-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RqDR/z2sfgwgaz3K1U2z1/LrGC0vTEDp3gQ4bG2CHiplGiyyGqZHM76k0kORNtO2 C/5prHPbmx45GIL/7iu+CA== 0000950123-10-030941.txt : 20100331 0000950123-10-030941.hdr.sgml : 20100331 20100331165946 ACCESSION NUMBER: 0000950123-10-030941 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100131 FILED AS OF DATE: 20100331 DATE AS OF CHANGE: 20100331 EFFECTIVENESS DATE: 20100331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GOLDMAN SACHS TRUST CENTRAL INDEX KEY: 0000822977 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-05349 FILM NUMBER: 10720074 BUSINESS ADDRESS: STREET 1: 4900 SEARS TWR STREET 2: C/O GOLDMAN SACHS & CO CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3126554400 MAIL ADDRESS: STREET 1: 85 BROAD ST STREET 2: 85 BROARD STREET CITY: NEW YORK STATE: NY ZIP: 10004 FORMER COMPANY: FORMER CONFORMED NAME: GOLDMAN SACHS SHORT INTERMEDIATE GOVERNMENT FUND DATE OF NAME CHANGE: 19910711 FORMER COMPANY: FORMER CONFORMED NAME: SHORT INTERMEDIATE GOVERNMENT FUND DATE OF NAME CHANGE: 19900104 0000822977 S000009330 Goldman Sachs Structured International Equity Fund C000025540 Goldman Sachs Structured International Equity Fund C000025541 Institutional GCIIX C000025542 Service GCISX C000025543 Class A GCIAX C000025544 Class B GCIBX C000025545 Class C GCICX C000058971 Class R C000058972 Class IR 0000822977 S000011853 Goldman Sachs Structured International Equity Flex Fund C000032388 Goldman Sachs Structured International Equity Flex Fund C000032389 Institutional GIFLX C000032390 Class A GAFLX C000032391 Class C GCFLX C000058981 Class R C000058982 Class IR 0000822977 S000018300 Goldman Sachs Structured International Small Cap Fund C000050449 Institutional GICIX C000050450 Class A GICAX C000050451 Class C GICCX 0000822977 S000018301 Goldman Sachs Structured Emerging Markets Equity Fund C000050452 Institutional GERIX C000050453 Class A GERAX C000050454 Class C GERCX N-Q 1 e83063nvq.htm FORM N-Q nvq

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

     
Investment Company Act file number
  
811-05349
   

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices)                                                             (Zip code)
     
Peter V. Bonanno, Esq.
Goldman, Sachs & Co.
One New York Plaza
New York, New York 10004		   Copies to:
Geoffrey R.T. Kenyon, Esq.
Dechert LLP
200 Clarendon Street
27th Floor
Boston, MA 02116-5021
(Name and address of agent for service)
     
Registrant’s telephone number, including area code:
  
(312) 655-4400
   
     
Date of fiscal year end:
  
     October 31
   
     
Date of reporting period:
  
January 31, 2010
   

Item 1. Schedule of Investments.

 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND
Schedule of Investments
January 31, 2010 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — 96.2%
Australia — 9.3%
  48,007    
AGL Energy Ltd. (Utilities)
   $ 587,021  
  20,889    
AMP Ltd. (Insurance)
     114,944  
  3,717    
Bank of Queensland Ltd. (Banks)
     35,916  
  16,937    
Bendigo and Adelaide Bank Ltd. (Banks)
     146,745  
  49,117    
BHP Billiton Ltd. (Materials)(a)
     1,707,528  
  21,769    
Boral Ltd. (Materials)
     101,520  
  9,507    
Caltex Australia Ltd. (Energy)*
     75,135  
  15,876    
CFS Retail Property Trust (REIT)
     26,077  
  115,309    
Challenger Financial Services Group Ltd. (Diversified Financials)
     412,941  
  145,200    
Emeco Holdings Ltd. (Capital Goods)
     88,123  
  1,673    
Energy Resources of Australia Ltd. (Energy)
     30,876  
  33,612    
Fleetwood Corp. Ltd. (Automobiles & Components)
     239,310  
  4,419    
GUD Holdings Ltd. (Consumer Durables & Apparel)
     36,331  
  42,385    
Insurance Australia Group Ltd. (Insurance)
     141,965  
  13,589    
Macquarie Atlas Roads Group
(Transportation)*
     11,060  
  67,947    
Macquarie Infrastructure Group (Transportation)
     72,712  
  87,989    
NRW Holdings Ltd. (Capital Goods)
     137,418  
  3,706    
Origin Energy Ltd. (Energy)
     52,307  
  2,220    
Perpetual Ltd. (Diversified Financials)
     68,309  
  2,271    
QBE Insurance Group Ltd. (Insurance)(a)
     45,799  
  5,077    
Seven Network Ltd. (Media)
     29,980  
  4,717    
South Australian Coal Ltd. (Energy)*
     424  
  104,748    
Suncorp-Metway Ltd. (Insurance)
     819,266  
  9,402    
Telstra Corp. Ltd. (Telecommunication Services)
     27,736  
  30,821    
Toll Holdings Ltd. (Transportation)
     232,839  
  15,048    
Tower Australia Group Ltd. (Insurance)
     32,854  
  785    
Wesfarmers Ltd. (Food & Staples Retailing)
     19,043  
  3,508    
West Australian Newspapers Holdings Ltd. (Media)
     22,615  
  33,766    
Westfield Group (REIT)
     374,918  
  7,428    
Woodside Petroleum Ltd. (Energy)
     276,933  
  14,473    
Woolworths Ltd. (Food & Staples Retailing)
     330,316  
  10,492    
WorleyParsons Ltd. (Energy)
     216,927  
     
    6,515,888  
 
Austria — 0.0%
  721    
OMV AG (Energy)
     28,398  
 
Belgium — 2.0%
  5,405    
Bekaert SA (Capital Goods)
     786,641  
  5,401    
Dexia SA (Banks)*
     33,393  
  3,940    
Euronav NV (Energy)
     86,200  
  2,691    
KBC Groep NV (Banks)*
     115,850  
  2,442    
Solvay SA (Materials)
     242,023  
  2,938    
Tessenderlo Chemie NV (Materials)
     93,429  
     
    1,357,536  
 
                 
Shares     Description   Value  
Common Stocks — (continued)
China — 0.1%
  44,000    
Foxconn International Holdings Ltd. Class H (Technology Hardware & Equipment)*
   $ 46,141  
 
Cyprus — 0.4%
  15,400    
Prosafe SE (Energy)
     86,322  
  36,500    
Songa Offshore SE (Energy)*
     203,341  
     
    289,663  
 
Denmark — 2.8%
  23,827    
D/S Norden A/S (Transportation)
     1,041,226  
  9,994    
Danisco A/S (Food, Beverage & Tobacco)
     696,293  
  364    
SimCorp A/S (Software & Services)
     64,877  
  4,137    
The East Asiatic Co. Ltd. A/S (Food, Beverage & Tobacco)
     129,475  
     
    1,931,871  
 
Finland — 1.5%
  17,944    
Fortum Oyj (Utilities)(a)
     455,358  
  1,344    
Lemminkainen Oyj (Capital Goods)
     43,838  
  21,859    
Nokia Oyj (Technology Hardware & Equipment)
     299,951  
  11,647    
Outokumpu Oyj (Materials)
     210,208  
  2,817    
Tieto Oyj (Software & Services)
     62,701  
     
    1,072,056  
 
France — 13.6%
  8,305    
Accor SA (Consumer Services)
     418,990  
  13,536    
BNP Paribas (Banks)
     966,971  
  161    
Bollore (Transportation)
     24,962  
  3,508    
Christian Dior SA (Consumer Durables & Apparel)
     354,347  
  3,005    
CNP Assurances (Insurance)
     266,009  
  25,866    
Compagnie Generale de Geophysique-Veritas (Energy)*
     632,607  
  43,688    
Credit Agricole SA (Banks)
     684,846  
  23,529    
France Telecom SA (Telecommunication Services)(a)
     539,453  
  2,504    
Legrand SA (Capital Goods)
     72,252  
  5,667    
Renault SA (Automobiles & Components)*
     266,032  
  28,538    
Sanofi-Aventis SA (Pharmaceuticals, Biotechnology & Life Sciences)(a)
     2,110,226  
  22,612    
SCOR SE (Insurance)
     523,880  
  3,915    
SEB SA (Consumer Durables & Apparel)
     254,208  
  31,073    
Total SA (Energy)
     1,795,813  
  21,376    
Vivendi SA (Media)(a)
     555,746  
     
    9,466,342  
 
Germany — 6.9%
  911    
Allianz SE (Registered) (Insurance)
     100,871  
  279    
Axel Springer AG (Media)
     29,362  
  11,538    
BASF SE (Materials)(a)
     656,393  
  14,727    
Bechtle AG (Software & Services)
     382,979  
  45,980    
Commerzbank AG (Banks)*(a)
     355,472  
  1,691    
Demag Cranes AG (Capital Goods)
     52,822  
  2,299    
Deutsche Beteiligungs AG (Diversified Financials)
     57,262  
  751    
Deutsche Postbank AG (Banks)*
     22,854  


 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Germany — (continued)
  24,193    
E.ON AG (Utilities)(a)
   $ 889,999  
  1,049    
Fresenius SE (Health Care Equipment & Services)
     64,300  
  14,065    
Infineon Technologies AG (Semiconductors & Semiconductor Equipment)*
     77,615  
  1,127    
Manz Automation AG (Semiconductors & Semiconductor Equipment)*
     94,018  
  6,602    
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Insurance)
     988,650  
  10,022    
RWE AG (Utilities)(a)
     889,152  
  1,648    
Salzgitter AG (Materials)
     145,839  
  1,761    
Symrise AG (Materials)
     39,141  
     
    4,846,729  
 
Greece — 0.3%
  11,010    
Eurobank Properties Real Estate Investment Co. (REIT)
     111,178  
  25,564    
Marfin Investment Group SA (Diversified Financials)*
     70,590  
     
    181,768  
 
Hong Kong — 1.9%
  55,500    
BOC Hong Kong (Holdings) Ltd. (Banks)
     115,347  
  18,000    
Cheung Kong (Holdings) Ltd. (Real Estate)
     211,797  
  19,000    
CLP Holdings Ltd. (Utilities)
     128,609  
  25,650    
Esprit Holdings Ltd. (Retailing)
     180,689  
  5,000    
Hang Lung Group Ltd. (Real Estate)
     22,411  
  18,000    
Hong Kong Electric Holdings Ltd. (Utilities)
     100,735  
  4,000    
Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)
     67,448  
  20,000    
Hutchison Whampoa Ltd. (Capital Goods)
     136,041  
  3,500    
Kingboard Chemical Holdings Ltd. (Technology Hardware & Equipment)
     14,862  
  2,000    
Li & Fung Ltd. (Retailing)
     9,115  
  9,500    
Lifestyle International Holdings Ltd. (Retailing)
     15,689  
  1,500    
Orient Overseas International Ltd. (Transportation)
     10,186  
  6,000    
Sino Land Co. Ltd. (Real Estate)
     9,871  
  12,000    
Swire Pacific Ltd. Class A (Real Estate)
     130,205  
  15,787    
The Link Real Estate Investment Trust (REIT)
     37,879  
  1,000    
The Wharf (Holdings) Ltd. (Real Estate)
     4,935  
  45,000    
Wheelock & Co. Ltd. (Real Estate)
     117,225  
  2,500    
Yue Yuen Industrial Holdings Ltd. (Consumer Durables & Apparel)
     7,762  
     
    1,320,806  
 
Ireland — 0.7%
  4,440    
CRH PLC (Materials)
     106,623  
  12,494    
Kerry Group PLC Class A (Food, Beverage & Tobacco)
     369,154  
                 
Shares     Description   Value  
Common Stocks — (continued)
Ireland — (continued)
  11,026    
United Drug PLC (Health Care Equipment & Services)
   $ 33,598  
     
    509,375  
 
Italy — 3.7%
  13,989    
Danieli & C. — Officine Meccaniche SpA (Capital Goods)(a)
     341,023  
  38,089    
Geox SpA (Consumer Durables & Apparel)
     245,438  
  11,235    
Landi Renzo SpA (Automobiles & Components)
     59,555  
  9,001    
Mediaset SpA (Media)
     68,325  
  329,993    
Parmalat SpA (Food, Beverage & Tobacco)
     827,229  
  525,379    
Telecom Italia SpA (Telecommunication Services)
     785,533  
  97,400    
UniCredit SpA (Banks)*
     268,591  
     
    2,595,694  
 
Japan — 27.0%
  26,600    
Aloka Co. Ltd. (Health Care Equipment & Services)
     192,194  
  24,700    
Alps Electric Co. Ltd. (Technology Hardware & Equipment)*
     141,427  
  75,000    
AMADA Co. Ltd. (Capital Goods)
     500,982  
  5,500    
Aoyama Trading Co. Ltd. (Retailing)
     76,286  
  3,900    
Arakawa Chemical Industries Ltd. (Materials)
     44,599  
  46,000    
Asahi Kasei Corp. (Materials)
     228,643  
  21,500    
Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)
     792,957  
  14,300    
Brother Industries Ltd. (Technology Hardware & Equipment)
     154,301  
  8,000    
Canon Marketing Japan, Inc. (Retailing)
     110,643  
  7,900    
Canon, Inc. (Technology Hardware & Equipment)(a)
     308,796  
  82    
Central Japan Railway Co. (Transportation)
     602,643  
  1,900    
Coca-Cola West Co. Ltd. (Food, Beverage & Tobacco)
     31,697  
  29,000    
Dai Nippon Printing Co. Ltd. (Commercial & Professional Services)
     397,667  
  1,300    
Daikoku Denki Co. Ltd. (Consumer Durables & Apparel)
     24,309  
  6,100    
Daito Trust Construction Co. Ltd. (Real Estate)
     289,336  
  8,000    
Daiwa Securities Group, Inc. (Diversified Financials)
     40,006  
  1,800    
Elpida Memory, Inc. (Semiconductors & Semiconductor Equipment)*
     31,775  
  28,000    
Fuji Heavy Industries Ltd. (Automobiles & Components)*
     131,541  
  87    
Fuji Media Holdings, Inc. (Media)
     130,385  
  6,000    
Fujikura Ltd. (Capital Goods)
     32,159  
  700    
Funai Electric Co. Ltd. (Consumer Durables & Apparel)
     34,738  
  16,400    
Fuyo General Lease Co. Ltd. (Diversified Financials)
     370,543  


 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Japan — (continued)
  29,000    
Hino Motors Ltd. (Capital Goods)*
   $ 108,797  
  4,200    
Hitachi Transport System Ltd. (Transportation)
     55,581  
  35,200    
Honda Motor Co. Ltd. (Automobiles & Components)(a)
     1,192,897  
  16,000    
Ihara Chemical Industry Co. Ltd. (Materials)
     44,283  
  6    
Inpex Corp. (Energy)
     43,904  
  30,000    
Itochu Corp. (Capital Goods)
     234,196  
  16,600    
Japan Digital Laboratory Co. Ltd. (Technology Hardware & Equipment)
     194,248  
  64    
Japan Tobacco, Inc. (Food, Beverage & Tobacco)
     230,953  
  32,000    
Kaneka Corp. (Materials)
     206,385  
  2,700    
Komori Corp. (Capital Goods)
     30,430  
  13,000    
Kubota Corp. (Capital Goods)
     116,899  
  7,000    
Kyosan Electric Manufacturing Co. Ltd. (Capital Goods)
     32,288  
  36,000    
Leopalace21 Corp. (Real Estate)*
     131,888  
  1,100    
Makita Corp. (Consumer Durables & Apparel)
     36,907  
  39,600    
Mitsubishi UFJ Financial Group, Inc. (Banks)
     203,784  
  3,100    
Mitsumi Electric Co. Ltd. (Technology Hardware & Equipment)
     53,898  
  121,300    
Mizuho Financial Group, Inc. (Banks)
     234,093  
  33,000    
Mizuho Securities Co. Ltd. (Diversified Financials)
     97,225  
  89,000    
NEC Corp. (Technology Hardware & Equipment)*
     229,484  
  6,900    
NEC Electronics Corp. (Semiconductors & Semiconductor Equipment)*
     57,505  
  5,700    
Nihon Eslead Corp. (Consumer Durables & Apparel)
     45,371  
  111,000    
Nippon Express Co. Ltd. (Transportation)
     465,218  
  3,500    
Nippon Fine Chemical Co. Ltd. (Materials)
     27,095  
  23,500    
Nippon Mining Holdings, Inc. (Energy)
     101,196  
  76,000    
Nippon Oil Corp. (Energy)
     355,130  
  27,000    
Nippon Sheet Glass Co. Ltd. (Capital Goods)
     69,739  
  9,000    
Nippon Signal Co. Ltd. (Capital Goods)
     85,885  
  67,000    
Nippon Soda Co. Ltd. (Materials)(a)
     247,745  
  18,300    
Nippon Telegraph & Telephone Corp. (Telecommunication Services)
     770,138  
  46,400    
Nissan Motor Co. Ltd. (Automobiles & Components)*(a)
     377,177  
  15,000    
Nisshin Seifun Group, Inc. (Food, Beverage & Tobacco)
     200,417  
  100,000    
Nisshin Steel Co. Ltd. (Materials)
     169,664  
  8,000    
NOF Corp. (Materials)
     32,619  
  15,900    
Nomura Real Estate Holdings, Inc. (Real Estate)
     237,440  
  71    
NTT DoCoMo, Inc. (Telecommunication Services)
     106,280  
                 
Shares     Description   Value  
Common Stocks — (continued)
Japan — (continued)
  181,000    
Osaka Gas Co. Ltd. (Utilities)(a)
   $ 637,231  
  7,800    
Resona Holdings, Inc. (Banks)
     97,294  
  44,000    
Ricoh Co. Ltd. (Technology Hardware & Equipment)
     629,845  
  40    
RISA Partners, Inc. (Diversified Financials)(b)
     23,827  
  1,400    
Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)
     94,333  
  7,900    
Sanoh Industrial Co. Ltd. (Automobiles & Components)
     50,513  
  4,700    
Sanshin Electronics Co. Ltd. (Technology Hardware & Equipment)
     35,753  
  10,000    
Seino Holdings Corp. (Transportation)
     66,785  
  78,000    
Sompo Japan Insurance, Inc. (Insurance)
     508,385  
  8,200    
Sony Corp. (Consumer Durables & Apparel)
     273,484  
  37    
SRI Sports Ltd. (Consumer Durables & Apparel)
     35,407  
  57,300    
Sumitomo Corp. (Capital Goods)
     645,038  
  45,100    
Sumitomo Electric Industries Ltd. (Capital Goods)
     589,084  
  8,500    
Sumitomo Mitsui Financial Group, Inc. (Banks)
     274,356  
  19,500    
Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)
     855,383  
  5,740    
Takefuji Corp. (Diversified Financials)(b)
     27,471  
  16,000    
Takihyo Co. Ltd. (Retailing)
     82,246  
  171,000    
The Bank of Yokohama Ltd. (Banks)
     808,474  
  22,000    
The Gunma Bank Ltd. (Banks)
     113,423  
  10,000    
The Sumitomo Trust & Banking Co. Ltd. (Banks)
     55,401  
  4,900    
Tokio Marine Holdings, Inc. (Insurance)
     131,753  
  9,000    
Tokyo Steel Manufacturing Co. Ltd. (Materials)
     89,206  
  23,000    
Tokyo Tatemono Co. Ltd. (Real Estate)
     91,012  
  13,000    
Tokyu Land Corp. (Real Estate)
     49,029  
  14,000    
Toppan Printing Co. Ltd. (Commercial & Professional Services)
     121,868  
  20,000    
Tosoh Corp. (Materials)
     51,431  
  10,900    
Towa Corp. (Semiconductors & Semiconductor Equipment)*(b)
     89,283  
  1,000    
Toyo Suisan Kaisha Ltd. (Food, Beverage & Tobacco)
     26,389  
  24,500    
U-Shin Ltd. (Automobiles & Components)
     141,250  
  150    
West Japan Railway Co. (Transportation)
     517,111  
  1,800    
Yamato Kogyo Co. Ltd. (Materials)
     56,561  
  10,300    
Yellow Hat Ltd. (Retailing)
     79,755  
  4,300    
Yorozu Corp. (Automobiles & Components)
     54,808  
     
    18,897,575  
 
Luxembourg — 0.1%
  2,539    
SES SA FDR (Media)
     55,691  
 


 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Netherlands — 4.9%
  5,075    
Crucell NV (Pharmaceuticals, Biotechnology & Life Sciences)*
   $ 98,771  
  2,750    
Dockwise Ltd. (Energy)*
     82,374  
  8,256    
European Aeronautic Defence & Space Co. (Capital Goods)(a)
     161,359  
  9,438    
Heineken Holding NV (Food, Beverage & Tobacco)
     396,866  
  20,203    
ING Groep NV CVA (Diversified Financials)*
     189,194  
  30,265    
Koninklijke DSM NV (Materials)
     1,410,587  
  39,404    
Royal Dutch Shell PLC Class A (Energy)(a)
     1,094,165  
     
    3,433,316  
 
Portugal — 0.1%
  23,147    
EDP — Energias de Portugal SA (Utilities)
     91,750  
 
Singapore — 1.4%
  24,000    
Ascendas Real Estate Investment Trust (REIT)
     32,698  
  1,000    
CapitaMalls Asia Ltd. (Real Estate)*
     1,643  
  4,000    
City Developments Ltd. (Real Estate)
     30,314  
  10,000    
DBS Group Holdings Ltd. (Banks)
     100,752  
  39,000    
Fraser and Neave Ltd. (Capital Goods)
     114,693  
  153,720    
Golden Agri-Resources Ltd. (Food, Beverage & Tobacco)*
     56,505  
  3,673    
Jardine Cycle & Carriage Ltd. (Retailing)
     65,660  
  13,000    
Keppel Corp. Ltd. (Capital Goods)
     76,811  
  31,782    
Oversea-Chinese Banking Corp. Ltd. (Banks)
     183,967  
  5,000    
SembCorp Industries Ltd. (Capital Goods)
     12,459  
  3,340    
Singapore Airlines Ltd. (Transportation)
     32,676  
  52,000    
Singapore Telecommunications Ltd. (Telecommunication Services)
     110,816  
  8,000    
StarHub Ltd. (Telecommunication Services)
     12,319  
  8,000    
United Overseas Bank Ltd. (Banks)
     102,546  
  23,000    
UOL Group Ltd. (Real Estate)
     60,951  
     
    994,810  
 
Spain — 4.6%
  30,940    
Banco de Sabadell SA (Banks)
     164,916  
  19,081    
Banco Popular Espanol SA (Banks)
     144,597  
  92,000    
Banco Santander SA (Banks)(a)
     1,313,847  
  65,548    
Telefonica SA (Telecommunication Services)(a)
     1,570,238  
     
    3,193,598  
 
Sweden — 3.6%
  14,915    
AF AB Class B (Commercial & Professional Services)
     393,241  
  7,364    
Alfa Laval AB (Capital Goods)
     99,977  
  2,728    
Investor AB Class A (Diversified Financials)
     46,932  
  7,471    
Investor AB Class B (Diversified Financials)
     131,517  
  97,896    
Nordea Bank AB (Banks)
     897,839  
                 
Shares     Description   Value  
Common Stocks — (continued)
Sweden — (continued)
  8,680    
Ratos AB Class B (Diversified Financials)
   $ 239,911  
  11,672    
Telefonaktiebolaget LM Ericsson Class B (Technology Hardware & Equipment)
     113,112  
  75,356    
TeliaSonera AB (Telecommunication Services)
     506,891  
  7,347    
TradeDoubler AB (Software & Services)*
     52,162  
     
    2,481,582  
 
Switzerland — 8.1%
  42,702    
ABB Ltd. (Registered) (Capital Goods)*
     773,069  
  11,342    
Actelion Ltd. (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*
     600,072  
  1,756    
Adecco SA (Registered) (Commercial & Professional Services)
     94,615  
  4,484    
Baloise Holding AG (Registered) (Insurance)
     371,769  
  23,085    
Compagnie Financiere Richemont SA Class A (Consumer Durables & Apparel)
     781,910  
  1,527    
Compagnie Financiere Tradition SA (Diversified Financials)
     174,464  
  2,563    
Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)
     182,268  
  22,550    
Nestle SA (Registered) (Food, Beverage & Tobacco)
     1,068,909  
  6,666    
Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)
     356,730  
  792    
PSP Swiss Property AG (Registered) (Real Estate)*
     45,449  
  5,943    
Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)
     997,063  
  2,157    
Sulzer AG (Registered) (Capital Goods)
     181,251  
  3,271    
UBS AG (Registered) (Diversified Financials)*
     42,660  
     
    5,670,229  
 
United Kingdom — 3.2%
  131,185    
BP PLC (Energy)(a)
     1,223,962  
  5,792    
BP PLC ADR (Energy)(c)
     325,047  
  18,210    
GlaxoSmithKline PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)(c)
     710,372  
     
    2,259,381  
 
TOTAL COMMON STOCKS   $ 67,240,199  
 
                             
Shares           Rate   Value  
Short-term Investment(d) — 1.3%
JPMorgan U.S. Government Money Market Fund — Capital Shares
 
     896,752             0.043%   $ 896,752  
 
TOTAL INVESTMENTS BEFORE SECURITIES
LENDING REINVESTMENT VEHICLE
 $ 68,136,951  
 

 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)

                             
Shares           Rate   Value  
Securities Lending Reinvestment Vehicle(d)(e) — 0.1%
Boston Global Investment Trust — Enhanced Portfolio II
 
     91,675             0.148%   $ 91,767  
 
TOTAL INVESTMENTS — 97.6%
   $ 68,228,718  
 
OTHER ASSETS IN EXCESS OF LIABILITIES — 2.4%
     1,661,973  
 
NET ASSETS — 100.0%
   $ 69,890,691  
 
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 a portion of this security is pledged as collateral for short positions within the total return swap.
(b) All or a portion of security is on loan.
(c) All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(d) Variable rate security. Interest rate disclosed is that which is in effect at January 31, 2010.
(e) Represents an affiliated issuer.
     
 
Investment Abbreviations:
ADR  
— American Depositary Receipt
CVA  
— Dutch Certification
FDR  
— Fiduciary Depositary Receipt
REIT  
— Real Estate Investment Trust
 
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.


 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)

                         
    Notional     Current     Unrealized  
    Value     Value     Gain (Loss)  
Total Return Swap Long Positions
Australia — 4.9%
CSL Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)
   $ 259,983     $ 244,495     $ (15,488 )
Goodman Fielder Ltd. (Food, Beverage & Tobacco)
     131,964       123,844       (8,120 )
MAp Group (Transportation)
     213,737       191,800       (21,937 )
National Australia Bank Ltd. (Banks)
     703,136       660,474       (42,662 )
     
 
                     (88,207 )
 
Austria — 1.0%
Strabag SE (Capital Goods)
     263,243       239,329       (23,914 )
 
Belgium — 2.1%
Compagnie d’Entreprises CFE (Capital Goods)
     140,188       132,218       (7,970 )
Delhaize Group SA (Food & Staples Retailing)
     201,160       204,126       2,966  
UCB SA (Pharmaceuticals, Biotechnology & Life Sciences)
     170,157       180,697       10,540  
     
 
                     5,536  
 
Finland — 1.0%
Konecranes Oyj (Capital Goods)
     227,413       242,786       15,373  
 
France — 3.7%
Air France-KLM (Transportation)
     103,264       106,178       2,914  
AXA SA (Insurance)
     130,965       113,167       (17,798 )
Hermes International SA (Consumer Durables & Apparel)
     89,531       91,671       2,140  
Lagardere SCA (Media)
     117,102       110,858       (6,244 )
L’Oreal SA (Household & Personal Products)
     482,649       452,862       (29,787 )
Rallye SA (Food & Staples Retailing)
     41,509       41,394       (115 )
     
 
                     (48,890 )
 
Germany — 2.9%
Fresenius SE (Health Care Equipment & Services)
     145,828       137,819       (8,009 )
Hochtief AG (Capital Goods)
     76,455       73,765       (2,690 )
                         
    Notional     Current     Unrealized  
    Value     Value     Gain (Loss)  
Total Return Swap Long Positions — (continued)
Germany — (continued)
K+S AG (Materials)
   $ 78,355     $ 76,449     $ (1,906 )
Kontron AG (Semiconductors & Semiconductor Equipment)
     91,457       87,685       (3,772 )
KWS Saat AG (Food, Beverage & Tobacco)
     54,404       53,984       (420 )
Merck KGaA (Pharmaceuticals, Biotechnology & Life Sciences)
     73,411       69,700       (3,711 )
TUI AG (Consumer Services)
     50,272       55,237       4,965  
Volkswagen AG (Automobiles & Components)
     199,348       156,975       (42,373 )
     
 
                     (57,916 )
 
Hong Kong — 0.8%
Hang Seng Bank Ltd. (Banks)
     28,102       26,529       (1,573 )
New World Development Ltd. (Real Estate)
     166,702       132,190       (34,512 )
Sun Hung Kai Properties Ltd. (Real Estate)
     44,991       38,396       (6,595 )
     
 
                     (42,680 )
 
Italy — 0.6%
Brembo SpA (Automobiles & Components)
     30,473       26,962       (3,511 )
Indesit Co. SpA (Consumer Durables & Apparel)
     100,888       110,352       9,464  
     
 
                     5,953  
 
Japan — 7.0%
Daiwa Industries Ltd. (Capital Goods)
     191,018       185,320       (5,698 )
FUJIFILM Holdings Corp. (Technology Hardware & Equipment)
     586,446       621,355       34,909  
Idemitsu Kosan Co. Ltd. (Energy)
     87,762       95,930       8,168  
Kao Corp. (Household & Personal Products)
     103,689       106,155       2,466  
Mitsubishi Heavy Industries Ltd. (Capital Goods)
     31,789       31,380       (409 )


 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)

                         
    Notional     Current     Unrealized  
    Value     Value     Gain (Loss)  
Total Return Swap Long Positions — (continued)
Japan — (continued)
Nippon Shinyaku Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)
   $ 33,740     $ 34,215     $ 475  
Tohoku Electric Power Co., Inc (Utilities)
     65,789       66,215       426  
Toyota Motor Corp. (Automobiles & Components)
     655,183       596,184       (58,999 )
     
 
                     (18,662 )
 
Luxembourg — 2.1%
ArcelorMittal (Materials)
     625,327       522,159       (103,168 )
 
Netherlands — 4.8%
Akzo Nobel NV (Materials)
     162,910       145,067       (17,843 )
Royal Dutch Shell PLC Class A (Energy)
     8,888       8,043       (845 )
Royal Dutch Shell PLC Class B (Energy)
     996,710       901,813       (94,897 )
USG People NV (Commercial & Professional Services)
     132,490       138,235       5,745  
     
 
                     (107,840 )
 
Norway — 0.4%
Telenor ASA (Telecommunication Services)
     112,546       103,974       (8,572 )
 
Spain — 2.2%
Abertis Infraestructuras SA (Transportation)
     478,344       427,769       (50,575 )
Banco Bilbao Vizcaya Argentaria SA (Banks)
     135,295       112,452       (22,843 )
     
 
                     (73,418 )
 
Sweden — 3.0%
Assa Abloy AB Class B (Capital Goods)
     42,091       37,564       (4,527 )
Betsson AB (Consumer Services)
     234,431       262,654       28,223  
Electrolux AB Class B (Consumer Durables & Apparel)
     248,364       248,971       607  
Kungsleden AB (Real Estate)
     123,096       117,533       (5,563 )
                         
    Notional     Current     Unrealized  
    Value     Value     Gain (Loss)  
Total Return Swap Long Positions — (continued)
Sweden — (continued)
Swedish Match AB (Food, Beverage & Tobacco)
   $ 78,393     $ 74,567     $ (3,826 )
     
 
                     14,914  
 
Switzerland — 0.3%
STMicroelectronics NV (Semiconductors & Semiconductor Equipment)
     96,666       85,521       (11,145 )
 
United Kingdom — 63.2%
Anglo Pacific Group PLC (Energy)
     31,379       32,496       1,117  
Associated British Foods PLC (Food, Beverage & Tobacco)
     753,829       794,321       40,492  
AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences)
     1,165,299       1,145,047       (20,252 )
Aviva PLC (Insurance)
     921,433       873,825       (47,608 )
BAE Systems PLC (Capital Goods)
     101,798       97,850       (3,948 )
Barclays PLC (Banks)
     231,613       220,988       (10,625 )
Burberry Group PLC (Consumer Durables & Apparel)
     87,020       87,376       356  
Charter International PLC (Capital Goods)
     43,123       40,697       (2,426 )
Compass Group PLC (Consumer Services)
     258,958       243,993       (14,965 )
Computacenter PLC (Software & Services)
     230,468       268,225       37,757  
CSR PLC (Semiconductors & Semiconductor Equipment)
     93,852       100,937       7,085  
Dairy Crest Group PLC (Food, Beverage & Tobacco)
     235,494       215,461       (20,033 )
Delta PLC (Materials)
     591,676       655,965       64,289  
Devro PLC (Food, Beverage & Tobacco)
     140,941       144,178       3,237  


 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)

                         
    Notional     Current     Unrealized  
    Value     Value     Gain (Loss)  
Total Return Swap Long Positions — (continued)
United Kingdom — (continued)
Eurasian Natural Resources Corp. PLC (Materials)
   $ 324,855     $ 314,162     $ (10,693 )
Filtrona PLC (Materials)
     180,363       165,452       (14,911 )
GlaxoSmithKline PLC (Pharmaceuticals, Biotechnology & Life Sciences)
     672,575       611,226       (61,349 )
Home Retail Group PLC (Retailing)
     217,297       192,434       (24,863 )
HSBC Holdings PLC (Banks)
     1,187,954       1,101,785       (86,169 )
Hunting PLC (Energy)
     95,442       87,347       (8,095 )
Imperial Tobacco Group PLC (Food, Beverage & Tobacco)
     73,512       72,590       (922 )
JKX Oil & Gas PLC (Energy)
     90,519       84,480       (6,039 )
Kazakhmys PLC (Materials)
     508,450       450,559       (57,891 )
London Stock Exchange Group PLC (Diversified Financials)
     185,337       162,980       (22,357 )
Man Group PLC (Diversified Financials)
     114,415       85,642       (28,773 )
Melrose PLC (Capital Goods)
     96,293       94,238       (2,055 )
Mondi PLC (Materials)
     437,784       455,340       17,556  
Petrofac Ltd. (Energy)
     552,103       499,765       (52,338 )
QinetiQ Group PLC (Capital Goods)
     376,762       304,167       (72,595 )
Reckitt Benckiser Group PLC (Household & Personal Products)
     133,832       131,569       (2,263 )
Royal Bank of Scotland Group PLC (Banks)
     423,847       376,054       (47,793 )
RPC Group PLC (Materials)
     105,026       103,656       (1,370 )
SABMiller PLC (Food, Beverage & Tobacco)
     73,764       67,687       (6,077 )
Scottish and Southern Energy PLC (Utilities)
     772,299       763,878       (8,421 )
                         
    Notional     Current     Unrealized  
    Value     Value     Gain (Loss)  
Total Return Swap Long Positions — (continued)
United Kingdom — (continued)
Standard Life PLC (Insurance)
   $ 174,625     $ 155,712     $ (18,913 )
The Sage Group PLC (Software & Services)
     84,597       84,754       157  
Thomas Cook Group PLC (Consumer Services)
     791,206       764,979       (26,227 )
Tui Travel PLC (Consumer Services)
     755,354       752,854       (2,500 )
Unilever PLC (Food, Beverage & Tobacco)
     680,269       664,589       (15,680 )
Vedanta Resources PLC (Materials)
     842,191       762,306       (79,885 )
Vodafone Group PLC (Telecommunication Services)
     1,316,695       1,206,106       (110,589 )
WM Morrison Supermarkets PLC (Food & Staples Retailing)
     40,511       41,398       887  
WPP PLC (Media)
     152,588       144,244       (8,344 )
     
 
                     (724,036 )
 
TOTAL LONG POSITIONS OF TOTAL RETURN SWAP
   $ 25,995,002     $ 24,728,330     $ (1,266,672 )
 
 
                        
Total Return Swap Short Positions
Australia — 7.9%
Aristocrat Leisure Ltd. (Consumer Services)
   $ (66,231 )   $ (63,936 )   $ 2,295  
Asciano Group (Transportation)
     (100,384 )     (91,931 )     8,453  
Biota Holdings Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)
     (45,114 )     (36,763 )     8,351  
Bow Energy Ltd. (Energy)
     (56,524 )     (49,649 )     6,875  
Coca-Cola Amatil Ltd. (Food, Beverage & Tobacco)
     (46,126 )     (42,965 )     3,161  
Crown Ltd. (Consumer Services)
     (266,904 )     (252,000 )     14,904  
CSR Ltd. (Capital Goods)
     (31,399 )     (30,993 )     406  


 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)

                         
    Notional     Current     Unrealized  
    Value     Value     Gain (Loss)  
Total Return Swap Short Positions — (continued)
Australia — (continued)
Eastern Star Gas Ltd. (Energy)
   $ (47,834 )   $ (44,048 )   $ 3,786  
GPT Group (REIT)
     (56,374 )     (52,503 )     3,871  
Infigen Energy (Utilities)
     (338,170 )     (316,028 )     22,142  
Karoon Gas Australia Ltd. (Energy)
     (173,953 )     (115,110 )     58,843  
Lend Lease Group (Real Estate)
     (89,386 )     (79,840 )     9,546  
Newcrest Mining Ltd. (Materials)
     (217,572 )     (183,866 )     33,706  
Pharmaxis Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)
     (154,723 )     (147,648 )     7,075  
SP AusNet (Utilities)
     (88,824 )     (85,266 )     3,558  
Transurban Group (Transportation)
     (304,898 )     (282,142 )     22,756  
     
 
                     209,728  
 
Belgium — 6.1%
Colruyt SA (Food & Staples Retailing)
     (847,208 )     (850,474 )     (3,266 )
Telenet Group Holding NV (Telecommunication Services)
     (584,112 )     (585,266 )     (1,154 )
     
 
                     (4,420 )
 
Denmark — 5.3%
DSV A/S (Transportation)
     (1,030,408 )     (1,004,740 )     25,668  
Novozymes A/S, Class B (Materials)
     (262,795 )     (257,438 )     5,357  
     
 
                     31,025  
 
Finland — 1.8%
Outotec Oyj (Capital Goods)
     (147,526 )     (138,831 )     8,695  
Pohjola Bank PLC (Diversified Financials)
     (96,112 )     (90,537 )     5,575  
YIT Oyj (Capital Goods)
     (194,002 )     (192,903 )     1,099  
     
 
                     15,369  
 
France — 14.5%
Compagnie Generale d’Optique Essilor International SA (Health Care Equipment & Services)
     (181,350 )     (175,388 )     5,962  
EDF Energies Nouvelles SA (Utilities)
     (115,484 )     (111,217 )     4,267  
                         
    Notional     Current     Unrealized  
    Value     Value     Gain (Loss)  
Total Return Swap Short Positions — (continued)
France — (continued)
Eutelsat Communications (Media)
   $ (387,035 )   $ (386,060 )   $ 975  
Gemalto NV (Technology Hardware & Equipment)
     (96,144 )     (86,861 )     9,283  
Iliad SA (Telecommunication Services)
     (1,181,494 )     (1,088,285 )     93,209  
Imerys SA (Materials)
     (210,163 )     (192,015 )     18,148  
Ipsen SA (Pharmaceuticals, Biotechnology & Life Sciences)
     (461,251 )     (444,142 )     17,109  
Pernod-Ricard SA (Food, Beverage & Tobacco)
     (49,975 )     (46,574 )     3,401  
Safran SA (Capital Goods)
     (303,343 )     (292,403 )     10,940  
Suez Environnement SA (Utilities)
     (69,173 )     (63,334 )     5,839  
Teleperformance (Commercial & Professional Services)
     (178,107 )     (169,304 )     8,803  
Transgene SA (Pharmaceuticals, Biotechnology & Life Sciences)
     (39,331 )     (40,685 )     (1,354 )
Virbac SA (Pharmaceuticals, Biotechnology & Life Sciences)
     (362,127 )     (339,840 )     22,287  
     
 
                     198,869  
 
Germany — 1.4%
Wacker Chemie AG (Materials)
     (442,837 )     (329,465 )     113,372  
 
Gibraltar — 0.8%
888 Holdings PLC (Consumer Services)
     (88,814 )     (85,622 )     3,192  
PartyGaming PLC (Consumer Services)
     (105,495 )     (111,900 )     (6,405 )
     
 
                     (3,213 )
 
Guernsey — 0.5%
Resolution Ltd. (Insurance)
     (127,884 )     (112,380 )     15,504  
 


 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)

                         
    Notional     Current     Unrealized  
    Value     Value     Gain (Loss)  
Total Return Swap Short Positions — (continued)
Ireland — 0.5%
Experian PLC (Commercial & Professional Services)
   $ (111,802 )   $ (110,523 )   $ 1,279  
 
Italy — 3.0%
Autogrill SpA (Consumer Services)
     (243,471 )     (227,802 )     15,669  
Davide Campari-Milano SpA (Food, Beverage & Tobacco)
     (166,424 )     (158,475 )     7,949  
DiaSorin SpA (Health Care Equipment & Services)
     (84,486 )     (83,874 )     612  
Fiat SpA (Automobiles & Components)
     (77,188 )     (65,504 )     11,684  
Saipem SpA (Energy)
     (177,910 )     (165,894 )     12,016  
     
 
                     47,930  
 
Japan — 23.1%
Air Water, Inc. (Materials)
     (98,083 )     (91,536 )     6,547  
Chiyoda Corp. (Capital Goods)
     (232,530 )     (264,174 )     (31,644 )
Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)
     (211,149 )     (199,979 )     11,170  
Chuo Mitsui Trust Holdings, Inc. (Banks)
     (219,026 )     (230,119 )     (11,093 )
Daibiru Corp. (Real Estate)
     (23,813 )     (24,835 )     (1,022 )
Fast Retailing Co. Ltd. (Retailing)
     (132,499 )     (116,607 )     15,892  
Hisamitsu Pharmaceutical Co., Inc. (Pharmaceuticals, Biotechnology & Life Sciences)
     (180,987 )     (190,637 )     (9,650 )
Ibiden Co. Ltd. (Technology Hardware & Equipment)
     (60,783 )     (58,049 )     2,734  
Izumi Co. Ltd. (Retailing)
     (63,496 )     (63,197 )     299  
J. Front Retailing Co. Ltd. (Retailing)
     (112,992 )     (104,772 )     8,220  
                         
    Notional     Current     Unrealized  
    Value     Value     Gain (Loss)  
Total Return Swap Short Positions — (continued)
Japan — (continued)
Keihan Electric Railway Co. Ltd. (Capital Goods)
   $ (169,121 )   $ (174,411 )   $ (5,290 )
Keihin Electric Express Railway Co. Ltd. (Transportation)
     (377,962 )     (392,430 )     (14,468 )
Keisei Electric Railway Co. Ltd. (Transportation)
     (91,438 )     (87,707 )     3,731  
Kintetsu Corp. (Transportation)
     (450,512 )     (466,454 )     (15,942 )
Konami Corp. (Software & Services)
     (65,181 )     (57,548 )     7,633  
MISUMI Group, Inc. (Capital Goods)
     (431,945 )     (437,958 )     (6,013 )
Modec, Inc. (Energy)
     (32,786 )     (32,745 )     41  
Nippon Gas Co. Ltd. (Energy)
     (34,016 )     (32,283 )     1,733  
NTT Urban Development Corp. (Real Estate)
     (195,556 )     (213,953 )     (18,397 )
Odakyu Electric Railway Co. Ltd. (Transportation)
     (69,527 )     (73,054 )     (3,527 )
Okumura Corp. (Capital Goods)
     (67,609 )     (72,722 )     (5,113 )
Point, Inc. (Retailing)
     (41,590 )     (41,770 )     (180 )
Shimizu Corp. (Capital Goods)
     (169,576 )     (178,421 )     (8,845 )
Showa Shell Sekiyu KK (Energy)
     (169,556 )     (163,175 )     6,381  
SoftBank Corp. (Telecommunication Services)
     (112,855 )     (122,044 )     (9,189 )
Square Enix Holdings Co. Ltd. (Software & Services)
     (95,271 )     (89,899 )     5,372  
Sumitomo Forestry Co. Ltd. (Consumer Durables & Apparel)
     (110,732 )     (107,196 )     3,536  
Sundrug Co. Ltd. (Food & Staples Retailing)
     (38,036 )     (38,239 )     (203 )
Sysmex Corp. (Health Care Equipment & Services)
     (346,823 )     (368,844 )     (22,021 )
The Akita Bank Ltd. (Banks)
     (36,389 )     (35,990 )     399  


 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)

                         
    Notional     Current     Unrealized  
    Value     Value     Gain (Loss)  
Total Return Swap Short Positions — (continued)
Japan — (continued)
The Bank of Iwate Ltd. (Banks)
   $ (239,005 )   $ (240,961 )   $ (1,956 )
The Hokkoku Bank Ltd. (Banks)
     (79,137 )     (78,787 )     350  
The Yamagata Bank Ltd. (Banks)
     (47,348 )     (47,640 )     (292 )
TOC Co. Ltd. (Real Estate)
     (200,990 )     (208,135 )     (7,145 )
Toho Co. Ltd. (Media)
     (59,862 )     (59,535 )     327  
Tokyu Corp. (Transportation)
     (80,178 )     (81,099 )     (921 )
TonenGeneral Sekiyu KK (Energy)
     (151,146 )     (149,363 )     1,783  
Yamaha Motor Co. Ltd. (Automobiles & Components)
     (65,694 )     (70,789 )     (5,095 )
     
 
                     (101,858 )
 
Luxembourg — 0.1%
Millicom International Cellular SA SDR (Telecommunication Services)
     (36,401 )     (32,564 )     3,837  
 
Netherlands — 3.0%
ASML Holding NV (Semiconductors & Semiconductor Equipment)
     (47,958 )     (43,560 )     4,398  
Reed Elsevier NV (Media)
     (418,300 )     (407,653 )     10,647  
SBM Offshore NV (Energy)
     (105,360 )     (103,615 )     1,745  
Vastned Retail NV (REIT)
     (149,498 )     (147,494 )     2,004  
     
 
                     18,794  
 
Norway — 0.1%
Austevoll Seafood ASA (Food, Beverage & Tobacco)
     (31,443 )     (35,864 )     (4,421 )
 
Papua New Guinea — 0.6%
Oil Search Ltd. (Energy)
     (182,653 )     (153,256 )     29,397  
 
Spain — 3.7%
Enagas SA (Utilities)
     (423,589 )     (395,112 )     28,477  
Grupo Catalana Occidente SA (Insurance)
     (184,077 )     (186,474 )     (2,397 )
                         
    Notional     Current     Unrealized  
    Value     Value     Gain (Loss)  
Total Return Swap Short Positions — (continued)
Spain — (continued)
Laboratorios Farmaceuticos Rovi SA (Pharmaceuticals, Biotechnology & Life Sciences)
   $ (182,564 )   $ (166,687 )   $ 15,877  
Pescanova SA (Food, Beverage & Tobacco)
     (136,722 )     (132,784 )     3,938  
     
 
                     45,895  
 
Sweden — 6.1%
Axfood AB (Food & Staples Retailing)
     (102,371 )     (100,218 )     2,153  
Husqvarna AB Class B (Consumer Durables & Apparel)
     (154,137 )     (141,712 )     12,425  
JM AB (Consumer Durables & Apparel)
     (363,665 )     (304,367 )     59,298  
Lundin Petroleum AB (Energy)
     (751,169 )     (718,799 )     32,370  
Scania AB Class B (Capital Goods)
     (113,251 )     (107,440 )     5,811  
Swedbank AB Class A (Banks)
     (79,441 )     (66,762 )     12,679  
     
 
                     124,736  
 
Switzerland — 1.1%
Ferrexpo PLC (Materials)
     (37,710 )     (36,225 )     1,485  
Logitech International SA (Technology Hardware & Equipment)
     (235,535 )     (227,900 )     7,635  
     
 
                     9,120  
 
United Kingdom — 20.4%
BG Group PLC (Energy)
     (153,056 )     (140,048 )     13,008  
Bovis Homes Group PLC (Consumer Durables & Apparel)
     (68,337 )     (61,223 )     7,114  
BT Group PLC (Telecommunication Services)
     (127,010 )     (115,993 )     11,017  
BTG PLC (Pharmaceuticals, Biotechnology & Life Sciences)
     (30,492 )     (29,953 )     539  
Carpetright PLC (Retailing)
     (234,882 )     (223,995 )     10,887  
Dignity PLC (Consumer Services)
     (760,839 )     (769,863 )     (9,024 )


 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)

                         
    Notional     Current     Unrealized  
    Value     Value     Gain (Loss)  
Total Return Swap Short Positions — (continued)
United Kingdom — (continued)
eaga PLC (Consumer Durables & Apparel)
   $ (80,396 )   $ (76,902 )   $ 3,494  
Fresnillo PLC (Materials)
     (742,626 )     (620,494 )     122,132  
Hikma Pharmaceuticals PLC (Pharmaceuticals, Biotechnology & Life Sciences)
     (127,651 )     (133,646 )     (5,995 )
Hochschild Mining PLC (Materials)
     (96,980 )     (94,404 )     2,576  
Imagination Technologies Group PLC (Technology Hardware & Equipment)
     (253,932 )     (272,939 )     (19,007 )
Inmarsat PLC (Telecommunication Services)
     (380,109 )     (367,482 )     12,627  
McBride PLC (Household & Personal Products)
     (56,292 )     (55,614 )     678  
Mothercare PLC (Retailing)
     (75,854 )     (72,384 )     3,470  
N. Brown Group PLC (Retailing)
     (95,546 )     (85,456 )     10,090  
Northgate PLC (Transportation)
     (49,714 )     (48,071 )     1,643  
Premier Oil PLC (Energy)
     (113,757 )     (104,630 )     9,127  
Reed Elsevier PLC (Media)
     (124,449 )     (119,327 )     5,122  
Restaurant Group PLC (Consumer Services)
     (57,729 )     (61,631 )     (3,902 )
Shire PLC (Pharmaceuticals, Biotechnology & Life Sciences)
     (679,976 )     (685,753 )     (5,777 )
Telecity Group PLC (Software & Services)
     (44,374 )     (41,550 )     2,824  
Trinity Mirror PLC (Media)
     (109,460 )     (98,957 )     10,503  
                         
    Notional     Current     Unrealized  
    Value     Value     Gain (Loss)  
Total Return Swap Short Positions — (continued)
United Kingdom — (continued)
Tullow Oil PLC (Energy)
   $ (643,031 )   $ (556,102 )   $ 86,929  
     
 
                     270,075  
 
TOTAL SHORT POSITIONS OF TOTAL RETURN SWAP
   $ (24,715,402 )   $ (23,694,384 )   $ 1,021,018  
 
NET LONG AND SHORT POSITIONS OF TOTAL RETURN SWAP
                   $ (245,654 )
 
NET FINANCING COST
     (1,436 )
CORPORATE ACTIONS
     34,017  
 
NET SWAP CONTRACT
   $ (213,073 )
 
The percentage shown for each investment category reflects the value of investments in that category as a percentage of the current swap value. Morgan Stanley & Co. International PLC acts as the counterparty for the Fund’s swap contract. Termination date for this contract is September 13, 2010.
     
 
Investment Abbreviations:
REIT  
— Real Estate Investment Trust
SDR  
— Swedish Depositary Receipt
 


 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
FUTURES CONTRACTS — At January 31, 2010, the following futures contracts were open:
                                 
    Number of                
    Contracts   Expiration           Unrealized
Type   Long   Date   Value   Loss
 
Dow Jones EURO STOXX 50 Index
     20     March 2010   $ 768,953     $ (6,229 )
FTSE 100 Index
     4     March 2010     329,195       (2,578 )
SPI 200 Index
     1     March 2010     100,541       (1,929 )
TOPIX Index
     3     March 2010     297,291       (7,519 )
 
TOTAL
                           $ (18,255 )
 
TAX INFORMATION — At January 31, 2010, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
         
 
Tax Cost
   $ 70,201,857  
 
Gross unrealized gain
     3,640,647  
Gross unrealized loss
     (5,613,786 )
 
Net unrealized security loss
   $ (1,973,139 )
 
Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

 

 

GOLDMAN SACHS STRUCTURED EMERGING MARKETS EQUITY FUND
Schedule of Investments
January 31, 2010 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — 95.0%
Brazil — 10.8%
  113,380    
Banco Bradesco SA ADR Preference Shares (Banks)(a)
   $ 1,877,573  
  40,700    
Banco do Brasil SA (Banks)
     606,721  
  261,300    
Banco do Estado do Rio Grande do Sul SA Preference B Shares (Banks)
     1,815,931  
  14,000    
Banco Santander Brasil SA ADR (Banks)
     168,560  
  195,200    
Braskem SA Preference A Shares (Materials)*
     1,373,131  
  114,200    
Centrais Eletricas Brasileiras SA Preference B Shares (Utilities)
     2,102,249  
  3,600    
Companhia de Bebidas das Americas ADR Preference Shares (Food, Beverage &
Tobacco)(a)
     333,216  
  65,925    
Empresa Brasileira de Aeronautica SA ADR (Capital Goods)(a)
     1,399,588  
  16,700    
Fibria Celulose SA ADR
(Materials)*
     305,276  
  104,300    
Gerdau SA ADR Preference Shares (Materials)(a)
     1,402,835  
  140,300    
Klabin SA Preference Shares (Materials)
     363,217  
  133,800    
Metalurgica Gerdau SA Preference Shares (Materials)
     2,224,558  
  236,500    
Petroleo Brasileiro SA ADR (Energy)
     9,594,805  
  394,700    
Petroleo Brasileiro SA Preference Shares (Energy)
     7,154,854  
  272,200    
Suzano Papel e Celulose SA Preference Shares (Materials)
     2,932,829  
  393,800    
Tele Norte Leste Participacoes SA ADR Preference Shares (Telecommunication Services)(a)
     7,017,516  
  45,800    
Telecomunicacoes de Sao Paulo SA ADR Preference Shares (Telecommunication Services)(a)
     1,025,004  
  290,600    
Usinas Siderurgicas de Minas Gerais SA Preference A Shares (Materials)
     7,646,557  
  114,700    
Vale SA ADR (Materials)(a)
     2,958,113  
  123,000    
Vale SA Preference A Shares (Materials)
     2,749,719  
     
    55,052,252  
 
Chile — 1.4%
  1,498,445    
Centros Comerciales Sudamericanos SA (Food & Staples Retailing)
     5,300,453  
  47,779    
Compania Cervecerias Unidas SA (Food, Beverage & Tobacco)
     371,037  
  15,850    
Empresas CMPC SA (Materials)
     692,549  
  57,146    
Empresas COPEC SA (Capital Goods)
     915,906  
     
    7,279,945  
 
China — 12.2%
  464,000    
Agile Property Holdings Ltd. Class H (Real Estate)
     577,785  
  28,205,000    
Bank of China Ltd. Class H (Banks)
     13,492,005  
  2,070,000    
China CITIC Bank Corp. Ltd. Class H (Banks)
     1,378,126  
  22,869,000    
China Construction Bank Corp. Class H (Banks)
     17,470,524  
  191,000    
China Life Insurance Co. Ltd. Class H (Insurance)
     842,318  
                 
Shares     Description   Value  
Common Stocks — (continued)
China — (continued)
  930,500    
China Minsheng Banking Corp. Ltd. Class H (Banks)*
   $ 928,828  
  1,412,000    
China Petroleum & Chemical Corp. Class H (Energy)
     1,098,482  
  221,000    
China Shenhua Energy Co. Ltd. Class H (Energy)
     942,000  
  14,228,000    
China Telecom Corp. Ltd. Class H (Telecommunication Services)
     5,845,241  
  1,000,000    
Dongfeng Motor Group Co. Ltd. Class H (Automobiles & Components)
     1,299,309  
  1,772,000    
Great Wall Motor Co. Ltd. Class H (Automobiles & Components)
     2,404,947  
  12,928,000    
PetroChina Co. Ltd. Class H (Energy)
     14,438,314  
  218,093    
Shandong Chenming Paper Holdings Ltd. Class B (Materials)
     158,318  
  31,400    
Suntech Power Holdings Co. Ltd. ADR (Capital Goods)*(a)
     424,214  
  1,345,000    
Weiqiao Textile Co. Ltd. Class H (Consumer Durables & Apparel)
     897,800  
     
    62,198,211  
 
Egypt — 0.8%
  1,030,885    
Talaat Moustafa Group Holding (Real Estate)*
     1,331,175  
  787,137    
Telecom Egypt SAE (Telecommunication Services)
     2,616,456  
     
    3,947,631  
 
Hong Kong — 4.2%
  3,084,000    
Chaoda Modern Agriculture Holdings Ltd. (Food, Beverage & Tobacco)
     3,013,988  
  382,000    
China Mobile Ltd. (Telecommunication Services)
     3,588,787  
  572,000    
China Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)
     291,125  
  628,000    
China Resources Enterprise Ltd. (Retailing)
     2,062,104  
  2,636,000    
China Unicom Hong Kong Ltd. (Telecommunication Services)
     2,940,788  
  1,841,000    
Citic Pacific Ltd. (Capital Goods)
     3,898,281  
  1,215,000    
CNOOC Ltd. (Energy)
     1,703,575  
  445,000    
Kingboard Chemical Holdings Ltd. (Technology Hardware & Equipment)
     1,889,646  
  4,664,000    
Shenzhen Investment Ltd. (Real Estate)
     1,662,529  
  618,000    
TPV Technology Ltd. (Technology Hardware & Equipment)
     388,441  
     
    21,439,264  
 
Hungary — 0.9%
  151,975    
OTP Bank PLC (Banks)*
     4,462,622  
 
India — 7.1%
  68,812    
Bajaj Holdings and Investment Ltd. (Diversified Financials)
     841,797  
  813,053    
Hindalco Industries Ltd. (Materials)
     2,571,614  
  90,480    
Hindustan Zinc Ltd. (Materials)
     2,171,302  
  200,103    
IDBI Bank Ltd. (Banks)
     525,188  
  642,622    
Indian Bank (Banks)
     2,491,641  


 

 

GOLDMAN SACHS STRUCTURED EMERGING MARKETS EQUITY FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
India — (continued)
  192,716    
Indian Oil Corp. Ltd. (Energy)
   $ 1,254,719  
  10,820    
Infosys Technologies Ltd. ADR (Software & Services)
     561,666  
  35,172    
JSW Steel Ltd. (Materials)
     747,772  
  83,835    
Jubilant Organosys Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)
     586,873  
  121,655    
Oil & Natural Gas Corp. Ltd. (Energy)
     2,879,243  
  500,967    
Patni Computer Systems Ltd. (Software & Services)
     5,002,989  
  125,681    
Ranbaxy Laboratories Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*
     1,236,144  
  799,590    
Rolta India Ltd. (Software & Services)
     3,520,598  
  112,852    
Satyam Computer Services Ltd. (Software & Services)*
     240,735  
  147,831    
Shipping Corp of India Ltd. (Transportation)
     501,601  
  876,698    
Steel Authority of India Ltd. (Materials)
     4,061,431  
  366,906    
Sterlite Industries (India) Ltd. (Materials)
     5,931,929  
  117,402    
Tata Chemicals Ltd. (Materials)
     750,678  
  84,083    
Welspun-Gujarat Stahl Ltd. (Materials)
     474,774  
     
    36,352,694  
 
Indonesia — 0.9%
  1,881,500    
PT Bank Mandiri Tbk (Banks)
     932,273  
  3,982,000    
PT Bank Negara Indonesia (Persero) Tbk (Banks)
     815,023  
  1,425,500    
PT Bumi Resources Tbk (Energy)
     372,274  
  513,500    
PT Gudang Garam Tbk (Food, Beverage & Tobacco)
     1,309,100  
  2,623,500    
PT Indofood Sukses Makmur Tbk (Food, Beverage & Tobacco)
     1,002,194  
  484,500    
PT Perusahaan Gas Negara (Utilities)
     194,041  
     
    4,624,905  
 
Israel — 1.5%
  420,544    
Bank Hapoalim BM (Banks)*
     1,800,165  
  580,410    
Bank Leumi Le-Israel BM (Banks)*
     2,485,438  
  1,561,615    
Israel Discount Bank Ltd. Class A (Banks)*
     3,512,626  
     
    7,798,229  
 
Mexico — 5.1%
  218,950    
America Movil SAB de CV Series L ADR (Telecommunication Services)
     9,557,168  
  57,340    
Coca-Cola Femsa SAB de CV ADR (Food, Beverage & Tobacco)(a)
     3,549,919  
  1,082,600    
Consorcio ARA SAB de CV (Consumer Durables & Apparel)*
     696,075  
  47,900    
Embotelladoras Arca SAB de CV (Food, Beverage & Tobacco)
     153,807  
  139,410    
Fomento Economico Mexicano SAB de CV ADR (Food, Beverage & Tobacco)
     5,877,526  
  117,200    
Grupo Bimbo SAB de CV Series A (Food, Beverage & Tobacco)
     737,428  
  379,200    
Grupo Carso SAB de CV Series A-1 (Capital Goods)
     1,174,128  
                 
Shares     Description   Value  
Common Stocks — (continued)
Mexico — (continued)
  163,200    
Grupo Famsa SAB de CV Class A (Retailing)*
   $ 338,503  
  113,200    
Grupo Financiero Banorte SAB de CV (Banks)
     371,448  
  536,700    
Grupo Mexico SAB de CV Series B (Materials)
     1,089,403  
  161,600    
Grupo Modelo SAB de CV (Food, Beverage & Tobacco)*
     797,499  
  295,800    
Grupo Simec SAB de CV (Materials)*
     705,578  
  160,700    
Industrias CH SAB de CV (Materials)*
     528,295  
  158,700    
Organizacion Soriana SAB de CV Class B (Food & Staples Retailing)*
     368,480  
     
    25,945,257  
 
Poland — 0.2%
  25,532    
KGHM Polska Miedz SA (Materials)
     837,679  
 
Russia — 5.6%
  382,242    
OAO Gazprom ADR (Energy)
     9,263,230  
  258,771    
OAO Lukoil ADR (Energy)(a)
     14,196,647  
  89,640    
OAO Surgutneftegaz ADR (Energy)
     753,364  
  136,845    
OAO Surgutneftegaz ADR (Energy)(a)
     1,144,024  
  2,587,084    
OAO Surgutneftegaz Preference Shares (Energy)
     1,195,389  
  62,131    
OAO Tatneft ADR (Energy)
     1,911,592  
     
    28,464,246  
 
South Africa — 5.1%
  311,844    
African Rainbow Minerals Ltd. (Materials)
     6,815,706  
  27,147    
ArcelorMittal South Africa Ltd. (Materials)
     372,042  
  48,237    
Aveng Ltd. (Capital Goods)
     223,665  
  220,078    
Barloworld Ltd. (Capital Goods)
     1,298,602  
  83,134    
DataTec Ltd. (Technology Hardware & Equipment)
     310,851  
  268,300    
Gold Fields Ltd. ADR (Materials)(a)
     3,063,986  
  236,240    
Grindrod Ltd. (Transportation)
     464,321  
  498,006    
Harmony Gold Mining Co. Ltd. ADR (Materials)(a)
     4,566,715  
  157,698    
Imperial Holdings Ltd. (Retailing)
     1,645,218  
  201,981    
MTN Group Ltd. (Telecommunication Services)
     2,883,407  
  24,624    
Mvelaphanda Resources Ltd. (Materials)*
     163,189  
  97,209    
Nedbank Group Ltd. (Banks)
     1,544,067  
  65,599    
Sasol Ltd. (Energy)
     2,430,692  
  41,544    
Tongaat Hulett Ltd. (Food, Beverage & Tobacco)
     540,684  
     
    26,323,145  
 
South Korea — 16.8%
  17,320    
Daegu Bank (Banks)
     220,683  
  72,865    
GS Engineering & Construction Corp. (Capital Goods)
     5,552,561  
  7,460    
Hyundai Heavy Industries Co. Ltd. (Capital Goods)
     1,195,286  
  34,411    
Hyundai Mipo Dockyard Co. Ltd. (Capital Goods)
     3,206,866  


 

 

GOLDMAN SACHS STRUCTURED EMERGING MARKETS EQUITY FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
South Korea — (continued)
  10,923    
Hyundai Motor Co. (Automobiles & Components)
   $ 1,054,720  
  181,650    
Industrial Bank of Korea (Banks)*
     2,045,660  
  148,140    
Korea Electric Power Corp. (Utilities)*
     4,883,401  
  7,885    
Korea Express Co. Ltd. (Transportation)*
     364,990  
  1,482    
Korea Zinc Co. Ltd. (Materials)
     215,924  
  6,130    
KT Corp. (Telecommunication Services)*
     261,915  
  88,612    
LG Corp. (Capital Goods)
     4,775,579  
  224,030    
LG Display Co. Ltd. (Technology Hardware & Equipment)
     7,242,185  
  25,381    
LG Electronics, Inc. (Consumer Durables & Apparel)
     2,367,655  
  418    
Lotte Chilsung Beverage Co. Ltd. (Food, Beverage & Tobacco)*
     297,730  
  31,401    
Lotte Shopping Co. Ltd. (Retailing)*
     8,063,021  
  27,607    
POSCO (Materials)
     12,592,737  
  65,970    
S&T Dynamics Co. Ltd. (Automobiles & Components)
     783,737  
  11,170    
Samsung Card Co. Ltd. (Diversified Financials)
     492,135  
  28,970    
Samsung Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment)
     19,465,257  
  146,460    
Shinhan Financial Group Co. Ltd. (Banks)
     5,113,977  
  16,985    
Sindoh Co. Ltd. (Technology Hardware & Equipment)
     790,952  
  28,400    
SK Holdings Co. Ltd. (Capital Goods)
     2,033,044  
  24,050    
STX Engine Co. Ltd. (Capital Goods)*
     370,367  
  190,920    
Woori Finance Holdings Co. Ltd. (Banks)*
     2,189,300  
     
    85,579,682  
 
Taiwan — 15.9%
  1,358,501    
Altek Corp. (Consumer Durables & Apparel)
     2,405,180  
  5,591,000    
Asustek Computer, Inc. (Technology Hardware & Equipment)
     10,791,111  
  4,073,000    
China Development Financial Holding Corp. (Banks)*
     1,126,622  
  2,595,000    
China Life Insurance Co. Ltd. (Insurance)*
     1,755,643  
  2,166,000    
Chunghwa Picture Tubes Ltd. (Technology Hardware & Equipment)*
     263,877  
  1,039,000    
Coretronic Corp. (Technology Hardware & Equipment)
     1,468,468  
  110,000    
Depo Auto Parts Ind Co. Ltd. (Automobiles & Components)
     263,761  
  6,923,000    
Elitegroup Computer Systems Co. Ltd. (Technology Hardware & Equipment)
     2,863,044  
  1,301,000    
Eternal Chemical Co. Ltd. (Materials)
     1,255,301  
  1,070,000    
Formosa Chemicals & Fibre Corp. (Materials)
     2,310,331  
  465,330    
Formosa Plastics Corp. (Materials)
     964,929  
  8,941,000    
Fubon Financial Holding Co. Ltd. (Diversified Financials)*
     10,401,067  
                 
Shares     Description   Value  
Common Stocks — (continued)
Taiwan — (continued)
  618,000    
Getac Technology Corp. (Technology Hardware & Equipment)
   $ 495,246  
  7,240,000    
Gigabyte Technology Co. Ltd. (Technology Hardware & Equipment)
     6,884,385  
  511,000    
Great Wall Enterprise Co. Ltd. (Food, Beverage & Tobacco)
     520,880  
  1,053,000    
Lee Chang Yung Chemical Industry Corp. (Materials)
     1,226,143  
  9,513,880    
Macronix International Co. Ltd. (Semiconductors & Semiconductor Equipment)
     5,291,279  
  225,336    
MediaTek, Inc. (Semiconductors & Semiconductor Equipment)
     3,635,530  
  1,627,000    
Mega Financial Holding Co. Ltd. (Banks)
     875,387  
  2,590,513    
Micro-Star International Co. Ltd. (Technology Hardware & Equipment)
     1,604,020  
  920,000    
Pou Chen Corp. (Consumer Durables & Apparel)
     690,239  
  939,000    
Sanyang Industry Co. Ltd. (Automobiles & Components)*
     354,321  
  632,000    
Systex Corp. (Software & Services)*
     844,800  
  1,571,723    
Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment)
     15,968,706  
  2,596,000    
United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)*
     1,283,138  
  2,452,000    
Universal Scientific Industrial Co. Ltd. (Technology Hardware & Equipment)
     1,584,806  
  514,000    
USI Corp. (Materials)*
     315,143  
  1,939,569    
Wistron Corp. (Technology Hardware & Equipment)
     3,661,749  
  854,900    
Yieh Phui Enterprise Co. Ltd. (Materials)
     326,214  
     
    81,431,320  
 
Thailand — 0.4%
  85,100    
PTT Chemical PCL (Materials)
     215,240  
  309,900    
PTT PCL (Energy)
     2,068,047  
     
    2,283,287  
 
Turkey — 6.1%
  326,755    
Arcelik AS (Consumer Durables & Apparel)*
     1,291,857  
  967,237    
Asya Katilim Bankasi AS (Banks)*
     2,511,535  
  134,390    
Eczacibasi Ilac ve Sanayi ve Ticaret AS (Pharmaceuticals, Biotechnology & Life Sciences)
     253,597  
  617,797    
Haci Omer Sabanci Holding AS (Diversified Financials)
     2,652,245  
  382,827    
Koc Holding AS (Capital Goods)*
     1,296,130  
  951,777    
Sekerbank TAS (Banks)*
     1,630,595  
  703,519    
Turk Sise ve Cam Fabrikalari AS (Consumer Durables & Apparel)*
     909,157  
  371,034    
Turkiye Garanti Bankasi AS (Banks)
     1,556,149  
  2,085,246    
Turkiye Is Bankasi Class C (Banks)
     9,160,118  
  2,909,543    
Turkiye Sinai Kalkinma Bankasi AS (Banks)*
     3,683,175  


 

 

GOLDMAN SACHS STRUCTURED EMERGING MARKETS EQUITY FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Turkey — (continued)
  1,706,035    
Turkiye Vakiflar Bankasi TAO Class D
(Banks)*
   $ 4,522,463  
  360,469    
Ulker Biskuvi Sanayi AS (Food, Beverage & Tobacco)
     930,678  
  325,747    
Yapi ve Kredi Bankasi AS (Banks)*
     784,467  
     
    31,182,166  
 
TOTAL COMMON STOCKS   $ 485,202,535  
 
                 
Exchange Traded Fund — 4.5%
Other — 4.5%
  596,251    
iShares MSCI Emerging Markets Index Fund
   $ 22,812,563  
 
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE   $ 508,015,098  
 
                             
Shares           Rate   Value  
Securities Lending Reinvestment Vehicle(b)(c) — 4.9%
Boston Global Investment Trust — Enhanced Portfolio II
 
     25,063,646             0.148%   $ 25,088,710  
 
TOTAL INVESTMENTS — 104.4%
   $ 533,103,808  
 
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.4)%
     (22,648,022 )
 
NET ASSETS — 100.0%
   $ 510,455,786  
 
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 a portion of security is on loan.
(b) Variable rate security. Interest rate disclosed is that which is in effect at January 31, 2010.
(c) Represents an affiliated issuer.
     
 
Investment Abbreviations:
ADR  
— American Depositary Receipt
GDR  
— Global Depositary Receipt
 
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com


 

 

GOLDMAN SACHS STRUCTURED EMERGING MARKETS EQUITY FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
TAX INFORMATION — At January 31, 2010, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
         
 
Tax Cost
   $ 511,702,290  
 
Gross unrealized gain
     38,579,568  
Gross unrealized loss
     (17,178,050 )
 
Net unrealized security gain
   $ 21,401,518  
 
Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND
Schedule of Investments
January 31, 2010 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — 97.6%
Australia — 4.0%
  56,878    
AGL Energy Ltd. (Utilities)
   $ 695,494  
  149,132    
AMP Ltd. (Insurance)
     820,617  
  95,317    
ASX Ltd. (Diversified Financials)
     2,866,225  
  75,287    
Bendigo and Adelaide Bank Ltd. (Banks)
     652,299  
  677,549    
BHP Billiton Ltd. (Materials)
     23,554,658  
  49,328    
Computershare Ltd. (Software & Services)
     505,074  
  25,136    
Energy Resources of Australia Ltd. (Energy)
     463,890  
  2,150,174    
Goodman Fielder Ltd. (Food, Beverage & Tobacco)
     2,958,892  
  130,780    
Harvey Norman Holdings Ltd. (Retailing)(a)
     423,873  
  1,191,003    
Insurance Australia Group Ltd. (Insurance)
     3,989,148  
  159,538    
Macquarie Atlas Roads Group
(Transportation)*
     129,844  
  797,690    
Macquarie Infrastructure Group (Transportation)
     853,632  
  1,663,311    
MAp Group (Transportation)
     4,068,497  
  503,469    
National Australia Bank Ltd. (Banks)
     11,698,451  
  116,757    
Orica Ltd. (Materials)
     2,485,088  
  215,852    
QBE Insurance Group Ltd. (Insurance)
     4,353,096  
  1,608,128    
Suncorp-Metway Ltd. (Insurance)
     12,577,655  
  132,338    
Toll Holdings Ltd. (Transportation)
     999,755  
  16,327    
Wesfarmers Ltd. (Food & Staples Retailing)
     396,074  
  38,622    
Wesfarmers Ltd. Price Protected Shares (Food & Staples Retailing)
     938,601  
  483,561    
Westfield Group (REIT)
     5,369,180  
  127,207    
Woolworths Ltd. (Food & Staples Retailing)
     2,903,236  
  226,985    
WorleyParsons Ltd. (Energy)
     4,693,034  
     
    88,396,313  
 
Austria — 2.0%
  324,312    
Erste Group Bank AG (Banks)(a)
     12,242,850  
  312,176    
OMV AG (Energy)
     12,295,504  
  78,277    
Raiffeisen International Bank Holding AG (Banks)(a)
     3,872,991  
  27,403    
Verbund — Oesterreichische Elektrizitaetswirtschafts AG Class A (Utilities)
     1,140,863  
  80,291    
Vienna Insurance Group (Insurance)
     3,846,696  
  290,271    
Voestalpine AG (Materials)
     10,162,914  
     
    43,561,818  
 
Belgium — 4.4%
  632,533    
Anheuser-Busch InBev NV (Food, Beverage & Tobacco)
     31,564,674  
  137,940    
Delhaize Group SA (Food & Staples Retailing)
     10,812,998  
  716,637    
Dexia SA (Banks)*(a)
     4,430,719  
  215,055    
Fortis (Insurance)*
     757,057  
  222,548    
KBC GROEP NV (Banks)*
     9,580,923  
  21,327    
Mobistar SA (Telecommunication Services)
     1,341,739  
                 
Shares     Description   Value  
Common Stocks — (continued)
Belgium — (continued)
  169,623    
Solvay SA (Materials)
   $ 16,811,089  
  186,588    
UCB SA (Pharmaceuticals, Biotechnology & Life Sciences)(a)
     8,341,400  
  381,652    
Umicore (Materials)
     11,762,668  
     
    95,403,267  
 
Bermuda — 0.2%
  227,800    
Seadrill Ltd. (Energy)(a)
     5,169,051  
 
China — 0.1%
  1,961,000    
Foxconn International Holdings Ltd. (Technology Hardware & Equipment)*
     2,056,421  
 
Denmark — 0.2%
  186,873    
Danske Bank A/S (Banks)*
     4,438,866  
 
France — 10.1%
  122,510    
Accor SA (Consumer Services)
     6,180,669  
  230,011    
Alcatel-Lucent (Technology Hardware & Equipment)*
     774,715  
  37,742    
Alstom SA (Capital Goods)
     2,520,034  
  258,800    
AXA SA (Insurance)
     5,328,907  
  311,004    
BNP Paribas (Banks)
     22,217,182  
  23,173    
Bouygues SA (Capital Goods)
     1,140,828  
  80,870    
Christian Dior SA (Consumer Durables & Apparel)
     8,168,766  
  36,966    
CNP Assurances (Insurance)
     3,272,310  
  119,095    
Compagnie Generale de Geophysique-Veritas (Energy)*
     2,912,718  
  225,453    
Credit Agricole SA (Banks)
     3,534,167  
  18,377    
Fonciere Des Regions (REIT)
     1,826,268  
  773,115    
France Telecom SA (Telecommunication Services)
     17,725,332  
  240,296    
GDF Suez (Utilities)
     9,085,887  
  38,616    
Lafarge SA (Materials)
     2,856,575  
  134,295    
Lagardere S.C.A. (Media)
     5,203,651  
  73,032    
Legrand SA (Capital Goods)
     2,107,319  
  117,579    
L’Oreal SA (Household & Personal Products)
     12,397,467  
  37,247    
M6-Metropole Television (Media)
     989,212  
  37,476    
PPR (Retailing)
     4,570,067  
  286,738    
Renault SA (Automobiles & Components)*
     13,460,650  
  502,749    
Sanofi-Aventis SA (Pharmaceuticals, Biotechnology & Life Sciences)
     37,175,489  
  8,379    
Schneider Electric SA (Capital Goods)
     864,416  
  258,351    
SCOR SE (Insurance)
     5,985,533  
  14,777    
Societe Generale (Banks)
     854,956  
  80,718    
Societe Television Francaise 1 (Media)
     1,391,891  
  150,041    
Technip SA (Energy)
     10,256,962  
  20,243    
Thales SA (Capital Goods)
     917,411  
  595,281    
Total SA (Energy)
     34,403,280  
  6,637    
Unibail-Rodamco SE (REIT)
     1,438,120  
  16,458    
Vallourec SA (Capital Goods)
     2,830,837  
     
    222,391,619  
 
Germany — 11.4%
  288,271    
Allianz SE (Registered) (Insurance)
     31,919,013  
  294,701    
BASF SE (Materials)
     16,765,444  


 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Germany — (continued)
  119,632    
Bayer AG (Pharmaceuticals, Biotechnology & Life Sciences)
   $ 8,176,862  
  44,971    
Beiersdorf AG (Household & Personal Products)
     2,629,330  
  55,643    
Celesio AG (Health Care Equipment & Services)
     1,622,535  
  653,397    
Commerzbank AG (Banks)*(a)
     5,051,417  
  128,800    
Daimler AG (Registered) (Automobiles & Components)
     5,925,414  
  86,795    
Deutsche Bank AG (Registered) (Diversified Financials)
     5,294,603  
  267,469    
Deutsche Lufthansa AG (Registered) (Transportation)
     4,289,645  
  61,464    
Deutsche Post AG (Registered) (Transportation)
     1,071,338  
  1,382,560    
E.ON AG (Utilities)
     50,860,863  
  24,712    
Fresenius SE Preference Shares (Health Care Equipment & Services)
     1,682,699  
  244,791    
GEA Group AG (Capital Goods)
     4,993,071  
  105,552    
Henkel AG & Co. KGaA Preference Shares (Household & Personal Products)
     5,382,613  
  64,321    
Hochtief AG (Capital Goods)
     4,787,729  
  866,740    
Infineon Technologies AG (Semiconductors & Semiconductor Equipment)*
     4,782,968  
  47,953    
K+S AG (Materials)
     2,695,565  
  21,470    
Merck KGaA (Pharmaceuticals, Biotechnology & Life Sciences)
     1,913,632  
  184,232    
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Insurance)
     27,588,765  
  142,883    
RWE AG (Utilities)
     12,676,576  
  59,039    
Salzgitter AG (Materials)
     5,224,613  
  319,709    
SAP AG (Software & Services)
     14,603,144  
  182,644    
Siemens AG (Registered) (Capital Goods)(a)
     16,285,911  
  121,930    
Suedzucker AG (Food, Beverage & Tobacco)
     2,824,790  
  98,881    
ThyssenKrupp AG (Materials)(a)
     3,126,125  
  265,696    
TUI AG (Consumer Services)*(a)
     2,456,284  
  39,231    
Volkswagen AG (Automobiles &
Components)(a)
     3,426,993  
  24,877    
Volkswagen AG Preference Shares (Automobiles & Components)
     2,014,552  
     
    250,072,494  
 
Greece — 0.3%
  648,779    
Marfin Investment Group SA (Diversified Financials)*
     1,791,479  
  164,290    
National Bank of Greece SA (Banks)*
     3,591,230  
  47,738    
Public Power Corp. SA (Utilities)*
     891,826  
     
    6,274,535  
 
Hong Kong — 3.9%
  252,000    
ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)
     2,078,263  
                 
Shares     Description   Value  
Common Stocks — (continued)
Hong Kong — (continued)
  2,242,000    
BOC Hong Kong (Holdings) Ltd. (Banks)
   $ 4,659,620  
  942,000    
Cheung Kong (Holdings) Ltd. (Real Estate)
     11,084,057  
  1,256,000    
CLP Holdings Ltd. (Utilities)
     8,501,744  
  968,445    
Esprit Holdings Ltd. (Retailing)
     6,822,113  
  807,000    
Hang Lung Group Ltd. (Real Estate)
     3,617,210  
  518,000    
Hang Lung Properties Ltd. (Real Estate)
     1,758,131  
  119,400    
Hang Seng Bank Ltd. (Banks)
     1,667,124  
  463,500    
Hong Kong Electric Holdings Ltd. (Utilities)
     2,593,921  
  307,400    
Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)
     5,183,371  
  1,380,000    
Hutchison Whampoa Ltd. (Capital Goods)
     9,386,823  
  224,000    
Li & Fung Ltd. (Retailing)
     1,020,857  
  1,324,000    
New World Development Ltd. (Real Estate)
     2,160,736  
  100,000    
Sun Hung Kai Properties Ltd. (Real Estate)
     1,279,868  
  939,000    
Swire Pacific Ltd. Class A (Real Estate)
     10,188,554  
  169,000    
Television Broadcasts Ltd. (Media)
     790,809  
  860,016    
The Link REIT (REIT)
     2,063,494  
  927,000    
The Wharf Holdings Ltd. (Real Estate)
     4,574,804  
  1,210,000    
Wheelock & Co. Ltd. (Real Estate)
     3,152,045  
  25,000    
Wing Hang Bank Ltd. (Banks)
     210,063  
  1,038,500    
Yue Yuen Industrial Holdings Ltd. (Consumer Durables & Apparel)
     3,224,370  
     
    86,017,977  
 
Ireland — 0.5%
  316,529    
CRH PLC (Materials)
     7,601,179  
  105,196    
Kerry Group PLC Class A (Food, Beverage & Tobacco)
     3,108,174  
     
    10,709,353  
 
Italy — 2.1%
  679,522    
Enel SpA (Utilities)
     3,652,999  
  55,647    
Eni SpA (Energy)
     1,293,311  
  7,043,156    
Parmalat SpA (Food, Beverage & Tobacco)
     17,655,844  
  11,030,958    
Telecom Italia SpA (Telecommunication Services)
     16,493,200  
  2,622,791    
UniCredit SpA (Banks)*
     7,232,631  
     
    46,327,985  
 
Japan — 15.7%
  15,400    
Aisin Seiki Co. Ltd. (Automobiles & Components)
     406,371  
  2,292,000    
AMADA Co. Ltd. (Capital Goods)
     15,310,025  
  1,210,000    
Asahi Kasei Corp. (Materials)
     6,014,302  
  420,100    
Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)
     15,494,011  
  410,900    
Brother Industries Ltd. (Technology Hardware & Equipment)
     4,433,725  
  130,500    
Canon Marketing Japan, Inc. (Retailing)
     1,804,860  
  287,500    
Canon, Inc. (Technology Hardware & Equipment)
     11,237,820  


 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Japan — (continued)
  534    
Central Japan Railway Co. (Transportation)
   $ 3,924,527  
  50,600    
Credit Saison Co. Ltd. (Diversified Financials)
     630,345  
  81,000    
Daicel Chemical Industries Ltd. (Materials)
     487,620  
  88,800    
Daito Trust Construction Co. Ltd. (Real Estate)
     4,211,971  
  1,257,000    
Daiwa Securities Group, Inc. (Diversified Financials)
     6,285,935  
  28,600    
Denso Corp. (Automobiles & Components)
     840,252  
  245,100    
Elpida Memory, Inc. (Semiconductors & Semiconductor Equipment)*
     4,326,610  
  685,000    
Fuji Electric Holdings Co. Ltd. (Capital
Goods)*
     1,358,330  
  686,000    
Fuji Heavy Industries Ltd. (Automobiles & Components)*
     3,222,755  
  3,007    
Fuji Media Holdings, Inc. (Media)
     4,506,511  
  212,500    
FUJIFILM Holdings Corp. (Technology Hardware & Equipment)
     6,806,085  
  174,000    
Fujitsu Ltd. (Technology Hardware & Equipment)
     1,061,206  
  220,000    
Fukuoka Financial Group, Inc. (Banks)
     805,455  
  898,900    
Honda Motor Co. Ltd. (Automobiles & Components)
     30,462,927  
  41,200    
Idemitsu Kosan Co. Ltd. (Energy)
     2,634,864  
  483,000    
ITOCHU Corp. (Capital Goods)
     3,770,565  
  9,200    
Japan Petroleum Exploration Co. Ltd. (Energy)
     431,814  
  246    
Japan Prime Realty Investment Corp. (REIT)(a)
     468,618  
  483    
Japan Tobacco, Inc. (Food, Beverage & Tobacco)
     1,742,975  
  9,600    
JFE Holdings, Inc. (Materials)
     333,798  
  23,600    
JSR Corp. (Materials)
     466,344  
  183,000    
Kaneka Corp. (Materials)
     1,180,262  
  54,100    
Kao Corp. (Household & Personal Products)
     1,305,220  
  37,000    
Kirin Holdings Co. Ltd. (Food, Beverage & Tobacco)
     563,995  
  26,000    
Koito Manufacturing Co. Ltd. (Automobiles & Components)
     453,141  
  223,500    
Konica Minolta Holdings, Inc. (Technology Hardware & Equipment)
     2,283,307  
  45,000    
Kubota Corp. (Capital Goods)
     404,650  
  35,500    
Kuraray Co. Ltd. (Materials)
     413,608  
  81,000    
Makita Corp. (Consumer Durables & Apparel)
     2,717,721  
  114,200    
Marui Group Co. Ltd. (Retailing)
     697,057  
  8,800    
MEIJI Holdings Co. Ltd. (Food, Beverage & Tobacco)*
     332,083  
  252,000    
Mitsubishi Chemical Holdings Corp. (Materials)
     1,049,774  
  1,071,500    
Mitsubishi UFJ Financial Group, Inc. (Banks)
     5,514,016  
                 
Shares     Description   Value  
Common Stocks — (continued)
Japan — (continued)
  16,260    
Mitsubishi UFJ Lease & Finance Co. Ltd. (Diversified Financials)
   $ 562,461  
  72,900    
Mitsui Sumitomo Insurance Group Holdings, Inc. (Insurance)
     1,824,717  
  135,400    
Mitsumi Electric Co. Ltd. (Technology Hardware & Equipment)
     2,354,147  
  2,990,400    
Mizuho Financial Group, Inc. (Banks)
     5,771,077  
  222,000    
Mizuho Securities Co. Ltd. (Diversified Financials)
     654,062  
  348,000    
NEC Corp. (Technology Hardware & Equipment)*
     897,309  
  148    
Nippon Building Fund, Inc. (REIT)
     1,303,001  
  2,185,000    
Nippon Express Co. Ltd. (Transportation)
     9,157,666  
  1,138,500    
Nippon Mining Holdings, Inc. (Energy)
     4,902,614  
  120,000    
Nippon Oil Corp. (Energy)
     560,732  
  1,874,000    
Nippon Sheet Glass Co. Ltd. (Capital Goods)
     4,840,421  
  231,700    
Nippon Telegraph & Telephone Corp. (Telecommunication Services)
     9,750,874  
  68,400    
Nissan Motor Co. Ltd. (Automobiles & Components)*
     556,011  
  7,500    
Nissha Printing Co. Ltd. (Commercial & Professional Services)
     315,316  
  563,000    
Nisshin Seifun Group, Inc. (Food, Beverage & Tobacco)
     7,522,302  
  913,000    
Nisshin Steel Co. Ltd. (Materials)
     1,549,035  
  5,500    
Nitori Co. Ltd. (Retailing)
     414,858  
  75,600    
Nomura Holdings, Inc. (Diversified Financials)
     565,207  
  48,600    
Nomura Real Estate Holdings, Inc. (Real Estate)
     725,761  
  841    
NTT DoCoMo, Inc. (Telecommunication Services)
     1,258,899  
  8,570    
ORIX Corp. (Diversified Financials)
     641,558  
  3,486,000    
Osaka Gas Co. Ltd. (Utilities)
     12,272,854  
  169,100    
Panasonic Corp. (Consumer Durables & Apparel)
     2,642,074  
  960,000    
Ricoh Co. Ltd. (Technology Hardware & Equipment)
     13,742,073  
  78,200    
Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)
     5,269,183  
  23,000    
Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)
     723,901  
  56,200    
Sega Sammy Holdings, Inc. (Consumer Durables & Apparel)
     636,171  
  44,200    
Seiko Epson Corp. (Technology Hardware & Equipment)
     736,903  
  118,000    
Sekisui Chemical Co. Ltd. (Consumer Durables & Apparel)
     797,172  
  1,239,600    
Sojitz Corp. (Capital Goods)
     2,279,444  
  798,000    
Sompo Japan Insurance, Inc. (Insurance)
     5,201,169  
  212,500    
Sony Corp. (Consumer Durables & Apparel)
     7,087,226  


 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Japan — (continued)
  425    
Sony Financial Holdings, Inc. (Insurance)
   $ 1,164,514  
  846,000    
Sumitomo Corp. (Capital Goods)
     9,523,593  
  351,800    
Sumitomo Electric Industries Ltd. (Capital Goods)
     4,595,118  
  277,000    
Sumitomo Metal Mining Co. Ltd. (Materials)
     3,854,743  
  154,400    
Sumitomo Mitsui Financial Group, Inc. (Banks)
     4,983,587  
  18,000    
Sumitomo Realty & Development Co. Ltd. (Real Estate)
     318,959  
  24,000    
Suzuki Motor Corp. (Automobiles & Components)
     542,433  
  268,500    
Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)
     11,777,969  
  2,083,000    
The Bank of Yokohama Ltd. (Banks)
     9,848,248  
  116,000    
The Sumitomo Trust & Banking Co. Ltd. (Banks)
     642,656  
  67,000    
Toho Gas Co. Ltd. (Utilities)
     352,088  
  93,900    
Tokio Marine Holdings, Inc. (Insurance)
     2,524,811  
  439,100    
Tokyo Steel Manufacturing Co. Ltd. (Materials)
     4,352,262  
  232,000    
Tokyo Tatemono Co. Ltd. (Real Estate)
     918,038  
  525,000    
Tokyu Land Corp. (Real Estate)
     1,980,006  
  531,000    
Toppan Printing Co. Ltd. (Commercial & Professional Services)
     4,622,269  
  748,000    
Tosoh Corp. (Materials)
     1,923,536  
  386,600    
Toyota Motor Corp. (Automobiles & Components)
     14,869,995  
  1,549    
West Japan Railway Co. (Transportation)
     5,340,039  
  164,600    
Yamaha Corp. (Consumer Durables & Apparel)
     1,954,509  
  38,400    
Yamato Kogyo Co. Ltd. (Materials)
     1,206,636  
     
    345,207,662  
 
Luxembourg — 0.4%
  215,323    
ArcelorMittal (Materials)
     8,335,766  
 
Netherlands — 7.9%
  348,608    
Akzo Nobel NV (Materials)
     20,751,506  
  55,350    
Corio NV (REIT)
     3,397,413  
  352,500    
European Aeronautic Defence & Space Co. NV (Capital Goods)
     6,889,418  
  138,900    
Heineken Holding NV (Food, Beverage & Tobacco)
     5,840,722  
  1,996,460    
ING Groep NV CVA (Diversified Financials)*
     18,696,116  
  707,842    
Koninklijke Ahold NV (Food & Staples Retailing)
     8,894,621  
  503,884    
Koninklijke DSM NV (Materials)
     23,484,948  
  119,500    
Koninklijke KPN NV (Telecommunication Services)
     1,978,743  
  218,073    
Koninklijke Philips Electronics NV (Capital Goods)
     6,585,401  
  65,489    
Randstad Holding NV (Commercial & Professional Services)*
     3,142,984  
                 
Shares     Description   Value  
Common Stocks — (continued)
Netherlands — (continued)
  1,005,350    
Royal Dutch Shell PLC Class A (Energy)
   $ 27,916,430  
  809,640    
Royal Dutch Shell PLC Class B (Energy)
     21,537,530  
  268,059    
TNT NV (Transportation)
     7,695,521  
  570,307    
Unilever NV CVA (Food, Beverage & Tobacco)
     17,462,839  
     
    174,274,192  
 
New Zealand — 0.0%
  185,593    
Telecom Corp. of New Zealand Ltd. (Telecommunication Services)
     309,785  
 
Norway — 2.4%
  487,900    
DnB NOR ASA (Banks)*
     5,509,613  
  691,000    
Norsk Hydro ASA (Materials)*
     5,011,408  
  164,000    
Orkla ASA (Capital Goods)
     1,478,938  
  1,157,650    
Statoil ASA (Energy)
     25,979,402  
  1,051,800    
Telenor ASA (Telecommunication Services)*
     13,669,917  
  39,000    
Yara International ASA (Materials)
     1,628,246  
     
    53,277,524  
 
Singapore — 1.9%
  580,000    
Ascendas Real Estate Investment Trust (REIT)
     790,208  
  497,000    
CapitaMall Trust (REIT)
     593,889  
  207,000    
City Developments Ltd. (Real Estate)
     1,568,749  
  338,000    
DBS Group Holdings Ltd. (Banks)
     3,405,433  
  1,414,000    
Fraser and Neave Ltd. (Capital Goods)
     4,158,355  
  6,162,000    
Golden Agri-Resources Ltd. (Food, Beverage & Tobacco)*
     2,265,044  
  169,523    
Jardine Cycle & Carriage Ltd. (Retailing)
     3,030,450  
  332,000    
Keppel Corp. Ltd. (Capital Goods)
     1,961,636  
  1,085,000    
Oversea-Chinese Banking Corp. Ltd. (Banks)
     6,280,403  
  292,000    
SembCorp Industries Ltd. (Capital Goods)
     727,621  
  240,520    
Singapore Airlines Ltd. (Transportation)
     2,353,037  
  301,000    
Singapore Press Holdings Ltd. (Media)
     789,033  
  2,048,780    
Singapore Telecommunications Ltd. (Telecommunication Services)
     4,366,120  
  407,000    
United Overseas Bank Ltd. (Banks)
     5,217,038  
  1,404,000    
UOL Group Ltd. (Real Estate)
     3,720,648  
     
    41,227,664  
 
Spain — 5.2%
  18,945    
Acciona SA (Utilities)
     2,283,529  
  109,493    
Acerinox SA (Materials)
     2,060,327  
  1,541,861    
Banco Bilbao Vizcaya Argentaria SA (Banks)
     23,503,459  
  891,605    
Banco de Sabadell SA (Banks)(a)
     4,752,431  
  798,532    
Banco Popular Espanol SA (Banks)
     6,051,300  
  3,060,685    
Banco Santander SA (Banks)
     43,709,490  
  872,686    
Iberdrola SA (Utilities)
     7,429,949  
  1,052,853    
Telefonica SA (Telecommunication Services)
     25,221,662  
     
    115,012,147  
 


 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Sweden — 4.4%
  505,323    
Alfa Laval AB (Capital Goods)(a)
   $ 6,860,492  
  151,062    
Assa Abloy AB Class B (Capital Goods)
     2,606,537  
  281,646    
Electrolux AB Class B (Consumer Durables & Apparel)*
     6,635,277  
  95,002    
Hennes & Mauritz AB Class B (Retailing)
     5,590,651  
  1,076,696    
Investor AB Class B (Diversified Financials)
     18,953,755  
  2,007,150    
Nordea Bank AB (Banks)
     18,408,293  
  231,183    
Sandvik AB (Capital Goods)
     2,512,059  
  153,981    
Securitas AB Class B (Commercial & Professional Services)
     1,491,343  
  1,093,118    
Skandinaviska Enskilda Banken AB Class A (Banks)*(a)
     6,473,864  
  398,489    
Skanska AB Class B (Capital Goods)(a)
     6,166,181  
  153,413    
SKF AB Class B (Capital Goods)
     2,370,288  
  142,370    
SSAB AB Class A (Materials)
     2,301,146  
  68,242    
SSAB AB Class B (Materials)
     1,010,134  
  46,990    
Svenska Handelsbanken AB Class A (Banks)
     1,224,395  
  504,160    
Telefonaktiebolaget LM Ericsson Class B (Technology Hardware & Equipment)
     4,885,768  
  1,166,109    
TeliaSonera AB (Telecommunication Services)
     7,843,970  
     
    95,334,153  
 
Switzerland — 5.4%
  522,576    
ABB Ltd. (Registered) (Capital Goods)*
     9,460,623  
  136,058    
Adecco SA (Registered) (Commercial & Professional Services)
     7,330,918  
  63,797    
Baloise Holding AG (Registered) (Insurance)
     5,289,416  
  408,622    
Compagnie Financiere Richemont SA Class A (Consumer Durables & Apparel)
     13,840,393  
  68,970    
Credit Suisse Group AG (Registered) (Diversified Financials)
     2,983,445  
  213,450    
GAM Holding Ltd. (Diversified Financials)
     2,443,482  
  34,674    
Geberit AG (Registered) (Capital Goods)
     6,102,567  
  51,892    
Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)
     3,690,311  
  332,866    
Nestle SA (Registered) (Food, Beverage & Tobacco)
     15,778,423  
  379,976    
Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)
     20,334,379  
  1,038,029    
STMicroelectronics NV (Semiconductors & Semiconductor Equipment)
     8,500,712  
  448,570    
UBS AG (Registered) (Diversified Financials)*
     5,850,247  
  1,004,544    
Xstrata PLC (Materials)*
     16,300,090  
     
    117,905,006  
 
United Kingdom — 15.1%
  147,455    
Anglo American PLC (Materials)*
     5,410,279  
                 
Shares     Description   Value  
Common Stocks — (continued)
United Kingdom — (continued)
  479,888    
Associated British Foods PLC (Food, Beverage & Tobacco)
   $ 6,741,745  
  794,411    
AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences)
     36,873,726  
  2,121,267    
Aviva PLC (Insurance)
     12,991,156  
  2,635,049    
BAE Systems PLC (Capital Goods)
     14,778,412  
  2,312,335    
Barclays PLC (Banks)
     9,882,943  
  49,318    
BHP Billiton PLC (Materials)
     1,446,757  
  15,700    
BP PLC (Energy)
     146,482  
  811,782    
BP PLC ADR (Energy)(b)
     45,557,206  
  499,729    
Drax Group PLC (Utilities)
     3,269,516  
  348,702    
Eurasian Natural Resources Corp. (Materials)
     5,007,945  
  305,877    
GlaxoSmithKline PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)(a)
     11,932,262  
  215,061    
Home Retail Group PLC (Retailing)
     873,229  
  3,474,364    
HSBC Holdings PLC (Banks)
     37,195,031  
  369,720    
Imperial Tobacco Group PLC (Food, Beverage & Tobacco)
     11,922,661  
  1,723,975    
J Sainsbury PLC (Food & Staples Retailing)
     8,866,664  
  54,183    
Johnson Matthey PLC (Materials)
     1,259,657  
  325,687    
Kazakhmys PLC (Materials)*
     6,251,760  
  549,426    
Land Securities Group PLC (REIT)
     5,576,618  
  2,327,463    
Legal & General Group PLC (Insurance)
     2,795,817  
  1,685,446    
Lloyds Banking Group PLC (Banks)*
     1,355,000  
  723,685    
Man Group PLC (Diversified Financials)
     2,712,261  
  17,697    
Reckitt Benckiser Group PLC (Household & Personal Products)
     917,408  
  52,045    
Rio Tinto PLC (Materials)
     2,537,981  
  7,301,094    
Royal Bank of Scotland Group PLC (Banks)*
     3,709,598  
  500,102    
RSA Insurance Group PLC (Insurance)
     1,022,593  
  291,210    
Standard Life PLC (Insurance)
     906,194  
  5,230,535    
Thomas Cook Group PLC (Consumer Services)
     18,885,941  
  620,528    
TUI Travel PLC (Consumer Services)
     2,559,678  
  198,334    
Unilever PLC (Food, Beverage & Tobacco)
     6,031,145  
  898,137    
United Utilities Group PLC (Utilities)
     7,660,130  
  180,699    
Vedanta Resources PLC (Materials)
     6,931,066  
  256,413    
Vodafone Group PLC (Telecommunication Services)
     547,803  
  1,317,342    
Vodafone Group PLC ADR (Telecommunication Services)(a)
     28,270,160  
  3,846,399    
WM Morrison Supermarkets PLC (Food & Staples Retailing)
     17,696,345  
  163,409    
WPP PLC (Media)
     1,507,856  
     
    332,031,025  
 
TOTAL COMMON STOCKS   $ 2,143,734,623  
 


 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)

                             
Shares           Rate   Value  
Short-term Investment(c) — 2.1%
JPMorgan U.S. Government Money Market Fund — Capital Shares
 
     46,598,770             0.043%   $ 46,598,770  
 
TOTAL INVESTMENTS BEFORE SECURITIES
LENDING REINVESTMENT VEHICLE
 $ 2,190,333,393  
 
 
Securities Lending Reinvestment Vehicle(c)(d) — 2.7%
Boston Global Investment Trust — Enhanced Portfolio II
 
     58,763,642             0.148%   $ 58,822,405  
 
TOTAL INVESTMENTS — 102.4%
   $ 2,249,155,798  
 
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.4)%
     (53,177,183 )
 
NET ASSETS — 100.0%
   $ 2,195,978,615  
 
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 a portion of security is on loan.
(b) All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c) Variable rate security. Interest rate disclosed is that which is in effect at January 31, 2010.
(d) Represents an affiliated issuer.
     
 
Investment Abbreviations:
ADR  
— American Depositary Receipt
CVA  
— Dutch Certification
REIT  
— Real Estate Investment Trust
 
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com


 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
FUTURES CONTRACTS — At January 31, 2010, the following futures contracts were open:
                                 
    Number of                
    Contracts   Expiration           Unrealized
Type   Long   Date   Value   Loss
 
Dow Jones EURO STOXX 50 Index
     540     March 2010   $ 20,761,728     $ (1,600,698 )
FTSE 100 Index
     125     March 2010     10,287,347       (592,815 )
Hang Seng Index
     8     February 2010     1,040,862       (9,119 )
MSCI Sing Index
     14     February 2010     652,686       (12,861 )
SPI 200 Index
     38     March 2010     3,820,538       (269,520 )
TOPIX Index
     98     March 2010     9,711,516       (543,396 )
 
TOTAL
                           $ (3,028,409 )
 
TAX INFORMATION — At January 31, 2010, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
         
 
Tax Cost
   $ 2,233,104,639  
 
Gross unrealized gain
     107,807,670  
Gross unrealized loss
     (91,756,511 )
 
Net unrealized security gain
   $ 16,051,159  
 
Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND
Schedule of Investments
January 31, 2010 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — 92.9%
Australia — 7.4%
  142,629    
Abacus Property Group (REIT)
   $ 48,818  
  98,293    
Aditya Birla Minerals Ltd. (Materials)*
     90,308  
  51,697    
Alesco Corp. Ltd. (Capital Goods)
     196,881  
  47,802    
Ansell Ltd. (Health Care Equipment & Services)
     433,625  
  254,055    
APA Group (Utilities)
     715,555  
  84,823    
Ardent Leisure Group (REIT)
     120,576  
  96,940    
Aspen Group (REIT)
     40,543  
  778,943    
Astro Japan Property Trust (REIT)
     232,281  
  56,318    
Austal Ltd. (Capital Goods)
     119,792  
  338,528    
Austereo Group Ltd. (Media)
     496,934  
  470,698    
Australian Infrastructure Fund (Transportation)
     754,630  
  22,093    
BT Investment Management Ltd. (Diversified Financials)
     59,756  
  118,602    
Bunnings Warehouse Property Trust (REIT)
     184,748  
  42,488    
Cabcharge Australia Ltd. (Commercial & Professional Services)
     212,839  
  218,768    
Centennial Coal Co. Ltd. (Energy)
     702,392  
  294,500    
Challenger Financial Services Group Ltd. (Diversified Financials)
     1,054,654  
  81,868    
Coal of Africa Ltd. (Materials)*
     153,101  
  364,698    
Commonwealth Property Office Fund (REIT)
     292,190  
  204,581    
ConnectEast Group (Transportation)
     75,339  
  83,653    
Corporate Express Australia Ltd. (Commercial & Professional Services)
     293,868  
  9,666    
David Jones Ltd. (Retailing)
     40,432  
  71,876    
Dominion Mining Ltd. (Materials)
     191,850  
  42,821    
Downer EDI Ltd. (Commercial & Professional Services)
     312,892  
  650,394    
Emeco Holdings Ltd. (Capital Goods)
     394,727  
  368,187    
Envestra Ltd. (Utilities)
     160,706  
  100,418    
FKP Property Group (REIT)
     61,866  
  151,170    
Fleetwood Corp. Ltd. (Automobiles & Components)
     1,076,297  
  14,231    
GUD Holdings Ltd. (Consumer Durables & Apparel)
     117,001  
  48,561    
Hills Industries Ltd. (Capital Goods)
     83,563  
  161,886    
Iluka Resources Ltd. (Materials)*
     469,566  
  163,225    
ING Industrial Fund (REIT) *
     64,412  
  650,388    
ING Office Fund (Real Estate Investment Trust)
     348,123  
  36,120    
IOOF Holdings Ltd. (Diversified Financials)*
     183,254  
  10,816    
Kingsgate Consolidated Ltd. (Materials)
     88,147  
  222,737    
Lynas Corp. Ltd. (Materials)*(a)
     108,174  
  28,918    
MacArthur Coal Ltd. (Materials)
     239,859  
  676,006    
Macmahon Holdings Ltd. (Capital Goods)
     340,821  
  741,548    
Macquarie CountryWide Trust (REIT)
     366,937  
  142,374    
Minara Resources Ltd. (Materials)*
     85,933  
  5,178    
Monadelphous Group Ltd. (Capital Goods)
     58,454  
  413,629    
Mount Gibson Iron Ltd. (Materials)*
     506,969  
                 
Shares     Description   Value  
Common Stocks — (continued)
Australia — (continued)
  236,954    
NRW Holdings Ltd. (Capital Goods)
   $ 370,065  
  104,239    
Pacific Brands Ltd. (Retailing)*
     100,713  
  167,501    
Panoramic Resources Ltd. (Materials)
     269,783  
  230,366    
PaperlinX Ltd. (Materials)*
     126,340  
  3,128    
Perpetual Ltd. (Diversified Financials)
     96,248  
  367,709    
PMP Ltd. (Commercial & Professional Services)*
     239,757  
  88,976    
Premier Investments Ltd. (Retailing)
     630,605  
  29,754    
Primary Health Care Ltd. (Health Care Equipment & Services)
     144,689  
  90,022    
Programmed Maintenance Services Ltd. (Commercial & Professional Services)
     260,682  
  487,081    
Resolute Mining Ltd. (Materials)*
     421,461  
  12,910    
Riversdale Mining Ltd. (Energy)*
     84,408  
  91,212    
Salmat Ltd. (Commercial & Professional Services)
     317,638  
  137,002    
Seven Network Ltd. (Media)
     808,990  
  734,901    
Sigma Pharmaceuticals Ltd. (Health Care Equipment & Services)
     605,006  
  24,894    
Skilled Group Ltd. (Commercial & Professional Services)
     42,518  
  87,566    
South Australian Coal Ltd. (Energy)*
     7,878  
  31,688    
Spotless Group Ltd. (Commercial & Professional Services)
     75,326  
  565,385    
Straits Resources Ltd. (Materials)
     705,684  
  381,555    
Sunland Group Ltd. (Real Estate)
     253,413  
  145,088    
Tower Australia Group Ltd. (Insurance)
     316,767  
  67,675    
United Group Ltd. (Capital Goods)
     773,320  
  54,818    
Whitehaven Coal Ltd. (Energy)
     212,763  
     
    18,442,867  
 
Austria — 1.1%
  17,504    
A-TEC Industries AG (Capital Goods)*(a)
     227,416  
  9,077    
Austriamicrosystems AG (Semiconductors & Semiconductor Equipment)*
     237,133  
  8,038    
Eco Business-Immobilien AG (Real Estate)*
     46,753  
  8,475    
Flughafen Wien AG (Transportation)
     394,913  
  115,749    
Immofinanz Immobilien Anlagen AG (Real Estate)*(a)
     381,214  
  13,878    
Oesterreichische Post AG (Transportation)
     375,767  
  2,286    
Rosenbauer International AG (Capital Goods)
     97,196  
  45,139    
Zumtobel AG (Capital Goods)*
     965,675  
     
    2,726,067  
 
Belgium — 1.7%
  23,370    
AGFA-Gevaert NV (Health Care Equipment & Services)*
     168,902  
  8,410    
Bekaert SA (Capital Goods)
     1,223,988  
  540    
Cofinimmo (REIT)
     72,747  
  3,276    
Compagnie Maritime Belge SA (Transportation)
     98,454  
  16,310    
Euronav NV (Energy)
     356,833  
  1,519    
Gimv NV (Diversified Financials)
     77,787  
  5,297    
KBC Ancora (Diversified Financials)*
     123,419  


 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Belgium — (continued)
  85,015    
Nyrstar (Materials)*
   $ 1,178,282  
  4,683    
Omega Pharma SA (Health Care Equipment & Services)
     226,248  
  23,166    
Tessenderlo Chemie NV (Materials)
     736,679  
     
    4,263,339  
 
Bermuda — 0.4%
  32,450    
Frontline Ltd. (Energy)(a)
     975,152  
  36,000    
Golden Ocean Group Ltd. (Transportation)*
     62,401  
  15,368    
Hiscox Ltd. (Insurance)
     83,745  
     
    1,121,298  
 
China — 0.0%
  332,000    
Li Heng Chemical Fibre Technologies Ltd. Class H (Consumer Durables & Apparel)
     67,928  
 
Cyprus — 0.6%
  331,000    
Deep Sea Supply PLC (Energy)*(a)
     516,417  
  177,715    
Marfin Popular Bank Public Co. Ltd. (Banks)
     518,629  
  38,000    
Prosafe Production Public Ltd. (Energy)*
     75,611  
  68,600    
ProSafe SE (Energy)
     384,528  
     
    1,495,185  
 
Denmark — 2.0%
  3,206    
Auriga Industries A/S Class B (Materials)
     64,032  
  32,358    
D/S Norden A/S (Transportation)
     1,414,025  
  38,711    
Danisco A/S (Food, Beverage & Tobacco)
     2,697,038  
  13,838    
East Asiatic Co. Ltd. A/S (Food, Beverage & Tobacco)
     433,088  
  1,898    
FLSmidth & Co. A/S (Capital Goods)
     120,947  
  5,467    
Schouw & Co. A/S (Capital Goods)
     96,265  
  806    
SimCorp A/S (Software & Services)
     143,655  
     
    4,969,050  
 
Finland — 1.5%
  15,682    
Alma Media Corp. (Media)
     160,463  
  6,674    
Cargotec Corp. Class B (Capital Goods)
     189,330  
  13,405    
Huhtamaki Oyj (Materials)
     179,703  
  21,404    
Kemira Oyj (Materials)
     332,714  
  33,100    
Konecranes Oyj (Capital Goods)
     971,377  
  3,235    
Lemminkainen Oyj (Capital Goods)
     105,518  
  8,734    
Outotec Oyj (Capital Goods)
     292,958  
  63,199    
Tieto Oyj (Software & Services)
     1,406,693  
     
    3,638,756  
 
France — 4.7%
  32,267    
Arkema SA (Materials)
     1,231,738  
  49,402    
Assystem (Commercial & Professional Services)*
     584,969  
  15,021    
Boiron SA (Pharmaceuticals, Biotechnology & Life Sciences)
     639,033  
  22,066    
Cegid Group (Software & Services)
     580,052  
  3,071    
Faurecia (Automobiles & Components)*
     64,561  
  10,506    
Gemalto NV (Technology Hardware & Equipment)*
     417,077  
  12,525    
Groupe Steria SCA (Software & Services)
     365,333  
                 
Shares     Description   Value  
Common Stocks — (continued)
France — (continued)
  244,307    
Havas SA (Media)
   $ 1,067,592  
  6,656    
Ingenico SA (Technology Hardware & Equipment)
     157,544  
  10,161    
Nexans SA (Capital Goods)
     812,425  
  24,737    
Nexity (Consumer Durables & Apparel)
     899,607  
  13,989    
Rallye SA (Food & Staples Retailing)
     492,399  
  10,489    
Rexel SA (Capital Goods)*
     147,978  
  26,668    
Rhodia SA (Materials)*
     473,391  
  2,449    
Sa des Ciments Vicat (Materials)
     180,672  
  1,694    
Saft Groupe SA (Capital Goods)
     72,642  
  25,238    
SEB SA (Consumer Durables & Apparel)
     1,638,746  
  7,108    
Societe de la Tour Eiffel (REIT)
     500,857  
  2,846    
Societe Immobiliere de Location pour l’Industrie et le Commerce (REIT)
     327,221  
  5,623    
Sword Group (Software & Services)
     221,778  
  3,444    
Valeo SA (Automobiles & Components)*
     113,126  
  3,978    
Wendel (Capital Goods)
     216,041  
  10,126    
Zodiac Aerospace (Capital Goods)(a)
     425,731  
     
    11,630,513  
 
Germany — 5.4%
  11,479    
Air Berlin PLC (Transportation)*(a)
     66,472  
  13,998    
Aixtron AG (Semiconductors & Semiconductor Equipment)
     418,224  
  4,992    
Alstria Office REIT-AG (REIT)
     56,444  
  7,276    
Aurubis AG (Materials)
     293,300  
  3,340    
Bauer AG (Capital Goods)
     150,686  
  37,086    
Bechtle AG (Software & Services)
     964,430  
  1,973    
Bilfinger Berger AG (Capital Goods)
     142,776  
  3,801    
Biotest AG (Pharmaceuticals, Biotechnology & Life Sciences)
     211,505  
  3,858    
Biotest AG Preference Shares (Pharmaceuticals, Biotechnology & Life Sciences)
     198,543  
  6,581    
Carl Zeiss Meditec AG (Health Care Equipment & Services)
     107,794  
  38,318    
comdirect bank AG (Banks)
     362,653  
  20,737    
Demag Cranes AG (Capital Goods)
     647,760  
  15,656    
Deutsche Beteiligungs AG (Diversified Financials)
     389,951  
  14,994    
Draegerwerk AG & Co. KGaA Preference Shares (Health Care Equipment & Services)
     794,492  
  7,141    
Duerr AG (Capital Goods)
     155,388  
  4,396    
Fuchs Petrolub AG (Materials)
     355,565  
  687    
Fuchs Petrolub AG Preference Shares (Materials)
     58,604  
  3,973    
Gesco AG (Capital Goods)
     205,444  
  7,154    
H&R WASAG AG (Materials)
     135,328  
  7,616    
Hamburger Hafen und Logistik AG (Transportation)
     282,498  
  21,807    
Homag Group AG (Capital Goods)
     333,708  
  22,501    
IVG Immobilien AG (Real Estate)*
     170,152  
  44,926    
Kizoo AG (Software & Services)*(a)
     484,230  
  15,032    
Kloeckner & Co. SE (Capital Goods)*
     355,125  


 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Germany — (continued)
  63,728    
Kontron AG (Semiconductors & Semiconductor Equipment)
   $ 701,567  
  2,284    
Krones AG (Capital Goods)
     113,260  
  1,861    
KWS Saat AG (Food, Beverage & Tobacco)
     317,922  
  16,985    
Lanxess AG (Materials)
     643,740  
  4,502    
Leoni AG (Automobiles & Components)
     100,299  
  31,367    
Loewe AG (Consumer Durables & Apparel)
     433,575  
  2,175    
Manz Automation AG (Semiconductors & Semiconductor Equipment)*
     181,445  
  23,920    
Medion AG (Retailing)
     244,924  
  2,938    
Morphosys AG (Pharmaceuticals, Biotechnology & Life Sciences)*
     68,632  
  4,276    
MTU Aero Engines Holding AG (Capital Goods)
     221,215  
  3,397    
Pfeiffer Vacuum Technology AG (Capital Goods)
     279,063  
  8,509    
Pfleiderer AG (Registered) (Capital Goods)*
     75,230  
  1,641    
Phoenix Solar AG (Capital Goods)
     75,760  
  18,503    
Q-Cells SE (Capital Goods)*(a)
     252,735  
  5,749    
R. Stahl AG (Capital Goods)
     134,710  
  41,667    
Sky Deutschland AG (Media)*
     114,547  
  42,693    
Symrise AG (Materials)
     948,924  
  6,632    
Takkt AG (Retailing)
     80,341  
  18,288    
Tognum AG (Capital Goods)
     318,553  
  3,377    
Vossloh AG (Capital Goods)
     344,980  
  7,206    
VTG AG (Transportation)
     107,070  
  5,881    
Wincor Nixdorf AG (Technology Hardware & Equipment)(a)
     398,025  
     
    13,497,589  
 
Greece — 0.5%
  31,897    
Athens Medical Center SA (Health Care Equipment & Services)
     54,935  
  68,685    
Eurobank Properties Real Estate Investment Co. (REIT)
     693,577  
  7,504    
Fourlis Holdings SA (Retailing)
     91,344  
  21,640    
J&P-Avax SA (Capital Goods)
     58,905  
  120,082    
Michaniki SA (Capital Goods)
     149,479  
  29,885    
Sarantis SA (Household & Personal Products)
     167,505  
     
    1,215,745  
 
Hong Kong — 2.1%
  228,000    
AAC Acoustic Technologies Holdings, Inc. (Technology Hardware & Equipment)
     374,764  
  288,000    
Century City International Holdings Ltd. (Consumer Services)
     19,186  
  36,000    
Chen Hsong Holdings Ltd. (Capital Goods)
     11,177  
  3,044,000    
China Ting Group Holdings Ltd. (Consumer Durables & Apparel)
     519,963  
  198,720    
Chow Sang Sang Holdings International Ltd. (Retailing)
     223,984  
  144,000    
Citic 1616 Holdings Ltd. (Telecommunication Services)
     39,079  
                 
Shares     Description   Value  
Common Stocks — (continued)
Hong Kong — (continued)
  60,000    
City Telecom (H.K.) Ltd. (Telecommunication Services)
   $ 32,544  
  480,000    
Dah Chong Hong Holdings Ltd. (Retailing)
     227,515  
  18,557    
Dah Sing Financial Holdings Ltd. (Banks)*
     89,571  
  65,500    
Dickson Concepts International Ltd. (Retailing)
     34,132  
  782,000    
First Pacific Co. Ltd. (Diversified Financials)
     435,267  
  161,000    
Galaxy Entertainment Group Ltd. (Consumer Services)*
     60,368  
  434,000    
Giordano International Ltd. (Retailing)
     130,374  
  80,562    
Great Eagle Holdings Ltd. (Real Estate)
     196,168  
  517,300    
HKR International Ltd. (Real Estate)
     192,713  
  485,500    
Johnson Electric Holdings Ltd. (Capital
Goods)*
     229,502  
  71,000    
K. Wah International Holdings Ltd. (Real Estate)
     23,178  
  5,643,000    
Lai Sun Development (Real Estate)*
     88,359  
  92,000    
Luk Fook Holdings International Ltd. (Retailing)
     73,901  
  220,000    
Midland Holdings Ltd. (Real Estate)
     183,806  
  360,000    
Natural Beauty Bio-Technology Ltd. (Household & Personal Products)
     65,217  
  116,000    
Next Media Ltd. (Media)*
     15,733  
  184,000    
Norstar Founders Group Ltd. (Automobiles & Components)*
     —  
  229,000    
Pacific Basin Shipping Ltd. (Transportation)
     168,305  
  45,000    
Pacific Textiles Holdings Ltd. (Consumer Durables & Apparel)
     31,820  
  1,204,000    
Pico Far East Holdings Ltd. (Media)
     207,023  
  989,000    
Prosperity Real Estate Investment Trust (REIT)
     167,840  
  158,000    
Public Financial Holdings Ltd. (Diversified Financials)
     77,970  
  112,000    
SA SA International Holdings Ltd. (Retailing)
     72,117  
  424,000    
Shun Tak Holdings Ltd. (Transportation)
     244,913  
  138,000    
Singamas Container Holdings Ltd. (Capital Goods)*
     21,364  
  2,304,000    
Solomon Systech International Ltd. (Semiconductors & Semiconductor Equipment)
     208,146  
  591,000    
Sunlight Real Estate Investment Trust (REIT)
     149,565  
  212,700    
Techtronic Industries Co. Ltd. (Consumer Durables & Apparel)
     174,901  
  84,000    
Texwinca Holdings Ltd. (Consumer Durables & Apparel)
     73,956  
  100,000    
Tian An China Investments Co. Ltd. (Real Estate)
     62,395  
  658,000    
Victory City International Holdings Ltd. (Consumer Durables & Apparel)
     153,839  
  106,000    
Vitasoy International Holdings Ltd. (Food, Beverage & Tobacco)
     71,755  


 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Hong Kong — (continued)
  16,000    
VTech Holdings Ltd. (Technology Hardware & Equipment)
   $ 157,702  
  162,000    
Win Hanverky Holdings Ltd. (Consumer Durables & Apparel)
     24,058  
     
    5,334,170  
 
Ireland — 1.2%
  494,066    
Allied Irish Banks PLC (Banks)*
     869,643  
  268,529    
Fyffes PLC (Food & Staples Retailing)
     167,542  
  67,265    
Grafton Group PLC (Capital Goods)*
     250,115  
  13,935    
Irish Life & Permanent Group Holdings PLC (Insurance)*
     59,335  
  23,495    
Kingspan Group PLC (Capital Goods)*
     191,686  
  5,125    
Paddy Power PLC (Consumer Services)
     169,525  
  267,038    
The Governor and Co. of the Bank of Ireland (Banks)*
     484,459  
  367,051    
Total Produce PLC (Food & Staples Retailing)
     193,388  
  192,908    
United Drug PLC (Health Care Equipment & Services)
     587,831  
     
    2,973,524  
 
Italy — 2.7%
  61,384    
ACEA SpA (Utilities)
     657,000  
  111,230    
Arnoldo Mondadori Editore SpA (Media)*
     429,824  
  23,071    
Banco di Desio e della Brianza SpA (Banks)
     127,630  
  35,504    
Brembo SpA (Automobiles & Components)
     236,241  
  68,401    
Cementir Holding SpA (Materials)
     294,049  
  43,431    
Danieli & C. Officine Meccaniche SpA (Capital Goods)(a)
     1,058,757  
  66,958    
Danieli & Co. SpA Preference Shares (Capital Goods)
     862,362  
  45,120    
De’Longhi SpA (Consumer Durables & Apparel)
     188,730  
  77,654    
Geox SpA (Consumer Durables & Apparel)(a)
     500,387  
  49,582    
Indesit Co. SpA (Consumer Durables & Apparel)*
     609,841  
  7,077    
Industria Macchine Automatiche SpA (Capital Goods)
     129,695  
  101,094    
KME Group SpA (Materials)
     67,555  
  17,367    
Landi Renzo SpA (Automobiles & Components)
     92,060  
  127,499    
Maire Tecnimont SpA (Capital Goods)
     431,064  
  47,286    
Parmalat SpA (Food, Beverage & Tobacco)
     118,537  
  39,033    
Permasteelisa SpA (Capital Goods)*
     701,224  
  62,767    
Safilo Group SpA (Consumer Durables & Apparel)*(a)
     48,385  
  85,976    
Sorin SpA (Health Care Equipment &
Services)*
     145,202  
     
    6,698,543  
 
Japan — 24.6%
  45,300    
ADEKA Corp. (Materials)
     435,460  
                 
Shares     Description   Value  
Common Stocks — (continued)
Japan — (continued)
  12,600    
Aica Kogyo Co. Ltd. (Capital Goods)
   $ 130,412  
  91,600    
Aichi Corp. (Capital Goods)
     351,785  
  7,800    
Airport Facilities Co. Ltd. (Real Estate)
     41,233  
  17,800    
Aisan Industry Co. Ltd. (Automobiles & Components)
     159,360  
  25,400    
Aloka Co. Ltd. (Health Care Equipment & Services)
     183,524  
  34,600    
Alpen Co. Ltd. (Retailing)
     506,046  
  74,200    
Alpine Electronics, Inc. (Consumer Durables & Apparel)*
     857,083  
  157,600    
Alps Electric Co. Ltd. (Technology Hardware & Equipment)*
     902,383  
  4,400    
AOKI Holdings, Inc. (Retailing)
     44,871  
  33,800    
Aoyama Trading Co. Ltd. (Retailing)
     468,812  
  20,000    
Arc Land Sakamoto Co. Ltd. (Retailing)
     211,978  
  32,900    
Arcs Co. Ltd. (Food & Staples Retailing)
     446,880  
  28,900    
Arisawa Manufacturing Co. Ltd. (Technology Hardware & Equipment)(a)
     186,189  
  2,500    
As One Corp. (Health Care Equipment & Services)
     44,751  
  23,000    
Asahi Diamond Industrial Co. Ltd. (Capital Goods)
     158,404  
  493,000    
Atsugi Co. Ltd. (Consumer Durables & Apparel)
     615,586  
  12,400    
Autobacs Seven Co. Ltd. (Retailing)
     374,188  
  115,800    
Belluna Co. Ltd. (Retailing)
     463,495  
  17,700    
C. Uyemura & Co. Ltd. (Materials)
     702,466  
  10,200    
Canon Electronics, Inc. (Technology Hardware & Equipment)
     218,683  
  20,200    
Cawachi Ltd. (Food & Staples Retailing)
     395,952  
  110,000    
Central Glass Co. Ltd. (Capital Goods)
     452,342  
  29,200    
Century Tokyo Leasing Corp. (Diversified Financials)
     346,221  
  27,400    
Chiyoda Integre Co. Ltd. (Capital Goods)
     293,840  
  45,000    
Chugai Ro Co. Ltd. (Capital Goods)
     121,723  
  19,300    
CKD Corp. (Capital Goods)
     130,657  
  11,500    
CMK Corp. (Technology Hardware & Equipment)*
     88,095  
  9,200    
Coca-Cola Central Japan Co. Ltd. (Food, Beverage & Tobacco)
     114,283  
  2,600    
Cocokara fine Holdings, Inc. (Food & Staples Retailing)
     45,200  
  4,600    
Cosel Co. Ltd. (Capital Goods)
     60,175  
  114    
DA Office Investment Corp. (REIT)
     220,747  
  51,000    
Daifuku Co. Ltd. (Capital Goods)
     319,555  
  101,800    
Daiichikosho Co. Ltd. (Media)
     1,257,351  
  235,000    
Daikyo, Inc. (Real Estate)*(a)
     485,741  
  10,500    
Daiseki Co. Ltd. (Commercial & Professional Services)
     220,380  
  98,000    
Daiwa Industries Ltd. (Capital Goods)
     442,960  
  11,000    
Denki Kogyo Co. Ltd. (Technology Hardware & Equipment)
     50,918  
  4,200    
Disco Corp. (Semiconductors & Semiconductor Equipment)
     232,838  
  6,900    
Don Quijote Co. Ltd. (Retailing)
     154,114  


 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Japan — (continued)
  37,900    
DTS Corp. (Software & Services)
   $ 365,017  
  10,200    
EDION Corp. (Retailing)
     106,079  
  93    
Fields Corp. (Consumer Durables & Apparel)
     115,990  
  15,600    
Foster Electric Co. Ltd. (Consumer Durables & Apparel)
     478,602  
  43,500    
Fuji Machine Manufacturing Co. Ltd. (Capital Goods)
     658,526  
  182,000    
Fujikura Ltd. (Capital Goods)
     975,486  
  4,700    
FUJISOFT, Inc. (Software & Services)
     75,300  
  18,000    
Fujitsu General Ltd. (Consumer Durables & Apparel)
     65,849  
  18    
Fukuoka REIT Corp. (REIT)
     99,676  
  3,000    
Funai Electric Co. Ltd. (Consumer Durables & Apparel)
     148,876  
  53,000    
Furukawa-Sky Aluminum Corp. (Materials)
     91,669  
  24,700    
Furuno Electric Co. Ltd. (Technology Hardware & Equipment)
     109,151  
  27,100    
Futaba Industrial Co. Ltd. (Automobiles & Components)*
     245,162  
  17,700    
Fuyo General Lease Co. Ltd. (Diversified Financials)
     399,916  
  69    
Global One Real Estate Investment Corp. (REIT)(a)
     503,828  
  36,100    
Glory Ltd. (Capital Goods)
     793,272  
  19,000    
Godo Steel Ltd. (Materials)
     39,562  
  56,000    
Gunze Ltd. (Consumer Durables & Apparel)
     202,063  
  53,000    
H2O Retailing Corp. (Retailing)
     318,562  
  45,200    
Hakuto Co. Ltd. (Technology Hardware & Equipment)
     392,001  
  92,000    
Hitachi Cable Ltd. (Capital Goods)
     271,796  
  85,000    
Hitachi Transport System Ltd. (Transportation)
     1,124,857  
  6,800    
Hokuto Corp. (Food, Beverage & Tobacco)
     142,948  
  70,340    
Honeys Co. Ltd. (Retailing)
     447,442  
  23,800    
Hosiden Corp. (Technology Hardware & Equipment)
     282,250  
  42,000    
IBJ Leasing Co. Ltd. (Diversified Financials)
     753,256  
  2,400    
Iida Home Max Co. Ltd. (Real Estate)
     41,515  
  62,700    
Inabata & Co. Ltd. (Capital Goods)
     251,572  
  45,000    
Ines Corp. (Software & Services)
     342,371  
  9,000    
Izumiya Co. Ltd. (Food & Staples Retailing)
     38,733  
  23,400    
Japan Digital Laboratory Co. Ltd. (Technology Hardware & Equipment)
     273,819  
  80    
Japan Excellent, Inc. (REIT)
     352,894  
  176,000    
Juki Corp. (Capital Goods)*(a)
     181,668  
  25,000    
Kaga Electronics Co. Ltd. (Technology Hardware & Equipment)
     259,994  
  6,100    
Kagome Co. Ltd. (Food, Beverage & Tobacco)
     106,138  
                 
Shares     Description   Value  
Common Stocks — (continued)
Japan — (continued)
  8,200    
Kanto Auto Works Ltd. (Automobiles & Components)
   $ 66,456  
  31,600    
Kasumi Co. Ltd. (Food & Staples Retailing)
     160,637  
  10,500    
Keihin Corp. (Automobiles & Components)
     162,502  
  285    
Kenedix, Inc. (Real Estate)*
     87,360  
  10,000    
Kissei Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)
     202,060  
  26,000    
Kitz Corp. (Capital Goods)
     129,643  
  637,000    
Kiyo Holdings, Inc. (Banks)
     789,842  
  19,000    
Koa Corp. (Technology Hardware & Equipment)
     195,372  
  5,100    
Kobayashi Pharmaceutical Co. Ltd. (Household & Personal Products)
     203,179  
  4,600    
Kohnan Shoji Co. Ltd. (Retailing)
     51,636  
  21,100    
Kojima Co. Ltd. (Retailing)(a)
     129,240  
  76,300    
Komori Corp. (Capital Goods)
     859,919  
  4,100    
KOSE Corp. (Household & Personal Products)
     82,824  
  16,000    
Kumiai Chemical Industry Co. Ltd. (Materials)
     48,293  
  126,000    
Kurabo Industries Ltd. (Consumer Durables & Apparel)
     195,727  
  51,000    
Kyodo Printing Co. Ltd. (Commercial & Professional Services)
     136,188  
  2,700    
Kyoei Steel Ltd. (Materials)
     48,332  
  54,000    
Kyorin Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)
     782,687  
  15,600    
Mandom Corp. (Household & Personal Products)
     432,485  
  63,000    
Maruzen Showa Unyu Co. Ltd. (Transportation)
     201,747  
  7,400    
Megane TOP Co. Ltd. (Retailing)
     76,153  
  2,500    
Melco Holdings, Inc. (Technology Hardware & Equipment)
     62,512  
  39,000    
Mercian Corp. (Food, Beverage & Tobacco)
     81,266  
  86    
MID REIT, Inc. (REIT)
     189,559  
  7,900    
Ministop Co. Ltd. (Food & Staples Retailing)
     93,118  
  27,300    
Miraca Holdings, Inc. (Health Care Equipment & Services)
     814,381  
  135,000    
Mitsubishi Kakoki Kaisha Ltd. (Capital Goods)
     334,247  
  18,100    
Mitsubishi Pencil Co. Ltd. (Commercial & Professional Services)
     230,279  
  428,000    
Mitsubishi Steel Manufacturing Co. Ltd. (Materials)*
     746,195  
  26,700    
Mitsui High-Tec, Inc. (Semiconductors & Semiconductor Equipment)*
     213,511  
  166,000    
Mitsui Sugar Co. Ltd. (Food, Beverage & Tobacco)
     537,744  
  10    
Mixi, Inc. (Software & Services)*(a)
     67,551  


 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Japan — (continued)
  8,000    
Mochida Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)
   $ 78,783  
  2,800    
Musashi Seimitsu Industry Co. Ltd. (Automobiles & Components)
     61,722  
  8,540    
Nafco Co. Ltd. (Retailing)
     142,083  
  5,100    
Nagaileben Co. Ltd. (Health Care Equipment & Services)
     110,287  
  17,000    
Nagase & Co. Ltd. (Capital Goods)
     197,465  
  1,800    
Nakanishi, Inc. (Health Care Equipment & Services)
     165,620  
  187,000    
Nakayama Steel Works Ltd. (Materials)
     254,069  
  119,600    
Namura Shipbuilding Co. Ltd. (Capital Goods)
     673,702  
  56,000    
NEC Electronics Corp. (Semiconductors & Semiconductor Equipment)*(a)
     466,708  
  22,100    
NEC Fielding Ltd. (Software & Services)
     321,401  
  127    
NET One Systems Co. Ltd. (Software & Services)
     143,105  
  13,400    
Nidec Copal Corp. (Consumer Durables & Apparel)
     196,621  
  6,400    
Nifco, Inc. (Materials)
     139,252  
  16,000    
Nihon Kohden Corp. (Health Care Equipment & Services)
     253,772  
  201,000    
Nippon Beet Sugar Manufacturing Co. Ltd. (Food, Beverage & Tobacco)
     538,208  
  259    
Nippon Commercial Investment Corp. (REIT)
     369,006  
  44,000    
Nippon Flour Mills Co. Ltd. (Food, Beverage & Tobacco)
     216,908  
  40,000    
Nippon Konpo Unyu Soko Co. Ltd. (Transportation)
     425,775  
  87,000    
Nippon Light Metal Co. Ltd. (Materials)*
     85,041  
  42,000    
Nippon Metal Industry Co. Ltd. (Materials)
     64,765  
  28,000    
Nippon Seiki Co. Ltd. (Automobiles & Components)
     308,257  
  54,000    
Nippon Shinyaku Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)
     615,864  
  63,400    
Nippon Signal Co. Ltd. (Capital Goods)
     605,008  
  159,000    
Nippon Soda Co. Ltd. (Materials)
     587,931  
  82,000    
Nippon Valqua Industries Ltd. (Materials)
     152,003  
  27,000    
Nissan Shatai Co. Ltd. (Automobiles & Components)
     229,146  
  16,000    
Nittetsu Mining Co. Ltd. (Materials)
     70,709  
  16,700    
Nitto Kogyo Corp. (Capital Goods)
     170,510  
  17,700    
Noevir Co. Ltd. (Household & Personal Products)
     191,070  
  68,000    
NOF Corp. (Materials)
     277,259  
  5,000    
Obara Corp. (Capital Goods)
     42,028  
  12,800    
Oiles Corp. (Capital Goods)
     175,316  
  29,000    
OKUMA Corp. (Capital Goods)
     167,037  
  18,000    
Okuwa Co. Ltd. (Food & Staples Retailing)
     178,415  
                 
Shares     Description   Value  
Common Stocks — (continued)
Japan — (continued)
  48,000    
Orient Corp. (Diversified Financials)*
   $ 43,554  
  145    
ORIX JREIT, Inc. (REIT)
     710,714  
  20,500    
Osaka Steel Co. Ltd. (Materials)
     337,649  
  8,600    
Parco Co. Ltd. (Retailing)
     66,860  
  63,500    
Pioneer Corp. (Consumer Durables &
Apparel)*(a)
     246,891  
  8,450    
Promise Co. Ltd. (Diversified Financials)*
     78,275  
  19,800    
Ricoh Leasing Co. Ltd. (Diversified Financials)
     449,562  
  34,500    
Right On Co. Ltd. (Retailing)
     263,470  
  13,400    
Riso Kagaku Corp. (Technology Hardware & Equipment)
     109,064  
  84,000    
Ryobi Ltd. (Capital Goods)*
     207,505  
  99,000    
Sakai Chemical Industry Co. Ltd. (Materials)
     474,882  
  120,000    
San-Ai Oil Co. Ltd. (Energy)
     457,982  
  138,000    
Sanden Corp. (Automobiles & Components)*
     383,155  
  15,300    
Sangetsu Co. Ltd. (Consumer Durables & Apparel)
     337,050  
  205,000    
Sanken Electric Co. Ltd. (Semiconductors & Semiconductor Equipment)
     576,157  
  19,000    
Sankyu, Inc. (Transportation)
     90,419  
  36,300    
Sanshin Electronics Co. Ltd. (Technology Hardware & Equipment)
     276,133  
  90,000    
Seika Corp. (Capital Goods)
     191,689  
  96,000    
Seino Holdings Corp. (Transportation)
     641,136  
  14,900    
Seiren Co. Ltd. (Consumer Durables & Apparel)
     90,733  
  22,000    
Sekisui Jushi Corp. (Capital Goods)
     182,999  
  22,000    
Sekisui Plastics Co. Ltd. (Materials)
     103,569  
  40,000    
Senko Co. Ltd. (Transportation)
     149,334  
  19,000    
Shimachu Co. Ltd. (Retailing)
     386,712  
  56,000    
Shindengen Electric Manufacturing Co. Ltd. (Semiconductors & Semiconductor
Equipment)*
     150,936  
  6,300    
Shin-Etsu Polymer Co. Ltd. (Materials)
     39,624  
  9,300    
Shinko Plantech Co. Ltd. (Energy)
     99,529  
  45,200    
Shinko Shoji Co. Ltd. (Technology Hardware & Equipment)
     374,418  
  57,000    
Shinmaywa Industries Ltd. (Capital Goods)
     176,840  
  80,000    
Shinsho Corp. (Capital Goods)
     132,229  
  278    
Ship Healthcare Holdings, Inc. (Health Care Equipment & Services)
     156,720  
  55,900    
Showa Corp. (Automobiles & Components)
     310,699  
  35,700    
Sintokogio Ltd. (Capital Goods)
     273,195  
  1,571    
SKY Perfect JSAT Holdings, Inc. (Media)
     671,514  
  166    
SRI Sports Ltd. (Consumer Durables & Apparel)
     158,856  
  1,240    
Sumitomo Real Estate Sales Co. Ltd. (Real Estate)
     53,611  


 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Japan — (continued)
  40,000    
Sumitomo Seika Chemicals Co. Ltd. (Materials)
   $ 154,414  
  29,600    
Tachi-S Co. Ltd. (Automobiles & Components)
     253,810  
  92,000    
Taihei Kogyo Co. Ltd. (Capital Goods)
     372,298  
  14,000    
Taiyo Yuden Co. Ltd. (Technology Hardware & Equipment)
     214,900  
  11,000    
Takasago International Corp. (Materials)
     53,195  
  22,060    
Takefuji Corp. (Diversified Financials)(a)
     105,578  
  14,500    
Takeuchi Manufacturing Co. Ltd. (Capital Goods)
     158,654  
  17,000    
Takiron Co. Ltd. (Materials)
     44,050  
  16,400    
Tamron Co. Ltd. (Consumer Durables & Apparel)
     190,327  
  176,000    
The Bank of Nagoya Ltd. (Banks)
     683,938  
  20,400    
The Bank of Okinawa Ltd. (Banks)
     762,047  
  9,400    
The Chiba Kogyo Bank Ltd. (Banks)*
     67,715  
  122,000    
The Keiyo Bank Ltd. (Banks)
     572,378  
  13,000    
The Nisshin Oillio Group Ltd. (Food, Beverage & Tobacco)
     69,484  
  3,400    
The Okinawa Electric Power Co., Inc. (Utilities)
     184,599  
  24,000    
The Shiga Bank Ltd. (Banks)
     142,094  
  25,000    
The Sumitomo Warehouse Co. Ltd. (Transportation)
     109,467  
  190,000    
The Toho Bank Ltd. (Banks)
     606,913  
  12,000    
The Yamanashi Chuo Bank Ltd. (Banks)
     51,226  
  9,900    
TKC Corp. (Software & Services)
     183,247  
  188,000    
Toa Corp. (Capital Goods)
     194,643  
  102,000    
Toagosei Co. Ltd. (Materials)
     390,386  
  37,000    
Toho Zinc Co. Ltd. (Materials)
     170,106  
  12,100    
Tokai Rika Co. Ltd. (Automobiles & Components)
     253,622  
  6,000    
Tokai Rubber Industries, Inc. (Automobiles & Components)
     69,318  
  115,000    
Tokai Tokyo Financial Holdings, Inc. (Diversified Financials)
     433,019  
  3,570    
Token Corp. (Consumer Durables & Apparel)
     77,213  
  30,000    
Toko, Inc. (Technology Hardware & Equipment)*
     44,087  
  18,500    
Tokyo Ohka Kogyo Co. Ltd. (Materials)
     322,260  
  26,900    
Toppan Forms Co. Ltd. (Commercial & Professional Services)
     285,234  
  36,300    
Topre Corp. (Automobiles & Components)
     324,871  
  32,900    
Torii Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)
     619,214  
  12,000    
Toshiba Plant Systems & Services Corp. (Capital Goods)
     146,051  
  203,000    
Toshiba TEC Corp. (Technology Hardware & Equipment)*
     757,739  
  14,800    
Toyo Corp. (Technology Hardware & Equipment)
     119,726  
                 
Shares     Description   Value  
Common Stocks — (continued)
Japan — (continued)
  50,000    
Toyo Ink Manufacturing Co. Ltd. (Materials)
   $ 206,050  
  48,000    
Tsubakimoto Chain Co. (Capital Goods)
     213,783  
  15,000    
Tsukishima Kikai Co. Ltd. (Capital Goods)
     88,192  
  2,600    
Tsutsumi Jewelry Co. Ltd. (Retailing)
     49,290  
  105    
TV Asahi Corp. (Media)
     170,254  
  1,800    
ULVAC, Inc. (Semiconductors & Semiconductor Equipment)
     45,583  
  25,000    
Uniden Corp. (Technology Hardware & Equipment)*
     57,757  
  17,900    
Unipres Corp. (Automobiles & Components)(a)
     282,817  
  15    
United Urban Investment Corp. (REIT)
     78,693  
  24,030    
Usen Corp. (Media)*
     12,575  
  38,500    
Yonekyu Corp. (Food, Beverage & Tobacco)
     356,149  
     
    61,282,643  
 
Jersey — 0.1%
  62,044    
Atrium European Real Estate Ltd. (Real Estate)
     377,813  
 
Liechtenstein — 0.2%
  6,542    
Liechtenstein Landesbank AG (Banks)
     419,921  
 
Luxembourg — 0.6%
  1,065,077    
Regus PLC (Commercial & Professional Services)
     1,511,060  
 
Netherlands — 2.9%
  4,023    
Aalberts Industries NV (Capital Goods)
     58,512  
  25,120    
Accell Group NV (Consumer Durables & Apparel)
     1,178,729  
  13,244    
AMG Advanced Metallurgical Group NV (Materials)*(a)
     150,867  
  26,082    
ASM International NV (Semiconductors & Semiconductor Equipment)*
     600,295  
  5,671    
Beter Bed Holding NV (Retailing)
     149,323  
  31,228    
Crucell NV (Pharmaceuticals, Biotechnology & Life Sciences)*
     607,770  
  4,100    
Dockwise Ltd. (Energy)*
     122,812  
  3,057    
Draka Holding NV (Capital Goods)*
     51,814  
  4,980    
KAS Bank NV CVA (Diversified Financials)
     95,264  
  35,118    
Koninklijke BAM Groep NV (Capital Goods)
     344,368  
  5,223    
Macintosh Retail Group NV (Retailing)
     95,459  
  59,724    
Mediq NV (Health Care Equipment & Services)
     1,077,037  
  13,112    
New World Resources NV Class A (Materials)
     136,515  
  6,515    
Nutreco Holding NV (Food, Beverage & Tobacco)
     345,620  
  101,081    
Oce NV (Technology Hardware & Equipment)*
     1,212,718  
  25,085    
USG People NV (Commercial & Professional Services)*
     478,691  


 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Netherlands — (continued)
  30,107    
VastNed Offices/Industrial NV (REIT)
   $ 506,495  
     
    7,212,289  
 
New Zealand — 0.5%
  218,408    
Air New Zealand Ltd. (Transportation)
     197,892  
  219,503    
Goodman Property Trust (REIT)
     158,682  
  286,534    
New Zealand Oil & Gas Ltd. (Energy)
     305,100  
  100,686    
Nuplex Industries Ltd. (Materials)
     227,913  
  60,304    
The Warehouse Group Ltd. (Retailing)
     162,673  
  62,532    
Tower Ltd. (Insurance)
     86,441  
  35,948    
Vector Ltd. (Utilities)
     49,356  
     
    1,188,057  
 
Norway — 1.2%
  356,000    
ABG Sundal Collier Holding ASA (Diversified Financials)
     446,876  
  33,300    
Aker Solutions ASA (Energy)
     444,391  
  6,400    
Cermaq ASA (Food, Beverage & Tobacco)*
     63,235  
  8,000    
DOF ASA (Energy)*
     50,090  
  20,500    
Leroy Seafood Group ASA (Food, Beverage & Tobacco)(a)
     426,462  
  207,000    
Norske Skogindustrier ASA (Materials)*(a)
     343,064  
  31,600    
ODIM ASA (Capital Goods)(a)
     169,229  
  56,300    
Songa Offshore SE (Energy)*(a)
     313,646  
  9,338    
Sparebanken 1 SMN (Banks)
     82,037  
  9,400    
Storebrand ASA (Insurance)*
     65,717  
  58,600    
Veidekke ASA (Capital Goods)
     498,605  
     
    2,903,352  
 
Portugal — 0.2%
  67,118    
BANIF SGPS SA (Registered) (Banks)
     115,786  
  120,268    
Sonae Capital SGPS SA (Capital Goods)*
     122,770  
  44,070    
Sonae Industria SGPS SA (Materials)*
     151,239  
     
    389,795  
 
Singapore — 2.2%
  328,000    
Allgreen Properties Ltd. (Real Estate)
     271,201  
  90,000    
Banyan Tree Holdings Ltd. (Consumer Services)*
     44,832  
  438,000    
Biosensors International Group Ltd. (Health Care Equipment & Services)*
     246,933  
  246,000    
CapitaCommercial Trust (REIT)
     184,817  
  362,000    
CDL Hospitality Trusts (REIT)
     460,396  
  124,000    
CH Offshore Ltd. (Energy)
     57,337  
  99,000    
CSE Global Ltd. (Software & Services)
     61,542  
  333,000    
CWT Ltd. (Transportation)
     220,283  
  25,000    
Ezra Holdings Ltd. (Energy)
     37,342  
  519,400    
Fortune Real Estate Investment Trust (REIT)
     209,956  
  1,284,000    
Frasers Commercial Trust (REIT)
     136,095  
  37,000    
Goodpack Ltd. (Transportation)
     32,195  
  221,000    
Hi-P International Ltd. (Capital Goods)
     107,882  
  131,000    
Ho Bee Investment Ltd. (Real Estate)
     152,161  
  70,300    
Hong Leong Asia Ltd. (Capital Goods)
     181,217  
  19,000    
Hotel Properties Ltd. (Consumer Services)
     27,549  
                 
Shares     Description   Value  
Common Stocks — (continued)
Singapore — (continued)
  240,000    
KS Energy Services Ltd. (Capital Goods)
   $ 217,314  
  213,000    
Lippo-Mapletree Indonesia Retail Trust (REIT)
     73,667  
  402,000    
Mapletree Logistics Trust (REIT)
     222,099  
  384,000    
Metro Holdings Ltd. (Retailing)
     211,544  
  61,000    
Parkway Holdings Ltd. (Health Care Equipment & Services)*
     116,052  
  46,000    
Raffles Medical Group Ltd. (Health Care Equipment & Services)
     44,994  
  191,000    
SMRT Corp. Ltd. (Transportation)
     257,755  
  97,000    
Stamford Land Corp. Ltd. (Consumer Services)
     28,035  
  24,000    
Starhill Global REIT (REIT)
     9,097  
  15,000    
Straits Asia Resources Ltd. (Energy)
     22,835  
  237,000    
Suntec Real Estate Investment Trust (REIT)
     218,157  
  359,000    
Swiber Holdings Ltd. (Energy)*
     261,984  
  433,000    
United Industrial Corp. Ltd. (Real Estate)
     596,933  
  188,600    
UOB-Kay Hian Holdings Ltd. (Diversified Financials)
     205,902  
  84,000    
Venture Corp. Ltd. (Technology Hardware & Equipment)
     503,621  
  12,000    
Wheelock Properties Singapore Ltd. (Real Estate)
     16,491  
  87,000    
Wing Tai Holdings Ltd. (Real Estate)
     120,975  
     
    5,559,193  
 
South Africa — 0.2%
  71,400    
Aquarius Platinum Ltd. (Materials)*
     417,996  
 
Spain — 1.4%
  34,846    
Almirall SA (Pharmaceuticals, Biotechnology & Life Sciences)
     459,614  
  9,161    
Baron de Ley SA (Food, Beverage & Tobacco)*
     431,545  
  28,423    
Caja de Ahorros del Mediterraneo (Banks)
     227,044  
  2,432    
Corp. Financiera Alba SA (Diversified Financials)
     121,805  
  33,384    
Duro Felguera SA (Capital Goods)
     325,384  
  17,989    
Promotora de Informaciones SA (Media)*
     97,672  
  31,179    
Sol Melia SA (Consumer Services)
     255,839  
  18,153    
Tecnicas Reunidas SA (Energy)
     976,639  
  114,898    
Tubos Reunidos SA (Materials)
     360,854  
  11,658    
Viscofan SA (Food, Beverage & Tobacco)
     303,049  
     
    3,559,445  
 
Sweden — 4.5%
  13,570    
AF AB Class B (Commercial & Professional Services)
     357,779  
  26,993    
BE Group AB (Capital Goods)
     165,156  
  44,906    
Betsson AB (Consumer Services)*
     774,748  
  6,800    
Boliden AB (Materials)
     90,877  
  7,894    
Cardo AB (Capital Goods)
     240,273  
  54,782    
Castellum AB (Real Estate)
     494,866  


 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Sweden — (continued)
  8,200    
D. Carnegie & Co. AB (Diversified Financials)*
   $ —  
  73,993    
East Capital Explorer AB (Diversified Financials)*
     694,234  
  174,562    
Fabege AB (Real Estate)
     1,029,717  
  56,820    
Hexpol AB (Capital Goods)*
     555,717  
  48,275    
Industrial & Financial Systems Class B (Software & Services)
     454,416  
  76,987    
Kinnevik Investment AB Class B (Diversified Financials)
     1,142,086  
  55,247    
Klovern AB (Real Estate)
     178,836  
  104,272    
Kungsleden AB (Real Estate)
     687,272  
  6,619    
Lindab International AB (Capital Goods)
     70,415  
  63,303    
NCC AB Class B (Capital Goods)
     942,834  
  15,528    
Nibe Industrier AB Class B (Capital Goods)
     152,620  
  56,551    
Niscayah Group AB (Commercial & Professional Services)
     114,885  
  100,782    
Nobia AB (Consumer Durables & Apparel)*
     570,091  
  18,112    
Q-Med AB (Pharmaceuticals, Biotechnology & Life Sciences)*
     135,122  
  40,956    
Ratos AB Class B (Diversified Financials)
     1,132,003  
  17,660    
Saab AB Class B (Capital Goods)
     283,591  
  22,214    
Wallenstam AB Class B (Real Estate)
     369,666  
  32,367    
Wihlborgs Fastigheter AB (Real Estate)
     614,089  
     
    11,251,293  
 
Switzerland — 3.6%
  6,170    
Advanced Digital Broadcast Holdings SA (Registered) (Consumer Durables & Apparel)*
     291,305  
  725    
Bucher Industries AG (Registered) (Capital Goods)
     85,107  
  412    
Burckhardt Compression Holding AG (Capital Goods)
     74,823  
  141,384    
Clariant AG (Registered) (Materials)*
     1,551,746  
  7,521    
Coltene Holding AG (Registered) (Health Care Equipment & Services)
     380,727  
  5,792    
Compagnie Financiere Tradition SA (Diversified Financials)
     661,751  
  246    
Flughafen Zuerich AG (Registered) (Transportation)
     69,485  
  435    
Gurit Holding AG (Materials)
     227,121  
  1,850    
Helvetia Holding AG (Registered) (Insurance)
     576,360  
  3,965    
Inficon Holding AG (Registered) (Technology Hardware & Equipment)
     525,234  
  10,035    
Kardex AG (Registered) (Capital Goods)*
     330,753  
  5,970    
Meyer Burger Technology AG (Capital
Goods)*
     150,508  
  6,010    
Panalpina Welttransport Holding AG (Registered) (Transportation)
     417,934  
  151    
Phoenix Mecano AG (Technology Hardware & Equipment)
     65,338  
                 
Shares     Description   Value  
Common Stocks — (continued)
Switzerland — (continued)
  13,117    
PSP Swiss Property AG (Registered) (Real Estate)*
   $ 752,719  
  111    
Sika AG (Materials)
     170,129  
  11,629    
Sulzer AG (Registered) (Capital Goods)
     977,174  
  98,777    
Swisslog Holding AG (Registered) (Capital Goods)
     91,092  
  17,748    
Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)
     1,256,115  
  1,449    
Valora Holding AG (Registered) (Retailing)
     332,083  
     
    8,987,504  
 
United Kingdom — 19.4%
  65,400    
Acergy SA (Energy)
     994,486  
  250,882    
Aegis Group PLC (Media)
     477,286  
  187,781    
Afren PLC (Energy)*
     270,083  
  22,258    
Amlin PLC (Insurance)
     137,704  
  406,657    
Anite PLC (Software & Services)
     216,139  
  79,268    
Arriva PLC (Transportation)
     614,052  
  205,118    
Ashmore Group PLC (Diversified Financials)
     730,298  
  124,686    
BBA Aviation PLC (Transportation)
     326,780  
  90,122    
Big Yellow Group PLC (REIT) *
     451,030  
  312,144    
Bodycote PLC (Capital Goods)
     866,697  
  346,311    
Brit Insurance Holdings NV (Insurance)
     1,026,575  
  178,629    
Cape PLC (Commercial & Professional Services)*
     613,507  
  93,785    
Charter International PLC (Capital Goods)
     1,037,157  
  118,520    
Chaucer Holdings PLC (Insurance)
     86,161  
  6,579    
Clarkson PLC (Transportation)
     82,765  
  24,536    
Close Brothers Group PLC (Diversified Financials)
     269,627  
  78,060    
Computacenter PLC (Software & Services)
     369,063  
  77,962    
Cookson Group PLC (Capital Goods)*
     528,496  
  75,845    
CSR PLC (Semiconductors & Semiconductor Equipment)*
     541,606  
  90,536    
Dairy Crest Group PLC (Food, Beverage & Tobacco)
     487,480  
  32,438    
Dana Petroleum PLC (Energy)*
     538,171  
  21,406    
Davis Service Group PLC (Commercial & Professional Services)
     137,656  
  47,340    
De La Rue PLC (Commercial & Professional Services)
     731,114  
  584,231    
Debenhams PLC (Retailing)*
     626,686  
  66,589    
Delta PLC (Materials)
     167,743  
  17,269    
Derwent London PLC (REIT)
     359,452  
  238,233    
Devro PLC (Food, Beverage & Tobacco)
     526,061  
  239,154    
Domino’s Pizza UK & IRL PLC (Consumer Services)
     1,214,075  
  483,443    
DS Smith PLC (Materials)
     839,876  
  40,679    
Dunelm Group PLC (Retailing)
     232,727  
  68,007    
Electrocomponents PLC (Technology Hardware & Equipment)
     191,692  
  529,471    
Elementis PLC (Materials)
     430,813  


 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
United Kingdom — (continued)
  787,926    
F&C Asset Management PLC (Diversified Financials)
   $ 872,691  
  348,243    
Filtrona PLC (Materials)
     979,922  
  642,148    
Game Group PLC (Retailing)
     942,435  
  19,479    
Gem Diamonds Ltd. (Materials)*
     72,613  
  1,085,682    
GKN PLC (Automobiles & Components)*
     1,982,993  
  24,534    
Greggs PLC (Food, Beverage & Tobacco)
     163,547  
  183,959    
Halfords Group PLC (Retailing)
     1,111,919  
  100,336    
Hamworthy PLC (Capital Goods)
     487,547  
  338,438    
Hays PLC (Commercial & Professional Services)
     594,882  
  90,556    
Healthcare Locums PLC (Health Care Equipment & Services)
     387,420  
  219,022    
Hogg Robinson Group PLC (Commercial & Professional Services)
     118,197  
  77,260    
Hunting PLC (Energy)
     666,711  
  56,397    
IG Group Holdings PLC (Diversified Financials)
     362,423  
  65,082    
IMI PLC (Capital Goods)
     565,210  
  220,670    
Inchcape PLC (Retailing)*
     93,667  
  270,155    
International Personal Finance PLC (Diversified Financials)
     945,320  
  151,732    
ITE Group PLC (Commercial & Professional Services)
     328,915  
  17,764    
John Wood Group PLC (Energy)
     95,932  
  1,259,655    
Johnston Press PLC (Media)*
     549,565  
  147,791    
Laird PLC (Technology Hardware & Equipment)
     291,475  
  1,063,672    
Logica PLC (Software & Services)
     1,983,308  
  29,694    
Mcbride PLC (Household & Personal Products)
     103,232  
  64,221    
Michael Page International PLC (Commercial & Professional Services)
     394,900  
  37,717    
Micro Focus International PLC (Software & Services)
     307,148  
  62,535    
Millennium & Copthorne Hotels PLC (Consumer Services)
     379,247  
  249,317    
Mondi PLC (Materials)
     1,409,920  
  141,035    
Mothercare PLC (Retailing)
     1,442,512  
  160,780    
National Express Group PLC (Transportation)
     530,048  
  41,484    
Northumbrian Water Group PLC (Utilities)
     170,639  
  93,644    
Paragon Group of Cos. PLC (Banks)
     206,115  
  53,409    
Petrofac Ltd. (Energy)
     818,396  
  16,166    
Provident Financial PLC (Diversified Financials)
     241,005  
  232,948    
PV Crystalox Solar PLC (Capital Goods)
     206,660  
  552,236    
QinetiQ Group PLC (Capital Goods)
     1,177,444  
  195,528    
Quintain Estates & Development PLC (Real Estate)*
     182,598  
  19,243    
Renishaw PLC (Technology Hardware & Equipment)
     184,209  
  28,893    
Robert Wiseman Dairies PLC (Food, Beverage & Tobacco)
     230,144  
                 
Shares     Description   Value  
Common Stocks — (continued)
United Kingdom — (continued)
  121,096    
Scott Wilson Group PLC (Commercial & Professional Services)
   $ 190,483  
  39,236    
Segro PLC (REIT)
     194,890  
  251,192    
Senior PLC (Capital Goods)
     335,694  
  34,853    
Severfield-Rowen PLC (Capital Goods)
     120,517  
  200,447    
SIG PLC (Capital Goods)*
     364,636  
  4,556    
SOCO International PLC (Energy)*
     104,568  
  145,783    
Southern Cross Healthcare Ltd. (Health Care Equipment & Services)*
     353,799  
  106,763    
Spectris PLC (Technology Hardware & Equipment)
     1,297,011  
  3,950    
Spirax-Sarco Engineering PLC (Capital Goods)
     78,845  
  80,643    
Stagecoach Group PLC (Transportation)
     225,671  
  278,886    
Sthree PLC (Commercial & Professional Services)
     1,353,733  
  11,700    
Stolt-Nielsen SA (Transportation)
     174,166  
  49,700    
Subsea 7, Inc. (Energy)*
     826,039  
  11,448    
Synergy Health PLC (Health Care Equipment & Services)
     112,557  
  248,153    
Tate & Lyle PLC (Food, Beverage & Tobacco)
     1,564,644  
  8,006    
The Berkeley Group Holdings PLC (Consumer Durables & Apparel)*
     101,747  
  129,453    
The Weir Group PLC (Capital Goods)
     1,593,072  
  50,876    
Thomas Cook Group PLC (Consumer Services)
     183,698  
  237,510    
TT electronics PLC (Technology Hardware & Equipment)*
     329,435  
  95,646    
United Business Media Ltd. (Media)
     649,358  
  216,465    
Workspace Group PLC (REIT)
     75,571  
  704,600    
Yell Group PLC (Media)*
     408,129  
     
    48,342,230  
 
TOTAL COMMON STOCKS   $ 231,477,165  
 
                 
Investment Company — 0.0%
Australia — 0.0%
  51,801    
Challenger Infrastructure Fund Class A
   $ 77,597  
 
                             
                    Expiration      
Units     Description     Month   Value  
Warrant — 0.0%
France — 0.0%
 
     13,992     Carbone Lorraine SA (Capital Goods)*   11/12   $ —  
 
                             
Shares           Rate   Value  
Short-term Investment(b) — 2.0%
JPMorgan U.S. Government Money Market Fund — Capital Shares
 
     4,966,882             0.043%   $ 4,966,882  
 
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
   $ 236,521,644  
 


 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)

                             
Shares           Rate   Value  
Securities Lending Reinvestment Vehicle(b)(c) — 2.8%
Boston Global Investment Trust — Enhanced Portfolio II
 
     6,862,581             0.148%   $ 6,869,443  
 
TOTAL INVESTMENTS — 97.7%
   $ 243,391,087  
 
OTHER ASSETS IN EXCESS OF LIABILITIES — 2.3%
     5,640,367  
 
NET ASSETS — 100.0%
   $ 249,031,454  
 
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 a portion of security is on loan.
(b) Variable rate security. Interest rate disclosed is that which is in effect at January 31, 2010.
(c) Represents an affiliated issuer.
     
 
Investment Abbreviations:
CVA  
— Dutch Certification
IRL  
— Ireland
REIT  
— Real Estate Investment Trust
UK  
— United Kingdom
 
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com


 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND
Schedule of Investments (continued)
January 31, 2010 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
FUTURES CONTRACTS — At January 31, 2010, the following futures contracts were open:
                                 
    Number of                
    Contracts   Expiration           Unrealized
Type   Long   Date   Value   Gain (Loss)
 
Dow Jones EURO STOXX 50 Index
     171     March 2010   $ 6,574,547     $ (25,954 )
FTSE 100 Index
     41     March 2010     3,374,250       (2,720 )
MSCI Sing Index
     2     February 2010     93,241       (2,122 )
SPI 200 Index
     14     March 2010     1,407,567       229  
TOPIX Index
     11     March 2010     1,090,068       (1,887 )
 
TOTAL
                           $ (32,454 )
 
TAX INFORMATION — At January 31, 2010, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
         
 
Tax Cost
   $ 229,926,689  
 
Gross unrealized gain
     24,136,674  
Gross unrealized loss
     (10,672,276 )
 
Net unrealized security gain
   $ 13,464,398  
 
Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS
Schedule of Investments
January 31, 2010 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS
Investment Valuation — The investment valuation policy of the Funds is to value investments at market value. Investments in equity securities traded on a foreign securities exchange are valued daily at fair value determined by an independent fair value service (if available) under valuation procedures approved by the trustees consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the United States (“U.S.”) securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchanges. While the independent fair value service may not take into account market or security specific information, under the valuation procedures, these securities might also be fair valued by Goldman Sachs Asset Management (“GSAM”) by taking into consideration market or security specific information as discussed below.
     Investments in equity securities and investment companies traded on a U.S. securities exchange or the NASDAQ system are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. Investments in equity securities and investment companies traded on a foreign securities exchange for which an independent fair value service cannot provide a quote are valued daily at their last sale price or official closing price on the principal exchange on which they are traded. If no sale occurs, such securities and investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Debt securities for which market quotations are readily available are valued on the basis of quotations furnished by an independent pricing service approved by the trustees or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from bond dealers to determine current value. If accurate quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined based on yield equivalents, a pricing matrix or other sources, under valuation procedures established by the trustees. 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. In the absence of market quotations, broker quotes will be utilized or the security will be fair valued. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share (“NAV”) on the valuation date. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued at amortized cost, which approximates market value.
     GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the previous closing prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Funds’ NAV. Significant events that could affect a large number of securities in a particular market may include, but are not limited to: situations relating to one or more single issuers in a market sector; significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions or market closings; equipment failures; natural or man-made

 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS
Schedule of Investments (continued)
January 31, 2010 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (CONTINUED)
disasters or acts of God; armed conflicts; government actions or other developments; as well as the same or similar events which may affect specific issuers or the securities markets even though not tied directly to the securities markets. Other significant events that could relate to a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; corporate announcements, including those relating to earnings, products and regulatory news; significant litigation; low trading volume; and trading limits or suspensions.
Fair Value of Investments — The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Accounting principles generally accepted in the United States (“GAAP”) establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:
     Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
     Level 2—Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly;
     Level 3—Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
     The following is a summary of the Funds’ investments categorized in the fair value hierarchy:
Structured International Equity Flex
                         
    Level 1   Level 2   Level 3
 
Assets
                        
Common Stock and/or Other Equity Investments
   $ 1,035,419     $ 66,204,780 (a)   $ —  
Securities Lending Reinvestment Vehicle
     —       91,767       —  
Short-term Investment
     896,752       —       —  
 
Total
   $ 1,932,171     $ 66,296,547     $ —  
 
Liabilities
                        
Derivatives
   $ (18,255 )   $ (213,073 )   $ —  
 
Structured Emerging Markets Equity
                         
    Level 1   Level 2   Level 3
 
Assets
                        
Common Stock and/or Other Equity Investments
   $ 122,530,599     $ 385,484,499 (a)   $ —  
Securities Lending Reinvestment Vehicle
     —       25,088,710       —  
 
Total
   $ 122,530,599     $ 410,573,209     $ —  
 

 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS
Schedule of Investments (continued)
January 31, 2010 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (CONTINUED)
Structured International Equity
                         
    Level 1   Level 2   Level 3
 
Assets
                        
Common Stock and/or Other Equity Investments
   $ 85,759,628     $ 2,057,974,995 (a)   $ —  
Securities Lending Reinvestment Vehicle
     —       58,822,405       —  
Short-term Investment
     46,598,770       —       —  
 
Total
   $ 132,358,398     $ 2,116,797,400     $ —  
 
Liabilities
                        
Derivatives
   $ (3,028,409 )   $ —     $ —  
 
Structured International Small Cap
                         
    Level 1   Level 2   Level 3
 
Assets
                        
Common Stock and/or Other Equity Investments
   $ —     $ 231,554,762 (a)   $ —  
Securities Lending Reinvestment Vehicle
     —       6,869,443       —  
Short-term Investment
     4,966,882       —       —  
Derivatives
     229       —       —  
 
Total
   $ 4,967,111     $ 238,424,205     $ —  
 
Liabilities
                        
Derivatives
   $ (32,683 )   $ —     $ —  
 
(a)To adjust for the time difference between local market close and the calculation of net asset value, the Fund utilizes fair value model prices for international equities provided by an independent fair value service resulting in a Level 2 classification.
Foreign Currency Translations — The books and records of the Funds are accounted for 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 into U.S. dollars based upon 4:00 p.m. Eastern Time 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 as of 4:00 p.m. Eastern Time.
     Net realized and unrealized gain (loss) on foreign currency transactions represents: (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 security transactions and forward foreign currency 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 equity securities and derivative instruments is included with the net realized and change in unrealized gain (loss) on investments on the Statements of Operations. The effect of changes in foreign currency exchange rates on fixed income securities sold during the period is included with the net realized gain (loss) on foreign currency related transactions, while the effect of changes in foreign currency exchange rates on fixed income securities held at period end is included with the net change in unrealized gain (loss) on investments on the Statements of Operations. Net

 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS
Schedule of Investments (continued)
January 31, 2010 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (CONTINUED)
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.
Futures Contracts — The Funds may purchase or sell futures contracts 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 deposit cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Funds equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset in unrealized gains or losses. The Funds recognize a realized gain or loss when a contract is closed or expires.
     The use of futures contracts involves, to varying degrees, elements of market and counterparty risk which may exceed the amounts recognized in the Statements of Assets and Liabilities. Futures contracts may be illiquid, and exchanges may limit fluctuations in futures contract prices during a single day. Changes in the value of a futures contract may not directly correlate with changes in the value of the underlying securities. These risks may decrease the effectiveness of the Funds’ strategies and potentially result in a loss. The Funds must set aside liquid assets, or engage in other appropriate measures, to cover their obligations under these contracts.
Total Return Swap Transactions — The Structured International Equity Flex Fund may take a long and/or short position in equity securities through the use of total return swaps. Total return swaps are contracts that obligate a party to pay or receive interest in exchange for the payment by the other party of the total return generated by a security, a basket of securities, an index or an index component. The Fund may use total return swap contracts to establish long and/or short equity positions without owning or taking physical custody of the securities involved. The use of total return swaps is a highly specialized activity which involves investment techniques and risk analyses different from those associated with ordinary portfolio securities transactions. The Fund’s transactions in total return swaps may be significant. These

 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS
Schedule of Investments (continued)
January 31, 2010 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (CONTINUED)
transactions can result in sizeable realized and unrealized capital gains and losses relative to the gains and losses from the Fund’s direct investments in equity securities.
     Transactions in total return swaps can involve greater risks than if the Fund had invested in securities directly since, in addition to general market risks, swaps are leveraged and are also subject to illiquidity risk, counterparty risk, credit risk and pricing risk. Because they have terms of greater than seven days, swap transactions may be considered to be illiquid. Moreover, the Fund will bear the risk of loss of the amount expected to be received under a total return swap in the event of the default, by, or bankruptcy of a swap counterparty. Total return swaps may also be subject to pricing or “basis” risk, which exists when a particular swap becomes extraordinarily expensive relative to historical prices or the price of corresponding cash market instruments. Under certain market conditions it may not be economically feasible to initiate a transaction or liquidate a position in time to avoid a loss or take advantage of an opportunity. If a swap transaction is particularly large or if the relevant market is illiquid, it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses.
     The prices of total return swaps can be volatile, and a variance in the degree of volatility or in the direction of securities prices from the investment adviser’s expectations may produce significant losses in the Fund’s investments in swaps. In addition, a perfect correlation between a total return swap and a security’s position may be impossible to achieve. As a result, the investment adviser’s use of total return swaps may not be effective in fulfilling the investment adviser’s investment strategies and may contribute to losses that would not have been incurred otherwise.
     Total return swaps are valued based on the market value of the underlying long and short positions in the swap and are valued daily at the last sale price or official closing price on the principal exchange or system on which they are traded. The total market value of the underlying securities plus financing fees, the value of corporate actions, and dividend accruals comprises the total market value of the total return swap position. The change in the total market value of the total return swap position is reflected daily as unrealized gain or loss on swap contracts and monthly as realized gain or loss on swap contracts. The Fund must also set aside liquid assets, or engage in other appropriate measures, to cover their obligations for any short positions held within a total return swap.
Investments in Derivatives — The Funds may make investments in derivative instruments, including, but not limited to, options, futures, swaps and other derivatives relating to foreign currency transactions. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as over the counter (“OTC”) derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments or commodities at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivatives also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument.
     GAAP requires enhanced disclosures about the Funds’ derivatives and hedging activities. The following tables set forth the gross value of the Funds’ derivative contracts for trading activities by certain risk types as of January 31, 2010. The values in the tables below exclude the effects of cash received or posted pursuant to derivative contracts, and therefore are not representative of the Funds’ net exposure.
                         
            Derivative   Derivative  
Risk   Fund                         Assets   Liabilities  
 
Equity
   Structured International Equity Flex   $ —     $ (231,328 )
 
Equity
   Structured International Equity     —       (3,028,409 )
 
Equity
   Structured International Small Cap     229       (32,683 )
 

 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS
Schedule of Investments (continued)
January 31, 2010 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (CONTINUED)
Securities Lending — Pursuant to exemptive relief granted by the Securities and Exchange Commission and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman, Sachs & Co. (“Goldman Sachs”), to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of 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 may experience a delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan.
     The Funds invest the cash collateral received in connection with securities lending transactions in the Enhanced Portfolio of Boston Global Investment Trust II (“Enhanced Portfolio II”), a Delaware statutory trust. The Enhanced Portfolio II, deemed an affiliate of the Trust, is exempt from registration under Section 3(c)(7) of the Investment Company Act of 1940, as amended (the “Act”), and is managed by Goldman Sachs Asset Management, L.P. (“GSAM”), for which GSAM may receive an investment advisory fee of up to 0.10% on an annualized basis of the average daily net assets of the Enhanced Portfolio II. The Enhanced Portfolio II invests primarily in short-term investments, but is not a “money market fund” subject to the requirements of Rule 2a-7 of the Act. The Funds’ investment of cash collateral in the Enhanced Portfolio II is subject to a net asset value that may fall or rise due to market and credit conditions.
     Both the Funds and GSAL receive compensation relating to the lending of the Funds’ securities.
Foreign Custody Risk — A Fund that invests in foreign securities may hold such securities and foreign currency with foreign banks, agents, and securities depositories (each a “Foreign Custodian”) appointed by the Fund’s custodian. Investments in emerging markets may be subject to greater custody risks than investments in more developed markets. Custody services in emerging market countries are often undeveloped and may be less regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries. In some countries, Foreign Custodians may be subject to little or no regulatory oversight or independent evaluation of their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters into bankruptcy.
Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Funds may also be exposed to credit risk in the event that an issuer fails to perform or that an institution or entity with which the Funds have unsettled or open transaction defaults.

 

 

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS
Schedule of Investments (continued)
January 31, 2010 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (CONTINUED)
     Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. 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, be subject to government ownership controls, have delayed settlements and their prices may be more volatile than those of comparable securities in the U.S.

 

 

Item 2. Controls and Procedures.

(a)   The Registrant’s President and Principal Financial Officer concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) were effective as of a date within 90 days prior to the filing date of this report (the “Evaluation Date”), based on their evaluation of the effectiveness of the Registrant’s disclosure controls and procedures as of the Evaluation Date.

(b)   There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

(a)   Separate certifications for the president and the principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) are filed herewith.

 

 

SIGNATURES

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

             
(Registrant)
   Goldman Sachs Trust  
   
By (Signature and Title)*   /s/ JAMES A. McNAMARA, PRESIDENT    
     
   
Date
   March 31, 2010  
   

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

             
By (Signature and Title)*   /s/ JAMES A. McNAMARA, PRESIDENT    
     
   
Date
   March 31, 2010  
   
By (Signature and Title)*   /s/ GEORGE F. TRAVERS, PRINCIPAL FINANCIAL OFFICER    
     
   
Date
   March 31, 2010  
   

* Print the name and title of each signing officer under his or her signature.

 

EX-99.CERT 2 e83063exv99wcert.htm EX-99.CERT exv99wcert

CERTIFICATIONS

I, James A. McNamara, certify that:

1. I have reviewed this report on Form N-Q of the Goldman Sachs Trust;

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

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

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

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

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

  (c)   Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
 
  (d)   Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

  (a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
 
  (b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:    March 31, 2010

/s/ JAMES A. McNAMARA                                                         
James A. McNamara
President

 

 

CERTIFICATIONS

I, George F. Travers, certify that:

1. I have reviewed this report on Form N-Q of the Goldman Sachs Trust;

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

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

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

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

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

  (c)   Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
 
  (d)   Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

  (a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
 
  (b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:    March 31, 2010

/s/ GEORGE F. TRAVERS                                       
George F. Travers
Principal Financial Officer

 

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