Goldman Sachs Trust

N-CSRS 1 d108193dncsrs.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 29, 2016

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

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Semi-Annual Report				February 29, 2016

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

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

**Effective after the close of business on July 31, 2015, the Goldman Sachs Technology Tollkeeper Fund was renamed the Goldman Sachs Technology Opportunities Fund

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Goldman Sachs Fundamental Equity Growth Funds

CAPITAL GROWTH

CONCENTRATED GROWTH

DYNAMIC U.S. EQUITY

FLEXIBLE CAP GROWTH

FOCUSED GROWTH

GROWTH OPPORTUNITIES

SMALL/MID CAP GROWTH

STRATEGIC GROWTH

TECHNOLOGY OPPORTUNITIES


TABLE OF CONTENTS

Investment Process			1

Market Review			2

Portfolio Management Discussions			5

Schedules of Investments			59

Financial Statements			78

Financial Highlights			88

Notes to Financial Statements			106

Other Information			126



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

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

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

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

Perform in-depth, fundamental research

Focus on long-term structural and competitive advantages

Result

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

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

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

Established brand names

Dominant market shares

Pricing power

Recurring revenue streams

Free cash flow

Long product life cycles

Favorable long-term growth prospects

Excellent management

Result

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

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Perform rigorous valuation analysis of every potential investment

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

Result

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

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

MARKET REVIEW

Goldman Sachs Fundamental Equity Growth Funds

Market Review

Overall, U.S. equities struggled during the six months ended February 29, 2016 (the “Reporting Period”) amidst persistent volatility. The Standard & Poor’s 500^® Index (the “S&P 500 Index”) ended the Reporting Period with a decline of 0.92%. The Russell 3000^® Index generated a return of -2.20%. Central bank policy, a commodity price sell-off, geopolitical tensions, and China and global economic growth concerns were the key themes impacting U.S. equities throughout the Reporting Period.

Following a volatile summer, U.S. equities tumbled further in September 2015, alongside other global equity markets. Equity markets continued to fret about weak macroeconomic data from China and the global implications of that data. Further, the U.S. Federal Reserve (the “Fed”) elected not to raise interest rates in September 2015, thus seemingly reaffirming persistent concerns about the many sources of economic instability and slowing economic growth. Still, domestic economic news was rather positive. U.S. economic growth for the second quarter of 2015 was revised up to an annualized rate of 3.9%, led by stronger consumer and construction spending. Job growth for August 2015 was slightly below consensus expectations, but the unemployment rate continued to decline.

October 2015 saw a strong rebound for U.S. equities. U.S. equity markets maintained their focus on the timing of the Fed’s initial rate hike, and expectations of “lift off,” the term used for that initial rate hike, in December 2015 increased following comments from the Fed regarding solid consumer spending and strength in the housing market. U.S. Gross Domestic Product (“GDP”) growth for the third quarter of 2015 came in at 1.5%, which was generally in line with consensus expectations.

The S&P 500 Index finished November 2015 roughly flat, although this masked a mid-month sell-off, as market expectations of a December 2015 rate hike rose significantly and dampened investor sentiment following a strong October 2015 non-farm payrolls report and hawkish comments from Fed members at the Fed’s October 2015 meeting. However, the message that the U.S. economy was strong enough to withstand higher interest rates, along with an emphasis by the Fed that any tightening would be gradual, sparked a rally in the U.S. equity markets. Economic data was also relatively strong in November 2015, with third quarter 2015 GDP revised up to 2.1%. In December 2015, the Fed finally delivered, as largely expected by markets, and voted unanimously for a 25 basis point hike in the targeted federal funds rate, its first rate hike since 2006. (A basis point is 1/100^th of a percentage point.) The fairly dovish language in the Fed’s announcement, which re-emphasized “gradual” adjustments to policy going forward, helped to somewhat assuage the markets. (Dovish language or action tends to be that which is not strong or aggressive (opposite of hawkish).)

Early in 2016, U.S. equities were embroiled in what was a global rout, triggered by investor concerns of an intensifying economic slowdown in China and exacerbated by a plunge in oil prices to less than $30 per barrel, the lowest level since 2003. The Fed’s statement in January 2016 acknowledged the risks from international markets and tightening financial conditions on the U.S. economy. Its statement was also somewhat bearish on economic growth, noting that activity had slowed in 2015. Indeed, U.S. GDP economic growth had slowed in the fourth quarter of 2015 according to preliminary estimates, expanding by just 0.7%, thus bringing the 2015 annual growth rate to 2.4%. While the Fed acknowledged further recovery in the U.S. labor market, its language on its inflation outlook was more dovish.

Market sentiment appeared to improve in February 2016 as central banks outside of the U.S. increasingly acknowledged rising economic risks and sent a more dovish signal, fueling

MARKET REVIEW

market expectations of further easing. For example, European Central Bank president Mario Draghi hinted at further stimulus. The People’s Bank of China signaled further monetary easing and a 50 basis point cut in its reserve requirement ratio for banks. Fed Chair Janet Yellen similarly released generally dovish remarks, stressing that the Fed was not on a “pre-set” path for hikes. U.S. equities were also supported during the month by strong U.S. economic data, rallying as fourth quarter 2015 GDP was revised up to 1.0%, coming in above consensus expectations. Also, the U.S. unemployment rate declined to an eight-year low of 4.9%, while retail sales increased 0.2% in January 2016, with the less volatile core retail sales figure increasing 0.6%. Further adding support to the U.S. equity market in the latter half of February 2016 was the oil price recovery, albeit modest, from its trough point on news of talks between oil producers to cap production.

For the Reporting Period overall, all market capitalizations posted negative returns, but large-cap companies performed least poorly, followed by mid-cap companies. Small-cap companies were weakest. Growth stocks outpaced value stocks within the large-cap segment of the U.S. equity market, but value stocks outperformed growth stocks in the mid-cap and small-cap segments of the U.S. equity market. (All as measured by Russell Investments indices.)

Looking Ahead

At the end of the Reporting Period, we expected positive, but below average, returns for global equities in 2016 overall in light of modest economic growth forecasts and rising valuations in some areas of the market. However, in our view, equities still looked more attractive than other asset classes in a persistently low-return environment.

After dipping in 2015, we expect global economic growth to increase modestly in 2016, which we think will be enough to sustain corporate profitability and allow stock prices to move higher. In our view, central banks are likely to remain accommodative given still-fragile global economic growth, which we also see as helpful for equity markets. Even in the U.S., where Fed policy has moved toward normalization, we do not expect to see much negative impact from what are likely to be gradual interest rate increases given continued strength in the housing and labor markets. However, the strong U.S. dollar may well remain a headwind for U.S. multinational markets.

While the macro outlook remains benign, U.S. credit and equities reflect some typical late-cycle signs, such as more shareholder-friendly actions, an increase in merger and acquisition activity and a pick-up in leverage, all of which tend to coincide with an environment lacking top-line, or revenue, growth. Higher equity valuations are also consistent with late-cycle indicators. In part due to years of ultra-low interest rates, U.S. equity market valuations have risen toward fair value, in our opinion, with some areas looking particularly vulnerable if companies cannot deliver growth.

One common theme across the developed markets is that we believe domestically-focused companies in the major regions could benefit from increasing domestic consumption while being more insulated from currency volatility. In the U.S., we expect that the strong dollar could continue to be a headwind for many globally-exposed companies but believe the consumer remains healthy.

We also believe that some extraordinary dynamics in the U.S. equity market in 2015 may have set up investment opportunities for 2016. The extremely narrow trading breadth of the market hit a 30-year low. For example, just ten stocks accounted for approximately 40% of the total positive contribution to the S&P 500 Index return in 2015. Also, value stocks notably

MARKET REVIEW

underperformed growth stocks in 2015. We expect some broadening of the market and reversal of these trends in 2016, as investors focus on the risk of high-priced stocks as well as on the relative attractiveness of the hundreds of stocks trading below the market multiple.

Regardless of market direction, our fundamental, bottom-up stock selection continues to drive our process, rather than headlines or sentiment. We maintain confidence in the companies the Funds own and believe they have the potential to outperform relative to the broader market regardless of economic growth conditions. As always, we maintain our focus on seeking to invest in companies that we believe will generate long-term growth in today’s ever-changing market conditions.

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

In September 2015, as part of our ongoing commitment to identify strong talent and invest in our team, we added three new members to the investment team. Jessica Katz joins the firm as a Vice President, serving as a Sector Portfolio Manager in the industrials sector across the market capitalization range. Jessica has 10 years of industry experience and joins us from Eaton Vance, where she served as a member on the Large Cap Growth Team, covering the industrials and energy sectors. Prior to Eaton Vance, she held a variety of roles at Fidelity Investments, including equity research. Jessica now works alongside our current Sector Portfolio Managers, Gerald Maris and Diego Lozada-Ghirardi. Additionally, we took the opportunity to deepen the talent on our team by inviting Himanshu Gupta and Juhi Kashyap to join us as Research Analysts. Both Himanshu and Juhi join as Associates from within the firm. Himanshu has supported the Growth Team in a broader research capacity within GSAM over the past five years. He continues to work with our health care Sector Portfolio Managers, Timothy Leahy and Anant Padmanabhan. Juhi now works directly with Daniel Zimmerman to cover the financials sector. She started her career in the firm’s Investment Banking Division covering financial institutions.

PORTFOLIO RESULTS

Goldman Sachs Capital Growth Fund

Portfolio Composition

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Equity Investment Team discusses the Goldman Sachs Capital Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended February 29, 2016 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, Service, IR, R and R6 Shares generated cumulative total returns, without sales charges, of -4.97%, -5.35%, -4.83%, -5.03%, -4.89%, -5.10% and -4.80%, respectively. These returns compare to the -1.22% cumulative total return of the Fund’s benchmark, the Russell 1000^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

Stock selection overall detracted from the Fund’s performance relative to the Russell Index during the Reporting Period. Sector allocation as a whole also detracted, albeit much more modestly.

Which equity market sectors most significantly affected Fund performance?

Detracting from the Fund’s relative results most was weak stock selection in the health care, information technology and consumer staples sectors. The only two sectors to contribute positively to the Fund’s relative performance during the Reporting Period were energy and materials, wherein effective stock selection drove 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 global apparel company PVH, biotechnology firm Vertex Pharmaceuticals and molecular diagnostics company Cepheid.

PVH was the top detractor from the Fund’s results during the Reporting Period. Weakness in the U.S. retail environment, high promotions in the industry, and currency headwinds pressured the company’s results. Despite these concerns, which we see as short-term in nature, we believed at the end of the Reporting Period that PVH remained a leading franchise with dominant market share, strong pricing power and solid fundamentals. Particularly, we believe that established brand names Tommy Hilfiger and Calvin Klein have demonstrated international strength and have been a key source of growth. In our view, PVH was undervalued relative to its peers at the end of the Reporting Period, and we remained optimistic on what we see as the company’s significant free cash flow generation ability, quality of management and return potential.

Vertex Pharmaceuticals was a top detractor from the Fund’s performance during the Reporting Period. Primarily, its weakness was driven, in our view, by fourth quarter 2015 results that were below consensus expectations. The company attributed part of the miss to a slowdown in new patient growth due to clinic capacity restraints, creating a patient backlog. We believe Vertex Pharmaceuticals boasts strong underlying fundamentals and a promising product pipeline with significant short-term and long-term catalysts. At the end of the Reporting Period, we believed the company, led by what we consider to be a capable management team, could continue to see growth given its dominant market share in its space and given geographic expansionary efforts that have contributed to meaningful profitability.

PORTFOLIO RESULTS

Cepheid’s release of its third quarter 2015 earnings negatively pressured its share price during the Reporting Period. Its management cited the integration and productivity implications of doubling its U.S. salesforce as the primary driver behind its earnings miss. By the end of the Reporting Period, we believed the company had more time to train and integrate its new salesforce and thus further believed the company was poised well for growth. We maintained confidence in the actions its management was taking to accelerate the company’s growth profile. In our view, Cepheid remained the dominant molecular diagnostics platform at the end of the Reporting Period.

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

The Fund benefited most relative to the Russell Index from positions in data center real estate investment trust (“REIT”) Equinix, flavor food products manufacturer McCormick and tobacco company Philip Morris International.

Equinix was a strong contributor to the Fund’s performance during the Reporting Period. The company announced high quality results for the second and third quarters of 2015, as secular growth in enterprise spending helped drive organic revenue growth and bookings to record levels. Also, solid performance in all regions in which the REIT operates led Equinix to raise guidance across key metrics during the Reporting Period, which was well received by the markets. In our view, Equinix continued at the end of the Reporting Period to present a favorable outlook, as pricing has been net positive in the low churn rate, or turnover, environment. Going forward, we believe Equinix may further benefit from its recurring revenue business model, steady demand environment, and integration of recent acquisitions that we believe could unlock significant synergies.

Shares of McCormick rose, as the company benefited from strong fourth quarter 2015 results, with earnings coming in slightly above consensus estimates. The positive results were driven by a broad improvement in organic growth across its consumer and industrial businesses. At the end of the Reporting Period, we were encouraged by the better earnings visibility and improving momentum in McCormick’s consumer business. We believed the company might benefit from the secular growth in healthy cooking and the stabilization of private label competitors across many of its core spice categories. We further believed the company had the ability to continue to unlock growth given its global expansion efforts and product popularity. Finally, in our view,

McCormick is led by a quality management team, which is capable of producing strong results moving forward.

Philip Morris International was a top contributor to the Fund’s results, as the company executed well and reported solid third and fourth quarter 2015 earnings. At the end of the Reporting Period, we thought Philip Morris International was back on track fundamentally, with underlying momentum continuing to build. In our view, the company is among the highest quality large-cap consumer staples companies, with strong pricing power driving faster profit growth, what we consider to be an attractive margin and return profile, and a compelling dividend yield.

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 fast-food retail giant McDonald’s. We believe improving sales and reductions in costs should lead to earnings upside and margin expansion. We further think that McDonald’s reduction in capital expenditures and further refranchising could lead to improving return on invested capital and free up additional capital to repurchase stock. In our view, McDonald’s is a high quality franchise with a proficient management team and what we consider to be attractive opportunities to drive top-line growth and earnings.

We established a Fund position in Reynolds American, which is a holding company that manufactures and sells cigarettes in the U.S. We believe the industry backdrop remains favorable for tobacco companies. In our view, Reynolds American is well positioned to benefit from this industry backdrop during the next few years.

Conversely, we exited the Fund’s position in research-based biopharmaceutical company AbbVie. While we continue to like the company, we believe the risk/reward opportunities are greater within others in the industry.

We sold the Fund’s position in consumer products company Colgate-Palmolive. While we believe Colgate-Palmolive to be a quality business, we think there are better opportunities with more encouraging catalysts elsewhere in the industry. Additionally, we believe it is possible that Colgate-Palmolive could see an earnings decrease in the near term, as foreign

PORTFOLIO RESULTS

currency pressures continue to impact the company. As a result, we decided to exit the position and pursue higher conviction ideas.

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

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

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

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

FUND BASICS

Capital Growth Fund

as of February 29, 2016

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PERFORMANCE REVIEW
September 1, 2015–February 29, 2016	Fund Total Return (based on NAV)¹			Russell 1000^® Growth Index²
Class A		-4.97	%		-1.22	%
Class C		-5.35			-1.22
Institutional		-4.83			-1.22
Service		-5.03			-1.22
Class IR		-4.89			-1.22
Class R		-5.10			-1.22
Class R6		-4.80			-1.22

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

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


STANDARDIZED TOTAL RETURNS³
For the period ended 12/31/15	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-3.66	%		10.99	%		6.49	%		9.04	%	4/20/90
Class C		0.17			11.41			6.30			5.21		8/15/97
Institutional		2.36			12.69			7.52			6.41		8/15/97
Service		1.79			12.13			6.98			5.89		8/15/97
Class IR		2.19			12.53			N/A			6.93		11/30/07
Class R		1.66			11.96			N/A			6.40		11/30/07
Class R6		N/A			N/A			N/A			-3.96		7/31/15

The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end or cumulative total returns for periods less than 1 year. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Class IR, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.15	%		1.49	%
Class C		1.90			2.25
Institutional		0.75			1.09
Service		1.25			1.60
Class IR		0.90			1.24
Class R		1.40			1.74
Class R6		0.73			1.07

⁴

The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least December 29, 2016, 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 2/29/16⁵
Holding	% of Net Assets			Line of Business
Apple, Inc.		6.0	%	Computers & Peripherals
MasterCard, Inc. Class A		2.8		IT Services
Facebook, Inc. Class A		2.7		Internet Software & Services
Amazon.com, Inc.		2.6		Internet & Catalog Retail
The Home Depot, Inc.		2.4		Specialty Retail
The Walt Disney Co.		2.3		Media
Alphabet, Inc. Class A		2.2		Internet Software & Services
Alphabet, Inc. Class C		2.2		Internet Software & Services
Honeywell International, Inc.		2.0		Aerospace & Defense
The Coca-Cola Co.		1.9		Beverages

⁵

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

FUND BASICS


FUND VS. BENCHMARK SECTOR ALLOCATION⁶
As of February 29, 2016

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⁶

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

PORTFOLIO RESULTS

Goldman Sachs Concentrated Growth Fund

Portfolio Composition

The Fund invests primarily in U.S. equity investments. The Fund typically holds 30-45 high quality growth companies and tends to be more concentrated in individual holdings, industries and sectors than the typical broadly diversified large-cap growth fund. Since the Fund’s inception, the Goldman Sachs Growth Equity Investment Team has focused on several key investment criteria that it believes can drive a company’s growth over the long term. These characteristics are: dominant market share, established brand name, pricing power, recurring revenue stream, free cash flow, high returns on invested capital, predictable growth, sustainable growth, long product life cycle, enduring competitive advantage, favorable demographic trends and excellent management. The Team strives to purchase these companies at reasonable valuations in order to capture the full benefits of their growth.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Equity Investment Team discusses the Goldman Sachs Concentrated Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended February 29, 2016 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, IR, R and R6 Shares generated cumulative total returns, without sales charges, of -5.49%, -5.87%, -5.30%, -5.36%, -5.55% and -5.28%, respectively. These returns compare to the -1.22% cumulative total return of the Fund’s benchmark, the Russell 1000^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

Stock selection overall detracted from the Fund’s performance relative to the Russell Index during the Reporting Period. Sector allocation as a whole also detracted, albeit much more modestly.

Which equity market sectors most significantly affected Fund performance?

Challenging stock selection in the information technology, health care and consumer staples sectors detracted from the Fund’s relative results most during the Reporting Period. The only sector to contribute positively to the Fund’s relative performance during the Reporting Period was financials, wherein effective stock selection drove 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 global apparel company PVH, education loan provider SLM (“Sallie Mae”) and biotechnology firm Vertex Pharmaceuticals.

PVH was the top detractor from the Fund’s results during the Reporting Period. Weakness in the U.S. retail environment, high promotions in the industry, and currency headwinds, including a strong U.S. dollar, pressured the company’s results. Despite these concerns, which we see as short-term in nature, we believed at the end of the Reporting Period that PVH remained a leading franchise with dominant market share, strong pricing power and solid fundamentals. Particularly, we believe that established brand names Tommy Hilfiger and Calvin Klein have demonstrated international strength and have been a key source of growth. In our view, PVH was undervalued relative to its peers at the end of the Reporting Period, and we remained optimistic on what we see as the company’s significant free cash flow generation ability, quality of management and return potential.

Shares of Sallie Mae were weak during the Reporting Period because of political uncertainty around policies in education financing. However, the company reported third quarter 2015 results with earnings ahead of market estimates. At the end of the Reporting Period, we believed Sallie Mae continued to demonstrate dominant and growing share in its market, with

PORTFOLIO RESULTS

a quality and tenured management team. The company was also well positioned, in our view, to benefit from macro-oriented trends, such as the rise in interest rates and in financial activity.

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

The Fund benefited most relative to the Russell Index from positions in data center real estate investment trust (“REIT”) Equinix, online social media platform Facebook and flavor food products manufacturer McCormick.

Facebook was a top positive contributor to the Fund’s relative results during the Reporting Period. The company reported strong fourth quarter 2015 results in January 2016, underpinned by advertisement revenue growth well above market expectations. At the end of the Reporting Period, we remained positive on Facebook’s high operating expenditures, at what we consider to be manageable levels, which we think should allow the company to invest aggressively in substantial growth opportunities and simultaneously increase expected earnings. We think additional tailwinds in the form of lower and decreasing tax rates may further benefit the company in coming years. In our view, Facebook’s strong fundamentals, high barriers to entry, robust contribution from Instagram, and strong demand for its business across most segments and geographies warrant a constructive outlook on its long-term growth prospects.

Shares of McCormick rose, as the company benefited from strong fourth quarter 2015 results, with earnings coming in slightly above consensus estimates. According to the company management, the positive results were driven by a broad improvement in organic growth across its consumer and industrial businesses. At the end of the Reporting Period, we were encouraged by the better earnings visibility and improving momentum in McCormick’s consumer business. We believed the company might benefit from the secular growth in healthy cooking and the stabilization of private label competitors across many of its core spice categories. We further believed the company had the ability to continue to unlock growth given its global expansion efforts and product popularity. Finally, in our view, McCormick is led by a quality management team, which is capable of producing strong results moving 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?

We initiated a Fund position in Stryker, a medical technology company. We believe there are numerous earnings and growth levers during the next two years that could yield meaningful upside. Notably, we see potential benefit from its powerful new product cycle, the Mako robotics platform for knee implants, competitors going through merger integrations, and its recent European investments. In our view, Stryker may also benefit from plans to significantly reduce its selling, general and administrative costs in early 2016. With what we consider to be substantial drivers to growth and momentum across its business, we are positive on Stryker’s long-term outlook.

PORTFOLIO RESULTS

We established a Fund position in Danaher, a medical and industrial products manufacturer. Danaher released third quarter 2015 results that beat market expectations, reaffirmed its 2015 earnings guidance and released 2016 guidance that was in line with then-current consensus estimates. At the time of purchase, we believed Danaher’s near-term to medium-term earnings were depressed relative to the synergies from its acquisition of Pall. We also believed the company’s organic growth should garner a scarcity premium. Further, in our view, the company should merit a higher premium relative to its peers as so much of its earnings growth is anticipated to come from self-help, i.e. synergies, rather than macroeconomic factors.

Conversely, we eliminated the Fund’s position in information storage company EMC. While we continue to like the company, near-term volatility around its acquisition by Dell and long-term issues driven by a backlog of orders led us to use our proceeds toward other opportunities where we believe the risk/reward profile is more compelling.

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

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

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

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

FUND BASICS

Concentrated Growth Fund

as of February 29, 2016

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PERFORMANCE REVIEW
September 1, 2015–February 29, 2016	Fund Total Return (based on NAV)¹			Russell 1000^® Growth Index²
Class A		-5.49	%		-1.22	%
Class C		-5.87			-1.22
Institutional		-5.30			-1.22
Class IR		-5.36			-1.22
Class R		-5.55			-1.22
Class R6		-5.28			-1.22


STANDARDIZED TOTAL RETURNS³
For the period ended 12/31/15	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-4.20	%		9.83	%		6.15	%		6.93	%	9/03/02
Class C		-0.45			10.27			5.96			6.57		9/03/02
Institutional		1.75			11.53			7.19			7.81		9/03/02
Class IR		1.65			11.37			N/A			5.88		11/30/07
Class R		1.06			10.81			N/A			5.37		11/30/07
Class R6		N/A			N/A			N/A			-3.14		7/31/15

The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end or cumulative total returns for periods less than 1 year. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Class IR, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.22	%		1.60	%
Class C		1.97			2.35
Institutional		0.82			1.20
Class IR		0.97			1.35
Class R		1.47			1.87
Class R6		0.80			1.18

⁴


TOP TEN HOLDINGS AS OF 2/29/16⁵
Holding	% of Net Assets			Line of Business
Apple, Inc.		7.5	%	Computers & Peripherals
Facebook, Inc. Class A		4.9		Internet Software & Services
Alphabet, Inc. Class A		4.1		Internet Software & Services
Costco Wholesale Corp.		3.9		Food & Staples Retailing
American Tower Corp.		3.6		Real Estate Investment Trusts
Amazon.com, Inc.		3.3		Internet & Catalog Retail
Starbucks Corp.		3.1		Hotels, Restaurants & Leisure
Equinix, Inc.		3.0		Real Estate Investment Trusts
MasterCard, Inc. Class A		3.0		IT Services
Allergan PLC		2.9		Pharmaceuticals

⁵

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

FUND BASICS


FUND VS. BENCHMARK SECTOR ALLOCATION⁶
As of February 29, 2016

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⁶

PORTFOLIO RESULTS

Goldman Sachs Dynamic U.S. Equity Fund

Portfolio Composition

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Equity Investment Team and the Goldman Sachs Value Equity Investment Team discuss the Goldman Sachs Dynamic U.S. Equity Fund’s (the “Fund”) performance and positioning for the six-month period ended February 29, 2016 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, Service, IR, R and R6 Shares generated cumulative total returns, without sales charges, of -7.33%, -7.61%, -7.09%, -7.17%, -7.35% and -7.07%, respectively. These returns compare to the -0.92% cumulative total return of the Fund’s benchmark, the Standard & Poor’s 500^® Index (the “S&P 500 Index”), during the same period.

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

Stock selection overall detracted from the Fund’s performance relative to the S&P 500 Index during the Reporting Period. Sector allocation as a whole also detracted, albeit more modestly.

Which equity market sectors most significantly affected Fund performance?

Challenging stock selection in energy, information technology and financials detracted from the Fund’s relative results most. Having an overweighted allocation to financials, which significantly lagged the S&P 500 Index during the Reporting Period, and having an underweighted exposure to information technology, which outpaced the S&P 500 Index during the Reporting Period, also hurt performance. The only sector to contribute positively to the Fund’s relative performance during the Reporting Period was materials, wherein effective stock selection drove 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 oil and gas exploration and production company Southwestern Energy, car rental company Hertz Global Holdings and financial institution Bank of America.

Southwestern Energy was a top detractor from the Fund’s relative performance during the Reporting Period. Exceptionally warm fall and winter weather that added to concerns of an oversupplied natural gas market was the major headwind that led to the stock’s poor performance, as natural gas prices declined substantially. Broad-based declines in global commodities weakened investor appetite for stocks with direct commodity exposure. The company’s third quarter 2015 earnings came in ahead of consensus expectations, driven by higher than expected production metrics coupled with lower operating costs. However, challenging natural gas liquid and natural gas pricing caused shares to underperform following the earnings release. The company similarly reported fourth quarter 2015 earnings that beat consensus due to better than expected gas price realizations and midstream revenues. However, further capital expenditure cuts in 2016 led investors to anticipate a

PORTFOLIO RESULTS

larger decline in production than previously expected, and Southwestern Energy’s shares fell following the release. At the end of the Reporting Period, we continued to believe that Southwestern Energy has an underappreciated resource base, specifically in the Marcellus and Fayetteville shales, and that its newly acquired assets from Chesapeake Energy further strengthen the company’s position and growth opportunities. Additionally, we remained positive on the company’s operational leverage to higher natural gas prices and encouraged by its management team’s commitment to capital efficiency amidst challenging macro fundamentals.

Hertz Global Holdings was a top detractor from the Fund’s relative results during the Reporting Period. Its shares initially came under pressure after the company reported third quarter 2015 results that were below market expectations, driven by weaker than expected pricing trends in the U.S. caused by increased airport competition. Its sharp decline in share price in the latter half of the Reporting Period seemed to be driven more by investor fears related to macroeconomic conditions than by industry or stock-specific fundamentals. If the U.S. were to enter a span of slower economic growth, travel trends would likely soften and pressure car rental volumes and prices. A weaker demand environment could also pressure used car prices, which might cause the company to dispose of cars at lower residual values. Despite our positive long-term view of the company’s operational improvement initiatives, available capital deployment options and cost reduction opportunities, we sold the Fund’s position in Hertz Global Holdings by the end of the Reporting Period in favor of stocks with what we believed to have less economic sensitivity.

Banks underperformed broadly during the Reporting Period, in our opinion due to a decline in credit quality in the energy industry and concerns of contagion into other industries, such as metals/mining and industrials, moving forward. In addition, the 10-year U.S. Treasury yield moved below 2% during the Reporting Period, leading to a flattening of the yield curve, or a narrowing of yield differentials between the yields of long-term and shorter-term securities. Bank of America, impacted by these trends, was no exception to the industry’s broad underperformance. That said, at the end of the Reporting Period, we believed Bank of America could benefit from rising long-term and short-term rates. While we are aware of the macro risks present, we continued to be optimistic regarding Bank of America and positive on the stock’s discounted valuation. Overall, we were also positive on Bank of America’s leverage to a strengthening U.S. economy, and we continued to find the stock compelling from a risk/reward perspective.

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

The Fund benefited most relative to the S&P 500 Index from positions in industrial conglomerate General Electric, athletic footwear, apparel and equipment company Nike and data center real estate investment trust (“REIT”) Equinix.

General Electric was the top positive contributor to the Fund’s relative results during the Reporting Period. The company reported third quarter 2015 earnings results that exceeded consensus expectations, driven by strong organic revenue growth and operating margin improvement. Additionally, its shares rose after General Electric’s long-awaited announcement about spinning off its majority stake in Synchrony Financial to existing shareholders. Further, in December 2015, General Electric held its 2016 outlook meeting, which included a projection of high single-digit earnings growth through 2018, achieved through above-average organic revenue growth, share repurchases, divestitures, and synergies from the company’s acquisition of Alstom Energy. At the end of the Reporting Period, we remained optimistic on the company’s growth prospects, as a strong backlog of orders and accretive synergies from recent transactions could be supportive to earnings in a potentially slow global economic growth environment, in our view.

Towards the end of December 2015, Nike reported solid fiscal second quarter results with accelerated growth in orders from the previous quarter. In our view, the company also continued to see broad-based momentum, notably in China, where its business remains strong. This worldwide growth, along with Nike’s introduction of new footwear, has allowed it to gain market share in an otherwise difficult macroeconomic and secular environment. Despite an inventory build-up from a port strike earlier in 2015, which we view as a near-term headwind, we expected, at the end of the Reporting Period, room for margin expansion through the company’s rising average selling prices. We also maintained our belief in the strength and quality of Nike’s franchise and remained positive at the end of the Reporting Period on the company’s long-term growth potential.

PORTFOLIO RESULTS

performance in all regions in which the REIT operates led Equinix to raise guidance across key metrics during the Reporting Period, which was well received by the markets. In our view, Equinix continued at the end of the Reporting Period to present a favorable outlook, as pricing has been net positive in the low churn rate, or turnover, environment. Going forward, we believe Equinix may further benefit from its recurring revenue business model, steady demand environment, and integration of recent acquisitions that could unlock significant synergies.

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 online social media platform Facebook during the Reporting Period. The company reported strong fourth quarter 2015 results in January 2016, underpinned by advertisement revenue growth well above market expectations. At the end of the Reporting Period, we remained positive on Facebook’s high operating expenditures, at what we consider to be manageable levels, which we think should allow the company to invest aggressively in substantial growth opportunities and simultaneously increase expected earnings. We think additional tailwinds in the form of lower and decreasing tax rates may further benefit the company in coming years. In our view, Facebook’s strong fundamentals, high barriers to entry, robust contribution from Instagram, and strong demand for its business across most segments and geographies warrant a constructive outlook on its long-term growth prospects.

We established a Fund position in MasterCard. We believe current macro trends are supportive of financial services and that MasterCard could be a key beneficiary. In particular, the company has deep exposure to emerging markets, where consumer card spending has seen recovery and is supported by promotional government efforts. In our view, MasterCard has a high quality management team and, given what we consider to be a favorable industry backdrop, a high quality business franchise. Given what we view as MasterCard’s attractive valuation, we sought to take advantage of what we view as a favorable risk/reward opportunity.

Conversely, we sold the Fund’s position in financial services company American International Group (“AIG”). We believe any complications with respect to its newly announced strategic plan could add negative pressure to the stock, as major changes within such a complex organization take time to harmonize, in our view. We took the opportunity to exit the Fund’s position in AIG to pursue higher conviction ideas.

We exited the Fund’s position in Boeing, a designer and manufacturer of commercial jetliners, military defense and spaceflight worldwide. During the Reporting Period, Boeing issued 2016 revenue and earnings guidance that was below consensus expectations, driven by commercial aircraft delivery timing and lower margins. Boeing has historically been conservative when issuing forward guidance, so this is not unusual. Though we continue to like the company, we believe the risk/reward profile for Boeing is less compelling and thus we felt it prudent to eliminate the position and pursue higher conviction investment opportunities.

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

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

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

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

FUND BASICS

Dynamic U.S. Equity Fund

as of February 29, 2016

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PERFORMANCE REVIEW
September 1, 2015–February 29, 2016	Fund Total Return (based on NAV)¹			S&P 500^® Index²
Class A		-7.33	%		-0.92	%
Class C		-7.61			-0.92
Institutional		-7.09			-0.92
Class IR		-7.17			-0.92
Class R		-7.35			-0.92
Class R6		-7.07			-0.92

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


STANDARDIZED TOTAL RETURNS³
For the period ended 12/31/15	One Year			Five Years			Since Inception			Inception Date
Class A		-7.55	%		9.16	%		10.09	%	11/30/09
Class C		-3.85			9.58			10.28		11/30/09
Institutional		-1.79			10.84			11.56		11/30/09
Class IR		-2.02			10.66			11.37		11/30/09
Class R		-2.41			10.13			10.84		11/30/09
Class R6		N/A			N/A			-4.31		7/31/15

The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end or cumulative total returns for periods less than 1 year. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Class IR, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.22	%		2.81	%
Class C		1.97			3.56
Institutional		0.82			2.42
Class IR		0.97			2.63
Class R		1.47			3.10
Class R6		0.80			2.40

⁴


TOP TEN HOLDINGS AS OF 2/29/16⁵
Holding	% of Net Assets			Line of Business
JPMorgan Chase & Co.		4.7	%	Commercial Banks
Bank of America Corp.		3.8		Commercial Banks
EMC Corp.		3.6		Computers & Peripherals
Amazon.com, Inc.		3.4		Internet & Catalog Retail
Pfizer, Inc.		3.4		Pharmaceuticals
Whole Foods Market, Inc.		3.4		Food & Staples Retailing
Apple, Inc.		3.4		Computers & Peripherals
Facebook, Inc. Class A		3.1		Internet Software & Services
Allergan PLC		3.0		Pharmaceuticals
MasterCard, Inc. Class A		3.0		IT Services

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of February 29, 2016

LOGO

⁶

PORTFOLIO RESULTS

Goldman Sachs Flexible Cap Growth Fund

Portfolio Composition

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Equity Investment Team discusses the Goldman Sachs Flexible Cap Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended February 29, 2016 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, IR, R and R6 Shares generated cumulative total returns, without sales charges, of -6.95%, -7.34%, -6.80%, -6.81%, -7.11% and -6.80%, respectively. These returns compare to the -2.20% cumulative total return of the Fund’s benchmark, the Russell 3000^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

Stock selection overall detracted from the Fund’s performance relative to the Russell Index during the Reporting Period. Sector allocation as a whole also detracted, albeit much more modestly.

Which equity market sectors most significantly affected Fund performance?

The sectors that detracted most from the Fund’s relative results during the Reporting Period were information technology, consumer staples, industrials and health care, wherein stock selection proved challenging. The only sector to contribute positively to the Fund’s relative performance during the Reporting Period was financials, wherein effective stock selection drove 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 home furnishing retailer Restoration Hardware Holdings, global apparel company PVH and molecular diagnostics company Cepheid.

Restoration Hardware Holdings was the top detractor from the Fund’s relative performance during the Reporting Period. The company’s share price declined after it reported disappointing third quarter 2015 revenues, citing weaker performance in oil-exposed regions as the main driver. The company’s shares experienced further declines in the fourth quarter of 2015 when the company missed on its previous earnings guidance, reporting a significant decline in earnings per share year over year. Despite this recent weakness, we believed at the end of the Reporting Period that Restoration Hardware Holdings was poised for greater sales growth moving forward. We also believed the company could benefit from some of its ongoing initiatives, such as promotions and new store openings.

PVH was a top detractor from the Fund’s results during the Reporting Period. Weakness in the U.S. retail environment, high promotions in the industry, and currency headwinds pressured the company’s results. Despite these concerns, which we see as short-term in nature, we believed at the end of the Reporting Period that PVH remained a leading franchise with dominant market share, strong pricing power and solid fundamentals. Particularly, established brand

PORTFOLIO RESULTS

names Tommy Hilfiger and Calvin Klein have demonstrated international strength and have been a key source of growth. In our view, PVH was undervalued relative to its peers at the end of the Reporting Period, and we remained optimistic on what we see as the company’s significant free cash flow generation ability, quality of management and return potential.

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

The Fund benefited most relative to the Russell Index from positions in retail bakery café Panera Bread, data center real estate investment trust (“REIT”) Equinix and flavor food products manufacturer McCormick.

Panera Bread Company was the top positive contributor to the Fund’s relative returns during the Reporting Period. The company’s share price declined early in the Reporting Period after its management decided to not provide commentary on 2016 guidance when it released its third quarter 2015 earnings. However, its share price recovered later in the Reporting Period, as fourth quarter 2015 results were released, highlighting better sales and restaurant margins. Additionally, Panera Bread guided 2016 earnings upward, which included consensus estimates at the high end of guidance. At the end of the Reporting Period, we remained positive on the company and believed store upgrades and increased marketing efforts should continue to drive traffic to a company that we believe has a strong secular opportunity in the fast-casual dining industry.

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

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

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

We established a Fund position in beverage company Coca-Cola. We view Coca-Cola as a high quality, large-cap consumer staples franchise, with iconic brands and a structurally advantaged global supply chain. However, the stock has been pressured in recent years by international macro headwinds and health concerns about soft drinks. We see meaningful positive incremental change occurring at Coca-Cola, with core category pricing improving sustainably, more aggressive cost cutting, productivity driving higher marketing reinvestment, and structural improvements from bottler refranchising. We expect the turnaround at the company to be increasingly appreciated by

PORTFOLIO RESULTS

the market over time. We also see room for earnings multiple expansion relative to other high quality consumer staples peers. These factors, combined with a stabilizing global macro and currency backdrop, could lead to faster growth and higher returns, in our view.

We initiated a Fund position in Boeing, a designer and manufacturer of commercial jetliners, military defense and spaceflight worldwide. In our view, the company is well positioned in the duopolistic commercial aerospace industry, as demand for its 787 aircraft remains healthy and execution improving. Additionally, we believe Boeing may well benefit from a cyclical recovery in the defense industry. We believe Boeing’s management team is shareholder friendly, as evidenced by a recent increase in buyback authorization and dividends, and we remain optimistic on its long-term growth prospects.

Conversely, we exited the Fund’s position in biotechnology company Amgen. Speculation around a possible acquisition drove up its share price, and while its performance had been strong, we opted to allocate our sales proceeds toward relatively higher conviction ideas.

We sold the Fund’s position in global media company Twenty-First Century Fox. Shares of the company had declined after a challenging 2015 earnings season in the media industry. During the earnings season, market fears were stoked by additional losses of subscribers to cord cutting, which pressured media stocks downward. (Cord cutting refers to the practice of stopping a cable or satellite television service or getting rid of a landline phone in favor of less expensive options.) As a result of the uncertainty around the media industry, we decided to exit the position in favor of opportunities where we believe the risk/reward profile is more compelling.

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

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

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

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

FUND BASICS

Flexible Cap Growth Fund

as of February 29, 2016

LOGO


PERFORMANCE REVIEW
September 1, 2015–February 29, 2016	Fund Total Return (based on NAV)¹			Russell 3000^® Growth Index²
Class A		-6.95	%		-2.20	%
Class C		-7.34			-2.20
Institutional		-6.80			-2.20
Class IR		-6.81			-2.20
Class R		-7.11			-2.20
Class R6		-6.80			-2.20

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


STANDARDIZED TOTAL RETURNS³
For the period ended 12/31/15	One Year			Five Years			Since Inception			Inception Date
Class A		-3.82	%		10.33	%		8.48	%	1/31/08
Class C		0.00			10.77			8.48		1/31/08
Institutional		2.12			12.04			9.72		1/31/08
Class IR		1.98			11.87			9.55		1/31/08
Class R		1.48			11.34			9.02		1/31/08
Class R6		N/A			N/A			-5.82		7/31/15

The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end or cumulative total returns for periods less than 1 year. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Class IR, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.22	%		2.97	%
Class C		1.97			3.71
Institutional		0.82			2.57
Class IR		0.97			2.66
Class R		1.47			3.24
Class R6		0.80			4.34

⁴


TOP TEN HOLDINGS AS OF 2/29/16⁵
Holding	% of Net Assets			Line of Business
Apple, Inc.		6.3	%	Computers & Peripherals
Facebook, Inc. Class A		3.1		Internet Software & Services
Alphabet, Inc. Class A		2.8		Internet Software & Services
Amazon.com, Inc.		2.6		Internet & Catalog Retail
Alphabet, Inc. Class C		2.4		Internet Software & Services
MasterCard, Inc. Class A		2.1		IT Services
NIKE, Inc. Class B		2.0		Textiles, Apparel & Luxury Goods
Panera Bread Co. Class A		1.9		Hotels, Restaurants & Leisure
Costco Wholesale Corp.		1.9		Food & Staples Retailing
Starbucks Corp.		1.7		Hotels, Restaurants & Leisure

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of February 29, 2016

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PORTFOLIO RESULTS

Goldman Sachs Focused Growth Fund

Portfolio Composition

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Equity Investment Team discusses the Goldman Sachs Focused Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended February 29, 2016 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, IR, R and R6 Shares generated cumulative total returns, without sales charges, of -5.45%, -5.87%, -5.26%, -5.30%, -5.56% and -5.24%, respectively. These returns compare to the -1.22% cumulative total return of the Fund’s benchmark, the Russell 1000^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

Stock selection overall detracted from the Fund’s performance relative to the Russell Index during the Reporting Period. Sector allocation as a whole contributed positively during the Reporting Period.

Which equity market sectors most significantly affected Fund performance?

Challenging stock selection in consumer discretionary, consumer staples and health care detracted from the Fund’s relative results most. Effective stock selection in the financials and information technology sectors and not having any exposure to the energy sector, which was by far the weakest performer in the Russell Index during the Reporting Period, 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 global apparel company PVH, online travel company The Priceline Group and biotechnology firm Vertex Pharmaceuticals.

PVH was the top detractor from the Fund’s results during the Reporting Period. Weakness in the U.S. retail environment, high promotions in the industry, and currency headwinds pressured the company’s results. Despite these concerns, which we see as short-term in nature, we believed at the end of the Reporting Period that PVH remained a leading franchise with dominant market share, strong pricing power and solid fundamentals. Particularly, established brand names Tommy Hilfiger and Calvin Klein have demonstrated international strength and have been a key source of growth. In our view, PVH was undervalued relative to its peers at the end of the Reporting Period, and we remained optimistic on what we see as the company’s significant free cash flow generation ability, quality of management and return potential.

PORTFOLIO RESULTS

pipeline with significant short-term and long-term catalysts. At the end of the Reporting Period, we believed the company, led by what we consider to be a capable management team, could continue to see growth given its dominant market share in its space and given geographic expansionary efforts that have contributed to meaningful profitability.

Shares of The Priceline Group declined during the Reporting Period, as a deceleration in bookings and an unfavorable outlook for the travel industry weighed on the stock. While we believe The Priceline Group is a quality business, our confidence in the company was tested and as a result, we exited the position in favor of higher conviction ideas.

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

The Fund benefited most relative to the Russell Index from positions in data center real estate investment trust (“REIT”) Equinix, Google’s parent company Alphabet and online social media platform Facebook.

Substantial growth in Alphabet’s core business and momentum in its mobile search and video advertisement revenue were key drivers of its positive returns during the Reporting Period. Additionally, the addition of Chief Financial Officer Ruth Porat increased final accountability among business unit managers, which we view as a constructive step toward the company becoming more shareholder-aligned. At the end of the Reporting Period, we believed Alphabet was a fairly valued, dominant business, with an experienced management team and an innovative product suite.

Facebook, a new purchase for the Fund during the Reporting Period, was a top positive contributor to the Fund’s relative results. The company reported strong fourth quarter 2015 results in January 2016, underpinned by advertisement revenue growth well above market expectations. At the end of the Reporting Period, we remained positive on Facebook’s high operating expenditures, at what we consider to be manageable levels, which should allow the company to invest aggressively in substantial growth opportunities and simultaneously increase expected earnings. We think additional tailwinds in the form of lower and decreasing tax rates may further benefit the company in coming years. In our view, Facebook’s strong fundamentals, high barriers to entry, robust contribution from Instagram, and strong demand for its business across most segments and geographies warrant a constructive outlook on its long-term growth prospects.

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

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

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

In addition to the purchase of Facebook, already mentioned, we initiated a Fund position in fast-food retail giant McDonald’s. We believe improving sales and reduction in costs should lead to earnings upside and margin expansion. We further think that McDonald’s reduction in capital expenditures and further refranchising could lead to improving return on invested capital and free up additional capital to repurchase stock. In our view, McDonald’s is a high quality franchise with a proficient management team and what we consider to be attractive opportunities to drive top-line growth and earnings.

Conversely, in addition to the sale of The Priceline Group, mentioned earlier, we exited the Fund’s position in information storage company EMC. While we continue to like the company, near-term volatility around its acquisition

PORTFOLIO RESULTS

by Dell and long-term issues driven by a backlog of orders led us to use our proceeds toward other opportunities where we believe the risk/reward profile is more compelling.

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

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

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

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

FUND BASICS

Focused Growth Fund

as of February 29, 2016

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PERFORMANCE REVIEW
September 1, 2015–February 29, 2016	Fund Total Return (based on NAV)¹			Russell 1000^® Growth Index²
Class A		-5.45	%		-1.22	%
Class C		-5.87			-1.22
Institutional		-5.26			-1.22
Class IR		-5.30			-1.22
Class R		-5.56			-1.22
Class R6		-5.24			-1.22

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


STANDARDIZED TOTAL RETURNS³
For the period ended 12/31/15	One Year			Since Inception			Inception Date
Class A		-3.15	%		13.07	%	1/31/12
Class C		-0.30			13.87		1/31/12
Institutional		2.84			15.17		1/31/12
Class IR		2.74			15.02		1/31/12
Class R		2.23			14.44		1/31/12
Class R6		N/A			-1.45		7/31/15

The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end or cumulative total returns for periods less than 1 year. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Class IR, Class R and Class R6 Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.20	%		2.22	%
Class C		1.95			3.00
Institutional		0.80			1.85
Class IR		0.97			2.02
Class R		1.45			2.50
Class R6		0.78			1.83

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TOP TEN HOLDINGS AS OF 2/29/16⁵
Holding	% of Net Assets			Line of Business
Apple, Inc.		9.6	%	Computers & Peripherals
Alphabet, Inc. Class A		6.7		Internet Software & Services
Costco Wholesale Corp.		6.2		Food & Staples Retailing
Facebook, Inc. Class A		5.8		Internet Software & Services
American Tower Corp.		5.5		Real Estate Investment Trusts
Equinix, Inc.		5.2		Real Estate Investment Trusts
MasterCard, Inc. Class A		5.1		IT Services
Walgreens Boots Alliance, Inc.		5.0		Food & Staples Retailing
McDonald’s Corp.		4.5		Hotels, Restaurants & Leisure
Abbott Laboratories		4.4		Health Care Equipment & Supplies

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of February 29, 2016

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PORTFOLIO RESULTS

Goldman Sachs Growth Opportunities Fund

Portfolio Composition

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Equity Investment Team discusses the Goldman Sachs Growth Opportunities Fund’s (the “Fund”) performance and positioning for the six-month period ended February 29, 2016 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, Service, IR, R and R6 Shares generated cumulative total returns, without sales charges, of -10.08%, -10.38%, -9.89%, -10.10%, -9.96%, -10.19% and -9.89%, respectively. These returns compare to the -6.03% cumulative total return of the Fund’s benchmark, the Russell Midcap^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

Stock selection overall detracted from the Fund’s performance relative to the Russell Index during the Reporting Period. Sector allocation as a whole also detracted, albeit much more modestly.

Which equity market sectors most significantly affected Fund performance?

Detracting most from the Fund’s relative results was challenging stock selection in the consumer discretionary, information technology and health care sectors. The only two sectors to contribute positively to the Fund’s relative performance during the Reporting Period were financials and energy, wherein effective stock selection drove 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 home furnishing retailer Restoration Hardware Holdings, molecular diagnostics company Cepheid and hospital and medical services provider holding company Adeptus Health.

PORTFOLIO RESULTS

company was poised well for growth. We maintained confidence in the actions its management was taking to accelerate the company’s growth profile. In our view, Cepheid remained the dominant molecular diagnostics platform at the end of the Reporting Period.

Despite strong third quarter 2015 results, Adeptus Health’s shares traded lower during the Reporting Period, partly due to the industry-broad brush of other health services companies, which performed below market expectations. Additionally, the company’s results reflected some seasonal slowdown from the prior quarter, which may have impacted investor sentiment. At the end of the Reporting Period, we believed Adeptus Health remained one of the fastest growing players in the health care services industry with good visibility on new facility openings during the next few years. In our view, the company’s growth story has also been driven by its joint venture strategy that focuses on partnering with not-for-profit health care systems. Adeptus Health maintains a dominant position in a rapidly expanding industry, and we believe it presents significant upside potential should it continue to expand both organically and through its joint venture strategy.

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

Shares of McCormick rose, as the company benefited from strong fourth quarter 2015 results, with earnings coming in slightly above consensus estimates. According to company management, the positive results were driven by a broad improvement in organic growth across its consumer and industrial businesses. At the end of the Reporting Period, we were encouraged by the better earnings visibility and improving momentum in McCormick’s consumer business. We believed the company might benefit from the secular growth in healthy cooking and the stabilization of private label competitors across many of its core spice categories. We further believed the company had the ability to continue to unlock growth given its global expansion efforts and product popularity. Finally, in our view, McCormick is led by a quality management team, which is capable of producing strong results moving 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?

We initiated a Fund position in Expedia. We believe the online travel agency industry should continue to experience a healthy growth rate moving forward. We see Expedia as a market share gainer within this industry and expect the company to continue to be able to generate bookings and revenue growth.

We established a Fund position in Xylem, a water technology company, during the Reporting Period. In our view, Xylem is poised to benefit from secular growth and a cyclical recovery of water utility spending. The company’s exposure to oil is minimal, and we believe there are merger and acquisition opportunities to move up the water technology curve if needed. We are optimistic on Xylem’s margin expansion

PORTFOLIO RESULTS

prospects and believe its management team has done well to position the company for sustainable long-term growth.

Conversely, we exited the Fund’s position in surgical systems manufacturer Intuitive Surgical. Its stock held up relatively well during the market sell-off during the Reporting Period, but with what we perceive as increased competitive risk in the robotic surgery space, we opted to move proceeds to more compelling ideas.

We sold the Fund’s position in Hilton Worldwide Holdings, a holding company that provides hospitality services through its subsidiaries. We believe the company to be a strong growth franchise with a skilled management team. We also believe the company could benefit from upcoming catalysts, especially the real estate investment trust spin-out set to take place in 2016. However, we ultimately feel there are better opportunities in the industry with higher risk/reward potential.

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

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

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

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

FUND BASICS

Growth Opportunities Fund

as of February 29, 2016

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PERFORMANCE REVIEW
September 1, 2015–February 29, 2016	Fund Total Return (based on NAV)¹			Russell Midcap^® Growth Index²
Class A		-10.08	%		-6.03	%
Class C		-10.38			-6.03
Institutional		-9.89			-6.03
Service		-10.10			-6.03
Class IR		-9.96			-6.03
Class R		-10.19			-6.03
Class R6		-9.89			-6.03

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


STANDARDIZED TOTAL RETURNS³
For the period ended 12/31/15	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-10.82	%		8.31	%		7.75	%		10.20	%	5/24/99
Class C		-7.26			8.73			7.55			9.75		5/24/99
Institutional		-5.24			9.98			8.80			11.01		5/24/99
Service		-5.71			9.43			8.26			10.46		5/24/99
Class IR		-5.39			9.82			N/A			7.79		11/30/07
Class R		-5.88			9.26			N/A			7.25		11/30/07
Class R6		N/A			N/A			N/A			-7.70		7/31/15

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.30	%		1.40	%
Class C		2.05			2.15
Institutional		0.95			1.00
Service		1.45			1.50
Class IR		1.05			1.15
Class R		1.55			1.65
Class R6		0.93			0.98

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TOP TEN HOLDINGS AS OF 2/29/16⁵
Holding	% of Net Assets			Line of Business
McCormick & Co., Inc.		2.7	%	Food Products
Amphenol Corp. Class A		2.7		Electronic Equipment, Instruments & Components
Panera Bread Co. Class A		2.7		Hotels, Restaurants & Leisure
Equinix, Inc.		2.6		Real Estate Investment Trusts
Tractor Supply Co.		2.5		Specialty Retail
Henry Schein, Inc.		2.2		Health Care Providers & Services
The Middleby Corp.		2.1		Machinery
SBA Communications Corp. Class A		2.1		Diversified Telecommunication Services
Ulta Salon, Cosmetics & Fragrance, Inc.		2.1		Specialty Retail
The Sherwin-Williams Co.		2.0		Chemicals

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of February 29, 2016

LOGO

⁶

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

PORTFOLIO RESULTS

Goldman Sachs Small/Mid Cap Growth Fund

Portfolio Composition

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Equity Investment Team discusses the Goldman Sachs Small/Mid Cap Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended February 29, 2016 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, Service, IR, R and R6 Shares generated cumulative total returns, without sales charges, of -14.34%, -14.69%, -14.21%, -14.41%, -14.24%, -14.47% and -14.21%, respectively. These returns compare to the -11.30% cumulative total return of the Fund’s benchmark, the Russell 2500^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

Which equity market sectors most significantly affected Fund performance?

Detracting from relative results most during the Reporting Period were information technology, health care and industrials, wherein stock selection was challenging. Effective stock selection in the financials, energy and materials 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 home furnishing retailer Restoration Hardware Holdings, clinical-stage pharmaceutical company Cempra and hospital and medical services provider holding company Adeptus Health.

Cempra was a top detractor from the Fund’s relative results during the Reporting Period. Cempra develops antibiotics to meet critical medical needs in the treatment of bacterial infectious diseases and currently has two antibiotic candidates, Solithromycin and Taksta. Despite positive progress in the drugs’ clinical trials, shares of the company declined during the Reporting Period amid negative

PORTFOLIO RESULTS

sentiment in the pharmaceuticals industry broadly and around the latest drug pricing debate. Cempra’s share price was also pressured downward following its third quarter 2015 earnings release, despite the results being generally positive. We believe this was due to the market’s focus on Solithromycin’s side effects. We believe the company accomplished all it needed for the Food and Drug Administration’s approval and that concerns over side effects may have been an overreaction. At the end of the Reporting Period, we believed in the overall potential of Cempra’s antibiotic candidates and the attractiveness of novel antibiotics as a class.

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

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?

During the Reporting Period, we initiated a Fund position in Xylem, a water technology company, during the Reporting Period. In our view, Xylem is poised to benefit from secular growth and a cyclical recovery of water utility spending. The company’s exposure to oil is minimal, and we believe there are merger and acquisition opportunities to move up the water technology curve if needed. We are optimistic on Xylem’s margin expansion prospects and believe its management team has done well to position the company for sustainable long-term growth.

We established a Fund position in Whole Foods Market, an organic foods supermarket chain. We are optimistic on the company and its dominant market position. Of note are the significant steps that Whole Foods Market’s management has actively taken to improve the company’s pricing and marketing. We believe these efforts could potentially drive sales growth in the coming quarters. We also like what we consider to be the company’s good earnings visibility from cost-reduction efforts and its potential share buybacks.

Conversely, we exited the Fund’s position in Jarden, a multi-brand consumer products company. Jarden has been a strong performer, and while we continue to like the business, we believe it is too large to own in this Fund for the long term. As a result, we decided to sell the position in favor of other compelling opportunities.

We eliminated the Fund’s position in Roadrunner Transportation Systems, a leading asset-light transportation and logistics service provider. Our confidence in the company was tested by an overall weak outlook for freight volumes across the transportation industry. In turn, we opted to sell the position and pursue higher conviction ideas.

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

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

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

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

FUND BASICS

Small/Mid Cap Growth Fund

as of February 29, 2016

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PERFORMANCE REVIEW
September 1, 2015–February 29, 2016	Fund Total Return (based on NAV)¹			Russell 2500^® Growth Index²
Class A		-14.34	%		-11.30	%
Class C		-14.69			-11.30
Institutional		-14.21			-11.30
Service		-14.41			-11.30
Class IR		-14.24			-11.30
Class R		-14.47			-11.30
Class R6		-14.21			-11.30

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


STANDARDIZED TOTAL RETURNS³
For the period ended 12/31/15	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-6.59	%		10.12	%		9.56	%		9.65	%	6/30/05
Class C		-2.91			10.54			9.35			9.38		6/30/05
Institutional		-0.79			11.81			10.62			10.64		6/30/05
Service		-1.33			11.24			10.05			10.08		6/30/05
Class IR		-0.95			11.65			N/A			9.21		11/30/07
Class R		-1.44			11.09			N/A			8.67		11/30/07
Class R6		N/A			N/A			N/A			-10.38		7/31/15

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.30	%		1.45	%
Class C		2.05			2.20
Institutional		0.93			1.05
Service		1.42			1.55
Class IR		1.05			1.20
Class R		1.55			1.70
Class R6		0.91			1.03

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TOP TEN HOLDINGS AS OF 2/29/16⁵
Holding	% of Net Assets			Line of Business
Panera Bread Co. Class A		2.7	%	Hotels, Restaurants & Leisure
Tractor Supply Co.		2.6		Specialty Retail
Eagle Bancorp, Inc.		2.5		Commercial Banks
Ulta Salon, Cosmetics & Fragrance, Inc.		2.1		Specialty Retail
The Middleby Corp.		2.1		Machinery
Black Knight Financial Services, Inc. Class A		2.1		IT Services
Xylem, Inc.		1.9		Machinery
Under Armour, Inc. Class A		1.9		Textiles, Apparel & Luxury Goods
Fortune Brands Home & Security, Inc.		1.8		Building Products
Healthcare Services Group, Inc.		1.8		Commercial Services & Supplies

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of February 29, 2016

LOGO

⁶

PORTFOLIO RESULTS

Goldman Sachs Strategic Growth Fund

Portfolio Composition

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Equity Investment Team discusses the Goldman Sachs Strategic Growth Fund’s (the “Fund”) performance and positioning for the six-month period ended February 29, 2016 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, Service, IR, R and R6 Shares generated cumulative total returns, without sales charges, of -4.41%, -4.75%, -4.17%, -4.45%, -4.28%, -4.47% and -4.23%, respectively. These returns compare to the -1.22% cumulative total return of the Fund’s benchmark, the Russell 1000^® Growth Index (with dividends reinvested) (the “Russell Index”), during the same period.

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

Stock selection overall detracted from the Fund’s performance relative to the Russell Index during the Reporting Period. Sector allocation as a whole also detracted, albeit more modestly.

Which equity market sectors most significantly affected Fund performance?

Challenging stock selection in health care, information technology and consumer staples detracted from the Fund’s relative results most during the Reporting Period. The only sector to contribute positively to the Fund’s relative performance during the Reporting Period was financials, wherein effective stock selection drove 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 global apparel company PVH, oil and gas exploration and production company Anadarko Petroleum and biotechnology firm Vertex Pharmaceuticals.

PVH was the top detractor from the Fund’s results during the Reporting Period. Weakness in the U.S. retail environment, high promotions in the industry, and currency headwinds pressured the company’s results. Despite these concerns, which we see as short-term in nature, we believed at the end of the Reporting Period that PVH remained a leading franchise with dominant market share, strong pricing power and solid fundamentals. Particularly, established brand names Tommy Hilfiger and Calvin Klein have demonstrated international strength and have been a key source of growth. In our view, PVH was undervalued relative to its peers at the end of the Reporting Period, and we remained optimistic on what we see as the company’s significant free cash flow generation ability, quality of management and return potential.

During the Reporting Period, the energy sector continued to demonstrate an unfavorable macro-economic backdrop, leading to secular underperformance. Despite strong underlying fundamentals, Anadarko Petroleum’s stock price was impacted by this volatility in the industry. In early 2016, the company announced fourth quarter 2015 results with higher production and cash flows than market expectations.

PORTFOLIO RESULTS

At the end of the Reporting Period, we believed Anadarko Petroleum’s core business remained solid. Further, in our view, what we consider to be the company’s capable management team and its dominant market share position it well for long-term outperformance.

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

Facebook was a top positive contributor to the Fund’s relative results during the Reporting Period. The company reported strong fourth quarter 2015 results in January 2016, underpinned by advertisement revenue growth well above market expectations. At the end of the Reporting Period, we remained positive on Facebook’s high operating expenditures, at what we consider to be manageable levels, which should allow the company to invest aggressively in substantial growth opportunities and simultaneously increase expected earnings. We think additional tailwinds in the form of lower and decreasing tax rates may further benefit the company in coming years. In our view, Facebook’s strong fundamentals, high barriers to entry, robust contribution from Instagram, and strong demand for its business across most segments and geographies warrant a constructive outlook on its long-term growth prospects.

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 fast-food retail giant McDonald’s. We believe improving sales and reduction in costs should lead to earnings upside and margin expansion. We further think that McDonald’s reduction in capital expenditures and further refranchising could lead to improving return on invested capital and free up additional capital to repurchase stock. In our view, McDonald’s is a high quality franchise with a proficient management team and what we consider to be attractive opportunities to drive top-line growth and earnings.

We established a Fund position in Reynolds American, which is a holding company that manufactures and sells cigarettes in the U.S. We believe the industry backdrop

PORTFOLIO RESULTS

remains favorable for tobacco companies. In our view, Reynolds American is well positioned to benefit from this industry backdrop during the next few years.

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

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

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

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

FUND BASICS

Strategic Growth Fund

as of February 29, 2016

LOGO


PERFORMANCE REVIEW
September 1, 2015–February 29, 2016	Fund Total Return (based on NAV)¹			Russell 1000^® Growth Index²
Class A		-4.41	%		-1.22	%
Class C		-4.75			-1.22
Institutional		-4.17			-1.22
Service		-4.45			-1.22
Class IR		-4.28			-1.22
Class R		-4.47			-1.22
Class R6		-4.23			-1.22

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


STANDARDIZED TOTAL RETURNS³
For the period ended 12/31/15	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-2.52	%		11.01	%		6.70	%		3.32	%	5/24/99
Class C		1.16			11.42			6.49			2.90		5/24/99
Institutional		3.45			12.72			7.73			4.09		5/24/99
Service		3.02			12.20			7.25			3.66		5/24/99
Class IR		3.26			12.52			N/A			15.31		01/06/09
Class R		2.88			12.04			N/A			14.82		01/06/09
Class R6		N/A			N/A			N/A			-2.64		7/31/15

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.15	%		1.52	%
Class C		1.90			2.27
Institutional		0.75			1.12
Service		1.25			1.62
Class IR		0.90			1.27
Class R		1.40			1.76
Class R6		0.73			1.10

⁴


TOP TEN HOLDINGS AS OF 2/29/16⁵
Holding	% of Net Assets			Line of Business
Apple, Inc.		6.7	%	Computers & Peripherals
Facebook, Inc. Class A		3.6		Internet Software & Services
Alphabet, Inc. Class A		3.1		Internet Software & Services
Amazon.com, Inc.		2.9		Internet & Catalog Retail
Costco Wholesale Corp.		2.7		Food & Staples Retailing
The Coca-Cola Co.		2.4		Beverages
American Tower Corp.		2.3		Real Estate Investment Trusts
Alphabet, Inc. Class C		2.3		Internet Software & Services
Equinix, Inc.		2.3		Real Estate Investment Trusts
Starbucks Corp.		2.3		Hotels, Restaurants & Leisure

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of February 29, 2016

LOGO

⁶

PORTFOLIO RESULTS

Goldman Sachs Technology Opportunities Fund

Portfolio Composition

The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowing for investment purposes (measured at time of purchase) in equity investments in technology companies. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in approximately 30-40 companies that are considered by the Investment Adviser to benefit from the proliferation of technology. Although the Fund invests primarily in publicly traded U.S. securities, it may invest up to 25% of its total assets measured at the time of purchase in foreign securities, including securities of issuers in countries with emerging markets or economies and securities quoted in foreign currencies. The Fund may also invest in privately held companies and companies that only recently began to trade publicly.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Growth Equity Investment Team discusses the Goldman Sachs Technology Opportunities Fund’s (the “Fund”) performance and positioning for the six-month period ended February 29, 2016 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, Service and IR Shares generated cumulative total returns, without sales charges, of -5.44%, -5.78%, -5.23%, -5.52% and -5.32%, respectively. These returns compare to the 1.18% cumulative total return of the Fund’s benchmark, the S&P North American Technology Sector Index (the “S&P Technology Index”), during the same period.

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

Stock selection overall detracted from the Fund’s performance relative to the S&P Technology Index during the Reporting Period. Sector allocation as a whole also detracted, albeit much more modestly.

Which equity market sectors most significantly affected Fund performance?

As both the Fund and the S&P Technology Index have the majority of their respective assets allocated to the information technology sector, broad equity market sector performance generally does not have a meaningful impact on relative performance. That said, detracting most from the Fund’s relative results was weak stock selection in information technology and having exposure to the telecommunication services sector, which is not a component of the S&P Technology Index but which lagged the S&P Technology Index during the Reporting Period. Effective stock selection in the financials and consumer discretionary sectors buoyed 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 cloud-based digital commerce solutions provider Demandware, data software provider Splunk and cloud-based software-as-a-service (“SaaS”) provider ServiceNow.

Demandware reported earnings results with revenues, margins and free cash flow higher than expectations, but guidance for contracts widened to account for large deal risk, macroeconomic concerns and exposure to consumers through its vertical. (The term “vertical” in business refers to a vertical market. Basically, a vertical market is one where businesses and marketers cater to the needs of a specific group of people within an industry. This concept is in contrast to a horizontal market, where the focus is diverted to a large amount of people regardless of industry.) These concerns led to the company’s stock price declining, but we believe the company is poised for an attractive risk/reward dynamic during the next year. In our view, Demandware’s underlying fundamentals remained solid at the end of the Reporting Period, and we believe the company remains a merger and acquisition target given its unique asset as a primary customer web-facing platform.

PORTFOLIO RESULTS

Splunk was a top detractor from the Fund’s relative returns during the Reporting Period. Broader market and secular volatility, alongside competition concerns, which we think are near term, led to a stock price decline despite the company’s accelerating growth during the Reporting Period. We believe Splunk’s ability to monitor events in real time, provide forensics, and integrate with third party providers, gives it a significant competitive advantage. In our view, our overall investment thesis for Splunk remained intact at the end of the Reporting Period, as we believe the company is attractively valued relative to its peers and well positioned to benefit from growing demand for web analytics and cybersecurity.

ServiceNow is a provider of cloud-based services to automate enterprise information technology operations. The company reported mixed fourth quarter 2015 results, with billings that missed market estimates. Its management guided on the low end for 2016, which we think was driven by a sales mix of lower margin products. Despite this, ServiceNow beat market expectations for top and bottom line results, driven by gross margin improvements and higher operating cash flows. At the end of the Reporting Period, we believed that ServiceNow remained a high quality growth business in the software industry and that the company may well generate shareholder value through its product pipeline and acquisition synergies.

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

The Fund benefited most relative to the S&P Technology Index from positions in data center real estate investment trust (“REIT”) Equinix, software company Intuit and leading information storage company EMC.

Equinix was a strong contributor to the Fund’s performance during the Reporting Period. The company announced high quality results for the second and third quarters of 2015, as secular growth in enterprise spending helped drive organic revenue growth and bookings to record levels. Also, solid performance in all regions in which the REIT operates led Equinix to raise guidance across key metrics during the Reporting Period, which was well received by the markets. In our view, Equinix continued at the end of the Reporting Period to present a favorable outlook, as pricing has been net positive in the low churn rate, or turnover, environment. Going forward, we believe Equinix may further benefit from its steady recurring revenue business model, steady demand environment, and integration of recent acquisitions that could unlock significant synergies.

Intuit is a software company that develops financial and tax preparation programs. The company held its “investor day,” or annual investor meeting, in September 2015, reporting growth in the underlying metrics of the business. Specifically, the high proportion of new QuickBooks online subscribers and their growth highlighted Intuit’s meaningful market expansion, with the potential for further monetization in the future. The company also reported fiscal first quarter results toward the end of 2015, with better than expected revenues and earnings and continued momentum in its underlying metrics. In our view, Intuit is a solid franchise, with improving and accelerating product offers and healthy trends in its core business and subscription growth.

EMC was a top positive contributor to the Fund’s relative results during the Reporting Period. Toward the end of 2015, Dell announced plans to acquire EMC, and developments in the acquisition negatively affected its share price in the near term. Longer term, however, EMC’s management stated it is confident that growth and the overall storage market should be stronger moving forward, driving EMC’s stock to a positive total return for the Reporting Period overall. EMC is a market leader in storage and, in our view, has the opportunity to continue to take share in a relatively fragmented market. In addition, we believe the company is well positioned to take advantage of future technological changes, as what we consider to be its forward-looking management team has a history of embracing and driving change.

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 MasterCard. We believe current macro trends are supportive of financial services and that MasterCard could be a key beneficiary. In particular, the company has deep exposure to emerging markets, where consumer card spending has seen recovery and is supported by promotional government efforts. In our view, MasterCard has a high quality management team and, given what we consider to be a favorable industry backdrop, a high quality business franchise. Given what we view as MasterCard’s

PORTFOLIO RESULTS

attractive valuation, we sought to take advantage of what we view as a favorable risk/reward opportunity.

We established a Fund position in Electronic Arts, a developer and distributor of video games on consoles, personal computers, mobile phones and tablets. We believe video game publishers are the new big media content companies without cord cutting threats. (Cord cutting refers to the practice of stopping a cable or satellite television service or getting rid of a landline phone in favor of less expensive options.) We are positive on Electronic Arts’ transition from a hit-driven, console-cycle dependent business to a more stable, recurring revenue business with increasing digitization in offerings. We see growth catalysts through the company’s strong gaming pipeline for its fiscal year 2017 and medium-term growth drivers from eSports and virtual reality. With what we view as sustainable margin expansion capability and capital structure opportunities to enhance shareholder returns, we are optimistic on Electronic Arts’ long-term performance.

Conversely, we exited the Fund’s position in payment solutions provider Global Payments. Management of the company raised its 2016 earnings guidance after reporting impressive first fiscal quarter earnings results that beat consensus expectations. Following the strong performance, we believed its shares were fully valued and decided to allocate proceeds into other opportunities with what we considered more compelling risk/reward profiles.

We sold the Fund’s position in Internet radio services provider Pandora Media. We believe Pandora Media has a capable management team that remains focused on driving growth. However, the company’s weak quarterly results during the Reporting Period made us cautious on its long-term prospects. As a result, we decided to eliminate the Fund’s position in the company to fund other ideas with more attractive risk/reward profiles, in our view.

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

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

How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

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

FUND BASICS

Technology Opportunities Fund

as of February 29, 2016

LOGO


PERFORMANCE REVIEW
September 1, 2015–February 29, 2016	Fund Total Return (based on NAV)¹			S&P North American Technology Sector Index²
Class A		-5.44	%		1.18	%
Class C		-5.78			1.18
Institutional		-5.23			1.18
Service		-5.52			1.18
Class IR		-5.32			1.18

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


STANDARDIZED TOTAL RETURNS³
For the period ended 12/31/15	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		1.72	%		8.51	%		9.49	%		4.41	%	10/1/99
Class C		5.79			8.92			9.29			3.98		10/1/99
Institutional		8.12			10.19			10.55			5.20		10/1/99
Service		7.54			9.64			10.01			4.69		10/1/99
Class IR		7.91			10.00			N/A			11.95		9/30/10

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

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.47	%		1.54	%
Class C		2.22			2.29
Institutional		1.07			1.14
Service		1.57			1.64
Class IR		1.22			1.29

⁴


TOP TEN HOLDINGS AS OF 2/29/16⁵
Holding	% of Net Assets			Line of Business
Apple, Inc.		7.6	%	Computers & Peripherals
Facebook, Inc. Class A		5.5		Internet Software & Services
Amazon.com, Inc.		4.7		Internet & Catalog Retail
Alphabet, Inc. Class A		4.5		Internet Software & Services
Alphabet, Inc. Class C		4.1		Internet Software & Services
NXP Semiconductors NV		3.8		Semiconductors & Semiconductor Equipment
ServiceNow, Inc.		3.6		Software
Amphenol Corp. Class A		3.3		Electronic Equipment, Instruments & Components
Salesforce.com, Inc.		3.3		Software
American Tower Corp.		3.2		Real Estate Investment Trusts

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATION⁶

As of February 29, 2016

LOGO

⁶

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

GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments

February 29, 2016 (Unaudited)


Shares		Description	Value

	Common Stocks – 99.1%

	Aerospace & Defense – 3.8%
	162,947	Honeywell International, Inc.	$	16,514,678
	97,356	The Boeing Co.		11,505,532
	26,754	United Technologies Corp.		2,584,972

				30,605,182

	*Airlines – 0.6%**
	85,392	United Continental Holdings, Inc.		4,889,546

	Auto Components – 0.9%
	232,228	BorgWarner, Inc.		7,589,211

	Beverages – 3.4%
	23,905	Brown-Forman Corp. Class B		2,353,925
	52,377	Molson Coors Brewing Co. Class B		4,466,187
	62,055	PepsiCo., Inc.		6,070,220
	349,971	The Coca-Cola Co.		15,094,249

				27,984,581

	Biotechnology – 5.5%
	31,506	Alexion Pharmaceuticals, Inc.*		4,436,045
	40,965	Alkermes PLC*		1,321,941
	41,348	Biogen, Inc.*		10,726,498
	14,851	BioMarin Pharmaceutical, Inc.*		1,215,851
	43,443	Celgene Corp.*		4,380,358
	94,822	Cepheid, Inc.*		2,814,317
	131,218	Gilead Sciences, Inc.		11,448,770
	11,226	Ultragenyx Pharmaceutical, Inc.*		684,674
	86,505	Vertex Pharmaceuticals, Inc.*		7,395,312

				44,423,766

	Building Products – 1.6%
	257,422	Fortune Brands Home & Security, Inc.		12,927,733

	*Capital Markets – 0.8%**
	47,092	Affiliated Managers Group, Inc.		6,531,190

	Chemicals – 3.4%
	68,381	Ashland, Inc.		6,516,025
	366,321	Axalta Coating Systems Ltd.*		9,509,693
	98,163	RPM International, Inc.		4,009,959
	28,081	The Sherwin-Williams Co.		7,595,911

				27,631,588

	Commercial Banks – 0.8%
	101,637	First Republic Bank		6,254,741

	Computers & Peripherals – 6.8%
	505,562	Apple, Inc.		48,882,790
	243,304	EMC Corp.		6,357,533

				55,240,323

	Consumer Finance – 0.7%
	28,099	American Express Co.		1,561,742
	676,232	SLM Corp.*		3,949,195

				5,510,937

	Containers & Packaging – 0.5%
	57,565	Avery Dennison Corp.		3,748,633

	*Distributors – 0.4%**
	125,887	LKQ Corp.		3,474,481


Common Stocks – (continued)
	Diversified Financial Services – 1.0%
	32,647	Intercontinental Exchange, Inc.	$	7,785,004

	*Electrical Equipment – 0.5%**
	131,177	Sensata Technologies Holding NV		4,474,447

	Electronic Equipment, Instruments & Components – 0.6%
	91,413	Amphenol Corp. Class A		4,851,288

	Energy Equipment & Services – 0.1%
	25,257	Baker Hughes, Inc.		1,082,768

	Food & Staples Retailing – 3.7%
	83,621	Costco Wholesale Corp.		12,545,659
	162,146	Walgreens Boots Alliance, Inc.		12,799,805
	152,454	Whole Foods Market, Inc.		4,773,335

				30,118,799

	Food Products – 1.0%
	89,619	McCormick & Co., Inc.		8,357,868

	Health Care Equipment & Supplies – 1.6%
	147,597	Abbott Laboratories		5,717,907
	7,114	Intuitive Surgical, Inc.*		4,005,609
	35,660	Stryker Corp.		3,561,721

				13,285,237

	Health Care Providers & Services – 2.6%
	55,224	Aetna, Inc.		5,998,983
	42,528	Cardinal Health, Inc.		3,474,538
	19,210	Henry Schein, Inc.*		3,178,294
	53,079	McKesson Corp.		8,260,154

				20,911,969

	*Health Care Technology – 0.6%**
	100,654	Cerner Corp.		5,139,393

	Hotels, Restaurants & Leisure – 4.9%
	6,961	Chipotle Mexican Grill, Inc.*		3,544,263
	175,117	Hilton Worldwide Holdings, Inc.		3,638,931
	105,259	McDonald’s Corp.		12,335,302
	16,295	Panera Bread Co. Class A*		3,376,324
	183,304	Starbucks Corp.		10,670,126
	89,152	Yum! Brands, Inc.		6,460,846

				40,025,792

	*Household Durables – 0.3%**
	41,775	Jarden Corp.		2,209,062

	Industrial Conglomerates – 0.6%
	52,494	Danaher Corp.		4,686,139

	*Internet & Catalog Retail – 4.7%**
	37,655	Amazon.com, Inc.		20,805,141
	95,059	Netflix, Inc.		8,879,461
	6,487	The Priceline Group, Inc.		8,207,417

				37,892,019

	*Internet Software & Services – 8.0%**
	24,576	Alphabet, Inc. Class A		17,626,399
	25,181	Alphabet, Inc. Class C		17,570,546
	90,291	eBay, Inc.		2,148,926
	206,016	Facebook, Inc. Class A		22,027,231


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

GOLDMAN SACHS CAPITAL GROWTH FUND

Schedule of Investments (continued)

February 29, 2016 (Unaudited)


Shares		Description	Value

Common Stocks – (continued)
	*Internet Software & Services – (continued)**
	22,756	LinkedIn Corp. Class A	$	2,666,776
	232,739	OPOWER, Inc.		1,924,751
	28,949	Twitter, Inc.		524,556

				64,489,185

	IT Services – 5.2%
	11,045	Alliance Data Systems Corp.*		2,320,886
	75,584	Black Knight Financial Services, Inc. Class A*		2,215,367
	23,669	Fidelity National Information Services, Inc.		1,378,719
	36,965	Fiserv, Inc.*		3,534,963
	20,719	FleetCor Technologies, Inc.*		2,645,609
	25,323	Global Payments, Inc.		1,543,437
	258,546	MasterCard, Inc. Class A		22,472,818
	104,262	PayPal Holdings, Inc.*		3,976,553
	85,846	Sabre Corp.		2,330,719

				42,419,071

	Life Sciences Tools & Services – 0.7%
	87,321	Agilent Technologies, Inc.		3,261,439
	15,845	Illumina, Inc.*		2,380,553

				5,641,992

	Machinery – 1.3%
	50,512	The Middleby Corp.*		4,677,411
	146,391	Xylem, Inc.		5,476,488

				10,153,899

	Media – 4.2%
	260,647	Comcast Corp. Class A		15,047,151
	195,115	The Walt Disney Co.		18,637,385

				33,684,536

	Oil, Gas & Consumable Fuels – 0.5%
	23,308	Anadarko Petroleum Corp.		884,538
	19,849	Concho Resources, Inc.*		1,791,174
	24,158	Valero Energy Corp.		1,451,413

				4,127,125

	Pharmaceuticals – 3.8%
	39,867	Allergan PLC*		11,565,816
	151,865	Eli Lilly & Co.		10,934,280
	14,638	Shire PLC ADR		2,285,138
	141,535	Zoetis, Inc.		5,811,427

				30,596,661

	Real Estate Investment Trusts – 2.4%
	94,070	American Tower Corp.		8,673,254
	36,289	Equinix, Inc.		11,020,606

				19,693,860

	Road & Rail – 1.5%
	148,667	Kansas City Southern		12,147,581

	Semiconductors & Semiconductor Equipment – 1.5%
	105,452	Applied Materials, Inc.		1,989,879
	81,005	NXP Semiconductors NV*		5,770,796


Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	58,870	Qorvo, Inc.*	$	2,653,860
	40,289	QUALCOMM, Inc.		2,046,278

				12,460,813

	Software – 6.1%
	48,713	Electronic Arts, Inc.*		3,129,323
	79,541	Intuit, Inc.		7,686,842
	174,450	Microsoft Corp.		8,876,016
	379,002	Oracle Corp.		13,939,694
	79,323	salesforce.com, Inc.*		5,374,133
	82,867	ServiceNow, Inc.*		4,556,856
	117,699	Splunk, Inc.*		5,131,677
	22,048	Tableau Software, Inc. Class A*		1,006,491

				49,701,032

	Specialty Retail – 6.8%
	14,157	Advance Auto Parts, Inc.		2,101,465
	83,366	L Brands, Inc.		7,068,603
	20,531	O’Reilly Automotive, Inc.*		5,344,630
	120,545	Ross Stores, Inc.		6,627,564
	153,876	The Home Depot, Inc.		19,099,089
	73,352	Tractor Supply Co.		6,203,379
	50,773	Ulta Salon, Cosmetics & Fragrance, Inc.*		8,387,192

				54,831,922

	Textiles, Apparel & Luxury Goods – 3.2%
	382,008	Kate Spade & Co.*		7,571,399
	184,972	NIKE, Inc. Class B		11,392,425
	30,519	PVH Corp.		2,415,579
	67,229	VF Corp.		4,377,280

				25,756,683

	Tobacco – 2.5%
	93,618	Altria Group, Inc.		5,764,060
	82,208	Philip Morris International, Inc.		7,483,394
	139,143	Reynolds American, Inc.		7,016,982

				20,264,436

	TOTAL COMMON STOCKS
	(Cost $655,139,341)		$	803,600,493


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

GOLDMAN SACHS CAPITAL GROWTH FUND


Principal Amount		Interest Rate			Maturity Date		Value

	Short-term Investment^(a) – 1.1%
	Repurchase Agreements – 1.1%
	Joint Repurchase Agreement Account II
$	8,800,000		0.312	%		03/01/16	$	8,800,000
	(Cost $8,800,000)

	TOTAL INVESTMENTS – 100.2%
	(Cost $663,939,341)						$	812,400,493

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.2)%							(1,699,870	)

	NET ASSETS – 100.0%						$	810,700,623


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 29, 2016. Additional information appears on page 78.



Investment Abbreviations:
ADR		—American Depositary Receipt
PLC		—Public Limited Company


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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Schedule of Investments

February 29, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – 97.7%
	Aerospace & Defense – 2.8%
	40,703	Honeywell International, Inc.	$	4,125,249

	Auto Components – 1.6%
	74,256	BorgWarner, Inc.		2,426,686

	Beverages – 1.5%
	22,774	Brown-Forman Corp. Class B		2,242,556

	Biotechnology* – 3.4%
	9,504	Biogen, Inc.		2,465,528
	29,036	Vertex Pharmaceuticals, Inc.		2,482,287

				4,947,815

	Building Products – 1.0%
	29,160	Fortune Brands Home & Security, Inc.		1,464,415

	Chemicals – 1.5%
	8,137	The Sherwin-Williams Co.		2,201,058

	Computers & Peripherals – 7.5%
	114,524	Apple, Inc.		11,073,326

	Consumer Finance* – 1.4%
	356,005	SLM Corp.		2,079,069

	Diversified Financial Services – 1.9%
	11,556	Intercontinental Exchange, Inc.		2,755,644

	Food & Staples Retailing – 8.4%
	38,293	Costco Wholesale Corp.		5,745,099
	50,404	Walgreens Boots Alliance, Inc.		3,978,892
	82,371	Whole Foods Market, Inc.		2,579,036

				12,303,027

	Food Products – 1.9%
	30,625	McCormick & Co., Inc.		2,856,087

	Health Care Equipment & Supplies – 4.2%
	74,117	Abbott Laboratories		2,871,292
	33,418	Stryker Corp.		3,337,790

				6,209,082

	Health Care Providers & Services – 2.0%
	18,838	McKesson Corp.		2,931,570

	Health Care Technology* – 1.8%
	51,423	Cerner Corp.		2,625,658

	Hotels, Restaurants & Leisure – 6.8%
	23,899	McDonald’s Corp.		2,800,724
	78,576	Starbucks Corp.		4,573,909
	35,408	Yum! Brands, Inc.		2,566,018

				9,940,651

	Industrial Conglomerates – 2.1%
	34,529	Danaher Corp.		3,082,404

	Internet & Catalog Retail* – 5.8%
	8,779	Amazon.com, Inc.		4,850,573
	2,855	The Priceline Group, Inc.		3,612,175

				8,462,748

	Internet Software & Services* – 10.9%
	8,455	Alphabet, Inc. Class A		6,064,095

	Common Stocks – (continued)
	Internet Software & Services* – (continued)
	3,981	Alphabet, Inc. Class C	$	2,777,823
	67,360	Facebook, Inc. Class A		7,202,131

				16,044,049

	IT Services – 3.0%
	50,049	MasterCard, Inc. Class A		4,350,259

	Pharmaceuticals* – 2.9%
	14,503	Allergan PLC		4,207,465

	Real Estate Investment Trusts – 6.6%
	57,686	American Tower Corp.		5,318,649
	14,410	Equinix, Inc.		4,376,173

				9,694,822

	Road & Rail – 1.9%
	34,035	Kansas City Southern		2,781,000

	Semiconductors & Semiconductor Equipment* – 1.8%
	37,691	NXP Semiconductors NV		2,685,107

	Software – 5.8%
	33,433	Electronic Arts, Inc.*		2,147,736
	92,338	Oracle Corp.		3,396,192
	20,674	salesforce.com, Inc.*		1,400,663
	30,193	ServiceNow, Inc.*		1,660,313

				8,604,904

	Specialty Retail – 2.9%
	33,171	L Brands, Inc.		2,812,569
	25,997	Ross Stores, Inc.		1,429,315

				4,241,884

	Textiles, Apparel & Luxury Goods – 6.3%
	134,735	Kate Spade & Co.*		2,670,448
	63,534	NIKE, Inc. Class B		3,913,059
	33,495	PVH Corp.		2,651,129

				9,234,636

	TOTAL COMMON STOCKS
	(Cost $122,539,059)		$	143,571,171


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

GOLDMAN SACHS CONCENTRATED GROWTH FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment^(a) – 3.2%
	Repurchase Agreements – 3.2%
	Joint Repurchase Agreement Account II
$	4,700,000		0.312	%		03/01/16	$	4,700,000
	(Cost $4,700,000)

	TOTAL INVESTMENTS – 100.9%
	(Cost $127,239,059)						$	148,271,171

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.9)%							(1,296,823	)

	NET ASSETS – 100.0%						$	146,974,348


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 29, 2016. Additional information appears on page 78.


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

GOLDMAN SACHS DYNAMIC U.S. EQUITY FUND

Schedule of Investments

February 29, 2016 (Unaudited)


Shares		Description	Value

Common Stocks – 96.7%
	*Airlines – 1.7%**
	3,324	United Continental Holdings, Inc.	$	190,332

	*Biotechnology – 1.9%**
	424	Biogen, Inc.		109,994
	1,144	Vertex Pharmaceuticals, Inc.		97,801

				207,795

	Capital Markets – 1.0%
	4,566	Morgan Stanley		112,780

	Chemicals – 1.8%
	3,337	E.I. du Pont de Nemours & Co.		203,123

	Commercial Banks – 8.5%
	33,877	Bank of America Corp.		424,140
	9,228	JPMorgan Chase & Co.		519,537

				943,677

	Computers & Peripherals – 7.0%
	3,876	Apple, Inc.		374,770
	15,151	EMC Corp.		395,896

				770,666

	Diversified Financial Services – 2.1%
	985	Intercontinental Exchange, Inc.		234,883

	Electric Utilities – 1.5%
	5,069	FirstEnergy Corp.		169,659

	Food & Staples Retailing – 7.9%
	1,682	Costco Wholesale Corp.		252,350
	3,085	Walgreens Boots Alliance, Inc.		243,530
	12,077	Whole Foods Market, Inc.		378,131

				874,011

	Health Care Equipment & Supplies – 2.7%
	7,713	Abbott Laboratories		298,802

	Hotels, Restaurants & Leisure – 2.3%
	4,416	Starbucks Corp.		257,055

	Household Products – 2.4%
	3,360	The Procter & Gamble Co.		269,774

	Industrial Conglomerates – 2.7%
	10,388	General Electric Co.		302,706

	Insurance – 5.8%
	4,195	MetLife, Inc.		165,954
	4,492	Prudential Financial, Inc.		296,876
	4,223	The Hartford Financial Services Group, Inc.		177,873

				640,703

	*Internet & Catalog Retail – 5.2%**
	692	Amazon.com, Inc.		382,344
	154	The Priceline Group, Inc.		194,842

				577,186

	*Internet Software & Services – 7.2%**
	381	Alphabet, Inc. Class A		273,261
	267	Alphabet, Inc. Class C		186,305

	*Internet Software & Services – (continued)**
	3,198	Facebook, Inc. Class A	$	341,930

				801,496

	IT Services – 3.0%
	3,821	MasterCard, Inc. Class A		332,121

	Media – 1.5%
	4,464	Viacom, Inc. Class B		164,498

	Oil, Gas & Consumable Fuels – 7.1%
	4,336	Apache Corp.		165,982
	6,669	ConocoPhillips		225,612
	3,132	Exxon Mobil Corp.		251,030
	24,144	Southwestern Energy Co.*		139,553

				782,177

	Pharmaceuticals – 9.0%
	1,155	Allergan PLC*		335,077
	6,140	Mylan NV*		276,730
	12,815	Pfizer, Inc.		380,221

				992,028

	Real Estate Investment Trusts – 3.8%
	2,612	American Tower Corp.		240,826
	604	Equinix, Inc.		183,429

				424,255

	Road & Rail – 2.7%
	3,627	Kansas City Southern		296,362

	Semiconductors & Semiconductor Equipment – 2.2%
	4,772	QUALCOMM, Inc.		242,370

	Specialty Retail – 1.7%
	6,953	The Gap, Inc.		192,251

	Textiles, Apparel & Luxury Goods – 4.0%
	4,764	NIKE, Inc. Class B		293,415
	1,905	PVH Corp.		150,781

				444,196

	TOTAL COMMON STOCKS
	(Cost $10,132,221)		$	10,724,906


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

GOLDMAN SACHS DYNAMIC U.S. EQUITY FUND


Principal Amount		Interest Rate			Maturity Date		Value

	Short-term Investment^(a) – 0.9%
	Repurchase Agreements – 0.9%
	Joint Repurchase Agreement Account II
$	100,000		0.312	%		03/01/16	$	100,000
	(Cost $100,000)

	TOTAL INVESTMENTS – 97.6%
	(Cost $10,232,221)						$	10,824,906

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.4%							264,212

	NET ASSETS – 100.0%						$	11,089,118


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 29, 2016. Additional information appears on page 78.


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

GOLDMAN SACHS FLEXIBLE CAP GROWTH FUND

Schedule of Investments

February 29, 2016 (Unaudited)


Shares		Description	Value

Common Stocks – 98.5%
	Aerospace & Defense – 2.6%
	2,633	Honeywell International, Inc.	$	266,854
	1,366	The Boeing Co.		161,434

				428,288

	Auto Components – 0.4%
	2,152	BorgWarner, Inc.		70,327

	Beverages – 2.2%
	804	Brown-Forman Corp. Class B		79,170
	6,358	The Coca-Cola Co.		274,220

				353,390

	Biotechnology – 5.7%
	1,453	AbbVie, Inc.		79,348
	758	Alexion Pharmaceuticals, Inc.*		106,726
	1,520	Alkermes PLC*		49,050
	640	Biogen, Inc.*		166,029
	1,426	Celgene Corp.*		143,784
	2,827	Cepheid, Inc.*		83,905
	1,650	Gilead Sciences, Inc.		143,963
	1,163	Medivation, Inc.*		41,601
	1,247	Vertex Pharmaceuticals, Inc.*		106,606

				921,012

	Building Products – 0.8%
	2,734	Fortune Brands Home & Security, Inc.		137,301

	*Capital Markets – 0.4%**
	498	Affiliated Managers Group, Inc.		69,068

	Chemicals – 1.7%
	839	Ashland, Inc.		79,948
	5,282	Axalta Coating Systems Ltd.*		137,121
	1,421	RPM International, Inc.		58,048

				275,117

	Commercial Banks – 1.3%
	2,694	Eagle Bancorp, Inc.*		123,493
	1,353	First Republic Bank		83,264

				206,757

	Commercial Services & Supplies – 0.9%
	4,236	Healthcare Services Group, Inc.		150,293

	Computers & Peripherals – 7.0%
	10,664	Apple, Inc.		1,031,102
	3,930	EMC Corp.		102,691

				1,133,793

	*Consumer Finance – 0.7%**
	18,645	SLM Corp.		108,887

	*Distributors – 0.5%**
	3,125	LKQ Corp.		86,250

	Diversified Financial Services – 1.5%
	1,003	Intercontinental Exchange, Inc.		239,175

	*Diversified Telecommunication Services – 1.8%**
	2,608	Level 3 Communications, Inc.		126,618


Common Stocks – (continued)
	*Diversified Telecommunication Services – (continued)**
	1,755	SBA Communications Corp. Class A	$	166,532

				293,150

	Electrical Equipment – 1.4%
	692	Hubbell, Inc.		68,757
	4,533	Sensata Technologies Holding NV*		154,621

				223,378

	Electronic Equipment, Instruments & Components – 1.1%
	3,466	Amphenol Corp. Class A		183,941

	Energy Equipment & Services – 1.1%
	943	Dril-Quip, Inc.*		51,158
	3,898	Halliburton Co.		125,827

				176,985

	Food & Staples Retailing – 4.5%
	2,054	Costco Wholesale Corp.		308,162
	3,353	Walgreens Boots Alliance, Inc.		264,686
	4,991	Whole Foods Market, Inc.		156,268

				729,116

	Food Products – 2.7%
	3,007	Blue Buffalo Pet Products, Inc.*		55,028
	6,358	Freshpet, Inc.*		42,281
	1,530	McCormick & Co., Inc.		142,688
	1,092	The Hain Celestial Group, Inc.*		40,371
	1,885	TreeHouse Foods, Inc.*		159,132

				439,500

	Health Care Equipment & Supplies – 1.9%
	3,760	Abbott Laboratories		145,662
	1,007	DexCom, Inc.*		65,516
	689	Teleflex, Inc.		98,403

				309,581

	Health Care Providers & Services – 3.2%
	1,332	Acadia Healthcare Co., Inc.*		73,806
	1,745	Adeptus Health, Inc. Class A*		99,326
	868	Aetna, Inc.		94,291
	818	Henry Schein, Inc.*		135,338
	802	McKesson Corp.		124,807

				527,568

	*Health Care Technology – 0.7%**
	1,409	Cerner Corp.		71,944
	4,408	Evolent Health, Inc. Class A		44,300

				116,244

	Hotels, Restaurants & Leisure – 5.7%
	130	Chipotle Mexican Grill, Inc.*		66,191
	1,497	Panera Bread Co. Class A*		310,178
	4,716	Starbucks Corp.		274,518
	2,584	Yum! Brands, Inc.		187,263
	2,348	Zoe’s Kitchen, Inc.*		82,016

				920,166


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

GOLDMAN SACHS FLEXIBLE CAP GROWTH FUND


Shares		Description	Value

Common Stocks – (continued)
	*Household Durables – 0.3%**
	2,694	M/I Homes, Inc.	$	47,334

	Industrial Conglomerates – 0.8%
	1,521	Danaher Corp.		135,780

	*Internet & Catalog Retail – 4.3%**
	775	Amazon.com, Inc.		428,203
	972	Netflix, Inc.		90,794
	142	The Priceline Group, Inc.		179,660

				698,657

	*Internet Software & Services – 9.5%**
	625	Alphabet, Inc. Class A		448,262
	559	Alphabet, Inc. Class C		390,053
	4,701	Facebook, Inc. Class A		502,631
	848	LinkedIn Corp. Class A		99,377
	6,364	Match Group, Inc.		69,304
	4,550	OPOWER, Inc.		37,629

				1,547,256

	IT Services – 6.5%
	5,536	Black Knight Financial Services, Inc. Class A*		162,260
	1,054	Fidelity National Information Services, Inc.		61,395
	752	FleetCor Technologies, Inc.*		96,023
	2,468	Global Payments, Inc.		150,425
	3,898	MasterCard, Inc. Class A		338,814
	2,387	PayPal Holdings, Inc.*		91,040
	5,804	Sabre Corp.		157,579

				1,057,536

	Life Sciences Tools & Services – 0.8%
	2,250	Agilent Technologies, Inc.		84,038
	1,066	PerkinElmer, Inc.		50,379

				134,417

	Machinery – 2.3%
	1,481	Graco, Inc.		115,992
	1,403	The Middleby Corp.*		129,918
	3,312	Xylem, Inc.		123,902

				369,812

	Media – 1.2%
	3,306	Comcast Corp. Class A		190,855

	*Oil, Gas & Consumable Fuels – 0.4%**
	762	Concho Resources, Inc.		68,763

	Pharmaceuticals – 2.0%
	588	Allergan PLC*		170,584
	363	Shire PLC ADR		56,668
	2,445	Zoetis, Inc.		100,392

				327,644

	Real Estate Investment Trusts – 2.9%
	2,624	American Tower Corp.		241,933
	770	Equinix, Inc.		233,841

				475,774


Common Stocks – (continued)
	Road & Rail – 0.8%
	1,548	Kansas City Southern	$	126,487

	*Semiconductors & Semiconductor Equipment – 0.7%**
	2,484	Qorvo, Inc.		111,979

	Software – 4.2%
	1,254	Intuit, Inc.		121,186
	6,619	Oracle Corp.		243,447
	1,230	Red Hat, Inc.*		80,380
	2,117	ServiceNow, Inc.*		116,414
	1,673	Splunk, Inc.*		72,943
	1,000	Tableau Software, Inc. Class A*		45,650

				680,020

	Specialty Retail – 7.0%
	910	Advance Auto Parts, Inc.		135,081
	2,167	Burlington Stores, Inc.*		121,482
	2,682	Five Below, Inc.*		102,855
	1,333	L Brands, Inc.		113,025
	1,160	Restoration Hardware Holdings, Inc.*		44,068
	1,184	Ross Stores, Inc.		65,096
	1,973	The Home Depot, Inc.		244,889
	2,119	Tractor Supply Co.		179,204
	781	Ulta Salon, Cosmetics & Fragrance, Inc.*		129,013

				1,134,713

	Textiles, Apparel & Luxury Goods – 4.6%
	8,935	Kate Spade & Co.*		177,092
	5,228	NIKE, Inc. Class B		321,992
	1,716	PVH Corp.		135,821
	1,285	Under Armour, Inc. Class A*		107,542

				742,447

	Trading Companies & Distributors – 0.4%
	278	W.W. Grainger, Inc.		60,298

	TOTAL COMMON STOCKS
	(Cost $13,368,806)		$	16,009,059


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

GOLDMAN SACHS FLEXIBLE CAP GROWTH FUND

Schedule of Investments (continued)

February 29, 2016 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	Short-term Investment^(a) – 0.6%
	Repurchase Agreements – 0.6%
	Joint Repurchase Agreement Account II
$	100,000		0.312	%		03/01/16	$	100,000
	(Cost $100,000)

	TOTAL INVESTMENTS – 99.1%
	(Cost $13,468,806)						$	16,109,059

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.9%							139,265

	NET ASSETS – 100.0%						$	16,248,324


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 29, 2016. Additional information appears on page 78.



Investment Abbreviations:
ADR		—American Depositary Receipt
PLC		—Public Limited Company


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

GOLDMAN SACHS FOCUSED GROWTH FUND

Schedule of Investments

February 29, 2016 (Unaudited)


Shares		Description	Value
	Common Stocks – 96.5%
	Auto Components – 2.2%
	18,511	BorgWarner, Inc.	$	604,939

	Biotechnology* – 4.4%
	2,427	Biogen, Inc.		629,612
	6,501	Vertex Pharmaceuticals, Inc.		555,771

				1,185,383

	Computers & Peripherals – 9.6%
	26,846	Apple, Inc.		2,595,740

	Diversified Financial Services – 3.5%
	3,928	Intercontinental Exchange, Inc.		936,671

	Food & Staples Retailing – 14.5%
	11,219	Costco Wholesale Corp.		1,683,187
	17,031	Walgreens Boots Alliance, Inc.		1,344,427
	28,890	Whole Foods Market, Inc.		904,546

				3,932,160

	Health Care Equipment & Supplies – 4.4%
	30,948	Abbott Laboratories		1,198,926

	Health Care Technology* – 2.6%
	13,974	Cerner Corp.		713,512

	Hotels, Restaurants & Leisure – 4.5%
	10,298	McDonald’s Corp.		1,206,823

	Internet & Catalog Retail* – 3.7%
	1,822	Amazon.com, Inc.		1,006,691

	Internet Software & Services* – 12.5%
	2,537	Alphabet, Inc. Class A		1,819,587
	14,736	Facebook, Inc. Class A		1,575,573

				3,395,160

	IT Services – 5.1%
	15,853	MasterCard, Inc. Class A		1,377,943

	Pharmaceuticals* – 4.2%
	3,866	Allergan PLC		1,121,565

	Real Estate Investment Trusts – 10.7%
	16,185	American Tower Corp.		1,492,257
	4,618	Equinix, Inc.		1,402,440

				2,894,697

	Road & Rail – 3.0%
	9,919	Kansas City Southern		810,482

	Textiles, Apparel & Luxury Goods – 11.6%
	47,267	Kate Spade & Co.*		936,832
	17,462	NIKE, Inc. Class B		1,075,484
	14,391	PVH Corp.		1,139,048

				3,151,364

	TOTAL COMMON STOCKS
	(Cost $26,183,304)		$	26,132,056


Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment^(a) – 3.3%
	Repurchase Agreements – 3.3%
	Joint Repurchase Agreement Account II
$	900,000		0.312	%		03/01/16	$	900,000
	(Cost $900,000)

	TOTAL INVESTMENTS – 99.8%
	(Cost $27,083,304)						$	27,032,056

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%							46,720

	NET ASSETS – 100.0%						$	27,078,776


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 29, 2016. Additional information appears on page 78.


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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Schedule of Investments

February 29, 2016 (Unaudited)


Shares		Description	Value

	Common Stocks – 98.7%
	Auto Components – 0.7%
	729,133	BorgWarner, Inc.	$	23,828,066

	Beverages – 1.7%
	590,374	Brown-Forman Corp. Class B		58,134,128

	Biotechnology* – 2.1%
	556,683	Alkermes PLC		17,964,160
	916,709	Cepheid, Inc.		27,207,923
	276,752	Medivation, Inc.		9,899,419
	215,475	Vertex Pharmaceuticals, Inc.		18,420,958

				73,492,460

	Building Products – 1.6%
	1,078,669	Fortune Brands Home & Security, Inc.		54,170,757

	Capital Markets* – 1.0%
	248,969	Affiliated Managers Group, Inc.		34,529,511

	Chemicals – 5.1%
	445,612	Ashland, Inc.		42,462,367
	1,084,711	Axalta Coating Systems Ltd.*		28,159,098
	852,369	RPM International, Inc.		34,819,274
	253,777	The Sherwin-Williams Co.		68,646,678

				174,087,417

	Commercial Banks – 2.2%
	745,999	Eagle Bancorp, Inc.*		34,196,594
	681,440	First Republic Bank		41,935,818

				76,132,412

	Computers & Peripherals* – 0.2%
	573,497	Pure Storage, Inc. Class A		8,246,887

	Consumer Finance* – 0.7%
	4,113,533	SLM Corp.		24,023,033

	Distributors* – 1.4%
	1,697,331	LKQ Corp.		46,846,336

	Diversified Financial Services – 1.4%
	206,845	Intercontinental Exchange, Inc.		49,324,259

	Diversified Telecommunication Services* – 3.2%
	790,123	Level 3 Communications, Inc.		38,360,472
	763,368	SBA Communications Corp. Class A		72,435,989

				110,796,461

	Electrical Equipment – 4.0%
	1,124,425	AMETEK, Inc.		52,184,564
	318,466	Hubbell, Inc.		31,642,782
	1,611,747	Sensata Technologies Holding NV*		54,976,690

				138,804,036

	Electronic Equipment, Instruments & Components – 2.7%
	1,727,395	Amphenol Corp. Class A		91,672,853

	Energy Equipment & Services* – 0.6%
	357,016	Dril-Quip, Inc.		19,368,118

	Food & Staples Retailing – 1.6%
	1,793,274	Whole Foods Market, Inc.		56,147,409


	Common Stocks – (continued)
	Food Products – 6.1%
	2,150,047	Blue Buffalo Pet Products, Inc.*	$	39,345,860
	989,948	McCormick & Co., Inc.		92,322,550
	588,744	The Hain Celestial Group, Inc.*		21,765,866
	661,145	TreeHouse Foods, Inc.*		55,813,861

				209,248,137

	Health Care Equipment & Supplies – 2.5%
	132,684	C.R. Bard, Inc.		25,525,748
	376,146	DexCom, Inc.*		24,472,059
	252,011	Teleflex, Inc.		35,992,211

				85,990,018

	Health Care Providers & Services – 3.9%
	335,335	Adeptus Health, Inc. Class A*		19,087,268
	481,151	Cardinal Health, Inc.		39,310,037
	465,820	Henry Schein, Inc.*		77,069,919

				135,467,224

	Health Care Technology* – 1.4%
	961,870	Cerner Corp.		49,113,082

	Hotels, Restaurants & Leisure* – 4.0%
	88,032	Chipotle Mexican Grill, Inc.		44,822,373
	439,436	Panera Bread Co. Class A		91,051,139

				135,873,512

	Internet & Catalog Retail – 1.8%
	587,629	Expedia, Inc.		61,178,055

	Internet Software & Services* – 1.8%
	361,331	LinkedIn Corp. Class A		42,344,380
	1,316,727	Match Group, Inc.		14,339,157
	198,071	Twitter, Inc.		3,589,046

				60,272,583

	IT Services – 7.7%
	1,993,421	Black Knight Financial Services, Inc. Class A*		58,427,170
	954,344	Fidelity National Information Services, Inc.		55,590,538
	421,744	FleetCor Technologies, Inc.*		53,852,491
	672,721	Global Payments, Inc.		41,002,345
	2,017,987	Sabre Corp.		54,788,347

				263,660,891

	Life Sciences Tools & Services – 2.8%
	1,225,690	Agilent Technologies, Inc.		45,779,521
	158,281	Mettler-Toledo International, Inc.*		49,844,270

				95,623,791

	Machinery – 5.7%
	776,871	Graco, Inc.		60,844,537
	792,696	The Middleby Corp.*		73,403,649
	1,624,363	Xylem, Inc.		60,767,420

				195,015,606

	Oil, Gas & Consumable Fuels* – 0.6%
	235,470	Concho Resources, Inc.		21,248,813


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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND


Shares		Description	Value

	Common Stocks – (continued)
	Pharmaceuticals – 1.8%
	1,466,610	Zoetis, Inc.	$	60,219,006

	Real Estate Investment Trusts – 2.5%
	288,259	Equinix, Inc.		87,541,376

	Road & Rail – 1.6%
	656,350	Kansas City Southern		53,630,358

	Semiconductors & Semiconductor Equipment* – 1.2%
	926,772	Qorvo, Inc.		41,778,882

	Software – 5.6%
	922,313	Electronic Arts, Inc.*		59,249,387
	699,506	Intuit, Inc.		67,600,260
	747,977	ServiceNow, Inc.*		41,131,255
	528,828	Splunk, Inc.*		23,056,901

				191,037,803

	Specialty Retail – 11.1%
	271,142	Advance Auto Parts, Inc.		40,248,319
	918,677	Five Below, Inc.*		35,231,263
	586,874	L Brands, Inc.		49,761,047
	73,073	O’Reilly Automotive, Inc.*		19,022,363
	492,370	Restoration Hardware Holdings, Inc.*		18,705,136
	1,056,632	Ross Stores, Inc.		58,093,627
	1,031,201	Tractor Supply Co.		87,208,669
	434,402	Ulta Salon, Cosmetics & Fragrance, Inc.*		71,758,866

				380,029,290

	Textiles, Apparel & Luxury Goods – 5.1%
	3,343,767	Kate Spade & Co.*		66,273,462
	674,617	PVH Corp.		53,395,936
	670,447	Under Armour, Inc. Class A*		56,109,709

				175,779,107

	Trading Companies & Distributors – 1.3%
	205,406	W.W. Grainger, Inc.		44,552,562

	TOTAL COMMON STOCKS
	(Cost $3,111,204,944)		$	3,386,864,239


Shares		Rate	Value

	Investment Company^(a) – 2.4%
	Goldman Sachs Financial Square Government Fund – FST Institutional Shares
	82,010,369	0.233%	$	82,010,369
	(Cost $82,010,369)

	TOTAL INVESTMENTS – 101.1%
	(Cost $3,193,215,313)		$	3,468,874,608

	LIABILITIES IN EXCESS OF OTHER ASSETS – (1.1)%			(36,082,341	)

	NET ASSETS – 100.0%		$	3,432,792,267


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		Represents an Affiliated Fund.


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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Schedule of Investments

February 29, 2016 (Unaudited)


Shares		Description	Value

Common Stocks – 97.9%
	*Aerospace & Defense – 0.6%**
	590,095	Aerovironment, Inc.	$	14,681,564

	Auto Components – 0.7%
	520,859	BorgWarner, Inc.		17,021,672

	*Biotechnology – 5.1%**
	959,871	Achillion Pharmaceuticals, Inc.		7,093,447
	197,412	Alder Biopharmaceuticals, Inc.		3,748,854
	473,845	Alkermes PLC		15,290,978
	952,989	Amicus Therapeutics, Inc.		5,870,412
	1,040,635	Cepheid, Inc.		30,886,047
	300,860	Cidara Therapeutics, Inc.		3,014,617
	363,126	Dynavax Technologies Corp.		5,853,591
	379,864	Galapagos NV ADR		15,585,820
	268,229	Medivation, Inc.		9,594,551
	189,320	Ophthotech Corp.		8,526,973
	354,777	Otonomy, Inc.		4,495,025
	181,976	Ultragenyx Pharmaceutical, Inc.		11,098,716
	766,517	Voyager Therapeutics, Inc.		7,335,568

				128,394,599

	Building Products – 1.8%
	917,716	Fortune Brands Home & Security, Inc.		46,087,697

	*Capital Markets – 0.8%**
	138,388	Affiliated Managers Group, Inc.		19,193,032

	Chemicals – 3.7%
	310,863	Ashland, Inc.		29,622,135
	1,452,399	Axalta Coating Systems Ltd.*		37,704,278
	614,028	RPM International, Inc.		25,083,044

				92,409,457

	Commercial Banks – 3.7%
	1,358,890	Eagle Bancorp, Inc.*		62,291,518
	490,895	First Republic Bank		30,209,678

				92,501,196

	Commercial Services & Supplies – 3.1%
	1,245,361	Healthcare Services Group, Inc.		44,185,408
	301,279	Stericycle, Inc.*		34,324,717

				78,510,125

	*Computers & Peripherals – 1.8%**
	983,631	Electronics for Imaging, Inc.		38,961,624
	411,733	Pure Storage, Inc. Class A		5,920,720

				44,882,344

	*Consumer Finance – 0.9%**
	3,967,553	SLM Corp.		23,170,510

	Containers & Packaging – 0.6%
	239,961	Avery Dennison Corp.		15,626,260

	*Distributors – 1.3%**
	1,174,885	LKQ Corp.		32,426,826

	*Diversified Telecommunication Services – 3.3%**
	866,292	Level 3 Communications, Inc.		42,058,477


Common Stocks – (continued)
	*Diversified Telecommunication Services – (continued)**
	436,206	SBA Communications Corp. Class A	$	41,391,587

				83,450,064

	Electrical Equipment – 2.0%
	180,898	Hubbell, Inc.		17,974,025
	950,120	Sensata Technologies Holding NV*		32,408,593

				50,382,618

	Electronic Equipment, Instruments & Components – 1.5%
	700,527	Amphenol Corp. Class A		37,176,968

	*Energy Equipment & Services – 0.6%**
	269,361	Dril-Quip, Inc.		14,612,834

	Food & Staples Retailing – 1.6%
	1,242,731	Whole Foods Market, Inc.		38,909,908

	Food Products – 5.1%
	1,034,681	Blue Buffalo Pet Products, Inc.*		18,934,662
	1,074,809	Freshpet, Inc.*		7,147,480
	417,049	McCormick & Co., Inc.		38,893,990
	531,863	The Hain Celestial Group, Inc.*		19,662,975
	513,209	TreeHouse Foods, Inc.*		43,325,104

				127,964,211

	Health Care Equipment & Supplies – 4.3%
	178,965	ABIOMED, Inc.*		14,318,990
	172,401	C.R. Bard, Inc.		33,166,504
	382,722	DexCom, Inc.*		24,899,893
	254,084	Teleflex, Inc.		36,288,277

				108,673,664

	*Health Care Providers & Services – 4.7%**
	477,813	Acadia Healthcare Co., Inc.		26,475,618
	643,601	Adeptus Health, Inc. Class A		36,633,769
	220,859	Henry Schein, Inc.		36,541,122
	283,446	MEDNAX, Inc.		19,002,220

				118,652,729

	*Health Care Technology – 0.3%**
	834,025	Evolent Health, Inc. Class A		8,381,951

	Hotels, Restaurants & Leisure – 6.1%
	867,255	Bloomin’ Brands, Inc.		14,994,839
	554,598	Jack in the Box, Inc.		38,128,612
	327,158	Panera Bread Co. Class A*		67,787,138
	176,962	Shake Shack, Inc. Class A*		7,366,928
	723,747	Zoe’s Kitchen, Inc.*		25,280,483

				153,558,000

	*Household Durables – 0.7%**
	942,930	M/I Homes, Inc.		16,567,280

	*Internet Software & Services – 2.2%**
	433,236	Demandware, Inc.		15,028,957
	451,583	GoDaddy, Inc. Class A		14,157,127
	968,407	Match Group, Inc.		10,545,952


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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND


Shares		Description	Value

Common Stocks – (continued)
	*Internet Software & Services – (continued)**
	1,740,028	OPOWER, Inc.	$	14,390,032

				54,122,068

	IT Services – 7.9%
	1,756,426	Black Knight Financial Services, Inc. Class A*		51,480,846
	230,609	FleetCor Technologies, Inc.*		29,446,463
	564,525	Global Payments, Inc.		34,407,799
	1,275,325	InterXion Holding NV*		39,815,647
	1,536,176	Sabre Corp.		41,707,178

				196,857,933

	Life Sciences Tools & Services – 2.5%
	107,319	Mettler-Toledo International, Inc.*		33,795,826
	626,942	PerkinElmer, Inc.		29,629,279

				63,425,105

	Machinery – 5.9%
	425,890	Graco, Inc.		33,355,705
	1,328,068	Kornit Digital Ltd.*		15,405,589
	561,317	The Middleby Corp.*		51,977,954
	1,292,579	Xylem, Inc.		48,355,380

				149,094,628

	*Media – 0.4%**
	144,708	AMC Networks, Inc. Class A		9,484,162

	*Oil, Gas & Consumable Fuels – 0.5%**
	145,420	Concho Resources, Inc.		13,122,701

	*Pharmaceuticals – 1.3%**
	1,239,416	Cempra, Inc.		20,859,371
	1,288,303	Corium International, Inc.^(a)		5,900,428
	272,964	Revance Therapeutics, Inc.		4,827,368

				31,587,167

	Real Estate Investment Trusts – 1.8%
	144,758	Equinix, Inc.		43,961,557

	Road & Rail – 1.5%
	451,712	Kansas City Southern		36,909,387

	*Semiconductors & Semiconductor Equipment – 1.5%**
	139,621	Cavium, Inc.		8,306,053
	632,275	Qorvo, Inc.		28,502,957

				36,809,010

	*Software – 3.6%**
	344,549	Guidewire Software, Inc.		16,962,147
	241,594	Red Hat, Inc.		15,788,168
	484,887	ServiceNow, Inc.		26,663,936
	422,246	Splunk, Inc.		18,409,926
	275,866	Tableau Software, Inc. Class A		12,593,283

				90,417,460

	Specialty Retail – 9.6%
	180,094	Advance Auto Parts, Inc.		26,733,153
	580,644	Burlington Stores, Inc.*		32,550,903
	1,039,212	Five Below, Inc.*		39,853,780


Common Stocks – (continued)
	Specialty Retail – (continued)
	623,561	Restoration Hardware Holdings, Inc.*	$	23,689,082
	769,217	Tractor Supply Co.		65,052,682
	319,825	Ulta Salon, Cosmetics & Fragrance, Inc.*		52,831,892

				240,711,492

	Textiles, Apparel & Luxury Goods – 4.9%
	2,198,272	Kate Spade & Co.*		43,569,751
	389,916	PVH Corp.		30,861,852
	566,638	Under Armour, Inc. Class A*		47,421,934

				121,853,537

	TOTAL COMMON STOCKS
	(Cost $2,334,370,146)		$	2,451,591,716


Principal Amount		Interest Rate			Maturity Date		Value

	Short-term Investment^(b) – 1.7%
	Repurchase Agreements – 1.7%
	Joint Repurchase Agreement Account II
$	41,700,000		0.312	%		03/01/16	$	41,700,000
	(Cost $41,700,000)

	TOTAL INVESTMENTS – 99.6%
	(Cost $2,376,070,146)						$	2,493,291,716

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.4%							11,180,915

	NET ASSETS – 100.0%						$	2,504,472,631


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 29, 2016. Additional information appears on page 78.



Investment Abbreviations:
ADR		—American Depositary Receipt
PLC		—Public Limited Company


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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Schedule of Investments

February 29, 2016 (Unaudited)


Shares		Description	Value

	Common Stocks – 96.3%
	Aerospace & Defense – 2.3%
	71,969	Honeywell International, Inc.	$	7,294,058
	17,283	The Boeing Co.		2,042,505

				9,336,563

	Auto Components – 1.1%
	139,310	BorgWarner, Inc.		4,552,651

	Beverages – 3.4%
	43,101	Brown-Forman Corp. Class B		4,244,155
	222,998	The Coca-Cola Co.		9,617,904

				13,862,059

	Biotechnology – 4.4%
	16,333	Alexion Pharmaceuticals, Inc.*		2,299,686
	24,469	Biogen, Inc.*		6,347,748
	57,978	Gilead Sciences, Inc.		5,058,581
	46,706	Vertex Pharmaceuticals, Inc.*		3,992,896

				17,698,911

	Building Products – 1.1%
	86,687	Fortune Brands Home & Security, Inc.		4,353,421

	Chemicals – 2.5%
	25,946	Ashland, Inc.		2,472,394
	131,978	Axalta Coating Systems Ltd.*		3,426,149
	14,923	The Sherwin-Williams Co.		4,036,672

				9,935,215

	Commercial Banks – 1.1%
	69,495	First Republic Bank		4,276,722

	Computers & Peripherals – 6.7%
	281,428	Apple, Inc.		27,211,273

	*Consumer Finance – 0.6%**
	436,166	SLM Corp.		2,547,209

	Diversified Financial Services – 1.2%
	20,443	Intercontinental Exchange, Inc.		4,874,838

	Energy Equipment & Services – 0.8%
	102,485	Halliburton Co.		3,308,216

	Food & Staples Retailing – 5.6%
	73,693	Costco Wholesale Corp.		11,056,161
	80,471	Walgreens Boots Alliance, Inc.		6,352,381
	167,784	Whole Foods Market, Inc.		5,253,317

				22,661,859

	Food Products – 1.2%
	53,310	McCormick & Co., Inc.		4,971,691

	Health Care Equipment & Supplies – 2.9%
	175,429	Abbott Laboratories		6,796,119
	47,928	Stryker Corp.		4,787,049

				11,583,168

	Health Care Providers & Services – 2.0%
	28,071	Aetna, Inc.		3,049,353
	31,153	McKesson Corp.		4,848,030

				7,897,383


	Common Stocks – (continued)
	*Health Care Technology – 1.1%**
	90,542	Cerner Corp.	$	4,623,074

	Hotels, Restaurants & Leisure – 6.0%
	76,884	McDonald’s Corp.		9,010,036
	157,167	Starbucks Corp.		9,148,691
	81,757	Yum! Brands, Inc.		5,924,930

				24,083,657

	Industrial Conglomerates – 1.2%
	53,580	Danaher Corp.		4,783,087

	*Internet & Catalog Retail – 5.7%**
	20,920	Amazon.com, Inc.		11,558,718
	44,399	Netflix, Inc.		4,147,311
	5,851	The Priceline Group, Inc.		7,402,744

				23,108,773

	*Internet Software & Services – 9.1%**
	17,670	Alphabet, Inc. Class A		12,673,277
	13,433	Alphabet, Inc. Class C		9,373,144
	137,641	Facebook, Inc. Class A		14,716,576

				36,762,997

	IT Services – 4.1%
	28,379	FleetCor Technologies, Inc.*		3,623,715
	101,899	MasterCard, Inc. Class A		8,857,061
	155,375	Sabre Corp.		4,218,431

				16,699,207

	Life Sciences Tools & Services – 1.6%
	65,447	Agilent Technologies, Inc.		2,444,445
	25,820	Illumina, Inc.*		3,879,197

				6,323,642

	Machinery – 1.0%
	109,731	Xylem, Inc.		4,105,037

	Media – 1.7%
	118,481	Comcast Corp. Class A		6,839,908

	Oil, Gas & Consumable Fuels – 0.5%
	56,162	Anadarko Petroleum Corp.		2,131,348

	Pharmaceuticals – 3.2%
	26,786	Allergan PLC*		7,770,886
	11,891	Shire PLC ADR		1,856,304
	78,875	Zoetis, Inc.		3,238,608

				12,865,798

	Real Estate Investment Trusts – 4.6%
	101,932	American Tower Corp.		9,398,130
	30,726	Equinix, Inc.		9,331,179

				18,729,309

	Road & Rail – 0.9%
	46,016	Kansas City Southern		3,759,967

	*Semiconductors & Semiconductor Equipment – 1.2%**
	67,361	NXP Semiconductors NV		4,798,798


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

GOLDMAN SACHS STRATEGIC GROWTH FUND


Shares		Description	Value

	Common Stocks – (continued)
	Software – 6.8%
	61,051	Electronic Arts, Inc.*	$	3,921,916
	57,127	Intuit, Inc.		5,520,753
	128,005	Microsoft Corp.		6,512,894
	160,048	Oracle Corp.		5,886,566
	39,660	salesforce.com, Inc.*		2,686,965
	51,486	ServiceNow, Inc.*		2,831,215

				27,360,309

	Specialty Retail – 4.3%
	61,063	L Brands, Inc.		5,177,532
	35,844	Ross Stores, Inc.		1,970,703
	63,663	The Home Depot, Inc.		7,901,851
	29,633	Tractor Supply Co.		2,506,063

				17,556,149

	Textiles, Apparel & Luxury Goods – 4.6%
	254,390	Kate Spade & Co.*		5,042,010
	135,082	NIKE, Inc. Class B		8,319,701
	63,249	PVH Corp.		5,006,158

				18,367,869

	Tobacco – 1.8%
	31,672	Philip Morris International, Inc.		2,883,102
	87,977	Reynolds American, Inc.		4,436,680

				7,319,782

	TOTAL COMMON STOCKS
	(Cost $320,302,290)		$	389,289,890


Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment^(a) – 4.2%
	Repurchase Agreements – 4.2%
	Joint Repurchase Agreement Account II
$	16,900,000		0.312	%		03/01/16	$	16,900,000
	(Cost $16,900,000)

	TOTAL INVESTMENTS – 100.5%
	(Cost $337,202,290)						$	406,189,890

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.5)%							(2,045,616	)

	NET ASSETS – 100.0%						$	404,144,274


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 29, 2016. Additional information appears on page 78.



Investment Abbreviations:
ADR		—American Depositary Receipt
PLC		—Public Limited Company


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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Schedule of Investments

February 29, 2016 (Unaudited)


Shares		Description	Value

	Common Stocks – 99.6%
	Computers & Peripherals – 11.2%
	279,808	Apple, Inc.	$	27,054,635
	165,216	Electronics for Imaging, Inc.*		6,544,206
	214,584	EMC Corp.		5,607,080
	45,278	Pure Storage, Inc. Class A*		651,098

				39,857,019

	Diversified Financial Services – 1.5%
	21,991	Intercontinental Exchange, Inc.		5,243,974

	Diversified Telecommunication Services* – 5.5%
	193,618	Level 3 Communications, Inc.		9,400,154
	107,372	SBA Communications Corp. Class A		10,188,529

				19,588,683

	Electronic Equipment, Instruments & Components – 3.3%
	219,287	Amphenol Corp. Class A		11,637,561

	Internet & Catalog Retail – 8.5%
	29,863	Amazon.com, Inc.*		16,499,905
	30,261	Expedia, Inc.		3,150,472
	8,304	The Priceline Group, Inc.*		10,506,304

				30,156,681

	Internet Software & Services* – 17.3%
	22,178	Alphabet, Inc. Class A		15,906,505
	21,067	Alphabet, Inc. Class C		14,699,921
	112,712	Demandware, Inc.		3,909,979
	181,211	Facebook, Inc. Class A		19,375,080
	49,110	LinkedIn Corp. Class A		5,755,201
	144,118	Match Group, Inc.		1,569,445

				61,216,131

	IT Services – 14.4%
	20,260	Alliance Data Systems Corp.*		4,257,234
	196,601	Black Knight Financial Services, Inc. Class A*		5,762,375
	100,869	Cognizant Technology Solutions Corp. Class A*		5,747,516
	115,226	Fidelity National Information Services, Inc.		6,711,914
	212,261	First Data Corp. Class A*		2,653,263
	41,797	FleetCor Technologies, Inc.*		5,337,059
	125,554	MasterCard, Inc. Class A		10,913,154
	357,036	Sabre Corp.		9,693,527

				51,076,042

	Real Estate Investment Trusts – 6.3%
	121,778	American Tower Corp.		11,227,931
	36,427	Equinix, Inc.		11,062,516

				22,290,447

	Semiconductors & Semiconductor Equipment – 10.8%
	321,618	Applied Materials, Inc.		6,068,932
	186,776	NXP Semiconductors NV*		13,305,922
	136,371	Qorvo, Inc.*		6,147,605
	130,259	QUALCOMM, Inc.		6,615,854
	116,764	Texas Instruments, Inc.		6,190,827

				38,329,140

	Common Stocks – (continued)

	Software – 20.8%
	20,752	Adobe Systems, Inc.*	$	1,767,033
	120,739	Electronic Arts, Inc.*		7,756,273
	106,920	Intuit, Inc.		10,332,749
	298,843	Oracle Corp.		10,991,446
	65,265	Red Hat, Inc.*		4,265,068
	171,695	Salesforce.com, Inc.*		11,632,336
	230,466	ServiceNow, Inc.*		12,673,325
	233,490	Splunk, Inc.*		10,180,164
	71,877	Workday, Inc. Class A*		4,344,965

				73,943,359

	TOTAL COMMON STOCKS
	(Cost $268,984,885)		$	353,339,037


Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment⁽^a⁾ – 0.6%
	Repurchase Agreements – 0.6%
	Joint Repurchase Agreement Account II
$	1,900,000		0.312	%		03/01/16	$	1,900,000
	(Cost $1,900,000)

	TOTAL INVESTMENTS – 100.2%
	(Cost $270,884,885)						$	355,239,037

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.2)%							(539,906	)

	NET ASSETS – 100.0%						$	354,699,131


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 29, 2016. Additional information appears on page 78.


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Schedule of Investments

February 29, 2016 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II — At February 29, 2016, certain Funds had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of March 1, 2016, as follows:


Fund	Principal Amount		Maturity Value		Collateral Allocation Value
Capital Growth	$	8,800,000	$	8,800,076	$	8,976,001
Concentrated Growth		4,700,000		4,700,041		4,794,001
Dynamic U.S. Equity		100,000		100,001		102,000
Flexible Cap Growth		100,000		100,001		102,000
Focused Growth		900,000		900,008		918,000
Small/Mid Cap Growth		41,700,000		41,700,362		42,534,005
Strategic Growth		16,900,000		16,900,147		17,238,002
Technology Opportunities		1,900,000		1,900,016		1,938,000

REPURCHASE AGREEMENTS — At February 29, 2016, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account II were as follows:


Counterparty	Interest Rate			Capital Growth		Concentrated Growth		Dynamic U.S. Equity		Flexible Cap Growth		Focused Growth		Small/Mid Cap Growth		Strategic Growth		Technology Opportunities
BNP Paribas Securities Co.		0.310	%	$	2,497,372	$	1,333,824	$	28,379	$	28,379	$	255,413	$	11,834,139	$	4,796,090	$	539,205
Citigroup Global Markets, Inc.		0.320			1,988,648		1,062,119		22,598		22,598		203,384		9,423,481		3,819,109		429,367
Merrill Lynch & Co., Inc.		0.320			2,140,341		1,143,136		24,323		24,323		218,899		10,142,296		4,110,426		462,120
Merrill Lynch & Co., Inc.		0.300			2,173,639		1,160,921		24,700		24,700		222,304		10,300,084		4,174,375		469,308
TOTAL				$	8,800,000	$	4,700,000	$	100,000	$	100,000	$	900,000	$	41,700,000	$	16,900,000	$	1,900,000

At February 29, 2016, the Joint Repurchase Agreement Account II was fully collateralized by:


Issuer	Interest Rates			Maturity Dates
Federal Home Loan Mortgage Corp.		0.000% to 6.000	%		06/01/16 to 05/01/45
Federal National Mortgage Association		2.500 to 7.500			08/01/18 to 02/01/46
Government National Mortgage Association		4.000 to 6.500			07/15/24 to 05/15/45
United States Treasury Inflation Protected Securities		0.125			04/15/17
United States Treasury Stripped Securities		0.000			05/15/22
United States Treasury Notes		0.500 to 2.375			01/31/17 to 08/15/25
United States Treasury Bonds		3.375 to 3.875			08/15/40 to 05/15/44


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Assets and Liabilities

February 29, 2016 (Unaudited)


	Capital Growth Fund
Assets:
Investments of unaffiliated issuers, at value (cost $663,939,341, $127,239,059, $10,232,221, $13,468,806, $27,083,304, $3,111,204,944, $2,364,253,597, $337,202,290 and $270,884,885)	$	812,400,493
Investments of affiliated issuers, at value (cost $0, $0, $0, $0, $0, $82,010,369, $11,816,549, $0 and $0)		—
Cash		79,854
Receivables:
Dividends and interest		993,783
Fund shares sold		252,696
Foreign tax reclaims		44,457
Reimbursement from investment adviser		38,999
Investments sold		—
Other assets		11,658
Total assets		813,821,940

Liabilities:
Payables:
Fund shares redeemed		2,242,462
Management fees		450,605
Distribution and Service fees and Transfer Agency fees		275,049
Investments purchased		—
Accrued expenses		153,201
Total liabilities		3,121,317

Net Assets:
Paid-in capital		664,014,698
Undistributed (distributions in excess of) net investment income (loss)		609,608
Accumulated net realized gain (loss)		(2,384,835	)
Net unrealized gain (loss)		148,461,152
NET ASSETS	$	810,700,623
Net Assets:
Class A	$	603,733,960
Class C		66,597,745
Institutional		131,337,564
Service		1,566,242
Class IR		3,835,467
Class R		3,620,797
Class R6		8,848
Total Net Assets	$	810,700,623
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		27,839,334
Class C		3,954,736
Institutional		5,561,627
Service		74,493
Class IR		174,699
Class R		171,745
Class R6		375
Net asset value, offering and redemption price per share:^(a)
Class A		$21.69
Class C		16.84
Institutional		23.61
Service		21.03
Class IR		21.95
Class R		21.08
Class R6		23.61

(a)

Maximum public offering price per share for Class A Shares of the Capital Growth, Concentrated Growth, Dynamic U.S. Equity, Flexible Cap Growth, Focus Growth, Growth Opportunities,Small/Mid Cap Growth, Strategic Growth and Technology Opportunities Funds is $22.95, $14.33, $12.29, $11.02, $13.62, $19.97, $18.10, $11.31 and $16.48, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS


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

$	148,271,171		$	10,824,906		$	16,109,059		$	27,032,056		$	3,386,864,239		$	2,487,391,288		$	406,189,890		$	355,239,037
	—			—			—			—			82,010,369			5,900,428			—			—
	62,594			26,033			14,666			32,000			118,574			81,009			23,132			92,460

	182,558			22,475			12,332			18,300			3,157,466			1,317,291			522,871			94,703
	7,091			7,765			2,328			30,378			3,219,451			4,393,863			113,598			298,866
	2,361			233			—			—			—			—			31,343			—
	8,492			37,661			33,328			54,183			78,276			—			41,282			44,861
	921,063			214,976			181,810			—			14,724,714			29,757,346			13,430,906			752,514
	1,239			40,367			3,561			3,027			21,277			9,903			1,776			1,861
	149,456,569			11,174,416			16,357,084			27,169,944			3,490,194,366			2,528,851,128			420,354,798			356,524,302



	90,354			1,000			41,361			—			14,196,518			5,812,335			11,796,798			616,685
	89,698			6,072			9,968			16,187			2,398,803			1,645,063			229,359			273,661
	9,082			1,574			4,059			1,165			475,278			582,168			36,721			119,323
	2,217,974			—			—			—			40,052,449			16,196,949			4,067,622			671,725
	75,113			76,652			53,372			73,816			279,051			141,982			80,024			143,777
	2,482,221			85,298			108,760			91,168			57,402,099			24,378,497			16,210,524			1,825,171


	127,991,055			11,010,096			13,903,650			27,324,052			3,269,802,060			2,470,934,665			341,539,378			265,201,241
	396,593			20,377			(26,172	)		92,509			(19,273,424	)		(7,792,881	)		1,195,501			(2,687,733	)
	(2,445,412	)		(534,040	)		(269,407	)		(286,537	)		(93,395,664	)		(75,890,723	)		(7,578,205	)		7,831,471
	21,032,112			592,685			2,640,253			(51,248	)		275,659,295			117,221,570			68,987,600			84,354,152
$	146,974,348		$	11,089,118		$	16,248,324		$	27,078,776		$	3,432,792,267		$	2,504,472,631		$	404,144,274		$	354,699,131

$	6,367,296		$	2,786,632		$	6,329,289		$	282,078		$	658,229,461		$	799,461,312		$	44,684,360		$	212,873,268
	2,563,976			287,358			1,664,313			239,769			129,006,935			240,384,269			10,865,859			47,149,084
	137,666,025			7,303,548			8,145,297			26,516,684			2,400,000,004			1,162,234,055			347,538,909			78,696,548
	—			—			—			—			37,053,627			11,878,041			215,711			10,398,018
	340,416			650,418			61,519			15,785			134,680,963			257,492,684			760,686			5,582,213
	27,771			52,503			39,240			15,464			63,261,125			32,233,807			69,767			—
	8,864			8,659			8,666			8,996			10,560,152			788,463			8,982			—
$	146,974,348		$	11,089,118		$	16,248,324		$	27,078,776		$	3,432,792,267		$	2,504,472,631		$	404,144,274		$	354,699,131

	470,127			239,974			607,988			21,925			34,880,766			46,764,097			4,179,795			13,671,912
	221,155			25,408			174,613			19,191			8,948,382			15,667,778			1,205,940			3,515,743
	9,619,460			625,778			745,092			2,037,320			111,641,437			64,718,377			30,683,103			4,675,902
	—			—			—			—			2,035,024			708,246			20,264			678,081
	24,795			55,736			5,713			1,214			6,902,793			14,682,189			67,154			334,848
	2,105			4,512			3,871			1,209			3,460,651			1,932,934			6,602			—
	619			742			793			691			491,206			43,894			793			—

	$13.54			$11.61			$10.41			$12.87			$18.87			$17.10			$10.69			$15.57
	11.59			11.31			9.53			12.49			14.42			15.34			9.01			13.41
	14.31			11.67			10.93			13.02			21.50			17.96			11.33			16.83
	—			—			—			—			18.21			16.77			10.65			15.33
	13.73			11.67			10.77			13.00			19.51			17.54			11.33			16.67
	13.20			11.64			10.14			12.80			18.28			16.68			10.57			—
	14.31			11.67			10.93			13.02			21.50			17.96			11.32			—


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Operations

For the Six Months Ended February 29, 2016 (Unaudited)


	Capital Growth Fund
Investment income:
Dividends — unaffiliated issuers (net of foreign withholding taxes of $0, $0, $0, $0, $0, $0, $9,043, $0 and $0)	$	5,685,585
Dividends — affiliated issuers		—
Interest		6,139
Total investment income		5,691,724

Expenses:
Management fees		4,468,301
Distribution and Service fees^(a)		1,182,053
Transfer Agency fees^(a)		725,096
Printing and mailing costs		93,637
Professional fees		53,771
Custody, accounting and administrative services		45,390
Registration fees		43,713
Trustee fees		13,619
Service Share fees — Service Plan		2,190
Service Share fees — Shareholder Administration Plan		2,190
Other		15,396
Total expenses		6,645,356
Less — expense reductions		(1,543,460	)
Net expenses		5,101,896
NET INVESTMENT INCOME (LOSS)		589,828

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers (including commission recapture of $20,567, $5,558, $112, $209, $938, $135,666, $0, $11,090 and $4,261)		2,150,778
Investments — affiliated issuers		—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(46,653,626	)
Investments — affiliated issuers		—
Net realized and unrealized loss		(44,502,848	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(43,913,020	)

(a)

Class specific Distribution and Service and Transfer Agency fees were as follows:


	Distribution and Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Class IR		Class R		Class R6
Capital Growth	$	810,079	$	362,994	$	8,980	$	615,660	$	68,969	$	32,682	$	351	$	4,020	$	3,413	$	1
Concentrated Growth		9,141		15,953		71		6,947		3,031		30,089		—		323		27		1
Dynamic U.S. Equity		3,729		1,646		213		2,834		313		1,853		—		646		81		1
Flexible Cap Growth		8,989		8,888		90		6,832		1,689		1,684		—		182		34		1
Focused Growth		280		774		41		213		147		6,309		—		16		16		1
Growth Opportunities		1,009,338		753,025		178,914		767,097		143,075		563,665		8,868		149,415		67,987		800
Small/Mid Cap Growth		1,094,151		1,301,025		83,149		831,555		247,195		261,186		2,474		246,835		31,596		23
Strategic Growth		56,708		55,377		180		43,098		10,522		69,666		47		782		68		1
Technology Opportunities		309,557		263,804		—		235,263		50,123		17,411		2,174		5,859		—		—


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS


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

$	1,086,317		$	132,330		$	87,814		$	226,389		$	19,244,098		$	7,800,834		$	2,858,608		$	1,774,862
	—			—			—			—			22,578			—			—			—
	2,898			395			312			930			—			39,711			13,384			3,832
	1,089,215			132,725			88,126			227,319			19,266,676			7,840,545			2,871,992			1,778,694


	806,624			46,731			88,126			159,828			19,253,660			13,356,669			2,029,544			2,022,475
	25,165			5,588			17,967			1,095			1,941,277			2,478,325			112,265			573,361
	40,418			5,728			10,422			6,702			1,700,907			1,620,864			124,184			310,830
	24,465			24,466			21,563			15,809			245,028			187,503			34,680			85,487
	43,399			58,730			42,673			46,210			45,971			18,933			44,860			39,588
	19,328			12,462			26,503			18,692			111,645			90,744			35,513			34,120
	23,580			44,014			37,260			63,016			110,791			123,859			54,266			44,407
	11,615			12,075			11,682			11,938			18,830			16,579			12,663			12,747
	—			—			—			—			55,421			15,465			292			13,584
	—			—			—			—			55,421			15,465			292			13,584
	6,651			5,153			4,506			3,382			56,483			30,794			6,957			6,042
	1,001,245			214,947			260,702			326,672			23,595,434			17,955,200			2,455,516			3,156,225
	(303,269	)		(151,294	)		(163,224	)		(192,284	)		(1,415,567	)		(1,751,107	)		(769,387	)		(153,628	)
	697,976			63,653			97,478			134,388			22,179,867			16,204,093			1,686,129			3,002,597
	391,239			69,072			(9,352	)		92,931			(2,913,191	)		(8,363,548	)		1,185,863			(1,223,903	)




	(2,372,256	)		(177,887	)		12,122			(198,819	)		43,112,421			(60,418,546	)		(5,361,582	)		10,137,863
	—			—			—			—			—			(98,602	)		—			—

	(6,161,882	)		(625,166	)		(1,263,339	)		(1,296,252	)		(443,674,733	)		(353,167,835	)		(14,601,162	)		(30,252,076	)
	—			—			—			—			—			(6,983,404	)		—			—
	(8,534,138	)		(803,053	)		(1,251,217	)		(1,495,071	)		(400,562,312	)		(420,668,387	)		(19,962,744	)		(20,114,213	)
$	(8,142,899	)	$	(733,981	)	$	(1,260,569	)	$	(1,402,140	)	$	(403,475,503	)	$	(429,031,935	)	$	(18,776,881	)	$	(21,338,116	)


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets


	Capital Growth Fund
	For the Six Months Ended February 29, 2016 (Unaudited)			For the Fiscal Year Ended August 31, 2015
From operations:
Net investment income (loss)	$	589,828		$	424,086
Net realized gain (loss)		2,150,778			106,908,367
Net change in unrealized gain (loss)		(46,653,626	)		(73,811,938	)
Net increase (decrease) in net assets resulting from operations		(43,913,020	)		33,520,515

Distributions to shareholders:
From net investment income
Class A Shares		—			—
Class C Shares		—			—
Institutional Shares		(262,248	)		—
Service Shares		—			—
Class IR Shares		(3,425	)		—
Class R Shares		—			—
Class R6 Shares^(a)		(18	)		—
From net realized gains
Class A Shares		(53,960,447	)		(109,107,619	)
Class C Shares		(7,608,296	)		(14,781,808	)
Institutional Shares		(13,105,148	)		(22,936,412	)
Service Shares		(152,819	)		(181,082	)
Class IR Shares		(374,339	)		(451,620	)
Class R Shares		(304,242	)		(557,137	)
Class R6 Shares^(a)		(712	)		—
Total distributions to shareholders		(75,771,694	)		(148,015,678	)

From share transactions:
Proceeds from sales of shares		22,234,850			82,471,266
Reinvestment of distributions		71,646,768			140,089,222
Cost of shares redeemed		(91,569,292	)		(134,901,119	)
Net increase (decrease) in net assets resulting from share transactions		2,312,326			87,659,369
TOTAL INCREASE (DECREASE)		(117,372,388	)		(26,835,794	)

Net assets:
Beginning of period		928,073,011			954,908,805
End of period	$	810,700,623		$	928,073,011
Undistributed net investment income	$	609,608		$	285,471

(a)

Commenced operations on July 31, 2015.


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS


Concentrated Growth Fund						Dynamic U.S. Equity Fund
For the Six Months Ended February 29, 2016 (Unaudited)			For the Fiscal Year Ended August 31, 2015			For the Six Months Ended February 29, 2016 (Unaudited)			For the Fiscal Year Ended August 31, 2015

$	391,239		$	686,366		$	69,072		$	109,603
	(2,372,256	)		20,209,855			(177,887	)		1,495,944
	(6,161,882	)		(14,930,145	)		(625,166	)		(1,792,239	)
	(8,142,899	)		5,966,076			(733,981	)		(186,692	)



	—			—			(17,622	)		(22,274	)
	—			—			—			—
	(373,404	)		(366,604	)		(103,664	)		(71,169	)
	—			—			—			—
	(483	)		(283	)		(2,981	)		(1,481	)
	—			—			—			(255	)
	(26	)		—			(102	)		—

	(842,410	)		(1,407,056	)		(290,672	)		(745,006	)
	(395,561	)		(700,153	)		(33,918	)		(46,987	)
	(16,282,694	)		(28,939,818	)		(976,319	)		(1,330,442	)
	—			—			—			—
	(36,485	)		(67,917	)		(40,105	)		(33,295	)
	(3,309	)		(2,664	)		(5,478	)		(17,289	)
	(1,002	)		—			(901	)		—
	(17,935,374	)		(31,484,495	)		(1,471,762	)		(2,268,198	)


	4,475,773			10,807,640			1,088,694			4,955,313
	17,572,645			30,851,758			1,161,930			2,266,646
	(15,980,319	)		(30,269,597	)		(4,179,001	)		(3,643,418	)
	6,068,099			11,389,801			(1,928,377	)		3,578,541
	(20,010,174	)		(14,128,618	)		(4,134,120	)		1,123,651


	166,984,522			181,113,140			15,223,238			14,099,587
$	146,974,348		$	166,984,522		$	11,089,118		$	15,223,238
$	396,593		$	379,267		$	20,377		$	75,674


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets (continued)


	Flexible Cap Growth Fund
	For the Six Months Ended February 29, 2016 (Unaudited)			For the Fiscal Year Ended August 31, 2015
From operations:
Net investment income (loss)	$	(9,352	)	$	(29,361	)
Net realized gain (loss)		12,122			1,341,552
Net change in unrealized gain (loss)		(1,263,339	)		(561,111	)
Net increase (decrease) in net assets resulting from operations		(1,260,569	)		751,080

Distributions to shareholders:
From net investment income
Class A Shares		—			—
Class C Shares		—			—
Institutional Shares		—			—
Service Shares		—			—
Class IR Shares		—			—
Class R Shares		—			—
Class R6 Shares^(a)		—			—
From net realized gains
Class A Shares		(458,035	)		(897,010	)
Class C Shares		(116,932	)		(182,809	)
Institutional Shares		(497,675	)		(1,118,730	)
Service Shares		—			—
Class IR Shares		(13,475	)		(32,793	)
Class R Shares		(2,254	)		(8,089	)
Class R6 Shares^(a)		(544	)		—
Total distributions to shareholders		(1,088,915	)		(2,239,431	)

From share transactions:
Proceeds from sales of shares		2,372,311			5,135,583
Reinvestment of distributions		1,088,915			2,237,814
Cost of shares redeemed		(2,594,996	)		(3,380,014	)
Net increase (decrease) in net assets resulting from share transactions		866,230			3,993,383
TOTAL INCREASE (DECREASE)		(1,483,254	)		2,505,032

Net assets:
Beginning of period		17,731,578			15,226,546
End of period	$	16,248,324		$	17,731,578
Undistributed (distributions in excess of) net investment income (loss)	$	(26,172	)	$	(16,820	)

(a)

Commenced operations on July 31, 2015.


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS


Focused Growth Fund						Growth Opportunities Fund
For the Six Months Ended February 29, 2016 (Unaudited)			For the Fiscal Year Ended August 31, 2015			For the Six Months Ended February 29, 2016 (Unaudited)			For the Fiscal Year Ended August 31, 2015

$	92,931		$	136,615		$	(2,913,191	)	$	(19,979,892	)
	(198,819	)		1,794,517			43,112,421			540,219,024
	(1,296,252	)		(809,233	)		(443,674,733	)		(555,005,131	)
	(1,402,140	)		1,121,899			(403,475,503	)		(34,765,999	)



	(451	)		—			—			—
	(262	)		—			—			—
	(76,800	)		(76,654	)		—			—
	—			—			—			—
	(21	)		(18	)		—			—
	—			—			—			—
	(24	)		—			—			—

	(14,231	)		(3,858	)		(97,819,693	)		(213,956,510	)
	(14,215	)		(2,722	)		(23,532,031	)		(45,806,967	)
	(1,744,722	)		(1,977,313	)		(309,058,210	)		(674,995,963	)
	—			—			(5,746,888	)		(11,651,811	)
	(872	)		(1,099	)		(18,674,510	)		(30,389,606	)
	(868	)		(1,094	)		(9,066,946	)		(17,292,249	)
	(495	)		—			(1,081,229	)		—
	(1,852,961	)		(2,062,758	)		(464,979,507	)		(994,093,106	)


	1,429,601			12,758,032			404,303,821			1,354,546,446
	1,852,961			2,062,758			390,089,513			802,333,312
	(6,527,109	)		(4,759,978	)		(1,077,896,809	)		(1,884,231,470	)
	(3,244,547	)		10,060,812			(283,503,475	)		272,648,288
	(6,499,648	)		9,119,953			(1,151,958,485	)		(756,210,817	)


	33,578,424			24,458,471			4,584,750,752			5,340,961,569
$	27,078,776		$	33,578,424		$	3,432,792,267		$	4,584,750,752
$	92,509		$	77,136		$	(19,273,424	)	$	(16,360,233	)


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Statements of Changes in Net Assets (continued)


	Small/Mid Cap Growth Fund
	For the Six Months Ended February 29, 2016 (Unaudited)			For the Fiscal Year Ended August 31, 2015
From operations:
Net investment income (loss)	$	(8,363,548	)	$	(18,094,472	)
Net realized gain (loss)		(60,517,148	)		158,512,531
Net change in unrealized gain (loss)		(360,151,239	)		23,699,445
Net increase (decrease) in net assets resulting from operations		(429,031,935	)		164,117,504

Distributions to shareholders:
From net investment income
Class A Shares		—			—
Class C Shares		—			—
Institutional Shares		—			—
Service Shares		—			—
Class IR Shares		—			—
Class R Shares		—			—
Class R6 Shares^(a)		—			—
From net realized gains
Class A Shares		(33,875,139	)		(59,422,373	)
Class C Shares		(10,986,288	)		(19,729,913	)
Institutional Shares		(47,806,277	)		(89,205,827	)
Service Shares		(475,742	)		(662,911	)
Class IR Shares		(10,051,807	)		(13,778,175	)
Class R Shares		(1,254,158	)		(2,780,547	)
Class R6 Shares^(a)		(313	)		—
Total distributions to shareholders		(104,449,724	)		(185,579,746	)

From share transactions:
Proceeds from sales of shares		662,547,689			1,088,106,213
Reinvestment of distributions		93,324,634			164,354,586
Cost of shares redeemed		(516,445,352	)		(691,041,765	)
Net increase (decrease) in net assets resulting from share transactions		239,426,971			561,419,034
TOTAL INCREASE (DECREASE)		(294,054,688	)		539,956,792

Net assets:
Beginning of period		2,798,527,319			2,258,570,527
End of period	$	2,504,472,631		$	2,798,527,319
Undistributed (distributions in excess of) net investment income (loss)	$	(7,792,881	)	$	570,667

(a)

Commenced operations on July 31, 2015.


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS


Strategic Growth Fund						Technology Opportunities Fund
For the Six Months Ended February 29, 2016 (Unaudited)			For the Fiscal Year Ended August 31, 2015			For the Six Months Ended February 29, 2016 (Unaudited)			For the Fiscal Year Ended August 31, 2015

$	1,185,863		$	1,796,891		$	(1,223,903	)	$	(3,232,312	)
	(5,361,582	)		29,207,245			10,137,863			45,968,161
	(14,601,162	)		(15,744,519	)		(30,252,076	)		(33,789,050	)
	(18,776,881	)		15,259,617			(21,338,116	)		8,946,799



	(72,760	)		—			—			—
	—			—			—			—
	(1,396,604	)		(991,937	)		—			—
	(299	)		—			—			—
	(2,572	)		(1,531	)		—			—
	(106	)		—			—			—
	(42	)		—			—			—

	(2,662,084	)		(7,853,382	)		(21,931,581	)		(19,398,872	)
	(747,201	)		(2,031,017	)		(5,298,231	)		(4,987,729	)
	(18,504,227	)		(47,665,788	)		(6,969,643	)		(7,490,876	)
	(12,977	)		(26,879	)		(975,553	)		(853,327	)
	(47,249	)		(147,162	)		(511,029	)		(226,844	)
	(4,036	)		(2,673	)		—			—
	(516	)		—			—			—
	(23,450,673	)		(58,720,369	)		(35,686,037	)		(32,957,648	)


	84,720,514			85,773,465			39,614,252			106,814,338
	22,818,630			56,900,752			32,425,459			29,561,009
	(45,164,143	)		(112,960,044	)		(72,874,062	)		(136,669,644	)
	62,375,001			29,714,173			(834,351	)		(294,297	)
	20,147,447			(13,746,579	)		(57,858,504	)		(24,305,146	)


	383,996,827			397,743,406			412,557,635			436,862,781
$	404,144,274		$	383,996,827		$	354,699,131		$	412,557,635
$	1,195,501		$	1,482,021		$	(2,687,733	)	$	(1,463,830	)


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

GOLDMAN SACHS CAPITAL GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED FEBRUARY 29, (UNAUDITED)
2016 - A	$	24.80	$	0.01	^(d)	$	(1.07	)	$	(1.06	)	$	—		$	(2.05	)	$	(2.05	)
2016 - C		19.77		(0.06	)^(d)		(0.82	)		(0.88	)		—			(2.05	)		(2.05	)
2016 - Institutional		26.82		0.07	^(d)		(1.19	)		(1.12	)		(0.04	)		(2.05	)		(2.09	)
2016 - Service		24.12		—	^(d)(f)		(1.04	)		(1.04	)		—			(2.05	)		(2.05	)
2016 - IR		25.07		0.04	^(d)		(1.09	)		(1.05	)		(0.02	)		(2.05	)		(2.07	)
2016 - R		24.19		(0.01	)^(d)		(1.05	)		(1.06	)		—			(2.05	)		(2.05	)
2016 - R6		26.82		0.07	^(d)		(1.18	)		(1.11	)		(0.05	)		(2.05	)		(2.10	)

FOR THE FISCAL YEARS ENDED AUGUST 31,
2015 - A		28.16		0.01			1.00			1.01			—			(4.37	)		(4.37	)
2015 - C		23.45		(0.15	)		0.84			0.69			—			(4.37	)		(4.37	)
2015 - Institutional		30.01		0.12			1.06			1.18			—			(4.37	)		(4.37	)
2015 - Service		27.53		(0.02	)		0.98			0.96			—			(4.37	)		(4.37	)
2015 - IR		28.36		0.07			1.01			1.08			—			(4.37	)		(4.37	)
2015 - R		27.64		(0.06	)		0.98			0.92			—			(4.37	)		(4.37	)
2015 - R6 (Commenced July 31, 2015)		28.86		0.01			(2.05	)		(2.04	)		—			—			—
2014 - A		28.13		(0.01	)		6.41			6.40			(0.08	)		(6.29	)		(6.37	)
2014 - C		24.46		(0.18	)		5.46			5.28			—			(6.29	)		(6.29	)
2014 - Institutional		29.57		0.10			6.79			6.89			(0.16	)		(6.29	)		(6.45	)
2014 - Service		27.62		(0.04	)		6.29			6.25			(0.05	)		(6.29	)		(6.34	)
2014 - IR		28.28		0.06			6.44			6.50			(0.13	)		(6.29	)		(6.42	)
2014 - R		27.75		(0.08	)		6.31			6.23			(0.05	)		(6.29	)		(6.34	)
2013 - A		24.40		0.10	^(g)		3.66			3.76			(0.03	)		—			(0.03	)
2013 - C		21.35		(0.08	)^(g)		3.19			3.11			—			—			—
2013 - Institutional		25.64		0.21	^(g)		3.84			4.05			(0.12	)		—			(0.12	)
2013 - Service		23.96		0.07	^(g)		3.60			3.67			(0.01	)		—			(0.01	)
2013 - IR		24.53		0.18	^(g)		3.67			3.85			(0.10	)		—			(0.10	)
2013 - R		24.14		0.03	^(g)		3.62			3.65			(0.04	)		—			(0.04	)
2012 - A		20.49		0.02			3.93			3.95			(0.04	)		—			(0.04	)
2012 - C		18.03		(0.13	)		3.45			3.32			—			—			—
2012 - Institutional		21.54		0.10			4.12			4.22			(0.12	)		—			(0.12	)
2012 - Service		20.13		—	^(f)		3.85			3.85			(0.02	)		—			(0.02	)
2012 - IR		20.66		0.08			3.93			4.01			(0.14	)		—			(0.14	)
2012 - R		20.31		(0.03	)		3.88			3.85			(0.02	)		—			(0.02	)
2011 - A		17.68		0.03			2.78			2.81			—			—			—
2011 - C		15.68		(0.12	)		2.47			2.35			—			—			—
2011 - Institutional		18.57		0.12			2.91			3.03			(0.06	)		—			(0.06	)
2011 - Service		17.39		0.01			2.73			2.74			—			—			—
2011 - IR		17.81		0.31			2.58			2.89			(0.04	)		—			(0.04	)
2011 - R		17.57		(0.03	)		2.77			2.74			—			—			—

(a)

Calculated based on the average shares outstanding methodology.

(b)

Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV 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. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(d)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.13% of average net assets.

(e)

Annualized.

(f)

Amount is less than $0.005 per share.

(g)

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


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

GOLDMAN SACHS CAPITAL GROWTH FUND



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

$	21.69		(4.97	)%	$	603,734		1.16	%^(e)		1.50	%^(e)		0.12	%^(d)(e)		23	%
	16.84		(5.35	)		66,598		1.91	^(e)		2.25	^(e)		(0.63	)^(d)(e)		23
	23.61		(4.83	)		131,338		0.75	^(e)		1.10	^(e)		0.51	^(d)(e)		23
	21.03		(5.03	)		1,566		1.26	^(e)		1.60	^(e)		0.02	^(d)(e)		23
	21.95		(4.89	)		3,835		0.90	^(e)		1.25	^(e)		0.36	^(d)(e)		23
	21.08		(5.10	)		3,621		1.41	^(e)		1.75	^(e)		(0.12	)^(d)(e)		23
	23.61		(4.80	)		9		0.73	^(e)		1.07	^(e)		0.55	^(d)(e)		23


	24.80		3.34			669,345		1.15			1.49			0.04			55
	19.77		2.55			75,941		1.90			2.25			(0.71	)		55
	26.82		3.75			173,539		0.75			1.09			0.44			55
	24.12		3.23			1,917		1.25			1.60			(0.08	)		55
	25.07		3.59			3,823		0.90			1.24			0.28			55
	24.19		3.05			3,500		1.40			1.74			(0.21	)		55
	26.82		(7.07	)		9		0.76	^(e)		1.11	^(e)		0.54	^(e)		55
	28.16		25.50			702,534		1.16			1.51			(0.05	)		75
	23.45		24.57			81,954		1.91			2.26			(0.80	)		75
	30.01		26.03			147,642		0.76			1.11			0.35			75
	27.53		25.39			1,135		1.26			1.61			(0.15	)		75
	28.36		25.80			2,951		0.91			1.26			0.20			75
	27.64		25.18			3,571		1.41			1.76			(0.30	)		75
	28.13		15.41			630,495		1.14			1.50			0.38	^(g)		52
	24.46		14.57			75,375		1.89			2.25			(0.37	)^(g)		52
	29.57		15.89			124,795		0.74			1.10			0.75	^(g)		52
	27.62		15.32			980		1.24			1.60			0.27	^(g)		52
	28.28		15.75			2,112		0.89			1.25			0.67	^(g)		52
	27.75		15.15			2,480		1.39			1.75			0.13	^(g)		52
	24.40		19.24			662,127		1.14			1.48			0.09			55
	21.35		18.36			73,162		1.89			2.23			(0.66	)		55
	25.64		19.64			83,466		0.74			1.08			0.42			55
	23.96		19.08			1,072		1.24			1.58			(0.02	)		55
	24.53		19.48			2,415		0.89			1.23			0.36			55
	24.14		18.92			1,475		1.39			1.73			(0.12	)		55
	20.49		15.89			662,256		1.14			1.47			0.13			58
	18.03		14.99			72,314		1.89			2.22			(0.62	)		58
	21.54		16.33			299,223		0.74			1.07			0.53			58
	20.13		15.76			953		1.24			1.57			0.03			58
	20.66		16.20			1,472		0.89			1.22			1.64			58
	20.31		15.59			567		1.39			1.72			(0.12	)		58


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

GOLDMAN SACHS CONCENTRATED GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED FEBRUARY 29, (UNAUDITED)
2016 - A	$	16.06	$	0.01	^(d)	$	(0.72	)	$	(0.71	)	$	—		$	(1.81	)	$	(1.81	)
2016 - C		14.05		(0.04	)^(d)		(0.61	)		(0.65	)		—			(1.81	)		(1.81	)
2016 - Institutional		16.88		0.04	^(d)		(0.76	)		(0.72	)		(0.04	)		(1.81	)		(1.85	)
2016 - IR		16.26		0.03	^(d)		(0.73	)		(0.70	)		(0.02	)		(1.81	)		(1.83	)
2016 - R		15.71		(0.01	)^(d)		(0.69	)		(0.70	)		—			(1.81	)		(1.81	)
2016 - R6		16.88		0.04	^(d)		(0.76	)		(0.72	)		(0.04	)		(1.81	)		(1.85	)

FOR THE FISCAL YEARS ENDED AUGUST 31,
2015 - A		18.94		—	^(f)(g)		0.55			0.55			—			(3.43	)		(3.43	)
2015 - C		17.09		(0.11	)^(g)		0.50			0.39			—			(3.43	)		(3.43	)
2015 - Institutional		19.71		0.08	^(g)		0.57			0.65			(0.05	)		(3.43	)		(3.48	)
2015 - IR		19.10		0.05	^(g)		0.56			0.61			(0.02	)		(3.43	)		(3.45	)
2015 - R		18.64		(0.05	)^(g)		0.55			0.50			—			(3.43	)		(3.43	)
2015 - R6 (Commenced July 31, 2015)		18.04		0.01	^(g)		(1.17	)		(1.16	)		—			—			—
2014 - A		17.05		(0.06	)		3.78			3.72			—			(1.83	)		(1.83	)
2014 - C		15.65		(0.17	)		3.44			3.27			—			(1.83	)		(1.83	)
2014 - Institutional		17.63		0.02			3.92			3.94			(0.03	)		(1.83	)		(1.86	)
2014 - IR		17.15		(0.01	)		3.81			3.80			(0.02	)		(1.83	)		(1.85	)
2014 - R		16.84		(0.10	)		3.73			3.63			—			(1.83	)		(1.83	)
2013 - A		14.97		0.11	^(h)		2.03			2.14			(0.06	)		—			(0.06	)
2013 - C		13.79		(0.06	)^(h)		1.93			1.87			(0.01	)		—			(0.01	)
2013 - Institutional		15.48		0.09	^(h)		2.18			2.27			(0.12	)		—			(0.12	)
2013 - IR		15.07		0.12	^(h)		2.07			2.19			(0.11	)		—			(0.11	)
2013 - R		14.80		0.01	^(h)		2.06			2.07			(0.03	)		—			(0.03	)
2012 - A		12.64		—	^(f)		2.33			2.33			—			—			—
2012 - C		11.73		(0.09	)		2.15			2.06			—			—			—
2012 - Institutional		13.07		0.05			2.41			2.46			(0.05	)		—			(0.05	)
2012 - IR		12.73		0.04			2.34			2.38			(0.04	)		—			(0.04	)
2012 - R		12.52		(0.03	)		2.31			2.28			—			—			—
2011 - A		10.91		(0.01	)		1.74			1.73			—			—			—
2011 - C		10.20		(0.10	)		1.63			1.53			—			—			—
2011 - Institutional		11.25		0.04			1.80			1.84			(0.02	)		—			(0.02	)
2011 - IR		10.97		0.04			1.73			1.77			(0.01	)		—			(0.01	)
2011 - R		10.83		(0.04	)		1.73			1.69			—			—			—

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.37% of average net assets.

(e)

Annualized.

(f)

Amount is less than $0.005 per share.

(g)

Reflects income recognized from a special dividend which amounted to $0.05 per share and 0.30% of average net assets.

(h)

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


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

GOLDMAN SACHS CONCENTRATED GROWTH FUND


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

$	13.54		(5.49	)%	$	6,367		1.23	%^(e)		1.60	%^(e)		0.12	%^(d)(e)		24	%
	11.59		(5.87	)		2,564		1.98	^(e)		2.35	^(e)		(0.62	)^(d)(e)		24
	14.31		(5.30	)		137,666		0.83	^(e)		1.20	^(e)		0.53	^(d)(e)		24
	13.73		(5.36	)		340		0.98	^(e)		1.35	^(e)		0.38	^(d)(e)		24
	13.20		(5.55	)		28		1.48	^(e)		1.85	^(e)		(0.13	)^(d)(e)		24
	14.31		(5.28	)		9		0.80	^(e)		1.18	^(e)		0.55	^(d)(e)		24


	16.06		2.54			7,350		1.24			1.60			0.02	^(g)		47
	14.05		1.78			3,604		1.99			2.35			(0.74	)^(g)		47
	16.88		2.97			155,652		0.84			1.20			0.42	^(g)		47
	16.26		2.84			342		0.99			1.35			0.29	^(g)		47
	15.71		2.28			27		1.49			1.87			(0.31	)^(g)		47
	16.88		(6.43	)		9		0.77	^(e)		1.48	^(e)		0.46	^(e)(g)		47
	18.94		22.88			7,564		1.27			1.60			(0.32	)		60
	17.09		21.98			3,460		2.02			2.35			(1.06	)		60
	19.71		23.44			169,387		0.87			1.20			0.09			60
	19.10		23.20			385		1.02			1.35			(0.06	)		60
	18.64		22.61			14		1.50			1.84			(0.55	)		60
	17.05		14.36			8,476		1.26			1.62			0.69	^(h)		57
	15.65		13.57			2,561		2.01			2.37			(0.39	)^(h)		57
	17.63		14.81			146,183		0.86			1.23			0.56	^(h)		57
	17.15		14.61			346		1.01			1.38			0.76	^(h)		57
	16.84		14.13			12		1.51			1.87			0.09	^(h)		57
	14.97		18.38			92,207		1.26			1.57			0.01			33
	13.79		17.51			2,877		2.01			2.32			(0.72	)		33
	15.48		18.80			56,118		0.86			1.17			0.39			33
	15.07		18.69			584		1.01			1.32			0.28			33
	14.80		18.08			10		1.51			1.82			(0.22	)		33
	12.64		15.86			109,826		1.30			1.56			(0.08	)		35
	11.73		15.00			2,000		2.05			2.31			(0.82	)		35
	13.07		16.35			126,113		0.90			1.16			0.33			35
	12.73		16.13			437		1.05			1.31			0.28			35
	12.52		15.60			9		1.55			1.81			(0.29	)		35


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

GOLDMAN SACHS DYNAMIC U.S. EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


				Income (loss) from investment operations									Distributions to shareholders
	Year - Share Class	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED FEBRUARY 29, (UNAUDITED)
	2016 - A	$	13.92	$	0.05		$	(0.93	)	$	(0.88	)	$	(0.07	)	$	(1.36	)	$	(1.43	)
	2016 - C		13.56		—	^(e)		(0.89	)		(0.89	)		—			(1.36	)		(1.36	)
	2016 - Institutional		14.01		0.08			(0.93	)		(0.85	)		(0.13	)		(1.36	)		(1.49	)
	2016 - IR		13.98		0.07			(0.93	)		(0.86	)		(0.09	)		(1.36	)		(1.45	)
	2016 - R		13.88		0.04			(0.92	)		(0.88	)		—			(1.36	)		(1.36	)
	2016 - R6		14.01		0.08			(0.93	)		(0.85	)		(0.13	)		(1.36	)		(1.49	)

FOR THE FISCAL YEARS ENDED AUGUST 31,
	2015 - A		16.66		0.09			(0.17	)		(0.08	)		(0.07	)		(2.59	)		(2.66	)
	2015 - C		16.33		(0.03	)		(0.15	)		(0.18	)		—			(2.59	)		(2.59	)
	2015 - Institutional		16.75		0.14			(0.16	)		(0.02	)		(0.13	)		(2.59	)		(2.72	)
	2015 - IR		16.72		0.11			(0.15	)		(0.04	)		(0.11	)		(2.59	)		(2.70	)
	2015 - R		16.62		0.04			(0.16	)		(0.12	)		(0.03	)		(2.59	)		(2.62	)
	2015 - R6 (Commenced July 31, 2015)		15.04		0.01			(1.04	)		(1.03	)		—			—			—
	2014 - A		14.79		0.06			3.23			3.29			(0.05	)		(1.37	)		(1.42	)
	2014 - C		14.58		(0.06	)		3.18			3.12			—			(1.37	)		(1.37	)
	2014 - Institutional		14.85		0.12			3.25			3.37			(0.10	)		(1.37	)		(1.47	)
	2014 - IR		14.83		0.10			3.24			3.34			(0.08	)		(1.37	)		(1.45	)
	2014 - R		14.78		0.02			3.23			3.25			(0.04	)		(1.37	)		(1.41	)
	2013 - A		12.30		0.09			2.48			2.57			(0.08	)		—			(0.08	)
	2013 - C		12.13		(0.01	)		2.46			2.45			—			—			—
	2013 - Institutional		12.35		0.14			2.50			2.64			(0.14	)		—			(0.14	)
	2013 - IR		12.34		0.12			2.50			2.62			(0.13	)		—			(0.13	)
	2013 - R		12.29		0.04			2.51			2.55			(0.06	)		—			(0.06	)
	2012 - A		10.71		0.08			1.66			1.74			(0.04	)		(0.11	)		(0.15	)
	2012 - C		10.61		(0.01	)		1.64			1.63			—			(0.11	)		(0.11	)
	2012 - Institutional		10.76		0.13			1.65			1.78			(0.08	)		(0.11	)		(0.19	)
	2012 - IR		10.73		0.11			1.65			1.76			(0.04	)		(0.11	)		(0.15	)
	2012 - R		10.70		0.05			1.65			1.70			—	^(e)		(0.11	)		(0.11	)
	2011 - A		9.55		0.03			1.21			1.24			(0.05	)		(0.03	)		(0.08	)
	2011 - C		9.49		(0.05	)		1.21			1.16			(0.01	)		(0.03	)		(0.04	)
	2011 - Institutional		9.57		0.08			1.22			1.30			(0.08	)		(0.03	)		(0.11	)
	2011 - IR		9.56		0.06			1.22			1.28			(0.08	)		(0.03	)		(0.11	)
	2011 - R		9.53		0.01			1.20			1.21			(0.01	)		(0.03	)		(0.04	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

Amount is less than $0.005 per share.


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

GOLDMAN SACHS DYNAMIC U.S. EQUITY FUND



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

$	11.61		(7.33	)%	$	2,787		1.23	%^(d)		3.60	%^(d)		0.77	%^(d)		25	%
	11.31		(7.61	)		287		1.98	^(d)		4.29	^(d)		—	^(d)		25
	11.67		(7.09	)		7,304		0.82	^(d)		3.05	^(d)		1.16	^(d)		25
	11.67		(7.17	)		650		0.97	^(d)		3.35	^(d)		1.06	^(d)		25
	11.64		(7.35	)		53		1.47	^(d)		3.52	^(d)		0.57	^(d)		25
	11.67		(7.07	)		9		0.81	^(d)		3.20	^(d)		1.18	^(d)		25


	13.92		(1.22	)		3,086		1.21			2.81			0.57			67
	13.56		(1.96	)		355		1.97			3.56			(0.21	)		67
	14.01		(0.82	)		10,855		0.81			2.42			0.93			67
	13.98		(0.98	)		800		0.96			1.06			0.73			67
	13.88		(1.48	)		118		1.46			3.10			0.28			67
	14.01		(6.85	)		9		0.76	^(d)		1.65	^(d)		1.08	^(d)		67
	16.66		23.41			4,542		1.20			3.04			0.37			67
	16.33		22.44			247		1.95			3.78			(0.37	)		67
	16.75		23.92			8,995		0.80			2.65			0.76			67
	16.72		23.71			205		0.95			2.80			0.61			67
	16.62		23.06			110		1.45			3.30			0.11			67
	14.79		21.05			2,869		1.18			3.66			0.68			61
	14.58		20.20			126		1.93			4.41			(0.09	)		61
	14.85		21.56			8,646		0.78			3.24			1.06			61
	14.83		21.39			174		0.93			3.39			0.90			61
	14.78		20.83			51		1.43			3.80			0.29			61
	12.30		16.37			3,331		1.18			3.63			0.69			76
	12.13		15.45			158		1.93			4.38			(0.05	)		76
	12.35		16.71			7,142		0.78			3.23			1.11			76
	12.34		16.52			70		0.93			3.38			0.97			76
	12.29		16.02			12		1.43			3.88			0.45			76
	10.71		12.94			3,110		1.18			4.88			0.29			51
	10.61		12.19			139		1.93			5.63			(0.42	)		51
	10.76		13.54			5,945		0.78			4.48			0.72			51
	10.73		13.32			241		0.93			4.63			0.56			51
	10.70		12.70			11		1.43			5.13			0.08			51


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

GOLDMAN SACHS FLEXIBLE CAP GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED FEBRUARY 29, (UNAUDITED)
2016 - A	$	11.90	$	(0.01	)	$	(0.75	)	$	(0.76	)	$	—		$	(0.73	)	$	(0.73	)
2016 - C		11.00		(0.05	)		(0.69	)		(0.74	)		—			(0.73	)		(0.73	)
2016 - Institutional		12.44		0.01			(0.79	)		(0.78	)		—			(0.73	)		(0.73	)
2016 - IR		12.27		—	^(e)		(0.77	)		(0.77	)		—			(0.73	)		(0.73	)
2016 - R		11.63		(0.03	)		(0.73	)		(0.76	)		—			(0.73	)		(0.73	)
2016 - R6		12.44		0.01			(0.79	)		(0.78	)		—			(0.73	)		(0.73	)

FOR THE FISCAL YEARS ENDED AUGUST 31,
2015 - A		13.21		(0.04	)^(f)		0.63			0.59			—			(1.90	)		(1.90	)
2015 - C		12.43		(0.12	)^(f)		0.59			0.47			—			(1.90	)		(1.90	)
2015 - Institutional		13.68		0.01	^(f)		0.65			0.66			—			(1.90	)		(1.90	)
2015 - IR		13.53		—	^(e)(f)		0.64			0.64			—			(1.90	)		(1.90	)
2015 - R		12.97		(0.07	)^(f)		0.63			0.56			—			(1.90	)		(1.90	)
2015 - R6 (Commenced July 31, 2015)		13.38		—	^(e)(f)		(0.94	)		(0.94	)		—			—			—
2014 - A		11.83		(0.05	)		3.01			2.96			—			(1.58	)		(1.58	)
2014 - C		11.29		(0.14	)		2.86			2.72			—			(1.58	)		(1.58	)
2014 - Institutional		12.17		—	^(e)		3.11			3.11			(0.02	)		(1.58	)		(1.60	)
2014 - IR		12.05		(0.02	)		3.08			3.06			—			(1.58	)		(1.58	)
2014 - R		11.66		(0.08	)		2.97			2.89			—			(1.58	)		(1.58	)
2013 - A		11.48		—	^(e)(h)		1.71			1.71			—			(1.36	)		(1.36	)
2013 - C		11.09		(0.08	)^(h)		1.64			1.56			—			(1.36	)		(1.36	)
2013 - Institutional		11.73		0.04	^(h)		1.76			1.80			—			(1.36	)		(1.36	)
2013 - IR		11.64		0.03	^(h)		1.74			1.77			—			(1.36	)		(1.36	)
2013 - R		11.36		(0.02	)^(h)		1.68			1.66			—			(1.36	)		(1.36	)
2012 - A		10.38		(0.02	)		1.71			1.69			—			(0.59	)		(0.59	)
2012 - C		10.12		(0.10	)		1.66			1.56			—			(0.59	)		(0.59	)
2012 - Institutional		10.55		0.02			1.75			1.77			—			(0.59	)		(0.59	)
2012 - IR		10.49		0.01			1.73			1.74			—			(0.59	)		(0.59	)
2012 - R		10.30		(0.05	)		1.70			1.65			—			(0.59	)		(0.59	)
2011 - A		9.41		(0.04	)		1.51			1.47			—			(0.50	)		(0.50	)
2011 - C		9.25		(0.12	)		1.49			1.37			—			(0.50	)		(0.50	)
2011 - Institutional		9.53		—	^(f)		1.52			1.52			—			(0.50	)		(0.50	)
2011 - IR		9.49		—	^(f)		1.50			1.50			—			(0.50	)		(0.50	)
2011 - R		9.37		(0.07	)		1.50			1.43			—			(0.50	)		(0.50	)

(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 0.13% of average net assets.

(g)

Amount is less than 0.005% of average net assets.

(h)

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


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

GOLDMAN SACHS FLEXIBLE CAP GROWTH FUND



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

$	10.41		(6.95	)%	$	6,329		1.23	%^(d)		3.07	%^(d)		(0.23	)%^(d)		20	%
	9.53		(7.34	)		1,664		1.98	^(d)		3.83	^(d)		(0.98	)^(d)		20
	10.93		(6.80	)		8,145		0.82	^(d)		2.69	^(d)		0.18	^(d)		20
	10.77		(6.81	)		62		0.97	^(d)		2.70	^(d)		0.02	^(d)		20
	10.14		(7.11	)		39		1.47	^(d)		3.36	^(d)		(0.48	)^(d)		20
	10.93		(6.80	)		9		0.80	^(d)		2.66	^(d)		0.20	^(d)		20


	11.90		4.59			7,048		1.24			2.97			(0.30	)^(f)		41
	11.00		3.83			1,802		1.98			3.71			(1.04	)^(f)		41
	12.44		4.99			8,586		0.84			2.57			0.09	^(f)		41
	12.27		4.88			253		0.98			2.66			(0.03	)^(f)		41
	11.63		4.43			33		1.49			3.24			(0.55	)^(f)		41
	12.44		(7.03	)		9		0.84	^(d)		4.34	^(d)		0.24	^(d)(f)		41
	13.21		26.62			5,665		1.28			3.32			(0.40	)		56
	12.43		25.68			1,119		2.03			4.09			(1.15	)		56
	13.68		27.21			8,262		0.88			2.92			—	^(g)		56
	13.53		26.98			126		1.03			3.04			(0.17	)		56
	12.97		26.38			55		1.53			3.56			(0.65	)		56
	11.83		16.78			4,584		1.26			3.62			0.03	^(h)		40
	11.29		15.94			1,005		2.01			4.32			(0.75	)^(h)		40
	12.17		17.23			6,215		0.86			3.18			0.37	^(h)		40
	12.05		17.08			167		1.01			3.35			0.26	^(h)		40
	11.66		16.50			41		1.51			3.91			(0.19	)^(h)		40
	11.48		17.11			7,423		1.26			3.14			(0.22	)		32
	11.09		16.23			975		2.01			3.89			(0.95	)		32
	11.73		17.61			4,640		0.86			2.74			0.21			32
	11.64		17.41			179		1.01			2.89			0.06			32
	11.36		16.84			63		1.51			3.39			(0.43	)		32
	10.38		15.42			15,853		1.34			2.59			(0.37	)		51
	10.12		14.58			974		2.09			3.34			(1.10	)		51
	10.55		15.77			4,142		0.94			2.19			0.04			51
	10.49		15.62			116		1.09			2.34			(0.04	)		51
	10.30		15.05			11		1.59			2.84			(0.61	)		51


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

GOLDMAN SACHS FOCUSED GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED FEBRUARY 29, (UNAUDITED)
2016 - A	$	14.36	$	—	^(d)(e)	$	(0.71	)	$	(0.71	)	$	(0.02	)	$	(0.76	)	$	(0.78	)
2016 - C		14.01		(0.05	)^(d)		(0.70	)		(0.75	)		(0.01	)		(0.76	)		(0.77	)
2016 - Institutional		14.50		0.04	^(d)		(0.73	)		(0.69	)		(0.03	)		(0.76	)		(0.79	)
2016 - IR		14.47		0.03	^(d)		(0.73	)		(0.70	)		(0.01	)		(0.76	)		(0.77	)
2016 - R		14.28		(0.01	)^(d)		(0.71	)		(0.72	)		—			(0.76	)		(0.76	)
2016 - R6		14.50		0.04	^(d)		(0.73	)		(0.69	)		(0.03	)		(0.76	)		(0.79	)

FOR THE FISCAL YEARS ENDED AUGUST 31,
2015 - A		14.74		(0.01	)^(g)		0.65			0.64			—			(1.02	)		(1.02	)
2015 - C		14.51		(0.10	)^(g)		0.62			0.52			—			(1.02	)		(1.02	)
2015 - Institutional		14.85		0.07	^(g)		0.64			0.71			(0.04	)		(1.02	)		(1.06	)
2015 - IR		14.83		0.04	^(g)		0.64			0.68			(0.02	)		(1.02	)		(1.04	)
2015 - R		14.70		(0.03	)^(g)		0.63			0.60			—			(1.02	)		(1.02	)
2015 - R6 (Commenced July 31, 2015)		15.27		—	^(e)(g)		(0.77	)		(0.77	)		—			—			—
2014 - A		12.95		(0.05	)		2.77			2.72			—			(0.93	)		(0.93	)
2014 - C		12.85		(0.15	)		2.74			2.59			—			(0.93	)		(0.93	)
2014 - Institutional		13.02		0.01			2.78			2.79			(0.03	)		(0.93	)		(0.96	)
2014 - IR		13.01		(0.01	)		2.77			2.76			(0.01	)		(0.93	)		(0.94	)
2014 - R		12.95		(0.08	)		2.76			2.68			—			(0.93	)		(0.93	)
2013 - A		11.35		0.01	^(h)		1.66			1.67			(0.05	)		(0.02	)		(0.07	)
2013 - C		11.31		(0.06	)^(h)		1.63			1.57			(0.01	)		(0.02	)		(0.03	)
2013 - Institutional		11.38		0.07	^(h)		1.66			1.73			(0.07	)		(0.02	)		(0.09	)
2013 - IR		11.38		0.06	^(h)		1.65			1.71			(0.06	)		(0.02	)		(0.08	)
2013 - R		11.34		—	^(e)(h)		1.64			1.64			(0.01	)		(0.02	)		(0.03	)

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

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.46% of average net assets

(e)

Amount is less than $0.005 per share.

(f)

Annualized.

(g)

Reflects income recognized from special dividends which amounted to $0.05 per share and 0.31% of average net assets.

(h)

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


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

GOLDMAN SACHS FOCUSED GROWTH FUND


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

$	12.87		(5.45	)%	$	282		1.23	%^(f)		2.57	%^(f)		0.05	%^(d)(f)		25	%
	12.49		(5.87	)		240		1.98	^(f)		3.41	^(f)		(0.77	)^(d)(f)		25
	13.02		(5.26	)		26,517		0.83	^(f)		2.03	^(f)		0.59	^(d)(f)		25
	13.00		(5.30	)		16		0.98	^(f)		2.22	^(f)		0.42	^(d)(f)		25
	12.80		(5.56	)		15		1.49	^(f)		2.73	^(f)		(0.09	)^(d)(f)		25
	13.02		(5.24	)		9		0.79	^(f)		2.03	^(f)		0.63	^(d)(f)		25


	14.36		4.27			148		1.24			2.22			(0.05	)^(g)		67
	14.01		3.47			53		1.99			3.00			(0.70	)^(g)		67
	14.50		4.72			33,335		0.84			1.85			0.45	^(g)		67
	14.47		4.50			17		1.01			2.02			0.30	^(g)		67
	14.28		3.99			16		1.49			2.50			(0.19	)^(g)		67
	14.50		(5.04	)		9		0.81	^(f)		2.05	^(f)		0.24	^(g)(f)		67
	14.74		21.60			42		1.26			2.83			(0.37	)		97
	14.51		20.71			39		2.01			3.49			(1.05	)		97
	14.85		22.00			24,346		0.86			2.31			0.10			97
	14.83		21.83			16		1.01			2.51			(0.08	)		97
	14.70		21.28			16		1.51			3.01			(0.58	)		97
	12.95		14.79			56		1.24			6.12			0.08	^(h)		87
	12.85		13.94			23		1.99			6.91			(0.52	)^(h)		87
	13.02		15.33			12,838		0.84			4.59			0.53	^(h)		87
	13.01		15.08			13		1.00			6.58			0.52	^(h)		87
	12.95		14.53			13		1.49			7.08			0.02	^(h)		87


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


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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


				Income (loss) from investment operations
	Year - Share Class	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net realized gains
FOR THE SIX MONTHS ENDED FEBRUARY 29, (UNAUDITED)
	2016 - A	$	23.84	$	(0.04	)^(d)	$	(2.12	)	$	(2.16	)	$	(2.81	)
	2016 - C		18.95		(0.10	)^(d)		(1.62	)		(1.72	)		(2.81	)
	2016 - Institutional		26.71		—	^(d)^(f)		(2.40	)		(2.40	)		(2.81	)
	2016 - Service		23.11		(0.05	)^(d)		(2.04	)		(2.09	)		(2.81	)
	2016 - IR		24.52		(0.02	)^(d)		(2.18	)		(2.20	)		(2.81	)
	2016 - R		23.21		(0.07	)^(d)		(2.05	)		(2.12	)		(2.81	)
	2016 - R6		26.71		—	^(d)^(f)		(2.40	)		(2.40	)		(2.81	)

FOR THE FISCAL YEARS ENDED AUGUST 31,
	2015 - A		30.22		(0.17	)^(g)		(0.05	)		(0.22	)		(6.16	)
	2015 - C		25.42		(0.30	)^(g)		(0.01	)		(0.31	)		(6.16	)
	2015 - Institutional		33.02		(0.07	)^(g)		(0.08	)		(0.15	)		(6.16	)
	2015 - Service		29.51		(0.19	)^(g)		(0.05	)		(0.24	)		(6.16	)
	2015 - IR		30.85		(0.11	)^(g)		(0.06	)		(0.17	)		(6.16	)
	2015 - R		29.65		(0.23	)^(g)		(0.05	)		(0.28	)		(6.16	)
	2015 - R6 (Commenced July 31, 2015)		28.49		(0.01	)^(g)		(1.77	)		(1.78	)		—
	2014 - A		26.65		(0.19	)		5.95			5.76			(2.19	)
	2014 - C		22.89		(0.34	)		5.06			4.72			(2.19	)
	2014 - Institutional		28.83		(0.08	)		6.46			6.38			(2.19	)
	2014 - Service		26.10		(0.21	)		5.81			5.60			(2.19	)
	2014 - IR		27.10		(0.12	)		6.06			5.94			(2.19	)
	2014 - R		26.25		(0.25	)		5.84			5.59			(2.19	)
	2013 - A		23.88		(0.11	)^(h)		4.53			4.42			(1.65	)
	2013 - C		20.89		(0.26	)^(h)		3.91			3.65			(1.65	)
	2013 - Institutional		25.59		(0.01	)^(h)		4.90			4.89			(1.65	)
	2013 - Service		23.44		(0.13	)^(h)		4.44			4.31			(1.65	)
	2013 - IR		24.19		(0.05	)^(h)		4.61			4.56			(1.65	)
	2013 - R		23.59		(0.17	)^(h)		4.48			4.31			(1.65	)
	2012 - A		21.36		(0.15	)		4.06			3.91			(1.39	)
	2012 - C		18.99		(0.28	)		3.57			3.29			(1.39	)
	2012 - Institutional		22.71		(0.06	)		4.33			4.27			(1.39	)
	2012 - Service		21.01		(0.17	)		3.99			3.82			(1.39	)
	2012 - IR		21.57		(0.09	)		4.10			4.01			(1.39	)
	2012 - R		21.17		(0.20	)		4.01			3.81			(1.39	)
	2011 - A		19.09		(0.16	)		2.65			2.49			(0.22	)
	2011 - C		17.11		(0.30	)		2.40			2.10			(0.22	)
	2011 - Institutional		20.21		(0.07	)		2.79			2.72			(0.22	)
	2011 - Service		18.80		(0.18	)		2.61			2.43			(0.22	)
	2011 - IR		19.23		(0.10	)		2.66			2.56			(0.22	)
	2011 - R		18.97		(0.22	)		2.64			2.42			(0.22	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

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

(e)

Annualized.

(f)

Amount is less than $0.005 per share.

(g)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.10% of average net assets.

(h)

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

(i)

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


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

GOLDMAN SACHS GROWTH OPPORTUNITIES FUND



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

$	18.87		(10.08	)%	$	658,229		1.34	%^(e)		1.42	%^(e)		(0.39	)%^(d)(e)		30	%
	14.42		(10.38	)		129,007		2.09	^(e)		2.17	^(e)		(1.14	)^(d)(e)		30
	21.50		(9.89	)		2,400,000		0.95	^(e)		1.02	^(e)		—	^(d)(e)		30
	18.21		(10.10	)		37,054		1.45	^(e)		1.52	^(e)		(0.51	)^(d)(e)		30
	19.51		(9.96	)		134,681		1.09	^(e)		1.17	^(e)		(0.14	)^(d)(e)		30
	18.28		(10.19	)		63,261		1.59	^(e)		1.67	^(e)		(0.64	)^(d)(e)		30
	21.50		(9.89	)		10,560		0.93	^(e)		1.00	^(e)		0.04	^(d)(e)		30


	23.84		(1.47	)		946,463		1.35			1.40			(0.65	)^(g)		51
	18.95		(2.23	)		168,461		2.10			2.15			(1.40	)^(g)		51
	26.71		(1.08	)		3,171,058		0.95			1.00			(0.24	)^(g)		51
	23.11		(1.59	)		49,105		1.45			1.50			(0.75	)^(g)		51
	24.52		(1.25	)		171,980		1.10			1.15			(0.41	)^(g)		51
	23.21		(1.74	)		77,673		1.60			1.65			(0.90	)^(g)		51
	26.71		(6.25	)		9		0.97	^(e)		1.02	^(e)		(0.32	)^(e)(g)		51
	30.22		22.57			1,110,320		1.36			1.40			(0.66	)		59
	25.42		21.67			191,125		2.11			2.15			(1.41	)		59
	33.02		23.04			3,750,790		0.96			1.00			(0.26	)		59
	29.51		22.42			57,643		1.46			1.50			(0.76	)		59
	30.85		22.87			143,249		1.11			1.15			(0.41	)		59
	29.65		22.25			80,542		1.61			1.65			(0.91	)		59
	26.65		19.84			1,130,449		1.35			1.41			(0.44	)^(h)		41
	22.89		18.94			172,010		2.10			2.16			(1.19	)^(h)		41
	28.83		20.38			3,207,925		0.95			1.01			(0.05	)^(h)		41
	26.10		19.74			60,977		1.45			1.51			(0.54	)^(h)		41
	27.10		20.18			91,093		1.10			1.16			(0.21	)^(h)		41
	26.25		19.61			71,263		1.60			1.66			(0.71	)^(h)		41
	23.88		19.15			1,068,187		1.35			1.41			(0.67	)		59
	20.89		18.24			157,901		2.10			2.16			(1.42	)		59
	25.59		19.61			2,710,810		0.95			1.01			(0.27	)		59
	23.44		19.03			59,834		1.45			1.51			(0.77	)		59
	24.19		19.43			75,702		1.10			1.16			(0.42	)		59
	23.59		18.83			54,071		1.60			1.66			(0.91	)		59
	21.36		12.97			1,060,320		1.36			1.41			(0.70	)		71	⁽ⁱ⁾
	18.99		12.18			158,371		2.11			2.16			(1.46	)		71	⁽ⁱ⁾
	22.71		13.39			2,843,584		0.96			1.01			(0.30	)		71	⁽ⁱ⁾
	21.01		12.85			57,002		1.46			1.51			(0.81	)		71	⁽ⁱ⁾
	21.57		13.24			54,912		1.11			1.16			(0.43	)		71	⁽ⁱ⁾
	21.17		12.68			33,931		1.61			1.66			(0.94	)		71	⁽ⁱ⁾


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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net realized gains
FOR THE SIX MONTHS ENDED FEBRUARY 29, (UNAUDITED)
2016 - A	$	20.72	$	(0.07	)^(d)	$	(2.82	)	$	(2.89	)	$	(0.73	)
2016 - C		18.74		(0.13	)^(d)		(2.54	)		(2.67	)		(0.73	)
2016 - Institutional		21.69		(0.04	)^(d)		(2.96	)		(3.00	)		(0.73	)
2016 - Service		20.35		(0.08	)^(d)		(2.77	)		(2.85	)		(0.73	)
2016 - IR		21.21		(0.05	)^(d)		(2.89	)		(2.94	)		(0.73	)
2016 - R		20.26		(0.09	)^(d)		(2.76	)		(2.85	)		(0.73	)
2016 – R6		21.69		(0.03	)^(d)		(2.97	)		(3.00	)		(0.73	)

FOR THE FISCAL YEARS ENDED AUGUST 31,
2015 - A		20.90		(0.18	)^(f)		1.71			1.53			(1.71	)
2015 - C		19.20		(0.31	)^(f)		1.56			1.25			(1.71	)
2015 - Institutional		21.71		(0.10	)^(f)		1.79			1.69			(1.71	)
2015 - Service		20.58		(0.20	)^(f)		1.68			1.48			(1.71	)
2015 - IR		21.30		(0.13	)^(f)		1.75			1.62			(1.71	)
2015 - R		20.51		(0.23	)^(f)		1.69			1.46			(1.71	)
2015 – R6 (Commenced July 31, 2015)		23.47		(0.01	)^(f)		(1.77	)		(1.78	)		—
2014 - A		18.63		(0.16	)^(g)		3.43			3.27			(1.00	)
2014 - C		17.31		(0.29	)^(g)		3.18			2.89			(1.00	)
2014 - Institutional		19.25		(0.09	)^(g)		3.55			3.46			(1.00	)
2014 - Service		18.38		(0.18	)^(g)		3.38			3.20			(1.00	)
2014 - IR		18.93		(0.12	)^(g)		3.49			3.37			(1.00	)
2014 - R		18.35		(0.21	)^(g)		3.37			3.16			(1.00	)
2013 - A		15.52		(0.11	)^(h)		3.99			3.88			(0.77	)
2013 - C		14.58		(0.23	)^(h)		3.73			3.50			(0.77	)
2013 - Institutional		15.95		(0.06	)^(h)		4.13			4.07			(0.77	)
2013 - Service		15.34		(0.13	)^(h)		3.94			3.81			(0.77	)
2013 - IR		15.72		(0.08	)^(h)		4.06			3.98			(0.77	)
2013 - R		15.34		(0.15	)^(h)		3.93			3.78			(0.77	)
2012 - A		13.67		(0.12	)		2.63			2.51			(0.66	)
2012 - C		12.98		(0.21	)		2.47			2.26			(0.66	)
2012 - Institutional		13.98		(0.06	)		2.69			2.63			(0.66	)
2012 - Service		13.53		(0.13	)		2.60			2.47			(0.66	)
2012 - IR		13.81		(0.08	)		2.65			2.57			(0.66	)
2012 - R		13.55		(0.15	)		2.60			2.45			(0.66	)
2011 - A		12.08		(0.15	)		2.01			1.86			(0.27	)
2011 - C		11.56		(0.24	)		1.93			1.69			(0.27	)
2011 - Institutional		12.30		(0.09	)		2.04			1.95			(0.27	)
2011 - Service		11.97		(0.16	)		1.99			1.83			(0.27	)
2011 - IR		12.17		(0.10	)		2.01			1.91			(0.27	)
2011 - R		12.01		(0.18	)		1.99			1.81			(0.27	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Reflects income recognized from special dividends which amounted to $0.01 per share and 0.15% of average net assets.

(e)

Annualized.

(f)

Reflects income recognized from special dividends which amounted to $0.01 per share and 0.05% of average net assets.

(g)

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

(h)

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


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

GOLDMAN SACHS SMALL/MID CAP GROWTH FUND



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

$	17.10		(14.34	)%	$	799,461		1.32	%^(e)		1.45	%^(e)		(0.74	)%^(d)(e)		30	%
	15.34		(14.69	)		240,384		2.07	^(e)		2.20	^(e)		(1.50	)^(d)(e)		30
	17.96		(14.21	)		1,162,234		0.93	^(e)		1.05	^(e)		(0.35	)^(d)(e)		30
	16.77		(14.41	)		11,878		1.43	^(e)		1.55	^(e)		(0.86	)^(d)(e)		30
	17.54		(14.24	)		257,493		1.07	^(e)		1.20	^(e)		(0.49	)^(d)(e)		30
	16.68		(14.47	)		32,234		1.57	^(e)		1.70	^(e)		(0.99	)^(d)(e)		30
	17.96		(14.21	)		788		0.91	^(e)		1.04	^(e)		(0.39	)^(d)(e)		30


	20.72		7.67			906,362		1.33			1.45			(0.85	)^(f)		47
	18.74		6.84			268,384		2.08			2.20			(1.60	)^(f)		47
	21.69		8.15			1,355,322		0.93			1.05			(0.45	)^(f)		47
	20.35		7.54			12,695		1.42			1.55			(0.95	)^(f)		47
	21.21		7.97			221,058		1.08			1.20			(0.60	)^(f)		47
	20.26		7.46			34,697		1.58			1.70			(1.10	)^(f)		47
	21.69		(7.58	)		9		0.92	^(e)		1.05	^(e)		(0.34	)^(f)(e)		47
	20.90		17.97			741,254		1.33			1.48			(0.82	)^(g)		43
	19.20		17.11			221,451		2.08			2.23			(1.57	)^(g)		43
	21.71		18.39			1,077,769		0.93			1.08			(0.42	)^(g)		43
	20.58		17.83			8,692		1.43			1.58			(0.92	)^(g)		43
	21.30		18.22			171,779		1.08			1.23			(0.57	)^(g)		43
	20.51		17.63			34,118		1.58			1.73			(1.07	)^(g)		43
	18.63		26.18			592,798		1.34			1.49			(0.68	)^(h)		37
	17.31		25.23			150,744		2.09			2.24			(1.44	)^(h)		37
	19.25		26.68			725,662		0.94			1.09			(0.32	)^(h)		37
	18.38		26.02			8,495		1.44			1.59			(0.77	)^(h)		37
	18.93		26.49			93,255		1.09			1.24			(0.45	)^(h)		37
	18.35		25.82			24,420		1.59			1.74			(0.93	)^(h)		37
	15.52		18.97			393,284		1.35			1.50			(0.83	)		51
	14.58		18.03			87,185		2.10			2.25			(1.58	)		51
	15.95		19.42			291,636		0.95			1.10			(0.43	)		51
	15.34		18.87			6,774		1.45			1.60			(0.92	)		51
	15.72		19.22			46,777		1.10			1.25			(0.57	)		51
	15.34		18.69			19,156		1.60			1.75			(1.07	)		51
	13.67		15.30			403,960		1.47			1.50			(0.99	)		53
	12.98		14.51			79,875		2.22			2.25			(1.74	)		53
	13.98		15.77			340,712		1.07			1.10			(0.59	)		53
	13.53		15.19			5,879		1.57			1.60			(1.08	)		53
	13.81		15.60			30,858		1.22			1.25			(0.71	)		53
	13.55		14.97			15,370		1.72			1.75			(1.24	)		53


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

GOLDMAN SACHS STRATEGIC GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED FEBRUARY 29, (UNAUDITED)
2016 - A	$	11.86	$	0.02	^(d)	$	(0.48	)	$	(0.46	)	$	(0.02	)	$	(0.69	)	$	(0.71	)
2016 - C		10.12		(0.02	)^(d)		(0.40	)		(0.42	)		—			(0.69	)		(0.69	)
2016 - Institutional		12.53		0.04	^(d)		(0.50	)		(0.46	)		(0.05	)		(0.69	)		(0.74	)
2016 - Service		11.81		0.01	^(d)		(0.47	)		(0.46	)		(0.01	)		(0.69	)		(0.70	)
2016 - IR		12.53		0.03	^(d)		(0.50	)		(0.47	)		(0.04	)		(0.69	)		(0.73	)
2016 - R		11.74		—	^(d)		(0.46	)		(0.46	)		(0.02	)		(0.69	)		(0.71	)
2016 - R6		12.53		0.04	^(d)		(0.51	)		(0.47	)		(0.05	)		(0.69	)		(0.74	)

FOR THE FISCAL YEARS ENDED AUGUST 31,
2015 - A		13.50		0.02	^(f)		0.42			0.44			—			(2.08	)		(2.08	)
2015 - C		11.90		(0.07	)^(f)		0.37			0.30			—			(2.08	)		(2.08	)
2015 - Institutional		14.15		0.07	^(f)		0.43			0.50			(0.04	)		(2.08	)		(2.12	)
2015 - Service		13.47		—	^(g)(f)		0.42			0.42			—			(2.08	)		(2.08	)
2015 - IR		14.14		0.05	^(f)		0.44			0.49			(0.02	)		(2.08	)		(2.10	)
2015 - R		13.42		(0.01	)^(f)		0.41			0.40			—			(2.08	)		(2.08	)
2015 - R6 (Commenced July 31, 2015)		13.36		0.01	^(f)		(0.84	)		(0.83	)		—			—			—
2014 - A		12.29		(0.01	)		3.06			3.05			(0.01	)		(1.83	)		(1.84	)
2014 - C		11.09		(0.10	)		2.74			2.64			—			(1.83	)		(1.83	)
2014 - Institutional		12.79		0.04			3.21			3.25			(0.06	)		(1.83	)		(1.89	)
2014 - Service		12.28		(0.02	)		3.05			3.03			(0.01	)		(1.83	)		(1.84	)
2014 - IR		12.80		0.02			3.20			3.22			(0.05	)		(1.83	)		(1.88	)
2014 - R		12.26		(0.04	)		3.05			3.01			(0.02	)		(1.83	)		(1.85	)
2013 - A		11.57		0.06	^(h)		1.58			1.64			(0.05	)		(0.87	)		(0.92	)
2013 - C		10.54		(0.04	)^(h)		1.46			1.42			—			(0.87	)		(0.87	)
2013 - Institutional		12.00		0.10	^(h)		1.66			1.76			(0.10	)		(0.87	)		(0.97	)
2013 - Service		11.59		0.03	^(h)		1.61			1.64			(0.08	)		(0.87	)		(0.95	)
2013 - IR		12.01		0.07	^(h)		1.68			1.75			(0.09	)		(0.87	)		(0.96	)
2013 - R		11.53		0.03	^(h)		1.60			1.63			(0.03	)		(0.87	)		(0.90	)
2012 - A		9.77		0.01			1.81			1.82			(0.02	)		—			(0.02	)
2012 - C		8.95		(0.06	)		1.65			1.59			—			—			—
2012 - Institutional		10.14		0.06			1.86			1.92			(0.06	)		—			(0.06	)
2012 - Service		9.80		0.02			1.79			1.81			(0.02	)		—			(0.02	)
2012 - IR		10.10		0.04			1.87			1.91			—			—			—
2012 - R		9.74		—	^(g)		1.79			1.79			—			—			—
2011 - A		8.53		0.02			1.25			1.27			(0.03	)		—			(0.03	)
2011 - C		7.86		(0.05	)		1.14			1.09			—			—			—
2011 - Institutional		8.85		0.06			1.30			1.36			(0.07	)		—			(0.07	)
2011 - Service		8.55		0.02			1.25			1.27			(0.02	)		—			(0.02	)
2011 - IR		8.84		0.04			1.29			1.33			(0.07	)		—			(0.07	)
2011 - R		8.51		—	^(g)		1.24			1.24			(0.01	)		—			(0.01	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.26% of average net assets.

(e)

Annualized.

(f)

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

(g)

Amount is less than $0.005 per share.

(h)

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

(i)

Amount is less than 0.005% per share.


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

GOLDMAN SACHS STRATEGIC GROWTH FUND



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

$	10.69		(4.41	)%	$	44,684		1.15	%^(e)		1.53	%^(e)		0.26	%^(d)(e)		26	%
	9.01		(4.75	)		10,866		1.91	^(e)		2.28	^(e)		(0.49	)^(d)(e)		26
	11.33		(4.17	)		347,539		0.75	^(e)		1.13	^(e)		0.66	^(d)(e)		26
	10.65		(4.45	)		216		1.25	^(e)		1.63	^(e)		0.18	^(d)(e)		26
	11.33		(4.28	)		761		0.90	^(e)		1.28	^(e)		0.51	^(d)(e)		26
	10.57		(4.47	)		70		1.40	^(e)		1.78	^(e)		0.03	^(d)(e)		26
	11.32		(4.23	)		9		0.77	^(e)		1.15	^(e)		0.65	^(d)(e)		26


	11.86		3.09			45,046		1.15			1.52			0.13	^(f)		52
	10.12		2.23			11,175		1.90			2.27			(0.63	)^(f)		52
	12.53		3.43			326,619		0.75			1.12			0.52	^(f)		52
	11.81		2.93			254		1.25			1.62			(0.01	)^(f)		52
	12.53		3.34			817		0.90			1.27			0.37	^(f)		52
	11.74		2.78			77		1.40			1.76			(0.07	)^(f)		52
	12.53		(6.21	)		9		0.73	^(e)		1.06	^(e)		0.68	^(e)(f)		52
	13.50		26.74			51,626		1.16			1.53			(0.10	)		64
	11.90		25.83			11,717		1.91			2.28			(0.85	)		64
	14.15		27.32			332,401		0.76			1.13			0.30			64
	13.47		26.55			156		1.26			1.63			(0.20	)		64
	14.14		27.03			994		0.91			1.28			0.15			64
	13.42		26.49			15		1.38			1.75			(0.30	)		64
	12.29		15.53			87,987		1.15			1.54			0.49	^(h)		55
	11.09		14.68			9,314		1.90			2.29			(0.35	)^(h)		55
	12.79		15.98			242,865		0.75			1.14			0.81	^(h)		55
	12.28		15.45			82		1.25			1.64			0.24	^(h)		55
	12.80		15.80			884		0.90			1.29			0.57	^(h)		55
	12.26		15.36			6		1.34			1.73			0.22	^(h)		55
	11.57		18.45			181,257		1.15			1.51			0.14			54
	10.54		17.71			8,279		1.90			2.26			(0.61	)		54
	12.00		18.97			256,389		0.75			1.11			0.54			54
	11.59		18.50			52		1.25			1.61			0.18			54
	12.01		18.85			321		0.90			1.26			0.38			54
	11.53		18.32			4		1.40			1.76			(0.05	)		54
	9.77		14.89			199,185		1.15			1.51			0.19			40
	8.95		13.87			8,828		1.90			2.26			(0.56	)		40
	10.14		15.33			260,481		0.75			1.11			0.58			40
	9.80		14.90			2		1.25			1.61			0.21			40
	10.10		14.99			125		0.90			1.26			0.42			40
	9.74		14.52			4		1.40			1.76			–	⁽ⁱ⁾		40


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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net realized gains
FOR THE SIX MONTHS ENDED FEBRUARY 29, (UNAUDITED)
2016 - A	$	17.93	$	(0.05	)^(d)	$	(0.73	)	$	(0.78	)	$	(1.58	)
2016 - C		15.70		(0.10	)^(d)		(0.61	)		(0.71	)		(1.58	)
2016 - Institutional		19.22		(0.02	)^(d)		(0.79	)		(0.81	)		(1.58	)
2016 - Service		17.69		(0.06	)^(d)		(0.72	)		(0.78	)		(1.58	)
2016 - IR		19.07		(0.03	)^(d)		(0.79	)		(0.82	)		(1.58	)

FOR THE FISCAL YEARS ENDED AUGUST 31,
2015 - A		18.97		(0.14	)^(f)		0.57			0.43			(1.47	)
2015 - C		16.91		(0.24	)^(f)		0.50			0.26			(1.47	)
2015 - Institutional		20.16		(0.07	)^(f)		0.60			0.53			(1.47	)
2015 - Service		18.76		(0.15	)^(f)		0.55			0.40			(1.47	)
2015 - IR		20.04		(0.10	)^(f)		0.60			0.50			(1.47	)
2014 - A		15.20		(0.15	)		4.16			4.01			(0.24	)
2014 - C		13.68		(0.25	)		3.72			3.47			(0.24	)
2014 - Institutional		16.08		(0.08	)		4.40			4.32			(0.24	)
2014 - Service		15.04		(0.16	)		4.12			3.96			(0.24	)
2014 - IR		16.01		(0.11	)		4.38			4.27			(0.24	)
2013 - A		13.62		(0.12	)		1.70			1.58			—
2013 - C		12.34		(0.20	)		1.54			1.34			—
2013 - Institutional		14.34		(0.06	)		1.80			1.74			—
2013 - Service		13.49		(0.13	)		1.68			1.55			—
2013 - IR		14.30		(0.09	)		1.80			1.71			—
2012 - A		11.51		(0.13	)		2.24			2.11			—
2012 - C		10.51		(0.21	)		2.04			1.83			—
2012 - Institutional		12.08		(0.09	)		2.35			2.26			—
2012 - Service		11.41		(0.14	)		2.22			2.08			—
2012 - IR		12.06		(0.11	)		2.35			2.24			—
2011 - A		10.43		(0.14	)		1.22			1.08			—
2011 - C		9.59		(0.21	)		1.13			0.92			—
2011 - Institutional		10.90		(0.09	)		1.27			1.18			—
2011 - Service		10.34		(0.15	)		1.22			1.07			—
2011 - IR (Commenced September 30, 2010)		12.30		(0.07	)		(0.17	)		(0.24	)		—

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.24% of average net assets.

(e)

Annualized.

(f)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.10% of average net assets.


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

GOLDMAN SACHS TECHNOLOGY OPPORTUNITIES FUND



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

$	15.57		(5.44	)%	$		212,873		1.48	%^(e)		1.55	%^(e)		(0.60	)%^(d)(e)		16	%
	13.41		(5.78	)			47,149		2.23	^(e)		2.30	^(e)		(1.35	)^(d)(e)		16
	16.83		(5.23	)			78,697		1.08	^(e)		1.15	^(e)		(0.18	)^(d)(e)		16
	15.33		(5.52	)			10,398		1.58	^(e)		1.65	^(e)		(0.71	)^(d)(e)		16
	16.67		(5.32	)			5,582		1.23	^(e)		1.30	^(e)		(0.35	)^(d)(e)		16


	17.93		2.31				250,087		1.48			1.54			(0.74	)^(f)		41
	15.70		1.53				53,556		2.23			2.29			(1.49	)^(f)		41
	19.22		2.68				92,483		1.08			1.14			(0.33	)^(f)		41
	17.69		2.17				10,329		1.58			1.64			(0.84	)^(f)		41
	19.07		2.54				6,103		1.23			1.29			(0.52	)^(f)		41
	18.97		26.55				260,982		1.51			1.55			(0.85	)		39
	16.91		25.54				58,602		2.26			2.30			(1.60	)		39
	20.16		27.03				99,039		1.11			1.15			(0.45	)		39
	18.76		26.49				10,712		1.61			1.65			(0.96	)		39
	20.04		26.83				3,228		1.26			1.30			(0.59	)		39
	15.20		11.60				228,424		1.50			1.55			(0.85	)		33
	13.68		10.86				50,278		2.25			2.30			(1.59	)		33
	16.08		12.13				70,416		1.10			1.15			(0.43	)		33
	15.04		11.49				10,167		1.60			1.65			(0.95	)		33
	16.01		11.96				2,651		1.25			1.30			(0.59	)		33
	13.62		18.28				239,355		1.50			1.55			(1.06	)		43
	12.34		17.36				50,682		2.25			2.30			(1.81	)		43
	14.34		18.65				49,238		1.10			1.15			(0.66	)		43
	13.49		18.18				10,977		1.60			1.65			(1.15	)		43
	14.30		18.52				2,569		1.25			1.30			(0.81	)		43
	11.51		10.35				244,288		1.50			1.52			(1.07	)		64
	10.51		9.59				50,424		2.25			2.27			(1.82	)		64
	12.08		10.83				54,356		1.10			1.12			(0.66	)		64
	11.41		10.35				10,826		1.60			1.62			(1.18	)		64
	12.06		(1.95	)			2,449		1.25	^(e)		1.27	^(e)		(0.59	)^(e)		64


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

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements

February 29, 2016 (Unaudited)

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:


Fund	Share Classes Offered	Diversified/ Non-diversified
Capital Growth, Growth Opportunities, Small/Mid Cap Growth and Strategic Growth	A, C, Institutional, Service, IR, R and R6*	Diversified
Concentrated Growth and Focused Growth	A, C, Institutional, IR, R and R6*	Non-diversified
Dynamic U.S. Equity + and Flexible Cap Growth	A, C, Institutional, IR, R and R6*	Diversified
Technology Opportunities^	A, C, Institutional, Service and IR	Diversified

Class R6 Shares commenced operations on July 31, 2015.

Formerly, Goldman Sachs U.S. Equity Fund. Effective after the close of business on April 30, 2015, the Fund changed its name to Goldman Sachs Dynamic U.S. Equity Fund.

Formerly, Goldman Sachs Technology Tollkeeper Fund. Effective after the close of business on July 31, 2015, the Fund changed its name to Goldman Sachs Technology Opportunities Fund.

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Class IR, Class R and Class R6 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.

106

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

B. Investment Income and Investments — Investment income includes interest income and dividend income, net of any foreign withholding taxes, less any amounts reclaimable. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

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

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

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

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 29, 2016 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

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

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Funds’ policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.

The Board of Trustees (“Trustees”) has approved 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 traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities are valued at the last bid price for long positions and at the last ask price for short positions. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2.

108

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH 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.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV of the FST Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Short Term Investments — Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair market value. These investments are classified as Level 2 of the fair value hierarchy.

Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.

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

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

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources 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.

109

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 29, 2016 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of February 29, 2016:



CAPITAL GROWTH FUND

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	9,377,875	$	—	$	—
North America		794,222,618		—		—
Short-term Investments		—		8,800,000		—
Total	$	803,600,493	$	8,800,000	$	—

CONCENTRATED GROWTH FUND

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	2,685,107	$	—	$	—
North America		140,886,064		—		—
Short-term Investments		—		4,700,000		—
Total	$	143,571,171	$	4,700,000	$	—

DYNAMIC U.S. EQUITY FUND

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
North America	$	10,724,906	$	—	$	—
Short-term Investments		—		100,000		—
Total	$	10,724,906	$	100,000	$	—

FLEXIBLE CAP GROWTH FUND

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	105,718	$	—	$	—
North America		15,903,341		—		—
Short-term Investments		—		100,000		—
Total	$	16,009,059	$	100,000	$	—

110

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



FOCUSED GROWTH FUND

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
North America	$	26,132,056	$	—	$	—
Short-term Investments		—		900,000		—
Total	$	26,132,056	$	900,000	$	—

GROWTH OPPORTUNITIES FUND

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	17,964,160	$	—	$	—
North America		3,368,900,079		—		—
Investment Company		82,010,369		—		—
Total	$	3,468,874,608	$	—	$	—

SMALL/MID CAP GROWTH FUND

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Asia	$	15,405,589	$	—	$	—
Europe		70,692,445		—		—
North America		2,365,493,682		—		—
Short-term Investments		—		41,700,000		—
Total	$	2,451,591,716	$	41,700,000	$	—

STRATEGIC GROWTH FUND

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	6,655,102	$	—	$	—
North America		382,634,788		—		—
Short-term Investments		—		16,900,000		—
Total	$	389,289,890	$	16,900,000	$	—

111

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 29, 2016 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



TECHNOLOGY OPPORTUNITIES FUND

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	13,305,922	$	—	$	—
North America		340,033,115		—		—
Short-term Investments		—		1,900,000		—
Total	$	353,339,037	$	1,900,000	$	—

(a)

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

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 29, 2016, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate																		Effective Net Management Rate
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate
Capital Growth		1.00	%		0.90	%		0.80	%		0.80	%		0.80	%		1.00	%		0.71	%#
Concentrated Growth		1.00			0.90			0.86			0.84			0.82			1.00			0.78	#
Dynamic U.S. Equity		0.70			0.63			0.60			0.59			0.58			0.70			0.70
Flexible Cap Growth		1.00			0.90			0.86			0.84			0.82			1.00			0.78	#
Focused Growth		1.00			0.90			0.86			0.84			0.82			1.00			0.76	#^
Growth Opportunities		1.00			1.00			0.90			0.86			0.84			0.94			0.90	#
Small/Mid Cap Growth		1.00			1.00			0.90			0.86			0.84			0.99			0.85	#
Strategic Growth		1.00			0.90			0.86			0.84			0.82			1.00			0.71	#
Technology Opportunities		1.00			0.90			0.86			0.84			0.82			1.00			1.00

GSAM agreed to waive a portion of its management fee rates, set forth in the Funds’ most recent prospectuses. In addition, the Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. These waivers will be effective through at least December 29, 2016, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees.

Effective December 29, 2015, GSAM agreed to waive a portion of its management fee in order to achieve an Effective Net Management Rate of 0.76% for Focused Growth Fund. Prior to December 29, 2015, the Effective Net Management Rate for was 0.79%.

112

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Growth Opportunities Fund invests in the FST Institutional Shares of Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to the management fee it earns as an investment adviser to any of the affiliated Underlying Funds in which the Fund invests. For the six months ended February 29, 2016, GSAM waived $28,924 of the Fund’s management fee.

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


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

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

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 Shares’ front end sales charge and Class C Shares’ CDSC. During the six months ended February 29, 2016, Goldman Sachs advised that it retained the following amounts:


	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Capital Growth	$	12,077	$	372
Concentrated Growth		322		—
Dynamic U.S. Equity		213		—
Flexible Cap Growth		551		—
Focused Growth		237		—
Growth Opportunities		15,014		466
Small/Mid Cap Growth		67,437		10
Strategic Growth		2,177		11
Technology Opportunities		6,553		380

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.

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 29, 2016 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.19% of the average daily net assets of Class A, Class C, Class IR and Class R Shares; 0.02% of the average daily net assets of Class R6 Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

Effective December 29, 2015, Goldman Sachs agreed to waive a portion of its transfer agency fee equal to 0.05% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Class IR, and Class R Shares of the Growth Opportunities Fund. As a result of this waiver, a net transfer agency fee equal to 0.14% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Class IR, and Class R Shares of the Growth Opportunities Fund is being charged to those share classes. This arrangement will remain in effect through at least December 29, 2016, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees.

Effective December 29, 2015, Goldman Sachs agreed to waive a portion of its transfer agency fee equal to 0.03% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Class IR, and Class R Shares of the Small/Mid Cap Growth Fund. As a result of this waiver, a net transfer agency fee equal to 0.16% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Class IR, and Class R Shares of the Small/Mid Cap Growth Fund is being charged to those share classes. This arrangement will remain in effect through at least December 29, 2016, and prior to such date, the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees.

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees (as applicable), taxes, interest, brokerage fees, shareholder meeting, litigation, indemnification and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Capital Growth, Concentrated Growth, Dynamic U.S. Equity, Flexible Cap Growth, Focused Growth, Growth Opportunities, Small/Mid Cap Growth, Strategic Growth, and Technology Opportunities Funds are 0.004%, 0.004%, 0.084%, 0.004%, 0.004%, 0.014%, 0.064%, 0.004%, and 0.034% respectively. Prior to December 29, 2015, the Other Expense limitation for Focused Growth Fund was 0.014%. These Other Expense limitations will remain in place through at least December 29, 2016, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the 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.

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended February 29, 2016, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Management Fee Waiver		Transfer Agency Fee Waiver		Other Expense Reimbursements		Total Expense Reductions
Capital Growth	$	1,295,807	$	—	$	247,653	$	1,543,460
Concentrated Growth		177,457		—		125,812		303,269
Dynamic U.S. Equity		—		—		151,294		151,294
Flexible Cap Growth		19,388		—		143,836		163,224
Focused Growth		34,997		—		157,287		192,284
Growth Opportunities		1,023,459		87,390		304,718		1,415,567
Small/Mid Cap Growth		1,681,321		69,786		—		1,751,107
Strategic Growth		588,568		—		180,819		769,387
Technology Opportunities		—		—		153,628		153,628

G. Line of Credit Facility — As of February 29, 2016, the Funds participated in a $1,205,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain 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 up to an additional $115,000,000 for a total of up to $1,320,000,000. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. 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 29, 2016, the Funds did not have any borrowings under the facility.

H. Other Transactions with Affiliates — For the six months ended February 29, 2016, Goldman Sachs did not earn any brokerage commissions from portfolio transactions, on behalf of the Funds.

An investment by a Fund representing greater than 5% of the voting securities of an issuer makes that issuer an affiliated person (as defined by the Act) of such Fund. The following table provides information about the investment by the Small/Mid Cap Growth Fund in shares of issuers of which the Fund is an affiliate for the six months ended February 29, 2016:

Fund

Name of Affiliated Issuer

Market

Value

8/31/15

Purchases
at Cost

Proceeds
from Sales

Net
Realized
Gain (Loss)

Net Change
in Unrealized
Gain (Loss)

Market
Value
2/29/16

Dividend
Income

Small/Mid Cap Growth

Corium International, Inc.

12,559,016

600,459

(177,041

)

(98,602

)

(6,983,404

)

5,900,428

—

115

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 29, 2016 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The table below shows the transactions in and earnings from investments by the Growth Opportunities Fund in the Underlying Fund for the six months ended February 29, 2016:

Fund

Underlying Fund

Market Value

8/31/15

Purchases

at Cost

Proceeds

from Sales

Market Value

2/29/16

Dividend
Income

Growth Opportunities

Goldman Sachs Financial Square Government Fund

13,549,239

944,596,734

(876,135,604

)

82,010,369

22,578

As of February 29, 2016, the Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of outstanding Class A, Class C, Institutional, Class IR, Class R and Class R6 Shares of the following funds:


Fund	Class C			Institutional			Class IR			Class R			Class R6
Capital Growth		—	%		—	%		—	%		—	%		100	%
Concentrated Growth		—			—			—			50			100
Dynamic U.S. Equity		6			26			—			32			100
Flexible Cap Growth		—			—			30			45			100
Focused Growth		6			—			100			100			100
Strategic Growth		—			—			—			9			100

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 29, 2016, were as follows:


Fund	Purchases		Sales and Maturities
Capital Growth	$	203,137,604	$	275,173,706
Concentrated Growth		38,754,085		53,332,774
Dynamic U.S. Equity		3,254,515		6,360,605
Flexible Cap Growth		3,469,980		3,633,777
Focused Growth		7,719,963		12,706,957
Growth Opportunities		1,221,206,481		2,000,147,186
Small/Mid Cap Growth		972,358,318		818,867,672
Strategic Growth		136,395,378		103,118,380
Technology Opportunities		63,634,829		93,744,310

116

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

6. TAX INFORMATION

As of the Funds’ most recent fiscal year end, August 31, 2015, the Funds’ certain timing differences, on a tax basis were as follows:


	Capital Growth		Concentrated Growth		Dynamic U.S. Equity		Flexible Cap Growth			Focused Growth		Growth Opportunities			Small/Mid Cap Growth		Strategic Growth		Technology Opportunities
Timing differences (Qualified Late Year Loss Deferrals)	$	—	$	—	$	—	$	(17,832	)	$	—	$	(27,027,734	)	$	—	$	—	$	(1,512,054	)

As of February 29, 2016, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Capital Growth			Concentrated Growth			Dynamic U.S. Equity			Flexible Cap Growth			Focused Growth			Growth Opportunities			Small/Mid Cap Growth			Strategic Growth			Technology Opportunities
Tax Cost	$	665,121,879		$	127,289,299		$	10,351,772		$	13,539,176		$	27,166,358		$	3,205,299,829		$	2,377,316,942		$	337,861,697		$	271,049,488
Gross unrealized gain		199,089,650			30,077,942			1,378,101			3,779,029			2,562,134			527,155,719			328,875,646			89,298,474			107,341,193
Gross unrealized loss		(51,811,036	)		(9,096,070	)		(904,967	)		(1,209,146	)		(2,696,436	)		(263,580,940	)		(212,900,872	)		(20,970,281	)		(23,151,644	)
Net unrealized gain (loss)	$	147,278,614		$	20,981,872		$	473,134		$	2,569,883		$	(134,302	)	$	263,574,779		$	115,974,774		$	68,328,193		$	84,189,549

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

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

117

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 29, 2016 (Unaudited)

7. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

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

Liquidity Risk — The Funds may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions.

Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Funds may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Funds have unsettled or open transactions defaults.

Non-Diversification Risk — The Concentrated Growth and Focused Growth Funds are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in fewer issuers than diversified mutual funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

Portfolio Concentration Risk — The Technology Opportunities Fund invests primarily in equity investments in high-quality technology, media or service companies that adopt or use technology to improve their cost structure, revenue opportunities or competitive advantage. Because of its focus on technology, media and service companies, the Technology Opportunities Fund is subject to greater risk of loss as a result of adverse economic, business or other developments than if its investments were diversified across different industry sectors. The Technology Opportunities Fund may also invest in a relatively few number of issuers. Thus, the Technology Opportunities Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and may be more susceptible to greater losses because of these developments.

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GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

8. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

9. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated through the date the financial statements were issued. GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

119

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 29, 2016 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Capital Growth Fund
	For the Six Months Ended February 29, 2016 (Unaudited)						For the Fiscal Year Ended August 31, 2015

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		403,287		$	9,584,088			976,847		$	25,917,436
Reinvestment of distributions		2,165,893			51,418,306			4,123,424			103,869,050
Shares converted from Class B^(a)		—			—			414,688			12,024,309
Shares redeemed		(1,718,980	)		(41,102,100	)		(3,471,469	)		(91,144,434	)
		850,200			19,900,294			2,043,490			50,666,361
Class B Shares^(a)
Shares sold		—			—			46			(927	)
Shares converted to Class A		—			—			(498,183	)		(12,024,309	)
Shares redeemed		—			—			(145,865	)		(3,508,408	)
		—			—			(644,002	)		(15,533,644	)
Class C Shares
Shares sold		170,844			3,186,331			341,161			7,154,847
Reinvestment of distributions		372,429			6,878,768			662,843			13,382,800
Shares redeemed		(429,832	)		(8,130,566	)		(658,000	)		(14,020,677	)
		113,441			1,934,533			346,004			6,516,970
Institutional Shares
Shares sold		268,320			7,252,066			1,585,630			45,287,101
Reinvestment of distributions		485,148			12,546,206			799,639			21,718,191
Shares redeemed		(1,663,234	)		(40,488,267	)		(834,379	)		(23,663,917	)
		(909,766	)		(20,689,995	)		1,550,890			43,341,375
Service Shares
Shares sold		4,734			111,872			62,182			1,605,801
Reinvestment of distributions		5,946			136,873			4,638			113,688
Shares redeemed		(15,659	)		(360,972	)		(28,570	)		(723,854	)
		(4,979	)		(112,227	)		38,250			995,635
Class IR Shares
Shares sold		35,344			896,730			53,066			1,401,921
Reinvestment of distributions		15,716			377,764			17,638			448,370
Shares redeemed		(28,842	)		(642,873	)		(22,265	)		(590,653	)
		22,218			631,621			48,439			1,259,638
Class R Shares
Shares sold		50,289			1,203,763			42,000			1,095,082
Reinvestment of distributions		12,478			288,121			22,629			557,123
Shares redeemed		(35,676	)		(844,514	)		(49,195	)		(1,249,171	)
		27,091			647,370			15,434			403,034
Class R6 Shares^(b)
Shares sold		—			—			348			10,005
Reinvestment of distributions		28			730			—			—
Shares redeemed		—			—			(1	)		(5	)
		28			730			347			10,000
NET INCREASE (DECREASE)		98,233		$	2,312,326			3,398,852		$	87,659,369

(a)

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

(b)

Commenced operations on July 31, 2015.

120

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS


Concentrated Growth Fund												Dynamic U.S. Equity Fund
For the Six Months Ended February 29, 2016 (Unaudited)						For the Fiscal Year Ended August 31, 2015						For the Six Months Ended February 29, 2016 (Unaudited)						For the Fiscal Year Ended August 31, 2015
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars

	37,137		$	605,394			55,670		$	978,969			9,589		$	124,167			52,789		$	820,752
	45,827			684,660			71,053			1,165,979			23,802			308,204			52,411			765,728
	—			—			7,520			147,183			—			—			—			—
	(70,375	)		(1,031,125	)		(76,057	)		(1,307,935	)		(15,188	)		(207,823	)		(156,061	)		(2,319,211	)
	12,589			258,929			58,186			984,196			18,203			224,548			(50,861	)		(732,731	)

	—			—			59			1,022			—			—			—			—
	—			—			(8,332	)		(147,183	)		—			—			—			—
	—			—			(9,429	)		(164,840	)		—			—			—			—
	—			—			(17,702	)		(311,001	)		—			—			—			—

	25,406			340,558			58,437			871,637			1,972			24,750			18,945			278,664
	20,916			267,936			27,141			391,651			2,696			33,918			3,284			46,987
	(81,628	)		(1,091,471	)		(31,628	)		(480,372	)		(5,434	)		(67,826	)		(11,203	)		(163,428	)
	(35,306	)		(482,977	)		53,950			782,916			(766	)		(9,158	)		11,026			162,223

	215,358			3,497,468			503,027			8,885,577			48,045			651,608			215,701			3,227,428
	1,049,110			16,578,988			1,700,015			29,223,264			59,033			770,241			95,608			1,401,610
	(865,392	)		(13,842,426	)		(1,576,937	)		(28,212,893	)		(256,068	)		(3,419,225	)		(73,412	)		(1,136,708	)
	399,076			6,234,030			626,105			9,895,948			(148,990	)		(1,997,376	)		237,897			3,492,330

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

	2,183			30,000			2,776			47,194			23,666			286,221			44,085			607,385
	2,439			36,968			4,113			68,200			3,311			43,086			2,374			34,777
	(887	)		(15,297	)		(5,981	)		(103,552	)		(28,437	)		(417,347	)		(1,546	)		(23,165	)
	3,735			51,671			908			11,842			(1,460	)		(88,040	)		44,913			618,997

	158			2,353			795			13,236			143			1,948			739			11,079
	210			3,065			166			2,664			424			5,478			1,202			17,544
	—			—			—			—			(4,556	)		(66,780	)		(59	)		(901	)
	368			5,418			961			15,900			(3,989	)		(59,354	)		1,882			27,722

	—			—			555			10,005			—			—			666			10,005
	65			1,028			—			—			77			1,003			—			—
	—			—			(1	)		(5	)		—			—			(1	)		(5	)
	65			1,028			554			10,000			77			1,003			665			10,000
	380,527		$	6,068,099			722,962		$	11,389,801			(136,925	)	$	(1,928,377	)		245,522		$	3,578,541

121

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Notes to Financial Statements (continued)

February 29, 2016 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Flexible Cap Growth Fund

	For the Six Months Ended February 29, 2016 (Unaudited)						For the Fiscal Year Ended August 31, 2015

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		113,083		$	1,329,858			238,465		$	2,970,412
Reinvestment of distributions		40,108			458,035			75,889			897,010
Shares converted from Class B^(a)		—			—			—			—
Shares redeemed		(137,285	)		(1,486,689	)		(151,050	)		(1,870,489	)
		15,906			301,204			163,304			1,996,933
Class B Shares^(a)
Shares sold		—			—			—			—
Shares converted to Class A		—			—			—			—
Shares redeemed		—			—			—			—
		—			—			—			—
Class C Shares
Shares sold		30,599			325,650			74,144			824,538
Reinvestment of distributions		11,168			116,932			16,649			182,809
Shares redeemed		(30,983	)		(322,074	)		(16,985	)		(195,137	)
		10,784			120,508			73,808			812,210
Institutional Shares
Shares sold		63,179			705,609			82,904			1,085,506
Reinvestment of distributions		41,542			497,675			90,749			1,117,114
Shares redeemed		(49,759	)		(601,862	)		(87,600	)		(1,156,663	)
		54,962			601,422			86,053			1,045,957
Service Shares
Shares sold		—			—			—			—
Reinvestment of distributions		—			—			—			—
Shares redeemed		—			—			—			—
		—			—			—			—
Class IR Shares
Shares sold		131			1,629			18,873			242,837
Reinvestment of distributions		1,142			13,475			2,697			32,792
Shares redeemed		(16,149	)		(184,280	)		(10,280	)		(131,753	)
		(14,876	)		(169,176	)		11,290			143,876
Class R Shares
Shares sold		850			9,565			187			2,285
Reinvestment of distributions		203			2,254			700			8,089
Shares redeemed		(9	)		(91	)		(2,268	)		(25,967	)
		1,044			11,728			(1,381	)		(15,593	)
Class R6 Shares^(b)
Shares sold		—			—			748			10,005
Reinvestment of distributions		46			544			—			—
Shares redeemed		—			—			(1	)		(5	)
		46			544			747			10,000
NET INCREASE (DECREASE)		67,866		$	866,230			333,821		$	3,993,383

(a)

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

(b)

Commenced operations on July 31, 2015.

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Focused Growth Fund												Growth Opportunities Fund
For the Six Months Ended February 29, 2016 (Unaudited)						For the Fiscal Year Ended August 31, 2015						For the Six Months Ended February 29, 2016 (Unaudited)						For the Fiscal Year Ended August 31, 2015
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars

	12,024		$	175,583			9,436		$	140,612			3,550,652		$	76,017,573			10,162,774		$	263,713,914
	1,035			14,682			265			3,858			4,305,749			89,085,946			7,862,988			194,608,943
	—			—			—			—			—			—			34,936			1,073,724
	(1,439	)		(18,200	)		(2,237	)		(33,745	)		(12,683,042	)		(275,716,234	)		(15,091,283	)		(398,553,720	)
	11,620			172,065			7,464			110,725			(4,826,641	)		(110,612,715	)		2,969,415			60,842,861

	—			—			—			—			—			—			331			9,731
	—			—			—			—			—			—			(41,101	)		(1,073,724	)
	—			—			—			—			—			—			(242,765	)		(6,335,557	)
	—			—			—			—			—			—			(283,535	)		(7,399,550	)

	15,284			224,437			952			13,553			739,619			11,826,893			1,522,314			31,339,481
	1,049			14,477			191			2,722			1,130,439			17,894,856			1,727,078			34,161,609
	(950	)		(11,982	)		—			—			(1,811,766	)		(29,942,689	)		(1,878,064	)		(39,006,240	)
	15,383			226,932			1,143			16,275			58,292			(220,940	)		1,371,328			26,494,850

	72,635			1,029,581			835,824			12,593,862			11,748,161			278,137,355			32,672,439			942,723,382
	126,942			1,821,522			140,298			2,053,966			10,632,111			250,386,205			18,723,667			517,709,381
	(461,626	)		(6,496,927	)		(315,947	)		(4,726,228	)		(29,470,816	)		(711,404,839	)		(46,242,562	)		(1,348,789,303	)
	(262,049	)		(3,645,824	)		660,175			9,921,600			(7,090,544	)		(182,881,279	)		5,153,544			111,643,460

	—			—			—			—			132,191			2,692,585			416,015			10,428,771
	—			—			—			—			224,585			4,484,961			373,257			8,961,890
	—			—			—			—			(446,504	)		(8,799,489	)		(617,666	)		(15,639,616	)
	—			—			—			—			(89,728	)		(1,621,943	)		171,606			3,751,045

	—			—			—			—			713,833			16,086,009			3,125,965			83,299,492
	62			893			76			1,117			873,457			18,674,510			1,195,970			30,389,605
	—			—			—			—			(1,698,757	)		(37,361,991	)		(1,951,082	)		(52,078,172	)
	62			893			76			1,117			(111,467	)		(2,601,472	)		2,370,853			61,610,925

	—			—			—			—			382,384			7,954,999			903,121			23,021,670
	62			868			76			1,095			423,033			8,481,806			683,591			16,501,884
	—			—			—			—			(691,800	)		(14,256,115	)		(956,401	)		(23,828,857	)
	62			868			76			1,095			113,617			2,180,690			630,311			15,694,697

	—			—			656			10,005			462,895			11,588,407			352			10,005
	36			519			—			—			45,912			1,081,229			—			—
	—			—			(1	)		(5	)		(17,952	)		(415,452	)		(1	)		(5	)
	36			519			655			10,000			490,855			12,254,184			351			10,000
	(234,886	)	$	(3,244,547	)		669,589		$	10,060,812			(11,455,616	)	$	(283,503,475	)		12,383,873		$	272,648,288

123

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Notes to Financial Statements (continued)

February 29, 2016 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Small/Mid Cap Growth Fund

	For the Six Months Ended February 29, 2016 (Unaudited)						For the Fiscal Year Ended August 31, 2015

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		9,459,606		$	181,019,011			16,565,512		$	349,968,548
Reinvestment of distributions		1,658,772			32,113,833			2,828,794			56,179,848
Shares converted from Class B^(a)		—			—			16,583			355,101
Shares redeemed		(8,093,807	)		(149,673,250	)		(11,141,305	)		(232,471,494	)
		3,024,571			63,459,594			8,269,584			174,032,003
Class B Shares^(a)
Shares sold		—			—			429			8,690
Shares converted to Class A		—			—			(18,064	)		(355,101	)
Shares redeemed		—			—			(165,032	)		(3,247,551	)
		—			—			(182,667	)		(3,593,962	)
Class C Shares
Shares sold		2,489,945			43,395,882			4,066,231			78,124,640
Reinvestment of distributions		552,467			9,612,934			939,595			16,969,081
Shares redeemed		(1,693,451	)		(28,359,801	)		(2,223,521	)		(42,496,235	)
		1,348,961			24,649,015			2,782,305			52,597,486
Institutional Shares
Shares sold		15,233,407			305,643,025			25,380,718			558,001,282
Reinvestment of distributions		1,970,711			40,044,852			3,594,511			74,478,267
Shares redeemed		(14,976,935	)		(286,534,439	)		(16,119,224	)		(349,393,249	)
		2,227,183			59,153,438			12,856,005			283,086,300
Service Shares
Shares sold		168,668			3,160,158			419,139			8,644,070
Reinvestment of distributions		20,051			380,769			19,492			380,479
Shares redeemed		(104,181	)		(1,939,840	)		(237,304	)		(4,886,182	)
		84,538			1,601,087			201,327			4,138,367
Class IR Shares
Shares sold		6,137,186			120,131,109			3,779,029			81,238,926
Reinvestment of distributions		506,347			10,050,989			679,062			13,778,175
Shares redeemed		(2,382,781	)		(44,511,056	)		(2,100,230	)		(44,705,893	)
		4,260,752			85,671,042			2,357,861			50,311,208
Class R Shares
Shares sold		449,849			8,320,721			590,027			12,110,052
Reinvestment of distributions		59,341			1,120,944			132,069			2,568,736
Shares redeemed		(289,082	)		(5,405,966	)		(672,345	)		(13,841,156	)
		220,108			4,035,699			49,751			837,632
Class R6 Shares^(b)
Shares sold		44,615			877,783			427			10,005
Reinvestment of distributions		15			313			—			—
Shares redeemed		(1,162	)		(21,000	)		(1	)		(5	)
		43,468			857,096			426			10,000
NET INCREASE (DECREASE)		11,209,581		$	239,426,971			26,334,592		$	561,419,034

(a)

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

(b)

Commenced operations on July 31, 2015.

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Strategic Growth Fund												Technology Opportunities Fund
For the Six Months Ended February 29, 2016 (Unaudited)						For the Fiscal Year Ended August 31, 2015						For the Six Months Ended February 29, 2016 (Unaudited)						For the Fiscal Year Ended August 31, 2015
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars

	608,446		$	7,145,124			931,649		$	11,624,508			1,181,164		$	21,082,281			3,707,771		$	68,710,401
	219,495			2,569,040			623,276			7,460,611			1,154,064			20,565,422			1,001,763			17,841,403
	—			—			6,679			92,424			—			—			109,463			2,114,732
	(446,875	)		(5,196,322	)		(1,585,906	)		(19,961,088	)		(2,614,404	)		(43,588,657	)		(4,623,826	)		(84,541,383	)
	381,066			4,517,842			(24,302	)		(783,545	)		(279,176	)		(1,940,954	)		195,171			4,125,153

	—			—			—			—			—			—			72			1,203
	—			—			(7,606	)		(92,424	)		—			—			(122,977	)		(2,114,732	)
	—			—			(62,687	)		(758,883	)		—			—			(131,293	)		(2,254,440	)
	—			—			(70,293	)		(851,307	)		—			—			(254,198	)		(4,367,969	)

	133,642			1,302,439			155,852			1,661,932			206,299			3,186,003			361,936			5,854,871
	55,138			544,217			143,499			1,473,731			282,440			4,341,104			254,225			3,986,258
	(87,047	)		(858,000	)		(180,100	)		(1,930,524	)		(384,281	)		(5,768,407	)		(669,583	)		(10,831,500	)
	101,733			988,656			119,251			1,205,139			104,458			1,758,700			(53,422	)		(990,371	)

	6,308,632			76,167,883			5,625,401			72,107,285			554,084			10,456,089			1,165,921			22,754,302
	1,582,533			19,641,430			3,789,883			47,790,420			318,647			6,130,770			354,531			6,750,272
	(3,273,983	)		(38,953,539	)		(6,845,084	)		(89,891,107	)		(1,008,109	)		(19,389,814	)		(1,621,145	)		(31,887,600	)
	4,617,182			56,855,774			2,570,200			30,006,598			(135,378	)		(2,802,955	)		(100,693	)		(2,383,026	)

	1,395			16,153			12,295			151,634			228,963			4,018,175			281,564			5,091,170
	1,139			13,276			2,064			24,623			49,979			877,134			43,016			756,231
	(3,773	)		(46,484	)		(4,409	)		(53,271	)		(184,883	)		(3,123,936	)		(311,692	)		(5,657,682	)
	(1,239	)		(17,055	)		9,950			122,986			94,059			1,771,373			12,888			189,719

	6,018			78,655			10,875			148,776			44,622			871,704			223,598			4,402,391
	4,008			49,728			11,782			148,694			26,798			511,029			11,996			226,845
	(8,079	)		(99,359	)		(27,752	)		(358,927	)		(56,669	)		(1,003,248	)		(76,561	)		(1,497,039	)
	1,947			29,024			(5,095	)		(61,457	)		14,751			379,485			159,033			3,132,197

	900			10,260			5,711			69,325			—			—			—			—
	33			381			225			2,673			—			—			—			—
	(882	)		(10,439	)		(516	)		(6,239	)		—			—			—			—
	51			202			5,420			65,759			—			—			—			—

	—			—			750			10,005			—			—			—			—
	44			558			—			—			—			—			—			—
	—			—			(1	)		(5	)		—			—			—			—
	44			558			749			10,000			—			—			—			—
	5,100,784		$	62,375,001			2,605,880		$	29,714,173			(201,286	)	$	(834,351	)		(41,221	)	$	(294,297	)

125

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Fund Expenses — Six Month Period Ended February 29, 2016 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Class IR, Class R and Class R6 Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges on redemptions (with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (with respect to Class A, Class C and Class R Shares); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Class IR, Class R or Class R6 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, 2015 through February 29, 2016, which represents a period of 182 days of a 366 day year.

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

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

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


	Capital Growth Fund							Concentrated Growth Fund							Dynamic U.S. Equity Fund							Flexible Cap Growth Fund							Focused Growth Fund
Share Class	Beginning Account Value 9/1/15		Ending Account Value 2/29/16			Expenses Paid for the 6 months ended 2/29/16*		Beginning Account Value 9/1/15		Ending Account Value 2/29/16			Expenses Paid for the 6 months ended 2/29/16*		Beginning Account Value 9/1/15		Ending Account Value 2/29/16			Expenses Paid for the 6 months ended 2/29/16*		Beginning Account Value 9/1/15		Ending Account Value 2/29/16			Expenses Paid for the 6 months ended 2/29/16*		Beginning Account Value 9/1/15		Ending Account Value 2/29/16			Expenses Paid for the 6 months ended 2/29/16*
Class A
Actual	$	1,000.00	$	950.30		$	5.62	$	1,000.00	$	945.10		$	5.95	$	1,000.00	$	926.70		$	5.89	$	1,000.00	$	930.50		$	5.90	$	1,000.00	$	945.50		$	5.95
Hypothetical 5% return		1,000.00		1,019.10	+		5.82		1,000.00		1,018.75	+		6.17		1,000.00		1,018.75	+		6.17		1,000.00		1,018.75	+		6.17		1,000.00		1,018.75	+		6.17
Class C
Actual		1,000.00		946.50			9.24		1,000.00		941.30			9.56		1,000.00		923.90			9.47		1,000.00		926.60			9.48		1,000.00		941.30			9.56
Hypothetical 5% return		1,000.00		1,015.37	+		9.57		1,000.00		1,015.02	+		9.92		1,000.00		1,015.02	+		9.92		1,000.00		1,015.02	+		9.92		1,000.00		1,015.02	+		9.92
Institutional
Actual		1,000.00		951.70			3.64		1,000.00		947.00			4.02		1,000.00		929.10			3.93		1,000.00		932.00			3.94		1,000.00		947.40			4.02
Hypothetical 5% return		1,000.00		1,021.13	+		3.77		1,000.00		1,020.74	+		4.17		1,000.00		1,020.79	+		4.12		1,000.00		1,020.79	+		4.12		1,000.00		1,020.74	+		4.17
Service
Actual		1,000.00		949.70			6.11		N/A		N/A			N/A		N/A		N/A			N/A		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,018.60	+		6.32		N/A		N/A			N/A		N/A		N/A			N/A		N/A		N/A			N/A		N/A		N/A			N/A
Class IR
Actual		1,000.00		951.10			4.37		1,000.00		946.40			4.74		1,000.00		928.30			4.65		1,000.00		931.90			4.66		1,000.00		947.00			4.74
Hypothetical 5% return		1,000.00		1,020.39	+		4.52		1,000.00		1,019.99	+		4.92		1,000.00		1,020.04	+		4.87		1,000.00		1,020.04	+		4.87		1,000.00		1,019.99	+		4.92
Class R
Actual		1,000.00		949.00			6.83		1,000.00		944.50			7.16		1,000.00		926.50			7.04		1,000.00		928.90			7.05		1,000.00		944.40			7.20
Hypothetical 5% return		1,000.00		1,017.85	+		7.07		1,000.00		1,017.50	+		7.42		1,000.00		1,017.55	+		7.37		1,000.00		1,017.55	+		7.37		1,000.00		1,017.45	+		7.47
Class R6
Actual		1,000.00		952.00			3.54		1,000.00		947.20			3.87		1,000.00		929.30			3.89		1,000.00		932.00			3.84		1,000.00		947.60			3.83
Hypothetical 5% return		1,000.00		1,021.23	+		3.67		1,000.00		1,020.88	+		4.02		1,000.00		1,020.84	+		4.07		1,000.00		1,020.88	+		4.02		1,000.00		1,020.93	+		3.97

126

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Fund Expenses — Six Month Period Ended February 29, 2016 (Unaudited) (continued)


	Growth Opportunities Fund							Small/Mid Cap Growth Fund							Strategic Growth Fund							Technology Opportunities Fund
Share Class	Beginning Account Value 9/1/15		Ending Account Value 2/29/16			Expenses Paid for the 6 months ended 2/29/16*		Beginning Account Value 9/1/15		Ending Account Value 2/29/16			Expenses Paid for the 6 months ended 2/29/16*		Beginning Account Value 9/1/15		Ending Account Value 2/29/16			Expenses Paid for the 6 months ended 2/29/16*		Beginning Account Value 9/1/15		Ending Account Value 2/29/16			Expenses Paid for the 6 months ended 2/29/16*
Class A
Actual	$	1,000.00	$	899.20		$	6.33	$	1,000.00	$	856.60		$	6.09	$	1,000.00	$	955.90		$	5.59	$	1,000.00	$	945.60		$	7.16
Hypothetical 5% return		1,000.00		1,018.20	+		6.72		1,000.00		1,018.30	+		6.62		1,000.00		1,019.14	+		5.77		1,000.00		1,017.50	+		7.42
Class C
Actual		1,000.00		896.20			9.85		1,000.00		853.10			9.54		1,000.00		952.50			9.27		1,000.00		942.20			10.77
Hypothetical 5% return		1,000.00		1,014.47	+		10.47		1,000.00		1,014.57	+		10.37		1,000.00		1,015.37	+		9.57		1,000.00		1,013.77	+		11.17
Institutional
Actual		1,000.00		901.10			4.49		1,000.00		857.90			4.30		1,000.00		958.30			3.65		1,000.00		947.70			5.23
Hypothetical 5% return		1,000.00		1,020.14	+		4.77		1,000.00		1,020.24	+		4.67		1,000.00		1,021.13	+		3.77		1,000.00		1,019.49	+		5.42
Service
Actual		1,000.00		899.00			6.85		1,000.00		855.90			6.60		1,000.00		955.50			6.08		1,000.00		944.80			7.64
Hypothetical 5% return		1,000.00		1,017.65	+		7.27		1,000.00		1,017.75	+		7.17		1,000.00		1,018.65	+		6.27		1,000.00		1,017.01	+		7.92
Class IR
Actual		1,000.00		900.40			5.15		1,000.00		857.60			4.94		1,000.00		957.20			4.38		1,000.00		946.80			5.95
Hypothetical 5% return		1,000.00		1,019.44	+		5.47		1,000.00		1,019.54	+		5.37		1,000.00		1,020.39	+		4.52		1,000.00		1,018.75	+		6.17
Class R
Actual		1,000.00		898.10			7.50		1,000.00		855.30			7.24		1,000.00		955.30			6.81		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,016.96	+		7.97		1,000.00		1,017.06	+		7.87		1,000.00		1,017.90	+		7.02		N/A		N/A			N/A
Class R6
Actual		1,000.00		901.10			4.40		1,000.00		857.90			4.20		1,000.00		957.70			3.75		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,020.24	+		4.67		1,000.00		1,020.34	+		4.57		1,000.00		1,021.03	+		3.87		N/A		N/A			N/A

127

GOLDMAN SACHS FUNDAMENTAL EQUITY GROWTH FUNDS

Fund Expenses — Six Month Period Ended February 29, 2016 (Unaudited) (continued)

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 29, 2016. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:


Fund	Class A			Class C			Institutional			Service			Class IR			Class R			Class R6
Capital Growth		1.16	%		1.91	%		0.75	%		1.26	%		0.90	%		1.41	%		0.73	%
Concentrated Growth		1.23			1.98			0.83			N/A			0.98			1.48			0.80
Dynamic U.S. Equity		1.23			1.98			0.82			N/A			0.97			1.47			0.81
Flexible Cap Growth		1.23			1.98			0.82			N/A			0.97			1.47			0.80
Focused Growth		1.23			1.98			0.83			N/A			0.98			1.49			0.79
Growth Opportunities		1.34			2.09			0.95			1.45			1.09			1.59			0.93
Small/Mid Cap Growth		1.32			2.07			0.93			1.43			1.07			1.57			0.91
Strategic Growth		1.15			1.91			0.75			1.25			0.90			1.40			0.77
Technology Opportunities		1.48			2.23			1.08			1.58			1.23			N/A			N/A

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

128

FUNDS PROFILE

Goldman Sachs Funds

LOGO

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.08 trillion in assets under supervision as of December 31, 2015, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman, Sachs & Co. subject to legal, internal and regulatory restrictions.

LOGO

Money Market¹

Financial Square Funds^SM

Financial Square Tax-Exempt Funds

Financial Square Treasury Solutions Fund²

Financial Square Government Fund

Financial Square Money Market Fund

Financial Square Prime Obligations Fund

Financial Square Treasury Instruments Fund

Financial Square Treasury Obligations Fund

Financial Square Federal Instruments Fund

Financial Square Tax-Exempt Money Market Fund

Investor Funds^SM

Investor Money Market Fund

Investor Tax-Exempt Money Market Fund³

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

Bond Fund

Core Fixed Income Fund

Global Income Fund

Strategic Income Fund

Municipal and Tax-Free

High Yield Municipal Fund

Dynamic 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

Fixed Income Alternatives

Long Short Credit Strategies Fund

Fixed Income Macro Strategies Fund

Fundamental Equity

Growth and Income Fund

Small Cap Value Fund

Small/Mid Cap Value Fund

Mid Cap Value Fund

Large Cap Value Fund

Capital Growth Fund

Strategic Growth Fund

Focused Growth Fund

Small/Mid Cap Growth Fund

Flexible Cap Growth Fund

Concentrated Growth Fund

Technology Opportunities Fund⁴

Growth Opportunities Fund

Rising Dividend Growth Fund

Dynamic U.S. Equity Fund⁵

Income Builder Fund

Tax-Advantaged Equity

U.S. Tax-Managed Equity Fund

International Tax-Managed Equity Fund

U.S. Equity Dividend and Premium Fund

International Equity Dividend and Premium Fund

Equity Insights

Small Cap Equity Insights Fund

U.S. Equity Insights Fund

Small Cap Growth Insights Fund

Large Cap Growth Insights Fund

Large Cap Value Insights Fund

Small Cap Value Insights Fund

International Small Cap Insights Fund⁶

International Equity Insights Fund

Emerging Markets Equity Insights Fund

Fundamental Equity International

Strategic International Equity Fund

Focused International Equity Fund

Asia Equity Fund

Emerging Markets Equity Fund⁷

N-11 Equity Fund

Select Satellite⁸

Real Estate Securities Fund

International Real Estate Securities Fund

Commodity Strategy Fund

Global Real Estate Securities Fund

Dynamic Commodity Strategy Fund

Dynamic Allocation Fund

Absolute Return Tracker Fund

Long Short Fund

Managed Futures Strategy Fund

MLP Energy Infrastructure Fund

Multi-Manager Alternatives Fund

Multi-Asset Real Return Fund

Absolute Return Multi-Asset Fund

Total Portfolio Solutions⁸

Global Managed Beta Fund

Multi-Manager Non-Core Fixed Income Fund

Multi-Manager U.S. Dynamic Equity Fund

Multi-Manager Global Equity Fund

Multi-Manager International Equity Fund

Tactical Tilt Implementation Fund

Balanced Strategy Portfolio

Multi-Manager Real Assets Strategy Fund

Growth and Income Strategy Portfolio

Growth Strategy Portfolio

Equity Growth Strategy Portfolio

Satellite Strategies Portfolio

Enhanced Dividend Global Equity Portfolio

Tax Advantaged Global Equity Portfolio

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

Effective on September 30, 2015, the Goldman Sachs Financial Square Federal Fund was renamed the Goldman Sachs Financial Square Treasury Solutions Fund.

Effective on March 31, 2016, the Goldman Sachs Financial Square Tax-Free Money Market Fund was renamed the Goldman Sachs Investor Tax-Exempt Money Market Fund.

⁴

Effective on July 31, 2015, the Goldman Sachs Technology Tollkeeper Fund was renamed the Goldman Sachs Technology Opportunities Fund.

⁵

Effective on April 30, 2015, the Goldman Sachs U.S. Equity Fund was renamed the Goldman Sachs Dynamic U.S. Equity Fund.

⁶

Effective at the close of business on February 5, 2016, the Goldman Sachs International Small Cap Fund was reorganized with and into the Goldman Sachs International Small Cap Insights Fund.

⁷

Effective at the close of business on October 23, 2015, the Goldman Sachs BRIC Fund (Brazil, Russia, India, China) was reorganized with and into the Goldman Sachs Emerging Markets Equity Fund.

⁸

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.

This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.


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

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

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P. 200 West Street, New York, New York 10282

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

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

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

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

Fund holdings and allocations shown are as of February 29, 2016 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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

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

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

ITEM 2.

CODE OF ETHICS.

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

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

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

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

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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


	2015			2014			Description of Services Rendered



Audit Fees:

• PricewaterhouseCoopers LLP (“PwC”)		$	3,628,517		$	4,269,524	Financial Statement audits.

Audit-Related Fees:

• PwC		$	113,000		$	0	Other attest services.

Tax Fees:

• PwC		$	759,210		$	939,217	Tax compliance services provided in connection with the preparation and review of registrant’s tax returns.

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


	2015			2014			Description of Services Rendered



Audit-Related Fees:

• PwC		$	1,568,616		$	1,486,420	Internal control review performed in accordance with Statement on Standards for Attestation Engagements No. 16. These fees are borne by the Funds’ Adviser.

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

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

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

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

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

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

Item 4(f) – Not applicable.

Item 4(g) Aggregate Non-Audit Fees Disclosure

The aggregate non-audit fees billed to GST by PwC for the twelve months ended August 31, 2015 and August 31, 2014 were approximately $872,210 and $939,217 respectively. The aggregate non-audit fees billed to GST’s adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2014 and December 31, 2013 were approximately $10.2 million and $9.8 million respectively. With regard to the aggregate non-audit fees billed to GST’s adviser and service affiliates, the 2014 and 2013 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST’s operations or financial reporting.

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

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

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

ITEM 7.

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

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

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

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

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

(b)

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

ITEM 12.

EXHIBITS.


(a)(1)	Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 12(a)(1) of the registrant’s Form N-CSR filed on July 8, 2015 for its International Equity Insights Funds.

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

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

SIGNATURES

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


		Goldman Sachs Trust

By:		/s/ James A. McNamara


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

Date:		May 9, 2016

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/Chief Executive Officer
		Goldman Sachs Trust

Date:		May 9, 2016

By:		/s/ Scott McHugh


		Scott McHugh
		Principal Financial Officer
		Goldman Sachs Trust

Date:		May 9, 2016