assets:
Class A	$	418,091,798
Class C		26,313,906
Institutional		30,432,804
Service		391,139
Class IR		3,895,390
Class R		1,531,818
Total Net Assets	$	480,656,855
Shares Outstanding $0.001 par value (unlimited shares authorized):
Class A		12,662,590
Class C		834,581
Institutional		907,099
Service		11,850
Class IR		118,214
Class R		46,622
Net asset value, offering and redemption price per share:^(a)
Class A		$33.02
Class C		31.53
Institutional		33.55
Service		33.01
Class IR		32.95
Class R		32.86

(a)

Maximum public offering price per share for Class A Shares of the Growth and Income, Large Cap Value, Mid Cap Value, Small Cap Value and Small/Mid Cap Value Funds is $34.94, $18.85, $44.42, $56.05 and $11.77, 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 NAV or the original purchase price of the shares.


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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS


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

$	1,509,861,331	$	9,169,356,058		$	6,270,606,789		$	16,467,724
	22,615,928		326,511,533			301,942,244			—
	8,817,815		6,199,691			2,770,590			7,627

	43,813,498		85,192,600			10,202,043			511
	3,606,464		8,034,520			3,807,661			16,314
	899,212		13,309,642			9,160,086			5,500
	39,188		—			107,594			51,992
	49,993		—			—			—
	7,584		48,075			25,895			—
	1,589,711,013		9,608,652,119			6,598,622,902			16,549,668



	34,599,118		100,398,964			45,848,613			985,877
	1,384,800		17,171,647			11,671,022			—
	854,404		4,862,468			4,409,442			8,844
	171,909		1,218,898			669,472			673
	112,576		649,835			398,362			85,336
	37,122,807		124,301,812			62,996,911			1,080,730


	1,320,890,058		7,808,240,625			5,072,371,239			14,628,407
	284,196		(16,991,274	)		(859,941	)		9,120
	44,182,303		338,300,954			119,568,381			(37,026	)
	187,231,649		1,354,800,002			1,344,546,312			868,437
$	1,552,588,206	$	9,484,350,307		$	6,535,625,991		$	15,468,938

$	262,838,038	$	2,262,372,149		$	1,061,699,658		$	280,686
	46,090,825		201,896,068			68,941,984			171,149
	1,224,101,212		6,350,580,100			4,947,286,455			14,869,476
	3,536,879		260,509,959			173,852,021			—
	7,649,017		365,321,761			133,750,695			119,395
	8,372,235		43,670,270			150,095,178			28,232
$	1,552,588,206	$	9,484,350,307		$	6,535,625,991		$	15,468,938

	14,758,822		53,897,826			20,043,844			25,233
	2,678,167		5,194,805			1,604,560			15,459
	68,211,350		150,010,797			87,744,288			1,330,629
	199,582		6,300,803			3,367,243			—
	429,453		8,847,166			2,540,121			10,714
	479,005		1,061,216			2,877,893			2,538

	$17.81		$41.98			$52.97			$11.12
	17.21		38.86			42.97			11.07
	17.95		42.33			56.38			11.17
	17.72		41.35			51.63			—
	17.81		41.29			52.66			11.14
	17.48		41.15			52.15			11.12


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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Operations

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


	Growth and Income Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $12,968, $28,854, $0, $89,713 and $91)	$	6,547,824
Dividends — affiliated issuers		—
Interest		3,469
Total investment income		6,551,293

Expenses:
Management fees		1,648,300
Distribution and Service fees^(a)		661,774
Transfer Agent fees^(a)		425,212
Printing and mailing costs		67,572
Custody, accounting and administrative services		37,374
Professional fees		30,698
Registration fees		22,591
Trustee fees		10,396
Service Share fees — Shareholder Administration Plan		461
Service Share fees — Service Plan		461
Amortization of offering costs		—
Other		7,739
Total expenses		2,912,578
Less — expense reductions		(144,055	)
Net expenses		2,768,523
NET INVESTMENT INCOME		3,782,770

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers (including commission recapture of $8,966, $55,038, $365,081, $0 and $0)		34,198,799
Investments — affiliated issuers		—
Foreign currency transactions		124
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(22,888,924	)
Investments — affiliated issuers		—
Foreign currency translations		(494	)
Net realized and unrealized gain		11,309,505
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	15,092,275

(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
Growth and Income	$	507,374	$	21,477	$	129,254	$	3,669	$	385,604	$	4,081	$	24,558	$	5,842	$	74	$	3,659	$	1,394
Large Cap Value		315,244		10,378		223,507		19,926		239,585		1,972		42,466		237,650		670		6,913		7,572
Mid Cap Value		3,029,644		15,415		976,402		93,430		2,302,530		2,929		185,516		1,223,019		53,077		296,914		35,504
Small Cap Value		1,287,362		4,106		335,149		358,349		978,395		780		63,678		932,656		34,030		115,445		136,173
Small/Mid Cap Value		268		—		654		68		204		—		124		1,405		—		80		26

(b)

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


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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS


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

$	15,481,898		$	66,697,153		$	55,980,552		$	64,673
	229			4,565			3,251			—
	8,054			25,302			16,487			308
	15,490,181			66,727,020			56,000,290			64,981


	5,466,915			31,762,709			28,626,488			31,801
	569,055			4,114,891			1,984,966			990
	536,828			4,099,489			2,261,157			1,839
	70,409			743,201			350,918			20,927
	65,383			221,690			175,384			32,860
	39,444			30,505			38,924			27,936
	—			124,442			41,503			21,216
	11,771			22,795			15,954			8,944
	4,187			331,730			212,685			—
	4,187			331,730			212,685			—
	—			—			—			77,639
	7,338			53,682			57,994			5,806
	6,775,517			41,836,864			33,978,658			229,958
	(168,179	)		(84,960	)		(1,313,011	)		(193,682	)
	6,607,338			41,751,904			32,665,647			36,276
	8,882,843			24,975,116			23,334,643			28,705



	79,204,949			621,156,840			235,776,335			17,890
	—			—			(6,915,667	)		—
	—			—			(4,673	)		—

	(49,879,024	)		(385,272,112	)		38,884,732			586,037
	—			—			(34,432,949	)		—
	—			—			—			—
	29,325,925			235,884,728			233,307,778			603,927
$	38,208,768		$	260,859,844		$	256,642,421		$	632,632


The accompanying notes are an integral part of these financial statements.		57

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Changes in Net Assets


	Growth and Income Fund
	For the Six Months Ended February 28, 2015 (Unaudited)			For the Fiscal Year Ended August 31, 2014
From operations:
Net investment income	$	3,782,770		$	6,511,534
Net realized gain		34,198,923			52,774,464
Net change in unrealized gain (loss)		(22,889,418	)		34,286,381
Net increase in net assets resulting from operations		15,092,275			93,572,379

Distributions to shareholders:
From net investment income
Class A Shares		(3,133,530	)		(5,366,379	)
Class B Shares^(b)		(6,840	)		(77,334	)
Class C Shares		(112,017	)		(177,566	)
Institutional Shares		(278,088	)		(427,953	)
Service Shares		(2,674	)		(4,483	)
Class IR Shares		(34,914	)		(37,212	)
Class R Shares		(9,573	)		(13,314	)
From net realized gains
Class A Shares		—			—
Class B Shares^(b)		—			—
Class C Shares		—			—
Institutional Shares		—			—
Service Shares		—			—
Class IR Shares		—			—
Class R Shares		—			—
Total distributions to shareholders		(3,577,636	)		(6,104,241	)

From share transactions:
Proceeds from sales of shares		16,641,710			33,190,470
Reinvestment of distributions		3,498,295			5,972,060
Cost of shares redeemed		(38,392,151	)		(79,431,964	)
Net increase (decrease) in net assets resulting from share transactions		(18,252,146	)		(40,269,434	)
TOTAL INCREASE (DECREASE)		(6,737,507	)		47,198,704

Net assets:
Beginning of period		487,394,362			440,195,658
End of period	$	480,656,855		$	487,394,362
Undistributed (distributions in excess of) net investment income	$	1,364,354		$	1,159,220

(a)

Commenced operations on January 31, 2014.

(b)

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


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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS


Large Cap Value Fund						Mid Cap Value Fund						Small Cap Value Fund						Small/Mid Cap Value 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			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 Period Ended August 31, 2014^(a)

$	8,882,843		$	15,828,767		$	24,975,116		$	59,631,231		$	23,334,643		$	25,788,305		$	28,705		$	9,357
	79,204,949			286,882,856			621,156,840			1,703,829,506			228,855,995			524,407,855			17,890			61,010
	(49,879,024	)		25,760,290			(385,272,112	)		455,303,231			4,451,783			444,964,616			586,037			282,400
	38,208,768			328,471,913			260,859,844			2,218,763,968			256,642,421			995,160,776			632,632			352,767



	(1,971,852	)		(1,513,190	)		(6,131,547	)		(15,099,431	)		(1,910,002	)		(4,159,357	)		(501	)		—
	—			—			—			—			—			—			—			—
	(41,993	)		(20,449	)		—			—			—			—			—			—
	(13,800,311	)		(11,520,072	)		(50,295,540	)		(47,767,342	)		(26,380,902	)		(22,049,182	)		(28,474	)		—
	(25,657	)		(13,780	)		(464,450	)		(1,332,203	)		(132,770	)		(560,679	)		—			—
	—			(1,444,396	)		(2,233,494	)		(843,215	)		(533,992	)		(521,770	)		(405	)		—
	(51,733	)		(29,460	)		(93,600	)		(98,131	)		—			(230,422	)		—			—

	(13,448,251	)		—			(393,324,779	)		(492,502,746	)		(81,794,765	)		(111,483,030	)		(3,415	)		—
	—			—			—			(1,668,030	)		—			(326,290	)		—			—
	(2,465,823	)		—			(36,786,968	)		(27,991,344	)		(6,496,966	)		(7,182,985	)		(1,817	)		—
	(62,217,693	)		—			(1,066,177,321	)		(818,935,019	)		(349,994,344	)		(288,325,511	)		(108,542	)		—
	(184,114	)		—			(45,262,217	)		(50,965,016	)		(13,748,544	)		(17,459,319	)		—			—
	(407,704	)		—			(56,126,966	)		(16,845,350	)		(9,398,212	)		(8,052,327	)		(1,740	)		—
	(444,809	)		—			(6,534,801	)		(4,179,219	)		(11,584,866	)		(10,627,996	)		(412	)		—
	(95,059,940	)		(14,541,347	)		(1,663,431,683	)		(1,478,227,046	)		(501,975,363	)		(470,978,868	)		(145,306	)		—


	122,826,426			216,962,386			1,256,844,712			2,361,232,626			856,270,998			2,515,156,976			13,429,165			3,714,572
	89,252,736			13,608,739			1,521,893,834			1,350,080,936			481,869,928			454,113,027			143,453			—
	(138,385,507	)		(482,955,091	)		(2,302,527,821	)		(3,309,755,308	)		(842,048,342	)		(1,647,294,346	)		(2,656,204	)		(2,141	)
	73,693,655			(252,383,966	)		476,210,725			401,558,254			496,092,584			1,321,975,657			10,916,414			3,712,431
	16,842,483			61,546,600			(926,361,114	)		1,142,095,176			250,759,642			1,846,157,565			11,403,740			4,065,198


	1,535,745,723			1,474,199,123			10,410,711,421			9,268,616,245			6,284,866,349			4,438,708,784			4,065,198			—
$	1,552,588,206		$	1,535,745,723		$	9,484,350,307		$	10,410,711,421		$	6,535,625,991		$	6,284,866,349		$	15,468,938		$	4,065,198
$	284,196		$	7,292,899		$	(16,991,274	)	$	17,252,241		$	(859,941	)	$	4,763,082		$	9,120		$	9,795


The accompanying notes are an integral part of these financial statements.		59

GOLDMAN SACHS GROWTH AND INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			From investment operations
Year - Share Class	Net asset value, beginning of period		Net investment income^(a)			Net realized and unrealized gain		Total from investment operations		Distributions to shareholders from net investment income
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2015 - A	$	32.21	$	0.26		$	0.79	$	1.05	$	(0.24	)
2015 - C		30.77		0.13			0.76		0.89		(0.13	)
2015 - Institutional		32.72		0.33			0.81		1.14		(0.31	)
2015 - Service		32.20		0.24			0.80		1.04		(0.23	)
2015 - IR		32.15		0.30			0.79		1.09		(0.29	)
2015 - R		32.05		0.22			0.80		1.02		(0.21	)

FOR THE FISCAL YEARS ENDED AUGUST 31,
2014 - A		26.70		0.42			5.48		5.90		(0.39	)
2014 - C		25.54		0.19			5.23		5.42		(0.19	)
2014 - Institutional		27.12		0.55			5.56		6.11		(0.51	)
2014 - Service		26.69		0.39			5.48		5.87		(0.36	)
2014 - IR		26.65		0.51			5.46		5.97		(0.47	)
2014 - R		26.60		0.35			5.45		5.80		(0.35	)
2013 - A		21.68		0.29			5.02		5.31		(0.29	)
2013 - C		20.78		0.11			4.80		4.91		(0.15	)
2013 - Institutional		22.01		0.40			5.09		5.49		(0.38	)
2013 - Service		21.66		0.27			5.02		5.29		(0.26	)
2013 - IR		21.64		0.38			4.97		5.35		(0.34	)
2013 - R		21.60		0.23			5.00		5.23		(0.23	)
2012 - A		19.04		0.32	^(e)		2.58		2.90		(0.26	)
2012 - C		18.28		0.16	^(e)		2.48		2.64		(0.14	)
2012 - Institutional		19.33		0.41	^(e)		2.61		3.02		(0.34	)
2012 - Service		19.04		0.30	^(e)		2.56		2.86		(0.24	)
2012 - IR		19.02		0.36	^(e)		2.58		2.94		(0.32	)
2012 - R		18.99		0.26	^(e)		2.57		2.83		(0.22	)
2011 - A		17.84		0.21			1.21		1.42		(0.22	)
2011 - C		17.16		0.05			1.17		1.22		(0.10	)
2011 - Institutional		18.12		0.30			1.21		1.51		(0.30	)
2011 - Service		17.83		0.20			1.20		1.40		(0.19	)
2011 - IR		17.82		0.33			1.14		1.47		(0.27	)
2011 - R		17.79		0.16			1.21		1.37		(0.17	)
2010 - A		17.65		0.22	^(f)		0.18		0.40		(0.21	)
2010 - C		16.98		0.07	^(f)		0.19		0.26		(0.08	)
2010 - Institutional		17.91		0.30	^(f)		0.20		0.50		(0.29	)
2010 - Service		17.63		0.20	^(f)		0.20		0.40		(0.20	)
2010 - IR		17.63		0.26	^(f)		0.20		0.46		(0.27	)
2010 - R		17.60		0.16	^(f)		0.21		0.37		(0.18	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if 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)

Annualized.

(e)

Reflects income recognized from special dividends which amounted to $0.06 per share and 0.28% of average net assets.

(f)

Reflects income recognized from special dividends which amounted to $0.04 per share and 0.21% of average net assets.


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

GOLDMAN SACHS GROWTH AND INCOME 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 to average net assets			Portfolio turnover rate^(c)

$	33.02		3.29	%	$	418,092		1.15	%^(d)		1.21	%^(d)		1.63	%^(d)		24	%
	31.53		2.94			26,314		1.90	^(d)		1.96	^(d)		0.88	^(d)		24
	33.55		3.54			30,433		0.75	^(d)		0.81	^(d)		2.03	^(d)		24
	33.01		3.25			391		1.25	^(d)		1.31	^(d)		1.53	^(d)		24
	32.95		3.44			3,895		0.90	^(d)		0.96	^(d)		1.87	^(d)		24
	32.86		3.18			1,532		1.40	^(d)		1.46	^(d)		1.37	^(d)		24


	32.21		22.27			414,276		1.18			1.24			1.42			40
	30.77		21.32			26,742		1.93			1.99			0.67			40
	32.72		22.73			29,476		0.78			0.84			1.82			40
	32.20		22.12			368		1.28			1.34			1.33			40
	32.15		22.58			3,937		0.93			0.98			1.71			40
	32.05		21.94			1,462		1.43			1.49			1.16			40
	26.70		24.68			379,500		1.19			1.24			1.21			83
	25.54		23.77			24,154		1.94			1.99			0.46			83
	27.12		25.20			19,279		0.79			0.84			1.60			83
	26.69		24.62			356		1.29			1.34			1.09			83
	26.65		24.98			2,158		0.94			1.01			1.54			83
	26.60		24.41			609		1.44			1.49			0.94			83
	21.68		15.36			374,273		1.19			1.22			1.63	^(e)		115
	20.78		14.49			20,726		1.94			1.97			0.85	^(e)		115
	22.01		15.81			18,001		0.79			0.82			2.06	^(e)		115
	21.66		15.16			566		1.29			1.32			1.50	^(e)		115
	21.64		15.61			480		0.94			0.97			1.78	^(e)		115
	21.60		14.99			801		1.44			1.47			1.31	^(e)		115
	19.04		7.82			505,502		1.19			1.21			1.02			60
	18.28		7.06			21,860		1.94			1.96			0.27			60
	19.33		8.20			44,224		0.79			0.81			1.48			60
	19.04		7.77			646		1.29			1.31			0.95			60
	19.02		8.16			696		0.94			0.96			1.77			60
	18.99		7.65			591		1.44			1.46			0.75			60
	17.84		2.30			625,385		1.17			1.18			1.15	^(f)		93
	17.16		1.52			24,908		1.92			1.93			0.40	^(f)		93
	18.12		2.74			468,009		0.77			0.78			1.54	^(f)		93
	17.83		2.21			1,625		1.27			1.28			1.06	^(f)		93
	17.82		2.55			65		0.92			0.93			1.37	^(f)		93
	17.79		2.04			498		1.42			1.43			0.87	^(f)		93


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

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


				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	$	18.50	$	0.08		$	0.33	$	0.41	$	(0.14	)	$	(0.96	)	$	(1.10	)
	2015 - C		17.86		0.01			0.32		0.33		(0.02	)		(0.96	)		(0.98	)
	2015 - Institutional		18.67		0.11			0.35		0.46		(0.22	)		(0.96	)		(1.18	)
	2015 - Service		18.42		0.07			0.33		0.40		(0.14	)		(0.96	)		(1.10	)
	2015 - IR		18.34		0.10			0.33		0.43		—	^(e)		(0.96	)		(0.96	)
	2015 - R		18.17		0.06			0.33		0.39		(0.12	)		(0.96	)		(1.08	)

	FOR THE FISCAL YEARS ENDED AUGUST 31,
	2014 - A		15.06		0.13			3.41		3.54		(0.10	)		—			—
	2014 - C		14.56		—	^(e)		3.31		3.31		(0.01	)		—			—
	2014 - Institutional		15.20		0.19			3.45		3.64		(0.17	)		—			—
	2014 - Service		14.99		0.11			3.40		3.51		(0.08	)		—			—
	2014 - IR		14.94		0.17			3.38		3.55		(0.15	)		—			—
	2014 - R		14.80		0.08			3.36		3.44		(0.07	)		—			—
	2013 - A		12.13		0.12			2.95		3.07		(0.14	)		—			—
	2013 - C		11.74		0.01			2.86		2.87		(0.05	)		—			—
	2013 - Institutional		12.26		0.17			2.97		3.14		(0.20	)		—			—
	2013 - Service		12.06		0.10			2.94		3.04		(0.11	)		—			—
	2013 - IR		12.05		0.15			2.92		3.07		(0.18	)		—			—
	2013 - R		11.93		0.08			2.90		2.98		(0.11	)		—			—
	2012 - A		10.70		0.15	^(g)		1.41		1.56		(0.13	)		—			—
	2012 - C		10.33		0.06	^(g)		1.38		1.44		(0.03	)		—			—
	2012 - Institutional		10.82		0.20	^(g)		1.42		1.62		(0.18	)		—			—
	2012 - Service		10.64		0.14	^(g)		1.40		1.54		(0.12	)		—			—
	2012 - IR		10.64		0.17	^(g)		1.41		1.58		(0.17	)		—			—
	2012 - R		10.54		0.11	^(g)		1.40		1.51		(0.12	)		—			—
	2011 - A		9.90		0.07			0.80		0.87		(0.07	)		—			—
	2011 - C		9.57		(0.01	)		0.77		0.76		—			—			—
	2011 - Institutional		10.01		0.12			0.81		0.93		(0.12	)		—			—
	2011 - Service		9.85		0.06			0.79		0.85		(0.06	)		—			—
	2011 - IR		9.85		0.10			0.79		0.89		(0.10	)		—			—
	2011 - R		9.77		0.05			0.78		0.83		(0.06	)		—			—
	2010 - A		9.81		0.07	^(h)		0.12		0.19		(0.10	)		—			—
	2010 - C		9.49		(0.01	)^(h)		0.12		0.11		(0.03	)		—			—
	2010 - Institutional		9.92		0.11	^(h)		0.11		0.22		(0.13	)		—			—
	2010 - Service		9.76		0.06	^(h)		0.12		0.18		(0.09	)		—			—
	2010 - IR		9.76		0.10	^(h)		0.11		0.21		(0.12	)		—			—
	2010 - R		9.72		0.03	^(h)		0.14		0.17		(0.12	)		—			—

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

Amount is less than $0.005 per share.

(f)

Amount is less than 0.005% of average net assets.

(g)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.21% of average net assets.

(h)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.22% of average net assets.


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

GOLDMAN SACHS LARGE CAP VALUE 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)

$	17.81		2.30	%	$	262,838		1.17	%^(d)		1.19	%^(d)		0.89	%^(d)		41	%
	17.21		1.89			46,091		1.92	^(d)		1.94	^(d)		0.14	^(d)		41
	17.95		2.52			1,224,101		0.77	^(d)		0.79	^(d)		1.29	^(d)		41
	17.72		2.22			3,537		1.27	^(d)		1.29	^(d)		0.80	^(d)		41
	17.81		2.42			7,649		0.92	^(d)		0.94	^(d)		1.15	^(d)		41
	17.48		2.18			8,372		1.42	^(d)		1.44	^(d)		0.63	^(d)		41


	18.50		23.62			260,256		1.19			1.20			0.74			67
	17.86		22.73			45,535		1.94			1.95			(0.01	)		67
	18.67		24.15			1,206,895		0.79			0.80			1.14			67
	18.42		23.53			3,185		1.29			1.30			0.64			67
	18.34		23.93			6,618		0.95			0.95			1.05			67
	18.17		23.33			7,705		1.44			1.45			0.49			67
	15.06		25.56			229,781		1.20			1.20			0.89			98
	14.56		24.56			37,763		1.95			1.95			0.08			98
	15.20		25.95			1,048,489		0.80			0.80			1.22			98
	14.99		25.39			2,985		1.30			1.30			0.74			98
	14.94		25.82			141,673		0.95			0.95			1.07			98
	14.80		25.22			6,702		1.45			1.45			0.58			98
	12.13		14.69			418,274		1.19			1.19			1.31	^(g)		123
	11.74		13.89			34,854		1.94			1.94			0.55	^(g)		123
	12.26		15.19			900,661		0.79			0.79			1.75	^(g)		123
	12.06		14.63			3,424		1.29			1.29			1.23	^(g)		123
	12.05		14.99			103,975		0.94			0.94			1.52	^(g)		123
	11.93		14.38			5,411		1.44			1.44			1.02	^(g)		123
	10.70		8.75			555,309		1.17			1.17			0.63			76
	10.33		7.94			43,479		1.92			1.92			(0.11	)		76
	10.82		9.18			1,418,409		0.77			0.77			1.04			76
	10.64		8.56			6,374		1.27			1.27			0.54			76
	10.64		8.99			93,853		0.92			0.92			0.89			76
	10.54		8.44			5,318		1.42			1.42			0.39			76
	9.90		1.87			616,533		1.17			1.17			0.67	^(h)		108
	9.57		1.10			53,186		1.92			1.92			(0.07	)^(h)		108
	10.01		2.22			1,648,589		0.77			0.77			1.06	^(h)		108
	9.85		1.83			6,149		1.27			1.27			0.58	^(h)		108
	9.85		2.12			80,471		0.92			0.92			0.92	^(h)		108
	.77		1.71			3,578		1.42			1.42			0.31	^(h)		108


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

GOLDMAN SACHS MID CAP VALUE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			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	$	49.03	$	0.07	^(d)	$	1.48	$	1.55	$	(0.13	)	$	(8.47	)	$	(8.60	)
2015 - C		46.05		(0.10	)^(d)		1.38		1.28		—			(8.47	)		(8.47	)
2015 - Institutional		49.55		0.15	^(d)		1.50		1.65		(0.40	)		(8.47	)		(8.87	)
2015 - Service		48.40		0.04	^(d)		1.47		1.51		(0.09	)		(8.47	)		(8.56	)
2015 - IR		48.52		0.11	^(d)		1.47		1.58		(0.34	)		(8.47	)		(8.81	)
2015 - R		48.28		—	^(d)(f)		1.46		1.46		(0.12	)		(8.47	)		(8.59	)

FOR THE FISCAL YEARS ENDED AUGUST 31,
2014 - A		46.08		0.18			10.10		10.28		(0.22	)		(7.11	)		(7.33	)
2014 - C		43.79		(0.17	)		9.54		9.37		—			(7.11	)		(7.11	)
2014 - Institutional		46.52		0.36			10.19		10.55		(0.41	)		(7.11	)		(7.52	)
2014 - Service		45.59		0.13			9.97		10.10		(0.18	)		(7.11	)		(7.29	)
2014 - IR		45.70		0.30			9.98		10.28		(0.35	)		(7.11	)		(7.46	)
2014 - R		45.54		0.05			9.97		10.02		(0.17	)		(7.11	)		(7.28	)
2013 - A		37.43		0.24			8.75		8.99		(0.34	)		—			(0.34	)
2013 - C		35.57		(0.07	)		8.34		8.27		(0.05	)		—			(0.05	)
2013 - Institutional		37.77		0.41			8.83		9.24		(0.49	)		—			(0.49	)
2013 - Service		37.02		0.19			8.67		8.86		(0.29	)		—			(0.29	)
2013 - IR		37.12		0.34			8.68		9.02		(0.44	)		—			(0.44	)
2013 - R		37.04		0.12			8.67		8.79		(0.29	)		—			(0.29	)
2012 - A		33.41		0.31	^(g)		3.88		4.19		(0.17	)		—			(0.17	)
2012 - C		31.83		0.05	^(g)		3.69		3.74		—			—			—
2012 - Institutional		33.74		0.46	^(g)		3.89		4.35		(0.32	)		—			(0.32	)
2012 - Service		33.06		0.27	^(g)		3.83		4.10		(0.14	)		—			(0.14	)
2012 - IR		33.18		0.41	^(g)		3.82		4.23		(0.29	)		—			(0.29	)
2012 - R		33.14		0.25	^(g)		3.81		4.06		(0.16	)		—			(0.16	)
2011 - A		29.10		0.17	^(h)		4.27		4.44		(0.13	)		—			(0.13	)
2011 - C		27.83		(0.09	)^(h)		4.09		4.00		—			—			—
2011 - Institutional		29.37		0.31	^(h)		4.32		4.63		(0.26	)		—			(0.26	)
2011 - Service		28.80		0.13	^(h)		4.24		4.37		(0.11	)		—			(0.11	)
2011 - IR		28.93		0.22	^(h)		4.28		4.50		(0.25	)		—			(0.25	)
2011 - R		28.96		0.06	^(h)		4.27		4.33		(0.15	)		—			(0.15	)
2010 - A		26.29		0.16	⁽ⁱ⁾		2.93		3.09		(0.28	)		—			(0.28	)
2010 - C		25.17		(0.05	)⁽ⁱ⁾		2.81		2.76		(0.10	)		—			(0.10	)
2010 - Institutional		26.52		0.28	⁽ⁱ⁾		2.95		3.23		(0.38	)		—			(0.38	)
2010 - Service		26.02		0.13	⁽ⁱ⁾		2.91		3.04		(0.26	)		—			(0.26	)
2010 - IR		26.16		0.16	⁽ⁱ⁾		2.99		3.15		(0.38	)		—			(0.38	)
2010 - R		26.26		0.02	⁽ⁱ⁾		3.00		3.02		(0.32	)		—			(0.32	)

(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 0.13% 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 $0.09 per share and 0.25% of average net assets.

(h)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.07% of average net assets.

(i)

Reflects income recognized from special dividends which amounted to $0.09 per share and 0.31% of average net assets.


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

GOLDMAN SACHS MID CAP VALUE 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)

$	41.98		3.62	%	$	2,262,372		1.14	%^(e)		1.14	%^(e)		0.31	%^(d)(e)		48	%
	38.86		3.24			201,896		1.89	^(e)		1.90	^(e)		(0.48	)^(d)(e)		48
	42.33		3.80			6,350,580		0.74	^(e)		0.75	^(e)		0.68	^(d)(e)		48
	41.35		3.56			260,510		1.24	^(e)		1.25	^(e)		0.19	^(d)(e)		48
	41.29		3.73			365,322		0.89	^(e)		0.90	^(e)		0.52	^(d)(e)		48
	41.15		3.47			43,670		1.39	^(e)		1.40	^(e)		0.01	^(d)(e)		48


	49.03		24.77			3,153,971		1.14			1.14			0.38			87
	46.05		23.81			202,083		1.89			1.89			(0.38	)		87
	49.55		25.25			6,347,006		0.74			0.74			0.77			87
	48.40		24.63			368,720		1.24			1.24			0.28			87
	48.52		25.07			295,017		0.89			0.89			0.66			87
	48.28		24.44			35,896		1.39			1.39			0.12			87
	46.08		24.20			3,297,185		1.14			1.14			0.58			103
	43.79		23.29			174,875		1.89			1.89			(0.18	)		103
	46.52		24.74			5,328,684		0.74			0.74			0.96			103
	45.59		24.11			334,583		1.24			1.24			0.47			103
	45.70		24.54			97,243		0.89			0.89			0.80			103
	45.54		23.91			24,201		1.39			1.39			0.28			103
	37.43		12.56			3,074,173		1.15			1.15			0.91	^(g)		80
	35.57		11.72			160,062		1.90			1.90			0.16	^(g)		80
	37.77		12.96			3,985,625		0.75			0.75			1.31	^(g)		80
	37.02		12.41			268,412		1.25			1.25			0.81	^(g)		80
	37.12		12.83			70,409		0.90			0.90			1.20	^(g)		80
	37.04		12.28			13,255		1.40			1.40			0.73	^(g)		80
	33.41		15.22			3,278,879		1.16			1.16			0.47	^(h)		77
	31.83		14.37			166,559		1.91			1.91			(0.28	)^(h)		77
	33.74		15.73			3,633,400		0.76			0.76			0.86	^(h)		77
	33.06		15.16			269,370		1.26			1.26			0.37	^(h)		77
	33.18		15.51			40,531		0.91			0.91			0.62	^(h)		77
	33.14		14.94			5,972		1.41			1.41			0.18	^(h)		77
	29.10		11.84			2,819,867		1.16			1.16			0.54	⁽ⁱ⁾		104
	27.83		10.98			147,697		1.91			1.91			(0.19	)⁽ⁱ⁾		104
	29.37		12.26			2,710,882		0.76			0.76			0.93	⁽ⁱ⁾		104
	28.80		11.74			232,356		1.26			1.26			0.44	⁽ⁱ⁾		104
	28.93		12.10			1,764		0.91			0.91			0.54	⁽ⁱ⁾		104
	28.96		11.56			1,862		1.41			1.41			0.06	⁽ⁱ⁾		104


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

GOLDMAN SACHS SMALL CAP VALUE 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	$	55.40	$	0.12	^(d)	$	1.91	$	2.03	$	(0.10	)	$	(4.36	)	$	(4.46	)
2015 - C		45.84		(0.06	)^(d)		1.55		1.49		—			(4.36	)		(4.36	)
2015 - Institutional		58.80		0.24	^(d)		2.03		2.27		(0.33	)		(4.36	)		(4.69	)
2015 - Service		54.08		0.09	^(d)		1.86		1.95		(0.04	)		(4.36	)		(4.40	)
2015 - IR		55.18		0.18	^(d)		1.91		2.09		(0.25	)		(4.36	)		(4.61	)
2015 - R		54.58		0.06	^(d)		1.87		1.93		—			(4.36	)		(4.36	)

FOR THE FISCAL YEARS ENDED AUGUST 31,
2014 - A		50.43		0.12			9.94		10.06		(0.18	)		(4.91	)		(5.09	)
2014 - C		42.64		(0.25	)		8.36		8.11		—			(4.91	)		(4.91	)
2014 - Institutional		53.22		0.33			10.53		10.86		(0.37	)		(4.91	)		(5.28	)
2014 - Service		49.36		0.05			9.74		9.79		(0.16	)		(4.91	)		(5.07	)
2014 - IR		50.25		0.23			9.93		10.16		(0.32	)		(4.91	)		(5.23	)
2014 - R		49.80		(0.03	)		9.82		9.79		(0.10	)		(4.91	)		(5.01	)
2013 - A		43.11		0.35	^(f)		9.73		10.08		(0.48	)		(2.28	)		(2.76	)
2013 - C		36.89		0.01	^(f)		8.25		8.26		(0.23	)		(2.28	)		(2.51	)
2013 - Institutional		45.36		0.55	^(f)		10.26		10.81		(0.67	)		(2.28	)		(2.95	)
2013 - Service		42.30		0.30	^(f)		9.52		9.82		(0.48	)		(2.28	)		(2.76	)
2013 - IR		43.00		0.41	^(f)		9.74		10.15		(0.62	)		(2.28	)		(2.90	)
2013 - R		42.65		0.19	^(f)		9.65		9.84		(0.41	)		(2.28	)		(2.69	)
2012 - A		37.73		0.27	^(g)		5.86		6.13		(0.08	)		(0.67	)		(0.75	)
2012 - C		32.55		(0.03	)^(g)		5.04		5.01		—			(0.67	)		(0.67	)
2012 - Institutional		39.65		0.46	^(g)		6.15		6.61		(0.23	)		(0.67	)		(0.90	)
2012 - Service		37.01		0.23	^(g)		5.75		5.98		(0.02	)		(0.67	)		(0.69	)
2012 - IR		37.65		0.36	^(g)		5.85		6.21		(0.19	)		(0.67	)		(0.86	)
2012 - R		37.39		0.17	^(g)		5.81		5.98		(0.05	)		(0.67	)		(0.72	)
2011 - A		31.29		0.10	^(h)		6.43		6.53		(0.09	)		—			(0.09	)
2011 - C		27.14		(0.17	)^(h)		5.58		5.41		—			—			—
2011 - Institutional		32.86		0.26	^(h)		6.75		7.01		(0.22	)		—			(0.22	)
2011 - Service		30.71		0.05	^(h)		6.32		6.37		(0.07	)		—			(0.07	)
2011 - IR		31.24		0.15	^(h)		6.45		6.60		(0.19	)		—			(0.19	)
2011 - R		31.08		(0.04	)^(h)		6.43		6.39		(0.08	)		—			(0.08	)
2010 - A		28.58		0.09	⁽ⁱ⁾		2.79		2.88		(0.17	)		—			(0.17	)
2010 - C		24.85		(0.13	)⁽ⁱ⁾		2.43		2.30		(0.01	)		—			(0.01	)
2010 - Institutional		29.99		0.23	⁽ⁱ⁾		2.91		3.14		(0.27	)		—			(0.27	)
2010 - Service		28.05		0.05	⁽ⁱ⁾		2.76		2.81		(0.15	)		—			(0.15	)
2010 - IR		28.55		0.16	⁽ⁱ⁾		2.79		2.95		(0.26	)		—			(0.26	)
2010 - R		28.53		(0.01	)⁽ⁱ⁾		2.80		2.79		(0.24	)		—			(0.24	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Reflects income recognized from special dividends which amounted to $0.10 per share and 0.36% of average net assets.

(e)

Annualized.

(f)

Reflects income recognized from special dividends which amounted to $0.26 per share and 0.55% of average net assets.

(g)

Reflects income recognized from special dividends which amounted to $0.17 per share and 0.41% of average net assets.

(h)

Reflects Income recognized from special dividends which amounted to $0.06 per share and 0.16% of average net assets.

(i)

Reflects income recognized from special dividends which amounted to $0.05 per share and 0.14% of average net assets.


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

GOLDMAN SACHS SMALL CAP VALUE 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)

$	52.97		3.95	%	$	1,061,700		1.34	%^(e)		1.39	%^(e)		0.47	%^(d)(e)		24	%
	42.97		3.56			68,942		2.09	^(e)		2.14	^(e)		(0.29	)^(d)(e)		24
	56.38		4.14			4,947,286		0.94	^(e)		0.99	^(e)		0.86	^(d)(e)		24
	51.63		3.89			173,852		1.44	^(e)		1.49	^(e)		0.36	^(d)(e)		24
	52.66		4.06			133,751		1.09	^(e)		1.14	^(e)		0.70	^(d)(e)		24
	52.15		3.81			150,095		1.59	^(e)		1.64	^(e)		0.22	^(d)(e)		24


	55.40		20.72			1,080,393		1.35			1.40			0.22			46
	45.84		19.85			69,319		2.10			2.15			(0.55	)		46
	58.80		21.22			4,694,737		0.95			1.00			0.58			46
	54.08		20.62			176,500		1.45			1.50			0.10			46
	55.18		21.05			121,895		1.10			1.15			0.43			46
	54.58		20.44			139,858		1.60			1.65			(0.06	)		46
	50.43		24.86			1,141,424		1.38			1.42			0.75	^(f)		57
	42.64		23.89			64,751		2.13			2.17			0.03	^(f)		57
	53.22		25.34			2,891,932		0.98			1.02			1.12	^(f)		57
	49.36		24.70			162,696		1.48			1.52			0.65	^(f)		57
	50.25		25.16			73,723		1.13			1.17			0.86	^(f)		57
	49.80		24.51			101,060		1.63			1.67			0.40	^(f)		57
	43.11		16.43			931,473		1.41			1.44			0.68	^(g)		50
	36.89		15.59			58,926		2.16			2.19			(0.07	)^(g)		50
	45.36		16.91			1,852,215		1.01			1.04			1.07	^(g)		50
	42.30		16.33			115,385		1.51			1.54			0.57	^(g)		50
	43.00		16.74			24,332		1.16			1.19			0.90	^(g)		50
	42.65		16.17			45,525		1.66			1.69			0.42	^(g)		50
	37.73		20.85			827,768		1.45			1.46			0.25	^(h)		46
	32.55		19.93			58,293		2.20			2.21			(0.49	)^(h)		46
	39.65		21.33			1,568,115		1.05			1.06			0.62	^(h)		46
	37.01		20.74			76,841		1.55			1.56			0.14	^(h)		46
	37.65		21.12			11,801		1.20			1.21			0.38	^(h)		46
	37.39		20.56			25,269		1.70			1.71			(0.10	)^(h)		46
	31.29		10.11			670,228		1.48			1.48			0.28	⁽ⁱ⁾		56
	27.14		9.27			52,143		2.23			2.23			(0.47	)⁽ⁱ⁾		56
	32.86		10.53			943,868		1.08			1.08			0.67	⁽ⁱ⁾		56
	30.71		10.05			58,064		1.58			1.58			0.17	⁽ⁱ⁾		56
	31.24		10.39			3,660		1.23			1.23			0.48	⁽ⁱ⁾		56
	31.08		9.83			8,869		1.73			1.73			(0.03	)⁽ⁱ⁾		56


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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			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	$	11.01	$	0.02	^(e)	$	0.28	$	0.30	$	(0.03	)	$	(0.16	)	$	(0.19	)
2015 - C		10.97		(0.02	)^(e)		0.28		0.26		—			(0.16	)		(0.16	)
2015 - Institutional		11.04		0.04	^(e)		0.30		0.34		(0.05	)		(0.16	)		(0.21	)
2015 - IR		11.03		0.04	^(e)		0.27		0.31		(0.04	)		(0.16	)		(0.20	)
2015 - R		11.00		—	^(e)(f)		0.28		0.28		—			(0.16	)		(0.16	)

FOR THE PERIOD ENDED AUGUST 31,
2014 - A (Commenced on January 31, 2014)		10.00		(0.02	)		1.03		1.01		—			—			—
2014 - C (Commenced on January 31, 2014)		10.00		(0.06	)		1.03		0.97		—			—			—
2014 - Institutional (Commenced on January 31, 2014)		10.00		0.03			1.01		1.04		—			—			—
2014 - IR (Commenced on January 31, 2014)		10.00		0.02			1.01		1.03		—			—			—
2014 - R (Commenced on January 31, 2014)		10.00		(0.01	)		1.01		1.00		—			—			—

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)

(e)

Reflects income recognized from special dividends which amounted to $0.01 per share and 0.31% of average net assets.

(f)

Amount is less than $0.005 per share.


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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND



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

$	11.12		2.76	%	$	281		1.34	%		5.44	%		0.32	%^(e)		77	%
	11.07		2.45			171		2.09			6.27			(0.41	)^(e)		77
	11.17		3.11			14,869		0.93			5.07			0.81	^(e)		77
	11.14		2.89			119		1.09			4.92			0.68	^(e)		77
	11.12		2.63			28		1.59			5.87			0.04	^(e)		77


	11.01		10.10			150		1.33			6.90			(0.27	)		53
	10.97		9.70			105		2.08			8.31			(1.01	)		53
	11.04		10.40			3,755		0.93			12.86			0.49			53
	11.03		10.30			28		1.08			13.25			0.39			53
	11.00		10.00			28		1.58			13.76			(0.11	)		53


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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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
Growth and Income, Large Cap Value, Mid Cap Value, Small Cap Value	A, C, Institutional, Service, IR and R	Diversified
Small/Mid Cap Value (Commenced January 31, 2014)	A, C, Institutional, IR and R	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 each applicable Fund 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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

net asset value (“NAV”) calculations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. 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. Distributions from Master Limited Partnerships (“MLPs”) are generally recorded based on the characterization reported on the MLP’s tax return.

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. Organization and Offering Costs — Offering costs paid in connection with the offering of shares of Small/Mid Cap Value Fund were amortized on a straight-line basis over 12 months from the date of commencement of operations. Organization costs paid in connection with the organization of the Fund were expensed on the first day of operations.

E. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Funds are not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:


Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Growth and Income	Quarterly	Annually
Large Cap Value, Mid Cap Value, Small Cap Value and Small/Mid Cap Value	Annually	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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2015 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

F. Foreign Currency Translation — The accounting records and reporting currency of the Funds are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency transactions. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

G. 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 Statements 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 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).

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 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.

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.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2015 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued at amortized cost, which approximates fair value. With the exception of treasury securities 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.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 classified in the fair value hierarchy as of February 28, 2015:



GROWTH AND INCOME

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	16,794,623	$	—	$	—
North America		448,109,042		—		—
Short-term Investment		—		7,100,000		—
Total	$	464,903,665	$	7,100,000	$	—

LARGE CAP VALUE

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	89,719,650	$	—	$	—
North America		1,420,141,681		—		—
Investment Company		22,615,928		—		—
Total	$	1,532,477,259	$	—	$	—

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2015 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



MID CAP VALUE

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Asia	$	73,719,499	$	—	$	—
Europe		291,977,823		—		—
North America		8,803,658,736		—		—
Investment Company		326,511,533		—		—
Total	$	9,495,867,591	$	—	$	—

SMALL CAP VALUE

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Asia	$	25,661,637	$	—	$	—
Europe		51,061,748		—		—
North America		6,109,875,409		—		—
Exchange Traded Fund		147,757,036		—		—
Investment Company		238,193,203		—		—
Total	$	6,572,549,033	$	—	$	—

SMALL/MID CAP VALUE

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	517,738	$	—	$	—
North America		14,849,986		—		—
Short-term Investment		—		1,100,000		—
Total	$	15,367,724	$	1,100,000	$	—

(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 principal 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.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

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


	Contractual Management Rate																		Effective Net Management Rate
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate
Growth and Income		0.70	%		0.63	%		0.60	%		0.59	%		0.58	%		0.70	%		0.69	%*
Large Cap Value		0.75			0.68			0.65			0.64			0.63			0.73			0.73
Mid Cap Value		0.75			0.75			0.68			0.65			0.64			0.68			0.68
Small Cap Value		1.00			1.00			0.90			0.86			0.84			0.92			0.93	*
Small/Mid Cap Value		0.85			0.85			0.77			0.73			0.71			0.85			0.85

GSAM agreed to waive a portion of its management fees, in order to achieve effective net management fee rates shown above through at least December 29, 2015. Prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. Where the application of the above contractual management fee breakpoint schedule would result in a lower management fee rate, the breakpoint schedule will be applied to the Fund’s assets.

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.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

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
Growth and Income	$	15,203	$	—
Large Cap Value		8,854		16
Mid Cap Value		34,417		6
Small Cap Value		4,592		4
Small/Mid Cap Value		58		—

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, service fees and shareholder administration fees (as applicable), taxes, interest, 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 Growth and Income, Large Cap Value, Small Cap Value and Small/Mid Cap Value Funds are 0.004%, 0.004%, 0.004% 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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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:


	Management Fee Waiver		Other Expense Reimbursements		Total Expense Reductions
Growth and Income	$	8,066	$	135,989	$	144,055
Large Cap Value		3,950		164,229		168,179
Mid Cap Value		84,960		—		84,960
Small Cap Value		756,254		556,757		1,313,011
Small/Mid Cap Value		—		193,682		193,682

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 $6,367, $476,908, $67,940 and $36 in brokerage commissions from portfolio transactions, on behalf of the Growth and Income, Mid Cap Value, Small Cap Value and Small/Mid Cap Value Funds, respectively.

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 in shares of issuers of which a Fund is an affiliate for the six months ended February 28, 2015:


Fund	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
Small Cap Value	Everyday Health, Inc.		603,508		1,033,619		(44,872	)		1,592,255	$	22,769,247
	Premiere Global Services, Inc.		2,406,839		14,897		(63,538	)		2,358,198		22,968,849
	Rex Energy Corp.		3,135,400		956,367		(416,064	)		3,675,703		18,010,945

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2015 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Large Cap Value, Mid Cap Value, and Small Cap Value invest in the Institutional Shares of the Goldman Sachs Financial Square Government Fund. This Underlying Fund is considered to be affiliated with the Funds. 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 Funds’ investment in an affiliated fund for which it also serves as investment advisor. For the six months ended February 28, 2015, GSAM waived $3,950, $84,960, and $62,007 of such fund’s management fee for the Large Cap Value, Mid Cap Value, and Small Cap Value, respectively. The table below shows the transactions in and earnings from investments in this affiliated Fund for the six months ended February 28, 2015:


Fund	Underlying Fund	Market Value 09/01/14		Purchases at Cost		Proceeds from Sales			Market Value 02/28/15		Dividend Income
Large Cap Value	Goldman Sachs Financial Square Government Fund	$	—	$	141,780,583	$	(119,164,655	)	$	22,615,928	$	229
Mid Cap Value	Goldman Sachs Financial Square Government Fund		—		1,066,885,458		(740,373,925	)		326,511,533		4,565
Small Cap Value	Goldman Sachs Financial Square Government Fund		—		627,664,609		(389,471,406	)		238,193,203		3,251

As of February 28, 2015, the Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following fund:


Fund	Class C			Institutional			Class IR			Class R
Small/Mid Cap Value		7	%		22	%		24	%		100	%

As of February 28, 2015, the Goldman Sachs Profit Sharing Master Trust was the beneficial owner of approximately 9% of total outstanding shares of the Large Cap Value Fund.

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
Growth and Income	$	110,611,249	$	136,546,683
Large Cap Value		616,272,092		645,727,094
Mid Cap Value		4,452,623,237		5,802,817,936
Small Cap Value		1,494,579,163		1,623,902,977
Small/Mid Cap Value		16,657,040		5,968,592

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

6. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2014, the Funds’ capital loss carryforwards were as follows:

Growth and

Income

Capital loss carryforward:⁽¹⁾

Expiring 2018

(168,871,399

)

(1)

Expiration occurs on August 31 of the year indicated.

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:


	Growth and Income			Large Cap Value			Mid Cap Value			Small Cap Value			Small/Mid Cap Value
Tax Cost	$	407,118,624		$	1,349,892,148		$	8,156,233,239		$	5,237,027,292		$	15,605,036
Gross unrealized gain		71,997,686			211,923,353			1,525,266,687			1,487,953,602			971,247
Gross unrealized loss		(7,112,645	)		(29,338,242	)		(185,632,335	)		(152,431,861	)		(108,559	)
Net unrealized gain	$	64,885,041		$	182,585,111		$	1,339,634,352		$	1,335,521,741		$	862,688

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, differences related to the tax treatment of partnerships, underlying fund investments, real estate investment trusts and passive foreign investment company 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:

Investments in Other Investment Companies — As a shareholder of another investment company, including an exchange traded fund (“ETF”), a Fund will directly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2015 (Unaudited)

7. OTHER RISKS (continued)

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. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

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.

Master Limited Partnership Risk — Investments in securities of MLPs involve risks that differ from investments in common stock, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks, limited liquidity and risks related to the general partner’s right to require unit-holders to sell their common units at an undesirable time or price.

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.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Growth and Income 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		432,173		$	13,897,449			504,808		$	14,835,766
Reinvestment of distributions		95,795			3,080,822			180,525			5,275,767
Shares converted from Class B^(a)		142,604			4,598,832			57,812			1,701,680
Shares redeemed		(869,902	)		(27,748,033	)		(2,093,331	)		(61,961,506	)
		(199,330	)		(6,170,930	)		(1,350,186	)		(40,148,293	)
Class B Shares
Shares sold		53			1,596			10,363			288,316
Reinvestment of distributions		223			6,800			2,742			76,152
Shares converted to Class A^(a)		(148,163	)		(4,598,832	)		(60,089	)		(1,701,680	)
Shares redeemed		(211,336	)		(6,553,374	)		(144,179	)		(4,102,267	)
		(359,223	)		(11,143,810	)		(191,163	)		(5,439,479	)
Class C Shares
Shares sold		35,510			1,087,309			105,052			2,969,114
Reinvestment of distributions		3,154			97,347			5,634			156,855
Shares redeemed		(73,163	)		(2,237,702	)		(187,520	)		(5,216,013	)
		(34,499	)		(1,053,046	)		(76,834	)		(2,090,044	)
Institutional Shares
Shares sold		45,624			1,482,508			429,132			12,714,092
Reinvestment of distributions		8,272			269,848			13,839			413,191
Shares redeemed		(47,548	)		(1,548,202	)		(253,053	)		(7,631,117	)
		6,348			204,154			189,918			5,496,166
Service Shares
Shares sold		638			20,517			2,631			79,191
Reinvestment of distributions		22			707			25			724
Shares redeemed		(246	)		(7,891	)		(4,550	)		(139,707	)
		414			13,333			(1,894	)		(59,792	)
Class IR Shares
Shares sold		880			28,381			48,200			1,520,398
Reinvestment of distributions		1,089			34,914			1,275			37,212
Shares redeemed		(6,226	)		(198,888	)		(7,952	)		(237,194	)
		(4,257	)		(135,593	)		41,523			1,320,416
Class R Shares
Shares sold		3,854			123,950			27,265			783,593
Reinvestment of distributions		245			7,857			416			12,159
Shares redeemed		(3,078	)		(98,061	)		(4,988	)		(144,160	)
		1,021			33,746			22,693			651,592
NET DECREASE		(589,526	)	$	(18,252,146	)		(1,365,943	)	$	(40,269,434	)

(a)

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2015 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (continued)


	Large Cap Value 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		1,747,800		$	31,175,288			3,136,680		$	52,852,500
Reinvestment of distributions		842,745			14,849,166			90,848			1,458,128
Shares converted from Class B^(a)		58,028			1,072,273			20,042			330,786
Shares redeemed		(1,956,618	)		(34,862,611	)		(4,441,658	)		(75,090,853	)
		691,955			12,234,116			(1,194,088	)		(20,449,439	)
Class B Shares
Shares sold		454			7,511			6,907			110,226
Reinvestment of distributions		—			—			—			—
Shares converted to Class A^(a)		(59,670	)		(1,072,273	)		(20,524	)		(330,786	)
Shares redeemed		(249,034	)		(4,467,141	)		(141,787	)		(2,317,781	)
		(308,250	)		(5,531,903	)		(155,404	)		(2,538,341	)
Class C Shares
Shares sold		202,677			3,482,428			320,446			5,150,437
Reinvestment of distributions		119,509			2,038,830			1,029			16,037
Shares redeemed		(194,016	)		(3,314,536	)		(365,638	)		(5,991,461	)
		128,170			2,206,722			(44,163	)		(824,987	)
Institutional Shares
Shares sold		4,792,422			84,613,760			7,976,282			135,304,068
Reinvestment of distributions		4,022,551			71,360,049			659,652			10,653,393
Shares redeemed		(5,245,585	)		(93,838,535	)		(12,971,811	)		(219,055,282	)
		3,569,388			62,135,274			(4,335,877	)		(73,097,821	)
Service Shares
Shares sold		35,680			636,678			35,811			597,368
Reinvestment of distributions		6,911			121,215			489			7,824
Shares redeemed		(15,949	)		(282,330	)		(62,550	)		(1,009,418	)
		26,642			475,563			(26,250	)		(404,226	)
Class IR Shares
Shares sold		83,829			1,469,617			1,271,813			20,983,126
Reinvestment of distributions		23,151			407,705			90,957			1,444,396
Shares redeemed		(38,356	)		(674,021	)		(10,485,942	)		(177,099,655	)
		68,624			1,203,301			(9,123,172	)		(154,672,133	)
Class R Shares
Shares sold		81,902			1,441,144			117,871			1,964,661
Reinvestment of distributions		27,502			475,771			1,834			28,961
Shares redeemed		(54,399	)		(946,333	)		(148,593	)		(2,390,641	)
		55,005			970,582			(28,888	)		(397,019	)
NET INCREASE (DECREASE)		4,231,534		$	73,693,655			(14,907,842	)	$	(252,383,966	)

(a)

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)


	Mid Cap Value 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		6,755,815		$	297,535,596			14,609,556		$	674,991,568
Reinvestment of distributions		8,926,462			365,270,828			11,190,520			474,925,689
Shares converted from Class B^(a)		15,485			752,662			5,414			245,040
Shares redeemed		(26,127,307	)		(1,159,171,616	)		(33,023,938	)		(1,520,926,228	)
		(10,429,545	)		(495,612,530	)		(7,218,448	)		(370,763,931	)
Class B Shares
Shares sold		332			14,230			7,320			316,401
Reinvestment of distributions		—			—			38,609			1,565,599
Shares converted to Class A^(a)		(16,322	)		(752,662	)		(5,674	)		(245,040	)
Shares redeemed		(156,144	)		(7,196,845	)		(136,037	)		(5,959,707	)
		(172,134	)		(7,935,277	)		(95,782	)		(4,322,747	)
Class C Shares
Shares sold		470,900			18,582,858			578,534			24,773,952
Reinvestment of distributions		770,735			29,257,102			537,431			21,545,591
Shares redeemed		(434,947	)		(17,520,836	)		(721,694	)		(31,394,878	)
		806,688			30,319,124			394,271			14,924,665
Institutional Shares
Shares sold		16,956,142			746,268,460			27,696,045			1,292,926,043
Reinvestment of distributions		24,758,184			1,020,779,916			18,281,663			781,906,738
Shares redeemed		(19,793,276	)		(879,623,671	)		(32,437,518	)		(1,499,672,015	)
		21,921,050			887,424,705			13,540,190			575,160,766
Service Shares
Shares sold		1,177,675			53,006,659			1,604,814			73,164,548
Reinvestment of distributions		1,044,799			42,126,306			1,152,450			48,322,230
Shares redeemed		(3,540,141	)		(161,781,301	)		(2,477,988	)		(112,674,260	)
		(1,317,667	)		(66,648,336	)		279,276			8,812,518
Class IR Shares
Shares sold		2,981,165			130,211,435			6,408,598			279,400,837
Reinvestment of distributions		1,450,642			58,359,342			421,908			17,686,371
Shares redeemed		(1,665,105	)		(72,894,346	)		(2,877,904	)		(128,848,654	)
		2,766,702			115,676,431			3,952,602			168,238,554
Class R Shares
Shares sold		265,450			11,225,474			341,697			15,659,277
Reinvestment of distributions		151,976			6,100,340			98,608			4,128,718
Shares redeemed		(99,730	)		(4,339,206	)		(228,253	)		(10,279,566	)
		317,696			12,986,608			212,052			9,508,429
NET INCREASE		13,892,790		$	476,210,725			11,064,161		$	401,558,254

(a)

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2015 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (continued)


	Small Cap Value 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		2,249,938		$	118,640,022			5,591,513		$	299,944,726
Reinvestment of distributions		1,477,416			75,628,918			2,092,273			107,459,174
Shares converted from Class B^(a)		3,007			168,387			1,661			87,897
Shares redeemed		(3,188,266	)		(168,457,418	)		(10,815,291	)		(577,342,866	)
		542,095			25,979,909			(3,129,844	)		(169,851,069	)
Class B Shares
Shares sold		2			87			1,006			44,768
Reinvestment of distributions		—			—			7,230			311,023
Shares converted to Class A^(a)		(3,616	)		(168,387	)		(1,981	)		(87,897	)
Shares redeemed		(43,295	)		(2,006,417	)		(32,124	)		(1,441,891	)
		(46,909	)		(2,174,717	)		(25,869	)		(1,173,997	)
Class C Shares
Shares sold		106,242			4,560,108			226,793			10,030,220
Reinvestment of distributions		118,922			4,947,167			129,672			5,540,863
Shares redeemed		(132,865	)		(5,740,800	)		(362,587	)		(16,209,846	)
		92,299			3,766,475			(6,122	)		(638,763	)
Institutional Shares
Shares sold		11,622,178			650,516,947			35,914,269			2,031,071,807
Reinvestment of distributions		6,749,742			367,455,935			5,613,555			305,096,723
Shares redeemed		(10,473,572	)		(587,164,296	)		(16,020,469	)		(907,919,930	)
		7,898,348			430,808,586			25,507,355			1,428,248,600
Service Shares
Shares sold		362,078			18,702,002			1,070,225			56,328,299
Reinvestment of distributions		264,973			13,224,791			336,878			16,901,197
Shares redeemed		(523,609	)		(27,235,786	)		(1,439,224	)		(74,842,656	)
		103,442			4,691,007			(32,121	)		(1,613,160	)
Class IR Shares
Shares sold		693,448			36,653,692			1,283,318			68,451,418
Reinvestment of distributions		195,285			9,932,204			167,409			8,547,903
Shares redeemed		(557,765	)		(29,885,575	)		(708,611	)		(37,728,721	)
		330,968			16,700,321			742,116			39,270,600
Class R Shares
Shares sold		517,876			27,198,140			932,290			49,285,738
Reinvestment of distributions		211,797			10,680,913			202,331			10,256,144
Shares redeemed		(414,194	)		(21,558,050	)		(601,404	)		(31,808,436	)
		315,479			16,321,003			533,217			27,733,446
NET INCREASE		9,235,722		$	496,092,584			23,588,732		$	1,321,975,657

(a)

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)


	Small/Mid Cap Value Fund

	For the Six Months Ended February 28, 2015 (Unaudited)						For the Period Ended August 31, 2014^(a)

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		11,682		$	122,484			13,578		$	142,360
Reinvestment of distributions		299			3,239			—			—
Shares redeemed		(324	)		(3,465	)		(2	)		(15	)
		11,657			122,258			13,576			142,345
Class C Shares
Shares sold		5,791			61,975			9,599			101,057
Reinvestment of distributions		137			1,480			—			—
Shares redeemed		(66	)		(720	)		(2	)		(15	)
		5,862			62,735			9,597			101,042
Institutional Shares
Shares sold		1,218,868			13,156,806			340,247			3,421,125
Reinvestment of distributions		12,554			136,177			—			—
Shares redeemed		(240,841	)		(2,651,396	)		(199	)		(2,081	)
		990,581			10,641,587			340,048			3,419,044
Class IR Shares
Shares sold		8,073			87,900			2,502			25,015
Reinvestment of distributions		198			2,145			—			—
Shares redeemed		(57	)		(623	)		(2	)		(15	)
		8,214			89,422			2,500			25,000
Class R Shares
Shares sold		—			—			2,502			25,015
Reinvestment of distributions		38			412			—			—
Shares redeemed		—			—			(2	)		(15	)
		38			412			2,500			25,000
NET INCREASE		1,016,352		$	10,916,414			368,221		$	3,712,431

(a)

Commenced operations on January 31, 2014.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE 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.


	Growth and Income Fund										Large Cap Value Fund										Mid Cap Value Fund										Small Cap Value Fund										Small/Mid Cap Value 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		$	1,032.90			$	5.80		$	1,000.00		$	1,023.00			$	5.87		$	1,000.00		$	1,036.20			$	5.76		$	1,000.00		$	1,039.50			$	6.78		$	1,000.00		$	1,027.60			$	6.74
Hypothetical 5% return			1,000.00			1,019.09	+			5.76			1,000.00			1,018.99	+			5.86			1,000.00			1,019.14	+			5.71			1,000.00			1,018.15	+			6.71			1,000.00			1,018.15	+			6.71
Class C
Actual			1,000.00			1,029.40				9.56			1,000.00			1,018.90				9.61			1,000.00			1,032.40				9.52			1,000.00			1,035.60				10.55			1,000.00			1,024.50				10.49
Hypothetical 5% return			1,000.00			1,015.37	+			9.49			1,000.00			1,015.27	+			9.59			1,000.00			1,015.42	+			9.44			1,000.00			1,014.43	+			10.44			1,000.00			1,014.43	+			10.44
Institutional
Actual			1,000.00			1,035.40				3.79			1,000.00			1,025.20				3.87			1,000.00			1,038.00				3.74			1,000.00			1,041.40				4.76			1,000.00			1,031.10				4.68
Hypothetical 5% return			1,000.00			1,021.08	+			3.76			1,000.00			1,020.98	+			3.86			1,000.00			1,021.13	+			3.71			1,000.00			1,020.13	+			4.71			1,000.00			1,020.18	+			4.66
Service
Actual			1,000.00			1,032.50				6.30			1,000.00			1,022.20				6.37			1,000.00			1,035.60				6.26			1,000.00			1,038.90				7.28			N/A			N/A				N/A
Hypothetical 5% return			1,000.00			1,018.60	+			6.26			1,000.00			1,018.50	+			6.36			1,000.00			1,018.65	+			6.21			1,000.00			1,017.65	+			7.20			N/A			N/A				N/A
Class IR
Actual			1,000.00			1,034.40				4.54			1,000.00			1,024.20				4.62			1,000.00			1,037.30				4.50			1,000.00			1,040.60				5.51			1,000.00			1,028.90				5.48
Hypothetical 5% return			1,000.00			1,020.33	+			4.51			1,000.00			1,020.23	+			4.61			1,000.00			1,020.38	+			4.46			1,000.00			1,019.39	+			5.46			1,000.00			1,019.39	+			5.46
Class R
Actual			1,000.00			1,031.80				7.05			1,000.00			1,021.80				7.12			1,000.00			1,034.70				7.01			1,000.00			1,038.10				8.03			1,000.00			1,026.30				7.99
Hypothetical 5% return			1,000.00			1,017.85	+			7.00			1,000.00			1,017.75	+			7.10			1,000.00			1,017.90	+			6.95			1,000.00			1,016.91	+			7.95			1,000.00			1,016.91	+			7.95

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
Growth and Income		1.15	%		1.90	%		0.75	%		1.25	%		0.90	%		1.40	%
Large Cap Value		1.17			1.92			0.77			1.27			0.92			1.42
Mid Cap Value		1.14			1.89			0.74			1.24			0.89			1.39
Small Cap Value		1.34			2.09			0.94			1.44			1.09			1.59
Small/Mid Cap Value		1.34			2.09			0.93			N/A			1.09			1.59

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.

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’ Forms 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’ Forms 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. Forms 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 were approximately $9.8 million and $10.0 million respectively. With regard to the aggregate non-audit fees billed to GST’s adviser and service affiliates, the 2013 and 2012 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 8, 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 8, 2015

By:		/s/ Scott McHugh


		Scott McHugh
		Principal Financial Officer
		Goldman Sachs Trust

Date:		May 8, 2015

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