Goldman Sachs Trust

0001193125-14-189510.txt : 20140508 0001193125-14-189510.hdr.sgml : 20140508 20140508131430 ACCESSION NUMBER: 0001193125-14-189510 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 22 CONFORMED PERIOD OF REPORT: 20140228 FILED AS OF DATE: 20140508 DATE AS OF CHANGE: 20140508 EFFECTIVENESS DATE: 20140508 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GOLDMAN SACHS TRUST CENTRAL INDEX KEY: 0000822977 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-05349 FILM NUMBER: 14824042 BUSINESS ADDRESS: STREET 1: 71 SOUTH WACKER DRIVE STREET 2: C/O GOLDMAN SACHS & CO CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3126554400 MAIL ADDRESS: STREET 1: 200 WEST STREET CITY: NEW YORK STATE: NY ZIP: 10282 FORMER COMPANY: FORMER CONFORMED NAME: GOLDMAN SACHS SHORT INTERMEDIATE GOVERNMENT FUND DATE OF NAME CHANGE: 19910711 FORMER COMPANY: FORMER CONFORMED NAME: SHORT INTERMEDIATE GOVERNMENT FUND DATE OF NAME CHANGE: 19900104

0000822977 S000009316 Goldman Sachs Growth and Income Fund

C000025458 Goldman Sachs Growth and Income Fund

C000025459 Institutional GSIIX

C000025460 Service GSGSX

C000025461 Class A GSGRX

C000025462 Class B GSGBX

C000025463 Class C GSGCX

C000055745 Class R GRGRX

C000055746 Class IR GRGTX

0000822977 S000009317 Goldman Sachs Large Cap Value Fund

C000025464 Goldman Sachs Large Cap Value Fund

C000025465 Institutional GSLIX

C000025466 Service GSVSX

C000025467 Class A GSLAX

C000025468 Class B GSVBX

C000025469 Class C GSVCX

C000055747 Class R GSVRX

C000055748 Class IR GSVTX

0000822977 S000009320 Goldman Sachs Mid Cap Value Fund

C000025482 Goldman Sachs Mid Cap Value Fund

C000025483 Institutional GSMCX

C000025484 Service GSMSX

C000025485 Class A GCMAX

C000025486 Class B GCMBX

C000025487 Class C GCMCX

C000055751 Class IR GCMTX

C000055752 Class R GCMRX

0000822977 S000009323 Goldman Sachs Small Cap Value Fund

C000025500 Goldman Sachs Small Cap Value Fund

C000025501 Institutional GSSIX

C000025502 Service GSSSX

C000025503 Class A GSSMX

C000025504 Class B GSQBX

C000025505 Class C GSSCX

C000055757 Class R GSQRX

C000055758 Class IR GSQTX

0000822977 S000044015 Goldman Sachs Small/Mid Cap Value Fund

C000136623 Class A

C000136624 Class C

C000136625 Institutional

C000136626 Class IR

C000136627 Class R

N-CSRS 1 d664936dncsrs.htm GOLDMAN SACHS TRUST Goldman Sachs Trust

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, 2014

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Stockholders is filed herewith.

Goldman Sachs Funds

LOGO



Semi-Annual Report				February 28, 2014

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

LOGO

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			5

Schedules of Investments			34

Financial Statements			48

Financial Highlights			54

Notes to Financial Statements			64

Other Information			81



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’ Prospectus.

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.

LOGO

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

LOGO

We seek to invest in companies when we believe:

Market uncertainty exists

Their economic value is not recognized by the market

LOGO

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

LOGO

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, 2014 (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 15.07%, and the Russell 3000^® Index generated a return of 15.83%.

The U.S. equity market enjoyed four consecutive months of gains from September through December 2013. The S&P 500^® Index made record highs in December 2013, as the U.S. Federal Reserve (the “Fed”) ended seven months of speculation and announced it would finally begin tapering its asset purchases, signaling confidence in the U.S. economy. Days later, the U.S. revised upward its Gross Domestic Product (“GDP”) growth estimate for the third quarter of 2013 to an annualized pace of 4.1%, the fastest rate in two years. Importantly, stronger consumption accounted for most of the upward revision.

U.S. equities, along with global developed market equities broadly, stumbled in January 2014 on renewed concerns about a variety of issues in the growth and emerging markets, including lower manufacturing activity in China. However, developed market equities, including those of the U.S., snapped back in February 2014. Indeed, the S&P 500^® Index made a fresh high in February 2014, as merger and acquisition activity picked up and corporate earnings announcements reflected top-line growth, even though overall management guidance for 2014 was less optimistic than the consensus view. Underlying economic activity during February 2014 was not as strong as it had been at the end of 2013, with disappointing payroll and retail sales reports, though it was unclear how much severe winter weather across most of the U.S. was to blame. Furthermore, a downward revision of fourth quarter 2013 GDP to an annualized rate of 2.4% from 3.2% indicated the consumer was resilient but not quite as strong as previously thought.

For the Reporting Period overall, small-cap companies performed best with mid-cap companies close behind. While generating solid double-digit positive returns, large-cap stocks followed at some distance. Growth stocks outpaced value stocks across the capitalization spectrum. (All as measured by Russell Investments indices.) Within the S&P 500^® Index, all ten sectors made gains during the Reporting Period. The health care, industrials, information technology and materials sectors led returns, driven by improving earnings growth. Telecommunication services eked out a positive return but significantly underperformed the broader market.

MARKET REVIEW

Looking Ahead

Despite strong 2013 performance, we believe U.S. equities have further upside potential should the U.S. economy continue to accelerate and if real earnings growth serves as a fundamental driver of performance going forward, as we anticipate. We believe U.S. corporate fundamentals remain solid, evidenced by both healthy balance sheets and earnings resilience, and should provide companies with a number of options to increase shareholder value. We acknowledge the potential for headwinds remains, such as geopolitical risk associated with developments in the Middle East and the Ukraine or political risk associated with gridlock in Washington D.C. Still, we ultimately remain constructive on the direction of U.S. equity markets and believe there are ample tailwinds, including the strengthening U.S. housing and employment markets, which may continue to provide a favorable backdrop for equities.

Looking forward, we believe that should the U.S. economy continue to improve, companies are likely to reinvest for future growth by increasing capital expenditures, research and development, hiring, and merger and acquisition activity, rather than by keeping excess cash on balance sheets. From a valuation perspective, we believe U.S. equities remain reasonably valued relative to history and inexpensive relative to fixed income. Finally, we believe improved investor sentiment and increased flows into U.S. equities could be catalysts for the U.S. equity market in the months ahead. We believe forward-looking analysis is critical in this investing environment, and as revenue growth in select companies propels some stocks higher, selectivity will be increasingly important.

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, 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 outperforming the market over the long term.

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 Fundamental Equity Value Investment Team discusses the Goldman Sachs Growth and Income Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2014 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, B, C, Institutional, Service, IR and R Shares generated cumulative total returns, without sales charges, of 12.50%, 12.09%, 12.08%, 12.72%, 12.45%, 12.68% and 12.39%, respectively. These returns compare to the 13.46% 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 double-digit absolute gains, but stock selection overall detracted from its performance relative to the Russell Index during the Reporting Period.

Which equity market sectors most significantly affected Fund performance?

Detracting from the Fund’s performance most relative to the Russell Index was weak stock selection in the information technology, utilities and consumer staples sectors. Effective stock selection in the energy, telecommunication services and health care sectors and having an underweighted allocation to telecommunication services, which was the worst performing sector in the Russell Index during the Reporting Period, 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 domestic packaged foods supplier ConAgra Foods, fashion retailer L Brands and diversified utilities company FirstEnergy.

Shares of ConAgra Foods, a new position for the Fund during the Reporting Period, declined as the company lowered its full year 2014 earnings outlook, driven by challenging industry conditions and broad-based weakness throughout its business. Despite the weakness, at the end of the Reporting Period, we continued to expect improvement in company fundamentals, particularly in its private label and commercial foods business margins. Additionally, we believed significant synergies from the company’s previously announced Ralcorp acquisition could provide earnings per share growth. Lastly, we believed the company’s stock was attractively valued at the end of the Reporting Period, and we saw potential upside given its high rate of free cash flow generation coupled with its opportunity to reduce balance sheet leverage.

L Brands, with subsidiaries that include Victoria’s Secret and Bath & Body Works, was a top detractor from the Fund’s performance. Its shares moved sharply lower after reporting same-store sales growth that was below consensus expectations in both November and December 2013. Despite such weakness, we were encouraged by the strength of L Brands’ U.S. business, and we believe many of the

PORTFOLIO RESULTS

company’s brands resonate globally, leading us to a positive view on the company’s international business. At the end of the Reporting Period, we maintained our conviction in the stock, based on our belief that future growth may be driven by its continued growth in U.S. square footage, product expansion into natural adjacencies and international expansion. In February 2014, L Brands announced a special dividend of $1.00 and also raised its dividend by approximately 13%, sending its shares sharply higher.

FirstEnergy, a new purchase for the Fund during the Reporting Period, is a diversified utilities company primarily engaged in the generation and distribution of electricity in the midwest and mid-Atlantic regions of the U.S. Its shares traded lower, as many investors seemed disappointed with comments from its company management at the Edison Electric Institute Financial Conference regarding its current transition to become a more regulated distribution-oriented business. FirstEnergy also announced a $2.8 billion expansion of its transmission initiative, which many investors viewed negatively. In January 2014, FirstEnergy cut its quarterly dividend by 34.5%, which was more in line with its peers, and also narrowed its fiscal year 2013 guidance below expectations. At the end of the Reporting Period, we believed the stock was trading at a discount to the industry at an attractive valuation. We also believed the company potentially stood to benefit from early signs of increased industrial demand for electricity and from a possible rally in longer-dated natural gas prices.

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

The Fund benefited most relative to the Russell Index from positions in aerospace and defense company Boeing, industrial conglomerate Textron and hotel and resort owner and operator Starwood Hotels & Resorts Worldwide.

Boeing’s commercial and defense businesses drove positive results during the Reporting Period, supported by strong rates of production and order growth acceleration. Further, Boeing raised its full year earnings guidance during the fourth quarter of 2013 and announced its intention to increase production rates based on demand for the 787 family and the seemingly promising launch of the 787-10. In December 2013, the company raised its dividend and increased share repurchase authorization to nearly $11 billion over the next two to three years. At the end of the Reporting Period, we continued to believe that Boeing maintained a strong backlog of orders, which provides high visibility in the company’s outlook. We trimmed the Fund’s position in Boeing on strength, taking profits.

Textron’s businesses include global brands, such as Cessna and Bell Helicopter. Its shares rose sharply after the company announced it had agreed to acquire Beechcraft, an aircraft manufacturer, in a cash deal worth approximately $1.4 billion. We believe the deal has enhanced Textron’s competitive positioning at a time when the industry backdrop seems to be improving after a prolonged period of weakness in the business jet market. We trimmed the Fund’s position in Textron, taking profits.

Starwood Hotels & Resorts Worldwide reported strong third quarter 2013 results and raised its 2013 guidance above expectations. The company also returned value to shareholders through share repurchases and increased its annual dividend. Its shares rose on the news. Further, in December 2013, the company entered into a partnership with Caesars Entertainment, wherein members of each company’s loyalty program can earn and use rewards when staying at participating hotels of either company. In February 2014, Starwood Hotels & Resorts Worldwide reported better than expected results although guidance disappointed. At the end of the Reporting Period, we believed the company was levered to global lodging demand growth, which could outpace supply growth through 2015. With approximately 40% exposure to international markets, we believe the company may benefit from stronger revenue per available room in Europe and Asia in 2014 than it did in 2013. We also believe its operating margins were still well below their peak seen in 2007, and, in our view, this gap could close by 2015.

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

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

PORTFOLIO RESULTS

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

We initiated a Fund position in Kroger, founded in 1883 and currently the largest grocery chain in the U.S. and the third largest retailer in the U.S. as measured by sales. The company operates 3,539 stores across 31 states in the U.S., with the majority of the stores located in the west and south. Kroger has consistently been able to gain share, driven by a focus on low prices, high convenience and healthy choices. Its margins appear to have stabilized following many years of investment to improve its competitive positioning. We believe Kroger’s margins may begin to expand following the stabilization. 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. Further industry consolidation could be a benefit for Kroger due to its strong market share and stable cash flows.

We established a Fund position in Microsoft, which develops, manufactures, licenses, sells and supports software products. Given the recent resignation of the company’s chief executive officer, we believe new senior leadership may have the opportunity to reshape the business and significantly improve margins, unlocking value for shareholders. We also believe improvements to Microsoft’s existing operating system can provide stability within its core client business, which has been resilient during a difficult environment for the personal computer market in recent years. In our view, Microsoft has a strong balance sheet and the ability to generate significant free cash flow.

Conversely, we eliminated the Fund’s position in home improvement retailer Lowe’s, as its stock had been a strong performer during 2013 despite a weakening consumer environment toward the end of the calendar year. We believed its valuation was no longer attractive and thus took the opportunity to exit the position in favor of securities with what we considered to be more favorable risk/reward profiles.

Strict to our sell discipline, we exited the Fund’s position in reinsurance and insurance underwriting company Everest Re Group, as the stock approached our probability-weighted price target. We also believed the company may have limited room for further margin improvement going forward.

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 health care and information technology increased. The Fund’s exposure to consumer staples, materials and utilities decreased compared to the Russell Index.

How was the Fund positioned relative to its benchmark index at the end of February 2014?

At the end of February 2014, the Fund had an overweighted position relative to the Russell Index in the consumer discretionary, information technology and health care sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in utilities, consumer staples, financials, materials and telecommunication services and was rather neutrally weighted to the Russell Index in energy and industrials.

FUND BASICS

Growth and Income Fund

as of February 28, 2014

LOGO


PERFORMANCE REVIEW
September 1, 2013–February 28, 2014	Fund Total Return (based on NAV)¹			Russell 1000^® Value Index²
Class A		12.50	%		13.46	%
Class B		12.09			13.46
Class C		12.08			13.46
Institutional		12.72			13.46
Service		12.45			13.46
Class IR		12.68			13.46
Class R		12.39			13.46

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

The 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 12/31/13	One Year			Five Years		Ten Years		Since Inception		Inception Date
Class A		25.16	%		12.73%		5.98%		6.93%	2/5/93
Class B		26.48			12.91		5.93		5.29	5/1/96
Class C		30.47			13.17		5.79		2.71	8/15/97
Institutional		32.99			14.46		7.00		5.99	6/3/96
Service		32.40			13.92		6.48		5.55	3/6/96
Class IR		32.80			14.30		N/A		3.83	11/30/07
Class R		32.17			13.74		N/A		3.33	11/30/07

The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Class B Shares convert to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after purchase. Returns for Class B Shares for the period after conversion reflect the performance of Class A Shares. Because Institutional, Service, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. The Fund’s Class B Shares are no longer available for purchase by new or existing shareholders (although current Class B shareholders may continue to reinvest income and capital gains distributions into Class B Shares, and Class B shareholders may continue to exchange their shares for Class B Shares of certain other Goldman Sachs Funds).

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.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		1.17	%		1.25	%
Class B		1.92			2.00
Class C		1.92			2.00
Institutional		0.77			0.85
Service		1.27			1.35
Class IR		0.92			1.02
Class R		1.42			1.50

⁴

The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Fund’s waivers and/or expense limitations will remain in place through at least December 29, 2014, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.


TOP TEN HOLDINGS AS OF 2/28/14⁵
Holding	% of Net Assets			Line of Business
Exxon Mobil Corp.		5.4	%	Oil, Gas & Consumable Fuels
General Electric Co.		5.0		Industrial Conglomerates
Merck & Co., Inc.		4.4		Pharmaceuticals
JPMorgan Chase & Co.		4.0		Commercial Banks
Devon Energy Corp.		3.2		Oil, Gas & Consumable Fuels
Pfizer, Inc.		3.1		Pharmaceuticals
American International Group, Inc.		2.5		Insurance
Bank of America Corp.		2.5		Commercial Banks
UnitedHealth Group, Inc.		2.2		Health Care Providers & Services
Prudential Financial, Inc.		2.2		Insurance

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, 2014

LOGO

⁶

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

PORTFOLIO RESULTS

Goldman Sachs 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 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 25% of its total net assets in foreign securities, including 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 Fundamental Equity Value Investment Team discusses the Goldman Sachs Large Cap Value Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2014 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, B, C, Institutional, Service, IR and R Shares generated cumulative total returns, without sales charges, of 13.66%, 13.22%, 13.24%, 13.91%, 13.60%, 13.80% and 13.56%, respectively. These returns compare to the 13.46% 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.

Which equity market sectors most significantly affected Fund performance?

Effective stock selection in the consumer discretionary, energy and telecommunication services sectors helped the Fund’s relative results most. Having an overweighted allocation to consumer discretionary, which outpaced the Russell Index during the Reporting Period, and an underweighted exposure to telecommunication services, which was the weakest sector in the Russell Index during the Reporting Period, also contributed positively. Detracting most from the Fund’s performance relative to the Russell Index were health care, information technology and financials, where stock selection was comparatively weak.

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

The Fund benefited most relative to the Russell Index from positions in specialty coffee and coffeemakers company Green Mountain Coffee Roasters, aerospace and defense company Boeing and industrial conglomerate Textron.

Shares of Green Mountain Coffee Roasters gained after the announcement that Coca-Cola would purchase a 10% stake in the company, while additionally entering into a 10-year agreement to explore producing Coca-Cola products for use with its Keurig cold beverage system. We initiated the Fund’s position in the company during the Reporting Period because we believed K-Cups, the company’s single-serve beverage pods, could experience significant growth over the next several years, driven by installed base growth. We were also positive on the company’s new chief executive officer and its management’s increased focus on returns and margin expansion. However, following the stock’s strong performance, we exited the Fund’s position in Green Mountain Coffee Roasters and redeployed capital into names where we saw greater upside potential. (As of March 10, 2014, Green Mountain Coffee Roasters changed its company name to Keurig Green Mountain.)

PORTFOLIO RESULTS

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

Detracting most from the Fund’s results relative to its benchmark index were positions in oncology-focused pharmaceuticals company ARIAD Pharmaceuticals, information storage technologies company EMC and domestic packaged foods supplier ConAgra Foods.

Within the health care sector, ARIAD Pharmaceuticals, a biopharmaceutical company focused on the discovery, development and commercialization of small-molecule drugs for the treatment of cancer, was a top detractor from performance. The company has developed two drug assets, one approved for chronic myeloid leukemia (“CML”) and the other a lung cancer drug still in development. During the fourth quarter of 2013, ARIAD Pharmaceutical’s stock declined after the Food & Drug Administration (“FDA”) placed a partial clinical hold on enrollment in all trials of Iclusig, the company’s approved CML drug, due to the risk of blood clots among participants. Subsequently, the company halted the phase 3 trial and active marketing of Iclusig. Given the unexpected material setback, we exited the Fund’s position in favor of other opportunities with what we considered to be more attractive risk/return profiles.

The Fund’s holding in EMC also detracted from its performance. During the fourth quarter of 2013, EMC’s shares steeply declined as the company reported disappointing third quarter earnings, citing that its results were challenged by weaker U.S. government sales, the timing of order fulfillment and lower than expected hardware volumes. Further, the company reduced both full year revenue and earnings guidance. Despite the weakness, at the end of the Reporting Period, we continued to believe EMC was one of the best positioned information technology hardware vendors in the industry and continued to be attractively valued. Over the long term, we remain positive on the company’s opportunity to benefit from improving storage fundamentals and heightened enterprise spending. We also believed the market was underappreciating EMC’s ability to increase revenues and gain share as it expanded its product offerings to compete in new markets.

Shares of ConAgra Foods declined as the company lowered its full year 2014 earnings outlook, driven by challenging industry conditions and broad-based weakness throughout its business. Despite the weakness, at the end of the Reporting Period, we continued to expect improvement in company fundamentals, particularly in its private label and commercial foods business margins. Additionally, we believed significant synergies from the company’s previously announced Ralcorp acquisition could provide earnings per share growth. Lastly, we believed the company’s stock was attractively valued at the end of the Reporting Period, and we saw potential upside given its high rate of free cash flow generation coupled with its opportunity to reduce balance sheet leverage.

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 Gap, an apparel retail company with more than 3,500 store locations and an accelerating e-commerce business. In our view, Gap is a high quality business led by a strong management team. We also believe Gap’s shares, at the time of purchase, did not fully reflect recent structural improvements, such as reducing its square footage by approximately 30%, which have, in our

PORTFOLIO RESULTS

view, put the business in a position to accelerate growth domestically and expand its international presence. Additionally, we believe the retailer stands to benefit from its strong inventory and supply chain management. Lastly, we believe the company remains in a position to potentially increase shareholder value, as it recently participated in significant share repurchase activity.

We established a Fund position in telecommunication services giant Verizon Communications. Verizon Communications and its peers have been negatively impacted by changes in upgrade policies by North American carriers. The company has also come under pressure due to its 2014 free cash flow guidance and technical pressures, creating a buying opportunity, in our view. We believe Verizon Communications has some of the best assets in the telecommunications industry. We also believe it offers an attractive dividend yield currently and, in our opinion, its top line and earnings per share can grow over the next few years.

Conversely, we eliminated the Fund’s position in BP, one of the largest integrated oil companies in the world. Shares of BP performed well during 2013 and also during February 2014 after announcing solid fourth calendar quarter results due to strong execution. BP’s management continued its course of shareholder friendly actions during the Reporting Period, including its commitment to an $8 billion share repurchase program. We trimmed the Fund’s position on strength early in 2014 and ultimately exited the position completely in favor of names with what we considered to be better risk/reward profiles.

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 telecommunication services increased. The Fund’s exposure to information technology decreased compared to the Russell Index.

How was the Fund positioned relative to its benchmark index at the end of February 2014?

At the end of February 2014, the Fund had overweighted positions relative to the Russell Index in the consumer discretionary, information technology and health care sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in financials, utilities and energy and was rather neutrally weighted to the Russell Index in consumer staples, industrials, materials and telecommunication services.

FUND BASICS

Large Cap Value Fund

as of February 28, 2014

LOGO


PERFORMANCE REVIEW
September 1, 2013–February 28, 2014	Fund Total Return (based on NAV)¹			Russell 1000^® Value Index²
Class A		13.66	%		13.46	%
Class B		13.22			13.46
Class C		13.24			13.46
Institutional		13.91			13.46
Service		13.60			13.46
Class IR		13.80			13.46
Class R		13.56			13.46


STANDARDIZED TOTAL RETURNS³
For the period ended 12/31/13	One Year			Five Years	Ten Years	Since Inception	Inception Date
Class A		25.26	%	14.00%	6.41%	5.52%	12/15/99
Class B		26.61		14.20	6.36	5.48	12/15/99
Class C		30.61		14.45	6.21	5.14	12/15/99
Institutional		33.20		15.75	7.44	6.35	12/15/99
Service		32.41		15.18	6.90	5.86	12/15/99
Class IR		32.92		15.58	N/A	4.42	11/30/07
Class R		32.30		15.01	N/A	3.92	11/30/07

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.16	%		1.19	%
Class B		1.91			1.94
Class C		1.91			1.94
Institutional		0.76			0.79
Service		1.26			1.29
Class IR		0.91			0.94
Class R		1.41			1.44

⁴


TOP TEN HOLDINGS AS OF 2/28/14⁵
Holding	% of Net Assets			Line of Business
Exxon Mobil Corp.		5.0	%	Oil, Gas & Consumable Fuels
General Electric Co.		4.8		Industrial Conglomerates
Bank of America Corp.		3.4		Commercial Banks
Devon Energy Corp.		3.2		Oil, Gas & Consumable Fuels
JPMorgan Chase & Co.		3.1		Commercial Banks
Citigroup, Inc.		2.9		Commercial Banks
American International Group, Inc.		2.9		Insurance
Merck & Co., Inc.		2.8		Pharmaceuticals
UnitedHealth Group, Inc.		2.8		Health Care Providers & Services
EMC Corp.		2.4		Computers & Peripherals

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, 2014

LOGO

⁶

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 Fundamental Equity Value Investment Team discusses the Goldman Sachs Mid Cap Value Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2014 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, B, C, Institutional, Service, IR and R Shares generated cumulative total returns, without sales charges, of 15.71%, 15.30%, 15.26%, 15.95%, 15.64%, 15.85% and 15.55%, respectively. These returns compare to the 17.19% 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 double-digit absolute gains, but stock selection overall detracted from its performance relative to the Russell Index during the Reporting Period.

Which equity market sectors most significantly affected Fund performance?

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

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

Detracting most from the Fund’s results relative to its benchmark index were positions in aerospace company Triumph, oncology-focused pharmaceuticals company ARIAD Pharmaceuticals and global data solutions provider Teradata.

Shares of Triumph declined early in the Reporting Period after announcing production rate cuts resulting largely from decreased demand for Boeing’s 747, for which the company supplies fuselage parts. Shares fell again after its management announced its profit margins would compress due to greater labor and transportation costs related to the Boeing 747 program and also separately announced it would end production of the C-17 military cargo jet in 2015. In January 2014, Triumph’s shares traded sharply lower after the company reported weaker than expected fourth quarter 2013 results and, in our view, gave conservative forward looking earnings estimates. Its management cited additional charges to the 747-8 program and weakness in military spending behind its forward looking guidance. We added to the Fund’s position on weakness given our anticipation of an improvement in demand in 2014 and our positive view on its management’s ability to meet expectations, contain recent production issues and strengthen margins. Finally, we

PORTFOLIO RESULTS

believe its recent acquisitions of General Donlee, a precision machine products manufacturer, and Primus Composites, a global composites supplier, should be accretive to its business.

Teradata was a top detractor from the Fund’s relative results during the Reporting Period. Its shares declined after guiding third quarter 2013 revenue and earnings per share below expectations while also lowering its full year revenue and adjusted earnings outlook. The company cited weakness in its Asia, Pacific and Japan, and Middle East and Africa markets as challenges to its performance. Although we believe the company’s exposure to U.S. and European markets may provide potential upside going forward, we ultimately decided to exit the position in favor of names where our conviction was higher.

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

The Fund benefited most relative to the Russell Index from positions in specialty coffee and coffeemakers company Green Mountain Coffee Roasters, industrial conglomerate Textron and gaming, hospitality and entertainment company MGM Resorts International.

Shares of Green Mountain Coffee Roasters gained after the announcement that Coca-Cola would purchase a 10% stake in the company, while additionally entering into a 10-year agreement to explore producing Coca-Cola products for use with its Keurig Cold beverage system. We initiated the Fund’s position in the company during the Reporting Period because we believed K-Cups, the company’s single-serve beverage pods, could experience significant growth over the next several years, driven by installed base growth. We were also positive on the company’s new chief executive officer and its management’s increased focus on returns and margin expansion. However, following the stock’s strong performance, we exited the Fund’s position in Green Mountain Coffee Roasters and redeployed capital into names where we saw greater upside potential. (As of March 10, 2014, Green Mountain Coffee Roasters changed its company name to Keurig Green Mountain.)

MGM Resorts International performed well, benefiting from positive convention trends and improving casino revenues. At the end of the Reporting Period, we were positive on the company’s free cash flow outlook, with upside potential driven by increasing revenue per available room and gaming revenue in the U.S. with high incremental margins and continued growth by MGM Macau.

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 Crane, an engineered industrial products manufacturer that provides products and solutions to customers in the aerospace, electronics, hydrocarbon processing, petrochemical, chemical, power generation, automated merchandising, transportation and other markets. We believe Crane has a solid collection of niche businesses, each with fairly attractive end markets and

PORTFOLIO RESULTS

a high percent of recurring revenue. In our view, Crane has historically exhibited strong return on invested capital and capital allocation. We also believe Crane has a strong balance sheet and an attractive free cash flow yield. We are positive on the company management team and believe the company’s share price at the time of purchase did not reflect potential accretion from its recent acquisition of MEI Conlux Holdings, which makes bank note handling machines.

We established a Fund position in Terex, a diversified global machinery company. In our view, Terex was attractive relative to its peers due to its high exposure to U.S. non-residential construction and to Europe. We also felt the company was undervalued given what we see as its cyclical upside, strong free cash flow and room for improved capital allocation. Overall, we view Terex as a better business than many believe with multiple ways to win, but primarily by being a free cash flow restructuring story with an option on a U.S. non-residential construction or European recovery along with improved capital allocation. Finally, we believe Terex’s depressed valuation, strong free cash flow and multiple business segments make the company a potential candidate to participate in an active merger and acquisition environment.

Conversely, we sold the Fund’s position in Pioneer Natural Resources, an independent oil and gas exploration and production company focused on onshore U.S. properties, primarily in the Permian and Eagle Ford basins. The company had reported mixed fourth quarter 2013 results. In our view, the company’s valuation seemed less attractive by the end of the Reporting Period, and we decided to exit the position in favor of higher conviction ideas.

We eliminated the Fund’s position in Parker-Hannifin, a manufacturer of motion and control technologies and systems. Strict to our sell discipline, as the stock approached our probability-weighted price target, we rotated the capital into names that we believe have a more favorable risk/reward profile.

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 industrials increased as did its position in cash. The Fund’s exposure to the financials and energy sectors decreased compared to the Russell Index.

How was the Fund positioned relative to its benchmark index at the end of February 2014?

At the end of February 2014, the Fund had overweighted positions relative to the Russell Index in the consumer discretionary, industrials, health care and information technology sectors. On the same date, the Fund had underweighted positions compared to the Russell Index in utilities and financials and was rather neutrally weighted to the Russell Index in consumer staples, energy and materials. The Fund had no allocation to telecommunication services at the end of February 2014.

FUND BASICS

Mid Cap Value Fund

as of February 28, 2014

LOGO


PERFORMANCE REVIEW
September 1, 2013–February 28, 2014	Fund Total Return (based on NAV)¹			Russell Midcap^® Value Index²
Class A		15.71	%		17.19	%
Class B		15.30			17.19
Class C		15.26			17.19
Institutional		15.95			17.19
Service		15.64			17.19
Class IR		15.85			17.19
Class R		15.55			17.19

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 12/31/13	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		25.15	%		17.88	%		9.21	%		9.01	%	8/15/97
Class B		25.58			18.07			9.16			9.00		8/15/97
Class C		30.26			18.31			9.01			8.58		8/15/97
Institutional		32.97			19.68			10.27			11.85		8/1/95
Service		32.28			19.09			9.74			9.43		7/18/97
Class IR		32.77			19.51			N/A			7.62		11/30/07
Class R		32.11			N/A			N/A			18.11		1/6/09

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.14	%		1.14	%
Class B		1.89			1.89
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


TOP TEN HOLDINGS AS OF 2/28/14⁵
Holding	% of Net Assets			Line of Business
Agilent Technologies, Inc.		2.1	%	Life Sciences Tools & Services
M&T Bank Corp.		2.0		Commercial Banks
Cardinal Health, Inc.		1.8		Health Care Providers & Services
Textron, Inc.		1.8		Aerospace & Defense
Lincoln National Corp.		1.8		Insurance
Triumph Group, Inc.		1.7		Aerospace & Defense
Invesco Ltd.		1.7		Capital Markets
AvalonBay Communities, Inc.		1.6		Real Estate Investment Trusts
Chesapeake Energy Corp.		1.6		Oil, Gas & Consumable Fuels
Principal Financial Group, Inc.		1.5		Insurance

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, 2014

LOGO

⁶

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 Fundamental Equity Value Investment Team discusses the Goldman Sachs Small Cap Value Fund’s (the “Fund”) performance and positioning for the six-month period ended February 28, 2014 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, B, C, Institutional, Service, IR and R Shares generated cumulative total returns, without sales charges, of 17.43%, 17.02%, 17.03%, 17.68%, 17.39%, 17.61% and 17.31%, respectively. These returns compare to the 16.23% 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 financials, information technology and materials 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, consumer discretionary and energy sectors.

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

The Fund benefited most relative to the Russell Index from positions in paper and packaging company KapStone Paper and Packaging, methanol producer Methanex and full-service commercial bank Signature Bank.

KapStone Paper and Packaging’s third quarter 2013 earnings exceeded consensus expectations, causing its shares to rally. During the third calendar quarter, the company completed its acquisition of Longview Fibre Paper and Packaging, reflected in part in KapStone Paper and Packaging’s earnings. The company’s fourth calendar quarter results missed investor expectations due to production-related issues. However, the company generated impressive free cash flow, and its management noted improving demand, solid mill backlogs and potential for continued synergies from its Longview Fibre Paper and Packaging acquisition. At the end of the Reporting Period, we continued to like the company’s management team and foresaw potentially higher profitability from industry consolidation, which could also allow for increased pricing power.

Shares of Methanex rose on both third and fourth quarter 2013 results beating analyst expectations. Its results were supported by rising methanol prices, healthy demand in its end markets, supply constraints from global competitors and decreased average cash costs. At the end of the Reporting

PORTFOLIO RESULTS

Period, we continued to believe Methanex would benefit from rising global demand for its products, a trend we believe was not fully captured in the company’s valuation.

Signature Bank performed well, with its shares rallying strongly after the company reported third and fourth quarter 2013 earnings that exceeded consensus expectations. During the Reporting Period, Signature Bank experienced significant growth in loans and deposits in its home New York City market. Combined with core net interest margin expansion, this resulted in above expectation growth in net interest income. Investors were also positive on Signature Bank’s steps toward fully taking advantage of the company’s strong deposit franchise. At the end of the Reporting Period, we believed Signature Bank should continue to post above average earnings growth, as it continues to hire new business teams that could generate new loans and deposits. In our view, Signature Bank has a conservative loan-to-deposit ratio, and its profitability continues to improve as it invests its excess liquidity in higher-yielding loans, while also operating an efficient model.

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

Detracting most from the Fund’s results relative to its benchmark index were positions in independent energy exploration and production company Rex Energy, semiconductor manufacturer Semtech and over-the-counter health care and household cleaning products distributor Prestige Brands Holdings.

Shares of Rex Energy declined after releasing third quarter 2013 earnings that missed analyst expectations and lowering fourth quarter 2013 production guidance. Although its well results at the Marcellus and Upper Devonian shales were strong, its earnings were adversely impacted by weak natural gas liquids prices. Rex Energy’s fourth quarter 2013 results were relatively in line with expectations, but its first quarter 2014 guidance was modestly weaker due to processing capacity not coming online sooner. At the end of the Reporting Period, we believed Rex Energy was well positioned in areas that could experience significant production growth going forward, and we were positive on its management’s focus on improving the company’s operational performance. In addition, we were constructive on Rex Energy’s exposure to natural gas, and we continued to view its shares as trading at a discount to the company’s underlying business fundamentals and prospects.

Shares of Semtech declined substantially after the company negatively preannounced fourth fiscal quarter results in mid-December 2013. The company announced expectations for revenue to be down quarter-on-quarter and also below consensus expectations. Semtech also expected its earnings per share to be less than anticipated. The company blamed a six-month delay in the ramp of a mobile product and setbacks related to carrier spending as reasons for challenged performance. At the end of the Reporting Period, we remained positive on the company’s management team. While recent results were disappointing, the company continues to make what we believe are shareholder-friendly decisions, including a recent headcount reduction, which is expected to reduce its operating expenses and the authorization of a new share repurchase program.

Prestige Brands Holdings detracted from the Fund’s relative results, pressured by greater competition in the cold remedy market and a weaker year-over-year cold and flu season generally. Based on these issues, the company lowered its guidance and market expectations. At the end of the Reporting Period, we remained positive on Prestige Brands Holdings’ management team. We believed the company was enhancing its brands through advertising, growing profitability and may be a potential acquisition candidate going forward.

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

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

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

During the Reporting Period, we initiated a Fund position in engineering and construction services firm EMCOR Group. We believe the company’s challenges in 2013, related to two problem contracts and a recent acquisition, were short-term issues. We further believe the company’s earnings power may well increase in 2014 and 2015, and we are positive on its healthy balance sheet and its potential for capital redeployment. Lastly, we believe the company is well positioned to benefit from an improvement in non-residential construction.

PORTFOLIO RESULTS

We established a Fund position in Portland General Electric Company, a single-state regulated utility in the midst of a robust capital expenditure cycle, which, we believe could drive an attractive rate base and earning per share compound annual growth rate through 2016, supported by increasing electricity demand. We also anticipate dividend growth. At the time of purchase, its stock was trading at a significant discount to the small-cap regulated utilities group, due, in part, to three unrelated power outages the company experienced in 2013. However, all three plants were back in service by the end of the Reporting Period, and we have confidence that these outages were more one time in nature.

Conversely, we eliminated the Fund’s position in Diamondback Energy, an independent oil and natural gas company focused on exploration and production in West Texas. The company has posted impressive well results since its initial public offering in 2012 and was a top contributor to the Fund’s results in 2013. We sold the Fund’s position in Diamondback Energy, taking profits, as its valuation became richer, in our view.

We exited the Fund’s position in molecular diagnostic products developer Myriad Genetics due to greater than expected competition for the company, low pricing and litigation risk that increased 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 allocation compared to the benchmark index in consumer discretionary modestly increased. The Fund’s exposure to the energy sector modestly decreased compared to the Russell Index.

How was the Fund positioned relative to its benchmark index at the end of February 2014?

At the end of February 2014, the Fund was overweighted in materials and underweighted in financials and energy relative to the Russell Index. The Fund was rather neutrally weighted to the other seven sectors in the Russell Index at the end of February 2014.

FUND BASICS

Small Cap Value Fund

as of February 28, 2014

LOGO


PERFORMANCE REVIEW
September 1, 2013–February 28, 2014	Fund Total Return (based on NAV)¹			Russell 2000^® Value Index²
Class A		17.43	%		16.23	%
Class B		17.02			16.23
Class C		17.03			16.23
Institutional		17.68			16.23
Service		17.39			16.23
Class IR		17.61			16.23
Class R		17.31			16.23

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 12/31/13	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		30.68	%		19.60	%		9.23	%		11.03	%	10/22/92
Class B		31.64			19.84			9.19			10.24		5/1/96
Class C		36.10			20.07			9.04			9.11		8/15/97
Institutional		38.82			21.46			10.30			10.38		8/15/97
Service		38.12			20.86			9.75			9.83		8/15/97
Class IR		38.60			21.26			N/A			10.99		11/30/07
Class R		37.91			20.68			N/A			10.46		11/30/07

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.38	%		1.42	%
Class B		2.13			2.17
Class C		2.13			2.17
Institutional		0.98			1.02
Service		1.48			1.52
Class IR		1.13			1.17
Class R		1.63			1.67

⁴


TOP TEN HOLDINGS AS OF 2/28/14⁵
Holding	% of Net Assets			Line of Business
Southwest Gas Corp.		1.1	%	Gas Utilities
Cleco Corp.		1.1		Electric Utilities
Esterline Technologies Corp.		1.0		Aerospace & Defense
Bank of the Ozarks, Inc.		1.0		Commercial Banks
Rex Energy Corp.		1.0		Oil, Gas & Consumable Fuels
CNO Financial Group, Inc.		1.0		Insurance
American Campus Communities, Inc.		0.9		Real Estate Investment Trusts
Texas Capital Bancshares, Inc.		0.9		Commercial Banks
PolyOne Corp.		0.9		Chemicals
Kapstone Paper and Packaging Corp		0.9		Paper & Forest Products

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, 2014

LOGO

⁶

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

PORTFOLIO RESULTS

Goldman Sachs 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, 2013, the capitalization range of the companies in these indexes was between $42.39 million and $25.79 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

The Goldman Sachs Small/Mid Cap Value Fund (the “Fund”) commenced operations on January 31, 2014. Below, the Goldman Sachs Fundamental Equity Value Investment Team discusses the Fund’s performance and positioning for the one-month period from the Fund’s commencement through February 28, 2014 (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 4.30%, 4.20%, 4.30%, 4.30% and 4.30%, respectively. These returns compare to the 4.92% 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?

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

Which equity market sectors most significantly affected Fund performance?

Detracting from the Fund’s relative results most was stock selection in the energy, financials and consumer discretionary sectors. Having a portion of assets in cash during a strong month in the U.S. equity markets also detracted. Effective stock selection in the materials, information technology and industrials sectors helped the Fund’s performance most relative to the Russell Index.

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

Detracting most from the Fund’s results relative to its benchmark index were positions in independent oil and gas exploration and production company SM Energy, aerospace company Triumph Group and specialty financial services company Ocwen Financial.

SM Energy has operations focused in the South Texas, Gulf Coast, mid-continent, Rocky Mountain and Permian Basin regions. SM Energy reported fourth quarter 2013 results that were weaker than expected, largely based on revisions to its Eagle Ford shale valuations. The company continues to develop a new position in the Permian Basin Wolfcamp shale, which is an area where we have had high conviction due to strengthening levels of production. We believe SM Energy is led by a disciplined management team, and we anticipate solid production and reserve growth going forward.

Shares of Triumph Group declined at the beginning of February 2014 based on its management’s conservative guidance following weaker than expected third fiscal quarter results announced at the end of January. Shares also traded lower during the month seemingly after Triumph Group announced the election of a new chief financial officer, although our fundamental views were unchanged on the

PORTFOLIO RESULTS

news. Additionally, we found it positive that Triumph Group increased its repurchase program by five million shares at the end of February 2014, and we believe additional shareholder friendly actions remain a potential catalyst for the stock. We also believe the company is positioned to benefit from a pick-up in the demand cycle during 2014, and we remained, at the end of the Reporting Period, positive regarding its management’s ability to meet expectations, contain its recent production issues and strengthen margins.

Ocwen Financial is a financial services company specializing in the servicing of non-prime mortgage loans. Our original investment thesis was supported by the company’s low-cost business model, commitment to efficiency and above-average return profile. However, during the Reporting Period, following disappointing performance and increased concerns related to the regulatory environment, we exited the Fund’s position in the company and transitioned capital into higher conviction names.

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

The Fund benefited most relative to the Russell Index from positions in retail jewelry store operator Zale, communications and specialty wire and cable products distributor Anixter International and methanol producer Methanex.

Shares of Zale rose sharply during the Reporting Period upon Signet Jewelers’ agreement on February 19, 2014 to acquire Zale for $21.00 per share in cash, which represented a significant premium to Zale’s pre-announcement stock price.

Anixter International performed strongly after it reported fourth quarter 2013 revenue and earnings per share above expectations, largely due to strong organic revenue growth. Also, there was speculation surrounding a possible sale of the company.

Shares of Methanex rose following fourth quarter 2013 results beating analyst expectations. Its results were supported by rising methanol prices, healthy demand in its end markets, supply constraints from global competitors and decreased average cash costs. At the end of the Reporting Period, we continued to believe Methanex would benefit from rising global demand for its products, a trend we believe was not fully captured in the company’s valuation.

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

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

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

With the Fund launching on January 31, 2014, it was not a matter of making significant purchases or sales or of making changes in the Fund’s weightings during the Reporting Period but rather of building the Fund’s portfolio in a prudent manner to reach its fully invested status.

How was the Fund positioned relative to its benchmark index at the end of February 2014?

At the end of February 2014, the Fund was overweighted in materials and consumer discretionary and underweighted in financials relative to the Russell Index. The Fund was rather neutrally weighted to the other seven sectors in the Russell Index at the end of February 2014.

FUND BASICS

Small/Mid Cap Value Fund

as of February 28, 2014

LOGO


PERFORMANCE REVIEW
January 31, 2014–February 28, 2014	Fund Total Return (based on NAV)¹			Russell 2500^® Value Index²
Class A		4.30	%		4.92	%
Class C		4.20			4.92
Institutional		4.30			4.92
Class IR		4.30			4.92
Class R		4.30			4.92

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.

FUND BASICS


EXPENSE RATIOS²
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.33	%		3.18	%
Class C		2.08			3.93
Institutional		0.93			2.78
Class IR		1.08			2.93
Class R		1.58			3.43

The expense ratios of the Fund, both current (net of applicable fee waivers and/ or expense limitations) and before waivers (gross of applicable fee waivers and/ or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Fund’s waivers and/or expense limitations will remain in place through at least January 31, 2015, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.


TOP TEN HOLDINGS AS OF 2/28/14⁵
Holding	% of Net Assets			Line of Business
Hanesbrands, Inc.		1.8	%	Textiles, Apparel & Luxury Goods
Esterline Technologies Corp.		1.3		Aerospace & Defense
Signature Bank		1.3		Commercial Banks
Mohawk Industries, Inc.		1.2		Household Durables
Carlisle Cos., Inc.		1.2		Industrial Conglomerates
Lennar Corp. Class A		1.1		Household Durables
Methanex Corp.		1.1		Chemicals
KapStone Paper and Packaging Corp.		1.1		Paper & Forest Products
WESCO International, Inc.		1.1		Trading Companies & Distributors
Constellation Brands, Inc. Class A		1.0		Beverages

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, 2014

LOGO

⁶

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

GOLDMAN SACHS GROWTH AND INCOME FUND

Schedule of Investments

February 28, 2014 (Unaudited)


Shares		Description	Value

	Common Stocks – 98.9%
	Aerospace & Defense – 2.6%
	90,600	Textron, Inc.	$	3,596,820
	66,224	The Boeing Co.		8,537,598

				12,134,418

	Air Freight & Logistics – 1.0%
	89,243	C.H. Robinson Worldwide, Inc.		4,628,142

	*Biotechnology – 0.8%**
	49,444	Vertex Pharmaceuticals, Inc.		3,998,042

	Chemicals – 1.8%
	96,045	Eastman Chemical Co.		8,397,214

	Commercial Banks – 12.3%
	719,179	Bank of America Corp.		11,888,029
	145,963	Citigroup, Inc.		7,098,181
	90,480	Comerica, Inc.		4,359,326
	106,658	HSBC Holdings PLC ADR		5,630,476
	329,626	JPMorgan Chase & Co.		18,729,349
	133,347	SunTrust Banks, Inc.		5,024,515
	126,003	U.S. Bancorp		5,183,763

				57,913,639

	Commercial Services & Supplies – 1.2%
	141,033	Waste Management, Inc.		5,852,869

	Communications Equipment – 2.0%
	141,082	Cisco Systems, Inc.		3,075,587
	86,930	QUALCOMM, Inc.		6,544,960

				9,620,547

	Computers & Peripherals – 3.8%
	15,758	Apple, Inc.		8,292,490
	357,967	EMC Corp.		9,439,590

				17,732,080

	Consumer Finance – 2.4%
	75,563	Capital One Financial Corp.		5,548,591
	233,393	SLM Corp.		5,587,428

				11,136,019

	Diversified Telecommunication Services – 1.3%
	124,497	Verizon Communications, Inc.		5,923,567

	Electric Utilities – 1.9%
	204,549	FirstEnergy Corp.		6,296,018
	28,096	NextEra Energy, Inc.		2,567,694

				8,863,712

	Energy Equipment & Services – 1.9%
	154,446	Halliburton Co.		8,803,422

	Food & Staples Retailing – 2.2%
	186,976	The Kroger Co.		7,841,773
	32,157	Wal-Mart Stores, Inc.		2,402,128

				10,243,901


	Common Stocks – (continued)
	Food Products – 1.3%
	220,818	ConAgra Foods, Inc.	$	6,271,231

	Health Care Equipment & Supplies – 2.9%
	39,245	C.R. Bard, Inc.		5,657,559
	111,707	Covidien PLC		8,037,319

				13,694,878

	Health Care Providers & Services – 2.2%
	137,217	UnitedHealth Group, Inc.		10,602,758

	Hotels, Restaurants & Leisure – 2.0%
	113,097	Starwood Hotels & Resorts Worldwide, Inc.		9,325,979

	Household Products – 0.7%
	44,626	The Procter & Gamble Co.		3,510,281

	Industrial Conglomerates – 5.0%
	920,557	General Electric Co.		23,446,587

	Insurance – 7.9%
	239,695	American International Group, Inc.*		11,929,620
	66,926	MetLife, Inc.		3,391,140
	122,288	Prudential Financial, Inc.		10,343,119
	197,779	The Hartford Financial Services Group, Inc.		6,959,843
	54,659	The Travelers Cos., Inc.		4,582,611

				37,206,333

	*Internet Software & Services – 1.1%**
	86,074	eBay, Inc.		5,058,569

	Machinery – 0.8%
	40,440	Caterpillar, Inc.		3,921,467

	Media – 3.5%
	85,525	CBS Corp. Class B		5,737,017
	67,776	Liberty Global PLC Class A*		5,866,013
	56,060	Viacom, Inc. Class B		4,918,144

				16,521,174

	Multi-Utilities – 1.4%
	151,829	PG&E Corp.		6,689,586

	Oil, Gas & Consumable Fuels – 12.9%
	67,132	Apache Corp.		5,322,896
	68,803	BP PLC ADR		3,482,120
	63,341	ConocoPhillips		4,212,177
	237,848	Devon Energy Corp.		15,322,168
	262,595	Exxon Mobil Corp.		25,280,021
	49,861	MarkWest Energy Partners LP		3,183,625
	114,121	NGL Energy Partners LP		4,138,027

				60,941,034

	Pharmaceuticals – 9.3%
	140,178	Eli Lilly & Co.		8,356,011
	362,907	Merck & Co., Inc.		20,682,070


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

GOLDMAN SACHS GROWTH AND INCOME FUND


Shares		Description	Value

	Common Stocks – (continued)
	Pharmaceuticals – (continued)
	458,455	Pfizer, Inc.	$	14,720,990

				43,759,071

	Real Estate Investment Trusts – 3.3%
	43,168	American Tower Corp.		3,516,897
	39,136	AvalonBay Communities, Inc.		5,047,370
	445,668	MFA Financial, Inc.		3,502,951
	22,015	Simon Property Group, Inc.		3,550,799

				15,618,017

	Semiconductors & Semiconductor Equipment – 1.7%
	218,189	Altera Corp.		7,922,443

	Software – 2.7%
	173,039	Microsoft Corp.		6,629,124
	161,740	Oracle Corp.		6,325,651

				12,954,775

	Specialty Retail – 3.4%
	175,480	L Brands, Inc.		9,884,788
	145,274	The Gap, Inc.		6,355,738

				16,240,526

	Thrifts & Mortgage Finance – 1.6%
	486,581	New York Community Bancorp, Inc.		7,775,564

	TOTAL COMMON STOCKS
	(Cost $384,249,879)		$	466,707,845

Shares

Interest
Rate

Maturity

Date

Value

Convertible Preferred Stock^(a) – 0.5%

Electric Utilities – 0.5%

PPL Corp.

46,808

8.750

05/01/14

2,479,888

(Cost $2,340,400)


Principal Amount		Interest Rate			Maturity Date		Value

	Short-term Investment^(b) – 0.9%
	Repurchase Agreement – 0.9%
	Joint Repurchase Agreement Account II
$	4,200,000		0.055	%		03/03/14	$	4,200,000
	(Cost $4,200,000)

	TOTAL INVESTMENTS – 100.3%
	(Cost $390,790,279)						$	473,387,733

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%							(1,434,570	)

	NET ASSETS – 100.0%						$	471,953,163


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)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)		Joint repurchase agreement was entered into on February 28, 2014. Additional information appears on page 47.



Investment Abbreviation:
ADR		— American Depositary Receipt


The accompanying notes are an integral part of these financial statements.		35

GOLDMAN SACHS LARGE CAP VALUE FUND

Schedule of Investments

February 28, 2014 (Unaudited)


Shares		Description	Value

	Common Stocks – 99.2%
	Aerospace & Defense – 2.5%
	310,698	Textron, Inc.	$	12,334,711
	221,897	The Boeing Co.		28,606,961

				40,941,672

	Air Freight & Logistics – 1.0%
	306,044	C.H. Robinson Worldwide, Inc.		15,871,442

	*Automobiles – 0.7%**
	321,522	General Motors Co.		11,639,096

	Beverages – 0.8%
	120,194	Anheuser-Busch InBev NV ADR		12,573,494

	*Biotechnology – 0.8%**
	169,123	Vertex Pharmaceuticals, Inc.		13,675,286

	Capital Markets – 2.0%
	149,418	Ameriprise Financial, Inc.		16,285,068
	505,189	Morgan Stanley, Inc.		15,559,821

				31,844,889

	Chemicals – 2.2%
	293,577	Eastman Chemical Co.		25,667,437
	217,430	The Dow Chemical Co.		10,591,015

				36,258,452

	Commercial Banks – 10.8%
	3,320,323	Bank of America Corp.		54,884,939
	972,261	Citigroup, Inc.		47,281,053
	171,409	Comerica, Inc.		8,258,486
	874,779	JPMorgan Chase & Co.		49,704,943
	416,680	SunTrust Banks, Inc.		15,700,502

				175,829,923

	Commercial Services & Supplies – 1.1%
	432,925	Waste Management, Inc.		17,966,388

	Computers & Peripherals – 4.3%
	58,383	Apple, Inc.		30,723,470
	1,456,251	EMC Corp.		38,401,339

				69,124,809

	Consumer Finance – 3.4%
	369,309	Capital One Financial Corp.		27,118,360
	1,168,907	SLM Corp.		27,983,634

				55,101,994

	Diversified Telecommunication Services – 1.7%
	579,445	Verizon Communications, Inc.		27,569,993

	Electric Utilities – 1.9%
	495,840	FirstEnergy Corp.		15,261,955
	170,474	NextEra Energy, Inc.		15,579,619

				30,841,574

	Energy Equipment & Services – 1.7%
	498,956	Halliburton Co.		28,440,492


	Common Stocks – (continued)
	Food & Staples Retailing – 1.9%
	629,872	The Kroger Co.	$	26,416,832
	56,552	Wal-Mart Stores, Inc.		4,224,434

				30,641,266

	Food Products – 0.8%
	464,155	ConAgra Foods, Inc.		13,182,002

	Health Care Equipment & Supplies – 3.7%
	114,168	C.R. Bard, Inc.		16,458,459
	303,446	Covidien PLC		21,832,940
	366,417	Medtronic, Inc.		21,713,871

				60,005,270

	Health Care Providers & Services – 2.8%
	584,557	UnitedHealth Group, Inc.		45,168,719

	Hotels, Restaurants & Leisure – 1.7%
	356,668	MGM Resorts International*		9,826,203
	216,351	Starwood Hotels & Resorts Worldwide, Inc.		17,840,304

				27,666,507

	*Household Durables – 0.8%**
	330,698	Toll Brothers, Inc.		12,900,529

	Household Products – 0.7%
	154,011	The Procter & Gamble Co.		12,114,505

	Industrial Conglomerates – 4.8%
	3,073,628	General Electric Co.		78,285,305

	Insurance – 7.8%
	943,060	American International Group, Inc.		46,936,096
	209,534	MetLife, Inc.		10,617,088
	439,742	Prudential Financial, Inc.		37,193,378
	605,438	The Hartford Financial Services Group, Inc.		21,305,363
	127,777	The Travelers Cos., Inc.		10,712,824

				126,764,749

	Internet & Catalog Retail – 0.7%
	142,787	Expedia, Inc.		11,213,063

	*Internet Software & Services – 1.3%**
	366,192	eBay, Inc.		21,521,104

	Machinery – 1.0%
	172,759	Caterpillar, Inc.		16,752,440

	Media – 4.4%
	346,558	CBS Corp. Class B		23,247,110
	346,662	Liberty Global PLC Class A*		30,003,596
	207,768	Viacom, Inc. Class B		18,227,487

				71,478,193

	Multi-Utilities – 1.3%
	476,206	PG&E Corp.		20,981,636


36		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 – 11.3%
	337,865	Apache Corp.	$	26,789,316
	798,040	Devon Energy Corp.		51,409,737
	846,865	Exxon Mobil Corp.		81,527,693
	577,805	Southwestern Energy Co.*		23,886,459

				183,613,205

	Personal Products – 1.1%
	251,711	The Estee Lauder Cos., Inc. Class A		17,327,785

	Pharmaceuticals – 7.8%
	100,248	Allergan, Inc.		12,731,496
	434,652	Eli Lilly & Co.		25,909,606
	811,752	Merck & Co., Inc.		46,261,747
	238,518	Mylan, Inc.*		13,254,445
	886,445	Pfizer, Inc.		28,463,749

				126,621,043

	Real Estate Investment Trusts – 1.2%
	148,450	AvalonBay Communities, Inc.		19,145,597

	Semiconductors & Semiconductor Equipment – 3.1%
	623,825	Altera Corp.		22,651,085
	622,579	Applied Materials, Inc.		11,804,098
	619,151	Intel Corp.		15,330,179

				49,785,362

	Software – 3.3%
	213,586	Adobe Systems, Inc.*		14,654,136
	777,886	Microsoft Corp.		29,800,813
	229,376	Oracle Corp.		8,970,895

				53,425,844

	Specialty Retail – 2.8%
	387,800	L Brands, Inc.		21,844,774
	522,019	The Gap, Inc.		22,838,331

				44,683,105

	TOTAL COMMON STOCKS
	(Cost $1,324,947,676)		$	1,610,956,733


Principal Amount		Interest Rate			Maturity Date		Value

	Short-term Investment^(a) – 0.7%
	Repurchase Agreement – 0.7%
	Joint Repurchase Agreement Account II
$	11,500,000		0.055	%		03/03/14	$	11,500,000
	(Cost $11,500,000)

	TOTAL INVESTMENTS – 99.9%
	(Cost $1,336,447,676)						$	1,622,456,733

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%							1,091,813

	NET ASSETS – 100.0%						$	1,623,548,546


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		Joint repurchase agreement was entered into on February 28, 2014. Additional information appears on page 47.



Investment Abbreviation:
ADR		—American Depositary Receipt


The accompanying notes are an integral part of these financial statements.		37

GOLDMAN SACHS MID CAP VALUE FUND

Schedule of Investments

February 28, 2014 (Unaudited)


Shares		Description	Value

	Common Stocks – 97.8%
	Aerospace & Defense – 3.5%
	4,599,908	Textron, Inc.	$	182,616,347
	2,705,669	Triumph Group, Inc.^(a)		176,409,619

				359,025,966

	Airlines* – 1.0%
	2,175,884	United Continental Holdings, Inc.		97,827,745

	Auto Components – 1.3%
	2,016,124	Delphi Automotive PLC		134,213,375

	Beverages* – 0.7%
	904,915	Constellation Brands, Inc. Class A		73,325,262

	Building Products* – 0.9%
	1,630,605	Armstrong World Industries, Inc.		89,503,908

	Capital Markets – 2.8%
	4,953,632	Invesco Ltd.		169,909,578
	2,228,558	Raymond James Financial, Inc.		117,623,291

				287,532,869

	Chemicals – 2.6%
	632,293	Ashland, Inc.		59,669,491
	1,848,306	Celanese Corp. Series A		98,681,057
	1,366,295	The Valspar Corp.		102,130,551

				260,481,099

	Commercial Banks – 5.9%
	1,271,577	CIT Group, Inc.		61,900,368
	1,527,123	First Republic Bank		79,364,582
	11,919,380	Huntington Bancshares, Inc.		113,591,692
	1,716,012	M&T Bank Corp.		200,069,839
	576,178	Signature Bank*		75,438,986
	2,294,192	Zions Bancorp.		71,578,790

				601,944,257

	Commercial Services & Supplies – 1.4%
	3,261,671	Tyco International Ltd.		137,577,283

	Communications Equipment* – 1.3%
	447,619	F5 Networks, Inc.		50,285,518
	3,143,486	Juniper Networks, Inc.		84,056,816

				134,342,334

	Computers & Peripherals – 0.9%
	2,211,724	NetApp, Inc.		89,375,767

	Construction & Engineering – 0.7%
	2,541,726	KBR, Inc.		70,202,472

	Consumer Finance – 1.3%
	5,591,267	SLM Corp.		133,854,932

	Containers & Packaging – 1.1%
	1,507,859	Packaging Corp. of America		109,907,843


	Common Stocks – (continued)
	Diversified Financial Services – 2.0%
	2,460,293	ING US, Inc.	$	88,250,710
	2,967,186	The NASDAQ OMX Group, Inc.		113,910,270

				202,160,980

	Electric Utilities – 3.6%
	2,641,403	Edison International		138,330,275
	3,720,610	FirstEnergy Corp.		114,520,376
	3,774,720	Xcel Energy, Inc.		114,336,269

				367,186,920

	Energy Equipment & Services* – 1.9%
	2,029,150	Cameron International Corp.		129,987,349
	685,402	Oil States International, Inc.		65,058,358

				195,045,707

	Food & Staples Retailing – 1.0%
	2,430,150	The Kroger Co.		101,920,491

	Food Products – 1.5%
	1,235,527	Ingredion, Inc.		81,347,098
	1,739,729	Tyson Foods, Inc. Class A		68,632,309

				149,979,407

	Health Care Equipment & Supplies – 2.1%
	860,552	C.R. Bard, Inc.		124,057,176
	2,182,958	CareFusion Corp.*		88,475,288

				212,532,464

	Health Care Providers & Services – 6.0%
	1,889,866	Aetna, Inc.		137,412,157
	2,586,790	Cardinal Health, Inc.		185,033,089
	1,206,045	Humana, Inc.		135,631,821
	813,267	Laboratory Corp. of America Holdings*		76,072,995
	1,847,486	Tenet Healthcare Corp.*		81,511,082

				615,661,144

	Hotels, Restaurants & Leisure – 2.3%
	3,317,249	MGM Resorts International*		91,390,210
	1,702,482	Starwood Hotels & Resorts Worldwide, Inc.		140,386,666

				231,776,876

	Household Durables* – 1.7%
	582,336	Mohawk Industries, Inc.		82,418,014
	2,387,519	Toll Brothers, Inc.		93,137,116

				175,555,130

	Independent Power Producers & Energy Traders* – 0.8%
	4,119,426	Calpine Corp.		78,475,065

	Industrial Conglomerates – 1.1%
	1,434,434	Carlisle Cos., Inc.		113,779,305

	Insurance – 8.3%
	2,071,438	Arthur J. Gallagher & Co.		95,700,436
	776,087	Everest Re Group Ltd.		115,823,224


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

GOLDMAN SACHS MID CAP VALUE FUND


Shares		Description	Value

	Common Stocks – (continued)
	Insurance – (continued)
	5,250,546	Genworth Financial, Inc. Class A*	$	81,593,485
	3,584,332	Lincoln National Corp.		179,682,563
	3,449,556	Principal Financial Group, Inc.		156,437,364
	204,470	Unum Group		7,111,467
	2,092,195	Validus Holdings Ltd.		77,013,698
	4,269,733	XL Group PLC		129,799,883

				843,162,120

	Internet & Catalog Retail – 2.3%
	1,118,004	Expedia, Inc.		87,796,854
	5,121,081	Liberty Interactive Corp. Class A*		149,535,565

				237,332,419

	IT Services – 1.7%
	969,377	Global Payments, Inc.		68,176,284
	9,971,957	Xerox Corp.		109,591,808

				177,768,092

	Life Sciences Tools & Services – 2.1%
	3,724,117	Agilent Technologies, Inc.		212,013,981

	Machinery – 5.0%
	1,859,421	Crane Co.		132,799,848
	1,608,290	Stanley Black & Decker, Inc.		133,552,401
	2,612,343	Terex Corp.		116,327,634
	2,138,875	Timken Co.		129,102,495

				511,782,378

	Media – 2.6%
	965,640	AMC Networks, Inc. Class A*		73,407,953
	878,296	Liberty Media Corp. Class A*		120,467,079
	910,230	Scripps Networks Interactive Class A		73,947,085

				267,822,117

	Metals & Mining – 0.8%
	1,100,251	Reliance Steel & Aluminum Co.		76,225,389

	Multi-Utilities – 2.0%
	1,452,971	SCANA Corp.		71,922,064
	1,438,436	Sempra Energy		135,889,049

				207,811,113

	Multiline Retail – 0.9%
	1,582,963	Macy’s, Inc.		91,590,239

	Oil, Gas & Consumable Fuels – 5.9%
	6,136,878	Chesapeake Energy Corp.		159,006,509
	1,234,596	Cimarex Energy Co.		142,855,103
	951,153	EQT Corp.		97,293,440
	938,290	Range Resources Corp.		80,739,855
	2,366,608	Tesoro Corp.		120,720,674

				600,615,581

	Paper & Forest Products* – 0.9%
	4,631,126	Louisiana-Pacific Corp.		87,018,858


	Common Stocks – (continued)
	Real Estate Investment Trusts – 6.9%
	1,269,096	AvalonBay Communities, Inc.	$	163,675,311
	1,917,923	Camden Property Trust		127,925,464
	5,346,436	DDR Corp.		88,857,766
	3,772,717	Starwood Property Trust, Inc.		90,620,663
	2,030,654	Tanger Factory Outlet Centers, Inc.		69,671,739
	1,422,910	Taubman Centers, Inc.		100,244,010
	6,181,143	Two Harbors Investment Corp.		64,160,264

				705,155,217

	Semiconductors & Semiconductor Equipment – 5.4%
	4,269,824	Altera Corp.		155,037,310
	5,904,366	Applied Materials, Inc.		111,946,779
	9,498,471	Atmel Corp.*		76,557,676
	3,935,717	Maxim Integrated Products, Inc.		128,737,303
	4,285,192	NVIDIA Corp.		78,761,829

				551,040,897

	Software* – 2.6%
	2,354,314	Citrix Systems, Inc.		141,376,556
	1,727,849	PTC, Inc.		67,921,744
	2,732,898	TIBCO Software, Inc.		59,549,847

				268,848,147

	Textiles, Apparel & Luxury Goods – 1.0%
	781,598	PVH Corp.		98,817,435

	TOTAL COMMON STOCKS
	(Cost $8,163,063,140)		$	9,960,192,584


Principal Amount	Interest Rate			Maturity Date		Value
Short-term Investment^(b) – 2.6%
Repurchase Agreement – 2.6%
Joint Repurchase Agreement Account II
$260,600,000		0.055	%		03/03/14	$	260,600,000
(Cost $260,600,000)

TOTAL INVESTMENTS – 100.4%
(Cost $8,423,663,140)						$	10,220,792,584

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.4)%							(38,087,019	)

NET ASSETS – 100.0%						$	10,182,705,565


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		Represents an affiliated issuer.
(b)		Joint repurchase agreement was entered into on February 28, 2014. Additional information appears on page 47.


The accompanying notes are an integral part of these financial statements.		39

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments

February 28, 2014 (Unaudited)


Shares		Description	Value

	Common Stocks – 96.4%
	Aerospace & Defense – 2.7%
	435,733	Cubic Corp.	$	22,658,116
	571,139	Esterline Technologies Corp.*		61,511,670
	686,981	Moog, Inc. Class A*		42,544,733
	325,222	Teledyne Technologies, Inc.*		31,865,252

				158,579,771

	Air Freight & Logistics – 0.5%
	620,096	Forward Air Corp.		26,825,353

	Auto Components* – 0.9%
	1,328,991	American Axle & Manufacturing Holdings, Inc.		25,689,396
	454,500	Tenneco, Inc.		27,379,080

				53,068,476

	Biotechnology* – 1.4%
	646,837	Acorda Therapeutics, Inc.		23,700,108
	2,033,105	Exact Sciences Corp.		27,345,262
	2,050,008	Infinity Pharmaceuticals, Inc.		32,144,125

				83,189,495

	Building Products* – 0.5%
	471,946	NCI Building Systems, Inc.		8,051,399
	254,483	Trex Co., Inc.		19,905,660

				27,957,059

	Capital Markets – 2.6%
	1,705,751	Apollo Investment Corp.		14,601,229
	206,382	Cohen & Steers, Inc.		7,803,303
	1,409,305	ETRADE Financial Corp.		31,667,083
	462,041	Golub Capital BDC, Inc.		8,667,889
	208,694	Manning & Napier, Inc.		3,065,715
	724,904	New Mountain Finance Corp.		10,888,058
	478,097	PennantPark Investment Corp.		5,469,430
	34,770	Piper Jaffray Cos., Inc.*		1,456,863
	439,752	Solar Capital Ltd.		9,771,289
	244,241	Solar Senior Capital Ltd.		4,472,053
	620,252	Stifel Financial Corp.*		29,827,919
	158,124	TCP Capital Corp.		2,795,632
	121,488	Virtus Investment Partners, Inc.*		22,494,718

				152,981,181

	Chemicals – 3.9%
	168,993	Axiall Corp.		6,839,147
	459,655	H.B. Fuller Co.		22,284,074
	97,566	Koppers Holdings, Inc.		3,857,760
	713,941	Methanex Corp.		50,211,471
	1,452,108	PolyOne Corp.		54,454,050
	226,530	Quaker Chemical Corp.		17,506,238
	1,071,847	Taminco Corp.*		24,352,364
	302,173	W.R. Grace & Co.*		30,622,212
	148,831	Westlake Chemical Corp.		19,843,637

				229,970,953


	Common Stocks – (continued)
	Commercial Banks – 14.6%
	1,947,445	BancorpSouth, Inc.	$	46,602,359
	939,139	Bank of the Ozarks, Inc.		59,560,195
	655,167	Banner Corp.		26,003,578
	1,991,949	Boston Private Financial Holdings, Inc.		25,975,015
	361,070	Bridge Capital Holdings*		8,022,975
	745,840	CoBiz, Inc.		8,323,574
	680,764	Community Bank System, Inc.		24,800,233
	453,615	First Financial Bankshares, Inc.		27,434,635
	430,872	First Financial Holdings, Inc.		26,386,601
	1,031,863	First Midwest Bancorp, Inc.		17,201,156
	836,063	Flushing Financial Corp.		17,323,225
	1,529,969	Glacier Bancorp, Inc.		42,456,640
	404,975	Heritage Financial Corp.		7,180,207
	878,099	Home Bancshares, Inc.		29,469,003
	421,993	Independent Bank Corp.		15,525,123
	234,744	Independent Bank Group, Inc.		12,615,143
	269,243	Lakeland Financial Corp.		10,231,234
	1,276,838	MB Financial, Inc.		38,981,864
	1,004,096	PacWest Bancorp		43,577,766
	783,469	Pinnacle Financial Partners, Inc.		28,267,562
	1,599,394	PrivateBancorp, Inc.		46,158,511
	598,456	Prosperity Bancshares, Inc.		37,888,249
	364,128	Sandy Spring Bancorp, Inc.		8,640,757
	152,369	Sierra Bancorp		2,485,138
	323,135	Signature Bank*		42,308,066
	258,176	Southcoast Financial Corp.*		1,634,254
	634,008	Southwest Bancorp, Inc.*		11,152,201
	327,836	Sterling Financial Corp.		10,382,566
	148,441	Summit State Bank		1,606,132
	865,674	Texas Capital Bancshares, Inc.*		54,494,178
	177,541	The First of Long Island Corp.		6,899,243
	358,931	TriCo Bancshares		8,969,686
	735,186	UMB Financial Corp.		45,831,495
	1,268,009	ViewPoint Financial Group, Inc.		31,700,225
	1,066,052	Webster Financial Corp.		33,015,631

				859,104,420

	Commercial Services & Supplies – 1.9%
	741,444	Ceco Environmental Corp.		11,974,321
	490,003	G&K Services, Inc. Class A		30,688,888
	667,559	Mobile Mini, Inc.		30,046,830
	900,195	Progressive Waste Solutions Ltd.		22,738,926
	728,662	West Corp.		18,303,989

				113,752,954

	Communications Equipment – 0.8%
	774,056	ADTRAN, Inc.		20,280,267
	727,666	Digi International, Inc.*		6,949,210
	1,260,635	RADWARE Ltd.*		22,136,751

				49,366,228

	Computers & Peripherals* – 0.4%
	549,320	Electronics for Imaging, Inc.		24,499,672


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

GOLDMAN SACHS SMALL CAP VALUE FUND


Shares		Description	Value

	Common Stocks – (continued)
	Construction & Engineering – 1.3%
	872,290	Comfort Systems USA, Inc.	$	14,331,725
	1,034,242	EMCOR Group, Inc.		48,381,841
	640,215	MYR Group, Inc.*		14,897,803

				77,611,369

	Consumer Finance* – 0.3%
	328,213	First Cash Financial Services, Inc.		17,339,493

	Containers & Packaging* – 0.4%
	2,439,486	Graphic Packaging Holding Co.		24,980,337

	Diversified Financial Services – 0.2%
	227,897	MarketAxess Holdings, Inc.		13,455,039

	Diversified Telecommunication Services*^(a) – 0.5%
	2,767,063	Premiere Global Services, Inc.		31,295,483

	Electric Utilities – 3.8%
	700,488	ALLETE, Inc.		35,381,649
	1,274,981	Cleco Corp.		63,022,311
	1,038,384	El Paso Electric Co.		36,603,036
	871,992	IDACORP, Inc.		48,997,230
	1,297,670	Portland General Electric Co.		41,265,906

				225,270,132

	Electrical Equipment* – 0.3%
	784,460	Thermon Group Holdings, Inc.		19,054,533

	Electronic Equipment, Instruments & Components – 2.5%
	415,891	Anixter International, Inc.*		44,479,543
	380,651	Belden, Inc.		27,456,357
	993,307	CTS Corp.		20,283,329
	242,133	Littelfuse, Inc.		22,850,091
	1,439,062	Newport Corp.*		29,788,583

				144,857,903

	Energy Equipment & Services – 2.1%
	159,200	Dril-Quip, Inc.*		17,123,552
	1,409,771	Forum Energy Technologies, Inc.*		36,513,069
	157,376	Gulfmark Offshore, Inc. Class A		7,465,917
	3,117,585	Newpark Resources, Inc.*		34,667,545
	401,006	Tesco Corp.*		7,607,084
	1,681,929	TETRA Technologies, Inc.*		20,183,148

				123,560,315

	Food & Staples Retailing* – 0.5%
	468,456	Susser Holdings Corp.		28,379,064

	Food Products* – 0.6%
	417,596	The Hain Celestial Group, Inc.		37,291,323

	Gas Utilities – 1.1%
	1,187,524	Southwest Gas Corp.		64,150,047


	Common Stocks – (continued)
	Health Care Equipment & Supplies – 1.3%
	518,128	Alere, Inc.*	$	19,036,023
	648,244	Hill-Rom Holdings, Inc.		24,523,070
	244,163	Teleflex, Inc.		24,902,184
	301,783	Tornier NV*		5,794,234

				74,255,511

	Health Care Providers & Services – 1.2%
	685,363	HealthSouth Corp.		22,397,663
	330,926	Surgical Care Affiliates, Inc.*		10,066,769
	600,788	WellCare Health Plans, Inc.*		37,140,714

				69,605,146

	Health Care Technology – 1.1%
	2,454,428	Allscripts Healthcare Solutions, Inc.*		45,578,728
	925,931	Quality Systems, Inc.		16,166,755

				61,745,483

	Hotels, Restaurants & Leisure – 2.1%
	891,375	Bloomin’ Brands, Inc.*		22,409,167
	906,255	Diamond Resorts International, Inc.*		16,484,778
	381,788	Jack in the Box, Inc.*		21,933,721
	485,037	Marriott Vacations Worldwide Corp.*		25,435,340
	412,375	Pinnacle Entertainment, Inc.*		10,020,713
	403,427	Vail Resorts, Inc.		28,368,987

				124,652,706

	Household Durables – 1.2%
	598,364	Meritage Homes Corp.		28,847,128
	2,686,780	Standard Pacific Corp.*		24,476,566
	639,998	William Lyon Homes Class A*		19,795,138

				73,118,832

	Household Products – 0.9%
	646,564	Spectrum Brands Holdings, Inc.		50,438,458

	Industrial Conglomerates – 0.8%
	567,956	Carlisle Cos., Inc.		45,050,270

	Insurance – 4.0%
	2,397,006	American Equity Investment Life Holding Co.		52,398,551
	67,064	AMERISAFE, Inc.		2,919,967
	3,091,185	CNO Financial Group, Inc.		56,445,038
	472,226	Endurance Specialty Holdings Ltd.		24,621,864
	86,280	Enstar Group Ltd.*		10,800,530
	487,381	Fidelity & Guaranty Life*		10,556,672
	1,978,741	Maiden Holdings Ltd.		22,221,261
	1,300,440	Meadowbrook Insurance Group, Inc.		6,983,363
	627,649	ProAssurance Corp.		28,532,924
	417,370	RLI Corp.		18,001,168

				233,481,338


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

GOLDMAN SACHS SMALL CAP VALUE FUND

Schedule of Investments (continued)

February 28, 2014 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Internet & Catalog Retail – 0.6%
	649,291	HSN, Inc.	$	37,236,839

	IT Services – 0.9%
	322,082	CACI International, Inc. Class A*		25,389,724
	1,400,203	Convergys Corp.		28,662,155

				54,051,879

	Leisure Equipment & Products – 0.7%
	533,261	Arctic Cat, Inc.		24,967,280
	328,440	Brunswick Corp.		14,710,828

				39,678,108

	Life Sciences Tools & Services – 0.4%
	528,913	PerkinElmer, Inc.		23,970,337

	Machinery – 3.3%
	1,007,741	Actuant Corp. Class A		35,331,399
	935,799	Barnes Group, Inc.		35,981,472
	368,041	CIRCOR International, Inc.		26,337,014
	420,708	Crane Co.		30,046,965
	1,576,484	Edwards Group Ltd.*		1,970,605
	231,123	Graco, Inc.		18,034,528
	310,088	RBC Bearings, Inc.*		19,923,154
	393,222	Twin Disc, Inc.		9,740,109
	318,040	Woodward, Inc.		13,863,364

				191,228,610

	Media* – 0.5%
	1,362,207	Live Nation Entertainment, Inc.		30,908,477

	Metals & Mining – 1.9%
	95,796	Carpenter Technology Corp.		5,666,334
	723,858	Commercial Metals Co.		14,006,652
	1,261,125	Globe Specialty Metals, Inc.		25,058,554
	535,909	Kaiser Aluminum Corp.		37,829,816
	218,827	Olympic Steel, Inc.		6,019,931
	1,030,072	SunCoke Energy, Inc.*		22,950,004

				111,531,291

	Multi-Utilities – 0.6%
	221,353	Black Hills Corp.		12,552,929
	552,080	NorthWestern Corp.		25,362,555

				37,915,484

	Oil, Gas & Consumable Fuels – 4.3%
	717,311	Approach Resources, Inc.*		15,974,516
	543,227	Delek US Holdings, Inc.		15,079,981
	1,735,560	Laredo Petroleum, Inc.*		45,280,760
	771,871	Penn Virginia Corp.*		11,693,846
	3,039,478	Rex Energy Corp.*^(a)		57,750,082
	1,512,297	Rice Energy, Inc.*		36,295,128
	1,194,517	RSP Permian, Inc.*		33,207,573
	968,408	Western Refining, Inc.		35,298,472

				250,580,358


	Common Stocks – (continued)
	Paper & Forest Products* – 0.9%
	1,698,438	KapStone Paper and Packaging Corp.	$	53,993,344

	Pharmaceuticals* – 0.4%
	897,485	Prestige Brands Holdings, Inc.		25,569,348

	Professional Services* – 0.3%
	661,259	TrueBlue, Inc.		18,832,656

	Real Estate Investment Trusts – 10.8%
	1,348,200	Acadia Realty Trust		35,659,890
	1,487,548	American Campus Communities, Inc.		54,950,023
	1,999,192	Apollo Commercial Real Estate Finance, Inc.^(a)		33,466,474
	1,387,706	Blackstone Mortgage Trust, Inc. Class A		40,201,843
	2,143,541	CBL & Associates Properties, Inc.		38,133,594
	1,384,635	Chesapeake Lodging Trust		36,069,742
	384,906	Coresite Realty Corp.		11,985,973
	2,887,893	CubeSmart		50,567,006
	1,145,851	DuPont Fabros Technology, Inc.		30,433,803
	1,615,633	Healthcare Trust of America, Inc. Class A		18,143,559
	1,148,273	Highwoods Properties, Inc.		43,301,375
	1,456,737	Hudson Pacific Properties, Inc.		33,228,171
	4,013,375	MFA Financial, Inc.		31,545,127
	380,293	Mid-America Apartment Communities, Inc.		25,723,019
	479,439	National Health Investors, Inc.		29,581,386
	948,669	Pebblebrook Hotel Trust		31,533,758
	439,172	PS Business Parks, Inc.		36,899,231
	2,513,059	Strategic Hotels & Resorts, Inc.*		25,105,459
	2,641,857	Two Harbors Investment Corp.		27,422,476

				633,951,909

	Real Estate Management & Development – 0.8%
	1,842,222	Kennedy-Wilson Holdings, Inc.		46,608,217

	Road & Rail – 0.2%
	406,954	Celadon Group, Inc.		9,237,856

	Semiconductors & Semiconductor Equipment – 4.0%
	708,398	Cabot Microelectronics Corp.*		31,289,940
	2,367,080	Entegris, Inc.*		28,523,314
	1,718,525	Fairchild Semiconductor International, Inc.*		24,196,832
	2,691,299	Intersil Corp. Class A		34,233,323
	907,862	Micrel, Inc.		9,478,079
	1,197,248	MKS Instruments, Inc.		35,989,275
	2,683,880	PMC-Sierra, Inc.*		19,699,679
	971,532	Semtech Corp.*		24,239,723
	2,008,278	TriQuint Semiconductor, Inc.*		24,581,323

				232,231,488


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

GOLDMAN SACHS SMALL CAP VALUE FUND


Shares		Description	Value

	Common Stocks – (continued)
	Software – 2.2%
	615,223	Monotype Imaging Holdings, Inc.	$	17,496,942
	551,238	NetScout Systems, Inc.*		20,936,019
	675,874	PTC, Inc.*		26,568,607
	798,573	SS&C Technologies Holdings, Inc.*		30,888,804
	740,052	Verint System, Inc.*		34,641,834

				130,532,206

	Specialty Retail – 2.3%
	492,415	Asbury Automotive Group, Inc.*		25,034,379
	631,926	GNC Acquisition Holdings, Inc. Class A		29,397,197
	442,497	Jos. A. Bank Clothiers, Inc.*		27,470,214
	249,853	Monro Muffler Brake, Inc.		14,908,728
	3,212,906	Office Depot, Inc.*		15,839,627
	555,566	Shoe Carnival, Inc.		14,355,825
	129,100	The Men’s Wearhouse, Inc.		6,944,289

				133,950,259

	Textiles, Apparel & Luxury Goods – 1.4%
	299,941	Carter’s, Inc.		22,594,556
	368,700	Kate Spade & Co.*		12,616,914
	716,177	Movado Group, Inc.		28,195,888
	587,558	Steven Madden Ltd.*		21,416,489

				84,823,847

	Thrifts & Mortgage Finance – 1.9%
	798,907	Brookline Bancorp, Inc.		7,294,021
	553,224	Dime Community Bancshares		9,294,163
	964,188	Home Loan Servicing Solutions Ltd.		19,785,138
	697,448	Oritani Financial Corp.		10,922,035
	1,073,821	Provident Financial Services, Inc.		19,930,118
	2,144,422	Radian Group, Inc.		33,345,762
	159,465	WSFS Financial Corp.		11,368,260

				111,939,497

	Trading Companies & Distributors – 1.6%
	596,171	Applied Industrial Technologies, Inc.		30,422,606
	859,612	Kaman Corp.		34,143,788
	319,784	WESCO International, Inc.*		27,568,579

				92,134,973

	TOTAL COMMON STOCKS
	(Cost $4,299,435,198)		$	5,669,795,327


	Exchange Traded Fund – 1.8%
	1,057,782	iShares Russell 2000 Value ETF	$	105,778,200
	(Cost $87,967,585)


	Investment Company – 0.1%
	Capital Markets – 0.1%
	422,611	THL Credit, Inc.	$	6,689,932
	(Cost $6,097,239)


Principal Amount	Interest Rate	Maturity Date		Value
Short-term Investment^(b) – 2.2%
Repurchase Agreement – 2.2%
Joint Repurchase Agreement Account II
$126,900,000	0.055%		03/03/14	$	126,900,000
(Cost $126,900,000)

TOTAL INVESTMENTS – 100.5%
(Cost $4,520,400,022)				$	5,909,163,459

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.5)%					(28,527,912	)

NET ASSETS – 100.0%				$	5,880,635,547


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		Represents an affiliated issuer.
(b)		Joint repurchase agreement was entered into on February 28, 2014. Additional information appears on page 47.



Investment Abbreviation:
ETF		—Exchange Traded Fund


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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments

February 28, 2014 (Unaudited)


Shares		Description	Value

	Common Stocks – 98.4%
	Aerospace & Defense – 2.3%
	416	Esterline Technologies Corp.*	$	44,803
	511	Triumph Group, Inc.		33,317

				78,120

	Auto Components – 1.1%
	41	Lear Corp.		3,329
	141	TRW Automotive Holdings Corp.*		11,607
	277	Visteon Corp.*		23,110

				38,046

	Beverages* – 1.0%
	434	Constellation Brands, Inc. Class A		35,167

	Capital Markets – 2.0%
	1,474	Ares Capital Corp.		26,576
	1,258	ETRADE Financial Corp.		28,267
	260	Stifel Financial Corp.*		12,504

				67,347

	Chemicals – 3.9%
	351	Huntsman Corp.		8,550
	512	Methanex Corp.		36,009
	875	PolyOne Corp.		32,812
	789	Taminco Corp.*		17,926
	167	W.R. Grace & Co.*		16,924
	138	Westlake Chemical Corp.		18,400

				130,621

	Commercial Banks – 11.0%
	932	BancorpSouth, Inc.		22,303
	517	Bank of the Ozarks, Inc.		32,788
	590	BankUnited, Inc.		19,753
	249	BOK Financial Corp.		16,118
	256	Cullen/Frost Bankers, Inc.		19,108
	802	East West Bancorp, Inc.		28,623
	182	First Financial Bankshares, Inc.		11,007
	770	Glacier Bancorp, Inc.		21,368
	577	PacWest Bancorp		25,042
	866	PrivateBancorp, Inc.		24,993
	527	Prosperity Bancshares, Inc.		33,364
	331	Signature Bank*		43,338
	490	Texas Capital Bancshares, Inc.*		30,845
	306	UMB Financial Corp.		19,076
	706	Webster Financial Corp.		21,865

				369,591

	Commercial Services & Supplies – 1.1%
	129	UniFirst Corp.		14,150
	565	Waste Connections, Inc.		24,448

				38,598

	Communications Equipment* – 0.6%
	187	F5 Networks, Inc.		21,008


	Common Stocks – (continued)
	Construction & Engineering – 1.2%
	690	KBR, Inc.	$	19,058
	610	Quanta Services, Inc.*		21,478

				40,536

	Consumer Finance* – 0.3%
	183	First Cash Financial Services, Inc.		9,668

	Containers & Packaging – 1.7%
	417	Berry Plastics Group, Inc.*		10,146
	343	Packaging Corp. of America		25,001
	197	Rock-Tenn Co. Class A		21,989

				57,136

	Diversified Financial Services – 0.2%
	132	MarketAxess Holdings, Inc.		7,793

	Electric Utilities – 4.1%
	381	ALLETE, Inc.		19,244
	523	Cleco Corp.		25,852
	373	IDACORP, Inc.		20,959
	715	OGE Energy Corp.		25,740
	666	Portland General Electric Co.		21,179
	688	Westar Energy, Inc.		23,543

				136,517

	Electrical Equipment* – 0.7%
	592	Sensata Technologies Holding NV		24,059

	Electronic Equipment, Instruments & Components – 2.5%
	274	Anixter International, Inc.		29,304
	207	Belden, Inc.		14,931
	438	Ingram Micro, Inc. Class A*		12,899
	416	National Instruments Corp.		12,052
	1,083	Vishay Intertechnology, Inc.		15,314

				84,500

	Energy Equipment & Services – 2.5%
	276	Dresser-Rand Group, Inc.*		14,995
	93	Dril-Quip, Inc.*		10,003
	833	Forum Energy Technologies, Inc.*		21,575
	281	Oil States International, Inc.*		26,673
	537	RPC, Inc.		9,886

				83,132

	Food Products* – 0.6%
	214	The Hain Celestial Group, Inc.		19,110

	Gas Utilities – 1.6%
	1,061	Questar Corp.		25,199
	501	Southwest Gas Corp.		27,064

				52,263

	Health Care Equipment & Supplies – 1.4%
	468	Alere, Inc.*		17,194
	388	Hill-Rom Holdings, Inc.		14,678


44		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 – (continued)
	142	Teleflex, Inc.	$	14,483

				46,355

	Health Care Providers & Services – 2.7%
	526	Envision Healthcare Holdings, Inc.*		17,705
	521	HealthSouth Corp.		17,026
	392	Surgical Care Affiliates, Inc.*		11,925
	563	Tenet Healthcare Corp.*		24,840
	326	WellCare Health Plans, Inc.*		20,153

				91,649

	Health Care Technology* – 0.8%
	1,413	Allscripts Healthcare Solutions, Inc.		26,239

	Hotels, Restaurants & Leisure* – 1.6%
	451	Jack in the Box, Inc.		25,910
	979	MGM Resorts International		26,971

				52,881

	Household Durables – 3.3%
	189	Jarden Corp.*		11,618
	881	Lennar Corp. Class A		38,658
	304	Meritage Homes Corp.*		14,656
	278	Mohawk Industries, Inc.*		39,345
	146	Toll Brothers, Inc.*		5,696

				109,973

	Household Products – 0.8%
	354	Spectrum Brands Holdings, Inc.		27,616

	Independent Power Producers & Energy Traders – 0.6%
	645	NRG Energy, Inc.		18,750

	Industrial Conglomerates – 1.1%
	488	Carlisle Cos., Inc.		38,708

	Insurance – 7.6%
	305	Allied World Assurance Co. Holdings AG		30,415
	1,363	American Equity Investment Life Holding Co.		29,795
	510	Brown & Brown, Inc.		15,351
	1,910	CNO Financial Group, Inc.		34,877
	483	Endurance Specialty Holdings Ltd.		25,184
	457	Maiden Holdings Ltd.		5,132
	44	Markel Corp.*		25,432
	438	ProAssurance Corp.		19,911
	474	Protective Life Corp.		24,714
	573	Validus Holdings Ltd.		21,092
	563	W.R. Berkley Corp.		23,218

				255,121

	Internet Software & Services – 0.4%
	180	IAC/InterActiveCorp.		13,955

	IT Services – 0.5%
	243	Global Payments, Inc.		17,090


	Common Stocks – (continued)
	Leisure Equipment & Products – 0.5%
	393	Arctic Cat, Inc.	$	18,400

	Life Sciences Tools & Services – 0.4%
	292	PerkinElmer, Inc.		13,233

	Machinery – 5.5%
	462	Actuant Corp. Class A		16,198
	338	Crane Co.		24,140
	178	Graco, Inc.		13,889
	465	Kennametal, Inc.		20,339
	225	Nordson Corp.		16,461
	216	Pall Corp.		18,576
	171	SPX Corp.		18,413
	625	Terex Corp.		27,831
	501	The Timken Co.		30,241

				186,088

	Media – 1.7%
	866	Gannett Co., Inc.		25,763
	479	Live Nation Entertainment, Inc.*		10,869
	338	The Madison Square Garden Co. Class A*		19,269

				55,901

	Metals & Mining – 0.9%
	116	Reliance Steel & Aluminum Co.		8,037
	485	Steel Dynamics, Inc.		8,458
	586	United States Steel Corp.		14,193

				30,688

	Multi-Utilities – 1.0%
	327	NorthWestern Corp.		15,023
	479	Vectren Corp.		18,427

				33,450

	Oil, Gas & Consumable Fuels – 4.4%
	1,145	Laredo Petroleum, Inc.*		29,873
	1,039	Rex Energy Corp.*		19,741
	1,084	Rice Energy, Inc.*		26,016
	431	SM Energy Co.		31,786
	536	Tesoro Corp.		27,341
	386	Western Refining, Inc.		14,070

				148,827

	Paper & Forest Products – 1.7%
	185	Domtar Corp.		20,494
	1,119	KapStone Paper and Packaging Corp.*		35,573

				56,067

	Professional Services – 0.4%
	303	Robert Half International, Inc.		12,405

	Real Estate Investment Trusts – 10.8%
	832	American Campus Communities, Inc.		30,734
	891	Brixmor Property Group, Inc.		19,673
	432	Camden Property Trust		28,814


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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Schedule of Investments (continued)

February 28, 2014 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Real Estate Investment Trusts – (continued)
	1,321	CBL & Associates Properties, Inc.	$	23,501
	1,072	CubeSmart		18,771
	704	Douglas Emmett, Inc.		18,959
	541	DuPont Fabros Technology, Inc.		14,369
	687	Highwoods Properties, Inc.		25,907
	272	National Health Investors, Inc.		16,782
	870	Pebblebrook Hotel Trust		28,919
	623	Post Properties, Inc.		30,234
	171	PS Business Parks, Inc.		14,367
	1,431	Starwood Property Trust, Inc.		34,373
	1,815	Strategic Hotels & Resorts, Inc.*		18,132
	487	Tanger Factory Outlet Centers, Inc.		16,709
	2,327	Two Harbors Investment Corp.		24,154

				364,398

	Real Estate Management & Development – 0.8%
	1,069	Kennedy-Wilson Holdings, Inc.		27,046

	Semiconductors & Semiconductor Equipment* – 1.8%
	1,090	Fairchild Semiconductor International, Inc.		15,347
	260	Lam Research Corp.		13,450
	500	Semtech Corp.		12,475
	1,005	Teradyne, Inc.		20,381

				61,653

	Software* – 3.0%
	1,327	Cadence Design Systems, Inc.		20,343
	413	PTC, Inc.		16,235
	475	SS&C Technologies Holdings, Inc.		18,373
	631	Synopsys, Inc.		25,492
	443	Verint System, Inc.		20,737

				101,180

	Specialty Retail – 1.4%
	202	Foot Locker, Inc.		8,425
	353	GNC Holdings, Inc. Class A		16,422
	183	Jos. A. Bank Clothiers, Inc.*		11,361
	120	Signet Jewelers Ltd.		11,466

				47,674

	Textiles, Apparel & Luxury Goods – 2.5%
	839	Hanesbrands, Inc.		61,482
	178	PVH Corp.		22,505

				83,987

	Thrifts & Mortgage Finance – 1.0%
	1,238	Radian Group, Inc.		19,251
	583	Washington Federal, Inc.		13,071

				32,322


	Common Stocks – (continued)
	Trading Companies & Distributors – 1.4%
	115	Watsco, Inc.	$	11,314
	412	WESCO International, Inc.*		35,518

				46,832

	TOTAL COMMON STOCKS
	(Cost $3,193,745)		$	3,311,700


Shares	Distribution Rate			Value
Investment Company^(a) – 2.1%
SSgA U.S. Government Money Market Fund
71,225		0.000	%	$	71,225
(Cost $71,225)

TOTAL INVESTMENTS – 100.5%
(Cost $3,264,970)				$	3,382,925

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.5)%					(17,349	)

NET ASSETS – 100.0%				$	3,365,576


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)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at February 28, 2014.


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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Schedule of Investments

February 28, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II — At February 28, 2014, certain Funds had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of March 3, 2014, as follows:


Fund	Principal Amount		Maturity Value		Collateral Allocation Value
Growth and Income	$	4,200,000	$	4,200,019	$	4,298,333
Large Cap Value		11,500,000		11,500,053		11,769,245
Mid Cap Value		260,600,000		260,601,192		266,701,316
Small Cap Value		126,900,000		126,900,581		129,871,055

REPURCHASE AGREEMENTS — At February 28, 2014, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account II were as follows:


Counterparty	Interest Rate			Growth and Income		Large Cap Value		Mid Cap Value		Small Cap Value
BNP Paribas Securities Co.		0.050	%	$	138,261	$	378,572	$	8,578,765	$	4,177,457
BNP Paribas Securities Co.		0.060			322,609		883,334		20,017,118		9,747,399
Citigroup Global Markets, Inc.		0.050			1,060,001		2,902,383		65,770,531		32,027,169
Citigroup Global Markets, Inc.		0.060			1,106,088		3,028,574		68,630,119		33,419,655
Merrill Lynch & Co., Inc.		0.050			282,605		773,801		17,534,995		8,538,722
TD Securities (USA) LLC		0.050			645,218		1,766,668		40,034,236		19,494,799
TD Securities (USA) LLC		0.060			645,218		1,766,668		40,034,236		19,494,799
TOTAL				$	4,200,000	$	11,500,000	$	260,600,000	$	126,900,000

At February 28, 2014, the Joint Repurchase Agreement Account II was fully collateralized by:


Issuer	Interest Rates			Maturity Dates
Federal Farm Credit Bank		0.175% to 4.375	%		01/06/15 to 02/21/34
Federal Home Loan Bank		0.875 to 5.375			05/18/16 to 09/11/20
Federal Home Loan Mortgage Corp.		0.310 to 6.750			04/01/14 to 02/01/44
Federal National Mortgage Association		0.375 to 7.250			04/01/14 to 03/01/44
Government National Mortgage Association		2.500 to 8.500			07/15/18 to 02/15/44
Tennessee Valley Authority		5.250			09/15/39
United States Treasury Bills		0.000			03/27/14 to 04/03/14
United States Treasury Bond		2.750			08/15/42
United States Treasury Floating Rate Note		0.095			01/31/16
United States Treasury Inflation Protected Securities		1.625 to 1.750			01/15/15 to 01/15/28
United States Treasury Notes		1.000 to 3.625			02/28/19 to 05/15/21
United States Treasury Interest-Only Stripped Securities		0.000			05/15/14 to 05/15/41
United States Treasury Principal-Only Stripped Securities		0.000			02/15/15 to 05/15/43


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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Assets and Liabilities

February 28, 2014 (Unaudited)


	Growth and Income Fund
Assets:
Investments of unaffiliated issuers, at value (cost $390,790,279, $1,336,447,676, $8,226,826,246, $4,416,259,025 and $3,264,970)	$	473,387,733
Investments of affiliated issuers, at value (cost $196,836,894 and $104,140,997 for Mid Cap Value and Small Cap Value Funds)		—
Cash		10,456
Receivables:
Investments sold		2,052,643
Dividends and interest		1,310,269
Fund shares sold		203,981
Foreign tax reclaims		37,173
Reimbursement from investment adviser		32,930
Deferred offering costs		—
Other assets		27,753
Total assets		477,062,938

Liabilities:
Payables:
Investments purchased		3,789,436
Fund shares redeemed		677,862
Amounts owed to affiliates		416,466
Payable for offering costs		—
Accrued expenses and other liabilities		226,011
Total liabilities		5,109,775

Net Assets:
Paid-in capital		589,555,676
Undistributed (distributions in excess of) net investment income		525,141
Accumulated net realized gain (loss)		(200,725,108	)
Net unrealized gain		82,597,454
NET ASSETS	$	471,953,163
Net Assets:
Class A	$	403,019,950
Class B		13,201,018
Class C		25,154,812
Institutional		26,510,205
Service		404,914
Class IR		2,354,782
Class R		1,307,482
Total Net Assets	$	471,953,163
Shares Outstanding $0.001 par value (unlimited shares authorized):
Class A		13,522,344
Class B		460,442
Class C		883,029
Institutional		875,673
Service		13,592
Class IR		79,161
Class R		44,058
Net asset value, offering and redemption price per share:^(a)
Class A		$29.80
Class B		28.67
Class C		28.49
Institutional		30.27
Service		29.79
Class IR		29.75
Class R		29.68

(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 $31.53, $18.00, $48.12, $57.03 and $11.04, respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.


48		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

$	1,622,456,733		$	10,044,382,965	$	5,786,651,420		$	3,382,925
	—			176,409,619		122,512,039			—
	53,819			39,406		72,144			—

	31,018,868			50,814,504		3,474,698			11,519
	3,953,547			10,441,688		3,183,477			2,506
	2,023,011			31,652,129		9,834,085			—
	49,993			—		—			—
	—			—		106,933			53,667
	—			—		—			146,095
	31,270			286,334		149,848			—
	1,659,587,241			10,314,026,645		5,925,984,644			3,596,712



	33,627,798			74,939,388		27,496,983			29,255
	1,091,508			48,361,490		12,646,401			—
	1,060,553			6,662,071		4,547,297			2,020
	—			—		—			12,000
	258,836			1,358,131		658,416			187,861
	36,038,695			131,321,080		45,349,097			231,136


	1,463,996,958			7,763,417,779		4,318,575,408			3,231,610
	(298,508	)		11,073,888		(8,708,971	)		9,357
	(126,158,961	)		611,084,454		182,005,673			6,654
	286,009,057			1,797,129,444		1,388,763,437			117,955
$	1,623,548,546		$	10,182,705,565	$	5,880,635,547		$	3,365,576

$	248,114,287		$	3,354,083,485	$	1,083,137,173		$	10,434
	6,360,302			10,196,222		2,933,547			—
	43,097,433			192,555,237		71,481,427			10,423
	1,152,551,306			5,944,679,807		4,281,945,857			3,292,576
	2,824,733			360,938,617		201,804,487			—
	163,937,320			289,836,432		109,512,136			26,076
	6,663,165			30,415,765		129,820,920			26,067
$	1,623,548,546		$	10,182,705,565	$	5,880,635,547		$	3,365,576

	14,587,445			73,756,677		20,099,113			1,000
	382,600			235,109		65,104			—
	2,615,400			4,491,097		1,597,093			1,000
	67,283,604			129,609,668		75,016,987			315,626
	166,749			8,036,617		3,834,339			—
	9,734,492			6,448,818		2,042,925			2,500
	398,360			678,397		2,442,093			2,500

	$17.01			$45.47		$53.89			$10.43
	16.62			43.37		45.06			—
	16.48			42.87		44.76			10.42
	17.13			45.87		57.08			10.43
	16.94			44.91		52.63			—
	16.84			44.94		53.61			10.43
	16.73			44.83		53.16			10.43


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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Operations

For the Six Months Ended February 28, 2014 (Unaudited)


	Growth and Income Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $8,749, $24,279, $0, $56,915 and $0)	$	6,068,424
Dividends — affiliated issuers		—
Interest		1,374
Total investment income		6,069,798

Expenses:
Management fees		1,605,308
Distribution and Service fees^(b)		687,152
Transfer Agent fees^(b)		418,066
Printing and mailing costs		80,888
Professional fees		49,517
Registration fees		47,631
Custody, accounting and administrative services		37,803
Shareholder meeting expense		26,999
Trustee fees		10,938
Service Share fees — Shareholder Administration Plan		467
Service Share fees — Service Plan		467
Amortization of offering costs		—
Organization costs		—
Other		8,793
Total expenses		2,974,029
Less — expense reductions		(136,291	)
Net expenses		2,837,738
NET INVESTMENT INCOME		3,232,060

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers (including commission recapture of $11,915, $85,231, $307,385, $0 and $0)		22,543,516
Investments — affiliated issuers		—
Foreign currency transactions		—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		28,134,137
Investments — affiliated issuers		—
Net realized and unrealized gain		50,677,653
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	53,909,713

(a)

Commenced operations on January 31, 2014.

(b)

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


	Distribution and Service Fees								Transfer Agent Fees
Fund	Class A		Class B		Class C		Class R		Class A		Class B		Class C		Institutional		Service		Class IR		Class R
Growth and Income	$	491,582	$	68,182	$	125,062	$	2,326	$	373,602	$	12,954	$	23,762	$	4,635	$	75	$	2,154	$	884
Large Cap Value		298,834		32,230		202,258		16,241		227,114		6,124		38,430		216,923		552		143,422		6,171
Mid Cap Value		4,205,997		53,924		919,509		70,280		3,196,557		10,245		174,707		1,128,657		69,806		176,768		26,706
Small Cap Value		1,461,913		15,240		343,008		292,343		1,111,054		2,896		65,171		707,705		37,053		86,890		111,090
Small/Mid Cap Value		2		—		7		9		1		1		1		87		1		3		3


50		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^(a)

$	15,277,850	$	96,893,532		$	38,827,125		$	11,470
	—		188,870			1,441,334			—
	3,374		25,141			39,306			—
	15,281,224		97,107,543			40,307,765			11,470


	5,551,869		33,085,927			24,214,901			1,900
	549,563		5,249,710			2,112,504			18
	638,736		4,783,446			2,121,859			97
	56,229		341,298			176,662			4,974
	42,472		46,662			42,371			8,000
	64,751		100,071			78,149			7,359
	66,167		231,980			160,697			7,039
	30,421		277,155			145,776			—
	12,503		24,467			17,824			1,349
	3,455		436,312			231,583			—
	3,455		436,312			231,583			—
	—		—			—			11,205
	—		—			—			12,000
	24,243		79,748			49,413			1,840
	7,043,864		45,093,088			29,583,322			55,781
	—		—			(1,115,896	)		(53,668	)
	7,043,864		45,093,088			28,467,426			2,113
	8,237,360		52,014,455			11,840,339			9,357



	116,578,147		874,762,187			309,809,004			6,654
	—		(135,713	)		2,099,061			—
	—		—			(1,895	)		—

	74,658,674		526,873,837			493,475,012			117,955
	—		(14,513,276	)		158,512			—
	191,236,821		1,386,987,035			805,539,694			124,609
$	199,474,181	$	1,439,001,490		$	817,380,033		$	133,966


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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statements of Changes in Net Assets


	Growth and Income Fund
	For the Six Months Ended February 28, 2014 (Unaudited)			For the Fiscal Year Ended August 31, 2013
From operations:
Net investment income	$	3,232,060		$	5,067,415
Net realized gain		22,543,516			68,312,913
Net change in unrealized gain		28,134,137			22,525,912
Net increase in net assets resulting from operations		53,909,713			95,906,240

Distributions to shareholders:
From net investment income
Class A Shares		(3,135,361	)		(4,579,100	)
Class B Shares		(61,516	)		(115,836	)
Class C Shares		(121,029	)		(149,392	)
Institutional Shares		(220,296	)		(251,644	)
Service Shares		(2,759	)		(5,692	)
Class IR Shares		(20,972	)		(13,476	)
Class R Shares		(6,817	)		(7,971	)
From net realized gains
Class A Shares		—			—
Class B Shares		—			—
Class C Shares		—			—
Institutional Shares		—			—
Service Shares		—			—
Class IR Shares		—			—
Class R Shares		—			—
Total distributions to shareholders		(3,568,750	)		(5,123,111	)

From share transactions:
Proceeds from sales of shares		18,927,569			33,157,534
Reinvestment of distributions		3,490,667			4,987,103
Cost of shares redeemed		(41,001,694	)		(122,791,861	)
Net increase (decrease) in net assets resulting from share transactions		(18,583,458	)		(84,647,224	)
TOTAL INCREASE (DECREASE)		31,757,505			6,135,905

Net assets:
Beginning of period		440,195,658			434,059,753
End of period	$	471,953,163		$	440,195,658
Undistributed (distributions in excess of) net investment income	$	525,141		$	861,831

(a)

Commenced operations on January 31, 2014.


52		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, 2014 (Unaudited)			For the Fiscal Year Ended August 31, 2013			For the Six Months Ended February 28, 2014 (Unaudited)			For the Fiscal Year Ended August 31, 2013			For the Six Months Ended February 28, 2014 (Unaudited)			For the Fiscal Year Ended August 31, 2013			For the Period Ended February 28, 2014 (Unaudited)^(a)

$	8,237,360		$	16,093,546		$	52,014,455		$	65,061,048		$	11,840,339		$	35,759,802		$	9,357
	116,578,147			279,916,736			874,626,474			1,430,150,399			311,906,170			373,284,234			6,654
	74,658,674			37,742,107			512,360,561			329,795,847			493,633,524			398,114,976			117,955
	199,474,181			333,752,389			1,439,001,490			1,825,007,294			817,380,033			807,159,012			133,966



	(1,513,190	)		(4,249,526	)		(15,097,967	)		(27,315,684	)		(4,159,374	)		(9,074,191	)		—
	—			(28,592	)		—			—			—			(7,694	)		—
	(20,449	)		(146,312	)		—			(231,058	)		—			(347,142	)		—
	(11,520,072	)		(13,701,820	)		(47,767,369	)		(51,149,774	)		(22,049,182	)		(29,648,112	)		—
	(13,780	)		(27,510	)		(1,332,203	)		(2,062,564	)		(560,679	)		(1,352,600	)		—
	(1,444,396	)		(1,568,373	)		(843,215	)		(795,012	)		(521,770	)		(410,127	)		—
	(29,460	)		(50,353	)		(98,131	)		(114,948	)		(230,422	)		(453,112	)		—

	—			—			(492,502,746	)		—			(111,483,031	)		(43,582,618	)		—
	—			—			(1,668,030	)		—			(326,290	)		(219,902	)		—
	—			—			(27,991,344	)		—			(7,182,985	)		(3,526,097	)		—
	—			—			(818,935,019	)		—			(288,325,511	)		(101,314,401	)		—
	—			—			(50,965,016	)		—			(17,459,319	)		(6,454,974	)		—
	—			—			(16,845,350	)		—			(8,052,327	)		(1,509,568	)		—
	—			—			(4,179,219	)		—			(10,627,996	)		(2,499,193	)		—
	(14,541,347	)		(19,772,486	)		(1,478,225,609	)		(81,669,040	)		(470,978,886	)		(200,399,731	)		—


	112,173,407			359,576,176			1,334,023,819			2,395,866,486			1,565,318,120			1,695,550,210			3,231,685
	13,608,740			18,297,679			1,350,080,936			74,417,355			454,113,027			193,341,319			—
	(161,365,558	)		(692,573,547	)		(1,730,791,316	)		(2,548,671,160	)		(923,905,531	)		(1,088,769,758	)		(75	)
	(35,583,411	)		(314,699,692	)		953,313,439			(78,387,319	)		1,095,525,616			800,121,771			3,231,610
	149,349,423			(719,789	)		914,089,320			1,664,950,935			1,441,926,763			1,406,881,052			3,365,576


	1,474,199,123			1,474,918,912			9,268,616,245			7,603,665,310			4,438,708,784			3,031,827,732			—
$	1,623,548,546		$	1,474,199,123		$	10,182,705,565		$	9,268,616,245		$	5,880,635,547		$	4,438,708,784		$	3,365,576
$	(298,508	)	$	6,005,479		$	11,073,888		$	24,198,318		$	(8,708,971	)	$	6,972,117		$	9,357


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

GOLDMAN SACHS GROWTH AND INCOME 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^(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)
2014 - A	$	26.70	$	0.21		$	3.12		$	3.33		$	(0.23	)	$	—		$	(0.23	)
2014 - B		25.69		0.10			3.00			3.10			(0.12	)		—			(0.12	)
2014 - C		25.54		0.09			2.99			3.08			(0.13	)		—			(0.13	)
2014 - Institutional		27.12		0.27			3.16			3.43			(0.28	)		—			(0.28	)
2014 - Service		26.69		0.19			3.12			3.31			(0.21	)		—			(0.21	)
2014 - IR		26.65		0.24			3.12			3.36			(0.26	)		—			(0.26	)
2014 - R		26.60		0.17			3.11			3.28			(0.20	)		—			(0.20	)

FOR THE FISCAL YEARS ENDED AUGUST 31,
2013 - A		21.68		0.29			5.02			5.31			(0.29	)		—			(0.29	)
2013 - B		20.90		0.11			4.83			4.94			(0.15	)		—			(0.15	)
2013 - C		20.78		0.11			4.80			4.91			(0.15	)		—			(0.15	)
2013 - Institutional		22.01		0.40			5.09			5.49			(0.38	)		—			(0.38	)
2013 - Service		21.66		0.27			5.02			5.29			(0.26	)		—			(0.26	)
2013 - IR		21.64		0.38			4.97			5.35			(0.34	)		—			(0.34	)
2013 - R		21.60		0.23			5.00			5.23			(0.23	)		—			(0.23	)
2012 - A		19.04		0.32	^(e)		2.58			2.90			(0.26	)		—			(0.26	)
2012 - B		18.38		0.17	^(e)		2.48			2.65			(0.13	)		—			(0.13	)
2012 - C		18.28		0.16	^(e)		2.48			2.64			(0.14	)		—			(0.14	)
2012 - Institutional		19.33		0.41	^(e)		2.61			3.02			(0.34	)		—			(0.34	)
2012 - Service		19.04		0.30	^(e)		2.56			2.86			(0.24	)		—			(0.24	)
2012 - IR		19.02		0.36	^(e)		2.58			2.94			(0.32	)		—			(0.32	)
2012 - R		18.99		0.26	^(e)		2.57			2.83			(0.22	)		—			(0.22	)
2011 - A		17.84		0.21			1.21			1.42			(0.22	)		—			(0.22	)
2011 - B		17.25		0.06			1.16			1.22			(0.09	)		—			(0.09	)
2011 - C		17.16		0.05			1.17			1.22			(0.10	)		—			(0.10	)
2011 - Institutional		18.12		0.30			1.21			1.51			(0.30	)		—			(0.30	)
2011 - Service		17.83		0.20			1.20			1.40			(0.19	)		—			(0.19	)
2011 - IR		17.82		0.33			1.14			1.47			(0.27	)		—			(0.27	)
2011 - R		17.79		0.16			1.21			1.37			(0.17	)		—			(0.17	)
2010 - A		17.65		0.22	^(f)		0.18			0.40			(0.21	)		—			(0.21	)
2010 - B		17.06		0.08	^(f)		0.19			0.27			(0.08	)		—			(0.08	)
2010 - C		16.98		0.07	^(f)		0.19			0.26			(0.08	)		—			(0.08	)
2010 - Institutional		17.91		0.30	^(f)		0.20			0.50			(0.29	)		—			(0.29	)
2010 - Service		17.63		0.20	^(f)		0.20			0.40			(0.20	)		—			(0.20	)
2010 - IR		17.63		0.26	^(f)		0.20			0.46			(0.27	)		—			(0.27	)
2010 - R		17.60		0.16	^(f)		0.21			0.37			(0.18	)		—			(0.18	)
2009 - A		23.10		0.32			(5.31	)		(4.99	)		(0.42	)		(0.04	)		(0.46	)
2009 - B		22.35		0.19			(5.15	)		(4.96	)		(0.29	)		(0.04	)		(0.33	)
2009 - C		22.24		0.19			(5.11	)		(4.92	)		(0.30	)		(0.04	)		(0.34	)
2009 - Institutional		23.45		0.37			(5.37	)		(5.00	)		(0.50	)		(0.04	)		(0.54	)
2009 - Service		23.09		0.30			(5.31	)		(5.01	)		(0.41	)		(0.04	)		(0.45	)
2009 - IR		23.08		0.36			(5.30	)		(4.94	)		(0.47	)		(0.04	)		(0.51	)
2009 - R		23.08		0.21			(5.24	)		(5.03	)		(0.41	)		(0.04	)		(0.45	)

(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.


54		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)

$	29.80		12.50	%	$	403,020		1.19	%^(d)		1.25	%^(d)		1.45	%^(d)		20	%
	28.67		12.09			13,201		1.94	^(d)		2.00	^(d)		0.70	^(d)		20
	28.49		12.08			25,155		1.94	^(d)		2.00	^(d)		0.70	^(d)		20
	30.27		12.72			26,510		0.79	^(d)		0.85	^(d)		1.86	^(d)		20
	29.79		12.45			405		1.29	^(d)		1.35	^(d)		1.35	^(d)		20
	29.75		12.68			2,355		0.94	^(d)		1.00	^(d)		1.70	^(d)		20
	29.68		12.39			1,307		1.44	^(d)		1.50	^(d)		1.19	^(d)		20


	26.70		24.68			379,500		1.19			1.24			1.21			83
	25.69		23.75			14,140		1.94			1.99			0.46			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
	20.90		14.49			19,213		1.94			1.97			0.90	^(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
	18.38		7.04			27,327		1.94			1.96			0.28			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
	17.25		1.55			38,763		1.92			1.93			0.41	^(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
	17.65		(21.36	)		791,636		1.18			1.21			1.97			78
	17.06		(22.00	)		53,176		1.93			1.96			1.23			78
	16.98		(21.95	)		29,421		1.93			1.96			1.22			78
	17.91		(21.09	)		347,526		0.78			0.81			2.29			78
	17.63		(21.48	)		2,709		1.28			1.31			1.85			78
	17.63		(21.17	)		7		0.93			0.96			2.20			78
	17.60		(21.58	)		297		1.43			1.46			1.33			78


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

GOLDMAN SACHS LARGE CAP VALUE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from Investment operations
Year - Share Class	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2014 - A	$	15.06	$	0.06		$	1.99		$	2.05		$	(0.10	)
2014 - B		14.68		—	^(e)		1.94			1.94			—
2014 - C		14.56		—	^(e)		1.93			1.93			(0.01	)
2014 - Institutional		15.20		0.10			2.00			2.10			(0.17	)
2014 - Service		14.99		0.05			1.98			2.03			(0.08	)
2014 - IR		14.94		0.08			1.97			2.05			(0.15	)
2014 - R		14.80		0.04			1.96			2.00			(0.07	)


FOR THE FISCAL YEARS ENDED AUGUST 31,
2013 - A		12.13		0.12			2.95			3.07			(0.14	)
2013 - B		11.83		0.01			2.88			2.89			(0.04	)
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	^(f)		1.41			1.56			(0.13	)
2012 - B		10.41		0.06	^(f)		1.39			1.45			(0.03	)
2012 - C		10.33		0.06	^(f)		1.38			1.44			(0.03	)
2012 - Institutional		10.82		0.20	^(f)		1.42			1.62			(0.18	)
2012 - Service		10.64		0.14	^(f)		1.40			1.54			(0.12	)
2012 - IR		10.64		0.17	^(f)		1.41			1.58			(0.17	)
2012 - R		10.54		0.11	^(f)		1.40			1.51			(0.12	)
2011 - A		9.90		0.07			0.80			0.87			(0.07	)
2011 - B		9.64		(0.01	)		0.78			0.77			—
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	^(g)		0.12			0.19			(0.10	)
2010 - B		9.56		(0.01	)^(g)		0.11			0.10			(0.02	)
2010 - C		9.49		(0.01	)^(g)		0.12			0.11			(0.03	)
2010 - Institutional		9.92		0.11	^(g)		0.11			0.22			(0.13	)
2010 - Service		9.76		0.06	^(g)		0.12			0.18			(0.09	)
2010 - IR		9.76		0.10	^(g)		0.11			0.21			(0.12	)
2010 - R		9.72		0.03	^(g)		0.14			0.17			(0.12	)
2009 - A		12.37		0.10			(2.56	)		(2.46	)		(0.10	)
2009 - B		11.99		0.03			(2.45	)		(2.42	)		(0.01	)
2009 - C		11.92		0.03			(2.45	)		(2.42	)		(0.01	)
2009 - Institutional		12.52		0.13			(2.58	)		(2.45	)		(0.15	)
2009 - Service		12.30		0.09			(2.54	)		(2.45	)		(0.09	)
2009 - IR		12.33		0.12			(2.54	)		(2.42	)		(0.15	)
2009 - R		12.31		0.09			(2.56	)		(2.47	)		(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)

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

(g)

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


56		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)

$	17.01		13.66	%	$	248,114		1.20	%^(d)		1.20	%^(d)		0.79	%^(d)		35	%
	16.62		13.22			6,360		1.95	^(d)		1.95	^(d)		0.04	^(d)		35
	16.48		13.24			43,097		1.95	^(d)		1.95	^(d)		0.04	^(d)		35
	17.13		13.91			1,152,551		0.80	^(d)		0.80	^(d)		1.19	^(d)		35
	16.94		13.60			2,825		1.30	^(d)		1.30	^(d)		0.68	^(d)		35
	16.84		13.80			163,937		0.95	^(d)		0.95	^(d)		1.04	^(d)		35
	16.73		13.56			6,663		1.45	^(d)		1.45	^(d)		0.54	^(d)		35



	15.06		25.56			229,781		1.20			1.20			0.89			98
	14.68		24.54			6,806		1.95			1.95			0.10			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	^(f)		123
	11.83		13.87			8,320		1.94			1.94			0.56	^(f)		123
	11.74		13.89			34,854		1.94			1.94			0.55	^(f)		123
	12.26		15.19			900,661		0.79			0.79			1.75	^(f)		123
	12.06		14.63			3,424		1.29			1.29			1.23	^(f)		123
	12.05		14.99			103,975		0.94			0.94			1.52	^(f)		123
	11.93		14.38			5,411		1.44			1.44			1.02	^(f)		123
	10.70		8.75			555,309		1.17			1.17			0.63			76
	10.41		7.99			11,360		1.92			1.92			(0.11	)		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	^(g)		108
	9.64		1.02			14,485		1.92			1.92			(0.05	)^(g)		108
	9.57		1.10			53,186		1.92			1.92			(0.07	)^(g)		108
	10.01		2.22			1,648,589		0.77			0.77			1.06	^(g)		108
	9.85		1.83			6,149		1.27			1.27			0.58	^(g)		108
	9.85		2.12			80,471		0.92			0.92			0.92	^(g)		108
	9.77		1.71			3,578		1.42			1.42			0.31	^(g)		108
	9.81		(19.76	)		632,096		1.19			1.19			1.08			88
	9.56		(20.22	)		20,429		1.94			1.94			0.34			88
	9.49		(20.32	)		60,130		1.94			1.94			0.34			88
	9.92		(19.38	)		1,636,325		0.79			0.79			1.48			88
	9.76		(19.80	)		7,974		1.29			1.29			0.97			88
	9.76		(19.46	)		74,396		0.94			0.94			1.33			88
	9.72		(19.94	)		185		1.44			1.44			0.98			88


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

GOLDMAN SACHS MID 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 (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2014 - A	$	46.08	$	0.19		$	6.53		$	6.72		$	(0.22	)	$	(7.11	)	$	(7.33	)
2014 - B		44.21		0.02			6.25			6.27			—			(7.11	)		(7.11	)
2014 - C		43.79		0.02			6.17			6.19			—			(7.11	)		(7.11	)
2014 - Institutional		46.52		0.29			6.58			6.87			(0.41	)		(7.11	)		(7.52	)
2014 - Service		45.59		0.17			6.44			6.61			(0.18	)		(7.11	)		(7.29	)
2014 - IR		45.70		0.29			6.41			6.70			(0.35	)		(7.11	)		(7.46	)
2014 - R		45.54		0.14			6.43			6.57			(0.17	)		(7.11	)		(7.28	)


FOR THE FISCAL YEARS ENDED AUGUST 31,
2013 - A		37.43		0.24			8.75			8.99			(0.34	)		—			(0.34	)
2013 - B		35.86		(0.03	)		8.38			8.35			—			—			—
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	^(e)		3.88			4.19			(0.17	)		—			(0.17	)
2012 - B		32.09		0.04	^(e)		3.73			3.77			—			—			—
2012 - C		31.83		0.05	^(e)		3.69			3.74			—			—			—
2012 - Institutional		33.74		0.46	^(e)		3.89			4.35			(0.32	)		—			(0.32	)
2012 - Service		33.06		0.27	^(e)		3.83			4.10			(0.14	)		—			(0.14	)
2012 - IR		33.18		0.41	^(e)		3.82			4.23			(0.29	)		—			(0.29	)
2012 - R		33.14		0.25	^(e)		3.81			4.06			(0.16	)		—			(0.16	)
2011 - A		29.10		0.17	^(f)		4.27			4.44			(0.13	)		—			(0.13	)
2011 - B		28.06		(0.09	)^(f)		4.12			4.03			—			—			—
2011 - C		27.83		(0.09	)^(f)		4.09			4.00			—			—			—
2011 - Institutional		29.37		0.31	^(f)		4.32			4.63			(0.26	)		—			(0.26	)
2011 - Service		28.80		0.13	^(f)		4.24			4.37			(0.11	)		—			(0.11	)
2011 - IR		28.93		0.22	^(f)		4.28			4.50			(0.25	)		—			(0.25	)
2011 - R		28.96		0.06	^(f)		4.27			4.33			(0.15	)		—			(0.15	)
2010 - A		26.29		0.16	^(g)		2.93			3.09			(0.28	)		—			(0.28	)
2010 - B		25.36		(0.05	)^(g)		2.83			2.78			(0.08	)		—			(0.08	)
2010 - C		25.17		(0.05	)^(g)		2.81			2.76			(0.10	)		—			(0.10	)
2010 - Institutional		26.52		0.28	^(g)		2.95			3.23			(0.38	)		—			(0.38	)
2010 - Service		26.02		0.13	^(g)		2.91			3.04			(0.26	)		—			(0.26	)
2010 - IR		26.16		0.16	^(g)		2.99			3.15			(0.38	)		—			(0.38	)
2010 - R		26.26		0.02	^(g)		3.00			3.02			(0.32	)		—			(0.32	)
2009 - A		33.11		0.24			(6.77	)		(6.53	)		(0.29	)		—			(0.29	)
2009 - B		31.77		0.06			(6.45	)		(6.39	)		(0.02	)		—			(0.02	)
2009 - C		31.54		0.06			(6.40	)		(6.34	)		(0.03	)		—			(0.03	)
2009 - Institutional		33.47		0.33			(6.86	)		(6.53	)		(0.42	)		—			(0.42	)
2009 - Service		32.78		0.21			(6.70	)		(6.49	)		(0.27	)		—			(0.27	)
2009 - IR		33.01		0.23			(6.71	)		(6.48	)		(0.37	)		—			(0.37	)
2009 - R (Commenced January 6, 2009)		22.89		0.04			3.33			3.37			—			—			—

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

Reflects income recognized from special dividends which amounted to $0.09 per share and 0.25% of average net assets.

(f)

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

(g)

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


58		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)

$	45.47		15.71	%	$		3,354,083		1.14	%^(d)		1.14	%^(d)		0.83	%^(d)		45	%
	43.37		15.30				10,196		1.89	^(d)		1.89	^(d)		0.08	^(d)		45
	42.87		15.26				192,555		1.89	^(d)		1.89	^(d)		0.10	^(d)		45
	45.87		15.95				5,944,680		0.74	^(d)		0.74	^(d)		1.25	^(d)		45
	44.91		15.64				360,939		1.24	^(d)		1.24	^(d)		0.74	^(d)		45
	44.94		15.85				289,836		0.89	^(d)		0.89	^(d)		1.33	^(d)		45
	44.83		15.55				30,416		1.39	^(d)		1.39	^(d)		0.62	^(d)		45



	46.08		24.20				3,297,185		1.14			1.14			0.58			103
	44.21		23.29				11,846		1.89			1.89			(0.08	)		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	^(e)		80
	35.86		11.71				31,728		1.90			1.90			0.14	^(e)		80
	35.57		11.72				160,062		1.90			1.90			0.16	^(e)		80
	37.77		12.96				3,985,625		0.75			0.75			1.31	^(e)		80
	37.02		12.41				268,412		1.25			1.25			0.81	^(e)		80
	37.12		12.83				70,409		0.90			0.90			1.20	^(e)		80
	37.04		12.28				13,255		1.40			1.40			0.73	^(e)		80
	33.41		15.22				3,278,879		1.16			1.16			0.47	^(f)		77
	32.09		14.36				44,088		1.91			1.91			(0.25	)^(f)		77
	31.83		14.37				166,559		1.91			1.91			(0.28	)^(f)		77
	33.74		15.73				3,633,400		0.76			0.76			0.86	^(f)		77
	33.06		15.16				269,370		1.26			1.26			0.37	^(f)		77
	33.18		15.51				40,531		0.91			0.91			0.62	^(f)		77
	33.14		14.94				5,972		1.41			1.41			0.18	^(f)		77
	29.10		11.84				2,819,867		1.16			1.16			0.54	^(g)		104
	28.06		10.98				56,681		1.91			1.91			(0.16	)^(g)		104
	27.83		10.98				147,697		1.91			1.91			(0.19	)^(g)		104
	29.37		12.26				2,710,882		0.76			0.76			0.93	^(g)		104
	28.80		11.74				232,356		1.26			1.26			0.44	^(g)		104
	28.93		12.10				1,764		0.91			0.91			0.54	^(g)		104
	28.96		11.56				1,862		1.41			1.41			0.06	^(g)		104
	26.29		(19.49	)			2,630,467		1.19			1.19			1.03			114
	25.36		(20.10	)			72,920		1.94			1.94			0.30			114
	25.17		(20.07	)			149,393		1.94			1.94			0.29			114
	26.52		(19.18	)			2,136,745		0.79			0.79			1.42			114
	26.02		(19.60	)			200,421		1.29			1.29			0.93			114
	26.16		(19.33	)			145		0.94			0.94			0.97			114
	26.26		14.72				63		1.44	^(d)		1.44	^(d)		0.28	^(d)		114


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

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 (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED FEBRUARY 28, (UNAUDITED)
2014 - A	$	50.43	$	0.07		$	8.48		$	8.55		$	(0.18	)	$	(4.91	)	$	(5.09	)
2014 - B		42.90		(0.12	)		7.19			7.07			—			(4.91	)		(4.91	)
2014 - C		42.64		(0.12	)		7.15			7.03			—			(4.91	)		(4.91	)
2014 - Institutional		53.22		0.16			8.98			9.14			(0.37	)		(4.91	)		(5.28	)
2014 - Service		49.36		0.03			8.31			8.34			(0.16	)		(4.91	)		(5.07	)
2014 - IR		50.25		0.11			8.48			8.59			(0.32	)		(4.91	)		(5.23	)
2014 - R		49.80		(0.01	)		8.38			8.37			(0.10	)		(4.91	)		(5.01	)

FOR THE FISCAL YEARS ENDED AUGUST 31,
2013 - A		43.11		0.35	^(e)		9.73			10.08			(0.48	)		(2.28	)		(2.76	)
2013 - B		36.96		0.03	^(e)		8.27			8.30			(0.08	)		(2.28	)		(2.36	)
2013 - C		36.89		0.01	^(e)		8.25			8.26			(0.23	)		(2.28	)		(2.51	)
2013 - Institutional		45.36		0.55	^(e)		10.26			10.81			(0.67	)		(2.28	)		(2.95	)
2013 - Service		42.30		0.30	^(e)		9.52			9.82			(0.48	)		(2.28	)		(2.76	)
2013 - IR		43.00		0.41	^(e)		9.74			10.15			(0.62	)		(2.28	)		(2.90	)
2013 - R		42.65		0.19	^(e)		9.65			9.84			(0.41	)		(2.28	)		(2.69	)
2012 - A		37.73		0.27	^(f)		5.86			6.13			(0.08	)		(0.67	)		(0.75	)
2012 - B		32.61		(0.02	)^(f)		5.04			5.02			—			(0.67	)		(0.67	)
2012 - C		32.55		(0.03	)^(f)		5.04			5.01			—			(0.67	)		(0.67	)
2012 - Institutional		39.65		0.46	^(f)		6.15			6.61			(0.23	)		(0.67	)		(0.90	)
2012 - Service		37.01		0.23	^(f)		5.75			5.98			(0.02	)		(0.67	)		(0.69	)
2012 - IR		37.65		0.36	^(f)		5.85			6.21			(0.19	)		(0.67	)		(0.86	)
2012 - R		37.39		0.17	^(f)		5.81			5.98			(0.05	)		(0.67	)		(0.72	)
2011 - A		31.29		0.10	^(g)		6.43			6.53			(0.09	)		—			(0.09	)
2011 - B		27.19		(0.14	)^(g)		5.56			5.42			—			—			—
2011 - C		27.14		(0.17	)^(g)		5.58			5.41			—			—			—
2011 - Institutional		32.86		0.26	^(g)		6.75			7.01			(0.22	)		—			(0.22	)
2011 - Service		30.71		0.05	^(g)		6.32			6.37			(0.07	)		—			(0.07	)
2011 - IR		31.24		0.15	^(g)		6.45			6.60			(0.19	)		—			(0.19	)
2011 - R		31.08		(0.04	)^(g)		6.43			6.39			(0.08	)		—			(0.08	)
2010 - A		28.58		0.09	^(h)		2.79			2.88			(0.17	)		—			(0.17	)
2010 - B		24.88		(0.13	)^(h)		2.44			2.31			—			—			—
2010 - C		24.85		(0.13	)^(h)		2.43			2.30			(0.01	)		—			(0.01	)
2010 - Institutional		29.99		0.23	^(h)		2.91			3.14			(0.27	)		—			(0.27	)
2010 - Service		28.05		0.05	^(h)		2.76			2.81			(0.15	)		—			(0.15	)
2010 - IR		28.55		0.16	^(h)		2.79			2.95			(0.26	)		—			(0.26	)
2010 - R		28.53		(0.01	)^(h)		2.80			2.79			(0.24	)		—			(0.24	)
2009 - A		34.71		0.18			(6.18	)		(6.00	)		(0.09	)		(0.04	)		(0.13	)
2009 - B		30.31		(0.01	)		(5.38	)		(5.39	)		—			(0.04	)		(0.04	)
2009 - C		30.27		(0.01	)		(5.37	)		(5.38	)		—			(0.04	)		(0.04	)
2009 - Institutional		36.43		0.29			(6.47	)		(6.18	)		(0.22	)		(0.04	)		(0.26	)
2009 - Service		34.02		0.15			(6.03	)		(5.88	)		(0.05	)		(0.04	)		(0.09	)
2009 - IR		34.71		0.14			(6.08	)		(5.94	)		(0.18	)		(0.04	)		(0.22	)
2009 - R		34.61		(0.01	)		(6.01	)		(6.02	)		(0.02	)		(0.04	)		(0.06	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

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

(f)

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

(g)

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

(h)

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


60		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)

$53.89		17.43	%	$	1,083,137		1.36	%^(d)		1.40	%^(d)		0.25	%^(d)		27	%
45.06		17.02			2,934		2.11	^(d)		2.15	^(d)		(0.53	)^(d)		27
44.76		17.03			71,481		2.11	^(d)		2.15	^(d)		(0.54	)^(d)		27
57.08		17.68			4,281,946		0.96	^(d)		1.00	^(d)		0.58	^(d)		27
52.63		17.39			201,804		1.46	^(d)		1.50	^(d)		0.11	^(d)		27
53.61		17.61			109,512		1.11	^(d)		1.15	^(d)		0.44	^(d)		27
53.16		17.31			129,821		1.61	^(d)		1.65	^(d)		(0.05	)^(d)		27


50.43		24.86			1,141,424		1.38			1.42			0.75	^(e)		57
42.90		23.89			3,122		2.13			2.17			0.08	^(e)		57
42.64		23.89			64,751		2.13			2.17			0.03	^(e)		57
53.22		25.34			2,891,932		0.98			1.02			1.12	^(e)		57
49.36		24.70			162,696		1.48			1.52			0.65	^(e)		57
50.25		25.16			73,723		1.13			1.17			0.86	^(e)		57
49.80		24.51			101,060		1.63			1.67			0.40	^(e)		57
43.11		16.43			931,473		1.41			1.44			0.68	^(f)		50
36.96		15.59			3,973		2.16			2.19			(0.04	)^(f)		50
36.89		15.59			58,926		2.16			2.19			(0.07	)^(f)		50
45.36		16.91			1,852,215		1.01			1.04			1.07	^(f)		50
42.30		16.33			115,385		1.51			1.54			0.57	^(f)		50
43.00		16.74			24,332		1.16			1.19			0.90	^(f)		50
42.65		16.17			45,525		1.66			1.69			0.42	^(f)		50
37.73		20.85			827,768		1.45			1.46			0.25	^(g)		46
32.61		19.93			9,700		2.20			2.21			(0.43	)^(g)		46
32.55		19.93			58,293		2.20			2.21			(0.49	)^(g)		46
39.65		21.33			1,568,115		1.05			1.06			0.62	^(g)		46
37.01		20.74			76,841		1.55			1.56			0.14	^(g)		46
37.65		21.12			11,801		1.20			1.21			0.38	^(g)		46
37.39		20.56			25,269		1.70			1.71			(0.10	)^(g)		46
31.29		10.11			670,228		1.48			1.48			0.28	^(h)		56
27.19		9.28			14,521		2.23			2.23			(0.45	)^(h)		56
27.14		9.27			52,143		2.23			2.23			(0.47	)^(h)		56
32.86		10.53			943,868		1.08			1.08			0.67	^(h)		56
30.71		10.05			58,064		1.58			1.58			0.17	^(h)		56
31.24		10.39			3,660		1.23			1.23			0.48	^(h)		56
31.08		9.83			8,869		1.73			1.73			(0.03	)^(h)		56
28.58		(17.20	)		586,680		1.50			1.50			0.72			55
24.88		(17.76	)		24,984		2.25			2.25			(0.01	)		55
24.85		(17.75	)		48,935		2.25			2.25			(0.03	)		55
29.99		(16.78	)		746,624		1.10			1.10			1.10			55
28.05		(17.24	)		44,935		1.60			1.60			0.60			55
28.55		(16.95	)		266		1.25			1.25			0.57			55
28.53		(17.35	)		445		1.75			1.75			(0.02	)		55


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

GOLDMAN SACHS SMALL/MID CAP VALUE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout the Period


			Income (loss) 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
FOR THE PERIOD ENDED FEBRUARY 28, (UNAUDITED)
2014 - A (Commenced on January 31, 2014)	$	10.00	$	0.03	$	0.40	$	0.43
2014 - C (Commenced on January 31, 2014)		10.00		0.03		0.39		0.42
2014 - Institutional (Commenced on January 31, 2014)		10.00		0.03		0.40		0.43
2014 - IR (Commenced on January 31, 2014)		10.00		0.03		0.40		0.43
2014 - R (Commenced on January 31, 2014)		10.00		0.03		0.40		0.43

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


62		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 to average net assets^(c)			Portfolio turnover rate^(d)

$	10.43		4.30	%	$	10		1.33	%		16.39	%		3.92	%		7	%
	10.42		4.20			10		2.07			17.13			3.18			7
	10.43		4.30			3,293		0.93			15.95			4.18			7
	10.43		4.30			26		1.08			16.14			4.17			7
	10.43		4.30			26		1.57			16.63			3.68			7


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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements

February 28, 2014 (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, B, C, Institutional, Service, IR and R	Diversified
Small/Mid Cap Value (Commenced January 31, 2014)	A, C, Institutional, IR and R	Diversified

Class B Shares are generally no longer available for purchase by current or prospective investors.

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class B Shares were sold with a contingent deferred sales charge (“CDSC”) that declines from 5.00% to zero, depending upon the period of time the shares are held. Class C Shares are sold with a CDSC of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Class IR and Class R Shares are not subject to a sales charge.

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


2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B. Investment Income and Investments — Investment income includes interest income and dividend income, net of any foreign withholding taxes, less any amounts reclaimable. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. 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 MLPs are generally recorded based on the characterization reported on the Fund’s schedule K-1 received from the MLPs. The fund records its pro-rata share of the income/loss and capital gain/losses, allocated from the underlying partnerships and adjusts the cost basis of the underlying partnerships accordingly.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agent and Service and Shareholder Administration fees. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the respective Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.

D. Offering and Organization Costs — Offering costs paid in connection with the offering of shares of Small/Mid Cap Value Fund are being 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 Small/Mid Cap Value 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. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

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

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

F. Commission Recapture — GSAM, on behalf of certain Funds, may direct portfolio trades, subject to seeking best execution, to various brokers who have agreed to rebate a portion of the commissions generated. Such rebates are made directly to a Fund as cash payments and are included in net realized gain (loss) from investments on the Statements of Operations.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2014 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

G. Foreign Currency Translation — The accounting records and reporting currency of the Funds are maintained in United States (“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.


3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

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

The Trustees have adopted Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ portfolio investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities and investment companies traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, equity securities and exchange traded investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Investments in investment companies (other than those that are exchange traded) are valued at the 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 classified as Level 2.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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.

Investment Company — Investments in investment companies (other than those that are exchange traded) are valued at the NAV on the valuation date. To the extent these instruments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are classified as Level 2.

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 underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.

In December 2011, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) No. 2011-11: Disclosures about Offsetting Assets and Liabilities (“netting”) on the Statements of Assets and Liabilities that are subject to master netting arrangements or similar agreements. ASU 2011-11 was amended by ASU No. 2013-01, clarifying which investments and transactions are subject to the netting disclosure. The scope of the disclosure requirements is limited to derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions. This information is intended to enable users of the Funds’ financial statements to evaluate the effect or potential effect of netting arrangements on the Funds’ financial position.

For financial reporting purposes, the Funds’ do not offset financial assets and financial liabilities that are subject to master netting arrangements or similar agreements on the Statements of Assets and Liabilities.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2014 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

A MRA governs transactions between a Fund and select counterparties. A MRA contains provisions for, among other things, initiation, income payments, events of default and maintenance of securities for repurchase agreements. A 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.

At February 28, 2014, the Funds’ investment in a repurchase agreement was subject to enforceable MRAs. The repurchase agreement on a net basis was as follows:


Repurchase Agreements	Growth and Income			Large Cap Value			Mid Cap Value			Small Cap Value
Total gross amount presented in Statements of Assets and Liabilities	$	4,200,000		$	11,500,000		$	260,600,000		$	126,900,000
Non-cash Collateral offsetting⁽¹⁾		(4,200,000	)		(11,500,000	)		(260,600,000	)		(126,900,000	)
Net Amount⁽²⁾	$	—		$	—		$	—		$	—

(1)

At February 28, 2014, the value of the collateral received from each seller exceeded the value of the related repurchase agreements.

(2)

Net amount represents the net amount due from the counterparty in the event of a default based on the contractual set-off rights under the agreement.

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 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.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of February 28, 2014:



GROWTH AND INCOME

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	466,707,845	$	—	$	—
Preferred Stock		—		2,479,888		—
Short-term Investments		—		4,200,000		—
Total	$	466,707,845	$	6,679,888	$	—

LARGE CAP VALUE

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	1,610,956,733	$	—	$	—
Short-term Investments		—		11,500,000		—
Total	$	1,610,956,733	$	11,500,000	$	—

MID CAP VALUE

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	9,960,192,584	$	—	$	—
Short-term Investments		—		260,600,000		—
Total	$	9,960,192,584	$	260,600,000	$	—

SMALL CAP VALUE

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	5,773,602,922	$	—	$	1,970,605
Investment Company		6,689,932		—		—
Short-term Investments		—		126,900,000		—
Total	$	5,780,292,854	$	126,900,000	$	1,970,605

SMALL/MID CAP VALUE

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	3,311,700	$	—	$	—
Investment Company		71,225		—		—
Total	$	3,382,925	$	—	$	—

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

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2014 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended February 28, 2014, 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	%		0.70	%
Large Cap Value		0.75			0.68			0.65			0.64			0.63			0.72			0.72
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			0.94			0.91	#
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, 2014. Prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. Where the application of the above contractual management fee breakpoint schedule would result in a lower management fee rate, the breakpoint schedule will be applied to the Fund’s assets.

B. Distribution and Service Plans — The Trust, on behalf of each Fund, has adopted Distribution and Service Plans (the “Plans”). Under the Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee, accrued daily and paid monthly, for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers, at the following annual rates calculated on a Fund’s average daily net assets of each respective share class:


	Distribution and Service Plan Rates
	Class A*			Class B			Class C			Class R*
Distribution Plan		0.25	%		0.75	%		0.75	%		0.50	%
Service Plan		—			0.25			0.25			—

With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

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 B and Class C Shares’ CDSC. For the six months ended February 28, 2014, Goldman Sachs advised that it retained the following amounts:


	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class B		Class C
Growth and Income	$	18,915	$	—	$	—
Large Cap Value		9,115		—		14
Mid Cap Value		40,790		—		5
Small Cap Value		5,212		—		9
Small/Mid Cap Value		—		N/A		—

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 B, Class C, Class IR and Class R Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expense” of the Funds (excluding transfer agent 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, Mid Cap Value, Small Cap Value and Small/Mid Cap Value Funds are 0.054%, 0.064%, 0.104%, 0.004% and 0.044%, respectively. These Other Expense limitations will remain in place through December 29, 2014 (January 31, 2015 for the Small/Mid Cap Value Fund), and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. With the exception of the Small/Mid Cap Value Fund, the Funds bear their respective share of costs related to proxy and shareholder meetings, and GSAM has agreed to reimburse each Fund to the extent such expenses exceed a specified percentage of the Fund’s net assets. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2014 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended February 28, 2014, 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	$	—	$	136,291	$	136,291
Small Cap Value		694,247		421,649		1,115,896
Small/Mid Cap Value		—		53,668		53,668

As of February 28, 2014, the amounts owed to affiliates of the Funds were as follows:


Fund	Management Fees		Distribution and Service Fees		Transfer Agent Fees		Total
Growth and Income	$	247,546	$	104,746	$	64,174	$	416,466
Large Cap Value		873,984		85,993		100,576		1,060,553
Mid Cap Value		5,131,902		791,335		738,834		6,662,071
Small Cap Value		3,914,823		304,122		328,352		4,547,297
Small/Mid Cap Value		1,900		18		97		2,015

G. Line of Credit Facility — As of February 28, 2014, the Funds, with the exception of Small/Mid Cap Value Fund, participated in a $780,000,000 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 $220,000,000, for a total of up to $1,000,000,000. 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, 2014, the Funds did not have any borrowings under the facility.

H. Other Transactions with Affiliates — For the six months ended February 28, 2014, Goldman Sachs earned $14, $121,071, $57,707 and $17 in brokerage commissions from portfolio transactions, on behalf of the Large Cap Value, Mid Cap Value, Small Cap Value and Small/Mid Cap Value Funds, respectively.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

An investment by a Fund representing greater than 5% of the voting securities of an issuer makes that issuer an affiliated person (as defined by the Act) of such Fund. The following table provides information about the investment in shares of issuers of which a Fund is an affiliate for the six months ended February 28, 2014:


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		Dividend Income
Mid Cap Value	Triumph Group Inc.		1,226,676		1,526,049		(47,056	)		2,705,669	$	176,409,619	$	188,870
Small Cap Value	Apollo Commercial Real Estate Finance, Inc		1,648,762		350,430		—			1,999,192		33,466,474		1,441,334
	Premiere Global Services, Inc.		2,285,090		481,973		—			2,767,063		31,295,483		—
	Rex Energy Corp.		2,743,505		670,984		(375,011	)		3,039,478		57,750,082		—

As of February 28, 2014, the Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of outstanding Class A, Class C, Institutional, Class IR and Class R Shares of the following funds:


Fund	Class A			Class C			Institutional			Class IR			Class R
Small/Mid Cap Value		100	%		100	%		93	%		100	%		100	%

As of February 28, 2014, the Goldman Sachs Profit Sharing Master Trust was the beneficial owner of approximately 8% 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, 2014, were as follows:


Fund	Purchases		Sales and Maturities
Growth and Income	$	89,399,479	$	107,705,465
Large Cap Value		530,446,965		573,914,515
Mid Cap Value		4,373,244,713		5,050,226,361
Small Cap Value		2,006,788,168		1,391,940,254
Small/Mid Cap Value		3,421,452		234,361

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2014 (Unaudited)

6. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2013, the Funds’ capital loss carryforwards were as follows:


	Growth and Income			Large Cap Value
Capital loss carryforward:⁽¹⁾
Expiring 2018	$	(221,393,394	)	$	(228,366,805	)

(1)

Expiration occurs on August 31 of the year indicated.

As of February 28, 2014, 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	$	392,566,342		$	1,350,817,977		$	8,446,493,501		$	4,530,996,793		$	3,264,970
Gross unrealized gain		87,274,584			297,254,290			1,910,893,087			1,414,830,195			146,763
Gross unrealized loss		(6,453,193	)		(25,615,534	)		(136,594,004	)		(36,663,529	)		(28,808	)
Net unrealized gain	$	80,821,391		$	271,638,756		$	1,774,299,083		$	1,378,166,666		$	117,955

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 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.

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.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

7. OTHER RISKS (continued)

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.

Shareholder Concentration Risk — Certain funds, accounts, individuals or Goldman Sachs affiliates may from time to time own (beneficially or of record) or control a significant percentage of the Funds’ shares. Redemptions by these entities of their holdings in the Funds may impact the Funds’ liquidity and NAV. These redemptions may also force the Funds to sell securities.

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

Notes to Financial Statements (continued)

February 28, 2014 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Growth and Income Fund

	For the Six Months Ended February 28, 2014 (Unaudited)						For the Fiscal Year Ended August 31, 2013

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		289,911		$	8,249,809			791,958		$	19,443,719
Reinvestment of distributions		109,408			3,082,629			193,594			4,473,120
Shares converted from Class B^(a)		26,509			747,328			91,558			2,234,700
Shares redeemed		(1,115,590	)		(31,870,328	)		(4,130,730	)		(99,979,513	)
		(689,762	)		(19,790,562	)		(3,053,620	)		(73,827,974	)
Class B Shares
Shares sold		7,846			212,298			15,139			354,209
Reinvestment of distributions		2,217			60,463			5,210			113,412
Shares converted to Class A^(a)		(27,534	)		(747,328	)		(95,052	)		(2,234,700	)
Shares redeemed		(72,473	)		(1,985,413	)		(294,315	)		(6,829,828	)
		(89,944	)		(2,459,980	)		(369,018	)		(8,596,907	)
Class C Shares
Shares sold		57,164			1,560,069			171,695			4,158,653
Reinvestment of distributions		3,972			107,551			6,103			133,115
Shares redeemed		(124,021	)		(3,366,396	)		(229,464	)		(5,379,527	)
		(62,885	)		(1,698,776	)		(51,666	)		(1,087,759	)
Institutional Shares
Shares sold		280,102			8,145,535			274,750			6,944,321
Reinvestment of distributions		7,408			211,800			10,206			242,836
Shares redeemed		(122,670	)		(3,549,785	)		(391,951	)		(9,155,651	)
		164,840			4,807,550			(106,995	)		(1,968,494	)
Service Shares
Shares sold		1,050			30,268			4,290			110,592
Reinvestment of distributions		16			436			140			3,172
Shares redeemed		(804	)		(22,971	)		(17,240	)		(438,798	)
		262			7,733			(12,810	)		(325,034	)
Class IR Shares
Shares sold		1,167			32,437			77,472			1,956,841
Reinvestment of distributions		746			20,971			579			13,476
Shares redeemed		(3,700	)		(106,099	)		(19,270	)		(463,308	)
		(1,787	)		(52,691	)		58,781			1,507,009
Class R Shares
Shares sold		24,444			697,153			8,083			189,199
Reinvestment of distributions		243			6,817			350			7,972
Shares redeemed		(3,537	)		(100,702	)		(22,586	)		(545,236	)
		21,150			603,268			(14,153	)		(348,065	)
NET DECREASE		(658,126	)	$	(18,583,458	)		(3,549,481	)	$	(84,647,224	)

(a)

Class B Shares automatically convert into Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Large Cap Value Fund

	For the Six Months Ended February 28, 2014 (Unaudited)						For the Fiscal Year Ended August 31, 2013

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,485,728		$	23,911,100			3,288,434		$	44,601,786
Reinvestment of distributions		90,850			1,458,129			335,643			4,155,213
Shares converted from Class B^(a)		11,681			185,186			35,470			477,987
Shares redeemed		(2,261,769	)		(36,480,618	)		(22,871,244	)		(308,036,472	)
		(673,510	)		(10,926,203	)		(19,211,697	)		(258,801,486	)
Class B Shares
Shares sold		4,772			73,164			9,384			123,836
Reinvestment of distributions		—			—			2,036			24,685
Shares converted to Class A^(a)		(11,959	)		(185,186	)		(36,293	)		(477,987	)
Shares redeemed		(73,867	)		(1,149,669	)		(214,932	)		(2,894,679	)
		(81,054	)		(1,261,691	)		(239,805	)		(3,224,145	)
Class C Shares
Shares sold		183,679			2,828,742			347,993			4,727,200
Reinvestment of distributions		1,029			16,037			9,196			110,597
Shares redeemed		(163,468	)		(2,547,783	)		(732,155	)		(9,592,357	)
		21,240			296,996			(374,966	)		(4,754,560	)
Institutional Shares
Shares sold		4,537,427			74,080,064			20,536,629			284,431,301
Reinvestment of distributions		659,653			10,653,393			993,277			12,376,232
Shares redeemed		(6,891,315	)		(111,164,379	)		(26,033,594	)		(355,254,548	)
		(1,694,235	)		(26,430,922	)		(4,503,688	)		(58,447,015	)
Service Shares
Shares sold		16,152			257,640			85,395			1,151,173
Reinvestment of distributions		489			7,824			991			12,226
Shares redeemed		(49,082	)		(771,726	)		(171,090	)		(2,267,821	)
		(32,441	)		(506,262	)		(84,704	)		(1,104,422	)
Class IR Shares
Shares sold		636,246			10,251,298			1,648,637			22,565,950
Reinvestment of distributions		90,957			1,444,396			127,926			1,568,373
Shares redeemed		(476,712	)		(7,617,954	)		(920,657	)		(12,515,272	)
		250,491			4,077,740			855,906			11,619,051
Class R Shares
Shares sold		48,432			771,399			148,112			1,974,930
Reinvestment of distributions		1,834			28,961			4,131			50,353
Shares redeemed		(104,794	)		(1,633,429	)		(152,766	)		(2,012,398	)
		(54,528	)		(833,069	)		(523	)		12,885
NET DECREASE		(2,264,037	)	$	(35,583,411	)		(23,559,477	)	$	(314,699,692	)

(a)

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2014 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Mid Cap Value Fund

	For the Six Months Ended February 28, 2014 (Unaudited)						For the Fiscal Year Ended August 31, 2013

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		8,191,078		$	377,070,242			21,238,354		$	886,798,661
Reinvestment of distributions		11,190,520			474,925,689			675,423			25,672,793
Shares converted from Class B^(a)		2,569			113,532			38,671			1,612,347
Shares redeemed		(17,173,309	)		(780,952,715	)		(32,544,153	)		(1,377,527,793	)
		2,210,858			71,156,748			(10,591,705	)		(463,443,992	)
Class B Shares
Shares sold		5,454			234,495			11,013			450,903
Reinvestment of distributions		38,609			1,565,599			—			—
Shares converted to Class A^(a)		(2,687	)		(113,532	)		(40,203	)		(1,612,347	)
Shares redeemed		(74,183	)		(3,237,015	)		(587,654	)		(23,791,102	)
		(32,807	)		(1,550,453	)		(616,844	)		(24,952,546	)
Class C Shares
Shares sold		360,087			15,245,018			398,864			16,684,161
Reinvestment of distributions		537,430			21,545,591			4,858			176,407
Shares redeemed		(400,266	)		(17,333,566	)		(910,295	)		(36,164,165	)
		497,251			19,457,043			(506,573	)		(19,303,597	)
Institutional Shares
Shares sold		14,562,857			676,784,890			30,965,173			1,339,626,572
Reinvestment of distributions		18,281,664			781,906,738			1,198,035			45,824,836
Shares redeemed		(17,784,410	)		(812,906,817	)		(23,125,109	)		(979,713,347	)
		15,060,111			645,784,811			9,038,099			405,738,061
Service Shares
Shares sold		878,802			39,951,394			2,395,015			100,932,159
Reinvestment of distributions		1,152,450			48,322,230			48,877			1,839,232
Shares redeemed		(1,333,829	)		(60,546,970	)		(2,354,619	)		(96,926,184	)
		697,423			27,726,654			89,273			5,845,207
Class IR Shares
Shares sold		5,033,896			216,175,349			899,485			37,752,580
Reinvestment of distributions		421,908			17,686,371			20,977			789,139
Shares redeemed		(1,134,848	)		(49,641,086	)		(689,185	)		(28,155,162	)
		4,320,956			184,220,634			231,277			10,386,557
Class R Shares
Shares sold		186,836			8,562,431			322,804			13,621,450
Reinvestment of distributions		98,608			4,128,718			3,055			114,948
Shares redeemed		(138,515	)		(6,173,147	)		(152,300	)		(6,393,407	)
		146,929			6,518,002			173,559			7,342,991
NET INCREASE (DECREASE)		22,900,721		$	953,313,439			(2,182,914	)	$	(78,387,319	)

(a)

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Small Cap Value Fund

	For the Six Months Ended February 28, 2014 (Unaudited)						For the Fiscal Year Ended August 31, 2013

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		3,280,048		$	174,940,020			7,675,173		$	359,889,403
Reinvestment of distributions		2,092,274			107,459,174			1,215,857			49,974,775
Shares converted from Class B^(a)		1,024			53,133			3,620			166,779
Shares redeemed		(7,905,826	)		(419,677,499	)		(7,868,335	)		(357,727,733	)
		(2,532,480	)		(137,225,172	)		1,026,315			52,303,224
Class B Shares
Shares sold		740			32,611			4,388			175,014
Reinvestment of distributions		7,230			311,023			6,145			216,119
Shares converted to Class A^(a)		(1,218	)		(53,133	)		(4,237	)		(166,779	)
Shares redeemed		(14,426	)		(638,875	)		(41,012	)		(1,600,581	)
		(7,674	)		(348,374	)		(34,716	)		(1,376,227	)
Class C Shares
Shares sold		145,715			6,399,436			230,467			9,012,118
Reinvestment of distributions		129,671			5,540,863			88,703			3,101,075
Shares redeemed		(196,676	)		(8,781,225	)		(398,201	)		(15,573,882	)
		78,710			3,159,074			(79,031	)		(3,460,689	)
Institutional Shares
Shares sold		22,798,483			1,278,587,554			23,526,258			1,147,673,448
Reinvestment of distributions		5,613,555			305,096,723			2,959,104			127,959,330
Shares redeemed		(7,733,636	)		(433,135,109	)		(12,979,061	)		(635,479,417	)
		20,678,402			1,150,549,168			13,506,301			640,153,361
Service Shares
Shares sold		748,379			39,361,898			1,428,069			65,493,688
Reinvestment of distributions		336,878			16,901,197			179,280			7,218,191
Shares redeemed		(546,840	)		(28,344,029	)		(1,039,428	)		(46,687,054	)
		538,417			27,919,066			567,921			26,024,825
Class IR Shares
Shares sold		738,493			39,029,605			1,173,865			54,745,271
Reinvestment of distributions		167,409			8,547,903			46,957			1,919,695
Shares redeemed		(330,014	)		(17,459,932	)		(319,596	)		(14,991,435	)
		575,888			30,117,576			901,226			41,673,531
Class R Shares
Shares sold		513,415			26,966,996			1,250,978			58,561,268
Reinvestment of distributions		202,331			10,256,144			72,604			2,952,134
Shares redeemed		(302,850	)		(15,868,862	)		(361,873	)		(16,709,656	)
		412,896			21,354,278			961,709			44,803,746
NET INCREASE		19,744,159		$	1,095,525,616			16,849,725		$	800,121,771

(a)

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Notes to Financial Statements (continued)

February 28, 2014 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Small/Mid Cap Value Fund

	For the Period Ended February 28, 2014 (Unaudited)^(a)

	Shares			Dollars

Class A Shares
Shares sold		1,002		$	10,020
Shares redeemed		(2	)		(15	)
		1,000			10,005
Class C Shares
Shares sold		1,002			10,015
Shares redeemed		(2	)		(15	)
		1,000			10,000
Institutional Shares
Shares sold		315,627			3,161,620
Shares redeemed		(1	)		(15	)
		315,626			3,161,605
Class IR Shares
Shares sold		2,502			25,015
Shares redeemed		(2	)		(15	)
		2,500			25,000
Class R Shares
Shares sold		2,502			25,015
Shares redeemed		(2	)		(15	)
		2,500			25,000
NET INCREASE		322,626		$	3,231,610

(a)

Commenced operations on January 31, 2014.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Fund Expenses — Six Month Period Ended February 28, 2014 (Unaudited)

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2013 (January 31, 2014 for Small/Mid Cap Value Fund) through February 28, 2014.

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^(a)
Share Class	Beginning Account Value 9/1/13		Ending Account Value 2/28/14			Expenses Paid for the 6 months ended 2/28/14*		Beginning Account Value 9/1/13		Ending Account Value 2/28/14			Expenses Paid for the 6 months ended 2/28/14*		Beginning Account Value 9/1/13		Ending Account Value 2/28/14			Expenses Paid for the 6 months ended 2/28/14*		Beginning Account Value 9/1/13		Ending Account Value 2/28/14			Expenses Paid for the 6 months ended 2/28/14*		Beginning Account Value 1/31/14		Ending Account Value 2/28/14			Expenses Paid for the period ended 2/28/14*
Class A
Actual	$	1,000.00	$	1,125.00		$	6.27	$	1,000.00	$	1,136.60		$	6.36	$	1,000.00	$	1,157.10		$	6.10	$	1,000.00	$	1,174.30		$	7.33	$	1,000.00	$	1,043.00		$	1.08
Hypothetical 5% return		1,000.00		1,018.89	+		5.96		1,000.00		1,018.84	+		6.01		1,000.00		1,019.14	+		5.71		1,000.00		1,018.05	+		6.80		1,000.00		1,002.92	+		1.06
Class B
Actual		1,000.00		1,120.90			10.20		1,000.00		1,132.20			10.31		1,000.00		1,153.00			10.09		1,000.00		1,170.20			11.35		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,015.17	+		9.69		1,000.00		1,015.13	+		9.74		1,000.00		1,015.42	+		9.44		1,000.00		1,014.33	+		10.54		N/A		N/A			N/A
Class C
Actual		1,000.00		1,120.80			10.20		1,000.00		1,132.40			10.31		1,000.00		1,152.60			10.09		1,000.00		1,170.30			11.35		1,000.00		1,042.00			1.68
Hypothetical 5% return		1,000.00		1,015.17	+		9.69		1,000.00		1,015.13	+		9.74		1,000.00		1,015.42	+		9.44		1,000.00		1,014.33	+		10.54		1,000.00		1,002.33	+		1.65
Institutional
Actual		1,000.00		1,127.20			4.17		1,000.00		1,139.10			4.24		1,000.00		1,159.50			3.96		1,000.00		1,176.80			5.18		1,000.00		1,043.00			0.75
Hypothetical 5% return		1,000.00		1,020.88	+		3.96		1,000.00		1,020.83	+		4.01		1,000.00		1,021.13	+		3.71		1,000.00		1,020.03	+		4.81		1,000.00		1,003.23	+		0.74
Service
Actual		1,000.00		1,124.50			6.80		1,000.00		1,136.00			6.88		1,000.00		1,156.40			6.63		1,000.00		1,173.90			7.87		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,018.40	+		6.46		1,000.00		1,018.35	+		6.51		1,000.00		1,018.65	+		6.21		1,000.00		1,017.56	+		7.30		N/A		N/A			N/A
Class IR
Actual		1,000.00		1,126.80			4.96		1,000.00		1,138.00			5.04		1,000.00		1,158.50			4.76		1,000.00		1,176.10			5.99		1,000.00		1,043.00			0.88
Hypothetical 5% return		1,000.00		1,020.13	+		4.71		1,000.00		1,020.08	+		4.76		1,000.00		1,020.38	+		4.46		1,000.00		1,019.29	+		5.56		1,000.00		1,003.11	+		0.86
Class R
Actual		1,000.00		1,123.90			7.58		1,000.00		1,135.60			7.68		1,000.00		1,155.50			7.43		1,000.00		1,173.10			8.67		1,000.00		1,043.00			1.27
Hypothetical 5% return		1,000.00		1,017.65	+		7.20		1,000.00		1,017.60	+		7.25		1,000.00		1,017.90	+		6.95		1,000.00		1,016.81	+		8.05		1,000.00		1,002.73	+		1.25

(a)

Commenced operations on January 31, 2014.

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, 2014. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:


Fund	Class A			Class B			Class C			Institutional			Service			Class IR			Class R
Growth and Income		1.19	%		1.94	%		1.94	%		0.79	%		1.29	%		0.94	%		1.44	%
Large Cap Value		1.20			1.95			1.95			0.80			1.30			0.95			1.45
Mid Cap Value		1.14			1.89			1.89			0.74			1.24			0.89			1.39
Small Cap Value		1.36			2.11			2.11			0.96			1.46			1.11			1.61
Small/Mid Cap Value^(a)		1.33			N/A			2.07			0.93			N/A			1.08			1.57

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.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Small/Mid Cap Value Fund (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs Trust (the “Trust”) that commenced investment operations on January 31, 2014. At a meeting held on December 18-19, 2013 (the “Meeting”) in connection with the Fund’s organization, the Trustees, including all of the Trustees present who are not parties to the Fund’s investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”).

At the Meeting, the Trustees reviewed the Management Agreement, including information regarding the terms of the Management Agreement; the nature, extent and quality of the Investment Adviser’s anticipated services; the fees and expenses to be paid by the Fund; a comparison of the Fund’s proposed management fees and anticipated expenses with those paid by other similar mutual funds; the Investment Adviser’s proposal to limit certain expenses of the Fund that exceed a specified level; and potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with the Fund. Various information was also provided at a prior meeting at which the Fund was discussed.

In connection with the Meeting, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel regarding their responsibilities under applicable law. In evaluating the Management Agreement at the Meeting, the Trustees relied upon information included in a presentation made by the Investment Adviser at the Meeting and information received at prior Board meetings, as well as on their knowledge of the Investment Adviser resulting from their meetings and other interactions over time.

Nature, Extent and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent and quality of the services to be provided by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided to the Fund by the Investment Adviser and its affiliates. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. The Trustees noted the experience and capabilities of the portfolio management team. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and other resources to the Fund. In this regard, the Trustees noted that, although the Fund was new (and therefore had no performance data to evaluate), the Investment Adviser had experience managing other funds and accounts that invested primarily in small and mid cap equity securities. The Trustees also considered composite performance information for funds and accounts employing similar strategies managed by the Investment Adviser. The Trustees concluded that the Investment Adviser’s management of the Fund likely would benefit the Fund and its shareholders.

Costs of Services to be Provided and Profitability

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by the Fund thereunder. In this regard, the Trustees considered information on the services to be rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as a registered mutual fund.

In particular, the Trustees reviewed information on the proposed management fees and the Fund’s projected total operating expense ratios (both gross and net of expense limitations), and those were compared to similar information for comparable mutual funds advised by other, unaffiliated investment management firms, as well as the peer group and category medians. The comparisons of the Fund’s fee rates and total operating expense ratios were prepared by a third-party provider of mutual fund data. The Trustees believed that this information was useful in evaluating the reasonableness of the management fees and total expenses expected to be paid by the Fund.

The Trustees considered the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level. They also considered comparative fee information for services provided by the Investment Adviser to similarly managed funds and accounts. In addition, the Trustees recognized that there was not yet profitability data to evaluate for the Fund, but considered the Investment Adviser’s representations that (i) such data would be provided after the Fund commenced operations, and (ii) the Fund was not expected to be profitable to the Investment Adviser and its affiliates initially.

The Trustees noted the competitive nature of the fund marketplace, and that many of the Fund’s shareholders would be investing in the Fund in part because of the Fund’s relationship with the Investment Adviser. They also noted that shareholders would be able to redeem their Fund shares if they believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Economies of Scale

The Trustees considered the proposed breakpoints in the fee rate payable under the Management Agreement at the following annual percentage rates of the average daily net assets of the Fund:


Average Daily Net Assets	Management Fee Annual Rate
First $2 billion		0.85	%
Next $3 billion		0.77
Next $3 billion		0.73
Over $8 billion		0.71

The Trustees noted that the breakpoints were meant to share potential economies of scale, if any, with the Fund and its shareholders as assets under management reach those asset levels. The Trustees considered the Fund’s projected asset levels and information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group, as well as the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level. Upon reviewing these matters, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits expected to be derived by the Investment Adviser and its affiliates from their relationship with the Fund, including: (a) transfer agency fees received by Goldman, Sachs & Co. (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Fund; (c) research received by the Investment Adviser from broker-dealers in exchange for executing certain transactions on behalf of the Fund; (d) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (e) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (f) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs’ retention of certain fees as Fund Distributor; (h) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; and (i) the possibility that the working relationship between the Investment Adviser and the Fund’s third party service providers may cause those service providers to be open to doing business with other areas of Goldman Sachs.

Conclusion

In connection with their consideration of the Management Agreement for the Fund at the Meeting, the Trustees gave weight to various factors, but did not identify any particular factor as controlling their decision. After deliberation and consideration of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fee that would be payable by the Fund was reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser’s anticipated costs and the Fund’s reasonably anticipated asset levels. The Trustees unanimously concluded that the Investment Adviser’s management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved with respect to the Fund.

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS

Voting Results of Special Meeting of Shareholders (Unaudited)

A special Meeting (the “Meeting”) of the Goldman Sachs Trust (“GST”) was held on October 15, 2013 to consider and act upon the proposal below:

At the Meeting, Donald C. Burke, Joseph P. LoRusso, Herbert J. Markley, James A. McNamara, and Roy W. Templin were elected to the Trust’s Board of Trustees. In electing trustees, the Trust’s shareholders voted as follows:


Election of Trustees	For		Against		Withheld		Broker Non-Votes
Donald C. Burke		53,388,642,395.715		0		1,150,861,851.704		0
Joseph P. LoRusso		53,405,131,628.159		0		1,134,372,619.260		0
Herbert J. Markley		53,435,916,168.391		0		1,103,588,079.028		0
James A. McNamara		53,432,564,581.647		0		1,106,939,665.772		0
Roy W. Templin		53,435,142,748.551		0		1,104,361,498.868		0

In addition to the individuals named above, Ashok N. Bakhru, John P. Coblentz, Jr., Diana M. Daniels, Jessica Palmer,

Richard P. Strubel and Alan A. Shuch continue to serve on the Trust’s Board of Trustees.

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 $807.6 billion in assets under management as of December 31, 2013, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. GSAM’s assets under management includes assets managed by Goldman Sachs Asset Management, L.P. and its Investment Advisory Affiliates.

OVERVIEW OF GOLDMAN SACHS FUNDS

LOGO

Money Market¹

Financial Square Funds^SM

Financial Square Tax-Exempt Funds

Financial Square Federal Fund

Financial Square Government Fund

Financial Square Money Market Fund

Financial Square Prime Obligations Fund

Financial Square Treasury Instruments Fund

Financial Square Treasury Obligations Fund

Fixed Income

Short Duration and Government

Enhanced Income Fund

High Quality Floating Rate 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

Core Plus Fixed Income Fund

Global Income Fund

Strategic Income Fund

World Bond Fund

Municipal and Tax-Free

High Yield Municipal Fund

Municipal Income Fund

Short Duration Tax-Free Fund

Single Sector

Investment Grade Credit Fund

U.S. Mortgages Fund

High Yield Fund

High Yield Floating Rate Fund

Emerging Markets Debt Fund

Local Emerging Markets Debt Fund

Dynamic Emerging Markets Debt Fund

Corporate Credit

Long Short Credit Strategies Fund²

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 Fund

Income Builder Fund

Structured Equity

Structured Tax-Managed Equity Fund

Structured International Tax-Managed Equity Fund

U.S. Equity Dividend and Premium Fund

International Equity Dividend and Premium Fund

Equity Insights³

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 Fund⁴

International Small Cap Fund

Asia Equity Fund

Emerging Markets Equity Fund

BRIC Fund (Brazil, Russia, India, China)

N-11 Equity Fund

China Equity Fund

Select Satellite⁵

Real Estate Securities Fund

International Real Estate Securities Fund

Commodity Strategy Fund

Dynamic Allocation Fund

Absolute Return Tracker Fund

Managed Futures Strategy Fund

MLP Energy Infrastructure Fund

Multi-Manager Alternatives Fund

Multi-Asset Real Return Fund

Retirement Portfolio Completion Fund

Income Strategies Portfolio

Fixed Income Macro Strategies Fund

Total Portfolio Solutions⁵

Balanced Strategy Portfolio

Growth and Income Strategy Portfolio

Growth Strategy Portfolio

Equity Growth Strategy Portfolio

Satellite Strategies Portfolio

Enhanced Dividend Global Equity Portfolio

Tax Advantaged Global Equity Portfolio

An investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds.

Effective at the close of business March 21, 2014, the Credit Strategies Fund was reorganized with and into the Long Short Credit Strategies Fund.

Effective at the close of business May 3, 2013, the Goldman Sachs Structured Large Cap Growth, Structured Large Cap Value, Structured Small Cap Equity, Structured Small Cap Growth, Structured Small Cap Value, Structured U.S. Equity, Structured Emerging Markets Equity, Structured International Equity and Structured International Small Cap Funds were renamed the Goldman Sachs Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights, U.S. Equity Insights, Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds, respectively.

⁴

Effective at the close of business February 28, 2014, the Goldman Sachs Concentrated International Equity Fund was renamed the Goldman Sachs Focused International Equity Fund.

⁵

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 website at www.GSAMFUNDS.com to learn about our closed-end funds.


TRUSTEES Ashok N. Bakhru, Chairman Donald C. Burke 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		OFFICERS James A. McNamara, President Scott M. McHugh, Principal Financial Officer and Treasurer Caroline L. 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-Q. The Funds’ Forms N-Q are available on the SEC’s Web site at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Form N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

The website links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these websites or the products or services offered. GSAM is not responsible for the accuracy and validity of the content of these websites.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

Holdings and allocations shown are as of February 28, 2014 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.

Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

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

ITEM 2.

CODE OF ETHICS.

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

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Report to Stockholders filed under Item 1.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12.

EXHIBITS.


(a)(1)	The information required by this Item is only required in an annual report on this Form N-CSR.

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

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

SIGNATURES

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


		Goldman Sachs Trust

By:		/s/ James A. McNamara


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

Date:		May 7, 2014

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 7, 2014

By:		/s/ Scott McHugh


		Scott McHugh
		Principal Financial Officer
		Goldman Sachs Trust

Date:		May 7, 2014

EX-99.CERT 2 d664936dex99cert.htm CERTIFICATIONS PURSUANT TO SECTION 302 Certifications Pursuant to Section 302

CERTIFICATIONS

(Section 302)

I, James A. McNamara, certify that:

I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: May 7, 2014

/s/ James A. McNamara

James A. McNamara

President/Principal Executive Officer

CERTIFICATIONS

(Section 302)

I, Scott McHugh, certify that:

I have reviewed this report on Form N-CSR of the Goldman Sachs Trust;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: May 7, 2014

/s/ Scott McHugh

Scott McHugh

Principal Financial Officer

EX-99.906CERT 3 d664936dex99906cert.htm CERTIFICATIONS PURSUANT TO SECTION 906 Certifications Pursuant to Section 906

EX-99.906CERT

Certification Under Section 906

of the Sarbanes-Oxley Act of 2002

James A. McNamara, President/Principal Executive Officer, and Scott McHugh, Principal Financial Officer of the Goldman Sachs Trust (the “Registrant”), each certify to the best of his or her knowledge that:

1.	The Registrant’s periodic report on Form N-CSR for the period ended February 28, 2014 (the “Form N-CSR”) fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2.	The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.


President/Principal Executive Officer				Principal Financial Officer

Goldman Sachs Trust				Goldman Sachs Trust

/s/ James A. McNamara				/s/ Scott McHugh



James A. McNamara				Scott McHugh

Date: May 7, 2014				May 7, 2014

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.

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