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.		Geoffrey R. T. Kenyon, Esq.
200 West Street		Dechert LLP
New York, NY 10282		200 Clarendon Street
		27th Floor
		Boston, MA 02116-5021

(Name and address of agents for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2010


ITEM 1.		REPORTS TO STOCKHOLDERS.

		The Semi-Annual Report to Stockholders is filed herewith.

Goldman Sachs Funds



Semi-Annual Report			April 30, 2010



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

Goldman Sachs Structured International
Equity Funds


n	STRUCTURED INTERNATIONAL EQUITY FLEX

n	STRUCTURED EMERGING MARKETS EQUITY

n	STRUCTURED INTERNATIONAL EQUITY

n	STRUCTURED INTERNATIONAL SMALL CAP

TABLE OF CONTENTS


Principal Investment Strategies and Risks		1
Investment Process		2
Market Review		4
Portfolio Management Discussions and Performance Summaries		6
Schedules of Investments		26
Financial Statements		64
Notes to the Financial Statements		68
Financial Highlights		88
Other Information		96


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’ prospectus.

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 will be 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 will be 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 and 45 countries/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 views¹ 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, 2010

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. We continued to refine our process to adjust for crowding², which has the potential to shorten the length of time that signals within our investment themes are effective. In addition, we expanded our model’s cross-company linkage signals to examine relationships between global companies that are economically related. Further, we implemented a new signal within our Momentum theme that seeks to exploit under-reaction to value-relevant news events. We believe these enhancements have predictive ability and will add value to our process over time.


¹	Top-down market views are only applicable to the Structured International Equity and Structured Emerging Markets Equity Funds.

²	Crowding is a phenomenon in which quantitative managers look for similar stock traits using similar investment themes.

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Changes Made to the Team’s Management

Robert B. Litterman, the Chairman of Quantitative Investment Strategies (QIS), retired at the end of 2009 following 23 years of distinguished service.

Kent Daniel, Managing Director and former co-CIO, has left the firm to pursue other personal and professional objectives. Bill Fallon, Managing Director and co-CIO of the QIS macro business, has assumed Kent’s research and co-CIO responsibilities for the QIS equity team. Katinka Domotorffy remains Chief Investment Officer and Head of QIS.

Don Mulvihill, Managing Director, has been named the co-CIO with Katinka Domotorffy of a new Customized Beta Strategies (CBS) team within QIS. The CBS team centralizes the QIS beta-driven solutions, including the Financial Solutions Group (focused on beta replication, currency hedging, drawdown risk management and transition management) as well as tax-advantaged solutions and other customized beta strategies.

Peter Zangari, formerly the Head of Implementation for the QIS equity strategies, has assumed the new role of Head of Risk Management for QIS.

Adrien Vesval, Managing Director and Portfolio Manager on the QIS team, has left the firm to pursue other opportunities. His responsibilities have been assumed primarily by Bernard Yoo, Vice President and Portfolio Manager, and the existing members of the QIS volatility team. Silverio Foresi, formerly Head of QIS trading, has left the QIS team to serve as Head of Analytics and Attribution in Goldman Sachs Asset Management’s Office of the CIO. Rich Vanecek, the Chief Operating Officer of Trading for the QIS team, and Jeff Bacidore, the head of QIS’s algorithmic trading, will co-manage the QIS trading desk.

The QIS team includes more than 120 professionals across all areas of the company, with over 60 research professionals (9 PhDs, 18 chartered financial analysts).

MARKET REVIEW

Goldman Sachs Structured International
Equity Funds

Market Review

Overall, global stock markets rose during the six months ended April 30, 2010 (the “Reporting Period”). Several factors drove the markets higher, including optimism about economic recovery in the U.S. and around the world. In the United States, Gross Domestic Product (“GDP”) grew in the fourth calendar quarter of 2009 and the first calendar quarter of 2010. Credit markets continued to display improved liquidity, while interest rates remained at low levels. Also in the U.S., the Federal Reserve (the “Fed”) began to scale back the support programs it had established to enhance liquidity in the credit markets and raised the discount rate (i.e. the rate it charges to banks for short-term loans). The U.S. dollar appreciated relative to some major currencies during the Reporting Period, as investors looked for a safe haven in response to Greece debt concerns.

As the global equity markets rallied, perceived risk fell. The VIX, a measure of the implied volatility of S&P 500 index options, reached its 2009 peak of 57% on January 20, 2009. By the end of 2009, it had dropped significantly to 22%. The VIX declined even further during the first calendar quarter of 2010, falling below its historical average of about 20%. It ended the Reporting Period at approximately 22%.

The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) (Net) Index (the “MSCI EAFE Index”) gained 2.48% during the Reporting Period. Thirteen of the twenty-one countries in the MSCI EAFE Index were up for the period, with Ireland (+17.74%) and Denmark (+16.08%) posting the largest gains. Japan (+7.50%) was the largest contributor on the basis of impact, which takes both weightings and total returns into account.

In terms of sectors, seven of the ten sectors in the MSCI EAFE Index posted positive results, with the information technology (+13.98%) and materials (+11.57%) sectors gaining the most. The materials sector was the largest positive contributor on the basis of impact.

Emerging Markets Equity

The MSCI Emerging Markets Index (the “MSCI Emerging Markets Index”) gained 12.37% during the Reporting Period. Nineteen of the twenty-two countries in the MSCI Emerging Markets Index were up for the period, with Indonesia (+29.56%) and Turkey (+25.88%), posting the largest gains. Korea (+20.41%) was the largest 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 health care (+23.25%) and information technology (+20.45%) gaining the most. The information technology sector was the largest contributor on the basis of impact.

MARKET REVIEW

International Small Cap Equity

The MSCI EAFE Small Cap Index (the “MSCI EAFE Small Cap Index”) gained 7.35% during the Reporting Period. Sixteen of the twenty-one countries in the MSCI EAFE Small Cap Index were up, with Norway (+21.99%) and Singapore (+20.38%) posting the greatest gains. The United Kingdom (+9.61%) was the largest contributor on the basis of impact, which takes both weightings and total returns into account.

All ten sectors in the MSCI EAFE Small Cap Index posted positive results for the period, with materials (+15.07%), information technology (+12.84%) and industrials (+10.76%) increasing the most. The industrials sector was the largest positive 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 opinion, to outperform those with poor momentum. We intend to continue to focus on seeking profitable companies with strong fundamentals, sustainable earnings and a track record of using capital to enhance shareholder value. 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 Goldman Sachs Structured International Equity Flex Fund’s performance and positioning for the Reporting Period.


Q	How did the Goldman Sachs Structured International Equity Flex Fund (the “Fund”) perform during the Reporting Period?

A	During the Reporting Period, the Fund’s Class A, C Institutional, IR and R Shares generated cumulative total returns, without sales charges, of 2.97%, 2.65%, 3.18%, 3.21% and 2.86%, respectively. These returns compare to the 2.48% cumulative total return of the Fund’s benchmark, the MSCI EAFE Index (unhedged and net of dividend withholding taxes) (the “MSCI EAFE Index”), during the same period.

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

A	During the Reporting Period, our stock selection strategy, which uses stock selection models based on six investment themes, contributed positively to 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 those stocks chosen by the model. Over time and by design, the performance of any one of our model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of 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.

Our investment themes themselves also performed well, enhancing the Fund’s relative performance. Management, which assesses the characteristics, policies and strategic decisions of company management, was the best-performing theme during the Reporting Period. Our Quality, Valuation, Momentum and Sentiment themes 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. Momentum predicts drift in stock prices caused by under-reaction to company-specific information, while Sentiment looks at selected investment views and decisions of individuals and financial intermediaries.

Our Profitability theme, which we use to assess whether a company is earning more than its cost of capital, detracted from relative performance 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 returns.

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

A	We seek to outpace the MSCI EAFE Index by overweighting stocks we expect to outperform and underweighting those 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. During the Reporting Period, our stock selection added to the Fund’s relative performance.

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

A	Investments in the consumer discretionary, energy and utilities sectors contributed to the Fund’s relative performance during the Reporting Period. The Fund benefited from overweighed positions in Bekaert SA NV, Dampskibsselskabet (D/S) Norden AS, and CGG Veritas. Our positive views on Momentum led us to overweight Bekaert, a Belgian company that specializes in advanced metal transformation and coatings. Our positive views of Management and Quality led us to overweight Danish shipping company D/S Norden. The Fund was overweight in CGG Veritas, a French maker of geophysical equipment for the oil and gas industry, because of our positive views on Valuation and Momentum.

PORTFOLIO RESULTS


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

A	Stock picks in the health care, telecommunication services and consumer staples sectors detracted from the Fund’s relative results. An overweight in Spanish telecommunications company Telefonica SA, assumed because of our positive views on Management, dampened performance versus the MSCI EAFE Index. Relative progress was also slowed by overweighted positions in French bank Credit Agricole SA and Swiss biopharmaceutical company Actelion. Our positive views on Momentum led us to overweight Credit Agricole, while our positive views on Profitability resulted in the Fund’s overweight in Actelion.

Q	Were there any notable changes in the Fund’s country weightings during the Reporting Period?

A	The Fund’s investment approach is country neutral, that is, we maintain 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 Denmark, Sweden and Switzerland and decreased its weightings in Austria, Japan and the Netherlands.

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

A	As of April 30, 2010, the Fund was overweight in financials, information technology, telecommunication services, materials and utilities relative to the MSCI EAFE Index. It was underweight in the consumer staples, industrials, energy, health care and consumer discretionary sectors at the end of the Reporting Period.

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

Please Note: Effective on or about July 28, 2010 all share classes of the Goldman Sachs Structured International Equity Flex Fund will be liquidated pursuant to the prospectus supplement dated May 20, 2010. Further, shares of the Fund are no longer available for purchase as of May 21, 2010.

FUND BASICS

Structured International Equity Flex Fund

as of April 30, 2010

PERFORMANCE REVIEW


November 1, 2009–	Fund Total Return
April 30, 2010	(based on NAV)¹			MSCI EAFE (Net) Index²


Class A		2.97	%		2.48	%
Class C		2.65			2.48
Institutional		3.18			2.48
Class IR		3.21			2.48
Class R		2.86			2.48


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 unmanaged 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 unmanaged index.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS³


For the period ended 3/31/10	One Year			Since Inception			Inception Date


Class A		41.90	%		-5.24	%	7/31/06
Class C		48.01			-4.45		7/31/06
Institutional		50.79			-3.37		7/31/06
Class IR		50.53			-13.81		11/30/07
Class R		49.73			-14.20		11/30/07

These 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 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	%		2.25	%
Class C		2.35			3.00
Institutional		1.20			1.85
Class IR		1.35			2.00
Class R		1.85			2.50

⁴

The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Applicable waivers and expense limitations may be modified or terminated in the future, consistent with the terms of any arrangements in place. If this occurs, the expense ratios may change without shareholder approval.

TOP 10 HOLDINGS AS OF 4/30/10⁵


	% of Net
Holding	Assets			Line of Business	Country


Sanofi-Aventis SA		2.9	%	Pharmaceuticals, Biotechnology & Life Sciences	France
Telefonica SA		2.7		Telecommunication Services	Spain
Banco Santander SA		2.2		Banks	Spain
Royal Dutch Shell PLC		2.1		Energy	Netherlands
Class A
Total SA		2.1		Energy	France
E.ON AG		1.9		Utilities	Germany
Koninklijke DSM NV		1.8		Materials	Netherlands
Honda Motor Co. Ltd.		1.7		Automobiles & Components	Japan
France Telecom SA		1.6		Telecommunication Services	France
ABB Ltd. (Registered)		1.5		Capital Goods	Switzerland


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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 2010

⁶

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 may differ from GICS. Underlying industry sector allocations of exchange traded funds (“ETFs”) held by the Fund are not reflected in the graph above. Consequently, the Fund’s overall industry sector allocations may differ from the percentages contained in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any).

Underlying industry sector allocations achieved through the Fund’s investments in total return swaps are not reflected in the above graph. Consequently, the Fund’s overall industry sector allocations may differ from the percentages contained in the graph above.

TOP 5 OVERWEIGHTS AS OF 4/30/10⁷


	Portfolio Weighting
Company	Relative to Benchmark			Line of Business


Royal Dutch Shell PLC		4.0	%	Energy
Sanofi-Aventis SA		3.0		Pharmaceuticals, Biotechnology & Life Sciences
Telefonica SA		2.8		Telecommunication Services
Koninklijke DSM NV		1.9		Materials
Parmalat SpA		1.4		Consumer Staples

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 5 overweights may not be representative of the Fund’s future investments.

FUND BASICS

TOP 5 UNDERWEIGHTS AS OF 4/30/10⁸


	Portfolio Weighting
Company	Relative to Benchmark			Line of Business


DSV A/S		-1.5	%	Industrials
Telenet Group Holding NV		-1.4		Telecommunication Services
Iliad SA		-1.3		Telecommunication Services
Fresnillo Plc		-1.1		Materials
Nestle SA		0.2		Food & Beverage

⁸

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 5 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 Goldman Sachs Structured Emerging Markets Equity Fund’s performance and positioning for the Reporting Period.


Q	How did the Goldman Sachs Structured Emerging Markets Equity Fund (the “Fund”) perform during the Reporting Period?

A	During the Reporting Period, the Fund’s Class A, C and Institutional Shares generated cumulative total returns, without sales charges, of 14.46%, 14.15% and 14.69%, respectively. These returns compare to the 12.37% cumulative total return of the Fund’s benchmark, the MSCI Emerging Markets Index (net of dividend withholding taxes) (the “MSCI Emerging Markets Index”), during the same period.

Q	What key factors were most responsible for the Fund’s performance during the 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. These strategies are uncorrelated, that is, they tend to perform differently from each other over time, which enables us to greater diversify the portfolio.

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


Q	Which investment themes helped and which hurt 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 — contributed to the Fund’s relative performance during the Reporting Period.

Quality was the best-performing theme during the six months. Quality evaluates whether the company’s earnings are coming from more persistent, cash-based sources, as opposed to accruals. Profitability, Sentiment and Momentum also added value. Profitability assesses whether a company is earning more than its cost of capital. Our Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries, while our Momentum theme predicts drift in stock prices caused by under-reaction to company-specific information.

The Valuation theme detracted from relative results. Valuation attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value.


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 Reporting Period?

A	We seek to outpace the MSCI Emerging Markets Index by overweighting stocks we expect to outperform and underweighting those 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.

Stock picks in the materials, consumer staples and information technology sectors contributed to the Fund’s relative performance during the Reporting Period. The Fund benefited from overweighted positions in LG Display Co., Ltd., a Korea-based manufacturer of LCD panels, and Centrais Eletricas Brasileiras SA, a Brazilian electric company. Both overweights were assumed because of our

PORTFOLIO RESULTS

positive views on Quality, Valuation and Momentum. Also advantageous was an underweight in Uralkali JSC, a Russian potash mining company. Our negative views on Valuation led us to underweight Uralkali.


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

A	Security selection in the energy, consumer discretionary and financials sectors dampened relative results. The Fund was hindered by underweighted positions in Bank of China Ltd., oil and natural gas producer PetroChina Co. Ltd. and China Construction Bank Corp.

Q	How did the Team’s country/currency selection contribute to the Fund’s performance relative to the MSCI Emerging Markets Index during the Reporting Period?

A	Our country/currency selection strategy enhanced the Fund’s relative results. Overweighted positions in Turkey, Korea and Taiwan added the most while underweighted positions in Malaysia, Indonesia and Israel detracted.

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	We increased the Fund’s weightings in Mexico, Israel and Taiwan during the Reporting Period and decreased its weightings in Brazil, China and Chile.

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

A	As of April 30, 2010, the Fund was overweight the information technology, materials and consumer discretionary sectors relative to the Fund’s benchmark, the MSCI Emerging Markets Index (adjusted according to our country views). It was underweight the industrials, utilities, financials, health care, consumer staples, energy and telecommunication services sectors.

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

FUND BASICS

Structured Emerging Markets Equity Fund

as of April 30, 2010

PERFORMANCE REVIEW


	Fund Total Return			MSCI Emerging
November 1, 2009–April 30, 2010	(based on NAV)¹			Markets (EM)-NET²


Class A		14.46	%		12.37	%
Class C		14.15			12.37
Institutional		14.69			12.37


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 MSCI Emerging Markets Index (net of dividend withholding taxes) is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. As of May 27, 2010 the MSCI Emerging Markets Index consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS³


For the period ended 3/31/10	One Year			Since Inception			Inception Date


Class A		73.34	%		-9.47	%	10/05/07
Class C		81.24			-7.90		10/05/07
Institutional		84.26			-7.04		10/05/07

FUND BASICS

EXPENSE RATIOS⁴


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


Class A		1.45	%		1.76	%
Class C		2.20			2.51
Institutional		1.05			1.36

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 Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Applicable waivers and expense limitations may be modified or terminated in the future, consistent with the terms of any arrangements in place. If this occurs, the expense ratios may change without shareholder approval.

TOP 10 HOLDINGS AS OF 4/30/10⁵


	% of Net
Holding	Assets			Line of Business	Country


Samsung Electronics Co. Ltd.		4.4	%	Semiconductors & Semiconductor Equipment	South Korea
America Movil SAB de CV Series L ADR		3.4		Telecommunication Services	Mexico
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		3.1		Semiconductors & Semiconductor Equipment	Taiwan
LG Display Co. Ltd.		2.9		Technology Hardware & Equipment	South Korea
China Construction Bank Corp. Class H		2.8		Banks	China
Bank of China Ltd. Class H		2.7		Banks	China
Vale SA ADR		2.6		Materials	Brazil
PetroChina Co. Ltd. Class H		2.5		Energy	China
Fubon Financial Holding Co. Ltd.		2.4		Diversified Financials	Taiwan
POSCO		2.4		Materials	South Korea


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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 2010

⁶

PORTFOLIO RESULTS

Structured International Equity Fund

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Structured International Equity Fund’s performance and positioning for the Reporting Period.


Q	How did the Goldman Sachs Structured International Equity Fund (the “Fund”) perform during the Reporting Period?

A	During the Reporting Period, the Fund’s Class A, B, C, Institutional, Service, IR and R Shares generated cumulative total returns, without sales charges, of 2.53%, 2.15%, 2.21%, 2.81%, 2.47%, 2.66% and 2.41%, respectively. These returns compare to the 2.48% cumulative total return of the Fund’s benchmark, the MSCI EAFE Index (unhedged and net of dividend withholding taxes) (“the MSCI EAFE Index”), during the same period.

Q	What key factors were most responsible for the Fund’s performance during the 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. These strategies are uncorrelated, that is, they tend to perform differently from each other over time, which enables us to greater diversify the portfolio.

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


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

A	Our bottom-up stock selection strategy and its six investment themes added to relative results during the Reporting Period. Our Management theme, which assesses the characteristics, policies and strategic decisions of company management, contributed the most, followed by 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.

Our Momentum theme slowed relative progress. Momentum predicts drift in stock prices caused by under-reaction to company-specific information. Profitability also detracted, though to a lesser extent. The Profitability theme 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 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 Reporting Period?

A	We seek to outpace the MSCI EAFE Index by overweighting stocks we expect to outperform and underweighting those 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.

Security selection in the consumer discretionary, industrials and energy sectors was the most successful during the

PORTFOLIO RESULTS

Reporting Period. The Fund held overweighed positions in Japanese machine tool manufacturer Amada Co., Ltd., French luxury goods retailer Compagnie Financière Richemont SA and Japanese digital office solutions provider Ricoh, Ltd. All three overweighted positions contributed to the Fund’s progress against the MSCI EAFE Index. Our positive views on Valuation and Momentum led to the overweight in Amada, while our positive views on Quality and Momentum resulted in the overweight in Compagnie Financière Richemont. The Fund’s overweighted position in Ricoh was adopted because of our positive views on Management and Valuation.


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

A	Investments within the consumer staples, materials and financials sectors dampened the Fund’s relative returns. The Fund was hampered by an overweight in Spanish bank holding company Banco Santander SA, assumed because of our positive views on Profitability and Management. Also detracting were overweighted positions in Spanish bank holding company Banco Popular Espanol SA and in Spanish bank Banco Bilbao Vizcaya Argentaria SA. The Fund was overweight Banco Popular Espanol because of our positive views on Momentum and Profitability. It was overweight Banco Bilbao Vizcaya Argentaria because of our positive views on Profitability and Sentiment.

Q	How did the Team’s country/currency selection detract from the Fund’s performance relative to the MSCI EAFE Index during the Reporting Period?

A	Our country/currency selection strategy hindered the Fund’s progress versus the MSCI EAFE Index. The Fund’s underweight to Japan and overweights to Belgium and Austria detracted the most. This underperformance was offset somewhat by the Fund’s underweighted position in Italy and its overweighted positions in Sweden and Germany.


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

A	During the Reporting Period, we increased the Fund’s weightings in the Netherlands, Germany and Sweden relative to the MSCI EAFE Index. We decreased its weightings versus the benchmark index in Australia, Spain and the United Kingdom.

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

A	As of April 30, 2010, the Fund was overweight consumer discretionary, consumer staples, energy, financials and health care relative to the benchmark MSCI EAFE Index (adjusted according to our country views). The Fund was underweight the utilities, telecommunication services, materials, information technology and industrials sectors.

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

FUND BASICS

Structured International Equity Fund

as of April 30, 2010

PERFORMANCE REVIEW


	Fund Total Return
November 1, 2009–April 30, 2010	(based on NAV)¹			MSCI EAFE (Net) Index²


Class A		2.53	%		2.48	%
Class B		2.15			2.48
Class C		2.21			2.48
Institutional		2.81			2.48
Service		2.47			2.48
Class IR		2.66			2.48
Class R		2.41			2.48


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 unmanaged 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 figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS³


For the period ended 3/31/10	One Year			Five Years			Ten Years			Since Inception			Inception Date


Class A		43.51	%		2.15	%		0.80	%		2.49	%	8/15/97
Class B		45.32			2.11			0.86			2.61		8/15/97
Class C		49.32			2.52			0.71			2.34		8/15/97
Institutional		52.24			3.71			1.88			3.50		8/15/97
Service		51.46			3.20			1.38			3.00		8/15/97
Class IR		51.96			N/A			N/A			-13.02		11/30/07
Class R		51.20			N/A			N/A			-13.45		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). Class B Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after purchase. Returns for Class B Shares for the period after conversion reflect the performance of Class A Shares. Because Institutional, Service, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns. Effective November 2, 2009, the Fund’s Class B Shares are no longer available for purchase by new or existing shareholders (although current Class B shareholders may continue to reinvest income and capital gains distributions into Class B Shares, and Class B shareholders may continue to exchange their shares for Class B Shares of certain other Goldman Sachs Funds). The 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.

FUND BASICS

EXPENSE RATIOS⁴


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


Class A		1.25	%		1.32	%
Class B		2.00			2.07
Class C		2.00			2.07
Institutional		0.85			0.92
Service		1.35			1.42
Class IR		1.00			1.07
Class R		1.50			1.57

⁴

TOP TEN HOLDINGS AS OF 4/30/10⁵


	% of Net
Holding	Assets			Line of Business	Country


E.ON AG		2.9	%	Utilities	Germany
Anheuser-Busch InBev NV		1.8		Food, Beverage & Tobacco	Belgium
Siemens AG (Registered)		1.7		Capital Goods	Germany
BP PLC ADR		1.7		Energy	United Kingdom
Allianz SE (Registered)		1.6		Insurance	Germany
France Telecom SA		1.5		Telecommunication Services	France
AstraZeneca PLC		1.5		Pharmaceuticals, Biotechnology & Life Sciences	United Kingdom
HSBC Holdings PLC		1.5		Banks	United Kingdom
Royal Dutch Shell PLC Class A		1.4		Energy	Netherlands
Total SA		1.4		Energy	France


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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 2010

⁶

PORTFOLIO RESULTS

Structured International Small Cap Fund

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Structured International Small Cap Fund’s performance and positioning for the Reporting Period.


Q	How did the Goldman Sachs Structured International Small Cap Fund (the “Fund”) perform during the Reporting Period?

A	During the Reporting Period, the Fund’s Class A, C and Institutional Shares generated cumulative total returns, without sales charges, of 10.48%, 10.14% and 10.78%, respectively. These returns compare to the 7.35% cumulative total return of the Fund’s benchmark, the MSCI EAFE Small Cap Index (unhedged and net of dividend withholding taxes) (the “MSCI EAFE Small Cap Index”), during the same period.

Q	What key factors were most responsible for the Fund’s performance during the 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 those stocks chosen by the model. Over time and by design, the performance of any one of our model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of our theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term.

Overall, our investment themes outperformed, with Management and Valuation contributing the most. Management assesses the characteristics, policies and strategic decisions of company management. Valuation attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. Our Quality theme, which evaluates whether the company’s earnings are coming from more persistent, cash-based sources, as opposed to accruals, also added value.

Momentum was the weakest performing theme. Our Momentum theme predicts drift in stock prices caused by under-reaction to company-specific information. Profitability and Sentiment also dampened results, but to a lesser extent. Profitability assesses whether a company is earning more than its cost of capital, while Sentiment reflects selected investment views and decisions of individuals and financial intermediaries.


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 Reporting Period?

A	We seek to outpace the MSCI EAFE Small Cap Index by overweighting stocks we expect to outperform and underweighting those 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.

Investments in the industrials, energy and information technology sectors contributed to the Fund’s relative performance. The Fund benefited from overweighted positions in Océ NV, a Netherlands-based print and document management company; Draegerwerk AG, a German firm engaged in the development and manufacture of medical and safety technology; and Bekaert SA NV, a Belgian company that specializes in advanced metal transformation and coatings. Our positive views on Valuation and Quality led to the overweights in Océ and Draegerwerk. The Fund was overweight Bekaert because of our positive views on Momentum and Valuation.


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

A	Stock picks in the telecommunication services sector slowed the Fund’s relative results during the Reporting Period. The Fund was hindered by an underweighted

PORTFOLIO RESULTS

position in ARM Holdings Plc, a U.K.-based semiconductor intellectual property supplier. Our negative views on Management and Profitability led us to underweight the stock. Also detracting were overweights in QinetiQ PLC, a U.K.-based defense technology and security company, and Eurobank Properties Real Estate Investment Company, a Greek-based commercial real estate holding company. We overweighted both stocks because of our positive views on Management and Profitability.


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

A	An underweight in Japan and overweights in the Netherlands and Australia enhanced the Fund’s relative performance. Underweighted positions in the U.K., Ireland and Hong Kong detracted. Security selection in each of these six markets added to returns.

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 Sweden, Switzerland and France and to decrease the Fund’s weightings in Ireland, Belgium and Greece.

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

A	As of April 30, 2010, the Fund was overweight consumer discretionary, materials, information technology and industrials relative to the MSCI EAFE Small Cap Index. The Fund was underweight utilities, financials, health care, telecommunication services, consumer staples and energy compared to the benchmark index at the end of the Reporting Period.

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

FUND BASICS

Structured International Small Cap Fund

as of April 30, 2010

PERFORMANCE REVIEW


	Fund Total Return			MSCI EAFE
November 1, 2009–April 30, 2010	(based on NAV)¹			Small Cap (Net) Index²


Class A		10.48	%		7.35	%
Class C		10.14			7.35
Institutional		10.78			7.35


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

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS³


For the period ended 3/31/10	One Year			Since Inception			Inception Date


Class A		66.54	%		-10.63	%	9/28/07
Class C		73.75			-9.21		9/28/07
Institutional		76.62			-8.22		9/28/07

These 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	%		1.74	%
Class C		2.05			2.49
Institutional		0.90			1.34

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 may be modified or terminated in the future, consistent with the terms of any arrangements in place. If this occurs, the expense ratios may change without shareholder approval.

FUND BASICS

TOP 10 HOLDINGS AS OF 4/30/10⁵


	% of Net
Holding	Assets			Line of Business	Country


Danisco A/S		0.8	%	Food, Beverage & Tobacco	Denmark
Logica PLC		0.8		Software & Services	United Kingdom
Tate & Lyle PLC		0.7		Food, Beverage & Tobacco	United Kingdom
Havas SA		0.7		Media	France
Brit Insurance Holdings NV		0.7		Insurance	United Kingdom
Ansell Ltd.		0.6		Health Care Equipment & Services	Australia
Domino’s Pizza UK & IRL PLC		0.6		Consumer Services	United Kingdom
The Weir Group PLC		0.6		Capital Goods	United Kingdom
Arkema SA		0.6		Materials	France
Mondi PLC		0.6		Materials	United Kingdom


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

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 2010

⁶

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND

Schedule of Investments

April 30, 2010 (Unaudited)


	Shares		Description		Value

Common Stocks – 96.8%


	Australia – 9.1%
		8,974	AGL Energy Ltd. (Utilities)		$	124,270
		35,059	Alumina Ltd. (Materials)			49,510
		3,888	AMP Ltd. (Insurance)			22,312
		11,672	Ansell Ltd. (Health Care Equipment & Services)			137,686
		4,477	Australia & New Zealand Banking Group Ltd. (Banks)			99,162
		3,717	Bank of Queensland Ltd. (Banks)			43,066
		16,756	Bendigo and Adelaide Bank Ltd. (Banks)			151,522
		18,334	BHP Billiton Ltd. (Materials)			670,222
		1,703	Billabong International Ltd. (Consumer Durables & Apparel)			17,887
		39,120	BlueScope Steel Ltd. (Materials)*			93,864
		30,190	Boral Ltd. (Materials)			163,208
		19,189	CFS Retail Property Trust (REIT)			33,836
		56,473	Challenger Financial Services Group Ltd. (Diversified Financials)			214,306
		145,200	Emeco Holdings Ltd. (Capital Goods)			91,457
		7,206	Energy Resources of Australia Ltd. (Energy)			104,188
		17,511	Fleetwood Corp. Ltd. (Automobiles & Components)	��		152,602
		125,980	Goodman Group (REIT)			81,898
		2,169	GUD Holdings Ltd. (Consumer Durables & Apparel)			18,090
		5,664	Insurance Australia Group Ltd. (Insurance)			19,917
		38,443	Intoll Group (Transportation)			39,671
		34,539	Metcash Ltd. (Food & Staples Retailing)			129,800
		4,474	Navitas Ltd. (Consumer Services)			21,412
		49,213	OZ Minerals Ltd. (Materials)*			51,801
		5,777	QBE Insurance Group Ltd. (Insurance)			111,926
		2,506	Rio Tinto Ltd. (Materials)			163,742
		4,717	South Australian Coal Ltd. (Energy)*			444
		3,011	Suncorp-Metway Ltd. (Insurance)			24,884
		25,454	Tabcorp Holdings Ltd. (Consumer Services)			160,766
		9,402	Telstra Corp. Ltd. (Telecommunication Services)			27,547
		11,443	Toll Holdings Ltd. (Transportation)			74,744
		11,449	Wesfarmers Ltd. (Food & Staples Retailing)			306,917
		8,345	Wesfarmers Ltd. (Price Protected Shares) (Food & Staples Retailing)			224,257
		19,582	Westfield Group (REIT)			231,291
		28,791	Westpac Banking Corp. (Banks)			717,374
		10,492	WorleyParsons Ltd. (Energy)			255,865
		4,163	Wotif.com Holdings Ltd. (Retailing)			24,885

						4,856,329


	Belgium – 1.3%
		1,376	Bekaert SA (Capital Goods)			246,020
		2,442	Solvay SA (Materials)			233,200
		2,938	Tessenderlo Chemie NV (Materials)			94,075
		3,412	Umicore (Materials)			124,761

						698,056


	China – 0.0%
		18,000	Foxconn International Holdings Ltd. Class H (Technology Hardware & Equipment)*			16,156


	Cyprus – 0.0%
		4,215	ProSafe SE (Energy)			23,504


	Denmark – 2.8%
		12,065	D/S Norden A/S (Transportation)			553,620
		8,477	Danisco A/S (Food, Beverage & Tobacco)			612,152
		8,320	East Asiatic Co. Ltd. A/S (Food, Beverage & Tobacco)			228,690
		364	SimCorp A/S (Software & Services)			69,826

						1,464,288


	Finland – 1.8%
		15,860	Fortum Oyj (Utilities)			409,810
		8,420	Kesko Oyj Class B (Food & Staples Retailing)			326,408
		1,344	Lemminkainen Oyj (Capital Goods)*			49,510
		13,236	Nokia Oyj (Technology Hardware & Equipment)*			161,817

						947,545


	France – 14.8%
		10,450	BNP Paribas (Banks)			717,770
		161	Bollore (Transportation)			28,104
		2,187	Christian Dior SA (Consumer Durables & Apparel)			232,820
		3,847	CNP Assurances (Insurance)*			323,828
		8,926	Compagnie Generale de Geophysique-Veritas (Energy)*			268,729
		31,829	Credit Agricole SA (Banks)			454,997
		39,035	France Telecom SA (Telecommunication Services)			854,541
		18,690	GDF Suez (Utilities)			664,681
		2,504	Legrand SA (Capital Goods)			81,532
		5,667	Renault SA (Automobiles & Components)*			262,552
		22,455	Sanofi-Aventis SA (Pharmaceuticals, Biotechnology & Life Sciences)*			1,531,847
		15,626	SCOR SE (Insurance)			368,599
		3,915	SEB SA (Consumer Durables & Apparel)			297,758
		20,306	Total SA (Energy)			1,104,795

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND


	Shares		Description	Value

Common Stocks – (continued)
	France – (continued)

		21,376	Vivendi SA (Media)	$	560,745
		1,697	Zodiac Aerospace (Capital Goods)		88,484

					7,841,782


	Germany – 7.6%
		3,426	Allianz SE (Registered) (Insurance)*		392,774
		279	Axel Springer AG (Media)		31,649
		14,727	Bechtle AG (Software & Services)		439,188
		45,980	Commerzbank AG (Banks)*		361,060
		1,691	Demag Cranes AG (Capital Goods)*		58,475
		672	Draegerwerk AG & Co. KGaA Preference Shares (Health Care Equipment & Services)		47,040
		27,144	E.ON AG (Utilities)		1,001,010
		454	Fresenius SE (Health Care Equipment & Services)		32,298
		1,221	Jungheinrich AG Preference Shares (Capital Goods)		27,505
		313	Manz Automation AG (Semiconductors & Semiconductor Equipment)*		21,882
		1,607	Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Insurance)		226,480
		9,615	RWE AG (Utilities)		790,912
		4,708	Salzgitter AG (Materials)		382,581
		7,200	ThyssenKrupp AG (Materials)		234,123

					4,046,977


	Greece – 0.1%
		5,248	Eurobank Properties Real Estate Investment Co. (REIT)		39,555


	Hong Kong – 1.9%
		36,000	BOC Hong Kong (Holdings) Ltd. (Banks)		86,158
		11,000	Cheung Kong Holdings Ltd. (Real Estate)		135,650
		16,000	CLP Holdings Ltd. (Utilities)		112,086
		22,689	Esprit Holdings Ltd. (Retailing)		162,526
		2,000	Hang Lung Group Ltd. (Real Estate)		9,771
		8,000	Hong Kong Electric Holdings Ltd. (Utilities)		47,206
		2,900	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)		47,391
		13,000	Hutchison Whampoa Ltd. (Capital Goods)		89,220
		1,000	Kingboard Chemical Holdings Ltd. (Technology Hardware & Equipment)		5,361
		1,500	Lifestyle International Holdings Ltd. (Retailing)		2,919
		2,000	Noble Group Ltd. (Capital Goods)		4,338


		5,000	Orient Overseas International Ltd. (Transportation)*		38,027
		2,000	Sino Land Co. Ltd. (Real Estate)		3,589
		11,000	Swire Pacific Ltd. Class A (Real Estate)		122,926
		1,200	Swire Properties Ltd. (Real Estate)*		5,641
		11,287	The Link Real Estate Investment Trust (REIT)		27,690
		1,000	The Wharf (Holdings) Ltd. (Real Estate)		5,408
		37,000	Wheelock & Co. Ltd. (Real Estate)		115,181
		2,500	Yue Yuen Industrial Holdings Ltd. (Consumer Durables & Apparel)		8,710

					1,029,798


	Ireland – 0.6%
		4,440	CRH PLC (Materials)		126,505
		4,793	Kerry Group PLC Class A (Food, Beverage & Tobacco)		154,028
		11,254	United Drug PLC (Health Care Equipment & Services)		39,248

					319,781


	Italy – 3.8%
		13,989	Danieli & C. Officine Meccaniche SpA (Capital Goods)		353,303
		20,172	Geox SpA (Consumer Durables & Apparel)		130,565
		279,287	Parmalat SpA (Food, Beverage & Tobacco)		735,194
		461,649	Telecom Italia SpA (Telecommunication Services)*		645,431
		49,506	UniCredit SpA (Banks)*		129,741

					1,994,234


	Japan – 26.7%
		26,600	Aloka Co. Ltd. (Health Care Equipment & Services)		258,415
		32,800	Alps Electric Co. Ltd. (Technology Hardware & Equipment)*		238,677
		75,000	AMADA Co. Ltd. (Capital Goods)		615,760
		2,700	Aoyama Trading Co. Ltd. (Retailing)		46,717
		3,900	Arakawa Chemical Industries Ltd. (Materials)		48,993
		46,000	Asahi Kasei Corp. (Materials)		258,594
		8,200	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		287,122
		6,900	Brother Industries Ltd. (Technology Hardware & Equipment)		83,803
		62	Central Japan Railway Co. (Transportation)		504,860
		1,900	Coca-Cola West Co. Ltd. (Food, Beverage & Tobacco)		33,616

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND

Schedule of Investments (continued)

April 30, 2010 (Unaudited)


	Shares		Description	Value

Common Stocks – (continued)
	Japan – (continued)

		19,000	Dai Nippon Printing Co. Ltd. (Commercial & Professional Services)	$	263,222
		5,000	Daito Trust Construction Co. Ltd. (Real Estate)		266,533
		8,000	Daiwa Securities Group, Inc. (Diversified Financials)		41,378
		13,000	Fuji Heavy Industries Ltd. (Automobiles & Components)*		72,757
		87	Fuji Media Holdings, Inc. (Media)		139,676
		6,000	Fujikura Ltd. (Capital Goods)		32,051
		16,400	Fuyo General Lease Co. Ltd. (Diversified Financials)		474,112
		7,000	Hino Motors Ltd. (Capital Goods)		35,238
		4,200	Hitachi Transport System Ltd. (Transportation)		60,752
		26,300	Honda Motor Co. Ltd. (Automobiles & Components)		889,928
		16,000	Ihara Chemical Industry Co. Ltd. (Materials)		46,453
		6,000	Iida Home Max (Real Estate)		59,633
		7,000	ITOCHU Corp. (Capital Goods)		60,646
		16,600	Japan Digital Laboratory Co. Ltd. (Technology Hardware & Equipment)		202,110
		72	Japan Tobacco, Inc. (Food, Beverage & Tobacco)		249,512
		13,000	Kaneka Corp. (Materials)		82,042
		2,700	Komori Corp. (Capital Goods)		35,695
		13,000	Kubota Corp. (Capital Goods)		114,182
		13,000	Mitsubishi Electric Corp. (Capital Goods)		115,862
		26,400	Mitsubishi UFJ Financial Group, Inc. (Banks)		137,571
		9,000	Mitsui Chemicals, Inc. (Materials)		29,562
		21,000	Mitsui Mining & Smelting Co. Ltd. (Materials)		57,546
		156,900	Mizuho Financial Group, Inc. (Banks)		302,115
		10,000	Mizuho Securities Co. Ltd. (Diversified Financials)		27,698
		89,000	NEC Corp. (Technology Hardware & Equipment)		293,033
		67,000	Nippon Express Co. Ltd. (Transportation)		315,658
		3,500	Nippon Fine Chemical Co. Ltd. (Materials)		24,271
		17,000	Nippon Sheet Glass Co. Ltd. (Capital Goods)		55,842
		53,000	Nippon Soda Co. Ltd. (Materials)		237,538
		15,500	Nippon Telegraph & Telephone Corp. (Telecommunication Services)		630,905
		13,900	Nissan Motor Co. Ltd. (Automobiles & Components)*		120,946


		15,000	Nisshin Seifun Group, Inc. (Food, Beverage & Tobacco)		184,391
		15,000	Nisshin Steel Co. Ltd. (Materials)		31,719
		3,000	Nisshinbo Holdings, Inc. (Consumer Durables & Apparel)		31,865
		45,000	NKSJ Holdings, Inc. (Insurance)*		326,715
		142,000	Osaka Gas Co. Ltd. (Utilities)		494,142
		7,800	Resona Holdings, Inc. (Banks)		95,266
		38,000	Ricoh Co. Ltd. (Technology Hardware & Equipment)		645,530
		1,400	Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)		103,754
		4,700	Sanshin Electronics Co. Ltd. (Technology Hardware & Equipment)		44,023
		22,000	Seino Holdings Corp. (Transportation)		158,639
		4,400	Sony Corp. (Consumer Durables & Apparel)		150,652
		37	SRI Sports Ltd. (Consumer Durables & Apparel)		36,462
		46,700	Sumitomo Corp. (Capital Goods)		562,357
		52,400	Sumitomo Electric Industries Ltd. (Capital Goods)		644,832
		5,900	Sumitomo Mitsui Financial Group, Inc. (Banks)		195,124
		9,300	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		399,299
		16,000	Takihyo Co. Ltd. (Retailing)		81,622
		97,000	The Bank of Yokohama Ltd. (Banks)		504,343
		10,000	The Sumitomo Trust & Banking Co. Ltd. (Banks)		60,475
		11,100	Tokio Marine Holdings, Inc. (Insurance)		330,454
		13,000	Tokyu Land Corp. (Real Estate)		55,567
		14,000	Toppan Printing Co. Ltd. (Commercial & Professional Services)		127,671
		22,000	Tosoh Corp. (Materials)		61,938
		3,400	Towa Corp. (Semiconductors & Semiconductor Equipment)*		29,717
		24,500	U-Shin Ltd. (Automobiles & Components)		237,336
		140	West Japan Railway Co. (Transportation)		508,875
		2,300	Yamato Kogyo Co. Ltd. (Materials)		73,105
		10,300	Yellow Hat Ltd. (Retailing)		71,276
		4,300	Yorozu Corp. (Automobiles & Components)		67,027

					14,165,200


	Luxembourg – 0.2%
		4,839	SES SA FDR (Media)		110,904

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND


	Shares		Description	Value

Common Stocks – (continued)
	Luxembourg – (continued)

	Netherlands – 5.8%
		1,371	Crucell NV (Pharmaceuticals, Biotechnology & Life Sciences)*	$	28,704
		2,750	Dockwise Ltd. (Energy)*		79,702
		4,240	European Aeronautic Defence & Space Co. NV (Capital Goods)		78,749
		8,131	Heineken Holding NV (Food, Beverage & Tobacco)		332,830
		35,407	ING Groep NV CVA (Diversified Financials)*		312,514
		21,619	Koninklijke DSM NV (Materials)		965,652
		6,343	Mediq NV (Health Care Equipment & Services)		117,621
		734	Nutreco Holding NV (Food, Beverage & Tobacco)		45,924
		35,635	Royal Dutch Shell PLC Class A (Energy)		1,118,155

					3,079,851


	Norway – 0.2%
		3,684	Leroy Seafood Group ASA (Food, Beverage & Tobacco)		87,399


	Singapore – 1.5%
		20,000	Ascendas Real Estate Investment Trust (REIT)		27,923
		1,000	CapitaMalls Asia Ltd. (Real Estate)		1,577
		4,000	City Developments Ltd. (Real Estate)		30,730
		43,000	Cosco Corp. (Singapore) Ltd. (Capital Goods)		53,762
		10,000	DBS Group Holdings Ltd. (Banks)		110,110
		22,000	Fraser and Neave Ltd. (Capital Goods)		78,173
		127,720	Golden Agri-Resources Ltd. (Food, Beverage & Tobacco)*		53,952
		2,673	Jardine Cycle & Carriage Ltd. (Retailing)		58,772
		26,782	Oversea-Chinese Banking Corp. Ltd. (Banks)		170,090
		5,340	Singapore Airlines Ltd. (Transportation)		58,626
		41,000	Singapore Telecommunications Ltd. (Telecommunication Services)		90,437
		1,000	United Overseas Bank Ltd. (Banks)		14,630
		19,000	UOL Group Ltd. (Real Estate)		52,740

					801,522


	Spain – 5.0%
		7,528	Banco de Sabadell SA (Banks)		38,196
		92,000	Banco Santander SA (Banks)		1,169,812
		63,404	Telefonica SA (Telecommunication Services)		1,435,164

					2,643,172


	Sweden – 3.7%
		7,609	AF AB Class B (Commercial & Professional Services)		243,329
		3,890	Haldex AB (Capital Goods)*		42,397
		1,557	Investor AB Class A (Diversified Financials)		28,504
		13,018	Meda AB Class A (Pharmaceuticals, Biotechnology & Life Sciences)		124,856
		82,231	Nordea Bank AB (Banks)		802,265
		2,160	Ratos AB Class B (Diversified Financials)		67,595
		11,672	Telefonaktiebolaget LM Ericsson Class B (Technology Hardware & Equipment)		134,701
		75,356	TeliaSonera AB (Telecommunication Services)		516,504

					1,960,151


	Switzerland – 7.3%
		42,702	ABB Ltd. (Registered) (Capital Goods)*		819,089
		6,399	Actelion Ltd. (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*		259,527
		1,756	Adecco SA (Registered) (Commercial & Professional Services)		103,284
		3,242	Baloise Holding AG (Registered) (Insurance)		255,280
		16,424	Compagnie Financiere Richemont SA Class A (Consumer Durables & Apparel)		605,782
		1,031	Compagnie Financiere Tradition SA (Diversified Financials)		115,000
		75	Forbo Holding AG (Registered) (Consumer Durables & Apparel)		31,128
		581	Georg Fischer AG (Registered) (Capital Goods)*		205,453
		2,356	Julius Baer Group Ltd. (Diversified Financials)		80,972
		2,563	Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		200,007
		2,255	Nestle SA (Registered) (Food, Beverage & Tobacco)		110,339
		6,666	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		339,865
		792	PSP Swiss Property AG (Registered) (Real Estate)*		47,137
		2,606	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		411,459

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND

Schedule of Investments (continued)

April 30, 2010 (Unaudited)


	Shares		Description	Value

Common Stocks – (continued)
	Switzerland – (continued)

		2,157	Sulzer AG (Registered) (Capital Goods)	$	213,882
		3,271	UBS AG (Registered) (Diversified Financials)*		50,675

					3,848,879


	United Kingdom – 2.6%
		70,134	BP PLC (Energy)		611,701
		18,180	GlaxoSmithKline PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)^(a)		677,932
		5,800	Stolt-Nielsen SA (Transportation)		90,828

					1,380,461


	TOTAL COMMON STOCKS
	(Cost $49,990,841)			$	51,355,544

Expiration

Units

Description

Month

Value

Warrant* – 0.0%

Hong Kong – 0.0%

100

Kingboard Chemical Holdings Ltd. (Technology Hardware & Equipment)

10/12

(Cost $0)


	Shares		Rate			Value

Short-term Investment^(b) – 1.3%


	JPMorgan U.S. Government Money Market Fund – Capital Shares
		704,424		0.082	%	$	704,424
	(Cost $704,424)


	TOTAL INVESTMENTS – 98.1%
	(Cost $50,695,265)					$	52,059,989


	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.9%						1,010,035


	NET ASSETS – 100.0%					$	53,070,024

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

(b)		Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2010.




Investment Abbreviations:
ADR	—	American Depositary Receipt
CVA	—	Dutch Certification
FDR	—	Fiduciary Depositary Receipt
IRL	—	Ireland
REIT	—	Real Estate Investment Trust
UK	—	United Kingdom

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


	Australia – 7.6%
	Caltex Australia Ltd. (Energy)	$	80,735	$	83,107	$	2,372
	CSL Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		255,561		222,557		(33,004	)
	Independence Group NL (Materials)		120,287		116,648		(3,639	)
	MAp Group (Transportation)		95,694		96,841		1,147
	Mincor Resources NL (Materials)		100,896		89,901		(10,995	)
	National Australia Bank Ltd. (Banks)		835,083		843,905		8,822

							(35,297	)


	Austria – 1.2%
	Strabag SE (Capital Goods)		224,608		229,826		5,218


	Belgium – 1.9%
	Compagnie d’Entreprises CFE (Capital Goods)		152,464		152,191		(273	)
	Delhaize Group SA (Food & Staples Retailing)		209,484		215,341		5,857

							5,584


	Finland – 0.7%
	Konecranes Oyj (Capital Goods)		89,092		96,731		7,639
	Rautaruukki Oyj (Materials)		45,861		42,882		(2,979	)

							4,660


	France – 1.4%
	AXA SA (Insurance)		42,243		37,698		(4,545	)
	Lagardere S.C.A. (Media)		115,891		115,393		(498	)
	Rallye SA (Food & Staples Retailing)		112,308		111,874		(434	)

							(5,477	)


	Germany – 2.9%
	Fresenius SE Preference Shares (Health Care Equipment & Services)		152,973		146,736		(6,237	)
	Hochtief AG (Capital Goods)		83,367		81,801		(1,566	)
	Kontron AG (Semiconductors & Semiconductor Equipment)		77,979		75,847		(2,132	)
	KWS Saat AG (Food, Beverage & Tobacco)		28,616		27,252		(1,364	)
	TUI AG (Consumer Services)		91,420		89,877		(1,543	)
	Volkswagen AG (Automobiles & Components)		134,277		131,367		(2,910	)

							(15,752	)


	Guernsey – 0.7%
	Resolution Ltd. (Insurance)		154,255		133,259		(20,996	)


	Hong Kong – 0.9%
	Hang Seng Bank Ltd. (Banks)		26,479		25,895		(584	)
	Henderson Land Development Co. Ltd. (Real Estate)		28,182		25,211		(2,971	)
	Mongolia Energy Co. Ltd. (Energy)		8,608		7,813		(795	)
	New World Development Ltd. (Real Estate)		119,426		108,196		(11,230	)

							(15,580	)


	Japan – 10.0%
	Daiwa Industries Ltd. (Capital Goods)		206,309		210,430		4,121
	FUJIFILM Holdings Corp. (Technology Hardware & Equipment)		670,221		664,867		(5,354	)
	Idemitsu Kosan Co. Ltd. (Energy)		22,788		24,851		2,063
	Kao Corp. (Household & Personal Products)		27,971		26,820		(1,151	)
	Kyoei Steel Ltd. (Materials)		91,605		81,641		(9,964	)
	Nippo Corp. (Capital Goods)		61,628		61,746		118
	Okuwa Co. Ltd. (Food & Staples Retailing)		22,983		22,402		(581	)
	Sony Financial Holdings, Inc. (Insurance)		80,998		90,161		9,163
	The Nippon Synthetic Chemical Industry Co. Ltd. (Materials)		26,185		28,216		2,031
	Toyota Motor Corp. (Automobiles & Components)		723,244		695,483		(27,761	)

							(27,315	)

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND

Schedule of Investments (continued)

April 30, 2010 (Unaudited)


		Notional		Current		Unrealized
		Value		Value		Gain (Loss)

Total Return Swap Long Positions – (continued)

	Netherlands – 5.8%
	Akzo Nobel NV (Materials)	$	139,030	$	144,111	$	5,081
	Royal Dutch Shell PLC Class A (Energy)		8,435		9,064		629
	Royal Dutch Shell PLC Class B (Energy)		869,790		951,726		81,936

							87,646


	Singapore – 0.1%
	ComfortDelgro Corp. Ltd. (Transportation)		12,536		12,497		(39	)


	Sweden – 2.6%
	Betsson AB (Consumer Services)		262,170		246,583		(15,587	)
	Kungsleden AB (Real Estate)		140,539		113,035		(27,504	)
	Saab AB Class B (Capital Goods)		133,654		135,400		1,746

							(41,345	)


	Switzerland – 1.9%
	Burckhardt Compression Holding AG (Capital Goods)		36,935		36,673		(262	)
	GAM Holding Ltd. (Diversified Financials)		32,127		32,569		442
	Helvetia Holding AG (Registered) (Insurance)		71,183		62,334		(8,849	)
	Kuoni Reisen Holding AG (Registered) (Consumer Services)		45,563		41,122		(4,441	)
	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)		104,060		96,699		(7,361	)
	Xstrata PLC (Materials)		105,142		91,025		(14,117	)

							(34,588	)


	United Kingdom – 62.3%
	3i Group PLC (Diversified Financials)		37,618		35,114		(2,504	)
	Acergy SA (Energy)		87,497		85,953		(1,544	)
	Anglo Pacific Group PLC (Energy)		100,396		101,133		737
	Associated British Foods PLC (Food, Beverage & Tobacco)		308,916		304,227		(4,689	)
	AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences)		954,073		945,152		(8,921	)
	Aviva PLC (Insurance)		43,891		39,679		(4,212	)
	BAE Systems PLC (Capital Goods)		216,795		196,855		(19,940	)
	Barclays PLC (Banks)		436,947		404,436		(32,511	)
	Computacenter PLC (Software & Services)		331,246		354,368		23,122
	Delta PLC (Materials)		557,852		542,945		(14,907	)
	Devro PLC (Food, Beverage & Tobacco)		187,841		200,546		12,705
	Diploma PLC (Technology Hardware & Equipment)		46,172		47,082		910
	Domino’s Pizza UK & IRL PLC (Consumer Services)		322,957		325,932		2,975
	DS Smith PLC (Materials)		123,206		123,628		422
	Dunelm Group PLC (Retailing)		41,384		39,390		(1,994	)
	Filtrona PLC (Materials)		157,041		166,467		9,426
	Firstgroup PLC (Transportation)		84,061		84,750		689
	GlaxoSmithKline PLC (Pharmaceuticals, Biotechnology & Life Sciences)		451,704		436,535		(15,169	)
	Hill & Smith Holdings PLC (Materials)		17,263		18,396		1,133
	HSBC Holdings PLC (Banks)		881,115		884,983		3,868
	Hunting PLC (Energy)		149,713		137,959		(11,754	)
	Imperial Tobacco Group PLC (Food, Beverage & Tobacco)		722,165		673,228		(48,937	)
	John Wood Group PLC (Energy)		42,847		43,761		914
	Kazakhmys PLC (Materials)		632,854		577,776		(55,078	)
	Laird PLC (Technology Hardware & Equipment)		189,537		200,701		11,164
	Lloyds Banking Group PLC (Banks)		346,832		349,535		2,703
	Man Group PLC (Diversified Financials)		83,751		84,359		608
	Mondi PLC (Materials)		279,591		267,050		(12,541	)
	Pearson PLC (Media)		24,999		25,410		411

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)

	United Kingdom – (continued)
	QinetiQ Group PLC (Capital Goods)	$	95,490		$	91,454		$	(4,036	)
	Royal Bank of Scotland Group PLC (Banks)		327,843			401,729			73,886
	RPC Group PLC (Materials)		80,398			76,576			(3,822	)
	Scottish & Southern Energy PLC (Utilities)		401,124			398,112			(3,012	)
	Tate & Lyle PLC (Food, Beverage & Tobacco)		261,742			264,332			2,590
	Thomas Cook Group PLC (Consumer Services)		618,309			572,839			(45,470	)
	Tomkins PLC (Capital Goods)		75,162			79,388			4,226
	Trinity Mirror PLC (Media)		46,485			44,426			(2,059	)
	TUI Travel PLC (Consumer Services)		617,488			576,119			(41,369	)
	Unilever PLC (Food, Beverage & Tobacco)		32,715			32,364			(351	)
	Vedanta Resources PLC (Materials)		421,721			382,644			(39,077	)
	Vodafone Group PLC (Telecommunication Services)		1,095,718			1,052,518			(43,200	)
	WPP PLC (Media)		206,388			211,103			4,715

									(259,893	)


	TOTAL LONG POSITIONS OF TOTAL RETURN SWAP	$	19,421,732		$	19,068,558		$	(353,174	)




Total Return Swap Short Positions


	Australia – 9.0%
	Asciano Group (Transportation)	$	(70,480	)	$	(62,964	)	$	7,516
	Ausenco Ltd. (Capital Goods)		(54,602	)		(53,666	)		936
	AWB Ltd. (Food & Staples Retailing)		(288,087	)		(293,379	)		(5,292	)
	AWE Ltd. (Energy)		(45,183	)		(40,953	)		4,230
	Bow Energy Ltd. (Energy)		(58,967	)		(56,582	)		2,385
	Crown Ltd. (Consumer Services)		(192,099	)		(193,158	)		(1,059	)
	Eastern Star Gas Ltd. (Energy)		(41,638	)		(41,121	)		517
	Foster’s Group Ltd. (Food, Beverage & Tobacco)		(26,241	)		(25,818	)		423
	GPT Group (REIT)		(55,518	)		(56,279	)		(761	)
	Karoon Gas Australia Ltd. (Energy)		(92,065	)		(81,576	)		10,489
	Lend Lease Corp. Ltd. (Real Estate)		(60,961	)		(60,441	)		520
	MacArthur Coal Ltd. (Materials)		(10,700	)		(9,932	)		768
	Macquarie Atlas Roads Group (Transportation)		(42,109	)		(42,784	)		(675	)
	Macquarie Group Ltd. (Diversified Financials)		(105,665	)		(102,828	)		2,837
	Newcrest Mining Ltd. (Materials)		(93,658	)		(93,968	)		(310	)
	OneSteel Ltd. (Materials)		(62,014	)		(55,788	)		6,226
	Pharmaxis Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		(164,040	)		(178,195	)		(14,155	)
	Ramsay Health Care Ltd. (Health Care Equipment & Services)		(39,519	)		(38,669	)		850
	Riversdale Mining Ltd. (Energy)		(65,297	)		(60,414	)		4,883
	Santos Ltd. (Energy)		(52,586	)		(49,644	)		2,942
	Sonic Healthcare Ltd. (Health Care Equipment & Services)		(88,825	)		(85,681	)		3,144

									26,414


	Belgium – 4.0%
	Colruyt SA (Food & Staples Retailing)		(132,816	)		(132,712	)		104
	Telenet Group Holding NV (Telecommunication Services)		(615,418	)		(615,342	)		76

									180


	Denmark – 4.1%
	DSV A/S (Transportation)		(760,550	)		(760,007	)		543


	Finland – 1.9%
	Elisa Oyj (Telecommunication Services)		(249,793	)		(231,583	)		18,210
	Orion Oyj Class B (Pharmaceuticals, Biotechnology & Life Sciences)		(116,990	)		(120,467	)		(3,477	)

									14,733

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND

Schedule of Investments (continued)

April 30, 2010 (Unaudited)


		Notional			Current			Unrealized
		Value			Value			Gain (Loss)

Total Return Swap Short Positions – (continued)

	France – 18.1%
	Bureau Veritas SA (Commercial & Professional Services)	$	(303,617	)	$	(321,742	)	$	(18,125	)
	EDF Energies Nouvelles SA (Utilities)		(299,795	)		(282,576	)		17,219
	EDF SA (Utilities)		(137,118	)		(134,735	)		2,383
	Eutelsat Communications (Media)		(425,644	)		(425,799	)		(155	)
	Gemalto NV (Technology Hardware & Equipment)		(372,297	)		(377,966	)		(5,669	)
	Iliad SA (Telecommunication Services)		(846,581	)		(819,980	)		26,601
	Imerys SA (Materials)		(214,249	)		(211,655	)		2,594
	Ipsen SA (Pharmaceuticals, Biotechnology & Life Sciences)		(403,777	)		(394,581	)		9,196
	Teleperformance (Commercial & Professional Services)		(105,190	)		(106,654	)		(1,464	)
	Virbac SA (Pharmaceuticals, Biotechnology & Life Sciences)		(305,600	)		(318,301	)		(12,701	)

									19,879


	Germany – 2.8%
	K+S AG (Materials)		(149,241	)		(149,580	)		(339	)
	Wacker Chemie AG (Materials)		(375,703	)		(367,664	)		8,039

									7,700


	Gibraltar – 0.9%
	888 Holdings PLC (Consumer Services)		(74,221	)		(58,484	)		15,737
	PartyGaming PLC (Consumer Services)		(121,450	)		(117,270	)		4,180

									19,917


	Italy – 2.6%
	Amplifon SpA (Health Care Equipment & Services)		(81,465	)		(82,209	)		(744	)
	Davide Campari-Milano SpA (Food, Beverage & Tobacco)		(258,270	)		(246,397	)		11,873
	Saipem SpA (Energy)		(165,094	)		(159,149	)		5,945

									17,074


	Japan – 24.0%
	Chiyoda Corp. (Capital Goods)		(318,609	)		(293,787	)		24,822
	Daibiru Corp. (Real Estate)		(27,900	)		(31,423	)		(3,523	)
	Electric Power Development Co. Ltd. (Utilities)		(85,918	)		(80,126	)		5,792
	Fanuc Ltd. (Capital Goods)		(63,859	)		(70,851	)		(6,992	)
	Fuji Seal International, Inc. (Materials)		(33,166	)		(33,064	)		102
	Hisamitsu Pharmaceutical Co., Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		(290,811	)		(287,503	)		3,308
	Hogy Medical Co. Ltd. (Health Care Equipment & Services)		(50,866	)		(55,142	)		(4,276	)
	Izumi Co. Ltd. (Retailing)		(53,931	)		(58,438	)		(4,507	)
	Keihan Electric Railway Co. Ltd. (Capital Goods)		(179,003	)		(172,634	)		6,369
	Keihin Electric Express Railway Co. Ltd. (Transportation)		(420,235	)		(427,597	)		(7,362	)
	Keisei Electric Railway Co. Ltd. (Transportation)		(73,258	)		(71,044	)		2,214
	Kintetsu Corp. (Transportation)		(312,215	)		(316,256	)		(4,041	)
	Meitec Corp. (Commercial & Professional Services)		(31,432	)		(33,593	)		(2,161	)
	MISUMI Group, Inc. (Capital Goods)		(500,053	)		(484,326	)		15,727
	NTT Urban Development Corp. (Real Estate)		(248,345	)		(284,273	)		(35,928	)
	Odakyu Electric Railway Co. Ltd. (Transportation)		(75,125	)		(75,125	)		—
	Otsuka Corp. (Software & Services)		(51,300	)		(56,878	)		(5,578	)
	Park24 Co. Ltd. (Commercial & Professional Services)		(23,591	)		(25,769	)		(2,178	)
	Point, Inc. (Retailing)		(30,642	)		(32,962	)		(2,320	)
	Sawai Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		(37,850	)		(38,189	)		(339	)

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)
	Sharp Corp. (Consumer Durables & Apparel)	$	(26,020	)	$	(25,904	)	$	116
	Shimadzu Corp. (Technology Hardware & Equipment)		(113,844	)		(115,969	)		(2,125	)
	Shimizu Corp. (Capital Goods)		(196,663	)		(188,274	)		8,389
	Softbank Corp. (Telecommunication Services)		(42,005	)		(38,020	)		3,985
	Sumitomo Forestry Co. Ltd. (Consumer Durables & Apparel)		(119,519	)		(123,108	)		(3,589	)
	Sundrug Co. Ltd. (Food & Staples Retailing)		(66,692	)		(65,353	)		1,339
	Sysmex Corp. (Health Care Equipment & Services)		(47,036	)		(47,993	)		(957	)
	Taiyo Ink Manufacturing Co. Ltd. (Materials)		(67,191	)		(73,182	)		(5,991	)
	The Bank of Iwate Ltd. (Banks)		(233,035	)		(219,144	)		13,891
	The Hokkoku Bank Ltd. (Banks)		(81,905	)		(78,078	)		3,827
	TOC Co. Ltd. (Real Estate)		(200,159	)		(243,441	)		(43,282	)
	Toho Co. Ltd. (Media)		(58,168	)		(62,069	)		(3,901	)
	Tsumura & Co. (Pharmaceuticals, Biotechnology & Life Sciences)		(56,006	)		(55,511	)		495
	Unicharm Corp. (Household & Personal Products)		(39,359	)		(38,880	)		479
	Wacom Co. Ltd. (Technology Hardware & Equipment)		(68,800	)		(70,131	)		(1,331	)
	Yamaha Motor Co. Ltd. (Automobiles & Components)		(130,773	)		(128,350	)		2,423

									(47,103	)


	Luxembourg – 1.8%
	Oriflame Cosmetics SA (Household & Personal Products)		(382,420	)		(341,121	)		41,299


	Netherlands – 2.7%
	Reed Elsevier NV (Media)		(487,214	)		(475,349	)		11,865
	Vastned Retail NV (REIT)		(26,944	)		(23,372	)		3,572

									15,437


	Spain – 4.3%
	Enagas (Utilities)		(418,141	)		(382,261	)		35,880
	Grupo Catalana Occidente SA (Insurance)		(165,713	)		(163,941	)		1,772
	Laboratorios Farmaceuticos Rovi SA (Pharmaceuticals, Biotechnology & Life Sciences)		(149,416	)		(142,628	)		6,788
	Pescanova SA (Food, Beverage & Tobacco)		(126,485	)		(120,370	)		6,115

									50,555


	Sweden – 2.3%
	Husqvarna AB, Class B (Consumer Durables & Apparel)		(151,844	)		(154,532	)		(2,688	)
	JM AB (Consumer Durables & Apparel)		(241,945	)		(217,581	)		24,364
	Lundin Petroleum AB (Energy)		(54,130	)		(51,575	)		2,555

									24,231


	Switzerland – 0.4%
	Logitech International SA (Registered) (Technology Hardware & Equipment)		(85,110	)		(84,304	)		806


	United Kingdom – 21.2%
	BT Group PLC (Telecommunication Services)		(137,118	)		(129,762	)		7,356
	Carpetright PLC (Retailing)		(268,296	)		(291,928	)		(23,632	)
	Dechra Pharmaceuticals PLC (Pharmaceuticals, Biotechnology & Life Sciences)		(35,969	)		(39,957	)		(3,988	)
	Dignity PLC (Consumer Services)		(411,049	)		(427,049	)		(16,000	)
	Drax Group PLC (Utilities)		(177,995	)		(173,242	)		4,753
	eaga PLC (Consumer Durables & Apparel)		(75,177	)		(70,188	)		4,989
	Fresnillo PLC (Materials)		(576,614	)		(545,350	)		31,264
	Gem Diamonds Ltd. (Materials)		(62,026	)		(62,602	)		(576	)

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND

Schedule of Investments (continued)

April 30, 2010 (Unaudited)


		Notional			Current			Unrealized
		Value			Value			Gain (Loss)

Total Return Swap Short Positions – (continued)

	United Kingdom – (continued)
	Grainger PLC (Real Estate)	$	(50,340	)	$	(48,863	)	$	1,477
	Hikma Pharmaceuticals PLC (Pharmaceuticals, Biotechnology & Life Sciences)		(405,338	)		(398,739	)		6,599
	Imagination Technologies Group PLC (Technology Hardware & Equipment)		(190,891	)		(217,223	)		(26,332	)
	Inmarsat PLC (Telecommunication Services)		(236,582	)		(239,922	)		(3,340	)
	Intercontinental Hotels Group PLC (Consumer Services)		(216,169	)		(232,444	)		(16,275	)
	Pace PLC (Consumer Durables & Apparel)		(122,262	)		(113,258	)		9,004
	Premier Oil PLC (Energy)		(238,523	)		(246,452	)		(7,929	)
	Shire PLC (Pharmaceuticals, Biotechnology & Life Sciences)		(387,953	)		(387,277	)		676
	SOCO International PLC (Energy)		(223,457	)		(221,426	)		2,031
	Telecity Group PLC (Software & Services)		(148,514	)		(140,660	)		7,854

									(22,069	)


	TOTAL SHORT POSITIONS OF TOTAL RETURN SWAP	$	(18,934,052	)	$	(18,764,456	)	$	169,596


	Net Long and Short Positions of Total Return Swap							$	(183,578	)


	Net Financing Cost								67,004
	Corporate Actions								(8,563	)


	Net Swap Contract							$	(125,137	)

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

Morgan Stanley & Co. International PLC acts as the counterparty for the Fund’s swap contract. Termination date for this contract is September 13, 2010.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2010, the following futures contracts were open:


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

Dow Jones EURO STOXX 50 Index		22	June 2010	$	804,941	$	(19,212	)
FTSE 100 Index		4	June 2010		337,070		(5,774	)
SPI 200 Index		1	June 2010		111,476		115
TSE TOPIX Index		3	June 2010		313,940		(2,640	)


TOTAL						$	(27,511	)

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

GOLDMAN SACHS STRUCTURED EMERGING MARKETS EQUITY FUND

Schedule of Investments

April 30, 2010 (Unaudited)


	Shares		Description	Value

Common Stocks – 98.1%


	Brazil – 10.6%
		159,080	Banco Bradesco SA ADR Preference Shares (Banks)	$	2,962,070
		447,200	Banco do Estado do Rio Grande do Sul SA Preference B Shares (Banks)		3,442,276
		18,000	Banco Santander Brasil SA ADR (Banks)		209,340
		41,200	Gol – Linhas Aereas Inteligentes SA Preference Shares (Transportation)		542,065
		261,200	Metalurgica Gerdau SA Preference Shares (Materials)		5,140,602
		178,950	Petroleo Brasileiro SA ADR (Energy)		7,592,848
		364,800	Petroleo Brasileiro SA Preference Shares (Energy)		6,877,317
		489,400	Suzano Papel e Celulose SA Preference Shares (Materials)		6,241,909
		17,400	Telecomunicacoes de Sao Paulo SA ADR Preference Shares (Telecommunication Services)^(a)		340,692
		463,300	Vale SA ADR (Materials)		14,190,879
		366,200	Vale SA Preference A Shares (Materials)		9,825,726

					57,365,724


	Chile – 0.2%
		347,420	Centros Comerciales Sudamericanos SA (Food & Staples Retailing)		1,422,618


	China – 10.5%
		1,290,000	Agile Property Holdings Ltd. Class H (Real Estate)		1,494,571
		28,205,000	Bank of China Ltd. Class H (Banks)		14,519,515
		2,070,000	China CITIC Bank Class H (Banks)		1,360,759
		18,789,000	China Construction Bank Corp. Class H (Banks)		15,258,033
		115,000	China Life Insurance Co. Ltd. Class H (Insurance)		529,517
		1,412,000	China Petroleum & Chemical Corp. Class H (Energy)		1,132,141
		8,994,000	China Telecom Corp. Ltd. Class H (Telecommunication Services)		4,126,360
		532,300	Chongqing Changan Automobile Co. Ltd. Class B (Automobiles & Components)		459,086
		1,388,500	Great Wall Motor Co. Ltd. Class H (Automobiles & Components)		2,529,916
		11,658,000	PetroChina Co. Ltd. Class H (Energy)		13,424,941
		76,600	Suntech Power Holdings Co. Ltd. ADR Class H (Capital Goods)*^(a)		1,041,760


		34,000	Weichai Power Co. Ltd. Class H (Capital Goods)		278,029
		1,148,000	Weiqiao Textile Co. Ltd. Class H (Consumer Durables & Apparel)		846,587

					57,001,215


	Egypt – 1.0%
		1,687,680	Talaat Moustafa Group Holding (Real Estate)*		2,546,164
		859,958	Telecom Egypt SAE (Telecommunication Services)		2,831,075

					5,377,239


	Hong Kong – 5.0%
		3,682,000	Chaoda Modern Agriculture Holdings Ltd. (Food, Beverage & Tobacco)		4,209,659
		1,085,000	China Mobile Ltd. (Telecommunication Services)		10,621,115
		356,000	China Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		259,797
		628,000	China Resources Enterprise Ltd. (Food & Staples Retailing)		2,215,603
		2,654,000	China Unicom (Hong Kong) Ltd. (Telecommunication Services)		3,305,780
		1,623,000	Citic Pacific Ltd. (Capital Goods)		3,538,240
		379,000	Kingboard Chemical Holdings Ltd. (Technology Hardware & Equipment)		2,031,883
		618,000	TPV Technology Ltd. (Technology Hardware & Equipment)		473,248
		2,900,000	Yuexiu Property Co. Ltd. (Real Estate)		690,848

					27,346,173


	Hungary – 1.2%
		177,829	OTP Bank PLC (Banks)*		6,250,950
		887	Richter Gedeon Nyrt. (Pharmaceuticals, Biotechnology & Life Sciences)		188,166

					6,439,116


	India – 7.0%
		75,852	Bajaj Holdings and Investment Ltd. (Diversified Financials)		1,065,112
		813,053	Hindalco Industries Ltd. (Materials)		3,221,310
		90,480	Hindustan Zinc Ltd. (Materials)		2,522,179
		1,125,084	IDBI Bank Ltd. (Banks)		3,163,150
		849,669	Indian Bank (Banks)		4,287,832
		157,465	Indian Oil Corp. Ltd. (Energy)		1,041,555
		96,067	Jubilant Organosys Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		725,573

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

GOLDMAN SACHS STRUCTURED EMERGING MARKETS EQUITY FUND

Schedule of Investments (continued)

April 30, 2010 (Unaudited)


	Shares		Description	Value

Common Stocks – (continued)
	India – (continued)

		185,706	Mahindra & Mahindra Ltd. (Automobiles & Components)	$	2,188,138
		47,120	Oil & Natural Gas Corp. Ltd. (Energy)		1,112,852
		427,893	Patni Computer Systems Ltd. (Software & Services)		5,111,666
		75,048	Ranbaxy Laboratories Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*		745,225
		110,947	Rolta India Ltd. (Software & Services)		467,159
		147,831	Shipping Corp of India Ltd. (Transportation)		544,998
		876,698	Steel Authority of India Ltd. (Materials)		4,278,533
		315,187	Sterlite Industries (India) Ltd. (Materials)		5,792,856
		21,422	Sun Pharmaceutical Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		759,026
		117,402	Tata Chemicals Ltd. (Materials)		930,490

					37,957,654


	Indonesia – 0.6%
		677,000	PT Gudang Garam Tbk (Food, Beverage & Tobacco)		2,054,130
		2,623,500	PT Indofood Sukses Makmur Tbk (Food, Beverage & Tobacco)		1,119,304

					3,173,434


	Israel – 2.5%
		834,939	Bank Hapoalim BM (Banks)*		3,361,596
		795,936	Bank Leumi Le-Israel BM (Banks)*		3,398,946
		3,456,061	Israel Discount Bank Ltd. Class A (Banks)*		7,050,240

					13,810,782


	Mexico – 8.5%
		354,020	America Movil SAB de CV Series L ADR (Telecommunication Services)		18,224,950
		39,350	Coca-Cola Femsa SAB de CV ADR (Food, Beverage & Tobacco)		2,754,500
		199,900	Embotelladoras Arca SAB de CV (Food, Beverage & Tobacco)		754,967
		131,590	Fomento Economico Mexicano SAB de CV ADR (Food, Beverage & Tobacco)		6,228,155
		55,210	Grupo Aeroportuario del Pacifico SAB de CV ADR (Transportation)		1,954,986
		196,500	Grupo Bimbo SAB de CV Series A (Food, Beverage & Tobacco)		1,569,638
		608,600	Grupo Carso SAB de CV Series A-1 (Capital Goods)		2,226,347


		12,150	Grupo Elektra SA de CV (Retailing)		572,357
		438,000	Grupo Famsa SAB de CV Class A (Retailing)*		803,980
		526,100	Grupo Modelo SAB de CV (Food, Beverage & Tobacco)		2,886,398
		234,900	Grupo Simec SAB de CV (Materials)*		657,066
		50,200	Industrias CH SAB de CV (Materials)*		210,834
		158,700	Organizacion Soriana SAB de CV Class B (Food & Staples Retailing)*		474,595
		363,185	Telmex Internacional SAB de CV ADR (Telecommunication Services)		6,936,833

					46,255,606


	Russia – 6.1%
		94,318	JSFC Sistema GDR (Telecommunication Services)*		2,508,412
		616,887	OAO Gazprom ADR (Energy)		14,189,180
		29,197	OAO Lukoil ADR (Energy)		1,642,305
		115,632	OAO Lukoil ADR (Energy)^(a)		6,637,277
		239,931	OAO Surgutneftegaz ADR (Energy)		2,276,148
		4,892,484	OAO Surgutneftegaz Preference Shares (Energy)		2,624,055
		103,932	OAO Tatneft ADR (Energy)		3,142,908

					33,020,285


	South Africa – 4.8%
		225,327	African Rainbow Minerals Ltd. (Materials)		6,029,477
		304,460	AVI Ltd. (Food, Beverage & Tobacco)*		989,870
		436,066	Clicks Group Ltd. (Retailing)		1,813,131
		147,984	DataTec Ltd. (Technology Hardware & Equipment)		676,389
		746,746	Growthpoint Properties Ltd. (Real Estate)		1,539,870
		526,236	Imperial Holdings Ltd. (Retailing)		6,971,716
		103,422	Kumba Iron Ore Ltd. (Materials)		4,881,773
		293,036	Metropolitan Holdings Ltd. (Insurance)		668,232
		97,209	Nedbank Group Ltd. (Banks)		1,750,467
		41,162	Tongaat Hulett Ltd. (Food, Beverage & Tobacco)		575,621

					25,896,546


	South Korea – 18.3%
		19,700	Daewoo Shipbuilding & Marine Engineering Co. Ltd. (Capital Goods)		374,321
		18,054	GS Engineering & Construction Corp. (Capital Goods)		1,364,690

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

GOLDMAN SACHS STRUCTURED EMERGING MARKETS EQUITY FUND


	Shares		Description	Value

Common Stocks – (continued)
	South Korea – (continued)

		20,797	Honam Petrochemical Corp. (Materials)	$	2,696,082
		13,266	Hyundai Heavy Industries Co. Ltd. (Capital Goods)		3,002,465
		50,565	Hyundai Mipo Dockyard Co. Ltd. (Capital Goods)		7,119,726
		30,491	Hyundai Motor Co. (Automobiles & Components)		3,718,590
		124,950	Industrial Bank of Korea (Banks)		1,737,570
		148,140	Korea Electric Power Corp. (Utilities)*		4,494,117
		7,885	Korea Express Co. Ltd. (Transportation)*		442,405
		34,910	KT Corp. (Telecommunication Services)		1,549,415
		49,328	LG Corp. (Capital Goods)		3,363,402
		367,060	LG Display Co. Ltd. (Technology Hardware & Equipment)		15,610,500
		28,186	LG Electronics, Inc. (Consumer Durables & Apparel)		3,073,331
		418	Lotte Chilsung Beverage Co. Ltd. (Food, Beverage & Tobacco)		322,258
		30,120	Lotte Shopping Co. Ltd. (Retailing)		8,542,966
		28,785	POSCO (Materials)		12,908,154
		65,970	S&T Dynamics Co. Ltd. (Automobiles & Components)		941,002
		11,170	Samsung Card Co. Ltd. (Diversified Financials)		554,531
		31,285	Samsung Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment)		23,787,201
		15,440	Shinhan Financial Group Co. Ltd. (Banks)		656,781
		16,985	Sindoh Co. Ltd. (Technology Hardware & Equipment)		792,281
		10,509	SK Holdings Co. Ltd. (Capital Goods)		826,388
		51,160	STX Engine Co. Ltd. (Capital Goods)		1,023,490
		19,030	Woori Finance Holdings Co. Ltd. (Banks)		301,909

					99,203,575


	Taiwan – 16.2%
		1,358,501	Altek Corp. (Consumer Durables & Apparel)		2,274,633
		6,076,000	Asustek Computer, Inc. (Technology Hardware & Equipment)		11,715,883
		4,358,000	China Development Financial Holding Corp. (Banks)*		1,222,098
		2,166,000	Chunghwa Picture Tubes Ltd. (Technology Hardware & Equipment)*		208,775


		2,198,000	Coretronic Corp. (Technology Hardware & Equipment)		3,332,478
		110,000	Depo Auto Parts Ind Co. Ltd. (Automobiles & Components)		275,374
		7,738,000	Elitegroup Computer Systems Co. Ltd. (Technology Hardware & Equipment)		3,205,969
		1,301,000	Eternal Chemical Co. Ltd. (Materials)		1,378,690
		888,000	Formosa Chemicals & Fibre Corp. (Materials)		2,239,224
		10,716,000	Fubon Financial Holding Co. Ltd. (Diversified Financials)*		13,063,662
		7,240,000	Gigabyte Technology Co. Ltd. (Technology Hardware & Equipment)		8,001,951
		511,000	Great Wall Enterprise Co. Ltd. (Food, Beverage & Tobacco)		512,256
		303,000	Holystone Enterprise Co. Ltd. (Technology Hardware & Equipment)		458,066
		869,000	Lee Chang Yung Chemical Industry Corp. (Materials)		1,098,139
		9,034,880	Macronix International Co. Ltd. (Semiconductors & Semiconductor Equipment)		6,007,717
		1,627,000	Mega Financial Holding Co. Ltd. (Banks)		950,190
		1,975,513	Micro-Star International Co. Ltd. (Technology Hardware & Equipment)		1,226,107
		2,072,000	Pou Chen Corp. (Consumer Durables & Apparel)		1,773,397
		490,000	Radiant Opto-Electronics Corp. (Semiconductors & Semiconductor Equipment)		739,449
		118,000	Realtek Semiconductor Corp. (Semiconductors & Semiconductor Equipment)*		319,598
		667,000	Sanyang Industry Co. Ltd. (Automobiles & Components)*		275,420
		1,191,000	Shinkong Synthetic Fibers Corp. (Materials)*		486,861
		1,265,000	Systex Corp. (Software & Services)*		1,919,467
		1,571,723	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment)		16,644,546
		3,798,000	United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)*		1,910,844
		3,421,000	Universal Scientific Industrial Co. Ltd. (Technology Hardware & Equipment)		2,234,657
		1,469,000	USI Corp. (Materials)*		1,085,308

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

GOLDMAN SACHS STRUCTURED EMERGING MARKETS EQUITY FUND

Schedule of Investments (continued)

April 30, 2010 (Unaudited)


	Shares		Description	Value

Common Stocks – (continued)
	Taiwan – (continued)

		1,349,569	Wistron Corp. (Technology Hardware & Equipment)	$	2,593,073
		1,059,000	Yageo Corp. (Technology Hardware & Equipment)		507,697


		854,900	Yieh Phui Enterprise Co. Ltd. (Materials)		340,012

					88,001,541


	Thailand – 0.5%
		6,066,600	Charoen Pokphand Foods PCL (Food, Beverage & Tobacco)		2,886,775


	Turkey – 5.1%
		326,755	Arcelik AS (Consumer Durables & Apparel)		1,447,961
		3,049,722	Eczacibasi Ilac ve Sanayi ve Ticaret AS (Pharmaceuticals, Biotechnology & Life Sciences)		5,573,511
		622,880	Sekerbank TAS (Banks)		1,070,327
		328,753	Turkiye Garanti Bankasi AS (Banks)		1,592,654
		2,815,309	Turkiye Is Bankasi AS Class C (Banks)		9,777,616
		2,490,666	Turkiye Sinai Kalkinma Bankasi AS (Banks)*		3,870,777
		1,706,035	Turkiye Vakiflar Bankasi TAO Class D (Banks)*		4,516,442

					27,849,288


	TOTAL COMMON STOCKS
	(Cost $463,475,424)			$	533,007,571




Exchange Traded Fund^(a) – 1.5%


		193,863	iShares MSCI Emerging Markets Index Fund	$	8,151,939
	(Cost $7,679,578)

Expiration

Units

Description

Month

Value

Warrant* – 0.0%

Hong Kong – 0.0%

37,900

Kingboard Chemical Holdings Ltd. (Technology Hardware & Equipment)

10/12

7,932

(Cost $0)

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE

(Cost $471,155,002)

541,167,442


	Shares		Rate			Value

Securities Lending Reinvestment Vehicle^(b)(c) – 2.2%


	Boston Global Investment Trust – Enhanced Portfolio II
		11,939,720		0.043	%	$	11,951,659
	(Cost $11,936,191)


	TOTAL INVESTMENTS – 101.8%
	(Cost $483,091,193)					$	553,119,101


	LIABILITIES IN EXCESS OF OTHER ASSETS – (1.8)%						(10,001,533	)


	NET ASSETS – 100.0%					$	543,117,568

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, 2010.

(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, 2010 (Unaudited)


	Shares		Description	Value

Common Stocks – 97.2%


	Australia – 3.6%
		43,161	AGL Energy Ltd. (Utilities)	$	597,684
		42,219	ASX Ltd. (Diversified Financials)		1,276,407
		33,130	Bendigo and Adelaide Bank Ltd. (Banks)		299,590
		387,844	BHP Billiton Ltd. (Materials)		14,178,113
		195,510	Boral Ltd. (Materials)		1,056,931
		73,035	Caltex Australia Ltd. (Energy)		779,472
		261,908	CFS Retail Property Trust (REIT)		461,827
		66,209	Commonwealth Bank of Australia (Banks)		3,542,480
		62,027	CSL Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,853,452
		400,472	Fairfax Media Ltd. (Media)		632,024
		130,780	Harvey Norman Holdings Ltd. (Retailing)		408,308
		932,989	Insurance Australia Group Ltd. (Insurance)		3,280,702
		186,389	Intoll Group (Transportation)		192,343
		881,412	MAp Group (Transportation)		2,526,627
		474,852	National Australia Bank Ltd. (Banks)		12,131,934
		61,968	Orica Ltd. (Materials)		1,502,785
		2,218,889	OZ Minerals Ltd. (Materials)*		2,335,570
		86,600	QBE Insurance Group Ltd. (Insurance)		1,677,827
		69,339	Rio Tinto Ltd. (Materials)		4,530,618
		303,408	Suncorp-Metway Ltd. (Insurance)		2,507,453
		442,225	Tabcorp Holdings Ltd. (Consumer Services)		2,793,068
		288,659	Tatts Group Ltd. (Consumer Services)		658,695
		100,932	Toll Holdings Ltd. (Transportation)		659,271
		86,325	Wesfarmers Ltd. (Food & Staples Retailing)		2,314,140
		38,622	Wesfarmers Ltd. PPS (Food & Staples Retailing)		1,037,895
		388,440	Westfield Group (REIT)		4,588,022
		310,091	Westpac Banking Corp. (Banks)		7,726,410
		70,868	Woolworths Ltd. (Food & Staples Retailing)		1,770,305
		160,320	WorleyParsons Ltd. (Energy)		3,909,674

					81,229,627


	Austria – 1.6%
		273,487	Erste Group Bank AG (Banks)		12,142,417
		238,130	OMV AG (Energy)		8,509,049
		103,224	Raiffeisen International Bank Holding AG (Banks)^(a)		5,026,033
		80,291	Vienna Insurance Group (Insurance)		3,924,483
		193,937	Voestalpine AG (Materials)		7,213,815

					36,815,797


	Belgium – 4.7%
		814,217	Anheuser-Busch InBev NV (Food, Beverage & Tobacco)^(a)		39,498,906
		168,881	Delhaize Group SA (Food & Staples Retailing)		13,965,853
		716,637	Dexia SA (Banks)*^(a)		3,872,455
		16,674	Groupe Bruxelles Lambert SA (Diversified Financials)^(a)		1,411,052
		208,787	KBC Groep NV (Banks)*		9,341,508
		21,327	Mobistar SA (Telecommunication Services)		1,310,908
		169,623	Solvay SA (Materials)		16,198,219
		186,588	UCB SA (Pharmaceuticals, Biotechnology & Life Sciences)^(a)		7,227,838
		381,652	Umicore (Materials)^(a)		13,955,285

					106,782,024


	Bermuda – 0.1%
		68,150	Seadrill Ltd. (Energy)		1,716,603


	China – 0.1%
		1,605,000	Foxconn International Holdings Ltd. Class H (Technology Hardware & Equipment)*		1,440,599
		518,000	Yangzijiang Shipbuilding Holdings Ltd. Class H (Capital Goods)		503,189

					1,943,788


	Denmark – 0.4%
		46,524	Carlsberg A/S Class B (Food, Beverage & Tobacco)		3,760,068
		186,873	Danske Bank A/S (Banks)*		4,878,834
		42,877	H Lundbeck A/S (Pharmaceuticals, Biotechnology & Life Sciences)^(a)		706,513

					9,345,415


	France – 8.9%
		38,508	Alstom SA (Capital Goods)		2,259,521
		288,239	BNP Paribas (Banks)		19,798,030
		23,173	Bouygues SA (Capital Goods)^(a)		1,148,217
		80,870	Christian Dior SA (Consumer Durables & Apparel)		8,609,132
		48,829	CNP Assurances (Insurance)*		4,110,271
		119,095	Compagnie Generale de Geophysique-Veritas (Energy)*		3,585,505
		164,280	Credit Agricole SA (Banks)		2,348,388
		18,377	Fonciere Des Regions (REIT)*^(a)		1,901,619
		1,573,655	France Telecom SA (Telecommunication Services)		34,449,920
		259,011	GDF Suez SA (Utilities)^(a)		9,211,327
		38,616	Lafarge SA (Materials)		2,799,746
		134,295	Lagardere SCA (Media)^(a)		5,416,512
		104,126	Legrand SA (Capital Goods)		3,390,418

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

April 30, 2010 (Unaudited)


	Shares		Description	Value

Common Stocks – (continued)
	France – (continued)

		120,287	M6 Metropole Television SA (Media)	$	3,110,057
		19,889	PPR (Retailing)		2,673,074
		250,627	Renault SA (Automobiles & Components)*		11,611,557
		399,514	Sanofi-Aventis SA (Pharmaceuticals, Biotechnology & Life Sciences)*		27,254,261
		19,141	Schneider Electric SA (Capital Goods)^(a)		2,173,049
		258,351	SCOR SE (Insurance)^(a)		6,094,186
		14,777	Societe Generale (Banks)		789,081
		80,718	Societe Television Francaise 1 (Media)^(a)		1,496,715
		28,688	Sodexo (Consumer Services)		1,762,580
		95,665	Technip SA (Energy)		7,649,461
		561,308	Total SA (Energy)		30,539,263
		4,607	Unibail-Rodamco SE (REIT)		870,725
		230,449	Vivendi SA (Media)		6,045,239

					201,097,854


	Germany – 14.9%
		31,884	Adidas AG (Registered) (Consumer Durables & Apparel)^(a)		1,878,769
		312,742	Allianz SE (Registered) (Insurance)*^(a)		35,854,316
		294,701	BASF SE (Materials)^(a)		17,133,514
		45,627	Bayer AG (Pharmaceuticals, Biotechnology & Life Sciences)^(a)		2,914,520
		44,971	Beiersdorf AG (Household & Personal Products)^(a)		2,548,534
		123,631	Celesio AG (Health Care Equipment & Services)^(a)		4,047,651
		948,944	Commerzbank AG (Banks)*^(a)		7,451,625
		306,535	Daimler AG (Registered) (Automobiles & Components)*		15,772,313
		229,119	Deutsche Bank AG (Registered) (Diversified Financials)		15,991,982
		475,685	Deutsche Lufthansa AG (Registered) (Transportation)*		7,910,359
		318,896	Deutsche Post AG (Registered) (Transportation)		5,172,352
		251,232	Deutsche Telekom AG (Registered) (Telecommunication Services)		3,271,103
		1,773,081	E.ON AG (Utilities)^(a)		65,387,268
		53,571	Fresenius SE Preference Shares (Health Care Equipment & Services)^(a)		3,883,788
		244,791	GEA Group AG (Capital Goods)		5,432,319
		45,957	Hannover Rueckversicherung AG (Registered) (Insurance)*^(a)		2,156,972
		64,321	Hochtief AG (Capital Goods)^(a)		5,309,314


		550,135	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)*		3,895,069
		21,270	Metro AG (Food & Staples Retailing)^(a)		1,278,700
		81,966	Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Insurance)^(a)		11,551,768
		22,330	Porsche Automobil Holding SE Preference Shares (Automobiles & Components)		1,292,188
		265,373	RWE AG (Utilities)^(a)		21,829,078
		137,258	Salzgitter AG (Materials)		11,153,841
		389,528	SAP AG (Software & Services)		18,793,983
		395,802	Siemens AG (Registered) (Capital Goods)		39,036,471
		221,664	Suedzucker AG (Food, Beverage & Tobacco)		4,506,387
		241,924	ThyssenKrupp AG (Materials)		7,866,683
		371,569	TUI AG (Consumer Services)*^(a)		4,111,750
		31,325	Volkswagen AG (Automobiles & Components)^(a)		2,962,620
		49,753	Volkswagen AG Preference Shares (Automobiles & Components)		4,806,789

					335,202,026


	Greece – 0.0%
		483,209	Marfin Investment Group SA (Diversified Financials)*		926,262


	Hong Kong – 3.9%
		157,300	ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)		1,483,128
		2,242,000	BOC Hong Kong (Holdings) Ltd. (Banks)		5,365,728
		826,000	Cheung Kong Holdings Ltd. (Real Estate)		10,186,110
		1,191,000	CLP Holdings Ltd. (Utilities)		8,343,409
		1,053,236	Esprit Holdings Ltd. (Retailing)		7,544,573
		807,000	Hang Lung Group Ltd. (Real Estate)		3,942,420
		518,000	Hang Lung Properties Ltd. (Real Estate)		1,863,389
		98,500	Hang Seng Bank Ltd. (Banks)		1,342,447
		50,000	Henderson Land Development Co. Ltd. (Real Estate)		315,144
		461,000	Hong Kong Electric Holdings Ltd. (Utilities)		2,720,241
		267,600	Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)		4,373,035
		1,380,000	Hutchison Whampoa Ltd. (Capital Goods)		9,471,085
		534,000	Li & Fung Ltd. (Retailing)		2,574,385

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND


	Shares		Description	Value

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

		1,324,000	New World Development Ltd. (Real Estate)	$	2,348,392
		804,400	Sands China Ltd. (Consumer Services)*		1,305,837
		100,000	Sun Hung Kai Properties Ltd. (Real Estate)		1,386,405
		939,000	Swire Pacific Ltd. Class A (Real Estate)		10,493,367
		93,900	Swire Properties Ltd. (Real Estate)*		441,433
		81,000	Television Broadcasts Ltd. (Media)		390,635
		860,016	The Link REIT (REIT)		2,109,845
		778,000	The Wharf (Holdings) Ltd. (Real Estate)		4,207,666
		1,210,000	Wheelock & Co. Ltd. (Real Estate)		3,766,725
		632,000	Yue Yuen Industrial Holdings Ltd. (Consumer Durables & Apparel)		2,201,831

					88,177,230


	Ireland – 0.6%
		316,529	CRH PLC (Materials)		9,018,578
		105,196	Kerry Group PLC Class A (Food, Beverage & Tobacco)		3,362,568

					12,381,146


	Italy – 1.5%
		128,969	Finmeccanica SpA (Capital Goods)		1,652,299
		62,671	Italcementi SpA (Materials)		712,661
		128,053	Mediaset SpA (Media)		1,014,035
		5,801,470	Parmalat SpA (Food, Beverage & Tobacco)		15,271,761
		8,257,347	Telecom Italia SpA (Telecommunication Services)*^(a)		11,544,595
		1,360,048	UniCredit SpA (Banks)*		3,564,281

					33,759,632


	Japan �� 17.2%
		38,000	Aisin Seiki Co. Ltd. (Automobiles & Components)		1,154,781
		2,190,000	AMADA Co. Ltd. (Capital Goods)		17,980,189
		1,210,000	Asahi Kasei Corp. (Materials)		6,802,140
		323,200	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		11,316,827
		410,900	Brother Industries Ltd. (Technology Hardware & Equipment)		4,990,537
		104,800	Canon Marketing Japan, Inc. (Retailing)		1,638,302
		177,400	Canon, Inc. (Technology Hardware & Equipment)		8,114,861


		534	Central Japan Railway Co. (Transportation)		4,348,307
		32,000	Dai Nippon Printing Co. Ltd. (Commercial & Professional Services)		443,321
		172,700	Dainippon Sumitomo Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,430,162
		131,900	Daito Trust Construction Co. Ltd. (Real Estate)		7,031,136
		105,000	Daiwa House Industry Co. Ltd. (Real Estate)		1,129,770
		1,147,000	Daiwa Securities Group, Inc. (Diversified Financials)		5,932,639
		11,500	Denso Corp. (Automobiles & Components)		335,607
		159,500	Elpida Memory, Inc. (Semiconductors & Semiconductor Equipment)*		3,397,781
		685,000	Fuji Electric Holdings Co. Ltd. (Capital Goods)*		2,057,658
		113,000	Fuji Heavy Industries Ltd. (Automobiles & Components)*		632,430
		3,150	Fuji Media Holdings, Inc. (Media)		5,057,248
		212,500	FUJIFILM Holdings Corp. (Technology Hardware & Equipment)		7,282,693
		174,000	Fujitsu Ltd. (Technology Hardware & Equipment)		1,223,562
		123,000	Furukawa Electric Co. Ltd. (Capital Goods)		609,694
		77,100	Hitachi Chemical Co. Ltd. (Materials)		1,674,410
		805,000	Hitachi Ltd. (Technology Hardware & Equipment)*		3,538,076
		866,600	Honda Motor Co. Ltd. (Automobiles & Components)		29,323,625
		41,200	Idemitsu Kosan Co. Ltd. (Energy)		3,412,798
		483,000	ITOCHU Corp. (Capital Goods)		4,184,547
		416	Japan Tobacco, Inc. (Food, Beverage & Tobacco)		1,441,625
		81,900	JS Group Corp. (Capital Goods)		1,606,217
		15,700	JSR Corp. (Materials)		317,846
		1,266,900	JX Holdings, Inc. (Energy)*		7,067,180
		470,000	Kaneka Corp. (Materials)		2,966,128
		23,400	Kao Corp. (Household & Personal Products)		570,536
		287,000	Konica Minolta Holdings, Inc. (Technology Hardware & Equipment)		3,630,323
		45,000	Kubota Corp. (Capital Goods)		395,246
		81,000	Makita Corp. (Consumer Durables & Apparel)		2,510,734
		212,000	Marubeni Corp. (Capital Goods)		1,250,874

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

April 30, 2010 (Unaudited)


	Shares		Description	Value

Common Stocks – (continued)
	Japan – (continued)

		156,700	Marui Group Co. Ltd. (Retailing)	$	1,238,757
		68,000	Minebea Co. Ltd. (Capital Goods)		394,579
		252,000	Mitsubishi Chemical Holdings Corp. (Materials)		1,344,961
		119,800	Mitsubishi Corp. (Capital Goods)		2,837,810
		362,000	Mitsubishi Electric Corp. (Capital Goods)		3,226,322
		1,185,200	Mitsubishi UFJ Financial Group, Inc. (Banks)		6,176,118
		21,010	Mitsubishi UFJ Lease & Finance Co. Ltd. (Diversified Financials)		813,414
		866,000	Mitsui Chemicals, Inc. (Materials)		2,844,560
		161,000	Mitsui Mining & Smelting Co. Ltd. (Materials)		441,186
		147,000	Mitsui OSK Lines Ltd. (Transportation)		1,098,998
		120,400	Mitsui Sumitomo Insurance Group Holdings, Inc. (Insurance)		3,460,604
		146,700	Mitsumi Electric Co. Ltd. (Technology Hardware & Equipment)		3,192,162
		3,451,100	Mizuho Financial Group, Inc. (Banks)		6,645,185
		323,000	Mizuho Securities Co. Ltd. (Diversified Financials)		894,632
		348,000	NEC Corp. (Technology Hardware & Equipment)		1,145,792
		19,100	Nidec Corp. (Technology Hardware & Equipment)		1,959,648
		2,600	Nintendo Co. Ltd. (Software & Services)		873,411
		232	Nippon Building Fund, Inc. (REIT)		1,946,050
		2,001,000	Nippon Express Co. Ltd. (Transportation)		9,427,339
		14,300	Nippon Paper Group, Inc. (Materials)		401,609
		1,581,000	Nippon Sheet Glass Co. Ltd. (Capital Goods)		5,193,268
		353,500	Nippon Telegraph & Telephone Corp. (Telecommunication Services)		14,388,714
		81,000	Nippon Yusen Kabushiki Kaisha (Transportation)		333,009
		543,400	Nissan Motor Co. Ltd. (Automobiles & Components)*		4,728,209
		563,000	Nisshin Seifun Group, Inc. (Food, Beverage & Tobacco)		6,920,819
		999,000	Nisshin Steel Co. Ltd. (Materials)		2,112,488
		50,000	Nisshinbo Holdings, Inc. (Consumer Durables & Apparel)		531,087


		694,000	NKSJ Holdings, Inc. (Insurance)*		5,038,676
		344,600	Nomura Holdings, Inc. (Diversified Financials)		2,381,915
		93,000	NSK Ltd. (Capital Goods)		709,410
		2,826,000	Osaka Gas Co. Ltd. (Utilities)		9,834,125
		90,600	Panasonic Corp. (Consumer Durables & Apparel)		1,327,731
		819,000	Ricoh Co. Ltd. (Technology Hardware & Equipment)		13,912,867
		91,500	Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)		6,781,068
		56,200	Sega Sammy Holdings, Inc. (Consumer Durables & Apparel)		734,712
		125,000	Sekisui Chemical Co. Ltd. (Consumer Durables & Apparel)		853,669
		156,000	Sekisui House Ltd. (Consumer Durables & Apparel)		1,487,003
		6,100	Shin-Etsu Chemical Co. Ltd. (Materials)		351,638
		459,000	Shinsei Bank Ltd. (Banks)		595,707
		1,239,600	Sojitz Corp. (Capital Goods)		2,235,464
		147,400	Sony Corp. (Consumer Durables & Apparel)		5,046,828
		900,400	Sumitomo Corp. (Capital Goods)		10,842,533
		351,800	Sumitomo Electric Industries Ltd. (Capital Goods)		4,329,234
		158,000	Sumitomo Metal Mining Co. Ltd. (Materials)		2,337,534
		100,700	Sumitomo Mitsui Financial Group, Inc. (Banks)		3,330,335
		62,050	T&D Holdings, Inc. (Insurance)		1,620,896
		258,800	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		11,111,666
		2,083,000	The Bank of Yokohama Ltd. (Banks)		10,830,371
		325	The Dai-ichi Life Insurance Co. Ltd. (Insurance)		555,304
		159,000	The Sumitomo Trust & Banking Co. Ltd. (Banks)		961,560
		201,700	Tokio Marine Holdings, Inc. (Insurance)		6,004,734
		6,600	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		432,714
		156,300	Tokyo Steel Manufacturing Co. Ltd. (Materials)		2,094,510
		275,000	Tokyo Tatemono Co. Ltd. (Real Estate)		1,268,160
		525,000	Tokyu Land Corp. (Real Estate)		2,244,064
		531,000	Toppan Printing Co. Ltd. (Commercial & Professional Services)		4,842,376
		821,000	Tosoh Corp. (Materials)		2,311,423

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)

		501,000	Toyota Motor Corp. (Automobiles & Components)	$	19,357,618
		1,914	West Japan Railway Co. (Transportation)		6,957,046
		164,600	Yamaha Corp. (Consumer Durables & Apparel)		2,013,219
		38,400	Yamato Kogyo Co. Ltd. (Materials)		1,220,532

					387,327,183


	Luxembourg – 0.3%
		199,040	ArcelorMittal (Materials)		7,745,680


	Netherlands – 10.2%
		325,180	Akzo Nobel NV (Materials)		19,229,371
		127,470	ASML Holding NV (Semiconductors & Semiconductor Equipment)		4,182,509
		67,409	Corio NV (REIT)		3,899,786
		262,663	Heineken Holding NV (Food, Beverage & Tobacco)^(a)		10,751,701
		188,362	Heineken NV (Food, Beverage & Tobacco)^(a)		8,782,900
		2,518,772	ING Groep NV CVA (Diversified Financials)*		22,231,489
		980,991	Koninklijke Ahold NV (Food & Staples Retailing)^(a)		13,451,456
		503,884	Koninklijke DSM NV (Materials)		22,506,901
		773,987	Koninklijke KPN NV (Telecommunication Services)^(a)		11,612,111
		480,403	Koninklijke Philips Electronics NV (Capital Goods)		16,131,517
		65,489	Randstad Holding NV (Commercial & Professional Services)*		3,318,254
		1,005,350	Royal Dutch Shell PLC Class A (Energy)^(a)		31,545,880
		809,640	Royal Dutch Shell PLC Class B (Energy)		24,409,396
		203,705	The European Aeronautic Defence & Space Co. NV (Capital Goods)		3,783,410
		268,059	TNT NV (Transportation)		8,191,829
		844,742	Unilever NV CVA (Food, Beverage & Tobacco)		25,699,417

					229,727,927


	New Zealand – 0.0%
		60,655	Contact Energy Ltd. (Utilities)*		274,559
		60,315	Sky City Entertainment Group Ltd. (Consumer Services)		137,861

					412,420


	Norway – 2.1%
		487,900	DnB NOR ASA (Banks)^(a)		5,774,354
		691,000	Norsk Hydro ASA (Materials)*		5,306,235


		164,000	Orkla ASA (Capital Goods)^(a)		1,381,811
		1,157,650	Statoil ASA (Energy)		27,991,645
		345,749	Telenor ASA (Telecommunication Services)*		4,915,189
		64,350	Yara International ASA (Materials)		2,232,907

					47,602,141


	Singapore – 1.9%
		500,000	Ascendas Real Estate Investment Trust (REIT)		698,070
		497,000	CapitaMall Trust (REIT)		701,035
		96,000	City Developments Ltd. (Real Estate)		737,525
		772,000	ComfortDelgro Corp. Ltd. (Transportation)		877,030
		1,008,000	Cosco Corp. (Singapore) Ltd. (Capital Goods)		1,260,272
		338,000	DBS Group Holdings Ltd. (Banks)		3,721,716
		1,230,000	Fraser and Neave Ltd. (Capital Goods)		4,370,602
		5,305,000	Golden Agri-Resources Ltd. (Food, Beverage & Tobacco)*		2,240,957
		136,523	Jardine Cycle & Carriage Ltd. (Retailing)		3,001,746
		188,000	Keppel Corp. Ltd. (Capital Goods)		1,333,948
		338,000	Neptune Orient Lines Ltd. (Transportation)*		530,189
		1,003,000	Oversea-Chinese Banking Corp. Ltd. (Banks)		6,369,956
		292,000	SembCorp Industries Ltd. (Capital Goods)		888,148
		194,520	Singapore Airlines Ltd. (Transportation)		2,135,580
		1,949,780	Singapore Telecommunications Ltd. (Telecommunication Services)		4,300,798
		384,000	United Overseas Bank Ltd. (Banks)		5,617,891
		1,256,000	UOL Group Ltd. (Real Estate)		3,486,368
		63,000	Wilmar International Ltd. (Food, Beverage & Tobacco)		316,326

					42,588,157


	Spain – 0.8%
		418,965	Banco de Sabadell SA (Banks)^(a)		2,125,779
		1,192,030	Banco Santander SA (Banks)		15,157,076
		54,772	Telefonica SA (Telecommunication Services)		1,239,777

					18,522,632


	Sweden – 5.6%
		560,032	Alfa Laval AB (Capital Goods)^(a)		8,344,748

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

April 30, 2010 (Unaudited)


	Shares		Description	Value

Common Stocks – (continued)
	Sweden – (continued)

		104,786	Assa Abloy AB Class B (Capital Goods)^(a)	$	2,416,062
		250,823	Electrolux AB Class B (Consumer Durables & Apparel)		6,450,849
		116,489	Hennes & Mauritz AB Class B (Retailing)^(a)		7,433,009
		48,779	Holmen AB Class B (Materials)		1,230,195
		798,700	Investor AB Class B (Diversified Financials)^(a)		15,109,942
		3,054,503	Nordea Bank AB (Banks)		29,800,441
		182,672	Sandvik AB (Capital Goods)*^(a)		2,618,215
		153,981	Securitas AB Class B (Commercial & Professional Services)^(a)		1,621,545
		1,093,118	Skandinaviska Enskilda Banken AB Class A (Banks)*		7,451,507
		639,813	Skanska AB Class B (Capital Goods)^(a)		10,601,281
		153,413	SKF AB Class B (Capital Goods)^(a)		3,060,286
		68,242	SSAB AB Class B (Materials)		1,060,424
		270,046	Svenska Cellulosa AB Class B (Materials)^(a)		3,518,676
		135,608	Svenska Handelsbanken AB Class A (Banks)^(a)		3,802,646
		68,280	Tele2 AB Class B (Telecommunication Services)		1,153,923
		704,687	Telefonaktiebolaget LM Ericsson Class B (Technology Hardware & Equipment)^(a)		8,132,464
		1,626,006	TeliaSonera AB (Telecommunication Services)		11,144,939

					124,951,152


	Switzerland – 5.1%
		522,576	ABB Ltd. (Registered) (Capital Goods)*		10,023,794
		105,707	Adecco SA (Registered) (Commercial & Professional Services)^(a)		6,217,465
		63,797	Baloise Holding AG (Registered) (Insurance)		5,023,474
		366,330	Compagnie Financiere Richemont SA Class A (Consumer Durables & Apparel)		13,511,695
		60,986	Credit Suisse Group AG (Registered) (Diversified Financials)		2,799,122
		489,353	GAM Holding Ltd. (Diversified Financials)*		6,078,500
		51,892	Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)^(a)		4,049,465


		535,749	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		27,315,032
		22,977	Schindler Holding AG Preference Shares (Capital Goods)		2,018,332
		1,038,029	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)		9,611,830
		301,595	UBS AG (Registered) (Diversified Financials)*		4,672,364
		1,004,544	Xstrata PLC (Materials)		16,478,392
		28,538	Zurich Financial Services AG (Insurance)		6,326,727

					114,126,192


	United Kingdom – 13.7%
		169,592	Anglo American PLC (Materials)*		7,203,541
		479,888	Associated British Foods PLC (Food, Beverage & Tobacco)		7,372,356
		756,596	AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences)		33,431,425
		1,900,870	Aviva PLC (Insurance)		10,048,685
		2,635,049	BAE Systems PLC (Capital Goods)		13,810,847
		1,604,195	Barclays PLC (Banks)		8,240,442
		49,318	BHP Billiton PLC (Materials)		1,505,697
		15,700	BP PLC (Energy)		136,934
		735,103	BP PLC ADR (Energy)^(b)		38,335,621
		75,964	Bunzl PLC (Capital Goods)		884,610
		130,136	Eurasian Natural Resources Corp. PLC (Materials)		2,412,740
		305,877	GlaxoSmithKline PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)		11,406,153
		215,061	Home Retail Group PLC (Retailing)		901,733
		3,258,089	HSBC Holdings PLC (Banks)		33,175,181
		369,720	Imperial Tobacco Group PLC (Food, Beverage & Tobacco)		10,532,580
		1,723,975	J Sainsbury PLC (Food & Staples Retailing)		8,884,517
		73,652	Johnson Matthey PLC (Materials)		1,958,770
		631,905	Kazakhmys PLC (Materials)		13,387,337
		492,046	Land Securities Group PLC (REIT)		4,920,684
		1,736,641	Legal & General Group PLC (Insurance)		2,258,211
		7,381,935	Lloyds Banking Group PLC (Banks)*		7,385,567
		875,701	Man Group PLC (Diversified Financials)		3,232,844
		52,045	Rio Tinto PLC (Materials)		2,690,747

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND


	Shares		Description	Value

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

		5,913,543	Royal Bank of Scotland Group PLC (Banks)*	$	4,839,060
		5,230,535	Thomas Cook Group PLC (Consumer Services)		19,841,965
		361,222	Tomkins PLC (Capital Goods)		1,366,539
		456,768	TUI Travel PLC (Consumer Services)		1,948,643
		60,485	Unilever PLC (Food, Beverage & Tobacco)		1,817,581
		363,273	United Utilities Group PLC (Utilities)		2,972,762
		66,798	Vedanta Resources PLC (Materials)		2,553,435
		1,317,342	Vodafone Group PLC ADR (Telecommunication Services)		29,244,992
		256,413	Vodafone Group PLC (Telecommunication Services)		568,173
		3,846,399	WM Morrison Supermarkets PLC (Food & Staples Retailing)		17,017,271
		163,409	WPP PLC (Media)		1,732,514

					308,020,157


	TOTAL COMMON STOCKS
	(Cost $2,045,074,252)			$	2,190,401,045

Expiration

Units

Description

Month

Value

Warrant* – 0.0%

Hong Kong – 0.0%

10,000

Henderson Land
Development Co. Ltd. (Real Estate)

06/10

—

(Cost $0)


	Shares		Rate			Value

Short-term Investment^(c) – 2.1%


	JPMorgan U.S. Government Money Market Fund – Capital Shares
		48,355,347		0.082	%	$	48,355,347
	(Cost $48,355,347)


	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $2,093,429,599)					$	2,238,756,392




Securities Lending Reinvestment Vehicle^(c)(d) – 18.7%


	Boston Global Investment Trust – Enhanced Portfolio II
		419,407,370		0.043	%		419,826,777
	(Cost $419,713,747)


	TOTAL INVESTMENTS – 118.0%
	(Cost $2,513,143,346)					$	2,658,583,169


	LIABILITIES IN EXCESS OF OTHER ASSETS – (18.0)%						(405,780,563	)


	NET ASSETS – 100.0%					$	2,252,802,606

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


*		Non-income producing security.

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

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

(c)		Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2010.

(d)		Represents an affiliated issuer.




Investment Abbreviations:
ADR	—	American Depositary Receipt
CVA	—	Dutch Certification
PPS	—	Price Protected Shares
REIT	—	Real Estate Investment Trust

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

April 30, 2010 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2010, the following futures contracts were open:


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

Dow Jones EURO STOXX 50 Index		668	June 2010	$	24,440,948	$	(1,269,617	)
FTSE 100 Index		142	June 2010		11,965,986		(349,236	)
Hang Seng Index		9	May 2010		1,210,293		(8,075	)
MSCI Singapore Index		16	May 2010		818,740		(9,412	)
SPI 200 Index		42	June 2010		4,681,972		(119,262	)
TSE TOPIX Index		111	June 2010		11,615,798		(41,218	)


TOTAL						$	(1,796,820	)

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND

Schedule of Investments

April 30, 2010 (Unaudited)


	Shares		Description	Value

Common Stocks – 97.6%


	Australia – 8.3%
		142,629	Abacus Property Group (REIT)	$	53,586
		71,816	Aditya Birla Minerals Ltd. (Materials)*		70,116
		151,207	Ansell Ltd. (Health Care Equipment & Services)		1,783,683
		162,599	APA Group (Utilities)		542,199
		51,815	Aquila Resources Ltd. (Energy)*		483,293
		109,384	Ardent Leisure Group (REIT)		141,322
		96,940	Aspen Group (REIT)		48,951
		778,943	Astro Japan Property Group (REIT)		259,928
		177,300	Atlas Iron Ltd. (Materials)*^(a)		405,590
		386,764	Austereo Group Ltd. (Media)		607,552
		335,671	Australian Infrastructure Fund (Transportation)		609,663
		28,984	Avoca Resources Ltd. (Materials)*		58,687
		38,092	Bank of Queensland Ltd. (Banks)		441,341
		860,877	Boart Longyear Group (Capital Goods)*		256,970
		56,800	Bradken Ltd. (Capital Goods)		380,165
		22,093	BT Investment Management Ltd. (Diversified Financials)		51,337
		99,993	Bunnings Warehouse Property Trust (REIT)		183,242
		42,488	Cabcharge Australia Ltd. (Commercial & Professional Services)^(a)		234,476
		166,195	Centennial Coal Co. Ltd. (Energy)		646,773
		267,468	Centro Retail Group (REIT)*		56,865
		266,558	Challenger Financial Services Group Ltd. (Diversified Financials)		1,011,546
		663,396	Charter Hall Office REIT (REIT)		181,740
		741,548	Charter Hall Retail REIT (REIT)		378,498
		364,698	Commonwealth Property Office Fund (REIT)		310,883
		101,352	Corporate Express Australia Ltd. (Commercial & Professional Services)^(a)		519,393
		39,014	Dominion Mining Ltd. (Materials)		103,528
		42,821	Downer EDI Ltd. (Commercial & Professional Services)		273,769
		650,394	Emeco Holdings Ltd. (Capital Goods)		409,662
		368,187	Envestra Ltd. (Utilities)		175,448
		151,170	Fleetwood Corp. Ltd. (Automobiles & Components)		1,317,394
		25,239	GUD Holdings Ltd. (Consumer Durables & Apparel)		210,497
		70,180	Hills Industries Ltd. (Capital Goods)		161,536
		14,473	Iluka Resources Ltd. (Materials)*		61,630
		215,102	Independence Group NL (Materials)		910,850
		163,225	ING Industrial Fund (REIT)		64,582


		851,409	ING Office Fund (REIT)		477,838
		36,120	IOOF Holdings Ltd. (Diversified Financials)		218,456
		142,374	Minara Resources Ltd. (Materials)*		113,856
		325,653	Mincor Resources NL (Materials)		563,813
		5,178	Monadelphous Group Ltd. (Capital Goods)		73,419
		586,463	Mount Gibson Iron Ltd. (Materials)*		905,891
		105,622	Murchison Metals Ltd. (Materials)*		220,062
		227,558	Panoramic Resources Ltd. (Materials)		521,889
		744,013	PaperlinX Ltd. (Materials)*		511,868
		3,128	Perpetual Ltd. (Diversified Financials)		98,963
		367,709	PMP Ltd. (Commercial & Professional Services)*		238,897
		61,306	Premier Investments Ltd. (Retailing)		405,370
		51,971	Programmed Maintenance Services Ltd. (Commercial & Professional Services)		162,370
		341,269	Resolute Mining Ltd. (Materials)*		363,816
		91,212	Salmat Ltd. (Commercial & Professional Services)		383,147
		18,125	Seek Ltd. (Commercial & Professional Services)		139,101
		96,092	Seven Group Holdings Ltd. (Media)^(a)		662,408
		31,182	SMS Management & Technology Ltd. (Software & Services)		189,936
		87,566	South Australian Coal Ltd. (Energy)*		8,240
		31,688	Spotless Group Ltd. (Commercial & Professional Services)		82,074
		565,385	Straits Resources Ltd. (Materials)		645,952
		94,901	STW Communications Group Ltd. (Media)		76,758
		381,555	Sunland Group Ltd. (Real Estate)*		267,190
		143,013	Ten Network Holdings Ltd. (Media)*		238,237
		108,451	Tower Australia Group Ltd. (Insurance)		260,293
		73,273	Transfield Services Ltd. (Commercial & Professional Services)		267,204
		61,602	United Group Ltd. (Capital Goods)		832,954
		449,748	Virgin Blue Holdings Ltd. (Transportation)*		242,841
		43,628	West Australian Newspapers Holdings Ltd. (Media)^(a)		316,216

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND

Schedule of Investments (continued)

April 30, 2010 (Unaudited)


	Shares		Description	Value

Common Stocks – (continued)
	Australia – (continued)

		33,469	Whitehaven Coal Ltd. (Energy)	$	163,877
		70,489	Wotif.com Holdings Ltd. (Retailing)		421,359

					23,480,990


	Austria – 1.6%
		17,504	A-TEC Industries AG (Capital Goods)*^(a)		234,976
		9,077	Austriamicrosystems AG (Semiconductors & Semiconductor Equipment)*		355,764
		15,474	Flughafen Wien AG (Transportation)*^(a)		868,225
		166,802	Immofinanz AG (Real Estate)*^(a)		711,228
		34,259	Oesterreichische Post AG (Transportation)		982,867
		15,120	RHI AG (Materials)*		504,823
		2,286	Rosenbauer International AG (Capital Goods)		92,309
		3,345	Semperit AG Holding (Automobiles & Components)		138,775
		28,562	Zumtobel AG (Capital Goods)*		615,899

					4,504,866


	Belgium – 1.7%
		3,371	Ackermans & van Haaren NV (Diversified Financials)		232,709
		68,753	Agfa-Gevaert NV (Health Care Equipment & Services)*		509,982
		4,877	Bekaert SA (Capital Goods)		871,975
		2,304	Cofinimmo SA (REIT)*		317,001
		20,272	Compagnie Maritime Belge SA (Transportation)		631,714
		1,519	Gimv NV (Diversified Financials)		82,325
		2,419	KBC Ancora (Diversified Financials)*		54,815
		1,616	Kinepolis Group NV (Media)		89,050
		56,950	Nyrstar (Materials)*		739,082
		8,632	Omega Pharma SA (Health Care Equipment & Services)		420,425
		17,269	Recticel SA (Materials)		183,146
		23,166	Tessenderlo Chemie NV (Materials)		741,780

					4,874,004


	Bermuda – 0.8%
		39,822	Catlin Group Ltd. (Insurance)		214,193
		32,450	Frontline Ltd. (Energy)^(a)		1,183,502
		93,000	Golden Ocean Group Ltd. (Transportation)*		185,162
		85,604	Hiscox Ltd. (Insurance)		435,813
		50,048	Lancashire Holdings Ltd. (Insurance)		354,880

					2,373,550


	China – 0.0%
		403,000	Li Heng Chemical Fibre Technologies Ltd. (Consumer Durables & Apparel)		78,051


	Cyprus – 0.4%
		331,000	Deep Sea Supply PLC (Energy)*^(a)		675,028
		25,684	Marfin Popular Bank Public Co. Ltd. (Banks)		61,892
		38,000	Prosafe Production Public Ltd. (Energy)*		95,382
		68,600	ProSafe SE (Energy)		382,540
		34,100	Songa Offshore SE (Energy)*		156,389

					1,371,231


	Denmark – 2.1%
		23,769	D/S Norden A/S (Transportation)		1,090,676
		30,897	Danisco A/S (Food, Beverage & Tobacco)		2,231,175
		22,719	East Asiatic Co. Ltd. A/S (Food, Beverage & Tobacco)		624,470
		5,039	FLSmidth & Co. A/S (Capital Goods)		379,681
		5,840	Formuepleje Epikur A/S (Diversified Financials)*		327,870
		6,640	Formuepleje Safe A/S (Diversified Financials)*		161,977
		52,596	GN Store Nord A/S (Health Care Equipment & Services)*		424,245
		7,677	Schouw & Co. A/S (Capital Goods)		183,978
		479	SimCorp A/S (Software & Services)		91,886
		33,380	Torm A/S (Energy)*		360,740

					5,876,698


	Finland – 1.9%
		31,224	Alma Media Oyj (Media)		303,486
		19,802	Amer Sports Oyj Class A (Consumer Durables & Apparel)		233,241
		22,934	Cargotec Oyj Class B (Capital Goods)		735,285
		45,334	Huhtamaki Oyj (Materials)		527,326
		27,972	Kemira Oyj (Materials)*		343,205
		33,100	Konecranes Oyj (Capital Goods)		1,062,665
		2,188	Lemminkainen Oyj (Capital Goods)*		80,601
		171,012	M-Real Oyj (Materials)*		594,209
		29,751	Oriola-KD Oyj Class B (Health Care Equipment & Services)		144,493
		2,779	Outotec Oyj (Capital Goods)		103,857
		38,530	Tieto Oyj (Software & Services)		797,553
		23,400	YIT Oyj (Capital Goods)		494,243

					5,420,164

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND


	Shares		Description	Value

Common Stocks – (continued)
	Finland – (continued)

	France – 4.6%
		39,456	Arkema SA (Materials)	$	1,645,984
		49,402	Assystem (Commercial & Professional Services)		762,152
		12,797	Boiron SA (Pharmaceuticals, Biotechnology & Life Sciences)		519,268
		22,066	Cegid Group (Software & Services)		600,714
		46,163	Club Mediterranee (Consumer Services)*		773,285
		14,867	Groupe Steria SCA (Software & Services)		467,002
		370,036	Havas SA (Media)		1,981,882
		3,184	Ingenico SA (Technology Hardware & Equipment)		79,501
		7,036	Nexans SA (Capital Goods)		554,652
		18,226	Nexity SA (Consumer Durables & Apparel)		665,808
		1,799	Pierre & Vacances SA (Consumer Services)		145,181
		16,232	Rallye SA (Food & Staples Retailing)		597,153
		10,489	Rexel SA (Capital Goods)*		177,904
		19,875	Rhodia SA (Materials)*^(a)		459,045
		1,396	SA des Ciments Vicat (Materials)		109,746
		16,113	SEB SA (Consumer Durables & Apparel)		1,225,487
		3,304	Societe de la Tour Eiffel (REIT)		252,215
		467	Societe Immobiliere de Location pour l’Industrie et le Commerce (REIT)		55,019
		5,623	Sword Group (Software & Services)^(a)		193,107
		14,827	Valeo SA (Automobiles & Components)*		495,932
		3,978	Wendel (Capital Goods)		257,451
		19,821	Zodiac Aerospace (Capital Goods)		1,033,496

					13,051,984


	Germany – 5.6%
		22,853	Aareal Bank AG (Banks)*		498,634
		39,363	Air Berlin PLC (Transportation)*^(a)		211,229
		28,000	Aixtron AG (Semiconductors & Semiconductor Equipment)		884,576
		16,756	Aurubis AG (Materials)		846,823
		3,340	Bauer AG (Capital Goods)		139,312
		37,086	Bechtle AG (Software & Services)		1,105,977
		3,801	Biotest AG (Pharmaceuticals, Biotechnology & Life Sciences)		189,301
		3,858	Biotest AG Preference Shares (Pharmaceuticals, Biotechnology & Life Sciences)		178,946
		6,581	Carl Zeiss Meditec AG (Health Care Equipment & Services)		104,737


		3,899	Cewe Color Holding AG (Commercial & Professional Services)		146,443
		25,033	comdirect bank AG (Banks)		272,424
		18,040	Demag Cranes AG (Capital Goods)*		623,826
		21,452	Deutsche Beteiligungs AG (Diversified Financials)		493,570
		4,038	Douglas Holdings AG (Retailing)		182,528
		13,149	Draegerwerk AG & Co. KGaA Preference Shares (Health Care Equipment & Services)		920,420
		7,141	Duerr AG (Capital Goods)*		168,573
		4,396	Fuchs Petrolub AG (Materials)		419,851
		1,691	Fuchs Petrolub AG Preference Shares (Materials)		168,199
		3,973	Gesco AG (Capital Goods)		209,422
		5,609	Gildemeister AG (Capital Goods)		75,826
		7,616	Hamburger Hafen und Logistik AG (Transportation)		277,131
		23,502	Heidelberger Druckmaschinen AG (Capital Goods)*		198,065
		21,807	Homag Group AG (Capital Goods)		386,965
		22,501	IVG Immobilien AG (Real Estate)*		179,995
		9,909	Jungheinrich AG Preference Shares (Capital Goods)		223,217
		37,572	Kizoo AG (Software & Services)*^(a)		424,091
		25,401	Kloeckner & Co. SE (Capital Goods)*		671,431
		47,265	Kontron AG (Semiconductors & Semiconductor Equipment)		450,082
		2,284	Krones AG (Capital Goods)		130,772
		1,455	KWS Saat AG (Food, Beverage & Tobacco)		238,864
		16,985	Lanxess AG (Materials)		805,157
		26,690	Loewe AG (Consumer Durables & Apparel)		325,720
		2,175	Manz Automation AG (Semiconductors & Semiconductor Equipment)*^(a)		152,052
		23,920	Medion AG (Retailing)		318,642
		13,118	Morphosys AG (Pharmaceuticals, Biotechnology & Life Sciences)*		268,288
		8,842	MTU Aero Engines Holding AG (Capital Goods)		486,121
		2,061	Pfeiffer Vacuum Technology AG (Capital Goods)		153,474
		28,974	Praktiker Bau- und Heimwerkermaerkte Holding AG (Retailing)		294,640
		12,230	Q-Cells SE (Capital Goods)*		112,531
		5,749	R. Stahl AG (Capital Goods)		156,209
		2,756	Sixt AG (Transportation)		81,550
		34,192	Symrise AG (Materials)		869,752

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND

Schedule of Investments (continued)

April 30, 2010 (Unaudited)


	Shares		Description	Value

Common Stocks – (continued)
	Germany – (continued)

		6,632	Takkt AG (Retailing)	$	72,716
		9,562	Tognum AG (Capital Goods)		197,842
		3,377	Vossloh AG (Capital Goods)		352,862
		7,206	VTG AG (Transportation)		117,680
		1,271	Wincor Nixdorf AG (Technology Hardware & Equipment)		86,442

					15,872,908


	Greece – 0.3%
		68,685	Eurobank Properties Real Estate Investment Co. (REIT)		517,685
		3,503	Folli-Follie SA (Registered) (Consumer Durables & Apparel)		80,593
		7,504	Fourlis Holdings SA (Retailing)		74,682
		120,082	Michaniki SA (Capital Goods)		120,801
		29,885	Sarantis SA (Household & Personal Products)		179,862

					973,623


	Hong Kong – 2.4%
		72,000	AAC Acoustic Technologies Holdings, Inc. (Technology Hardware & Equipment)		118,422
		168,000	Century City International Holdings Ltd. (Consumer Services)		13,010
		64,000	Champion REIT (REIT)		29,766
		36,000	Chen Hsong Holdings Ltd. (Capital Goods)		14,893
		3,044,000	China Ting Group Holdings Ltd. (Consumer Durables & Apparel)		556,129
		198,720	Chow Sang Sang Holdings International Ltd. (Retailing)		339,973
		144,000	Citic 1616 Holdings Ltd. (Telecommunication Services)		46,573
		60,000	City Telecom HK Ltd. (Telecommunication Services)		44,352
		298,000	Dah Chong Hong Holdings Ltd. (Retailing)		195,436
		18,557	Dah Sing Financial Holdings Ltd. (Banks)*		105,400
		65,500	Dickson Concepts International Ltd. (Retailing)		39,987
		806,000	First Pacific Co. Ltd. (Diversified Financials)		541,458
		93,000	Galaxy Entertainment Group Ltd. (Consumer Services)*		43,322
		574,000	Giordano International Ltd. (Retailing)		265,475
		80,562	Great Eagle Holdings Ltd. (Real Estate)		225,443
		517,300	HKR International Ltd. (Real Estate)		198,799
		485,500	Johnson Electric Holdings Ltd. (Capital Goods)*		274,060
		2,538,000	Lai Sun Development Co. Ltd. (Real Estate)*		47,943


		92,000	Luk Fook Holdings International Ltd. (Retailing)		107,908
		416,000	Midland Holdings Ltd. (Real Estate)		381,700
		360,000	Natural Beauty Bio-Technology Ltd. (Household & Personal Products)		63,531
		438,000	Next Media Ltd. (Media)*		80,965
		184,000	Norstar Founders Group Ltd. (Automobiles & Components)*		—
		320,000	Pacific Basin Shipping Ltd. (Transportation)		242,376
		359,000	Pacific Textiles Holdings Ltd. (Consumer Durables & Apparel)		211,712
		1,204,000	Pico Far East Holdings Ltd. (Media)		235,381
		989,000	Prosperity Real Estate Investment Trust (REIT)		176,065
		158,000	Public Financial Holdings Ltd. (Diversified Financials)		82,737
		184,000	Regal Hotels International Holdings Ltd. (Consumer Services)		69,605
		165,000	Regal Real Estate Investment Trust (REIT)		40,918
		112,000	Sa Sa International Holdings Ltd. (Retailing)		93,443
		752,000	Shun Tak Holdings Ltd. (Transportation)		439,157
		138,000	Singamas Container Holdings Ltd. (Capital Goods)*		24,722
		412,000	SJM Holdings Ltd. (Consumer Services)		266,233
		28,000	SmarTone Telecommunications Holding Ltd. (Telecommunication Services)		31,402
		2,304,000	Solomon Systech International Ltd. (Semiconductors & Semiconductor Equipment)		220,099
		591,000	Sunlight Real Estate Investment Trust (REIT)		145,412
		84,000	Texwinca Holdings Ltd. (Consumer Durables & Apparel)		89,732
		100,000	Tian An China Investments Co. Ltd. (Real Estate)		65,947
		664,223	Victory City International Holdings Ltd. (Consumer Durables & Apparel)		153,313
		204,000	Vitasoy International Holdings Ltd. (Food, Beverage & Tobacco)		155,091
		31,000	VTech Holdings Ltd. (Technology Hardware & Equipment)		346,567
		162,000	Win Hanverky Holdings Ltd. (Consumer Durables & Apparel)		25,049

					6,849,506

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND


	Shares		Description	Value

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

	Ireland – 0.9%
		107,989	Beazley PLC (Insurance)	$	187,321
		268,529	Fyffes PLC (Food & Staples Retailing)		128,712
		90,236	Grafton Group PLC (Capital Goods)		435,818
		90,871	Irish Life & Permanent Group Holdings PLC (Insurance)*		366,762
		23,495	Kingspan Group PLC (Capital Goods)*		219,768
		7,102	Paddy Power PLC (Consumer Services)		249,751
		367,051	Total Produce PLC (Food & Staples Retailing)		185,710
		197,899	United Drug PLC (Health Care Equipment & Services)		690,168

					2,464,010


	Italy – 2.3%
		286,189	Arnoldo Mondadori Editore SpA (Media)*^(a)		1,109,790
		9,217	Autostrada Torino-Milano SpA (Transportation)		128,880
		12,275	Banca Piccolo Credito Valtellinese Scarl (Banks)		76,921
		23,071	Banco di Desio e della Brianza SpA (Banks)^(a)		119,927
		19,547	Benetton Group SpA (Consumer Durables & Apparel)*^(a)		168,048
		104,582	Cementir Holding SpA (Materials)^(a)		411,991
		39,529	Danieli & C. Officine Meccaniche SpA (Capital Goods)^(a)		998,336
		71,512	Danieli & Co. SpA Preference Shares (Capital Goods)		936,021
		45,120	De’Longhi SpA (Consumer Durables & Apparel)^(a)		193,567
		101,097	Geox SpA (Consumer Durables & Apparel)^(a)		654,359
		92,426	IMMSI SpA (Automobiles & Components)*		108,988
		35,144	Indesit Co. SpA (Consumer Durables & Apparel)*^(a)		473,514
		7,077	Industria Macchine Automatiche SpA (Capital Goods)^(a)		138,345
		151,641	KME Group SpA (Materials)		58,061
		56,462	Maire Tecnimont SpA (Capital Goods)^(a)		231,678
		47,286	Parmalat SpA (Food, Beverage & Tobacco)		124,475
		20,707	Piaggio & C. SpA (Automobiles & Components)		64,709
		439,149	Safilo Group SpA (Consumer Durables & Apparel)*		266,203


		417,692	Seat Pagine Gialle SpA (Media)*		94,784
		85,976	Sorin SpA (Health Care Equipment & Services)*		169,357

					6,527,954


	Japan – 26.1%
		45,300	ADEKA Corp. (Materials)		429,226
		12,600	Aica Kogyo Co. Ltd. (Capital Goods)		131,356
		91,600	Aichi Corp. (Capital Goods)		444,913
		23,300	Aisan Industry Co. Ltd. (Automobiles & Components)		197,571
		25,400	Aloka Co. Ltd. (Health Care Equipment & Services)		246,757
		34,600	Alpen Co. Ltd. (Retailing)		606,891
		49,400	Alpine Electronics, Inc. (Consumer Durables & Apparel)*		697,285
		136,000	Alps Electric Co. Ltd. (Technology Hardware & Equipment)*		989,637
		8,200	Amano Corp. (Capital Goods)		79,595
		4,400	AOKI Holdings, Inc. (Retailing)		62,061
		39,600	Aoyama Trading Co. Ltd. (Retailing)		685,182
		20,000	Arc Land Sakamoto Co. Ltd. (Retailing)		247,638
		32,900	Arcs Co. Ltd. (Food & Staples Retailing)		441,466
		42,600	Arisawa Manufacturing Co. Ltd. (Technology Hardware & Equipment)		333,504
		2,500	As One Corp. (Health Care Equipment & Services)		43,719
		23,000	Asahi Diamond Industrial Co. Ltd. (Capital Goods)		239,014
		493,000	Atsugi Co. Ltd. (Consumer Durables & Apparel)		651,760
		12,400	Autobacs Seven Co. Ltd. (Retailing)		434,723
		115,800	Belluna Co. Ltd. (Retailing)		676,465
		17,700	C. Uyemura & Co. Ltd. (Materials)		790,394
		50,000	Calsonic Kansei Corp. (Automobiles & Components)*		160,142
		10,200	Canon Electronics, Inc. (Technology Hardware & Equipment)		263,646
		20,200	Cawachi Ltd. (Food & Staples Retailing)		413,086
		76,700	Cedyna Financial Corp. (Diversified Financials)*^(a)		130,195
		110,000	Central Glass Co. Ltd. (Capital Goods)		529,242
		29,200	Century Tokyo Leasing Corp. (Diversified Financials)		384,649
		4,900	Chiyoda Co. Ltd. (Retailing)^(a)		62,112

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND

Schedule of Investments (continued)

April 30, 2010 (Unaudited)


	Shares		Description	Value

Common Stocks – (continued)
	Japan – (continued)

		17,500	Chiyoda Integre Co. Ltd. (Capital Goods)	$	309,502
		45,000	Chugai Ro Co. Ltd. (Capital Goods)		129,914
		23,500	Circle K Sunkus Co. Ltd. (Food & Staples Retailing)		332,116
		13,400	CKD Corp. (Capital Goods)		113,349
		22,600	CMK Corp. (Technology Hardware & Equipment)*		166,735
		27,500	Coca-Cola Central Japan Co. Ltd. (Food, Beverage & Tobacco)		354,722
		656	CyberAgent, Inc. (Media)^(a)		1,142,473
		46	DA Office Investment Corp. (REIT)		116,295
		51,000	Daifuku Co. Ltd. (Capital Goods)		383,364
		91,900	Daiichikosho Co. Ltd. (Media)		1,219,481
		235,000	Daikyo, Inc. (Real Estate)*		541,211
		37,000	Dainippon Screen Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)*		207,744
		98,000	Daiwa Industries Ltd. (Capital Goods)		502,979
		22,200	DCM Japan Holdings Co. Ltd. (Retailing)		150,108
		7,900	Doutor Nichires Holdings Co. Ltd. (Consumer Services)		118,323
		37,900	DTS Corp. (Software & Services)		457,882
		21,300	EDION Corp. (Retailing)		216,618
		3,800	Eizo Nanao Corp. (Technology Hardware & Equipment)		92,578
		4,200	Fancl Corp. (Household & Personal Products)		74,592
		9,400	Ferrotec Corp. (Semiconductors & Semiconductor Equipment)		102,991
		93	Fields Corp. (Consumer Durables & Apparel)		109,824
		10,600	Foster Electric Co. Ltd. (Consumer Durables & Apparel)		303,194
		21	Frontier Real Estate Investment Corp. (REIT)		161,609
		43,500	Fuji Machine Manufacturing Co. Ltd. (Capital Goods)		738,159
		182,000	Fujikura Ltd. (Capital Goods)		972,200
		4,700	FUJISOFT, Inc. (Software & Services)		82,591
		18,000	Fujitsu General Ltd. (Consumer Durables & Apparel)		91,528
		10	Fukuoka REIT Corp. (REIT)		63,859
		35,000	Fukuyama Transporting Co. Ltd. (Transportation)		182,747
		3,000	Funai Electric Co. Ltd. (Consumer Durables & Apparel)		117,104
		53,000	Furukawa-Sky Aluminum Corp. (Materials)		125,307


		24,700	Furuno Electric Co. Ltd. (Technology Hardware & Equipment)		150,815
		4,200	Futaba Corp. (Capital Goods)		85,367
		17,700	Fuyo General Lease Co. Ltd. (Diversified Financials)		511,694
		69	Global One Real Estate Investment Corp. (REIT)		440,757
		36,100	Glory Ltd. (Capital Goods)		918,893
		56,000	Gunze Ltd. (Consumer Durables & Apparel)		204,326
		53,000	H2O Retailing Corp. (Retailing)		368,964
		45,200	Hakuto Co. Ltd. (Technology Hardware & Equipment)		473,005
		113,000	Hitachi Cable Ltd. (Capital Goods)		321,499
		85,000	Hitachi Transport System Ltd. (Transportation)		1,229,514
		70,340	Honeys Co. Ltd. (Retailing)^(a)		711,330
		32,700	Hosiden Corp. (Technology Hardware & Equipment)		412,959
		42,000	IBJ Leasing Co. Ltd. (Diversified Financials)		865,468
		22,100	Iida Home Max Co. Ltd. (Real Estate)		219,647
		62,700	Inabata & Co. Ltd. (Capital Goods)		314,699
		59,700	Ines Corp. (Software & Services)		506,244
		11,500	Inui Steamship Co. Ltd. (Transportation)		84,242
		166,000	Ishihara Sangyo Kaisha Ltd. (Materials)*		150,756
		11,600	IT Holdings Corp. (Software & Services)		165,937
		9,900	Itochu Enex Co. Ltd. (Energy)		49,006
		9,000	Izumiya Co. Ltd. (Food & Staples Retailing)		47,293
		23,400	Japan Digital Laboratory Co. Ltd. (Technology Hardware & Equipment)		284,901
		80	Japan Excellent, Inc. (REIT)		416,801
		71,000	Juki Corp. (Capital Goods)*		137,387
		25,000	Kaga Electronics Co. Ltd. (Technology Hardware & Equipment)		269,717
		8,200	Kanto Auto Works Ltd. (Automobiles & Components)		66,710
		31,600	Kasumi Co. Ltd. (Food & Staples Retailing)		161,982
		26,000	Kitz Corp. (Capital Goods)		148,208
		637,000	Kiyo Holdings, Inc. (Banks)		831,713
		19,000	Koa Corp. (Technology Hardware & Equipment)		227,325
		3,600	Kohnan Shoji Co. Ltd. (Retailing)		45,905
		21,100	Kojima Co. Ltd. (Retailing)^(a)		179,548

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)

		8,200	Kokuyo Co. Ltd. (Commercial & Professional Services)	$	76,522
		76,300	Komori Corp. (Capital Goods)		1,008,723
		126,000	Kurabo Industries Ltd. (Consumer Durables & Apparel)		226,735
		63,000	Kureha Corp. (Materials)		310,366
		51,000	Kyodo Printing Co. Ltd. (Commercial & Professional Services)		148,645
		7,000	Kyoei Steel Ltd. (Materials)		129,884
		62,000	Kyorin Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		891,607
		19,700	Leopalace21 Corp. (Real Estate)*		122,473
		10,000	Makino Milling Machine Co. Ltd. (Capital Goods)*		69,310
		15,600	Mandom Corp. (Household & Personal Products)		413,788
		40,000	Marudai Food Co. Ltd. (Food, Beverage & Tobacco)		110,638
		63,000	Maruzen Showa Unyu Co. Ltd. (Transportation)		229,629
		39,000	Mercian Corp. (Food, Beverage & Tobacco)		80,224
		91	MID REIT, Inc. (REIT)		231,040
		3,300	Mimasu Semiconductor Industry Co. Ltd. (Semiconductors & Semiconductor Equipment)		48,989
		22,700	Ministop Co. Ltd. (Food & Staples Retailing)		327,983
		5,800	Miraca Holdings, Inc. (Health Care Equipment & Services)		186,845
		135,000	Mitsubishi Kakoki Kaisha Ltd. (Capital Goods)		361,348
		18,100	Mitsubishi Pencil Co. Ltd. (Commercial & Professional Services)		266,870
		428,000	Mitsubishi Steel Manufacturing Co. Ltd. (Materials)		1,057,423
		26,700	Mitsui High-Tec, Inc. (Semiconductors & Semiconductor Equipment)*		229,593
		166,000	Mitsui Sugar Co. Ltd. (Food, Beverage & Tobacco)		560,495
		12,000	Mizuno Corp. (Consumer Durables & Apparel)		53,448
		8,000	Mochida Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		76,210
		25	Mori Trust Sogo REIT, Inc. (REIT)		196,183
		8,540	Nafco Co. Ltd. (Retailing)		156,796
		17,000	Nagase & Co. Ltd. (Capital Goods)		202,787
		1,800	Nakanishi, Inc. (Health Care Equipment & Services)		163,003


		222,000	Nakayama Steel Works Ltd. (Materials)*		367,675
		125,900	Namura Shipbuilding Co. Ltd. (Capital Goods)		670,781
		22,100	NEC Fielding Ltd. (Software & Services)		297,821
		255	NET One Systems Co. Ltd. (Software & Services)		369,632
		3,600	Nichicon Corp. (Technology Hardware & Equipment)		48,188
		10,200	Nidec Copal Corp. (Consumer Durables & Apparel)		169,662
		4,200	Nifco, Inc. (Automobiles & Components)		93,922
		21,400	Nihon Kohden Corp. (Health Care Equipment & Services)		409,631
		26,200	Nihon Unisys Ltd. (Software & Services)		208,775
		201,000	Nippon Beet Sugar Manufacturing Co. Ltd. (Food, Beverage & Tobacco)		483,787
		31,000	Nippon Chemi-Con Corp. (Technology Hardware & Equipment)*		128,279
		226	Nippon Commercial Investment Corp. (REIT)^(a)		263,516
		44,000	Nippon Flour Mills Co. Ltd. (Food, Beverage & Tobacco)		208,558
		40,000	Nippon Konpo Unyu Soko Co. Ltd. (Transportation)		475,925
		87,000	Nippon Light Metal Co. Ltd. (Materials)*		126,127
		42,000	Nippon Metal Industry Co. Ltd. (Materials)		64,048
		28,000	Nippon Seiki Co. Ltd. (Automobiles & Components)		307,946
		36,000	Nippon Shinyaku Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		414,391
		63,400	Nippon Signal Co. Ltd. (Capital Goods)		545,522
		159,000	Nippon Soda Co. Ltd. (Materials)		712,613
		82,000	Nippon Valqua Industries Ltd. (Materials)		188,327
		29,000	Nippon Yakin Kogyo Co. Ltd. (Materials)*		107,345
		145,000	Nishimatsu Construction Co. Ltd. (Capital Goods)		205,592
		27,000	Nissan Shatai Co. Ltd. (Automobiles & Components)		202,420
		27,000	Nissin Corp. (Transportation)		61,127
		26,000	Nittetsu Mining Co. Ltd. (Materials)		115,755
		16,700	Nitto Kogyo Corp. (Capital Goods)		175,921

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND

Schedule of Investments (continued)

April 30, 2010 (Unaudited)


	Shares		Description	Value

Common Stocks – (continued)
	Japan – (continued)

		21,700	Noevir Co. Ltd. (Household & Personal Products)	$	229,753
		91,000	NOF Corp. (Materials)		354,924
		8,000	Nohmi Bosai Ltd. (Technology Hardware & Equipment)		50,036
		6,400	Noritsu Koki Co. Ltd. (Consumer Durables & Apparel)		50,912
		4,700	Noritz Corp. (Capital Goods)		71,382
		2,900	NS Solutions Corp. (Software & Services)		65,459
		5,000	Obara Corp. (Capital Goods)		57,981
		14,800	Oiles Corp. (Capital Goods)		243,269
		19,000	OKUMA Corp. (Capital Goods)*		134,801
		18,000	Okuwa Co. Ltd. (Food & Staples Retailing)		201,620
		145	ORIX JREIT, Inc. (REIT)		709,469
		20,500	Osaka Steel Co. Ltd. (Materials)		324,241
		15,800	Parco Co. Ltd. (Retailing)		140,392
		41	Premier Investment Corp. (REIT)		168,957
		13,050	Promise Co. Ltd. (Diversified Financials)		124,903
		19,800	Ricoh Leasing Co. Ltd. (Diversified Financials)		502,352
		38,500	Right On Co. Ltd. (Retailing)		309,696
		13,400	Riso Kagaku Corp. (Technology Hardware & Equipment)		163,762
		13,200	Round One Corp. (Consumer Services)		107,629
		84,000	Ryobi Ltd. (Capital Goods)*		291,400
		99,000	Sakai Chemical Industry Co. Ltd. (Materials)		447,351
		120,000	San-Ai Oil Co. Ltd. (Energy)		551,009
		102,000	Sanden Corp. (Automobiles & Components)		381,819
		18,000	Sangetsu Co. Ltd. (Consumer Durables & Apparel)		395,119
		205,000	Sanken Electric Co. Ltd. (Semiconductors & Semiconductor Equipment)		810,099
		36,300	Sanshin Electronics Co. Ltd. (Technology Hardware & Equipment)		340,004
		10,000	Sanyo Chemical Industries Ltd. (Materials)		61,005
		90,000	Seika Corp. (Capital Goods)		208,368
		5,900	Seikagaku Corp. (Pharmaceuticals, Biotechnology & Life Sciences)		59,416
		112,000	Seino Holdings Corp. (Transportation)		807,619
		14,900	Seiren Co. Ltd. (Consumer Durables & Apparel)		91,867
		22,000	Sekisui Jushi Corp. (Capital Goods)		203,542
		22,000	Sekisui Plastics Co. Ltd. (Materials)		105,314
		52,000	Senko Co. Ltd. (Transportation)		205,730


		11,900	Senshukai Co. Ltd. (Retailing)		67,025
		71,000	Shikibo Ltd. (Consumer Durables & Apparel)		109,051
		31,700	Shimachu Co. Ltd. (Retailing)		659,168
		56,000	Shindengen Electric Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)*		189,478
		6,300	Shin-Etsu Polymer Co. Ltd. (Materials)		47,471
		51,500	Shinko Shoji Co. Ltd. (Technology Hardware & Equipment)		550,773
		81,000	Shinmaywa Industries Ltd. (Capital Goods)		353,062
		80,000	Shinsho Corp. (Capital Goods)		180,147
		182	Ship Healthcare Holdings, Inc. (Health Care Equipment & Services)		124,122
		55,900	Showa Corp. (Automobiles & Components)*		403,222
		35,700	Sintokogio Ltd. (Capital Goods)		297,546
		2,193	SKY Perfect JSAT Holdings, Inc. (Media)		881,530
		15,000	SMK Corp. (Technology Hardware & Equipment)		76,027
		23	So-net Entertainment Corp. (Software & Services)		60,117
		166	SRI Sports Ltd. (Consumer Durables & Apparel)		163,586
		3,400	Sumisho Computer Systems Corp. (Software & Services)		56,017
		40,000	Sumitomo Seika Chemicals Co. Ltd. (Materials)		152,928
		29,600	Tachi-S Co. Ltd. (Automobiles & Components)		349,636
		64,000	Taihei Kogyo Co. Ltd. (Capital Goods)		266,312
		45,000	Taiyo Yuden Co. Ltd. (Technology Hardware & Equipment)		696,329
		11,000	Takasago International Corp. (Materials)		55,699
		7,000	Takasago Thermal Engineering Co. Ltd. (Capital Goods)		62,087
		52,560	Takefuji Corp. (Diversified Financials)^(a)		211,756
		14,500	Takeuchi Manufacturing Co. Ltd. (Capital Goods)*		224,836
		17,000	Takiron Co. Ltd. (Materials)		51,148
		16,400	Tamron Co. Ltd. (Consumer Durables & Apparel)		273,253
		14,000	Tamura Corp. (Technology Hardware & Equipment)		46,493
		176,000	The Bank of Nagoya Ltd. (Banks)		664,994
		20,400	The Bank of Okinawa Ltd. (Banks)		839,755

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)

		16,200	The Chiba Kogyo Bank Ltd. (Banks)*	$	113,936
		39,000	The Daiei, Inc. (Retailing)*^(a)		180,800
		168,000	The Fuji Fire & Marine Insurance Co. Ltd. (Insurance)*		261,863
		23,300	The Kanto Tsukuba Bank Ltd. (Banks)*		71,621
		122,000	The Keiyo Bank Ltd. (Banks)		567,346
		13,000	The Nisshin Oillio Group Ltd. (Food, Beverage & Tobacco)		68,509
		24,000	The Shiga Bank Ltd. (Banks)		143,227
		53,000	The Sumitomo Warehouse Co. Ltd. (Transportation)		251,650
		17,000	The Tochigi Bank Ltd. (Banks)		71,208
		190,000	The Toho Bank Ltd. (Banks)		597,128
		21,300	The Tokyo Tomin Bank Ltd. (Banks)		258,486
		2,500	The Yachiyo Bank Ltd. (Banks)		53,908
		12,000	The Yamanashi Chuo Bank Ltd. (Banks)		52,762
		9,900	TKC Corp. (Software & Services)		174,172
		188,000	Toa Corp. (Capital Goods)		227,685
		102,000	Toagosei Co. Ltd. (Materials)		467,741
		37,000	Toho Zinc Co. Ltd. (Materials)		175,268
		12,100	Tokai Rika Co. Ltd. (Automobiles & Components)		259,639
		6,000	Tokai Rubber Industries, Inc. (Automobiles & Components)		73,669
		122,000	Tokai Tokyo Financial Holdings, Inc. (Diversified Financials)		471,972
		3,570	Token Corp. (Consumer Durables & Apparel)		104,615
		30,000	Toko, Inc. (Technology Hardware & Equipment)*		56,685
		21,400	Tokyo Ohka Kogyo Co. Ltd. (Materials)		448,247
		9,900	Tokyu Livable, Inc. (Real Estate)		104,007
		17	Tokyu REIT, Inc. (REIT)		89,318
		9,400	Tomy Co. Ltd. (Consumer Durables & Apparel)		72,740
		13,400	Topcon Corp. (Technology Hardware & Equipment)		75,968
		26,900	Toppan Forms Co. Ltd. (Commercial & Professional Services)		295,988
		36,300	Topre Corp. (Automobiles & Components)		297,444
		38	Toridoll Corp. (Consumer Services)		75,701
		35,300	Torii Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		611,386
		203,000	Toshiba TEC Corp. (Technology Hardware & Equipment)		842,577
		7,500	Touei Housing Corp. (Consumer Durables & Apparel)		81,347


		14,800	Toyo Corp. (Technology Hardware & Equipment)		165,627
		62,000	Toyo Ink Manufacturing Co. Ltd. (Materials)		263,201
		63,000	Tsubakimoto Chain Co. (Capital Goods)		289,048
		15,000	Tsukishima Kikai Co. Ltd. (Capital Goods)		110,427
		2,600	Tsutsumi Jewelry Co. Ltd. (Retailing)		60,804
		219	TV Asahi Corp. (Media)		357,501
		3,700	TV Tokyo Corp. (Media)		80,217
		35,000	Uniden Corp. (Technology Hardware & Equipment)*		114,827
		3,800	Union Tool Co. (Capital Goods)		113,606
		23,000	Unipres Corp. (Automobiles & Components)^(a)		337,956
		15	United Urban Investment Corp. (REIT)		97,585
		24,030	Usen Corp. (Media)*		18,558
		33,000	Yodogawa Steel Works Ltd. (Materials)		145,573
		38,500	Yonekyu Corp. (Food, Beverage & Tobacco)		363,027

					73,718,121


	Liechtenstein – 0.3%
		6,542	Liechtenstein Landesbank AG (Banks)		496,080
		2,071	Verwaltungs- und Privat-Bank AG (Diversified Financials)*		234,807

					730,887


	Luxembourg – 0.3%
		440,538	Regus PLC (Commercial & Professional Services)		775,517


	Netherlands – 2.7%
		4,023	Aalberts Industries NV (Capital Goods)		65,542
		17,610	Accell Group NV (Consumer Durables & Apparel)		796,364
		30,125	AMG Advanced Metallurgical Group NV (Materials)*^(a)		333,394
		6,923	ASM International NV (Semiconductors & Semiconductor Equipment)*^(a)		180,399
		27,051	Beter Bed Holding NV (Retailing)		664,431
		16,692	Crucell NV (Pharmaceuticals, Biotechnology & Life Sciences)*^(a)		349,469
		4,980	KAS Bank NV CVA (Diversified Financials)		83,579
		5,223	Macintosh Retail Group NV (Retailing)		116,410
		59,724	Mediq NV (Health Care Equipment & Services)		1,107,485

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND

Schedule of Investments (continued)

April 30, 2010 (Unaudited)


	Shares		Description	Value

Common Stocks – (continued)
	Netherlands – (continued)

		10,994	Nutreco Holding NV (Food, Beverage & Tobacco)	$	687,859
		65,180	Oce NV (Technology Hardware & Equipment)*^(a)		732,923
		52,788	SNS Reaal NV (Diversified Financials)*		305,059
		3,592	Ten Cate NV (Consumer Durables & Apparel)		98,017
		38,837	TomTom NV (Consumer Durables & Apparel)*^(a)		311,110
		25,085	USG People NV (Commercial & Professional Services)*		441,949
		30,107	VastNed Offices/Industrial NV (REIT)		459,500
		9,454	Wereldhave NV (REIT)		790,474

					7,523,964


	New Zealand – 0.4%
		218,408	Air New Zealand Ltd. (Transportation)		215,152
		219,503	Goodman Property Trust (REIT)		159,181
		286,534	New Zealand Oil & Gas Ltd. (Energy)		321,834
		68,614	Nuplex Industries Ltd. (Materials)		167,485
		12,706	The Warehouse Group Ltd. (Retailing)		34,649
		62,532	Tower Ltd. (Insurance)		90,923
		35,948	Vector Ltd. (Utilities)		56,054

					1,045,278


	Norway – 1.3%
		295,320	ABG Sundal Collier Holding ASA (Diversified Financials)		374,983
		54,699	Aker Solutions ASA (Energy)		914,145
		15,862	Atea ASA (Software & Services)		129,916
		11,400	Cermaq ASA (Food, Beverage & Tobacco)*		126,824
		16,400	Leroy Seafood Group ASA (Food, Beverage & Tobacco)		389,075
		120,000	Marine Harvest ASA (Food, Beverage & Tobacco)*		111,347
		261,000	Norske Skogindustrier ASA (Materials)*^(a)		399,146
		17,900	Petroleum Geo-Services ASA (Energy)*		246,351
		21,819	TGS Nopec Geophysical Co. ASA (Energy)*		418,172
		58,600	Veidekke ASA (Capital Goods)		490,352

					3,600,311


	Portugal – 0.0%
		120,268	Sonae Capital SGPS SA (Capital Goods)*		85,976


	Singapore – 2.5%
		363,000	Allgreen Properties Ltd. (Real Estate)		330,898
		242,000	Ascott Residence Trust (REIT)		209,204
		90,000	Banyan Tree Holdings Ltd. (Consumer Services)*		52,155
		438,000	Biosensors International Group Ltd. (Health Care Equipment & Services)*		249,482
		142,000	CapitaCommercial Trust (REIT)		124,182
		362,000	CDL Hospitality Trusts (REIT)		503,474
		53,000	CH Offshore Ltd. (Energy)		25,406
		42,000	Chemoil Energy Ltd. (Energy)*		16,650
		102,000	China Aviation Oil Singapore Corp. Ltd. (Energy)		119,592
		156,000	CSE Global Ltd. (Software & Services)		118,378
		315,000	CWT Ltd. (Transportation)		220,755
		53,000	Ezra Holdings Ltd. (Energy)		79,179
		642,400	Fortune Real Estate Investment Trust (REIT)		297,419
		1,284,000	Frasers Commercial Trust (REIT)		133,939
		37,000	Goodpack Ltd. (Transportation)		45,022
		368,000	Hi-P International Ltd. (Capital Goods)*		179,658
		131,000	Ho Bee Investment Ltd. (Real Estate)		157,600
		54,000	Hong Leong Asia Ltd. (Capital Goods)		187,220
		19,000	Hotel Properties Ltd. (Consumer Services)		31,598
		85,000	Jaya Holdings Ltd. (Capital Goods)		46,956
		240,000	KS Energy Services Ltd. (Capital Goods)		239,119
		213,000	Lippo-Mapletree Indonesia Retail Trust (REIT)		76,116
		402,000	Mapletree Logistics Trust (REIT)		256,077
		489,000	Metro Holdings Ltd. (Retailing)		296,837
		112,000	Parkway Holdings Ltd. (Health Care Equipment & Services)		274,149
		22,000	Parkway Life Real Estate Investment Trust (REIT)		21,246
		46,000	Raffles Medical Group Ltd. (Health Care Equipment & Services)		57,449
		234,000	Singapore Airport Terminal Services Ltd. (Transportation)		476,312
		81,000	SMRT Corp. Ltd. (Transportation)		134,482
		97,000	Stamford Land Corp. Ltd. (Consumer Services)		37,145
		188,000	Suntec Real Estate Investment Trust (REIT)		189,205
		359,000	Swiber Holdings Ltd. (Energy)*		295,802
		433,000	United Industrial Corp. Ltd. (Real Estate)		655,217

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)

		188,600	UOB-Kay Hian Holdings Ltd. (Diversified Financials)	$	240,376
		76,000	Venture Corp. Ltd. (Technology Hardware & Equipment)*		543,688
		12,000	Wheelock Properties Singapore Ltd. (Real Estate)		16,882
		14,000	Wing Tai Holdings Ltd. (Real Estate)		18,385

					6,957,254


	South Africa – 0.1%
		33,440	Aquarius Platinum Ltd. (Materials)		215,991
		5,937	Almirall SA (Pharmaceuticals, Biotechnology & Life Sciences)		64,302
		9,161	Baron de Ley SA (Food, Beverage & Tobacco)*		444,840
		19,457	Caja de Ahorros del Mediterraneo (Banks)		155,677
		24,935	Corp. Financiera Alba SA (Diversified Financials)		1,201,707
		35,897	NH Hoteles SA (Consumer Services)*		165,340
		68,071	Promotora de Informaciones SA (Media)*^(a)		282,863
		57,101	Sol Melia SA (Consumer Services)		474,725
		11,471	Tecnicas Reunidas SA (Energy)		696,097
		26,697	Tubos Reunidos SA (Materials)		73,331
		12,314	Vueling Airlines SA (Transportation)*		180,609

					3,739,491


	Sweden – 4.2%
		2,907	AarhusKarlshamn AB (Food, Beverage & Tobacco)		73,181
		18,031	BE Group AB (Capital Goods)		128,929
		44,906	Betsson AB (Consumer Services)*		727,344
		39,632	Boliden AB (Materials)^(a)		545,276
		10,676	Cardo AB (Capital Goods)		343,264
		74,595	Castellum AB (Real Estate)		675,300
		8,200	D. Carnegie & Co. AB (Diversified Financials)*		—
		73,993	East Capital Explorer AB (Diversified Financials)*^(a)		860,055
		121,671	Fabege AB (Real Estate)		755,503
		22,074	Haldex AB (Capital Goods)*		240,583
		56,820	Hexpol AB (Capital Goods)*		753,861
		55,357	Industrial & Financial Systems AB Class B (Software & Services)		597,845
		65,469	Kinnevik Investment AB Class B (Diversified Financials)		1,201,620
		55,247	Klovern AB (Real Estate)^(a)		173,212
		83,551	Kungsleden AB (Real Estate)^(a)		529,618
		6,619	Lindab International AB (Capital Goods)		74,493


		9,964	Loomis AB Class B (Commercial & Professional Services)		113,372
		6,336	Lundbergforetagen AB Class B (Diversified Financials)^(a)		314,020
		9,639	Meda AB Class A (Pharmaceuticals, Biotechnology & Life Sciences)		92,448
		63,303	NCC AB Class B (Capital Goods)^(a)		976,344
		60,076	New Wave Group AB Class B (Consumer Durables & Apparel)		319,449
		7,637	Nibe Industrier AB Class B (Capital Goods)		88,572
		173,950	Nobia AB (Consumer Durables & Apparel)*		898,063
		6,728	Ratos AB Class B (Diversified Financials)^(a)		210,547
		93,737	RNB Retail and Brands AB (Retailing)*		129,576
		29,893	Saab AB Class B (Capital Goods)^(a)		462,625
		22,259	Trelleborg AB Class B (Capital Goods)		161,043
		22,214	Wallenstam AB Class B (Real Estate)^(a)		406,929

					11,853,072


	Switzerland – 4.6%
		6,170	Advanced Digital Broadcast Holdings SA (Registered) (Consumer Durables & Apparel)*		238,601
		725	Bucher Industries AG (Registered) (Capital Goods)		88,814
		1,320	Burckhardt Compression Holding AG (Capital Goods)		252,129
		5,099	Charles Voegele Holding AG (Retailing)*		237,263
		77,811	Clariant AG (Registered) (Materials)*		1,073,574
		7,521	Coltene Holding AG (Registered) (Health Care Equipment & Services)		397,772
		5,792	Compagnie Financiere Tradition SA (Diversified Financials)		646,054
		6,173	EFG International AG (Diversified Financials)		103,565
		926	Flughafen Zuerich AG (Registered) (Transportation)		304,595
		2,610	Georg Fischer AG (Registered) (Capital Goods)*		922,948
		533	Gurit Holding AG (Materials)		295,189
		3,155	Helvetia Holding AG (Registered) (Insurance)		964,045

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND

Schedule of Investments (continued)

April 30, 2010 (Unaudited)


	Shares		Description	Value

Common Stocks – (continued)
	Switzerland – (continued)

		3,965	Inficon Holding AG (Registered) (Technology Hardware & Equipment)	$	481,214
		177,057	Informa PLC (Media)		1,068,648
		10,035	Kardex AG (Registered) (Capital Goods)*		366,071
		1,195	Komax Holding AG (Registered) (Capital Goods)		95,491
		1,106	Kuoni Reisen Holding AG (Registered) (Consumer Services)		392,072
		5,661	OC Oerlikon Corp. AG (Capital Goods)*^(a)		261,513
		6,010	Panalpina Welttransport Holding AG (Registered) (Transportation)		540,504
		151	Phoenix Mecano AG (Technology Hardware & Equipment)		76,228
		13,117	PSP Swiss Property AG (Registered) (Real Estate)*		780,672
		575	PubliGroupe AG (Media)*		58,619
		111	Sika AG (Materials)		197,156
		11,629	Sulzer AG (Registered) (Capital Goods)		1,153,097
		291,912	Swisslog Holding AG (Registered) (Capital Goods)		259,872
		14,986	Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		995,516
		2,396	Valora Holding AG (Registered) (Retailing)		601,935
		421	Walter Meier AG (Registered) (Capital Goods)*		53,825

					12,906,982


	United Kingdom – 20.9%
		76,466	Acergy SA (Energy)^(a)		1,456,660
		250,882	Aegis Group PLC (Media)		498,424
		22,258	Amlin PLC (Insurance)		127,351
		406,657	Anite PLC (Software & Services)		209,497
		70,352	Arriva PLC (Transportation)		819,662
		156,603	Ashmore Group PLC (Diversified Financials)		632,099
		62,044	Atrium European Real Estate Ltd. (Real Estate)		368,424
		15,664	Babcock International Group PLC (Commercial & Professional Services)		139,687
		104,575	Barratt Developments PLC (Consumer Durables & Apparel)*		197,905
		36,854	BBA Aviation PLC (Transportation)		116,611
		109,421	Big Yellow Group PLC (REIT)*		540,652
		312,144	Bodycote PLC (Capital Goods)		1,058,016
		155,894	Brit Insurance Holdings NV (Insurance)		1,889,529
		225,142	Cape PLC (Commercial & Professional Services)*		867,039


		93,785	Charter International PLC (Capital Goods)		1,151,499
		6,579	Clarkson PLC (Transportation)		95,629
		52,364	Close Brothers Group PLC (Diversified Financials)		582,847
		123,083	Computacenter PLC (Software & Services)		613,498
		77,962	Cookson Group PLC (Capital Goods)*		668,138
		75,845	CSR PLC (Semiconductors & Semiconductor Equipment)*		496,058
		121,360	Dairy Crest Group PLC (Food, Beverage & Tobacco)		663,944
		189,904	Davis Service Group PLC (Commercial & Professional Services)		1,243,339
		16,282	De La Rue PLC (Commercial & Professional Services)		226,813
		293,202	Delta PLC (Materials)		823,939
		17,269	Derwent London PLC (REIT)		380,557
		238,233	Devro PLC (Food, Beverage & Tobacco)		621,469
		319,181	Domino’s Pizza UK & IRL PLC (Consumer Services)		1,695,564
		483,443	DS Smith PLC (Materials)		992,417
		210,233	DSG International PLC (Retailing)*		105,777
		86,791	Electrocomponents PLC (Technology Hardware & Equipment)		297,149
		529,471	Elementis PLC (Materials)		522,187
		53,409	EnQuest PLC (Energy)*		80,656
		390,237	Enterprise Inns PLC (Consumer Services)*		761,575
		787,926	F&C Asset Management PLC (Diversified Financials)		792,192
		21,424	Fenner PLC (Capital Goods)		69,975
		421,267	Filtrona PLC (Materials)		1,478,754
		126,034	Galiform PLC (Retailing)*		153,866
		428,514	GKN PLC (Automobiles & Components)*		889,009
		18,214	Go-Ahead Group PLC (Transportation)		393,480
		155,328	Halfords Group PLC (Retailing)		1,203,182
		100,336	Hamworthy PLC (Capital Goods)		459,184
		338,438	Hays PLC (Commercial & Professional Services)		575,188
		104,236	Healthcare Locums PLC (Health Care Equipment & Services)		394,127
		361,630	HMV Group PLC (Retailing)		397,286
		219,022	Hogg Robinson Group PLC (Commercial & Professional Services)		103,451
		122,056	Hunting PLC (Energy)		1,051,103
		65,082	IMI PLC (Capital Goods)		707,699
		1,170,952	Inchcape PLC (Retailing)*		613,119

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)

		270,155	International Personal Finance PLC (Diversified Financials)	$	1,113,809
		151,732	ITE Group PLC (Commercial & Professional Services)		349,862
		225,998	John Wood Group PLC (Energy)		1,272,985
		1,358,889	Johnston Press PLC (Media)*		686,227
		268,529	Kesa Electricals PLC (Retailing)		510,253
		410,289	Laird PLC (Technology Hardware & Equipment)		823,215
		1,063,672	Logica PLC (Software & Services)		2,225,383
		332,091	Marston’s PLC (Consumer Services)		514,635
		224,380	Melrose PLC (Capital Goods)		815,356
		81,845	Millennium & Copthorne Hotels PLC (Consumer Services)		589,870
		86,946	Mitchells & Butlers PLC (Consumer Services)*		434,394
		235,946	Mondi PLC (Materials)		1,592,676
		88,441	Morgan Crucible Co. PLC (Capital Goods)		288,096
		65,309	Mothercare PLC (Retailing)		572,761
		119,299	National Express Group PLC (Transportation)		435,497
		53,409	Petrofac Ltd. (Energy)		923,715
		46,267	Premier Farnell PLC (Technology Hardware & Equipment)		167,629
		16,166	Provident Financial PLC (Diversified Financials)		206,517
		89,132	Punch Taverns PLC (Consumer Services)*		120,829
		686,023	QinetiQ Group PLC (Capital Goods)		1,336,193
		120,653	Quintain Estates & Development PLC (Real Estate)*		103,093
		19,243	Renishaw PLC (Technology Hardware & Equipment)		196,015
		46,372	Restaurant Group PLC (Consumer Services)		172,253
		36,138	Rightmove PLC (Media)		384,498
		28,893	Robert Wiseman Dairies PLC (Food, Beverage & Tobacco)		206,278
		121,096	Scott Wilson Group PLC (Commercial & Professional Services)		196,484
		39,236	Segro PLC (REIT)		185,205
		275,378	Senior PLC (Capital Goods)		488,757
		34,853	Severfield-Rowen PLC (Capital Goods)		116,363
		80,640	Southern Cross Healthcare Ltd. (Health Care Equipment & Services)*		95,970
		106,763	Spectris PLC (Technology Hardware & Equipment)		1,460,914
		3,950	Spirax-Sarco Engineering PLC (Capital Goods)		92,925


		260,048	Stagecoach Group PLC (Transportation)		781,314
		191,151	Sthree PLC (Commercial & Professional Services)		1,064,046
		15,600	Stolt-Nielsen SA (Transportation)		244,294
		45,800	Subsea 7, Inc. (Energy)*		895,732
		18,208	Synergy Health PLC (Health Care Equipment & Services)		170,589
		292,328	Tate & Lyle PLC (Food, Beverage & Tobacco)		2,035,019
		8,006	The Berkeley Group Holdings PLC (Consumer Durables & Apparel)*		101,645
		285,547	The Paragon Group of Companies PLC (Banks)		713,265
		110,302	The Weir Group PLC (Capital Goods)		1,655,866
		50,876	Thomas Cook Group PLC (Consumer Services)		192,997
		245,126	Trinity Mirror PLC (Media)*		584,411
		273,389	TT electronics PLC (Technology Hardware & Equipment)*		440,451
		95,646	United Business Media Ltd. (Media)		807,445
		438,449	Yell Group PLC (Media)*		364,355

					58,956,312


	TOTAL COMMON STOCKS
	(Cost $239,573,092)			$	275,828,695




Investment Company – 0.0%


	Australia – 0.0%
		32,317	Challenger Infrastructure Fund Class A	$	44,594
	(Cost $52,800)

Expiration

Units

Description

Month

Value

Warrant* – 0.0%

France – 0.0%

13,992

Carbone Lorraine SA (Capital Goods)

11/12

—

(Cost $0)

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND

Schedule of Investments (continued)

April 30, 2010 (Unaudited)


	Shares		Rate	Value

Short-term Investment^(b) – 1.1%


	JPMorgan U.S. Government Money Market Fund – Capital Shares
		2,997,991	0.082%	$	2,997,991
	(Cost $2,997,991)


	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $242,623,883)			$	278,871,280




Securities Lending Reinvestment Vehicle^(b)(c) – 6.7%


	Boston Global Investment Trust – Enhanced Portfolio II
		19,000,550	0.043%	$	19,019,550
	(Cost $18,990,492)


	TOTAL INVESTMENTS – 105.4%
	(Cost $261,614,375)			$	297,890,830


	LIABILITIES IN EXCESS OF OTHER ASSETS – (5.4)%				(15,367,676	)


	NET ASSETS – 100.0%			$	282,523,154

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, 2010.

(c)		Represents an affiliated issuer.




Investment Abbreviations:
CVA	—	Dutch Certification
REIT	—	Real Estate Investment Trust
IRL	—	Ireland
UK	—	United Kingdom

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, 2010, the following futures contracts were open:


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

Dow Jones EURO STOXX 50 Index		72	June 2010	$	2,634,354	$	(88,903	)
FTSE 100 Index		16	June 2010		1,348,280		(23,287	)
Hang Seng Index		1	May 2010		134,477		(807	)
MSCI Singapore Index		3	May 2010		153,514		(1,546	)
SPI 200 Index		5	June 2010		557,378		(6,972	)
TSE TOPIX Index		17	June 2010		1,778,996		32,934


TOTAL						$	(88,581	)

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Statements of Assets and Liabilities

April 30, 2010 (Unaudited)


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

Assets:

Investments in securities of unaffiliated issuers, at value (identified cost $50,695,265, $471,155,002, $2,093,429,599 and $242,623,883, respectively)^(a)	$	52,059,989		$	541,167,442		$	2,238,756,392		$	278,871,280
Investments in affiliated securities lending reinvestment vehicle, at value (identified cost $0, $11,936,191, $419,713,747 and $18,990,492, respectively)		—			11,951,659			419,826,777			19,019,550
Cash		2,923			—			—			9,992
Foreign currencies, at value (identified cost $596,823, $471,739, $9,523,785, and $1,912,587, respectively)		596,025			474,815			9,590,043			1,912,322
Receivables:
Investment securities sold, at value		2,366,066			3,265,630			—			8,981,091
Dividends, at value		186,333			662,153			7,921,484			1,390,412
Foreign tax reclaims, at value		72,551			12,512			1,066,879			92,156
Reimbursement from investment adviser		48,107			122,444			67,254			20,404
Securities lending income		71			3,690			680,422			48,779
Fund shares sold		67			135,613			2,443,480			82,290
Due from broker — variation margin, at value^(b)		—			—			—			393,028
Other assets		609			3,458			17,978			1,972


Total assets		55,332,741			557,799,416			2,680,370,709			310,823,276





Liabilities:

Due to custodian		—			337,053			—			—
Payables:
Payable upon return of securities loaned		—			11,861,100			421,890,273			19,102,845
Investment securities purchased, at value		1,418,292			447,534			—			8,608,099
Fund shares redeemed		550,707			502,057			3,373,178			255,058
Amounts owed to affiliates		68,696			504,848			1,828,403			223,861
Swaps contract, at value		125,137			—			—			—
Due to broker — variation margin, at value		5,439			—			185,690			—
Foreign capital gains taxes, at value		—			888,894			—			—
Accrued expenses		94,446			140,362			290,559			110,259


Total liabilities		2,262,717			14,681,848			427,568,103			28,300,122





Net Assets:

Paid-in capital		159,572,372			557,315,767			3,566,273,636			301,542,847
Accumulated undistributed (distribution in excess of) net investment income		268,250			(148,452	)		8,417,881			(141,097	)
Accumulated net realized loss from investment, futures, swap and foreign currency related transactions		(107,974,980	)		(83,221,966	)		(1,465,519,399	)		(55,047,575	)
Net unrealized gain on investments, futures, swap contract and translation of assets and liabilities denominated in foreign currencies		1,204,382			69,172,219			143,630,488			36,168,979


NET ASSETS	$	53,070,024		$	543,117,568		$	2,252,802,606		$	282,523,154




Net Assets:
Class A	$	38,568,281		$	80,284,274		$	601,335,012		$	37,822,000
Class B		—			—			7,153,243			—
Class C		1,437,610			1,710,250			5,220,938			202,798
Institutional		13,050,336			461,123,044			1,615,024,290			244,498,356
Service		—			—			23,901,369			—
Class IR		6,933			—			7,121			—
Class R		6,864			—			160,633			—


Total Net Assets	$	53,070,024		$	543,117,568		$	2,252,802,606		$	282,523,154



Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		4,627,389			9,916,525			62,361,504			4,980,000
Class B		—			—			750,246			—
Class C		176,763			212,505			547,427			26,997
Institutional		1,545,275			56,759,876			163,357,116			32,185,146
Service		—			—			2,462,824			—
Class IR		829			—			743			—
Class R		830			—			16,788			—



Net asset value, offering and redemption price per share:^(c)
Class A		$8.33			$8.10			$9.64			$7.59
Class B		—			—			9.53			—
Class C		8.13			8.05			9.54			7.51
Institutional		8.45			8.12			9.89			7.60
Service		—			—			9.70			—
Class IR		8.36			—			9.58			—
Class R		8.26			—			9.57			—


(a)	Includes loaned securities having a market value of $11,467,865, $399,891,636 and $18,191,978 for the Structured Emerging Markets Equity, Structured International Equity and Structured International Small Cap Funds, respectively.
(b)	Includes cash on deposit with counterparty of $373,353 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 the Structured International Equity Flex, Structured Emerging Markets Equity, Structured International Equity and Structured International Small Cap Funds is $8.81, $8.57, $10.20 and $8.03, respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current 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, 2010 (Unaudited)


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


Investment income:

Dividends (net of foreign taxes withheld of $91,653, $233,161, $3,111,887 and $217,697, respectively)	$	850,301		$	2,968,154		$	31,963,106		$	3,399,413
Securities lending income — affiliated issuer		6,476			13,039			1,003,671			194,408
Interest		78			304			1,119			2,350


Total investment income		856,855			2,981,497			32,967,896			3,596,171





Expenses:

Management fees		378,360			2,326,713			9,284,763			1,085,015
Distribution and Service fees^(a)		69,696			65,656			852,478			45,999
Transfer Agent fees^(a)		51,595			128,884			947,414			78,379
Custody and accounting fees		128,657			338,289			271,046			166,549
Professional fees		37,307			41,259			35,420			29,509
Registration fees		25,755			15,719			50,261			18,709
Printing and mailing costs		18,023			22,925			89,697			33,113
Trustee fees		8,050			8,240			9,392			8,211
Service Share fees — Service Plan		—			—			35,865			—
Service Share fees — Shareholder Administration Plan		—			—			35,865			—
Other		455			18,549			25,137			3,741


Total expenses		717,898			2,966,234			11,637,338			1,469,225


Less — expense reductions		(196,280	)		(412,320	)		(435,065	)		(241,946	)


Net expenses		521,618			2,553,914			11,202,273			1,227,279


NET INVESTMENT INCOME		335,237			427,583			21,765,623			2,368,892





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

Net realized gain (loss) from:
Investment transactions — unaffiliated issuers		1,065,666			28,932,183			108,370,866			11,409,313
Securities lending reinvestment vehicle transactions — affiliated issuer		2,471			16,566			85,389			2,340
Futures transactions		(25,992	)		—			4,023,637			772,588
Swap contract		(403,422	)		—			—			—
Foreign currency related transactions		(48,678	)		33,216			(821,704	)		411
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers (including the effects of an increase on the foreign capital gains tax liability of $470,342, for the Structured Emerging Markets Equity Fund)		1,607,520			22,038,462			(67,473,321	)		12,925,097
Securities lending reinvestment vehicle — affiliated issuer		(2,227	)		6,097			39,407			6,313
Futures		51,532			—			(712,554	)		75,063
Swap contract		(197,266	)		—			—			—
Translation of asset and liabilities denominated in foreign currencies		(8,159	)		963			1,142			(44,760	)


Net realized and unrealized gain from investment, futures, swap and foreign currency related transactions		2,041,445			51,027,487			43,512,862			25,146,365


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,376,682		$	51,455,070		$	65,278,485		$	27,515,257


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


	Distribution and Service fees								Transfer Agent Fees
Fund	Class A		Class B		Class C		Class R		Class A		Class B		Class C		Institutional		Service		Class IR		Class R
Structured International Equity Flex	$	60,831	$	—	$	8,848	$	17	$	46,232	$	—	$	1,681	$	3,668	$	—	$	7	$	7
Structured Emerging Markets Equity		57,702		—		7,954		—		43,854		—		1,511		83,519		—		—		—
Structured International Equity		786,763		37,585		27,732		398		598,131		7,142		5,270		330,974		5,739		7		151
Structured International Small Cap		45,376		—		623		—		34,486		—		118		43,775		—		—		—

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						Structured Emerging Markets Equity Fund
	For the						For the
	Six Months Ended			For the			Six Months Ended			For the
	April 30, 2010			Fiscal Year Ended			April 30, 2010			Fiscal Year Ended
	(Unaudited)			October 31, 2009			(Unaudited)			October 31, 2009


From operations:

Net investment income	$	335,237		$	1,425,634		$	427,583		$	4,843,362
Net realized gain (loss) from investment, futures, swap and foreign currency related transactions		590,045			(44,357,582	)		28,981,965			(42,301,055	)
Net change in unrealized gain (loss) on investments, futures, swap contract and translation of assets and liabilities denominated in foreign currencies		1,451,400			55,805,056			22,045,522			134,513,685


Net increase in net assets resulting from operations		2,376,682			12,873,108			51,455,070			97,055,992





Distributions to shareholders:

From net investment income
Class A Shares		—			—			(16,351	)		(4,966	)
Class B Shares		—			—			—			—
Class C Shares		—			—			(13,065	)		(235	)
Institutional Shares		—			—			(5,399,183	)		(1,823,206	)
Service Shares		—			—			—			—
Class IR Shares		—			—			—			—
Class R Shares		—			—			—			—


Total distributions to shareholders		—-			—-			(5,428,599	)		(1,828,407	)





From share transactions:

Net proceeds from sales of shares		5,591,552			12,585,961			235,352,937			57,566,537
Proceeds received in connection with in-kind sales		—			—			—			41,473,136
Reinvestment of distributions		—			—			5,421,448			1,828,159
Cost of shares redeemed		(34,020,111	)^(a)		(50,504,212	)^(b)		(59,763,244	)^(a)		(36,651,757	)^(b)


Net increase (decrease) in net assets resulting from share transactions		(28,428,559	)		(37,918,251	)		181,011,141			64,216,075


TOTAL INCREASE (DECREASE)		(26,051,877	)		(25,045,143	)		227,037,612			159,443,660





Net assets:

Beginning of period		79,121,901			104,167,044			316,079,956			156,636,296


End of period	$	53,070,024		$	79,121,901		$	543,117,568		$	316,079,956


Accumulated undistributed (distributions in excess of) net investment income	$	268,250		$	(66,987	)	$	(148,452	)	$	4,852,564


(a)	Net of $2,101, $1,295, $13,831 and $283 of redemption fees remitted to the Structured International Equity Flex, Structured Emerging Markets Equity, Structured International Equity and Structured International Small Cap Funds, respectively.


(b)	Net of $5,570, $57, $87,948 and $854 of redemption fees remitted to the Structured International Equity Flex, Structured Emerging Markets Equity, Structured International Equity and Structured International Small Cap Funds, respectively.

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS


Structured International Equity Fund						Structured International Small Cap Fund
For the						For the
Six Months Ended			For the			Six Months Ended			For the
April 30, 2010			Fiscal Year Ended			April 30, 2010			Fiscal Year Ended
(Unaudited)			October 31, 2009			(Unaudited)			October 31, 2009




$	21,765,623		$	49,903,948		$	2,368,892		$	2,442,041
	111,658,188			(936,270,338	)		12,184,652			(19,246,810	)
	(68,145,326	)		1,352,849,137			12,961,713			72,806,058


	65,278,485			466,482,747			27,515,257			56,001,289








	(14,388,772	)		(29,084,913	)		(821,629	)		(707,218	)
	(115,271	)		(290,522	)		—			—
	(81,955	)		(222,207	)		(974	)		(844	)
	(43,806,526	)		(80,894,685	)		(5,170,331	)		(2,991,648	)
	(656,238	)		(984,147	)		—			—
	(171	)		(297	)		—			—
	(3,438	)		(257	)		—			—


	(59,052,371	)		(111,477,028	)		(5,992,934	)		(3,699,710	)







	322,436,010			678,565,532			43,976,238			110,709,616
	—			—			—			37,610,773
	54,890,840			104,271,067			5,880,186			3,646,230
	(600,592,662	)^(a)		(889,400,503	)^(b)		(32,982,635	)^(a)		(46,550,277	)^(b)


	(223,265,812	)		(106,563,904	)		16,873,789			105,416,342


	(217,039,698	)		248,441,815			38,396,112			157,717,921







	2,469,842,304			2,221,400,489			244,127,042			86,409,121


$	2,252,802,606		$	2,469,842,304		$	282,523,154		$	244,127,042


$	8,417,881		$	45,704,629		$	(141,097	)	$	3,482,945

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements

April 30, 2010 (Unaudited)

1. ORGANIZATION

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


Fund	Share Classes Offered	Diversified/Non-Diversified

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


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

Class A Shares 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. Effective November 2, 2009, Class B Shares are no longer available for purchase by new or existing shareholders (although current Class B shareholders may continue to reinvest income and capital gains distributions into Class B Shares, and may continue to exchange their shares for Class B Shares of certain other Goldman Sachs Funds). Class C Shares are sold with a contingent deferred sales charge of 1.00% during the first 12 months. Institutional, Service, Class IR and Class R Shares are not subject to a sales charge.

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

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 in 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 and investment companies 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 fair value 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 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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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: (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 and Fund Share Transactions, and Investment Income — Security and Fund share transactions are reflected for financial reporting purposes as of the trade date, which may cause the NAV as stated in the accompanying financial statements to be different than the NAV applied to Fund share transactions. 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 foreign capital gains taxes, if applicable, on certain foreign securities held by the Funds. An estimated foreign capital gains tax is recorded daily on net unrealized gains on these securities and is payable upon the sale of such securities when a gain is realized.

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 and are accrued daily.

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2010 (Unaudited)


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

D. 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.

E. 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 income tax provisions are required. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:


	Income		Capital Gains
	Distributions		Distributions
	Declared/Paid		Declared/Paid

All Funds		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. The Funds’ capital accounts on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character, but do not reflect temporary differences.

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

F. 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.

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 foreign currency 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 is included with the net realized and change in unrealized gain (loss) on investments on the Statements of Operations. The effect of changes in foreign currency exchange rates on fixed income securities sold during the period is included with the net realized gain (loss) on foreign currency related transactions, while the effect of changes in foreign currency exchange rates on fixed income securities held at period end is included with the net change in unrealized gain (loss) on investments on the Statements of Operations. Net unrealized foreign exchange gains and losses arising from changes in the value of other assets and liabilities as a result of changes in foreign exchange rates are included as increases and decreases in unrealized gain (loss) on foreign currency related transactions.

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. In-Kind Transactions — The Funds may allow investors, under certain circumstances, to purchase shares with securities instead of cash or to redeem their shares in securities instead of cash. These are known as in-kind transactions. In-kind purchases and redemptions of Fund shares are based upon the closing value of the securities contributed or distributed, respectively, as of the date the trade is submitted pursuant to each Fund’s prospectus.

I. Total Return Swap Transactions — The Structured International Equity Flex Fund may take a long and/or short position in equity securities through the use of total return swaps. Total return swaps are contracts that obligate a party to pay or receive interest in exchange for the payment by the other party of the total return generated by a security, a basket of securities, an index or an index component. The Fund may use total return swap contracts to establish long and/or short equity positions without owning or taking physical custody of the securities involved. The use of total return swaps is a highly specialized activity which involves investment techniques and risk analyses different from those associated with ordinary portfolio securities transactions. The 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.

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2010 (Unaudited)


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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. 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 and are 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. The change in the total market value of the total return swap position is reflected daily as unrealized gain or loss on swap contracts and monthly as realized gain or loss on swap contracts. The Fund must also set aside liquid assets, or engage in other appropriate measures, to cover their obligations for any short positions held within a total return swap.

3. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS


3. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended April 30, 2010, contractual management fees with GSAM were at the following rates:


	Contractual Management Rate
	First			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			0.80


Structured International Small Cap		0.85			0.85			0.77			0.73			0.72			0.85

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


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

Distribution Plan		0.25	%		0.75	%		0.75	%		0.50	%


Service Plan		—			0.25			0.25			—


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

C. Distribution Agreement — Goldman Sachs also serves as distributor of the shares of the Funds pursuant to a Distribution Agreement and may retain a portion of the Class A front end sales charge and Class B and Class C contingent deferred sales charges. During the six months ended April 30, 2010, Goldman Sachs advised that it retained the following approximate amounts:


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

Structured International Equity Flex	$	400		N/A	$	—


Structured Emerging Markets Equity		1,800		N/A		—


Structured International Equity		31,700	$	—		—


Structured International Small Cap		1,200		N/A		—

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2010 (Unaudited)


3. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

D. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to a Transfer Agency Agreement. The fees charged for such transfer agency services are calculated daily and paid 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 the average daily net assets for Institutional and Service Shares.

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

F. 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 fees and shareholder administration fees (as applicable), 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 Other Expenses reimbursement, if any, are computed daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year 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. Additionally, the Funds have entered into certain offset arrangements with the custodian and transfer agent resulting in a reduction of the Funds’ expenses.

For the six months ended April 30, 2010, these expense reductions, including Other Expenses reimbursement, were as follows (in thousands):


	Other
	Expenses
Fund	Reimbursement

Structured International Equity Flex	$	196


Structured Emerging Markets Equity		412


Structured International Equity		435


Strategic International Small Cap		242

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS


3. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of April 30, 2010, the amounts owed to affiliates of the Funds were as follows (in thousands):


	Management		Distribution and		Transfer
Fund	Fees		Service Fees		Agent Fees		Total

Structured International Equity Flex	$	52	$	10	$	7	$	69


Structured Emerging Markets Equity		458		18		29		505


Structured International Equity		1,524		149		155		1,828


Strategic International Small Cap		202		8		14		224

G. Line of Credit Facility — As of April 30, 2010, the Funds participated in a $660,000,000 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 could increase the credit amount by an additional $340,000,000, 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, 2010, the Funds did not have any borrowings under the facility. Effective May 11, 2010, the facility decreased to $580,000,000.

H. Other Transactions with Affiliates — For the six months ended April 30, 2010, Goldman Sachs earned approximately $3,000 and $48,400, in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Structured International Equity Flex and Structured International Equity Funds, respectively.

As of April 30, 2010, the following Fund of Funds Portfolios were the beneficial owners of 5% or more of total outstanding shares of the following Funds:


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

Structured Emerging Markets Equity		7	%		21	%		20	%		10	%


Structured International Equity		—			17			19			8


Structured International Small Cap		7			23			18			9

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2010 (Unaudited)

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 (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:

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

Level 2 — Quoted prices in markets that are not active or financial instruments for which 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, as of April 30, 2010:

Structured International Equity Flex


	Level 1			Level 2			Level 3

Assets
Common Stock and/or Other Equity Investments	$	677,953		$	50,677,612	^(a)	$	—
Short-term Investment		704,424			—			—
Derivatives		115			—			—


Total	$	1,382,492		$	50,677,612		$	—


Liabilities
Derivatives	$	(27,626	)	$	(125,137	)	$	—

Structured Emerging Markets Equity


	Level 1		Level 2			Level 3

Assets
Common Stock and/or Other Equity Investments	$	109,331,476	$	431,835,966	^(a)	$	—
Securities Lending Reinvestment Vehicle		—		11,951,659			—


Total	$	109,331,476	$	443,787,625		$	—

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS


4. FAIR VALUE OF INVESTMENTS (continued)

Structured International Equity


	Level 1			Level 2			Level 3

Assets
Common Stock and/or Other Equity Investments	$	78,986,767		$	2,111,414,278	^(a)	$	—
Short-term Investment		48,355,347			—			—
Securities Lending Reinvestment Vehicle		—			419,826,777			—


Total	$	127,342,114		$	2,531,241,055		$	—


Liabilities
Derivatives	$	(1,796,820	)	$	—		$	—

Structured International Small Cap


	Level 1			Level 2			Level 3

Assets
Common Stock and/or Other Equity Investments	$	—		$	275,873,289	^(a)	$	—
Short-term Investment		2,997,991			—			—
Securities Lending Reinvestment Vehicle		—			19,019,550			—
Derivatives		32,934			—			—


Total	$	3,030,925		$	294,892,839		$	—


Liabilities
Derivatives	$	(121,515	)	$	—		$	—


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

5. INVESTMENTS IN DERIVATIVES

The Funds may make investments in derivative instruments, including, but not limited to, options, futures, swaps and other derivatives relating to foreign currency transactions. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as over the counter (“OTC”) derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments or commodities at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivatives also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument.

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2010 (Unaudited)


5. INVESTMENTS IN DERIVATIVES (continued)

The following table sets forth the gross value of the Funds’ derivative contracts for trading activities by certain risk types as of April 30, 2010. The values in the table below exclude the effects of cash collateral received or posted pursuant to derivative contracts, and therefore are not representative of the Funds’ net exposure.

Statements of Assets

and Liabilities

Derivative

and Liabilities

Derivative

Fund

Risk

Location

Assets

Location

Liabilities

Structured International Equity Flex

Equity

Unrealized gain on
futures, at value^(a)

115

Unrealized loss on
futures/Payable
for swap contracts,
at value^(a)

152,763

Structured International Equity

Equity

—

Unrealized loss on
futures^(a)

(1,796,820

)

Structured International Small Cap

Equity

Unrealized gain on
futures^(a)

32,934

Unrealized loss on
futures^(a)

(121,515

)


(a)		Includes cumulative appreciation (depreciation) of futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

The following table sets forth by certain risk types the Funds’ gains (losses) related to derivative activities and their indicative volumes for the six months ended April 30, 2010. These gains (losses) should be considered in the context that derivative contracts may have been executed to economically hedge securities and accordingly, gains (losses) on derivative contracts may offset (losses) gains attributable to securities. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:


			Net			Net Change in			Average
			Realized			Unrealized			Number of
Fund	Risk	Statements of Operations Location	Gain (Loss)			Gain (Loss)			Contracts^(a)

Structured International Equity Flex	Equity	Net realized gain (loss) from futures transactions and swap contracts/Net change in unrealized gain (loss) on futures and swap contracts	$	(429,414	)	$	(145,734	)		30


Structured International Equity	Equity	Net realized gain (loss) from futures transactions/Net change in unrealized gain (loss) on futures	$	4,023,637		$	(712,554	)		906


Structured International Small Cap	Equity	Net realized gain (loss) from futures transactions/Net change in unrealized gain (loss) on futures	$	772,588		$	75,063			177


(a)		Average number of contracts is based on the average of quarter end balances for the six months ended April 30, 2010.

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2010, were as follows:


Fund	Purchases		Sales

Structured International Equity Flex	$	27,324,087	$	55,692,562


Structured Emerging Markets Equity		522,269,230		347,029,451


Structured International Equity		1,350,484,960		1,610,452,650


Structured International Small Cap		175,209,417		161,417,724

7. SECURITIES LENDING

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

The Funds invest the cash collateral received in connection with securities lending transactions in the Enhanced Portfolio II of Boston Global Investment Trust (“Enhanced Portfolio II”), a Delaware statutory trust. The Enhance 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 invests primarily 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.

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2010 (Unaudited)


7. SECURITIES LENDING (continued)

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, 2010, are reported under Investment Income on the Statements of Operations. The table below details securities lending activity with affiliates of Goldman Sachs as of, and for the six months ended April 30, 2010:


	Earnings of GSAL		Amounts Received
	Relating to		by the Funds		Amounts Payable to
	Securities		from Lending to		Goldman Sachs
	Loaned for the		Goldman Sachs for		Upon Return of
	Six Months Ended		the Six Months Ended		Securities Loaned as of
Fund	April 30, 2010		April 30, 2010		April 30, 2010

Structured International Equity Flex	$	719	$	660	$	—


Structured Emerging Markets Equity		1,456		1,066		—


Structured International Equity		119,304		73,302		33,647,221


Structured International Small Cap		21,125		62,451		6,878,878

The following table provides information about the Funds’ investment in the Enhanced Portfolio II for the six months ended April 30, 2010 (in thousands):


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

Structured International Equity Flex		302		5,337		(5,639	)		—	$	—


Structured Emerging Markets Equity		22,473		166,400		(176,933	)		11,940		11,952


Structured International Equity		66,479		803,877		(450,949	)		419,407		419,827


Structured International Small Cap		5,440		34,488		(20,927	)		19,001		19,020

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

8. TAX INFORMATION

As of the most recent fiscal year end October 31, 2009, the Funds’ capital loss carryforwards on a tax-basis were as follows:


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

Capital loss carryforward¹
Expiring 2015	$	—		$	—		$	—		$	(52,756	)
Expiring 2016		(67,252,387	)		(59,568,423	)		(542,562,114	)		(44,008,627	)
Expiring 2017		(39,707,074	)		(44,674,289	)		(940,883,655	)		(21,326,811	)
Total capital loss carryforward	$	(106,959,461	)	$	(104,242,712	)	$	(1,483,445,769	)	$	(65,388,194	)


¹		Expiration occurs on October 31 of the year indicated. Utilization of these losses may be limited under the Code.

As of April 30, 2010, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:


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

Tax cost	$	52,391,135		$	491,078,792		$	2,612,575,035		$	265,733,712


Gross unrealized gain		2,881,087			66,799,945			123,247,030			39,364,768
Gross unrealized loss		(3,212,233	)		(4,759,636	)		(77,238,896	)		(7,207,650	)


Net unrealized security gain (loss)	$	(331,146	)	$	62,040,309		$	46,008,134		$	32,157,118


Net unrealized loss on other investments		(160,342	)		(855,689	)		(1,809,335	)		(107,476	)


Net unrealized gain (loss)	$	(491,488	)	$	61,184,620		$	44,198,799		$	32,049,642

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, differences related to the tax treatment of Passive Foreign Investment Company and partnership investments, securities on loan and swap transactions as of the most recent fiscal year end.

9. OTHER RISKS

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2010 (Unaudited)


9. OTHER RISKS (continued)

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

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

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

10. 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 made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

11. OTHER MATTERS

Legal Proceedings — On April 16, 2010, the SEC brought an action under the U.S. federal securities laws in the U.S. District Court for the Southern District of New York against Goldman Sachs and one of its employees alleging that they made materially misleading statements and omissions in connection with a 2007 private placement of securities relating to a synthetic collateralized debt obligation sold to two institutional investors. Goldman Sachs and/or other affiliates of The Goldman Sachs Group, Inc. have received or may in the future receive notices and requests for information from various regulators, and have become or may in the future become involved in legal proceedings, based on allegations similar to those made by the SEC or other matters.

Neither Goldman Sachs Asset Management, L.P. or Goldman Sachs Asset Management International (collectively “GSAM”) nor any GSAM-managed funds have been named in the complaint. Moreover, the SEC complaint does not seek any penalties against them or against any employee who is or has been part of GSAM.

In the view of Goldman Sachs and GSAM, neither the matters alleged in this or any such similar proceedings nor their eventual resolution are likely to have a material affect on the ability of Goldman Sachs, GSAM or their affiliates to provide services to GSAM-managed funds. Due to a provision in the law governing the operation of mutual funds, the resolution of the SEC action could, under certain circumstances, result in a situation in which Goldman Sachs, GSAM and their affiliates would be ineligible to serve as an investment adviser or principal underwriter for U.S.-registered mutual funds absent an exemption from the SEC. While there is no assurance that such an exemption would be granted, the SEC has granted this type of relief in the past.

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

12. SUBSEQUENT EVENT

Other than the item discussed below, subsequent events after the balance sheet date have been evaluated through the date the financial statements were issued and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

Fund Liquidation — On May 20, 2010, the trustees approved a proposal to liquidate the Structured International Equity Flex Fund pursuant to a board-approved Plan of Liquidation. It is expected that the Fund will be liquidated in July 2010.

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2010 (Unaudited)

13. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Structured International Equity Flex Fund

	For the Six Months Ended
	April 30, 2010						For the Fiscal Year Ended
	(Unaudited)						October 31, 2009

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		559,935		$	4,641,460			1,350,117		$	9,274,213
Shares redeemed		(2,939,095	)		(24,474,324	)		(5,319,327	)		(33,861,197	)


		(2,379,160	)		(19,832,864	)		(3,969,210	)		(24,586,984	)


Class C Shares
Shares sold		5,939			49,980			85,006			564,459
Shares redeemed		(85,690	)		(705,029	)		(175,161	)		(1,127,553	)


		(79,751	)		(655,049	)		(90,155	)		(563,094	)


Institutional Shares
Shares sold		106,835			900,074			396,611			2,747,227
Shares redeemed		(1,055,091	)		(8,840,732	)		(2,280,401	)		(15,515,400	)


		(948,256	)		(7,940,658	)		(1,883,790	)		(12,768,173	)


Class IR Shares
Shares sold		1			11			5			35
Shares redeemed		(1	)		(10	)		(5	)		(35	)


		—			1			—			—


Class R Shares
Shares sold		3			27			4			27
Shares redeemed		(2	)		(16	)		(4	)		(27	)


		1			11			—			—


NET DECREASE		(3,407,166	)	$	(28,428,559	)		(5,943,155	)	$	(37,918,251	)

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS


13. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Structured Emerging Markets Equity Fund

	For the Six Months Ended
	April 30, 2010						For the Fiscal Year Ended
	(Unaudited)						October 31, 2009

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		10,895,795		$	87,783,036			358,622		$	1,960,003
Reinvestment of distributions		2,073			16,168			1,120			4,917
Shares redeemed		(1,358,793	)		(10,615,813	)		(59,891	)		(328,757	)


		9,539,075			77,183,391			299,851			1,636,163


Class C Shares
Shares sold		13,358			104,661			198,857			1,276,557
Reinvestment of distributions		808			6,276			49			214
Shares redeemed		(2,068	)		(15,917	)		(8,331	)		(37,089	)


		12,098			95,020			190,575			1,239,682


Institutional Shares
Shares sold		18,910,767			147,465,240			10,147,083			54,329,977
Shares issued in connection with in-kind sales		—			—			6,072,202			41,473,136
Reinvestment of distributions		690,410			5,399,004			414,325			1,823,028
Shares redeemed		(6,322,285	)		(49,131,514	)		(8,132,976	)		(36,285,911	)


		13,278,892			103,732,730			8,500,634			61,340,230


NET INCREASE		22,830,065		$	181,011,141			8,991,060		$	64,216,075

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2010 (Unaudited)


13. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Structured International Equity Fund

	For the Six Months Ended
	April 30, 2010						For the Fiscal Year Ended
	(Unaudited)						October 31, 2009

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		9,217,618		$	90,303,173			24,445,316		$	199,536,922
Shares converted from Class B^(a)		10,383			100,351			42,812			313,535
Reinvestment of distributions		1,284,421			12,458,884			3,634,810			26,897,594
Shares redeemed		(16,443,644	)		(162,407,940	)		(37,173,252	)		(283,675,665	)


		(5,931,222	)		(59,545,532	)		(9,050,314	)		(56,927,614	)


Class B Shares
Shares sold		30,060			291,637			97,516			785,496
Shares converted to Class A^(a)		(10,475	)		(100,351	)		(43,239	)		(313,535	)
Reinvestment of distributions		11,526			110,766			37,390			274,813
Shares redeemed		(85,403	)		(825,627	)		(317,336	)		(2,383,580	)


		(54,292	)		(523,575	)		(225,669	)		(1,636,806	)


Class C Shares
Shares sold		30,961			301,059			95,608			769,271
Reinvestment of distributions		6,889			66,270			24,336			178,624
Shares redeemed		(84,091	)		(814,305	)		(300,215	)		(2,310,791	)


		(46,241	)		(446,976	)		(180,271	)		(1,362,896	)


Institutional Shares
Shares sold		22,397,796			226,624,607			55,726,312			467,092,384
Reinvestment of distributions		4,226,939			41,973,509			10,117,737			76,490,096
Shares redeemed		(42,788,618	)		(425,370,787	)		(74,597,095	)		(593,249,515	)


		(16,163,883	)		(156,772,671	)		(8,753,046	)		(49,667,035	)


Service Shares
Shares sold		496,039			4,913,231			1,229,788			10,258,734
Reinvestment of distributions		28,463			277,803			57,636			429,386
Shares redeemed		(1,152,094	)		(11,173,980	)		(1,042,883	)		(7,780,892	)


		(627,592	)		(5,982,946	)		244,541			2,907,228


Class IR Shares
Shares sold		2			25			4			31
Reinvestment of distributions		18			170			40			297
Shares redeemed		(1	)		(9	)		(4	)		(30	)


		19			186			40			298


Class R Shares
Shares sold		235			2,278			15,483			122,694
Reinvestment of distributions		357			3,438			35			257
Shares redeemed		(1	)		(14	)		(4	)		(30	)


		591			5,702			15,514			122,921


NET DECREASE		(22,822,620	)	$	(223,265,812	)		(17,949,205	)	$	(106,563,904	)


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS


13. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Structured International Small Cap Fund

	For the Six Months Ended
	April 30, 2010						For the Fiscal Year Ended
	(Unaudited)						October 31, 2009

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		763,703		$	5,570,821			3,646,449		$	20,658,625
Reinvestment of distributions		117,322			811,868			150,452			705,619
Shares redeemed		(1,064,578	)		(7,708,524	)		(2,434,259	)		(12,741,698	)


		(183,553	)		(1,325,835	)		1,362,642			8,622,546


Class C Shares
Shares sold		27,148			193,608			3,150			22,310
Reinvestment of distributions		74			506			41			192
Shares redeemed		(6,014	)		(41,544	)		(1,801	)		(12,393	)


		21,208			152,570			1,390			10,109


Institutional Shares
Shares sold		5,434,032			38,211,809			15,604,436			90,028,681
Shares issued in connection with in-kind sales		—			—			5,786,273			37,610,773
Reinvestment of distributions		733,402			5,067,812			628,295			2,940,419
Shares redeemed		(3,483,650	)		(25,232,567	)		(6,158,584	)		(33,796,186	)


		2,683,784			18,047,054			15,860,420			96,783,687


NET INCREASE		2,521,439		$	16,873,789			17,224,452		$	105,416,342

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


				Income (loss) from									Distributions
		Net asset		investment operations									to shareholders
		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)


	2010 - A	$	8.09	$	0.03		$	0.21		$	0.24		$	—		$	—		$	—
	2010 - C		7.92		0.03			0.18			0.21			—			—			—
	2010 - Institutional		8.18		0.07			0.20			0.27			—			—			—
	2010 - IR		8.10		0.03			0.23			0.26			—			—			—
	2010 - R		8.03		0.01			0.22			0.23			—			—			—


FOR THE FISCAL YEARS ENDED OCTOBER 31,


	2009 - A		6.62		0.12			1.35			1.47			—			—			—
	2009 - C		6.54		0.07			1.31			1.38			—			—			—
	2009 - Institutional		6.67		0.15			1.36			1.51			—			—			—
	2009 - IR		6.62		0.13			1.35			1.48			—			—			—
	2009 - R		6.59		0.11			1.33			1.44			—			—			—




	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			0.66			—			—			—
	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 distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.


(c)	Annualized.


(d)	Amount is less than $0.005 per share.

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FLEX FUND


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




$	8.33		2.97	%	$	38,568		1.60	%^(c)		2.17	%^(c)		0.75	%^(c)		41	%
	8.13		2.65			1,438		2.35	^(c)		2.92	^(c)		0.65	^(c)	��	41
	8.45		3.18			13,050		1.20	^(c)		1.77	^(c)		1.60	^(c)		41
	8.36		3.21			7		1.35	^(c)		1.92	^(c)		0.79	^(c)		41
	8.26		2.86			7		1.85	^(c)		2.42	^(c)		0.29	^(c)		41





	8.09		22.02			56,679		1.60			2.25			1.74			117
	7.92		21.10			2,032		2.35			3.00			1.05			117
	8.18		22.64			20,397		1.20			1.85			2.20			117
	8.10		22.36			7		1.35			2.00			2.04			117
	8.03		21.85			7		1.85			2.50			1.56			117




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




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





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

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

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

FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)


	2010 - A	$	7.14	$	(0.01	)	$	1.04		$	1.03		$	(0.07	)	$	—		$	(0.07	)
	2010 - C		7.11		(0.04	)		1.04			1.00			(0.06	)		—			(0.06	)
	2010 - Institutional		7.17		—	^(d)		1.05			1.05			(0.10	)		—			(0.10	)


FOR THE FISCAL YEARS ENDED OCTOBER 31,


	2009 - A		4.45		0.12	^(e)		2.61			2.73			(0.04	)		—			(0.04	)
	2009 - C		4.41		0.07	^(e)		2.64			2.71			(0.01	)		—			(0.01	)
	2009 - Institutional		4.47		0.13	^(e)		2.62			2.75			(0.05	)		—			(0.05	)




	2008 - A		11.04		0.15	^(f)		(6.64	)		(6.49	)		(0.05	)		(0.05	)		(0.10	)
	2008 - C		11.03		0.10	^(f)		(6.63	)		(6.53	)		(0.04	)		(0.05	)		(0.09	)
	2008 - Institutional		11.04		0.18	^(f)		(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		—	^(d)		1.03			1.03			—			—			—
	2007 - Institutional (Commenced October 5, 2007)		10.00		—	^(d)		1.04			1.04			—			—			—


(a)	Calculated based on the average shares outstanding methodology.

(b)


(c)	Annualized.


(d)	Amount is less than $0.005 per share.


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


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

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

GOLDMAN SACHS STRUCTURED EMERGING MARKETS EQUITY FUND


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




$	8.10		14.46	%	$	80,284		1.45	%^(c)		1.63	%^(c)		(0.38	)%^(c)		76	%
	8.05		14.15			1,710		2.20	^(c)		2.38	^(c)		(0.92	)^(c)		76
	8.12		14.69			461,123		1.05	^(c)		1.23	^(c)		0.25	^(c)		76





	7.14		61.83			2,694		1.45			1.76			2.04	^(e)		182
	7.11		61.28			1,426		2.20			2.51			1.13	^(e)		182
	7.17		62.25			311,960		1.05			1.36			2.38	^(e)		182




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





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

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


				Income (loss) from								Distributions
		Net asset		investment operations								to shareholders
		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)


	2010 - A	$	9.61	$	0.08	$	0.16		$	0.24		$	(0.21	)	$	—		$	(0.21	)
	2010 - B		9.47		0.04		0.16			0.20			(0.14	)		—			(0.14	)
	2010 - C		9.47		0.04		0.17			0.21			(0.14	)		—			(0.14	)
	2010 - Institutional		9.86		0.10		0.18			0.28			(0.25	)		—			(0.25	)
	2010 - Service		9.67		0.07		0.17			0.24			(0.21	)		—			(0.21	)
	2010 - IR		9.56		0.09		0.17			0.26			(0.24	)		—			(0.24	)
	2010 - R		9.55		0.07		0.16			0.23			(0.21	)		—			(0.21	)

FOR THE FISCAL YEAR ENDED OCTOBER 31,


	2009 - A		8.06		0.17		1.77			1.94			(0.39	)		—			(0.39	)
	2009 - B		7.91		0.12		1.73			1.85			(0.29	)		—			(0.29	)
	2009 - C		7.90		0.12		1.74			1.86			(0.29	)		—			(0.29	)
	2009 - Institutional		8.29		0.21		1.81			2.02			(0.45	)		—			(0.45	)
	2009 - Service		8.08		0.16		1.79			1.95			(0.36	)		—			(0.36	)
	2009 - IR		8.04		0.20		1.75			1.95			(0.43	)		—			(0.43	)
	2009 - R		8.01		0.08		1.84			1.92			(0.38	)		—			(0.38	)

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


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


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


(a)	Calculated based on the average shares outstanding methodology.

(b)


(c)	Annualized.

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND


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




$	9.64		2.53	%	$	601,335		1.24	%^(c)		1.28	%^(c)		1.58	%^(c)		60	%
	9.53		2.15			7,153		1.99	^(c)		2.03	^(c)		0.84	^(c)		60
	9.54		2.21			5,221		1.99	^(c)		2.03	^(c)		0.83	^(c)		60
	9.89		2.81			1,615,024		0.84	^(c)		0.88	^(c)		2.00	^(c)		60
	9.70		2.47			23,901		1.34	^(c)		1.38	^(c)		1.35	^(c)		60
	9.58		2.66			7		0.99	^(c)		1.03	^(c)		1.86	^(c)		60
	9.57		2.41			161		1.49	^(c)		1.53	^(c)		1.38	^(c)		60




	9.61		25.56			656,289		1.25			1.32			2.17			158
	9.47		24.49			7,620		2.00			2.07			1.50			158
	9.47		24.68			5,622		2.00			2.07			1.52			158
	9.86		26.03			1,770,267		0.85			0.92			2.55			158
	9.67		25.46			29,882		1.35			1.42			1.96			158
	9.56		25.94			7		1.00			1.07			2.51			158
	9.55		25.32			155		1.50			1.57			0.95			158




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




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



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



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



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

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

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)


	2010 - A	$	7.03	$	0.05		$	0.67		$	0.72			$	(0.16	)
	2010 - C		6.95		0.04			0.65			0.69				(0.13	)
	2010 - Institutional		7.04		0.07			0.67			0.74				(0.18	)


FOR THE FISCAL YEARS ENDED OCTOBER 31,


	2009 - A		4.94		0.09			2.19			2.28				(0.19	)
	2009 - C		4.91		0.06			2.17			2.23				(0.19	)
	2009 - Institutional		4.96		0.12			2.19			2.31				(0.23	)




	2008 - A		10.46		0.20	^(d)		(5.69	)		(5.49	)			(0.03	)
	2008 - C		10.46		0.13	^(d)		(5.68	)		(5.55	)			—	^(e)
	2008 - Institutional		10.47		0.23	^(d)		(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		—	^(e)		0.47			0.47				—


(a)	Calculated based on the average shares outstanding methodology.

(b)


(c)	Annualized.


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


(e)	Amount is less than $0.005 per share.

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND


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




$	7.59		10.48	%	$	37,822		1.30	%^(c)		1.49	%^(c)		1.42	%^(c)		65	%
	7.51		10.14			203		2.05	^(c)		2.24	^(c)		1.17	^(c)		65
	7.60		10.78			244,498		0.90	^(c)		1.09	^(c)		1.93	^(c)		65





	7.03		48.17			36,310		1.30			1.74			1.62			209
	6.95		47.36			40		2.05			2.49			1.16			209
	7.04		48.80			207,776		0.90			1.34			1.99			209




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





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

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Fund Expenses — Six Month Period Ended April 30, 2010 (Unaudited)

As a shareholder of Class A, Class B, Class C, Institutional, Service, Class IR or Class R Shares of a Fund you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges on redemptions (with respect to Class B and Class C Shares), and redemption fees (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 or 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, 2009 through April 30, 2010.

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

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

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


	Structured International Equity Flex Fund							Structured Emerging Markets Equity Fund							Structured International Equity Fund							Structured International Small Cap Fund
						Expenses							Expenses							Expenses							Expenses
						Paid for the							Paid for the							Paid for the							Paid for the
	Beginning		Ending			6 Months		Beginning		Ending			6 Months		Beginning		Ending			6 Months		Beginning		Ending			6 Months
	Account Value		Account Value			Ended		Account Value		Account Value			Ended		Account Value		Account Value			Ended		Account Value		Account Value			Ended
Share Class	11/01/09		4/30/10			4/30/10*		11/01/09		4/30/10			4/30/10*		11/01/09		4/30/10			4/30/10*		11/01/09		4/30/10			4/30/10*
Class A
Actual	$	1,000	$	1,029.70		$	8.10	$	1,000	$	1,144.60		$	7.71	$	1,000	$	1,025.30		$	6.23	$	1,000	$	1,104.80		$	6.78
Hypothetical 5% return		1,000		1,016.81	+		8.05		1,000		1,017.60	+		7.25		1,000		1,018.65	+		6.21		1,000		1,018.35	+		6.51

Class B
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,021.50			9.97		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,014.93	+		9.94		N/A		N/A			N/A

Class C
Actual		1,000		1,026.50			11.86		1,000		1,141.50			11.68		1,000		1,022.10			9.98		1,000		1,101.40			10.68
Hypothetical 5% return		1,000		1,013.09	+		11.78		1,000		1,013.88	+		10.99		1,000		1,014.93	+		9.94		1,000		1,014.63	+		10.24

Institutional
Actual		1,000		1,031.80			6.10		1,000		1,146.90			5.59		1,000		1,028.10			4.22		1,000		1,107.80			4.70
Hypothetical 5% return		1,000		1,018.79	+		6.06		1,000		1,019.59	+		5.26		1,000		1,020.63	+		4.21		1,000		1,020.33	+		4.51

Service
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,024.70			6.73		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,018.15	+		6.71		N/A		N/A			N/A

Class IR
Actual		1,000		1,032.10			6.90		N/A		N/A			N/A		1,000		1,026.60			5.13		N/A		N/A			N/A
Hypothetical 5% return		1,000		1,018.00	+		6.85		N/A		N/A			N/A		1,000		1,019.74	+		5.11		N/A		N/A			N/A

Class R
Actual		1,000		1,028.60			9.46		N/A		N/A			N/A		1,000		1,024.10			7.48		N/A		N/A			N/A
Hypothetical 5% return		1,000		1,015.47	+		9.39		N/A		N/A			N/A		1,000		1,017.41	+		7.45		N/A		N/A			N/A

Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 2010. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:


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

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		1.24			1.99	%		1.99			0.84			1.34	%		0.99			1.49
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 $713.9 billion in assets under management as of March 31, 2010 — our investment professionals bring firsthand knowledge of local markets to every investment decision. Goldman Sachs Asset Management ranks in the top 10 asset management firms worldwide, based on assets under management.¹

OVERVIEW OF GOLDMAN SACHS FUNDS


Money Market²n Institutional Liquid Assets Prime Obligations Portfolio n Institutional Liquid Assets Tax-Exempt Diversified Portfolio n Financial Square Federal Fund n Financial Square Government Fund n Financial Square Money Market Fund n Financial Square Prime Obligations Fund n Financial Square Tax-Free Money Market Fund n Financial Square Treasury Instruments Fund n Financial Square Treasury Obligations Fund Fixed Income Short Duration and Government n Enhanced Income Fund n Ultra-Short Duration Govt. Fund n Short Duration Government Fund n Government Income Fund n Inflation Protected Securities Fund Multi-Sector n Core Fixed Income Fund n Core Plus Fixed Income Fund n Global Income Fund Municipal and Tax-Free n High Yield Municipal Fund n Municipal Income Fund n Short Duration Tax-Free Fund Single Sector n Investment Grade Credit Fund n U.S. Mortgages Fund		n High Yield Fund n Emerging Markets Debt Fund n Local Emerging Markets Debt Fund Corporate Credit n Credit Strategies Fund Fundamental Equity n Growth and Income Fund n Small Cap Value Fund n Mid Cap Value Fund n Large Cap Value Fund n Capital Growth Fund n Strategic Growth Fund n Small/Mid Cap Growth Fund n All Cap Growth Fund n Concentrated Growth Fund n Tollkeeper Fund^smn Growth Opportunities Fund n U.S. Equity Fund Structured Equity n Balanced Fund n Structured Small Cap Equity Fund n Structured U.S. Equity Fund n Structured Small Cap Growth Fund n Structured Large Cap Growth Fund n Structured Large Cap Value Fund n Structured Small Cap Value Fund n Structured Tax-Managed Equity Fund n Structured International Tax-Managed Equity Fund n U.S. Equity Dividend and Premium Fund n International Equity Dividend and Premium Fund		n Structured International Small Cap Fund n Structured International Equity Fund n Structured Emerging Markets Equity Fund n Structured International Equity Flex Fund Fundamental Equity International n Strategic International Equity Fund n Concentrated International Equity Fund n International Small Cap Fund n Asia Equity Fund n Emerging Markets Equity Fund n BRIC Fund (Brazil, Russia, India, China) Select Satellite³n Real Estate Securities Fund n International Real Estate Securities Fund n Commodity Strategy Fund n Dynamic Allocation Fund n Absolute Return Tracker Fund Total Portfolio Solutions³n Balanced Strategy Portfolio n Growth and Income Strategy Portfolio n Growth Strategy Portfolio n Equity Growth Strategy Portfolio n Income Strategies Portfolio n Satellite Strategies Portfolio n Retirement Strategies Portfolios n Enhanced Dividend Global Equity Portfolio n Tax Advantaged Global Equity Portfolio


¹	Ranked 9th in Total Assets Worldwide. Pensions&Investments, May 2009.

²	An investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds.

³	Individual Funds within the Total Portfolio Solutions and Select Satellite categories will have various placement on the risk/return spectrum and may have greater or lesser risk than that indicated by the placement of the general Total Portfolio Solutions or Select Satellite category.

Firmwide assets under management includes assets managed by GSAM and its Investment Advisory Affiliates. 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 George F. Travers, Principal Financial Officer Peter V. Bonanno, Secretary Scott M. McHugh, Treasurer


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

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

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

A summary prospectus and a Prospectus for the Funds containing more 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 summary prospectus and/or the Prospectus carefully before investing. The summary prospectus and the Prospectus contains this and other information about the Funds.

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 Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q will become available on the SEC’s website at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. When available, 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. When available, Form N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Holdings and allocations shown are 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 summary prospectus or Prospectus for the Funds. Please consider a Fund’s objectives, risks, and charges and expenses, and read the summary prospectus and/or Prospectus carefully before investing. The summary prospectus and Prospectus contain this and other information about the Funds.


ITEM 2.		CODE OF ETHICS.


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


ITEM 3.		AUDIT COMMITTEE FINANCIAL EXPERT.

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


ITEM 4.		PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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


ITEM 5.		AUDIT COMMITTEE OF LISTED REGISTRANTS.

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


ITEM 6.		SCHEDULE OF INVESTMENTS.


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

	(b)		Not applicable.


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)		Not applicable.

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

(a)(3)		Not applicable.

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

SIGNATURES

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


				Goldman Sachs Trust

				/s/ James A. McNamara

				By: James A. McNamara
				Chief Executive Officer of
				Goldman Sachs Trust

				Date: June 30, 2010

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


				/s/ James A. McNamara

				By: James A. McNamara
				Chief Executive Officer of
				Goldman Sachs Trust

				Date: June 30, 2010

				/s/ George F. Travers

				By: George F. Travers
				Chief Financial Officer of
				Goldman Sachs Trust

				Date: June 30, 2010

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