EX-99.17.O

INVESTMENT ABBREVIATION:

Real Estate Investment Trust

EX-99.17.O 23 e27325exv99w17wo.htm EX-99.17.O: GOLDMAN SACHS ANNUAL REPORT EX-99.17.O

Goldman Sachs Funds


STRUCTURED EQUITY FUNDS	Annual Report August 31, 2006


		Long-term capital growth potential through diversified portfolios of equity investments using a proprietary quantitative approach to stock selection and portfolio construction.

Goldman Sachs Structured Equity Funds


n	GOLDMAN SACHS STRUCTURED LARGE CAP VALUE FUND

n	GOLDMAN SACHS STRUCTURED U.S. EQUITY FUND

n	GOLDMAN SACHS STRUCTURED LARGE CAP GROWTH FUND

n	GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY FUND

n	GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND


The Structured Large Cap Value Fund invests in a broadly diversified portfolio of large-capitalization U.S. equity investments and is subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions.

The Structured U.S. Equity Fund invests in a broadly diversified portfolio of U.S. equity investments and is subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions.

The Structured Large Cap Growth Fund invests in a broadly diversified portfolio of large-capitalization U.S. equity investments and is subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions.

The Structured Small Cap Equity Fund invests in a broadly diversified portfolio of small-capitalization U.S. equity investments and is subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. Stocks of smaller companies are often more volatile and less liquid and present greater risks than stocks of larger companies. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all.

The Structured International Equity Fund invests in a broadly diversified portfolio of equity investments in companies that are organized outside the United States or whose securities are principally traded outside the United States and is subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. Foreign and emerging market securities may be more volatile than investments in U.S. securities and will be subject to the risks of currency fluctuations and sudden economic or political developments. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all.

Effective December 30, 2005, the CORE^SM Large Cap Value, CORE^SM U.S. Equity, CORE^SM Large Cap Growth, CORE^SM Small Cap Equity and CORE^SM International Equity Funds were renamed, respectively, the Structured Large Cap Value, Structured U.S. Equity, Structured Large Cap Growth, Structured Small Cap Equity and Structured International Equity Funds.



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS STRUCTURED EQUITY FUNDS

Domestic Structured Investment Process


n Comprehensive – We calculate expected excess returns for more than 3,000 stocks on a daily basis. n Rigorous – We evaluate stocks based on fundamental investment criteria that have outperformed historically.		n Objective – Our stock selection process is free from the emotion that can lead to biased investment decisions.


n Our computer optimization process allocates risk to our best investment ideas and constructs funds that strive to neutralize systematic risks and deliver better returns.		n We use a unique, proprietary risk model that is more precise, more focused and faster to respond because it seeks to identify, track and manage risk specific to our process, using daily data.


Fully invested, well-diversified portfolio that: n Maintains style, sector, risk and capitalization characteristics similar to the benchmark. n Offers broad access to a clearly defined equity universe.		n Aims to generate excess returns that are positive, consistent and repeatable.

PORTFOLIO RESULTS

Structured Large Cap Value Fund

Dear Shareholder,

This report provides an overview on the performance of the Goldman Sachs Structured Large Cap Value Fund during the one-year reporting period that ended August 31, 2006.

Performance Review


	Over the one-year period that ended August 31, 2006, the Fund’s Class A, B, C, Institutional and Service Shares generated cumulative total returns, without sales charges, of 13.43%, 12.56%, 12.66%, 13.92% and 13.35%, respectively. These returns compare to the 13.96% cumulative total return of the Fund’s benchmark, the Russell 1000 Value Index (with dividends reinvested), over the same time period.

	While the Fund generated solid returns during the period, it lagged its benchmark. Among the investment themes, Analyst Sentiment detracted from excess returns for the period, as stocks that have become increasingly positive in the eyes of sell-side research analysts underperformed. In contrast, returns to other investment themes were positive overall during the reporting period. Management Impact and Momentum were the biggest positive contributors to relative returns. Earnings Quality and Valuation also enhanced results, as did Profitability, albeit less significantly.

Portfolio Management Process


	We calculate expected returns on over 3,000 U.S. stocks on a daily basis. The stocks we select for our portfolios are determined using proprietary models developed by the Quantitative Equity team. Our models are based on six investment themes:

	The Valuation theme attempts to identify stocks that we believe are not appropriately priced by the market, by typically comparing a company’s intrinsic, or underlying value, to its current market price. Momentum attempts to predict a change in a stock caused by an under-reaction to company-specific information. Analyst Sentiment looks at how the views of Wall Street analysts about a company’s earnings and prospects are changing over time. Profitability assesses whether the company has good profit margins and operating efficiency. Earnings Quality evaluates what percentage of a company’s earnings are coming from more persistent, cash-based sources, as opposed to accounting accruals, such as accounts payable, accounts receivable, inventories, future tax liability and future interest expenses. Finally, Management Impact assesses a company’s management strategy and behavior.

	These themes are generally a composite of a number of factors, which are computed on an industry-neutral basis, so that individual stocks are evaluated relative to their industry peers. The six themes have been selected because we believe they:

	n Offer fundamental investment appeal,

	n Demonstrate a statistically significant ability to forecast returns, and

	n Work well in a variety of market environments and across different types of stocks.

PORTFOLIO RESULTS

In addition, since the correlation between these themes is low, each brings new information to the overall evaluation of a stock’s attractiveness and contributes to a better buy/sell decision. The weights on the six investment themes vary depending on their expected returns and risk and diversification benefits, along with their anticipated impact on portfolio turnover. Theme weights are updated daily to reflect current market conditions.

Portfolio Positioning

In managing the Structured products, we take minimal size and sector bets. We strive to add value versus each Fund’s respective index through individual stock selection. Our quantitative process seeks out stocks with good momentum that also appear to be good values. We prefer stocks about which fundamental research analysts are becoming more positive and companies with strong profit margins and sustainable earnings that use their capital to enhance shareholder value. Over the long term, these factors have contributed positively to the Fund’s returns, and they typically work well at various times and under different market environments.

Portfolio Highlights

Stock selection was positive overall among sectors during the reporting period. The Fund’s holdings in the Industrials and Information Technology sectors contributed the most to relative performance over the period. In contrast, holdings in the Financials sector detracted the most from relative performance. In terms of individual stocks, overweights in Archer-Daniels- Midland Co. and Monsanto Co. were the largest contributors to relative returns during the period. In contrast, an underweight in BellSouth Corp. and an overweight in UnionBanCal Corp. detracted from Fund performance the most during the period.

Outlook


	Looking ahead, we continue to believe that cheaper stocks should outpace more expensive ones and good momentum stocks should do better than poor momentum stocks. We also prefer companies about which fundamental research analysts are becoming more positive, and firms that are profitable, have sustainable earnings, and use their capital to enhance shareholder value. As such, we anticipate remaining fully invested and expect that the value we add over time will be due to stock selection as opposed to sector or size allocations.

	We thank you for your investment and look forward to your continued confidence.

	Goldman Sachs Quantitative Equity Investment Team

	New York, September 22, 2006

FUND BASICS

Structured Large Cap Value Fund

as of August 31, 2006

PERFORMANCE REVIEW


September 1, 2005–August 31, 2006	Fund Total Return (based on NAV)¹			Russell 1000 Value Index²

Class A		13.43	%		13.96	%
Class B		12.56			13.96
Class C		12.66			13.96
Institutional		13.92			13.96
Service		13.35			13.96


¹	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.

²	The Russell 1000 Value Index is an unmanaged market capitalization weighted index of the 1000 largest U.S. companies with lower price-to-book ratios and lower forecasted growth values. The Index is unmanaged and the figures for the Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS³


For the period ended 6/30/06	One Year			Five Years			Since Inception			Inception Date

Class A		7.74	%		5.22	%		5.08	%	12/31/98
Class B		8.10			5.28			5.07		12/31/98
Class C		12.20			5.61			5.09		12/31/98
Institutional		14.52			6.82			6.28		12/31/98
Service		13.94			6.32			5.78		12/31/98

The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at: www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects expense limitations in effect. 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

TOP 10 HOLDINGS AS OF 8/31/06⁴


Holding	% of Net Assets			Line of Business

Exxon Mobil Corp.		6.8	%	Oil & Gas
Bank of America Corp.		4.9		Banks
J.P. Morgan Chase & Co.		3.8		Diversified Financials
Pfizer, Inc.		3.4		Pharmaceuticals
Wells Fargo & Co.		2.6		Banks
Citigroup, Inc.		2.5		Diversified Financials
Time Warner, Inc.		2.5		Media
AT&T, Inc.		2.1		Diversified Telecommunication Services
Merck & Co., Inc.		2.1		Pharmaceuticals
Wachovia Corp.		2.0		Banks


⁴	The top 10 holdings may not be representative of the Fund’s future investments.

SECTOR ALLOCATION⁵

Percentage of Net Assets

⁵

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term Investments include repurchase agreements and/or securities lending collateral. Please see Schedule of Investments for additional information on repurchase agreements and securities lending collateral. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.

PORTFOLIO RESULTS

Structured U.S. Equity Fund

Dear Shareholder,

This report provides an overview on the performance of the Goldman Sachs Structured U.S. Equity Fund during the one-year reporting period that ended August 31, 2006.

Performance Review


	Over the one-year period that ended August 31, 2006, the Fund’s Class A, B, C, Institutional and Service Shares generated cumulative total returns, without sales charges, of 9.51%, 8.72%, 8.73%, 9.97% and 9.39%, respectively. These returns compare to the 8.88% cumulative total return of the Fund’s benchmark, the S&P 500 Index (with dividends reinvested), over the same time period.

	The returns to the investment themes were positive overall during the reporting period. Momentum was the largest positive contributor to relative returns as companies with strong momentum characteristics outperformed their industry counterparts. Other themes that enhanced results were Valuation, Management Impact, and Earnings Quality. Profitability also added value, albeit less significantly. On the downside, Analyst Sentiment was the only theme to detract from excess returns for the period, as stocks that have become increasingly positive in the eyes of the sell-side research analysts underperformed.

Portfolio Management Process


	We calculate expected returns on over 3,000 U.S. stocks on a daily basis. The stocks we select for our portfolios are determined using proprietary models developed by the Quantitative Equity team. Our models are based on six investment themes:

	The Valuation theme attempts to identify stocks that we believe are not appropriately priced by the market, by typically comparing a company’s intrinsic, or underlying value, to its current market price. Momentum attempts to predict a change in a stock caused by an under-reaction to company-specific information. Analyst Sentiment looks at how the views of Wall Street analysts about a company’s earnings and prospects are changing over time. Profitability assesses whether the company has good profit margins and operating efficiency. Earnings Quality evaluates what percentage of a company’s earnings are coming from more persistent, cash-based sources, as opposed to accounting accruals, such as accounts payable, accounts receivable, inventories, future tax liability and future interest expenses. Finally, Management Impact assesses a company’s management strategy and behavior.

	These themes are generally a composite of a number of factors, which are computed on an industry-neutral basis, so that individual stocks are evaluated relative to their industry peers. The six themes have been selected because we believe they:


n	Offer fundamental investment appeal,

n	Demonstrate a statistically significant ability to forecast returns, and

n	Work well in a variety of market environments and across different types of stocks.

PORTFOLIO RESULTS

Portfolio Positioning

Portfolio Highlights

Stock selection was positive overall among sectors during the reporting period, most notably in the Information Technology sector. On the downside, the Fund’s holdings in the Telecommunications Services sector detracted the most from relative performance. In terms of individual stocks, overweights in Archer-Daniels-Midland Co. and Monsanto Co. were the largest contributors to relative performance during the period, while overweights in Johnson & Johnson and Intel Corp. detracted from Fund performance the most during the period.

Outlook


	Looking ahead, we continue to believe that cheaper stocks should outpace more expensive ones and good momentum stocks should do better than poor momentum stocks. We also prefer companies about which fundamental research analysts are becoming more positive, and firms that are profitable, have sustainable earnings, and use their capital to enhance shareholder value. As such, we anticipate remaining fully invested and expect that the value we add over time will be due to stock selection as opposed to sector or size allocations.

	We thank you for your investment and look forward to your continued confidence.


	Goldman Sachs Quantitative Equity Investment Team

	New York, September 22, 2006

FUND BASICS

Structured U.S. Equity Fund

as of August 31, 2006

PERFORMANCE REVIEW


September 1, 2005–August 31, 2006	Fund Total Return (based on NAV)¹			S&P 500 Index²

Class A		9.51	%		8.88	%
Class B		8.72			8.88
Class C		8.73			8.88
Institutional		9.97			8.88
Service		9.39			8.88


¹	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.

²	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 is unmanaged and the figures for the Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS³


For the period ended 6/30/06	One Year			Five Years			Ten Years			Since Inception			Inception Date

Class A		5.10	%		2.49	%		7.48	%		9.35	%	5/24/91
Class B		5.41			2.53			7.33			7.46		5/1/96
Class C		9.38			2.89			n/a			4.50		8/15/97
Institutional		11.69			4.07			8.57			10.20		6/15/95
Service		11.08			3.55			8.03			9.73	⁴	5/24/91


³	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, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional and Service shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

⁴	Performance data for Service Shares prior to June 7, 1996 (commencement of operations) is that of Class A Shares (excluding the impact of front-end sales charges applicable to Class A Shares since Service Shares are not subject to any sales charges). Performance of Class A Shares of the Structured U.S. Equity Fund reflects the expenses applicable to the Fund’s Class A Shares. The fees applicable to Service Shares are different from those applicable to Class A Shares which impact performance ratings and rankings for a class of shares.

FUND BASICS

TOP 10 HOLDINGS AS OF 8/31/06⁵


Holding	% of Net Assets			Line of Business

Exxon Mobil Corp.		5.0	%	Oil & Gas
Bank of America Corp.		3.5		Banks
Pfizer, Inc.		3.3		Pharmaceuticals
J.P. Morgan Chase & Co.		2.9		Diversified Financials
Cisco Systems, Inc.		2.8		Communications Equipment
Wells Fargo & Co.		2.6		Banks
Hewlett-Packard Co.		2.5		Computers & Peripherals
General Electric Corp.		2.3		Industrial Conglomerates
Microsoft Corp.		2.2		Software
Time Warner, Inc.		2.2		Media


⁵	The top 10 holdings may not be representative of the Fund’s future investments.

SECTOR ALLOCATION⁶

Percentage of Net Assets

⁶

PORTFOLIO RESULTS

Structured Large Cap Growth Fund

Dear Shareholder,

This report provides an overview on the performance of the Goldman Sachs Structured Large Cap Growth Fund during the one-year reporting period that ended August 31, 2006.

Performance Review


	Over the one-year period that ended August 31, 2006, the Fund’s Class A, B, C, Institutional and Service Shares generated cumulative total returns, without sales charges, of 5.21%, 4.40%, 4.49%, 5.66% and 5.39%, respectively. These returns compare to the 3.68% cumulative total return of the Fund’s benchmark, the Russell 1000 Growth Index (with dividends reinvested), over the same time period.

	Over the reporting period, returns to the investment themes were positive overall. Valuation was the largest positive contributor to relative returns, as inexpensive companies outperformed their more richly valued industry counterparts. Other themes that enhanced results were Momentum, Management Impact and Earnings Quality. Profitability and Analyst Sentiment also added value for the period, albeit less significantly.

Portfolio Management Process


	We calculate expected returns on over 3,000 U.S. stocks on a daily basis. The stocks we select for our portfolios are determined using proprietary models developed by the Quantitative Equity team. Our models are based on six investment themes:

	The Valuation theme attempts to identify stocks that we believe are not appropriately priced by the market, by typically comparing a company’s intrinsic, or underlying value, to its current market price. Momentum attempts to predict a change in a stock caused by an under-reaction to company-specific information. Analyst Sentiment looks at how the views of Wall Street analysts about a company’s earnings and prospects are changing over time. Profitability assesses whether the company has good profit margins and operating efficiency. Earnings Quality evaluates what percentage of a company’s earnings are coming from more persistent, cash-based sources, as opposed to accounting accruals, such as accounts payable, accounts receivable, inventories, future tax liability and future interest expenses. Finally, Management Impact assesses a company’s management strategy and behavior.

	These themes are generally a composite of a number of factors, which are computed on an industry-neutral basis, so that individual stocks are evaluated relative to their industry peers. The six themes have been selected because we believe they:

	n Offer fundamental investment appeal,

	n Demonstrate a statistically significant ability to forecast returns, and

	n Work well in a variety of market environments and across different types of stocks.

PORTFOLIO RESULTS

Portfolio Positioning

Portfolio Highlights

Stock selection was positive overall among sectors during the reporting period. The Fund’s holdings in the Information Technology sector contributed the most to relative performance over the period. In contrast, holdings in the Health Care and Energy sectors detracted the most from relative performance. In terms of individual stocks, overweights in Archer-Daniels- Midland Co. and Google, Inc. were the largest contributors to relative returns during the period. In contrast, overweights in Starbucks Corp. and Comcast Corp. detracted from Fund performance during the period.

Outlook


	Looking ahead, we continue to believe that cheaper stocks should outpace more expensive ones and good momentum stocks should do better than poor momentum stocks. We also prefer companies about which fundamental research analysts are becoming more positive, and firms that are profitable, have sustainable earnings, and use their capital to enhance shareholder value. As such, we anticipate remaining fully invested and expect that the value we add over time will be due to stock selection as opposed to sector or size allocations.

	We thank you for your investment and look forward to your continued confidence.


	Goldman Sachs Quantitative Equity Investment Team

	New York, September 22, 2006

FUND BASICS

Structured Large Cap Growth Fund

as of August 31, 2006

PERFORMANCE REVIEW


September 1, 2005–August 31, 2006	Fund Total Return (based on NAV)¹			Russell 1000 Growth Index²

Class A		5.21	%		3.68	%
Class B		4.40			3.68
Class C		4.49			3.68
Institutional		5.66			3.68
Service		5.39			3.68


¹	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.

²	The Russell 1000 Growth Index 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 is unmanaged and the figures for the Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS³


For the period ended 6/30/06	One Year			Five Years			Ten Years			Since Inception			Inception Date

Class A		2.29	%		-0.76	%		5.39	%		9.20	%	11/11/91
Class B		2.54			-0.80			n/a			3.41		5/1/97
Class C		6.53			-0.39			n/a			1.63		8/15/97
Institutional		8.76			0.75			6.36	⁴		9.88	⁴	11/11/91
Service		8.50			0.29			5.90	⁴		9.56	⁴	11/11/91


³	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, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

⁴	Performance data for Institutional and Service Shares prior to May 1, 1997 (commencement of operations) is that of Class A Shares. Class A Share performance for such period is that of a predecessor separate account (which converted into Class A Shares) adjusted to reflect the higher fees and expenses applicable to the Fund’s Class A Shares. Although the predecessor separate account was managed by Goldman Sachs Asset Management in a manner and pursuant to investment objectives in all material respects equivalent to management and investment objectives of the Structured Large Cap Growth Fund, the separate account was not registered under the Investment Company Act of 1940, as amended (the “Act”) and was not subject to certain investment restrictions imposed by the Act. If it had registered under the Act, performance might have been adversely affected. The fees applicable to Institutional and Service Shares are different from those applicable to Class A Shares, which impacts performance ratings and rankings for a class of shares.

FUND BASICS

TOP 10 HOLDINGS AS OF 8/31/06⁵


Holding	% of Net Assets			Line of Business

Microsoft Corp.		5.0	%	Software
Cisco Systems, Inc.		3.6		Communications Equipment
Johnson & Johnson		3.1		Pharmaceuticals
Hewlett-Packard Co.		2.6		Computers & Peripherals
Texas Instruments, Inc.		2.3		Semiconductor Equipment & Products
The Boeing Co.		2.3		Aerospace & Defense
Amgen, Inc.		2.2		Biotechnology
Monsanto Co.		2.0		Chemicals
General Electric Co.		1.9		Industrial Conglomerates
Wells Fargo & Co.		1.8		Banks


⁵	The top 10 holdings may not be representative of the Fund’s future investments.

SECTOR ALLOCATION⁶

Percentage of Net Assets

⁶

PORTFOLIO RESULTS

Structured Small Cap Equity Fund

Dear Shareholder,

This report provides an overview on the performance of the Goldman Sachs Structured Small Cap Equity Fund during the one-year reporting period that ended August 31, 2006.

Performance Review


	Over the one-year period that ended August 31, 2006, the Fund’s Class A, B, C, Institutional and Service Shares generated cumulative total returns, without sales charges, of 2.42%, 1.66%, 1.65%, 2.77% and 2.30%, respectively. These returns compare to the 9.36% cumulative total return of the Fund’s benchmark, the Russell 2000 Index (with dividends reinvested), over the same time period.

	While our investment themes worked in general, it was difficult to capture their performance in the small cap sector of the market. Over much of the last year our themes worked well in an “ideal” environment; if we traded the portfolio every day and did not have to be concerned with or pay transaction costs we believe the Fund’s performance would have been closer to the performance of the Fund’s benchmark. An important part of our portfolio management process is being cognizant of potential transaction costs and attempting to minimize them, thus we only trade securities in the Fund’s portfolio if we expect a benefit to the portfolio’s expected return after accounting for the transactions costs. We also limit how much of the average daily volume we’re willing to trade, because trading more volume generally leads to higher transaction costs. These “constraints” were much more costly to the portfolio in the last 12 months than we would have expected, and their effect was not generally picked up by looking only at our theme returns. However, in August many of the factors on which we tilt in order to beat the index, such as price momentum and earnings response variables, also produced negative returns, and this hurt performance further. In fact, some of the factors had one of their worst months ever in August. It is unusual for so many of our factors to produce negative returns at the same time, and therefore we expect to see performance recover going forward. Additionally, from time to time we will experience periods where specific stock events negatively impact performance, though over time these occurrences tend to even out with periods of positive contributions. Over the current reporting period, situations that impacted the Fund’s returns included a variety of unfavorable earnings surprises; some of the underweight holdings were impacted by mergers and acquisitions activity; and large-scale reactions to news flows. As we expect the factors to work well over time, the impact of trading constraints to be smaller, and events such as earnings surprises to cancel out or contribute positively over time, we encourage our shareholders to continue to view their investment in the Fund and its performance with a longer-term outlook.

Portfolio Management Process


	We calculate expected returns on over 3,000 U.S. stocks on a daily basis. The stocks we select for our portfolios are determined using proprietary models developed by the Quantitative Equity team. Our models are based on six investment themes:

	The Valuation theme attempts to identify stocks that we believe are not appropriately priced by the market, by typically comparing a company’s intrinsic, or underlying value, to its current market price. Momentum attempts to predict a change in a stock caused by an under-reaction to company-specific information. Analyst Sentiment looks at how the views of Wall Street analysts about a company’s earnings and prospects are changing over time. Profitability assesses whether the company has good profit margins and operating efficiency. Earnings Quality evaluates what percentage of a company’s earnings are coming

PORTFOLIO RESULTS


	from more persistent, cash-based sources, as opposed to accounting accruals, such as accounts payable, accounts receivable, inventories, future tax liability and future interest expenses. Finally, Management Impact assesses a company’s management strategy and behavior.

	These themes are generally a composite of a number of factors, which are computed on an industry-neutral basis, so that individual stocks are evaluated relative to their industry peers. The six themes have been selected because we believe they:


n	Offer fundamental investment appeal,

n	Demonstrate a statistically significant ability to forecast returns, and

n	Work well in a variety of market environments and across different types of stocks.

Portfolio Positioning

Portfolio Highlights

Stock selection was negative overall among sectors during the reporting period. The Fund’s holdings in the Financials and Healthcare sectors detracted the most from relative performance over the period. In contrast, the Fund’s holdings in the Energy and Industrials sectors contributed the most to relative performance over the period. In terms of individual stocks, overweights in Stewart Information Services Corp. and Building Material Holding Corp. detracted the most from Fund performance during the period. In contrast, overweights in Veritas DGC, Inc. and WESCO International, Inc. were the largest contributors to relative returns for the period.

Outlook


	Looking ahead, we continue to believe that cheaper stocks should outpace more expensive ones and good momentum stocks should do better than poor momentum stocks. We also prefer companies about which fundamental research analysts are becoming more positive, and firms that are profitable, have sustainable earnings, and use their capital to enhance shareholder value. As such, we anticipate remaining fully invested and expect that the value we add over time will be due to stock selection as opposed to sector or size allocations.

	We thank you for your investment and look forward to your continued confidence.

Goldman Sachs Quantitative Equity Investment Team

New York, September 22, 2006

FUND BASICS

Structured Small Cap Equity Fund

as of August 31, 2006

PERFORMANCE REVIEW


September 1, 2005–August 31, 2006	Fund Total Return (based on NAV)¹			Russell 2000 Index²

Class A		2.42	%		9.36	%
Class B		1.66			9.36
Class C		1.65			9.36
Institutional		2.77			9.36
Service		2.30			9.36


¹	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 charge.

²	The Russell 2000 Index is an unmanaged index of common stock prices that measures the performance of the 2000 smallest companies in the Russell 3000 Index. The Index is unmanaged and the figures for the Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS³


For the period ended 6/30/06	One Year			Five Years			Since Inception			Inception Date

Class A		5.41	%		8.36	%		7.45	%	8/15/97
Class B		5.28			8.41			7.33		8/15/97
Class C		9.67			8.78			7.36		8/15/97
Institutional		12.00			10.02			8.56		8/15/97
Service		11.40			9.48			8.03		8/15/97

FUND BASICS

TOP 10 HOLDINGS AS OF 8/31/06⁴


Holding	% of Net Assets			Line of Business

Veritas DGC, Inc.		1.7	%	Energy Equipment & Services
Illumina, Inc.		1.6		Health Care Equipment & Supplies
RealNetworks, Inc.		1.5		Internet Software & Services
Swift Energy Co.		1.5		Oil & Gas
IKON Office Solutions, Inc.		1.5		Office Electronics
American Home Mortgage Investment Co.		1.5		Real Estate
Jones Lang LaSalle, Inc.		1.4		Real Estate
Papa John’s International, Inc.		1.4		Hotels, Restaurants & Leisure
New Century Financial Corp. (REIT)		1.2		Real Estate
MicroStrategy, Inc.		1.2		Software


⁴	The top 10 holdings may not be representative of the Fund’s future investments.

SECTOR ALLOCATION⁵

Percentage of Net Assets

⁵

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term Investments include repurchase agreements and securities lending collateral. Please see Schedule of Investments for additional information on repurchase agreements and securities lending collateral. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.

GOLDMAN SACHS STRUCTURED EQUITY FUNDS

International Structured Investment Process


n Comprehensive – We forecast returns on over 5,000 stocks, 21 countries and 9 currencies on a daily basis. n Rigorous – We evaluate stocks, countries, and currencies based on fundamental investment criteria that have outperformed historically.		n Objective – Our stock and equity market selection process is free from emotion that can lead to biased investment decisions.


n Our computer optimization process allocates risk to our best investment ideas and constructs funds that strive to neutralize systematic risks and deliver better returns.		n We use unique, proprietary risk models that are more precise, more focused and faster to respond because they seek to identify, track and manage risk specific to our process, using daily data.


Fully invested, well-diversified International portfolio that: n Blends top-down market views with bottom-up stock selection. n Maintains style, sector, risk and capitalization characteristics similar to the benchmark.		n Aims to achieve excess returns by taking intentional country bets and many small diversified stock positions.

PORTFOLIO RESULTS

Structured International Equity Fund

Dear Shareholder,

This report provides an overview on the performance of the Goldman Sachs Structured International Equity Fund during the one-year reporting period that ended August 31, 2006.

Performance Review


	Over the one-year period that ended August 31, 2006, the Fund’s Class A, B, C, Institutional and Service Shares generated cumulative total returns, without sales charges, of 24.02%, 23.18%, 23.10%, 24.52% and 23.87%, respectively. These returns compare to the 24.78% cumulative total return of the Fund’s benchmark, the Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (unhedged, with dividends reinvested), over the same time period.

	The Structured International Equity Fund is designed to add value through two uncorrelated sources of return: security selection and intentional country over- and underweights relative to the benchmark. During the 12-month reporting period, the Fund’s stock selection strategy contributed slightly to relative performance while the country selection strategy detracted from relative performance.

Portfolio Management Process


	We calculate expected returns on over 5,000 international stocks on a daily basis. The stocks we select for our portfolios are determined using proprietary models developed by the Quantitative Equity team. Our models are based on six investment themes:

	The Valuation theme attempts to identify stocks that we believe are not appropriately priced by the market, by typically comparing a company’s intrinsic, or underlying value, to its current market price. Momentum attempts to predict a change in a stock caused by an under-reaction to company-specific information. Analyst Sentiment looks at how the views of Wall Street analysts about a company’s earnings and prospects are changing over time. Profitability assesses whether the company has good profit margins and operating efficiency. Earnings Quality evaluates what percentage of a company’s earnings are coming from more persistent, cash- based sources, as opposed to accounting accruals, such as accounts payable, accounts receivable, inventories, future tax liability and future interest expenses. Finally, Management Impact assesses a company’s management strategy and behavior.

	These themes are generally a composite of a number of factors, which are computed on an industry-neutral basis, so that individual stocks are evaluated relative to their industry peers. The six themes have been selected because we believe they:


n	Offer fundamental investment appeal,

n	Demonstrate a statistically significant ability to forecast returns, and

n	Work well in a variety of market environments and across different types of stocks.

PORTFOLIO RESULTS

Portfolio Positioning

In managing the Structured International Equity Fund, we take minimal size and sector bets. We strive to add value versus the Fund’s index through stock and country selection. Our quantitative process seeks out stocks, countries, and currencies with good momentum that also appear to be good values. We prefer stocks about which fundamental research analysts are becoming more positive and companies with strong profit margins and sustainable earnings that use their capital to enhance shareholder value. We also prefer countries and currencies that exhibit strong economic growth, countries with favorable risk/return tradeoffs, and currencies that are associated with positive expected fund flows. Over the long term, these factors have contributed positively to the Fund’s returns, and they typically work well at various times and under different market environments.

Regional Allocations


	In terms of countries, an overweight position in Netherlands and an underweight in Italy were the most successful for the period. On the downside, overweights in Norway and Hong Kong were the least successful positions over the reporting period.

Sector Allocations

Our strategy is sector-neutral relative to the benchmark within countries. Any deviations in sector weights at the Fund level are the result of our country and stocks selection decisions. During the period, holdings in the Telecommunication Services sector contributed the most to relative performance. Conversely, holdings in the Industrials and Materials sectors lagged their peers in the benchmark the most.

Stock Selection


	Within countries, stock selection was the strongest in Austria and Italy. In contrast, stock selection was the weakest in Japan and Spain for the period.

Outlook


	Looking ahead, we continue to believe that cheaper stocks should outpace more expensive ones and good momentum stocks should do better than poor momentum stocks. We also prefer companies about which fundamental research analysts are becoming more positive, and firms that are profitable, have sustainable earnings, and use their capital to enhance shareholder value. As such, we anticipate remaining fully invested and expect that the value we add over time will be due to stock selection as opposed to sector or size allocations.

	As always, we thank you for your investment and look forward to your continued confidence.


	Goldman Sachs Quantitative Equity Investment Team

	New York, September 22, 2006

FUND BASICS

Structured International Equity Fund

as of August 31, 2006

PERFORMANCE REVIEW


September 1, 2005–August 31, 2006	Fund Total Return (based on NAV)¹			MSCI EAFE Index²

Class A		24.02	%		24.78	%
Class B		23.18			24.78
Class C		23.10			24.78
Institutional		24.52			24.78
Service		23.87			24.78


¹	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.

²	The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (unhedged) is a market capitalization-weighted composite of securities in 21 developed markets. The Index is unmanaged and the figures for the Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS³


For the period ended 6/30/06	One Year			Five Years			Since Inception			Inception Date

Class A		20.18	%		9.24	%		4.44	%	8/15/97
Class B		21.19			9.53			4.54		8/15/97
Class C		25.13			9.80			4.55		8/15/97
Institutional		27.59			11.06			5.73		8/15/97
Service		27.12			10.54			5.22		8/15/97

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, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. Performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted.

FUND BASICS

TOP 10 HOLDINGS AS OF 8/31/06⁴


Holding	% of Net Assets			Line of Business

Roche Holding AG		4.2	%	Pharmaceuticals
BASF AG		3.6		Chemicals
Deutsche Bank AG		3.2		Banks
Norsk Hydro ASA		3.1		Oil & Gas
Zurich Financial Services AG		3.0		Insurance
Fortis		2.4		Diversified Financials
BNP Paribas SA		2.3		Banks
E. on AG		2.2		Electric Utilities
Aegon NV		2.0		Insurance
Koninklijke KPN NV		1.8		Diversified Telecommunication Services


⁴	The top 10 holdings may not be representative of the Fund’s future investments.

GOLDMAN SACHS STRUCTURED LARGE CAP VALUE FUND

Performance Summary

August 31, 2006

The following graph shows the value, as of August 31, 2006, of a $10,000 investment made on December 31, 1998 (commencement of operations) in Institutional Shares at NAV of the Goldman Sachs Structured Large Cap Value Fund. For comparative purposes, the performance of the Fund’s benchmark, the Russell 1000 Value Index (with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects expense limitations in effect. 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. Performance of Class A, Class B, Class C and Service Shares will vary from Institutional Shares due to differences in fees and loads. In addition to the investment adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect portfolio performance. These factors include, but are not limited to, portfolio operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting a portfolio.

Structured Large Cap Value Fund’s Lifetime Performance

Performance of a $10,000 Investment, Distributions Reinvested December 31, 1998 to August 31, 2006.


Average Annual Total Return through August 31, 2006	Since Inception		Five Years		One Year
Class A (commenced December 31, 1998)
Excluding sales charges		6.19%		8.15%		13.43%
Including sales charges		5.42%		6.94%		7.18%

Class B (commenced December 31, 1998)
Excluding contingent deferred sales charges		5.39%		7.34%		12.56%
Including contingent deferred sales charges		5.39%		7.03%		7.45%

Class C (commenced December 31, 1998)
Excluding contingent deferred sales charges		5.42%		7.37%		12.66%
Including contingent deferred sales charges		5.42%		7.37%		11.64%

Institutional Class (commenced December 31, 1998)		6.61%		8.60%		13.92%

Service Class (commenced December 31, 1998)		6.10%		8.07%		13.35%

GOLDMAN SACHS STRUCTURED LARGE CAP VALUE FUND

Schedule of Investments

August 31, 2006


Shares		Description	Value
Common Stocks – 96.4%

Aerospace & Defense – 2.7%
	301,400	Northrop Grumman Corp.	$	20,136,534
	166,800	The Boeing Co.		12,493,320

				32,629,854

Air Freight & Couriers – 0.2%
	11,100	FedEx Corp.		1,121,433
	24,700	Ryder System, Inc.		1,220,674

				2,342,107

Banks – 13.8%
	1,140,848	Bank of America Corp.		58,719,447
	49,443	Bank of Hawaii Corp.		2,413,807
	79,750	BB&T Corp.		3,413,300
	31,100	Cathay General Bancorp.		1,159,719
	97,700	Hudson City Bancorp, Inc.		1,275,962
	16,500	M&T Bank Corp.		2,020,590
	82,400	North Fork Bancorp., Inc.		2,261,056
	161,400	Regions Financial Corp.		5,808,786
	16,000	SunTrust Banks, Inc.		1,222,400
	379,000	U.S. Bancorp		12,154,530
	244,100	UnionBanCal Corp.		14,621,590
	441,000	Wachovia Corp.		24,091,830
	28,000	Washington Mutual, Inc.		1,172,920
	911,500	Wells Fargo & Co.		31,674,625
	36,800	Zions Bancorp.		2,906,832

				164,917,394

Beverages – 0.1%
	28,000	PepsiCo., Inc.		1,827,840

Chemicals – 1.9%
	109,400	Ashland, Inc.		6,907,516
	336,682	Monsanto Co.		15,972,194

				22,879,710

Commercial Services & Supplies – 0.7%
	58,400	Convergys Corp.*		1,218,808
	111,600	Manpower, Inc.		6,596,676

				7,815,484

Communications Equipment – 0.9%
	432,800	Cisco Systems, Inc.*		9,517,272
	115,900	Tellabs, Inc.*		1,181,021

				10,698,293

Computers & Peripherals – 2.0%
	658,250	Hewlett-Packard Co.		24,065,620

Diversified Financials – 11.1%
	258,500	AmeriCredit Corp.*		6,072,165
	236,000	Ameriprise Financial, Inc.		10,792,280
	17,700	Capital One Financial Corp.		1,293,870
	611,200	Citigroup, Inc.		30,162,720
	484,867	Countrywide Financial Corp.		16,388,505
	206,600	ETrade Financial Corp.		4,873,694
	995,100	J.P. Morgan Chase & Co.		45,436,266
	40,900	Jefferies Group, Inc.		1,019,228
	79,150	Merrill Lynch & Co., Inc.		5,819,899
	160,300	Principal Financial, Inc.		8,534,372
	53,358	SEI Investments Co.		2,723,392

				133,116,391

Diversified Telecommunication Services – 4.6%
	800,280	AT&T, Inc.		24,912,716
	287,500	CenturyTel, Inc.		11,448,250
	271,932	Embarq Corp.*		12,821,594
	343,500	Sprint Nextel Corp.		5,812,020

				54,994,580

Electric Utilities – 5.2%
	51,000	Alliant Energy Corp.		1,866,090
	112,700	American Electric Power Co., Inc.		4,111,296
	39,600	Exelon Corp.		2,414,808
	183,300	FirstEnergy Corp.		10,459,098
	472,500	PG&E Corp.		19,811,925
	30,000	Progress Energy, Inc.		1,329,900
	246,393	Reliant Energy, Inc.*		3,316,450
	278,200	TXU Corp.		18,419,622

				61,729,189

Electrical Equipment – 0.5%
	81,900	Energizer Holdings, Inc.*		5,475,834

Energy Equipment & Services – 0.1%
	18,200	Schlumberger Ltd.		1,115,660

Food & Drug Retailing – 0.4%
	166,500	Safeway, Inc.		5,149,845

Food Products – 2.6%
	517,500	Archer-Daniels-Midland Co.		21,305,475
	122,500	Dean Foods Co.*		4,853,450
	324,192	Tyson Foods, Inc.		4,775,348

				30,934,273

Healthcare Equipment & Supplies – 0.9%
	351,900	Applera Corp. – Applied Biosystems Group		10,785,735

Healthcare Providers & Services – 2.0%
	433,500	AmerisourceBergen Corp.		19,143,360
	10,700	CIGNA Corp.		1,209,849
	55,800	Humana, Inc.*		3,399,894

				23,753,103

Hotels, Restaurants & Leisure – 0.1%
	30,100	Carnival Corp.		1,261,190

Household Products – 1.6%
	148,396	Colgate-Palmolive Co.		8,882,985
	161,500	Procter & Gamble Co.		9,996,850

				18,879,835

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

GOLDMAN SACHS STRUCTURED LARGE CAP VALUE FUND


Shares		Description	Value
Common Stocks – (continued)

Industrial Conglomerates – 1.8%
	403,500	General Electric Co.	$	13,743,210
	126,384	Reynolds American, Inc.		8,223,807

				21,967,017

Insurance – 8.9%
	217,300	AMBAC Financial Group, Inc.		18,816,007
	50,600	American International Group, Inc.		3,229,292
	146,900	CNA Financial Corp.*^(a)		5,093,023
	579,400	Genworth Financial, Inc.		19,948,742
	540,600	Loews Corp.		20,802,288
	212,848	MBIA, Inc.		13,117,822
	151,900	Old Republic International Corp.		3,174,710
	23,800	Prudential Financial, Inc.		1,747,158
	257,495	Radian Group, Inc.		15,418,801
	25,900	Safeco Corp.		1,494,689
	22,200	The Allstate Corp.		1,286,268
	74,150	W.R. Berkley Corp.		2,595,250

				106,724,050

IT Consulting & Services – 1.4%
	365,349	Computer Sciences Corp.*		17,310,236

Leisure Equipment & Products – 0.1%
	74,938	Marvel Entertainment, Inc.*^(a)		1,606,671

Machinery – 0.2%
	53,500	Terex Corp.*		2,350,255

Marine – 0.4%
	76,601	Overseas Shipholding Group, Inc.		5,109,287

Media – 6.6%
	716,177	CBS Corp. Class B		20,446,853
	390,979	Clear Channel Communications, Inc.		11,354,030
	38,400	Comcast Corp.*		1,344,000
	34,300	The McGraw-Hill Companies., Inc.		1,917,713
	461,900	The Walt Disney Co.		13,695,335
	1,812,200	Time Warner, Inc.		30,118,764

				78,876,695

Metals & Mining – 0.1%
	19,200	United States Steel Corp.		1,116,864

Multiline Retail – 0.9%
	114,100	Costco Wholesale Corp.		5,338,739
	80,645	Dillard’s, Inc.		2,514,511
	76,800	Wal-Mart Stores, Inc.		3,434,496

				11,287,746

Oil & Gas – 11.9%
	164,333	Chevron Corp.		10,583,045
	24,348	ConocoPhillips		1,544,394
	360,550	Devon Energy Corp.		22,530,769
	1,206,161	Exxon Mobil Corp.		81,620,915
	64,700	Holly Corp.		2,964,554
	43,100	Pioneer Natural Resources Co.		1,797,701
	245,900	Sunoco, Inc.		17,682,669
	76,800	XTO Energy, Inc.		3,515,136

				142,239,183

Paper & Forest Products – 0.4%
	226,400	Louisiana-Pacific Corp.		4,428,384

Pharmaceuticals – 5.5%
	612,900	Merck & Co., Inc.		24,853,095
	1,473,800	Pfizer, Inc.		40,617,928

				65,471,023

Real Estate – 3.3%
	26,800	Archstone-Smith Trust (REIT)		1,425,224
	503,000	Equity Office Properties Trust (REIT)		18,656,270
	129,300	HRPT Properties Trust		1,499,880
	71,600	iStar Financial, Inc. (REIT)		3,001,472
	21,400	Jones Lang LaSalle, Inc.		1,781,764
	192,000	New Century Financial Corp. (REIT)^(a)		7,432,320
	20,800	ProLogis (REIT)		1,174,368
	37,200	SL Green Realty Corp.		4,150,032

				39,121,330

Road & Rail – 0.3%
	70,200	CSX Corp.		2,121,444
	25,900	Norfolk Southern Corp.		1,106,707

				3,228,151

Software – 0.1%
	89,700	Cadence Design Systems, Inc.*		1,473,771

Specialty Retail – 2.0%
	260,900	AutoNation, Inc.*		5,069,287
	192,308	Circuit City Stores, Inc.		4,540,392
	304,238	Office Depot, Inc.*		11,208,128
	149,100	United Rentals, Inc.*		3,229,506

				24,047,313

Textiles & Apparel – 0.2%
	73,438	Jones Apparel Group, Inc.		2,298,609

Tobacco – 0.7%
	153,300	UST, Inc.		8,103,438

Wireless Telecommunication Services – 0.2%
	45,100	United States Cellular Corp.*		2,703,745

TOTAL COMMON STOCKS
(Cost $1,058,649,909)			$	1,153,835,705

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

GOLDMAN SACHS STRUCTURED LARGE CAP VALUE FUND

Schedule of Investments (continued)

August 31, 2006

Principal

Interest

Maturity

Amount

Rate

Date

Value

Repurchase Agreement^(b) – 2.7%

Joint Repurchase Agreement Account II

32,400,000

5.28

09/01/2006

32,400,000

Maturity Value: $32,404,753

(Cost $32,400,000)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL

(Cost $1,091,049,909)

1,186,235,705


Shares		Description	Value
Securities Lending Collateral – 0.8%

	9,095,250	Boston Global Investment Trust – Enhanced Portfolio	$	9,095,250
(Cost $9,095,250)

TOTAL INVESTMENTS – 99.9%
(Cost $1,100,145,159)			$	1,195,330,955

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%				1,769,888

NET ASSETS – 100.0%			$	1,197,100,843


	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)	All or portion of security is on loan.

(b)	Joint repurchase agreement was entered into on August 31, 2006. Additional information appears on page 49.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2006, the following futures contracts were open as follows:

Number of

Settlement

Market

Unrealized

Type

Contracts Long

Month

Value

Gain

S&P Mini 500 Index

591

September 2006

38,580,480

162,402

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

GOLDMAN SACHS STRUCTURED U.S. EQUITY FUND

Performance Summary

August 31, 2006

The following graph shows the value, as of August 31, 2006, of a $10,000 investment made on September 1, 1996 in Class A Shares (including a maximum sales charge of 5.5%) of the Goldman Sachs Structured U.S. Equity Fund. For comparative purposes, the performance of the Fund’s benchmark, the Standard and Poor’s 500 Index (with dividends reinvested) (“S&P 500 Index”), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects expense limitations in effect. 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. Performance of Class B, Class C, Institutional and Service Shares will vary from Class A Shares due to differences in fees and loads. In addition to the investment adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect portfolio performance. These factors include, but are not limited to, portfolio operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting a portfolio.

Structured U.S. Equity Fund’s 10 Year Performance

Performance of a $10,000 Investment, Distributions Reinvested September 1, 1996 to August 31, 2006.


Average Annual Total Return through August 31, 2006	Since Inception		Ten Years		Five Years		One Year
Class A (commenced May 24, 1991)
Excluding sales charges		9.84%		8.72%		5.83%		9.51%
Including sales charges		9.43%		8.11%		4.64%		3.48%

Class B (commenced May 1, 1996)
Excluding contingent deferred sales charges		7.60%		7.96%		5.05%		8.72%
Including contingent deferred sales charges		7.60%		7.96%		4.72%		3.72%

Class C (commenced August 15, 1997)
Excluding contingent deferred sales charges		4.71%		n/a		5.06%		8.73%
Including contingent deferred sales charges		4.71%		n/a		5.06%		7.73%

Institutional Class (commenced June 15, 1995)		10.31%		9.21%		6.26%		9.97%

Service Class (commenced June 7, 1996)		8.08%		8.66%		5.72%		9.39%

GOLDMAN SACHS STRUCTURED U.S. EQUITY FUND

Schedule of Investments

August 31, 2006


Shares		Description	Value
Common Stocks – 99.1%

Aerospace & Defense – 3.9%
	371,000	Northrop Grumman Corp.	$	24,786,510
	330,573	The Boeing Co.		24,759,918
	71,600	United Technologies Corp.		4,490,036

				54,036,464

Banks – 9.0%
	947,884	Bank of America Corp.		48,787,590
	324,944	Hudson City Bancorp, Inc.		4,243,769
	32,288	M&T Bank Corp.		3,953,988
	38,400	Mercantile Bankshares Corp.		1,418,112
	132,900	Regions Financial Corp.		4,783,071
	467,475	U.S. Bancorp		14,991,923
	38,448	UnionBanCal Corp.		2,303,035
	133,025	Wachovia Corp.		7,267,156
	31,900	Washington Mutual, Inc.		1,336,291
	1,019,112	Wells Fargo & Co.		35,414,142

				124,499,077

Biotechnology – 2.1%
	311,800	Amgen, Inc.*		21,180,574
	183,472	Celgene Corp.*		7,465,476

				28,646,050

Chemicals – 2.6%
	163,265	Ashland, Inc.		10,308,552
	527,352	Monsanto Co.		25,017,579

				35,326,131

Commercial Services & Supplies – 1.4%
	45,817	Global Payments, Inc.		1,743,337
	202,484	Manpower, Inc.		11,968,829
	174,486	Waste Management, Inc.		5,981,380

				19,693,546

Communications Equipment – 3.0%
	1,756,400	Cisco Systems, Inc.*		38,623,236
	303,900	Tellabs, Inc.*		3,096,741

				41,719,977

Computers & Peripherals – 2.5%
	947,700	Hewlett-Packard Co.		34,647,912

Diversified Financials – 7.4%
	143,500	AmeriCredit Corp.*^(a)		3,370,815
	35,000	Ameriprise Financial, Inc.		1,600,550
	189,770	Citigroup, Inc.		9,365,150
	392,200	Countrywide Financial Corp.		13,256,360
	885,300	J.P. Morgan Chase & Co.		40,422,798
	337,599	Merrill Lynch & Co., Inc.		24,823,654
	176,000	Principal Financial, Inc.		9,370,240

				102,209,567

Diversified Telecommunication Services – 2.9%
	476,800	AT&T, Inc.		14,842,784
	194,300	CenturyTel, Inc.		7,737,026
	257,763	Embarq Corp.*		12,153,525
	332,330	Sprint Nextel Corp.		5,623,024

				40,356,359

Electric Utilities – 4.2%
	160,000	American Electric Power Co., Inc.^(a)		5,836,800
	64,000	FirstEnergy Corp.		3,651,840
	539,948	PG&E Corp.		22,640,020
	388,701	TXU Corp.		25,735,893

				57,864,553

Electrical Equipment – 0.6%
	116,100	Energizer Holdings, Inc.*		7,762,446

Electronic Equipment & Instruments – 0.2%
	123,200	Ingram Micro, Inc.*		2,217,600

Energy Equipment & Services – 0.3%
	65,200	Dresser-Rand Group, Inc.*		1,333,340
	49,900	Schlumberger Ltd.^(a)		3,058,870

				4,392,210

Food & Drug Retailing – 0.5%
	221,500	Safeway, Inc.^(a)		6,850,995

Food Products – 2.7%
	602,751	Archer-Daniels-Midland Co.		24,815,259
	195,200	Kraft Foods, Inc.^(a)		6,619,232
	442,300	Tyson Foods, Inc.		6,515,079

				37,949,570

Healthcare Equipment & Supplies – 1.0%
	364,800	Applera Corp. – Applied Biosystems Group		11,181,120
	19,900	Becton, Dickinson and Co.		1,387,030
	17,776	Fisher Scientific International, Inc.*		1,390,616

				13,958,766

Healthcare Providers & Services – 4.4%
	522,569	AmerisourceBergen Corp.		23,076,647
	71,600	Caremark Rx, Inc.		4,148,504
	61,300	Express Scripts, Inc.*		5,154,104
	130,000	Humana, Inc.*		7,920,900
	414,000	McKesson Corp.		21,031,200

				61,331,355

Hotels, Restaurants & Leisure – 0.9%
	38,941	Darden Restaurants, Inc.		1,378,511
	37,400	Marriott International, Inc.		1,408,484
	37,500	McDonald’s Corp.		1,346,250
	287,000	Starbucks Corp.*		8,899,870

				13,033,115

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

GOLDMAN SACHS STRUCTURED U.S. EQUITY FUND


Shares		Description	Value
Common Stocks – (continued)

Household Products – 1.5%
	117,263	Colgate-Palmolive Co.	$	7,019,363
	220,569	Procter & Gamble Co.		13,653,221

				20,672,584

Industrial Conglomerates – 3.3%
	952,320	General Electric Co.		32,436,019
	196,412	Reynolds American, Inc.^(a)		12,780,529

				45,216,548

Insurance – 6.1%
	135,227	AMBAC Financial Group, Inc.		11,709,306
	594,600	Genworth Financial, Inc.		20,472,078
	628,988	Loews Corp.		24,203,459
	263,221	MBIA, Inc.^(a)		16,222,310
	102,600	Radian Group, Inc.		6,143,688
	123,000	The Chubb Corp.		6,169,680

				84,920,521

Internet Software & Services – 1.6%
	58,900	Google, Inc.*		22,295,417

IT Consulting & Services – 1.9%
	482,018	Computer Sciences Corp.*		22,838,013
	89,400	First Data Corp.		3,841,518

				26,679,531

Machinery – 0.2%
	62,580	Illinois Tool Works, Inc.		2,747,262

Media – 6.5%
	782,281	CBS Corp. Class B		22,334,123
	485,783	Clear Channel Communications, Inc.		14,107,138
	70,500	The McGraw-Hill Companies, Inc.		3,941,655
	666,132	The Walt Disney Co.		19,750,814
	1,795,258	Time Warner, Inc.		29,837,188

				89,970,918

Metals & Mining – 0.1%
	26,700	Newmont Mining Corp.		1,368,375

Multiline Retail – 0.8%
	240,250	Costco Wholesale Corp.		11,241,297

Oil & Gas – 9.6%
	53,504	Anadarko Petroleum Corp.		2,509,873
	20,200	Apache Corp.		1,318,656
	407,744	Devon Energy Corp.^(a)		25,479,922
	19,337	EOG Resources, Inc.		1,253,424
	1,020,216	Exxon Mobil Corp.		69,038,017
	235,400	Sunoco, Inc.		16,927,614
	53,367	Ultra Petroleum Corp.*		2,649,138
	313,900	XTO Energy, Inc.		14,367,203

				133,543,847

Pharmaceuticals – 6.5%
	29,000	Forest Laboratories, Inc.*		1,449,420
	41,437	Johnson & Johnson		2,679,317
	660,745	Merck & Co., Inc.		26,793,210
	1,660,615	Pfizer, Inc.		45,766,549
	259,800	Wyeth		12,652,260

				89,340,756

Real Estate – 1.1%
	32,500	Archstone-Smith Trust (REIT)		1,728,350
	163,900	Equity Office Properties Trust (REIT)		6,079,051
	33,800	Kimco Realty Corp. (REIT)		1,404,390
	88,383	New Century Financial Corp. (REIT)^(a)		3,421,306
	18,800	SL Green Realty Corp.		2,097,328

				14,730,425

Road & Rail – 1.7%
	343,200	CSX Corp.		10,371,504
	111,600	Norfolk Southern Corp.		4,768,668
	97,830	Union Pacific Corp.		7,860,640

				23,000,812

Semiconductor Equipment & Products – 1.8%
	754,367	Texas Instruments, Inc.		24,584,821

Software – 2.6%
	1,188,240	Microsoft Corp.		30,525,885
	296,556	Synopsys, Inc.*		5,622,702

				36,148,587

Specialty Retail – 3.3%
	542,775	AutoNation, Inc.*		10,546,118
	528,431	Circuit City Stores, Inc.		12,476,256
	589,787	Office Depot, Inc.*		21,727,753
	69,100	United Rentals, Inc.*		1,496,706

				46,246,833

Textiles & Apparel – 0.2%
	75,602	Jones Apparel Group, Inc.		2,366,343

Tobacco – 0.5%
	144,200	UST, Inc.		7,622,412

Wireless Telecommunication Services – 0.2%
	44,910	United States Cellular Corp.*		2,692,355

TOTAL COMMON STOCKS
(Cost $1,235,129,943)			$	1,371,885,337

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

GOLDMAN SACHS STRUCTURED U.S. EQUITY FUND

Schedule of Investments (continued)

August 31, 2006

Principal

Interest

Maturity

Amount

Rate

Date

Value

Repurchase Agreement^(b) – 0.8%

Joint Repurchase Agreement Account II

10,900,000

5.28

09/01/2006

10,900,000

Maturity Value: $10,901,599

(Cost $10,900,000)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL

(Cost $1,246,029,943)

1,382,785,337


Shares		Description	Value
Securities Lending Collateral – 4.0%

	55,463,875	Boston Global Investment Trust – Enhanced Portfolio	$	55,463,875
(Cost $55,463,875)

TOTAL INVESTMENTS – 103.9%
(Cost $1,301,493,818)			$	1,438,249,212

LIABILITIES IN EXCESS OF OTHER ASSETS – (3.9)%				(54,242,385	)

NET ASSETS – 100.0%			$	1,384,006,827


	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)	All or portion of security is on loan.

(b)	Joint repurchase agreement was entered into on August 31, 2006. Additional information appears on page 49.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2006, the following futures contracts were open as follows:

Number of

Settlement

Market

Unrealized

Type

Contracts Long

Month

Value

Gain

S&P Mini 500 Index

183

September 2006

11,946,240

156,152

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

GOLDMAN SACHS STRUCTURED LARGE CAP GROWTH FUND

Performance Summary

August 31, 2006

The following graph shows the value, as of August 31, 2006, of a $10,000 investment made on May 1, 1997 (commencement of operations) in Institutional Shares at NAV of the Goldman Sachs Structured Large Cap Growth Fund. For comparative purposes, the performance of the Fund’s benchmark, the Russell 1000 Growth Index (with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects expense limitations in effect. 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. Performance of Class A, Class B, Class C, and Service Shares will vary from Institutional Shares due to differences in fees and loads. In addition to the investment adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect portfolio performance. These factors include, but are not limited to, portfolio operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting a portfolio.

Structured Large Cap Growth Fund’s Lifetime Performance

Performance of a $10,000 Investment, Distributions Reinvested May 1, 1997 to August 31, 2006.


Average Annual Total Return through August 31, 2006	Since Inception		Five Years		One Year
Class A (commenced May 1, 1997)
Excluding sales charges		4.16%		2.85%		5.21%
Including sales charges		3.53%		1.69%		-0.57%

Class B (commenced May 1, 1997)
Excluding contingent deferred sales charges		3.40%		2.08%		4.40%
Including contingent deferred sales charges		3.40%		1.71%		-0.60%

Class C (commenced August 15, 1997)
Excluding contingent deferred sales charges		1.65%		2.08%		4.49%
Including contingent deferred sales charges		1.65%		2.08%		3.49%

Institutional Class (commenced May 1, 1997)		4.56%		3.27%		5.66%

Service Class (commenced May 1, 1997)		4.06%		2.79%		5.39%

GOLDMAN SACHS STRUCTURED LARGE CAP GROWTH FUND

Schedule of Investments

August 31, 2006


Shares		Description	Value
Common Stocks – 97.8%

Aerospace & Defense – 4.5%
	170,600	Northrop Grumman Corp.	$	11,397,786
	260,050	The Boeing Co.		19,477,745
	126,600	United Technologies Corp.		7,939,086

				38,814,617

Auto Components – 0.3%
	52,600	Autoliv, Inc.		2,972,952

Banks – 1.9%
	21,200	Bank of America Corp.		1,091,164
	451,500	Wells Fargo & Co.		15,689,625

				16,780,789

Beverages – 0.1%
	12,000	PepsiCo., Inc.		783,360

Biotechnology – 3.4%
	273,500	Amgen, Inc.*		18,578,855
	31,800	Biogen Idec, Inc.*		1,403,652
	14,000	Cephalon, Inc.*		798,280
	107,250	Genentech, Inc.*		8,850,270

				29,631,057

Chemicals – 2.2%
	31,800	Ashland, Inc.		2,007,852
	355,600	Monsanto Co.		16,869,664

				18,877,516

Commercial Services & Supplies – 2.2%
	31,400	CSG Systems International, Inc.*		845,288
	108,100	Global Payments, Inc.		4,113,205
	196,300	Manpower, Inc.		11,603,293
	40,200	MoneyGram International, Inc.		1,262,280
	21,600	The Brink’s Co.		1,230,552

				19,054,618

Communications Equipment – 3.9%
	1,417,600	Cisco Systems, Inc.*		31,173,024
	119,900	Motorola, Inc.		2,803,262

				33,976,286

Computers & Peripherals – 4.3%
	602,650	Hewlett-Packard Co.		22,032,884
	10,700	International Business Machines Corp.		866,379
	88,100	Lexmark International, Inc.*		4,939,767
	520,900	Western Digital Corp.*		9,532,470

				37,371,500

Diversified Financials – 2.9%
	193,300	AmeriCredit Corp.*^(a)		4,540,617
	24,900	Ameriprise Financial, Inc.		1,138,677
	146,700	Countrywide Financial Corp.		4,958,460
	258,500	ETrade Financial Corp.		6,098,015
	41,952	Moody’s Corp.		2,566,623
	61,500	SEI Investments Co.		3,138,960
	63,800	T. Rowe Price Group, Inc.		2,811,028

				25,252,380

Diversified Telecommunication Services – 1.0%
	117,100	CenturyTel, Inc.		4,662,922
	63,107	Embarq Corp.*		2,975,495
	77,347	Sprint Nextel Corp.		1,308,711

				8,947,128

Electric Utilities – 2.3%
	115,200	PG&E Corp.		4,830,336
	226,400	TXU Corp.		14,989,944

				19,820,280

Electrical Equipment – 1.6%
	72,000	Emerson Electric Co.		5,914,800
	112,500	Energizer Holdings, Inc.*		7,521,750

				13,436,550

Electronic Equipment & Instruments – 1.7%
	71,400	Agilent Technologies, Inc.*		2,296,224
	128,800	Arrow Electronics, Inc.*		3,593,520
	72,200	Ingram Micro, Inc.*		1,299,600
	64,700	PerkinElmer, Inc.		1,192,421
	30,300	Tech Data Corp.*		1,057,167
	40,600	Tektronix, Inc.		1,150,604
	101,800	Waters Corp.*		4,341,770

				14,931,306

Energy Equipment & Services – 0.6%
	86,100	BJ Services Co.		2,954,091
	46,000	Tidewater, Inc.		2,190,060

				5,144,151

Food & Drug Retailing – 0.6%
	117,600	Safeway, Inc.		3,637,368
	61,300	The Kroger Co.		1,459,553

				5,096,921

Food Products – 1.8%
	324,700	Archer-Daniels-Midland Co.		13,367,899
	144,600	Tyson Foods, Inc.^(a)		2,129,958

				15,497,857

Healthcare Equipment & Supplies – 2.5%
	397,900	Applera Corp. – Applied Biosystems Group		12,195,635
	55,000	Becton, Dickinson and Co.		3,833,500
	37,600	Dade Behring Holdings, Inc.		1,522,424
	88,500	Medtronic, Inc.		4,150,650

				21,702,209

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

GOLDMAN SACHS STRUCTURED LARGE CAP GROWTH FUND


Shares		Description	Value
Common Stocks – (continued)

Healthcare Providers & Services – 6.1%
	309,000	AmerisourceBergen Corp.	$	13,645,440
	21,500	Caremark Rx, Inc.		1,245,710
	152,900	Express Scripts, Inc.*		12,855,832
	169,500	Humana, Inc.*		10,327,635
	265,000	McKesson Corp.		13,462,000
	18,900	Sierra Health Services, Inc.*		810,810

				52,347,427

Hotels, Restaurants & Leisure – 3.4%
	134,800	Darden Restaurants, Inc.		4,771,920
	288,406	Marriott International, Inc.		10,861,370
	446,000	Starbucks Corp.*		13,830,460

				29,463,750

Household Durables – 0.1%
	14,200	Toro Co.		568,142

Household Products – 0.3%
	39,500	Colgate-Palmolive Co.		2,364,470

Industrial Conglomerates – 2.0%
	476,600	General Electric Co.		16,232,996
	31,100	Tyco International Ltd.		813,265

				17,046,261

Insurance – 3.5%
	39,700	AMBAC Financial Group, Inc.		3,437,623
	358,400	Loews Corp.		13,791,232
	163,048	MBIA, Inc.		10,048,648
	17,200	Radian Group, Inc.		1,029,936
	60,600	W.R. Berkley Corp.		2,121,000

				30,428,439

Internet Software & Services – 1.2%
	20,575	Google, Inc.*		7,788,255
	132,900	McAfee, Inc.*		3,024,804

				10,813,059

IT Consulting & Services – 2.3%
	15,900	Automatic Data Processing, Inc.		750,480
	246,250	Computer Sciences Corp.*		11,667,325
	47,200	Electronic Data Systems Corp.		1,124,776
	145,300	First Data Corp.		6,243,541

				19,786,122

Machinery – 0.7%
	34,800	Caterpillar, Inc.		2,308,980
	67,300	Terex Corp.*		2,956,489
	25,100	Timken Co.		804,204

				6,069,673

Marine – 0.2%
	25,900	Overseas Shipholding Group, Inc.		1,727,530

Media – 6.4%
	468,059	CBS Corp. Class B		13,363,084
	362,700	Clear Channel Communications, Inc.		10,532,808
	128,600	The McGraw-Hill Companies., Inc.		7,190,026
	326,900	The Walt Disney Co.		9,692,585
	850,000	Time Warner, Inc.		14,127,000

				54,905,503

Metals & Mining – 0.2%
	34,800	Newmont Mining Corp.		1,783,500

Multiline Retail – 3.1%
	302,200	Costco Wholesale Corp.		14,139,938
	116,100	Dillard’s, Inc.		3,619,998
	199,600	Wal-Mart Stores, Inc.		8,926,112

				26,686,048

Oil & Gas – 3.5%
	109,700	Devon Energy Corp.		6,855,153
	22,800	EOG Resources, Inc.		1,477,896
	41,700	Exxon Mobil Corp.		2,821,839
	116,050	Sunoco, Inc.		8,345,156
	37,300	Valero Energy Corp.		2,141,020
	179,400	XTO Energy, Inc.		8,211,138

				29,852,202

Pharmaceuticals – 6.6%
	37,500	Endo Pharmaceuticals Holdings, Inc.*		1,238,625
	100,400	Hospira, Inc.*		3,677,652
	419,400	Johnson & Johnson		27,118,404
	339,700	Merck & Co., Inc.		13,774,835
	52,600	Mylan Laboratories, Inc.		1,068,832
	338,300	Pfizer, Inc.		9,323,548
	17,900	Wyeth		871,730

				57,073,626

Real Estate – 1.3%
	55,900	Jones Lang LaSalle, Inc.		4,654,234
	69,900	New Century Financial Corp. (REIT)^(a)		2,705,829
	32,400	SL Green Realty Corp.		3,614,544

				10,974,607

Road & Rail – 3.2%
	470,700	CSX Corp.		14,224,554
	284,000	Norfolk Southern Corp.		12,135,320
	15,600	Union Pacific Corp.		1,253,460

				27,613,334

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

GOLDMAN SACHS STRUCTURED LARGE CAP GROWTH FUND

Schedule of Investments (continued)

August 31, 2006


Shares		Description	Value
Common Stocks – (continued)

Semiconductor Equipment & Products – 3.9%
	59,100	Advanced Micro Devices, Inc.*	$	1,476,909
	257,500	Freescale Semiconductor, Inc. Class B*		7,959,325
	41,350	Intel Corp.		807,979
	95,200	LSI Logic Corp.*		766,360
	141,900	Micron Technology, Inc.*		2,452,032
	614,500	Texas Instruments, Inc.		20,026,555

				33,489,160

Software – 7.0%
	449,700	Cadence Design Systems, Inc.*		7,388,571
	59,200	Fair Isaac Corp.		2,072,592
	66,400	Intuit Inc.*		2,006,608
	1,664,500	Microsoft Corp.		42,761,005
	192,500	Red Hat, Inc.*		4,473,700
	85,100	Synopsys, Inc.*		1,613,496

				60,315,972

Specialty Retail – 3.5%
	230,100	AutoNation, Inc.*		4,470,843
	469,623	Circuit City Stores, Inc.		11,087,799
	365,900	Office Depot, Inc.*		13,479,756
	51,000	United Rentals, Inc.*		1,104,660

				30,143,058

Textiles & Apparel – 0.2%
	59,400	Jones Apparel Group, Inc.		1,859,220

Tobacco – 1.1%
	10,050	Altria Group, Inc.		839,477
	160,600	UST, Inc.		8,489,316

				9,328,793

Trading Companies & Distributors – 0.1%
	26,400	MSC Industrial Direct Co., Inc.		1,039,104

Wireless Telecommunication Services – 0.1%
	18,900	Leap Wireless International, Inc.*		874,314
	9,400	Telephone & Data Systems, Inc. Special Shares		385,212

				1,259,526

TOTAL COMMON STOCKS
(Cost $795,279,091)			$	845,030,003

Principal

Interest

Maturity

Amount

Rate

Date

Value

Repurchase Agreement^(b) – 1.6%

Joint Repurchase Agreement Account II

13,700,000

5.28

09/01/2006

13,700,000

Maturity Value: $13,702,010

(Cost $13,700,000)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL

(Cost $808,979,091)

858,730,003


Shares		Description	Value
Securities Lending Collateral – 0.9%

	7,559,200	Boston Global Investment Trust – Enhanced Portfolio	$	7,559,200
(Cost $7,559,200)

TOTAL INVESTMENTS – 100.3%
(Cost $816,538,291)			$	866,289,203

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%				(2,437,651	)

NET ASSETS – 100.0%			$	863,851,552


	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)	All or portion of security is on loan.

(b)	Joint repurchase agreement was entered into on August 31, 2006. Additional information appears on page 49.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2006, the following futures contracts were open as follows:

Number of

Settlement

Market

Unrealized

Type

Contracts Long

Month

Value

Gain

S&P Mini 500 Index

249

September 2006

16,254,720

49,475

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

GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY FUND

Performance Summary

August 31, 2006

The following graph shows the value, as of August 31, 2006, of a $10,000 investment made on August 15, 1997 (commencement of operations) in Institutional Shares at NAV of the Goldman Sachs Structured Small Cap Equity Fund. For comparative purposes, the performance of the Fund’s benchmark, the Russell 2000 Index (with dividends reinvested), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects expense limitations in effect. 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. Performance of Class A, Class B, Class C and Service Shares will vary from Institutional Shares due to differences in fees and loads. In addition to the investment adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect portfolio performance. These factors include, but are not limited to, portfolio operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting a portfolio.

Structured Small Cap Equity Fund’s Lifetime Performance

Performance of a $10,000 Investment, Distributions Reinvested August 15, 1997 to August 31, 2006.


Average Annual Total Return through August 31, 2006	Since Inception		Five Years		One Year
Class A (commenced August 15, 1997)
Excluding sales charges		7.54%		10.26%		2.42%
Including sales charges		6.88%		9.02%		-3.24%

Class B (commenced August 15, 1997)
Excluding contingent deferred sales charges		6.75%		9.45%		1.66%
Including contingent deferred sales charges		6.75%		9.09%		-3.42%

Class C (commenced August 15, 1997)
Excluding contingent deferred sales charges		6.77%		9.43%		1.65%
Including contingent deferred sales charges		6.77%		9.43%		0.63%

Institutional Class (commenced August 15, 1997)		7.96%		10.68%		2.77%

Service Class (commenced August 15, 1997)		7.44%		10.16%		2.30%

GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments

August 31, 2006


Shares		Description	Value
Common Stocks – 100.0%

Aerospace & Defense – 2.3%
	69,800	AAR Corp.*	$	1,557,238
	28,000	Curtiss-Wright Corp.		870,520
	82,500	Kaman Corp.		1,477,575
	24,500	Ladish Co., Inc.*		856,765
	92,650	Triumph Group, Inc.*		4,072,894
	155,350	United Industrial Corp.^(a)		8,368,704

				17,203,696

Air Freight & Couriers – 0.2%
	50,200	EGL, Inc.*		1,534,614

Auto Components – 0.5%
	197,700	ArvinMeritor, Inc.		2,935,845
	14,300	Autoliv, Inc.		808,236

				3,744,081

Banks – 8.7%
	43,400	Accredited Home Lenders Holding Co.*		1,385,762
	39,650	Bank of Hawaii Corp.		1,935,713
	24,900	Bank of the Ozarks, Inc.		794,808
	130,600	BankUnited Financial Corp.		3,365,562
	63,900	Brookline Bancorp, Inc.		853,065
	6,609	Cascade Bancorp		234,884
	74,731	Cathay General Bancorp.		2,786,719
	24,800	Central Pacific Financial Corp.		897,512
	71,700	City National Corp.		4,717,860
	167,300	Corus Bankshares, Inc.^(a)		3,648,813
	39,500	Downey Financial Corp.		2,424,905
	38,850	First Charter Corp.		943,667
	12,750	First Citizens BancShares, Inc.		2,496,450
	49,200	First Indiana Corp.		1,202,940
	3,741	First Regional Bancorp*		105,683
	60,300	FirstFed Financial Corp.*^(a)		3,066,858
	20,675	IBERIABANK Corp.		1,205,352
	21,111	Intervest Bancshares Corp.*		887,084
	57,200	Mercantile Bankshares Corp.		2,112,396
	29,000	Mid-State Bancshares		785,030
	131,400	Nara Bancorp, Inc.		2,430,900
	37,700	Pacific Capital Bancorp.		1,054,092
	122,210	PFF Bancorp, Inc.		4,410,559
	29,598	Preferred Bank		1,658,968
	27,100	PrivateBancorp, Inc.		1,203,240
	53,200	Provident Financial Services, Inc.		992,180
	98,000	Republic Bancorp, Inc.		1,267,140
	56,500	Signature Bank*		1,856,025
	42,500	Sterling Bancshares, Inc.		881,450
	25,700	Sterling Financial Corp.		849,642
	45,500	Summit Bancshares, Inc.		1,290,380
	30,400	Susquehanna Bancshares, Inc.		743,888
	49,382	SVB Financial Group*		2,231,573
	18,100	Tompkins Trustco, Inc.		811,966
	23,280	TriCo Bancshares		573,386
	39,700	Trustmark Corp.		1,253,329
	56,500	Umpqua Holdings Corp.		1,546,405
	46,400	United Community Financial Corp.		589,744
	21,100	Whitney Holding Corp.		742,087
	38,900	Wilmington Trust Corp.		1,713,545
	115,000	Wilshire Bancorp, Inc.		2,234,450

				66,186,012

Biotechnology – 1.6%
	399,652	Alkermes, Inc.*		6,534,310
	107,100	Applera Corp. – Celera Genomics Group*		1,490,832
	23,183	ArQule, Inc.*		117,770
	19,300	Cephalon, Inc.*		1,100,486
	11,500	IDEXX Laboratories, Inc.*		1,058,115
	30,200	Kendle International, Inc.*		797,884
	71,500	Millennium Pharmaceuticals, Inc.*		776,490

				11,875,887

Building Products – 0.3%
	50,000	Universal Forest Products, Inc.		2,438,000

Chemicals – 1.6%
	73,867	A. Schulman, Inc.		1,742,522
	45,928	Innospec, Inc.		1,259,805
	82,103	NewMarket Corp.		5,084,639
	45,700	OM Group, Inc.*		1,828,000
	47,600	Penford Corp.		744,464
	32,900	Spartech Corp.		741,237
	25,900	Stepan Co.		763,532

				12,164,199

Commercial Services & Supplies – 6.5%
	86,486	Administaff, Inc.		2,988,091
	1,100	Amrep Corp.*		47,597
	205,384	Arbitron, Inc.		7,706,008
	57,100	Bowne & Co., Inc.		880,482
	36,900	Cenveo, Inc.*		774,900
	47,700	Consolidated Graphics, Inc.*		2,965,986
	85,200	Convergys Corp.*		1,778,124
	11,682	CPI Corp.		460,621
	320,400	CSG Systems International, Inc.*^(a)		8,625,168
	44,700	Global Payments, Inc.		1,700,835
	28,200	ICT Group, Inc.*		816,390
	3,892	Lightbridge, Inc.*		46,315
	54,227	NCO Group, Inc.*		1,420,747
	88,900	PHH Corp.*		2,232,279
	77,800	Pre-Paid Legal Services, Inc.^(a)		2,922,168
	56,202	SITEL Corp.*		168,606
	527,206	Spherion Corp.*		3,938,229
	70,500	StarTek, Inc.		801,585
	51,400	TeleTech Holdings, Inc.*		776,140
	36,600	The Brink’s Co.		2,085,102

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

GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY FUND


Shares		Description	Value
Common Stocks – (continued)

Commercial Services & Supplies – (continued)
	82,000	The Standard Register Co.	$	1,052,060
	125,929	Volt Information Sciences, Inc.*		5,369,613

				49,557,046

Communications Equipment – 2.2%
	52,225	Anaren, Inc.*		1,178,196
	950,400	Brocade Communications Systems, Inc.*		5,892,480
	75,700	DSP Group, Inc.*		1,852,379
	68,500	InterDigital Communications Corp.*		2,276,255
	217,300	Polycom, Inc.*		5,169,567
	90,898	Symmetricom, Inc.*		678,099

				17,046,976

Computers & Peripherals – 1.3%
	226,600	Hypercom Corp.*		2,116,444
	162,836	Intergraph Corp.*		6,083,553
	61,300	Synaptics, Inc.*^(a)		1,550,277

				9,750,274

Construction & Engineering – 1.1%
	157,100	EMCOR Group, Inc.*		8,709,624

Distributors – 0.5%
	227,370	Brightpoint, Inc.*		3,783,437
	200	The Andersons, Inc.		8,202

				3,791,639

Diversified Financials – 3.7%
	72,900	Cash America International, Inc.		2,687,823
	223,400	CBIZ, Inc.*^(a)		1,742,520
	139,198	CompuCredit Corp.*^(a)		4,057,622
	90,732	EZCORP, Inc.*		3,563,046
	171,000	First Cash Financial Services, Inc.*		3,561,930
	56,750	Investment Technology Group, Inc.*		2,622,417
	24,000	Jackson Hewitt Tax Service, Inc.		758,400
	63,400	Knight Capital Group, Inc.*		1,106,964
	13,600	Piper Jaffray Cos., Inc.*		796,688
	84,195	Portfolio Recovery Associates, Inc.*^(a)		3,344,225
	48,409	Thomas Weisel Partners Group, Inc.*		703,383
	83,400	World Acceptance Corp.*		3,333,498

				28,278,516

Diversified Telecommunication Services – 0.5%
	100,741	CT Communications, Inc.		2,321,073
	141,500	Ditech Networks, Inc.*		1,246,615

				3,567,688

Electric Utilities – 0.8%
	32,300	Alliant Energy Corp.		1,181,857
	30,800	Cleco Corp.		768,768
	32,000	NorthWestern Corp.		1,114,880
	162,717	Reliant Energy, Inc.*		2,190,171
	24,846	UIL Holdings Corp.		907,873

				6,163,549

Electrical Equipment – 1.7%
	102,000	A.O. Smith Corp.		4,091,220
	104,600	Encore Wire Corp.*^(a)		3,928,776
	37,800	General Cable Corp.*		1,456,434
	6,356	Superior Essex, Inc.*		226,973
	30,900	The Genlyte Group, Inc.*		2,024,877
	45,600	Woodward Governor Co.		1,535,352

				13,263,632

Electronic Equipment & Instruments – 2.8%
	71,100	Coherent, Inc.*		2,578,086
	279,250	Exar Corp.*		3,903,915
	41,000	Greatbatch, Inc.*		1,002,860
	93,000	Ingram Micro, Inc.*		1,674,000
	91,000	KEMET Corp.*		748,930
	67,150	Methode Electronics, Inc.		533,171
	231,150	Plexus Corp.*		4,581,393
	148,400	Sirenza Microdevices, Inc.*^(a)		1,375,668
	49,100	Tech Data Corp.*		1,713,099
	52,400	Teledyne Technologies, Inc.*		2,009,016
	73,500	TTM Technologies, Inc.*		945,210

				21,065,348

Energy Equipment & Services – 2.4%
	87,500	Input/Output, Inc.*^(a)		872,375
	83,550	Universal Compression Holdings, Inc.*		4,547,626
	211,400	Veritas DGC, Inc.*^(a)		12,593,098

				18,013,099

Food & Drug Retailing – 2.4%
	109,325	Flowers Foods, Inc.		2,968,174
	146,781	Longs Drug Stores Corp.		6,668,261
	143,709	Performance Food Group Co.*		3,536,678
	436,300	Terra Industries, Inc.*^(a)		3,202,442
	95,500	The Great Atlantic & Pacific Tea Co., Inc.^(a)		2,189,815

				18,565,370

Food Products – 1.7%
	33,200	MGP Ingredients, Inc.^(a)		799,788
	1,664	Pilgrim’s Pride Corp.		40,535
	27,900	Ralcorp Holdings, Inc.*		1,380,213
	1,579	Seaboard Corp.		2,210,600
	40,800	Sensient Technologies Corp.		820,896
	173,625	USANA Health Sciences, Inc.*^(a)		7,771,455

				13,023,487

Gas Utilities – 0.0%
	5,926	Nicor, Inc.^(a)		258,729

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

GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments (continued)

August 31, 2006


Shares		Description	Value
Common Stocks – (continued)

Health Care Equipment & Supplies – 5.0%
	24,400	Bio-Rad Laboratories, Inc.*	$	1,791,204
	53,463	Candela Corp.*		557,619
	81,160	Haemonetics Corp.*		3,780,433
	353,734	Illumina, Inc.*		11,913,761
	374,025	Immucor, Inc.*		7,768,499
	96,600	Molecular Devices Corp.*		2,319,366
	60,900	Palomar Medical Technologies, Inc.*		2,417,730
	111,000	SurModics, Inc.*^(a)		3,882,780
	119,900	Viasys Healthcare, Inc.*		3,179,748
	21,000	Zoll Medical Corp.*		796,110

				38,407,250

Health Care Providers & Services – 4.2%
	63,700	Alderwoods Group, Inc.*		1,260,623
	142,900	AMERIGROUP Corp.*		4,507,066
	114,400	Genesis HealthCare Corp.*		5,209,776
	15,900	Magellan Health Services, Inc.*		764,313
	43,300	Molina Healthcare, Inc.*		1,603,832
	113,350	Odyssey HealthCare, Inc.*		1,818,134
	24,300	Owens & Minor, Inc.		781,731
	23,500	PAREXEL International Corp.*		777,850
	22,129	Per-Se Technologies, Inc.*		504,320
	80,800	PSS World Medical, Inc.*		1,567,520
	148,500	Sierra Health Services, Inc.*		6,370,650
	117,900	Stewart Enterprises, Inc.		681,462
	199,150	Sunrise Senior Living, Inc.*		5,876,916

				31,724,193

Hotels, Restaurants & Leisure – 3.9%
	69,500	Bob Evans Farms, Inc.		1,969,630
	35,700	CEC Entertainment, Inc.*		1,138,116
	68,700	Century Casinos, Inc.*		704,175
	170,500	Choice Hotels International, Inc.		6,463,655
	87,800	Landry’s Restaurants, Inc.		2,401,330
	97,060	Live Nation, Inc.*		2,036,319
	64,238	Lone Star Steakhouse & Saloon, Inc.		1,752,412
	32,300	O’Charley’s, Inc.*		597,227
	308,000	Papa John’s International, Inc.*		10,472,000
	440,540	Six Flags, Inc.*^(a)		2,299,619

				29,834,483

Household Durables – 1.6%
	234,300	American Greetings Corp.^(a)		5,745,036
	106,000	Furniture Brands International, Inc.^(a)		2,029,900
	92,500	Kimball International, Inc. Class B		1,631,700
	35,300	Lifetime Brands, Inc.		704,588
	30,200	Toro Co.		1,208,302
	31,147	Universal Electronics, Inc.*		560,335

				11,879,861

Insurance – 2.4%
	62,300	Argonaut Group, Inc.*		1,915,725
	35,881	FBL Financial Group, Inc.		1,189,814
	113,000	LandAmerica Financial Group, Inc.^(a)		7,146,120
	29,500	Ohio Casualty Corp.		765,525
	11,052	Reinsurance Group of America, Inc.		571,167
	4,745	Seabright Insurance Holdings*		60,072
	188,050	Stewart Information Services Corp.		6,414,386

				18,062,809

Internet & Catalog Retail – 0.0%
	20,118	Systemax, Inc.*		230,351

Internet Software & Services – 3.6%
	281,450	Digital Insight Corp.*		7,320,514
	87,400	InfoSpace, Inc.*		1,942,902
	1,055,066	RealNetworks, Inc.*		11,637,378
	146,204	SonicWALL, Inc.*		1,500,053
	75,500	TheStreet.com, Inc.		812,380
	342,200	United Online, Inc.		3,925,034

				27,138,261

IT Consulting & Services – 1.1%
	169,100	Agilysys, Inc.		2,286,232
	264,400	Redback Networks, Inc.*		4,928,416
	39,500	SYNNEX Corp.*		878,085

				8,092,733

Leisure Equipment & Products – 0.2%
	71,700	Marvel Entertainment, Inc.*^(a)		1,537,248

Machinery – 1.6%
	28,500	EnPro Industries, Inc.*		896,040
	45,400	Insteel Industries, Inc.		946,136
	58,200	NACCO Industries, Inc.		7,771,446
	42,700	SPX Corp.		2,254,560

				11,868,182

Media – 0.8%
	77,700	Belo Corp.		1,266,510
	73,200	Catalina Marketing Corp.		2,097,180
	488	Cox Radio, Inc.*		7,740
	39,800	LodgeNet Entertainment Corp.*		756,598
	57,300	Scholastic Corp.*		1,722,438

				5,850,466

Metals & Mining – 1.4%
	331,300	Ryerson Tull, Inc.		7,016,934
	323,500	USEC, Inc.		3,270,585
	39,200	Wheeling-Pittsburgh Corp.*		690,704

				10,978,223

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

GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY FUND


Shares		Description	Value
Common Stocks – (continued)

Multi-Utilities – 0.8%
	219,073	Avista Corp.	$	5,310,330
	34,400	Westar Energy, Inc.		839,016

				6,149,346

Multiline Retail – 1.3%
	136,100	Big Lots, Inc.*		2,497,435
	137,245	Dillard’s, Inc.		4,279,299
	213,258	Retail Ventures, Inc.*^(a)		3,055,987

				9,832,721

Office Electronics – 1.5%
	787,756	IKON Office Solutions, Inc.		11,225,523

Oil & Gas – 2.9%
	106,100	Berry Petroleum Co.		3,313,503
	139,651	Holly Corp.		6,398,809
	258,400	Swift Energy Co.*		11,307,584
	65,706	TransMontaigne, Inc.*		745,106

				21,765,002

Paper & Forest Products – 0.1%
	77,900	Buckeye Technologies, Inc.*		633,327

Personal Products – 0.3%
	26,700	NBTY, Inc.*		850,662
	175,644	Parlux Fragrances, Inc.*^(a)		1,046,838

				1,897,500

Pharmaceuticals – 1.8%
	287,250	Alpharma, Inc.		6,015,015
	33,764	Caraco Pharmaceutical Laboratories Ltd.*		382,883
	46,907	Combinatorx, Inc.*		354,148
	90,800	King Pharmaceuticals, Inc.*		1,472,776
	33,600	Mylan Laboratories, Inc.		682,752
	26,461	New River Pharmaceuticals, Inc.*^(a)		690,103
	74,350	Perrigo Co.		1,200,009
	118,200	Watson Pharmaceuticals, Inc.*		3,030,648

				13,828,334

Real Estate – 8.8%
	1,613	Acadia Realty Trust		39,744
	349,570	American Home Mortgage Investment Corp.		11,081,369
	158,114	Commercial Net Lease Realty		3,516,455
	56,200	Entertainment Properties Trust		2,802,132
	30,510	Equity One, Inc.		767,327
	289,550	FelCor Lodging Trust, Inc.		6,210,848
	248,300	HRPT Properties Trust		2,880,280
	46,500	Inland Real Estate Corp.		750,975
	94,600	Jer Investors Trust, Inc.		1,578,874
	127,974	Jones Lang LaSalle, Inc.		10,655,115
	119,450	National Health Investors, Inc.		3,265,763
	235,995	New Century Financial Corp. (REIT)^(a)		9,135,366
	135,200	NorthStar Realty Finance Corp.		1,621,048
	33,625	PS Business Parks, Inc.		2,055,160
	77,400	RAIT Investment Trust (REIT)		2,165,652
	317,450	Senior Housing Properties Trust		6,460,108
	198,300	Spirit Finance Corp. (REIT)		2,250,705

				67,236,921

Road & Rail – 1.1%
	180,900	Dollar Thrifty Automotive Group, Inc.*		7,720,812
	15,764	U. S. Xpress Enterprises, Inc.*		328,364
	23,285	Universal Truckload Services, Inc.*		642,666

				8,691,842

Semiconductor Equipment & Products – 2.3%
	981,993	Atmel Corp.*		5,666,100
	831,428	Cirrus Logic, Inc.*		6,086,053
	368,850	MPS Group, Inc.*		5,186,031
	89,800	Virage Logic Corp.*		746,238

				17,684,422

Software – 3.5%
	80,700	ANSYS, Inc.*		3,771,918
	114,000	Blackbaud, Inc.		2,634,540
	22,400	Fair Isaac Corp.		784,224
	76,900	Mentor Graphics Corp.*		1,115,050
	182,100	Merge Technologies, Inc.*^(a)		1,349,361
	96,100	MicroStrategy, Inc.*^(a)		8,764,320
	38,300	Sybase, Inc.*		883,581
	146,700	Synopsys, Inc.*		2,781,432
	240,889	TradeStation Group, Inc.*		3,529,024
	23,300	Transaction Systems Architects, Inc.*		772,861
	30,448	Witness Systems, Inc.*		494,780

				26,881,091

Specialty Retail – 4.0%
	68,800	Charlotte Russe Holdings, Inc.*		1,836,960
	80,500	Christopher & Banks Corp.		1,960,175
	25,800	Citi Trends, Inc.*^(a)		810,894
	258,580	Dress Barn, Inc.*^(a)		4,563,937
	21,800	Group 1 Automotive, Inc.		987,540
	30,054	Gymboree Corp.*		1,008,312
	17,300	OfficeMax, Inc.		718,469
	185,600	Payless ShoeSource, Inc.*		4,354,176
	45,300	Rush Enterprises, Inc.*		792,750
	144,300	Sonic Automotive, Inc.^(a)		3,051,945
	186,439	Stage Stores, Inc.		4,914,532
	32,500	The Cato Corp.		754,975
	83,800	United Auto Group, Inc.		1,711,196
	120,300	United Rentals, Inc.*		2,605,698

				30,071,559

Textiles & Apparel – 2.8%
	161,597	Guess?, Inc.*		6,593,158
	82,500	Hartmarx Corp.*		492,525

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

GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments (continued)

August 31, 2006


Shares		Description	Value
Common Stocks – (continued)

Textiles & Apparel – (continued)
	214,400	Jones Apparel Group, Inc.	$	6,710,720
	80,200	Kellwood Co.		2,198,282
	51,150	Perry Ellis International, Inc.*		1,379,004
	174,000	Skechers U.S.A., Inc.*		3,939,360

				21,313,049

Wireless Telecommunication Services – 0.2%
	37,100	Leap Wireless International, Inc.*		1,716,246

TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL
(Cost $710,152,536)			$	760,732,409

Securities Lending Collateral – 13.0%

	99,117,675	Boston Global Investment Trust – Enhanced Portfolio	$	99,117,675
(Cost $99,117,675)

TOTAL INVESTMENTS – 113.0%
(Cost $809,270,211)			$	859,850,084

LIABILITIES IN EXCESS OF OTHER ASSETS – (13.0)%				(98,644,076	)

NET ASSETS – 100.0%			$	761,206,008


	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)	All or portion of security is on loan.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2006, the following futures contracts were open as follows:

Number of

Settlement

Market

Unrealized

Type

Contracts Long

Month

Value

Gain

Russell Mini 2000 Index

September 2006

2,092,930

47,852

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND

Performance Summary

August 31, 2006

The following graph shows the value, as of August 31, 2006, of a $10,000 investment made on August 15, 1997 (commencement of operations) in Institutional Shares at NAV of the Goldman Sachs Structured International Equity Fund. For comparative purposes, the performance of the Fund’s benchmark, the Morgan Stanley Capital International Europe, Australasia, Far East Index (unhedged, with dividends reinvested) (“MSCI EAFE Index”), is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations will cause an investor’s shares, when redeemed, to be worth more or less than their original cost. Performance reflects expense limitations in effect. 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. Performance of Class A, Class B, Class C and Service Shares will vary from Institutional Shares due to differences in fees and loads. In addition to the investment adviser’s decisions regarding issuer/industry/country investment selection and allocation, other factors may affect portfolio performance. These factors include, but are not limited to, portfolio operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting a portfolio.

Structured International Equity Fund’s Lifetime Performance

Performance of a $10,000 Investment, Distributions Reinvested August 15, 1997 to August 31, 2006.


Average Annual Total Return through August 31, 2006	Since Inception		Five Years		One Year
Class A (commenced August 15, 1997)
Excluding sales charges		5.47%		12.09%		24.02%
Including sales charges		4.81%		10.82%		17.20%

Class B (commenced August 15, 1997)
Excluding contingent deferred sales charges		4.91%		11.44%		23.18%
Including contingent deferred sales charges		4.91%		11.17%		18.14%

Class C (commenced August 15, 1997)
Excluding contingent deferred sales charges		4.91%		11.42%		23.10%
Including contingent deferred sales charges		4.91%		11.42%		22.09%

Institutional Class (commenced August 15, 1997)		6.09%		12.70%		24.52%

Service Class (commenced August 15, 1997)		5.58%		12.14%		23.87%

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND

Schedule of Investments

August 31, 2006


Shares		Description	Value
Common Stocks – 95.5%

Australia – 1.6%
	15,522	APN News & Media Ltd. (Media)	$	59,073
	40,111	Australia & New Zealand Banking Group Ltd. (Banks)		832,776
	27,432	Australian Stock Exchange Ltd. (Diversified Financials)		690,156
	595,345	AXA Asia Pacific Holdings Ltd. (Insurance)		2,967,944
	95,204	CFS Gandel Retail Trust (Real Estate)		137,957
	87,235	Challenger Financial Services Group Ltd. (Diversified Financials)		233,134
	87,748	Coles Myer Ltd. (Food & Drug Retailing)		936,570
	177,128	Commonwealth Bank of Australia (Banks)		6,172,768
	213,402	Commonwealth Property Office Fund (Real Estate)		231,165
	26,022	CSL Ltd. (Pharmaceuticals)		1,007,800
	57,444	CSR Ltd. (Construction Materials)		137,862
	217,021	DB RREEF Trust (Real Estate)		259,094
	243,527	General Property Trust (Real Estate)		849,232
	347,493	Goodman Fielder Ltd.* (Food Products)		561,687
	117,318	Harvey Norman Holdings Ltd. (Multiline Retail)		307,651
	481,121	ING Industrial Fund (Real Estate)		885,279
	301,043	Investa Property Group (Real Estate)		544,236
	161,958	Leighton Holdings Ltd. (Construction & Engineering)		2,447,228
	62,373	Lend Lease Corp., Ltd. (Real Estate)		747,446
	56,596	Mirvac Group (Real Estate)		197,363
	1,584	PaperlinX Ltd. (Paper & Forest Products)		4,155
	2,156	Perpetual Ltd. (Diversified Financials)		119,730
	169,283	Qantas Airways Ltd. (Airlines)		443,885
	99,866	QBE Insurance Group Ltd. (Insurance)		1,816,206
	156,474	Rio Tinto Ltd.^(a)(Metals & Mining)		8,683,850
	300,494	Santos Ltd. (Oil & Gas)		2,567,289
	197,301	Stockland (Real Estate)		1,089,664
	561,875	Symbion Health Ltd. (Air Freight & Couriers)		1,390,882
	556,284	Telstra Corp. Ltd.^(a)(Diversified Telecommunication Services)		1,529,479
	27,569	Westpac Banking Corp. (Banks)		491,364
	104,486	Woolworths Ltd. (Food & Drug Retailing)		1,649,294

				39,992,219

Austria – 1.9%
	7,346	Andritz AG (Machinery)		1,158,456
	13,589	Boehler-Uddeholm AG (Metals & Mining)		731,171
	4,560	Flughafen Wien AG (Transportation Infrastructure)		369,664
	160,000	Oesterreichische Elektrizitaetswirtschafts AG (Verbund)^(a)(Electric Utilities)		8,058,066
	323,426	Telekom Austria AG (Diversified Telecommunication Services)		7,933,519
	732,529	voestalpine AG^(a)(Metals & Mining)		27,754,385

				46,005,261

Belgium – 3.6%
	85,705	Agfa Gevaert NV (Leisure Equipment & Products)		2,010,491
	51,811	Bekaert NV (Electrical Equipment)		5,084,654
	2,604	Cofinimmo (Real Estate)		454,948
	8,761	Compagnie Maritime Belge SA (Marine)		297,057
	91,548	Delhaize Group (Food & Drug Retailing)		6,968,175
	226,678	Dexia (Banks)		5,823,358
	1,529,714	Fortis^(a)(Diversified Financials)		59,566,001
	21,015	Mobistar SA (Diversified Telecommunication Services)		1,727,780
	1,039	S.A. D’ Ieteren NV (Distributors)		347,134
	118,664	UCB SA^(a)(Pharmaceuticals)		6,955,869

				89,235,467

Denmark – 1.0%
	11,350	Bang & Olufsen A/S Class B^(a)(Household Durables)		1,163,048
	52,150	Carlsberg A/S Class B (Beverages)		4,052,375
	443,600	Danske Bank A/S (Banks)		17,061,346
	115,700	H. Lundbeck A/S^(a)(Pharmaceuticals)		2,665,336

				24,942,105

France – 9.2%
	320,312	Air France (Transportation - Airlines)		8,743,740
	532,572	BNP Paribas SA^(a)(Banks)		56,627,201
	182,590	Bouygues SA (Wireless Telecommunication Services)		9,619,677

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND


Shares		Description	Value
Common Stocks – (continued)

France – (continued)
	577,776	Cap Gemini SA^(a)(IT Consulting & Services)	$	31,687,243
	114,461	Carrefour SA (Food & Drug Retailing)		7,066,316
	50,143	Casino Guichard-Perrachon SA (Food & Drug Retailing)		4,304,290
	128,358	Credit Agricole SA^(a)(Banks)		5,215,802
	278,705	European Aeronautic Defence & Space Co.^(a)(Aerospace & Defense)		8,410,603
	45,900	Gaz de France (GDF)^(a)(Oil & Gas)		1,708,209
	86,285	Pinault-Printemps-Redoute SA^(a)(Multiline Retail)		11,913,556
	308,840	Publicis Groupe (Media)		12,199,654
	114,246	Schneider Electric SA^(a)(Electrical Equipment)		12,186,449
	42,678	Societe BIC SA^(a)(Commercial Services & Supplies)		2,655,944
	102,305	Societe Generale Series A^(a)(Banks)		16,524,510
	263,541	Sodexho Alliance SA (Hotels, Restaurants & Leisure)		14,101,512
	402,843	STMicroelectronics NV (Semiconductor Equipment & Products)		6,639,168
	447,591	Vivendi Universal SA^(a)(Media)		15,387,723

				224,991,597

Germany – 13.4%
	1,081,491	BASF AG^(a)(Chemicals)		89,233,529
	63,236	Beiersdorf AG (Personal Products)		3,501,546
	53,726	Commerzbank AG (Banks)		1,877,795
	689,784	Deutsche Bank AG^(a)(Banks)		78,901,340
	1,882,478	Deutsche Lufthansa AG (Airlines)		37,303,630
	423,942	E.ON AG (Electrical Utilities)		53,907,650
	49,681	Fresenius Medical Care AG^(a)(Healthcare Providers & Services)		6,546,156
	43,534	Hochtief AG (Construction & Engineering)		2,479,179
	233,554	Merck KGaA^(a)(Pharmaceuticals)		23,191,867
	155,735	Muenchener Rueckversicherungs-Gesellschaft AG^(a)(Insurance)		23,480,162
	245,126	ThyssenKrupp AG^(a)(Metals & Mining)		8,354,969
	2,074	Wincor Nixdorf AG (Computers & Peripherals)		288,920

				329,066,743

Hong Kong – 3.0%
	371,000	ASM Pacific Technology Ltd. (Semiconductor Equipment & Products)		1,922,223
	687,000	Boc Hong Kong Holdings Ltd. (Banks)		1,506,537
	2,949,000	Cathay Pacific Airways Ltd. (Airlines)		5,500,164
	526,000	Cheung Kong (Holdings) Ltd. (Real Estate)		5,809,280
	1,342,000	CLP Holdings Ltd. (Electric Utilities)		8,486,093
	26,000	Foxconn International Holdings Ltd.* (Wireless Telecommunication Services)		68,982
	366,000	Giordano International Ltd. (Specialty Retail)		207,380
	1,200,000	Henderson Land Development Co. Ltd. (Real Estate)		6,776,218
	775,500	Hong Kong Electric Holdings Ltd. (Electric Utilities)		3,707,948
	853,000	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)		5,805,598
	876,000	Hutchison Whampoa Ltd. (Industrial Conglomerates)		7,946,616
	2,000	Kerry Properties Ltd. (Real Estate)		7,544
	182,000	Li & Fung Ltd. (Distributors)		433,630
	862,000	Link REIT (Real Estate)		1,789,575
	2,857,000	New World Development Co., Ltd. (Real Estate)		5,121,203
	146,000	Shangri-La Asia Ltd. (Hotels, Restaurants & Leisure)		289,266
	191,500	Swire Pacific Ltd. Series A (Diversified Financials)		2,100,750
	581,000	Television Broadcasts Ltd. (Media)		3,297,655
	362,000	Texwinca Holdings Ltd. (Textiles & Apparel)		237,596
	773,600	The Bank of East Asia Ltd. (Banks)		3,440,602
	2,120,000	The Wharf (Holdings) Ltd. (Real Estate)		7,158,827
	209,500	Wing Hang Bank Ltd. (Banks)		2,007,248
	322,000	Yue Yuen Industrial (Holdings) Ltd. (Specialty Retail)		931,499

				74,552,434

Italy – 1.7%
	1,987,199	Banca Monte dei Paschi di Siena S.p.A.^(a)(Banks)		12,087,707
	174,671	Benetton Group S.p.A. (Textiles & Apparel)		2,613,930
	411,671	Fiat S.p.A.*^(a)(Automobiles)		5,900,825

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

August 31, 2006


Shares		Description	Value
Common Stocks – (continued)

Italy – (continued)
	797,025	Finmeccanica S.p.A. (Aerospace & Defense)	$	17,652,814
	88,369	Italcementi S.p.A.^(a)(Construction Materials)		2,179,599

				40,434,875

Japan – 22.4%
	41,800	Aderans Co., Ltd. (Personal Products)		1,080,563
	5,600	Aisin Seiki Co., Ltd. (Auto Components)		169,251
	1,013,600	Alps Electric Co., Ltd. (Electronic Equipment & Instruments)		11,323,133
	786,000	AMADA Co., Ltd. (Machinery)		8,181,002
	135,600	Aoyama Trading Co., Ltd. (Specialty Retail)		4,390,297
	163,800	Asahi Breweries Ltd. (Beverages)		2,400,615
	59,400	Autobacs Seven Co., Ltd. (Specialty Retail)		2,448,072
	137,800	Canon Sales Co., Inc. (Office Electronics)		3,261,121
	246,700	Canon, Inc. (Office Electronics)		12,255,632
	202,000	Central Glass Co., Ltd. (Building Products)		1,123,440
	254	Central Japan Railway Co. (Road & Rail)		2,743,913
	836,000	Dai Nippon Printing Co., Ltd. (Commercial Services & Supplies)		12,421,157
	2,900,000	Daiwa Securities Group, Inc. (Diversified Financials)		34,326,014
	412	East Japan Railway Co. (Road & Rail)		3,035,895
	214,000	Fuji Electric Holdings Co. Ltd. (Electrical Equipment)		1,081,447
	45,800	Fuji Soft ABC, Inc. (Software)		1,344,176
	365,000	Fujikura Ltd. (Electrical Equipment)		4,293,385
	968,000	Gunze Ltd. (Textiles & Apparel)		5,661,051
	2,410	Hakuhodo DY Holdings, Inc. (Commercial Services & Supplies)		160,982
	911,000	Hankyu Department Stores, Inc.^(a)(Multiline Retail)		7,222,430
	151,000	Hino Motor, Ltd.^(a)(Machinery)		811,790
	8,300	Hitachi High-Technologies Corp. (Trading Companies & Distributors)		218,243
	2,618,000	Hitachi Ltd. (Electronic Equipment & Instruments)		16,570,186
	155,400	Hokkaido Electric Power Co., Inc. (Electric Utilities)		3,834,504
	1,064,300	Honda Motor Co. Ltd. (Automobiles)		36,015,774
	224	Japan Prime Realty Investment Corp. (Real Estate)		663,030
	20	Japan Real Estate Investment Corp. (Real Estate)		172,035
	25	Japan Retail Fund Investment Corp. (Real Estate)		180,312
	144,000	Kamigumi Co. Ltd. (Marine)		1,150,159
	116,000	Kubota Corp. (Machinery)		948,245
	17,000	Kyocera Corp. (Electronic Components & Instruments)		1,462,579
	17,800	Kyushu Electric Power Co., Inc. (Electric Utilities)		423,994
	58,200	Lawson, Inc. (Food & Drug Retailing)		2,027,230
	41,300	Leopalace21 Corp. (Real Estate)		1,457,566
	608,000	Matsushita Electric Industrial Co., Ltd. (Household Durables)		12,948,469
	1,325,000	Mitsubishi Chemical Holdings Corp. (Chemicals)		8,672,990
	1,926,000	Mitsubishi Heavy Industries Ltd. (Machinery)		8,035,341
	149	Mitsubishi Tokyo Financial Group, Inc. (Banks)		2,021,312
	1,278,000	Mitsui Chemicals, Inc. (Chemicals)		8,948,777
	35,000	Mitsui Sumitomo Insurance Co. Ltd. (Insurance)		425,092
	25,400	Namco Bandai Holdings, Inc. (Leisure Equipment & Products)		398,861
	184,000	Nichirei Corp. (Food Products)		1,029,165
	4,000	Nintendo Co., Ltd. (Software)		817,717
	85	Nippon Building Fund, Inc. (Real Estate)		832,351
	379,000	Nippon Express Co. Ltd. (Road & Rail)		2,049,448
	2,766,000	Nippon Oil Corp. (Oil & Gas)		20,934,623
	785,000	Nippon Sheet Glass Co. Ltd. (Building Materials)		3,779,541
	9,947,000	Nippon Steel Corp. (Metals & Mining)		41,393,072
	6,579	Nippon Telephone & Telegraph Corp. (Diversified Telecommunication Services)		33,142,025
	821,000	Nippon Yusen Kabushiki Kaisha (Marine)		5,070,133
	376,000	Nishi-Nippon City Bank Ltd. (Banks)		1,817,440
	376,000	Nisshin Seifun Group, Inc. (Food Products)		4,012,148
	21	Nomura Real Estate Office Fund, Inc. (Real Estate)		163,621

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND


Shares		Description	Value
Common Stocks – (continued)

Japan – (continued)
	44,300	Nomura Research Institute Ltd. (IT Consulting & Services)	$	5,880,224
	370,000	NSK Ltd. (Machinery)		2,946,071
	1,029	NTT Data Corp. (IT Consulting & Services)		4,732,111
	817,000	Obayashi Corp. (Construction & Engineering)		5,645,547
	2,760	OBIC Co. Ltd. (IT Consulting & Services)		553,318
	477,000	Osaka Gas Co., Ltd. (Gas Utilities)		1,753,255
	88,000	Pioneer Corp. (Household Durables)		1,677,755
	17,100	Q.P. Corp. (Food Products)		157,029
	300	Resona Holdings, Inc. (Banks)		940,792
	496,000	Ricoh Co. Ltd. (Office Electronics)		9,704,328
	37,400	Santen Pharmaceutical Co., Ltd. (Pharmaceuticals)		920,855
	50	Sapporo Hokuyo Holdings, Inc. (Banks)		548,832
	391,000	Seino Transportation Co., Ltd. (Road & Rail)		4,470,486
	137,200	Shimachu Co. Ltd. (Specialty Retail)		3,852,615
	230,000	Shionogi & Co., Ltd. (Pharmaceuticals)		4,127,685
	2,153,000	Sompo Japan Insurance, Inc. (Insurance)		28,333,372
	816,600	Sony Corp. (Household Durables)		35,421,622
	190,000	Sumitomo Bakelite Co., Ltd. (Chemicals)		1,521,491
	771,000	Sumitomo Chemical Co., Ltd. (Chemicals)		6,051,086
	19,000	Sumitomo Corp. (Distribution/Wholesale)		255,516
	1,057,100	Sumitomo Electric Industries Ltd. (Electrical Equipment)		13,596,101
	2,515	Sumitomo Mitsui Financial Group, Inc. (Banks)		28,206,211
	43,000	Sumitomo Realty & Development Co. Ltd. (Real Estate)		1,260,499
	39,000	Suruga Bank Ltd. (Regional Banks)		492,024
	77,000	Suzuken Co., Ltd. (Healthcare Providers & Services)		2,867,536
	34,000	Taisho Pharmaceutical Co., Ltd. (Pharmaceuticals)		663,714
	32,800	Takeda Chemical Industries Ltd. (Pharmaceuticals)		2,167,369
	286,000	Tanabe Seiyaku Co., Ltd. (Pharmaceuticals)		3,637,117
	483,000	The Bank of Fukuoka Ltd. (Banks)		3,699,359
	590,000	The Bank of Yokohama Ltd. (Banks)		4,641,013
	245,000	The Chiba Bank Ltd. (Banks)		2,271,534
	191,000	The Gunma Bank Ltd. (Banks)		1,462,575
	387,000	The Sumitomo Trust & Banking Co. Ltd. (Diversified Financials)		4,098,011
	62,100	Tokyo Broadcasting System, Inc. (Media)		1,390,522
	18,000	Tokyo Style Co. Ltd. (Textiles & Apparel)		211,916
	159,000	Tokyu Land Corp. (Real Estate)		1,380,021
	894,000	Toppan Printing Co., Ltd. (Commercial Services & Supplies)		10,096,261
	276,000	Toshiba Corp. (Computers & Peripherals)		1,957,640
	34,000	Toyo Suisan Kaisha Ltd. (Food Products)		517,464
	16,600	Uni-Charm Corp. (Household Products)		926,394
	20,630	USS Co. Ltd. (Specialty Retail)		1,396,322
	298	West Japan Railway Co. (Road & Rail)		1,270,130
	62,200	Yamaha Corp. (Leisure Equipment & Products)		1,286,903

				550,341,975

Netherlands – 8.7%
	2,812,124	Aegon NV (Insurance)		50,248,673
	388,065	ASML Holding NV* (Semiconductor Equipment & Products)		8,518,850
	386,713	Heineken NV^(a)(Beverages)		17,931,457
	3,632,535	Koninklijke (Royal) KPN NV (Diversified Telecommunication Services)		44,854,565
	174,488	Koninklijke (Royal) Philips Electronics NV (Household Durables)		5,986,722
	156,240	Koninklijke DSM NV (Chemicals)		6,181,194
	117,916	Oce NV^(a)(Office Electronics)		2,047,995
	65,377	Rodamco Europe NV^(a)(Real Estate)		7,062,024
	634,118	Royal Dutch Shell PLC Series B (Oil & Gas)		21,866,202
	410,332	TNT NV (Air Freight & Couriers)		15,434,921
	1,375,908	Unilever NV (Food Products)		32,810,411
	66,925	Vedior NV (Commercial Services & Supplies)		1,237,308

				214,180,322

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

August 31, 2006


Shares		Description	Value
Common Stocks – (continued)

Norway – 5.4%
	60,000	DNB NOR ASA (Banks)	$	776,477
	2,915,600	Norsk Hydro ASA (Oil & Gas)		75,099,413
	596,300	Orkla ASA (Beverages)		29,211,686
	869,300	Statoil ASA (Oil & Gas)		23,470,330
	372,600	Telenor ASA (Diversified Telecommunication Services)		4,718,632

				133,276,538

Singapore – 1.4%
	316,000	Allgreen Properties Ltd. (Real Estate)		292,919
	220,575	Ascendas Real Estate Investment Trust (Real Estate)		288,297
	1,197,000	Capitaland Ltd. (Real Estate)		3,614,130
	289,000	CapitaMall Trust (Real Estate)		433,218
	228,112	Cycle & Carriage Ltd. (Distributors)		1,620,852
	239,000	DBS Group Holdings Ltd. (Banks)		2,728,560
	237,500	Fraser and Neave Ltd. (Beverages)		599,680
	1,000	Haw Par Corp. Ltd. (Industrial Conglomerates)		3,743
	205,000	Keppel Corp. Ltd. (Diversified Financials)		1,952,206
	169,000	Neptune Orient Lines Ltd. (Marine)		206,773
	881,880	SembCorp Industries Ltd. (Construction & Engineering)		1,948,556
	531,000	Singapore Airlines Ltd. (Airlines)		4,451,798
	480,000	Singapore Exchange Ltd. (Diversified Financials)		1,210,649
	286,000	Singapore Press Holdings Ltd. (Media)		722,677
	115,000	Singapore Technologies Engineering Ltd. (Aerospace & Defense)		213,283
	1,985,780	Singapore Telecommunications Ltd. (Wireless Telecommunication Services)		3,141,917
	2,896,000	ST Assembly Test Services Ltd.* (Semiconductor Equipment & Products)		1,858,381
	469,000	Suntec Real Estate Investment Trust (Real Estate)		387,091
	860,000	United Overseas Bank Ltd. (Banks)		8,519,490
	107,200	United Overseas Land Ltd. (Hotels, Restaurants & Leisure)		213,677
	294,000	Want Want Holdings Ltd. (Food Products)		440,603
	50,000	Wing Tai Holdings Ltd. (Real Estate)		57,798

				34,906,298

Spain – 1.3%
	926,837	Endesa SA (Electric Utilities)		32,358,247

Sweden – 1.6%
	294,300	Electrolux AB – Series B^(a)(Household Durables)		4,550,905
	272,000	Husqvarna AB* (Consumer Durables)		2,937,021
	312,000	Skanska AB Series B (Construction & Engineering)		4,915,774
	14,000	SSAB Svenskt Stal AB (Metals & Mining)		269,406
	479,600	Swedish Match AB Co. (Tobacco)		8,110,229
	2,884,000	TeliaSonera AB^(a)(Diversified Telecommunication Services)		17,843,406

				38,626,741

Switzerland – 11.3%
	613,916	ABB Ltd. (Electrical Equipment)		8,169,153
	216,004	Adecco SA (Commercial Services & Supplies)		12,615,051
	19,677	Amcor Ltd. (Containers & Packaging)		100,750
	151,316	Compagnie Financiere Richemont AG (Specialty Retail)		7,191,691
	398,236	Credit Suisse Group (Banks)		22,195,852
	5,606	Geberit AG (Building Products)		6,522,693
	8,971	Givaudan SA (Chemicals)		7,231,228
	1,459	Kuoni Reisen Holding AG* (Hotels, Restaurants & Leisure)		762,928
	15,089	Nestle SA (Food Products)		5,184,137
	8,793	PSP Swiss Property AG* (Real Estate)		456,892
	2,701	Rieter Holding AG (Machinery)		1,161,770
	564,234	Roche Holding AG (Pharmaceuticals)		103,961,024
	11,972	Serono SA (Biotechnology)		8,361,706
	13,764	Swatch Group AG (Textiles & Apparel)		2,682,565
	53,178	Swisscom AG^(a)(Diversified Telecommunication Services)		17,861,691
	323,237	Zurich Financial Services AG (Insurance)		73,680,946

				278,140,077

United Kingdom – 8.0%
	421,886	3i Group PLC (Diversified Financials)		7,643,298
	233,768	Alliance Boots PLC (Food & Drug Retailing)		3,431,893
	219,280	Amvescap PLC (Diversified Financials)		2,263,460
	84,124	Anglo American PLC (Metals & Mining)		3,639,928

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND


Shares		Description	Value
Common Stocks – (continued)

United Kingdom – (continued)
	438,445	AstraZeneca PLC (Pharmaceuticals)	$	28,452,283
	204,110	Barclays PLC (Banks)		2,557,266
	671,785	BHP Billiton PLC (Metals & Mining)		12,815,713
	74,413	BP PLC ADR (Oil & Gas)		5,063,805
	612,235	British Airways PLC* (Airlines)		4,788,088
	2,986,971	BT Group PLC (Diversified Telecommunication Services)		14,040,292
	79,735	Bunzl PLC (Trading Companies & Distributors)		990,611
	429,752	Centrica PLC (Gas Utilities)		2,414,219
	109,315	Compass Group PLC (Hotels, Restaurants & Leisure)		531,447
	476,500	Corus Group PLC (Metals & Mining)		3,557,526
	65,541	Davis Service Group PLC (Industrial Conglomerates)		604,602
	2,402,348	Dixons Group PLC (Specialty Retail)		9,381,803
	172,742	First Choice Holidays PLC (Hotels, Restaurants & Leisure)		698,351
	499,928	HBOS PLC (Banks)		9,547,164
	191,548	HSBC Holdings PLC (Banks)		3,475,932
	23,120	IMI PLC (Machinery)		222,536
	31,300	Inchcape PLC (Specialty Retail)		295,762
	124,067	International Power PLC (Electric Utilities)		750,195
	184,020	Man Group PLC (Diversified Financials)		1,479,874
	264,332	Mitchells & Butler PLC (Hotels, Restaurants & Leisure)		2,816,324
	18,550	Novo-Nordisk A/S (Pharmaceuticals)		1,371,561
	286,183	Rolls-Royce Group PLC* (Aerospace & Defense)		2,377,863
	2,898,856	Royal & Sun Alliance Insurance Group PLC (Insurance)		7,643,914
	476,833	Royal Bank of Scotland Group PLC (Banks)		16,174,132
	298,450	Royal Dutch Shell PLC Series B (Oil & Gas)		10,667,841
	117,017	Royal Dutch Shell PLC ADR (Oil & Gas)		8,373,736
	60,760	Schroders PLC (Diversified Financials)		1,051,015
	331,939	Tate & Lyle PLC (Food Products)		4,627,893
	350,915	Trinity Mirror PLC (Media)		3,044,355
	460,072	Unilever PLC (Personal Products)		10,998,716
	131,983	United Business Media PLC (Media)		1,550,855
	733,401	WPP Group PLC (Commercial Services & Supplies)		8,937,153

				198,281,406

TOTAL COMMON STOCKS
(Cost $2,054,708,436)			$	2,349,332,305


Units		Expiration Month	Value
*Warrant^(a) – 0.0%**

Swisscom AG
	53,178	09/2006	$	135,229
(Cost $0)

Principal

Interest

Maturity

Amount

Rate

Date

Value

Short-Term Obligation – 3.3%

State Street Bank & Trust Euro – Time Deposit

80,657,000

4.85

09/01/2006

80,657,000

(Cost $80,657,000)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL

(Cost $2,135,365,436)

2,430,124,534

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

August 31, 2006


Shares		Description	Value
Securities Lending Collateral – 6.7%

	165,387,503	Boston Global Investment Trust – Enhanced Portfolio	$	165,387,503
(Cost $165,387,503)

TOTAL INVESTMENTS – 105.5%
(Cost $2,300,752,939)			$	2,595,512,037

LIABILITIES IN EXCESS OF OTHER ASSETS – (5.5)%				(135,956,697	)

NET ASSETS – 100.0%			$	2,459,555,340


	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)	All or portion of security is on loan.


	As a % of
	Net Assets
Investments Industry Classifications†

Aerospace & Defense		1.2	%
Air Freight & Couriers		0.7
Airlines		2.5
Automobiles		1.7
Banks		13.0
Beverages		2.2
Biotechnology		0.3
Building Products		0.5
Chemicals		5.2
Commercial Services & Supplies		2.0
Computers & Peripherals		0.1
Construction & Engineering		0.7
Construction Materials		0.1
Consumer Durables		0.1
Distributors		0.1
Diversified Financials		5.0
Diversified Telecommunication Services		5.8
Electric Utilities		4.5
Electrical Equipment		1.8
Electronic Equipment & Instruments		1.2
Food & Drug Retailing		1.1
Food Products		2.0
Gas Utilities		0.2
Health Care Providers & Services		0.4
Hotels, Restaurants & Leisure		0.8
Household Durables		2.5
Industrial Conglomerates		0.3
Insurance		7.7
IT Consulting & Services		1.7
Leisure Equipment & Products		0.1
Machinery		1.0
Marine		0.3
Media		1.5
Metals & Mining		4.4
Multiline Retail		0.8
Office Electronics		1.1
Oil & Gas		6.9
Personal Products		0.6
Pharmaceuticals		7.2
Real Estate		2.1
Road & Rail		0.6
Semiconductor Equipment & Products		0.8
Short-term Investments*		10.0
Software		0.1
Specialty Retail		1.2
Textiles & Apparel		0.5
Tobacco		0.3
Trading Companies & Distributors		0.1
Wireless Telecommunication Services		0.5

TOTAL INVESTMENTS		105.5	%


†	Industry concentrations greater than one-tenth of one percent are disclosed.

*	Short-term investments include short-term obligations and securities lending collateral.

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2006, the following futures contracts were open as follows:


	Number of		Settlement	Market		Unrealized
Type	Contracts Long		Month	Value		Gain

FTSE 100 Index		272	September 2006	$	30,574,338	$	1,971
SPI 200 Index		81	September 2006		7,891,229		122,446
Hang Seng Index		22	September 2006		2,457,912		57,585
40 S&P/MIB Index		15	September 2006		3,653,486		52,965
DAX Index		26	September 2006		4,880,731		54,545
Dow Jones Euro Stoxx 50 Index		406	September 2006		19,817,590		211,146
CAC 40 – 10 EURO Index		84	September 2006		5,560,548		52,636
IBEX 35 Index		17	September 2006		2,648,175		25,610
TOPIX Index		177	September 2006		24,643,852		375,527

				$	102,127,861	$	954,431

JOINT REPURCHASE AGREEMENT ACCOUNT II — At August 31, 2006, the Funds had undivided interests in the Joint Repurchase Agreement Account II, as follows:


Fund	Principal Amount

Structured Large Cap Value	$	32,400,000

Structured U.S. Equity		10,900,000

Structured Large Cap Growth		13,700,000



	Principal		Interest			Maturity	Maturity
Repurchase Agreements	Amount		Rate			Date	Value

Banc of America Securities LLC	$	3,000,000,000		5.28	%	09/01/2006	$	3,000,440,000

Barclays Capital PLC		3,000,000,000		5.28		09/01/2006		3,000,440,000

Credit Suisse First Boston LLC		1,400,000,000		5.28		09/01/2006		1,400,205,333

Deutsche Bank Securities, Inc.		1,915,000,000		5.29		09/01/2006		1,915,281,399

Greenwich Capital Markets		300,000,000		5.28		09/01/2006		300,044,000

Merrill Lynch		500,000,000		5.28		09/01/2006		500,073,333

Morgan Stanley & Co.		1,000,000,000		5.28		09/01/2006		1,000,146,667

UBS Securities LLC		2,373,000,000		5.28		09/01/2006		2,373,348,040

Wachovia Capital Markets		250,000,000		5.28		09/01/2006		250,036,667

TOTAL	$	13,738,000,000					$	13,740,015,439

At August 31, 2006, the Joint Repurchase Agreement Account II was fully collateralized by Federal Home Loan Bank, 0.00% to 6.35%, due 09/01/2006 to 06/29/2016; Federal Home Loan Mortgage Association, 2.63% to 14.00%, due 01/01/2007 to 09/01/2036; and Federal National Mortgage Association, 0.00% to 14.00%, due 10/01/2006 to 09/01/2036. The aggregate market value of the collateral, including accrued interest, was $13,996,119,280.

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

GOLDMAN SACHS STRUCTURED EQUITY FUNDS

Statements of Assets and Liabilities

August 31, 2006


		Structured Large
		Cap Value Fund

Assets:

Investments in securities, at value (identified cost $1,091,049,909, $1,246,029,943, $808,979,091, $710,152,536 and $2,135,365,436, respectively) — (including $8,751,070, $54,679,277, $7,308,853, $96,698,231 and $156,553,089 of securities on loan, respectively)		$	1,186,235,705
Foreign currencies, at value (identified cost $2,033,877, Structured International Equity only)			—
Securities lending collateral, at value (cost $9,095,250, $55,463,875, $7,559,200, $99,117,675 and $165,387,503, respectively)			9,095,250
Cash^(a)			4,522,347
Receivables:
	Fund shares sold		6,192,828
	Dividends and interest, at value		3,316,432
	Due from broker/variation margin^(b)		15,504
	Investment securities sold, at value		—
	Reimbursement from adviser		43,122
	Foreign tax reclaims, at value		—
	Securities lending income		2,047
Other assets			4,700

Total assets			1,209,427,935

Liabilities:

Payables:
	Payable upon return of securities loaned		9,095,250
	Fund shares repurchased		2,368,204
	Investment securities purchased		—
	Amounts owed to affiliates		690,431
	Due to broker/variation margin		—
Accrued expenses			173,207

Total liabilities			12,327,092

Net Assets:

Paid-in capital			1,055,313,389
Accumulated undistributed net investment income			2,711,472
Accumulated net realized gain (loss) on investment, futures and foreign currency transactions			43,727,784
Net unrealized gain on investments, futures and translation of assets denominated in foreign currencies			95,348,198

NET ASSETS		$	1,197,100,843

Net Assets:
	Class A	$	438,245,063
	Class B		19,200,242
	Class C		22,767,573
	Institutional		715,190,664
	Service		1,697,301

Shares Outstanding:
	Class A		31,316,077
	Class B		1,383,154
	Class C		1,638,415
	Institutional		51,101,465
	Service		120,753

Total shares of beneficial interest outstanding, $0.001 par value (unlimited number of shares authorized)			85,559,864

Net asset value, offering and redemption price per share:^(c)
	Class A		$13.99
	Class B		13.88
	Class C		13.90
	Institutional		14.00
	Service		14.06


(a)	Includes restricted cash of $4,440,000, $1,225,000, $1,714,300 and $1,120,000, respectively for the Structured Large Cap Value, Structured U.S. Equity, Structured Large Cap Growth and Structured Small Cap Equity Funds relating to initial margin requirements on futures transactions.
(b)	Includes $4,964,821 for the Structured International Equity Fund relating to initial margin requirements on futures transactions.
(c)	Maximum public offering price per share (NAV per share multiplied by 1.0582) for Class A Shares of the Structured Large Cap Value, Structured U.S. Equity, Structured Large Cap Growth, Structured Small Cap Equity, and Structured International Equity Funds is $14.80, $33.64, $13.97, $14.56 and $15.12, respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.

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

GOLDMAN SACHS STRUCTURED EQUITY FUNDS


Structured U.S.		Structured Large			Structured Small		Structured International
Equity Fund		Cap Growth Fund			Cap Equity Fund		Equity Fund



$	1,382,785,337	$	858,730,003		$	760,732,409	$	2,430,124,534
	—		—			—		2,030,724
	55,463,875		7,559,200			99,117,675		165,387,503
	1,255,099		1,762,122			2,025,906		962
	1,583,615		3,236,018			2,145,768		15,316,945
	3,231,402		1,422,769			350,152		4,295,280
	4,575		6,613			—		11,003,946
	—		—			3,643,855		181,959
	64,844		48,759			76,543		242,816
	—		—			—		403,561
	6,244		1,385			90,269		121,265
	5,299		3,869			3,135		6,918

	1,444,400,290		872,770,738			868,185,712		2,629,116,413



	55,463,875		7,559,200			99,117,675		165,387,503
	3,553,123		625,789			1,188,037		1,916,830
	—		—			5,779,992		—
	951,181		549,995			651,504		1,904,553
	—		—			1,160		—
	425,284		184,202			241,336		352,187

	60,393,463		8,919,186			106,979,704		169,561,073



	1,219,511,120		1,068,860,429			665,585,859		2,024,920,051
	9,432,894		2,753,041			2,959,402		32,130,286
	18,151,267		(257,562,305	)		42,033,022		106,773,717
	136,911,546		49,800,387			50,627,725		295,731,286

$	1,384,006,827	$	863,851,552		$	761,206,008	$	2,459,555,340


$	611,999,464	$	310,385,872		$	185,507,741	$	739,860,622
	78,109,902		41,946,531			16,196,695		10,306,333
	36,628,284		22,810,847			25,898,922		7,110,260
	644,250,108		488,448,022			504,101,562		1,661,908,866
	13,019,069		260,280			29,501,088		40,369,259

	19,250,586		23,521,286			13,482,194		51,785,036
	2,610,560		3,401,175			1,276,571		731,696
	1,230,033		1,849,209			2,033,633		504,790
	19,835,225		35,974,280			35,416,672		113,883,608
	413,263		19,868			2,170,456		2,820,399

	43,339,667		64,765,818			54,379,526		169,725,529

	$31.79	$	13.20		$	13.76	$	14.29
	29.92		12.33			12.69		14.09
	29.78		12.34			12.74		14.09
	32.48		13.58			14.23		14.59
	31.50		13.10			13.59		14.31

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

GOLDMAN SACHS STRUCTURED EQUITY FUNDS

Statements of Operations

For the Year Ended August 31, 2006


		Structured Large Cap
		Value Fund^(a)

Investment income:

Dividends^(b)		$	18,569,080
Interest (including securities lending income of $27,282, $45,910, $40,711, $672,963 and $1,858,889, respectively)			1,141,886

Total income			19,710,966

Expenses:

Management fees			5,176,467
Distribution and service fees^(c)			1,112,132
Transfer Agent fees^(c)			826,816
Custody and accounting fees			198,682
Printing fees			74,832
Registration fees			77,970
Service share fees			3,093
Professional fees			49,532
Trustee fees			15,230
Other			57,586

Total expenses			7,592,340

Less — expense reductions			(892,304	)

Net expenses			6,700,036

NET INVESTMENT INCOME			13,010,930

Realized and unrealized gain (loss) on investment, futures and foreign currency related transactions:

Net realized gain (loss) from:
	Investment transactions		59,006,822
	Futures transactions		(313,141	)
	Foreign currency related transactions		—
Net change in unrealized gain (loss) on:
	Investments		33,043,082
	Futures		349,761
	Translation of assets and liabilities denominated in foreign currencies		—

Net realized and unrealized gain on investment, futures and foreign currency related transactions			92,086,524

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	105,097,454


(a)	Effective December 30, 2005, the CORE Large Cap Value Fund, CORE U.S. Equity Fund, CORE Large Cap Growth Fund, CORE Small Cap Equity Fund, and CORE International Equity Fund changed their names to Structured Large Cap Value Fund, Structured U.S. Equity Fund, Structured Large Cap Growth Fund, Structured Small Cap Equity Fund, and Structured International Equity Fund, respectively.
(b)	For the Structured Small Cap Equity and Structured International Equity Funds, foreign taxes withheld on dividends were $1,453 and $4,762,928, respectively.
(c)	Class specific distribution, service and transfer agent fees were as follows:


	Distribution and Service Fees						Transfer Agent Fees

Fund	Class A		Class B		Class C		Class A		Class B		Class C		Institutional		Service

Structured Large Cap Value	$	699,776	$	195,428	$	216,928	$	531,830	$	37,131	$	41,216	$	216,392	$	247
Structured U.S. Equity		1,324,785		909,705		377,591		1,006,836		172,844		71,742		150,076		4,395
Structured Large Cap Growth		555,144		535,270		265,750		421,909		101,701		50,493		148,420		99
Structured Small Cap Equity		443,067		179,952		269,567		336,730		34,191		51,218		159,361		14,364
Structured International Equity		1,174,234		91,706		58,743		892,418		17,424		11,161		458,382		12,567

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

GOLDMAN SACHS STRUCTURED EQUITY FUNDS


Structured U.S.			Structured Large Cap			Structured Small Cap			Structured International
Equity Fund^(a)			Growth Fund^(a)			Equity Fund^(a)			Equity Fund^(a)



$	18,208,337		$	7,728,886		$	7,186,652		$	42,104,316
	465,974			865,289			1,142,370			5,671,122

	18,674,311			8,594,175			8,329,022			47,775,438



	6,790,112			4,377,474			5,580,026			13,840,653
	2,612,081			1,356,164			892,586			1,324,683
	1,405,893			722,622			595,864			1,391,952
	212,103			171,802			204,845			942,061
	90,105			62,712			64,984			151,530
	75,006			60,536			65,001			121,308
	54,938			1,242			179,551			157,089
	66,532			58,841			49,932			55,994
	15,230			15,230			15,230			15,230
	121,636			73,435			88,730			64,392

	11,443,636			6,900,058			7,736,749			18,064,892

	(1,628,072	)		(1,059,584	)		(621,207	)		(1,534,878	)

	9,815,564			5,840,474			7,115,542			16,530,014

	8,858,747			2,753,701			1,213,480			31,245,424




	71,738,092			24,962,984			63,020,041			125,225,093
	(36,059	)		(320,231	)		203,499			4,205,562
	—			—			—			1,246,889

	9,763,484			5,636,127			(56,782,492	)		181,272,428
	137,231			79,636			(30,142	)		650,443
	—			—			—			6,093


	81,602,748			30,358,516			6,410,906			312,606,508

$	90,461,495		$	33,112,217		$	7,624,386		$	343,851,932

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

GOLDMAN SACHS STRUCTURED EQUITY FUNDS

Statements of Changes in Net Assets


		Structured Large Cap Value Fund^(a)						Structured U.S. Equity Fund^(a)

		For the			For the			For the			For the
		Year Ended			Year Ended			Year Ended			Year Ended
		August 31, 2006			August 31, 2005			August 31, 2006			August 31, 2005

From operations:

Net investment income (loss)		$	13,010,930		$	4,870,818		$	8,858,747		$	7,033,430
Net realized gain from investment transactions, futures and foreign currency related transactions			58,693,681			25,961,507			71,702,033			104,510,572
Payments by affiliates to reimburse certain security claims			—			18,876			—			23,962
Net change in unrealized gain (loss) on investments, futures and translation of assets and liabilities denominated in foreign currencies			33,392,843			33,596,127			9,900,715			(13,872,021	)

Net increase in net assets resulting from operations			105,097,454			64,447,328			90,461,495			97,695,943

Distributions to shareholders:

From net investment income
	Class A Shares		(2,873,123	)		(1,025,718	)		(1,716,964	)		(3,420,217	)
	Class B Shares		(44,614	)		(11,169	)		—			(41,912	)
	Class C Shares		(56,450	)		(14,127	)		—			(52,661	)
	Institutional Shares		(7,678,282	)		(2,753,498	)		(1,696,849	)		(1,704,060	)
	Service Shares		(4,076	)		(4,526	)		(30,886	)		(71,315	)
From net realized gains
	Class A Shares		(4,285,315	)		(2,342,830	)		—			—
	Class B Shares		(363,911	)		(451,577	)		—			—
	Class C Shares		(405,173	)		(405,671	)		—			—
	Institutional Shares		(9,199,305	)		(3,867,997	)		—			—
	Service Shares		(11,795	)		(12,197	)		—			—

Total distributions to shareholders			(24,922,044	)		(10,889,310	)		(3,444,699	)		(5,290,165	)

From share transactions:

Net proceeds from sales of shares			928,703,576			316,236,675			298,683,756			166,333,532
Proceeds received in connection with mergers			—			—			317,455,844			125,038,947
Reinvestment of dividends and distributions			24,360,857			10,736,120			2,815,736			5,032,901
Cost of shares repurchased			(449,399,467	)		(99,518,657	)		(226,017,702	)		(187,054,388	)

Net increase in net assets resulting from share transactions			503,664,966			227,454,138			392,937,634			109,350,992

TOTAL INCREASE			583,840,376			281,012,156			479,954,430			201,756,770

Net assets:

Beginning of year			613,260,467			332,248,311			904,052,397			702,295,627

End of year		$	1,197,100,843		$	613,260,467		$	1,384,006,827		$	904,052,397

Accumulated undistributed net investment income		$	2,711,472		$	923,423		$	9,432,894		$	4,018,983


(a)	Effective December 30, 2005, the CORE Large Cap Value Fund, CORE U.S. Equity Fund, CORE Large Cap Growth Fund, CORE Small Cap Equity Fund and CORE International Equity Fund changed their names to Structured Large Cap Value Fund, Structured U.S. Equity Fund, Structured Large Cap Growth Fund, Structured Small Cap Equity Fund and the Structured International Equity Fund, respectively.
(b)	Net of $12,509 in redemption fees remitted to the Structured International Equity Fund.
(c)	Net of $6,445 in redemption fees remitted to the Structured International Equity Fund.

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

GOLDMAN SACHS STRUCTURED EQUITY FUNDS


Structured Large Cap Growth Fund^(a)						Structured Small Cap Equity Fund^(a)						Structured International Equity Fund^(a)

For the			For the			For the			For the			For the			For the
Year Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
August 31, 2006			August 31, 2005			August 31, 2006			August 31, 2005			August 31, 2006			August 31, 2005



$	2,753,701		$	1,077,659		$	1,213,480		$	(101,205	)	$	31,245,424		$	13,698,655
	24,642,753			23,507,224			63,223,540			41,546,526			130,677,544			73,385,628
	—			400,102			—			110,026			—			—
	5,715,763			20,077,834			(56,812,634	)		57,076,950			181,928,964			69,369,356

	33,112,217			45,062,819			7,624,386			98,632,297			343,851,932			156,453,639



	(61,768	)		—			—			—			(2,922,097	)		(1,196,017	)
	—			—			—			—			(10,166	)		—
	—			—			—			—			(7,525	)		—
	(1,056,728	)		—			—			—			(9,610,748	)		(4,841,952	)
	—			—			—			—			(228,125	)		(1,256	)
	—			—			(11,827,515	)		(6,678,795	)		(2,262,969	)		—
	—			—			(1,545,039	)		(1,107,652	)		(56,886	)		—
	—			—			(2,159,938	)		(1,181,208	)		(35,333	)		—
	—			—			(23,891,295	)		(8,958,753	)		(5,464,148	)		—
	—			—			(2,922,036	)		(2,176,185	)		(176,662	)		—

	(1,118,496	)		—			(42,345,823	)		(20,102,593	)		(20,774,659	)		(6,039,225	)



	551,621,998			262,095,454			374,245,022			333,222,428			1,389,843,174			635,895,579
	—			—			130,127,854			—			—			45,116,496
	1,112,044			—			38,670,425			18,095,444			19,338,652			5,426,787
	(247,018,355	)		(123,313,314	)		(313,773,175	)		(206,052,053	)		(298,767,113	)^(b)		(212,498,117	)^(c)

	305,715,687			138,782,140			229,270,126			145,265,819			1,110,414,713			473,940,745

	337,709,408			183,844,959			194,548,689			223,795,523			1,433,491,986			624,355,159



	526,142,144			342,297,185			566,657,319			342,861,796			1,026,063,354			401,708,195

$	863,851,552		$	526,142,144		$	761,206,008		$	566,657,319		$	2,459,555,340		$	1,026,063,354

$	2,753,041		$	1,117,836		$	2,959,402		$	1,150,592		$	32,130,286		$	13,559,057

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

GOLDMAN SACHS STRUCTURED EQUITY FUNDS

Notes to Financial Statements

August 31, 2006

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 Trust includes the Structured Large Cap Value Fund, Structured U.S. Equity Fund, Structured Large Cap Growth Fund, Structured Small Cap Equity Fund, and Structured International Equity Fund collectively, the “Funds” or individually a “Fund”. Each Fund is a diversified portfolio offering five classes of shares — Class A, Class B, Class C, Institutional and Service. Class A shares of the Funds are sold with a front-end sales charge of up to 5.50%. Class B shares of the Funds are sold with a contingent deferred sales charge that declines from 5.00% to zero, depending upon the period of time the shares are held. Class C shares of the Funds are sold with a contingent deferred sales charge of 1.00% during the first 12 months. Institutional and Service Class shares of the Funds are not subject to a sales charge. Goldman, Sachs & Co. (“Goldman Sachs”) as distributor of the Funds receives such sales loads of which a certain portion may be retained. Effective December 30, 2005, CORE Large Cap Value Fund, CORE U.S. Equity Fund, CORE Large Cap Growth Fund, CORE Small Cap Equity Fund and CORE International Equity Fund, changed their names to Structured Large Cap Value Fund, Structured U.S. Equity Fund, Structured Large Cap Growth Fund, Structured Small Cap Equity Fund and the Structured International Equity Fund, respectively.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies consistently followed by the Funds. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that may affect the reported amounts. Actual results could differ from those estimates.

A. Investment Valuation — Investments in equity securities and investment companies traded on a U.S. securities exchange or the NASDAQ system or for investments in securities traded on a foreign securities exchange for which an independent fair value service is not available are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, such securities and investment companies are valued at the last bid price. Debt securities are valued at prices supplied by independent pricing services, broker/dealer-supplied valuations or matrix pricing systems. Unlisted equity securities for which market quotations are available are valued at the last sale price on valuation date, or if no sale occurs, at the last bid price. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share on the valuation date. Short-term debt obligations maturing in sixty days or less are valued at amortized cost, which approximates market value. Securities for which market quotations are not readily available or are deemed not to reflect market value by the investment adviser are valued at fair value using methods approved by the Trust’s Board of Trustees.

Investments in securities traded on foreign securities exchange are valued daily at fair value determined by an independent fair value service (if available) under valuation procedures approved by the Board of Trustees consistent with applicable regulatory guidance. The independent service takes into account multiple factors including, but not limited to, movements in the U.S. securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates.

Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and capital, and adverse political and economic developments. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls and have delayed settlements, and their prices may be more volatile than those of comparable securities in the United States.

B. Security Transactions and Investment Income — Security transactions are reflected as of the trade date. Realized gains and losses on sales of portfolio securities are calculated using the identified cost basis. Dividend income is recorded on the ex-dividend date, net of foreign withholding taxes, if any, which are reduced by any amounts reclaimable by the Funds, where applicable. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted. In addition, it is the Funds’ policy to accrue for estimated capital gains taxes on foreign securities held by the Funds, which are subject to taxes.

GOLDMAN SACHS STRUCTURED EQUITY FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Net investment income (other than class-specific expenses) and unrealized and realized gains or losses are allocated daily to each class of shares of the respective Fund based upon the relative proportion of net assets of each class.

C. Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Funds on a straight-line and/or “pro-rata” basis depending upon the nature of the expense.

Class A, Class B and Class C shareholders of the Funds bear all expenses and fees relating to their respective Distribution and Service Plans. Service Shares bear all expenses and fees relating to their Service and Shareholder Administration Plans. Each class of shares of the Funds separately bears its respective class-specific Transfer Agency fees.

D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, no federal tax provisions are required. Dividends and distributions to shareholders are recorded on the ex-dividend date. Income distributions, if any, are declared and paid quarterly for the Goldman Sachs Structured Large Cap Value Fund and annually for all other Funds. Capital gains distributions, if any, are declared and paid annually for all Funds. Net capital losses are carried forward to future years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gain distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with Federal income tax rules, which may differ from generally accepted accounting principles. Therefore, the source of each Fund’s distributions may be shown in the accompanying financial statements as either from net investment income or net realized gains, or as a tax return of capital.

In addition, distributions paid by the Funds’ investments in real estate investment trusts (“REITs”) often include a “return of capital” which is recorded by the Funds as a reduction of the cost basis of the securities held. The Code requires a REIT to distribute at least 95% of its taxable income to investors. In many cases, however, because of “non-cash” expenses such as property depreciation, a REIT’s cash flow will exceed its taxable income. The REIT may distribute this excess cash to offer a more competitive yield. This portion of the Funds’ distributions is deemed a return of capital and is generally not taxable to shareholders.

E. Foreign Currency Translations — The books and records of the Funds are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investment valuations, foreign currency and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates; and (ii) purchases and sales of foreign investments, income and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions.

Net realized and unrealized gain (loss) on foreign currency transactions will represent: (i) foreign exchange gains and losses from the sale and holdings of foreign currencies; (ii) currency gains and losses between trade date and settlement date on investment securities transactions and forward exchange contracts; and (iii) gains and losses from the difference between amounts of dividends, interest, and foreign withholding taxes recorded and the amounts actually received. The effect of changes in foreign currency exchange rates on securities and derivative instruments are not segregated in the Statements of Operations from the effects of changes in market prices of those securities and derivative instruments, but are included with the net realized and unrealized gain (loss) on securities and derivative instruments. Net unrealized foreign exchange gains and losses arising from changes in the value of other assets and liabilities as a result of changes in foreign exchange rates are included as increases and decreases in unrealized gain (loss) on foreign currency related transactions.

F. Futures Contracts — The Funds may enter into futures transactions to hedge against changes in interest rates, securities prices, currency exchange rates or to seek to increase total return. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, the Funds are required to segregate cash or securities equal to the minimum “initial margin” requirement of the associated futures exchange. Subsequent payments for futures contracts (“variation margin”) are paid or received by the Funds, dependant on the fluctuations in the value of the contracts, and are recorded for

GOLDMAN SACHS STRUCTURED EQUITY FUNDS

Notes to Financial Statements (continued)

August 31, 2006

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

financial reporting purposes as unrealized gains or losses. When contracts are closed, the Funds realize a gain or loss which is reported in the Statement of Operations.

The use of futures contracts involve, to varying degrees, elements of market and counterparty risk which may exceed the amounts recognized in the Statement of Assets and Liabilities. Changes in the value of a futures contract may not directly correlate with changes in the value of the underlying securities. The risk may decrease the effectiveness of the Funds’ strategies and potentially result in a loss.

G. Segregation Transactions — As set forth in the prospectus, the Funds may enter into certain derivative transactions to seek to increase total return. Forward foreign currency exchange contracts, futures contracts, written options, when-issued securities and forward commitments represent examples of such transactions. As a result of entering into these transactions, the Funds are required to segregate liquid assets with a current value equal to or greater than the market value of the corresponding transactions.

H. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase them at a mutually agreed upon date and price. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the Funds, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. If the seller defaults or becomes insolvent, realization of the collateral by the Funds may be delayed or limited and there may be a decline in the value of the collateral during the period while the Funds seek to assert their rights. The underlying securities for all repurchase agreements are held in safekeeping at the Funds’ custodian or designated subcustodians under triparty repurchase agreements.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other registered investment companies having management or investment advisory agreements with Goldman Sachs Asset Management, L.P. (“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.

3. AGREEMENTS

GSAM, an affiliate of Goldman Sachs, serves as investment adviser pursuant to an Investment Management Agreement (the “Agreement”) with the Trust on behalf of the Funds. Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trust’s Board of Trustees. As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administering the Funds’ business affairs, including providing facilities, GSAM is entitled to a fee (“Management fee”) computed daily and payable monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

GOLDMAN SACHS STRUCTURED EQUITY FUNDS

3. AGREEMENTS (continued)

GSAM has entered into a fee reduction commitment for the Funds which was implemented on a voluntary basis beginning July 1, 2005 and on a contractual basis as of December 29, 2005 to achieve the rates listed below.


	Management Fee			Average Daily
Fund	Annual Rate			Net Assets

Structured Large Cap Value		0.60	%	First $1 Billion
		0.54		Next $1 Billion
		0.51		Over $2 Billion

Structured U.S. Equity		0.65		First $1 Billion
		0.59		Next $1 Billion
		0.56		Over $2 Billion

Structured Large Cap Growth		0.65		First $1 Billion
		0.59		Next $1 Billion
		0.56		Over $2 Billion

Structured Small Cap Equity		0.85		First $2 Billion
		0.77		Over $2 Billion

Structured International Equity		0.85		First $1 Billion
		0.77		Next $1 Billion
		0.73		Over $2 Billion

Additionally, from the period from July 1, 2005 – December 29, 2005, GSAM voluntarily agreed to waive a portion of its Management fees equal to 0.01% and 0.04% based on the average daily net assets of Structured Small Cap Equity and Structured International Equity, respectively. Effective December 29, 2005, GSAM has voluntarily agreed to waive a portion of its Management fees equal to 0.09%, 0.14%, 0.14%, 0.04% and 0.04% based on the average daily net assets of Structured Large Cap Value, Structured U.S. Equity, Structured Large Cap Growth, Structured Small Cap Equity and Structured International Equity, respectively. As a result of these fee waivers, the Management fees for the first $1 billion of the average daily net assets of Structured Large Cap Value, Structured U.S. Equity, Structured Large Cap Growth and Structured International Equity are equal to 0.51%, 0.51%, 0.51% and 0.81%, respectively. The Management fee is equal to 0.81% for the first $2 billion of the average daily net assets of Structured Small Cap Equity as a result of fee waivers. Prior to December 29, 2005, the Management Fees for the Structured Large Cap Value, Structured U.S. Equity, Structured Large Cap Growth, Structured Small Cap Equity and the Structured International Funds as an annual percentage rate of average daily net assets were 0.60%, 0.65%, 0.65%, 0.85% and 0.85%, respectively.

GSAM has voluntarily agreed to limit certain “Other Expenses” (excluding Management fees, Distribution and Service fees, Transfer Agency fees and expenses, Service Share fees, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses exclusive of any expense offset arrangements) to the extent that such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Effective December 29, 2005, GSAM voluntarily agreed to limit certain Other Expenses of the Funds as an annual percentage rate of average daily net assets to 0.004%. Prior to December 29, 2005, the Other Expense limitations for Structured Large Cap Value, Structured U.S. Equity, Structured Large Cap Growth, Structured Small Cap Equity and Structured International Equity were 0.064%, 0.004%, 0.024%, 0.044% and 0.124%, respectively. Such expense reimbursements, if any, are computed daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any.

The Trust, on behalf of each Fund, has adopted Distribution and Service Plans (the “Plans”). Under the Plans, Goldman Sachs and/or authorized dealers are entitled to a monthly fee for distribution services equal to, on an annual basis, 0.25%, 0.75% and 0.75% of the average daily net assets attributable to Class A, Class B and Class C Shares, respectively. Additionally, Goldman Sachs and/or authorized dealers are entitled to receive, under the Plans, a separate fee for personal and

GOLDMAN SACHS STRUCTURED EQUITY FUNDS

Notes to Financial Statements (continued)

August 31, 2006

3. AGREEMENTS (continued)

account maintenance services equal to, on an annual basis, 0.25% of the average daily net assets attributable to Class B and Class C Shares.

Goldman Sachs serves as Distributor of the shares of the Funds pursuant to a Distribution Agreement. Goldman Sachs may retain a portion of the Class A sales load and Class B and Class C contingent deferred sales charges. During the year ended August 31, 2006, Goldman Sachs advised the Funds that it retained the following approximate amounts:


			Contingent Deferred
	Sales Load		Sales Charge

Fund	Class A		Class B		Class C

Structured Large Cap Value	$	159,000	$	100	$	—

Structured U.S. Equity		56,400		—		—

Structured Large Cap Growth		21,600		500		—

Structured Small Cap Equity		44,900		200		300

Structured International Equity		241,300		200		—

All classes of the Structured International Equity Fund charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. Redemption fees are reimbursed to the Fund and reflected as a reduction in share redemptions on the Statement of Changes in Net Assets. Redemption fees are credited to Paid-in capital and are allocated to each share class of the Fund on a pro-rata basis at the time of payment.

Goldman Sachs also serves as the Transfer Agent of the Funds for a fee. The fees charged for such transfer agency services are calculated daily and payable monthly at an annual rate as follows: 0.19% of the average daily net assets for Class A, Class B and Class C Shares and 0.04% of the average daily net assets for Institutional and Service Shares.

The Trust, on behalf of each Fund, has adopted a Service Plan and Shareholder Administration Plan for Service Shares. These plans allow for Service Shares to compensate service organizations for providing varying levels of personal and account administration and shareholder administration services to their customers who are beneficial owners of such shares. The Service Plan and Shareholder Administration Plan provides for compensation to the service organizations in an amount equal to, on an annual basis, 0.25% and 0.25%, respectively, of the average daily net assets of the Service Shares.

For the year ended August 31, 2006, GSAM has voluntarily waived certain management fees and agreed to reimburse certain expenses. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent resulting in a reduction in the Funds’ expenses. These expense reductions were as follows (in thousands):


					Expense Credits

	Management Fee		Other Expense		Custody		Transfer Agent		Total Expense
Fund	Waiver		Reimbursement		Fee		Fee		Reductions

Structured Large Cap Value	$	568	$	300	$	15	$	9	$	892

Structured U.S. Equity		1,048		538		15		27		1,628

Structured Large Cap Growth		668		377		4		11		1,060

Structured Small Cap Equity		210		392		11		8		621

Structured International Equity		665		842		16		12		1,535

GOLDMAN SACHS STRUCTURED EQUITY FUNDS

3. AGREEMENTS (continued)

As of August 31, 2006, the amounts owed to affiliates were as follows (in thousands):


	Management		Distribution and		Transfer
Fund	Fees		Service Fees		Agent Fees		Total

Structured Large Cap Value	$	482	$	116	$	92	$	690

Structured U.S. Equity		589		225		137		951

Structured Large Cap Growth		358		118		74		550

Structured Small Cap Equity		521		76		55		652

Structured International Equity		1,569		164		172		1,905

4. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds of sales and maturities of long-term securities for the year ended August 31, 2006, were as follows:


Fund	Purchases		Sales and Maturities

Structured Large Cap Value	$	1,549,017,085	$	1,066,577,945

Structured U.S. Equity		1,697,193,559		1,332,226,596

Structured Large Cap Growth		1,032,681,954		730,838,899

Structured Small Cap Equity		1,151,566,055		978,539,229

Structured International Equity		2,035,832,247		946,510,501

For the year ended August 31, 2006, Goldman Sachs earned approximately $83,900, $13,900, $35,700, $24,500 and $132,300 of brokerage commissions from portfolio transactions including futures transactions, executed on behalf of the Structured Large Cap Value, Structured U.S. Equity, Structured Large Cap Growth, Structured Small Cap Equity and Structured International Equity Funds, respectively.

During the year ended August 31, 2005, GSAM voluntarily agreed to reimburse the Structured Large Cap Value, Structured U.S. Equity, Structured Large Cap Growth and Structured Small Cap Equity Funds for $18,876, $23,962, $400,102 and $110,026, respectively, for certain class action settlements in which the Funds were eligible to participate.

5. SECURITIES LENDING

Pursuant to exemptive relief granted by the SEC and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Boston Global Advisers (“BGA”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ security lending procedures, the loans are collateralized at all times with cash and/or securities with a market value at least equal to the securities on loan. The market value of the loaned securities is determined at the close of business of the funds at their last sale price or official closing price on the principal exchange or system on which they are traded and any additional required collateral is delivered to the funds on the next business day. As with other extensions of credit, the Funds bear the risk of delay on recovery or loss of rights in the collateral should the borrower of the securities fail financially.

Both the Funds and BGA receive compensation relating to the lending of the Funds’ securities. The amounts earned by the Funds for the year ended August 31, 2006 are reported parenthetically under Investment Income on the Statements of Operations. The Funds invest the cash collateral received in connection with securities lending transactions in the Enhanced

GOLDMAN SACHS STRUCTURED EQUITY FUNDS

Notes to Financial Statements (continued)

August 31, 2006

5. SECURITIES LENDING (continued)

Portfolio of Boston Global Investment Trust, a Delaware statutory trust. The Enhanced Portfolio is exempt from registration under Section 3(c)(7) of the Act and is managed by GSAM, for which GSAM receives an investment advisory fee of up to 0.10% of the average daily net assets of the Enhanced Portfolio. The Enhanced Portfolio invests in high quality money market instruments. The Funds bear the risk of incurring a loss from the investment of cash collateral due to either credit or market factors. Both the Funds and BGA receive compensation relating to the lending of the Funds’ securities.

The table below details securities lending activity as of, and for the year ended August 31, 2006:


							Earnings Received
					Earnings of BGA		by the Funds
					Relating to		From Lending to		Amount Payable to
	Market Value of		Cash Collateral		Securities		Goldman		Goldman Sachs
	Securities on		Received for Loans		Loaned for the		Sachs for		Upon Return of
	Loan as of		Outstanding as of		Year Ended		the Year Ended		Securities Loaned as
Fund	August 31, 2006		August 31, 2006		August 31, 2006		August 31, 2006		of August 31, 2006

Structured Large Cap Value	$	8,751,070	$	9,095,250	$	4,588	$	3,368	$	407,500

Structured U.S. Equity		54,679,277		55,463,875		7,169		2,714		—

Structured Large Cap Growth		7,308,853		7,559,200		6,268		3,259		—

Structured Small Cap Equity		96,698,231		99,117,675		103,501		132,864		15,216,200

Structured International Equity		156,553,089		165,387,503		293,768		462,820		8,687,490

6. LINE OF CREDIT FACILITY

The Funds participate in a $400,000,000 committed, unsecured revolving line of credit facility together with other registered investment companies having management or investment advisory agreements with GSAM. Under the most restrictive arrangement, the Funds must own securities having a market value in excess of 300% of each Fund’s total bank borrowings. This facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate. The committed 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 year ended August 31, 2006, the Funds did not have any borrowings under this facility.

7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2006 was as follows:


										Structured
		Structured Large		Structured U.S.		Structured Large		Structured Small		International
		Cap Value		Equity		Cap Growth		Cap Equity		Equity Fund

Distributions paid from:
Ordinary income		$	10,656,545	$	3,444,699	$	1,118,496	$	7,466,659	$	12,778,661
Net long-term Capital Gains			14,265,499		—		—		34,879,164		7,995,998

	Total taxable distributions	$	24,922,044	$	3,444,699	$	1,118,496	$	42,345,823	$	20,774,659

GOLDMAN SACHS STRUCTURED EQUITY FUNDS

7. TAX INFORMATION (continued)

The tax character of distributions paid during the fiscal year ended August 31, 2005 was as follows:


										Structured
		Structured Large		Structured U.S.		Structured Large		Structured Small		International
		Cap Value		Equity		Cap Growth		Cap Equity		Equity Fund

Distributions paid from:
Ordinary income		$	3,809,038	$	5,290,165	$	—		$—	$	6,039,225
Net long-term Capital Gains			7,080,272		—		—		20,102,593		—

	Total taxable distributions	$	10,889,310	$	5,290,165	$	—		$20,102,593	$	6,039,225

As of August 31, 2006, the components of accumulated earnings (losses) on a tax basis were as follows:


												Structured
		Structured Large		Structured U.S.			Structured Large			Structured Small		International
		Cap Value		Equity			Cap Growth			Cap Equity		Equity Fund

Undistributed ordinary income — net		$	11,276,577	$	8,455,945		$	2,268,154		$	1,351,103	$	66,364,881
Undistributed long-term capital gains			36,530,354		44,701,126			—			43,040,260		67,581,530

Total undistributed earnings		$	47,806,931	$	53,157,701		$	2,268,154		$	44,391,363	$	133,946,411
Capital loss carryforward:¹
	Expiring 2010		—		(21,317,839	)		(110,628,623	)		—		(506,100	)
	Expiring 2011		—					(145,633,770	)		—		—

Total capital loss carryforward ²			—		(21,317,839	)		(256,262,393	)		—		(506,100	)
Unrealized gains — net			93,980,523		132,656,475			48,985,362			51,228,786		301,194,978

Total accumulated earnings (losses) — net		$	141,787,454	$	164,495,707		$	(205,008,877	)	$	95,620,149	$	434,635,289


1	Expiration occurs on August 31 of the year indicated. Due to fund mergers, utilization of these losses may be limited under the Internal Revenue Code.
2	The Structured U.S. Equity Fund, Structured Large Cap Growth Fund and Structured International Equity Fund utilized approximately $30,022,000, $22,680,000 and $9,236,000, respectively, of their capital loss carryforwards.

As of August 31, 2006, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:


														Structured
		Structured Large			Structured U.S.			Structured Large			Structured Small			International
		Cap Value			Equity			Cap Growth			Cap Equity			Equity Fund

Tax Cost		$	1,101,350,432		$	1,305,592,737		$	817,303,841		$	808,621,298		$	2,295,289,247

Gross unrealized gain			108,816,182			144,150,023			62,141,256			77,288,056			307,645,758
Gross unrealized loss			(14,998,061	)		(11,649,700	)		(13,205,369	)		(26,107,122	)		(12,886,660	)

	Net unrealized security gain		93,818,121			132,500,323			48,935,887			51,180,934			294,759,098

	Net unrealized gain on other investments		162,402			156,152			49,475			47,852			6,435,880

Total unrealized gain		$	93,980,523		$	132,656,475		$	48,985,362		$	51,228,786		$	301,194,978

The difference between book-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark-to-market gains (losses) on Section 1256 contracts, differences related to the tax treatment of partnerships and passive foreign investment company investments.

GOLDMAN SACHS STRUCTURED EQUITY FUNDS

Notes to Financial Statements (continued)

August 31, 2006

7. TAX INFORMATION (continued)

In order to present certain components of the Funds’ capital accounts on a tax basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds. Reclassifications result primarily from the difference in the tax treatment of net operating losses, Passive Foreign Investment Company investments, and redemptions utilized as distributions.


						Accumulated
			Accumulated			Undistributed
			Net Realized			Net Investment
Fund	Paid-in Capital		Gain (Loss)			Income

Structured Large Cap Value	$	11,659,496	$	(11,093,160	)	$	(566,336	)

Structured U.S. Equity		434,370		(434,233	)		(137	)

Structured Small Cap Equity		6,792,755		(7,388,085	)		595,330

Structured International Equity		5,643,966		(5,748,432	)		104,466

8. OTHER MATTERS

As of August 31, 2006, Goldman, Sachs & Co. Profit Sharing Master Trust was the beneficial owner of approximately 9% and 6% of the outstanding (Institutional) shares of the Structured U.S. Equity Fund and Structured Small Cap Equity Fund, respectively. In addition, the following Goldman Sachs Asset Allocation Portfolios were beneficial owners of certain Funds with amounts greater than 5% as of August 31, 2006 (as a percentage of outstanding Institutional shares):


				Goldman Sachs						Goldman Sachs
	Goldman Sachs			Growth and Income			Goldman Sachs			Equity Growth
	Balanced Strategy			Strategy			Growth Strategy			Strategy
Fund	Portfolio			Portfolio			Portfolio			Portfolio

Structured Large Cap Value		3	%		18	%		20	%		7	%

Structured Large Cap Growth		2			19			23			9

Structured International Equity		3			16			18			7

Mergers and Reorganizations — At a meeting held on August 5, 2004, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (“the Agreement”) providing for the tax-free acquisition of the Golden Oak International Equity into the Goldman Sachs Structured International Equity Fund. The acquisition was completed on September 28, 2004.

Pursuant to the Agreement, the assets and liabilities of the Golden Oak International Equity (“Acquired Fund”) Institutional Class and Class A were transferred into the Goldman Sachs Structured International Equity (“Survivor Fund”) Institutional Class and Class A, respectively, in a tax-free exchange as follows:


	Exchanged Shares				Acquired Fund’s
	of Survivor		Value of		Shares Outstanding
Survivor/Acquired Fund	Issued		Exchanged Shares		as of September 28, 2004

Goldman Sachs Structured International Equity Class A/Golden Oak International Equity Class A		143,778	$	1,370,167		174,727

Goldman Sachs Structured International Equity Fund Institutional Class/Golden Oak International Equity Institutional Class		4,500,559	$	43,746,329		5,554,976

The following chart shows the Survivor Fund’s and Acquired Fund’s aggregate net assets (immediately before and after the completion of the acquisition) and the Acquired Fund’s unrealized appreciation and capital loss carryforwards. Utilization of the Acquired Fund’s capital loss carryforward may be limited under the Internal Revenue Code.

GOLDMAN SACHS STRUCTURED EQUITY FUNDS

8. OTHER MATTERS (continued)

Survivor Fund’s

Acquired Fund’s

Aggregate

Acquired

Net Assets

Fund’s

immediately

before

Unrealized

Capital Loss

after

Survivor/Acquired Funds

acquisition

Appreciation

Carryforward

acquisition

Goldman Sachs Structured International Equity/ Golden Oak International Equity

414,212,685

45,116,496

3,622,910

(4,590,913

)

459,329,181

At a meeting held on November 4, 2004, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (“the Agreement”) providing for the tax-free acquisition of the Expedition Equity Fund into the Goldman Sachs Structured U.S. Equity Fund. The acquisition was completed on February 28, 2005.

Pursuant to the Agreement, the assets and liabilities of the Expedition Equity (“Acquired Fund”) Institutional Class, Class A and Class B were transferred into the Goldman Sachs Structured U.S. Equity (“Survivor”) Institutional Class, Class A and Class B, respectively, in a tax-free exchange as follows:


	Exchanged Shares				Acquired Fund’s
	of Survivor		Value of		Shares Outstanding
Survivor/Acquired Fund	Issued		Exchanged Shares		as of February 28, 2005

Goldman Sachs Structured U.S. Equity Class A/ Expedition Equity Class A		234,940	$	6,634,688		799,756

Goldman Sachs Structured U.S. Equity Class B/ Expedition Equity Class B		522,540		13,993,554		1,770,335

Goldman Sachs Structured U.S. Equity Institutional Class/ Expedition Equity Institutional Class		3,631,659		104,410,705		12,455,438

Survivor Fund’s

Acquired Fund’s

Aggregate

Acquired

Net Assets

Fund’s

Funds’

immediately

before

Unrealized

Capital Loss

after

Survivor/Acquired Fund

acquisition

Appreciation

Carryforward

acquisition

Goldman Sachs Structured U.S. Equity Fund/ Expedition Equity

791,212,862

125,038,947

18,353,229

(79,989,096

)

916,251,809

At a meeting held on December 14, 2005, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (“the Agreement”) providing for the tax-free acquisition of the First Funds Core Equity Portfolio by the Goldman Sachs Structured U.S. Equity Fund and the First Funds Capital Appreciation Portfolio by the Goldman Sachs Structured Small Cap Equity Fund. On April 7, 2006, the Board of Trustees approved certain amendments to the Agreement and Plan of Reorganization. The acquisition was completed on June 5, 2006.

Pursuant to the Agreement, the assets and liabilities of the First Funds Core Equity Portfolio and the First Funds Capital Appreciation Portfolio (each an “Acquired Fund”) Class I, Class A, Class B and Class C were transferred into the Goldman

GOLDMAN SACHS STRUCTURED EQUITY FUNDS

Notes to Financial Statements (continued)

August 31, 2006

8. OTHER MATTERS (continued)

Sachs Structured U.S. Equity Fund and the Goldman Sachs Structured Small Cap Equity Fund (each a “Survivor Fund”) Institutional Class, Class A and Class B, respectively, in a tax free exchange as follows:


	Exchanged Shares				Acquired Fund’s
	of Survivor		Value of		Shares Outstanding
Survivor/Acquired Fund	Issued		Exchanged Shares		as of June 5, 2006

Goldman Sachs Structured U.S. Equity Class A/ First Funds Core Equity Portfolio Class A		978,718	$	30,761,079		1,891,444

Goldman Sachs Structured U.S. Equity Class A/ First Funds Core Equity Portfolio Class C		831,164		26,123,429		1,701,135

Goldman Sachs Structured U.S. Equity Class B/ First Funds Core Equity Portfolio Class B		243,801		7,223,819		463,904

Goldman Sachs Structured U.S. Equity Institutional Class/ First Funds Core Equity Portfolio Class I		7,897,369		253,347,517		15,536,316

Goldman Sachs Structured Small Cap Equity Class A/ First Funds Capital Appreciation Portfolio Class A		242,404		3,541,520		298,468

Goldman Sachs Structured Small Cap Equity Class A/ First Funds Capital Appreciation Portfolio Class C		36,325		530,704		48,454

Goldman Sachs Structured Small Cap Equity Class B/ First Funds Capital Appreciation Portfolio Class B		127,675		1,722,346		150,246

Goldman Sachs Structured Small Cap Equity Institutional Class/ First Funds Capital Appreciation Portfolio Class I		8,234,016		124,333,284		10,138,925

The following chart shows each Survivor Fund’s and Acquired Fund’s aggregate net assets (immediately before and after the completion of the acquisition) and each Acquired Fund’s unrealized appreciation.


							Survivor Fund’s
	Survivor Fund’s		Acquired Fund’s				Aggregate
	Aggregate		Aggregate		Acquired		Net Assets
	Net Assets		Net Assets		Fund’s		immediately
	before		before		Unrealized		after
Survivor/Acquired Fund	acquisition		acquisition		Appreciation		acquisition

Goldman Sachs Structured U.S. Equity/ First Funds Core Equity Portfolio	$	1,015,801,262	$	317,455,844	$	34,533,591	$	1,333,257,106

Goldman Sachs Structured Small Cap Equity/ First Funds Capital Appreciation Portfolio	$	682,529,826	$	130,127,854	$	19,883,232	$	812,657,680

Legal Proceedings — Purported class and derivative action lawsuits were filed in April and May 2004 in the United States District Court for the Southern District of New York against the Goldman Sachs Group, Inc. (“GSG”), GSAM and certain related parties, including certain Goldman Sachs Funds including these Funds, and the Trustees and Officers of the Trust. In June 2004, these lawsuits were consolidated into one action and in November 2004 a consolidated and amended complaint was filed against GSG, GSAM, Goldman Sachs Asset Management International (“GSAMI”), Goldman Sachs and certain related parties including certain Goldman Sachs Funds and the Trustees and Officers of the Trust. These Funds, along with certain other investment portfolios of the Trust, were named as nominal defendants in the amended complaint. Plaintiffs filed a second amended consolidated complaint on April 15, 2005. The second amended consolidated complaint alleges violations of the Act and the Investment Advisers Act of 1940. The complaint also asserts claims involving common law breach of

GOLDMAN SACHS STRUCTURED EQUITY FUNDS

8. OTHER MATTERS (continued)

fiduciary duty and unjust enrichment. The complaint alleges, among other things, that between April 2, 1999 and January 9, 2004 (the “Class Period”), GSAM and other defendants made improper and excessive brokerage commission and other payments to brokers that sold shares of the Goldman Sachs Funds and omitted statements of fact in registration statements and reports filed pursuant to the Act which were necessary to prevent such registration statements and reports from being materially false and misleading. The complaint further alleges that the Goldman Sachs Funds paid excessive and improper advisory fees to Goldman Sachs. The complaint also alleges that GSAM and GSAMI used 12b-1 fees for improper purposes and made improper use of soft dollars. The complaint further alleges that the Trust’s Officers and Trustees breached their fiduciary duties in connection with the foregoing. On January 13, 2006, all claims against the defendants were dismissed by the U.S. District Court. On February 22, 2006, the plaintiffs appealed this decision. By agreement, plaintiffs subsequently withdrew their appeal without prejudice but reserved their right to reactivate their appeal pending a decision by the circuit court of appeals in similar litigation.

Based on currently available information, GSAM and GSAMI believe that the likelihood that the pending purported class and derivative action lawsuit will have a material adverse financial impact on the Funds is remote, and the pending action is not likely to materially affect their ability to provide investment management services to their clients, including the Goldman Sachs Funds.

New Accounting Pronouncements — On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. At this time, management is evaluating the implications of FIN 48 and its impact in the financial statements has not yet been determined.

On September 15, 2006, the FASB released Statement Financial Accounting Standard No. 157 (“FAS 157”) Fair Value Measurement which provides enhanced guidance for using fair value to measure assets and liabilities. The standard requires companies to provide expanded information about the assets and liabilities measured at fair value and the potential effect of these fair valuations on an entity’s financial performance. The standard does not expand the use of fair value in any new circumstances, but provides clarification on acceptable fair valuation methods and applications. Adoption of FAS 157 is required for fiscal years beginning after November 15, 2007. The standard is not expected to materially impact the Fund’s financial statements.

9. SUBSEQUENT EVENT

Mergers and Reorganizations — At a meeting held on May 11, 2006, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (the “Agreement”) providing for the tax-free acquisition of the Goldman Sachs Research Select Fund by the Goldman Sachs Structured U.S. Equity Fund. Following the approval of the Board of Trustees and shareholders of the Goldman Sachs Research Select Fund, the acquisition was completed on September 25, 2006.

GOLDMAN SACHS STRUCTURED EQUITY FUNDS

Notes to Financial Statements (continued)

August 31, 2006

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Structured Large Cap Value Fund

	For the Year Ended						For the Year Ended
	August 31, 2006						August 31, 2005

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		25,532,218		$	345,499,377			8,442,890		$	102,286,779
Shares issued in connection with merger		—			—			—			—
Shares converted from Class B^(a)		69,556			912,765			29,581			360,703
Reinvestment of dividends and distributions		532,010			6,989,988			275,453			3,308,458
Shares repurchased		(9,505,137	)		(127,546,622	)		(3,064,759	)		(36,828,135	)

		16,628,647			225,855,508			5,683,165			69,127,805

Class B Shares
Shares sold		229,911			3,042,680			223,430			2,676,204
Shares issued in connection with merger		—			—			—			—
Reinvestment of dividends and distributions		27,326			353,752			33,408			399,119
Shares converted to Class A		(70,167	)		(912,765	)		(29,825	)		(360,703	)
Shares repurchased		(430,798	)		(5,687,157	)		(392,351	)		(4,713,426	)

		(243,728	)		(3,203,490	)		(165,338	)		(1,998,806	)

Class C Shares
Shares sold		527,302			6,992,195			574,083			6,868,263
Reinvestment of dividends and distributions		32,767			424,719			32,914			393,527
Shares repurchased		(561,874	)		(7,452,153	)		(504,742	)		(6,075,965	)

		(1,805	)		(35,239	)		102,255			1,185,825

Institutional Shares
Shares sold		42,516,476			571,488,724			16,747,719			204,004,866
Shares issued in connection with merger		—			—			—			—
Reinvestment of dividends and distributions		1,262,081			16,578,172			552,422			6,619,164
Shares repurchased		(23,009,917	)		(307,840,152	)		(4,428,406	)		(51,716,817	)

		20,768,640			280,226,744			12,871,735			158,907,213

Service Shares
Shares sold		121,591			1,680,600			33,319			400,563
Reinvestment of dividends and distributions		1,089			14,226			1,317			15,852
Shares repurchased		(64,699	)		(873,383	)		(15,480	)		(184,314	)

		57,981			821,443			19,156			232,101

NET INCREASE (DECREASE)		37,209,735		$	503,664,966			18,510,973		$	227,454,138


(a)	Class B Shares automatically convert into Class A Shares at the end of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund.

GOLDMAN SACHS STRUCTURED EQUITY FUNDS

10. SUMMARY OF SHARE TRANSACTIONS (continued)


Structured U.S. Equity Fund												Structured Large Cap Growth Fund

For the Year Ended						For the Year Ended						For the Year Ended						For the Year Ended
August 31, 2006						August 31, 2005						August 31, 2006						August 31, 2005

Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars


	4,613,451		$	142,873,179			3,817,252		$	106,115,210			15,276,119		$	199,732,380			6,107,993		$	73,626,115
	1,809,882			56,884,508			234,940			6,634,688			—			—			—			—
	386,363			11,746,340			195,024			5,372,733			447,436			5,815,347			88,745			1,052,643
	54,042			1,639,094			116,505			3,286,613			4,541			59,855			—			—
	(3,995,041	)		(122,652,714	)		(3,412,663	)		(94,828,489	)		(5,495,448	)		(72,501,227	)		(3,768,736	)		(44,490,893	)

	2,868,697			90,490,407			951,058			26,580,755			10,232,648			133,106,355			2,428,002			30,187,865


	116,019			3,354,017			200,079			5,224,404			132,890			1,642,170			177,675			2,011,348
	243,801			7,223,819			522,540			13,993,554			—			—			—			—
	—			—			1,419			38,000			—			—			—			—
	(409,321	)		(11,746,340	)		(205,980	)		(5,372,733	)		(477,079	)		(5,815,347	)		(94,046	)		(1,052,643	)
	(1,285,974	)		(37,134,431	)		(1,307,824	)		(34,212,836	)		(1,805,964	)		(22,106,869	)		(2,003,340	)		(22,604,976	)

	(1,335,475	)		(38,302,935	)		(789,766	)		(20,329,611	)		(2,150,153	)		(26,280,046	)		(1,919,711	)		(21,646,271	)


	204,239			5,908,011			301,821			7,880,311			167,316			2,058,876			158,700			1,793,715
	—			—			1,789			47,717			—			—			—			—
	(375,281	)		(10,835,948	)		(493,515	)		(12,925,965	)		(830,159	)		(10,301,976	)		(764,504	)		(8,662,729	)

	(171,042	)		(4,927,937	)		(189,905	)		(4,997,937	)		(662,843	)		(8,243,100	)		(605,804	)		(6,869,014	)


	4,477,783			140,971,110			1,504,363			43,409,655			25,906,686			348,090,391			14,878,459			184,619,266
	7,897,369			253,347,517			3,631,659			104,410,705			—			—			—			—
	37,172			1,148,613			55,473			1,591,529			77,882			1,052,189			—			—
	(1,648,028	)		(51,535,457	)		(1,462,411	)		(41,242,690	)		(10,489,114	)		(142,036,561	)		(4,008,711	)		(47,339,167	)

	10,764,296			343,931,783			3,729,084			108,169,199			15,495,454			207,106,019			10,869,748			137,280,099


	182,926			5,577,439			134,243			3,703,952			7,283			98,181			3,781			45,010
	932			28,029			2,468			69,042			—			—			—			—
	(128,228	)		(3,859,152	)		(139,080	)		(3,844,408	)		(5,698	)		(71,722	)		(18,179	)		(215,549	)

	55,630			1,746,316			(2,369	)		(71,414	)		1,585			26,459			(14,398	)		(170,539	)

	12,182,106		$	392,937,634			3,698,102		$	109,350,992			22,916,691		$	305,715,687			10,757,837		$	138,782,140

GOLDMAN SACHS STRUCTURED EQUITY FUNDS

Notes to Financial Statements (continued)

August 31, 2006

10. SUMMARY OF SHARE TRANSACTIONS (continued)


	Structured Small Cap Equity Fund

	For the Year Ended						For the Year Ended
	August 31, 2006						August 31, 2005

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		8,153,980		$	117,078,380			5,800,199		$	77,871,561
Shares issued in connection with merger		278,729			4,072,224			—			—
Shares converted from Class B^(a)		113,275			1,614,534			14,332			186,045
Reinvestment of dividends and distributions		813,060			11,244,622			477,055			6,249,416
Shares repurchased		(6,523,181	)		(93,312,132	)		(5,013,806	)		(67,263,693	)

		2,835,863			40,697,628			1,277,780			17,043,329

Class B Shares
Shares sold		127,749			1,704,896			204,747			2,590,389
Shares issued in connection with merger		127,675			1,722,346			—			—
Reinvestment of dividends and distributions		106,848			1,369,787			81,647			1,005,077
Shares converted to Class A^(a)		(122,183	)		(1,614,534	)		(15,234	)		(186,045	)
Shares repurchased		(401,916	)		(5,326,308	)		(531,641	)		(6,667,472	)

		(161,827	)		(2,143,813	)		(260,481	)		(3,258,051	)

Class C Shares
Shares sold		882,834			11,784,175			637,975			8,111,339
Reinvestment of dividends and distributions		152,774			1,966,195			85,890			1,060,746
Shares repurchased		(827,711	)		(10,902,937	)		(701,355	)		(8,821,128	)

		207,897			2,847,433			22,510			350,957

Institutional Shares
Shares sold		15,688,113			230,700,270			16,915,181			233,298,330
Shares issued in connection with merger		8,234,016			124,333,284			—			—
Reinvestment of dividends and distributions		1,580,760			22,541,641			646,629			8,684,223
Shares repurchased		(12,082,876	)		(182,619,082	)		(7,148,812	)		(99,558,812	)

		13,420,013			194,956,113			10,412,998			142,423,741

Service Shares
Shares sold		921,548			12,977,301			857,491			11,350,809
Reinvestment of dividends and distributions		113,254			1,548,180			84,436			1,095,982
Shares repurchased		(1,532,095	)		(21,612,716	)		(1,786,301	)		(23,740,948	)

		(497,293	)		(7,087,235	)		(844,374	)		(11,294,157	)

NET INCREASE (DECREASE)		15,804,653		$	229,270,126			10,608,433		$	145,265,819


(a)	Class B Shares automatically convert into Class A Shares at the end of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund.

GOLDMAN SACHS STRUCTURED EQUITY FUNDS


Structured International Equity Fund

	For the Year Ended						For the Year Ended
	August 31, 2006						August 31, 2005

	Shares			Dollars			Shares			Dollars


		33,603,419		$	446,667,684			16,693,893		$	179,600,914
		—			—			143,778			1,370,167
		73,208			947,165			11,411			119,709
		408,328			4,969,353			107,079			1,120,041
		(7,401,756	)		(96,221,866	)		(5,577,909	)		(60,404,374	)

		26,683,199			356,362,336			11,378,252			121,806,457


		336,131			4,338,428			193,712			2,067,416
		—			—			—			—
		5,222			62,977			—			—
		(74,128	)		(947,165	)		(11,549	)		(119,709	)
		(235,976	)		(3,006,076	)		(165,944	)		(1,755,991	)

		31,249			448,164			16,219			191,716


		162,983			2,146,302			136,148			1,452,028
		3,061			36,944			—			—
		(79,389	)		(1,043,407	)		(117,796	)		(1,251,939	)

		86,655			1,139,839			18,352			200,089


		68,630,073			920,070,546			39,786,594			430,630,065
		—			—			4,500,559			43,746,329
		1,135,451			14,079,590			404,691			4,305,919
		(14,300,707	)		(193,365,457	)		(13,240,749	)		(147,797,277	)

		55,464,817			740,784,679			31,451,095			330,885,036


		1,273,906			16,620,214			2,010,483			22,145,156
		15,544			189,788			78			827
		(381,277	)		(5,130,307	)		(113,395	)		(1,288,536	)

		908,173			11,679,695			1,897,166			20,857,447

		83,174,093		$	1,110,414,713			44,761,084		$	473,940,745

GOLDMAN SACHS STRUCTURED LARGE CAP VALUE FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


			Income (loss) from									Distributions
			investment operations									to shareholders

	Net asset		Net
	value,		investment			Net realized			Total from			From net			From net
	beginning		income			and unrealized			investment			investment			realized			Total
Year - Share Class	of year		(loss)^(a)			gain (loss)			operations			income			gains			distributions

FOR THE YEARS ENDED AUGUST 31,

2006 - A	$	12.69	$	0.17		$	1.51		$	1.68		$	(0.14	)	$	(0.24	)	$	(0.38	)
2006 - B		12.59		0.07			1.49			1.56			(0.03	)		(0.24	)		(0.27	)
2006 - C		12.60		0.07			1.50			1.57			(0.03	)		(0.24	)		(0.27	)
2006 - Institutional		12.69		0.23			1.50			1.73			(0.18	)		(0.24	)		(0.42	)
2006 - Service		12.73		0.17			1.50			1.67			(0.10	)		(0.24	)		(0.34	)

2005 - A		11.15		0.12			1.76			1.88			(0.09	)		(0.25	)		(0.34	)
2005 - B		11.06		0.03			1.76			1.79			(0.01	)		(0.25	)		(0.26	)
2005 - C		11.07		0.03			1.76			1.79			(0.01	)		(0.25	)		(0.26	)
2005 - Institutional		11.14		0.17			1.77			1.94			(0.14	)		(0.25	)		(0.39	)
2005 - Service		11.18		0.11			1.77			1.88			(0.08	)		(0.25	)		(0.33	)

2004 - A		9.48		0.04			1.75			1.79			(0.12	)		—			(0.12	)
2004 - B		9.40		(0.04	)		1.74			1.70			(0.04	)		—			(0.04	)
2004 - C		9.42		(0.04	)		1.73			1.69			(0.04	)		—			(0.04	)
2004 - Institutional		9.47		0.09			1.74			1.83			(0.16	)		—			(0.16	)
2004 - Service		9.50		0.03			1.76			1.79			(0.11	)		—			(0.11	)

2003 - A		8.74		0.10			0.74			0.84			(0.10	)		—			(0.10	)
2003 - B		8.67		0.03			0.73			0.76			(0.03	)		—			(0.03	)
2003 - C		8.68		0.03			0.74			0.77			(0.03	)		—			(0.03	)
2003 - Institutional		8.74		0.13			0.73			0.86			(0.13	)		—			(0.13	)
2003 - Service		8.74		0.09			0.74			0.83			(0.07	)		—			(0.07	)

2002 - A		10.31		0.07			(1.57	)		(1.50	)		(0.07	)		—			(0.07	)
2002 - B		10.24		—	^(c)		(1.56	)		(1.56	)		(0.01	)		—			(0.01	)
2002 - C		10.25		—	^(c)		(1.56	)		(1.56	)		(0.01	)		—			(0.01	)
2002 - Institutional		10.31		0.11			(1.57	)		(1.46	)		(0.11	)		—			(0.11	)
2002 - Service		10.31		0.07			(1.58	)		(1.51	)		(0.06	)		—			(0.06	)


(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total returns could be reduced if sales or redemption charges were 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.
(c)	Amount is less than $0.005 per share.
(d)	Amount is less than 0.005% per share.

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

GOLDMAN SACHS STRUCTURED LARGE CAP VALUE FUND


													Ratios assuming no
													expense reductions

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


$	13.99		13.43	%	$	438,245		0.99	%		1.31	%		1.10	%		1.20	%		127	%
	13.88		12.56			19,200		1.75			0.49			1.84			0.40			127
	13.90		12.66			22,768		1.75			0.51			1.84			0.41			127
	14.00		13.92			715,191		0.59			1.69			0.69			1.59			127
	14.06		13.35			1,697		1.11			1.28			1.20			1.19			127

	12.69		17.13			186,441		1.10			0.99			1.14			0.95			132
	12.59		16.32			20,479		1.85			0.22			1.89			0.18			132
	12.60		16.32			20,666		1.85			0.22			1.89			0.18			132
	12.69		17.69			384,875		0.70			1.39			0.74			1.35			132
	12.73		17.06			799		1.20			0.87			1.24			0.83			132

	11.15		18.93			100,374		1.10			0.95			1.15			0.90			154
	11.06		18.09			19,819		1.85			0.19			1.90			0.14			154
	11.07		17.97			17,027		1.85			0.19			1.90			0.14			154
	11.14		19.41			194,541		0.70			1.36			0.75			1.31			154
	11.18		18.89			487		1.20			0.84			1.25			0.79			154

	9.48		9.70			79,866		1.11			1.13			1.22			1.02			102
	9.40		8.83			18,077		1.86			0.38			1.97			0.27			102
	9.42		8.95			13,798		1.86			0.37			1.97			0.26			102
	9.47		10.03			145,059		0.71			1.52			0.82			1.41			102
	9.50		9.58			327		1.21			1.02			1.32			0.91			102

	8.74		(14.61	)		76,472		1.11			0.76			1.20			0.67			112
	8.67		(15.28	)		18,828		1.86			0.00^(d	⁾		1.95			(0.09	)		112
	8.68		(15.26	)		12,533		1.86			0.01			1.95			(0.08	)		112
	8.74		(14.25	)		108,613		0.71			1.15			0.80			1.06			112
	8.74		(14.70	)		281		1.21			0.72			1.30			0.63			112

GOLDMAN SACHS STRUCTURED U.S. EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


			Income (loss) from									Distributions
			investment operations									to shareholders

	Net asset
	value,		Net			Net realized			Total from			From net
	beginning		investment			and unrealized			investment			investment
Year - Share Class	of year		income (loss)^(a)			gain (loss)			operations			income

FOR THE YEARS ENDED AUGUST 31,

2006 - A	$	29.13	$	0.24		$	2.53		$	2.77		$	(0.11	)
2006 - B		27.52		—	^(d)		2.40			2.40			—
2006 - C		27.39		0.01			2.38			2.39			—
2006 - Institutional		29.72		0.38			2.56			2.94			(0.18	)
2006 - Service		28.88		0.21			2.50			2.71			(0.09	)

2005 - A		25.81		0.26	^(c)		3.28			3.54			(0.22	)
2005 - B		24.39		0.05	^(c)		3.09			3.14			(0.01	)
2005 - C		24.30		0.05	^(c)		3.07			3.12			(0.03	)
2005 - Institutional		26.32		0.36	^(c)		3.37			3.73			(0.33	)
2005 - Service		25.60		0.23	^(c)		3.25			3.48			(0.20	)

2004 - A		22.57		0.11			3.20			3.31			(0.07	)
2004 - B		21.42		(0.08	)		3.05			2.97			—
2004 - C		21.34		(0.08	)		3.04			2.96			—
2004 - Institutional		23.00		0.21			3.27			3.48			(0.16	)
2004 - Service		22.40		0.08			3.19			3.27			(0.07	)

2003 - A		20.18		0.09			2.31			2.40			(0.01	)
2003 - B		19.28		(0.06	)		2.20			2.14			—
2003 - C		19.20		(0.06	)		2.20			2.14			—
2003 - Institutional		20.57		0.17			2.37			2.54			(0.11	)
2003 - Service		20.03		0.07			2.30			2.37			—

2002 - A		24.30		0.04			(4.16	)		(4.12	)		—
2002 - B		23.39		(0.13	)		(3.98	)		(4.11	)		—
2002 - C		23.29		(0.12	)		(3.97	)		(4.09	)		—
2002 - Institutional		24.68		0.14			(4.25	)		(4.11	)		—
2002 - Service		24.15		0.02			(4.14	)		(4.12	)		—


(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were 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.
(c)	Reflects income recognized from a special dividend which amounted to $0.10 per share and .03% of average net assets.
(d)	Amount is less than $0.005.

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

GOLDMAN SACHS STRUCTURED U.S. EQUITY FUND


													Ratios assuming no
													expense reductions

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



$	31.79		9.51	%	$	611,999		0.99	%		0.79	%		1.15	%		0.64	%		129	%
	29.92		8.72			78,110		1.75			0.01			1.90			(0.13	)		129
	29.78		8.73			36,628		1.75			0.03			1.90			(0.12	)		129
	32.48		9.97			644,250		0.59			1.22			0.75			1.06			129
	31.50		9.39			13,019		1.09			0.70			1.25			0.55			129

	29.13		13.75			477,204		1.09			0.93	^(c)		1.19			0.83	^(c)		142
	27.52		12.87			108,595		1.84			0.19	^(c)		1.94			0.09	^(c)		142
	27.39		12.86			38,380		1.84			0.20	^(c)		1.94			0.10	^(c)		142
	29.72		14.16			269,545		0.69			1.23	^(c)		0.79			1.13	^(c)		142
	28.88		13.61			10,328		1.15			0.84	^(c)		1.25			0.74	^(c)		142

	25.81		14.71			398,346		1.13			0.43			1.25			0.31			112
	24.39		13.87			115,492		1.88			(0.32	)		2.00			(0.44	)		112
	24.30		13.87			38,656		1.88			(0.32	)		2.00			(0.44	)		112
	26.32		15.18			140,587		0.73			0.83			0.85			0.71			112
	25.60		14.60			9,215		1.23			0.33			1.35			0.21			112

	22.57		11.90			351,673		1.15			0.44			1.26			0.33			74
	21.42		11.10			118,993		1.90			(0.31	)		2.01			(0.42	)		74
	21.34		11.15			36,546		1.90			(0.31	)		2.01			(0.42	)		74
	23.00		12.40			131,457		0.75			0.84			0.86			0.73			74
	22.40		11.83			7,717		1.25			0.34			1.36			0.23			74

	20.18		(16.95	)		340,934		1.14			0.19			1.24			0.09			74
	19.28		(17.57	)		125,243		1.89			(0.57	)		1.99			(0.67	)		74
	19.20		(17.56	)		36,223		1.89			(0.56	)		1.99			(0.66	)		74
	20.57		(16.65	)		163,439		0.74			0.59			0.84			0.49			74
	20.03		(17.06	)		6,484		1.24			0.09			1.34			(0.01	)		74

GOLDMAN SACHS STRUCTURED LARGE CAP GROWTH FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


			Income (loss) from									Distributions to
			investment operations									shareholders

	Net asset		Net
	value,		investment			Net realized			Total from			From net			From net
	beginning		income			and unrealized			investment			investment			realized			Total
Year-Share Class	of year		(loss)^(a)			gain (loss)			operations			income			gains			distributions

FOR THE YEARS ENDED AUGUST 31,

2006 - A	$	12.55	$	0.04		$	0.61		$	0.65		$	—	^(f)	$	—		$	—	^(f)
2006 - B		11.81		(0.06	)		0.58			0.52			—			—			—
2006 - C		11.81		(0.06	)		0.59			0.53			—			—			—
2006 - Institutional		12.89		0.09			0.64			0.73			(0.04	)		—			(0.04	)
2006 - Service		12.43		0.02			0.65			0.67			—			—			—

2005 - A		11.13		0.04	^(c)		1.38	^(d)		1.42			—			—			—
2005 - B		10.55		(0.04	)^(c)		1.30	^(d)		1.26			—			—			—
2005 - C		10.55		(0.04	)^(c)		1.30	^(d)		1.26			—			—			—
2005 - Institutional		11.38		0.08	^(c)		1.43	^(d)		1.51			—			—			—
2005 - Service		11.04		0.04	^(c)		1.35	^(d)		1.39			—			—			—

2004 - A		10.33		(0.01	)		0.81			0.80			—			—			—
2004 - B		9.87		(0.09	)		0.77			0.68			—			—			—
2004 - C		9.87		(0.09	)		0.77			0.68			—			—			—
2004 - Institutional		10.52		0.03			0.83			0.86			—			—			—
2004 - Service		10.26		(0.02	)		0.80			0.78			—			—			—

2003 - A		9.06		(0.01	)		1.28			1.27			—			—			—
2003 - B		8.72		(0.07	)		1.22			1.15			—			—			—
2003 - C		8.72		(0.07	)		1.22			1.15			—			—			—
2003 - Institutional		9.19		0.03			1.30			1.33			—			—			—
2003 - Service		9.01		(0.02	)		1.27			1.25			—			—			—

2002 - A		11.51		(0.03	)		(2.38	)		(2.41	)		—			(0.04	)		(0.04	)
2002 - B		11.16		(0.11	)		(2.29	)		(2.40	)		—			(0.04	)		(0.04	)
2002 - C		11.17		(0.11	)		(2.30	)		(2.41	)		—			(0.04	)		(0.04	)
2002 - Institutional		11.63		0.01			(2.41	)		(2.40	)		—			(0.04	)		(0.04	)
2002 - Service		11.45		(0.04	)		(2.36	)		(2.40	)		—			(0.04	)		(0.04	)


(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were 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.
(c)	Reflects income recognized from a special dividend which amounted to $0.03 per share and 0.30% of average net assets.
(d)	Reflects an increase of $0.01 due to payments by affiliates during the period to reimburse certain security claims.
(e)	Performance has not been restated to reflect the impact of security claims recorded during the period. If restated, the performance would have been 12.67%, 11.85%, 11.85%, 13.18% and 12.50% for Class A, Class B, Class C, Institutional and Service Shares, respectively.
(f)	Amount is less than $0.005 per share.

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

GOLDMAN SACHS STRUCTURED LARGE CAP GROWTH FUND


													Ratios assuming no
													expense reductions

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



$	13.20		5.21	%	$	310,386		1.00	%		0.28	%		1.16	%		0.12	%		111	%
	12.33		4.40			41,947		1.76			(0.52	)		1.91			(0.67	)		111
	12.34		4.49			22,811		1.76			(0.52	)		1.91			(0.67	)		111
	13.58		5.66			488,448		0.60			0.69			0.76			0.53			111
	13.10		5.39			260		1.10			0.15			1.26			(0.01	)		111

	12.55		12.76	^(e)		166,792		1.11			0.37	^(c)		1.24			0.24	^(c)		146
	11.81		11.94	^(e)		65,545		1.86			(0.32	)^(c)		1.99			(0.45	)^(c)		146
	11.81		11.94	^(e)		29,672		1.86			(0.32	)^(c)		1.99			(0.45	)^(c)		146
	12.89		13.27	^(e)		263,906		0.71			0.65	^(c)		0.84			0.52	^(c)		146
	12.43		12.59	^(e)		227		1.21			0.38	^(c)		1.34			0.25	^(c)		146

	11.13		7.74			120,872		1.15			(0.10	)		1.29			(0.24	)		149
	10.55		6.89			78,810		1.90			(0.85	)		2.04			(0.99	)		149
	10.55		6.89			32,901		1.90			(0.85	)		2.04			(0.99	)		149
	11.38		8.17			109,353		0.75			0.31			0.89			0.17			149
	11.04		7.60			361		1.25			(0.20	)		1.39			(0.34	)		149

	10.33		14.02			127,317		1.18			(0.07	)		1.31			(0.20	)		119
	9.87		13.19			91,084		1.93			(0.82	)		2.06			(0.95	)		119
	9.87		13.19			36,553		1.93			(0.82	)		2.06			(0.95	)		119
	10.52		14.47			114,524		0.78			0.33			0.91			0.20			119
	10.26		13.87			410		1.28			(0.17	)		1.41			(0.30	)		119

	9.06		(21.04	)		139,593		1.17			(0.32	)		1.27			(0.42	)		113
	8.72		(21.61	)		99,959		1.92			(1.06	)		2.02			(1.16	)		113
	8.72		(21.68	)		41,627		1.92			(1.07	)		2.02			(1.17	)		113
	9.19		(20.74	)		131,590		0.77			0.08			0.87			(0.02	)		113
	9.01		(21.06	)		409		1.27			(0.41	)		1.37			(0.51	)		113

GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


			Income (loss) from									Distributions to
			investment operations									shareholders

	Net asset		Net
	value,		investment			Net realized			Total from			From net			From net
	beginning		income			and unrealized			investment			investment			realized			Total
Year - Share Class	of year		(loss)^(a)			gain (loss)			operations			income			gains			distributions

FOR THE YEARS ENDED AUGUST 31,

2006 - A	$	14.55	$	—	^(c)	$	0.35		$	0.35		$	—		$	(1.14	)	$	(1.14	)
2006 - B		13.60		(0.10	)		0.33			0.23			—			(1.14	)		(1.14	)
2006 - C		13.64		(0.10	)		0.34			0.24			—			(1.14	)		(1.14	)
2006 - Institutional		14.95		0.06			0.36			0.42			—			(1.14	)		(1.14	)
2006 - Service		14.40		(0.01	)		0.34			0.33			—			(1.14	)		(1.14	)

2005 - A		12.24		(0.02	)		3.02			3.00			—			(0.69	)		(0.69	)
2005 - B		11.56		(0.11	)		2.84			2.73			—			(0.69	)		(0.69	)
2005 - C		11.60		(0.11	)		2.84			2.73			—			(0.69	)		(0.69	)
2005 - Institutional		12.52		0.04			3.08			3.12			—			(0.69	)		(0.69	)
2005 - Service		12.13		(0.03	)		2.99			2.96			—			(0.69	)		(0.69	)

2004 - A		11.61		(0.04	)		1.38			1.34			(0.02	)		(0.69	)		(0.71	)
2004 - B		11.06		(0.13	)		1.32			1.19			—			(0.69	)		(0.69	)
2004 - C		11.10		(0.13	)		1.32			1.19			—			(0.69	)		(0.69	)
2004 - Institutional		11.84		0.01			1.41			1.42			(0.05	)		(0.69	)		(0.74	)
2004 - Service		11.53		(0.05	)		1.36			1.31			(0.02	)		(0.69	)		(0.71	)

2003 - A		9.36		0.02			2.23			2.25			—			—			—
2003 - B		8.99		(0.05	)		2.12			2.07			—			—			—
2003 - C		9.01		(0.05	)		2.14			2.09			—			—			—
2003 - Institutional		9.51		0.06			2.27			2.33			—			—			—
2003 - Service		9.30		0.01			2.22			2.23			—			—			—

2002 - A		10.59		—	^(c)		(0.83	)		(0.83	)		—			(0.40	)		(0.40	)
2002 - B		10.26		(0.08	)		(0.79	)		(0.87	)		—			(0.40	)		(0.40	)
2002 - C		10.29		(0.07	)		(0.81	)		(0.88	)		—			(0.40	)		(0.40	)
2002 - Institutional		10.76		0.04			(0.85	)		(0.81	)		(0.04	)		(0.40	)		(0.44	)
2002 - Service		10.55		0.01			(0.84	)		(0.83	)		(0.02	)		(0.40	)		(0.42	)


(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were 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.
(c)	Amount is less than $0.005 per share.
(d)	Amount is less than 0.005% per share.

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

GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY FUND


													Ratios assuming no
													expense reductions

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



$	13.76		2.42	%	$	185,508		1.27	%		—	%^(d)		1.37	%		(0.09	)%		151	%
	12.69		1.66			16,197		2.02			(0.75	)		2.11			(0.84	)		151
	12.74		1.65			25,899		2.02			(0.75	)		2.11			(0.84	)		151
	14.23		2.77			504,101		0.87			0.40			0.97			0.30			151
	13.59		2.30			29,501		1.37			(0.09	)		1.46			(0.18	)		151

	14.55		24.97			154,877		1.33			(0.15	)		1.41			(0.23	)		149
	13.60		24.07			19,555		2.08			(0.89	)		2.16			(0.97	)		149
	13.64		24.09			24,901		2.08			(0.90	)		2.16			(0.98	)		149
	14.95		25.57			328,912		0.93			0.25			1.01			0.17			149
	14.40		24.86			38,412		1.43			(0.26	)		1.51			(0.34	)		149

	12.24		11.87			114,684		1.33			(0.30	)		1.43			(0.40	)		153
	11.56		11.08			19,642		2.08			(1.04	)		2.18			(1.14	)		153
	11.60		11.05			20,915		2.08			(1.05	)		2.18			(1.15	)		153
	12.52		12.31			145,003		0.93			0.10			1.03			—	^(d)		153
	12.13		11.79			42,618		1.43			(0.40	)		1.53			(0.50	)		153

	11.61		24.04			89,340		1.34			0.25			1.52			0.07			149
	11.06		23.03			19,408		2.09			(0.51	)		2.27			(0.69	)		149
	11.10		23.09			16,463		2.09			(0.51	)		2.27			(0.69	)		149
	11.84		24.50			111,957		0.94			0.65			1.12			0.47			149
	11.53		23.87			40,775		1.44			0.15			1.62			(0.03	)		149

	9.36		(8.20	)		57,014		1.34			0.01			1.58			(0.23	)		136
	8.99		(8.88	)		16,854		2.09			(0.74	)		2.33			(0.98	)		136
	9.01		(8.95	)		11,504		2.09			(0.74	)		2.33			(0.98	)		136
	9.51		(7.93	)		57,683		0.94			0.39			1.18			0.15			136
	9.30		(8.27	)		28,999		1.44			0.15			1.68			(0.09	)		136

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Year


			Income (loss) from									Distributions
			investment operations									to shareholders

	Net asset
	value,		Net			Net realized			Total from			From net			From net
	beginning		investment			and unrealized			investment			investment			realized			Total
Year - Share Class	of year		income (loss)^(a)			gain (loss)			operations			income			gains			distributions

FOR THE YEARS ENDED AUGUST 31,

2006 - A	$	11.70	$	0.21		$	2.57		$	2.78		$	(0.11	)	$	(0.08	)	$	(0.19	)
2006 - B		11.53		0.08			2.57			2.65			(0.01	)		(0.08	)		(0.09	)
2006 - C		11.54		0.09			2.56			2.65			(0.02	)		(0.08	)		(0.10	)
2006 - Institutional		11.93		0.27			2.61			2.88			(0.14	)		(0.08	)		(0.22	)
2006 - Service		11.73		0.18			2.59			2.77			(0.11	)		(0.08	)		(0.19	)

2005 - A		9.49		0.18			2.10			2.28			(0.07	)		—			(0.07	)
2005 - B		9.37		0.08			2.08			2.16			—			—			—
2005 - C		9.37		0.08			2.09			2.17			—			—			—
2005 - Institutional		9.68		0.22			2.14			2.36			(0.11	)		—			(0.11	)
2005 - Service		9.54		0.29			1.98			2.27			(0.08	)		—			(0.08	)

2004 - A		7.66		0.10			1.80			1.90			(0.07	)		—			(0.07	)
2004 - B		7.56		0.04			1.80			1.84			(0.03	)		—			(0.03	)
2004 - C		7.56		0.04			1.79			1.83			(0.02	)		—			(0.02	)
2004 - Institutional		7.80		0.15			1.84			1.99			(0.11	)		—			(0.11	)
2004 - Service		7.70		0.15			1.77			1.92			(0.08	)		—			(0.08	)

2003 - A		7.35		0.08			0.28			0.36			(0.05	)		—			(0.05	)
2003 - B		7.24		0.04			0.28			0.32			—	^(c)		—			—	^(c)
2003 - C		7.25		0.04			0.28			0.32			(0.01	)		—			(0.01	)
2003 - Institutional		7.49		0.12			0.29			0.41			(0.10	)		—			(0.10	)
2003 - Service		7.39		0.10			0.27			0.37			(0.06	)		—			(0.06	)

2002 - A		8.38		0.03			(1.06	)		(1.03	)		—			—			—
2002 - B		8.29		(0.01	)		(1.04	)		(1.05	)		—			—			—
2002 - C		8.30		(0.01	)		(1.04	)		(1.05	)		—			—			—
2002 - Institutional		8.50		0.08			(1.07	)		(0.99	)		(0.02	)		—			(0.02	)
2002 - Service		8.41		0.05			(1.07	)		(1.02	)		—			—			—


(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the year and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were 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.
(c)	Amount is less than $0.005 per share.

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND


													Ratios assuming no
													expense reductions

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



$	14.29		24.02	%	$	739,861		1.26	%		1.63	%		1.35	%		1.54	%		59	%
	14.09		23.18			10,306		2.02			0.64			2.11			0.55			59
	14.09		23.10			7,110		2.02			0.67			2.11			0.58			59
	14.59		24.52			1,661,909		0.86			2.01			0.95			1.92			59
	14.31		23.87			40,369		1.37			1.38			1.46			1.29			59

	11.70		24.12			293,591		1.39			1.64			1.40			1.63			73
	11.53		23.05			8,075		2.14			0.75			2.15			0.74			73
	11.54		23.16			4,824		2.14			0.75			2.15			0.74			73
	11.93		24.51			697,144		0.99			1.96			1.00			1.95			73
	11.73		23.93			22,429		1.49			2.33			1.50			2.32			73

	9.49		24.85			130,291		1.59			1.08			1.68			0.99			99
	9.37		24.31			6,408		2.16			0.45			2.25			0.36			99
	9.37		24.28			3,747		2.16			0.43			2.25			0.34			99
	9.68		25.71			261,118		1.01			1.65			1.10			1.56			99
	9.54		25.08			144		1.51			1.55			1.60			1.46			99

	7.66		5.00			95,015		1.67			1.12			1.84			0.95			122
	7.56		4.45			5,574		2.17			0.56			2.34			0.39			122
	7.56		4.38			3,646		2.17			0.64			2.34			0.47			122
	7.80		5.64			158,021		1.02			1.73			1.19			1.56			122
	7.70		5.14			31		1.52			1.45			1.69			1.28			122

	7.35		(12.29	)		72,405		1.67			0.38			1.82			0.23			115
	7.24		(12.67	)		6,434		2.17			(0.07	)		2.32			(0.22	)		115
	7.25		(12.65	)		3,963		2.17			(0.07	)		2.32			(0.22	)		115
	7.49		(11.68	)		188,858		1.02			1.02			1.17			0.87			115
	7.39		(12.13	)		18		1.52			0.60			1.67			0.45			115

Report of Independent Registered Public Accounting Firm

To the Trustees and Shareholders of
Goldman Sachs Trust — Structured Equity Funds:

In our opinion, the accompanying statements of assets and liabilities, including the statements of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Structured Large Cap Value Fund (formerly, Goldman Sachs CORE Large Cap Value Fund), Goldman Sachs Structured U.S. Equity Fund (formerly, Goldman Sachs CORE US Equity Fund), Structured Large Cap Growth Fund (formerly, Goldman Sachs CORE Large Cap Growth Fund), Structured Small Cap Equity Fund (formerly, Goldman Sachs CORE Small Cap Equity Fund, and Structured International Equity Fund (formerly, Goldman Sachs CORE International Fund) (collectively “the Structured Equity Funds”), portfolios of the Goldman Sachs Trust, at August 31, 2006, and the results of each of their operations, the changes in each of their net assets and the financial highlights for the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Structured Equity Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of investments owned at August 31, 2006, by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

October 27, 2006

GOLDMAN SACHS STRUCTURED EQUITY FUNDS

Fund Expenses (Unaudited) — Six Month Period Ended August 31, 2006

As a shareholder of Class A, Class B, Class C, Institutional or Service Shares of the Funds you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (with respect to Class A Shares), contingent deferred sales charges (loads) on redemptions (with respect to Class B and Class C Shares), and redemption fees (with respect to Class A, Class B, Class C, Institutional and Service Shares, if any); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (with respect to Class A, Class B and Class C Shares); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class B, Class C, Institutional and Service Shares of the Fund 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 March 1, 2006 through August 31, 2006.

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 for 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 expense ratio and an assumed rate of return of 5% per year before expenses, which are not the Funds’ actual returns. 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 (loads), 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.



	Structured Large Cap Value Fund							Structured U.S. Equity Fund							Structured Large Cap Growth Fund							Structured Small Cap Equity Fund							Structured International Equity Fund

						Expenses							Expenses							Expenses							Expenses							Expenses
	Beginning		Ending			Paid for the		Beginning		Ending			Paid for the		Beginning		Ending			Paid for the		Beginning		Ending			Paid for the		Beginning		Ending			Paid for the
	Account Value		Account Value			6 months ended		Account Value		Account Value			6 months ended		Account Value		Account Value			6 months ended		Account Value		Account Value			6 months ended		Account Value		Account Value			6 months ended
Share Class	3/1/06		8/31/06			8/31/06*		3/1/06		8/31/06			8/31/06*		3/1/06		8/31/06			8/31/06*		3/1/06		8/31/06			8/31/06*		3/1/06		8/31/06			8/31/06*

Class A
Actual	$	1,000.00	$	1,043.10		$	4.91	$	1,000.00	$	1,020.50		$	4.85	$	1,000.00	$	985.10		$	4.77	$	1,000.00	$	950.90		$	6.17	$	1,000.00	$	1,087.50		$	6.48
Hypothetical 5% return		1,000.00		1,020.40	+		4.85		1,000.00		1,020.41	+		4.85		1,000.00		1,020.40	+		4.86		1,000.00		1,018.88	+		6.38		1,000.00		1,019.00	+		6.27

Class B
Actual		1,000.00		1,039.30			8.74		1,000.00		1,017.00			8.65		1,000.00		981.70			8.50		1,000.00		947.70			9.84		1,000.00		1,083.80			10.40
Hypothetical 5% return		1,000.00		1,016.63	+		8.65		1,000.00		1,016.63	+		8.65		1,000.00		1,016.63	+		8.65		1,000.00		1,015.10	+		10.18		1,000.00		1,015.23	+		10.05

Class C
Actual		1,000.00		1,039.40			8.74		1,000.00		1,016.70			8.65		1,000.00		981.70			8.50		1,000.00		947.20			9.83		1,000.00		1,083.00			10.39
Hypothetical 5% return		1,000.00		1,016.63	+		8.65		1,000.00		1,016.63	+		8.65		1,000.00		1,016.63	+		8.65		1,000.00		1,015.10	+		10.18		1,000.00		1,015.23	+		10.06

Institutional
Actual		1,000.00		1,045.70			2.84		1,000.00		1,022.0			2.82		1,000.00		987.60			2.77		1,000.00		952.50			4.20		1,000.00		1,088.80			4.37
Hypothetical 5% return		1,000.00		1,022.43	+		2.81		1,000.00		1,022.42	+		2.82		1,000.00		1,022.42	+		2.82		1,000.00		1,020.90	+		4.35		1,000.00		1,021.02	+		4.23

Service
Actual		1,000.00		1,043.40			5.50		1,000.00		1,020.10			5.36		1,000.00		985.00			5.27		1,000.00		950.30			6.65		1,000.00		1,086.60			7.00
Hypothetical 5% return		1,000.00		1,019.83	+		5.43		1,000.00		1,019.90	+		5.36		1,000.00		1,019.90	+		5.36		1,000.00		1,018.38	+		6.89		1,000.00		1,018.50	+		6.77

Expenses for each share class are calculated using each Fund’s annualized expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended August 31, 2006. Expenses are calculated by multiplying the annualized expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:


Fund	Class A			Class B			Class C			Institutional			Service

Structured Large Cap Value		0.95	%		1.70	%		1.70	%		0.55	%		1.07	%
Structured U.S. Equity		0.95			1.70			1.70			0.55			1.05
Structured Large Cap Growth		0.95			1.70			1.70			0.55			1.05
Structured Small Cap Equity		1.25			2.00			2.00			0.85			1.35
Structured International Equity		1.23			1.98			1.98			0.83			1.33


+	Hypothetical expenses are based on each Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses.

GOLDMAN SACHS STRUCTURED EQUITY FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

The Trustees oversee the management of Goldman Sachs Trust (the “Trust”), and review the investment performance and expenses of the investment funds covered by this Report (the “Funds”) at regularly scheduled meetings held during the Funds’ fiscal year. In addition, the Trustees determine annually whether to approve and continue the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) for the Funds.

The Management Agreement was most recently approved by the Trustees, including all of the Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), on June 15, 2006 (the “Annual Contract Meeting”).

To assist the Trustees in their deliberations at the Annual Contract Meeting, and in addition to the reviews of the Funds’ investment performance, expenses and other matters at other regularly scheduled meetings, the Trustees have a Contract Review Committee (the “Committee”) whose members include all of the Independent Trustees. The Committee held meetings on December 15, 2005, February 8, 2006 and May 10, 2006. At these Committee meetings, the Independent Trustees considered matters relating to the Management Agreement including: (a) the Funds’ investment performance; (b) the Funds’ management fee arrangements; (c) the Investment Adviser’s undertaking to reimburse certain expenses of the Funds that exceed specified levels; (d) the Investment Adviser’s potential economies of scale and the breakpoints implemented in 2005 for the fees payable by the Funds under the Management Agreement; (e) the relative expense levels of the Funds; (f) information on the advisory fees charged by the Investment Adviser to institutional accounts; (g) the Investment Adviser’s profitability with respect to the Trust and the Funds; (h) the quality of the non-advisory services provided to the Funds; (i) the statutory and regulatory requirements applicable to the approval and continuation of mutual fund investment management agreements; (j) an evaluation of the Trustees’ contract review process provided by an outside third party; and (k) information on the processes followed by the third party mutual fund data provider engaged as part of the Trustees’ contract review (the “Outside Data Provider”) in producing investment performance and expense comparisons for the Funds.

At the Annual Contract Meeting, the Trustees reviewed the matters that were considered at the Committee meetings and also considered additional matters including: (a) a summary of fee concessions by the Investment Adviser and its affiliates with respect to the Goldman Sachs mutual funds since 2003; (b) the quality of the Investment Adviser’s services; (c) the structure, staff and capabilities of the Investment Adviser and its portfolio management teams; (d) the groups within the Investment Adviser that support the portfolio management teams, including the legal and compliance departments, the credit department, the valuation oversight group, the risk and performance analytics group, the business planning team and the technology group; (e) the Investment Adviser’s business continuity and disaster recovery planning; (f) the Investment Adviser’s financial resources and its ability to hire and retain talented personnel; (g) the fees received by the Investment Adviser’s affiliates from the Funds for transfer agency, securities lending, distribution, portfolio brokerage and other services; (h) the terms of the Management Agreement; (i) the administrative services provided under the Management Agreement, including the nature and extent of the Investment Adviser’s oversight of the Funds’ other service providers including the custodian and fund accounting agent; and (j) the Investment Adviser’s policies addressing various types of potential conflicts of interest. At the Annual Contract Meeting, the Trustees also considered at further length the Funds’ investment performance, fees and expenses, including the Funds’ expense trends over time and the breakpoints in the contractual fee rates under the Management Agreement that were approved in 2005.

GOLDMAN SACHS STRUCTURED EQUITY FUNDS

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

In connection with the Committee meetings and the Annual Contract Meeting, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel regarding their responsibilities under applicable law. Also, in conjunction with these meetings, the Trustees attended other sessions at which the Trustees reviewed the commission rates paid by the Funds on brokerage transactions, the Investment Adviser’s receipt of research services in connection with those transactions, and the payment of Rule 12b-1 distribution and service fees by the Funds. Information was also provided to the Trustees relating to the Funds’ portfolio turnover rates, revenue sharing by the Investment Adviser, portfolio manager compensation and the alignment of the interests of the Funds and the portfolio managers, the number and types of accounts managed by the portfolio managers, and other matters. During the course of their deliberations, the Independent Trustees met in executive sessions without employees of the Investment Adviser or its affiliates present.

The presentations made at the Contract Review Committee meetings and at the Annual Contract Meeting encompassed the Funds and other mutual fund portfolios for which the Board of Trustees has responsibility. While the Management Agreement for all of the Funds was approved at the same Annual Contract Meeting, the Trustees considered the Management Agreement as it applied to each Fund separately.

In evaluating the Management Agreement at the Annual Contract Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser, its services and the Funds. At those meetings the Trustees received materials relating to the Investment Adviser’s investment management and other services under the Management Agreement, including: (a) information on the investment performance of the Funds in comparison to other mutual funds and benchmark performance indices; (b) general investment outlooks in the markets in which the Funds invest; (c) compliance reports; and (d) expenses borne by the Funds. In addition, the Trustees were provided with disclosure materials regarding the Goldman Sachs mutual funds and their expenses that were provided to investors who had invested in the funds, as well as information on the Goldman Sachs mutual funds’ competitive universe and discussed the broad range of other investment choices that are available to those investors.

In connection with their approval of the Management Agreement, the Trustees gave weight to various factors, but did not identify any particular factor as controlling their decision. As part of their review, the Trustees considered the nature, extent and quality of the services provided by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services, and the other, non-advisory services, that are provided to the Funds by the Investment Adviser and its affiliates. These services include services as the Funds’ transfer agent, securities lending agent and distributor. In addition, affiliates of the Investment Adviser receive compensation in connection with the execution of the Funds’ portfolio securities transactions and sales loads on the sale of certain classes of shares offered by the Funds. The Trustees concluded that the Investment Adviser was both able to commit substantial financial and other resources to the operations of the Funds and had, in fact, continued to commit those resources in multiple areas including portfolio management, trading, technology, human resources, tax, treasury, legal, compliance, vendor oversight and risk management. The Trustees also believed that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser, including education and training initiatives.

GOLDMAN SACHS STRUCTURED EQUITY FUNDS

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

The Trustees also considered the investment performance of the Funds and the Investment Adviser. In this regard, the Trustees compared the investment performance of the Funds to the performance of other SEC-registered funds and to rankings and ratings issued by the Outside Data Provider. The Trustees also reviewed the Funds’ investment performance relative to their respective performance benchmarks. This information on the Funds’ investment performance was provided for one, three, five and ten (where applicable) year periods. In addition, the Trustees considered the investment performance trends of the Funds over time, and reviewed the investment performance of the Funds in light of their respective investment objectives and policies, as well as in light of periodic analyses of their respective quality and risk profiles. In addition, the Trustees considered whether the Funds had operated within their investment policies, and their record of compliance with their investment limitations. The Trustees believed that the Funds were providing investment performance within a competitive range for long-term investors.

The Board of Trustees also considered the contractual fee rates payable by the Funds under the Management Agreement. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds. They also considered information that indicated that these mutual fund services differed in various significant respects from the services provided to the Investment Adviser’s institutional accounts, which generally paid lower fees. In addition, the fees paid by the Funds and the Funds’ total operating expense ratios (before and after voluntary fee waivers and expense reimbursements) were compared to similar information for mutual funds advised by other, unaffiliated investment management firms. Most of the comparisons of the Funds’ fee rates and total operating expense ratios were prepared by the Outside Data Provider.

More particularly, the Trustees reviewed analyses prepared by the Outside Data Provider of the expense rankings of the Funds. The analyses provided a comparison of the Funds’ management fees to relevant peer groups and category universes; an expense analysis which compared each Fund’s expenses to a peer group and a category universe; and a five-year history comparing each Fund’s expenses to a category average. The analyses also compared the Funds’ transfer agency fees, custody and accounting fees and other expenses to peer groups and medians. The Trustees believed that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees paid by the Fund. In addition, the Trustees noted the Investment Adviser’s voluntary undertaking to limit the Funds’ total expense ratios (excluding certain expenses) to specified levels. In addition, the Trustees noted the Investment Adviser’s voluntary waivers of a portion of its management fees for each of the Funds that were implemented at the beginning of the year.

GOLDMAN SACHS STRUCTURED EQUITY FUNDS

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

The Board of Trustees also considered the reduction in the contractual fee rates payable by the Structured U.S. Equity Fund and Structured Large Cap Growth Fund under the Management Agreements that were approved by the Trustees in 2004, and the breakpoints in the contractual fee rates under the Management Agreement for each of the Funds that were approved in 2005, which had been implemented at the following annual percentages of the average daily net assets of the respective Funds:


	Management Fee			Average Daily
Fund	Annual Rate			Net Assets

Structured Large Cap Value Fund		0.60	%		First $1 Billion
		0.54			Next $1 Billion
		0.51			Over $2 Billion

Structured U.S. Equity Fund		0.65			First $1 Billion
		0.59			Next $1 Billion
		0.56			Over $2 Billion

Structured Large Cap Growth Fund		0.65			First $1 Billion
		0.59			Next $1 Billion
		0.56			Over $2 Billion

Structured Small Cap Equity Fund		0.85			First $2 Billion
		0.77			Over $2 Billion

Structured International Equity Fund		0.85			First $1 Billion
		0.77			Next $1 Billion
		0.73			Over $2 Billion

In approving these new fee breakpoints, the Trustees had reviewed information regarding the Investment Adviser’s potential economies of scale, and whether the Funds and their shareholders were participating in the benefits of these economies. In this regard, the Trustees considered the amount of assets in the Funds; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and the profits realized by them; and information comparing fee rates charged by the Investment Adviser with fee rates charged by other, unaffiliated investment managers to other mutual funds. Upon reviewing these matters again at the Annual Contract Meeting in 2006, the Trustees continued to believe that the fee breakpoints were a way to ensure that benefits of scalability would be passed along to shareholders at the specified asset levels.

GOLDMAN SACHS STRUCTURED EQUITY FUNDS

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

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from the Funds as stated above, including the fees received by them for transfer agency, securities lending, distribution and brokerage services, and the brokerage and research services received by the Investment Adviser in connection with the placement of brokerage transactions for the Funds. In this regard, the Trustees noted that the Investment Adviser had adopted a policy to cease obtaining third party non-broker research based on the Funds’ brokerage commissions. In addition, the Trustees reviewed the Investment Adviser’s pre-tax revenues and pre-tax margins with respect to the Trust and the Funds. In this regard the Trustees reviewed, among other things, profitability analyses and summaries, revenue and expense schedules and expense allocation methodologies, as well as a report of independent accountants regarding the results of certain agreed-upon procedures to verify expense allocation calculations that were designed to assist the Trustees in their evaluation of the Investment Adviser’s schedules of revenues and expenses. The Trustees considered the Investment Adviser’s revenues and margins both in absolute terms and in comparison to the information on the reported margins earned by other asset management firms.

After deliberation and consideration of the information provided, including the factors described above, the Trustees concluded that the management fees paid by the Funds were reasonable in light of the services provided by the Investment Adviser, its costs and the Funds’ current and reasonably anticipated asset levels, and that the Management Agreement should be approved and continued.

GOLDMAN SACHS STRUCTURED EQUITY FUNDS

Trustees and Officers (Unaudited)

Independent Trustees


				Number of
		Term of		Portfolios in
	Position(s)	Office and		Fund Complex	Other
Name,	Held with	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age¹	the Trust²	Time Served³	During Past 5 Years	Trustee⁴	Held by Trustee⁵

Ashok N. Bakhru Age: 64	Chairman of the Board of Trustees	Since 1991	President, ABN Associates (July 1994-March 1996 and November 1998-Present); Executive Vice President — Finance and Administration and Chief Financial Officer, Coty Inc. (manufacturer of fragrances and cosmetics) (April 1996-November 1998); Director of Arkwright Mutual Insurance Company (1984-1999); Trustee of International House of Philadelphia (program center and residential community for students and professional trainees from the United States and foreign countries) (1989-2004); Member of Cornell University Council (1992-2004); Trustee of the Walnut Street Theater (1992-2004); Trustee, Scholarship America (1998-2005); Trustee, Institute for Higher Education Policy (2003-Present); Director, Private Equity Investors — III and IV (November 1998-Present), and Equity-Limited Investors II (April 2002-Present); and Chairman, Lenders Service Inc. (provider of mortgage lending services) (2000-2003). Chairman of the Board of Trustees — Goldman Sachs Mutual Fund Complex (registered investment companies).	77	None

John P. Coblentz, Jr. Age: 65	Trustee	Since 2003	Partner, Deloitte & Touche LLP (June 1975-May 2003). Trustee — Goldman Sachs Mutual Fund Complex (registered investment companies).	77	None

Patrick T. Harker Age: 47	Trustee	Since 2000	Dean and Reliance Professor of Operations and Information Management, The Wharton School, University of Pennsylvania (February 2000-Present); Interim and Deputy Dean, The Wharton School, University of Pennsylvania (July 1999-Present); and Professor and Chairman of Department of Operations and Information Management, The Wharton School, University of Pennsylvania (July 1997-August 2000). Trustee — Goldman Sachs Mutual Fund Complex (registered investment companies).	77	None

Mary P. McPherson Age: 71	Trustee	Since 1997	Vice President, The Andrew W. Mellon Foundation (provider of grants for conservation, environmental and educational purposes) (October 1997-Present); Director, Smith College (1998-Present); Director, Josiah Macy, Jr. Foundation (health educational programs) (1977-Present); Director, Philadelphia Contributionship (insurance) (1985-Present); Director Emeritus, Amherst College (1986-1998); Director, The Spencer Foundation (educational research) (1993-February 2003); member of PNC Advisory Board (banking) (1993-1998); Director, American School of Classical Studies in Athens (1997-Present); and Trustee, Emeriti Retirement Health Solutions (post-retirement medical insurance program for non-profit institutions) (Since 2005). Trustee — Goldman Sachs Mutual Fund Complex (registered investment companies).	77	None

Wilma J. Smelcer Age: 57	Trustee	Since 2001	Chairman, Bank of America, Illinois (banking) (1998-January 2001); and Governor, Board of Governors, Chicago Stock Exchange (national securities exchange) (April 2001-April 2004). Trustee — Goldman Sachs Mutual Fund Complex (registered investment companies).	77	Lawson Products Inc. (distributor of industrial products).

GOLDMAN SACHS STRUCTURED EQUITY FUNDS

Trustees and Officers (Unaudited) (continued)

Independent Trustees


				Number of
		Term of		Portfolios in
	Position(s)	Office and		Fund Complex	Other
Name,	Held with	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age¹	the Trust²	Time Served³	During Past 5 Years	Trustee⁴	Held by Trustee⁵

Richard P. Strubel Age: 67	Trustee	Since 1987	Vice Chairman and Director, Cardean Leaning Group (provider of educational services via the internet) (2003-Present); President, COO and Director, Cardean Learning Group (1999-2003); Director, Cantilever Technologies, Inc. (a private software company) (1999-2005); Trustee, The University of Chicago (1987-Present); and Managing Director, Tandem Partners, Inc. (management services firm) (1990-1999). Trustee — Goldman Sachs Mutual Fund Complex (registered investment companies).	77	Gildan Activewear Inc. (clothing marketing and manufacturing company); Cardean Learning Group (provider of educational services via the internet); Northern Mutual Fund Complex (53 Portfolios).

Interested Trustees


				Number of
		Term of		Portfolios in
	Position(s)	Office and		Fund Complex	Other
Name,	Held with	Length of	Principal Occupation(s)	Overseen by	Directorships
Address and Age¹	the Trust²	Time Served³	During Past 5 Years	Trustee⁴	Held by Trustee⁵

*Alan A. Shuch Age: 56	Trustee	Since 1990	Advisory Director — GSAM (May 1999-Present); Consultant to GSAM (December 1994-May 1999); and Limited Partner, Goldman Sachs (December 1994- May 1999). Trustee — Goldman Sachs Mutual Fund Complex (registered investment companies).	77	None

*Kaysie P. Uniacke Age: 45	Trustee &	Since 2001	Managing Director, GSAM (1997-Present).	77	None
	President	Since 2002	Trustee — Goldman Sachs Mutual Fund Complex (registered investment companies). President — Goldman Sachs Mutual Fund Complex (2002-Present) (registered investment companies). Assistant Secretary — Goldman Sachs Mutual Fund Complex (1997-2002) (registered investment companies). Trustee — Gettysburg College


*		These persons are considered to be “Interested Trustees” because they hold positions with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. Each Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.
¹		Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, One New York Plaza, 37th Floor, New York, New York, 10004, Attn: Peter V. Bonanno.
²		The Trust is a successor to a Massachusetts business trust that was combined with the Trust on April 30, 1997.
³		Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; (c) the date the Trustee attains the age of 72 years (in accordance with the current resolutions of the Board of Trustees, which may be changed by the Trustees without shareholder vote); or (d) the termination of the Trust.
⁴		The Goldman Sachs Mutual Fund Complex consists of the Trust and Goldman Sachs Variable Insurance Trust. As of August 31, 2006, the Trust consisted of 65 portfolios, including the Funds described in this Annual Report, and Goldman Sachs Variable Insurance Trust consisted of 12 portfolios.
⁵		This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Funds’ Statement of Additional Information which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-292-4726

GOLDMAN SACHS STRUCTURED EQUITY FUNDS

Trustees and Officers (Unaudited) (continued)

Officers of the Trust*


		Term of
		Office and
	Position(s) Held	Length of
Name, Age And Address	With the Trust	Time Served¹	Principal Occupation(s) During Past 5 Years

Kaysie P. Uniacke 32 Old Slip New York, NY 10005 Age: 45	President & Trustee	Since 2002 Since 2001	Managing Director, GSAM (1997-Present). Trustee — Goldman Sachs Mutual Fund Complex (registered investment companies). President — Goldman Sachs Mutual Fund Complex (registered investment companies). Assistant Secretary — Goldman Sachs Mutual Fund Complex (1997-2002) (registered investment companies). Trustee — Gettysburg College

James A. Fitzpatrick 71 South Wacker Drive Suite 500 Chicago, IL 60606 Age: 46	Vice President	Since 1997	Managing Director, Goldman Sachs (October 1999-Present); and Vice President of GSAM (April 1997-December 1999). Vice President — Goldman Sachs Mutual Fund Complex (registered investment companies).

James A. McNamara 32 Old Slip New York, NY 10005 Age: 43	Vice President	Since 2001	Managing Director, Goldman Sachs (December 1998-Present); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). Vice President — Goldman Sachs Mutual Fund Complex (registered investment companies). Trustee — Goldman Sachs Mutual Fund Complex (registered investment companies) (December 2002-May 2004).

John M. Perlowski 32 Old Slip New York, NY 10005 Age: 41	Treasurer	Since 1997	Managing Director, Goldman Sachs (November 2003-Present) and Vice President, Goldman Sachs (July 1995-November 2003). Treasurer — Goldman Sachs Mutual Fund Complex (registered investment companies).

Peter V. Bonanno 32 Old Slip New York, NY 10005 Age: 37	Secretary	Since 2006	Vice President and Associate General Counsel, Goldman Sachs (2002-Present); Vice President and Assistant General Counsel, Goldman Sachs (1999-2002). Secretary — Goldman Sachs Mutual Fund Complex (registered investment companies).


¹		Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.
*		Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-292-4726.

GOLDMAN SACHS STRUCTURED EQUITY FUNDS

Goldman Sachs Trust — Structured Equity Funds — Tax Information (Unaudited)


For the year ended August 31, 2006, 73.84%, 100%, 100%, and 64.22% of the dividends paid from net investment company taxable income by the Structured Large Cap Value, Structured Large Cap Growth, Structured U.S. Equity and Structured Small Cap Equity Funds, respectively, qualify for the dividends received deduction available to corporations.

From distributions paid during the year ended August 31, 2006, the total amount of income received by the Structured International Equity Fund from sources within foreign countries and possessions of the United States was $0.0827 per share, all of which is attributable to qualified passive income. The total amount of taxes paid by the Fund to such countries was $0.0063 per share. A separate notice containing the country-by-country components of these totals has been previously mailed to shareholders.

Pursuant to Section 852 of the Internal Revenue Code, the Structured Large Cap Value, Structured Small Cap Equity and Structured International Equity Funds designate $23,174,783, $40,736,789 and $10,896,919, respectively, as capital gain dividends paid during the year ended August 31, 2006. Of the amounts designated by the Structured Large Cap Value, Structured Small Cap Equity and Structured International Equity Funds, $23,156,302, $40,704,362 and $10,896,919, respectively, are taxed at a maximum rate of 15% while the balance (if any) is taxed at a maximum rate of 25%.

For the year ended August 31, 2006, 100%, 100%, 100%, 46.74% and 91.94% of the dividends paid from net investment company taxable income by the Structured Large Cap Value, Structured U.S. Equity, Structured Large Cap Growth, Structured Small Cap Equity and Structured International Equity Funds, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

FUNDS PROFILE

Goldman Sachs Funds

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 portfolio management teams located around the world — and $582.1 billion in assets under management as of June 30, 2006 — our investment professionals bring firsthand knowledge of local
markets to every investment decision, making us one of the few truly global asset managers.

GOLDMAN SACHS FUNDS

In building a globally diversified portfolio, you can select from more than 50 Goldman Sachs Funds and gain access to investment opportunities across borders, investment styles, asset classes and security capitalizations.


Money Market Funds¹Fixed Income Funds ▪ Enhanced Income Fund ▪ Ultra-Short Duration Government Fund ▪ Short Duration Government Fund ▪ Short Duration Tax-Free Fund ▪ California Intermediate AMT-Free Municipal Fund ▪ New York Intermediate AMT-Free Municipal Fund ▪ Tennessee Municipal Fund ▪ Municipal Income Fund ▪ U.S. Mortgages Fund ▪ Government Income Fund ▪ Core Fixed Income Fund ▪ Investment Grade Credit Fund ▪ Global Income Fund ▪ High Yield Municipal Fund ▪ High Yield Fund ▪ Emerging Markets Debt Fund		Domestic Equity Funds ▪ Structured U.S. Equity Fund²▪ Structured U.S. Equity Flex Fund ▪ Structured Large Cap Value Fund²▪ Structured Large Cap Growth Fund²▪ Growth and Income Fund ▪ Large Cap Value Fund ▪ Capital Growth Fund ▪ Strategic Growth Fund ▪ Concentrated Growth Fund ▪ Mid Cap Value Fund ▪ Growth Opportunities Fund ▪ Small/ Mid Cap Growth Fund ▪ Structured Small Cap Equity Fund²▪ Small Cap Value Fund		International Equity Funds ▪ Structured International Equity Fund²▪ Structured International Equity Flex Fund ▪ International Equity Fund ▪ Japanese Equity Fund ▪ International Small Cap Fund²▪ Asia Equity Fund²▪ Emerging Markets Equity Fund ▪ BRIC Fund (Brazil, Russia, India, China) Asset Allocation Funds³▪ Asset Allocation Portfolios ▪ Balanced Fund Specialty Funds³▪ U.S. Equity Dividend and Premium Fund ▪ Structured Tax-Managed Equity Fund²▪ Real Estate Securities Fund ▪ International Real Estate Securities Fund ▪ Tollkeeper Fund^SM


¹	An investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation 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.

²	Effective December 30, 2005, the Asia Growth Fund was renamed the Asia Equity Fund and the International Growth Opportunities Fund was renamed the International Small Cap Fund. Also effective December 30, 2005, the CORE International Equity, CORE Small Cap Equity, CORE Large Cap Growth, CORE Large Cap Value and CORE U.S. Equity Funds were renamed, respectively, the Structured International Equity, Structured Small Cap Equity, Structured Large Cap Growth, Structured Large Cap Value Funds and Structured U.S. Equity. Effective January 6, 2006, the CORE Tax-Managed Equity Fund was renamed the Structured Tax-Managed Equity Fund.

³	Individual Funds within the Asset Allocation and Specialty 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 Asset Allocation or Specialty category.


	The Goldman Sachs Tollkeeper Fund^SM is a registered service mark of Goldman, Sachs & Co.

GOLDMAN SACHS ASSET MANAGEMENT, L.P. 32 OLD SLIP, 32ND FLOOR, NEW YORK, NEW YORK 10005


TRUSTEES Ashok N. Bakhru, Chairman John P. Coblentz, Jr. Patrick T. Harker Mary Patterson McPherson Alan A. Shuch Wilma J. Smelcer Richard P. Strubel Kaysie P. Uniacke		OFFICERS Kaysie P. Uniacke, President James A. Fitzpatrick, Vice President James A. McNamara, Vice President John M. Perlowski, Treasurer Peter V. Bonanno, Secretary


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

Visit our Web site at www.goldmansachsfunds.com to obtain the most recent month-end returns.

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (I) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (II) on the Securities and Exchange Commission Web site at http://www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. Beginning the fiscal quarter ended November 30, 2004 and every first and third fiscal quarter thereafter, the Funds’ Form N-Q will become available on the SEC’s website at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. When available, the Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. When available, Form N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Holdings and allocations shown are unaudited, and may not be representative of current or future investments. Holdings and allocations may not include the Funds’ entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.

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.

CORE^SM is a registered service mark of Goldman, Sachs & Co.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus. Please consider a Fund’s objectives, risks, and charges and expenses, and read the Prospectus carefully before investing. The Prospectus contains this and other information about the Funds.


Copyright 2006 Goldman, Sachs & Co. All rights reserved. 06-1551	STRUCTAR / 125.8K / 10-06