Certified Semi-annual Shareholder Report for Management Investment Companies (n-csrs)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive,

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)


Copies to:
Caroline Kraus		Geoffrey R.T. Kenyon, Esq.
Goldman, Sachs & Co.		Dechert LLP
200 West Street		100 Oliver Street
New York, New York 10282		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, 2013

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Stockholders is filed herewith.

Goldman Sachs Funds

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Semi-Annual Report				June 30, 2013

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

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Goldman Sachs Structured Tax-Advantaged Equity Funds

U.S. EQUITY DIVIDEND AND PREMIUM

INTERNATIONAL EQUITY DIVIDEND AND PREMIUM

STRUCTURED TAX-MANAGED EQUITY

STRUCTURED INTERNATIONAL TAX-MANAGED EQUITY


TABLE OF CONTENTS

Principal Investment Strategies and Risks			1

Market Review			3

Investment Process — Equity Dividend and Premium Funds			6

Portfolio Management Discussions and Performance Summaries — Equity Dividend and Premium Funds			7

Investment Process — Global Structured Tax-Managed			17

Portfolio Management Discussions and Performance Summaries — Structured Tax-Managed Funds			18

Schedules of Investments			28

Financial Statements			48

Financial Highlights			52

Notes to the Financial Statements			60

Other Information			80



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Principal Investment Strategies and Risks

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

The Goldman Sachs U.S. Equity Dividend and Premium Fund invests primarily in dividend-paying equity investments in large-capitalization U.S. equity issuers. The Fund is subject to market risk , which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular 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 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 STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

The Goldman Sachs Structured International Tax-Managed Equity Fund invests primarily in international equity securities. The Fund is subject to market risk , which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular 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 Structured Tax-Advantaged Equity Funds

Market Review

The U.S. and international equity markets generated positive returns during the six months ended June 30, 2013 (the “Reporting Period”).

U.S. Equity Markets

U.S. equities, as represented by the S&P ^® 500 Index, extended their rally from 2012 with a strong first quarter in 2013. Indeed, the S&P ^® 500 Index finished the first quarter of 2013 with significant gains, making a five-year high during these months. The Dow Jones Industrial Average also hit a new record high during the first calendar quarter.

Despite the overhang of automatic spending cuts, or sequestration, that went into effect in March 2013, U.S. equity markets reflected a variety of improving economic indicators. Strong momentum in the housing market continued, as the Case-Shiller Index of house prices rose 8.1% in January 2013, year-over-year the fastest pace since mid-2006. The employment picture also improved, with the unemployment rate dropping to 7.7%. Strong retail sales suggested consumers may have been feeling the effects of better housing and labor market conditions.

After a strong start to the second quarter of 2013, bullish sentiment began to fade, and the U.S. equity rally halted in mid-May 2013 when Federal Reserve (“Fed”) Chair Bernanke announced the potential “tapering” of the pace of quantitative easing asset purchases. U.S. equity markets reacted negatively again in June to news the slowing of the asset purchase program could begin later this year, with the program ending by the middle of 2014 if the economy grows as expected. U.S. equity markets calmed toward the end of the month as a downward revision of first quarter Gross Domestic Product (“GDP”) from 2.4% to 1.8% supported reassurance from the Fed that it would only begin reducing asset purchases if the economy was clearly on track. Still, the S&P ^® 500 Index declined modestly in June 2013, ending seven consecutive months of gains and muting returns for the quarter as a whole. Even with that, both the S&P ^® 500 Index and the Dow Jones Industrial Average made fresh record highs, fueled by the continued strong rebound in house prices during the second calendar quarter, and returns for the Reporting Period overall were still significantly up.

For the Reporting Period as a whole, all ten sectors within the S&P ^® 500 Index posted gains. Health care did best, followed closely by consumer discretionary and financials. Conversely, materials performed worst, as commodity prices were volatile in part due to a slowing Chinese economy. Information technology, utilities, telecommunication services and energy were also comparatively weak, though still producing positive returns.

All segments of the U.S. equity market advanced during the Reporting Period, with small-cap stocks, as measured by the Russell 2000 ^® Index gaining most, followed by mid-cap stocks and then large-cap stocks, as measured by the Russell Midcap ^® Index and the Russell 1000 ^® Index, respectively. From a style perspective, value-oriented stocks solidly outpaced growth-oriented stocks in the large-cap and mid-cap segments of the U.S. equity market; however, growth stocks substantially outperformed value stocks in the small-cap segment of the U.S. equity market. (All as measured by the Russell Investments indices.)

MARKET REVIEW

International Equity Markets

European equity markets managed gains during the Reporting Period, despite a banking crisis in Cyprus and further economic contraction in the Eurozone. Strong performance by the Japanese equity market dominated returns for the Reporting Period but was partially offset by weaker returns for the Asia ex-Japan region, where such returns were exaggerated by depreciating currencies. The yen weakened to its lowest level against the U.S. dollar since mid-2009 on expectations the new head of the Bank of Japan will aggressively pursue a 2% inflation target. Japanese equities hit a five-year high during May 2013 before taking a sharp turn down with a number of other global equity markets.

In mid-May 2013, Fed Chair Bernanke announced the potential “tapering” of the pace of quantitative easing asset purchases, which led to a virtual halt in the broad global equity market rally. International equity markets reacted negatively again in June 2013 to news the slowing of the asset purchase program could begin later this year, with the program ending by the middle of 2014 if the economy grows as expected.

In China, a sharp spike in interbank lending rates in June 2013 further pressured global equity markets. Concerns that tighter monetary conditions would exacerbate an already slowing Chinese economy weakened commodity prices.

Largely as a result of concerns about slowing demand from China and its impact on commodities, the materials and energy sectors were the only sectors in the MSCI EAFE Index to post negative returns during the Reporting Period as a whole. The consumer discretionary and health care sectors posted the best performance.

Looking Ahead

In the months ahead, we expect less expensive stocks to outpace more expensive stocks. We also believe that stocks with good momentum are 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. Our research agenda is robust, and we continue to enhance our existing models, add new proprietary forecasting signals and improve our trading execution as we seek to provide the most value to our shareholders.

MARKET REVIEW

Changes to Quantitative Investment Strategies Team

After 33 years of distinguished service, Don Mulvihill, CIO of Customized Beta Strategies within the Quantitative Investment Strategies (“QIS”) team, decided to retire from the firm at the end of June 2013. Gary Chropuvka assumed Mr. Mulvihill’s role as Head of the Customized Beta Strategies business, overseeing the team’s tax-efficient, rules-based and customized beta investment strategies. Mr. Chropuvka brings extensive experience having joined QIS in 1999 with Mr. Mulvihill to manage the team’s tax-efficient investment strategies. All of Mr. Mulvihill’s direct investment responsibilities were performed within a co-lead or team leadership structure and follow processes that provide continuity in day-to-day investment decision-making in each portfolio.

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.

¹ Dividends

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

PORTFOLIO RESULTS

U.S. Equity Dividend and Premium Fund

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs U.S. Equity Dividend and Premium Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2013 (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 11.06%, 10.58%, 11.30% and 11.21%, respectively. These returns compare to the 13.82% cumulative total return of the Fund’s benchmark, the Standard & Poor’s ^® 500 Index (with dividends reinvested) (the “S&P 500 Index”), during the same period. The Barclays U.S. Aggregate Bond Index returned -2.44%. 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.)

Security selection overall contributed positively to the Fund’s relative performance. The Fund benefited from its stock selection in the information technology, industrials, financials, consumer staples and energy sectors. Stock picks in the health care, telecommunication services, materials, utilities and consumer discretionary sectors dampened relative results.

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.

We seek to generate a 4% annual return through the premiums received through the Fund’s call writing. In our efforts to accomplish this, we write call options covering up to 40% of the total value of the Fund’s stock portfolio.

Overall, call option writing tends to reduce volatility. Since its inception, the realized daily volatility of the Fund has been 20.97% compared to the realized volatility of the S&P 500 Index of 22.40%. During the Reporting Period, the realized daily volatility of the Fund was 12.12% compared to the realized volatility of the S&P 500 Index of 12.37%.

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 3.03% compared to 2.18% for the S&P 500 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 S&P 500 Index, the Fund benefited from overweighted positions in aerospace company Lockheed Martin, technology firm Hewlett-Packard and financial services company Prudential Financial.

PORTFOLIO RESULTS

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

Relative to the S&P 500 Index, the Fund’s returns were hurt by overweighted positions in mining company Southern Copper, pharmaceutical maker Pfizer and integrated communications company CenturyLink.

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 call 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, 2013

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PERFORMANCE REVIEW
January 1, 2013– June 30, 2013	Fund Total Return (based on NAV) ¹			S&P 500 Index ²			Barclays U.S. Aggregate Bond Index ³
Class A		11.06	%		13.82	%		-2.44	%
Class C		10.58			13.82			-2.44
Institutional		11.30			13.82			-2.44
Class IR		11.21			13.82			-2.44

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 RETURNS ⁴
For the period ended 6/30/13	One Year			Five Years			Since Inception			Inception Date
Class A		8.60	%		5.35	%		4.47	%	8/31/05
Class C		13.11			5.74			4.42		8/31/05
Institutional		15.45			6.96			5.64		8/31/05
Class IR		15.27			N/A			15.89		8/31/10

⁴

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.goldmansachsfunds. com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

FUND BASICS


EXPENSE RATIOS ⁵
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.20	%		1.22	%
Class C		1.95			1.97
Institutional		0.80			0.82
Class IR		0.95			0.97

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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, 2014, and prior to such date the Investment Adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.


STANDARDIZED AFTER-TAX PERFORMANCE AS OF 6/30/13 ⁶
Class A Shares	One Year			Five Years	Since Inception (8/31/05)
Returns before taxes*		8.60	%	5.35%	4.47%
Returns after taxes on distributions**		6.89		4.68	3.72
Returns after taxes on distributions*** and sale of Fund shares		6.37		4.23	3.65

⁶

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 6/30/13 ⁷
Holding	% of Net Assets			Line of Business
Apple, Inc.		3.0	%	Technology Hardware & Equipment
Microsoft Corp.		3.0		Software & Services
JPMorgan Chase & Co.		2.4		Diversified Financials
Pfizer, Inc.		2.3		Pharmaceuticals, Biotechnology & Life Sciences
General Electric Co.		2.3		Capital Goods
The Procter & Gamble Co.		2.2		Household & Personal Products
Cisco Systems, Inc.		2.0		Technology Hardware & Equipment
Merck & Co., Inc.		2.0		Pharmaceuticals, Biotechnology & Life Sciences
Exxon Mobil Corp.		1.8		Energy
The Home Depot, Inc.		1.7		Retailing

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS ⁸

As of June 30, 2013

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⁸

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

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, 2013 (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 0.47%, 0.00%, 0.68% and 0.61%, respectively. These returns compare to the 4.10% cumulative total return of the Fund’s benchmark, the MSCI EAFE Index (net, unhedged, with dividends reinvested). The Barclays Global Aggregate Bond Index returned -4.83%. 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?

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.)

Security selection also hampered the Fund’s relative performance. Our stock picks in the consumer staples, industrials, utilities, telecommunication services and consumer discretionary sectors dampened returns versus the MSCI EAFE Index. Stock picks in the energy, materials, information technology, financials and health care sectors added to relative results.

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 tends to reduce volatility. Since its inception, the realized daily volatility of the Fund has been 23.11% compared to the realized volatility of the MSCI EAFE Index of 24.20%. During the Reporting Period, realized daily volatility of the Fund was 13.33% compared to the realized volatility of the MSCI EAFE Index of 13.80%.

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 4.66% compared to 3.48% for the MSCI EAFE Index. The Fund’s dividend yield served to enhance its quarterly net income distributions.

PORTFOLIO RESULTS

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

Fund performance was hampered by overweighted positions relative to the MSCI EAFE Index in Rio Tinto, a British-Australian metals and mining company; RWE, a German electric, gas and water utility; and Banco Santander, a Spanish bank holding company.

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

Relative to the MSCI EAFE Index, the Fund benefited from overweighted positions in National Australia Bank, an international banking group based in Australia; Lonza Group, a Swiss chemicals and biotechnology company; and Mizuho Financial Group, a Japanese bank holding company.

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, 2013

LOGO


PERFORMANCE REVIEW
January 1, 2013– June 30, 2013	Fund Total Return (based on Nav) ¹			MSCI EAFE (Net) Index (unhedged) ²			Barclays Global Aggregate Bond Index ³
Class A		0.47	%		4.10	%		-4.83	%
Class C		0.00			4.10			-4.83
Institutional		0.68			4.10			-4.83
Class IR		0.61			4.10			-4.83

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 RETURNS ⁴
For the period ended 6/30/13	One Year			Five Years	Since Inception			Inception Date
Class A		7.61	%	-2.09%		-3.05	%	1/31/08
Class C		12.12		-1.97		-2.99		1/31/08
Institutional		14.49		-0.86		-1.87		1/31/08
Class IR		14.19		NA		5.95		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.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

FUND BASICS


EXPENSE RATIOS ⁵
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.37	%		1.37	%
Class C		2.11			2.11
Institutional		0.95			0.95
Class IR		1.10			1.10

⁵


STANDARDIZED AFTER-TAX PERFORMANCE AS OF 6/30/13 ⁶
Class A Shares	One Year			Five Years			Since Inception (1/31/08)
Returns before taxes*		7.61	%		-2.09	%	-3.05%
Returns after taxes on distributions**		6.78			-2.54		-3.50
Returns after taxes on distributions*** and sale of Fund shares		4.95			-1.23		-1.91

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 6/30/13 ⁷
Company	% of Net Assets		Line of Business
HSBC Holdings PLC		2.8	Banks
BP PLC ADR		2.7	Energy
Nestle SA (Registered)		2.5	Food, Beverage & Tobacco
Total SA		2.4	Energy
Roche Holding AG		2.3	Pharmaceuticals, Biotechnology & Life Sciences
Banco Santander SA		2.1	Banks
AstraZeneca PLC		1.6	Pharmaceuticals, Biotechnology & Life Sciences
Commonwealth Bank of		1.5	Banks
Australia
Rio Tinto PLC		1.4	Materials
Swedbank AB Class A		1.3	Banks

⁷

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS ⁸

As of June 30, 2013

LOGO

⁸

INVESTMENT PROCESS

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

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

Goldman Sachs Global Structured Tax-Management Investment Process

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

LOGO

Comprehensive

Rigorous

Objective

Extensive

Fundamental

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

Structured Tax-Managed Equity Fund

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Structured Tax-Managed Equity Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2013 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, B, C, Institutional, Service and IR Shares generated cumulative total returns, without sales charges, of 15.11%, 14.66%, 14.61%, 15.35%, 15.11% and 15.24%, respectively. These returns compare to the 14.06% cumulative total return of the Fund’s benchmark, the Russell 3000 ^® Index (with dividends reinvested) (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 our quantitative model. Security selection also added to the Fund’s relative returns during the Reporting Period.

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

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

During the Reporting Period, three of our six investment themes — Momentum, Valuation and Sentiment — enhanced 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. The Valuation theme attempts to capture potential mispricings of securities, typically by comparing a measure of the company’s intrinsic value to its market value. Sentiment reflects selected investment views and decisions of individuals and financial intermediaries.

Management, Profitability and Quality detracted from relative results during the Reporting Period. Our Management theme assesses the characteristics, policies and strategic decisions of company management, while Profitability assesses whether a company is earning more than its cost of capital. Quality assesses both firm and management quality.

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.

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 security selection added to the Fund’s relative performance.

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

Stock picks in the consumer staples, industrials and health care sectors contributed positively to the Fund’s relative performance during the Reporting Period. The Fund benefited from overweighted positions in chicken producer Pilgrim’s Pride; real estate information marketplace Zillow;

PORTFOLIO RESULTS

and biotechnology company Vertex Pharmaceuticals. We adopted the overweight in Pilgrim’s Pride because of our positive view on Sentiment. The overweights in Zillow and Vertex Pharmaceuticals were the result of our positive views on Momentum and Profitability.

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

Security selection in the consumer discretionary, financials and telecommunication services sectors detracted from relative performance. The Fund was hurt by overweighted positions in Greenhill & Co., an investment banking services provider; Altisource Portfolio Solutions, a real estate and mortgage portfolio management provider; and American Tower, a real estate investment trust focused on wireless and broadcast communications infrastructure. We chose to overweight Greenhill & Co. and Altisource Portfolio Solutions because of our positive views of Momentum and Profitability. Our positive view on Valuation led us to overweight American Tower.

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?

We made no enhancements to our quantitative model in the first quarter of 2013. In the second calendar quarter, we implemented enhancements to our Valuation theme through the introduction of more industry-specific models, including a model tailored to the banking industry. We expect these industry-specific models to help us capture industry-specific dynamics and local knowledge while allowing us to maintain our systematic approach.

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

FUND BASICS

Structured Tax-Managed Equity Fund

as of June 30, 2013

LOGO


PERFORMANCE REVIEW
January 1, 2013–June 30, 2013	Fund Total Return (based on NAV) ¹			Russell 3000 Index ²
Class A		15.11	%		14.06	%
Class B		14.66			14.06
Class C		14.61			14.06
Institutional		15.35			14.06
Service		15.11			14.06
Class IR		15.24			14.06

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 RETURNS ³
For the period ended 6/30/13	One Year			Five Years	Ten Years	Since Inception	Inception Date
Class A		15.46	%	5.00%	6.69%	2.18%	4/3/00
Class B		16.27		5.04	6.62	2.14	4/3/00
Class C		20.21		5.39	6.49	1.84	4/3/00
Institutional		22.57		6.62	7.73	3.03	4/3/00
Service		22.10		6.09	7.19	2.52	4/3/00
Class IR		22.45		N/A	N/A	20.29	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).

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

FUND BASICS


EXPENSE RATIOS ⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.19	%		1.23	%
Class B		1.94			1.98
Class C		1.93			1.97
Institutional		0.78			0.82
Service		1.28			1.32
Class IR		0.93			0.97

⁴


STANDARDIZED AFTER-TAX PERFORMANCE AS OF 6/30/13 ⁵
Class A Shares	One Year			Five Years	Ten Years	Since Inception (4/3/00)
Returns before taxes*		15.46	%	5.00%	6.69%	2.18%
Returns after taxes on distributions**		15.27		4.85	6.58	2.10
Returns after taxes on distributions*** and sale of Fund shares		9.04		3.95	5.44	1.72

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 HOLDING S AS OF 6/30/13 ⁶
Holding	% of Net Assets			Line of Business
Exxon Mobil Corp.		2.9	%	Energy
Johnson & Johnson		2.2		Pharmaceuticals, Biotechnology & Life Sciences
AT&T, Inc.		2.1		Telecommunication Services
JPMorgan Chase & Co.		2.0		Diversified Financials
Pfizer, Inc.		2.0		Pharmaceuticals, Biotechnology & Life Sciences
International Business Machines Corp.		1.9		Software & Services
Google, Inc. Class A		1.9		Software & Services
Apple, Inc.		1.9		Technology Hardware & Equipment
Berkshire Hathaway, Inc. Class B		1.6		Insurance
Merck & Co., Inc.		1.5		Pharmaceuticals, Biotechnology & Life Sciences

⁶

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS ⁷

As of June 30, 2013

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 5.2% of the Fund’s net assets at June 30, 2013. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

PORTFOLIO RESULTS

Structured International Tax-Managed Equity Fund

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Goldman Sachs Structured International Tax-Managed Equity Fund’s (the “Fund”) performance and positioning for the six-month period ended June 30, 2013 (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, 4.46%, 4.11%, 4.61% and 4.44%, respectively. These returns compare to the 4.10% cumulative total return of the Fund’s benchmark, the MSCI EAFE Index (net, unhedged, with dividends reinvested) (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, the Fund outperformed the Index, largely as a result of our quantitative model. Security selection also added to Fund’s relative returns during the Reporting Period.

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

During the Reporting Period, four of our six investment themes — Momentum, Sentiment, Valuation and Quality — 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 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 assesses both firm and management quality.

The Management theme, which assesses the characteristics, policies and strategic decisions of company management, detracted from the Fund’s relative results during the Reporting Period. Profitability had a relatively neutral impact on Fund returns. Profitability assesses whether a company is earning more than its cost of capital.

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 relative returns.

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

Security selection in the financials, industrials and materials sectors contributed most positively to relative results. The Fund benefited from overweighted positions in London- headquartered easyJet Airline Company; Spanish transaction processor for the global travel and tourism industry Amadeus IT Group; and Dutch multinational banking and financial services corporation ING Groep. We chose to overweight easyJet Airline Company because of our positive views

PORTFOLIO RESULTS

on Momentum and Sentiment. The Fund’s overweight in Amadeus IT Group was the result of our positive views on Profitability and Momentum. We adopted the overweight in ING Groep as a result of our positive views on Momentum and Valuation.

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

Stock picks in the energy and utilities sectors detracted most from relative performance. The Fund was hampered by overweighted positions in Deutsche Bank, a German global banking and financial services firm; Petrofac, a U.K.-based provider of facilities services to the oil, gas and energy production and processing industries; and Enel, an Italian power company. The Fund was overweight Deutsche Bank because of our positive views on Valuation and Momentum, while we assumed the overweight in Petrofac because of our positive views on Momentum and Management. The overweight in Enel was the result of our positive views on Valuation 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 2013. In the second calendar quarter, we implemented enhancements to our investment themes across multiple regions. We extended our Momentum theme in Canada and the Far East by better accounting for annual cyclicality. In Japan, we improved our measure of Sentiment by identifying investment trends through natural language processing. In Europe, we implemented enhancements to our Quality theme that were previously introduced in other regions, including measures of solvency, earnings quality and capital investment. Across all regions, we expanded the Sentiment theme by incorporating elements of behavioral economics and prospect theory that should help us identify structural misvaluations within equities.

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 consumer discretionary, health care, financials and information technology sectors. It was underweight utilities, telecommunication services, materials, industrials and energy. The Fund was relatively neutrally weighted compared to the Index in the consumer staples 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, Norway, Japan, Italy and Spain. Compared to the Index, it was underweight the U.K., Germany, Switzerland, Australia, Sweden, Finland, the Netherlands, Ireland, Austria and Denmark. The Fund was relatively neutrally weighted compared to the Index in Portugal, Hong Kong, New Zealand, Singapore, Israel, Greece and Belgium at the end of the Reporting Period.

FUND BASICS

Structured International Tax-Managed Equity Fund

as of June 30, 2013

LOGO


PERFORMANCE REVIEW
January 1, 2013–June 30, 2013	Fund Total Return (based on NAV) ¹			MSCI EAFE (Net) Index (unhedged) ²
Class A		4.46	%		4.10	%
Class C		4.11			4.10
Institutional		4.61			4.10
Class IR		4.44			4.10

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 RETURNS ³
For the period ended 6/30/13	One Year			Five Years	Since Inception	Inception Date
Class A		12.55	%	-2.90%	-3.08%	1/31/08
Class C		17.33		-2.54	-2.79	1/31/08
Institutional		19.60		-1.42	-1.68	1/31/08
Class IR		19.36		NA	8.58	8/31/10

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

FUND BASICS


EXPENSE RATIOS ⁴
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.40	%		1.59	%
Class C		2.11			2.30
Institutional		0.98			1.17
Class IR		1.17			1.36

⁴


STANDARDIZED AFTER-TAX PERFORMANCE AS OF 6/30/13 ⁵
Class A Shares	One Year			Five Years	Since Inception (1/31/08)
Returns before taxes*		12.55	%	-2.90%	-3.08%
Returns after taxes on distributions**		12.13		-3.16	-3.31
Returns after taxes on distributions*** and sale of Fund shares		7.75		-2.00	-2.14

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 6/30/13 ⁶
Holding	% of Total Net Assets			Line of Business
Sanofi		2.0	%	Pharmaceuticals, Biotechnology & Life Sciences
GlaxoSmithKline PLC ADR		1.8		Pharmaceuticals, Biotechnology & Life Sciences
Amadeus IT Holding SA Class A		1.7		Software & Services
Legrand SA		1.7		Capital Goods
British American Tobacco PLC		1.6		Food, Beverage & Tobacco
BASF SE		1.5		Materials
SES SA FDR		1.5		Media
Nordea Bank AB		1.5		Banks
Compagnie Generale des		1.4		Automobiles & Components
Etablissements Michelin Class B
HSBC Holdings PLC		1.4		Banks

⁶

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

FUND VS. BENCHMARK SECTOR ALLOCATIONS ⁷

As of June 30, 2013

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 0.1% of the Fund’s net assets at June 30, 2013. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

GOLDMAN SACHS U.S. EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments

June 30, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – 98.2%
	Automobiles & Components – 2.0%
	1,164,600	Ford Motor Co.	$	18,016,362
	199,800	Johnson Controls, Inc.		7,150,842

				25,167,204

	Banks – 3.8%
	264,301	First Niagara Financial Group, Inc.		2,661,512
	136,200	Hudson City Bancorp, Inc.		1,247,592
	1,053,900	New York Community Bancorp, Inc.		14,754,600
	783,800	Valley National Bancorp		7,422,586
	516,300	Wells Fargo & Co. ^(a)		21,307,701

				47,393,991

	Capital Goods – 7.6%
	67,300	3M Co.		7,359,255
	118,300	Caterpillar, Inc.		9,758,567
	37,300	Deere & Co.		3,030,625
	118,100	Eaton Corp. PLC		7,772,161
	231,200	Emerson Electric Co.		12,609,648
	7,700	GATX Corp.		365,211
	1,231,150	General Electric Co. ^(b)		28,550,369
	34,700	Honeywell International, Inc.		2,753,098
	6,000	Hubbell, Inc. Class B		594,000
	158,500	Lockheed Martin Corp.		17,190,910
	53,000	The Boeing Co. ^(a)		5,429,320

				95,413,164

	Commercial & Professional Services – 1.4%
	16,000	Manpowergroup, Inc.		876,800
	541,200	Pitney Bowes, Inc.		7,944,816
	663,800	R.R. Donnelley & Sons Co.		9,299,838

				18,121,454

	Consumer Durables & Apparel – 0.5%
	48,400	Garmin Ltd.		1,750,144
	33,600	NIKE, Inc. Class B		2,139,648
	110,300	PulteGroup, Inc.*		2,092,391

				5,982,183

	Consumer Services – 3.2%
	185,100	Carnival Corp.		6,347,079
	166,600	Las Vegas Sands Corp.		8,818,138
	68,300	McDonald’s Corp.		6,761,700
	127,300	Starwood Hotels & Resorts Worldwide, Inc.		8,044,087
	78,000	Wynn Resorts Ltd.		9,984,000

				39,955,004

	Diversified Financials – 6.1%
	89,300	Ameriprise Financial, Inc.		7,222,584
	972,581	Bank of America Corp.		12,507,392
	59,700	BlackRock, Inc.		15,333,945
	40,400	Capital One Financial Corp.		2,537,524
	215,000	Federated Investors, Inc. Class B		5,893,150


	Common Stocks – (continued)
	Diversified Financials – (continued)
	570,800	JPMorgan Chase & Co.	$	30,132,532
	116,700	The Bank of New York Mellon Corp.		3,273,435

				76,900,562

	Energy – 10.7%
	171,700	Chevron Corp. ^(b)		20,318,978
	316,400	ConocoPhillips		19,142,200
	251,500	Exxon Mobil Corp. ^(a)		22,723,025
	26,900	Golar LNG Ltd.		857,841
	390,600	Kinder Morgan, Inc.		14,901,390
	162,600	Occidental Petroleum Corp.		14,508,798
	175,600	Schlumberger Ltd.		12,583,496
	443,200	Spectra Energy Corp.		15,272,672
	444,300	The Williams Companies, Inc.		14,426,421

				134,734,821

	Food & Staples Retailing – 2.1%
	82,200	Costco Wholesale Corp. ^(a)		9,088,854
	181,500	CVS Caremark Corp.		10,378,170
	87,700	Wal-Mart Stores, Inc.		6,532,773

				25,999,797

	Food, Beverage & Tobacco – 4.9%
	533,800	Altria Group, Inc.		18,677,662
	27,500	Hillshire Brands Co.		909,700
	179,400	Kellogg Co.		11,522,862
	241,800	Kraft Foods Group, Inc.		13,509,366
	141,400	PepsiCo, Inc.		11,565,106
	35,300	Philip Morris International, Inc.		3,057,686
	53,700	The Coca-Cola Co. ^(a)		2,153,907

				61,396,289

	Health Care Equipment & Services – 3.1%
	202,500	Baxter International, Inc.		14,027,175
	104,900	HCA Holdings, Inc.		3,782,694
	279,100	Medtronic, Inc.		14,365,277
	7,900	Omnicare, Inc.		376,909
	6,500	Teleflex, Inc.		503,685
	92,300	UnitedHealth Group, Inc.		6,043,804

				39,099,544

	Household & Personal Products – 2.6%
	29,800	Church & Dwight Co., Inc.		1,838,958
	32,600	Kimberly-Clark Corp.		3,166,764
	357,700	The Procter & Gamble Co. ^(a)		27,539,323

				32,545,045

	Insurance – 4.7%
	118,400	Aflac, Inc. ^(a)		6,881,408
	168,000	Mercury General Corp.		7,385,280
	304,400	MetLife, Inc.		13,929,344
	971,600	Old Republic International Corp. ^(a)		12,504,492


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)
	Insurance – (continued)
	202,900	Prudential Financial, Inc.	$	14,817,787
	59,200	StanCorp Financial Group, Inc.		2,925,072

				58,443,383

	Materials – 4.0%
	536,600	Freeport-McMoRan Copper & Gold, Inc.		14,815,526
	80,800	International Paper Co.		3,580,248
	106,400	LyondellBasell Industries NV Class A		7,050,064
	43,800	Newmont Mining Corp.		1,311,810
	12,300	Packaging Corp. of America		602,208
	255,957	Southern Copper Corp.		7,069,532
	496,700	The Dow Chemical Co.		15,978,839

				50,408,227

	Media – 2.3%
	390,200	Cablevision Systems Corp. Class A		6,563,164
	216,700	Comcast Corp. Class A		9,075,396
	32,600	DISH Network Corp. Class A		1,386,152
	215,300	Thomson Reuters Corp.		7,012,321
	95,300	Time Warner, Inc.		5,510,246

				29,547,279

	Pharmaceuticals, Biotechnology & Life Sciences – 8.5%
	218,200	AbbVie, Inc.		9,020,388
	49,500	Agilent Technologies, Inc.		2,116,620
	63,400	Amgen, Inc.		6,255,044
	339,700	Eli Lilly & Co.		16,686,064
	154,200	Gilead Sciences, Inc.*		7,896,582
	114,400	Johnson & Johnson		9,822,384
	538,250	Merck & Co., Inc.		25,001,713
	1,032,500	Pfizer, Inc. ^(a)		28,920,325
	3,700	Regeneron Pharmaceuticals, Inc.*		832,056

				106,551,176

	Real Estate Investment Trust – 1.5%
	77,701	Duke Realty Corp.		1,211,364
	16,600	Extra Space Storage, Inc.		696,038
	142,101	Prologis, Inc.		5,360,029
	57,101	Ventas, Inc.		3,966,227
	33,100	Vornado Realty Trust		2,742,335
	152,800	Weyerhaeuser Co.		4,353,272

				18,329,265

	Retailing – 3.3%
	56,200	L Brands, Inc.		2,767,850
	144,000	Lowe’s Companies, Inc.		5,889,600
	138,500	Macy’s, Inc.		6,648,000
	27,300	Target Corp.		1,879,878
	55,700	The Gap, Inc.		2,324,361
	275,600	The Home Depot, Inc.		21,350,732

				40,860,421


	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – 3.4%
	162,900	Analog Devices, Inc.	$	7,340,274
	484,200	Applied Materials, Inc.		7,219,422
	802,700	Intel Corp.		19,441,394
	111,500	Maxim Integrated Products, Inc.		3,097,470
	134,700	Microchip Technology, Inc.		5,017,575

				42,116,135

	Software & Services – 7.0%
	160,000	Accenture PLC Class A		11,513,600
	149,800	Automatic Data Processing, Inc.		10,315,228
	318,100	CA, Inc.		9,107,203
	80,700	Compuware Corp.		835,245
	84,100	eBay, Inc.*		4,349,652
	7,500	Google, Inc. Class A*		6,602,775
	32,700	International Business Machines Corp.		6,249,297
	26,100	Lender Processing Services, Inc.		844,335
	1,095,150	Microsoft Corp. ^(a)(b)		37,815,529
	10,100	NetSuite, Inc.*		926,574

				88,559,438

	Technology Hardware & Equipment – 6.4%
	96,500	Apple, Inc. ^(a)(b)		38,221,720
	1,035,700	Cisco Systems, Inc.		25,177,867
	53,900	Diebold, Inc.		1,815,891
	409,200	Hewlett-Packard Co.		10,148,160
	39,300	Lexmark International, Inc. Class A		1,201,401
	169,700	Molex, Inc. Class A		4,218,742

				80,783,781

	Telecommunication Services – 3.9%
	598,428	AT&T, Inc. ^(a)(b)		21,184,351
	412,200	CenturyLink, Inc.		14,571,270
	1,530,101	Frontier Communications Corp.		6,196,909
	845,400	Windstream Corp.		6,518,034

				48,470,564

	Transportation – 1.0%
	10,500	Con-way, Inc.		409,080
	167,800	CSX Corp.		3,891,282
	5,300	J.B. Hunt Transport Services, Inc.		382,872
	43,900	Union Pacific Corp.		6,772,892
	20,300	United Parcel Service, Inc. Class B		1,755,544

				13,211,670

	Utilities – 4.2%
	75,600	Ameren Corp.		2,603,664
	50,300	Dominion Resources, Inc.		2,858,046
	224,700	Duke Energy Corp.		15,167,250
	44,100	Entergy Corp.		3,072,888
	198,900	Exelon Corp.		6,142,032
	322,000	FirstEnergy Corp.		12,023,480


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, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Utilities – (continued)
	459,900	TECO Energy, Inc.	$	7,905,681
	79,500	The Southern Co.		3,508,335

				53,281,376

	TOTAL INVESTMENTS – 98.2%
	(Cost $1,170,796,645)		$	1,233,271,773

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.8%			22,286,471

	NET ASSETS – 100.0%		$	1,255,558,244


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.

ADDITIONAL INVESTMENT INFORMATION

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


Type	Number of Contracts Long (Short)	Expiration Date	Current Value	Unrealized Gain (Loss)
S&P 500 E-mini Index	312	September 2013	$24,949,080	$	51,409

WRITTEN OPTIONS CONTRACTS — At June 30, 2013, the Fund had the following written options:


Call Options	Number of Contracts		Exercise Rate		Expiration Month	Value
S&P 500 Index		3,156	$	1,610	September 2013	$	(14,517,600	)
(Premiums Received $11,992,800)

For the six months ended June 30, 2013, the Fund had the following written options activity:


	Number of Contracts			Premiums Received
Contracts Outstanding December 31, 2012		3,101		$	8,772,729
Contracts written		6,441			21,273,930
Contracts bought to close		(6,386	)		(18,053,859	)
Contracts Outstanding June 30, 2013		3,156			$11,992,800


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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments

June 30, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – 96.5%
	Australia – 8.0%
	4,429	Australia & New Zealand Banking Group Ltd. (Banks)	$	114,952
	64,163	Bendigo and Adelaide Bank Ltd. (Banks)		588,362
	130,867	BHP Billiton Ltd. (Materials)		3,766,721
	88,939	Commonwealth Bank of Australia (Banks)		5,598,363
	460,363	Dexus Property Group (REIT)		448,946
	157,650	Federation Centres Ltd. (REIT)		341,678
	328,641	GPT Group (REIT)		1,153,964
	273,837	Iluka Resources Ltd. (Materials)		2,467,846
	1,131,767	Metcash Ltd. (Food & Staples Retailing)		3,630,710
	90,430	National Australia Bank Ltd. (Banks)		2,446,128
	92,559	Origin Energy Ltd. (Energy)		1,060,669
	6,016	Rio Tinto Ltd. (Materials)		288,136
	844,588	Tatts Group Ltd. (Consumer Services)		2,439,739
	184,405	Telstra Corp. Ltd. (Telecommunication Services)		804,449
	297,418	Toll Holdings Ltd. (Transportation)		1,439,468
	142,954	Westpac Banking Corp. (Banks)		3,753,241

				30,343,372

	Belgium – 1.7%
	45,353	Anheuser-Busch InBev NV (Food, Beverage & Tobacco) ^(a)		4,083,276
	49,812	Belgacom SA (Telecommunication Services)		1,115,297
	7,851	Delhaize Group SA (Food & Staples Retailing)		485,368
	13,433	Telenet Group Holding NV (Media)		616,523
	4,914	Umicore SA (Materials)		204,053

				6,504,517

	China – 0.3%
	33,000	AAC Technologies Holdings, Inc. (Technology Hardware & Equipment)		186,358
	1,635,000	Yangzijiang Shipbuilding Holdings Ltd. Class H (Capital Goods)		1,067,138

				1,253,496

	Denmark – 0.5%
	10,740	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)		1,669,667

	Finland – 1.8%
	29,669	Elisa Oyj (Telecommunication Services)		579,666
	4,556	Kesko Oyj Class B (Food & Staples Retailing)		126,562
	54,361	Metso Oyj (Capital Goods)		1,841,365
	632,069	Nokia Oyj (Technology Hardware & Equipment)*		2,356,315
	67,853	Orion Oyj Class B (Pharmaceuticals, Biotechnology & Life Sciences)		1,589,935


	Common Stocks – (continued)
	Finland – (continued)
	4,928	Pohjola Bank PLC Class A (Diversified Financials)	$	72,420

				6,566,263

	France – 8.5%
	4,925	Casino Guichard Perrachon SA (Food & Staples Retailing)		461,429
	38,286	CNP Assurances (Insurance)		549,712
	37,638	Compagnie de Saint-Gobain (Capital Goods)		1,525,094
	5,124	Essilor International SA (Health Care Equipment & Services)		545,900
	217,745	France Telecom SA (Telecommunication Services) ^(a)		2,061,916
	60,680	GDF Suez (Utilities)		1,190,228
	11,273	Imerys SA (Materials)		692,157
	9,504	Lafarge SA (Materials)		584,400
	13,410	L’Oreal SA (Household & Personal Products)		2,204,396
	11,045	LVMH Moet Hennessy Louis Vuitton SA (Consumer Durables & Apparel)		1,793,205
	12,785	Pernod-Ricard SA (Food, Beverage & Tobacco)		1,419,058
	11,133	Peugeot SA (Automobiles & Components)*		91,825
	30,201	Rexel SA (Capital Goods)		680,452
	13,851	Safran SA (Capital Goods)		723,111
	25,079	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)		2,592,682
	23,946	Schneider Electric SA (Capital Goods)		1,739,120
	12,440	Societe Generale SA (Banks)		428,129
	185,622	Total SA (Energy) ^(a)		9,066,373
	6,018	Unibail-Rodamco SE (REIT)		1,401,624
	113,132	Vivendi SA (Telecommunication Services) ^(a)		2,144,035

				31,894,846

	Germany – 7.2%
	23,821	BASF SE (Materials)		2,124,680
	13,518	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		1,439,270
	34,003	Bayerische Motoren Werke AG (Automobiles & Components)		2,967,655
	8,001	Daimler AG (Registered) (Automobiles & Components) ^(a)		483,012
	100,647	Deutsche Post AG (Registered) (Transportation)		2,497,862
	240,712	Deutsche Telekom AG (Registered) (Telecommunication Services)		2,804,429
	86,179	E.ON SE (Utilities)		1,412,359
	21,131	Hugo Boss AG (Consumer Durables & Apparel)		2,323,548
	50,230	K+S AG (Registered) (Materials)		1,856,357
	122,773	RWE AG (Utilities) ^(a)		3,913,762
	25,825	SAP AG (Software & Services)		1,885,820


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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

Schedule of Investments (continued)

June 30, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Germany – (continued)
	33,145	Siemens AG (Registered) (Capital Goods) ^(a)	$	3,356,381
	8,224	Suedzucker AG (Food, Beverage & Tobacco)		254,610

				27,319,745

	Hong Kong – 3.0%
	70,400	AIA Group Ltd. (Insurance)		296,595
	593,000	BOC Hong Kong Holdings Ltd. (Banks)		1,814,039
	119,000	Cathay Pacific Airways Ltd. (Transportation)		207,078
	30,000	Cheung Kong Infrastructure Holdings Ltd. (Utilities)		199,901
	75,000	Galaxy Entertainment Group Ltd. (Consumer Services)*		364,308
	112,000	Hang Lung Properties Ltd. (Real Estate)		387,949
	64,400	Hang Seng Bank Ltd. (Banks)		948,394
	154,000	Henderson Land Development Co. Ltd. (Real Estate)		914,587
	168,100	Hong Kong & China Gas Co. Ltd. (Utilities)		410,174
	47,200	Hong Kong Exchanges and Clearing Ltd. (Diversified Financials)		708,915
	24,500	Hopewell Holdings Ltd. (Capital Goods)		81,314
	27,000	Hysan Development Co. Ltd. (Real Estate)		116,563
	36,500	Kerry Properties Ltd. (Real Estate)		142,293
	252,000	Li & Fung Ltd. (Consumer Durables & Apparel)		343,473
	58,000	MGM China Holdings Ltd. (Consumer Services)		153,912
	92,000	MTR Corp. Ltd. (Transportation)		338,083
	133,302	New World Development Co. Ltd. (Real Estate)		183,101
	10,620	Noble Group Ltd. (Capital Goods)		8,076
	23,500	Orient Overseas International Ltd. (Transportation)		150,531
	115,500	Power Assets Holdings Ltd. (Utilities)		994,224
	242,400	Sands China Ltd. (Consumer Services)		1,132,752
	155,261	Sino Land Co. Ltd. (Real Estate)		217,082
	58,200	Swire Properties Ltd. (Real Estate)		171,344
	112,000	Wharf Holdings Ltd. (Real Estate)		934,799

				11,219,487

	Israel – 0.6%
	178,535	Bezeq Israeli Telecommunication Corp. Ltd. (Telecommunication Services)		237,368
	46,143	Israel Chemicals Ltd. (Materials)		453,144
	1,851	Mellanox Technologies Ltd. (Semiconductors & Semiconductor Equipment)*		92,025


	Common Stocks – (continued)
	Israel – (continued)
	33,102	Teva Pharmaceutical Industries Ltd. ADR (Pharmaceuticals, Biotechnology & Life Sciences)	$	1,297,598

				2,080,135

	Italy – 2.6%
	223,832	Atlantia SpA (Transportation) ^(a)		3,650,758
	139,829	Enel SpA (Utilities)		438,779
	104,784	Eni SpA (Energy)		2,150,584
	79,711	Fiat SpA (Automobiles & Components)*		555,907
	517,201	Finmeccanica SpA (Capital Goods)* ^(a)		2,587,540
	5,731	Saipem SpA (Energy)		93,172
	538,083	Telecom Italia SpA (Telecommunication Services)		299,986

				9,776,726

	Japan – 21.9%
	8,600	AEON Financial Service Co. Ltd. (Diversified Financials)		243,616
	2,200	Aeon Mall Co. Ltd. (Real Estate)		54,578
	8,300	Aisin Seiki Co. Ltd. (Automobiles & Components)		316,914
	194,000	Asahi Glass Co. Ltd. (Capital Goods)		1,257,469
	10,700	Asics Corp. (Consumer Durables & Apparel)		168,628
	5,600	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		304,215
	7,800	Benesse Holdings, Inc. (Consumer Services)		281,400
	49,100	Bridgestone Corp. (Automobiles & Components)		1,674,321
	134,800	Canon, Inc. (Technology Hardware & Equipment)		4,417,839
	19,200	Casio Computer Co. Ltd. (Consumer Durables & Apparel)		169,195
	23,400	Chubu Electric Power Co., Inc. (Utilities)		331,461
	6,600	Coca-Cola West Co. Ltd. (Food, Beverage & Tobacco)		117,042
	7,800	Credit Saison Co. Ltd. (Diversified Financials)		195,991
	90,000	Dai Nippon Printing Co. Ltd. (Commercial & Professional Services)		821,230
	37,000	Daihatsu Motor Co. Ltd. (Automobiles & Components)		700,808
	64,700	Daiichi Sankyo Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,078,213
	1,500	Daito Trust Construction Co. Ltd. (Real Estate)		141,330
	111,000	Daiwa Securities Group, Inc. (Diversified Financials)		929,616
	26,900	Denso Corp. (Automobiles & Components)		1,264,655


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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND


Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	2,500	Dentsu, Inc. (Media)	$	86,459
	41,100	Eisai Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,674,996
	8,600	FANUC Corp. (Capital Goods)		1,244,651
	2,900	Fast Retailing Co. Ltd. (Retailing)		978,763
	24,000	Fuji Heavy Industries Ltd. (Automobiles & Components)		592,662
	48,000	Fujitsu Ltd. (Software & Services)		198,576
	61,000	Fukuoka Financial Group, Inc. (Banks)		259,443
	70,000	Furukawa Electric Co. Ltd. (Capital Goods)		161,943
	20,000	Hino Motors Ltd. (Capital Goods)		293,478
	54,000	Hitachi Ltd. (Technology Hardware & Equipment)		346,005
	73,000	Honda Motor Co. Ltd. (Automobiles & Components)		2,711,908
	63,200	Hoya Corp. (Technology Hardware & Equipment)		1,299,911
	32,400	Hulic Co. Ltd. (Real Estate)		347,599
	91,000	IHI Corp. (Capital Goods)		344,300
	37,000	Isuzu Motors Ltd. (Automobiles & Components)		252,930
	73,600	ITOCHU Corp. (Capital Goods)		849,687
	41,000	J. Front Retailing Co. Ltd. (Retailing)		326,961
	12,500	Japan Airlines Co. Ltd. (Transportation)		643,508
	2,700	Japan Exchange Group, Inc. (Diversified Financials)		272,719
	47,700	Japan Tobacco, Inc. (Food, Beverage & Tobacco)		1,683,693
	6,000	JGC Corp. (Capital Goods)		215,971
	156,600	JX Holdings, Inc. (Energy)		756,129
	18,500	Kao Corp. (Household & Personal Products)		629,768
	7,100	KDDI Corp. (Telecommunication Services)		369,722
	64,000	Kintetsu Corp. (Transportation)		281,347
	20,000	Kirin Holdings Co. Ltd. (Food, Beverage & Tobacco)		313,286
	63,600	Komatsu Ltd. (Capital Goods)		1,464,831
	10,000	Kubota Corp. (Capital Goods)		145,534
	43,400	Kyushu Electric Power Co., Inc. (Utilities)*		654,088
	1,700	Lawson, Inc. (Food & Staples Retailing)		129,754
	9,200	Makita Corp. (Capital Goods)		494,613
	20,000	Marubeni Corp. (Capital Goods)		133,667
	22,000	Marui Group Co. Ltd. (Retailing)		219,156
	8,500	Maruichi Steel Tube Ltd. (Materials)		217,191
	2,600	Miraca Holdings, Inc. (Health Care Equipment & Services)		119,478
	28,400	Mitsubishi Corp. (Capital Goods)		485,177
	78,000	Mitsubishi Electric Corp. (Capital Goods)		728,840


	Common Stocks – (continued)
	Japan – (continued)
	55,000	Mitsubishi Estate Co. Ltd. (Real Estate)	$	1,464,313
	50,000	Mitsubishi Heavy Industries Ltd. (Capital Goods)		277,978
	24,800	Mitsubishi UFJ Lease & Finance Co. Ltd. (Diversified Financials)		117,665
	128,300	Mitsui & Co. Ltd. (Capital Goods)		1,608,909
	41,000	Mitsui Fudosan Co. Ltd. (Real Estate)		1,205,402
	12,000	Murata Manufacturing Co. Ltd. (Technology Hardware & Equipment)		912,779
	7,600	Nabtesco Corp. (Capital Goods)		157,797
	39,000	NEC Corp. (Technology Hardware & Equipment)		85,404
	14,800	Nikon Corp. (Consumer Durables & Apparel)		345,304
	1,600	Nintendo Co. Ltd. (Software & Services)		188,748
	15	Nippon Building Fund, Inc. (REIT)		173,723
	14,000	Nippon Electric Glass Co. Ltd. (Technology Hardware & Equipment)		68,150
	367,500	Nippon Steel & Sumitomo Metal Corp. (Materials)		990,138
	368,000	Nippon Yusen Kabushiki Kaisha (Transportation)		973,681
	31,700	Nissan Motor Co. Ltd. (Automobiles & Components)		321,219
	9,000	Nisshin Seifun Group, Inc. (Food, Beverage & Tobacco)		107,846
	7,300	Nitto Denko Corp. (Materials)		469,591
	31,000	NKSJ Holdings, Inc. (Insurance)		736,704
	62,600	Nomura Holdings, Inc. (Diversified Financials)		460,784
	2,800	Nomura Real Estate Holdings, Inc. (Real Estate)		61,851
	81	Nomura Real Estate Office Fund, Inc. (REIT)		355,210
	1,772	NTT DoCoMo, Inc. (Telecommunication Services)		2,756,710
	149	NTT Urban Development Corp. (Real Estate)		182,883
	5,500	Olympus Corp. (Health Care Equipment & Services)*		167,196
	24,500	Oracle Corp. Japan (Software & Services)		1,014,768
	19,200	Rakuten, Inc. (Retailing)		227,078
	209,000	Resona Holdings, Inc. (Banks)		1,017,871
	29,000	Ricoh Co. Ltd. (Technology Hardware & Equipment)		345,029
	9,300	Rohm Co. Ltd. (Semiconductors & Semiconductor Equipment)		377,685
	45,200	Sankyo Co. Ltd. (Consumer Durables & Apparel)		2,135,856
	3,800	Sanrio Co. Ltd. (Retailing)		176,820
	13,200	Sega Sammy Holdings, Inc. (Consumer Durables & Apparel)		330,767


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, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	21,000	Sekisui Chemical Co. Ltd. (Consumer Durables & Apparel)	$	222,989
	104,000	Sekisui House Ltd. (Consumer Durables & Apparel)		1,502,643
	4,100	Seven & I Holdings Co. Ltd. (Food & Staples Retailing)		150,156
	133,900	Seven Bank Ltd. (Banks)		485,399
	7,400	Shin-Etsu Chemical Co. Ltd. (Materials)		489,771
	136,500	Shiseido Co. Ltd. (Household & Personal Products)		2,030,960
	16,700	Softbank Corp. (Telecommunication Services)		972,106
	645,000	Sumitomo Chemical Co. Ltd. (Materials)		2,023,028
	98,700	Sumitomo Corp. (Capital Goods)		1,230,157
	24,000	Sumitomo Metal Mining Co. Ltd. (Materials)		267,328
	74,600	Sumitomo Mitsui Financial Group, Inc. (Banks)		3,414,670
	377,000	Sumitomo Mitsui Trust Holdings, Inc. (Banks)		1,759,028
	35,000	Sumitomo Realty & Development Co. Ltd. (Real Estate)		1,394,893
	9,000	Sumitomo Rubber Industries Ltd. (Automobiles & Components)		146,917
	5,600	Sysmex Corp. (Health Care Equipment & Services)		366,445
	31,000	Taiheiyo Cement Corp. (Materials)		98,927
	7,500	Terumo Corp. (Health Care Equipment & Services)		373,185
	46,000	The Bank of Yokohama Ltd. (Banks)		237,298
	99,500	The Kansai Electric Power Co., Inc. (Utilities)*		1,361,987
	8,000	The Yokohama Rubber Co. Ltd. (Automobiles & Components)		80,419
	55,300	Tohoku Electric Power Co., Inc. (Utilities)*		690,471
	84,000	Tokyu Corp. (Transportation)		550,011
	50,000	Tokyu Land Corp. (Real Estate)		457,698
	18,000	TonenGeneral Sekiyu KK (Energy)		174,177
	51,000	Toppan Printing Co. Ltd. (Commercial & Professional Services)		353,793
	248,000	Toshiba Corp. (Capital Goods)		1,188,807
	2,200	Toyota Industries Corp. (Automobiles & Components)		90,058
	55,600	Toyota Motor Corp. (Automobiles & Components)		3,353,672
	3,600	Trend Micro, Inc. (Software & Services)		114,454
	4,720	USS Co. Ltd. (Retailing)		599,161
	4,300	West Japan Railway Co. (Transportation)		182,364


	Common Stocks – (continued)
	Japan – (continued)
	443	Yahoo Japan Corp. (Software & Services)	$	218,140

				82,794,236

	Luxembourg – 0.2%
	78,939	ArcelorMittal (Materials)		883,511

	Netherlands – 3.0%
	24,742	Akzo Nobel NV (Materials)		1,394,978
	65,371	Delta Lloyd NV (Insurance)		1,310,037
	14,640	Heineken NV (Food, Beverage & Tobacco)		931,860
	1,645	Koninklijke DSM NV (Materials)		107,189
	60,752	Koninklijke Philips NV (Capital Goods)		1,656,167
	110,354	Royal Dutch Shell PLC Class A (Energy) ^(a)		3,526,197
	69,498	Royal Dutch Shell PLC Class B (Energy)		2,301,701

				11,228,129

	New Zealand – 0.0%
	44,301	Telecom Corp. of New Zealand Ltd. (Telecommunication Services)		77,143

	Norway – 1.0%
	179,192	Gjensidige Forsikring ASA (Insurance)		2,639,886
	66,673	Orkla ASA (Food, Beverage & Tobacco)		545,886
	14,049	Yara International ASA (Materials)		560,261

				3,746,033

	Portugal – 0.0%
	24,156	Portugal Telecom, SGPS, SA (Registered) (Telecommunication Services)		93,977

	Singapore – 0.6%
	617,000	CapitaCommercial Trust (REIT)		711,774
	27,000	City Developments Ltd. (Real Estate)		227,143
	402,000	Genting Singapore PLC (Consumer Services)		416,851
	63,000	Global Logistic Properties Ltd. (Real Estate)		136,686
	235,000	Golden Agri-Resources Ltd. (Food, Beverage & Tobacco)		103,455
	16,000	Singapore Airlines Ltd. (Transportation)		127,711
	10,000	Singapore Exchange Ltd. (Diversified Financials)		55,464
	17,000	United Overseas Bank Ltd. (Banks)		265,474
	117,000	Wilmar International Ltd. (Food, Beverage & Tobacco)		289,369

				2,333,927


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)
	Spain – 3.3%
	10,081	ACS Actividades de Construccion y Servicios SA (Capital Goods)	$	266,685
	538,987	Banco Bilbao Vizcaya Argentaria SA (Banks)		4,529,574
	1,212,954	Banco Santander SA (Banks) ^(a)		7,761,994

				12,558,253

	Sweden – 4.1%
	50,617	Boliden AB (Materials)		627,413
	11,515	Elekta AB Class B (Health Care Equipment & Services)		175,144
	108,408	Hennes & Mauritz AB Class B (Retailing)		3,566,773
	348,031	Ratos AB Class B (Diversified Financials)		2,699,063
	27,556	Sandvik AB (Capital Goods)		329,110
	226,362	Securitas AB Class B (Commercial & Professional Services)		1,978,912
	17,964	SKF AB Class B (Capital Goods)		420,845
	207,530	Swedbank AB Class A (Banks)		4,753,382
	65,661	Telefonaktiebolaget LM Ericsson Class B (Technology Hardware & Equipment)		744,585
	21,273	Volvo AB Class B (Capital Goods)		283,877

				15,579,104

	Switzerland – 9.4%
	13,699	Compagnie Financiere Richemont SA Class A (Consumer Durables & Apparel)		1,211,743
	130,045	Credit Suisse Group AG (Registered) (Diversified Financials)*		3,442,822
	659	EMS-Chemie Holding AG (Registered) (Materials)		195,186
	458,460	Glencore Xstrata PLC (Materials)		1,897,787
	61,645	Lonza Group AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*		4,631,852
	141,180	Nestle SA (Registered) (Food, Beverage & Tobacco) ^(a)		9,264,288
	23,383	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences) ^(a)		1,656,231
	647	Partners Group Holding AG (Diversified Financials)		174,898
	34,969	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		8,679,213
	2,853	Syngenta AG (Registered) (Materials)		1,116,372
	12,566	Zurich Insurance Group AG (Insurance)*		3,257,222

				35,527,614


	Common Stocks – (continued)
	United Kingdom – 18.8%
	26,347	Anglo American PLC (Materials)	$	507,723
	46,156	ARM Holdings PLC (Semiconductors & Semiconductor Equipment)		558,353
	131,312	AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences)		6,208,281
	654,366	Aviva PLC (Insurance)		3,372,699
	34,415	BHP Billiton PLC (Materials)		877,508
	242,976	BP PLC ADR (Energy) ^(a)(b)		10,141,818
	17,507	British American Tobacco PLC (Food, Beverage & Tobacco)		897,927
	44,418	British Land Co. PLC (REIT)		382,643
	6,737	Burberry Group PLC (Consumer Durables & Apparel)		138,597
	128,885	Capita PLC (Commercial & Professional Services)		1,894,481
	115,718	Compass Group PLC (Consumer Services)		1,478,411
	47,423	Diageo PLC (Food, Beverage & Tobacco)		1,359,917
	253,718	G4S PLC (Commercial & Professional Services)		894,609
	20,965	GlaxoSmithKline PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences)		1,047,621
	1,027,973	HSBC Holdings PLC (Banks) ^(a)		10,641,730
	461,621	ICAP PLC (Diversified Financials)		2,548,768
	113,917	Imperial Tobacco Group PLC (Food, Beverage & Tobacco)		3,950,029
	63,146	Inmarsat PLC (Telecommunication Services)		646,681
	60,442	J Sainsbury PLC (Food & Staples Retailing)		326,680
	330,340	Melrose Industries PLC (Capital Goods)		1,252,073
	33,103	Pearson PLC (Media)		588,714
	100,924	Persimmon PLC (Consumer Durables & Apparel)*		1,811,676
	13,444	Reckitt Benckiser Group PLC (Household & Personal Products)		950,982
	5,912	Reed Elsevier PLC (Media)		67,169
	234,189	Resolution Ltd. (Insurance)		1,014,430
	126,892	Rio Tinto PLC (Materials) ^(a)		5,160,566
	304,988	RSA Insurance Group PLC (Insurance)		553,308
	9,279	SABMiller PLC (Food, Beverage & Tobacco)		444,909
	58,875	Segro PLC (REIT)		249,764
	74,213	SSE PLC (Utilities)		1,718,593
	86,475	Standard Chartered PLC (Banks)		1,877,406
	459,811	Tesco PLC (Food & Staples Retailing)		2,315,524
	51,694	Unilever PLC (Food, Beverage & Tobacco) ^(a)		2,092,686


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, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	United Kingdom – (continued)
	99,440	Vodafone Group PLC ADR (Telecommunication Services) ^(b)	$	2,857,906

				70,830,182

	TOTAL COMMON STOCKS
	(Cost $403,248,330)		$	364,280,363


	Preferred Stocks – 1.5%
	Germany – 1.5%
	39,079	Bayerische Motoren Werke AG Preference Shares (Automobiles & Components) ^(a)		2,668,961
	62,130	ProSiebenSat.1 Media AG Preference Shares (Media)*		2,664,774
	14,294	RWE AG Preference Shares (Utilities)		441,193

	TOTAL PREFERRED STOCKS
	(Cost $5,807,138)		$	5,774,928


Units		Description	Expiration Month		Value
	Right * – 0.0%
	Hong Kong – 0.0%
	1,666	New World Development Co. Ltd. (Real Estate)		12/49	$	—
	(Cost $0)

	TOTAL INVESTMENTS – 98.0% (Cost $409,055,468)				$	370,055,291

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.0%					7,595,709

	NET ASSETS – 100.0%				$	377,651,000


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
REIT	—	Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

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


Type	Number of Contracts Long (Short)		Expiration Date	Current Value		Unrealized Gain (Loss)
EURO STOXX 50 Index		125	September 2013	$	4,227,108	$	(136,716	)
FTSE 100 Index		21	September 2013		1,967,980		(47,707	)
TSE TOPIX Index		17	September 2013		1,938,596		110,392
TOTAL						$	(74,031	)

WRITTEN OPTIONS CONTRACTS — At June 30, 2013, the Fund had the following written options:


Call Options	Number of Contracts		Exercise Rate		Expiration Month	Value
EURO STOXX 50 Index		2,379	EUR	2,650	September 2013	$	(2,396,788	)
FTSE 100 Index		485	GBP	6,250	September 2013		(1,117,556	)
Nikkei-225 Stock Average		173	JPY	13,000	September 2013		(2,040,835	)
TOTAL (Premiums Received $4,548,045)				3,037		$	(5,555,179	)


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

GOLDMAN SACHS INTERNATIONAL EQUITY DIVIDEND AND PREMIUM FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

For the six months ended June 30, 2013, the Fund had the following written options activity:


	Number of Contracts			Premiums Received
Contracts Outstanding December 31, 2012		2,755		$	3,138,291
Contracts written		6,354			7,285,586
Contracts expired		(3,104	)		(1,912,811	)
Contracts bought to close		(2,968	)		(3,963,021	)
Contracts Outstanding June 30, 2013		3,037		$	4,548,045


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

GOLDMAN SACHS STRUCTURED TAX-MANAGED EQUITY FUND

Schedule of Investments

June 30, 2013 (Unaudited)


Shares		Description	Value
	Common Stocks – 96.0%
	Automobiles & Components – 0.8%
	29,340	BorgWarner, Inc.*	$	2,527,641
	16,019	General Motors Co.*		533,593
	10,940	Gentex Corp.		252,167

				3,313,401

	Banks – 3.8%
	32,755	Capitol Federal Financial, Inc.		397,646
	7,860	Hancock Holding Co.		236,350
	2,190	M&T Bank Corp.		244,733
	63,147	Ocwen Financial Corp.*		2,602,919
	166,400	Regions Financial Corp.		1,585,792
	64,124	The PNC Financial Services Group, Inc.		4,675,922
	15,761	U.S. Bancorp		569,760
	5,424	Walker & Dunlop, Inc.*		94,920
	116,732	Wells Fargo & Co.		4,817,530

				15,225,572

	Capital Goods – 9.0%
	8,748	AGCO Corp.		439,062
	31,608	Alliant Techsystems, Inc.		2,602,287
	2,060	Carlisle Companies, Inc.		128,359
	2,900	Danaher Corp.		183,570
	12,445	DigitalGlobe, Inc.*		385,919
	20,780	Donaldson Co., Inc.		741,015
	1,900	EnerSys, Inc.		93,176
	168,234	General Electric Co.		3,901,346
	9,481	Honeywell International, Inc.		752,223
	3,718	Hyster-Yale Materials Handling, Inc.		233,453
	62,899	Illinois Tool Works, Inc.		4,350,724
	1,627	L-3 Communications Holdings, Inc.		139,434
	29,272	Lockheed Martin Corp.		3,174,841
	8,660	Masco Corp.		168,783
	66,406	Raytheon Co.		4,390,765
	37,020	Spirit Aerosystems Holdings, Inc. Class A*		795,190
	9,040	SPX Corp.		650,699
	25,430	TAL International Group, Inc.* ^(a)		1,107,985
	23,061	Taser International, Inc.*		196,480
	55,021	The Boeing Co.		5,636,351
	6,527	Trex Co., Inc.*		309,967
	18,029	United Technologies Corp.		1,675,615
	26,059	WABCO Holdings, Inc.*		1,946,347
	23,184	Watsco, Inc.		1,946,529

				35,950,120

	Commercial & Professional Services – 0.5%
	2,261	Barrett Business Services, Inc.		118,047
	9,909	Kforce, Inc.		144,672
	17,718	Manpowergroup, Inc.		970,946
	65,378	Steelcase, Inc. Class A		953,211

				2,186,876

	Consumer Durables & Apparel – 1.2%
	3,573	Arctic Cat, Inc.		160,714
	24,689	Blyth, Inc. ^(a)		344,658

	Common Stocks – (continued)
	Consumer Durables & Apparel – (continued)
	8,345	Columbia Sportswear Co. ^(a)	$	522,814
	30,240	Garmin Ltd. ^(a)		1,093,478
	3,479	Harman International Industries, Inc.		188,562
	37,602	Hasbro, Inc.		1,685,698
	33,728	Hovnanian Enterprises, Inc. Class A* ^(a)		189,214
	32,101	PulteGroup, Inc.*		608,956
	440	Ralph Lauren Corp.		76,446

				4,870,540

	Consumer Services – 2.8%
	81,740	Apollo Group, Inc. Class A*		1,448,433
	9,538	Bally Technologies, Inc.*		538,134
	38,746	Boyd Gaming Corp.*		437,830
	11,820	Coinstar, Inc.* ^(a)		693,479
	6,048	Marriott International, Inc. Class A		244,158
	6,393	Multimedia Games Holding Co., Inc.*		166,665
	12,296	Papa John’s International, Inc.*		803,790
	17,760	Starbucks Corp.		1,163,102
	5,310	Wyndham Worldwide Corp.		303,891
	28,498	Wynn Resorts Ltd.		3,647,744
	24,978	Yum! Brands, Inc.		1,731,975

				11,179,201

	Diversified Financials – 5.9%
	12,435	Ameriprise Financial, Inc.		1,005,743
	25,706	Apollo Investment Corp.		198,964
	28,423	BGC Partners, Inc. Class A		167,412
	21,640	Capital One Financial Corp.		1,359,208
	14,027	Cash America International, Inc.		637,667
	14,465	CBOE Holdings, Inc.		674,648
	68,745	Citigroup, Inc.		3,297,698
	31,348	Cohen & Steers, Inc. ^(a)		1,065,205
	29,252	FXCM, Inc. Class A		480,025
	7,271	Greenhill & Co., Inc.		332,576
	5,706	Interactive Brokers Group, Inc. Class A		91,125
	8,745	Investment Technology Group, Inc.*		122,255
	28,440	Janus Capital Group, Inc.		242,024
	153,495	JPMorgan Chase & Co.		8,103,001
	13,021	Leucadia National Corp.		341,411
	9,720	LPL Financial Holdings, Inc.		367,027
	20,856	Morgan Stanley		509,512
	11,360	PHH Corp.*		231,517
	174,389	TD Ameritrade Holding Corp.		4,235,909
	8,807	WisdomTree Investments, Inc.*		101,897

				23,564,824

	Energy – 9.8%
	32,635	Alon USA Energy, Inc.		471,902
	47,903	Chevron Corp.		5,668,841
	70,833	ConocoPhillips		4,285,397
	11,910	CVR Energy, Inc.		564,534
	5,344	Delek US Holdings, Inc.		153,800
	6,150	Exterran Holdings, Inc.*		172,938
	127,465	Exxon Mobil Corp.		11,516,463
	40,501	Green Plains Renewable Energy, Inc.*		539,473


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

GOLDMAN SACHS STRUCTURED TAX-MANAGED EQUITY FUND


Shares		Description	Value
	Common Stocks – (continued)
	Energy – (continued)
	42,992	Hess Corp.	$	2,858,538
	44,514	Marathon Petroleum Corp.		3,163,165
	2,426	Occidental Petroleum Corp.		216,472
	76,241	Phillips 66		4,491,357
	44,040	Ultra Petroleum Corp.* ^(a)		872,873
	89,185	Valero Energy Corp.		3,100,962
	29,668	Western Refining, Inc.		832,781

				38,909,496

	Food & Staples Retailing – 1.1%
	1,972	Costco Wholesale Corp.		218,044
	48,060	CVS Caremark Corp.		2,748,071
	31,304	Safeway, Inc.		740,653
	11,362	The Pantry, Inc.*		138,389
	5,457	Wal-Mart Stores, Inc.		406,492

				4,251,649

	Food, Beverage & Tobacco – 3.9%
	67,825	Archer-Daniels-Midland Co.		2,299,946
	15,795	Fresh Del Monte Produce, Inc.		440,364
	22,257	Lancaster Colony Corp.		1,735,823
	9,880	Philip Morris International, Inc.		855,806
	298,329	Pilgrim’s Pride Corp.*		4,457,035
	58,253	Sanderson Farms, Inc.		3,869,164
	12,845	The Hershey Co.		1,146,802
	4,145	Tyson Foods, Inc. Class A		106,444
	12,346	Universal Corp.		714,216

				15,625,600

	Health Care Equipment & Services – 3.0%
	122,705	Abbott Laboratories		4,279,950
	12,250	Becton, Dickinson and Co.		1,210,668
	179,530	Boston Scientific Corp.*		1,664,243
	29,477	Medtronic, Inc.		1,517,181
	100,323	Skilled Healthcare Group, Inc. Class A*		670,158
	60,380	St. Jude Medical, Inc.		2,755,139

				12,097,339

	Household & Personal Products – 1.4%
	20,503	Kimberly-Clark Corp.		1,991,661
	34,866	Nu Skin Enterprises, Inc. Class A		2,131,010
	12,514	The Female Health Co.		123,388
	8,185	The Procter & Gamble Co.		630,163
	8,571	USANA Health Sciences, Inc.*		620,369

				5,496,591

	Insurance – 4.1%
	22,280	Aflac, Inc.		1,294,914
	58,457	Berkshire Hathaway, Inc. Class B*		6,542,507
	17,026	Marsh & McLennan Companies, Inc.		679,678
	54,692	MetLife, Inc.		2,502,706
	66,309	Prudential Financial, Inc.		4,842,546
	10,305	Unum Group		302,658

				16,165,009

	Common Stocks – (continued)
	Materials – 2.9%
	2,551	AEP Industries, Inc.*	$	189,769
	3,356	Bemis Co., Inc.		131,354
	20,380	Globe Specialty Metals, Inc.		221,531
	1,400	Kaiser Aluminum Corp.		86,716
	66,105	LyondellBasell Industries NV Class A		4,380,117
	14,360	Minerals Technologies, Inc.		593,642
	8,040	OM Group, Inc.*		248,597
	8,231	PPG Industries, Inc.		1,205,101
	32,498	Reliance Steel & Aluminum Co.		2,130,569
	41,926	Resolute Forest Products, Inc.*		552,165
	13,260	Schnitzer Steel Industries, Inc. Class A		310,019
	3,465	Schweitzer-Mauduit International, Inc.		172,834
	25,080	SunCoke Energy, Inc.*		351,622
	12,293	The Valspar Corp.		794,988

				11,369,024

	Media – 2.3%
	74,301	DIRECTV*		4,578,428
	14,898	Regal Entertainment Group Class A ^(a)		266,674
	62,130	Viacom, Inc. Class B		4,227,946

				9,073,048

	Pharmaceuticals, Biotechnology & Life Sciences – 12.1%
	77,032	AbbVie, Inc.		3,184,503
	39,538	Alexion Pharmaceuticals, Inc.*		3,646,985
	1,432	Allergan, Inc.		120,632
	19,843	Amgen, Inc.		1,957,710
	16,914	Biogen Idec, Inc.*		3,639,893
	48,696	Cambrex Corp.*		680,283
	6,816	Celgene Corp.*		796,859
	7,560	Cubist Pharmaceuticals, Inc.*		365,148
	8,785	Forest Laboratories, Inc.*		360,185
	8,509	Genomic Health, Inc.* ^(a)		269,820
	101,303	Johnson & Johnson		8,697,876
	20,007	Life Technologies Corp.*		1,480,718
	126,887	Merck & Co., Inc.		5,893,901
	369,345	PDL BioPharma, Inc. ^(a)		2,851,343
	279,552	Pfizer, Inc.		7,830,252
	16,654	Pharmacyclics, Inc.*		1,323,493
	14,856	Questcor Pharmaceuticals, Inc.		675,354
	6,353	Santarus, Inc.*		133,731
	31,212	Vertex Pharmaceuticals, Inc.*		2,492,902
	98,272	Warner Chilcott PLC Class A		1,953,647

				48,355,235

	Real Estate – 4.8%
	53,031	American Tower Corp. (REIT)		3,880,278
	28,860	Apartment Investment & Management Co. Class A (REIT)		866,954
	14,677	Corrections Corp. of America (REIT)		497,110
	17,180	Cousins Properties, Inc. (REIT)		173,518
	10,500	Equity Lifestyle Properties, Inc. (REIT)		825,195
	17,100	Equity Residential (REIT)		992,826
	28,074	Extra Space Storage, Inc. (REIT)		1,177,143


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

GOLDMAN SACHS STRUCTURED TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

June 30, 2013 (Unaudited)


Shares		Description	Value
	Common Stocks – (continued)
	Real Estate – (continued)
	21,071	Health Care Real Estate Investment Trust, Inc. (REIT)	$	1,412,389
	2,876	Healthcare Realty Trust, Inc. (REIT)		73,338
	41,632	Rayonier, Inc. (REIT)		2,305,997
	5,740	Realogy Holdings Corp.*		275,750
	16,421	Simon Property Group, Inc. (REIT)		2,593,204
	51,239	Taubman Centers, Inc. (REIT)		3,850,619

				18,924,321

	Retailing – 5.3%
	90,586	American Eagle Outfitters, Inc.		1,654,100
	3,461	AutoZone, Inc.*		1,465,606
	57,272	GameStop Corp. Class A ^(a)		2,407,142
	7,937	Group 1 Automotive, Inc.		510,587
	4,080	Guess?, Inc.		126,602
	9,840	L Brands, Inc.		484,620
	178,063	Liberty Interactive Corp. Series A*		4,097,230
	10,000	Lowe’s Companies, Inc.		409,000
	5,167	Lumber Liquidators Holdings, Inc.*		402,354
	38,121	O’Reilly Automotive, Inc.*		4,293,187
	5,981	Priceline.com, Inc.*		4,947,064
	2,503	TripAdvisor, Inc.*		152,358
	6,800	Urban Outfitters, Inc.*		273,496

				21,223,346

	Semiconductors & Semiconductor Equipment – 1.0%
	20,607	Advanced Energy Industries, Inc.*		358,768
	4,020	First Solar, Inc.*		179,815
	40,120	Intel Corp.		971,706
	3,200	KLA-Tencor Corp.		178,336
	85,780	LSI Corp.*		612,469
	12,600	Rambus, Inc.*		108,234
	78,832	SunPower Corp.* ^(a)		1,631,822

				4,041,150

	Software & Services – 8.8%
	89,702	Activision Blizzard, Inc.		1,279,151
	25,774	Aspen Technology, Inc.*		742,041
	25,301	eBay, Inc.*		1,308,568
	18,780	Electronic Arts, Inc.*		431,377
	3,803	Euronet Worldwide, Inc.*		121,164
	8,674	Google, Inc. Class A*		7,636,329
	7,365	IAC/InterActiveCorp		350,279
	40,515	International Business Machines Corp.		7,742,822
	6,061	Lender Processing Services, Inc.		196,073
	3,480	ManTech International Corp. Class A		90,898
	8,885	Mastercard, Inc. Class A		5,104,432
	36,898	Mentor Graphics Corp.		721,356
	81,304	Microsoft Corp. ^(b)		2,807,427
	17,420	Pandora Media, Inc.*		320,528
	10,026	Shutterstock, Inc.*		559,250
	7,659	TeleTech Holdings, Inc.*		179,450
	14,390	Travelzoo, Inc.*		392,271
	15,005	VASCO Data Security International, Inc.*		124,692
	12,293	VeriSign, Inc.*		549,005

	Common Stocks – (continued)
	Software & Services – (continued)
	6,244	VistaPrint NV* ^(a)	$	308,266
	5,880	VMware, Inc. Class A*		393,901
	38,363	Vringo, Inc.* ^(a)		121,611
	61,075	Zillow, Inc. Class A* ^(a)		3,438,523

				34,919,414

	Technology Hardware & Equipment – 4.2%
	18,630	Apple, Inc. ^(b)		7,378,971
	37,269	Ciena Corp.*		723,764
	176,994	Corning, Inc.		2,518,625
	34,310	Daktronics, Inc.		352,021
	24,038	EchoStar Corp. Class A*		940,126
	6,000	FLIR Systems, Inc.		161,820
	25,520	Lexmark International, Inc. Class A		780,146
	8,981	Polycom, Inc.*		94,707
	1,611	QUALCOMM, Inc.		98,400
	34,181	Western Digital Corp.		2,122,251
	170,320	Xerox Corp.		1,544,802

				16,715,633

	Telecommunication Services – 2.2%
	232,934	AT&T, Inc. ^(b)		8,245,863
	11,271	Verizon Communications, Inc.		567,336

				8,813,199

	Transportation – 3.7%
	14,103	Allegiant Travel Co.		1,494,777
	11,928	Arkansas Best Corp.		273,748
	15,629	CSX Corp.		362,436
	28,966	Delta Air Lines, Inc.*		541,954
	3,220	FedEx Corp.		317,428
	24,289	Heartland Express, Inc.		336,888
	51,198	Hertz Global Holdings, Inc.*		1,269,710
	23,000	Knight Transportation, Inc.		386,860
	4,878	Norfolk Southern Corp.		354,387
	5,745	Saia, Inc.*		172,178
	124,239	SkyWest, Inc.		1,682,196
	30,565	Spirit Airlines, Inc.*		971,050
	159,879	U.S. Airways Group, Inc.* ^(a)		2,625,213
	9,688	Union Pacific Corp.		1,494,665
	16,477	United Parcel Service, Inc. Class B		1,424,931
	36,159	Werner Enterprises, Inc.		873,963

				14,582,384

	Utilities – 1.4%
	9,873	American Water Works Co., Inc.		407,064
	6,662	Consolidated Edison, Inc.		388,461
	150,471	Dynegy, Inc.* ^(a)		3,393,121
	6,584	Entergy Corp.		458,773
	18,272	Pinnacle West Capital Corp.		1,013,548

				5,660,967

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $334,069,281)		$	382,513,939


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

GOLDMAN SACHS STRUCTURED TAX-MANAGED EQUITY FUND


Shares	Rate	Value
Securities Lending Reinvestment Vehicle ^(c)(d) – 5.2%
Goldman Sachs Financial Square Money Market Fund — FST Shares
20,804,975	0.069%	$	20,804,975
(Cost $20,804,975)

TOTAL INVESTMENTS – 101.2%
(Cost $354,874,256)		$	403,318,914

LIABILITIES IN EXCESS OF OTHER ASSETS – (1.2)%			(4,922,092	)

NET ASSETS – 100.0%		$	398,396,822


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



Investment Abbreviation:
REIT		—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

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


Type	Number of Contracts Long (Short)		Expiration Date	Current Value		Unrealized Gain (Loss)
Russell 2000 Mini Index		10	September 2013	$	974,700	$	(21,516	)
S&P 500 E-mini Index		125	September 2013		9,995,625		(287,406	)
TOTAL						$	(308,922	)


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments

June 30, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – 92.2%
	Australia – 6.8%
	60,230	Australia & New Zealand Banking Group Ltd. (Banks)	$	1,563,532
	32,512	BHP Billiton Ltd. (Materials)		935,787
	30,957	BlueScope Steel Ltd. (Materials)*		131,699
	5,391	Caltex Australia Ltd. (Energy)		88,672
	40,590	Charter Hall Group (REIT)		143,186
	44,744	Coca-Cola Amatil Ltd. (Food, Beverage & Tobacco)		518,407
	213,255	Commonwealth Property Office Fund (REIT)		213,727
	518	CSL Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		29,100
	134,635	GPT Group (REIT)		472,747
	51,811	Insurance Australia Group Ltd. (Insurance)		257,174
	2,435	McMillan Shakespeare Ltd. (Commercial & Professional Services)		35,975
	38,244	National Australia Bank Ltd. (Banks)		1,034,499
	4,679	Newcrest Mining Ltd. (Materials)		43,193
	88,192	NIB Holdings Ltd. (Insurance)		171,990
	150,943	Primary Health Care Ltd. (Health Care Equipment & Services)		661,068
	16,903	Ramsay Health Care Ltd. (Health Care Equipment & Services)		552,485
	33,746	Sonic Healthcare Ltd. (Health Care Equipment & Services)		458,448
	43,518	Treasury Wine Estates Ltd. (Food, Beverage & Tobacco)		231,243
	75,681	Westpac Banking Corp. (Banks)		1,986,996
	11,795	Woodside Petroleum Ltd. (Energy)		375,646
	50,311	Woolworths Ltd. (Food & Staples Retailing)		1,507,149

				11,412,723

	Austria – 0.0%
	1,393	Raiffeisen Bank International AG (Banks)* ^(a)		40,556

	Belgium – 1.2%
	6,916	Anheuser-Busch InBev NV (Food, Beverage & Tobacco)		622,670
	9,440	Delhaize Group SA (Food & Staples Retailing)		583,604
	20,399	KBC Groep NV (Banks)		760,462
	885	Sofina SA (Diversified Financials)		80,188

				2,046,924

	Bermuda – 0.3%
	29,270	Catlin Group Ltd. (Insurance)		222,385
	23,486	Hiscox Ltd. (Insurance)		203,824

				426,209

	China – 0.0%
	40,000	China Minzhong Food Corp. Ltd. (Food, Beverage & Tobacco)*		32,783


	Common Stocks – (continued)
	Denmark – 0.8%
	11,475	Chr. Hansen Holding A/S (Materials)	$	392,581
	9,877	GN Store Nord A/S (Health Care Equipment & Services)		186,533
	3,204	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)		498,102
	11,855	Topdanmark A/S (Insurance)*		301,728

				1,378,944

	Finland – 0.3%
	2,020	Cramo Oyj (Capital Goods)		23,393
	10,289	Metso Oyj (Capital Goods)		348,518
	15,663	Ramirent Oyj (Capital Goods)		135,199

				507,110

	France – 10.2%
	40,355	AXA SA (Insurance)		795,507
	13,604	BNP Paribas SA (Banks)		744,752
	1,028	Compagnie de Saint-Gobain (Capital Goods)		41,673
	26,635	Compagnie Generale des Etablissements Michelin Class B (Automobiles & Components) ^(a)		2,381,594
	19,275	Credit Agricole SA (Banks)*		165,897
	10,557	Danone SA (Food, Beverage & Tobacco)		794,608
	3,711	Fonciere Des Regions (REIT)		278,141
	3,162	Gecina SA (REIT)		349,478
	2,125	Hermes International (Consumer Durables & Apparel)		685,883
	60,073	Legrand SA (Capital Goods)		2,785,299
	13,214	MPI (Energy)		57,792
	20,614	Natixis (Banks)		86,553
	14,461	Renault SA (Automobiles & Components)		974,057
	32,055	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)		3,313,865
	5,699	Schneider Electric SA (Capital Goods)		413,900
	29,981	Total SA (Energy)		1,464,368
	34,300	Vinci SA (Capital Goods)		1,720,508

				17,053,875

	Germany – 4.6%
	6,330	Allianz SE (Registered) (Insurance)		923,935
	28,928	BASF SE (Materials)		2,580,192
	15,296	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		1,628,575
	5,879	Commerzbank AG (Banks)*		51,072
	8,158	Continental AG (Automobiles & Components)		1,087,536
	634	Daimler AG (Registered) (Automobiles & Components)		38,274
	6,946	Deutsche Bank AG (Registered) (Diversified Financials)		291,266


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL TAX-MANAGED EQUITY FUND


Shares		Description	Value

	Common Stocks – (continued)
	Germany – (continued)
	14,755	Deutsche Telekom AG (Registered) (Telecommunication Services)	$	171,904
	706	Henkel AG & Co. KGaA (Household & Personal Products)		55,294
	12,590	SAP AG (Software & Services)		919,360

				7,747,408

	Hong Kong – 2.7%
	198,200	AIA Group Ltd. (Insurance)		835,017
	83,000	BOC Hong Kong Holdings Ltd. (Banks)		253,904
	71,000	Champion REIT (REIT)		32,508
	72,000	CLP Holdings Ltd. (Utilities)		582,035
	3,600	Dah Sing Financial Holdings Ltd. (Banks)		14,404
	38,000	First Pacific Co. Ltd. (Diversified Financials)		40,622
	3,000	Guoco Group Ltd. (Diversified Financials)		33,967
	19,600	Hang Seng Bank Ltd. (Banks)		288,642
	31,000	Hutchison Whampoa Ltd. (Capital Goods)		324,330
	1,200	Jardine Matheson Holdings Ltd. (Capital Goods)		72,423
	116,800	MGM China Holdings Ltd. (Consumer Services)		309,947
	27,360	Noble Group Ltd. (Capital Goods)		20,809
	25,000	Road King Infrastructure Ltd. (Transportation)		23,068
	111,000	SJM Holdings Ltd. (Consumer Services)		269,376
	42,000	Sun Hung Kai & Co. Ltd. (Diversified Financials)		23,827
	94,000	Sunlight Real Estate Investment Trust (REIT)		38,353
	35,500	Swire Pacific Ltd. Class A (Real Estate)		427,714
	24,000	Wharf Holdings Ltd. (Real Estate)		200,314
	97,000	Wheelock & Co. Ltd. (Real Estate)		483,968
	73,200	Wynn Macau Ltd. (Consumer Services)		196,891

				4,472,119

	Israel – 0.4%
	10,970	Bank Hapoalim B.M. (Banks)*		49,508
	8,970	Bank Leumi Le-Israel BM (Banks)*		29,632
	7,022	Mizrahi Tefahot Bank Ltd. (Banks)*		70,303
	839	NICE Systems Ltd. ADR (Software & Services)		30,951
	12,566	Teva Pharmaceutical Industries Ltd. ADR (Pharmaceuticals, Biotechnology & Life Sciences)		492,587
	91	The Israel Corp. Ltd. (Materials)*		54,255

				727,236


	Common Stocks – (continued)
	Italy – 2.9%
	6,149	ASTM SpA (Transportation)*	$	69,966
	9,350	De’Longhi SpA (Consumer Durables & Apparel)		146,099
	105,938	Enel SpA (Utilities)		332,430
	52,581	Eni SpA (Energy)		1,079,171
	1,626	Exor SpA (Diversified Financials)		48,155
	18,973	Gtech SpA (Consumer Services)		474,754
	884,957	Intesa Sanpaolo SpA (Banks)		1,348,914
	200,071	Iren SpA (Utilities)*		222,947
	131,653	Mediaset SpA (Media)*		495,902
	135,322	UniCredit SpA (Banks)		632,615

				4,850,953

	Japan – 22.4%
	198	Accordia Golf Co. Ltd. (Consumer Services)		207,793
	16,700	AEON Financial Service Co. Ltd. (Diversified Financials)		473,068
	3,200	Agrex, Inc. (Software & Services)		26,732
	2,800	Aisin Seiki Co. Ltd. (Automobiles & Components)		106,911
	3,400	Alfresa Holdings Corp. (Health Care Equipment & Services)		182,053
	21,000	Amada Co. Ltd. (Capital Goods)		138,256
	208,000	Aozora Bank Ltd. (Banks)		649,599
	21,000	Asahi Glass Co. Ltd. (Capital Goods)		136,118
	3,500	Asahi Group Holdings Ltd. (Food, Beverage & Tobacco)		86,701
	22,200	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)		1,205,995
	700	Canon, Inc. (Technology Hardware & Equipment)		22,941
	3,800	Central Japan Railway Co. (Transportation)		463,144
	13,100	Chubu Electric Power Co., Inc. (Utilities)		185,562
	21,900	Credit Saison Co. Ltd. (Diversified Financials)		550,283
	62,000	Daihatsu Motor Co. Ltd. (Automobiles & Components)		1,174,326
	33,700	Daiichi Sankyo Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		561,604
	41,000	Daiwa Securities Group, Inc. (Diversified Financials)		343,372
	3,400	Eisai Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		138,564
	20,100	Electric Power Development Co. Ltd. (Utilities)		628,420
	24,000	Fuji Heavy Industries Ltd. (Automobiles & Components)		592,662
	617	Fuji Media Holdings, Inc. (Media)		1,240,331
	8,300	FUJIFILM Holdings Corp. (Technology Hardware & Equipment)		182,547
	298,000	Fujitsu Ltd. (Software & Services)		1,232,824


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

June 30, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	14,400	Heiwa Real Estate Co. Ltd. (Real Estate)	$	239,943
	1,400	HIS Co. Ltd. (Consumer Services)		59,825
	4,000	Hisaka Works Ltd. (Capital Goods)		34,092
	1,500	Hitachi Capital Corp. (Diversified Financials)		29,643
	68,000	Hitachi Ltd. (Technology Hardware & Equipment)		435,710
	7,600	Hokuriku Electric Power Co. (Utilities)		119,254
	16,100	Honda Motor Co. Ltd. (Automobiles & Components)		598,106
	21,100	Ibiden Co. Ltd. (Technology Hardware & Equipment)		328,415
	11,000	IHI Corp. (Capital Goods)		41,619
	2,700	Information Services International-Dentsu Ltd. (Software & Services)		30,605
	174,000	Isuzu Motors Ltd. (Automobiles & Components)		1,189,455
	16,300	Japan Airlines Co. Ltd. (Transportation)		839,135
	3,500	Japan Petroleum Exploration Co. (Energy)		141,715
	43,900	JFE Holdings, Inc. (Materials)		961,759
	10,200	JTEKT Corp. (Capital Goods)		114,330
	165,000	Kawasaki Kisen Kaisha Ltd. (Transportation)		335,400
	6,000	KDDI Corp. (Telecommunication Services)		312,441
	59,000	Kirin Holdings Co. Ltd. (Food, Beverage & Tobacco)		924,194
	6,300	Kirindo Co. Ltd. (Food & Staples Retailing)		42,627
	28,500	Konica Minolta, Inc. (Technology Hardware & Equipment)		214,512
	5,500	Konoike Transport Co. Ltd. (Transportation)		76,474
	18,100	Kyokuto Securities Co. Ltd. (Diversified Financials)		288,618
	32,000	Kyowa Hakko Kirin Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		361,707
	1,000	Maruichi Steel Tube Ltd. (Materials)		25,552
	12,000	Mito Securities Co. Ltd. (Diversified Financials)		50,234
	83,000	Mitsubishi Chemical Holdings Corp. (Materials)		388,997
	8,900	Mitsubishi Corp. (Capital Goods)		152,045
	97,000	Mitsubishi Heavy Industries Ltd. (Capital Goods)		539,277
	16,000	Mitsubishi Materials Corp. (Materials)		56,329
	279,600	Mitsubishi UFJ Financial Group, Inc. (Banks)		1,726,773
	2,500	Mitsui & Co. Ltd. (Capital Goods)		31,351
	227,400	Mizuho Financial Group, Inc. (Banks)		472,240


	Common Stocks – (continued)
	Japan – (continued)
	45,300	MS&AD Insurance Group Holdings (Insurance)	$	1,147,458
	14,400	Namco Bandai Holdings, Inc. (Consumer Durables & Apparel)		233,387
	4,800	Nexon Co. Ltd. (Software & Services)		53,016
	3,000	NGK Insulators Ltd. (Capital Goods)		37,073
	5,600	Nihon Eslead Corp. (Consumer Durables & Apparel)		60,099
	85,000	Nippon Electric Glass Co. Ltd. (Technology Hardware & Equipment)		413,770
	7,600	Nippon Telegraph & Telephone Corp. (Telecommunication Services)		396,119
	2,500	Noevir Holdings Co. Ltd. (Household & Personal Products)		39,010
	114,500	Nomura Holdings, Inc. (Diversified Financials)		842,808
	7,400	Nomura Real Estate Holdings, Inc. (Real Estate)		163,464
	52	Nomura Real Estate Office Fund, Inc. (REIT)		228,036
	232	NTT Data Corp. (Software & Services)		826,374
	90	NTT DoCoMo, Inc. (Telecommunication Services)		140,013
	35	NTT Urban Development Corp. (Real Estate)		42,959
	25,000	OKK Corp. (Capital Goods)		35,017
	43,200	Otsuka Holdings Co. Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)		1,426,418
	71,900	Round One Corp. (Consumer Services)		435,080
	19,000	Sekisui Chemical Co. Ltd. (Consumer Durables & Apparel)		201,752
	28,900	Seven & I Holdings Co. Ltd. (Food & Staples Retailing)		1,058,415
	7,900	Showa Corp. (Automobiles & Components)		101,708
	11,800	Softbank Corp. (Telecommunication Services)		686,877
	2,700	Sony Financial Holdings, Inc. (Insurance)		42,510
	2,500	Step Co. Ltd. (Consumer Services)		21,065
	43,500	Sumitomo Corp. (Capital Goods)		542,166
	67,200	Sumitomo Electric Industries Ltd. (Capital Goods)		799,952
	13,000	Sumitomo Metal Mining Co. Ltd. (Materials)		144,803
	16,700	Sumitomo Mitsui Financial Group, Inc. (Banks)		764,410
	257,000	Sumitomo Mitsui Trust Holdings, Inc. (Banks)		1,199,126
	26,600	T&D Holdings, Inc. (Insurance)		355,817
	3,200	Taikisha Ltd. (Capital Goods)		78,673
	5,000	Tanseisha Co. Ltd. (Commercial & Professional Services)		21,506


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL TAX-MANAGED EQUITY FUND


Shares		Description	Value

	Common Stocks – (continued)
	Japan – (continued)
	7,800	The Chugoku Electric Power Co., Inc. (Utilities)	$	122,306
	282	The Dai-ichi Life Insurance Co. Ltd. (Insurance)		404,824
	5,000	The Kansai Electric Power Co., Inc. (Utilities)*		68,442
	11,700	Tohoku Electric Power Co., Inc. (Utilities)*		146,085
	4,300	Tokio Marine Holdings, Inc. (Insurance)		135,686
	18,000	Tokyo Tatemono Co. Ltd. (Real Estate)		149,779
	4,000	Tokyu Land Corp. (Real Estate)		36,616
	3,000	Topre Corp. (Automobiles & Components)		25,930
	2,100	Toukei Computer Co. Ltd. (Software & Services)		27,959
	27,100	Toyota Motor Corp. (Automobiles & Components)		1,634,614
	9,800	Tv Tokyo Holdings Corp. (Media)		168,316
	2,900	Wacom Co. Ltd. (Technology Hardware & Equipment)		32,057
	2,500	West Japan Railway Co. (Transportation)		106,026
	21,000	Wood One Co. Ltd. (Materials)		63,657
	600	Yakult Honsha Co. Ltd. (Food, Beverage & Tobacco)		24,880

				37,378,241

	Luxembourg – 1.6%
	12,406	ArcelorMittal (Materials)		138,852
	86,197	SES SA FDR (Media)		2,469,682

				2,608,534

	Netherlands – 4.7%
	8,779	BinckBank NV (Diversified Financials)		74,075
	2,789	Heineken NV (Food, Beverage & Tobacco)		177,524
	127,308	ING Groep NV CVA (Diversified Financials)*		1,163,479
	97,863	Koninklijke Ahold NV (Food & Staples Retailing)		1,455,513
	3,776	Royal Dutch Shell PLC Class A (Energy)		120,620
	67,583	Royal Dutch Shell PLC Class A (Energy) ^(a)		2,159,537
	54,158	Royal Dutch Shell PLC Class B (Energy)		1,793,656
	22,769	Unilever NV CVA (Food, Beverage & Tobacco)		896,286

				7,840,690

	Norway – 3.7%
	29,574	DNB ASA (Banks)		429,020
	9,853	Fred Olsen Energy ASA (Energy)		390,177


	Common Stocks – (continued)
	Norway – (continued)
	110,662	Gjensidige Forsikring ASA (Insurance)	$	1,630,290
	5,635	Kongsberg Gruppen AS (Capital Goods)		101,855
	129,637	Orkla ASA (Food, Beverage & Tobacco)		1,061,405
	2,622,265	Renewable Energy Corp. ASA (Semiconductors & Semiconductor Equipment)*		963,932
	47,379	Statoil ASA (Energy)		978,759
	29,051	Telenor ASA (Telecommunication Services)		577,040

				6,132,478

	Singapore – 1.4%
	64,000	CapitaCommercial Trust (REIT)		73,831
	224,000	Cityspring Infrastructure Trust (Utilities)		82,978
	18,000	ComfortDelGro Corp. Ltd. (Transportation)		25,868
	57,504	DBS Group Holdings Ltd. (Banks)		699,703
	88,000	Fortune Real Estate Investment Trust (REIT)		80,261
	3,000	Jardine Cycle & Carriage Ltd. (Retailing)		100,302
	20,000	Keppel Corp. Ltd. (Capital Goods)		163,587
	21,800	Keppel Real Estate Investment Trust (REIT)		22,224
	5,000	Oversea-Chinese Banking Corp. Ltd. (Banks)		39,306
	16,000	Singapore Airlines Ltd. (Transportation)		127,711
	134,000	Singapore Telecommunications Ltd. (Telecommunication Services)		396,883
	24,000	Suntec Real Estate Investment Trust (REIT)		29,796
	10,000	United Overseas Bank Ltd. (Banks)		156,161
	74,000	UOL Group Ltd. (Real Estate)		391,193
	9,000	Wilmar International Ltd. (Food, Beverage & Tobacco)		22,259

				2,412,063

	Spain – 3.3%
	2,482	ACS Actividades de Construccion y Servicios SA (Capital Goods)		65,659
	89,214	Amadeus IT Holding SA Class A (Software & Services)		2,855,310
	39,960	Banco Santander SA (Banks)		255,714
	2,259	Endesa SA (Utilities)		48,244
	67,162	Ferrovial SA (Capital Goods)		1,072,244
	6,472	Grupo Catalana Occidente SA (Insurance)		143,304
	23,745	Mediaset Espana Comunicacion SA (Media)*		206,836
	15,840	Repsol SA (Energy)		334,303


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL TAX-MANAGED EQUITY FUND

Schedule of Investments (continued)

June 30, 2013 (Unaudited)


Shares		Description	Value

	Common Stocks – (continued)
	Spain – (continued)
	11,907	Telefonica SA (Telecommunication Services)	$	153,188
	28,775	Vueling Airlines SA (Transportation)*		344,586

				5,479,388

	Sweden – 2.5%
	4,588	Axfood AB (Food & Staples Retailing)		191,784
	3,830	BioGaia AB Class B (Pharmaceuticals, Biotechnology & Life Sciences)		130,059
	9,893	Hennes & Mauritz AB Class B (Retailing)		325,493
	2,733	Investor AB Class A (Diversified Financials)		71,218
	5,725	Kinnevik Investment AB Class B (Diversified Financials)		146,772
	2,767	Modern Times Group AB Class B (Media)		118,051
	216,928	Nordea Bank AB (Banks)		2,422,493
	3,303	Oresund Investment AB (Diversified Financials)*		54,672
	108,331	SAS AB (Transportation)*		206,396
	18,969	Swedbank AB Class A (Banks)		434,477

				4,101,415

	Switzerland – 6.8%
	17,894	Actelion Ltd. (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*		1,077,893
	3,776	Basilea Pharmaceutica (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)*		279,570
	3,524	EMS-Chemie Holding AG (Registered) (Materials)		1,043,759
	5,140	Geberit AG (Registered) (Capital Goods)		1,273,299
	5,582	Kudelski SA (Technology Hardware & Equipment)		69,425
	24	Lindt & Spruengli AG (Registered) (Food, Beverage & Tobacco)		1,044,267
	16,615	Nestle SA (Registered) (Food, Beverage & Tobacco)		1,090,283
	14,028	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)		993,611
	75,899	OC Oerlikon Corp. AG (Registered) (Capital Goods)*		899,206
	545	Partners Group Holding AG (Diversified Financials)		147,520
	7,944	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)		1,971,552


	Common Stocks – (continued)
	Switzerland – (continued)
	17,358	Swiss Re AG (Insurance)*	$	1,291,451
	312	Vaudoise Assurances Holding SA (Insurance)		114,935

				11,296,771

	United Kingdom – 15.6%
	16,828	Aberdeen Asset Management PLC (Diversified Financials)		97,933
	4,294	Admiral Group PLC (Insurance)		86,498
	18,222	AstraZeneca PLC (Pharmaceuticals, Biotechnology & Life Sciences)		861,515
	69,647	BAE Systems PLC (Capital Goods)		405,588
	318,362	Barclays PLC (Banks)		1,355,823
	20,217	BHP Billiton PLC (Materials)		515,490
	9,846	Bodycote PLC (Capital Goods)		78,423
	15,251	BP PLC ADR (Energy)		636,577
	51,015	British American Tobacco PLC (Food, Beverage & Tobacco)		2,616,538
	7,605	Centrica PLC (Utilities)		41,597
	14,449	Cobham PLC (Capital Goods)		57,609
	18,444	Diageo PLC (Food, Beverage & Tobacco)		528,906
	78,621	easyJet PLC (Transportation)		1,549,692
	58,626	GlaxoSmithKline PLC ADR (Pharmaceuticals, Biotechnology & Life Sciences) ^(b)		2,929,541
	37,773	Hammerson PLC (REIT)		280,075
	29,335	Hansteen Holdings PLC (REIT)		36,086
	218,620	HSBC Holdings PLC (Banks)		2,263,187
	5,923	IG Group Holdings PLC (Diversified Financials)		52,305
	30,387	IMI PLC (Capital Goods)		572,750
	119,083	Intermediate Capital Group PLC (Diversified Financials)		787,628
	113,350	ITV PLC (Media)		241,668
	141,972	Ladbrokes PLC (Consumer Services)		431,293
	7,482	Lancashire Holdings Ltd. (Insurance)		90,231
	3,221	Land Securities Group PLC (REIT)		43,260
	93,620	Lavendon Group PLC (Capital Goods)		244,235
	104,522	Mondi PLC (Materials)		1,301,361
	35,719	National Grid PLC (Utilities)		404,897
	9,667	Next PLC (Retailing)		669,635
	90,633	Rexam PLC (Materials)		657,745
	9,999	Rio Tinto PLC (Materials)		406,649
	28,913	Soco International PLC (Energy)*		153,715
	29,887	Standard Chartered PLC (Banks)		648,858
	12,330	TalkTalk Telecom Group PLC (Telecommunication Services)		42,159
	44,537	Tate & Lyle PLC (Food, Beverage & Tobacco)		558,791
	25,361	Tetragon Financial Group Ltd. (Diversified Financials)		276,831
	191,371	TUI Travel PLC (Consumer Services)		1,037,571
	20,110	Unilever PLC (Food, Beverage & Tobacco)		814,097


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL TAX-MANAGED EQUITY FUND


Shares		Description	Value

	Common Stocks – (continued)
	United Kingdom – (continued)
	75,809	Vodafone Group PLC ADR (Telecommunication Services)	$	2,178,751
	11,045	William Hill PLC (Consumer Services)		74,066

				26,029,574

	TOTAL COMMON STOCKS
	(Cost $138,918,200)		$	153,975,994


	Preferred Stocks – 1.4%
	Germany – 1.4%
	13,177	Henkel AG & Co. KGaA Preference Shares (Household & Personal Products)	$	1,237,449
	12,782	Porsche Automobil Holding SE Preference Shares (Automobiles & Components)		987,060
	4,580	ProSiebenSat.1 Media AG Preference Shares (Media)*		196,438

	TOTAL PREFERRED STOCKS
	(Cost $2,152,774)		$	2,420,947

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $141,070,974)		$	156,396,941


Shares		Rate	Value

	Securities Lending Reinvestment Vehicle ^(c)(d) – 0.1%
	Goldman Sachs Financial Square Money Market Fund — FST Shares
	154,577	0.069%		$154,577
	(Cost $154,577)

	TOTAL INVESTMENTS – 93.7%
	(Cost $141,225,551)		$	156,551,518

	OTHER ASSETS IN EXCESS OF LIABILITIES – 6.3%			10,452,686

	NET ASSETS – 100.0%		$	167,004,204


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



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

ADDITIONAL INVESTMENT INFORMATION

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


Type	Number of Contracts Long (Short)		Expiration Date	Current Value		Unrealized Gain (Loss)
EURO STOXX 50 Index		145	September 2013	$	4,903,446	$	(67,559	)
FTSE 100 Index		24	September 2013		2,249,120		(21,925	)
Hang Seng Index		1	July 2013		133,631		2,788
MSCI Singapore Index		2	July 2013		111,527		1,016
SPI 200 Index		8	September 2013		872,298		(352	)
TSE TOPIX Index		19	September 2013		2,166,667		42,655
TOTAL						$	(43,377	)


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

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Statements of Assets and Liabilities

June 30, 2013 (Unaudited)


	U.S. Equity Dividend and Premium Fund			International Equity Dividend and Premium Fund			Structured Tax-Managed Equity Fund		Structured International Tax-Managed Equity Fund
Assets:
Investments in unaffiliated issuers, at value (cost $1,170,796,645, $409,055,468, $334,069,281 and $141,070,974) ^(a)	$	1,233,271,773		$	370,055,291		$	382,513,939	$	156,396,941
Investments in affiliated securities lending reinvestment vehicle, at value which equals cost		—			—			20,804,975		154,577
Cash		51,406,083			—			16,108,710		5,333,087
Foreign currencies, at value (cost $0, $7,179,311, $0 and $4,545,813)		—			7,086,080			—		4,469,830
Receivables:
Investments sold		133,093,978			96,768,700			—		10,761
Dividends		2,255,829			1,172,183			285,767		391,938
Fund shares sold		2,125,517			445,539			496,592		549,418
Reimbursement from investment adviser		33,849			15,074			23,827		38,445
Foreign tax reclaims		—			858,318			—		165,153
Securities lending income		—			—			26,287		7,662
Other assets		7,016			2,304			2,089		840
Total assets		1,422,194,045			476,403,489			420,262,186		167,518,652

Liabilities:
Payables:
Investments purchased		149,342,582			91,402,319			—		2,070
Written options, at value (premiums received $11,992,800, $4,548,045, $0 and $0)		14,517,600			5,555,179			—		—
Fund shares redeemed		1,579,239			334,164			533,028		38,799
Amounts owed to affiliates		912,027			277,967			259,456		121,032
Futures variation margin		147,217			6,549			47,425		73,861
Payable upon return of securities loaned		—			—			20,804,975		154,577
Due to custodian		—			1,034,478			—		—
Accrued expenses and other liabilities		137,136			141,833			220,480		124,109
Total liabilities		166,635,801			98,752,489			21,865,364		514,448

Net Assets:
Paid-in capital		1,164,022,586			408,936,544			342,544,007		192,544,148
Undistributed (distributions in excess of) net investment income (loss)		(12,687	)		15,233			2,606,890		2,909,203
Accumulated net realized gain (loss)		31,546,608			8,896,056			5,110,189		(43,648,355	)
Net unrealized gain (loss)		60,001,737			(40,196,833	)		48,135,736		15,199,208
NET ASSETS	$	1,255,558,244		$	377,651,000		$	398,396,822	$	167,004,204
Net Assets:
Class A	$	160,641,475		$	13,376,161		$	30,184,542	$	3,729,538
Class B		—			—			594,699		—
Class C		56,473,210			2,090,149			9,078,339		33,135
Institutional		1,011,644,598			360,127,098			357,844,079		163,055,981
Service		—			—			41,461		—
Class IR		26,798,961			2,057,592			653,702		185,550
Total Net Assets	$	1,255,558,244		$	377,651,000		$	398,396,822	$	167,004,204
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		15,212,792			1,855,254			2,304,346		468,602
Class B		—			—			46,945		—
Class C		5,357,130			296,973			723,269		4,217
Institutional		96,009,849			50,660,179			26,903,170		20,539,797
Service		—			—			3,147		—
Class IR		2,540,399			289,889			49,120		23,196
Net asset value, offering and redemption price per share: ^(b)
Class A		$10.56			$7.21			$13.10		$7.96
Class B		—			—			12.67		—
Class C		10.54			7.04			12.55		7.86
Institutional		10.54			7.11			13.30		7.94
Service		—			—			13.18		—
Class IR		10.55			7.10			13.31		8.00

(a)

Includes loaned securities having a market value of $20,319,156 and $145,946 for the Structured Tax-Managed Equity Fund and Structured International Tax-Managed Equity, respectively.

(b)

Maximum public offering price per share for Class A shares of the U.S. Equity Dividend and Premium Fund, International Equity Dividend and Premium, Structured Tax-Managed Equity and Structured International Tax-Managed Equity Funds is $11.17, $7.63 and $13.86, $8.42, 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.


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

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Statements of Operations

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


	U.S. Equity Dividend and Premium Fund			International Equity Dividend and Premium Fund			Structured Tax-Managed Equity Fund			Structured International Tax-Managed Equity Fund
Investment income:
Dividends (net of foreign taxes withheld of $23,490, $757,774, $10,293 and $286,857)	$	18,718,739		$	9,965,098		$	3,728,239		$	3,837,238
Securities lending income — affiliated issuer		—			—			304,934			130,817
Total investment income		18,718,739			9,965,098			4,033,173			3,968,055

Expenses:
Management fees		4,439,087			1,605,895			1,336,177			688,957
Distribution and Service fees ^(a)		459,485			28,316			88,332			12,427
Transfer Agent fees ^(a)		416,888			93,568			108,449			39,875
Custody, accounting and administrative services		60,119			126,287			32,909			70,859
Registration fees		48,688			31,240			51,233			35,380
Printing and mailing costs		47,215			20,483			19,941			18,886
Professional fees		44,282			33,176			46,776			42,453
Trustee fees		10,013			9,222			9,156			8,869
Service share fees — Service Plan		—			—			50			—
Service share fees — Shareholder Administration Plan		—			—			50			—
Other		12,949			7,906			10,566			7,268
Total expenses		5,538,726			1,956,093			1,703,639			924,974
Less — expense reductions		(68,756	)		(75,586	)		(206,142	)		(172,279	)
Net expenses		5,469,970			1,880,507			1,497,497			752,695
NET INVESTMENT INCOME		13,248,769			8,084,591			2,535,676			3,215,360

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		49,843,366			24,431,709			(3,120,190	)		(10,144,157	)
Futures contracts		2,544,104			453,124			2,210,018			(27,746	)
Forward foreign currency exchange contracts		—			—			—			(26,447	)
Foreign currency transactions		—			(578,196	)		—			180,395
Written options		(23,341,154	)		(6,128,079	)		—			—
Net change in unrealized gain (loss) on:
Investments		85,970,581			(23,506,140	)		52,256,158			13,749,791
Futures contracts		31,253			(78,823	)		(421,782	)		(55,603	)
Forward foreign currency exchange contracts		—			—			—			446
Foreign currency translation		—			(138,740	)		—			(101,016	)
Written options		(2,769,779	)		250,044			—			—
Net realized and unrealized gain (loss)		112,278,371			(5,295,101	)		50,924,204			3,575,663
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	125,527,140		$	2,789,490		$	53,459,880		$	6,791,023

(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	$	199,844	$	—	$	259,641	$	151,882	$	—	$	49,332	$	193,725	$	—	$	21,949
International Equity Dividend and Premium		18,603		—		9,713		14,139		—		1,845		75,500		—		2,084
Structured Tax-Managed Equity		40,925		3,037		44,370		31,103		577		8,430		67,787		8		544
Structured International Tax-Managed Equity		12,260		—		167		9,317		—		32		30,434		—		92


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

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Statements of Changes in Net Assets


	U.S. Equity Dividend and Premium Fund
	For the Six Months Ended June 30, 2013 (Unaudited)			For the Fiscal Year Ended December 31, 2012
From operations:
Net investment income	$	13,248,769		$	29,474,160
Net realized gain (loss)		29,046,316			53,662,444
Net change in unrealized gain (loss)		83,232,055			12,717,605
Net increase in net assets resulting from operations		125,527,140			95,854,209

Distributions to shareholders:
From net investment income
Class A Shares		(1,547,564	)		(3,355,936	)
Class B Shares		—			—
Class C Shares		(330,558	)		(658,283	)
Institutional Shares		(11,491,735	)		(25,086,206	)
Service Shares		—			—
Class IR Shares		(269,093	)		(431,612	)
From net realized gains
Class A Shares		—			(7,111,148	)
Class C Shares		—			(2,239,420	)
Institutional Shares		—			(46,453,558	)
Class IR Shares		—			(976,489	)
Total distributions to shareholders		(13,638,950	)		(86,312,652	)

From share transactions:
Proceeds from sales of shares		226,653,037			575,881,173
Reinvestment of distributions		11,572,762			74,352,894
Cost of shares redeemed		(200,028,991	)		(331,796,812	)
Net increase (decrease) in net assets resulting from share transactions		38,196,808			318,437,255
TOTAL INCREASE (DECREASE)		150,084,998			327,978,812

Net assets:
Beginning of period		1,105,473,246			777,494,434
End of period	$	1,255,558,244		$	1,105,473,246
Undistributed (distributions in excess of) net investment income (loss)	$	(12,687	)	$	377,494


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

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS


International Equity Dividend and Premium Fund						Structured Tax-Managed Equity Fund						Structured International Tax-Managed Equity Fund
For the Six Months Ended June 30, 2013 (Unaudited)			For the Fiscal Year Ended December 31, 2012			For the Six Months Ended June 30, 2013 (Unaudited)			For the Fiscal Year Ended December 31, 2012			For the Six Months Ended June 30, 2013 (Unaudited)			For the Fiscal Year Ended December 31, 2012

$	8,084,591		$	10,802,941		$	2,535,676		$	5,017,357		$	3,215,360		$	3,808,562
	18,178,558			(8,233,892	)		(910,172	)		53,314,012			(10,017,955	)		17,668,650
	(23,473,659	)		45,186,054			51,834,376			(10,305,446	)		13,593,618			2,586,424
	2,789,490			47,755,103			53,459,880			48,025,923			6,791,023			24,063,636



	(254,088	)		(4,158,788	)		—			(434,347	)		—			(453,626	)
	—			—			—			(1,336	)		—			—
	(32,272	)		(31,554	)		—			(36,625	)		—			(679	)
	(7,622,207	)		(6,410,718	)		—			(4,463,846	)		—			(3,919,930	)
	—			—			—			(416	)		—			—
	(42,893	)		(70,292	)		—			(6,583	)		—			(24	)

	—			(117,731	)		—			—			—			—
	—			(12,980	)		—			—			—			—
	—			(2,941,344	)		—			—			—			—
	—			(16,476	)		—			—			—			—
	(7,951,460	)		(13,759,883	)		—			(4,943,153	)		—			(4,374,259	)


	63,534,076			349,510,707			93,059,523			95,171,403			45,465,649			47,480,065
	7,678,068			13,353,842			—			4,905,467			—			4,371,275
	(73,259,498	)		(301,902,751	)		(97,774,824	)		(81,030,747	)		(34,959,316	)		(63,856,394	)
	(2,047,354	)		60,961,798			(4,715,301	)		19,046,123			10,506,333			(12,005,054	)
	(7,209,324	)		94,957,018			48,744,579			62,128,893			17,297,356			7,684,323


	384,860,324			289,903,306			349,652,243			287,523,350			149,706,848			142,022,525
$	377,651,000		$	384,860,324		$	398,396,822		$	349,652,243		$	167,004,204		$	149,706,848
$	15,233		$	(117,898	)	$	2,606,890		$	71,214		$	2,909,203		$	(306,157	)


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

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 (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED JUNE 30, (UNAUDITED)
2013 - A	$	9.60	$	0.10		$	0.96		$	1.06		$	(0.10	)	$	—		$	(0.10	)
2013 - C		9.59		0.06			0.95			1.01			(0.06	)		—			(0.06	)
2013 - Institutional		9.58		0.12			0.96			1.08			(0.12	)		—			(0.12	)
2013 - IR		9.59		0.11			0.96			1.07			(0.11	)		—			(0.11	)

FOR THE FISCAL YEARS ENDED DECEMBER 31,
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	)
2008 - A		10.34		0.19			(3.46	)		(3.27	)		(0.19	)		(0.02	)		(0.21	)
2008 - C		10.35		0.12			(3.46	)		(3.34	)		(0.12	)		(0.02	)		(0.14	)
2008 - Institutional		10.34		0.23			(3.47	)		(3.24	)		(0.23	)		(0.02	)		(0.25	)

(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.


52		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)

$	10.56		11.06	%	$	160,641		1.20	% ^(d)		1.21	% ^(d)		1.91	% ^(d)		52	%
	10.54		10.58			56,473		1.95	^(d)		1.96	^(d)		1.16	^(d)		52
	10.54		11.30			1,011,645		0.80	^(d)		0.81	^(d)		2.31	^(d)		52
	10.55		11.21			26,799		0.95	^(d)		0.96	^(d)		2.16	^(d)		52


	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
	6.86		(31.86	)		115,172		1.24			1.29			2.12			61
	6.87		(32.36	)		8,577		1.99			2.04			1.37			61
	6.85		(31.65	)		75,190		0.84			0.89			2.62			61


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

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			From capital			Total distributions
FOR THE SIX MONTHS ENDED JUNE 30, (UNAUDITED)
	2013 - A	$	7.31	$	0.14	^(c)	$	(0.11	)	$	0.03		$	(0.13	)	$	—		$	—		$	(0.13	)
	2013 - C		7.15		0.12	^(c)		(0.12	)		—	^(d)		(0.11	)		—			—			(0.11	)
	2013 - Institutional		7.21		0.15	^(c)		(0.10	)		0.05			(0.15	)		—			—			(0.15	)
	2013 - IR		7.20		0.14	^(c)		(0.10	)		0.04			(0.14	)		—			—			(0.14	)

FOR THE FISCAL YEARS ENDED DECEMBER 31,
	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	)

FOR THE PERIOD ENDED DECEMBER 31,
	2008 - A (Commenced January 31, 2008)		10.00		0.18	^(c)		(3.55	)		(3.37	)		(0.21	)		—			(0.06	)		(0.27	)
	2008 - C (Commenced January 31, 2008)		10.00		0.15	^(c)		(3.66	)		(3.51	)		(0.15	)		—			(0.06	)		(0.21	)
	2008 - Institutional (Commenced January 31, 2008)		10.00		0.31	^(c)		(3.73	)		(3.42	)		(0.22	)		—			(0.06	)		(0.28	)

(a)

(b)

(c)

Calculated based on average shares outstanding methodology.

(d)

Amount is less than $0.005 per share.

(e)

Annualized.

(f)

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


54		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)

$	7.21		0.47	%	$	13,376		1.33	% ^(e)		1.36	% ^(e)		3.68	% ^(e)		72	%
	7.04		0.00			2,090		2.08	^(e)		2.12	^(e)		3.19	^(e)		72
	7.11		0.68			360,127		0.93	^(e)		0.97	^(e)		4.10	^(e)		72
	7.10		0.61			2,058		1.08	^(e)		1.11	^(e)		3.90	^(e)		72


	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


	6.36		(34.60	)		9,673		1.30	^(e)		3.50	^(e)		2.71	^(e)		130
	6.28		(35.82	)		23		2.05	^(e)		4.25	^(e)		2.20	^(e)		130
	6.30		(34.98	)		12,275		0.90	^(e)		3.10	^(e)		4.05	^(e)		130


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

GOLDMAN SACHS STRUCTURED 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)
2013 - A	$	11.38	$	0.06		$	1.66		$	1.72		$	—
2013 - B		11.05		0.02			1.60			1.62			—
2013 - C		10.95		0.01			1.59			1.60			—
2013 - Institutional		11.54		0.09			1.67			1.76			—
2013 - Service		11.46		0.06			1.66			1.72			—
2013 - IR		11.55		0.08			1.68			1.76			—

FOR THE FISCAL YEARS ENDED DECEMBER 31,
2012 - A		9.94		0.12			1.44	^(e)		1.56			(0.12	)
2012 - B		9.64		0.04			1.39	^(e)		1.43			(0.02	)
2012 - C		9.57		0.05			1.38	^(e)		1.43			(0.05	)
2012 - Institutional		10.08		0.18			1.46	^(e)		1.64			(0.18	)
2012 - Service		10.01		0.12			1.45	^(e)		1.57			(0.12	)
2012 - IR		10.09		0.16			1.46	^(e)		1.62			(0.16	)
2011 - A		9.73		0.09	^(f)		0.20			0.29			(0.08	)
2011 - B		9.44		0.01	^(f)		0.21			0.22			(0.02	)
2011 - C		9.39		0.01	^(f)		0.20			0.21			(0.03	)
2011 - Institutional		9.89		0.13	^(f)		0.21			0.34			(0.15	)
2011 - Service		9.81		0.07	^(f)		0.22			0.29			(0.09	)
2011 - IR		9.89		0.10	^(f)		0.23			0.33			(0.13	)
2010 - A		8.64		0.08			1.08			1.16			(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	)
2010 - Service		8.72		0.07			1.09			1.16			(0.07	)
2010 - IR (Commenced August 31, 2010)		8.18		0.03			1.78			1.81			(0.10	)
2009 - A		7.20		0.09	^(g)		1.45			1.54			(0.10	)
2009 - B		6.97		0.04	^(g)		1.39			1.43			(0.02	)
2009 - C		6.94		0.04	^(g)		1.39			1.43			(0.04	)
2009 - Institutional		7.31		0.14	^(g)		1.47			1.61			(0.14	)
2009 - Service		7.26		0.09	^(g)		1.46			1.55			(0.09	)
2008 - A		11.50		0.08			(4.31	)		(4.23	)		(0.07	)
2008 - B		11.10		—	^(h)		(4.13	)		(4.13	)		—
2008 - C		11.06		0.01			(4.13	)		(4.12	)		—
2008 - Institutional		11.69		0.12			(4.38	)		(4.26	)		(0.12	)
2008 - Service		11.49		0.06			(4.29	)		(4.23	)		—

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

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.

(f)

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

(g)

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

(h)

Amount is less than $0.005 per share.


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

GOLDMAN SACHS STRUCTURED 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)

$	13.10		15.11	%	$	30,185		1.12	% ^(d)		1.23	% ^(d)		1.00	% ^(d)		65	%
	12.67		14.66			595		1.87	^(d)		1.98	^(d)		0.25	^(d)		65
	12.55		14.61			9,078		1.87	^(d)		1.98	^(d)		0.25	^(d)		65
	13.30		15.35			357,844		0.72	^(d)		0.83	^(d)		1.39	^(d)		65
	13.18		15.11			41		1.22	^(d)		1.33	^(d)		0.90	^(d)		65
	13.31		15.24			654		0.87	^(d)		0.98	^(d)		1.23	^(d)		65


	11.38		15.69	^(e)		35,890		1.09			1.23			1.13			184
	11.05		14.95	^(e)		584		1.84			1.98			0.35			184
	10.95		14.89	^(e)		8,228		1.84			1.97			0.44			184
	11.54		16.12	^(e)		304,435		0.69			0.82			1.65			184
	11.46		15.56	^(e)		40		1.19			1.32			1.11			184
	11.55		16.01	^(e)		476		0.84			0.97			1.42			184
	9.94		3.02			51,064		1.09			1.24			0.85	^(f)		99
	9.64		2.18			895		1.84			1.99			0.12	^(f)		99
	9.57		2.22			7,964		1.84			1.99			0.14	^(f)		99
	10.08		3.43			227,070		0.69			0.84			1.31	^(f)		99
	10.01		2.92			36		1.19			1.34			0.72	^(f)		99
	10.09		3.35			494		0.84			0.99			1.01	^(f)		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	^(g)		352
	8.38		20.48			2,259		1.84			2.03			0.62	^(g)		352
	8.33		20.56			10,887		1.84			2.03			0.63	^(g)		352
	8.78		21.90			133,016		0.69			0.88			1.88	^(g)		352
	8.72		21.41			48		1.19			1.38			1.28	^(g)		352
	7.20		(36.66	)		112,426		1.09			1.27			0.81			153
	6.97		(37.13	)		5,169		1.84			2.02			(0.02	)		153
	6.94		(37.08	)		13,977		1.84			2.02			0.06			153
	7.31		(36.34	)		67,367		0.69			0.87			1.27			153
	7.26		(36.74	)		55		1.19			1.37			0.57			153


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

GOLDMAN SACHS STRUCTURED 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			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)
2013 - A	$	7.62	$	0.09	^(c)	$	0.25		$	0.34		$	—
2013 - C		7.55		0.11	^(c)		0.20			0.31			—
2013 - Institutional		7.59		0.16	^(c)		0.19			0.35			—
2013 - IR		7.66		0.23	^(c)		0.11			0.34			—

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

FOR THE PERIOD ENDED DECEMBER 31,
2008 - A (Commenced January 31, 2008)		10.00		0.17			(3.93	)		(3.76	)		(0.17	)
2008 - C (Commenced January 31, 2008)		10.00		0.13			(3.94	)		(3.81	)		(0.13	)
2008 - Institutional (Commenced January 31, 2008)		10.00		0.19			(3.94	)		(3.75	)		(0.19	)

(a)

(b)

(c)

Calculated based on the average shares outstanding methodology.

(d)

Annualized.

(e)

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


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

GOLDMAN SACHS STRUCTURED INTERNATIONAL TAX-MANAGED EQUITY 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)

$	7.96		4.46	%	$	3,730		1.28	% ^(d)		1.53	% ^(d)		2.27	% ^(d)		54	%
	7.86		4.11			33		2.05	^(d)		2.27	^(d)		2.90	^(d)		54
	7.94		4.61			163,056		0.91	^(d)		1.12	^(d)		4.07	^(d)		54
	8.00		4.44			186		1.09	^(d)		1.24	^(d)		5.71	^(d)		54


	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	^(e)		88
	6.64		(13.88	)		19		2.01			2.32			1.72	^(e)		88
	6.64		(12.92	)		101,165		0.86			1.17			2.81	^(e)		88
	6.64		(13.11	)		1		1.01			1.32			2.68	^(e)		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	^(d)		1.31	^(d)		1.26	^(d)		70
	7.40		23.98			77,469		1.26			1.67			2.00			101
	7.39		23.13			8		2.01			2.42			1.38			101
	7.39		24.47			53,159		0.86			1.27			2.24			101


	6.07		(37.56	)		71,917		1.26	^(d)		1.80	^(d)		2.53	^(d)		243
	6.06		(38.02	)		8		2.01	^(d)		2.55	^(d)		1.83	^(d)		243
	6.06		(37.40	)		17,652		0.86	^(d)		1.40	^(d)		2.05	^(d)		243


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

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements

June 30, 2013 (Unaudited)

1. ORGANIZATION

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


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

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

Class A Shares are sold with a front-end sales charge of up to 5.50%. Class B Shares were sold with a contingent deferred sales charge (“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 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

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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
Structured Tax-Managed Equity Structured International Tax-Managed Equity	Annually	Annually

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

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.

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The 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).

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2013 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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.

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.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued at amortized cost, which approximates fair value. With the exception of treasury securities, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

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

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

i. Forward Foreign Currency Exchange Contracts — In a forward foreign currency contract, a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked-to-market daily at the applicable forward rate.

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

iii. 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. Options on a futures contract may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

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.

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2013 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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



U.S. EQUITY DIVIDEND AND PREMIUM

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	1,233,271,773		$	—		$	—

Derivative Type
Assets ^(a)
Futures Contracts	$	51,409		$	—		$	—
Liabilities
Written Options	$	(14,517,600	)	$	—		$	—

INTERNATIONAL EQUITY DIVIDEND AND PREMIUM

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments
North and South America	$	—		$	—		$	—
Other		29,624,276			340,431,015	^(b)		—

Derivative Type
Assets ^(a)
Futures Contracts	$	110,392		$	—		$	—
Liabilities
Futures Contracts ^(a)	$	(184,423	)	$	—		$	—
Written Options		(5,555,179	)		—			—
Total	$	(5,739,602	)	$	—		$	—

STRUCTURED TAX-MANAGED EQUITY

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	382,513,939		$	—		$	—
Securities Lending Reinvestment Vehicle		20,804,975			—			—
Total	$	403,318,914		$	—		$	—

Derivative Type
Liabilities ^(a)
Futures Contracts	$	(308,922	)	$	—		$	—

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



STRUCTURED INTERNATIONAL TAX-MANAGED EQUITY

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments
North and South America	$	—		$	426,209	^(b)	$	—
Other		6,268,407			149,702,325	^(b)		—
Securities Lending reinvestment Vehicle		154,577			—
Total	$	6,422,984		$	150,128,534		$	—

Derivative Type
Assets ^(a)
Futures Contracts	$	46,459		$	—		$	—
Liabilities ^(a)
Futures Contracts	$	(89,836	)	$	—		$	—

(a)

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

(b)

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

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

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts as of June 30, 2013. 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

Receivable for unrealized gain on futures variation margin

51,409

Payable for written options, at value

(14,517,600)

International Equity Dividend and Premium

Equity

Receivable for unrealized gain on futures variation margin

110,392

Payable for unrealized loss on futures variation margin, Payable for written options, at value

(5,739,602)

^(a)

Structured Tax-Managed Equity

Equity

—

Payable for unrealized loss on futures variation margin

(308,922)

^(a)

Structured International Tax-Managed Equity

Equity

Receivable for unrealized gain on futures variation margin

46,459

Payable for unrealized loss on futures variation margin

(89,836)

^(a)

Total

208,260

(20,655,960)

(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.

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2013 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

The following table sets forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended June 30, 2013. These gains (losses) should be considered in the context that these derivative contracts may have been executed to economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:


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	$	(20,797,050	)	$	(2,738,526	)		3,415
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		(5,674,955	)		171,221			3,173
Structured Tax-Managed Equity	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	2,210,018		$	(421,782	)		131

Structured International Tax-Managed Equity	Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts ^(a)
	Equity	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	(27,746	)	$	(55,603	)		107
	Currency	Net realized gain (loss) from forward foreign currency exchange contract/Net change in unrealized gain (loss) on forward foreign currency exchange		(26,447	)		446			1
Total				(54,193	)		(55,157	)		108

(a)

Average number of contracts is based on the average of month end balances for the period ended June 30, 2013.

In December 2011, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) No. 2011-11: Disclosures about Offsetting Assets and Liabilities (“netting”) on the Statements of Assets and Liabilities that are subject to master netting arrangements or similar agreements. ASU 2011-11 was amended by ASU No. 2013-01, clarifying which investments and transactions are subject to the netting disclosure. The scope of the disclosure requirements is limited to derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions. This information is intended to enable users of the Funds’ financial statements to evaluate the effect or potential effect of netting arrangements on the Funds’ financial position. The ASU is effective for financial statements with fiscal years beginning on or after January 1, 2013, and interim periods within those fiscal years. The Funds adopted the disclosure requirement on netting for the current reporting period. Since these amended principles require additional disclosures concerning offsetting and related arrangements, adoption did not affect the Funds’ financial condition or result of operations.

For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting arrangements or similar agreements on the Statements of Assets and Liabilities.

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

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, options and certain swaps). For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark 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 additional collateral to the counterparty in the form of initial margin, 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 Schedule of Investments. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold (e.g., $250,000) before a transfer is required to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized, 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 to the restrictions or prohibitions against the right of setoff that may be imposed due to a particular jurisdiction’s bankruptcy or insolvency laws.

The following tables set forth the Funds' net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of June 30, 2013:



U.S. EQUITY DIVIDEND AND PREMIUM Offsetting of Derivatives Liabilities:
Derivatives	Gross Amount of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Over the Counter:
Written Options	$	14,517,600	$	—	$	14,517,600
Exchange Traded:
Futures Contracts		147,217		—		147,217
Total	$	14,664,817	$	—	$	14,664,817

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2013 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)



Derivative Liabilities and Collateral Pledged by Counterparty:
			Gross Amounts Available for Offset but Not Netted in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Liabilities in the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged		Net Amount ⁽¹⁾
Goldman Sachs & Co.	$	14,517,600	$	(14,517,600	)	$	—	$	—
Goldman Sachs & Co.*		147,217		(147,217	)		—		—
Total	$	14,664,817	$	(14,664,817	)	$	—	$	—

Exchange Traded Futures — Goldman Sachs & Co. as Futures Commission Merchant

(1)

Net amount represents the net amount due to the counterparty in the event of a default based on the contractual set-off rights under the agreement.



INTERNATIONAL EQUITY DIVIDEND AND PREMIUM Offsetting of Derivatives Liabilities:
Derivatives	Gross Amount of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Over the Counter:
Written Options	$	5,555,179	$	—	$	5,555,179
Exchange Traded:
Futures Contracts		6,549		—		6,549
Total	$	5,561,728	$	—	$	5,561,728



Derivative Liabilities and Collateral Pledged by Counterparty:
			Gross Amounts Available for Offset but Not Netted in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Liabilities in the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged		Net Amount ⁽¹⁾
Goldman Sachs & Co.	$	5,555,179	$	(5,555,179	)	$	—	$	—
Goldman Sachs & Co.*		6,549		(6,549	)		—		—
Total	$	5,561,728	$	(5,561,728	)	$	—	$	—

Exchange Traded Futures — Goldman Sachs & Co. as Futures Commission Merchant

(1)

Net amount represents the net amount due to the counterparty in the event of a default based on the contractual set-off rights under the agreement.



STRUCTURED TAX-MANAGED EQUITY Offsetting of Derivatives Liabilities:
Derivatives	Gross Amount of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Exchange Traded:
Futures Contracts	$	47,425	$	—	$	47,425

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)



Derivative Liabilities and Collateral Pledged by Counterparty:
			Gross Amounts Available for Offset but Not Netted in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Liabilities in the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged		Net Amount ⁽¹⁾
Goldman Sachs & Co.*	$	47,425	$	(47,425	)	$	—	$	—

Exchange Traded Futures — Goldman Sachs & Co. as Futures Commission Merchant

(1)

Net amount represents the net amount due to the counterparty in the event of a default based on the contractual set-off rights under the agreement.



STRUCTURED INTERNATIONAL TAX-MANAGED EQUITY Offsetting of Derivatives Liabilities:
Derivatives	Gross Amount of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statement of Assets and Liabilities
Exchange Traded:
Futures Contracts	$	73,861	$	—	$	73,861



Derivative Liabilities and Collateral Pledged by Counterparty:
			Gross Amounts Available for Offset but Not Netted in the Statement of Assets and Liabilities
Counterparty	Net Amounts of Liabilities in the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged		Net Amount ⁽¹⁾
Goldman Sachs & Co.*	$	73,861	$	(73,861	)	$	—	$	—

Exchange Traded Futures — Goldman Sachs & Co. as Futures Commission Merchant

(1)

Net amount represents the net amount due to the counterparty in the event of a default based on the contractual set-off rights under the agreement.


5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2013 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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


	Contractual Management Fee Rate																		Effective Net Management Fee Rate
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Fee Rate
U.S. Equity Dividend and Premium		0.75	%		0.68	%		0.65	%		0.64	%		0.63	%		0.74	%		0.74	%
International Equity Dividend and Premium		0.81			0.73			0.69			0.68			0.67			0.81			0.81
Structured Tax-Managed Equity		0.70			0.63			0.60			0.59			0.58			0.70			0.67	*
Structured International Tax-Managed Equity		0.85			0.77			0.73			0.72			0.71			0.85			0.82	*

GSAM waived a portion of its management fees equal to 0.04% of the average daily net assets of the Structured International Tax-Managed Equity Fund and 0.05% of the Structured Tax-Managed Equity Fund. These waivers have been discontinued effective April 30, 2013.

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 June 30, 2013, Goldman Sachs advised that it retained front end sales charges of $19,185, $1,677, $1,612 and $379 for the U.S. Equity Dividend and Premium, International Equity Dividend and Premium, Structured Tax-Managed Equity and Structured International Tax-Managed Equity Funds, respectively. Goldman Sachs retained $2 of contingent deferred sales charges for the Structured Tax-Managed Equity Fund.

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.

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expense” of the Funds (excluding transfer agent fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, litigation, indemnification, shareholder meeting, and other extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the U.S. Equity Dividend and Premium, International Equity Dividend and Premium, Structured Tax-Managed Equity and Structured International Tax-Managed Equity Funds are 0.014%, 0.124%, 0.044% and 0.094%, respectively. Prior to April 30, 2013, the Other Expense limitations for U.S. Equity Dividend and Premium, International Equity Dividend and Premium, Structured Tax-Managed Equity and Structured International Tax-Managed Equity Funds were 0.054%, 0.054%, 0.004% and 0.014%, respectively. These Other Expense limitations will remain in place through at least April 30, 2014, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

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


Fund	Management Fee Waiver		Other Expense Reimbursement		Custody Fee Credits		Total Expense Reductions
U.S. Equity Dividend and Premium	$	—	$	52,547	$	16,209	$	68,756
International Equity Dividend and Premium		—		74,233		1,353		75,586
Structured Tax-Managed Equity		62,506		136,581		7,055		206,142
Structured International Tax-Managed Equity		21,264		150,070		945		172,279

As of June 30, 2013, 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	$	760,417	$	79,900	$	71,710	$	912,027
International Equity Dividend and Premium		258,224		4,703		15,040		277,967
Structured Tax-Managed Equity		227,113		14,321		18,022		259,456
Structured International Tax-Managed Equity		114,336		816		5,880		121,032

G. Line of Credit Facility — As of June 30, 2013, the Funds participated in a $780,000,000 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 $220,000,000, for a total of up to $1,000,000,000. 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, 2013, the Funds did not have any borrowings under the facility. Prior to May 8, 2013, the committed amount available through the facility was $630,000,000.

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2013 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

H. Other Transactions with Affiliates — For the six months ended June 30, 2013, Goldman Sachs earned $2,543, $11,690, $2,267, and $3,940 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the U.S. Equity Dividend and Premium, International Equity Dividend and Premium, Structured Tax-Managed Equity and Structured International Tax-Managed Equity Funds, respectively.

On October 1, 2012, GSAM reimbursed the Structured Tax-Managed Equity Fund in the amount of $709,713 to rectify a data issue in its portfolio management decision making process.

As of June 30, 2013, 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		9	%		—	%
International Equity Dividend and Premium		15			—
Structured Tax-Managed Equity		—			86
Structured International Tax-Managed Equity		—			87

As of June 30, 2013, the Goldman Sachs Group, Inc. was the beneficial owner of 26% of the Class C Shares of the Structured International Tax-Managed Equity Fund.

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, 2013, were as follows:


Fund	Purchases		Sales
U.S. Equity Dividend and Premium	$	612,345,150	$	616,527,608
International Equity Dividend and Premium		282,895,919		298,680,500
Structured Tax-Managed Equity		234,519,835		234,762,080
Structured International Tax-Managed Equity		86,804,011		84,365,268

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

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

7. SECURITIES LENDING (continued)

securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statement of Operations.

The Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Money Market Fund (“Money Market Fund”), a separate series of the Trust. The Money Market Fund, deemed an affiliate of the Trust, is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive an investment advisory fee of up to 0.205% on an annualized basis of the average daily net assets of the Money Market Fund.

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.

At June 30, 2013, the Funds’ loaned securities were all subject to enforceable Securities Lending Agreements. Securities lending transactions on a net basis were as follows:


Securities Lending Transactions	STRUCTURED TAX-MANAGED EQUITY			STRUCTURED INTERNATIONAL TAX-MANAGED EQUITY
Total gross amount presented in Statements of Assets and Liabilities	$	20,319,156		$	145,946
Cash Collateral offsetting ⁽¹⁾		(20,319,156	)		(145,946	)
Net Amount ⁽²⁾	$	—		$	—

(1)

At June 30, 2013 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, 2013, are reported under Investment Income on the Statements of Operations.

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


	For the Six Months Ended June 30, 2013				Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of June 30, 2013
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
Structured Tax-Managed Equity	$	34,210	$	59,804	$	3,012,050
Structured International Tax-Managed Equity		14,526		11,916		—

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2013 (Unaudited)

7. SECURITIES LENDING (continued)

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


Fund	Number of Shares Held Beginning of Period		Shares Bought		Shares Sold			Number of Shares Held End of Period		Value at End of Period
Structured Tax-Managed Equity		11,054,335		95,952,532		(86,201,892	)		20,804,975	$	20,804,975
Structured International Tax-Managed Equity		1,198,865		45,759,856		(46,804,144	)		154,577		154,577

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, December 31, 2012, 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			Structured Tax-Managed Equity		Structured International Tax-Managed Equity
Capital loss carryforwards: ⁽¹⁾
Expiring 2016	$	—	$	—		$	—	$	(2,082,427	)
Expiring 2017		—		—			—		(31,387,420	)
Perpetual Long-term		—		(2,392,420	)		—		—
Perpetual Short-term		—		(5,296,739	)		—		—
Total capital loss carryforwards	$	—	$	(7,689,159	)	$	—	$	(33,469,847	)
Timing differences (Qualified late year loss and straddle loss deferrals)	$	6,273	$	(326,711	)	$	—	$	—

(1)

With the exception of perpetual capital loss carryforwards, expiration occurs on December 31 of the year indicated.

As of June 30, 2013, 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			Structured Tax- Managed Equity			Structured International Tax-Managed Equity
Tax cost	$	1,172,024,264		$	410,563,054		$	354,902,072		$	141,692,707
Gross unrealized gain		103,617,509			7,218,461			51,062,730			17,420,835
Gross unrealized loss		(42,370,000	)		(47,726,224	)		(2,645,888	)		(2,562,024	)
Net unrealized security gain (loss)	$	61,247,509		$	(40,507,763	)	$	48,416,842		$	14,858,811

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 passive foreign investment companies.

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

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

9. OTHER RISKS

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

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

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

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

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

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

10. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

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 STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2013 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	U.S. Equity Dividend and Premium Fund

	For the Six Months Ended June 30, 2013 (Unaudited)						For the Fiscal Year Ended December 31, 2012

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		3,817,680		$	38,983,190			13,471,135		$	134,360,217
Reinvestment of distributions		139,767			1,455,722			1,026,012			9,855,934
Shares redeemed		(3,863,020	)		(39,825,139	)		(6,886,184	)		(68,404,056	)
		94,427			613,773			7,610,963			75,812,095
Class C Shares
Shares sold		1,088,105			11,117,759			3,213,883			31,979,521
Reinvestment of distributions		23,305			242,329			216,786			2,070,256
Shares redeemed		(472,542	)		(4,870,257	)		(564,308	)		(5,563,935	)
		638,868			6,489,831			2,866,361			28,485,842
Institutional Shares
Shares sold		16,545,599			169,650,051			39,336,120			389,519,502
Reinvestment of distributions		924,315			9,608,480			6,362,691			61,034,070
Shares redeemed		(14,889,236	)		(153,121,999	)		(25,712,076	)		(255,438,956	)
		2,580,678			26,136,532			19,986,735			195,114,616
Class IR Shares
Shares sold		670,424			6,902,037			2,004,655			20,021,933
Reinvestment of distributions		25,552			266,231			145,320			1,392,634
Shares redeemed		(218,102	)		(2,211,596	)		(239,274	)		(2,389,865	)
		477,874			4,956,672			1,910,701			19,024,702
NET INCREASE		3,791,847		$	38,196,808			32,374,760		$	318,437,255

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	International Equity Dividend and Premium Fund

	For the Six Months Ended June 30, 2013 (Unaudited)						For the Fiscal Year Ended December 31, 2012

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		364,268		$	2,734,840			9,590,418		$	67,117,434
Reinvestment of distributions		34,660			252,604			647,277			4,266,924
Shares redeemed		(588,093	)		(4,407,544	)		(34,123,936	)		(220,819,168	)
		(189,165	)		(1,420,100	)		(23,886,241	)		(149,434,810	)
Class C Shares
Shares sold		67,095			488,516			28,724			200,563
Reinvestment of distributions		4,539			32,272			6,698			44,294
Shares redeemed		(4,179	)		(30,891	)		(38,279	)		(246,289	)
		67,455			489,897			(2,857	)		(1,432	)
Institutional Shares
Shares sold		8,098,075			59,969,638			42,705,998			275,961,348
Reinvestment of distributions		1,022,322			7,350,299			1,323,372			8,970,362
Shares redeemed		(9,218,831	)		(68,395,611	)		(11,076,408	)		(75,542,019	)
		(98,434	)		(1,075,674	)		32,952,962			209,389,691
Class IR Shares
Shares sold		46,155			341,082			894,625			6,231,362
Reinvestment of distributions		5,973			42,893			10,550			72,262
Shares redeemed		(58,392	)		(425,452	)		(810,700	)		(5,295,275	)
		(6,264	)		(41,477	)		94,475			1,008,349
NET INCREASE (DECREASE)		(226,408	)	$	(2,047,354	)		9,158,339		$	60,961,798

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Notes to Financial Statements (continued)

June 30, 2013 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Structured Tax-Managed Equity Fund

	For the Six Months Ended June 30, 2013 (Unaudited)						For the Fiscal Year Ended December 31, 2012

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		206,416		$	2,706,515			317,155		$	3,534,598
Shares converted from Class B ^(a)		333			4,408			4,978			56,343
Reinvestment of distributions		—			—			36,190			406,774
Shares redeemed		(1,055,401	)		(13,173,693	)		(2,344,011	)		(26,046,567	)
		(848,652	)		(10,462,770	)		(1,985,688	)		(22,048,852	)
Class B Shares
Shares sold		1,195			14,661			155			1,652
Shares converted to Class A ^(a)		(344	)		(4,408	)		(5,150	)		(56,343	)
Reinvestment of distributions		—			—			85			923
Shares redeemed		(6,730	)		(82,407	)		(35,112	)		(371,401	)
		(5,879	)		(72,154	)		(40,022	)		(425,169	)
Class C Shares
Shares sold		11,722			139,802			15,165			159,600
Reinvestment of distributions		—			—			3,081			33,308
Shares redeemed		(40,030	)		(487,697	)		(99,031	)		(1,039,097	)
		(28,308	)		(347,895	)		(80,785	)		(846,189	)
Institutional Shares
Shares sold		7,090,389			90,059,425			8,201,347			91,440,764
Reinvestment of distributions		—			—			391,349			4,457,463
Shares redeemed		(6,575,040	)		(83,989,299	)		(4,736,794	)		(53,441,011	)
		515,349			6,070,126			3,855,902			42,457,216
Service Shares
Shares sold		—			—			9			100
Reinvestment of distributions		—			—			37			416
Shares redeemed		(328	)		(3,902	)		(199	)		(2,101	)
		(328	)		(3,902	)		(153	)		(1,585	)
Class IR Shares
Shares sold		10,908			139,120			3,049			34,689
Reinvestment of distributions		—			—			577			6,583
Shares redeemed		(2,982	)		(37,826	)		(11,427	)		(130,570	)
		7,926			101,294			(7,801	)		(89,298	)
NET INCREASE (DECREASE)		(359,892	)	$	(4,715,301	)		1,741,453		$	19,046,123

(a)

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

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Structured International Tax-Managed Equity Fund

	For the Six Months Ended June 30, 2013 (Unaudited)						For the Fiscal Year Ended December 31, 2012

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		396,493		$	3,064,438			793,411		$	5,749,953
Reinvestment of distributions		—			—			60,734			450,642
Shares redeemed		(1,945,431	)		(15,496,853	)		(4,973,782	)		(35,206,763	)
		(1,548,938	)	$	(12,432,415	)		(4,119,637	)	$	(29,006,168	)
Class C Shares
Shares sold		12			100			1,319			9,600
Reinvestment of distributions		—			—			92			679
Shares redeemed		(28	)		(223	)		(91	)		(606	)
		(16	)		(123	)		1,320			9,673
Institutional Shares
Shares sold		5,300,838			42,216,093			5,883,620			41,704,588
Reinvestment of distributions		—			—			531,156			3,919,930
Shares redeemed		(2,455,307	)		(19,462,240	)		(3,953,046	)		(28,634,393	)
		2,845,531			22,753,853			2,461,730			16,990,125
Class IR Shares
Shares sold		23,038			185,018			2,135			15,924
Reinvestment of distributions		—			—			3			24
Shares redeemed		—			—			(2,135	)		(14,632	)
		23,038			185,018			3			1,316
NET INCREASE (DECREASE)		1,319,615		$	10,506,333			(1,656,584	)	$	(12,005,054	)

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Fund Expenses — Six Month Period Ended June 30, 2013 (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, 2013 through June 30, 2013.

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

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

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


	U.S. Equity Dividend and Premium Fund							International Equity Dividend and Premium Fund							Structured Tax-Managed Equity Fund							Structured International Tax-Managed Equity Fund
Share Class	Beginning Account Value 1/1/13		Ending Account Value 6/30/13			Expenses Paid for the 6 Months Ended 6/30/13 *		Beginning Account Value 1/1/13		Ending Account Value 6/30/13			Expenses Paid for the 6 Months Ended 6/30/13 *		Beginning Account Value 1/1/13		Ending Account Value 6/30/13			Expenses Paid for the 6 Months Ended 6/30/13 *		Beginning Account Value 1/1/13		Ending Account Value 6/30/13			Expenses Paid for the 6 Months Ended 6/30/13 *
Class A
Actual	$	1,000	$	1,110.60		$	6.28	$	1,000	$	1,004.70		$	6.61	$	1,000	$	1,151.10		$	5.97	$	1,000	$	1,044.60		$	6.49
Hypothetical 5% return		1,000		1,018.84	+		6.01		1,000		1,018.20	+		6.66		1,000		1,019.24	+		5.61		1,000		1,018.45	+		6.41
Class B
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,146.60			9.95		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,015.52	+		9.35		N/A		N/A			N/A
Class C
Actual		1,000		1,105.80			10.18		1,000		1,000.00			10.31		1,000		1,146.10			9.95		1,000		1,041.10			10.37
Hypothetical 5% return		1,000		1,015.12	+		9.74		1,000		1,014.48	+		10.39		1,000		1,015.52	+		9.35		1,000		1,014.63	+		10.24
Institutional
Actual		1,000		1,113.00			4.19		1,000		1,006.80			4.63		1,000		1,153.50			3.84		1,000		1,046.10			4.62
Hypothetical 5% return		1,000		1,020.83	+		4.01		1,000		1,020.18	+		4.66		1,000		1,021.22	+		3.61		1,000		1,020.28	+		4.56
Service
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,151.10			6.51		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,018.74	+		6.11		N/A		N/A			N/A
Class IR
Actual		1,000		1,112.10			4.98		1,000		1,006.10			5.37		1,000		1,152.40			4.64		1,000		1,044.40			5.53
Hypothetical 5% return		1,000		1,020.08	+		4.76		1,000		1,019.44	+		5.41		1,000		1,020.48	+		4.36		1,000		1,019.39	+		5.46

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, 2013. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:


Fund	Class A			Class B			Class C			Institutional			Service			Class IR
U.S. Equity Dividend and Premium		1.20	%		N/A			1.95	%		0.80	%		N/A			0.95	%
International Equity Dividend and Premium		1.33			N/A			2.08			0.93			N/A			1.08
Structured Tax-Managed Equity		1.12			1.87	%		1.87			0.72			1.22	%		0.87
Structured International Tax-Managed Equity		1.28			N/A			2.05			0.91			N/A			1.09

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 STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

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

The Management Agreement was most recently approved for continuation until June 30, 2014 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 12-13, 2013 (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 ( i.e. , accounting and financial reporting, tax, shareholder services and operations), controls and risk management groups ( i.e. , 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 ( i.e. , 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;

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

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

(b)

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

(c)

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

(d)

expense information for the Funds, including:

(i)

the relative management fee and expense levels of the Funds as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; 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 the Funds that exceed specified levels, and a summary of contractual fee reductions made by the Investment Adviser and its affiliates over the past several years with respect to the Funds;

(g)

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

(h)

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

(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.

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

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

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

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

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

As part of their review, the Trustees considered the nature, extent and quality of the services provided by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and 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. 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.

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

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

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, 2012, and updated performance information prepared by the Investment Adviser using the peer groups identified by the Outside Data Provider as of March 31, 2013. 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. In addition, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions.

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

The Trustees noted that the International Equity Dividend and Premium Fund’s Class A Shares had placed in the top half of the Fund’s peer group for the five-year period, in the third quartile for the three-year period, and in the fourth quartile for the one-year period, and had underperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2013. The Trustees also observed that the Structured International Tax-Managed Equity Fund’s Class A Shares had placed in the top half of the Fund’s peer group for the one- and three-year periods and in the third 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, 2013. They noted that the Structured 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 underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2013. They noted that the U.S. Equity Dividend and Premium Fund’s Class A Shares had placed in the top half of the Fund’s peer group for the three- and five-year periods and in the fourth quartile for the one-year period, and had underperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2013.

The Trustees noted that the U.S. Equity Dividend and Premium and the International Equity Dividend and Premium Funds had certain significant differences from their peer groups and benchmark indexes that caused the peer groups and benchmark indexes to be imperfect bases for performance comparison. They noted the addition of certain key hires in 2011 to the senior management of the Funds’ portfolio management team, as well as ongoing efforts to further enhance the portfolio management team’s investment models.

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

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

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.

In addition, the Trustees considered the Investment Adviser’s undertakings to limit certain expenses of the Funds that exceed specified levels. 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 they believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Profitability

The Trustees reviewed the Investment Adviser’s revenues and pre-tax profit margins with respect to the Trust and each of the Funds. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function ( i.e ., investment management, transfer agency and distribution and service) and the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also reviewed the report of the internal audit group within the Goldman Sachs organization, which included an assessment of the reasonableness and consistency of the Investment Adviser’s expense allocation methodology and an evaluation of the accuracy of the Investment Adviser’s profitability analysis calculations. Profitability data for the Trust and each Fund were provided for 2012 and 2011, 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.

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

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

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			Structured International Tax-Managed Equity Fund			Structured 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

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.

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

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

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationship with the Funds as stated above, including: (a) transfer agency fees received by Goldman, Sachs & Co. (“Goldman Sachs”); (b) brokerage and futures commissions earned by Goldman Sachs for executing securities and futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) fees earned by Goldman Sachs Agency Lending, an affiliate of the Investment Adviser, as securities lending agent (and fees earned by the Investment Adviser for managing the 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 open to doing business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits. In looking at the benefits to Goldman Sachs Agency Lending and the Investment Adviser from the securities lending program, they noted that the Funds also benefited from their participation in the securities lending program.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) improved servicing from vendors because of the volume of business generated by the Investment Adviser and its affiliates; (c) improved servicing from broker-dealers because of the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties as a result of the size and reputation of the Goldman Sachs organization; (e) the 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 ( i.e. , proprietary risk management systems and databases), subject to certain restrictions; and (h) the Funds’ access to certain affiliated distribution channels. The Trustees noted the competitive nature of the mutual fund marketplace, and noted further that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

GOLDMAN SACHS STRUCTURED TAX-ADVANTAGED EQUITY FUNDS

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

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, 2014.

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 $739.4 billion in assets under management as of June 30, 2013, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. GSAM’s assets under management includes assets managed by Goldman Sachs Asset Management, L.P. and its Investment Advisory Affiliates.

OVERVIEW OF GOLDMAN SACHS FUNDS

LOGO

Money Market ¹

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

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

Credit Strategies Fund

Fundamental Equity

Growth and Income Fund

Small Cap Value Fund

Mid Cap Value Fund

Large Cap Value Fund

Capital Growth Fund

Strategic Growth Fund

Focused Growth Fund

Small/Mid Cap Growth Fund

Flexible Cap Growth Fund

Concentrated Growth Fund

Technology Tollkeeper Fund

Growth Opportunities Fund

Rising Dividend Growth Fund

U.S. Equity Fund

Income Builder Fund

Structured Equity

Structured Tax-Managed Equity Fund

Structured International Tax-Managed Equity Fund

U.S. Equity Dividend and Premium Fund

International Equity Dividend and Premium Fund

Equity Insights ²

Small Cap Equity Insights Fund

U.S. Equity Insights Fund

Small Cap Growth Insights Fund

Large Cap Growth Insights Fund

Large Cap Value Insights Fund

Small Cap Value Insights Fund

International Small Cap Insights Fund

International Equity Insights Fund

Emerging Markets Equity Insights Fund

Fundamental Equity International

Strategic International Equity Fund

Concentrated International Equity Fund

International Small Cap Fund

Asia Equity Fund

Emerging Markets Equity Fund

BRIC Fund (Brazil, Russia, India, China)

N-11 Equity Fund

China Equity Fund

Select Satellite ³

Real Estate Securities Fund

International Real Estate Securities Fund

Commodity Strategy Fund

Dynamic Allocation Fund

Absolute Return Tracker Fund

Managed Futures Strategy Fund

MLP Energy Infrastructure Fund

Multi-Manager Alternatives Fund

Retirement Portfolio Completion Fund

Income Strategies Portfolio

Total Portfolio Solutions ³

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

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

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


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

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

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

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

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

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

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

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

Holdings and allocations shown are as of June 30, 2013 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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:				August 13, 2013

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


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

Date:				August 13, 2013

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

Date:				August 14, 2013

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