Goldman Sachs Trust



Shares		Description	Value
	Common Stocks – 97.5%
	Aerospace & Defense – 1.8%
	25,592	Huntington Ingalls Industries, Inc.	$ 3,004,757
	39,107	Northrop Grumman Corp.	6,765,902
	62,371	Spirit AeroSystems Holdings, Inc. Class A*	3,511,487

			13,282,146

	Air Freight & Logistics – 0.5%
	36,090	United Parcel Service, Inc. Class B	3,694,172

	Airlines – 2.4%
	102,128	Alaska Air Group, Inc.^(a)	7,736,196
	10,937	Delta Air Lines, Inc.	484,946
	264,358	Southwest Airlines Co.	9,569,760

			17,790,902

	Auto Components – 1.1%
	26,637	Delphi Automotive PLC	2,079,817
	63,723	Johnson Controls, Inc.	2,903,220
	32,044	Lear Corp.	3,334,819

			8,317,856

	Automobiles – 0.1%
	11,143	Thor Industries, Inc.	622,671

	Beverages – 2.8%
	4,662	Dr. Pepper Snapple Group, Inc.	373,986
	178,328	PepsiCo., Inc.	17,181,903
	86,775	The Coca-Cola Co.	3,564,717

			21,120,606

	Biotechnology – 8.5%
	47,861	Alkermes PLC*	3,351,227
	65,423	Amgen, Inc.	11,553,048
	30,589	Biogen, Inc.*	9,751,161
	40,955	Celgene Corp.*	5,375,344
	165,256	Gilead Sciences, Inc.	19,477,072
	104,806	Isis Pharmaceuticals, Inc.*	5,756,994
	21,885	Medivation, Inc.*	2,305,147
	38,707	United Therapeutics Corp.*	6,555,417

			64,125,410

	Capital Markets – 1.0%
	38,968	Ameriprise Financial, Inc.	4,897,108
	9,147	SEI Investments Co.	487,627
	44,143	The Bank of New York Mellon Corp.	1,915,806

			7,300,541

	Chemicals – 2.3%
	102,131	LyondellBasell Industries NV Class A	9,582,952
	13,671	Sigma-Aldrich Corp.	1,908,608
	6,493	The Scotts Miracle-Gro Co. Class A	392,112
	18,725	The Sherwin-Williams Co.	5,201,056

			17,084,728



Shares		Description	Value
	Common Stocks – (continued)
	Commercial Banks – 0.1%
	53,189	Bank of America Corp.	$ 951,019
	701	Citigroup, Inc.	40,981

			992,000

	Communications Equipment – 2.4%
	145,284	Brocade Communications Systems, Inc.	1,490,614
	270,332	Cisco Systems, Inc.	7,682,836
	38,536	F5 Networks, Inc.*	5,169,219
	77,634	JDS Uniphase Corp.*	860,961
	108,889	Juniper Networks, Inc.	3,094,625

			18,298,255

	Computers & Peripherals – 6.7%
	339,602	Apple, Inc.	41,193,723
	309,060	EMC Corp.	8,310,623
	21,895	Hewlett-Packard Co.	668,235

			50,172,581

	Diversified Telecommunication Services – 3.3%
	61,560	AT&T, Inc.	2,138,595
	97,917	CenturyLink, Inc.	2,800,426
	417,634	Verizon Communications, Inc.^(a)	19,541,095

			24,480,116

	Electric Utilities – 0.1%
	20,263	FirstEnergy Corp.	688,132

	Electrical Equipment – 0.2%
	13,864	Hubbell, Inc. Class B	1,447,540

	Electronic Equipment, Instruments & Components – 0.3%
	53,298	CDW Corp.	1,914,997
	24,094	Flextronics International Ltd.*	265,275

			2,180,272

	Energy Equipment & Services – 0.3%
	38,243	Cameron International Corp.*	1,929,742
	26,433	Superior Energy Services, Inc.	449,361

			2,379,103

	Food & Staples Retailing – 2.1%
	140,269	CVS Health Corp.	15,776,055

	Food Products – 2.1%
	112,057	Archer-Daniels-Midland Co.	5,313,743
	52,598	Bunge Ltd.	4,199,950
	13,368	Flowers Foods, Inc.	289,551
	11,228	General Mills, Inc.	653,582
	33,669	Hormel Foods Corp.	1,993,542
	30,873	Mead Johnson Nutrition Co.	2,728,864
	22,015	Pinnacle Foods, Inc.	989,574

			16,168,806



Shares		Description	Value
	Common Stocks – (continued)
	Gas Utilities – 0.1%
	27,863	UGI Corp.	$ 1,018,114

	Health Care Equipment & Supplies – 2.3%
	58,381	Abbott Laboratories	2,959,333
	44,375	C.R. Bard, Inc.	8,726,344
	26,799	DexCom, Inc.*	2,268,535
	13,660	Edwards Lifesciences Corp.*	2,078,506
	4,175	Hill-Rom Holdings, Inc.	233,925
	21,815	Hologic, Inc.*	908,813
	413	Intuitive Surgical, Inc.*	220,199

			17,395,655

	Health Care Providers & Services – 2.2%
	36,976	Aetna, Inc.	4,177,179
	37,792	Health Net, Inc.*	2,526,773
	2,378	Humana, Inc.	433,010
	75,461	UnitedHealth Group, Inc.	9,160,965

			16,297,927

	Hotels, Restaurants & Leisure – 1.3%
	17,141	Brinker International, Inc.	1,026,746
	144,551	Carnival Corp.	7,703,123
	17,977	Six Flags Entertainment Corp.	838,447

			9,568,316

	Household Durables – 1.6%
	79,680	Garmin Ltd.	3,339,389
	41,482	Mohawk Industries, Inc.*	8,362,356

			11,701,745

	*Independent Power Producers & Energy Traders – 0.3%**
	145,722	Calpine Corp.	2,666,713

	Industrial Conglomerates – 0.8%
	39,279	3M Co.	5,944,484
	1,553	General Electric Co.	40,533

			5,985,017

	Insurance – 1.6%
	53,326	Lincoln National Corp.	3,003,320
	32,792	Reinsurance Group of America, Inc.	3,165,084
	58,898	The Travelers Cos., Inc.	6,250,256

			12,418,660

	Internet & Catalog Retail – 3.5%
	26,003	Amazon.com, Inc.*	13,941,508
	5,751	Expedia, Inc.	698,401
	50,554	Groupon, Inc.*	243,670
	125,392	Liberty Interactive Corp. QVC Group Class A*	3,642,638
	28,180	Netflix, Inc.*	3,221,256
	3,477	The Priceline Group, Inc.*	4,323,893
	6,484	TripAdvisor, Inc.*	514,700

			26,586,066



Shares		Description	Value
	Common Stocks – (continued)
	*Internet Software & Services – 7.1%**
	201,941	eBay, Inc.	$ 5,678,581
	147,785	Facebook, Inc. Class A	13,893,268
	19,677	Google, Inc. Class A	12,937,627
	20,075	Google, Inc. Class C	12,559,121
	7,038	LinkedIn Corp. Class A	1,430,544
	161,406	Rackspace Hosting, Inc.	5,492,646
	35,727	Twitter, Inc.	1,107,894
	1,180	Yelp, Inc.	31,152

			53,130,833

	IT Services – 4.1%
	8,534	Accenture PLC Class A	879,941
	118,166	Automatic Data Processing, Inc.	9,426,102
	48,355	Broadridge Financial Solutions, Inc.	2,624,226
	6,358	CoreLogic, Inc.*	250,759
	11,516	Fidelity National Information Services, Inc.	753,492
	9,396	Fiserv, Inc.*	816,136
	1,443	MasterCard, Inc. Class A	140,548
	65,334	Paychex, Inc.	3,031,498
	201,941	PayPal Holdings, Inc.*	7,815,117
	55,126	Vantiv, Inc. Class A*	2,425,544
	30,498	Visa, Inc. Class A	2,297,719

			30,461,082

	*Life Sciences Tools & Services – 0.1%**
	7,937	Waters Corp.	1,059,510

	Machinery – 1.3%
	99,265	Illinois Tool Works, Inc.	8,881,240
	15,852	The Toro Co.	1,083,167

			9,964,407

	Media – 4.9%
	35,380	Cinemark Holdings, Inc.	1,396,095
	273,442	Comcast Corp. Class A	17,065,515
	53,418	The Walt Disney Co.	6,410,160
	19,457	Time Warner Cable, Inc.	3,697,025
	232,159	Twenty-First Century Fox, Inc. Class A	8,007,164

			36,575,959

	Metals & Mining – 1.2%
	23,658	Allegheny Technologies, Inc.	504,389
	19,872	Newmont Mining Corp.	341,202
	163,585	Nucor Corp.	7,220,642
	46,615	Steel Dynamics, Inc.	933,698

			8,999,931

	Multi-Utilities – 0.1%
	11,726	Public Service Enterprise Group, Inc.	488,622

	Multiline Retail – 1.0%
	92,409	Target Corp.	7,563,677

	Oil, Gas & Consumable Fuels – 3.4%
	123,285	HollyFrontier Corp.	5,949,734
	41,412	Kinder Morgan, Inc.	1,434,512
	134,516	Marathon Petroleum Corp.	7,353,990
	3,548	Phillips 66	282,066
	23,285	Spectra Energy Corp.	704,604



Shares		Description	Value
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)
	2,308	Tesoro Corp.	$ 224,661
	114,119	Valero Energy Corp.	7,486,206
	53,470	World Fuel Services Corp.	2,173,555

			25,609,328

	Pharmaceuticals – 6.5%
	144,836	AbbVie, Inc.	10,139,968
	223,030	Bristol-Myers Squibb Co.	14,639,689
	16,119	Eli Lilly & Co.	1,362,217
	27,874	Jazz Pharmaceuticals PLC*	5,358,498
	150,598	Merck & Co., Inc.	8,879,258
	4,624	Perrigo Co. PLC	888,733
	215,023	Pfizer, Inc.	7,753,729

			49,022,092

	Professional Services – 0.4%
	2,897	Equifax, Inc.	295,871
	24,887	Robert Half International, Inc.	1,369,532
	13,775	Verisk Analytics, Inc.*	1,075,965

			2,741,368

	Real Estate Investment Trusts – 1.1%
	49,009	American Tower Corp.	4,661,246
	5,718	Boston Properties, Inc.	704,915
	7,111	Gaming and Leisure Properties, Inc.	232,885
	38,911	Lamar Advertising Co. Class A	2,336,606

			7,935,652

	*Real Estate Management & Development – 0.6%**
	119,048	CBRE Group, Inc. Class A	4,520,253

	Semiconductors & Semiconductor Equipment – 3.3%
	26,207	Freescale Semiconductor Ltd.*	1,044,873
	159,344	Intel Corp.	4,613,009
	38,536	NXP Semiconductors NV*	3,737,606
	223,198	Texas Instruments, Inc.	11,155,436
	97,825	Xilinx, Inc.	4,084,194

			24,635,118

	Software – 1.2%
	11,621	FactSet Research Systems, Inc.	1,925,135
	1,242	Intuit, Inc.	131,366
	154,204	Microsoft Corp.	7,201,327

			9,257,828

	Specialty Retail – 5.2%
	75,541	Dick’s Sporting Goods, Inc.	3,851,080
	21,457	DSW, Inc. Class A	697,782
	179,108	Lowe’s Cos., Inc.	12,422,931
	20,127	Sally Beauty Holdings, Inc.*	599,583
	155,693	The Home Depot, Inc.	18,220,752
	42,030	The TJX Cos., Inc.	2,934,534

			38,726,662

	Textiles, Apparel & Luxury Goods – 1.5%
	15,583	Carter’s, Inc.	1,580,272
	126,623	VF Corp.	9,761,367

			11,341,639



Shares		Description	Value
	Common Stocks – (continued)
	Tobacco – 1.9%
	268,449	Altria Group, Inc.	$ 14,598,257

	Trading Companies & Distributors – 0.8%
	131,091	HD Supply Holdings, Inc.*	4,693,058
	7,943	Watsco, Inc.	1,018,610

			5,711,668

	TOTAL COMMON STOCKS		$731,903,991



Principal Amount	Interest Rate		Maturity Date		Value
Short-term Investment^(b) – 2.5%
Repurchase Agreements – 2.5%
Joint Repurchase Agreement Account II
$18,800,000		0.151%		08/03/15	$ 18,800,000

TOTAL INVESTMENTS – 100.0%					$750,703,991

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%					222,810

NET ASSETS – 100.0%					$750,926,801



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 segregated as collateral for initial margin requirements on futures transactions.

(b)		Joint repurchase agreement was entered into on July 31, 2015. Additional information appears in the Notes to the Schedule of Investments section.

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

FUTURES CONTRACTS — At July 31, 2015, the Fund had the following futures contracts:

TAX INFORMATION — At July 31, 2015, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

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



Shares		Description	Value
	Common Stocks – 97.6%
	Aerospace & Defense – 2.0%
	2,587	Huntington Ingalls Industries, Inc.	$ 303,740
	22,885	Northrop Grumman Corp.	3,959,334
	22,655	Raytheon Co.	2,471,434
	27,502	Spirit AeroSystems Holdings, Inc. Class A*	1,548,362

			8,282,870

	Airlines – 1.6%
	29,365	Alaska Air Group, Inc.	2,224,399
	122,050	Southwest Airlines Co.	4,418,210

			6,642,609

	Auto Components – 0.7%
	60,509	Johnson Controls, Inc.	2,756,790

	Beverages – 1.0%
	43,721	PepsiCo., Inc.	4,212,518

	Biotechnology – 2.0%
	20,387	Alkermes PLC*	1,427,498
	461	Biogen, Inc.*	146,957
	13,917	Gilead Sciences, Inc.	1,640,258
	47,583	Isis Pharmaceuticals, Inc.*	2,613,734
	4,291	Medivation, Inc.*	451,971
	12,736	United Therapeutics Corp.*	2,156,969

			8,437,387

	Capital Markets – 2.7%
	33,953	Ameriprise Financial, Inc.	4,266,873
	17,317	Legg Mason, Inc.	854,421
	136,470	The Bank of New York Mellon Corp.	5,922,798

			11,044,092

	Chemicals – 2.3%
	43,429	LyondellBasell Industries NV Class A	4,074,943
	28,473	Sigma-Aldrich Corp.	3,975,116
	3,989	The Dow Chemical Co.	187,722
	9,160	The Scotts Miracle-Gro Co. Class A	553,173
	2,157	The Sherwin-Williams Co.	599,128

			9,390,082

	Commercial Banks – 9.6%
	561,338	Bank of America Corp.	10,036,723
	151,205	Citigroup, Inc.	8,839,444
	4,950	City National Corp.	445,055
	201,645	JPMorgan Chase & Co.	13,818,732
	113,077	Wells Fargo & Co.	6,543,766

			39,683,720

	Commercial Services & Supplies – 0.1%
	9,112	Pitney Bowes, Inc.	190,623



Shares		Description	Value
	Common Stocks – (continued)
	Communications Equipment – 2.8%
	62,464	Brocade Communications Systems, Inc.	$ 640,881
	348,503	Cisco Systems, Inc.	9,904,455
	31,474	Juniper Networks, Inc.	894,491

			11,439,827

	Computers & Peripherals – 1.5%
	235,903	EMC Corp.	6,343,432

	*Construction & Engineering – 0.1%**
	19,399	Quanta Services, Inc.	535,800

	Consumer Finance – 0.5%
	7,703	Discover Financial Services	429,904
	54,021	Navient Corp.	848,130
	28,320	Santander Consumer USA Holdings, Inc.*	684,778

			1,962,812

	Diversified Financial Services – 2.2%
	39,508	Berkshire Hathaway, Inc. Class B*	5,639,372
	26,697	MSCI, Inc.	1,819,667
	23,773	The NASDAQ OMX Group, Inc.	1,213,136
	11,345	Voya Financial, Inc.	532,648

			9,204,823

	Diversified Telecommunication Services – 2.5%
	85,307	AT&T, Inc.^(a)	2,963,565
	101,512	CenturyLink, Inc.	2,903,244
	98,885	Verizon Communications, Inc.	4,626,829

			10,493,638

	Electric Utilities – 0.2%
	14,296	Entergy Corp.	1,015,302

	Energy Equipment & Services – 2.5%
	82,116	Cameron International Corp.*	4,143,573
	76,604	FMC Technologies, Inc.*	2,509,547
	67,926	Oceaneering International, Inc.	2,718,399
	52,047	Superior Energy Services, Inc.	884,799

			10,256,318

	Food & Staples Retailing – 1.5%
	40,929	CVS Health Corp.	4,603,285
	6,389	Wal-Mart Stores, Inc.	459,880
	13,286	Walgreens Boots Alliance, Inc.	1,283,826

			6,346,991

	Food Products – 2.6%
	101,608	Archer-Daniels-Midland Co.	4,818,251
	44,058	Bunge Ltd.	3,518,031
	13,778	Flowers Foods, Inc.	298,431
	17,979	General Mills, Inc.	1,046,558
	2,853	Kellogg Co.	188,783
	21,770	Pinnacle Foods, Inc.	978,562

			10,848,616



Shares		Description	Value
	Common Stocks – (continued)
	Gas Utilities – 0.5%
	53,778	UGI Corp.	$ 1,965,048

	Health Care Equipment & Supplies – 1.4%
	69,425	Abbott Laboratories	3,519,153
	35,654	Boston Scientific Corp.*	618,240
	4,693	C.R. Bard, Inc.	922,878
	2,669	DexCom, Inc.*	225,931
	1,049	Edwards Lifesciences Corp.*	159,616
	2,335	Medtronic PLC	183,041

			5,628,859

	Health Care Providers & Services – 1.2%
	12,781	Aetna, Inc.^(a)	1,443,870
	13,248	Cardinal Health, Inc.	1,125,815
	24,235	Health Net, Inc.*	1,620,352
	1,291	Humana, Inc.	235,078
	3,284	UnitedHealth Group, Inc.	398,678

			4,823,793

	Hotels, Restaurants & Leisure – 1.3%
	97,031	Carnival Corp.	5,170,782

	Household Durables – 1.2%
	10,870	Garmin Ltd.	455,562
	22,345	Mohawk Industries, Inc.*	4,504,528

			4,960,090

	Household Products – 1.1%
	56,867	The Procter & Gamble Co.	4,361,699

	Independent Power Producers & Energy Traders – 0.9%
	64,346	AES Corp.	823,629
	144,824	Calpine Corp.*	2,650,279
	10,889	Talen Energy Corp.*	171,284

			3,645,192

	Industrial Conglomerates – 2.8%
	449,852	General Electric Co.	11,741,137

	Insurance – 4.3%
	37,875	Aspen Insurance Holdings Ltd.	1,821,409
	39,271	Assured Guaranty Ltd.	960,569
	78,784	Lincoln National Corp.	4,437,115
	45,580	Reinsurance Group of America, Inc.	4,399,381
	53,611	The Travelers Cos., Inc.	5,689,199
	7,817	Validus Holdings Ltd.	362,318

			17,669,991

	*Internet Software & Services – 0.7%**
	41,755	Rackspace Hosting, Inc.	1,420,923
	35,694	Yahoo!, Inc.	1,308,899

			2,729,822



Shares		Description	Value
	Common Stocks – (continued)
	IT Services – 1.0%
	54,132	Automatic Data Processing, Inc.	$ 4,318,110

	*Life Sciences Tools & Services – 0.2%**
	11,074	Quintiles Transnational Holdings, Inc.	849,597

	Machinery – 0.8%
	17,484	Allison Transmission Holdings, Inc.	510,183
	25,871	Illinois Tool Works, Inc.	2,314,678
	4,340	Stanley Black & Decker, Inc.	457,827
	2,351	The Toro Co.	160,644

			3,443,332

	Media – 1.9%
	75,291	Comcast Corp. Class A	4,698,911
	96,295	Twenty-First Century Fox, Inc. Class A	3,321,215

			8,020,126

	Metals & Mining – 1.6%
	27,532	Allegheny Technologies, Inc.	586,982
	20,036	Newmont Mining Corp.	344,018
	103,728	Nucor Corp.	4,578,554
	60,226	Steel Dynamics, Inc.	1,206,327

			6,715,881

	Multi-Utilities – 1.2%
	118,578	Public Service Enterprise Group, Inc.	4,941,145

	Multiline Retail – 1.2%
	61,973	Target Corp.	5,072,490

	Oil, Gas & Consumable Fuels – 12.2%
	30,123	Chevron Corp.	2,665,283
	18,223	CVR Energy, Inc.	696,665
	114,976	Exxon Mobil Corp.	9,107,249
	97,114	HollyFrontier Corp.	4,686,722
	179,075	Kinder Morgan, Inc.	6,203,158
	93,746	Marathon Petroleum Corp.	5,125,094
	28,601	PBF Energy, Inc. Class A	902,934
	67,560	Phillips 66	5,371,020
	156,517	Spectra Energy Corp.	4,736,204
	26,259	Tesoro Corp.	2,556,051
	83,559	Valero Energy Corp.	5,481,470
	69,044	World Fuel Services Corp.	2,806,639

			50,338,489

	Pharmaceuticals – 8.8%
	59,728	Bristol-Myers Squibb Co.	3,920,546
	7,566	Jazz Pharmaceuticals PLC*	1,454,488
	53,079	Johnson & Johnson	5,319,047
	1,887	Mallinckrodt PLC*	233,912
	170,269	Merck & Co., Inc.	10,039,060
	12,391	Perrigo Co. PLC	2,381,550
	363,615	Pfizer, Inc.	13,111,957

			36,460,560



Shares		Description	Value
	Common Stocks – (continued)
	Real Estate Investment Trusts – 7.2%
	32,844	American Tower Corp.	$ 3,123,793
	31,188	Apartment Investment & Management Co. Class A	1,218,827
	16,886	Boston Properties, Inc.	2,081,706
	49,761	Empire State Realty Trust, Inc. Class A	884,750
	19,951	Equity Commonwealth*	522,716
	70,715	Equity Lifestyle Properties, Inc.	4,092,984
	7,489	Equity Residential	560,252
	5,603	Essex Property Trust, Inc.	1,260,171
	52,485	Gaming and Leisure Properties, Inc.	1,718,884
	3,924	Home Properties, Inc.	289,199
	145,167	Hospitality Properties Trust	3,980,479
	24,140	Host Hotels & Resorts, Inc.	467,833
	43,232	Lamar Advertising Co. Class A	2,596,082
	94,984	Outfront Media, Inc.	2,386,948
	8,628	Post Properties, Inc.	491,278
	28,743	ProLogis, Inc.	1,167,253
	84,909	Weingarten Realty Investors	2,987,099

			29,830,254

	*Real Estate Management & Development – 0.9%**
	98,791	CBRE Group, Inc. Class A	3,751,094

	Semiconductors & Semiconductor Equipment – 2.7%
	9,418	Freescale Semiconductor Ltd.*	375,496
	173,008	Intel Corp.	5,008,581
	81,269	Texas Instruments, Inc.	4,061,825
	41,321	Xilinx, Inc.	1,725,152

			11,171,054

	Software – 0.6%
	50,075	Microsoft Corp.	2,338,503

	Specialty Retail – 1.7%
	23,845	Dick’s Sporting Goods, Inc.	1,215,618
	11,203	DSW, Inc. Class A	364,322
	62,657	Lowe’s Cos., Inc.	4,345,889
	7,726	The Home Depot, Inc.	904,174

			6,830,003

	Textiles, Apparel & Luxury Goods – 0.5%
	27,838	VF Corp.	2,146,032

	Tobacco – 1.1%
	84,082	Altria Group, Inc.	4,572,379

	*Trading Companies & Distributors – 0.2%**
	25,093	HD Supply Holdings, Inc.	898,329

	TOTAL COMMON STOCKS		$403,482,041


Principal Amount	Interest Rate		Maturity Date		Value
Short-term Investment^(b) – 2.3%
Repurchase Agreements – 2.3%
Joint Repurchase Agreement Account II
$9,300,000		0.151%		08/03/15	$ 9,300,000

TOTAL INVESTMENTS – 99.9%					$412,782,041

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%					416,091

NET ASSETS – 100.0%					$413,198,132



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 segregated as collateral for initial margin requirements on futures transactions.

(b)		Joint repurchase agreement was entered into on July 31, 2015. Additional information appears in the Notes to the Schedule of Investments section.

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

FUTURES CONTRACTS — At July 31, 2015, the Fund had the following futures contracts:

TAX INFORMATION — At July 31, 2015, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 97.2%
	Aerospace & Defense – 0.8%
	10,803	Cubic Corp.	$ 479,329
	36,675	DigitalGlobe, Inc.*	776,777

			1,256,106

	*Air Freight & Logistics – 0.7%**
	16,112	Air Transport Services Group, Inc.	166,759
	17,948	Atlas Air Worldwide Holdings, Inc.	882,144

			1,048,903

	*Airlines – 0.3%**
	19,021	Hawaiian Holdings, Inc.	413,136

	Auto Components – 1.6%
	30,372	Cooper Tire & Rubber Co.	1,000,150
	40,267	Modine Manufacturing Co.*	407,905
	22,285	Stoneridge, Inc.*	271,208
	28,492	Tower International, Inc.*	744,496

			2,423,759

	*Biotechnology – 7.4%**
	7,550	AMAG Pharmaceuticals, Inc.	482,445
	6,476	Anacor Pharmaceuticals, Inc.	966,154
	125,989	Array BioPharma, Inc.	731,996
	48,550	Dyax Corp.	1,194,815
	32,577	Emergent Biosolutions, Inc.	1,069,503
	32,022	Genomic Health, Inc.^(a)	867,156
	33,147	Halozyme Therapeutics, Inc.	773,651
	13,167	ImmunoGen, Inc.	237,269
	69,611	Infinity Pharmaceuticals, Inc.	608,400
	82,068	Ironwood Pharmaceuticals, Inc.	857,611
	9,956	Ligand Pharmaceuticals, Inc. Class B	1,077,837
	3,818	MacroGenics, Inc.	143,557
	16,726	Ophthotech Corp.	1,132,183
	118,502	Orexigen Therapeutics, Inc.^(a)	474,008
	18,266	Repligen Corp.	639,493
	3,126	Sage Therapeutics, Inc.	213,693

			11,469,771

	Building Products – 2.1%
	11,399	American Woodmark Corp.*	749,598
	10,256	Apogee Enterprises, Inc.	565,926
	36,720	Continental Building Products, Inc.*	779,933
	17,799	Universal Forest Products, Inc.	1,130,237

			3,225,694

	Capital Markets – 1.7%
	18,561	Evercore Partners, Inc. Class A	1,091,387
	11,701	GAMCO Investors, Inc. Class A	803,390
	34,580	Investment Technology Group, Inc.	703,703

			2,598,480



Shares		Description	Value
	Common Stocks – (continued)
	Chemicals – 1.6%
	26,357	A. Schulman, Inc.	$ 981,271
	2,550	Balchem Corp.	144,508
	23,273	FutureFuel Corp.	266,243
	13,808	Innophos Holdings, Inc.	710,836
	4,115	Rayonier Advanced Materials, Inc.	57,816
	4,980	Sensient Technologies Corp.	340,582

			2,501,256

	Commercial Banks – 4.6%
	21,572	1st Source Corp.	733,232
	38,860	Central Pacific Financial Corp.	905,049
	66,240	CVB Financial Corp.	1,173,111
	2,352	FCB Financial Holdings, Inc. Class A*	81,685
	37,969	First Interstate BancSystem, Inc.	1,052,880
	2,925	First Merchants Corp.	76,138
	40,017	First Midwest Bancorp, Inc.	751,119
	6,334	Great Southern Bancorp, Inc.	262,861
	21,257	Hilltop Holdings, Inc.*	447,460
	14,564	National Penn Bancshares, Inc.	156,126
	69,283	OFG Bancorp^(a)	558,421
	8,265	PrivateBancorp, Inc.	341,675
	7,875	Prosperity Bancshares, Inc.	429,896
	2,328	Trustmark Corp.	55,965
	2,358	WesBanco, Inc.	78,333

			7,103,951

	Commercial Services & Supplies – 2.0%
	5,949	ABM Industries, Inc.	196,079
	2,715	Essendant, Inc.	99,966
	14,482	G&K Services, Inc. Class A	949,440
	54,676	Kimball International, Inc. Class B	618,932
	4,517	Knoll, Inc.	109,312
	5,175	Multi-Color Corp.	330,476
	47,116	Quad Graphics, Inc.	775,058

			3,079,263

	*Communications Equipment – 1.7%**
	21,970	Calix, Inc.	185,207
	107,160	Harmonic, Inc.	644,031
	2,121	Infinera Corp.	50,777
	19,530	NETGEAR, Inc.	654,060
	95,092	Polycom, Inc.	1,082,147

			2,616,222

	*Computers & Peripherals – 0.4%**
	65,033	QLogic Corp.	576,843

	Construction & Engineering – 1.6%
	34,316	Aegion Corp.*	678,427
	11,997	Comfort Systems USA, Inc.	331,597
	25,367	EMCOR Group, Inc.	1,213,304
	10,378	Granite Construction, Inc.	353,060

			2,576,388



Shares		Description	Value
	Common Stocks – (continued)
	Consumer Finance – 1.3%
	39,078	Cash America International, Inc.	$ 1,083,633
	3,124	Enova International, Inc.*	56,482
	81,038	EZCORP, Inc. Class A*	574,559
	7,152	World Acceptance Corp.*^(a)	389,212

			2,103,886

	*Containers & Packaging – 0.7%**
	33,210	Berry Plastics Group, Inc.	1,081,318

	Diversified Consumer Services – 1.8%
	23,209	Bridgepoint Education, Inc.*	218,629
	4,098	Capella Education Co.	211,088
	6,966	Houghton Mifflin Harcourt Co.*	182,022
	56,127	K12, Inc.*	740,315
	27,610	LifeLock, Inc.*^(a)	218,671
	59,737	Regis Corp.*	873,952
	1,507	Steiner Leisure Ltd.*	86,954
	3,677	Strayer Education, Inc.*	204,478

			2,736,109

	Diversified Telecommunication Services – 0.5%
	2,852	General Communication, Inc. Class A*	52,477
	92,778	Vonage Holdings Corp.*	592,851
	21,300	Windstream Holdings, Inc.^(a)	103,305

			748,633

	Electrical Equipment – 0.6%
	119,468	GrafTech International Ltd.*	600,924
	34,160	LSI Industries, Inc.	340,234

			941,158

	Electronic Equipment, Instruments & Components – 3.3%
	21,658	Benchmark Electronics, Inc.*	477,775
	14,861	Coherent, Inc.*	861,195
	10,176	II-VI, Inc.*	172,992
	39,563	Kimball Electronics, Inc.*	530,540
	33,057	Methode Electronics, Inc.	886,919
	13,918	OSI Systems, Inc.*	976,765
	6,142	Plexus Corp.*	234,256
	24,050	Sanmina Corp.*	530,784
	52,452	TTM Technologies, Inc.*	478,887

			5,150,113

	*Energy Equipment & Services – 1.5%**
	36,218	Forum Energy Technologies, Inc.	553,411
	131,846	Key Energy Services, Inc.	119,993
	29,789	Oil States International, Inc.	896,947
	85,965	Pioneer Energy Services Corp.	314,632
	8,046	SEACOR Holdings, Inc.	508,266

			2,393,249



Shares		Description	Value
	Common Stocks – (continued)
	Food Products – 0.6%
	1,338	J&J Snack Foods Corp.	$ 158,365
	8,947	Lancaster Colony Corp.	833,950

			992,315

	Health Care Equipment & Supplies – 6.6%
	2,697	Atrion Corp.	1,089,318
	21,509	Cantel Medical Corp.	1,180,414
	1,155	Cyberonics, Inc.*	70,917
	20,233	Greatbatch, Inc.*	1,103,306
	11,389	ICU Medical, Inc.*	1,137,989
	26,577	Invacare Corp.	453,138
	14,856	Meridian Bioscience, Inc.	268,745
	16,787	Merit Medical Systems, Inc.*	429,076
	24,539	Natus Medical, Inc.*	1,108,181
	24,646	NuVasive, Inc.*	1,355,777
	11,736	NxStage Medical, Inc.*	167,590
	9,804	Orthofix International NV*	327,061
	20,325	Thoratec Corp.*	1,286,369
	8,327	Zeltiq Aesthetics, Inc.*	286,032

			10,263,913

	*Health Care Providers & Services – 1.1%**
	16,591	Magellan Health, Inc.	1,005,249
	13,229	Triple-S Management Corp. Class B	285,482
	5,118	WellCare Health Plans, Inc.	413,534

			1,704,265

	Health Care Technology – 0.3%
	2,609	Computer Programs & Systems, Inc.	122,023
	7,477	Omnicell, Inc.*	273,060
	9,616	Quality Systems, Inc.	122,604

			517,687

	Hotels, Restaurants & Leisure – 6.2%
	21,917	BJ’s Restaurants, Inc.*	1,130,041
	49,858	Bloomin’ Brands, Inc.	1,161,193
	27,709	Boyd Gaming Corp.*	473,547
	81,331	Denny’s Corp.*	956,453
	14,183	Jack in the Box, Inc.	1,347,385
	2,874	Marriott Vacations Worldwide Corp.	240,266
	15,954	Papa John’s International, Inc.	1,205,484
	20,802	Pinnacle Entertainment, Inc.*	800,877
	49,938	SeaWorld Entertainment, Inc.	865,925
	39,141	Sonic Corp.	1,163,270
	9,441	Texas Roadhouse, Inc.	371,881

			9,716,322

	Household Durables – 2.4%
	14,167	Cavco Industries, Inc.*	1,035,324
	36,104	Ethan Allen Interiors, Inc.	1,089,980
	4,956	Helen of Troy Ltd.*	435,037
	8,702	La-Z-Boy, Inc.	221,031
	18,426	Universal Electronics, Inc.*	955,204

			3,736,576

	*Independent Power Producers & Energy Traders – 0.6%**
	55,447	Talen Energy Corp.	872,181



Shares		Description	Value
	Common Stocks – (continued)
	Insurance – 2.4%
	37,537	American Equity Investment Life Holding Co.	$ 1,108,843
	20,603	Argo Group International Holdings Ltd.	1,161,597
	12,881	Maiden Holdings Ltd.	213,051
	4,201	Selective Insurance Group, Inc.	129,433
	48,096	Symetra Financial Corp.	1,204,324

			3,817,248

	Internet & Catalog Retail – 0.7%
	3,527	Lands’ End, Inc.*	83,167
	31,769	Nutrisystem, Inc.	954,658

			1,037,825

	Internet Software & Services – 3.6%
	22,605	Blucora, Inc.*	320,313
	33,839	Constant Contact, Inc.*	874,400
	119,854	EarthLink Holdings Corp.	879,728
	31,523	GrubHub, Inc.*	999,594
	15,569	LogMeIn, Inc.*	1,145,567
	33,034	Marchex, Inc. Class B	151,956
	19,212	Monster Worldwide, Inc.*	135,445
	45,390	Web.com Group, Inc.*	1,129,757

			5,636,760

	IT Services – 1.2%
	5,053	CSG Systems International, Inc.	157,148
	33,470	ManTech International Corp. Class A	997,741
	29,565	Sykes Enterprises, Inc.*	720,795

			1,875,684

	Leisure Equipment & Products – 0.1%
	24,073	Callaway Golf Co.	220,509

	*Life Sciences Tools & Services – 0.9%**
	1,800	Cambrex Corp.	88,650
	19,182	PAREXEL International Corp.	1,322,791

			1,411,441

	Machinery – 4.0%
	4,636	Altra Industrial Motion Corp.	117,754
	26,978	Barnes Group, Inc.	1,050,254
	9,051	Blount International, Inc.*	75,666
	2,984	Briggs & Stratton Corp.	55,144
	1,729	CLARCOR, Inc.	104,034
	43,051	Federal Signal Corp.	644,043
	27,076	Hillenbrand, Inc.	767,875
	10,248	Hyster-Yale Materials Handling, Inc.	693,482
	6,820	John Bean Technologies Corp.	248,589
	8,671	Kadant, Inc.	395,311
	17,149	Miller Industries, Inc.	300,279
	23,572	Mueller Industries, Inc.	763,026
	71,604	Wabash National Corp.*^(a)	983,839

			6,199,296



Shares		Description	Value
	Common Stocks – (continued)
	Media – 0.2%
	13,855	Entercom Communications Corp. Class A*	$ 145,893
	44,613	Harte-Hanks, Inc.	209,235

			355,128

	Metals & Mining – 1.1%
	1	Alcoa, Inc.	11
	3,166	Carpenter Technology Corp.	118,852
	7,501	Globe Specialty Metals, Inc.	115,815
	29,575	Materion Corp.	904,995
	40,802	Schnitzer Steel Industries, Inc. Class A	640,999

			1,780,672

	Oil, Gas & Consumable Fuels – 3.2%
	55,053	Alon USA Energy, Inc.	1,024,536
	8,757	Bill Barrett Corp.*^(a)	49,740
	7,578	Contango Oil & Gas Co.*	69,566
	30,435	Delek US Holdings, Inc.	1,085,616
	39,035	Green Plains, Inc.	876,336
	11,724	REX American Resources Corp.*	605,427
	1,421	SemGroup Corp. Class A	101,019
	28,085	Western Refining, Inc.	1,240,234

			5,052,474

	*Personal Products^(a) – 0.5%**
	6,678	USANA Health Sciences, Inc.	832,413

	Pharmaceuticals – 1.3%
	8,796	Pacira Pharmaceuticals, Inc.*	584,230
	2,007	Phibro Animal Health Corp. Class A	78,835
	1,894	Prestige Brands Holdings, Inc.*	90,192
	39,218	Sagent Pharmaceuticals, Inc.*	963,979
	15,292	Sucampo Pharmaceuticals, Inc. Class A*	333,213

			2,050,449

	Professional Services – 2.8%
	4,414	Barrett Business Services, Inc.	182,739
	19,021	CDI Corp.	230,344
	17,742	Insperity, Inc.	892,068
	33,418	Korn/Ferry International	1,118,835
	9,343	RPX Corp.*	144,630
	34,219	TriNet Group, Inc.*	919,807
	2,666	TrueBlue, Inc.*	68,676
	15,498	WageWorks, Inc.*	774,125

			4,331,224

	Real Estate Investment Trusts – 10.2%
	26,016	American Assets Trust, Inc.	1,082,786
	9,650	American Capital Mortgage Investment Corp.	155,751
	207,926	Anworth Mortgage Asset Corp.^(b)	1,039,630
	22,155	Coresite Realty Corp.	1,112,181
	96,520	Cousins Properties, Inc.	1,001,878
	52,251	CubeSmart	1,366,886



Shares		Description	Value
	Common Stocks – (continued)
	Real Estate Investment Trusts – (continued)
	38,440	CyrusOne, Inc.	$ 1,181,646
	30,799	DCT Industrial Trust, Inc.	1,070,573
	32,828	DuPont Fabros Technology, Inc.	989,764
	32,466	FelCor Lodging Trust, Inc.	303,882
	9,653	First Industrial Realty Trust, Inc.	202,134
	34,534	Hudson Pacific Properties, Inc.	1,062,956
	66,960	Invesco Mortgage Capital, Inc.	964,894
	16,204	Kite Realty Group Trust	427,786
	10,005	Pebblebrook Hotel Trust	407,203
	14,655	PS Business Parks, Inc.	1,128,288
	76,821	Sunstone Hotel Investors, Inc.	1,080,871
	23,980	The Geo Group, Inc.	905,245
	25,371	Western Asset Mortgage Capital Corp.^(a)	351,896

			15,836,250

	Real Estate Management & Development – 0.6%
	15,840	Alexander & Baldwin, Inc.	597,960
	7,078	Marcus & Millichap, Inc.*	362,677

			960,637

	Road & Rail – 0.2%
	6,375	ArcBest Corp.	210,694
	5,179	Heartland Express, Inc.	110,468

			321,162

	Semiconductors & Semiconductor Equipment – 3.1%
	4,986	Advanced Energy Industries, Inc.*	130,583
	13,769	Amkor Technology, Inc.*	60,721
	20,952	Cabot Microelectronics Corp.*	949,964
	2,884	Cirrus Logic, Inc.*	95,201
	42,999	Diodes, Inc.*	954,148
	50,256	Integrated Device Technology, Inc.*	960,392
	34,725	Microsemi Corp.*	1,143,841
	10,372	OmniVision Technologies, Inc.*	253,284
	4,381	Power Integrations, Inc.	169,808
	2,180	Tessera Technologies, Inc.	75,559

			4,793,501

	Software – 2.1%
	7,867	Infoblox, Inc.*	184,875
	8,504	Manhattan Associates, Inc.*	551,229
	5,900	MicroStrategy, Inc. Class A*	1,202,715
	10,681	Pegasystems, Inc.	289,348
	38,022	Progress Software Corp.*	1,128,493

			3,356,660

	Specialty Retail – 2.9%
	11,127	Genesco, Inc.*	719,805
	40,873	Haverty Furniture Cos., Inc.	906,563
	11,328	Rent-A-Center, Inc.	303,477
	38,416	Select Comfort Corp.*	1,000,353
	12,627	Stage Stores, Inc.	222,235
	25,936	The Cato Corp. Class A	996,202
	12,870	Zumiez, Inc.*	335,907

			4,484,542



Shares		Description	Value
	Common Stocks – (continued)
	Thrifts & Mortgage Finance – 1.0%
	13,389	Beneficial Bancorp, Inc.*	$ 172,183
	91,729	Brookline Bancorp, Inc.	1,033,786
	3,586	Dime Community Bancshares, Inc.	60,962
	4,569	Northfield Bancorp, Inc.	68,809
	17,716	Oritani Financial Corp.	278,318

			1,614,058

	Trading Companies & Distributors – 0.6%
	38,981	Aircastle Ltd.	938,273

	Water Utilities – 0.3%
	20,281	California Water Service Group	436,650

	Wireless Telecommunication Services – 0.2%
	22,931	Spok Holdings, Inc.	383,636

	TOTAL COMMON STOCKS		$151,573,989



Principal Amount	Interest Rate		Maturity Date	Value
Short-term Investment^(c) – 2.8%
Repurchase Agreements – 2.8%
Joint Repurchase Agreement Account II
$4,400,000		0.151%	08/03/15	$ 4,400,000

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE				$155,973,989



Shares	Rate			Value
Securities Lending Reinvestment Vehicle^(d)(e) – 2.7%
Goldman Sachs Financial Square Money Market Fund – FST Shares
4,291,625		0.006	%	$ 4,291,625

TOTAL INVESTMENTS – 102.7%				$160,265,614

LIABILITIES IN EXCESS OF OTHER ASSETS – (2.7)%				(4,287,297)

NET ASSETS – 100.0%				$155,978,317



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)		A portion of this security is segregated as collateral for initial margin requirement on futures transactions.

(c)		Joint repurchase agreement was entered into on July 31, 2015. Additional information appears in the Notes to the Schedule of Investments section.

(d)		Variable rate security. Interest rate disclosed is that which is in effect at July 31, 2015.

(e)		Represents an affiliated issuer.

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

FUTURES CONTRACTS — At July 31, 2015, the Fund had the following futures contracts:

TAX INFORMATION — At July 31, 2015, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 95.3%
	Aerospace & Defense – 0.3%
	5,143	Cubic Corp.	$ 228,195
	7,463	DigitalGlobe, Inc.*	158,066

			386,261

	*Air Freight & Logistics – 0.4%**
	11,243	Atlas Air Worldwide Holdings, Inc.	552,593

	*Airlines – 0.5%**
	31,920	Hawaiian Holdings, Inc.	693,302

	Auto Components – 0.9%
	20,528	Cooper Tire & Rubber Co.	675,987
	6,152	Drew Industries, Inc.	360,876
	1	Horizon Global Corp.*	8
	5,284	Stoneridge, Inc.*	64,306
	1,717	Tower International, Inc.*	44,865

			1,146,042

	*Biotechnology – 13.0%**
	13,174	Acceleron Pharma, Inc.	377,303
	15,448	Acorda Therapeutics, Inc.^(a)	530,793
	4,405	Aduro Biotech, Inc.	115,499
	1,223	Alder Biopharmaceuticals, Inc.	56,772
	14,018	AMAG Pharmaceuticals, Inc.	895,750
	9,853	Anacor Pharmaceuticals, Inc.	1,469,969
	126,925	Array BioPharma, Inc.	737,434
	46,362	Dyax Corp.	1,140,969
	22,444	Emergent Biosolutions, Inc.	736,836
	22,968	Genomic Health, Inc.^(b)	621,973
	10,822	Geron Corp.	43,829
	40,552	Halozyme Therapeutics, Inc.^(a)	946,484
	44,231	ImmunoGen, Inc.	797,043
	46,318	Infinity Pharmaceuticals, Inc.	404,819
	3,039	Insys Therapeutics, Inc.	136,512
	78,197	Ironwood Pharmaceuticals, Inc.	817,159
	5,650	KYTHERA Biopharmaceuticals, Inc.	421,038
	9,535	Ligand Pharmaceuticals, Inc. Class B	1,032,259
	18,871	MacroGenics, Inc.	709,550
	10,723	MiMedx Group, Inc.^(b)	115,058
	14,653	Momenta Pharmaceuticals, Inc.	318,556
	19,616	Neurocrine Biosciences, Inc.	982,958
	7,577	NewLink Genetics Corp.	395,141
	13,952	Ophthotech Corp.	944,411
	123,725	Orexigen Therapeutics, Inc.^(b)	494,900
	10,041	PTC Therapeutics, Inc.	514,200
	20,255	Repligen Corp.	709,127
	9,479	Sage Therapeutics, Inc.	647,984

			17,114,326

	Building Products – 1.9%
	5,715	American Woodmark Corp.*	375,818
	13,955	Apogee Enterprises, Inc.	770,037



Shares		Description	Value
	Common Stocks – (continued)
	Building Products – (continued)
	34,865	Continental Building Products, Inc.*	$ 740,533
	4,516	Quanex Building Products Corp.	90,681
	2,129	Trex Co., Inc.*	96,593
	7,609	Universal Forest Products, Inc.	483,171

			2,556,833

	Capital Markets – 1.3%
	14,508	Evercore Partners, Inc. Class A	853,071
	2,947	GAMCO Investors, Inc. Class A	202,341
	23,457	Investment Technology Group, Inc.	477,350
	3,297	Stifel Financial Corp.*	181,170

			1,713,932

	Chemicals – 1.6%
	13,540	A. Schulman, Inc.	504,094
	5,317	Balchem Corp.	301,315
	20,502	Ferro Corp.*	284,773
	4,774	Intrepid Potash, Inc.*	40,770
	13,547	Sensient Technologies Corp.	926,479

			2,057,431

	Commercial Banks – 0.4%
	7,737	First Interstate BancSystem, Inc.	214,547
	4,719	Hilltop Holdings, Inc.*	99,335
	29,046	OFG Bancorp^(b)	234,111

			547,993

	Commercial Services & Supplies – 1.7%
	1,188	Deluxe Corp.	76,543
	11,701	G&K Services, Inc. Class A	767,118
	6,058	Herman Miller, Inc.	169,866
	4,026	Kimball International, Inc. Class B	45,574
	11,748	Multi-Color Corp.	750,227
	26,791	Quad Graphics, Inc.	440,712

			2,250,040

	*Communications Equipment – 1.3%**
	8,779	Ciena Corp.	223,426
	82,386	Harmonic, Inc.	495,140
	16,201	Infinera Corp.	387,852
	6,003	NETGEAR, Inc.	201,040
	39,729	Polycom, Inc.	452,116

			1,759,574

	*Computers & Peripherals – 0.3%**
	47,100	QLogic Corp.	417,777

	Construction & Engineering – 1.4%
	28,392	Aegion Corp.*	561,310
	28,010	Comfort Systems USA, Inc.	774,196
	11,720	EMCOR Group, Inc.	560,568

			1,896,074



Shares		Description	Value
	Common Stocks – (continued)
	*Construction Materials – 0.1%**
	3,610	Headwaters, Inc.	$ 68,626

	Consumer Finance – 0.9%
	23,925	Cash America International, Inc.	663,440
	7,110	Enova International, Inc.*	128,549
	6,724	World Acceptance Corp.*^(b)	365,920

			1,157,909

	*Containers & Packaging – 0.7%**
	26,829	Berry Plastics Group, Inc.	873,552

	Diversified Consumer Services – 2.6%
	11,741	Capella Education Co.	604,779
	24,341	Houghton Mifflin Harcourt Co.*	636,030
	3,718	K12, Inc.*	49,040
	71,255	LifeLock, Inc.*^(b)	564,340
	43,972	Regis Corp.*	643,310
	9,147	Steiner Leisure Ltd.*	527,782
	7,988	Strayer Education, Inc.*	444,213

			3,469,494

	Diversified Telecommunication Services – 0.8%
	11,164	General Communication, Inc. Class A*	205,418
	90,960	Vonage Holdings Corp.*	581,234
	45,376	Windstream Holdings, Inc.^(b)	220,074

			1,006,726

	*Electrical Equipment – 0.7%**
	74,427	GrafTech International Ltd.	374,368
	10,264	Polypore International, Inc.	617,072

			991,440

	Electronic Equipment, Instruments & Components – 3.4%
	10,849	Coherent, Inc.*	628,699
	11,526	DTS, Inc.*	328,376
	12,071	II-VI, Inc.*	205,207
	7,104	Insight Enterprises, Inc.*	191,737
	2,500	Littelfuse, Inc.	230,000
	28,816	Methode Electronics, Inc.	773,133
	5,072	MTS Systems Corp.	327,702
	9,860	OSI Systems, Inc.*	691,975
	14,297	Plexus Corp.*	545,288
	54,935	TTM Technologies, Inc.*	501,556

			4,423,673

	*Energy Equipment & Services – 0.7%**
	70,024	Key Energy Services, Inc.	63,729
	4,491	Matrix Service Co.	87,036
	20,719	Oil States International, Inc.	623,849
	31,729	Pioneer Energy Services Corp.	116,128
	1,584	SEACOR Holdings, Inc.	100,061

			990,803

	Food Products – 0.9%
	7,528	J&J Snack Foods Corp.	891,014
	2,598	Lancaster Colony Corp.	242,160

			1,133,174



Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Supplies – 6.0%
	3,610	ABIOMED, Inc.*	$ 279,630
	12,702	Cantel Medical Corp.	697,086
	6,791	Cyberonics, Inc.*	416,967
	9,130	Greatbatch, Inc.*	497,859
	4,098	ICU Medical, Inc.*	409,472
	1,691	Integra LifeSciences Holdings Corp.*	108,444
	8,632	Invacare Corp.	147,176
	39,954	Meridian Bioscience, Inc.	722,768
	9,598	Merit Medical Systems, Inc.*	245,325
	17,853	Natus Medical, Inc.*	806,241
	17,565	NuVasive, Inc.*	966,251
	44,790	NxStage Medical, Inc.*	639,601
	18,532	Thoratec Corp.*	1,172,890
	21,591	Zeltiq Aesthetics, Inc.*	741,651

			7,851,361

	*Health Care Providers & Services – 1.5%**
	11,504	AMN Healthcare Services, Inc.	338,563
	5,674	Magellan Health, Inc.	343,788
	7,403	Molina Healthcare, Inc.	558,408
	8,727	WellCare Health Plans, Inc.	705,141

			1,945,900

	Health Care Technology – 1.5%
	13,333	Computer Programs & Systems, Inc.^(b)	623,584
	1,791	Medidata Solutions, Inc.*	96,356
	19,238	Omnicell, Inc.*	702,572
	41,692	Quality Systems, Inc.	531,573

			1,954,085

	Hotels, Restaurants & Leisure – 8.3%
	14,311	BJ’s Restaurants, Inc.*	737,875
	44,874	Bloomin’ Brands, Inc.	1,045,115
	47,410	Boyd Gaming Corp.*	810,237
	4,832	Cracker Barrel Old Country Store, Inc.^(b)	733,932
	63,118	Denny’s Corp.*	742,268
	4,904	DineEquity, Inc.	510,065
	19,652	Isle of Capri Casinos, Inc.*	358,452
	11,860	Jack in the Box, Inc.	1,126,700
	9,861	Krispy Kreme Doughnuts, Inc.*	183,809
	4,478	Marriott Vacations Worldwide Corp.	374,361
	12,366	Papa John’s International, Inc.	934,375
	22,193	Pinnacle Entertainment, Inc.*	854,431
	38,002	SeaWorld Entertainment, Inc.	658,955
	27,001	Sonic Corp.	802,470
	22,564	Texas Roadhouse, Inc.	888,796
	1,227	Vail Resorts, Inc.	134,590

			10,896,431

	Household Durables – 1.5%
	5,615	Cavco Industries, Inc.*	410,344
	11,187	Ethan Allen Interiors, Inc.	337,736



Shares		Description	Value
	Common Stocks – (continued)
	Household Durables – (continued)
	3,008	Helen of Troy Ltd.*	$ 264,042
	24,494	La-Z-Boy, Inc.	622,148
	5,968	Universal Electronics, Inc.*	309,381

			1,943,651

	*Independent Power Producers & Energy Traders – 0.4%**
	38,028	Talen Energy Corp.	598,180

	Insurance – 0.1%
	1,679	Argo Group International Holdings Ltd.	94,662
	5,794	Maiden Holdings Ltd.	95,833

			190,495

	Internet & Catalog Retail – 0.8%
	21,045	Lands’ End, Inc.*	496,241
	19,141	Nutrisystem, Inc.	575,187

			1,071,428

	Internet Software & Services – 4.3%
	16,957	Blucora, Inc.*	240,281
	29,840	Constant Contact, Inc.*	771,066
	99,432	EarthLink Holdings Corp.	729,831
	15,377	Envestnet, Inc.*	696,424
	27,249	GrubHub, Inc.*	864,066
	7,867	Intralinks Holdings, Inc.*	89,369
	11,999	LogMeIn, Inc.*	882,886
	7,261	RetailMeNot, Inc.*	110,004
	2,846	SPS Commerce, Inc.*	205,339
	33,671	Web.com Group, Inc.*	838,071
	6,727	Wix.com Ltd.*	188,356

			5,615,693

	IT Services – 0.8%
	21,769	CSG Systems International, Inc.	677,016
	10,129	ManTech International Corp. Class A	301,946
	3,045	Sykes Enterprises, Inc.*	74,237

			1,053,199

	*Life Sciences Tools & Services – 1.2%**
	8,999	Cambrex Corp.	443,201
	16,790	PAREXEL International Corp.	1,157,838

			1,601,039

	Machinery – 4.7%
	4,607	Albany International Corp. Class A	171,473
	10,261	Altra Industrial Motion Corp.	260,630
	15,154	Barnes Group, Inc.	589,945
	33,012	Blount International, Inc.*	275,980
	6,265	CLARCOR, Inc.	376,965
	22,365	Federal Signal Corp.	334,581
	27,953	Hillenbrand, Inc.	792,747
	9,778	Hyster-Yale Materials Handling, Inc.	661,677
	21,603	John Bean Technologies Corp.	787,429
	24,990	Mueller Industries, Inc.	808,926
	5,541	Tennant Co.	331,407
	56,073	Wabash National Corp.*^(b)	770,443

			6,162,203



Shares		Description	Value
	Common Stocks – (continued)
	Marine – 0.4%
	13,432	Matson, Inc.	$ 556,353

	Media – 0.1%
	5,985	Entercom Communications Corp. Class A*	63,022
	5,423	World Wrestling Entertainment, Inc. Class A^(b)	106,128

			169,150

	Metals & Mining – 1.3%
	1	Alcoa, Inc.	8
	5,886	Carpenter Technology Corp.	220,960
	39,657	Globe Specialty Metals, Inc.	612,304
	14,920	Materion Corp.	456,552
	3,229	Schnitzer Steel Industries, Inc. Class A	50,728
	12,769	Stillwater Mining Co.*	121,561
	12,212	SunCoke Energy, Inc.	150,086
	2,618	Worthington Industries, Inc.	70,843

			1,683,042

	Oil, Gas & Consumable Fuels – 2.6%
	18,890	Alon USA Energy, Inc.	351,543
	22,801	Bill Barrett Corp.*^(b)	129,510
	22,329	Delek US Holdings, Inc.	796,475
	28,006	Green Plains, Inc.	628,735
	3,496	REX American Resources Corp.*	180,533
	992	SemGroup Corp. Class A	70,521
	39,395	W&T Offshore, Inc.*^(b)	148,519
	24,186	Western Refining, Inc.^(a)	1,068,054

			3,373,890

	*Paper & Forest Products – 0.1%**
	2,207	Clearwater Paper Corp.	129,882

	*Personal Products – 0.6%**
	5,882	USANA Health Sciences, Inc.	733,191

	Pharmaceuticals – 3.3%
	18,152	Amphastar Pharmaceuticals, Inc.*	294,607
	3,345	Impax Laboratories, Inc.*	162,099
	893	Lannett Co., Inc.*	53,223
	12,429	Pacira Pharmaceuticals, Inc.*	825,534
	16,958	Phibro Animal Health Corp. Class A	666,110
	17,855	Prestige Brands Holdings, Inc.*	850,255
	25,418	Sagent Pharmaceuticals, Inc.*	624,774
	12,815	SciClone Pharmaceuticals, Inc.*	116,745
	36,655	Sucampo Pharmaceuticals, Inc. Class A*	798,713

			4,392,060



Shares		Description	Value
	Common Stocks – (continued)
	Professional Services – 2.7%
	4,327	CDI Corp.	$ 52,400
	2,914	Heidrick & Struggles International, Inc.	63,729
	13,694	Insperity, Inc.	688,535
	20,411	Korn/Ferry International	683,360
	28,156	TriNet Group, Inc.*	756,833
	14,005	TrueBlue, Inc.*	360,769
	18,185	WageWorks, Inc.*	908,341

			3,513,967

	Real Estate Investment Trusts – 3.8%
	11,352	American Assets Trust, Inc.	472,470
	62,513	Anworth Mortgage Asset Corp.	312,565
	15,583	Coresite Realty Corp.	782,267
	39,199	CubeSmart	1,025,446
	27,725	CyrusOne, Inc.	852,267
	24,364	DuPont Fabros Technology, Inc.	734,575
	6,156	Kite Realty Group Trust	162,518
	8,651	PS Business Parks, Inc.	666,040
	4,349	Sunstone Hotel Investors, Inc.	61,190

			5,069,338

	*Real Estate Management & Development – 0.3%**
	7,871	Marcus & Millichap, Inc.	403,310

	Road & Rail – 0.8%
	10,552	ArcBest Corp.	348,744
	30,886	Heartland Express, Inc.	658,798

			1,007,542

	Semiconductors & Semiconductor Equipment – 4.5%
	27,246	Advanced Energy Industries, Inc.*	713,573
	48,666	Amkor Technology, Inc.*	214,617
	15,950	Cabot Microelectronics Corp.*	723,173
	12,686	Cirrus Logic, Inc.*	418,765
	20,179	Diodes, Inc.*	447,772
	46,566	Integrated Device Technology, Inc.*	889,876
	32,214	Microsemi Corp.*	1,061,129
	49,507	PMC-Sierra, Inc.*	337,143
	10,558	Power Integrations, Inc.	409,228
	14,417	Rambus, Inc.*	188,719
	14,208	Tessera Technologies, Inc.	492,449

			5,896,444

	Software – 5.2%
	26,637	EPIQ Systems, Inc.	440,842
	6,766	Fair Isaac Corp.	613,609
	20,784	Gigamon, Inc.*	558,674
	11,284	Imperva, Inc.*	741,359
	35,077	Infoblox, Inc.*	824,310
	19,825	Manhattan Associates, Inc.*	1,285,057
	4,406	MicroStrategy, Inc. Class A*	898,163
	8,597	Monotype Imaging Holdings, Inc.	214,323
	11,563	Paycom Software, Inc.*	370,016
	22,233	Pegasystems, Inc.	602,292
	3,309	QAD, Inc. Class A	88,317
	4,790	TiVo, Inc.*	47,708
	2,284	Verint System, Inc.*	132,974

			6,817,644



Shares		Description	Value
	Common Stocks – (continued)
	Specialty Retail – 1.5%
	13,040	American Eagle Outfitters, Inc.	$ 231,460
	4,715	ANN, Inc.*	215,711
	27,229	Select Comfort Corp.*	709,043
	15,442	The Cato Corp. Class A	593,127
	11,013	Zumiez, Inc.*	287,440

			2,036,781

	Textiles, Apparel & Luxury Goods – 0.4%
	16,681	Wolverine World Wide, Inc.	489,087

	Thrifts & Mortgage Finance – 0.5%
	56,507	Brookline Bancorp, Inc.	636,834

	Trading Companies & Distributors – 0.2%
	7,389	Aircastle Ltd.	177,853
	1,893	DXP Enterprises, Inc.*	69,473

			247,326

	Wireless Telecommunication Services – 0.1%
	2,038	Shenandoah Telecommunications Co.	69,965

	TOTAL COMMON STOCKS		$125,317,046



Principal Amount	Interest Rate		Maturity Date	Value
Short-term Investment^(c) – 2.4%
Repurchase Agreements – 2.4%
Joint Repurchase Agreement Account II
$3,200,000		0.151%	08/03/15	$ 3,200,000

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE				$128,517,046



Shares	Rate			Value
Securities Lending Reinvestment Vehicle^(d)(e) – 2.9%
Goldman Sachs Financial Square Money Market Fund – FST Shares
3,755,200		0.006	%	$ 3,755,200

TOTAL INVESTMENTS – 100.6%				$132,272,246

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.6)%				(842,885)

NET ASSETS – 100.0%				$131,429,361



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 segregated as collateral for initial margin requirement on futures transactions.

(b)		All or a portion of security is on loan.

(c)		Joint repurchase agreement was entered into on July 31, 2015. Additional information appears in the Notes to the Schedule of Investments section.

FUTURES CONTRACTS — At July 31, 2015, the Fund had the following futures contracts:

TAX INFORMATION — At July 31, 2015, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 97.4%
	Aerospace & Defense – 1.2%
	15,853	Cubic Corp.	$ 703,398
	39,786	DigitalGlobe, Inc.*	842,667
	8,277	Ducommun, Inc.*	198,234

			1,744,299

	*Air Freight & Logistics – 0.8%**
	26,122	Air Transport Services Group, Inc.	270,363
	17,879	Atlas Air Worldwide Holdings, Inc.	878,753

			1,149,116

	*Airlines – 0.3%**
	16,274	Hawaiian Holdings, Inc.	353,471

	Auto Components – 1.1%
	30,097	Cooper Tire & Rubber Co.	991,094
	1	Horizon Global Corp.*	8
	32,950	Modine Manufacturing Co.*	333,784
	10,765	Tower International, Inc.*	281,289

			1,606,175

	*Biotechnology – 2.5%**
	881	AMAG Pharmaceuticals, Inc.	56,296
	99,223	Array BioPharma, Inc.	576,486
	28,988	Dyax Corp.	713,395
	28,244	Emergent Biosolutions, Inc.	927,250
	2,646	Halozyme Therapeutics, Inc.	61,758
	48,412	Infinity Pharmaceuticals, Inc.	423,121
	37,514	Ironwood Pharmaceuticals, Inc.	392,021
	4,532	Ophthotech Corp.	306,771
	12,076	Orexigen Therapeutics, Inc.	48,304

			3,505,402

	Building Products – 0.9%
	3,001	Continental Building Products, Inc.*	63,741
	11,413	Quanex Building Products Corp.	229,173
	16,261	Universal Forest Products, Inc.	1,032,574

			1,325,488

	Capital Markets – 1.6%
	3,788	Evercore Partners, Inc. Class A	222,735
	5,046	GAMCO Investors, Inc. Class A	346,458
	31,949	Investment Technology Group, Inc.	650,162
	18,662	Stifel Financial Corp.*	1,025,477

			2,244,832



Shares		Description	Value
	Common Stocks – (continued)
	Chemicals – 1.6%
	20,558	A. Schulman, Inc.	$ 765,374
	30,291	FutureFuel Corp.	346,529
	11,178	Innophos Holdings, Inc.	575,444
	7,319	Intrepid Potash, Inc.*	62,504
	5,306	Rayonier Advanced Materials, Inc.	74,549
	5,337	Sensient Technologies Corp.	364,998

			2,189,398

	Commercial Banks – 12.5%
	15,762	1st Source Corp.	535,750
	8,523	Bancfirst Corp.	542,148
	10,092	Banner Corp.	480,985
	3,333	Cardinal Financial Corp.	77,859
	33,017	Central Pacific Financial Corp.	768,966
	11,221	City Holding Co.^(a)	541,077
	20,968	Columbia Banking System, Inc.	687,541
	67,638	CVB Financial Corp.	1,197,869
	11,908	FCB Financial Holdings, Inc. Class A*	413,565
	3,893	First Citizens BancShares, Inc. Class A	997,932
	1,929	First Financial Bankshares, Inc.^(a)	65,547
	34,108	First Interstate BancSystem, Inc.	945,815
	36,675	First Merchants Corp.	954,650
	50,203	First Midwest Bancorp, Inc.	942,310
	18,526	Flushing Financial Corp.	384,600
	2,749	Glacier Bancorp, Inc.	77,247
	9,256	Great Southern Bancorp, Inc.	384,124
	2,703	Heartland Financial USA, Inc.	101,849
	40,725	Hilltop Holdings, Inc.*	857,261
	82,743	National Penn Bancshares, Inc.	887,005
	57,321	OFG Bancorp^(a)	462,007
	25,840	PrivateBancorp, Inc.	1,068,226
	20,432	Prosperity Bancshares, Inc.	1,115,383
	5,511	S&T Bancorp, Inc.	170,400
	5,460	ServisFirst Bancshares, Inc.	212,066
	3,912	TriCo Bancshares	96,979
	22,204	Trustmark Corp.	533,784
	7,842	UMB Financial Corp.	429,898
	5,764	United Community Banks, Inc.	120,295
	26,500	WesBanco, Inc.	880,330
	65,765	Wilshire Bancorp, Inc.	764,189

			17,697,657

	Commercial Services & Supplies – 1.9%
	11,306	ABM Industries, Inc.	372,646
	3,425	Essendant, Inc.	126,109
	10,926	G&K Services, Inc. Class A	716,309
	47,710	Kimball International, Inc. Class B	540,077
	3,085	Multi-Color Corp.	197,008
	47,721	Quad Graphics, Inc.	785,010

			2,737,159



Shares		Description	Value
	Common Stocks – (continued)
	Communications Equipment – 1.7%
	19,659	Calix, Inc.*	$ 165,725
	4,846	Comtech Telecommunications Corp.	139,613
	70,601	Harmonic, Inc.*	424,312
	22,542	NETGEAR, Inc.*	754,932
	82,078	Polycom, Inc.*	934,048

			2,418,630

	*Computers & Peripherals – 0.4%**
	70,671	QLogic Corp.	626,852

	Construction & Engineering – 2.1%
	43,876	Aegion Corp.*	867,428
	18,785	Comfort Systems USA, Inc.	519,217
	25,913	EMCOR Group, Inc.	1,239,419
	11,790	Granite Construction, Inc.	401,096

			3,027,160

	Consumer Finance – 1.8%
	36,903	Cash America International, Inc.	1,023,320
	21,854	Enova International, Inc.*	395,120
	68,482	EZCORP, Inc. Class A*	485,538
	13,610	Nelnet, Inc. Class A	536,098
	2,641	World Acceptance Corp.*^(a)	143,723

			2,583,799

	*Containers & Packaging – 0.7%**
	29,600	Berry Plastics Group, Inc.	963,776

	*Diversified Consumer Services – 1.2%**
	29,421	Bridgepoint Education, Inc.	277,146
	2,834	Houghton Mifflin Harcourt Co.	74,052
	37,415	K12, Inc.	493,504
	52,491	Regis Corp.	767,943
	2,000	Steiner Leisure Ltd.	115,400

			1,728,045

	Diversified Telecommunication Services – 0.5%
	96,224	Vonage Holdings Corp.*	614,871
	22,628	Windstream Holdings, Inc.^(a)	109,746

			724,617

	Electric Utilities – 1.4%
	21,705	Cleco Corp.	1,181,403
	2,472	MGE Energy, Inc.	98,089
	32,963	The Empire District Electric Co.	758,479

			2,037,971

	Electrical Equipment – 0.7%
	10,533	General Cable Corp.	171,899
	119,541	GrafTech International Ltd.*	601,291
	26,942	LSI Industries, Inc.	268,342

			1,041,532

	Electronic Equipment, Instruments & Components – 2.8%
	9,021	Benchmark Electronics, Inc.*	199,003
	12,679	Coherent, Inc.*	734,748
	3,427	II-VI, Inc.*	58,259
	32,245	Kimball Electronics, Inc.*	432,406
	20,137	Methode Electronics, Inc.	540,276
	12,529	OSI Systems, Inc.*	879,285
	5,575	Plexus Corp.*	212,631
	18,306	Sanmina Corp.*	404,013
	59,317	TTM Technologies, Inc.*	541,564

			4,002,185



Shares		Description	Value
	Common Stocks – (continued)
	*Energy Equipment & Services – 1.6%**
	22,223	Forum Energy Technologies, Inc.	$ 339,568
	119,158	ION Geophysical Corp.	94,123
	67,741	Key Energy Services, Inc.	61,651
	30,794	Oil States International, Inc.	927,207
	63,563	Pioneer Energy Services Corp.	232,641
	9,179	SEACOR Holdings, Inc.	579,837

			2,235,027

	Food & Staples Retailing – 0.4%
	11,294	Ingles Markets, Inc. Class A	522,686

	Food Products – 0.6%
	8,795	Lancaster Colony Corp.	819,782

	Gas Utilities – 0.8%
	2,259	Chesapeake Utilities Corp.	116,158
	1,651	Northwest Natural Gas Co.	71,472
	14,926	Southwest Gas Corp.	840,931
	2,524	WGL Holdings, Inc.	141,091

			1,169,652

	Health Care Equipment & Supplies – 1.5%
	18,145	Greatbatch, Inc.*	989,447
	2,834	ICU Medical, Inc.*	283,173
	2,429	Invacare Corp.	41,414
	5,139	Meridian Bioscience, Inc.	92,964
	2,537	Merit Medical Systems, Inc.*	64,846
	9,462	Natus Medical, Inc.*	427,304
	1,624	Orthofix International NV*	54,177
	2,632	SurModics, Inc.*	61,826
	1,146	Thoratec Corp.*	72,530

			2,087,681

	*Health Care Providers & Services – 0.9%**
	14,632	Magellan Health, Inc.	886,553
	17,017	Triple-S Management Corp. Class B	367,227

			1,253,780

	Hotels, Restaurants & Leisure – 4.0%
	18,871	BJ’s Restaurants, Inc.*	972,989
	32,961	Bloomin’ Brands, Inc.	767,662
	66,348	Denny’s Corp.*	780,252
	1,062	DineEquity, Inc.	110,459
	2,651	Isle of Capri Casinos, Inc.*	48,354
	9,460	Jack in the Box, Inc.	898,700
	1,263	Marriott Vacations Worldwide Corp.	105,587
	11,678	Papa John’s International, Inc.	882,390
	2,757	Pinnacle Entertainment, Inc.*	106,144
	30,398	Sonic Corp.	903,429
	2,114	Speedway Motorsports, Inc.	44,288

			5,620,254



Shares		Description	Value
	Common Stocks – (continued)
	Household Durables – 2.3%
	10,798	Cavco Industries, Inc.*	$ 789,118
	6,605	CSS Industries, Inc.	187,516
	30,573	Ethan Allen Interiors, Inc.	922,999
	4,576	Helen of Troy Ltd.*	401,681
	13,987	La-Z-Boy, Inc.	355,270
	11,966	Universal Electronics, Inc.*	620,317

			3,276,901

	*Independent Power Producers & Energy Traders – 0.7%**
	58,757	Talen Energy Corp.	924,248

	Insurance – 4.3%
	40,107	American Equity Investment Life Holding Co.	1,184,761
	20,403	Argo Group International Holdings Ltd.	1,150,321
	14,697	Employers Holdings, Inc.	352,728
	57,144	Maiden Holdings Ltd.	945,162
	2,124	Primerica, Inc.	96,069
	894	Safety Insurance Group, Inc.	51,843
	20,034	Selective Insurance Group, Inc.	617,248
	49,756	Symetra Financial Corp.	1,245,890
	12,483	United Fire Group, Inc.	431,412

			6,075,434

	Internet & Catalog Retail – 0.6%
	27,729	Nutrisystem, Inc.	833,256

	Internet Software & Services – 2.1%
	28,639	Blucora, Inc.*	405,815
	25,193	Constant Contact, Inc.*	650,987
	68,857	EarthLink Holdings Corp.	505,410
	1,285	GrubHub, Inc.*	40,747
	11,081	LogMeIn, Inc.*	815,340
	25,877	Marchex, Inc. Class B	119,034
	22,699	Monster Worldwide, Inc.*	160,028
	3,832	RetailMeNot, Inc.*	58,055
	11,137	Web.com Group, Inc.*	277,200

			3,032,616

	IT Services – 0.7%
	20,357	ManTech International Corp. Class A	606,842
	18,316	Sykes Enterprises, Inc.*	446,544

			1,053,386

	Leisure Equipment & Products – 0.2%
	30,797	Callaway Golf Co.	282,101

	*Life Sciences Tools & Services – 0.5%**
	10,855	PAREXEL International Corp.	748,561

	Machinery – 3.6%
	3,491	Albany International Corp. Class A	129,935
	26,911	Barnes Group, Inc.	1,047,645
	1,800	CLARCOR, Inc.	108,306
	55,998	Federal Signal Corp.	837,730
	7,050	Hyster-Yale Materials Handling, Inc.	477,074



Shares		Description	Value
	Common Stocks – (continued)
	Machinery – (continued)
	5,525	John Bean Technologies Corp.	$ 201,386
	7,378	Kadant, Inc.	336,363
	13,414	Miller Industries, Inc.	234,879
	24,505	Mueller Industries, Inc.	793,227
	794	Tennant Co.	47,489
	59,224	Wabash National Corp.*	813,738

			5,027,772

	Marine – 0.2%
	6,394	Matson, Inc.	264,839

	*Media – 0.1%**
	13,330	Entercom Communications Corp. Class A	140,365

	Metals & Mining – 1.1%
	—	Alcoa, Inc.	3
	4,598	Carpenter Technology Corp.	172,609
	24,831	Materion Corp.	759,829
	34,209	Schnitzer Steel Industries, Inc. Class A	537,423
	4,724	Stillwater Mining Co.*	44,972
	3,760	SunCoke Energy, Inc.	46,210
	1,582	Worthington Industries, Inc.	42,809

			1,603,855

	Multi-Utilities – 0.2%
	7,362	Black Hills Corp.	306,701

	Oil, Gas & Consumable Fuels – 2.9%
	52,619	Alon USA Energy, Inc.^(b)	979,240
	12,481	Bill Barrett Corp.*^(a)	70,892
	17,296	Contango Oil & Gas Co.*	158,777
	26,672	Delek US Holdings, Inc.	951,390
	34,784	Green Plains, Inc.	780,901
	42,864	Peabody Energy Corp.*^(a)	51,437
	8,302	REX American Resources Corp.*	428,715
	16,248	Western Refining, Inc.	717,512

			4,138,864

	*Personal Products – 0.5%**
	5,726	USANA Health Sciences, Inc.	713,746

	*Pharmaceuticals – 0.3%**
	16,703	Sagent Pharmaceuticals, Inc.	410,560

	Professional Services – 2.1%
	14,377	CDI Corp.	174,105
	8,101	Heidrick & Struggles International, Inc.	177,169
	7,204	Insperity, Inc.	362,217
	29,227	Korn/Ferry International	978,520
	18,925	RPX Corp.*	292,959
	28,060	TriNet Group, Inc.*	754,253
	5,725	WageWorks, Inc.*	285,964

			3,025,187

	Real Estate Investment Trusts – 16.4%
	23,725	American Assets Trust, Inc.	987,435
	36,367	American Capital Mortgage Investment Corp.	586,963



Shares		Description	Value
	Common Stocks – (continued)
	Real Estate Investment Trusts – (continued)
	158,457	Anworth Mortgage Asset Corp.	$ 792,285
	18,483	Coresite Realty Corp.	927,847
	107,947	Cousins Properties, Inc.	1,120,490
	42,242	CubeSmart	1,105,051
	31,654	CyrusOne, Inc.	973,044
	34,988	DCT Industrial Trust, Inc.	1,216,183
	84,327	DiamondRock Hospitality Co.^(b)	1,063,363
	30,069	DuPont Fabros Technology, Inc.	906,580
	91,646	FelCor Lodging Trust, Inc.	857,807
	50,162	First Industrial Realty Trust, Inc.	1,050,392
	25,553	Getty Realty Corp.	424,691
	52,717	Hatteras Financial Corp.	857,178
	35,952	Hudson Pacific Properties, Inc.	1,106,603
	65,831	Invesco Mortgage Capital, Inc.	948,625
	32,577	Investors Real Estate Trust^(a)	234,880
	40,315	Kite Realty Group Trust	1,064,316
	5,431	LaSalle Hotel Properties	180,689
	26,937	Pebblebrook Hotel Trust	1,096,336
	12,260	PS Business Parks, Inc.	943,897
	5,212	QTS Realty Trust, Inc. Class A	216,298
	40,010	Rouse Properties, Inc.^(a)	704,176
	49,885	Strategic Hotels & Resorts, Inc.*	681,928
	4,827	Summit Hotel Properties, Inc.	65,792
	85,042	Sunstone Hotel Investors, Inc.	1,196,541
	31,664	The Geo Group, Inc.	1,195,316
	57,330	Western Asset Mortgage Capital Corp.^(a)	795,167

			23,299,873

	Real Estate Management & Development – 0.7%
	24,993	Alexander & Baldwin, Inc.	943,486
	1,018	Marcus & Millichap, Inc.*	52,162

			995,648

	Semiconductors & Semiconductor Equipment – 2.5%
	5,457	Advanced Energy Industries, Inc.*	142,919
	17,003	Amkor Technology, Inc.*	74,983
	16,989	Cabot Microelectronics Corp.*	770,281
	29,315	Diodes, Inc.*	650,500
	31,493	Integrated Device Technology, Inc.*	601,831
	24,448	Microsemi Corp.*	805,317
	10,047	OmniVision Technologies, Inc.*	245,348
	4,651	Power Integrations, Inc.	180,273
	3,100	Tessera Technologies, Inc.	107,446

			3,578,898

	Software – 1.0%
	1,098	MicroStrategy, Inc. Class A*	223,827
	31,873	Progress Software Corp.*	945,991
	10,255	QAD, Inc. Class A	273,706

			1,443,524



Shares		Description	Value
	Common Stocks – (continued)
	Specialty Retail – 2.8%
	13,044	Genesco, Inc.*	$ 843,816
	28,394	Haverty Furniture Cos., Inc.	629,779
	11,683	Rent-A-Center, Inc.	312,987
	25,942	Select Comfort Corp.*	675,530
	23,142	Stage Stores, Inc.^(a)	407,299
	22,634	The Cato Corp. Class A	869,372
	7,407	Zumiez, Inc.*	193,323

			3,932,106

	Thrifts & Mortgage Finance – 2.9%
	44,572	Beneficial Bancorp, Inc.*	573,196
	87,328	Brookline Bancorp, Inc.	984,187
	46,677	Dime Community Bancshares, Inc.	793,509
	3,373	Meridian Bancorp, Inc.*	43,984
	53,214	Northfield Bancorp, Inc.	801,403
	56,126	Oritani Financial Corp.	881,739
	8,498	TrustCo Bank Corp. NY	52,942

			4,130,960

	Trading Companies & Distributors – 0.4%
	20,878	Aircastle Ltd.	502,533

	Water Utilities – 0.6%
	37,095	California Water Service Group	798,655

	Wireless Telecommunication Services – 0.2%
	16,569	Spok Holdings, Inc.	277,199

	TOTAL COMMON STOCKS		$138,234,214



Principal Amount	Interest Rate		Maturity Date		Value
Short-term Investment^(c) – 2.6%
Repurchase Agreements – 2.6%
Joint Repurchase Agreement Account II
$3,700,000		0.151%		08/03/15	$ 3,700,000

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE					$141,934,214



Shares	Rate			Value
Securities Lending Reinvestment Vehicle^(d)(e) – 2.0%
Goldman Sachs Financial Square Money Market Fund – FST Shares
2,760,810		0.006	%	$ 2,760,810

TOTAL INVESTMENTS – 102.0%				$144,695,024

LIABILITIES IN EXCESS OF OTHER ASSETS – (2.0)%				(2,787,468)

NET ASSETS – 100.0%				$141,907,556


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

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.

FUTURES CONTRACTS — At July 31, 2015, the Fund had the following futures contracts:

TAX INFORMATION — At July 31, 2015, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 97.6%
	Aerospace & Defense – 1.0%
	14,568	Huntington Ingalls Industries, Inc.	$ 1,710,429
	7,312	Northrop Grumman Corp.	1,265,049
	33,873	Spirit AeroSystems Holdings, Inc. Class A*	1,907,050

			4,882,528

	Airlines – 2.0%
	59,957	Alaska Air Group, Inc.	4,541,743
	155,602	Southwest Airlines Co.	5,632,792

			10,174,535

	Auto Components – 1.2%
	26,965	Delphi Automotive PLC	2,105,427
	81,924	Johnson Controls, Inc.	3,732,458

			5,837,885

	Beverages – 2.3%
	29,454	Dr. Pepper Snapple Group, Inc.	2,362,800
	92,747	PepsiCo., Inc.	8,936,173

			11,298,973

	Biotechnology – 5.4%
	7,678	Alkermes PLC*	537,614
	29,070	Amgen, Inc.	5,133,471
	12,286	Biogen, Inc.*	3,916,531
	12,854	Celgene Corp.*	1,687,088
	82,194	Gilead Sciences, Inc.	9,687,385
	2,862	Incyte Corp.*	298,449
	44,053	Isis Pharmaceuticals, Inc.*	2,419,831
	10,449	Medivation, Inc.*	1,100,593
	12,094	United Therapeutics Corp.*	2,048,240

			26,829,202

	Capital Markets – 1.5%
	18,865	Ameriprise Financial, Inc.	2,370,765
	115,121	The Bank of New York Mellon Corp.	4,996,251

			7,367,016

	Chemicals – 2.4%
	64,236	LyondellBasell Industries NV Class A	6,027,264
	11,379	Sigma-Aldrich Corp.	1,588,622
	4,271	The Scotts Miracle-Gro Co. Class A	257,926
	14,715	The Sherwin-Williams Co.	4,087,238

			11,961,050

	Commercial Banks – 5.1%
	331,012	Bank of America Corp.	5,918,495
	89,822	Citigroup, Inc.	5,250,994
	174,474	JPMorgan Chase & Co.	11,956,703
	38,751	Wells Fargo & Co.	2,242,520

			25,368,712



Shares		Description	Value
	Common Stocks – (continued)
	Communications Equipment – 2.4%
	21,682	Brocade Communications Systems, Inc.	$ 222,457
	314,987	Cisco Systems, Inc.	8,951,931
	105,055	Juniper Networks, Inc.	2,985,663

			12,160,051

	Computers & Peripherals – 5.0%
	143,875	Apple, Inc.	17,452,038
	239,638	EMC Corp.	6,443,866
	37,472	Hewlett-Packard Co.	1,143,645

			25,039,549

	Containers & Packaging – 0.1%
	9,116	Sealed Air Corp.	484,698

	Diversified Financial Services – 1.1%
	15,117	Berkshire Hathaway, Inc. Class B*	2,157,801
	40,288	MSCI, Inc.	2,746,030
	15,475	The NASDAQ OMX Group, Inc.	789,689

			5,693,520

	Diversified Telecommunication Services – 2.9%
	26,017	AT&T, Inc.	903,827
	128,255	CenturyLink, Inc.	3,668,093
	216,988	Verizon Communications, Inc.	10,152,868

			14,724,788

	Electric Utilities – 0.4%
	56,994	Exelon Corp.	1,828,937

	Electrical Equipment – 0.1%
	2,686	Acuity Brands, Inc.	540,396

	Electronic Equipment, Instruments & Components – 0.4%
	19,596	CDW Corp.	704,084
	140,943	Flextronics International Ltd.*	1,551,783

			2,255,867

	Energy Equipment & Services – 1.9%
	91,254	Cameron International Corp.*	4,604,677
	64,519	FMC Technologies, Inc.*	2,113,642
	50,199	Oceaneering International, Inc.	2,008,964
	51,851	Superior Energy Services, Inc.	881,467

			9,608,750

	Food & Staples Retailing – 2.1%
	74,763	CVS Health Corp.	8,408,594
	19,306	Walgreens Boots Alliance, Inc.	1,865,539

			10,274,133



Shares		Description	Value
	Common Stocks – (continued)
	Food Products – 2.4%
	23,303	Archer-Daniels-Midland Co.	$ 1,105,028
	41,082	Bunge Ltd.	3,280,398
	9,894	ConAgra Foods, Inc.	435,930
	67,167	General Mills, Inc.	3,909,791
	32,804	Hormel Foods Corp.	1,942,325
	8,043	Mead Johnson Nutrition Co.	710,921
	12,149	Pilgrim’s Pride Corp.^(a)	262,904
	9,059	Pinnacle Foods, Inc.	407,202

			12,054,499

	Gas Utilities – 0.2%
	33,079	UGI Corp.	1,208,707

	Health Care Equipment & Supplies – 1.8%
	78,103	Abbott Laboratories^(b)	3,959,041
	22,699	C.R. Bard, Inc.	4,463,759
	3,176	Edwards Lifesciences Corp.*	483,260

			8,906,060

	Health Care Providers & Services – 2.2%
	21,405	AmerisourceBergen Corp.	2,263,579
	42,884	Cardinal Health, Inc.	3,644,282
	38,710	Health Net, Inc.*	2,588,150
	20,462	UnitedHealth Group, Inc.	2,484,087

			10,980,098

	Hotels, Restaurants & Leisure – 2.0%
	20,653	Brinker International, Inc.	1,237,115
	110,245	Carnival Corp.	5,874,956
	49,145	Starbucks Corp.	2,846,970

			9,959,041

	Household Durables – 1.7%
	75,543	Garmin Ltd.	3,166,007
	27,242	Mohawk Industries, Inc.*	5,491,715

			8,657,722

	Household Products – 0.2%
	12,104	The Procter & Gamble Co.	928,377

	*Independent Power Producers & Energy Traders – 0.3%**
	75,855	Calpine Corp.	1,388,146

	Industrial Conglomerates – 1.0%
	185,887	General Electric Co.	4,851,651

	Insurance – 2.9%
	31,389	Assured Guaranty Ltd.	767,775
	47,043	Lincoln National Corp.	2,649,462
	51,813	Reinsurance Group of America, Inc.	5,000,991
	55,414	The Travelers Cos., Inc.	5,880,533

			14,298,761

	Internet & Catalog Retail – 1.8%
	10,426	Amazon.com, Inc.*	5,589,900
	1,991	Expedia, Inc.	241,787
	10,730	Netflix, Inc.*	1,226,546
	1,334	The Priceline Group, Inc.*	1,658,922
	2,188	TripAdvisor, Inc.*	173,684

			8,890,839



Shares		Description	Value
	Common Stocks – (continued)
	*Internet Software & Services – 3.8%**
	26,689	eBay, Inc.	$ 750,495
	55,877	Facebook, Inc. Class A	5,252,997
	7,589	Google, Inc. Class A	4,989,767
	7,606	Google, Inc. Class C	4,758,389
	75,233	Rackspace Hosting, Inc.	2,560,179
	21,561	Yahoo!, Inc.	790,642

			19,102,469

	IT Services – 2.1%
	35,707	Accenture PLC Class A	3,681,749
	74,265	Automatic Data Processing, Inc.	5,924,119
	13,560	Broadridge Financial Solutions, Inc.	735,901

			10,341,769

	Machinery – 1.6%
	8,761	Allison Transmission Holdings, Inc.	255,646
	43,880	Illinois Tool Works, Inc.	3,925,944
	24,522	Pall Corp.	3,100,807
	11,140	The Toro Co.	761,196

			8,043,593

	Media – 3.3%
	146,455	Comcast Corp. Class A	9,140,256
	7,328	Time Warner Cable, Inc.	1,392,393
	175,534	Twenty-First Century Fox, Inc. Class A	6,054,168

			16,586,817

	Metals & Mining – 1.4%
	120,680	Nucor Corp.	5,326,815
	82,542	Steel Dynamics, Inc.	1,653,316

			6,980,131

	Multiline Retail – 1.3%
	77,418	Target Corp.	6,336,663

	Oil, Gas & Consumable Fuels – 8.2%
	6,056	CVR Energy, Inc.	231,521
	50,777	Exxon Mobil Corp.	4,022,046
	109,573	HollyFrontier Corp.	5,287,993
	113,243	Kinder Morgan, Inc.	3,922,738
	105,653	Marathon Petroleum Corp.	5,776,049
	28,849	PBF Energy, Inc. Class A	910,763
	69,615	Phillips 66	5,534,392
	74,491	Spectra Energy Corp.	2,254,098
	48,355	Tesoro Corp.	4,706,876
	89,066	Valero Energy Corp.	5,842,730
	67,471	World Fuel Services Corp.	2,742,696

			41,231,902

	Paper & Forest Products – 0.1%
	14,510	International Paper Co.	694,594



Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals – 7.8%
	28,916	AbbVie, Inc.	$ 2,024,409
	121,534	Bristol-Myers Squibb Co.	7,977,492
	4,125	Jazz Pharmaceuticals PLC*	792,990
	62,676	Johnson & Johnson	6,280,762
	132,845	Merck & Co., Inc.	7,832,541
	39,117	Mylan NV*	2,190,161
	1,269	Perrigo Co. PLC	243,902
	308,733	Pfizer, Inc.	11,132,912
	9,450	Zoetis, Inc.	462,861

			38,938,030

	*Professional Services – 0.5%**
	31,847	Verisk Analytics, Inc.	2,487,569

	Real Estate Investment Trusts – 2.5%
	36,078	American Capital Agency Corp.	694,862
	63,053	American Tower Corp.	5,996,971
	2,130	Boston Properties, Inc.	262,586
	9,350	Equity Lifestyle Properties, Inc.	541,178
	23,204	Gaming and Leisure Properties, Inc.	759,931
	27,633	Hospitality Properties Trust	757,697
	36,002	Lamar Advertising Co. Class A	2,161,920
	22,600	Outfront Media, Inc.	567,938
	11,021	Post Properties, Inc.	627,536

			12,370,619

	*Real Estate Management & Development – 0.7%**
	90,091	CBRE Group, Inc. Class A	3,420,755

	Semiconductors & Semiconductor Equipment – 2.2%
	13,226	Freescale Semiconductor Ltd.*	527,321
	9,872	NXP Semiconductors NV*	957,485
	121,300	Texas Instruments, Inc.	6,062,574
	80,840	Xilinx, Inc.	3,375,070

			10,922,450

	Software – 1.0%
	107,468	Microsoft Corp.	5,018,756

	Specialty Retail – 3.5%
	70,639	Dick’s Sporting Goods, Inc.	3,601,176
	9,050	DSW, Inc. Class A	294,306
	99,005	Lowe’s Cos., Inc.	6,866,987
	6,951	Sally Beauty Holdings, Inc.*	207,070
	34,363	The Home Depot, Inc.	4,021,502
	32,923	The TJX Cos., Inc.	2,298,684

			17,289,725

	Textiles, Apparel & Luxury Goods – 1.5%
	17,623	Carter’s, Inc.	1,787,149
	74,746	VF Corp.	5,762,169

			7,549,318

	Tobacco – 1.5%
	142,654	Altria Group, Inc.	7,757,525

	Trading Companies & Distributors – 0.8%
	49,747	HD Supply Holdings, Inc.*	$ 1,780,943
	17,075	Watsco, Inc.	2,189,698

			3,970,641

	TOTAL COMMON STOCKS		$487,497,817


Principal Amount	Interest Rate		Maturity Date		Value
Short-term Investment^(c) – 2.3%
Repurchase Agreements – 2.3%
Joint Repurchase Agreement Account II
$11,800,000		0.151%		08/03/15	$ 11,800,000

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE					$499,297,817



Shares	Rate			Value
Securities Lending Reinvestment Vehicle^(d)(e) – 0.1%
Goldman Sachs Financial Square Money Market Fund – FST Shares
258,750		0.006	%	$ 258,750

TOTAL INVESTMENTS – 100.0%				$499,556,567

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%				75,816

NET ASSETS – 100.0%				$499,632,383


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

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(c)		Joint repurchase agreement was entered into on July 31, 2015. Additional information appears in the Notes to the Schedule of Investments section.

(d)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on July 31, 2015.

(e)		Represents an Affiliated Issuer.

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

FUTURES CONTRACTS — At July 31, 2015, the Fund had the following futures contracts:

TAX INFORMATION — At July 31, 2015, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

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

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

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

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

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

The Board of Trustees (“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.

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

Equity Securities — Equity securities and investment companies traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or it is believed by the investment adviser to not represent fair value, 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, otherwise they are generally classified as Level 2.

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.

Money Market Funds — Investments in the Goldman Sachs Financial Square Money Market Fund are valued at the NAV of the FST Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy.

The Goldman Sachs Financial Square Money Market Fund may invest in debt securities which are valued daily on the basis of quotations supplied by dealers, if market quotations are readily available, 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.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. The Funds enter into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers.

Exchange-traded derivatives, including futures contracts, are valued at the last sale or settlement price and typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared 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 OTC and centrally cleared derivatives 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 and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared 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 a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

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

i. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation, income payments, events of default and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

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

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”), an affiliated series of the Trust. The Money Market Fund is registered under the Investment Company Act of 1940, as amended ( the “Act”), as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive an investment advisory fee of up to 0.205% on an annualized basis of the average daily net assets of the Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If, despite such efforts by GSAL to exercise these remedies, the Funds sustain losses as a result of a borrower’s default, GSAL indemnifies the Funds by purchasing replacement securities at its expense, or paying the Funds an amount equal to the market value of the replacement securities, subject to an exclusion for any shortfalls resulting from a loss of value in the cash collateral pool due to reinvestment risk and a requirement that the Funds agree to assign rights to the collateral to GSAL for purpose of using the collateral to cover purchase of replacement securities as more fully described in the Securities Lending Agency Agreement. The Fund’s loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral is at least equal to the value of the cash received.

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

Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of July 31, 2015:

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

JOINT REPURCHASE AGREEMENT ACCOUNT II — At July 31, 2015, the Funds had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of August 3, 2015, as follows:

REPURCHASE AGREEMENTS — At July 31, 2015, the Principal Amount of the Funds’ interest in the Joint Repurchase Agreement Account II was as follows:

At July 31, 2015, the Joint Repurchase Agreement Account II was fully collateralized by:

Investments in Other Investment Companies — As a shareholder of another investment company, including an exchange traded fund (“ETF”), a Fund will directly bear its proportionate share of any net 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.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that a Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio.

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 or guarantor fails to perform or that an institution or entity with which the Funds have unsettled or open transactions defaults.

Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Funds invest. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions by the United States or other governments, or from problems in registration, settlement or custody. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Funds have exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Funds also invest in securities of issuers located in emerging markets, these risks may be more pronounced.

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

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

(a) Separate certifications for the President/Principal Executive Officer and the Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) are filed herewith.

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

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


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


Type	Number of Contracts Long (Short)	Expiration Date	Current Value		Unrealized Gain (Loss)

S&P 500 E-Mini Index	62	September 2015	$	6,505,040	$	(38,007	)



Tax Cost	$	727,011,506

Gross unrealized gain		41,808,721
Gross unrealized loss		(18,116,236	)

Net unrealized security gain	$	23,692,485


Type	Number of Contracts Long (Short)	Expiration Date	Current Value		Unrealized Gain (Loss)

S&P 500 E-Mini Index	32	September 2015	$	3,357,440	$	14,944



Tax Cost	$	414,387,590

Gross unrealized gain		15,898,875
Gross unrealized loss		(17,504,424	)

Net unrealized security loss	$	(1,605,549	)



Tax Cost	$	156,789,832

Gross unrealized gain		17,957,317
Gross unrealized loss		(14,481,535	)

Net unrealized security gain	$	3,475,782



Tax Cost	$	127,339,811

Gross unrealized gain		12,204,428
Gross unrealized loss		(7,271,993	)

Net unrealized security gain	$	4,932,435



Tax Cost	$	140,320,611

Gross unrealized gain		15,067,506
Gross unrealized loss		(10,693,093	)

Net unrealized security gain	$	4,374,413



Tax Cost	$	481,815,018

Gross unrealized gain		32,525,046
Gross unrealized loss		(14,783,497	)

Net unrealized security gain	$	17,741,549


LARGE CAP GROWTH INSIGHTS

Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	19,635,211		$	—	$	—
North America		712,268,780			—		—
Short-term Investments		—			18,800,000		—
Total	$	731,903,991		$	18,800,000	$	—

Derivative Type
Liabilities^(b)
Futures Contracts	$	(38,007	)	$	—	$	—


LARGE CAP VALUE INSIGHTS

Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	5,902,139		$	—	$	—
North America		397,579,902			—		—
Short-term Investments		—			9,300,000		—
Total	$	403,482,041		$	9,300,000	$	—

Derivative Type
Assets^(b)
Futures Contracts	$	14,944		$	—	$	—

SMALL CAP EQUITY INSIGHTS

Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
North America	$	151,573,989		$	—	$	—
Short-term Investments		—			4,400,000		—
Securities Lending Reinvestment Vehicle		4,291,625			—		—
Total	$	155,865,614		$	4,400,000	$	—

Derivative Type
Liabilities^(b)
Futures Contracts	$	(67,504	)	$	—	$	—

SMALL CAP GROWTH INSIGHTS

Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Asia	$	188,356		$	—	$	—
North America		125,128,690			—		—
Short-term Investments		—			3,200,000		—
Securities Lending Reinvestment Vehicle		3,755,200			—		—
Total	$	129,072,246		$	3,200,000	$	—

Derivative Type
Assets^(b)
Futures Contracts	$	10,416		$	—	$	—

SMALL CAP VALUE INSIGHTS

Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
North America	$	138,234,214		$	—	$	—
Short-term Investments		—			3,700,000		—
Securities Lending Reinvestment Vehicle		2,760,810			—		—
Total	$	140,995,024		$	3,700,000	$	—

Derivative Type
Liabilities^(b)
Futures Contracts	$	(52,799	)	$	—	$	—


U.S. EQUITY INSIGHTS

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Europe	$	11,485,174	$	—	$	—
North America		476,012,643		—		—
Short-term Investments		—		11,800,000		—
Securities Lending Reinvestment Vehicle		258,750		—		—
Total	$	487,756,567	$	11,800,000	$	—

Derivative Type
Assets^(b)
Futures Contracts	$	35,957	$	—	$	—


Fund	Principal Amount		Maturity Value		Collateral Allocation Value
Large Cap Growth Insights	$	18,800,000	$	18,800,236	$	19,176,000
Large Cap Value Insights		9,300,000		9,300,117		9,486,000
Small Cap Equity Insights		4,400,000		4,400,055		4,488,000
Small Cap Growth Insights		3,200,000		3,200,040		3,264,000
Small Cap Value Insights		3,700,000		3,700,046		3,774,000
U.S. Equity Insights		11,800,000		11,800,148		12,036,000


Counterparty	Interest Rate			Large Cap Growth Insights		Large Cap Value Insights		Small Cap Equity Insights		Small Cap Growth Insights		Small Cap Value Insights		U.S. Equity Insights
BNP Paribas Securities Co.		0.150	%	$	10,804,598	$	5,344,828	$	2,528,736	$	1,839,080	$	2,126,437	$	6,781,609
Citigroup Global Markets, Inc.		0.160			1,350,575		668,103		316,092		229,885		265,804		847,701
Merrill Lynch & Co., Inc.		0.150			6,644,827		3,287,069		1,555,172		1,131,035		1,307,759		4,170,690
TOTAL				$	18,800,000	$	9,300,000	$	4,400,000	$	3,200,000	$	3,700,000	$	11,800,000


Issuer	Interest Rates			Maturity Dates
Federal Home Loan Mortgage Corp.		3.500% to 5.000	%		02/01/30 to 07/01/45
Federal National Mortgage Association		2.500 to 6.000			08/01/23 to 08/01/45
Government National Mortgage Association		3.500 to 7.500			07/15/27 to 06/15/45
U.S. Treasury Bonds		5.250 to 6.375			08/15/27 to 11/15/28


(Registrant) Goldman Sachs Trust

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



By (Signature and Title)*		/s/ Scott McHugh
		Scott McHugh Principal Financial Officer