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:
Caroline Kraus		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, 2013

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, 2013

				Domestic Equity Insights Funds*
				Large Cap Growth Insights
				Large Cap Value Insights
				Small Cap Equity Insights
				Small Cap Growth Insights
				Small Cap Value Insights
				U.S. Equity Insights

*Effective May 3, 2013, the Goldman Sachs Structured Large Cap Growth, Structured Large Cap Value, Structured Small Cap Equity, Structured Small Cap Growth, Structured Small Cap Value and Structured U.S. Equity Funds were renamed the Goldman Sachs Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights Funds, respectively.

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Goldman Sachs Domestic Equity Insights Funds

n LARGE CAP GROWTH INSIGHTS

n LARGE CAP VALUE INSIGHTS

n SMALL CAP EQUITY INSIGHTS

n SMALL CAP GROWTH INSIGHTS

n SMALL CAP VALUE INSIGHTS

n U.S. EQUITY INSIGHTS

Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights, and U.S. Equity Insights were formerly known as Structured Large Cap Growth, Structured Large Cap Value, Structured Small Cap Equity, Structured Small Cap Growth, Structured Small Cap Value, and Structured U.S. Equity, respectively. They are referenced throughout this report by their aforementioned revised names.


TABLE OF CONTENTS

Principal Investment Strategies and Risks			1

Market Review			3

Investment Process			5

Portfolio Management Discussion and Performance Summaries			7

Schedules of Investments			37

Financial Statements			66

Financial Highlights			74

Notes to Financial Statements			86

Other Information			106



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS 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 Large Cap Growth Insights Fund invests primarily in a broadly diversified portfolio of equity investments in large-capitalization U.S. issuers, including foreign issuers traded in the United States. The Fund’s equity investments will be subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. The Investment Adviser’s use of quantitative models to execute the Fund’s investment strategy may fail to produce the intended result. Different investment styles (e.g., “quantitative” and “growth”) tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes. The Fund may have a high rate of portfolio turnover, which involves correspondingly greater expenses which must be borne by the Fund, and is also likely to result in short-term capital gains taxable to shareholders.

The Goldman Sachs Large Cap Value Insights Fund invests primarily in a diversified portfolio of equity investments in large-capitalization U.S. issuers, including foreign issuers traded in the United States. The Fund’s equity investments will be subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. The Investment Adviser’s use of quantitative models to execute the Fund’s investment strategy may fail to produce the intended result. Different investment styles (e.g., “quantitative” and “value”) tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes. The Fund may have a high rate of portfolio turnover, which involves correspondingly greater expenses which must be borne by the Fund, and is also likely to result in short-term capital gains taxable to shareholders.

The Goldman Sachs Small Cap Equity Insights Fund invests primarily in a broadly diversified portfolio of equity investments in small-capitalization U.S. issuers, including foreign issuers traded in the United States. The Fund’s equity investments will be subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. The securities of mid- and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. The Investment Adviser’s use of quantitative models to execute the Fund’s 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 Fund may have a high rate of portfolio turnover, which involves correspondingly greater expenses which must be borne by the Fund, and is also likely to result in short-term capital gains taxable to shareholders.

The Goldman Sachs Small Cap Growth Insights Fund invests primarily in a broadly diversified portfolio of equity investments in small-capitalization U.S. issuers, including foreign issuers that are traded in the U.S. 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 sectors and/or general economic conditions. The securities of mid- and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. The Investment Adviser’s use of quantitative models to execute the Fund’s investment strategy may fail to produce the intended result. Different investment styles (e.g., “quantitative” and “growth”) tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes. The Fund may have a high rate of portfolio turnover, which involves correspondingly greater expenses which must be borne by the Fund, and is also likely to result in short-term capital gains taxable to shareholders.

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

The Goldman Sachs Small Cap Value Insights Fund invests primarily in a broadly diversified portfolio of equity investments in small-capitalization U.S. issuers, including foreign issuers that are traded in the U.S. 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 sectors and/or general economic conditions. The securities of mid- and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. The Investment Adviser’s use of quantitative models to execute the Fund’s investment strategy may fail to produce the intended result. Different investment styles (e.g., “quantitative” and “value”) tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes. The Fund may have a high rate of portfolio turnover, which involves correspondingly greater expenses which must be borne by the Fund, and is also likely to result in short-term capital gains taxable to shareholders.

The Goldman Sachs U.S. Equity Insights Fund invests primarily in a diversified portfolio of equity investments in U.S. issuers, including foreign issuers traded in the United States. The Fund’s equity investments will be subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/ or general economic conditions. The Investment Adviser’s use of quantitative models to execute the Fund’s 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 Fund may have a high rate of portfolio turnover, which involves correspondingly greater expenses which must be borne by the Fund, and is also likely to result in short-term capital gains taxable to shareholders.

MARKET REVIEW

Goldman Sachs Domestic Equity Insights Funds

Market Review

U.S. equities posted strong gains during the six-month period ended April 30, 2013 (the “Reporting Period”). Commitments by global central banks to low interest rates and continued easy monetary policies drove the robust performance of U.S. equities, especially financials stocks, during the Reporting Period.

As the Reporting Period began, U.S. equities made only modest gains in November and December 2012 after President Obama’s re-election and as the fiscal cliff loomed, despite encouraging signs of momentum in the housing market and stabilization in the labor market. During December 2012, the Federal Reserve (the “Fed”) updated its low interest policy to include the condition that the unemployment rate must drop to 6.5% or less before the Fed would increase interest rates.

In January 2013, market sentiment was boosted by a last-minute deal on the fiscal cliff, as U.S. lawmakers agreed to extend the Bush-era tax cuts for all but the highest income earners. U.S. equities rallied, despite a wide variation in corporate earnings reports and weaker than expected U.S. economic growth. Continued improvement in the housing market was a highlight, as the Standard & Poor’s/Case-Shiller Home Price Indices increased at the fastest pace since mid-2006 — at annualized rates of 8.1% in January 2013 and 9.3% in February 2013. The labor picture also improved with the unemployment rate dropping to 7.7% during February 2013.

U.S. equities continued to rally in March 2013, even as Congress chose to not act on the automatic federal spending cuts known as the sequester, allowing them to start taking effect. U.S. equities rallied further in April 2013, as investors seemed to look past weaker global economic data. The Conference Board estimate for consumer confidence in April 2013 significantly exceeded expectations, suggesting consumers might be feeling the effects of improved housing and labor market conditions.

During the Reporting Period overall, U.S. stocks recorded double-digit gains. The S&P 500^® Index, a measure of large-cap stocks, returned 14.42%, while the Russell 2000^® Index, which measures the small-cap universe, rose 16.58%. All 10 sectors in the S&P 500^® Index were up, with consumer discretionary (+19.83%) and health care (+19.63%) generating the strongest returns. The financials sector (+19.05%) was the largest contributor (measured by weight times total return) to S&P 500^® Index returns. Small-cap stocks outperformed large-cap stocks, though large-cap stocks held up reasonably well in the information technology sector. Across the capitalization spectrum, value-oriented stocks outperformed growth-oriented stocks, primarily due to the weak performance of growth-oriented information technology stocks. The Russell 1000^® Value Index, representing large-cap value stocks, rose 16.31%, outperforming the Russell 1000^® Growth Index, representing large-cap growth stocks, which was up 13.71% during the Reporting Period.

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, and expect long-term performance to be the result of stock selection rather than sector or capitalization allocations.

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

What Differentiates Goldman Sachs’

Domestic Equity Insights Funds Investment Process?

At Goldman Sachs Asset Management, L.P. (“GSAM”), Equity Insights combines traditional fundamental analysis with sophisticated quantitative modeling. Our approach is not unlike that of a more traditional active manager: we look at fundamental investment themes that have been effective historically in forecasting excess returns of stocks. However, where we differ from traditional managers is that we seek to rigorously test every potential research theme or signal to verify whether they have shown consistent predictive ability across a wide variety of stocks in different time periods and under different market conditions.

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Comprehensive — We calculate expected excess returns for more than 10,000 stocks on a daily basis.

Rigorous — We evaluate stocks based on fundamental investment criteria that have outperformed historically.

Objective — Our stock selection process is free from the emotion that may lead to biased investment decisions.

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

We use a unique, proprietary risk model that is designed to be more precise, more focused and faster to respond because it seeks to identify, track and manage risk specific to our process, using daily data.

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Fully invested, well-diversified portfolio that seeks to:

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

Offer broad access to a clearly defined equity universe.

Generate excess returns that are positive, consistent and repeatable.

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Enhancements Made to Proprietary Quantitative Model during the 6-month Period Ended April 30, 2013

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, 2013.

We made no enhancements to our proprietary quantitative model within the U.S. region during the fourth quarter of 2012.

In the first quarter of 2013, we implemented enhancements to three of our investment themes: Momentum, Quality and Sentiment. We applied a new price momentum timing insight in our U.S. model that had previously been introduced in other regions. With this enhancement, we aim to capture price momentum in the markets while including a component of timing. Our research indicates that including a timing signal can improve the risk-adjusted returns of the Momentum theme and can significantly mitigate drawdown risk. In addition, we implemented an enhancement to our stock selection process, incorporating several measures to the signals within our Quality theme. These include measures of capital investment, funding source, earnings quality, competitive positioning and financial solvency. Finally, we expanded the Sentiment theme by incorporating elements of behavioral economics and prospect theory that should help us identify structural misvaluations within equities.

Changes Made to the Team’s Management

Effective March 8, 2013, Dennis Walsh was named a Portfolio Manager for the Domestic Equity Insights Funds.

PORTFOLIO RESULTS

Goldman Sachs Large Cap Growth Insights Fund

Portfolio Management Discussion and Analysis

Effective after the close of business on May 3, 2013, the Goldman Sachs Structured Large Cap Growth Fund was renamed the Goldman Sachs Large Cap Growth Insights Fund (the “Fund”). Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the six-month period ended April 30, 2013 (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 14.36%, 13.97%, 13.96%, 14.61%, 14.32%, 14.52% and 14.21%, respectively. These returns compare to the 13.71% cumulative total return of the Fund’s benchmark, the Russell 1000^® Growth Index (with dividends reinvested) (the “Index”), during the same period.

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

The Fund outperformed the Index during the Reporting Period largely because of our investment themes. Security selection also enhanced relative returns during the Reporting Period.

What impact did the Fund’s investment themes have on performance during the Reporting Period?

In keeping with our investment approach, we use our quantitative model and its 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 the ones chosen by the model. Over time and by design, the performance of any one of the model’s investment themes tends to have a low correlation with the model’s other themes, demonstrating the diversification benefit of the Fund’s theme-driven quantitative model. The variance in performance supports our research indicating that the diversification provided by our different investment themes is a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit.

Momentum contributed most positively to relative returns during the Reporting Period. Momentum seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. Our Valuation theme also added value. Valuation attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value.

Management, Sentiment, Profitability and Quality detracted from relative results. Management assesses the characteristics, policies and strategic decisions of company management, while Sentiment reflects selected investment views and decisions of individuals and financial intermediaries. The Profitability theme assesses whether a company is earning more than its cost of capital. The Quality theme assesses both firm and management quality.

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

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

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

We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Momentum characteristics than the benchmark. During the Reporting Period, our security selection added to the Fund’s relative performance.

PORTFOLIO RESULTS

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

Security selection in the health care, industrials and information technology sectors enhanced relative returns during the Reporting Period. The Fund benefited from overweighted positions in oil and natural gas exploration company Marathon Petroleum; pharmaceutical maker Biogen Idec; and video game retailer GameStop. Our positive views on Momentum and Sentiment led to the Fund’s overweight in Marathon Petroleum. We adopted the overweight in Biogen Idec because of our positive views on Valuation and Profitability. The overweight to GameStop was the result our positive views on Valuation and Quality.

Which individual positions detracted most from the Fund’s results during the Reporting Period?

Investments in the consumer discretionary, consumer staples and utilities sectors detracted from relative performance during the Reporting Period. The Fund was hurt by overweighted positions in Herbalife, a nutrition and weight management company; Yum! Brands, an operator of fast food restaurants; and Cablevision Systems, a cable television and high-speed data provider. We chose to overweight Herbalife and Yum! Brands because of our positive views on Momentum and Profitability. The Fund was overweight Cablevision Systems as a result of our positive views on Momentum and Quality.

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 (that is, to put the Fund’s cash holdings to work).

What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?

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

FUND BASICS

Large Cap Growth Insights Fund

as of April 30, 2013

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PERFORMANCE REVIEW
November 1, 2012–April 30, 2013	Fund Total Return (based on NAV)¹				Russell 1000 Growth Index²
Class A		14.36	%			13.71	%
Class B		13.97				13.71
Class C		13.96				13.71
Institutional		14.61		��		13.71
Service		14.32				13.71
Class IR		14.52				13.71
Class R		14.21				13.71

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 Russell 1000^® Growth Index (with dividends reinvested) is an unmanaged market capitalization weighted index of the 1000 largest U.S. companies with higher price-to-book ratios and higher forecasted growth values. The figures for the Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³
For the period ended 3/31/13	One Year			Five Years	Ten Years	Since Inception	Inception Date
Class A		4.00	%	4.29%	6.22%	3.52%	5/1/97
Class B		4.19		4.37	6.16	3.49	5/1/97
Class C		8.26		4.70	6.02	2.08	8/15/97
Institutional		10.43		5.90	7.27	4.30	5/1/97
Service		9.96		5.39	6.75	3.79	5/1/97
Class IR		10.32		5.74	N/A	2.68	11/30/07
Class R		9.79		5.23	N/A	2.20	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).

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. 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		0.95	%		1.16	%
Class B		1.71			1.91
Class C		1.70			1.91
Institutional		0.55			0.76
Service		1.05			1.26
Class IR		0.70			0.90
Class R		1.20			1.39

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, 2014, 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 4/30/13⁵
Holding	% of Net Assets			Line of Business
Apple, Inc.		6.0	%	Computers & Peripherals
International Business Machines Corp.		3.7		IT Services
Google, Inc. Class A		3.7		Internet Software & Services
Microsoft Corp.		3.4		Software
The Boeing Co.		1.8		Aerospace & Defense
Biogen Idec, Inc.		1.7		Biotechnology
Abbott Laboratories		1.7		Health Care Equipment & Supplies
eBay, Inc.		1.7		Internet Software & Services
Celgene Corp.		1.6		Biotechnology
American Tower Corp.		1.4		Real Estate Investment Trusts

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, 2013

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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 allocation may differ from the percentages contained in the graph. 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 2.0% of the Fund’s net assets at April 30, 2013. Short-term investments represent repurchase agreements. 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 Investment.

PORTFOLIO RESULTS

Goldman Sachs Large Cap Value Insights Fund

Portfolio Management Discussion and Analysis

Effective after the close of business on May 3, 2013, the Goldman Sachs Structured Large Cap Value Fund was renamed the Goldman Sachs Large Cap Value Insights Fund (the “Fund”). Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the six-month period ended April 30, 2013 (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 15.34%, 14.94%, 14.89%, 15.60%, 15.23%, 15.45% and 15.18%, respectively. These returns compare to the 16.31% cumulative total return of the Fund’s benchmark, the Russell 1000^® Value Index (with dividends reinvested) (the “Index”), during the same period.

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

The Fund underperformed the Index during the Reporting Period largely because of our investment themes. Security selection enhanced relative performance.

What impact did the Fund’s investment themes have on performance during the Reporting Period?

During the Reporting Period, four of our investment themes — Sentiment, Management, Quality and Profitability — detracted from relative performance. Sentiment reflects selected investment views and decisions of individuals and financial intermediaries, while Management assesses the characteristics, policies and strategic decisions of company management. The Quality theme assesses both firm and management quality. Profitability assesses whether a company is earning more than its cost of capital.

Our best performing theme was Momentum, which seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. Valuation also contributed positively, though to a lesser extent. Our Valuation theme 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 and industry allocations affect relative performance?

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

We seek to outpace the Index by overweighting stocks we believe should outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Momentum characteristics than the benchmark. During the Reporting Period, security selection added to relative returns.

PORTFOLIO RESULTS

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

Investments in the energy, financials and health care sectors boosted relative performance during the Reporting Period. The Fund benefited from overweighted positions in oil and natural gas exploration company Marathon Petroleum; video game retailer GameStop; and pharmaceutical maker Biogen Idec. We chose to overweight Marathon Petroleum because of our positive views on Momentum and Sentiment. The Fund was overweight GameStop as a result of our positive views on Valuation and Quality. We assumed the overweight in Biogen Idec because of our positive views on Valuation.

Which individual positions detracted most from the Fund’s results during the Reporting Period?

Stock selection in the consumer discretionary, information technology and consumer staples sectors detracted from relative results. The Fund was hampered by its overweighted positions in Herbalife, a nutrition and weight management company; Entergy, an integrated energy company engaged primarily in electric power production and distribution; and Consolidated Edison, an electric, gas and steam utility. We established the overweight in Herbalife because of our positive views on Momentum and Profitability. The overweights in Entergy and Consolidated Edison were the result of our positive views on Valuation and Momentum.

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 (that is, to put the Fund’s cash holdings to work).

What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?

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

FUND BASICS

Large Cap Value Insights Fund

as of April 30, 2013

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PERFORMANCE REVIEW
November 1, 2012–April 30, 2013	Fund Total Return (based on NAV)¹			Russell 1000 Value Index²
Class A		15.34	%		16.31	%
Class B		14.94			16.31
Class C		14.89			16.31
Institutional		15.60			16.31
Service		15.23			16.31
Class IR		15.45			16.31
Class R		15.18			16.31

The Russell 1000^® Value Index (with dividends reinvested) is an unmanaged market capitalization weighted index of the 1000 largest U.S. companies with lower price-to-book ratios and lower forecasted growth values. The figures for the Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³
For the period ended 3/31/13	One Year			Five Years	Ten Years	Since Inception	Inception Date
Class A		9.05	%	2.37%	7.03%	3.61%	12/31/98
Class B		9.47		2.38	6.97	3.58	12/31/98
Class C		13.55		2.77	6.83	3.25	12/31/98
Institutional		15.87		3.96	8.06	4.43	12/31/98
Service		15.21		3.43	7.52	3.92	12/31/98
Class IR		15.64		3.80	N/A	1.32	11/30/07
Class R		15.08		3.28	N/A	0.83	11/30/07

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.95	%		1.11	%
Class B		1.70			1.86
Class C		1.70			1.86
Institutional		0.55			0.71
Service		1.05			1.21
Class IR		0.70			0.86
Class R		1.20			1.36

⁴


TOP TEN HOLDINGS AS OF 4/30/13⁵
Holding	% of Net Assets			Line of Business
Exxon Mobil Corp.		5.9	%	Oil, Gas & Consumable Fuels
Pfizer, Inc.		3.5		Pharmaceuticals
General Electric Co.		3.3		Industrial Conglomerates
Chevron Corp.		3.2		Oil, Gas & Consumable Fuels
AT&T, Inc.		2.8		Diversified Telecommunication Services
Merck & Co., Inc.		2.7		Pharmaceuticals
Wells Fargo & Co.		2.2		Commercial Banks
Citigroup, Inc.		1.8		Diversified Financial Services
ConocoPhillips		1.8		Oil, Gas & Consumable Fuels
Capital One Financial Corp.		1.4		Consumer Finance

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, 2013

LOGO

⁶

The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocation 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 2.8% of the Fund’s net assets as of April 30, 2013. Short-term investments represent repurchase agreements. 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

Goldman Sachs Small Cap Equity Insights Fund

Portfolio Management Discussion and Analysis

Effective after the close of business on May 3, 2013, the Goldman Sachs Structured Small Cap Equity Fund was renamed the Goldman Sachs Small Cap Equity Insights Fund (the “Fund”). Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the six-month period ended April 30, 2013 (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 13.90%, 13.47%, 13.57%, 14.15%, 13.84%, 14.00% and 13.81%, respectively. These returns compare to the 16.58% cumulative total return of the Fund’s benchmark, the Russell 2000^® Index (with dividends reinvested) (the “Index”), during the same period.

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

The Fund underperformed the Index during the Reporting Period largely because of our investment themes. Security selection added to relative results.

What impact did the Fund’s investment themes have on performance during the Reporting Period?

During the Reporting Period, three of our six investment themes detracted from relative performance. Our weakest performing theme was Management, which assesses the characteristics, policies and strategic decisions of company management. Sentiment and Quality also dampened relative returns. Sentiment reflects selected investment views and decisions of individuals and financial intermediaries, while The Quality theme assesses both firm and management quality.

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

The impact of our Profitability theme was relatively neutral during the Reporting Period. Profitability assesses whether a company is earning more than its cost of capital.

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

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

PORTFOLIO RESULTS

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

Stock picks in the materials, energy and industrials sectors added to the Fund’s relative results during the Reporting Period. The Fund benefited from overweighted positions in biotechnology companies Acorda Therapeutics and Santarus as well as from an overweighted position in chemicals and building products company Axiall. We chose to overweight Acorda Therapeutics because of our positive views on Momentum and Valuation. The Fund was overweight Santarus based on our positive views on Quality and Profitability. We assumed the overweight in Axiall as a result of our positive views on Quality and Sentiment.

Which individual positions detracted most from the Fund’s results during the Reporting Period?

Security selection in the consumer discretionary, financials and information technology sectors detracted from relative returns during the Reporting Period. The Fund was hampered by overweighted positions in Affymax, a biotechnology company; Altisource Portfolio Solutions, a provider of real estate and mortgage portfolio management; and Herbalife, a nutrition and weight management company. We adopted the overweight in Affymax because of our positive views on Quality and Momentum. The overweighted positions in Altisource Portfolio Solutions and Herbalife were the result of our positive views on Profitability and Momentum.

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 (that is, to put the Fund’s cash holdings to work).

What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?

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

FUND BASICS

Small Cap Equity Insights Fund

as of April 30, 2013

LOGO


PERFORMANCE REVIEW
November 1, 2012–April 30, 2013	Fund Total Return (based on NAV)¹			Russell 2000 Index²
Class A		13.90	%		16.58	%
Class B		13.47			16.58
Class C		13.57			16.58
Institutional		14.15			16.58
Service		13.84			16.58
Class IR		14.00			16.58
Class R		13.81			16.58

The Russell 2000^® Index is an unmanaged index of common stock prices that measures the performance of the 2000 smallest companies in the Russell 3000 Index. The figures for the Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³
For the period ended 3/31/13	One Year			Five Years	Ten Years	Since Inception	Inception Date
Class A		4.44	%	7.00%	8.44%	5.35%	8/15/97
Class B		4.73		7.13	8.38	5.33	8/15/97
Class C		8.65		7.40	8.22	4.96	8/15/97
Institutional		10.97		8.65	9.47	6.15	8/15/97
Service		10.43		8.10	8.92	5.63	8/15/97
Class IR		10.78		8.49	N/A	5.63	11/30/07
Class R		10.32		7.98	N/A	5.15	11/30/07

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.26	%		1.46	%
Class B		2.02			2.22
Class C		2.01			2.21
Institutional		0.86			1.06
Service		1.36			1.56
Class IR		1.01			1.21
Class R		1.51			1.71

⁴


TOP TEN HOLDINGS AS OF 4/30/13⁵
Holding	% of Net Assets			Line of Business
Pharmacyclics, Inc.		1.0	%	Biotechnology
Lumber Liquidators Holdings, Inc.		0.9		Specialty Retail
Ocwen Financial Corp.		0.9		Thrifts & Mortgage Finance
US Airways Group, Inc.		0.8		Airlines
Alaska Air Group, Inc.		0.8		Airlines
Isis Pharmaceuticals, Inc.		0.8		Biotechnology
Aspen Technology, Inc.		0.8		Software
Potlatch Corp.		0.8		Real Estate Investment Trusts
Watsco, Inc.		0.8		Trading Companies & Distributors
Seattle Genetics, Inc.		0.8		Biotechnology

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, 2013

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 the 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 investment vehicle represented 10.6% of the Fund’s net assets at April 30, 2013. Short-term investments represent repurchase agreements. 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

Goldman Sachs Small Cap Growth Insights Fund

Portfolio Management Discussion and Analysis

Effective after the close of business on May 3, 2013, the Goldman Sachs Structured Small Cap Growth Fund was renamed the Goldman Sachs Small Cap Growth Insights Fund (the “Fund”). Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the six-month period ended April 30, 2013 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, B, C, Institutional, IR and R Shares generated cumulative total returns, without sales charges, of 15.12%, 14.62%, 14.65%, 15.32%, 15.20% and 14.94%, respectively. These returns compare to the 16.60% cumulative total return of the Fund’s benchmark, the Russell 2000^® Growth Index (with dividends reinvested) (the “Index”), during the same period.

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

The Fund underperformed the Index during the Reporting Period largely because of our investment themes. Security selection added to relative results.

What impact did the Fund’s investment themes have on performance during the Reporting Period?

During the Reporting Period, four of our investment themes — Management, Sentiment, Quality and Profitability — hurt relative performance. Management assesses the characteristics, policies and strategic decisions of company management, while Sentiment reflects selected investment views and decisions of individuals and financial intermediaries. Our Quality theme assesses both firm and management quality. The Profitability theme assesses whether a company is earning more than its cost of capital.

Our best performing theme was Momentum, which seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. Our Valuation theme also contributed positively. 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 and industry allocations affect relative performance?

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

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

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

Investments in the industrials, materials and energy sectors added to the Fund’s relative returns during the Reporting Period. The Fund benefited from an underweighted position

PORTFOLIO RESULTS

in semiconductor supplier Cirrus Logic and overweighted positions in biotechnology companies Pharmacyclics and Santarus. We assumed the underweight in Cirrus Logic because of our negative views on Momentum and Quality. Our positive view on Quality led us to overweight Pharmacyclics and Santarus.

Which individual positions detracted most from the Fund’s results during the Reporting Period?

Stock selection in the consumer discretionary, financials and health care sectors detracted from relative performance during the Reporting Period. The Fund was hindered by overweighted positions in Affymax, a biotechnology company; Altisource Portfolio Solutions, a provider of real estate and mortgage portfolio management; and Select Comfort, a maker of mattresses and bedding accessories. We chose to overweight Affymax because of our positive views on Quality and Momentum. The Fund was overweight Altisource Portfolio Solutions as a result of our positive view on Profitability. Our positive view on Momentum led us to overweight Select Comfort.

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 (that is, to put the Fund’s cash holdings to work).

What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?

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

FUND BASICS

Small Cap Growth Insights Fund

as of April 30, 2013

LOGO


PERFORMANCE REVIEW
November 1, 2012–April 30, 2013	Fund Total Return (based on NAV)¹			Russell 2000 Growth Index²
Class A		15.12	%		16.60	%
Class B		14.62			16.60
Class C		14.65			16.60
Institutional		15.32			16.60
Class IR		15.20			16.60
Class R		14.94			16.60

The Russell 2000^® Growth Index measures the performance of the small-cap growth stocks of the U.S. equity universe. 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 3/31/13	One Year			Five Years			Since Inception	Inception Date
Class A		7.04	%		9.20	%	3.38%	6/25/07
Class B		7.40			9.34		3.43	6/25/07
Class C		11.40			9.62		3.61	6/25/07
Institutional		13.74			10.88		4.81	6/25/07
Class IR		13.51			10.72		6.90	11/30/07
Class R		12.97			10.14		6.35	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, 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		1.28	%		1.96	%
Class B		2.04			2.71
Class C		2.03			2.71
Institutional		0.88			1.55
Class IR		1.03			1.70
Class R		1.53			2.20

⁴


TOP TEN HOLDINGS AS OF 4/30/13⁵
Holding	% of Net Assets			Line of Business
Pharmacyclics, Inc.		1.3	%	Biotechnology
Alkermes PLC		1.2		Biotechnology
Alaska Air Group, Inc.		1.1		Airlines
US Airways Group, Inc.		1.1		Airlines
Seattle Genetics, Inc.		1.0		Biotechnology
Watsco, Inc.		1.0		Trading Companies & Distributors
PAREXEL International Corp.		1.0		Life Sciences Tools & Services
Aspen Technology, Inc.		1.0		Software
Lumber Liquidators Holdings, Inc.		1.0		Specialty Retail
Domino’s Pizza, Inc.		1.0		Hotels, Restaurants & Leisure

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, 2013

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 the 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 8.0% of the Fund’s net assets as of April 30, 2013. Short-term investments represent repurchase agreements. 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

Goldman Sachs Small Cap Value Insights Fund

Portfolio Management Discussion and Analysis

Effective after the close of business on May 3, 2013, the Goldman Sachs Structured Small Cap Value Fund was renamed the Goldman Sachs Small Cap Value Insights Fund (the “Fund”). Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the six-month period ended April 30, 2013 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, B, C, Institutional, IR and R Shares generated cumulative total returns, without sales charges, of 11.80%, 11.44%, 11.42%, 12.06%, 12.00% and 11.68%, respectively. These returns compare to the 16.58% cumulative total return of the Fund’s benchmark, the Russell 2000^® Value Index (with dividends reinvested) (the “Index”), during the same period.

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

The Fund underperformed the Index during the Reporting Period largely because of our investment themes. Security selection enhanced relative results.

What impact did the Fund’s investment themes have on performance during the Reporting Period?

During the Reporting Period, three of our six investment themes — Sentiment, Management and Quality — detracted from relative performance. Sentiment reflects selected investment views and decisions of individuals and financial intermediaries, while Management assesses the characteristics, policies and strategic decisions of company management. The Quality theme assesses both firm and management quality.

Momentum was our best performing investment theme. Our Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. Valuation also added value. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value.

The impact of our Profitability theme was relatively neutral during the Reporting Period. Profitability assesses whether a company is earning more than its cost of capital.

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

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

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

We seek to outpace the Index by overweighting stocks we expect to outperform and underweighting those we think may lag. At the same time, we strive to maintain a risk profile similar to the Index. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on our investment themes. For example, the Fund aims to hold a basket of stocks with better Momentum characteristics than the benchmark. During the Reporting Period, security selection contributed positively to the Fund’s relative returns.

PORTFOLIO RESULTS

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

Investments in the materials, industrials and utilities sectors added to the Fund’s relative performance during the Reporting Period. The Fund benefited from its overweighted positions in First Solar, a manufacturer of solar panels; Axiall, a chemicals and building products company; and Zillow, an online real estate database company. We assumed the overweights in First Solar and Axiall as a result of our positive view on Quality. The Fund was overweight Zillow because of our positive view on Profitability.

Which individual positions detracted most from the Fund’s results during the Reporting Period?

Investments in the financials, consumer discretionary and health care sectors dampened relative results during the Reporting Period. The Fund was hampered by overweighted positions in Affymax, a biotechnology firm; Herbalife, a nutrition and weight management company; and Altisource Portfolio Solutions, a provider of real estate and mortgage portfolio management. We chose to overweight Affymax because of our positive view on Quality. The overweight in Herbalife was the result of our positive view on Momentum, while we adopted the overweight in Altisource Portfolio Solutions because of our positive view on Profitability.

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 (that is, to put the Fund’s cash holdings to work).

What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?

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

FUND BASICS

Small Cap Value Insights Fund

as of April 30, 2013

LOGO


PERFORMANCE REVIEW
November 1, 2012–April 30, 2013	Fund Total Return (based on NAV)¹			Russell 2000 Value Index²
Class A		11.80	%		16.58	%
Class B		11.44			16.58
Class C		11.42			16.58
Institutional		12.06			16.58
Class IR		12.00			16.58
Class R		11.68			16.58

The Russell 2000^® Value Index is an unmanaged index of common stock prices that measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. 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 3/31/13	One Year			Five Years	Since Inception	Inception Date
Class A		4.42	%	6.61%	0.80%	6/25/07
Class B		4.66		7.03	0.99	6/25/07
Class C		8.64		7.00	1.01	6/25/07
Institutional		10.95		8.30	2.23	6/25/07
Class IR		10.78		8.04	5.34	11/30/07
Class R		10.23		7.53	4.88	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, Class R and Class IR 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	%		1.52	%
Class B		2.01			2.27
Class C		2.00			2.27
Institutional		0.85			1.11
Class IR		1.00			1.26
Class R		1.50			1.75

⁴


TOP TEN HOLDINGS AS OF 4/30/13⁵
Holding	% of Net Assets			Line of Business
Ocwen Financial Corp.		1.2	%	Thrifts & Mortgage Finance
First Solar, Inc.		1.1		Semiconductors & Semiconductor Equipment
Portland General Electric Co.		1.0		Electric Utilities
Louisiana-Pacific Corp.		0.9		Paper & Forest Products
Healthcare Realty Trust, Inc.		0.9		Real Estate Investment Trusts
The Geo Group, Inc.		0.9		Real Estate Investment Trusts
FirstMerit Corp.		0.8		Commercial Banks
EnerSys, Inc.		0.8		Electrical Equipment
Southwest Gas Corp.		0.8		Gas Utilities
Brady Corp. Class A		0.8		Electrical Equipment

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, 3013

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 the 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 7.4% of the Fund’s net assets as of April 30, 2013. Short-term investments represent repurchase agreements. 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

Goldman Sachs U.S. Equity Insights Fund

Portfolio Management Discussion and Analysis

Effective after the close of business on May 3, 2013, the Goldman Sachs Structured U.S. Equity Fund was renamed the Goldman Sachs U.S. Equity Insights Fund (the “Fund”). Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the six-month period ended April 30, 2013 (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 15.60%, 15.15%, 15.17%, 15.82%, 15.51%, 15.72% and 15.45%, respectively. These returns compare to the 14.42% cumulative total return of the Fund’s benchmark, the S&P 500^® Index (with dividends reinvested) (the “Index”), during the same period.

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

The Fund outperformed the Index during the Reporting Period largely because of our investment themes. Security selection also contributed positively.

What impact did the Fund’s investment themes have on performance during the Reporting Period?

Momentum contributed most positively to relative returns during the Reporting Period. Momentum seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. Valuation also enhanced relative returns. Valuation attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value.

Management, Quality, Sentiment and Profitability dampened relative results. Management assesses the characteristics, policies and strategic decisions of company management. The Quality theme assesses both firm and management quality. Sentiment reflects selected investment views and decisions of individuals and financial intermediaries, while Profitability assesses whether a company is earning more than its cost of capital.

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

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

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

PORTFOLIO RESULTS

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

During the Reporting Period, our stock selection in the health care, energy and financials sectors boosted the Fund’s relative performance. The Fund benefited from overweighted positions in oil and natural gas exploration company Marathon Petroleum; biotechnology company Celgene; and pharmaceutical maker Biogen Idec. We chose to overweight Marathon Petroleum because of our positive views on Momentum and Sentiment. The Fund was overweight Celgene as a result of our positive views on Momentum and Valuation. We assumed the overweight in Biogen Idec because of our positive views on Valuation and Profitability.

Which individual positions detracted most from the Fund’s results during the Reporting Period?

Investments in the consumer discretionary, consumer staples and utilities sectors detracted from relative returns during the Reporting Period. The Fund was hurt by overweighted positions in nutrition and weight management company Herbalife and oil giant Exxon Mobil. An underweight in software maker Microsoft also dampened relative performance. We adopted the overweights to Herbalife and Exxon Mobil because of our positive views on Momentum and Profitability. The Fund was underweight Microsoft as a result of our negative views on Management and Momentum.

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 (that is, to put the Fund’s cash holdings to work).

What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?

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

FUND BASICS

U.S. Equity Insights Fund

as of April 30, 2013

LOGO


PERFORMANCE REVIEW
November 1, 2012–April 30, 2013	Fund Total Return (based on NAV)¹			S&P 500 Index²
Class A		15.60	%		14.42	%
Class B		15.15			14.42
Class C		15.17			14.42
Institutional		15.82			14.42
Service		15.51			14.42
Class IR		15.72			14.42
Class R		15.45			14.42

The S&P 500^® Index (with dividends reinvested) is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The figures for the Index do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³
For the period ended 3/31/13	One Year			Five Years	Ten Years	Since Inception	Inception Date
Class A		7.21	%	3.80%	6.88%	7.44%	5/24/91
Class B		7.65		3.85	6.82	5.87	5/1/96
Class C		11.65		4.20	6.69	3.64	8/15/97
Institutional		13.92		5.39	7.91	7.68	6/15/95
Service		13.38		4.88	7.38	6.01	6/07/96
Class IR		13.78		5.24	N/A	2.39	11/30/07
Class R		13.21		4.73	N/A	1.89	11/30/07

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.95	%		1.20	%
Class B		1.71			1.95
Class C		1.70			1.95
Institutional		0.55			0.80
Service		1.05			1.30
Class IR		0.70			0.95
Class R		1.20			1.44

⁴


TOP TEN HOLDINGS AS OF 4/30/13⁵
Holding	% of Net Assets			Line of Business
Exxon Mobil Corp.		3.8	%	Oil, Gas & Consumable Fuels
Apple, Inc.		3.1		Computers & Peripherals
General Electric Co.		2.6		Industrial Conglomerates
Google, Inc. Class A		2.6		Internet Software & Services
International Business Machines Corp.		2.5		IT Services
AT&T, Inc.		2.4		Diversified Telecommunication Services
Pfizer, Inc.		2.3		Pharmaceuticals
Merck & Co., Inc.		2.0		Pharmaceuticals
Johnson & Johnson		1.9		Pharmaceuticals
Chevron Corp.		1.7		Oil, Gas & Consumable Fuels

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, 3013

LOGO

⁶

The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocation 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 1.8% of the Fund’s net assets at April 30, 2013. Short-term investments represent repurchase agreements. 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 LARGE CAP GROWTH INSIGHTS FUND

Schedule of Investments

April 30, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – 97.9%
	Aerospace & Defense – 3.6%
	14,212	Alliant Techsystems, Inc.	$	1,056,804
	38,236	Lockheed Martin Corp.		3,788,805
	5,215	Raytheon Co.		320,097
	11,487	Textron, Inc.		295,790
	59,876	The Boeing Co.		5,473,265
	1,108	TransDigm Group, Inc.		162,655

				11,097,416

	Air Freight & Logistics – 0.1%
	2,388	FedEx Corp.		224,496

	Airlines* – 0.9%
	157,352	Delta Air Lines, Inc.		2,697,013

	Auto Components* – 0.1%
	3,092	BorgWarner, Inc.		241,702

	Beverages – 2.4%
	11,415	Coca-Cola Enterprises, Inc.		418,132
	9,602	Monster Beverage Corp.*		541,553
	31,711	PepsiCo., Inc.		2,615,206
	88,488	The Coca-Cola Co.		3,745,697

				7,320,588

	Biotechnology – 7.0%
	29,125	Alexion Pharmaceuticals, Inc.*		2,854,250
	27,098	Amgen, Inc.		2,823,883
	24,027	Biogen Idec, Inc.*		5,260,231
	49,284	BioMarin Pharmaceutical, Inc.*		3,233,030
	42,888	Celgene Corp.*		5,063,786
	46,093	Gilead Sciences, Inc.*		2,334,150

				21,569,330

	Building Products – 0.2%
	5,054	Lennox International, Inc.		313,348
	9,851	Masco Corp.		191,503

				504,851

	Capital Markets – 1.5%
	4,774	Ameriprise Financial, Inc.		355,806
	20,909	Federated Investors, Inc. Class B^(a)		480,071
	70,195	SEI Investments Co.		2,011,789
	83,018	TD Ameritrade Holding Corp.		1,652,888

				4,500,554

	Chemicals – 4.3%
	4,862	Celanese Corp. Series A		240,231
	23,182	LyondellBasell Industries NV Class A		1,407,147
	1,110	NewMarket Corp.		298,257
	21,091	PPG Industries, Inc.		3,103,330
	20,146	The Sherwin-Williams Co.		3,688,934
	51,680	The Valspar Corp.		3,298,218
	14,654	W.R. Grace & Co.*		1,129,970

				13,166,087

	Commercial Banks – 0.1%
	8,763	SunTrust Banks, Inc.		256,318


	Common Stocks – (continued)
	Communications Equipment – 2.0%
	19,030	Brocade Communications Systems, Inc.*	$	110,754
	28,104	Harris Corp.		1,298,405
	4,326	Motorola Solutions, Inc.		247,447
	23,184	Polycom, Inc.*		243,432
	68,114	QUALCOMM, Inc.		4,197,185

				6,097,223

	Computers & Peripherals – 6.1%
	41,358	Apple, Inc.^(b)		18,311,255
	20,184	EMC Corp.*		452,727

				18,763,982

	Consumer Finance – 0.7%
	36,247	Capital One Financial Corp.		2,094,352

	Containers & Packaging – 0.4%
	27,547	Packaging Corp. of America		1,310,135

	Diversified Financial Services – 0.1%
	6,027	CBOE Holdings, Inc.		226,193

	Diversified Telecommunication Services – 1.6%
	34,348	AT&T, Inc.		1,286,676
	40,281	tw telecom, Inc.*		1,090,810
	47,041	Verizon Communications, Inc.		2,535,980
	17,359	Windstream Corp.^(a)		147,899

				5,061,365

	Energy Equipment & Services – 0.1%
	3,849	Schlumberger Ltd.		286,481

	Food & Staples Retailing – 2.2%
	17,396	Costco Wholesale Corp.		1,886,248
	17,314	CVS Caremark Corp.		1,007,329
	2,590	The Fresh Market, Inc.*		106,009
	108,298	The Kroger Co.		3,723,285
	2,086	Wal-Mart Stores, Inc.		162,124

				6,884,995

	Food Products – 3.4%
	16,814	Hormel Foods Corp.		693,914
	23,371	Ingredion, Inc.		1,682,946
	11,541	Kraft Foods Group, Inc.		594,246
	29,901	Mead Johnson Nutrition Co.		2,424,672
	4,499	Mondelez International, Inc. Class A		141,493
	39,548	The Hershey Co.		3,526,100
	58,172	Tyson Foods, Inc. Class A		1,432,776

				10,496,147

	Health Care Equipment & Supplies – 2.7%
	141,447	Abbott Laboratories		5,222,223
	145,092	Boston Scientific Corp.*		1,086,739
	7,010	Edwards Lifesciences Corp.*		447,168
	37,178	St. Jude Medical, Inc.		1,532,477

				8,288,607

	Health Care Providers & Services – 0.3%
	12,482	Humana, Inc.		925,041


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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Hotels, Restaurants & Leisure – 1.0%
	9,016	Bally Technologies, Inc.*	$	480,373
	25,077	Carnival Corp.		865,407
	30,138	Starbucks Corp.		1,833,596

				3,179,376

	Household Durables – 0.8%
	41,650	Garmin Ltd.^(a)		1,461,082
	6,981	Mohawk Industries, Inc.*		774,053
	254	NVR, Inc.*		261,620

				2,496,755

	Household Products – 0.6%
	13,183	Colgate-Palmolive Co.		1,574,182
	2,470	The Clorox Co.		213,038

				1,787,220

	Industrial Conglomerates – 1.5%
	35,535	3M Co.		3,720,870
	2,872	Danaher Corp.		175,020
	36,835	General Electric Co.		821,052

				4,716,942

	Insurance – 1.5%
	25,965	Aflac, Inc.		1,413,535
	51,951	Prudential Financial, Inc.		3,138,879

				4,552,414

	Internet & Catalog Retail – 3.2%
	4,115	Amazon.com, Inc.*		1,044,428
	49,318	Expedia, Inc.		2,753,917
	134,561	Liberty Interactive Corp. Class A*		2,864,804
	4,506	Priceline.com, Inc.*		3,136,131

				9,799,280

	Internet Software & Services* – 6.2%
	49,606	AOL, Inc.		1,916,776
	98,584	eBay, Inc.		5,164,816
	10,792	Facebook, Inc. Class A		299,586
	13,871	Google, Inc. Class A		11,437,610
	6,242	Rackspace Hosting, Inc.		300,864

				19,119,652

	IT Services – 6.2%
	24,675	CoreLogic, Inc.*		673,134
	6,746	Gartner, Inc.*		390,256
	56,791	International Business Machines Corp.		11,502,449
	50,294	Lender Processing Services, Inc.		1,395,156
	7,895	MasterCard, Inc. Class A		4,365,382
	8,672	Teradata Corp.*		442,879
	21,289	Western Union Co.		315,290

				19,084,546

	Leisure Equipment & Products^(a) – 0.6%
	36,370	Hasbro, Inc.		1,722,847

	Common Stocks – (continued)
	Life Sciences Tools & Services* – 0.3%
	19,549	Charles River Laboratories International, Inc.	$	850,186

	Machinery – 3.3%
	17,143	Donaldson Co., Inc.		623,662
	9,915	IDEX Corp.		515,877
	62,107	Illinois Tool Works, Inc.		4,009,628
	46,662	The Toro Co.		2,100,257
	41,598	WABCO Holdings, Inc.*		3,004,624

				10,254,048

	Media – 3.4%
	66,942	Cinemark Holdings, Inc.		2,067,838
	5,280	Liberty Global, Inc. Class A*		382,114
	9,272	Liberty Global, Inc. Series C*		627,251
	94,890	News Corp. Class A		2,938,743
	9,914	Regal Entertainment Group Class A^(a)		177,857
	65,016	Viacom, Inc. Class B		4,160,374

				10,354,177

	Metals & Mining – 0.2%
	74,733	Alcoa, Inc.		635,231
	1,473	Reliance Steel & Aluminum Co.		95,848

				731,079

	Multiline Retail – 0.2%
	13,679	Big Lots, Inc.*		498,189
	2,978	Family Dollar Stores, Inc.		182,760

				680,949

	Office Electronics* – 0.1%
	7,563	Zebra Technologies Corp. Class A		352,814

	Oil, Gas & Consumable Fuels – 5.6%
	25,525	Cabot Oil & Gas Corp.		1,736,976
	6,895	EOG Resources, Inc.		835,398
	33,538	Exxon Mobil Corp.		2,984,547
	8,234	Hess Corp.		594,330
	52,312	HollyFrontier Corp.		2,586,828
	36,440	Marathon Petroleum Corp.		2,855,439
	51,140	Tesoro Corp.		2,730,876
	72,118	Valero Energy Corp.		2,907,798

				17,232,192

	Personal Products – 0.6%
	32,955	Nu Skin Enterprises, Inc. Class A^(a)		1,671,807
	2,874	The Estee Lauder Cos., Inc. Class A		199,312

				1,871,119

	Pharmaceuticals – 5.9%
	69,080	AbbVie, Inc.		3,181,134
	38,362	Allergan, Inc.		4,356,005
	23,141	Johnson & Johnson		1,972,307
	63,208	Merck & Co., Inc.		2,970,776
	13,126	Mylan, Inc.*		382,098


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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND


Shares		Description	Value

	Common Stocks – (continued)
	Pharmaceuticals – (continued)
	97,099	Pfizer, Inc.	$	2,822,668
	166,774	Warner Chilcott PLC Class A		2,398,210

				18,083,198

	Professional Services – 0.3%
	14,366	Manpowergroup, Inc.		763,697

	Real Estate Investment Trusts – 3.9%
	52,882	American Tower Corp.		4,441,559
	44,744	Corrections Corp. of America		1,619,733
	41,304	Equity Residential		2,398,110
	10,789	Rayonier, Inc.		641,082
	9,990	Regency Centers Corp.		562,038
	26,210	Taubman Centers, Inc.		2,241,217

				11,903,739

	Road & Rail – 0.0%
	3,444	Con-way, Inc.		116,407

	Semiconductors & Semiconductor Equipment* – 0.1%
	64,146	LSI Corp.		419,515

	Software – 5.0%
	86,414	Cadence Design Systems, Inc.*		1,192,513
	5,688	FactSet Research Systems, Inc.		535,070
	317,246	Microsoft Corp.		10,500,843
	91,510	Oracle Corp.		2,999,698
	3,847	VMware, Inc. Class A*		271,213

				15,499,337

	Specialty Retail – 6.3%
	2,023	Advance Auto Parts, Inc.		169,689
	95,787	American Eagle Outfitters, Inc.		1,863,057
	4,397	AutoZone, Inc.*		1,798,769
	71,920	GameStop Corp. Class A^(a)		2,510,008
	51,574	L Brands, Inc.		2,599,845
	86,146	Lowe’s Cos., Inc.		3,309,729
	34,336	O’Reilly Automotive, Inc.*		3,684,940
	6,842	The Gap, Inc.		259,928
	21,683	The Home Depot, Inc.		1,590,448
	40,144	Urban Outfitters, Inc.*		1,663,567

				19,449,980

	Textiles, Apparel & Luxury Goods – 0.1%
	1,259	Ralph Lauren Corp.		228,609

	Tobacco – 0.9%
	3,192	Lorillard, Inc.		136,905
	26,853	Philip Morris International, Inc.		2,566,878

				2,703,783

	Trading Companies & Distributors – 0.3%
	10,283	MSC Industrial Direct Co., Inc. Class A		810,300

	TOTAL COMMON STOCKS
	(Cost $272,172,484)		$	300,777,037

Principal

Amount

Interest

Rate

Maturity

Date

Value

Short-term Investment^(c) – 2.1%

Repurchase Agreement – 2.1%

Joint Repurchase Agreement Account II

6,300,000

0.169%

05/01/13

6,300,000

(Cost $6,300,000)

TOTAL INVESTMENTS BEFORE
SECURITIES LENDING
REINVESTMENT VEHICLE

(Cost $278,472,484)

307,077,037


Shares	Rate	Value
Securities Lending Reinvestment Vehicle^(d)(e) – 2.0%
Financial Square Money Market Fund – FST Shares
6,133,180	0.109%	$	6,133,180
(Cost $6,133,180)

TOTAL INVESTMENTS – 102.0%
(Cost $284,605,664)		$	313,210,217

LIABILITIES IN EXCESS OF OTHER ASSETS – (2.0)%			(6,130,797	)

NET ASSETS – 100.0%		$	307,079,420


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)		Joint repurchase agreement was entered into on April 30, 2013. Additional information appears on page 65.
(d)		Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2013.
(e)		Represents an affiliated issuer.


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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2013, the Fund had the following futures contracts:

Type

Number of
Contracts
Long (Short)

Expiration
Date

Current

Value

Unrealized
Gain (Loss)

S&P 500 E-Mini Index

June 2013

5,493,090

131,578


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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments

April 30, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – 97.7%
	Aerospace & Defense – 1.8%
	38,369	Alliant Techsystems, Inc.	$	2,853,119
	7,299	Lockheed Martin Corp.		723,258
	18,311	Raytheon Co.		1,123,929
	31,210	Textron, Inc.		803,658
	5,054	The Boeing Co.		461,986

				5,965,950

	*Airlines – 0.7%**
	127,588	Delta Air Lines, Inc.		2,186,858

	Biotechnology – 3.1%
	10,857	Alexion Pharmaceuticals, Inc.*		1,063,986
	3,066	Amgen, Inc.		319,508
	15,422	Biogen Idec, Inc.*		3,376,338
	31,773	BioMarin Pharmaceutical, Inc.*		2,084,309
	27,096	Celgene Corp.*		3,199,225

				10,043,366

	Building Products – 0.1%
	14,642	Masco Corp.		284,640

	Capital Markets – 5.2%
	123,067	American Capital Ltd.*		1,862,004
	52,115	Ameriprise Financial, Inc.		3,884,131
	71,010	Federated Investors, Inc. Class B^(a)		1,630,389
	62,330	Janus Capital Group, Inc.		555,984
	11,935	LPL Financial Holdings, Inc.		412,474
	76,004	Morgan Stanley, Inc.		1,683,488
	112,593	SEI Investments Co.		3,226,915
	172,466	TD Ameritrade Holding Corp.		3,433,798

				16,689,183

	Chemicals – 2.2%
	45,520	LyondellBasell Industries NV Class A		2,763,064
	996	NewMarket Corp.		267,625
	9,885	The Sherwin-Williams Co.		1,810,043
	30,143	The Valspar Corp.		1,923,726
	6,556	W.R. Grace & Co.*		505,533

				7,269,991

	Commercial Banks – 3.9%
	131,289	SunTrust Banks, Inc.		3,840,203
	50,188	U.S. Bancorp		1,670,257
	183,267	Wells Fargo & Co.		6,960,481

				12,470,941

	Commercial Services & Supplies – 0.2%
	11,635	Avery Dennison Corp.		482,271
	7,080	Tyco International Ltd.		227,409

				709,680

	*Communications Equipment – 0.2%**
	46,558	Brocade Communications Systems, Inc.		270,968
	32,823	Polycom, Inc.		344,641

				615,609


	Common Stocks – (continued)
	Computers & Peripherals – 0.0%
	291	Apple, Inc.	$	128,840

	Consumer Finance – 1.4%
	78,170	Capital One Financial Corp.		4,516,663

	Containers & Packaging – 0.3%
	11,854	Bemis Co., Inc.		466,455
	10,769	Packaging Corp. of America		512,174

				978,629

	Diversified Consumer Services – 0.2%
	37,376	Service Corp.		630,907

	Diversified Financial Services – 4.5%
	40,901	CBOE Holdings, Inc.		1,535,014
	122,468	Citigroup, Inc.		5,714,357
	7,136	CME Group, Inc.		434,297
	41,246	Interactive Brokers Group, Inc. Class A		621,165
	1,142	IntercontinentalExchange, Inc.*		186,066
	66,448	JPMorgan Chase & Co.		3,256,616
	4,904	Leucadia National Corp.		151,485
	7,291	Moody’s Corp.		443,657
	72,958	The NASDAQ OMX Group, Inc.		2,150,802

				14,493,459

	Diversified Telecommunication Services^(b) – 2.8%
	237,183	AT&T, Inc.		8,884,875

	Electric Utilities – 2.0%
	14,024	Edison International		754,491
	20,654	Great Plains Energy, Inc.		498,381
	84,141	NV Energy, Inc.		1,819,970
	54,383	Pinnacle West Capital Corp.		3,311,925

				6,384,767

	Electronic Equipment, Instruments & Components – 0.3%
	17,472	AVX Corp.		197,608
	27,278	Molex, Inc.		752,055

				949,663

	Food & Staples Retailing – 0.6%
	2,824	Costco Wholesale Corp.		306,206
	25,643	CVS Caremark Corp.		1,491,910

				1,798,116

	Food Products – 2.6%
	27,772	Kraft Foods Group, Inc.		1,429,980
	7,382	Mead Johnson Nutrition Co.		598,607
	81,116	Mondelez International, Inc. Class A		2,551,098
	35,382	The Hershey Co.		3,154,659
	32,360	Tyson Foods, Inc. Class A		797,027

				8,531,371


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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Health Care Equipment & Supplies – 2.4%
	90,897	Abbott Laboratories	$	3,355,917
	391,128	Boston Scientific Corp.*		2,929,549
	32,689	St. Jude Medical, Inc.		1,347,441

				7,632,907

	Health Care Providers & Services – 0.7%
	29,538	Humana, Inc.		2,189,061

	Hotels, Restaurants & Leisure – 0.7%
	17,918	Bally Technologies, Inc.*		954,671
	34,461	Carnival Corp.		1,189,249

				2,143,920

	Household Durables – 1.6%
	36,861	Garmin Ltd.^(a)		1,293,084
	24,574	Mohawk Industries, Inc.*		2,724,765
	548	NVR, Inc.*		564,440
	18,644	PulteGroup, Inc.*		391,337
	1,924	Whirlpool Corp.		219,875

				5,193,501

	Household Products – 1.2%
	51,111	The Procter & Gamble Co.		3,923,791

	Independent Power Producers & Energy Traders – 0.5%
	123,595	The AES Corp.		1,713,027

	Industrial Conglomerates – 3.6%
	8,008	3M Co.		838,518
	483,443	General Electric Co.		10,775,944

				11,614,462

	Insurance – 4.5%
	80,112	Aflac, Inc.^(b)		4,361,297
	5,689	Everest Re Group Ltd.		767,958
	50,750	MetLife, Inc.		1,978,743
	72,869	Prudential Financial, Inc.		4,402,745
	28,119	Reinsurance Group of America, Inc.		1,758,844
	13,205	RenaissanceRe Holdings Ltd.		1,239,817

				14,509,404

	Internet & Catalog Retail – 1.9%
	50,489	Expedia, Inc.		2,819,306
	150,056	Liberty Interactive Corp. Class A*		3,194,692

				6,013,998

	*Internet Software & Services – 1.8%**
	17,961	AOL, Inc.		694,013
	34,578	eBay, Inc.		1,811,541
	3,940	Google, Inc. Class A		3,248,806

				5,754,360

	IT Services – 0.7%
	13,122	Booz Allen Hamilton Holding Corp.		199,323
	43,484	CoreLogic, Inc.*		1,186,244
	4,796	International Business Machines Corp.		971,382

				2,356,949


	Common Stocks – (continued)
	Leisure Equipment & Products^(a) – 0.3%
	21,429	Hasbro, Inc.	$	1,015,092

	*Life Sciences Tools & Services – 0.1%**
	10,730	Charles River Laboratories International, Inc.		466,648

	Machinery – 2.1%
	6,635	Donaldson Co., Inc.		241,381
	2,564	IDEX Corp.		133,405
	50,786	Illinois Tool Works, Inc.		3,278,744
	2,914	The Toro Co.		131,159
	43,706	WABCO Holdings, Inc.*		3,156,885

				6,941,574

	Media – 1.7%
	24,955	Cinemark Holdings, Inc.		770,860
	17,240	Liberty Global, Inc. Series C* ^(a)		1,166,286
	27,787	News Corp. Class A		860,563
	41,081	Viacom, Inc. Class B		2,628,773

				5,426,482

	Metals & Mining – 2.3%
	415,031	Alcoa, Inc.		3,527,763
	110,367	Commercial Metals Co.		1,613,565
	10,809	Newmont Mining Corp.		350,212
	16,646	Reliance Steel & Aluminum Co.		1,083,155
	49,752	United States Steel Corp.^(a)		885,586

				7,460,281

	Multi-Utilities – 1.1%
	55,400	Consolidated Edison, Inc.		3,526,210

	Office Electronics – 0.3%
	103,127	Xerox Corp.		884,830

	Oil, Gas & Consumable Fuels – 17.4%
	8,216	Cabot Oil & Gas Corp.		559,099
	84,137	Chevron Corp.		10,265,555
	94,485	ConocoPhillips		5,711,618
	215,372	Exxon Mobil Corp.		19,165,954
	45,927	Hess Corp.		3,315,011
	69,524	HollyFrontier Corp.		3,437,962
	50,854	Marathon Petroleum Corp.		3,984,920
	34,089	Peabody Energy Corp.		683,825
	26,599	Phillips 66		1,621,209
	63,447	Tesoro Corp.		3,388,070
	14,140	Ultra Petroleum Corp.*		302,596
	96,354	Valero Energy Corp.		3,884,993

				56,320,812

	Pharmaceuticals – 8.7%
	12,466	AbbVie, Inc.		574,059
	28,844	Allergan, Inc.		3,275,236
	33,132	Johnson & Johnson		2,823,841
	183,614	Merck & Co., Inc.		8,629,858


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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS FUND


Shares		Description	Value

	Common Stocks – (continued)
	Pharmaceuticals – (continued)
	389,861	Pfizer, Inc.	$	11,333,259
	106,858	Warner Chilcott PLC Class A		1,536,618

				28,172,871

	Professional Services – 1.0%
	59,460	Manpowergroup, Inc.		3,160,894

	Real Estate Investment Trusts – 5.3%
	39,449	American Tower Corp.		3,313,321
	88,602	Corrections Corp. of America		3,207,392
	67,028	Equity Residential		3,891,646
	30,973	Rayonier, Inc.		1,840,416
	26,402	Regency Centers Corp.		1,485,377
	39,185	Taubman Centers, Inc.		3,350,709

				17,088,861

	Real Estate Management & Development – 0.7%
	21,594	Jones Lang LaSalle, Inc.		2,138,238

	Road & Rail – 0.1%
	9,378	Con-way, Inc.		316,976

	Semiconductors & Semiconductor Equipment – 0.2%
	5,257	First Solar, Inc.*		244,766
	10,353	Marvell Technology Group Ltd.		111,398
	10,180	NXP Semiconductor NV*		280,459

				636,623

	*Software – 0.1%**
	16,046	Cadence Design Systems, Inc.		221,435

	Specialty Retail – 4.3%
	3,473	Abercrombie & Fitch Co. Class A		172,122
	64,550	American Eagle Outfitters, Inc.		1,255,498
	2,466	AutoZone, Inc.*		1,008,816
	98,407	GameStop Corp. Class A^(a)		3,434,404
	7,954	L Brands, Inc.		400,961
	98,396	Lowe’s Cos, Inc.		3,780,374
	30,957	O’Reilly Automotive, Inc.*		3,322,305
	16,017	Urban Outfitters, Inc.*		663,745

				14,038,225

	Water Utilities – 0.3%
	23,270	American Water Works Co., Inc.		974,548

	TOTAL COMMON STOCKS
	(Cost $283,669,468)		$	315,369,488


Principal Amount		Interest Rate			Maturity Date		Value

	Short-term Investment^(c) – 2.2%
	Repurchase Agreement – 2.2%
	Joint Repurchase Agreement Account II
$	7,200,000		0.169	%		05/01/13	$	7,200,000
	(Cost $7,200,000)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $290,869,468)						$	322,569,488


Shares		Rate	Value

	Securities Lending Reinvestment Vehicle^(d)(e) – 2.8%
	Financial Square Money Market Fund – FST Shares
	9,092,164	0.109%	$	9,092,164
	(Cost $9,092,164)

	TOTAL INVESTMENTS – 102.7%
	(Cost $299,961,632)		$	331,661,652

	LIABILITIES IN EXCESS OF OTHER ASSETS – (2.7)%			(8,809,431	)

	NET ASSETS – 100.0%		$	322,852,221


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)		Joint repurchase agreement was entered into on April 30, 2013. Additional information appears on page 65.
(d)		Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2013.
(e)		Represents an affiliated issuer.


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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2013, the Fund had the following futures contracts:

Type

Number of
Contracts
Long (Short)

Expiration
Date

Current

Value

Unrealized
Gain (Loss)

S&P 500 E-Mini Index

June 2013

6,289,190

145,371

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – 95.2%
	Aerospace & Defense – 1.0%
	14,812	Alliant Techsystems, Inc.	$	1,101,420
	5,931	American Science and Engineering, Inc.		382,431
	16,118	Hexcel Corp.*		491,599
	2,894	Spirit AeroSystems Holdings, Inc. Class A*		57,851
	16,775	Taser International, Inc.*		147,788

				2,181,089

	*Air Freight & Logistics – 0.2%**
	64,048	Pacer International, Inc.		364,433

	Airlines – 3.7%
	28,946	Alaska Air Group, Inc.*		1,784,232
	14,518	Allegiant Travel Co.		1,305,168
	179,054	JetBlue Airways Corp.*		1,233,682
	56,086	Republic Airways Holdings, Inc.*		627,602
	42,778	SkyWest, Inc.		612,153
	23,831	Spirit Airlines, Inc.*		636,288
	105,811	US Airways Group, Inc.*^(a)		1,788,206

				7,987,331

	Auto Components – 1.4%
	22,818	Cooper Tire & Rubber Co.		567,940
	9,030	Modine Manufacturing Co.*		82,534
	16,135	Standard Motor Products, Inc.		494,376
	22,285	Stoneridge, Inc.*		168,698
	7,252	Superior Industries International, Inc.		133,147
	35,458	Tenneco, Inc.*		1,371,161
	4,137	Visteon Corp.*		243,214

				3,061,070

	Biotechnology – 8.0%
	39,054	Acorda Therapeutics, Inc.*		1,545,367
	27,092	Aegerion Pharmaceuticals, Inc.*		1,138,948
	91,361	Affymax, Inc.*^(a)		82,234
	24,341	Alkermes PLC*		745,078
	50,419	Arena Pharmaceuticals, Inc.*^(a)		415,453
	9,722	BioMarin Pharmaceutical, Inc.*		637,763
	2,130	Cepheid, Inc.*		81,217
	6,181	Coronado Biosciences, Inc.*		69,536
	32,332	Cubist Pharmaceuticals, Inc.*		1,484,685
	27,442	Emergent Biosolutions, Inc.*		420,960
	52,394	Enzon Pharmaceuticals, Inc.		172,900
	26,606	Genomic Health, Inc.*		807,758
	20,098	ImmunoGen, Inc.*		321,970
	9,465	Infinity Pharmaceuticals, Inc.*		407,847
	78,529	Isis Pharmaceuticals, Inc.*^(a)		1,758,264
	15,702	MannKind Corp.*		62,023
	72,520	Momenta Pharmaceuticals, Inc.*		893,446
	3,329	Myriad Genetics, Inc.*		92,713
	197,375	PDL BioPharma, Inc.^(a)		1,527,683
	25,487	Pharmacyclics, Inc.*		2,077,190
	43,885	Seattle Genetics, Inc.*^(a)		1,621,551
	16,630	Synageva BioPharma Corp.*		859,605

				17,224,191


	Common Stocks – (continued)
	Building Products – 2.1%
	10,864	American Woodmark Corp.*	$	365,573
	14,893	Lennox International, Inc.		923,366
	10,795	Masco Corp.		209,855
	25,663	Trex Co., Inc.*		1,249,275
	33,762	Universal Forest Products, Inc.		1,303,213
	16,710	USG Corp.*		434,293

				4,485,575

	Capital Markets – 4.5%
	158,258	Apollo Investment Corp.		1,394,253
	5,197	Arlington Asset Investment Corp. Class A		140,787
	31,481	BlackRock Kelso Capital Corp.		313,236
	5,367	Calamos Asset Management, Inc. Class A		60,916
	2,970	Capital Southwest Corp.^(a)		349,539
	20,437	Cohen & Steers, Inc.^(a)		807,466
	47,442	Federated Investors, Inc. Class B^(a)		1,089,268
	21,262	FXCM, Inc. Class A		288,100
	26,554	GAMCO Investors, Inc. Class A		1,394,085
	28,737	Gladstone Capital Corp.		266,392
	29,909	Greenhill & Co., Inc.		1,381,497
	19,154	Investment Technology Group, Inc.*		208,587
	18,151	Janus Capital Group, Inc.		161,907
	7,834	LPL Financial Holdings, Inc.		270,743
	34,196	NGP Capital Resources Co.		227,745
	12,005	Piper Jaffray Cos., Inc.*		405,289
	6,793	SEI Investments Co.		194,687
	6,211	Waddell & Reed Financial, Inc. Class A		266,266
	4,828	Walter Investment Management Corp.*		162,028
	23,184	WisdomTree Investments, Inc.*		268,934

				9,651,725

	Chemicals – 3.8%
	29,584	A. Schulman, Inc.		768,297
	18,631	Axiall Corp.		977,196
	24,526	Chemtura Corp.*		521,423
	4,720	Koppers Holdings, Inc.		207,255
	55,916	Kraton Performance Polymers, Inc.*		1,269,852
	18,827	Minerals Technologies, Inc.		764,941
	26,253	OM Group, Inc.*		642,411
	24,250	Stepan Co.		1,380,795
	16,354	The Valspar Corp.		1,043,712
	7,636	W.R. Grace & Co.*		588,812
	6,571	Zep, Inc.		99,879

				8,264,573

	Commercial Banks – 4.7%
	21,572	1st Source Corp.		507,589
	3,516	Banco Latinoamericano de Comercio Exterior SA Class E		79,778
	9,619	BBCN Bancorp, Inc.		123,893
	1,801	BOK Financial Corp.		112,544
	3,556	Cathay General Bancorp		70,089
	47,618	CVB Financial Corp.		517,608
	39,062	F.N.B. Corp.		444,916


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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND


Shares		Description	Value

	Common Stocks – (continued)
	Commercial Banks – (continued)
	14,083	First Bancorp, Inc.	$	240,678
	24,102	First Interstate BancSystem, Inc.		489,753
	12,609	First Niagara Financial Group, Inc.		119,912
	65,190	FirstMerit Corp.		1,116,705
	15,084	Great Southern Bancorp, Inc.		397,765
	29,906	International Bancshares Corp.		580,176
	8,359	Investors Bancorp, Inc.		165,508
	6,225	OFG Bancorp		100,036
	11,769	PacWest Bancorp		326,354
	6,762	Popular, Inc.*		192,649
	42,625	PrivateBancorp, Inc.		817,548
	62,788	Renasant Corp.		1,432,822
	4,343	Southwest Bancorp, Inc.*		57,414
	8,450	State Bank Financial Corp.		124,300
	86,947	Susquehanna Bancshares, Inc.		1,014,671
	15,232	TCF Financial Corp.		221,626
	38,727	Umpqua Holdings Corp.		464,724
	13,293	Wintrust Financial Corp.		476,687

				10,195,745

	Commercial Services & Supplies – 1.9%
	22,166	ABM Industries, Inc.		499,843
	1,774	Consolidated Graphics, Inc.*		63,279
	30,015	HNI Corp.		1,033,416
	41,172	Kimball International, Inc. Class B		378,371
	9,764	Mine Safety Appliances Co.		468,672
	19,953	Quad Graphics, Inc.^(a)		417,018
	90,553	Steelcase, Inc. Class A		1,150,023

				4,010,622

	Communications Equipment – 2.5%
	82,087	ARRIS Group, Inc.*		1,355,256
	22,429	Aruba Networks, Inc.*		504,428
	5,075	Bel Fuse, Inc. Class B		74,704
	7,407	Calix, Inc.*		63,182
	67,550	Ciena Corp.*		1,010,548
	55,786	Extreme Networks, Inc.*		185,767
	31,159	InterDigital, Inc.		1,383,771
	22,897	PC-Tel, Inc.		152,723
	20,673	Polycom, Inc.*		217,067
	72,587	Symmetricom, Inc.*		377,453
	4,562	Ubiquiti Networks, Inc.		70,483

				5,395,382

	*Computers & Peripherals – 0.1%**
	39,306	Imation Corp.		144,646

	Construction & Engineering – 0.0%
	4,353	Pike Electric Corp.		68,037

	*Construction Materials – 0.1%**
	23,587	Headwaters, Inc.		256,155

	Consumer Finance – 0.4%
	16,641	Cash America International, Inc.		726,047
	1,889	World Acceptance Corp.*		167,856

				893,903


	Common Stocks – (continued)
	Containers & Packaging – 0.9%
	19,103	Bemis Co., Inc.	$	751,703
	13,551	Graphic Packaging Holding Co.*		101,903
	23,307	Packaging Corp. of America		1,108,481

				1,962,087

	*Diversified Consumer Services – 0.7%**
	19,170	Ascent Capital Group LLC Class A		1,274,613
	4,854	Coinstar, Inc.^(a)		256,340

				1,530,953

	Diversified Financial Services – 0.9%
	19,473	CBOE Holdings, Inc.		730,822
	3,279	MarketAxess Holdings, Inc.		138,767
	47,416	PHH Corp.*		999,529
	3,016	The NASDAQ OMX Group, Inc.		88,912

				1,958,030

	Diversified Telecommunication Services – 0.5%
	7,724	Cogent Communications Group, Inc.		221,215
	6,517	magicJack VocalTec Ltd.*^(a)		107,726
	29,148	tw telecom, Inc.*		789,328
	20,133	Vonage Holdings Corp.*		61,406

				1,179,675

	Electric Utilities – 1.0%
	9,871	El Paso Electric Co.		369,768
	3,532	Great Plains Energy, Inc.		85,227
	3,282	IDACORP, Inc.		161,507
	2,247	Otter Tail Corp.		70,107
	9,808	PNM Resources, Inc.		235,490
	26,573	Portland General Electric Co.		856,979
	9,192	UIL Holdings Corp.		382,755

				2,161,833

	Electrical Equipment – 1.1%
	24,061	Brady Corp. Class A		815,187
	13,812	Encore Wire Corp.		452,343
	14,575	EnerSys, Inc.*		668,118
	1,840	Generac Holdings, Inc.		66,111
	49,902	LSI Industries, Inc.		351,310

				2,353,069

	Electronic Equipment, Instruments & Components – 0.2%
	5,138	AVX Corp.		58,111
	3,133	Cognex Corp.		124,380
	2,844	SYNNEX Corp.*		98,402
	5,878	Vishay Intertechnology, Inc.*		82,527

				363,420

	Energy Equipment & Services – 0.5%
	1,056	Bristow Group, Inc.		66,739
	28,288	Exterran Holdings, Inc.*		747,369
	17,021	Parker Drilling Co.*		70,127
	30,510	Willbros Group, Inc.*		289,845

				1,174,080


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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Food & Staples Retailing* – 0.0%
	6,507	The Pantry, Inc.	$	95,067

	Food Products – 1.5%
	2,637	J&J Snack Foods Corp.		197,828
	16,521	Lancaster Colony Corp.		1,304,003
	6,510	Omega Protein Corp.*		60,608
	24,518	Pilgrim’s Pride Corp.*		240,031
	5,531	Post Holdings, Inc.*		242,202
	15,140	Sanderson Farms, Inc.		927,476
	59	Seaboard Corp.		162,013

				3,134,161

	Gas Utilities – 0.9%
	6,911	Northwest Natural Gas Co.		307,332
	30,319	Southwest Gas Corp.		1,536,264

				1,843,596

	Health Care Equipment & Supplies – 1.2%
	1,787	Atrion Corp.		358,097
	17,177	Cyberonics, Inc.*		745,825
	10,491	Cynosure, Inc. Class A*		271,297
	3,562	Haemonetics Corp.*		137,137
	6,769	Hill-Rom Holdings, Inc.		230,620
	29,107	Invacare Corp.		391,489
	2,994	Meridian Bioscience, Inc.		60,748
	2,475	SurModics, Inc.*		65,464
	15,476	Volcano Corp.*		314,008
	2,513	Wright Medical Group, Inc.*		58,905

				2,633,590

	Health Care Providers & Services – 2.0%
	15,492	Amedisys, Inc.*		155,540
	29,383	AMN Healthcare Services, Inc.*		403,429
	15,683	Assisted Living Concepts, Inc. Class A		186,941
	3,717	Bio-Reference Laboratories, Inc.*^(a)		94,783
	10,361	Five Star Quality Care, Inc.*		49,008
	3,143	HealthSouth Corp.*		86,433
	20,768	Kindred Healthcare, Inc.*		217,856
	1,535	LifePoint Hospitals, Inc.*		73,680
	13,777	Magellan Health Services, Inc.*		704,831
	36,022	Molina Healthcare, Inc.*		1,195,930
	27,919	PharMerica Corp.*		359,876
	70,932	Select Medical Holdings Corp.		585,189
	30,523	Skilled Healthcare Group, Inc. Class A*		214,882

				4,328,378

	Hotels, Restaurants & Leisure – 3.2%
	24,004	Ameristar Casinos, Inc.		633,466
	6,578	Bally Technologies, Inc.*		350,476
	3,684	Biglari Holdings, Inc.*		1,426,739
	37,371	Boyd Gaming Corp.*^(a)		448,452
	24,013	Domino’s Pizza, Inc.		1,325,518
	11,135	Interval Leisure Group, Inc.		212,233
	16,747	Marriott Vacations Worldwide Corp.*		761,654
	4,481	Multimedia Games Holding Co., Inc.*		110,501


	Common Stocks – (continued)
	Hotels, Restaurants & Leisure – (continued)
	24,093	Papa John’s International, Inc.*^(b)	$	1,517,859
	6,985	Texas Roadhouse, Inc.		164,147

				6,951,045

	Household Durables – 1.7%
	3,795	American Greetings Corp. Class A		69,980
	15,111	Blyth, Inc.^(a)		249,029
	2,449	CSS Industries, Inc.		70,188
	2,953	Ethan Allen Interiors, Inc.		86,464
	14,918	Hooker Furniture Corp.		257,932
	237,113	Hovnanian Enterprises, Inc. Class A*^(a)		1,292,266
	1,266	Jarden Corp.*		56,983
	7,614	Mohawk Industries, Inc.*		844,240
	6,874	NACCO Industries, Inc. Class A		398,830
	12,991	PulteGroup, Inc.*		272,681

				3,598,593

	Household Products* – 0.2%
	40,484	Central Garden & Pet Co. Class A		356,259

	Independent Power Producers & Energy Traders – 0.1%
	12,345	Genie Energy Ltd. Class B		133,079

	Insurance – 1.2%
	31,788	AmTrust Financial Services, Inc.^(a)		1,006,408
	28,468	First American Financial Corp.		762,088
	9,933	Global Indemnity PLC*		221,407
	2,599	Homeowners Choice, Inc.		68,978
	2,908	Horace Mann Educators Corp.		65,575
	8,865	Maiden Holdings Ltd.		91,576
	1,791	Platinum Underwriters Holdings Ltd.		101,639
	7,460	Stewart Information Services Corp.		201,942

				2,519,613

	Internet & Catalog Retail – 0.1%
	2,894	Blue Nile, Inc.*		94,431
	4,928	PetMed Express, Inc.		61,600

				156,031

	Internet Software & Services – 2.0%
	4,881	Digital River, Inc.*		70,677
	15,562	LivePerson, Inc.*		199,505
	81,193	Marchex, Inc. Class B		335,327
	27,930	Monster Worldwide, Inc.*		122,333
	12,203	OpenTable, Inc.*		675,924
	2,317	Travelzoo, Inc.*		59,153
	14,686	ValueClick, Inc.*		453,210
	15,001	VistaPrint NV*^(a)		612,041
	14,583	WebMD Health Corp.*		352,179
	24,320	Zillow, Inc. Class A*^(a)		1,430,746

				4,311,095

	IT Services – 2.9%
	41,196	Acxiom Corp.*		819,388
	6,685	Booz Allen Hamilton Holding Corp.		101,545
	77,501	Ciber, Inc.*		330,154
	7,893	Convergys Corp.		134,339


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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND


Shares		Description	Value

	Common Stocks – (continued)
	IT Services – (continued)
	34,667	CoreLogic, Inc.*	$	945,716
	27,001	CSG Systems International, Inc.*		583,492
	27,916	Euronet Worldwide, Inc.*		852,276
	3,071	Gartner, Inc.*		177,657
	11,388	Global Cash Access Holdings, Inc.*		81,196
	8,020	Heartland Payment Systems, Inc.		263,778
	41,248	Lender Processing Services, Inc.		1,144,220
	97,326	Lionbridge Technologies, Inc.*		332,855
	7,781	ManTech International Corp. Class A		207,675
	854	MAXIMUS, Inc.		68,055
	49,961	ModusLink Global Solutions, Inc.*		139,891

				6,182,237

	Leisure Equipment & Products – 0.6%
	22,962	Brunswick Corp.		726,977
	52,196	Smith & Wesson Holding Corp.*^(a)		458,281

				1,185,258

	Life Sciences Tools & Services – 1.2%
	13,196	Cambrex Corp.*		164,818
	14,014	Charles River Laboratories International, Inc.*		609,469
	6,332	Luminex Corp.*		105,301
	38,125	PAREXEL International Corp.*		1,561,219
	1,995	Techne Corp.		127,959

				2,568,766

	Machinery – 2.4%
	5,743	Albany International Corp. Class A		166,834
	6,464	Astec Industries, Inc.		212,213
	12,119	Briggs & Stratton Corp.		272,556
	7,212	Donaldson Co., Inc.		262,373
	1,642	EnPro Industries, Inc.*		80,918
	25,621	Hyster-Yale Materials Handling, Inc.		1,337,160
	2,754	John Bean Technologies Corp.		57,118
	14,569	Kadant, Inc.		403,124
	17,458	Lydall, Inc.*		250,348
	21,347	Miller Industries, Inc.		322,553
	1,288	Mueller Industries, Inc.		66,693
	23,239	Tecumseh Products Co. Class A*		206,827
	12,107	Tennant Co.		578,957
	10,941	WABCO Holdings, Inc.*		790,268
	3,213	Watts Water Technologies, Inc. Class A		151,204

				5,159,146

	Media – 0.7%
	14,176	Arbitron, Inc.		661,877
	13,855	Entercom Communications Corp. Class A*^(a)		109,593
	33,622	Harte-Hanks, Inc.		266,623
	52,171	Journal Communications, Inc. Class A*		355,285
	5,316	LIN TV Corp. Class A*		65,440
	2,534	Valassis Communications, Inc.		64,946

				1,523,764


	Common Stocks – (continued)
	Metals & Mining – 0.8%
	4,001	Coeur d’Alene Mines Corp.*	$	60,975
	11,860	Globe Specialty Metals, Inc.		154,891
	25,390	Materion Corp.		672,581
	20,194	Schnitzer Steel Industries, Inc. Class A		495,359
	13,559	SunCoke Energy, Inc.*		205,148
	5,727	Worthington Industries, Inc.		184,295

				1,773,249

	Multi-Utilities – 0.8%
	4,230	Avista Corp.		118,651
	30,213	Black Hills Corp.		1,416,688
	931	CH Energy Group, Inc.		60,487
	2,684	NorthWestern Corp.		115,466

				1,711,292

	Multiline Retail – 0.0%
	6,561	Fred’s, Inc. Class A		93,363

	Oil, Gas & Consumable Fuels – 4.4%
	73,132	Alon USA Energy, Inc.		1,213,991
	22,925	CVR Energy, Inc.		1,129,515
	32,705	Delek US Holdings, Inc.		1,180,324
	5,993	Green Plains Renewable Energy, Inc.*		74,972
	22,381	HollyFrontier Corp.		1,106,740
	27,108	SemGroup Corp. Class A*		1,405,550
	43,152	Ship Finance International Ltd.		711,145
	20,094	Tesoro Corp.		1,073,020
	47,500	Western Refining, Inc.		1,468,225

				9,363,482

	Paper & Forest Products – 1.5%
	84,694	Louisiana-Pacific Corp.*		1,534,655
	2,732	PH Glatfelter Co.		65,568
	63,355	Resolute Forest Products*		926,884
	18,201	Schweitzer-Mauduit International, Inc.		733,318

				3,260,425

	Personal Products^(a) – 0.5%
	9,247	Nu Skin Enterprises, Inc. Class A		469,100
	11,296	USANA Health Sciences, Inc.*		637,321

				1,106,421

	Pharmaceuticals – 2.4%
	29,002	Auxilium Pharmaceuticals, Inc.*		433,000
	7,810	Endo Health Solutions, Inc.*		286,158
	50,342	Questcor Pharmaceuticals, Inc.^(a)		1,547,513
	77,170	Santarus, Inc.*		1,417,613
	4,101	ViroPharma, Inc.*		111,752
	95,363	Warner Chilcott PLC Class A		1,371,320

				5,167,356

	Professional Services – 2.2%
	1,563	Barrett Business Services, Inc.		82,745
	21,180	CDI Corp.		331,891
	22,685	Insperity, Inc.		626,787
	77,226	Kelly Services, Inc. Class A		1,314,387


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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Professional Services – (continued)
	74,153	Kforce, Inc.	$	1,121,193
	13,753	Manpowergroup, Inc.		731,109
	62,248	Volt Information Sciences, Inc.*		504,209

				4,712,321

	Real Estate Investment Trusts – 6.4%
	7,581	Acadia Realty Trust		216,438
	8,311	Corporate Office Properties Trust		240,936
	29,216	Corrections Corp. of America		1,057,619
	63,462	Cousins Properties, Inc.		693,005
	18,209	DuPont Fabros Technology, Inc.		457,774
	5,075	EastGroup Properties, Inc.		320,080
	23,828	Extra Space Storage, Inc.		1,038,424
	29,909	Franklin Street Properties Corp.		456,710
	3,972	Getty Realty Corp.		85,041
	48,173	Healthcare Realty Trust, Inc.		1,446,154
	11,016	LTC Properties, Inc.		512,244
	24,331	National Health Investors, Inc.		1,611,685
	8,742	NorthStar Realty Finance Corp.		87,158
	8,414	Pennsylvania Real Estate Investment Trust		174,422
	35,489	Potlatch Corp.		1,680,404
	2,603	Regency Centers Corp.		146,445
	28,412	Ryman Hospitality Properties, Inc.^(a)		1,263,198
	2,963	Sovran Self Storage, Inc.		203,262
	7,041	Sunstone Hotel Investors, Inc.*		87,379
	12,865	Taubman Centers, Inc.		1,100,086
	13,563	The Geo Group, Inc.		507,934
	14,606	Washington Real Estate Investment Trust		417,147

				13,803,545

	Real Estate Management & Development – 0.9%
	6,531	Altisource Residential Corp. Class B*		124,089
	11,514	Jones Lang LaSalle, Inc.		1,140,116
	2,006	Realogy Holdings Corp.*		96,288
	31,788	The St. Joe Co.*^(a)		622,091

				1,982,584

	Road & Rail – 1.1%
	11,085	Avis Budget Group, Inc.*		319,691
	2,128	Con-way, Inc.		71,926
	33,893	Heartland Express, Inc.		459,928
	18,593	Marten Transport Ltd.		378,740
	4,038	Saia, Inc.*		165,235
	10,946	Swift Transportation Co.*		153,463
	12,848	Universal Truckload Services, Inc.*		324,284
	16,943	Werner Enterprises, Inc.		389,011

				2,262,278

	Semiconductors & Semiconductor Equipment – 2.9%
	35,523	Advanced Energy Industries, Inc.*^(b)		603,181
	1,725	Cabot Microelectronics Corp.*		57,805
	8,467	Cree, Inc.*		478,978
	47,272	Cypress Semiconductor Corp.*		476,974
	40,402	DSP Group, Inc.*		326,044


	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	32,301	First Solar, Inc.*^(a)	$	1,503,935
	56,073	Micrel, Inc.		564,094
	10,437	MKS Instruments, Inc.		280,442
	42,719	Spansion, Inc. Class A*		554,920
	53,620	SunPower Corp.*		728,696
	16,535	Veeco Instruments, Inc.*^(a)		629,487

				6,204,556

	Software – 3.2%
	143,270	Accelrys, Inc.*		1,411,210
	56,903	Aspen Technology, Inc.*		1,734,404
	4,629	Cadence Design Systems, Inc.*		63,880
	10,158	EPIQ Systems, Inc.		141,907
	6,886	Manhattan Associates, Inc.*		483,466
	72,723	Mentor Graphics Corp.		1,327,922
	1,133	MicroStrategy, Inc. Class A*		102,185
	6,465	Monotype Imaging Holdings, Inc.		149,923
	4,299	Pegasystems, Inc.		108,808
	33,156	PROS Holdings, Inc.*		859,404
	6,458	RealPage, Inc.*^(a)		131,743
	9,305	Verint System, Inc.*		307,437

				6,822,289

	Specialty Retail – 2.5%
	3,683	American Eagle Outfitters, Inc.		71,634
	10,833	Brown Shoe Co., Inc.		183,186
	37,517	GameStop Corp. Class A^(a)		1,309,343
	4,016	Haverty Furniture Cos., Inc.		95,500
	5,643	Hibbett Sports, Inc.*		309,519
	23,739	Lumber Liquidators Holdings, Inc.*		1,945,648
	54,935	OfficeMax, Inc.		632,302
	5,866	Penske Automotive Group, Inc.		181,377
	9,803	Stage Stores, Inc.		271,445
	6,630	Vitamin Shoppe, Inc.*		325,865

				5,325,819

	Textiles, Apparel & Luxury Goods – 0.9%
	10,375	Columbia Sportswear Co.^(a)		607,975
	9,295	Crocs, Inc.*		148,906
	7,982	Hanesbrands, Inc.*		400,377
	9,662	Movado Group, Inc.		292,179
	19,164	Perry Ellis International, Inc.		336,712
	2,663	Skechers U.S.A., Inc. Class A*		55,337
	3,436	Unifi, Inc.*		67,002

				1,908,488

	Thrifts & Mortgage Finance – 0.9%
	9,465	Brookline Bancorp, Inc.		79,506
	52,807	Ocwen Financial Corp.*		1,931,680

				2,011,186

	Tobacco* – 0.0%
	19,290	Alliance One International, Inc.		72,338


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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS FUND


Shares		Description	Value

	Common Stocks – (continued)
	Trading Companies & Distributors – 1.5%
	2,897	Beacon Roofing Supply, Inc.*	$	110,463
	12,373	H&E Equipment Services, Inc.		251,914
	31,860	TAL International Group, Inc.		1,319,004
	19,593	Watsco, Inc.		1,653,257

				3,334,638

	Wireless Telecommunication Services – 0.2%
	23,924	USA Mobility, Inc.		324,649

	TOTAL COMMON STOCKS
	(Cost $180,014,573)		$	204,787,581


Principal Amount		Interest Rate			Maturity Date		Value

	Short-term Investment^(c) – 4.2%
	Repurchase Agreement – 4.2%
	Joint Repurchase Agreement Account II
$	9,000,000		0.169	%		05/01/13	$	9,000,000
	(Cost $9,000,000)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $189,014,573)						$	213,787,581


Shares		Description	Value

	Securities Lending Reinvestment Vehicle^(d)(e) – 10.6%
	Financial Square Money Market Fund
	22,757,070	0.109%	$	22,757,070
	(Cost $22,757,070)

	TOTAL INVESTMENTS – 110.0%
	(Cost $211,771,643)		$	236,544,651

	LIABILITIES IN EXCESS OF OTHER ASSETS – (10.0)%			(21,499,257	)

	NET ASSETS – 100.0%		$	215,045,394


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		A portion of this security is segregated as collateral for initial margin requirement on futures transactions.
(c)		Joint repurchase agreement was entered into on April 30, 2013. Additional information appears on page 65.
(d)		Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2013.
(e)		Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2013, the Fund had the following futures contracts:

Type

Number of
Contracts
Long (Short)

Expiration
Date

Current

Value

Unrealized
Gain (Loss)

Russell 2000 Mini Index

June 2013

8,883,940

128,469


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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments

April 30, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – 96.8%
	Aerospace & Defense – 2.0%
	3,320	Alliant Techsystems, Inc.	$	246,875
	963	American Science and Engineering, Inc.		62,094
	7,095	DigitalGlobe, Inc.*		207,103
	10,848	Hexcel Corp.*		330,864
	12,281	Taser International, Inc.*		108,196

				955,132

	Air Freight & Logistics* – 0.1%
	11,616	Pacer International, Inc.		66,095

	Airlines – 3.7%
	8,780	Alaska Air Group, Inc.*		541,199
	3,715	Allegiant Travel Co.		333,978
	8,973	Republic Airways Holdings, Inc.*		100,408
	8,222	SkyWest, Inc.		117,657
	7,651	Spirit Airlines, Inc.*		204,282
	30,356	US Airways Group, Inc.*^(a)		513,016

				1,810,540

	Auto Components – 1.6%
	14,007	Cooper Tire & Rubber Co.		348,634
	5,284	Stoneridge, Inc.*		40,000
	3,903	Superior Industries International, Inc.		71,659
	8,797	Tenneco, Inc.*		340,180

				800,473

	Beverages – 0.1%
	4,603	National Beverage Corp.		67,802

	Biotechnology – 12.2%
	10,406	Acorda Therapeutics, Inc.*		411,765
	5,410	Aegerion Pharmaceuticals, Inc.*		227,436
	19,132	Alkermes PLC*		585,631
	2,174	Alnylam Pharmaceuticals, Inc.*		52,067
	21,308	Arena Pharmaceuticals, Inc.*^(a)		175,578
	3,805	BioMarin Pharmaceutical, Inc.*		249,608
	1,196	Cepheid, Inc.*		45,603
	13,231	Codexis, Inc.*		29,637
	7,431	Coronado Biosciences, Inc.*		83,599
	9,818	Cubist Pharmaceuticals, Inc.*		450,843
	5,730	Emergent Biosolutions, Inc.*		87,898
	11,425	Genomic Health, Inc.*		346,863
	5,566	Infinity Pharmaceuticals, Inc.*		239,839
	21,437	Isis Pharmaceuticals, Inc.*^(a)		479,974
	3,416	Ligand Pharmaceuticals, Inc. Class B*		93,325
	41,077	MannKind Corp.*^(a)		162,254
	14,912	Merrimack Pharmaceuticals, Inc.*		73,367
	17,775	Momenta Pharmaceuticals, Inc.*		218,988
	10,597	NPS Pharmaceuticals, Inc.*		142,318
	49,486	PDL BioPharma, Inc.^(a)		383,022
	7,954	Pharmacyclics, Inc.*		648,251
	3,455	Sangamo Biosciences, Inc.*		35,172
	13,603	Seattle Genetics, Inc.*		502,631
	7,417	Spectrum Pharmaceuticals, Inc.^(a)		54,960


	Common Stocks – (continued)
	Biotechnology – (continued)
	1,279	Synageva BioPharma Corp.*	$	66,112
	1,284	United Therapeutics Corp.*		85,746

				5,932,487

	Building Products – 1.5%
	1,006	American Woodmark Corp.*		33,852
	662	Lennox International, Inc.		41,044
	7,339	Trex Co., Inc.*		357,263
	2,683	Universal Forest Products, Inc.		103,564
	7,759	USG Corp.*		201,656

				737,379

	Capital Markets – 1.6%
	4,842	Cohen & Steers, Inc.		191,307
	2,947	GAMCO Investors, Inc. Class A		154,718
	7,927	Greenhill & Co., Inc.		366,148
	1,149	Waddell & Reed Financial, Inc. Class A		49,258

				761,431

	Chemicals – 3.0%
	9,257	Axiall Corp.		485,529
	2,395	Chemtura Corp.*		50,918
	2,613	Koppers Holdings, Inc.		114,737
	2,694	Kraton Performance Polymers, Inc.*		61,181
	2,987	Minerals Technologies, Inc.		121,362
	1,911	OM Group, Inc.*		46,762
	3,136	Omnova Solutions, Inc.*		20,917
	1,458	PolyOne Corp.		32,849
	17,025	Senomyx, Inc.*		34,901
	6,030	Stepan Co.		343,348
	2,106	The Valspar Corp.		134,405

				1,446,909

	Commercial Banks – 0.1%
	2,422	State Bank Financial Corp.		35,628

	Commercial Services & Supplies – 2.7%
	10,749	Healthcare Services Group, Inc.		239,595
	12,108	HNI Corp.		416,879
	4,618	Intersections, Inc.		44,148
	6,119	Kimball International, Inc. Class B		56,234
	4,991	Mine Safety Appliances Co.		239,568
	18,957	Steelcase, Inc. Class A		240,754
	2,486	United Stationers, Inc.		80,720

				1,317,898

	Communications Equipment – 3.6%
	15,070	ARRIS Group, Inc.*		248,806
	16,106	Aruba Networks, Inc.*		362,224
	3,803	Calix, Inc.*		32,440
	25,101	Ciena Corp.*		375,511
	8,250	Extreme Networks, Inc.*		27,472
	8,729	InterDigital, Inc.		387,655
	5,497	Plantronics, Inc.		240,879
	1,335	ViaSat, Inc.*		64,707

				1,739,694


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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND


Shares		Description	Value

	Common Stocks – (continued)
	Computers & Peripherals*^(a) – 0.6%
	7,787	3D Systems, Corp.	$	297,775

	Construction Materials* – 0.1%
	6,302	Headwaters, Inc.		68,440

	Consumer Finance – 0.5%
	3,259	Cash America International, Inc.		142,190
	1,524	DFC Global Corp.*		20,574
	768	World Acceptance Corp.*^(a)		68,245

				231,009

	Containers & Packaging – 0.8%
	3,848	Bemis Co., Inc.		151,419
	5,307	Packaging Corp. of America		252,401

				403,820

	Distributors – 0.1%
	609	Core-Mark Holding Co., Inc.		31,692

	Diversified Consumer Services*^(a) – 0.5%
	4,340	Coinstar, Inc.		229,195

	Diversified Financial Services – 0.4%
	2,412	Interactive Brokers Group, Inc. Class A		36,325
	2,909	MarketAxess Holdings, Inc.		123,109
	2,059	NewStar Financial, Inc.*		24,605

				184,039

	Diversified Telecommunication Services – 0.6%
	5,343	Cbeyond, Inc.*		46,912
	3,691	Cogent Communications Group, Inc.		105,710
	2,159	Fairpoint Communications, Inc.*^(a)		17,574
	3,718	magicJack VocalTec Ltd.*^(a)		61,458
	2,673	tw telecom, Inc.*		72,385

				304,039

	Electric Utilities – 0.2%
	2,833	Otter Tail Corp.		88,390

	Electrical Equipment – 0.7%
	1,182	Acuity Brands, Inc.		86,239
	2,992	Coleman Cable, Inc.		44,880
	1,565	EnerSys, Inc.*		71,740
	3,623	Generac Holdings, Inc.		130,174

				333,033

	Electronic Equipment, Instruments & Components – 1.0%
	1,680	Anixter International, Inc.		120,523
	2,735	AVX Corp.		30,933
	4,949	Cognex Corp.		196,475
	1,697	Electro Scientific Industries, Inc.		18,294
	1,393	Littelfuse, Inc.		97,259
	1,399	Plexus Corp.*		37,731

				501,215

	Energy Equipment & Services* – 0.2%
	7,928	Willbros Group, Inc.		75,316


	Common Stocks – (continued)
	Food & Staples Retailing* – 0.7%
	5,586	Susser Holdings Corp.	$	297,008
	3,790	The Pantry, Inc.		55,372

				352,380

	Food Products – 2.7%
	674	Cal-Maine Foods, Inc.		28,766
	4,415	Lancaster Colony Corp.		348,476
	31,641	Pilgrim’s Pride Corp.*		309,766
	1,970	Post Holdings, Inc.*		86,266
	3,973	Sanderson Farms, Inc.		243,386
	42	Seaboard Corp.		115,331
	6,301	Snyder’s-Lance, Inc.		158,659

				1,290,650

	Health Care Equipment & Supplies – 3.7%
	1,983	ABIOMED, Inc.*^(a)		36,626
	9,045	Align Technology, Inc.*		299,570
	1,945	Conceptus, Inc.*		60,315
	7,486	Cyberonics, Inc.*		325,042
	2,098	Cynosure, Inc. Class A*		54,254
	3,028	ICU Medical, Inc.*		182,437
	5,389	Invacare Corp.		72,482
	8,960	Masimo Corp.		179,738
	1,545	Meridian Bioscience, Inc.		31,348
	1,218	SurModics, Inc.*		32,216
	3,949	Vascular Solutions, Inc.*		62,829
	16,390	Volcano Corp.*		332,553
	1,679	West Pharmaceutical Services, Inc.		107,221

				1,776,631

	Health Care Providers & Services* – 2.3%
	1,905	Amedisys, Inc.		19,126
	5,300	AMN Healthcare Services, Inc.		72,769
	2,588	Bio-Reference Laboratories, Inc.^(a)		65,994
	4,946	BioScrip, Inc.		68,552
	2,720	CorVel Corp.		129,118
	2,904	Gentiva Health Services, Inc.		30,463
	9,319	HealthSouth Corp.		256,272
	9,821	Kindred Healthcare, Inc.		103,022
	2,431	Magellan Health Services, Inc.		124,370
	3,990	Molina Healthcare, Inc.		132,468
	5,073	PharMerica Corp.		65,391
	9,441	Skilled Healthcare Group, Inc. Class A		66,465

				1,134,010

	Hotels, Restaurants & Leisure – 3.8%
	6,682	Ameristar Casinos, Inc.		176,338
	522	Biglari Holdings, Inc.*		202,160
	985	Bob Evans Farms, Inc.		42,690
	11,195	Boyd Gaming Corp.*		134,340
	8,913	Domino’s Pizza, Inc.		491,998
	1,787	Interval Leisure Group, Inc.		34,060
	6,218	Papa John’s International, Inc.*		391,734
	2,453	SHFL Entertainment, Inc.*		38,757
	4,657	Sonic Corp.*		58,352


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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Hotels, Restaurants & Leisure – (continued)
	9,931	Texas Roadhouse, Inc.	$	233,379
	3,209	Town Sports International Holdings, Inc.		32,315

				1,836,123

	Household Durables – 1.2%
	3,400	Blyth, Inc.^(a)		56,032
	1,453	Ethan Allen Interiors, Inc.		42,544
	38,551	Hovnanian Enterprises, Inc. Class A*^(a)		210,103
	1,321	Libbey, Inc.*		25,588
	1,460	Mohawk Industries, Inc.*		161,885
	1,312	NACCO Industries, Inc. Class A		76,122

				572,274

	Insurance – 0.9%
	7,341	AmTrust Financial Services, Inc.^(a)		232,416
	1,990	Employers Holdings, Inc.		45,073
	2,671	First American Financial Corp.		71,503
	930	Global Indemnity PLC*		20,730
	1,062	Reinsurance Group of America, Inc.		66,428

				436,150

	Internet & Catalog Retail – 0.2%
	766	Blue Nile, Inc.*		24,994
	741	HSN, Inc.		38,962
	1,862	PetMed Express, Inc.		23,275

				87,231

	Internet Software & Services – 3.3%
	2,799	Dice Holdings, Inc.*		23,624
	3,829	j2 Global, Inc.		155,840
	8,982	LivePerson, Inc.*		115,149
	11,427	Marchex, Inc. Class B		47,193
	2,953	NIC, Inc.		49,729
	3,823	OpenTable, Inc.*		211,756
	7,623	Responsys, Inc.*		59,231
	3,331	Travelzoo, Inc.*		85,040
	11,426	ValueClick, Inc.*		352,606
	5,872	VistaPrint NV*^(a)		239,578
	4,181	Zillow, Inc. Class A*^(a)		245,968

				1,585,714

	IT Services – 2.6%
	3,557	Cardtronics, Inc.*		99,632
	4,619	CoreLogic, Inc.*		126,006
	5,904	CSG Systems International, Inc.*		127,585
	5,622	Global Cash Access Holdings, Inc.*		40,085
	2,938	Heartland Payment Systems, Inc.		96,631
	5,094	Lender Processing Services, Inc.		141,308
	15,384	Lionbridge Technologies, Inc.*		52,613
	3,063	MAXIMUS, Inc.		244,090
	5,034	Sapient Corp.*		58,797
	13,400	TeleTech Holdings, Inc.*		285,286

				1,272,033


	Common Stocks – (continued)
	Leisure Equipment & Products – 1.2%
	13,488	Brunswick Corp.	$	427,030
	15,564	Smith & Wesson Holding Corp.*^(a)		136,652

				563,682

	Life Sciences Tools & Services* – 1.6%
	5,304	Affymetrix, Inc.		19,306
	6,743	Cambrex Corp.		84,220
	1,733	Charles River Laboratories International, Inc.		75,368
	1,836	Luminex Corp.		30,533
	423	Mettler-Toledo International, Inc.		88,390
	12,126	PAREXEL International Corp.		496,560

				794,377

	Machinery – 2.0%
	1,634	Altra Holdings, Inc.		43,546
	780	EnPro Industries, Inc.*		38,438
	1,276	FreightCar America, Inc.		26,643
	2,229	Hyster-Yale Materials Handling, Inc.		116,332
	510	Lindsay Corp.		39,178
	2,890	Lydall, Inc.*		41,443
	3,811	Met-Pro Corp.		51,067
	4,786	Mueller Industries, Inc.		247,819
	6,350	Tecumseh Products Co. Class A*		56,515
	3,924	Tennant Co.		187,646
	1,770	WABCO Holdings, Inc.*		127,847

				976,474

	Media – 0.7%
	4,490	Arbitron, Inc.		209,638
	5,985	Entercom Communications Corp. Class A*		47,341
	2,490	Harte-Hanks, Inc.		19,746
	3,181	Journal Communications, Inc. Class A*		21,663
	2,688	Lions Gate Entertainment Corp.*		66,689

				365,077

	Metals & Mining – 0.6%
	9,395	Globe Specialty Metals, Inc.		122,699
	11,148	SunCoke Energy, Inc.*		168,669

				291,368

	Multi-Utilities – 0.1%
	568	Black Hills Corp.		26,634

	Oil, Gas & Consumable Fuels – 4.0%
	16,948	Alon USA Energy, Inc.^(b)		281,337
	1,476	Contango Oil & Gas Co.		55,527
	5,507	CVR Energy, Inc.		271,330
	6,772	Delek US Holdings, Inc.		244,401
	4,948	HollyFrontier Corp.		244,679
	4,720	Tesoro Corp.		252,048
	19,306	W&T Offshore, Inc.		225,494
	11,428	Western Refining, Inc.		353,239

				1,928,055


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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND


Shares		Description	Value

	Common Stocks – (continued)
	Paper & Forest Products – 0.9%
	14,462	Louisiana-Pacific Corp.*	$	262,051
	4,765	Schweitzer-Mauduit International, Inc.		191,982

				454,033

	Personal Products*^(a) – 0.6%
	5,404	USANA Health Sciences, Inc.		304,894

	Pharmaceuticals – 4.0%
	17,616	Auxilium Pharmaceuticals, Inc.*		263,007
	4,453	BioDelivery Sciences International, Inc.*		25,293
	7,354	Endocyte, Inc.*		102,147
	3,824	Jazz Pharmaceuticals PLC*		223,130
	13,701	Questcor Pharmaceuticals, Inc.^(a)		421,169
	2,951	Repros Therapeutics, Inc.*^(a)		60,023
	19,967	Santarus, Inc.*		366,794
	12,815	SciClone Pharmaceuticals, Inc.*		60,615
	5,104	The Medicines Co.*		172,311
	15,048	Warner Chilcott PLC Class A		216,390
	3,294	XenoPort, Inc.*		20,456

				1,931,335

	Professional Services – 1.7%
	4,327	CDI Corp.		67,804
	2,914	Heidrick & Struggles International, Inc.		38,523
	8,049	Insperity, Inc.		222,394
	16,511	Kelly Services, Inc. Class A		281,017
	5,716	Kforce, Inc.		86,426
	2,584	Manpowergroup, Inc.		137,366

				833,530

	Real Estate Investment Trusts – 3.4%
	1,881	Corrections Corp. of America		68,092
	11,151	Cousins Properties, Inc.		121,769
	5,482	EastGroup Properties, Inc.		345,750
	853	LTC Properties, Inc.		39,664
	8,462	Potlatch Corp.		400,676
	6,956	Ryman Hospitality Properties, Inc.		309,264
	2,228	Taubman Centers, Inc.		190,516
	1,219	Universal Health Realty Income Trust		65,497
	4,127	Washington Real Estate Investment Trust		117,867

				1,659,095

	Road & Rail – 1.6%
	5,890	Avis Budget Group, Inc.*		169,868
	3,876	Celadon Group, Inc.		65,078
	11,540	Heartland Express, Inc.		156,598
	10,450	Swift Transportation Co.*		146,509
	2,476	Universal Truckload Services, Inc.*		62,494
	6,727	Werner Enterprises, Inc.		154,452

				754,999

	Semiconductors & Semiconductor Equipment – 2.3%
	4,327	Advanced Energy Industries, Inc.*		73,472
	1,494	ATMI, Inc.*		32,494
	3,796	Cabot Microelectronics Corp.*		127,204
	698	Cree, Inc.*		39,486


	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	4,798	Cypress Semiconductor Corp.*	$	48,412
	2,508	First Solar, Inc.*		116,772
	20,954	Micrel, Inc.		210,797
	12,906	PLX Technology, Inc.*		60,271
	14,526	RF Micro Devices, Inc.*		81,491
	11,837	SunPower Corp.*		160,865
	3,079	Veeco Instruments, Inc.*		117,218
	3,771	Volterra Semiconductor Corp.*		49,061

				1,117,543

	Software – 4.8%
	11,231	Accelrys, Inc.*		110,625
	4,107	Advent Software, Inc.*		119,267
	16,201	Aspen Technology, Inc.*		493,806
	2,558	Fair Isaac Corp.		119,152
	3,107	Manhattan Associates, Inc.*		218,142
	21,115	Mentor Graphics Corp.		385,560
	863	MicroStrategy, Inc. Class A*		77,834
	2,691	Monotype Imaging Holdings, Inc.		62,404
	1,344	NetScout Systems, Inc.*		30,657
	2,068	Pegasystems, Inc.		52,341
	5,541	PROS Holdings, Inc.*		143,623
	3,309	QAD, Inc. Class A		39,973
	2,661	RealPage, Inc.*		54,284
	3,506	Take-Two Interactive Software, Inc.*		53,502
	7,045	TeleNav, Inc.*		36,916
	10,679	Verint System, Inc.*		352,834

				2,350,920

	Specialty Retail – 3.5%
	6,743	ANN, Inc.*		199,188
	1,071	Destination Maternity Corp.		25,436
	9,078	GameStop Corp. Class A^(a)		316,822
	3,845	Hibbett Sports, Inc.*		210,898
	6,018	Lumber Liquidators Holdings, Inc.*		493,235
	3,360	OfficeMax, Inc.		38,674
	4,206	Penske Automotive Group, Inc.		130,050
	2,043	The Buckle, Inc.^(a)		99,188
	3,749	Vitamin Shoppe, Inc.*		184,263

				1,697,754

	Textiles, Apparel & Luxury Goods – 0.7%
	2,988	Crocs, Inc.*		47,868
	8,437	Movado Group, Inc.		255,135
	2,259	Perry Ellis International, Inc.		39,690

				342,693

	Thrifts & Mortgage Finance* – 0.7%
	8,719	Ocwen Financial Corp.		318,941

	Trading Companies & Distributors – 2.9%
	3,379	Applied Industrial Technologies, Inc.		142,763
	9,370	Beacon Roofing Supply, Inc.*		357,278
	11,958	H&E Equipment Services, Inc.		243,465


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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Trading Companies & Distributors – (continued)
	3,756	TAL International Group, Inc.	$	155,498
	5,885	Watsco, Inc.		496,576

				1,395,580

	Water Utilities – 0.1%
	5,132	Consolidated Water Co., Ltd.		51,166

	Wireless Telecommunication Services – 0.1%
	3,896	USA Mobility, Inc.		52,869

	TOTAL COMMON STOCKS
	(Cost $40,369,949)		$	46,973,646


Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment^(c) – 1.9%
	Repurchase Agreement – 1.9%
	Joint Repurchase Agreement Account II
$	900,000		0.169	%		05/01/13	$	900,000
	(Cost $900,000)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $41,269,949)						$	47,873,646


Shares	Rate	Value
Securities Lending Reinvestment Vehicle^(d)(e) – 8.0%
Financial Square Money Market Fund – FST Shares
3,887,872	0.109%	$	3,887,872
(Cost $3,887,872)

TOTAL INVESTMENTS – 106.7%
(Cost $45,157,821)		$	51,761,518

LIABILITIES IN EXCESS OF OTHER ASSETS – (6.7)%			(3,260,316	)

NET ASSETS – 100.0%		$	48,501,202


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.
(c)		Joint repurchase agreement was entered into on April 30, 2013. Additional information appears on page 65.
(d)		Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2013.
(e)		Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2013, the Fund had the following futures contracts:

Type

Number of
Contracts
Long (Short)

Expiration
Date

Current

Value

Unrealized
Gain (Loss)

Russell 2000 Mini Index

June 2013

1,039,610

34,387


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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments

April 30, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – 97.6%
	Aerospace & Defense – 1.8%
	3,351	AAR Corp.	$	59,849
	9,539	Alliant Techsystems, Inc.		709,320
	2,688	American Science and Engineering, Inc.		173,322
	22,669	DigitalGlobe, Inc.*		661,708
	8,277	Ducommun, Inc.*		202,704
	7,931	LMI Aerospace, Inc.*		169,644
	1,883	Moog, Inc. Class A*		87,013
	22,191	Orbital Sciences Corp.*		399,882

				2,463,442

	Air Freight & Logistics* – 0.1%
	25,809	Pacer International, Inc.		146,853

	Airlines – 2.3%
	11,660	Alaska Air Group, Inc.*		718,722
	142,107	JetBlue Airways Corp.*		979,117
	24,456	Republic Airways Holdings, Inc.*		273,663
	66,726	SkyWest, Inc.		954,849
	17,241	US Airways Group, Inc*^(a)		291,373

				3,217,724

	Auto Components – 1.3%
	21,579	Cooper Tire & Rubber Co.		537,101
	26,940	Dana Holding Corp.		464,715
	18,088	Modine Manufacturing Co.*		165,324
	22,870	Spartan Motors, Inc.		121,669
	8,562	Standard Motor Products, Inc.		262,340
	15,795	Superior Industries International, Inc.		289,996

				1,841,145

	Biotechnology – 3.9%
	12,698	Acorda Therapeutics, Inc.*		502,460
	3,687	BioMarin Pharmaceutical, Inc.*		241,867
	4,090	Cubist Pharmaceuticals, Inc.*		187,813
	18,895	Curis, Inc.*		70,856
	19,444	Emergent Biosolutions, Inc.*		298,271
	20,157	Enzon Pharmaceuticals, Inc.		66,518
	6,713	Genomic Health, Inc.*		203,807
	3,474	ImmunoGen, Inc.*		55,653
	29,117	Isis Pharmaceuticals, Inc.*^(a)		651,930
	34,055	Momenta Pharmaceuticals, Inc.*		419,558
	11,451	NewLink Genetics Corp.*^(a)		159,627
	4,612	NPS Pharmaceuticals, Inc.*		61,939
	119,054	PDL BioPharma, Inc.^(a)		921,478
	11,079	Pharmacyclics, Inc.*		902,938
	10,943	Seattle Genetics, Inc.*		404,344
	48,867	XOMA Corp.*^(a)		171,035

				5,320,094

	Building Products – 0.9%
	7,390	American Woodmark Corp.*		248,673
	5,164	Trex Co., Inc.*		251,384
	19,677	Universal Forest Products, Inc.		759,532

				1,259,589


	Common Stocks – (continued)
	Capital Markets – 4.8%
	122,036	Apollo Investment Corp.	$	1,075,137
	6,768	Arlington Asset Investment Corp. Class A		183,345
	50,189	BlackRock Kelso Capital Corp.		499,381
	4,424	Calamos Asset Management, Inc. Class A		50,212
	1,932	Capital Southwest Corp.		227,377
	5,881	FXCM, Inc. Class A		79,688
	14,483	GAMCO Investors, Inc. Class A		760,358
	19,680	Gladstone Capital Corp.		182,434
	5,565	Golub Capital BDC, Inc.^(a)		98,111
	16,789	Greenhill & Co., Inc.		775,484
	14,316	Investment Technology Group, Inc.*		155,901
	41,261	Janus Capital Group, Inc.		368,048
	13,175	MVC Capital, Inc.		171,143
	33,396	NGP Capital Resources Co.		222,417
	9,531	Piper Jaffray Cos., Inc.*		321,767
	16,810	Safeguard Scientifics, Inc.*		271,313
	31,653	TICC Capital Corp.		321,911
	6,596	Waddell & Reed Financial, Inc. Class A		282,771
	17,495	Walter Investment Management Corp.*		587,132

				6,633,930

	Chemicals – 3.6%
	33,928	A. Schulman, Inc.		881,110
	17,216	Axiall Corp.		902,979
	16,579	Chemtura Corp.*		352,470
	9,798	Ferro Corp.*		68,978
	38,923	Kraton Performance Polymers, Inc.*		883,942
	15,464	Minerals Technologies, Inc.		628,302
	27,864	OM Group, Inc.*		681,832
	9,793	PolyOne Corp.		220,636
	5,686	Stepan Co.		323,761

				4,944,010

	Commercial Banks – 10.3%
	11,854	1st Source Corp.		278,925
	5,841	Associated Banc-Corp		83,351
	5,298	Banco Latinoamericano de Comercio Exterior SA Class E		120,212
	27,020	BancorpSouth, Inc.		432,320
	2,636	Banner Corp.		86,118
	11,994	BBCN Bancorp, Inc.		154,483
	1,790	BOK Financial Corp.		111,857
	2,709	Cardinal Financial Corp.		41,312
	16,655	Cathay General Bancorp		328,270
	15,665	Columbia Banking System, Inc.		336,327
	6,548	Community Bank System, Inc.		187,535
	24,653	CVB Financial Corp.		267,978
	84,754	F.N.B. Corp.		965,348
	6,734	First Commonwealth Financial Corp.		48,148
	36,043	First Financial Bancorp		553,981
	44,542	First Interstate BancSystem, Inc.		905,093
	67,557	FirstMerit Corp.		1,157,251
	35,306	Glacier Bancorp, Inc.		651,396
	10,607	Great Southern Bancorp, Inc.		279,707
	5,058	Hancock Holding Co.		137,932


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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Commercial Banks – (continued)
	4,499	Home Bancshares, Inc.	$	178,700
	3,631	IBERIABANK Corp.		165,646
	28,620	International Bancshares Corp.		555,228
	7,764	Investors Bancorp, Inc.		153,727
	6,175	Lakeland Financial Corp.		165,490
	12,965	National Penn Bancshares, Inc.		126,927
	7,948	OFG Bancorp		127,724
	16,209	PacWest Bancorp		449,475
	4,628	Park National Corp.		316,463
	46,404	PrivateBancorp, Inc.		890,029
	33,225	Renasant Corp.		758,194
	3,526	Southside Bancshares, Inc.		75,384
	14,687	Southwest Bancorp, Inc.*		194,162
	11,460	State Bank Financial Corp.		168,577
	3,137	Sterling Financial Corp.		68,387
	79,506	Susquehanna Bancshares, Inc.		927,835
	3,912	TriCo Bancshares		68,343
	4,482	UMB Financial Corp.		225,624
	49,495	Umpqua Holdings Corp.		593,940
	5,006	United Bankshares, Inc.^(a)		126,702
	8,130	Western Alliance Bancorp*		119,592
	13,031	Wilshire Bancorp, Inc.*		83,268
	12,603	Wintrust Financial Corp.		451,944

				14,118,905

	Commercial Services & Supplies – 1.5%
	13,278	ABM Industries, Inc.		299,419
	6,826	Consolidated Graphics, Inc.*		243,483
	7,964	HNI Corp.		274,201
	29,421	Kimball International, Inc. Class B		270,379
	4,571	Quad Graphics, Inc.		95,534
	64,214	Steelcase, Inc. Class A		815,518
	2,743	United Stationers, Inc.		89,065

				2,087,599

	Communications Equipment – 1.6%
	60,798	ARRIS Group, Inc.*		1,003,775
	9,828	Calix, Inc.*		83,833
	26,414	Ciena Corp.*		395,153
	61,306	Extreme Networks, Inc.*		204,149
	7,975	InterDigital, Inc.		354,170
	33,104	Symmetricom, Inc.*		172,141

				2,213,221

	Computers & Peripherals* – 0.2%
	41,246	Imation Corp.		151,786
	45,568	Quantum Corp.		65,162

				216,948

	Consumer Finance – 0.3%
	10,769	Cash America International, Inc.		469,851


	Common Stocks – (continued)
	Containers & Packaging – 0.4%
	5,550	Boise, Inc.	$	44,345
	13,674	Graphic Packaging Holding Co.*		102,828
	8,986	Packaging Corp.		427,374

				574,547

	Distributors – 0.1%
	2,678	Core-Mark Holding Co., Inc.		139,363

	Diversified Consumer Services* – 0.4%
	9,071	Ascent Capital Group LLC Class A		603,131

	Diversified Financial Services* – 0.8%
	52,374	PHH Corp.		1,104,044

	Diversified Telecommunication Services*^(a) – 0.1%
	8,579	magicJack VocalTec Ltd.		141,811

	Electric Utilities – 2.2%
	5,467	El Paso Electric Co.		204,794
	1,990	Otter Tail Corp.		62,088
	23,022	PNM Resources, Inc.		552,758
	43,091	Portland General Electric Co.		1,389,685
	18,336	UIL Holdings Corp.		763,511
	1,126	UNS Energy Corp.		57,381

				3,030,217

	Electrical Equipment – 2.1%
	32,927	Brady Corp. Class A		1,115,567
	9,209	Encore Wire Corp.		301,595
	25,139	EnerSys, Inc.*		1,152,372
	1,265	Generac Holdings, Inc.		45,451
	33,708	LSI Industries, Inc.		237,304

				2,852,289

	Electronic Equipment, Instruments & Components – 0.7%
	7,525	CTS Corp.		80,141
	6,809	Daktronics, Inc.		68,022
	31,094	Insight Enterprises, Inc.*		563,423
	9,622	Methode Electronics, Inc.		138,365
	8,012	Newport Corp.*		121,382

				971,333

	Energy Equipment & Services – 0.9%
	1,779	Bristow Group, Inc.		112,433
	5,412	Dawson Geophysical Co.*		166,365
	23,632	Exterran Holdings, Inc.*		624,357
	31,559	Parker Drilling Co.*		130,023
	26,718	Willbros Group, Inc.*		253,821

				1,286,999

	Food & Staples Retailing – 0.7%
	7,139	Ingles Markets, Inc. Class A		152,204
	9,655	Susser Holdings Corp.*		513,356
	15,665	The Pantry, Inc.*		228,866

				894,426


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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND


Shares			Description	Value

	Common Stocks – (continued)
	Food Products – 1.1%
	2,027		Lancaster Colony Corp.	$	159,991
	44,734		Pilgrim’s Pride Corp.*		437,946
	3,361		Post Holdings, Inc.*		147,178
	5,334		Sanderson Farms, Inc.		326,761
	176		Seaboard Corp.		483,293

					1,555,169

	Gas Utilities – 1.4%
	9,029		Northwest Natural Gas Co.		401,520
	22,532		Southwest Gas Corp.		1,141,696
	2,494		The Laclede Group, Inc.		116,495
	4,202	��	WGL Holdings, Inc.		194,216

					1,853,927

	Health Care Equipment & Supplies – 0.4%
	1,877		Cyberonics, Inc.*		81,499
	4,270		Cynosure, Inc. Class A*		110,422
	1,500		Greatbatch, Inc.*		41,910
	9,483		Invacare Corp.		127,546
	2,632		SurModics, Inc.*		69,617
	5,086		Wright Medical Group, Inc.*		119,216

					550,210

	Health Care Providers & Services – 1.8%
	12,754		Amedisys, Inc.*		128,050
	6,690		BioScrip, Inc.*		92,723
	1,419		Community Health Systems, Inc.		64,664
	10,760		Five Star Quality Care, Inc.*		50,895
	41,420		Kindred Healthcare, Inc.*		434,496
	5,695		Magellan Health Services, Inc.*		291,356
	16,419		Molina Healthcare, Inc.*		545,111
	14,108		PharMerica Corp.*		181,852
	45,604		Select Medical Holdings Corp.		376,233
	25,199		Skilled Healthcare Group, Inc. Class A*		177,401
	7,922		Universal American Corp.		67,733

					2,410,514

	Hotels, Restaurants & Leisure – 2.3%
	11,414		Ameristar Casinos, Inc.		301,216
	2,514		Biglari Holdings, Inc.*		973,622
	39,699		Boyd Gaming Corp.*^(a)		476,388
	13,127		Krispy Kreme Doughnuts, Inc.*		179,315
	7,934		Marriott Vacations Worldwide Corp.*		360,838
	14,221		Papa John’s International, Inc.*		895,923

					3,187,302

	Household Durables – 2.1%
	10,989		American Greetings Corp. Class A		202,637
	9,662		Beazer Homes USA, Inc. *^(a)		156,138
	7,951		Blyth, Inc.^(a)		131,032
	6,605		CSS Industries, Inc.		189,299
	4,210		Ethan Allen Interiors, Inc.		123,269
	11,446		Hooker Furniture Corp.		197,901
	175,084		Hovnanian Enterprises, Inc. Class A*^(a)		954,208
	2,696		La-Z-Boy, Inc.		48,690
	7,748		M/I Homes, Inc.*		190,601


	Common Stocks – (continued)
	Household Durables – (continued)
	1,187		Mohawk Industries, Inc.*	$	131,615
	4,919		NACCO Industries, Inc. Class A		285,400
	15,526		PulteGroup, Inc.*		325,891

					2,936,681

	Household Products* – 0.2%
	29,296		Central Garden & Pet Co. Class A		257,805

	Independent Power Producers & Energy Traders – 0.2%
	19,258		Genie Energy Ltd. Class B		207,601
	4,357		Ormat Technologies, Inc.		94,721

					302,322

	Insurance – 3.7%
	34,961		American Equity Investment Life Holding Co.		532,806
	19,621		AmTrust Financial Services, Inc.^(a)		621,201
	92,037		CNO Financial Group, Inc.		1,041,859
	26,296		First American Financial Corp.		703,944
	15,488		Global Indemnity PLC*		345,227
	2,934		Horace Mann Educators Corp.		66,162
	5,252		Kansas City Life Insurance Co.^(a)		189,597
	10,573		Maiden Holdings Ltd.		109,219
	4,366		Platinum Underwriters Holdings Ltd.		247,770
	14,471		Stewart Information Services Corp.		391,730
	45,441		Symetra Financial Corp.		619,361
	8,249		United Fire Group, Inc.		230,642

					5,099,518

	Internet Software & Services – 1.4%
	5,815		Digital River, Inc.*		84,201
	45,455		Marchex, Inc. Class B		187,729
	5,877		OpenTable, Inc.*		325,527
	3,729		Travelzoo, Inc.*		95,201
	5,991		ValueClick, Inc.*		184,882
	9,639		WebMD Health Corp.*		232,782
	14,885		Zillow, Inc. Class A*^(a)		875,685

					1,986,007

	IT Services – 1.6%
	32,689		Acxiom Corp.*		650,184
	57,204		Ciber, Inc.*		243,689
	7,874		CSG Systems International, Inc.*		170,157
	10,551		Euronet Worldwide, Inc.*		322,122
	12,819		Global Cash Access Holdings, Inc.*		91,399
	38,359		Lionbridge Technologies, Inc.*		131,188
	10,313		ManTech International Corp. Class A		275,254
	3,918		Sykes Enterprises, Inc.*		60,298
	11,157		TeleTech Holdings, Inc.*		237,533
	3,421		Unisys Corp.*		65,444

					2,247,268

	Leisure Equipment & Products*^(a) – 0.1%
	13,810		Smith & Wesson Holding Corp.		121,252


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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Life Sciences Tools & Services* – 0.4%
	50,565	Affymetrix, Inc.	$	184,056
	18,784	Cambrex Corp.		234,612
	1,738	Charles River Laboratories International, Inc.		75,586

				494,254

	Machinery – 2.9%
	16,033	Albany International Corp. Class A		465,759
	7,154	Astec Industries, Inc.		234,866
	6,239	Briggs & Stratton Corp.		140,315
	3,696	EnPro Industries, Inc.*		182,139
	3,072	FreightCar America, Inc.		64,143
	17,703	Hyster-Yale Materials Handling, Inc.		923,920
	10,425	Kadant, Inc.		288,460
	3,080	Lydall, Inc.*		44,167
	15,184	Miller Industries, Inc.		229,430
	15,707	Mueller Industries, Inc.		813,308
	19,233	Tecumseh Products Co. Class A*		171,174
	5,361	WABCO Holdings, Inc.*		387,225

				3,944,906

	Media – 0.4%
	13,330	Entercom Communications Corp. Class A*		105,440
	38,508	Journal Communications, Inc. Class A*		262,240
	2,478	Scholastic Corp.		68,021
	4,416	Valassis Communications, Inc.^(a)		113,182

				548,883

	Metals & Mining – 0.9%
	6,921	Coeur d’Alene Mines Corp.*		105,476
	16,920	Materion Corp.		448,211
	13,435	Schnitzer Steel Industries, Inc. Class A		329,561
	8,672	SunCoke Energy, Inc.*		131,207
	6,989	Worthington Industries, Inc.		224,906

				1,239,361

	Multi-Utilities – 1.3%
	9,507	Avista Corp.		266,671
	21,392	Black Hills Corp.		1,003,071
	1,696	CH Energy Group, Inc.		110,189
	7,704	NorthWestern Corp.		331,426

				1,711,357

	Multiline Retail – 0.1%
	7,768	Fred’s, Inc. Class A		110,539

	Oil, Gas & Consumable Fuels – 4.8%
	47,876	Alon USA Energy, Inc.		794,742
	15,524	CVR Energy, Inc.		764,867
	22,676	Delek US Holdings, Inc.		818,377
	4,686	Green Plains Renewable Energy, Inc.*		58,622
	13,558	HollyFrontier Corp.		670,443
	14,219	Penn Virginia Corp.		57,303
	11,929	PetroQuest Energy, Inc.*		51,056
	24,862	Quicksilver Resources, Inc.*^(a)		62,652
	21,244	SemGroup Corp. Class A*		1,101,501


	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)
	22,731	Ship Finance International Ltd.	$	374,607
	13,442	Tesoro Corp.		717,803
	20,076	W&T Offshore, Inc.		234,488
	29,797	Western Refining, Inc.^(b)		921,025

				6,627,486

	Paper & Forest Products – 1.9%
	2,843	Clearwater Paper Corp.*		130,835
	69,694	Louisiana-Pacific Corp.*		1,262,855
	4,454	PH Glatfelter Co.		106,896
	64,031	Resolute Forest Products*		936,774
	5,443	Schweitzer-Mauduit International, Inc.		219,298

				2,656,658

	Personal Products*^(a) – 0.4%
	10,459	USANA Health Sciences, Inc.		590,097

	Pharmaceuticals – 1.0%
	58,121	Horizon Pharma, Inc.*		139,490
	23,241	Questcor Pharmaceuticals, Inc.^(a)		714,428
	27,096	Warner Chilcott PLC Class A		389,641
	28,381	XenoPort, Inc.*		176,246

				1,419,805

	Professional Services – 1.0%
	14,377	CDI Corp.		225,288
	8,101	Heidrick & Struggles International, Inc.		107,095
	53,341	Kelly Services, Inc. Class A		907,864
	6,454	Kforce, Inc.		97,584
	1,181	Manpowergroup, Inc.		62,782

				1,400,613

	Real Estate Investment Trusts – 12.1%
	26,092	AG Mortgage Investment Trust, Inc.		675,000
	9,378	Agree Realty Corp.		281,997
	18,322	Ashford Hospitality Trust		235,987
	4,753	Chatham Lodging Trust		87,027
	9,305	Corrections Corp. of America		336,841
	50,062	Cousins Properties, Inc.		546,677
	5,579	CubeSmart		98,023
	40,359	DuPont Fabros Technology, Inc.		1,014,625
	4,461	EastGroup Properties, Inc.		281,355
	20,842	Extra Space Storage, Inc.		908,294
	25,679	Franklin Street Properties Corp.		392,118
	16,205	Getty Realty Corp.		346,949
	5,444	Glimcher Realty Trust		68,268
	40,704	Healthcare Realty Trust, Inc.		1,221,934
	5,714	Inland Real Estate Corp.		64,683
	16,340	LaSalle Hotel Properties		423,696
	5,437	Lexington Realty Trust		69,648
	8,119	LTC Properties, Inc.		377,534
	13,324	National Health Investors, Inc.		882,582
	31,591	NorthStar Realty Finance Corp.		314,962
	3,737	One Liberty Properties, Inc.		85,727
	4,525	Parkway Properties, Inc.		82,491
	24,134	Pennsylvania Real Estate Investment Trust		500,298


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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND


Shares		Description	Value

	Common Stocks – (continued)
	Real Estate Investment Trusts – (continued)
	21,766	Potlatch Corp.	$	1,030,620
	10,589	PS Business Parks, Inc.		845,002
	14,846	Rayonier, Inc.		882,149
	8,513	RLJ Lodging Trust		196,140
	17,451	Ryman Hospitality Properties, Inc.		775,872
	482	Silver Bay Realty Trust Corp.		9,202
	5,283	Sovran Self Storage, Inc.		362,414
	18,376	Strategic Hotels & Resorts, Inc.*		148,294
	29,616	Sunstone Hotel Investors, Inc.*		367,535
	2,273	Taubman Centers, Inc.		194,364
	32,314	The Geo Group, Inc.		1,210,159
	12,083	Universal Health Realty Income Trust		649,220
	8,748	Urstadt Biddle Properties Class A		194,818
	16,227	Washington Real Estate Investment Trust		463,443
	4,620	Winthrop Realty Trust		58,720

				16,684,668

	Real Estate Management & Development* – 0.3%
	4,338	Altisource Residential Corp. Class B		82,422
	2,136	Realogy Holdings Corp.		102,528
	11,057	The St. Joe Co.		216,386

				401,336

	Road & Rail – 0.6%
	293	AMERCO		47,085
	14,102	Heartland Express, Inc.		191,364
	3,856	Saia, Inc.*		157,788
	8,673	Universal Truckload Services, Inc.*		218,906
	6,748	Werner Enterprises, Inc.		154,934

				770,077

	Semiconductors & Semiconductor Equipment – 2.6%
	26,977	Advanced Energy Industries, Inc.*		458,069
	26,053	DSP Group, Inc.*		210,248
	31,043	First Solar, Inc.*^(a)		1,445,362
	4,211	MKS Instruments, Inc.		113,150
	9,680	Photronics, Inc.*		76,375
	11,606	Spansion, Inc. Class A*		150,762
	36,309	SunPower Corp.*^(a)		493,439
	14,972	Veeco Instruments, Inc.*		569,984

				3,517,389

	Software – 1.4%
	48,238	Accelrys, Inc.*		475,144
	29,168	Aspen Technology, Inc.*		889,041
	23,257	Mentor Graphics Corp.		424,673
	10,255	QAD, Inc. Class A		123,880

				1,912,738

	Specialty Retail – 3.3%
	17,995	Brown Shoe Co., Inc.		304,296
	5,652	Destination Maternity Corp.		134,235
	26,000	GameStop Corp. Class A^(a)		907,400
	13,504	Group 1 Automotive, Inc.		816,722
	1,980	Haverty Furniture Cos., Inc.		47,084
	1,162	Lithia Motors, Inc. Class A		57,542


	Common Stocks – (continued)
	Specialty Retail – (continued)
	7,900	Lumber Liquidators Holdings, Inc.*	$	647,484
	70,049	OfficeMax, Inc.		806,264
	17,328	Penske Automotive Group, Inc.		535,782
	9,251	Stage Stores, Inc.		256,160

				4,512,969

	Textiles, Apparel & Luxury Goods – 1.0%
	5,352	Columbia Sportswear Co.^(a)		313,627
	2,638	Culp, Inc.		42,841
	17,605	Movado Group, Inc.		532,375
	13,711	Perry Ellis International, Inc.		240,902
	10,779	Skechers U.S.A., Inc. Class A*		223,988

				1,353,733

	Thrifts & Mortgage Finance – 2.4%
	69,827	Astoria Financial Corp.		669,641
	57,379	Brookline Bancorp, Inc.		481,983
	41,691	Northwest Bancshares, Inc.		510,715
	44,040	Ocwen Financial Corp.*		1,610,983
	3,787	Oritani Financial Corp.		58,585

				3,331,907

	Tobacco – 0.4%
	19,775	Alliance One International, Inc.*		74,156
	8,367	Universal Corp.^(a)		481,521

				555,677

	Trading Companies & Distributors – 0.9%
	2,372	Applied Industrial Technologies, Inc.		100,217
	28,380	H&E Equipment Services, Inc.		577,817
	9,022	TAL International Group, Inc.		373,511
	2,249	Watsco, Inc.		189,770

				1,241,315

	Wireless Telecommunication Services – 0.2%
	16,569	USA Mobility, Inc.		224,841

	TOTAL COMMON STOCKS
	(Cost $117,146,247)		$	134,290,055


	Investment Company – 0.1%
	Capital Markets – 0.1%
	10,178	THL Credit, Inc.	$	156,537
	(Cost $133,315)


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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2013 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment^(c) – 2.2%
	Repurchase Agreement – 2.2%
	Joint Repurchase Agreement Account II
$	3,100,000		0.169	%		05/01/13	$	3,100,000
	(Cost $3,100,000)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $120,379,562)						$	137,546,592


Shares		Rate	Value
	Securities Lending Reinvestment Vehicle^(d)(e) – 7.4%
	Financial Square Money Market Fund – FST Shares
	10,214,136	0.109%	$	10,214,136
	(Cost $10,214,136)

	TOTAL INVESTMENTS – 107.3%
	(Cost $130,593,698)		$	147,760,728

	LIABILITIES IN EXCESS OF OTHER ASSETS – (7.3)%			(10,101,509	)

	NET ASSETS – 100.0%		$	137,659,219


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.
(c)		Joint repurchase agreement was entered into on April 30, 2013. Additional information appears on page 65.
(d)		Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2013.
(e)		Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2013, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)	Expiration Date	Current Value		Unrealized Gain (Loss)
Russell 2000 Mini Index	33	June 2013	$	3,118,830	$	47,379


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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments

April 30, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – 97.7%
	Aerospace & Defense – 2.3%
	35,840	Alliant Techsystems, Inc.	$	2,665,062
	13,557	Lockheed Martin Corp.		1,343,363
	13,799	Raytheon Co.		846,983
	2,202	Rockwell Collins, Inc.		138,550
	33,072	The Boeing Co.		3,023,111

				8,017,069

	Air Freight & Logistics – 0.1%
	1,976	FedEx Corp.		185,764

	Airlines* – 0.2%
	25,480	Delta Air Lines, Inc.		436,727
	6,143	United Continental Holdings, Inc.		198,419

				635,146

	Auto Components* – 0.1%
	4,301	BorgWarner, Inc.		336,209
	10,232	The Goodyear Tire & Rubber Co.		127,849

				464,058

	Biotechnology – 4.9%
	20,335	Alexion Pharmaceuticals, Inc.*		1,992,830
	48,538	Amgen, Inc.		5,058,145
	22,363	Biogen Idec, Inc.*		4,895,932
	10,183	BioMarin Pharmaceutical, Inc.*		668,005
	37,788	Celgene Corp.*		4,461,629

				17,076,541

	Capital Markets – 2.8%
	29,790	Ameriprise Financial, Inc.		2,220,249
	1,788	BlackRock, Inc.		476,502
	6,863	Federated Investors, Inc. Class B^(a)		157,574
	11,605	Janus Capital Group, Inc.		103,516
	89,572	Morgan Stanley, Inc.		1,984,020
	86,401	SEI Investments Co.		2,476,253
	9,627	State Street Corp.		562,891
	93,017	TD Ameritrade Holding Corp.		1,851,968

				9,832,973

	Chemicals – 3.2%
	9,207	Celanese Corp. Series A		454,918
	10,380	Kronos Worldwide, Inc.^(a)		183,518
	46,568	LyondellBasell Industries NV Class A		2,826,678
	550	NewMarket Corp.		147,785
	20,936	PPG Industries, Inc.		3,080,523
	14,299	The Sherwin-Williams Co.		2,618,290
	20,154	The Valspar Corp.		1,286,228
	3,960	W.R. Grace & Co.*		305,356

				10,903,296

	Commercial Banks – 1.2%
	33,367	KeyCorp.		332,669
	2,446	M&T Bank Corp.		245,089
	17,872	PNC Financial Services Group, Inc.		1,213,152


	Common Stocks – (continued)
	Commercial Banks – (continued)
	16,465	SunTrust Banks, Inc.	$	481,601
	52,243	Wells Fargo & Co.		1,984,189

				4,256,700

	Commercial Services & Supplies – 0.4%
	42,163	Tyco International Ltd.		1,354,276

	Communications Equipment – 0.8%
	20,789	Polycom, Inc.*		218,285
	42,426	QUALCOMM, Inc.		2,614,290

				2,832,575

	Computers & Peripherals – 3.8%
	24,495	Apple, Inc.^(b)		10,845,161
	61,727	EMC Corp.*		1,384,537
	47,123	Hewlett-Packard Co.		970,734

				13,200,432

	Consumer Finance – 1.0%
	58,795	Capital One Financial Corp.		3,397,175

	Diversified Consumer Services – 0.1%
	10,107	Service Corp.		170,606

	Diversified Financial Services – 2.3%
	14,057	CBOE Holdings, Inc.		527,559
	79,709	Citigroup, Inc.		3,719,222
	4,866	CME Group, Inc.		296,145
	10,204	Interactive Brokers Group, Inc. Class A		153,672
	5,242	IntercontinentalExchange, Inc.*		854,079
	17,972	JPMorgan Chase & Co.		880,808
	4,283	Leucadia National Corp.		132,302
	45,132	The NASDAQ OMX Group, Inc.		1,330,491

				7,894,278

	Diversified Telecommunication Services – 2.4%
	221,956	AT&T, Inc.		8,314,472

	Electric Utilities – 1.2%
	16,282	American Electric Power Co., Inc.		837,383
	6,239	Edison International		335,658
	10,697	Great Plains Energy, Inc.		258,119
	23,465	NV Energy, Inc.		507,548
	34,700	Pinnacle West Capital Corp.		2,113,230

				4,051,938

	Electronic Equipment, Instruments & Components – 0.9%
	6,436	Avnet, Inc.*		210,779
	208,812	Corning, Inc.		3,027,774

				3,238,553

	Food & Staples Retailing – 2.1%
	9,664	Costco Wholesale Corp.		1,047,868
	45,447	CVS Caremark Corp.		2,644,106
	20,756	Safeway, Inc.		467,425
	37,490	The Kroger Co.		1,288,906
	24,443	Wal-Mart Stores, Inc.		1,899,710

				7,348,015


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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Food Products – 3.4%
	3,949	Ingredion, Inc.	$	284,368
	35,300	Kraft Foods Group, Inc.		1,817,597
	33,174	Mead Johnson Nutrition Co.		2,690,080
	43,014	Mondelez International, Inc. Class A		1,352,790
	41,006	The Hershey Co.		3,656,095
	77,275	Tyson Foods, Inc. Class A		1,903,283

				11,704,213

	Health Care Equipment & Supplies – 1.6%
	70,336	Abbott Laboratories		2,596,805
	5,597	Baxter International, Inc.		391,062
	177,387	Boston Scientific Corp.*		1,328,629
	27,713	St. Jude Medical, Inc.		1,142,330

				5,458,826

	Hotels, Restaurants & Leisure – 1.5%
	10,078	Bally Technologies, Inc.*		536,956
	34,441	Carnival Corp.		1,188,559
	7,311	Starbucks Corp.		444,801
	39,095	Wyndham Worldwide Corp.		2,348,827
	11,130	Yum! Brands, Inc.		758,176

				5,277,319

	Household Durables – 0.5%
	3,667	Garmin Ltd.^(a)		128,638
	10,444	Mohawk Industries, Inc.*		1,158,031
	496	NVR, Inc.*		510,880

				1,797,549

	Household Products – 1.1%
	2,893	Colgate-Palmolive Co.		345,453
	45,590	The Procter & Gamble Co.		3,499,944

				3,845,397

	Independent Power Producers & Energy Traders – 0.0%
	10,507	The AES Corp.		145,627

	Industrial Conglomerates – 3.7%
	31,505	3M Co.		3,298,888
	4,388	Danaher Corp.		267,405
	408,499	General Electric Co.		9,105,443

				12,671,736

	Insurance – 2.8%
	60,504	Aflac, Inc.		3,293,838
	51,555	MetLife, Inc.		2,010,129
	71,854	Prudential Financial, Inc.		4,341,419
	3,042	Reinsurance Group of America, Inc.		190,277

				9,835,663

	Internet & Catalog Retail – 3.2%
	5,404	Amazon.com, Inc.*		1,371,589
	36,165	Expedia, Inc.		2,019,454
	64,718	Groupon, Inc.*^(a)		394,780


	Common Stocks – (continued)
	Internet & Catalog Retail – (continued)
	156,714	Liberty Interactive Corp. Class A*	$	3,336,441
	5,881	Priceline.com, Inc.*		4,093,117

				11,215,381

	Internet Software & Services* – 4.3%
	24,316	AOL, Inc.		939,570
	88,991	eBay, Inc.		4,662,239
	10,725	Google, Inc. Class A		8,843,513
	8,353	VeriSign, Inc.		384,823

				14,830,145

	IT Services – 4.0%
	10,773	CoreLogic, Inc.*		293,887
	41,818	International Business Machines Corp.		8,469,818
	30,140	Lender Processing Services, Inc.		836,084
	6,926	MasterCard, Inc. Class A		3,829,593
	5,294	Teradata Corp.*		270,365

				13,699,747

	Leisure Equipment & Products^(a) – 0.2%
	12,627	Hasbro, Inc.		598,141

	Life Sciences Tools & Services* – 0.2%
	12,716	Charles River Laboratories International, Inc.		553,019

	Machinery – 2.6%
	9,209	AGCO Corp.		490,379
	15,100	Donaldson Co., Inc.		549,338
	2,998	IDEX Corp.		155,986
	64,762	Illinois Tool Works, Inc.		4,181,035
	36,659	The Toro Co.		1,650,021
	25,216	WABCO Holdings, Inc.*		1,821,352

				8,848,111

	Media – 3.8%
	1,698	AMC Networks, Inc. Class A*		106,991
	5,650	Cinemark Holdings, Inc.		174,529
	40,105	Comcast Corp. Class A		1,601,596
	35,374	Liberty Global, Inc. Series C*^(a)		2,393,051
	156,869	News Corp. Class A		4,858,233
	62,095	Viacom, Inc. Class B		3,973,459

				13,107,859

	Metals & Mining – 1.3%
	214,050	Alcoa, Inc.		1,819,425
	58,364	Commercial Metals Co.		853,281
	3,505	Newmont Mining Corp.		113,562
	11,126	Reliance Steel & Aluminum Co.		723,969
	52,755	United States Steel Corp.^(a)		939,039

				4,449,276

	Multi-Utilities – 0.5%
	19,573	Consolidated Edison, Inc.		1,245,821
	1,834	Sempra Energy		151,947


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

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND


Shares		Description	Value

	Common Stocks – (continued)
	Multi-Utilities – (continued)
	3,994	Vectren Corp.	$	150,015
	4,110	Wisconsin Energy Corp.		184,703

				1,732,486

	Multiline Retail* – 0.1%
	11,095	Big Lots, Inc.		404,080

	Office Electronics – 0.1%
	27,280	Xerox Corp.		234,062
	2,630	Zebra Technologies Corp. Class A*		122,690

				356,752

	Oil, Gas & Consumable Fuels – 12.8%
	14,486	Cabot Oil & Gas Corp.		985,772
	48,541	Chevron Corp.		5,922,487
	79,086	ConocoPhillips		4,780,749
	3,467	EOG Resources, Inc.		420,062
	147,743	Exxon Mobil Corp.		13,147,650
	45,714	Hess Corp.		3,299,636
	67,619	HollyFrontier Corp.		3,343,759
	50,938	Marathon Petroleum Corp.		3,991,502
	19,904	Peabody Energy Corp.		399,274
	17,763	Phillips 66		1,082,655
	46,880	Tesoro Corp.		2,503,392
	10,949	Ultra Petroleum Corp.*		234,309
	99,493	Valero Energy Corp.		4,011,558

				44,122,805

	Paper & Forest Products – 0.0%
	1,959	Domtar Corp.		136,170

	Personal Products – 0.3%
	6,220	Herbalife Ltd.^(a)		246,996
	17,717	Nu Skin Enterprises, Inc. Class A		898,784

				1,145,780

	Pharmaceuticals – 9.0%
	78,375	AbbVie, Inc.		3,609,169
	37,170	Allergan, Inc.		4,220,653
	19,823	Bristol-Myers Squibb Co.		787,370
	9,551	Eli Lilly & Co.		528,934
	75,109	Johnson & Johnson		6,401,540
	144,704	Merck & Co., Inc.		6,801,088
	7,678	Mylan, Inc.*		223,507
	270,967	Pfizer, Inc.		7,877,011
	35,351	Warner Chilcott PLC Class A		508,347

				30,957,619

	Professional Services – 0.3%
	19,471	Manpowergroup, Inc.		1,035,078


	Common Stocks – (continued)
	Real Estate Investment Trusts – 3.6%
	51,272	American Tower Corp.	$	4,306,335
	60,317	Corrections Corp. of America		2,183,475
	40,294	Equity Residential		2,339,470
	3,129	Health Care REIT, Inc.		234,581
	41,574	Rayonier, Inc.		2,470,327
	2,958	Regency Centers Corp.		166,417
	10,260	Taubman Centers, Inc.		877,333

				12,577,938

	Real Estate Management & Development – 0.1%
	1,756	Jones Lang LaSalle, Inc.		173,879

	Road & Rail – 0.1%
	1,467	Union Pacific Corp.		217,057

	Semiconductors & Semiconductor Equipment – 0.5%
	17,182	Broadcom Corp. Class A		618,552
	3,656	Cree, Inc.*		206,820
	23,350	Cypress Semiconductor Corp.*		235,602
	8,174	First Solar, Inc.*^(a)		380,581
	6,368	NXP Semiconductor NV*		175,438

				1,616,993

	Software – 0.8%
	79,071	Microsoft Corp.		2,617,250

	Specialty Retail – 4.1%
	2,786	Advance Auto Parts, Inc.		233,690
	42,259	American Eagle Outfitters, Inc.		821,937
	1,984	AutoZone, Inc.*		811,634
	7,345	Best Buy Co., Inc.		190,896
	67,154	GameStop Corp. Class A^(a)		2,343,675
	13,270	L Brands, Inc.		668,941
	92,426	Lowe’s Cos., Inc.		3,551,007
	35,674	O’Reilly Automotive, Inc.*		3,828,534
	15,294	Staples, Inc.		202,493
	9,040	The Home Depot, Inc.		663,084
	24,142	Urban Outfitters, Inc.*		1,000,444

				14,316,335

	Textiles, Apparel & Luxury Goods – 0.0%
	1,044	PVH Corp.		120,488

	Tobacco – 1.3%
	45,194	Philip Morris International, Inc.		4,320,094

	Trading Companies & Distributors – 0.1%
	4,547	MSC Industrial Direct Co., Inc. Class A		358,304

	TOTAL COMMON STOCKS
	(Cost $298,048,967)		$	337,420,984


The accompanying notes are an integral part of these financial statements.		63

GOLDMAN SACHS U.S. EQUITY INSIGHTS FUND

Schedule of Investments (continued)

April 30, 2013 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment^(c) – 2.4%
	Repurchase Agreement – 2.4%
	Joint Repurchase Agreement Account II
$	8,200,000		0.169	%		05/01/13	$	8,200,000
	(Cost $8,200,000)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $306,248,967)						$	345,620,984


Shares	Rate	Value
Securities Lending Reinvestment Vehicle^(d)(e) – 1.8%
Financial Square Money Market Fund – FST Shares
6,229,975	0.109%	$	6,229,975
(Cost $6,229,975)

TOTAL INVESTMENTS – 101.9%
(Cost $312,478,942)		$	351,850,959

LIABILITIES IN EXCESS OF OTHER ASSETS – (1.9)%			(6,455,199	)

NET ASSETS – 100.0%		$	345,395,760



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)		Joint repurchase agreement was entered into on April 30, 2013. Additional information appears on page 65.
(d)		Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2013.
(e)		Represents an affiliated issuer.



Investment Abbreviation:
REIT		—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2013, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)	Expiration Date	Current Value		Unrealized Gain (Loss)
S&P 500 E-Mini Index	72	June 2013	$	5,731,920	$	169,404


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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Schedule of Investments

April 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II — At April 30, 2013, the Funds had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of May 1, 2013, as follows:


Fund	Principal Amount		Maturity Value		Collateral Allocation Value
Large Cap Growth Insights	$	6,300,000	$	6,300,030	$	6,449,040
Large Cap Value Insights		7,200,000		7,200,034		7,370,331
Small Cap Equity Insights		9,000,000		9,000,042		9,212,914
Small Cap Growth Insights		900,000		900,004		921,291
Small Cap Value Insights		3,100,000		3,100,015		3,173,337
U.S. Equity Insights		8,200,000		8,200,038		8,393,988

REPURCHASE AGREEMENTS — At April 30, 2013, the Principal Amounts of the Funds’ interest in the Joint Repurchase Agreement Account II were as follows:


Counterparty	Interest Rate			Large Cap Growth Insights		Large Cap Value Insights		Small Cap Equity Insights		Small Cap Growth Insights		Small Cap Value Insights		U.S. Equity Insights
BNP Paribas Securities Co.		0.170	%	$	2,303,942	$	2,633,076	$	3,291,345	$	329,135	$	1,133,685	$	2,998,781
Deutsche Bank Securities, Inc.		0.170			1,535,961		1,755,384		2,194,230		219,423		755,791		1,999,187
Wells Fargo Securities LLC		0.150			156,156		178,464		223,080		22,308		76,839		203,251
Wells Fargo Securities LLC		0.170			2,303,941		2,633,076		3,291,345		329,134		1,133,685		2,998,781
TOTAL				$	6,300,000	$	7,200,000	$	9,000,000	$	900,000	$	3,100,000	$	8,200,000

At April 30, 2013, the Joint Repurchase Agreement Account II was fully collateralized by:


Issuer	Interest Rates			Maturity Dates
Federal Home Loan Mortgage Corp.		2.500% to 7.000	%		01/01/24 to 04/01/43
Federal National Mortgage Association		2.000 to 7.000			01/01/17 to 05/01/48
Government National Mortgage Association		3.500 to 4.000			03/20/25 to 11/20/41
U.S. Treasury Bill		0.000			07/05/13
U.S. Treasury Note		3.125			08/31/13


The accompanying notes are an integral part of these financial statements.		65

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Assets and Liabilities

April 30, 2013 (Unaudited)


		Large Cap Growth Insights Fund
Assets:
	Investments of unaffiliated issuers, at value (cost $278,472,484, $290,869,468, $189,014,573, $41,269,949, $120,379,562 and $306,248,967)^(a)	$	307,077,037
	Investments in securities lending reinvestment vehicle, affiliated issuers at value which equals cost		6,133,180
	Cash		81,444
	Receivables:
	Dividends and interest		516,995
	Fund shares sold		44,198
	Reimbursement from investment adviser		34,862
	Futures — variation margin		13,800
	Securities lending income		3,919
	Investments sold		—
	Other assets		1,507
	Total assets		313,906,942

	Liabilities:
	Payables:
	Payable upon return of securities loaned		6,133,180
	Fund shares redeemed		423,747
	Amounts owed to affiliates		177,072
	Accrued expenses and other liabilities		93,523
	Total liabilities		6,827,522

	Net Assets:
	Paid-in capital		683,058,594
	Undistributed net investment income		2,601,355
	Accumulated net realized loss		(407,316,660	)
	Net unrealized gain		28,736,131
	NET ASSETS	$	307,079,420
	Net Assets:
	Class A	$	71,151,113
	Class B		3,798,067
	Class C		13,072,527
	Institutional		217,445,608
	Service		1,085,799
	Class IR		427,905
	Class R		98,401
	Total Net Assets	$	307,079,420
	Shares Outstanding $0.001 par value (unlimited shares authorized):
	Class A		4,476,487
	Class B		258,855
	Class C		895,744
	Institutional		13,314,670
	Service		69,220
	Class IR		27,216
	Class R		6,254
	Net asset value, offering and redemption price per share:^(b)
	Class A		$15.89
	Class B		14.67
	Class C		14.59
	Institutional		16.33
	Service		15.69
	Class IR		15.72
	Class R		15.73

(a)

Includes loaned securities having a market value of $5,995,800, $8,892,688, $22,291,070, $3,824,022, $10,028,733 and $6,110,577 for the Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights Funds, respectively.

(b)

Maximum public offering price per share for Class A Shares of the Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights Funds is $16.81, $13.89, $15.56, $28.29, $33.63 and $32.30, 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.


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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS


Large Cap Value Insights Fund			Small Cap Equity Insights Fund			Small Cap Growth Insights Fund			Small Cap Value Insights Fund			U.S. Equity Insights Fund

$	322,569,488		$	213,787,581		$	47,873,646		$	137,546,592		$	345,620,984
	9,092,164			22,757,070			3,887,872			10,214,136			6,229,975
	84,400			233,385			96,900			61,346			53,071

	812,576			249,082			14,822			127,365			606,267
	89,888			334,537			137,435			33,046			194,597
	34,970			48,196			31,137			33,279			39,871
	15,800			53,580			6,270			18,810			14,400
	6,803			54,725			19,042			27,335			6,712
	—			989,733			447,941			190,769			—
	1,688			1,179			219			573			2,853
	332,707,777			238,509,068			52,515,284			148,253,251			352,768,730



	9,092,164			22,757,070			3,887,872			10,214,136			6,229,975
	479,045			410,328			11,838			156,821			531,797
	176,501			175,102			51,355			151,723			271,443
	107,846			121,174			63,017			71,352			339,755
	9,855,556			23,463,674			4,014,082			10,594,032			7,372,970


	719,017,915			343,960,916			44,349,438			152,546,096			417,194,698
	837,265			1,852,777			49,577			325,178			1,479,023
	(428,848,350	)		(155,669,776	)		(2,535,897	)		(32,426,464	)		(112,819,382	)
	31,845,391			24,901,477			6,638,084			17,214,409			39,541,421
$	322,852,221		$	215,045,394		$	48,501,202		$	137,659,219		$	345,395,760

$	55,441,790		$	39,394,532		$	27,638,454		$	94,014,552		$	243,451,407
	1,376,669			573,246			3,110,563			9,503,658			8,102,327
	12,067,398			13,593,282			5,692,525			18,451,876			32,112,051
	249,098,136			146,700,316			11,724,924			13,634,538			59,821,460
	4,582,014			2,362,994			—			—			1,041,646
	246,627			6,640,318			225,592			1,172,609			490,942
	39,587			5,780,706			109,144			881,986			375,927
	$322,852,221		$	215,045,394		$	48,501,202		$	137,659,219		$	345,395,760

	4,224,033			2,679,362			1,033,962			2,958,010			7,977,496
	105,507			43,610			136,458			430,076			283,058
	926,758			1,034,847			247,673			737,836			1,144,049
	18,990,678			9,642,557			395,171			345,474			1,913,140
	347,744			162,810			—			—			34,187
	18,831			456,576			8,366			36,994			16,229
	3,024			397,248			4,150			27,986			12,431

	$13.13			$14.70			$26.73			$31.78			$30.52
	13.05			13.14			22.80			22.10			28.62
	13.02			13.14			22.98			25.01			28.07
	13.12			15.21			29.67			39.47			31.27
	13.18			14.51			—			—			30.47
	13.10			14.54			26.97			31.70			30.25
	13.09			14.55			26.30			31.52			30.24


The accompanying notes are an integral part of these financial statements.		67

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Operations

For the Six Months Ended April 30, 2013 (Unaudited)


	Large Cap Growth Insights Fund
Investment income:
Dividends (net of foreign withholding taxes of $46,089, $65,760, $37, $0, $48 and $44,225)	$	5,056,410
Interest		4,358
Securities lending income — affiliated issuer		80,734
Total investment income		5,141,502

Expenses:
Management fees		1,202,829
Distribution and Service fees^(a)		198,058
Transfer Agent fees^(a)		156,012
Registration fees		48,825
Custody, accounting and administrative services		43,370
Professional fees		42,226
Printing and mailing costs		26,158
Trustee fees		8,636
Service Share fees — Shareholder Administration Plan		1,237
Service Share fees — Service Plan		1,237
Other		7,320
Total expenses		1,735,908
Less — expense reductions		(428,222	)
Net expenses		1,307,686
NET INVESTMENT INCOME		3,833,816

Realized and unrealized gain (loss):
Net realized gain from:
Investments		64,640,268
Futures contracts		825,901
Net change in unrealized gain (loss) on:
Investments		(20,426,428	)
Futures contracts		256,960
Net realized and unrealized gain		45,296,701
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	49,130,517

(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
Large Cap Growth Insights	$	115,112	$	19,752	$	62,855	$	339	$	87,485	$	3,753	$	11,942	$	51,958	$	198	$	547	$	129
Large Cap Value Insights		100,918		7,170		55,899		90		76,698		1,362		10,621		58,159		921		166		34
Small Cap Equity Insights		58,098		3,392		64,766		1,576		44,154		644		12,306		28,338		442		5,581		599
Small Cap Growth Insights		32,253		16,146		26,945		162		24,512		3,068		5,120		1,933		—		177		61
Small Cap Value Insights		112,712		49,259		89,606		1,974		85,661		9,359		17,025		2,564		—		1,116		750
U.S. Equity Insights		300,609		41,671		155,944		861		228,463		7,918		29,629		8,007		202		244		327


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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS


Large Cap Value Insights Fund			Small Cap Equity Insights Fund			Small Cap Growth Insights Fund			Small Cap Value Insights Fund			U.S. Equity Insights Fund

$	6,551,552		$	3,254,234		$	539,991		$	2,033,852		$	4,684,666
	4,492			5,168			1,083			3,419			6,336
	95,411			299,123			86,001			175,631			55,675
	6,651,455			3,558,525			627,075			2,212,902			4,746,677


	1,166,881			894,686			188,439			564,086			1,045,380
	164,077			127,832			75,506			253,551			499,085
	147,961			92,064			34,871			116,475			274,790
	49,645			44,984			35,112			35,360			45,666
	46,381			50,741			36,110			41,663			39,574
	42,226			45,070			38,161			37,881			42,226
	21,652			19,783			16,603			19,882			40,808
	8,691			8,534			8,329			8,437			8,614
	5,759			2,765			—			—			1,259
	5,759			2,765			—			—			1,259
	7,708			7,765			3,079			6,267			6,009
	1,666,740			1,296,989			436,210			1,083,602			2,004,670
	(343,572	)		(211,065	)		(142,982	)		(173,402	)		(401,645	)
	1,323,168			1,085,924			293,228			910,200			1,603,025
	5,328,287			2,472,601			333,847			1,302,702			3,143,652



	72,952,520			19,085,623			3,123,688			9,029,611			43,859,206
	868,871			783,825			115,153			536,435			602,604

	(23,649,425	)		5,831,204			2,564,953			3,936,024			(868,849	)
	297,667			221,896			64,788			156,768			255,531
	50,469,633			25,922,548			5,868,582			13,658,838			43,848,492
$	55,797,920		$	28,395,149		$	6,202,429		$	14,961,540		$	46,992,144


The accompanying notes are an integral part of these financial statements.		69

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets


	Large Cap Growth Insights Fund
	For the Six Months Ended April 30, 2013 (Unaudited)			For the Fiscal Year Ended October 31, 2012
From operations:
Net investment income	$	3,833,816		$	6,255,650
Net realized gain		65,466,169			117,420,200
Net change in unrealized gain (loss)		(20,169,468	)		(48,941,867	)
Net increase in net assets resulting from operations		49,130,517			74,733,983

Distributions to shareholders:
From net investment income
Class A Shares		(1,171,997	)		(1,569,418	)
Class B Shares		(18,591	)		(16,608	)
Class C Shares		(74,138	)		(60,168	)
Institutional Shares		(4,947,299	)		(5,594,137	)
Service Shares		(10,846	)		(12,560	)
Class IR Shares		(11,083	)		(670	)
Class R Shares		(1,778	)		(98	)
Total distributions to shareholders		(6,235,732	)		(7,253,659	)

From share transactions:
Proceeds from sales of shares		15,141,782			114,579,918
Reinvestment of distributions		6,179,118			7,191,059
Cost of shares redeemed		(205,928,508	)		(303,698,592	)
Net increase (decrease) in net assets resulting from share transactions		(184,607,608	)		(181,927,615	)
TOTAL INCREASE (DECREASE)		(141,712,823	)		(114,447,291	)

Net assets:
Beginning of period		448,792,243			563,239,534
End of period	$	307,079,420		$	448,792,243
Undistributed net investment income	$	2,601,355		$	5,003,271


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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS


Large Cap Value Insights Fund						Small Cap Equity Insights Fund
For the Six Months Ended April 30, 2013 (Unaudited)			For the Fiscal Year Ended October 31, 2012			For the Six Months Ended April 30, 2013 (Unaudited)			For the Fiscal Year Ended October 31, 2012

$	5,328,287		$	9,018,860		$	2,472,601		$	622,827
	73,821,391			95,105,346			19,869,448			38,461,697
	(23,351,758	)		(31,847,964	)		6,053,100			(19,929,603	)
	55,797,920			72,276,242			28,395,149			19,154,921



	(840,793	)		(1,871,938	)		(88,986	)		(504,874	)
	(8,626	)		(14,033	)		—			(298	)
	(62,774	)		(93,749	)		—			(29,847	)
	(3,633,035	)		(6,754,521	)		(872,718	)		(1,105,856	)
	(44,090	)		(91,864	)		(5,571	)		(14,086	)
	(1,817	)		(1,769	)		(31,951	)		(67,613	)
	(286	)		(273	)		(733	)		(1,539	)
	(4,591,421	)		(8,828,147	)		(999,959	)		(1,724,113	)


	16,938,446			94,200,289			50,594,368			132,896,306
	4,554,899			8,763,865			969,011			1,674,085
	(212,861,548	)		(224,002,173	)		(58,477,197	)		(130,246,650	)
	(191,368,203	)		(121,038,019	)		(6,913,818	)		4,323,741
	(140,161,704	)		(57,589,924	)		20,481,372			21,754,549


	463,013,925			520,603,849			194,564,022			172,809,473
$	322,852,221		$	463,013,925		$	215,045,394		$	194,564,022
$	837,265		$	100,399		$	1,852,777		$	380,135


The accompanying notes are an integral part of these financial statements.		71

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Statements of Changes in Net Assets (continued)


	Small Cap Growth Insights Fund
	For the Six Months Ended April 30, 2013 (Unaudited)			For the Fiscal Year Ended October 31, 2012
From operations:
Net investment income	$	333,847		$	27,386
Net realized gain		3,238,841			7,426,241
Net change in unrealized gain (loss)		2,629,741			(3,225,149	)
Net increase in net assets resulting from operations		6,202,429			4,228,478

Distributions to shareholders:
From net investment income
Class A Shares		(186,704	)		—
Class B Shares		(7,362	)		—
Class C Shares		(11,799	)		—
Institutional Shares		(94,299	)		—
Service Shares		—			—
Class IR Shares		(1,734	)		—
Class R Shares		(455	)		—
Total distributions to shareholders		(302,353	)		—

From share transactions:
Proceeds from sales of shares		6,021,993			6,189,106
Reinvestment of distributions		297,004			—
Cost of shares redeemed		(5,950,825	)		(10,119,877	)
Net increase (decrease) in net assets resulting from share transactions		368,172			(3,930,771	)
TOTAL INCREASE (DECREASE)		6,268,248			297,707

Net assets:
Beginning of period		42,232,954			41,935,247
End of period	$	48,501,202		$	42,232,954
Undistributed net investment income	$	49,577		$	18,083


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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS


Small Cap Value Insights Fund						U.S. Equity Insights Fund
For the Six Months Ended April 30, 2013 (Unaudited)			For the Fiscal Year Ended October 31, 2012			For the Six Months Ended April 30, 2013 (Unaudited)			For the Fiscal Year Ended October 31, 2012

$	1,302,702		$	837,203		$	3,143,652		$	4,214,040
	9,566,046			19,476,024			44,461,810			55,566,265
	4,092,792			(8,518,627	)		(613,318	)		(19,797,843	)
	14,961,540			11,794,600			46,992,144			39,982,462



	(987,412	)		(461,047	)		(3,522,397	)		(4,801,561	)
	(88,104	)		—			(56,722	)		(129,283	)
	(133,538	)		—			(272,799	)		(393,452	)
	(153,124	)		(27,544	)		(611,061	)		(687,173	)
	—			—			(14,875	)		(14,485	)
	(16,812	)		(1,923	)		(3,807	)		(1,686	)
	(8,149	)		(1,228	)		(4,903	)		(426	)
	(1,387,139	)		(491,742	)		(4,486,564	)		(6,028,066	)


	10,685,249			20,282,395			35,896,629			22,541,188
	1,349,648			473,047			4,282,891			5,704,866
	(16,562,388	)		(32,757,724	)		(52,054,585	)		(106,301,282	)
	(4,527,491	)		(12,002,282	)		(11,875,065	)		(78,055,228	)
	9,046,910			(699,424	)		30,630,515			(44,100,832	)


	128,612,309			129,311,733			314,765,245			358,866,077
$	137,659,219		$	128,612,309		$	345,395,760		$	314,765,245
$	325,178		$	409,615		$	1,479,023		$	2,821,935


The accompanying notes are an integral part of these financial statements.		73

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS 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)
2013 - A	$	14.05	$	0.13	^(d)	$	1.87		$	2.00		$	(0.16	)	$	—		$	(0.16	)
2013 - B		12.93		0.07	^(d)		1.73			1.80			(0.06	)		—			(0.06	)
2013 - C		12.88		0.06	^(d)		1.73			1.79			(0.08	)		—			(0.08	)
2013 - Institutional		14.48		0.17	^(d)		1.91			2.08			(0.23	)		—			(0.23	)
2013 - Service		13.88		0.11	^(d)		1.86			1.97			(0.16	)		—			(0.16	)
2013 - IR		13.95		0.14	^(d)		1.85			1.99			(0.22	)		—			(0.22	)
2013 - R		13.97		0.10	^(d)		1.86			1.96			(0.20	)		—			(0.20	)

FOR THE FISCAL YEARS ENDED OCTOBER 31,
2012 - A		12.60		0.12	^(f)		1.47			1.59			(0.14	)		—			(0.14	)
2012 - B		11.59		0.02	^(f)		1.35			1.37			(0.03	)		—			(0.03	)
2012 - C		11.57		0.01	^(f)		1.35			1.36			(0.05	)		—			(0.05	)
2012 - Institutional		12.98		0.17	^(f)		1.52			1.69			(0.19	)		—			(0.19	)
2012 - Service		12.47		0.10	^(f)		1.47			1.57			(0.16	)		—			(0.16	)
2012 - IR		12.53		0.13	^(f)		1.48			1.61			(0.19	)		—			(0.19	)
2012 - R		12.46		0.06	^(f)		1.50			1.56			(0.05	)		—			(0.05	)
2011 - A		11.54		0.10	^(g)		1.09			1.19			(0.13	)		—			(0.13	)
2011 - B		10.63		0.02	^(g)		1.00			1.02			(0.06	)		—			(0.06	)
2011 - C		10.62		0.01	^(g)		1.01			1.02			(0.07	)		—			(0.07	)
2011 - Institutional		11.88		0.16	^(g)		1.12			1.28			(0.18	)		—			(0.18	)
2011 - Service		11.43		0.06	^(g)		1.10			1.16			(0.12	)		—			(0.12	)
2011 - IR		11.48		0.13	^(g)		1.08			1.21			(0.16	)		—			(0.16	)
2011 - R		11.42		0.08	^(g)		1.06			1.14			(0.10	)		—			(0.10	)
2010 - A		10.04		0.09			1.52			1.61			(0.11	)		—			(0.11	)
2010 - B		9.26		0.01			1.40			1.41			(0.04	)		—			(0.04	)
2010 - C		9.26		—	^(h)		1.41			1.41			(0.05	)		—			(0.05	)
2010 - Institutional		10.33		0.13			1.58			1.71			(0.16	)		—			(0.16	)
2010 - Service		9.95		0.08			1.51			1.59			(0.11	)		—			(0.11	)
2010 - IR		9.99		0.11			1.52			1.63			(0.14	)		—			(0.14	)
2010 - R		9.99		0.05			1.52			1.57			(0.14	)		—			(0.14	)
2009 - A		8.94		0.10			1.08			1.18			(0.08	)		—			(0.08	)
2009 - B		8.23		0.03			1.00			1.03			—			—			—
2009 - C		8.23		0.03			1.00			1.03			—			—			—
2009 - Institutional		9.23		0.14			1.10			1.24			(0.14	)		—			(0.14	)
2009 - Service		8.87		0.09			1.07			1.16			(0.08	)		—			(0.08	)
2009 - IR		8.92		0.11			1.08			1.19			(0.12	)		—			(0.12	)
2009 - R		8.89		0.05			1.11			1.16			(0.06	)		—			(0.06	)

FOR THE PERIOD SEPTEMBER 1, 2008 TO OCTOBER 31, 2008*
2008 - A		12.38		0.01			(3.45	)		(3.44	)		—			—			—
2008 - B		11.40		(0.01	)		(3.16	)		(3.17	)		—			—			—
2008 - C		11.41		(0.01	)		(3.17	)		(3.18	)		—			—			—
2008 - Institutional		12.76		0.01			(3.54	)		(3.53	)		—			—			—
2008 - Service		12.28		—	^(h)		(3.41	)		(3.41	)		—			—			—
2008 - IR		12.35		0.01			(3.44	)		(3.43	)		—			—			—
2008 - R		12.31		—	^(h)		(3.42	)		(3.42	)		—			—			—

FOR THE FISCAL YEAR ENDED AUGUST 31,
2008 - A		14.36		0.06			(1.91	)		(1.85	)		(0.03	)		(0.10	)		(0.13	)
2008 - B		13.31		(0.04	)		(1.77	)		(1.81	)		—	^(h)		(0.10	)		(0.10	)
2008 - C		13.31		(0.04	)		(1.76	)		(1.80	)		—	^(h)		(0.10	)		(0.10	)
2008 - Institutional		14.81		0.11			(1.97	)		(1.86	)		(0.09	)		(0.10	)		(0.19	)
2008 - Service		14.25		0.04			(1.90	)		(1.86	)		(0.01	)		(0.10	)		(0.11	)
2008 - IR (Commenced November 30, 2007)		14.53		0.06			(2.05	)		(1.99	)		(0.09	)		(0.10	)		(0.19	)
2008 - R (Commenced November 30, 2007)		14.53		0.02			(2.05	)		(2.03	)		(0.09	)		(0.10	)		(0.19	)

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

(a)

Calculated based on the average shares outstanding methodology.

(b)

Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total 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)

The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(d)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.46% of average net assets.

(e)

Annualized.

(f)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.22% of average net assets.

(g)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.16% of average net assets.

(h)

Amount is less than $0.005 per share.


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

GOLDMAN SACHS LARGE CAP GROWTH INSIGHTS 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^(c)

$	15.89		14.36	%	$	71,151		0.95	%^(e)		1.18	%^(e)		1.85	%^(d)(e)		102	%
	14.67		13.97			3,798		1.70	^(e)		1.93	^(e)		0.99	^(d)^(e)		102
	14.59		13.96			13,073		1.70	^(e)		1.93	^(e)		0.94	^(d)^(e)		102
	16.33		14.61			217,446		0.55	^(e)		0.78	^(e)		2.22	^(d)^(e)		102
	15.69		14.32			1,086		1.05	^(e)		1.29	^(e)		1.58	^(d)^(e)		102
	15.72		14.52			428		0.70	^(e)		0.93	^(e)		1.99	^(d)^(e)		102
	15.73		14.21			98		1.20	^(e)		1.43	^(e)		1.43	^(d)^(e)		102


	14.05		12.69			118,956		0.95			1.16			0.83	^(f)		146
	12.93		11.84			4,240		1.71			1.91			0.13	^(f)		146
	12.88		11.81			12,555		1.70			1.91			0.08	^(f)		146
	14.48		13.18			311,286		0.55			0.76			1.23	^(f)		146
	13.88		12.67			963		1.05			1.26			0.73	^(f)		146
	13.95		12.96			667		0.70			0.90			0.95	^(f)		146
	13.97		12.50			127		1.20			1.39			0.39	^(f)		146
	12.60		10.38			150,750		0.95			1.16			0.84	^(g)		76
	11.59		9.61			6,043		1.70			1.91			0.13	^(g)		76
	11.57		9.63			12,999		1.70			1.91			0.10	^(g)		76
	12.98		10.83			392,373		0.55			0.76			1.22	^(g)		76
	12.47		10.23			1,004		1.05			1.26			0.49	^(g)		76
	12.53		10.66			45		0.70			0.91			1.07	^(g)		76
	12.46		10.06			26		1.20			1.41			0.63	^(g)		76
	11.54		16.17			145,079		0.95			1.16			0.79			64
	10.63		15.26			8,219		1.70			1.91			0.06			64
	10.62		15.30			13,528		1.70			1.91			0.03			64
	11.88		16.68			362,907		0.55			0.76			1.21			64
	11.43		16.07			93		1.05			1.26			0.71			64
	11.48		16.50			8		0.70			0.91			1.02			64
	11.42		15.81			59		1.20			1.41			0.47			64
	10.04		13.42			183,762		0.95			1.16			1.13			124
	9.26		12.52			10,993		1.70			1.91			0.38			124
	9.26		12.52			14,832		1.70			1.91			0.31			124
	10.33		13.75			543,449		0.55			0.76			1.53			124
	9.95		13.29			125		1.05			1.26			1.08			124
	9.99		13.65			7		0.70			0.95			1.25			124
	9.99		13.21			34		1.20			1.41			0.55			124


	8.94		(27.79	)		285,337		0.95	^(e)		1.14	^(e)		0.34	^(e)		19
	8.23		(27.81	)		16,129		1.70	^(e)		1.89	^(e)		(0.38	)^(e)		19
	8.23		(27.87	)		16,324		1.70	^(e)		1.89	^(e)		(0.41	)^(e)		19
	9.23		(27.66	)		814,036		0.55	^(e)		0.74	^(e)		0.74	^(e)		19
	8.87		(27.77	)		189		1.05	^(e)		1.24	^(e)		0.23	^(e)		19
	8.92		(27.77	)		6		0.70	^(e)		0.89	^(e)		0.63	^(e)		19
	8.89		(27.78	)		6		1.20	^(e)		1.39	^(e)		0.13	^(e)		19


	12.38		(12.96	)		434,970		0.95			1.10			0.40			118
	11.40		(13.71	)		25,718		1.70			1.85			(0.34	)		118
	11.41		(13.63	)		23,960		1.70			1.85			(0.34	)		118
	12.76		(12.71	)		1,278,322		0.55			0.70			0.82			118
	12.28		(13.11	)		273		1.05			1.20			0.32			118
	12.35		(13.86	)		9		0.70	^(e)		0.85	^(e)		0.63	^(e)		118
	12.31		(14.18	)		9		1.20	^(e)		1.35	^(e)		0.21	^(e)		118


The accompanying notes are an integral part of these financial statements.		75

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS 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)
2013 - A	$	11.49	$	0.15	^(d)	$	1.60		$	1.75		$	(0.11	)	$	—		$	(0.11	)
2013 - B		11.42		0.10	^(d)		1.60			1.70			(0.07	)		—			(0.07	)
2013 - C		11.40		0.09	^(d)		1.60			1.69			(0.07	)		—			(0.07	)
2013 - Institutional		11.48		0.17	^(d)		1.60			1.77			(0.13	)		—			(0.13	)
2013 - Service		11.54		0.14	^(d)		1.60			1.74			(0.10	)		—			(0.10	)
2013 - IR		11.47		0.15	^(d)		1.61			1.76			(0.13	)		—			(0.13	)
2013 - R		11.46		0.12	^(d)		1.61			1.73			(0.10	)		—			(0.10	)

FOR THE FISCAL YEARS ENDED OCTOBER 31,
2012 - A		10.19		0.17			1.29	^(f)		1.46			(0.16	)		—			(0.16	)
2012 - B		10.13		0.09			1.29	^(f)		1.38			(0.09	)		—			(0.09	)
2012 - C		10.11		0.09			1.29	^(f)		1.38			(0.09	)		—			(0.09	)
2012 - Institutional		10.18		0.21			1.30	^(f)		1.51			(0.21	)		—			(0.21	)
2012 - Service		10.23		0.17			1.29	^(f)		1.46			(0.15	)		—			(0.15	)
2012 - IR		10.17		0.19			1.30	^(f)		1.49			(0.19	)		—			(0.19	)
2012 - R		10.17		0.13			1.30	^(f)		1.43			(0.14	)		—			(0.14	)
2011 - A		9.47		0.13			0.74			0.87			(0.15	)		—			(0.15	)
2011 - B		9.42		0.06			0.72			0.78			(0.07	)		—			(0.07	)
2011 - C		9.40		0.06			0.72			0.78			(0.07	)		—			(0.07	)
2011 - Institutional		9.46		0.17			0.74			0.91			(0.19	)		—			(0.19	)
2011 - Service		9.51		0.12			0.74			0.86			(0.14	)		—			(0.14	)
2011 - IR		9.45		0.15			0.74			0.89			(0.17	)		—			(0.17	)
2011 - R		9.45		0.12			0.72			0.84			(0.12	)		—			(0.12	)
2010 - A		8.42		0.13			1.05			1.18			(0.13	)		—			(0.13	)
2010 - B		8.37		0.06			1.05			1.11			(0.06	)		—			(0.06	)
2010 - C		8.36		0.06			1.04			1.10			(0.06	)		—			(0.06	)
2010 - Institutional		8.41		0.17			1.05			1.22			(0.17	)		—			(0.17	)
2010 - Service		8.45		0.12			1.06			1.18			(0.12	)		—			(0.12	)
2010 - IR		8.41		0.15			1.04			1.19			(0.15	)		—			(0.15	)
2010 - R		8.41		0.11			1.04			1.15			(0.11	)		—			(0.11	)
2009 - A		8.60		0.17			(0.16	)		0.01			(0.19	)		—			(0.19	)
2009 - B		8.54		0.12			(0.17	)		(0.05	)		(0.12	)		—			(0.12	)
2009 - C		8.54		0.11			(0.16	)		(0.05	)		(0.13	)		—			(0.13	)
2009 - Institutional		8.59		0.20			(0.16	)		0.04			(0.22	)		—			(0.22	)
2009 - Service		8.63		0.16			(0.16	)		—			(0.18	)		—			(0.18	)
2009 - IR		8.59		0.18			(0.15	)		0.03			(0.21	)		—			(0.21	)
2009 - R		8.59		0.11			(0.11	)		—			(0.18	)		—			(0.18	)

FOR THE PERIOD SEPTEMBER 1, 2008 TO OCTOBER 31, 2008*
2008 - A		11.24		0.03			(2.62	)		(2.59	)		(0.05	)		—			(0.05	)
2008 - B		11.16		0.02			(2.62	)		(2.60	)		(0.02	)		—			(0.02	)
2008 - C		11.16		0.02			(2.62	)		(2.60	)		(0.02	)		—			(0.02	)
2008 - Institutional		11.24		0.04			(2.63	)		(2.59	)		(0.06	)		—			(0.06	)
2008 - Service		11.28		0.03			(2.64	)		(2.61	)		(0.04	)		—			(0.04	)
2008 - IR		11.23		0.03			(2.62	)		(2.59	)		(0.05	)		—			(0.05	)
2008 - R		11.23		0.02			(2.62	)		(2.60	)		(0.04	)		—			(0.04	)

FOR THE FISCAL YEAR ENDED AUGUST 31,
2008 - A		14.51		0.18			(2.80	)		(2.62	)		(0.19	)		(0.46	)		(0.65	)
2008 - B		14.39		0.09			(2.78	)		(2.69	)		(0.08	)		(0.46	)		(0.54	)
2008 - C		14.40		0.09			(2.78	)		(2.69	)		(0.09	)		(0.46	)		(0.55	)
2008 - Institutional		14.51		0.23			(2.80	)		(2.57	)		(0.24	)		(0.46	)		(0.70	)
2008 - Service		14.56		0.17			(2.82	)		(2.65	)		(0.17	)		(0.46	)		(0.63	)
2008 - IR (Commenced November 30, 2007)		13.89		0.15			(2.18	)		(2.03	)		(0.17	)		(0.46	)		(0.63	)
2008 - R (Commenced November 30, 2007)		13.89		0.11			(2.17	)		(2.06	)		(0.14	)		(0.46	)		(0.60	)

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

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.58% of average net assets.

(e)

Annualized.

(f)

Reflects payment from affiliate relating to certain investment transactions which amounted to $0.01 per share. Excluding such payment, the total return would have been 14.34%, 13.51%, 13.55%, 14.81%, 14.28%, 14.67% and 13.98%, respectively.


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

GOLDMAN SACHS LARGE CAP VALUE INSIGHTS 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^(c)

$	13.13		15.34	%	$	55,442		0.95	%^(e)		1.13	%^(e)		2.54	%^(d)(e)		101	%
	13.05		14.94			1,377		1.70	^(e)		1.88	^(e)		1.64	^(d)(e)		101
	13.02		14.89			12,067		1.70	^(e)		1.88	^(e)		1.58	^(d)(e)		101
	13.12		15.60			249,098		0.55	^(e)		0.73	^(e)		2.85	^(d)(e)		101
	13.18		15.23			4,582		1.05	^(e)		1.23	^(e)		2.33	^(d)(e)		101
	13.10		15.45			247		0.70	^(e)		0.89	^(e)		2.39	^(d)(e)		101
	13.09		15.18			40		1.20	^(e)		1.38	^(e)		2.04	^(d)(e)		101


	11.49		14.44	^(f)		107,535		0.95			1.11			1.53			135
	11.42		13.61	^(f)		1,532		1.70			1.86			0.79			135
	11.40		13.65	^(f)		11,018		1.70			1.86			0.77			135
	11.48		14.91	^(f)		337,650		0.55			0.71			1.91			135
	11.54		14.38	^(f)		5,117		1.05			1.21			1.48			135
	11.47		14.77	^(f)		128		0.70			0.86			1.74			135
	11.46		14.08	^(f)		33		1.20			1.36			1.18			135
	10.19		9.15			133,611		0.95			1.13			1.31			56
	10.13		8.25			1,905		1.70			1.88			0.57			56
	10.11		8.30			11,928		1.70			1.88			0.55			56
	10.18		9.61			365,385		0.55			0.73			1.69			56
	10.23		9.02			7,699		1.05			1.23			1.19			56
	10.17		9.48			67		0.70			0.88			1.48			56
	10.17		8.96			10		1.20			1.38			1.13			56
	9.47		14.09			140,737		0.94			1.10			1.45			41
	9.42		13.27			2,428		1.69			1.85			0.70			41
	9.40		13.22			11,940		1.69			1.85			0.68			41
	9.46		14.59			362,324		0.54			0.70			1.86			41
	9.51		14.05			6,601		1.04			1.20			1.33			41
	9.45		14.31			16		0.69			0.85			1.64			41
	9.45		13.74			47		1.19			1.35			1.15			41
	8.42		0.37			247,183		0.95			1.10			2.28			130
	8.37		(0.42	)		3,290		1.70			1.85			1.58			130
	8.36		(0.36	)		13,110		1.70			1.85			1.47			130
	8.41		0.67			712,253		0.55			0.70			2.65			130
	8.45		0.28			7,364		1.05			1.20			2.10			130
	8.41		0.65			10		0.70			0.85			2.30			130
	8.41		0.26			36		1.20			1.35			1.45			130


	8.60		(23.14	)		310,622		0.95	^(e)		1.10	^(e)		1.59	^(e)		24
	8.54		(23.21	)		5,170		1.70	^(e)		1.85	^(e)		0.87	^(e)		24
	8.54		(23.29	)		14,029		1.70	^(e)		1.85	^(e)		0.86	^(e)		24
	8.59		(23.05	)		851,132		0.55	^(e)		0.70	^(e)		2.02	^(e)		24
	8.63		(23.16	)		7,193		1.05	^(e)		1.20	^(e)		1.50	^(e)		24
	8.59		(23.10	)		7		0.70	^(e)		0.85	^(e)		1.81	^(e)		24
	8.59		(23.21	)		6		1.20	^(e)		1.35	^(e)		1.33	^(e)		24


	11.24		(18.65	)		398,881		0.95			1.05			1.41			130
	11.16		(19.22	)		7,306		1.70			1.80			0.67			130
	11.16		(19.21	)		18,614		1.70			1.80			0.67			130
	11.24		(18.30	)		1,027,705		0.55			0.65			1.82			130
	11.28		(18.73	)		8,994		1.05			1.15			1.31			130
	11.23		(15.18	)		8		0.70	^(e)		0.80	^(e)		1.70	^(e)		130
	11.23		(15.44	)		8		1.20	^(e)		1.30	^(e)		1.26	^(e)		130


The accompanying notes are an integral part of these financial statements.		77

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS 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)
2013 - A	$	12.93	$	0.16	^(d)	$	1.63		$	1.79		$	(0.02	)	$	—		$	(0.02	)
2013 - B		11.58		0.11	^(d)		1.45			1.56			—			—			—
2013 - C		11.57		0.09	^(d)		1.48			1.57			—			—			—
2013 - Institutional		13.42		0.17	^(d)		1.72			1.89			(0.10	)		—			(0.10	)
2013 - Service		12.78		0.14	^(d)		1.62			1.76			(0.03	)		—			(0.03	)
2013 - IR		12.83		0.16	^(d)		1.63			1.79			(0.08	)		—			(0.08	)
2013 - R		12.81		0.05	^(d)		1.72			1.77			(0.03	)		—			(0.03	)

FOR THE FISCAL YEARS ENDED OCTOBER 31,
2012 - A		12.06		0.01	^(f)		0.96	^(g)		0.97			(0.10	)		—			(0.10	)
2012 - B		10.79		(0.07	)^(f)		0.86	^(g)		0.79			—	^(h)		—			—	^(h)
2012 - C		10.81		(0.07	)^(f)		0.86	^(g)		0.79			(0.03	)		—			(0.03	)
2012 - Institutional		12.53		0.07	^(f)		0.98	^(g)		1.05			(0.16	)		—			(0.16	)
2012 - Service		11.94		0.01	^(f)		0.94	^(g)		0.95			(0.11	)		—			(0.11	)
2012 - IR		12.00		0.05	^(f)		0.94	^(g)		0.99			(0.16	)		—			(0.16	)
2012 - R		11.97		(0.01	)^(f)		0.94	^(g)		0.93			(0.09	)		—			(0.09	)
2011 - A		10.92		0.06	⁽ⁱ⁾		1.15			1.21			(0.07	)		—			(0.07	)
2011 - B		9.80		(0.03	)⁽ⁱ⁾		1.02			0.99			—			—	��		—
2011 - C		9.82		(0.04	)⁽ⁱ⁾		1.04			1.00			(0.01	)		—			(0.01	)
2011 - Institutional		11.34		0.11	⁽ⁱ⁾		1.19			1.30			(0.11	)		—			(0.11	)
2011 - Service		10.82		0.04	⁽ⁱ⁾		1.13			1.17			(0.05	)		—			(0.05	)
2011 - IR		10.87		0.08	⁽ⁱ⁾		1.15			1.23			(0.10	)		—			(0.10	)
2011 - R		10.86		0.02	⁽ⁱ⁾		1.15			1.17			(0.06	)		—			(0.06	)
2010 - A		8.45		0.04	^(j)		2.50			2.54			(0.07	)		—			(0.07	)
2010 - B		7.59		(0.03	)^(j)		2.25			2.22			(0.01	)		—			(0.01	)
2010 - C		7.62		(0.03	)^(j)		2.26			2.23			(0.03	)		—			(0.03	)
2010 - Institutional		8.78		0.09	^(j)		2.57			2.66			(0.10	)		—			(0.10	)
2010 - Service		8.37		0.03	^(j)		2.48			2.51			(0.06	)		—			(0.06	)
2010 - IR		8.42		0.06	^(j)		2.49			2.55			(0.10	)		—			(0.10	)
2010 - R		8.41		(0.01	)^(j)		2.51			2.50			(0.05	)		—			(0.05	)
2009 - A		7.98		0.04			0.48			0.52			(0.05	)		—			(0.05	)
2009 - B		7.16		(0.01	)		0.44			0.43			—			—			—
2009 - C		7.19		(0.01	)		0.44			0.43			—			—			—
2009 - Institutional		8.30		0.07			0.51			0.58			(0.10	)		—			(0.10	)
2009 - Service		7.85		0.04			0.48			0.52			—			—			—
2009 - IR		7.96		0.04			0.50			0.54			(0.08	)		—			(0.08	)
2009 - R		7.93		(0.01	)		0.53			0.52			(0.04	)		—			(0.04	)

FOR THE PERIOD SEPTEMBER 1, 2008 TO OCTOBER 31, 2008*
2008 - A		11.00		0.02			(3.04	)		(3.02	)		—			—			—
2008 - B		9.89		—	^(h)		(2.73	)		(2.73	)		—			—			—
2008 - C		9.94		—	^(h)		(2.75	)		(2.75	)		—			—			—
2008 - Institutional		11.45		0.02			(3.17	)		(3.15	)		—			—			—
2008 - Service		10.84		0.01			(3.00	)		(2.99	)		—			—			—
2008 - IR		10.98		0.02			(3.04	)		(3.02	)		—			—			—
2008 - R		10.95		0.01			(3.03	)		(3.02	)		—			—			—

FOR THE FISCAL YEAR ENDED AUGUST 31,
2008 - A		12.89		0.01			(1.23	)		(1.22	)		(0.01	)		(0.66	)		(0.67	)
2008 - B		11.74		(0.06	)		(1.13	)		(1.19	)		—			(0.66	)		(0.66	)
2008 - C		11.79		(0.06	)		(1.13	)		(1.19	)		—			(0.66	)		(0.66	)
2008 - Institutional		13.37		0.06			(1.27	)		(1.21	)		(0.05	)		(0.66	)		(0.71	)
2008 - Service		12.72		0.01			(1.23	)		(1.22	)		—			(0.66	)		(0.66	)
2008 - IR (Commenced November 30, 2007)		12.16		0.03			(0.50	)		(0.47	)		(0.05	)		(0.66	)		(0.71	)
2008 - R (Commenced November 30, 2007)		12.16		(0.01	)		(0.49	)		(0.50	)		(0.05	)		(0.66	)		(0.71	)

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

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Reflects income recognized from special dividends which amounted to $0.10 per share and 1.43% of average net assets.

(e)

Annualized.

(f)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.17% of average net assets.

(g)

Reflects payment from affiliate relating to certain investment transactions which amounted to $0.04 per share. Excluding such payment, the total return would have been 7.71%, 6.95%, 6.89%, 8.17%, 7.63%, 8.02%, and 7.44%, respectively.

(h)

Amount is less than $0.005 per share.

(i)

Reflects income recognized from special dividends which amounted to $0.07 per share and 0.55% of average net assets.

(j)

Reflects income recognized from special dividends which amounted to $0.06 per share and 0.56% of average net assets.


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

GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS 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^(c)

$	14.70		13.90	%	$	39,395		1.26	%^(e)		1.45	%^(e)		2.31	%^(d)(e)		80	%
	13.14		13.47			573		2.00	^(e)		2.20	^(e)		1.77	^(d)(e)		80
	13.14		13.57			13,593		2.00	^(e)		2.21	^(e)		1.46	^(d)(e)		80
	15.21		14.15			146,700		0.86	^(e)		1.06	^(e)		2.45	^(d)(e)		80
	14.51		13.84			2,363		1.36	^(e)		1.56	^(e)		2.08	^(d)(e)		80
	14.54		14.00			6,640		1.01	^(e)		1.21	^(e)		2.40	^(d)(e)		80
	14.55		13.81			5,781		1.51	^(e)		1.87	^(e)		0.77	^(d)(e)		80


	12.93		8.04	^(g)		49,863		1.25			1.46			0.15	^(f)		125
	11.58		7.32	^(g)		780		2.01			2.22			(0.57	)^(f)		125
	11.57		7.26	^(g)		12,487		2.00			2.21			(0.57	)^(f)		125
	13.42		8.49	^(g)		123,556		0.85			1.06			0.55	^(f)		125
	12.78		7.97	^(g)		2,133		1.35			1.56			0.10	^(f)		125
	12.83		8.36	^(g)		5,389		1.00			1.21			0.43	^(f)		125
	12.81		7.78	^(g)		357		1.50			1.71			(0.06	)^(f)		125
	12.06		11.05			65,299		1.25			1.42			0.45	⁽ⁱ⁾		34
	10.79		10.10			1,399		2.00			2.17			(0.31	)⁽ⁱ⁾		34
	10.81		10.14			13,338		2.00			2.17			(0.32	)⁽ⁱ⁾		34
	12.53		11.49			86,058		0.85			1.02			0.87	⁽ⁱ⁾		34
	11.94		10.84			1,548		1.35			1.52			0.32	⁽ⁱ⁾		34
	12.00		11.32			4,959		1.00			1.17			0.70	⁽ⁱ⁾		34
	11.97		10.78			207		1.50			1.67			0.14	⁽ⁱ⁾		34
	10.92		30.23			104,435		1.25			1.39			0.43	^(j)		70
	9.80		29.27			2,101		2.00			2.14			(0.31	)^(j)		70
	9.82		29.29			13,788		2.00			2.14			(0.37	)^(j)		70
	11.34		30.76			240,597		0.85			0.99			0.88	^(j)		70
	10.82		30.16			1,431		1.35			1.49			0.33	^(j)		70
	10.87		30.55			35		1.00			1.14			0.63	^(j)		70
	10.86		29.90			184		1.50			1.64			(0.11	)^(j)		70
	8.45		6.70			130,439		1.25			1.40			0.61			167
	7.59		6.01			2,737		2.00			2.15			(0.11	)		167
	7.62		5.98			11,226		2.00			2.15			(0.18	)		167
	8.78		7.13			349,989		0.85			1.00			0.96			167
	8.37		6.62			1,588		1.35			1.50			0.53			167
	8.42		7.09			25		1.00			1.15			0.52			167
	8.41		6.61			21		1.50			1.65			(0.10	)		167


	7.98		(27.45	)		162,243		1.25	^(e)		1.46	^(e)		0.76	^(e)		31
	7.16		(27.60	)		3,806		2.00	^(e)		2.21	^(e)		0.01	^(e)		31
	7.19		(27.67	)		11,262		2.00	^(e)		2.21	^(e)		0.01	^(e)		31
	8.30		(27.51	)		419,179		0.85	^(e)		1.06	^(e)		1.16	^(e)		31
	7.85		(27.58	)		2,121		1.35	^(e)		1.56	^(e)		0.66	^(e)		31
	7.96		(27.50	)		7		1.00	^(e)		1.21	^(e)		0.99	^(e)		31
	7.93		(27.58	)		7		1.50	^(e)		1.71	^(e)		0.54	^(e)		31


	11.00		(9.73	)		211,930		1.25			1.36			0.12			160
	9.89		(10.39	)		5,807		2.00			2.11			(0.57	)		160
	9.94		(10.35	)		16,250		2.00			2.11			(0.60	)		160
	11.45		(9.29	)		547,109		0.85			0.96			0.54			160
	10.84		(9.80	)		2,904		1.35			1.46			0.12			160
	10.98		(4.14	)		10		1.00	^(e)		1.11	^(e)		0.36	^(e)		160
	10.95		(4.40	)		10		1.50	^(e)		1.61	^(e)		(0.07	)^(e)		160


The accompanying notes are an integral part of these financial statements.		79

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS 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
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
	2013 - A	$	23.40	$	0.19	^(d)	$	3.32		$	3.51		$	(0.18	)	$	—
	2013 - B		19.93		0.10	^(d)		2.82			2.92			(0.05	)		—
	2013 - C		20.09		0.09	^(d)		2.85			2.94			(0.05	)		—
	2013 - Institutional		26.01		0.26	^(d)		3.68			3.94			(0.28	)		—
	2013 - IR		23.64		0.22	^(d)		3.35			3.57			(0.24	)		—
	2013 - R		23.08		0.14	^(d)		3.28			3.42			(0.20	)		—

	FOR THE FISCAL YEARS ENDED OCTOBER 31,
	2012 - A		21.22		0.04	^(f)		2.14	^(g)		2.18			—			—
	2012 - B		18.21		(0.12	)^(f)		1.84	^(g)		1.72			—			—
	2012 - C		18.35		(0.11	)^(f)		1.85	^(g)		1.74			—			—
	2012 - Institutional		23.49		0.15	^(f)		2.37	^(g)		2.52			—			—
	2012 - IR		21.39		0.03	^(f)		2.22	^(g)		2.25			—			—
	2012 - R		20.98		(0.01	)^(f)		2.11	^(g)		2.10			—			—
	2011 - A		18.49		(0.05	)^(h)		2.78			2.73			—			—
	2011 - B		15.98		(0.18	)^(h)		2.41			2.23			—			—
	2011 - C		16.11		(0.18	)^(h)		2.42			2.24			—			—
	2011 - Institutional		20.38		0.03	^(h)		3.08			3.11			—			—
	2011 - IR		18.58		(0.08	)^(h)		2.89			2.81			—			—
	2011 - R		18.33		(0.11	)^(h)		2.76			2.65			—			—
	2010 - A		14.23		0.01	⁽ⁱ⁾		4.30			4.31			(0.05	)		—
	2010 - B		12.35		(0.09	)⁽ⁱ⁾		3.72			3.63			—			—
	2010 - C		12.45		(0.10	)⁽ⁱ⁾		3.76			3.66			—			—
	2010 - Institutional		15.67		0.07	⁽ⁱ⁾		4.74			4.81			(0.10	)		—
	2010 - IR		14.30		0.04	⁽ⁱ⁾		4.33			4.37			(0.09	)		—
	2010 - R		14.15		(0.03	)⁽ⁱ⁾		4.27			4.24			(0.06	)		—
	2009 - A		12.66		(0.01	)		1.58			1.57			—			—
	2009 - B		11.07		(0.08	)		1.36			1.28			—			—
	2009 - C		11.16		(0.09	)		1.38			1.29			—			—
	2009 - Institutional		13.88		0.04			1.75			1.79			—			—
	2009 - IR		12.68		0.03			1.59			1.62			—			—
	2009 - R		12.63		(0.06	)		1.58			1.52			—			—
	2008 - A		36.25		(0.05	)		(9.43	)		(9.48	)		—			(14.11	)
	2008 - B		33.77		(0.17	)		(8.42	)		(8.59	)		—			(14.11	)
	2008 - C		33.92		(0.17	)		(8.48	)		(8.65	)		—			(14.11	)
	2008 - Institutional		38.18		0.02			(10.21	)		(10.19	)		—			(14.11	)
	2008 - IR (Commenced November 30, 2007)		33.22		(0.01	)		(6.42	)		(6.43	)		—			(14.11	)
	2008 - R (Commenced November 30, 2007)		33.22		(0.08	)		(6.40	)		(6.48	)		—			(14.11	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Reflects income recognized from special dividends which amounted to $0.16 per share and 1.28% of average net assets.

(e)

Annualized.

(f)

Reflects income recognized from special dividends which amounted to $0.11 per share and 0.51% of average net assets.

(g)

Reflects payment from affiliate relating to certain investment transactions which amounted to $0.11 per share. Excluding such payment, the total return would have been 9.73%, 8.82%, 8.86%, 10.23%, 9.98% and 9.46%, respectively.

(h)

Reflects income recognized from special dividends which amounted to $0.07 per share and 0.34% of average net assets.

(i)

Reflects income recognized from special dividends which amounted to $0.10 per share and 0.63% of average net assets


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

GOLDMAN SACHS SMALL CAP GROWTH INSIGHTS 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^(c)

$	26.73		15.12	%	$	27,638		1.26	%^(e)		1.91	%^(e)		1.57	%^(d)(e)		74	%
	22.80		14.62			3,111		2.01	^(e)		2.65	^(e)		0.97	^(d)(e)		74
	22.98		14.65			5,693		2.01	^(e)		2.65	^(e)		0.82	^(d)(e)		74
	29.67		15.32			11,725		0.86	^(e)		1.51	^(e)		1.89	^(d)(e)		74
	26.97		15.20			226		1.01	^(e)		1.66	^(e)		1.79	^(d)(e)		74
	26.30		14.94			109		1.51	^(e)		2.17	^(e)		1.12	^(d)(e)		74


	23.40		10.24	^(g)		25,662		1.25			1.96			0.16	^(f)		116
	19.93		9.42	^(g)		3,385		2.01			2.71			(0.63	)^(f)		116
	20.09		9.46	^(g)		5,247		2.00			2.71			(0.59	)^(f)		116
	26.01		10.70	^(g)		7,733		0.85			1.55			0.57	^(f)		116
	23.64		10.49	^(g)		176		1.00			1.70			0.12	^(f)		116
	23.08		9.98	^(g)		30		1.50			2.20			(0.08	)^(f)		116
	21.22		14.76			24,979		1.25			1.96			(0.26	)^(h)		52
	18.21		13.95			4,760		2.00			2.71			(0.98	)^(h)		52
	18.35		13.90			5,180		2.00			2.71			(1.00	)^(h)		52
	23.49		15.26			6,959		0.85			1.56			0.14	^(h)		52
	21.39		15.12			38		1.00			1.71			(0.38	)^(h)		52
	20.98		14.46			19		1.50			2.21			(0.51	)^(h)		52
	18.49		30.38			22,598		1.25			2.09			0.03	⁽ⁱ⁾		100
	15.98		29.39			6,395		2.00			2.84			(0.65	)⁽ⁱ⁾		100
	16.11		29.40			5,263		2.00			2.84			(0.70	)⁽ⁱ⁾		100
	20.38		30.87			5,649		0.85			1.69			0.39	⁽ⁱ⁾		100
	18.58		30.66			10		1.00			1.84			0.26	⁽ⁱ⁾		100
	18.33		30.07			47		1.50			2.34			(0.21	)⁽ⁱ⁾		100
	14.23		12.40			19,090		1.25			2.44			(0.06	)		205
	12.35		11.56			7,608		2.00			3.19			(0.78	)		205
	12.45		11.56			4,793		2.00			3.19			(0.82	)		205
	15.67		12.90			4,026		0.85			2.04			0.31			205
	14.30		12.78			7		1.00			2.19			0.18			205
	14.15		12.03			42		1.50			2.69			(0.44	)		205
	12.66		(39.66	)		19,402		1.25			2.00			(0.32	)		182
	11.07		(40.12	)		10,176		2.00			2.75			(1.07	)		182
	11.16		(40.12	)		4,918		2.00			2.75			(1.07	)		182
	13.88		(39.44	)		3,662		0.85			1.60			(0.12	)		182
	12.68		(34.14	)		7		1.00	^(e)		1.75	^(e)		(0.06	)^(e)		182
	12.63		(34.40	)		7		1.50	^(e)		2.25	^(e)		(0.40	)^(e)		182


The accompanying notes are an integral part of these financial statements.		81

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS 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
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)^*
2013 - A	$	28.75	$	0.31	^(d)	$	3.04		$	3.35		$	(0.32	)	$	—
2013 - B		20.01		0.14	^(d)		2.13			2.27			(0.18	)		—
2013 - C		22.62		0.16	^(d)		2.40			2.56			(0.17	)		—
2013 - Institutional		35.67		0.45	^(d)		3.79			4.24			(0.44	)		—
2013 - IR		28.75		0.33	^(d)		3.05			3.38			(0.43	)		—
2013 - R		28.54		0.26	^(d)		3.04			3.30			(0.32	)		—

FOR THE FISCAL YEARS ENDED OCTOBER 31,
2012 - A		26.36		0.22	^(f)		2.31	^(g)		2.53			(0.14	)		—
2012 - B		18.40		(0.01	)^(f)		1.62	^(g)		1.61			—			—
2012 - C		20.79		—	^(f)(h)		1.83	^(g)		1.83			—			—
2012 - Institutional		32.66		0.47	^(f)		2.79	^(g)		3.26			(0.25	)		—
2012 - IR		26.40		0.31	^(f)		2.28	^(g)		2.59			(0.24	)		—
2012 - R		26.21		0.15	^(f)		2.30	^(g)		2.45			(0.12	)		—
2011 - A		24.10		0.15	⁽ⁱ⁾		2.27			2.42			(0.16	)		—
2011 - B		16.87		(0.03	)⁽ⁱ⁾		1.58			1.55			(0.02	)		—
2011 - C		19.06		(0.04	)⁽ⁱ⁾		1.80			1.76			(0.03	)		—
2011 - Institutional		29.80		0.32	⁽ⁱ⁾		2.79			3.11			(0.25	)		—
2011 - IR		24.15		0.24	⁽ⁱ⁾		2.24			2.48			(0.23	)		—
2011 - R		23.99		0.07	⁽ⁱ⁾		2.26			2.33			(0.11	)		—
2010 - A		18.78		0.16	^(j)		5.34			5.50			(0.18	)		—
2010 - B		13.24		—	^(h)(j)		3.75			3.75			(0.12	)		—
2010 - C		14.94		—	^(h)(j)		4.24			4.24			(0.12	)		—
2010 - Institutional		23.11		0.30	^(j)		6.59			6.89			(0.20	)		—
2010 - IR		18.78		0.22	^(j)		5.34			5.56			(0.19	)		—
2010 - R		18.74		0.10	^(j)		5.33			5.43			(0.18	)		—
2009 - A		18.62		0.18			0.25			0.43			(0.27	)		—
2009 - B		13.16		0.05			0.19			0.24			(0.16	)		—
2009 - C		14.84		0.05			0.18			0.23			(0.13	)		—
2009 - Institutional		22.89		0.31			0.28			0.59			(0.37	)		—
2009 - IR		18.69		0.22			0.21			0.43			(0.34	)		—
2009 - R		18.62		0.12			0.23			0.35			(0.23	)		—
2008 - A		89.04		0.14			(14.42	)		(14.28	)		—			(56.14	)
2008 - B		81.13		(0.07	)		(11.76	)		(11.83	)		—			(56.14	)
2008 - C		83.58		—	^(h)		(12.60	)		(12.60	)		—			(56.14	)
2008 - Institutional		95.27		0.42			(16.66	)		(16.24	)		—			(56.14	)
2008 - IR (Commenced November 30, 2007)		81.41		0.21			(6.79	)		(6.58	)		—			(56.14	)
2008 - R (Commenced November 30, 2007)		81.41		0.14			(6.79	)		(6.65	)		—			(56.14	)

All per share amounts representing data prior to February 9, 2009 have been restated to reflect a 7 for 1 reverse stock split which occurred on that date.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Reflects income recognized from special dividends which amounted to $0.14 per share and 0.96% of average net assets.

(e)

Annualized.

(f)

Reflects income recognized from special dividends which amounted to $0.09 per share and 0.33% of average net assets.

(g)

Reflects payment from affiliate relating to certain investment transactions which amounted to $0.07 per share. Excluding such payment, the total return would have been 9.34%, 8.35%, 8.44%, 9.81%, 9.55% and 9.09%, respectively.

(h)

Amount is less than $0.005 per share.

(i)

Reflects income recognized from special dividends which amounted to $0.07 per share and 0.27% of average net assets.

(j)

Reflects income recognized from special dividends which amounted to $0.06 per share and 0.33% of average net assets.


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

GOLDMAN SACHS SMALL CAP VALUE INSIGHTS 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^(c)

$	31.78		11.80	%	$	94,015		1.25	%^(e)		1.51	%^(e)		2.08	%^(d)(e)		63	%
	22.10		11.44			9,504		2.00	^(e)		2.26	^(e)		1.39	^(d)(e)		63
	25.01		11.42			18,452		2.00	^(e)		2.26	^(e)		1.34	^(d)(e)		63
	39.47		12.06			13,635		0.85	^(e)		1.11	^(e)		2.45	^(d)(e)		63
	31.70		12.00			1,173		1.00	^(e)		1.26	^(e)		2.24	^(d)(e)		63
	31.52		11.68			882		1.50	^(e)		1.76	^(e)		1.77	^(d)(e)		63


	28.75		9.60	^(g)		87,084		1.25			1.52			0.79	^(f)		85
	20.01		8.73	^(g)		10,256		2.01			2.27			0.03	^(f)		85
	22.62		8.78	^(g)		17,808		2.00			2.27			0.04	^(f)		85
	35.67		10.02	^(g)		12,310		0.85			1.11			1.30	^(f)		85
	28.75		9.82	^(g)		455		1.00			1.26			1.11	^(f)		85
	28.54		9.35	^(g)		699		1.50			1.75			0.52	^(f)		85
	26.36		10.03			91,426		1.25			1.54			0.58	⁽ⁱ⁾		33
	18.40		9.19			14,722		2.00			2.29			(0.16	)⁽ⁱ⁾		33
	20.79		9.21			19,248		2.00			2.29			(0.17	)⁽ⁱ⁾		33
	32.66		10.46			3,479		0.85			1.14			0.97	⁽ⁱ⁾		33
	26.40		10.29			223		1.00			1.29			0.96	⁽ⁱ⁾		33
	26.21		9.71			214		1.50			1.79			0.26	⁽ⁱ⁾		33
	24.10		29.47			95,864		1.25			1.55			0.72	^(j)		85
	16.87		28.54			20,172		2.00			2.30			0.01	^(j)		85
	19.06		28.54			21,671		2.00			2.30			(0.02	)^(j)		85
	29.80		30.03			2,462		0.85			1.15			1.10	^(j)		85
	24.15		29.83			28		1.00			1.30			0.99	^(j)		85
	23.99		29.17			120		1.50			1.80			0.45	^(j)		85
	18.78		2.64			79,873		1.25			1.69			1.11			184
	13.24		2.27			27,689		2.00			2.44			0.42			184
	14.94		1.61			20,883		2.00			2.44			0.38			184
	23.11		2.97			1,244		0.85			1.29			1.55			184
	18.78		2.43			7		1.00			1.44			1.34			184
	18.74		2.17			79		1.50			1.94			0.68			184
	18.62		(33.48	)		85,992		1.25			1.53			0.71			147
	13.16		(34.04	)		43,039		2.00			2.28			(0.05	)		147
	14.84		(33.89	)		26,503		2.00			2.28			(0.05	)		147
	22.89		(33.07	)		1,599		0.85			1.13			1.05			147
	18.69		(27.00	)		7		1.00	^(e)		1.28	^(e)		1.03	^(e)		147
	18.62		(27.27	)		7		1.50	^(e)		1.78	^(e)		0.60	^(e)		147


The accompanying notes are an integral part of these financial statements.		83

GOLDMAN SACHS U.S. EQUITY INSIGHTS 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)
2013 - A	$	26.80	$	0.28	^(d)	$	3.84		$	4.12		$	(0.40	)	$	—		$	(0.40	)
2013 - B		25.02		0.17	^(d)		3.60			3.77			(0.17	)		—			(0.17	)
2013 - C		24.59		0.16	^(d)		3.54			3.70			(0.22	)		—			(0.22	)
2013 - Institutional		27.51		0.33	^(d)		3.94			4.27			(0.51	)		—			(0.51	)
2013 - Service		26.76		0.27	^(d)		3.82			4.09			(0.38	)		—			(0.38	)
2013 - IR		26.62		0.30	^(d)		3.81			4.11			(0.48	)		—			(0.48	)
2013 - R		26.58		0.24	^(d)		3.81			4.05			(0.39	)		—			(0.39	)

FOR THE FISCAL YEARS ENDED OCTOBER 31,
2012 - A		24.21		0.33	^(f)		2.70	^(g)		3.03			(0.44	)		—			(0.44	)
2012 - B		22.59		0.14	^(f)		2.52	^(g)		2.66			(0.23	)		—			(0.23	)
2012 - C		22.25		0.13	^(f)		2.48	^(g)		2.61			(0.27	)		—			(0.27	)
2012 - Institutional		24.82		0.44	^(f)		2.77	^(g)		3.21			(0.52	)		—			(0.52	)
2012 - Service		24.14		0.30	^(f)		2.70	^(g)		3.00			(0.38	)		—			(0.38	)
2012 - IR		24.08		0.37	^(f)		2.69	^(g)		3.06			(0.52	)		—			(0.52	)
2012 - R		23.98		0.22	^(f)		2.73	^(g)		2.95			(0.35	)		—			(0.35	)
2011 - A		22.32		0.31	^(h)		1.87			2.18			(0.29	)		—			(0.29	)
2011 - B		20.82		0.12	^(h)		1.76			1.88			(0.11	)		—			(0.11	)
2011 - C		20.54		0.12	^(h)		1.72			1.84			(0.13	)		—			(0.13	)
2011 - Institutional		22.89		0.44	^(h)		1.87			2.31			(0.38	)		—			(0.38	)
2011 - Service		22.25		0.28	^(h)		1.87			2.15			(0.26	)		—			(0.26	)
2011 - IR		22.21		0.36	^(h)		1.86			2.22			(0.35	)		—			(0.35	)
2011 - R		22.11		0.24	^(h)		1.85			2.09			(0.22	)		—			(0.22	)
2010 - A		19.75		0.24			2.63			2.87			(0.30	)		—			(0.30	)
2010 - B		18.43		0.08			2.44			2.52			(0.13	)		—			(0.13	)
2010 - C		18.21		0.07			2.44			2.51			(0.18	)		—			(0.18	)
2010 - Institutional		20.25		0.33			2.69			3.02			(0.38	)		—			(0.38	)
2010 - Service		19.66		0.23			2.60			2.83			(0.24	)		—			(0.24	)
2010 - IR		19.65		0.29			2.63			2.92			(0.36	)		—			(0.36	)
2010 - R		19.63		0.18			2.61			2.79			(0.31	)		—			(0.31	)
2009 - A		19.02		0.31			0.87			1.18			(0.38	)		(0.07	)		(0.45	)
2009 - B		17.63		0.18			0.82			1.00			(0.13	)		(0.07	)		(0.20	)
2009 - C		17.50		0.16			0.82			0.98			(0.20	)		(0.07	)		(0.27	)
2009 - Institutional		19.52		0.38			0.91			1.29			(0.49	)		(0.07	)		(0.56	)
2009 - Service		18.84		0.29			0.88			1.17			(0.28	)		(0.07	)		(0.35	)
2009 - IR		18.96		0.34			0.87			1.21			(0.45	)		(0.07	)		(0.52	)
2009 - R		18.89		0.16			0.98			1.14			(0.33	)		(0.07	)		(0.40	)

FOR THE PERIOD SEPTEMBER 1, 2008 TO OCTOBER 31, 2008*
2008 - A		24.97		0.04			(5.99	)		(5.95	)		—			—			—
2008 - B		23.18		0.02			(5.57	)		(5.55	)		—			—			—
2008 - C		23.01		0.02			(5.53	)		(5.51	)		—			—			—
2008 - Institutional		25.61		0.06			(6.15	)		(6.09	)		—			—			—
2008 - Service		24.74		0.04			(5.94	)		(5.90	)		—			—			—
2008 - IR		24.88		0.05			(5.97	)		(5.92	)		—			—			—
2008 - R		24.81		0.04			(5.96	)		(5.92	)		—			—			—

FOR THE FISCAL YEAR ENDED AUGUST 31,
2008 - A		33.30		0.29			(4.86	)		(4.57	)		(0.34	)		(3.42	)		(3.76	)
2008 - B		31.17		0.08			(4.54	)		(4.46	)		(0.11	)		(3.42	)		(3.53	)
2008 - C		31.01		0.07			(4.49	)		(4.42	)		(0.16	)		(3.42	)		(3.58	)
2008 - Institutional		34.07		0.42			(4.98	)		(4.56	)		(0.48	)		(3.42	)		(3.90	)
2008 - Service		32.98		0.26			(4.80	)		(4.54	)		(0.28	)		(3.42	)		(3.70	)
2008 - IR (Commenced November 30, 2007)		33.02		0.26			(4.49	)		(4.23	)		(0.49	)		(3.42	)		(3.91	)
2008 - R (Commenced November 30, 2007)		33.02		0.17			(4.48	)		(4.31	)		(0.48	)		(3.42	)		(3.90	)

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

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Reflects income recognized from special dividends which amounted to $0.07 per share and 0.47% of average net assets.

(e)

Annualized.

(f)

Reflects income recognized from special dividends which amounted to $0.06 per share and 0.23% of average net assets.

(g)

Reflects payment from affiliate relating to certain investment transactions which amounted to $0.02 per share. Excluding such payment, the total return would have been 12.61%, 11.75%, 13.08%, 12.50%, 12.87%, and 12.33%, respectively.

(h)

Reflects income recognized from special dividends which amounted to $0.03 per share and 0.13% of average net assets.


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

GOLDMAN SACHS U.S. EQUITY INSIGHTS 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^(c)

$	30.52			15.60	%	$	243,451		0.95	%^(e)		1.20	%^(e)		2.01	%^(d)(e)		89	%
	28.62			15.15			8,102		1.70	^(e)		1.95	^(e)		1.31	^(d)(e)		89
	28.07			15.17			32,112		1.70	^(e)		1.95	^(e)		1.26	^(d)(e)		89
	31.27			15.82			59,821		0.55	^(e)		0.81	^(e)		2.27	^(d)(e)		89
	30.47			15.51			1,042		1.05	^(e)		1.30	^(e)		1.94	^(d)(e)		89
	30.25			15.72			491		0.70	^(e)		0.96	^(e)		2.12	^(d)(e)		89
	30.24			15.45			376		1.20	^(e)		1.45	^(e)		1.75	^(d)(e)		89


	26.80			12.69	^(g)		239,796		0.95			1.20			1.31	^(f)		121
	25.02			11.84	^(g)		8,807		1.71			1.95			0.60	^(f)		121
	24.59			11.84	^(g)		30,979		1.70			1.95			0.55	^(f)		121
	27.51			13.16	^(g)		33,613		0.55			0.80			1.69	^(f)		121
	26.76			12.58	^(g)		1,036		1.05			1.30			1.18	^(f)		121
	26.62			12.96	^(g)		198		0.70			0.95			1.45	^(f)		121
	26.58			12.42	^(g)		336		1.20			1.44			0.85	^(f)		121
	24.21			9.83			278,353		0.95			1.19			1.28	^(h)		46
	22.59			9.05			13,170		1.70			1.94			0.56	^(h)		46
	22.25			9.00			32,665		1.70			1.94			0.52	^(h)		46
	24.82			10.20			33,581		0.55			0.79			1.76	^(h)		46
	24.14			9.74			962		1.05			1.29			1.19	^(h)		46
	24.08			10.09			105		0.70			0.94			1.57	^(h)		46
	23.98			9.53			29		1.20			1.44			1.03	^(h)		46
	22.32			14.67			301,843		0.95			1.18			1.12			47
	20.82			13.76			18,663		1.70			1.93			0.39			47
	20.54			13.84			34,942		1.70			1.93			0.37			47
	22.89			15.10			115,177		0.55			0.78			1.54			47
	22.25			14.50			1,273		1.05			1.28			1.10			47
	22.21			15.00			8		0.70			0.93			1.37			47
	22.11			14.35			48		1.20			1.43			0.88			47
	19.75			6.57			328,575		0.95			1.19			1.75			136
	18.43			5.83			25,269		1.70			1.94			1.14			136
	18.21			5.82			37,716		1.70			1.94			0.99			136
	20.25	��		7.04			153,872		0.55			0.79			2.14			136
	19.66			6.50			2,117		1.05			1.29			1.68			136
	19.65			6.83			7		0.70			0.94			1.93			136
	19.63			6.39			50		1.20			1.44			0.89			136


	19.02			(23.83	)		384,949		0.95	^(e)		1.22	^(e)		1.16	^(e)		27
	17.63			(23.94	)		47,671		1.70	^(e)		1.97	^(e)		0.46	^(e)		27
	17.50			(23.95	)		42,816		1.70	^(e)		1.97	^(e)		0.41	^(e)		27
	19.52			(23.78	)		177,704		0.55	^(e)		0.82	^(e)		1.57	^(e)		27
	18.84			(23.85	)		2,949		1.05	^(e)		1.32	^(e)		1.05	^(e)		27
	18.96			(23.79	)		6		0.70	^(e)		0.97	^(e)		1.48	^(e)		27
	18.89			(23.86	)		6		1.20	^(e)		1.47	^(e)		0.99	^(e)		27


	24.97			(15.39	)		530,590		0.95			1.13			1.03			96
	23.18			(16.04	)		77,406		1.70			1.88			0.28			96
	23.01			(16.01	)		58,873		1.70			1.88			0.28			96
	25.61			(15.09	)		253,353		0.55			0.73			1.40			96
	24.74			(15.43	)		3,908		1.05			1.23			0.91			96
	24.88			(14.61	)		9		0.70	^(e)		0.88	^(e)		1.30	^(e)		96
	24.81			(14.89	)		9		1.20	^(e)		1.38	^(e)		0.85	^(e)		96


The accompanying notes are an integral part of these financial statements.		85

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements

April 30, 2013 (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
Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights and U.S. Equity Insights	A, B, C, Institutional, Service, IR and R	Diversified
Small Cap Growth Insights and Small Cap Value Insights	A, B, C, Institutional, IR and R	Diversified

†

Formerly, Goldman Sachs Structured Large Cap Growth, Goldman Sachs Structured Large Cap Value, Goldman Sachs Structured Small Cap Equity, Goldman Sachs Structured U.S. Equity, Goldman Sachs Structured Small Cap Growth and Goldman Sachs Structured Small Cap Value Funds. Effective at the close of business May 3, 2013, the Funds changed their names to the Goldman Sachs Large Cap Growth Insights, Goldman Sachs Large Cap Value Insights, Goldman Sachs Small Cap Equity Insights, Goldman Sachs U.S. Equity Insights, Goldman Sachs Small Cap Growth Insights and Goldman Sachs Small Cap Value Insights Funds, respectively.

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 management agreements (each, an “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

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

B. Investment Income and Investments — Investment income includes interest income and dividend income, 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. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in United States (“U.S.”) real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract.

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 according to the following schedule:


Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Large Cap Value Insights	Quarterly	Annually
Large Cap Growth Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights	Annually	Annually

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

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

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.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). 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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

The Trustees have adopted Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s portfolio investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Equity Securities — Equity securities and investment companies traded on a 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, equity securities and exchange traded investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Investments in investment companies (other than those that are exchange traded) are valued at the NAV on the valuation date. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors.

Exchange-traded derivatives, including futures contracts, typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value an OTC derivative depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security and are valued based on exchanged settlement prices or independent market quotes. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price for long positions and at the last ask price for short positions, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

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

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

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

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of April 30, 2013:



LARGE CAP GROWTH INSIGHTS

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	300,777,037	$	—	$	—
Short-term Investments		—		6,300,000		—
Securities Lending Reinvestment Vehicle		6,133,180		—		—
Total	$	306,910,217	$	6,300,000	$	—

Derivative Type	Level 1		Level 2		Level 3
Assets^(a)
Futures Contracts	$	131,578	$	—	$	—

LARGE CAP VALUE INSIGHTS

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	315,369,488	$	—	$	—
Short-term Investments		—		7,200,000		—
Securities Lending Reinvestment Vehicle		9,092,164		—		—
Total	$	324,461,652	$	7,200,000	$	—

Derivative Type	Level 1		Level 2		Level 3
Assets^(a)
Futures Contracts	$	145,371	$	—	$	—

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



SMALL CAP EQUITY INSIGHTS

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	204,787,581	$	—	$	—
Short-term Investments		—		9,000,000		—
Securities Lending Reinvestment Vehicle		22,757,070		—		—
Total	$	227,544,651	$	9,000,000	$	—

Derivative Type	Level 1		Level 2		Level 3
Assets^(a)
Futures Contracts	$	128,469	$	—	$	—

SMALL CAP GROWTH INSIGHTS

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	46,973,646	$	—	$	—
Short-term Investments		—		900,000		—
Securities Lending Reinvestment Vehicle		3,887,872		—		—
Total	$	50,861,518	$	900,000	$	—

Derivative Type	Level 1		Level 2		Level 3
Assets^(a)
Futures Contracts	$	34,387	$	—	$	—

SMALL CAP VALUE INSIGHTS

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	134,290,055	$	—	$	—
Investment Company		156,537		—		—
Short-term Investments		—		3,100,000		—
Securities Lending Reinvestment Vehicle		10,214,136		—		—
Total	$	144,660,728	$	3,100,000	$	—

Derivative Type	Level 1		Level 2		Level 3
Assets^(a)
Futures Contracts	$	47,379	$	—	$	—

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



U.S. EQUITY INSIGHTS

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	337,420,984	$	—	$	—
Short-term Investments		—		8,200,000		—
Securities Lending Reinvestment Vehicle		6,229,975		—		—
Total	$	343,650,959	$	8,200,000	$	—

Derivative Type	Level 1		Level 2		Level 3
Assets^(a)
Futures Contracts	$	169,404	$	—	$	—

(a)

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

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

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts as of April 30, 2013. These instruments were used to meet the Funds’ investment objectives and to obtain and/or manage exposure related to the risks below. These values in the tables 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.


Risk	Fund	Statements of Assets and Liabilities	Assets^(a)
Equity	Large Cap Growth Insights	Unrealized gain on futures variation margin		$131,578
Equity	Large Cap Value Insights	Unrealized gain on futures variation margin		145,371
Equity	Small Cap Equity Insights	Unrealized gain on futures variation margin		128,469
Equity	Small Cap Growth Insights	Unrealized gain on futures variation margin		34,387
Equity	Small Cap Value Insights	Unrealized gain on futures variation margin		47,379
Equity	U.S. Equity Insights	Unrealized gain on futures variation margin		169,404

(a)

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

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

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, 2013. 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:


Risk	Fund	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)		Average Number of Contracts^(a)
Equity	Large Cap Growth Insights	$	825,901	$	256,960		88
Equity	Large Cap Value Insights		868,871		297,667		96
Equity	Small Cap Equity Insights		783,825		221,896		62
Equity	Small Cap Growth Insights		115,153		64,788		10
Equity	Small Cap Value Insights		536,435		156,768		34
Equity	U.S. Equity Insights		602,604		255,531		88

(a)

Average number of contracts is based on the average of month end balances for the six months ended April 30, 2013.

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.

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended April 30, 2013, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate																		Effective Net Management Rate*
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate*
Large Cap Growth Insights		0.65	%		0.59	%		0.56	%		0.55	%		0.54	%		0.65	%		0.51	%
Large Cap Value Insights		0.60			0.54			0.51			0.50			0.49			0.60			0.51
Small Cap Equity Insights		0.85			0.85			0.77			0.73			0.72			0.85			0.81
Small Cap Growth Insights		0.85			0.85			0.77			0.73			0.72			0.85			0.82
Small Cap Value Insights		0.85			0.85			0.77			0.73			0.72			0.85			0.81
U.S. Equity Insights		0.65			0.59			0.56			0.55			0.54			0.65			0.51

GSAM has agreed to waive a portion of its management fee in order to achieve net management rates, as defined in the funds’ most recent prospectuses. These waivers will be effective through at least February 28, 2014, and prior to such date GSAM may not terminate the arrangement without approval of the Trustees. The Effective Net Management Rates above are calculated based on management rates before and after the waivers had been adjusted, if applicable.

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.

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 Shares’ CDSC. During the six months ended April 30, 2013, Goldman Sachs advised that it retained the following amounts:


	Front End Sales Charge		Contingent Deferred Sales Charge*
Fund	Class A		Class C
Large Cap Growth Insights	$	1,630	$	—
Large Cap Value Insights		690		217
Small Cap Equity Insights		834		142
Small Cap Growth Insights		679		—
Small Cap Value Insights		1,532		—
U.S. Equity Insights		4,698		435

Goldman Sachs did not retain Contingent Deferred Sales Charges for Class B shares.

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 of 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 annual rates as follows: 0.19% of the average daily net assets of Class A, Class B, Class C, Class IR and Class R Shares; and 0.04% of the average daily net assets of Institutional and Service Shares.

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expense” of the Funds (excluding transfer agent fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, litigation, indemnification, shareholder meetings and other extraordinary expenses) 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 limitations as an annual percentage rate of average daily net assets are 0.004%. These Other Expense reimbursements will remain in place through at least February 28, 2014, 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 and are received irrespective of the application of the “Other Expense” limitations described above.

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended April 30, 2013, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Management Fee Waivers		Custody Fee Credits		Other Expense Reimbursements		Total Expense Reductions
Large Cap Growth Insights	$	259,071	$	18	$	169,133	$	428,222
Large Cap Value Insights		175,032		17		168,523		343,572
Small Cap Equity Insights		38,369		28		172,668		211,065
Small Cap Growth Insights		6,457		19		136,506		142,982
Small Cap Value Insights		26,545		22		146,835		173,402
U.S. Equity Insights		225,159		21		176,465		401,645

As of April 30, 2013, the amounts owed to affiliates of the Funds were as follows:


Fund	Management Fees		Distribution and Service Fees		Transfer Agent Fees		Total
Large Cap Growth Insights	$	127,398	$	28,626	$	21,048	$	177,072
Large Cap Value Insights		134,605		22,594		19,302		176,501
Small Cap Equity Insights		140,287		20,327		14,488		175,102
Small Cap Growth Insights		32,660		12,699		5,996		51,355
Small Cap Value Insights		90,241		41,970		19,512		151,723
U.S. Equity Insights		143,208		82,317		45,918		271,443

G. Line of Credit Facility — As of April 30, 2013, the Funds participated in a $630,000,000 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 $970,000,000. This facility is to be used solely for temporary or emergency purposes, which may include the funding of redemptions. 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, 2013, the Funds did not have any borrowings under the facility. Effective May 8, 2013, the committed amount available through the facility increased to $780,000,000.

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

H. Other Transactions with Affiliates — For the six months ended April 30, 2013, Goldman Sachs earned approximately $7,900, $8,000, $2,800, $300, $800 and $1,500 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant on behalf of Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights and U.S. Equity Insights Funds, respectively.

As of April 30, 2013, the following Fund of Funds Portfolios were the beneficial owners of 5% or more of total outstanding shares of the following Funds:


Fund	Goldman Sachs Balanced Strategy Portfolio			Goldman Sachs Enhanced Dividend Global Equity Portfolio			Goldman Sachs Equity Growth Strategy Portfolio			Goldman Sachs Growth and Income Strategy Portfolio			Goldman Sachs Growth Strategy Portfolio
Large Cap Growth Insights		5	%		—	%		15	%		20	%		25	%
Large Cap Value Insights		8			—			16			24			27
Small Cap Equity Insights		7			8			7			17			16

As of April 30, 2013, Goldman Sachs Group, Inc. (“GSG”) was the beneficial owner of 5% or more of outstanding Class IR and Class R Shares of the following Funds:


Fund	Class IR			Class R
Large Cap Growth Insights		—	%		12	%
Large Cap Value Insights		—			27
Small Cap Growth Insights		6			13


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, 2013, were as follows:


Fund	Purchases		Sales
Large Cap Growth Insights	$	369,678,413	$	554,338,101
Large Cap Value Insights		382,854,567		571,594,991
Small Cap Equity Insights		163,921,094		170,888,830
Small Cap Growth Insights		33,630,444		32,337,248
Small Cap Value Insights		81,718,800		84,665,091
U.S. Equity Insights		282,169,994		297,205,628

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

7. SECURITIES LENDING

Pursuant to exemptive relief granted by the SEC and the terms and conditions contained therein, the Funds may lend its securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of its 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. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statement of Operations.

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, deemed an affiliate of the Trust, 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, 2013, 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, 2013				Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of April 30, 2013
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
Large Cap Growth Insights	$	8,970	$	22,218	$	352,500
Large Cap Value Insights		10,600		9,611		3,488,439
Small Cap Equity Insights		33,229		52,933		7,964,970
Small Cap Growth Insights		9,552		22,133		1,611,984
Small Cap Value Insights		19,509		45,680		2,013,311
U.S. Equity Insights		6,185		13,675		139,125

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

7. SECURITIES LENDING (continued)

The following table provides information about the Funds’ investment in the Money Market Fund for the six months ended April 30, 2013:


Fund	Number of Shares Held Beginning of Period		Shares Bought		Shares Sold			Number of Shares Held End of Period		Value at End of Period
Large Cap Growth Insights		4,178,675		34,634,259		(32,679,754	)		6,133,180	$	6,133,180
Large Cap Value Insights		1,648,200		42,033,347		(34,589,383	)		9,092,164		9,092,164
Small Cap Equity Insights		14,613,327		72,282,395		(64,138,652	)		22,757,070		22,757,070
Small Cap Growth Insights		3,491,625		14,371,460		(13,975,213	)		3,887,872		3,887,872
Small Cap Value Insights		10,098,450		41,376,836		(41,261,150	)		10,214,136		10,214,136
U.S. Equity Insights		1,346,950		34,077,041		(29,194,016	)		6,229,975		6,229,975

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, October 31, 2012, the Funds’ capital loss carryovers and certain timing differences, on a tax basis were as follows:


	Large Cap Growth Insights			Large Cap Value Insights			Small Cap Equity Insights			Small Cap Growth Insights			Small Cap Value Insights			U.S. Equity Insights
Undistributed ordinary Income — net	$	5,003,273		$	100,400		$	—		$	18,082		$	290,692		$	2,821,935
Capital loss carryforwards:⁽¹⁾
Expiring 2016		(130,741,618	)		(115,976,490	)		(10,818,137	)		—			(865,995	)		—
Expiring 2017		(340,520,322	)		(382,249,557	)		(163,876,125	)		(5,667,247	)		(40,600,516	)		(156,909,082	)
Total capital loss carryforwards	$	(471,261,940	)	$	(498,226,047	)	$	(174,694,262	)	$	(5,667,247	)	$	(41,466,511	)	$	(156,909,082	)

(1)

Expiration occurs on October 31 of the year indicated.

As of April 30, 2013, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:


	Large Cap Growth Insights			Large Cap Value Insights			Small Cap Equity Insights			Small Cap Growth Insights			Small Cap Value Insights			U.S. Equity Insights
Tax Cost	$	286,251,937		$	305,459,759		$	212,329,897		$	45,295,712		$	131,110,163		$	313,009,385
Gross unrealized gain		30,722,879			34,269,644			32,015,566			8,003,607			21,838,572			41,444,699
Gross unrealized loss		(3,764,599	)		(8,067,751	)		(7,800,812	)		(1,537,801	)		(5,188,007	)		(2,603,125	)
Net unrealized security gain	$	26,958,280		$	26,201,893		$	24,214,754		$	6,465,806		$	16,650,565		$	38,841,574

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

8. TAX INFORMATION (continued)

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 differences related to the tax treatment of underlying fund 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.


9. OTHER RISKS

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

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

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

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

10. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and State law, 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.

100

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

11. OTHER MATTERS

New Accounting Pronouncement — In December 2011, the Financial Accounting Standards Board issued an Accounting Standards Update No. 2011-11: Disclosures about offsetting Assets and Liabilities (“ASU”) to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting (“netting”) on the Statements of Assets and Liabilities. This information will enable users of the Funds’ financial statements to evaluate the effect or potential effect of netting arrangements on the Funds’ financial position. The ASU is effective for financial statements with fiscal years beginning on or after January 1, 2013, and interim periods within those fiscal years. At this time, GSAM is evaluating the implications of these changes on the financial statements.


12. SUBSEQUENT EVENTS

Subsequent events after the Statement of Assets and Liabilities 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.

101

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

13. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Large Cap Growth Insights Fund

	For the Six Months Ended April 30, 2013 (Unaudited)						For the Fiscal Year Ended October 31, 2012

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		151,147		$	2,221,957			2,154,372		$	28,393,655
Reinvestment of distributions		81,875			1,139,681			123,037			1,535,500
Shares converted from Class B^(a)		26,858			396,974			88,488			1,181,991
Shares redeemed		(4,250,087	)		(62,230,407	)		(5,864,729	)		(80,463,127	)
		(3,990,207	)		(58,471,795	)		(3,498,832	)		(49,351,981	)
Class B Shares
Shares sold		1,945			27,030			4,635			56,379
Reinvestment of distributions		1,265			16,309			1,254			14,506
Shares converted to Class A^(a)		(29,047	)		(396,974	)		(95,728	)		(1,181,991	)
Shares redeemed		(43,127	)		(586,092	)		(103,713	)		(1,300,868	)
		(68,964	)		(939,727	)		(193,552	)		(2,411,974	)
Class C Shares
Shares sold		34,953			473,207			64,011			789,707
Reinvestment of distributions		5,240			67,169			4,318			49,745
Shares redeemed		(118,924	)		(1,606,114	)		(217,526	)		(2,727,863	)
		(78,731	)		(1,065,738	)		(149,197	)		(1,888,411	)
Institutional Shares
Shares sold		839,329			12,303,534			6,317,283			84,523,472
Reinvestment of distributions		346,155			4,943,098			436,080			5,590,540
Shares redeemed		(9,365,886	)		(141,023,441	)		(15,477,425	)		(218,937,584	)
		(8,180,402	)		(123,776,809	)		(8,724,062	)		(128,823,572	)
Service Shares
Shares sold		2,268			32,397			5,119			67,131
Reinvestment of distributions		—			—			—			—
Shares redeemed		(2,442	)		(33,780	)		(16,242	)		(228,984	)
		(174	)		(1,383	)		(11,123	)		(161,853	)
Class IR Shares
Shares sold		4,501			65,634			46,622			643,240
Reinvestment of distributions		806			11,083			54			670
Shares redeemed		(25,890	)		(384,555	)		(2,500	)		(33,988	)
		(20,583	)		(307,838	)		44,176			609,922
Class R Shares
Shares sold		1,225			18,023			7,411			106,334
Reinvestment of distributions		129			1,778			8			98
Shares redeemed		(4,163	)		(64,119	)		(459	)		(6,178	)
		(2,809	)		(44,318	)		6,960			100,254
NET INCREASE (DECREASE)		(12,341,870	)	$	(184,607,608	)		(12,525,630	)	$	(181,927,615	)

(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.

102

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS


Large Cap Value Insights Fund												Small Cap Equity Insights Fund
For the Six Months Ended April 30, 2013 (Unaudited)						For the Fiscal Year Ended October 31, 2012						For the Six Months Ended April 30, 2013 (Unaudited)						For the Fiscal Year Ended October 31, 2012
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars

	243,867		$	2,997,345			2,202,488		$	23,680,613			420,720		$	5,820,346			3,421,016		$	43,260,091
	70,546			813,210			170,736			1,835,029			6,723			87,001			41,277			495,313
	2,852			35,789			3,540			37,083			2,068			28,613			18,017			224,211
	(5,453,703	)		(66,275,189	)		(6,132,185	)		(67,022,480	)		(1,606,478	)		(22,486,533	)		(5,040,273	)		(64,767,202	)
	(5,136,438	)		(62,428,845	)		(3,755,421	)		(41,469,755	)		(1,176,967	)		(16,550,573	)		(1,559,963	)		(20,787,587	)

	4,453			55,778			2,541			27,904			—			—			5,984			63,991
	628			7,106			1,104			11,679			—			—			18			201
	(2,869	)		(35,789	)		(3,559	)		(37,083	)		(2,308	)		(28,613	)		(20,025	)		(224,211	)
	(30,847	)		(374,863	)		(53,912	)		(584,701	)		(21,415	)		(267,363	)		(48,297	)		(543,632	)
	(28,635	)		(347,768	)		(53,826	)		(582,201	)		(23,723	)		(295,976	)		(62,320	)		(703,651	)

	98,767			1,200,330			189,563			2,018,367			84,272			1,038,501			196,166			2,223,629
	5,357			60,529			8,520			90,181			—			—			2,517			27,214
	(143,732	)		(1,721,291	)		(411,035	)		(4,383,466	)		(128,378	)		(1,589,865	)		(353,592	)		(3,985,314	)
	(39,608	)		(460,432	)		(212,952	)		(2,274,918	)		(44,106	)		(551,364	)		(154,909	)		(1,734,471	)

	1,024,111			12,064,351			6,344,587			66,688,711			2,645,383			37,126,536			6,643,648			84,934,855
	312,040			3,629,905			624,213			6,739,504			63,265			845,860			86,557			1,074,181
	(11,746,869	)		(142,773,362	)		(13,452,800	)		(146,724,216	)		(2,271,465	)		(33,238,183	)		(4,393,749	)		(59,131,812	)
	(10,410,718	)		(127,079,106	)		(6,484,000	)		(73,296,001	)		437,183			4,734,213			2,336,456			26,877,224

	42,278			522,794			160,009			1,702,642			25,045			346,575			116,306			1,481,980
	3,621			42,046			7,972			85,430			272			3,466			676			8,024
	(141,778	)		(1,712,934	)		(476,865	)		(5,272,923	)		(29,370	)		(401,762	)		(79,783	)		(1,027,535	)
	(95,879	)		(1,148,094	)		(308,884	)		(3,484,851	)		(4,053	)		(51,721	)		37,199			462,469

	7,704			95,192			5,466			59,043			63,484			889,856			58,773			737,232
	154			1,817			162			1,769			2,498			31,951			5,696			67,613
	(192	)		(2,432	)		(1,080	)		(11,584	)		(29,551	)		(405,075	)		(57,719	)		(729,754	)
	7,666			94,577			4,548			49,228			36,431			516,732			6,750			75,091

	216			2,656			2,175			23,009			375,505			5,372,554			15,169			194,528
	25			286			25			273			57			733			129			1,539
	(118	)		(1,477	)		(262	)		(2,803	)		(6,185	)		(88,416	)		(4,737	)		(61,401	)
	123			1,465			1,938			20,479			369,377			5,284,871			10,561			134,666
	(15,703,489	)	$	(191,368,203	)		(10,808,597	)	$	(121,038,019	)		(405,858	)	$	(6,913,818	)		613,774		$	4,323,741

103

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Notes to Financial Statements (continued)

April 30, 2013 (Unaudited)

13. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Small Cap Growth Insights Fund

	For the Six Months Ended April 30, 2013 (Unaudited)						For the Fiscal Year Ended October 31, 2012

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		83,210		$	2,124,341			150,164		$	3,374,569
Reinvestment of distributions		7,887			183,392			—			—
Shares converted from Class B^(a)		15,183			385,689			45,644			1,035,608
Shares redeemed		(168,814	)		(4,117,380	)		(276,280	)		(6,267,685	)
		(62,534	)		(1,423,958	)		(80,472	)		(1,857,508	)
Class B Shares
Shares sold		710			15,187			9,851			188,314
Reinvestment of distributions		365			7,291			—			—
Shares converted to Class A^(a)		(17,770	)		(385,689	)		(53,388	)		(1,035,608	)
Shares redeemed		(16,693	)		(354,282	)		(48,070	)		(928,940	)
		(33,388	)		(717,493	)		(91,607	)		(1,776,234	)
Class C Shares
Shares sold		33,432			727,220			51,359			990,994
Reinvestment of distributions		543			10,923			—			—
Shares redeemed		(47,475	)		(1,008,414	)		(72,422	)		(1,409,005	)
		(13,500	)		(270,271	)		(21,063	)		(418,011	)
Institutional Shares
Shares sold		110,397			3,031,321			31,554			800,082
Reinvestment of distributions		3,620			93,209			—			—
Shares redeemed		(16,163	)		(438,321	)		(30,430	)		(756,172	)
		97,854			2,686,209			1,124			43,910
Service Shares
Shares sold		—			—			—			—
Reinvestment of distributions		—			—			—			—
Shares redeemed		—			—			—			—
		—			—			—			—
Class IR Shares
Shares sold		1,166			31,020			38,575			827,372
Reinvestment of distributions		74			1,734			—			—
Shares redeemed		(309	)		(7,570	)		(32,916	)		(758,032	)
		931			25,184			5,659			69,340
Class R Shares
Shares sold		3,897			92,904			362			7,775
Reinvestment of distributions		20			455			—			—
Shares redeemed		(1,055	)		(24,858	)		(2	)		(43	)
		2,862			68,501			360			7,732
NET INCREASE (DECREASE)		(7,775	)	$	368,172			(185,999	)	$	(3,930,771	)

(a)

104

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS


Small Cap Value Insights Fund												U.S. Equity Insights Fund
For the Six Months Ended April 30, 2013 (Unaudited)						For the Fiscal Year Ended October 31, 2012						For the Six Months Ended April 30, 2013 (Unaudited)						For the Fiscal Year Ended October 31, 2012
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars

	214,617		$	6,353,373			234,841		$	6,551,642			338,817		$	9,703,370			516,276		$	12,982,428
	34,214			967,845			17,093			447,825			127,319			3,368,658			191,540			4,577,800
	30,279			924,423			102,593			2,861,234			30,063			862,541			70,854			1,815,567
	(350,552	)		(10,541,003	)		(793,259	)		(22,403,570	)		(1,466,176	)		(42,027,158	)		(3,328,958	)		(83,967,729	)
	(71,442	)		(2,295,362	)		(438,732	)		(12,542,869	)		(969,977	)		(28,092,589	)		(2,550,288	)		(64,591,934	)

	5,119			108,200			13,002			252,705			2,675			70,426			6,870			161,501
	4,372			86,327			—			—			1,914			47,666			5,024			112,843
	(43,454	)		(924,423	)		(146,760	)		(2,861,234	)		(32,000	)		(862,541	)		(75,583	)		(1,815,567	)
	(48,430	)		(1,025,803	)		(154,020	)		(2,978,139	)		(41,500	)		(1,088,973	)		(167,420	)		(3,972,045	)
	(82,393	)		(1,755,699	)		(287,778	)		(5,586,668	)		(68,911	)		(1,833,422	)		(231,109	)		(5,513,268	)

	22,177			518,312			54,318			1,200,983			43,648			1,136,895			108,987			2,555,577
	5,469			122,191			—			—			10,068			245,757			15,991			353,074
	(77,100	)		(1,817,527	)		(192,766	)		(4,249,365	)		(169,355	)		(4,437,090	)		(333,441	)		(7,842,518	)
	(49,454	)		(1,177,024	)		(138,448	)		(3,048,382	)		(115,639	)		(3,054,438	)		(208,463	)		(4,933,867	)

	67,093			2,505,783			321,012			11,364,487			812,347			24,539,798			237,774			6,323,070
	4,236			148,474			681			22,071			22,320			604,198			26,618			650,815
	(70,950	)		(2,636,419	)		(83,124	)		(2,870,446	)		(143,307	)		(4,164,540	)		(395,368	)		(10,323,460	)
	379			17,838			238,569			8,516,112			691,360			20,979,456			(130,976	)		(3,349,575	)

	—			—			—			—			508			14,194			3,829			95,432
	—			—			—			—			299			7,903			344			8,222
	—			—			—			—			(5,354	)		(149,206	)		(5,316	)		(132,172	)
	—			—			—			—			(4,547	)		(127,109	)		(1,143	)		(28,518	)

	34,324			989,937			14,403			398,988			14,518			418,427			4,747			118,621
	591			16,662			74			1,923			145			3,806			71			1,686
	(13,755	)		(424,501	)		(7,097	)		(203,630	)		(5,890	)		(163,695	)		(1,736	)		(40,658	)
	21,160			582,098			7,380			197,281			8,773			258,538			3,082			79,649

	7,063			209,644			18,168			513,590			484			13,519			12,321			304,559
	290			8,149			47			1,228			187			4,903			18			426
	(3,863	)		(117,135	)		(1,876	)		(52,574	)		(893	)		(23,923	)		(898	)		(22,700	)
	3,490			100,658			16,339			462,244			(222	)		(5,501	)		11,441			282,285
	(178,260	)	$	(4,527,491	)		(602,670	)	$	(12,002,282	)		(459,163	)	$	(11,875,065	)		(3,107,456	)	$	(78,055,228	)

105

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Fund Expenses — Six Month Period Ended April 30, 2013 (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 or Class R Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2012 through April 30, 2013.

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 ratios 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.


	Large Cap Growth Insights Fund							Large Cap Value Insights Fund							Small Cap Equity Insights Fund
Share Class	Beginning Account Value 11/1/12		Ending Account Value 4/30/13			Expenses Paid for the 6 Months Ended 4/30/13*		Beginning Account Value 11/1/12		Ending Account Value 4/30/13			Expenses Paid for the 6 Months Ended 4/30/13*		Beginning Account Value 11/1/12		Ending Account Value 4/30/13			Expenses Paid for the 6 Months Ended 4/30/13*
Class A
Actual	$	1,000.00	$	1,143.60		$	5.05	$	1,000.00	$	1,153.40		$	5.07	$	1,000.00	$	1,139.00		$	6.68
Hypothetical 5% return		1,000.00		1,020.08	+		4.76		1,000.00		1,020.08	+		4.76		1,000.00		1,018.55	+		6.31
Class B
Actual		1,000.00		1,139.70			9.02		1,000.00		1,149.40			9.06		1,000.00		1,134.70			10.59
Hypothetical 5% return		1,000.00		1,016.36	+		8.50		1,000.00		1,016.36	+		8.50		1,000.00		1,014.88	+		9.99
Class C
Actual		1,000.00		1,139.60			9.02		1,000.00		1,148.90			9.06		1,000.00		1,135.70			10.59
Hypothetical 5% return		1,000.00		1,016.36	+		8.50		1,000.00		1,016.36	+		8.50		1,000.00		1,014.88	+		9.99
Institutional
Actual		1,000.00		1,146.10			2.93		1,000.00		1,156.00			2.94		1,000.00		1,141.50			4.57
Hypothetical 5% return		1,000.00		1,022.07	+		2.76		1,000.00		1,022.07	+		2.76		1,000.00		1,020.53	+		4.31
Service
Actual		1,000.00		1,143.20			5.58		1,000.00		1,152.30			5.60		1,000.00		1,138.40			7.21
Hypothetical 5% return		1,000.00		1,019.59	+		5.26		1,000.00		1,019.59	+		5.26		1,000.00		1,018.05	+		6.80
Class IR
Actual		1,000.00		1,145.20			3.72		1,000.00		1,154.50			3.74		1,000.00		1,140.00			5.36
Hypothetical 5% return		1,000.00		1,021.32	+		3.51		1,000.00		1,021.32	+		3.51		1,000.00		1,019.79	+		5.06
Class R
Actual		1,000.00		1,142.10			6.37		1,000.00		1,151.80			6.40		1,000.00		1,138.10			8.00
Hypothetical 5% return		1,000.00		1,018.84	+		6.01		1,000.00		1,018.84	+		6.01		1,000.00		1,017.31	+		7.55

106

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Fund Expenses — Six Month Period Ended April 30, 2013 (Unaudited) (continued)


	Small Cap Growth Insights Fund							Small Cap Value Insights Fund							U.S. Equity Insights Fund
Share Class	Beginning Account Value 11/1/12		Ending Account Value 4/30/13			Expenses Paid for the 6 Months Ended 4/30/13*		Beginning Account Value 11/1/12		Ending Account Value 4/30/13			Expenses Paid for the 6 Months Ended 4/30/13*		Beginning Account Value 11/1/12		Ending Account Value 4/30/13			Expenses Paid for the 6 Months Ended 4/30/13*
Class A
Actual	$	1,000.00	$	1,151.20		$	6.72	$	1,000.00	$	1,118.00		$	6.56	$	1,000.00	$	1,156.00		$	5.08
Hypothetical 5% return		1,000.00		1,018.55	+		6.31		1,000.00		1,018.60	+		6.26		1,000.00		1,020.08	+		4.76
Class B
Actual		1,000.00		1,146.20			10.70		1,000.00		1,114.40			10.49		1,000.00		1,151.50			9.07
Hypothetical 5% return		1,000.00		1,014.83	+		10.04		1,000.00		1,014.88	+		9.99		1,000.00		1,016.36	+		8.50
Class C
Actual		1,000.00		1,146.50			10.70		1,000.00		1,114.20			10.48		1,000.00		1,151.70			9.07
Hypothetical 5% return		1,000.00		1,014.83	+		10.04		1,000.00		1,014.88	+		9.99		1,000.00		1,016.36	+		8.50
Institutional
Actual		1,000.00		1,153.20			4.59		1,000.00		1,120.60			4.47		1,000.00		1,158.20			2.94
Hypothetical 5% return		1,000.00		1,020.53	+		4.31		1,000.00		1,020.58	+		4.26		1,000.00		1,022.07	+		2.76
Service
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		1,155.10			5.61
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		1,019.59	+		5.26
Class IR
Actual		1,000.00		1,152.00			5.39		1,000.00		1,120.00			5.26		1,000.00		1,157.20			3.74
Hypothetical 5% return		1,000.00		1,019.79	+		5.06		1,000.00		1,019.84	+		5.01		1,000.00		1,021.32	+		3.51
Class R
Actual		1,000.00		1,149.40			8.05		1,000.00		1,116.80			7.87		1,000.00		1,154.50			6.41
Hypothetical 5% return		1,000.00		1,017.31	+		7.55		1,000.00		1,017.36	+		7.50		1,000.00		1,018.84	+		6.01

Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended April 30, 2013. 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:

107

GOLDMAN SACHS DOMESTIC EQUITY INSIGHTS FUNDS

Fund Expenses — Six Month Period Ended April 30, 2013 (Unaudited) (continued)


Fund	Class A			Class B			Class C			Institutional			Service			Class IR			Class R
Large Cap Growth Insights		0.95	%		1.70	%		1.70	%		0.55	%		1.05	%		0.70	%		1.20	%
Large Cap Value Insights		0.95			1.70			1.70			0.55			1.05			0.70			1.20
Small Cap Equity Insights		1.26			2.00			2.00			0.86			1.36			1.01			1.51
Small Cap Growth Insights		1.26			2.01			2.01			0.86			N/A			1.01			1.51
Small Cap Value Insights		1.25			2.00			2.00			0.85			N/A			1.00			1.50
U.S. Equity Insights		0.95			1.70			1.70			0.55			1.05			0.70			1.20

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.

108

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 approximately $748.1 billion in assets under management as of March 31, 2013, 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, L.P. and its Investment Advisory Affiliates.

OVERVIEW OF GOLDMAN SACHS FUNDS

LOGO

Money Market¹

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

High Quality Floating Rate Fund²

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

World Bond 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

Income Builder Fund³

Structured Equity

Structured Tax-Managed Equity Fund

Structured International Tax-Managed Equity Fund

U.S. Equity Dividend and Premium Fund

International Equity Dividend and Premium Fund

Equity Insights⁴

Small Cap Equity Insights Fund

U.S. Equity Insights Fund

Small Cap Growth Insights Fund

Large Cap Growth Insights Fund

Large Cap Value Insights Fund

Small Cap Value Insights Fund

International Small Cap Insights Fund

International Equity Insights Fund

Emerging Markets Equity Insights 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

China Equity Fund

Select Satellite⁵

Real Estate Securities Fund

International Real Estate Securities Fund

Commodity Strategy Fund

Dynamic Allocation Fund

Absolute Return Tracker Fund

Managed Futures Strategy Fund

MLP Energy Infrastructure Fund

Multi-Manager Alternatives Fund

Retirement Portfolio Completion Fund

Income Strategies Portfolio

Total Portfolio Solutions⁵

Balanced Strategy Portfolio

Growth and Income Strategy Portfolio

Growth Strategy Portfolio

Equity Growth Strategy Portfolio

Satellite Strategies Portfolio

Enhanced Dividend Global Equity Portfolio

Tax Advantaged Global Equity Portfolio

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

Effective at the close of business on July 27, 2012, the Goldman Sachs Ultra-Short Duration Government Fund was renamed the Goldman Sachs High Quality Floating Rate Fund.

Effective at the close of business on June 29, 2012, the Goldman Sachs Balanced Fund was renamed the Goldman Sachs Income Builder Fund.

⁴

Effective at the close of business May 3, 2013, the Goldman Sachs Structured Large Cap Growth, Structured Large Cap Value, Structured Small Cap Equity, Structured Small Cap Growth, Structured Small Cap Value, Structured U.S. Equity, Structured Emerging Markets Equity, Structured International Equity and Structured International Small Cap Funds were renamed the Goldman Sachs Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights, U.S. Equity Insights, Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds respectively.

⁵

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

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


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

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

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

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

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

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

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

Holdings and allocations shown are as of April 30, 2013 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. Current and future holdings are subject to risk.

Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

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 20, 2013

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 20, 2013

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

Date:				June 20, 2013

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