Goldman Sachs High Yield Instl NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)


Peter V. Bonanno, Esq.		Copies to:
Goldman, Sachs & Co.		Jack W. Murphy, Esq.
One New York Plaza		Dechert LLP
New York, New York 10004		1775 I Street, NW
		Washington, D.C. 20006

(Name and address of agents for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2009


ITEM 1.		REPORTS TO STOCKHOLDERS.

		The Semi-Annual Report to Stockholders is filed herewith.

Goldman Sachs Funds



Semi-Annual Report			April 30, 2009



			Structured International Equity Funds
			Structured International Equity Flex Fund
			Structured Emerging Markets Equity Fund
			Structured International Equity Fund
			Structured International Small Cap Fund

Goldman Sachs Structured International
Equity Funds


n	STRUCTURED INTERNATIONAL EQUITY FLEX FUND

n	STRUCTURED EMERGING MARKETS EQUITY FUND

n	STRUCTURED INTERNATIONAL EQUITY FUND

n	STRUCTURED INTERNATIONAL SMALL CAP FUND

TABLE OF CONTENTS


Principal Investment Strategies and Risks		1
Investment Process		2
Portfolio Review and Results		4
Schedules of Investments		25
Financial Statements		62
Notes to Financial Statements		66
Financial Highlights		84
Other Information		92


NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Principal Investment Strategies and Risks

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

The Goldman Sachs Structured International Equity Flex Fund invests in a broadly diversified portfolio of equity investments in companies that are organized outside the United States or whose securities are principally traded outside the United States. Foreign and emerging market securities may be more volatile than U.S. securities and are subject to the risks of currency fluctuations and sudden economic or political developments. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all. The Fund engages in derivative transactions, including short sales of securities. Derivative instruments involve sophisticated investment techniques and involve risks different from, and possibly greater than, the risks associated with investing directly in securities. Derivative instruments often involve leverage of the Fund’s assets, which magnifies the effect of changes in market values. A short sale transaction involves the sale of a borrowed security to a third party, with the understanding that the security must later be returned to the lender. Short sales involve the risk of an unlimited increase in the market value of the security sold short, which could result in a theoretically unlimited loss. Other risks associated with the Fund’s investments in derivative instruments include risks of default by a counterparty and the risks that transactions may not be liquid.

The Goldman Sachs Structured Emerging Markets Equity Fund invests primarily in a diversified portfolio of equity investments in emerging country issuers. The Fund’s investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. Emerging markets securities are volatile, less liquid and are subject to substantial currency fluctuations and sudden economic and political developments. The securities markets of emerging countries have less government regulation and are subject to less extensive accounting and financial reporting requirements than the markets of more developed countries. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all.

The Goldman Sachs Structured International Equity Fund invests primarily in a broadly diversified portfolio of equity investments in companies that are organized outside the United States or whose securities are principally traded outside the United States. The Fund’s equity investments will be subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. The Fund may also invest in fixed income securities, which are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Foreign and emerging market securities may be more volatile than investments in U.S. securities and are subject to the risks of currency fluctuations and sudden economic or political developments. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all.

The Goldman Sachs Structured International Small Cap Fund invests primarily in a broadly diversified portfolio of equity investments in small cap non-U.S. issuers. The Fund’s investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. Stocks of small cap companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Foreign and emerging market securities may be more volatile than investments in U.S. securities and are subject to the risks of currency fluctuations and sudden economic or political developments. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all.

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Goldman Sachs’ Structured International Equity
Investment Process


		n Comprehensive – We forecast returns on approximately 10,000 stocks globally, 20 countries and 10 currencies on a daily basis. n Rigorous – We evaluate stocks, countries and currencies based on fundamental investment criteria that have outperformed historically. n Objective – Our stock and equity market selection process is free from emotion that may lead to biased investment decisions. n Our computer optimization process allocates risk to our best investment ideas and constructs funds that strive to neutralize systematic risks and deliver better returns. n We use unique, proprietary risk models that are designed to be more precise, more focused and faster to respond because they seek to identify, track and manage risk specific to our process, using daily data. Fully invested, well-diversified international portfolio that seeks to: n Blend top-down market views with bottom-up stock selection. n Maintain style, sector, risk and capitalization characteristics similar to the benchmark. n Achieve excess returns by taking intentional country bets and many small diversified stock positions.

Enhancements Made to Proprietary Quantitative Model
During the Six-Month Period Ended April 30, 2009

We continuously look for ways to improve our investment process. Accordingly, we introduced a number of enhancements to our proprietary quantitative model during the reporting period. During the fourth quarter of 2008, we expanded the signals within our Momentum theme to exploit cross-company linkages. Using new data sources, we
identified additional lead-lag effects among groups of stocks through which stock returns for one group of companies can help our model predict the stock returns of economically-related companies.

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

We made this enhancement because we found that investors take time to incorporate into their decision-making company-specific information and information about related companies. Our research has shown that a company’s stock returns tend to lag information about other companies. As part of our stock selection process, we identify these lead-lag relationships between companies in the same industry and between companies across linked industries. Furthermore, because our new cross-company component captures investor under-reaction to different news (that is, cross-company versus company-specific), it has a low correlation to the prior components of our Momentum theme. We have found these new signals effective in multiple regions and over different historical time periods.

In addition, we extended existing data sources to multiple regions, creating new signals for other themes. For example, we enhanced our Management theme in Europe and extended a sector-specific signal from the United States to the United Kingdom. We believe that sector-specific research is a priority because: 1) new and unique data sources are increasingly available; 2) in our opinion, these types of signals are less “crowded” with our competitors; and 3) these metrics are more specific to, and relevant for, particular industries.

Changes Made to the Team’s Management

Mark Carhart and Ray Iwanowski, formerly co-heads of Quantitative Investment Strategies (QIS), have retired, each to pursue separate personal and professional objectives. Giorgio De Santis, co-head of QIS Research, also decided to retire.

Katinka Domotorffy, Head of Strategy for QIS, has assumed the role of Chief Investment Officer (CIO) and Head of QIS. Since joining Goldman Sachs in 1998, she has been a senior portfolio manager, researcher and strategist with the QIS team. Bob Jones will remain as co-CIO of the QIS equity team. Kent Daniel, senior portfolio manager and co-head of QIS Research, has joined Katinka and Bob as co-CIO of the equity business.

Bill Fallon, senior portfolio manager, has joined Katinka as co-CIO of our macro/fixed income strategies and will also serve as co-head of Research. Bob Litterman will remain as the Chairman of QIS. The QIS team includes more than 115 professionals across all areas of the company, with 30 more in the information technology division.

PORTFOLIO REVIEW

Goldman Sachs Structured International
Equity Funds

Market Review

The global financial markets experienced unprecedented levels of distress during the six-month period ended April 30, 2009. Credit spreads¹ widened dramatically and volatility increased, driving many investors to the sidelines. By the end of 2008, global equity markets had declined more than 40% on average for the year, and the markets continued to struggle in early 2009 as persistently weak conditions delayed an economic recovery. Around the world, unemployment rates continued to rise, with U.S. unemployment reaching 8.9% in April, its highest level in more than 25 years. Meanwhile, major retailers and automakers warned of additional sales and profit declines. Shares of large banks fell sharply through the beginning of March on speculation world governments would nationalize some of the most troubled financial institutions.

The Morgan Stanley Capital International Europe, Australasia, Far East Index (the “MSCI EAFE Index”) declined 2.64% for six-month period ended April 30, 2009. Ten of the 21 countries in the MSCI EAFE Index were down for the period, with Ireland (−23.05%)² and Switzerland (−9.57%) posting the largest losses. The United Kingdom (−8.35%), being a greater component of the MSCI EAFE Index than these other European markets, was the chief detractor.

In terms of sectors, six of the MSCI EAFE Index’s ten sectors turned in negative results, with health care (−12.61%) and utilities (−10.01%) losing the most ground. Financials (−7.07%), being a bigger component of the MSCI EAFE Index, was the largest detractor.

Emerging Markets Equity

The Morgan Stanley Capital International Emerging Markets Index (the “MSCI Emerging Markets Index”) gained 17.38% during the six-month period ended April 30, 2009. Seventeen of the 23 countries in the MSCI Emerging Markets Index were up for the period, with Indonesia (+46.71%) and Peru (+43.88%) posting the largest gains. China (+31.81%) was the most significant contributor on the basis of impact, which takes both weightings and total returns into account.

All ten sectors in the MSCI Emerging Markets Index were positive for the period, with industrials (+25.27%) and materials (+25.06%) gaining the most. Financials (+19.76%) was the largest contributor on the basis of impact.


¹		Credit spread is the difference between the yield on the debt securities of a particular corporate or sovereign bond (or a class of bonds with a specified credit rating) and the yield of similar maturity Treasury debt securities.

²		All regional and country market returns as well as sector returns are expressed in U.S. dollar terms (unless otherwise specified) and are based on country-specific and sector-specific stock market indices that compose the applicable MSCI Index.

PORTFOLIO REVIEW

International Small Cap

The Morgan Stanley Capital International Small Cap EAFE Index (“MSCI Small Cap EAFE Index”) gained 6.52% during the six-month period ended April 30, 2009. Seventeen of the 21 countries in the MSCI Small Cap EAFE Index were up, with Hong Kong (+33.45%) and Austria (+32.97%) posting the greatest gains. The United Kingdom (+10.92%) was the largest contributor on the basis of impact.

Seven of the ten sectors in the MSCI Small Cap EAFE Index posted positive results for the period, with energy (+14.51%), telecommunication services (+12.59%) and consumer discretionary (+12.14%) increasing the most. The consumer discretionary sector was the primary contributor on the basis of impact.

Looking Ahead

In the coming months, we strongly believe investors will use fundamentally-based criteria to build their portfolios. That is, investors will choose to overweight those stocks with less expensive valuations, higher quality earnings, and higher profitability. Stocks with good momentum are likely, in our view, to outperform those with poor momentum. Our focus will remain on companies with strong fundamentals, sustainable earnings and a track record of using capital to enhance shareholder value. As such, we anticipate remaining fully invested, with long-term performance likely to be the result of stock selection rather than sector or capitalization allocations.

We stand behind our investment philosophy that sound economic investment principles, coupled with a disciplined quantitative approach, can provide strong, uncorrelated returns over the long term. Our research agenda is robust, and we continue to enhance our existing models, add new proprietary forecasting signals, and improve our trading execution as we seek to provide the most value to our shareholders.

PORTFOLIO RESULTS

Structured International Equity Flex Fund

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and
positioning for the six-month period ended April 30, 2009.


Q	How did the Goldman Sachs International Equity Flex Fund (the “Fund”) perform during the semi-annual period ended April 30, 2009?

A	During the six-month reporting period ended April 30, 2009, the Fund’s Class A, C, Institutional, IR and R Shares generated cumulative total returns, without sales charges, of −5.58%, −5.81%, −5.25%, −5.44% and −5.61%, respectively. These returns compare to the −2.64% cumulative total return of the Fund’s benchmark, the MSCI EAFE Index, during the same period.

Q	What key factors were most responsible for the Fund’s performance during the six-month reporting period?

A	As expected, and in keeping with our investment approach, our quantitative model and its six investment themes had the greatest impact on relative performance. We use these themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of the Fund’s theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term.

Overall, the Fund underperformed during the six months, with our Momentum theme hurting results the most. The Momentum theme predicts drift in stock prices caused by under-reaction to company-specific information. Another detractor was our Sentiment theme, which looks at how Wall Street analysts’ views about a company’s earnings and prospects are changing over time.

Valuation, Quality and Management also hurt relative returns, though to a lesser extent. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. Quality evaluates whether the company’s earnings are coming from more persistent, cash-based sources, as opposed to accruals. Management assesses the characteristics, policies and strategic decisions of company management.

Profitability, which we use to assess whether a company is earning more than its cost of capital, was the best-performing theme during the reporting period.


Q	How did the Fund’s sector allocations affect relative performance?

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

Q	Which stock positions contributed most to the Fund’s relative returns during the first half of the fiscal year?

A	We seek to outpace the MSCI EAFE Index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. We also build positions based on our thematic views. For example, the Fund aims to hold a basket of stocks with better Momentum characteristics than the benchmark.

Fund positions in the information technology, consumer discretionary and consumer staples sectors were particularly advantageous during the reporting period. An underweight in German carmaker Volkswagen AG — assumed because of our negative views on Valuation and Momentum — also added to relative results. Further, negative views on Valuation and Quality led us to underweight multinational mining company Rio Tinto Ltd. The Fund was effectively overweight leisure travel company Thomas Cook Group PLC because of our positive views on Valuation and Quality.


Q	Which Fund positions detracted most from results during the reporting period?

A	Security selection within the industrials, telecommunication services and health care sectors detracted from the Fund’s relative performance. In addition, the Fund’s

PORTFOLIO RESULTS

underweight positions in three strongly-performing stocks particularly hurt during the reporting period. Our negative views on Momentum and Management led us to underweight Deutsche Postbank AG, a German bank, and Mitchells & Butlers PLC, a U.K.-based operator of pubs, bars and restaurants. The Fund was also underweight Natixis, a French brokerage and investment banking advisory firm, because of our negative views on Momentum and Profitability.


Q	Were there any notable changes in the Fund’s country weightings during the reporting period?

A	During the reporting period, the Fund was country neutral, that is, we maintained country weightings similar to the MSCI EAFE Index. Thus, the Fund’s positions within countries had no perceivable impact on relative performance. By the end of the period, we had increased the Fund’s weightings in Germany, Austria and Portugal and decreased its weightings in Japan, Switzerland and Spain.

Q	What were the Fund’s sector and country weightings at the end of the reporting period?

A	Throughout the reporting period, the Fund was overweight energy, materials, consumer staples, consumer discretionary and financials relative to the MSCI EAFE Index. It was underweight information technology, utilities, health care and telecommunication services. The Fund was relatively neutral to the benchmark index in the industrials sector at the end of the reporting period.

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

Goldman Sachs Quantitative Investment Strategies Team

New York, May 5, 2009

FUND BASICS

Structured International Equity Flex Fund

as of April 30, 2009

PERFORMANCE REVIEW


	Fund Cumulative Total Return
November 1, 2008-April 30, 2009	(based on NAV)¹			MSCI EAFE (Net) Index²


Class A		-5.58	%		-2.64	%
Class C		-5.81			-2.64
Institutional		-5.25			-2.64
Class IR		-5.44			-2.64
Class R		-5.61			-2.64


¹	The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.
²	The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) (Net) Index (unhedged and net of dividend withholding taxes) is a market capitalization-weighted composite of securities in 21 developed markets. The Index is unmanaged and does not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS³


For the period ended 3/31/09	One Year			Since Inception			Inception Date


Class A		-49.87	%		-19.93	%	7/31/06
Class C		-48.42			-19.09		7/31/06
Institutional		-47.28			-18.20		7/31/06
Class IR		-47.40			-43.20		11/30/07
Class R		-47.63			-43.42		11/30/07


³	The Standardized Average Annual Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Class IR and R Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns. The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted.
	Total returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at: www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects fee waivers and/or expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

FUND BASICS

EXPENSE RATIOS⁴


	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)


Class A		1.60	%		1.83	%
Class C		2.35			2.58
Institutional		1.20			1.43
Class IR		1.35			1.58
Class R		1.85			2.08

⁴

The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Applicable waivers and expense limitations are voluntary and may be modified or terminated at any time at the option of the investment adviser. If this occurs, the expense ratios may change without shareholder approval.

SECTOR ALLOCATIONS AS OF 4/30/09⁵

Percentage of Investment Portfolio

⁵

The Fund is actively managed and, as such, its composition may differ over time. The above graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team in the schedule of investments may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of total value of investments (excluding securities lending collateral, if any). Securities lending collateral represented 5.0% of the Fund’s net assets at April 30, 2009.

FUND BASICS

TOP 10 OVERWEIGHTS AS OF 4/30/09⁶


	Portfolio Weighting
Company	Relative to Benchmark			Line of Business


Total SA		+2.24	%	Energy
Sanofi-Aventis		+2.15		Health Care
Banco Bilbao Vizcaya Argentaria		+1.89		Financial
BASF SE		+1.88		Materials
Vivendi SA		+1.82		Consumer Discretionary
Koninklijke		+1.71		Materials
Parmalat		+1.31		Consumer Staples
Honda Motor Co Ltd		+1.30		Consumer Discretionary
Telefonaktiebolaget LM Ericsson		+1.27		Telecommunications Services
Nippon Telegraph & Telephone Corp		+1.21		Telecommunications Services

⁶

If a stock holding comprises a larger proportion of the Fund’s portfolio when compared to its proportionate position in the benchmark, it is considered an overweight. Conversely, when a stock holding comprises a smaller proportion of the Fund’s portfolio compared to its proportionate position in the benchmark, the stock is considered an underweight. The top 10 overweights may not be representative of the Fund’s future investments.

TOP 10 UNDERWEIGHTS AS OF 4/30/09⁷


	Portfolio Weighting
Company	Relative to Benchmark			Line of Business


Colruyt SA		-1.73	%	FOODRET
Roche Holding AG		-1.19		Health Care
Natexis		-1.17		Financials
Toyota Motor Corp		-1.14		Consumer Discretionary
Deutsche Postbank AG		-1.11		Financials
Novartis AG		-1.09		Health Care
Telefonica SA		-1.08		Telecommunications Services
Intercontinental Hotels Group PLC		-1.03		Health Care
ITV PLC		-1.03		Telecommunications Services
Royal Dutch Shell PLC		-0.93		Energy

⁷

If a stock holding comprises a larger proportion of the Fund’s portfolio when compared to its proportionate position in the benchmark, it is considered an overweight. Conversely, when a stock holding comprises a smaller proportion of the Fund’s portfolio compared to its proportionate position in the benchmark, the stock is considered an underweight. The top 10 underweights may not be representative of the Fund’s future investments.

PORTFOLIO RESULTS

Structured Emerging Markets Equity Fund

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the six-month period ended April 30, 2009.


Q	How did the Goldman Sachs Structured Emerging Markets Equity Fund (the “Fund”) perform during the semi-annual period ended April 30, 2009?

A	During the six-month period ended April 30, 2009, the Fund’s Class A, C and Institutional Shares generated cumulative total returns, without sales charges, of 16.50%, 16.59% and 16.77%, respectively. These returns compare to the 17.38% cumulative total return of the Fund’s benchmark, the MSCI Emerging Markets Index (net of dividend withholding taxes), during the same period.

Q	What key factors were most responsible for the Fund’s performance during the six-month reporting period?

A	We use two distinct strategies — a bottom-up stock selection strategy and a top-down country/currency selection strategy — to manage the Fund. Both strategies tend to perform differently from each other over time, which enables us to greater diversify the portfolio.

During the six-month period, our stock selection strategy, which uses proprietary models based on five investment themes, detracted most from relative performance. We use these themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of the Fund’s theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. On the upside, the Fund benefited from our country/currency selection strategy.


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

A	Our bottom-up stock selection strategy and its five investment themes — Valuation, Profitability, Quality, Momentum and Sentiment — had the greatest impact on relative results during the six-month reporting period.

Profitability was the best-performing theme during the reporting period. Profitability assesses whether a company is earning more than its cost of capital. Quality and Valuation also added value. Quality evaluates whether the company’s earnings are coming from more persistent, cash-based sources, as opposed to accruals. Valuation attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value.

Our Momentum theme was most detrimental. The Momentum theme predicts drift in stock prices caused by under-reaction to company-specific information. Another detractor, though to a lesser extent, was Sentiment. Sentiment reflects selected investment views and decisions of individuals and financial intermediaries.


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

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

Q	Which stock positions contributed the most to the Fund’s relative returns during the six-month period?

A	We seek to outpace the MSCI Emerging Markets Index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. We also build positions based on our thematic views. For example, the Fund aims to hold a basket of stocks with more favorable Momentum characteristics than the benchmark.

PORTFOLIO RESULTS

Stock selection in the information technology and telecommunication services sectors added meaningfully to the Fund’s relative returns during the reporting period. Overweight positions in semiconductor manufacturer Macronix International Co. Ltd. and Chinese automaker Dongfeng Motor Group Co. Ltd. also enhanced results. The Fund owned both stocks because of our positive views on Valuation and Momentum. Our positive views of Momentum and Sentiment led us to effectively overweight global metals and mining company Companhia Vale do Rio Doce.


Q	Which Fund positions detracted most from results during the reporting period?

A	Fund holdings in the materials, energy and industrials sectors detracted from relative performance most. The Fund’s overweight positions in three weakly-performing stocks particularly hurt during the reporting period. As a result of our positive views on Quality and Valuation, the Fund was overweight Gold Fields Ltd., a South Africa-based gold producing company. Our positive views on Quality and Profitability led us to overweight construction company Aveng Ltd. The Fund assumed an overweight in Brazilian oil and gas company Petroleo Brasileiro SA because of our positive views on Profitability and Valuation.

Q	How did the Team’s country/currency selection contribute to the Fund’s performance relative to the MSCI EMF Index during the reporting period?

A	Our country/currency selection strategy contributed positively to the Fund’s relative returns. Overweights in Indonesia, Brazil and China helped the most.

We made our picks using our proprietary models, which are based on five investment themes — Valuation, Momentum, Risk Premium, Fund Flows and Macro. Valuation favors equity and currency markets which appear cheap relative to accounting measures of value and purchasing power. The Momentum factor favors countries and currencies that have had strong recent outperformance. Risk Premium evaluates whether a country is overcompensating investors for political and financial risk, while Fund Flows evaluates the strength of capital market inflows. Finally, Macro assesses a market’s interest rate environment and growth prospects.


Q	What changes did you make to the Fund’s country weightings during the reporting period?

A	The largest shifts we made during the reporting period were to increase the Fund’s weightings in Taiwan, Korea and Mexico and to decrease its weightings in Turkey, Malaysia and Thailand.

Q	What were the Fund’s sector and country weightings at the end of the period?

A	Throughout the reporting period (and adjusted according to our country views), the Fund was overweight the energy, utilities, information technology, health care and industrials sectors relative to the benchmark MSCI Emerging Markets Index. It was underweight materials, financials, consumer staples, telecommunication services and consumer discretionary.

In terms of countries, the Fund was overweight Taiwan, Indonesia, China, Mexico, Egypt, Turkey, Brazil and South Africa relative to the MSCI Emerging Markets Index at the end of the reporting period. The Fund was underweight Korea, Malaysia, India, Thailand, Poland, Czech Republic, Peru, Colombia, Philippines, Morocco, Israel, Russia, Chile and Hungary. The Fund was relatively neutral to the MSCI Emerging Markets Index in Argentina.

Goldman Sachs Quantitative Investment Strategies Team

New York, May 5, 2009

FUND BASICS

Structured Emerging Markets Equity Fund

as of April 30, 2009

PERFORMANCE REVIEW


	Fund Cumulative Total Return			MSCI Emerging
November 1, 2008-April 30, 2009	(based on NAV)¹			Markets (EM)-Net²


Class A		16.50	%		17.38	%
Class C		16.59			17.38
Institutional		16.77			17.38


¹	The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.
²	The Morgan Stanley Capital International (MSCI) Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. As of January 2009, the MSCI Emerging Markets Index consisted of the following 23 emerging market country indices: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Korea, Malaysia, Mexico, Morocco, Pakistan, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS³


For the period ended 3/31/09	One Year			Since Inception			Inception Date


Class A		-51.23	%		-43.66	%	10/05/07
Class C		-49.05			-41.74		10/05/07
Institutional		-48.20			-41.26		10/05/07


³	The Standardized Average Annual Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns. The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. Performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted.
	The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at: www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects fee waivers and/or expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

FUND BASICS

EXPENSE RATIOS⁴


	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)


Class A		1.45	%		1.89	%
Class C		2.20			2.64
Institutional		1.05			1.49

⁴

The expense ratios of the Fund, both current (net of any fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Applicable waivers and expense limitations are voluntary and may be modified or terminated at any time at the option of the investment adviser. If this occurs, the expense ratios may change without shareholder approval.

TOP 10 HOLDINGS AS OF 4/30/09⁵


	% of Net
Holding	Assets			Line of Business



Taiwan Semiconductor Manufacturing Co. Ltd. ADR		6.3	%	Semiconductors & Semiconductor Equipment
America Movil SAB de CV ADR Series L		3.6		Telecommunication Services
Petroleo Brasileiro SA Preference Shares		3.1		Energy
Petroleo Brasileiro SA ADR		3.1		Energy
Quanta Computer, Inc.		2.7		Technology Hardware & Equipment
China Construction Bank Corp. Class H		2.6		Banks
China Mobile Ltd.		2.4		Telecommunication Services
CNOOC Ltd.		2.3		Energy
PetroChina Co. Ltd. Class H		2.2		Energy
OAO Gazprom ADR		2.2		Energy

⁵The top 10 holdings may not be representative of the Fund’s future investments.

FUND BASICS

SECTOR ALLOCATIONS AS OF 4/30/09⁶

Percentage of Investment Portfolio

⁶

PORTFOLIO RESULTS

Structured International Equity Fund

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the six-month period ended April 30, 2009.


Q	How did the Goldman Sachs Structured International Equity Fund (the “Fund”) perform during the semi-annual period ended April 30, 2009?

A	During the six-month reporting period ended April 30, 2009, the Fund’s Class A, B, C, Institutional, Service, IR and R Shares generated cumulative total returns, without sales charges, of −3.97%, −4.30%, −4.28%, −3.75%, −3.99%, −3.83% and −4.08%, respectively. These returns compare to the −2.64% cumulative total return of the Fund’s benchmark, the MSCI EAFE Index, during the same period.

Q	What key factors were most responsible for the Fund’s performance during the six-month reporting period?

A	We use two distinct strategies — a bottom-up stock selection strategy and a top-down country/currency selection strategy — to manage the Fund. Both strategies tend to perform differently from each other over time, which enables us to greater diversify the portfolio.

During the six-month period, our stock selection strategy, which uses stock selection models based on six investment themes, detracted most from the Fund’s relative performance. We use these themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of the Fund’s theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. On the upside, the Fund benefited from our country/currency selection strategy.


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

A	Our bottom-up stock selection strategy and its six investment themes underperformed overall during the six-month period, with our Momentum theme hampering results the most. The Momentum theme predicts drift in stock prices caused by under-reaction to company-specific information. Also detracting were Valuation, Sentiment and Quality. Valuation attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. Sentiment reflects selected investment views and decisions of individuals and financial intermediaries. Quality evaluates whether the company’s earnings are coming from more persistent, cash-based sources, as opposed to accruals.

On the positive side, Profitability added to relative returns. The Profitability theme assesses whether a company is earning more than its cost of capital. Management, which assesses the company’s management strategy and behavior, also added value, though to a lesser extent.


Q	How did the Fund’s sector allocations affect relative performance?

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

Q	Which stock positions contributed the most to the Fund’s relative returns during the six-month period?

A	We seek to outpace the MSCI EAFE Index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. We also build positions based on our thematic views. For example, the Fund aims to hold a basket of stocks with more favorable Momentum characteristics than the benchmark.

Stock picks in the consumer discretionary, information technology and energy sectors were most effective during

PORTFOLIO RESULTS

the reporting period. An underweight in German carmaker Volkswagen AG — assumed because of our negative views on Valuation and Management — also boosted relative results. The Fund was effectively overweight leisure travel company Thomas Cook Group PLC and Japanese engineering firm AMADA Co. Ltd. because of our positive views on Valuation and Profitability.


Q	Which Fund positions detracted most from results during the reporting period?

A	Security selection within the financials, industrials and utilities sectors hampered the Fund’s relative performance most during the reporting period. The Fund’s overweight positions in three weakly-performing stocks particularly hurt during the reporting period. Our positive views on Management and Momentum led us to overweight global financial services company HSBC Holdings PLC and North American corn refiner Tate & Lyle PLC. Our overweight to William Morrison Supermarkets PLC, assumed because of our positive views on Profitability and Momentum, also detracted.

Q	How did the Team’s country/currency selection contribute to the Fund’s performance relative to the MSCI EAFE Index during the reporting period?

A	Our country/currency selection strategy enhanced the Fund’s relative returns. Underweights in Italy and Finland as well as an overweight in Hong Kong helped most.

We made our picks using our proprietary models, which are based on five investment themes — Valuation, Momentum, Risk Premium, Fund Flows and Macro. Valuation favors equity and currency markets that appear cheap relative to accounting measures of value and purchasing power. The Momentum factor favors countries and currencies that have had strong recent outperformance. Risk Premium evaluates whether a country is overcompensating investors for political and financial risk, while Fund Flows evaluates the strength of capital market inflows. Finally, Macro assesses a market’s interest rate environment and growth prospects.


Q	What changes did you make to the Fund’s country weightings during the reporting period?

A	The largest shifts we made during the reporting period were to increase the Fund’s weightings in Spain, Italy and Sweden and to decrease its weightings in France, the Netherlands and Switzerland.

Q	What were the Fund’s sector and country weightings at the end of the reporting period?

A	Throughout the reporting period (and adjusted according to our country views), the Fund was overweight consumer staples, energy, telecommunication services and consumer discretionary relative to the benchmark MSCI EAFE Index. The Fund was underweight information technology, utilities, financials and industrials. The Fund was relatively neutral to the MSCI EAFE Index in the health care and materials sectors.

In terms of countries, the Fund was overweight Spain, Hong Kong, Sweden, Austria, Belgium, Italy, Norway, Denmark and Finland relative to the MSCI EAFE Index at the end of the reporting period. It was underweight Switzerland, the United Kingdom, the Netherlands, Australia, France, Singapore, Germany, Japan and Portugal. The Fund was relatively neutral to the MSCI EAFE Index in Ireland, New Zealand and Greece.

Goldman Sachs Quantitative Investment Strategies Team

New York, May 5, 2009

FUND BASICS

Structured International Equity Fund

as of April 30, 2009

PERFORMANCE REVIEW


	Fund Cumulative Total Return
November 1, 2008-April 30, 2009	(based on NAV)¹			MSCI EAFE (Net) Index²


Class A		-3.97	%		-2.64	%
Class B		-4.30			-2.64
Class C		-4.28			-2.64
Institutional		-3.75			-2.64
Service		-3.99			-2.64
Class IR		-3.83			-2.64
Class R		-4.08			-2.64


¹	The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.
²	The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) (Net) Index (unhedged, with dividends reinvested) is a market capitalization-weighted composite of securities in 21 developed markets. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS³


For the period ended 3/31/09	One Year			Five Years			Ten Years			Since Inception			Inception Date


Class A		-49.42	%		-3.44	%		-1.21	%		-0.91	%	8/15/97
Class B		-49.49			-3.45			-1.25			-1.00		8/15/97
Class C		-47.31			-3.03			-1.24			-0.99		8/15/97
Institutional		-46.18			-1.95			-0.11			0.13		8/15/97
Service		-46.46			-2.41			-0.60			-0.36		8/15/97
Class IR		-46.26			N/A			N/A			-42.70		11/30/07
Class R		-46.55			N/A			N/A			-42.98		11/30/07

The Standardized Average Annual Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Service, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns. The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. Performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted.

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

FUND BASICS

EXPENSE RATIOS⁴


	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)


Class A		1.20	%		1.25	%
Class B		1.95			2.00
Class C		1.95			2.00
Institutional		0.80			0.85
Service		1.30			1.35
Class IR		0.95			1.00
Class R		1.45			1.50

⁴

TOP TEN HOLDINGS AS OF 4/30/09⁵


	% of Net
Holding	Assets			Line of Business


BP PLC ADR		3.0	%	Oil, Gas & Consumable Fuels
Banco Santander SA		2.3		Commercial Banks
HSBC Holdings PLC		2.2		Commercial Banks
Sanofi-Aventis		2.1		Pharmaceuticals
Telefonica SA		1.9		Diversified Telecommunication Services
Banco Bilbao Vizcaya Argentaria SA		1.4		Commercial Banks
Honda Motor Co. Ltd.		1.3		Automobiles
Vivendi SA		1.3		Media
Astellas Pharma, Inc.		1.3		Pharmaceuticals
William Morrison Supermarkets PLC		1.3		Food & Staples Retailing


⁵	The top 10 holdings may not be representative of the Fund’s future investments.

FUND BASICS

SECTOR ALLOCATION AS OF 4/30/09⁶

Percentage of Investment Portfolio

⁶

PORTFOLIO RESULTS

Structured International Small Cap Fund

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the six-month period ended April 30, 2009.


Q	How did the Goldman Sachs Structured International Small Cap Fund (the “Fund”) perform during the semi-annual period ended April 30, 2009?

A	During the six-month period ended April 30, 2009, the Fund’s Class A, C and Institutional Shares generated cumulative total returns, without sales charges, of 2.65%, 2.41% and 2.94%, respectively. These returns compare to the 6.52% cumulative total return of the Fund’s benchmark, the MSCI EAFE Small Cap Index (unhedged and net of dividend withholding taxes), during the same period.

Q	What key factors were most responsible for the Fund’s performance during the six-month reporting period?

A	As expected, and in keeping with our investment approach, our quantitative model and its six investment themes had the greatest impact on relative performance. We use these themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting the ones chosen by the model. Over time and by design, the performance of any one of the model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of the Fund’s theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term.

Overall, the Fund underperformed its benchmark index, with our Momentum theme hurting results the most. The Momentum theme predicts drift in stock prices caused by under-reaction to company-specific information. Other detractors were our Sentiment and Management themes. Sentiment reflects selected investment views and decisions of individuals and financial intermediaries. Management assesses the company’s management strategy and behavior. Valuation was the best-performing theme during the reporting period. Valuation attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. Quality and Profitability also boosted relative returns, though to a lesser extent. Quality evaluates whether the company’s earnings are coming from more persistent, cash-based sources, as opposed to accruals. Profitability assesses whether a company is earning more than its cost of capital.


Q	How did the Fund’s sector allocations affect relative performance?

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

Q	Which stock positions contributed the most to the Fund’s relative returns during the six-month period?

A	We seek to outpace the MSCI EAFE Small Cap Index by overweighting stocks that we expect to outperform and underweighting those that we think may lag. We also build positions based on our thematic views. For example, the Fund aims to hold a basket of stocks with more favorable Momentum characteristics than the benchmark.

Security selection in the industrials and financials sectors added to the Fund’s relative returns. Contributing the most were overweights in Regus PLC, a provider of offices and business centers around the world; Nippon Signal Co. Ltd., a Japan-based maker of railway station operations and data processing equipment; and MTU Aero Engines Holding AG, a German engine manufacturer. Our positive views on Profitability and Valuation led to the overweight positions in Regus PLC and Nippon Signal Co. Ltd., while the overweight in MTU Aero Engines Holding AG was driven by our positive views on Management and Sentiment.


Q	Which Fund positions detracted most from results during the reporting period?

A	Stock selection in the information technology, consumer discretionary and energy sectors hampered the Fund’s relative performance most during the reporting period. In addition, the Fund’s overweight positions in three weakly-performing stocks particularly hurt during the reporting

PORTFOLIO RESULTS

period. The most significant detractors were overweight positions in The Okinawa Electric Power Co., Inc., a Japanese electric power provider; International Personal Finance PLC, a British-based international home credit business; and Baron de Ley SA, a Spanish winemaker. The Fund was overweight The Okinawa Electric Power Co., Inc. because of our positive views on Momentum and Valuation. Our positive views of Momentum and Sentiment led to the Fund’s overweight in International Personal Finance PLC, while our positive views on Momentum and Profitability led to the Fund’s overweight in Baron de Ley SA.


Q	What impact did country selection have on the Fund’s relative performance during the semi-annual period?

A	An underweight in Italy and overweights in Japan and Sweden added to the Fund’s relative performance. However, an overweight in Australia, an underweight in the United Kingdom, and a neutral weight in France detracted. Effective security selection in several of these markets helped offset some of this underperformance.

Q	What changes did you make to the Fund’s country weightings during the reporting period?

A	The largest shifts we made during the reporting period were to increase the Fund’s weightings in Germany, Austria and Australia and to decrease the Fund’s weightings in the Netherlands, Italy and Switzerland.

Q	What were the Fund’s sector and country weightings at the end of the reporting period?

A	Throughout the reporting period, the Fund was overweight energy, materials, consumer staples, information technology and industrials relative to the MSCI EAFE Small Cap Index benchmark. The Fund held underweights in financials, telecommunication services and utilities and was relatively neutral to the benchmark index in consumer discretionary and health care at the end of the reporting period.

In terms of countries, the Fund was overweight Germany, Sweden, Australia, Austria, Belgium, France and Finland relative to the MSCI EAFE Small Cap Index. The Fund was underweight Denmark, Netherlands, Spain, Switzerland, Italy, the United Kingdom, Norway and Japan. The Fund was relatively neutral to the benchmark index in Greece, Ireland, New Zealand, Hong Kong, Singapore and Portugal at the end of the reporting period.

Goldman Sachs Quantitative Investment Strategies Team

New York, May 5, 2009

FUND BASICS

Structured International Small Cap Fund

as of April 30, 2009

PERFORMANCE REVIEW


	Fund Cumulative Total Return			MSCI EAFE
November 1, 2008-April 30, 2009	(based on NAV)¹			Small Cap Index²


Class A		2.65	%		6.52	%
Class C		2.41			6.52
Institutional		2.94			6.52


¹	The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charge.
²	The Morgan Stanley Capital International (MSCI) EAFE Small Cap Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the US and Canada. MSCI selects the most liquid securities across developed markets relative to their market capitalization, and targets for index inclusion 40% of the full market capitalization of the eligible small cap universe within each industry group, within each country. Its returns include net reinvested dividends but, unlike Fund returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the Index.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS³


For the period ended 3/31/09	One Year			Since Inception			Inception Date


Class A		-50.72	%		-42.98	%	9/28/07
Class C		-48.71			-41.17		9/28/07
Institutional		-47.64			-40.51		9/28/07


³	The Standardized Average Annual Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 5.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns. The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. Performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted.
	The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at: www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects fee waivers and/or expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS⁴


	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)


Class A		1.30	%		1.70	%
Class C		2.05			2.45
Institutional		0.90			1.30

⁴

FUND BASICS

TOP 10 HOLDINGS AS OF 4/30/09⁵


	% of Net
Holding	Assets			Line of Business



Petrofac Ltd.		1.2	%	Energy

Rallye SA		0.9		Food & Staples Retailing

Mothercare PLC		0.9		Retailing

Daiichikosho Co. Ltd.		0.9		Media

De La Rue PLC		0.8		Commercial & Professional Services

MTU Aero Engines Holding AG		0.8		Capital Goods

Close Brothers Group PLC		0.7		Diversified Financials

Kaken Pharmaceutical Co. Ltd.		0.7		Pharmaceuticals, Biotechnology & Life Sciences

Clariant AG (Registered)		0.7		Materials

Nippon Soda Co. Ltd.		0.7		Materials


⁵	The top 10 holdings may not be representative of the Fund’s future investments.

SECTOR ALLOCATIONS AS OF 4/30/09⁶

Percentage of Investment Portfolio

⁶

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND

Schedule of Investments

April 30, 2009 (Unaudited)


	Shares		Description	Value

Common Stocks – 96.0%


	Australia – 7.3%
		21,131	AGL Energy Ltd. (Multi-Utilities)	$	232,490
		5,381	ASX Ltd. (Diversified Financial Services)		127,563
		25,339	Australia and New Zealand Banking Group Ltd. (Commercial Banks)		292,215
		11,269	Bendigo and Adelaide Bank Ltd. (Commercial Banks)		56,114
		46,272	BHP Billiton Ltd.^(a) (Metals & Mining)		1,117,819
		7,108	Billabong International Ltd. (Textiles, Apparel & Luxury Goods)		53,939
		12,923	Caltex Australia Ltd. (Oil, Gas & Consumable Fuels)		92,279
		63,950	Challenger Financial Services Group Ltd. (Diversified Financial Services)		92,666
		6,837	Coca-Cola Amatil Ltd. (Beverages)		45,388
		13,438	Commonwealth Bank of Australia (Commercial Banks)		343,357
		14,921	Computershare Ltd. (IT Services)		98,912
		55,163	Downer EDI Ltd.^(a) (Commercial Services & Supplies)		201,732
		10,189	Gloucester Coal Ltd. (Oil, Gas & Consumable Fuels)		38,365
		5,039	Lion Nathan Ltd. (Beverages)		42,905
		5,694	Macquarie Group Ltd. (Capital Markets)		137,750
		83,349	Metcash Ltd. (Food & Staples Retailing)		251,735
		56,941	Qantas Airways Ltd. (Airlines)		82,148
		20,694	QBE Insurance Group Ltd.^(a) (Insurance)		327,272
		66,748	Resolute Mining Ltd.* (Metals & Mining)		32,798
		4,211	Rio Tinto Ltd. (Metals & Mining)		196,092
		202,498	Sigma Pharmaceuticals Ltd. (Health Care Providers & Services)		164,739
		118,276	Tatts Group Ltd. (Hotels, Restaurants & Leisure)		237,167
		1,577	Wesfarmers Ltd. (Food & Staples Retailing)		25,917
		33,374	Westfield Group (Real Estate Investment Trusts)		260,508
		4,008	Westpac Banking Corp. (Commercial Banks)		55,871
		7,582	Woodside Petroleum Ltd. (Oil, Gas & Consumable Fuels)		208,458
		10,517	Woolworths Ltd. (Food & Staples Retailing)		204,021

					5,020,220


	Austria – 0.7%
		3,274	OMV AG (Oil, Gas & Consumable Fuels)		101,429
		31,030	Telekom Austria AG (Diversified Telecommunication Services)		408,156

					509,585


	Belgium – 1.2%
		3,292	Euronav SA^(b) (Oil, Gas & Consumable Fuels)		47,385
		13,286	Mobistar SA^(a) (Wireless Telecommunication Services)		795,048
		280	Tessenderlo Chemie NV (Chemicals)		8,313

					850,746


	Denmark – 0.8%
		6,052	Danisco A/S (Food Products)		198,204
		12,951	H. Lundbeck A/S (Pharmaceuticals)		234,313
		1,699	Novozymes A/S Class B* (Chemicals)		114,553

					547,070


	Finland – 0.9%
		6,526	Nokia Oyj^(a)(c) (Communications Equipment)		92,692
		13,569	Outotec Oyj (Construction & Engineering)		287,765
		15,480	TietoEnator Oyj (IT Services)		198,869

					579,326


	France – 13.9%
		2,578	Alstom SA (Electrical Equipment)		160,706
		11,947	BNP Paribas (Commercial Banks)		628,935
		6,726	Boiron SA (Pharmaceuticals)		170,167
		3,353	Casino Guichard-Perrachon SA (Food & Staples Retailing)		209,170
		4,270	Christian Dior SA^(a)(c) (Textiles, Apparel & Luxury Goods)		286,122
		355	CNP Assurances (Insurance)		27,990
		13,809	France Telecom SA (Diversified Telecommunication Services)		306,560
		10,598	Nexity* (Household Durables)		341,859
		34,295	Sanofi-Aventis^(a) (Pharmaceuticals)		1,986,094
		10,659	Schneider Electric SA (Electrical Equipment)		811,133
		23,844	SCOR SE (Insurance)		500,424
		48,724	Total SA (Oil, Gas & Consumable Fuels)		2,437,939
		8,195	Valeo SA* (Auto Components)		168,870
		674	Virbac SA (Pharmaceuticals)		45,433
		55,548	Vivendi SA^(a) (Media)		1,493,632

					9,575,034


	Germany – 11.0%
		15,325	Adidas AG^(a)(c) (Textiles, Apparel & Luxury Goods)		579,014
		1,978	Allianz SE^(b) (Insurance)		182,516
		41,472	BASF SE^(a) (Chemicals)		1,565,052
		7,756	Bauer AG (Construction & Engineering)		292,722
		14,727	Bechtle AG (IT Services)		221,537
		2,607	Carl Zeiss Meditec AG (Health Care Equipment & Supplies)		30,796
		1,739	Daimler AG (Automobiles)		62,343

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND

Schedule of Investments (continued)

April 30, 2009 (Unaudited)


	Shares		Description	Value

Common Stocks – (continued)
	Germany – (continued)

		4,696	Demag Cranes AG (Machinery)	$	99,071
		6,124	Deutsche Bank AG (Capital Markets)		326,576
		2,316	Deutsche Boerse AG (Diversified Financial Services)		171,093
		59,906	Deutsche Lufthansa AG^(a) (Airlines)		764,203
		10,500	E.ON AG^(b) (Electric Utilities)		355,078
		1,467	KWS Saat AG^(b) (Food Products)		184,108
		19,407	MorphoSys AG*^(a) (Life Sciences Tools & Services)		354,253
		15,124	MTU Aero Engines Holding AG* (Aerospace & Defense)		509,266
		4,121	Muenchener Rueckversicherungs-Gesellschaft AG (Insurance)		569,398
		3,377	Roth & Rau AG* (Electrical Equipment)		80,459
		5,987	RWE AG^(b) (Multi-Utilities)		431,593
		4,439	Salzgitter AG (Metals & Mining)		315,756
		4,163	Suedzucker AG (Food Products)		80,573
		17,859	ThyssenKrupp AG^(a) (Metals & Mining)		382,070

					7,557,477


	Greece – 0.1%
		1,673	Eurobank Properties Real Estate Investment Co. (Real Estate Investment Trusts)		15,395
		4,582	Hellenic Petroleum SA (Oil, Gas & Consumable Fuels)		44,405

					59,800


	Hong Kong – 2.0%
		59,000	Boc Hong Kong Holdings Ltd. (Commercial Banks)		83,481
		18,000	Cheung Kong (Holdings) Ltd. (Real Estate Management & Development)		187,291
		21,500	CLP Holdings Ltd. (Electric Utilities)		145,227
		18,300	Esprit Holdings Ltd. (Specialty Retail)		112,129
		26,000	Hang Lung Group Ltd. (Real Estate Management & Development)		95,223
		28,500	Hong Kong Electric Holdings Ltd. (Electric Utilities)		168,617
		7,900	Hong Kong Exchanges & Clearing Ltd. (Diversified Financial Services)		90,945
		2,500	Hopewell Holdings Ltd. (Real Estate Management & Development)		6,420
		31,000	Hutchison Whampoa Ltd. (Industrial Conglomerates)		181,795
		4,000	Li & Fung Ltd. (Distributors)		11,238
		6,000	Orient Overseas International Ltd. (Marine)		17,225
		7,000	Pacific Basin Shipping Ltd. (Marine)		3,461
		13,000	Swire Pacific Ltd. (Real Estate Management & Development)		101,619


		20,787	The Link (Real Estate Investment Trusts)		40,462
		64,000	Wheelock & Co. Ltd. (Real Estate Management & Development)		138,269
		4,500	Yue Yuen Industrial (Holdings) Ltd. (Textiles, Apparel & Luxury Goods)		9,978

					1,393,380


	Ireland^(a) – 0.4%
		12,494	Kerry Group PLC (Food Products)		255,235


	Italy – 3.7%
		15,088	Astaldi SpA (Construction & Engineering)		82,041
		158,575	Enel SpA (Electric Utilities)		859,553
		2,600	Exor SpA* (Diversified Financial Services)		33,265
		139,893	Intesa Sanpaolo (Commercial Banks)		445,679
		46,631	Intesa Sanpaolo RNC (Commercial Banks)		103,559
		454,409	Parmalat SpA (Food Products)		902,509
		44,099	Terna — Rete Elettrica Nationale SpA (Electric Utilities)		141,615

					2,568,221


	Japan – 29.4%
		26,600	Aloka Co. Ltd. (Health Care Equipment & Supplies)		192,606
		13,000	AMADA Co. Ltd. (Machinery)		80,501
		18,400	Aoyama Trading Co. Ltd. (Specialty Retail)		264,722
		183,000	Asahi Kasei Corp. (Chemicals)		735,668
		28,800	Astellas Pharma, Inc. (Pharmaceuticals)		936,492
		14,300	Brother Industries Ltd. (Office Electronics)		116,228
		16,300	CAC Corp. (IT Services)		98,384
		23,300	Canon, Inc.^(a)(c) (Office Electronics)		697,269
		55,000	Dai Nippon Printing Co. Ltd. (Commercial Services & Supplies)		582,220
		8,000	Daicel Chemical Industries Ltd. (Chemicals)		33,614
		6,900	Daito Trust Construction Co. Ltd. (Real Estate Management & Development)		287,717
		28,000	Fuji Heavy Industries Ltd. (Automobiles)		112,757
		87	Fuji Media Holdings, Inc. (Media)		96,994
		12,000	Fujikura Ltd. (Electrical Equipment)		41,424
		26,000	Fuyo General Lease Co. Ltd. (Diversified Financial Services)		437,278
		30,000	Hitachi Ltd. (Electronic Equipment, Instruments & Components)		104,829
		44,900	Honda Motor Co. Ltd. (Automobiles)		1,315,880
		7,200	Itochu-Shokuhin Co. Ltd.^(b) (Food & Staples Retailing)		229,503

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND


	Shares		Description	Value

Common Stocks – (continued)
	Japan – (continued)

		7,000	Kasumi Co. Ltd. (Food & Staples Retailing)	$	28,695
		20,000	Kawasaki Kisen Kaisha Ltd. (Marine)		75,356
		21,700	Komori Corp. (Machinery)		203,672
		76,000	Kubota Corp. (Machinery)		456,793
		48,600	Leopalace21 Corp. (Real Estate Management & Development)		356,009
		5,200	Matsui Securities Co. Ltd. (Capital Markets)		36,862
		47,000	Mitsubishi Electric Corp. (Electrical Equipment)		250,313
		30,000	Mitsubishi Tanabe Pharma Corp. (Pharmaceuticals)		286,351
		7,900	Mitsubishi UFJ Financial Group, Inc. (Commercial Banks)		43,093
		16,400	Mitsui & Co. Ltd. (Trading Companies & Distributors)		173,947
		95,000	Mitsui O.S.K. Lines Ltd. (Marine)		542,876
		451,400	Mizuho Financial Group, Inc.^(b) (Commercial Banks)		951,864
		110,000	NEC Corp.* (Computers & Peripherals)		365,714
		1,900	Nintendo Co. Ltd. (Software)		510,836
		51,000	Nippon Express Co. Ltd. (Road & Rail)		181,881
		92,000	Nippon Soda Co. Ltd. (Chemicals)		301,878
		26,400	Nippon Telephone & Telegraph Corp. (Diversified Telecommunication Services)		994,765
		86,000	Nippon Yusen Kabushiki Kaisha (Marine)		352,283
		165,400	Nissan Motor Co. Ltd.^(a) (Automobiles)		863,303
		45,000	Nisshin Seifun Group, Inc. (Food Products)		463,327
		200,000	Nisshin Steel Co. Ltd. (Metals & Mining)		385,880
		5,600	Nomura Real Estate Holdings, Inc.^(b) (Real Estate Management & Development)		91,672
		8	NTT DoCoMo, Inc. (Wireless Telecommunication Services)		11,163
		800	Ono Pharmaceutical Co. Ltd. (Pharmaceuticals)		33,941
		241,000	Osaka Gas Co. Ltd.^(a) (Gas Utilities)		763,711
		70,000	Ricoh Co. Ltd. (Office Electronics)		865,471
		1,000	Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)		61,329
		4,700	Sanshin Electronics Co. Ltd. (Electronic Equipment, Instruments & Components)		29,065
		32,000	Sekisui Chemical Co. Ltd. (Household Durables)		168,015
		12,000	Sekisui House Ltd. (Household Durables)		103,564


		8,800	Seven & I Holdings Co. Ltd. (Food & Staples Retailing)		198,850
		8,500	Shizuoka Gas Co. Ltd. (Gas Utilities)		47,538
		83,000	Sompo Japan Insurance, Inc. (Insurance)		500,202
		14,500	Sumitomo Corp. (Trading Companies & Distributors)		126,216
		38,200	Sumitomo Electric Industries Ltd. (Electrical Equipment)		372,142
		5,800	Sumitomo Mitsui Financial Group, Inc. (Commercial Banks)		201,151
		8,300	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals)		294,357
		28,000	Takihyo Co. Ltd.^(b) (Distributors)		118,012
		138,000	The Bank of Yokohama Ltd. (Commercial Banks)		585,187
		3,100	The Okinawa Electric Power Co., Inc. (Electric Utilities)		147,416
		15,000	The Sumitomo Trust & Banking Co. Ltd. (Commercial Banks)		62,770
		14,000	Toho Gas Co. Ltd. (Gas Utilities)		59,597
		22,800	Tokio Marine Holdings, Inc. (Insurance)		601,311
		14,100	Tokyo Steel Manufacturing Co. Ltd.^(a) (Metals & Mining)		144,417
		4,000	Toppan Printing Co. Ltd. (Commercial Services & Supplies)		30,311
		125	West Japan Railway Co. (Road & Rail)		383,333
		7,000	Yokogawa Electric Corp. (Electronic Equipment, Instruments & Components)		36,124

					20,226,649


	Netherlands – 4.5%
		9,544	Aegon NV (Insurance)		48,003
		6,062	ArcelorMittal (Metals & Mining)		141,998
		1,297	ASML Holding NV (Semiconductors & Semiconductor Equipment)		27,216
		15,636	Crucell NV*^(a) (Biotechnology)		327,286
		49,172	European Aeronautic Defence & Space Co.^(a) (Aerospace & Defense)		709,729
		2,048	Grontmij NV* (Construction & Engineering)		45,058
		18,905	ING Groep NV (Diversified Financial Services)		172,323
		37,935	Koninklijke DSM NV (Chemicals)		1,176,447
		18,351	Royal Dutch Shell PLC^(a) (Oil, Gas & Consumable Fuels)		420,875

					3,068,935


	Norway – 0.5%
		34,500	Seadrill Ltd. (Energy Equipment & Services)		368,210

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND

Schedule of Investments (continued)

April 30, 2009 (Unaudited)


	Shares		Description	Value

Common Stocks – (continued)

	Portugal – 0.3%
		46,499	Redes Energeticas Nacionais SA (Multi-Utilities)	$	192,407


	Singapore – 1.1%
		21,000	Ascendas Real Estate Investment Trust (Real Estate Investment Trusts)		18,866
		6,000	Capitaland Ltd. (Real Estate Management & Development)		11,068
		18,000	DBS Group Holdings Ltd. (Commercial Banks)		114,432
		96,720	Golden Agri-Resources Ltd. (Food Products)		23,867
		4,673	Jardine Cycle & Carriage Ltd. (Distributors)		44,695
		17,000	Keppel Corp. Ltd. (Industrial Conglomerates)		67,869
		3,000	Neptune Orient Lines Ltd. (Marine)		2,608
		46,000	Noble Group Ltd. (Trading Companies & Distributors)		39,851
		27,000	Oversea-Chinese Banking Corp. Ltd. (Commercial Banks)		106,412
		5,000	SembCorp Industries Ltd. (Industrial Conglomerates)		9,147
		5,340	Singapore Airlines Ltd. (Airlines)		38,406
		6,000	Singapore Exchange Ltd. (Diversified Financial Services)		25,168
		4,000	Singapore Technologies Engineering Ltd. (Aerospace & Defense)		6,901
		78,000	Singapore Telecommunications Ltd. (Diversified Telecommunication Services)		134,026
		7,000	United Overseas Bank Ltd. (Commercial Banks)		53,954
		39,000	UOL Group Ltd. (Real Estate Management & Development)		58,075

					755,345


	Spain – 5.6%
		147,313	Banco Bilbao Vizcaya Argentaria SA^(a) (Commercial Banks)		1,596,527
		6,514	Banco Popular Espanol SA (Commercial Banks)		53,688
		138,963	Banco Santander SA^(a) (Commercial Banks)		1,336,676
		40,037	Iberdrola SA (Electric Utilities)		315,284
		183,731	Iberia Lineas Aereas de Espana SA (Airlines)		342,992
		65,889	Mapfre SA (Insurance)		187,808

					3,832,975


	Sweden – 3.4%
		11,440	Alfa Laval AB^(b) (Machinery)		101,335
		75,784	Nordea Bank AB (Commercial Banks)		563,707
		11,188	Swedish Match AB^(a) (Tobacco)		159,654


		123,452	Telefonaktiebolaget LM Ericsson Class B^(b) (Communications Equipment)		1,048,588
		45,402	TeliaSonera AB* (Diversified Telecommunication Services)		213,025
		3,350	TradeDoubler AB (Internet Software & Services)		21,189
		19,800	Wihlborgs Fastigheter AB^(b) (Real Estate Management & Development)		248,790

					2,356,288


	Switzerland – 7.2%
		47,789	ABB Ltd.* (Electrical Equipment)		676,517
		7,966	Actelion Ltd.* (Biotechnology)		362,928
		4,139	Baloise Holding AG^(b) (Insurance)		303,851
		32,858	Compagnie Financiere Richemont SA (Textiles, Apparel & Luxury Goods)		588,211
		18,794	Credit Suisse Group^(b) (Capital Markets)		734,404
		51	Elektrizitaets-Gesellschaft Laufenburg AG (Electric Utilities)		45,770
		48,129	Nestle SA^(a) (Food Products)		1,568,847
		2,093	Novartis AG (Pharmaceuticals)		79,216
		562	Sulzer AG (Machinery)		30,545
		2,056	Syngenta AG (Chemicals)		438,936
		663	Valora Holding AG (Specialty Retail)		115,819

					4,945,044


	United Kingdom – 2.0%
		131,185	BP PLC^(a) (Oil, Gas & Consumable Fuels)		927,035
		10,619	BP PLC ADR^(c) (Oil, Gas & Consumable Fuels)		450,883

					1,377,918


	TOTAL COMMON STOCKS
	(Cost $85,818,436)			$	66,039,865




Preferred Stock – 0.2%


	Germany – 0.2%
		3,911	Draegerwerk AG (Health Care Equipment & Supplies) (Cost $238,731)	$	96,704


	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $86,057,167)			$	66,136,569

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND


	Shares		Rate		Value

Securities Lending Reinvestment Vehicle^(d)(e) – 5.0%


	Boston Global Investment Trust – Enhanced Portfolio II
		3,488,152		0.456%	$	3,456,759
	(Cost $3,442,134)

	TOTAL INVESTMENTS – 101.2%
	(Cost $89,499,301)				$	69,593,328


	LIABILITIES IN EXCESS OF OTHER ASSETS – (1.2)%					(804,483	)


	NET ASSETS – 100.0%				$	68,788,845

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 this security is pledged as collateral for short positions within the total return swap.

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

(c)		All or a portion of security is segregated for initial margin requirements on futures transaction.

(d)		Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2009.

(e)		Represents an affiliated issuer.




Investment Abbreviations:
ADR	—	American Depositary Receipt

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND

Schedule of Investments (continued)

April 30, 2009 (Unaudited)


		Notional		Current		Unrealized
		Value		Value		Gain (Loss)

Total Return Swap Long Positions


	Australia – 5.5%
	Amcor Ltd. (Containers & Packaging)	$	152,350	$	151,327		(1,023	)
	Cochlear Ltd. (Health Care Equipment & Supplies)		210,577		208,278		(2,299	)
	Felix Resources Ltd. (Oil, Gas & Consumable Fuels)		28,761		28,242		(519	)
	Fortescue Metals Group Ltd. (Metals & Mining)		35,886		35,242		(644	)
	Goodman Fielder Ltd. (Food Products)		56,212		55,488		(724	)
	James Hardie Industries NV (Construction Materials)		33,373		33,052		(321	)
	JB Hi-Fi Ltd. (Specialty Retail)		130,147		128,409		(1,738	)
	Leighton Holdings Ltd. (Construction & Engineering)		47,698		47,036		(662	)
	Macquarie Airports (Transportation Infrastructure)		121,462		120,541		(921	)
	National Australia Bank Ltd. (Commercial Banks)		251,629		248,586		(3,043	)
	Santos Ltd. (Oil, Gas & Consumable Fuels)		133,683		130,774		(2,909	)
	United Group Ltd. (Construction & Engineering)		130,295		128,666		(1,629	)

							(16,432	)


	Belgium – 3.7%
	Compagnie d’Entreprises CFE (Construction & Engineering)		101,175		100,033		(1,142	)
	Delhaize Group (Food & Staples Retailing)		462,965		459,973		(2,992	)
	Omega Pharma SA (Health Care Equipment & Supplies)		65,935		65,234		(701	)
	UCB SA (Pharmaceuticals)		251,689		249,422		(2,267	)

							(7,102	)


	Denmark – 0.5%
	A.P. Moller – Maersk A/S Class B (Marine)		111,938		110,365		(1,573	)


	Finland – 2.7%
	Elisa Oyj (Diversified Telecommunication Services)		211,134		209,160		(1,974	)
	Kesko Oyj Class B (Food & Staples Retailing)		443,762		439,112		(4,650	)

							(6,624	)


	France – 4.8%
	AXA SA (Insurance)		511,519		508,603		(2,916	)
	Rallye SA (Food & Staples Retailing)		253,696		250,480		(3,216	)
	Safran SA (Aerospace & Defense)		40,432		40,066		(366	)
	Unibail-Rodamco (REIT)		352,517		349,550		(2,967	)

							(9,465	)


	Hong Kong – 0.8%
	Hang Seng Bank Ltd. (Commercial Banks)		87,157		86,503		(654	)
	Mongolia Energy Corp. Ltd. (Oil, Gas & Consumable Fuels)		9,538		9,352		(186	)
	New World Development Co. Ltd. (Real Estate Management & Development)		95,317		94,355		(962	)
	Sun Hung Kai Properties Ltd. (Real Estate Management & Development)		10,419		10,325		(94	)

							(1,896	)


	Italy – 0.3%
	Trevi Finanziaria SpA (Construction & Engineering)		73,581		72,341		(1,240	)


	Japan – 6.0%
	Asahi Diamond Industrial Co. Ltd. (Machinery)		28,735		28,531		(204	)
	ASKA Pharmaceutical Co. Ltd. (Pharmaceuticals)		24,376		24,215		(161	)
	Daiwa Industries Ltd. (Machinery)		73,619		73,302		(317	)
	FUJIFILM Holdings Corp. (Electronic Equipment, Instruments & Components)		150,942		151,797		855
	Hitachi Transport System Ltd. (Road & Rail)		15,534		15,383		(151	)

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND


		Notional		Current		Unrealized
		Value		Value		Gain (Loss)

Total Return Swap Long Positions – (continued)
	Japan – (continued)

	Idemitsu Kosan Co. Ltd. (Oil, Gas & Consumable Fuels)	$	111,594	$	110,790		(804	)
	JFE Holdings, Inc. (Metals & Mining)		60,223		60,089		(134	)
	Mitsubishi Heavy Industries Ltd. (Machinery)		29,564		29,460		(104	)
	Mitsui Sugar Co. Ltd. (Food Products)		40,677		40,295		(382	)
	Nippon Shinyaku Co. Ltd. (Pharmaceuticals)		126,075		124,978		(1,097	)
	Nisshinbo Industries, Inc. (Textiles, Apparel & Luxury Goods)		95,139		94,925		(214	)
	Okabe Co. Ltd. (Construction Materials)		74,233		73,820		(413	)
	Sankyo Co. Ltd. (Leisure Equipment & Products)		112,116		111,601		(515	)
	Sharp Corp. (Household Durables)		62,996		63,178		182
	Sojitz Corp. (Trading Companies & Distributors)		90,684		90,350		(334	)
	Sorun Corp. (Software)		19,706		19,619		(87	)
	Sumitomo Heavy Industries Ltd. (Machinery)		33,402		33,268		(134	)
	Taikisha Ltd. (Construction & Engineering)		24,026		23,950		(76	)
	Toyota Motor Corp. (Automobiles)		200,931		201,852		921
	Warabeya Nichiyo Co. Ltd. (Food Products)		18,875		18,779		(96	)
	Watabe Wedding Corp. (Diversified Consumer Services)		35,053		34,879		(174	)

							(3,439	)


	Netherlands – 1.7%
	Imtech NV (Construction & Engineering)		93,420		92,570		(850	)
	Royal Dutch Shell PLC Class B (Oil, Gas & Consumable Fuels)		242,803		237,959		(4,844	)
	USG People NV (Professional Services)		71,704		72,248		544

							(5,150	)


	Norway – 1.0%
	Petroleum Geo-Services ASA (Energy Equipment & Services)		54,197		53,215		(982	)
	Sparebanken 1 SMN (Commercial Banks)		30,657		30,446		(211	)
	Telenor ASA (Diversified Telecommunication Services)		155,377		154,233		(1,144	)

							(2,337	)


	Portugal – 1.6%
	Portugal Telecom, SGPS SA (Diversified Telecommunication Services)		381,408		377,536		(3,872	)


	Singapore – 0.2%
	CapitaMall Trust (REIT)		7,621		7,531		(90	)
	Cosco Corp. (Singapore) Ltd. (Machinery)		29,713		29,315		(398	)
	Olam International Ltd. (Food & Staples Retailing)		4,796		4,717		(79	)
	Wilmar International Ltd. (Food Products)		9,701		9,558		(143	)

							(710	)


	Sweden – 0.7%
	Betsson AB (Hotels, Restaurants & Leisure)		176,807		174,538		(2,269	)


	Switzerland – 0.7%
	Banque Cantonale Vaudoise (Commercial Banks)		48,416		48,116		(300	)
	Julius Baer Holding AG (Capital Markets)		127,779		125,609		(2,170	)

							(2,470	)


	United Kingdom – 69.8%
	Antofagasta PLC (Metals & Mining)		221,305		217,056		(4,249	)
	AstraZeneca PLC (Pharmaceuticals)		1,079,867		1,069,016		(10,851	)
	Aviva PLC (Insurance)		30,610		30,120		(490	)
	BAE Systems PLC (Aerospace & Defense)		883,488		874,713		(8,775	)
	Barclays PLC (Commercial Banks)		138,136		134,340		(3,796	)
	Bellway PLC (Household Durables)		121,316		120,028		(1,288	)
	BG Group PLC (Oil, Gas & Consumable Fuels)		379,372		373,710		(5,662	)

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND

Schedule of Investments (continued)

April 30, 2009 (Unaudited)


		Notional		Current		Unrealized
		Value		Value		Gain (Loss)

Total Return Swap Long Positions – (continued)
	United Kingdom – (continued)

	BHP Billiton PLC (Metals & Mining)	$	1,104,165	$	1,085,150		(19,015	)
	BP PLC (Oil, Gas & Consumable Fuels)		548,992		542,158		(6,834	)
	Brit Insurance Holdings PLC (Insurance)		195,280		193,071		(2,209	)
	British Airways PLC (Airlines)		51,938		51,274		(664	)
	Cadbury PLC (Food Products)		131,375		130,516		(859	)
	Centrica PLC (Multi-Utilities)		173,833		172,637		(1,196	)
	Close Brothers Group PLC (Capital Markets)		80,476		79,723		(753	)
	De La Rue PLC (Commercial Services & Supplies)		20,187		20,014		(173	)
	Devro PLC (Food Products)		30,717		30,564		(153	)
	Drax Group PLC (Independent Power Producers & Energy Traders)		561,257		556,185		(5,072	)
	Dunelm Group PLC (Specialty Retail)		13,893		13,840		(53	)
	Eurasian Natural Resources Corp. (Metals & Mining)		61,530		60,718		(812	)
	Filtrona PLC (Chemicals)		31,059		30,699		(360	)
	Game Group PLC (Specialty Retail)		464,768		459,827		(4,941	)
	GlaxoSmithKline PLC (Pharmaceuticals)		488,589		483,752		(4,837	)
	HSBC Holdings PLC (Commercial Banks)		1,844,064		1,840,267		(3,797	)
	ICAP PLC (Capital Markets)		83,771		82,504		(1,267	)
	J Sainsbury PLC (Food & Staples Retailing)		757,071		748,499		(8,572	)
	Lamprell PLC (Energy Equipment & Services)		272,370		268,941		(3,429	)
	Man Group PLC (Capital Markets)		71,306		70,107		(1,199	)
	Marshalls PLC (Construction Materials)		17,846		17,661		(185	)
	Marston’s PLC (Hotels, Restaurants & Leisure)		123,008		121,896		(1,112	)
	McBride PLC (Household Products)		4,722		4,710		(12	)
	Mothercare PLC (Multiline Retail)		484,925		481,233		(3,692	)


	National Grid PLC (Multi-Utilities)		255,884		253,947		(1,937	)
	Old Mutual PLC (Insurance)		129,006		126,891		(2,115	)
	Petrofac Ltd. (Energy Equipment & Services)		265,069		262,440		(2,629	)
	Rexam PLC (Containers & Packaging)		718,664		709,190		(9,474	)
	Rio Tinto PLC (Metals & Mining)		237,788		234,848		(2,940	)
	Royal Dutch Shell PLC (Oil, Gas & Consumable Fuels)		6,789		6,700		(89	)
	Smiths News PLC (Distributors)		26,165		26,040		(125	)
	Standard Chartered PLC (Commercial Banks)		166,337		163,989		(2,348	)
	Sthree PLC (Professional Services)		197,184		196,000		(1,184	)
	Tate & Lyle PLC (Food Products)		613,309		607,301		(6,008	)
	Thomas Cook Group PLC (Hotels, Restaurants & Leisure)		700,034		693,479		(6,555	)
	Thomson Reuters PLC (Media)		378,310		373,859		(4,451	)
	Tui Travel PLC (Hotels, Restaurants & Leisure)		663,109		658,089		(5,020	)
	Vedanta Resources PLC (Metals & Mining)		169,028		165,991		(3,037	)
	Vodafone Group PLC (Wireless Telecommunication Services)		811,441		806,423		(5,018	)
	William Morrison Supermarkets PLC (Food & Staples Retailing)		730,054		722,652		(7,402	)
	WPP PLC (Media)		209,724		207,406		(2,318	)
	WS Atkins PLC (Professional Services)		43,239		42,972		(267	)

							(169,224	)


	TOTAL LONG POSITIONS OF TOTAL RETURN SWAP		24,070,116		23,836,313		(233,803	)

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND


		Notional			Current			Unrealized
		Value			Value			Gain (Loss)

Total Return Swap Short Positions


	Australia – 7.5%
	ABB Grain Ltd. (Food & Staples Retailing)	$	(135,295	)	$	(134,126	)		1,169
	Adelaide Brighton Ltd. (Construction Materials)		(113,250	)		(111,775	)		1,475
	Alumina Ltd. (Metals & Mining)		(32,022	)		(26,622	)		5,400
	Asciano Group (Road & Rail)		(17,675	)		(17,376	)		299
	Ausenco Ltd. (Construction & Engineering)		(106,036	)		(104,420	)		1,616
	Bradken Ltd. (Machinery)		(118,624	)		(116,838	)		1,786
	Consolidated Media Holdings Ltd. (Media)		(113,658	)		(112,244	)		1,414
	Crown Ltd. (Hotels, Restaurants & Leisure)		(93,640	)		(92,220	)		1,420
	CSR Ltd. (Industrial Conglomerates)		(11,298	)		(11,099	)		199
	Gunns Ltd. (Paper & Forest Products)		(93,565	)		(92,365	)		1,200
	Hastie Group Ltd. (Building Products)		(31,854	)		(31,479	)		375
	Fairfax Media Ltd. (Media)		(68,841	)		(68,095	)		746
	OneSteel Ltd. (Metals & Mining)		(48,656	)		(48,000	)		656
	Origin Energy Ltd. (Oil, Gas & Consumable Fuels)		(103,052	)		(101,928	)		1,124
	Pharmaxis Ltd. (Pharmaceuticals)		(22,771	)		(22,469	)		302
	Seek Ltd. (Professional Services)		(100,102	)		(98,963	)		1,139
	Sims Metal Management Ltd. (Metals & Mining)		(31,744	)		(31,415	)		329
	Sonic Healthcare Ltd. (Health Care Providers & Services)		(262,048	)		(259,784	)		2,264
	SP Ausnet (Electric Utilities)		(30,941	)		(30,600	)		341
	Spark Infrastructure Group (Electric Utilities)		(47,260	)		(46,846	)		414
	TABCORP Holdings Ltd. (Hotels, Restaurants & Leisure)		(122,429	)		(120,918	)		1,511
	Toll Holdings Ltd. (Air Freight & Logistics)		(65,656	)		(64,892	)		764

									25,943


	Belgium – 4.8%
	Colruyt SA (Food & Staples Retailing)		(1,125,706	)		(1,120,337	)		5,369
	Telenet Group Holding NV (Diversified Telecommunication Services)		(3,437	)		(3,406	)		31

									5,400


	Denmark – 1.6%
	Genmab A/S (Biotechnology)		(100,414	)		(99,397	)		1,017
	NKT Holding A/S (Machinery)		(274,394	)		(269,963	)		4,431

									5,448


	Finland – 2.1%
	Outokumpu Oyj (Metals & Mining)		(338,936	)		(334,363	)		4,573
	Stora Enso Oyj Class R (Paper & Forest Products)		(103,249	)		(101,948	)		1,301
	Talvivaara Mining Co. PLC (Metals & Mining)		(49,241	)		(48,759	)		482

									6,356


	France – 16.8%
	Air Liquide SA (Chemicals)		(272,685	)		(270,550	)		2,135
	Arkema (Chemicals)		(355,063	)		(352,173	)		2,890
	Compagnie Generale des Etablissements Michelin Class B (Auto Components)		(133,338	)		(132,015	)		1,323
	Electricity de France SA (Electric Utilities)		(123,313	)		(122,009	)		1,304
	Essilor International SA (Health Care Equipment & Supplies)		(391,369	)		(388,447	)		2,922
	Eurofins Scientific (Life Sciences Tools & Services)		(85,037	)		(84,274	)		763
	Iliad SA (Diversified Telecommunication Services)		(378,351	)		(375,597	)		2,754
	Ingenico SA (Electronic Equipment, Instruments & Components)		(82,844	)		(82,241	)		603
	Klepierre (REIT)		(380,066	)		(376,422	)		3,644
	Natixis (Commercial Banks)		(762,124	)		(748,389	)		13,735
	UbiSoft Entertainment SA (Software)		(311,619	)		(308,173	)		3,446
	Vallourec SA (Machinery)		(303,163	)		(299,705	)		3,458

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND

Schedule of Investments (continued)

April 30, 2009 (Unaudited)


		Notional			Current			Unrealized
		Value			Value			Gain (Loss)

Total Return Swap Short Positions – (continued)
	France – (continued)

	Veolia Environnement (Multi-Utilities)	$	(405,688	)	$	(399,809	)		5,879

									44,856


	Germany – 7.3%
	Deutsche Postbank AG (Commercial Banks)		(749,073	)		(745,237	)		3,836
	ElringKlinger AG (Auto Components)		(123,076	)		(122,520	)		556
	Fraport AG (Transportation Infrastructure)		(105,272	)		(104,759	)		513
	Generali Deutschland Holding AG (Insurance)		(49,157	)		(49,047	)		110
	Linde AG (Chemicals)		(346,510	)		(345,467	)		1,043
	United Internet AG (Internet Software & Services)		(351,672	)		(350,498	)		1,174

									7,232


	Gibraltar – 0.6%
	888 Holdings PLC (Hotels, Restaurants & Leisure)		(135,798	)		(134,597	)		1,201


	Italy – 1.8%
	Cementir Holding SpA (Construction Materials)		(81,936	)		(80,801	)		1,135
	Geox SpA (Textiles, Apparel & Luxury Goods)		(205,440	)		(202,724	)		2,716
	Kerself SpA (Machinery)		(23,508	)		(23,350	)		158
	Saipem SpA (Energy Equipment & Services)		(111,169	)		(109,479	)		1,690

									5,699


	Japan – 25.0%
	Advantest Corp. (Semiconductors & Semiconductor Equipment)		(50,561	)		(50,661	)		(100	)
	Aeon Mall Co. Ltd. (Real Estate Management & Development)		(58,039	)		(57,598	)		441
	All Nippon Airways Co. Ltd. (Airlines)		(165,780	)		(164,312	)		1,468
	Capcom Co. Ltd. (Software)		(90,569	)		(90,694	)		(125	)
	Chiyoda Corp. (Construction & Engineering)		(234,271	)		(234,587	)		(316	)


	Citizen Holdings Co. Ltd. (Electronic Equipment, Instruments & Components)		(435,930	)		(435,999	)		(69	)
	Daikin Industries Ltd. (Building Products)		(113,682	)		(112,992	)		690
	Hitachi Capital Corp. (Consumer Finance)		(86,605	)		(86,091	)		514
	Hitachi Chemical Co. Ltd. (Chemicals)		(78,050	)		(77,811	)		239
	Hitachi Metals Ltd. (Metals & Mining)		(313,549	)		(315,441	)		(1,892	)
	Japan Securities Finance Co. Ltd. (Diversified Financial Services)		(67,792	)		(67,473	)		319
	Keyence Corp. (Electronic Equipment, Instruments & Components)		(117,317	)		(116,554	)		763
	Kyowa Hakko Kirin Co. Ltd. (Pharmaceuticals)		(177,446	)		(176,876	)		570
	MISUMI Group, Inc. (Trading Companies & Distributors)		(98,982	)		(98,564	)		418
	Mitsubishi Estate Co. Ltd. (Real Estate Management & Development)		(459,527	)		(457,490	)		2,037
	Nagoya Railroad Co. Ltd. (Road & Rail)		(225,665	)		(223,633	)		2,032
	NGK Spark Plug Co. Ltd. (Auto Components)		(174,621	)		(173,668	)		953
	Nomura Real Estate Office Fund, Inc. (REIT)		(15,626	)		(15,544	)		82
	Olympus Corp. (Health Care Equipment & Supplies)		(245,753	)		(245,810	)		(57	)
	ORIX Corp. (Consumer Finance)		(33,495	)		(33,252	)		243
	Rakuten, Inc. (Internet & Catalog Retail)		(70,327	)		(70,207	)		120
	Shimizu Corp (Construction & Engineering)		(48,301	)		(47,898	)		403
	Shionogi & Co. Ltd. (Pharmaceuticals)		(52,036	)		(51,613	)		423
	SOFTBANK Corp. (Wireless Telecommunication Services)		(407,644	)		(406,573	)		1,071

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND


		Notional			Current			Unrealized
		Value			Value			Gain (Loss)

Total Return Swap Short Positions – (continued)
	Japan – (continued)

	Sony Financial Holdings, Inc. (Insurance)	$	(56,918	)	$	(56,632	)		286
	Square Enix Holdings Co. Ltd. (Software)		(72,370	)		(71,982	)		388
	Sugi Holdings Co. Ltd. (Food & Staples Retailing)		(260,906	)		(258,741	)		2,165
	Sysmex Corp. (Health Care Equipment & Supplies)		(178,715	)		(177,757	)		958
	The Bank of Kyoto Ltd. (Commercial Banks)		(129,022	)		(128,425	)		597
	The Joyo Bank Ltd. (Commercial Banks)		(78,981	)		(78,538	)		443
	THK Co. Ltd. (Machinery)		(547,133	)		(546,426	)		707
	Tokyu Corp. (Road & Rail)		(98,854	)		(98,108	)		746
	Trend Micro, Inc. (Software)		(336,011	)		(334,959	)		1,052
	Unicharm Corp. (Household Products)		(105,454	)		(104,389	)		1,065
	Yamada Denki Co. Ltd. (Specialty Retail)		(171,899	)		(170,427	)		1,472

									20,106


	Netherlands – 3.4%
	Draka Holding NV (Electrical Equipment)		(63,040	)		(62,440	)		600
	Randstad Holding NV (Professional Services)		(176,404	)		(175,047	)		1,357
	SBM Offshore NV (Energy Equipment & Services)		(390,642	)		(386,084	)		4,558
	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)		(182,688	)		(181,259	)		1,429

									7,944


	Norway – 0.3%
	Norsk Hydro ASA (Metals & Mining)		(38,579	)		(37,920	)		659
	ODIM ASA (Machinery)		(40,061	)		(39,481	)		580

									1,239


	Spain – 4.9%
	Cintra Concesiones de Infraestructuras de Transporte SA (Transportation Infrastructure)		(112,373	)		(111,339	)		1,034


	Gamesa Corp. Tecnologica SA (Electrical Equipment)		(3,625	)		(3,586	)		39
	Grifols SA (Biotechnology)		(599,524	)		(595,255	)		4,269
	Grupo Catalana Occidente SA (Insurance)		(283,032	)		(281,269	)		1,763
	Laboratorios Farmaceuticos Rovi SA (Pharmaceuticals)		(26,876	)		(26,759	)		117
	Obrascon Huarte Lain SA (Construction & Engineering)		(140,645	)		(138,846	)		1,799

									9,021


	Sweden – 2.3%
	Holmen AB (Paper & Forest Products)		(161,282	)		(158,687	)		2,595
	Investor AB Class B (Diversified Financial Services)		(59,764	)		(58,845	)		919
	Kinnevik Investment AB (Diversified Financial Services)		(244,691	)		(240,033	)		4,658
	Tele2 AB Class B (Diversified Telecommunication Services)		(90,878	)		(89,079	)		1,799

									9,971


	Switzerland – 1.0%
	Givaudan SA (Chemicals)		(58,737	)		(58,247	)		490
	Swatch Group AG (Textiles, Apparel & Luxury Goods)		(174,420	)		(172,386	)		2,034

									2,524


	United Kingdom – 20.6%
	BTG PLC (Life Sciences Tools & Services)		(116,354	)		(115,193	)		1,161
	Burberry Group PLC (Textiles, Apparel & Luxury Goods)		(367,498	)		(363,292	)		4,206
	Chloride Group PLC (Electrical Equipment)		(80,196	)		(79,508	)		688
	Daily Mail and General Trust PLC (Media)		(91,899	)		(90,895	)		1,004
	Dignity PLC (Diversified Consumer Services)		(83,511	)		(82,810	)		701
	easyJet PLC (Airlines)		(33,434	)		(33,034	)		400
	Fresnillo PLC (Metals & Mining)		(309,945	)		(306,853	)		3,092

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND

Schedule of Investments (continued)

April 30, 2009 (Unaudited)


		Notional			Current			Unrealized
		Value			Value			Gain (Loss)

Total Return Swap Short Positions – (continued)
	United Kingdom – (continued)

	Gem Diamonds Ltd. (Metals & Mining)	$	(43,061	)	$	(42,566	)		495
	Go-Ahead Group PLC (Road & Rail)		(96,946	)		(96,246	)		700
	Hikma Pharmaceuticals PLC (Pharmaceuticals)		(366,332	)		(364,287	)		2,045
	Hochschild Mining PLC (Metals & Mining)		(196,536	)		(194,468	)		2,068
	InterContinental Hotels Group PLC (Hotels, Restaurants & Leisure)		(668,140	)		(661,562	)		6,578
	ITV PLC (Media)		(675,366	)		(668,146	)		7,220
	Lonmin PLC (Metals & Mining)		(114,623	)		(112,782	)		1,841
	Melrose PLC (Machinery)		(66,886	)		(66,176	)		710
	Morgan Crucible Co. PLC (Machinery)		(120,058	)		(118,955	)		1,103
	Pennon Group PLC (Water Utilities)		(536,524	)		(531,949	)		4,575
	Randgold Resources Ltd. (Metals & Mining)		(107,579	)		(106,773	)		806
	SABMiller PLC (Beverages)		(100,026	)		(99,031	)		995
	Serco Group PLC (Commercial Services & Supplies)		(167,769	)		(166,186	)		1,583
	Severn Trent PLC (Water Utilities)		(115,651	)		(114,487	)		1,164


	Shire PLC (Pharmaceuticals)		(48,322	)		(47,902	)		420
	St. Modwen Properties PLC (Real Estate Management & Development)		(59,113	)		(58,512	)		601
	The Carphone Warehouse Group PLC (Specialty Retail)		(91,683	)		(90,404	)		1,279
	Wincanton PLC (Air Freight & Logistics)		(188,543	)		(186,665	)		1,878

									47,313


	TOTAL SHORT POSITIONS OF TOTAL RETURN SWAP		(23,584,152	)		(23,383,899	)		200,253


	NET LONG AND SHORT POSITIONS OF TOTAL RETURN SWAP							$	(33,550	)


	NET FINANCING COST							$	7,125


	CORPORATE ACTIONS							$	(24,594	)


	NET SWAP CONTRACT							$	(51,019	)

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

Credit Suisse First Boston Corp. acts as the counterparty for the Fund’s swap contract. Termination date for this contract is January 5, 2014.

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At April 30, 2009, the Fund had outstanding forward foreign currency exchange contracts, both to purchase and sell foreign currencies:

Open Forward Foreign Currency

Contract

Expiration

Value on

Current

Unrealized

Contracts with Unrealized Gain

Type

Date

Settlement Date

Value

Gain

Australian Dollar

Purchase

05/01/09

21,187

21,800

613

Euro

Purchase

05/04/09

26,142

26,462

320

Japanese Yen

Sale

05/07/09

242,955

238,009

4,946

TOTAL

5,879


Open Forward Foreign Currency	Contract	Expiration	Value on		Current		Unrealized
Contracts with Unrealized Loss	Type	Date	Settlement Date		Value		Loss

Danish Krone	Sale	05/01/09	$	33,354	$	33,747	$	(393	)
Norwegian Krone	Sale	05/04/09		28,385		28,935		(550	)
Swedish Krona	Sale	05/04/09		91,865		93,233		(1,368	)


TOTAL							$	(2,311	)

FUTURES CONTRACTS — At April 30, 2009, the following futures contracts were open:


	Number of		Settlement	Notional		Unrealized
Type	Contracts Long		Month	Value		Gain

Dow Jones Euro Stoxx 50 Index		32	June 2009	$	985,656	$	160,366
FTSE 100 Index		7	June 2009		435,653		42,335
SPI 200 Index		2	June 2009		136,847		13,146
TOPIX Index		6	June 2009		511,661		73,399


TOTAL						$	289,246

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

GOLDMAN SACHS STRUCTURED EMERGING MARKETS EQUITY FUND

Schedule of Investments

April 30, 2009 (Unaudited)


	Shares		Description	Value

Common Stocks – 97.2%


	Argentina – 0.0%
		3,475	Banco Macro SA ADR (Banks)	$	41,700


	Brazil – 14.8%
		235,900	Banco do Brasil SA (Banks)		2,020,661
		252,600	Banco do Estado do Rio Grande do Sul SA Preference B Shares (Banks)		825,094
		186,400	Centrais Eletricas Brasileiras SA (Utilities)*		2,467,791
		205,500	Centrais Eletricas Brasileiras SA Preference B Shares (Utilities)*		2,649,311
		19,000	Companhia de Saneamento de Minas Gerais – Copasa MG (Utilities)		205,802
		93,400	Companhia Vale do Rio Doce ADR (Materials)^(a)		1,542,034
		210,000	Companhia Vale do Rio Doce Preference A Shares (Materials)		2,949,085
		43,500	Equatorial Energia SA (Utilities)		270,863
		54,200	Investimentos Itau SA Preference Shares (Banks)		231,761
		79,825	Itau Unibanco Banco Multiplo SA ADR Preference Shares (Banks)		1,096,001
		161,750	Petroleo Brasileiro SA ADR (Energy)		5,429,947
		402,500	Petroleo Brasileiro SA Preference Shares (Energy)		5,446,470
		48,800	Souza Cruz SA (Food, Beverage & Tobacco)		1,038,891

					26,173,711


	Chile – 1.0%
		914,416	Centros Comerciales Sudamericanos SA (Food & Staples Retailing)		1,809,184
		2,007	Empresas CMPC SA (Materials)		44,815

					1,853,999


	China – 11.8%
		1,178,000	Agile Property Holdings Ltd. Class H (Real Estate)		876,030
		372,000	Angang Steel Co. Ltd. Class H (Materials)		441,856
		3,282,000	Bank of China Ltd. Class H (Banks)		1,216,885
		8,068,000	China Construction Bank Corp. Class H (Banks)		4,657,805
		5,106,000	China Telecom Corp. Ltd. Class H (Telecommunication Services)		2,513,516
		2,346,000	Dongfeng Motor Group Co. Ltd. Class H (Automobiles & Components)		1,745,765
		320,000	Harbin Power Equipment Co. Ltd. Class H (Capital Goods)		239,385
		9,700	Netease.com, Inc. ADR Class H (Software & Services)*		292,746


		4,496,000	PetroChina Co. Ltd. Class H (Energy)		3,918,575
		55,000	Ping An Insurance Group Co. of China Ltd. Class H (Insurance)		339,762
		1,331,000	Shui On Land Ltd. Class H (Real Estate)		570,516
		1,556,500	Sino-Ocean Land Holdings Ltd. Class H (Real Estate)		1,143,800
		2,096,000	Yanzhou Coal Mining Co. Ltd. Class H (Energy)		1,976,974
		1,236,000	Zijin Mining Group Co. Ltd. Class H (Materials)		946,661

					20,880,276


	Egypt – 1.4%
		874,403	Telecom Egypt (Telecommunication Services)		2,481,569


	Hong Kong – 8.1%
		528,000	Chaoda Modern Agriculture Holdings Ltd. (Food, Beverage & Tobacco)		300,174
		86,000	China Everbright Ltd. (Diversified Financials)		166,424
		494,000	China Mobile Ltd. (Telecommunication Services)		4,265,804
		1,666,000	China Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		829,333
		3,589,000	CNOOC Ltd. (Energy)		4,006,469
		2,770,000	Guangdong Investment Ltd. (Utilities)		1,141,052
		202,800	Lee & Man Paper Manufacturing Ltd. (Materials)		150,311
		643,000	Nine Dragons Paper Holdings Ltd. (Materials)		291,032
		8,554,000	Shenzhen Investment Ltd. (Real Estate)		2,466,501
		566,500	Shimao Property Holdings Ltd. (Real Estate)		629,143

					14,246,243


	Hungary – 0.2%
		6,508	Egis Gyogyszergyar Nyrt (Pharmaceuticals, Biotechnology & Life Sciences)*		359,801


	India – 4.0%
		10,875	Bajaj Holdings and Investment Ltd. (Diversified Financials)		74,368
		476,921	Bank of India (Banks)		2,254,039
		29,379	Bharat Petroleum Corp. Ltd. (Energy)		228,346
		134,338	CESC Ltd. (Utilities)		628,396
		12,497	Hindustan Zinc Ltd. (Materials)		121,304
		94,129	Housing Development & Infrastructure Ltd. (Real Estate)		278,258

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

GOLDMAN SACHS STRUCTURED EMERGING MARKETS EQUITY FUND


	Shares		Description	Value

Common Stocks – (continued)
	India – (continued)

		85,731	ICICI Bank Ltd. (Banks)	$	829,686
		133,749	Indiabulls Financial Services Ltd. (Diversified Financials)		303,634
		330,659	Indiabulls Real Estate Ltd. (Real Estate)		860,935
		56,415	Steel Authority of India Ltd. (Materials)		124,272
		128,881	Sterlite Industries India Ltd. (Materials)		1,076,010
		71,374	The Great Eastern Shipping Co. Ltd. (Energy)		295,552

					7,074,800


	Indonesia – 5.4%
		226,000	PT Astra Agro Lestari Tbk (Food, Beverage & Tobacco)		333,988
		1,191,500	PT Astra International Tbk (Automobiles & Components)		2,007,581
		6,529,000	PT Bakrieland Development Tbk (Real Estate)*		100,579
		3,912,500	PT Bank Central Asia Tbk (Banks)		1,226,499
		5,073,500	PT Bank Mandiri Persero Tbk (Banks)		1,318,577
		4,847,000	PT Bank Negara Indonesia Persero Tbk (Banks)		566,252
		1,006,500	PT Bank Rakyat Indonesia (Banks)		546,069
		2,005,500	PT Indah Kiat Pulp and Paper Corp. Tbk (Materials)*		211,814
		659,000	PT Indosat Tbk (Telecommunication Services)		345,410
		3,845,000	PT Telekomunikasi Indonesia Tbk (Telecommunication Services)		2,793,718

					9,450,487


	Israel – 2.7%
		15,355	Harel Insurance Investments & Financial Services Ltd. (Insurance)*		478,226
		12,467	Mizrahi Tefahot Bank Ltd. (Banks)		68,986
		10,262	Nice Systems Ltd. ADR (Technology Hardware & Equipment)*		262,810
		63,857	Teva Pharmaceutical Industries Ltd. ADR (Pharmaceuticals, Biotechnology & Life Sciences)		2,802,683
		2,804	The Israel Corp. Ltd. (Materials)		1,180,847

					4,793,552


	Malaysia – 0.3%
		197,100	PPB Group Berhad (Food, Beverage & Tobacco)		585,427


	Mexico – 6.5%
		195,265	America Movil SAB de CV ADR Series L (Telecommunication Services)		6,414,455
		196,350	Cemex SAB de CV ADR (Materials)*^(a)		1,468,698
		431,700	Controladora Comercial Mexicana SA de CV (Food & Staples Retailing)*		160,410
		1,240	Fomento Economico Mexicano SAB de CV ADR (Food, Beverage & Tobacco)		35,104
		57,980	Grupo Aeroportuario del Pacifico SAB de CV ADR (Transportation)^(a)		1,192,069
		5,190	Grupo Elektra SA de CV (Retailing)		219,156
		159,400	Grupo Financiero Banorte SAB de CV Class O (Banks)		245,923
		2,152,969	Grupo Mexico SAB de CV Series B (Materials)		1,668,606

					11,404,421


	Poland – 0.4%
		36,704	KGHM Polska Miedz SA (Materials)		643,185


	Russia – 5.8%
		108,300	Mechel ADR (Materials)^(a)		576,156
		49,538	Novolipetsk Steel OJSC (Registered) GDR (Materials)		748,776
		213,977	OAO Gazprom ADR (Energy)		3,787,393
		582,445	Sberbank RF (Banks)		484,148
		535,088	Surgutneftegaz ADR (Energy)*^(a)		3,772,370
		2,587,084	Surgutneftegaz Preference Shares (Energy)*		773,117

					10,141,960


	South Africa – 7.7%
		273,109	Gold Fields Ltd. ADR (Materials)		2,840,333
		33,983	Harmony Gold Mining Co. Ltd. ADR (Materials)*		316,722
		29,846	Impala Platinum Holdings Ltd. (Materials)		570,268
		292,699	JD Group Ltd. (Retailing)		1,172,978
		159,969	MTN Group Ltd. (Telecommunication Services)		2,076,908
		158,392	Nedbank Group Ltd. (Banks)		1,615,483
		247,866	Remgro Ltd. (Diversified Financials)		2,109,681
		204,941	Shoprite Holdings Ltd. (Food & Staples Retailing)		1,227,802
		128,078	Standard Bank Group Ltd. (Banks)		1,237,516
		27,368	Telkom South Africa Ltd. (Telecommunication Services)		344,831

					13,512,522

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

GOLDMAN SACHS STRUCTURED EMERGING MARKETS EQUITY FUND

Schedule of Investments (continued)

April 30, 2009 (Unaudited)


	Shares		Description	Value

Common Stocks – (continued)

	South Korea – 8.3%
		19,940	Binggrae Co. Ltd. (Food, Beverage & Tobacco)	$	626,155
		58,740	Daishin Securities Co. Ltd. (Diversified Financials)*		817,096
		2,166	Hyundai Heavy Industries Co. Ltd. (Capital Goods)		388,345
		29,085	Hyundai Mipo Dockyard Co. Ltd. (Capital Goods)		3,388,743
		1,099	KCC Corp. (Capital Goods)		304,838
		398	Lotte Confectionery Co. Ltd. (Food, Beverage & Tobacco)		320,422
		11,498	Lotte Shopping Co. Ltd. (Retailing)		2,008,284
		6,541	Samsung Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment)		3,020,353
		40,010	SK Holdings Co. Ltd. (Capital Goods)		3,700,965

					14,575,201


	Taiwan – 16.8%
		495,000	Asia Optical Co., Inc. (Consumer Durables & Apparel)		564,660
		91,196	AU Optronics Corp. (Technology Hardware & Equipment)		97,022
		4,051,000	BES Engineering Corp. (Capital Goods)		988,931
		928,000	China Life Insurance Co. Ltd. (Insurance)*		395,438
		491,000	Compal Electronics, Inc. (Technology Hardware & Equipment)		416,387
		447,000	Coretronic Corp. (Technology Hardware & Equipment)		386,167
		920,000	CTCI Corp. (Capital Goods)		679,205
		297,000	Evergreen Marine Corp. (Transportation)		148,031
		519,000	Formosa Plastics Corp. (Materials)		914,438
		335,000	Formosa Taffeta Co. Ltd. (Consumer Durables & Apparel)		215,303
		2,387,000	Fubon Financial Holding Co. Ltd. (Diversified Financials)		1,850,210
		114,200	HTC Corp. (Technology Hardware & Equipment)		1,546,456
		98,000	LITE-ON IT Corp. (Technology Hardware & Equipment)		51,478
		81,000	Lite-On Technology Corp. (Technology Hardware & Equipment)		64,824
		2,476,925	Macronix International Co. Ltd. (Semiconductors & Semiconductor Equipment)		1,031,113
		203,000	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)		2,111,215


		680,000	Micro-Star International Co. Ltd. (Technology Hardware & Equipment)		416,995
		922,000	Polaris Securities Co. Ltd. (Diversified Financials)		344,513
		3,144,000	Quanta Computer, Inc. (Technology Hardware & Equipment)		4,680,981
		225,000	Shihlin Electric & Engineering Corp. (Capital Goods)		224,868
		128,000	Soft-World International Corp. (Software & Services)		506,987
		326,000	Taiwan Cement Corp. (Materials)		311,457
		1,049,175	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment)		11,089,779
		1,244,000	Waterland Financial Holdings (Diversified Financials)		300,950
		830,000	Yieh Phui Enterprise (Materials)		268,708

					29,606,116


	Turkey – 2.0%
		1,478,478	Eczacibasi Ilac Sanayi (Pharmaceuticals, Biotechnology & Life Sciences)		1,116,860
		55,913	Haci Omer Sabanci Holding AS (Diversified Financials)		142,982
		136,723	Koc Holding AS (Capital Goods)*		249,544
		416,352	Turk Hava Yollari Anonim Ortakligi (Transportation)*		2,038,084

					3,547,470


	TOTAL COMMON STOCKS
	(Cost $161,816,314)			$	171,372,440


Exchange Traded Fund – 1.6%


	Other – 1.6%
		95,000	iShares MSCI Emerging Markets Index Fund	$	2,721,750
	(Cost $2,164,206)

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

GOLDMAN SACHS STRUCTURED EMERGING MARKETS EQUITY FUND


	Shares		Rate			Value

Investment Company^(b) – 0.0%


	JPMorgan U.S. Government Money Market Fund – Capital Shares
		43,570		0.377	%	$	43,570
	(Cost $43,570)


	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $164,024,090)					$	174,137,760


Securities Lending Reinvestment Vehicle^(b)(c) – 3.2%


	Boston Global Investment Trust – Enhanced Portfolio II
		5,748,421		0.463	%	$	5,685,189
	(Cost $5,663,347)


	TOTAL INVESTMENTS – 102.0%
	(Cost $169,687,437)					$	179,822,949


	LIABILITIES IN EXCESS OF OTHER ASSETS – (2.0)%						(3,580,472	)


	NET ASSETS – 100.0%					$	176,242,477

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


*		Non-income producing security.

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

(b)		Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2009.

(c)		Represents an affiliated issuer.




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

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND

Schedule of Investments

April 30, 2009 (Unaudited)


	Shares		Description	Value

Common Stocks – 96.7%


	Australia – 4.2%
		242,044	AGL Energy Ltd. (Multi-Utilities)	$	2,663,045
		515,552	Amcor Ltd. (Containers & Packaging)		1,799,951
		207,168	ASX Ltd. (Diversified Financial Services)		4,911,173
��		258,394	Australia and New Zealand Banking Group Ltd. (Commercial Banks)		2,979,855
		81,363	Bendigo and Adelaide Bank Ltd. (Commercial Banks)		405,147
		809,992	BHP Billiton Ltd. (Metals & Mining)		19,567,442
		466,259	Caltex Australia Ltd. (Oil, Gas & Consumable Fuels)		3,329,421
		134,434	Coca-Cola Amatil Ltd. (Beverages)		892,443
		17,472	Cochlear Ltd. (Health Care Equipment & Supplies)		630,244
		304,920	Commonwealth Bank of Australia (Commercial Banks)		7,791,064
		81,100	Computershare Ltd. (IT Services)		537,616
		1,320,483	Goodman Fielder Ltd. (Food Products)		1,099,974
		633,192	Macquarie Airports (Transportation Infrastructure)		834,614
		138,367	Macquarie Group Ltd. (Capital Markets)		3,347,388
		2,163,479	Metcash Ltd. (Food & Staples Retailing)		6,534,241
		310,794	National Australia Bank Ltd. (Commercial Banks)		4,648,002
		15,034	QBE Insurance Group Ltd. (Insurance)		237,760
		1,098,700	Tatts Group Ltd. (Hotels, Restaurants & Leisure)		2,203,117
		134,153	Wesfarmers Ltd. (Food & Staples Retailing)		2,204,312
		499,810	Westfield Group (REIT)		3,901,371
		99,112	WorleyParsons Ltd. (Energy Equipment & Services)		1,307,308

					71,825,488


	Austria – 2.1%
		235,456	Erste Groupe Bank AG^(a) (Commercial Banks)		4,912,925
		102,552	Oesterreichische Elektrizitaetswirtschafts AG (Verbund) (Electric Utilities)		4,211,046
		419,858	OMV AG (Oil, Gas & Consumable Fuels)		13,007,231
		30,242	Strabag SE (Construction & Engineering)		699,400


		653,215	Telekom Austria AG (Diversified Telecommunication Services)		8,592,126
		30,397	Vienna Insurance Group (Insurance)		1,185,008
		135,018	voestalpine AG^(a) (Metals & Mining)		2,583,257
		5,939	Wienerberger AG (Building Products)		69,891

					35,260,884


	Belgium – 2.6%
		312,517	Anheuser-Busch InBev NV^(a) (Beverages)		9,566,824
		201,831	Delhaize Group (Food & Staples Retailing)		13,612,431
		76,389	KBC GROEP NV (Commercial Banks)		1,679,137
		157,680	Mobistar SA (Wireless Telecommunication Services)		9,435,735
		293,336	UCB SA^(a) (Pharmaceuticals)		7,983,879
		88,400	Umicore^(a) (Chemicals)		1,732,488

					44,010,494


	Denmark – 1.5%
		303	A.P. Moller – Maersk A/S^(a) (Marine)		1,730,897
		1,461	A.P. Moller – Maersk A/S Class B (Marine)		8,486,460
		14,819	Carlsberg A/S Class B (Beverages)		721,222
		137,472	Danisco A/S (Food Products)		4,502,221
		54,387	Danske Bank A/S* (Commercial Banks)		606,189
		70,922	FLSmidth & Co. A/S* (Construction & Engineering)		2,299,022
		70,812	Novo Nordisk A/S Class B (Pharmaceuticals)		3,389,729
		30,062	Novozymes A/S Class B* (Chemicals)		2,047,776
		13,140	Vestas Wind Systems A/S* (Electrical Equipment)		867,069
		15,132	William Demant Holding A/S* (Health Care Equipment & Supplies)		720,328

					25,370,913


	Finland – 1.8%
		376,000	Elisa Oyj (Diversified Telecommunication Services)		4,978,116
		313,998	Kesko Oyj Class B^(a) (Food & Staples Retailing)		8,164,866
		47,604	Metso Corp. (Machinery)		728,973
		736,908	Nokia Oyj^(a) (Communications Equipment)		10,466,630

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND


	Shares		Description	Value

Common Stocks – (continued)
	Finland – (continued)

		112,552	Orion Oyj Class B (Pharmaceuticals)	$	1,630,009
		90,678	Rautaruukki Oyj (Metals & Mining)		1,687,205
		47,662	Sampo Oyj^(a) (Insurance)		889,118
		76,650	Wartsila Corp. (Machinery)		2,527,157

					31,072,074


	France – 9.1%
		87,825	Alstom SA (Electrical Equipment)		5,474,780
		368,776	AXA SA^(a) (Insurance)		6,196,054
		240,242	BNP Paribas (Commercial Banks)		12,647,244
		100,756	Casino Guichard-Perrachon SA (Food & Staples Retailing)		6,285,470
		86,366	Christian Dior SA (Textiles, Apparel & Luxury Goods)		5,787,173
		149,396	Compagnie Generale de Geophysique-Veritas* (Energy Equipment & Services)		2,158,342
		47,902	PPR^(a) (Multiline Retail)		3,669,913
		59,584	PSA Peugeot Citroen (Automobiles)		1,375,955
		72,779	Publicis Groupe^(a) (Media)		2,224,478
		626,054	Sanofi-Aventis^(a) (Pharmaceuticals)		36,256,083
		128,546	Schneider Electric SA^(a) (Electrical Equipment)		9,782,142
		165,657	SCOR SE (Insurance)		3,476,713
		33,530	SES (Media)		605,275
		49,383	Societe BIC SA (Commercial Services & Supplies)		2,651,034
		42,134	Technip SA^(a) (Energy Equipment & Services)		1,810,082
		415,709	Total SA (Oil, Gas & Consumable Fuels)		20,800,288
		16,046	Unibail-Rodamco (REIT)		2,392,867
		464,760	Valeo SA*^(a) (Auto Components)		9,577,067
		842,202	Vivendi SA^(a) (Media)		22,645,998

					155,816,958


	Germany – 7.2%
		195,955	Adidas AG^(a) (Textiles, Apparel & Luxury Goods)		7,403,628
		154,012	Allianz SE^(a) (Insurance)		14,211,144
		552,046	BASF SE^(a) (Chemicals)		20,832,871
		23,279	Bayerische Motoren Werke (BMW) AG (Automobiles)		806,595
		272,083	Daimler AG^(a) (Automobiles)		9,754,203
		135,026	Deutsche Bank AG^(a) (Capital Markets)		7,200,553
		13,591	Deutsche Boerse AG (Diversified Financial Services)		1,004,029
		802,195	Deutsche Lufthansa AG (Airlines)		10,233,357


		496,552	Deutsche Telekom AG^(a) (Diversified Telecommunication Services)		6,004,868
		188,579	E.ON AG^(a) (Electric Utilities)		6,377,164
		177,806	GEA Group AG (Machinery)		2,338,573
		3,902	HeidelbergCement AG (Construction Materials)		164,547
		40,291	Hochtief AG (Construction & Engineering)		1,973,273
		71,135	Muenchener Rueckversicherungs-Gesellschaft AG (Insurance)		9,828,721
		15,964	Q-Cells SE* (Electrical Equipment)		335,628
		78,693	RWE AG^(a) (Multi-Utilities)		5,672,852
		22,404	Salzgitter AG (Metals & Mining)		1,593,644
		112,553	Siemens AG (Industrial Conglomerates)		7,567,471
		156,478	Suedzucker AG^(a) (Food Products)		3,028,580
		293,501	ThyssenKrupp AG (Metals & Mining)		6,279,075
		9,933	Wacker Chemie AG (Chemicals)		1,028,102

					123,638,878


	Greece – 0.3%
		87,290	Hellenic Petroleum SA (Oil, Gas & Consumable Fuels)		845,949
		705,777	Marfin Investment Group SA* (Capital Markets)		3,026,292
		76,629	National Bank of Greece SA (Commercial Banks)		1,593,565

					5,465,806


	Hong Kong – 4.3%
		1,758,000	Boc Hong Kong Holdings Ltd. (Commercial Banks)		2,487,456
		408,000	Cathay Pacific Airways Ltd. (Airlines)		473,803
		449,000	Cheung Kong (Holdings) Ltd. (Real Estate Management & Development)		4,671,876
		129,000	Cheung Kong Infrastructure Holdings Ltd. (Electric Utilities)		500,184
		1,250,000	Chinese Estates Holdings Ltd. (Real Estate Management & Development)		1,554,576
		1,132,500	CLP Holdings Ltd. (Electric Utilities)		7,649,749
		442,900	Esprit Holdings Ltd. (Specialty Retail)		2,713,756
		1,452,000	Foxconn International Holdings Ltd.* (Communications Equipment)		892,968

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

April 30, 2009 (Unaudited)


	Shares		Description	Value

Common Stocks – (continued)
	Hong Kong – (continued)

		834,000	Hang Lung Group Ltd. (Real Estate Management & Development)	$	3,054,451
		310,000	Hang Lung Properties Ltd. (Real Estate Management & Development)		881,994
		372,300	Hang Seng Bank Ltd. (Commercial Banks)		4,128,848
		130,000	Hong Kong & China Gas Co. Ltd. (Gas Utilities)		243,224
		628,000	Hong Kong Electric Holdings Ltd. (Electric Utilities)		3,715,489
		408,900	Hong Kong Exchanges & Clearing Ltd. (Diversified Financial Services)		4,707,260
		342,000	Hopewell Holdings Ltd. (Real Estate Management & Development)		878,207
		1,499,000	Hutchison Telecommunications Hong Kong Holdings Ltd.* (Wireless Telecommunication Services)		145,064
		1,499,000	Hutchison Telecommunications International Ltd. (Wireless Telecommunication Services)		280,456
		1,342,000	Hutchison Whampoa Ltd. (Industrial Conglomerates)		7,869,963
		325,000	Hysan Development Co. Ltd. (Real Estate Management & Development)		590,243
		50,500	Kerry Properties Ltd. (Real Estate Management & Development)		154,431
		684,739	Kingboard Chemical Holdings Ltd. (Electronic Equipment, Instruments & Components)		1,659,898
		850,000	Li & Fung Ltd. (Distributors)		2,388,001
		776,000	Mongolia Energy Corp. Ltd.* (Oil, Gas & Consumable Fuels)		224,288
		99,000	MTR Corp. Ltd. (Road & Rail)		251,650
		637,000	New World Development Co. Ltd. (Real Estate Management & Development)		843,300
		230,000	Orient Overseas International Ltd. (Marine)		660,286
		857,000	Pacific Basin Shipping Ltd. (Marine)		423,759
		100,000	Sino Land Co. Ltd. (Real Estate Management & Development)		129,031
		404,000	Sun Hung Kai Properties Ltd. (Real Estate Management & Development)		4,209,392
		1,386,500	Swire Pacific Ltd. (Real Estate Management & Development)		10,838,107
		882,016	The Link (REIT)		1,716,869


		913,000	Wheelock & Co. Ltd. (Real Estate Management & Development)		1,972,493
		151,500	Yue Yuen Industrial (Holdings) Ltd. (Textiles, Apparel & Luxury Goods)		337,794

					73,248,866


	Ireland – 0.3%
		54,448	CRH PLC (Construction Materials)		1,404,801
		160,421	Kerry Group PLC (Food Products)		3,277,183

					4,681,984


	Italy – 4.7%
		3,387,828	Enel SpA (Electric Utilities)		18,363,648
		574,371	Eni SpA (Oil, Gas & Consumable Fuels)		12,325,499
		148,113	Exor SpA* (Diversified Financial Services)		1,895,013
		90,385	Fiat SpA* (Automobiles)		883,637
		3,442,583	Intesa Sanpaolo (Commercial Banks)		10,967,578
		62,135	Italcementi SpA (Construction Materials)		747,992
		8,174,336	Parmalat SpA^(a) (Food Products)		16,235,185
		870,216	Telecom Italia SpA (Diversified Telecommunication Services)		777,420
		4,999,311	Telecom Italia SpA^(a) (Diversified Telecommunication Services)		6,321,600
		4,650,211	UniCredit SpA (Commercial Banks)		11,323,126

					79,840,698


	Japan – 22.9%
		53,600	Aisin Seiki Co. Ltd. (Auto Components)		1,100,750
		868,400	Alps Electric Co. Ltd. (Electronic Equipment, Instruments & Components)		4,644,018
		1,818,000	AMADA Co. Ltd. (Machinery)		11,257,768
		2,213,000	Asahi Kasei Corp. (Chemicals)		8,896,363
		683,000	Astellas Pharma, Inc. (Pharmaceuticals)		22,209,169
		278,400	Brother Industries Ltd. (Office Electronics)		2,262,788
		214,200	Canon Marketing Japan, Inc. (Distributors)		2,590,109
		352,400	Canon, Inc. (Office Electronics)		10,545,813
		22,000	Credit Saison Co. Ltd. (Consumer Finance)		247,150
		236,000	Dai Nippon Printing Co. Ltd. (Commercial Services & Supplies)		2,498,252

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND


	Shares		Description	Value

Common Stocks – (continued)
	Japan – (continued)

		93,000	Daicel Chemical Industries Ltd. (Chemicals)	$	390,761
		209,200	Dainippon Sumitomo Pharma Co. Ltd. (Pharmaceuticals)		1,660,407
		103,800	Daito Trust Construction Co. Ltd. (Real Estate Management & Development)		4,328,266
		61,000	Daiwa House Industry Co. Ltd. (Real Estate Management & Development)		532,741
		31,100	Denso Corp. (Auto Components)		735,168
		2,500	Elpida Memory, Inc.* (Semiconductors & Semiconductor Equipment)		26,567
		795,000	Fuji Heavy Industries Ltd. (Automobiles)		3,201,498
		1,774	Fuji Media Holdings, Inc. (Media)		1,977,785
		274,900	FUJIFILM Holdings Corp. (Electronic Equipment, Instruments & Components)		7,072,696
		618,000	Fukuoka Financial Group, Inc. (Commercial Banks)		1,904,414
		625,000	Hitachi Ltd. (Electronic Equipment, Instruments & Components)		2,183,948
		773,800	Honda Motor Co. Ltd. (Automobiles)		22,677,682
		52,900	Idemitsu Kosan Co. Ltd. (Oil, Gas & Consumable Fuels)		3,907,191
		52,000	Isuzu Motors Ltd. (Automobiles)		85,946
		25,500	Japan Petroleum Exploration Co. Ltd. (Oil, Gas & Consumable Fuels)		1,006,551
		346	Japan Prime Realty Investment Corp. (REIT)		595,997
		185,900	JFE Holdings, Inc. (Metals & Mining)		5,077,521
		303,000	Kaneka Corp. (Chemicals)		1,757,061
		13,000	Kao Corp. (Household Products)		243,997
		515,000	Kawasaki Kisen Kaisha Ltd. (Marine)		1,940,428
		107,000	Keisei Electric Railway Co. Ltd. (Road & Rail)		508,754
		66,000	Konica Minolta Holdings, Inc. (Office Electronics)		545,196
		1,093,000	Kubota Corp.^(a) (Machinery)		6,569,401
		606,100	Leopalace21 Corp. (Real Estate Management & Development)		4,439,855
		57,400	Makita Corp. (Household Durables)		1,325,461
		40,400	Marui Group Co. Ltd. (Multiline Retail)		222,851
		284,000	Matsui Securities Co. Ltd. (Capital Markets)		2,013,237


		1,859,000	Mazda Motor Corp. (Automobiles)		4,629,319
		539,000	Mitsubishi Electric Corp. (Electrical Equipment)		2,870,615
		7,000	Mitsubishi Gas Chemical Co., Inc. (Chemicals)		32,438
		319,000	Mitsubishi Heavy Industries Ltd. (Machinery)		1,044,198
		58,000	Mitsubishi Tanabe Pharma Corp. (Pharmaceuticals)		553,613
		1,827,100	Mitsubishi UFJ Financial Group, Inc. (Commercial Banks)		9,966,589
		61,700	Mitsui & Co. Ltd. (Trading Companies & Distributors)		654,425
		1,068,000	Mitsui O.S.K. Lines Ltd. (Marine)		6,103,071
		21,000	Mitsui Sumitomo Insurance Group Holdings, Inc. (Insurance)		572,955
		4,500	Mitsumi Electric Co. Ltd. (Computers & Peripherals)		74,057
		4,666,600	Mizuho Financial Group, Inc.^(a) (Commercial Banks)		9,840,425
		134,800	Namco Bandai Holdings, Inc. (Leisure Equipment & Products)		1,341,294
		1,184,000	NEC Corp.* (Computers & Peripherals)		3,936,415
		164,400	NEC Electronics Corp.* (Semiconductors & Semiconductor Equipment)		1,733,052
		39,700	Nintendo Co. Ltd. (Software)		10,673,777
		163	Nippon Building Fund, Inc. (REIT)		1,324,329
		1,725,000	Nippon Express Co. Ltd. (Road & Rail)		6,151,846
		206,500	Nippon Mining Holdings, Inc. (Oil, Gas & Consumable Fuels)		937,639
		565,100	Nippon Telephone & Telegraph Corp. (Diversified Telecommunication Services)		21,293,241
		2,783,000	Nippon Yusen Kabushiki Kaisha (Marine)		11,400,058
		1,087,800	Nissan Motor Co. Ltd. (Automobiles)		5,677,755
		729,000	Nisshin Seifun Group, Inc. (Food Products)		7,505,894
		3,284,000	Nisshin Steel Co. Ltd. (Metals & Mining)		6,336,155
		75,000	Nisshinbo Industries, Inc. (Textiles, Apparel & Luxury Goods)		791,039
		231,500	Nomura Real Estate Holdings, Inc.^(a) (Real Estate Management & Development)		3,789,675
		1,818	NTT DoCoMo, Inc. (Wireless Telecommunication Services)		2,536,816

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

April 30, 2009 (Unaudited)


	Shares		Description	Value

Common Stocks – (continued)
	Japan – (continued)

		5,581,000	Osaka Gas Co. Ltd. (Gas Utilities)	$	17,685,762
		458,000	Ricoh Co. Ltd. (Office Electronics)		5,662,652
		36,000	Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)		2,207,828
		819,000	Sekisui Chemical Co. Ltd. (Household Durables)		4,300,137
		555,000	Sekisui House Ltd. (Household Durables)		4,789,833
		148,000	Sharp Corp. (Household Durables)		1,558,401
		10,800	Shin-Etsu Chemical Co. Ltd. (Chemicals)		524,910
		921,000	Sompo Japan Insurance, Inc. (Insurance)		5,550,439
		20,800	Sony Corp. (Household Durables)		533,604
		55,600	STEKT Corp. (Electric Utilities)		1,147,437
		796,000	Sumitomo Corp. (Trading Companies & Distributors)		6,928,803
		98,300	Sumitomo Electric Industries Ltd. (Electrical Equipment)		957,633
		217,100	Sumitomo Mitsui Financial Group, Inc.^(a) (Commercial Banks)		7,529,283
		32,400	Sumitomo Rubber Industries Ltd. (Auto Components)		223,320
		39,550	T&D Holdings, Inc. (Insurance)		1,182,445
		238,600	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals)		8,461,887
		1,989,000	The Bank of Yokohama Ltd. (Commercial Banks)		8,434,322
		957,000	The Sumitomo Trust & Banking Co. Ltd. (Commercial Banks)		4,004,732
		540,000	Toho Gas Co. Ltd. (Gas Utilities)		2,298,754
		235,700	Tokio Marine Holdings, Inc. (Insurance)		6,216,180
		877,000	Tokyo Gas Co. Ltd. (Gas Utilities)		3,324,879
		346,300	Tokyo Steel Manufacturing Co. Ltd. (Metals & Mining)		3,546,914
		424,000	Tokyu Land Corp. (Real Estate Management & Development)		1,418,897
		1,088,000	Toppan Printing Co. Ltd. (Commercial Services & Supplies)		8,244,472
		29,500	Toyo Seikan Kaisha Ltd. (Containers & Packaging)		488,524
		69,000	Toyo Suisan Kaisha Ltd. (Food Products)		1,349,027
		3,400	Toyoda Gosei Co. Ltd. (Auto Components)		66,228


		167,700	Toyota Motor Corp. (Automobiles)		6,637,358
		781	West Japan Railway Co. (Road & Rail)		2,395,064
		273,500	Yamaha Corp. (Leisure Equipment & Products)		3,125,168
		403,300	Yamaha Motor Co. Ltd. (Automobiles)		4,263,283
		2,200	Yamato Kogyo Co. Ltd. (Metals & Mining)		49,858
		5,600	Yokogawa Electric Corp. (Electronic Equipment, Instruments & Components)		28,619

					390,090,903


	Luxembourg^(a) – 0.0%
		22,268	ArcelorMittal (Metals & Mining)		521,613


	Netherlands – 1.3%
		370,353	European Aeronautic Defence & Space Co.^(a) (Aerospace & Defense)		5,345,528
		446,807	Royal Dutch Shell PLC (Oil, Gas & Consumable Fuels)		10,247,385
		271,709	Royal Dutch Shell PLC Class B (Oil, Gas & Consumable Fuels)		6,148,902

					21,741,815


	New Zealand – 0.0%
		143,452	Auckland International Airport Ltd. (Transportation Infrastructure)		134,710


	Norway – 1.7%
		586,600	Aker Solutions ASA (Energy Equipment & Services)		3,546,508
		222,100	Den Norske Bank (Commercial Banks)		1,382,405
		83,800	Frontline Ltd. (Oil, Gas & Consumable Fuels)		1,657,536
		58,000	Renewable Energy Corp. A/S* (Electrical Equipment)		534,481
		283,550	Seadrill Ltd.^(a) (Energy Equipment & Services)		3,026,261
		677,650	StatoilHydro ASA (Oil, Gas & Consumable Fuels)		12,629,695
		758,400	Telenor ASA (Diversified Telecommunication Services)		4,716,565
		72,300	Yara International ASA (Chemicals)		1,937,688

					29,431,139


	Singapore – 0.6%
		171,000	Ascendas Real Estate Investment Trust (REIT)		153,622
		203,000	CapitaMall Trust (REIT)		171,395

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND


	Shares		Description	Value

Common Stocks – (continued)
	Singapore – (continued)

		54,000	City Developments Ltd. (Real Estate Management & Development)	$	236,353
		74,000	ComfortDelGro Corp. Ltd. (Road & Rail)		70,547
		131,000	DBS Group Holdings Ltd. (Commercial Banks)		832,810
		3,556,000	Golden Agri-Resources Ltd. (Food Products)		877,483
		72,523	Jardine Cycle & Carriage Ltd. (Distributors)		693,644
		541,600	Noble Group Ltd. (Trading Companies & Distributors)		469,207
		214,000	Oversea-Chinese Banking Corp. Ltd. (Commercial Banks)		849,929
		373,000	SembCorp Industries Ltd. (Industrial Conglomerates)		682,334
		136,520	Singapore Airlines Ltd. (Airlines)		981,863
		56,000	Singapore Exchange Ltd. (Diversified Financial Services)		234,898
		704,780	Singapore Telecommunications Ltd. (Diversified Telecommunication Services)		1,211,009
		188,000	United Overseas Bank Ltd. (Commercial Banks)		1,449,045
		419,000	UOL Group Ltd. (Real Estate Management & Development)		623,935

					9,538,074


	Spain – 7.4%
		2,273,498	Banco Bilbao Vizcaya Argentaria SA (Commercial Banks)		24,639,371
		354,467	Banco Popular Espanol SA (Commercial Banks)		2,921,503
		3,992,997	Banco Santander SA (Commercial Banks)		38,408,375
		16,040	Fomento de Construcciones y Contratas SA (Construction & Engineering)		576,191
		2,277,581	Iberdrola SA (Electric Utilities)		17,935,502
		435,724	Repsol YPF SA (Oil, Gas & Consumable Fuels)		8,282,099
		1,730,815	Telefonica SA (Diversified Telecommunication Services)		32,792,214

					125,555,255


	Sweden – 4.1%
		744,570	Alfa Laval AB^(a) (Machinery)		6,595,394
		288,732	Electrolux AB Series B*^(a) (Household Durables)		3,253,346
		28,709	Investor AB Class B (Diversified Financial Services)		419,339
		16,614	Millicom International Cellular SA^(a) (Wireless Telecommunication Services)		817,353


		61,531	Modern Times Group MTG AB Class B (Media)		1,686,598
		777,682	Nordea Bank AB^(a) (Commercial Banks)		5,784,664
		48,242	Sandvik AB (Machinery)		320,840
		14,322	Scania AB Class B (Machinery)		153,558
		127,394	Skandinaviska Enskilda Banken AB* (Commercial Banks)		494,559
		841,842	Skanska AB Class B (Construction & Engineering)		9,080,131
		426,381	SSAB Svenskt Stal AB (Metals & Mining)		4,121,044
		19,071	SSAB Svenskt Stal AB Series B (Metals & Mining)		174,249
		25,721	Svenska Cellulosa AB Class B (Paper & Forest Products)		250,996
		61,270	Svenska Handelsbanken AB (Commercial Banks)		1,067,352
		125,684	Swedbank AB* (Commercial Banks)		707,755
		830,879	Swedish Match AB^(a) (Tobacco)		11,856,750
		1,319,945	Telefonaktiebolaget LM Ericsson Class B^(a) (Communications Equipment)		11,211,471
		2,073,757	TeliaSonera AB* (Diversified Telecommunication Services)		9,729,994
		422,097	Volvo AB Class B (Machinery)		2,752,187

					70,477,580


	Switzerland – 4.1%
		473,046	ABB Ltd.* (Electrical Equipment)		6,696,599
		69,483	Actelion Ltd.* (Biotechnology)		3,165,622
		47,888	Baloise Holding AG (Insurance)		3,515,533
		334,176	Compagnie Financiere Richemont SA (Textiles, Apparel & Luxury Goods)		5,982,284
		160,697	Credit Suisse Group^(a) (Capital Markets)		6,279,481
		60,097	Julius Baer Holding AG (Capital Markets)		1,971,463
		27,373	Lonza Group AG^(a) (Life Sciences Tools & Services)		2,511,146
		383,739	Nestle SA^(a) (Food Products)		12,508,626
		177,528	Novartis AG (Pharmaceuticals)		6,719,131
		35,696	Roche Holding AG (Pharmaceuticals)		4,501,413
		4,925	Sulzer AG (Machinery)		267,676
		32,336	Syngenta AG (Chemicals)		6,903,424
		28,481	Synthes, Inc. (Health Care Equipment & Supplies)		2,881,598
		424,800	UBS AG* (Capital Markets)		5,835,257

					69,739,253

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

April 30, 2009 (Unaudited)


	Shares		Description	Value

Common Stocks – (continued)

	United Kingdom – 16.5%
		338,306	Antofagasta PLC (Metals & Mining)	$	2,903,341
		564,738	AstraZeneca PLC (Pharmaceuticals)		19,774,458
		565,070	Aviva PLC (Insurance)		2,601,593
		2,914,651	BAE Systems PLC (Aerospace & Defense)		15,331,737
		888,558	Barclays PLC (Commercial Banks)		3,607,615
		632,022	BG Group PLC (Oil, Gas & Consumable Fuels)		10,092,000
		868,449	BHP Billiton PLC (Metals & Mining)		18,024,582
		15,700	BP PLC (Oil, Gas & Consumable Fuels)		110,946
		1,209,844	BP PLC ADR^(a)(b) (Oil, Gas & Consumable Fuels)		51,369,976
		1,623,633	Centrica PLC (Multi-Utilities)		5,428,373
		363,515	Drax Group PLC (Independent Power Producers & Energy Traders)		2,756,658
		292,105	Eurasian Natural Resources Corp. (Metals & Mining)		2,543,521
		17,258	GlaxoSmithKline PLC ADR (Pharmaceuticals)		530,856
		749,022	Home Retail Group PLC (Internet & Catalog Retail)		2,756,217
		5,157,315	HSBC Holdings PLC (Commercial Banks)		36,675,872
		43,893	ICAP PLC (Capital Markets)		243,012
		3,342,350	J Sainsbury PLC (Food & Staples Retailing)		16,197,037
		8,014	Kazakhmys PLC (Metals & Mining)		63,427
		1,077,254	Kingfisher PLC (Specialty Retail)		2,932,511
		381,225	Land Securities Group PLC (REIT)		3,143,805
		23,065	Man Group PLC (Capital Markets)		86,497
		3,339,772	Old Mutual PLC (Insurance)		3,327,396
		988,076	Rexam PLC (Containers & Packaging)		4,576,789
		126,294	Rio Tinto PLC (Metals & Mining)		5,131,477
		878,611	RSA Insurance Group PLC (Insurance)		1,690,328
		85,213	Schroders PLC (Capital Markets)		1,032,034
		93,966	Standard Chartered PLC (Commercial Banks)		1,453,582
		1,910,669	Tate & Lyle PLC (Food Products)		7,744,146
		3,663,635	Thomas Cook Group PLC (Hotels, Restaurants & Leisure)		14,142,407


		77,587	Thomson Reuters PLC (Media)		1,995,637
		749,900	Tui Travel PLC (Hotels, Restaurants & Leisure)		2,795,152
		35,790	Vedanta Resources PLC (Metals & Mining)		568,639
		256,413	Vodafone Group PLC (Wireless Telecommunication Services)		471,277
		891,610	Vodafone Group PLC ADR (Wireless Telecommunication Services)		16,361,044
		6,072,844	William Morrison Supermarkets PLC (Food & Staples Retailing)		21,997,654
		89,249	Xstrata PLC (Metals & Mining)		786,830

					281,248,426


	TOTAL COMMON STOCKS
	(Cost $1,929,244,719)			$	1,648,711,811


Preferred Stocks – 0.3%


	Germany – 0.3%
		39,809	Fresenius SE^(a) (Health Care Equipment & Supplies)	$	2,053,126
		43,202	Porsche Automobil Holding SE (Automobiles)		3,112,060

					5,165,186


	TOTAL PREFERRED STOCKS
	(Cost $5,923,372)			$	5,165,186

Units

Description

Expiration Month

Value

Rights* – 0.0%

Belgium – 0.0%

211,257

Fortis (Commercial Banks)

07/14

—

Italy – 0.0%

351,707

Snam Rete Gas SpA (Gas Utilities)

05/09

269,899

TOTAL RIGHTS

(Cost $314,781)

269,899

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE

(Cost $1,935,482,872)

1,654,146,896

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND


	Shares		Rate			Value

Securities Lending Reinvestment Vehicle^(c)(d) – 16.1%


	Boston Global Investment Trust – Enhanced Portfolio II

		277,231,955		0.456	%	$	274,736,868
	(Cost $273,459,290)


	TOTAL INVESTMENTS – 113.1%
	(Cost $2,208,942,162)					$	1,928,883,764


	LIABILITIES IN EXCESS OF OTHER ASSETS – (13.1)%						(224,021,549	)


	NET ASSETS – 100.0%					$	1,704,862,215

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


*		Non-income producing security.

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

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

(c)		Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2009.

(d)		Represents an affiliated issuer.




Investment Abbreviations:
ADR	—	American Depositary Receipt
REIT	—	Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At April 30, 2009, the Fund had outstanding forward foreign currency exchange contracts, both to purchase and sell foreign currencies:


Open Forward Foreign Currency	Contract		Expiration	Value on		Current		Unrealized
Contracts with Unrealized Gain	Type		Date	Settlement Date		Value		Gain

Australian Dollar		Sale	05/05/09	$	9,694,296	$	9,676,885	$	17,411
Danish Krone		Purchase	05/05/09		18,696,235		18,701,409		5,174
Hong Kong Dollar		Purchase	05/05/09		19,673,548		19,674,259		711
Japanese Yen		Sale	05/08/09		364,210		363,256		954
Norwegian Krone		Purchase	05/06/09		5,470,609		5,497,217		26,608
Swedish Krona		Purchase	05/06/09		19,595,651		19,627,367		31,716


TOTAL								$	82,574


Open Forward Foreign Currency	Contract		Expiration	Value on		Current		Unrealized
Contracts with Unrealized Loss	Type		Date	Settlement Date		Value		Loss

British Pound		Sale	05/06/09	$	10,299,276	$	10,340,580	$	(41,304	)
Euro		Sale	05/05/09		15,099,030		15,122,762		(23,732	)
Euro		Sale	05/06/09		25,772,613		25,813,127		(40,514	)
New Zealand Dollar		Purchase	05/05/09		442,026		441,105		(921	)
Singapore Dollar		Purchase	05/06/09		6,222,523		6,213,991		(8,532	)
Swiss Franc		Sale	05/06/09		7,161,054		7,167,567		(6,513	)


TOTAL								$	(121,516	)

FUTURES CONTRACTS — At April 30, 2009, the following futures contracts were open:


	Number of		Settlement	Notional		Unrealized
Type	Contracts Long		Month	Value		Gain

Dow Jones Euro Stoxx 50 Index		661	June 2009	$	20,359,962	$	1,599,674
FTSE 100 Index		155	June 2009		9,646,613		563,182
Hang Seng Index		9	May 2009		893,433		28,129
SGX MSCI Singapore Index		16	May 2009		497,345		27,326
SPI 200 Index		41	June 2009		2,805,364		6,412
TOPIX Index		124	June 2009		10,574,326		36,160


TOTAL						$	2,260,883

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND

Schedule of Investments

April 30, 2009 (Unaudited)


	Shares		Description	Value

Common Stocks – 96.6%


	Australia – 6.2%
		28,614	AED Oil Ltd. (Energy)	$	13,561
		6,613	Andean Resources Ltd. (Materials)*		7,744
		25,576	APA Group (Utilities)		54,961
		31,749	APN News & Media Ltd. (Media)		32,271
		14,146	Arrow Energy Ltd. (Energy)*		34,053
		183,958	Australian Infrastructure Fund (Transportation)		201,621
		41,058	Australian Worldwide Exploration Ltd. (Energy)		72,210
		30,733	AWB Ltd. (Food & Staples Retailing)		29,709
		248,439	Beach Petroleum Ltd. (Energy)		137,700
		23,298	Bunnings Warehouse Property Trust (REIT)		29,878
		169,961	Challenger Financial Services Group Ltd. (Diversified Financials)		246,280
		274,012	Commonwealth Property Office Fund (REIT)		162,083
		79,155	David Jones Ltd. (Retailing)		173,556
		80,017	Downer EDI Ltd. (Commercial & Professional Services)		292,623
		17,061	Felix Resources Ltd. (Energy)		137,316
		10,567	Fleetwood Corp. Ltd. (Automobiles & Components)		47,759
		38,524	Gindalbie Metals Ltd. (Materials)*		18,975
		72,051	Gloucester Coal Ltd. (Energy)		271,297
		108,850	Hastings Diversified Utilities Fund (Utilities)		54,364
		93,300	Iluka Resources Ltd. (Materials)*		221,895
		230,983	ING Office Fund (REIT)		72,984
		31,595	JB Hi-Fi Ltd. (Retailing)		312,010
		7,003	Karoon Gas Australia Ltd. (Energy)*		27,863
		10,824	Kingsgate Consolidated Ltd. (Materials)*		47,258
		15,776	Linc Energy Ltd. (Energy)*		28,633
		40,911	MacArthur Coal Ltd. (Materials)		125,495
		7,458	Macquarie Communications Infrastructure Group (Media)		12,169
		39,220	Macquarie Leisure Trust Group (REIT)		34,318
		136,824	Mincor Resources NL (Materials)		96,779
		6,819	Mirabela Nickel Ltd. (Materials)*		9,157
		17,049	Monadelphous Group Ltd. (Capital Goods)		124,903
		157,246	Mount Gibson Iron Ltd. (Materials)*		71,372
		93,232	Panoramic Resources Ltd. (Materials)		102,216
		6,254	Ramsay Health Care Ltd. (Health Care Equipment & Services)		41,994
		244,097	Resolute Mining Ltd. (Materials)*		119,941
		14,711	Salmat Ltd. (Commercial & Professional Services)		42,059
		38,868	Seven Network Ltd. (Media)		177,595


		455,049	Sigma Pharmaceuticals Ltd. (Health Care Equipment & Services)		370,197
		92,552	Straits Resources Ltd. (Materials)		102,944
		54,008	Tower Australia Group Ltd. (Insurance)		80,501
		34,939	United Group Ltd. (Capital Goods)		243,050

					4,483,294


	Austria – 1.6%
		1,268	Agrana Beteiligungs AG (Food, Beverage & Tobacco)		81,226
		13,247	A-TEC Industries AG (Capital Goods)*		136,761
		7,202	Austrian Airlines AG (Transportation)*^(a)		37,884
		4,703	Conwert Immobilien Invest SE (Real Estate)*		34,937
		726	Flughafen Wien AG (Transportation)		21,723
		27,165	Immoeast AG (Real Estate)*		61,235
		114,231	Immofinanz Immobilien Anlagen AG (Real Estate)*^(a)		221,136
		5,648	Oesterreichische Post AG (Transportation)		164,642
		1,148	Rosenbauer International AG (Capital Goods)		40,712
		2,456	Semperit AG Holding (Automobiles & Components)		55,425
		35,502	Zumtobel AG (Capital Goods)		316,641

					1,172,322


	Belgium – 1.8%
		1,486	Barco NV (Technology Hardware & Equipment)		33,970
		1,386	Befimmo SCA Sicafi (REIT)		123,279
		2,591	Bekaert SA (Capital Goods)		240,446
		5,115	Compagnie d’ Enterprises CFE (Capital Goods)		173,330
		5,986	Econocom Group (Software & Services)		47,382
		14,771	Euronav NV (Energy)^(a)		212,614
		1,530	KBC Ancora (Diversified Financials)		22,967
		14,352	Nyrstar (Materials)		92,437
		4,398	Omega Pharma SA (Health Care Equipment & Services)		116,912
		5,102	Recticel SA (Materials)		22,177
		1,125	Sipef SA (Food, Beverage & Tobacco)		41,883
		6,673	Tessenderlo Chemie NV (Materials)		198,121

					1,325,518


	Bermuda – 0.2%
		28,248	Hiscox Ltd. (Insurance)		139,843

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND


	Shares		Description	Value

Common Stocks – (continued)

	China – 0.0%
		191,000	Synear Food Holdings Ltd. Class H (Food, Beverage & Tobacco)	$	24,878


	Cyprus – 0.3%
		100,800	Deep Sea Supply PLC (Energy)^(a)		116,122
		19,700	ProSafe SE (Energy)*		80,939

					197,061


	Denmark – 0.7%
		5,608	Amagerbanken A/S (Banks)*^(a)		45,736
		8,792	Auriga Industries A/S Class B (Materials)		149,688
		5,686	Bang & Olufsen A/S Class B (Consumer Durables & Apparel)		38,527
		2,705	Dampskibsselskabet Norden A/S (Transportation)		90,971
		8,492	Dampskibsselskabet Torm A/S (Energy)		77,371
		17,767	GN Store Nord A/S (Health Care Equipment & Services)*		56,741
		870	Rockwool International A/S Class B (Capital Goods)		67,159

					526,193


	Finland – 1.7%
		22,437	F-Secure Oyj (Software & Services)		67,432
		4,302	HKScan Oyj (Food, Beverage & Tobacco)		27,766
		17,448	KCI Konecranes Oyj (Capital Goods)		354,513
		14,253	Kemira Oyj (Materials)^(a)		118,553
		1,657	Lemminkainen Oyj (Capital Goods)		43,100
		10,381	Outotec Oyj (Capital Goods)		220,155
		65,031	Raisio PLC Class V (Food, Beverage & Tobacco)		133,890
		10,779	Tietoenator Oyj (Software & Services)		138,476
		13,438	YIT Oyj NPV (Capital Goods)		128,441

					1,232,326


	France – 4.5%
		32,111	Assystem (Commercial & Professional Services)^(a)		253,320
		6,596	Beneteau SA (Consumer Durables & Apparel)^(a)		65,551
		18,409	Boiron SA (Pharmaceuticals, Biotechnology & Life Sciences)		465,746
		4,753	Carbone Lorraine SA (Capital Goods)		123,692
		8,703	Cegid Group (Software & Services)		116,882
		831	Esso S.A.F. (Energy)		88,771
		439	Financiere de L’Odet (Transportation)		94,749
		5,958	Groupe Steria SCA (Software & Services)		113,608
		5,483	Mercialys SA (REIT)		168,374
		605	Nexans SA (Capital Goods)*	��	28,029


		14,513	Nexity (Consumer Durables & Apparel)		468,145
		33,263	Rallye SA (Food & Staples Retailing)		676,220
		4,371	Remy Cointreau SA (Food, Beverage & Tobacco)		144,091
		5,879	Rhodia SA (Materials)		33,802
		5,425	SEB SA (Consumer Durables & Apparel)		182,839
		2,110	Sperian Protection (Commercial & Professional Services)		106,253
		1,452	Virbac SA (Pharmaceuticals, Biotechnology & Life Sciences)		97,876

					3,227,948


	Germany – 6.2%
		3,597	Aareal Bank AG (Banks)		33,498
		6,574	Bauer AG (Capital Goods)		248,112
		15,179	Bechtle AG (Software & Services)		228,337
		7,859	Bilfinger Berger AG (Capital Goods)^(a)		373,191
		2,173	Biotest AG (Pharmaceuticals, Biotechnology & Life Sciences)		107,496
		1,976	Biotest AG Preference Shares (Pharmaceuticals, Biotechnology & Life Sciences)		81,204
		15,943	Carl Zeiss Meditec AG (Health Care Equipment & Services)*		188,333
		10,902	Demag Cranes AG (Capital Goods)		229,998
		4,457	Deutsche Euroshop AG (Real Estate)		126,379
		8,402	Draegerwerk AG & Co. KGaA Preference Shares (Health Care Equipment & Services)		207,750
		1,244	Duerr AG (Capital Goods)		23,577
		6,721	Gildemeister AG (Capital Goods)		65,882
		9,582	Heidelberger Druckmaschinen AG (Capital Goods)		69,325
		19,177	IDS Scheer AG (Software & Services)		212,881
		65,160	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)*		173,233
		5,849	Jenoptik AG (Technology Hardware & Equipment)*		26,793
		41,649	Kizoo AG (Software & Services)^(a)		266,600
		2,552	Krones AG (Capital Goods)		88,653
		5,215	Lanxess AG (Materials)		112,653
		3,056	Leoni AG (Automobiles & Components)		45,239
		24,124	Loewe AG (Consumer Durables & Apparel)		267,549
		4,832	Medion AG (Retailing)		37,209
		6,983	Morphosys AG (Pharmaceuticals, Biotechnology & Life Sciences)*		127,467

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND

Schedule of Investments (continued)

April 30, 2009 (Unaudited)


	Shares		Description	Value

Common Stocks – (continued)
	Germany – (continued)

		17,813	MTU Aero Engines Holding AG (Capital Goods)	$	599,812
		21,567	Praktiker Bau- und Heimwerkermaerkte AG (Retailing)		156,483
		7,060	Roth & Rau AG (Capital Goods)*		168,210
		2,272	SGL Carbon AG (Capital Goods)*		66,179
		3,318	Symrise AG (Materials)*		45,386
		3,824	Tognum AG (Capital Goods)		46,739
		3,231	Versatel AG (Telecommunication Services)*		23,484

					4,447,652


	Greece – 1.2%
		21,511	Eurobank Properties Real Estate Investment Co. (REIT)		198,222
		6,728	EYDAP Athens Water Supply & Sewage Co. SA (Utilities)		54,136
		11,500	J&P-Avax SA (Capital Goods)		38,433
		4,798	Jumbo SA (Consumer Durables & Apparel)		40,958
		94,596	Michaniki SA (Capital Goods)		195,597
		20,128	Motor Oil Hellas Corinth Refineries SA (Energy)		212,511
		19,977	Sarantis SA (Household & Personal Products)		94,158

					834,015


	Hong Kong – 2.0%
		18,000	AAC Acoustic Technologies Holdings, Inc. (Technology Hardware & Equipment)*		9,783
		32,000	C C Land Holdings Ltd. (Consumer Durables & Apparel)*		10,579
		378,000	China Ting Group Holdings Ltd. (Consumer Durables & Apparel)		32,524
		840,000	China WindPower Group Ltd. (Food & Staples Retailing)*		33,379
		118,000	Chow Sang Sang Holdings International Ltd. (Retailing)		70,874
		13,757	Dah Sing Financial Holdings Ltd. (Banks)		40,176
		302,000	First Pacific Co. Ltd. (Food, Beverage & Tobacco)		137,887
		136,000	First Shanghai Investments Ltd. (Diversified Financials)		13,330
		12,000	Fubon Bank Hong Kong Ltd. (Banks)		4,085
		98,000	Goldin Properties Holdings Ltd. (Retailing)*		36,779
		95,000	Great Eagle Holdings Ltd. (Real Estate)		131,153
		450,000	Hutchison Harbour Ring Ltd. (Consumer Durables & Apparel)		33,567
		745,500	Johnson Electric Holdings Ltd. (Capital Goods)		162,238


		30,000	Midland Holdings Ltd. (Real Estate)		12,295
		110,000	Natural Beauty Bio-Technology Ltd. (Household & Personal Products)		13,684
		140,000	Norstar Founders Group Ltd. (Automobiles & Components)		—
		1,234,000	Oriental Press Group Ltd. (Media)		115,824
		374,000	Pico Far East Holdings Ltd. (Media)		35,052
		14,500	Ports Design Ltd. (Consumer Durables & Apparel)		22,019
		249,000	Prosperity REIT (REIT)		27,797
		46,200	Regal Hotels International Holdings Ltd. (Consumer Services)		8,905
		309,000	Regal Real Estate Investment Trust (REIT)		41,184
		233,000	Samson Holding Ltd. (Consumer Durables & Apparel)		22,744
		68,000	Shell Electric Manufacturing Co. Ltd. (Consumer Durables & Apparel)		20,488
		55,000	Shenyin Wanguo HK Ltd. (Diversified Financials)		23,803
		18,000	Shui On Construction and Materials Ltd. (Capital Goods)		19,085
		12,000	Shun Tak Holdings Ltd. (Transportation)		5,295
		40,000	Tai Fook Securities Group Ltd. (Diversified Financials)		7,577
		147,500	Techtronic Industries Co. Ltd. (Consumer Durables & Apparel)		87,231
		86,000	Texwinca Holdings Ltd. (Consumer Durables & Apparel)		52,340
		100,000	Tian An China Investments Co. Ltd. (Real Estate)		32,394
		80,000	Value Partners Group Ltd. (Diversified Financials)		24,202
		23,000	VTech Holdings Ltd. (Technology Hardware & Equipment)		115,036
		19,000	Wing On Co. International Ltd. (Retailing)		18,231
		72,000	Xinyi Glass Holdings Co. Ltd. (Automobiles & Components)		44,703

					1,466,243


	Ireland – 1.0%
		56,289	Allied Irish Banks PLC (Banks)		68,822
		44,451	C&C Group PLC (Food, Beverage & Tobacco)		103,219
		4,338	DCC PLC (Capital Goods)		78,429
		108,242	Fyffes PLC (Food & Staples Retailing)		42,974
		7,410	Glanbia PLC (Food, Beverage & Tobacco)		21,502

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND


	Shares		Description	Value

Common Stocks – (continued)
	Ireland – (continued)

		2,833	Irish Continental Group PLC (Transportation)*	$	43,482
		18,380	Kingspan Group PLC (Capital Goods)		95,056
		6,697	Paddy Power PLC (Consumer Services)		123,339
		14,700	Smurfit Kappa Group PLC (Materials)		43,059
		87,193	The Governor and Co. of the Bank of Ireland (Banks)		86,915
		20,174	Total Produce PLC (Food & Staples Retailing)		7,493

					714,290


	Italy – 3.0%
		37,482	Astaldi SpA (Capital Goods)		203,809
		36,212	Banca Piccolo Credito Valtellinese Scarl (Banks)		283,551
		6,653	Benetton Group SpA (Consumer Durables & Apparel)		52,720
		133,996	Beni Stabili SpA (Real Estate)		83,765
		125,683	Buongiorno SpA (Software & Services)*		116,153
		13,787	Danieli & Co. SpA (Capital Goods)		94,858
		33,911	Davide Campari-Milano SpA (Food, Beverage & Tobacco)		228,056
		23,125	De’Longhi SpA (Consumer Durables & Apparel)		55,050
		5,264	Engineering Ingegneria Informatica SpA (Software & Services)		120,698
		18,977	Esprinet SpA (Technology Hardware & Equipment)		140,117
		5,871	Fiera Milano SpA (Commercial & Professional Services)*		39,388
		2,717	Gewiss SpA (Capital Goods)*		9,962
		152,193	IMMSI SpA (Automobiles & Components)		143,189
		6,906	Interpump Group SpA (Capital Goods)		29,399
		31,424	Maire Tecnimont SpA (Capital Goods)		64,009
		50,506	Piaggio & C. SpA (Automobiles & Components)		84,902
		4,459	Pirelli & C. Real Estate SpA (Real Estate)*		25,802
		61,356	Premafin Finanziaria SpA (Insurance)		78,668
		33,686	Recordati SpA (Pharmaceuticals, Biotechnology & Life Sciences)		193,893
		13,245	Sogefi SpA (Automobiles & Components)*		18,747
		6,945	Trevi Finanziaria SpA (Capital Goods)		65,180

					2,131,916


	Japan – 31.2%
		7,300	Aida Engineering Ltd. (Capital Goods)		20,280
		28,450	Aiful Corp. (Diversified Financials)		56,219
		16,500	Aloka Co. Ltd. (Health Care Equipment & Services)		119,474
		20,200	Alpen Co. Ltd. (Retailing)		333,560
		3,900	Arc Land Sakamoto Co. Ltd. (Retailing)		29,259
		29,000	Asahi Diamond Industrial Co. Ltd. (Capital Goods)		137,900
		201,000	Atsugi Co. Ltd. (Consumer Durables & Apparel)		274,712
		29,500	Bank of the Ryukyus Ltd. (Banks)*		229,547
		11,200	Belluna Co. Ltd. (Retailing)		34,903
		2,900	Canon Finetech, Inc. (Technology Hardware & Equipment)		27,149
		30,000	Central Glass Co. Ltd. (Capital Goods)		113,883
		11,000	Chugoku Marine Paints Ltd. (Materials)		62,869
		12,600	CKD Corp. (Capital Goods)		46,428
		2,200	cocokara fine HOLDINGS, Inc. (Food & Staples Retailing)		19,226
		27,000	Daifuku Co. Ltd. (Capital Goods)		162,341
		79,500	Daiichikosho Co. Ltd. (Media)		637,728
		19,000	Dainippon Screen Manufacturing Co. Ltd. (Technology Hardware & Equipment)*		41,791
		33,000	Daiwa Industries Ltd. (Capital Goods)		109,952
		7,100	DCM Japan Holdings Co. Ltd. (Retailing)		36,490
		11,400	Doshisha Co. Ltd. (Retailing)		137,766
		3,800	Doutor Nichires Holdings Co. Ltd. (Consumer Services)		46,802
		34,900	DTS Corp. (Software & Services)		250,730
		900	Dydo Drinco, Inc. (Food, Beverage & Tobacco)		23,891
		2,000	F.C.C. Co. Ltd. (Automobiles & Components)		25,342
		37,000	Fuji Machine Manufacturing Co. Ltd. (Capital Goods)		331,755
		102,000	Fujikura Ltd. (Capital Goods)		352,102
		13,000	FUJISOFT, Inc. (Software & Services)^(a)		184,505
		11,000	Fujitec Co. Ltd. (Capital Goods)		43,541
		13,900	Fujitsu Business Systems Ltd. (Retailing)		164,956
		16,000	Fujitsu General Ltd. (Consumer Durables & Apparel)		45,777
		32,000	Fukuyama Transporting Co. Ltd. (Transportation)		124,258
		18,300	Furuno Electric Co. Ltd. (Technology Hardware & Equipment)		88,440

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND

Schedule of Investments (continued)

April 30, 2009 (Unaudited)


	Shares		Description	Value

Common Stocks – (continued)
	Japan – (continued)

		12,700	Futaba Industrial Co. Ltd. (Automobiles & Components)	$	57,235
		13,500	Fuyo General Lease Co. Ltd. (Diversified Financials)		227,048
		48	Global One Real Estate Investment Corp. (REIT)		285,133
		7,300	Glory Ltd. (Capital Goods)		133,964
		5,000	Godo Steel Ltd. (Materials)		12,974
		7,230	Goldcrest Co. Ltd. (Consumer Durables & Apparel)		165,748
		34,000	GS Yuasa Corp. (Capital Goods)^(a)		228,394
		52,000	Gunze Ltd. (Consumer Durables & Apparel)		169,376
		6,800	Hakuto Co. Ltd. (Technology Hardware & Equipment)		39,485
		8,000	Hitachi Information Systems Ltd. (Software & Services)		141,582
		5,300	Hitachi Systems & Services Ltd. (Software & Services)		55,429
		17,000	Hokuetsu Paper Mills Ltd. (Materials)		74,778
		13,700	Hosiden Corp. (Technology Hardware & Equipment)		168,192
		46,600	Ines Corp. (Software & Services)		248,167
		43,400	Inui Steamship Co. Ltd. (Transportation)		285,154
		1,000	Itochu-Shokuhin Co. Ltd. (Food & Staples Retailing)		31,876
		55,600	Itoki Corp. (Commercial & Professional Services)		141,893
		16,000	Izumiya Co. Ltd. (Food & Staples Retailing)		82,842
		8	Japan Excellent, Inc. (REIT)		29,010
		11	Japan Logistics Fund, Inc. (REIT)		65,737
		23,800	Kaga Electronics Co. Ltd. (Technology Hardware & Equipment)		215,948
		59,000	Kaken Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		491,207
		71,000	Kansai Urban Banking Corp. (Banks)^(a)		145,505
		63,000	Kasumi Co. Ltd. (Food & Staples Retailing)		258,253
		7,000	Kato Sangyo Co. Ltd. (Retailing)		97,289
		38,000	Kato Works Co. Ltd. (Capital Goods)		69,548
		5,900	Keihin Corp. (Automobiles & Components)		74,917
		11	Kenedix Realty Investment Corp. (REIT)		26,201
		223	Kenedix, Inc. (Real Estate)*		34,508
		16,000	Kitz Corp. (Capital Goods)		49,911
		287,000	Kiyo Holdings, Inc. (Banks)		344,527
		10,700	Kohnan Shoji Co. Ltd. (Retailing)		93,955
		29,800	Komori Corp. (Capital Goods)		279,698


		24,000	Krosaki Harima Corp. (Materials)		45,760
		19,000	Kurabo Industries Ltd. (Consumer Durables & Apparel)		37,076
		26,000	Kureha Corp. (Materials)		110,746
		4,200	Kyoritsu Maintenance Co. Ltd. (Consumer Services)		64,631
		9,000	Kyudenko Corp. (Capital Goods)		55,961
		9,000	Marudai Food Co. Ltd. (Food, Beverage & Tobacco)		20,007
		39,000	Maruzen Showa Unyu Co. Ltd. (Transportation)		102,897
		36	MID REIT, Inc. (REIT)		70,911
		4,900	Mimasu Semiconductor Industry Co. Ltd. (Semiconductors & Semiconductor Equipment)		56,237
		8,800	Miraca Holdings, Inc. (Health Care Equipment & Services)		179,608
		37,000	Mitsubishi Kakoki Kaisha Ltd. (Capital Goods)		86,913
		15,000	Mitsubishi Paper Mills Ltd. (Materials)		22,291
		6,000	Mitsui High-Tec, Inc. (Semiconductors & Semiconductor Equipment)		48,280
		8,000	Mitsui Home Co. Ltd. (Consumer Durables & Apparel)		35,745
		91,000	Mitsui Sugar Co. Ltd. (Food, Beverage & Tobacco)		244,456
		11,800	Mori Seiki Co. Ltd. (Capital Goods)		113,827
		6	MORI TRUST Sogo Reit, Inc. (REIT)		41,464
		4,100	Nafco Co. Ltd. (Retailing)		39,708
		10,000	Nakayama Steel Works Ltd. (Materials)		23,608
		34,100	Namura Shipbuilding Co. Ltd. (Capital Goods)		140,227
		16,500	NEC Fielding Ltd. (Software & Services)		170,026
		5,200	Nidec Copal Corp. (Consumer Durables & Apparel)		33,803
		3,800	Nihon Kohden Corp. (Health Care Equipment & Services)		41,650
		138,000	Nippon Beet Sugar Manufacturing Co. Ltd. (Food, Beverage & Tobacco)		306,921
		35,000	Nippon Flour Mills Co. Ltd. (Food, Beverage & Tobacco)		135,172
		53,000	Nippon Kayaku Co. Ltd. (Materials)		285,548
		29,000	Nippon Konpo Unyu Soko Co. Ltd. (Transportation)		238,502
		48,000	Nippon Shinyaku Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		428,497

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND


	Shares		Description	Value

Common Stocks – (continued)
	Japan – (continued)

		6,000	Nippon Shokubai Co. Ltd. (Materials)	$	36,795
		14,500	Nippon Signal Co. Ltd. (Capital Goods)		87,719
		145,000	Nippon Soda Co. Ltd. (Materials)		475,785
		10,000	Nippon Valqua Industries Ltd. (Materials)		20,777
		17,000	Nissan Shatai Co. Ltd. (Automobiles & Components)		107,247
		30,000	Nissin Corp. (Transportation)		54,273
		21,000	Nissin Electric Co. Ltd. (Capital Goods)		81,626
		5,300	Nissin Kogyo Co. Ltd. (Automobiles & Components)		60,478
		47,000	Nitto Boseki Co. Ltd. (Capital Goods)		90,196
		9,700	Nitto Kogyo Corp. (Capital Goods)		80,504
		24,000	NOF Corp. (Materials)		88,817
		2,600	NS Solutions Corp. (Software & Services)		30,297
		6,000	Okamura Corp. (Commercial & Professional Services)		29,315
		5,000	Okuwa Co. Ltd. (Food & Staples Retailing)		54,164
		92,500	Orient Corp. (Diversified Financials)*		92,280
		37	ORIX JREIT, Inc. (REIT)		138,795
		14,700	Osaka Steel Co. Ltd. (Materials)		235,807
		11,100	Otsuka Kagu Ltd. (Retailing)		81,861
		9,300	Pioneer Corp. (Consumer Durables & Apparel)*		29,777
		3,800	Plenus Co. Ltd. (Consumer Services)		52,291
		43,000	Press Kogyo Co. Ltd. (Automobiles & Components)		75,211
		6,500	Resorttrust, Inc. (Consumer Services)		62,848
		16,200	Right On Co. Ltd. (Retailing)		111,753
		6,000	Riso Kagaku Corp. (Technology Hardware & Equipment)		53,650
		7,900	Round One Corp. (Consumer Services)		58,366
		57,000	Ryobi Ltd. (Capital Goods)		132,852
		17,000	Sakai Chemical Industry Co. Ltd. (Materials)		51,078
		95,000	San-Ai Oil Co. Ltd. (Energy)		357,358
		26,000	Sanken Electric Co. Ltd. (Semiconductors & Semiconductor Equipment)		81,394
		5,000	Sanki Engineering Co. Ltd. (Capital Goods)		33,731
		11,000	Sankyu, Inc. (Transportation)		32,305
		30,400	Sanshin Electronics Co. Ltd. (Technology Hardware & Equipment)		187,992
		36,000	Seika Corp. (Capital Goods)		73,579


		22,000	Sekisui Jushi Corp. (Capital Goods)		145,893
		46,000	Senko Co. Ltd. (Transportation)		122,142
		2,400	Senshukai Co. Ltd. (Retailing)		15,366
		8,300	Shinko Plantech Co. Ltd. (Energy)		55,226
		9,400	Shinko Shoji Co. Ltd. (Technology Hardware & Equipment)		60,939
		17,500	Shizuoka Gas Co. Ltd. (Utilities)		97,873
		5,500	Sintokogio Ltd. (Capital Goods)		35,541
		473	SKY Perfect JSAT Holdings, Inc. (Media)		170,794
		26,500	Star Micronics Co. Ltd. (Technology Hardware & Equipment)		215,911
		43,000	Sumitomo Osaka Cement Co. Ltd. (Materials)		96,636
		7,000	Tadano Ltd. (Capital Goods)		30,755
		89,000	Taihei Kogyo Co. Ltd. (Capital Goods)		292,144
		8,700	Taikisha Ltd. (Capital Goods)		99,220
		6,000	Taiyo Yuden Co. Ltd. (Technology Hardware & Equipment)		46,142
		7,900	Takata Corp. (Automobiles & Components)		91,898
		2,700	Takeuchi Manufacturing Co. Ltd. (Capital Goods)		19,109
		2,400	Tamron Co. Ltd. (Consumer Durables & Apparel)		24,790
		75,000	The Bank of Nagoya Ltd. (Banks)		317,290
		12,600	The Bank of Okinawa Ltd. (Banks)		339,878
		3,800	The Chiba Kogyo Bank Ltd. (Banks)*		35,727
		16,950	The Daiei, Inc. (Retailing)*^(a)		65,484
		57,000	The Ehime Bank Ltd. (Banks)		141,998
		10,000	The Eighteenth Bank Ltd. (Banks)		29,157
		117,000	The Fuji Fire & Marine Insurance Co. Ltd. (Insurance)*^(a)		120,310
		33,000	The Higashi-Nippon Bank Ltd. (Banks)		83,040
		7,000	The Higo Bank Ltd. (Banks)		38,288
		30,000	The Kagoshima Bank Ltd. (Banks)		201,050
		72,000	The Keiyo Bank Ltd. (Banks)		268,053
		38,000	The Nisshin Oillio Group Ltd. (Food, Beverage & Tobacco)		150,183
		4,100	The Okinawa Electric Power Co., Inc. (Utilities)		194,969
		1,400	The Shimizu Bank Ltd. (Banks)		55,029
		37,000	The Sumitomo Warehouse Co. Ltd. (Transportation)		132,935
		7,600	TKC Corp. (Software & Services)		138,293
		111,000	Toa Corp. (Capital Goods)		133,579
		74,000	Toagosei Co. Ltd. (Materials)		184,409
		6,000	Toenec Corp. (Capital Goods)		27,734
		3,100	Tokyo Ohka Kogyo Co. Ltd. (Materials)		52,448
		29	Tokyu REIT, Inc. (REIT)		133,668
		7	Top REIT, Inc. (REIT)		24,743

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND

Schedule of Investments (continued)

April 30, 2009 (Unaudited)


	Shares		Description	Value

Common Stocks – (continued)
	Japan – (continued)

		17,200	Topre Corp. (Automobiles & Components)	$	141,617
		78,000	Topy Industries Ltd. (Materials)		120,577
		17,100	Torii Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		226,521
		23,000	Toshiba Machine Co. Ltd. (Capital Goods)		68,255	��
		80,000	Toshiba TEC Corp. (Technology Hardware & Equipment)		283,337
		24,000	Toyo Kanetsu K.K. (Energy)		39,889
		32,000	Toyo Kohan Co. Ltd. (Materials)		126,531
		27,000	Toyo Securities Co. Ltd. (Diversified Financials)*		44,555
		9,700	TS Tech Co. Ltd. (Automobiles & Components)		119,841
		10,000	ULVAC, Inc. (Semiconductors & Semiconductor Equipment)		186,336
		21,100	Unipres Corp. (Automobiles & Components)		154,680
		24,030	Usen Corp. (Media)*		28,484
		2,000	Yamatake Corp. (Technology Hardware & Equipment)		33,520
		59,000	Yodogawa Steel Works Ltd. (Materials)		268,307
		20,000	Yokohama Reito Co. Ltd. (Retailing)		115,734
		19,500	Yonekyu Corp. (Food, Beverage & Tobacco)		185,257
		21,000	Yurtec Corp. (Capital Goods)		110,060
		59,000	Zeon Corp. (Materials)		180,598

					22,483,196


	Jersey^(a) – 0.1%
		20,579	Atrium European Real Estate Ltd. (Real Estate)*		81,929


	Luxembourg – 0.6%
		407,270	Regus PLC (Commercial & Professional Services)		461,133


	Netherlands – 1.8%
		19,437	BinckBank NV (Diversified Financials)		215,678
		9,540	Crucell NV (Pharmaceuticals, Biotechnology & Life Sciences)*		199,688
		796	Eurocommercial Properties NV CVA (REIT)		23,459
		7,728	Imtech NV (Capital Goods)		120,617
		47,144	Koninklijke Wessanen NV (Food, Beverage & Tobacco)		210,768
		12,510	Oce NV (Technology Hardware & Equipment)		79,174
		27,696	Ordina NV (Software & Services)		121,202
		21,017	USG People NV (Commercial & Professional Services)		197,636


		5,045	VastNed Offices/Industrial NV (REIT)		58,115
		1,220	VastNed Retail NV (REIT)		53,883
		324	Wereldhave NV (REIT)		22,229

					1,302,449


	New Zealand – 0.5%
		31,247	Air New Zealand Ltd. (Transportation)		18,527
		138,418	Goodman Property Trust (REIT)		62,628
		105,277	New Zealand Oil & Gas Ltd. (Energy)		82,861
		67,720	PGG Wrightson Ltd. (Food, Beverage & Tobacco)		51,722
		11,207	Tower Ltd. (Insurance)		8,627
		94,542	Vector Ltd. (Utilities)		115,396

					339,761


	Norway – 1.2%
		24,000	BW Offshore Ltd. (Energy)*		20,589
		1,200	Fred Olsen Energy ASA (Energy)		37,830
		120,000	Marine Harvest (Food, Beverage & Tobacco)*		54,072
		17,500	Norwegian Energy Co. AS (Energy)*		41,128
		54,700	Petroleum Geo-Services ASA (Energy)*		264,624
		3,369	Sparebanken 1 Nord-Norge (Banks)		30,482
		27,778	Sparebanken 1 SMN (Banks)		125,852
		15,500	Storebrand ASA (Insurance)*		56,238
		15,800	TGS Nopec Geophysical Co. ASA (Energy)*		116,669
		18,000	Veidekke ASA (Capital Goods)		85,532

					833,016


	Portugal – 0.6%
		104,834	REN — Redes Energeticas Nacionais SA (Utilities)		433,790


	Singapore – 1.7%
		162,000	Biosensors International Group Ltd. (Health Care Equipment & Services)*		46,787
		64,000	CapitaCommercial Trust (REIT)		36,629
		7,950	Creative Technology Ltd. (Technology Hardware & Equipment)*		17,696
		44,000	Ezra Holdings Ltd. (Energy)		27,324
		133,000	Fortune Real Estate Investment Trust (REIT)		51,405
		11,000	Haw Par Corp. Ltd. (Capital Goods)		28,143
		28,000	Hong Leong Asia Ltd. (Capital Goods)		13,608
		89,000	Kim Eng Holdings Ltd. (Diversified Financials)		89,076
		83,000	KS Energy Services Ltd. (Capital Goods)		44,670

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND


	Shares		Description	Value

Common Stocks – (continued)
	Singapore – (continued)

		459,000	Lippo-Mapletree Indonesia Retail Trust (REIT)	$	89,139
		390,000	Metro Holdings Ltd. (Retailing)		89,498
		97,000	Orchard Parade Holdings Ltd. (Real Estate)		42,543
		16,000	Singapore Airport Terminal Services Ltd. (Transportation)		14,107
		24,000	Singapore Land Ltd. (Real Estate)		56,069
		69,000	Singapore Petroleum Co. Ltd. (Energy)		154,814
		44,000	Sino-Environment Technology Group Ltd. (Utilities)*		2,511
		111,000	SMRT Corp. Ltd. (Transportation)		115,856
		72,000	Stamford Land Corp. Ltd. (Consumer Services)		12,350
		243,000	Starhill Global REIT (REIT)		78,530
		17,000	Suntec Real Estate Investment Trust (REIT)		8,403
		14,000	United Engineers Ltd. (Capital Goods)*		13,562
		13,000	UOB-Kay Hian Holdings Ltd. (Diversified Financials)		11,046
		18,000	Venture Corp. Ltd. (Technology Hardware & Equipment)		72,011
		24,000	Wheelock Properties (S) Ltd. (Real Estate)		17,721
		168,000	Wing Tai Holdings Ltd. (Real Estate)		99,322
		28,000	Yanlord Land Group Ltd. (Real Estate)		26,949

					1,259,769


	Spain – 2.0%
		7,190	Baron de Ley SA (Food, Beverage & Tobacco)*		258,620
		10,825	Corp. Financiera Alba SA (Diversified Financials)		466,360
		4,883	Dinamia Capital Privado, Sociedad de Capital Riesgo SA (Diversified Financials)		57,447
		251,303	Ercros SA (Materials)*		49,601
		3,848	Miquel y Costas & Miquel SA (Materials)		67,685
		52,649	Service Point Solutions SA (Commercial & Professional Services)		55,166
		7,801	Tecnicas Reunidas SA (Energy)		275,076
		39,727	Tubos Reunidos SA (Materials)		102,144
		5,655	Viscofan SA (Food, Beverage & Tobacco)		104,989

					1,437,088


	Sweden – 3.9%
		11,500	AF AB Class B (Commercial & Professional Services)*^(a)		173,074
		35,267	Betsson AB (Consumer Services)*		404,325


		41,218	Boliden AB (Materials)		259,044
		3,593	Cardo AB (Capital Goods)		79,423
		24,072	Castellum AB (Real Estate)		151,804
		8,200	D. Carnegie & Co. AB (Diversified Financials)*		—
		55,252	Eniro AB (Media)^(a)		121,565
		46,940	Fabege AB (Real Estate)		197,252
		12,830	Gunnebo AB (Commercial & Professional Services)*		40,374
		22,162	Hexpol AB (Capital Goods)*		84,008
		32,803	KappAhl Holding AB (Retailing)		122,666
		10,477	Mekonomen AB (Retailing)		127,362
		16,572	NCC AB Class B (Capital Goods)		145,383
		21,881	Ratos AB Class B (Diversified Financials)		374,596
		103,507	RNB Retail and Brands AB (Retailing)*		75,351
		42,649	SAS AB (Transportation)*^(a)		19,699
		13,220	TradeDoubler AB (Software & Services)		83,616
		7,887	Trelleborg AB Class B (Capital Goods)*		32,200
		5,498	Wallenstam Byggnads AB Class B (Real Estate)		60,085
		22,428	Wihlborgs Fastigheter AB (Real Estate)^(a)		281,812

					2,833,639


	Switzerland – 4.0%
		41	Athris Holding AG (Diversified Financials)*		27,804
		3,274	Bank Sarasin & Cie AG Class B (Diversified Financials)*		78,046
		779	Banque Cantonale Vaudoise (BCV) (Registered) (Banks)*		265,830
		84,705	Clariant AG (Registered) (Materials)*		477,894
		5,287	Coltene Holding AG (Health Care Equipment & Services)		180,051
		367	Compagnie Financiere Tradition (CFT) (Diversified Financials)		34,185
		53,451	Ferrexpo PLC (Materials)		114,629
		392	Gurit Holding AG (Materials)		158,891
		883	Helvetia Holding AG (Insurance)		228,900
		3,241	Implenia AG (Capital Goods)*		73,260
		2,648	Inficon Holding AG (Registered) (Technology Hardware & Equipment)*		214,473
		4,847	Kardex AG (Capital Goods)*		128,459
		335	Phoenix Mecano AG (Technology Hardware & Equipment)		73,350
		7,394	PSP Swiss Property AG (Registered) (Real Estate)*		347,528
		365	Rieter Holding AG (Registered) (Automobiles & Components)		54,012

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND

Schedule of Investments (continued)

April 30, 2009 (Unaudited)


	Shares		Description	Value

Common Stocks – (continued)
	Switzerland – (continued)

		6,461	Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	$	205,221
		1,130	Valora Holding AG (Registered) (Retailing)		197,398

					2,859,931


	United Kingdom – 18.6%
		26,600	Acergy SA (Energy)^(a)		205,457
		71,051	Afren PLC (Energy)*		40,015
		16,331	Amlin PLC (Insurance)		86,423
		137,993	Anite PLC (Software & Services)		58,319
		105,844	ARM Holdings PLC (Semiconductors & Semiconductor Equipment)		185,898
		48,362	Ashmore Group PLC (Diversified Financials)		160,677
		65,568	Ashtead Group PLC (Capital Goods)		60,685
		13,943	Atkins WS PLC (Commercial & Professional Services)		125,768
		39,347	Barratt Developments PLC (Consumer Durables & Apparel)*		80,333
		92,554	BBA Aviation PLC (Transportation)		142,898
		35,312	Bellway PLC (Consumer Durables & Apparel)		372,022
		76,274	BowLeven PLC (Energy)*		64,924
		129,262	Brit Insurance Holdings PLC (Insurance)		351,119
		53,686	Cape PLC (Commercial & Professional Services)*		93,290
		23,491	Carillion PLC (Capital Goods)		91,748
		44,142	Charter International PLC (Capital Goods)		363,184
		57,838	Close Brothers Group PLC (Diversified Financials)		534,484
		11,059	CLS Holdings PLC (Real Estate)*		49,100
		18,857	Collins Stewart PLC (Diversified Financials)		26,264
		77,061	Computacenter PLC (Software & Services)		171,761
		935,106	Cookson Group PLC (Capital Goods)		267,114
		1,362	Cranswick PLC (Food, Beverage & Tobacco)		12,175
		32,738	Dairy Crest Group PLC (Food, Beverage & Tobacco)		149,840
		15,220	Dana Petroleum PLC (Energy)*		281,393
		55,727	Davis Service Group PLC (Commercial & Professional Services)		214,982
		42,584	De La Rue PLC (Commercial & Professional Services)		603,602
		72,764	Debenhams PLC (Retailing)		97,878
		83,891	Delta PLC (Materials)		143,189
		17,551	Derwent London PLC (REIT)		216,182


		118,734	Devro PLC (Food, Beverage & Tobacco)		161,197
		113,427	Domino’s Pizza UK & IRL PLC (Consumer Services)		341,225
		223,342	DS Smith PLC (Materials)		254,826
		45,864	Dunelm Group PLC (Retailing)		176,177
		21,654	Eaga PLC (Consumer Durables & Apparel)		42,801
		247,254	Elementis PLC (Materials)		94,449
		20,562	Enterprise Inns PLC (Consumer Services)		49,400
		3,216	Fidessa Group PLC (Software & Services)		52,219
		141,624	Filtrona PLC (Materials)		249,125
		136,142	Galliford Try PLC (Capital Goods)		108,903
		110,578	Game Group PLC (Retailing)		321,654
		22,640	Hampson Industries PLC (Capital Goods)		33,001
		14,890	Hill & Smith Holdings PLC (Materials)		49,598
		8,805	Hunting PLC (Energy)		60,114
		603,287	Inchcape PLC (Retailing)		139,946
		27,558	International Personal Finance PLC (Diversified Financials)		59,092
		99,487	ITE Group PLC (Commercial & Professional Services)		140,172
		27,299	J.D. Wetherspoon PLC (Consumer Services)		164,315
		13,030	JKX Oil & Gas PLC (Energy)		39,040
		20,180	Keller Group PLC (Capital Goods)		176,577
		74,916	Kofax PLC (Software & Services)		138,061
		38,099	Laird PLC (Technology Hardware & Equipment)		86,966
		13,848	Lookers PLC (Retailing)		9,458
		34,372	Marshalls PLC (Materials)		56,627
		105,699	Marston’s PLC (Consumer Services)		266,017
		80,671	McBride PLC (Household & Personal Products)		150,344
		6,294	Mears Group PLC (Commercial & Professional Services)		24,146
		14,812	Mitie Group PLC (Commercial & Professional Services)		45,617
		28,163	Mondi PLC (Materials)		73,031
		56,509	Moneysupermarket.com Group PLC (Software & Services)		44,478
		119,421	Mothercare PLC (Retailing)		673,598
		250,214	Northern Foods PLC (Food, Beverage & Tobacco)		227,857
		182,131	Pendragon PLC (Retailing)		37,570
		98,615	Petrofac Ltd. (Energy)		831,877
		64,078	Premier Foods PLC (Food, Beverage & Tobacco)		33,906
		13,075	Premier Oil PLC (Energy)*		200,329
		11,246	Psion PLC (Technology Hardware & Equipment)		10,251

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND


	Shares		Description	Value

Common Stocks – (continued)
	United Kingdom – (continued)

		127,933	PV Crystalox Solar PLC (Capital Goods)	$	212,493
		24,277	QinetiQ PLC (Capital Goods)		47,417
		104,409	Raymarine PLC (Technology Hardware & Equipment)		25,691
		83,617	Restaurant Group PLC (Consumer Services)		196,955
		31,585	Rightmove PLC (Media)		150,731
		22,094	Robert Wiseman Dairies PLC (Food, Beverage & Tobacco)		113,038
		4,505	RPC Group PLC (Materials)		9,904
		7,032	SDL PLC (Software & Services)*		33,923
		66,234	Senior PLC (Capital Goods)		34,326
		5,023	Shaftesbury PLC (REIT)		25,910
		82,288	Sibir Energy PLC (Energy)*		212,728
		40,524	Southern Cross Healthcare Ltd. (Health Care Equipment & Services)		60,859
		7,061	Speedy Hire PLC (Capital Goods)		24,815
		73,111	Spirent Communications PLC (Technology Hardware & Equipment)		60,733
		60,143	Sports Direct International PLC (Retailing)		60,863
		25,057	St. Ives Group PLC (Media)		23,704
		127,589	Sthree PLC (Commercial & Professional Services)		431,655
		12,800	Stolt-Nielsen SA (Transportation)		111,736
		5,000	Subsea 7, Inc. (Energy)*		37,377
		92,863	Taylor Wimpey PLC (Consumer Durables & Apparel)		60,954
		21,920	The Weir Group PLC (Capital Goods)		155,500
		123,199	TT electronics PLC (Technology Hardware & Equipment)		51,589
		62,457	Tullett Prebon PLC (Diversified Financials)		244,915
		23,780	Vectura Group PLC (Pharmaceuticals, Biotechnology & Life Sciences)*		24,939
		11,272	WH Smith PLC (Retailing)		69,470
		162,431	Yell Group PLC (Media)		94,614

					13,451,527


	TOTAL COMMON STOCKS
	(Cost $76,738,472)			$	69,700,727




Closed-End Funds – 0.1%


	Guernsey – 0.0%
		22,427	HSBC Infrastructure Co. Ltd. (Diversified Financials)	$	39,034


	Jersey – 0.1%
		34,835	3i Infrastructure PLC (Diversified Financials)		47,755


	TOTAL CLOSED-END FUNDS
	(Cost $117,006)			$	86,789

Expiration

Units

Description

Month

Value

Right* – 0.1%

Sweden – 0.1%

15,774

Trelleborg AB (Capital Goods)

05/09

41,571

(Cost $33,265)

Warrant* – 0.0%

France – 0.0%

13,992

Carbone Lorraine SA
(Capital Goods)

11/12

—

(Cost $0)


	Shares		Rate			Value

Investment Company^(b) – 1.8%


	JPMorgan U.S. Government Money Market Fund – Capital Shares
		1,310,578		0.377	%	$	1,310,578
	(Cost $1,310,578)


	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $78,199,321)					$	71,139,665




Securities Lending Reinvestment Vehicle^(b)(c) – 4.0%


	Boston Global Investment Trust – Enhanced Portfolio II
		2,931,299		0.463	%	$	2,899,055
	(Cost $2,890,175)


	TOTAL INVESTMENTS – 102.6%
	(Cost $81,089,496)					$	74,038,720


	LIABILITIES IN EXCESS OF OTHER ASSETS – (2.6)%						(1,859,199	)


	NET ASSETS – 100.0%					$	72,179,521

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND

Schedule of Investments (continued)

April 30, 2009 (Unaudited)

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


*		Non-income producing security.

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

(b)		Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2009.

(c)		Represents an affiliated issuer.




Investment Abbreviations:
CVA	—	Dutch Certification
REIT	—	Real Estate Investment Trust

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2009, the following futures contracts were open:


	Number of
	Contracts		Settlement	Notional		Unrealized
Type	Long		Month	Value		Gain

Dow Jones EURO STOXX 50 Index		22	June 2009	$	677,639	$	104,991
FTSE 100 Index		5	June 2009		311,181		26,931
SGX MSCI Singapore Index		1	May 2009		31,084		1,706
SPI 200 Index		1	June 2009		68,424		3,333
TSE TOPIX Index		8	June 2009		682,215		80,430


TOTAL						$	217,391

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Statements of Assets and Liabilities

April 30, 2009 (Unaudited)


	Structured			Structured			Structured			Structured
	International			Emerging			International			International
	Equity			Markets			Equity			Small Cap
	Flex Fund			Equity Fund			Fund			Fund

Assets:

Investments in securities of unaffiliated issuers, at value (identified cost $86,057,167, $164,024,090, $1,935,482,872, and $78,199,321, respectively)^(a)	$	66,136,569		$	174,137,760		$	1,654,146,896		$	71,139,665
Investments in affiliated securities lending reinvestment vehicle, at value (identified cost $3,442,134, $5,663,347, $273,459,290 and $2,890,175, respectively)		3,456,759			5,685,189			274,736,868			2,899,055
Cash		2,577,496			—			35,474,094			—
Foreign currencies, at value (identified cost $492,191, $2,446,033, $9,682,054, and $284,724, respectively)		495,851			2,446,108			9,763,166			296,450
Receivables:
Investment securities sold, at value		988,074			4,275,480			144,804,779			3,231,416
Dividends and interest, at value		382,289			439,114			7,242,443			550,144
Due from broker — variation margin, at value^(b)		55,237			—			992,782			228,703
Securities lending income		21,151			3,367			862,300			16,034
Foreign tax reclaims, at value		145,114			806			581,198			82,406
Reimbursement from adviser		19,190			57,814			419			52,263
Fund shares sold		11,578			3,674			662,562			6,980
Due from broker		—			19,020			—			—
Forward foreign currency exchange contracts, at value		5,879			—			82,574			—
Other assets		1,561			1,215			487,794			457


Total assets		74,296,748			187,069,547			2,129,837,875			78,503,573





Liabilities:

Due to custodian		—			801,749			—			—
Payables:
Payable upon return of securities loaned		3,499,847			5,676,200			278,061,824			3,025,226
Investment securities purchased, at value		756,245			4,042,222			142,663,044			3,037,534
Amounts owed to affiliates		80,266			144,650			1,330,881			55,402
Due to broker		867,923			—			—			—
Fund shares redeemed		67,215			648			2,371,042			39,790
Net swap contracts, at value		51,019			—			—			—
Forward foreign currency exchange contracts, at value		2,311			—			121,516			—
Accrued expenses		183,077			161,601			427,353			166,100


Total liabilities		5,507,903			10,827,070			424,975,660			6,324,052





Net Assets:

Paid-in capital		200,324,065			309,376,393			3,606,172,536			167,136,531
Accumulated undistributed net investment income		678,880			465,820			15,892,614			380,319
Accumulated net realized loss from investment, futures, swap and foreign currency related transactions		(112,534,576	)		(143,746,606	)		(1,639,262,747	)		(88,509,175	)
Net unrealized gain (loss) on investments, futures, swap and translation of assets and liabilities denominated in foreign currencies		(19,679,524	)		10,146,870			(277,940,188	)		(6,828,154	)


NET ASSETS	$	68,788,845		$	176,242,477		$	1,704,862,215		$	72,179,521



Net Assets:
Class A	$	47,648,055		$	1,192,005		$	464,766,911		$	13,598,193
Class B		—			—			6,352,771			—
Class C		1,869,457			322,866			4,891,877			22,129
Institutional		19,260,975			174,727,606			1,211,350,473			58,559,199
Service		—			—			17,489,648			—
Class IR		5,196			—			5,284			—
Class R		5,162			—			5,251			—




Total Net Assets		68,788,845			176,242,477			1,704,862,215			72,179,521


Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		7,609,563			231,875			63,247,020			2,790,078
Class B		—			—			873,034			—
Class C		303,665			62,790			672,969			4,579
Institutional		3,048,415			33,886,031			160,981,772			12,021,279
Service		—			—			2,364,633			—
Class IR		829			—			724			—
Class R		829			—			718			—


Net asset value, offering and redemption price per share:^(c)
Class A		$6.26			$5.14			$7.35			$4.87
Class B		—			—			7.28			—
Class C		6.16			5.14			7.27			4.83
Institutional		6.32			5.16			7.52			4.87
Service		—			—			7.40			—
Class IR		6.26			—			7.30			—
Class R		6.22			—			7.31			—


(a)	Includes loaned securities having a market value of $3,301,234, $5,516,848, $267,645,828 and $2,854,928 for the Structured International Equity Flex, Structured Emerging Markets Equity, Structured International Equity and Structured International Small Cap Funds, respectively.
(b)	Includes amount on deposit with counterparty of $145,989 for the Structured International Small Cap Fund relating to initial margin requirements on futures transactions.

(c)

Maximum public offering price per share (NAV per share multiplied by 1.0582) for Class A Shares of Structured International Equity Flex, Structured Emerging Markets Equity, Structured International Equity and Structured International Small Cap Funds is $6.62, $5.44, $7.78 and $5.15, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Statements of Operations

For the Six Months Ended April 30, 2009 (Unaudited)


	Structured			Structured			Structured			Structured
	International Equity			Emerging Markets			International			International
	Flex Fund			Equity Fund			Equity Fund			Small Cap Fund


Investment income:

Dividends^(a)	$	1,181,492		$	1,880,572		$	30,863,005		$	1,163,462
Securities lending income — affiliated issuer		42,989			32,062			1,637,310			49,484
Interest		15,009			3,351			15,259			352


Total investment income		1,239,490			1,915,985			32,515,574			1,213,298





Expenses:

Management fees		417,361			746,306			7,373,662			310,482
Custody and accounting fees		132,774			223,046			379,511			142,867
Distribution and Service fees^(b)		76,798			1,696			690,611			18,896
Professional fees		69,944			52,698			87,341			58,002
Transfer Agent fees^(b)		56,727			30,484			750,192			25,888
Printing fees		41,586			17,495			75,475			11,841
Registration fees		22,487			19,854			30,553			23,770
Trustee fees		8,065			8,065			8,065			8,065
Service share fees — Service Plan		—			—			23,458			—
Service share fees — Shareholder Administration Plan		—			—			23,458			—
Other		13,060			2,425			111,351			42,787


Total expenses		838,802			1,102,069			9,553,677			642,598


Less — expense reductions		(263,640	)		(313,128	)		(656,858	)		(282,224	)


Net expenses		575,162			788,941			8,896,819			360,374


NET INVESTMENT INCOME		664,328			1,127,044			23,618,755			852,924





Realized and unrealized gain (loss) from investment, futures, swap contract and foreign currency related transactions:

Net realized gain (loss) from:
Investment transactions — unaffiliated issuers		(33,232,598	)		(74,309,770	)		(994,768,532	)		(41,815,624	)
Securities lending reinvestment vehicle transactions — affiliated issuer		(2,458	)		60,366			136,789			6,914
Futures transactions		(4,126,401	)		—			(8,100,527	)		(277,634	)
Swap contract		(2,032,730	)		—			—			—
Foreign currency related transactions		(4,065,341	)		(263,230	)		849,515			49,077
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		29,378,517			97,502,590			859,496,858			42,505,842
Securities lending reinvestment vehicle — affiliated issuer		14,638			18,351			1,168,502			5,297
Futures		4,541,165			—			3,091,061			316,044
Swap contract		(122,633	)		—			—			—
Translation of assets and liabilities denominated in foreign currencies		2,560,863			12,917			(623,286	)		(56,545	)


Net realized and unrealized gain (loss) from investment, futures, swap and foreign currency related transactions		(7,086,978	)		23,021,224			(138,749,620	)		733,371


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(6,422,650	)	$	24,148,268		$	(115,130,865	)	$	1,586,295


(a)	Foreign taxes withheld on dividends were $150,784, $76,840, $3,009,278 and $112,173 for the Structured International Equity Flex, Structured Emerging Markets Equity, Structured International Equity and Structured International Small Cap Funds, respectively.
(b)	Class specific Distribution and Service, and Transfer Agent fees were as follows:


	Distribution and Service Fees								Transfer Agent Fees
Fund	Class A		Class B		Class C		Class R		Class A		Class B		Class C		Institutional		Service		Class IR		Class R
Structured International Equity Flex	$	66,723	$	—	$	10,063	$	12	$	50,709	$	—	$	1,911	$	4,097	$	—	$	5	$	5
Structured Emerging Markets Equity		899		—		797		—		682		—		151		29,651		—		—		—
Structured International Equity		630,789		33,642		26,167		13		479,399		6,392		4,972		255,666		3,753		5		5
Structured International Small Cap		18,794		—		102		—		14,284		—		19		11,585		—		—		—

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Statements of Changes in Net Assets


	Structured
	International Equity
	Flex Fund
	For the
	Six Months Ended			For the
	April 30, 2009			Fiscal Year Ended
	(Unaudited)			October 31, 2008


From operations:

Net investment income	$	664,328		$	4,739,009
Net realized loss from investment, futures, swap contract and foreign currency related transactions		(43,459,528	)		(77,290,826	)
Unrealized gain (loss) on investments, futures, swap contracts and translation of assets and liabilities denominated in foreign currencies		36,372,550			(82,657,135	)


Net increase (decrease) in net assets resulting from operations		(6,422,650	)		(155,208,952	)





Distributions to shareholders:

From net investment income
Class A Shares		—			(4,887,530	)
Class B Shares		—			—
Class C Shares		—			(76,478	)
Institutional Shares		—			(2,583,241	)
Service Shares		—			—
Class IR Shares^(a)		—			(196	)
Class R Shares^(a)		—			(196	)
From net realized gains
Class A Shares		—			(610,355	)
Class B Shares		—			—
Class C Shares		—			(11,053	)
Institutional Shares		—			(281,022	)
Service Shares		—			—
Class IR Shares^(a)		—			(21	)
Class R Shares^(a)		—			(21	)


Total distributions to shareholders		—			(8,450,113	)





From share transactions:

Net proceeds from sales of shares		6,488,093			68,108,900
Reinvestment of distributions		—			7,690,976
Cost of shares redeemed		(35,443,642	)^(b)		(270,978,622	)^(c)


Net increase (decrease) in net assets resulting from share transactions		(28,955,549	)		(195,178,746	)


TOTAL INCREASE (DECREASE)		(35,378,199	)		(358,837,811	)





Net assets:

Beginning of period		104,167,044			463,004,855


End of period	$	68,788,845		$	104,167,044


Accumulated undistributed net investment income	$	678,880		$	14,552


*	The Fund changed its fiscal year end from August 31 to October 31.
(a)	Commenced operations on November 30, 2007.
(b)	Net of $2,720, $56, $67,726 and $523 redemption fees remitted to the Structured International Equity Flex, Structured Emerging Markets Equity, Structured International Equity and Structured International Small Cap Funds, respectively.
(c)	Net of $8,338 and $566 redemption fees remitted to the Structured International Equity Flex and Structured International Small Cap Funds, respectively.
(d)	Net of $71,116 redemption fees remitted to the Structured International Equity Fund.

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS


Structured						Structured									Structured
Emerging Markets						International									International
Equity Fund						Equity Fund									Small Cap Fund
For the						For the									For the
Six Months Ended			For the			Six Months Ended			For the			For the			Six Months Ended			For the
April 30, 2009			Fiscal Year Ended			April 30, 2009			Fiscal Period Ended			Fiscal Year Ended			April 30, 2009			Fiscal Year Ended
(Unaudited)			October 31, 2008			(Unaudited)			October 31, 2008*			August 31, 2008			(Unaudited)			October 31, 2008




$	1,127,044		$	3,415,559		$	23,618,755		$	9,977,631		$	186,257,366		$	852,924		$	4,189,668
	(74,512,634	)		(70,933,870	)		(1,001,882,755	)		(431,937,696	)		(19,677,510	)		(42,037,267	)		(46,609,164	)
	97,533,858			(95,708,903	)		863,133,135			(685,019,874	)		(938,326,583	)		42,770,638			(57,472,056	)


	24,148,268			(163,227,214	)		(115,130,865	)		(1,106,979,939	)		(771,746,727	)		1,586,295			(99,891,552	)








	(4,966	)		(757	)		(29,084,478	)		—			(44,992,964	)		(707,218	)		(106,200	)
	—			—			(290,522	)		—			(466,559	)		—			—
	(235	)		(254	)		(222,207	)		—			(334,209	)		(844	)		(5	)
	(1,823,206	)		(524,634	)		(80,894,685	)		—			(110,244,232	)		(2,991,648	)		(458,965	)
	—			—			(984,147	)		—			(1,784,615	)		—			—
	—			—			(297	)		—			(330	)		—			—
	—			—			(257	)		—			(326	)		—			—

	—			(803	)		—			—			(128,178,330	)		—			—
	—			—			—			—			(1,662,907	)		—			—
	—			(307	)		—			—			(1,208,317	)		—			—
	—			(478,372	)		—			—			(279,705,713	)		—			—
	—			—			—			—			(5,249,964	)		—			—
	—			—			—			—			(833	)		—			—
	—			—			—			—			(833	)		—			—


	(1,828,407	)		(1,005,127	)		(111,476,593	)		—			(573,830,132	)		(3,699,710	)		(565,170	)







	25,150,379			236,410,344			131,736,943			82,690,646			1,287,684,660			7,846,992			47,922,925
	1,828,158			1,004,794			104,270,634			—			548,615,707			3,646,229			565,124
	(29,692,217	)^(b)		(14,016,651	)		(525,938,393	)^(b)		(534,646,065	)		(1,549,529,573	)^(d)		(23,609,406	)^(b)		(49,022,223	)^(c)


	(2,713,680	)		223,398,487			(289,930,816	)		(451,955,419	)		286,770,794			(12,116,185	)		(534,174	)


	19,606,181			59,166,146			(516,538,274	)		(1,558,935,358	)		(1,058,806,065	)		(14,229,600	)		(100,990,896	)







	156,636,296			97,470,150			2,221,400,489			3,780,335,847			4,839,141,912			86,409,121			187,400,017


$	176,242,477		$	156,636,296		$	1,704,862,215		$	2,221,400,489		$	3,780,335,847		$	72,179,521		$	86,409,121


$	465,820		$	1,167,183		$	15,892,614		$	103,750,452		$	97,105,865		$	380,319		$	3,227,105

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements

April 30, 2009 (Unaudited)

1. ORGANIZATION

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


		Diversified/
Fund	Share Classes Offered	Non-diversified

Structured International Equity Flex	A, C, Institutional, IR and R		Diversified


Structured Emerging Markets Equity and Structured International Small Cap	A, C and Institutional		Diversified


Structured International Equity	A, B, C, Institutional, Service, IR and R		Diversified

Class A Shares of the Funds are sold with a front-end sales charge of up to 5.50%. Class B Shares of the Structured International Equity Fund are sold with a contingent deferred sales charge that declines from 5.00% to zero, depending upon the period of time the shares are held. Class C Shares of the Funds are sold with a contingent deferred sales charge of 1.00% during the first 12 months. Institutional, Service, Class IR and Class R Shares of the Funds are not subject to a sales charge. Goldman, Sachs & Co. (“Goldman Sachs” or the “Distributor”) serves as distributor of the shares of the Funds pursuant to a Distribution Agreement. Goldman Sachs may retain a portion of such sales charges it receives as a Distributor.

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

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies consistently followed by the Funds. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that may affect the amounts and disclosures on the financial statements. Actual results could differ from those estimates and assumptions.

A. Investment Valuation — The investment valuation policy of the Funds is to value investments at market value. Investments in equity securities traded on a foreign securities exchange are valued daily at fair value determined by an independent fair value service (if available) under valuation procedures approved by the trustees consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the United States (“U.S.”) securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchanges. While the independent service may not take into account market or security specific information, under the valuation procedures, these securities might also be fair valued by GSAM by taking into consideration market or security specific information as discussed below.

Investments in equity securities and investment companies traded on a U.S. securities exchange or the NASDAQ system are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. Investments in equity securities and investment companies traded on a foreign securities exchange for which an independent fair value service cannot provide a quote are valued daily at their last sale price or official closing price on the

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

principal exchange on which they are traded. If no sale occurs, such securities and investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Debt securities for which market quotations are readily available are valued on the basis of quotations furnished by an independent pricing service approved by the trustees or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider either (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 bond dealers, to determine current value. If accurate 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 based on yield equivalents, a pricing matrix or other sources, under valuation procedures established by the trustees. Unlisted equity securities for which market quotations are available are valued at the last sale price on valuation date, or if no sale occurs, at the last bid price. In the absence of market quotations, broker quotes will be utilized or the security will be fair valued. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share (“NAV”) on the valuation date. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued at amortized cost, which approximates market value.

GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the previous closing prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Funds’ NAV. Significant events that could affect a large number of securities in a particular market may include, but are not limited to: situations relating to one or more single issuers in a market sector; significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions or market closings; equipment failures; natural or man-made disasters or acts of God; armed conflicts; government actions or other developments; as well as the same or similar events which may affect specific issuers or the securities markets even though not tied directly to the securities markets. Other significant events that could relate to a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; corporate announcements, including those relating to earnings, products and regulatory news; significant litigation; low trading volume; and trading limits or suspensions.

B. Security Transactions and Investment Income — Security transactions are reflected for financial reporting purposes as of the trade date. Realized gains and losses on sales of portfolio securities are calculated using the identified cost basis. Dividend income is recognized on the ex-dividend date, net of foreign withholding taxes, if any, which are reduced by any amounts reclaimable by the Funds, where applicable. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted. In addition, it is the Funds’ policy to accrue for estimated capital gains taxes, if any, on securities held by the Funds, which are subject to such taxes.

Net investment income (other than class specific expenses) and unrealized and realized gains or losses are allocated daily to each class of shares of the respective Fund based upon the relative proportion of net assets of each class.

C. Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Funds on a straight-line and/or “pro-rata” basis depending upon the nature of the expense.

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2009 (Unaudited)


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”) applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, no federal tax provisions are required. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions, if any, are declared and paid according to the following schedule:


	Income		Capital Gains
	Distributions		Distributions
Fund	Declared/Paid		Declared/Paid

Structured International Equity Flex, Structured Emerging Markets Equity, Structured International Equity and Structured International Small Cap Equity		Annually		Annually

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

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital. Financial statements are adjusted for permanent book/tax differences to reflect the appropriate tax character, and are not adjusted for temporary differences.

GAAP establishes financial statement accounting and disclosure requirements for recognition and measurement of tax positions taken or expected to be taken on a U.S. income tax return. GSAM has reviewed the tax positions for the Funds for the open tax years (tax years ended October 31, 2007-8, except for Structured International Equity Flex Fund with open tax years of October 31, 2006-8 and Structured International Equity Fund with open tax years of August 31, 2006-8 and October 31, 2008) and determined that they did not have a material impact on the Funds’ financial statements.

E. Foreign Currency Translations — The books and records of the Funds are accounted for in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investment valuations, foreign currency and other assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars based upon 4:00 p.m. Eastern Time exchange rates; and (ii) purchases and sales of foreign investments, income and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions as of 4:00 p.m. Eastern Time.

Net realized and unrealized gain (loss) on foreign currency transactions represents: (i) foreign exchange gains and losses from the sale and holdings of foreign currencies; (ii) currency gains and losses between trade date and settlement date on investment security transactions and forward exchange contracts; and (iii) gains and losses from the difference between amounts of dividends, interest and foreign withholding taxes recorded and the amounts actually received. The effect of changes in foreign currency exchange rates on equity securities and derivative instruments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included with the net realized and unrealized gain (loss) on investments. The effect of changes in foreign currency exchange rates on fixed income securities are segregated in the Statements of Operations from the effects of changes in market prices of those investments, and are included with the net realized and unrealized gain (loss) on foreign currency related transactions. Net unrealized foreign exchange gains and losses arising from changes in the value of other assets and liabilities as a result of changes in

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

foreign exchange rates are included as increases and decreases in unrealized gain (loss) on foreign currency related transactions.

F. Forward Foreign Currency Exchange Contracts — The Funds may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date as a hedge or cross-hedge against either specific transactions, portfolio positions or to seek to increase total return. All contracts are “marked-to-market” daily at the applicable forward rate and any resulting unrealized gains or losses are recorded by the Funds. The Funds record realized gains or losses on the settlement date of a contract.

Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

The contractual amounts of forward foreign currency contracts do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. The Funds must set aside liquid assets, or engage in other appropriate measures to cover their obligations under these contracts.

G. Futures Contracts — The Funds may purchase or sell futures contracts to hedge against changes in interest rates, securities prices, currency exchange rates or to seek to increase total return. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, the Funds deposit cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Funds equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset in unrealized gains or losses. The Funds recognize a realized gain or loss when a contract is closed or expires.

The use of futures contracts involves, to varying degrees, elements of market and counterparty risk which may exceed the amounts recognized in the Statements of Assets and Liabilities. Futures contracts may be illiquid, and exchanges may limit fluctuations in futures contract prices during a single day. Changes in the value of a futures contract may not directly correlate with changes in the value of the underlying securities. These risks may decrease the effectiveness of the Funds’ strategies and potentially result in a loss. The Funds must set aside liquid assets, or engage in other appropriate measures to cover their obligations under these contracts.

H. Redemption Fees — All classes of the Funds charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. For this purpose, the Funds use a first-in first-out method so that shares held longest will be treated as being redeemed first and shares held shortest will be treated as being redeemed last. Redemption fees are reimbursed to a Fund and are reflected as a reduction in share redemptions. Redemption fees are credited to Paid-in capital and are allocated to each share class of a Fund on a pro-rata basis at the time of payment.

I. Total Return Swap Transactions — The use of total return swaps is a highly specialized activity which involves investment techniques, risk analyses and tax planning different from those associated with ordinary portfolio securities transactions. The Structured International Equity Flex Fund’s transactions in total return swaps may be significant. These transactions can result in sizeable realized and unrealized capital gains and losses relative to the gains and losses from the Fund’s direct investments in equity securities.

Transactions in total return swaps can involve greater risks than if the Fund had invested in securities directly since, in addition to general market risks, swaps are leveraged and are also subject to illiquidity risk, counterparty risk, credit risk and pricing risk. Because they have terms of greater than seven days, swap transactions may be considered to be illiquid.

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2009 (Unaudited)


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Moreover, the Fund will bear the risk of loss of the amount expected to be received under a total return swap in the event of the default, by, or bankruptcy of a swap counterparty. Total return swaps may also be subject to pricing or “basis” risk, which exists when a particular swap becomes extraordinarily expensive relative to historical prices or the price of corresponding cash market instruments. Under certain market conditions it may not be economically feasible to initiate a transaction or liquidate a position in time to avoid a loss or take advantage of an opportunity. If a swap transaction is particularly large or if the relevant market is illiquid, it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses.

The prices of total return swaps can be volatile, and a variance in the degree of volatility or in the direction of securities prices from the investment adviser’s expectations may produce significant losses in the Fund’s investments in swaps. In addition, a perfect correlation between a total return swap and a security’s position may be impossible to achieve. As a result, the investment adviser’s use of total return swaps may not be effective in fulfilling the investment adviser’s investment strategies and may contribute to losses that would not have been incurred otherwise.

Total return swaps are valued based on the market value of the underlying long and short positions in the swap, valued daily at the last sale price or official closing price on the principal exchange or system on which they are traded. The total market value of the underlying securities plus financing fees, the value of corporate actions, and dividend accruals comprises the total market value of the total return swap position. Total return swaps are reset monthly with change in market value reflected as realized gain or loss. The Fund must also set aside liquid assets, or engage in other appropriate measures to cover their obligations for short positions held within the total return swap.

3. AGREEMENTS

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

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

For the six months ended April 30, 2009, contractual management fees with GSAM were at the following annual rates:


	Contractual Management Rate
	Up to			Next			Next			Next			Over			Effective
Fund	$1 billion			$1 billion			$3 billion			$3 billion			$8 billion			Rate

Structured International Equity Flex		1.10	%		0.99	%		0.94	%		0.92	%		0.90	%		1.10	%


Structured Emerging Markets Equity		1.00			1.00			0.90			0.86			0.84			1.00


Structured International Equity		0.85			0.77			0.73			0.72			0.71			0.81


Structured International Small Cap		0.85			0.85			0.77			0.73			0.72			0.85

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS


3. AGREEMENTS (continued)

B. Distribution Agreement and Service Plan — The Trust, on behalf of each Fund, has adopted Distribution and Service Plans (the “Plans”). Under the Plans, Goldman Sachs and/or authorized dealers are entitled to a fee accrued daily and paid monthly for distribution services and account maintenance services at the following annual rates calculated on a Fund’s average daily net assets of each respective share class:


	Distribution and Service Plan Rates
	Class A*			Class B			Class C			Class R*

Distribution Plan		0.25	%		0.75	%		0.75	%		0.50	%


Service Plan		—			0.25	%		0.25	%		—

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

Goldman Sachs may retain a portion of the Class A front end sales load and Class B and Class C contingent deferred sales charges. During the six months ended April 30, 2009, Goldman Sachs advised the Funds that it retained the following approximate amounts:


	Front End		Contingent Deferred
	Sales Load		Sales Charge
Fund	Class A		Class B		Class C

Structured International Equity Flex	$	400		N/A	$	—


Structured Emerging Markets Equity		400		N/A		—


Structured International Equity		20,600	$	100		—


Structured International Small Cap		100		N/A		—

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

D. Service Plan and Shareholder Administration Plan — The Trust, on behalf of the Structured International Equity Fund, has adopted a Service Plan and Shareholder Administration Plan for Service Shares. These plans allow for Service Shares to compensate service organizations for providing varying levels of personal and account administration and shareholder administration services to their customers who are beneficial owners of such shares. The Service Plan and Shareholder Administration Plan each provide for compensation to the service organizations in an amount equal to, on an annualized basis, 0.25% (0.50% in aggregate) of the average daily net assets of the Service Shares.

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2009 (Unaudited)


3. AGREEMENTS (continued)

E. Other Agreements — GSAM has voluntarily agreed to limit certain “Other Expenses” of the Funds (excluding management fees, distribution and service fees, transfer agent fees and expenses, Service Share fees, taxes, interest, brokerage fees and litigation, indemnification, shareholder meetings and other extraordinary expenses, exclusive of any custody and transfer agent fee credit reductions) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such expense reimbursements, if any, are computed daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior period expense reimbursements, if any. The Other Expenses limitations for the Structured International Equity Flex, Structured Emerging Markets Equity, Structured International Equity and Structured International Small Cap Funds as an annual percentage rate of average daily net assets are 0.064%, 0.014%, 0.004% and 0.014%, respectively. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent resulting in a reduction in the Funds’ expenses.

For the six months ended April 30, 2009, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows (in thousands):


	Other Expense		Custody Fee		Total Expense
Fund	Reimbursement		Expense Credits		Reductions

Structured International Equity Flex	$	264	$	—	$	264


Structured Emerging Markets Equity		313		—		313


Structured International Equity		656		1		657


Structured International Small Cap		282		—		282

As of April 30, 2009, the amounts owed to affiliates of the Funds were as follows (in thousands):


	Management		Distribution and			Transfer Agent
Fund	Fees		Service Fees			Fees		Total

Structured International Equity Flex	$	61	$	11		$	8	$	80


Structured Emerging Markets Equity		139		—	*		6		145


Structured International Equity		1,116		103			112		1,331


Structured International Small Cap		49		2			4		55

* Amount less than $500.

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS


3. AGREEMENTS (continued)

F. Line of Credit Facility — The Funds participate in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates. Pursuant to the terms of the facility, the Funds and other borrowers may increase the credit amount by an additional $300,000,000, for a total of up to $1 billion. This facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended April 30, 2009, the Funds did not have any borrowings under the facility. Effective May 12, 2009, the facility decreased to $660,000,000.

4. FAIR VALUE OF INVESTMENTS

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). Fair value measurements do not include transaction costs. Financial Accounting Standards Board (“FASB”) Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”) establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FAS 157 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 all significant inputs are observable, either directly or indirectly;

Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

The following is a summary of the Funds’ investments categorized in the fair value hierarchy:


								Structured Emerging
	Structured International Equity Flex							Markets Equity
	Investments in							Investments in
	Securities		Derivatives—		Derivatives—			Securities
Level	Long—Assets		Assets^(a)		Liabilities^(a)			Long—Assets

Level 1	$	450,883	$	289,246	$	—		$	55,878,424


Level 2^(b)		69,142,445		5,879		(53,330	)		123,944,525


Level 3		—		—		—			—


Total	$	69,593,328	$	295,125	$	(53,330	)	$	179,822,949

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2009 (Unaudited)


4. FAIR VALUE OF INVESTMENTS (continued)


								Structured International
	Structured International Equity							Small Cap
	Investments in							Investments in
	Securities		Derivatives—		Derivatives—			Securities		Derivatives—
Level	Long—Assets		Assets^(a)		Liabilities^(a)			Long—Assets		Assets^(a)

Level 1	$	68,261,876	$	2,260,883	$	—		$	1,310,578	$	217,391


Level 2^(b)		1,860,476,824		82,574		(121,516	)		72,515,414		—


Level 3		145,064		—		—			212,728		—


Total	$	1,928,883,764	$	2,343,457	$	(121,516	)	$	74,038,720	$	217,391


(a)	Derivatives may include open forward foreign currency contracts, futures contracts, swap contracts and written options.


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

The following is a reconciliation of Level 3 investments for the period ended April 30, 2009. All the amounts in the following table reflect Investments in Securities Long-Assets:


	Structured		Structured
	International		International
Level 3	Equity		Small Cap

Beginning Balance as of October 31, 2008	$	—	$	—
Realized gain (loss)		—		—
Unrealized gains/(losses) relating to instruments still held at reporting date		145,064		34,373
Net purchase (sales)		—		20,333
Net transfers into Level 3		—		158,022


Ending Balance as of April 30, 2009	$	145,064	$	212,728

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

5. 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 bear the risk of delay on recovery or loss of rights in the collateral should the borrower of the securities fail financially.

The Funds invest the cash collateral received in connection with securities lending transactions in the Enhanced Portfolio II of Boston Global Investment Trust (“Enhanced Portfolio II”), a Delaware statutory trust. The Enhanced Portfolio II, deemed an affiliate of the Trust, is exempt from registration under Section 3(c)(7) of the Act and is managed by GSAM, for which GSAM may receive an investment advisory fee of up to 0.10% on an annualized basis of the average daily net assets of the Enhanced Portfolio II. The Enhanced Portfolio II primarily invests in short-term investments, but is not a “money market fund” subject to the requirements of Rule 2a-7 of the Act. The Funds’ investment of cash collateral in the Enhanced Portfolio II is subject to a net asset value that may fall or rise due to market and credit conditions.

Both the Funds and GSAL receive compensation relating to the lending of the Funds’ securities. The amounts earned by the Funds for the six months ended April 30, 2009 are reported under Investment Income on the Statement of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs as of, and for the six months ended April 30, 2009:


			Amounts Received by
	Earnings of GSAL		the Funds from Lending to		Amount Payable to
	Relating to Securities Loaned		Goldman Sachs for the		Goldman Sachs upon Return
	for the Six Months Ended		Six Months Ended		of Securities Loaned as of
Fund	April 30, 2009		April 30, 2009		April 30, 2009

Structured International Equity Flex	$	4,776	$	7,097	$	689,000


Structured Emerging Markets Equity		3,529		5,190		322,500


Structured International Equity		180,086		211,651		25,590,008


Structured International Small Cap		5,602		19,075		932,025

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2009 (Unaudited)


5. SECURITIES LENDING (continued)

The following table provides information about the Funds’ investment in the Enhanced Portfolio II for the six months ended April 30, 2009 (in thousands):


	Number of							Number of
	Shares Held		Shares		Shares			Shares Held		Value at
Fund	Beginning of Period		Bought		Sold			End of Period		End of Period

Structured International Equity Flex		13		13,333		(9,858	)		3,488	$	3,457


Structured Emerging Markets Equity		11,056		79,032		(84,340	)		5,748		5,685


Structured International Equity		143,072		567,008		(432,848	)		277,232		274,737


Structured International Small Cap		2,421		7,209		(6,699	)		2,931		2,899

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2009, were as follows:


			Sales and
Fund	Purchases		Maturities

Structured International Equity Flex	$	30,313,338	$	57,250,158


Structured Emerging Markets Equity		173,141,331		176,930,421


Structured International Equity		1,413,888,515		1,782,368,681


Structured International Small Cap		70,277,765		85,159,830

For the six months ended April 30, 2009, Goldman Sachs earned approximately $46,300 and $100 of brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Structured International Equity and Structured International Small Cap Funds, respectively. Goldman Sachs did not earn any brokerage commissions with respect to the Structured International Equity Flex and the Structured Emerging Markets Equity Funds.

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

7. TAX INFORMATION

As of the Funds’ most recent fiscal period end, October 31, 2008, the Funds’ capital loss carryforwards on a tax basis were as follows:


	Structured			Structured			Structured			Structured
	International			Emerging Markets			International			International
	Equity Flex			Equity			Equity			Small Cap

Capital loss carryforward expiring 2016⁽¹⁾	$	(67,252,387	)	$	(59,568,423	)	$	(542,562,114	)	$	(44,061,383	)


Timing differences (swap payments)		20,142			—			—			—

⁽¹⁾ Expiration occurs on October 31 of the year indicated.

At April 30, 2009, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Structured						Structured			Structured
	International			Structured Emerging			International			International
	Equity Flex			Markets Equity			Equity			Small Cap

Tax cost	$	91,327,552		$	179,358,359		$	2,303,086,730		$	83,421,010


Gross unrealized gain		1,710,434			10,797,369			72,221,508			6,195,661
Gross unrealized loss		(23,444,658	)		(10,332,779	)		(446,424,474	)		(15,577,951	)


Net unrealized security gain (loss)		(21,734,224	)		464,590			(374,202,966	)		(9,382,290	)

The difference between book-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, differences related to the tax treatment of Passive Foreign Investment Company investments, partnership investments, securities out on loan and net mark to market gains (losses) on foreign currency contracts recognized for tax purposes as of the most recent fiscal year end.

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2009 (Unaudited)

8. OTHER RISKS

Funds’ Shareholder Concentration — Certain Goldman Sachs Fund of Funds Portfolios invest a significant percentage of their assets in the Funds. In the event the Fund of Funds Portfolios experience significant redemptions and/or reallocations, the Funds may be exposed to liquidity risk. In particular, the Funds may encounter difficulty meeting redemptions if unusual market conditions create an unfavorable environment in which the Funds are forced to liquidate their securities. As of April 30, 2009, the following Fund of Fund Portfolios were the beneficial owners of 5% or more of total outstanding shares of the following funds:


	Goldman Sachs			Goldman Sachs			Goldman Sachs			Goldman Sachs
	Balanced Strategy			Equity Growth			Growth Strategy			Growth & Income
Fund	Portfolio			Strategy Portfolio			Portfolio			Strategy Portfolio

Structured Emerging Markets Equity		9	%		14	%		33	%		38	%


Structured International Equity		—			9			20			18


Structured International Small Cap		9			10			25			30

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

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

9. OTHER MATTERS

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

New Accounting Pronouncements — In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“FAS 161”). FAS 161 is effective for the first interim or annual period beginning after November 15, 2008. FAS 161 requires enhanced disclosures about the Funds’ derivative and hedging activities. GSAM does not believe the adoption of FAS 161 will impact the amounts reported in the financial statements; however, additional disclosures will be required.

In April 2009, the FASB issued a new FASB Staff Position FSP FAS 157-4, which amends FAS 157 and is effective for interim and annual periods ending after June 15, 2009. FSP FAS 157-4 provides additional guidance when the volume and level of activity for the asset or liability measured at fair value has significantly decreased. Additionally, FSP FAS 157-4 expands disclosure by reporting entities with respect to categories of assets and liabilities carried at fair value. GSAM believes applying the provisions of FSP FAS 157-4 will not have a material impact on the Funds’ financial statements.

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2009 (Unaudited)

10. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Structured International Equity Flex Fund
	For the Six Months Ended						For the Fiscal Year Ended
	April 30, 2009 (Unaudited)						October 31, 2008

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		788,038		$	4,930,733			4,598,203		$	50,740,307
Reinvestment of distributions		—			—			398,005			4,883,515
Shares redeemed		(4,154,234	)		(25,072,163	)		(18,021,256	)		(183,404,101	)


		(3,366,196	)		(20,141,430	)		(13,025,048	)		(127,780,279	)


Class C Shares
Shares sold		66,775			434,482			106,296			1,191,853
Reinvestment of distributions		—			—			5,040			61,437
Shares redeemed		(109,779	)		(643,320	)		(166,506	)		(1,653,070	)


		(43,004	)		(208,838	)		(55,170	)		(399,780	)


Institutional Shares
Shares sold		182,399			1,122,878			1,459,845			16,156,740
Reinvestment of distributions		—			—			223,037			2,745,590
Shares redeemed		(1,511,305	)		(9,728,159	)		(8,246,684	)		(85,921,451	)


		(1,328,906	)		(8,605,281	)		(6,563,802	)		(67,019,121	)


Class IR Shares^(a)
Shares sold		—			—			811			10,000
Reinvestment of distributions		—			—			18			217
Shares redeemed		—			—			—			—


		—			—			829			10,217


Class R Shares^(a)
Shares sold		—			—			811			10,000
Reinvestment of distributions		—			—			18			217
Shares redeemed		—			—			—			—


		—			—			829			10,217


NET (DECREASE)		(4,738,106	)	$	(28,955,549	)		(19,642,362	)	$	(195,178,746	)


(a)		Commenced operations on November 30, 2007.

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS


10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Structured Emerging Markets Equity Fund
	For the Six Months Ended						For the Period Ended
	April 30, 2009 (Unaudited)						October 31, 2008

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		179,562		$	783,228			68,911		$	570,923
Reinvestment of distributions		1,120			4,917			124			1,277
Shares redeemed		(26,406	)		(102,671	)		(5,681	)		(53,108	)


		154,276			685,474			63,354			519,092


Class C Shares
Shares sold		59,791			269,250			8,776			79,483
Reinvestment of distributions		49			213			55			560
Shares redeemed		(6,882	)		(27,048	)		—			—


		52,958			242,415			8,831			80,043


Institutional Shares
Shares sold		5,534,899			24,097,901			28,598,826			235,759,938
Reinvestment of distributions		414,324			1,823,028			97,754			1,002,957
Shares redeemed		(7,043,542	)		(29,562,498	)		(2,531,663	)		(13,963,543	)


		(1,094,319	)		(3,641,569	)		26,164,917			222,799,352


NET INCREASE (DECREASE)		(887,085	)	$	(2,713,680	)		26,237,102		$	223,398,487

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2009 (Unaudited)


10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Structured International Equity Fund
	For the Six Months Ended						For the Fiscal Period Ended						For the Fiscal Year Ended
	April 30, 2009 (Unaudited)						October 31, 2008^(a)						August 31, 2008

	Shares			Dollars			Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		8,281,083		$	59,902,395			3,993,749		$	37,743,274			34,569,241		$	490,195,738
Reinvestment of distributions		3,634,751			26,897,159			—			—			11,333,262			165,238,965
Shares converted from Class B^(b)		26,938			176,330			8,516			91,204			107,980			1,522,891
Shares redeemed		(26,038,792	)		(183,562,026	)		(14,162,795	)		(131,834,616	)		(52,526,785	)		(722,272,017	)


		(14,096,020	)		(96,586,142	)		(10,160,530	)		(94,000,138	)		(6,516,302	)		(65,314,423	)


Class B Shares
Shares sold		41,940			299,372			10,312			90,648			302,473			4,365,666
Reinvestment of distributions		37,390			274,813			—			—			138,928			2,000,562
Shares converted from Class A^(b)		(27,180	)		(176,330	)		(8,670	)		(91,204	)		(109,677	)		(1,522,891	)
Shares redeemed		(209,323	)		(1,425,662	)		(118,545	)		(1,105,087	)		(405,194	)		(5,504,204	)


		(157,173	)		(1,027,807	)		(116,903	)		(1,105,643	)		(73,470	)		(660,867	)


Class C Shares
Shares sold		58,212			427,354			8,586			77,143			236,427			3,420,729
Reinvestment of distributions		24,336			178,624			—			—			87,251			1,254,667
Shares redeemed		(183,518	)		(1,276,426	)		(88,564	)		(796,087	)		(362,185	)		(5,004,137	)


		(100,970	)		(670,448	)		(79,978	)		(718,944	)		(38,507	)		(328,741	)


Institutional Shares
Shares sold		9,382,860			69,660,334			4,492,938			44,173,848			52,089,676			761,444,949
Reinvestment of distributions		10,117,737			76,490,096			—			—			25,258,673			377,111,993
Shares redeemed		(46,792,870	)		(334,659,934	)		(37,318,868	)		(385,691,718	)		(56,199,255	)		(797,322,672	)


		(27,292,273	)		(188,509,504	)		(32,825,930	)		(341,517,870	)		21,149,094			341,234,270


Service Shares
Shares sold		200,466			1,447,488			61,806			605,733			1,965,600			28,237,576
Reinvestment of distributions		57,636			429,386			—			—			205,691			3,007,198
Shares redeemed		(739,344	)		(5,014,345	)		(1,398,682	)		(15,218,557	)		(1,461,443	)		(19,426,543	)


		(481,242	)		(3,137,471	)		(1,336,876	)		(14,612,824	)		709,848			11,818,231


Class IR Shares^(c)
Shares sold		—			—			—			—			604			10,001
Reinvestment of distributions		40			298			—			—			80			1,163
Shares redeemed		—			—			—			—			—			—


		40			298			—			—			684			11,164


Class R Shares^(c)
Shares sold		2			—			—			—			604			10,001
Reinvestment of distributions		35			258			—			—			79			1,159
Shares redeemed		(2	)		—			—			—			—			—


		35			258			—			—			683			11,160


NET INCREASE (DECREASE)		(42,127,603	)	$	(289,930,816	)		(44,520,217	)	$	(451,955,419	)		15,232,030		$	286,770,794


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


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


(c)		Commenced operations on November 30, 2007.

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS


10. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Structured International Small Cap Fund
	For the Six Months Ended						For the Fiscal Year Ended
	April 30, 2009 (Unaudited)						October 31, 2008

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		455,288		$	2,118,452			1,771,912		$	14,048,145
Reinvestment of distributions		150,452			705,618			11,061			106,186
Shares redeemed		(1,616,573	)		(7,441,551	)		(2,147,363	)		(16,700,074	)


		(1,010,833	)		(4,617,481	)		(364,390	)		(2,545,743	)


Class C Shares
Shares sold		143			667			3,397			25,000
Reinvestment of distributions		41			192			1			5
Shares redeemed		(4	)		(15	)		—			—


		180			844			3,398			25,005


Institutional Shares
Shares sold		1,235,843			5,727,873			4,040,036			33,849,780
Reinvestment of distributions		628,294			2,940,419			47,756			458,933
Shares redeemed		(3,483,800	)		(16,167,840	)		(4,184,136	)		(32,322,149	)


		(1,619,663	)		(7,499,548	)		(96,344	)		1,986,564


NET DECREASE		(2,630,316	)	$	(12,116,185	)		(457,336	)	$	(534,174	)

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


				Income (loss) from									Distributions
				investment operations									to shareholders
		Net asset
		value,		Net			Net realized			Total from			From net			From net
		beginning		investment			and unrealized			investment			investment			realized			Total
	Year - Share Class	of period		income (loss)^(a)			gain (loss)			operations			income			gains			distributions

FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)


	2009 - A	$	6.62	$	0.05		$	(0.41	)	$	(0.36	)	$	—		$	—		$	—
	2009 - C		6.54		0.03			(0.41	)		(0.38	)		—			—			—
	2009 - Institutional		6.67		0.06			(0.41	)		(0.35	)		—			—			—
	2009 - IR		6.62		0.06			(0.42	)		(0.36	)		—			—			—
	2009 - R		6.59		0.05			(0.42	)		(0.37	)		—			—			—


FOR THE FISCAL YEARS ENDED OCTOBER 31,


	2008 - A		13.08		0.19			(6.41	)		(6.22	)		(0.21	)		(0.03	)		(0.24	)
	2008 - C		12.98		0.13			(6.36	)		(6.23	)		(0.18	)		(0.03	)		(0.21	)
	2008 - Institutional		13.15		0.19			(6.40	)		(6.21	)		(0.24	)		(0.03	)		(0.27	)
	2008 - IR (commenced November 30, 2007)		12.32		0.24			(5.67	)		(5.43	)		(0.24	)		(0.03	)		(0.27	)
	2008 - R (commenced November 30, 2007)		12.32		0.20			(5.66	)		(5.46	)		(0.24	)		(0.03	)		(0.27	)




	2007 - A		10.67		0.30			2.14			2.44			—			(0.03	)		(0.03	)
	2007 - C		10.66		0.26			2.09			2.35			—			(0.03	)		(0.03	)
	2007 - Institutional		10.69		0.38			2.11			2.49			—			(0.03	)		(0.03	)


FOR THE PERIOD ENDED OCTOBER 31,


	2006 - A (commenced July 31, 2006)		10.00		—	^(d)		0.67			0.67			—			—			—
	2006 - C (commenced July 31, 2006)		10.00		(0.02	)		0.68			0.68			—			—			—
	2006 - Institutional (commenced July 31, 2006)		10.00		0.02			0.67			0.69			—			—			—


(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.
(c)	Annualized.
(d)	Less than $0.005 per share.

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND


													Ratios assuming no
													expense reductions
										Ratio of						Ratio of
					Net assets,		Ratio of			net investment			Ratio of			net investment
Net asset					end of		net expenses			income (loss)			total expenses			income (loss)			Portfolio
value, end		Total			period		to average			to average			to average			to average			turnover
of period		return^(b)			(in 000s)		net assets			net assets			net assets			net assets			rate




$	6.26		(5.58	)%	$	47,648		1.60	%^(c)		1.64	%^(c)		2.29	%^(c)		0.95	%^(c)		42	%
	6.16		(5.81	)		1,870		2.35	^(c)		0.96	^(c)		3.04	^(c)		0.27	^(c)		42
	6.32		(5.25	)		19,261		1.20	^(c)		2.11	^(c)		1.89	^(c)		1.42	^(c)		42
	6.26		(5.44	)		5		1.35	^(c)		2.05	^(c)		2.12	^(c)		1.36	^(c)		42
	6.22		(5.61	)		5		1.85	^(c)		1.59	^(c)		2.54	^(c)		0.90	^(c)		42





	6.62		(48.25	)		72,697		1.60			1.72			1.82			1.50			122
	6.54		(48.67	)		2,266		2.35			1.25			2.57			1.03			122
	6.67		(48.09	)		29,194		1.20			1.77			1.42			1.55			122
	6.62		(45.09	)		5		1.35	^(c)		2.54	^(c)		1.57	^(c)		2.32	^(c)		122
	6.59		(45.34	)		5		1.85	^(c)		2.08	^(c)		2.07	^(c)		1.86	^(c)		122




	13.08		22.88			313,922		1.60			2.49			1.90			2.19			75
	12.98		22.06			5,215		2.35			2.20			2.65			1.90			75
	13.15		23.31			143,867		1.20			3.15			1.50			2.85			75





	10.67		6.70			31,009		1.60	^(c)		0.10	^(c)		4.53	^(c)		(2.83	)^(c)		11
	10.66		6.60			113		2.35	^(c)		(0.62	)^(c)		5.58	^(c)		(3.85	)^(c)		11
	10.69		6.90			23,212		1.20	^(c)		0.82	^(c)		4.48	^(c)		(2.46	)^(c)		11

GOLDMAN SACHS STRUCTURED EMERGING MARKETS EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout each Period


				Income (loss) from									Distributions
				Investment operations									to shareholders
		Net asset
		value,		Net			Net realized			Total from			From net			From net
		beginning		investment			and unrealized			investment			investment			realized			Total
	Year - Share Class	of period		income^(a)			gain (loss)			operations			income			gains			distributions



FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)


	2009 - A	$	4.45	$	0.02		$	0.71		$	0.73		$	(0.04	)	$	—		$	(0.04	)
	2009 - C		4.41		—	^(c)		0.74			0.74			(0.01	)		—			(0.01	)
	2009 - Institutional		4.47		0.03			0.71			0.74			(0.05	)		—			(0.05	)


FOR THE FISCAL YEAR ENDED OCTOBER 31,


	2008 - A		11.04		0.15	^(d)		(6.64	)		(6.49	)		(0.05	)		(0.05	)		(0.10	)
	2008 - C		11.03		0.10	^(d)		(6.63	)		(6.53	)		(0.04	)		(0.05	)		(0.09	)
	2008 - Institutional		11.04		0.18	^(d)		(6.65	)		(6.47	)		(0.05	)		(0.05	)		(0.10	)


FOR THE PERIOD ENDED OCTOBER 31,


	2007 - A (commenced October 5, 2007)		10.00		0.01			1.03			1.04			—			—			—
	2007 - C (commenced October 5, 2007)		10.00		—	^(c)		1.03			1.03			—			—			—
	2007 - Institutional (commenced October 5, 2007)		10.00		—	^(c)		1.04			1.04			—			—			—


(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.
(c)	Amount is less than $0.005 per share.
(d)	Reflects income recognized from special dividends which amounted to $0.02 per share and 0.26% of average net assets.
(e)	Annualized.

GOLDMAN SACHS STRUCTURED EMERGING MARKETS EQUITY FUND


													Ratios assuming no
													expense reductions
										Ratio of						Ratio of
					Net assets,		Ratio of			net investment			Ratio of			net investment
Net asset					end of		net expenses			income (loss)			total expenses			income (loss)			Portfolio
value, end		Total			period		to average			to average			to average			to average			turnover
of period		return^(b)			(in 000s)		net assets			net assets			net assets			net assets			rate




$	5.14		16.50	%	$	1,192		1.45	%^(e)		1.11	%^(e)		1.87	%^(e)		0.69	%^(e)		114	%
	5.14		16.59			323		2.20	^(e)		(0.02	)^(e)		2.62	^(e)		(0.44	)^(e)		114
	5.16		16.77			174,728		1.05	^(e)		1.51	^(e)		1.47	^(e)		1.09	^(e)		114





	4.45		(59.22	)		345		1.45			1.92	^(d)		1.89			1.48	^(d)		190
	4.41		(59.48	)		43		2.20			1.24	^(d)		2.64			0.80	^(d)		190
	4.47		(59.01	)		156,248		1.05			2.28	^(d)		1.49			1.84	^(d)		190





	11.04		10.40			157		1.45	^(e)		0.77	^(e)		2.79	^(e)		(0.57	)^(e)		16
	11.03		10.30			11		2.20	^(e)		(0.60	)^(e)		3.54	^(e)		(1.94	)^(e)		16
	11.04		10.40			97,302		1.05	^(e)		0.58	^(e)		2.39	^(e)		(0.76	)^(e)		16

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


				Income (loss) from								Distributions
				investment operations								to shareholders
		Net asset
		value,		Net		Net realized			Total from			From net			From net
		beginning		investment		and unrealized			investment			investment			realized			Total
	Year - Share Class	of period		income^(a)		gain (loss)			operations			income			gains			distributions

FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)


	2009 - A	$	8.06	$	0.08	$	(0.40	)	$	(0.32	)	$	(0.39	)	$	—		$	(0.39	)
	2009 - B		7.91		0.05		(0.39	)		(0.34	)		(0.29	)		—			(0.29	)
	2009 - C		7.90		0.06		(0.40	)		(0.34	)		(0.29	)		—			(0.29	)
	2009 - Institutional		8.29		0.10		(0.42	)		(0.32	)		(0.45	)		—			(0.45	)
	2009 - Service		8.08		0.08		(0.40	)		(0.32	)		(0.36	)		—			(0.36	)
	2009 - IR		8.04		0.10		(0.41	)		(0.31	)		(0.43	)		—			(0.43	)
	2009 - R		8.01		0.08		(0.40	)		(0.32	)		(0.38	)		—			(0.38	)


FOR THE PERIOD SEPTEMBER 1, 2008 TO OCTOBER 31, 2008*


	2008 - A		11.79		0.03		(3.76	)		(3.73	)		—			—			—
	2008 - B		11.58		0.02		(3.69	)		(3.67	)		—			—			—
	2008 - C		11.56		0.02		(3.68	)		(3.66	)		—			—			—
	2008 - Institutional		12.11		0.04		(3.86	)		(3.82	)		—			—			—
	2008 - Service		11.81		0.03		(3.76	)		(3.73	)		—			—			—
	2008 - IR		11.75		0.03		(3.74	)		(3.71	)		—			—			—
	2008 - R		11.72		0.03		(3.74	)		(3.71	)		—			—			—


FOR THE FISCAL YEARS ENDED AUGUST 31,


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




	2007 - A		14.29		0.30		2.33			2.63			(0.17	)		(0.85	)		(1.02	)
	2007 - B		14.09		0.15		2.34			2.49			(0.06	)		(0.85	)		(0.91	)
	2007 - C		14.09		0.15		2.33			2.48			(0.08	)		(0.85	)		(0.93	)
	2007 - Institutional		14.59		0.38		2.38			2.76			(0.22	)		(0.85	)		(1.07	)
	2007 - Service		14.31		0.26		2.37			2.63			(0.16	)		(0.85	)		(1.01	)




	2006 - A		11.70		0.21		2.57			2.78			(0.11	)		(0.08	)		(0.19	)
	2006 - B		11.53		0.08		2.57			2.65			(0.01	)		(0.08	)		(0.09	)
	2006 - C		11.54		0.09		2.56			2.65			(0.02	)		(0.08	)		(0.10	)
	2006 - Institutional		11.93		0.27		2.61			2.88			(0.14	)		(0.08	)		(0.22	)
	2006 - Service		11.73		0.18		2.59			2.77			(0.11	)		(0.08	)		(0.19	)




	2005 - A		9.49		0.18		2.10			2.28			(0.07	)		—			(0.07	)
	2005 - B		9.37		0.08		2.08			2.16			—			—			—
	2005 - C		9.37		0.08		2.09			2.17			—			—			—
	2005 - Institutional		9.68		0.22		2.14			2.36			(0.11	)		—			(0.11	)
	2005 - Service		9.54		0.29		1.98			2.27			(0.08	)		—			(0.08	)




	2004 - A		7.66		0.10		1.80			1.90			(0.07	)		—			(0.07	)
	2004 - B		7.56		0.04		1.80			1.84			(0.03	)		—			(0.03	)
	2004 - C		7.56		0.04		1.79			1.83			(0.02	)		—			(0.02	)
	2004 - Institutional		7.80		0.15		1.84			1.99			(0.11	)		—			(0.11	)
	2004 - Service		7.70		0.15		1.77			1.92			(0.08	)		—			(0.08	)


*	The Fund changed its fiscal year end from August 31 to October 31.
(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.
(c)	Annualized.

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND


														Ratios assuming no
														expense reductions
											Ratio of						Ratio of
					Net assets,			Ratio of			net investment			Ratio of			net investment
Net asset					end of			net expenses			income			total expenses			income			Portfolio
value, end		Total			period			to average			to average			to average			to average			turnover
of period		return^(b)			(in 000s)			net assets			net assets			net assets			net assets			rate




$	7.35		(3.97	)%	$	464,767			1.25	%^(c)		2.30	%^(c)		1.32	%^(c)		2.23	%^(c)		72	%
	7.28		(4.30	)		6,353			2.00	^(c)		1.57	^(c)		2.07	^(c)		1.50	^(c)		72
	7.27		(4.28	)		4,892			2.00	^(c)		1.58	^(c)		2.07	^(c)		1.51	^(c)		72
	7.52		(3.75	)		1,211,350			0.85	^(c)		2.74	^(c)		0.92	^(c)		2.67	^(c)		72
	7.40		(3.99	)		17,490			1.35	^(c)		2.21	^(c)		1.42	^(c)		2.14	^(c)		72
	7.30		(3.83	)		5			1.00	^(c)		2.65	^(c)		1.07	^(c)		2.58	^(c)		72
	7.31		(4.08	)		5			1.50	^(c)		2.21	^(c)		1.57	^(c)		2.14	^(c)		72





	8.06		(31.64	)		623,459			1.20	^(c)		1.76	^(c)		1.28	^(c)		1.68	^(c)		25
	7.91		(31.69	)		8,149			1.95	^(c)		1.00	^(c)		2.03	^(c)		0.92	^(c)		25
	7.90		(31.66	)		6,116			1.95	^(c)		1.00	^(c)		2.03	^(c)		0.92	^(c)		25
	8.29		(31.54	)		1,560,672			0.80	^(c)		2.20	^(c)		0.88	^(c)		2.12	^(c)		25
	8.08		(31.58	)		22,994			1.30	^(c)		1.68	^(c)		1.38	^(c)		1.60	^(c)		25
	8.04		(31.57	)		5			0.95	^(c)		1.98	^(c)		1.03	^(c)		1.90	^(c)		25
	8.01		(31.66	)		5			1.45	^(c)		1.47	^(c)		1.53	^(c)		1.39	^(c)		25





	11.79		(16.33	)		1,031,252			1.20			3.70			1.25			3.65			161
	11.58		(16.99	)		13,280			1.95			2.93			2.00			2.88			161
	11.56		(16.99	)		9,875			1.95			2.97			2.00			2.92			161
	12.11		(15.99	)		2,676,502			0.80			4.13			0.85			4.08			161
	11.81		(16.50	)		49,411			1.30			3.54			1.35			3.49			161
	11.75		(19.67	)		8			0.95	^(c)		3.02	^(c)		1.00	^(c)		2.97	^(c)		161
	11.72		(19.92	)		8			1.45	^(c)		2.55	^(c)		1.50	^(c)		2.50	^(c)		161




	15.90		19.12			1,495,073			1.22			1.96			1.26			1.92			56
	15.67		18.28			19,124			1.97			0.98			2.01			0.94			56
	15.64		18.21			13,961			1.97			0.98			2.01			0.94			56
	16.28		19.63			3,255,644			0.82			2.38			0.86			2.34			56
	15.93		19.11			55,340			1.32			1.67			1.36			1.63			56




	14.29		24.02			739,861			1.26			1.63			1.35			1.54			59
	14.09		23.18			10,306			2.02			0.64			2.11			0.55			59
	14.09		23.10			7,110			2.02			0.67			2.11			0.58			59
	14.59		24.52			1,661,909			0.86			2.01			0.95			1.92			59
	14.31		23.87			40,369			1.37			1.38			1.46			1.29			59




	11.70		24.12			293,591			1.39			1.64			1.40			1.63			73
	11.53		23.05			8,075			2.14			0.75			2.15			0.74			73
	11.54		23.16			4,824			2.14			0.75			2.15			0.74			73
	11.93		24.51			697,144			0.99			1.96			1.00			1.95			73
	11.73		23.93			22,429			1.49			2.33			1.50			2.32			73




	9.49		24.85			130,291			1.59			1.08			1.68			0.99			99
	9.37		24.31			6,408			2.16			0.45			2.25			0.36			99
	9.37		24.28			3,747			2.16			0.43			2.25			0.34			99
	9.68		25.71			261,118			1.01			1.65			1.10			1.56			99
	9.54		25.08			144			1.51			1.55			1.60			1.46			99

							��

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout each Period


				Income (loss) from
				investment operations									Distributions
		Net asset		Net									to shareholders
		value,		investment			Net realized			Total from			from net
		beginning		income			and unrealized			investment			investment
	Year - Share Class	of period		(loss)^(a)			gain (loss)			operations			income

FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)


	2009 - A	$	4.94	$	0.04		$	0.08		$	0.12		$	(0.19	)
	2009 - C		4.91		0.03			0.08			0.11			(0.19	)
	2009 - Institutional		4.96		0.06			0.08			0.14			(0.23	)


FOR THE FISCAL YEAR ENDED OCTOBER 31,


	2008 - A		10.46		0.20	^(c)		(5.69	)		(5.49	)		(0.03	)
	2008 - C		10.46		0.13	^(c)		(5.68	)		(5.55	)		—	^(d)
	2008 - Institutional		10.47		0.23	^(c)		(5.71	)		(5.48	)		(0.03	)


FOR THE PERIOD ENDED OCTOBER 31,


	2007 - A (commenced September 28, 2007)		10.00		(0.01	)		0.47			0.46			—
	2007 - C (commenced September 28, 2007)		10.00		(0.01	)		0.47			0.46			—
	2007 - Institutional (commenced September 28, 2007)		10.00		—	^(d)		0.47			0.47			—


(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.
(c)	Reflects income recognized from special dividends which amounted to $0.02 per share and 0.20% of average net assets.
(d)	Amount is less than $0.005 per share.
(e)	Annualized.

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND


													Ratios assuming no
													expense reductions
										Ratio of						Ratio of
					Net assets,		Ratio of			net investment			Ratio of			net investment
Net asset					end of		net expenses			income (loss)			total expenses			income (loss)			Portfolio
value, end		Total			period		to average			to average			to average			to average			turnover
of period		return^(b)			(in 000s)		net assets			net assets			net assets			net assets			rate




$	4.87		2.65	%	$	13,598		1.30	%^(e)		1.88	%^(e)		2.07	%^(e)		1.11	%^(e)		97	%
	4.83		2.41			22		2.05	^(e)		1.44	^(e)		2.82	^(e)		0.67	^(e)		97
	4.87		2.94			58,559		0.90	^(e)		2.47	^(e)		1.67	^(e)		1.70	^(e)		97





	4.94		(52.55	)		18,763		1.30			2.39	^(c)		1.70			1.99	^(c)		117
	4.91		(52.94	)		21		2.05			1.70	^(c)		2.45			1.30	^(c)		117
	4.96		(52.37	)		67,625		0.90			2.83	^(c)		1.30			2.43	^(c)		117





	10.46		4.60			43,572		1.30	^(e)		(0.58	)^(e)		1.90	^(e)		(1.18	)^(e)		4
	10.46		4.60			10		2.05	^(e)		(1.06	)^(e)		2.65	^(e)		(1.66	)^(e)		4
	10.47		4.70			143,817		0.90	^(e)		0.09	^(e)		1.50	^(e)		(0.51	)^(e)		4

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Fund Expenses — Six Month Period Ended April 30, 2009 (Unaudited)

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2008 through April 30, 2009.

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

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

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


	Structured International Equity Flex Fund							Structured Emerging Markets Equity Fund							Structured International Equity Fund							Structured International Small Cap Fund
						Expenses							Expenses							Expenses							Expenses
	Beginning		Ending			Paid for the		Beginning		Ending			Paid for the		Beginning		Ending			Paid for the		Beginning		Ending			Paid for the
	Account Value		Account Value			6 months ended		Account Value		Account Value			6 months ended		Account Value		Account Value			6 months ended		Account Value		Account Value			6 months ended
Share Class	11/1/08		4/30/09			4/30/09*		11/1/08		4/30/09			4/30/09*		11/1/08		4/30/09			4/30/09*		11/1/08		4/30/09			4/30/09*
Class A
Actual	$	1,000	$	944.20		$	7.73	$	1,000	$	1,165.00		$	7.78	$	1,000	$	960.30		$	6.11	$	1,000	$	1,026.50		$	6.58
Hypothetical 5% return		1,000		1,016.84	+		8.02		1,000		1,017.60	+		7.25		1,000		1,018.56	+		6.29		1,000		1,018.30	+		6.56

Class B
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000		957.00			9.74		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,014.84	+		10.03		N/A		N/A			N/A

Class C
Actual		1,000		941.90			11.35		1,000		1,165.90			11.76		1,000		957.20			9.74		1,000		1,024.10			10.34
Hypothetical 5% return		1,000		1,013.10	+		11.77		1,000		1,013.93	+		10.94		1,000		1,014.84	+		10.03		1,000		1,014.58	+		10.29

Institutional
Actual		1,000		947.50			5.82		1,000		1,167.70			5.64		1,000		962.50			4.17		1,000		1,029.40			4.53
Hypothetical 5% return		1,000		1,018.82	+		6.03		1,000		1,019.59	+		5.26		1,000		1,020.54	+		4.29		1,000		1,020.33	+		4.51

Service
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000		960.10			6.60		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,018.06	+		6.79		N/A		N/A			N/A

Class IR
Actual		1,000		945.60			6.79		N/A		N/A			N/A		1,000		961.70			5.16		N/A		N/A			N/A
Hypothetical 5% return		1,000		1,017.82	+		7.04		N/A		N/A			N/A		1,000		1,019.54	+		5.31		N/A		N/A			N/A

Class R
Actual		1,000		943.90			8.89		N/A		N/A			N/A		1,000		959.20			7.24		N/A		N/A			N/A
Hypothetical 5% Return		1,000		1,015.65	+		9.22		N/A		N/A			N/A		1,000		1,017.41	+		7.45		N/A		N/A			N/A

Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 2009. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal period. The annualized net expense ratios for the period were as follows:


Fund	Class A			Class B			Class C			Institutional			Service			Class IR			Class R

Structured International Equity Flex		1.60	%		N/A			2.35	%		1.20	%		N/A			1.35	%		1.85	%
Structured Emerging Markets Equity		1.45			N/A			2.20			1.05			N/A			N/A			N/A
Structured International Equity		1.25			2.00	%		2.00			0.85			1.35	%		1.00			1.50
Structured International Small Cap		1.30			N/A			2.05			0.90			N/A			N/A			N/A


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

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With portfolio management teams located around the world — and $712.6 billion in assets under management as of March 31, 2009 — our investment professionals bring firsthand knowledge of local markets to every investment decision, making us one of the few truly global asset managers.

GOLDMAN SACHS FUNDS

In building a globally diversified portfolio, you can select from more than 80 Goldman Sachs Funds and gain access to investment opportunities across borders, investment styles, asset classes and security capitalizations.


Money Market¹Fixed Income n Enhanced Income Fund n Ultra-Short Duration Government Fund n Short Duration Government Fund n Short Duration Tax-Free Fund n Municipal Income Fund n Government Income Fund n Inflation Protected Securities Fund n U.S. Mortgages Fund n Core Fixed Income Fund n Core Plus Fixed Income Fund n Investment Grade Credit Fund n Global Income Fund n High Yield Municipal Fund n High Yield Fund n Emerging Markets Debt Fund n Local Emerging Markets Debt Fund		Domestic Equity n Balanced Fund n Growth and Income Fund n Structured Large Cap Value Fund n Large Cap Value Fund n Structured U.S. Equity Fund n Structured Large Cap Growth Fund n Capital Growth Fund n Strategic Growth Fund n All Cap Growth Fund n Concentrated Growth Fund n Tollkeeper Fund^SMn Mid Cap Value Fund n Growth Opportunities Fund n Small/Mid Cap Growth Fund n Structured Small Cap Equity Fund n Structured Small Cap Value Fund n Structured Small Cap Growth Fund n Small Cap Value Fund Fund of Funds²n Asset Allocation Portfolios n Income Strategies Portfolio n Satellite Strategies Portfolio n Enhanced Dividend Global Equity Portfolio n Tax-Advantaged Global Equity Portfolio		Retirement Strategies²International Equity n Structured International Equity Fund n Structured International Equity Flex Fund n Strategic International Equity Fund n Concentrated International Equity Fund n Structured International Small Cap Fund n International Small Cap Fund n Asia Equity Fund n Structured Emerging Markets Equity Fund n Emerging Markets Equity Fund n BRIC Fund (Brazil, Russia, India, China) Specialty²n U.S. Equity Dividend and Premium Fund n International Equity Dividend and Premium Fund n Structured Tax-Managed Equity Fund n Structured International Tax-Managed Equity Fund n Real Estate Securities Fund n International Real Estate Securities Fund n Commodity Strategy Fund n Absolute Return Tracker Fund


¹	An investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds.

²	Individual Funds within the Fund of Funds, Retirement Strategies and Specialty categories will have various placement on the risk/return spectrum and may have greater or lesser risk than that indicated by the placement of the general Fund of Funds, Retirement Strategies or Specialty category.

The Goldman Sachs Tollkeeper Fund^SM is a registered service mark of Goldman, Sachs & Co.


TRUSTEES Ashok N. Bakhru, Chairman John P. Coblentz, Jr. Diana M. Daniels Patrick T. Harker James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel		OFFICERS James A. McNamara, President John M. Perlowski, Senior Vice President and Treasurer Peter V. Bonanno, Secretary


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

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

Goldman Sachs Asset Management, L.P. 32 Old Slip, 32nd Floor, New York, New York 10005

A prospectus for the Fund containing more complete information may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550). Please consider a fund’s objectives, risks, and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.

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

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

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for
Institutional Shareholders). Holdings and allocations shown are unaudited, and may not be representative of current or future investments.

Holdings and allocations may not include the Funds’ entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.

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

The economic and market forecasts presented herein have been generated by GSAM for informational purposes as of the date of this presentation. They are based on proprietary models and there can be no assurance that the forecasts will be achieved.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus. Please consider a Fund’s objectives, risks, and charges and expenses, and read the Prospectus carefully before investing. The Prospectus contains this and other information about the Funds.


ITEM 2.		CODE OF ETHICS.

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

	(b)		During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

	(c)		During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

	(d)		A copy of the Code of Ethics is available as provided in Item 12(a)(1) of this report.


ITEM 3.		AUDIT COMMITTEE FINANCIAL EXPERT.

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


ITEM 4.		PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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


ITEM 5.		AUDIT COMMITTEE OF LISTED REGISTRANTS.

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


ITEM 6.		SCHEDULE OF INVESTMENTS.

		The Schedule of Investments is included as part of the Semi-Annual Report to Stockholders filed under Item 1 of this Form N-CSR.


ITEM 7.		DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

		Not applicable.


ITEM 8.		PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

		Not applicable.


ITEM 9.		PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

		Not applicable.


ITEM 10.		SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.


ITEM 11.		CONTROLS AND PROCEDURES.

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

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


ITEM 12.		EXHIBITS.

(a)(1)		Goldman Sachs Trust's Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 11(a)(1) of the registrant's Form N-CSR filed on March 8, 2004 for its Real Estate Securities Fund (Accession Number 0000950123-04-0002984).

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

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

SIGNATURES

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


				Goldman Sachs Trust

By:				/s/ James A. McNamara

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

Date:				July 1, 2009

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


By:				/s/ James A. McNamara

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

Date:				July 1, 2009

By:				/s/ John M. Perlowski

				John M. Perlowski
				Treasurer/Principal Financial Officer
				Goldman Sachs Trust

Date:				July 1, 2009

Goldman Sachs High Yield Instl (GSHIX) N-CSRSCertified semi-annual shareholder report (management investment company)