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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive,

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)


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

(Name and address of agents for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2012

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Stockholders is filed herewith.

Goldman Sachs Funds

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Semi-Annual Report				April 30, 2012

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

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Goldman Sachs Structured International

Equity Funds

STRUCTURED EMERGING MARKETS EQUITY

STRUCTURED INTERNATIONAL EQUITY

STRUCTURED INTERNATIONAL SMALL CAP


TABLE OF CONTENTS

Principal Investment Strategies and Risks			1

Investment Process			2

Market Review			3

Portfolio Management Discussions and Performance Summaries			6

Schedules of Investments			21

Financial Statements			46

Financial Highlights			50

Notes to the Financial Statements			56

Other Information			72



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Principal Investment Strategies and Risks

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

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

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

The Goldman Sachs Structured International Small Cap Fund invests primarily in a diversified portfolio of equity investments in non-U.S. small-capitalization companies. 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 and less liquid than investments in U.S. securities and will be subject to the risks of currency fluctuations and adverse economic or political developments. The securities of small- and mid-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements.

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Goldman Sachs’ Structured International Equity Investment Process

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

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

Objective – Our stock and country selection process is free from emotion that may lead to biased investment decisions.

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

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

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

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

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

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

Enhancements Made to Proprietary Quantitative Model during the Six-Month Period Ended April 30, 2012

We continuously look for ways to improve our investment process. Accordingly, we introduced a number of enhancements to our proprietary quantitative model during the six-month period ended April 30, 2012.

We introduced a new short-term model to our stock selection process during the first quarter of 2012. We plan to use this short-term model, which forecasts potential returns using three-month to 12-month time horizons, to help us make long-term investment decisions and determine when to buy or sell securities. In addition, we implemented enhancements to our country/currency selection process. In seeking to make our models more effective in a variety of market environments, we enhanced the way we expressed our active views by modeling unhedged equity returns directly, rather than modeling our currency and currency-hedged equity views separately. This enhancement should help us match the Funds’ portfolios more closely with our optimal views. During the first calendar quarter, we also introduced country-specific views to increase the flexibility of our process. We believe the incorporation of these country-specific views should enhance performance consistency, especially during periods of unexpected market disruption.

MARKET REVIEW

Goldman Sachs Structured International

Equity Funds

Market Review

Global stock markets advanced during the six-month period ended April 30, 2012 (the “Reporting Period”), with a sharp rally during the first two months of 2012 more than offsetting weakness at the beginning and the end of the Reporting Period.

During November and December 2011, international equities and emerging market equities retreated in response to slowing global economic growth and the worsening of Europe’s sovereign debt crisis. Concern about the outlook for global economic growth was exacerbated by a drop in China’s inflation rate, which fell from 6.1% in September to 5.5% in October, and a slowdown in Chinese industrial production. In addition, the euro and many emerging market currencies declined against the U.S. dollar, further weakening equity returns as measured in U.S. dollars. The Greek and Italian governments were replaced by technocrats; credit conditions for banks tightened; and yields on Italian and Spanish government debt hovered near unsustainable levels. Japanese equities generally lagged the broader international equity market despite the announcement that Japan’s economy had grown at an annualized pace of 6% during the third quarter of 2011.

The international equity and emerging equity markets rallied broadly during January and February 2012, as sentiment about the global economy improved and investors started to rotate into riskier assets. Gains extended through March 2012 amidst growing optimism that the U.S. economy was recovering and that Europe might eventually be able to stem its sovereign debt crisis. Despite widespread downgrades of sovereign debt by Standard & Poor’s, European equity markets reflected optimism that a financial crisis could be averted through liquidity provided by the European Central Bank’s longer-term refinancing operation (“LTRO”) and the proposal of a “fiscal compact” for the European Monetary Union.

The emerging equity markets retreated during March, joined by the international equity markets in April, on questions about the strength of the U.S. economic recovery and increased political uncertainty in Europe. Weaker-than-expected economic data from China also renewed concerns about an economic slowdown in Asia. Japanese equities rose as the yen weakened significantly late in the Reporting Period, following the Bank of Japan’s surprise monetary policy easing in the form of increased asset purchases.

MARKET REVIEW

Emerging Markets Equity

The MSCI Emerging Markets Index (net, unhedged) (“MSCI Emerging Markets Index”) returned 3.93% during the Reporting Period. Sixteen of the 21 countries in the MSCI Emerging Markets Index were up for the Reporting Period, with Thailand (+25.66%) and the Philippines (+21.77%) recording the largest gains. China (+7.13%) was the largest contributor on the basis of impact, which takes both weightings and total returns into account.

Nine of the 10 sectors in the MSCI Emerging Markets Index were positive for the Reporting Period, with information technology (+15.86%) and consumer staples (+12.50%) gaining the most ground. The information technology sector was also the largest contributor to MSCI Emerging Markets Index returns on the basis of impact.

International Equity

The MSCI EAFE Index (unhedged and net of dividend withholding taxes) (“MSCI EAFE Index”) returned 2.44%* during the Reporting Period. Thirteen of the 22 countries in the MSCI EAFE Index were up for the Reporting Period, with Denmark (+23.13%) and Ireland (+19.35%) posting the largest gains. The U.K. (+6.43%) was the largest contributor on the basis of impact, which takes both weightings and total returns into account.

Seven of the 10 sectors in the MSCI EAFE Index recorded positive results for the Reporting Period, with consumer staples (+7.96%) and consumer discretionary (+7.14%) gaining the most. The consumer staples sector was also the largest contributor to MSCI EAFE Index returns on the basis of impact.

International Small Cap Equity

The MSCI EAFE Small Cap Index (unhedged and net of dividend withholding taxes) (“MSCI EAFE Small Cap Index”) advanced 6.04% during the Reporting Period. Eighteen of the 22 countries in the MSCI EAFE Small Cap Index were up for the Reporting Period, with the U.K. (+14.09%) and Denmark (+13.29%) posting the largest gains. The U.K. was also the largest contributor on the basis of impact, which takes both weightings and total returns into account.

Nine of the 10 sectors in the MSCI EAFE Small Cap Index recorded positive results for the Reporting Period, with information technology (+12.90%) and energy (+12.72%) gaining the most. The industrials (+7.78%) sector was the largest contributor to MSCI EAFE Small Cap Index returns on the basis of impact.

*All

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

MARKET REVIEW

Looking Ahead

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

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

PORTFOLIO RESULTS

Structured Emerging Markets Equity Fund

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team (the “Team”) discusses the Goldman Sachs Structured Emerging Markets Equity Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 2012 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional and IR Shares generated cumulative total returns, without sales charges, of 7.28%, 6.88%, 7.45% and 7.38%, respectively. These returns compare to the 3.93% cumulative total return of the Fund’s benchmark, the MSCI Emerging Markets Index (net, unhedged) (the “Index”), during the same period.

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

We use two distinct strategies—a bottom-up stock selection strategy and a top-down country/currency selection strategy—to manage the Fund. These strategies are uncorrelated, that is, they tend to perform independently of each other over time, which enables us to greater diversify the portfolio.

During the Reporting Period, our country/currency selection strategy added to the Fund’s relative performance. Our stock selection strategy, which uses stock selection models based on five investment themes, also enhanced relative returns. We use these five investment themes to take a long-term view of market patterns and look for inefficiencies, selecting stocks for the Fund and overweighting or underweighting those stocks chosen by the model. Over time and by design, the performance of any one of our model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of our theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit.

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

During the Reporting Period, our bottom-up stock selection strategy and four of its five investment themes added to the Fund’s relative results.

Sentiment, Momentum and Profitability contributed the most to relative performance. Our Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries, while Momentum predicts drift in stock prices caused by delayed investor reaction to company-specific information and information about related companies. Profitability assesses whether a company is earning more than its cost of capital. The Quality theme also added value. Quality evaluates whether the company’s earnings are coming from more persistent, cash-based sources, as opposed to accruals.

Valuation detracted from the Fund’s relative returns during the Reporting Period. Valuation attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value.

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

In constructing the 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. Changes in its sector weights generally do not have a meaningful impact on relative returns.

PORTFOLIO RESULTS

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

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

Security selection in the information technology, financials and consumer discretionary sectors contributed positively during the Reporting Period. The Fund benefited from overweighted positions in Asustek Computer, a Taiwan-based maker of computers and computer components; Samsung Electronics, a South Korea-based electronics manufacturer; and Grupo Aeroportuario del Sueste, an airport operator in Mexico. We chose to overweight Asustek Computer because of our positive views on Momentum. The Fund was overweight Samsung Electronics based on our positive views on Sentiment. Our positive views on Valuation led us to an overweight in Grupo Aeroportuario del Sueste.

Which Fund positions detracted from results during the Reporting Period?

Our stock picks in the consumer staples, materials and industrials sectors detracted from relative results during the Reporting Period. The Fund was hampered by overweighted positions in South Korean industrial conglomerate SK Holdings and Brazilian oil and gas company Petroleo Brasileiro. An underweighted position in Tencent Holdings, a Chinese Internet and wireless provider, also dampened returns. Our positive views on Valuation led to the Fund’s overweights in SK Holdings and Petroleo Brasileiro. We adopted the underweight to Tencent Holdings because of our negative views on Profitability.

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

Our country/currency strategy added to the Fund’s relative returns during the Reporting Period. The Fund benefited from an overweighted position compared to the Index in Thailand. Underweighted positions in Brazil and Korea also contributed positively. The Fund was hampered by an overweighted position in Russia as well as underweighted positions in South Africa and Colombia.

We made our picks using our proprietary models, which are based on six investment themes specific to our country/ currency strategy—Valuation, Momentum, Risk Premium, Fund Flows, Macro and Visibility. Valuation favors equity and currency markets that appear cheap relative to accounting measures of value and purchasing power. The Momentum theme favors countries and currencies that have had strong recent outperformance. Risk Premium evaluates whether a country is overcompensating investors for various types of risk, while Fund Flows evaluates the strength of capital market inflows. Macro assesses a market’s macroeconomic environment and growth prospects. Finally, Visibility evaluates which markets are drawing the attention of technical traders.

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

The Fund did not use derivatives or similar instruments during the Reporting Period.

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

We increased the Fund’s weightings relative to the Index in China, Thailand and Korea and decreased its weightings in India, Indonesia and Chile.

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

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

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

FUND BASICS

Structured Emerging Markets Equity Fund

as of April 30, 2012

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PERFORMANCE REVIEW
November 1, 2011–April 30, 2012	Fund Total Return (based on NAV)¹			MSCI EMF Index²
Class A		7.28	%		3.93	%
Class C		6.88			3.93
Institutional		7.45			3.93
Class IR		7.38			3.93

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

The MSCI Emerging Markets Index (net, unhedged) (the “MSCI EMF Index”) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of May 30, 2011, the MSCI EMF Index consists of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³
For the period ended 3/31/12	One Year			Since Inception			Inception Date
Class A		-12.44	%		-3.50	%	10/5/07
Class C		-9.02			-2.89		10/5/07
Institutional		-7.02			-1.87		10/5/07
Class IR		-7.20			9.52		8/31/10

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 Website at www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects fee waivers and/or expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.45	%		1.71	%
Class C		2.20			2.46
Institutional		1.05			1.31
Class IR		1.20			1.46

⁴

The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The Fund’s waivers and/or expense limitations will remain in place through at least February 28, 2013, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.


TOP TEN HOLDINGS AS OF 4/30/12⁵
Holding	% of Total Net Assets			Line of Business	Country
Samsung Electronics Co. Ltd.		5.6	%	Semiconductors & Semiconductor Equipment	South Korea
Taiwan Semiconductor Manufacturing Co. Ltd. ADR		2.6		Semiconductors & Semiconductor Equipment	Taiwan
Hyundai Motor Co.		2.6		Automobiles & Components	South Korea
Sberbank of Russia.		2.3		Banks	Russia
Bank of China Ltd. Class H		2.3		Banks	China
Petroleo Brasileiro SA Preference Shares		2.3		Energy	Brazil
Companhia de Bebidas das Americas Preference Shares ADR		2.2		Food, Beverage & Tobacco	Brazil
China Mobile Ltd.		2.2		Telecommunication Services	Hong Kong
China Petroleum & Chemical Corp. Class H		2.1		Energy	China
China Construction Bank Corp. Class H		2.0		Banks	China

⁵

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

FUND BASICS


FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶
As of April 30, 2012

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⁶

The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. 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 sector allocations of Exchange Traded Funds held by the Fund are not reflected in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investment in the securities lending reinvestment vehicle represented 0.3% of the Fund’s net assets at April 30, 2012. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

PORTFOLIO RESULTS

Structured International Equity Fund

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team (the “Team”) discusses the Goldman Sachs Structured International Equity Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 2012 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, B, C, Institutional, Service, IR and R Shares generated cumulative total returns, without sales charges, of 4.37%, 3.90%, 3.88%, 4.57%, 4.21%, 4.34% and 4.23%, respectively. These returns compare to the 2.44% cumulative total return of the Fund’s benchmark, the MSCI EAFE Index (unhedged and net of dividend withholding taxes) (the “Index”), during the same period.

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

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

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

Our bottom-up stock selection strategy and its six investment themes hampered relative performance during the Reporting Period. Valuation and Quality were the Fund’s weakest-performing themes. Valuation attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. Quality evaluates whether the company’s earnings are coming from more persistent, cash-based sources, as opposed to accruals.

Profitability and Momentum contributed positively to relative results. Profitability assesses whether a company is earning more than its cost of capital. Momentum seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. Sentiment, which reflects selected investment views and decisions of individuals and financial intermediaries, also added value. The impact of our Management theme was relatively neutral during the Reporting Period. Management assesses the characteristics, policies and strategic decisions of company management.

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

PORTFOLIO RESULTS

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

Investments in the industrials, financials and consumer staples sectors added to the Fund’s relative performance during the Reporting Period. The Fund benefited from underweighted positions in Siemens, a German-based electronics and electrical engineering conglomerate, and in Royal Dutch Shell, an oil and gas company. An overweighted position in Swiss technology firm Oc Oerlikon also enhanced Fund returns versus the Index. We assumed the underweight to Siemens as a result of our negative views on Momentum and Valuation. Our negative views on Quality led to the Fund’s underweight in Royal Dutch Shell. We chose to overweight Oc Oerlikon because of our positive views on Valuation and Momentum.

Which Fund positions detracted from results during the Reporting Period?

Security selection in the utilities, telecommunication services and information technology sectors dampened relative results during the Reporting Period. The Fund was hampered by overweighted positions in Vivendi, a French mass media and telecommunication company, and in Enel, an Italian power company. An underweighted position in Japanese automobile company Toyota Motor also detracted from returns. We adopted the overweights in Vivendi and Enel because of our positive views on Valuation. The Fund was underweight Toyota Motor as a result of our negative views on Management.

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

Our country/currency selection strategy boosted relative performance during the Reporting Period. The Fund’s underweighted positions compared to the Index in Spain and France added to relative returns. An overweighted position in Italy was also advantageous. Detracting from relative performance were the Fund’s underweighted positions in Denmark and Belgium and its overweighted position in Germany.

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

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

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

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

During the Reporting Period, we increased the Fund’s weightings relative to the Index in Switzerland, Hong Kong and Norway. We decreased its weightings compared to the Index in France, Japan and Italy.

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

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

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

FUND BASICS

Structured International Equity Fund

as of April 30, 2012

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PERFORMANCE REVIEW
November 1, 2011–April 30, 2012	Fund Total Return (based on NAV)¹			MSCI EAFE (Net) Index²
Class A		4.37	%		2.44	%
Class B		3.90			2.44
Class C		3.88			2.44
Institutional		4.57			2.44
Service		4.21			2.44
Class IR		4.34			2.44
Class R		4.23			2.44

The unmanaged Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East (EAFE) (Net) Index (unhedged, with dividends reinvested) (the “Index”) is a market capitalization-weighted composite of securities in 22 developed markets (as of May 30, 2011). The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³
For the period ended 3/31/12	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-14.60	%		-6.47	%		4.27	%		2.07	%	8/15/97
Class B		-14.80			-6.49			4.29			2.18		8/15/97
Class C		-11.24			-6.08			4.15			1.85		8/15/97
Institutional		-9.25			-5.01			5.34			3.00		8/15/97
Service		-9.72			-5.47			4.82			2.50		8/15/97
Class IR		-9.40			N/A			N/A			-7.34		11/30/07
Class R		-9.81			N/A			N/A			-7.74		11/30/07

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

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.25	%		1.31	%
Class B		2.00			2.06
Class C		2.00			2.06
Institutional		0.85			0.91
Service		1.35			1.41
Class IR		1.00			1.06
Class R		1.50			1.56

⁴


TOP TEN HOLDINGS AS OF 4/30/12⁵
Holding	% of Total Net Assets			Line of Business	Country
Roche Holding AG		3.9	%	Pharmaceuticals, Biotechnology & Life Sciences	Switzerland
HSBC Holdings PLC		2.7		Banks	United Kingdom
British American Tobacco PLC		2.3		Food, Beverage & Tobacco	United Kingdom
Deutsche Post AG (Registered)		2.0		Transportation	Germany
Statoil ASA		1.9		Energy	Norway
Novartis AG (Registered)		1.9		Pharmaceuticals, Biotechnology & Life Sciences	Switzerland
Swedish Match AB		1.8		Food, Beverage & Tobacco	Sweden
Nestle SA (Registered)		1.8		Food, Beverage & Tobacco	Switzerland
Nissan Motor Co. Ltd		1.7		Automobiles & Components	Japan
Royal Dutch Shell PLC Class A		1.7		Energy	Netherlands

⁵

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

FUND BASICS


FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶
As of April 30, 2012

LOGO

⁶

The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investment in the securities lending reinvestment vehicle represented 4.2% of the Fund’s net assets at April 30, 2012. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

PORTFOLIO RESULTS

Structured International Small Cap Fund

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team (the “Team”) discusses the Goldman Sachs Structured International Small Cap Fund’s (the “Fund”) performance and positioning for the six-month period ended April 30, 2012 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional and IR Shares generated cumulative total returns, without sales charges, of 6.56%, 6.19%, 6.78% and 6.65%, respectively. These returns compare to the 6.04% cumulative total return of the Fund’s benchmark, the MSCI EAFE Small Cap Index (unhedged and net of dividend withholding taxes) (the “Index”), during the same period.

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

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

Overall, our investment themes added to the Fund’s relative returns during the Reporting Period. Momentum was our best-performing theme. Momentum seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. Sentiment, Profitability and Quality also enhanced relative performance. Our Sentiment theme reflects selected investment views and decisions of individuals and financial intermediaries. Profitability assesses whether a company is earning more than its cost of capital, while the Quality theme evaluates whether the company’s earnings are coming from more persistent, cash-based sources, as opposed to accruals.

Valuation and Management detracted from the Fund’s relative results. Valuation attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. Management assesses the characteristics, policies and strategic decisions of company management.

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

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

Our stock picks in the consumer discretionary, consumer staples and information technology sectors contributed positively to the Fund’s results versus the Index during the Reporting Period. The Fund benefited from overweighted positions in Kvaerner ASA, a Norway-based engineering and construction services company; Bodycote, a U.K.-based provider of thermal processing services; and Forbo Holding, a German manufacturer of flooring, bonding and movement systems. The overweights in Kvaerner Asa and Forbo Holding were the result of our positive views on Valuation. Our positive views on Momentum led to the Fund’s overweight in Bodycote.

PORTFOLIO RESULTS

Which Fund positions detracted from results during the Reporting Period?

Investments in the energy, industrials and materials sectors detracted from the Fund’s relative performance during the Reporting Period. The Fund was hindered by its overweighted positions in Heritage Oil, a U.K.-based oil and gas exploration company; Nexans, a French maker of cables and cabling systems; and Petroplus Holding, an independent oil refiner based in the Netherlands. We assumed the overweights in Nexans and Petroplus Holdings because of our positive views on Valuation. The Fund was overweight Heritage Oil based on our positive views on Momentum.

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

To construct the portfolio, we focus on security selection rather than on making country bets. As a result, the Fund is similar to the Index in terms of its country allocation; changes in its country weightings are generally the result of our stock picking. That said, the Fund benefited during the Reporting Period from overweighted positions relative to the Index in German and Hong Kong stocks and an underweighted position in Norwegian stocks. The Fund was hampered by its overweighted position in French stocks as well as by underweighted positions in the stocks of Austria and the Netherlands. Security selection in all six countries added to returns.

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

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

The largest shifts we made during the Reporting Period were to increase the Fund’s weightings relative to the Index in Australia, Finland and New Zealand and to decrease the Fund’s weightings in Japan, the U.K. and Portugal.

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

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

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

FUND BASICS

Structured International Small Cap Fund

as of April 30, 2012

LOGO


PERFORMANCE REVIEW
November 1, 2011–April 30, 2012	Fund Total Return (based on NAV)¹			MSCI EAFE Small Cap Index²
Class A		6.56	%		6.04	%
Class C		6.19			6.04
Institutional		6.78			6.04
Class IR		6.65			6.04

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


STANDARDIZED TOTAL RETURNS³
For the period ended 3/31/12	One Year			Since Inception	Inception Date
Class A		-10.09	%	-2.70%	9/28/07
Class C		-6.44		-2.16	9/28/07
Institutional		-4.45		-1.06	9/28/07
Class IR		-4.58		15.53	8/31/10

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.30	%		1.47	%
Class C		2.05			2.22
Institutional		0.90			1.07
Class IR		1.05			1.22

⁴


TOP TEN HOLDINGS AS OF 4/30/12⁵
Holding	% of Total Net Assets			Line of Business	Country
EnQuest PLC		1.1	%	Energy	United Kingdom
Croda International PLC		1.0		Materials	United Kingdom
Etablissements Maurel et Prom		0.8		Energy	France
John Wood Group PLC		0.8		Energy	United Kingdom
PSP Swiss Property AG (Registered)		0.7		Real Estate	Switzerland
Bilfinger Berger SE		0.7		Capital Goods	Germany
Lancashire Holdings Ltd.		0.7		Insurance	Bermuda
Kemira OYJ		0.7		Materials	Finland
KYORIN Holdings, Inc.		0.7		Pharmaceuticals, Biotechnology & Life Sciences	Japan
Nexans SA		0.7		Capital Goods	France

⁵

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

FUND BASICS

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁶

As of April 30, 2012

LOGO

⁶

The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from the percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investment in the securities lending reinvestment vehicle represented 5.0% of the Fund’s net assets at April 30, 2012. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

GOLDMAN SACHS STRUCTURED EMERGING MARKETS EQUITY FUND

Schedule of Investments

April 30, 2012 (Unaudited)


Shares		Description	Value

	Common Stocks – 97.4%
	Brazil – 12.6%
	62,300	Banco do Brasil SA (Banks)	$	770,681
	193,800	Banco do Estado do Rio Grande do Sul SA Preference B Shares (Banks)		1,679,603
	696,900	BM&FBovespa SA (Diversified Financials)		3,919,297
	163,700	Companhia de Bebidas das Americas Preference Shares ADR (Food, Beverage & Tobacco)		6,872,126
	277,400	Cosan SA Industria e Comercio (Food, Beverage & Tobacco)		4,817,008
	18,300	Eletropaulo Metropolitana Eletricidade de Sao Paulo SA Preference Shares (Utilities)		279,951
	224,100	Gerdau SA ADR (Materials)		2,104,299
	43,100	JBS SA (Food, Beverage & Tobacco)*		169,583
	506,900	Klabin SA Preference Shares (Materials)		2,430,588
	630,100	Petroleo Brasileiro SA Preference Shares (Energy)		7,037,657
	157,800	Telefonica Brasil SA ADR (Telecommunication Services)		4,492,566
	223,100	Vale SA Preference A Shares (Materials)		4,851,399

				39,424,758

	China – 16.2%
	6,243,000	Agricultural Bank of China Ltd. Class H (Banks)		2,952,623
	2,200	Baidu, Inc. ADR (Software & Services)*		291,940
	17,045,000	Bank of China Ltd. Class H (Banks)		7,097,910
	2,393,000	Bank of Communications Co. Ltd. Class H (Banks)		1,841,471
	234,000	China BlueChemical Ltd. Class H (Materials)		166,775
	8,211,000	China Citic Bank Corp. Ltd. Class H (Banks)		5,202,664
	5,079,000	China Communications Construction Co. Ltd. Class H (Capital Goods)		5,060,726
	7,889,000	China Construction Bank Corp. Class H (Banks)		6,122,212
	410,500	China Merchants Bank Co. Ltd. Class H (Banks)		886,355
	794,000	China Minsheng Banking Corp. Ltd. Class H (Banks)		821,621
	6,028,000	China Petroleum & Chemical Corp. Class H (Energy)		6,402,404
	176,000	China Shenhua Energy Co. Ltd. Class H (Energy)		777,225
	620,000	China Southern Airlines Co. Ltd. Class H (Transportation)*		277,842
	1,571,000	Country Garden Holdings Co. Ltd. (Real Estate)		677,518


Shares		Description	Value

	Common Stocks – (continued)
	China – (continued)
	1,296,000	Dongfeng Motor Group Co. Ltd. Class H (Automobiles & Components)	$	2,534,802
	1,364,000	Evergrande Real Estate Group Ltd. (Real Estate)^(a)		783,054
	455,500	Great Wall Motor Co. Ltd. Class H (Automobiles & Components)		977,564
	642,400	Guangzhou R&F Properties Co. Ltd. Class H (Real Estate)		853,320
	566,000	Harbin Electric Co. Ltd. Class H (Capital Goods)		587,672
	322,000	Lenovo Group Ltd. (Technology Hardware & Equipment)		307,937
	3,022,000	PetroChina Co. Ltd. Class H (Energy)		4,507,909
	1,651,000	Soho China Ltd. (Real Estate)		1,279,851

				50,411,395

	Egypt – 0.2%
	304,160	Telecom Egypt Co. (Telecommunication Services)		652,571

	Hong Kong – 4.8%
	448,000	China Everbright Ltd. (Diversified Financials)		707,166
	607,500	China Mobile Ltd. (Telecommunication Services)		6,721,091
	1,488,000	China Overseas Land & Investment Ltd. (Real Estate)		3,215,592
	1,749,000	Citic Pacific Ltd. (Capital Goods)		2,870,286
	1,482,000	Guangdong Investment Ltd. (Utilities)		1,087,396
	477,000	KWG Property Holding Ltd. (Real Estate)		312,368

				14,913,899

	India – 3.6%
	58,196	Bajaj Holdings and Investment Ltd. (Diversified Financials)		932,110
	725,469	Hexaware Technologies Ltd. (Software & Services)		1,780,332
	73,984	India Cements Ltd. (Materials)		118,690
	210,447	Indiabulls Financial Services Ltd. (Diversified Financials)		967,262
	1,708,050	Indiabulls Infrastructure and Power Ltd. (Utilities)*		339,341
	751,094	Indian Bank (Banks)		3,147,716
	113,953	Jubilant Life Sciences Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		391,091
	406,469	Oil & Natural Gas Corp. Ltd. (Energy)		2,079,566
	419,831	Satyam Computer Services Ltd. (Software & Services)*		613,628


The accompanying notes are an integral part of these financial statements.		21

GOLDMAN SACHS STRUCTURED EMERGING MARKETS EQUITY FUND

Schedule of Investments (continued)

April 30, 2012 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	India – (continued)
	439,961	Sterlite Industries India Ltd. (Materials)	$	886,687

				11,256,423

	Indonesia – 1.9%
	2,064,000	PT Bank Negara Indonesia (Persero) Tbk (Banks)		900,404
	3,130,500	PT Bank Rakyat Indonesia (Persero) Tbk (Banks)		2,253,750
	2,741,000	PT Indofood Sukses Makmur Tbk (Food, Beverage & Tobacco)		1,440,335
	846,000	PT Kalbe Farma Tbk (Pharmaceuticals, Biotechnology & Life Sciences)		369,353
	2,183,500	PT Perusahaan Perkebunan London Sumatra Indonesia Tbk (Food, Beverage & Tobacco)		692,549
	80,000	PT Semen Gresik (Persero) Tbk (Materials)		105,438
	1,500	PT Unilever Indonesia Tbk (Household & Personal Products)		3,236

				5,765,065

	Luxembourg – 0.1%
	62,175	Brait SE (Diversified Financials)*		194,894

	Malaysia – 5.3%
	944,400	AMMB Holdings Berhad (Diversified Financials)		1,948,082
	2,468,400	DRB-Hicom Berhad (Automobiles & Components)		2,071,744
	526,100	Genting Berhad (Consumer Services)		1,793,240
	2,920,900	Genting Malaysia Berhad (Consumer Services)		3,697,709
	26,700	Genting Plantations Berhad (Food, Beverage & Tobacco)		82,754
	33,900	Hong Leong Financial Group Berhad (Banks)		133,538
	1,405,800	Kulim Malaysia Berhad (Food, Beverage & Tobacco)		1,960,633
	19,600	PPB Group Berhad (Food, Beverage & Tobacco)		108,312
	241,200	RHB Capital Berhad (Banks)		586,214
	2,051,300	Telekom Malaysia Berhad (Telecommunication Services)		3,641,445
	229,700	UMW Holdings Berhad (Automobiles & Components)		595,155

				16,618,826

	Mexico – 7.5%
	84,405	America Movil SAB de CV Series L ADR (Telecommunication Services)		2,249,393
	490,435	Cemex SAB de CV ADR (Materials)		3,545,845
	27,200	Coca-Cola Femsa SAB de CV ADR (Food, Beverage & Tobacco)*		2,881,840


Shares		Description	Value

	Common Stocks – (continued)
	Mexico – (continued)
	14,130	Fomento Economico Mexicano SAB de CV ADR (Food, Beverage & Tobacco)	$	1,148,204
	135,600	Gruma SAB de CV Series B (Food, Beverage & Tobacco)*		375,801
	48,040	Grupo Aeroportuario del Pacifico SAB de CV ADR (Transportation)		1,859,628
	60,810	Grupo Aeroportuario del Sureste SAB de CV ADR (Transportation)		4,980,947
	129,900	Grupo Carso SAB de CV Series A-1 (Capital Goods)		433,799
	7,695	Grupo Elektra SA de CV (Retailing)		476,081
	432,800	Grupo Mexico SAB de CV Series B (Materials)		1,335,352
	345,300	Grupo Modelo SAB de CV Series C (Food, Beverage & Tobacco)		2,438,528
	535,100	Inmuebles Carso SAB de CV Series B-1 (Diversified Financials)*		472,415
	201,700	Minera Frisco SAB de CV Series A-1 (Materials)*		872,395
	143,000	Wal-Mart de Mexico SAB de CV Series V (Food & Staples Retailing)		408,934

				23,479,162

	Philippines – 1.5%
	495,190	BDO Unibank, Inc. (Banks)		774,308
	433,380	Metropolitan Bank & Trust Co. (Banks)		934,263
	31,340	Philippine Long Distance Telephone Co. ADR (Telecommunication Services)		1,902,965
	607,700	Universal Robina Corp. (Food, Beverage & Tobacco)		933,690

				4,545,226

	Poland – 1.2%
	87,448	KGHM Polska Miedz SA (Materials)		3,866,673

	Russia – 8.4%
	43,156,700	Federal Hydrogenerating Co. (Utilities)		1,532,111
	132,250	Gazprom Neft ADR (Energy)		3,275,947
	634,439	OAO Gazprom ADR (Energy)		7,348,112
	72,970	OAO Lukoil ADR (Energy)		4,489,204
	13,319	OAO Tatneft ADR (Energy)		494,393
	125,450	OJSC Surgutneftegas ADR (Energy)^(a)		1,256,538
	760,084	OJSC Surgutneftegas Preference Shares (Energy)		504,489
	2,250,000	Sberbank of Russia (Banks)		7,198,816
	54,600	Sberbank of Russia Preference Shares (Banks)*		127,423

				26,227,033

	South Africa – 4.8%
	99,460	ABSA Group Ltd. (Banks)		2,049,739


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

GOLDMAN SACHS STRUCTURED EMERGING MARKETS EQUITY FUND


Shares		Description	Value

	Common Stocks – (continued)
	South Africa – (continued)
	549,608	AVI Ltd. (Food, Beverage & Tobacco)	$	3,410,137
	33,965	DataTec Ltd. (Technology Hardware & Equipment)		199,425
	434,903	FirstRand Ltd. (Diversified Financials)		1,414,405
	129,141	Imperial Holdings Ltd. (Retailing)		2,808,041
	62,955	JD Group Ltd. (Retailing)		393,835
	3,217	Kumba Iron Ore Ltd. (Materials)		227,824
	27,115	Lewis Group Ltd. (Retailing)		263,398
	82,006	Liberty Holdings Ltd. (Insurance)		930,594
	140,795	MMI Holdings Ltd. (Insurance)		317,119
	35,778	MTN Group Ltd. (Telecommunication Services)		625,680
	101,499	Pick’n Pay Holdings Ltd. (Food & Staples Retailing)		255,270
	32,640	Resilient Property Income Fund Ltd. (Real Estate)		165,466
	512,160	Super Group Ltd. (Retailing)*		968,534
	46,524	The Foschini Group Ltd. (Retailing)		771,236
	10,467	Tongaat Hulett Ltd. (Food, Beverage & Tobacco)		141,304

				14,942,007

	South Korea – 16.4%
	1,098	AmorePacific Group (Household & Personal Products)		275,983
	43,475	Daelim Industrial Co. Ltd. (Capital Goods)		4,001,918
	13,320	Daewoo Shipbuilding & Marine Engineering Co. Ltd. (Capital Goods)		370,529
	10,226	Doosan Heavy Industries & Construction Co. Ltd. (Capital Goods)		479,419
	2,573	E-Mart Co. Ltd. (Food & Staples Retailing)		610,562
	6,490	Hana Financial Group, Inc. (Banks)		221,252
	8,080	Handsome Co. Ltd. (Consumer Durables & Apparel)		271,887
	13,630	Hanwha Chemical Corp. (Materials)		266,767
	1,269	Honam Petrochemical Corp. (Materials)		303,231
	34,560	Hyundai Motor Co. (Automobiles & Components)		8,158,589
	4,144	Hyundai Motor Co. Preference Shares (Automobiles & Components)		290,436
	168,420	LG Display Co. Ltd. (Technology Hardware & Equipment)*		3,717,937
	46,209	LG Electronics, Inc. (Consumer Durables & Apparel)		2,851,047
	21,650	LG Fashion Corp. (Consumer Durables & Apparel)		718,610
	48,773	LG International Corp. (Capital Goods)		1,988,541
	337	Lotte Chilsung Beverage Co. Ltd. (Food, Beverage & Tobacco)		380,022


Shares		Description	Value

	Common Stocks – (continued)
	South Korea – (continued)
	625	Namyang Dairy Products Co. Ltd. (Food, Beverage & Tobacco)	$	359,474
	481	OCI Co. Ltd. (Materials)		90,428
	912	POSCO (Materials)		302,126
	14,362	Samsung Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment)		17,578,533
	2,168	Samsung Electronics Co. Ltd. Preference Shares (Semiconductors & Semiconductor Equipment)		1,545,055
	16,714	Samyang Holdings Corp. (Food, Beverage & Tobacco)		886,478
	2,715	Sindoh Co. Ltd. (Technology Hardware & Equipment)		132,151
	41,299	SK Holdings Co. Ltd. (Capital Goods)		4,396,880
	125,660	SK Networks Co. Ltd. (Capital Goods)		1,033,195

				51,231,050

	Taiwan – 7.9%
	539,880	Asustek Computer, Inc. (Technology Hardware & Equipment)		5,423,401
	790,000	China Motor Corp. (Automobiles & Components)		649,641
	2,831,900	China Petrochemical Development Corp. (Materials)		2,843,429
	563,000	Compal Electronics, Inc. (Technology Hardware & Equipment)		644,544
	800,000	Forhouse Corp. (Semiconductors & Semiconductor Equipment)		449,133
	2,480,000	Systex Corp. (Software & Services)		2,535,070
	526,800	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment)		8,207,544
	7,459,000	United Microelectronics Corp. (Semiconductors & Semiconductor Equipment)		3,901,603

				24,654,365

	Thailand – 5.0%
	752,700	Airports of Thailand PCL (Transportation)		1,514,360
	139,900	Bangchak Petroleum PCL (Energy)		115,682
	844,500	Bangkok Bank PCL (Banks)		5,314,704
	335,200	Bangkok Dusit Medical Services PCL Class F (Health Care Equipment & Services)		1,001,525
	2,013,800	Charoen Pokphand Foods PCL (Food, Beverage & Tobacco)		2,662,353
	1,409,900	PTT Global Chemical PCL (Materials)		3,150,341
	22,700	PTT PCL (Energy)		258,885


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

GOLDMAN SACHS STRUCTURED EMERGING MARKETS EQUITY FUND

Schedule of Investments (continued)

April 30, 2012 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Thailand – (continued)
	13,200	Siam Makro PCL (Food & Staples Retailing)	$	164,010
	310,000	Supalai PCL (Real Estate)		165,009
	2,400,900	TPI Polene PCL (Materials)		1,099,706

				15,446,575

	Turkey – 0.0%
	47,049	Ulker Biskuvi Sanayi AS (Food, Beverage & Tobacco)		142,566

	TOTAL COMMON STOCKS
	(Cost $266,461,873)		$	303,772,488


	Exchange Traded Fund – 1.9%
	Other – 1.9%
	143,908	Vanguard MSCI Emerging Markets	$	6,120,407
	(Cost $6,177,852)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $272,639,725)		$	309,892,895


Shares	Rate			Value

Securities Lending Reinvestment Vehicle^(b)(c) – 0.3%
Goldman Sachs Financial Square Money Market Fund — FST Shares
840,000		0.182	%	$	840,000
(Cost $840,000)

TOTAL INVESTMENTS – 99.6%
(Cost $273,479,725)				$	310,732,895

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.4%					1,193,818

NET ASSETS – 100.0%				$	311,926,713


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2012.
(c)		Represents an affiliated issuer.



Investment Abbreviation:
ADR		—American Depositary Receipt


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND

Schedule of Investments

April 30, 2012 (Unaudited)


Shares		Description	Value

	Common Stocks – 98.3%
	Australia – 3.4%
	12,412	ASX Ltd. (Diversified Financials)	$	412,653
	60,587	Australia & New Zealand Banking Group Ltd. (Banks)		1,500,938
	111,364	AWE Ltd. (Energy)		200,916
	504,303	Beach Energy Ltd. (Energy)		730,771
	68,017	BHP Billiton Ltd. (Materials)		2,523,924
	8,493	Brickworks Ltd. (Materials)		92,033
	10,362	Cabcharge Australia Ltd. (Commercial & Professional Services)		68,859
	2,819	Campbell Brothers Ltd. (Commercial & Professional Services)		200,031
	91,230	Charter Hall Office REIT (REIT)		293,726
	93,627	Charter Hall Retail REIT (REIT)		321,875
	121,345	Coca-Cola Amatil Ltd. (Food, Beverage & Tobacco)		1,570,612
	164,955	Commonwealth Bank of Australia (Banks)		8,898,166
	95,506	Crown Ltd. (Consumer Services)		901,837
	436,019	Dexus Property Group (REIT)		423,037
	337,389	DuluxGroup Ltd. (Materials)		1,084,077
	58,989	Echo Entertainment Group Ltd. (Consumer Services)		274,789
	144,782	Emeco Holdings Ltd. (Capital Goods)		155,989
	20,702	Forge Group Ltd. (Capital Goods)		134,521
	238,785	Metcash Ltd. (Food & Staples Retailing)		982,447
	5,350	Monadelphous Group Ltd. (Capital Goods)		128,707
	51,933	National Australia Bank Ltd. (Banks)		1,357,493
	163,537	New Hope Corp. Ltd. (Energy)^(a)		830,004
	37,149	Newcrest Mining Ltd. (Materials)		1,012,313
	135,179	NRW Holdings Ltd. (Capital Goods)		570,709
	150,703	OZ Minerals Ltd. (Materials)		1,451,055
	31,473	Platinum Asset Management Ltd. (Diversified Financials)		143,348
	55,540	Primary Health Care Ltd. (Health Care Equipment & Services)		163,121
	31,450	Rio Tinto Ltd. (Materials)		2,151,964
	217,421	Stockland (REIT)		698,451
	318,603	TABCORP Holdings Ltd. (Consumer Services)		950,356
	400,537	Telstra Corp. Ltd. (Telecommunication Services)		1,476,776
	65,859	Toll Holdings Ltd. (Transportation)		399,180
	253,807	Treasury Wine Estates Ltd. (Food, Beverage & Tobacco)		1,133,993
	26,927	Wesfarmers Ltd. (Food & Staples Retailing)		845,558
	335,440	Westfield Retail Trust (REIT)		946,588


Shares		Description	Value

	Common Stocks – (continued)
	Australia – (continued)
	103,545	Westpac Banking Corp. (Banks)	$	2,440,164

				37,470,981

	Austria – 0.2%
	44,749	Oesterreichische Post AG (Transportation)^(a)		1,587,284

	Belgium – 1.8%
	137,113	Anheuser-Busch InBev NV (Food, Beverage & Tobacco)^(a)		9,882,483
	12,393	Befimmo SCA Sicafi (REIT)		753,823
	6,101	D’ieteren SA NV (Retailing)		269,366
	6,705	Elia System Operator SA (Utilities)		286,783
	10,817	Financiere de Tubize SA (Diversified Financials)		404,799
	16,941	Groupe Bruxelles Lambert SA (Diversified Financials)^(a)		1,175,722
	23,182	KBC Groep NV (Banks)		449,431
	2,450	Kinepolis Group NV (Media)		228,235
	10,428	UCB SA (Pharmaceuticals, Biotechnology & Life Sciences)^(a)		487,616
	110,896	Umicore SA (Materials)		6,022,073

				19,960,331

	Bermuda – 0.2%
	127,113	Catlin Group Ltd. (Insurance)		870,874
	76,815	Lancashire Holdings Ltd. (Insurance)		1,004,062

				1,874,936

	China – 0.6%
	909,000	China Dongxiang Group Co. (Consumer Durables & Apparel)		122,364
	386,000	China Zhongwang Holdings Ltd. (Materials)		158,364
	2,358,000	Evergrande Real Estate Group Ltd. (Real Estate)^(a)		1,353,696
	261,500	Fosun International Ltd. (Materials)		155,114
	10,879,000	Semiconductor Manufacturing International Corp. (Semiconductors & Semiconductor Equipment)*		538,897
	204,500	Shui On Land Ltd. (Real Estate)		85,377
	4,970,500	Soho China Ltd. (Real Estate)		3,853,118

				6,266,930

	Denmark – 2.0%
	49	A.P. Moller - Maersk A/S Class A (Transportation)		365,482
	257	A.P. Moller - Maersk A/S Class B (Transportation)		2,012,295
	105,352	Christian Hansen Holding A/S (Materials)		2,923,319
	73,321	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)		10,809,202


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

April 30, 2012 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Denmark – (continued)
	161,263	Pandora A/S (Consumer Durables & Apparel)^(a)	$	1,703,777
	429,526	TDC A/S (Telecommunication Services)		3,078,906
	6,179	Topdanmark A/S (Insurance)*		1,060,130

				21,953,111

	Finland – 0.7%
	252,635	Kemira OYJ (Materials)^(a)		3,205,940
	106,744	Metso OYJ (Capital Goods)		4,584,941

				7,790,881

	France – 3.5%
	241,934	BNP Paribas SA (Banks)		9,764,315
	28,300	Christian Dior SA (Consumer Durables & Apparel)		4,267,401
	6,809	Ciments Francais SA (Materials)^(a)		436,525
	59,841	Etablissements Maurel et Prom (Energy)		996,603
	22,537	Hermes International (Consumer Durables & Apparel)		7,965,514
	17,481	Legrand SA (Capital Goods)		590,137
	150,589	M6 Metropole Television SA (Media)		2,313,740
	5,883	PPR (Retailing)		984,518
	35,837	Remy Cointreau SA (Food, Beverage & Tobacco)		3,996,566
	110,294	Total SA (Energy)		5,294,512
	22,389	Zodiac Aerospace (Capital Goods)		2,463,777

				39,073,608

	Germany – 9.9%
	5,512	Adidas AG (Consumer Durables & Apparel)		459,755
	3,472	Aurubis AG (Materials)		193,241
	132,213	BASF SE (Materials)^(a)		10,885,505
	83,766	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)^(a)		5,902,479
	43,322	Bilfinger Berger SE (Capital Goods)		3,963,620
	40,028	Celesio AG (Health Care Equipment & Services)		690,285
	114,971	Daimler AG (Registered) (Automobiles & Components)		6,361,523
	172,949	Deutsche Bank AG (Registered) (Diversified Financials)		7,508,251
	1,176,274	Deutsche Post AG (Registered) (Transportation)		21,965,662
	5,871	Draegerwerk AG & Co. KGaA Preference Shares (Health Care Equipment & Services)^(a)		661,331
	470,685	E.ON AG (Utilities)		10,657,147
	8,661	Freenet AG (Telecommunication Services)		150,630


Shares		Description	Value

	Common Stocks – (continued)
	Germany – (continued)
	6,244	Gerry Weber International AG (Consumer Durables & Apparel)	$	265,214
	138,262	Hannover Rueckversicherung AG (Registered) (Insurance)^(a)		8,367,251
	9,158	Henkel AG & Co. KGaA (Household & Personal Products)		560,749
	63,315	Henkel AG & Co. KGaA Preference Shares (Household & Personal Products)		4,711,590
	50,871	Lanxess AG (Materials)		4,050,164
	11,523	MTU Aero Engines Holding AG (Capital Goods)		970,895
	67,499	ProSiebenSat.1 Media AG Preference Shares (Media)		1,715,093
	120,829	SAP AG (Software & Services)		8,012,599
	4,175	Symrise AG (Materials)		121,000
	3,836	Tipp24 SE (Consumer Services)*		217,916
	28,548	Volkswagen AG (Automobiles & Components)^(a)		4,876,723
	32,306	Volkswagen AG Preference Shares (Automobiles & Components)		6,123,875

				109,392,498

	Hong Kong – 7.3%
	1,842,400	AIA Group Ltd. (Insurance)		6,520,017
	2,286,000	BOC Hong Kong Holdings Ltd. (Banks)		7,065,717
	243,000	Cathay Pacific Airways Ltd. (Transportation)		411,113
	665,000	Champion REIT (REIT)		289,818
	322,000	Cheung Kong Holdings Ltd. (Real Estate)		4,258,469
	998,500	CLP Holdings Ltd. (Utilities)		8,547,851
	664,000	First Pacific Co. Ltd. (Diversified Financials)		719,282
	618,000	Foxconn International Holdings Ltd. (Technology Hardware & Equipment)*		292,236
	381,000	Galaxy Entertainment Group Ltd. (Consumer Services)*		1,187,743
	123,500	Greentown China Holdings Ltd. (Real Estate)		85,657
	379,400	Hang Seng Bank Ltd. (Banks)		5,195,646
	236,100	Hong Kong Exchanges and Clearing Ltd. (Diversified Financials)		3,754,701
	1,442,000	Hutchison Telecommunications Hong Kong Holdings Ltd. (Telecommunication Services)		640,695
	485,000	Hutchison Whampoa Ltd. (Capital Goods)		4,646,321
	213,000	Johnson Electric Holdings Ltd. (Capital Goods)		133,365
	211,500	Kerry Properties Ltd. (Real Estate)		959,666
	508,000	Li & Fung Ltd. (Retailing)		1,083,281


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND


Shares			Description	Value

	Common Stocks – (continued)
	Hong Kong – (continued)
	2,543,600		MGM China Holdings Ltd. (Consumer Services)	$	4,693,327
	177,000		New World Development Co. Ltd. (Real Estate)		219,417
	239,500		Orient Overseas International Ltd. (Transportation)		1,631,835
	174,000	��	Power Assets Holdings Ltd. (Utilities)		1,299,077
	329,200		Sands China Ltd. (Consumer Services)		1,288,912
	142,000		Shangri-La Asia Ltd. (Consumer Services)		300,518
	556,500		Shimao Property Holdings Ltd. (Real Estate)		731,001
	1,138,000		Singamas Container Holdings Ltd. (Capital Goods)		339,106
	92,000		Sino Land Co. Ltd. (Real Estate)		157,812
	886,000		SJM Holdings Ltd. (Consumer Services)		1,935,990
	299,168		Sun Hung Kai Properties Ltd. (Real Estate)		3,583,404
	657,000		Swire Pacific Ltd. Class A (Real Estate)		7,744,738
	102,000		Texwinca Holdings Ltd. (Consumer Durables & Apparel)		124,650
	44,800		The Bank of East Asia Ltd. (Banks)		166,692
	556,858		The Link REIT (REIT)		2,316,754
	1,198,000		Wheelock & Co. Ltd. (Real Estate)		4,036,305
	1,102,000		Wynn Macau Ltd. (Consumer Services)		3,522,484
	207,000		Yue Yuen Industrial Holdings Ltd. (Consumer Durables & Apparel)		690,559

					80,574,159

	Ireland – 0.3%
	87,521		Beazley PLC (Insurance)		201,467
	84,388		CRH PLC (Materials)		1,710,560
	198,095		James Hardie Industries SE CDI (Materials)		1,531,075

					3,443,102

	Israel – 0.7%
	196,405		Bank Hapoalim BM (Banks)		728,843
	148,246		Bezeq Israeli Telecommunication Corp. Ltd. (Telecommunication Services)		247,146
	4,882		Elbit Systems Ltd. (Capital Goods)		178,103
	47,174		Israel Chemicals Ltd. (Materials)		539,615
	29,698		Israel Discount Bank Ltd. Class A (Banks)*		38,514
	35,879		Mizrahi Tefahot Bank Ltd. (Banks)*		323,298
	7,883		NICE Systems Ltd. ADR (Software & Services)*		302,865


Shares		Description	Value

	Common Stocks – (continued)
	Israel – (continued)
	108,465	Teva Pharmaceutical Industries Ltd. ADR (Pharmaceuticals, Biotechnology & Life Sciences)	$	4,961,189

				7,319,573

	Italy – 0.1%
	20,649	De’Longhi SpA (Consumer Durables & Apparel)^(a)		291,104
	272,937	Intesa Sanpaolo SpA (Banks)		413,733
	378,912	Intesa Sanpaolo SpA RSP (Banks)		506,424

				1,211,261

	Japan – 18.2%
	10,100	Aderans Co. Ltd. (Household & Personal Products)*		112,621
	10,500	Ai Holdings Corp. (Technology Hardware & Equipment)		66,255
	19,000	Aichi Steel Corp. (Materials)		90,581
	209,000	Ajinomoto Co., Inc. (Food, Beverage & Tobacco)		2,697,405
	18,400	Alpen Co. Ltd. (Retailing)		374,844
	1,036,000	Amada Co. Ltd. (Capital Goods)		7,031,654
	10,300	Aoyama Trading Co. Ltd. (Retailing)		212,507
	9,800	Arc Land Sakamoto Co. Ltd. (Retailing)		153,530
	324,000	Asahi Glass Co. Ltd. (Capital Goods)		2,547,470
	63,400	Asahi Group Holdings Ltd. (Food, Beverage & Tobacco)		1,427,593
	884,000	Asahi Kasei Corp. (Materials)		5,463,775
	8,400	Avex Group Holdings, Inc. (Media)		95,376
	24,400	Azbil Corp. (Technology Hardware & Equipment)		522,744
	36,200	Bridgestone Corp. (Automobiles & Components)		856,556
	181,000	Brother Industries Ltd. (Technology Hardware & Equipment)		2,432,052
	78,600	Century Tokyo Leasing Corp. (Diversified Financials)		1,572,144
	70,300	Chubu Electric Power Co., Inc. (Utilities)		1,151,297
	8,600	cocokara fine, Inc. (Food & Staples Retailing)		268,259
	11,800	Create SD Holdings Co. Ltd. (Food & Staples Retailing)		327,487
	70,000	Daihatsu Motor Co. Ltd. (Automobiles & Components)		1,321,384
	21,900	Daiichi Sankyo Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		376,097
	70,500	Dainippon Sumitomo Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		706,046


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

April 30, 2012 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	145,300	Daito Trust Construction Co. Ltd. (Real Estate)	$	13,066,568
	106,700	DCM Holdings Co. Ltd. (Retailing)		810,120
	10,100	Doutor Nichires Holdings Co. Ltd. (Consumer Services)		137,410
	57,000	Ebara Corp. (Capital Goods)		230,606
	16,900	Eisai Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		660,509
	2,600	Exedy Corp. (Automobiles & Components)		73,073
	6,000	Foster Electric Co. Ltd. (Consumer Durables & Apparel)		89,227
	290,700	FUJIFILM Holdings Corp. (Technology Hardware & Equipment)		6,165,864
	61,000	Fujitsu Ltd. (Technology Hardware & Equipment)		296,480
	45,800	Futaba Industrial Co. Ltd. (Automobiles & Components)*		244,485
	103	Geo Holdings Corp. (Retailing)		124,693
	8,310	Gulliver International Co. Ltd. (Retailing)		296,798
	5,600	Hitachi Transport System Ltd. (Transportation)		102,486
	12,600	Hokkaido Electric Power Co., Inc. (Utilities)		177,077
	21,400	Hokuriku Electric Power Co. (Utilities)		366,257
	74,300	Honda Motor Co. Ltd. (Automobiles & Components)		2,673,997
	31,400	Hosiden Corp. (Technology Hardware & Equipment)		208,228
	2,700	IBJ Leasing Co. Ltd. (Diversified Financials)		73,292
	10,800	Innotech Corp. (Technology Hardware & Equipment)		64,782
	212	Inpex Corp. (Energy)		1,399,732
	456,000	Ishihara Sangyo Kaisha Ltd. (Materials)*		437,358
	186,600	IT Holdings Corp. (Software & Services)		2,389,498
	11,400	Jafco Co. Ltd. (Diversified Financials)		269,446
	105	Japan Real Estate Investment Corp. (REIT)		930,180
	5,000	JGC Corp. (Capital Goods)		143,975
	24,600	JTEKT Corp. (Capital Goods)		269,615
	216,100	JVC Kenwood Corp. (Consumer Durables & Apparel)		921,176
	23,000	Kamigumi Co. Ltd. (Transportation)		184,851
	65,400	Kao Corp. (Household & Personal Products)		1,752,415
	12,000	Kasai Kogyo Co. Ltd. (Automobiles & Components)		63,335


Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	197	KDDI Corp. (Telecommunication Services)	$	1,289,620
	142,000	Kinki Nippon Tourist Co. Ltd. (Consumer Services)*		219,467
	119,000	Kirin Holdings Co. Ltd. (Food, Beverage & Tobacco)		1,515,162
	866,000	Kobe Steel Ltd. (Materials)		1,235,083
	31,300	Kohnan Shoji Co. Ltd. (Retailing)		453,931
	23,600	Konaka Co. Ltd. (Retailing)		249,127
	309,500	Konica Minolta Holdings, Inc. (Technology Hardware & Equipment)		2,511,020
	3,700	Kose Corp. (Household & Personal Products)		85,510
	45,100	Kyushu Electric Power Co., Inc. (Utilities)		598,235
	15,800	Macromill, Inc. (Software & Services)		157,471
	11,300	Mandom Corp. (Household & Personal Products)		285,906
	40,100	Matsumotokiyoshi Holdings Co. Ltd. (Food & Staples Retailing)		889,784
	383,000	Mazda Motor Corp. (Automobiles & Components)*		622,387
	6,900	Meitec Corp. (Commercial & Professional Services)		141,803
	26,800	Mirait Holdings Corp. (Capital Goods)		192,868
	75,400	Mitsubishi Corp. (Capital Goods)		1,634,066
	574,100	Mitsubishi UFJ Financial Group, Inc. (Banks)		2,756,549
	26,610	Mitsubishi UFJ Lease & Finance Co. Ltd. (Diversified Financials)		1,105,591
	12,000	Mitsui & Co. Ltd. (Capital Goods)		187,387
	321,000	Mitsui Engineering & Shipbuilding Co. Ltd. (Capital Goods)		471,970
	6,700	Musashi Seimitsu Industry Co. Ltd. (Automobiles & Components)		156,853
	95,400	Namco Bandai Holdings, Inc. (Consumer Durables & Apparel)		1,364,097
	53,600	NET One Systems Co. Ltd. (Software & Services)		731,240
	34,200	Nichiha Corp. (Capital Goods)		418,120
	21,000	Nichirei Corp. (Food, Beverage & Tobacco)		95,219
	24,000	Nippon Chemi-Con Corp. (Technology Hardware & Equipment)*		90,482
	1,992,000	Nippon Express Co. Ltd. (Transportation)		7,519,811
	39,000	Nippon Shokubai Co. Ltd. (Materials)		436,934
	122,000	Nippon Soda Co. Ltd. (Materials)		526,741
	126,000	Nippon Steel Corp. (Materials)		313,978


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND


Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	52,500	Nippon Telegraph & Telephone Corp. (Telecommunication Services)	$	2,375,397
	33,000	Nippon Thompson Co. Ltd. (Capital Goods)		182,481
	1,816,400	Nissan Motor Co. Ltd. (Automobiles & Components)		18,885,178
	890,000	Nisshin Steel Co. Ltd. (Materials)		1,249,148
	11	Nomura Real Estate Office Fund, Inc. (REIT)		63,867
	5,800	NS Solutions Corp. (Software & Services)		112,704
	1,148	NTT DoCoMo, Inc. (Telecommunication Services)		1,960,211
	14,300	Olympus Corp. (Health Care Equipment & Services)*		224,521
	7,730	ORIX Corp. (Diversified Financials)		739,072
	1,678,000	Osaka Gas Co. Ltd. (Utilities)		6,786,014
	65,600	Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,977,030
	11,850	Paltac Corp. (Retailing)		173,110
	10,200	Pigeon Corp. (Household & Personal Products)		406,965
	12,800	Pola Orbis Holdings, Inc. (Household & Personal Products)		389,459
	52,000	Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)		2,345,133
	218,900	Round One Corp. (Consumer Services)		1,432,116
	54,000	Sankyu, Inc. (Transportation)		214,260
	213,500	Sapporo Hokuyo Holdings, Inc. (Banks)		745,781
	262,000	Sapporo Holdings Ltd. (Food, Beverage & Tobacco)		915,814
	46,000	Sasebo Heavy Industries Co. Ltd. (Capital Goods)		69,069
	18,000	Seino Holdings Corp. (Transportation)		124,687
	21,000	Shikoku Electric Power Co., Inc. (Utilities)		542,426
	97,100	Shionogi & Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,266,531
	21,800	Ship Healthcare Holdings, Inc. (Health Care Equipment & Services)		515,329
	2,561	SKY Perfect JSAT Holdings, Inc. (Media)		1,115,369
	66,500	Softbank Corp. (Telecommunication Services)		1,984,790
	18,400	Star Micronics Co. Ltd. (Technology Hardware & Equipment)		195,121
	732,700	Sumitomo Corp. (Capital Goods)		10,412,543


Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	481,600	Sumitomo Electric Industries Ltd. (Capital Goods)	$	6,496,423
	296,000	Sumitomo Heavy Industries Ltd. (Capital Goods)		1,526,662
	73,000	Sumitomo Metal Mining Co. Ltd. (Materials)		957,566
	315,700	Sumitomo Mitsui Financial Group, Inc. (Banks)		10,102,015
	32,000	Sumitomo Precision Products Co. Ltd. (Capital Goods)		174,359
	28,400	T&D Holdings, Inc. (Insurance)		306,141
	7,100	Takara Leben Co. Ltd. (Real Estate)		61,587
	38,000	Takashimaya Co. Ltd. (Retailing)		288,041
	116,000	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		5,061,672
	23,000	Tanseisha Co. Ltd. (Commercial & Professional Services)		78,393
	32,600	Tecmo Koei Holdings Co. Ltd. (Software & Services)		275,191
	102,000	The Bank of Yokohama Ltd. (Banks)		493,990
	58,000	The Chiba Bank Ltd. (Banks)		352,380
	23,900	The Chugoku Electric Power Co., Inc. (Utilities)		410,077
	243	The Dai-ichi Life Insurance Co. Ltd. (Insurance)		304,288
	29,000	The Daishi Bank Ltd. (Banks)		90,369
	78,000	The Eighteenth Bank Ltd. (Banks)		219,765
	74,200	The Kansai Electric Power Co., Inc. (Utilities)		1,075,942
	8,900	The Musashino Bank Ltd. (Banks)		289,980
	275,000	The Nishi-Nippon City Bank Ltd. (Banks)		727,351
	2,700	The Yachiyo Bank Ltd. (Banks)		61,260
	48,000	The Yokohama Rubber Co. Ltd. (Automobiles & Components)		350,882
	62,000	Toagosei Co. Ltd. (Materials)		268,422
	22,000	Toei Co. Ltd. (Media)		114,598
	34,000	Tohoku Electric Power Co., Inc. (Utilities)*		356,500
	41,000	Tokai Rika Co. Ltd. (Automobiles & Components)		763,712
	135,700	Tokio Marine Holdings, Inc. (Insurance)		3,471,697
	11,800	Tokyo Broadcasting System Holdings, Inc. (Media)		160,001
	15,600	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		864,491
	690,000	Tokyu Land Corp. (Real Estate)		3,325,502
	14,700	TOMONY Holdings, Inc. (Banks)		67,208
	1,203,000	Tosoh Corp. (Materials)		3,325,831
	18,500	Touei Housing Corp. (Consumer Durables & Apparel)		185,086


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

April 30, 2012 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	40,000	Toyo Tire & Rubber Co. Ltd. (Automobiles & Components)	$	109,047
	167,600	Toyota Motor Corp. (Automobiles & Components)		6,867,874
	68	TV Asahi Corp. (Media)		101,566
	4,300	UKC Holdings Corp. (Semiconductors & Semiconductor Equipment)		59,235
	27,400	UNY Co. Ltd. (Food & Staples Retailing)		318,412
	100,000	Yamatane Corp. (Retailing)		145,234
	4,200	Yellow Hat Ltd. (Retailing)		72,852

				200,373,350

	Luxembourg – 0.1%
	65,824	ArcelorMittal (Materials)		1,143,491
	2,552	RTL Group SA (Media)		249,978

				1,393,469

	Mexico – 0.1%
	37,452	Fresnillo PLC (Materials)		954,247

	Netherlands – 4.4%
	40,411	ASML Holding NV (Semiconductors & Semiconductor Equipment)		2,056,234
	16,188	Heineken Holding NV (Food, Beverage & Tobacco)		749,707
	6,727	Heineken NV (Food, Beverage & Tobacco)		367,891
	222,998	ING Groep NV CVA (Diversified Financials)*		1,573,223
	813,395	Koninklijke Ahold NV (Food & Staples Retailing)		10,323,960
	12,035	Koninklijke DSM NV (Materials)		690,628
	517,375	Royal Dutch Shell PLC Class A (Energy)		18,452,603
	387,139	Royal Dutch Shell PLC Class B (Energy)		14,167,178

				48,381,424

	New Zealand – 0.1%
	548,328	Telecom Corp. of New Zealand Ltd. (Telecommunication Services)		1,178,877

	Norway – 2.9%
	6,618	Aker ASA Class A (Diversified Financials)		216,432
	95,303	Cermaq ASA (Food, Beverage & Tobacco)*		1,302,317
	69,696	DNB ASA (Banks)^(a)		751,212
	518,551	Kvaerner ASA (Energy)		1,533,457
	779,905	Statoil ASA (Energy)		20,926,713
	1,495,000	STX OSV Holdings Ltd. (Capital Goods)		1,921,763


Shares		Description	Value

	Common Stocks – (continued)
	Norway – (continued)
	298,488	Telenor ASA (Telecommunication Services)	$	5,486,630

				32,138,524

	Portugal – 0.0%
	28,179	Cimpor Cimentos de Portugal SGPS SA (Materials)		206,141

	Singapore – 2.4%
	487,000	CapitaCommercial Trust (REIT)		506,490
	281,000	CapitaMall Trust (REIT)		407,973
	636,120	DBS Group Holdings Ltd. (Banks)		7,146,392
	57,000	Fraser and Neave Ltd. (Capital Goods)		323,486
	3,063,000	Golden Agri-Resources Ltd. (Food, Beverage & Tobacco)		1,813,115
	798,000	Hutchison Port Holdings Trust Class U (Transportation)		601,078
	79,523	Jardine Cycle & Carriage Ltd. (Retailing)		3,020,639
	72,000	Keppel Corp. Ltd. (Capital Goods)		640,421
	82,000	Oversea-Chinese Banking Corp. Ltd. (Banks)		592,162
	347,000	SembCorp Industries Ltd. (Capital Goods)		1,409,481
	253,000	Singapore Airlines Ltd. (Transportation)		2,182,293
	1,098,780	Singapore Telecommunications Ltd. (Telecommunication Services)		2,763,950
	99,000	United Overseas Bank Ltd. (Banks)		1,536,024
	1,030,000	UOL Group Ltd. (Real Estate)		3,753,684
	140,000	Wing Tai Holdings Ltd. (Real Estate)		133,586

				26,830,774

	Spain – 0.0%
	70,969	Mapfre SA (Insurance)		205,449

	Sweden – 2.0%
	58,560	Haldex AB (Capital Goods)		365,562
	21,378	Investor AB Class B (Diversified Financials)		426,262
	15,801	Kinnevik Investment AB Class B (Diversified Financials)		321,399
	137,204	Nordea Bank AB (Banks)		1,214,312
	8,211	Saab AB Class B (Capital Goods)		136,559
	483,916	Swedish Match AB (Food, Beverage & Tobacco)		19,712,869

				22,176,963

	Switzerland – 13.4%
	37,074	Actelion Ltd. (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*		1,570,008


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND


Shares		Description	Value

	Common Stocks – (continued)
	Switzerland – (continued)
	97,332	Adecco SA (Registered) (Commercial & Professional Services)*	$	4,748,179
	166,869	Compagnie Financiere Richemont SA Class A (Consumer Durables & Apparel)		10,328,971
	34,632	Geberit AG (Registered) (Capital Goods)*		7,322,443
	316,035	Nestle SA (Registered) (Food, Beverage & Tobacco)		19,369,556
	371,118	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		20,491,745
	235,602	OC Oerlikon Corp. AG (Registered) (Capital Goods)*		2,328,892
	2,927	Rieter Holding AG (Registered) (Capital Goods)*		509,700
	236,187	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		43,173,630
	476,081	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)		2,741,201
	30,737	Swiss Life Holding AG (Registered) (Insurance)*		3,144,015
	29,095	Swiss Prime Site AG (Registered) (Real Estate)*		2,426,544
	535	Syngenta AG (Registered) (Materials)		187,612
	726,614	UBS AG (Registered) (Diversified Financials)*		9,074,095
	6,028	Uster Technologies AG (Capital Goods)*		291,979
	266,547	Xstrata PLC (Materials)		5,119,170
	61,324	Zurich Insurance Group AG (Insurance)*		15,024,560

				147,852,300

	United Kingdom – 24.0%
	108,416	Aggreko PLC (Commercial & Professional Services)		3,962,598
	122,268	AMEC PLC (Energy)		2,257,917
	150,046	Amlin PLC (Insurance)		803,624
	132,985	Anglo American PLC (Materials)		5,139,175
	558,386	Ashtead Group PLC (Capital Goods)		2,254,808
	73,770	Associated British Foods PLC (Food, Beverage & Tobacco)		1,459,897
	175,595	AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences)		7,694,821
	419,116	Aviva PLC (Insurance)		2,097,672
	12,739	Babcock International Group PLC (Commercial & Professional Services)		171,939
	427,289	BAE Systems PLC (Capital Goods)		2,047,669


Shares		Description	Value

	Common Stocks – (continued)
	United Kingdom – (continued)
	2,471,485	Barclays PLC (Banks)	$	8,749,917
	85,707	Berendsen PLC (Commercial & Professional Services)		716,716
	444,899	BG Group PLC (Energy)		10,497,478
	189,339	BHP Billiton PLC (Materials)		6,095,177
	202,832	Bodycote PLC (Capital Goods)		1,400,821
	16,159	BP PLC (Energy)		116,734
	210,736	BP PLC ADR (Energy)^(b)		9,148,050
	490,288	British American Tobacco PLC (Food, Beverage & Tobacco)		25,146,644
	91,370	Britvic PLC (Food, Beverage & Tobacco)		566,896
	877,558	BT Group PLC (Telecommunication Services)		3,001,643
	1,899,555	Cable & Wireless Communications PLC (Telecommunication Services)		1,016,614
	96,902	Chemring Group PLC (Capital Goods)		513,667
	35,379	Concentric AB (Capital Goods)^(a)		318,593
	131,179	Croda International PLC (Materials)		4,751,139
	91,102	Dairy Crest Group PLC (Food, Beverage & Tobacco)		445,163
	295,620	Debenhams PLC (Retailing)		396,393
	281,053	Devro PLC (Food, Beverage & Tobacco)		1,406,551
	761,322	Drax Group PLC (Utilities)		6,708,369
	270,495	EnQuest PLC (Energy)*		556,469
	261,884	Eurasian Natural Resources Corp. PLC (Materials)		2,387,258
	263,881	Fenner PLC (Capital Goods)		1,931,154
	267,099	GKN PLC (Automobiles & Components)		883,422
	205,021	GlaxoSmithKline PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)		9,478,121
	48,283	Greene King PLC (Consumer Services)		400,109
	415,321	Halfords Group PLC (Retailing)		1,854,671
	515,446	Home Retail Group PLC (Retailing)		891,706
	259,934	Homeserve PLC (Commercial & Professional Services)		1,065,300
	3,269,944	HSBC Holdings PLC (Banks)		29,518,362
	38,754	IG Group Holdings PLC (Diversified Financials)		291,199
	130,946	Imperial Tobacco Group PLC (Food, Beverage & Tobacco)		5,236,590
	114,285	J Sainsbury PLC (Food & Staples Retailing)		571,303
	374,573	John Wood Group PLC (Energy)		4,756,489
	268,499	Land Securities Group PLC (REIT)		3,170,789
	2,058,303	Legal & General Group PLC (Insurance)		3,930,131
	1,282,302	Man Group PLC (Diversified Financials)		2,154,276


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND

Schedule of Investments (continued)

April 30, 2012 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	United Kingdom – (continued)
	719,638	Marston’s PLC (Consumer Services)	$	1,139,696
	46,534	Micro Focus International PLC (Software & Services)		351,367
	83,822	Mitie Group PLC (Commercial & Professional Services)		396,899
	409,128	Mondi PLC (Materials)		3,804,244
	489,029	National Grid PLC (Utilities)		5,280,797
	650,230	Pearson PLC (Media)		12,247,599
	10,353	Randgold Resources Ltd. (Materials)		918,946
	15,151	Renishaw PLC (Technology Hardware & Equipment)		356,429
	363,407	Rexam PLC (Materials)		2,536,759
	216,629	Rio Tinto PLC (Materials)		12,143,093
	190,321	SABMiller PLC (Food, Beverage & Tobacco)		7,998,902
	132,137	Shanks Group PLC (Commercial & Professional Services)		198,587
	52,106	SSE PLC (Utilities)		1,117,330
	57,164	Standard Chartered PLC (Banks)		1,397,411
	392,611	Standard Life PLC (Insurance)		1,424,786
	437,780	Tate & Lyle PLC (Food, Beverage & Tobacco)		4,907,183
	118,456	Tetragon Financial Group Ltd. (Diversified Financials)		928,527
	47,174	TUI Travel PLC (Consumer Services)		146,290
	83,867	Tullow Oil PLC (Energy)		2,092,357
	190,577	Unilever PLC (Food, Beverage & Tobacco)		6,510,487
	256,413	Vodafone Group PLC (Telecommunication Services)	��	709,741
	298,310	Vodafone Group PLC ADR (Telecommunication Services)^(b)		8,301,968
	1,180,245	William Hill PLC (Consumer Services)		5,391,172
	1,562,555	WM Morrison Supermarkets PLC (Food & Staples Retailing)		7,117,068

				265,381,672

	TOTAL COMMON STOCKS
	(Cost $1,043,846,633)		$	1,084,991,845

Units

Description

Expiration
Month

Value

Right* – 0.0%

Australia – 0.0%

25,985

Beach Energy
Ltd. (Energy)

05/12

—

(Cost $0)

TOTAL INVESTMENTS BEFORE
SECURITIES LENDING
REINVESTMENT VEHICLE

(Cost $1,043,846,633)

1,084,991,845


Shares	Rate	Value

Securities Lending Reinvestment Vehicle^(c)(d) – 4.2%
Goldman Sachs Financial Square Money Market Fund – FST Shares
46,503,780	0.182%	$	46,503,780
(Cost $46,503,780)

TOTAL INVESTMENTS – 102.5%
(Cost $1,090,350,413)		$	1,131,495,625

LIABILITIES IN EXCESS OF OTHER ASSETS – (2.5)%			(27,635,666	)

NET ASSETS – 100.0%		$	1,103,859,959


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)		Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2012.
(d)		Represents an affiliated issuer.



Investment Abbreviations:
ADR		—American Depositary Receipt
CDI		—CHESS Depositary Interest
CVA		—Dutch Certification
REIT		—Real Estate Investment Trust
RSP		—Risparmio Shares


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND


ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2012, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)		Expiration Date	Current Value		Unrealized Gain (Loss)
EURO STOXX 50 Index		431	June 2012	$	12,887,927	$	(975,926	)
FTSE 100 Index		69	June 2012		6,399,663		(58,860	)
Hang Seng Index		4	May 2012		539,785		11,806
MSCI Singapore Index		7	May 2012		385,552		4,136
SPI 200 Index		21	June 2012		2,405,263		38,441
TSE TOPIX Index		58	June 2012		5,829,785		(314,841	)
TOTAL						$	(1,295,244	)


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND

Schedule of Investments

April 30, 2012 (Unaudited)


Shares		Description	Value

	Common Stocks – 96.6%
	Australia – 9.1%
	150,402	Adelaide Brighton Ltd. (Materials)	$	475,246
	41,959	Ansell Ltd. (Health Care Equipment & Services)		645,962
	151,040	Atlas Iron Ltd. (Materials)		435,119
	95,186	Australian Infrastructure Fund (Transportation)		220,120
	541,132	AWE Ltd. (Energy)		976,275
	1,105,650	Beach Energy Ltd. (Energy)		1,602,165
	69,588	Billabong International Ltd. (Consumer Durables & Apparel)^(a)		189,842
	319,243	BlueScope Steel Ltd. (Materials)*		130,221
	27,325	BT Investment Management Ltd. (Diversified Financials)		58,274
	164,838	Cabcharge Australia Ltd. (Commercial & Professional Services)		1,095,406
	128,402	Charter Hall Office REIT (REIT)		413,406
	171,711	Charter Hall Retail REIT (REIT)		590,315
	335,882	Consolidated Media Holdings Ltd. (Media)		1,151,462
	502,942	CSR Ltd. (Capital Goods)		909,553
	28,244	Cudeco Ltd. (Materials)*		99,917
	92,613	Discovery Metals Ltd. (Materials)*		166,520
	440,561	DuluxGroup Ltd. (Materials)		1,415,583
	702,945	Emeco Holdings Ltd. (Capital Goods)		757,360
	145,297	Envestra Ltd. (Utilities)		118,723
	59,366	Fleetwood Corp. Ltd. (Automobiles & Components)		806,845
	312,508	FlexiGroup Ltd. (Diversified Financials)		737,172
	732,357	Flinders Mines Ltd. (Materials)*		155,364
	28,501	Forge Group Ltd. (Capital Goods)		185,198
	211,535	Imdex Ltd. (Materials)		550,402
	436,757	Investa Office Fund (REIT)		1,239,725
	54,265	IOOF Holdings Ltd. (Diversified Financials)		350,183
	439,749	Macmahon Holdings Ltd. (Capital Goods)		318,400
	23,259	McMillan Shakespeare Ltd. (Commercial & Professional Services)		265,706
	49,687	Mineral Deposits Ltd. (Materials)*		309,144
	47,307	Monadelphous Group Ltd. (Capital Goods)		1,138,083
	549,992	Mount Gibson Iron Ltd. (Materials)		628,171
	187,631	Myer Holdings Ltd. (Retailing)^(a)		457,414
	259,152	NRW Holdings Ltd. (Capital Goods)		1,094,107
	302,686	OneSteel Ltd. (Materials)		405,547
	74,711	Pacific Brands Ltd. (Retailing)		47,662
	16,935	PanAust Ltd. (Materials)*		56,763
	9,645	Perpetual Ltd. (Diversified Financials)		254,436
	32,812	Platinum Asset Management Ltd. (Diversified Financials)		149,446
	30,134	Programmed Maintenance Services Ltd. (Commercial & Professional Services)		80,191
	194,187	Regis Resources Ltd. (Materials)*		849,414


Shares		Description	Value

	Common Stocks – (continued)
	Australia – (continued)
	109,824	Resolute Mining Ltd. (Materials)*	$	191,232
	244,701	Roc Oil Co. Ltd. (Energy)*		101,238
	82,909	Salmat Ltd. (Commercial & Professional Services)		191,123
	31,350	Sandfire Resources NL (Materials)*		250,952
	114,079	Seek Ltd. (Commercial & Professional Services)^(a)		843,683
	350,150	Sigma Pharmaceuticals Ltd. (Health Care Equipment & Services)		241,022
	43,317	Silver Lake Resources Ltd. (Materials)*		144,580
	103,723	Spark Infrastructure Group (Utilities)		156,421
	45,829	Spotless Group Ltd. (Commercial & Professional Services)		122,243
	237,289	St. Barbara Ltd. (Materials)*		562,415
	161,436	STW Communications Group Ltd. (Media)		154,639
	329,950	Ten Network Holdings Ltd. (Media)		276,859
	19,817	The Reject Shop Ltd. (Retailing)		244,526
	313,410	Treasury Wine Estates Ltd. (Food, Beverage & Tobacco)		1,400,296
	159,263	Whitehaven Coal Ltd. (Energy)		876,788

				27,288,859

	Austria – 1.2%
	98,318	Conwert Immobilien Invest SE (Real Estate)		1,172,435
	22,842	Oesterreichische Post AG (Transportation)^(a)		810,225
	3,262	Rosenbauer International AG (Capital Goods)		193,854
	5,286	Schoeller-Bleckmann Oilfield Equipment AG (Energy)		471,758
	32,415	Strabag SE (Capital Goods)		867,671

				3,515,943

	Belgium – 1.3%
	5,228	Ackermans & van Haaren NV (Diversified Financials)		448,376
	1,345	Barco NV (Technology Hardware & Equipment)		89,290
	20,272	Compagnie Maritime Belge SA (Transportation)		471,999
	12,627	D’ieteren SA NV (Retailing)		557,496
	14,557	Gimv NV (Diversified Financials)		713,063
	3,491	Kinepolis Group NV (Media)		325,211
	13,093	Recticel SA (Materials)		103,138
	33,470	Tessenderlo Chemie NV (Materials)		1,061,071
	7,968	ThromboGenics NV (Pharmaceuticals, Biotechnology & Life Sciences)*		250,528

				4,020,172

	Bermuda – 1.3%
	140,843	Catlin Group Ltd. (Insurance)		964,940
	69,910	Gulf Keystone Petroleum Ltd. (Energy)*		270,158


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND


Shares		Description	Value

	Common Stocks – (continued)
	Bermuda – (continued)
	163,285	Lancashire Holdings Ltd. (Insurance)	$	2,134,327
	193,938	Northern Offshore Ltd. (Energy)		394,881

				3,764,306

	China – 0.2%
	44,000	AAC Technologies Holdings, Inc. (Technology Hardware & Equipment)		129,203
	193,000	China XLX Fertiliser Ltd. (Materials)		49,651
	671,000	Goodbaby International Holdings Ltd. (Consumer Durables & Apparel)		207,074
	205,000	Sateri Holdings Ltd. (Materials)*		56,953
	441,000	SunVic Chemical Holdings Ltd. (Materials)		120,658

				563,539

	Cyprus – 0.2%
	424,993	Bank of Cyprus PLC (Banks)		253,322
	40,905	ProSafe SE (Energy)		319,578

				572,900

	Denmark – 1.6%
	2,902	ALK-Abello A/S (Pharmaceuticals, Biotechnology & Life Sciences)		209,392
	45,044	East Asiatic Co. Ltd. A/S (Food, Beverage & Tobacco)^(a)		1,239,729
	41,226	Pandora A/S (Consumer Durables & Apparel)^(a)		435,561
	9,042	Royal UNIBREW A/S (Food, Beverage & Tobacco)*		645,333
	14,252	Schouw & Co. A/S (Capital Goods)^(a)		323,410
	3,425	SimCorp A/S (Software & Services)		610,941
	21,165	Sydbank A/S (Banks)*		368,098
	5,230	Topdanmark A/S (Insurance)*		897,310

				4,729,774

	Finland – 1.8%
	66,494	Amer Sports OYJ Class A (Consumer Durables & Apparel)		946,068
	5,371	Cargotec OYJ Class B (Capital Goods)		184,940
	18,817	Huhtamaki OYJ (Materials)^(a)		298,633
	164,042	Kemira OYJ (Materials)^(a)		2,081,694
	32,618	Outotec OYJ (Capital Goods)		1,756,483
	17,669	Sponda OYJ (Real Estate)		70,988

				5,338,806

	France – 4.0%
	11,853	Akka Technologies SA (Commercial & Professional Services)		382,346
	9,171	Alten Ltd. (Software & Services)		266,821
	49,402	Assystem (Commercial & Professional Services)^(a)		1,045,258
	9,937	Boiron SA (Pharmaceuticals, Biotechnology & Life Sciences)		305,869
	561	Bonduelle S.C.A. (Food, Beverage & Tobacco)		54,075


Shares		Description	Value

	Common Stocks – (continued)
	France – (continued)
	25,611	Cegid Group (Software & Services)	$	511,841
	10,004	Ciments Francais SA (Materials)^(a)		641,356
	41,213	Club Mediterranee (Consumer Services)*		790,351
	971	Esso SA (Energy)		80,435
	152,331	Etablissements Maurel et Prom (Energy)		2,536,948
	876	Eurofins Scientific (Pharmaceuticals, Biotechnology & Life Sciences)		103,610
	91,414	Havas SA (Media)^(a)		517,415
	1,266	LISI (Capital Goods)		94,750
	4,197	M6 Metropole Television SA (Media)		64,485
	39,138	Nexans SA (Capital Goods)		1,961,559
	14,948	Plastic Omnium SA (Automobiles & Components)		391,011
	3,779	Remy Cointreau SA (Food, Beverage & Tobacco)		421,437
	687	Sartorius Stedim Biotech (Health Care Equipment & Services)		48,281
	7,253	Societe de la Tour Eiffel (REIT)		377,899
	5,623	Sword Group (Software & Services)		92,336
	593	Tessi SA (Software & Services)		61,599
	5,815	Valeo SA (Automobiles & Components)		285,971
	9,611	Zodiac Aerospace (Capital Goods)		1,057,634

				12,093,287

	Germany – 5.6%
	28,375	Bechtle AG (Software & Services)		1,278,109
	6,748	Bertrandt AG (Commercial & Professional Services)		511,681
	23,785	Bilfinger Berger SE (Capital Goods)		2,176,139
	7,808	Biotest AG Preference Shares (Pharmaceuticals, Biotechnology & Life Sciences)		454,881
	17,723	Cewe Color Holding AG (Commercial & Professional Services)		781,265
	6,764	Delticom AG (Retailing)^(a)		657,309
	12,805	Deutsche Beteiligungs AG (Diversified Financials)		284,422
	4,063	Draegerwerk AG & Co. KGaA (Health Care Equipment & Services)		406,268
	9,996	Draegerwerk AG & Co. KGaA Preference Shares (Health Care Equipment & Services)^(a)		1,125,987
	6,702	Duerr AG (Capital Goods)^(a)		423,583
	58,863	Freenet AG (Telecommunication Services)^(a)		1,023,729
	29,657	Gerry Weber International AG (Consumer Durables & Apparel)		1,259,681
	5,665	Gesco AG (Capital Goods)		473,922
	21,807	Homag Group AG (Capital Goods)		293,932
	8,286	Indus Holding AG (Capital Goods)		258,257
	14,470	Jenoptik AG (Technology Hardware & Equipment)*		119,178
	27,660	Jungheinrich AG Preference Shares (Capital Goods)		952,448


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND

Schedule of Investments (continued)

April 30, 2012 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Germany – (continued)
	12,643	Leoni AG (Automobiles & Components)	$	649,737
	22,406	MTU Aero Engines Holding AG (Capital Goods)^(a)		1,887,865
	5,749	R. Stahl AG (Capital Goods)		206,263
	2,674	Sixt AG (Transportation)		55,551
	6,596	Sixt AG Preference Shares (Transportation)		123,365
	34,200	Symrise AG (Materials)		991,189
	1,909	Tipp24 SE (Consumer Services)*		108,447
	5,535	XING AG (Software & Services)*		412,834

				16,916,042

	Greece – 0.3%
	123,945	Alpha Bank AE (Banks)*		173,920
	68,685	Eurobank Properties Real Estate Investment Co. (REIT)		352,763
	14,535	Folli Follie Group (Retailing)*		134,800
	23,070	Hellenic Exchanges SA (Diversified Financials)		80,026
	26,669	JUMBO SA (Retailing)*		129,595
	6,903	Metka SA (Capital Goods)		75,875
	15,906	Mytilineos Holdings SA (Materials)*		54,325

				1,001,304

	Hong Kong – 2.8%
	1,634,000	Bonjour Holdings Ltd. (Retailing)		247,612
	456,000	Brightoil Petroleum Holdings Ltd. (Energy)		100,378
	78,000	Champion REIT (REIT)		33,994
	560,000	Chen Hsong Holdings (Capital Goods)		187,101
	1,200,000	China Financial International Investments Ltd. (Diversified Financials)*		73,304
	111,000	City Telecom HK Ltd. (Telecommunication Services)		65,629
	2,320,000	CSI Properties Ltd. (Real Estate)		94,279
	70,400	Dah Sing Banking Group Ltd. (Banks)		72,755
	575,500	Dickson Concepts International Ltd. (Retailing)		318,163
	938,000	Emperor International Holdings (Real Estate)		168,605
	244,000	ERA Mining Machinery Ltd. (Capital Goods)*		27,814
	178,815	Esprit Holdings Ltd. (Retailing)		365,609
	482,000	Giordano International Ltd. (Retailing)		419,072
	240,000	Glorious Sun Enterprises Ltd. (Consumer Durables & Apparel)		82,066
	137,194	Great Eagle Holdings Ltd. (Real Estate)		402,932
	499,700	HKR International Ltd. (Real Estate)		188,687
	488,000	Hutchison Telecommunications Hong Kong Holdings Ltd. (Telecommunication Services)		216,823
	716,500	Johnson Electric Holdings Ltd. (Capital Goods)		448,620


Shares		Description	Value

	Common Stocks – (continued)
	Hong Kong – (continued)
	55,000	K Wah International Holdings Ltd. (Real Estate)	$	23,135
	62,000	Kowloon Development Co. Ltd. (Real Estate)		64,929
	2,538,000	Lai Sun Development (Real Estate)*		39,404
	91,200	Man Wah Holdings Ltd. (Consumer Durables & Apparel)		47,194
	715,000	Melco International Development Ltd. (Consumer Services)*		748,506
	52,000	Midland Holdings Ltd. (Real Estate)		26,076
	438,000	Next Media Ltd. (Media)*		36,633
	184,000	Norstar Founders Group Ltd. (Automobiles & Components)*		—
	664,330	Pacific Andes International Holdings Ltd. (Food, Beverage & Tobacco)		45,330
	547,000	Pacific Textile Holdings Ltd. (Consumer Durables & Apparel)		362,852
	305,000	Pearl Oriental Oil Ltd. (Diversified Financials)		27,036
	1,204,000	Pico Far East Holdings Ltd. (Media)		289,221
	1,002,000	Prosperity REIT (REIT)		222,972
	158,000	Public Financial Holdings Ltd. (Diversified Financials)		68,024
	286,000	Regal Hotels International Holdings Ltd. (Consumer Services)		118,511
	448,000	Ruifeng Petroleum Chemical Holdings Ltd. (Energy)*		13,487
	394,000	Samling Global Ltd. (Materials)		37,342
	224,000	Shun Tak Holdings Ltd. (Capital Goods)		92,429
	87,000	Silver base Group Holdings Ltd. (Retailing)		46,599
	2,162,000	Singamas Container Holdings Ltd. (Capital Goods)		644,241
	57,567	SmarTone Telecommunications Holdings Ltd. (Telecommunication Services)		107,489
	109,138	SOCAM Development Ltd. (Capital Goods)		117,537
	495,000	Sunlight Real Estate Investment Trust (REIT)		159,335
	533,000	Techtronic Industries Co. (Consumer Durables & Apparel)		639,744
	310,000	Texwinca Holdings Ltd. (Consumer Durables & Apparel)		378,840
	100,000	Tian An China Investments Co. Ltd. (Real Estate)		47,479
	708,000	VST Holdings Ltd. (Technology Hardware & Equipment)*		171,087
	36,400	VTech Holdings Ltd. (Technology Hardware & Equipment)		407,255

				8,496,130

	Ireland – 1.1%
	161,506	C&C Group PLC (Food, Beverage & Tobacco)		810,533


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND


Shares		Description	Value

	Common Stocks – (continued)
	Ireland – (continued)
	268,529	Fyffes PLC (Food & Staples Retailing)	$	162,797
	90,236	Grafton Group PLC (Capital Goods)		394,293
	23,495	Kingspan Group PLC (Capital Goods)		246,082
	12,545	Paddy Power PLC (Consumer Services)		819,744
	8,247	Smurfit Kappa Group PLC (Materials)		69,478
	367,051	Total Produce PLC (Food & Staples Retailing)		218,640
	159,671	United Drug PLC (Health Care Equipment & Services)		490,226

				3,211,793

	Israel – 1.0%
	14,949	Africa-Israel Investments Ltd. (Real Estate)*		56,637
	50,947	Alony Hetz Properties & Investments Ltd. (REIT)		244,455
	3,537	AL-ROV (Israel) Ltd. (Real Estate)*		86,793
	25,674	Amot Investments Ltd. (Real Estate)		66,565
	13,527	AudioCodes Ltd. (Technology Hardware & Equipment)*		32,159
	1,262	B Communications Ltd. (Telecommunication Services)*		12,094
	254	Bayside Land Corp. (Real Estate)		49,618
	6,073	Clal Biotechnology Industries Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)*		25,238
	18,117	Clal Industries and Investments Ltd. (Capital Goods)		66,471
	5,371	Clal Insurance Enterprises Holdings Ltd. (Insurance)*		84,124
	11,144	Delek Automotive Systems Ltd. (Retailing)		93,384
	6,824	Discount Investment Corp. (Registered) (Capital Goods)*		34,567
	2,791	Elron Electronic Industries Ltd. (Diversified Financials)*		13,268
	2,225	F.I.B.I. Holdings Ltd. (Banks)*		32,239
	1,784	FMS Enterprises Migun Ltd. (Capital Goods)		30,773
	15,317	Frutarom Industries Ltd. (Materials)		146,062
	9,039	Gazit-Globe Ltd. (Real Estate)		96,434
	6,633	Gilat Satellite Networks Ltd. (Technology Hardware & Equipment)*		27,115
	3,146	Harel Insurance Investments & Financial Services Ltd. (Insurance)		119,969
	12,448	Hot Telecommunication System Ltd. (Media)		125,477
	1,133	Ituran Location and Control Ltd. (Technology Hardware & Equipment)		15,491
	3,425	J.O.E.L. Jerusalem Oil Exploration (Real Estate)*		66,324
	5,770	Jerusalem Economy Ltd. (Real Estate)*		42,123
	5,716	Koor Industries Ltd. (Capital Goods)*		83,096
	2,507	Melisron Ltd. (Real Estate)		46,588


Shares		Description	Value

	Common Stocks – (continued)
	Israel – (continued)
	6,423	Mellanox Technologies Ltd. (Semiconductors & Semiconductor Equipment)*	$	369,013
	4,154	Migdal Insurance & Financial Holding Ltd. (Insurance)*		6,109
	4,433	Nitsba Holdings 1995 Ltd. (Real Estate)*		39,004
	114,656	Oil Refineries Ltd. (Energy)*		66,664
	16,971	Ormat Industries Ltd. (Capital Goods)		84,231
	6,138	Osem Investments Ltd. (Food, Beverage & Tobacco)		93,604
	565	Paz Oil Co. Ltd. (Energy)		76,947
	5,376	Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. (Food & Staples Retailing)		184,095
	6,899	Retalix Ltd. (Software & Services)*		145,585
	7,207	Shikun & Binui Ltd. (Capital Goods)		12,802
	14,386	Shufersal Ltd. (Food & Staples Retailing)		50,538
	1,576	The Israel Land Development Co. Ltd. (Media)		11,242
	8,556	Tower Semiconductor Ltd. (Semiconductors & Semiconductor Equipment)*		8,294
	15,646	Union Bank of Israel Ltd. (Banks)*		55,541

				2,900,733

	Italy – 2.4%
	71,582	Autostrada Torino-Milano SpA (Transportation)^(a)		387,789
	6,835	Azimut Holding SpA (Diversified Financials)		67,149
	178,713	Banca Popolare dell’Emilia Romagna Scrl (Banks)*		1,098,001
	125,490	Banca Popolare di Sondrio Scarl (Banks)^(a)		845,524
	23,071	Banco di Desio e della Brianza SpA (Banks)		83,331
	31,695	Cairo Communication SpA (Media)		133,211
	31,695	Credito Emiliano SpA (Banks)		129,760
	22,094	Danieli & C. Officine Meccaniche SpA (Capital Goods)		627,113
	116,075	Danieli & C. Officine Meccaniche SpA RSP (Capital Goods)		1,720,055
	135,039	Davide Campari-Milano SpA (Food, Beverage & Tobacco)		954,738
	54,744	De’Longhi SpA (Consumer Durables & Apparel)^(a)		771,767
	39,584	Indesit Co. SpA (Consumer Durables & Apparel)		230,268
	61,468	Mediolanum SpA (Insurance)		252,045

				7,300,751

	Japan – 26.8%
	9,700	Able & Partners, Inc. (Real Estate)		70,223
	483	Access Co. Ltd. (Software & Services)*		206,940


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND

Schedule of Investments (continued)

April 30, 2012 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	67,000	ADEKA Corp. (Materials)	$	615,544
	16,700	Aderans Co. Ltd. (Household & Personal Products)*		186,215
	75,000	Aichi Corp. (Capital Goods)		330,841
	48,000	Aichi Steel Corp. (Materials)		228,837
	22,100	Aisan Industry Co. Ltd. (Automobiles & Components)		234,151
	32,600	Alpen Co. Ltd. (Retailing)		664,125
	23,200	Alpine Electronics, Inc. (Consumer Durables & Apparel)		304,715
	42,500	Alps Electric Co. Ltd. (Technology Hardware & Equipment)		386,554
	40,600	Amano Corp. (Capital Goods)		363,236
	4,400	AOKI Holdings, Inc. (Retailing)		86,284
	39,600	Aoyama Trading Co. Ltd. (Retailing)		817,017
	20,000	Arc Land Sakamoto Co. Ltd. (Retailing)		313,327
	32,900	Arcs Co. Ltd. (Food & Staples Retailing)		707,212
	42,600	Arisawa Manufacturing Co. Ltd. (Technology Hardware & Equipment)		155,991
	4,500	Asahi Diamond Industrial Co. Ltd. (Capital Goods)		49,767
	15,600	ASKUL Corp. (Retailing)		311,638
	493,000	Atsugi Co. Ltd. (Consumer Durables & Apparel)		585,666
	15,200	Autobacs Seven Co. Ltd. (Retailing)		729,497
	47,600	Avex Group Holdings, Inc. (Media)		540,464
	32,900	Azbil Corp. (Technology Hardware & Equipment)		704,847
	115,800	Belluna Co. Ltd. (Retailing)		916,308
	5,000	BML, Inc. (Health Care Equipment & Services)		125,872
	17,700	C. Uyemura & Co. Ltd. (Materials)		708,362
	81,000	Calsonic Kansei Corp. (Automobiles & Components)		455,685
	30,500	Century Tokyo Leasing Corp. (Diversified Financials)		610,056
	3,400	Chiyoda Co. Ltd. (Retailing)		79,236
	55,000	Chugai Ro Co. Ltd. (Capital Goods)		180,488
	51,200	Coca-Cola Central Japan Co. Ltd. (Food, Beverage & Tobacco)		670,857
	6,600	Cocokara fine, Inc. (Food & Staples Retailing)		205,873
	3,600	CREATE SD HOLDINGS Co. Ltd. (Food & Staples Retailing)		99,911
	51,000	Daifuku Co. Ltd. (Capital Goods)		272,497
	21,000	Daiichi Jitsugyo Co. Ltd. (Capital Goods)		107,510
	82,100	Daiichikosho Co. Ltd. (Media)		1,657,463
	435,000	Daikyo, Inc. (Real Estate)		1,134,559
	98,000	Daiwa Industries Ltd. (Capital Goods)		497,050
	34,400	DCM Holdings Co. Ltd. (Retailing)		261,182
	13,300	Denyo Co. Ltd. (Capital Goods)		171,757
	7,400	Doutor Nichires Holdings Co. Ltd. (Consumer Services)		100,676
	44,700	DTS Corp. (Software & Services)		606,831


Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	23,000	Dunlop Sports Co. Ltd. (Consumer Durables & Apparel)	$	298,860
	3,300	Dydo Drinco, Inc. (Food, Beverage & Tobacco)		134,197
	133,000	Ebara Corp. (Capital Goods)		538,080
	63,800	EDION Corp. (Retailing)		399,686
	6,500	Eizo Nanao Corp. (Technology Hardware & Equipment)		125,205
	70	Frontier Real Estate Investment Corp. (REIT)		592,382
	35,100	Fuji Machine Manufacturing Co. Ltd. (Capital Goods)		721,539
	59,000	Fujikura Ltd. (Capital Goods)		183,446
	13,000	Fukuyama Transporting Co. Ltd. (Transportation)		70,996
	112,000	Furukawa-Sky Aluminum Corp. (Materials)		333,197
	24,700	Furuno Electric Co. Ltd. (Technology Hardware & Equipment)		122,477
	14,200	Fuyo General Lease Co. Ltd. (Diversified Financials)		461,961
	384	Geo Holdings Corp. (Retailing)		464,875
	127	Global One Real Estate Investment Corp. (REIT)^(a)		874,716
	30,000	Glory Ltd. (Capital Goods)		645,174
	13,210	Goldcrest Co. Ltd. (Real Estate)		226,610
	3,400	Growell Holdings Co. Ltd. (Food & Staples Retailing)		109,168
	13,420	Gulliver International Co. Ltd. (Retailing)		479,306
	5,300	Gurunavi, Inc. (Software & Services)		59,305
	52,600	Hakuto Co. Ltd. (Technology Hardware & Equipment)		509,466
	34	Hankyu REIT, Inc. (REIT)		166,335
	329	Heiwa Real Estate REIT, Inc. (REIT)		198,689
	3,100	HI-LEX Corp. (Automobiles & Components)		53,913
	42,000	Hitachi Cable Ltd. (Capital Goods)*		98,205
	46,100	Hitachi Transport System Ltd. (Transportation)		843,677
	4,800	Hogy Medical Co. Ltd. (Health Care Equipment & Services)		221,273
	20,500	Hokuetsu Kishu Paper Co. Ltd. (Materials)		131,217
	6,800	Hokuto Corp. (Food, Beverage & Tobacco)		146,461
	11,800	Hoshizaki Electric Co. Ltd. (Capital Goods)		282,955
	8,900	House Foods Corp. (Food, Beverage & Tobacco)		149,894
	43,400	IBJ Leasing Co. Ltd. (Diversified Financials)		1,178,106
	33,700	Iida Home Max (Real Estate)		278,476
	69,200	Inabata & Co. Ltd. (Capital Goods)		454,793
	49,000	Iseki & Co. Ltd. (Capital Goods)		116,571


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND


Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	218,000	Ishihara Sangyo Kaisha Ltd. (Materials)*	$	209,088
	29,100	IT Holdings Corp. (Software & Services)		372,639
	13,000	Izumi Co. Ltd. (Retailing)		270,827
	10,400	Jafco Co. Ltd. (Diversified Financials)		245,811
	17,700	Japan Digital Laboratory Co. Ltd. (Technology Hardware & Equipment)		192,659
	284	Japan Rental Housing Investments, Inc. (REIT)		131,638
	10,100	Japan Securities Finance Co. Ltd. (Diversified Financials)		52,201
	19,500	JVC Kenwood Corp. (Consumer Durables & Apparel)		83,123
	19,700	kabu.com Securities Co. Ltd. (Diversified Financials)		63,613
	23,700	Kaga Electronics Co. Ltd. (Technology Hardware & Equipment)		251,265
	41,000	Kaken Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		507,060
	49,500	Kasumi Co. Ltd. (Food & Staples Retailing)		358,205
	11,100	Kewpie Corp. (Food, Beverage & Tobacco)		166,510
	38,000	Kinki Sharyo Co. Ltd. (Capital Goods)		135,365
	2,200	Kintetsu World Express, Inc. (Transportation)		78,767
	26,000	Kitz Corp. (Capital Goods)		101,819
	48,000	Kiyo Holdings, Inc. (Banks)		68,821
	6,300	Koa Corp. (Technology Hardware & Equipment)		64,219
	22,400	Kohnan Shoji Co. Ltd. (Retailing)		324,858
	21,100	Kojima Co. Ltd. (Retailing)		100,488
	57,300	Komori Corp. (Capital Goods)		501,189
	126,000	Kurabo Industries Ltd. (Consumer Durables & Apparel)		234,816
	36,000	Kureha Corp. (Materials)		171,876
	28,200	Kuroda Electric Co. Ltd. (Capital Goods)		288,298
	51,000	Kyodo Printing Co. Ltd. (Commercial & Professional Services)		140,026
	106,000	KYORIN Holdings, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		2,034,767
	48,000	Lion Corp. (Household & Personal Products)		277,296
	13,700	Macromill, Inc. (Software & Services)		136,541
	30,200	Mandom Corp. (Household & Personal Products)		764,103
	43,000	Marudai Food Co. Ltd. (Food, Beverage & Tobacco)		166,195
	63,000	Maruzen Showa Unyu Co. Ltd. (Transportation)		207,629
	19,900	Matsumotokiyoshi Holdings Co. Ltd. (Food & Staples Retailing)		441,564


Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	12,100	Matsuya Foods Co. Ltd. (Consumer Services)	$	236,724
	7,300	Meitec Corp. (Commercial & Professional Services)		150,024
	42	MID REIT, Inc. (REIT)		116,379
	1,600	Milbon Co. Ltd. (Household & Personal Products)		47,969
	35,500	Ministop Co. Ltd. (Food & Staples Retailing)		626,256
	135,000	Mitsubishi Kakoki Kaisha Ltd. (Capital Goods)		262,086
	16,700	Mitsubishi Pencil Co. Ltd. (Commercial & Professional Services)		293,544
	241,000	Mitsubishi Steel Manufacturing Co. Ltd. (Materials)		761,131
	45,000	Mitsui Engineering & Shipbuilding Co. Ltd. (Capital Goods)		66,164
	132,000	Mitsui Sugar Co. Ltd. (Food, Beverage & Tobacco)		431,083
	115	Mori Trust Sogo REIT, Inc. (REIT)		1,016,848
	8,540	Nafco Co. Ltd. (Retailing)		154,199
	130,400	Namura Shipbuilding Co. Ltd. (Capital Goods)		516,540
	22,100	NEC Fielding Ltd. (Software & Services)		277,423
	24,600	NET One Systems Co. Ltd. (Software & Services)		335,606
	25,600	Nichiha Corp. (Capital Goods)		312,979
	11,000	Nippo Corp. (Capital Goods)		113,176
	61	Nippon Accommodations Fund, Inc. (REIT)		402,794
	177,000	Nippon Beet Sugar Manufacturing Co. Ltd. (Food, Beverage & Tobacco)		376,720
	59,000	Nippon Carbon Co. Ltd. (Capital Goods)		160,460
	20,000	Nippon Chemi-Con Corp. (Technology Hardware & Equipment)*		75,402
	44,000	Nippon Flour Mills Co. Ltd. (Food, Beverage & Tobacco)		199,081
	40,000	Nippon Konpo Unyu Soko Co. Ltd. (Transportation)		519,656
	21,000	Nippon Seiki Co. Ltd. (Automobiles & Components)		264,900
	40,000	Nippon Shokubai Co. Ltd. (Materials)		448,138
	40,300	Nippon Signal Co. Ltd. (Capital Goods)		257,024
	134,000	Nippon Soda Co. Ltd. (Materials)		578,552
	76,000	Nippon Thompson Co. Ltd. (Capital Goods)		420,259
	92,000	Nippon Valqua Industries Ltd. (Materials)		256,654
	145,000	Nishimatsu Construction Co. Ltd. (Capital Goods)		311,975
	25,000	Nissan Shatai Co. Ltd. (Automobiles & Components)		263,866
	27,000	Nissin Corp. (Transportation)		64,992
	19,000	Nitto Kogyo Corp. (Capital Goods)		275,996


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND

Schedule of Investments (continued)

April 30, 2012 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	123,000	NOF Corp. (Materials)	$	619,073
	5,700	NS Solutions Corp. (Software & Services)		110,761
	4,500	Ohsho Food Service Corp. (Consumer Services)		111,355
	12,000	Okasan Securities Group, Inc. (Diversified Financials)		47,451
	20,000	Okuwa Co. Ltd. (Food & Staples Retailing)		273,818
	13,000	Osaka Steel Co. Ltd. (Materials)		243,126
	36,000	Pacific Metals Co. Ltd. (Materials)		174,198
	3,300	Paltac Corp. (Retailing)		48,208
	15,800	Parco Co. Ltd. (Retailing)		155,284
	129	PGM Holdings K K (Consumer Services)		99,948
	3,300	Pigeon Corp. (Household & Personal Products)		131,665
	6,000	Plenus Co. Ltd. (Consumer Services)		116,484
	2,020	Point, Inc. (Retailing)		74,600
	22,300	Pola Orbis Holdings, Inc. (Household & Personal Products)		678,511
	13,100	Relo Holdings, Inc. (Real Estate)		386,429
	9,200	Resorttrust, Inc. (Consumer Services)		152,028
	13,600	Ricoh Leasing Co. Ltd. (Diversified Financials)		308,053
	23,600	Riso Kagaku Corp. (Technology Hardware & Equipment)		345,170
	18,000	Rohto Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		230,559
	220,800	Round One Corp. (Consumer Services)		1,444,547
	102,000	Ryobi Ltd. (Capital Goods)		366,933
	99,000	Sakai Chemical Industry Co. Ltd. (Materials)		344,859
	125,000	San-Ai Oil Co. Ltd. (Energy)		608,052
	153,000	Sankyu, Inc. (Transportation)		607,071
	31,200	Sanshin Electronics Co. Ltd. (Technology Hardware & Equipment)		236,698
	20,000	Sanyo Chemical Industries Ltd. (Materials)		129,911
	96,000	Sapporo Hokuyo Holdings, Inc. (Banks)		335,339
	374,000	Sapporo Holdings Ltd. (Food, Beverage & Tobacco)		1,307,307
	163,000	Sasebo Heavy Industries Co. Ltd. (Capital Goods)		244,745
	90,000	Seika Corp. (Capital Goods)		260,727
	49,000	Seino Holdings Corp. (Transportation)		339,426
	72	Sekisui House SI Investment Co. (REIT)		288,477
	20,000	Sekisui Jushi Corp. (Capital Goods)		196,491
	31,000	Sekisui Plastics Co. Ltd. (Materials)		107,233
	60,000	Senko Co. Ltd. (Transportation)		262,978
	29,600	Shimachu Co. Ltd. (Retailing)		666,809
	51,500	Shinko Shoji Co. Ltd. (Technology Hardware & Equipment)		432,409
	89,000	Shinmaywa Industries Ltd. (Capital Goods)		430,575


Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	80,000	Shinsho Corp. (Capital Goods)	$	180,874
	10,200	Ship Healthcare Holdings, Inc. (Health Care Equipment & Services)		241,117
	27,000	Shizuoka Gas Co. Ltd. (Utilities)		195,213
	21,200	Showa Corp. (Automobiles & Components)		185,048
	20,100	Sintokogio Ltd. (Capital Goods)		211,029
	2,943	SKY Perfect JSAT Holdings, Inc. (Media)		1,281,738
	122,800	Sodick Co. Ltd. (Capital Goods)		619,450
	6,600	St. Marc Holdings Co. Ltd. (Consumer Services)		255,464
	38,000	Star Micronics Co. Ltd. (Technology Hardware & Equipment)		402,968
	22,000	Sumitomo Precision Products Co. Ltd. (Capital Goods)		119,872
	6,430	Sumitomo Real Estate Sales Co. Ltd. (Real Estate)		308,434
	48,000	Sumitomo Seika Chemicals Co. Ltd. (Materials)		209,053
	6,300	Tachi-S Co. Ltd. Class S (Automobiles & Components)		120,440
	31,000	Taihei Kogyo Co. Ltd. (Capital Goods)		162,674
	37,000	Takiron Co. Ltd. (Materials)		130,274
	25,800	Tecmo Koei Holdings Co. Ltd. (Software & Services)		217,789
	113,000	The Bank of Nagoya Ltd. (Banks)		363,602
	17,600	The Bank of Okinawa Ltd. (Banks)		734,031
	11,800	The Chiba Kogyo Bank Ltd. (Banks)*		61,226
	28,000	The Hokkoku Bank Ltd. (Banks)		99,300
	133,000	The Keiyo Bank Ltd. (Banks)		618,760
	7,000	The Musashino Bank Ltd. (Banks)		228,074
	21,000	The Nippon Synthetic Chemical Industry Co. Ltd. (Materials)		124,221
	43,000	The San-In Godo Bank Ltd. (Banks)		309,167
	93,000	The Sumitomo Warehouse Co. Ltd. (Transportation)		444,356
	141,000	The Toho Bank Ltd. (Banks)		453,513
	13,000	The Tokyo Tomin Bank Ltd. (Banks)		148,398
	2,500	The Yachiyo Bank Ltd. (Banks)		56,722
	100,000	The Yokohama Rubber Co. Ltd. (Automobiles & Components)		731,003
	9,500	TKC Corp. (Software & Services)		205,771
	188,000	Toa Corp. (Capital Goods)		340,281
	180,000	Toagosei Co. Ltd. (Materials)		779,288
	9,600	Tocalo Co. Ltd. (Capital Goods)		172,992
	13,200	Tohokushinsha Film Corp. (Media)		115,522
	9,200	Tokai Rika Co. Ltd. (Automobiles & Components)		171,369
	7,800	Tokai Rubber Industries Ltd. (Automobiles & Components)		92,276
	122,000	Tokai Tokyo Financial Holdings, Inc. (Diversified Financials)		434,500
	4,500	Tokyo Seimitsu Co. Ltd. (Semiconductors & Semiconductor Equipment)		92,501


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND


Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	164,000	Tokyo Tatemono Co. Ltd. (Real Estate)*	$	605,579
	20,300	Tokyu Livable, Inc. (Real Estate)		224,303
	203	Tokyu REIT, Inc. (REIT)		1,046,169
	27,200	TOMONY Holdings, Inc. (Banks)		124,358
	22,700	Toppan Forms Co. Ltd. (Commercial & Professional Services)		204,153
	50,900	Topre Corp. (Automobiles & Components)		479,018
	28,000	Torii Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		525,029
	118,000	Toshiba TEC Corp. (Technology Hardware & Equipment)		477,592
	9,000	Touei Housing Corp. (Consumer Durables & Apparel)		90,042
	47,000	Toyo Ink SC Holdings Co. Ltd. (Materials)		188,003
	57,000	Toyo Tire & Rubber Co. Ltd. (Automobiles & Components)		155,393
	63,000	Tsubakimoto Chain Co. (Capital Goods)		382,773
	15,000	Tsukishima Kikai Co. Ltd. (Capital Goods)		127,320
	900	Tsuruha Holdings, Inc. (Food & Staples Retailing)		53,921
	116	TV Asahi Corp. (Media)		173,259
	33,000	Universal Entertainment Corp. (Consumer Durables & Apparel)		759,299
	34,600	UNY Co. Ltd. (Food & Staples Retailing)		402,082
	24,030	Usen Corp. (Media)*		23,648
	19	V Technology Co. Ltd. (Technology Hardware & Equipment)		58,889
	3,600	Yellow Hat Ltd. (Retailing)		62,444
	21,000	Yodogawa Steel Works Ltd. (Materials)		83,648
	9,600	Yokohama Reito Co. Ltd. (Food & Staples Retailing)		74,963
	38,500	Yonekyu Corp. (Food, Beverage & Tobacco)		370,110
	18,300	Yorozu Corp. (Automobiles & Components)		368,570
	19,200	Zensho Holdings Co. Ltd. (Consumer Services)		239,100

				80,699,634

	Luxembourg – 0.1%
	9,569	Oriflame Cosmetics SA (Household & Personal Products)		343,490

	Netherlands – 1.5%
	7,838	Aalberts Industries NV (Capital Goods)		150,423
	15,239	Accell Group NV (Consumer Durables & Apparel)		306,858
	14,214	ASM International NV (Semiconductors & Semiconductor Equipment)		503,205
	27,536	Beter Bed Holding NV (Retailing)		561,344


Shares		Description	Value

	Common Stocks – (continued)
	Netherlands – (continued)
	5,721	Brunel International NV (Commercial & Professional Services)	$	268,140
	31,022	Eurocommercial Properties NV CVA (REIT)		1,088,347
	7,241	Nutreco NV (Food, Beverage & Tobacco)		526,256
	44,043	USG People NV (Commercial & Professional Services)		416,671
	16,211	Vastned Retail NV (REIT)		796,785

				4,618,029

	New Zealand – 0.6%
	158,941	Air New Zealand Ltd. (Transportation)		115,554
	194,088	Chorus Ltd. (Telecommunication Services)*		541,998
	256,644	New Zealand Oil & Gas Ltd. (Energy)		161,317
	74,773	Ryman Healthcare Ltd. (Health Care Equipment & Services)		193,593
	165,589	Sky Network Television Ltd. (Media)		738,007
	45,288	The Warehouse Group Ltd. (Retailing)		98,591

				1,849,060

	Norway – 2.1%
	6,473	Aker ASA Class A (Diversified Financials)		211,690
	34,993	Atea ASA (Software & Services)		372,797
	59,164	Cermaq ASA (Food, Beverage & Tobacco)*		808,477
	329,184	Kvaerner ASA (Energy)		973,462
	17,167	Leroey Seafood Group ASA (Food, Beverage & Tobacco)		269,971
	34,392	Opera Software ASA (Software & Services)		222,245
	34,858	Schibsted ASA (Media)		1,330,788
	39,948	SpareBank 1 SMN (Banks)^(a)		247,129
	23,628	Statoil Fuel & Retail ASA (Retailing)^(a)		211,727
	68,374	Storebrand ASA (Insurance)*		307,374
	406,000	STX OSV Holdings Ltd. (Capital Goods)		521,897
	31,064	TGS Nopec Geophysical Co. ASA (Energy)		901,869

				6,379,426

	Portugal – 0.2%
	296,012	Mota-Engil SGPS SA (Capital Goods)		487,547
	22,070	REN - Redes Energeticas Nacionais SA (Utilities)		58,360

				545,907

	Singapore – 2.4%
	285,000	AIMS AMP Capital Industrial REIT (REIT)		278,090
	122,000	Ascott Residence Trust (REIT)		110,254
	24,000	Boustead Singapore Ltd. (Energy)		16,848
	218,000	Cache Logistics Trust (REIT)		182,215
	181,000	Cambridge Industrial Trust (REIT)		78,952


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND

Schedule of Investments (continued)

April 30, 2012 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Singapore – (continued)
	631,000	CapitaCommercial Trust (REIT)	$	656,252
	211,000	China Aviation Oil Singapore Corp. Ltd. (Energy)		192,969
	153,000	CWT Ltd. (Transportation)*		150,694
	88,000	First Resources Ltd. (Food, Beverage & Tobacco)		133,305
	12,000	Frasers Centrepoint Trust (REIT)		15,425
	350,800	Frasers Commercial Trust (REIT)		260,570
	106,000	GuocoLeisure Ltd. (Consumer Services)		50,784
	360,000	Hi-P International Ltd. (Technology Hardware & Equipment)		258,834
	218,000	Ho Bee Investment Ltd. (Real Estate)		242,506
	39,000	Hong Leong Asia Ltd. (Capital Goods)		57,631
	317,000	Indofood Agri Resources Ltd. (Food, Beverage & Tobacco)*		363,277
	51,000	K-Green Trust (Commercial & Professional Services)		40,565
	95,000	KS Energy Ltd. (Capital Goods)*		69,775
	672,000	Lippo Malls Indonesia Retail Trust (REIT)		222,408
	252,160	Mapletree Logistics Trust (REIT)		199,239
	180,383	Miclyn Express Offshore Ltd. (Energy)		388,950
	105,000	Overseas Union Enterprise Ltd. (Consumer Services)		198,996
	99,000	Parkway Life Real Estate Investment Trust (REIT)		147,796
	159,000	Sabana Shari’ah Compliant Industrial Real Estate Investment Trust (REIT)		123,171
	118,000	Singapore Post Ltd. (Transportation)		96,735
	187,000	SMRT Corp. Ltd. (Transportation)		253,540
	61,000	Stamford Land Corp. Ltd. (Consumer Services)		27,024
	878,000	Starhill Global REIT (REIT)		464,115
	251,000	Suntec Real Estate Investment Trust (REIT)		264,886
	19,000	Super Group Ltd. (Food, Beverage & Tobacco)		29,139
	597,000	Swiber Holdings Ltd. (Energy)*		280,725
	183,600	UOB-Kay Hian Holdings Ltd. (Diversified Financials)		254,024
	72,000	Venture Corp. Ltd. (Technology Hardware & Equipment)		498,715
	558,000	Wing Tai Holdings Ltd. (Real Estate)		532,437

				7,140,846

	Spain – 1.3%
	11,809	Baron de Ley SA (Food, Beverage & Tobacco)*		656,526
	38,879	Bolsas y Mercados Espanoles SA (Diversified Financials)^(a)		916,406
	4,613	Corp. Financiera Alba (Diversified Financials)		178,460
	11,504	Grupo Catalana Occidente SA (Insurance)		161,806
	24,156	Melia Hotels International SA (Consumer Services)		144,448


Shares		Description	Value

	Common Stocks – (continued)
	Spain – (continued)
	8,912	Tecnicas Reunidas SA (Energy)	$	347,972
	29,928	Viscofan SA (Food, Beverage & Tobacco)		1,354,677

				3,760,295

	Sweden – 3.3%
	44,906	Betsson AB (Consumer Services)*		1,473,786
	33,089	Bilia AB Class A (Retailing)		636,294
	18,527	Castellum AB (Real Estate)		234,595
	13,152	Clas Ohlson AB Class B (Retailing)		193,993
	8,200	D. Carnegie & Co. AB (Diversified Financials)*		—
	76,016	East Capital Explorer AB (Diversified Financials)		591,050
	113,194	Fabege AB (Real Estate)		955,687
	4,180	Hakon Invest AB (Food & Staples Retailing)		61,037
	94,393	Haldex AB (Capital Goods)		589,250
	10,631	Hexpol AB (Capital Goods)		394,150
	7,920	Hoganas AB Class B (Materials)		307,246
	58,043	Industrial & Financial Systems AB Class B (Software & Services)		993,103
	10,008	Loomis AB Class B (Commercial & Professional Services)		135,272
	7,240	Lundbergforetagen AB Class B (Diversified Financials)		234,837
	5,277	Mekonomen AB (Retailing)*		168,800
	6,313	Oresund Investment AB (Diversified Financials)*		92,403
	73,283	Saab AB Class B (Capital Goods)		1,218,785
	130,208	Trelleborg AB Class B (Capital Goods)		1,493,004
	20,570	Wallenstam AB Class B (Real Estate)		205,109
	5,810	Wihlborgs Fastigheter AB (Real Estate)		80,706

				10,059,107

	Switzerland – 4.6%
	1,249	Acino Holding AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*		163,754
	209	Banque Cantonale Vaudoise (Registered) (Banks)		118,294
	1,182	Bossard Holding AG (Capital Goods)		179,833
	7,521	Coltene Holding AG (Registered) (Health Care Equipment & Services)*		249,024
	2,022	Dufry AG (Registered) (Retailing)*		274,617
	1,294	Flughafen Zuerich AG (Registered) (Transportation)		481,864
	937	Forbo Holding AG (Registered) (Consumer Durables & Apparel)*		677,959
	2,217	Galenica AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		1,513,011
	2,592	Georg Fischer AG (Registered) (Capital Goods)*		1,150,086
	5,385	Inficon Holding AG (Registered) (Technology Hardware & Equipment)*		1,219,155


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND


Shares		Description	Value

	Common Stocks – (continued)
	Switzerland – (continued)
	250,971	Informa PLC (Media)	$	1,689,112
	121	Intershop Holdings (Real Estate)		43,459
	24,279	PSP Swiss Property AG (Registered) (Real Estate)*		2,181,837
	5,749	Rieter Holding AG (Registered) (Capital Goods)*		1,001,115
	4,972	Schweizerische National-Versicherungs-Gesellschaft (Registered) Class V (Insurance)		193,369
	468	Siegfried Holding AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*		53,638
	19,675	Swiss Prime Site AG (Registered) (Real Estate)*		1,640,909
	291,912	Swisslog Holding AG (Registered) (Capital Goods)*		299,777
	6,072	Tecan Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*		461,931
	3,171	Valiant Holding (Registered) (Banks)		385,457

				13,978,201

	United Kingdom – 19.8%
	237,598	Aegis Group PLC (Media)		685,535
	55,528	Anglo Pacific Group PLC (Energy)		288,505
	105,823	BBA Aviation PLC (Transportation)		339,393
	148,927	Berendsen PLC (Commercial & Professional Services)		1,245,387
	113,996	Big Yellow Group PLC (REIT)		548,454
	240,388	Bodycote PLC (Capital Goods)		1,660,194
	231,460	Britvic PLC (Food, Beverage & Tobacco)		1,436,070
	58,142	Cairn Energy PLC (Energy)*		325,769
	34,856	Capital & Counties Properties PLC (Real Estate)		112,597
	50,542	Chesnara PLC (Insurance)		144,504
	39,562	Cineworld Group PLC (Media)		130,359
	143,572	Computacenter PLC (Software & Services)		967,720
	24,531	Concentric AB (Capital Goods)		220,905
	78,995	Croda International PLC (Materials)		2,861,099
	134,474	Dairy Crest Group PLC (Food, Beverage & Tobacco)		657,097
	395,920	Debenhams PLC (Retailing)		530,885
	27,736	Derwent London PLC (REIT)		784,273
	259,675	Devro PLC (Food, Beverage & Tobacco)		1,299,563
	179,619	Diploma PLC (Technology Hardware & Equipment)		1,337,352
	134,392	Drax Group PLC (Utilities)		1,184,192
	351,667	DS Smith PLC (Materials)		957,945
	446,774	Elementis PLC (Materials)		1,508,580
	1,592,805	EnQuest PLC (Energy)*		3,276,756
	54,545	F&C Asset Management PLC (Diversified Financials)		59,618
	195,905	Fenner PLC (Capital Goods)		1,433,687


Shares		Description	Value

	Common Stocks – (continued)
	United Kingdom – (continued)
	22,460	Filtrona PLC (Materials)	$	169,358
	78,292	Grainger PLC (Real Estate)		126,086
	45,823	Great Portland Estates PLC (REIT)		267,835
	211,854	Greene King PLC (Consumer Services)		1,755,581
	154,132	Gulfsands Petroleum PLC (Energy)*		314,599
	336,278	Halfords Group PLC (Retailing)		1,501,694
	25,518	Helical Bar PLC (Real Estate)		78,594
	89,290	Home Retail Group PLC (Retailing)		154,469
	280,853	Homeserve PLC (Commercial & Professional Services)		1,151,033
	259,962	IG Group Holdings PLC (Diversified Financials)		1,953,362
	417,446	Intermediate Capital Group PLC (Diversified Financials)		1,740,245
	134,008	Interserve PLC (Capital Goods)		621,980
	59,432	ITE Group PLC (Commercial & Professional Services)		217,954
	49,978	JKX Oil & Gas PLC (Energy)		111,319
	194,671	John Wood Group PLC (Energy)		2,472,016
	427,336	Ladbrokes PLC (Consumer Services)		1,244,515
	188,726	Laird PLC (Technology Hardware & Equipment)		662,486
	31,982	Lavendon Group PLC (Capital Goods)		62,544
	67,745	London & Stamford Property PLC (REIT)		122,034
	828,213	Marston’s PLC (Consumer Services)		1,311,647
	61,072	Mcbride PLC (Household & Personal Products)*		125,905
	1,221,440	Mcbride PLC Preference Shares (Household & Personal Products)*		1,982
	254,108	Melrose PLC (Capital Goods)		1,803,145
	232,015	Micro Focus International PLC (Software & Services)		1,751,892
	15,769	Millennium & Copthorne Hotels PLC (Consumer Services)		124,359
	182,590	Mitie Group PLC (Commercial & Professional Services)		864,569
	190,600	Mondi PLC (Materials)		1,772,279
	72,512	Moneysupermarket.com Group PLC (Software & Services)		156,976
	39,170	N Brown Group PLC (Retailing)		145,729
	337,454	Pace PLC (Consumer Durables & Apparel)		398,522
	163,304	Paragon Group of Companies PLC (Banks)		477,231
	71,818	Pennon Group PLC (Utilities)		857,500
	129,742	Premier Oil PLC (Energy)*		789,539
	27,614	Primary Health Properties PLC (REIT)		149,725
	40,070	Provident Financial PLC (Diversified Financials)		751,761
	70,928	QinetiQ Group PLC (Capital Goods)		176,163
	2,835	Rathbone Brothers PLC (Diversified Financials)		60,874
	101,701	Raven Russia Ltd. (Real Estate)		102,744


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND

Schedule of Investments (continued)

April 30, 2012 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	United Kingdom – (continued)
	6,107	Renishaw PLC (Technology Hardware & Equipment)	$	143,668
	10,790	Rightmove PLC (Media)		269,964
	155,826	RPS Group PLC (Commercial & Professional Services)		599,658
	14,296	SDL PLC (Software & Services)		165,358
	469,725	Senior PLC (Capital Goods)		1,624,129
	14,405	Shaftesbury PLC (REIT)		119,590
	119,006	Songbird Estates PLC (Real Estate)*		225,968
	31,691	Spectris PLC (Technology Hardware & Equipment)		970,326
	552,078	Speedy Hire PLC (Capital Goods)		246,842
	141,346	Spirit Pub Co. PLC (Consumer Services)*		127,312
	84,151	ST Modwen Properties PLC (Real Estate)		229,241
	7,195	Telecom Plus PLC (Utilities)		79,803
	98,568	Tetragon Financial Group Ltd. (Diversified Financials)		772,633
	415,387	TT electronics PLC (Technology Hardware & Equipment)		1,281,100
	5,906	Ultra Electronics Holdings PLC (Capital Goods)		161,461
	12,467	Valiant Petroleum PLC (Energy)*		118,361
	295,914	William Hill PLC (Consumer Services)		1,351,688
	16,074	WS Atkins PLC (Commercial & Professional Services)		189,833
	101,725	WSP Group PLC (Commercial & Professional Services)		414,787

				59,638,407

	TOTAL COMMON STOCKS
	(Cost $262,546,025)		$	290,726,741


	Investment Companies – 0.2%
	Australia – 0.2%
	174,391	Challenger Infrastructure Fund Class A^(a)	$	216,198
	167,798	Hastings Diversified Utilities Fund		360,051

	TOTAL INVESTMENT COMPANIES
	(Cost $461,040)		$	576,249


Units		Description	Expiration Month		Value

	*Rights – 0.0%**
	Australia – 0.0%
	127,482	Beach Energy Ltd. (Energy)		05/12	$	—

	Israel – 0.0%
	679	Africa-Israel Investments Ltd. (Real Estate)		05/12		152

	TOTAL RIGHTS
	(Cost $0)				$	152


	*Warrants – 0.0%**
	France – 0.0%
	13,992	Mersen (Capital Goods)		11/12	$	—
	56,200	UBISOFT Entertainment (Software & Services)		10/13		2,009

						2,009
							��
	Netherlands – 0.0%
	34,444	Nieuwe Steen Investments NV (REIT)		04/13		—

	TOTAL WARRANTS
	(Cost $0)				$	2,009

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $263,007,065)				$	291,305,151


Shares		Rate	Value

	Securities Lending Reinvestment Vehicle^(b)(c) – 5.0%
	Goldman Sachs Financial Square Money Market Fund – FST Shares
	14,980,881	0.182%	$	14,980,881
	(Cost $14,980,881)

	TOTAL INVESTMENTS – 101.8%
	(Cost $277,987,946)		$	306,286,032

	LIABILITIES IN EXCESS OF OTHER ASSETS – (1.8)%			(5,421,616	)

	NET ASSETS – 100.0%		$	300,864,416

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


*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2012.
(c)		Represents an affiliated issuer.



Investment Abbreviations:
CVA		—Dutch Certification
REIT		—Real Estate Investment Trust
RSP		—Risparmio Shares


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2012, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)		Expiration Date	Current Value		Unrealized Gain (Loss)
EURO STOXX 50 Index		106	June 2012	$	3,169,653	$	(21,380)
FTSE 100 Index		17	June 2012		1,576,728		(4,495)
Hang Seng Index		1	May 2012		134,946		2,948
MSCI Singapore Index		3	May 2012		165,236		1,773
SPI 200 Index		6	June 2012		687,218		4,362
TSE TOPIX Index		20	June 2012		2,010,271		(29,810)

TOTAL						$	(46,602	)


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Statements of Assets and Liabilities

April 30, 2012 (Unaudited)



	Structured Emerging Markets Equity Fund			Structured International Equity Fund			Structured International Small Cap Fund
Assets:
Investments in unaffiliated issuers, at value (cost $272,639,725, $1,043,846,633 and $263,007,065)^(a)	$	309,892,895		$	1,084,991,845		$	291,305,151
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		840,000			46,503,780			14,980,881
Cash		410,261			4,020,599			5,665,672
Foreign currencies, at value (cost $505,927, $22,430,132 and $1,869,835)		509,658			22,527,077			1,878,389
Receivables:
Dividends		868,292			7,052,254			1,790,208
Fund shares sold		285,058			40,219			233,756
Foreign tax reclaims		32,604			745,651			114,851
Securities lending income		6,139			190,106			17,006
Reimbursement from investment adviser		3,243			18,726			40,989
Investments sold		2,363,161			8,514,004			332,033
Futures variation margin^(b)		—			—			434,274
Due from custodian		—			13,058,966			214,322
Other assets		1,837			305,979			1,504
Total assets		315,213,148			1,187,969,206			317,009,036

Liabilities:
Payables:
Payable upon return of securities loaned		840,000			46,503,780			14,980,881
Foreign capital gains taxes		408,075			—			—
Fund shares redeemed		279,030			15,247,046			292,968
Amounts owed to affiliates		270,690			901,732			219,457
Investments purchased		1,203,547			20,960,151			443,652
Futures variation margin		—			153,654			27,358
Accrued expenses		285,093			342,884			180,304
Total liabilities		3,286,435			84,109,247			16,144,620

Net Assets:
Paid-in capital		308,780,960			2,575,882,881			301,940,215
Undistributed (distributions in excess of) net investment income		(23,825	)		7,743,374			297,556
Accumulated net realized loss		(33,680,784	)		(1,519,820,680	)		(29,681,167	)
Net unrealized gain		36,850,362			40,054,384			28,307,812
NET ASSETS	$	311,926,713		$	1,103,859,959		$	300,864,416
Net Assets:
Class A	$	21,118,214		$	258,162,290		$	25,881,851
Class B		—			3,157,256			—
Class C		263,289			3,340,976			961,049
Institutional		290,400,046			829,333,089			273,735,505
Service		—			9,726,239			—
Class IR		145,164			42,926			286,011
Class R		—			97,183			—
Total Net Assets	$	311,926,713		$	1,103,859,959		$	300,864,416
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		2,466,448			28,860,349			3,143,077
Class B		—			356,070			—
Class C		30,801			377,584			118,637
Institutional		33,997,385			90,477,622			33,278,882
Service		—			1,079,593			—
Class IR		17,000			4,855			34,818
Class R		—			10,992			—
Net asset value, offering and redemption price per share:^(c)
Class A		$8.56			$8.95			$8.23
Class B		—			8.87			—
Class C		8.55			8.85			8.10
Institutional		8.54			9.17			8.23
Service		—			9.01			—
Class IR		8.54			8.84			8.21
Class R		—			8.84			—

(a)

Includes loaned securities having a market value of $753,337, $43,147,038 and $14,152,116 for the Structured Emerging Markets Equity, Structured International Equity and Structured International Small Cap Funds, respectively.

(b)

Includes cash on deposit with counterparty of $434,274 for the Structured International Small Cap Fund relating to initial margin requirements on futures transactions.

(c)

Maximum public offering price per share for Class A Shares of the Structured Emerging Markets Equity, Structured International Equity and Structured International Small Cap Fund is $9.06, $9.47 and $8.71, respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Statements of Operations

For the Six Months Ended April 30, 2012 (Unaudited)


	Structured Emerging Markets Equity Fund			Structured International Equity Fund			Structured International Small Cap Fund
Investment income:
Dividends (net of foreign taxes withheld of $145,424, $1,233,350 and $242,098)	$	2,456,826		$	19,859,741		$	4,518,624
Securities lending income — affiliated issuer		18,591			454,784			113,034
Interest		—			7,358			1,974
Total investment income		2,475,417			20,321,883			4,633,632

Expenses:
Management fees		1,445,654			4,882,208			1,161,111
Custody and accounting fees		270,257			250,559			126,033
Transfer Agent fees^(a)		71,097			445,238			75,114
Professional fees		65,979			75,679			97,861
Distribution and Service fees^(a)		22,879			379,319			36,950
Printing and mailing costs		45,126			47,449			26,866
Registration fees		27,589			56,189			27,647
Trustee fees		7,925			8,579			7,907
Service share fees — Service Plan		—			13,812			—
Service share fees — Shareholder Administration Plan		—			13,812			—
Other		21,396			19,938			6,490
Total expenses		1,977,902			6,192,782			1,565,979
Less — expense reductions		(419,027	)		(436,024	)		(276,407	)
Net expenses		1,558,875			5,756,758			1,289,572
NET INVESTMENT INCOME		916,542			14,565,125			3,344,060

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		12,828,594			(81,146,837	)		(2,477,363	)
Futures contracts		—			8,992			537,317
Foreign currency transactions		(250,173	)		(1,399,450	)		(3,422	)
Net change in unrealized gain (loss) on:
Investments — (including the effects of the net change in the foreign capital gains tax liability of $449,613, $0 and $0)		5,959,585			108,576,811			17,075,406
Futures contracts		—			(1,788,741	)		(491,857	)
Foreign currency translation		(48,309	)		699,286			32,672
Net realized and unrealized gain		18,489,697			24,950,061			14,672,753
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	19,406,239		$	39,515,186		$	18,016,813

(a)

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


	Distribution and Service Fees								Transfer Agent Fees
Fund	Class A		Class B		Class C		Class R		Class A		Class B		Class C		Institutional		Service		Class IR		Class R
Structured Emerging Markets Equity	$	21,782	$	—	$	1,097	$	—	$	16,555	$	—	$	208	$	54,288	$	—	$	46	$	—
Structured International Equity		345,175		17,093		16,784		267		262,335		3,248		3,189		174,115		2,210		40		101
Structured International Small Cap		32,549		—		4,401		—		24,738		—		836		49,181		—		359		—


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Statements of Changes in Net Assets


	Structured Emerging Markets Equity Fund
	For the Six Months Ended April 30, 2012 (Unaudited)			For the Fiscal Year Ended October 31, 2011
From operations:
Net investment income	$	916,542		$	5,986,847
Net realized gain (loss)		12,578,421			20,744,233
Net change in unrealized gain (loss)		5,911,276			(50,158,805	)
Net increase (decrease) in net assets resulting from operations		19,406,239			(23,427,725	)

Distributions to shareholders:
From net investment income
Class A Shares		(190,969	)		(421,339	)
Class B Shares		—			—
Class C Shares		—			(946	)
Institutional Shares		(5,188,307	)		(4,706,466	)
Service Shares		—			—
Class IR Shares		(19	)		(15	)
Class R Shares		—			—
Total distributions to shareholders		(5,379,295	)		(5,128,766	)

From share transactions:
Proceeds from sales of shares		48,631,990			135,323,028
Reinvestment of distributions		5,376,255			5,113,905
Cost of shares redeemed		(46,432,740	)		(238,922,516	)
Net increase (decrease) in net assets resulting from share transactions		7,575,505			(98,485,583	)
TOTAL INCREASE (DECREASE)		21,602,449			(127,042,074	)

Net assets:
Beginning of period		290,324,264			417,366,338
End of period	$	311,926,713		$	290,324,264
Undistributed (distributions in excess of) net investment income	$	(23,825	)	$	4,438,928


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS


Structured International Equity Fund						Structured International Small Cap Fund
For the Six Months Ended April 30, 2012 (Unaudited)			For the Fiscal Year Ended October 31, 2011			For the Six Months Ended April 30, 2012 (Unaudited)			For the Fiscal Year Ended October 31, 2011

$	14,565,125		$	62,242,387		$	3,344,060		$	6,658,095
	(82,537,295	)		22,698,056			(1,943,468	)		27,946,189
	107,487,356			(293,652,449	)		16,616,221			(36,562,728	)
	39,515,186			(208,712,006	)		18,016,813			(1,958,444	)



	(13,871,075	)		(10,415,892	)		(620,606	)		(979,815	)
	(138,961	)		(80,045	)		—			—
	(138,496	)		(62,677	)		(16,534	)		(4,949	)
	(49,022,202	)		(41,363,992	)		(6,981,053	)		(7,713,278	)
	(591,705	)		(426,025	)		—			—
	(2,354	)		(174	)		(8,270	)		(38	)
	(5,640	)		(4,837	)		—			—
	(63,770,433	)		(52,353,642	)		(7,626,463	)		(8,698,080	)


	63,297,124			443,716,127			41,099,620			114,946,606
	61,362,112			49,349,847			7,278,249			8,679,577
	(344,946,425	)		(1,268,110,378	)		(39,400,829	)		(102,105,515	)
	(220,287,189	)		(775,044,404	)		8,977,040			21,520,668
	(244,542,436	)		(1,036,110,052	)		19,367,390			10,864,144


	1,348,402,395			2,384,512,447			281,497,026			270,632,882
$	1,103,859,959		$	1,348,402,395		$	300,864,416		$	281,497,026
$	7,743,374		$	56,948,682		$	297,556		$	4,579,959


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

GOLDMAN SACHS STRUCTURED EMERGING MARKETS EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2012 - A	$	8.08	$	0.01		$	0.56		$	0.57		$	(0.09	)	$	—		$	(0.09	)
2012 - C		8.00		(0.02	)		0.57			0.55			—			—			—
2012 - Institutional		8.12		0.03			0.55			0.58			(0.16	)		—			(0.16	)
2012 - IR		8.11		0.07			0.51			0.58			(0.15	)		—			(0.15	)

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

FOR THE PERIOD ENDED OCTOBER 31,
2007 - A (Commenced October 5, 2007)		10.00		0.01			1.03			1.04			—			—			—
2007 - C (Commenced October 5, 2007)		10.00		—	^(d)		1.03			1.03			—			—			—
2007 - Institutional (Commenced October 5, 2007)		10.00		—	^(d)		1.04			1.04			—			—			—

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

Annualized.

(d)

Amount is less than $0.005 per share.

(e)

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

(f)

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


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

GOLDMAN SACHS STRUCTURED EMERGING MARKETS EQUITY FUND



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

$	8.56		7.28	%	$	21,118		1.45	%^(c)		1.74	%^(c)		0.33	%^(c)		88	%
	8.55		6.88			263		2.20	^(c)		2.49	^(c)		(0.45	)^(c)		88
	8.54		7.45			290,400		1.05	^(c)		1.34	^(c)		0.65	^(c)		88
	8.54		7.38			145		1.20	^(c)		1.49	^(c)		1.58	^(c)		88


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


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


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income^(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2012 - A	$	9.02	$	0.09	$	0.26		$	0.35		$	(0.42	)	$	—		$	(0.42	)
2012 - B		8.89		0.06		0.25			0.31			(0.33	)		—			(0.33	)
2012 - C		8.89		0.06		0.25			0.31			(0.35	)		—			(0.35	)
2012 - Institutional		9.27		0.12		0.25			0.37			(0.47	)		—			(0.47	)
2012 - Service		9.08		0.09		0.25			0.34			(0.41	)		—			(0.41	)
2012 - IR		8.97		0.11		0.23			0.34			(0.47	)		—			(0.47	)
2012 - R		8.93		0.08		0.25			0.33			(0.42	)		—			(0.42	)

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

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

FOR THE FISCAL YEARS ENDED AUGUST 31,
2008 - A		15.90		0.52		(2.77	)		(2.25	)		(0.48	)		(1.38	)		(1.86	)
2008 - B		15.67		0.41		(2.73	)		(2.32	)		(0.39	)		(1.38	)		(1.77	)
2008 - C		15.64		0.41		(2.73	)		(2.32	)		(0.38	)		(1.38	)		(1.76	)
2008 - Institutional		16.28		0.59		(2.84	)		(2.25	)		(0.54	)		(1.38	)		(1.92	)
2008 - Service		15.93		0.49		(2.76	)		(2.27	)		(0.47	)		(1.38	)		(1.85	)
2008 - IR (Commenced November 30, 2007)		16.57		0.30		(3.19	)		(2.89	)		(0.55	)		(1.38	)		(1.93	)
2008 - R (Commenced November 30, 2007)		16.57		0.25		(3.18	)		(2.93	)		(0.54	)		(1.38	)		(1.92	)
2007 - A		14.29		0.30		2.33			2.63			(0.17	)		(0.85	)		(1.02	)
2007 - B		14.09		0.15		2.34			2.49			(0.06	)		(0.85	)		(0.91	)
2007 - C		14.09		0.15		2.33			2.48			(0.08	)		(0.85	)		(0.93	)
2007 - Institutional		14.59		0.38		2.38			2.76			(0.22	)		(0.85	)		(1.07	)
2007 - Service		14.31		0.26		2.37			2.63			(0.16	)		(0.85	)		(1.01	)

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

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUND



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

$	8.95		4.37	%	$	258,162		1.28	%^(c)		1.36	%^(c)		2.17	%^(c)		103	%
	8.87		3.90			3,157		2.03	^(c)		2.11	^(c)		1.44	^(c)		103
	8.85		3.88			3,341		2.03	^(c)		2.11	^(c)		1.50	^(c)		103
	9.17		4.57			829,333		0.88	^(c)		0.96	^(c)		2.63	^(c)		103
	9.01		4.21			9,726		1.38	^(c)		1.46	^(c)		2.02	^(c)		103
	8.84		4.34			43		1.03	^(c)		1.11	^(c)		2.55	^(c)		103
	8.84		4.23			97		1.53	^(c)		1.61	^(c)		1.98	^(c)		103


	9.02		(9.87	)		314,225		1.25			1.31			2.74			101
	8.89		(10.52	)		3,916		2.00			2.06			1.93			101
	8.89		(10.50	)		3,660		2.00			2.06			1.94			101
	9.27		(9.52	)		1,013,458		0.85			0.91			3.18			101
	9.08		(9.91	)		12,982		1.35			1.41			2.60			101
	8.97		(9.58	)		45		1.00			1.06			2.53			101
	8.93		(9.99	)		116		1.50			1.56			1.87			101
	10.21		8.59			530,086		1.25			1.29			1.89			111
	10.06		7.83			6,563		2.00			2.04			1.13			111
	10.06		7.78			5,023		2.00			2.04			1.12			111
	10.49		9.05			1,819,375		0.85			0.89			2.24			111
	10.27		8.49			23,267		1.35			1.39			1.68			111
	10.15		8.77			8		1.00			1.04			2.13			111
	10.12		8.30			192		1.50			1.54			1.59			111
	9.61		25.56			656,289		1.25			1.32			2.17			167
	9.47		24.49			7,620		2.00			2.07			1.50			167
	9.47		24.68			5,622		2.00			2.07			1.52			167
	9.86		26.03			1,770,267		0.85			0.92			2.55			167
	9.67		25.46			29,882		1.35			1.42			1.96			167
	9.56		25.94			7		1.00			1.07			2.51			167
	9.55		25.32			155		1.50			1.57			0.95			167


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


	11.79		(16.33	)		1,031,252		1.20			1.25			3.70			161
	11.58		(16.99	)		13,280		1.95			2.00			2.93			161
	11.56		(16.99	)		9,875		1.95			2.00			2.97			161
	12.11		(15.99	)		2,676,502		0.80			0.85			4.13			161
	11.81		(16.50	)		49,411		1.30			1.35			3.54			161
	11.75		(19.67	)		8		0.95	^(c)		1.00	^(c)		3.02	^(c)		161
	11.72		(19.92	)		8		1.45	^(c)		1.50	^(c)		2.55	^(c)		161
	15.90		19.12			1,495,073		1.22			1.26			1.96			56
	15.67		18.28			19,124		1.97			2.01			0.98			56
	15.64		18.21			13,961		1.97			2.01			0.98			56
	16.28		19.63			3,255,644		0.82			0.86			2.38			56
	15.93		19.11			55,340		1.32			1.36			1.67			56


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2012 - A	$	7.92	$	0.08		$	0.41		$	0.49		$	(0.18	)
2012 - C		7.79		0.05			0.41			0.46			(0.15	)
2012 - Institutional		7.94		0.10			0.41			0.51			(0.22	)
2012 - IR		7.93		0.07			0.42			0.49			(0.21	)

FOR THE FISCAL YEARS ENDED OCTOBER 31,
2011 - A		8.20		0.17			(0.21	)		(0.04	)		(0.24	)
2011 - C		8.08		0.13			(0.23	)		(0.10	)		(0.19	)
2011 - Institutional		8.21		0.20			(0.20	)		—			(0.27	)
2011 - IR		8.21		0.20			(0.21	)		(0.01	)		(0.27	)
2010 - A		7.03		0.12	^(d)		1.21			1.33			(0.16	)
2010 - C		6.95		0.09	^(d)		1.17			1.26			(0.13	)
2010 - Institutional		7.04		0.16	^(d)		1.19			1.35			(0.18	)
2010 - IR (Commenced August 31, 2010)		7.00		0.03	^(d)		1.18			1.21			—
2009 - A		4.94		0.09			2.19			2.28			(0.19	)
2009 - C		4.91		0.06			2.17			2.23			(0.19	)
2009 - Institutional		4.96		0.12			2.19			2.31			(0.23	)
2008 - A		10.46		0.20	^(e)		(5.69	)		(5.49	)		(0.03	)
2008 - C		10.46		0.13	^(e)		(5.68	)		(5.55	)		—	^(f)
2008 - Institutional		10.47		0.23	^(e)		(5.71	)		(5.48	)		(0.03	)

FOR THE PERIOD ENDED OCTOBER 31,
2007 - A (Commenced September 28, 2007)		10.00		(0.01	)		0.47			0.46			—
2007 - C (Commenced September 28, 2007)		10.00		(0.01	)		0.47			0.46			—
2007 - Institutional (Commenced September 28, 2007)		10.00		—	^(f)		0.47			0.47			—

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)

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

(e)

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

(f)

Amount is less than $0.005 per share.


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL SMALL CAP FUND



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

$	8.23		6.56	%	$	25,882		1.30	%^(c)		1.50	%^(c)		1.97	%^(c)		63	%
	8.10		6.19			961		2.05	^(c)		2.25	^(c)		1.39	^(c)		63
	8.23		6.78			273,736		0.90	^(c)		1.10	^(c)		2.50	^(c)		63
	8.21		6.65			286		1.05	^(c)		1.25	^(c)		1.83	^(c)		63


	7.92		(0.68	)		29,729		1.30			1.47			1.95			79
	7.79		(1.39	)		856		2.05			2.22			1.56			79
	7.94		(0.16	)		249,545		0.90			1.07			2.30			79
	7.93		(0.33	)		1,368		1.05			1.22			2.39			79
	8.20		19.36			34,154		1.30			1.50			1.71	^(d)		113
	8.08		18.50			213		2.05			2.25			1.24	^(d)		113
	8.21		19.67			236,265		0.90			1.10			2.18	^(d)		113
	8.21		17.29			1		1.05	^(c)		1.25	^(c)		2.49	^(c)(d)		113
	7.03		48.17			36,310		1.30			1.74			1.62			209
	6.95		47.36			40		2.05			2.49			1.16			209
	7.04		48.80			207,776		0.90			1.34			1.99			209
	4.94		(52.55	)		18,763		1.30			1.70			2.39	^(e)		117
	4.91		(52.94	)		21		2.05			2.45			1.70	^(e)		117
	4.96		(52.37	)		67,625		0.90			1.30			2.83	^(e)		117


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


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements

April 30, 2012 (Unaudited)

1. ORGANIZATION

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


Fund	Share Classes Offered*	Diversified/ Non-diversified
Structured Emerging Markets Equity and Structured International Small Cap	A, C, Institutional and IR	Diversified
Structured International Equity	A, B, C, Institutional, Service, IR and R	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 (“CDSC”) that declines from 5.00% to zero, depending upon the period of time the shares are held. Class C Shares are sold with a CDSC of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Class IR and Class R Shares are not subject to a sales charge.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Equity securities and investment companies traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges including, but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If 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. 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. Such securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under valuation procedures approved by the trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in 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. 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.

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

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

F. Futures Contracts — Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price for long positions and the last ask price for short positions, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, the Funds deposit cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Funds equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset in unrealized gains or losses. The Funds recognize a realized gain or loss when a contract is closed or expires.

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

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 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 investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

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

The levels used for classifying investments are not necessarily an indication of the risk associated with investing in those investments.

The following is a summary of the Funds’ investments and derivatives categorized in the fair value hierarchy as of April 30, 2012:



STRUCTURED EMERGING MARKETS EQUITY FUND

Investment Type	Level 1		Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	63,147,579	$	246,405,975	^(a)	$	339,341
Securities Lending Reinvestment Vehicle		840,000		—			—
Total	$	63,987,579	$	246,405,975		$	339,341

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

3. FAIR VALUE OF INVESTMENTS (continued)

The following is a reconciliation of Level 3 investments for the period ended April 30, 2012:



	Common Stock and/or Other Equity Investments
Beginning Balance as of November 1, 2011	$	—
Purchases	$	339,341
Ending Balance as of April 30, 2012	$	339,341



STRUCTURED INTERNATIONAL EQUITY FUND

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	32,192,192		$	1,052,799,653	^(a)	$	—
Securities Lending Reinvestment Vehicle		46,503,780			—			—
Total	$	78,695,972		$	1,052,799,653		$	—

Derivative Type
Assets^(b)
Futures Contracts	$	54,383		$	—		$	—
Liabilities^(b)
Futures Contracts	$	(1,349,627	)	$	—		$	—

STRUCTURED INTERNATIONAL SMALL CAP FUND

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	—		$	291,305,151	^(a)	$	—
Securities Lending Reinvestment Vehicle		14,980,881			—			—
Total	$	14,980,881		$	291,305,151		$	—

Derivative Type
Assets^(b)
Futures Contracts	$	9,083		$	—		$	—
Liabilities^(b)
Futures Contracts	$	(55,685	)	$	—		$	—

(a)

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

(b)

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

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/or 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 April 30, 2012, the Structured International Equity and Structured International Small Cap Funds entered into futures contracts. These instruments were used to meet the Funds’ investment objectives and to obtain and/or manage exposure related to the risks below. The following table sets forth, by certain risk types, the gross value of these derivative contracts for trading activities as of April 30, 2012. The values in the table below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Fund

Risk

Statements of Assets

and Liabilities

Assets^(a)

Statements of Assets

and Liabilities

Liabilities^(a)

Structured International Equity

Equity

Unrealized gain on futures variation margin

54,383

Unrealized loss on futures variation margin

(1,349,627

)

Structured International Small Cap

Equity

Unrealized gain on futures variation margin

9,083

Unrealized loss on futures variation margin

(55,685

)

(a)

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

The following table sets forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended April 30, 2012. These gains (losses) should be considered in the context that these derivative contracts may have been executed to economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:


Fund	Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Structured International Equity	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	8,992	$	(1,788,741	)	431
Structured International Small Cap	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		537,317		(491,857	)	107

(a)

Average number of contracts is based on the average of month end balances for the six months ended April 30, 2012.

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended April 30, 2012, contractual management fees with GSAM were at the following rates:


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

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


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

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

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A front end sales charge and Class B and Class C CDSC. During the six months ended April 30, 2012, Goldman Sachs advised that it retained front end sales charges of approximately $1,000, $3,300 and $500 for the Structured Emerging Markets Equity, Structured International Equity and Structured International Small Cap Funds, respectively. Goldman Sachs retained no contingent deferred sales charges.

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

D. Service Plan and Shareholder Administration Plan — The Trust, on behalf of each Fund that offers Service Shares, has adopted a Service Plan and a Shareholder Administration Plan. These plans allow for service organizations to provide varying levels of personal and account maintenance and shareholder administration services to their customers who are beneficial owners of such shares. The Service Plan and Shareholder Administration Plan each provide for compensation to the service organizations which is accrued daily and paid monthly at an annual rate 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, Class IR and Class R 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 Structured Emerging Markets Equity, Structured International Equity and Structured International Small Cap Funds are 0.014%, 0.004% and 0.014%, respectively. These Other Expense reimbursements will remain in place through February 28, 2013, 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 April 30, 2012, these expense reductions, including Other Expense reimbursements, were as follows (in thousands):


Fund	Custody Fee Credits		Other Expense Reimbursement		Total Expense Reductions
Structured Emerging Markets Equity	$	1	$	418	$	419
Structured International Equity		1		435		436
Structured International Small Cap		3		273		276

As of April 30, 2012, the amounts owed to affiliates of the Funds were as follows (in thousands):


Fund	Management Fees		Distribution and Service Fees		Transfer Agent Fees		Total
Structured Emerging Markets Equity	$	254	$	4	$	13	$	271
Structured International Equity		769		63		70		902
Structured International Small Cap		201		6		12		219

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

G. Line of Credit Facility — As of April 30, 2012, 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 (“Other Borrowers”). Pursuant to the terms of the facility, the Funds and Other Borrowers could increase the credit amount by an additional $340,000,000, for a total of up to $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 April 30, 2012, the Funds did not have any borrowings under the facility. Effective May 8, 2012, the amount available through the facility increased to $630,000,000.

H. Other Transactions with Affiliates — For the six months ended April 30, 2012, Goldman Sachs earned approximately $16,800 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Structured International Equity Fund.

As of April 30, 2012, the following Goldman Sachs Fund of Funds Portfolios were the beneficial owners of 5% or more of the total outstanding shares of the following Funds:


Fund	Goldman Sachs Equity Growth Strategy Portfolio			Goldman Sachs Growth Strategy Portfolio			Goldman Sachs Growth and Income Strategy Portfolio			Goldman Sachs Satellite Strategies Portfolio			Goldman Sachs Tax-Advantaged Global Equity Portfolio
Structured Emerging Markets Equity		—	%		7	%		—	%		15	%		5	%
Structured International Equity		10			20			16			—			—
Structured International Small Cap		—			10			11			21			—

As of April 30, 2012, the Goldman Sachs Group, Inc. was the beneficial owner of approximately 1% of the Class IR Shares of the Structured Emerging Markets Equity Fund, and approximately 17% and 7% of the Class IR and Class R Shares of the Structured International Equity Fund, respectively.

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2012, were as follows:


Fund	Purchases		Sales and Maturities
Structured Emerging Markets Equity	$	256,233,724	$	255,535,320
Structured International Equity		1,197,552,507		1,455,292,332
Structured International Small Cap		175,972,268		170,306,751

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

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 Act as an open end investment company, is subject to Rule 2a-7 under the Act and is managed by GSAM, for which GSAM may receive an investment advisory fee of up to 0.205% on an annualized basis of the average daily net assets of the Money Market Fund.

Both the Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned by the Funds for the six months ended April 30, 2012, are reported under Investment Income on the Statements of Operations. The table below details securities lending activity with affiliates of Goldman Sachs:


	For the Six Months Ended April 30, 2012
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs		Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of April 30, 2012
Structured Emerging Markets Equity	$	2,084	$	—	$	—
Structured International Equity		52,975		41,037		3,946,250
Structured International Small Cap		12,687		22,638		599,150

The following table provides information about the Funds’ investment in the Money Market Fund for the six months ended April 30, 2012 (in thousands):


Fund	Number of Shares Held Beginning of Period		Shares Bought		Shares Sold			Number of Shares Held End of Period		Value at End Period
Structured Emerging Markets Equity		—		20,308		(19,468	)		840	$	840
Structured International Equity		8,528		275,200		(237,224	)		46,504		46,504
Structured International Small Cap		8,064		27,910		(20,993	)		14,981		14,981

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, October 31, 2011, the Funds’ capital loss carryovers on a tax-basis were as follows:


	Structured Emerging Markets Equity			Structured International Equity			Structured International Small Cap
Capital loss carryovers:⁽¹⁾
Expiring 2016	$	—		$	(455,911,785	)	$	(5,458,844	)
Expiring 2017		(38,211,138	)		(940,883,655	)		(21,285,839	)
Expiring 2019		—			(5,134,101	)		—
Total capital loss carryovers	$	(38,211,138	)	$	(1,401,929,541	)	$	(26,744,683	)

(1)

Expiration occurs on October 31 of the year indicated.

As of April 30, 2012, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Structured Emerging Markets Equity			Structured International Equity			Structured International Small Cap
Tax cost	$	281,541,566		$	1,126,766,572		$	281,037,608
Gross unrealized gain		46,568,820			70,746,565			40,249,140
Gross unrealized loss		(17,377,491	)		(66,017,512	)		(15,000,716	)
Net unrealized security gain	$	29,191,329		$	4,729,053		$	25,248,424

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

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

9. OTHER RISKS

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

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

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.

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)


11. OTHER MATTERS

New Accounting Pronouncement — In May 2011, Accounting Standards Update 2011-04 (ASU 2011-04), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, was issued and is effective for interim and annual periods beginning after December 15, 2011. ASU 2011-04 amends Financial Accounting Standards Board (FASB) Topic 820, Fair Value Measurement. The amendments are the result of the work by the FASB and the International Accounting Standards Board to develop common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. GSAM is currently evaluating the application of ASU 2011-04 and its impact, if any, on the Funds’ financial statements.

In December 2011, Accounting Standards Update 2011-11 (ASU 2011-11), Amendments to Disclosures about Offsetting Assets and Liabilities Requirements in U.S. GAAP and IFRSs, was issued and is effective for interim periods and annual periods

beginning on or after January 1, 2013. The amendments are the result of the work by FASB and the International Accounting Standards Board to develop common requirements for disclosing information about offsetting and related arrangements. GSAM is currently evaluating the application of ASU 2011-11 and its impact, if any, on the Funds’ financial statements.

Other Matters — On February 8, 2012, the Commodity Futures Trading Commission (CFTC) adopted amendments to several of its rules relating to commodity pool operators, including Rule 4.5. The Funds currently rely on Rule 4.5’s exclusion from CFTC regulation for regulated investment companies. GSAM is currently evaluating the amendments and their impact, if any, on the Funds’ financial statements.


12. 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.

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

13. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Structured Emerging Markets Equity Fund

	For the Six Months Ended April 30, 2012 (Unaudited)						For the Fiscal Year Ended October 31, 2011

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		899,758		$	7,670,799			798,278		$	7,208,905
Reinvestment of distributions		25,713			190,016			46,464			420,501
Shares redeemed		(573,357	)		(4,606,206	)		(4,571,789	)		(41,124,003	)
		352,114			3,254,609			(3,727,047	)		(33,494,597	)
Class C Shares
Shares sold		5,070			43,184			15,312			133,070
Reinvestment of distributions		—			—			36			324
Shares redeemed		(165	)		(1,265	)		(134,742	)		(1,183,758	)
		4,905			41,919			(119,394	)		(1,050,364	)
Institutional Shares
Shares sold		5,029,925			40,765,423			14,892,939			127,981,053
Reinvestment of distributions		704,649			5,186,220			517,427			4,693,065
Shares redeemed		(5,363,364	)		(41,821,351	)		(22,425,792	)		(196,614,755	)
		371,210			4,130,292			(7,015,426	)		(63,940,637	)
Class IR Shares
Shares sold		17,324			152,584			—			—
Reinvestment of distributions		3			19			2			15
Shares redeemed		(459	)		(3,918	)		—			—
		16,868			148,685			2			15
NET INCREASE (DECREASE)		745,097		$	7,575,505			(10,861,865	)	$	(98,485,583	)

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Notes to Financial Statements (continued)

April 30, 2012 (Unaudited)

13. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Structured International Equity Fund

	For the Six Months Ended April 30, 2012 (Unaudited)						For the Fiscal Year Ended October 31, 2011

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		2,628,170		$	22,044,664			11,348,906		$	118,600,647
Shares converted from Class B^(a)		7,360			62,072			17,113			168,197
Reinvestment of distributions		1,704,286			13,804,716			964,449			9,808,446
Shares redeemed		(10,305,381	)		(88,848,044	)		(29,431,194	)		(286,605,407	)
		(5,965,565	)		(52,936,592	)		(17,100,726	)		(158,028,117	)
Class B Shares
Shares sold		5,608			48,790			17,244			175,947
Shares converted to Class A^(a)		(7,406	)		(62,072	)		(17,299	)		(168,197	)
Reinvestment of distributions		16,339			131,532			7,550			76,184
Shares redeemed		(99,129	)		(848,495	)		(219,476	)		(2,142,846	)
		(84,588	)		(730,245	)		(211,981	)		(2,058,912	)
Class C Shares
Shares sold		15,916			135,702			31,151			319,060
Reinvestment of distributions		13,667			109,747			5,055			51,002
Shares redeemed		(63,819	)		(543,091	)		(123,732	)		(1,237,836	)
		(34,236	)		(297,642	)		(87,526	)		(867,774	)
Institutional Shares
Shares sold		4,443,762			40,275,493			30,185,328			320,568,985
Reinvestment of distributions		5,697,917			47,178,757			3,764,641			39,227,558
Shares redeemed		(28,958,966	)		(250,748,585	)		(98,134,898	)		(965,873,711	)
		(18,817,287	)		(163,294,335	)		(64,184,929	)		(606,077,168	)
Service Shares
Shares sold		89,124			776,927			376,099			3,801,122
Reinvestment of distributions		15,853			129,366			17,739			181,647
Shares redeemed		(455,460	)		(3,916,467	)		(1,229,483	)		(11,963,533	)
		(350,483	)		(3,010,174	)		(835,645	)		(7,980,764	)
Class IR Shares
Shares sold		256			2,290			8,327			76,873
Reinvestment of distributions		295			2,354			17			174
Shares redeemed		(711	)		(5,892	)		(4,071	)		(36,445	)
		(160	)		(1,248	)		4,273			40,602
Class R Shares
Shares sold		1,552			13,258			17,539			173,493
Reinvestment of distributions		704			5,640			480			4,836
Shares redeemed		(4,270	)		(35,851	)		(23,987	)		(250,600	)
		(2,014	)		(16,953	)		(5,968	)		(72,271	)
NET DECREASE		(25,254,333	)	$	(220,287,189	)		(82,422,502	)	$	(775,044,404	)

(a)

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

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

13. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Structured International Small Cap Fund

	For the Six Months Ended April 30, 2012 (Unaudited)						For the Fiscal Year Ended October 31, 2011

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		283,661		$	2,200,018			1,513,380		$	13,008,314
Reinvestment of distributions		86,080			616,336			114,710			964,710
Shares redeemed		(979,628	)		(7,555,655	)		(2,042,413	)		(17,522,649	)
		(609,887	)		(4,739,301	)		(414,323	)		(3,549,625	)
Class C Shares
Shares sold		18,900			144,778			117,634			1,023,252
Reinvestment of distributions		2,039			14,392			508			4,225
Shares redeemed		(12,143	)		(91,995	)		(34,703	)		(293,332	)
		8,796			67,175			83,439			734,145
Institutional Shares
Shares sold		4,911,624			38,602,026			11,493,128			99,513,045
Reinvestment of distributions		929,867			6,639,251			917,929			7,710,604
Shares redeemed		(3,977,434	)		(30,635,303	)		(9,759,436	)		(84,289,534	)
		1,864,057			14,605,974			2,651,621			22,934,115
Class IR Shares
Shares sold		19,152			152,798			172,325			1,401,995
Reinvestment of distributions		1,160			8,270			4			38
Shares redeemed		(157,966	)		(1,117,876	)		—			—
		(137,654	)		(956,808	)		172,329			1,402,033
NET INCREASE		1,125,312		$	8,977,040			2,493,066		$	21,520,668

GOLDMAN SACHS STRUCTURED INTERNATIONAL EQUITY FUNDS

Fund Expenses — Six Month Period Ended April 30, 2012 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2011 through April 30, 2012.

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

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

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


	Structured Emerging Markets Equity Fund							Structured International Equity Fund							Structured International Small Cap Fund
Share Class	Beginning Account Value 11/01/11		Ending Account Value 4/30/12			Expenses Paid for the 6 Months Ended 4/30/12*		Beginning Account Value 11/01/11		Ending Account Value 4/30/12			Expenses Paid for the 6 Months Ended 4/30/12*		Beginning Account Value 11/01/11		Ending Account Value 4/30/12			Expenses Paid for the 6 Months Ended 4/30/12*
Class A
Actual	$	1,000	$	1,072.80		$	7.47	$	1,000	$	1,043.70		$	6.50	$	1,000	$	1,065.60		$	6.68
Hypothetical 5% return		1,000		1,017.65	+		7.27		1,000		1,018.50	+		6.42		1,000		1,018.40	+		6.52
Class B
Actual		N/A		N/A			N/A		1,000		1,039.00			10.29		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,014.77	+		10.17		N/A		N/A			N/A
Class C
Actual		1,000		1,068.80			11.32		1,000		1,038.80			10.29		1,000		1,061.90			10.51
Hypothetical 5% return		1,000		1,013.92	+		11.02		1,000		1,014.77	+		10.17		1,000		1,014.67	+		10.27
Institutional
Actual		1,000		1,074.50			5.42		1,000		1,045.70			4.48		1,000		1,067.80			4.63
Hypothetical 5% return		1,000		1,019.64	+		5.27		1,000		1,020.49	+		4.42		1,000		1,020.39	+		4.52
Service
Actual		N/A		N/A			N/A		1,000		1,042.10			7.01		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,018.00	+		6.92		N/A		N/A			N/A
Class IR
Actual		1,000		1,073.80			6.19		1,000		1,043.40			5.23		1,000		1,066.50			5.39
Hypothetical 5% return		1,000		1,018.90	+		6.02		1,000		1,019.74	+		5.17		1,000		1,019.64	+		5.27
Class R
Actual		N/A		N/A			N/A		1,000		1,042.30			7.77		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		1,000		1,017.26	+		7.67		N/A		N/A			N/A

Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 2012. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:


Fund	Class A			Class B			Class C			Institutional			Service			Class IR			Class R
Structured Emerging Markets Equity		1.45	%		N/A			2.20	%		1.05	%		N/A			1.20	%		N/A
Structured International Equity		1.28			2.03	%		2.03			0.88			1.38	%		1.03			1.53	%
Structured International Small Cap		1.30			N/A			2.05			0.90			N/A			1.05			N/A

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

FUNDS PROFILE

Goldman Sachs Funds

LOGO

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

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With $702.0 billion in assets under management as of March 31, 2012, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. GSAM’s assets under management includes assets managed by Goldman Sachs Asset Management, LP and its Investment Advisory Affiliates. Additionally, GSAM ranks in the top 10 asset management firms worldwide, based on assets under management.¹

OVERVIEW OF GOLDMAN SACHS FUNDS

LOGO

Money Market²

Financial Square Funds^SM

Financial Square Tax-Exempt Funds

Financial Square Federal Fund

Financial Square Government Fund

Financial Square Money Market Fund

Financial Square Prime Obligations Fund

Financial Square Treasury Instruments Fund

Financial Square Treasury Obligations Fund

Fixed Income

Short Duration and Government

Enhanced Income Fund

Ultra-Short Duration Govt. Fund

Short Duration Government Fund

Short Duration Income Fund

Government Income Fund

Inflation Protected Securities Fund

Multi-Sector

Core Fixed Income Fund

Core Plus Fixed Income Fund

Global Income Fund

Strategic Income Fund

Municipal and Tax-Free

High Yield Municipal Fund

Municipal Income Fund

Short Duration Tax-Free Fund

Single Sector

Investment Grade Credit Fund

U.S. Mortgages Fund

High Yield Fund

High Yield Floating Rate Fund

Emerging Markets Debt Fund

Local Emerging Markets Debt Fund

Corporate Credit

Credit Strategies Fund

Fundamental Equity

Growth and Income Fund

Small Cap Value Fund

Mid Cap Value Fund

Large Cap Value Fund

Capital Growth Fund

Strategic Growth Fund

Focused Growth Fund

Small/Mid Cap Growth Fund

Flexible Cap Growth Fund

Concentrated Growth Fund

Technology Tollkeeper Fund

Growth Opportunities Fund

Rising Dividend Growth Fund

U.S. Equity Fund

Structured Equity

Balanced Fund

Structured Small Cap Equity Fund

Structured U.S. Equity Fund

Structured Small Cap Growth Fund

Structured Large Cap Growth Fund

Structured Large Cap Value Fund

Structured Small Cap Value Fund

Structured Tax-Managed Equity Fund

Structured International Tax-Managed Equity Fund

U.S. Equity Dividend and Premium Fund

International Equity Dividend and Premium Fund

Structured International Small Cap Fund

Structured International Equity Fund

Structured Emerging Markets Equity Fund

Fundamental Equity International

Strategic International Equity Fund

Concentrated International Equity Fund

International Small Cap Fund

Asia Equity Fund

Emerging Markets Equity Fund

BRIC Fund (Brazil, Russia, India, China)

N-11 Equity Fund

Brazil Equity Fund

China Equity Fund

Korea Equity Fund

India Equity Fund

Select Satellite³

Real Estate Securities Fund

International Real Estate Securities Fund

Commodity Strategy Fund

Dynamic Allocation Fund

Absolute Return Tracker Fund

Managed Futures Strategy Fund

Total Portfolio Solutions³

Balanced Strategy Portfolio

Growth and Income Strategy Portfolio

Growth Strategy Portfolio

Equity Growth Strategy Portfolio

Income Strategies Portfolio

Satellite Strategies Portfolio

Retirement Strategies Portfolios

Enhanced Dividend Global Equity Portfolio

Tax Advantaged Global Equity Portfolio

¹Ranking

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.

²An

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.

³Individual

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

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


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

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

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

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

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

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

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

Holdings and allocations shown are as of April 30, 2012 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.

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

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

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

ITEM 2.

CODE OF ETHICS.

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

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

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

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

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

ITEM 7.

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

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

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

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

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

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

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

(b)

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

ITEM 12.

EXHIBITS.


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

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

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

SIGNATURES

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


				Goldman Sachs Trust

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

Date:				June 26, 2012

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


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

Date:				June 26, 2012

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

Date:				June 25, 2012

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