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)


Caroline Kraus, Esq.		Copies to:
Goldman, Sachs & Co.		Geoffrey R.T. Kenyon, Esq.
200 West Street		Dechert LLP
New York, New York 10282		100 Oliver Street
		40th Floor
		Boston, MA 02110-2605

(Name and address of agents for service)

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

Date of fiscal year end: December 31

Date of reporting period: June 30, 2014

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Stockholders is filed herewith.

Goldman Sachs Funds

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Semi-Annual Report				June 30, 2014

				Tax-Advantaged Equity Funds
				U.S. Equity Dividend and Premium
				International Equity Dividend and Premium
				U.S. Tax-Managed Equity*
				International Tax-Managed Equity*

*Effective on April 30, 2014, the Goldman Sachs Structured Tax-Managed Equity and Structured International Tax-Managed Equity Funds were renamed the Goldman Sachs U.S. Tax-Managed Equity and International Tax-Managed Equity Funds, respectively.

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Goldman Sachs Tax-Advantaged Equity Funds

U.S. EQUITY DIVIDEND AND PREMIUM

INTERNATIONAL EQUITY DIVIDEND AND PREMIUM

U.S. TAX-MANAGED EQUITY

INTERNATIONAL TAX-MANAGED EQUITY


TABLE OF CONTENTS

Principal Investment Strategies and Risks			1

Market Review			3

Investment Process — Equity Dividend and Premium Funds			5

Portfolio Management Discussions and Performance Summaries — Equity Dividend and Premium Funds			6

Investment Process — Global Tax-Managed			16

Portfolio Management Discussions and Performance Summaries — Tax-Managed Funds			17

Index Definitions			27

Schedules of Investments			28

Financial Statements			50

Financial Highlights			54

Notes to the Financial Statements			62

Other Information			81



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Principal Investment Strategies and Risks

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

The Goldman Sachs U.S. Equity Dividend and Premium Fund invests primarily in dividend-paying equity investments in large-capitalization U.S. equity issuers, including foreign issuers that are traded in the United States. The Fund is subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. The Fund is also subject to the risks associated with writing (selling) call options, which limits the opportunity to profit from an increase in the market value of stocks in exchange for up-front cash at the time of selling the call option. In a rising market, the Fund could significantly underperform the market, and the Fund’s options strategies may not fully protect it against declines in the value of the market. 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 is also subject to the risk that the pre-tax performance of the Fund may be lower than the performance of a similar fund that is not tax-managed. No assurance can be offered that the Fund’s tax-managed strategies will reduce the amount of taxable income and capital gains distributed by the Fund to shareholders.

The Goldman Sachs International Equity Dividend and Premium Fund invests primarily in dividend-paying equity investments in companies that are organized outside the United States or whose securities are principally traded outside the United States. The Fund is subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic or political developments. The Fund is also subject to the risks associated with writing (selling) call options, which limits the opportunity to profit from an increase in the market value of stocks in exchange for up-front cash at the time of selling the call option. In a rising market, the Fund could significantly underperform the market, and the Fund’s options strategies may not fully protect it against declines in the value of the market. 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 is also subject to the risk that the pre-tax performance of the Fund may be lower than the performance of a similar fund that is not tax-managed. No assurance can be offered that the Fund’s tax managed strategies will reduce the amount of taxable income and capital gains distributed by the Fund to shareholders.

The Goldman Sachs U.S. Tax-Managed Equity Fund (formerly, Structured Tax-Managed Equity Fund) invests in equity investments in U.S. issuers, including foreign issuers that are traded in the United States. The Fund is subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular 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. Foreign and emerging markets investments may be more volatile and less liquid than U.S. securities and are subject to the risks of currency fluctuations and adverse economic or political developments. The Fund is also subject to the risk that the pre-tax performance of the Fund may be lower than the performance of a similar fund that is not tax-managed. No assurance can be offered that the Fund’s tax-managed strategies will reduce the amount of taxable income and capital gains distributed by the Fund to shareholders. The Fund is not suitable for IRAs or other tax-exempt or tax-deferred accounts.

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

The Goldman Sachs International Tax-Managed Equity Fund (formerly, Structured International Tax-Managed Equity Fund) invests primarily in equity investments in companies that are organized outside the United States or whose securities are principally traded outside the United States. The Fund is subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/ or general economic conditions. Foreign and emerging markets investments may be more volatile than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic or political developments. 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 is also subject to the risk that the pre-tax performance of the Fund may be lower than the performance of a similar fund that is not tax-managed. No assurance can be offered that the Fund’s tax-managed strategies will reduce the amount of taxable income and capital gains distributed by the Fund to shareholders. The Fund is not suitable for IRAs or other tax-exempt or tax-deferred accounts.

MARKET REVIEW

Goldman Sachs Tax-Advantaged Equity Funds

Market Review

After a weak January 2014, U.S. and international equities rallied through the remainder of the six months ended June 30, 2014 (the “Reporting Period”).

In the U.S., economic data was slightly disappointing early in the Reporting Period. The housing market maintained its recovery, but the labor market remained weaker than expected. Additionally, fourth quarter 2013 U.S. Gross Domestic Product (“GDP”) was revised down to an annualized rate of 2.4% from 3.2%. The Federal Reserve (the “Fed”) reduced its asset purchases each month beginning in January 2014 and suggested a more hawkish stance in March 2014, dropping the threshold of 6.5% unemployment as a condition for raising interest rates. Fed Chair Yellen implied that interest rates could start to increase six months after the asset purchase program ends. Many U.S. corporate earnings announcements reflected top-line growth, though overall management guidance for 2014 was less optimistic than consensus. Meanwhile, in the first quarter of 2014, the Eurozone reported that its economy grew at a stronger than expected 0.5% year over year rate for the fourth quarter of 2013, and the European Commission raised its estimates for GDP growth to 1.2% for calendar year 2014 and to 1.8% for calendar year 2015. Based largely on such economic optimism, many European stock markets outperformed the broader international equities market in the first calendar quarter, despite some disappointing corporate earnings reports and conservative guidance from management and the potentially immediate threat of disinflation. Economic activity was also strong in Japan during the first quarter of 2014 ahead of the consumption tax hike on April 1, 2014. However, the Japanese equity market underperformed international equities in the first quarter of 2014 in part based on concerns that economic trends would be more difficult to assess ahead of the tax increase.

During the second calendar quarter, first quarter 2014 U.S. GDP was revised down to a contraction of 2.9%, largely due to disruption from severe winter weather. However, other economic data suggested the economy is improving. U.S. non-farm payrolls added 217,000 jobs in May 2014, and the national manufacturing Purchasing Managers Index (“PMI”), which rose to 56.4 in May 2014 from 55.4 in April 2014, showed the strongest reading in the past three months. In Europe, the U.K. equity market rose on an improving economic outlook, but many continental European stock markets declined in June 2014 amidst worries about deflation, disappointing European PMI data and the lowest reading in six months of the German Ifo Business Climate Index, a survey of German business confidence. In an effort to stimulate the European economy, the European Central Bank cut interest rates by 10 basis points, which put deposit rates in negative territory to promote lending. (A basis point is 1/100th of a percentage point.) In contrast, Japanese stocks rallied sharply into the end of the Reporting Period, as evidence suggested that underlying growth trends following the consumption tax increase were stronger than expected. In addition, it was reported late in the second quarter of 2014 that the tax increase in Japan had driven the biggest year over year increase in inflation in that nation in more than 20 years in April 2014.

MARKET REVIEW

U.S. Equity Markets

U.S. equities, as represented by the S&P 500^® Index, gained 7.14% during the Reporting Period. All ten sectors within the S&P 500^® Index were up, with the utilities (+18.64%) and energy (+12.98%) sectors posting the largest gains in absolute terms. The information technology (+8.95%) sector was the largest contributor on the basis of impact, which takes both weightings and total returns into account.

All segments of the U.S. equity market advanced during the Reporting Period, with mid-cap stocks, as measured by the Russell Midcap^® Index, gaining most, followed by large-cap stocks and then at some distance by small-cap stocks, as measured by the Russell 1000^® Index and the Russell 2000^® Index, respectively. Large-cap stocks were most successful relative to small-caps in the information technology sector. From a style perspective, value-oriented stocks significantly outpaced growth-oriented stocks across the capitalization spectrum. (All as measured by the Russell Investments indices.)

International Equity Markets

International equities, as measured by the MSCI EAFE Index, returned 4.78% in U.S. dollar terms during the Reporting Period. Nineteen of the 21 countries in the MSCI EAFE Index were up for the period, with Israel (+20.66%) and Denmark (+19.61%) posting the largest gains in absolute terms. The U.K. (+4.56%) was the largest contributor on the basis of impact.

All 10 sectors in the MSCI EAFE Index were up, with the utilities (+15.32%) and energy (+13.72%) sectors gaining the most ground. The health care (+11.91%) sector was the largest positive contributor on the basis of impact.

Looking Ahead

In the months ahead, we believe less expensive stocks may outpace more expensive stocks. We also believe that stocks with good momentum are potentially more likely to outperform those with poor momentum. Our plan is to seek profitable companies with positive fundamentals, sustainable earnings and a track record of using capital to enhance shareholder value. To that end, we anticipate remaining fully invested, with long-term performance likely to be the result of stock selection rather than sector or capitalization allocations.

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

INVESTMENT PROCESS

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

The Goldman Sachs U.S. Equity Dividend and Premium Fund seeks to maximize income and total return. The Goldman Sachs International Equity Dividend and Premium Fund seeks to maximize total return with an emphasis on income. Their portfolios consist primarily of large-cap, dividend-paying stocks.¹ By investing in these securities, and through the use of option call writing, the Funds seek to generate an attractive after-tax cash flow.

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A diversified portfolio:

Create a diversified large-cap equity portfolio that participates in all industries and sectors.

Emphasize higher dividend-paying stocks within each industry and sector.

Written call options:

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

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

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A fully invested, style-consistent portfolio.

The Funds seek attractive after-tax cash flow from qualified dividends, long-term capital gains and option call writing.

The Funds seek to enhance after-tax returns by generating distributions primarily from qualified dividends and long-term capital gains.

Dividends are not guaranteed and a company’s future ability to pay dividends may be limited.

There is no guarantee that these objectives will be met.

Diversification does not protect an investor from market risk and does not ensure a profit.

PORTFOLIO RESULTS

U.S. Equity Dividend and Premium Fund

Investment Objective

The Fund seeks to maximize income and total return.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs U.S. Equity Dividend and Premium Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2014 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional and IR Shares generated cumulative total returns, without sales charges, of 5.78%, 5.32%, 5.91% and 5.82%, respectively. These returns compare to the 7.14% cumulative total return of the Fund’s benchmark, the Standard & Poor’s 500^® Index (the “S&P 500^® Index”), during the same period. The Barclays U.S. Aggregate Bond Index returned 3.93%. Although the Fund does not invest in fixed income securities, maximizing income is part of the Fund’s investment objective, and therefore we believe that a comparison of the Fund’s performance to that of the Barclays U.S. Aggregate Bond Index is useful to investors.

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

The sale of call options on the S&P 500^® Index detracted from the Fund’s total return during the Reporting Period. (A call option is an option that gives the holder the right to buy a certain quantity of an underlying security at an agreed-upon price at any time up to an agreed-upon date.)

The impact of security selection was relatively neutral during the Reporting Period. The Fund was hurt by our stock picks in the financials, industrials, utilities and energy sectors. Stock selection in the telecommunication services, consumer discretionary and consumer staples sectors contributed positively.

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

Consistent with our investment approach, we wrote index call options on a portion of the stock portfolio’s market value. When the Fund sells an index call option, it retains the premium it receives from the sale. However, if the purchaser exercises the option, the Fund is obligated to pay the purchaser the difference between the price of the index and the exercise price of the option. Although the Fund retains the premium it receives from the sale of the option, the premium may not exceed the difference in the value of the index as call options are exercised. This is what happened during the Reporting Period when the S&P 500^® Index appreciated, and thus the Fund’s call writing detracted from performance.

Overall, call option writing typically reduces volatility. Since its inception, the realized daily volatility of the Fund has been 19.91% compared to the realized volatility of the S&P 500^® Index of 21.24%. During the Reporting Period, the realized daily volatility of the Fund was 10.34% compared to the realized volatility of the S&P 500^® Index of 10.67%.¹

What was the Fund’s dividend yield during the Reporting Period?

While maintaining industry and sector weights consistent with the S&P 500^® Index, we favor stocks with higher dividend yields. The dividend yield of the Fund during the Reporting Period was 2.94% compared to 2.00% for the S&P 500^® Index. The Fund’s dividend yield served to enhance its quarterly net income distributions.

Which individual stock holdings detracted significantly from relative performance during the Reporting Period?

Relative to the S&P 500^® Index, the Fund was hampered by its overweighted positions in integrated communications firm R.R. Donnelley & Sons and bank holding company New York Community Bancorp. It was hurt by its underweighted position in oilfield services company Schlumberger.

The realized daily volatility of the Fund quoted herein is gross of fees.

There is no guarantee that these objectives will be met.

PORTFOLIO RESULTS

Among individual holdings, which stocks contributed most to the Fund’s results?

Relative to the S&P 500^® Index, the Fund benefited from overweighted positions in energy firm Williams Companies; voice and data network communications provider Windstream Holdings; and pharmaceutical company Eli Lilly.

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

During the Reporting Period, we used equity index futures, on an opportunistic basis, to equitize the Fund’s excess cash holdings. In other words, we put the Fund’s excess cash holdings to work by using them as collateral for the purchase of equity index futures. Consistent with our investment approach, we also wrote equity index options on a portion of the portfolio’s market value in an effort to generate premiums and reduce volatility.

What changes or enhancements did you make to your quantitative model during the Reporting Period?

No material changes or enhancements were made to our quantitative model during the Reporting Period.

FUND BASICS

U.S. Equity Dividend and Premium Fund

as of June 30, 2014

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PERFORMANCE REVIEW
January 1, 2014– June 30, 2014	Fund Total Return (based on NAV)¹			S&P 500 Index²			Barclays U.S. Aggregate Bond Index³
Class A		5.78	%		7.14	%		3.93	%
Class C		5.32			7.14			3.93
Institutional		5.91			7.14			3.93
Class IR		5.82			7.14			3.93

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

The S&P 500 Index is an unmanaged composite index of 500 common stock prices. The Index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The Barclays U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS⁴
For the period ended 6/30/14	One Year			Five Years			Since Inception			Inception Date
Class A		12.18	%		14.85	%		5.99	%	8/31/05
Class C		16.68			15.25			5.85		8/31/05
Institutional		19.08			16.61			7.08		8/31/05
Class IR		18.88			N/A			16.66		8/31/10

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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.GSAMFUNDS.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 RATIOS⁵
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.19	%		1.21	%
Class C		1.94			1.96
Institutional		0.79			0.81
Class IR		0.94			0.96

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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 April 30, 2015, 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.


STANDARDIZED AFTER-TAX PERFORMANCE AS OF 6/30/14⁶
Class A Shares	One Year			Five Years	Since Inception (8/31/05)
Returns before taxes*		12.18	%	14.85%	5.99%
Returns after taxes on distributions**		10.37		13.87	5.14
Returns after taxes on distributions*** and sale of Fund shares		7.82		11.94	4.80

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The after-tax returns are calculated using the historically highest individual federal marginal income tax rates at the time of distributions (currently 23.8% for qualifying ordinary income dividends and long-term capital gain distributions and 43.4% for non-qualifying ordinary income dividends) and do not reflect state and local taxes. Actual after-tax returns will be calculated at calendar year-end and depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Returns After Taxes on Distributions and Sale of Fund Shares to be greater than the Returns After Taxes on Distributions or even Returns Before Taxes. Standardized after-tax returns assume reinvestment of all distributions at NAV and reflect a maximum initial sales charge of 5.5% for Class A Shares.

Returns Before Taxes do not reflect taxes on distributions on the Fund’s Class A Shares nor do they show how performance can be impacted by taxes when shares are redeemed.

Returns After Taxes on Distributions assume that taxes are paid on distributions on the Fund’s Class A Shares (i.e., dividends and capital gains) but do not reflect taxes that may be incurred upon redemption of the Class A Shares at the end of the performance period.

***

Returns After Taxes on Distributions and Sale of Fund Shares reflect taxes paid on distributions on the Fund’s Class A Shares and taxes applicable when the shares are redeemed.

FUND BASICS


TOP TEN HOLDINGS AS OF 6/30/14⁷
Holding	% of Net Assets			Line of Business
Apple, Inc.		3.6	%	Technology Hardware & Equipment
General Electric Co.		2.4		Capital Goods
Microsoft Corp.		2.3		Software & Services
The Procter & Gamble Co.		1.9		Household & Personal Products
Wells Fargo & Co.		1.9		Banks
Johnson & Johnson		1.8		Pharmaceuticals, Biotechnology & Life Sciences
Exxon Mobil Corp.		1.6		Energy
Chevron Corp.		1.6		Energy
JPMorgan Chase & Co.		1.5		Banks
Lockheed Martin Corp.		1.5		Capital Goods

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁸

As of June 30, 2014

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The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from 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. 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

International Equity Dividend and Premium Fund

Investment Objective

The Fund seeks to maximize total return with an emphasis on income.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs International Equity Dividend and Premium Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2014 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional and IR Shares generated cumulative total returns, without sales charges, of 6.48%, 6.01%, 6.65% and 6.58%, respectively. These returns compare to the 4.78% cumulative total return of the Fund’s benchmark, the MSCI EAFE Index (Net, USD, Unhedged). The Barclays Global Aggregate Bond Index (Gross USD, Unhedged) returned 4.08%. Although the Fund does not invest in fixed income securities, maximizing income is part of the Fund’s investment objective, and therefore we believe that a comparison of the Fund’s performance to that of the Barclays Global Aggregate Bond Index is useful to investors.

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

Security selection contributed positively to the Fund’s relative performance. Stock picks in the industrials, telecommunication services, information technology and health care sectors added to relative returns versus the MSCI EAFE Index. Stock selection in the financials sector detracted.

The sale of call options detracted from the Fund’s total return during the Reporting Period. (A call option is an option that gives the holder the right to buy a certain quantity of an underlying security at an agreed-upon price at any time up to an agreed-upon date.)

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

Consistent with our investment approach, we wrote index call options on a portion of the stock portfolio’s market value, primarily on the Japanese, United Kingdom and European indices. When the Fund sells an index call option, it retains the premium it receives from the sale. However, if the purchaser exercises the option, the Fund is obligated to pay the purchaser the difference between the price of the index and the exercise price of the option. Although the Fund retains the premium it receives from the sale of the option, the premium may not exceed the difference in the value of the index as call options are exercised. This is what happened during the Reporting Period when the MSCI EAFE Index appreciated, and thus the Fund’s call writing hurt performance.

Overall, call option writing typically reduces volatility. Since its inception, the realized daily volatility of the Fund has been 21.44% compared to the realized volatility of the MSCI EAFE Index of 22.44%. During the Reporting Period, realized daily volatility of the Fund was 9.49% compared to the realized volatility of the MSCI EAFE Index of 9.78%.¹

What was the Fund’s dividend yield during the Reporting Period?

While maintaining industry and sector weights consistent with the MSCI EAFE Index, we favor stocks with higher dividend yields. The dividend yield of the Fund during the Reporting Period was 3.92% compared to 3.23% for the MSCI EAFE Index. The Fund’s dividend yield served to enhance its quarterly net income distributions.

Among individual holdings, which stocks contributed most to the Fund’s results?

Relative to the MSCI EAFE Index, the Fund benefited from overweighted positions relative to the MSCI EAFE Index in RWE, a German electric, gas and water utility; Atlantia, an Italian holding company that owns the largest concessionaire on the Italian autostrade network; and Orion, a Finnish pharmaceutical company.

The realized daily volatility of the Fund quoted herein is gross of fees.

There is no guarantee that these objectives will be met.

PORTFOLIO RESULTS

Which individual stock holdings detracted significantly from relative performance during the Reporting Period?

The Fund’s performance was hampered by its overweighted position in ICAP, a U.K.-based financial markets operator and provider of post-trade risk mitigation and information services. It was also hurt by its underweighted positions in Danish pharmaceutical company Novo-Nordisk and Ireland- headquartered biopharmaceutical company Shire.

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

What changes or enhancements did you make to your quantitative model during the Reporting Period?

No material changes or enhancements were made to our quantitative model during the Reporting Period.

FUND BASICS

International Equity Dividend and Premium Fund

as of June 30, 2014

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PERFORMANCE REVIEW
January 1, 2014– June 30, 2014	Fund Total Return (based on NAV)¹			MSCI EAFE (Net) Index (unhedged)²			Barclays Global Aggregate Bond Index³
Class A		6.48	%		4.78	%		4.08	%
Class C		6.01			4.78			4.08
Institutional		6.65			4.78			4.08
Class IR		6.58			4.78			4.08

The MSCI EAFE Index (unhedged and net of dividend withholding taxes) is an unmanaged market capitalization-weighted composite of securities in 22 developed markets. The Index figures do not include any deduction for fees or expenses. It is not possible to invest directly in an index.

The Barclays Global Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS⁴
For the period ended 6/30/14	One Year			Five Years			Since Inception			Inception Date
Class A		15.74	%		8.42	%		0.54	%	1/31/08
Class C		20.51			8.83			0.48		1/31/08
Institutional		23.02			10.11			1.65		1/31/08
Class IR		22.86			N/A			10.12		8/31/10

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FUND BASICS


EXPENSE RATIOS⁵
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.36	%		1.36	%
Class C		2.11			2.11
Institutional		0.96			0.96
Class IR		1.11			1.11

⁵

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 April 30, 2015, 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.


STANDARDIZED AFTER-TAX PERFORMANCE AS OF 6/30/14⁶
Class A Shares	One Year			Five Years			Since Inception (1/31/08)
Returns before taxes*		15.74	%		8.42	%		0.54	%
Returns after taxes on distributions**		13.71			7.60			-0.07
Returns after taxes on distributions*** and sale of Fund shares		9.75			6.80			0.63

⁶

Returns Before Taxes do not reflect taxes on distributions on the Fund’s Class A Shares nor do they show how performance can be impacted by taxes when shares are redeemed.

***

Returns After Taxes on Distributions and Sale of Fund Shares reflect taxes paid on distributions on the Fund’s Class A Shares and taxes applicable when the shares are redeemed.

FUND BASICS


TOP TEN HOLDINGS AS OF 6/30/14⁷
Company	% of Net Assets			Line of Business
HSBC Holdings PLC		2.3	%	Banks
Banco Santander SA		2.3		Banks
Nestle SA (Registered)		2.3		Food, Beverage & Tobacco
Novartis AG (Registered)		1.8		Pharmaceuticals, Biotechnology & Life Sciences
GlaxoSmithKline PLC ADR		1.7		Pharmaceuticals, Biotechnology & Life Sciences
Daimler AG (Registered)		1.5		Automobiles & Components
National Australia Bank Ltd.		1.5		Banks
Sanofi		1.4		Pharmaceuticals, Biotechnology & Life Sciences
Australia & New Zealand Banking Group Ltd.		1.4		Banks
Royal Dutch Shell PLC Class A		1.4		Energy

⁷

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁸

As of June 30, 2014

LOGO

⁸

INVESTMENT PROCESS

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

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

Goldman Sachs Global Tax-Management Investment Process

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

LOGO


n Comprehensive		n Extensive

n Rigorous		n Fundamental

n Objective		n Insightful

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

LOGO

Benchmark driven

Sector and size neutral

Tax optimized

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

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

LOGO

A fully invested, style-consistent portfolio

Broad access to the total U.S. and international equity markets

A consistent goal of seeking to maximize after-tax risk-adjusted returns

PORTFOLIO RESULTS

U.S. Tax-Managed Equity Fund

Investment Objective

The Fund seeks to provide long-term after-tax growth of capital through tax-sensitive participation in a broadly diversified portfolio of U.S. equity securities.

Portfolio Management Discussion and Analysis

Effective on April 30, 2014, the Goldman Sachs Structured Tax-Managed Equity Fund was renamed the Goldman Sachs U.S. Tax-Managed Equity Fund (the “Fund”). Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the six-month period ended June 30, 2014 (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 and IR Shares generated cumulative total returns, without sales charges, of 7.96%, 7.55%, 7.56%, 8.24%, 7.88% and 8.10%, respectively. These returns compare to the 6.94% cumulative total return of the Fund’s benchmark, the Russell 3000^® Index (the “Index”), over the same time period.

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

During the Reporting Period, the Fund outperformed the Index, largely because of security selection. Our quantitative model, including our six investment themes, detracted from relative returns.

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 the Fund’s different investment themes may be a significant investment advantage over the long term, even though the Fund may experience underperformance in the short term. Of course, diversification does not protect an investor from market risk nor does it ensure a profit.

During the Reporting Period, all six of our investment themes detracted from the Fund’s relative performance. Our Profitability theme, which assesses whether a company is earning more than its cost of capital, dampened returns the most. Momentum, Management, Quality, Sentiment and Valuation also hampered results. The Momentum theme seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. The Management theme assesses the characteristics, policies and strategic decisions of company management. Quality seeks to assess both firm and management quality, while Sentiment reflects selected investment views and decisions of individuals and financial intermediaries. 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 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.

PORTFOLIO RESULTS

How successful was your stock selection during the Reporting Period?

The Fund seeks to provide investors with a tax-efficient means for maintaining broadly diversified exposure to the entire U.S. equity market, ranging from large- to small-cap stocks. During the Reporting Period, our stock picks contributed positively to the Fund’s relative performance.

Among individual holdings, which stocks contributed most to the Fund’s results?

Stock selection in the information technology, consumer discretionary and industrials sectors added most to the Fund’s relative returns during the Reporting Period. The Fund benefited from overweighted positions in Zillow, a real estate information marketplace; American Airlines Group, an airline holding company; and Pilgrim’s Pride, a chicken products producer. We assumed the overweight in Zillow because of our positive view on Profitability. The Fund was overweight American Airlines Group as a result of our positive view on Valuation, while we chose to overweight Pilgrim’s Pride given our positive views on Quality.

Which individual stock holdings detracted significantly from relative performance during the Reporting Period?

Security selection in the energy, financials and telecommunication services sectors detracted most from the Fund’s relative performance. The Fund was hurt by overweighted positions in Nu Skin Enterprises, an anti-aging personal care products and nutritional supplements developer and distributor; Realogy Holdings, a provider of real estate and relocation services; and Ocwen Financial Group, which provides residential and commercial mortgage loan servicing. The Fund was overweight Nu Skin Enterprises due to our positive view on Quality. We adopted the overweights in Realogy Holdings and Ocwen Financial Group because of our positive view on Valuation.

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

During the Reporting Period, we did not use derivatives as part of an active management strategy to add value to the Fund’s results. However, we used equity index futures, on an opportunistic basis, to equitize the Fund’s excess cash holdings. In other words, we put the Fund’s excess cash holdings to work by using them as collateral for the purchase of equity index futures.

What changes or enhancements did you make to your quantitative model during the Reporting Period?

In the first quarter of 2014, we implemented an enhancement within the small capitalization segment of the U.S. equity market. Based on our research, we adjusted our U.S. model to place more weight on fundamental factors, such as attractive valuations and high-quality earnings, compared to the large- and mid-capitalization segments of the market. Our research found that behavioral factors, such as positive sentiment and exposure to global themes and trends, allow us to seek more dynamic returns within more liquid segments of the market, including large- and mid-capitalization stocks. In addition, we made refinements to our transaction cost model, an important component of our portfolio construction process for all regions.

In the second quarter of 2014, we implemented an enhancement to our Sentiment theme, using natural language processing to analyze earnings call transcripts and research analyst reports every quarter. We read through the entirety of each company’s latest earnings call transcript, identifying key words and phrases that capture the underlying tone of the management team. We believe this provides us with better insight into management’s perception of their company. In addition, we enhanced our ability to identify groups of related companies within our global linkages theme. We read through hundreds of research analyst reports on a daily basis to identify groups of companies related to common trending investment topics in the market.

How was the Fund positioned relative to the Index at the end of the Reporting Period?

In constructing the Fund’s portfolio, we focus on picking stocks rather than on making industry or sector bets. Consequently, the Fund is similar to the Index in terms of its sector allocation and style. That said, at the end of the Reporting Period, the Fund was overweight relative to the Index in the health care, consumer discretionary and information technology sectors. It was underweight compared to the Index in energy, financials, materials, utilities, consumer staples and telecommunication services. The Fund was relatively neutral in the industrials sector at the end of the Reporting Period.

FUND BASICS

U.S. Tax-Managed Equity Fund

as of June 30, 2014

LOGO


PERFORMANCE REVIEW
January 1, 2014–June 30, 2014	Fund Total Return (based on NAV)¹			Russell 3000 Index²
Class A		7.96	%		6.94	%
Class B		7.55			6.94
Class C		7.56			6.94
Institutional		8.24			6.94
Service		7.88			6.94
Class IR		8.10			6.94

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 3000 Index (with dividends reinvested) is an unmanaged index that measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³
For the period ended 6/30/14	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		22.48	%		18.59	%		7.12	%		3.90	%	4/3/00
Class B		23.53			18.81			7.05			3.86		4/3/00
Class C		27.62			19.01			6.91			3.52		4/3/00
Institutional		30.17			20.41			8.16			4.73		4/3/00
Service		29.40			19.80			7.61			4.21		4/3/00
Class IR		29.91			N/A			N/A			22.73		8/31/10

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). Because Institutional, Service 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		1.18	%		1.21	%
Class B		1.93			1.96
Class C		1.93			1.96
Institutional		0.78			0.81
Service		1.28			1.31
Class IR		0.93			0.96

⁴


STANDARDIZED AFTER-TAX PERFORMANCE AS OF 6/30/14⁵
Class A Shares	One Year			Five Years			Ten Years			Since Inception (4/3/00)
Returns before taxes*		22.48	%		18.59	%		7.12	%		3.90	%
Returns after taxes on distributions**		21.97			18.35			6.98			3.79
Returns after taxes on distributions*** and sale of Fund shares		13.07			15.14			5.77			3.12

⁵

Returns Before Taxes do not reflect taxes on distributions on the Fund’s Class A Shares nor do they show how performance can be impacted by taxes when shares are redeemed.

***

Returns After Taxes on Distributions and Sale of Fund Shares reflect taxes paid on distributions on the Fund’s Class A Shares and taxes applicable when the shares are redeemed.

FUND BASICS


TOP TEN HOLDINGS AS OF 6/30/14⁶
Holding	% of Net Assets			Line of Business
Johnson & Johnson		2.3	%	Pharmaceuticals, Biotechnology & Life Sciences
Wells Fargo & Co.		2.0		Banks
Apple, Inc.		1.8		Technology Hardware & Equipment
Pfizer, Inc.		1.8		Pharmaceuticals, Biotechnology & Life Sciences
JPMorgan Chase & Co.		1.3		Banks
CVS Caremark Corp.		1.3		Food & Staples Retailing
Oracle Corp.		1.3		Software & Services
Micron Technology, Inc.		1.3		Semiconductors & Semiconductor Equipment
Gilead Sciences, Inc.		1.3		Pharmaceuticals, Biotechnology & Life Sciences
ConocoPhillips		1.2		Energy

⁶

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁷

As of June 30, 2014

LOGO

⁷

The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from 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). Investments in the securities lending reinvestment vehicle represented 3.9% of the Fund’s net assets at June 30, 2014. 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

International Tax-Managed Equity Fund

Investment Objective

The Fund seeks to provide long-term after-tax growth of capital through tax-sensitive participation in a broadly diversified portfolio of international equity securities.

Portfolio Management Discussion and Analysis

Effective on April 30, 2014, the Goldman Sachs Structured International Tax-Managed Equity Fund was renamed the Goldman Sachs International Tax-Managed Equity Fund (the “Fund”). Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the six-month period ended June 30, 2014 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional and IR Shares generated cumulative total returns, without sales charges, of 4.79%, 4.32%, 4.95% and 4.91%, respectively. These returns compare to the 4.78% cumulative total return of the Fund’s benchmark, the MSCI EAFE Index (Net, USD, Unhedged) (the “Index”), during the same time period.

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

During the Reporting Period, most share classes of the Fund outperformed the Index. Our quantitative model, including our investment themes and security selection, contributed positively.

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 the Fund’s different investment themes may be 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.

During the Reporting Period, all six of our investment themes — Momentum, Sentiment, Profitability, Valuation, Quality and Management — contributed positively to the Fund’s relative performance. Momentum seeks to predict drifts in stock prices caused by delayed investor reaction to company-specific information and information about related companies. Sentiment reflects selected investment views and decisions of individuals and financial intermediaries, while the Profitability theme assesses whether a company is earning more than its cost of capital. Valuation attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. Our Quality theme seeks to assess both firm and management quality. The Management theme assesses the characteristics, policies and strategic decisions of company management.

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

How successful was your stock selection during the Reporting Period?

The Fund seeks to provide investors with a tax-efficient means for maintaining broadly diversified exposure to the entire EAFE equity market. During the Reporting Period, security selection added to the Fund’s relative returns.

PORTFOLIO RESULTS

Among individual holdings, which stocks contributed most to the Fund’s results?

Stock picks in the industrials, health care and information technology sectors added most to relative results. The Fund benefited from overweighted positions in Shire, an Irish- headquartered global specialty biopharmaceutical company; Celesio, a German health care and pharmaceutical company; and Vestas Wind Systems, a Danish manufacturer of wind turbines. We chose to overweight Shire because of our positive views on Momentum and Sentiment. The Fund was overweight Celesio and Vestas Wind Systems as a result of our positive views on Momentum and Valuation.

Which individual stock holdings detracted significantly from relative performance during the Reporting Period?

Our stock selection in the consumer discretionary, materials and energy sectors detracted most from relative performance. The Fund was hindered by its overweighted positions in Arrium, an Australian mining and materials company; Deutsche Lufthansa, a German airline; and Amadeus IT Group, a Spanish transaction processor for the travel and tourism industry. We adopted the overweight in Arrium as a result of our positive views on Valuation and Momentum. The Fund was overweight Deutsche Lufthansa due to our positive views on Valuation and Quality. We assumed the overweight in Amadeus IT Group because of our positive views on Sentiment and Management.

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

What changes or enhancements did you make to your quantitative model during the Reporting Period?

We made no enhancements to our quantitative model in the first quarter of 2014. In the second quarter of 2014, we implemented an enhancement to our Sentiment theme, using natural language processing to analyze earnings call transcripts and research analyst reports every quarter. We read through the entirety of each company’s latest earnings call transcript, identifying key words and phrases that capture the underlying tone of the management team. We believe this provides us with better insight into management’s perception of their company. In addition, we enhanced our ability to identify groups of related companies within our global linkages theme. We read through hundreds of research analyst reports on a daily basis to identify groups of companies related to commonly trending investment topics in the market.

How was the Fund positioned relative to the Index at the end of the Reporting Period?

In constructing the Fund’s portfolio, we focus on picking stocks rather than on country weightings. Consequently, the Fund is similar to the Index in terms of its sector and country allocations. That said, at the end of the Reporting Period, the Fund was overweight the energy, health care, industrials and utilities sectors relative to the Index. It was underweight the consumer discretionary, telecommunication services, materials, consumer staples and financials sectors. The Fund was relatively neutrally weighted compared to the Index in the information technology sector at the end of the Reporting Period.

At the end of the Reporting Period, the Fund was overweight relative to the Index in France, Australia, Norway, Spain, Singapore, Finland and Sweden. Compared to the Index, it was underweight the U.K., Switzerland, Denmark, Germany, the Netherlands, Israel, Japan, Ireland and Belgium. The Fund was relatively neutrally weighted relative to the Index in Hong Kong, Italy, Austria, Portugal and New Zealand at the end of the Reporting Period.

FUND BASICS

International Tax-Managed Equity Fund

as of June 30, 2014

LOGO


PERFORMANCE REVIEW
January 1, 2014–June 30, 2014	Fund Total Return (based on NAV)¹			MSCI EAFE (net) Index (unhedged)²
Class A		4.79	%		4.78	%
Class C		4.32			4.78
Institutional		4.95			4.78
Class IR		4.91			4.78

The unmanaged MSCI EAFE Index (net, unhedged and net of dividend withholding taxes) is a market capitalization-weighted composite of securities in 22 developed markets. The Index figures do not include any deduction for fees or expenses. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS³
For the period ended 6/30/14	One Year			Five Years			Since Inception			Inception Date
Class A		15.92	%		10.23	%		0.54	%	1/31/08
Class C		20.61			10.62			0.67		1/31/08
Institutional		23.09			11.92			1.83		1/31/08
Class IR		22.91			N/A			12.15		8/31/10

FUND BASICS


EXPENSE RATIOS⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.38	%		1.48	%
Class C		2.13			2.23
Institutional		0.98			1.08
Class IR		1.13			1.23

⁴


STANDARDIZED AFTER-TAX PERFORMANCE AS OF 6/30/13⁵
Class A Shares	One Year			Five Years			Since Inception (1/31/08)
Returns before taxes*		15.92	%		10.23	%		0.54	%
Returns after taxes on distributions**		15.54			9.94			0.28
Returns after taxes on distributions*** and sale of Fund shares		9.31			8.25			0.51

⁵

Returns Before Taxes do not reflect taxes on distributions on the Fund’s Class A Shares nor do they show how performance can be impacted by taxes when shares are redeemed.

***

Returns After Taxes on Distributions and Sale of Fund Shares reflect taxes paid on distributions on the Fund’s Class A Shares and taxes applicable when the shares are redeemed.

FUND BASICS


TOP TEN HOLDINGS AS OF 6/30/14⁶
Holding	% of Total Net Assets			Line of Business
Total SA		1.6	%	Energy
HSBC Holdings PLC		1.5		Banks
BP PLC ADR		1.4		Energy
British American Tobacco PLC		1.3		Food, Beverage & Tobacco
Roche Holding AG		1.3		Pharmaceuticals, Biotechnology & Life Sciences
Legrand SA		1.2		Capital Goods
Amadeus IT Holding SA Class A		1.2		Software & Services
Royal Dutch Shell PLC Class A		1.2		Energy
BHP Billiton Ltd.		1.2		Materials
Australia & New Zealand Banking Group Ltd.		1.1		Banks

⁶

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS⁷

As of June 30, 2014

LOGO

⁷

The Fund is actively managed and, as such, its composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from 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). Investments in the securities lending reinvestment vehicle represented 1.1% of the Fund’s net assets at June 30, 2014. 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.

FUND BASICS

Index Definitions:

The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000^® Index is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index.

The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000^® Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership.

The Russell Midcap^® Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap^® Index is a subset of the Russell 1000^® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership.

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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments

June 30, 2014 (Unaudited)


Shares		Description	Value

	Common Stocks – 98.3%
	Automobiles & Components – 1.7%
	541,400	Ford Motor Co.^(a)	$	9,333,736
	273,800	General Motors Co.		9,938,940
	900	Gentex Corp.		26,181
	86,600	Johnson Controls, Inc.		4,323,938

				23,622,795

	Banks – 5.9%
	293,181	Bank of America Corp.		4,506,192
	2,000	Bank of Hawaii Corp.		117,380
	179,400	Citigroup, Inc.		8,449,740
	800	East West Bancorp, Inc.		28,004
	93,800	First Niagara Financial Group, Inc.		819,812
	350,200	JPMorgan Chase & Co.^(a)		20,178,524
	1,053,300	New York Community Bancorp, Inc.^(b)		16,831,734
	100,300	U.S. Bancorp		4,345,006
	476,600	Wells Fargo & Co.^(a)		25,050,096

				80,326,488

	Capital Goods – 8.2%
	120,000	3M Co.		17,188,800
	2,200	Allison Transmission Holdings, Inc.		68,420
	38,800	Caterpillar, Inc.		4,216,396
	3,700	Crane Co.		275,132
	182,400	Eaton Corp. PLC		14,077,632
	86,900	Emerson Electric Co.		5,766,684
	2,600	Exelis, Inc.		44,148
	15,700	Fortune Brands Home & Security, Inc.		626,901
	1,241,850	General Electric Co.^(a)		32,635,818
	3,500	Graco, Inc.		273,280
	45,300	Honeywell International, Inc.		4,210,635
	3,200	IDEX Corp.		258,368
	900	ITT Corp.		43,290
	125,200	Lockheed Martin Corp.		20,123,396
	1,000	Oshkosh Corp.		55,530
	2,500	SPX Corp.		270,525
	3,600	Terex Corp.		147,960
	84,200	The Boeing Co.^(a)		10,712,766
	2,400	The Timken Co.		162,816

				111,158,497

	Commercial & Professional Services – 0.6%
	493,700	R.R. Donnelley & Sons Co.		8,373,152

	Consumer Durables & Apparel – 0.6%
	68,300	Garmin Ltd.		4,159,470
	110,200	Leggett & Platt, Inc.		3,777,656

				7,937,126

	Consumer Services – 2.3%
	78,400	Darden Restaurants, Inc.		3,627,568
	53,700	Las Vegas Sands Corp.		4,093,014
	96,600	McDonald’s Corp.		9,731,484
	23,800	Royal Caribbean Cruises Ltd.		1,323,280


	Common Stocks – (continued)
	Consumer Services – (continued)
	82,300	Six Flags Entertainment Corp.	$	3,501,865
	59,900	Starwood Hotels & Resorts Worldwide, Inc.		4,841,118
	21,600	Wynn Resorts Ltd.		4,483,296

				31,601,625

	Diversified Financials – 3.7%
	47,800	Ameriprise Financial, Inc.^(a)		5,736,000
	23,000	Artisan Partners Asset Management, Inc. Class A		1,303,640
	48,100	BlackRock, Inc.^(a)		15,372,760
	109,300	CME Group, Inc.		7,754,835
	6,600	Eaton Vance Corp.		249,414
	159,200	Federated Investors, Inc. Class B		4,922,464
	149,300	Invesco Ltd.		5,636,075
	1,000	LPL Financial Holdings, Inc.		49,740
	125,200	Morgan Stanley		4,047,716
	44,000	Santander Consumer USA Holdings, Inc.		855,360
	23,000	TD Ameritrade Holding Corp.		721,050
	43,900	Waddell & Reed Financial, Inc. Class A		2,747,701

				49,396,755

	Energy – 11.1%
	162,600	Chevron Corp.^(b)		21,227,430
	136,200	ConocoPhillips		11,676,426
	120,400	CVR Energy, Inc.		5,802,076
	200,900	Diamond Offshore Drilling, Inc.^(a)		9,970,667
	222,100	Ensco PLC Class A		12,342,097
	220,100	Exxon Mobil Corp.^(a)		22,159,668
	33,100	Golar LNG Ltd.		1,989,310
	28,500	HollyFrontier Corp.		1,245,165
	284,500	Kinder Morgan, Inc.		10,315,970
	67,200	Occidental Petroleum Corp.		6,896,736
	44,900	PBF Energy, Inc. Class A		1,196,585
	46,000	Phillips 66		3,699,780
	375,100	Seadrill Ltd.		14,985,245
	283,800	The Williams Companies, Inc.		16,519,998
	181,100	Transocean Ltd.		8,154,933
	45,700	Valero Energy Corp.		2,289,570

				150,471,656

	Food & Staples Retailing – 1.0%
	112,900	Walgreen Co.		8,369,277
	63,400	Wal-Mart Stores, Inc.		4,759,438

				13,128,715

	Food, Beverage & Tobacco – 5.0%
	249,000	Altria Group, Inc.^(a)		10,443,060
	273,500	Kraft Foods Group, Inc.		16,396,325
	168,800	PepsiCo, Inc.		15,080,592
	80,800	Philip Morris International, Inc.		6,812,248
	200	Pinnacle Foods, Inc.		6,580


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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND


Shares		Description	Value

	Common Stocks – (continued)
	Food, Beverage & Tobacco – (continued)
	68,600	Reynolds American, Inc.	$	4,140,010
	356,900	The Coca-Cola Co.^(a)		15,118,284

				67,997,099

	Health Care Equipment & Services – 2.9%
	261,000	Abbott Laboratories^(a)(b)		10,674,900
	46,400	Baxter International, Inc.		3,354,720
	82,300	Cardinal Health, Inc.		5,642,488
	53,300	Covidien PLC		4,806,594
	139,300	Medtronic, Inc.		8,881,768
	70,800	UnitedHealth Group, Inc.		5,787,900

				39,148,370

	Household & Personal Products – 2.5%
	200	Herbalife Ltd.		12,908
	74,100	Kimberly-Clark Corp.		8,241,402
	6,500	Nu Skin Enterprises, Inc. Class A		480,740
	325,200	The Procter & Gamble Co.^(a)		25,557,468

				34,292,518

	Insurance – 4.3%
	105,000	American International Group, Inc.		5,730,900
	2,500	Arthur J. Gallagher & Co.		116,500
	209,100	Mercury General Corp.		9,836,064
	280,500	MetLife, Inc.		15,584,580
	662,700	Old Republic International Corp.^(a)		10,961,058
	300	Protective Life Corp.		20,799
	166,600	Prudential Financial, Inc.^(a)		14,789,082
	19,800	StanCorp Financial Group, Inc.		1,267,200

				58,306,183

	Materials – 3.3%
	12,800	Domtar Corp.		548,480
	87,400	E.I. du Pont de Nemours & Co.		5,719,456
	294,500	Freeport-McMoRan Copper & Gold, Inc.		10,749,250
	80,500	International Paper Co.		4,062,835
	67,800	LyondellBasell Industries NV Class A		6,620,670
	20,000	Packaging Corp. of America		1,429,800
	2,400	Rockwood Holdings, Inc.		182,376
	13,100	Royal Gold, Inc.		997,202
	285,200	The Dow Chemical Co.^(a)		14,676,392
	2,800	The Scotts Miracle-Gro Co. Class A		159,208

				45,145,669

	Media – 3.5%
	224,200	Cablevision Systems Corp. Class A^(a)		3,957,130
	16,900	CBS Outdoor Americas, Inc.		552,292
	4,800	Cinemark Holdings, Inc.		169,728
	225,400	Comcast Corp. Class A		12,094,467
	15,000	Lamar Advertising Co. Class A		795,000
	78,800	Regal Entertainment Group Class A		1,662,680
	92,500	The Walt Disney Co.		7,930,950
	199,500	Thomson Reuters Corp.		7,253,820


	Common Stocks – (continued)
	Media – (continued)
	54,100	Time Warner Cable, Inc.	$	7,968,930
	60,700	Time Warner, Inc.		4,264,199

				46,649,196

	Pharmaceuticals, Biotechnology & Life Sciences – 9.5%
	220,100	AbbVie, Inc.^(a)		12,422,444
	700	Alkermes PLC*		35,231
	6,400	Alnylam Pharmaceuticals, Inc.*		404,288
	89,700	Amgen, Inc.		10,617,789
	27,200	Biogen Idec, Inc.*		8,576,432
	292,500	Bristol-Myers Squibb Co.		14,189,175
	64,600	Celgene Corp.*		5,547,848
	258,600	Eli Lilly & Co.		16,077,162
	45,100	Gilead Sciences, Inc.*		3,739,241
	23,500	Incyte Corp. Ltd.*		1,326,340
	600	Intercept Pharmaceuticals, Inc.*		141,978
	236,600	Johnson & Johnson		24,753,092
	1,800	Medivation, Inc.*		138,744
	221,050	Merck & Co., Inc.		12,787,743
	561,800	Pfizer, Inc.^(a)		16,674,224
	3,000	Pharmacyclics, Inc.*		269,130
	2,200	Seattle Genetics, Inc.*		84,150

				127,785,011

	Real Estate Investment Trust – 2.1%
	26,100	American Realty Capital Properties, Inc.		327,033
	70,400	American Tower Corp.		6,334,611
	50,600	Crown Castle International Corp.		3,757,556
	38,500	Duke Realty Corp.		699,160
	15,000	Extra Space Storage, Inc.		798,772
	138,600	Prologis, Inc.		5,695,074
	31,100	Simon Property Group, Inc.		5,171,308
	1,400	SL Green Realty Corp.		153,241
	14,700	Washington Prime Group, Inc.*		275,478
	156,900	Weyerhaeuser Co.		5,191,821

				28,404,054

	Retailing – 3.6%
	33,800	Amazon.com, Inc.*^(a)		10,977,564
	1,900	DSW, Inc. Class A		53,086
	2,500	Foot Locker, Inc.		126,800
	79,600	L Brands, Inc.		4,669,336
	105,200	Lowe’s Companies, Inc.		5,048,548
	7,200	Netflix, Inc.*		3,172,320
	2,600	Penske Automotive Group, Inc.		128,700
	59,300	Target Corp.		3,436,435
	157,000	The Home Depot, Inc.		12,710,720
	6,500	The Priceline Group, Inc.*		7,819,500

				48,143,009

	Semiconductors & Semiconductor Equipment – 2.8%
	43,900	Avago Technologies Ltd.		3,163,873
	445,400	Intel Corp.		13,762,860
	161,500	Maxim Integrated Products, Inc.		5,460,315


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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2014 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	3,900	Skyworks Solutions, Inc.	$	183,144
	307,700	Texas Instruments, Inc.		14,704,983

				37,275,175

	Software & Services – 9.5%
	57,600	Accenture PLC Class A		4,656,384
	126,600	Automatic Data Processing, Inc.^(a)(b)		10,036,848
	7,100	Broadridge Financial Solutions, Inc.		295,644
	330,200	CA, Inc.		9,489,948
	100	CoStar Group, Inc.*		15,817
	157,200	Facebook, Inc. Class A*		10,577,988
	14,700	Google, Inc. Class A*		8,594,649
	14,700	Google, Inc. Class C*		8,456,616
	43,400	International Business Machines Corp.		7,867,118
	6,400	Leidos Holdings, Inc.		245,376
	4,400	LinkedIn Corp. Class A*		754,468
	71,000	Mastercard, Inc. Class A		5,216,370
	750,950	Microsoft Corp.^(a)(b)		31,314,615
	6,000	NetSuite, Inc.*		521,280
	211,900	Oracle Corp.		8,588,307
	38,000	Pandora Media, Inc.*		1,121,000
	294,100	Paychex, Inc.		12,222,796
	11,400	ServiceNow, Inc.*		706,344
	10,300	Splunk, Inc.*		569,899
	33,500	Visa, Inc. Class A		7,058,785
	3,900	Workday, Inc. Class A*		350,454
	4,700	Yelp, Inc.*		360,396

				129,021,102

	Technology Hardware & Equipment – 5.6%
	527,200	Apple, Inc.^(a)(b)		48,992,696
	7,400	AVX Corp.		98,272
	294,100	Cisco Systems, Inc.		7,308,385
	72,000	Hewlett-Packard Co.		2,424,960
	151,400	QUALCOMM, Inc.		11,990,880
	78,400	Seagate Technology PLC		4,454,688

				75,269,881

	Telecommunication Services – 3.5%
	427,528	AT&T, Inc.^(a)		15,117,390
	321,900	CenturyLink, Inc.		11,652,780
	713,801	Frontier Communications Corp.		4,168,598
	1,576,100	Windstream Holdings, Inc.		15,697,956

				46,636,724

	Transportation – 1.2%
	77,300	Delta Air Lines, Inc.		2,993,056
	44,500	Union Pacific Corp.		4,438,875
	600	United Continental Holdings, Inc.*		24,642
	78,600	United Parcel Service, Inc. Class B		8,069,076

				15,525,649


	Common Stocks – (continued)
	Utilities – 3.9%
	157,000	Ameren Corp.^(a)	$	6,418,160
	238,000	Duke Energy Corp.^(a)		17,657,220
	38,900	Entergy Corp.		3,193,301
	142,300	PPL Corp.		5,055,919
	472,400	TECO Energy, Inc.		8,729,952
	259,900	The Southern Co.		11,794,262

				52,848,814

	TOTAL INVESTMENTS – 98.3%
	(Cost $1,127,253,189)		$	1,328,465,263

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.7%			23,332,940

	NET ASSETS – 100.0%		$	1,351,798,203


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		All or a portion of this security is held as collateral for call options written.
(b)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.


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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2014, 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

301

September 2014

29,383,620

280,340

WRITTEN OPTIONS CONTRACTS — At June 30, 2014, the Fund had the following written options:


Call Options	Number of Contracts		Exercise Rate		Expiration Month	Value
S&P 500 Index		2,739	$	1,975	September 2014	$	(8,340,255	)
(Premiums Received $8,208,783)

For the six months ended June 30, 2014, the Fund had the following written options activity:


	Number of Contracts			Premiums Received
Contracts Outstanding December 31, 2013		2,799		$	8,758,071
Contracts written		5,406			16,500,486
Contracts bought to close		(5,466	)		(17,049,774	)
Contracts Outstanding June 30, 2014		2,739		$	8,208,783


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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments

June 30, 2014 (Unaudited)


Shares		Description	Value

	Common Stocks – 97.1%
	Australia – 8.3%
	192,223	ALS Ltd. (Commercial & Professional Services)	$	1,605,654
	413,064	AMP Ltd. (Insurance)		2,064,845
	203,991	Australia & New Zealand Banking Group Ltd. (Banks)		6,414,396
	93,218	Bendigo and Adelaide Bank Ltd. (Banks)		1,072,466
	136,327	BHP Billiton Ltd. (Materials)		4,649,386
	136,650	Coca-Cola Amatil Ltd. (Food, Beverage & Tobacco)		1,220,142
	30,550	Computershare Ltd. (Software & Services)		359,578
	333,637	Dexus Property Group (REIT)		349,192
	157,650	Federation Centres Ltd. (REIT)		369,973
	246,309	GPT Group (REIT)		892,026
	25,529	Iluka Resources Ltd. (Materials)		196,163
	351,943	Incitec Pivot Ltd. (Materials)		962,195
	1,131,767	Metcash Ltd. (Food & Staples Retailing)		2,817,407
	223,807	National Australia Bank Ltd. (Banks)		6,917,598
	36,132	Orica Ltd. (Materials)		663,614
	10,587	Rio Tinto Ltd. (Materials)		593,930
	14,950	Suncorp Group Ltd. (Insurance)		190,910
	550,085	Tabcorp Holdings Ltd. (Consumer Services)		1,742,239
	345,470	Tatts Group Ltd. (Consumer Services)		1,065,125
	173,047	Toll Holdings Ltd. (Transportation)		832,804
	113,320	Woodside Petroleum Ltd. (Energy)		4,393,575

				39,373,218

	Austria – 0.1%
	11,071	Raiffeisen Bank International AG (Banks)		352,942

	Belgium – 2.2%
	38,760	Anheuser-Busch InBev NV (Food, Beverage & Tobacco)^(a)		4,453,537
	110,562	Belgacom SA (Telecommunication Services)		3,670,295
	38,754	Telenet Group Holding NV (Media)*^(a)		2,208,661

				10,332,493

	Bermuda – 1.1%
	132,483	Seadrill Ltd. (Energy)		5,250,381

	Denmark – 1.2%
	30,658	Coloplast A/S (Health Care Equipment & Services)		2,774,094
	30,447	Novo Nordisk A/S (Pharmaceuticals, Biotechnology & Life Sciences)		1,405,219
	963	Pandora A/S (Consumer Durables & Apparel)		73,904


	Common Stocks – (continued)
	Denmark – (continued)
	95,344	TDC A/S (Telecommunication Services)	$	986,277
	4,753	Tryg A/S (Insurance)		480,230

				5,719,724

	Finland – 1.8%
	12,202	Fortum OYJ (Utilities)		327,648
	31,212	Metso OYJ (Capital Goods)^(a)		1,181,636
	106,760	Nokia OYJ (Technology Hardware & Equipment)		807,827
	11,908	Nokian Renkaat OYJ (Automobiles & Components)		464,257
	110,555	Orion OYJ (Pharmaceuticals, Biotechnology & Life Sciences)		4,120,692
	2,749	Pohjola Bank PLC (Diversified Financials)		59,851
	12,601	Stora Enso OYJ (Materials)		122,508
	95,758	UPM-Kymmene OYJ (Materials)		1,635,695

				8,720,114

	France – 8.6%
	2,865	Airbus Group NV (Capital Goods)		192,093
	13,285	Alstom SA (Capital Goods)		482,476
	51,065	AXA SA (Insurance)		1,220,113
	20,965	BNP Paribas SA (Banks)^(a)		1,424,756
	48,313	Bouygues SA (Capital Goods)		2,010,313
	10,253	Cap Gemini SA (Software & Services)		731,693
	1,534	Casino Guichard Perrachon SA (Food & Staples Retailing)^(a)		203,378
	38,970	Credit Agricole SA (Banks)		550,212
	12,703	Danone SA (Food, Beverage & Tobacco)		944,576
	3,628	Edenred (Commercial & Professional Services)		110,015
	11,956	Electricite de France SA (Utilities)		376,469
	3,579	Eutelsat Communications SA (Media)		124,369
	151,278	GDF Suez (Utilities)^(a)		4,167,944
	2,506	Imerys SA (Materials)		211,342
	1,521	Kering (Consumer Durables & Apparel)		333,663
	9,504	Lafarge SA (Materials)		826,460
	6,921	Lagardere SCA (Media)		225,497
	12,448	L’Oreal SA (Household & Personal Products)^(a)		2,143,285
	8,154	LVMH Moet Hennessy Louis Vuitton SA (Consumer Durables & Apparel)		1,573,468
	217,745	Orange SA (Telecommunication Services)		3,445,231
	7,175	Pernod-Ricard SA (Food, Beverage & Tobacco)		861,865
	7,061	Renault SA (Automobiles & Components)		638,277
	106,286	Rexel SA (Capital Goods)		2,485,779
	3,108	Safran SA (Capital Goods)		203,465
	60,491	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)		6,429,561
	22,267	Societe Generale SA (Banks)		1,167,741
	40,738	Total SA (Energy)^(a)		2,947,382


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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND


Shares		Description	Value

	Common Stocks – (continued)
	France – (continued)
	3,926	Unibail-Rodamco SE (REIT)	$	1,142,507
	6,244	Veolia Environnement SA (Utilities)		118,953
	33,922	Vinci SA (Capital Goods)		2,535,967
	24,646	Vivendi SA (Telecommunication Services)*^(a)		603,126

				40,431,976

	Germany – 8.1%
	1,625	adidas AG (Consumer Durables & Apparel)		164,314
	1,287	Axel Springer SE (Media)		79,095
	48,743	BASF SE (Materials)		5,669,962
	23,554	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		3,322,839
	15,144	Bayerische Motoren Werke AG (Automobiles & Components)		1,917,681
	74,214	Daimler AG (Registered) (Automobiles & Components)^(a)		6,932,670
	15,840	Deutsche Bank AG (Registered) (Diversified Financials)		556,697
	20,468	Deutsche Boerse AG (Diversified Financials)		1,586,979
	28,847	Deutsche Post AG (Registered) (Transportation)		1,041,230
	40,069	E.ON SE (Utilities)		826,045
	633	Hugo Boss AG (Consumer Durables & Apparel)		94,519
	29,127	K+S AG (Registered) (Materials)		956,484
	5,218	MAN SE (Capital Goods)		644,876
	5,486	Metro AG (Food & Staples Retailing)*		238,944
	59,987	ProSiebenSat.1 Media AG (Registered) (Media)		2,669,962
	113,885	RWE AG (Utilities)^(a)		4,884,315
	33,223	SAP AG (Software & Services)		2,559,989
	22,897	Siemens AG (Registered) (Capital Goods)^(a)		3,023,185
	115,320	Telefonica Deutschland Holding AG (Telecommunication Services)*		953,266

				38,123,052

	Hong Kong – 2.8%
	203,400	AIA Group Ltd. (Insurance)		1,022,006
	8,900	ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)		97,263
	437,500	BOC Hong Kong Holdings Ltd. (Banks)		1,267,466
	42,000	Cheung Kong Holdings Ltd. (Real Estate)		745,149
	30,000	Cheung Kong Infrastructure Holdings Ltd. (Utilities)		207,244
	174,000	Galaxy Entertainment Group Ltd. (Consumer Services)		1,390,691
	112,000	Hang Lung Properties Ltd. (Real Estate)		345,389


	Common Stocks – (continued)
	Hong Kong – (continued)
	169,400	Henderson Land Development Co. Ltd. (Real Estate)	$	991,428
	184,910	Hong Kong & China Gas Co. Ltd. (Utilities)		404,634
	92,200	Hong Kong Exchanges and Clearing Ltd. (Diversified Financials)		1,718,800
	23,000	Hutchison Whampoa Ltd. (Capital Goods)		314,561
	27,000	Hysan Development Co. Ltd. (Real Estate)		126,458
	214,000	Li & Fung Ltd. (Consumer Durables & Apparel)		316,977
	92,000	MTR Corp. Ltd. (Transportation)		354,302
	137,189	New World Development Co. Ltd. (Real Estate)		156,175
	115,500	Power Assets Holdings Ltd. (Utilities)		1,010,964
	138,800	Sands China Ltd. (Consumer Services)		1,047,619
	155,261	Sino Land Co. Ltd. (Real Estate)		255,578
	41,000	SJM Holdings Ltd. (Consumer Services)		102,711
	58,200	Swire Properties Ltd. (Real Estate)		170,087
	30,500	Techtronic Industries Co. (Consumer Durables & Apparel)		97,774
	112,000	Wharf Holdings Ltd. (Real Estate)		806,492
	103,600	Wynn Macau Ltd. (Consumer Services)		405,767

				13,355,535

	Israel – 0.4%
	217,852	Israel Chemicals Ltd. (Materials)		1,866,567

	Italy – 2.8%
	223,832	Atlantia SpA (Transportation)^(a)		6,376,517
	83,413	Banca Monte dei Paschi di Siena SpA (Banks)*		161,264
	215,912	Eni SpA (Energy)		5,905,123
	73,429	Intesa Sanpaolo SpA (Banks)		226,553
	538,083	Telecom Italia SpA (Telecommunication Services)		532,263

				13,201,720

	Japan – 19.3%
	45,200	Advantest Corp. (Semiconductors & Semiconductor Equipment)		559,282
	17,400	AEON Financial Service Co. Ltd. (Diversified Financials)		455,080
	8,300	Aisin Seiki Co. Ltd. (Automobiles & Components)		330,390
	2,000	Alfresa Holdings Corp. (Health Care Equipment & Services)		128,946
	11,000	Amada Co. Ltd. (Capital Goods)		112,045
	258,000	Aozora Bank Ltd. (Banks)		848,252
	159,000	Asahi Glass Co. Ltd. (Capital Goods)		937,414
	25,000	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		328,764
	46,400	Bridgestone Corp. (Automobiles & Components)		1,625,089


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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2014 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	115,600	Canon, Inc. (Technology Hardware & Equipment)	$	3,778,039
	21,500	Casio Computer Co. Ltd. (Consumer Durables & Apparel)		312,291
	61,000	Dai Nippon Printing Co. Ltd. (Commercial & Professional Services)		637,326
	37,000	Daihatsu Motor Co. Ltd. (Automobiles & Components)		658,463
	10,900	Daiichi Sankyo Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		203,740
	13,500	Daito Trust Construction Co. Ltd. (Real Estate)		1,587,452
	332,000	Daiwa Securities Group, Inc. (Diversified Financials)		2,876,540
	28,700	Denso Corp. (Automobiles & Components)		1,371,016
	4,900	Eisai Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		205,630
	4,200	FANUC Corp. (Capital Goods)		725,289
	1,800	Fast Retailing Co. Ltd. (Retailing)		592,973
	27,500	Fuji Heavy Industries Ltd. (Automobiles & Components)		762,541
	61,000	Fukuoka Financial Group, Inc. (Banks)		294,634
	40,100	Hino Motors Ltd. (Capital Goods)		553,233
	3,000	Hitachi Construction Machinery Co., Ltd.. (Capital Goods)		59,881
	58,600	Honda Motor Co. Ltd. (Automobiles & Components)		2,044,833
	63,200	Hoya Corp. (Technology Hardware & Equipment)		2,101,262
	91,000	IHI Corp. (Capital Goods)		424,189
	11,500	Iida Group Holdings Co. Ltd. (Consumer Durables & Apparel)		174,783
	37,000	Isuzu Motors Ltd. (Automobiles & Components)		245,013
	197,100	ITOCHU Corp. (Capital Goods)		2,530,328
	41,000	J. Front Retailing Co. Ltd. (Retailing)		287,862
	23,600	Japan Airlines Co. Ltd. (Transportation)		1,304,832
	19,500	Japan Exchange Group, Inc. (Diversified Financials)		480,601
	50,700	Japan Tobacco, Inc. (Food, Beverage & Tobacco)		1,848,629
	26,300	JFE Holdings, Inc. (Materials)		543,995
	3,000	JGC Corp. (Capital Goods)		91,258
	18,500	Kao Corp. (Household & Personal Products)		728,599
	64,000	Kawasaki Heavy Industries Ltd. (Capital Goods)		243,980
	7,100	KDDI Corp. (Telecommunication Services)		433,196
	39,000	Kintetsu Corp. (Transportation)		142,111
	29,600	Kirin Holdings Co. Ltd. (Food, Beverage & Tobacco)		427,389
	228,000	Kobe Steel Ltd. (Materials)		342,903
	38,300	Komatsu Ltd. (Capital Goods)		889,069


	Common Stocks – (continued)
	Japan – (continued)
	24,000	Kubota Corp. (Capital Goods)	$	340,567
	18,000	Kuraray Co. Ltd. (Materials)		228,298
	43,400	Kyushu Electric Power Co., Inc. (Utilities)		488,595
	11,100	Lawson, Inc. (Food & Staples Retailing)		833,137
	5,800	LIXIL Group Corp. (Capital Goods)		156,982
	23,000	Marubeni Corp. (Capital Goods)		168,336
	22,000	Marui Group Co. Ltd. (Retailing)		211,370
	40,900	Mitsubishi Chemical Holdings Corp. (Materials)		181,393
	85,600	Mitsubishi Corp. (Capital Goods)		1,781,715
	74,000	Mitsubishi Electric Corp. (Capital Goods)		914,103
	36,000	Mitsubishi Estate Co. Ltd. (Real Estate)		889,398
	20,000	Mitsubishi Heavy Industries Ltd. (Capital Goods)		124,918
	357,000	Mitsubishi UFJ Financial Group, Inc. (Banks)		2,191,522
	139,200	Mitsui & Co. Ltd. (Capital Goods)		2,231,604
	69,000	Mitsui Chemicals, Inc. (Materials)		188,792
	41,000	Mitsui Fudosan Co. Ltd. (Real Estate)		1,383,720
	794,100	Mizuho Financial Group, Inc. (Banks)		1,632,277
	7,800	Murata Manufacturing Co. Ltd. (Technology Hardware & Equipment)		731,489
	7,600	Nabtesco Corp. (Capital Goods)		168,196
	39,000	NEC Corp. (Technology Hardware & Equipment)		124,469
	9,800	Nikon Corp. (Consumer Durables & Apparel)		154,390
	800	Nintendo Co. Ltd. (Software & Services)		96,070
	90	Nippon Building Fund, Inc. (REIT)		526,221
	14,000	Nippon Electric Glass Co. Ltd. (Technology Hardware & Equipment)		81,590
	163,500	Nippon Steel & Sumitomo Metal Corp. (Materials)		523,774
	368,000	Nippon Yusen Kabushiki Kaisha (Transportation)		1,061,525
	127,000	Nissan Motor Co. Ltd. (Automobiles & Components)		1,202,621
	7,300	Nitto Denko Corp. (Materials)		341,942
	88,900	Nomura Holdings, Inc. (Diversified Financials)		629,706
	162,000	NTT DoCoMo, Inc. (Telecommunication Services)		2,765,471
	14,900	NTT Urban Development Corp. (Real Estate)		167,800
	56,000	Oji Holdings Corp. (Materials)		230,441
	4,300	Olympus Corp. (Health Care Equipment & Services)*		147,947
	12,300	Oracle Corp. Japan (Software & Services)		538,036
	49,400	Panasonic Corp. (Consumer Durables & Apparel)		598,830
	8,300	Rakuten, Inc. (Retailing)		107,311


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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND


Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	79,000	Ricoh Co. Ltd. (Technology Hardware & Equipment)	$	941,573
	9,300	Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)		533,401
	39,300	Sankyo Co. Ltd. (Consumer Durables & Apparel)		1,511,759
	14,600	SBI Holdings, Inc. (Diversified Financials)		178,931
	13,200	Sega Sammy Holdings, Inc. (Consumer Durables & Apparel)		259,942
	21,000	Sekisui Chemical Co. Ltd. (Consumer Durables & Apparel)		243,466
	177,200	Sekisui House Ltd. (Consumer Durables & Apparel)		2,431,625
	4,400	Seven & I Holdings Co. Ltd. (Food & Staples Retailing)		185,459
	98,500	Seven Bank Ltd. (Banks)		402,782
	7,400	Shin-Etsu Chemical Co. Ltd. (Materials)		449,981
	56,700	Shiseido Co. Ltd. (Household & Personal Products)		1,034,151
	67,100	Showa Shell Sekiyu KK (Energy)		762,726
	20,900	SoftBank Corp. (Telecommunication Services)		1,557,530
	25,200	Sony Corp. (Consumer Durables & Apparel)		421,105
	79,000	Sumitomo Chemical Co. Ltd. (Materials)		298,635
	129,600	Sumitomo Corp. (Capital Goods)		1,748,713
	61,100	Sumitomo Mitsui Financial Group, Inc. (Banks)		2,563,568
	281,000	Sumitomo Mitsui Trust Holdings, Inc. (Banks)		1,284,309
	7,000	Sumitomo Realty & Development Co. Ltd. (Real Estate)		300,696
	10,000	Sumitomo Rubber Industries Ltd. (Automobiles & Components)		144,535
	4,800	Sysmex Corp. (Health Care Equipment & Services)		180,486
	63,000	Taiheiyo Cement Corp. (Materials)		254,019
	71,100	Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		3,299,946
	11,200	Terumo Corp. (Health Care Equipment & Services)		250,912
	29,000	The Bank of Yokohama Ltd. (Banks)		167,011
	12,400	The Chugoku Electric Power Co., Inc. (Utilities)		168,968
	99,500	The Kansai Electric Power Co., Inc. (Utilities)*		937,900
	8,000	The Yokohama Rubber Co. Ltd. (Automobiles & Components)		69,253
	55,300	Tohoku Electric Power Co., Inc. (Utilities)		647,186
	1,200	Tokyo Electron Ltd. (Semiconductors & Semiconductor Equipment)		81,785


	Common Stocks – (continued)
	Japan – (continued)
	84,000	Tokyu Corp. (Transportation)	$	595,802
	28,000	Tokyu Fudosan Holdings Corp. (Real Estate)		221,005
	125,000	TonenGeneral Sekiyu KK (Energy)		1,187,208
	51,000	Toppan Printing Co. Ltd. (Commercial & Professional Services)		394,346
	248,000	Toshiba Corp. (Capital Goods)		1,159,259
	4,200	Toyoda Gosei Co. Ltd. (Automobiles & Components)		87,306
	2,200	Toyota Industries Corp. (Automobiles & Components)		113,675
	57,300	Toyota Motor Corp. (Automobiles & Components)		3,430,701
	22,400	Trend Micro, Inc. (Software & Services)		738,122
	48,700	USS Co. Ltd. (Retailing)		831,226

				91,444,701

	Luxembourg – 0.1%
	44,379	ArcelorMittal (Materials)		661,609

	Netherlands – 4.1%
	8,714	Akzo Nobel NV (Materials)		653,369
	124,496	Delta Lloyd NV (Insurance)^(a)		3,160,895
	4,805	Koninklijke Boskalis Westminster NV (Capital Goods)		275,555
	1,645	Koninklijke DSM NV (Materials)		119,711
	13,488	Koninklijke Philips NV (Capital Goods)		428,086
	103,900	Royal Dutch Shell PLC (Energy)		4,515,506
	154,845	Royal Dutch Shell PLC (Energy)^(a)		6,393,708
	88,285	Unilever NV CVA (Food, Beverage & Tobacco)^(a)		3,864,506

				19,411,336

	New Zealand – 0.1%
	172,630	Auckland International Airport Ltd. (Transportation)		589,416

	Norway – 0.7%
	154,108	Gjensidige Forsikring ASA (Insurance)		2,763,661
	64,713	Orkla ASA (Food, Beverage & Tobacco)		575,878

				3,339,539

	Singapore – 0.4%
	547,000	CapitaCommercial Trust (REIT)		747,104
	21,000	City Developments Ltd. (Real Estate)		172,524
	254,000	Genting Singapore PLC (Consumer Services)		271,189
	197,000	Global Logistic Properties Ltd. (Real Estate)		426,947
	183,000	Golden Agri-Resources Ltd. (Food, Beverage & Tobacco)		81,616
	10,000	Singapore Airlines Ltd. (Transportation)		83,220


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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2014 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Singapore – (continued)
	62,000	Wilmar International Ltd. (Food, Beverage & Tobacco)	$	158,711

				1,941,311

	Spain – 4.5%
	27,568	Abertis Infraestructuras SA (Transportation)		634,237
	34,326	ACS Actividades de Construccion y Servicios SA (Capital Goods)		1,571,108
	3,723	Amadeus IT Holding SA (Software & Services)		153,474
	367,512	Banco Bilbao Vizcaya Argentaria SA (Banks)		4,684,096
	1,033,722	Banco Santander SA (Banks)^(a)		10,801,633
	19,701	Ferrovial SA (Capital Goods)		438,957
	3,042	Repsol SA (Energy)		80,208
	160,234	Telefonica SA (Telecommunication Services)^(a)		2,750,874

				21,114,587

	Sweden – 4.0%
	25,228	Boliden AB (Materials)		366,000
	49,453	Electrolux AB (Consumer Durables & Apparel)		1,248,030
	124,940	Hennes & Mauritz AB (Retailing)		5,454,860
	5,533	Industrivarden AB (Diversified Financials)		109,223
	69,815	Nordea Bank AB (Banks)		984,248
	103,177	Sandvik AB (Capital Goods)		1,409,107
	224,493	Skandinaviska Enskilda Banken AB (Banks)		2,996,478
	26,455	Skanska AB (Capital Goods)		603,922
	8,910	SKF AB (Capital Goods)		227,184
	3,967	Svenska Cellulosa AB SCA (Household & Personal Products)		103,316
	11,693	Svenska Handelsbanken AB (Banks)		571,783
	139,966	Swedbank AB (Banks)		3,707,297
	78,882	Telefonaktiebolaget LM Ericsson (Technology Hardware & Equipment)		952,954
	15,913	Volvo AB (Capital Goods)		219,068

				18,953,470

	Switzerland – 8.5%
	34,031	ABB Ltd. (Registered) (Capital Goods)*		783,065
	1,994	Cie Financiere Richemont SA (Registered) (Consumer Durables & Apparel)		208,950
	130,045	Credit Suisse Group AG (Registered) (Diversified Financials)*		3,698,412
	378	Givaudan SA (Registered) (Materials)*		629,720
	74,351	Glencore PLC (Materials)*		414,337
	5,723	Kuehne + Nagel International AG (Registered) (Transportation)		760,987


	Common Stocks – (continued)
	Switzerland – (continued)
	137,552	Nestle SA (Registered) (Food, Beverage & Tobacco)^(a)	$	10,658,485
	93,124	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)^(a)		8,433,159
	426	Partners Group Holding AG (Diversified Financials)		116,381
	14,127	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		4,209,237
	219,074	STMicroelectronics NV (Semiconductors & Semiconductor Equipment)		1,962,696
	6,178	Syngenta AG (Registered) (Materials)		2,282,458
	20,819	Zurich Insurance Group AG (Insurance)*		6,270,398

				40,428,285

	United Kingdom – 18.0%
	33,272	Aberdeen Asset Management PLC (Diversified Financials)		258,218
	16,870	AMEC PLC (Energy)		350,303
	43,939	Anglo American PLC (Materials)		1,076,874
	74,742	Antofagasta PLC (Materials)		976,426
	50,287	ARM Holdings PLC (Semiconductors & Semiconductor Equipment)		756,160
	16,601	AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences)		1,235,076
	535,025	BAE Systems PLC (Capital Goods)		3,962,788
	476,911	Barclays PLC (Banks)		1,737,280
	73,753	BHP Billiton PLC (Materials)		2,397,637
	103,997	BP PLC ADR (Energy)^(a)(b)		5,485,842
	68,949	British American Tobacco PLC (Food, Beverage & Tobacco)		4,102,623
	44,418	British Land Co. PLC (REIT)		533,710
	108,358	Centrica PLC (Utilities)		579,025
	114,037	Compass Group PLC (Consumer Services)		1,982,697
	47,423	Diageo PLC (Food, Beverage & Tobacco)		1,510,380
	41,463	easyJet PLC (Transportation)		968,273
	630,237	Friends Life Group Ltd. (Insurance)		3,398,377
	253,718	G4S PLC (Commercial & Professional Services)		1,107,687
	153,189	GlaxoSmithKline PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)^(a)(b)		8,192,548
	1,085,891	HSBC Holdings PLC (Banks)^(a)		11,016,449
	452,283	ICAP PLC (Diversified Financials)		2,938,452
	36,969	Imperial Tobacco Group PLC (Food, Beverage & Tobacco)		1,663,164
	40,156	Inmarsat PLC (Telecommunication Services)		513,257
	8,177	Land Securities Group PLC (REIT)		144,892
	27,368	Legal & General Group PLC (Insurance)		105,435
	647,980	Lloyds Banking Group PLC (Banks)*		823,630


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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND


Shares		Description	Value

	Common Stocks – (continued)
	United Kingdom – (continued)
	132,560	Marks & Spencer Group PLC (Retailing)	$	964,282
	279,518	Melrose Industries PLC (Capital Goods)		1,243,829
	54,298	Pearson PLC (Media)		1,072,361
	286,770	Persimmon PLC (Consumer Durables & Apparel)*		3,294,652
	15,317	Reckitt Benckiser Group PLC (Household & Personal Products)		1,335,568
	71,344	Rio Tinto PLC (Materials)		3,852,167
	9,279	SABMiller PLC (Food, Beverage & Tobacco)		537,764
	27,557	Segro PLC (REIT)		162,679
	49,848	SSE PLC (Utilities)		1,335,381
	124,464	Standard Chartered PLC (Banks)		2,544,055
	48,254	Standard Life PLC (Insurance)		308,704
	102,230	Unilever PLC (Food, Beverage & Tobacco)		4,634,034
	160,011	Vodafone Group PLC ADR (Telecommunication Services)^(a)(b)		5,342,767
	51,959	William Hill PLC (Consumer Services)		291,726
	56,937	WM Morrison Supermarkets PLC (Food & Staples Retailing)		178,569

				84,915,741

	TOTAL COMMON STOCKS
	(Cost $446,116,869)		$	459,527,717


	Preferred Stocks – 0.2%
	Germany – 0.2%
	5,593	Bayerische Motoren Werke AG^(a) (Automobiles & Components)	$	535,487
	1,129	Porsche Automobil Holding SE (Automobiles & Components)		117,385
	484	Volkswagen AG (Automobiles & Components)		126,768

	TOTAL PREFERRED STOCKS
	(Cost $555,803)		$	779,640

	TOTAL INVESTMENTS – 97.3%
	(Cost $446,672,672)		$	460,307,357

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.7%			12,922,418

	NET ASSETS – 100.0%		$	473,229,775


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		All or a portion of this security is held as collateral for call options written.
(b)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.



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


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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2014, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)		Expiration Date	Current Value		Unrealized Gain (Loss)
EURO STOXX 50 Index		139	September 2014	$	6,151,553	$	(77,848	)
FTSE 100 Index		25	September 2014		2,871,301		(8,711	)
TSE TOPIX Index		22	September 2014		2,741,721		56,822
TOTAL						$	(29,737	)

WRITTEN OPTIONS CONTRACTS — At June 30, 2014, the Fund had the following written options:


Call Options	Number of Contracts		Exercise Rate		Expiration Month	Value
Nikkei-225 Stock Average		283		JPY 15,250	September 2014	$	(1,145,353	)
EURO STOXX 50 Index		2,198		EUR 3,350	September 2014		(1,011,266	)
FTSE 100 Index		397		GBP 6,900	September 2014		(302,345	)
Total (Premiums Received $3,524,662)		2,878				$	(2,458,964	)

For the six months ended June 30, 2014, the Fund had the following written options activity:


	Number of Contracts				Premiums Received
Contracts Outstanding December 31, 2013		2,440			$	3,970,972
Contracts written		5,591				6,715,774
Contracts expired		(868	)	��		(3,138,380	)
Contracts bought to close		(4,285	)			(4,023,704	)
Contracts Outstanding June 30, 2014		2,878			$	3,524,662


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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Schedule of Investments

June 30, 2014 (Unaudited)


Shares		Description	Value

	Common Stocks – 94.1%
	Automobiles & Components – 1.1%
	58,680	BorgWarner, Inc.	$	3,825,349
	16,019	General Motors Co.		581,490
	92,927	Gentex Corp.		2,703,246

				7,110,085

	Banks – 4.7%
	52,986	Citigroup, Inc.		2,495,641
	7,860	Hancock Holding Co.		277,615
	153,495	JPMorgan Chase & Co.		8,844,382
	67,338	The PNC Financial Services Group, Inc.		5,996,449
	15,761	U.S. Bancorp		682,766
	245,185	Wells Fargo & Co.		12,886,924

				31,183,777

	Capital Goods – 7.7%
	31,608	Alliant Techsystems, Inc.		4,232,943
	2,900	Danaher Corp.		228,317
	20,780	Donaldson Co., Inc.		879,410
	168,234	General Electric Co.		4,421,190
	9,481	Honeywell International, Inc.		881,259
	3,718	Hyster-Yale Materials Handling, Inc.		329,192
	73,341	Illinois Tool Works, Inc.		6,421,681
	49,459	L-3 Communications Holdings, Inc.		5,972,174
	29,272	Lockheed Martin Corp.		4,704,889
	64,168	Raytheon Co.		5,919,498
	37,020	Spirit AeroSystems Holdings, Inc. Class A*		1,247,574
	9,368	TAL International Group, Inc.*		415,565
	23,061	Taser International, Inc.*		306,711
	56,217	The Boeing Co.		7,152,489
	13,054	Trex Co., Inc.*		376,216
	18,029	United Technologies Corp.		2,081,448
	26,059	WABCO Holdings, Inc.*		2,783,622
	23,184	Watsco, Inc.		2,382,388

				50,736,566

	Commercial & Professional Services – 0.5%
	9,909	Kforce, Inc.		214,530
	17,718	Manpowergroup, Inc.		1,503,372
	58,295	Steelcase, Inc. Class A		882,003
	8,764	Waste Management, Inc.		392,014

				2,991,919

	Consumer Durables & Apparel – 2.6%
	9,843	Columbia Sportswear Co.		813,524
	104,934	Garmin Ltd.^(a)		6,390,481
	3,479	Harman International Industries, Inc.		373,749
	33,386	Hasbro, Inc.		1,771,127
	81,639	NIKE, Inc. Class B		6,331,105
	1,147	NVR, Inc.*		1,319,738
	6,113	Sturm, Ruger & Co., Inc.^(a)		360,728

				17,360,452


	Common Stocks – (continued)
	Consumer Services – 3.1%
	38,746	Boyd Gaming Corp.*	$	469,989
	52,566	Carnival Corp.		1,979,110
	24,309	Las Vegas Sands Corp.		1,852,832
	6,048	Marriott International, Inc. Class A		387,677
	71,306	McDonald’s Corp.		7,183,366
	24,592	Papa John’s International, Inc.		1,042,455
	17,760	Starbucks Corp.		1,374,269
	5,310	Wyndham Worldwide Corp.		402,073
	26,107	Wynn Resorts Ltd.		5,418,769

				20,110,540

	Diversified Financials – 2.5%
	12,435	Ameriprise Financial, Inc.		1,492,200
	38,603	Berkshire Hathaway, Inc. Class B*		4,885,596
	28,423	BGC Partners, Inc. Class A		211,467
	43,055	Capital One Financial Corp.		3,556,343
	14,466	CBOE Holdings, Inc.		711,849
	13,256	Morgan Stanley		428,566
	11,360	PHH Corp.*		261,053
	163,531	TD Ameritrade Holding Corp.		5,126,697

				16,673,771

	Energy – 6.5%
	11,675	Apache Corp.		1,174,739
	18,486	Baker Hughes, Inc.		1,376,283
	13,897	Chevron Corp.		1,814,253
	95,472	ConocoPhillips		8,184,815
	3,223	Core Laboratories NV		538,434
	34,463	Devon Energy Corp.		2,736,362
	7,714	EOG Resources, Inc.		901,458
	6,150	Exterran Holdings, Inc.		276,689
	68,894	Exxon Mobil Corp.		6,936,248
	40,501	Green Plains, Inc.		1,331,268
	5,681	Helmerich & Payne, Inc.		659,621
	42,992	Hess Corp.		4,251,479
	44,514	Marathon Petroleum Corp.		3,475,208
	2,426	Occidental Petroleum Corp.		248,980
	20,582	PBF Energy, Inc. Class A		548,510
	38,803	Phillips 66		3,120,925
	86,449	Valero Energy Corp.		4,331,095
	20,542	Western Refining, Inc.		771,352

				42,677,719

	Food & Staples Retailing – 1.5%
	116,275	CVS Caremark Corp.		8,763,647
	31,304	Safeway, Inc.		1,074,979
	4,392	The Andersons, Inc.		226,539

				10,065,165

	Food, Beverage & Tobacco – 4.4%
	67,825	Archer-Daniels-Midland Co.		2,991,761
	29,998	Keurig Green Mountain, Inc.		3,738,051
	19,866	Lancaster Colony Corp.		1,890,449
	21,314	Mead Johnson Nutrition Co.		1,985,825
	26,705	Philip Morris International, Inc.		2,251,498


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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

June 30, 2014 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Food, Beverage & Tobacco – (continued)
	254,314	Pilgrim’s Pride Corp.*	$	6,958,031
	54,013	Sanderson Farms, Inc.		5,250,064
	12,845	The Hershey Co.		1,250,718
	65,319	Tyson Foods, Inc. Class A		2,452,075

				28,768,472

	Health Care Equipment & Services – 4.5%
	93,269	Abbott Laboratories^(b)		3,814,702
	12,250	Becton, Dickinson and Co.		1,449,175
	205,911	Boston Scientific Corp.*		2,629,483
	20,463	Cardinal Health, Inc.		1,402,943
	36,357	McKesson Corp.		6,770,037
	128,246	Medtronic, Inc.		8,176,965
	75,971	St. Jude Medical, Inc.		5,260,992

				29,504,297

	Household & Personal Products – 1.6%
	20,503	Kimberly-Clark Corp.		2,280,344
	34,866	Nu Skin Enterprises, Inc. Class A		2,578,689
	50,325	The Clorox Co.		4,599,705
	8,185	The Procter & Gamble Co.		643,259
	5,291	USANA Health Sciences, Inc.*^(a)		413,439

				10,515,436

	Insurance – 3.4%
	22,279	Aflac, Inc.^(b)		1,386,868
	44,179	Allied World Assurance Co. Holdings AG		1,679,685
	46,306	Amtrust Financial Services, Inc.^(a)		1,936,054
	4,418	Argo Group International Holdings Ltd.		225,804
	26,042	Aspen Insurance Holdings Ltd.		1,182,828
	2,261	Everest Re Group Ltd.		362,868
	17,026	Marsh & McLennan Companies, Inc.		882,287
	12,012	MetLife, Inc.		667,387
	64,085	Prudential Financial, Inc.		5,688,825
	11,861	Reinsurance Group of America, Inc.		935,833
	78,128	The Travelers Companies, Inc.		7,349,501
	10,305	Unum Group		358,202

				22,656,142

	Materials – 2.7%
	5,471	Allegheny Technologies, Inc.		246,742
	23,744	Globe Specialty Metals, Inc.		493,400
	66,105	LyondellBasell Industries NV Class A		6,455,153
	14,360	Minerals Technologies, Inc.		941,729
	74,710	Olin Corp.		2,011,193
	6,258	Packaging Corp. of America		447,385
	30,447	PPG Industries, Inc.		6,398,437
	25,080	SunCoke Energy, Inc.*		539,220

				17,533,259

	Media – 2.8%
	81,873	Comcast Corp. Class A		4,384,675
	86,959	DIRECTV*		7,392,384
	14,898	Regal Entertainment Group Class A^(a)		314,348


	Common Stocks – (continued)
	Media – (continued)
	8,529	Time Warner Cable, Inc.	$	1,256,322
	62,130	Viacom, Inc. Class B		5,388,535

				18,736,264

	Pharmaceuticals, Biotechnology & Life Sciences – 10.9%
	77,032	AbbVie, Inc.		4,347,686
	15,723	Actavis PLC*		3,507,015
	28,864	Alexion Pharmaceuticals, Inc.*		4,510,000
	19,843	Amgen, Inc.		2,348,816
	16,914	Biogen Idec, Inc.*		5,333,154
	48,696	Cambrex Corp.*		1,008,007
	13,570	Celgene Corp.*		1,165,392
	102,197	Gilead Sciences, Inc.*		8,473,153
	144,250	Johnson & Johnson		15,091,435
	138,561	Merck & Co., Inc.		8,015,754
	31,704	PDL BioPharma, Inc.^(a)		306,895
	405,768	Pfizer, Inc.		12,043,194
	16,654	Pharmacyclics, Inc.*		1,494,030
	14,856	Questcor Pharmaceuticals, Inc.^(a)		1,374,032
	4,670	United Therapeutics Corp.*		413,248
	28,865	Vertex Pharmaceuticals, Inc.*		2,732,938

				72,164,749

	Real Estate – 3.0%
	53,031	American Tower Corp. (REIT)		4,771,729
	43,919	Annaly Capital Management, Inc. (REIT)		501,994
	15,622	Apartment Investment & Management Co. Class A (REIT)		504,122
	197,661	Capstead Mortgage Corp. (REIT)^(a)		2,599,242
	41,224	CBRE Group, Inc. Class A*		1,320,817
	30,992	Crown Castle International Corp. (REIT)		2,301,466
	16,546	Equity Lifestyle Properties, Inc. (REIT)		730,671
	13,450	Equity Residential (REIT)		847,350
	28,074	Extra Space Storage, Inc. (REIT)		1,494,940
	7,862	Hospitality Properties Trust (REIT)		239,005
	22,966	Public Storage (REIT)		3,935,214
	20,195	The Geo Group, Inc. (REIT)		721,622

				19,968,172

	Retailing – 4.1%
	10,897	AutoZone, Inc.*		5,842,905
	57,272	GameStop Corp. Class A^(a)		2,317,798
	178,063	Liberty Interactive Corp. Series A*		5,227,930
	16,726	Lowe’s Companies, Inc.		802,681
	5,167	Lumber Liquidators Holdings, Inc.*		392,434
	37,334	O’Reilly Automotive, Inc.*		5,622,500
	5,544	The Priceline Group, Inc.*		6,669,432
	2,503	TripAdvisor, Inc.*		271,976

				27,147,656

	Semiconductors & Semiconductor Equipment – 4.4%
	18,548	Advanced Energy Industries, Inc.*		357,049
	181,233	Broadcom Corp. Class A		6,727,369


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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND


Shares		Description	Value

	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – (continued)
	41,761	Intel Corp.	$	1,290,415
	42,708	Lam Research Corp.		2,886,207
	260,998	Micron Technology, Inc.*		8,599,884
	78,832	SunPower Corp.*^(a)		3,230,535
	117,298	Texas Instruments, Inc.		5,605,671

				28,697,130

	Software & Services – 8.4%
	89,702	Activision Blizzard, Inc.		2,000,355
	31,239	Amdocs Ltd.		1,447,296
	25,773	Aspen Technology, Inc.*		1,195,867
	9,155	Constant Contact, Inc.*		293,967
	25,148	eBay, Inc.*		1,258,909
	11,331	Google, Inc. Class A*		6,624,896
	11,331	Google, Inc. Class C*		6,518,498
	7,365	IAC/InterActiveCorp		509,879
	92,280	Mastercard, Inc. Class A		6,779,812
	36,898	Mentor Graphics Corp.		795,890
	89,598	Microsoft Corp.^(b)		3,736,237
	212,944	Oracle Corp.		8,630,620
	17,420	Pandora Media, Inc.*		513,890
	10,026	Shutterstock, Inc.*^(a)		831,957
	89,564	Take-Two Interactive Software, Inc.*		1,991,903
	7,333	TeleTech Holdings, Inc.*		212,584
	12,293	VeriSign, Inc.*		600,021
	6,244	VistaPrint NV*^(a)		252,632
	11,116	VMware, Inc. Class A*		1,076,140
	256,360	Xerox Corp.		3,189,118
	50,292	Zillow, Inc. Class A*^(a)		7,188,236

				55,648,707

	Technology Hardware & Equipment – 6.3%
	130,410	Apple, Inc.^(b)		12,119,001
	58,531	Benchmark Electronics, Inc.*		1,491,370
	29,610	Ciena Corp.*		641,353
	337,676	Corning, Inc.		7,411,988
	34,310	Daktronics, Inc.		408,975
	24,038	EchoStar Corp. Class A*		1,272,572
	10,830	EMC Corp.		285,262
	6,000	FLIR Systems, Inc.		208,380
	3,680	Harris Corp.		278,760
	165,813	Hewlett-Packard Co.		5,584,582
	25,521	Lexmark International, Inc. Class A		1,229,110
	88,249	QUALCOMM, Inc.		6,989,321
	17,811	SanDisk Corp.		1,859,914
	17,200	Western Digital Corp.		1,587,560

				41,368,148

	Telecommunication Services – 1.8%
	137,001	AT&T, Inc.^(b)		4,844,397
	149,353	Verizon Communications, Inc.		7,307,842

				12,152,239

	Transportation – 2.9%
	12,321	Alaska Air Group, Inc.		1,171,111
	14,103	Allegiant Travel Co.		1,660,910


	Common Stocks – (continued)
	Transportation – (continued)
	154,374	American Airlines Group, Inc.*	$	6,631,907
	11,928	ArcBest Corp.		518,987
	15,629	CSX Corp.		481,529
	28,966	Delta Air Lines, Inc.		1,121,563
	3,220	FedEx Corp.		487,444
	51,198	Hertz Global Holdings, Inc.*		1,435,080
	5,745	Saia, Inc.*		252,378
	30,565	Spirit Airlines, Inc.*		1,932,931
	19,376	Union Pacific Corp.		1,932,756
	16,477	United Parcel Service, Inc. Class B		1,691,529

				19,318,125

	Utilities – 2.7%
	9,873	American Water Works Co., Inc.		488,220
	113,422	Edison International		6,590,953
	68,958	Entergy Corp.		5,660,762
	136,313	Exelon Corp.		4,972,698

				17,712,633

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $446,335,445)		$	620,801,423


Shares	Distribution Rate	Value
Securities Lending Reinvestment Vehicle^(c)(d) – 3.9%
Goldman Sachs Financial Square Money Market Fund – FST Shares
25,485,950	0.066%	$	25,485,950
(Cost $25,485,950)

TOTAL INVESTMENTS – 98.0%
(Cost $471,821,395)		$	646,287,373

OTHER ASSETS IN EXCESS OF LIABILITIES – 2.0%			13,288,282

NET ASSETS – 100.0%		$	659,575,655


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at June 30, 2014.
(d)		Represents an affiliated issuer.



Investment Abbreviation:
REIT		—Real Estate Investment Trust


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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

June 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2014, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)		Expiration Date	Current Value		Unrealized Gain (Loss)
Russell 2000 Mini Index		30	September 2014	$	3,570,900	$	57,673
S&P 500 E-mini Index		374	September 2014		36,509,880		261,977
TOTAL						$	319,650


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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments

June 30, 2014 (Unaudited)


Shares		Description	Value

	Common Stocks – 90.9%
	Australia – 8.3%
	104,509	Australia & New Zealand Banking Group Ltd. (Banks)	$	3,286,234
	103,253	BHP Billiton Ltd. (Materials)		3,521,409
	30,957	BlueScope Steel Ltd. (Materials)*		158,554
	15,839	Challenger Ltd. (Diversified Financials)		111,105
	357,317	Dexus Property Group (REIT)		373,976
	750,907	Envestra Ltd. (Utilities)		961,996
	229,535	GPT Group (REIT)		831,278
	38,244	National Australia Bank Ltd. (Banks)		1,182,075
	22,980	NIB Holdings Ltd. (Insurance)		70,630
	138,010	Origin Energy Ltd. (Energy)		1,902,270
	38,948	Ramsay Health Care Ltd. (Health Care Equipment & Services)		1,672,859
	2,605	REA Group Ltd. (Media)		104,956
	22,865	Rio Tinto Ltd. (Materials)		1,282,726
	122,870	Santos Ltd. (Energy)		1,652,922
	59,665	Sonic Healthcare Ltd. (Health Care Equipment & Services)		976,011
	387,712	Telstra Corp. Ltd. (Telecommunication Services)		1,904,739
	91,229	Westpac Banking Corp. (Banks)		2,918,063
	54,356	Woodside Petroleum Ltd. (Energy)		2,107,458

				25,019,261

	Austria – 0.3%
	1,532	ams AG (Semiconductors & Semiconductor Equipment)		254,291
	14,397	OMV AG (Energy)		650,384

				904,675

	Belgium – 0.9%
	6,916	Anheuser-Busch InBev NV (Food, Beverage & Tobacco)		794,651
	4,659	Bekaert SA NV (Materials)		174,100
	33,506	KBC Groep NV (Banks)*		1,822,764

				2,791,515

	Bermuda – 0.2%
	29,270	Catlin Group Ltd. (Insurance)		267,855
	15,579	Hiscox Ltd. (Insurance)		188,499

				456,354

	China – 0.1%
	64,000	AAC Technologies Holdings, Inc. (Technology Hardware & Equipment)		416,516

	Denmark – 0.5%
	9,877	GN Store Nord A/S (Health Care Equipment & Services)		283,061
	4,653	H Lundbeck A/S (Pharmaceuticals, Biotechnology & Life Sciences)		114,512
	5,510	Novo Nordisk A/S (Pharmaceuticals, Biotechnology & Life Sciences)		254,303
	15,764	Vestas Wind Systems A/S (Capital Goods)*		795,430

				1,447,306


	Common Stocks – (continued)
	Finland – 1.3%
	34,490	Fortum OYJ (Utilities)	$	926,125
	79,916	Neste Oil OYJ (Energy)		1,559,363
	29,242	Orion OYJ (Pharmaceuticals, Biotechnology & Life Sciences)		1,089,930
	15,663	Ramirent OYJ (Capital Goods)		175,086
	12,357	Rautaruukki OYJ (Materials)*		173,379

				3,923,883

	France – 11.1%
	40,355	AXA SA (Insurance)		964,216
	34,896	BNP Paribas SA (Banks)		2,371,489
	1,201	Ciments Francais SA (Materials)		130,740
	985	Compagnie de Saint-Gobain (Capital Goods)		55,576
	26,635	Compagnie Generale des Etablissements Michelin (Automobiles & Components)		3,180,278
	134,669	Credit Agricole SA (Banks)		1,901,373
	4,219	Danone SA (Food, Beverage & Tobacco)		313,718
	8,371	Electricite de France SA (Utilities)		263,585
	7,096	Fonciere Des Regions (REIT)		769,723
	10,418	Gecina SA (REIT)		1,517,948
	5,792	Lagardere SCA (Media)		188,713
	60,073	Legrand SA (Capital Goods)		3,678,906
	256,592	Natixis (Banks)		1,646,782
	24,447	Plastic Omnium SA (Automobiles & Components)		766,803
	19,402	Renault SA (Automobiles & Components)		1,753,838
	24,451	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)		2,598,886
	5,699	Schneider Electric SE (Capital Goods)		537,378
	89,669	Suez Environnement Co. (Utilities)		1,715,384
	4,921	Thales SA (Capital Goods)		297,545
	68,318	Total SA (Energy)		4,942,786
	7,433	Valeo SA (Automobiles & Components)		997,320
	34,300	Vinci SA (Capital Goods)		2,564,226

				33,157,213

	Germany – 6.7%
	6,330	Allianz SE (Registered) (Insurance)		1,056,565
	6,307	BASF SE (Materials)		733,653
	15,296	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		2,157,856
	42,402	Celesio AG (Health Care Equipment & Services)*		1,507,805
	8,158	Continental AG (Automobiles & Components)		1,886,217
	594	Daimler AG (Registered) (Automobiles & Components)		55,488
	65,679	Deutsche Lufthansa AG (Registered) (Transportation)^(a)		1,409,935
	22,764	Drillisch AG (Telecommunication Services)		904,419
	123,094	E.ON SE (Utilities)		2,537,652


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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

June 30, 2014 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Germany – (continued)
	47,591	Freenet AG (Telecommunication Services)	$	1,511,360
	706	Henkel AG & Co. KGaA (Household & Personal Products)		70,999
	9,843	Hochtief AG (Capital Goods)		851,894
	1,971	KUKA AG (Capital Goods)		119,189
	21,217	Leoni AG (Automobiles & Components)		1,685,924
	4,970	Merck KGaA (Pharmaceuticals, Biotechnology & Life Sciences)		430,982
	78,764	Nordex SE (Capital Goods)*		1,744,582
	5,007	OSRAM Licht AG (Capital Goods)*		252,150
	4,580	ProSiebenSat.1 Media AG (Registered) (Media)^(a)		203,851
	18,955	United Internet AG (Registered) (Software & Services)		832,734
	1,096	XING AG (Software & Services)		135,485

				20,088,740

	Hong Kong – 3.2%
	168,000	AIA Group Ltd. (Insurance)		844,135
	81,500	BOC Hong Kong Holdings Ltd. (Banks)		236,111
	115,000	Cheung Kong Infrastructure Holdings Ltd. (Utilities)		794,436
	27,000	CLP Holdings Ltd. (Utilities)		221,803
	16,100	Hang Seng Bank Ltd. (Banks)		262,905
	502,700	Hong Kong & China Gas Co. Ltd. (Utilities)		1,100,045
	171,000	Hutchison Whampoa Ltd. (Capital Goods)		2,338,692
	99,600	MGM China Holdings Ltd. (Consumer Services)		345,425
	1,867,000	Noble Group Ltd. (Capital Goods)		2,054,997
	243,000	SJM Holdings Ltd. (Consumer Services)		608,750
	35,000	Swire Pacific Ltd. (Real Estate)		430,792
	32,000	Wheelock & Co. Ltd. (Real Estate)		133,588
	70,000	Wynn Macau Ltd. (Consumer Services)		274,167

				9,645,846

	India – 0.1%
	18,291	Vedanta Resources PLC (Materials)		346,896

	Ireland – 1.5%
	117,856	James Hardie Industries PLC CDI (Materials)		1,537,532
	38,332	Shire PLC (Pharmaceuticals, Biotechnology & Life Sciences)		3,006,880
	51,264	Total Produce PLC (Food & Staples Retailing)		77,917

				4,622,329

	Israel – 0.0%
	6,854	Mizrahi Tefahot Bank Ltd. (Banks)		88,612


	Common Stocks – (continued)
	Italy – 2.4%
	60,296	A2A SpA (Utilities)^(a)	$	69,438
	6,149	ASTM SpA (Transportation)		97,275
	7,358	Banca IFIS SpA (Diversified Financials)		136,626
	625,815	Banca Popolare di Milano Scarl (Banks)*		560,273
	12,564	Credito Emiliano SpA (Banks)		112,268
	27,209	Enel SpA (Utilities)		158,265
	1,626	Exor SpA (Diversified Financials)		66,702
	18,973	Gtech SpA (Consumer Services)^(a)		463,568
	783,918	Intesa Sanpaolo SpA (Banks)		2,307,955
	200,071	Iren SpA (Utilities)		308,731
	131,653	Mediaset SpA (Media)*		641,195
	288,727	UniCredit SpA (Banks)		2,414,154

				7,336,450

	Japan – 18.3%
	19,800	Accordia Golf Co. Ltd. (Consumer Services)		262,806
	14,200	AEON Financial Service Co. Ltd. (Diversified Financials)		371,388
	2,800	Aisin Seiki Co. Ltd. (Automobiles & Components)		111,457
	2,500	Alfresa Holdings Corp. (Health Care Equipment & Services)		161,182
	21,000	Amada Co. Ltd. (Capital Goods)		213,904
	3,500	Asahi Group Holdings Ltd. (Food, Beverage & Tobacco)		109,910
	177,400	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		2,332,911
	33,800	Avex Group Holdings, Inc. (Media)		595,546
	14,400	Bandai Namco Holdings, Inc. (Consumer Durables & Apparel)		337,617
	5,800	Bridgestone Corp. (Automobiles & Components)		203,136
	32,000	Calbee, Inc. (Food, Beverage & Tobacco)		881,907
	13,400	Capcom Co. Ltd. (Software & Services)		227,199
	3,800	Central Japan Railway Co. (Transportation)		542,443
	25,100	Coca-Cola West Co. Ltd. (Food, Beverage & Tobacco)		432,844
	1,100	Cosmos Pharmaceutical Corp. (Food & Staples Retailing)		116,095
	25,000	Daihen Corp. (Capital Goods)		116,845
	111,900	Daiichi Sankyo Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		2,091,607
	41,000	Daiwa Securities Group, Inc. (Diversified Financials)		355,235
	11,700	Doutor Nichires Holdings Co. Ltd. (Consumer Services)		207,301
	12,000	East Japan Railway Co. (Transportation)		945,505
	4,000	Electric Power Development Co. Ltd. (Utilities)		129,803
	18,900	FIDEA Holdings Co. Ltd. (Banks)		39,004


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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND


Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	24,000	Fuji Heavy Industries Ltd. (Automobiles & Components)	$	665,490
	14,700	FUJIFILM Holdings Corp. (Technology Hardware & Equipment)		410,286
	7,000	Fujitsu General Ltd. (Consumer Durables & Apparel)		77,216
	16,000	Fujitsu Ltd. (Software & Services)		119,886
	1,100	Fuyo General Lease Co. Ltd. (Diversified Financials)		49,190
	12,600	Heiwa Real Estate Co. Ltd. (Real Estate)		202,854
	2,800	HIS Co. Ltd. (Consumer Services)		90,436
	7,500	Hisamitsu Pharmaceutical Co., Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		335,378
	68,000	Hitachi Ltd. (Technology Hardware & Equipment)		498,377
	79,500	Honda Motor Co. Ltd. (Automobiles & Components)		2,774,134
	4,900	ITOCHU Corp. (Capital Goods)		62,905
	26,700	Japan Airlines Co. Ltd. (Transportation)		1,476,230
	4,600	Japan Digital Laboratory Co. Ltd. (Technology Hardware & Equipment)		81,324
	10,200	JTEKT Corp. (Capital Goods)		172,103
	10,400	Kao Corp. (Household & Personal Products)		409,591
	165,000	Kawasaki Kisen Kaisha Ltd. (Transportation)		345,564
	6,500	KDDI Corp. (Telecommunication Services)		396,588
	7,000	Kinden Corp. (Capital Goods)		68,116
	35,000	Kirin Holdings Co. Ltd. (Food, Beverage & Tobacco)		505,359
	21,900	Konica Minolta, Inc. (Technology Hardware & Equipment)		216,462
	4,500	Kuroda Electric Co. Ltd. (Capital Goods)		69,434
	4,100	Kyocera Corp. (Technology Hardware & Equipment)		194,684
	17,800	Kyokuto Securities Co. Ltd. (Diversified Financials)^(a)		308,505
	7,700	Kyushu Electric Power Co., Inc. (Utilities)		86,686
	3,600	Mandom Corp. (Household & Personal Products)		128,091
	14,000	Marudai Food Co. Ltd. (Food, Beverage & Tobacco)		46,560
	5,900	Matsumotokiyoshi Holdings Co. Ltd. (Food & Staples Retailing)		204,215
	3,600	Melco Holdings, Inc. (Technology Hardware & Equipment)		73,069
	126,000	Mitsubishi Electric Corp. (Capital Goods)		1,556,445
	520,900	Mitsubishi UFJ Financial Group, Inc. (Banks)		3,197,658
	102,300	Mitsui & Co. Ltd. (Capital Goods)		1,640,036
	57,000	Mitsui Fudosan Co. Ltd. (Real Estate)		1,923,708


	Common Stocks – (continued)
	Japan – (continued)
	12,000	Mitsui Sugar Co. Ltd. (Food, Beverage & Tobacco)	$	45,362
	204,600	Mizuho Financial Group, Inc. (Banks)		420,556
	38,000	Nippon Formula Feed Manufacturing Co. Ltd. (Food, Beverage & Tobacco)		43,848
	43,600	Nippon Light Metal Holdings Co. Ltd. (Materials)		66,410
	8,100	Nippon Paper Industries Co. Ltd. (Materials)		152,337
	19,700	Nippon Telegraph & Telephone Corp. (Telecommunication Services)		1,227,859
	35,900	Nissan Motor Co. Ltd. (Automobiles & Components)		339,954
	2,400	Nissin Foods Holdings Co. Ltd. (Food, Beverage & Tobacco)		123,392
	2,100	Noevir Holdings Co. Ltd. (Household & Personal Products)		42,145
	64,600	Nomura Holdings, Inc. (Diversified Financials)		457,582
	7,400	Nomura Real Estate Holdings, Inc. (Real Estate)		140,161
	2,500	NS Solutions Corp. (Software & Services)		68,273
	22,500	NTT Data Corp. (Software & Services)		865,271
	4,000	Paltac Corp. (Retailing)		56,348
	21,000	Ricoh Co. Ltd. (Technology Hardware & Equipment)		250,292
	3,000	Riso Kagaku Corp. (Technology Hardware & Equipment)		85,087
	13,200	Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)		757,085
	53,100	Rohto Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		825,962
	21,000	Ryobi Ltd. (Capital Goods)		70,973
	13,000	Sankyu, Inc. (Transportation)		65,853
	7,500	Santen Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		422,513
	50,300	Seiko Epson Corp. (Technology Hardware & Equipment)		2,139,973
	19,000	Sekisui Chemical Co. Ltd. (Consumer Durables & Apparel)		220,279
	28,900	Seven & I Holdings Co. Ltd. (Food & Staples Retailing)		1,218,130
	57,200	Shionogi & Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,194,714
	7,900	Showa Corp. (Automobiles & Components)		96,246
	174,000	Showa Denko KK (Materials)		247,573
	17,000	SKY Perfect JSAT Holdings, Inc. (Media)		99,685
	11,800	SoftBank Corp. (Telecommunication Services)		879,371
	43,500	Sumitomo Corp. (Capital Goods)		586,952


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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

June 30, 2014 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	139,100	Sumitomo Dainippon Pharma Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	$	1,600,836
	40,500	Sumitomo Electric Industries Ltd. (Capital Goods)		570,138
	15,000	Sumitomo Heavy Industries Ltd. (Capital Goods)		71,399
	21,700	Sumitomo Mitsui Financial Group, Inc. (Banks)		910,465
	202,000	Sumitomo Mitsui Trust Holdings, Inc. (Banks)		923,240
	8,500	T&D Holdings, Inc. (Insurance)		115,613
	16,400	The Chugoku Electric Power Co., Inc. (Utilities)		223,474
	28,200	The Dai-ichi Life Insurance Co. Ltd. (Insurance)		420,254
	24,600	The Kansai Electric Power Co., Inc. (Utilities)*		231,883
	12,000	The Nippon Road Co. Ltd. (Capital Goods)		67,545
	20,300	Tohoku Electric Power Co., Inc. (Utilities)		237,575
	54,600	Tokio Marine Holdings, Inc. (Insurance)		1,797,091
	18,000	Tokyo Tatemono Co. Ltd. (Real Estate)		166,723
	1,800	Towa Pharmaceutical Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		73,350
	26,800	Toyota Motor Corp. (Automobiles & Components)		1,604,586
	8,200	Trend Micro, Inc. (Software & Services)		270,205
	9,800	Tv Tokyo Holdings Corp. (Media)		153,260
	17,200	Unicharm Corp. (Household & Personal Products)		1,025,487
	2,900	Wacom Co. Ltd. (Technology Hardware & Equipment)^(a)		16,552
	43,400	West Japan Railway Co. (Transportation)		1,911,791

				54,773,878

	Luxembourg – 0.2%
	14,441	Aperam (Materials)*		487,648

	Netherlands – 3.9%
	5,125	Eurocommercial Properties NV CVA (Real Estate)		253,016
	2,877	Heineken Holding NV (Food, Beverage & Tobacco)		189,062
	127,308	ING Groep NV CVA (Diversified Financials)*		1,786,448
	92,664	Koninklijke Ahold NV (Food & Staples Retailing)		1,737,551
	25,722	Randstad Holding NV (Commercial & Professional Services)		1,394,368
	86,111	Royal Dutch Shell PLC Class A (Energy)		3,555,655


	Common Stocks – (continued)
	Netherlands – (continued)
	58,022	Royal Dutch Shell PLC Class B (Energy)	$	2,521,643
	3,382	Vastned Retail NV		172,283

				11,610,026

	Norway – 2.2%
	13,288	DNB ASA (Banks)		242,789
	47,005	Gjensidige Forsikring ASA (Insurance)		842,953
	85,559	Kongsberg Automotive Holding ASA (Automobiles & Components)*		98,843
	341,451	Norsk Hydro ASA (Materials)		1,828,330
	49,336	Orkla ASA (Food, Beverage & Tobacco)		439,039
	29,392	Statoil ASA (Energy)		903,477
	14,758	Telenor ASA (Telecommunication Services)		336,017
	38,335	Yara International ASA (Materials)		1,920,547

				6,611,995

	Portugal – 0.1%
	1,152,180	Banco Comercial Portugues SA (Banks)*^(a)		301,141

	Singapore – 1.7%
	224,000	Cityspring Infrastructure Trust (Utilities)		85,368
	56,504	DBS Group Holdings Ltd. (Banks)		759,962
	80,000	Fortune Real Estate Investment Trust (REIT)		70,218
	26,000	Jardine Cycle & Carriage Ltd. (Retailing)		924,039
	109,000	Oversea-Chinese Banking Corp. Ltd. (Banks)		836,044
	120,000	Singapore Telecommunications Ltd. (Telecommunication Services)		370,883
	6,000	United Overseas Bank Ltd. (Banks)		108,496
	69,000	UOL Group Ltd. (Real Estate)		361,175
	609,000	Wilmar International Ltd. (Food, Beverage & Tobacco)		1,558,954

				5,075,139

	Spain – 4.6%
	2,482	ACS Actividades de Construccion y Servicios SA (Capital Goods)		113,602
	89,214	Amadeus IT Holding SA (Software & Services)		3,677,694
	70,257	Banco Bilbao Vizcaya Argentaria SA (Banks)		895,455
	22,193	Banco Popular Espanol SA (Banks)		148,257
	31,184	Banco Santander SA (Banks)		325,850
	7,739	Bankinter SA (Banks)		60,565
	72,980	Ferrovial SA (Capital Goods)		1,626,063
	146,656	Gamesa Corp. Tecnologica SA (Capital Goods)*		1,829,169
	65,638	Gas Natural SDG SA (Utilities)^(a)		2,073,717


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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND


Shares		Description	Value

	Common Stocks – (continued)
	Spain – (continued)
	6,472	Grupo Catalana Occidente SA (Insurance)	$	234,930
	93,447	Iberdrola SA (Utilities)		714,827
	23,745	Mediaset Espana Comunicacion SA (Media)*		277,101
	65,213	Repsol SA (Energy)^(a)		1,719,450

				13,696,680

	Sweden – 3.3%
	4,588	Axfood AB (Food & Staples Retailing)		249,191
	4,019	Hennes & Mauritz AB (Retailing)		175,469
	5,747	NCC AB (Capital Goods)		197,807
	216,928	Nordea Bank AB (Banks)		3,058,240
	157,156	Skandinaviska Enskilda Banken AB (Banks)		2,097,680
	80,133	Skanska AB (Capital Goods)		1,829,297
	18,969	Swedbank AB (Banks)		502,434
	52,299	Swedish Match AB (Food, Beverage & Tobacco)		1,815,951

				9,926,069

	Switzerland – 5.9%
	19,312	Actelion Ltd. (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*		2,444,315
	3,776	Basilea Pharmaceutica (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*		439,992
	3,524	EMS-Chemie Holding AG (Registered) (Materials)		1,406,237
	5,140	Geberit AG (Registered) (Capital Goods)		1,803,080
	65	Gurit Holding AG (Materials)*		32,910
	5,582	Kudelski SA (Technology Hardware & Equipment)		97,835
	24	Lindt & Spruengli AG (Registered) (Food, Beverage & Tobacco)		1,482,544
	1,606	Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*		174,650
	9,857	Nestle SA (Registered) (Food, Beverage & Tobacco)		763,789
	14,028	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		1,270,353
	75,899	OC Oerlikon Corp. AG (Registered) (Capital Goods)*		1,098,623
	12,762	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		3,791,976
	64	Sika AG (Materials)		261,479
	26,181	Swiss Re AG (Insurance)*		2,327,942
	1,267	U-Blox AG (Semiconductors & Semiconductor Equipment)*		167,902

				17,563,627


	Common Stocks – (continued)
	United Kingdom – 14.1%
	16,828	Aberdeen Asset Management PLC (Diversified Financials)	$	130,599
	4,294	Admiral Group PLC (Insurance)		113,777
	20,255	AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences)		1,506,925
	69,647	BAE Systems PLC (Capital Goods)		515,857
	54,919	Barclays PLC (Banks)		200,058
	17,962	BHP Billiton PLC (Materials)		583,927
	6,399	Bodycote PLC (Capital Goods)		75,224
	82,396	BP PLC ADR (Energy)^(b)		4,346,389
	64,772	British American Tobacco PLC (Food, Beverage & Tobacco)		3,854,082
	27,422	BT Group PLC (Telecommunication Services)		180,192
	14,449	Cobham PLC (Capital Goods)		77,195
	15,032	Diageo PLC (Food, Beverage & Tobacco)		478,756
	78,621	easyJet PLC (Transportation)		1,836,013
	58,626	GlaxoSmithKline PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)^(b)		3,135,318
	36,733	Hammerson PLC (REIT)		364,493
	429,774	HSBC Holdings PLC (Banks)		4,360,091
	5,923	IG Group Holdings PLC (Diversified Financials)		59,504
	26,588	IMI PLC (Capital Goods)		676,063
	31,752	Imperial Tobacco Group PLC (Food, Beverage & Tobacco)		1,428,461
	119,083	Intermediate Capital Group PLC (Diversified Financials)		794,849
	181,719	ITV PLC (Media)		553,780
	7,482	Lancashire Holdings Ltd. (Insurance)		83,743
	21,924	Land Securities Group PLC (REIT)		388,482
	93,620	Lavendon Group PLC (Capital Goods)		330,857
	104,522	Mondi PLC (Materials)		1,897,587
	30,742	National Grid PLC (Utilities)		442,587
	9,667	Next PLC (Retailing)		1,070,167
	810	Rank Group PLC (Consumer Services)		2,316
	29,344	Reckitt Benckiser Group PLC (Household & Personal Products)		2,558,655
	9,999	Rio Tinto PLC (Materials)		539,889
	37,298	Severn Trent PLC (Utilities)		1,232,988
	125,246	Standard Chartered PLC (Banks)		2,560,039
	20,990	Subsea 7 SA (Energy)		391,243
	12,330	TalkTalk Telecom Group PLC (Telecommunication Services)		68,639
	25,784	Tetragon Financial Group Ltd. (Diversified Financials)		258,768
	217,857	TUI Travel PLC (Consumer Services)		1,483,053
	26,766	Unilever PLC (Food, Beverage & Tobacco)		1,213,289
	72,703	Vodafone Group PLC ADR (Telecommunication Services)^(b)		2,427,553

				42,221,408


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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

June 30, 2014 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	United States – 0.0%
	9,407	APR Energy PLC (Utilities)	$	104,409

	TOTAL COMMON STOCKS
	(Cost $217,875,103)		$	272,617,616


	Preferred Stocks – 1.2%
	Germany – 1.2%
	14,255	Henkel AG & Co. KGaA (Household & Personal Products)	$	1,646,913
	16,189	Porsche Automobil Holding SE (Automobiles & Components)		1,683,211
	6,224	Sixt SE (Transportation)		202,925

	TOTAL PREFERRED STOCKS
	(Cost $2,571,703)		$	3,533,049

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $220,446,806)		$	276,150,665


Shares		Distribution Rate	Value
	Securities Lending Reinvestment Vehicle^(c)(d) – 1.1%
	Goldman Sachs Financial Square Money Market Fund – FST Shares
	3,352,170	0.066%	$	3,352,170
	(Cost $3,352,170)

	TOTAL INVESTMENTS – 93.2%
	(Cost $223,798,976)		$	279,502,835

	OTHER ASSETS IN EXCESS OF LIABILITIES – 6.8%			20,262,913

	NET ASSETS – 100.0%		$	299,765,748


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*		Non-income producing security.
(a)		All or a portion of security is on loan.
(b)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(c)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at June 30, 2014.
(d)		Represents an affiliated issuer.



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


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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At June 30, 2014, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)		Expiration Date	Current Value		Unrealized Gain (Loss)
EURO STOXX 50 Index		182	September 2014	$	8,054,551	$	(116,953	)
FTSE 100 Index		33	September 2014		3,790,118		(18,299	)
Hang Seng Index		2	July 2014		298,101		4,160
MSCI Singapore Index		4	July 2014		237,710		(790	)
SPI 200 Index		11	September 2014		1,388,352		(1,053	)
TSE TOPIX Index		29	September 2014		3,614,086		47,926
TOTAL						$	(85,009	)


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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statements of Assets and Liabilities

June 30, 2014 (Unaudited)


		U.S. Equity Dividend and Premium Fund		International Equity Dividend and Premium Fund			U.S. Tax- Managed Equity Fund			International Tax-Managed Equity Fund
Assets:
	Investments in unaffiliated issuers, at value (cost $1,127,253,189, $446,672,672, $446,335,445 and $220,446,806)^(a)	$	1,328,465,263	$	460,307,357		$	620,801,423		$	276,150,665
	Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		—		—			25,485,950			3,352,170
	Cash		20,154,322		—			41,848,120			1,676,760
	Foreign currencies, at value (cost $0, $27,851,411, $0 and $17,874,481)		—		28,239,124			—			18,026,663
	Receivables:
	Investments sold		127,154,586		25,775,709			—			44,256
	Dividends		1,792,863		1,203,981			575,874			652,150
	Fund shares sold		946,202		2,940,505			158,929			3,400,000
	Reimbursement from investment adviser		77,093		—			72,016			65,647
	Variation margin on certain derivative contracts		6,020		37,415			32,383			22,266
	Foreign tax reclaims		—		1,123,222			—			181,874
	Securities lending income		—		—			9,206			11,288
	Other assets		12,966		3,690			4,739			2,085
	Total assets		1,478,609,315		519,631,003			688,988,640			303,585,824

	Liabilities:
	Payables:
	Investments purchased		114,379,972		41,205,743			—			—
	Written options, at value (premiums received $8,208,783, $3,524,662, $0 and $0)		8,340,255		2,458,964			—			—
	Fund shares redeemed		2,958,285		197,220			3,247,411			105,363
	Amounts owed to affiliates		979,835		334,570			418,137			214,073
	Payable upon return of securities loaned		—		—			25,485,950			3,352,170
	Due to custodian		—		2,045,731			—			—
	Accrued expenses and other liabilities		152,765		159,000			261,487			148,470
	Total liabilities		126,811,112		46,401,228			29,412,985			3,820,076

	Net Assets:
	Paid-in capital		1,116,310,798		446,433,920			482,163,484			285,277,681
	Undistributed (distributions in excess of) net investment income		4,774		(1,086,891	)		2,923,791			6,074,233
	Accumulated net realized gain (loss)		34,121,689		12,770,387			(297,248	)		(47,369,195	)
	Net unrealized gain		201,360,942		15,112,359			174,785,628			55,783,029
	NET ASSETS	$	1,351,798,203	$	473,229,775		$	659,575,655		$	299,765,748
	Net Assets:
	Class A	$	168,345,072	$	11,886,242		$	40,233,904		$	2,890,183
	Class B		—		—			518,232			—
	Class C		72,227,957		2,916,886			12,261,568			117,770
	Institutional		1,072,411,400		457,121,780			602,992,388			296,523,648
	Service		—		—			63,573			—
	Class IR		38,813,774		1,304,867			3,505,990			234,147
	Total Net Assets	$	1,351,798,203	$	473,229,775		$	659,575,655		$	299,765,748
	Shares outstanding $0.001 par value (unlimited shares authorized):
	Class A		14,282,831		1,430,051			2,411,956			300,310
	Class B		—		—			32,202			—
	Class C		6,139,492		360,549			769,070			12,495
	Institutional		91,187,550		55,830,865			35,584,803			31,035,451
	Service		—		—			3,804			—
	Class IR		3,296,433		159,601			206,875			24,328
	Net asset value, offering and redemption price per share:^(b)
	Class A		$11.79		$8.31			$16.68			$9.62
	Class B		—		—			16.09			—
	Class C		11.76		8.09			15.94			9.42
	Institutional		11.76		8.19			16.95			9.55
	Service		—		—			16.71			—
	Class IR		11.77		8.18			16.95			9.62

(a)

Includes loaned securities having a market value of $25,163,013 and $3,141,111 for the U.S. Tax-Managed Equity and International Tax-Managed Equity Funds, respectively.

(b)

Maximum public offering price per share for Class A Shares of the U.S. Equity Dividend and Premium, International Equity Dividend and Premium, U.S. Tax-Managed Equity and International Tax-Managed Equity Funds is $12.48, $8.79, $17.65 and $10.18, respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.


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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statements of Operations

For the Six Months Ended June 30, 2014 (Unaudited)


	U.S. Equity Dividend and Premium Fund			International Equity Dividend and Premium Fund			U.S. Tax- Managed Equity Fund			International Tax-Managed Equity Fund
Investment income:
Dividends (net of foreign taxes withheld of $20,226, $1,242,508, $483 and $540,078)	$	20,607,550		$	13,553,788		$	4,654,873		$	7,805,892
Securities lending income — affiliated issuer		—			—			71,372			175,754
Total investment income		20,607,550			13,553,788			4,726,245			7,981,646

Expenses:
Management fees		4,758,011			1,775,311			2,008,599			1,100,457
Distribution and Service fees^(a)		538,517			27,354			103,919			4,255
Transfer Agent fees^(a)		459,934			99,035			152,646			54,312
Custody, accounting and administrative services		55,490			85,295			31,752			67,999
Printing and mailing costs		44,791			15,627			12,037			6,880
Professional fees		40,996			66,272			43,315			53,294
Registration fees		37,734			23,878			84,960			45,248
Trustee fees		15,109			13,779			13,538			12,924
Service share fees — Service Plan		—			—			145			—
Service share fees — Shareholder Administration Plan		—			—			145			—
Other		33,186			15,037			16,865			12,075
Total expenses		5,983,768			2,121,588			2,467,921			1,357,444
Less — expense reductions		(127,988	)		(1,229	)		(83,915	)		(74,956	)
Net expenses		5,855,780			2,120,359			2,384,006			1,282,488
NET INVESTMENT INCOME		14,751,770			11,433,429			2,342,239			6,699,158

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		57,542,869			9,960,110			(226,610	)		(4,475,042	)
Futures contracts		297,317			1,653,886			2,281,951			595,606
Foreign currency transactions		—			1,639			—			(98,402	)
Written options		(13,852,227	)		(175,171	)		—			—
Net change in unrealized gain (loss) on:
Investments		12,623,468			2,910,932			43,443,861			11,259,790
Futures contracts		487,893			(75,426	)		(398,401	)		(519,889	)
Foreign currency translation		—			391,999			—			127,113
Written options		3,426,057			3,056,670			—			—
Net realized and unrealized gain		60,525,377			17,724,639			45,100,801			6,889,176
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	75,277,147		$	29,158,068		$	47,443,040		$	13,588,334

(a)

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


	Distribution and Service Fees						Transfer Agent Fees
Fund	Class A		Class B		Class C		Class A		Class B		Class C		Institutional		Service		Class IR
U.S. Equity Dividend and Premium	$	204,048	$	—	$	334,469	$	155,078	$	—	$	63,549	$	206,009	$	—	$	35,298
International Equity Dividend and Premium		13,760		—		13,594		10,458		—		2,583		84,639		—		1,355
U.S. Tax-Managed Equity		45,426		2,752		55,741		34,524		523		10,591		104,656		23		2,329
International Tax-Managed Equity		3,824		—		431		2,906		—		82		51,113		—		211


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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statements of Changes in Net Assets


	U.S. Equity Dividend and Premium Fund
	For the Six Months Ended June 30, 2014 (Unaudited)			For the Fiscal Year Ended December 31, 2013
From operations:
Net investment income	$	14,751,770		$	27,733,144
Net realized gain (loss)		43,987,959			41,087,822
Net change in unrealized gain		16,537,418			208,053,842
Net increase in net assets resulting from operations		75,277,147			276,874,808

Distributions to shareholders:
From net investment income
Class A Shares		(1,672,978	)		(3,047,018	)
Class B Shares		—			—
Class C Shares		(457,379	)		(686,738	)
Institutional Shares		(12,744,107	)		(23,318,921	)
Service Shares		—			—
Class IR Shares		(435,334	)		(610,924	)
From net realized gains
Class A Shares		—			(6,580,117	)
Class B Shares		—			—
Class C Shares		—			(2,621,248	)
Institutional Shares		—			(42,757,396	)
Service Shares		—			—
Class IR Shares		—			(1,379,858	)
From capital
Class A Shares		—			—
Class C Shares		—			—
Institutional Shares		—			—
Class IR Shares		—			—
Total distributions to shareholders		(15,309,798	)		(81,002,220	)

From share transactions:
Proceeds from sales of shares		141,886,622			370,038,789
Reinvestment of distributions		12,896,169			69,717,772
Cost of shares redeemed		(205,418,195	)		(398,636,137	)
Net increase (decrease) in net assets resulting from share transactions		(50,635,404	)		41,120,424
TOTAL INCREASE		9,331,945			236,993,012

Net assets:
Beginning of period		1,342,466,258			1,105,473,246
End of period	$	1,351,798,203		$	1,342,466,258
Undistributed (distributions in excess of) net investment income	$	4,774		$	562,802


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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS


International Equity Dividend and Premium Fund						U.S. Tax-Managed Equity Fund						International Tax-Managed Equity Fund
For the Six Months Ended June 30, 2014 (Unaudited)			For the Fiscal Year Ended December 31, 2013			For the Six Months Ended June 30, 2014 (Unaudited)			For the Fiscal Year Ended December 31, 2013			For the Six Months Ended June 30, 2014 (Unaudited)			For the Fiscal Year Ended December 31, 2013

$	11,433,429		$	10,852,021		$	2,342,239		$	4,725,067		$	6,699,158		$	4,119,396
	11,440,464			23,320,813			2,055,341			(2,264,626	)		(3,977,838	)		(9,342,981	)
	6,284,175			25,551,358			43,045,460			135,438,808			10,867,014			43,310,425
	29,158,068			59,724,192			47,443,040			137,899,249			13,588,334			38,086,840



	(286,728	)		(304,428	)		—			(184,418	)		—			(48,143	)
	—			—			—			—			—			—
	(62,090	)		(39,351	)		—			—			—			(686	)
	(11,961,031	)		(10,566,288	)		—			(4,174,443	)		—			(4,806,624	)
	—			—			—			(3,886	)		—			—
	(36,059	)		(53,014	)		—			(5,934	)		—			(4,509	)

	—			(300,145	)		—			(409,643	)		—			—
	—			—			—			(8,281	)		—			—
	—			(77,825	)		—			(131,050	)		—			—
	—			(12,224,977	)		—			(5,390,876	)		—			—
	—			—			—			(5,604	)		—			—
	—			(50,895	)		—			(8,918	)		—			—

	—			—			—			—			—			(357	)
	—			—			—			—			—			(5	)
	—			—			—			—			—			(35,610	)
	—			—			—			—			—			(33	)
	(12,345,908	)		(23,616,923	)		—			(10,323,053	)		—			(4,895,967	)


	68,777,819			106,927,807			108,523,176			176,510,247			59,712,089			88,954,530
	11,906,038			23,159,810			—			10,211,977			—			4,888,674
	(42,494,777	)		(132,826,675	)		(37,460,948	)		(122,880,276	)		(5,619,639	)		(44,655,961	)
	38,189,080			(2,739,058	)		71,062,228			63,841,948			54,092,450			49,187,243
	55,001,240			33,368,211			118,505,268			191,418,144			67,680,784			82,378,116


	418,228,535			384,860,324			541,070,387			349,652,243			232,084,964			149,706,848
$	473,229,775		$	418,228,535		$	659,575,655		$	541,070,387		$	299,765,748		$	232,084,964
$	(1,086,891	)	$	(174,412	)	$	2,923,791		$	581,552		$	6,074,233		$	(624,925	)


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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


				Income (loss) from investment operations							Distributions to shareholders
	Year - Share Class	Net asset value beginning of period		Net investment income^(a)			Net realized and unrealized gain		Total from investment operations		From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED JUNE 30, (UNAUDITED)
	2014 - A	$	11.26	$	0.11		$	0.54	$	0.65	$	(0.12	)	$	—		$	(0.12	)
	2014 - C		11.24		0.07			0.53		0.60		(0.08	)		—			(0.08	)
	2014 - Institutional		11.24		0.13			0.53		0.66		(0.14	)		—			(0.14	)
	2014 - IR		11.25		0.13			0.52		0.65		(0.13	)		—			(0.13	)

	FOR THE FISCAL YEARS ENDED DECEMBER 31,
	2013 - A		9.60		0.20			2.12		2.32		(0.20	)		(0.46	)		(0.66	)
	2013 - C		9.59		0.13			2.11		2.24		(0.13	)		(0.46	)		(0.59	)
	2013 - Institutional		9.58		0.25			2.12		2.37		(0.25	)		(0.46	)		(0.71	)
	2013 - IR		9.59		0.23			2.12		2.35		(0.23	)		(0.46	)		(0.69	)
	2012 - A		9.39		0.25			0.71		0.96		(0.24	)		(0.51	)		(0.75	)
	2012 - C		9.38		0.18			0.71		0.89		(0.17	)		(0.51	)		(0.68	)
	2012 - Institutional		9.37		0.28			0.72		1.00		(0.28	)		(0.51	)		(0.79	)
	2012 - IR		9.38		0.29			0.70		0.99		(0.27	)		(0.51	)		(0.78	)
	2011 - A		9.38		0.18	^(e)		0.27		0.45		(0.19	)		(0.25	)		(0.44	)
	2011 - C		9.38		0.11	^(e)		0.27		0.38		(0.13	)		(0.25	)		(0.38	)
	2011 - Institutional		9.36		0.22	^(e)		0.27		0.49		(0.23	)		(0.25	)		(0.48	)
	2011 - IR		9.38		0.21	^(e)		0.26		0.47		(0.22	)		(0.25	)		(0.47	)
	2010 - A		8.29		0.16	^(f)		1.08		1.24		(0.15	)		—			(0.15	)
	2010 - C		8.29		0.13	^(f)		1.05		1.18		(0.09	)		—			(0.09	)
	2010 - Institutional		8.28		0.26	^(f)		1.01		1.27		(0.19	)		—			(0.19	)
	2010 - IR (Commenced August 31, 2010)		8.06		0.11	^(f)		1.30		1.41		(0.09	)		—			(0.09	)
	2009 - A		6.86		0.13			1.43		1.56		(0.13	)		—			(0.13	)
	2009 - C		6.87		0.08			1.42		1.50		(0.08	)		—			(0.08	)
	2009 - Institutional		6.85		0.17			1.42		1.59		(0.16	)		—			(0.16	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

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)

Annualized.

(e)

Reflects income recognized from special dividends which amounted to $0.01 per share and 0.12% of average net assets.

(f)

Reflects income recognized from special dividends which amounted to $0.05 per share and 0.56% of average net assets.


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

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM 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)

$	11.79		5.78	%	$	168,345		1.19	%^(d)		1.21	%^(d)		1.99	%^(d)		33	%
	11.76		5.32			72,228		1.94	^(d)		1.96	^(d)		1.24	^(d)		33
	11.76		5.91			1,072,411		0.79	^(d)		0.81	^(d)		2.39	^(d)		33
	11.77		5.82			38,814		0.94	^(d)		0.96	^(d)		2.24	^(d)		33


	11.26		24.58			167,149		1.19			1.21			1.92			69
	11.24		23.61			66,872		1.94			1.96			1.17			69
	11.24		25.14			1,072,965		0.79			0.81			2.32			69
	11.25		24.93			35,480		0.94			0.96			2.18			69
	9.60		10.30			145,184		1.21			1.22			2.48			67
	9.59		9.57			45,243		1.96			1.97			1.83			67
	9.58		10.74			895,258		0.81			0.82			2.83			67
	9.59		10.60			19,787		0.96			0.97			2.90			67
	9.39		4.90			70,499		1.24			1.25			1.94	^(e)		90
	9.38		4.03			17,378		1.99			2.00			1.14	^(e)		90
	9.37		5.31			688,194		0.84			0.85			2.29	^(e)		90
	9.38		5.05			1,425		0.99			1.00			2.20	^(e)		90
	9.38		15.07			37,112		1.24			1.26			1.84	^(f)		140
	9.38		14.32			10,851		1.99			2.01			1.52	^(f)		140
	9.36		15.53			408,032		0.84			0.86			2.95	^(f)		140
	9.38		17.53			1		0.99	^(d)		1.01	^(d)		4.04	^(d)(f)		140
	8.29		23.03			139,340		1.24			1.30			1.85			125
	8.29		21.93			9,540		1.99			2.05			1.10			125
	8.28		23.55			147,446		0.84			0.90			2.30			125


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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations									Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income			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 JUNE 30, (UNAUDITED)
2014 - A	$	8.00	$	0.20	^(c)(d)	$	0.31		$	0.51		$	(0.20	)	$	—		$	(0.20	)
2014 - C		7.80		0.16	^(c)(d)		0.31			0.47			(0.18	)		—			(0.18	)
2014 - Institutional		7.89		0.21	^(c)(d)		0.31			0.52			(0.22	)		—			(0.22	)
2014 - IR		7.88		0.20	^(c)(d)		0.31			0.51			(0.21	)		—			(0.21	)

FOR THE FISCAL YEARS ENDED DECEMBER 31,
2013 - A		7.31		0.19			0.92			1.11			(0.18	)		(0.24	)		(0.42	)
2013 - C		7.15		0.12			0.90			1.02			(0.13	)		(0.24	)		(0.37	)
2013 - Institutional		7.21		0.20			0.93			1.13			(0.21	)		(0.24	)		(0.45	)
2013 - IR		7.20		0.21			0.91			1.12			(0.20	)		(0.24	)		(0.44	)
2012 - A		6.60		0.16			0.78			0.94			(0.17	)		(0.06	)		(0.23	)
2012 - C		6.47		0.13			0.74			0.87			(0.13	)		(0.06	)		(0.19	)
2012 - Institutional		6.52		0.21			0.74			0.95			(0.20	)		(0.06	)		(0.26	)
2012 - IR		6.52		0.26			0.67			0.93			(0.19	)		(0.06	)		(0.25	)
2011 - A		8.17		0.21	^(f)		(1.20	)		(0.99	)		(0.23	)		(0.35	)		(0.58	)
2011 - C		8.02		0.16	^(f)		(1.19	)		(1.03	)		(0.17	)		(0.35	)		(0.52	)
2011 - Institutional		8.07		0.24	^(f)		(1.18	)		(0.94	)		(0.26	)		(0.35	)		(0.61	)
2011 - IR		8.06		0.24	^(f)		(1.18	)		(0.94	)		(0.25	)		(0.35	)		(0.60	)
2010 - A		7.86		0.16	^(c)		0.41			0.57			(0.14	)		(0.12	)		(0.26	)
2010 - C		7.73		0.10	^(c)		0.41			0.51			(0.10	)		(0.12	)		(0.22	)
2010 - Institutional		7.76		0.18	^(c)		0.42			0.60			(0.17	)		(0.12	)		(0.29	)
2010 - IR (Commenced August 31, 2010)		7.08		0.04	^(c)		1.10			1.14			(0.04	)		(0.12	)		(0.16	)
2009 - A		6.36		0.09	^(c)		1.53			1.62			(0.12	)		—			(0.12	)
2009 - C		6.28		0.02	^(c)		1.52			1.54			(0.09	)		—			(0.09	)
2009 - Institutional		6.30		0.14	^(c)		1.47			1.61			(0.15	)		—			(0.15	)

(a)

(b)

(c)

Calculated based on the average shares outstanding methodology.

(d)

Reflects income recognized from a corporate action which amounted to $0.06 per share and 1.46% of average net assets.

(e)

Annualized.

(f)

Reflects income recognized from a corporate action which amounted to $0.01 per share and 0.13% of average net assets.


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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND



Net asset value, end of period		Total return^(a)			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^(b)

$	8.31		6.48	%	$	11,886		1.35	%^(e)		1.35	%^(e)		4.89	%^(d)(e)		25	%
	8.09		6.01			2,917		2.10	^(e)		2.10	^(e)		4.08	^(d)(e)		25
	8.19		6.65			457,122		0.95	^(e)		0.95	^(e)		5.23	^(d)(e)		25
	8.18		6.58			1,305		1.10	^(e)		1.10	^(e)		5.00	^(d)(e)		25


	8.00		15.57			10,323		1.34			1.36			2.56			97
	7.80		14.68			2,582		2.10			2.11			1.54			97
	7.89		16.14			403,776		0.94			0.96			2.71			97
	7.88		15.98			1,547		1.09			1.11			2.74			97
	7.31		14.48			14,952		1.30			1.37			3.51			60
	7.15		13.71			1,640		2.05			2.11			1.99			60
	7.21		14.93			366,136		0.90			0.95			2.68			60
	7.20		14.56			2,133		1.05			1.10			4.06			60
	6.60		(12.44	)		171,063		1.30			1.38			2.74	^(f)		51
	6.47		(13.06	)		1,502		2.05			2.13			1.87	^(f)		51
	6.52		(11.99	)		116,023		0.90			0.98			3.17	^(f)		51
	6.52		(12.01	)		1,315		1.05			1.13			0.54	^(f)		51
	8.17		7.59			158,348		1.30			1.45			2.06			41
	8.02		6.81			1,342		2.05			2.20			1.28			41
	8.07		8.10			97,651		0.90			1.05			2.38			41
	8.06		16.12			1		1.05	^(e)		1.20	^(e)		1.48	^(e)		41
	7.86		26.17			67,681		1.30			2.09			1.23			98
	7.73		25.12			894		2.05			2.84			0.28			98
	7.76		26.06			35,883		0.90			1.69			2.07			98


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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income (loss)^(a)			Net realized and unrealized gain			Total from investment operations		From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED JUNE 30, (UNAUDITED)
2014 - A	$	15.45	$	0.04		$	1.19		$	1.23	$	—		$	—		$	—
2014 - B		14.96		(0.02	)		1.15			1.13		—			—			—
2014 - C		14.82		(0.02	)		1.14			1.12		—			—			—
2014 - Institutional		15.66		0.07			1.22			1.29		—			—			—
2014 - Service		15.49		0.01			1.21			1.22		—			—			—
2014 - IR		15.68		0.06			1.21			1.27		—			—			—

FOR THE FISCAL YEARS ENDED DECEMBER 31,
2013 - A		11.38		0.11			4.22			4.33		(0.08	)		(0.18	)		(0.26	)
2013 - B		11.05		0.01			4.08			4.09		—			(0.18	)		(0.18	)
2013 - C		10.95		—	^(e)		4.05			4.05		—			(0.18	)		(0.18	)
2013 - Institutional		11.54		0.16			4.28			4.44		(0.14	)		(0.18	)		(0.32	)
2013 - Service		11.46		0.12			4.22			4.34		(0.13	)		(0.18	)		(0.31	)
2013 - IR		11.55		0.14			4.29			4.43		(0.12	)		(0.18	)		(0.30	)
2012 - A		9.94		0.12			1.44	^(f)		1.56		(0.12	)		—			(0.12	)
2012 - B		9.64		0.04			1.39	^(f)		1.43		(0.02	)		—			(0.02	)
2012 - C		9.57		0.05			1.38	^(f)		1.43		(0.05	)		—			(0.05	)
2012 - Institutional		10.08		0.18			1.46	^(f)		1.64		(0.18	)		—			(0.18	)
2012 - Service		10.01		0.12			1.45	^(f)		1.57		(0.12	)		—			(0.12	)
2012 - IR		10.09		0.16			1.46	^(f)		1.62		(0.16	)		—			(0.16	)
2011 - A		9.73		0.09	^(g)		0.20			0.29		(0.08	)		—			(0.08	)
2011 - B		9.44		0.01	^(g)		0.21			0.22		(0.02	)		—			(0.02	)
2011 - C		9.39		0.01	^(g)		0.20			0.21		(0.03	)		—			(0.03	)
2011 - Institutional		9.89		0.13	^(g)		0.21			0.34		(0.15	)		—			(0.15	)
2011 - Service		9.81		0.07	^(g)		0.22			0.29		(0.09	)		—			(0.09	)
2011 - IR		9.89		0.10	^(g)		0.23			0.33		(0.13	)		—			(0.13	)
2010 - A		8.64		0.08			1.08			1.16		(0.07	)		—			(0.07	)
2010 - B		8.38		0.01			1.05			1.06		—			—			—
2010 - C		8.33		0.01			1.05			1.06		—			—			—
2010 - Institutional		8.78		0.11			1.11			1.22		(0.11	)		—			(0.11	)
2010 - Service		8.72		0.07			1.09			1.16		(0.07	)		—			(0.07	)
2010 - IR (Commenced August 31, 2010)		8.18		0.03			1.78			1.81		(0.10	)		—			(0.10	)
2009 - A		7.20		0.09	^(h)		1.45			1.54		(0.10	)		—			(0.10	)
2009 - B		6.97		0.04	^(h)		1.39			1.43		(0.02	)		—			(0.02	)
2009 - C		6.94		0.04	^(h)		1.39			1.43		(0.04	)		—			(0.04	)
2009 - Institutional		7.31		0.14	^(h)		1.47			1.61		(0.14	)		—			(0.14	)
2009 - Service		7.26		0.09	^(h)		1.46			1.55		(0.09	)		—			(0.09	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

Amount is less than $0.005 per share.

(f)

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 15.49%, 14.74%, 14.68%, 15.92%, 15.36% and 15.80%, respectively.

(g)

Reflects income recognized from special dividends which amounted to $0.02 per share and 0.18% of average net assets.

(h)

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


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

GOLDMAN SACHS U.S. TAX-MANAGED EQUITY FUND



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

$	16.68		7.96	%	$	40,234		1.18	%^(d)		1.21	%^(d)		0.46	%^(d)		27	%
	16.09		7.55			518		1.93	^(d)		1.95	^(d)		(0.29	)^(d)		27
	15.94		7.56			12,262		1.93	^(d)		1.96	^(d)		(0.29	)^(d)		27
	16.95		8.24			602,992		0.78	^(d)		0.81	^(d)		0.87	^(d)		27
	16.71		7.88			64		1.28	^(d)		1.30	^(d)		0.15	^(d)		27
	16.95		8.10			3,506		0.93	^(d)		0.97	^(d)		0.70	^(d)		27


	15.45		38.17			34,792		1.15			1.21			0.80			95
	14.96		37.09			648		1.90			1.96			0.04			95
	14.82		37.07			10,648		1.90			1.96			0.04			95
	15.66		38.73			493,729		0.75			0.81			1.17			95
	15.49		38.08			411		1.27			1.29			0.81			95
	15.68		38.48			843		0.91			0.96			1.02			95
	11.38		15.69	^(f)		35,890		1.09			1.23			1.13			184
	11.05		14.95	^(f)		584		1.84			1.98			0.35			184
	10.95		14.89	^(f)		8,228		1.84			1.97			0.44			184
	11.54		16.12	^(f)		304,435		0.69			0.82			1.65			184
	11.46		15.56	^(f)		40		1.19			1.32			1.11			184
	11.55		16.01	^(f)		476		0.84			0.97			1.42			184
	9.94		3.02			51,064		1.09			1.24			0.85	^(g)		99
	9.64		2.18			895		1.84			1.99			0.12	^(g)		99
	9.57		2.22			7,964		1.84			1.99			0.14	^(g)		99
	10.08		3.43			227,070		0.69			0.84			1.31	^(g)		99
	10.01		2.92			36		1.19			1.34			0.72	^(g)		99
	10.09		3.35			494		0.84			0.99			1.01	^(g)		99
	9.73		13.46			91,857		1.09			1.25			0.82			200
	9.44		12.65			1,539		1.84			2.00			0.08			200
	9.39		12.59			9,484		1.84			2.00			0.07			200
	9.89		14.04			200,795		0.69			0.85			1.22			200
	9.81		13.34			59		1.19			1.35			0.69			200
	9.89		22.18			1		0.84	^(d)		1.00	^(d)		0.97	^(d)		200
	8.64		21.43			90,909		1.09			1.28			1.37	^(h)		352
	8.38		20.48			2,259		1.84			2.03			0.62	^(h)		352
	8.33		20.56			10,887		1.84			2.03			0.63	^(h)		352
	8.78		21.90			133,016		0.69			0.88			1.88	^(h)		352
	8.72		21.41			48		1.19			1.38			1.28	^(h)		352


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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of period		Net investment income^(a)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE SIX MONTHS ENDED JUNE 30, (UNAUDITED)
2014 - A	$	9.18	$	0.21	^(d)	$	0.23		$	0.44		$	—
2014 - C		9.03		0.18	^(d)		0.21			0.39			—
2014 - Institutional		9.10		0.24	^(d)		0.21			0.45			—
2014 - IR		9.17		0.23	^(d)		0.22			0.45			—

FOR THE FISCAL YEARS ENDED DECEMBER 31,
2013 - A		7.62		0.15			1.54			1.69			(0.13	)^(f)
2013 - C		7.55		0.10			1.51			1.61			(0.13	)^(f)
2013 - Institutional		7.59		0.19			1.53			1.72			(0.21	)^(f)
2013 - IR		7.66		0.20			1.51			1.71			(0.20	)^(f)
2012 - A		6.65		0.17			0.98			1.15			(0.18	)
2012 - C		6.64		0.11			0.96			1.07			(0.16	)
2012 - Institutional		6.64		0.19			0.98			1.17			(0.22	)
2012 - IR		6.64		0.35			0.82			1.17			(0.15	)
2011 - A		7.90		0.20	^(g)		(1.25	)		(1.05	)		(0.20	)
2011 - C		7.88		0.13	^(g)		(1.23	)		(1.10	)		(0.14	)
2011 - Institutional		7.90		0.21	^(g)		(1.23	)		(1.02	)		(0.24	)
2011 - IR		7.90		0.20	^(g)		(1.24	)		(1.04	)		(0.22	)
2010 - A		7.40		0.13			0.51			0.64			(0.14	)
2010 - C		7.39		0.08			0.50			0.58			(0.09	)
2010 - Institutional		7.39		0.15			0.53			0.68			(0.17	)
2010 - IR (Commenced August 31, 2010)		6.82		0.03			1.21			1.24			(0.16	)
2009 - A		6.07		0.13			1.32			1.45			(0.12	)
2009 - C		6.06		0.09			1.31			1.40			(0.07	)
2009 - Institutional		6.06		0.15			1.33			1.48			(0.15	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Reflects income recognized from a corporate action which amounted to $0.08 per share and 1.72% of average net assets.

(e)

Annualized.

(f)

Includes a distribution from capital of less than $0.01 per share.

(g)

Reflects income recognized from special dividends which amounted to $0.01 per share and 0.16% of average net assets.


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

GOLDMAN SACHS INTERNATIONAL TAX-MANAGED EQUITY FUND



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

$	9.62		4.79	%	$	2,890		1.39	%^(e)		1.44	%^(e)		4.63	%^(d)(e)		44	%
	9.42		4.32			118		2.13	^(e)		2.20	^(e)		4.01	^(d)(e)		44
	9.55		4.95			296,524		0.99	^(e)		1.04	^(e)		5.18	^(d)(e)		44
	9.62		4.91			234		1.14	^(e)		1.19	^(e)		5.01	^(d)(e)		44


	9.18		22.23			3,388		1.31			1.51			1.79			95
	9.03		21.38			70		2.10			2.23			1.15			95
	9.10		22.70			228,410		0.95			1.08			2.27			95
	9.17		22.36			217		1.12			1.21			2.34			95
	7.62		17.25			15,384		1.26			1.59			2.44			182
	7.55		16.20			32		2.01			2.30			1.52			182
	7.59		17.71			134,290		0.86			1.17			2.69			182
	7.66		17.68			1		1.02			1.36			5.14			182
	6.65		(13.33	)		40,837		1.26			1.57			2.60	^(g)		88
	6.64		(13.88	)		19		2.01			2.32			1.72	^(g)		88
	6.64		(12.92	)		101,165		0.86			1.17			2.81	^(g)		88
	6.64		(13.11	)		1		1.01			1.32			2.68	^(g)		88
	7.90		8.64			75,854		1.26			1.56			1.75			70
	7.88		7.89			24		2.01			2.31			1.05			70
	7.90		9.17			85,604		0.86			1.16			2.12			70
	7.90		18.21			1		1.01	^(e)		1.31	^(e)		1.26	^(e)		70
	7.40		23.98			77,469		1.26			1.67			2.00			101
	7.39		23.13			8		2.01			2.42			1.38			101
	7.39		24.47			53,159		0.86			1.27			2.24			101


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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements

June 30, 2014 (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
U.S. Equity Dividend and Premium, International Equity Dividend and Premium, International Tax-Managed Equity†	A, C, Institutional and IR	Diversified
U.S. Tax-Managed Equity†	A, B, C, Institutional, Service and IR	Diversified

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

†

Formerly, Structured International Tax-Managed Equity and Structured Tax-Managed Equity Funds, respectively. Effective on April 30, 2014, the Funds changed their names to the International Tax-Managed Equity and U.S. Tax-Managed Equity Funds, respectively.

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 and Class IR Shares are not subject to a sales charge.

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

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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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
U.S. Equity Dividend and Premium International Equity Dividend and Premium	Quarterly	Annually
U.S. Tax-Managed Equity International Tax-Managed Equity	Annually	Annually

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

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.

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

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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2014 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The 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 Funds’ 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, otherwise they are generally classified as Level 2.

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”) and centrally cleared 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 OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

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 a 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.

ii. Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on interest rate swap contracts.

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

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.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of June 30, 2014:



U.S. EQUITY DIVIDEND AND PREMIUM

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
North America	$	1,328,465,263	$	—	$	—

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2014 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



U.S. EQUITY DIVIDEND AND PREMIUM (continued)

Derivative Type	Level 1			Level 2		Level 3
Assets^(b)
Futures Contracts	$	280,340		$	—	$	—
Liabilities
Written Options	$	(8,340,255	)	$	—	$	—

INTERNATIONAL EQUITY DIVIDEND AND PREMIUM

Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Asia	$	—		$	108,608,114
Australia		—			39,373,218
Europe		19,021,157			288,054,487
North America		—			5,250,381		—
Total	$	19,021,157		$	441,286,200	$	—

Derivative Type
Assets^(b)
Futures Contracts	$	56,822		$	—	$	—
Liabilities
Futures Contracts^(b)	$	(86,559	)	$	—	$	—
Written Options		(2,458,964	)		—		—
Total	$	(2,545,523	)	$	—	$	—

U.S. TAX-MANAGED EQUITY

Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments^(a)	$	—		$	—	$	—
North America		620,801,423			—		—
Securities Lending Reinvestment Vehicle		25,485,950			—		—
Total	$	646,287,373		$	—	$	—

Derivative Type
Assets^(b)
Futures Contracts	$	319,650		$	—	$	—

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



INTERNATIONAL TAX-MANAGED EQUITY

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments^(a)
Asia	$	—		$	69,999,991		$	—
Australia		—			25,019,261
Europe		9,909,260			170,661,390
North America		—			560,763	��
Securities Lending Reinvestment Vehicle		3,352,170			—			—
Total	$	13,261,430		$	266,241,405		$	—

Derivative Type
Assets^(b)
Futures Contracts	$	52,086		$	—		$	—
Liabilities^(b)
Futures Contracts	$	(137,095	)	$	—		$	—

(a)

Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile. The Fund(s) utilize(s) fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

(b)

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

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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2014 (Unaudited)

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts as of June 30, 2014. These instruments were used to meet the Funds’ investment objectives and to obtain and/or manage exposure related to the risks below. The 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.

Fund

Risk

Statements of Assets
and Liabilities

Assets^(a)

Statements of Assets
and Liabilities

Liabilities

U.S. Equity Dividend and Premium

Equity

Variation margin on certain derivative contracts

280,340

Payable for written options, at value

(8,340,255)

International Equity Dividend and Premium

Equity

Variation margin on certain derivative contracts,

56,822

Variation margin on certain derivative contracts, Payable for written options, at value

(2,545,525)

^(a)

U.S. Tax-Managed Equity

Equity

Variation margin on certain derivative contracts

319,650

—

International Tax-Managed Equity

Equity

Variation margin on certain derivative contracts

52,086

Variation margin on certain derivative contracts

(137,095)

^(a)

Total

$708,898

(11,022,875)

(a)

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

The following table sets forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2014. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:


Fund	Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
U.S. Equity Dividend and Premium	Equity	Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts and written options	$	(13,554,910	)	$	3,913,950			2,907
International Equity Dividend and Premium	Equity	Net realized gain (loss) from futures contracts and written options/Net change in unrealized gain (loss) on futures contracts, and written options		1,478,715			2,981,244			2,973
U.S. Tax-Managed Equity	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		2,281,951			(398,401	)		233
International Tax-Managed Equity	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts		595,606			(519,889	)		162

(a)

Average number of contracts is based on the average of month end balances for the period ended June 30, 2014.

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives, including foreign exchange contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Collateral and margin requirements differ between exchange traded derivatives and OTC derivatives. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options and centrally cleared swaps) pursuant to governing agreements for those instrument types. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract-specific for OTC derivatives (foreign currency exchange contracts, and certain options and swaps). For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Additionally, a Fund may be required to post initial margin to the counterparty, the terms of which would be outlined in the confirmation of the OTC transaction.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized,

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2014 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. A Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due the restrictions or prohibitions against the right of setoff that may be imposed due to a particular jurisdiction’s bankruptcy or insolvency laws.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended June 30, 2014, contractual and effective net management fees with GSAM were at the following rates:


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

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


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

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

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A front end sales charge and Class B and Class C Shares’ CDSC. During the six months ended

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

June 30, 2014, Goldman Sachs advised that it retained front end sales charges of 10,154, $637, $4,557 and $327 for the U.S. Equity Dividend and Premium, International Equity Dividend and Premium, U.S. Tax-Managed Equity and International Tax-Managed Equity Funds, respectively. Goldman Sachs retained $13 of contingent deferred sales charges for the U.S. Tax-Managed Equity Fund for the six months ended June 30, 2014.

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 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 and Class IR 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, shareholder meeting, litigation, indemnification and 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 for the U.S. Equity Dividend and Premium, International Equity Dividend and Premium, U.S. Tax-Managed Equity and International Tax-Managed Equity Funds are 0.014%, 0.124%, 0.044% and 0.094%, respectively. These Other Expense limitations will remain in place through at least April 30, 2015, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. The Funds bear their respective share of costs related to proxy and shareholder meetings, and GSAM has agreed to reimburse each Fund to the extent such expenses exceed a specified percentage of the Fund’s net assets. 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.

For the six months ended June 30, 2014, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Other Expense Reimbursement		Custody Fee Credits		Total Expense Reductions
U.S. Equity Dividend and Premium	$	119,678	$	8,310	$	127,988
International Equity Dividend and Premium		—		1,229		1,229
U.S. Tax-Managed Equity		72,015		11,900		83,915
International Tax-Managed Equity		73,446		1,510		74,956

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2014 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of June 30, 2014, the amounts owed to affiliates of the Funds were as follows:


Fund	Management Fees		Distribution and Service Fees		Transfer Agent Fees		Total
U.S. Equity Dividend and Premium	$	808,499	$	92,974	$	78,362	$	979,835
International Equity Dividend and Premium		312,302		4,842		17,426		334,570
U.S. Tax-Managed Equity		371,839		18,645		28,103		418,137
International Tax-Managed Equity		203,393		701		9,979		214,073

G. Line of Credit Facility — As of June 30, 2014, the Funds participated in a $1,080,000,000 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 $120,000,000, for a total of up to $1,200,000,000. 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 June 30, 2014, the Funds did not have any borrowings under the facility.

H. Other Transactions with Affiliates — For the six months ended June 30, 2014, Goldman Sachs earned $1,295, $9,841, $2,504 and $4,634 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the U.S. Equity Dividend and Premium, International Equity Dividend and Premium, U.S. Tax-Managed Equity and International Tax-Managed Equity Funds, respectively.

As of June 30, 2014, the following Goldman Sachs Fund of Funds Portfolios were the beneficial owners of 5% or more of total outstanding shares of the following Funds:


Fund	Goldman Sachs Enhanced Dividend Global Equity Portfolio			Goldman Sachs Tax-Advantaged Global Equity Portfolio
U.S. Equity Dividend and Premium		11	%		—	%
International Equity Dividend and Premium		18			—
U.S. Tax-Managed Equity		—			86
International Tax-Managed Equity		—			88

As of June 30, 2014, the Goldman Sachs Group, Inc. was the beneficial owner of approximately 9% of the Class C Shares of the International Tax-Managed Equity Fund.

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended June 30, 2014, were as follows:


Fund	Purchases		Sales
U.S. Equity Dividend and Premium	$	428,442,661	$	515,684,183
International Equity Dividend and Premium		134,335,885		103,930,009
U.S. Tax-Managed Equity		221,336,371		150,461,192
International Tax-Managed Equity		162,740,721		107,924,245

7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. 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”), an affiliated series of the Trust. The Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive an investment advisory fee of up to 0.205% on an annualized basis of the average daily net assets of the Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If, despite such efforts by GSAL to exercise these remedies, the Funds sustain losses as a result of a borrower’s default, GSAL indemnifies the Funds by purchasing replacement securities at its expense, or paying the Funds an amount equal to the market value of the replacement securities, subject to an exclusion for any shortfalls resulting from a loss of value in the cash collateral pool due to reinvestment risk and a requirement that the Funds agree to assign rights to the collateral to GSAL for purpose of using the collateral to cover purchase of replacement securities as more fully described in the Securities Lending Agency Agreement.

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2014 (Unaudited)

7. SECURITIES LENDING (continued)

At June 30, 2014, the Funds’ loaned securities were all subject to enforceable Securities Lending Agreements. Securities lending transactions on a net basis were as follows:


Security Lending Transactions	U.S. TAX-MANAGED EQUITY			INTERNATIONAL TAX-MANAGED EQUITY
Total gross amount presented in Statements of Assets and Liabilities	$	25,163,013		$	3,141,111
Cash Collateral offsetting ⁽¹⁾		(25,134,103	)		(3,141,111	)
Net Amount ⁽²⁾	$	28,910		$	—

(1)

At June 30, 2014 the value of the collateral received from each borrower exceeded the value of the related securities on loan.

(2)

Net amount represents the net amount due from the borrower or GSAL in the event of a default based on the contractual set-off rights under the agreement.

Both the Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned by the Funds for the six months ended June 30, 2014, are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:


	For the Six Months Ended June 30, 2014				Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of June 30, 2014
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
U.S. Tax-Managed Equity	$	7,911	$	4,743	$	2,432,630
International Tax-Managed Equity		19,561		26,158		11,953

The following table provides information about the Funds’ investment in the Money Market Fund for the six months ended June 30, 2014:


Fund	Number of Shares Held Beginning of Period		Shares Bought		Shares Sold			Number of Shares Held End of Period		Value at End of Period
U.S. Tax-Managed Equity		19,546,094		59,534,462		(53,594,606	)		25,485,950	$	25,485,950
International Tax-Managed Equity		2,752,108		71,426,871		(70,826,809	)		3,352,170		3,352,170

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2013 the Funds’ capital loss carryforwards and certain timing differences on a tax-basis were as follows:


	U.S. Equity Dividend and Premium			International Equity Dividend and Premium			U.S. Tax-Managed Equity			International Tax-Managed Equity
Capital loss carryforwards:⁽¹⁾
Expiring 2016	$	—		$	—		$	—		$	(2,078,605	)
Expiring 2017		—			—			—			(31,387,420	)
Perpetual Long-term		—			—			—			(6,801,807	)
Perpetual Short-term		—			—			(1,238,798	)		(2,734,536	)
Total capital loss carryforwards	$	—		$	—		$	(1,238,798	)	$	(43,002,368	)
Timing differences (Qualified Late Year Loss Deferrals)	$	(12,672,625	)	$	(226,546	)	$	(380,014	)	$	(116,473	)

(1)

Expiration occurs on December 31 of the year indicated.

As of June 30, 2014, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	U.S. Equity Dividend and Premium			International Equity Dividend and Premium			U.S. Tax-Managed Equity			International Tax-Managed Equity
Tax cost	$	1,127,989,964		$	447,719,290		$	471,641,820		$	224,381,140
Gross unrealized gain		206,605,596			38,418,176			174,787,664			56,658,826
Gross unrealized loss		(6,130,297	)		(25,830,109	)		(142,111	)		(1,537,131	)
Net unrealized security gain	$	200,475,299		$	12,588,067		$	174,645,553		$	55,121,695

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 and options contracts and differences related to the tax treatment of underlying fund investments and of passive foreign investment company investments.

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

9. OTHER RISKS

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

Foreign Custody Risk — A Fund that invests in foreign securities may hold such securities and foreign currency with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). In some countries, Foreign Custodians may be subject to little or no regulatory oversight or independent evaluation of their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters into bankruptcy. Investments in emerging markets may be subject to greater custody risks than investments in more developed markets.

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2014 (Unaudited)

9. OTHER RISKS (continued)

Custody services in emerging market countries are often undeveloped and may be less regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Large Shareholder Redemptions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio.

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 or guarantor 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. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions by the United States or other governments, or from problems in registration, settlement or custody. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

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.

11. SUBSEQUENT EVENTS

Subsequent events after the Statements 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.

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	U.S. Equity Dividend and Premium Fund

	For the Six Months Ended June 30, 2014 (Unaudited)						For the Fiscal Year Ended December 31, 2013

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		2,407,632		$	27,052,568			6,108,125		$	64,299,556
Reinvestment of distributions		138,637			1,589,594			838,129			9,095,796
Shares redeemed		(3,104,590	)		(34,897,428	)		(7,223,467	)		(76,920,444	)
		(558,321	)		(6,255,266	)		(277,213	)		(3,525,092	)
Class C Shares
Shares sold		609,501			6,886,642			1,988,985			21,061,355
Reinvestment of distributions		30,438			348,127			230,827			2,508,475
Shares redeemed		(449,102	)		(5,032,608	)		(989,419	)		(10,588,198	)
		190,837			2,202,161			1,230,393			12,981,632
Institutional Shares
Shares sold		9,068,715			101,963,939			25,541,741			269,051,914
Reinvestment of distributions		919,385			10,526,435			5,189,375			56,140,321
Shares redeemed		(14,287,749	)		(160,628,797	)		(28,673,088	)		(305,279,302	)
		(4,299,649	)		(48,138,423	)		2,058,028			19,912,933
Class IR Shares
Shares sold		530,591			5,983,473			1,456,248			15,625,964
Reinvestment of distributions		37,713			432,013			181,852			1,973,180
Shares redeemed		(425,700	)		(4,859,362	)		(546,796	)		(5,848,193	)
		142,604			1,556,124			1,091,304			11,750,951
NET INCREASE (DECREASE)		(4,524,529	)	$	(50,635,404	)		4,102,512		$	41,120,424

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2014 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	International Equity Dividend and Premium Fund

	For the Six Months Ended June 30, 2014 (Unaudited)						For the Fiscal Year Ended December 31, 2013

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		220,055		$	1,787,322			502,838		$	3,817,269
Reinvestment of distributions		34,863			286,728			79,732			603,085
Shares redeemed		(114,650	)		(930,623	)		(1,337,206	)		(10,029,720	)
		140,268			1,143,427			(754,636	)		(5,609,366	)
Class C Shares
Shares sold		23,711			185,602			101,427			746,450
Reinvestment of distributions		7,748			62,090			15,751			117,176
Shares redeemed		(2,072	)		(16,546	)		(15,534	)		(118,336	)
		29,387			231,146			101,644			745,290
Institutional Shares
Shares sold		8,368,323			66,750,159			13,547,979			101,658,103
Reinvestment of distributions		1,423,203			11,521,161			2,978,509			22,335,640
Shares redeemed		(5,155,782	)		(41,160,460	)		(16,089,980	)		(121,145,795	)
		4,635,744			37,110,860			436,508			2,847,948
Class IR Shares
Shares sold		6,948			54,736			93,294			705,985
Reinvestment of distributions		4,463			36,059			13,951			103,909
Shares redeemed		(48,231	)		(387,148	)		(206,977	)		(1,532,824	)
		(36,820	)		(296,353	)		(99,732	)		(722,930	)
NET INCREASE (DECREASE)		4,768,579		$	38,189,080			(316,216	)	$	(2,739,058	)

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	U.S. Tax-Managed Equity Fund

	For the Six Months Ended June 30, 2014 (Unaudited)						For the Fiscal Year Ended December 31, 2013

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		272,342		$	4,292,104			296,245		$	3,996,452
Shares converted from Class B^(a)		42			673			1,014			14,074
Reinvestment of distributions		—			—			34,088			506,199
Shares redeemed		(112,149	)		(1,768,883	)		(1,232,624	)		(15,722,104	)
		160,235			2,523,894			(901,277	)		(11,205,379	)
Class B Shares
Shares sold		3,947			60,731			2,944			39,471
Shares converted to Class A^(a)		(44	)		(673	)		(1,050	)		(14,074	)
Reinvestment of distributions		—			—			394			5,663
Shares redeemed		(14,979	)		(228,277	)		(11,834	)		(155,283	)
		(11,076	)		(168,219	)		(9,546	)		(124,223	)
Class C Shares
Shares sold		81,381			1,225,514			37,546			492,793
Reinvestment of distributions		—			—			8,351			119,092
Shares redeemed		(30,674	)		(463,989	)		(79,111	)		(1,025,785	)
		50,707			761,525			(33,214	)		(413,900	)
Institutional Shares
Shares sold		6,252,764			100,395,269			12,632,061			171,267,776
Reinvestment of distributions		—			—			634,995			9,556,681
Shares redeemed		(2,186,578	)		(34,571,963	)		(8,136,260	)		(105,756,540	)
		4,066,186			65,823,306			5,130,796			75,067,917
Service Shares
Shares sold		3,662			57,000			32,608			487,835
Reinvestment of distributions		—			—			637			9,490
Shares redeemed		(26,382	)		(405,731	)		(10,196	)		(155,262	)
		(22,720	)		(348,731	)		23,049			342,063
Class IR Shares
Shares sold		154,459			2,492,558			16,579			225,920
Reinvestment of distributions		—			—			986			14,852
Shares redeemed		(1,357	)		(22,105	)		(4,986	)		(65,302	)
		153,102			2,470,453			12,579			175,470
NET INCREASE		4,396,434		$	71,062,228			4,222,387		$	63,841,948

(a)

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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2014 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	International Tax-Managed Equity Fund

	For the Six Months Ended June 30, 2014 (Unaudited)						For the Fiscal Year Ended December 31, 2013

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		7,965		$	74,478			422,476		$	3,288,063
Reinvestment of distributions		—			—			5,085			45,002
Shares redeemed		(76,604	)		(713,347	)		(2,076,152	)		(16,632,248	)
		(68,639	)	$	(638,869	)		(1,648,591	)	$	(13,299,183	)
Class C Shares
Shares sold		4,741			43,600			3,470			30,992
Reinvestment of distributions		—			—			79			691
Shares redeemed		—			—			(28	)		(226	)
		4,741			43,600			3,521			31,457
Institutional Shares
Shares sold		6,463,953			59,581,761			10,290,102			85,450,457
Reinvestment of distributions		—			—			551,704			4,838,439
Shares redeemed		(534,635	)		(4,899,813	)		(3,429,939	)		(28,023,487	)
		5,929,318			54,681,948			7,411,867			62,265,409
Class IR Shares
Shares sold		1,328			12,250			23,038			185,018
Reinvestment of distributions		—			—			514			4,542
Shares redeemed		(710	)		(6,479	)		—			—
		618			5,771			23,552			189,560
NET INCREASE		5,866,038		$	54,092,450			5,790,349		$	49,187,243

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Fund Expenses — Six Month Period Ended June 30, 2014 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2014 through June 30, 2014

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

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

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


	U.S. Equity Dividend and Premium Fund							International Equity Dividend and Premium Fund							U.S. Tax-Managed Equity Fund							International Tax-Managed Equity Fund
Share Class	Beginning Account Value 1/01/14		Ending Account Value 6/30/14			Expenses Paid for the 6 Months Ended 6/30/14*		Beginning Account Value 1/01/14		Ending Account Value 6/30/14			Expenses Paid for the 6 Months Ended 6/30/14*		Beginning Account Value 1/01/14		Ending Account Value 6/30/14			Expenses Paid for the 6 Months Ended 6/30/14*		Beginning Account Value 1/01/14		Ending Account Value 6/30/14			Expenses Paid for the 6 Months Ended 6/30/14*
Class A
Actual	$	1,000	$	1,057.80		$	6.07	$	1,000	$	1,064.80		$	6.91	$	1,000	$	1,079.60		$	6.08	$	1,000	$	1,047.90		$	7.06
Hypothetical 5% return		1,000		1,018.89	+		5.96		1,000		1,018.10	+		6.76		1,000		1,018.94	+		5.91		1,000		1,017.90	+		6.95
Class B
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,075.50			9.93		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,015.22	+		9.64		N/A		N/A			N/A
Class C
Actual		1,000		1,053.20			9.88		1,000		1,060.10			10.73		1,000		1,075.60			9.93		1,000		1,043.20			10.79
Hypothetical 5% return		1,000		1,015.17	+		9.69		1,000		1,014.38	+		10.49		1,000		1,015.22	+		9.64		1,000		1,014.23	+		10.64
Institutional
Actual		1,000		1,066.50			4.03		1,000		1,066.50			4.87		1,000		1,082.40			4.03		1,000		1,049.50			5.03
Hypothetical 5% return		1,000		1,020.08	+		3.96		1,000		1,020.08	+		4.76		1,000		1,020.93	+		3.91		1,000		1,019.89	+		4.96
Service
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,078.80			6.60		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,018.45	+		6.41		N/A		N/A			N/A
Class IR
Actual		1,000		1,058.20			4.80		1,000		1,065.80			5.63		1,000		1,081.00			4.80		1,000		1,049.10			5.79
Hypothetical 5% return		1,000		1,020.13	+		4.71		1,000		1,019.34	+		5.51		1,000		1,020.18	+		4.66		1,000		1,019.14	+		5.71

Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended June 30, 2014. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:


Fund	Class A			Class B			Class C			Institutional			Service			Class IR
U.S. Equity Dividend and Premium		1.19	%		N/A			1.94	%		0.79	%		N/A			0.94	%
International Equity Dividend and Premium		1.35			N/A			2.10			0.95			N/A			1.10
U.S. Tax-Managed Equity		1.18			1.93	%		1.93			0.78			1.28	%		0.93
International Tax-Managed Equity		1.39			N/A			2.13			0.99			N/A			1.14

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.

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

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

The Management Agreement was most recently approved for continuation until June 30, 2015 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 11-12, 2014 (the “Annual Meeting”).

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

(a)

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

(i)

the structure, staff and capabilities of the Investment Adviser and its portfolio management teams;

(ii)

the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services and operations), controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance and strategy and central funding), sales and distribution support groups and others (e.g., information technology and training);

(iii)

trends in headcount;

(iv)

the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v)

the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b)

information on the investment performance of each Fund, including comparisons to the performance of similar mutual funds, as provided by a third party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and benchmark performance indices, and general investment outlooks in the markets in which the Funds invest;

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

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

(c)

the terms of the Management Agreement and agreements with affiliated service providers entered into by the Trust on behalf of the Funds;

(d)

expense information for the Funds, including:

(i)

the relative management fee and expense levels of each Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; and

(ii)

each Fund’s expense trends over time;

(e)

with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Funds;

(f)

the undertakings of the Investment Adviser to limit certain expenses of each Fund that exceed specified levels, and a summary of contractual fee reductions made by the Investment Adviser and/or its affiliates over the past several years with respect to the Funds;

(g)

information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of each Fund and the Trust as a whole to the Investment Adviser and its affiliates;

(h)

whether each Fund’s existing management fee schedule adequately addressed any economies of scale;

(i)

a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds, including the fees received by the Investment Adviser’s affiliates from the Funds for transfer agency, securities lending, portfolio trading, distribution and other services;

(j)

a summary of potential benefits derived by the Funds as a result of their relationship with the Investment Adviser;

(k)

information regarding commissions paid by the Funds and broker oversight, other information regarding portfolio trading and how the Investment Adviser carries out its duty to seek best execution;

(l)

portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(m)

the nature and quality of the services provided to the Funds by their unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administration services provided under the Management Agreement; and

(n)

the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Funds’ compliance program; and periodic compliance reports.

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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

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

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

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

As part of their review, the Trustees considered the nature, extent and quality of the services provided by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided to the Funds by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2013, and updated performance information prepared by the Investment Adviser using the peer groups identified by the Outside Data Provider as of March 31, 2014. The information on each Fund’s investment performance was provided for the one-, three-, five- and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund’s investment performance over time (including on a year-by-year basis) relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions.

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

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

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

The Trustees observed that the U.S. Equity Dividend and Premium Fund’s Class A Shares had placed in the fourth quartile of the Fund’s peer group and had underperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2014. They noted that the International Equity Dividend and Premium Fund’s Class A Shares had placed in the third quartile of the Fund’s peer group for the one- and three- year periods and in the fourth quartile for the five-year period, and had underperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2014. The Trustees also noted that the International Equity Dividend and Premium and U.S. Equity Dividend and Premium Funds had certain significant differences from their peer groups (Foreign Large Value and Large Blend, respectively) and benchmark indices (MSCI EAFE Index (net) and S&P 500 Index, respectively) that caused the peer groups and benchmark indices to be imperfect bases for performance comparison. The Trustees observed that the U.S. Tax-Managed Equity Fund’s Class A Shares had placed in the top half of the Fund’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the one- and three-year periods and underperformed the Fund’s benchmark index for the five- and ten-year periods ended March 31, 2014. They noted that the International Tax-Managed Equity Fund’s Class A Shares had placed in the second quartile of the Fund’s peer group for the three- and five-year periods and in the third quartile for the one-year period, and had outperformed the Fund’s benchmark index for the one-year period and underperformed the Fund’s benchmark index for the three- and five-year periods ended March 31, 2014.

Costs of Services Provided and Competitive Information

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

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of the Funds’ management fees and breakpoints to those of relevant peer groups and category universes; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and a five-year history comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s transfer agency, custody, and distribution fees, other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

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

In addition, the Trustees considered the Investment Adviser’s undertakings to limit certain expenses of the Funds that exceed specified levels. The Trustees also noted that certain changes were being made to existing fee waiver or expense limitation arrangements of the U.S. Tax-Managed Equity and International Tax-Managed Equity Funds that would have the effect of lowering total Fund expenses, with such changes taking effect in connection with the Funds’ next annual registration statement update. They also noted that the Investment Adviser did not manage institutional accounts or collective investment vehicles having investment objectives and policies similar to those of the Funds, and therefore this type of fee comparison was not possible.

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

Profitability

The Trustees reviewed the Investment Adviser’s revenues and pre-tax profit margins with respect to the Trust and each of the Funds. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service) and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization had audited the expense allocation methodology and was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for the Trust and each Fund were provided for 2013 and 2012, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability. The Trustees considered the Investment Adviser’s revenues and pre-tax profit margins both in absolute terms and in comparison to information on the reported pre-tax profit margins earned by certain other asset management firms.

Economies of Scale

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


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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

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

The Trustees noted that the breakpoints were meant to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertakings to limit certain expenses of the Funds that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the U.S. Equity Dividend and Premium Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.

Other Benefits to the Investment Adviser and Its Affiliates

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

GOLDMAN SACHS TAX-ADVANTAGED EQUITY FUNDS

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

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors because of the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers because of the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firmwide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2015.

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 $992.3 billion in assets under supervision as of June 30, 2014, 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. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman, Sachs & Co. subject to legal, internal and regulatory restrictions.

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 Fund

Limited Maturity Obligations Fund

Short Duration Government Fund

Short Duration Income Fund

Government Income Fund

Inflation Protected Securities Fund

Multi-Sector

Core Fixed Income Fund

Core Plus Fixed Income Fund

Global Income Fund

Strategic Income Fund

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

Dynamic Emerging Markets Debt Fund

Corporate Credit

Long Short Credit Strategies Fund²

Fundamental Equity

Growth and Income Fund

Small Cap Value Fund

Small/Mid 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 Fund

Tax-Advantaged Equity

U.S. Tax-Managed Equity Fund³

International Tax-Managed Equity Fund³

U.S. Equity Dividend and Premium Fund

International Equity Dividend and Premium Fund

Equity Insights

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

Focused International Equity Fund⁴

International Small Cap Fund

Asia Equity Fund

Emerging Markets Equity Fund

BRIC Fund (Brazil, Russia, India, China)

N-11 Equity Fund

Select Satellite⁵

Real Estate Securities Fund

International Real Estate Securities Fund

Commodity Strategy Fund

Dynamic Commodity Strategy Fund

Dynamic Allocation Fund

Absolute Return Tracker Fund

Managed Futures Strategy Fund

MLP Energy Infrastructure Fund

Multi-Manager Alternatives Fund

Multi-Asset Real Return Fund

Retirement Portfolio Completion Fund

Fixed Income Macro Strategies Fund

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 March 21, 2014, the Goldman Sachs Credit Strategies Fund was reorganized with and into the Goldman Sachs Long Short Credit Strategies Fund.

Effective on April 30, 2014, the Goldman Sachs Structured Tax-Managed Equity and Structured International Tax-Managed Equity Funds were renamed the Goldman Sachs U.S. Tax-Managed Equity and International Tax-Managed Equity Funds respectively.

⁴

Effective at the close of business on February 28, 2014, the Goldman Sachs Concentrated International Equity Fund was renamed the Goldman Sachs Focused International Equity Fund.

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.

This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end fund.


TRUSTEES Ashok N. Bakhru, Chairman John P. Coblentz, Jr. Diana M. Daniels Joseph P. LoRusso Herbert J. Markley James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel Roy W. Templin		OFFICERS James A. McNamara, President Scott M. McHugh, Principal Financial Officer and Treasurer Caroline Kraus, Secretary

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

Visit our web site at www.GSAMFUNDS.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).

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

Fund holdings and allocations shown are as of June 30, 2014 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.

References to indices, benchmarks or other measures of relative market performance over a specified period of time are provided for your information only and do not imply that the portfolio will achieve similar results. The index composition may not reflect the manner in which a portfolio is constructed. While an adviser seeks to design a portfolio which reflects appropriate risk and return features, portfolio characteristics may deviate from those of the benchmark.

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 Institution 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:		September 3, 2014

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:		September 3, 2014

By:		/s/ Scott McHugh


		Scott McHugh
		Principal Financial Officer
		Goldman Sachs Trust

Date:		September 3, 2014

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