Goldman Sachs Trust

N-CSRS 1 d532575dncsrs.htm GOLDMAN SACHS TRUST Goldman Sachs Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

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)


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

(Name and address of agents for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2013

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Stockholders is filed herewith.

Goldman Sachs Funds

LOGO



Semi-Annual Report				April 30, 2013

				International Equity Insights Funds*
				Emerging Markets Equity Insights
				International Equity Insights
				International Small Cap Insights

*Effective May 3, 2013, the Goldman Sachs Structured Emerging Markets Equity, Structured International Equity and Structured International Small Cap Funds were renamed the Goldman Sachs Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds, respectively.

LOGO

Goldman Sachs International Equity Insights Funds

n EMERGING MARKETS EQUITY INSIGHTS

n INTERNATIONAL EQUITY INSIGHTS

n INTERNATIONAL SMALL CAP INSIGHTS

Emerging Markets Equity Insights, International Equity

Insights, and International Small Cap Insights were

formerly known as Structured Emerging Markets Equity,

Structured International Equity, and Structured

International Small Cap, respectively. They are referenced

throughout this report by their aforementioned revised

names.


TABLE OF CONTENTS

Principal Investment Strategies and Risks			1

Investment Process			2

Market Review			4

Portfolio Management Discussions and Performance Summaries			7

Schedules of Investments			22

Financial Statements			46

Financial Highlights			50

Notes to the Financial Statements			56

Other Information			72



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Principal Investment Strategies and Risks

This is not a complete list of risks that may affect the Funds. For additional information concerning the risks applicable to the Funds, please see the Funds’ Prospectus.

The Goldman Sachs Emerging Markets Equity Insights Fund invests primarily in a diversified portfolio of equity investments in emerging country issuers. The Fund’s investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic and political developments. The securities markets of emerging countries have less government regulation and are subject to less extensive accounting and financial reporting requirements than the markets of more developed countries. At times, the Fund may be unable to sell certain of its illiquid investments without a substantial drop in price, if at all. The Investment Adviser’s use of quantitative models to execute the Fund’s investment strategy may fail to produce the intended result. Different investment styles (e.g., “quantitative”) tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes.

The Goldman Sachs International Equity Insights Fund invests primarily in a broadly diversified portfolio of equity investments in companies that are organized outside the United States or whose securities are principally traded outside the United States. The Fund’s investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic or political developments. The Investment Adviser’s use of quantitative models to execute the Fund’s investment strategy may fail to produce the intended result. Different investment styles (e.g., “quantitative”) tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes.

The Goldman Sachs International Small Cap Insights Fund invests primarily in a broadly diversified portfolio of equity investments in small capitalization non-U.S. issuers. The Fund’s investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic or political developments. The securities of mid- and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. The Investment Adviser’s use of quantitative models to execute the Fund’s investment strategy may fail to produce the intended result. Different investment styles (e.g., “quantitative”) tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Goldman Sachs’ International Equity Insights Investment Process

LOGO

Comprehensive — We forecast returns on over 8,000 international stocks and 43 equity markets on a daily basis.

Rigorous — We evaluate stocks, countries and currencies based on fundamental investment criteria that have outperformed historically.

Objective — Our stock and equity market selection process is free from emotion that may lead to biased investment decisions.

LOGO

Our computer optimization process allocates risk to our best investment ideas and constructs funds that strive to neutralize systematic risks and deliver better returns.

We use unique, proprietary risk models that are designed to be more precise, more focused and faster to respond because they seek to identify, track and manage risk specific to our process, using daily data.

LOGO

Fully invested, well-diversified international portfolio that seeks to:

Blend top-down market views with bottom-up stock selection.

Maintain style, sector, risk and capitalization characteristics similar to the benchmark.

Achieve excess returns by taking many small diversified stock positions. Additionally, in the GS Emerging Markets Equity Insights Fund and the GS International Equity Insights Fund we take intentional country bets.

Enhancements Made to Proprietary Quantitative Model during the Six-Month Period Ended April 30, 2013

We continuously look for ways to improve our investment process. Accordingly, we introduced a number of enhancements to our proprietary quantitative model during the six-month period ended April 30, 2013.

During the fourth quarter of 2012, we implemented an enhancement to our stock selection process across several geographic regions, incorporating several measures to the signals within our Quality theme. These include measures of capital investment, funding source, earnings quality, competitive positioning and financial solvency. We believe these measures enhance the signals within our Quality theme by capturing how much of a company’s investment quality can be attributed to management decisions as well as to firm economics.

In addition, we extended our Momentum theme in Continental Europe, the U.K. and Japan using enhanced cross-company linkages. In Continental Europe and the U.K., we link economically-related companies, which may or may not belong to the same industry. In Japan, we leverage its unique corporate infrastructure (“keiretsu”), where cross share holding is common, to create a cross company linkage signal. (A kieretsu is

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

a set of companies with interlocking business relationships and shareholdings.) We believe these signals help identify Momentum trends earlier in their history.

Also during the fourth quarter of 2012, we enhanced our Momentum theme in the emerging markets, creating a currency signal to allow us to take advantage of mispricing due to currency risk. Additionally, we added a new Management theme based on financing decisions.

We made no enhancements to our proprietary quantitative model within the international or emerging markets regions during the first quarter of 2013.

MARKET REVIEW

Goldman Sachs International Equity

Insights Funds

Market Review

Emerging markets equities and developed international equities advanced during the six-month period ended April 30, 2013 (the “Reporting Period”).

Emerging Markets Equities

Emerging markets equities generated solid positive absolute returns during the Reporting Period, but underperformed developed international equities, as concerns over slowing economic growth in several regions weighed on many of the larger growth and emerging markets. In turn, a number of countries’ central banks began to cut interest rates in an effort to boost economic growth.

Improving economic data for China lifted the Chinese equity markets and others in the region toward the end of 2012, but those same markets pulled back in 2013 on fears of new regulation and tightening measures in China. China’s equity market lagged the MSCI Emerging Markets Index (net, unhedged) (“MSCI Emerging Markets Index”) for the Reporting Period overall, but Asia was still the best performing region during the Reporting Period, with many markets significantly outperforming the MSCI Emerging Markets Index. The Philippine equity market, which received its first investment grade rating for its debt from Fitch, Inc. posted the strongest returns during the Reporting Period. Thailand, Indonesia and Taiwan also notably outperformed. Outside of Asia, the only country components of the MSCI Emerging Markets Index to post double-digit gains were Turkey and Mexico. Weakness in the South Korean equity market reflected disappointment that the Bank of Korea did not cut interest rates amidst lackluster economic growth projections and worries about the effects of the weak yen on South Korea’s exports. North Korea’s provocations drew additional concern. The Russian equity market was also particularly weak during the Reporting Period, reflecting economic growth concerns, which, in turn, weakened the ruble. The Economic Development Ministry significantly reduced its forecast for Russian GDP growth for 2013 to 2.4%. Generating negative returns during the Reporting Period were some smaller equity markets, including those of Egypt, Czech Republic, Colombia and South Africa.

For the Reporting Period overall, the MSCI Emerging Markets Index returned 5.29%.* Fifteen of the 21 countries in the MSCI Emerging Markets Index were up for the Reporting Period, with the Philippines (+32.35%) and Thailand (+21.85%) recording the largest gains. Taiwan (+12.47%) was the largest contributor on the basis of impact, which takes both weightings and total returns into account.

Eight of the 10 sectors in the MSCI Emerging Markets Index were positive for the Reporting Period, with financials (+12.28%) and consumer staples (+11.46%) gaining the most ground. The financials sector was the largest contributor to MSCI Emerging Markets Index returns on the basis of impact.

MARKET REVIEW

International Equities

The commitment to low interest rates and easy monetary policy from central banks in the U.S., Europe and Japan drove developed international equity performance during the Reporting Period, contributing to particularly strong returns amongst financials stocks.

Japanese equities surged during the Reporting Period and led returns within the MSCI Europe, Australasia, Far East (EAFE) Index (net, unhedged) (the “MSCI EAFE Index”). Japan’s Liberal Democratic Party returned to power late in 2012 after campaigning on a platform of establishing an inflation target and weakening the yen. Once elected, Japan’s new prime minister, Shinzo Abe, followed through on setting an inflation target, while the new head of the Bank of Japan, Haruhiku Kuroda, announced a decision to double Japan’s monetary base. The yen subsequently weakened to its lowest level against the U.S. dollar in four years. The sharp rally in Japanese equity markets reflected optimism that the aggressive policies from its government and central bank would end deflation and stimulate Japan’s economy. In addition, the Japanese equity market responded positively to the weaker yen, which benefits Japan’s export-oriented economy.

European equities advanced solidly, generally reflecting optimism regarding Europe’s ability to work through its debt issues, despite some volatility during the Reporting Period driven by a banking crisis in Cyprus and by Italy’s political stalemate. In April 2013, the International Monetary Fund (“IMF”) lowered slightly its forecast for the Eurozone to a 0.3% contraction in economic growth for calendar year 2013. Other lackluster economic data points for Europe during April 2013 fueled speculation that the European Central Bank (“ECB”) would cut interest rates in early May 2013. Such speculation boosted equity markets broadly and financials stocks in particular. Additionally, a previously well-regarded academic paper linking lower debt-to-GDP ratios and economic growth was repudiated, leading equity markets to reflect the possibility of less austerity in Europe’s future.

For the Reporting Period overall, the MSCI EAFE Index returned 16.90%.* All 22 countries in the MSCI EAFE Index were up for the Reporting Period, with Japan (+31.40%) and Greece (+25.79%) recording the largest gains. Japan was also the largest contributor on the basis of impact, which takes both weightings and total returns into account.

All 10 sectors in the MSCI EAFE Index posted positive returns for the Reporting Period, with consumer discretionary (+24.49%) and financials (+23.49%) gaining the most. The financials sector was also the largest contributor to MSCI EAFE Index returns on the basis of impact.

In the international small cap arena, the MSCI EAFE Small Cap Index (unhedged and net of dividend withholding taxes) (“MSCI EAFE Small Cap Index”) advanced 18.08%* during the Reporting Period. All 22 countries in the MSCI EAFE Small Cap Index were up for the Reporting Period, with Ireland (+39.57%) and Portugal (31.77%) posting the largest gains. Japan (+28.01%) was the largest contributor on the basis of impact, which takes both weightings and total returns into account.

Nine of the 10 sectors in the MSCI EAFE Small Cap Index recorded positive results for the Reporting Period, with telecommunication services (+27.90%) and consumer discretionary (+25.69%) gaining the most. The consumer discretionary sector was also the largest contributor to MSCI EAFE Small Cap Index returns on the basis of impact.

MARKET REVIEW

Looking Ahead

We continue to believe that less expensive stocks are likely to outpace more expensive stocks. In addition, we expect stocks with good momentum to outperform those with poor momentum. We plan to focus on seeking companies about which fundamental research analysts are becoming more positive as well as profitable companies with sustainable earnings and a track record of using their capital to enhance shareholder value. As such, we anticipate remaining fully invested, with long-term performance likely to be the result of stock selection rather than sector or capitalization allocations.

*All

index returns are expressed in U.S. dollar terms.

PORTFOLIO RESULTS

Goldman Sachs Emerging Markets Equity

Insights Fund

Portfolio Management Discussion and Analysis

Effective after the close of business on May 3, 2013, the Goldman Sachs Structured Emerging Markets Equity Fund was renamed the Goldman Sachs Emerging Markets Equity Insights Fund (the “Fund”). Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the six-month period ended April 30, 2013 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional and IR Shares generated cumulative total returns, without sales charges, of 9.93%, 9.31%, 9.99% and 9.97%, respectively. These returns compare to the 5.29% cumulative total return of the Fund’s benchmark, the MSCI Emerging Markets Standard Index (net, unhedged) (the “Index”), during the same period.

What key factors were most responsible for the Fund’s performance during the Reporting Period?

We use two distinct strategies — a bottom-up stock selection strategy and a top-down country/currency selection strategy — to manage the Fund. These strategies are uncorrelated, that is, they tend to perform independently of each other over time, which enables us to greater diversify the portfolio. During the Reporting Period, our country/currency selection strategy boosted the Fund’s relative returns. Our stock selection strategy, which uses fundamental research and stock selection models based on six investment themes, also added to relative performance.

Which investment themes helped and which hurt within the Team’s stock selection strategy?

Our bottom-up stock selection strategy performed well largely because of our investment themes. We use a quantitative model and six investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting those stocks chosen by the model. Over time and by design, the performance of any one of our model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of our theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit.

Momentum was the Fund’s best-performing theme during the Reporting Period. Momentum seeks to predict drifts in stock prices caused by delayed investor reaction to company- specific information and information about related companies. Sentiment, Valuation and Quality also enhanced relative performance. Our Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries, while Valuation attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. The Quality theme assesses both firm and management quality.

Our Management theme detracted from relative results. Management assesses the characteristics, policies and strategic decisions of company management. The impact of our Profitability theme, which assesses whether a company is earning more than its cost of capital, was relatively neutral during the Reporting Period.

How did the Fund’s sector and industry allocations affect relative results?

In constructing the portfolio, we focus on picking stocks rather than on making sector or industry bets. Consequently, the Fund is similar to the Index in terms of its sector and industry allocations and its style. Changes in its sector or industry weights generally do not have a meaningful impact on relative returns.

Did stock selection help or hurt Fund performance during the Reporting Period?

We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Momentum characteristics than the benchmark. During the Reporting Period, our security selection added to the Fund’s relative returns.

PORTFOLIO RESULTS

Which stock positions contributed most to the Fund’s relative returns during the Reporting Period?

Investments in the industrials, materials and financials sectors contributed positively to the Fund’s relative performance during the Reporting Period. The Fund benefited from overweighted positions in Turk Hava Yollari, a Turkish airline; Turkiye Vakiflar Bankasi, the fifth-largest bank in Turkey; and Great Wall Motors, a Chinese automobile manufacturer. The Fund was overweight Turk Hava Yollari because of our positive views on Valuation and Momentum. Our positive view on Sentiment led us to overweight Turkiye Vakiflar Bankasi. We adopted the overweight in Great Wall Motors because of our positive view on Management.

Which Fund positions detracted most from results during the Reporting Period?

Our stock picks in the information technology, consumer staples and utilities sectors detracted from relative performance during the Reporting Period. The Fund was hindered by overweighted positions in Hyundai Mobis, a Korean auto parts company, and Vodacom Group Limited, an African mobile communications company. The Fund’s underweight in Russian oil company Rosneft Oil also dampened relative returns. We chose to overweight Hyundai Mobis because of our positive views on Momentum and Valuation. The Fund was overweight Vodacom Group because of our positive view on Momentum. We assumed the underweight to Rosneft Oil based on our negative view on Management.

What impact did the Team’s country/currency selection strategy have on the Fund’s relative performance during the Reporting Period?

Our country/currency strategy added to the Fund’s relative performance during the Reporting Period. The Fund benefited from its overweighted positions relative to the Index in Turkey and the Philippines. Its underweight in South Africa was also advantageous. The Fund was hampered by its underweighted positions in Thailand and Taiwan. An overweight relative to the Index in the Czech Republic also detracted from relative results during the Reporting Period.

We made our picks using our proprietary models, which, during the Reporting Period, were based on three investment themes specific to our country/currency strategy — Valuation, Risk Premium, and Macro. Valuation favors equity and currency markets that appear cheap relative to fundamentals and purchasing power. Risk Premium evaluates whether a country is overcompensating investors for various types of risk. Macro assesses a market’s macroeconomic environment and growth prospects.

How did the Fund use derivatives and similar instruments during the Reporting Period?

During the Reporting Period, we used financial futures contracts to equitize the Fund’s cash holdings. In other words, we put the Fund’s cash holdings to work by using them as collateral for the purchase of financial futures contracts.

What changes did you make to the Fund’s country weightings during the Reporting Period?

We increased the Fund’s weightings relative to the Index in China, South Africa and Hungary and decreased its weightings compared to the Index in South Korea, Mexico and Poland.

What were the Fund’s sector and country weightings at the end of the Reporting Period?

At the end of the Reporting Period, the Fund was overweight relative to the Index in the financials, consumer discretionary and industrials sectors. It was underweight the materials, information technology, telecommunication services, energy, consumer staples and utilities sectors. Compared to the Index, the Fund was relatively neutral in the health care sector at the end of the Reporting Period.

In terms of countries, the Fund was overweight Russia, Turkey, Brazil, Hungary, Taiwan, China, Peru and India relative to the Index at the end of the Reporting Period. It was underweight South Korea, Mexico, Chile, Indonesia, Poland, Thailand, the Philippines, Malaysia, Colombia, South Africa, Egypt and the Czech Republic. At the end of the Reporting Period, the Fund was relatively neutral compared to the Index in Morocco.

FUND BASICS

Emerging Markets Equity Insights Fund

as of April 30, 2013

LOGO

PERFORMANCE REVIEW


November 1, 2012–April 30, 2013	Fund Total Return (based on NAV)¹			MSCI EMF Index²
Class A		9.93	%		5.29	%
Class C		9.31			5.29
Institutional		9.99			5.29
Class IR		9.97			5.29

The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

The MSCI Emerging Markets Standard Index (net, unhedged) (the “MSCI EMF Index”) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of December 31, 2012, the MSCI EMF Index consists of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³
For the period ended 3/31/13	One Year			Five Years	Since Inception			Inception Date
Class A		-0.19	%	0.64%		-1.90	%	10/5/07
Class C		3.85		1.14		-1.53		10/5/07
Institutional		6.02		2.20		-0.48		10/5/07
Class IR		5.76		N/A		8.05		8/31/10

The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.58	%		1.69	%
Class C		2.33			2.46
Institutional		1.18			1.30
Class IR		1.33			1.41

⁴

The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2014, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.


TOP TEN HOLDINGS AS OF 4/30/13⁵
Holding	% of Total Net Assets			Line of Business	Country
Samsung Electronics Co. Ltd.		4.6	%	Semiconductors & Semiconductor Equipment	South Korea
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		3.7		Semiconductors & Semiconductor Equipment	Taiwan
China Construction Bank Corp. Class H		3.0		Banks	China
China Mobile Ltd.		2.6		Telecommunication Services	Hong Kong
OAO Lukoil ADR		2.5		Energy	Russia
Vanguard FTSE Emerging Markets		2.5		Exchange Traded Fund	Other
Bank of China Ltd. Class H		2.4		Banks	China
Companhia de Bebidas das Americas Preference Shares ADR		1.9		Food, Beverage & Tobacco	Brazil
OTP Bank PLC		1.9		Banks	Hungary
Sberbank of Russia		1.9		Banks	Russia

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 2013

LOGO

⁶

The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall industry sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. Underlying sector allocations of exchange traded funds held by the Fund are not reflected in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.0% of the Fund’s net assets at April 30, 2013. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

PORTFOLIO RESULTS

Goldman Sachs International Equity Insights Fund

Portfolio Management Discussion and Analysis

Effective after the close of business on May 3, 2013, the Goldman Sachs Structured International Equity Fund was renamed the Goldman Sachs International Equity Insights Fund (the “Fund”). Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the six-month period ended April 30, 2013 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, B, C, Institutional, Service, IR and R Shares generated cumulative total returns, without sales charges, of 15.85%, 15.27%, 15.37%, 15.93%, 15.75%, 15.94% and 15.66%, respectively. These returns compare to the 16.90% cumulative total return of the Fund’s benchmark, the MSCI^® EAFE^® Index (unhedged and net of dividend withholding taxes) (the “Index”), during the same period.

What key factors were most responsible for the Fund’s performance during the Reporting Period?

We use two distinct strategies — a bottom-up stock selection strategy and a top-down country/currency selection strategy — to manage the Fund. These strategies are uncorrelated, that is, they tend to perform independently of each other over time, which enables us to greater diversify the portfolio. Our country/currency selection strategy detracted from the Fund’s relative performance during the Reporting Period. Our bottom-up stock selection strategy, which uses fundamental research and stock selection models based on six investment themes, added to the Fund’s relative results.

Which investment themes helped and which hurt within the Team’s stock selection strategy?

even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit.

Our Momentum theme, which seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies, added most to relative returns. Valuation and Sentiment also enhanced relative performance. Valuation attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. Sentiment reflects selected investment views and decisions of individuals and financial intermediaries.

None of our investment themes detracted from the fund’s relative performance during the Reporting Period. Our Quality, Profitability and Management themes had a relatively neutral impact on relative results. Quality assesses both firm management and management quality. Profitability assesses whether a company is earning more than its cost of capital, while Management assesses the characteristics, policies and strategic decisions of company management.

How did the Fund’s sector and industry allocations affect relative results?

Did stock selection help or hurt Fund performance during the Reporting Period?

We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index.

The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a

PORTFOLIO RESULTS

basket of stocks with better Momentum characteristics than the benchmark. During the Reporting Period, our security selection added to the Fund’s relative returns.

Which stock positions contributed most to the Fund’s relative returns during the Reporting Period?

Investments in the financials, health care and materials sectors contributed positively to the Fund’s relative performance during the Reporting Period. The Fund benefited from overweighted positions in London-headquartered airline company easyJet, British financial services firm Barclays and Japan-based real estate company Tokyu Land. We adopted the overweight to easyJet and Tokyu Land because of our positive views on Momentum and Sentiment. The overweight in Barclays was the result of our positive views on Momentum and Valuation.

Which Fund positions detracted most from results during the Reporting Period?

Security selection in the consumer discretionary, energy and information technology sectors detracted from relative returns during the Reporting Period. The Fund was hampered by overweighted positions in Petrofac, a U.K.-based provider of facilities services to the oil, gas and energy production and processing industries; Deutsche Bank, a German global banking and financial services firm; and Compagnie Generale des Etablissements Michelin, a France-based tire manufacturer. We chose to overweight Petrofac and Compagnie Generale des Etablissements Michelin because of our positive views on Profitability and Momentum. The overweight to Deutsche Bank was established because of our positive views on Valuation and Momentum.

How did the Fund use derivatives and similar instruments during the Reporting Period?

What impact did the Team’s country/currency selection strategy have on the Fund’s relative performance during the Reporting Period?

Our country/currency selection strategy hurt the Fund’s relative performance during the Reporting Period. The Fund’s underweighted positions in Italy and Japan and its overweighted position in the U.K. detracted from returns. On the positive side, the Fund benefited from underweighted positions in Hong Kong and Spain and an overweighted position in Belgium.

We made our picks using our proprietary models, which, during the Reporting Period, were based on five investment factors specific to our country/ currency strategy — Valuation, Momentum, Risk Premium, Fund Flows and Macro. Valuation favors equity and currency markets that appear cheap relative to fundamentals and purchasing power. The Momentum factor favors countries and currencies that have had strong recent outperformance. Risk Premium evaluates whether a country is overcompensating investors for various types of risk, while Fund Flows evaluates the strength of capital market inflows. Finally, Macro assesses a market’s macroeconomic environment and growth prospects.

What changes did you make to the Fund’s country weightings during the Reporting Period?

During the Reporting Period, we moved the Fund from an underweight relative to the Index in Japan to an overweighted position. We increased the Fund’s overweight in Norway and decreased its underweight in Australia. We also shifted the Fund from overweighted positions compared to the Index in Germany, Hong Kong and Sweden to underweighted positions.

What were the Fund’s sector and country weightings at the end of the Reporting Period?

At the end of the Reporting Period, the Fund was overweight the consumer discretionary, health care, consumer staples, financials, industrials and energy sectors relative to the Index. The Fund was underweight the materials, utilities, telecommunication services and information technology sectors at the end of the Reporting Period.

In terms of countries, the Fund was overweight relative to the Index in the U.K., France, Japan, Norway, Belgium and the Netherlands. It was underweight in Australia, Hong Kong, Switzerland, Sweden, Germany, Spain, Finland, Italy, Singapore and Ireland. Compared to the Index, the Fund was relatively neutral in Denmark, Israel, New Zealand, Greece, Austria and Portugal at the end of the Reporting Period.

FUND BASICS

International Equity Insights Fund

as of April 30, 2013

LOGO


PERFORMANCE REVIEW
November 1, 2012–April 30, 2013	Fund Total Return (based on NAV)¹			MSCI EAFE (Net) Index²
Class A		15.85	%		16.90	%
Class B		15.27			16.90
Class C		15.37			16.90
Institutional		15.93			16.90
Service		15.75			16.90
Class IR		15.94			16.90
Class R		15.66			16.90

¹The

net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

²The

unmanaged MSCI Europe, Australasia, Far East (EAFE) (Net) Index (unhedged, with dividends reinvested) (the “Index”) is a market capitalization-weighted composite of securities in 22 developed markets (as of December 31, 2012). The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³
For the period ended 3/31/13	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		3.54	%		-3.59	%		8.08	%		2.54	%	8/15/97
Class B		3.51			-3.63			8.06			2.64		8/15/97
Class C		7.70			-3.21			7.93			2.27		8/15/97
Institutional		9.98			-2.10			9.16			3.44		8/15/97
Service		9.44			-2.58			8.63			2.94		8/15/97
Class IR		9.86			-2.24			N/A			-4.34		11/30/07
Class R		9.23			-2.70			N/A			-4.78		11/30/07

³The

Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Class B Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after purchase. Returns for Class B Shares for the period after conversion reflect the performance of Class A Shares. Because Institutional, Service, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. The Fund’s Class B Shares are no longer available for purchase by new or existing shareholders (although current Class B shareholders may continue to reinvest income and capital gains distributions into Class B Shares, and Class B shareholders may continue to exchange their shares for Class B Shares of certain other Goldman Sachs Funds).

The

returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.28	%		1.37	%
Class B		2.04			2.12
Class C		2.04			2.12
Institutional		0.88			0.97
Service		1.38			1.47
Class IR		1.04			1.11
Class R		1.53			1.62

⁴The

expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2014, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.


TOP TEN HOLDINGS AS OF 4/30/13⁵
Holding	% of Total Net Assets			Line of Business	Country
HSBC Holdings PLC		3.1	%	Banks	United Kingdom
BASF SE		2.3		Materials	Germany
Swiss Re AG		2.3		Insurance	Switzerland
Royal Dutch Shell PLC Class A		2.2		Energy	Netherlands
Compagnie Generale des Etablissements Michelin Class B		2.1		Automobiles & Components	France
Daihatsu Motor Co. Ltd.		2.0		Automobiles & Components	Japan
Royal Dutch Shell PLC Class B		1.8		Energy	Netherlands
Sanofi		1.7		Pharmaceuticals, Biotechnology & Life Sciences	France
British American Tobacco PLC		1.6		Food, Beverage & Tobacco	United Kingdom
Bayer AG (Registered)		1.6		Pharmaceuticals, Biotechnology & Life Sciences	Germany

⁵The

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 2013

LOGO

⁶The

Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall industry sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 9.7% of the Fund’s net assets at April 30, 2013. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

PORTFOLIO RESULTS

Goldman Sachs International Small Cap

Insights Fund

Portfolio Management Discussion and Analysis

Effective after the close of business on May 3, 2013, the Goldman Sachs Structured International Small Cap Fund was renamed the Goldman Sachs International Small Cap Insights Fund (the “Fund”). Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the six-month period ended April 30, 2013 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional and IR Shares generated cumulative total returns, without sales charges, of 18.84%, 18.39%, 19.07% and 18.99%, respectively. These returns compare to the 18.08% cumulative total return of the Fund’s benchmark, the MSCI^® EAFE^® Small Cap Index (unhedged and net of dividend withholding taxes) (the “Index”), during the same period.

What key factors were most responsible for the Fund’s performance during the Reporting Period?

As expected, and in keeping with our investment approach, our quantitative model and its six investment themes had the greatest impact on relative performance. We use these themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting those stocks chosen by the model. Over time and by design, the performance of any one of our model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of our theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit.

The Fund outperformed the Index during the Reporting Period largely because of our investment themes. Momentum was our best-performing theme. Momentum seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. Valuation and Sentiment also contributed positively. The Valuation theme attempts to

capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. Sentiment reflects selected investment views and decisions of individuals and financial intermediaries. Quality and Profitability also added value, though to a lesser extent. Quality assesses both firm and management quality. Profitability assesses whether a company is earning more than its cost of capital.

The impact of our Management theme, which assesses the characteristics, policies and strategic decisions of company management, was relatively neutral during the Reporting Period.

How did the Fund’s sector and industry allocations affect relative results?

Did stock selection help or hurt Fund performance during the Reporting Period?

PORTFOLIO RESULTS

Which stock positions contributed most to the Fund’s relative returns during the Reporting Period?

Security selection in the materials, industrials and health care sectors added to the Fund’s relative performance during the Reporting Period. The Fund benefited from overweighted positions in London-headquartered airline company easyJet; Japanese real estate company Tokyo Tatemono; and Japan-based holding company primarily engaged in securities businesses Tokai Tokyo Financial Holdings. We chose to overweight all three names because of our positive views on Momentum and Sentiment.

Which Fund positions detracted most from results during the Reporting Period?

Investments in the consumer discretionary, information technology and utilities sectors detracted from the Fund’s relative results during the Reporting Period. The Fund was hurt by its overweighted positions in Debenhams, a U.K. retailer; Danieli & Co. Officine Meccaniche, an Italy-based company that engages in the design and construction of iron and steel plants; and Cabcharge Australia, a provider of taxi-related services. We adopted the overweight in Debenhams as a result of our positive views on Management and Momentum. The Fund was overweight Danieli & Co. Officine Meccaniche because of our positive views on Sentiment and Value. It was overweight Cabcharge Australia because of our positive views on Management and Quality.

What impact did country selection have on the Fund’s relative performance during the Reporting Period?

To construct the portfolio, we focus on security selection rather than on making country bets. As a result, the Fund is similar to the Index in terms of its country allocation; changes in its country weightings are generally the result of our stock picking. That said, the Fund benefited during the Reporting Period from overweights in U.K. and Danish stocks relative to the Index as well as from an underweight in Japanese stocks. The Fund was hampered by its underweighted positions compared to the Index in the stocks of Ireland, the Netherlands and Switzerland. Security selection in all six countries added to returns.

How did the Fund use derivatives and similar instruments during the Reporting Period?

What changes did you make to the Fund’s country weightings during the Reporting Period?

The largest shifts we made during the Reporting Period were to increase the Fund’s weightings compared to the Index in France, Switzerland and Norway and to decrease the Fund’s relative weightings in Sweden, Austria and Finland.

What were the Fund’s sector and country weightings at the end of the Reporting Period?

At the end of the Reporting Period, the Fund was overweight the financials, consumer discretionary, health care and energy sectors relative to the Index. It was underweight the materials, information technology, consumer staples, utilities and telecommunication services sectors. Compared to the Index, the Fund was relatively neutral in the industrials sector at the end of the Reporting Period.

In terms of countries, the Fund was overweight Italy, Denmark, France, Sweden, Norway and Australia relative to the Index. It was underweight Ireland, Switzerland, Greece, Finland, the Netherlands, Austria, New Zealand, Spain and Germany. At the end of the Reporting Period, the Fund was relatively neutral compared to the Index in the U.K., Hong Kong, Israel, Singapore, Portugal, Belgium and Japan.

FUND BASICS

International Small Cap Insights Fund

as of April 30, 2013

LOGO


PERFORMANCE REVIEW
November 1, 2012–April 30, 2013	Fund Total Return (based on NAV)¹			MSCI EAFE Small Cap Index²
Class A		18.84	%		18.08	%
Class C		18.39			18.08
Institutional		19.07			18.08
Class IR		18.99			18.08

The MSCI EAFE Small Cap (Net) Index (unhedged and net of dividend withholding taxes) is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the US and Canada. MSCI selects the most liquid securities across developed markets relative to their market capitalization, and targets for index inclusion 40% of the full market capitalization of the eligible small cap universe within each industry group, within each country. Its returns include net reinvested dividends but, unlike Fund returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the Index. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³
For the period ended 3/31/13	One Year			Five Years	Since Inception			Inception Date
Class A		8.15	%	3.07%		0.20	%	9/28/07
Class C		12.55		3.50		0.52		9/28/07
Institutional		14.76		4.63		1.64		9/28/07
Class IR		14.66		N/A		15.20		8/31/10

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.30	%		1.51	%
Class C		2.05			2.26
Institutional		0.90			1.11
Class IR		1.05			1.26

⁴


TOP TEN HOLDINGS AS OF 4/30/13⁵
Holding	% of Total Net Assets			Line of Business	Country
Fred Olsen Energy ASA		1.1	%	Energy	Norway
Topdanmark A/S		1.0		Insurance	Denmark
Daiichikosho Co. Ltd.		1.0		Media	Japan
easyJet PLC		0.9		Transportation	United Kingdom
William Hill PLC		0.8		Consumer Services	United Kingdom
Mondi PLC		0.8		Materials	United Kingdom
Kawasaki Kisen Kaisha Ltd.		0.7		Transportation	Japan
Tokyo Tatemono Co. Ltd.		0.7		Real Estate	Japan
Australian Infrastructure Fund		0.7		Transportation	Australia
GN Store Nord A/S		0.7		Health Care Equipment & Services	Denmark

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 2013

LOGO

⁶

The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investment in the securities lending reinvestment vehicle represented 6.1% of the Fund’s net assets at April 30, 2013. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – 92.0%
	Brazil – 9.9%
	491,200	Arteris SA (Transportation)	$	5,474,827
	219,100	Banco Bradesco SA (Banks)		3,793,389
	305,500	Banco Bradesco SA ADR (Banks)		5,068,245
	405,600	Banco do Brasil SA (Banks)		5,094,454
	981,600	CCR SA (Transportation)		9,704,385
	650,400	CIA de Saneamento Basico do Estado de Sao Paulo ADR (Utilities)^(a)		9,300,720
	18,900	Companhia de Bebidas das Americas (Food, Beverage & Tobacco)		772,720
	985,490	Duratex SA (Materials)		7,452,437
	224,300	Grupo BTG Pactual (Diversified Financials)		3,725,347
	24,300	M. Dias Branco SA (Food, Beverage & Tobacco)		1,080,945
	198,800	Minerva SA (Food, Beverage & Tobacco)*		1,132,735
	228,100	Multiplus SA (Commercial & Professional Services)		3,743,998
	211,200	Petroleo Brasileiro SA ADR (Energy)		4,044,480
	417,500	Porto Seguro SA (Insurance)		5,239,748

				65,628,430

	Chile – 0.2%
	111,881	Administradora de Fondos de Pensiones Provida SA (Diversified Financials)		774,460
	180,476	AFP Habitat SA (Diversified Financials)		359,458
	5,243	Banco de Credito e Inversiones (Banks)		376,289

				1,510,207

	China – 12.1%
	1,458,000	Agile Property Holdings Ltd. (Real Estate)		1,890,209
	8,458,000	Air China Ltd. Class H (Transportation)		6,856,513
	33,351,000	Bank of China Ltd. Class H (Banks)		15,626,090
	336,000	Beijing Capital International Airport Co. Ltd. Class H (Transportation)		233,426
	3,381,000	China Communications Construction Co. Ltd. Class H (Capital Goods)		3,245,045
	23,811,000	China Construction Bank Corp. Class H (Banks)		19,984,824
	3,289,500	China Merchants Bank Co. Ltd. Class H (Banks)		7,026,742
	3,138,000	China Minsheng Banking Corp. Ltd. Class H (Banks)		4,036,984
	1,372,000	China Railway Construction Corp. Ltd. Class H (Capital Goods)		1,387,032
	1,354,000	China Southern Airlines Co. Ltd. Class H (Transportation)		714,173
	3,648,000	CNOOC Ltd. (Energy)		6,832,960

	Common Stocks – (continued)
	China – (continued)
	835,000	Great Wall Motor Co. Ltd. Class H (Automobiles & Components)	$	3,628,056
	2,604,400	Guangzhou R&F Properties Co. Ltd. Class H (Real Estate)		4,726,026
	594,000	Huaneng Power International, Inc. Class H (Utilities)		688,246
	2,266,000	Lenovo Group Ltd. (Technology Hardware & Equipment)		2,072,893
	1,920,000	Sino-Ocean Land Holdings Ltd. Class H (Real Estate)		1,267,471

				80,216,690

	Colombia – 0.5%
	63,349	Ecopetrol SA ADR (Energy)^(a)		3,013,512

	Hong Kong – 7.1%
	1,587,000	China Mobile Ltd. (Telecommunication Services)		17,454,803
	2,796,000	China Overseas Land & Investment Ltd. (Real Estate)		8,536,920
	1,568,000	China Resources Power Holdings Co. Ltd. (Utilities)		5,134,123
	250,000	COSCO Pacific Ltd. (Transportation)		332,126
	1,154,000	Kunlun Energy Co. Ltd. (Energy)		2,261,577
	3,356,500	KWG Property Holding Ltd. (Real Estate)		2,320,833
	354,000	Lee & Man Paper Manufacturing Ltd. (Materials)		264,052
	2,150,000	Shenzhen Investment Ltd. (Real Estate)		903,547
	2,340,500	Shimao Property Holdings Ltd. (Real Estate)		5,051,197
	956,000	Sino Biopharmaceutical (Pharmaceuticals, Biotechnology & Life Sciences)		659,664
	13,204,000	Yuexiu Property Co. Ltd. (Real Estate)		3,914,354

				46,833,196

	Hungary – 1.9%
	614,820	OTP Bank PLC (Banks)		12,836,393

	India – 7.9%
	25,970	Asian Paints Ltd. (Materials)		2,259,795
	36,792	Bajaj Auto Ltd. (Automobiles & Components)		1,285,934
	58,196	Bajaj Holdings and Investment Ltd. (Diversified Financials)		962,314
	475,909	Gitanjali Gems Ltd. (Consumer Durables & Apparel)		5,458,709
	190,878	Glenmark Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,727,212
	263,665	HCL Technologies Ltd. (Software & Services)		3,527,336


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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND


Shares		Description	Value
	Common Stocks – (continued)
	India – (continued)
	847,601	Indiabulls Financial Services Ltd. (Diversified Financials)	$	4,276,157
	634,185	Indian Bank (Banks)		2,010,926
	112,054	ITC Ltd. (Food, Beverage & Tobacco)		684,703
	178,490	Mahindra & Mahindra Ltd. (Automobiles & Components)		3,066,560
	96,662	Oil & Natural Gas Corp. Ltd. (Energy)		587,249
	788,454	Reliance Industries Ltd. (Energy)		11,550,500
	223,377	Rural Electrification Corp. Ltd. (Diversified Financials)		931,694
	419,831	Satyam Computer Services Ltd. (Software & Services)*		861,429
	3,179	Shree Cement Ltd. (Materials)		266,032
	40,800	Tata Consultancy Services Ltd. (Software & Services)		1,044,286
	80,637	Tech Mahindra Ltd. (Software & Services)		1,432,950
	35,343	United Spirits Ltd. (Food, Beverage & Tobacco)		1,450,424
	76,620	Wockhardt Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*		2,711,175
	1,401,039	Zee Entertainment Enterprises Ltd. (Media)		6,092,271

				52,187,656

	Indonesia – 1.5%
	2,064,000	PT Bank Negara Indonesia (Persero) Tbk (Banks)		1,147,875
	1,310,500	PT Bank Rakyat Indonesia (Persero) Tbk (Banks)		1,269,252
	1,305,000	PT Indocement Tunggal Prakarsa Tbk (Materials)		3,550,960
	314,500	PT Indofood CBP Sukses Makmur Tbk (Food, Beverage & Tobacco)		370,644
	1,672,000	PT Indofood Sukses Makmur Tbk (Food, Beverage & Tobacco)		1,265,535
	2,911,000	PT Perusahaan Gas Negara Persero Tbk (Utilities)		1,872,433
	190,000	PT Semen Indonesia (Persero) Tbk (Materials)		360,093

				9,836,792

	Luxembourg – 0.1%
	239,490	Brait SE (Diversified Financials)*		978,403

	Malaysia – 2.7%
	4,667,000	AMMB Holdings Berhad (Diversified Financials)		10,277,371
	2,313,000	Genting Malaysia Berhad (Consumer Services)		2,861,137
	640,200	IHH Healthcare Bhd (Health Care Equipment & Services)*		789,750
	957,100	KLCC Property Holdings Berhad (Real Estate)		2,280,682

	Common Stocks – (continued)
	Malaysia – (continued)
	409,500	Kulim Malaysia Berhad (Food, Beverage & Tobacco)	$	481,844
	733,000	Top Glove Corp. Berhad (Health Care Equipment & Services)		1,522,616

				18,213,400

	Mexico – 3.5%
	47,300	Arca Continental SAB de CV (Food, Beverage & Tobacco)		390,093
	5,520	Coca-Cola Femsa SAB de CV ADR (Food, Beverage & Tobacco)		890,762
	74,900	Controladora Comercial Mexicana SA de CV (Food & Staples Retailing)		289,180
	20,470	Grupo Aeroportuario del Pacifico SAB de CV ADR (Transportation)		1,184,804
	72,010	Grupo Aeroportuario del Sureste SAB de CV ADR (Transportation)		8,937,161
	129,900	Grupo Carso SAB de CV Series A-1 (Capital Goods)		741,488
	30,300	Grupo Financiero Banorte SAB de CV Class O (Banks)		228,480
	121,100	Grupo Modelo SAB de CV Series C (Food, Beverage & Tobacco)		1,101,861
	319,400	Grupo Televisa SAB ADR (Media)		8,087,208
	351,200	Kimberly-Clark de Mexico SAB de CV Class A (Household & Personal Products)		1,218,265

				23,069,302

	Peru – 1.4%
	62,000	Credicorp Ltd. (Banks)		9,336,580

	Philippines – 0.2%
	429,840	Universal Robina Corp. (Food, Beverage & Tobacco)		1,240,678

	Poland – 0.5%
	39,650	KGHM Polska Miedz SA (Materials)		1,865,566
	207,028	PGE SA (Utilities)		1,075,919
	155,597	Synthos SA (Materials)		232,091

				3,173,576

	Russia – 8.6%
	25,776	Mail.ru Group Ltd. GDR (Software & Services)		695,952
	103,729	OAO Gazprom Neft ADR (Energy)^(a)		2,119,273
	263,443	OAO Lukoil ADR (Energy)		16,750,753
	1,656,800	OAO Rosneft GDR (Energy)		11,363,222
	42,242	OJSC Magnit GDR (Food & Staples Retailing)		2,158,581
	263,640	OJSC MMC Norilsk Nickel ADR (Materials)		4,069,463
	300,000	OJSC Mobile Telesystems ADR (Telecommunication Services)		6,210,000


The accompanying notes are an integral part of these financial statements.		23

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2013 (Unaudited)


Shares		Description	Value
	Common Stocks – (continued)
	Russia – (continued)
	89,378	Phosagro OAO GDR (Materials)	$	1,265,480
	3,921,910	Sberbank of Russia (Banks)		12,514,886

				57,147,610

	South Africa – 6.2%
	346,517	AVI Ltd. (Food, Beverage & Tobacco)		2,085,242
	242,903	Liberty Holdings Ltd. (Insurance)		3,237,783
	514,486	Mondi Ltd. (Materials)		6,920,933
	243,969	MTN Group Ltd. (Telecommunication Services)		4,402,663
	21,123	Naspers Ltd. (Media)		1,415,508
	195,524	Netcare Ltd. (Health Care Equipment & Services)		444,496
	270,061	Pick’n Pay Holdings Ltd. (Food & Staples Retailing)		534,193
	2,080,835	Sanlam Ltd. (Insurance)		10,676,389
	640,877	Super Group Ltd. (Retailing)*		1,721,908
	831,576	Vodacom Group Ltd. (Telecommunication Services)		9,753,203

				41,192,318

	South Korea – 8.5%
	1,359	AmorePacific Group (Household & Personal Products)		516,004
	26,210	Grand Korea Leisure Co. Ltd. (Consumer Services)		814,984
	2,685	Hanmi Pharm Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*		396,678
	9,670	Hanwha Corp. (Materials)		274,109
	36,990	Hanwha Life Insurance Co. Ltd. (Insurance)*		225,219
	19,540	Hyundai Marine & Fire Insurance Co. Ltd. (Insurance)		550,500
	52,403	Hyundai Mobis (Automobiles & Components)		11,914,829
	24,316	Hyundai Motor Co. (Automobiles & Components)		4,415,377
	1,957	Hyundai Wia Corp. (Automobiles & Components)		252,895
	73,700	Iljin Display Co. Ltd. (Semiconductors & Semiconductor Equipment)		1,464,250
	17,300	Korea Gas Corp. (Utilities)		1,110,823
	197,460	Macquarie Korea Infrastructure Fund (Diversified Financials)		1,251,623
	8,754	Modetour Network, Inc. (Consumer Services)		209,792
	13,021	Paradise Co. Ltd. (Consumer Services)		270,458
	22,041	Samsung Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment)		30,483,153

	Common Stocks – (continued)
	South Korea – (continued)
	5,651	Samsung Life Insurance Co. Ltd. (Insurance)	$	557,013
	16,714	Samyang Holdings Corp. (Food, Beverage & Tobacco)		1,421,245
	43,550	Woori Finance Holdings Co. Ltd. (Banks)		471,563

				56,600,515

	Taiwan – 12.5%
	1,233,000	Asia Cement Corp. (Materials)		1,565,570
	913,880	Asustek Computer, Inc. (Technology Hardware & Equipment)		10,644,283
	703,000	Cathay Financial Holding Co. Ltd. (Insurance)		947,237
	463,000	Cheng Shin Rubber Industry Co. Ltd. (Automobiles & Components)		1,570,376
	14,000	Chicony Electronics Co. Ltd. (Technology Hardware & Equipment)		41,188
	976,000	Chipbond Technology Corp. (Semiconductors & Semiconductor Equipment)		2,488,087
	553,000	Chong Hong Construction Co. (Real Estate)		1,913,437
	166,000	Farglory Land Development Co. Ltd. (Real Estate)		317,220
	1,060,000	Fubon Financial Holding Co. Ltd. (Diversified Financials)		1,516,579
	421,000	Grape King Industrial Co. (Household & Personal Products)		1,513,895
	1,070,000	Huang Hsiang Construction Co. (Real Estate)		2,850,339
	228,000	Makalot Industrial Co. Ltd. (Consumer Durables & Apparel)		966,255
	2,296,505	Mega Financial Holding Co. Ltd. (Banks)		1,772,805
	324,000	Novatek Microelectronics Corp. Ltd. (Semiconductors & Semiconductor Equipment)		1,584,066
	4,703,000	Pou Chen Corp. (Consumer Durables & Apparel)		5,551,389
	881,000	Radiant Opto-Electronics Corp. (Semiconductors & Semiconductor Equipment)		3,586,120
	628,000	Sigurd Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		656,147
	14,433,000	Taishin Financial Holding Co. Ltd. (Banks)		6,271,158
	1,287,000	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment)		24,555,960


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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND


Shares		Description	Value
	Common Stocks – (continued)
	Taiwan – (continued)
	4,494,190	Uni-President Enterprises Corp. (Food, Beverage & Tobacco)	$	8,855,797
	3,331,000	Vanguard International Semiconductor Corp. (Semiconductors & Semiconductor Equipment)		3,638,500

				82,806,408

	Thailand – 1.8%
	43,100	Airports of Thailand PCL (Transportation)		212,250
	6,293,500	CP ALL PCL (Food & Staples Retailing)		9,442,585
	139,300	Ratchaburi Electricity Generating Holding PCL (Utilities)		281,490
	899,000	Supalai PCL (Real Estate)		629,027
	361,100	Thai Oil PCL (Energy)		814,020
	426,600	Tisco Financial Group PCL (Banks)		873,290

				12,252,662

	Turkey – 4.9%
	17,044	Coca-Cola Icecek AS (Food, Beverage & Tobacco)		475,986
	233,823	Dogus Otomotiv Servis ve Ticaret AS (Retailing)		1,490,587
	2,536,348	Turk Hava Yollari (Transportation)*		10,567,712
	3,212,786	Turkiye Is Bankasi Class C (Banks)		12,427,033
	911,277	Turkiye Sinai Kalkinma Bankasi AS (Banks)		1,313,389
	1,149,500	Turkiye Vakiflar Bankasi T.A.O Class D (Banks)		4,113,315
	249,251	Ulker Biskuvi Sanayi AS (Food, Beverage & Tobacco)		2,134,153
	25,750	Yazicilar Holding AS Class A (Capital Goods)		307,710

				32,829,885

	TOTAL COMMON STOCKS
	(Cost $551,455,875)		$	610,904,213


	Preferred Stocks – 5.1%
	Brazil – 4.4%
	306,900	Companhia de Bebidas das Americas Preference Shares ADR (Food, Beverage & Tobacco)		12,895,938
	204,600	Itausa – Investimentos Itau SA Preference Shares (Banks)		1,020,571
	1,388,900	Klabin SA Preference Shares (Materials)		9,454,864
	596,200	Petroleo Brasileiro SA Preference Shares (Energy)		5,986,584

				29,357,957

	Preferred Stocks – (continued)
	Chile – 0.1%
	69,284	Coca-Cola Embonor SA Preference Shares Class B (Food, Beverage & Tobacco)	$	216,260
	41,149	Embotelladora Andina SA Preference Shares Class B (Food, Beverage & Tobacco)		279,598

				495,858

	Russia – 0.1%
	1,072,584	OJSC Surgutneftegas Preference Shares (Energy)		758,237
	87,900	Sberbank of Russia Preference Shares (Banks)		204,558

				962,795

	South Korea – 0.5%
	8,163	Hyundai Motor Co. Preference Shares (Automobiles & Components)		616,185
	3,014	Samsung Electronics Co. Ltd. Preference Shares (Semiconductors & Semiconductor Equipment)		2,388,373

				3,004,558

	TOTAL PREFERRED STOCKS
	(Cost $30,935,752)		$	33,821,168


	Exchange Traded Fund – 2.4%
	Other – 2.4%
	372,903	Vanguard FTSE Emerging Markets	$	16,318,235
	(Cost $16,108,918)


Units	Description	Expiration Month		Value
Right – 0.0%
Thailand – 0.0%
42,660	Tisco Financial Group PCL (Banks)*		06/13	$	52,445
(Cost $0)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $598,500,545)				$	661,096,061


The accompanying notes are an integral part of these financial statements.		25

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND


Shares		Rate	Value
	Securities Lending Reinvestment Vehicle^(b)(c) – 1.0%
	Goldman Sachs Financial Square Money Market Fund – FST Shares
	6,410,410	0.109%	$	6,410,410
	(Cost $6,410,410)

	TOTAL INVESTMENTS – 100.5%
	(Cost $604,910,955)		$	667,506,471

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.5)%			(3,483,987	)

	NET ASSETS – 100.0%		$	664,022,484


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2013.
(c)		Represents an affiliated issuer.



Investment Abbreviations:
ADR		—American Depositary Receipt
GDR		—Global Depositary Receipt


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – 96.7%
	Australia – 5.3%
	755,310	Arrium Ltd. (Materials)	$	667,850
	7,040	Australia & New Zealand Banking Group Ltd. (Banks)		232,652
	1,267,390	Australian Infrastructure Fund (Transportation)		4,138,795
	325,464	AWE Ltd. (Energy)*		435,872
	65,717	BHP Billiton Ltd. (Materials)		2,209,337
	286,394	BlueScope Steel Ltd. (Materials)*		1,474,708
	119,827	Commonwealth Bank of Australia (Banks)		9,133,322
	71,856	David Jones Ltd. (Retailing)		222,109
	142,664	DuluxGroup Ltd. (Materials)		694,452
	768,728	Fortescue Metals Group Ltd. (Materials)		2,808,087
	590,109	Insurance Australia Group Ltd. (Insurance)		3,562,836
	87,973	Macquarie Group Ltd. (Diversified Financials)		3,578,894
	132,498	NIB Holdings Ltd. (Insurance)		323,263
	84,944	Primary Health Care Ltd. (Health Care Equipment & Services)		464,247
	111,665	Ramsay Health Care Ltd. (Health Care Equipment & Services)		3,707,979
	53,930	RCR Tomlinson Ltd. (Capital Goods)		126,425
	125,428	Skilled Group Ltd. (Commercial & Professional Services)		370,933
	65,717	Tatts Group Ltd. (Consumer Services)		222,860
	1,247,317	Westfield Retail Trust (REIT)		4,264,950
	266,154	Westpac Banking Corp. (Banks)		9,336,688
	37,916	Woodside Petroleum Ltd. (Energy)		1,479,244
	199,681	Woolworths Ltd. (Food & Staples Retailing)		7,541,800

				56,997,303

	Austria – 0.2%
	53,879	Raiffeisen Bank International AG (Banks)^(a)		1,901,932

	Belgium – 1.5%
	109,845	Anheuser-Busch InBev NV (Food, Beverage & Tobacco)^(a)		10,552,872
	16,451	Delhaize Group SA (Food & Staples Retailing)		1,029,395
	10,592	Groupe Bruxelles Lambert SA (Diversified Financials)^(a)		819,806
	96,682	KBC Groep NV (Banks)		3,784,224

				16,186,297

	Bermuda – 0.3%
	207,277	Catlin Group Ltd. (Insurance)		1,694,402
	119,267	Hiscox Ltd. (Insurance)		1,039,594
	72,292	Hiscox Ltd. Class B (Insurance)*		56,148

				2,790,144


	Common Stocks – (continued)
	China – 0.0%
	471,000	China Minzhong Food Corp. Ltd. (Food, Beverage & Tobacco)*	$	383,854

	Denmark – 1.3%
	55,011	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)		9,683,302
	51,489	Pandora A/S (Consumer Durables & Apparel)^(a)		1,575,429
	91,803	Topdanmark A/S (Insurance)*		2,356,642

				13,615,373

	Finland – 0.2%
	73,718	Orion OYJ Class B (Pharmaceuticals, Biotechnology & Life Sciences)		2,118,491

	France – 11.8%
	195,988	AXA SA (Insurance)		3,670,193
	237,310	BNP Paribas SA (Banks)		13,231,909
	268,411	Compagnie Generale des Etablissements Michelin Class B (Automobiles & Components)		22,697,349
	199,108	Danone SA (Food, Beverage & Tobacco)^(a)		15,185,599
	4,807	Euler Hermes SA (Insurance)		459,656
	42,344	Fonciere Des Regions (REIT)^(a)		3,378,530
	41,812	JCDecaux SA (Media)		1,150,373
	353,192	Legrand SA (Capital Goods)		16,482,965
	6,476	Plastic Omnium SA (Automobiles & Components)		316,459
	16,792	PPR (Retailing)		3,698,789
	165,791	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)		17,924,591
	20,568	SCOR SE (Insurance)^(a)		624,232
	264,531	Total SA (Energy)		13,315,714
	285,071	Vinci SA (Capital Goods)		13,742,374

				125,878,733

	Germany – 6.4%
	263,872	BASF SE (Materials)^(a)		24,701,732
	160,873	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)^(a)		16,818,708
	257,035	Commerzbank AG (Banks)*		3,469,153
	45,417	Continental AG (Automobiles & Components)*		5,402,254
	50,426	Freenet AG (Telecommunication Services)		1,257,258
	16,781	Gildemeister AG (Capital Goods)^(a)		379,469
	6,422	Hannover Rueckversicherung SE (Registered) (Insurance)^(a)		543,340
	5,874	Henkel AG & Co. KGaA (Household & Personal Products)		460,425
	45,440	Merck KGaA (Pharmaceuticals, Biotechnology & Life Sciences)^(a)		6,922,629


The accompanying notes are an integral part of these financial statements.		27

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Germany – (continued)
	95,025	SAP AG (Software & Services)	$	7,575,578
	28,789	SMA Solar Technology AG (Semiconductors & Semiconductor Equipment)^(a)		715,370

				68,245,916

	Hong Kong – 0.8%
	286,800	AIA Group Ltd. (Insurance)		1,275,818
	139,000	CLP Holdings Ltd. (Utilities)		1,226,037
	32,000	First Pacific Co. Ltd. (Diversified Financials)		44,319
	26,500	Hang Seng Bank Ltd. (Banks)		443,887
	63,000	Hutchison Whampoa Ltd. (Capital Goods)		685,391
	9,500	Jardine Strategic Holdings Ltd. (Capital Goods)		370,969
	509,200	MGM China Holdings Ltd. (Consumer Services)		1,202,011
	231,000	Noble Group Ltd. (Capital Goods)		211,894
	65,000	Swire Pacific Ltd. Class B (Real Estate)		156,826
	48,858	The Link REIT (REIT)		276,966
	462,000	Wheelock & Co. Ltd. (Real Estate)		2,574,509

				8,468,627

	Ireland – 0.2%
	489,992	Beazley PLC (Insurance)		1,711,743

	Israel – 0.5%
	126,341	Bank Hapoalim B.M. (Banks)*		587,708
	73,787	Bank Leumi Le-Israel BM (Banks)*		262,270
	62,938	Bezeq Israeli Telecommunication Corp. Ltd. (Telecommunication Services)		91,418
	924	Delek Group Ltd. (Energy)		243,615
	44,003	Israel Chemicals Ltd. (Materials)		524,362
	3,649	Mellanox Technologies Ltd. (Semiconductors & Semiconductor Equipment)*		191,161
	27,593	Mizrahi Tefahot Bank Ltd. (Banks)*		282,290
	305	NICE Systems Ltd. ADR (Software & Services)*		10,818
	79,462	Teva Pharmaceutical Industries Ltd. ADR (Pharmaceuticals, Biotechnology & Life Sciences)		3,042,600
	109	The Israel Corp. Ltd. (Materials)*		70,190

				5,306,432

	Italy – 1.6%
	13,235	Eni SpA (Energy)		315,872
	290,472	Impregilo SpA (Capital Goods)^(a)		1,527,039
	4,521,289	Intesa Sanpaolo SpA (Banks)		8,211,192
	1,520,696	Intesa Sanpaolo SpA RSP (Banks)		2,386,492
	358,007	Iride SpA (Utilities)		365,663


	Common Stocks – (continued)
	Italy – (continued)
	128,053	Lottomatica Group SpA (Consumer Services)	$	3,266,788
	44,059	Yoox SpA (Retailing)*		827,208

				16,900,254

	Japan – 24.6%
	1,762	Accordia Golf Co. Ltd. (Consumer Services)		2,000,856
	22,900	Aisin Seiki Co. Ltd. (Automobiles & Components)		826,617
	542,000	Aozora Bank Ltd. (Banks)		1,698,140
	498,000	Asahi Glass Co. Ltd. (Capital Goods)		3,912,894
	37,600	Asahi Group Holdings Ltd. (Food, Beverage & Tobacco)		935,021
	36,800	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		2,144,891
	24,300	Azbil Corp. (Technology Hardware & Equipment)		524,712
	855	Bic Camera, Inc. (Retailing)^(a)		374,604
	3,500	Canon, Inc. (Technology Hardware & Equipment)		125,876
	24,300	Capcom Co. Ltd. (Software & Services)		399,150
	36,000	Central Japan Railway Co. (Transportation)		4,341,720
	97,100	Chubu Electric Power Co., Inc. (Utilities)		1,257,061
	17,800	Cocokara fine, Inc. (Food & Staples Retailing)		672,969
	97,000	Dai Nippon Printing Co. Ltd. (Commercial & Professional Services)		949,790
	1,062,000	Daihatsu Motor Co. Ltd. (Automobiles & Components)		21,066,641
	277,500	Daiichi Sankyo Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		5,429,765
	50,700	Daito Trust Construction Co. Ltd. (Real Estate)		4,915,925
	523,000	Daiwa Securities Group, Inc. (Diversified Financials)		4,640,397
	8,800	Dena Co. Ltd. (Software & Services)		250,678
	877,000	DIC Corp. (Materials)		1,963,194
	20,300	East Japan Railway Co. (Transportation)		1,713,660
	114,900	EDION Corp. (Retailing)		538,131
	17,200	Eisai Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		784,908
	78,900	FamilyMart Co. Ltd. (Food & Staples Retailing)		3,605,772
	95,000	Fuji Heavy Industries Ltd. (Automobiles & Components)		1,793,171
	181	Fuji Media Holdings, Inc. (Media)		393,409


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND


Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	10,500	FUJIFILM Holdings Corp. (Technology Hardware & Equipment)	$	215,707
	1,293,000	Fujitsu Ltd. (Technology Hardware & Equipment)		5,430,702
	73,000	Fukuyama Transporting Co. Ltd. (Transportation)		407,641
	6,000	HIS Co. Ltd. (Consumer Services)		258,786
	4,900	Hisamitsu Pharmaceutical Co., Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		288,114
	221,000	Hitachi Ltd. (Technology Hardware & Equipment)		1,412,377
	20,600	Hokkaido Electric Power Co., Inc. (Utilities)*		261,388
	51,200	Hokuriku Electric Power Co. (Utilities)		755,115
	7,900	Idemitsu Kosan Co. Ltd. (Energy)		668,340
	614	Inpex Corp. (Energy)		2,971,336
	882,000	Isuzu Motors Ltd. (Automobiles & Components)		5,877,942
	186,600	IT Holdings Corp. (Software & Services)		2,801,194
	100,500	Japan Airlines Co. Ltd. (Transportation)		5,103,488
	379	Japan Prime Realty Investment Corp. (REIT)		1,392,727
	12	Japan Real Estate Investment Corp. (REIT)		161,201
	64,900	Japan Tobacco, Inc. (Food, Beverage & Tobacco)		2,453,300
	289,800	JTEKT Corp. (Capital Goods)		2,954,904
	23,000	Kaneka Corp. (Materials)		138,555
	2,859,000	Kawasaki Kisen Kaisha Ltd. (Transportation)		6,290,761
	69,000	KDDI Corp. (Telecommunication Services)		3,318,026
	623,500	Konica Minolta, Inc. (Technology Hardware & Equipment)		4,404,944
	62,800	Kyokuto Securities Co. Ltd. (Diversified Financials)		1,180,523
	34,000	Kyowa Hakko Kirin Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		417,332
	6,800	LIXIL Group Corp. (Capital Goods)		152,873
	779,000	Marubeni Corp. (Capital Goods)		5,591,854
	22,200	Matsumotokiyoshi Holdings Co. Ltd. (Food & Staples Retailing)		635,477
	13,200	MEIJI Holdings Co. Ltd. (Food, Beverage & Tobacco)		595,901
	9,700	Ministop Co. Ltd. (Food & Staples Retailing)		167,252
	2,600	Miraca Holdings, Inc. (Health Care Equipment & Services)		129,654
	41,000	Mito Securities Co. Ltd. (Diversified Financials)		251,829


	Common Stocks – (continued)
	Japan – (continued)
	566,500	Mitsubishi Chemical Holdings Corp. (Materials)	$	2,762,891
	27,900	Mitsubishi Tanabe Pharma Corp. (Pharmaceuticals, Biotechnology & Life Sciences)		424,396
	1,544,100	Mitsubishi UFJ Financial Group, Inc. (Banks)		10,476,479
	106,500	Mitsubishi UFJ Lease & Finance Co. Ltd. (Diversified Financials)		601,576
	40,200	Mitsui & Co. Ltd. (Capital Goods)		553,822
	2,628,200	Mizuho Financial Group, Inc. (Banks)		5,783,243
	25,700	Moshi Moshi Hotline, Inc. (Commercial & Professional Services)		380,630
	9,700	Namco Bandai Holdings, Inc. (Consumer Durables & Apparel)		176,796
	82,300	NET One Systems Co. Ltd. (Software & Services)		721,923
	10,000	Nihon Parkerizing Co. Ltd. (Materials)		203,692
	4,200	Nintendo Co. Ltd. (Software & Services)		463,565
	88,000	Nippon Shokubai Co. Ltd. (Materials)		865,823
	81,700	Nippon Suisan Kaisha Ltd. (Food, Beverage & Tobacco)		158,550
	57,900	Nippon Telegraph & Telephone Corp. (Telecommunication Services)		2,879,376
	377,000	Nomura Holdings, Inc. (Diversified Financials)		3,081,109
	171,700	Nomura Real Estate Holdings, Inc. (Real Estate)		4,615,955
	64	Nomura Real Estate Office Fund, Inc. (REIT)		408,927
	182	NOVARESE, Inc. (Consumer Services)		138,453
	51	NTT Data Corp. (Software & Services)		161,470
	1,135	NTT DoCoMo, Inc. (Telecommunication Services)		1,879,444
	93,000	OKK Corp. (Capital Goods)		184,490
	3,400	Oriental Land Co. Ltd. (Consumer Services)		549,680
	511,200	ORIX Corp. (Diversified Financials)		7,844,011
	1,600	Otsuka Corp. (Software & Services)		165,863
	197,900	Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		7,136,729
	13,100	Parco Co. Ltd. (Retailing)		171,733
	108,000	Rengo Co. Ltd. (Materials)		522,876
	25,600	Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)		905,001
	103,300	Round One Corp. (Consumer Services)		865,851


The accompanying notes are an integral part of these financial statements.		29

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	14,300	Sankyo Co. Ltd. (Consumer Durables & Apparel)	$	651,758
	4,800	SCSK Corp. (Software & Services)		106,963
	28,000	Sekisui Chemical Co. Ltd. (Consumer Durables & Apparel)		352,591
	12,000	Sekisui House Ltd. (Consumer Durables & Apparel)		179,872
	71,200	Seven & I Holdings Co. Ltd. (Food & Staples Retailing)		2,738,791
	23,100	Shikoku Electric Power Co., Inc. (Utilities)*		418,730
	18,100	Shinko Electric Industries Co. Ltd. (Semiconductors & Semiconductor Equipment)		184,567
	97,500	Shionogi & Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		2,398,203
	46,900	Showa Corp. (Automobiles & Components)		680,875
	82,700	Softbank Corp. (Telecommunication Services)		4,101,419
	50,000	Sumikin Bussan Corp. (Capital Goods)		163,378
	598,200	Sumitomo Corp. (Capital Goods)		7,488,887
	904,000	Sumitomo Heavy Industries Ltd. (Capital Goods)		4,025,281
	22,000	Sumitomo Metal Mining Co. Ltd. (Materials)		307,985
	198,500	Sumitomo Mitsui Financial Group, Inc. (Banks)		9,382,570
	1,085,000	Sumitomo Mitsui Trust Holdings, Inc. (Banks)		5,452,677
	121,300	T&D Holdings, Inc. (Insurance)		1,412,932
	43,000	Taikisha Ltd. (Capital Goods)		974,460
	88,400	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		4,853,316
	56,200	TDK Corp. (Technology Hardware & Equipment)		2,055,049
	67,400	The Chugoku Electric Power Co., Inc. (Utilities)		967,419
	33,700	The Kansai Electric Power Co., Inc. (Utilities)*		411,724
	25,300	Tokai Rika Co. Ltd. (Automobiles & Components)		512,637
	40,000	Tokai Tokyo Financial Holdings, Inc. (Diversified Financials)		363,761
	402,000	Toko, Inc. (Technology Hardware & Equipment)*^(a)		1,190,967
	76,600	Tokyo Ohka Kogyo Co. Ltd. (Materials)		1,660,444
	175,000	Tokyo Tatemono Co. Ltd. (Real Estate)		1,621,907
	194,000	Tokyu Land Corp. (Real Estate)		2,385,244
	31,000	Toshiba TEC Corp. (Technology Hardware & Equipment)		183,180


	Common Stocks – (continued)
	Japan – (continued)
	3,900	Towa Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	$	193,477
	217,300	Toyota Motor Corp. (Automobiles & Components)		12,611,626
	28,300	TSI Holdings Co. Ltd. (Consumer Durables & Apparel)		208,862
	50,900	Tsumura & Co. (Pharmaceuticals, Biotechnology & Life Sciences)		1,663,193
	1,400	Tsuruha Holdings, Inc. (Food & Staples Retailing)		136,425
	4,600	Unipres Corp. (Automobiles & Components)		102,382
	21,200	UNY Group Holdings Co., Ltd. (Food & Staples Retailing)		150,881
	16,500	Ushio, Inc. (Capital Goods)		168,121
	217,900	West Japan Railway Co. (Transportation)		10,542,509

				262,038,612

	Luxembourg – 0.2%
	75,570	SES SA FDR (Media)		2,356,946

	Netherlands – 6.7%
	86,411	Heineken Holding NV (Food, Beverage & Tobacco)^(a)		5,206,882
	22,551	Heineken NV (Food, Beverage & Tobacco)^(a)		1,596,041
	627,393	Koninklijke Ahold NV (Food & Staples Retailing)		9,911,057
	133,795	Koninklijke Philips Electronics NV (Capital Goods)^(a)		3,703,185
	49,805	Randstad Holding NV (Commercial & Professional Services)		2,076,090
	687,467	Royal Dutch Shell PLC Class A (Energy)		23,383,191
	558,944	Royal Dutch Shell PLC Class B (Energy)		19,606,325
	136,854	Unilever NV CVA (Food, Beverage & Tobacco)		5,831,531

				71,314,302

	New Zealand – 0.1%
	174,185	Fletcher Building Ltd. (Materials)		1,321,448

	Norway – 3.0%
	648,266	DNB ASA (Banks)*^(a)		10,615,692
	271,741	Gjensidige Forsikring ASA (Insurance)^(a)		4,382,348
	219,665	Orkla ASA (Food, Beverage & Tobacco)		1,980,789
	432,121	Statoil ASA (Energy)		10,578,915
	180,883	Telenor ASA (Telecommunication Services)		4,076,188

				31,633,932


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND


Shares		Description	Value

	Common Stocks – (continued)
	Singapore – 1.3%
	38,000	CapitaCommercial Trust (REIT)	$	52,911
	436,000	Cityspring Infrastructure Trust (Utilities)		175,289
	226,120	DBS Group Holdings Ltd. (Banks)		3,084,564
	400,000	Frasers Commercial Trust (REIT)		506,792
	32,000	Hong Leong Asia Ltd. (Capital Goods)		42,317
	183,000	Hutchison Port Holdings Trust Class U (Transportation)		152,157
	29,523	Jardine Cycle & Carriage Ltd. (Retailing)		1,170,130
	260,000	K1 Ventures Ltd. (Diversified Financials)		33,986
	99,000	Keppel Corp. Ltd. (Capital Goods)		863,552
	31,800	Keppel REIT (REIT)		39,027
	349,000	Lippo Malls Indonesia Retail Trust (REIT)		148,983
	81,000	Mapletree Logistics Trust (REIT)		86,160
	98,000	Singapore Airlines Ltd. (Transportation)		884,950
	524,780	Singapore Telecommunications Ltd. (Telecommunication Services)		1,676,307
	22,000	United Engineers Ltd. (Capital Goods)		56,164
	126,000	United Overseas Bank Ltd. (Banks)		2,189,539
	340,000	UOL Group Ltd. (Real Estate)		1,974,083
	77,000	Wilmar International Ltd. (Food, Beverage & Tobacco)		209,017
	257,000	Wing Tai Holdings Ltd. (Real Estate)		455,274

				13,801,202

	Spain – 1.7%
	151,069	Amadeus IT Holding SA Class A (Software & Services)		4,457,530
	45,982	Enagas SA (Utilities)		1,224,551
	379,328	Ferrovial SA (Capital Goods)		6,275,015
	42,574	Inditex SA (Retailing)		5,713,663

				17,670,759

	Sweden – 1.2%
	28,945	Hexpol AB (Materials)		1,632,080
	48,139	Investor AB Class B (Diversified Financials)		1,427,651
	8,620	Modern Times Group AB Class B (Media)		369,971
	235,342	Nordea Bank AB (Banks)		2,831,877
	208,204	Swedbank AB Class A (Banks)		5,126,745
	111,877	Telefonaktiebolaget LM Ericsson Class B (Technology Hardware & Equipment)		1,391,344

				12,779,668

	Switzerland – 6.8%
	84,442	Actelion Ltd. (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*		5,170,245


	Common Stocks – (continued)
	Switzerland – (continued)
	584	Forbo Holding AG (Registered) (Consumer Durables & Apparel)*	$	377,072
	44,999	Geberit AG (Registered) (Capital Goods)*		10,996,959
	95	Lindt & Spruengli AG (Food, Beverage & Tobacco)		367,994
	193,662	Nestle SA (Registered) (Food, Beverage & Tobacco)		13,810,523
	91,769	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		6,793,437
	243,525	OC Oerlikon Corp. AG (Registered) (Capital Goods)*		2,818,897
	3,002	Partners Group Holding AG (Diversified Financials)		770,208
	26,786	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		6,705,624
	301,281	Swiss Re AG (Insurance)*		23,976,421
	2,354	Swisscom AG (Registered) (Telecommunication Services)		1,108,780

				72,896,160

	United Kingdom – 21.0%
	996,064	Aberdeen Asset Management PLC (Diversified Financials)		6,952,834
	216,661	AMEC PLC (Energy)		3,415,428
	241,502	ARM Holdings PLC (Semiconductors & Semiconductor Equipment)		3,756,301
	144,930	Ashmore Group PLC (Diversified Financials)		900,120
	144,072	AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences)		7,480,364
	1,105,752	Barclays PLC (Banks)		4,934,395
	308,742	Barratt Developments PLC (Consumer Durables & Apparel)*		1,494,564
	67,211	Berendsen PLC (Commercial & Professional Services)		807,679
	29,963	BG Group PLC (Energy)		505,816
	500,526	BHP Billiton PLC (Materials)		14,081,193
	16,159	BP PLC (Energy)		117,091
	91,579	BP PLC ADR (Energy)		3,992,844
	306,883	British American Tobacco PLC (Food, Beverage & Tobacco)		17,012,139
	268,943	British Sky Broadcasting Group PLC (Media)		3,524,685
	919,206	Cable & Wireless Communications PLC (Telecommunication Services)		605,152
	781,517	Centrica PLC (Utilities)		4,507,598
	27,016	Croda International PLC (Materials)		1,041,454
	39,369	CSR PLC (Semiconductors & Semiconductor Equipment)		301,883
	281,053	Devro PLC (Food, Beverage & Tobacco)		1,443,602


The accompanying notes are an integral part of these financial statements.		31

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	United Kingdom – (continued)
	424,869	Diageo PLC (Food, Beverage & Tobacco)	$	12,974,478
	408,454	easyJet PLC (Transportation)		7,102,809
	106,744	Elementis PLC (Materials)		438,223
	803,542	Firstgroup PLC (Transportation)		2,638,768
	152,911	GlaxoSmithKline PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)		7,896,324
	40,748	Great Portland Estates PLC (REIT)		337,086
	350,468	Hammerson PLC (REIT)		2,831,940
	3,008,996	HSBC Holdings PLC (Banks)		32,954,494
	243,503	IG Group Holdings PLC (Diversified Financials)		2,039,524
	103,735	IMI PLC (Capital Goods)		1,999,612
	123,327	Inmarsat PLC (Telecommunication Services)		1,386,235
	33,758	InterContinental Hotels Group PLC (Consumer Services)		997,418
	187,242	Intermediate Capital Group PLC (Diversified Financials)		1,230,930
	29,100	Keller Group PLC (Capital Goods)		388,392
	915,526	Ladbrokes PLC (Consumer Services)		2,695,807
	3,918,255	Lloyds Banking Group PLC (Banks)*		3,328,530
	62,968	London Stock Exchange Group PLC (Diversified Financials)		1,313,926
	222,937	Mondi PLC (Materials)		2,962,720
	240,963	National Grid PLC (Utilities)		3,071,606
	52,732	Next PLC (Retailing)		3,574,514
	31,165	Petrofac Ltd. (Energy)		655,027
	211,717	Rexam PLC (Materials)		1,699,973
	20,292	Rotork PLC (Capital Goods)		918,036
	132,043	SIG PLC (Capital Goods)		332,809
	212,442	Standard Chartered PLC (Banks)		5,346,616
	231,717	TalkTalk Telecom Group PLC (Telecommunication Services)		902,364
	395,478	Tate & Lyle PLC (Food, Beverage & Tobacco)		5,190,049
	124,955	Tetragon Financial Group Ltd. (Diversified Financials)^(a)		1,368,257
	781,174	TUI Travel PLC (Consumer Services)		3,819,371
	113,922	Tullow Oil PLC (Energy)		1,775,785
	320,342	Unilever PLC (Food, Beverage & Tobacco)		13,879,373
	29,646	Victrex PLC (Materials)		739,633
	256,413	Vodafone Group PLC (Telecommunication Services)		782,392
	282,037	Vodafone Group PLC ADR (Telecommunication Services)^(b)		8,627,512
	53,999	WH Smith PLC (Retailing)^(a)		621,489
	20,342	Whitbread PLC (Consumer Services)		808,660

	Common Stocks – (continued)
	United Kingdom – (continued)
	1,156,965	William Hill PLC (Consumer Services)	$	7,666,515

				224,172,339

	TOTAL COMMON STOCKS
	(Cost $931,486,427)		$	1,030,490,467


	Preferred Stocks – 0.2%
	Germany – 0.2%
	15,915	Henkel AG & Co. KGaA Preference Shares (Household & Personal Products)	$	1,502,486
	35,802	ProSiebenSat.1 Media AG Preference Shares (Media)		1,366,482

	TOTAL PREFERRED STOCKS
	(Cost $2,541,831)		$	2,868,968

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $934,028,258)		$	1,033,359,435


Shares		Rate	Value
	Securities Lending Reinvestment Vehicle^(c)(d) – 9.7%
	Goldman Sachs Financial Square Money Market Fund – FST Shares
	102,847,510	0.109%	$	102,847,510
	(Cost $102,847,510)

	TOTAL INVESTMENTS – 106.6%
	(Cost $1,036,875,768)		$	1,136,206,945

	LIABILITIES IN EXCESS OF OTHER ASSETS – (6.6)%			(70,623,460	)

	NET ASSETS – 100.0%		$	1,065,583,485


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)		Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2013.
(d)		Represents an affiliated issuer.



Investment Abbreviations:
ADR		—American Depositary Receipt
CVA		—Dutch Certification
FDR		—Fiduciary Depositary Receipt
REIT		—Real Estate Investment Trust
RSP		—Risparmio Shares


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2013, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)		Expiration Date	Current Value		Unrealized Gain (Loss)
EURO STOXX 50 Index		293	June 2013	$	10,298,773	$	41,565
FTSE 100 Index		48	June 2013		4,759,589		23,067
Hang Seng Index		3	May 2013		436,925		2,735
MSCI Singapore Index		4	May 2013		246,943		2,769
SPI 200 Index		13	June 2013		1,741,241		65,917
TSE TOPIX Index		38	June 2013		4,549,008		483,493
TOTAL						$	619,546


The accompanying notes are an integral part of these financial statements.		33

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments

April 30, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – 92.1%
	Australia – 7.9%
	70,156	Adelaide Brighton Ltd. (Materials)	$	247,554
	48,282	Amcom Telecommunications Ltd. (Telecommunication Services)		101,194
	377,163	Ardent Leisure Group (Real Estate)		602,026
	1,386,424	Arrium Ltd. (Materials)		1,225,885
	204,960	Aurora Oil & Gas Ltd. (Energy)*		649,630
	719,668	Australian Infrastructure Fund (Transportation)		2,350,151
	175,673	Automotive Holdings Group Ltd. (Retailing)		741,618
	849,485	AWE Ltd. (Energy)*		1,137,658
	25,550	BC Iron Ltd. (Materials)		91,320
	449,256	Beach Energy Ltd. (Energy)		634,607
	279,099	BlueScope Steel Ltd. (Materials)*		1,437,144
	137,945	Bradken Ltd. (Capital Goods)		736,271
	28,736	BWP Trust (REIT)		72,071
	113,276	Cabcharge Australia Ltd. (Commercial & Professional Services)		561,428
	100,036	Challenger Ltd. (Diversified Financials)		436,164
	276,613	Charter Hall Group (REIT)		1,220,730
	38,032	Clough Ltd. (Capital Goods)		46,525
	695,149	Commonwealth Property Office Fund (REIT)		835,349
	371,286	David Jones Ltd. (Retailing)		1,147,657
	139,367	DuluxGroup Ltd. (Materials)		678,403
	84,410	Envestra Ltd. (Utilities)		91,796
	37,780	Forge Group Ltd. (Capital Goods)		226,673
	66,219	iiNET Ltd. (Telecommunication Services)		423,638
	57,560	Imdex Ltd. (Materials)		58,958
	98,733	Investa Office Fund (REIT)		335,776
	77,822	IOOF Holdings Ltd. (Diversified Financials)		711,791
	47,220	JB Hi-Fi Ltd. (Retailing)^(a)		783,974
	20,659	Karoon Gas Australia Ltd. (Energy)*		89,558
	29,598	Linc Energy Ltd. (Energy)*		59,043
	51,936	M2 Telecommunications Group Ltd. (Telecommunication Services)		303,483
	6,819	McMillan Shakespeare Ltd. (Commercial & Professional Services)		107,907
	8,732	Monadelphous Group Ltd. (Capital Goods)		189,742
	39,804	Myer Holdings Ltd. (Retailing)		132,570
	240,898	NRW Holdings Ltd. (Capital Goods)		325,163
	7,019	Perpetual Ltd. (Diversified Financials)		299,950
	40,603	Premier Investments Ltd. (Retailing)		364,138
	267,665	Primary Health Care Ltd. (Health Care Equipment & Services)		1,462,876
	35,598	Regis Resources Ltd. (Materials)*		140,567
	244,701	Roc Oil Co. Ltd. (Energy)*		115,689
	106,494	Shopping Centres Australasia Property Group (REIT)*		178,852
	596,373	Skilled Group Ltd. (Commercial & Professional Services)		1,763,678


	Common Stocks – (continued)
	Australia – (continued)
	30,887	Southern Cross Media Group Ltd. (Media)	$	49,821
	782,315	Spark Infrastructure Group (Utilities)		1,452,007
	161,436	STW Communications Group Ltd. (Media)		242,838
	46,685	Super Retail Group Ltd. (Retailing)		637,534
	59,512	Tassal Group Ltd. (Food, Beverage & Tobacco)		132,647
	40,671	Thorn Group Ltd. (Retailing)		85,216
	406,631	UXC Ltd. (Software & Services)		499,382

				26,218,652

	Austria – 0.2%
	1,882	Flughafen Wien AG (Transportation)*		116,591
	9,639	Oesterreichische Post AG (Transportation)^(a)		427,433
	33,384	S IMMO AG (Real Estate)		208,834

				752,858

	Belgium – 1.1%
	84,353	Ablynx NV (Pharmaceuticals, Biotechnology & Life Sciences)*		710,968
	3,179	Ackermans & van Haaren NV (Diversified Financials)		270,474
	2,722	Barco NV (Technology Hardware & Equipment)		242,381
	18,001	Compagnie Maritime Belge SA (Transportation)		354,567
	32,726	Galapagos NV (Pharmaceuticals, Biotechnology & Life Sciences)*		855,392
	2,353	Gimv NV (Diversified Financials)		121,101
	6,856	Kinepolis Group NV (Media)		893,843
	13,224	Melexis NV (Semiconductors & Semiconductor Equipment)		268,719

				3,717,445

	Bermuda – 0.8%
	247,295	Catlin Group Ltd. (Insurance)		2,021,532
	81,492	Hiscox Ltd. (Insurance)		710,328
	9,689	Hiscox Ltd. Class B (Insurance)*		7,525

				2,739,385

	China – 0.3%
	13,500	AAC Technologies Holdings, Inc. (Technology Hardware & Equipment)		66,081
	380,000	China Minzhong Food Corp. Ltd. (Food, Beverage & Tobacco)*		309,691
	1,272,000	Foxconn International Holdings Ltd. (Technology Hardware & Equipment)*		491,841
	205,000	Sateri Holdings Ltd. (Materials)		48,301
	93,000	SITC International Holdings Co. Ltd. (Transportation)		34,202

				950,116


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND


Shares		Description	Value

	Common Stocks – (continued)
	Denmark – 2.8%
	6,482	Bavarian Nordic A/S (Pharmaceuticals, Biotechnology & Life Sciences)*	$	78,540
	128,472	GN Store Nord A/S (Health Care Equipment & Services)		2,349,663
	50,482	Pandora A/S (Consumer Durables & Apparel)^(a)		1,544,617
	2,351	Rockwool International A/S Class B (Capital Goods)^(a)		311,126
	13,309	Royal UNIBREW A/S (Food, Beverage & Tobacco)^(a)		1,205,461
	14,252	Schouw & Co. A/S (Capital Goods)		471,976
	130,612	Topdanmark A/S (Insurance)*		3,352,895

				9,314,278

	Finland – 0.7%
	30,972	Cramo OYJ (Capital Goods)		408,863
	20,957	Huhtamaki OYJ (Materials)^(a)		392,849
	79,987	Ramirent OYJ (Capital Goods)		793,480
	60,580	Sponda OYJ (Real Estate)		323,314
	17,842	Tieto OYJ (Software & Services)		382,667

				2,301,173

	France – 4.4%
	191,800	Air France-KLM (Transportation)*^(a)		1,942,792
	5,100	Altamir Amboise (Diversified Financials)*		60,005
	47,404	Assystem (Commercial & Professional Services)		1,007,599
	12,036	Boiron SA (Pharmaceuticals, Biotechnology & Life Sciences)		682,060
	20,806	Cegid Group (Software & Services)		423,337
	8,101	Ciments Francais SA (Materials)		442,641
	14,186	Club Mediterranee SA (Consumer Services)*		241,105
	1,648	Eiffage SA (Capital Goods)		73,086
	19,706	Etablissements Maurel et Prom (Energy)		335,848
	15,171	Euler Hermes SA (Insurance)		1,450,683
	31,803	Ipsen SA (Pharmaceuticals, Biotechnology & Life Sciences)		1,138,127
	58,864	M6 Metropole Television SA (Media)		986,305
	81,147	Maurel & Prom Nigeria SA (Energy)*		377,551
	33,222	Medica SA (Health Care Equipment & Services)		615,268
	39,128	Mercialys SA (REIT)		872,970
	8,294	Parrot SA (Technology Hardware & Equipment)*		212,624
	25,464	Plastic Omnium SA (Automobiles & Components)^(a)		1,244,335
	5,977	Rallye SA (Food & Staples Retailing)		236,657
	2,801	Sa des Ciments Vicat (Materials)		165,995
	17,722	Saft Groupe SA (Capital Goods)		436,096
	12,283	Societe de la Tour Eiffel (REIT)		812,040
	36,684	Societe Television Francaise 1 (Media)		387,588


	Common Stocks – (continued)
	France – (continued)
	45,265	Technicolor SA (Registered) (Media)*	$	188,662
	9,412	Teleperformance (Commercial & Professional Services)		413,926

				14,747,300

	Germany – 4.6%
	4,094	Aurelius AG (Diversified Financials)		318,456
	128,982	Borussia Dortmund GmbH & Co. KGaA (Media)		556,765
	13,983	CENTROTEC Sustainable AG (Capital Goods)		290,001
	16,402	CropEnergies AG (Energy)		126,364
	4,204	Delticom AG (Retailing)		206,782
	34,450	Deutsche Beteiligungs AG (Diversified Financials)		837,230
	30,238	Freenet AG (Telecommunication Services)		753,916
	8,581	Fuchs Petrolub AG (Materials)		653,907
	41,065	Gerresheimer AG (Pharmaceuticals, Biotechnology & Life Sciences)		2,346,382
	38,099	Gildemeister AG (Capital Goods)^(a)		861,532
	16,504	Grammer AG (Automobiles & Components)		524,762
	21,807	Homag Group AG (Capital Goods)*		410,678
	1,457	Nemetschek AG (Software & Services)		88,148
	25,490	NORMA Group AG (Capital Goods)		900,365
	7,448	Pfeiffer Vacuum Technology AG (Capital Goods)		906,344
	5,749	R Stahl AG (Capital Goods)		268,776
	27,801	Rheinmetall AG (Capital Goods)		1,320,140
	13,528	Sixt AG (Transportation)		293,744
	21,467	Software AG (Software & Services)^(a)		752,322
	43,968	Symrise AG (Materials)		1,879,359
	35,190	Takkt AG (Retailing)		587,172
	9,306	Tipp24 SE (Consumer Services)*		540,347

				15,423,492

	Hong Kong – 2.6%
	1,410,000	Bonjour Holdings Ltd. (Retailing)		229,296
	456,000	Brightoil Petroleum Holdings Ltd. (Energy)*		87,074
	39,000	Champion REIT (REIT)		20,549
	254,000	Chen Hsong Holdings (Capital Goods)		85,559
	58,000	Chow Sang Sang Holdings International Ltd. (Retailing)		157,308
	29,600	Dah Sing Banking Group Ltd. (Banks)		43,619
	99,200	Dah Sing Financial Holdings Ltd. (Banks)		521,600
	451,500	Dickson Concepts International Ltd. (Retailing)		240,507
	475,000	Dorsett Hospitality International Ltd. (Consumer Services)		131,239


The accompanying notes are an integral part of these financial statements.		35

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Hong Kong – (continued)
	996,000	Emperor International Holdings (Real Estate)	$	279,347
	460,000	Emperor Watch & Jewellery Ltd. (Retailing)		46,951
	236,715	Esprit Holdings Ltd. (Retailing)		332,903
	212,000	Giordano International Ltd. (Retailing)		212,231
	88,000	Glorious Sun Enterprises Ltd. (Consumer Durables & Apparel)		26,195
	90,932	Great Eagle Holdings Ltd. (Real Estate)		386,046
	538,100	HKR International Ltd. (Real Estate)		269,390
	400,000	Hutchison Telecommunications Hong Kong Holdings Ltd. (Telecommunication Services)		213,552
	116,000	IT Ltd. (Retailing)		42,515
	154,500	Johnson Electric Holdings Ltd. (Capital Goods)		105,261
	107,000	Luk Fook Holdings International Ltd. (Retailing)		304,354
	366,000	Man Wah Holdings Ltd. (Consumer Durables & Apparel)		356,498
	104,000	Melco International Development Ltd. (Consumer Services)		202,970
	540,000	Newocean Energy Holdings Ltd. (Energy)		337,316
	184,000	Norstar Founders Group Ltd. (Automobiles & Components)*		—
	375,000	Pacific Textile Holdings Ltd. (Consumer Durables & Apparel)		463,340
	768,000	Pico Far East Holdings Ltd. (Media)		279,268
	611,000	Prosperity REIT (REIT)		217,243
	210,000	Regal Hotels International Holdings Ltd. (Consumer Services)		98,357
	178,000	Regal Real Estate Investment Trust (REIT)		58,841
	234,000	Shun Tak Holdings Ltd. (Capital Goods)		123,235
	1,008,000	Singamas Container Holdings Ltd. (Capital Goods)		247,614
	12,054	SmarTone Telecommunications Holdings Ltd. (Telecommunication Services)		21,503
	109,138	SOCAM Development Ltd. (Capital Goods)		157,274
	405,000	Sunlight Real Estate Investment Trust (REIT)		177,512
	366,000	Techtronic Industries Co. (Consumer Durables & Apparel)		877,087
	19,900	Television Broadcasts Ltd. (Media)		150,076
	284,000	Texwinca Holdings Ltd. (Consumer Durables & Apparel)		332,011
	50,000	The United Laboratories International Holdings Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*		18,774
	100,000	Tian An China Investments Co. Ltd. (Real Estate)		70,488


	Common Stocks – (continued)
	Hong Kong – (continued)
	260,000	Truly International Holdings (Technology Hardware & Equipment)	$	138,955
	778,000	VST Holdings Ltd. (Technology Hardware & Equipment)		208,813
	19,400	VTech Holdings Ltd. (Technology Hardware & Equipment)		247,555

				8,520,226

	Ireland – 0.4%
	127,241	Beazley PLC (Insurance)		444,505
	3,841	FBD Holdings PLC (Insurance)		62,480
	31,943	Grafton Group PLC (Capital Goods)		222,617
	69,829	Greencore Group PLC (Food, Beverage & Tobacco)		115,583
	367,051	Total Produce PLC (Food & Staples Retailing)		335,932

				1,181,117

	Israel – 0.9%
	14,949	Africa-Israel Investments Ltd. (Real Estate)*		36,282
	1,743	Airport City Ltd. (Real Estate)*		10,692
	61,782	Alony Hetz Properties & Investments Ltd. (REIT)		404,924
	2,359	AL-ROV (Israel) Ltd. (Real Estate)*		65,749
	33,206	Amot Investments Ltd. (Real Estate)		93,375
	254	Bayside Land Corp. (Real Estate)		56,318
	16,372	Clal Industries Ltd. (Capital Goods)		65,060
	2,646	Clal Insurance Enterprises Holdings Ltd. (Insurance)		43,856
	1,840	Delek Automotive Systems Ltd. (Retailing)		19,748
	3,764	Elbit Systems Ltd. (Capital Goods)		157,115
	6,639	First International Bank Of Israel Ltd. (Banks)*		96,794
	7,228	Frutarom Industries Ltd. (Materials)		106,797
	11,179	Gazit-Globe Ltd. (Real Estate)		148,802
	624	Harel Insurance Investments & Financial Services Ltd. (Insurance)		31,078
	143,927	Israel Discount Bank Ltd. Class A (Banks)*		241,970
	2,329	Ituran Location and Control Ltd. (Technology Hardware & Equipment)		37,453
	3,425	J.O.E.L Jerusalem Oil Exploration (Real Estate)*		89,451
	3,234	Jerusalem Economy Ltd. (Real Estate)*		22,679
	7,289	Koor Industries Ltd. (Capital Goods)*		103,044
	9,692	Matrix IT Ltd. (Software & Services)		48,997
	2,507	Melisron Ltd. (Real Estate)		51,964
	1,590	Naphtha Israel Petroleum Corp. Ltd. (Energy)*		8,072
	4,433	Nitsba Holdings 1995 Ltd. (Real Estate)*		51,456
	35,547	Oil Refineries Ltd. (Energy)*		18,613
	42,629	Ormat Industries Ltd. (Capital Goods)*		253,320


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND


Shares		Description	Value

	Common Stocks – (continued)
	Israel – (continued)
	24,554	Partner Communications Co. Ltd. (Telecommunication Services)	$	169,972
	896	Paz Oil Co. Ltd. (Energy)*		139,813
	342	Property & Building Corp. (Real Estate)*		20,212
	5,114	Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. (Food & Staples Retailing)		236,232
	5,135	Shikun & Binui Ltd. (Capital Goods)		10,755
	7,048	Shufersal Ltd. (Food & Staples Retailing)		25,666
	11,391	Strauss Group Ltd. (Food, Beverage & Tobacco)		167,810
	15,646	Union Bank of Israel Ltd. (Banks)*		59,361

				3,093,430

	Italy – 4.7%
	126,019	ASTM SpA (Transportation)*		1,502,871
	53,578	Azimut Holding SpA (Diversified Financials)		997,148
	839,049	Banca Carige SpA (Banks)^(a)		610,726
	51,738	Banca Generali SpA (Diversified Financials)		1,067,777
	20,704	Banca IFIS SpA (Diversified Financials)		216,798
	17,329	Banca Popolare dell’Emilia Romagna Scrl (Banks)		146,964
	332,240	Banca Popolare di Sondrio Scarl (Banks)*		1,928,417
	84,378	Cairo Communication SpA (Media)		328,963
	142,144	Credito Emiliano SpA (Banks)		813,505
	135,401	Danieli & C. Officine Meccaniche SpA RSP (Capital Goods)		2,269,156
	190,251	Geox SpA (Consumer Durables & Apparel)^(a)		577,278
	43,677	Indesit Co. SpA (Consumer Durables & Apparel)		343,609
	62,280	Lottomatica Group SpA (Consumer Services)		1,588,839
	270,189	Mediaset SpA (Media)		699,613
	23,470	Recordati SpA (Pharmaceuticals, Biotechnology & Life Sciences)		241,926
	6,548	Salvatore Ferragamo Italia SpA (Consumer Durables & Apparel)		195,657
	190,265	Societa Iniziative Autostradali e Servizi SpA (Transportation)		1,721,412
	13,025	Yoox SpA (Retailing)*		244,544

				15,495,203

	Japan – 26.6%
	1,900	Accordia Golf Co. Ltd. (Consumer Services)		2,157,563
	22,100	Aisan Industry Co. Ltd. (Automobiles & Components)		212,276
	11,000	Alpen Co. Ltd. (Retailing)		229,644
	16,400	Amano Corp. (Technology Hardware & Equipment)		175,836


	Common Stocks – (continued)
	Japan – (continued)
	19,000	Aoyama Trading Co. Ltd. (Retailing)	$	568,565
	24,700	Arcs Co. Ltd. (Food & Staples Retailing)		490,052
	6,300	Ariake Japan Co. Ltd. (Food, Beverage & Tobacco)		144,768
	29,500	Arnest One Corp. (Consumer Durables & Apparel)		676,962
	27,900	Asahi Holdings, Inc. (Materials)		564,816
	26,600	ASKUL Corp. (Retailing)		473,265
	23,100	Autobacs Seven Co. Ltd. (Retailing)		389,270
	5,100	Azbil Corp. (Technology Hardware & Equipment)		110,125
	491	Bic Camera, Inc. (Retailing)^(a)		215,124
	9,200	BML, Inc. (Health Care Equipment & Services)		237,597
	10,600	C. Uyemura & Co. Ltd. (Materials)		433,116
	18,400	Capcom Co. Ltd. (Software & Services)		302,237
	18,100	Century Tokyo Leasing Corp. (Diversified Financials)		534,252
	4,900	Chiyoda Integre Co. Ltd. (Capital Goods)		71,767
	5,300	Chori Co. Ltd. (Retailing)		59,821
	31,000	Chugoku Marine Paints Ltd. (Materials)		156,498
	13,300	Coca-Cola Central Japan Co. Ltd. (Food, Beverage & Tobacco)^(a)		200,495
	11,600	Cocokara fine, Inc. (Food & Staples Retailing)		438,564
	568	CyberAgent, Inc. (Media)		1,115,212
	7,500	Dai-ichi Seiko Co. Ltd. (Technology Hardware & Equipment)		110,022
	109,300	Daiichikosho Co. Ltd. (Media)		3,250,353
	13,000	Dainichiseika Color & Chemicals Manufacturing Co. Ltd. (Materials)		60,748
	47,000	Daiwa Industries Ltd. (Capital Goods)		294,746
	18	Daiwa Office Investment Corp. (REIT)		85,765
	21,000	Denki Kogyo Co. Ltd. (Technology Hardware & Equipment)		97,457
	12,200	Denyo Co. Ltd. (Capital Goods)		176,755
	258,000	DIC Corp. (Materials)		577,542
	10,400	Doutor Nichires Holdings Co. Ltd. (Consumer Services)		148,378
	18,000	Dowa Holdings Co. Ltd. (Materials)		129,016
	3,400	DTS Corp. (Software & Services)		56,844
	24,500	Dunlop Sports Co. Ltd. (Consumer Durables & Apparel)		304,019
	15,900	Dydo Drinco, Inc. (Food, Beverage & Tobacco)		710,957
	51,500	EDION Corp. (Retailing)		241,199
	11,500	Eizo Corp. (Technology Hardware & Equipment)		199,139
	94,000	Fuji Machine Manufacturing Co. Ltd. (Capital Goods)		816,448
	300,000	Fujibo Holdings, Inc. (Consumer Durables & Apparel)		842,569
	4,000	Fujicco Co. Ltd. (Food, Beverage & Tobacco)		46,033


The accompanying notes are an integral part of these financial statements.		37

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	50,000	Fujikura Ltd. (Capital Goods)	$	187,369
	11,500	FUJISOFT, Inc. (Software & Services)		307,620
	86,000	Fukuyama Transporting Co. Ltd. (Transportation)		480,234
	181	Geo Holdings Corp. (Retailing)		216,365
	79	Global One Real Estate Investment Corp. (REIT)		534,224
	22,400	Glory Ltd. (Capital Goods)		615,539
	1,800	Goldcrest Co. Ltd. (Real Estate)		59,210
	19,000	G-Tekt Corp. (Automobiles & Components)		598,174
	121,200	Gulliver International Co. Ltd. (Retailing)		974,012
	4,500	Hajime Construction Co. Ltd. (Consumer Durables & Apparel)		293,986
	22,800	Heiwa Real Estate Co. Ltd. (Real Estate)		580,931
	426	Heiwa Real Estate REIT, Inc. (REIT)		351,254
	27,700	HIS Co. Ltd. (Consumer Services)		1,194,728
	15,000	Hisaka Works Ltd. (Capital Goods)		139,466
	89,100	Hitachi Capital Corp. (Diversified Financials)		2,221,371
	8,700	Hogy Medical Co. Ltd. (Health Care Equipment & Services)		535,493
	7,300	Hoshizaki Electric Co. Ltd. (Capital Goods)		243,133
	36,000	IBJ Leasing Co. Ltd. (Diversified Financials)		1,265,600
	13,700	Ichiyoshi Securities Co. Ltd. (Diversified Financials)		199,231
	10,000	Iida Home Max (Real Estate)		191,815
	75,800	Inabata & Co. Ltd. (Capital Goods)		594,351
	20,600	Ines Corp. (Software & Services)		155,675
	59,100	IT Holdings Corp. (Software & Services)		887,195
	31,500	Ito En Ltd. (Food, Beverage & Tobacco)		759,029
	17,000	Itoham Foods, Inc. (Food, Beverage & Tobacco)		78,169
	11,300	Itoki Corp. (Commercial & Professional Services)		70,805
	9,000	Izumiya Co. Ltd. (Food & Staples Retailing)		45,034
	54,000	Jaccs Co. Ltd. (Diversified Financials)		372,708
	3,100	Jafco Co. Ltd. (Diversified Financials)		150,139
	27,000	Japan Aviation Electronics Industry Ltd. (Technology Hardware & Equipment)		233,984
	16,400	Japan Digital Laboratory Co. Ltd. (Technology Hardware & Equipment)		202,259
	51	Japan Logistics Fund, Inc. (REIT)		553,238
	30,600	Japan Securities Finance Co. Ltd. (Diversified Financials)		301,245
	9,500	JSP Corp. (Materials)		138,900
	23,700	Kaga Electronics Co. Ltd. (Technology Hardware & Equipment)		194,245
	42,200	Kamei Corp. (Capital Goods)		427,394
	38,600	Kasumi Co. Ltd. (Food & Staples Retailing)		277,235


	Common Stocks – (continued)
	Japan – (continued)
	1,118,000	Kawasaki Kisen Kaisha Ltd. (Transportation)	$	2,459,976
	139	Kenedix Realty Investment Corp. (REIT)		652,075
	40,000	Kinki Sharyo Co. Ltd. (Capital Goods)		128,676
	10,000	Kinugawa Rubber Industrial Co. Ltd. (Automobiles & Components)		52,385
	15,900	Kissei Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		344,969
	6,200	Kokuyo Co. Ltd. (Commercial & Professional Services)		50,020
	126,000	Kurabo Industries Ltd. (Consumer Durables & Apparel)		236,825
	52,100	Kuroda Electric Co. Ltd. (Capital Goods)^(a)		692,547
	82,300	KYORIN Holdings, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		2,199,036
	4,500	Kyoritsu Maintenance Co. Ltd. (Consumer Services)		136,100
	55,000	Kyosan Electric Manufacturing Co. Ltd. (Capital Goods)		182,563
	17,700	Lintec Corp. (Materials)		322,279
	98,000	Marudai Food Co. Ltd. (Food, Beverage & Tobacco)		325,312
	44,000	Maruzen Showa Unyu Co. Ltd. (Transportation)		158,164
	22,900	Matsumotokiyoshi Holdings Co. Ltd. (Food & Staples Retailing)		655,514
	5,000	Max Co. Ltd. (Capital Goods)		57,050
	25,100	Megachips Corp. (Semiconductors & Semiconductor Equipment)		380,722
	17,700	Meitec Corp. (Commercial & Professional Services)		456,128
	836	MID REIT, Inc. (REIT)		2,231,450
	9,900	Ministop Co. Ltd. (Food & Staples Retailing)		170,700
	3,200	Mitsubishi Pencil Co. Ltd. (Commercial & Professional Services)		67,765
	101,000	Mitsubishi Steel Manufacturing Co. Ltd. (Materials)		216,734
	16,700	Mitsui High-Tec, Inc. (Semiconductors & Semiconductor Equipment)		120,027
	41,000	Mitsui Sugar Co. Ltd. (Food, Beverage & Tobacco)		128,777
	35,200	Mitsumi Electric Co. Ltd. (Technology Hardware & Equipment)*		201,674
	9,000	Mochida Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		119,669
	4,800	Modec, Inc. (Energy)		138,431
	127	Monex Group, Inc. (Diversified Financials)		57,302


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND


Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	20	Mori Hills REIT Investment Corp. (REIT)	$	139,294
	124,000	Morinaga Milk Industry Co. Ltd. (Food, Beverage & Tobacco)		365,317
	24,700	Moshi Moshi Hotline, Inc. (Commercial & Professional Services)		365,819
	113,800	Namura Shipbuilding Co. Ltd. (Capital Goods)		613,736
	10,300	NEC Fielding Ltd. (Software & Services)		136,299
	14,600	NEC Networks & System Integration Corp. (Software & Services)		320,129
	112,500	NET One Systems Co. Ltd. (Software & Services)		986,832
	12,200	Nichi-iko Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		295,238
	102,000	Nichirei Corp. (Food, Beverage & Tobacco)		600,050
	133	NIFTY Corp. (Software & Services)		208,627
	48,000	Nippon Beet Sugar Manufacturing Co. Ltd. (Food, Beverage & Tobacco)		90,267
	11,000	Nippon Flour Mills Co. Ltd. (Food, Beverage & Tobacco)		51,143
	43,000	Nippon Kayaku Co. Ltd. (Materials)		619,963
	27,700	Nippon Konpo Unyu Soko Co. Ltd. (Transportation)		427,704
	114,600	Nippon Light Metal Holdings Co. Ltd. (Materials)		134,982
	35,000	Nippon Seiki Co. Ltd. (Automobiles & Components)		461,986
	59,000	Nippon Shokubai Co. Ltd. (Materials)		580,495
	41,000	Nippon Soda Co. Ltd. (Materials)		190,968
	108,300	Nippon Suisan Kaisha Ltd. (Food, Beverage & Tobacco)		210,171
	18,000	Nippon Thompson Co. Ltd. (Capital Goods)		89,867
	180,000	Nishimatsu Construction Co. Ltd. (Capital Goods)		345,011
	42,000	Nisshinbo Holdings, Inc. (Capital Goods)		305,114
	27,000	Nissin Corp. (Transportation)		79,302
	17,000	Nissin Electric Co. Ltd. (Capital Goods)		84,594
	3,200	Nitto Kogyo Corp. (Capital Goods)		47,679
	39,000	NOF Corp. (Materials)		210,094
	20,400	Noritz Corp. (Capital Goods)		432,853
	8,000	Okuwa Co. Ltd. (Food & Staples Retailing)		87,152
	41,000	Organo Corp. (Capital Goods)		233,012
	6,600	Osaka Steel Co. Ltd. (Materials)		120,904
	11,000	Osaki Electric Co. Ltd. (Technology Hardware & Equipment)		58,184
	21,200	Otsuka Kagu Ltd. (Retailing)		235,863
	6,800	Paltac Corp. (Retailing)		88,396
	27,600	Parco Co. Ltd. (Retailing)		361,819


	Common Stocks – (continued)
	Japan – (continued)
	234	Pasona Group, Inc. (Commercial & Professional Services)	$	187,023
	80	PGM Holdings K K (Consumer Services)		85,835
	30,100	Pola Orbis Holdings, Inc. (Household & Personal Products)		1,065,936
	6,400	Proto Corp. (Media)		106,007
	244,000	Rengo Co. Ltd. (Materials)		1,181,312
	18,500	Resorttrust, Inc. (Consumer Services)		630,389
	4,400	Ricoh Leasing Co. Ltd. (Diversified Financials)		135,361
	12,000	Riken Corp. (Automobiles & Components)		48,421
	22,300	Riso Kagaku Corp. (Technology Hardware & Equipment)		426,399
	13,000	Rohto Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		182,101
	124,500	Round One Corp. (Consumer Services)		1,043,547
	126,000	Ryobi Ltd. (Capital Goods)		295,618
	5,000	S Foods, Inc. (Food & Staples Retailing)		50,351
	42,000	San-Ai Oil Co. Ltd. (Energy)		192,841
	36,000	Sankyu, Inc. (Transportation)		160,905
	7,200	Sanoh Industrial Co. Ltd. (Automobiles & Components)		51,714
	8,100	Sanshin Electronics Co. Ltd. (Technology Hardware & Equipment)		51,076
	17,000	Sanyo Chemical Industries Ltd. (Materials)		100,371
	20,000	Sanyo Shokai Ltd. (Consumer Durables & Apparel)		60,735
	35,000	Seika Corp. (Capital Goods)		89,218
	22,600	Seikagaku Corp. (Pharmaceuticals, Biotechnology & Life Sciences)		308,458
	9,300	Seiren Co. Ltd. (Consumer Durables & Apparel)		62,033
	395	Sekisui House SI Investment Co. (REIT)^(a)		2,020,247
	31,000	Sekisui Plastics Co. Ltd. (Materials)		81,765
	64,000	Senko Co. Ltd. (Transportation)		347,001
	44,100	Shinko Electric Industries Co. Ltd. (Semiconductors & Semiconductor Equipment)		449,690
	3,400	Shinko Shoji Co. Ltd. (Technology Hardware & Equipment)		33,056
	80,000	Shinsho Corp. (Capital Goods)		159,258
	19,100	Showa Corp. (Automobiles & Components)		277,286
	20,100	Sintokogio Ltd. (Capital Goods)		182,028
	526	SKY Perfect JSAT Holdings, Inc. (Media)		264,642
	114,100	Skymark Airlines, Inc. (Transportation)*		422,934
	99,600	Sodick Co. Ltd. (Capital Goods)		600,186
	23,000	Sumikin Bussan Corp. (Capital Goods)		75,154


The accompanying notes are an integral part of these financial statements.		39

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	25,500	Sumitomo Forestry Co. Ltd. (Consumer Durables & Apparel)	$	303,948
	10,000	Sumitomo Precision Products Co. Ltd. (Capital Goods)		43,249
	4,340	Sumitomo Real Estate Sales Co. Ltd. (Real Estate)		302,003
	48,000	Sumitomo Seika Chemicals Co. Ltd. (Materials)		182,885
	8,300	Tachi-S Co. Ltd. (Automobiles & Components)		153,268
	49,400	Taikisha Ltd. (Capital Goods)		1,119,495
	21,000	Takasago Thermal Engineering Co. Ltd. (Capital Goods)		165,687
	59,000	The Bank of Nagoya Ltd. (Banks)		279,953
	53,000	The Hyakugo Bank Ltd. (Banks)		265,329
	17,000	The Hyakujushi Bank Ltd. (Banks)		67,249
	92,000	The Keiyo Bank Ltd. (Banks)		565,917
	60,000	The Mie Bank Ltd. (Banks)		144,326
	189,000	The Ogaki Kyoritsu Bank Ltd. (Banks)		702,843
	7,000	The Okinawa Electric Power Co., Inc. (Utilities)		258,469
	141,000	The Toho Bank Ltd. (Banks)		441,998
	1,800	The Yachiyo Bank Ltd. (Banks)		67,159
	28,000	The Yokohama Rubber Co. Ltd. (Automobiles & Components)		367,683
	230,000	Toa Corp. (Capital Goods)*		354,246
	58,000	Toagosei Co. Ltd. (Materials)		250,017
	22,900	Tocalo Co. Ltd. (Capital Goods)		335,349
	13,600	Toho Holdings Co. Ltd. (Health Care Equipment & Services)		311,981
	13,200	Tohokushinsha Film Corp. (Media)		130,733
	215,800	Tokai Tokyo Financial Holdings, Inc. (Diversified Financials)		1,962,492
	3,430	Token Corp. (Consumer Durables & Apparel)		221,110
	68,000	Toko, Inc. (Technology Hardware & Equipment)*^(a)		201,457
	17,600	Tokyo Ohka Kogyo Co. Ltd. (Materials)		381,512
	258,000	Tokyo Tatemono Co. Ltd. (Real Estate)		2,391,154
	5,500	Tokyu Livable, Inc. (Real Estate)		134,851
	15	Tokyu REIT, Inc. (REIT)		95,608
	60,900	TOMONY Holdings, Inc. (Banks)		250,475
	44	Top REIT, Inc. (REIT)		235,931
	5,600	Toppan Forms Co. Ltd. (Commercial & Professional Services)		52,570
	50,900	Topre Corp. (Automobiles & Components)		474,764
	22,700	Torii Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		533,343
	8,800	Torishima Pump Manufacturing Co. Ltd. (Capital Goods)		71,603
	34,000	Toshiba TEC Corp. (Technology Hardware & Equipment)		200,907


	Common Stocks – (continued)
	Japan – (continued)
	22,000	Towa Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	$	1,091,411
	38,000	Toyo Tire & Rubber Co. Ltd. (Automobiles & Components)		204,487
	10,400	Transcosmos, Inc. (Software & Services)		145,264
	18,800	TSI Holdings Co. Ltd. (Consumer Durables & Apparel)		138,750
	63,000	Tsubakimoto Chain Co. (Capital Goods)		337,591
	25,000	Tsukishima Kikai Co. Ltd. (Capital Goods)		235,394
	1,300	Tsuruha Holdings, Inc. (Food & Staples Retailing)		126,680
	4,500	TV Asahi Corp. (Media)		93,992
	6,500	Tv Tokyo Holdings Corp. (Media)		89,438
	6,600	UKC Holdings Corp. (Semiconductors & Semiconductor Equipment)		154,445
	5,900	ULVAC, Inc. (Semiconductors & Semiconductor Equipment)*		46,150
	99,000	Uniden Corp. (Technology Hardware & Equipment)		236,590
	4,900	Unipres Corp. (Automobiles & Components)		109,059
	3,200	Universal Entertainment Corp. (Consumer Durables & Apparel)		80,294
	74,400	UNY Group Holdings Co., Ltd. (Food & Staples Retailing)		529,508
	24,030	Usen Corp. (Media)*		38,744
	6,000	Valor Co. Ltd. (Food & Staples Retailing)		113,539
	122,000	Wakita & Co. Ltd. (Capital Goods)		1,525,831
	4,700	Warabeya Nichiyo Co. Ltd. (Food, Beverage & Tobacco)		79,890
	4,300	Weathernews, Inc. (Commercial & Professional Services)		105,399
	6,700	Yellow Hat Ltd. (Retailing)		134,250
	9,600	Yorozu Corp. (Automobiles & Components)		160,450

				88,486,527

	Luxembourg – 0.7%
	69,562	GAGFAH SA (Real Estate)*		898,694
	35,647	Oriflame Cosmetics SA (Household & Personal Products)^(a)		1,292,257

				2,190,951

	Netherlands – 0.8%
	2,950	Amsterdam Commodities NV (Food & Staples Retailing)*		65,485
	6,714	BE Semiconductor Industries NV (Semiconductors & Semiconductor Equipment)		62,778
	27,536	Beter Bed Holding NV (Retailing)		516,445
	71,786	BinckBank NV (Diversified Financials)^(a)		550,116


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND


Shares		Description	Value

	Common Stocks – (continued)
	Netherlands – (continued)
	27,887	CSM (Food, Beverage & Tobacco)	$	624,238
	6,236	Eurocommercial Properties NV (REIT)		254,501
	349,050	SNS REAAL NV (Diversified Financials)*^(a)		—
	14,570	Vastned Retail NV (REIT)^(a)		650,881

				2,724,444

	New Zealand – 0.5%
	256,644	New Zealand Oil & Gas Ltd. (Energy)		180,598
	259,047	Ryman Healthcare Ltd. (Health Care Equipment & Services)		1,355,297

				1,535,895

	Norway – 2.5%
	4,586	Aker ASA Class A (Diversified Financials)^(a)		141,819
	13,626	Cermaq ASA (Food, Beverage & Tobacco)*		203,509
	79,255	Fred Olsen Energy ASA (Energy)		3,457,532
	6,700	Leroey Seafood Group ASA (Food, Beverage & Tobacco)		210,531
	59,764	Marine Harvest ASA (Food, Beverage & Tobacco)*		62,185
	102,497	Petroleum Geo-Services ASA (Energy)		1,505,929
	1,198,415	Renewable Energy Corp. ASA (Semiconductors & Semiconductor Equipment)*		333,138
	109,006	SpareBank 1 SMN (Banks)		928,141
	36,865	TGS Nopec Geophysical Co. ASA (Energy)		1,325,560

				8,168,344

	Peru – 0.1%
	44,018	Copeinca ASA (Food, Beverage & Tobacco)^(a)		461,821

	Portugal – 0.3%
	25,031	Mota-Engil SGPS SA (Capital Goods)		69,226
	193,711	Portucel SA (Materials)*		701,541
	18,498	Semapa-Sociedade de Investimento e Gestao (Materials)		174,911

				945,678

	Singapore – 2.6%
	478,481	AIMS AMP Capital Industrial REIT (REIT)		707,381
	108,000	Amtek Engineering Ltd. (Capital Goods)		45,262
	24,000	Boustead Singapore Ltd. (Energy)		26,520
	82,629	Cambridge Industrial Trust (REIT)		57,459
	211,000	China Aviation Oil Singapore Corp. Ltd. (Energy)		176,546
	448,000	Chip Eng Seng Corp. Ltd. (Capital Goods)		296,894


	Common Stocks – (continued)
	Singapore – (continued)
	78,000	CWT Ltd. (Transportation)	$	107,469
	12,000	Frasers Centrepoint Trust (REIT)		21,940
	650,800	Frasers Commercial Trust (REIT)		824,550
	282,000	GuocoLeisure Ltd. (Consumer Services)		200,660
	301,000	Hi-P International Ltd. Class P (Technology Hardware & Equipment)*		171,474
	188,000	Ho Bee Investment Ltd. (Real Estate)		328,726
	49,000	Hong Leong Asia Ltd. (Capital Goods)		64,799
	221,000	Hyflux Ltd. (Utilities)		246,283
	176,000	Indofood Agri Resources Ltd. (Food, Beverage & Tobacco)		152,532
	255,000	K1 Ventures Ltd. (Diversified Financials)		33,332
	164,000	Keppel REIT (REIT)		201,272
	74,000	K-Green Trust (Commercial & Professional Services)		62,557
	1,452,000	Lippo Malls Indonesia Retail Trust (REIT)		619,838
	68,000	Mapletree Logistics Trust (REIT)		72,332
	61,000	OSIM International Ltd. (Retailing)		99,057
	67,000	Overseas Union Enterprise Ltd. (Consumer Services)		169,563
	61,000	Parkway Life Real Estate Investment Trust (REIT)		132,432
	88,000	Perennial China Retail Trust (Real Estate)		45,737
	299,000	Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (REIT)		331,542
	162,000	SATS Ltd. (Transportation)		414,184
	155,000	SMRT Corp. Ltd. (Transportation)		186,266
	254,000	Stamford Land Corp. Ltd. (Consumer Services)		122,752
	786,000	Starhill Global REIT (REIT)		615,458
	171,000	Suntec Real Estate Investment Trust (REIT)		270,378
	57,000	Super Group Ltd. (Food, Beverage & Tobacco)		181,871
	176,000	Tat Hong Holdings Ltd. (Capital Goods)		213,131
	218,000	Tiger Airways Holdings Ltd. (Transportation)*		117,016
	145,000	Tuan Sing Holdings Ltd. (Capital Goods)*		42,410
	69,000	United Engineers Ltd. (Capital Goods)		176,151
	78,000	Venture Corp. Ltd. (Technology Hardware & Equipment)		526,856
	390,000	Wing Tai Holdings Ltd. (Real Estate)		690,882

				8,753,512

	Spain – 1.2%
	37,633	Almirall SA (Pharmaceuticals, Biotechnology & Life Sciences)		497,500


The accompanying notes are an integral part of these financial statements.		41

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Spain – (continued)
	31,583	Bolsas y Mercados Espanoles SA (Diversified Financials)^(a)	$	857,238
	154,261	Ence Energia y Celulosa SA (Materials)		406,918
	36,324	Grupo Catalana Occidente SA (Insurance)		823,139
	112,491	Mediaset Espana Comunicacion SA (Media)*^(a)		881,711
	59,424	Vueling Airlines SA (Transportation)*		697,003

				4,163,509

	Sweden – 3.6%
	3,241	AF AB Class B (Commercial & Professional Services)		89,248
	10,466	Avanza Bank Holding AB (Diversified Financials)		232,149
	24,761	Axfood AB (Food & Staples Retailing)		1,091,043
	44,906	Betsson AB (Consumer Services)*		1,315,332
	50,643	Bilia AB Class A (Retailing)		879,890
	19,967	BillerudKorsnas AB (Materials)		198,188
	15,225	BioGaia AB Class B (Pharmaceuticals, Biotechnology & Life Sciences)		532,457
	51,989	Bure Equity AB (Diversified Financials)		183,970
	8,200	D. Carnegie & Co. AB (Diversified Financials)*		—
	71,398	East Capital Explorer AB (Diversified Financials)*		518,754
	2,873	Hakon Invest AB (Food & Staples Retailing)*		77,568
	22,020	Hexpol AB (Materials)		1,241,610
	45,778	Industrial & Financial Systems AB Class B (Software & Services)		872,325
	14,204	JM AB (Consumer Durables & Apparel)^(a)		319,893
	8,327	Lundbergforetagen AB Class B (Diversified Financials)		325,500
	8,803	Medivir AB (Pharmaceuticals, Biotechnology & Life Sciences)*		93,041
	33,848	Modern Times Group AB Class B (Media)		1,452,757
	5,958	Nolato AB Class B (Technology Hardware & Equipment)^(a)		100,885
	60,001	Nordnet AB Class B (Diversified Financials)^(a)		167,958
	25,750	Saab AB Class B (Capital Goods)		565,183
	176,460	SAS AB (Transportation)*^(a)		386,548
	63,502	Swedish Orphan Biovitrum AB (Pharmaceuticals, Biotechnology & Life Sciences)*		406,386
	57,837	Wihlborgs Fastigheter AB (Real Estate)		957,846

				12,008,531

	Switzerland – 2.5%
	8,613	Basilea Pharmaceutica (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*		476,435


	Common Stocks – (continued)
	Switzerland – (continued)
	1,340	Forbo Holding AG (Registered) (Consumer Durables & Apparel)*	$	865,200
	2,274	Helvetia Holding AG (Registered) (Insurance)		954,023
	5,946	Inficon Holding AG (Registered) (Technology Hardware & Equipment)*		1,849,494
	376	Intershop Holdings (Real Estate)		129,404
	10,383	Kudelski SA (Technology Hardware & Equipment)*		130,898
	320	LEM Holding SA (Registered) (Technology Hardware & Equipment)		194,219
	114,911	OC Oerlikon Corp. AG (Registered) (Capital Goods)*		1,330,140
	14,549	Schweizerische National-Versicherungs-Gesellschaft (Registered) Class V (Insurance)		695,036
	2,826	Siegfried Holding AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*		372,741
	170	Vetropack Holding AG (Materials)		344,637
	19,677	Zehnder Group AG (Capital Goods)^(a)		870,572

				8,212,799

	United Kingdom – 19.3%
	44,535	Ashmore Group PLC (Diversified Financials)		276,594
	302,491	Barratt Developments PLC (Consumer Durables & Apparel)*		1,464,304
	43,796	BBA Aviation PLC (Transportation)		170,997
	148,927	Berendsen PLC (Commercial & Professional Services)		1,789,665
	36,754	Berkeley Group Holdings PLC (Consumer Durables & Apparel)		1,191,723
	92,920	Betfair Group PLC (Consumer Services)^(a)		1,251,066
	97,598	Big Yellow Group PLC (REIT)		611,722
	138,134	Bodycote PLC (Capital Goods)		1,112,946
	141,321	BTG PLC (Pharmaceuticals, Biotechnology & Life Sciences)*		758,884
	437,894	Cable & Wireless Communications PLC (Telecommunication Services)		288,284
	86,632	Cairn Energy PLC (Energy)*		389,018
	116,357	Cineworld Group PLC (Media)		523,251
	7,060	Close Brothers Group PLC (Diversified Financials)		113,980
	83,382	Computacenter PLC (Software & Services)		582,124
	39,947	Concentric AB (Capital Goods)		408,106
	193,585	CSR PLC (Semiconductors & Semiconductor Equipment)		1,484,420
	1,091,211	Debenhams PLC (Retailing)		1,411,510
	218,458	Diploma PLC (Technology Hardware & Equipment)		1,935,945
	23,066	Drax Group PLC (Utilities)		220,140
	179,803	easyJet PLC (Transportation)		3,126,684


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND


Shares		Description	Value

	Common Stocks – (continued)
	United Kingdom – (continued)
	474,447	Elementis PLC (Materials)	$	1,947,778
	785,040	EnQuest PLC (Energy)*		1,572,807
	163,451	F&C Asset Management PLC (Diversified Financials)		248,819
	180,082	Firstgroup PLC (Transportation)		591,375
	35,360	Galliford Try PLC (Capital Goods)		542,094
	6,152	Go-Ahead Group PLC (Transportation)		148,095
	37,294	Great Portland Estates PLC (REIT)		308,513
	909,383	Hansteen Holdings PLC (REIT)		1,207,497
	292,618	Home Retail Group PLC (Retailing)		708,662
	105,347	Homeserve PLC (Commercial & Professional Services)		342,950
	137,728	IG Group Holdings PLC (Diversified Financials)		1,153,577
	313,197	Intermediate Capital Group PLC (Diversified Financials)		2,058,960
	86,443	International Personal Finance PLC (Diversified Financials)		685,540
	236,963	Interserve PLC (Capital Goods)		1,744,419
	83,865	John Wood Group PLC (Energy)		1,012,228
	110,836	Jupiter Fund Management PLC (Diversified Financials)		570,603
	54,249	Keller Group PLC (Capital Goods)		724,051
	699,907	Ladbrokes PLC (Consumer Services)		2,060,907
	125,565	Laird PLC (Technology Hardware & Equipment)		423,779
	163,285	Lancashire Holdings Ltd. (Insurance)		2,149,865
	158,909	Micro Focus International PLC (Software & Services)		1,654,196
	195,917	Mondi PLC (Materials)		2,603,638
	154,837	N Brown Group PLC (Retailing)		1,072,121
	98,451	Northgate PLC (Transportation)		518,429
	79,675	Pace PLC (Technology Hardware & Equipment)		307,304
	345,643	Paragon Group of Companies PLC (Banks)		1,679,149
	422,510	Pendragon PLC (Retailing)*		152,591
	29,735	Premier Oil PLC (Energy)*		172,575
	613,919	QinetiQ Group PLC (Capital Goods)		1,807,406
	7,369	Renishaw PLC (Technology Hardware & Equipment)		188,740
	38,834	Rightmove PLC (Media)		1,158,505
	12,493	Rotork PLC (Capital Goods)		565,199
	29,185	Savills PLC (Real Estate)		263,847
	428,480	SIG PLC (Capital Goods)		1,079,968
	275,219	Soco International PLC (Energy)*		1,622,694
	711,055	Speedy Hire PLC (Capital Goods)		535,691
	50,422	Stagecoach Group PLC (Transportation)		241,000
	83,690	TalkTalk Telecom Group PLC (Telecommunication Services)		325,910
	68,636	Taylor Wimpey PLC (Consumer Durables & Apparel)		99,312
	57,948	Tetragon Financial Group Ltd. (Diversified Financials)		634,531


	Common Stocks – (continued)
	United Kingdom – (continued)
	315,443	TT electronics PLC (Technology Hardware & Equipment)	$	817,131
	109,040	Tullett Prebon PLC (Diversified Financials)		414,959
	77,541	Victrex PLC (Materials)		1,934,556
	161,863	WH Smith PLC (Retailing)^(a)		1,862,926
	396,722	William Hill PLC (Consumer Services)		2,628,839
	23,024	Workspace Group PLC (REIT)		134,208
	27,251	WS Atkins PLC (Commercial & Professional Services)		382,182
	66,830	Xchanging PLC (Software & Services)		139,106

				64,310,595

	TOTAL COMMON STOCKS
	(Cost $257,897,689)		$	306,417,281


	Preferred Stocks – 0.4%
	Germany – 0.4%
	8,876	Fuchs Petrolub AG Preference Shares (Materials)	$	749,180
	10,293	Jungheinrich AG Preference Shares (Capital Goods)		425,016
	1,021	Sto AG Preference Shares (Materials)		157,319

	TOTAL PREFERRED STOCKS
	(Cost $1,312,488)		$	1,331,515


Units	Description	Expiration Month		Value

Right – 0.0%
Israel – 0.0%
325	Africa Israel Investments Ltd. (Real Estate)*		05/13	$	1,089
(Cost $0)


Warrant – 0.0%
France – 0.0%
56,200	UBISOFT Entertainment (Software & Services)*		10/13	$	11,028
(Cost $0)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $259,210,177)				$	307,760,913


The accompanying notes are an integral part of these financial statements.		43

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2013 (Unaudited)


Shares	Rate	Value

Securities Lending Reinvestment Vehicle^(b)(c) – 6.1%
Goldman Sachs Financial Square Money Market Fund – FST Shares
20,151,325	0.109%	$	20,151,325
(Cost $20,151,325)

TOTAL INVESTMENTS – 98.6%
(Cost $279,361,502)		$	327,912,238

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.4%			4,744,203

NET ASSETS – 100.0%		$	332,656,441


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2013.
(c)		Represents an affiliated issuer.



Investment Abbreviations:
REIT		—Real Estate Investment Trust
RSP		—Risparmio Shares


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2013, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)		Expiration Date	Current Value		Unrealized Gain (Loss)
EURO STOXX 50 Index		261	June 2013	$	9,173,992	$	185,482
FTSE 100 Index		47	June 2013		4,660,430		41,819
Hang Seng Index		3	May 2013		436,925		931
MSCI Singapore Index		8	May 2013		493,886		1,645
SPI 200 Index		16	June 2013		2,143,066		26,285
TSE TOPIX Index		48	June 2013		5,746,115		275,088
TOTAL						$	531,250


The accompanying notes are an integral part of these financial statements.		45

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Assets and Liabilities

April 30, 2013 (Unaudited)


	Emerging Markets Equity Insights Fund			International Equity Insights Fund			International Small Cap Insights Fund
Assets:
Investments in unaffiliated issuers, at value (cost $598,500,545, $934,028,258 and $259,210,177)^(a)	$	661,096,061		$	1,033,359,435		$	307,760,913
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		6,410,410			102,847,510			20,151,325
Cash		10,787,221			432,002			26,302,599
Foreign currencies, at value (cost $2,101,200, $22,146,040 and $1,313,158)		2,100,142			22,223,928			1,332,318
Receivables:
Investments sold		19,417,492			79,347,833			8,477,614
Fund shares sold		17,156,805			162,867			15,286,313
Dividends		1,155,520			5,451,747			1,528,875
Securities lending income		3,613			210,447			50,230
Collateral on certain derivative contracts^(b)		—			—			1,259,561
Foreign tax reclaims		—			854,458			152,365
Other assets		150,571			305,152			1,626
Total assets		718,277,835			1,245,195,379			382,303,739

Liabilities:
Payables:
Investments purchased		46,562,524			74,449,696			28,092,481
Payable upon return of securities loaned		6,410,410			102,847,510			20,151,325
Amounts owed to affiliates		548,010			838,298			223,290
Fund shares redeemed		511,280			1,078,841			141,480
Foreign capital gains taxes		129,579			—			—
Futures variation margin		—			257,652			909,666
Accrued expenses		93,548			139,897			129,056
Total liabilities		54,255,351			179,611,894			49,647,298

Net Assets:
Paid-in capital		609,689,692			2,445,538,693			299,584,942
Undistributed (distributions in excess of) net investment income		(1,614,982	)		3,678,375			(2,808,369	)
Accumulated net realized loss		(6,593,435	)		(1,483,665,761	)		(13,201,498	)
Net unrealized gain		62,541,209			100,032,178			49,081,366
NET ASSETS	$	664,022,484		$	1,065,583,485		$	332,656,441
Net Assets:
Class A	$	23,821,819		$	101,101,736		$	27,106,824
Class B		—			2,370,554			—
Class C		195,551			2,977,588			1,190,120
Institutional		639,618,571			951,644,014			303,739,952
Service		—			7,219,348			—
Class IR		386,543			187,601			619,545
Class R		—			82,644			—
Total Net Assets	$	664,022,484		$	1,065,583,485		$	332,656,441
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		2,615,300			10,038,698			2,886,277
Class B		—			237,303			—
Class C		21,498			298,879			128,964
Institutional		70,331,649			92,189,213			32,416,553
Service		—			711,775			—
Class IR		42,528			18,882			66,235
Class R		—			8,301			—
Net asset value, offering and redemption price per share:^(c)
Class A		$9.11			$10.07			$9.39
Class B		—			9.99			—
Class C		9.10			9.96			9.23
Institutional		9.09			10.32			9.37
Service		—			10.14			—
Class IR		9.09			9.94			9.35
Class R		—			9.96			—

(a)

Includes loaned securities having a market value of $6,347,537, $98,440,559 and $19,249,167 for the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds, respectively.

(b)

Represents segregated cash on deposit with counterparty for the International Small Cap Insights Fund relating to initial margin requirements on futures transactions.

(c)

Maximum public offering price per share for Class A shares of the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds is $9.64, $10.66 and $9.94, respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Operations

For the Six Months Ended April 30, 2013 (Unaudited)


	Emerging Markets Equity Insights Fund			International Equity Insights Fund			International Small Cap Insights Fund
Investment income:
Dividends (net of foreign taxes withheld of $431,923, $1,003,310 and $183,452)	$	4,784,036		$	16,628,398		$	4,070,956
Securities lending income — affiliated issuer		28,559			420,684			138,893
Total investment income		4,812,595			17,049,082			4,209,849

Expenses:
Management fees		2,894,848			3,856,685			1,100,268
Custody, accounting and administrative services		304,225			184,114			140,139
Transfer Agent fees^(a)		148,551			322,830			67,894
Distribution and Service fees^(a)		55,061			255,445			29,797
Professional fees		50,843			52,060			39,257
Registration fees		30,569			46,451			27,177
Printing and mailing costs		24,387			8,982			11,839
Trustee fees		8,478			8,861			8,072
Service share fees — Service Plan		—			9,603			—
Service share fees — Shareholder Administration Plan		—			9,603			—
Other		7,947			11,040			7,533
Total expenses		3,524,909			4,765,674			1,431,976
Less — expense reductions		(255,341	)		(298,236	)		(219,064	)
Net expenses		3,269,568			4,467,438			1,212,912
NET INVESTMENT INCOME		1,543,027			12,581,644			2,996,937

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		24,876,866			60,120,561			16,292,891
Futures contracts		—			2,805,300			1,202,239
Foreign currency transactions		(327,840	)		(723,031	)		(189,075	)
Net change in unrealized gain (loss) on:
Investments (including the effects of the net change in the foreign capital gains tax liability of $1,268,792, $0 and $0)		27,006,864			61,603,262			25,005,964
Futures contracts		—			343,715			493,171
Foreign currency translation		(666,093	)		4,768			(372	)
Net realized and unrealized gain		50,889,797			124,154,575			42,804,818
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	52,432,824		$	136,736,219		$	45,801,755

(a)

Class specific Distribution and Service, and Transfer Agent fees were as follows:


	Distribution and Service Fees								Transfer Agent Fees
Fund	Class A		Class B		Class C		Class R		Class A		Class B		Class C		Institutional		Service		Class IR		Class R
Emerging Markets Equity Insights	$	54,071		N/A	$	990		N/A	$	41,094		N/A	$	188	$	107,060		N/A	$	209		N/A
International Equity Insights		228,410	$	12,326		14,521	$	188		173,593	$	2,342		2,759		142,396	$	1,537		132	$	71
International Small Cap Insights		25,146		N/A		4,651		N/A		19,111		N/A		884		47,480		N/A		419		N/A


The accompanying notes are an integral part of these financial statements.		47

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets


	Emerging Markets Equity Insights Fund
	For the Six Months Ended April 30, 2013 (Unaudited)			For the Fiscal Year Ended October 31, 2012
From operations:
Net investment income	$	1,543,027		$	6,726,714
Net realized gain (loss)		24,549,026			14,281,721
Net change in unrealized gain		26,340,771			5,261,352
Net increase in net assets resulting from operations		52,432,824			26,269,787

Distributions to shareholders:
From net investment income
Class A Shares		(646,730	)		(190,969	)
Class B Shares		—			—
Class C Shares		(1,269	)		—
Institutional Shares		(7,459,492	)		(5,188,307	)
Service Shares		—			—
Class IR Shares		(1,842	)		(19	)
Class R Shares		—			—
Total distributions to shareholders		(8,109,333	)		(5,379,295	)

From share transactions:
Proceeds from sales of shares		240,876,361			287,062,372
Reinvestment of distributions		8,086,923			5,376,256
Cost of shares redeemed		(144,550,591	)		(88,367,084	)
Net increase (decrease) in net assets resulting from share transactions		104,412,693			204,071,544
TOTAL INCREASE (DECREASE)		148,736,184			224,962,036

Net assets:
Beginning of period		515,286,300			290,324,264
End of period	$	664,022,484		$	515,286,300
Undistributed (distributions in excess of) net investment income	$	(1,614,982	)	$	4,951,324


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS


International Equity Insights Fund						International Small Cap Insights Fund
For the Six Months Ended April 30, 2013 (Unaudited)			For the Fiscal Year Ended October 31, 2012			For the Six Months Ended April 30, 2013 (Unaudited)			For the Fiscal Year Ended October 31, 2012

$	12,581,644		$	25,755,743		$	2,996,937		$	6,879,714
	62,202,830			(107,575,164	)		17,306,055			(909,501	)
	61,951,745			105,513,405			25,498,763			11,891,012
	136,736,219			23,693,984			45,801,755			17,861,225



	(6,802,694	)		(13,871,075	)		(812,215	)		(620,606	)
	(64,323	)		(138,961	)		—			—
	(73,960	)		(138,496	)		(34,519	)		(16,534	)
	(21,631,287	)		(49,022,202	)		(10,634,235	)		(6,981,053	)
	(268,276	)		(591,705	)		—			—
	(4,577	)		(2,354	)		(17,900	)		(8,270	)
	(2,186	)		(5,640	)		—			—
	(28,847,303	)		(63,770,433	)		(11,498,869	)		(7,626,463	)


	350,595,479			196,869,212			96,115,008			60,454,193
	28,534,242			61,362,112			10,415,151			7,278,249
	(242,788,149	)		(745,204,273	)		(72,466,937	)		(95,173,897	)
	136,341,572			(486,972,949	)		34,063,222			(27,441,455	)
	244,230,488			(527,049,398	)		68,366,108			(17,206,693	)


	821,352,997			1,348,402,395			264,290,333			281,497,026
$	1,065,583,485		$	821,352,997		$	332,656,441		$	264,290,333
$	3,678,375		$	19,944,034		$	(2,808,369	)	$	5,693,563


The accompanying notes are an integral part of these financial statements.		49

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2013 - A	$	8.40	$	—	^(d)	$	0.83		$	0.83		$	(0.12	)	$	—		$	(0.12	)
2013 - C		8.36		(0.03	)		0.82			0.79			(0.05	)		—			(0.05	)
2013 - Institutional		8.40		0.03			0.80			0.83			(0.14	)		—			(0.14	)
2013 - IR		8.39		0.03			0.80			0.83			(0.13	)		—			(0.13	)

FOR THE FISCAL YEARS ENDED OCTOBER 31,
2012 - A		8.08		0.13			0.28			0.41			(0.09	)		—			(0.09	)
2012 - C		8.00		0.08			0.28			0.36			—			—			—
2012 - Institutional		8.12		0.16			0.28			0.44			(0.16	)		—			(0.16	)
2012 - IR		8.11		0.25			0.18			0.43			(0.15	)		—			(0.15	)
2011 - A		8.91		0.11			(0.87	)		(0.76	)		(0.07	)		—			(0.07	)
2011 - C		8.82		—	^(d)		(0.81	)		(0.81	)		(0.01	)		—			(0.01	)
2011 - Institutional		8.96		0.16			(0.88	)		(0.72	)		(0.12	)		—			(0.12	)
2011 - IR		8.98		0.15			(0.90	)		(0.75	)		(0.12	)		—			(0.12	)
2010 - A		7.14		0.08			1.76			1.84			(0.07	)		—			(0.07	)
2010 - C		7.11		—	^(d)		1.77			1.77			(0.06	)		—			(0.06	)
2010 - Institutional		7.17		0.10			1.79			1.89			(0.10	)		—			(0.10	)
2010 - IR (Commenced August 31, 2010)		7.67		0.01			1.30			1.31			—			—			—
2009 - A		4.45		0.12	^(f)		2.61			2.73			(0.04	)		—			(0.04	)
2009 - C		4.41		0.07	^(f)		2.64			2.71			(0.01	)		—			(0.01	)
2009 - Institutional		4.47		0.13	^(f)		2.62			2.75			(0.05	)		—			(0.05	)
2008 - A		11.04		0.15	^(g)		(6.64	)		(6.49	)		(0.05	)		(0.05	)		(0.10	)
2008 - C		11.03		0.10	^(g)		(6.63	)		(6.53	)		(0.04	)		(0.05	)		(0.09	)
2008 - Institutional		11.04		0.18	^(g)		(6.65	)		(6.47	)		(0.05	)		(0.05	)		(0.10	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c)

The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund's portfolio turnover rate may be higher.

(d)

Amount is less than $0.005 per share.

(e)

Annualized.

(f)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.34% of average net assets.

(g)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.26% of average net assets.


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

GOLDMAN SACHS EMERGING MARKETS EQUITY INSIGHTS FUND




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

$	9.11		9.93	%	$	23,822		1.48	%^(e)		1.59	%^(e)		(0.04	)%^(e)		102	%
	9.10		9.31			196		2.24	^(e)		2.34	^(e)		(0.70	)^(e)		102
	9.09		9.99			639,619		1.10	^(e)		1.19	^(e)		0.58	^(e)		102
	9.09		9.97			387		1.27	^(e)		1.33	^(e)		0.63	^(e)		102


	8.40		5.26			50,760		1.45			1.69			1.58			180
	8.36		4.49			228		2.20			2.46			0.97			180
	8.40		5.68			464,180		1.05			1.30			1.98			180
	8.39		5.48			118		1.20			1.41			3.06			180
	8.08		(8.58	)		17,089		1.45			1.71			1.17			200
	8.00		(9.23	)		207		2.20			2.46			0.01			200
	8.12		(8.19	)		273,027		1.05			1.31			1.75			200
	8.11		(8.54	)		1		1.20			1.46			1.67			200
	8.91		25.91			52,030		1.45			1.70			0.99			214
	8.82		25.07			1,282		2.20			2.45			0.04			214
	8.96		26.56			364,053		1.05			1.30			1.25			214
	8.98		17.08			1		1.20	^(e)		1.45	^(e)		0.51	^(e)		214
	7.14		61.83			2,694		1.45			1.76			2.04	^(f)		182
	7.11		61.28			1,426		2.20			2.51			1.13	^(f)		182
	7.17		62.25			311,960		1.05			1.36			2.38	^(f)		182
	4.45		(59.22	)		345		1.45			1.89			1.92	^(g)		190
	4.41		(59.48	)		43		2.20			2.64			1.24	^(g)		190
	4.47		(59.01	)		156,248		1.05			1.49			2.28	^(g)		190


The accompanying notes are an integral part of these financial statements.		51

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income^(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2013 - A	$	9.00	$	0.08	^(d)	$	1.30		$	1.38		$	(0.31	)	$	—		$	(0.31	)
2013 - B		8.89		0.07	^(d)		1.26			1.33			(0.23	)		—			(0.23	)
2013 - C		8.87		0.07	^(d)		1.26			1.33			(0.24	)		—			(0.24	)
2013 - Institutional		9.25		0.15	^(d)		1.27			1.42			(0.35	)		—			(0.35	)
2013 - Service		9.06		0.09	^(d)		1.29			1.38			(0.30	)		—			(0.30	)
2013 - IR		8.91		0.14	^(d)		1.24			1.38			(0.35	)		—			(0.35	)
2013 - R		8.88		0.10	^(d)		1.26			1.36			(0.28	)		—			(0.28	)

FOR THE FISCAL YEARS ENDED OCTOBER 31,
2012 - A		9.02		0.19			0.21			0.40			(0.42	)		—			(0.21	)
2012 - B		8.89		0.13			0.20			0.33			(0.33	)		—			(0.13	)
2012 - C		8.89		0.13			0.20			0.33			(0.35	)		—			(0.13	)
2012 - Institutional		9.27		0.24			0.21			0.45			(0.47	)		—			(0.25	)
2012 - Service		9.08		0.18			0.21			0.39			(0.41	)		—			(0.19	)
2012 - IR		8.97		0.20			0.21			0.41			(0.47	)		—			(0.23	)
2012 - R		8.93		0.17			0.20			0.37			(0.42	)		—			(0.20	)
2011 - A		10.21		0.28			(1.26	)		(0.98	)		(0.21	)		—			(0.21	)
2011 - B		10.06		0.19			(1.23	)		(1.04	)		(0.13	)		—			(0.14	)
2011 - C		10.06		0.19			(1.23	)		(1.04	)		(0.13	)		—			(0.14	)
2011 - Institutional		10.49		0.33			(1.30	)		(0.97	)		(0.25	)		—			(0.25	)
2011 - Service		10.27		0.27			(1.27	)		(1.00	)		(0.19	)		—			(0.21	)
2011 - IR		10.15		0.23			(1.18	)		(0.95	)		(0.23	)		—			(0.24	)
2011 - R		10.12		0.19			(1.18	)		(0.99	)		(0.20	)		—			(0.21	)
2010 - A		9.61		0.18			0.63			0.81			(0.21	)		—			(0.39	)
2010 - B		9.47		0.11			0.62			0.73			(0.14	)		—			(0.29	)
2010 - C		9.47		0.10			0.63			0.73			(0.14	)		—			(0.29	)
2010 - Institutional		9.86		0.22			0.66			0.88			(0.25	)		—			(0.45	)
2010 - Service		9.67		0.16			0.65			0.81			(0.21	)		—			(0.36	)
2010 - IR		9.56		0.20			0.63			0.83			(0.24	)		—			(0.43	)
2010 - R		9.55		0.15			0.63			0.78			(0.21	)		—			(0.38	)
2009 - A		8.06		0.17			1.77			1.94			(0.39	)		—			(0.39	)
2009 - B		7.91		0.12			1.73			1.85			(0.29	)		—			(0.29	)
2009 - C		7.90		0.12			1.74			1.86			(0.29	)		—			(0.29	)
2009 - Institutional		8.29		0.21			1.81			2.02			(0.45	)		—			(0.45	)
2009 - Service		8.08		0.16			1.79			1.95			(0.36	)		—			(0.36	)
2009 - IR		8.04		0.20			1.75			1.95			(0.43	)		—			(0.43	)
2009 - R		8.01		0.08			1.84			1.92			(0.38	)		—			(0.38	)

FOR THE PERIOD SEPTEMBER 1, 2008 TO OCTOBER 31, 2008*
2008 - A		11.79		0.03			(3.76	)		(3.73	)		—			—			—
2008 - B		11.58		0.02			(3.69	)		(3.67	)		—			—			—
2008 - C		11.56		0.02			(3.68	)		(3.66	)		—			—			—
2008 - Institutional		12.11		0.04			(3.86	)		(3.82	)		—			—			—
2008 - Service		11.81		0.03			(3.76	)		(3.73	)		—			—			—
2008 - IR (Commenced November 30, 2007)		11.75		0.03			(3.74	)		(3.71	)		—			—			—
2008 - R (Commenced November 30, 2007)		11.72		0.03			(3.74	)		(3.71	)		—			—			—

FOR THE FISCAL YEAR ENDED AUGUST 31,
2008 - A		15.90		0.52			(2.77	)		(2.25	)		(0.48	)		(1.38	)		(1.86	)
2008 - B		15.67		0.41			(2.73	)		(2.32	)		(0.39	)		(1.38	)		(1.77	)
2008 - C		15.64		0.41			(2.73	)		(2.32	)		(0.38	)		(1.38	)		(1.76	)
2008 - Institutional		16.28		0.59			(2.84	)		(2.25	)		(0.54	)		(1.38	)		(1.92	)
2008 - Service		15.93		0.49			(2.76	)		(2.27	)		(0.47	)		(1.38	)		(1.85	)
2008 - IR (Commenced November 30, 2007)		16.57		0.30			(3.19	)		(2.89	)		(0.55	)		(1.38	)		(1.93	)
2008 - R (Commenced November 30, 2007)		16.57		0.25			(3.18	)		(2.93	)		(0.54	)		(1.38	)		(1.92	)

The Fund changed its fiscal year end from August 31 to October 31.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(d)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.57% of average net assets.

(e)

Annualized.


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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUND



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

$	10.07		15.85	%	$	101,102		1.29	%^(e)		1.37	%^(e)		1.67	%^(d)(e)		99	%
	9.99		15.27			2,371		2.04	^(e)		2.11	^(e)		1.46	^(d)(e)		99
	9.96		15.37			2,978		2.04	^(e)		2.11	^(e)		1.52	^(d)(e)		99
	10.32		15.93			951,644		0.89	^(e)		0.95	^(e)		3.06	^(d)(e)		99
	10.14		15.75			7,219		1.39	^(e)		1.46	^(e)		2.02	^(d)(e)		99
	9.94		15.94			188		1.04	^(e)		1.10	^(e)		3.03	^(d)(e)		99
	9.96		15.66			83		1.54	^(e)		1.61	^(e)		2.14	^(d)(e)		99


	9.00		4.94			210,612		1.28			1.37			2.21			203
	8.89		4.13			2,587		2.04			2.12			1.47			203
	8.87		4.10			3,087		2.04			2.12			1.48			203
	9.25		5.47			596,986		0.88			0.97			2.69			203
	9.06		4.77			7,945		1.38			1.47			2.09			203
	8.91		5.16			65		1.04			1.11			2.33			203
	8.88		4.69			71		1.53			1.62			1.98			203
	9.02		(9.87	)		314,225		1.25			1.31			2.74			101
	8.89		(10.52	)		3,916		2.00			2.06			1.93			101
	8.89		(10.50	)		3,660		2.00			2.06			1.94			101
	9.27		(9.52	)		1,013,458		0.85			0.91			3.18			101
	9.08		(9.91	)		12,982		1.35			1.41			2.60			101
	8.97		(9.58	)		45		1.00			1.06			2.53			101
	8.93		(9.99	)		116		1.50			1.56			1.87			101
	10.21		8.59			530,086		1.25			1.29			1.89			111
	10.06		7.83			6,563		2.00			2.04			1.13			111
	10.06		7.78			5,023		2.00			2.04			1.12			111
	10.49		9.05			1,819,375		0.85			0.89			2.24			111
	10.27		8.49			23,267		1.35			1.39			1.68			111
	10.15		8.77			8		1.00			1.04			2.13			111
	10.12		8.30			192		1.50			1.54			1.59			111
	9.61		25.56			656,289		1.25			1.32			2.17			167
	9.47		24.49			7,620		2.00			2.07			1.50			167
	9.47		24.68			5,622		2.00			2.07			1.52			167
	9.86		26.03			1,770,267		0.85			0.92			2.55			167
	9.67		25.46			29,882		1.35			1.42			1.96			167
	9.56		25.94			7		1.00			1.07			2.51			167
	9.55		25.32			155		1.50			1.57			0.95			167


	8.06		(31.64	)		623,459		1.20	^(e)		1.28	^(e)		1.76	^(e)		25
	7.91		(31.69	)		8,149		1.95	^(e)		2.03	^(e)		1.00	^(e)		25
	7.90		(31.66	)		6,116		1.95	^(e)		2.03	^(e)		1.00	^(e)		25
	8.29		(31.54	)		1,560,672		0.80	^(e)		0.88	^(e)		2.20	^(e)		25
	8.08		(31.58	)		22,994		1.30	^(e)		1.38	^(e)		1.68	^(e)		25
	8.04		(31.57	)		5		0.95	^(e)		1.03	^(e)		1.98	^(e)		25
	8.01		(31.66	)		5		1.45	^(e)		1.53	^(e)		1.47	^(e)		25


	11.79		(16.33	)		1,031,252		1.20			1.25			3.70			161
	11.58		(16.99	)		13,280		1.95			2.00			2.93			161
	11.56		(16.99	)		9,875		1.95			2.00			2.97			161
	12.11		(15.99	)		2,676,502		0.80			0.85			4.13			161
	11.81		(16.50	)		49,411		1.30			1.35			3.54			161
	11.75		(19.67	)		8		0.95	^(e)		1.00	^(e)		3.02	^(e)		161
	11.72		(19.92	)		8		1.45	^(e)		1.50	^(e)		2.55	^(e)		161


The accompanying notes are an integral part of these financial statements.		53

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of period		Net investment income^(a)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2013 - A	$	8.29	$	0.09	^(d)	$	1.40		$	1.49		$	(0.39	)
2013 - C		8.13		0.05	^(d)		1.39			1.44			(0.34	)
2013 - Institutional		8.30		0.10	^(d)		1.41			1.51			(0.44	)
2013 - IR		8.28		0.10	^(d)		1.40			1.50			(0.43	)

FOR THE FISCAL YEARS ENDED OCTOBER 31,
2012 - A		7.92		0.17			0.38			0.55			(0.18	)
2012 - C		7.79		0.11			0.38			0.49			(0.15	)
2012 - Institutional		7.94		0.20			0.38			0.58			(0.22	)
2012 - IR		7.93		0.16			0.40			0.56			(0.21	)
2011 - A		8.20		0.17			(0.21	)		(0.04	)		(0.24	)
2011 - C		8.08		0.13			(0.23	)		(0.10	)		(0.19	)
2011 - Institutional		8.21		0.20			(0.20	)		—			(0.27	)
2011 - IR		8.21		0.20			(0.21	)		(0.01	)		(0.27	)
2010 - A		7.03		0.12	^(f)		1.21			1.33			(0.16	)
2010 - C		6.95		0.09	^(f)		1.17			1.26			(0.13	)
2010 - Institutional		7.04		0.16	^(f)		1.19			1.35			(0.18	)
2010 - IR (Commenced August 31, 2010)		7.00		0.03	^(f)		1.18			1.21			—
2009 - A		4.94		0.09			2.19			2.28			(0.19	)
2009 - C		4.91		0.06			2.17			2.23			(0.19	)
2009 - Institutional		4.96		0.12			2.19			2.31			(0.23	)
2008 - A		10.46		0.20	^(g)		(5.69	)		(5.49	)		(0.03	)
2008 - C		10.46		0.13	^(g)		(5.68	)		(5.55	)		—	^(h)
2008 - Institutional		10.47		0.23	^(g)		(5.71	)		(5.48	)		(0.03	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.42% of average net assets.

(e)

Annualized.

(f)

Reflects income recognized from special dividends which amounted to $0.01 per share and 0.19% of average net assets.

(g)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.20% of average net assets.

(h)

Amount is less than $0.005 per share.


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

GOLDMAN SACHS INTERNATIONAL SMALL CAP INSIGHTS FUND



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

$	9.39		18.84	%	$	27,107		1.30	%^(e)		1.47	%^(e)		2.03	%^(d)(e)		85	%
	9.23		18.39			1,190		2.05	^(e)		2.22	^(e)		1.19	^(d)(e)		85
	9.37		19.07			303,740		0.90	^(e)		1.07	^(e)		2.34	^(d)(e)		85
	9.35		18.99			620		1.05	^(e)		1.21	^(e)		2.32	^(d)(e)		85


	8.29		7.32			18,914		1.30			1.51			2.13			150
	8.13		6.56			896		2.05			2.26			1.44			150
	8.30		7.80			244,135		0.90			1.11			2.59			150
	8.28		7.54			345		1.05			1.26			2.06			150
	7.92		(0.68	)		29,729		1.30			1.47			1.95			79
	7.79		(1.39	)		856		2.05			2.22			1.56			79
	7.94		(0.16	)		249,545		0.90			1.07			2.30			79
	7.93		(0.33	)		1,368		1.05			1.22			2.39			79
	8.20		19.36			34,154		1.30			1.50			1.71	^(f)		113
	8.08		18.50			213		2.05			2.25			1.24	^(f)		113
	8.21		19.67			236,265		0.90			1.10			2.18	^(f)		113
	8.21		17.29			1		1.05	^(e)		1.25	^(e)		2.49	^(e)(f)		113
	7.03		48.17			36,310		1.30			1.74			1.62			209
	6.95		47.36			40		2.05			2.49			1.16			209
	7.04		48.80			207,776		0.90			1.34			1.99			209
	4.94		(52.55	)		18,763		1.30			1.70			2.39	^(g)		117
	4.91		(52.94	)		21		2.05			2.45			1.70	^(g)		117
	4.96		(52.37	)		67,625		0.90			1.30			2.83	^(g)		117


The accompanying notes are an integral part of these financial statements.		55

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements

April 30, 2013 (Unaudited)

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:


Fund†	Share Classes Offered*	Diversified/ Non-diversified
Emerging Markets Equity Insights and International Small Cap Insights	A, C, Institutional and IR	Diversified
International Equity Insights	A, B, C, Institutional, Service, IR and R	Diversified

†

Formerly, Goldman Sachs Structured Emerging Markets Equity, Goldman Sachs Structured International Small Cap and Goldman Sachs Structured International Equity. Effective at the close of business May 3, 2013, the Funds changed their names to the Goldman Sachs Emerging Markets Equity Insights, Goldman Sachs International Small Cap Insights and Goldman Sachs International Equity Insights, respectively.

Class B Shares are generally no longer available for purchase by current or prospective investors.

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class B Shares were sold with a contingent deferred sales charge (“CDSC”) that declines from 5.00% to zero, depending upon the period of time the shares are held. Class C Shares are sold with a CDSC of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Class IR and Class R Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust.


2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

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

B. Investment Income and Investments — Investment income includes interest income and dividend income, net of any foreign withholding taxes, less any amounts reclaimable. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

For derivative contracts, realized gains and losses are recorded upon settlement of the contract. Upfront payments are made or received upon entering into a swap agreement and are reflected as a receivable from or payable to the counterparty in the Statement of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting interest rate swaps whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities and excess or shortfall amounts are recorded as gains or losses. For treasury inflation protected securities (“TIPS”), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agent and Service and Shareholder Administration fees. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the respective Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.

D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Funds are not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid annually.

Net capital losses are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

E. Foreign Currency Translation — The accounting records and reporting currency of the Funds are maintained in United States (“U.S.”) dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency transactions. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

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). 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 GSAM’s 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 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 investments. 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.

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

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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.

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.

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.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

B. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of April 30, 2013:



EMERGING MARKETS EQUITY INSIGHTS FUND

Investment Type	Level 1		Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments
North and South America	$	113,943,762	$	18,468,084		$	—
Other		47,084,195		481,600,020	^(a)		—
Securities Lending Reinvestment Vehicle		6,410,410		—			—
Total	$	167,438,367	$	500,068,104		$	—

INTERNATIONAL EQUITY INSIGHTS FUND

Investment Type	Level 1		Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments
North and South America	$	—	$	2,790,144		$	—
Other		23,570,099		1,006,999,192	^(a)		—
Securities Lending Reinvestment Vehicle		102,847,510		—			—
Total	$	126,417,609	$	1,009,789,336		$	—

Derivative Type
Assets^(b)
Futures Contracts	$	619,546	$	—		$	—

INTERNATIONAL SMALL CAP INSIGHTS FUND

Investment Type	Level 1		Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments
North and South America	$	—	$	3,201,206		$	—
Other		—		304,559,707	^(a)		—
Securities Lending Reinvestment Vehicle		20,151,325		—			—
Total	$	20,151,325	$	307,760,913		$	—

Derivative Type
Assets^(b)
Futures Contracts	$	531,250	$	—		$	—

(a)

To adjust for the time difference between local market close and the calculation of net asset value, the Funds utilize fair value model prices for international equities provided by an independent fair value service resulting in a Level 2 classification.

(b)

Amount shown represents unrealized gain at fiscal year end.

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts as of April 30, 2013. These instruments were used to meet the Funds’ investment objectives and to obtain and/or manage exposure related to the risks below. The values in the table below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure:


Fund	Risk	Statements of Assets and Liabilities	Assets^(a)
International Equity Insights	Equity	Receivable for unrealized gain on futures variation margin		$619,546
International Small Cap Insights	Equity	Receivable for unrealized gain on futures variation margin		531,250

(a)

Includes unrealized gain on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

The following table sets forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended April 30, 2013. These gains (losses) should be considered in the context that these derivative contracts may have been executed to economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

Fund

Risk

Statements of Operations

Net

Realized
Gain (Loss)

Net Change in
Unrealized
Gain (Loss)

Average
Number of
Contracts^(a)

International Equity Insights

Equity

Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts

$2,805,300

$343,715

620

International Small Cap Insights

Equity

Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts

1,202,239

493,171

182

(a)

Average number of contracts is based on the average of month end balances for the six months ended April 30, 2013.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

For the six months ended April 30, 2013, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Fee Rate
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Fee Rate
Emerging Markets Equity Insights		1.00	%		1.00	%		0.90	%		0.86	%		0.84	%		1.00	%
International Equity Insights		0.85			0.77			0.73			0.72			0.71			0.85
International Small Cap Insights		0.85			0.85			0.77			0.73			0.72			0.85

B. Distribution and Service Plans — The Trust, on behalf of each Fund, has adopted Distribution and Service Plans (the “Plans”). Under the Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly, for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers, at the following annual rates calculated on a Fund’s average daily net assets of each respective share class:


	Distribution and Service Plan Rates
	Class A*			Class B			Class C			Class R*
Distribution Plan		0.25	%		0.75	%		0.75	%		0.50	%
Service Plan		—			0.25			0.25			—

With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A front end sales charge and Class B and Class C Shares’ CDSC. During the six months ended April, 30, 2013, Goldman Sachs advised that it retained front end sales charges of $980, $2,484, $3,974 for the Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds, respectively. Goldman Sachs retained no contingent deferred sales charges.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

D. Service Plan and Shareholder Administration Plan — The Trust, on behalf of each Fund that offers Service Shares, has adopted a Service Plan and a Shareholder Administration Plan. These plans allow for service organizations to provide varying levels of personal and account maintenance and shareholder administration services to their customers who are beneficial owners of such shares. The Service Plan and Shareholder Administration Plan each provide for compensation to the service organizations which is accrued daily and paid monthly at an annual rate of 0.25% (0.50% in aggregate) of the average daily net assets of the Service Shares.

E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to a Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.19% of the average daily net assets of Class A, Class B, Class C, Class IR and Class R Shares and 0.04% of the average daily net assets of Institutional and Service Shares.

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expense” of the Funds (excluding transfer agent fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, litigation, indemnification, shareholder meeting and other extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds are 0.144%, 0.004% and 0.014%, respectively. Prior to February 28, 2013, the Other Expense limitation for the Emerging Markets Equity Insights Fund was 0.014%. These Other Expense reimbursements will remain in place through at least February 28, 2014, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended April 30, 2013, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Custody Fee Credits		Other Expense Reimbursement		Total Expense Reductions
Emerging Markets Equity Insights	$	2,279	$	253,062	$	255,341
International Equity Insights		4,923		293,313		298,236
International Small Cap Insights		3,184		215,880		219,064

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of April 30, 2013, the amounts owed to affiliates of the Funds were as follows:


Fund	Management Fees		Distribution and Service Fees		Transfer Agent Fees		Total
Emerging Markets Equity Insights	$	518,657	$	5,393	$	23,960	$	548,010
International Equity Insights		762,067		28,643		47,588		838,298
International Small Cap Insights		204,993		5,635		12,662		223,290

G. Line of Credit Facility — As of April 30, 2013, the Funds participated in a $630,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates (“Other Borrowers”). Pursuant to the terms of the facility, the Funds and Other Borrowers could increase the credit amount by an additional $340,000,000, for a total of up to $970,000,000. This facility is to be used solely for temporary or emergency purposes, which may include the funding of redemptions. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended April 30, 2013, the Funds did not have any borrowings under the facility. Effective May 8, 2013, the committed amount available through the facility increased to $780,000,000.

H. Other Transactions with Affiliates — For the six months ended April 30, 2013, Goldman Sachs earned approximately $24,094 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the International Equity Insights Fund.

As of April 30, 2013, the following Goldman Sachs Fund of Funds Portfolios were the beneficial owners of 5% or more of total outstanding shares of the following Funds:


Fund	Goldman Sachs Balanced Strategy Portfolio			Goldman Sachs Equity Growth Strategy Portfolio			Goldman Sachs Growth Strategy Portfolio			Goldman Sachs Growth and Income Strategy Portfolio			Goldman Sachs Satellite Strategies Portfolio			Goldman Sachs Tax-Advantaged Global Equity Portfolio
Emerging Markets Equity Insights		5	%		6	%		14	%		14	%		9	%		11	%
International Equity Insights		8			14			26			22			—			—
International Small Cap Insights		—			—			7			6			22			6

As of April 30, 2013, the Goldman Sachs Group, Inc. was the beneficial owner of approximately 10% of the Class R Shares of the International Equity Insights Fund.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2013, were as follows:


Fund	Purchases		Sales and Maturities
Emerging Markets Equity Insights	$	706,401,844	$	606,275,740
International Equity Insights		994,683,406		889,468,422
International Small Cap Insights		230,913,659		219,298,658


7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“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. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statement of Operations.

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 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. The amounts earned by the Funds for the six months ended April 30, 2013, are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:


	For the Six Months Ended April 30, 2013				Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of April 30, 2013
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
Emerging Markets Equity Insights	$	3,137	$	178	$	1,305,250
International Equity Insights		49,233		72,633		7,529,376
International Small Cap Insights		15,679		132,390		7,329,210

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

7. SECURITIES LENDING (continued)

The following table provides information about the Funds’ investment in the Money Market Fund for the six months ended April 30, 2013:


Fund	Number of Shares Held Beginning of Period		Shares Bought		Shares Sold			Number of Shares Held End of Period		Value at End of Period
Emerging Markets Equity Insights		4,880,850		84,233,255		(82,703,695	)		6,410,410	$	6,410,410
International Equity Insights		3,010,747		203,768,838		(103,932,075	)		102,847,510		102,847,510
International Small Cap Insights		5,200,492		40,141,735		(25,190,902	)		20,151,325		20,151,325


8. TAX INFORMATION

As of the Funds’ most recent fiscal year ended, October 31,2012, the Funds’ capital loss carryforwards on a tax-basis were as follows:


	Emerging Markets Equity Insights			International Equity Insights			International Small Cap Insights
Capital loss carryforwards:
Expiring 2016⁽¹⁾	$	—		$	(455,911,785	)	$	(5,458,844	)
Expiring 2017⁽¹⁾		(27,536,144	)		(940,883,655	)		(21,285,839	)
Expiring 2019⁽¹⁾		—			(2,867,280	)		—
Perpetual Long-term		—			(47,404,352	)		—
Perpetual Short-term		—			(86,071,791	)		(2,591,053	)
Total capital loss carryforwards	$	(27,536,144	)	$	(1,533,138,863	)	$	(29,335,736	)

(1)

Expiration occurs on October 31 of the year indicated.

As of April 30, 2013, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Emerging Markets Equity Insights			International Equity Insights			International Small Cap Insights
Tax cost	$	608,700,505		$	1,051,092,697		$	284,475,145
Gross unrealized gain		74,778,551			110,406,471			53,271,843
Gross unrealized loss		(15,972,585	)		(25,292,223	)		(9,834,750	)
Net unrealized security gain	$	58,805,966		$	85,114,248		$	43,437,093

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

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

9. OTHER RISKS

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

Foreign Custody Risk — A Fund that invests in foreign securities may hold such securities and foreign currency with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). In some countries, Foreign Custodians may be subject to little or no regulatory oversight or independent evaluation of their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters into bankruptcy. Investments in emerging markets may be subject to greater custody risks than investments in more developed markets. Custody services in emerging market countries are often undeveloped and may be less regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Shareholder Concentration Risk — Certain funds, accounts, individuals or Goldman Sachs affiliates may from time to time own (beneficially or of record) or control a significant percentage of the Funds’ shares. Redemptions by these entities of their holdings in the Funds may impact the Funds’ liquidity and NAV. These redemptions may also force the Funds to sell securities.

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

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

Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Funds may also be exposed to credit risk in the event that an issuer fails to perform or that an institution or entity with which the Funds have unsettled or open transaction defaults.

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

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

10. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and State law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.


11. OTHER MATTERS

New Accounting Pronouncement — In December 2011, the Financial Accounting Standards Board issued an Accounting Standards Update No. 2011-11: Disclosures about Offsetting Assets and Liabilities (“ASU”) to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting (“netting”) on the Statements of Assets and Liabilities. This information will enable users of the Funds’ financial statements to evaluate the effect or potential effect of netting arrangements on the Funds’ financial position. The ASU is effective for financial statements with fiscal years beginning on or after January 1, 2013, and interim periods within those fiscal years. At this time, GSAM is evaluating the implications of these changes on the financial statements.


12. SUBSEQUENT EVENTS

Subsequent events after the Statement of Assets and Liabilities date have been evaluated through the date the financial statements were issued. GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

13. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Emerging Markets Equity Insights Fund
	For the Six Months Ended April 30, 2013 (Unaudited)						For the Fiscal Year Ended October 31, 2012
	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,268,698		$	11,656,485			5,791,877		$	46,864,404
Reinvestment of distributions		73,688			645,508			25,713			190,016
Shares redeemed		(4,767,330	)		(42,525,925	)		(1,891,680	)		(15,474,285	)
		(3,424,944	)		(30,223,932	)		3,925,910			31,580,135
Class C Shares
Shares sold		9,906			89,886			5,166			43,987
Reinvestment of distributions		127			1,115			—			—
Shares redeemed		(15,873	)		(140,495	)		(3,724	)		(28,557	)
		(5,840	)		(49,494	)		1,442			15,430
Institutional Shares
Shares sold		25,695,182			228,822,703			30,079,722			240,000,396
Reinvestment of distributions		852,057			7,438,458			704,649			5,186,221
Shares redeemed		(11,488,069	)		(101,833,773	)		(9,138,067	)		(72,835,942	)
		15,059,170			134,427,388			21,646,304			172,350,675
Class IR Shares
Shares sold		33,986			307,287			17,443			153,585
Reinvestment of distributions		211			1,842			3			19
Shares redeemed		(5,679	)		(50,398	)		(3,568	)		(28,300	)
		28,518			258,731			13,878			125,304
NET INCREASE		11,656,904		$	104,412,693			25,587,534		$	204,071,544

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

13. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	International Equity Insights Fund
	For the Six Months Ended April 30, 2013 (Unaudited)						For the Fiscal Year Ended October 31, 2012
	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		2,567,744		$	23,910,720			5,507,894		$	47,755,253
Shares converted from Class B^(a)		3,699			34,929			12,209			103,223
Reinvestment of distributions		751,842			6,751,544			1,704,286			13,804,716
Shares redeemed		(16,679,083	)		(158,365,951	)		(18,655,807	)		(160,393,596	)
		(13,355,798	)		(127,668,758	)		(11,431,418	)		(98,730,404	)
Class B Shares
Shares sold		2,531			23,329			6,723			58,459
Shares converted to Class A^(a)		(3,723	)		(34,929	)		(12,306	)		(103,223	)
Reinvestment of distributions		6,687			59,782			16,339			131,532
Shares redeemed		(59,209	)		(551,482	)		(160,397	)		(1,373,323	)
		(53,714	)		(503,300	)		(149,641	)		(1,286,555	)
Class C Shares
Shares sold		15,861			149,929			34,689			294,411
Reinvestment of distributions		7,377			65,731			13,667			109,747
Shares redeemed		(72,303	)		(668,777	)		(112,232	)		(951,786	)
		(49,065	)		(453,117	)		(63,876	)		(547,628	)
Institutional Shares
Shares sold		33,646,165			325,115,083			16,161,479			147,464,668
Reinvestment of distributions		2,346,076			21,583,896			5,697,917			47,178,757
Shares redeemed		(8,376,716	)		(80,257,628	)		(66,580,617	)		(576,273,721	)
		27,615,525			266,441,351			(44,721,221	)		(381,630,296	)
Service Shares
Shares sold		136,001			1,288,557			142,848			1,243,577
Reinvestment of distributions		7,351			66,526			15,854			129,366
Shares redeemed		(308,250	)		(2,938,237	)		(712,105	)		(6,129,358	)
		(164,898	)		(1,583,154	)		(553,403	)		(4,756,415	)
Class IR Shares
Shares sold		11,404			104,031			3,616			32,291
Reinvestment of distributions		517			4,577			294			2,354
Shares redeemed		(342	)		(3,167	)		(1,622	)		(13,522	)
		11,579			105,441			2,288			21,123
Class R Shares
Shares sold		421			3,830			17,539			173,493
Reinvestment of distributions		246			2,186			480			4,836
Shares redeemed		(320	)		(2,907	)		(23,987	)		(250,600	)
		347			3,109			(5,968	)		(72,271	)
NET INCREASE (DECREASE)		14,003,976		$	136,341,572			(56,923,239	)	$	(487,002,446	)

(a)

Class B Shares automatically convert into Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund.

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

13. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	International Small Cap Insights Fund
	For the Six Months Ended April 30, 2013 (Unaudited)						For the Fiscal Year Ended October 31, 2012
	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,914,310		$	16,808,419			1,513,380		$	13,008,314
Reinvestment of distributions		100,341			802,726			114,710			964,710
Shares redeemed		(1,409,857	)		(12,166,631	)		(2,042,413	)		(17,522,649	)
		604,794			5,444,514			(414,323	)		(3,549,625	)
Class C Shares
Shares sold		29,163			254,220			117,634			1,023,252
Reinvestment of distributions		4,103			32,332			508			4,225
Shares redeemed		(14,604	)		(119,512	)		(34,703	)		(293,332	)
		18,662			167,040			83,439			734,145
Institutional Shares
Shares sold		8,899,606			78,733,869			11,493,128			99,513,045
Reinvestment of distributions		1,199,773			9,562,193			917,929			7,710,604
Shares redeemed		(7,097,674	)		(60,055,967	)		(9,759,436	)		(84,289,534	)
		3,001,705			28,240,095			2,651,621			22,934,115
Class IR Shares
Shares sold		37,213			318,500			172,325			1,401,995
Reinvestment of distributions		2,249			17,900			4			38
Shares redeemed		(14,886	)		(124,827	)		—			—
		24,576			211,573			172,329			1,402,033
NET INCREASE		3,649,737		$	34,063,222			2,493,066		$	21,520,668

GOLDMAN SACHS INTERNATIONAL EQUITY INSIGHTS FUNDS

Fund Expenses — Six Month Period Ended April 30, 2013 (Unaudited)

As a shareholder of Class A, Class B, Class C, Institutional, Service, Class IR or Class R Shares of a Fund you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares) and contingent deferred sales charges on redemptions (with respect to Class B and Class C Shares); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (with respect to Class A, Class B, Class C and Class R Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class B, Class C, Institutional, Service, Class IR and Class R Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2012 through April 30, 2013.

Actual Expenses — The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	Emerging Markets Equity Insights Fund							International Equity Insights Fund							International Small Cap Insights Fund
Share Class	Beginning Account Value 11/01/12		Ending Account Value 04/30/13			Expenses Paid for the 6 Months Ended 04/30/13*		Beginning Account Value 11/01/12		Ending Account Value 04/30/13			Expenses Paid for the 6 Months Ended 04/30/13*		Beginning Account Value 11/01/12		Ending Account Value 04/30/13			Expenses Paid for the 6 Months Ended 04/30/13*
Class A
Actual	$	1,000	$	1,099.30		$	7.70	$	1,000	$	1,158.50		$	6.90	$	1,000	$	1,188.40		$	7.05
Hypothetical 5% return		1,000		1,017.46	+		7.40		1,000		1,018.40	+		6.46		1,000		1,018.35	+		6.51
Class B
Actual		N/A		N/A			N/A		1,000		1,152.70			10.89		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,014.68	+		10.19		N/A		N/A			N/A
Class C
Actual		1,000		1,093.10			11.63		1,000		1,153.70			10.89		1,000		1,183.90			11.10
Hypothetical 5% return		1,000		1,013.69	+		11.18		1,000		1,014.68	+		10.19		1,000		1,014.63	+		10.24
Institutional
Actual		1,000		1,099.90			5.73		1,000		1,159.30			4.76		1,000		1,190.70			4.89
Hypothetical 5% return		1,000		1,019.34	+		5.51		1,000		1,020.38	+		4.46		1,000		1,020.33	+		4.51
Service
Actual		N/A		N/A			N/A		1,000		1,157.50			7.44		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,017.90	+		6.95		N/A		N/A			N/A
Class IR
Actual		1,000		1,099.70			6.61		1,000		1,159.40			5.57		1,000		1,189.90			5.70
Hypothetical 5% return		1,000		1,018.50	+		6.36		1,000		1,019.64	+		5.21		1,000		1,019.59	+		5.26
Class R
Actual		N/A		N/A			N/A		1,000		1,156.60			8.23		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,017.16	+		7.70		N/A		N/A			N/A

Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 2013. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:


Fund	Class A			Class B			Class C			Institutional			Service			Class IR			Class R
Emerging Markets Equity Insights		1.48	%		N/A			2.24	%		1.10	%		N/A			1.27	%		N/A
International Equity Insights		1.29			2.04	%		2.04			0.89			1.39	%		1.04			1.54	%
International Small Cap Insights		1.30			N/A			2.05			0.90			N/A			1.05			N/A

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

FUNDS PROFILE

Goldman Sachs Funds

LOGO

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $748.1 billion in assets under management as of March 31, 2013, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. GSAM’s assets under management includes assets managed by Goldman Sachs Asset Management, L.P. and its Investment Advisory Affiliates.

OVERVIEW OF GOLDMAN SACHS FUNDS

LOGO

Money Market¹

Financial Square Funds^SM

Financial Square Tax-Exempt Funds

Financial Square Federal Fund

Financial Square Government Fund

Financial Square Money Market Fund

Financial Square Prime Obligations Fund

Financial Square Treasury Instruments Fund

Financial Square Treasury Obligations Fund

Fixed Income

Short Duration and Government

Enhanced Income Fund

High Quality Floating Rate Fund²

Short Duration Government Fund

Short Duration Income Fund

Government Income Fund

Inflation Protected Securities Fund

Multi-Sector

Core Fixed Income Fund

Core Plus Fixed Income Fund

Global Income Fund

Strategic Income Fund

World Bond Fund

Municipal and Tax-Free

High Yield Municipal Fund

Municipal Income Fund

Short Duration Tax-Free Fund

Single Sector

Investment Grade Credit Fund

U.S. Mortgages Fund

High Yield Fund

High Yield Floating Rate Fund

Emerging Markets Debt Fund

Local Emerging Markets Debt Fund

Corporate Credit

Credit Strategies Fund

Fundamental Equity

Growth and Income Fund

Small Cap Value Fund

Mid Cap Value Fund

Large Cap Value Fund

Capital Growth Fund

Strategic Growth Fund

Focused Growth Fund

Small/Mid Cap Growth Fund

Flexible Cap Growth Fund

Concentrated Growth Fund

Technology Tollkeeper Fund

Growth Opportunities Fund

Rising Dividend Growth Fund

U.S. Equity Fund

Income Builder Fund³

Structured Equity

Structured Tax-Managed Equity Fund

Structured International Tax-Managed Equity Fund

U.S. Equity Dividend and Premium Fund

International Equity Dividend and Premium Fund

Equity Insights⁴

Small Cap Equity Insights Fund

U.S. Equity Insights Fund

Small Cap Growth Insights Fund

Large Cap Growth Insights Fund

Large Cap Value Insights Fund

Small Cap Value Insights Fund

International Small Cap Insights Fund

International Equity Insights Fund

Emerging Markets Equity Insights Fund

Fundamental Equity International

Strategic International Equity Fund

Concentrated International Equity Fund

International Small Cap Fund

Asia Equity Fund

Emerging Markets Equity Fund

BRIC Fund (Brazil, Russia, India, China)

N-11 Equity Fund

China Equity Fund

Select Satellite⁵

Real Estate Securities Fund

International Real Estate Securities Fund

Commodity Strategy Fund

Dynamic Allocation Fund

Absolute Return Tracker Fund

Managed Futures Strategy Fund

MLP Energy Infrastructure Fund

Multi-Manager Alternatives Fund

Retirement Portfolio Completion Fund

Income Strategies Portfolio

Total Portfolio Solutions⁵

Balanced Strategy Portfolio

Growth and Income Strategy Portfolio

Growth Strategy Portfolio

Equity Growth Strategy Portfolio

Satellite Strategies Portfolio

Enhanced Dividend Global Equity Portfolio

Tax Advantaged Global Equity Portfolio

An investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds.

Effective at the close of business on July 27, 2012, the Goldman Sachs Ultra-Short Duration Government Fund was renamed the Goldman Sachs High Quality Floating Rate Fund.

Effective at the close of business on June 29, 2012, the Goldman Sachs Balanced Fund was renamed the Goldman Sachs Income Builder Fund.

⁴

Effective at the close of business May 3, 2013, the Goldman Sachs Structured Large Cap Growth, Structured Large Cap Value, Structured Small Cap Equity, Structured Small Cap Growth, Structured Small Cap Value, Structured U.S. Equity, Structured Emerging Markets Equity, Structured International Equity and Structured International Small Cap Funds were renamed the Goldman Sachs Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights, U.S. Equity Insights, Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds respectively.

⁵

Individual Funds within the Total Portfolio Solutions and Select Satellite categories will have various placement on the risk/return spectrum and may have greater or lesser risk than that indicated by the placement of the general Total Portfolio Solutions or Select Satellite category.

Financial Square Funds^SM is a registered service mark of Goldman, Sachs & Co.


TRUSTEES Ashok N. Bakhru, Chairman Donald C. Burke John P. Coblentz, Jr. Diana M. Daniels Joseph P. LoRusso James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel		OFFICERS James A. McNamara, President George F. Travers, Principal Financial Officer Caroline Kraus, Secretary Scott M. McHugh, Treasurer

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

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

Goldman Sachs Asset Management, L.P. 200 West Street, New York, New York 10282

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

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

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s web site at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Form N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Holdings and allocations shown are as of April 30, 2013 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

ITEM 2.

CODE OF ETHICS.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Report to Stockholders filed under Item 1.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12.

EXHIBITS.


(a)(1)	The information required by this Item is only required in connection with an annual report on this Form N-CSR.

(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.

(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 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.


				Goldman Sachs Trust

By:				/s/ James A. McNamara
				James A. McNamara
				President/Principal Executive Officer
				Goldman Sachs Trust

Date:				June 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:				/s/ James A. McNamara
				James A. McNamara
				President/Principal Executive Officer
				Goldman Sachs Trust

Date:				June 20, 2013

By:				/s/ George F. Travers
				George F. Travers
				Principal Financial Officer
				Goldman Sachs Trust

Date:				June 20, 2013