Goldman Sachs High Yield Instl (GSHIX) N-CSRS 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, New York 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: December 31

Date of reporting period: June 30, 2011

ITEM 1.	REPORTS TO STOCKHOLDERS.
	The Semi-Annual Report to Stockholders is filed herewith.

Goldman Sachs Funds

Semi-Annual Report	June 30, 2011
	Structured Tax-Advantaged Equity Funds
	U.S. Equity Dividend and Premium
	International Equity Dividend and Premium
	Structured Tax-Managed Equity
	Structured International Tax-Managed Equity

Goldman Sachs Structured Tax-Advantaged Equity Funds

n	U.S. EQUITY DIVIDEND AND PREMIUM
n	INTERNATIONAL EQUITY DIVIDEND AND PREMIUM
n	STRUCTURED TAX-MANAGED EQUITY
n	STRUCTURED INTERNATIONAL TAX-MANAGED EQUITY

TABLE OF CONTENTS
Principal Investment Strategies and Risks	1
Market Review	3
Investment Process — Equity Dividend and Premium Funds	5
Portfolio Management Discussions and Performance Summaries — Equity Dividend and Premium Funds	6
Investment Process — Global Structured Tax-Managed	16
Portfolio Management Discussions and Performance Summaries — Structured Tax-Managed Funds	17
Schedules of Investments	27
Financial Statements	50
Financial Highlights	54
Notes to the Financial Statements	62
Other Information	84

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Principal Investment Strategies and Risks

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

The Goldman Sachs U.S. Equity Dividend and Premium Fund invests primarily in dividend-paying equity investments in large-capitalization U.S. equity issuers. The Fund is 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 is also subject to the risks associated with writing (selling) call options. Writing call options limits the opportunity to profit from an increase in the market value of stocks in exchange for up-front cash at the time of selling the call option. In a rising market, the Fund could significantly underperform the market. The Fund’s options strategies may not fully protect it against declines in the value of the market. The Fund uses both a variety of quantitative techniques and fundamental research when selecting investments which have the potential to maximize the Fund’s after tax return, and minimize capital gains and income distribution. No assurance can be offered that the Fund’s tax-managed strategies will reduce the amount of taxable income and capital gains distributed by the Fund to shareholders. The Fund is not suitable for IRAs or other tax-exempt or tax-deferred accounts. The Fund may make investments in derivative instruments, including options and financial futures. Derivative instruments may be illiquid, difficult to price and leveraged, so that a small movement in the price of an underlying security may result in disproportionate losses to the Fund.

The Goldman Sachs International Equity Dividend and Premium Fund invests primarily in dividend-paying equity investments in companies that are organized outside the United States or whose securities are principally traded outside the United States. The Fund is 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. 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 Fund uses both a variety of quantitative techniques and fundamental research when selecting investments which have the potential to maximize the Fund’s after tax return, and minimize capital gains and income distribution. No assurance can be offered that the Fund’s tax-managed strategies will reduce the amount of taxable income and capital gains distributed by the Fund to shareholders. The Fund is not suitable for IRAs or other tax-exempt or tax-deferred accounts. The Fund may make investments in derivative instruments, including options and financial futures. The Fund is also subject to the risks associated with writing (selling) call options. Writing call options limits the opportunity to profit from an increase in the market value of stocks in exchange for up-front cash at the time of selling the call option. In a rising market, the Fund could significantly underperform the market. The Fund’s options strategies may not fully protect it against declines in the value of the market. Derivative instruments may be illiquid, difficult to price and leveraged, so that a small movement in the price of an underlying security may result in disproportionate losses to the Fund.

          1

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

The Goldman Sachs Structured Tax-Managed Equity Fund invests in a broadly diversified portfolio of equity investments in U.S. issuers, including foreign issuers that are traded in the United States. The Fund is 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 invest in securities of any capitalization, including mid-capitalization and small-capitalization companies, which involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price. The Fund uses both a variety of quantitative techniques and fundamental research when selecting investments which have the potential to maximize the Fund’s after tax return, and minimize capital gains and income distribution. No assurance can be offered that the Fund’s tax-managed strategies will reduce the amount of taxable income and capital gains distributed by the Fund to shareholders. The Fund is not suitable for IRAs or other tax-exempt or tax-deferred accounts. The Fund may make investments in derivative instruments, including options and financial futures. Derivative instruments may be illiquid, difficult to price and leveraged, so that a small movement in the price of an underlying security may result in disproportionate losses to the Fund.

The Goldman Sachs Structured International Tax-Managed Equity Fund invests primarily in international equity securities. The Fund is 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. 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. The Fund may invest in securities of any capitalization, including mid-capitalization and small-capitalization companies, which involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price. The Fund uses both a variety of quantitative techniques and fundamental research when selecting investments which have the potential to maximize the Fund’s after tax return, and minimize capital gains and income distribution. No assurance can be offered that the Fund’s tax-managed strategies will reduce the amount of taxable income and capital gains distributed by the Fund to shareholders. The Fund is not suitable for IRAs or other tax-exempt or tax-deferred accounts. The Fund may make investments in derivative instruments, including options and financial futures. Derivative instruments may be illiquid, difficult to price and leveraged, so that a small movement in the price of an underlying security may result in disproportionate losses to the Fund.

2          

MARKET REVIEW

Goldman Sachs Structured Tax-Advantaged Equity Funds

Market Review

Overall, global equity markets generated positive returns during the six months ended June 30, 2011 (the “Reporting Period”). Most of the gains were generated during the first quarter of 2011 when economic data remained relatively strong. However, as the quarter progressed, risks to the global economy proliferated. Political unrest emerged in Tunisia, followed by Egypt and the broader Middle East and North African region. Oil prices peaked around $126 per barrel on concerns about potential supply disruptions. In March, Japan was struck by the Tohoku earthquake and tsunami, leading to a nuclear emergency at the Fukushima Daiichi plant. In Europe, as policymakers struggled to avert restructures, Ireland and Portugal joined Greece as recipients of European Union bailouts. In April, the European Central Bank delivered its first interest rate hike since the financial crisis in response to escalating inflation pressures.

The global equity markets experienced a much more volatile second quarter. Investors generally remained defensive, but economic data had begun to shift. Oil prices started to moderate in April, helped in June by the International Energy Agency’s (“IEA”) agreement to release global strategic reserves. Expectations ran high for strong corporate profit growth. Japanese industrial output improved substantially toward the end of the Reporting Period, and the subsequent boost in U.S. manufacturing figures suggested that Japan’s recovery, even at these early stages, was repairing significant gaps in the global supply chain.

Alongside these modest improvements, widespread risks to market confidence remained at the end of the Reporting Period. U.S. labor markets had yet to show any consistent strength, and Eurozone policymakers were still working toward a detailed resolution for the peripheral European nations’ severe debt and fiscal problems. Moreover, fiscal pressures were mounting in the U.S., where lawmakers continued to disagree on terms for raising the country’s debt ceiling ahead of an August 2, 2011 payment deadline.

U.S. Equity Markets

The Russell 3000^® Index, which is a measure of the broad equity markets, rose 6.35% during the Reporting Period, compared to the Standard & Poor’s 500^® Index (“S&P 500 Index”), which gained 6.02%. Nine of the ten sectors in the S&P 500 Index were up, with health care (+13.88%) and energy (+11.43%) gaining the most ground. Energy was, not surprisingly, impacted by the price of Brent crude oil, which peaked at more than $126 per barrel in April on supply disruption fears in North Africa and the Middle East before falling in June on weaker U.S. economic data and concerns about the pace of growth in China’s economy. Still, Brent crude oil prices ended the Reporting Period at more than $112 per barrel. The health care sector was the largest contributor (measured by weight times total return) to S&P 500 Index returns.

The Russell 1000^® Growth Index increased 6.83% during the Reporting Period, outperforming the Russell 1000^® Value Index, which was up 5.92%. The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe, while the Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe. Growth stocks outperformed value stocks, largely because of the strong performance of growth stocks within the financials sector. Small-cap stocks performed generally in line with large-cap stocks, with the Russell 2000^® Index, a measure of small-cap stocks, returning 6.21%. Small-cap information technology stocks performed better than their large-cap counterparts during the Reporting Period.

          3

MARKET REVIEW

International Equity Markets

The Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) Index (the “MSCI EAFE Index”) gained 4.98% (USD, net) during the Reporting Period. Seventeen of the 22 countries in the MSCI EAFE Index were up, with Ireland (+20.03%) and New Zealand (+16.29%) posting the largest absolute gains. In terms of its weighting in the MSCI EAFE Index, France (+13.11%) was the largest contributor.

Eight of the ten sectors in the MSCI EAFE Index posted positive results for the Reporting Period, with health care (+11.12%) and telecommunication services (+8.77%) gaining the most ground. The top-weighted financials sector was the largest contributor (measured by weight times total return).

Looking Ahead

In the coming months, we continue to expect less expensive stocks to outpace more expensive stocks. We also believe stocks with good momentum are likely to outperform those with poor momentum. We intend to maintain our focus on names about which fundamental analysts are becoming more positive and on profitable companies with strong sustainable earnings and a track record of using capital to enhance shareholder value. We anticipate remaining fully invested, and anticipate that long-term performance is 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 potentially 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.

4          

INVESTMENT PROCESS

What Differentiates the Goldman Sachs
U.S. Equity Dividend and Premium and
Goldman Sachs International Equity Dividend
and Premium Funds’ Investment Process?

The Goldman Sachs U.S. Equity Dividend and Premium Fund seeks to maximize income and total return. The Goldman Sachs International Equity Dividend and Premium Fund seeks to maximize total return with an emphasis on income. Their portfolios consist primarily of large-cap, dividend-paying stocks. By investing in these securities, and through the use of option call writing, the Funds look to generate an attractive after-tax cash flow.

Goldman Sachs U.S. Equity Dividend and Premium and Goldman Sachs International Equity Dividend and Premium Funds’ Investment Process

A diversified portfolio:

n	Create a diversified large-cap equity portfolio that participates in all industries and sectors.
n	Emphasize higher dividend-paying stocks within each industry and sector.

Written call options:

n The Funds utilize index call writing to seek to enhance their cash flow.

n We use proprietary quantitative techniques, including optimization tools, a risk model and a transactions cost model, in identifying a portfolio of stocks that we believe may enhance expected dividend yield while limiting deviations when compared to the S&P 500 Index or MSCI EAFE Index, as applicable.

n	A fully invested, style-consistent portfolio.
n	The Funds seek attractive after-tax cash flow from qualified dividends, long-term capital gains and option call writing.
n	The Funds seek to enhance after-tax return by generating distributions primarily from qualified dividends and long-term capital gains, both of which are subject to current favorable long-term tax rates of 15%.1

¹ A sunset provision provides that the 15% long-term capital gain rate will increase to 20% and the taxation of dividends at the long-term capital gain rate will end after 2012.

          5

PORTFOLIO RESULTS

U.S. Equity Dividend and Premium Fund

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs U.S. Equity Dividend and Premium Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2011 (the “Reporting Period”).

Q	How did the Fund perform during the Reporting Period?
A	During the Reporting Period, the Fund’s Class A, C, Institutional and IR Shares generated cumulative total returns, without sales charges, of 5.82%, 5.35%, 6.04% and 5.86%, respectively. These returns compare to the 6.02% and 2.72% cumulative total returns of the Fund’s benchmarks, the Standard & Poor’s® 500 Index (with dividends reinvested) (the “S&P 500 Index”) and the Barclays Capital U.S. Aggregate Bond Index, respectively, during the same period.
Q	What key factors were most responsible for the Fund’s performance during the Reporting Period?
A	The sale of call options on the S&P 500 Index detracted from the Fund’s total return. (A call option is an option that gives the holder the right to buy a certain quantity of an underlying security at an agreed-upon price at any time up to an agreed-upon date.)

As mentioned in the Market Review, the equity market posted positive returns during the Reporting Period, and nine of the ten sectors of the S&P 500 Index were up. In this environment, our security selection in the information technology, consumer discretionary, telecommunication services, energy, utilities, consumer staples and industrials sectors contributed positively to performance. However, stock selection within the materials, health care and financial sectors detracted on a relative basis.

Q

How did the Fund’s call writing affect its performance?

A

Consistent with our investment approach, we wrote index call options on a portion of the stock portfolio’s market value. Upon exercise by the holder, the sale of an index call option obligates us to buy an index at a specified price, also known as the “strike price.” Although the Fund retains the proceeds from the sale of an option, the payment may not exceed the increase in the value of the index as call options are exercised and we pay the purchaser the increase in value. This is what happened during the Reporting Period when the S&P 500 Index appreciated, and thus the Fund’s call writing detracted from performance.

In general, we targeted 4% in annual premiums. We wrote call options covering about 35% of the value of the stock portfolio to achieve this target.

Overall, call option writing tends to reduce volatility. Since its inception, the realized daily volatility of the Fund has been about 95% of the realized volatility of the S&P 500 Index.

Q	What was the Fund’s dividend yield during the Reporting Period?
A	While maintaining industry and sector weights consistent with the S&P 500 Index, we favor stocks with higher dividend yields. The dividend yield of the Fund during the Reporting Period was 3.02% compared to 2.01% for the S&P 500 Index. The Fund’s dividend yield served to enhance its quarterly net income distributions.
Q	Among individual holdings, which stocks contributed most to the Fund’s results?
A	The Fund benefited from overweighted positions relative to the S&P 500 Index in oil producer Chevron and tax preparation company H&R Block. An underweighted position relative to the S&P 500 Index in Google, the Internet search firm, also added value.
Q	Which individual stock holdings detracted most from relative performance during the Reporting Period?
A	The Fund’s returns were dampened by overweighted positions compared to the S&P 500 Index in mining company Southern Copper, financial giant Bank of America and oil producer ConocoPhillips.
Q	How did fixed income investments affect relative performance?
A	The Fund’s investments in fixed income securities are limited to cash equivalents, and therefore fixed income holdings did not have a meaningful impact on performance.

6          

PORTFOLIO RESULTS

Q	How did the Fund use derivatives and similar instruments during the Reporting Period?
A	During the Reporting Period, we used equity index futures, on an opportunistic basis, to equitize the Fund’s excess cash holdings. In other words, we put the Fund’s excess cash holdings to work by using them as collateral for the purchase of equity index futures. Consistent with our investment approach, we also wrote equity index options on a portion of the portfolio’s market value in an effort to generate premiums and reduce volatility.
Q	What changes or enhancements did you make to your quantitative model during the Reporting Period?
A	No material changes or enhancements were made to our quantitative model during the Reporting Period.

          7

FUND BASICS

U.S. Equity Dividend and Premium Fund

as of June 30, 2011

    PERFORMANCE REVIEW

January 1, 2011–	Fund Total Return						Barclays Capital U.S.
June 30, 2011	(based on NAV)1			S&P 500 Index2			Aggregate Bond Index3
Class A		5.82	%		6.02	%		2.72	%
Class C		5.35			6.02			2.72
Institutional		6.04			6.02			2.72
Class IR		5.86			6.02			2.72

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 S&P 500 Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The Index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.
3	The Barclays Capital U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage backed and asset-backed securities. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

    STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS⁴

For the period ended 6/30/11	One Year			Five Years			Since Inception			Inception Date
Class A		20.40	%		2.05	%		2.57	%	8/31/05
Class C		25.36			2.40			2.77		8/31/05
Institutional		27.97			3.62			3.98		8/31/05
Class IR		N/A			N/A			24.42		8/31/10

4

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

The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at: www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects 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.

8          

FUND BASICS

    EXPENSE RATIOS⁵

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.25	%		1.27	%
Class C		2.00			2.02
Institutional		0.85			0.87
Class IR		1.00			1.02

⁵ The expense ratios of the Fund, both current (net of any fee waivers or expense limitations) and before waivers (gross of any fee waivers or expense limitations) are as set forth above. The Fund’s waivers and/or expense limitations will remain in place through at least April 29, 2012, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. The expense ratios set forth above may differ from the expense ratios disclosed in the Financial Highlights in this report.

    STANDARDIZED AFTER-TAX PERFORMANCE AS OF 6/30/11⁶

							Since Inception
Class A Shares	One Year			Five Years			(8/31/05)
Returns before taxes*		20.40	%		2.05	%		2.57	%
Returns after taxes on distributions**		19.80			1.40			1.95
Returns after taxes on distributions*** and sale of Fund shares		13.42			1.67			2.12

6	The after-tax returns are calculated using the historically highest individual federal marginal income tax rates at the time of distributions (currently 15% for qualifying ordinary income dividends and long-term capital gain distributions and 35% for non-qualifying ordinary income dividends) and do not reflect state and local taxes. Actual after-tax returns will be calculated at calendar year-end and depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns After Taxes on Distributions and Sale of Fund Shares to be greater than the Returns After Taxes on Distributions or even Returns Before Taxes. Standardized after-tax returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.5% for Class A Shares.
*	Returns Before Taxes do not reflect taxes on distributions on the Fund’s Class A Shares nor do they show how performance can be impacted by taxes when shares are redeemed.
**	Returns After Taxes on Distributions assume that taxes are paid on distributions on the Fund’s Class A Shares (i.e., dividends and capital gains) but do not reflect taxes that may be incurred upon redemption of the Class A Shares at the end of the performance period.
***	Returns After Taxes on Distributions and Sale of Fund Shares reflect taxes paid on distributions on the Fund’s Class A Shares and taxes applicable when the shares are redeemed.

          9

FUND BASICS

    TOP TEN HOLDINGS AS OF 6/30/11⁷

	% of Total
Holding	Net Assets			Line of Business
Exxon Mobil Corp.		3.7	%	Energy
Chevron Corp.		2.6		Energy
Microsoft Corp.		2.4		Software & Services
General Electric Co.		2.4		Capital Goods
Apple, Inc.		2.1		Technology Hardware & Equipment
The Procter & Gamble Co.		2.1		Household & Personal Products
Intel Corp.		2.0		Semiconductors & Semiconductor Equipment
ConocoPhillips		1.9		Energy
Merck & Co., Inc.		1.8		Pharmaceuticals, Biotechnology & Life Sciences
Johnson & Johnson		1.7		Pharmaceuticals, Biotechnology & Life Sciences

⁷ The top 10 holdings may not be representative of the Fund’s future investments.

    FUND VS. BENCHMARK SECTOR ALLOCATIONS⁸

As of June 30, 2011

⁸ 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. Consequently, the Fund’s overall industry sector allocations may differ from 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). Short-term investments represent investments in investment companies other than those that are exchange-traded. The above graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

10          

PORTFOLIO RESULTS

International Equity Dividend and Premium Fund

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs International Equity Dividend and Premium Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2011 (the “Reporting Period”).

Q	How did the Fund perform during the Reporting Period?
A	During the Reporting Period, the Fund’s Class A, C, Institutional and IR Shares generated cumulative total returns, without sales charges, of 5.38%, 4.99%, 5.65% and 5.68%, respectively. These returns compare to the 4.98% and 4.38% cumulative total returns of the Fund’s benchmarks, the MSCI EAFE Index (unhedged, with dividends reinvested) and the Barclays Capital Global Aggregate Bond Index, respectively, during the same period.
Q	What key factors were most responsible for the Fund’s performance during the Reporting Period?
A	The sale of call options contributed to the Fund’s total return. (A call option is an option that gives the holder the right to buy a certain quantity of an underlying security at an agreed-upon price at any time up to an agreed-upon date.)

Security selection also contributed to relative performance. Our stock picks in financials, consumer staples, health care, energy, industrials, materials and telecommunication services contributed the most to the Fund’s relative returns. Detracting most was stock selection in the information technology, consumer discretionary and utilities sectors.

Q

How did the Fund’s call writing affect its performance?

A

Consistent with our investment approach, we wrote index call options on a portion of the stock portfolio’s market value, primarily on the Japanese, United Kingdom and European indices. Upon exercise by the holder, the sale of an index call option obligates us to buy an index at a specified price, also known as the “strike price.” Although the Fund retains the proceeds from the sale of an option, the payment may not exceed the increase in the value of the index, as call options are exercised and we pay the purchaser the increase in value. The Fund’s call writing contributed to performance during the Reporting Period even though global stock indices increased. This was because we wrote call options covering only about 35% of the value of the stock portfolio, which also allowed us to continue meeting our target of 4% in annual premiums.

Overall, call option writing tends to reduce volatility. Since its inception, the realized daily volatility of the Fund has been approximately 96% of the realized daily volatility of the MSCI EAFE Index.

Q	What was the Fund’s dividend yield during the Reporting Period?
A	While maintaining industry and sector weights consistent with the MSCI EAFE Index, we favor stocks with higher dividend yields. The dividend yield of the Fund during the Reporting Period was 4.37% compared to 3.22% for the MSCI EAFE Index. The Fund’s dividend yield served to enhance its quarterly net income distributions.
Q	Among individual holdings, which stocks contributed most to the Fund’s results?
A	The Fund benefited from overweighted positions relative to the MSCI EAFE Index in Alstom, a French transport infrastructure and power generation company; Deutsche Telekom, a Germany-based provider of broadband and fixed-network services; and Parmalat, an Italian multinational food group.
Q	Which individual stock holdings detracted most from relative performance during the Reporting Period?
A	Detracting from relative performance were overweighted positions in Ricoh, a Japan-based producer of office equipment; Mizuho Financial Group, a Japanese bank holding company; and RWE, a German electric, gas and water utility.
Q	How did fixed income investments affect relative performance?
A	The Fund’s investments in fixed income securities are limited to cash equivalents, and therefore fixed income holdings did not have a meaningful impact on performance.

          11

PORTFOLIO RESULTS

Q	How did the Fund use derivatives and similar instruments during the Reporting Period?
A	During the Reporting Period, we used equity index futures, on an opportunistic basis, to equitize the Fund’s excess cash holdings. In other words, we put the Fund’s excess cash holdings to work by using them as collateral for the purchase of equity index futures. Consistent with our investment approach, we also wrote equity index options on a portion of the portfolio’s market value in an effort to generate premiums and reduce volatility.
Q	What changes or enhancements did you make to your quantitative model during the Reporting Period?
A	No material changes or enhancements were made to our quantitative model during the Reporting Period.

12          

FUND BASICS

International Equity Dividend and Premium Fund

as of June 30, 2011

    PERFORMANCE REVIEW

January 1, 2011–	Fund Total Return			MSCI EAFE (Net) Index			Barclays Capital Global
June 30, 2011	(based on NAV)1			(unhedged)2			Aggregate Bond Index3
Class A		5.38	%		4.98	%		4.38	%
Class C		4.99			4.98			4.38
Institutional		5.65			4.98			4.38
Class IR		5.68			4.98			4.38

1	The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.
2	The MSCI EAFE Index (unhedged and net of dividend withholding taxes) is an unmanaged market capitalization-weighted composite of securities in 22 developed markets. The Index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.
3	The Barclays Capital Global Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage backed and asset-backed securities. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

    STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS⁴

For the period ended 6/30/11	One Year			Since Inception			Inception Date
Class A		23.36	%		-3.53	%	1/31/08
Class C		28.67			-3.02		1/31/08
Institutional		31.29			-1.91		1/31/08
Class IR		N/A			22.72		8/31/10

4

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

The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at: www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects 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.

          13

FUND BASICS

    EXPENSE RATIOS⁵

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.30	%		1.45	%
Class C		2.05			2.20
Institutional		0.90			1.05
Class IR		1.05			1.20

⁵ The expense ratios of the Fund, both current (net of any fee waivers or expense limitations) and before waivers (gross of any fee waivers or expense limitations) are as set forth above. The Fund’s waivers and/or expense limitations will remain in place through at least April 29, 2012, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. The expense ratios set forth above may differ from the expense ratios disclosed in the Financial Highlights in this report.

    STANDARDIZED AFTER-TAX PERFORMANCE AS OF 6/30/11⁶

				Since Inception
Class A Shares	One Year			(1/31/08)
Returns before taxes*		23.36	%		-3.53	%
Returns after taxes on distributions**		22.38			-3.86
Returns after taxes on distributions*** and sale of Fund shares		15.75			-2.92

6	The after-tax returns are calculated using the historically highest individual federal marginal income tax rates at the time of distributions (currently 15% for qualifying ordinary income dividends and long-term capital gain distributions and 35% for non-qualifying ordinary income dividends) and do not reflect state and local taxes. Actual after-tax returns will be calculated at calendar year-end and depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns After Taxes on Distributions and Sale of Fund Shares to be greater than the Returns After Taxes on Distributions or even Returns Before Taxes. Standardized after-tax returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.5% for Class A Shares.
*	Returns Before Taxes do not reflect taxes on distributions on the Fund’s Class A Shares nor do they show how performance can be impacted by taxes when shares are redeemed.
**	Returns After Taxes on Distributions assume that taxes are paid on distributions on the Fund’s Class A Shares (i.e., dividends and capital gains) but do not reflect taxes that may be incurred upon redemption of the Class A Shares at the end of the performance period.
***	Returns After Taxes on Distributions and Sale of Shares reflect taxes paid on distributions on the Fund’s Class A Shares and taxes applicable when the shares are redeemed.

14          

FUND BASICS

    TOP TEN HOLDINGS AS OF 6/30/11⁷

	% of Total
Company	Net Assets			Line of Business	Country
Banco Santander SA		2.8	%	Banks	Spain
Nestle SA (Registered)		2.4		Food, Beverage & Tobacco	Switzerland
Roche Holding AG		1.9		Pharmaceuticals, Biotechnology & Life Sciences	Switzerland
GlaxoSmithKline PLC ADR		1.9		Pharmaceuticals, Biotechnology & Life Sciences	United Kingdom
Unilever NV CVA		1.9		Food, Beverage & Tobacco	Netherlands
RWE AG		1.8		Utilities	Germany
Sanofi		1.8		Pharmaceuticals, Biotechnology & Life Sciences	France
National Australia Bank Ltd.		1.7		Banks	Australia
Royal Dutch Shell PLC Class A		1.7		Energy	Netherlands
Honda Motor Co. Ltd.		1.7		Automobiles & Components	Japan

⁷ The top 10 holdings may not be representative of the Fund’s current or future investments.

    FUND VS. BENCHMARK SECTOR ALLOCATIONS⁸

As of June 30, 2011

⁸ 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 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). Short-term investments represent investments in investment companies other than those that are exchange-traded. The above graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

          15

INVESTMENT PROCESS

What Differentiates the Goldman Sachs Global Structured Tax-Management Investment Process?

In managing money for many of the world’s wealthiest taxable investors, Goldman Sachs often constructs a diversified investment portfolio around a tax-managed core. With the Goldman Sachs Structured Tax-Managed Equity Fund and Structured International Tax-Managed Equity Fund, investors can access Goldman Sachs’ tax-smart investment expertise while capitalizing on this same strategic approach to portfolio construction.

Goldman Sachs Global Structured Tax-Management Investment Process

The Goldman Sachs Global Structured Tax-Management investment process is a disciplined quantitative approach that has been consistently applied since 1989. With the Goldman Sachs Structured Tax-Managed Equity Fund and the Goldman Sachs Structured International Tax-Managed Equity Fund, the Structured investment process is enhanced with an additional layer that seeks to maximize after-tax returns.

n Comprehensive

n Rigorous

n Objective n Extensive

n Fundamental

n Insightful

Advantage: Daily analysis of approximately 3,000 U.S. and International equity securities using a proprietary model.

n	Benchmark driven
n	Sector and size neutral
n	Tax optimized

Tax optimization is an additional layer that is built into the existing Structured investment process — a distinct advantage. While other managers may simply seek to minimize taxable distributions through a low turnover strategy, this extension of the Structured investment process seeks to maximize after-tax returns — the true objective of every taxable investor.

Advantage: Value added through stock selection — not market timing, industry rotation or style bias.

n	A fully invested, style-consistent portfolio
n	Broad access to the total U.S. and International equity markets
n	A consistent goal of seeking to maximize after-tax risk-adjusted returns

16          

PORTFOLIO RESULTS

Structured Tax-Managed Equity Fund

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Structured Tax-Managed Equity Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2011 (the “Reporting Period”).

Q	How did the Fund perform during the Reporting Period?
A	During the Reporting Period, the Fund’s Class A, B, C, Institutional, Service and IR Shares generated cumulative total returns, without sales charges, of 8.84%, 8.47%, 8.41%, 9.00%, 8.77% and 9.00%, respectively. These returns compare to the 6.35% cumulative total return of the Fund’s benchmark, the Russell 3000® Index (with dividends reinvested) (the “Index”), over the same time 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 the ones chosen by the model. Over time and by design, the performance of any one of the model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of the Fund’s theme-driven quantitative model. We believe that the variance in performance supports our research indicating that the diversification provided by the Fund’s different investment themes may be a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term.

The Fund outperformed the Index during the Reporting Period with the Profitability investment theme contributing the most to relative returns. Profitability assesses whether a company is earning more than its cost of capital. Momentum and Management also enhanced the Fund’s relative performance. Momentum predicts drift in stock prices caused by under-reaction to company-specific information, while Management assesses a company’s management strategy and behavior.

Our Quality, Sentiment and Valuation themes detracted from relative results. Quality evaluates whether the company’s earnings are coming from more persistent, cash-based sources, as opposed to accruals. Our Sentiment theme reflects how Wall Street analysts’ views about a company’s earnings and prospects are changing over time. 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 successful was your stock selection during the Reporting Period?
A	The Fund seeks to provide investors with a tax-efficient means for maintaining broadly diversified exposure to the entire U.S. equity market, ranging from large- to small-cap stocks. During the Reporting Period, stock selection contributed positively to the Fund’s relative performance.
Q	Among individual holdings, which stocks contributed most to the Fund’s results?
A	Our stock picks in the consumer discretionary, financials and information technology sectors contributed to relative returns during the Reporting Period. The Fund benefited from overweighted positions relative to the Index in tobacco company Lorillard, pharmaceutical maker Biogen Idec and consulting firm Accenture.
Q	Which individual stock holdings detracted most from relative performance during the Reporting Period?
A	Security selection in the materials and utilities sectors detracted from relative performance. The Fund was hampered by overweighted positions in Allegiant Travel, a leisure travel firm; Southern Copper, a mining company; and CME Group, which owns derivatives and futures exchanges.

          17

PORTFOLIO RESULTS

Q	How did the Fund use derivatives and similar instruments during the Reporting Period?
A	During the Reporting Period, we did not use derivatives as part of an active management strategy to add value to the Fund’s results. However, we used equity index futures, on an opportunistic basis, to equitize the Fund’s excess cash holdings. In other words, we put the Fund’s excess cash holdings to work by using them as collateral for the purchase of equity index futures.
Q	What changes or enhancements did you make to your quantitative model during the Reporting Period?
A	No material changes or enhancements were made to our quantitative model during the Reporting Period.
Q	How was the Fund positioned relative to the Index at the end of the Reporting Period?
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 the Index in terms of its sector allocation and style. That said, the Fund was modestly overweight relative to the Index in the consumer discretionary, consumer staples, health care and energy sectors at the end of the Reporting Period. It was modestly underweight financials, information technology, industrials, telecommunication services and materials. Compared to the Index, the Fund was neutral in the utilities sector at the end of the Reporting Period.

18          

FUND BASICS

Structured Tax-Managed Equity Fund

as of June 30, 2011

    PERFORMANCE REVIEW

	Fund Total Return
January 1, 2011–June 30, 2011	(based on NAV)1			Russell 3000 Index2
Class A		8.84	%		6.35	%
Class B		8.47			6.35
Class C		8.41			6.35
Institutional		9.00			6.35
Service		8.77			6.35
Class IR		9.00			6.35

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 assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.
2	The Russell 3000 Index is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalization which represents approximately 98% of the investable U.S. equity market. Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

    STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS³

For the period ended 6/30/11	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		25.81	%		-0.61	%		2.37	%		0.48	%	4/3/00
Class B		27.30			-0.63			2.30			0.43		4/3/00
Class C		31.21			-0.22			2.18			0.22		4/3/00
Institutional		33.59			0.94			3.36			1.39		4/3/00
Service		33.03			0.44			2.86			0.89		4/3/00
Class IR		N/A			N/A			N/A			33.17		8/31/10

3

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

The returns 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.

          19

FUND BASICS

    EXPENSE RATIOS⁴

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.09	%		1.25	%
Class B		1.84			2.00
Class C		1.84			2.00
Institutional		0.69			0.85
Service		1.19			1.35
Class IR		0.84			1.00

⁴ The expense ratios of the Fund, both current (net of any fee waivers or expense limitations) and before waivers (gross of any fee waivers or expense limitations) are as set forth above. The Fund’s waivers and/or expense limitations will remain in place through at least April 29, 2012, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. The expense ratios set forth above may differ from the expense ratios disclosed in the Financial Highlights in this report.

    STANDARDIZED AFTER-TAX PERFORMANCE AS OF 6/30/11⁵

										Since Inception
Class A Shares	One Year			Five Years			Ten Years			(4/3/00)
Returns before taxes*		25.81	%		-0.61	%		2.37	%		0.48	%
Returns after taxes on distributions**		25.67			-0.73			2.29			0.40
Returns after taxes on distributions***		16.94			-0.52			2.03			0.39
and sale of Fund shares

5	The after-tax returns are calculated using the historically highest individual federal marginal income tax rates at the time of distributions (currently 15% for qualifying ordinary income dividends and long-term capital gain distributions and 35% for non-qualifying ordinary income dividends) and do not reflect state and local taxes. Actual after-tax returns will be calculated at calendar year-end and depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns After Taxes on Distributions and Sale of Fund Shares to be greater than the Returns After Taxes on Distributions or even Returns Before Taxes. Standardized after-tax returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.5% for Class A Shares.
*	Returns Before Taxes do not reflect taxes on distributions on the Fund’s Class A Shares nor do they show how performance can be impacted by taxes when shares are redeemed.
**	Returns After Taxes on Distributions assume that taxes are paid on distributions on the Fund’s Class A Shares (i.e., dividends and capital gains) but do not reflect taxes that may be incurred upon redemption of the Class A Shares at the end of the performance period.
***	Returns After Taxes on Distributions and Sale of Shares reflect taxes paid on distributions on the Fund’s Class A Shares and taxes applicable when the shares are redeemed.

20          

FUND BASICS

    TOP TEN HOLDINGS AS OF 6/30/11⁶

	% of Total
Holding	Net Assets			Line of Business
Chevron Corp.		3.1	%	Energy
Lorillard, Inc.		3.0		Food, Beverage & Tobacco
ConocoPhillips		2.4		Energy
Berkshire Hathaway, Inc. Class B		2.1		Insurance
Johnson & Johnson		1.8		Pharmaceuticals, Biotechnology & Life Sciences
Valero Energy Corp.		1.8		Energy
Eli Lilly & Co.		1.8		Pharmaceuticals, Biotechnology & Life Sciences
Amazon.com, Inc.		1.8		Retailing
Microsoft Corp.		1.7		Software & Services
Simon Property Group, Inc. (REIT)		1.6		Real Estate

⁶ The top 10 holdings may not be representative of the Fund’s future investments.

    FUND VS. BENCHMARK SECTOR ALLOCATIONS⁷

As of June 30, 2011

⁷ 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. Consequently, the Fund’s overall industry sector allocations may differ from 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). Investments in the securities lending reinvestment vehicle represented 0.7% of the Fund’s net assets as of June 30, 2011. Short-term investments represent investments in investment companies other than those that are exchange-traded. The above graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

          21

PORTFOLIO RESULTS

Structured International Tax-Managed Equity Fund

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Structured International Tax-Managed Equity Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2011 (the “Reporting Period”).

Q	How did the Fund perform during the Reporting Period?
A	During the Reporting Period, the Fund’s Class A, C, Institutional and IR Shares generated cumulative total returns, without sales charges, of 4.94%, 4.44%, 5.19% and 4.94%, respectively. These returns compare to the 4.98% cumulative total return of the Fund’s benchmark, the MSCI EAFE Index (unhedged, with dividends reinvested) (the “Index”), during the same time 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 the ones chosen by the model. Over time and by design, the performance of any one of the model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of the Fund’s theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by the Fund’s different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term.

The Fund generally underperformed the Index during the Reporting Period, with three of its six investment themes detracting from results. Quality was the weakest-performing theme, followed by Management and Momentum. Quality evaluates whether the company’s earnings are coming from more persistent, cash-based sources, as opposed to accruals. Management assesses a company’s management strategy and behavior, while Momentum predicts drift in stock prices caused by under-reaction to company-specific information.

Profitability, which assesses whether a company is earning more than its cost of capital, contributed positively to the Fund’s relative performance. Valuation and Sentiment also added value. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. Sentiment reflects how Wall Street analysts’ views about a company’s earnings and prospects are changing over time.

Q	How successful was your stock selection during the Reporting Period?
A	The Fund seeks to provide investors with a tax-efficient means for maintaining broadly diversified exposure to the entire EAFE equity market. During the Reporting Period, stock selection added to the Fund’s relative performance.
Q	Among individual holdings, which stocks contributed most to the Fund’s results?
A	Holdings in the financials, utilities and consumer staples sectors contributed to relative results. The Fund benefited from overweighted positions in Parmalat, an Italian multinational food group, and Koninklijke DSM, a Netherlands-based diversified chemicals company. An underweighted position in Tokyo Electric Power, a Japanese utility, was also advantageous.
Q	Which individual stock holdings detracted most from relative performance during the Reporting Period?
A	Security selection in the consumer discretionary, telecommunication services and information technology sectors dampened relative performance. The Fund was hampered by overweighted positions in TUI Group, a German travel company; Honda Motor, a Japanese carmaker; and Associated British Foods, an England-based international food supplier and retailer.

22          

PORTFOLIO RESULTS

Q	How did the Fund use derivatives and similar instruments during the Reporting Period?
A	During the Reporting Period, we did not use derivatives as part of an active management strategy to add value to the Fund’s results. However, we used equity index futures, on an opportunistic basis, to equitize the Fund’s excess cash holdings. In other words, we put the Fund’s excess cash holdings to work by using them as collateral for the purchase of equity index futures.
Q	What changes or enhancements did you make to your quantitative model during the Reporting Period?
A	During the Reporting Period, we implemented two major enhancements to our Japan, Europe and United Kingdom stock selection models and process. First, we made an improvement in our quantitative portfolio construction methodology that we believe enables us to tailor trading to reflect the diverse spectrum of signals (which are signs indicating that it may be a good time to buy or sell a stock) and the length of time they are effective within our investment themes. In our opinion, the selection of appropriate speeds at which to implement each signal can potentially improve portfolio performance. Second, we enhanced the diversification of our factor set by adding new signals across our investment themes. These signals tend to overweight stocks with four general features: strong and stable growth prospects; lower risk of financial distress; inexpensive; and attractive buyout opportunities. We believe these enhancements are likely to add value to our process over different parts of an economic cycle and are also likely to allow us to incorporate tactical elements across and within sectors over time.
Q	How was the Fund positioned relative to the Index at the end of the Reporting Period?
A	In constructing the Fund’s portfolio, we focus on picking stocks rather than on country weightings. Consequently, the Fund is similar to the Index in terms of its country allocation. That said, the Fund was slightly overweight relative to the Index to Ireland, France and Finland at the end of the Reporting Period. It was marginally underweight Sweden, Belgium, Greece and Switzerland. Compared to the Index, the Fund was neutral in the U.K., Denmark, the Netherlands, Austria, Australia, Hong Kong, Israel, Singapore, New Zealand, Italy, Norway, Japan, Portugal, Germany and Spain at the end of the Reporting Period.

          23

FUND BASICS

Structured International Tax-Managed Equity Fund

as of June 30, 2011

    PERFORMANCE REVIEW

	Fund Total Return			MSCI EAFE (net) Index
January 1, 2011–June 30, 2011	(based on NAV)1			(unhedged)2
Class A		4.94	%		4.98	%
Class C		4.44			4.98
Institutional		5.19			4.98
Class IR		4.94			4.98

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 MSCI EAFE 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 include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

    STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS³

For the period ended 6/30/11	One Year			Since Inception			Inception Date
Class A		25.35	%		-5.17	%		1/31/08
Class C		30.53			-4.32			1/31/08
Institutional		33.22			-3.20			1/31/08
Class IR		N/A			24.04			8/31/10

3

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

The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at: www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects 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.

24          

FUND BASICS

    EXPENSE RATIOS⁴

	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.26	%		1.56	%
Class C		2.01			2.31
Institutional		0.86			1.16
Class IR		1.01			1.31

⁴ The expense ratios of the Fund, both current (net of any fee waivers or expense limitations) and before waivers (gross of any fee waivers or expense limitations) are as set forth above. The Fund’s waivers and/or expense limitations will remain in place through at least April 29, 2012, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. The expense ratios set forth above may differ from the expense ratios disclosed in the Financial Highlights in this report.

    STANDARDIZED AFTER-TAX PERFORMANCE AS OF 6/30/11⁵

				Since Inception
Class A Shares	One Year			(1/31/08)
Returns before taxes*		25.35	%		-5.17	%
Returns after taxes on distributions**		25.08			-5.38
Returns after taxes on distributions***		16.93			-4.35
and sale of Fund shares

5	The after-tax returns are calculated using the historically highest individual federal marginal income tax rates at the time of distributions (currently 15% for qualifying ordinary income dividends and long-term capital gain distributions and 35% for non-qualifying ordinary income dividends) and do not reflect state and local taxes. Actual after-tax returns will be calculated at calendar year-end and depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns After Taxes on Distributions and Sale of Fund Shares to be greater than the Returns After Taxes on Distributions or even Returns Before Taxes. Standardized after-tax returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.5% for Class A Shares.
*	Returns Before Taxes do not reflect taxes on distributions on the Fund’s Class A Shares nor do they show how performance can be impacted by taxes when shares are redeemed.
**	Returns After Taxes on Distributions assume that taxes are paid on distributions on the Fund’s Class A Shares (i.e., dividends and capital gains) but do not reflect taxes that may be incurred upon redemption of the Class A Shares at the end of the performance period.
***	Returns After Taxes on Distributions and Sale of Shares reflect taxes paid on distributions on the Fund’s Class A Shares and taxes applicable when the shares are redeemed.

          25

FUND BASICS

    TOP TEN HOLDINGS AS OF 6/30/11⁶

	% of Total
Holding	Net Assets			Line of Business	Country
Vodafone Group PLC ADR		2.1	%	Telecommunication Services	United Kingdom
E.ON AG		2.1		Utilities	Germany
Koninklijke DSM NV		1.9		Materials	Netherlands
Royal Dutch Shell PLC Class A		1.8		Energy	Netherlands
Total SA		1.8		Energy	France
BHP Billiton Ltd.		1.6		Materials	Australia
Royal Dutch Shell PLC Class B		1.5		Energy	Netherlands
Nippon Telegraph & Telephone Corp.		1.5		Telecommunication Services	Japan
Banco Santander SA		1.5		Banks	Spain
BHP Billiton PLC		1.4		Materials	United Kingdom

⁶ The top 10 holdings may not be representative of the Fund’s future investments.

    FUND VS. BENCHMARK SECTOR ALLOCATIONS⁷

As of June 30, 2011

⁷ 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. Consequently, the Fund’s overall industry sector allocations may differ from 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). Investments in the securities lending reinvestment vehicle represented 0.7% of the Fund’s net assets as of June 30, 2011. Short-term investments represent investments in investment companies other than those that are exchange-traded. The above graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

26          

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments

June 30, 2011 (Unaudited)

Shares		Description	Value
Common Stocks – 98.3%
Automobiles & Components – 0.7%
	19,100	Autoliv, Inc.	$	1,498,395
	131,600	Ford Motor Co.*		1,814,764
	23,200	Johnson Controls, Inc.		966,512
				4,279,671
Banks – 2.8%
	22,500	Bank of Hawaii Corp.		1,046,709
	31,400	M&T Bank Corp.		2,761,630
	71,600	New York Community Bancorp, Inc.		1,073,284
	18,400	PNC Financial Services Group, Inc.		1,096,824
	383,139	Valley National Bancorp		5,214,522
	199,600	Wells Fargo & Co.		5,600,776
				16,793,745
Capital Goods – 7.8%
	7,200	Armstrong World Industries, Inc.		328,032
	51,800	Caterpillar, Inc.		5,514,628
	11,300	Cummins, Inc.		1,169,437
	9,700	Deere & Co.		799,765
	89,700	Eaton Corp.		4,615,065
	95,000	Emerson Electric Co.		5,343,750
	11,400	General Dynamics Corp.		849,528
	762,050	General Electric Co.(a)		14,372,263
	11,400	Honeywell International, Inc.		679,326
	55,500	Northrop Grumman Corp.		3,848,925
	135,200	Raytheon Co.		6,739,720
	39,000	The Boeing Co.		2,883,270
	6,500	Timken Co.		327,600
				47,471,309
Commercial & Professional Services – 2.1%
	279,100	Pitney Bowes, Inc.		6,416,509
	315,000	R.R. Donnelley & Sons Co.		6,177,150
				12,593,659
Consumer Durables & Apparel – 1.8%
	67,300	Garmin Ltd.		2,222,919
	250,400	Leggett & Platt, Inc.		6,104,752
	105,200	Mattel, Inc.		2,891,948
				11,219,619
Consumer Services – 1.9%
	111,800	Carnival Corp.		4,207,034
	73,800	H&R Block, Inc.		1,183,752
	76,500	McDonald’s Corp.		6,450,480
				11,841,266
Diversified Financials – 6.7%
	89,100	American Express Co.		4,606,470
	705,081	Bank of America Corp.(a)		7,727,688
	33,400	BlackRock, Inc.		6,406,454
	143,130	Citigroup, Inc.		5,959,933
	209,700	JPMorgan Chase & Co.		8,585,118
	119,800	Morgan Stanley		2,756,598
	10,300	NYSE Euronext		352,981
	17,700	T. Rowe Price Group, Inc.		1,068,018
	106,300	The Bank of New York Mellon Corp.		2,723,406
	13,000	Waddell & Reed Financial, Inc. Class A		472,550
				40,659,216
Energy – 13.1%
	52,000	Arch Coal, Inc.		1,386,320
	45,700	Chesapeake Energy Corp.		1,356,833
	151,600	Chevron Corp.(a)		15,590,544
	150,800	ConocoPhillips		11,338,652
	34,700	Diamond Offshore Drilling, Inc.		2,443,227
	273,900	Exxon Mobil Corp.(a)		22,289,982
	78,600	Halliburton Co.		4,008,600
	28,200	Marathon Oil Corp.		1,485,576
	88,800	Schlumberger Ltd.		7,672,320
	2,200	SEACOR Holdings, Inc.		219,912
	191,400	Spectra Energy Corp.		5,246,274
	12,300	Teekay Corp.		379,824
	208,900	The Williams Companies, Inc.		6,319,225
				79,737,289
Food & Staples Retailing – 1.5%
	115,000	SUPERVALU, Inc.		1,082,150
	210,700	Sysco Corp.		6,569,626
	30,400	Wal-Mart Stores, Inc.		1,615,456
				9,267,232
Food, Beverage & Tobacco – 4.9%
	167,500	Altria Group, Inc.		4,423,675
	66,600	ConAgra Foods, Inc.		1,718,946
	256,000	Kraft Foods, Inc. Class A		9,018,880
	172,400	Reynolds American, Inc.		6,387,420
	124,800	The Coca-Cola Co.		8,397,792
				29,946,713
Health Care Equipment & Services – 2.7%
	51,600	Aetna, Inc.		2,275,044
	52,200	Baxter International, Inc.		3,115,818
	14,600	Cardinal Health, Inc.		663,132
	5,600	Lincare Holdings, Inc.		163,912
	190,400	Medtronic, Inc.		7,336,112
	39,000	UnitedHealth Group, Inc.		2,011,620
	14,100	WellPoint, Inc.		1,110,657
				16,676,295
Household & Personal Products – 3.2%
	105,600	Kimberly-Clark Corp.		7,028,736
	200,800	The Procter & Gamble Co.(a)(b)		12,764,856
				19,793,592
Insurance – 3.6%
	58,000	Aflac, Inc.		2,707,440
	9,700	Berkshire Hathaway, Inc. Class B*		750,683
	178,800	Cincinnati Financial Corp.		5,217,384
	69,000	Mercury General Corp.		2,724,810
	63,500	MetLife, Inc.		2,785,745
	403,800	Old Republic International Corp.		4,744,650
	28,600	Protective Life Corp.		661,518

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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2011 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Insurance – (continued)
	32,400	Prudential Financial, Inc.	$	2,060,316
	6,500	Unitrin, Inc.		192,855
				21,845,401
Materials – 4.6%
	77,600	E.I. du Pont de Nemours & Co.		4,194,280
	128,100	Freeport-McMoRan Copper & Gold, Inc.		6,776,490
	207,600	International Paper Co.		6,190,632
	20,900	Monsanto Co.		1,516,086
	23,400	Newmont Mining Corp.		1,262,898
	164,200	Southern Copper Corp.		5,397,254
	68,300	The Dow Chemical Co.		2,458,800
				27,796,440
Media – 2.5%
	55,700	CBS Corp. Class B		1,586,893
	138,900	Comcast Corp. Class A		3,519,726
	12,100	Comcast Corp. Special A Shares		293,183
	408,500	Regal Entertainment Group Class A		5,044,975
	18,700	Thomson Reuters Corp.		702,372
	10,600	Time Warner Cable, Inc.		827,224
	87,601	Time Warner, Inc.		3,186,048
				15,160,421
Pharmaceuticals, Biotechnology & Life Sciences – 8.0%
	135,700	Abbott Laboratories		7,140,534
	107,800	Bristol-Myers Squibb Co.		3,121,888
	212,900	Eli Lilly & Co.		7,990,137
	157,700	Johnson & Johnson		10,490,204
	312,550	Merck & Co., Inc.		11,029,889
	450,500	Pfizer, Inc.(a)		9,280,300
				49,052,952
Real Estate Investment Trust – 1.7%
	17,600	Developers Diversified Realty Corp.		248,160
	181,101	Host Hotels & Resorts, Inc.		3,069,680
	23,927	ProLogis, Inc.		857,544
	26,200	Simon Property Group, Inc.		3,045,226
	10,600	SL Green Realty Corp.		878,422
	14,302	The Macerich Co.		765,157
	66,400	Weyerhaeuser Co.		1,451,504
				10,315,693
Retailing – 3.3%
	18,400	Amazon.com, Inc.*		3,762,616
	74,600	American Eagle Outfitters, Inc.		951,150
	115,100	Foot Locker, Inc.		2,734,776
	55,000	Genuine Parts Co.		2,992,000
	226,900	Home Depot, Inc.(a)		8,218,318
	34,000	J.C. Penney Co., Inc.		1,174,360
				19,833,220
Semiconductors & Semiconductor Equipment – 4.3%
	180,400	Applied Materials, Inc.		2,347,004
	537,700	Intel Corp.(a)		11,915,432
	117,100	Linear Technology Corp.		3,866,642
	207,500	Maxim Integrated Products, Inc.		5,303,700
	43,500	Microchip Technology, Inc.		1,649,085
	41,200	Texas Instruments, Inc.		1,352,596
				26,434,459
Software & Services – 7.3%
	22,800	Accenture PLC Class A		1,377,576
	131,500	Automatic Data Processing, Inc.		6,927,420
	5,700	Google, Inc. Class A*		2,886,366
	38,200	International Business Machines Corp.		6,553,210
	563,650	Microsoft Corp.(a)(b)		14,654,900
	127,300	Oracle Corp.		4,189,443
	70,400	Paychex, Inc.		2,162,688
	175,000	VeriSign, Inc.		5,855,500
				44,607,103
Technology Hardware & Equipment – 5.5%
	3,500	Acme Packet, Inc.*		245,455
	38,400	Apple, Inc.*		12,889,728
	246,200	Cisco Systems, Inc.		3,843,182
	37,300	Diebold, Inc.		1,156,673
	70,500	Hewlett-Packard Co.		2,566,200
	51,900	JDS Uniphase Corp.*		864,654
	123,400	Molex, Inc. Class A		2,650,632
	77,700	QUALCOMM, Inc.		4,412,583
	16,000	SanDisk Corp.*		664,000
	252,200	Seagate Technology		4,075,552
				33,368,659
Telecommunication Services – 3.1%
	11,300	American Tower Corp. Class A*		591,329
	200,628	AT&T, Inc.(a)		6,301,734
	38,500	MetroPCS Communications, Inc.*		662,585
	10,900	NII Holdings, Inc.*		461,942
	278,800	Sprint Nextel Corp.*		1,502,732
	252,500	Verizon Communications, Inc.(a)		9,400,575
				18,920,897
Transportation – 1.8%
	32,900	CSX Corp.		862,638
	10,600	Union Pacific Corp.		1,106,640
	124,400	United Parcel Service, Inc. Class B		9,072,492
				11,041,770
Utilities – 3.4%
	110,300	Dominion Resources, Inc.		5,324,181
	98,200	Exelon Corp.		4,206,888
	26,500	FirstEnergy Corp.		1,169,975
	15,900	National Fuel Gas Co.		1,157,520
	29,900	NextEra Energy, Inc.		1,718,054
	40,100	Public Service Enterprise Group, Inc.		1,308,864
	118,200	Southern Co.		4,772,916
	76,700	The AES Corp.*		977,158
				20,635,556
TOTAL COMMON STOCKS
(Cost $610,032,270)			$	599,292,177

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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Shares		Rate			Value
Short-term Investment(c) – 10.3%
JPMorgan U.S. Government Money Market Fund – Capital Shares
	62,834,027		0.010	%	$	62,834,027
(Cost $62,834,027)
TOTAL INVESTMENTS – 108.6%
(Cost $672,866,297)					$	662,126,204
LIABILITIES IN EXCESS OF OTHER ASSETS – (8.6)%						(52,411,206	)
NET ASSETS – 100.0%					$	609,714,998

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

*	Non-income producing security.
(a)	All or a portion of this security is held as collateral for call options written.
(b)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)	Variable rate security. Interest rate disclosed is that which is in effect at June 30, 2011.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2011, the following futures contracts were open:

	Number of
	Contracts		Expiration	Current		Unrealized
Type	Long (Short)		Date	Value		Gain (Loss)
S&P 500 E-mini Index		126	September 2011	$	8,287,650	$	204,667

WRITTEN OPTIONS — At June 30, 2011, the Fund had outstanding written options as follows:

	Exercise		Number of		Expiration
Call Options	Rate		Contracts		Month	Value
S&P 500 Index	$	1,300		2,000	September 2011	$	(9,400,000	)
(Premiums Received $6,072,250)

For the six months ended June 30, 2011, the Fund had the following written options activity:

	Number of			Premiums
	Contracts			Received
Contracts Outstanding December 31, 2010		1,319		$	4,786,651
Contracts written		3,451			11,533,074
Contracts expired		(1,451	)		(5,460,824	)
Contracts bought to close		(1,319	)		(4,786,651	)
Contracts Outstanding June 30, 2011		2,000		$	6,072,250

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments

June 30, 2011 (Unaudited)

Shares		Description	Value
Common Stocks – 98.4%
Australia – 8.7%
	8,602	Australia & New Zealand Banking Group Ltd. (Banks)	$	203,909
	60,715	BHP Billiton Ltd. (Materials)		2,869,446
	828,026	BlueScope Steel Ltd. (Materials)		1,077,585
	20,427	Boral Ltd. (Materials)		96,847
	44,005	Caltex Australia Ltd. (Energy)		558,352
	88,500	Echo Entertainment Group Ltd. (Consumer Services)*		390,124
	42,301	Foster’s Group Ltd. (Food, Beverage & Tobacco)		233,655
	313,811	GPT Group (REIT)		1,066,723
	15,823	Lend Lease Group Ltd. (Real Estate)		152,809
	44,550	MacArthur Coal Ltd. (Materials)		525,562
	156,568	MAp Group (Transportation)		562,238
	513,564	Metcash Ltd. (Food & Staples Retailing)		2,291,939
	220,874	National Australia Bank Ltd. (Banks)		6,106,600
	402,281	OneSteel Ltd. (Materials)		803,351
	30,484	Orica Ltd. (Materials)		883,777
	31,551	Origin Energy Ltd. (Energy)		536,453
	2,382	OZ Minerals Ltd. (Materials)		33,896
	35,913	Rio Tinto Ltd. (Materials)		3,214,526
	20,099	Santos Ltd. (Energy)		293,055
	62,447	Sonic Healthcare Ltd. (Health Care Equipment & Services)		864,173
	164,909	SP AusNet (Utilities)		167,263
	88,500	Tabcorp Holdings Ltd. (Consumer Services)		313,075
	205,113	Telstra Corp. Ltd. (Telecommunication Services)		637,366
	117,226	Toll Holdings Ltd. (Transportation)		611,540
	14,100	Treasury Wine Estates Ltd. (Food, Beverage & Tobacco)*		51,418
	4,574	Wesfarmers Ltd. (Food & Staples Retailing)		156,760
	4,803	Wesfarmers Ltd. (Price Protected Shares) (Food & Staples Retailing)		166,558
	92,418	Westfield Group (REIT)		861,385
	221,789	Westpac Banking Corp. (Banks)		5,321,112
	14,044	Woodside Petroleum Ltd. (Energy)		619,580
				31,671,077
Belgium – 0.8%
	988	Bekaert SA (Capital Goods)		75,232
	20,626	Belgacom SA (Telecommunication Services)		734,961
	3,161	Mobistar SA (Telecommunication Services)		239,784
	5,396	Solvay SA (Materials)		833,119
	19,860	Umicore SA (Materials)(a)		1,083,212
				2,966,308
Bermuda – 1.4%
	150,802	Seadrill Ltd. (Energy)		5,302,020
China – 0.4%
	1,278,000	Yangzijiang Shipbuilding Holdings Ltd. Class H (Capital Goods)		1,524,744
Denmark – 0.5%
	12	A.P. Moller — Maersk A/S Class B (Transportation)		103,596
	8,184	Carlsberg A/S Class B (Food, Beverage & Tobacco)		891,098
	3,703	Coloplast A/S Class B (Health Care Equipment & Services)		563,112
	1,942	Pandora A/S (Consumer Durables & Apparel)		61,277
	7,149	Vestas Wind Systems A/S (Capital Goods)*		165,956
				1,785,039
Finland – 1.5%
	311,085	Nokia Oyj (Technology Hardware & Equipment)		2,006,717
	98,248	Orion Oyj Class B (Pharmaceuticals, Biotechnology & Life Sciences)(a)		2,534,192
	21,135	Rautaruukki Oyj (Materials)(a)		477,711
	10,600	Wartsila Oyj (Capital Goods)		358,439
				5,377,059
France – 9.4%
	1,685	Air Liquide SA (Materials)		241,397
	68,462	Alstom SA (Capital Goods)		4,216,896
	100,638	AXA SA (Insurance)		2,284,500
	6,795	BNP Paribas SA (Banks)		523,955
	882	Bouygues SA (Capital Goods)		38,785
	12,294	Cap Gemini SA (Software & Services)		719,909
	17,082	Carrefour SA (Food & Staples Retailing)		702,233
	7,955	Compagnie de Saint-Gobain SA (Capital Goods)		515,627
	1,109	Compagnie Generale des Etablissements Michelin Class B (Automobiles & Components)		108,615
	38,839	Credit Agricole SA (Banks)		583,492
	209,563	France Telecom SA (Telecommunication Services)(a)		4,456,042
	4,362	Klepierre (REIT)		180,101
	37,680	Lafarge SA (Materials)		2,400,953
	82,397	Natixis (Banks)		413,420
	15,534	Neopost SA (Technology Hardware & Equipment)(a)		1,334,676
	10,351	PSA Peugeot Citroen SA (Automobiles & Components)		464,359
	82,320	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)(a)		6,621,875
	6,731	Schneider Electric SA (Capital Goods)		1,123,888
	8,523	Societe Generale SA (Banks)		504,784
	44,808	Total SA (Energy)(a)		2,590,507
	2,365	Unibail-Rodamco SE (REIT)		546,435

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Shares		Description	Value
Common Stocks – (continued)
France – (continued)
	734	Vallourec SA (Capital Goods)	$	89,486
	139,611	Vivendi SA (Media)(a)		3,891,372
				34,553,307
Germany – 8.9%
	46,465	BASF SE (Materials)		4,554,564
	43,914	Daimler AG (Registered) (Automobiles & Components)		3,311,622
	25,866	Deutsche Boerse AG (Diversified Financials)		1,963,994
	184,773	Deutsche Post AG (Registered) (Transportation)		3,552,198
	254,447	Deutsche Telekom AG (Registered) (Telecommunication Services)		3,970,428
	36,498	E.ON AG (Utilities)		1,037,434
	58,693	GEA Group AG (Capital Goods)		2,101,950
	1,911	Hannover Rueckversicherung AG (Registered) (Insurance)		99,383
	33,699	Infineon Technologies AG (Semiconductors & Semiconductor Equipment)		378,654
	120,374	RWE AG (Utilities)		6,687,621
	13,895	RWE AG Preference Shares (Utilities)(a)		709,173
	10,612	Siemens AG (Registered) (Capital Goods)		1,458,311
	13,148	Volkswagen AG Preference Shares (Automobiles & Components)		2,718,951
				32,544,283
Greece – 0.4%
	83,957	OPAP SA (Consumer Services)		1,311,244
Hong Kong – 2.7%
	42,000	AIA Group Ltd. (Insurance)*		146,203
	4,700	ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)		64,624
	917,000	BOC Hong Kong Holdings Ltd. (Banks)		2,671,188
	15,000	Cathay Pacific Airways Ltd. (Transportation)		34,894
	59,000	Cheung Kong Holdings Ltd. (Real Estate)		866,417
	51,000	CLP Holdings Ltd. (Utilities)		452,425
	89,267	Esprit Holdings Ltd. (Retailing)		278,915
	27,000	Hang Lung Group Ltd. (Real Estate)		171,442
	47,000	Hang Lung Properties Ltd. (Real Estate)		193,247
	35,000	Henderson Land Development Co. Ltd. (Real Estate)		226,329
	83,930	Hong Kong & China Gas Co. Ltd. (Utilities)		190,933
	34,600	Hong Kong Exchanges and Clearing Ltd. (Diversified Financials)		728,568
	12,500	Hopewell Holdings Ltd. (Real Estate)		39,654
	77,000	Hutchison Whampoa Ltd. (Capital Goods)		834,291
	1,000	Hysan Development Co. Ltd. (Real Estate)		4,961
	15,000	Kerry Properties Ltd. (Real Estate)		72,502
	214,000	Li & Fung Ltd. (Retailing)		427,719
	47,500	MTR Corp. Ltd. (Transportation)		168,944
	63,919	New World Development Ltd. (Real Estate)		97,043
	3	Noble Group Ltd. (Capital Goods)		5
	13,000	PCCW Ltd. (Telecommunication Services)		5,610
	79,000	Power Assets Holdings Ltd. (Utilities)		598,255
	43,200	Sands China Ltd. (Consumer Services)*		117,096
	14,000	Shangri-La Asia Ltd. (Consumer Services)		34,370
	90,238	Sino Land Co. Ltd. (Real Estate)		145,131
	101,000	SJM Holdings Ltd. (Consumer Services)		240,267
	32,000	Sun Hung Kai Properties Ltd. (Real Estate)		467,763
	12,000	Swire Pacific Ltd. Class A (Real Estate)		176,678
	29,000	The Wharf Holdings Ltd. (Real Estate)		202,232
	39,000	Yue Yuen Industrial Holdings Ltd. (Consumer Durables & Apparel)		124,059
				9,781,765
Israel – 0.7%
	69,348	Bank Leumi Le-Israel BM (Banks)		327,906
	140,360	Bezeq Israeli Telecommunication Corp. Ltd. (Telecommunication Services)		355,351
	557	Delek Group Ltd. (Capital Goods)		125,193
	20,211	Israel Chemicals Ltd. (Materials)		322,530
	5,159	Partner Communications Co. Ltd. (Telecommunication Services)		77,794
	27,735	Teva Pharmaceutical Industries Ltd. ADR (Pharmaceuticals, Biotechnology & Life Sciences)(a)		1,337,382
				2,546,156
Italy – 2.6%
	266,077	Enel SpA (Utilities)		1,738,594
	157,197	Eni SpA (Energy)(a)		3,725,406
	83,368	Fiat SpA (Automobiles & Components)		916,055
	82,784	Finmeccanica SpA (Capital Goods)		1,001,661
	198,481	Mediaset SpA (Media)		933,068
	66,678	Parmalat SpA (Food, Beverage & Tobacco)		250,822
	8,503	Prysmian SpA (Capital Goods)		171,167

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2011 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Italy – (continued)
	538,083	Telecom Italia SpA (Telecommunication Services)	$	625,994
	113,009	UniCredit SpA (Banks)		239,208
				9,601,975
Japan – 19.8%
	38,100	AEON Credit Service Co. Ltd. (Diversified Financials)		521,851
	1,200	Aisin Seiki Co. Ltd. (Automobiles & Components)		46,435
	1,400	Alfresa Holdings Corp. (Health Care Equipment & Services)		54,409
	75,000	Asahi Glass Co. Ltd. (Capital Goods)		877,671
	1,100	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		42,681
	3,600	Canon, Inc. (Technology Hardware & Equipment)		171,239
	185,800	Casio Computer Co. Ltd. (Consumer Durables & Apparel)		1,311,252
	59,700	Chubu Electric Power Co., Inc. (Utilities)		1,165,865
	45,000	Dai Nippon Printing Co. Ltd. (Commercial & Professional Services)		507,168
	49,000	Daiwa Securities Group, Inc. (Diversified Financials)		215,889
	72,000	Dowa Holdings Co. Ltd. (Materials)		446,859
	1,700	East Japan Railway Co. (Transportation)		97,361
	35,900	Eisai Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,400,666
	6,900	Elpida Memory, Inc. (Semiconductors & Semiconductor Equipment)*		81,273
	48,000	Fujitsu Ltd. (Technology Hardware & Equipment)		274,363
	69,000	Furukawa Electric Co. Ltd. (Capital Goods)		288,081
	11,000	GS Yuasa Corp. (Capital Goods)		73,414
	11,000	Hitachi Ltd. (Technology Hardware & Equipment)		65,285
	156,800	Honda Motor Co. Ltd. (Automobiles & Components)		6,041,023
	140	Japan Tobacco, Inc. (Food, Beverage & Tobacco)		540,410
	77,000	Kaneka Corp. (Materials)		505,935
	62,000	Kawasaki Kisen Kaisha Ltd. (Transportation)		216,761
	11,300	Komatsu Ltd. (Capital Goods)		352,821
	14,500	Konica Minolta Holdings, Inc. (Technology Hardware & Equipment)		121,111
	33,000	Kubota Corp. (Capital Goods)		292,762
	43,400	Kyushu Electric Power Co., Inc. (Utilities)		781,444
	26,400	Lawson, Inc. (Food & Staples Retailing)		1,384,970
	47,200	Marui Group Co. Ltd. (Retailing)		358,467
	2,400	MEIJI Holdings Co. Ltd. (Food, Beverage & Tobacco)		101,189
	28,400	Mitsubishi Corp. (Capital Goods)		709,371
	12,000	Mitsubishi Electric Corp. (Capital Goods)		139,393
	64,000	Mitsubishi Estate Co. Ltd. (Real Estate)		1,123,197
	56,000	Mitsubishi Heavy Industries Ltd. (Capital Goods)		263,325
	128,300	Mitsui & Co. Ltd. (Capital Goods)		2,218,323
	58,000	Mitsui Engineering & Shipbuilding Co. Ltd. (Capital Goods)		126,648
	19,000	Mitsui Fudosan Co. Ltd. (Real Estate)		327,235
	13,200	Mitsumi Electric Co. Ltd. (Technology Hardware & Equipment)		130,801
	3,387,300	Mizuho Financial Group, Inc. (Banks)		5,567,463
	18,200	MS&AD Insurance Group Holdings, Inc. (Insurance)		426,005
	39,000	NEC Corp. (Technology Hardware & Equipment)*		89,060
	2,000	NGK Insulators Ltd. (Capital Goods)		37,259
	4,000	NGK Spark Plug Co. Ltd. (Automobiles & Components)		55,270
	7,000	NHK Spring Co. Ltd. (Automobiles & Components)		71,582
	38	Nippon Building Fund, Inc. (REIT)		371,339
	322,000	Nippon Express Co. Ltd. (Transportation)		1,304,782
	35,300	Nippon Paper Group, Inc. (Materials)		783,274
	292,000	Nippon Sheet Glass Co. Ltd. (Capital Goods)		907,905
	368,000	Nippon Yusen Kabushiki Kaisha (Transportation)		1,367,243
	102,500	Nissan Motor Co. Ltd. (Automobiles & Components)		1,077,194
	124,000	NKSJ Holdings, Inc. (Insurance)		818,423
	107,000	Nomura Holdings, Inc. (Diversified Financials)		528,012
	58,000	NSK Ltd. (Capital Goods)		579,028
	298,000	NTN Corp. (Capital Goods)		1,697,601
	1,654	NTT DoCoMo, Inc. (Telecommunication Services)		2,953,947
	36,400	Oracle Corp. Japan (Software & Services)		1,586,297
	525,000	Ricoh Co. Ltd. (Technology Hardware & Equipment)		5,824,029
	9,400	Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)		539,292
	27,800	Sankyo Co. Ltd. (Consumer Durables & Apparel)		1,436,358
	96,000	Sekisui House Ltd. (Consumer Durables & Apparel)		893,864
	14,300	Seven & I Holdings Co. Ltd. (Food & Staples Retailing)		384,584
	3,500	Shin-Etsu Chemical Co. Ltd. (Materials)		187,606

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	23,500	Shinko Electric Industries Co. Ltd. (Semiconductors & Semiconductor Equipment)	$	221,547
	60,200	Shiseido Co. Ltd. (Household & Personal Products)		1,123,699
	43,700	Stanley Electric Co. Ltd. (Automobiles & Components)		767,141
	17,000	Sumitomo Chemical Co. Ltd. (Materials)		84,883
	102,300	Sumitomo Corp. (Capital Goods)		1,391,716
	36,600	Sumitomo Electric Industries Ltd. (Capital Goods)		533,835
	500,000	Sumitomo Metal Industries Ltd. (Materials)		1,123,230
	20,000	Sumitomo Metal Mining Co. Ltd. (Materials)		328,585
	56,000	Sumitomo Mitsui Financial Group, Inc. (Banks)		1,726,743
	8,000	Sumitomo Realty & Development Co. Ltd. (Real Estate)		178,797
	1,600	Suzuken Co. Ltd. (Health Care Equipment & Services)		36,911
	13,350	T&D Holdings, Inc. (Insurance)		317,759
	62,500	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		2,888,557
	171	The Dai-ichi Life Insurance Co. Ltd. (Insurance)		239,800
	10,000	The Japan Steel Works, Ltd. (Capital Goods)		68,549
	5,100	The Kansai Electric Power Co., Inc. (Utilities)		101,560
	85,600	Tohoku Electric Power Co., Inc (Utilities)		1,235,256
	8,300	Tokio Marine Holdings, Inc. (Insurance)		232,353
	1,100	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		60,151
	12,000	Tokyo Tatemono Co. Ltd. (Real Estate)		43,784
	127,000	TonenGeneral Sekiyu KK (Energy)		1,562,156
	51,000	Toppan Printing Co. Ltd. (Commercial & Professional Services)		395,688
	57,000	Toshiba Corp. (Technology Hardware & Equipment)		300,524
	477,000	Tosoh Corp. (Materials)		1,915,472
	3,300	Toyoda Gosei Co. Ltd. (Automobiles & Components)		74,941
	5,300	Toyota Industries Corp. (Automobiles & Components)		174,981
	17,500	Toyota Motor Corp. (Automobiles & Components)		720,636
	14,850	USS Co. Ltd. (Retailing)		1,151,969
	15,200	West Japan Railway Co. (Transportation)		593,393
				72,458,981
Luxembourg – 0.4%
	44,379	ArcelorMittal (Materials)		1,543,371
Mexico – 0.1%
	14,795	Fresnillo PLC (Materials)		333,281
Netherlands – 5.8%
	6,148	Akzo Nobel NV (Materials)		388,435
	5,201	Corio NV (REIT)		344,446
	69,825	Koninklijke Philips Electronics NV (Capital Goods)		1,794,507
	52,340	PostNL NV (Transportation)		443,522
	175,057	Royal Dutch Shell PLC Class A (Energy)(a)		6,216,354
	145,809	Royal Dutch Shell PLC Class B (Energy)		5,203,332
	206,467	Unilever NV CVA (Food, Beverage & Tobacco)		6,776,382
				21,166,978
Portugal – 0.2%
	100,651	Brisa Auto-Estradas de Portugal SA (Transportation)		614,085
	13,222	Portugal Telecom, SGPS, SA (Registered) (Telecommunication Services)		129,982
				744,067
Singapore – 1.3%
	26,000	Ascendas Real Estate Investment Trust (REIT)		43,245
	106,000	CapitaLand Ltd. (Real Estate)		251,817
	19,000	City Developments Ltd. (Real Estate)		161,327
	55,000	DBS Group Holdings Ltd. (Banks)		657,925
	162,000	Genting Singapore PLC (Consumer Services)*		255,414
	82,000	Global Logistic Properties Ltd. (Real Estate)*		137,758
	183,000	Golden Agri-Resources Ltd. (Food, Beverage & Tobacco)		101,665
	147,000	Hutchison Port Holdings Trust Class U (Transportation)*		124,215
	3,000	Jardine Cycle & Carriage Ltd. (Retailing)		105,268
	3,000	Keppel Corp. Ltd. (Capital Goods)		27,143
	20,000	Keppel Land Ltd. (Real Estate)		59,097
	26,000	Olam International Ltd. (Food & Staples Retailing)		57,798
	81,144	Oversea-Chinese Banking Corp. Ltd. (Banks)		619,807
	12,000	Singapore Airlines Ltd. (Transportation)		138,891
	24,000	Singapore Exchange Ltd. (Diversified Financials)		147,477
	58,000	Singapore Press Holdings Ltd. (Media)		184,326
	237,000	Singapore Telecommunications Ltd. (Telecommunication Services)		610,876

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2011 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Singapore – (continued)
	11,000	StarHub Ltd. (Telecommunication Services)	$	25,015
	35,000	United Overseas Bank Ltd. (Banks)		561,930
	22,000	UOL Group Ltd. (Real Estate)		89,336
	57,000	Wilmar International Ltd. (Food, Beverage & Tobacco)		252,169
				4,612,499
Spain – 4.2%
	10,081	ACS Actividades de Construccion y Servicios SA (Capital Goods)		475,805
	358,303	Banco Bilbao Vizcaya Argentaria SA (Banks)		4,206,045
	889,555	Banco Santander SA (Banks)(a)		10,247,806
	11,569	Bankinter SA (Banks)		78,480
	13,622	Indra Sistemas SA (Software & Services)		280,994
				15,289,130
Sweden – 2.9%
	12,388	Atlas Copco AB Class A (Capital Goods)		326,255
	6,690	Atlas Copco AB Class B (Capital Goods)		157,823
	78,322	Boliden AB (Materials)		1,446,498
	118,002	Electrolux AB Class B (Consumer Durables & Apparel)		2,822,149
	7,235	Getinge AB Class B (Health Care Equipment & Services)		194,560
	4,556	Hennes & Mauritz AB Class B (Retailing)		157,096
	10,973	Industrivarden AB Class C (Diversified Financials)		181,574
	22,966	Investor AB Class B (Diversified Financials)		526,682
	5,959	Kinnevik Investment AB Class B (Diversified Financials)		132,361
	9,715	Ratos AB Class B (Diversified Financials)		186,737
	27,556	Sandvik AB (Capital Goods)		482,763
	19,418	Scania AB Class B (Capital Goods)		450,748
	237,889	Securitas AB Class B (Commercial & Professional Services)		2,518,701
	17,964	SKF AB Class B (Capital Goods)		520,143
	5,110	SSAB AB Class A (Materials)		76,343
	2,247	Swedish Match AB (Food, Beverage & Tobacco)		75,446
	15,913	Volvo AB Class B (Capital Goods)		278,578
				10,534,457
Switzerland – 8.5%
	140,752	Credit Suisse Group AG (Registered) (Diversified Financials)		5,485,420
	12,671	Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		992,685
	141,599	Nestle SA (Registered) (Food, Beverage & Tobacco)(a)(b)		8,811,499
	41,135	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		6,886,853
��	86	Sika AG (Materials)		207,598
	119,455	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)		1,189,019
	1,640	Syngenta AG (Registered) (Materials)		554,239
	58,662	Xstrata PLC (Materials)		1,292,053
	22,039	Zurich Financial Services AG (Insurance)*		5,576,742
				30,996,108
United Kingdom – 17.2%
	16,699	Anglo American PLC (Materials)		828,169
	4,892	AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences)		244,508
	551,032	Aviva PLC (Insurance)		3,878,738
	450,421	BAE Systems PLC (Capital Goods)		2,304,199
	141,018	Balfour Beatty PLC (Capital Goods)		699,161
	766,784	Barclays PLC (Banks)		3,145,618
	112,934	BHP Billiton PLC (Materials)(a)(b)		4,437,602
	95,949	BP PLC ADR (Energy)(a)		4,249,581
	86,793	British American Tobacco PLC (Food, Beverage & Tobacco)(b)		3,806,020
	10,965	Bunzl PLC (Capital Goods)		137,311
	3,213,085	Cable & Wireless Worldwide PLC (Telecommunication Services)		2,375,757
	34,431	Eurasian Natural Resources Corp. PLC (Materials)		432,023
	146,388	Firstgroup PLC (Transportation)		801,720
	158,303	GlaxoSmithKline PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)(a)		6,791,199
	359,329	Home Retail Group PLC (Retailing)		944,600
	521,675	HSBC Holdings PLC (Banks)		5,172,267
	180,356	ICAP PLC (Diversified Financials)		1,367,882
	7,484	Kazakhmys PLC (Materials)		165,898
	42,905	Land Securities Group PLC (REIT)		586,942
	57,494	Man Group PLC (Diversified Financials)		218,693
	318,383	National Grid PLC (Utilities)		3,134,224
	57,434	Pearson PLC (Media)		1,086,493
	2,206	Reckitt Benckiser Group PLC (Household & Personal Products)		121,842
	83,642	Reed Elsevier PLC (Media)		761,504
	57,593	Rio Tinto PLC (Materials)		4,158,545
	15,149	Scottish & Southern Energy PLC (Utilities)		338,816
	58,875	Segro PLC (REIT)		295,190
	41,015	Standard Chartered PLC (Banks)		1,077,368
	108,358	The Sage Group PLC (Software & Services)		502,361

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	10,195	The Weir Group PLC (Capital Goods)	$	348,025
	694,546	Thomas Cook Group PLC (Consumer Services)		1,484,258
	112,564	TUI Travel PLC (Consumer Services)		405,140
	111,821	Unilever PLC (Food, Beverage & Tobacco)(b)		3,608,020
	3,233	Vedanta Resources PLC (Materials)		108,680
	111,584	Vodafone Group PLC ADR (Telecommunication Services)(a)		2,981,524
				62,999,878
TOTAL COMMON STOCKS
(Cost $345,836,480)			$	359,643,727

Shares		Rate			Value
Short-term Investment(c) – 1.1%
JPMorgan U.S. Government Money Market Fund – Capital Shares
	3,936,809		0.010	%	$	3,936,809
(Cost $3,936,809)
TOTAL INVESTMENTS – 99.5%
(Cost $349,773,289)					$	363,580,536
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.5%						1,980,163
NET ASSETS – 100.0%					$	365,560,699

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

*	Non-income producing security.
(a)	All or a portion of this security is held as collateral for call options written.
(b)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)	Variable rate security. Interest rate disclosed is that which is in effect at June 30, 2011.

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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2011, 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		87	September 2011	$	3,593,124	$	118,885
FTSE 100 Index		17	September 2011		1,610,447		51,755
TSE TOPIX Index		14	September 2011		1,477,299		50,169
TOTAL						$	220,809

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2011 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

WRITTEN OPTIONS — At June 30, 2011, the Fund had outstanding written options as follows:

	Exercise		Number of		Expiration
Call Options	Rate		Contracts		Month		Value
Dow Jones EURO STOXX 50 Index		EUR 2,750		1,330		September 2011	$	(3,209,356	)
FTSE 100 Index		GBP 5,700		326		September 2011		(1,587,954	)
Nikkei-225 Stock Average		JPY 10,000		462		September 2011		(1,319,918	)
Nikkei-225 Stock Average		JPY 9,500		41		September 2011		(264,828	)
TOTAL (Premiums Received $3,750,921)				2,159			$	(6,382,056	)

For the six months ended June 30, 2011, the Fund had the following written options activity:

	Number of			Premiums
	Contracts			Received
Contracts Outstanding December 31, 2010		1,323		$	2,415,680
Contracts written		4,018			7,303,260
Contracts expired		(3,182	)		(5,968,019	)
Contracts Outstanding June 30, 2011		2,159		$	3,750,921

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

GOLDMAN SACHS STRUCTURED TAX-MANAGED EQUITY FUND

Schedule of Investments

June 30, 2011 (Unaudited)

Shares		Description	Value
Common Stocks – 97.4%
Automobiles & Components – 1.1%
	96,391	Dana Holding Corp.*	$	1,763,955
	7,351	Federal-Mogul Corp.*		167,824
	4,964	Johnson Controls, Inc.		206,800
	32,194	TRW Automotive Holdings Corp.*		1,900,412
				4,038,991
Banks – 1.0%
	7,227	First Republic Bank*(a)		233,288
	64,843	International Bancshares Corp.		1,084,823
	2,639	M&T Bank Corp.		232,100
	8,081	PNC Financial Services Group, Inc.		481,709
	27,498	SunTrust Banks, Inc.		709,448
	4,405	U.S. Bancorp		112,372
	29,338	Wells Fargo & Co.		823,224
				3,676,964
Capital Goods – 8.3%
	21,017	3M Co.		1,993,462
	10,853	AGCO Corp.*		535,704
	13,410	Applied Industrial Technologies, Inc.		477,530
	35,570	Astec Industries, Inc.*		1,315,379
	4,367	Bucyrus International, Inc.		400,279
	7,597	Caterpillar, Inc.		808,777
	4,755	Cubic Corp.		242,457
	13,053	Cummins, Inc.		1,350,855
	6,652	Curtiss-Wright Corp.		215,325
	27,718	Danaher Corp.		1,468,777
	1,770	Esterline Technologies Corp.*		135,228
	4,867	Gardner Denver, Inc.		409,071
	4,972	Generac Holdings, Inc.*		96,457
	35,058	General Cable Corp.*		1,492,770
	3,741	General Dynamics Corp.		278,779
	28,295	General Electric Co.		533,644
	5,922	Hexcel Corp.*		129,633
	18,439	Honeywell International, Inc.		1,098,780
	2,893	Huntington Ingalls Industries, Inc.*		99,809
	12,360	II-VI, Inc.*		316,416
	23,391	Illinois Tool Works, Inc.		1,321,358
	3,679	Ingersoll-Rand PLC		167,063
	1,193	L-3 Communications Holdings, Inc.		104,328
	17,622	Lockheed Martin Corp.		1,426,872
	30,268	Lydall, Inc.*		362,005
	21,947	Miller Industries, Inc.		410,189
	14,996	MSC Industrial Direct Co. Class A		994,385
	17,920	Northrop Grumman Corp.		1,242,752
	3,900	Pall Corp.		219,297
	2,863	Parker Hannifin Corp.		256,926
	9,837	Polypore International, Inc.*		667,342
	15,952	Sauer-Danfoss, Inc.*		803,821
	6,015	The Boeing Co.		444,689
	3,514	Twin Disc, Inc.		135,746
	33,917	Tyco International Ltd.		1,676,517
	4,264	United Rentals, Inc.*		108,306
	24,578	United Technologies Corp.		2,175,399
	7,048	W.W. Grainger, Inc.		1,082,925
	11,279	WABCO Holdings, Inc.*		778,928
	30,106	Watsco, Inc.		2,046,907
				29,824,887
Commercial & Professional Services – 0.2%
	2,831	Clean Harbors, Inc.*		292,301
	4,262	Copart, Inc.*		198,609
	3,817	Manpower, Inc.		204,782
	3,667	Nielsen Holdings NV*		114,264
				809,956
Consumer Durables & Apparel – 1.9%
	3,778	Coach, Inc.		241,528
	15,729	Fossil, Inc.*		1,851,618
	11,297	Garmin Ltd.(a)		373,140
	27,041	Harman International Industries, Inc.		1,232,258
	14,876	Lululemon Athletica, Inc.*		1,663,434
	12,627	Polaris Industries, Inc.		1,403,744
	5,647	Vera Bradley, Inc.*		215,715
				6,981,437
Consumer Services – 1.8%
	20,367	Apollo Group, Inc. Class A*		889,631
	1,640	Chipotle Mexican Grill, Inc.*		505,432
	2,979	ITT Educational Services, Inc.*		233,077
	4,095	McDonald’s Corp.		345,290
	60,264	Starbucks Corp.		2,379,825
	6,011	Weight Watchers International, Inc.		453,650
	30,844	Yum! Brands, Inc.		1,703,823
				6,510,728
Diversified Financials – 4.2%
	32,328	Advance America, Cash Advance Centers, Inc.		222,740
	736	BlackRock, Inc.		141,172
	58,913	Capital One Financial Corp.		3,044,035
	2,573	Cash America International, Inc.		148,900
	7,992	Citigroup, Inc.		332,787
	7,219	CME Group, Inc.		2,104,988
	30,122	Discover Financial Services		805,763
	9,055	Eaton Vance Corp.		273,733
	5,763	Financial Engines, Inc.*		149,377
	35,706	Franklin Resources, Inc.		4,687,841
	15,542	JPMorgan Chase & Co.		636,289
	15,674	Leucadia National Corp.		534,483
	17,666	Moody’s Corp.		677,491
	8,322	SEI Investments Co.		187,328
	50,290	The Bank of New York Mellon Corp.		1,288,430
				15,235,357
Energy – 12.1%
	108,605	Chevron Corp.		11,168,938
	69,129	Complete Production Services, Inc.*		2,306,143
	115,425	ConocoPhillips		8,678,806
	3,783	Devon Energy Corp.		298,138
	15,207	Dresser-Rand Group, Inc.*		817,376
	14,638	Dril-Quip, Inc.*		992,896

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

GOLDMAN SACHS STRUCTURED TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

June 30, 2011 (Unaudited)

Shares		Description		Value
Common Stocks – (continued)
Energy – (continued)
	69,835	Exxon Mobil Corp.		$	5,683,172
	36,850	Frontier Oil Corp.			1,190,623
	14,993	Hess Corp.			1,120,877
	17,575	Marathon Oil Corp.			925,851
	1,524	Occidental Petroleum Corp.			158,557
	5,673	Spectra Energy Corp.			155,497
	30,456	Sunoco, Inc.			1,270,320
	256,265	Valero Energy Corp.			6,552,696
	29,672	W&T Offshore, Inc.			775,033
	85,547	Western Refining, Inc.*(a)			1,545,834
					43,640,757
Food & Staples Retailing – 1.1%
	8,671	Costco Wholesale Corp.			704,432
	3,216	CVS Caremark Corp.			120,857
	21,879	The Kroger Co.			542,599
	60,100	Walgreen Co.			2,551,846
					3,919,734
Food, Beverage & Tobacco – 5.9%
	10,124	Boston Beer Co., Inc. Class A*			907,111
	5,535	Brown-Forman Corp. Class B			413,409
	6,730	Bunge Ltd.			464,034
	25,323	Dr. Pepper Snapple Group, Inc.			1,061,793
	24,643	H.J. Heinz Co.			1,312,979
	3,462	Hormel Foods Corp.			103,202
	18,076	Kellogg Co.			999,964
	8,317	Lancaster Colony Corp.			505,840
	98,922	Lorillard, Inc.			10,769,638
	45,981	Philip Morris International, Inc.			3,070,151
	5,540	Reynolds American, Inc.			205,257
	17,355	Smithfield Foods, Inc.*			379,554
	57,073	Tyson Foods, Inc. Class A			1,108,358
					21,301,290
Health Care Equipment & Services – 4.2%
	14,027	Align Technology, Inc.*			319,815
	1,970	Becton, Dickinson and Co.			169,755
	114,035	Boston Scientific Corp.*			787,982
	17,294	Cerner Corp.*			1,056,836
	16,584	Coventry Health Care, Inc.*			604,818
	1,692	DaVita, Inc.*			146,544
	54,206	DENTSPLY International, Inc.			2,064,164
	41,596	Health Net, Inc.*			1,334,816
	9,345	Hologic, Inc.*			188,489
	28,944	Humana, Inc.			2,331,150
	10,832	Lincare Holdings, Inc.			317,053
	15,363	Magellan Health Services, Inc.*			840,971
	24,891	Masimo Corp.			738,765
	13,418	McKesson Corp.			1,122,416
	9,725	Molina Healthcare, Inc.*			263,742
	2,403	Quest Diagnostics, Inc.			142,017
	5,764	Sirona Dental Systems, Inc.*			306,068
	6,597	UnitedHealth Group, Inc.			340,273
	27,153	WellCare Health Plans, Inc.*			1,395,936
	8,915	Zimmer Holdings, Inc.*			563,428
					15,035,038
Household & Personal Products – 2.7%
	51,237	Colgate-Palmolive Co.			4,478,626
	18,252	Herbalife Ltd.			1,052,045
	65,519	The Procter & Gamble Co.			4,165,043
					9,695,714
Insurance – 5.6%
	10,752	American Financial Group, Inc.			383,739
	15	Berkshire Hathaway, Inc. Class A*			1,741,575
	99,337	Berkshire Hathaway, Inc. Class B*			7,687,690
	29,314	CNO Financial Group, Inc.*			231,874
	18,436	Everest Re Group Ltd.			1,507,143
	123,303	Loews Corp.			5,189,823
	29,369	Prudential Financial, Inc.			1,867,575
	27,450	Symetra Financial Corp.			368,654
	12,552	The Travelers Companies, Inc.			732,786
	10,307	Unum Group			262,622
					19,973,481
Materials – 3.8%
	3,802	Airgas, Inc.			266,292
	1,986	CF Industries Holdings, Inc.			281,357
	6,705	E.I. du Pont de Nemours & Co.			362,405
	30,315	Freeport-McMoRan Copper & Gold, Inc.			1,603,663
	60,294	Kraton Performance Polymers, Inc.*			2,361,716
	24,343	Monsanto Co.			1,765,841
	5,679	OM Group, Inc.*			230,795
	13,668	Rockwood Holdings, Inc.*			755,704
	6,089	Silgan Holdings Inc.			249,466
	14,199	The Dow Chemical Co.			511,164
	10,437	The Mosaic Co.			706,898
	12,133	The Scotts Miracle-Gro Co. Class A			622,544
	29,719	The Sherwin-Williams Co.			2,492,532
	40,606	Titanium Metals Corp.			743,902
	9,657	TPC Group, Inc.*	��		378,748
	3,300	Westlake Chemical Corp.			171,270
					13,504,297
Media – 3.2%
	18,156	Cablevision Systems Corp. Class A			657,429
	5,705	Comcast Corp. Class A			144,565
	72,874	DIRECTV Class A*			3,703,457
	99,179	DISH Network Corp. Class A*			3,041,820
	7,623	Liberty Global, Inc. Class A*			343,340
	48,700	News Corp. Class A			861,990
	45,545	Time Warner, Inc.			1,656,471
	32,619	Virgin Media, Inc.			976,286
					11,385,358
Pharmaceuticals, Biotechnology & Life Sciences – 8.2%
	6,813	Alexion Pharmaceuticals, Inc.*			320,415
	71,429	Amgen, Inc.*(b)			4,167,882
	46,805	Biogen Idec, Inc.*			5,004,391

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

GOLDMAN SACHS STRUCTURED TAX-MANAGED EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	3,855	Bristol-Myers Squibb Co.	$	111,641
	7,174	Charles River Laboratories International, Inc.*		291,623
	3,050	Covance, Inc.*		181,079
	172,168	Eli Lilly & Co.		6,461,465
	16,388	Forest Laboratories, Inc.*		644,704
	70,632	Gilead Sciences, Inc.*		2,924,871
	99,553	Johnson & Johnson		6,622,266
	56,593	Merck & Co., Inc.		1,997,167
	29,744	Pfizer, Inc.		612,726
	5,778	Viropharma, Inc.*		106,893
				29,447,123
Real Estate – 3.7%
	4,780	Equity Lifestyle Properties, Inc. (REIT)		298,463
	2,299	Federal Realty Investment Trust (REIT)		195,829
	14,842	HCP, Inc. (REIT)		544,553
	1,841	Jones Lang LaSalle, Inc.		173,606
	17,417	ProLogis, Inc. (REIT)		624,225
	15,986	Public Storage, Inc. (REIT)		1,822,564
	18,684	Rayonier, Inc. (REIT)		1,220,999
	50,251	Simon Property Group, Inc. (REIT)		5,840,674
	12,769	The Howard Hughes Corp.*		830,496
	6,721	Ventas, Inc. (REIT)		354,264
	1,727	Vornado Realty Trust (REIT)		160,922
	54,201	Weyerhaeuser Co. (REIT)		1,184,834
				13,251,429
Retailing – 4.3%
	30,807	Amazon.com, Inc.*		6,299,723
	2,831	AutoZone, Inc.*		834,720
	4,353	Best Buy Co., Inc.		136,728
	27,834	Cabela’s, Inc.*		755,693
	5,450	Dick’s Sporting Goods, Inc.*		209,552
	10,297	Dillard’s, Inc. Class A		536,886
	4,880	Express Inc.		106,384
	10,442	Family Dollar Stores, Inc.		548,832
	3,941	Foot Locker, Inc.		93,638
	2,276	Genesco, Inc.*		118,580
	5,347	Group 1 Automotive, Inc.		220,189
	81,157	Limited Brands, Inc.		3,120,487
	5,564	Rue21, Inc.*(a)		180,830
	6,162	Signet Jewelers Ltd.*		288,443
	6,681	Sonic Automotive, Inc. Class A		97,877
	5,059	Target Corp.		237,318
	1,947	Tractor Supply Co.		130,215
	20,505	Ulta Salon Cosmetics & Fragrance, Inc.*		1,324,213
	7,442	Zumiez, Inc.*		185,827
				15,426,135
Semiconductors & Semiconductor Equipment – 2.0%
	14,528	Altera Corp.		673,373
	55,188	Applied Materials, Inc.		717,996
	19,394	Integrated Device Technology, Inc.*		152,437
	212,966	Intel Corp.		4,719,326
	93,446	Lattice Semiconductor Corp.*		609,268
	2,616	Linear Technology Corp.		86,380
	15,886	Micrel, Inc.		168,074
	24,400	Silicon Image, Inc.*		157,624
				7,284,478
Software & Services – 9.3%
	72,223	Accenture PLC Class A		4,363,714
	168,532	Activision Blizzard, Inc.		1,968,454
	11,657	Amdocs Ltd.*		354,256
	7,866	AOL, Inc.*		156,219
	20,430	Autodesk, Inc.*		788,598
	16,436	Citrix Systems, Inc.*		1,314,880
	15,211	Cognizant Technology Solutions Corp. Class A*		1,115,575
	100,732	eBay, Inc.*		3,250,621
	3,487	Fidelity National Information Services, Inc.		107,365
	715	Google, Inc. Class A*		362,062
	8,899	Lender Processing Services, Inc.		186,078
	6,236	Mantech International Corp. Class A		277,003
	230,874	Microsoft Corp.		6,002,724
	3,026	MicroStrategy, Inc. Class A*		492,270
	13,252	NeuStar, Inc. Class A*		347,202
	127,024	Oracle Corp.		4,180,360
	5,645	QLIK Technologies Inc.*		192,269
	2,631	Rackspace Hosting, Inc.*		112,449
	46,626	RealNetworks, Inc.*		158,528
	7,230	Salesforce.com, Inc.*		1,077,125
	30,100	SRA International, Inc. Class A*		930,692
	5,478	TeleTech Holdings, Inc.*		115,476
	38,335	Teradata Corp.*		2,307,767
	51,486	VeriFone Systems, Inc.*		2,283,404
	25,345	VeriSign, Inc.		848,044
				33,293,135
Technology Hardware & Equipment – 5.2%
	4,023	Apple, Inc.*		1,350,401
	4,227	Aruba Networks, Inc.*		124,908
	113,670	Dell, Inc.*		1,894,879
	27,430	EchoStar Corp. Class A*		999,275
	12,415	Electronics for Imaging, Inc.*		213,786
	42,545	EMC Corp.*		1,172,115
	4,423	Harris Corp.		199,300
	36,440	Ingram Micro, Inc. Class A*		661,022
	6,611	JDS Uniphase Corp.*		110,139
	5,235	Motorola Mobility Holdings, Inc.*		115,379
	22,194	Motorola Solutions, Inc.*		1,021,812
	32,909	National Instruments Corp.		977,068
	51,947	NetApp, Inc.*		2,741,763
	2,408	Plantronics, Inc.		87,964
	3,524	Polycom, Inc.*		226,593
	4,124	QUALCOMM, Inc.		234,202
	22,660	Riverbed Technology, Inc.*		897,109
	43,139	SanDisk Corp.*		1,790,269
	18,750	Silicon Graphics International Corp.*		322,500
	6,112	Synaptics, Inc.*(a)		157,323

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

GOLDMAN SACHS STRUCTURED TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

June 30, 2011 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Technology Hardware & Equipment – (continued)
	180,208	Vishay Intertechnology, Inc.*	$	2,710,328
	14,001	Western Digital Corp.*		509,373
				18,517,508
Telecommunication Services – 2.3%
	182,976	AT&T, Inc.(b)		5,747,284
	7,897	Telephone & Data Systems, Inc.		245,439
	29,246	USA Mobility, Inc.		446,294
	49,825	Verizon Communications, Inc.		1,854,985
				8,294,002
Transportation – 2.1%
	37,174	Alaska Air Group, Inc.*		2,544,932
	3,918	Allegiant Travel Co.*		193,941
	5,154	C.H. Robinson Worldwide, Inc.		406,341
	6,621	Copa Holdings SA Class A		441,886
	2,506	Expeditors International of Washington, Inc.		128,282
	6,813	FedEx Corp.		646,213
	29,999	Heartland Express, Inc.		496,784
	10,745	Norfolk Southern Corp.		805,123
	59,752	SkyWest, Inc.		899,865
	5,115	Union Pacific Corp.		534,006
	18,607	Werner Enterprises, Inc.		466,105
				7,563,478
Utilities – 3.2%
	60,078	Ameren Corp.		1,732,649
	3,320	American Electric Power Co., Inc.		125,098
	196,063	Duke Energy Corp.		3,691,866
	7,257	Entergy Corp.		495,508
	1,398	Oneok, Inc.		103,466
	60,936	Sempra Energy		3,222,296
	50,781	Southern Co.		2,050,537
				11,421,420
TOTAL COMMON STOCKS
(Cost $300,802,886)			$	350,032,697

Shares		Rate			Value
Short-term Investment(c) – 3.1%
JPMorgan U.S. Government Money Market Fund – Capital Shares
	11,027,317		0.010	%	$	11,027,317
(Cost $11,027,317)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $311,830,203)					$	361,060,014
Securities Lending Reinvestment Vehicle(c)(d) – 0.7%
Goldman Sachs Financial Square Money Market Fund – FST Shares
	2,379,775		0.099	%	$	2,379,775
(Cost $2,379,775)
TOTAL INVESTMENTS – 101.2%
(Cost $314,209,978)					$	363,439,789
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.2)%						(4,145,410	)
NET ASSETS – 100.0%					$	359,294,379

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

*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)	Variable rate security. Interest rate disclosed is that which is in effect at June 30, 2011.
(d)	Represents an affiliated issuer.

Investment Abbreviation:
REIT	—	Real Estate Investment Trust

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

GOLDMAN SACHS STRUCTURED TAX-MANAGED EQUITY FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2011, the following futures contracts were open:

	Number of
	Contracts		Expiration	Current		Unrealized
Type	Long (Short)		Date	Value		Gain (Loss)
Russell 2000 Mini Index		9	September 2011	$	742,860	$	46,201
S&P 500 E-mini Index		115	September 2011		7,564,125		283,274
TOTAL						$	329,475

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments

June 30, 2011 (Unaudited)

Shares		Description	Value
Common Stocks – 97.2%
Australia – 8.6%
	15,496	AGL Energy Ltd. (Utilities)	$	243,915
	15,403	Alumina Ltd. (Materials)		35,277
	43,948	Australia & New Zealand Banking Group Ltd. (Banks)		1,041,780
	22,976	Bendigo and Adelaide Bank Ltd. (Banks)		219,100
	59,962	BHP Billiton Ltd. (Materials)		2,833,859
	67,989	Caltex Australia Ltd. (Energy)		862,669
	37,075	Coca-Cola Amatil Ltd. (Food, Beverage & Tobacco)		454,907
	26,823	Commonwealth Bank of Australia (Banks)		1,510,677
	4,027	Computershare Ltd. (Software & Services)		38,466
	851	CSL Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		30,250
	170,538	Dexus Property Group (REIT)		161,568
	79,722	Foster’s Group Ltd. (Food, Beverage & Tobacco)		440,355
	242,750	GPT Group (REIT)		825,168
	75,701	Incitec Pivot Ltd. (Materials)		315,274
	10,013	Insurance Australia Group Ltd. (Insurance)		36,607
	191,146	MAp Group (Transportation)		686,409
	17,829	Metcash Ltd. (Food & Staples Retailing)		79,568
	31,020	National Australia Bank Ltd. (Banks)		857,623
	4,763	Orica Ltd. (Materials)		138,087
	10,865	OZ Minerals Ltd. (Materials)		154,608
	6,578	QBE Insurance Group Ltd. (Insurance)		122,088
	14,131	Rio Tinto Ltd. (Materials)		1,264,847
	265,024	SP AusNet (Utilities)		268,808
	6,953	Suncorp Group Ltd. (Insurance)		60,775
	225,836	Tatts Group Ltd. (Consumer Services)		583,076
	6,575	Wesfarmers Ltd. (Food & Staples Retailing)		225,337
	876	Wesfarmers Ltd. (Price Protected Shares) (Food & Staples Retailing)		30,378
	66,423	Westpac Banking Corp. (Banks)		1,593,606
	10,836	WorleyParsons Ltd. (Energy)		329,924
				15,445,006
Austria – 0.3%
	7,558	OMV AG (Energy)		330,182
	3,540	Raiffeisen International Bank-Holding AG (Banks)(a)		182,349
				512,531
Belgium – 0.6%
	3,465	Delhaize Group SA (Food & Staples Retailing)		259,998
	8,811	KBC Groep NV (Banks)		345,735
	1,439	Mobistar SA (Telecommunication Services)		109,158
	2,100	Solvay SA (Materials)		324,231
	1,823	Tessenderlo Chemie NV (Materials)		78,605
				1,117,727
Bermuda – 0.1%
	5,400	Seadrill Ltd. (Energy)		189,858
China – 0.1%
	75,000	Foxconn International Holdings Ltd. Class H (Technology Hardware & Equipment)*		33,091
	87,000	Yangzijiang Shipbuilding Holdings Ltd. Class H (Capital Goods)		103,797
				136,888
Denmark – 1.0%
	15	A.P. Moller – Maersk A/S Class A (Transportation)		124,254
	6,655	Carlsberg A/S Class B (Food, Beverage & Tobacco)		724,616
	1,676	Coloplast A/S Class B (Health Care Equipment & Services)		254,868
	22,894	DSV A/S (Transportation)		549,563
	1,193	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)		149,458
				1,802,759
Finland – 1.2%
	8,526	Elisa Oyj Class A (Telecommunication Services)(a)		183,496
	13,642	Fortum Oyj (Utilities)		395,554
	15,811	Kesko Oyj Class B (Food & Staples Retailing)		735,329
	56,689	Nokia Oyj (Technology Hardware & Equipment)		365,684
	12,400	Sampo Oyj Class A (Insurance)		400,329
				2,080,392
France – 9.8%
	4,951	Accor SA (Consumer Services)		221,496
	1,593	Atos Origin SA (Software & Services)		89,985
	26,840	AXA SA (Insurance)		609,273
	10,047	BNP Paribas SA (Banks)		774,714
	1,487	Casino Guichard Perrachon SA (Food & Staples Retailing)		140,150
	1,451	Christian Dior SA (Consumer Durables & Apparel)		228,016
	7,220	Compagnie Generale de Geophysique-Veritas (Energy)*		264,607
	10,683	Credit Agricole SA (Banks)(a)		160,493
	4,951	Edenred SA (Commercial & Professional Services)		151,061
	95,025	France Telecom SA (Telecommunication Services)		2,020,564
	1,603	Gecina SA (REIT)		223,975
	14,348	Lagardere S.C.A (Media)		607,174
	1,286	L’Oreal SA (Household & Personal Products)		166,889
	3,426	LVMH Moet Hennessy Louis Vuitton SA (Consumer Durables & Apparel)		615,643

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL TAX-MANAGED EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
France – (continued)
	11,261	PSA Peugeot Citroen SA (Automobiles & Components)	$	505,183
	13,645	Renault SA (Automobiles & Components)		809,563
	6,913	Safran SA (Capital Goods)		294,983
	22,940	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)(b)		1,845,309
	10,283	Schneider Electric SA (Capital Goods)		1,716,972
	10,830	Societe Generale SA (Banks)(a)		641,418
	4,509	Technip SA (Energy)		483,327
	54,439	Total SA (Energy)		3,147,308
	1,190	Unibail-Rodamco SE (REIT)		274,950
	30,250	Veolia Environnement SA (Utilities)		852,256
	28,214	Vivendi SA (Media)		786,407
				17,631,716
Germany – 8.9%
	17,616	Adidas AG (Registered) (Consumer Durables & Apparel)		1,396,626
	5,364	Allianz SE (Registered) (Insurance)		747,993
	13,524	BASF SE (Materials)		1,325,642
	15,968	Bayer AG (Pharmaceuticals, Biotechnology & Life Sciences)		1,282,495
	8,803	Celesio AG (Health Care Equipment & Services)		175,776
	4,234	Daimler AG (Registered) (Automobiles & Components)		319,292
	5,810	Deutsche Bank AG (Registered) (Diversified Financials)		342,909
	130,372	E.ON AG (Utilities)		3,705,746
	16,641	Henkel AG & Co. KGaA (Household & Personal Products)		953,815
	3,627	Hochtief AG (Capital Goods)		303,077
	2,977	Lanxess AG (Materials)		244,199
	2,323	Leoni AG (Automobiles & Components)		137,933
	3,539	Metro AG (Food & Staples Retailing)		214,315
	3,229	Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Insurance)		492,923
	9,930	Porsche Automobil Holding SE Preference Shares (Automobiles & Components)		787,674
	3,042	SAP AG (Software & Services)		184,431
	10,631	Siemens AG (Registered) (Capital Goods)		1,460,922
	3,366	Stada Arzneimittel AG (Pharmaceuticals, Biotechnology & Life Sciences)		131,749
	17,781	Suedzucker AG (Food, Beverage & Tobacco)		633,129
	87,203	TUI AG (Consumer Services)*(a)		947,814
	876	Volkswagen AG (Automobiles & Components)		161,141
				15,949,601
Hong Kong – 2.7%
	126,200	AIA Group Ltd. (Insurance)*		439,306
	1,000	ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)		13,750
	91,500	BOC Hong Kong Holdings Ltd. (Banks)		266,536
	11,000	Cheung Kong Holdings Ltd. (Real Estate)		161,535
	16,000	Cheung Kong Infrastructure Holdings Ltd. (Utilities)		83,243
	62,000	CLP Holdings Ltd. (Utilities)		550,007
	48,951	Esprit Holdings Ltd. (Retailing)		152,948
	14,400	Hang Seng Bank Ltd. (Banks)		230,348
	20,240	Hong Kong & China Gas Co. Ltd. (Utilities)		46,044
	6,200	Hong Kong Exchanges and Clearing Ltd. (Diversified Financials)		130,553
	41,000	Hutchison Whampoa Ltd. (Capital Goods)		444,233
	68,794	Hysan Development Co. Ltd. (Real Estate)		341,275
	4,500	Kerry Properties Ltd. (Real Estate)		21,751
	8,000	Li & Fung Ltd. (Retailing)		15,989
	188,378	New World Development Ltd. (Real Estate)		285,999
	93,798	Noble Group Ltd. (Capital Goods)		151,049
	5,516	NWS Holdings Ltd. (Capital Goods)		7,394
	7,500	Orient Overseas International Ltd. (Transportation)		48,490
	6,000	Power Assets Holdings Ltd. (Utilities)		45,437
	8,400	Sands China Ltd. (Consumer Services)*		22,769
	33,000	SJM Holdings Ltd. (Consumer Services)		78,503
	4,000	Sun Hung Kai Properties Ltd. (Real Estate)		58,470
	41,000	Swire Pacific Ltd. Class A (Real Estate)		603,641
	6,000	The Wharf Holdings Ltd. (Real Estate)		41,841
	55,000	Wheelock & Co. Ltd. (Real Estate)		221,231
	2,500	Wing Hang Bank Ltd. (Banks)		27,433
	88,000	Wynn Macau Ltd. (Consumer Services)		288,179
	20,500	Yue Yuen Industrial Holdings Ltd. (Consumer Durables & Apparel)		65,210
				4,843,164
Ireland – 0.5%
	23,880	Kerry Group PLC Class A (Food, Beverage & Tobacco)		983,823
Israel – 0.7%
	10,290	Bank Hapoalim BM (Banks)*		51,435
	18,980	Bank Leumi Le-Israel BM (Banks)		89,745
	12,548	Bezeq Israeli Telecommunication Corp. Ltd. (Telecommunication Services)		31,768
	273	Elbit Systems Ltd. (Capital Goods)		12,979
	3,757	Israel Chemicals Ltd. (Materials)		59,955
	9,163	Makhteshim-Agan Industries Ltd. (Materials)*		51,199
	9,173	Mizrahi Tefahot Bank Ltd. (Banks)		97,628

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

June 30, 2011 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Israel – (continued)
	974	NICE Systems Ltd. ADR (Software & Services)*	$	35,415
	4,201	Partner Communications Co. Ltd. (Telecommunication Services)		63,348
	14,806	Teva Pharmaceutical Industries Ltd. ADR (Pharmaceuticals, Biotechnology & Life Sciences)		713,945
	21	The Israel Corp. Ltd. (Materials)		22,959
				1,230,376
Italy – 2.7%
	6,595	Atlantia SpA (Transportation)		140,436
	22,183	Eni SpA (Energy)		525,714
	3,903	Exor SpA (Diversified Financials)		122,073
	37,387	Fiat Industrial SpA (Capital Goods)*		482,876
	51,439	Fiat SpA (Automobiles & Components)		565,216
	28,674	Finmeccanica SpA (Capital Goods)		346,947
	10,231	Geox SpA (Consumer Durables & Apparel)		61,349
	74,015	Intesa Sanpaolo SpA (Banks)		197,086
	364,771	Parmalat SpA (Food, Beverage & Tobacco)*		1,372,155
	750,376	Telecom Italia SpA (Telecommunication Services)		1,012,264
				4,826,116
Japan – 19.5%
	5,200	Adeka Corp. (Materials)		52,773
	5,800	Aeon Co. Ltd. (Food & Staples Retailing)		70,007
	10,800	AEON Credit Service Co. Ltd. (Diversified Financials)		147,926
	8,000	Ajinomoto Co., Inc. (Food, Beverage & Tobacco)		94,975
	10,700	Alps Electric Co. Ltd. (Technology Hardware & Equipment)		108,766
	72,000	Amada Co. Ltd. (Capital Goods)		553,617
	5,800	AOC Holdings, Inc. (Energy)		41,589
	2,300	AOKI Holdings, Inc. (Retailing)		35,871
	1,700	Arc Land Sakamoto Co. Ltd. (Retailing)		27,089
	54,000	Asahi Glass Co. Ltd. (Capital Goods)		631,923
	3,600	Asahi Group Holdings, Ltd. (Food, Beverage & Tobacco)		72,517
	45,000	Asahi Kasei Corp. (Materials)		303,257
	2,900	ASKUL Corp. (Retailing)		47,389
	20,000	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		776,022
	15,000	Bando Chemical Industries Ltd. (Capital Goods)		60,973
	31,600	Brother Industries Ltd. (Technology Hardware & Equipment)		467,420
	21,400	Canon, Inc. (Technology Hardware & Equipment)		1,017,919
	8,000	Central Glass Co. Ltd. (Capital Goods)		38,413
	111	Central Japan Railway Co. (Transportation)		872,604
	3,500	Chubu Electric Power Co., Inc. (Utilities)		68,351
	1,600	Coca-Cola Central Japan Co. Ltd. (Food, Beverage & Tobacco)		21,227
	4,000	Daihatsu Motor Co., Ltd. (Automobiles & Components)		68,075
	7,000	Daihen Corp. (Capital Goods)		25,929
	18,600	Daiichi Sankyo Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		363,464
	6,000	Dainippon Screen Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)		51,232
	54,700	Dainippon Sumitomo Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		519,817
	18,000	Daito Trust Construction Co. Ltd. (Real Estate)		1,528,198
	18,000	Daiwa House Industry Co. Ltd. (Real Estate)		227,136
	5,500	Dena Co. Ltd. (Software & Services)		236,536
	6,700	Denso Corp. (Automobiles & Components)		249,189
	1,400	East Japan Railway Co. (Transportation)		80,179
	800	Eisai Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		31,212
	2,400	Electric Power Development Co. Ltd. (Utilities)		64,871
	13,600	Elpida Memory, Inc. (Semiconductors & Semiconductor Equipment)*		160,191
	1,400	F-Tech Inc. (Automobiles & Components)		20,827
	43,000	Fuji Electric Co. Ltd. (Capital Goods)		134,331
	108,000	Fuji Heavy Industries Ltd. (Automobiles & Components)		839,270
	199	Fuji Media Holdings, Inc. (Media)		294,563
	10,300	FUJIFILM Holdings Corp. (Technology Hardware & Equipment)		321,247
	76,000	Fukuoka Financial Group, Inc. (Banks)		317,648
	111,000	Hitachi Ltd. (Technology Hardware & Equipment)		658,785
	60,400	Honda Motor Co. Ltd. (Automobiles & Components)		2,327,027
	4,000	Hosokawa Micron Corp. (Capital Goods)		19,465
	700	Idemitsu Kosan Co. Ltd. (Energy)		74,706
	11,900	Inabata & Co. Ltd. (Capital Goods)		74,139
	44,000	Isuzu Motors Ltd. (Automobiles & Components)		208,293
	4,100	ITOCHU Techno-Solutions Corp. (Software & Services)		145,541
	14,000	J. Front Retailing Co. Ltd. (Retailing)		61,847
	2,200	Japan Petroleum Exploration Co. Ltd. (Energy)		103,284
	39	Japan Tobacco, Inc. (Food, Beverage & Tobacco)		150,543
	2,400	JFE Holdings, Inc. (Materials)		66,004
	85	Jupiter Telecommunications Co. Ltd. (Media)		95,096

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL TAX-MANAGED EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	149,420	JX Holdings, Inc. (Energy)	$	1,005,006
	39,000	Kaneka Corp. (Materials)		256,253
	6,900	Kao Corp. (Household & Personal Products)		181,430
	46,000	Kawasaki Kisen Kaisha Ltd. (Transportation)		160,823
	10,000	Kinugawa Rubber Industrial Co. Ltd. (Automobiles & Components)		68,044
	18,000	Kubota Corp. (Capital Goods)		159,688
	5,600	Kyocera Corp. (Technology Hardware & Equipment)		570,181
	1,000	Kyorin Holdings, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		19,896
	3,000	Kyowa Hakko Kirin Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		28,617
	3,300	Makita Corp. (Capital Goods)		153,777
	9,000	Marubeni Corp. (Capital Goods)		59,812
	7,900	Marui Group Co. Ltd. (Retailing)		59,998
	6,600	Megmilk Snow Brand Co. Ltd. (Food, Beverage & Tobacco)		121,967
	6,500	Mitsubishi Chemical Holdings Corp. (Materials)		46,060
	12,900	Mitsubishi Corp. (Capital Goods)		322,215
	16,000	Mitsubishi Electric Corp. (Capital Goods)		185,858
	8,000	Mitsubishi Gas Chemical Co., Inc. (Materials)		58,612
	8,400	Mitsubishi Tanabe Pharma Corp. (Pharmaceuticals, Biotechnology & Life Sciences)		140,588
	8,650	Mitsubishi UFJ Lease & Finance Co. Ltd. (Diversified Financials)		334,764
	11,000	Mitsuboshi Belting Co. Ltd. (Capital Goods)		54,582
	19,000	Mitsui & Co. Ltd. (Capital Goods)		328,512
	113,000	Mitsui Chemicals, Inc. (Materials)		411,756
	33,000	Mitsui Engineering & Shipbuilding Co. Ltd. (Capital Goods)		72,058
	3,000	Mitsui Fudosan Co. Ltd. (Real Estate)		51,669
	45,000	Mitsui Mining & Smelting Co. Ltd. (Materials)		151,947
	41,000	Mitsui OSK Lines Ltd. (Transportation)		220,611
	10,000	NGK Insulators Ltd. (Capital Goods)		186,296
	14,000	Nichiha Corp. (Capital Goods)		125,994
	2,600	Nichii Gakkan Co. (Health Care Equipment & Services)		23,101
	6	Nippon Building Fund, Inc. (REIT)		58,633
	11,000	Nippon Carbide Industries Co. Inc. (Materials)		26,909
	14,000	Nippon Chemical Industrial Co. Ltd. (Materials)		31,445
	53,000	Nippon Express Co. Ltd. (Transportation)		214,762
	13,000	Nippon Piston Ring Co. Ltd. (Automobiles & Components)*		30,759
	30,000	Nippon Soda Co. Ltd. (Materials)		132,786
	57,000	Nippon Telegraph & Telephone Corp. (Telecommunication Services)		2,749,214
	310	Nippon Television Network Corp. (Media)		44,144
	29,000	Nippon Yusen Kabushiki Kaisha (Transportation)		107,745
	7,500	Nissan Chemical Industries Ltd. (Materials)		83,064
	88,800	Nissan Motor Co. Ltd. (Automobiles & Components)		933,218
	41,000	Nisshin Seifun Group, Inc. (Food, Beverage & Tobacco)		512,449
	20,000	Nisshin Steel Co. Ltd. (Materials)		38,250
	8,000	Nisshinbo Holdings, Inc. (Consumer Durables & Apparel)		76,226
	16,000	Nitto Boseki Co. Ltd. (Capital Goods)		39,998
	21,000	NOF Corp. (Materials)		92,123
	24	Nomura Real Estate Office Fund, Inc. (REIT)		158,894
	3,100	Obara Corp. (Capital Goods)		44,332
	4,600	Omron Corp. (Technology Hardware & Equipment)		127,919
	25,000	Osaka Gas Co. Ltd. (Utilities)		94,828
	3,200	Paltac Corp. (Retailing)		57,851
	5,000	Pola Orbis Holdings, Inc. (Household & Personal Products)		131,278
	9,400	Promise Co. Ltd. (Diversified Financials)*		80,036
	18,000	Rasa Industries Ltd. (Capital Goods)*		30,309
	3,100	Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)		177,851
	3,000	Rohto Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		34,141
	5,000	Sakai Chemical Industry Co. Ltd. (Materials)		22,658
	8,000	Sanden Corp. (Automobiles & Components)		41,465
	24,000	Sapporo Hokuyo Holdings, Inc. (Banks)		100,610
	12,200	Sega Sammy Holdings, Inc. (Consumer Durables & Apparel)		235,835
	15,000	Sekisui Chemical Co. Ltd. (Consumer Durables & Apparel)		128,161
	30,000	Sekisui House Ltd. (Consumer Durables & Apparel)		279,333
	39	Seven Bank Ltd. (Banks)		77,933
	4,400	Ship Healthcare Holdings, Inc. (Health Care Equipment & Services)		81,277
	2,600	Shiseido Co. Ltd. (Household & Personal Products)		48,532
	3,500	Shizuoka Gas Co. Ltd. (Utilities)		19,812
	57,000	Sumitomo Chemical Co. Ltd. (Materials)		284,606
	43,500	Sumitomo Corp. (Capital Goods)		591,785
	129,900	Sumitomo Electric Industries Ltd. (Capital Goods)		1,894,675

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

June 30, 2011 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
Japan – (continued)
	10,000	Sumitomo Heavy Industries Ltd. (Capital Goods)	$	69,799
	7,000	Sumitomo Metal Mining Co. Ltd. (Materials)		115,005
	16,300	Sumitomo Mitsui Financial Group, Inc. (Banks)		502,605
	29,630	Sumitomo Mitsui Trust Holdings, Inc. (Banks)		103,134
	12,700	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		586,955
	4,000	TBK Co. Ltd. (Automobiles & Components)		21,569
	700	TDK Corp. (Technology Hardware & Equipment)		38,613
	7,000	Teijin Ltd. (Materials)		30,855
	32,000	The Bank of Yokohama Ltd. (Banks)		159,969
	49,000	The Gunma Bank Ltd. (Banks)		258,985
	8,000	The Nippon Synthetic Chemical Industry Co. Ltd. (Materials)		57,202
	64,000	The Nishi-Nippon City Bank Ltd. (Banks)		189,043
	7,000	The Nisshin Oillio Group Ltd. (Food, Beverage & Tobacco)		33,556
	30,000	Toho Zinc Co. Ltd. (Materials)		147,117
	1,600	Tokai Corp. (Gifu) (Health Care Equipment & Services)		35,091
	16,000	Tokio Marine Holdings, Inc. (Insurance)		447,910
	1,300	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		71,088
	25,000	Tokyo Gas Co. Ltd. (Utilities)		112,834
	67,000	Tokyu Land Corp. (Real Estate)		284,655
	4,500	Tokyu Livable, Inc. (Real Estate)		40,925
	14,000	Toppan Printing Co. Ltd. (Commercial & Professional Services)		108,620
	29,000	Tosoh Corp. (Materials)		116,454
	4,300	Toyo Seikan Kaisha Ltd. (Materials)		72,398
	29,000	Ube Industries Ltd. (Materials)		87,309
	1,760	USS Co. Ltd. (Retailing)		136,530
	2,300	West Japan Railway Co. (Transportation)		89,790
	7,800	Yamaha Corp. (Consumer Durables & Apparel)		88,956
	2,100	Yamatake Corp. (Technology Hardware & Equipment)		46,832
	3,800	Yamato Kogyo Co. Ltd. (Materials)		118,336
	6,000	YASKAWA Electric Corp. (Technology Hardware & Equipment)		67,360
	22,100	Yokogawa Electric Corp. (Technology Hardware & Equipment)*		188,620
	1,500	Yorozu Corp. (Automobiles & Components)		33,073
	8,000	Zeon Corp. (Materials)		74,834
				35,041,256
Luxembourg – 0.4%
	14,171	ArcelorMittal (Materials)		492,815
	1,935	Millicom International Cellular SA SDR (Telecommunication Services)		202,729
				695,544
Netherlands – 6.2%
	25,745	Aegon NV (Insurance)*		175,427
	3,259	Akzo Nobel NV (Materials)		205,906
	1,708	ASML Holding NV (Semiconductors & Semiconductor Equipment)		62,999
	10,979	European Aeronautic Defence & Space Co. NV (Capital Goods)		367,441
	1,273	Heineken Holding NV (Food, Beverage & Tobacco)		65,170
	2,133	Koninklijke Boskalis Westminster NV (Capital Goods)		100,927
	51,881	Koninklijke DSM NV (Materials)		3,366,895
	34,443	Koninklijke Philips Electronics NV (Capital Goods)		885,187
	90,285	Royal Dutch Shell PLC Class A (Energy)		3,206,099
	74,723	Royal Dutch Shell PLC Class B (Energy)		2,666,561
				11,102,612
Norway – 0.8%
	41,307	Statoil ASA (Energy)		1,045,728
	25,400	Telenor ASA (Telecommunication Services)		415,679
				1,461,407
Portugal – 0.1%
	31,228	Brisa Auto-Estradas de Portugal SA (Transportation)		190,526
Singapore – 1.5%
	14,000	City Developments Ltd. (Real Estate)		118,872
	50,000	Cosco Corp. (Singapore) Ltd. (Capital Goods)		79,721
	30,000	DBS Group Holdings Ltd. (Banks)		358,868
	36,000	Fraser and Neave Ltd. (Capital Goods)		170,094
	6,000	Genting Singapore PLC (Consumer Services)*		9,460
	292,680	Golden Agri-Resources Ltd. (Food, Beverage & Tobacco)		162,597
	85,000	Hutchison Port Holdings Trust Class U (Transportation)*		71,825
	10,000	Jardine Cycle & Carriage Ltd. (Retailing)		350,894
	14,100	Keppel Corp. Ltd. (Capital Goods)		127,572
	5,000	Olam International Ltd. (Food & Staples Retailing)		11,115
	34,985	Oversea-Chinese Banking Corp. Ltd. (Banks)		267,228
	18,000	SembCorp Industries Ltd. (Capital Goods)		73,300
	5,000	Singapore Airlines Ltd. (Transportation)		57,871
	1,000	Singapore Exchange Ltd. (Diversified Financials)		6,145

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL TAX-MANAGED EQUITY FUND

Shares		Description	Value
Common Stocks – (continued)
Singapore – (continued)
	10,000	Singapore Press Holdings Ltd. (Media)	$	31,780
	102,000	Singapore Telecommunications Ltd. (Telecommunication Services)		262,909
	13,000	United Overseas Bank Ltd. (Banks)		208,717
	95,000	UOL Group Ltd. (Real Estate)		385,768
				2,754,736
Spain – 3.5%
	1,062	Acciona SA (Utilities)		112,754
	58,839	Banco Bilbao Vizcaya Argentaria SA (Banks)		690,699
	227,664	Banco Santander SA (Banks)		2,622,721
	7,428	Ferrovial SA (Capital Goods)		93,857
	13,230	Gas Natural SDG SA (Utilities)		277,105
	97,670	Iberdrola SA (Utilities)*		868,950
	49,158	Repsol YPF SA (Energy)		1,705,069
				6,371,155
Sweden – 2.6%
	14,106	Alfa Laval AB (Capital Goods)		304,215
	4,196	Boliden AB (Materials)		77,494
	5,872	Fabege AB (Real Estate)		59,020
	35,674	Nordea Bank AB (Banks)		383,139
	15,935	Skanska AB Class B (Capital Goods)		285,650
	21,739	SKF AB Class B (Capital Goods)		629,447
	23,335	Svenska Handelsbanken AB Class A (Banks)		719,478
	18,979	Swedbank AB Class A (Banks)		319,150
	14,843	Swedish Match AB (Food, Beverage & Tobacco)		498,372
	19,183	Tele2 AB Class B (Telecommunication Services)		378,636
	138,955	TeliaSonera AB (Telecommunication Services)		1,019,305
				4,673,906
Switzerland – 8.2%
	84,809	ABB Ltd. (Registered) (Capital Goods)*		2,203,534
	7,954	Actelion Ltd. (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*		392,480
	5,258	Adecco SA (Registered) (Commercial & Professional Services)*		337,486
	2,839	Baloise Holding AG (Registered) (Insurance)		292,946
	23,568	Compagnie Financiere Richemont SA Class A (Consumer Durables & Apparel)		1,544,483
	11,484	Credit Suisse Group AG (Registered) (Diversified Financials)*		447,557
	5,487	Ferrexpo PLC (Materials)		41,417
	173	Forbo Holding AG (Registered) (Consumer Durables & Apparel)*		131,459
	59,919	GAM Holding AG (Diversified Financials)*		985,872
	38,061	Nestle SA (Registered) (Food, Beverage & Tobacco)		2,368,480
	23,185	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		1,420,942
	7,346	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		1,229,873
	17,584	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)		175,026
	6,942	Swiss Life Holding AG (Registered) (Insurance)*		1,138,497
	646	Syngenta AG (Registered) (Materials)*		218,316
	18,336	UBS AG (Registered) (Diversified Financials)*		334,624
	13,333	Xstrata PLC (Materials)		293,664
	4,629	Zurich Financial Services AG (Insurance)*		1,171,321
				14,727,977
United Kingdom – 17.2%
	15,827	Anglo American PLC (Materials)		784,923
	9,735	Antofagasta PLC (Materials)		217,851
	23,397	Ashtead Group PLC (Capital Goods)		63,837
	71,399	Associated British Foods PLC (Food, Beverage & Tobacco)		1,242,194
	47,201	AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences)		2,359,166
	53,714	Aviva PLC (Insurance)		378,095
	62,936	BAE Systems PLC (Capital Goods)		321,959
	84,465	Barclays PLC (Banks)		346,505
	14,784	Berendsen PLC (Commercial & Professional Services)		129,315
	65,882	BHP Billiton PLC (Materials)		2,588,752
	8,110	Big Yellow Group PLC (REIT)		40,085
	34,747	Bodycote PLC (Capital Goods)		207,458
	32,399	BP PLC ADR (Energy)(b)		1,434,952
	10,817	British Land Co. PLC (REIT)		105,759
	5,893	Cape PLC (Commercial & Professional Services)		52,019
	16,366	Compass Group PLC (Consumer Services)		157,803
	18,766	CPP Group PLC (Commercial & Professional Services)		41,714
	2,816	Cranswick PLC (Food, Beverage & Tobacco)		32,896
	3,576	Dairy Crest Group PLC (Food, Beverage & Tobacco)		21,269
	4,077	Diploma PLC (Technology Hardware & Equipment)		24,531
	156,281	Drax Group PLC (Utilities)		1,262,557
	40,746	Elementis PLC (Materials)		112,807
	32,410	Eurasian Natural Resources Corp. PLC (Materials)		406,664
	7,716	Fenner PLC (Capital Goods)		49,820
	14,577	Filtrona PLC (Materials)		86,001

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

June 30, 2011 (Unaudited)

Shares		Description	Value
Common Stocks – (continued)
United Kingdom – (continued)
	16,587	GlaxoSmithKline PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)	$	711,582
	43,515	Hammerson PLC (REIT)		336,425
	112,673	HSBC Holdings PLC (Banks)		1,117,122
	37,896	Imperial Tobacco Group PLC (Food, Beverage & Tobacco)		1,261,652
	18,784	Intermediate Capital Group PLC (Diversified Financials)		97,323
	13,609	Investec PLC (Diversified Financials)		110,464
	147,722	J Sainsbury PLC (Food & Staples Retailing)		782,521
	2,137	JD SPORTS FASHION PLC (Retailing)		31,922
	45,375	Kingfisher PLC (Retailing)		194,912
	41,125	Laird PLC (Technology Hardware & Equipment)		133,657
	307,686	Legal & General Group PLC (Insurance)		582,885
	135,301	Lloyds Banking Group PLC (Banks)*		106,324
	52,522	Marks & Spencer Group PLC (Retailing)		304,468
	14,651	Micro Focus International PLC (Software & Services)		78,831
	9,835	Morgan Crucible Co. PLC (Capital Goods)		48,671
	158,767	Old Mutual PLC (Insurance)		339,861
	37,288	Paragon Group of Companies PLC (Banks)		118,533
	21,586	Persimmon PLC (Consumer Durables & Apparel)		167,241
	21,118	Phoenix Group Holdings (Insurance)		206,580
	2,478	Renishaw PLC (Technology Hardware & Equipment)		69,718
	99,084	Resolution Ltd. (Insurance)		467,092
	4,298	Rexam PLC (Materials)		26,424
	29,088	Rio Tinto PLC (Materials)		2,100,321
	984	Rotork PLC (Capital Goods)		26,606
	609,892	Royal Bank of Scotland Group PLC (Banks)*		377,256
	39,990	Scottish & Southern Energy PLC (Utilities)		894,400
	8,708	Severn Trent PLC (Utilities)		205,732
	62,585	Standard Chartered PLC (Banks)		1,643,962
	8,481	TT electronics PLC (Technology Hardware & Equipment)		27,325
	2,700	Victrex PLC (Materials)		65,052
	140,024	Vodafone Group PLC ADR (Telecommunication Services)(b)		3,741,441
	227,860	WM Morrison Supermarkets PLC (Food & Staples Retailing)		1,089,846
	68,725	WPP PLC (Media)		860,977
				30,796,058
TOTAL COMMON STOCKS
(Cost $123,869,152)			$	174,565,134

Shares		Rate			Value
Short-term Investment(c) – 0.9%
JPMorgan U.S. Government Money Market Fund – Capital Shares
	1,622,274		0.010	%	$	1,622,274
(Cost $1,622,274)
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
(Cost $125,491,426)					$	176,187,408
Securities Lending Reinvestment Vehicle(c)(d) – 0.7%
Goldman Sachs Financial Square Money Market Fund – FST Shares
	1,285,530		0.099	%	$	1,285,530
(Cost $1,285,530)
TOTAL INVESTMENTS – 98.8%
(Cost $126,776,956)					$	177,472,938
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2%						2,073,980
NET ASSETS – 100.0%					$	179,546,918

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

*	Non-income producing security.
(a)	All or a portion of security is on loan.
(b)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)	Variable rate security. Interest rate disclosed is that which is in effect at June 30, 2011.
(d)	Represents an affiliated issuer.

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

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL TAX-MANAGED EQUITY FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2011, 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		49	September 2011	$	2,023,713	$	65,832
FTSE 100 Index		9	September 2011		852,590		19,709
MACI Singapore Index		1	July 2011		58,683		1,328
SPI 200 Index		3	September 2011		370,110		7,114
TSE TOPIX Index		8	September 2011		844,171		40,381
TOTAL						$	134,364

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

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Statements of Assets and Liabilities

June 30, 2011 (Unaudited)

				International						Structured
	U.S. Equity			Equity			Structured			International
	Dividend and			Dividend and			Tax-Managed			Tax-Managed
	Premium Fund			Premium Fund			Equity Fund			Equity Fund
Assets:
Investments in securities of unaffiliated issuers, at value (identified cost $672,866,297, $349,773,289, $311,830,203 and $125,491,426, respectively)(a)	$	662,126,204		$	363,580,536		$	361,060,014		$	176,187,408
Investments in affiliated securities lending reinvestment vehicle, at value (identified cost $0, $0, $2,379,775 and $1,285,530, respectively)		—			—			2,379,775			1,285,530
Cash		7,525			—			96,777			—
Foreign currencies, at value (identified cost $0, $33,637,377, $0 and $3,831,868, respectively)		—			34,122,586			—			3,891,476
Receivables:
Fund shares sold		2,944,178			1,026,109			830,406			166,002
Dividends, at value		1,064,435			1,193,641			246,828			392,430
Due from broker — variation margin, at value		96,988			95,897			70,250			56,588
Reimbursement from investment adviser		18,978			33,755			62,568			37,059
Investment securities sold, at value		—			—			1,832,766			—
Foreign tax reclaims, at value		—			274,802			—			129,912
Securities lending income		—			—			1,941			18,209
Other assets		2,463			1,429			1,683			913
Total assets		666,260,771			400,328,755			366,583,008			182,165,527
Liabilities:
Payables:
Investment securities purchased, at value		42,851,035			25,392,634			3,424,824			—
Written options, at value (premiums received $6,072,250, $3,750,921, $0 and $0, respectively)		9,400,000			6,382,056			—			—
Fund shares redeemed		3,791,663			2,591,621			1,021,344			1,104,055
Amounts owed to affiliates		411,312			319,866			237,232			146,828
Payable upon return of securities loaned		—			—			2,379,775			1,285,530
Accrued expenses and other liabilities		91,763			81,879			225,454			82,196
Total liabilities		56,545,773			34,768,056			7,288,629			2,618,609
Net Assets:
Paid-in capital		614,524,142			343,591,559			376,528,428			196,243,527
Accumulated undistributed (distributions in excess of) net investment income		(28,276	)		(811,383	)		1,685,579			2,669,159
Accumulated net realized gain (loss) from investment, futures, written options and foreign currency related transactions		9,082,308			11,030,462			(68,478,914	)		(70,362,544	)
Net unrealized gain (loss) on investments, futures, written options and translation of assets and liabilities denominated in foreign currencies		(13,863,176	)		11,750,061			49,559,286			50,996,776
NET ASSETS	$	609,714,998		$	365,560,699		$	359,294,379		$	179,546,918
Net Assets:
Class A	$	43,143,030		$	222,265,633		$	99,065,853		$	70,986,994
Class B		—			—			1,282,168			—
Class C		13,939,492			1,622,928			9,247,454			24,764
Institutional		552,146,804			141,670,911			249,659,181			108,533,919
Service		—			—			38,391			—
Class IR		485,672			1,227			1,332			1,241
Total Net Assets	$	609,714,998		$	365,560,699		$	359,294,379		$	179,546,918
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		4,393,236			26,301,279			9,352,528			8,566,382
Class B		—			—			125,251			—
Class C		1,420,415			195,760			908,397			3,007
Institutional		56,355,324			16,976,593			23,149,625			13,067,178
Service		—			—			3,597			—
Class IR		49,493			147			124			150
Net asset value, offering and redemption price per share:(b)
Class A		$9.82			$8.45			$10.59			$8.29
Class B		—			—			10.24			—
Class C		9.81			8.29			10.18			8.24
Institutional		9.80			8.35			10.78			8.31
Service		—			—			10.67			—
Class IR		9.81			8.35			10.78			8.27

(a)

Includes loaned securities having a market value of $2,386,198 and $1,253,113 for the Structured Tax-Managed Equity and Structured International Tax-Managed Equity Funds, respectively.

(b)

Maximum public offering price per share (NAV per share multiplied by 1.0582) for Class A Shares of the U.S. Equity Dividend and Premium, International Equity Dividend and Premium, Structured Tax-Managed Equity and Structured International Tax-Managed Equity Fund is $10.39, $8.94, $11.21 and $8.77, respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.

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

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Statements of Operations

For the Six Months Ended June 30, 2011 (Unaudited)

										Structured
	U.S. Equity			International			Structured			International
	Dividend and			Equity Dividend			Tax-Managed			Tax-Managed
	Premium Fund			and Premium Fund			Equity Fund			Equity Fund
Investment income:
Dividends (net of foreign taxes withheld of $870, $695,101, $0 and $398,142, respectively)	$	7,771,963		$	8,620,579		$	3,079,649		$	3,853,486
Interest		—			10,918			—			3,420
Securities lending income — affiliated issuer		—			—			15,053			162,878
Total investment income		7,771,963			8,631,497			3,094,702			4,019,784
Expenses:
Management fees		2,035,268			1,291,546			1,171,251			715,163
Transfer Agent fees(a)		149,787			211,621			146,423			87,274
Distribution and Service fees(a)		116,482			251,714			172,663			89,454
Custody and accounting fees		42,838			81,482			32,405			78,281
Professional fees		40,606			48,559			39,684			48,209
Registration fees		34,269			31,303			74,405			32,722
Printing and mailing costs		25,984			16,736			20,873			18,029
Trustee fees		8,815			8,531			8,541			8,331
Service share fees — Service Plan		—			—			67			—
Service share fees — Shareholder Administration Plan		—			—			67			—
Other		13,228			9,951			10,697			8,054
Total expenses		2,467,277			1,951,443			1,677,076			1,085,517
Less — expense reductions		(18,979	)		(110,304	)		(263,568	)		(215,497	)
Net expenses		2,448,298			1,841,139			1,413,508			870,020
NET INVESTMENT INCOME		5,323,665			6,790,358			1,681,194			3,149,764
Realized and unrealized gain (loss) from investment, futures, written options and foreign currency related transactions:
Net realized gain (loss) from:
Investment transactions		33,449,695			5,189,882			3,506,853			1,269,478
Futures transactions		2,481,779			(533,602	)		222,170			(160,346	)
Foreign currency related transactions		—			651,422			—			89,817
Written options		5,273,536			5,967,381			—			—
Net change in unrealized gain (loss) on:
Investments		(14,395,823	)		(100,530	)		22,892,794			3,661,267
Futures		(41,693	)		361,409			233,361			147,990
Translation of asset and liabilities denominated in foreign currencies		—			10,682			—			46,029
Written options		(2,574,601	)		(2,932,058	)		—			—
Net realized and unrealized gain from investment, futures, written options and foreign currency related transactions		24,192,893			8,614,586			26,855,178			5,054,235
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	29,516,558		$	15,404,944		$	28,536,372		$	8,203,999

(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 A		Class B		Class C		Institutional		Service		Class IR
U.S. Equity Dividend and Premium	$	52,385	$	—	$	64,097	$	39,813	$	—	$	12,178	$	97,552	$	—	$	244
International Equity Dividend and Premium		244,626		—		7,088		185,917		—		1,347		24,356		—		1
Structured Tax-Managed Equity		119,094		7,145		46,424		90,512		1,358		8,821		45,720		11		1
Structured International Tax-Managed Equity		89,333		—		121		67,894		—		23		19,356		—		1

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

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Statements of Changes in Net Assets

	U.S. Equity Dividend and Premium Fund
	For the			For the
	Six Months Ended			Fiscal Year Ended
	June 30, 2011 (Unaudited)			December 31, 2010
From operations:
Net investment income	$	5,323,665		$	8,867,852
Net realized gain from investment, futures, written options and foreign currency related transactions		41,205,010			47,129,238
Net change in unrealized gain (loss) on investments, futures, written options and translation of assets and liabilities denominated in foreign currencies		(17,012,117	)		(2,658,048	)
Net increase in net assets resulting from operations		29,516,558			53,339,042
Distributions to shareholders:
From net investment income
Class A Shares		(468,199	)		(1,543,084	)
Class C Shares		(96,368	)		(98,109	)
Institutional Shares		(6,602,641	)		(5,512,691	)
Service Shares		—			—
Class IR Shares(a)		(4,958	)		(11	)
From net realized gains
Class A Shares		—			—
Class C Shares		—			—
Institutional Shares		—			—
Class IR Shares(a)		—			—
Total distributions to shareholders		(7,172,166	)		(7,153,895	)
From share transactions:
Proceeds from sales of shares		175,385,132			313,986,668
Reinvestment of distributions		5,829,469			4,124,471
Cost of shares redeemed		(49,840,219	)		(204,625,688	)
Net increase in net assets resulting from share transactions		131,374,382			113,485,451
TOTAL INCREASE		153,718,774			159,670,598
Net assets:
Beginning of period		455,996,224			296,325,626
End of period	$	609,714,998		$	455,996,224
Accumulated undistributed (distributions in excess of) net investment income	$	(28,276	)	$	1,820,225

(a)	Commenced operations on August 31, 2010.
(b)	Net of $4,618 and $27 of redemption fees remitted to the International Equity Dividend and Premium and Structured International Tax-Managed Equity Funds, respectively.

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

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

International Equity												Structured International
Dividend and Premium Fund						Structured Tax-Managed Equity Fund						Tax-Managed Equity Fund
For the			For the			For the			For the			For the			For the
Six Months Ended			Fiscal Year Ended			Six Months Ended			Fiscal Year Ended			Six Months Ended			Fiscal Year Ended
June 30, 2011 (Unaudited)			December 31, 2010			June 30, 2011 (Unaudited)			December 31, 2010			June 30, 2011 (Unaudited)			December 31, 2010
$	6,790,358		$	3,626,905		$	1,681,194		$	2,658,467		$	3,149,764		$	2,578,212
	11,275,083			8,409,387			3,729,023			27,364,705			1,198,949			1,243,530
	(2,660,497	)		7,478,224			23,126,155			6,278,135			3,855,286			9,288,935
	15,404,944			19,514,516			28,536,372			36,301,307			8,203,999			13,110,677
	(4,001,057	)		(2,033,786	)		—			(664,324	)		—			(1,299,890	)
	(24,418	)		(14,873	)		—			—			—			(273	)
	(2,837,573	)		(1,307,429	)		—			(2,170,745	)		—			(1,748,406	)
	—			—			—			(429	)		—			—
	(24	)		(6	)		—			(12	)		—			(24	)
	—			(2,113,127	)		—			—			—			—
	—			(19,574	)		—			—			—			—
	—			(1,349,612	)		—			—			—			—
	—			(17	)		—			—			—			—
	(6,863,072	)		(6,838,424	)		—			(2,835,510	)		—			(3,048,593	)
	128,849,479			172,198,853			56,003,562			93,120,509			38,433,367			57,415,628
	6,574,780			5,570,933			—			2,749,975			—			2,968,588
	(35,747,499	)		(37,562,027	)(b)		(28,980,713	)		(62,719,616	)		(28,573,092	)		(39,599,164	)(b)
	99,676,760			140,207,759			27,022,849			33,150,868			9,860,275			20,785,052
	108,218,632			152,883,851			55,559,221			66,616,665			18,064,274			30,847,136
	257,342,067			104,458,216			303,735,158			237,118,493			161,482,644			130,635,508
$	365,560,699		$	257,342,067		$	359,294,379		$	303,735,158		$	179,546,918		$	161,482,644
$	(811,383	)	$	(738,669	)	$	1,685,579		$	4,385		$	2,669,159		$	(480,605	)

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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from									Distributions to
			investment operations									shareholders
	Net asset
	value,		Net			Net realized			Total from			From net			From net
	beginning		investment			and unrealized			investment			investment			realized			From			Total
Year - Share Class	of period		income(a)			gain (loss)			operations			income			gains			capital			distributions
FOR THE SIX MONTHS ENDED JUNE 30, (UNAUDITED)
2011 - A	$	9.38	$	0.08		$	0.47		$	0.55		$	(0.11	)	$	—		$	—		$	(0.11	)
2011 - C		9.38		0.04			0.46			0.50			(0.07	)		—			—			(0.07	)
2011 - Institutional		9.36		0.10			0.46			0.56			(0.12	)		—			—			(0.12	)
2011 - IR		9.38		0.09			0.46			0.55			(0.12	)		—			—			(0.12	)
FOR THE FISCAL YEARS ENDED DECEMBER 31,
2010 - A		8.29		0.16	(d)		1.08			1.24			(0.15	)		—			—			(0.15	)
2010 - C		8.29		0.13	(d)		1.05			1.18			(0.09	)		—			—			(0.09	)
2010 - Institutional		8.28		0.26	(d)		1.01			1.27			(0.19	)		—			—			(0.19	)
2010 - IR (Commenced August 31, 2010)		8.06		0.11	(d)		1.30			1.41			(0.09	)		—			—			(0.09	)
2009 - A		6.86		0.13			1.43			1.56			(0.13	)		—			—			(0.13	)
2009 - C		6.87		0.08			1.42			1.50			(0.08	)		—			—			(0.08	)
2009 - Institutional		6.85		0.17			1.42			1.59			(0.16	)		—			—			(0.16	)
2008 - A		10.34		0.19			(3.46	)		(3.27	)		(0.19	)		(0.02	)		—			(0.21	)
2008 - C		10.35		0.12			(3.46	)		(3.34	)		(0.12	)		(0.02	)		—			(0.14	)
2008 - Institutional		10.34		0.23			(3.47	)		(3.24	)		(0.23	)		(0.02	)		—			(0.25	)
2007 - A		10.97		0.29	(e)		0.05			0.34			(0.29	)		(0.68	)		—			(0.97	)
2007 - C		10.99		0.20	(e)		0.06			0.26			(0.22	)		(0.68	)		—			(0.90	)
2007 - Institutional		10.97		0.33	(e)		0.06			0.39			(0.34	)		(0.68	)		—			(1.02	)
2006 - A		10.09		0.34	(f)		1.11			1.45			(0.28	)		(0.28	)		(0.01	)		(0.57	)
2006 - C		10.09		0.26	(f)		1.10			1.36			(0.17	)		(0.28	)		(0.01	)		(0.46	)
2006 - Institutional		10.10		0.40	(f)		1.09			1.49			(0.33	)		(0.28	)		(0.01	)		(0.62	)

(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)	Reflects income recognized from non-recurring special dividends which equal $0.05 per share and 0.56% of average net assets.
(e)	Reflects income recognized from non-recurring special dividends which equal $0.05 per share and 0.43% of average net assets.
(f)	Reflects income recognized from non-recurring special dividends which equal $0.10 per share and 0.93% of average net assets.
(g)	Total return reflects the impact of payments received for special dividends recorded this year. Excluding such payments, the total return would have been 13.52%, 12.74% and 13.98%, respectively.

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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

													Ratio of
					Net assets,		Ratio of			Ratio of			net investment
Net asset					end of		net expenses			total expenses			income			Portfolio
value, end		Total			period		to average			to average			to average			turnover
of period		return(b)			(in 000s)		net assets			net assets			net assets			rate
$	9.82		5.82	%	$	43,143		1.24	%(c)		1.25	%(c)		1.62	%(c)		73	%
	9.81		5.35			13,939		1.99	(c)		2.00	(c)		0.87	(c)		73
	9.80		6.04			552,147		0.84	(c)		0.85	(c)		2.02	(c)		73
	9.81		5.86			486		0.99	(c)		1.00	(c)		1.83	(c)		73
	9.38		15.07			37,112		1.24			1.26			1.84	(d)		140
	9.38		14.32			10,851		1.99			2.01			1.52	(d)		140
	9.36		15.53			408,032		0.84			0.86			2.95	(d)		140
	9.38		17.53			1		0.99	(c)		1.01	(c)		4.04	(c)(d)		140
	8.29		23.03			139,340		1.24			1.30			1.85			125
	8.29		21.93			9,540		1.99			2.05			1.10			125
	8.28		23.55			147,446		0.84			0.90			2.30			125
	6.86		(31.86	)		115,172		1.24			1.29			2.12			61
	6.87		(32.36	)		8,577		1.99			2.04			1.37			61
	6.85		(31.65	)		75,190		0.84			0.89			2.62			61
	10.34		2.99			240,787		1.24			1.26			2.57	(e)		53
	10.35		2.19			16,209		1.99			2.01			1.78	(e)		53
	10.34		3.39			82,388		0.84			0.86			2.90	(e)		53
	10.97		14.53	(g)		181,756		1.24			1.53			3.25	(f)		63
	10.99		13.64	(g)		8,201		1.99			2.28			2.48	(f)		63
	10.97		14.99	(g)		49,601		0.84			1.13			3.80	(f)		63

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from								Distributions
			investment operations								to shareholders
	Net asset
	value,		Net		Net realized			Total from			From net			From net
	beginning		investment		and unrealized			investment			investment			realized			From			Total
Year - Share Class	of period		income(a)		gain (loss)			operations			income			gains			capital			distributions
FOR THE SIX MONTHS ENDED JUNE 30, (UNAUDITED)
2011 - A	$	8.17	$	0.17	$	0.27		$	0.44		$	(0.16	)	$	—		$	—		$	(0.16	)
2011 - C		8.02		0.13		0.27			0.40			(0.13	)		—			—			(0.13	)
2011 - Institutional		8.07		0.19		0.26			0.45			(0.17	)		—			—			(0.17	)
2011 - IR		8.06		0.17		0.29			0.46			(0.17	)		—			—			(0.17	)
FOR THE FISCAL YEARS ENDED DECEMBER 31,
2010 - A		7.86		0.16		0.41			0.57			(0.14	)		(0.12	)		—			(0.26	)
2010 - C		7.73		0.10		0.41			0.51			(0.10	)		(0.12	)		—			(0.22	)
2010 - Institutional		7.76		0.18		0.42			0.60			(0.17	)		(0.12	)		—			(0.29	)
2010 - IR (Commenced August 1, 2010)		7.08		0.04		1.10			1.14			(0.04	)		(0.12	)		—			(0.16	)
2009 - A		6.36		0.09		1.53			1.62			(0.12	)		—			—			(0.12	)
2009 - C		6.28		0.02		1.52			1.54			(0.09	)		—			—			(0.09	)
2009 - Institutional		6.30		0.14		1.47			1.61			(0.15	)		—			—			(0.15	)
FOR THE PERIOD ENDED DECEMBER 31,
2008 - A (Commenced January 31, 2008)		10.00		0.18		(3.55	)		(3.37	)		(0.21	)		—			(0.06	)		(0.27	)
2008 - C (Commenced January 31, 2008)		10.00		0.15		(3.66	)		(3.51	)		(0.15	)		—			(0.06	)		(0.21	)
2008 - Institutional (Commenced January 31, 2008)		10.00		0.31		(3.73	)		(3.42	)		(0.22	)		—			(0.06	)		(0.28	)

(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.

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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

													Ratio of
					Net assets,		Ratio of			Ratio of			net investment
Net asset					end of		net expenses			total expenses			income			Portfolio
value, end		Total			period		to average			to average			to average			turnover
of period		return(b)			(in 000s)		net assets			net assets			net assets			rate
$	8.45		5.38	%	$	222,266		1.30	%(c)		1.37	%(c)		4.07	%(c)		12	%
	8.29		4.99			1,623		2.05	(c)		2.12	(c)		3.16	(c)		12
	8.35		5.65			141,671		0.90	(c)		0.97	(c)		4.55	(c)		12
	8.35		5.68			1		1.05	(c)		1.12	(c)		4.09	(c)		12
	8.17		7.59			158,348		1.30			1.45			2.06			41
	8.02		6.81			1,342		2.05			2.20			1.28			41
	8.07		8.10			97,651		0.90			1.05			2.38			41
	8.06		16.12			1		1.05	(c)		1.20	(c)		1.48	(c)		41
	7.86		26.17			67,681		1.30			2.09			1.23			98
	7.73		25.12			894		2.05			2.84			0.28			98
	7.76		26.06			35,883		0.90			1.69			2.07			98
	6.36		(34.60	)		9,673		1.30	(c)		3.50	(c)		2.71	(c)		130
	6.28		(35.82	)		23		2.05	(c)		4.25	(c)		2.20	(c)		130
	6.30		(34.98	)		12,275		0.90	(c)		3.10	(c)		4.05	(c)		130

The accompanying notes are an integral part of these financial statements.          57

GOLDMAN SACHS STRUCTURED TAX-MANAGED EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from
			investment operations									Distributions to shareholders
	Net asset
	value,		Net			Net realized			Total from			From net
	beginning		investment			and unrealized			investment			investment			From			Total
Year - Share Class	of period		income (loss)(a)			gain (loss)			operations			income			capital			distributions
FOR THE SIX MONTHS ENDED JUNE 30, (UNAUDITED)
2011 - A	$	9.73	$	0.04		$	0.82		$	0.86		$	—		$	—		$	—
2011 - B		9.44		—	(c)		0.80			0.80			—			—			—
2011 - C		9.39		—	(c)		0.79			0.79			—			—			—
2011 - Institutional		9.89		0.06			0.83			0.89			—			—			—
2011 - Service		9.81		0.03			0.83			0.86			—			—			—
2011 - IR		9.89		0.05			0.84			0.89			—			—			—
FOR THE FISCAL YEARS ENDED DECEMBER 31,
2010 - A		8.64		0.08			1.08			1.16			(0.07	)		—			(0.07	)
2010 - B		8.38		0.01			1.05			1.06			—			—			—
2010 - C		8.33		0.01			1.05			1.06			—			—			—
2010 - Institutional		8.78		0.11			1.11			1.22			(0.11	)		—			(0.11	)
2010 - Service		8.72		0.07			1.09			1.16			(0.07	)		—			(0.07	)
2010 - IR (Commenced August 31, 2010)		8.18		0.03			1.78			1.81			(0.10	)		—			(0.10	)
2009 - A		7.20		0.09	(f)		1.45			1.54			(0.10	)		—			(0.10	)
2009 - B		6.97		0.04	(f)		1.39			1.43			(0.02	)		—			(0.02	)
2009 - C		6.94		0.04	(f)		1.39			1.43			(0.04	)		—			(0.04	)
2009 - Institutional		7.31		0.14	(f)		1.47			1.61			(0.14	)		—			(0.14	)
2009 - Service		7.26		0.09	(f)		1.46			1.55			(0.09	)		—			(0.09	)
2008 - A		11.50		0.08			(4.31	)		(4.23	)		(0.07	)		—			(0.07	)
2008 - B		11.10		—	(c)		(4.13	)		(4.13	)		—			—			—
2008 - C		11.06		0.01			(4.13	)		(4.12	)		—			—			—
2008 - Institutional		11.69		0.12			(4.38	)		(4.26	)		(0.12	)		—			(0.12	)
2008 - Service		11.49		0.06			(4.29	)		(4.23	)		—			—			—
2007 - A		11.72		0.08			(0.20	)		(0.12	)		(0.07	)		(0.03	)		(0.10	)
2007 - B		11.30		(0.01	)		(0.19	)		(0.20	)		—			—			—
2007 - C		11.27		(0.01	)		(0.19	)		(0.20	)		(0.01	)		—	(c)		(0.01	)
2007 - Institutional		11.91		0.13			(0.21	)		(0.08	)		(0.10	)		(0.04	)		(0.14	)
2007 - Service		11.70		0.07			(0.20	)		(0.13	)		(0.06	)		(0.02	)		(0.08	)
2006 - A		10.39		0.08			1.32			1.40			(0.07	)		—			(0.07	)
2006 - B		10.04		—	(c)		1.26			1.26			—			—			—
2006 - C		10.02		—	(c)		1.25			1.25			—			—			—
2006 - Institutional		10.56		0.14			1.31			1.45			(0.10	)		—			(0.10	)
2006 - Service		10.37		0.07			1.30			1.37			(0.04	)		—			(0.04	)

(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total 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)	Amount is less than $0.005 per share.
(d)	Annualized.
(e)	Ratio is less than 0.005% of average net assets.
(f)	Reflects income recognized from non-recurring special dividends which amounted to $0.01 per share and 0.01% of net assets.

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

GOLDMAN SACHS STRUCTURED TAX-MANAGED EQUITY FUND

													Ratio of
					Net assets,		Ratio of			Ratio of			net investment
Net asset					end of		net expenses			total expenses			income (loss)			Portfolio
value, end		Total			period		to average			to average			to average			turnover
of period		return(b)			(in 000s)		net assets			net assets			net assets			rate
$	10.59		8.84	%	$	99,066		1.09	%(d)		1.25	%(d)		0.75	%(d)		42	%
	10.24		8.47			1,282		1.84	(d)		2.00	(d)		(0.01	)(d)		42
	10.18		8.41			9,247		1.84	(d)		2.00	(d)		—	(d)(e)		42
	10.78		9.00			249,659		0.69	(d)		0.85	(d)		1.16	(d)		42
	10.67		8.77			38		1.19	(d)		1.35	(d)		0.57	(d)		42
	10.78		9.00			1		0.84	(d)		1.00	(d)		1.07	(d)		42
	9.73		13.46			91,857		1.09			1.25			0.82			200
	9.44		12.65			1,539		1.84			2.00			0.08			200
	9.39		12.59			9,484		1.84			2.00			0.07			200
	9.89		14.04			200,795		0.69			0.85			1.22			200
	9.81		13.34			59		1.19			1.35			0.69			200
	9.89		22.18			1		0.84	(d)		1.00	(d)		0.97	(d)		200
	8.64		21.43			90,909		1.09			1.28			1.37	(f)		352
	8.38		20.48			2,259		1.84			2.03			0.62	(f)		352
	8.33		20.56			10,887		1.84			2.03			0.63	(f)		352
	8.78		21.90			133,016		0.69			0.88			1.88	(f)		352
	8.72		21.41			48		1.19			1.38			1.28	(f)		352
	7.20		(36.66	)		112,426		1.09			1.27			0.81			153
	6.97		(37.13	)		5,169		1.84			2.02			(0.02	)		153
	6.94		(37.08	)		13,977		1.84			2.02			0.06			153
	7.31		(36.34	)		67,367		0.69			0.87			1.27			153
	7.26		(36.74	)		55		1.19			1.37			0.57			153
	11.50		(0.92	)		241,192		1.10			1.24			0.65			73
	11.10		(1.77	)		20,010		1.85			1.99			(0.11	)		73
	11.06		(1.75	)		30,008		1.85			1.99			(0.10	)		73
	11.69		(0.65	)		63,913		0.70			0.84			1.05			73
	11.49		(1.10	)		400		1.20			1.34			0.55			73
	11.72		13.34			138,732		1.09			1.32			0.77			90
	11.30		12.55			24,820		1.84			2.07			(0.01	)		90
	11.27		12.48			29,340		1.84			2.07			0.01			90
	11.91		13.76			61,338		0.69			0.92			1.21			90
	11.70		13.21			354		1.19			1.42			0.63			90

The accompanying notes are an integral part of these financial statements.          59

GOLDMAN SACHS STRUCTURED INTERNATIONAL TAX-MANAGED EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from
			investment operations
												Distributions
	Net asset											to shareholders
	value,		Net			Net realized			Total from			from net
	beginning		investment			and unrealized			investment			investment
Year - Share Class	of period		income			gain (loss)			operations			income
FOR THE SIX MONTHS ENDED JUNE 30, (UNAUDITED)
2011 - A	$	7.90	$	0.14	(b)(c)	$	0.25		$	0.39		$	—
2011 - C		7.88		0.11	(b)(c)		0.25			0.36			—
2011 - Institutional		7.90		0.16	(b)(c)		0.25			0.41			—
2011 - IR		7.90		0.15	(b)(c)		0.22			0.37			—
FOR THE FISCAL YEARS ENDED DECEMBER 31,
2010 - A		7.40		0.13	(b)		0.51			0.64			(0.14	)
2010 - C		7.39		0.08	(b)		0.50			0.58			(0.09	)
2010 - Institutional		7.39		0.15	(b)		0.53			0.68			(0.17	)
2010 - IR (Commenced August 31, 2010)		6.82		0.03	(b)		1.21			1.24			(0.16	)
2009 - A		6.07		0.13	(b)		1.32			1.45			(0.12	)
2009 - C		6.06		0.09	(b)		1.31			1.40			(0.07	)
2009 - Institutional		6.06		0.15	(b)		1.33			1.48			(0.15	)
FOR THE PERIOD ENDED DECEMBER 31,
2008 - A (Commenced January 31, 2008)		10.00		0.17			(3.93	)		(3.76	)		(0.17	)
2008 - C (Commenced January 31, 2008)		10.00		0.13			(3.94	)		(3.81	)		(0.13	)
2008 - Institutional (Commenced January 31, 2008)		10.00		0.19			(3.94	)		(3.75	)		(0.19	)

(a)	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.
(b)	Calculated based on the average shares outstanding methodology.
(c)	Reflects income recognized from non-recurring special dividends which amounted to $0.03 per share and 0.19% of average net assets.
(d)	Annualized.

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL TAX-MANAGED EQUITY FUND

													Ratio of
					Net assets,		Ratio of			Ratio of			net investment
Net asset					end of		net expenses			total expenses			income			Portfolio
value, end		Total			period		to average			to average			to average			turnover
of period		return(a)			(in 000s)		net assets			net assets			net assets			rate
$	8.29		4.94	%	$	70,987		1.26	%(d)		1.52	%(d)		3.50	%(c)(d)		21	%
	8.24		4.44			25		2.01	(d)		2.27	(d)		2.71	(c)(d)		21
	8.31		5.19			108,534		0.86	(d)		1.12	(d)		3.92	(c)(d)		21
	8.27		4.94			1		1.01	(d)		1.27	(d)		3.63	(c)(d)		21
	7.90		8.64			75,854		1.26			1.56			1.75			70
	7.88		7.89			24		2.01			2.31			1.05			70
	7.90		9.17			85,604		0.86			1.16			2.12			70
	7.90		18.21			1		1.01	(d)		1.31	(d)		1.26	(d)		70
	7.40		23.98			77,469		1.26			1.67			2.00			101
	7.39		23.13			8		2.01			2.42			1.38			101
	7.39		24.47			53,159		0.86			1.27			2.24			101
	6.07		(37.56	)		71,917		1.26	(d)		1.80	(d)		2.53	(d)		243
	6.06		(38.02	)		8		2.01	(d)		2.55	(d)		1.83	(d)		243
	6.06		(37.40	)		17,652		0.86	(d)		1.40	(d)		2.05	(d)		243

The accompanying notes are an integral part of these financial statements.          61

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements

June 30, 2011 (Unaudited)

1. ORGANIZATION

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

		Diversified/
Fund	Share Classes Offered*	Non-diversified
U.S. Equity Dividend and Premium, International Equity Dividend and Premium, and Structured International Tax-Managed Equity	A, C, Institutional and IR	Diversified
Structured Tax-Managed Equity	A, B, C, Institutional, Service and IR	Diversified

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

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

Goldman Sachs Asset Management, L.P., (“GSAM”), an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”), serves as investment adviser to each Fund 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 certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under valuation procedures approved by the trustees 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, the NASDAQ system, or those located on certain foreign exchanges including, but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. 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 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 securities 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

62          

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

procedures established by the trustees. Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price. 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”) of the investment company 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. Certain dividends from foreign securities will be recorded when the Fund is informed of the dividend, if such information is obtained subsequent to the ex dividend date. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted. Realized gains and losses resulting from principal paydowns on mortgage-backed and asset-backed securities are included in interest income. Market discounts, original issue discount and market premiums on debt securities are accreted/amortized to interest income over the life of the security with a corresponding adjustment in the cost basis of that security. 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.

Investment income 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.

In addition, distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) often include a “return of capital”, which is recorded by the Funds as a reduction of the cost basis of the securities held. The Internal Revenue Code of 1986, as amended (the “Code”) requires a REIT to distribute at least 95% of its taxable income to investors. In many cases, however, because of “non-cash” expenses such as property depreciation, a REIT’s cash flow will exceed its taxable income. The REIT may distribute this excess cash to offer a more competitive yield. This portion of the Funds’ distributions is deemed a return of capital and is generally not taxable to shareholders.

C. Expenses — Expenses incurred by the Funds, which may not specifically relate to the Funds, may be shared with other registered investment companies having management agreements with GSAM or its affiliates, as appropriate. These expenses are allocated to the Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses and are accrued daily. Non-class specific expenses are allocated daily to each share class of the respective Fund based upon the relative proportion of net assets of each class. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agent, and Service fees.

D. Redemption Fees — Prior to October 1, 2010, all classes of the International Equity Dividend and Premium and Structured International Tax-Managed Equity Funds charged a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. For this purpose, the Funds used a first-in first-out method so that shares held longest were treated as

          63

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2011 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

being redeemed first and shares held shortest were treated as being redeemed last. Redemption fees were reimbursed to a Fund and were reflected as a reduction in share redemptions. Redemption fees were credited to Paid-in capital and were allocated to each share class of the Fund on a pro-rata basis. Effective October 1, 2010, the redemption fee for each Fund was eliminated.

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

	Income Distributions	Capital Gains Distributions
Fund	Declared/Paid	Declared/Paid
U.S. Equity Dividend and Premium, and International Equity Dividend and Premium	Quarterly	Annually
Structured Tax-Managed Equity and Structured International Tax-Managed Equity	Annually	Annually

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

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

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

Net realized and unrealized gain (loss) on foreign currency transactions represents: (i) foreign exchange gains and losses from the sale and holdings of foreign currencies; (ii) currency gains and losses between trade date and settlement date on investment security transactions and forward 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 securities and derivative instruments is included with the net realized and change in unrealized gain (loss) on investments on the Statements of Operations, however, 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. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included as an increase or decrease to net change in unrealized gain (loss) on translation of assets and liabilities denominated in foreign currencies.

G. Futures Contracts — 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

64          

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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. Options — When the Funds write call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current market value of the option written. Swaptions are options on interest rate swap contracts. Options on a futures contract may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. When a written option expires on its stipulated expiration date or the Funds enter into a closing purchase transaction, the Funds realize a gain or loss without regard to any unrealized gain or loss on the underlying future, security or currency transaction, and the liability related to such option is extinguished. When a written call option is exercised, the Funds realize a gain or loss from the sale of the underlying future, security or currency transaction, and the proceeds of the sale are increased by the premium originally received. When a written put option is exercised, the amount of the premium originally received will reduce the cost of the future, security or currency transaction that the Funds purchase upon exercise. There is a risk of loss from a change in value of such options which may exceed the related premiums received. The Funds must set aside liquid assets, or engage in other appropriate measures, to cover their obligations under written option contracts.

Upon the purchase of a call option or a put option by the Funds, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current market value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. If an option which the Funds have purchased expires on the stipulated expiration date, the Funds will realize a loss in the amount of the cost of the option. If the Funds enter into a closing sale transaction, the Funds will realize a gain or loss, depending on whether the sale proceeds for the closing sale transaction are greater or less than the cost of the option. If the Funds exercise a purchased put option, the Funds will realize a gain or loss from the sale of the underlying future, security or currency transaction, and the proceeds from such sale will be decreased by the premium originally paid. If the Funds exercise a purchased call option, the cost of the future, security or currency transaction which the Funds purchase upon exercise will be increased by the premium originally paid. Purchased over the counter options are subject to the risk that the counterparty may default on its obligations, which could result in a loss to the Funds.

Writing (selling) call options limits the opportunity to profit from an increase in the market value of stocks in exchange for up-front cash at the time of selling the call option. When the Funds write (sell) S&P 500 Index, MSCI EAFE Index or related exchange traded fund (“ETF”) call options, they receive cash but limit their opportunity to profit from an increase in the market value of the applicable index beyond the exercise price (plus the premium received) of the option. In a rising market, the Funds could significantly underperform the market. The Funds’ option strategies may not fully protect them against declines in the value of the market. Cash received from premiums will enhance return in declining or relatively flat markets, but the Funds will continue to bear the risk of a decline in the value of the securities held in their portfolios. The benefit from writing a call option is limited to the amount of premiums received. In a period of a sharply falling equity market, the Funds will likely also experience sharp declines in their net asset values.

3. 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

          65

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2011 (Unaudited)

3. FAIR VALUE OF INVESTMENTS (continued)

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 significant inputs are observable (including, but not limited to, quoted prices for similar securities, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).

The following is a summary of the Funds’ investments and derivatives categorized in the fair value hierarchy as of June 30, 2011:

U.S. EQUITY DIVIDEND AND PREMIUM
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	599,292,177		$	—		$	—
Short-term Investment		62,834,027			—			—
Total	$	662,126,204		$	—		$	—
Derivative Type
Assets
Futures Contracts(a)	$	204,667		$	—		$	—
Liabilities
Written Options	$	(9,400,000	)	$	—		$	—
INTERNATIONAL EQUITY DIVIDEND AND PREMIUM
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	15,359,686		$	344,284,041	(b)	$	—
Short-term Investment		3,936,809			—			—
Total	$	19,296,495		$	344,284,041		$	—
Derivative Type
Assets
Futures Contracts(a)	$	220,809		$	—		$	—
Liabilities
Written Options	$	(6,382,056	)	$	—		$	—

66          

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

3. FAIR VALUE OF INVESTMENTS (continued)

STRUCTURED TAX-MANAGED EQUITY
Investment Type	Level 1		Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	350,032,697	$	—		$	—
Short-term Investment		11,027,317		—			—
Securities Lending Reinvestment Vehicle		2,379,775		—			—
Total	$	363,439,789	$	—		$	—
Derivative Type
Assets
Futures Contracts(a)	$	329,475	$	—		$	—
STRUCTURED INTERNATIONAL TAX-MANAGED EQUITY
Investment Type	Level 1		Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	6,637,335	$	167,927,799	(b)	$	—
Short-term Investment		1,622,274		—			—
Securities Lending Reinvestment Vehicle		1,285,530		—			—
Total	$	9,545,139	$	167,927,799		$	—
Derivative Type
Assets
Futures Contracts(a)	$	134,364	$	—		$	—

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

4. INVESTMENTS IN DERIVATIVES

The Funds may make investments in derivative instruments, including, but not limited to options, futures, swaps, swaptions 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.

During the six months ended June 30, 2011, the Funds entered into certain derivative contract types. These instruments were used to meet the Funds’ investment objectives and to obtain and/or manage exposure related to the risks below. The following

          67

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2011 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

table sets forth, by certain risk types, the gross value of these derivative contracts for trading activities as of June 30, 2011. The values in the table below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

		Statements of				Statements of
		Assets and Liabilities				Assets and Liabilities
Fund	Risk	Location	Assets			Location	Liabilities
U.S. Equity Dividend and Premium	Equity	Due from broker — variation margin, at value	$	204,667(a	)	Payables for written options, at value	$	(9,400,000	)
International Equity Dividend and Premium	Equity	Due from broker — variation margin, at value		220,809(a	)	Payables for written options, at value		(6,382,056	)
Structured Tax-Managed Equity	Equity	Due from broker — variation margin, at value		329,475(a	)	—		—
Structured International Tax-Managed Equity	Equity	Due from broker — variation margin, at value		134,364(a	)	—		—

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

The following table sets forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2011. These gains (losses) should be considered in the context that these derivative contracts may have been executed to economically hedge certain securities, and accordingly, certain gains (losses) on such derivative contracts may offset certain (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
		Statements of	Realized			Unrealized			Number of
Fund	Risk	Operations Location	Gain (Loss)			Gain (Loss)			Contracts(a)
U.S. Equity Dividend and Premium	Equity	Net realized gain (loss) from futures transactions and written options/Net change in unrealized gain (loss) on futures and written options	$	7,755,315		$	(2,616,294	)		2,005
International Equity Dividend and Premium	Equity	Net realized gain (loss) from futures transactions and written options/Net change in unrealized gain (loss) on futures and written options		5,433,779			(2,570,649	)		2,113
Structured Tax-Managed Equity	Equity	Net realized gain (loss) from futures transactions/Net change in unrealized gain (loss) on futures		222,170			233,361			111
Structured International Tax-Managed Equity	Equity	Net realized gain (loss) from futures transactions/Net change in unrealized gain (loss) on futures		(160,346	)		147,990			73

(a) Average number of contracts is based on the average of month end balances for the six months ended June 30, 2011.

68          

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended June 30, 2011, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate																		Effective Net
	First			Next			Next			Next			Over			Effective			Management
Fund	$1 billion			$1 billion			$3 billion			$3 billion			$8 billion			Rate			Rate
U.S. Equity Dividend and Premium		0.75	%		0.68	%		0.65	%		0.64	%		0.63	%		0.75	%		0.75	%
International Equity Dividend and Premium		0.81			0.73			0.69			0.68			0.67			0.81			0.81
Structured Tax-Managed Equity		0.70			0.63			0.60			0.59			0.58			0.70			0.65	*
Structured International Tax-Managed Equity		0.85			0.77			0.73			0.72			0.71			0.85			0.81	*

* GSAM agreed to waive a portion of its management fee in order to achieve the effective net management rate above through at least April 29, 2012. Prior to such date GSAM may not terminate the arrangement without the approval of the trustees.

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

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

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

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A front end sales charge and Class B and Class C contingent deferred sales charges. During the six months ended June 30, 2011, 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
U.S. Equity Dividend and Premium	$	8,600		N/A	$	—
International Equity Dividend and Premium		800		N/A		—
Structured Tax-Managed Equity		1,000	$	—		—	*
Structured International Tax-Managed Equity		500		N/A		—

* Amount rounds to less than $100.

          69

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2011 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

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

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expense” 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 Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for the U.S. Equity Dividend and Premium, International Equity Dividend and Premium, Structured Tax-Managed Equity and Structured International Tax-Managed Equity Funds are 0.054%, 0.054%, 0.004% and 0.014%, respectively. These Other Expense reimbursements will remain in place through at least April 29, 2012, and prior to such date GSAM may not terminate the arrangements without the approval of the trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses.

For the six months ended June 30, 2011, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows (in thousands):

			Other		Total
	Management		Expense		Expense
Fund	Fee Waiver		Reimbursement		Reductions
U.S. Equity Dividend and Premium	$	—	$	19	$	19
International Equity Dividend and Premium		—		110		110
Structured Tax-Managed Equity		84		180		264
Structured International Tax-Managed Equity		33		182		215

As of June 30, 2011, the amounts owed to affiliates of the Funds were as follows (in thousands):

			Distribution
	Management		and Service		Transfer
Fund	Fees		Fees		Agent Fees		Total
U.S. Equity Dividend and Premium	$	365	$	20	$	26	$	411
International Equity Dividend and Premium		236		46		38		320
Structured Tax-Managed Equity		185		28		24		237
Structured International Tax-Managed Equity		117		15		15		147

70          

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

G. Line of Credit Facility — As of June 30, 2011, the Funds participated in a $580,000,000 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 $920,000,000. 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 June 30, 2011, the Funds did not have any borrowings under the facility.

H. Other Transactions with Affiliates — For the six months ended June 30, 2011, Goldman Sachs earned approximately $13,400, $29,800, $2,000 and $3,400 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the U.S. Equity Dividend and Premium, International Equity Dividend and Premium, Structured Tax-Managed Equity and Structured International Tax-Managed Equity Funds, respectively.

As of June 30, 2011, the following Goldman Sachs Fund of Funds Portfolios were the beneficial owners of 5% or more of total outstanding shares of the following Funds:

	Goldman Sachs			Goldman Sachs
	Enhanced Dividend			Tax-Advantaged
	Global Equity			Global Equity
Fund	Portfolio			Portfolio
U.S. Equity Dividend and Premium		15	%		—	%
International Equity Dividend and Premium		12			—
Structured Tax-Managed Equity		—			65
Structured International Tax-Managed Equity		—			53

As of June 30, 2011, the Goldman Sachs Group, Inc. was the beneficial owner of approximately 35% of the Class C Shares of the Structured International Tax-Managed Equity Fund and 100% of the Class IR Shares of the International Equity Dividend and Premium, Structured Tax-Managed Equity and Structured International Tax-Managed 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 June 30, 2011, were as follows:

Fund	Purchases		Sales
U.S. Equity Dividend and Premium	$	531,730,231	$	373,557,690
International Equity Dividend and Premium		160,781,987		36,289,633
Structured Tax-Managed Equity		170,352,438		139,947,142
Structured International Tax-Managed Equity		48,119,419		35,610,480

          71

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2011 (Unaudited)

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

Both the Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned by the Funds for the six months ended June 30, 2011, are reported under Investment Income on the Statements of Operations. The table below details securities lending activity with affiliates of Goldman Sachs:

	For the Six Months Ended June 30, 2011				Amounts Payable to
	Earnings of GSAL		Amounts Received		Goldman Sachs
	Relating to		by the Funds		Upon Return of
	Securities		from Lending to		Securities Loaned as of
Fund	Loaned		Goldman Sachs		June 30, 2011
Structured Tax-Managed Equity	$	1,664	$	3,249	$	644,250
Structured International Tax-Managed Equity		18,088		3,334		5,611

The following table provides information about the Funds’ investment in the Money Market Fund for the six months ended June 30, 2011 (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 Tax-Managed Equity		3,021		12,371		(13,012	)		2,380	$	2,380
Structured International Tax-Managed Equity		685		30,367		(29,766	)		1,286		1,286

72          

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2010, the Funds’ capital loss carryforwards on a tax-basis were as follows:

										Structured
	U.S. Equity			International			Structured			International
	Dividend and			Equity Dividend			Tax-Managed			Tax-Managed
	Premium			and Premium			Equity			Equity
Capital loss carryforward:(1)
Expiring 2015	$	—		$	—		$	(5,190,228	)	$	—
Expiring 2016		—			—			(51,457,820	)		(40,155,952	)
Expiring 2017		(28,646,302	)		—			—			(31,387,420	)
Total capital loss carryforward	$	(28,646,302	)	$	—		$	(56,648,048	)	$	(71,543,372	)
Timing differences (post-October losses/deferred REIT income/deferred straddle losses)	$	(3,010,493	)	$	(517,194	)	$	(15,460,595	)	$	(84,891	)

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

As of June 30, 2011, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

										Structured
	U.S. Equity			International			Structured			International
	Dividend and			Equity Dividend			Tax-Managed			Tax-Managed
	Premium			and Premium			Equity			Equity
Tax cost	$	673,838,994		$	350,528,009		$	314,209,061		$	127,209,408
Gross unrealized gain		17,741,647			28,453,612			50,035,674			51,391,132
Gross unrealized loss		(29,454,437	)		(15,401,085	)		(804,946	)		(1,127,602	)
Net unrealized security gain (loss)	$	(11,712,790	)	$	13,052,527		$	49,230,728		$	50,263,530

The difference between GAAP-basis and tax-basis unrealized gains (losses), as of the most recent fiscal year end, is attributable primarily to wash sales, net mark to market gains (losses) on regulated futures and options contracts and differences related to the tax treatment of passive foreign investment companies.

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.

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

          73

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2011 (Unaudited)

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

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 entities of their holdings in the Funds may impact the Funds’ liquidity and NAV. These redemptions may also force the Funds to sell securities.

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

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

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

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. SUBSEQUENT EVENTS

Subsequent events after the balance sheet date have been evaluated through the date the financial statements were issued. GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

74          

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	U.S. Equity Dividend and Premium Fund
	For the Six Months Ended
	June 30, 2011						For the Fiscal Year Ended
	(Unaudited)						December 31, 2010
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,139,012		$	11,087,023			5,296,503		$	45,376,174
Reinvestment of distributions		43,457			424,485			121,730			1,023,403
Shares redeemed		(745,143	)		(7,308,316	)		(18,274,420	)		(151,627,631	)
		437,326			4,203,192			(12,856,187	)		(105,228,054	)
Class C Shares
Shares sold		383,252			3,724,226			286,614			2,495,162
Reinvestment of distributions		7,029			68,683			7,732			66,389
Shares redeemed		(127,035	)		(1,237,681	)		(287,661	)		(2,471,543	)
		263,246			2,555,228			6,685			90,008
Institutional Shares
Shares sold		16,442,832			160,045,928			31,310,981			266,114,332
Reinvestment of distributions		547,091			5,331,343			349,028			3,034,668
Shares redeemed		(4,230,672	)		(41,235,767	)		(5,881,068	)		(50,526,514	)
		12,759,251			124,141,504			25,778,941			218,622,486
Class IR Shares(a)
Shares sold		54,862			527,955			124			1,000
Reinvestment of distributions		508			4,958			1			11
Shares redeemed		(6,002	)		(58,455	)		—			—
		49,368			474,458			125			1,011
NET INCREASE		13,509,191		$	131,374,382			12,929,564		$	113,485,451

(a) Commenced operations on August 31, 2010.

          75

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2011 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	International Equity Dividend and Premium Fund
	For the Six Months Ended
	June 30, 2011						For the Fiscal Year Ended
	(Unaudited)						December 31, 2010
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		9,595,975		$	81,295,055			14,002,520		$	107,874,231
Reinvestment of distributions		471,925			3,948,447			432,649			3,301,536
Shares redeemed		(3,145,511	)		(26,719,083	)		(3,668,343	)		(27,952,333	)
		6,922,389			58,524,419			10,766,826			83,223,434
Class C Shares
Shares sold		31,995			263,341			55,054			398,973
Reinvestment of distributions		2,948			24,180			4,612			34,394
Shares redeemed		(6,500	)		(54,331	)		(8,071	)		(59,800	)
		28,443			233,190			51,595			373,567
Institutional Shares
Shares sold		5,631,190			47,291,067			8,455,414			63,924,649
Reinvestment of distributions		314,748			2,602,129			292,978			2,234,981
Shares redeemed		(1,069,827	)		(8,974,070	)		(1,269,540	)		(9,549,894	)
		4,876,111			40,919,126			7,478,852			56,609,736
Class IR Shares(a)
Shares sold		2			16			141			1,000
Reinvestment of distributions		3			24			3			22
Shares redeemed		(2	)		(15	)		—			—
		3			25			144			1,022
NET INCREASE		11,826,946		$	99,676,760			18,297,417		$	140,207,759

(a) Commenced operations on August 31, 2010.

76          

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Structured Tax-Managed Equity Fund
	For the Six Months Ended
	June 30, 2011						For the Fiscal Year Ended
	(Unaudited)						December 31, 2010
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,347,452		$	13,804,205			3,002,710		$	26,708,035
Shares converted from Class B(a)		1,739			17,341			26,552			237,830
Reinvestment of distributions		—			—			66,620			636,219
Shares redeemed		(1,434,277	)		(14,682,097	)		(4,181,448	)		(37,015,595	)
		(85,086	)		(860,551	)		(1,085,566	)		(9,433,511	)
Class B Shares
Shares sold		1,477			14,931			657			5,805
Shares converted to Class A(a)		(1,797	)		(17,341	)		(27,448	)		(237,830	)
Reinvestment of distributions		—			—			—			—
Shares redeemed		(37,456	)		(370,541	)		(79,734	)		(685,479	)
		(37,776	)		(372,951	)		(106,525	)		(917,504	)
Class C Shares
Shares sold		9,519			93,138			25,110			212,973
Reinvestment of distributions		—			—			—			—
Shares redeemed		(111,277	)		(1,093,116	)		(321,412	)		(2,725,624	)
		(101,758	)		(999,978	)		(296,302	)		(2,512,651	)
Institutional Shares
Shares sold		4,060,587			42,091,288			7,379,406			66,178,376
Reinvestment of distributions		—			—			217,882			2,113,451
Shares redeemed		(1,215,360	)		(12,809,008	)		(2,451,216	)		(22,284,129	)
		2,845,227			29,282,280			5,146,072			46,007,698
Service Shares
Shares sold		—			—			1,577			14,320
Reinvestment of distributions		—			—			31			293
Shares redeemed		(2,431	)		(25,951	)		(1,030	)		(8,789	)
		(2,431	)		(25,951	)		578			5,824
Class IR Shares(b)
Shares sold		—			—			122			1,000
Reinvestment of distributions		—			—			2			12
Shares redeemed		—			—			—			—
		—			—			124			1,012
NET INCREASE		2,618,176		$	27,022,849			3,658,381		$	33,150,868

(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.
(b)	Commenced operations on August 31, 2010.

          77

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2011 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Structured International Tax-Managed Equity Fund
	For the Six Months Ended
	June 30, 2011						For the Fiscal Year Ended
	(Unaudited)						December 31, 2010
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,864,907		$	15,338,323			3,405,117		$	26,064,272
Reinvestment of distributions		—			—			155,996			1,219,886
Shares redeemed		(2,903,158	)		(23,413,619	)		(4,429,118	)		(32,956,454	)
		(1,038,251	)		(8,075,296	)		(868,005	)		(5,672,296	)
Class C Shares
Shares sold		2			16			1,942			13,338
Reinvestment of distributions		—			—			35			273
Shares redeemed		(2	)		(16	)		(4	)		(28	)
		—			—			1,973			13,583
Institutional Shares
Shares sold		2,846,368			23,095,028			4,310,686			31,337,018
Reinvestment of distributions		—			—			223,581			1,748,406
Shares redeemed		(617,988	)		(5,159,457	)		(885,806	)		(6,642,682	)
		2,228,380			17,935,571			3,648,461			26,442,742
Class IR Shares(a)
Shares sold		—			—			147			1,000
Reinvestment of distributions		—			—			3			23
Shares redeemed		—			—			—			—
		—			—			150			1,023
NET INCREASE		1,190,129		$	9,860,275			2,782,579		$	20,785,052

(a) Commenced operations on August 31, 2010.

78          

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs U.S. Equity Dividend and Premium, Goldman Sachs International Equity Dividend and Premium, Goldman Sachs Structured Tax-Managed Equity and Goldman Sachs Structured International Tax-Managed Equity Funds (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held during the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2012 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 15-16, 2011 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held three meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board meetings and/or the Annual Meeting, the Board, or the Independent Trustees, as applicable, considered matters relating to the Management Agreement, including:

(a)   the nature and quality of the advisory, administrative and other services provided to the Funds by the Investment Adviser and its affiliates, including information about:

(i)	the structure, staff and capabilities of the Investment Adviser and its portfolio management teams;
(ii)	the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services and operations), controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, market risk analysis, finance and strategy and central funding), sales and distribution support groups and others (e.g., information technology and training);
(iii)	trends in headcount;
(iv)	the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and
(v)	the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b)	information on the investment performance of the Funds, including comparisons to the performance of similar mutual funds, as provided by a third party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and benchmark performance indices, and general investment outlooks in the markets in which the Funds invest;
(c)	the terms of the Management Agreement and agreements with affiliated service providers entered into by the Trust on behalf of the Funds;
(d)	expense information for the Funds, including:

(i)	the relative management fee and expense levels of the Funds as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;
(ii)	each Fund’s expense trends over time; and
(iii)	to the extent the Investment Adviser manages institutional accounts or collective investment vehicles having investment objectives and policies similar to those of the Funds, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(e)	with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Funds;
(f)	the undertakings of the Investment Adviser to waive certain fees (with respect to the Structured Tax-Managed Equity and Structured International Tax-Managed Equity Funds) and reimburse certain expenses of the Funds that exceed specified levels, and a summary of contractual fee reductions made by the Investment Adviser and its affiliates over the past several years with respect to the Funds;
(g)	information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of each of the Funds and the Trust as a whole to the Investment Adviser and its affiliates;
(h)	whether each Fund’s existing management fee schedule adequately addressed any economies of scale;

          79

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(i)	a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds, including the fees received by the Investment Adviser’s affiliates from the Funds for transfer agency, securities lending, portfolio brokerage, distribution and other services;
(j)	a summary of potential benefits derived by the Funds as a result of their relationship with the Investment Adviser;
(k)	information regarding commissions paid by the Funds, other information regarding portfolio trading and how the Investment Adviser carries out its duty to seek best execution;
(l)	portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;
(m)	the nature and quality of the services provided to the Funds by their unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administration services provided under the Management Agreement; and
(n)	the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Funds’ compliance program; and compliance reports.

The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity and the payment of Rule 12b-1 distribution and service fees by the Funds and the payment of non-Rule 12b-1 shareholder service and/or administration fees by the Structured Tax-Managed Equity Fund’s Service Shares. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution and/or servicing of Fund shares.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual fund portfolios for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser, its affiliates, their services and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

Nature, Extent and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent and quality of the services provided by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services, and the other, non-advisory services, that are provided to the Funds by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various portfolio management teams, including the portfolio management team managing the Funds, that had occurred in recent periods, the potential benefit to the Funds of recent increases in headcount at the Investment Adviser and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Independent Trustees concluded that the Investment Adviser had committed substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also observed that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser.

Investment Performance

The Trustees also considered the investment performance of the Funds and the Investment Adviser. In this regard, they compared the investment performance of each Fund to the performance of other comparable SEC-registered funds and to rankings and ratings compiled by the Outside Data Provider as of December 31, 2010, and updated performance information prepared by the Investment Adviser using the peer groups identified by the Outside Data provider. The information on each Fund’s investment performance was provided for the one-, three-, five- and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund’s investment performance over time on a year-by-year basis relative to its performance benchmark. In addition, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies, and

80          

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

market conditions. The Trustees considered whether each Fund had operated within its investment policies and had complied with its investment limitations.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel, in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

The Independent Trustees noted that for the one-year period ended May 31, 2011, the Structured Tax-Managed Equity and Structured International Tax-Managed Equity Funds each ranked in the top half of their respective peer groups, with the Structured International Tax-Managed Equity Fund also outperforming its benchmark index for the one-year period ended May 31, 2011. The Independent Trustees also noted that the U.S. Equity Dividend and Premium and International Equity Dividend and Premium Funds had both ranked in the bottom half of their respective peer groups and underperformed their respective benchmark indices during the one-year period ended May 31, 2011. The Independent Trustees observed that the Structured Tax-Managed Equity Fund had performance that was in the bottom half of its peer group for multiple time periods of greater than one-year. The Independent Trustees also noted that in response to market turmoil in 2009, the Investment Adviser had implemented measures intended to improve Fund performance, including adjusting the Quantitative Investment Strategies (“QIS”) team’s investment process used to manage the Funds (which among other things included changes in trading strategies and enhancements to the models) and making certain changes to the QIS team’s personnel, and that the changes seemed to have had a positive effect on performance. They recognized that despite some recent turnover in senior personnel on the QIS team, the team was dedicated to both retaining talent and attracting high quality new talent. The Independent Trustees also noted that they had received assurances from the Investment Adviser’s senior management that measures would continue to be taken to address the Funds’ performance.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual fee rates payable by each Fund under the Management Agreement. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of the Funds’ management fees and breakpoints to those of relevant peer groups and category universes; an expense analysis which compared each Fund’s expenses to a peer group and a category universe; and a five-year history (or, in the case of Funds that commenced investment operations within a shorter period, since the year in which it commenced operations), comparing each Fund’s expenses to the peer and category medians. The analyses also compared each Fund’s transfer agency fees, custody and accounting fees, distribution fees, other expenses and fee waivers/reimbursements to those of other funds in the peer group and the peer group median. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser’s undertakings to waive a portion of its management fee for Structured Tax-Managed Equity and Structured International Tax-Managed Equity Funds and to limit each of the Funds’ “other expenses” ratios (excluding certain expenses) to certain specified levels. They also considered, to the extent that the Investment Adviser manages institutional accounts or collective investment vehicles having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to institutional accounts, which generally operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, were less time-intensive and paid lower fees. By contrast, the Trustees noted that the Investment Adviser provides substantial administrative services to the Funds under the terms of the Management Agreement.

In addition, the Trustees noted that shareholders are able to redeem their Fund shares at any time if they believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Profitability

The Trustees reviewed the Investment Adviser’s revenues and pre-tax profit margins with respect to the Trust and each of the Funds. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service) and the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among

          81

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also reviewed the report of the internal audit group within the Goldman Sachs organization, which included an assessment of the reasonableness and consistency of the Investment Adviser’s expense allocation methodology and an evaluation of the accuracy of the Investment Adviser’s profitability analysis calculations. Profitability data for the Trust and each Fund were provided for 2010 and 2009, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability. The Trustees considered the Investment Adviser’s revenues and pre-tax profit margins both in absolute terms and in comparison to information on the reported pre-tax profit margins earned by certain other asset management firms.

Economies of Scale

The Trustees considered the information that had been provided regarding the Investment Adviser’s profitability and the rationale for the Funds’ breakpoint structure. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:

										Structured
	U.S. Equity			International			Structured			International
	Dividend and			Equity Dividend and			Tax-Managed			Tax-Managed
	Premium Fund			Premium Fund			Equity Fund			Equity Fund
First $1 billion		0.75	%		0.81	%		0.70	%		0.85	%
Next $1 billion		0.68			0.73			0.63			0.77
Next $3 billion		0.65			0.69			0.60			0.73
Next $3 billion		0.64			0.68			0.59			0.72
Over $8 billion		0.63			0.67			0.58			0.71

The Trustees noted that the breakpoints at the $5 and $8 billion asset levels had been proposed by the Investment Adviser and approved by the Trustees in 2008 to further share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; and the Investment Adviser’s undertakings to limit the Funds’ fees and “other expenses” ratios (excluding certain expenses) to certain amounts. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability would be passed along to shareholders at the specified asset levels.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationship with the Funds as stated above, including: (a) transfer agency fees received by Goldman, Sachs & Co. (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) fees earned by Goldman Sachs Agency Lending, an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the portfolio in which the Funds’ cash collateral is invested); (e) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (f) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs’ retention of certain fees as Fund Distributor; (h) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; and (i) the possibility that the working relationship between the Investment Adviser and the Funds’ third party service providers may cause those service providers to be open to doing business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of the fall-out benefits. In looking at the benefits to Goldman Sachs Agency Lending and the Investment Adviser from the securities lending program, they noted that the Funds also benefited from their participation in the securities lending program.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) improved servicing and pricing from vendors because of the volume of business

82          

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

generated by the Investment Adviser and its affiliates; (c) improved servicing from broker-dealers because of the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages gained from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firmwide resources (e.g., proprietary databases); and (h) the Funds’ access to certain affiliated distribution channels. The Trustees noted the competitive nature of the mutual fund marketplace, and noted further that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2012.

          83

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Fund Expenses — Six Month Period Ended June 30, 2011 (Unaudited)

As a shareholder of Class A, Class B, Class C, Institutional, Service or Class IR 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), (if any); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (with respect to Class A, Class B and Class C 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 or Class IR 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 January 1, 2011 through June 30, 2011.

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.

	U.S. Equity Dividend and Premium Fund							International Equity Dividend and Premium Fund							Structured Tax-Managed Equity Fund							Structured International Tax-Managed Equity Fund
						Expenses							Expenses							Expenses							Expenses
	Beginning		Ending			Paid for the		Beginning		Ending			Paid for the		Beginning		Ending			Paid for the		Beginning		Ending			Paid for the
	Account Value		Account Value			6 Months Ended		Account Value		Account Value			6 Months Ended		Account Value		Account Value			6 Months Ended		Account Value		Account Value			6 Months Ended
Share Class	1/01/11		6/30/11			6/30/11*		1/01/11		6/30/11			6/30/11*		1/01/11		6/30/11			6/30/11*		1/01/11		6/30/11			6/30/11*
Class A
Actual	$	1,000	$	1,058.20		$	6.33	$	1,000	$	1,053.80		$	6.62	$	1,000	$	1,088.40		$	5.64	$	1,000	$	1,049.40		$	6.40
Hypothetical 5% return		1,000		1,018.65	+		6.21		1,000		1,018.35	+		6.51		1,000		1,019.39	+		5.46		1,000		1,018.55	+		6.31
Class B
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,084.70			9.51		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A	+		N/A		N/A		N/A	+		N/A		1,000		1,015.67	+		9.20		N/A		N/A	+		N/A
Class C
Actual		1,000		1,053.50			10.13		1,000		1,049.90			10.42		1,000		1,084.10			9.51		1,000		1,044.40			10.19
Hypothetical 5% return		1,000		1,014.93	+		9.94		1,000		1,014.63	+		10.24		1,000		1,015.67	+		9.20		1,000		1,014.83	+		10.04
Institutional
Actual		1,000		1,060.40			4.29		1,000		1,056.50			4.59		1,000		1,090.00			3.58		1,000		1,051.90			4.38
Hypothetical 5% return		1,000		1,020.63	+		4.21		1,000		1,020.33	+		4.51		1,000		1,021.37	+		3.46		1,000		1,020.53	+		4.31
Service
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,087.70			6.16		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A	+		N/A		N/A		N/A	+		N/A		1,000		1,018.89	+		5.96		N/A		N/A	+		N/A
Class IR
Actual		1,000		1,058.60			5.05		1,000		1,056.80			5.35		1,000		1,090.00			4.35		1,000		1,049.40			5.13
Hypothetical 5% return		1,000		1,019.89	+		4.96		1,000		1,019.59	+		5.26		1,000		1,020.63	+		4.21		1,000		1,019.79	+		5.06

* 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 June 30, 2011. 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
U.S. Equity Dividend and Premium		1.24	%		N/A			1.99	%		0.84	%		N/A			0.99	%
International Equity Dividend and Premium		1.30			N/A			2.05			0.90			N/A			1.05
Structured Tax-Managed Equity		1.09			1.84	%		1.84			0.69			1.19	%		0.84
Structured International Tax-Managed Equity		1.26			N/A			2.01			0.86			N/A			1.01

+ 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.

84

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 Divisionof 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 $720.3 billion in assets under management as of March 31, 2011 — 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 Market²
Financial Square Funds^sm
n Financial Square Tax-Exempt Funds
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 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
n Strategic 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 High Yield Floating Rate 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 Flexible Cap Growth Fund³
n Concentrated Growth Fund
n Technology Tollkeeper Fund^sm
n 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

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)
n N-11 Equity Fund
n Brazil Equity Fund
n China Equity Fund
n Korea Equity Fund
n India Equity Fund

Select Satellite⁴
n 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 Solutions⁴
n 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

Firmwide assets under management includes assets managed by GSAM and its Investment Advisory Affiliates.

1	Ranking for Goldman Sachs Group, Inc., includes Goldman Sachs Asset Management, Private Wealth Management and Merchant Banking 2010 year-end assets. Ranked 10th in total assets worldwide. Pensions&Investments, June 2011.
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	Effective March 31, 2011, the Goldman Sachs All Cap Growth Fund was renamed the Goldman Sachs Flexible Cap Growth Fund.
4	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.

The Goldman Sachs Technology Tollkeeper Fund^sm and Financial Square Funds^sm are registered service marks of Goldman, Sachs & Co.

TRUSTEES Ashok N. Bakhru, Chairman Donald C. Burke John P. Coblentz, Jr. Diana M. Daniels Joseph P. LoRusso James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel	OFFICERS James A. McNamara, President George F. Travers, Principal Financial Officer 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 Web site at www.goldmansachsfunds.com to obtain the most recent month-end returns.

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

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

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

Goldman, Sachs & Co. (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

Holdings and allocations shown may not be representative of current or future investments. Holdings and allocations may not include a Fund’s 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 portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

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

^© 2011 Goldman Sachs. All rights reserved. 58007.MF.MED.TMPL/8/2011 TAXADVSAR11/10k

ITEM 2. CODE OF ETHICS.

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

ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT.
	The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES.
	The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS.
	Not applicable.

ITEM 6.	SCHEDULE OF INVESTMENTS.
	Schedule of Investments is included as part of the Report to Stockholders filed under Item 1.

ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
	Not applicable.

ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
	Not applicable.

ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
	Not applicable.

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

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

(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.
(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

SIGNATURES

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

	Goldman Sachs Trust
By:	/s/ James A. McNamara
	James A. McNamara
	President/Principal Executive Officer
	Goldman Sachs Trust
Date:	August 31, 2011

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

By:	/s/ James A. McNamara
	James A. McNamara
	President/Principal Executive Officer
	Goldman Sachs Trust
Date:	August 31, 2011
By:	/s/ George F. Travers
	George F. Travers
	Principal Financial Officer
	Goldman Sachs Trust
Date:	August 31, 2011