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)

Caroline Kraus, Esq. Goldman, Sachs & Co. 200 West Street New York, New York 10282 Copies to: Geoffrey R.T. Kenyon, Esq. Dechert LLP 200 Clarendon Street 27^th Floor Boston, MA 02116-5021

(Name and address of agent for service)

Registrant’s telephone number, including area code: (312) 655-4400

Date of fiscal year end: October 31

Date of reporting period: January 31, 2013

Item 1. Schedule of Investments.

GOLDMAN SACHS STRUCTURED LARGE CAP GROWTH FUND

Schedule of Investments

January 31, 2013 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.7%
	Aerospace & Defense – 3.5%
	70,003	Honeywell International, Inc.	$    4,777,005
	12,431	Lockheed Martin Corp.	1,079,881
	11,487	Textron, Inc.	330,366
	89,808	The Boeing Co.	6,634,117
			12,821,369
	Air Freight & Logistics – 0.1%
	2,388	FedEx Corp.	242,263
	Airlines – 0.2%
	1,523	Copa Holdings SA Class A	166,921
	20,707	United Continental Holdings, Inc.*	500,074
			666,995
	Auto Components* – 0.6%
	3,092	BorgWarner, Inc.	229,365
	32,484	Delphi Automotive PLC	1,255,831
	60,204	The Goodyear Tire & Rubber Co.	828,407
			2,313,603
	Automobiles* – 0.5%
	66,992	General Motors Co.	1,881,805
	Beverages – 2.2%
	17,207	PepsiCo., Inc.	1,253,530
	184,594	The Coca-Cola Co.	6,874,281
			8,127,811
	Biotechnology – 4.6%
	50,839	Alexion Pharmaceuticals, Inc.*	4,778,358
	6,634	Amgen, Inc.	566,942
	29,375	Biogen Idec, Inc.*	4,584,850
	130,498	Gilead Sciences, Inc.*	5,148,146
	33,870	Myriad Genetics, Inc.*	916,522
	3,539	United Therapeutics Corp.*	190,717
	14,543	Vertex Pharmaceuticals, Inc.*	651,235
			16,836,770
	Building Products – 0.6%
	37,166	Armstrong World Industries, Inc.	2,043,758
	Capital Markets – 0.8%
	8,034	BlackRock, Inc.	1,898,273
	14,011	Federated Investors, Inc. Class B(a)	331,500
	27,119	Jefferies Group, Inc.	540,482
			2,770,255
	Chemicals – 4.7%
	205,523	Huntsman Corp.	3,623,371
	26,288	Kronos Worldwide, Inc.(a)	509,724
	103,053	LyondellBasell Industries NV Class A	6,535,621
	21,648	PPG Industries, Inc.(a)	2,984,610

Shares		Description	Value
	Common Stocks – (continued)
	Chemicals – (continued)
	7,408	The Sherwin-Williams Co.	$    1,201,133
	18,917	The Valspar Corp.	1,253,819
	14,654	W.R. Grace & Co.*	1,052,157
			17,160,435
	Commercial Banks – 0.5%
	28,818	PNC Financial Services Group, Inc.	1,780,952
	Commercial Services & Supplies – 0.2%
	6,554	Avery Dennison Corp.	252,395
	25,427	Rollins, Inc.	628,555
			880,950
	Communications Equipment – 1.9%
	49,888	Brocade Communications Systems, Inc.*	285,360
	103,008	QUALCOMM, Inc.	6,801,618
			7,086,978
	Computers & Peripherals – 6.4%
	46,821	Apple, Inc.	21,318,070
	44,597	Western Digital Corp.	2,096,059
			23,414,129
	Diversified Consumer Services(a) – 0.1%
	7,835	Weight Watchers International, Inc.	418,937
	Diversified Financial Services – 1.7%
	133,705	JPMorgan Chase & Co.	6,290,820
	Diversified Telecommunication Services – 1.1%
	10,676	AT&T, Inc.	371,418
	87,012	Verizon Communications, Inc.	3,794,593
			4,166,011
	Electric Utilities – 0.3%
	14,229	Entergy Corp.	919,194
	3,203	Pinnacle West Capital Corp.	170,976
			1,090,170
	Electronic Equipment, Instruments & Components – 0.7%
	10,533	Avnet, Inc.*	372,447
	126,969	Corning, Inc.	1,523,628
	17,690	Molex, Inc.	480,460
			2,376,535
	Energy Equipment & Services – 0.2%
	8,368	Schlumberger Ltd.	653,122
	Food & Staples Retailing – 1.4%
	30,714	CVS Caremark Corp.	1,572,557
	68,518	The Kroger Co.	1,897,948
	21,219	Wal-Mart Stores, Inc.	1,484,269
			4,954,774
	Food Products – 2.5%
	159,968	Archer-Daniels-Midland Co.	4,563,887
	46,128	Bunge Ltd.	3,674,557

GOLDMAN SACHS STRUCTURED LARGE CAP GROWTH FUND

Schedule of Investments (continued)

January 31, 2013 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Food Products – (continued)
	12,592	Ingredion, Inc.	$       831,953
			9,070,397
	Health Care Equipment & Supplies – 2.9%
	133,415	Abbott Laboratories	4,520,100
	57,743	Baxter International, Inc.	3,917,285
	145,092	Boston Scientific Corp.*	1,083,837
	12,625	Edwards Lifesciences Corp.*	1,135,367
			10,656,589
	Hotels, Restaurants & Leisure – 6.8%
	46,992	Carnival Corp.	1,819,530
	125,982	Marriott International, Inc. Class A	5,036,760
	43,720	Marriott Vacations Worldwide Corp.*	1,940,294
	26,748	McDonald’s Corp.	2,548,817
	38,956	Starbucks Corp.	2,186,211
	33,804	Wyndham Worldwide Corp.	1,885,925
	40,943	Wynn Resorts Ltd.	5,126,883
	63,894	Yum! Brands, Inc.	4,149,276
			24,693,696
	Household Durables – 0.5%
	4,557	Garmin Ltd.(a)	172,665
	18,033	Harman International Industries, Inc.	807,518
	254	NVR, Inc.*	261,533
	5,925	Tupperware Brands Corp.	451,485
			1,693,201
	Household Products – 0.2%
	6,738	Kimberly-Clark Corp.	603,118
	Insurance – 0.8%
	53,371	Prudential Financial, Inc.	3,089,114
	Internet & Catalog Retail* – 3.6%
	3,554	Amazon.com, Inc.(b)	943,587
	220,815	Liberty Interactive Corp. Class A	4,694,527
	8,976	Priceline.com, Inc.	6,152,779
	31,920	TripAdvisor, Inc.	1,477,257
			13,268,150
	Internet Software & Services* – 4.2%
	49,606	AOL, Inc.	1,520,424
	60,020	eBay, Inc.	3,356,919
	18,099	Facebook, Inc. Class A	560,526
	9,386	Google, Inc. Class A	7,092,906
	63,709	VeriSign, Inc.	2,765,608
			15,296,383
	IT Services – 9.7%
	44,684	Accenture PLC Class A	3,212,333
	85,279	International Business Machines Corp.	17,317,606
	57,519	Lender Processing Services, Inc.	1,382,757
	14,007	MasterCard, Inc. Class A	7,261,229
	34,131	Teradata Corp.*	2,275,172

Shares		Description	Value
	Common Stocks – (continued)
	IT Services – (continued)
	24,813	Visa, Inc. Class A	$    3,918,221
			35,367,318
	Life Sciences Tools & Services* – 0.5%
	29,042	Life Technologies Corp.	1,878,727
	Machinery – 3.7%
	3,320	AGCO Corp.*	175,960
	10,283	Donaldson Co., Inc.	386,744
	17,664	Harsco Corp.	450,255
	64,215	Illinois Tool Works, Inc.	4,034,629
	11,138	Lincoln Electric Holdings, Inc.	600,672
	13,237	Navistar International Corp.*	345,353
	43,824	PACCAR, Inc.	2,062,357
	18,368	The Manitowoc Co., Inc.	323,277
	54,906	The Toro Co.	2,417,511
	41,598	WABCO Holdings, Inc.*	2,606,531
			13,403,289
	Media – 3.3%
	35,169	Cinemark Holdings, Inc.	989,656
	70,594	DIRECTV*	3,610,177
	56,815	DISH Network Corp. Class A	2,117,495
	94,890	News Corp. Class A	2,632,249
	13,998	Regal Entertainment Group Class A(a)	208,990
	41,550	Viacom, Inc. Class B	2,507,542
			12,066,109
	Metals & Mining – 0.1%
	12,402	Commercial Metals Co.	206,493
	3,847	Nucor Corp.	177,001
			383,494
	Office Electronics* – 0.1%
	7,563	Zebra Technologies Corp. Class A	327,327
	Oil, Gas & Consumable Fuels – 3.5%
	50,327	Exxon Mobil Corp.	4,527,920
	5,343	Hess Corp.	358,836
	90,891	Marathon Petroleum Corp.	6,745,021
	13,646	Murphy Oil Corp.	812,210
	9,469	Tesoro Corp.	461,046
			12,905,033
	Paper & Forest Products – 0.1%
	6,246	Domtar Corp.	519,855
	Personal Products(a) – 0.5%
	47,676	Herbalife Ltd.	1,731,592
	Pharmaceuticals – 7.4%
	198,346	AbbVie, Inc.	7,277,315
	157,958	Bristol-Myers Squibb Co.(b)	5,708,602
	4,817	Eli Lilly & Co.	258,625
	9,831	Hospira, Inc.*	335,434
	92,961	Johnson & Johnson	6,871,677
	46,720	Merck & Co., Inc.	2,020,640
	78,553	Pfizer, Inc.	2,142,926

GOLDMAN SACHS STRUCTURED LARGE CAP GROWTH FUND

Schedule of Investments (continued)

January 31, 2013 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals – (continued)
	177,516	Warner Chilcott PLC Class A	$    2,515,401
			27,130,620
	Professional Services – 0.2%
	7,425	Nielsen Holdings NV*	241,387
	12,457	Robert Half International, Inc.	438,984
			680,371
	Real Estate Investment Trusts – 3.7%
	77,462	American Tower Corp.	5,898,731
	1,099	Boston Properties, Inc.	115,703
	71,954	Rayonier, Inc.	3,874,003
	21,260	Simon Property Group, Inc.	3,405,427
	1,654	Taubman Centers, Inc.	134,801
			13,428,665
	Road & Rail – 1.7%
	26,709	CSX Corp.	588,399
	136,661	Hertz Global Holdings, Inc.*	2,498,163
	2,608	Kansas City Southern	242,831
	23,013	Union Pacific Corp.	3,025,289
			6,354,682
	Semiconductors & Semiconductor Equipment – 0.5%
	19,166	Broadcom Corp. Class A	621,937
	113,315	Cypress Semiconductor Corp.*	1,163,745
			1,785,682
	Software – 3.9%
	21,228	CA, Inc.	526,879
	12,240	Cadence Design Systems, Inc.*	170,503
	373,691	Microsoft Corp.	10,265,292
	68,428	Oracle Corp.	2,429,878
	23,167	Synopsys, Inc.*	774,705
			14,167,257
	Specialty Retail – 1.4%
	4,173	AutoNation, Inc.*(a)	202,391
	4,372	AutoZone, Inc.*	1,616,328
	12,645	O’Reilly Automotive, Inc.*	1,171,559
	34,306	The Home Depot, Inc.	2,295,758
			5,286,036
	Textiles, Apparel & Luxury Goods* – 0.1%
	14,035	Hanesbrands, Inc.	526,032
	Tobacco – 2.9%
	119,982	Philip Morris International, Inc.	10,577,613
	Trading Companies & Distributors – 0.6%
	29,869	MSC Industrial Direct Co., Inc. Class A	2,363,235
	TOTAL COMMON STOCKS		$357,232,027

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investment(c) – 1.7%
Repurchase Agreement – 1.7%
Joint Repurchase Agreement Account II
$	6,400,000		0.160	%	02/01/13	$    6,400,000
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE						$363,632,027

Shares	Rate	Value
Securities Lending Reinvestment Vehicle(d)(e) – 1.4%
Financial Square Money Market Fund – FST Shares
5,096,163	0.115%	$    5,096,163
TOTAL INVESTMENTS – 100.8%		$368,728,190
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.8)%		(3,088,069)
NET ASSETS – 100.0%		$365,640,121

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)	Joint repurchase agreement was entered into on January 31, 2013. Additional information appears in the Notes to the Schedule of Investments section.
(d)	Variable rate security. Interest rate disclosed is that which is in effect at January 31, 2013.
(e)	Represents an affiliated issuer.
For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

GOLDMAN SACHS STRUCTURED LARGE CAP GROWTH FUND

Schedule of Investments (continued)

January 31, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At January 31, 2013, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)	Expiration Date	Current Value		Unrealized Gain (Loss)
S&P 500 E-Mini Index	79	March 2013	$	5,898,535	$	126,019

TAX INFORMATION — At January 31, 2013, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	333,570,497
Gross unrealized gain		38,958,922
Gross unrealized loss		(3,801,229	)
Net unrealized security gain	$	35,157,693

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

GOLDMAN SACHS STRUCTURED LARGE CAP VALUE FUND

Schedule of Investments

January 31, 2013 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.6%
	Aerospace & Defense – 1.3%
	26,705	Lockheed Martin Corp.	$    2,319,863
	28,445	Raytheon Co.	1,498,483
	25,934	Textron, Inc.	745,862
	5,054	The Boeing Co.	373,339
			4,937,547
	Auto Components* – 0.3%
	72,105	The Goodyear Tire & Rubber Co.	992,165
	Automobiles* – 0.9%
	121,391	General Motors Co.	3,409,873
	Biotechnology* – 1.7%
	25,329	Alexion Pharmaceuticals, Inc.	2,380,673
	13,363	Biogen Idec, Inc.	2,085,697
	13,196	Gilead Sciences, Inc.	520,582
	26,192	Myriad Genetics, Inc.	708,756
	4,989	United Therapeutics Corp.	268,857
	13,371	Vertex Pharmaceuticals, Inc.	598,753
			6,563,318
	Building Products – 0.2%
	13,042	Armstrong World Industries, Inc.	717,180
	Capital Markets – 7.3%
	68,361	Ameriprise Financial, Inc.	4,533,702
	15,043	BlackRock, Inc.	3,554,360
	21,309	E*TRADE Financial Corp.*	226,088
	71,010	Federated Investors, Inc. Class B(a)	1,680,097
	62,330	Janus Capital Group, Inc.	579,669
	254,012	Jefferies Group, Inc.	5,062,459
	27,110	Legg Mason, Inc.	749,591
	11,935	LPL Financial Holdings, Inc.	397,435
	224,464	Morgan Stanley, Inc.	5,129,002
	171,528	SEI Investments Co.	4,624,395
	13,444	State Street Corp.	748,159
	44,998	The Bank of New York Mellon Corp.	1,222,146
			28,507,103
	Chemicals – 3.8%
	253,598	Huntsman Corp.	4,470,933
	47,612	Kronos Worldwide, Inc.(a)	923,197
	123,452	LyondellBasell Industries NV Class A	7,829,326
	9,204	PPG Industries, Inc.(a)	1,268,955
	2,478	W.R. Grace & Co.*	177,920
			14,670,331
	Commercial Banks – 4.2%
	105,052	PNC Financial Services Group, Inc.	6,492,213
	281,107	Wells Fargo & Co.	9,790,957
			16,283,170

Shares		Description	Value
	Common Stocks – (continued)
	Commercial Services & Supplies – 0.3%
	26,761	Avery Dennison Corp.	$    1,030,566
	Communications Equipment – 0.7%
	141,396	Brocade Communications Systems, Inc.*	808,785
	36,972	Cisco Systems, Inc.	760,514
	18,453	QUALCOMM, Inc.	1,218,452
			2,787,751
	Computers & Peripherals – 0.7%
	56,811	Western Digital Corp.	2,670,117
	Diversified Consumer Services – 0.0%
	3,539	Weight Watchers International, Inc.	189,230
	Diversified Financial Services – 7.0%
	260,313	Bank of America Corp.	2,946,743
	16,005	CBOE Holdings, Inc.	542,249
	188,375	Citigroup, Inc.	7,941,890
	23,310	Interactive Brokers Group, Inc. Class A	333,333
	330,321	JPMorgan Chase & Co.	15,541,603
	7,335	Leucadia National Corp.	186,676
			27,492,494
	Diversified Telecommunication Services(b) – 1.6%
	175,496	AT&T, Inc.	6,105,506
	Electric Utilities – 3.2%
	23,921	Entergy Corp.	1,545,297
	14,401	Exelon Corp.	452,767
	19,159	NextEra Energy, Inc.	1,380,406
	97,327	Pinnacle West Capital Corp.	5,195,315
	86,957	The Southern Co.	3,846,108
			12,419,893
	Electronic Equipment, Instruments & Components – 1.7%
	15,636	Avnet, Inc.*	552,889
	455,933	Corning, Inc.	5,471,196
	27,278	Molex, Inc.	740,870
			6,764,955
	Food & Staples Retailing – 0.7%
	50,923	CVS Caremark Corp.	2,607,258
	Food Products – 2.4%
	201,791	Archer-Daniels-Midland Co.	5,757,097
	38,372	Bunge Ltd.	3,056,714
	3,859	Ingredion, Inc.	254,964
	7,023	Tyson Foods, Inc. Class A	155,349
			9,224,124
	Gas Utilities – 0.1%
	7,859	AGL Resources, Inc.	328,506
	Health Care Equipment & Supplies – 1.7%
	29,917	Abbott Laboratories	1,013,588
	28,756	Baxter International, Inc.	1,950,807
	224,745	Boston Scientific Corp.*	1,678,845
	11,978	Edwards Lifesciences Corp.*	1,077,181

GOLDMAN SACHS STRUCTURED LARGE CAP VALUE FUND

Schedule of Investments (continued)

January 31, 2013 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Supplies – (continued)
	23,920	Hill-Rom Holdings, Inc.	$       793,666
			6,514,087
	Hotels, Restaurants & Leisure – 3.8%
	70,649	Carnival Corp.	2,735,529
	123,056	Marriott International, Inc. Class A	4,919,779
	42,112	Marriott Vacations Worldwide Corp.*	1,868,930
	10,720	Wyndham Worldwide Corp.	598,069
	39,222	Wynn Resorts Ltd.	4,911,379
			15,033,686
	Household Durables – 0.7%
	33,011	Harman International Industries, Inc.	1,478,233
	548	NVR, Inc.*	564,254
	34,011	PulteGroup, Inc.*	705,388
	1,991	Tupperware Brands Corp.	151,714
			2,899,589
	Household Products – 1.1%
	58,803	The Procter & Gamble Co.	4,419,634
	Independent Power Producers & Energy Traders – 0.8%
	302,619	The AES Corp.	3,280,390
	Industrial Conglomerates – 2.1%
	360,396	General Electric Co.	8,029,623
	Insurance – 4.1%
	99,406	Berkshire Hathaway, Inc. Class B*	9,635,424
	106,173	Prudential Financial, Inc.	6,145,293
	2,389	Reinsurance Group of America, Inc.	137,105
			15,917,822
	Internet & Catalog Retail* – 2.3%
	190,463	Liberty Interactive Corp. Class A	4,049,243
	5,914	Priceline.com, Inc.	4,053,870
	22,686	TripAdvisor, Inc.	1,049,908
			9,153,021
	Internet Software & Services* – 0.2%
	17,961	AOL, Inc.	550,504
	8,987	VeriSign, Inc.	390,126
			940,630
	IT Services – 2.9%
	13,579	Accenture PLC Class A	976,194
	25,042	International Business Machines Corp.	5,085,279
	46,577	Lender Processing Services, Inc.	1,119,711
	5,924	MasterCard, Inc. Class A	3,071,002
	18,978	Teradata Corp.*	1,265,073
			11,517,259

Shares		Description	Value
	Common Stocks – (continued)
	Life Sciences Tools & Services* – 0.4%
	26,097	Life Technologies Corp.	$    1,688,215
	Machinery – 1.3%
	3,768	AGCO Corp.*	199,704
	24,838	Harsco Corp.	633,121
	3,316	Illinois Tool Works, Inc.	208,344
	8,057	Navistar International Corp.*	210,207
	9,110	Oshkosh Corp.*	356,930
	8,549	PACCAR, Inc.	402,316
	17,844	The Toro Co.	785,671
	34,040	WABCO Holdings, Inc.*	2,132,947
			4,929,240
	Media – 1.2%
	33,229	DIRECTV*	1,699,331
	54,407	DISH Network Corp. Class A	2,027,749
	27,787	News Corp. Class A	770,811
	15,851	Regal Entertainment Group Class A(a)	236,656
			4,734,547
	Metals & Mining – 0.8%
	120,929	Commercial Metals Co.	2,013,468
	16,633	Newmont Mining Corp.	714,554
	21,610	United States Steel Corp.(a)	482,983
			3,211,005
	Multi-Utilities – 0.3%
	14,433	Consolidated Edison, Inc.	820,949
	15,234	MDU Resources Group, Inc.	355,257
			1,176,206
	Office Electronics* – 0.0%
	3,916	Zebra Technologies Corp. Class A	169,484
	Oil, Gas & Consumable Fuels – 16.1%
	121,235	Chevron Corp.	13,960,210
	94,485	ConocoPhillips	5,480,130
	284,149	Exxon Mobil Corp.	25,564,885
	41,013	Hess Corp.	2,754,433
	113,827	Marathon Petroleum Corp.	8,447,102
	38,368	Murphy Oil Corp.	2,283,663
	33,621	Phillips 66	2,036,424
	47,088	Tesoro Corp.	2,292,715
	7,453	Ultra Petroleum Corp.*(a)	135,794
			62,955,356
	Paper & Forest Products – 0.0%
	2,079	Domtar Corp.	173,035
	Personal Products – 0.6%
	43,540	Herbalife Ltd.(a)	1,581,373
	14,495	Nu Skin Enterprises, Inc. Class A	614,008
			2,195,381
	Pharmaceuticals – 11.0%
	136,734	AbbVie, Inc.	5,016,770
	44,749	Eli Lilly & Co.	2,402,574

GOLDMAN SACHS STRUCTURED LARGE CAP VALUE FUND

Schedule of Investments (continued)

January 31, 2013 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals – (continued)
	34,056	Hospira, Inc.*	$    1,161,991
	155,242	Johnson & Johnson	11,475,489
	230,757	Merck & Co., Inc.	9,980,240
	410,475	Pfizer, Inc.	11,197,758
	133,995	Warner Chilcott PLC Class A	1,898,709
			43,133,531
	Real Estate Investment Trusts – 5.2%
	61,281	American Tower Corp.	4,666,548
	4,599	Boston Properties, Inc.	484,183
	90,234	Health Care, Inc.	5,670,305
	90,403	Rayonier, Inc.	4,867,297
	23,154	Simon Property Group, Inc.	3,708,808
	13,590	Taubman Centers, Inc.	1,107,585
			20,504,726
	Real Estate Management & Development – 0.4%
	13,412	Jones Lang LaSalle, Inc.	1,235,782
	9,607	The St. Joe Co.*	225,764
			1,461,546
	Road & Rail – 1.1%
	7,766	CSX Corp.	171,085
	167,648	Hertz Global Holdings, Inc.*	3,064,605
	13,703	Norfolk Southern Corp.	943,726
			4,179,416
	Semiconductors & Semiconductor Equipment* – 0.3%
	133,396	Cypress Semiconductor Corp.	1,369,977
	Software – 0.0%
	6,719	CA, Inc.	166,766
	Specialty Retail* – 0.3%
	17,153	AutoNation, Inc.	831,920
	414	AutoZone, Inc.	153,056
			984,976
	Water Utilities – 0.8%
	81,549	American Water Works Co., Inc.	3,121,696
	TOTAL COMMON STOCKS		$381,561,931

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investment(c) – 1.6%
Repurchase Agreement – 1.6%
Joint Repurchase Agreement Account II
$	6,200,000		0.160	%	02/01/13	$    6,200,000
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE						$387,761,931

Shares	Rate	Value
Securities Lending Reinvestment Vehicle(d)(e) – 1.4%
Financial Square Money Market Fund – FST Shares
5,264,869	0.115%	$    5,264,869
TOTAL INVESTMENTS – 100.6%		$393,026,800
LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.6)%		(2,193,418)
NET ASSETS – 100.0%		$390,833,382

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)	Joint repurchase agreement was entered into on January 31, 2013. Additional information appears in the Notes to the Schedule of Investments section.
(d)	Variable rate security. Interest rate disclosed is that which is in effect at January 31, 2013.
(e)	Represents an affiliated issuer.
For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

GOLDMAN SACHS STRUCTURED LARGE CAP VALUE FUND

Schedule of Investments (continued)

January 31, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At January 31, 2013, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)	Expiration Date	Current Value		Unrealized Gain (Loss)
S&P 500 E-Mini Index	86	March 2013	$	6,421,190	$	137,185

TAX INFORMATION — At January 31, 2013, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	347,716,218
Gross unrealized gain		51,950,304
Gross unrealized loss		(6,639,722	)
Net unrealized security gain	$	45,310,582

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments

January 31, 2013 (Unaudited)

Shares		Description	Value
	Common Stocks – 95.8%
	Aerospace & Defense – 0.8%
	5,931	American Science and Engineering, Inc.	$      400,817
	11,717	DigitalGlobe, Inc.*	327,724
	6,029	GenCorp, Inc.*(a)	64,691
	8,454	GeoEye, Inc.*	302,907
	21,702	Hexcel Corp.*	581,397
	16,775	Taser International, Inc.*	140,407
			1,817,943
	Air Freight & Logistics* – 0.1%
	64,048	Pacer International, Inc.	260,675
	Airlines – 1.8%
	5,672	Alaska Air Group, Inc.*	261,649
	3,784	Allegiant Travel Co.	281,794
	44,639	JetBlue Airways Corp.*	259,353
	16,246	Republic Airways Holdings, Inc.*	136,304
	3,459	SkyWest, Inc.	43,722
	214,886	US Airways Group, Inc.*	3,068,572
			4,051,394
	Auto Components – 1.1%
	17,701	Cooper Tire & Rubber Co.	450,667
	16,115	Dana Holding Corp.	259,129
	22,285	Stoneridge, Inc.*	139,504
	3,702	Superior Industries International, Inc.	75,040
	30,239	Tenneco, Inc.*	1,057,155
	17,234	The Goodyear Tire & Rubber Co.*	237,140
	4,137	Visteon Corp.*	232,872
			2,451,507
	Beverages – 0.0%
	2,011	National Beverage Corp.	27,772
	Biotechnology – 7.1%
	52,193	Acorda Therapeutics, Inc.*	1,507,334
	27,092	Aegerion Pharmaceuticals, Inc.*(a)	766,975
	91,361	Affymax, Inc.*	1,718,500
	5,584	Alkermes PLC*	128,711
	50,419	Arena Pharmaceuticals, Inc.*(a)	425,536
	45,828	Aveo Pharmaceuticals, Inc.*(a)	362,500
	4,801	BioMarin Pharmaceutical, Inc.*	263,527
	22,808	Celsion Corp.*	34,440
	2,130	Cepheid, Inc.*	77,149
	26,098	Emergent Biosolutions, Inc.*	418,873
	52,394	Enzon Pharmaceuticals, Inc.	259,350
	26,606	Genomic Health, Inc.*	746,298
	20,098	ImmunoGen, Inc.*(a)	287,803
	17,187	Infinity Pharmaceuticals, Inc.*	592,092
	5,104	Isis Pharmaceuticals, Inc.*(a)	74,161
	72,520	Momenta Pharmaceuticals, Inc.*	914,477
	15,778	Myriad Genetics, Inc.*	426,953
	203,561	PDL BioPharma, Inc.(a)	1,400,500

Shares		Description	Value
	Common Stocks – (continued)
	Biotechnology – (continued)
	50,206	Pharmacyclics, Inc.*	$    3,480,782
	70,778	Progenics Pharmaceuticals, Inc.*	201,717
	8,474	Sarepta Therapeutics, Inc.*(a)	229,222
	28,877	Seattle Genetics, Inc.*(a)	850,428
	16,630	Synageva BioPharma Corp.*	769,304
			15,936,632
	Building Products – 1.6%
	28,486	American Woodmark Corp.*	792,196
	3,690	Armstrong World Industries, Inc.	202,913
	25,663	Trex Co., Inc.*	1,084,262
	33,762	Universal Forest Products, Inc.	1,372,425
	4,899	USG Corp.*	143,981
			3,595,777
	Capital Markets – 5.9%
	35,205	Apollo Investment Corp.	316,845
	5,197	Arlington Asset Investment Corp. Class A	121,454
	2,970	Capital Southwest Corp.	320,315
	14,678	Cohen & Steers, Inc.	482,759
	2,784	Epoch Holding Corp.	77,952
	36,222	Federated Investors, Inc. Class B(a)	857,013
	9,170	Fifth Street Finance Corp.	99,495
	24,122	FXCM, Inc. Class A	289,223
	36,035	GAMCO Investors, Inc. Class A	2,030,572
	28,737	Gladstone Capital Corp.	260,932
	52,728	Greenhill & Co., Inc.	3,105,679
	19,154	Investment Technology Group, Inc.*	193,838
	39,982	Jefferies Group, Inc.	796,841
	20,539	KBW, Inc.	325,954
	10,820	Legg Mason, Inc.	299,173
	11,376	LPL Financial Holdings, Inc.	378,821
	2,536	Main Street Capital Corp.	80,721
	34,196	NGP Capital Resources Co.	248,947
	4,043	Piper Jaffray Cos., Inc.*	156,585
	42,657	Prospect Capital Corp.	481,171
	76,498	Pzena Investment Management, Inc. Class A	445,983
	3,415	SEI Investments Co.	92,068
	5,228	Solar Capital Ltd.	132,112
	16,884	Stifel Financial Corp.*	622,175
	6,211	Waddell & Reed Financial, Inc. Class A	246,577
	16,684	Walter Investment Management Corp.*	747,610
	15,221	WisdomTree Investments, Inc.*	131,662
			13,342,477
	Chemicals – 5.7%
	29,584	A. Schulman, Inc.	951,126
	59,705	Axiall Corp.(a)	3,354,227
	24,526	Chemtura Corp.*	581,757
	3,156	H.B. Fuller Co.	123,337
	88,521	Huntsman Corp.	1,560,625
	3,758	Koppers Holdings, Inc.	152,425

GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments (continued)

January 31, 2013 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Chemicals – (continued)
	55,916	Kraton Performance Polymers, Inc.*	$    1,467,795
	2,934	Kronos Worldwide, Inc.	56,890
	8,301	Minerals Technologies, Inc.	343,412
	8,205	Olin Corp.	190,848
	22,533	OM Group, Inc.*	622,361
	28,655	Spartech Corp.*	273,082
	41,940	Stepan Co.	2,460,200
	1,718	The Valspar Corp.	113,869
	6,132	W.R. Grace & Co.*	440,278
	6,571	Zep, Inc.	95,937
			12,788,169
	Commercial Banks – 4.8%
	21,572	1st Source Corp.	487,527
	2,331	Banco Latinoamericano de Comercio Exterior SA Class E	54,079
	4,461	BancorpSouth, Inc.	64,685
	4,843	Bank of Hawaii Corp.	232,900
	9,619	BBCN Bancorp, Inc.	116,294
	66,583	CVB Financial Corp.	732,413
	12,469	East West Bancorp, Inc.	292,398
	33,089	F.N.B. Corp.	383,502
	52,013	First Bancorp	660,565
	14,083	First Bancorp, Inc.	233,214
	24,102	First Interstate BancSystem, Inc.	415,277
	12,609	First Niagara Financial Group, Inc.	98,855
	24,948	FirstMerit Corp.	379,958
	72,471	Great Southern Bancorp, Inc.	1,801,629
	62,225	International Bancshares Corp.	1,216,499
	8,359	Investors Bancorp, Inc.	147,536
	8,191	PacWest Bancorp	225,089
	3,237	Popular, Inc.*	86,881
	39,450	PrivateBancorp, Inc.	677,356
	67,602	Renasant Corp.	1,314,859
	8,450	State Bank Financial Corp.	134,862
	39,204	Susquehanna Bancshares, Inc.	447,710
	38,727	Umpqua Holdings Corp.	489,509
	1,980	Wintrust Financial Corp.	73,399
			10,766,996
	Commercial Services & Supplies – 1.9%
	22,166	ABM Industries, Inc.	485,879
	11,093	Healthcare Services Group, Inc.	267,896
	2,904	Herman Miller, Inc.	71,729
	30,015	HNI Corp.	947,573
	3,032	Interface, Inc.	50,877
	117,464	Kimball International, Inc. Class B	1,268,611
	5,896	Mine Safety Appliances Co.	272,513
	63,352	Steelcase, Inc. Class A	863,488
			4,228,566
	Communications Equipment – 2.8%
	4,627	ADTRAN, Inc.	93,465
	13,415	Aruba Networks, Inc.*	309,082
	5,075	Bel Fuse, Inc. Class B	94,547
	7,407	Calix, Inc.*	60,293

Shares		Description	Value
	Common Stocks – (continued)
	Communications Equipment – (continued)
	114,575	Ciena Corp.*	$    1,794,245
	55,786	Extreme Networks, Inc.*	205,850
	116,592	Finisar Corp.*	1,807,176
	2,740	NETGEAR, Inc.*	96,201
	22,897	PC-Tel, Inc.	169,896
	53,774	Polycom, Inc.*	593,127
	8,830	Procera Networks, Inc.*	148,609
	39,703	ShoreTel, Inc.*	170,326
	94,777	Symmetricom, Inc.*	510,848
	15,542	Ubiquiti Networks, Inc.(a)	200,181
			6,253,846
	Computers & Peripherals – 0.4%
	39,306	Imation Corp.*	145,825
	314,760	Quantum Corp.*(a)	428,073
	23,382	Xyratex Ltd.	217,453
			791,351
	Construction Materials – 0.4%
	3,957	Eagle Materials, Inc.	256,295
	68,101	Headwaters, Inc.*	637,425
			893,720
	Consumer Finance – 0.8%
	26,348	Cash America International, Inc.	1,262,333
	2,066	EZCORP, Inc. Class A*	45,865
	1,183	First Cash Financial Services, Inc.*	63,066
	5,028	World Acceptance Corp.*(a)	389,921
			1,761,185
	Diversified Consumer Services – 1.1%
	19,170	Ascent Capital Group LLC Class A*	1,221,321
	5,579	Coinstar, Inc.*(a)	283,859
	17,838	Weight Watchers International, Inc.(a)	953,798
			2,458,978
	Diversified Financial Services – 0.7%
	17,278	CBOE Holdings, Inc.	585,379
	47,416	PHH Corp.*	1,037,462
			1,622,841
	Diversified Telecommunication Services*(a) – 0.0%
	6,517	magicJack VocalTec Ltd.	85,699
	Electric Utilities – 0.6%
	9,871	El Paso Electric Co.	332,554
	3,532	Great Plains Energy, Inc.	75,585
	16,706	Pinnacle West Capital Corp.	891,766
	3,789	UIL Holdings Corp.	140,989
			1,440,894
	Electrical Equipment – 1.5%
	17,121	Brady Corp. Class A	597,352
	13,812	Encore Wire Corp.	450,547
	14,575	EnerSys, Inc.*	596,555
	200,230	LSI Industries, Inc.	1,449,665

GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments (continued)

January 31, 2013 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Electrical Equipment – (continued)
	37,573	Vicor Corp.*	$      202,143
			3,296,262
	Electronic Equipment, Instruments & Components – 0.8%
	45,864	Agilysys, Inc.*	390,303
	20,629	Avnet, Inc.*	729,442
	4,388	Jabil Circuit, Inc.	82,977
	1,623	Littelfuse, Inc.	103,888
	12,107	National Instruments Corp.	343,839
	52,706	RadiSys Corp.*	205,553
			1,856,002
	Energy Equipment & Services – 0.2%
	1,056	Bristow Group, Inc.	60,171
	3,062	Exterran Holdings, Inc.*	71,161
	1,265	Gulfmark Offshore, Inc. Class A	43,971
	9,239	Parker Drilling Co.*	51,923
	30,510	Willbros Group, Inc.*	199,536
			426,762
	Food & Staples Retailing* – 0.0%
	6,507	The Pantry, Inc.	81,338
	Food Products – 1.0%
	10,402	Dole Food Co., Inc.*	115,878
	2,637	J&J Snack Foods Corp.	179,712
	19,316	Lancaster Colony Corp.	1,380,321
	15,718	Pilgrim’s Pride Corp.*	132,817
	5,531	Post Holdings, Inc.*	210,123
	2,342	Sanderson Farms, Inc.	118,224
			2,137,075
	Gas Utilities – 0.6%
	6,911	Northwest Natural Gas Co.	313,898
	20,960	Southwest Gas Corp.	933,558
	5,575	UGI Corp.	196,463
			1,443,919
	Health Care Equipment & Supplies – 2.6%
	9,829	ABIOMED, Inc.*	137,115
	29,203	Accuray, Inc.*	149,227
	20,117	Align Technology, Inc.*	630,869
	1,897	Atrion Corp.	380,367
	11,313	Cyberonics, Inc.*	490,532
	10,606	Cynosure, Inc. Class A*	283,180
	8,580	Haemonetics Corp.*	359,845
	30,161	Hill-Rom Holdings, Inc.	1,000,742
	74,809	Invacare Corp.	1,176,746
	4,751	Sirona Dental Systems, Inc.*	315,799
	37,502	Volcano Corp.*	939,050
			5,863,472
	Health Care Providers & Services – 1.7%
	52,769	Amedisys, Inc.*	586,791
	29,383	AMN Healthcare Services, Inc.*	357,003
	23,345	Assisted Living Concepts, Inc. Class A	229,248
	3,717	Bio-Reference Laboratories, Inc.*(a)	103,221
	5,232	Chemed Corp.	395,278

Shares		Description	Value
	Common Stocks – (continued)
	Health Care Providers & Services – (continued)
	20,768	Kindred Healthcare, Inc.*	$      223,879
	1,399	Magellan Health Services, Inc.*	71,769
	14,963	Molina Healthcare, Inc.*	429,588
	75,718	PharMerica Corp.*	1,096,397
	28,114	Select Medical Holdings Corp.	273,830
	30,523	Skilled Healthcare Group, Inc. Class A*	162,382
			3,929,386
	Hotels, Restaurants & Leisure – 2.6%
	5,899	Ameristar Casinos, Inc.	156,324
	4,367	Biglari Holdings, Inc.*	1,610,899
	7,663	Boyd Gaming Corp.*(a)	53,718
	24,013	Domino’s Pizza, Inc.	1,118,285
	6,333	Interval Leisure Group, Inc.	125,393
	5,873	Marriott Vacations Worldwide Corp.*	260,644
	44,341	Papa John’s International, Inc.*(b)	2,487,530
			5,812,793
	Household Durables – 1.7%
	15,111	Blyth, Inc.(a)	211,705
	2,953	Ethan Allen Interiors, Inc.	85,371
	14,918	Hooker Furniture Corp.	225,262
	237,113	Hovnanian Enterprises, Inc. Class A*(a)	1,353,915
	8,109	KB Home(a)	154,639
	2,321	M/I Homes, Inc.*	63,224
	9,934	Meritage Homes Corp.*	439,480
	19,038	NACCO Industries, Inc. Class A	1,240,516
			3,774,112
	Household Products* – 0.3%
	62,185	Central Garden & Pet Co. Class A	598,220
	Independent Power Producers & Energy Traders – 0.7%
	69,724	Dynegy, Inc.*(a)	1,394,480
	12,345	Genie Energy Ltd. Class B	88,143
	2,432	Ormat Technologies, Inc.	51,705
			1,534,328
	Industrial Conglomerates – 0.1%
	59	Seaboard Corp.	159,495
	Insurance – 1.2%
	29,631	AmTrust Financial Services, Inc.(a)	984,934
	36,791	First American Financial Corp.	878,937
	9,933	Global Indemnity PLC*	209,686
	49,092	Maiden Holdings Ltd.	499,266
	6,338	Stewart Information Services Corp.	168,337
			2,741,160
	Internet & Catalog Retail – 0.1%
	2,577	HSN, Inc.	153,589

GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments (continued)

January 31, 2013 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Internet Software & Services – 0.9%
	3,740	Demandware, Inc.*	$      118,895
	27,835	LivePerson, Inc.*	372,154
	10,320	LogMeIn, Inc.*	234,264
	143,374	Marchex, Inc. Class B(a)	533,351
	19,804	Monster Worldwide, Inc.*	114,863
	91,065	RealNetworks, Inc.*	697,558
	1,761	VistaPrint NV*	63,114
			2,134,199
	IT Services – 2.2%
	4,700	Acxiom Corp.*	83,331
	315,361	Ciber, Inc.*	1,065,920
	27,001	CSG Systems International, Inc.*	508,429
	4,211	Heartland Payment Systems, Inc.	133,741
	41,248	Lender Processing Services, Inc.	991,602
	478,179	Lionbridge Technologies, Inc.*	1,907,934
	7,781	ManTech International Corp. Class A	191,957
	49,961	ModusLink Global Solutions, Inc.*	145,387
			5,028,301
	Leisure Equipment & Products* – 0.3%
	6,589	Arctic Cat, Inc.	238,126
	52,196	Smith & Wesson Holding Corp.(a)	448,886
			687,012
	Life Sciences Tools & Services – 1.1%
	5,132	Bruker Corp.*	86,577
	13,196	Cambrex Corp.*	155,053
	3,440	Charles River Laboratories International, Inc.*	142,141
	6,332	Luminex Corp.*	116,382
	3,389	Mettler-Toledo International, Inc.*	720,264
	32,646	PAREXEL International Corp.*	1,105,067
	1,995	Techne Corp.	143,002
			2,468,486
	Machinery – 3.8%
	2,462	AGCO Corp.*	130,486
	5,743	Albany International Corp. Class A	143,920
	6,464	Astec Industries, Inc.	228,309
	5,299	Cascade Corp.	342,156
	7,212	Donaldson Co., Inc.	271,243
	1,642	EnPro Industries, Inc.*	73,036
	33,704	Hyster-Yale Materials Handling, Inc.	1,691,267
	46,471	Kadant, Inc.*	1,248,676
	17,458	Lydall, Inc.*	266,758
	23,491	Miller Industries, Inc.	358,943
	4,605	Mueller Industries, Inc.	245,723
	34,064	Navistar International Corp.*	888,730
	11,719	Oshkosh Corp.*	459,150

Shares		Description	Value
	Common Stocks – (continued)
	Machinery – (continued)
	11,949	Sauer-Danfoss, Inc.	$      641,303
	23,239	Tecumseh Products Co. Class A*	165,229
	12,107	Tennant Co.	557,406
	11,442	The Manitowoc Co., Inc.	201,379
	9,190	WABCO Holdings, Inc.*	575,845
			8,489,559
	Media – 0.6%
	9,962	Arbitron, Inc.	467,218
	13,855	Entercom Communications Corp. Class A*	110,008
	33,622	Harte-Hanks, Inc.	275,364
	92,814	Journal Communications, Inc. Class A*	508,621
	2,534	Valassis Communications, Inc.	71,104
			1,432,315
	Metals & Mining – 0.7%
	3,888	Commercial Metals Co.	64,735
	90,042	Golden Star Resources Ltd.*(a)	143,167
	25,390	Materion Corp.	682,991
	11,733	Schnitzer Steel Industries, Inc. Class A	341,195
	10,191	United States Steel Corp.(a)	227,769
			1,459,857
	Multiline Retail – 0.0%
	6,561	Fred’s, Inc. Class A	86,736
	Oil, Gas & Consumable Fuels – 3.1%
	82,653	Alon USA Energy, Inc.	1,621,652
	19,697	Cloud Peak Energy, Inc.*	344,895
	36,823	Delek US Holdings, Inc.	1,250,877
	11,084	Ship Finance International Ltd.(a)	186,876
	55,894	W&T Offshore, Inc.	983,734
	78,168	Western Refining, Inc.(a)	2,628,790
			7,016,824
	Paper & Forest Products – 1.6%
	123,373	Louisiana-Pacific Corp.*	2,397,137
	2,732	PH Glatfelter Co.	50,761
	91,390	Resolute Forest Products*	1,246,560
			3,694,458
	Personal Products – 1.3%
	46,994	Herbalife Ltd.(a)	1,706,822
	21,341	Nu Skin Enterprises, Inc. Class A	904,005
	11,296	USANA Health Sciences, Inc.*(a)	400,443
			3,011,270
	Pharmaceuticals – 2.6%
	29,002	Auxilium Pharmaceuticals, Inc.*	533,637
	27,464	Endo Health Solutions, Inc.*	869,510
	12,664	Obagi Medical Products, Inc.*	181,982

GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments (continued)

January 31, 2013 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals – (continued)
	62,419	Questcor Pharmaceuticals, Inc.(a)	$    1,590,436
	77,170	Santarus, Inc.*	1,030,991
	120,479	Warner Chilcott PLC Class A	1,707,188
			5,913,744
	Professional Services – 2.7%
	57,440	CDI Corp.	977,629
	16,233	Insperity, Inc.	545,916
	162,500	Kelly Services, Inc. Class A	2,590,250
	74,153	Kforce, Inc.	1,020,345
	8,284	Manpower, Inc.	426,626
	75,048	Volt Information Sciences, Inc.*	593,630
			6,154,396
	Real Estate Investment Trusts – 5.3%
	19,896	AG Mortgage Investment Trust, Inc.	505,358
	4,318	American Capital Mortgage Investment Corp.	112,613
	2,429	Apollo Residential Mortgage, Inc.	54,993
	13,410	ARMOUR Residential REIT, Inc.	96,284
	9,575	Capstead Mortgage Corp.	118,539
	18,209	DuPont Fabros Technology, Inc.	430,461
	11,875	Extra Space Storage, Inc.	473,100
	47,096	Franklin Street Properties Corp.	612,248
	3,972	Getty Realty Corp.	74,991
	50,539	LTC Properties, Inc.	1,882,072
	40,548	National Health Investors, Inc.	2,580,880
	45,257	Potlatch Corp.	1,963,701
	47,301	Rayonier, Inc.	2,546,686
	1,640	Sovran Self Storage, Inc.	106,994
	5,674	Starwood Property Trust, Inc.	145,481
	2,064	Taubman Centers, Inc.	168,216
			11,872,617
	Real Estate Management & Development – 1.8%
	21,882	Altisource Portfolio Solutions SA*	1,922,771
	6,531	Altisource Residential Corp. Class B*	117,558
	4,789	Jones Lang LaSalle, Inc.	441,259
	2,435	Realogy Holdings Corp.*	109,015
	40,673	Zillow, Inc. Class A*(a)	1,539,066
			4,129,669
	Road & Rail – 1.3%
	11,085	Avis Budget Group, Inc.*	238,660
	6,574	Genesee & Wyoming, Inc. Class A*	556,029
	15,003	Hertz Global Holdings, Inc.*	274,255
	64,855	Marten Transport Ltd.	1,320,448
	30,832	Universal Truckload Services, Inc.	553,126
			2,942,518

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – 1.0%
	47,272	Cypress Semiconductor Corp.*	$      485,483
	40,402	DSP Group, Inc.*	265,037
	15,066	First Solar, Inc.*(a)	424,560
	56,073	Micrel, Inc.	583,720
	2,752	MKS Instruments, Inc.	76,506
	14,605	Spansion, Inc. Class A*	167,957
	5,948	Veeco Instruments, Inc.*	187,065
			2,190,328
	Software – 5.1%
	265,459	Accelrys, Inc.*	2,500,624
	104,439	Aspen Technology, Inc.*	3,195,833
	19,830	Blackbaud, Inc.	494,164
	10,567	Manhattan Associates, Inc.*	723,945
	54,604	Mentor Graphics Corp.*	935,367
	12,014	MicroStrategy, Inc. Class A*	1,204,644
	9,346	Monotype Imaging Holdings, Inc.	168,976
	4,940	Nuance Communications, Inc.*	118,807
	23,190	Pegasystems, Inc.	557,719
	33,156	PROS Holdings, Inc.*	731,421
	10,875	PTC, Inc.*	252,082
	26,765	RealPage, Inc.*(a)	624,695
			11,508,277
	Specialty Retail – 4.0%
	2,357	Asbury Automotive Group, Inc.*	83,815
	1,921	AutoNation, Inc.*	93,169
	7,509	Brown Shoe Co., Inc.	129,455
	18,540	Group 1 Automotive, Inc.	1,255,900
	4,342	Hibbett Sports, Inc.*	228,650
	51,274	Lumber Liquidators Holdings, Inc.*(a)	3,034,395
	10,048	OfficeMax, Inc.	108,317
	10,239	Penske Automotive Group, Inc.	337,068
	70,818	Select Comfort Corp.*	1,559,412
	38,687	Shoe Carnival, Inc.	791,923
	4,459	Sonic Automotive, Inc. Class A	108,220
	23,101	Stage Stores, Inc.	527,858
	5,015	The Buckle, Inc.	234,602
	6,630	Vitamin Shoppe, Inc.*	404,960
			8,897,744
	Textiles, Apparel & Luxury Goods – 0.8%
	6,845	Columbia Sportswear Co.(a)	349,711
	9,662	Movado Group, Inc.	353,243
	9,274	Oxford Industries, Inc.	457,950
	30,899	Perry Ellis International, Inc.	596,351
			1,757,255
	Thrifts & Mortgage Finance – 1.1%
	9,465	Brookline Bancorp, Inc.	83,386
	60,074	Ocwen Financial Corp.*	2,341,084
			2,424,470

GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments (continued)

January 31, 2013 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Tobacco* – 0.1%
	75,066	Alliance One International, Inc.	$       271,739
	Trading Companies & Distributors – 1.4%
	2,897	Beacon Roofing Supply, Inc.*	104,698
	21,134	H&E Equipment Services, Inc.	407,463
	31,860	TAL International Group, Inc.	1,334,934
	17,859	Watsco, Inc.	1,345,676
			3,192,771
	Water Utilities – 0.2%
	5,339	American Water Works Co., Inc.	204,377
	4,850	Aqua America, Inc.	132,065
			336,442
	Wireless Telecommunication Services – 0.1%
	23,924	USA Mobility, Inc.	276,561
	TOTAL COMMON STOCKS		$215,761,883

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investment(c) – 2.7%
Repurchase Agreement – 2.7%
Joint Repurchase Agreement Account II
$	6,000,000		0.160	%	02/01/13	$    6,000,000
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE						$221,761,883

Shares	Description			Value
Securities Lending Reinvestment Vehicle(d)(e) – 10.1%
Financial Square Money Market Fund – FST Shares
22,807,559		0.115	%	$  22,807,559
TOTAL INVESTMENTS – 108.6%				$244,569,442
LIABILITIES IN EXCESS OF     OTHER ASSETS – (8.6)%				(19,452,652)
NET ASSETS – 100.0%				$225,116,790

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	All or a portion of security is segregated as collateral for initial margin requirements on future transactions.
(c)	Joint repurchase agreement was entered into on January 31, 2013. Additional information appears in the Notes to the Schedule of Investments section.
(d)	Variable rate security. Interest rate disclosed is that which is in effect at January 31, 2013.
(e)	Represents an affiliated issuer.

For information on the mutual funds, please call our toll free Shareholder Services Line at
1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY FUND

Schedule of Investments (continued)

January 31, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At January 31, 2013, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)	Expiration Date	Current Value		Unrealized Gain (Loss)
Russell 2000 Mini Index	57	March 2013	$	5,130,570	$	60,025

TAX INFORMATION — At January 31, 2013, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	217,331,410
Gross unrealized gain		39,069,171
Gross unrealized loss		(11,831,139	)
Net unrealized security gain	$	27,238,032

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

GOLDMAN SACHS STRUCTURED SMALL CAP GROWTH FUND

Schedule of Investments

January 31, 2013 (Unaudited)

Shares		Description	Value
	Common Stocks – 95.8%
	Aerospace & Defense – 1.4%
	963	American Science and Engineering, Inc.	$       65,080
	3,379	Cubic Corp.	158,813
	8,243	Hexcel Corp.*	220,830
	905	LMI Aerospace, Inc.*	20,000
	3,674	Orbital Sciences Corp.*	54,008
	12,281	Taser International, Inc.*	102,792
			621,523
	Air Freight & Logistics* – 0.1%
	11,616	Pacer International, Inc.	47,277
	Airlines – 2.0%
	1,086	Allegiant Travel Co.	80,874
	16,032	Republic Airways Holdings, Inc.*	134,508
	49,891	US Airways Group, Inc.*	712,444
			927,826
	Auto Components – 0.9%
	813	Cooper Tire & Rubber Co.	20,699
	5,284	Stoneridge, Inc.*	33,078
	7,927	Superior Industries International, Inc.	160,680
	5,654	Tenneco, Inc.*	197,664
			412,121
	Beverages – 0.1%
	4,603	National Beverage Corp.	63,567
	Biotechnology – 10.0%
	10,406	Acorda Therapeutics, Inc.*	300,525
	5,410	Aegerion Pharmaceuticals, Inc.*	153,157
	14,213	Affymax, Inc.*	267,346
	2,174	Alnylam Pharmaceuticals, Inc.*	52,459
	21,308	Arena Pharmaceuticals, Inc.*(a)	179,839
	11,931	Aveo Pharmaceuticals, Inc.*	94,374
	5,251	Celsion Corp.*(a)	7,929
	1,196	Cepheid, Inc.*	43,319
	13,231	Codexis, Inc.*	31,357
	7,431	Coronado Biosciences, Inc.*	54,544
	1,836	Cubist Pharmaceuticals, Inc.*	79,021
	15,542	Emergent Biosolutions, Inc.*	249,449
	16,920	Genomic Health, Inc.*	474,606
	5,566	Infinity Pharmaceuticals, Inc.*	191,749
	8,655	Isis Pharmaceuticals, Inc.*(a)	125,757
	3,416	Ligand Pharmaceuticals, Inc. Class B*	68,662
	8,168	MannKind Corp.*(a)	19,767
	18,095	Merrimack Pharmaceuticals, Inc.*	109,837
	17,775	Momenta Pharmaceuticals, Inc.*	224,143
	6,571	NPS Pharmaceuticals, Inc.*	58,088
	87,127	PDL BioPharma, Inc.(a)	599,434
	12,174	Pharmacyclics, Inc.*	844,023

Shares		Description	Value
	Common Stocks – (continued)
	Biotechnology – (continued)
	9,390	Progenics Pharmaceuticals, Inc.*	$       26,761
	1,481	Sarepta Therapeutics, Inc.*	40,061
	1,186	Seattle Genetics, Inc.*	34,928
	14,462	Spectrum Pharmaceuticals, Inc.(a)	182,366
	1,279	Synageva BioPharma Corp.*	59,167
			4,572,668
	Building Products – 2.1%
	1,006	American Woodmark Corp.*	27,977
	14,493	Trex Co., Inc.*	612,329
	2,683	Universal Forest Products, Inc.	109,064
	7,564	USG Corp.*	222,306
			971,676
	Capital Markets – 2.6%
	3,322	Cohen & Steers, Inc.	109,261
	3,279	Epoch Holding Corp.	91,812
	2,947	GAMCO Investors, Inc. Class A	166,063
	11,841	Greenhill & Co., Inc.	697,435
	2,873	KBW, Inc.	45,594
	5,100	Pzena Investment Management, Inc. Class A	29,733
	1,481	Safeguard Scientifics, Inc.*	22,867
	1,116	Stifel Financial Corp.*	41,125
			1,203,890
	Chemicals – 3.6%
	12,701	Axiall Corp.(a)	713,542
	2,395	Chemtura Corp.*	56,809
	872	Huntsman Corp.	15,373
	2,613	Koppers Holdings, Inc.	105,983
	2,694	Kraton Performance Polymers, Inc.*	70,718
	1,911	OM Group, Inc.*	52,782
	3,136	Omnova Solutions, Inc.*	25,653
	17,025	Senomyx, Inc.*	30,134
	4,606	Spartech Corp.*	43,895
	8,850	Stepan Co.	519,141
			1,634,030
	Commercial Banks – 0.1%
	2,422	State Bank Financial Corp.	38,655
	Commercial Services & Supplies – 2.8%
	1,656	ABM Industries, Inc.	36,300
	10,749	Healthcare Services Group, Inc.	259,588
	14,571	HNI Corp.	460,006
	4,618	Intersections, Inc.	47,935
	6,119	Kimball International, Inc. Class B	66,085
	2,317	Mine Safety Appliances Co.	107,092
	16,031	Steelcase, Inc. Class A	218,503
	2,486	United Stationers, Inc.	82,883
			1,278,392
	Communications Equipment – 3.5%
	1,317	ADTRAN, Inc.	26,603
	4,225	Arris Group, Inc.*	69,797

GOLDMAN SACHS STRUCTURED SMALL CAP GROWTH FUND

Schedule of Investments (continued)

January 31, 2013 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Communications Equipment – (continued)
	8,400	Aruba Networks, Inc.*	$     193,536
	3,803	Calix, Inc.*	30,956
	38,616	Ciena Corp.*	604,727
	8,250	Extreme Networks, Inc.*	30,443
	15,436	Finisar Corp.*	239,258
	4,278	Plantronics, Inc.	175,911
	6,180	Procera Networks, Inc.*	104,009
	1,314	Riverbed Technology, Inc.*	25,498
	9,183	ShoreTel, Inc.*	39,395
	4,834	Ubiquiti Networks, Inc.	62,262
			1,602,395
	Computers & Peripherals* – 0.2%
	65,560	Quantum Corp.	89,162
	Construction Materials – 0.9%
	5,334	Eagle Materials, Inc.	345,483
	6,302	Headwaters, Inc.*	58,987
			404,470
	Consumer Finance – 0.9%
	4,847	Cash America International, Inc.	232,220
	534	First Cash Financial Services, Inc.*	28,468
	2,137	World Acceptance Corp.*(a)	165,724
			426,412
	Containers & Packaging – 0.1%
	2,039	Myers Industries, Inc.	30,136
	Distributors – 0.1%
	980	Core-Mark Holding Co., Inc.	49,127
	Diversified Consumer Services*(a) – 0.3%
	2,302	Coinstar, Inc.	117,126
	Diversified Financial Services* – 0.1%
	2,059	NewStar Financial, Inc.	29,361
	Diversified Telecommunication Services* – 0.3%
	5,343	Cbeyond, Inc.	47,018
	2,159	Fairpoint Communications, Inc.	19,992
	3,718	magicJack VocalTec Ltd.(a)	48,892
			115,902
	Electrical Equipment – 0.3%
	1,229	Brady Corp. Class A	42,880
	2,992	Coleman Cable, Inc.	30,608
	407	EnerSys, Inc.*	16,658
	7,165	Vicor Corp.*	38,548
			128,694
	Electronic Equipment, Instruments & Components – 1.0%
	4,975	Agilysys, Inc.*	42,337
	1,680	Anixter International, Inc.	113,030
	1,697	Electro Scientific Industries, Inc.	18,328
	1,923	Littelfuse, Inc.	123,091
	4,206	National Instruments Corp.	119,451

Shares		Description	Value
	Common Stocks – (continued)
	Electronic Equipment, Instruments & Components – (continued)
	5,674	RadiSys Corp.*	$       22,129
			438,366
	Energy Equipment & Services* – 0.2%
	13,456	Willbros Group, Inc.	88,002
	Food & Staples Retailing* – 0.7%
	6,130	Susser Holdings Corp.	256,602
	3,790	The Pantry, Inc.	47,375
			303,977
	Food Products – 3.0%
	674	Cal-Maine Foods, Inc.	28,092
	7,449	Darling International, Inc.*	125,665
	6,794	Lancaster Colony Corp.	485,499
	26,198	Pilgrim’s Pride Corp.*	221,373
	5,068	Post Holdings, Inc.*	192,533
	2,883	Sanderson Farms, Inc.	145,534
	6,301	Snyder’s-Lance, Inc.	160,235
			1,358,931
	Health Care Equipment & Supplies – 4.6%
	4,502	ABIOMED, Inc.*(a)	62,803
	16,119	Accuray, Inc.*	82,368
	10,543	Align Technology, Inc.*	330,628
	1,945	Conceptus, Inc.*	40,184
	7,486	Cyberonics, Inc.*	324,593
	2,153	Cynosure, Inc. Class A*	57,485
	1,755	Haemonetics Corp.*	73,605
	3,028	ICU Medical, Inc.*	183,042
	6,966	Invacare Corp.	109,575
	8,960	Masimo Corp.	181,888
	5,939	Rockwell Medical, Inc.*	36,347
	1,218	SurModics, Inc.*	29,366
	3,949	Vascular Solutions, Inc.*	65,988
	20,631	Volcano Corp.*	516,600
			2,094,472
	Health Care Providers & Services – 2.3%
	7,199	Amedisys, Inc.*	80,053
	5,300	AMN Healthcare Services, Inc.*	64,395
	7,974	Bio-Reference Laboratories, Inc.*(a)	221,438
	4,946	BioScrip, Inc.*	55,544
	829	Chemed Corp.	62,631
	2,720	CorVel Corp.*	124,576
	2,904	Gentiva Health Services, Inc.*	28,779
	5,704	HealthSouth Corp.*	136,097
	9,821	Kindred Healthcare, Inc.*	105,870
	8,029	PharMerica Corp.*	116,260
	9,441	Skilled Healthcare Group, Inc. Class A*	50,226
			1,045,869
	Hotels, Restaurants & Leisure – 3.0%
	1,413	Ameristar Casinos, Inc.	37,445
	522	Biglari Holdings, Inc.*	192,555
	9,202	Domino’s Pizza, Inc.	428,537
	1,787	Interval Leisure Group, Inc.	35,383
	10,874	Papa John’s International, Inc.*	610,031

GOLDMAN SACHS STRUCTURED SMALL CAP GROWTH FUND

Schedule of Investments (continued)

January 31, 2013 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Hotels, Restaurants & Leisure – (continued)
	2,453	SHFL Entertainment, Inc.*	$       36,304
	3,209	Town Sports International Holdings, Inc.	33,791
			1,374,046
	Household Durables – 1.2%
	3,400	Blyth, Inc.(a)	47,634
	1,453	Ethan Allen Interiors, Inc.	42,006
	38,551	Hovnanian Enterprises, Inc. Class A*(a)	220,126
	1,562	iRobot Corp.*	35,739
	1,948	Meritage Homes Corp.*	86,180
	1,871	NACCO Industries, Inc. Class A	121,914
			553,599
	Industrial Conglomerates – 0.2%
	42	Seaboard Corp.	113,539
	Insurance – 0.3%
	4,620	First American Financial Corp.	110,372
	930	Global Indemnity PLC*	19,632
			130,004
	Internet & Catalog Retail* – 0.1%
	766	Blue Nile, Inc.	25,653
	Internet Software & Services – 2.7%
	3,894	Cornerstone OnDemand, Inc.*	127,256
	2,254	Demandware, Inc.*	71,655
	3,196	j2 Global, Inc.	101,697
	14,976	LivePerson, Inc.*	200,229
	2,923	LogMeIn, Inc.*	66,352
	11,427	Marchex, Inc. Class B	42,508
	850	OpenTable, Inc.*	44,787
	5,952	RealNetworks, Inc.*	45,592
	13,995	Responsys, Inc.*	106,782
	6,759	Saba Software, Inc.*	62,588
	1,255	SciQuest, Inc.*	20,758
	4,728	Travelzoo, Inc.*	103,638
	3,019	ValueClick, Inc.*	61,799
	4,842	VistaPrint NV*	173,537
	1,235	Vocus, Inc.*	21,662
			1,250,840
	IT Services – 1.9%
	5,904	CSG Systems International, Inc.*	111,172
	5,622	Global Cash Access Holdings, Inc.*	42,446
	2,938	Heartland Payment Systems, Inc.	93,311
	5,094	Lender Processing Services, Inc.	122,460
	15,384	Lionbridge Technologies, Inc.*	61,382
	1,427	MAXIMUS, Inc.	97,849
	5,034	Sapient Corp.*	60,962
	6,672	ServiceSource International, Inc.*	40,366

Shares		Description	Value
	Common Stocks – (continued)
	IT Services – (continued)
	13,400	TeleTech Holdings, Inc.*	$     250,580
			880,528
	Leisure Equipment & Products* – 0.6%
	3,973	Arctic Cat, Inc.	143,584
	15,564	Smith & Wesson Holding Corp.(a)	133,851
			277,435
	Life Sciences Tools & Services* – 2.4%
	11,636	Affymetrix, Inc.	44,101
	7,805	Cambrex Corp.	91,709
	1,836	Luminex Corp.	33,746
	2,025	Mettler-Toledo International, Inc.	430,373
	14,031	PAREXEL International Corp.	474,949
			1,074,878
	Machinery – 4.6%
	1,451	Alamo Group, Inc.	49,276
	1,634	Altra Holdings, Inc.	39,134
	1,677	American Railcar Industries, Inc.	65,973
	4,285	Cascade Corp.	276,682
	780	EnPro Industries, Inc.*	34,694
	1,276	FreightCar America, Inc.	31,632
	2,704	Hyster-Yale Materials Handling, Inc.	135,687
	2,890	Lydall, Inc.*	44,159
	3,811	Met-Pro Corp.	39,520
	4,786	Mueller Industries, Inc.	255,381
	8,804	Navistar International Corp.*	229,696
	5,989	Sauer-Danfoss, Inc.	321,430
	6,350	Tecumseh Products Co. Class A*	45,149
	3,924	Tennant Co.	180,661
	652	The Toro Co.	28,708
	8,274	Titan International, Inc.	200,976
	1,770	WABCO Holdings, Inc.*	110,908
			2,089,666
	Media – 0.5%
	2,556	Arbitron, Inc.	119,876
	5,985	Entercom Communications Corp. Class A*	47,521
	2,490	Harte-Hanks, Inc.	20,393
	8,568	Journal Communications, Inc. Class A*	46,953
			234,743
	Metals & Mining*(a) – 0.1%
	27,893	Golden Star Resources Ltd.	44,350
	Oil, Gas & Consumable Fuels – 3.6%
	29,941	Alon USA Energy, Inc.	587,442
	1,476	Contango Oil & Gas Co.	63,365
	294	CVR Energy, Inc.*	17,273
	4,230	FX Energy, Inc.*	16,878
	22,744	W&T Offshore, Inc.	400,294

GOLDMAN SACHS STRUCTURED SMALL CAP GROWTH FUND

Schedule of Investments (continued)

January 31, 2013 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)
	16,238	Western Refining, Inc.	$     546,084
			1,631,336
	Paper & Forest Products – 0.8%
	510	Buckeye Technologies, Inc.	14,663
	17,982	Louisiana-Pacific Corp.*	349,390
			364,053
	Personal Products(a) – 0.5%
	1,536	Herbalife Ltd.	55,787
	5,404	USANA Health Sciences, Inc.*	191,572
			247,359
	Pharmaceuticals – 3.9%
	17,616	Auxilium Pharmaceuticals, Inc.*	324,134
	4,453	BioDelivery Sciences International, Inc.*	19,415
	9,560	Endocyte, Inc.*	95,887
	4,780	Jazz Pharmaceuticals PLC*	269,544
	4,451	Obagi Medical Products, Inc.*	63,961
	6,503	Omeros Corp.*(a)	35,506
	14,660	Questcor Pharmaceuticals, Inc.(a)	373,537
	2,951	Repros Therapeutics, Inc.*(a)	34,851
	20,042	Santarus, Inc.*	267,761
	12,815	SciClone Pharmaceuticals, Inc.*	67,023
	15,048	Warner Chilcott PLC Class A	213,230
	3,294	XenoPort, Inc.*	27,637
			1,792,486
	Professional Services – 1.8%
	6,984	CDI Corp.	118,868
	2,914	Heidrick & Struggles International, Inc.	46,070
	8,049	Insperity, Inc.	270,688
	19,954	Kelly Services, Inc. Class A	318,067
	4,174	Kforce, Inc.	57,434
			811,127
	Real Estate Investment Trusts – 2.1%
	853	LTC Properties, Inc.	31,766
	9,659	Potlatch Corp.	419,104
	9,346	Rayonier, Inc.	503,188
			954,058
	Real Estate Management & Development* – 1.4%
	4,556	Altisource Portfolio Solutions SA	400,336
	1,518	Altisource Residential Corp. Class B	27,324
	5,524	Zillow, Inc. Class A(a)	209,028
			636,688
	Road & Rail – 1.0%
	3,876	Celadon Group, Inc.	76,783
	3,003	Genesee & Wyoming, Inc. Class A*	253,994

Shares		Description	Value
	Common Stocks – (continued)
	Road & Rail – (continued)
	3,171	Swift Transportation Co.*	$       43,316
	3,449	Universal Truckload Services, Inc.	61,875
			435,968
	Semiconductors & Semiconductor Equipment – 1.1%
	4,798	Cypress Semiconductor Corp.*	49,275
	20,954	Micrel, Inc.	218,131
	12,906	PLX Technology, Inc.*	60,142
	14,526	RF Micro Devices, Inc.*	72,630
	970	Veeco Instruments, Inc.*	30,507
	3,771	Volterra Semiconductor Corp.*	61,995
			492,680
	Software – 7.6%
	11,231	Accelrys, Inc.*	105,796
	1,273	ACI Worldwide, Inc.*	60,518
	4,107	Advent Software, Inc.*	101,238
	25,568	Aspen Technology, Inc.*	782,381
	6,321	Blackbaud, Inc.	157,519
	797	BroadSoft, Inc.*	27,074
	1,586	Fair Isaac Corp.	71,481
	914	Imperva, Inc.*	31,350
	2,908	Manhattan Associates, Inc.*	199,227
	23,424	Mentor Graphics Corp.*	401,253
	2,661	MicroStrategy, Inc. Class A*	266,819
	5,328	Monotype Imaging Holdings, Inc.	96,330
	5,960	Pegasystems, Inc.	143,338
	5,541	PROS Holdings, Inc.*	122,234
	4,501	PTC, Inc.*	104,333
	3,292	QAD, Inc. Class A	45,726
	4,388	RealPage, Inc.*	102,416
	1,212	Sourcefire, Inc.*	51,631
	7,045	TeleNav, Inc.*	55,656
	4,377	The Ultimate Software Group, Inc.*	444,441
	2,086	Verint System, Inc.*	70,507
			3,441,268
	Specialty Retail – 4.9%
	1,267	ANN, Inc.*	39,074
	2,732	Asbury Automotive Group, Inc.*	97,150
	1,071	Destination Maternity Corp.	24,387
	4,668	Group 1 Automotive, Inc.	316,210
	2,842	Hibbett Sports, Inc.*	149,660
	11,797	Lumber Liquidators Holdings, Inc.*(a)	698,146
	519	Penske Automotive Group, Inc.	17,085
	18,342	Select Comfort Corp.*	403,891
	4,683	The Buckle, Inc.(a)	219,071
	879	The Finish Line, Inc. Class A	16,385
	3,749	Vitamin Shoppe, Inc.*	228,989
			2,210,048
	Textiles, Apparel & Luxury Goods – 1.4%
	8,437	Movado Group, Inc.	308,457
	3,727	Oxford Industries, Inc.	184,039

GOLDMAN SACHS STRUCTURED SMALL CAP GROWTH FUND

Schedule of Investments (continued)

January 31, 2013 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Textiles, Apparel & Luxury Goods – (continued)
	2,259	Perry Ellis International, Inc.	$       43,599
	1,447	The Warnaco Group, Inc.*	105,935
			642,030
	Thrifts & Mortgage Finance* – 0.7%
	8,719	Ocwen Financial Corp.	339,779
	Trading Companies & Distributors – 3.0%
	9,370	Beacon Roofing Supply, Inc.*	338,632
	15,304	H&E Equipment Services, Inc.	295,061
	2,851	TAL International Group, Inc.	119,457
	8,389	Watsco, Inc.	632,111
			1,385,261
	Water Utilities – 0.1%
	5,132	Consolidated Water Co., Ltd.	45,880
	Wireless Telecommunication Services – 0.1%
	1,459	NTELOS Holdings Corp.	18,865
	3,896	USA Mobility, Inc.	45,038
			63,903
	TOTAL COMMON STOCKS		$43,637,232

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investment(b) – 2.8%
Repurchase Agreement – 2.8%
Joint Repurchase Agreement Account II
$	1,300,000		0.160	%	02/01/13	$  1,300,000
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE						$44,937,232

Shares	Rate	Value
Securities Lending Reinvestment Vehicle(c)(d) – 8.9%
Financial Square Money Market Fund – FST Shares
4,060,505	0.115%	$  4,060,505
TOTAL INVESTMENTS – 107.5%		$48,997,737
LIABILITIES IN EXCESS OF     OTHER ASSETS – (7.5)%		(3,436,965)
NET ASSETS – 100.0%		$45,560,772

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	Joint repurchase agreement was entered into on January 31, 2013. Additional information appears in the Notes to the Schedule of Investments section.
(c)	Variable rate security. Interest rate disclosed is that which is in effect at January 31, 2013.
(d)	Represents an affiliated issuer.

For information on the mutual funds, please call our toll free Shareholder Services Line at
1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

GOLDMAN SACHS STRUCTURED SMALL CAP GROWTH FUND

Schedule of Investments (continued)

January 31, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At January 31, 2013, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)	Expiration Date	Current Value		Unrealized Gain (Loss)
Russell 2000 Mini Index	9	March 2013	$	810,090	$	15,816

TAX INFORMATION — At January 31, 2013, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	42,735,602
Gross unrealized gain		8,051,470
Gross unrealized loss		(1,789,335	)
Net unrealized security gain	$	6,262,135

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

GOLDMAN SACHS STRUCTURED SMALL CAP VALUE FUND

Schedule of Investments

January 31, 2013 (Unaudited)

Shares		Description	Value
	Common Stocks – 95.4%
	Aerospace & Defense – 1.3%
	2,688	American Science and Engineering, Inc.	$       181,655
	1,864	Cubic Corp.	87,608
	2,576	DigitalGlobe, Inc.*	72,051
	8,277	Ducommun, Inc.*	132,680
	19,601	GeoEye, Inc.*(a)	702,304
	7,931	LMI Aerospace, Inc.*	175,275
	1,883	Moog, Inc. Class A*	82,475
	22,191	Orbital Sciences Corp.*	326,208
			1,760,256
	Air Freight & Logistics* – 0.1%
	25,809	Pacer International, Inc.	105,043
	Airlines – 1.6%
	7,172	Alaska Air Group, Inc.*	330,844
	60,844	JetBlue Airways Corp.*	353,504
	68,834	SkyWest, Inc.	870,062
	49,147	US Airways Group, Inc.*	701,819
			2,256,229
	Auto Components – 1.4%
	19,671	Cooper Tire & Rubber Co.	500,824
	31,927	Dana Holding Corp.	513,386
	18,088	Modine Manufacturing Co.*	153,386
	22,870	Spartan Motors, Inc.	129,673
	28,666	Superior Industries International, Inc.	581,060
			1,878,329
	Biotechnology – 4.2%
	16,529	Acorda Therapeutics, Inc.*	477,357
	41,102	Affymax, Inc.*	773,129
	7,790	Arena Pharmaceuticals, Inc.*	65,748
	31,731	Aveo Pharmaceuticals, Inc.*	250,992
	18,895	Curis, Inc.*	60,086
	20,474	Dendreon Corp.*(a)	120,387
	29,836	Emergent Biosolutions, Inc.*	478,868
	20,157	Enzon Pharmaceuticals, Inc.	99,777
	6,713	Genomic Health, Inc.*	188,300
	27,247	Momenta Pharmaceuticals, Inc.*	343,585
	11,451	NewLink Genetics Corp.*(a)	135,694
	187,647	PDL BioPharma, Inc.(a)	1,291,011
	20,394	Pharmacyclics, Inc.*	1,413,916
	48,867	XOMA Corp.*(a)	131,452
			5,830,302
	Building Products – 0.9%
	7,390	American Woodmark Corp.*	205,516
	5,164	Trex Co., Inc.*	218,179
	19,677	Universal Forest Products, Inc.	799,870
			1,223,565
	Capital Markets – 4.9%
	61,699	Apollo Investment Corp.	555,291

Shares		Description	Value
	Common Stocks – (continued)
	Capital Markets – (continued)
	6,768	Arlington Asset Investment Corp. Class A	$       158,168
	14,557	BlackRock Kelso Capital Corp.	155,323
	4,424	Calamos Asset Management, Inc. Class A	46,098
	1,932	Capital Southwest Corp.	208,366
	13,369	Fifth Street Finance Corp.	145,054
	14,483	GAMCO Investors, Inc. Class A	816,117
	19,680	Gladstone Capital Corp.	178,694
	5,565	Golub Capital BDC, Inc.	89,596
	19,720	Greenhill & Co., Inc.	1,161,508
	9,435	Hercules Technology Growth Capital, Inc.	115,390
	14,316	Investment Technology Group, Inc.*	144,878
	41,261	Janus Capital Group, Inc.	383,727
	16,101	KBW, Inc.	255,523
	13,175	MVC Capital, Inc.	160,340
	40,425	NGP Capital Resources Co.	294,294
	3,662	Piper Jaffray Cos., Inc.*	141,829
	18,325	Safeguard Scientifics, Inc.*	282,938
	3,593	Solar Capital Ltd.	90,795
	13,549	Stifel Financial Corp.*	499,281
	36,601	TICC Capital Corp.	390,899
	12,065	Walter Investment Management Corp.*	540,633
			6,814,742
	Chemicals – 4.7%
	37,595	A. Schulman, Inc.	1,208,679
	35,754	Axiall Corp.(a)	2,008,660
	16,579	Chemtura Corp.*	393,254
	9,798	Ferro Corp.*	49,970
	38,923	Kraton Performance Polymers, Inc.*	1,021,729
	7,377	Minerals Technologies, Inc.	305,187
	5,470	Olin Corp.	127,232
	27,864	OM Group, Inc.*	769,604
	3,291	PolyOne Corp.	71,875
	1,381	Sensient Technologies Corp.	52,616
	20,531	Spartech Corp.*	195,660
	5,686	Stepan Co.	333,541
			6,538,007
	Commercial Banks – 9.6%
	10,558	1st Source Corp.	238,611
	2,899	Banco Latinoamericano de Comercio Exterior SA Class E	67,257
	11,896	BancorpSouth, Inc.	172,492
	2,636	Banner Corp.	79,607
	7,717	BBCN Bancorp, Inc.	93,299
	5,398	Cathay General Bancorp	104,775
	10,847	Columbia Banking System, Inc.	219,109
	2,927	Community Bank System, Inc.	83,127
	41,486	CVB Financial Corp.	456,346
	65,972	F.N.B. Corp.	764,615
	11,966	First Bancorp	151,968
	36,043	First Financial Bancorp	551,097
	44,542	First Interstate BancSystem, Inc.	767,459

GOLDMAN SACHS STRUCTURED SMALL CAP VALUE FUND

Schedule of Investments (continued)

January 31, 2013 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Commercial Banks – (continued)
	30,553	FirstMerit Corp.	$       465,322
	35,306	Glacier Bancorp, Inc.	550,067
	17,468	Great Southern Bancorp, Inc.	434,254
	3,725	Home Bancshares, Inc.	129,332
	43,288	International Bancshares Corp.	846,280
	82,952	Investors Bancorp, Inc.	1,464,103
	6,175	Lakeland Financial Corp.	150,917
	7,914	National Penn Bancshares, Inc.	77,162
	10,014	PacWest Bancorp	275,185
	4,164	Park National Corp.(a)	272,534
	46,404	PrivateBancorp, Inc.	796,757
	3,342	Prosperity Bancshares, Inc.	150,758
	33,225	Renasant Corp.	646,226
	14,687	Southwest Bancorp, Inc.*	188,140
	11,460	State Bank Financial Corp.	182,902
	33,321	Susquehanna Bancshares, Inc.	380,526
	20,595	Texas Capital Bancshares, Inc.*	852,633
	3,912	TriCo Bancshares	64,470
	1,755	UMB Financial Corp.	77,694
	43,854	Umpqua Holdings Corp.	554,315
	19,401	United Bankshares, Inc.(a)	494,531
	60,658	Wilshire Bancorp, Inc.*	372,440
	2,786	Wintrust Financial Corp.	103,277
			13,279,587
	Commercial Services & Supplies – 1.9%
	13,278	ABM Industries, Inc.	291,054
	12,262	Consolidated Graphics, Inc.*	449,157
	7,964	HNI Corp.	251,423
	50,109	Kimball International, Inc. Class B	541,177
	2,841	Mine Safety Appliances Co.	131,311
	59,574	Steelcase, Inc. Class A	811,994
	3,918	Sykes Enterprises, Inc.*	63,080
	1,671	The Geo Group, Inc.	54,508
	2,743	United Stationers, Inc.	91,452
			2,685,156
	Communications Equipment* – 2.3%
	9,828	Calix, Inc.	80,000
	67,017	Ciena Corp.	1,049,486
	21,259	Emulex Corp.	162,419
	67,922	Extreme Networks, Inc.	250,632
	87,727	Finisar Corp.	1,359,768
	2,082	NETGEAR, Inc.	73,099
	33,104	Symmetricom, Inc.	178,431
			3,153,835
	Computers & Peripherals – 0.4%
	41,246	Imation Corp.*	153,022
	147,927	Quantum Corp.*	201,181
	14,200	Xyratex Ltd.	132,060
			486,263
	Construction Materials* – 0.1%
	13,486	Headwaters, Inc.	126,229
	Consumer Finance – 0.7%
	15,581	Cash America International, Inc.	746,486

Shares		Description	Value
	Common Stocks – (continued)
	Consumer Finance – (continued)
	2,761	World Acceptance Corp.*(a)	$       214,115
			960,601
	Containers & Packaging – 0.0%
	5,550	Boise, Inc.	45,788
	Distributors – 0.1%
	2,678	Core-Mark Holding Co., Inc.	134,248
	Diversified Consumer Services* – 0.4%
	9,071	Ascent Capital Group LLC Class A	577,913
	Diversified Financial Services* – 1.0%
	62,067	PHH Corp.	1,358,026
	3,878	PICO Holdings, Inc.	81,554
			1,439,580
	Diversified Telecommunication Services*(a) – 0.1%
	8,579	magicJack VocalTec Ltd.	112,814
	Electric Utilities – 2.7%
	5,467	El Paso Electric Co.	184,183
	55,388	PNM Resources, Inc.	1,183,088
	57,744	Portland General Electric Co.	1,658,408
	18,336	UIL Holdings Corp.	682,283
	1,126	UNS Energy Corp.	50,996
			3,758,958
	Electrical Equipment – 2.1%
	32,927	Brady Corp. Class A	1,148,823
	9,209	Encore Wire Corp.	300,398
	25,139	EnerSys, Inc.*	1,028,939
	55,851	LSI Industries, Inc.	404,361
	12,991	Vicor Corp.*	69,892
			2,952,413
	Electronic Equipment, Instruments & Components – 1.1%
	21,922	Agilysys, Inc.*	186,556
	16,540	CTS Corp.	164,573
	36,047	Insight Enterprises, Inc.*	706,521
	32,883	Methode Electronics, Inc.	316,335
	8,012	Newport Corp.*	115,533
			1,489,518
	Energy Equipment & Services – 0.4%
	5,412	Dawson Geophysical Co.*	144,609
	1,426	Gulfmark Offshore, Inc. Class A	49,568
	31,559	Parker Drilling Co.*	177,361
	29,979	Willbros Group, Inc.*	196,063
			567,601
	Food & Staples Retailing – 0.6%
	7,139	Ingles Markets, Inc. Class A	136,997
	12,694	Susser Holdings Corp.*	531,371
	15,665	The Pantry, Inc.*	195,813
			864,181
	Food Products – 0.7%
	9,963	Darling International, Inc.*	168,076

GOLDMAN SACHS STRUCTURED SMALL CAP VALUE FUND

Schedule of Investments (continued)

January 31, 2013 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Food Products – (continued)
	4,909	Fresh Del Monte Produce, Inc.	$       129,352
	2,027	Lancaster Colony Corp.	144,850
	44,734	Pilgrim’s Pride Corp.*	378,002
	3,608	Post Holdings, Inc.*	137,068
			957,348
	Gas Utilities – 1.3%
	9,029	Northwest Natural Gas Co.	410,097
	5,994	Piedmont Natural Gas Co., Inc.	190,369
	1,217	South Jersey Industries, Inc.	66,059
	17,528	Southwest Gas Corp.	780,697
	2,494	The Laclede Group, Inc.	99,561
	4,202	WGL Holdings, Inc.	176,190
			1,722,973
	Health Care Equipment & Supplies – 0.3%
	4,270	Cynosure, Inc. Class A*	114,009
	9,483	Invacare Corp.	149,167
	1,248	STERIS Corp.	47,087
	2,684	Wright Medical Group, Inc.*	56,740
			367,003
	Health Care Providers & Services – 1.4%
	50,565	Amedisys, Inc.*	562,283
	6,690	BioScrip, Inc.*	75,129
	41,420	Kindred Healthcare, Inc.*	446,507
	1,356	Magellan Health Services, Inc.*	69,563
	6,247	Molina Healthcare, Inc.*	179,351
	14,108	PharMerica Corp.*	204,284
	25,199	Skilled Healthcare Group, Inc. Class A*	134,059
	30,783	Universal American Corp.	288,437
			1,959,613
	Hotels, Restaurants & Leisure – 2.0%
	3,477	Ameristar Casinos, Inc.	92,141
	2,778	Biglari Holdings, Inc.*	1,024,749
	18,414	Boyd Gaming Corp.*(a)	129,082
	6,401	Marriott Vacations Worldwide Corp.*	284,076
	3,927	Orient-Express Hotels Ltd. Class A*	45,632
	20,124	Papa John’s International, Inc.*	1,128,956
			2,704,636
	Household Durables – 2.4%
	9,455	American Greetings Corp. Class A(a)	151,280
	9,662	Beazer Homes USA, Inc.*(a)	181,839
	7,951	Blyth, Inc.(a)	111,393
	6,605	CSS Industries, Inc.	149,999
	4,210	Ethan Allen Interiors, Inc.	121,711
	11,446	Hooker Furniture Corp.	172,835
	186,430	Hovnanian Enterprises, Inc. Class A*(a)	1,064,515
	9,987	KB Home(a)	190,452
	2,696	La-Z-Boy, Inc.	42,165
	6,544	M/I Homes, Inc.*	178,259

Shares		Description	Value
	Common Stocks – (continued)
	Household Durables – (continued)
	3,661	Meritage Homes Corp.*	$       161,963
	11,229	NACCO Industries, Inc. Class A	731,682
			3,258,093
	Household Products* – 0.3%
	40,418	Central Garden & Pet Co. Class A	388,821
	Independent Power Producers & Energy Traders – 0.2%
	19,258	Genie Energy Ltd. Class B	137,502
	6,257	Ormat Technologies, Inc.	133,024
			270,526
	Industrial Conglomerates – 0.3%
	176	Seaboard Corp.	475,783
	Insurance – 3.3%
	34,961	American Equity Investment Life Holding Co.	471,274
	11,773	AmTrust Financial Services, Inc.	391,335
	92,037	CNO Financial Group, Inc.	945,220
	32,200	First American Financial Corp.	769,258
	15,488	Global Indemnity PLC*	326,952
	5,252	Kansas City Life Insurance Co.(a)	203,463
	39,384	Maiden Holdings Ltd.	400,535
	13,169	Stewart Information Services Corp.	349,769
	31,251	Symetra Financial Corp.	435,951
	3,113	Tower Group, Inc.	60,081
	8,249	United Fire Group, Inc.	191,294
			4,545,132
	Internet Software & Services – 0.5%
	45,455	Marchex, Inc. Class B(a)	169,093
	22,634	RealNetworks, Inc.*	173,376
	8,429	Responsys, Inc.*	64,313
	3,729	Travelzoo, Inc.*(a)	81,740
	3,240	ValueClick, Inc.*	66,323
	2,596	Vocus, Inc.*	45,534
	7,799	WebMD Health Corp.*	128,917
			729,296
	IT Services – 1.0%
	7,372	Acxiom Corp.*	130,706
	57,204	Ciber, Inc.*	193,350
	7,874	CSG Systems International, Inc.*	148,267
	2,603	Euronet Worldwide, Inc.*	63,695
	12,819	Global Cash Access Holdings, Inc.*	96,783
	38,359	Lionbridge Technologies, Inc.*	153,052
	10,313	ManTech International Corp. Class A	254,422
	11,157	TeleTech Holdings, Inc.*	208,636
	5,319	Unisys Corp.*	118,135
			1,367,046

GOLDMAN SACHS STRUCTURED SMALL CAP VALUE FUND

Schedule of Investments (continued)

January 31, 2013 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Leisure Equipment & Products* – 0.2%
	4,896	Arctic Cat, Inc.	$       176,941
	13,810	Smith & Wesson Holding Corp.(a)	118,766
			295,707
	Life Sciences Tools & Services* – 0.4%
	50,565	Affymetrix, Inc.(a)	191,641
	28,417	Cambrex Corp.	333,900
			525,541
	Machinery – 3.7%
	16,033	Albany International Corp. Class A	401,787
	8,657	Astec Industries, Inc.	305,765
	2,310	Briggs & Stratton Corp.	54,816
	5,356	Cascade Corp.	345,837
	3,696	EnPro Industries, Inc.*	164,398
	17,703	Hyster-Yale Materials Handling, Inc.	888,337
	20,596	Kadant, Inc.*	553,415
	8,448	Meritor, Inc.*	38,523
	21,307	Miller Industries, Inc.	325,571
	15,707	Mueller Industries, Inc.	838,125
	23,157	Navistar International Corp.*	604,166
	3,261	Sauer-Danfoss, Inc.	175,018
	19,233	Tecumseh Products Co. Class A*	136,747
	5,361	WABCO Holdings, Inc.*	335,920
			5,168,425
	Media – 0.3%
	13,330	Entercom Communications Corp. Class A*	105,840
	38,889	Journal Communications, Inc. Class A*	213,112
	4,416	Valassis Communications, Inc.	123,913
			442,865
	Metals & Mining – 0.6%
	16,920	Materion Corp.	455,148
	9,939	Schnitzer Steel Industries, Inc. Class A	289,026
	3,094	Worthington Industries, Inc.	85,023
			829,197
	Multi-Utilities – 0.5%
	9,507	Avista Corp.	245,851
	1,696	CH Energy Group, Inc.	110,240
	7,704	NorthWestern Corp.	284,971
			641,062
	Multiline Retail – 0.1%
	7,768	Fred’s, Inc. Class A	102,693
	Oil, Gas & Consumable Fuels – 3.2%
	54,034	Alon USA Energy, Inc.	1,060,147
	28,289	Delek US Holdings, Inc.	960,977
	3,582	Energy XXI (Bermuda) Ltd.	112,188

Shares		Description	Value
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)
	27,249	FX Energy, Inc.*	$       108,723
	14,219	Penn Virginia Corp.	61,000
	37,298	PetroQuest Energy, Inc.*	191,712
	24,862	Quicksilver Resources, Inc.*	68,122
	12,793	Ship Finance International Ltd.	215,690
	24,772	W&T Offshore, Inc.	435,987
	36,533	Western Refining, Inc.(b)	1,228,605
			4,443,151
	Paper & Forest Products – 3.1%
	22,074	Buckeye Technologies, Inc.	634,628
	2,843	Clearwater Paper Corp.*	128,816
	79,921	Louisiana-Pacific Corp.*	1,552,865
	4,454	PH Glatfelter Co.	82,755
	128,338	Resolute Forest Products*(a)	1,750,530
	1,881	Schweitzer-Mauduit International, Inc.	76,632
			4,226,226
	Personal Products(a) – 0.5%
	7,527	Herbalife Ltd.	273,381
	10,459	USANA Health Sciences, Inc.*	370,771
			644,152
	Pharmaceuticals – 0.9%
	58,121	Horizon Pharma, Inc.*(a)	123,798
	20,947	Questcor Pharmaceuticals, Inc.(a)	533,729
	27,096	Warner Chilcott PLC Class A	383,950
	29,315	XenoPort, Inc.*	245,953
			1,287,430
	Professional Services – 1.2%
	30,594	CDI Corp.	520,710
	8,101	Heidrick & Struggles International, Inc.	128,077
	61,355	Kelly Services, Inc. Class A	977,998
	4,084	Kforce, Inc.	56,196
			1,682,981
	Real Estate Investment Trusts – 9.5%
	32,469	AG Mortgage Investment Trust, Inc.	824,713
	19,980	Agree Realty Corp.	566,633
	18,322	Ashford Hospitality Trust	212,352
	19,874	Capstead Mortgage Corp.	246,040
	4,753	Chatham Lodging Trust	74,860
	45,615	DuPont Fabros Technology, Inc.	1,078,339
	24,384	Extra Space Storage, Inc.	971,458
	36,245	Franklin Street Properties Corp.	471,185
	16,205	Getty Realty Corp.(a)	305,950
	5,444	Glimcher Realty Trust	60,537
	5,714	Inland Real Estate Corp.	51,883
	3,540	Invesco Mortgage Capital	76,818
	45,277	LTC Properties, Inc.	1,686,115
	13,324	National Health Investors, Inc.	848,073
	3,737	One Liberty Properties, Inc.	82,513

GOLDMAN SACHS STRUCTURED SMALL CAP VALUE FUND

Schedule of Investments (continued)

January 31, 2013 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Real Estate Investment Trusts – (continued)
	42,749	Potlatch Corp.	$    1,854,879
	10,589	PS Business Parks, Inc.	755,631
	22,900	Rayonier, Inc.	1,232,936
	8,513	RLJ Lodging Trust	178,007
	2,089	Sovran Self Storage, Inc.	136,286
	11,251	Starwood Property Trust, Inc.	288,476
	18,376	Strategic Hotels & Resorts, Inc.*	134,329
	12,083	Universal Health Realty Income Trust	666,136
	8,748	Urstadt Biddle Properties Class A	177,059
	4,620	Winthrop Realty Trust	55,209
			13,036,417
	Real Estate Management & Development* – 1.7%
	13,014	Altisource Portfolio Solutions SA	1,143,540
	4,338	Altisource Residential Corp. Class B	78,084
	2,438	Tejon Ranch Co.	74,505
	2,196	The St. Joe Co.	51,606
	25,590	Zillow, Inc. Class A(a)	968,326
			2,316,061
	Road & Rail – 0.3%
	5,267	Heartland Express, Inc.	72,843
	2,178	Saia, Inc.*	56,497
	13,833	Universal Truckload Services, Inc.	248,164
	4,186	Werner Enterprises, Inc.	98,873
			476,377
	Semiconductors & Semiconductor Equipment – 1.0%
	4,186	Cypress Semiconductor Corp.*	42,990
	26,053	DSP Group, Inc.*	170,908
	29,683	First Solar, Inc.*	836,467
	1,862	MKS Instruments, Inc.	51,764
	25,636	Photronics, Inc.*	153,560
	7,247	Spansion, Inc. Class A*	83,340
			1,339,029
	Software – 2.8%
	48,238	Accelrys, Inc.*	454,402
	60,136	Aspen Technology, Inc.*	1,840,162
	9,931	Mentor Graphics Corp.*	170,118
	6,162	MicroStrategy, Inc. Class A*	617,864
	8,486	Monotype Imaging Holdings, Inc.	153,427
	17,907	Pegasystems, Inc.	430,663
	10,200	QAD, Inc. Class A	141,678
			3,808,314
	Specialty Retail – 3.5%
	2,103	Asbury Automotive Group, Inc.*	74,783
	11,460	Brown Shoe Co., Inc.	197,570
	5,652	Destination Maternity Corp.	128,696
	20,319	Group 1 Automotive, Inc.	1,376,409
	16,010	Lumber Liquidators Holdings, Inc.*(a)	947,472

Shares		Description	Value
	Common Stocks – (continued)
	Specialty Retail – (continued)
	70,049	OfficeMax, Inc.	$       755,128
	11,603	Penske Automotive Group, Inc.	381,971
	18,419	Shoe Carnival, Inc.	377,037
	17,426	Stage Stores, Inc.	398,184
	9,255	The Finish Line, Inc. Class A	172,513
			4,809,763
	Textiles, Apparel & Luxury Goods – 1.1%
	3,137	Columbia Sportswear Co.(a)	160,270
	17,605	Movado Group, Inc.	643,639
	22,681	Perry Ellis International, Inc.	437,743
	4,727	Skechers U.S.A., Inc.*	89,813
	2,106	The Warnaco Group, Inc.*	154,180
			1,485,645
	Thrifts & Mortgage Finance – 2.7%
	69,827	Astoria Financial Corp.	680,115
	57,379	Brookline Bancorp, Inc.	505,509
	41,691	Northwest Bancshares, Inc.	508,630
	49,200	Ocwen Financial Corp.*	1,917,324
	3,787	Oritani Financial Corp.	57,335
			3,668,913
	Tobacco – 0.5%
	60,921	Alliance One International, Inc.*	220,534
	8,367	Universal Corp.	454,998
			675,532
	Trading Companies & Distributors – 1.1%
	37,271	H&E Equipment Services, Inc.	718,585
	11,861	TAL International Group, Inc.	496,976
	4,679	Watsco, Inc.	352,562
			1,568,123
	Water Utilities – 0.1%
	934	American States Water Co.	47,214
	7,557	California Water Service Group	147,361
			194,575
	Wireless Telecommunication Services – 0.1%
	16,569	USA Mobility, Inc.	191,538
	TOTAL COMMON STOCKS		$131,647,145
	Investment Company – 0.1%
	Capital Markets – 0.1%
	10,178	THL Credit, Inc.	$       151,754

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investment(c) – 2.8%
Repurchase Agreement – 2.8%
Joint Repurchase Agreement Account II
$	3,900,000		0.160	%	02/01/13	$    3,900,000

GOLDMAN SACHS STRUCTURED SMALL CAP VALUE FUND

Schedule of Investments (continued)

January 31, 2013 (Unaudited)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE $135,698,899

Shares	Rate			Value
Securities Lending Reinvestment Vehicle(d)(e) – 7.6%
Financial Square Money Market Fund – FST Shares
10,441,515		0.115	%	$  10,441,515
TOTAL INVESTMENTS – 105.9%				$146,140,414
LIABILITIES IN EXCESS OF     OTHER ASSETS – (5.9)%				(8,158,499)
NET ASSETS – 100.0%				$137,981,915

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.
(c)	Joint repurchase agreement was entered into on January 31, 2013. Additional information appears in the Notes to the Schedule of Investments section.
(d)	Variable rate security. Interest rate disclosed is that which is in effect at January 31, 2013.
(e)	Represents an affiliated issuer.
For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

GOLDMAN SACHS STRUCTURED SMALL CAP VALUE FUND

Schedule of Investments (continued)

January 31, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At January 31, 2013, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)	Expiration Date	Current Value		Unrealized Gain (Loss)
Russell 2000 Mini Index	38	March 2013	$	3,420,380	$	87,643

TAX INFORMATION — At January 31, 2013, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	129,047,912
Gross unrealized gain		23,310,372
Gross unrealized loss		(6,217,870	)
Net unrealized security gain	$	17,092,502

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

GOLDMAN SACHS STRUCTURED U.S. EQUITY FUND

Schedule of Investments

January 31, 2013 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.6%
	Aerospace & Defense – 2.3%
	34,161	Honeywell International, Inc.	$    2,331,147
	13,557	Lockheed Martin Corp.	1,177,696
	27,366	Raytheon Co.	1,441,641
	33,072	The Boeing Co.	2,443,029
			7,393,513
	Air Freight & Logistics – 0.1%
	1,976	FedEx Corp.	200,465
	Airlines* – 0.1%
	8,182	United Continental Holdings, Inc.	197,595
	Auto Components* – 0.0%
	10,232	The Goodyear Tire & Rubber Co.	140,792
	Automobiles* – 0.4%
	40,231	General Motors Co.	1,130,089
	Biotechnology – 3.6%
	8,344	Alexion Pharmaceuticals, Inc.*	784,253
	54,498	Amgen, Inc.	4,657,399
	21,043	Biogen Idec, Inc.*	3,284,391
	43,922	Gilead Sciences, Inc.*	1,732,723
	12,925	Myriad Genetics, Inc.*	349,751
	20,490	Vertex Pharmaceuticals, Inc.*	917,542
			11,726,059
	Building Products – 0.0%
	2,560	Armstrong World Industries, Inc.	140,774
	Capital Markets – 4.5%
	25,581	Ameriprise Financial, Inc.	1,696,532
	20,243	BlackRock, Inc.	4,783,016
	6,863	Federated Investors, Inc. Class B	162,379
	110,048	Jefferies Group, Inc.	2,193,257
	7,082	LPL Financial Holdings, Inc.	235,831
	89,572	Morgan Stanley, Inc.	2,046,720
	83,188	SEI Investments Co.	2,242,748
	22,608	State Street Corp.	1,258,135
			14,618,618
	Chemicals – 3.0%
	88,823	Huntsman Corp.	1,565,949
	51,723	Kronos Worldwide, Inc.(a)	1,002,909
	97,356	LyondellBasell Industries NV Class A	6,174,318
	3,735	PPG Industries, Inc.(a)	514,944
	2,005	The Sherwin-Williams Co.	325,091
	1,593	The Valspar Corp.	105,584
	2,451	W.R. Grace & Co.*	175,982
			9,864,777
	Commercial Banks – 2.8%
	7,710	M&T Bank Corp.(a)	791,740

Shares		Description	Value
	Common Stocks – (continued)
	Commercial Banks – (continued)
	78,603	PNC Financial Services Group, Inc.	$    4,857,666
	100,722	Wells Fargo & Co.	3,508,147
			9,157,553
	Commercial Services & Supplies – 0.5%
	3,362	Avery Dennison Corp.	129,471
	5,663	The ADT Corp.	268,993
	42,163	Tyco International Ltd.	1,274,587
			1,673,051
	Communications Equipment – 1.3%
	5,782	EchoStar Corp. Class A*	210,349
	59,255	QUALCOMM, Inc.	3,912,608
			4,122,957
	Computers & Peripherals – 3.7%
	23,216	Apple, Inc.(b)	10,570,477
	27,932	Western Digital Corp.	1,312,804
			11,883,281
	Diversified Consumer Services(a) – 0.0%
	2,899	Weight Watchers International, Inc.	155,010
	Diversified Financial Services – 4.2%
	5,233	CBOE Holdings, Inc.	177,294
	79,709	Citigroup, Inc.	3,360,531
	10,204	Interactive Brokers Group, Inc. Class A	145,917
	210,332	JPMorgan Chase & Co.	9,896,121
			13,579,863
	Diversified Telecommunication Services – 1.2%
	87,966	AT&T, Inc.	3,060,337
	22,286	Verizon Communications, Inc.	971,893
			4,032,230
	Electric Utilities – 1.9%
	16,961	Entergy Corp.	1,095,680
	2,953	NextEra Energy, Inc.	212,764
	43,831	Pinnacle West Capital Corp.	2,339,699
	57,928	The Southern Co.	2,562,155
			6,210,298
	Electrical Equipment – 0.0%
	1,644	Regal-Beloit Corp.	121,919
	Electronic Equipment, Instruments & Components – 1.2%
	11,014	Avnet, Inc.*	389,455
	253,311	Corning, Inc.	3,039,732
	11,951	Molex, Inc.	324,589
			3,753,776
	Food & Staples Retailing – 0.7%
	45,808	CVS Caremark Corp.	2,345,370
	Food Products – 2.6%
	155,893	Archer-Daniels-Midland Co.	4,447,627
	38,843	Bunge Ltd.	3,094,233

GOLDMAN SACHS STRUCTURED U.S. EQUITY FUND

Schedule of Investments (continued)

January 31, 2013 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Food Products – (continued)
	3,949	Ingredion, Inc.	$      260,911
	29,663	Tyson Foods, Inc. Class A	656,146
			8,458,917
	Health Care Equipment & Supplies – 1.3%
	38,591	Abbott Laboratories	1,307,463
	16,404	Baxter International, Inc.	1,112,847
	162,966	Boston Scientific Corp.*	1,217,356
	6,222	Edwards Lifesciences Corp.*	559,544
	4,275	Hill-Rom Holdings, Inc.	141,845
			4,339,055
	Health Care Providers & Services – 0.1%
	4,646	Cardinal Health, Inc.	203,541
	Hotels, Restaurants & Leisure – 4.2%
	52,899	Carnival Corp.	2,048,249
	63,020	Marriott International, Inc. Class A	2,519,540
	9,424	Marriott Vacations Worldwide Corp.*	418,237
	2,711	McDonald’s Corp.	258,331
	20,314	Starbucks Corp.	1,140,022
	44,570	Wyndham Worldwide Corp.	2,486,561
	31,028	Wynn Resorts Ltd.	3,885,326
	15,280	Yum! Brands, Inc.	992,283
			13,748,549
	Household Durables* – 0.2%
	496	NVR, Inc.	510,711
	Household Products – 1.6%
	2,893	Colgate-Palmolive Co.	310,621
	21,852	Kimberly-Clark Corp.	1,955,973
	39,031	The Procter & Gamble Co.	2,933,570
			5,200,164
	Independent Power Producers & Energy Traders – 0.1%
	18,046	The AES Corp.	195,619
	Industrial Conglomerates – 1.7%
	248,777	General Electric Co.	5,542,752
	Insurance – 3.5%
	65,479	Berkshire Hathaway, Inc. Class B*	6,346,879
	10,188	MetLife, Inc.	380,420
	81,074	Prudential Financial, Inc.	4,692,563
			11,419,862
	Internet & Catalog Retail* – 3.1%
	142,647	Groupon, Inc.	784,559
	188,078	Liberty Interactive Corp. Class A	3,998,538
	7,084	Priceline.com, Inc.	4,855,870
	9,466	TripAdvisor, Inc.	438,086
			10,077,053
	Internet Software & Services – 2.8%
	24,316	AOL, Inc.*	745,285
	29,469	eBay, Inc.*	1,648,201
	6,152	Google, Inc. Class A*	4,649,005

Shares		Description	Value
	Common Stocks – (continued)
	Internet Software & Services – (continued)
	6,476	IAC/InterActiveCorp	$      267,135
	22,621	VeriSign, Inc.*	981,978
	38,886	Yahoo!, Inc.*	763,332
			9,054,936
	IT Services – 5.1%
	22,733	Accenture PLC Class A	1,634,275
	21,404	Computer Sciences Corp.	894,687
	37,748	International Business Machines Corp.	7,665,486
	30,140	Lender Processing Services, Inc.	724,566
	10,257	MasterCard, Inc. Class A	5,317,229
	5,294	Teradata Corp.*	352,898
			16,589,141
	Life Sciences Tools & Services* – 0.4%
	19,264	Life Technologies Corp.	1,246,188
	Machinery – 1.7%
	6,634	AGCO Corp.*	351,602
	6,137	Harsco Corp.	156,432
	13,974	Illinois Tool Works, Inc.	877,987
	27,952	Navistar International Corp.*	729,268
	17,232	PACCAR, Inc.	810,938
	40,178	The Toro Co.	1,769,037
	12,894	WABCO Holdings, Inc.*	807,938
			5,503,202
	Media – 3.8%
	19,422	CBS Corp. Class B	810,286
	5,650	Cinemark Holdings, Inc.	158,991
	9,833	Comcast Corp. Class A	361,166
	46,559	DIRECTV*	2,381,027
	43,257	DISH Network Corp. Class A	1,612,188
	195,332	News Corp. Class A	5,418,510
	28,768	Viacom, Inc. Class B	1,736,149
			12,478,317
	Metals & Mining – 0.4%
	5,855	Newmont Mining Corp.	251,531
	19,844	Nucor Corp.	913,022
			1,164,553
	Multi-Utilities – 0.1%
	7,158	Consolidated Edison, Inc.	407,147
	Office Electronics* – 0.0%
	2,630	Zebra Technologies Corp. Class A	113,826
	Oil, Gas & Consumable Fuels – 13.3%
	40,403	Chevron Corp.	4,652,405
	86,349	ConocoPhillips	5,008,242
	155,956	Exxon Mobil Corp.	14,031,361
	43,604	Hess Corp.	2,928,445
	2,807	Kinder Morgan, Inc.	105,150
	84,440	Marathon Petroleum Corp.	6,266,292
	61,642	Murphy Oil Corp.	3,668,932
	49,721	Occidental Petroleum Corp.	4,388,873
	12,596	Phillips 66	762,940

GOLDMAN SACHS STRUCTURED U.S. EQUITY FUND

Schedule of Investments (continued)

January 31, 2013 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)
	26,200	Tesoro Corp.	$    1,275,678
			43,088,318
	Paper & Forest Products – 0.3%
	12,540	Domtar Corp.	1,043,704
	Personal Products – 0.9%
	8,875	Avon Products, Inc.	150,698
	59,720	Herbalife Ltd.(a)	2,169,030
	12,414	Nu Skin Enterprises, Inc. Class A(a)	525,857
			2,845,585
	Pharmaceuticals – 9.9%
	148,967	AbbVie, Inc.	5,465,599
	80,520	Bristol-Myers Squibb Co.	2,909,993
	40,041	Eli Lilly & Co.	2,149,802
	9,159	Hospira, Inc.*	312,505
	106,702	Johnson & Johnson	7,887,412
	138,240	Merck & Co., Inc.	5,978,880
	7,678	Mylan, Inc.*	217,057
	229,104	Pfizer, Inc.	6,249,957
	67,772	Warner Chilcott PLC Class A	960,329
			32,131,534
	Real Estate Investment Trusts – 3.5%
	55,978	American Tower Corp.	4,262,725
	73,671	Rayonier, Inc.	3,966,446
	20,067	Simon Property Group, Inc.	3,214,332
			11,443,503
	Real Estate Management & Development – 0.1%
	1,756	Jones Lang LaSalle, Inc.	161,798
	Road & Rail – 1.0%
	17,615	CSX Corp.	388,059
	57,335	Hertz Global Holdings, Inc.*	1,048,084
	5,314	Norfolk Southern Corp.	365,975
	10,657	Union Pacific Corp.	1,400,969
			3,203,087
	Semiconductors & Semiconductor Equipment – 0.9%
	42,002	Broadcom Corp. Class A	1,362,965
	36,004	Cypress Semiconductor Corp.*	369,761
	47,459	Intel Corp.	998,537
	7,646	Lam Research Corp.*	314,557
			3,045,820
	Software – 0.6%
	72,285	Microsoft Corp.	1,985,669
	Specialty Retail* – 0.7%
	14,564	AutoNation, Inc.(a)	706,354
	2,714	AutoZone, Inc.	1,003,366
	1,090	O’Reilly Automotive, Inc.	100,988
	12,866	Urban Outfitters, Inc.	550,536
			2,361,244
	Tobacco – 1.9%
	34,770	Lorillard, Inc.	1,358,464

Shares		Description	Value
	Common Stocks – (continued)
	Tobacco – (continued)
	55,824	Philip Morris International, Inc.	$    4,921,444
			6,279,908
	Trading Companies & Distributors – 0.2%
	7,495	MSC Industrial Direct Co., Inc. Class A	593,004
	Water Utilities – 0.1%
	9,916	American Water Works Co., Inc.	379,584
	TOTAL COMMON STOCKS		$317,264,281

Principal Amount		Interest Rate			Maturity Date	Value
Short-term Investment(c) – 2.4%
Repurchase Agreement – 2.4%
Joint Repurchase Agreement Account II
$	7,800,000		0.160	%	02/01/13	$    7,800,000
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE						$325,064,281

Shares	Rate	Value
Securities Lending Reinvestment Vehicle(d)(e) – 1.5%
Financial Square Money Market Fund – FST Shares
4,966,442	0.115%	$    4,966,442
TOTAL INVESTMENTS – 101.5%		$330,030,723
LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.5)%		(5,028,496)
NET ASSETS – 100.0%		$325,002,227

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)	Joint repurchase agreement was entered into on January 31, 2013. Additional information appears in the Notes to the Schedule of Investments section.
(d)	Variable rate security. Interest rate disclosed is that which is in effect at January 31, 2013.
(e)	Represents an affiliated issuer.
For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

GOLDMAN SACHS STRUCTURED U.S. EQUITY FUND

Schedule of Investments (continued)

January 31, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At January 31, 2013, the Fund had the following futures contracts:

Type	Number of Contracts Long (Short)	Expiration Date	Current Value		Unrealized Gain (Loss)
S&P 500 E-Mini Index	90	March 2013	$	6,719,850	$	242,919

TAX INFORMATION — At January 31, 2013, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	288,623,979
Gross unrealized gain		43,693,497
Gross unrealized loss		(2,286,753	)
Net unrealized security gain	$	41,406,744

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).

GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS

Schedule of Investments (continued)

January 31, 2013 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

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).

The Trustees have adopted Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which the market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ portfolio investment. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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 daily net asset value (“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.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors.

Exchange-traded derivatives, including futures contracts, typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value an OTC derivative depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS

Schedule of Investments (continued)

January 31, 2013 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security and are valued based on exchanged settlement prices or independent market quotes. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price for long positions and at the last ask price for short positions, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

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 a Fund, 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 (“SEC”) 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.

Investment Company — Investments in investment companies (other than those that are exchange traded) are valued at the NAV on the valuation date and are classified as Level 1 of the fair value hierarchy.

Portfolio Securities Transactions — Pursuant to exemptive relief granted by the SEC and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Money Market Fund (“Money Market Fund”), a separate series of the Trust. The Money Market Fund, deemed an affiliate of the Trust, is registered under the Investment Company Act of 1940, as amended (the “Act”) as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive an investment advisory fee of up to 0.205% on an annualized basis of the average daily net assets of the Money Market Fund.

Both the Funds and GSAL received compensation relating to the lending of the Funds’ securities.

Level 3 Fair Value Investments — 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 and derivatives classified in the fair value hierarchy as of January 31, 2013:

GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS

Schedule of Investments (continued)

January 31, 2013 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

STRUCTURED LARGE CAP GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	357,232,027	$	—	$	—
Short-term Investments		—		6,400,000		—
Securities Lending Reinvestment Vehicle		5,096,163		—		—
Total	$	362,328,190	$	6,400,000	$	—
Derivatives Type	Level 1		Level 2		Level 3
Assets(a)
Futures Contracts	$	126,019	$	—	$	—
STRUCTURED LARGE CAP VALUE
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	381,561,931	$	—	$	—
Short-term Investments		—		6,200,000		—
Securities Lending Reinvestment Vehicle		5,264,869		—		—
Total	$	386,826,800	$	6,200,000	$	—
Derivatives Type	Level 1		Level 2		Level 3
Assets(a)
Futures Contracts	$	137,185	$	—	$	—
STRUCTURED SMALL CAP EQUITY
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	215,761,883	$	—	$	—
Short-term Investments		—		6,000,000		—
Securities Lending Reinvestment Vehicle		22,807,559		—		—
Total	$	238,569,442	$	6,000,000	$	—
Derivatives Type	Level 1		Level 2		Level 3
Assets(a)
Futures Contracts	$	60,025	$	—	$	—
STRUCTURED SMALL CAP GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	43,637,232	$	—	$	—
Short-term Investments		—		1,300,000		—
Securities Lending Reinvestment Vehicle		4,060,505		—		—
Total	$	47,697,737	$	1,300,000	$	—
Derivatives Type	Level 1		Level 2		Level 3
Assets(a)
Futures Contracts	$	15,816	$	—	$	—

GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS

Schedule of Investments (continued)

January 31, 2013 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

STRUCTURED SMALL CAP VALUE
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	131,647,145	$	—	$	—
Investment Company		151,754		—		—
Short-term Investments		—		3,900,000		—
Securities Lending Reinvestment Vehicle		10,441,515		—		—
Total	$	142,240,414	$	3,900,000	$	—
Derivatives Type	Level 1		Level 2		Level 3
Assets(a)
Futures Contracts	$	87,643	$	—	$	—
STRUCTURED U.S. EQUITY
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	317,264,281	$	—	$	—
Short-term Investments		—		7,800,000		—
Securities Lending Reinvestment Vehicle		4,966,442		—		—
Total	$	322,230,723	$	7,800,000	$	—
Derivatives Type	Level 1		Level 2		Level 3
Assets(a)
Futures Contracts	$	242,919	$	—	$	—

(a) Amount shown represents unrealized gain (loss) at period end.

For further information regarding security characteristics, see the Schedules of Investments.

JOINT REPURCHASE AGREEMENT ACCOUNT II — At January 31, 2013, the Funds had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of February 1, 2013, as follows:

Fund	Principal Amount		Maturity Value		Collateral Allocation Value
Structured Large Cap Growth	$	6,400,000	$	6,400,028	$	6,551,631
Structured Large Cap Value		6,200,000		6,200,028		6,346,892
Structured Small Cap Equity		6,000,000		6,000,027		6,142,154
Structured Small Cap Growth		1,300,000		1,300,006		1,330,800
Structured Small Cap Value		3,900,000		3,900,017		3,992,400
Structured U.S. Equity		7,800,000		7,800,035		7,984,800

REPURCHASE AGREEMENTS — At January 31, 2013, the Principal Amounts of the Funds’ interest in the Joint Repurchase Agreement Account II were as follows:

Counterparty	Interest Rate			Structured Large Cap Growth		Structured Large Cap Value		Structured Small Cap Equity		Structured Small Cap Growth		Structured Small Cap Value		Structured U.S. Equity
BNP Paribas Securities Co.		0.160	%	$	1,888,462	$	1,829,448	$	1,770,434	$	383,593	$	1,150,783	$	2,301,564
Credit Suisse Securities LLC		0.130			692,436		670,798		649,159		140,651		421,953		843,907
Deutsche Bank Securities, Inc.		0.170			1,458,523		1,412,944		1,367,365		296,263		888,787		1,777,574
JPMorgan Securities LLC		0.170			629,488		609,816		590,145		127,865		383,594		767,188
UBS Securities LLC		0.150			157,372		152,454		147,536		31,966		95,898		191,797
Wells Fargo Securities LLC		0.160			1,573,719		1,524,540		1,475,361		319,662		958,985		1,917,970
TOTAL				$	6,400,000	$	6,200,000	$	6,000,000	$	1,300,000	$	3,900,000	$	7,800,000

GOLDMAN SACHS STRUCTURED DOMESTIC EQUITY FUNDS

Schedule of Investments (continued)

January 31, 2013 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

At January 31, 2013, the Joint Repurchase Agreement Account II was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Home Loan Mortgage Corp.		2.000 to 8.000	%		12/01/13 to 01/01/43
Federal National Mortgage Association		2.500 to 4.500			06/01/22 to 01/01/43
Government National Mortgage Association		2.500 to 6.500			01/20/28 to 01/20/43
U.S. Treasury Notes		1.375 to 3.250			02/15/13 to 03/31/17

The Funds’ risks include, but are not limited to, the following:

Investments in Other Investment Companies — As a shareholder of another investment company, 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.

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.

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 a Fund, may impact the Funds’ liquidity and NAV. These redemptions may also force the Funds to sell securities.

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
	James A. McNamara, President/Principal Executive Officer

Date March 20, 2013

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
	James A. McNamara, President/Principal Executive Officer

Date March 20, 2013

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

Date March 20, 2013

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