Goldman Sachs Trust



Shares		Description	Value
	Common Stocks – 99.8%
	Aerospace & Defense – 3.5%
	299,956	Honeywell International, Inc.	$ 18,396,301
	139,574	The Boeing Co.	10,367,557

			28,763,858

	Beverages – 2.9%
	117,578	Beam, Inc.	6,597,302
	77,239	Diageo PLC ADR	9,235,467
	112,617	PepsiCo., Inc.	7,906,839

			23,739,608

	*Biotechnology – 3.9%**
	166,363	Celgene Corp.	13,074,468
	175,234	Gilead Sciences, Inc.	13,142,550
	153,720	Vertex Pharmaceuticals, Inc.	6,116,519

			32,333,537

	Capital Markets – 0.7%
	88,791	T. Rowe Price Group, Inc.	5,742,114

	Chemicals – 3.0%
	95,206	Ecolab, Inc.	6,862,449
	47,800	Monsanto Co.	4,378,002
	124,568	Praxair, Inc.	13,354,935

			24,595,386

	Communications Equipment – 3.3%
	436,688	QUALCOMM, Inc.	27,782,091

	Computers & Peripherals – 10.4%
	132,527	Apple, Inc.	77,565,403
	263,234	NetApp, Inc.*	8,347,150

			85,912,553

	*Construction & Engineering – 0.3%**
	102,523	Quanta Services, Inc.	2,651,245

	Consumer Finance – 1.6%
	236,110	American Express Co.	13,198,549

	Diversified Financial Services – 3.2%
	197,542	CME Group, Inc.	10,918,146
	63,787	IntercontinentalExchange, Inc.*	8,429,452
	235,546	MSCI, Inc. Class A*	6,830,834

			26,178,432

	Electrical Equipment – 1.7%
	82,511	Eaton Corp. PLC*	4,303,774
	47,996	Rockwell Automation, Inc.	3,803,203
	56,520	Roper Industries, Inc.	6,303,675

			14,410,652

	Electronic Equipment, Instruments & Components – 0.9%
	128,731	Amphenol Corp. Class A	7,971,024

	Energy Equipment & Services – 3.1%
	155,127	Halliburton Co.	5,173,485



Shares		Description	Value
	Common Stocks – (continued)
	Energy Equipment & Services – (continued)
	49,756	National Oilwell Varco, Inc.	$ 3,398,335
	240,351	Schlumberger Ltd.	17,213,939

			25,785,759

	Food & Staples Retailing – 3.0%
	160,275	Costco Wholesale Corp.	16,666,997
	113,141	Wal-Mart Stores, Inc.	8,148,415

			24,815,412

	Health Care Equipment & Supplies – 1.5%
	61,943	C.R. Bard, Inc.	6,132,976
	11,971	Intuitive Surgical, Inc.*	6,332,659

			12,465,635

	*Health Care Providers & Services – 0.6%**
	64,819	Henry Schein, Inc.	5,235,431

	Hotels, Restaurants & Leisure – 4.5%
	43,101	Chipotle Mexican Grill, Inc.*	11,369,182
	128,990	Las Vegas Sands Corp.	6,017,383
	200,160	Marriott International, Inc. Class A	7,263,806
	67,779	McDonald's Corp.	5,899,484
	98,282	Yum! Brands, Inc.	6,592,757

			37,142,612

	Household Products – 2.8%
	112,364	Church & Dwight Co., Inc.	6,084,510
	79,052	Colgate-Palmolive Co.	8,577,142
	117,319	The Procter & Gamble Co.	8,192,386

			22,854,038

	Industrial Conglomerates – 1.7%
	176,871	Danaher Corp.	9,545,728
	201,880	General Electric Co.	4,265,724

			13,811,452

	*Internet & Catalog Retail – 3.4%**
	73,957	Amazon.com, Inc.	18,640,862
	14,430	Priceline.com, Inc.	9,569,399

			28,210,261

	*Internet Software & Services – 6.5%**
	83,636	eBay, Inc.	4,417,654
	65,057	Equinix, Inc.	12,084,988
	173,155	Facebook, Inc. Class A	4,848,340
	46,354	Google, Inc. Class A	32,372,243

			53,723,225

	IT Services – 5.5%
	124,502	Cognizant Technology Solutions Corp. Class A*	8,370,269
	90,061	International Business Machines Corp.	17,117,894
	26,715	MasterCard, Inc. Class A	13,055,086
	90,943	VeriFone Systems, Inc.*	2,763,758
	28,560	Visa, Inc. Class A	4,275,718

			45,582,725



Shares		Description	Value
	Common Stocks – (continued)
	Life Sciences Tools & Services – 0.6%
	141,233	Agilent Technologies, Inc.	$ 5,407,812

	Media – 2.8%
	85,223	Discovery Communications, Inc. Class A*	5,148,321
	141,665	Scripps Networks Interactive Class A	8,363,902
	187,622	Viacom, Inc. Class B	9,683,171

			23,195,394

	Multiline Retail – 0.6%
	72,157	Family Dollar Stores, Inc.	5,137,578

	Personal Products – 1.3%
	192,052	Avon Products, Inc.	2,679,126
	137,521	The Estee Lauder Cos., Inc. Class A	8,010,598

			10,689,724

	Pharmaceuticals – 6.0%
	263,002	Abbott Laboratories	17,095,130
	62,691	Allergan, Inc.	5,814,590
	57,409	Johnson & Johnson	4,003,130
	196,813	Sanofi ADR	8,781,796
	94,645	Shire PLC ADR	8,199,096
	139,824	Teva Pharmaceutical Industries Ltd. ADR	5,641,899

			49,535,641

	Real Estate Investment Trusts – 2.6%
	284,222	American Tower Corp.	21,296,755

	*Real Estate Management & Development – 1.6%**
	685,716	CBRE Group, Inc. Class A	12,980,604

	Semiconductors & Semiconductor Equipment – 1.4%
	333,265	Xilinx, Inc.	11,547,632

	Software – 4.4%
	742,181	Activision Blizzard, Inc.	8,490,550
	58,044	Citrix Systems, Inc.*	3,549,971
	534,541	Oracle Corp.	17,158,766
	44,895	Salesforce.com, Inc.*	7,078,595

			36,277,882

	Specialty Retail – 1.8%
	85,349	PetSmart, Inc.	6,030,760
	231,222	Urban Outfitters, Inc.*	8,717,070

			14,747,830

	Textiles, Apparel & Luxury Goods – 3.9%
	41,790	Lululemon Athletica, Inc.*	2,999,686
	179,005	NIKE, Inc. Class B	17,449,407
	101,916	PVH Corp.	11,678,555

			32,127,648

	Tobacco – 2.5%
	228,550	Philip Morris International, Inc.	20,542,074



Shares	Description	Value
Common Stocks – (continued)
*Wireless Telecommunication Services – 2.3%**
273,482	SBA Communications Corp. Class A	$ 18,821,031

TOTAL COMMON STOCKS		$825,213,204



Principal Amount	Interest Rate			Maturity Date	Value
Short-term Investment^(a) – 1.3%
Repurchase Agreement – 1.3%
Joint Repurchase Agreement Account II
$ 10,200,000		0.239	%	12/03/12	$ 10,200,000

TOTAL INVESTMENTS – 101.1%					$835,413,204

LIABILITIES IN EXCESS OF OTHER ASSETS – (1.1)%					(8,815,884)

NET ASSETS – 100.0%					$826,597,320



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, 2012. 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.

TAX INFORMATION — At November 30, 2012, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

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).



Shares		Description	Value
	Common Stocks – 99.1%
	Aerospace & Defense – 1.5%
	34,274	Honeywell International, Inc.	$ 2,102,024

	Beverages – 2.3%
	46,928	PepsiCo., Inc.	3,294,815

	Capital Markets – 1.6%
	47,422	Northern Trust Corp.	2,277,204

	Chemicals – 2.8%
	37,640	Praxair, Inc.	4,035,384

	Communications Equipment – 6.4%
	145,604	QUALCOMM, Inc.	9,263,327

	Computers & Peripherals – 11.6%
	22,957	Apple, Inc.	13,436,273
	105,841	NetApp, Inc.*	3,356,218

			16,792,491

	Consumer Finance – 3.1%
	81,122	American Express Co.	4,534,720

	Diversified Financial Services – 2.7%
	70,042	CME Group, Inc.	3,871,221

	Energy Equipment & Services – 6.3%
	68,027	Halliburton Co.	2,268,700
	94,593	Schlumberger Ltd.	6,774,751

			9,043,451

	Food & Staples Retailing – 3.7%
	51,928	Costco Wholesale Corp.	5,399,993

	Hotels, Restaurants & Leisure – 5.4%
	10,470	Chipotle Mexican Grill, Inc.*	2,761,777
	36,990	Las Vegas Sands Corp.	1,725,583
	92,155	Marriott International, Inc. Class A	3,344,305

			7,831,665

	Household Products – 2.6%
	53,399	The Procter & Gamble Co.	3,728,852

	*Internet & Catalog Retail – 3.0%**
	10,820	Amazon.com, Inc.	2,727,181
	2,510	Priceline.com, Inc.	1,664,532

			4,391,713

	*Internet Software & Services – 9.4%**
	23,607	Equinix, Inc.	4,385,237
	13,233	Google, Inc. Class A	9,241,530

			13,626,767

	IT Services – 2.8%
	8,303	MasterCard, Inc. Class A	4,057,510

	Personal Products – 0.6%
	64,393	Avon Products, Inc.	898,282



Shares	Description	Value
Common Stocks – (continued)
Pharmaceuticals – 4.4%
64,853	Abbott Laboratories	$ 4,215,445
52,550	Teva Pharmaceutical Industries Ltd. ADR	2,120,393

		6,335,838

Real Estate Investment Trusts – 5.8%
112,153	American Tower Corp.	8,403,624

*Real Estate Management & Development – 3.0%**
231,936	CBRE Group, Inc. Class A	4,390,548

Semiconductors & Semiconductor Equipment – 2.5%
105,884	Xilinx, Inc.	3,668,881

Software – 6.1%
251,304	Activision Blizzard, Inc.	2,874,918
111,575	Oracle Corp.	3,581,557
15,334	Salesforce.com, Inc.*	2,417,712

		8,874,187

*Specialty Retail – 2.3%**
88,330	Urban Outfitters, Inc.	3,330,041

Textiles, Apparel & Luxury Goods – 5.5%
50,673	NIKE, Inc. Class B	4,939,604
26,625	PVH Corp.	3,050,959

		7,990,563

*Wireless Telecommunication Services – 3.7%**
80,254	Crown Castle International Corp.	5,418,750

TOTAL COMMON STOCKS		$143,561,851



Principal Amount	Interest Rate			Maturity Date	Value
Short-term Investment^(a) – 1.0%
Repurchase Agreement – 1.0%
Joint Repurchase Agreement Account II
$ 1,500,000		0.239	%	12/03/12	$ 1,500,000

TOTAL INVESTMENTS – 100.1%					$145,061,851

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)%					(118,022)

NET ASSETS – 100.0%					$144,943,829



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, 2012. 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.

TAX INFORMATION — At November 30, 2012, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 100.7%
	Aerospace & Defense – 1.7%
	3,405	Honeywell International, Inc.	$ 208,829

	*Auto Components – 0.3%**
	3,131	Gentherm, Inc.	37,854

	Beverages – 2.8%
	1,105	Beam, Inc.	62,001
	1,331	Diageo PLC ADR	159,148
	1,762	PepsiCo., Inc.	123,710

			344,859

	*Biotechnology – 2.4%**
	2,032	Cepheid, Inc.	65,877
	1,622	Gilead Sciences, Inc.	121,650
	2,676	Vertex Pharmaceuticals, Inc.	106,478

			294,005

	Capital Markets – 1.4%
	3,646	Lazard Ltd. Class A	107,375
	1,275	Northern Trust Corp.	61,225

			168,600

	Chemicals – 3.7%
	1,102	Airgas, Inc.	97,604
	970	Ecolab, Inc.	69,918
	1,485	International Flavors & Fragrances, Inc.	96,569
	1,666	Praxair, Inc.	178,612

			442,703

	Commercial Banks – 0.5%
	1,759	First Republic Bank	59,489

	Commercial Services & Supplies – 1.8%
	5,254	Healthcare Services Group, Inc.	123,574
	4,278	Ritchie Bros. Auctioneers, Inc.	98,009

			221,583

	Communications Equipment – 3.5%
	6,594	QUALCOMM, Inc.	419,510

	Computers & Peripherals – 9.4%
	1,756	Apple, Inc.	1,027,752
	3,611	NetApp, Inc.*	114,505

			1,142,257

	*Construction & Engineering – 0.8%**
	3,660	Quanta Services, Inc.	94,648

	Consumer Finance – 1.8%
	2,763	American Express Co.	154,451
	3,505	SLM Corp.	58,008

			212,459



Shares		Description	Value
	Common Stocks – (continued)
	*Diversified Consumer Services – 1.1%**
	2,772	Coinstar, Inc.	$ 130,395

	Diversified Financial Services – 3.2%
	2,174	CME Group, Inc.	120,157
	1,150	IntercontinentalExchange, Inc.*	151,972
	4,024	MSCI, Inc. Class A*	116,696

			388,825

	*Diversified Telecommunication Services – 0.9%**
	4,200	TW telecom, Inc.	107,898

	Electrical Equipment – 1.2%
	957	Rockwell Automation, Inc.	75,833
	602	Roper Industries, Inc.	67,141

			142,974

	Electronic Equipment, Instruments & Components – 1.4%
	2,148	Amphenol Corp. Class A	133,004
	3,949	RealD, Inc.^*	41,702

			174,706

	Energy Equipment & Services – 3.7%
	1,879	Halliburton Co.	62,664
	846	National Oilwell Varco, Inc.	57,782
	4,550	Schlumberger Ltd.	325,871

			446,317

	Food & Staples Retailing – 2.7%
	2,550	Costco Wholesale Corp.	265,175
	4,084	The Chefs' Warehouse, Inc.*	64,568

			329,743

	*Food Products – 1.2%**
	1,071	The Hain Celestial Group, Inc.	64,549
	1,530	TreeHouse Foods, Inc.	80,233

			144,782

	Health Care Equipment & Supplies – 1.3%
	985	C.R. Bard, Inc.	97,525
	2,258	CareFusion Corp.*	63,043

			160,568

	*Health Care Providers & Services – 1.2%**
	3,269	ExamWorks Group, Inc.	40,307
	1,229	Henry Schein, Inc.	99,266

			139,573

	Hotels, Restaurants & Leisure – 2.8%
	500	Chipotle Mexican Grill, Inc.*	131,890
	2,916	Marriott International, Inc. Class A	105,822
	1,468	Yum! Brands, Inc.	98,473

			336,185

	Household Products – 1.8%
	1,437	Church & Dwight Co., Inc.	77,814
	1,934	The Procter & Gamble Co.	135,051

			212,865



Shares		Description	Value
	Common Stocks – (continued)
	Industrial Conglomerates – 0.8%
	1,757	Danaher Corp.	$ 94,825

	*Internet & Catalog Retail – 2.8%**
	777	Amazon.com, Inc.	195,843
	217	Priceline.com, Inc.	143,906

			339,749

	*Internet Software & Services – 5.8%**
	706	Equinix, Inc.	131,146
	635	Google, Inc. Class A	443,465
	1,847	Rackspace Hosting, Inc.	127,665

			702,276

	IT Services – 4.6%
	929	Cognizant Technology Solutions Corp. Class A*	62,457
	1,048	FleetCor Technologies, Inc.*	54,695
	4,770	InterXion Holding NV*	103,557
	452	MasterCard, Inc. Class A	220,883
	1,561	VeriFone Systems, Inc.*	47,439
	426	Visa, Inc. Class A	63,776

			552,807

	Life Sciences Tools & Services – 0.9%
	2,774	Agilent Technologies, Inc.	106,216

	Machinery – 2.3%
	1,257	Graco, Inc.	62,108
	1,147	IDEX Corp.	51,558
	4,257	Kennametal, Inc.	162,277

			275,943

	Media – 2.8%
	1,324	Discovery Communications, Inc. Class A*	79,983
	6,700	Pandora Media, Inc.*	58,424
	2,157	Scripps Networks Interactive Class A	127,349
	1,479	Viacom, Inc. Class B	76,331

			342,087

	Multiline Retail – 1.1%
	1,291	Dollar General Corp.*	64,550
	933	Family Dollar Stores, Inc.	66,430

			130,980

	*Oil, Gas & Consumable Fuels – 0.5%**
	1,401	Whiting Petroleum Corp.	58,758

	Personal Products – 0.5%
	1,023	The Estee Lauder Cos., Inc. Class A	59,590

	Pharmaceuticals – 3.5%
	3,738	Abbott Laboratories	242,970
	2,707	Sagent Pharmaceuticals, Inc.*	40,334
	1,015	Shire PLC ADR	87,930



Shares	Description	Value
Common Stocks – (continued)
Pharmaceuticals – (continued)
1,343	Teva Pharmaceutical Industries Ltd. ADR	$ 54,190

		425,424

Real Estate Investment Trusts – 2.0%
3,207	American Tower Corp.	240,301

*Real Estate Management & Development – 1.5%**
9,645	CBRE Group, Inc. Class A	182,580

*Road & Rail^ – 0.5%**
3,638	Roadrunner Transportation Systems, Inc.	65,520

Semiconductors & Semiconductor Equipment – 2.0%
1,191	Hittite Microwave Corp.*	72,270
4,787	Xilinx, Inc.	165,869

		238,139

Software – 4.9%
5,725	Activision Blizzard, Inc.	65,494
860	Citrix Systems, Inc.*	52,598
2,562	MICROS Systems, Inc.*	111,344
6,800	Oracle Corp.	218,280
958	Salesforce.com, Inc.*	151,048

		598,764

Specialty Retail – 3.6%
1,776	Dick’s Sporting Goods, Inc.	93,258
1,625	PetSmart, Inc.	114,822
1,145	Restoration Hardware Holdings, Inc.*	42,251
934	Tiffany & Co.	55,087
3,434	Urban Outfitters, Inc.*	129,462

		434,880

Textiles, Apparel & Luxury Goods – 4.9%
1,001	Carter’s, Inc.*	53,093
1,672	Deckers Outdoor Corp.*	64,021
855	Lululemon Athletica, Inc.*	61,372
2,065	NIKE, Inc. Class B	201,296
1,813	PVH Corp.	207,752

		587,534

Tobacco – 1.0%
1,378	Philip Morris International, Inc.	123,855

*Wireless Telecommunication Services – 2.1%**
3,727	SBA Communications Corp. Class A	256,492

TOTAL COMMON STOCKS		$12,178,347



Principal Amount	Interest Rate			Maturity Date	Value
Short-term Investment^(a) – 2.5%
Repurchase Agreement – 2.5%
Joint Repurchase Agreement Account II
$ 300,000		0.239	%	12/03/12	$ 300,000

TOTAL INVESTMENTS – 103.2%					$12,478,347

LIABILITIES IN EXCESS OF OTHER ASSETS – (3.2)%					(387,226)

NET ASSETS – 100.0%					$12,091,121

TAX INFORMATION — At November 30, 2012, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 97.4%
	Capital Markets – 4.2%
	3,411	Northern Trust Corp.	$ 163,796

	Chemicals – 2.6%
	950	Praxair, Inc.	101,850

	Communications Equipment – 7.2%
	4,352	QUALCOMM, Inc.	276,874

	Computers & Peripherals – 10.2%
	668	Apple, Inc.	390,967

	Consumer Finance – 4.2%
	2,879	American Express Co.	160,936

	Diversified Financial Services – 4.0%
	2,807	CME Group, Inc.	155,143

	Energy Equipment & Services – 6.6%
	2,345	Halliburton Co.	78,206
	2,481	Schlumberger Ltd.	177,689

			255,895

	Food & Staples Retailing – 4.5%
	1,685	Costco Wholesale Corp.	175,223

	Hotels, Restaurants & Leisure – 4.3%
	286	Chipotle Mexican Grill, Inc.*	75,441
	2,446	Marriott International, Inc. Class A	88,765

			164,206

	*Internet Software & Services – 10.8%**
	832	Equinix, Inc.	154,552
	372	Google, Inc. Class A	259,794

			414,346

	IT Services – 3.0%
	236	MasterCard, Inc. Class A	115,329

	Real Estate Investment Trusts – 7.2%
	3,697	American Tower Corp.	277,016

	*Real Estate Management & Development – 4.9%**
	9,891	CBRE Group, Inc. Class A	187,237

	Semiconductors & Semiconductor Equipment – 3.5%
	3,926	Xilinx, Inc.	136,036

	Software – 1.9%
	6,497	Activision Blizzard, Inc.	74,326

	*Specialty Retail^ – 2.5%**
	2,532	Urban Outfitters, Inc.	95,456

	Textiles, Apparel & Luxury Goods – 11.0%
	2,522	NIKE, Inc. Class B	245,845
	1,551	PVH Corp.	177,729

			423,574

TAX INFORMATION — At November 30, 2012, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 97.6%
	Air Freight & Logistics – 0.6%
	424,183	C.H. Robinson Worldwide, Inc.	$ 26,189,058

	Beverages – 1.2%
	886,332	Beam, Inc.	49,732,089

	*Biotechnology – 3.7%**
	263,048	Alexion Pharmaceuticals, Inc.	25,257,869
	651,081	ARIAD Pharmaceuticals, Inc.	14,558,171
	509,674	BioMarin Pharmaceutical, Inc.	24,770,156
	1,001,309	Cepheid, Inc.	32,462,438
	1,408,780	Vertex Pharmaceuticals, Inc.	56,055,356

			153,103,990

	Capital Markets – 4.2%
	1,788,909	Lazard Ltd. Class A	52,683,370
	1,383,376	Northern Trust Corp.	66,429,715
	825,692	T. Rowe Price Group, Inc.	53,397,502

			172,510,587

	Chemicals – 4.6%
	821,343	Airgas, Inc.	72,746,350
	875,642	Ecolab, Inc.	63,116,275
	856,057	International Flavors & Fragrances, Inc.	55,669,387

			191,532,012

	Commercial Banks – 1.7%
	2,102,138	First Republic Bank	71,094,307

	Commercial Services & Supplies – 1.6%
	2,894,324	Ritchie Bros. Auctioneers, Inc.	66,308,963

	*Communications Equipment – 0.5%**
	1,182,388	Juniper Networks, Inc.	21,259,336

	*Computers & Peripherals – 1.4%**
	1,757,890	NetApp, Inc.	55,742,692

	*Construction & Engineering – 1.0%**
	1,555,040	Quanta Services, Inc.	40,213,334

	Consumer Finance – 1.0%
	2,607,306	SLM Corp.	43,150,914

	*Diversified Consumer Services – 1.7%**
	1,498,657	Coinstar, Inc.	70,496,825

	*Diversified Financial Services – 3.3%**
	484,807	IntercontinentalExchange, Inc.	64,067,245
	2,466,834	MSCI, Inc. Class A	71,538,186

			135,605,431

	*Diversified Telecommunication Services – 1.4%**
	2,300,129	TW telecom, Inc.	59,090,314



Shares		Description	Value
	Common Stocks – (continued)
	Electrical Equipment – 2.1%
	504,212	Rockwell Automation, Inc.	$ 39,953,759
	427,597	Roper Industries, Inc.	47,689,893

			87,643,652

	Electronic Equipment, Instruments & Components – 2.6%
	1,292,998	Amphenol Corp. Class A	80,062,436
	2,733,653	RealD, Inc.*^(a)	28,867,376

			108,929,812

	Energy Equipment & Services – 2.9%
	893,251	Cameron International Corp.*	48,190,892
	266,893	Core Laboratories NV	27,538,020
	602,136	Dril-Quip, Inc.*	42,372,310

			118,101,222

	*Food Products – 2.2%**
	816,521	The Hain Celestial Group, Inc.	49,211,721
	786,162	TreeHouse Foods, Inc.	41,226,335

			90,438,056

	Health Care Equipment & Supplies – 2.8%
	716,447	C.R. Bard, Inc.	70,935,417
	1,635,967	CareFusion Corp.*	45,676,199

			116,611,616

	*Health Care Providers & Services – 1.7%**
	647,559	Henry Schein, Inc.	52,303,341
	709,620	HMS Holdings Corp.	16,441,895

			68,745,236

	Hotels, Restaurants & Leisure – 3.9%
	221,686	Chipotle Mexican Grill, Inc.*	58,476,333
	1,060,439	Dunkin' Brands Group, Inc.	33,743,169
	1,854,384	Marriott International, Inc. Class A	67,295,595

			159,515,097

	Household Products – 1.2%
	904,067	Church & Dwight Co., Inc.	48,955,228

	*Internet Software & Services – 4.0%**
	449,481	Equinix, Inc.	83,495,590
	1,203,948	Rackspace Hosting, Inc.	83,216,886

			166,712,476

	IT Services – 3.5%
	531,703	Cognizant Technology Solutions Corp. Class A*	35,746,393
	1,106,384	FleetCor Technologies, Inc.*	57,742,181
	1,991,442	Genpact Ltd.	31,962,644
	626,932	VeriFone Systems, Inc.*	19,052,463

			144,503,681



Shares		Description	Value
	Common Stocks – (continued)
	Life Sciences Tools & Services – 2.6%
	2,020,658	Agilent Technologies, Inc.	$ 77,370,995
	159,949	Mettler-Toledo International, Inc.*	29,924,858

			107,295,853

	Machinery – 2.6%
	840,856	Graco, Inc.	41,546,695
	1,759,765	Kennametal, Inc.	67,082,242

			108,628,937

	Media – 3.1%
	644,217	Discovery Communications, Inc. Class A*	38,917,149
	3,330,259	Pandora Media, Inc.*	29,039,859
	1,004,004	Scripps Networks Interactive Class A	59,276,396

			127,233,404

	Multiline Retail – 2.6%
	557,540	Dollar General Corp.*	27,877,000
	1,143,003	Family Dollar Stores, Inc.	81,381,814

			109,258,814

	Oil, Gas & Consumable Fuels – 1.6%
	321,048	Pioneer Natural Resources Co.	34,352,136
	753,749	Whiting Petroleum Corp.*	31,612,233

			65,964,369

	Personal Products – 0.9%
	620,559	The Estee Lauder Cos., Inc. Class A	36,147,562

	Pharmaceuticals – 1.1%
	509,602	Shire PLC ADR	44,146,821

	*Real Estate Management & Development – 2.2%**
	4,779,828	CBRE Group, Inc. Class A	90,482,144

	Semiconductors & Semiconductor Equipment – 4.3%
	1,999,862	Altera Corp.	64,775,530
	1,108,828	Linear Technology Corp.	36,802,002
	2,219,885	Xilinx, Inc.	76,919,015

			178,496,547

	Software – 5.3%
	6,493,846	Activision Blizzard, Inc.	74,289,598
	584,061	Citrix Systems, Inc.*	35,721,171
	1,279,738	MICROS Systems, Inc.*	55,617,414
	328,954	Salesforce.com, Inc.*	51,866,177

			217,494,360

	Specialty Retail – 6.5%
	645,546	Bed Bath & Beyond, Inc.*	37,906,461
	849,553	Dick's Sporting Goods, Inc.	44,610,028
	1,269,137	PetSmart, Inc.	89,677,220
	543,741	Tiffany & Co.	32,069,844
	1,690,661	Urban Outfitters, Inc.*	63,737,920

			268,001,473



Shares	Description	Value
Common Stocks – (continued)
Textiles, Apparel & Luxury Goods – 4.7%
1,125,538	Deckers Outdoor Corp.*	$ 43,096,850
483,189	Lululemon Athletica, Inc.*	34,683,307
1,030,129	PVH Corp.	118,042,482

		195,822,639

*Wireless Telecommunication Services – 5.3%**
1,076,495	Crown Castle International Corp.	72,684,943
2,101,304	SBA Communications Corp. Class A	144,611,741

		217,296,684

TOTAL COMMON STOCKS		$4,032,455,535

Principal
Amount

Interest

Rate

Maturity

Date

Value

Short-term Investment^(b) – 2.4%

Repurchase Agreement – 2.4%

Joint Repurchase Agreement Account II

$ 97,200,000

0.239

12/03/12

$ 97,200,000

TOTAL INVESTMENTS – 100.0%

$4,129,655,535

OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.0%

546,503

NET ASSETS – 100.0%

$4,130,202,038



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, 2012. 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.

TAX INFORMATION — At November 30, 2012, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 96.0%
	*Aerospace & Defense – 0.6%**
	247,903	Aerovironment, Inc.	$ 5,059,700

	*Auto Components – 0.7%**
	488,285	Gentherm, Inc.	5,903,366

	*Biotechnology – 5.6%**
	440,652	Achillion Pharmaceuticals, Inc.	3,432,679
	134,341	ARIAD Pharmaceuticals, Inc.	3,003,865
	204,729	BioMarin Pharmaceutical, Inc.	9,949,830
	326,503	Cepheid, Inc.	10,585,227
	226,864	Durata Therapeutics, Inc.	2,062,194
	276,242	Incyte Corp.	4,861,859
	549,875	Regulus Therapeutics, Inc.	2,611,906
	476,966	Swedish Orphan Biovitrum AB ADR	2,306,870
	115,353	Synageva BioPharma Corp.	5,644,222
	135,724	Vertex Pharmaceuticals, Inc.	5,400,458

			49,859,110

	Capital Markets – 2.9%
	594,487	Evercore Partners, Inc. Class A	16,330,558
	325,536	Lazard Ltd. Class A	9,587,035

			25,917,593

	Chemicals – 3.7%
	135,196	Airgas, Inc.	11,974,310
	319,771	American Vanguard Corp.	10,638,781
	155,134	International Flavors & Fragrances, Inc.	10,088,364

			32,701,455

	Commercial Banks – 3.3%
	662,089	Eagle Bancorp, Inc.*	12,897,494
	289,599	First Republic Bank	9,794,238
	323,852	Popular, Inc.*	6,402,554

			29,094,286

	Commercial Services & Supplies – 4.1%
	724,880	Healthcare Services Group, Inc.	17,049,177
	677,059	Ritchie Bros. Auctioneers, Inc.	15,511,422
	40,766	Stericycle, Inc.*	3,810,398

			36,370,997

	*Communications Equipment – 0.8%**
	964,983	Calix, Inc.	7,121,575

	*Construction & Engineering – 1.0%**
	333,629	Quanta Services, Inc.	8,627,646

	Consumer Finance – 0.5%
	270,892	SLM Corp.	4,483,263



Shares		Description	Value
	Common Stocks – (continued)
	*Diversified Consumer Services – 1.7%**
	313,535	Coinstar, Inc.	$ 14,748,686

	*Diversified Financial Services – 1.7%**
	519,286	MSCI, Inc. Class A	15,059,294

	*Diversified Telecommunication Services – 1.5%**
	534,718	TW telecom, Inc.	13,736,905

	Electrical Equipment – 1.0%
	80,307	Roper Industries, Inc.	8,956,640

	Electronic Equipment, Instruments & Components – 3.4%
	195,467	Amphenol Corp. Class A	12,103,317
	182,424	IPG Photonics Corp.*	10,781,258
	691,214	RealD, Inc.*	7,299,220

			30,183,795

	Energy Equipment & Services – 2.9%
	72,116	Core Laboratories NV	7,440,929
	206,788	Dril-Quip, Inc.*	14,551,671
	72,789	Lufkin Industries, Inc.	3,985,926

			25,978,526

	*Food & Staples Retailing – 0.6%**
	367,554	The Chefs' Warehouse, Inc.	5,811,029

	*Food Products – 2.3%**
	205,853	The Hain Celestial Group, Inc.	12,406,760
	160,966	TreeHouse Foods, Inc.	8,441,057

			20,847,817

	*Health Care Equipment & Supplies – 2.1%**
	284,557	CareFusion Corp.	7,944,831
	306,111	DexCom, Inc.	4,003,932
	76,960	Given Imaging Ltd.	1,393,746
	310,567	Tornier NV	5,037,397

			18,379,906

	*Health Care Providers & Services – 4.6%**
	337,914	Acadia Healthcare Co., Inc.	7,755,126
	680,275	ExamWorks Group, Inc.	8,387,791
	137,663	Henry Schein, Inc.	11,119,041
	223,820	HMS Holdings Corp.	5,185,909
	103,002	MEDNAX, Inc.	8,137,158

			40,585,025

	*Health Care Technology – 0.6%**
	316,374	MedAssets, Inc.	5,093,621

	Hotels, Restaurants & Leisure – 1.5%
	215,873	Dunkin' Brands Group, Inc.	6,869,079
	389,058	Texas Roadhouse, Inc.	6,462,253

			13,331,332

	Household Products – 0.7%
	114,811	Church & Dwight Co., Inc.	6,217,016

	*Internet Software & Services – 4.1%**
	71,630	Equinix, Inc.	13,305,989
	295,070	ExactTarget, Inc.	6,081,393
	245,029	Rackspace Hosting, Inc.	16,936,404

			36,323,786



Shares		Description	Value
	Common Stocks – (continued)
	IT Services – 4.3%
	271,989	FleetCor Technologies, Inc.*	$ 14,195,106
	456,717	Genpact Ltd.	7,330,308
	548,184	InterXion Holding NV*	11,901,074
	161,838	VeriFone Systems, Inc.*	4,918,257

			38,344,745

	*Life Sciences Tools & Services – 1.5%**
	23,800	Mettler-Toledo International, Inc.	4,452,742
	274,290	PAREXEL International Corp.	8,856,824

			13,309,566

	Machinery – 3.6%
	174,230	Graco, Inc.	8,608,704
	177,376	IDEX Corp.	7,973,051
	400,123	Kennametal, Inc.	15,252,689

			31,834,444

	*Media – 1.3%**
	1,037,645	Pandora Media, Inc.	9,048,265
	329,101	RLJ Entertainment, Inc.	2,106,246

			11,154,511

	*Oil, Gas & Consumable Fuels – 4.0%**
	282,099	Approach Resources, Inc.	6,626,505
	653,459	Rex Energy Corp.	8,592,986
	208,967	Rosetta Resources, Inc.	9,390,977
	269,421	Whiting Petroleum Corp.	11,299,517

			35,909,985

	*Pharmaceuticals – 0.6%**
	356,989	Sagent Pharmaceuticals, Inc.	5,319,136

	*Real Estate Management & Development – 1.7%**
	780,759	CBRE Group, Inc. Class A	14,779,768

	*Road & Rail – 1.2%**
	587,618	Roadrunner Transportation Systems, Inc.	10,583,000

	Semiconductors & Semiconductor Equipment – 5.7%
	262,826	Cavium, Inc.*	9,259,360
	230,544	Hittite Microwave Corp.*	13,989,410
	459,612	Intermolecular, Inc.*	3,217,284
	153,082	Linear Technology Corp.	5,080,792
	473,392	STR Holdings, Inc.*	1,121,939
	85,676	Ultratech, Inc.*	2,811,886
	448,837	Xilinx, Inc.	15,552,202

			51,032,873

	*Software – 2.7%**
	273,736	MICROS Systems, Inc.	11,896,567
	209,083	NetSuite, Inc.	12,465,528

			24,362,095



Shares	Description	Value
Common Stocks – (continued)
Specialty Retail – 5.5%
178,701	Dick's Sporting Goods, Inc.	$ 9,383,589
217,012	PetSmart, Inc.	15,334,068
108,260	Restoration Hardware Holdings, Inc.*	3,994,794
195,732	Rue21, Inc.*	5,619,466
380,327	Urban Outfitters, Inc.*	14,338,328

		48,670,245

Textiles, Apparel & Luxury Goods – 8.4%
242,695	Carter's, Inc.*	12,872,543
232,442	Deckers Outdoor Corp.*	8,900,204
669,109	Fifth & Pacific Co., Inc.*	8,062,764
71,198	Lululemon Athletica, Inc.*	5,110,592
211,003	PVH Corp.	24,178,834
160,168	Under Armour, Inc. Class A*	8,301,507
169,804	Wolverine World Wide, Inc.	7,349,117

		74,775,561

*Wireless Telecommunication Services – 3.6%**
461,280	SBA Communications Corp. Class A	31,745,290

TOTAL COMMON STOCKS		$852,213,588


Exchange Traded Funds – 1.6%
229,300	iShares Russell Midcap Growth Index Fund	$ 14,239,530

Principal
Amount

Interest

Rate

Maturity

Date

Value

Short-term Investment^(a) – 2.2%

Repurchase Agreement – 2.2%

Joint Repurchase Agreement Account II

$ 20,000,000

0.239

12/03/12

$ 20,000,000

TOTAL INVESTMENTS – 99.8%

$886,453,118

OTHER ASSETS IN EXCESS OF
LIABILITIES – 0.2%

1,698,562

NET ASSETS – 100.0%

$888,151,680



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, 2012. 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.

TAX INFORMATION — At November 30, 2012, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 99.5%
	Aerospace & Defense – 2.9%
	115,612	Honeywell International, Inc.	$ 7,090,484
	49,764	The Boeing Co.	3,696,470

			10,786,954

	Beverages – 3.2%
	46,704	Diageo PLC ADR	5,584,397
	95,295	PepsiCo., Inc.	6,690,662

			12,275,059

	*Biotechnology – 2.9%**
	109,427	Gilead Sciences, Inc.	8,207,025
	70,114	Vertex Pharmaceuticals, Inc.	2,789,836

			10,996,861

	Capital Markets – 1.8%
	86,984	Northern Trust Corp.	4,176,971
	40,404	T. Rowe Price Group, Inc.	2,612,927

			6,789,898

	Chemicals – 3.1%
	47,575	Ecolab, Inc.	3,429,206
	76,634	Praxair, Inc.	8,215,931

			11,645,137

	Communications Equipment – 4.6%
	274,329	QUALCOMM, Inc.	17,452,811

	Computers & Peripherals – 10.8%
	60,401	Apple, Inc.	35,351,497
	164,633	NetApp, Inc.*	5,220,513

			40,572,010

	Consumer Finance – 1.8%
	120,313	American Express Co.	6,725,497

	Diversified Financial Services – 2.4%
	111,112	CME Group, Inc.	6,141,160
	21,332	IntercontinentalExchange, Inc.*	2,819,024

			8,960,184

	Electrical Equipment – 0.7%
	32,698	Rockwell Automation, Inc.	2,590,990

	Electronic Equipment, Instruments & Components – 1.2%
	71,205	Amphenol Corp. Class A	4,409,014

	Energy Equipment & Services – 4.3%
	88,377	Halliburton Co.	2,947,373
	25,506	National Oilwell Varco, Inc.	1,742,060
	163,686	Schlumberger Ltd.	11,723,191

			16,412,624

	Food & Staples Retailing – 2.9%
	107,158	Costco Wholesale Corp.	11,143,360



Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Supplies – 1.2%
	18,670	C.R. Bard, Inc.	$ 1,848,517
	4,921	Intuitive Surgical, Inc.*	2,603,209

			4,451,726

	Hotels, Restaurants & Leisure – 4.9%
	21,657	Chipotle Mexican Grill, Inc.*	5,712,683
	57,992	Las Vegas Sands Corp.	2,705,327
	141,195	Marriott International, Inc. Class A	5,123,967
	23,467	McDonald's Corp.	2,042,568
	44,829	Yum! Brands, Inc.	3,007,129

			18,591,674

	Household Products – 1.5%
	79,851	The Procter & Gamble Co.	5,575,995

	Industrial Conglomerates – 1.5%
	105,377	Danaher Corp.	5,687,197

	*Internet & Catalog Retail – 3.7%**
	38,106	Amazon.com, Inc.	9,604,617
	6,386	Priceline.com, Inc.	4,234,940

			13,839,557

	*Internet Software & Services – 6.9%**
	33,714	Equinix, Inc.	6,262,713
	72,957	Facebook, Inc. Class A	2,042,796
	25,190	Google, Inc. Class A	17,591,940

			25,897,449

	IT Services – 1.9%
	14,658	MasterCard, Inc. Class A	7,163,071

	Life Sciences Tools & Services – 0.8%
	82,838	Agilent Technologies, Inc.	3,171,867

	Media – 2.1%
	39,638	Discovery Communications, Inc. Class A*	2,394,532
	107,991	Viacom, Inc. Class B	5,573,415

			7,967,947

	Multiline Retail – 1.5%
	73,599	Dollar General Corp.*	3,679,950
	27,028	Family Dollar Stores, Inc.	1,924,394

			5,604,344

	Personal Products – 1.1%
	162,096	Avon Products, Inc.	2,261,239
	31,421	The Estee Lauder Cos., Inc. Class A	1,830,273

			4,091,512

	Pharmaceuticals – 6.6%
	151,794	Abbott Laboratories	9,866,610
	28,621	Allergan, Inc.	2,654,598
	26,387	Johnson & Johnson	1,839,965
	87,932	Sanofi ADR	3,923,526
	42,376	Shire PLC ADR	3,671,033
	72,622	Teva Pharmaceutical Industries Ltd. ADR	2,930,298

			24,886,030



Shares	Description	Value
Common Stocks – (continued)
Real Estate Investment Trusts – 3.8%
189,144	American Tower Corp.	$ 14,172,560

*Real Estate Management & Development – 1.7%**
337,693	CBRE Group, Inc. Class A	6,392,529

Semiconductors & Semiconductor Equipment – 2.2%
236,519	Xilinx, Inc.	8,195,383

Software – 4.9%
435,175	Activision Blizzard, Inc.	4,978,402
241,498	Oracle Corp.	7,752,086
35,760	Salesforce.com, Inc.*	5,638,279

		18,368,767

*Specialty Retail – 1.4%**
135,814	Urban Outfitters, Inc.	5,120,188

Textiles, Apparel & Luxury Goods – 4.8%
31,567	Lululemon Athletica, Inc.*	2,265,879
96,568	NIKE, Inc. Class B	9,413,449
57,533	PVH Corp.	6,592,706

		18,272,034

Tobacco – 1.2%
51,606	Philip Morris International, Inc.	4,638,347

*Wireless Telecommunication Services – 3.2%**
178,047	Crown Castle International Corp.	12,021,733

TOTAL COMMON STOCKS		$374,870,309

Principal
Amount

Interest

Rate

Maturity

Date

Value

Short-term Investment^(a) – 0.9%

Repurchase Agreement – 0.9%

Joint Repurchase Agreement Account II

$ 3,500,000

0.239

12/03/12

$ 3,500,000

TOTAL INVESTMENTS – 100.4%

$378,370,309

LIABILITIES IN EXCESS OF OTHER
ASSETS – (0.4)%

(1,445,652)

NET ASSETS – 100.0%

$376,924,657

TAX INFORMATION — At November 30, 2012, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 98.9%
	Communications Equipment – 8.6%
	459,793	Calix, Inc.*	$ 3,393,272
	396,588	Juniper Networks, Inc.*	7,130,652
	308,032	QUALCOMM, Inc.	19,596,996

			30,120,920

	Computers & Peripherals – 15.6%
	67,463	Apple, Inc.	39,484,745
	205,481	EMC Corp.*	5,100,038
	321,186	NetApp, Inc.*	10,184,808

			54,769,591

	*Diversified Consumer Services – 2.7%**
	204,799	Coinstar, Inc.	9,633,745

	*Diversified Financial Services – 1.9%**
	51,398	IntercontinentalExchange, Inc.	6,792,246

	*Diversified Telecommunication Services – 2.1%**
	281,770	TW telecom, Inc.	7,238,671

	Electronic Equipment, Instruments & Components – 4.7%
	142,579	Amphenol Corp. Class A	8,828,492
	728,261	RealD, Inc.*	7,690,436

			16,518,928

	*Internet & Catalog Retail – 5.5%**
	44,590	Amazon.com, Inc.	11,238,909
	11,966	Priceline.com, Inc.	7,935,373

			19,174,282

	*Internet Software & Services – 18.9%**
	56,739	Equinix, Inc.	10,539,837
	218,190	ExactTarget, Inc.	4,496,896
	312,525	Facebook, Inc. Class A	8,750,700
	33,448	Google, Inc. Class A	23,359,080
	223,021	Rackspace Hosting, Inc.	15,415,211
	163,236	Yandex NV Class A	3,561,809

			66,123,533

	*IT Services – 5.8%**
	82,803	Cognizant Technology Solutions Corp. Class A	5,566,846
	437,754	InterXion Holding NV	9,503,639
	176,246	VeriFone Systems, Inc.	5,356,116

			20,426,601

	*Media – 1.8%**
	736,704	Pandora Media, Inc.	6,424,059

	Real Estate Investment Trusts – 2.9%
	136,229	American Tower Corp.	10,207,639

	Semiconductors & Semiconductor Equipment – 8.0%
	188,319	Altera Corp.	6,099,652
	121,168	Cavium, Inc.*	4,268,749
	97,407	Hittite Microwave Corp.*	5,910,657
	243,263	Intermolecular, Inc.*	1,702,841



Shares	Description	Value
Common Stocks – (continued)
Semiconductors & Semiconductor Equipment – (continued)
286,421	Xilinx, Inc.	$ 9,924,488

		27,906,387

Software – 16.8%
1,078,205	Activision Blizzard, Inc.	12,334,665
91,660	Citrix Systems, Inc.*	5,605,926
199,225	MICROS Systems, Inc.*	8,658,319
128,428	NetSuite, Inc.*	7,656,877
389,992	Oracle Corp.	12,518,743
77,730	Salesforce.com, Inc.*	12,255,689

		59,030,219

*Wireless Telecommunication Services – 3.6%**
182,479	SBA Communications Corp. Class A	12,558,205

TOTAL COMMON STOCKS		$346,925,026



Principal Amount	Interest Rate			Maturity Date	Value
Short-term Investment^(a) – 0.6%
Repurchase Agreement – 0.6%
Joint Repurchase Agreement Account II
$ 2,100,000		0.239	%	12/03/12	$ 2,100,000

TOTAL INVESTMENTS – 99.5%					$349,025,026

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.5%					1,672,817

NET ASSETS – 100.0%					$350,697,843



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

*		Non-income producing security.

(a)		Joint repurchase agreement was entered into on November 30, 2012. 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.

TAX INFORMATION — At November 30, 2012, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 96.5%
	Aerospace & Defense – 2.9%
	1,078	Textron, Inc.	$ 25,322
	3,695	The Boeing Co.	274,465

			299,787

	*Automobiles – 1.1%**
	4,264	General Motors Co.	110,352

	Beverages – 3.0%
	1,052	Anheuser-Busch InBev NV ADR	92,545
	3,139	PepsiCo., Inc.	220,389

			312,934

	*Biotechnology – 2.5%**
	905	Celgene Corp.	71,124
	1,693	Gilead Sciences, Inc.	126,975
	1,634	Vertex Pharmaceuticals, Inc.	65,017

			263,116

	Building Products – 1.0%
	6,347	Masco Corp.	107,645

	Capital Markets – 0.8%
	5,000	Morgan Stanley	84,350

	Chemicals – 1.4%
	1,415	Praxair, Inc.	151,702

	Commercial Banks – 1.3%
	5,100	SunTrust Banks, Inc.	138,465

	Commercial Services & Supplies – 0.7%
	2,366	Waste Management, Inc.	77,061

	Communications Equipment – 3.5%
	2,694	Cisco Systems, Inc.	50,944
	4,904	Juniper Networks, Inc.*	88,174
	3,662	QUALCOMM, Inc.	232,976

			372,094

	Computers & Peripherals – 6.8%
	936	Apple, Inc.	547,822
	5,165	EMC Corp.*	128,195
	1,011	NetApp, Inc.*	32,059

			708,076

	Consumer Finance – 1.3%
	2,431	American Express Co.	135,893

	Diversified Financial Services – 5.7%
	18,985	Bank of America Corp.	187,192
	2,014	CME Group, Inc.	111,314
	7,398	JPMorgan Chase & Co.	303,910

			602,416

	Diversified Telecommunication Services – 1.1%
	3,243	AT&T, Inc.	110,684



Shares		Description	Value
	Common Stocks – (continued)
	Electric Utilities – 3.2%
	2,552	American Electric Power Co., Inc.	$ 108,843
	1,621	Duke Energy Corp.	103,452
	4,245	PPL Corp.	124,591

			336,886

	Energy Equipment & Services – 3.8%
	4,910	Halliburton Co.	163,748
	2,285	Schlumberger Ltd.	163,652
	1,480	Transocean Ltd.	68,376

			395,776

	Food & Staples Retailing – 3.2%
	2,226	Costco Wholesale Corp.	231,482
	2,977	Walgreen Co.	100,950

			332,432

	Food Products – 0.7%
	2,954	Mondelez International, Inc. Class A	76,479

	Health Care Providers & Services – 1.0%
	1,860	UnitedHealth Group, Inc.	101,165

	Hotels, Restaurants & Leisure – 2.1%
	207	Chipotle Mexican Grill, Inc.*	54,602
	1,790	Marriott International, Inc. Class A	64,959
	1,500	Yum! Brands, Inc.	100,620

			220,181

	Household Products – 2.7%
	4,129	The Procter & Gamble Co.	288,328

	Industrial Conglomerates – 4.1%
	20,475	General Electric Co.	432,637

	Insurance – 3.8%
	1,089	Everest Re Group Ltd.	118,124
	2,936	Prudential Financial, Inc.	153,024
	1,725	The Travelers Cos., Inc.	122,165

			393,313

	*Internet & Catalog Retail – 2.6%**
	700	Amazon.com, Inc.	176,435
	143	Priceline.com, Inc.	94,832

			271,267

	*Internet Software & Services – 3.3%**
	369	Equinix, Inc.	68,545
	392	Google, Inc. Class A	273,761

			342,306

	IT Services – 1.3%
	285	MasterCard, Inc. Class A	139,274

	Media – 1.6%
	1,838	DIRECTV*	91,349
	1,489	Viacom, Inc. Class B	76,847

			168,196



Shares		Description	Value
	Common Stocks – (continued)
	*Multiline Retail – 1.0%**
	2,065	Dollar General Corp.	$ 103,250

	Oil, Gas & Consumable Fuels – 6.3%
	4,387	Devon Energy Corp.	226,676
	4,322	Exxon Mobil Corp.	380,941
	1,508	Southwestern Energy Co.*	52,343

			659,960

	Pharmaceuticals – 6.9%
	3,391	Abbott Laboratories	220,415
	3,601	Johnson & Johnson	251,098
	2,341	Merck & Co., Inc.	103,706
	2,289	Mylan, Inc.*	62,215
	3,651	Pfizer, Inc.	91,348

			728,782

	Real Estate Investment Trusts – 1.9%
	2,720	American Tower Corp.	203,810

	*Real Estate Management & Development – 0.8%**
	4,316	CBRE Group, Inc. Class A	81,702

	Semiconductors & Semiconductor Equipment – 2.6%
	3,613	Lam Research Corp.*	126,888
	4,300	Xilinx, Inc.	148,995

			275,883

	Software – 2.2%
	6,865	Activision Blizzard, Inc.	78,535
	1,895	Adobe Systems, Inc.*	65,586
	516	Salesforce.com, Inc.*	81,358

			225,479

	Specialty Retail – 2.6%
	1,046	Bed Bath & Beyond, Inc.*	61,421
	3,260	Lowe’s Cos., Inc.	117,653
	2,608	Urban Outfitters, Inc.*	98,322

			277,396

	Textiles, Apparel & Luxury Goods – 3.2%
	2,484	NIKE, Inc. Class B	242,140
	818	PVH Corp.	93,735

			335,875

	*Wireless Telecommunication Services – 2.5%**
	3,793	SBA Communications Corp. Class A	261,034

	TOTAL COMMON STOCKS		$10,125,986


Principal Amount	Interest Rate			Maturity Date	Value
Short-term Investment^(a) – 3.8%
Repurchase Agreement – 3.8%
Joint Repurchase Agreement Account II
$ 400,000		0.239	%	12/03/12	$ 400,000

TOTAL INVESTMENTS – 100.3%					$10,525,986

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%					(32,544)

NET ASSETS – 100.0%					$10,493,442



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, 2012. 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.

TAX INFORMATION — At November 30, 2012, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

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

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

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

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

Level 3 — Prices or valuations that require significant unobservable inputs (including Goldman Sachs Asset Management, L.P. (“GSAM”) assumptions in determining fair value measurement).

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

Equity Securities — Equity securities and investment companies traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges including, but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, equity securities and exchange traded investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Investments in investment companies (other than those that are exchange traded) are valued at the NAV on the valuation date. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under valuation procedures approved by the trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. Investments applying these valuation adjustments are classified as Level 2 of the fair value hierarchy.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued at amortized cost, which approximates fair value. With the exception of treasury securities, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

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

i. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price. 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. 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.

Level 3 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 3 are as follows:

To the extent that the aforementioned significant inputs are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined under valuation procedures approved by the trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions or unscheduled market closings. Significant events which could also affect a single issuer, may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of November 30, 2012:

For further information regarding security characteristics, see Schedule of Investments.

JOINT REPURCHASE AGREEMENT ACCOUNT II — At November 30, 2012, certain Funds had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of December 3, 2012, as follows:

REPURCHASE AGREEMENTS — At November 30, 2012, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account II were as follows:

At November 30, 2012, the Joint Repurchase Agreement Account II was fully collateralized by:

Investments in Other Investment Companies — As a shareholder of another investment company, including an exchange traded fund (“ETF”), a Fund will directly bear its proportionate share of any management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional funds, including but not limited to: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) and active trading market for an ETF’s shares may not develop or be maintained.

Liquidity Risk — The Funds may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions.

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 transactions defaults.

Portfolio Concentration Risk — The Technology Tollkeeper Fund invests primarily in equity securities of high-quality technology, media, or service companies that adopt or use technology to improve their cost structure, revenue opportunities or competitive advantage (“Technology Tollkeeper” companies). Because of its focus on technology, media and service companies, the Technology Tollkeeper Fund’s investment performance will be closely tied to many factors which affect those companies. The Technology Tollkeeper Fund may also invest in a relatively fewer number of issuers. As a result, the Technology Tollkeeper Fund’s net asset value is more likely to have greater fluctuations than that of a Fund which is more diversified or invests in other industries.

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.

(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.

(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.

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.

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.


		71 South Wacker Drive, Chicago, Illinois		60606
		(Address of principal executive offices)		(Zip code)



Tax Cost	$	591,601,996

Gross unrealized gain		258,634,573
Gross unrealized loss		(14,823,365	)

Net unrealized security gain	$	243,811,208



Tax Cost	$	97,575,882

Gross unrealized gain		51,276,895
Gross unrealized loss		(3,790,926	)

Net unrealized security gain	$	47,485,969



Tax Cost	$	9,588,260

Gross unrealized gain		3,355,030
Gross unrealized loss		(464,943	)

Net unrealized security gain	$	2,890,087


TOTAL INVESTMENTS – 97.4%				$3,751,684

OTHER ASSETS IN EXCESS OF LIABILITIES – 2.6%				98,505

NET ASSETS – 100.0%				$3,850,189



Tax Cost	$	3,309,342

Gross unrealized gain		455,375
Gross unrealized loss		(13,033	)

Net unrealized security gain	$	442,342



Tax Cost	$	3,417,783,339

Gross unrealized gain		890,819,340
Gross unrealized loss		(178,947,144	)

Net unrealized security gain	$	711,872,196



Tax Cost	$	738,505,475

Gross unrealized gain		199,127,357
Gross unrealized loss		(51,179,714	)

Net unrealized security gain	$	147,947,643



Tax Cost	$	320,194,871

Gross unrealized gain		70,633,479
Gross unrealized loss		(12,458,041	)

Net unrealized security gain	$	58,175,438



Tax Cost	$	305,239,843

Gross unrealized gain		69,291,851
Gross unrealized loss		(25,506,668	)

Net unrealized security gain	$	43,785,183



Tax Cost	$	9,119,260

Gross unrealized gain		1,623,679
Gross unrealized loss		(216,953	)

Net unrealized security gain	$	1,406,726


CAPITAL GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	825,213,204	$	—	$	—
Short-term Investments		—		10,200,000		—

CONCENTRATED GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	143,561,851	$	—	$	—
Short-term Investments		—		1,500,000		—

FLEXIBLE CAP GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	12,178,347	$	—	$	—
Short-term Investments		—		300,000		—

FOCUSED GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	3,751,684	$	—	$	—

GROWTH OPPORTUNITIES
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	4,032,455,535	$	—	$	—
Short-term Investments		—		97,200,000		—


SMALL/MID CAP GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	864,146,248	$	2,306,870	$	—
Short-term Investments		—		20,000,000		—
Total	$	864,146,248	$	22,306,870	$	—

STRATEGIC GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	374,870,309	$	—	$	—
Short-term Investments		—		3,500,000		—

TECHNOLOGY TOLLKEEPER
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	346,925,026	$	—	$	—
Short-term Investments		—		2,100,000		—

U.S. EQUITY
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	10,125,986	$	—	$	—
Short-term Investments		—		400,000		—


Fund	Principal Amount		Maturity Value		Collateral Allocation Value
Capital Growth	$	10,200,000	$	10,200,203	$	10,439,864
Concentrated Growth		1,500,000		1,500,030		1,535,274
Flexible Cap Growth		300,000		300,006		307,055
Growth Opportunities		97,200,000		97,201,936		99,485,763
Small/Mid Cap Growth		20,000,000		20,000,398		20,470,322
Strategic Growth		3,500,000		3,500,070		3,582,306
Technology Tollkeeper		2,100,000		2,100,042		2,149,384
U.S. Equity		400,000		400,008		409,406


Counterparty	Interest Rate			Capital Growth		Concentrated Growth		Flexible Cap Growth		Growth Opportunities		Small/Mid Cap Growth		Strategic Growth		Technology Tollkeeper		U.S. Equity
BNP Paribas Securities Co.		0.230	%	$	1,494,472	$	219,775	$	43,955	$	14,241,441	$	2,930,338	$	512,809	$	307,685	$	58,607
Credit Suisse Securities LLC		0.220			1,121,612		164,943		32,989		10,688,302		2,199,239		384,867		230,920		43,985
Deutsche Bank Securities, Inc.		0.250			2,940,442		432,418		86,484		28,020,684		5,765,573		1,008,975		605,385		115,312
JPMorgan Securities LLC		0.240			3,582,490		526,837		105,367		34,139,017		7,024,489		1,229,286		737,572		140,489
Wells Fargo Securities LLC		0.240			1,060,984		156,027		31,205		10,110,556		2,080,361		364,063		218,438		41,607
TOTAL				$	10,200,000	$	1,500,000	$	300,000	$	97,200,000	$	20,000,000	$	3,500,000	$	2,100,000	$	400,000


Issuer	Interest Rates			Maturity Dates
Federal National Mortgage Association		3.000 to 5.000	%		09/01/27 to 12/01/42
Government National Mortgage Association		2.500 to 6.500			07/20/24 to 11/15/42
U.S. Treasury Notes		0.250 to 4.875			12/31/12 to 05/15/22


(Registrant) Goldman Sachs Trust

By (Signature and Title)*		/s/ James A. McNamara
		James A. McNamara, President/Principal Executive Officer



By (Signature and Title)*		/s/ George F. Travers
		George F. Travers, Principal Financial Officer