N-Q 1 e93813nvq.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.
200 West Street
New York, New York 10282		   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:
  
     August 31
   
     
Date of reporting period:
  
November 30, 2011
   

Item 1. Schedule of Investments.

 

 

GOLDMAN SACHS GROWTH AND INCOME FUND
Schedule of Investments
November 30, 2011 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — 98.1%
Aerospace & Defense — 5.3%
  230,002    
Honeywell International, Inc.
   $ 12,454,608  
  202,134    
The Boeing Co.
     13,884,585  
       
 
      
       
 
     26,339,193  
 
Auto Components — 1.1%
  174,936    
Johnson Controls, Inc.
     5,506,985  
 
Automobiles* — 1.2%
  586,682    
Ford Motor Co.
     6,218,829  
 
Beverages — 1.3%
  102,333    
PepsiCo., Inc.
     6,549,312  
 
Biotechnology* — 1.3%
  67,553    
Celgene Corp.
     4,261,243  
  74,014    
Vertex Pharmaceuticals, Inc.
     2,145,666  
       
 
      
       
 
     6,406,909  
 
Capital Markets — 3.9%
  81,129    
Ameriprise Financial, Inc.
     3,724,632  
  42,458    
Franklin Resources, Inc.
     4,280,616  
  271,634    
Invesco Ltd.
     5,500,589  
  410,155    
Morgan Stanley
     6,066,192  
       
 
      
       
 
     19,572,029  
 
Chemicals — 1.9%
  222,885    
LyondellBasell Industries NV Class A
     7,281,653  
  42,344    
The Mosaic Co.
     2,234,069  
       
 
      
       
 
     9,515,722  
 
Commercial Banks — 4.6%
  489,181    
Fifth Third Bancorp
     5,914,198  
  95,261    
HSBC Holdings PLC ADR
     3,729,468  
  262,089    
SunTrust Banks, Inc.
     4,751,674  
  340,228    
U.S. Bancorp
     8,818,710  
       
 
      
       
 
     23,214,050  
 
Communications Equipment — 1.8%
  235,906    
Cisco Systems, Inc.
     4,397,288  
  197,559    
Juniper Networks, Inc.*
     4,486,565  
       
 
      
       
 
     8,883,853  
 
Computers & Peripherals* — 2.3%
  336,386    
EMC Corp.
     7,740,242  
  105,910    
NetApp, Inc.
     3,900,665  
       
 
      
       
 
     11,640,907  
 
Diversified Financial Services — 3.9%
  624,883    
JPMorgan Chase & Co.
     19,352,627  
 
Electric Utilities — 4.5%
  299,142    
American Electric Power Co., Inc.
     11,869,954  
  360,041    
PPL Corp.
     10,808,431  
       
 
      
       
 
     22,678,385  
 
                 
Shares     Description   Value  
Common Stocks — (continued)
Energy Equipment & Services — 1.9%
  61,938    
Cameron International Corp.*
   $ 3,344,033  
  50,965    
National-Oilwell Varco, Inc.
     3,654,190  
  61,935    
Transocean Ltd.
     2,653,915  
       
 
      
       
 
     9,652,138  
 
Food Products — 4.4%
  300,101    
General Mills, Inc.
     11,989,035  
  289,586    
Unilever NV
     9,877,778  
       
 
      
       
 
     21,866,813  
 
Health Care Equipment & Supplies* — 1.9%
  1,599,381    
Boston Scientific Corp.
     9,436,348  
 
Health Care Providers & Services — 0.9%
  105,841    
Aetna, Inc.
     4,426,271  
 
Hotels, Restaurants & Leisure — 0.7%
  76,402    
Starwood Hotels & Resorts Worldwide, Inc.
     3,642,847  
 
Industrial Conglomerates — 4.1%
  1,299,070    
General Electric Co.
     20,668,204  
 
Insurance — 9.1%
  96,048    
Everest Re Group Ltd.
     8,426,291  
  139,181    
Marsh & McLennan Cos., Inc.
     4,201,874  
  290,812    
Prudential Financial, Inc.
     14,726,720  
  137,238    
The Allstate Corp.
     3,676,606  
  348,882    
The Hartford Financial Services Group, Inc.
     6,196,144  
  149,219    
The Travelers Cos., Inc.
     8,393,569  
       
 
      
       
 
     45,621,204  
 
Internet & Catalog Retail* — 1.2%
  367,167    
Liberty Interactive Corp. Class A
     5,970,135  
 
Internet Software & Services* — 1.1%
  9,347    
Google, Inc. Class A
     5,602,498  
 
Life Sciences Tools & Services* — 1.3%
  133,804    
Thermo Fisher Scientific, Inc.
     6,322,239  
 
Machinery — 0.5%
  55,193    
Illinois Tool Works, Inc.
     2,507,970  
 
Media — 4.9%
  156,960    
DISH Network Corp. Class A
     3,856,507  
  129,701    
Liberty Global, Inc. Class A*
     5,108,922  
  97,670    
Scripps Networks Interactive Class A
     3,889,220  
  326,388    
The Walt Disney Co.
     11,701,010  
       
 
      
       
 
     24,555,659  
 
Metals & Mining — 0.6%
  76,627    
Freeport-McMoRan Copper & Gold, Inc.
     3,034,429  
 
Multi-Utilities — 1.8%
  233,018    
PG&E Corp.
     9,050,419  
 
Multiline Retail — 0.7%
  114,649    
Macy’s, Inc.
     3,706,602  
 


 

 

GOLDMAN SACHS GROWTH AND INCOME FUND
Schedule of Investments (continued)
November 30, 2011 (Unaudited)

                 
             
Shares     Description   Value  
Common Stocks — (continued)
Oil, Gas & Consumable Fuels — 12.3%
  98,923    
Chevron Corp.
   $ 10,171,263  
  70,955    
ConocoPhillips
     5,060,511  
  206,850    
Devon Energy Corp.
     13,540,401  
  123,019    
EQT Corp.
     7,628,408  
  169,549    
Exxon Mobil Corp.
     13,638,522  
  70,550    
Occidental Petroleum Corp.
     6,977,395  
  138,294    
The Williams Cos., Inc.
     4,464,130  
       
 
      
       
 
     61,480,630  
 
Pharmaceuticals — 6.9%
  326,982    
Merck & Co., Inc.
     11,689,607  
  749,564    
Pfizer, Inc.
     15,043,749  
  192,450    
Teva Pharmaceutical Industries Ltd. ADR
     7,622,945  
       
 
      
       
 
     34,356,301  
 
Real Estate Investment Trusts — 2.7%
  35,717    
Boston Properties, Inc.
     3,406,687  
  665,245    
MFA Financial, Inc.
     4,576,886  
  44,320    
Simon Property Group, Inc.
     5,510,749  
       
 
      
       
 
     13,494,322  
 
Semiconductors & Semiconductor Equipment — 2.7%
  176,526    
Maxim Integrated Products, Inc.
     4,527,892  
  264,109    
NVIDIA Corp.*
     4,128,024  
  146,254    
Xilinx, Inc.
     4,783,968  
       
 
      
       
 
     13,439,884  
 
Software — 2.1%
  246,072    
Adobe Systems, Inc.*
     6,747,294  
  141,409    
Microsoft Corp.
     3,617,242  
       
 
      
       
 
     10,364,536  
 
Specialty Retail — 1.0%
  131,270    
The Home Depot, Inc.
     5,148,409  
 
Thrifts & Mortgage Finance — 0.4%
  182,614    
New York Community Bancorp, Inc.
     2,198,673  
 
Wireless Telecommunication Services* — 1.8%
  3,317,933    
Sprint Nextel Corp.
     8,958,419  
 
TOTAL COMMON STOCKS   $ 491,383,751  
 
                             
    Interest   Maturity    
Shares   Rate   Date   Value
Convertible Preferred Stock(a) — 0.5%
Electric Utilities — 0.5%
PPL Corp.
$     48,269       8.750 %   05/01/14   $ 2,653,830  
                             
Principal   Interest   Maturity    
Amount   Rate   Date   Value
Short-term Investment(b) — 1.5%
Repurchase Agreement — 1.5%
Joint Repurchase Agreement Account II
$     7,500,000       0.134 %   12/01/11   $ 7,500,000  
 
TOTAL INVESTMENTS — 100.1% $ 501,537,581  
 
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%   (590,638 )
 
NET ASSETS — 100.0% $ 500,946,943  
 
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
 
* Non-income producing security.
 
(a) Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
 
(b) Joint repurchase agreement was entered into on November 30, 2011. Additional information appears in the Notes to the Schedule of Investments section.
     
 
Investment Abbreviation:
ADR
  — American 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 GROWTH AND INCOME FUND
Schedule of Investments (continued)
November 30, 2011 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
TAX INFORMATION – At November 30, 2011, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
         
 
Tax Cost
   $ 511,189,286  
 
Gross unrealized gain
     31,777,490  
 
Gross unrealized loss
     (41,429,195 )
 
Net unrealized security loss
   $ (9,651,705 )
 
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 LARGE CAP VALUE FUND
Schedule of Investments
November 30, 2011 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — 98.2%
Aerospace & Defense — 4.7%
  799,497    
Honeywell International, Inc.
   $ 43,292,762  
  726,526    
The Boeing Co.
     49,905,071  
       
 
      
       
 
     93,197,833  
 
Auto Components — 1.1%
  681,344    
Johnson Controls, Inc.
     21,448,709  
 
Automobiles* — 1.1%
  2,100,669    
Ford Motor Co.
     22,267,091  
 
Beverages — 1.5%
  472,189    
PepsiCo., Inc.
     30,220,096  
 
Biotechnology* — 1.3%
  270,247    
Celgene Corp.
     17,047,181  
  293,316    
Vertex Pharmaceuticals, Inc.
     8,503,231  
       
 
      
       
 
     25,550,412  
 
Capital Markets — 3.6%
  392,006    
Ameriprise Financial, Inc.
     17,996,996  
  182,003    
Franklin Resources, Inc.
     18,349,543  
  914,469    
Invesco Ltd.
     18,517,997  
  1,195,322    
Morgan Stanley
     17,678,812  
       
 
      
       
 
     72,543,348  
 
Chemicals — 2.2%
  875,014    
LyondellBasell Industries NV Class A
     28,586,707  
  270,247    
The Mosaic Co.
     14,258,232  
       
 
      
       
 
     42,844,939  
 
Commercial Banks — 4.2%
  2,278,642    
Fifth Third Bancorp
     27,548,782  
  1,108,987    
SunTrust Banks, Inc.
     20,105,934  
  1,373,931    
U.S. Bancorp
     35,612,292  
       
 
      
       
 
     83,267,008  
 
Communications Equipment — 3.0%
  1,949,000    
Cisco Systems, Inc.
     36,329,360  
  1,050,016    
Juniper Networks, Inc.*
     23,845,863  
       
 
      
       
 
     60,175,223  
 
Computers & Peripherals* — 2.8%
  1,739,131    
EMC Corp.
     40,017,404  
  418,266    
NetApp, Inc.
     15,404,737  
       
 
      
       
 
     55,422,141  
 
Consumer Finance — 1.2%
  1,877,726    
SLM Corp.
     24,185,111  
 
Diversified Financial Services — 3.8%
  2,450,250    
JPMorgan Chase & Co.
     75,884,243  
 
Electric Utilities — 3.8%
  956,469    
American Electric Power Co., Inc.
     37,952,690  
  1,271,687    
PPL Corp.
     38,176,044  
       
 
      
       
 
     76,128,734  
 
                 
Shares     Description   Value  
Common Stocks — (continued)
Energy Equipment & Services — 2.1%
  310,338    
Cameron International Corp.*
   $ 16,755,149  
  203,215    
National-Oilwell Varco, Inc.
     14,570,515  
  246,570    
Transocean Ltd.
     10,565,525  
       
 
      
       
 
     41,891,189  
 
Food Products — 4.4%
  1,200,413    
General Mills, Inc.
     47,956,499  
  1,156,291    
Unilever NV
     39,441,086  
       
 
      
       
 
     87,397,585  
 
Health Care Equipment & Supplies* — 1.8%
  6,080,550    
Boston Scientific Corp.
     35,875,245  
 
Health Care Providers & Services — 1.2%
  343,005    
WellPoint, Inc.
     24,199,003  
 
Hotels, Restaurants & Leisure — 0.7%
  304,399    
Starwood Hotels & Resorts Worldwide, Inc.
     14,513,744  
 
Industrial Conglomerates — 4.2%
  5,234,597    
General Electric Co.
     83,282,438  
 
Insurance — 8.7%
  467,144    
Aflac, Inc.
     20,292,735  
  287,429    
Everest Re Group Ltd.
     25,216,146  
  613,040    
Marsh & McLennan Cos., Inc.
     18,507,678  
  935,681    
Prudential Financial, Inc.
     47,382,886  
  411,522    
The Allstate Corp.
     11,024,674  
  1,086,290    
The Hartford Financial Services Group, Inc.
     19,292,511  
  565,948    
The Travelers Cos., Inc.
     31,834,575  
       
 
      
       
 
     173,551,205  
 
Internet & Catalog Retail* — 1.2%
  1,498,448    
Liberty Interactive Corp. Class A
     24,364,764  
 
Internet Software & Services* — 1.3%
  42,637    
Google, Inc. Class A
     25,556,191  
 
Life Sciences Tools & Services* — 1.3%
  542,827    
Thermo Fisher Scientific, Inc.
     25,648,576  
 
Machinery — 0.5%
  219,973    
Illinois Tool Works, Inc.
     9,995,573  
 
Media — 5.1%
  1,178,564    
CBS Corp. Class B
     30,689,806  
  497,644    
Liberty Global, Inc. Class A*
     19,602,197  
  1,425,689    
The Walt Disney Co.
     51,110,951  
       
 
      
       
 
     101,402,954  
 
Metals & Mining — 0.8%
  404,734    
Freeport-McMoRan Copper & Gold, Inc.
     16,027,466  
 


 

 

GOLDMAN SACHS LARGE CAP VALUE FUND
Schedule of Investments (continued)
November 30, 2011 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Multi-Utilities — 2.2%
  696,829    
PG&E Corp.
   $ 27,064,838  
  498,493    
Public Service Enterprise Group, Inc.
     16,420,360  
       
 
      
       
 
     43,485,198  
 
Multiline Retail — 0.7%
  453,433    
Macy’s, Inc.
     14,659,489  
 
Oil, Gas & Consumable Fuels — 11.2%
  395,824    
Chevron Corp.
     40,698,624  
  824,952    
Devon Energy Corp.
     54,001,358  
  540,281    
EQT Corp.
     33,502,825  
  636,374    
Exxon Mobil Corp.
     51,189,924  
  281,277    
Occidental Petroleum Corp.
     27,818,295  
  532,220    
The Williams Cos., Inc.
     17,180,062  
       
 
      
       
 
     224,391,088  
 
Pharmaceuticals — 6.9%
  1,312,202    
Merck & Co., Inc.
     46,911,222  
  3,007,926    
Pfizer, Inc.
     60,369,075  
  772,345    
Teva Pharmaceutical Industries Ltd. ADR
     30,592,585  
       
 
      
       
 
     137,872,882  
 
Real Estate Investment Trusts — 2.1%
  135,760    
Alexandria Real Estate Equities, Inc.
     8,900,425  
  130,457    
Boston Properties, Inc.
     12,442,989  
  164,397    
Simon Property Group, Inc.
     20,441,123  
       
 
      
       
 
     41,784,537  
 
Semiconductors & Semiconductor Equipment — 2.4%
  455,643    
Altera Corp.
     17,164,072  
  583,979    
Maxim Integrated Products, Inc.
     14,979,061  
  1,039,709    
NVIDIA Corp.*
     16,250,652  
       
 
      
       
 
     48,393,785  
 
Software — 2.6%
  1,055,956    
Adobe Systems, Inc.*
     28,954,313  
  924,651    
Microsoft Corp.
     23,652,573  
       
 
      
       
 
     52,606,886  
 
Specialty Retail — 1.0%
  519,166    
The Home Depot, Inc.
     20,361,691  
 
Wireless Telecommunication Services* — 1.5%
  11,414,633    
Sprint Nextel Corp.
     30,819,509  
 
TOTAL COMMON STOCKS   $ 1,961,215,886  
 
                             
Principal   Interest   Maturity    
Amount   Rate   Date   Value
Short-term Investment(a) — 1.6%
Repurchase Agreement — 1.6%
Joint Repurchase Agreement Account II
$     32,200,000       0.134 %   12/01/11   $ 32,200,000  
 
TOTAL INVESTMENTS — 99.8% $ 1,993,415,886  
 
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%   4,047,274  
 
NET ASSETS — 100.0% $ 1,997,463,160  
 
 
 
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
 
* Non-income producing security.
 
(a) Joint repurchase agreement was entered into on November 30, 2011. Additional information appears in the Notes to the Schedule of Investments section.
     
 
Investment Abbreviation:
ADR
  — American 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 LARGE CAP VALUE FUND
Schedule of Investments (continued)
November 30, 2011 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
TAX INFORMATION – At November 30, 2011, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
         
 
Tax Cost
   $ 1,990,238,363  
 
Gross unrealized gain
     161,813,185  
 
Gross unrealized loss
     (158,635,662 )
 
Net unrealized security gain
   $ 3,177,523  
 
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 MID CAP VALUE FUND
Schedule of Investments
November 30, 2011 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — 98.7%
Aerospace & Defense — 3.0%
  2,001,192    
BE Aerospace, Inc.*
   $ 77,946,428  
  3,887,527    
Spirit AeroSystems Holdings, Inc. Class A*
     75,845,652  
  3,238,744    
Textron, Inc.
     62,928,796  
       
 
      
       
 
     216,720,876  
 
Auto Components — 2.2%
  2,861,240    
Lear Corp.
     119,971,793  
  1,327,795    
TRW Automotive Holdings Corp.*
     43,365,785  
       
 
      
       
 
     163,337,578  
 
Beverages — 0.5%
  1,457,952    
Coca-Cola Enterprises, Inc.
     38,081,706  
 
Building Products — 0.9%
  6,892,937    
Masco Corp.
     66,034,336  
 
Capital Markets — 2.4%
  3,464,835    
Invesco Ltd.
     70,162,909  
  4,283,127    
Janus Capital Group, Inc.
     28,268,638  
  1,083,375    
Lazard Ltd. Class A
     27,972,743  
  1,981,014    
Legg Mason, Inc.
     52,556,301  
       
 
      
       
 
     178,960,591  
 
Chemicals — 3.1%
  1,486,749    
Albemarle Corp.
     81,072,423  
  237,473    
CF Industries Holdings, Inc.
     33,198,725  
  4,836,386    
Chemtura Corp.*
     56,343,897  
  1,243,760    
Cytec Industries, Inc.
     58,655,722  
       
 
      
       
 
     229,270,767  
 
Commercial Banks — 5.1%
  1,841,842    
CIT Group, Inc.*
     62,364,770  
  7,343,567    
Fifth Third Bancorp
     88,783,725  
  1,339,991    
First Republic Bank*
     38,028,945  
  771,918    
M&T Bank Corp.
     56,334,576  
  4,398,690    
SunTrust Banks, Inc.
     79,748,250  
  3,229,949    
Zions Bancorp
     51,969,879  
       
 
      
       
 
     377,230,145  
 
Commercial Services & Supplies — 0.8%
  2,022,404    
Republic Services, Inc.
     55,514,990  
 
Communications Equipment* — 0.7%
  3,201,688    
Polycom, Inc.
     54,108,527  
 
Computers & Peripherals* — 0.9%
  1,835,416    
NetApp, Inc.
     67,598,371  
 
Consumer Finance — 1.4%
  8,029,601    
SLM Corp.
     103,421,261  
 
Diversified Financial Services* — 1.3%
  3,647,194    
The NASDAQ OMX Group, Inc.
     95,738,843  
 
                 
Shares     Description   Value  
Common Stocks — (continued)
Electric Utilities — 6.6%
  1,868,945    
Edison International
   $ 73,468,228  
  1,217,374    
Great Plains Energy, Inc.
     25,613,549  
  1,730,607    
Northeast Utilities
     59,896,308  
  5,020,262    
NV Energy, Inc.
     77,010,819  
  1,517,070    
Pinnacle West Capital Corp.
     71,924,289  
  5,924,935    
PPL Corp.
     177,866,549  
       
 
      
       
 
     485,779,742  
 
Electrical Equipment — 0.7%
  972,141    
Cooper Industries PLC
     53,982,990  
 
Electronic Equipment, Instruments & Components — 0.7%
  1,152,703    
Amphenol Corp. Class A
     52,252,027  
 
Energy Equipment & Services* — 1.3%
  1,762,953    
Cameron International Corp.
     95,181,833  
 
Food Products — 4.5%
  1,151,251    
Bunge Ltd.
     71,953,188  
  1,438,881    
ConAgra Foods, Inc.
     36,346,134  
  478,696    
Corn Products International, Inc.
     24,887,405  
  159,570    
Ralcorp Holdings, Inc.*
     12,976,232  
  2,022,404    
Sara Lee Corp.
     38,344,780  
  1,940,659    
The J.M. Smucker Co.
     147,451,271  
       
 
      
       
 
     331,959,010  
 
Gas Utilities — 0.3%
  1,287,220    
Questar Corp.
     24,843,346  
 
Health Care Equipment & Supplies* — 2.2%
  17,085,150    
Boston Scientific Corp.
     100,802,385  
  3,637,120    
Hologic, Inc.
     64,049,683  
       
 
      
       
 
     164,852,068  
 
Health Care Providers & Services — 1.7%
  2,137,261    
Aetna, Inc.
     89,380,255  
  1,237,035    
Patterson Cos., Inc.
     37,321,346  
       
 
      
       
 
     126,701,601  
 
Hotels, Restaurants & Leisure — 1.0%
  1,489,512    
Starwood Hotels & Resorts Worldwide, Inc.
     71,019,932  
 
Household Durables* — 0.9%
  94,997    
NVR, Inc.
     63,633,740  
 
Household Products* — 0.7%
  755,362    
Energizer Holdings, Inc.
     54,597,565  
 
Independent Power Producers & Energy Traders* — 0.8%
  8,276,739    
GenOn Energy, Inc.
     22,512,730  
  3,111,675    
The AES Corp.
     37,589,034  
       
 
      
       
 
     60,101,764  
 
Insurance — 10.5%
  1,595,629    
Everest Re Group Ltd.
     139,984,532  
  4,485,609    
Genworth Financial, Inc. Class A*
     29,560,163  
  3,107,849    
Lincoln National Corp.
     62,716,393  
  1,658,175    
Marsh & McLennan Cos., Inc.
     50,060,303  
  1,016,117    
PartnerRe Ltd.
     66,779,209  
  5,142,670    
Principal Financial Group, Inc.
     124,092,627  
  3,965,650    
The Hartford Financial Services Group, Inc.
     70,429,944  


 

 

GOLDMAN SACHS MID CAP VALUE FUND
Schedule of Investments (continued)
November 30, 2011 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Insurance — (continued)
  1,923,069    
Unum Group
   $ 43,288,283  
  2,729,133    
W.R. Berkley Corp.
     93,090,727  
  4,292,112    
XL Group PLC
     88,503,350  
       
 
      
       
 
     768,505,531  
 
Internet & Catalog Retail* — 1.7%
  7,565,519    
Liberty Interactive Corp. Class A
     123,015,339  
 
Life Sciences Tools & Services* — 1.1%
  2,109,322    
Life Technologies Corp.
     81,694,041  
 
Machinery — 3.1%
  1,132,564    
Eaton Corp.
     50,863,449  
  940,064    
Parker Hannifin Corp.
     77,818,498  
  2,695,504    
Pentair, Inc.
     102,510,017  
       
 
      
       
 
     231,191,964  
 
Media — 3.0%
  2,621,008    
Liberty Global, Inc. Class A*
     103,241,505  
  3,001,597    
Scripps Networks Interactive Class A
     119,523,593  
       
 
      
       
 
     222,765,098  
 
Metals & Mining — 0.5%
  753,810    
Allegheny Technologies, Inc.
     37,856,338  
 
Multi-Utilities — 5.9%
  2,791,181    
CMS Energy Corp.
     58,391,506  
  2,418,193    
SCANA Corp.
     105,481,579  
  2,023,956    
Sempra Energy
     107,654,220  
  6,082,216    
Xcel Energy, Inc.
     159,901,458  
       
 
      
       
 
     431,428,763  
 
Multiline Retail — 1.4%
  3,111,154    
Macy’s, Inc.
     100,583,609  
 
Oil, Gas & Consumable Fuels — 5.2%
  1,240,389    
Energen Corp.
     62,912,530  
  2,296,611    
EQT Corp.
     142,412,848  
  1,253,639    
Pioneer Natural Resources Co.
     118,519,031  
  773,470    
Range Resources Corp.
     55,465,534  
       
 
      
       
 
     379,309,943  
 
Pharmaceuticals* — 1.1%
  5,284,430    
Warner Chilcott PLC Class A
     83,071,240  
 
Real Estate Investment Trusts — 10.8%
  984,040    
Alexandria Real Estate Equities, Inc.
     64,513,662  
  797,786    
AvalonBay Communities, Inc.
     99,603,582  
  853,145    
Camden Property Trust
     49,252,061  
  2,953,672    
Douglas Emmett, Inc.
     53,107,023  
  206,948    
Essex Property Trust, Inc.
     27,493,042  
  7,285,622    
Host Hotels & Resorts, Inc.
     103,091,551  
  4,314,359    
Kimco Realty Corp.
     68,037,442  
  1,688,182    
Liberty Property Trust
     50,324,705  
  8,609,057    
MFA Financial, Inc.
     59,230,312  
  2,214,349    
Tanger Factory Outlet Centers, Inc.
     62,776,794  
  1,019,739    
Taubman Centers, Inc.
     63,560,332  
  1,698,012    
Ventas, Inc.
     89,587,113  
       
 
      
       
 
     790,577,619  
 
                 
Shares     Description   Value  
Common Stocks — (continued)
Road & Rail* — 0.8%
  904,882    
Kansas City Southern
   $ 61,559,122  
 
Semiconductors & Semiconductor Equipment — 3.0%
  1,149,716    
Cavium, Inc.*
     37,526,730  
  2,161,060    
Maxim Integrated Products, Inc.
     55,431,189  
  3,791,848    
NVIDIA Corp.*
     59,266,584  
  2,016,084    
Xilinx, Inc.
     65,946,108  
       
 
      
       
 
     218,170,611  
 
Software* — 3.3%
  2,049,307    
Adobe Systems, Inc.
     56,191,998  
  1,072,712    
BMC Software, Inc.
     38,252,910  
  1,858,915    
Electronic Arts, Inc.
     43,108,239  
  3,158,034    
Parametric Technology Corp.
     65,781,848  
  1,393,798    
QLIK Technologies, Inc.
     38,148,251  
  186,254    
Quest Software, Inc.
     3,365,610  
       
 
      
       
 
     244,848,856  
 
Specialty Retail — 1.4%
  1,138,217    
PetSmart, Inc.
     54,918,970  
  538,066    
Ross Stores, Inc.
     47,936,300  
       
 
      
       
 
     102,855,270  
 
Textiles, Apparel & Luxury Goods — 1.2%
  1,248,417    
PVH Corp.
     84,755,030  
 
Wireless Telecommunication Services* — 1.0%
  26,363,685    
Sprint Nextel Corp.
     71,181,950  
 
TOTAL COMMON STOCKS   $ 7,264,293,933  
 
                             
Principal   Interest   Maturity    
Amount   Rate   Date   Value
Short-term Investment(a) — 0.8%
Repurchase Agreement — 0.8%
Joint Repurchase Agreement Account II
$     60,000,000       0.134 %   12/01/11   $ 60,000,000  
 
TOTAL INVESTMENTS — 99.5% $ 7,324,293,933  
 
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%   33,486,690  
 
NET ASSETS — 100.0% $ 7,357,780,623  
 
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
 
* Non-income producing security.
 
(a) Joint repurchase agreement was entered into on November 30, 2011. Additional information appears in the Notes to the Schedule of Investments section.
 
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 MID CAP VALUE FUND
Schedule of Investments (continued)
November 30, 2011 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
TAX INFORMATION – At November 30, 2011, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
         
 
Tax Cost
   $ 6,988,456,134  
 
Gross unrealized gain
     755,337,030  
 
Gross unrealized loss
     (419,499,231 )
 
Net unrealized security gain
   $ 335,837,799  
 
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 SMALL CAP VALUE FUND
Schedule of Investments
November 30, 2011 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — 96.6%
Aerospace & Defense — 1.0%
  530,431    
AAR Corp.
   $ 9,685,670  
  278,000    
Triumph Group, Inc.
     16,538,220  
       
 
      
       
 
     26,223,890  
 
Air Freight & Logistics — 0.6%
  482,906    
Forward Air Corp.
     15,501,282  
 
Airlines* — 0.3%
  2,083,227    
JetBlue Airways Corp.
     8,582,895  
 
Auto Components* — 1.3%
  463,057    
Dana Holding Corp.
     5,769,690  
  521,304    
Tenneco, Inc.
     15,096,964  
  270,277    
Visteon Corp.
     15,121,998  
       
 
      
       
 
     35,988,652  
 
Building Products — 0.9%
  390,841    
A.O. Smith Corp.
     15,344,418  
  302,567    
Universal Forest Products, Inc.
     8,432,542  
       
 
      
       
 
     23,776,960  
 
Capital Markets — 2.4%
  481,332    
Apollo Investment Corp.
     3,470,404  
  502,488    
BGC Partners, Inc. Class A
     3,175,724  
  119,761    
Cohen & Steers, Inc.
     3,259,894  
  299,821    
Golub Capital BDC, Inc.
     4,797,136  
  212,562    
KBW, Inc.
     2,897,220  
  884,825    
Knight Capital Group, Inc. Class A*
     11,175,340  
  270,922    
Manning & Napier, Inc.*
     3,440,709  
  686,215    
PennantPark Investment Corp.
     7,273,879  
  116,104    
Piper Jaffray Cos., Inc.*
     2,403,353  
  265,547    
Solar Capital Ltd.
     6,112,892  
  202,804    
Solar Senior Capital Ltd.
     3,194,163  
  430,965    
Stifel Financial Corp.*
     13,661,591  
       
 
      
       
 
     64,862,305  
 
Chemicals — 2.2%
  567,378    
H.B. Fuller Co.
     13,083,736  
  404,522    
Minerals Technologies, Inc.
     23,462,276  
  1,760,147    
PolyOne Corp.
     18,939,182  
  30,343    
Tronox, Inc.*
     3,368,073  
       
 
      
       
 
     58,853,267  
 
Commercial Banks — 11.1%
  659,559    
BancorpSouth, Inc.
     6,463,678  
  722,820    
Bank of the Ozarks, Inc.
     20,491,947  
  829,698    
Boston Private Financial Holdings, Inc.
     6,446,753  
  186,411    
Bridge Capital Holdings*
     1,933,082  
  525,916    
CoBiz, Inc.
     2,803,132  
  478,203    
Columbia Banking System, Inc.
     8,607,654  
  317,986    
Community Bank System, Inc.
     8,401,190  
  265,435    
East West Bancorp, Inc.
     5,194,563  
  1,157,951    
F.N.B. Corp.
     12,343,758  
  447,548    
First Financial Bankshares, Inc.
     14,769,084  
                 
Shares     Description   Value  
Common Stocks — (continued)
Commercial Banks — (continued)
  967,462    
First Midwest Bancorp, Inc.
   $ 9,190,889  
  1,058,297    
Glacier Bancorp, Inc.
     12,710,147  
  576,093    
Hancock Holding Co.
     17,591,000  
  272,861    
Heritage Financial Corp.
     3,367,105  
  294,633    
Home Bancshares, Inc.
     7,324,576  
  150,774    
IBERIABANK Corp.
     7,511,561  
  219,077    
Independent Bank Corp.
     5,726,673  
  234,379    
Lakeland Financial Corp.
     5,746,973  
  776,714    
MB Financial, Inc.
     13,188,604  
  540,549    
Pinnacle Financial Partners, Inc.*
     8,102,830  
  786,222    
PrivateBancorp, Inc.
     7,547,731  
  456,839    
Prosperity Bancshares, Inc.
     18,268,992  
  255,973    
Sandy Spring Bancorp, Inc.
     4,430,893  
  296,444    
SCBT Financial Corp.
     8,442,725  
  134,530    
Sierra Bancorp
     1,360,098  
  507,354    
Signature Bank*
     29,644,694  
  163,628    
Simmons First National Corp. Class A
     4,336,142  
  246,384    
Southcoast Financial Corp.*
     394,214  
  149,920    
Summit State Bank
     847,048  
  469,648    
Texas Capital Bancshares, Inc.*
     13,554,041  
  144,409    
The First of Long Island Corp.
     3,747,414  
  306,978    
TriCo Bancshares
     4,534,065  
  395,978    
UMB Financial Corp.
     14,136,415  
  689,219    
Webster Financial Corp.
     13,577,614  
       
 
      
       
 
     302,737,285  
 
Commercial Services & Supplies — 0.9%
  460,311    
G&K Services, Inc. Class A
     13,763,299  
  297,624    
Waste Connections, Inc.
     9,753,138  
       
 
      
       
 
     23,516,437  
 
Communications Equipment — 1.5%
  833,270    
Blue Coat Systems, Inc.*
     14,998,860  
  600,657    
Digi International, Inc.*
     6,601,220  
  570,596    
Plantronics, Inc.
     19,662,738  
       
 
      
       
 
     41,262,818  
 
Computers & Peripherals* — 0.5%
  925,467    
Electronics for Imaging, Inc.
     13,687,657  
 
Construction & Engineering — 0.9%
  1,419,606    
Comfort Systems USA, Inc.
     14,806,491  
  132,070    
Michael Baker Corp.*
     2,621,589  
  377,370    
MYR Group, Inc.*
     6,619,070  
       
 
      
       
 
     24,047,150  
 
Consumer Finance — 0.8%
  116,890    
Cash America International, Inc.
     5,810,602  
  275,558    
EZCORP, Inc. Class A*
     8,015,982  
  239,443    
First Cash Financial Services, Inc.*
     8,691,781  
       
 
      
       
 
     22,518,365  
 
Diversified Consumer Services* — 0.5%
  309,232    
Ascent Capital Group LLC Class A
     14,388,565  
 
Diversified Financial Services* — 0.2%
  437,702    
PHH Corp.
     6,723,103  
 


 

 

GOLDMAN SACHS SMALL CAP VALUE FUND
Schedule of Investments (continued)
November 30, 2011 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Diversified Telecommunication Services* — 0.5%
  1,709,237    
Premiere Global Services, Inc.
   $ 14,135,390  
 
Electric Utilities — 4.3%
  107,770    
ALLETE, Inc.
     4,294,635  
  476,323    
Cleco Corp.
     17,214,313  
  1,813,410    
El Paso Electric Co.
     62,598,913  
  308,976    
IDACORP, Inc.
     12,664,926  
  256,720    
MGE Energy, Inc.
     11,485,653  
  50,867    
Portland General Electric Co.
     1,274,218  
  159,699    
Unisource Energy Corp.
     5,889,699  
       
 
      
       
 
     115,422,357  
 
Electrical Equipment — 1.9%
  139,719    
Acuity Brands, Inc.
     7,020,880  
  189,507    
AZZ, Inc.
     8,025,621  
  325,417    
Belden, Inc.
     10,751,778  
  325,775    
EnerSys*
     7,834,889  
  161,001    
Regal-Beloit Corp.
     8,478,312  
  671,011    
Thermon Group Holdings, Inc.*
     10,373,830  
       
 
      
       
 
     52,485,310  
 
Electronic Equipment, Instruments & Components — 2.8%
  305,370    
Anixter International, Inc.*
     18,752,772  
  850,349    
Checkpoint Systems, Inc.*
     10,272,216  
  269,549    
Littelfuse, Inc.
     12,598,720  
  264,359    
MTS Systems Corp.
     10,621,945  
  358,552    
ScanSource, Inc.*
     12,588,761  
  403,807    
SYNNEX Corp.*
     11,851,735  
       
 
      
       
 
     76,686,149  
 
Energy Equipment & Services* — 1.2%
  1,441,666    
Key Energy Services, Inc.
     21,769,156  
  133,207    
Oil States International, Inc.
     10,023,827  
       
 
      
       
 
     31,792,983  
 
Food Products* — 1.6%
  571,110    
Darling International, Inc.
     8,206,851  
  510,214    
The Hain Celestial Group, Inc.
     19,051,391  
  242,826    
TreeHouse Foods, Inc.
     16,009,518  
       
 
      
       
 
     43,267,760  
 
Gas Utilities — 2.0%
  1,351,883    
Southwest Gas Corp.
     54,656,630  
 
Health Care Equipment & Supplies — 0.4%
  292,760    
West Pharmaceutical Services, Inc.
     11,280,043  
 
Health Care Providers & Services — 3.2%
  188,943    
Amedisys, Inc.*
     2,242,753  
  1,516,285    
Healthsouth Corp.*
     26,201,405  
  853,202    
Lincare Holdings, Inc.
     20,220,887  
  120,087    
Magellan Health Services, Inc.*
     6,083,608  
  594,150    
PSS World Medical, Inc.*
     14,485,377  
  777,799    
Team Health Holdings, Inc.*
     17,080,466  
       
 
      
       
 
     86,314,496  
 
                 
Shares     Description   Value  
Common Stocks — (continued)
Hotels, Restaurants & Leisure — 1.4%
  86,936    
DineEquity, Inc.*
   $ 4,092,947  
  318,294    
Gaylord Entertainment Co.*
     6,754,199  
  361,190    
Orient-Express Hotels Ltd. Class A*
     2,596,956  
  385,466    
Six Flags Entertainment Corp.
     14,647,708  
  196,270    
Vail Resorts, Inc.
     8,734,015  
       
 
      
       
 
     36,825,825  
 
Household Durables — 1.1%
  250,728    
Harman International Industries, Inc.
     10,355,066  
  412,144    
Meritage Homes Corp.*
     8,992,982  
  198,868    
Tempur-Pedic International, Inc.*
     10,860,182  
       
 
      
       
 
     30,208,230  
 
Independent Power Producers & Energy Traders — 0.2%
  382,821    
Atlantic Power Corp.
     5,034,096  
 
Industrial Conglomerates — 0.9%
  575,328    
Carlisle Cos., Inc.
     25,659,629  
 
Insurance — 5.5%
  722,608    
Alterra Capital Holdings Ltd.
     16,583,854  
  2,176,506    
American Equity Investment Life Holding Co.
     24,072,156  
  282,200    
Aspen Insurance Holdings Ltd.
     7,483,944  
  180,674    
Donegal Group, Inc. Class A
     2,466,200  
  86,280    
Enstar Group Ltd.*
     8,723,771  
  2,695,979    
Meadowbrook Insurance Group, Inc.(a)
     27,498,986  
  326,275    
ProAssurance Corp.
     25,974,753  
  221,925    
RLI Corp.
     15,727,825  
  615,842    
Symetra Financial Corp.
     5,813,548  
  768,390    
Tower Group, Inc.
     16,128,506  
       
 
      
       
 
     150,473,543  
 
Internet & Catalog Retail — 0.5%
  415,846    
HSN, Inc.
     14,887,287  
 
IT Services* — 0.6%
  1,184,905    
Convergys Corp.
     15,308,972  
 
Leisure Equipment & Products — 0.5%
  229,324    
Polaris Industries, Inc.
     13,782,372  
 
Life Sciences Tools & Services* — 0.7%
  1,037,268    
ICON PLC ADR
     17,643,929  
 
Machinery — 2.9%
  326,941    
Actuant Corp. Class A
     7,493,488  
  420,954    
Altra Holdings, Inc.*
     7,467,724  
  318,409    
Graco, Inc.
     13,688,403  
  458,166    
RBC Bearings, Inc.*
     19,357,513  
  357,716    
Robbins & Myers, Inc.
     19,030,491  
  274,162    
Tennant Co.
     11,509,321  
       
 
      
       
 
     78,546,940  
 
Media* — 0.5%
  955,433    
Knology, Inc.
     13,614,920  
 


 

 

GOLDMAN SACHS SMALL CAP VALUE FUND
Schedule of Investments (continued)
November 30, 2011 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Metals & Mining — 2.4%
  787,864    
Commercial Metals Co.
   $ 11,014,339  
  498,216    
Kaiser Aluminum Corp.
     23,216,865  
  639,697    
Metals USA Holdings Corp.*
     7,202,988  
  435,819    
Olympic Steel, Inc.
     10,346,343  
  216,212    
Schnitzer Steel Industries, Inc. Class A
     10,030,075  
  354,060    
Stillwater Mining Co.*
     3,862,795  
       
 
      
       
 
     65,673,405  
 
Multi-Utilities — 0.9%
  715,081    
Avista Corp.
     17,877,025  
  203,415    
NorthWestern Corp.
     7,095,115  
       
 
      
       
 
     24,972,140  
 
Oil, Gas & Consumable Fuels — 4.3%
  980,046    
Approach Resources, Inc.*
     30,655,839  
  3,211,907    
Magnum Hunter Resources Corp.*
     15,449,273  
  458,809    
Petroleum Development Corp.*
     15,393,042  
  562,099    
Rosetta Resources, Inc.*
     30,544,460  
  180,352    
Scorpio Tankers, Inc.*
     1,201,144  
  557,904    
World Fuel Services Corp.
     23,917,344  
       
 
      
       
 
     117,161,102  
 
Personal Products — 1.5%
  294,347    
Elizabeth Arden, Inc.*
     11,126,317  
  230,067    
Herbalife Ltd.
     12,722,705  
  349,511    
Nu Skin Enterprises, Inc. Class A
     16,685,655  
       
 
      
       
 
     40,534,677  
 
Pharmaceuticals — 0.3%
  215,469    
Medicis Pharmaceutical Corp. Class A
     7,035,063  
 
Professional Services* — 0.4%
  1,008,752    
On Assignment, Inc.
     10,511,196  
 
Real Estate Investment Trusts — 11.6%
  675,435    
Acadia Realty Trust
     13,225,017  
  843,995    
American Campus Communities, Inc.
     33,202,763  
  1,287,624    
BioMed Realty Trust, Inc.
     22,932,583  
  591,075    
Cogdell Spencer, Inc.
     2,216,531  
  1,047,895    
Coresite Realty Corp.(a)
     17,552,241  
  717,708    
CreXus Investment Corp.
     7,004,830  
  1,154,804    
CubeSmart
     11,513,396  
  1,817,518    
CYS Investments, Inc.
     23,864,011  
  563,792    
DuPont Fabros Technology, Inc.
     12,702,234  
  585,798    
Entertainment Properties Trust
     26,185,171  
  279,386    
Hudson Pacific Properties, Inc.
     3,587,316  
  3,111,825    
MFA Financial, Inc.
     21,409,356  
  225,930    
Mid-America Apartment Communities, Inc.
     12,950,308  
  307,829    
National Health Investors, Inc.
     13,024,245  
  793,569    
National Retail Properties, Inc.
     20,997,836  
  385,342    
OMEGA Healthcare Investors, Inc.
     6,909,182  
  961,767    
Parkway Properties, Inc.
     9,723,464  
  628,074    
Pebblebrook Hotel Trust
     11,631,931  
  414,144    
PS Business Parks, Inc.
     21,825,389  
                 
Shares     Description   Value  
Common Stocks — (continued)
Real Estate Investment Trusts — (continued)
  1,010,366    
Retail Opportunity Investments Corp.
   $ 11,902,112  
  1,027,980    
Two Harbors Investment Corp.
     9,621,893  
       
 
      
       
 
     313,981,809  
 
Real Estate Management & Development — 0.1%
  246,177    
Kennedy-Wilson Holdings, Inc.
     2,722,718  
 
Road & Rail — 0.4%
  861,377    
Heartland Express, Inc.
     11,843,934  
 
Semiconductors & Semiconductor Equipment — 3.1%
  377,536    
Cabot Microelectronics Corp.*
     15,694,171  
  647,080    
Fairchild Semiconductor International, Inc.*
     8,379,686  
  629,764    
Micrel, Inc.
     6,549,546  
  642,779    
MKS Instruments, Inc.
     17,265,044  
  856,872    
Semtech Corp.*
     19,879,430  
  689,321    
Standard Microsystems Corp.*
     17,253,705  
       
 
      
       
 
     85,021,582  
 
Software* — 2.4%
  1,025,847    
Mentor Graphics Corp.
     13,069,291  
  614,740    
Monotype Imaging Holdings, Inc.
     9,116,594  
  691,259    
NetScout Systems, Inc.
     12,214,546  
  562,554    
Parametric Technology Corp.
     11,718,000  
  1,156,743    
SS&C Technologies Holdings, Inc.
     18,565,725  
       
 
      
       
 
     64,684,156  
 
Specialty Retail — 2.6%
  269,163    
Ann, Inc.*
     6,314,564  
  194,751    
Francesca’s Holdings Corp.*
     3,213,391  
  344,618    
GNC Acquisition Holdings, Inc. Class A*
     9,397,733  
  345,217    
Jos. A. Bank Clothiers, Inc.*
     17,012,294  
  314,763    
Mattress Firm Holding Corp.*
     6,953,115  
  266,225    
Monro Muffler Brake, Inc.
     10,688,934  
  230,606    
The Children’s Place Retail Stores, Inc.*
     12,422,745  
  154,502    
Vitamin Shoppe, Inc.*
     5,687,218  
       
 
      
       
 
     71,689,994  
 
Textiles, Apparel & Luxury Goods* — 3.3%
  109,917    
Deckers Outdoor Corp.
     11,974,908  
  167,951    
Fossil, Inc.
     15,046,730  
  224,857    
G-III Apparel Group Ltd.
     4,144,115  
  836,249    
Iconix Brand Group, Inc.
     14,433,658  
  341,834    
Steven Madden Ltd.
     12,189,800  
  351,413    
The Warnaco Group, Inc.
     17,813,125  
  364,016    
Vera Bradley, Inc.
     13,978,214  
       
 
      
       
 
     89,580,550  
 
Thrifts & Mortgage Finance — 2.1%
  949,733    
Brookline Bancorp, Inc.
     7,635,853  
  407,208    
Dime Community Bancshares
     4,821,343  
  585,879    
Flushing Financial Corp.
     7,581,274  
  780,789    
Northwest Bancshares, Inc.
     9,697,400  
  1,194,882    
Ocwen Financial Corp.*
     15,736,596  


 

 

GOLDMAN SACHS SMALL CAP VALUE FUND
Schedule of Investments (continued)
November 30, 2011 (Unaudited)

                 
Shares     Description   Value  
Common Stocks — (continued)
Thrifts & Mortgage Finance — (continued)
  498,868    
Provident Financial Services, Inc.
   $ 6,530,182  
  128,435    
WSFS Financial Corp.
     4,693,015  
       
 
      
       
 
     56,695,663  
 
Trading Companies & Distributors — 3.4%
  330,381    
Applied Industrial Technologies, Inc.
     11,408,056  
  793,896    
Beacon Roofing Supply, Inc.*
     15,504,789  
  615,370    
Kaman Corp.
     19,094,931  
  1,962,964    
RSC Holdings, Inc.*
     23,869,642  
  337,561    
Watsco, Inc.
     21,435,124  
     
       
 
     91,312,542  
 
TOTAL COMMON STOCKS   $ 2,624,118,023  
 
       
 
        
Exchange Traded Fund — 0.9%
Specialty Financials — 0.9%
  369,703    
iShares Russell 2000 Value Index Fund
   $ 24,086,150  
 
       
 
        
Warrant* — 0.0%
Oil, Gas & Consumable Fuels — 0.0%
  112,819    
Magnum Hunter Resources Corp.
   $ —  
 
                             
Principal   Interest   Maturity    
Amount   Rate   Date   Value
Short-term Investment(b) — 2.0%
Repurchase Agreement — 2.0%
Joint Repurchase Agreement Account II
$     54,900,000       0.134 %   12/01/11   $ 54,900,000  
 
TOTAL INVESTMENTS — 99.5% $ 2,703,104,173  
 
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%   12,517,281  
 
NET ASSETS — 100.0% $ 2,715,621,454  
 
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) Represents an affiliated issuer.
 
(b) Joint repurchase agreement was entered into on November 30, 2011. Additional information appears in the Notes to the Schedule of Investments section.
     
 
Investment Abbreviation:
ADR
  — American 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 SMALL CAP VALUE FUND
Schedule of Investments (continued)
November 30, 2011 (Unaudited)
ADDITIONAL INVESTMENT INFORMATION
TAX INFORMATION – At November 30, 2011, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
         
 
Tax Cost
   $ 2,403,471,298  
 
Gross unrealized gain
     445,644,296  
 
Gross unrealized loss
     (146,011,421 )
 
Net unrealized security gain
   $ 299,632,875  
 
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 FUNDAMENTAL EQUITY VALUE FUNDS
Schedule of Investments (continued)
November 30, 2011 (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 and investment companies traded on a United States (“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. 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 securities dealers to determine current value. If accurate quotations are not readily available, or if Goldman Sachs Asset Management, L.P. (“GSAM”) believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined under valuation procedures approved by the trustees. Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price. 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”) of the investment company 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 a Fund’s 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 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; and trading halts 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 of America 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 significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
     The levels used for classifying investments are not necessarily an indication of the risk associated with investing in those investments.
     The following is a summary of the Funds’ investments categorized in the fair value hierarchy as of November 30, 2011:
                         
GROWTH AND INCOME            
Investment Type   Level 1   Level 2   Level 3
 
Assets
                        
Common Stock and/or Other Equity Investments
   $ 491,383,751     $ 2,653,830     $ —  
Short-term Investments
     —       7,500,000       —  
 
                        
 
Total
   $ 491,383,751     $ 10,153,830     $ —  
 

 

 

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Schedule of Investments (continued)
November 30, 2011 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
                         
LARGE CAP VALUE            
Investment Type   Level 1   Level 2   Level 3
 
Assets
                        
Common Stock
   $ 1,961,215,886     $ —     $ —  
Short-term Investments
     —       32,200,000       —  
 
Total
   $ 1,961,215,886     $ 32,200,000     $ —  
 
                        
 
                         
MID CAP VALUE            
Investment Type   Level 1   Level 2   Level 3
 
Assets
                        
Common Stock
   $ 7,264,293,933     $ —     $ —  
Short-term Investments
     —       60,000,000       —  
 
Total
   $ 7,264,293,933     $ 60,000,000     $ —  
 
                        
 
                         
SMALL CAP VALUE            
Investment Type   Level 1   Level 2   Level 3
 
Assets
                        
Common Stock and/or Other Equity Investments
   $ 2,648,204,173     $ —     $ —  
Short-term Investments
     —       54,900,000       —  
 
Total
   $ 2,648,204,173     $ 54,900,000     $ —  
 
                        
 
Repurchase Agreements — The Funds may enter into repurchase agreements which involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the Funds, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. If the seller defaults or becomes insolvent, realization of the collateral by the Funds may be delayed or limited and there may be a decline in the value of the collateral during the period while the Funds seek to assert their rights. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.
     Pursuant to exemptive relief granted by the Securities and Exchange Commission and terms and conditions contained therein, the Funds, together with other registered investment companies having management agreements with GSAM, or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.
JOINT REPURCHASE AGREEMENT ACCOUNT II — At November 30, 2011, the Funds had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of December 1, 2011, as follows:
                         
                    Collateral
    Principal   Maturity   Value
Fund   Amount   Value   Allocation
 
Growth and Income
   $ 7,500,000     $ 7,500,028     $ 7,664,486  
 
Large Cap Value
     32,200,000       32,200,120       32,906,193  
 
Mid Cap Value
     60,000,000       60,000,224       61,315,887  
 
Small Cap Value
     54,900,000       54,900,205       56,104,036  
 
REPURCHASE AGREEMENTS — At November 30, 2011, the Principal Amounts of the Funds’ interest in the Joint Repurchase Agreement Account II were as follows:
                                         
    Interest   Growth and   Large Cap   Mid Cap   Small Cap
Counterparty   Rate   Income   Value   Value   Value
 
BNP Paribas Securities Co.
     0.150 %   $ 2,025,541     $ 8,696,324     $ 16,204,328     $ 14,826,961  
 
Credit Suisse Securities LLC
     0.100       462,981       1,987,731       3,703,847       3,389,020  
 
Deutsche Bank Securities, Inc.
     0.090       627,628       2,694,618       5,021,027       4,594,240  
 
Deutsche Bank Securities, Inc.
     0.140       1,345,538       5,776,843       10,764,304       9,849,338  
 
JPMorgan Securities
     0.130       1,446,815       6,211,659       11,574,521       10,590,686  
 
Wells Fargo Securities LLC
     0.140       1,591,497       6,832,825       12,731,973       11,649,755  
 
TOTAL
           $ 7,500,000     $ 32,200,000     $ 60,000,000     $ 54,900,000  
 

 

 

GOLDMAN SACHS FUNDAMENTAL EQUITY VALUE FUNDS
Schedule of Investments (continued)
November 30, 2011 (Unaudited)
NOTES TO THE SCHEDULE OF INVESTMENTS (continued)
At November 30, 2011, the Joint Repurchase Agreement Account II was fully collateralized by:
                 
Issuer   Interest Rates     Maturity Dates  
Federal Home Loan Mortgage Corp.
     4.000 to 6.000 %   01/01/18 to 06/01/41  
 
            
Federal National Mortgage Association
     3.000 to 7.000     08/01/14 to 01/01/48  
 
            
Government National Mortgage Association
     3.000 to 5.500     11/15/26 to 11/15/41  
 
            
U.S. Treasury Notes
     0.250 to 4.250     04/30/12 to 05/15/20  
 
The Funds’ risks include, but are not limited to, the following:
Funds’ Shareholder Concentration Risk — Certain funds, accounts, individuals or Goldman Sachs affiliates may from time to time own (beneficially or of record) or control a significant percentage of the Funds’ shares. Redemptions by these entities of their holdings in the Funds may impact the Funds’ liquidity and NAV. These redemptions may also force the Funds to sell securities.
Liquidity Risk — The risk that the Funds may make investments that may be illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions.
Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Funds may also be exposed to credit risk in the event that an issuer fails to perform or that an institution or entity with which the Funds have unsettled or open transaction defaults.

 

 

Item 2. Controls and Procedures.

(a)   The Registrant’s President/Principal Executive Officer 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/Principal Executive Officer 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/PRINCIPAL EXECUTIVE OFFICER    
     
   
Date
   January 27, 2012  
   

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/PRINCIPAL EXECUTIVE OFFICER    
     
   
Date
   January 27, 2012  
   
By (Signature and Title)*   /s/ GEORGE F. TRAVERS, PRINCIPAL FINANCIAL OFFICER    
     
   
Date
   January 27, 2012  
   

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