Goldman Sachs Variable Insurance Trust

Shares

Description

Exchange Traded Fund – 20.1%

Vanguard S&P 500

$ 2,551,170


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 25.7%
Automobiles & Components – 0.4%
Ford Motor Credit Co. LLC
$	525,000		3.984	%	06/15/16	$ 550,594

Banks – 6.4%
Abbey National Treasury Services PLC
	175,000		2.875		04/25/14	177,376
ANZ Capital Trust II^(a)
	425,000		5.360		12/15/53	432,437
Bank of America Corp.
	225,000		6.000		09/01/17	259,185
	200,000		5.750		12/01/17	228,909
	100,000		5.625		07/01/20	112,949
	350,000		5.700		01/24/22	406,568
BB&T Corp.^(b)
	200,000		1.600		08/15/17	203,484
Capital One Bank NA
	300,000		8.800		07/15/19	392,392
CBA Capital Trust II^(a)(b)(c)
	325,000		6.024		12/31/49	325,000
Citigroup, Inc.
	600,000		5.000		09/15/14	632,097
	275,000		4.450		01/10/17	301,751
ING Bank N.V.^(a)
	450,000		2.000		09/25/15	450,673
Merrill Lynch & Co., Inc.
	325,000		6.400		08/28/17	377,804
Mizuho Corporate Bank Ltd.^(a)
	200,000		2.550		03/17/17	209,000
Morgan Stanley & Co.
	325,000		6.250		08/28/17	367,626
	175,000		5.950		12/28/17	196,871
	400,000		5.500		07/28/21	433,759
National City Preferred Capital Trust I^(b)(c)
	200,000		12.000		12/31/49	204,352
Nordea Bank AB^(a)
	250,000		4.250		09/21/22	248,451
Regions Financial Corp.
	325,000		5.750		06/15/15	347,344
Resona Bank Ltd.^(a)(b)(c)
	650,000		5.850		12/31/49	696,305
Royal Bank of Scotland Group PLC
	250,000		2.550		09/18/15	253,144
Santander Holdings USA, Inc.^(b)
	75,000		3.000		09/24/15	75,332
	165,000		4.625		04/19/16	172,206
Standard Chartered PLC^(a)
	150,000		5.500		11/18/14	161,910
The Bear Stearns Companies LLC
	400,000		7.250		02/01/18	499,273
Union Bank NA
	425,000		2.125		06/16/17	434,484
Wachovia Bank NA
	300,000		6.600		01/15/38	410,767

						9,011,449

Chemicals – 1.0%
CF Industries, Inc.
	150,000		6.875		05/01/18	183,000
Eastman Chemical Co.
	150,000		2.400		06/01/17	156,887
	150,000		4.800	^(b)	09/01/42	162,093
Ecolab, Inc.
	450,000		4.350		12/08/21	506,610


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Chemicals – (continued)
The Dow Chemical Co.
$	320,000		7.600	%	05/15/14	$ 353,401

						1,361,991

Diversified Manufacturing – 0.2%
Xylem, Inc.
	250,000		3.550		09/20/16	265,398

Electric – 0.5%
PPL WEM Holdings PLC^(a)(b)
	220,000		5.375		05/01/21	246,232
Progress Energy, Inc.
	350,000		7.000		10/30/31	460,583
Puget Sound Energy, Inc. Series A^(c)
	50,000		6.974		06/01/67	53,500

						760,315

Energy – 4.0%
Anadarko Petroleum Corp.
	125,000		6.375		09/15/17	150,854
BG Energy Capital PLC^(b)(c)
	325,000		6.500		11/30/72	346,937
BP Capital Markets PLC
	225,000		3.200		03/11/16	240,450
	500,000		4.500		10/01/20	577,282
	145,000		3.561		11/01/21	156,477
Dolphin Energy Ltd.^(a)
	192,096		5.888		06/15/19	217,963
	200,000		5.500		12/15/21	231,300
Gazprom OAO Via Gaz Capital SA^(d)
	350,000		9.250		04/23/19	455,000
Nexen, Inc.
	150,000		5.875		03/10/35	177,501
	305,000		6.400		05/15/37	389,577
Pemex Project Funding Master Trust
	150,000		6.625		06/15/35	187,500
Petrobras International Finance Co.
	40,000		5.750		01/20/20	45,399
	190,000		5.375		01/27/21	214,152
PTTEP Canada International Finance Ltd.^(a)
	240,000		5.692		04/05/21	276,752
	210,000		6.350		06/12/42	242,223
Ras Laffan Liquefied Natural Gas Co. Ltd. III^(a)
	250,000		5.500		09/30/14	269,590
TNK-BP Finance SA
	140,000		7.875		03/13/18	168,700
Transocean, Inc.
	100,000		4.950		11/15/15	109,489
	625,000		6.500		11/15/20	746,364
	125,000		6.375		12/15/21	149,603
Weatherford International Ltd.
	175,000		9.625		03/01/19	228,620

						5,581,733

Food & Beverage – 2.2%
Anheuser-Busch InBev Worldwide, Inc.
	300,000		1.375		07/15/17	302,708
Diageo Capital PLC
	275,000		1.500		05/11/17	279,304
Heineken NV^(a)
	225,000		3.400		04/01/22	234,335
Kraft Foods Group, Inc.^(a)
	275,000		6.125		08/23/18	338,968


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Food & Beverage – (continued)
Kraft Foods, Inc.
$	150,000		5.375	%	02/10/20	$ 180,955
	200,000		6.500		02/09/40	271,816
Pernod-Ricard SA^(a)
	575,000		4.450		01/15/22	635,374
SABMiller Holdings, Inc.^(a)
	275,000		2.450		01/15/17	287,639
	475,000		3.750		01/15/22	515,820

						3,046,919

Food & Staples Retailing – 0.3%
CVS Caremark Corp.
	100,000		5.750		06/01/17	119,931
Walgreen Co.
	175,000		1.800		09/15/17	177,661
	150,000		3.100		09/15/22	153,127

						450,719

Healthcare – 0.9%
Cigna Corp.
	150,000		2.750		11/15/16	158,203
Coventry Health Care, Inc.
	153,000		6.300		08/15/14	167,084
DENTSPLY International, Inc.
	125,000		2.750		08/15/16	128,096
Express Scripts, Inc.
	500,000		3.125		05/15/16	527,983
PerkinElmer, Inc.^(b)
	275,000		5.000		11/15/21	303,189

						1,284,555

Life Insurance – 1.1%
American International Group, Inc.
	125,000		2.375		08/24/15	126,277
MetLife Capital Trust X^(a)(b)
	300,000		9.250		04/08/68	396,000
Metropolitan Life Global Funding I^(a)
	200,000		3.875		04/11/22	218,088
Prudential Financial, Inc.
	575,000		3.875		01/14/15	610,114
The Northwestern Mutual Life Insurance Co.^(a)
	200,000		6.063		03/30/40	255,926

						1,606,405

Media Cable – 0.2%
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.
	325,000		3.800		03/15/22	334,430

Media Non Cable – 0.9%
NBCUniversal Media LLC
	175,000		2.875		04/01/16	184,521
	325,000		2.875		01/15/23	326,940
News America, Inc.
	375,000		6.150		02/15/41	462,271
WPP Finance UK
	275,000		8.000		09/15/14	307,954

						1,281,686

Metals and Mining – 0.2%
Newcrest Finance Pty Ltd.^(a)
	275,000		4.450		11/15/21	281,933


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Noncaptive-Financial – 1.3%
Blackstone Holdings Finance Co. LLC^(a)
$	100,000		4.750	%	02/15/23	$ 104,264
	100,000		6.250		08/15/42	106,107
Capital One Capital III
	125,000		7.686		08/01/66	126,250
Capital One Capital IV^(b)(c)
	350,000		6.745		02/17/37	351,750
Discover Bank
	250,000		8.700		11/18/19	321,004
General Electric Capital Corp.
	300,000		5.875		01/14/38	356,179
International Lease Finance Corp.
	375,000		5.750		05/15/16	397,500

						1,763,054

Pharmaceuticals – 0.1%
Watson Pharmaceuticals, Inc.
	175,000		3.250		10/01/22	177,426

Pipelines – 1.6%
Energy Transfer Partners LP
	375,000		5.950		02/01/15	411,532
	75,000		5.200	^(b)	02/01/22	83,508
Enterprise Products Operating LLC Series A^(b)(c)
	250,000		8.375		08/01/66	281,250
Enterprise Products Operating LLC Series B^(c)
	75,000		7.034		01/15/68	84,188
Enterprise Products Operating LLC Series I
	175,000		5.000		03/01/15	190,968
Oneok Partners LP^(b)
	275,000		3.375		10/01/22	277,724
Tennessee Gas Pipeline Co. LLC
	200,000		8.375		06/15/32	286,642
TransCanada Pipelines Ltd.^(b)(c)
	325,000		6.350		05/15/67	346,125
Western Gas Partners LP
	100,000		5.375		06/01/21	113,206
	175,000		4.000	^(b)	07/01/22	182,355

						2,257,498

Property/Casualty Insurance – 0.3%
Mitsui Sumitomo Insurance Co. Ltd.^(a)(b)(c)
	150,000		7.000		03/15/72	166,556
Transatlantic Holdings, Inc.
	175,000		8.000		11/30/39	218,491

						385,047

Real Estate Investment Trusts – 2.5%
Camden Property Trust
	150,000		5.700		05/15/17	172,128
DDR Corp.^(b)
	250,000		4.625		07/15/22	271,664
Developers Diversified Realty Corp.
	375,000		7.500		04/01/17	445,306
Duke Realty LP^(b)
	225,000		4.375		06/15/22	237,141
ERP Operating LP
	275,000		4.625		12/15/21	319,396
HCP, Inc.
	275,000		6.000		01/30/17	318,788
Healthcare Realty Trust, Inc.
	350,000		5.750		01/15/21	387,418
Kilroy Realty LP
	275,000		5.000		11/03/15	299,505


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Real Estate Investment Trusts – (continued)
ProLogis LP^(b)(d)
$	175,000		1.875	%	11/15/37	$ 175,294
Simon Property Group LP
	350,000		10.350		04/01/19	502,491
WEA Finance LLC^(a)
	125,000		7.500		06/02/14	137,735
	175,000		3.375		10/03/22	173,971

						3,440,837

Retailers – 0.2%
LVMH Moet Hennessy Louis Vuitton SA^(a)
	250,000		1.625		06/29/17	252,125

Technology – 0.4%
Hewlett-Packard Co.
	250,000		3.000		09/15/16	257,819
	150,000		2.600		09/15/17	150,830
	125,000		4.300		06/01/21	127,187

						535,836

Tobacco – 0.1%
Altria Group, Inc.
	60,000		9.700		11/10/18	85,669
	100,000		2.850		08/09/22	98,829

						184,498

Transportation – 0.5%
Burlington Northern Santa Fe LLC^(b)
	200,000		4.375		09/01/42	210,763
Penske Truck Leasing Co. LP / PTL Finance Corp.^(a)
	250,000		3.125		05/11/15	254,518
	225,000		2.500		03/15/16	224,938

						690,219

Wirelines Telecommunications – 0.4%
AT&T, Inc.
	425,000		2.950		05/15/16	454,713
Telefonica Emisiones SAU
	50,000		5.462		02/16/21	48,875

						503,588

TOTAL CORPORATE OBLIGATIONS						$ 36,008,255


Mortgage-Backed Obligations – 41.0%
Adjustable Rate Non-Agency^(c) – 1.8%
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-1, Class 21A1
$	21,212		2.722	%	04/25/34	$ 20,110
Countrywide Alternative Loan Trust Series 2005-38, Class A1
	239,981		1.648		09/25/35	161,260
Countrywide Home Loan Mortgage Pass-Through Trust Series 2003-52, Class A1
	91,765		2.718		02/19/34	81,774
Countrywide Home Loan Mortgage Pass-Through Trust Series 2004-HYB6, Class A2
	17,027		2.801		11/21/34	15,115
Indymac Index Mortgage Loan Trust Series 2005-AR15, Class A1
	419,210		4.802		09/25/35	320,584
Indymac Index Mortgage Loan Trust Series 2006-AR4, Class A1A
	884,572		0.426		05/25/46	646,913


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate Non-Agency – (continued)
J.P. Morgan Mortgage Trust Series 2007-A1, Class 2A2
$	289,323		2.915	%	07/25/35		$ 278,864
Lehman XS Trust Series 2005-7N, Class 1A1A
	339,483		0.487		12/25/35		266,482
Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
	115,051		0.000		12/25/46		35,494
	537,213		0.998		12/25/46		170,613
Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 3A2
	20,164		2.785		09/25/34		20,088
Structured Adjustable Rate Mortgage Loan Trust Series 2004-5, Class 3A1
	44,849		2.804		05/25/34		44,796
Washington Mutual Mortgage Pass-Through Certificates Series 2004-AR3, Class A2
	23,099		2.583		06/25/34		22,682
Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA2, Class 1A
	535,322		0.848		03/25/47		354,675

							2,439,450

Collateralized Mortgage Obligations – 8.9%
Agency Multi-Family – 5.7%
FHLMC REMIC Structured Pass-Through Certificates Series K703, Class A2
$	600,000		2.699	%	05/25/18		$ 647,715
FHLMC REMIC Structured Pass-Through Certificates Series K705, Class A2
	500,000		2.303		09/25/18		530,870
FHLMC REMIC Structured Pass-Through Certificates Series K709, Class A2
	200,000		2.086		03/25/19		208,599
FHLMC Series K020, Class A2
	400,000		2.373		05/25/22		408,068
FHLMC Series K710, Class A2
	700,000		1.883		05/25/19		720,907
FNMA
	388,500		2.800		03/01/18		416,795
	1,080,617		3.864		05/01/18		1,214,998
	320,000		3.968		05/01/18		359,002
	800,000		4.656		06/01/19		926,923
	100,000		1.520		12/25/19		102,469
	100,000		1.801		12/25/19		102,543
	195,413		3.530		10/01/20		216,955
	195,555		3.753		12/01/20		219,488
	979,735		3.888		12/01/20		1,107,260
	450,000		2.482		04/25/22		460,763
	100,000		2.349		05/25/22		102,060
GNMA
	175,112		3.950		07/15/25		192,486

							7,937,901

Covered Bond – 2.5%
Abbey National Treasury Services PLC^(c)
GBP	200,000		2.300		02/16/15		327,156
Bank of Scotland PLC^(a)
$	400,000		5.250		02/21/17		454,151


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Covered Bond – (continued)
Northern Rock Asset Management PLC^(a)
$	200,000		5.625	%	06/22/17	$ 224,740
Sparebank 1 Boligkreditt AS^(a)
	1,200,000		2.625		05/27/16	1,267,543
	700,000		2.300		06/30/18	730,590
Stadshypotek AB^(a)
	500,000		1.875		10/02/19	499,850

						3,504,030

Planned Amortization Class – 0.1%
FNMA REMIC Series 2003-92, Class PD
	215,182		4.500		03/25/17	215,499

Regular Floater – 0.4%
Lanark Master Issuer PLC Series 2012-2A, Class 1A^(a)(c)
	500,000		1.834		12/22/54	510,652

Sequential Fixed Rate – 0.2%
National Credit Union Administration Guaranteed Notes Series A4
	300,000		3.000		06/12/19	324,033

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$ 12,492,115

Commercial Mortgage-Backed Securities – 2.3%
Sequential Fixed Rate – 2.3%
Commercial Mortgage Pass-Through Certificates Series 2012-LC4, Class AM
$	150,000		4.063	%	12/12/44	$ 160,164
Commercial Mortgage Pass-Through Certificates Series 2012-LC4, Class B^(c)
	125,000		4.934		12/12/44	138,263
Commercial Mortgage Pass-Through Certificates Series 2012-LC4, Class C^(c)
	100,000		5.825		12/12/44	106,212
GS Mortgage Securities Corp. II Series 2007-GG10, Class A4^(c)
	300,000		5.983		08/10/45	344,399
J.P. Morgan Chase Commercial Mortgage Securities Corp. Series 2012-C8, Class A3
	400,000		2.829		10/15/45	409,068
LB-UBS Commercial Mortgage Trust Series 2007-C6, Class A4^(c)
	1,100,000		5.858		07/15/40	1,298,686
Morgan Stanley Dean Witter Capital I Series 2003-TOP9, Class A2
	760,842		4.740		11/13/36	764,645

						3,221,437

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$ 3,221,437

Federal Agencies – 28.0%
Adjustable Rate FHLMC^(c) – 1.2%
$	1,523,866		2.375	%	09/01/35	$ 1,638,633

Adjustable Rate FNMA^(c) – 1.5%
	469,927		2.342		05/01/33	496,817
	734,850		2.333		05/01/35	785,508
	788,134		2.610		09/01/35	843,618

						2,125,943

FHLMC – 1.2%
	17,413		7.500		06/01/15	18,534
	28,052		7.000		07/01/16	29,332


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	313,505		5.500	%	02/01/18	$ 340,307
	28,750		5.500		04/01/18	31,207
	11,355		4.500		09/01/18	12,160
	50,840		5.500		09/01/18	55,187
	2,882		9.500		08/01/19	3,166
	107		9.500		08/01/20	109
	111,661		6.500		10/01/20	124,817
	22,883		4.500		07/01/24	24,842
	142,178		4.500		11/01/24	154,930
	27,640		4.500		12/01/24	30,119
	47,358		6.000		03/01/29	52,782
	184		6.000		04/01/29	205
	31,389		7.500		12/01/29	36,094
	269,799		7.000		05/01/32	309,046
	762		6.000		08/01/32	849
	159,806		7.000		12/01/32	183,052
	25,699		5.000		12/01/35	28,124
	30,591		6.000		09/01/37	34,034
	43,304		6.000		02/01/38	48,235
	127,350		6.000		07/01/38	142,119
	35,962		6.000		10/01/38	40,211

						1,699,461

FNMA – 23.5%
	48,720		7.500		08/01/15	51,075
	24,728		6.000		04/01/16	26,504
	43,307		6.500		05/01/16	46,985
	61,884		6.500		09/01/16	67,141
	79,358		6.500		11/01/16	86,100
	18,988		7.500		04/01/17	20,306
	313,511		5.500		02/01/18	339,449
	307,747		5.000		05/01/18	333,833
	27,103		6.500		08/01/18	30,472
	147,834		7.000		08/01/18	165,399
	399,669		4.520		06/01/21	465,526
	4,047		5.000		06/01/23	4,394
	373,319		5.500		09/01/23	406,085
	81,882		5.500		10/01/23	89,271
	20,545		4.500		07/01/24	22,488
	295,366		4.500		11/01/24	323,650
	118,665		4.500		12/01/24	130,013
	82		7.000		07/01/25	97
	4,352		7.000		11/01/25	5,153
	32,417		9.000		11/01/25	38,226
	126,864		7.000		08/01/26	145,860
	792		7.000		08/01/27	920
	9,626		7.000		09/01/27	11,190
	36,873		6.000		12/01/27	40,698
	353		7.000		01/01/28	411
	224,349		6.000		02/01/29	250,208
	204,904		6.000		06/01/29	228,815
	942,612		5.000		09/01/29	1,026,489
	50,489		8.000		10/01/29	62,095
	15,394		7.000		12/01/29	17,905
	1,491		8.500		04/01/30	1,792
	7,391		8.000		05/01/30	8,419
	386		8.500		06/01/30	450
	17,917		7.000		05/01/32	20,834
	143,855		7.000		06/01/32	166,893
	207,245		7.000		08/01/32	240,435
	39,977		8.000		08/01/32	49,841
	51,706		5.000		04/01/33	56,462


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	12,206		5.000	%	08/01/33	$ 13,431
	2,423		5.500		09/01/33	2,685
	3,151		5.500		02/01/34	3,490
	527		5.500		04/01/34	585
	50,115		5.000		12/01/34	54,680
	27,881		5.500		12/01/34	30,809
	75,496		5.000		04/01/35	83,190
	172,770		6.000		04/01/35	192,917
	8,281		5.000		09/01/35	9,018
	4,328		5.500		09/01/35	4,772
	378		5.500		02/01/37	416
	534		5.500		04/01/37	588
	729		5.500		05/01/37	801
	68,968		6.000		12/01/37	77,118
	67,542		5.000		02/01/38	73,399
	965		5.500		03/01/38	1,061
	1,760,507		5.000		04/01/38	1,913,179
	36,611		6.000		05/01/38	41,034
	781		5.500		06/01/38	859
	31,185		6.000		06/01/38	34,952
	1,074		5.500		07/01/38	1,180
	76,639		6.000		07/01/38	86,078
	907		5.500		08/01/38	998
	29,925		6.000		08/01/38	33,610
	577		5.500		09/01/38	635
	13,919		5.500		10/01/38	15,310
	33,761		6.000		10/01/38	37,919
	65,426		5.000		11/01/38	71,100
	39,627		6.000		11/01/38	44,508
	383		5.500		12/01/38	422
	355,882		5.000		01/01/39	392,086
	1,000,000		5.000		07/01/39	1,086,720
	58,898		4.500		08/01/39	65,052
	860,137		4.500		05/01/40	930,718
	202,703		4.500		07/01/40	219,336
	664,194		4.000		09/01/40	714,676
	1,385,280		4.000		11/01/40	1,490,567
	290,895		5.000		02/01/41	319,199
	777,436		4.500		03/01/41	842,845
	1,510,143		4.500		05/01/41	1,637,199
	237,101		5.000		05/01/41	258,757
	100,148		4.500		06/01/41	108,574
	35,156		5.000		06/01/41	38,367
	886,668		4.500		09/01/41	961,268
	1,651,503		5.000		10/01/41	1,807,945
	1,000,000		2.500		TBA-15yr^(e)	1,051,250
	1,000,000		3.000		TBA-30yr^(e)	1,055,547
	1,000,000		5.000		TBA-30yr^(e)	1,090,937
	7,000,000		5.000		TBA-30yr^(e)	7,632,734
	3,000,000		6.000		TBA-30yr^(e)	3,312,891

						32,829,296

GNMA – 0.6%
	6,439		7.000		10/15/25	7,629
	14,859		7.000		11/15/25	17,605
	2,632		7.000		02/15/26	3,135
	9,253		7.000		04/15/26	11,019
	4,069		7.000		03/15/27	4,868
	88,757		7.000		11/15/27	106,188
	4,973		7.000		01/15/28	5,864
	35,056		7.000		02/15/28	41,334
	14,414		7.000		03/15/28	16,995


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	3,928		7.000	%	04/15/28	$ 4,631
	546		7.000		05/15/28	644
	8,744		7.000		06/15/28	10,310
	19,123		7.000		07/15/28	22,547
	14,419		7.000		08/15/28	17,001
	26,990		7.000		09/15/28	31,823
	4,181		7.000		11/15/28	4,930
	4,739		7.500		11/15/30	4,821
	609		7.000		12/15/31	718
	490,971		6.000		08/20/34	557,161

						869,223

TOTAL FEDERAL AGENCIES						$39,162,556

TOTAL MORTGAGE-BACKED OBLIGATIONS						$57,315,558


Agency Debentures – 7.5%
FHLMC
$	300,000		4.375	%	01/15/14	$ 402,120
	1,000,000		1.000		03/08/17	1,015,124
	100,000		1.000		06/29/17	101,259
	500,000		1.000		07/28/17	506,151
	500,000		1.250		08/01/19	500,564
	1,000,000		1.250		10/02/19	998,653
	1,000,000		2.375		01/13/22	1,049,452
FNMA
	1,600,000		0.625		10/30/14	1,611,422
	1,100,000		0.875		08/28/17	1,106,491
	2,000,000		0.875		10/26/17	2,007,952
Tennessee Valley Authority
	900,000		5.375		04/01/56	1,247,401

TOTAL AGENCY DEBENTURES						$10,546,589


Asset-Backed Securities – 1.6%
Home Equity – 0.2%
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
$	122,508		7.000	%	09/25/37	$ 106,069
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
	169,630		7.000		09/25/37	146,665

						252,734

Student Loans^(c) – 1.4%
Access Group, Inc. Series 2005-2, Class A3
	600,000		0.614		11/22/24	587,993
College Loan Corp. Trust Series 2004-1, Class A4
	300,000		0.641		04/25/24	281,182
College Loan Corp. Trust Series 2006-1, Class A3
	1,000,000		0.541		10/25/25	969,848
GCO Education Loan Funding Trust Series 2006-1, Class A11L
	100,000		0.657		05/25/36	86,648

						1,925,671

TOTAL ASSET-BACKED SECURITIES						$ 2,178,405


Principal Amount		Interest Rate			Maturity Date	Value
Foreign Debt Obligations – 7.1%
Sovereign – 6.6%
Colombia Government International Bond
$	209,000		4.375	%	07/12/21	$ 240,663
Indonesia Government International Bond
	230,000		8.500		10/12/35	363,688
United Kingdom Gilt
GBP	4,200,000		4.500		03/07/13	6,905,799
	1,000,000		2.750		01/22/15	1,708,313

						9,218,463

Supranational – 0.5%
North American Development Bank
$	600,000		4.375		02/11/20	677,873

TOTAL FOREIGN DEBT OBLIGATIONS						$ 9,896,336


Municipal Debt Obligations – 1.0%
California – 0.2%
California State Various Purpose GO Bonds Series 2010
$	140,000		7.950	%	03/01/36	$ 167,275
	105,000		7.625		03/01/40	142,859

						310,134

Illinois – 0.2%
Illinois State GO Bonds for Build America Bonds Series 2010-5
	250,000		7.350		07/01/35	294,512

New York – 0.4%
Rensselaer Polytechnic Institute Taxable Bonds Series 2010
	475,000		5.600		09/01/20	554,828

Ohio – 0.2%
American Municipal Power, Inc. RB Build America Bond Series 2010 E RMKT
	250,000		6.270		02/15/50	291,408

TOTAL MUNICIPAL DEBT OBLIGATIONS						$ 1,450,882


Government Guarantee Obligations^(f) – 5.2%
Achmea Hypotheekbank NV^(a)
$	791,000		3.200	%	11/03/14	$ 829,356
BRFkredit AS^(a)
	1,700,000		2.050		04/15/13	1,715,604
Commonwealth Bank of Australia^(a)
	700,000		2.500		12/10/12	702,848
FIH Erhvervsbank A/S^(a)
	1,400,000		1.750		12/06/12	1,403,262
Israel Government AID Bond
	400,000		5.500		09/18/23	528,929
	100,000		5.500		12/04/23	132,327
Kommunalbanken AS^(a)
	300,000		1.000		09/26/17	300,210
Landwirtschaftliche Rentenbank
	1,400,000		4.125		07/15/13	1,441,720
Swedbank AB^(a)
	200,000		2.900		01/14/13	201,413

TOTAL GOVERNMENT GUARANTEE OBLIGATIONS						$ 7,255,669


Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – 6.3%
United States Treasury Bonds
$	2,000,000		0.000	%^(g)	02/15/26	$ 1,479,260
	100,000		5.000		05/15/37	143,258
	500,000		4.250		11/15/40	649,590
	400,000		4.375		05/15/41	530,312
	275,000		3.125		11/15/41	293,122
	775,000		3.125		02/15/42	824,833
	500,000		3.000		05/15/42	518,770
	200,000		2.750		08/15/42	196,782
United States Treasury Inflation-Protected Securities
	119,984		1.625		01/15/15	128,589
	117,785		1.875		07/15/15	129,619
United States Treasury Notes
	3,000,000		0.125	^(h)	07/31/14	2,993,670
	900,000		1.625		08/15/22	898,947

TOTAL U.S. TREASURY OBLIGATIONS						$ 8,786,752

TOTAL INVESTMENTS – 95.4%						$ 133,438,446

OTHER ASSETS IN EXCESS OF LIABILITIES – 4.6%						6,447,953

NET ASSETS – 100.0%						$ 139,886,399



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

(a)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $17,432,352, which represents approximately 12.5% of net assets as of September 30, 2012.

(b)		Securities with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.

(c)		Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012.

(d)		Securities with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect at September 30, 2012.

(e)		TBA (To Be Announced) Securities are purchased/sold on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $14,143,359 which represents approximately 10.1% of net assets as of September 30, 2012.

(f)		Guaranteed by a foreign government until maturity.

(g)		Issued with a zero coupon. Income is recognized through the accretion of discount.

(h)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.



Investment Abbreviations:
FHLMC		— Federal Home Loan Mortgage Corp.
FNMA		— Federal National Mortgage Association
GNMA		— Government National Mortgage Association
GO		— General Obligation
RB		— Revenue Bond
REMIC		— Real Estate Mortgage Investment Conduit
RMKT		— Remarketed
UK		— United Kingdom

Currency Abbreviations:
AUD		— Australian Dollar
CAD		— Canadian Dollar
CHF		— Swiss Franc
DKK		— Denmark Krone
EUR		— Euro
GBP		— British Pound
JPY		— Japanese Yen
NOK		— Norwegian Krone
NZD		— New Zealand Dollar
SEK		— Swedish Krona
USD		— United States Dollar



For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2012, the Fund had the following forward foreign currency exchange contracts:

TAX INFORMATION — At September 30, 2012, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Additional information regarding the Fund is available in the Fund’s most recent Annual and Semi-Annual Reports to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).



Shares		Description	Value
	Common Stocks – 98.9%
	Automobiles & Components – 0.6%
	1,500	BorgWarner, Inc.*	$ 103,665
	50,810	Ford Motor Co.	500,987
	3,040	Harley-Davidson, Inc.	128,805
	9,085	Johnson Controls, Inc.	248,929
	3,164	The Goodyear Tire & Rubber Co.*	38,569

			1,020,955

	Banks – 2.9%
	9,320	BB&T Corp.	309,051
	2,550	Comerica, Inc.	79,178
	12,146	Fifth Third Bancorp	188,384
	3,534	First Horizon National Corp.	34,032
	6,600	Hudson City Bancorp, Inc.	52,536
	11,645	Huntington Bancshares, Inc.	80,351
	12,400	KeyCorp	108,376
	1,728	M&T Bank Corp.	164,436
	4,789	People’s United Financial, Inc.	58,138
	7,104	PNC Financial Services Group, Inc.	448,262
	17,798	Regions Financial Corp.	128,324
	7,210	SunTrust Banks, Inc.	203,827
	25,457	U.S. Bancorp	873,175
	66,128	Wells Fargo & Co.	2,283,400
	2,430	Zions Bancorporation	50,192

			5,061,662

	Capital Goods – 7.5%
	8,656	3M Co.	799,988
	8,900	Caterpillar, Inc.	765,756
	2,186	Cooper Industries PLC	164,081
	2,346	Cummins, Inc.	216,325
	7,714	Danaher Corp.	425,427
	5,371	Deere & Co.	443,054
	2,401	Dover Corp.	142,836
	4,594	Eaton Corp.	217,112
	9,777	Emerson Electric Co.	471,936
	3,553	Fastenal Co.	152,743
	635	Flowserve Corp.	81,115
	2,247	Fluor Corp.	126,461
	4,506	General Dynamics Corp.	297,937
	142,151	General Electric Co.	3,228,249
	10,383	Honeywell International, Inc.	620,384
	5,890	Illinois Tool Works, Inc.	350,278
	4,000	Ingersoll-Rand PLC	179,280
	1,800	Jacobs Engineering Group, Inc.*	72,774
	1,400	Joy Global, Inc.	78,484
	1,300	L-3 Communications Holdings, Inc.	93,223
	3,580	Lockheed Martin Corp.	334,300
	4,800	Masco Corp.	72,240
	3,373	Northrop Grumman Corp.	224,068
	4,793	PACCAR, Inc.	191,840
	1,552	Pall Corp.	98,536
	2,070	Parker Hannifin Corp.	173,011
	1,300	Pentair, Inc.	57,863
	1,959	Precision Castparts Corp.	319,983
	3,000	Quanta Services, Inc.*	74,100
	4,382	Raytheon Co.	250,475
	1,903	Rockwell Automation, Inc.	132,354
	2,019	Rockwell Collins, Inc.	108,299
	1,324	Roper Industries, Inc.	145,494



Shares		Description	Value
	Common Stocks – (continued)
	Capital Goods – (continued)
	803	Snap-On, Inc.	$ 57,712
	2,317	Stanley Black & Decker, Inc.	176,671
	3,639	Textron, Inc.	95,233
	9,185	The Boeing Co.	639,460
	11,362	United Technologies Corp.	889,531
	833	W.W. Grainger, Inc.	173,572
	2,518	Xylem, Inc.	63,328

			13,205,513

	Commercial & Professional Services – 0.7%
	1,434	Avery Dennison Corp.	45,630
	1,400	Cintas Corp.	58,030
	578	Dun & Bradstreet Corp.	46,020
	1,550	Equifax, Inc.	72,199
	2,331	Iron Mountain, Inc.	79,510
	2,600	Pitney Bowes, Inc.	35,932
	2,100	R.R. Donnelley & Sons Co.	22,260
	4,367	Republic Services, Inc.	120,136
	1,957	Robert Half International, Inc.	52,115
	1,127	Stericycle, Inc.*	102,016
	6,244	Tyco International Ltd.	351,288
	6,149	Waste Management, Inc.	197,260

			1,182,396

	Consumer Durables & Apparel – 1.0%
	3,769	Coach, Inc.	211,139
	3,600	D.R. Horton, Inc.	74,304
	700	Fossil, Inc.*	59,290
	1,000	Harman International Industries, Inc.	46,160
	1,521	Hasbro, Inc.	58,057
	1,800	Leggett & Platt, Inc.	45,090
	2,200	Lennar Corp. Class A	76,494
	4,681	Mattel, Inc.	166,082
	3,733	Newell Rubbermaid, Inc.	71,263
	4,940	NIKE, Inc. Class B	468,855
	4,513	PulteGroup, Inc.*	69,951
	852	Ralph Lauren Corp.	128,848
	1,142	VF Corp.	181,989
	1,059	Whirlpool Corp.	87,802

			1,745,324

	Consumer Services – 1.9%
	1,200	Apollo Group, Inc. Class A*	34,860
	6,029	Carnival Corp.	219,697
	428	Chipotle Mexican Grill, Inc.*	135,907
	1,766	Darden Restaurants, Inc.	98,455
	3,300	H&R Block, Inc.	57,189
	3,412	International Game Technology	44,663
	3,640	Marriott International, Inc. Class A	142,324
	13,569	McDonald’s Corp.	1,244,956
	10,095	Starbucks Corp.	512,321
	2,600	Starwood Hotels & Resorts Worldwide, Inc.	150,696
	1,981	Wyndham Worldwide Corp.	103,963
	1,100	Wynn Resorts Ltd.	126,984
	6,172	Yum! Brands, Inc.	409,450

			3,281,465



Shares		Description	Value
	Common Stocks – (continued)
	Diversified Financials – 5.7%
	13,462	American Express Co.	$ 765,449
	2,836	Ameriprise Financial, Inc.	160,773
	146,110	Bank of America Corp.	1,290,151
	1,686	BlackRock, Inc.	300,614
	7,658	Capital One Financial Corp.	436,583
	39,768	Citigroup, Inc.	1,301,209
	4,195	CME Group, Inc.	240,374
	7,099	Discover Financial Services	282,043
	3,050	ETRADE Financial Corp.	26,871
	1,056	Federated Investors, Inc. Class B	21,849
	1,860	Franklin Resources, Inc.	232,630
	932	IntercontinentalExchange, Inc.*	124,338
	6,093	Invesco Ltd.	152,264
	51,115	JPMorgan Chase & Co.	2,069,135
	1,632	Legg Mason, Inc.	40,278
	2,500	Leucadia National Corp.	56,875
	2,714	Moody’s Corp.	119,877
	18,747	Morgan Stanley	313,825
	2,898	Northern Trust Corp.	134,511
	3,471	NYSE Euronext	85,560
	6,771	SLM Corp.	106,440
	6,570	State Street Corp.	275,677
	3,372	T. Rowe Price Group, Inc.	213,448
	15,893	The Bank of New York Mellon Corp.	359,500
	14,642	The Charles Schwab Corp.	187,271
	6,061	The Goldman Sachs Group, Inc.^(a)	689,014
	1,683	The NASDAQ OMX Group, Inc.	39,205

			10,025,764

	Energy – 11.1%
	3,300	Alpha Natural Resources, Inc.*	21,681
	6,704	Anadarko Petroleum Corp.	468,744
	5,223	Apache Corp.	451,633
	5,891	Baker Hughes, Inc.	266,450
	2,749	Cabot Oil & Gas Corp.	123,430
	3,285	Cameron International Corp.*	184,190
	7,017	Chesapeake Energy Corp.	132,411
	26,379	Chevron Corp.	3,074,736
	16,481	ConocoPhillips	942,383
	2,900	CONSOL Energy, Inc.	87,145
	5,267	Denbury Resources, Inc.*	85,115
	5,068	Devon Energy Corp.	306,614
	969	Diamond Offshore Drilling, Inc.	63,770
	3,100	Ensco PLC Class A	169,136
	3,581	EOG Resources, Inc.	401,251
	2,017	EQT Corp.	119,003
	62,140	Exxon Mobil Corp.	5,682,703
	3,286	FMC Technologies, Inc.*	152,142
	12,472	Halliburton Co.	420,182
	1,500	Helmerich & Payne, Inc.	71,415
	4,020	Hess Corp.	215,954
	7,492	Kinder Morgan, Inc.	266,116
	9,394	Marathon Oil Corp.	277,781
	4,499	Marathon Petroleum Corp.	245,600
	2,645	Murphy Oil Corp.	142,010
	4,032	Nabors Industries Ltd.*	56,569
	5,671	National Oilwell Varco, Inc.	454,304
	1,900	Newfield Exploration Co.*	59,508
	3,300	Noble Corp.*	118,074



Shares		Description	Value
	Common Stocks – (continued)
	Energy – (continued)
	2,351	Noble Energy, Inc.	$ 217,961
	10,892	Occidental Petroleum Corp.	937,365
	3,706	Peabody Energy Corp.	82,607
	8,424	Phillips 66	390,621
	1,600	Pioneer Natural Resources Co.	167,040
	2,476	QEP Resources, Inc.	78,390
	2,200	Range Resources Corp.	153,714
	1,600	Rowan Companies PLC Class A*	54,032
	17,859	Schlumberger Ltd.	1,291,741
	4,581	Southwestern Energy Co.*	159,327
	8,675	Spectra Energy Corp.	254,698
	1,500	Sunoco, Inc.	70,245
	1,900	Tesoro Corp.	79,610
	8,445	The Williams Companies, Inc.	295,322
	7,292	Valero Energy Corp.	231,010
	2,881	WPX Energy, Inc.*	47,796

			19,571,529

	Food & Staples Retailing – 2.4%
	5,829	Costco Wholesale Corp.	583,629
	17,198	CVS Caremark Corp.	832,727
	3,176	Safeway, Inc.	51,102
	7,900	Sysco Corp.	247,033
	7,375	The Kroger Co.	173,608
	11,576	Walgreen Co.	421,829
	22,754	Wal-Mart Stores, Inc.	1,679,245
	2,345	Whole Foods Market, Inc.	228,403

			4,217,576

	Food, Beverage & Tobacco – 6.0%
	27,291	Altria Group, Inc.	911,246
	8,824	Archer-Daniels-Midland Co.	239,836
	2,100	Beam, Inc.	120,834
	2,020	Brown-Forman Corp. Class B	131,805
	2,300	Campbell Soup Co.	80,086
	4,156	Coca-Cola Enterprises, Inc.	129,958
	5,700	ConAgra Foods, Inc.	157,263
	1,800	Constellation Brands, Inc. Class A*	58,230
	2,600	Dean Foods Co.*	42,510
	2,800	Dr. Pepper Snapple Group, Inc.	124,684
	8,597	General Mills, Inc.	342,590
	4,206	H.J. Heinz Co.	235,326
	1,800	Hormel Foods Corp.	52,632
	3,372	Kellogg Co.	174,198
	24,058	Kraft Foods, Inc. Class A	994,798
	1,739	Lorillard, Inc.	202,507
	1,822	McCormick & Co., Inc.	113,037
	2,701	Mead Johnson Nutrition Co.	197,929
	2,123	Molson Coors Brewing Co. Class B	95,641
	2,100	Monster Beverage Corp.*	113,736
	20,948	PepsiCo, Inc.	1,482,490
	22,857	Philip Morris International, Inc.	2,055,759
	4,379	Reynolds American, Inc.	189,786
	52,473	The Coca-Cola Co.	1,990,301
	2,097	The Hershey Co.	148,656
	1,545	The J.M. Smucker Co.	133,380
	4,081	Tyson Foods, Inc. Class A	65,378

			10,584,596



Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – 3.8%
	4,695	Aetna, Inc.	$ 185,922
	3,260	AmerisourceBergen Corp.	126,195
	7,324	Baxter International, Inc.	441,344
	2,723	Becton, Dickinson and Co.	213,919
	19,746	Boston Scientific Corp.*	113,342
	1,067	C. R. Bard, Inc.	111,662
	4,631	Cardinal Health, Inc.	180,470
	3,116	CareFusion Corp.*	88,463
	1,970	Cerner Corp.*	152,498
	3,919	Cigna Corp.	184,859
	1,882	Coventry Health Care, Inc.	78,461
	6,483	Covidien PLC	385,220
	1,100	DaVita, Inc.*	113,971
	1,990	DENTSPLY International, Inc.	75,899
	1,494	Edwards Lifesciences Corp.*	160,411
	10,966	Express Scripts Holding Co.*	687,239
	2,200	Humana, Inc.	154,330
	527	Intuitive Surgical, Inc.*	261,197
	1,323	Laboratory Corp. of America Holdings*	122,338
	3,164	McKesson Corp.	272,199
	13,900	Medtronic, Inc.	599,368
	1,081	Patterson Companies, Inc.	37,013
	2,150	Quest Diagnostics, Inc.	136,374
	4,302	St. Jude Medical, Inc.	181,243
	3,937	Stryker Corp.	219,133
	5,750	Tenet Healthcare Corp.*	36,052
	13,833	UnitedHealth Group, Inc.	766,487
	1,486	Varian Medical Systems, Inc.*	89,635
	4,417	WellPoint, Inc.	256,230
	2,417	Zimmer Holdings, Inc.	163,438

			6,594,912

	Household & Personal Products – 2.3%
	5,986	Avon Products, Inc.	95,477
	6,078	Colgate-Palmolive Co.	651,683
	5,289	Kimberly-Clark Corp.	453,690
	1,800	The Clorox Co.	129,690
	3,299	The Estee Lauder Companies, Inc. Class A	203,120
	37,026	The Procter & Gamble Co.	2,568,123

			4,101,783

	Insurance – 3.8%
	4,567	ACE Ltd.	345,265
	6,315	Aflac, Inc.	302,362
	15,712	American International Group, Inc.*	515,197
	4,367	Aon PLC	228,350
	1,000	Assurant, Inc.	37,300
	24,667	Berkshire Hathaway, Inc. Class B*	2,175,629
	2,231	Cincinnati Financial Corp.	84,533
	6,800	Genworth Financial, Inc. Class A*	35,564
	6,101	Hartford Financial Services Group, Inc.	118,603
	3,769	Lincoln National Corp.	91,172
	4,046	Loews Corp.	166,938
	7,279	Marsh & McLennan Companies, Inc.	246,976
	14,135	MetLife, Inc.	487,092



Shares		Description	Value
	Common Stocks – (continued)
	Insurance – (continued)
	3,983	Principal Financial Group, Inc.	$ 107,302
	6,313	Prudential Financial, Inc.	344,122
	6,573	The Allstate Corp.	260,357
	3,638	The Chubb Corp.	277,507
	8,142	The Progressive Corp.	168,865
	5,220	The Travelers Companies, Inc.	356,317
	1,311	Torchmark Corp.	67,320
	3,718	Unum Group	71,460
	4,284	XL Group PLC	102,945

			6,591,176

	Materials – 3.4%
	2,798	Air Products & Chemicals, Inc.	231,395
	900	Airgas, Inc.	74,070
	14,661	Alcoa, Inc.	129,750
	1,487	Allegheny Technologies, Inc.	47,435
	2,095	Ball Corp.	88,639
	1,300	Bemis Co., Inc.	40,911
	890	CF Industries Holdings, Inc.	197,794
	1,971	Cliffs Natural Resources, Inc.	77,125
	12,486	E.I. du Pont de Nemours & Co.	627,671
	1,853	Eastman Chemical Co.	105,639
	3,612	Ecolab, Inc.	234,094
	1,900	FMC Corp.	105,222
	12,636	Freeport-McMoRan Copper & Gold, Inc.	500,133
	1,083	International Flavors & Fragrances, Inc.	64,525
	5,808	International Paper Co.	210,947
	4,600	LyondellBasell Industries NV Class A	237,636
	2,198	MeadWestvaco Corp.	67,259
	7,128	Monsanto Co.	648,791
	6,687	Newmont Mining Corp.	374,539
	4,200	Nucor Corp.	160,692
	2,162	Owens-Illinois, Inc.*	40,559
	2,024	PPG Industries, Inc.	232,436
	4,033	Praxair, Inc.	418,948
	2,616	Sealed Air Corp.	40,443
	1,600	Sigma-Aldrich Corp.	115,152
	15,955	The Dow Chemical Co.	462,057
	3,700	The Mosaic Co.	213,157
	1,129	The Sherwin-Williams Co.	168,119
	900	Titanium Metals Corp.	11,547
	1,968	United States Steel Corp.	37,530
	1,800	Vulcan Materials Co.	85,140

			6,049,355

	Media – 3.5%
	2,740	Cablevision Systems Corp. Class A	43,429
	8,054	CBS Corp. Class B	292,602
	36,103	Comcast Corp. Class A	1,291,404
	8,439	DIRECTV*	442,710
	3,415	Discovery Communications, Inc. Class A*	203,636
	3,271	Gannett Co., Inc.	58,060
	27,286	News Corp. Class A	669,326
	3,647	Omnicom Group, Inc.	188,039
	1,300	Scripps Networks Interactive, Inc. Class A	79,599



Shares		Description	Value
	Common Stocks – (continued)
	Media – (continued)
	6,071	The Interpublic Group of Companies, Inc.	$ 67,510
	3,813	The McGraw-Hill Companies, Inc.	208,152
	24,365	The Walt Disney Co.	1,273,802
	63	The Washington Post Co. Class B	22,871
	4,217	Time Warner Cable, Inc.	400,868
	12,935	Time Warner, Inc.	586,344
	6,411	Viacom, Inc. Class B	343,565

			6,171,917

	Pharmaceuticals, Biotechnology & Life Sciences – 8.1%
	21,314	Abbott Laboratories	1,461,288
	4,696	Agilent Technologies, Inc.	180,561
	2,600	Alexion Pharmaceuticals, Inc.*	297,440
	4,111	Allergan, Inc.	376,485
	10,374	Amgen, Inc.	874,736
	3,203	Biogen Idec, Inc.*	477,984
	22,616	Bristol-Myers Squibb Co.	763,290
	5,860	Celgene Corp.*	447,704
	13,646	Eli Lilly & Co.	646,957
	3,481	Forest Laboratories, Inc.*	123,958
	10,094	Gilead Sciences, Inc.*	669,535
	2,290	Hospira, Inc.*	75,158
	37,109	Johnson & Johnson	2,557,181
	2,470	Life Technologies Corp.*	120,734
	40,937	Merck & Co., Inc.	1,846,259
	5,352	Mylan, Inc.*	130,589
	1,500	PerkinElmer, Inc.	44,205
	1,219	Perrigo Co.	141,611
	100,570	Pfizer, Inc.	2,499,164
	4,844	Thermo Fisher Scientific, Inc.	284,972
	1,209	Waters Corp.*	100,746
	1,700	Watson Pharmaceuticals, Inc.*	144,772

			14,265,329

	Real Estate – 2.1%
	5,340	American Tower Corp. (REIT)	381,223
	1,780	Apartment Investment & Management Co. Class A (REIT)	46,262
	1,291	AvalonBay Communities, Inc. (REIT)	175,563
	2,038	Boston Properties, Inc. (REIT)	225,423
	4,500	CBRE Group, Inc. Class A*	82,845
	4,038	Equity Residential (REIT)	232,306
	5,700	HCP, Inc. (REIT)	253,536
	3,100	Health Care REIT, Inc. (REIT)	179,025
	9,593	Host Hotels & Resorts, Inc. (REIT)	153,968
	5,300	Kimco Realty Corp. (REIT)	107,431
	2,130	Plum Creek Timber Co., Inc. (REIT)	93,379
	6,087	Prologis, Inc. (REIT)	213,228
	1,956	Public Storage (REIT)	272,216
	4,051	Simon Property Group, Inc. (REIT)	614,982
	3,873	Ventas, Inc. (REIT)	241,094
	2,252	Vornado Realty Trust (REIT)	182,525



Shares		Description	Value
	Common Stocks – (continued)
	Real Estate – (continued)
	7,155	Weyerhaeuser Co. (REIT)	$ 187,032

			3,642,038

	Retailing – 4.0%
	1,135	Abercrombie & Fitch Co. Class A	38,499
	4,826	Amazon.com, Inc.*	1,227,348
	499	AutoNation, Inc.*	21,791
	466	AutoZone, Inc.*	172,266
	3,115	Bed Bath & Beyond, Inc.*	196,245
	3,850	Best Buy Co., Inc.	66,181
	900	Big Lots, Inc.*	26,622
	3,000	CarMax, Inc.*	84,900
	3,064	Dollar Tree, Inc.*	147,915
	1,300	Expedia, Inc.	75,192
	1,302	Family Dollar Stores, Inc.	86,323
	1,900	GameStop Corp. Class A	39,900
	2,128	Genuine Parts Co.	129,872
	2,000	J.C. Penney Co., Inc.	48,580
	2,877	Kohl’s Corp.	147,360
	3,321	Limited Brands, Inc.	163,592
	15,654	Lowe’s Companies, Inc.	473,377
	5,598	Macy’s, Inc.	210,597
	800	Netflix, Inc.*	43,552
	2,175	Nordstrom, Inc.	120,017
	1,585	O’Reilly Automotive, Inc.*	132,538
	672	Priceline.com, Inc.*	415,787
	3,056	Ross Stores, Inc.	197,418
	9,472	Staples, Inc.	109,117
	8,910	Target Corp.	565,518
	3,950	The Gap, Inc.	141,331
	20,493	The Home Depot, Inc.	1,237,162
	1,700	Tiffany & Co.	105,196
	9,986	TJX Companies, Inc.	447,273
	1,200	TripAdvisor, Inc.*	39,516
	1,400	Urban Outfitters, Inc.*	52,584

			6,963,569

	Semiconductors & Semiconductor Equipment – 2.0%
	8,100	Advanced Micro Devices, Inc.*	27,297
	4,434	Altera Corp.	150,689
	4,000	Analog Devices, Inc.	156,760
	17,016	Applied Materials, Inc.	189,984
	6,950	Broadcom Corp. Class A*	240,331
	780	First Solar, Inc.*	17,273
	67,804	Intel Corp.	1,537,795
	2,166	KLA-Tencor Corp.	103,329
	2,368	Lam Research Corp.*	75,267
	3,200	Linear Technology Corp.	101,920
	7,900	LSI Corp.*	54,589
	2,700	Microchip Technology, Inc.	88,398
	13,543	Micron Technology, Inc.*	81,055
	8,450	NVIDIA Corp.*	112,723
	2,300	Teradyne, Inc.*	32,706
	15,219	Texas Instruments, Inc.	419,283
	3,500	Xilinx, Inc.	116,935

			3,506,334

	Software & Services – 9.6%
	8,658	Accenture PLC Class A	606,320
	6,557	Adobe Systems, Inc.*	212,840
	2,463	Akamai Technologies, Inc.*	94,234



Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – (continued)
	3,200	Autodesk, Inc.*	$ 106,784
	6,600	Automatic Data Processing, Inc.	387,156
	2,200	BMC Software, Inc.*	91,278
	4,604	CA, Inc.	118,622
	2,492	Citrix Systems, Inc.*	190,812
	4,077	Cognizant Technology Solutions Corp. Class A*	285,064
	2,200	Computer Sciences Corp.	70,862
	15,695	eBay, Inc.*	759,795
	4,436	Electronic Arts, Inc.*	56,293
	3,200	Fidelity National Information Services, Inc.	99,904
	1,876	Fiserv, Inc.*	138,880
	3,599	Google, Inc. Class A*	2,715,446
	14,521	International Business Machines Corp.	3,012,382
	3,936	Intuit, Inc.	231,752
	1,419	Mastercard, Inc. Class A	640,650
	101,558	Microsoft Corp.	3,024,397
	51,244	Oracle Corp.	1,613,674
	4,409	Paychex, Inc.	146,776
	2,651	Red Hat, Inc.*	150,948
	3,833	SAIC, Inc.	46,149
	1,800	Salesforce.com, Inc.*	274,842
	9,681	Symantec Corp.*	174,258
	2,278	Teradata Corp.*	171,784
	8,019	The Western Union Co.	146,106
	2,157	Total System Services, Inc.	51,121
	2,106	VeriSign, Inc.*	102,541
	7,044	Visa, Inc. Class A	945,868
	14,150	Yahoo!, Inc.*	226,046

			16,893,584

	Technology Hardware & Equipment – 8.3%
	2,226	Amphenol Corp. Class A	131,067
	12,608	Apple, Inc.	8,412,814
	71,538	Cisco Systems, Inc.	1,365,660
	20,084	Corning, Inc.	264,105
	19,641	Dell, Inc.	193,660
	28,168	EMC Corp.*	768,141
	1,034	F5 Networks, Inc.*	108,260
	2,100	FLIR Systems, Inc.	41,948
	1,521	Harris Corp.	77,906
	26,312	Hewlett-Packard Co.	448,883
	2,583	Jabil Circuit, Inc.	48,354
	3,425	JDS Uniphase Corp.*	42,419
	7,000	Juniper Networks, Inc.*	119,770
	1,725	Molex, Inc.	45,333
	3,854	Motorola Solutions, Inc.	194,820
	4,822	NetApp, Inc.*	158,547
	22,961	QUALCOMM, Inc.	1,434,833
	3,296	SanDisk Corp.*	143,145
	4,731	Seagate Technology PLC	146,661
	5,649	TE Connectivity Ltd.	192,122
	3,112	Western Digital Corp.	120,528
	18,522	Xerox Corp.	135,951

			14,594,927

	Telecommunication Services – 3.2%
	77,679	AT&T, Inc.	2,928,498
	8,304	CenturyLink, Inc.	335,482



Shares		Description	Value
	Common Stocks – (continued)
	Telecommunication Services – (continued)
	3,931	Crown Castle International Corp.*	$ 251,977
	13,831	Frontier Communications Corp.	67,772
	4,000	MetroPCS Communications, Inc.*	46,840
	40,727	Sprint Nextel Corp.*	224,813
	38,655	Verizon Communications, Inc.	1,761,508
	7,681	Windstream Corp.	77,655

			5,694,545

	Transportation – 1.5%
	2,230	C.H. Robinson Worldwide, Inc.	130,567
	13,875	CSX Corp.	287,906
	2,814	Expeditors International of Washington, Inc.	102,317
	3,949	FedEx Corp.	334,164
	4,323	Norfolk Southern Corp.	275,073
	600	Ryder System, Inc.	23,436
	10,418	Southwest Airlines Co.	91,366
	6,359	Union Pacific Corp.	754,813
	9,733	United Parcel Service, Inc. Class B	696,591

			2,696,233

	Utilities – 3.5%
	1,500	AGL Resources, Inc.	61,365
	3,335	Ameren Corp.	108,954
	6,457	American Electric Power Co., Inc.	283,721
	5,895	CenterPoint Energy, Inc.	125,563
	3,400	CMS Energy Corp.	80,070
	3,930	Consolidated Edison, Inc.	235,368
	7,691	Dominion Resources, Inc.	407,162
	2,350	DTE Energy Co.	140,859
	9,474	Duke Energy Corp.	613,915
	4,270	Edison International	195,096
	2,360	Entergy Corp.	163,548
	11,389	Exelon Corp.	405,221
	5,565	FirstEnergy Corp.	245,416
	1,031	Integrys Energy Group, Inc.	53,818
	5,741	NextEra Energy, Inc.	403,765
	3,700	NiSource, Inc.	94,276
	4,310	Northeast Utilities	164,771
	3,130	NRG Energy, Inc.	66,951
	2,832	Oneok, Inc.	136,814
	3,170	Pepco Holdings, Inc.	59,913
	5,678	PG&E Corp.	242,280
	1,534	Pinnacle West Capital Corp.	80,995
	7,659	PPL Corp.	222,494
	6,755	Public Service Enterprise Group, Inc.	217,376
	1,546	SCANA Corp.	74,625
	3,197	Sempra Energy	206,175
	2,970	TECO Energy, Inc.	52,688
	8,764	The AES Corp.*	96,141
	11,617	The Southern Co.	535,428
	3,187	Wisconsin Energy Corp.	120,054
	6,409	Xcel Energy, Inc.	177,593

			6,072,415

	TOTAL COMMON STOCKS		$ 173,734,897


Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations^(b) – 0.1%
United States Treasury Bills
$	100,000		0.000	%^(c)	11/08/12	$ 99,993
	40,000		0.099		12/06/12	39,994

TOTAL U.S. TREASURY OBLIGATIONS						$ 139,987

TOTAL INVESTMENTS – 99.0%						$173,874,884

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.0%						1,772,052

NET ASSETS –100.0%						$175,646,936


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)		Represents an affiliated issuer.

(b)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

(c)		Issued with a zero coupon. Income is recognized through the accretion of discount.




Investment Abbreviation:
REIT — Real Estate Investment Trust


For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

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

TAX INFORMATION — At September 30, 2012, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares	Rate			Value
Investment Company^(a) – 9.8%
Goldman Sachs Financial Square Government Fund - FST Shares
1,238,315		0.065	%	$ 1,238,315



Principal Amount	Interest Rate			Maturity Date		Value
U.S. Treasury Obligation – 36.6%
United States Treasury Notes
$ 4,056,000		3.125	%		05/15/21	$ 4,637,468

TOTAL INVESTMENTS – 66.5%						$ 8,426,953

OTHER ASSETS IN EXCESS OF LIABILITIES – 33.5%						4,240,332

NET ASSETS – 100.0%						$ 12,667,285



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

(a)		Represents an affiliated issuer.

For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

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

TAX INFORMATION — At September 30, 2012, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – 49.9%
Adjustable Rate Non-Agency^(a)– 0.7%
Harborview Mortgage Loan Trust Series 2006-6, Class 3A1A
$	328,025		2.872	%	08/19/36	$ 200,517
J.P. Morgan Mortgage Trust Series 2007-A1, Class 2A2
	289,323		2.915		07/25/35	278,864

						479,381

Collateralized Mortgage Obligations – 6.3%
Agency Multi-Family – 4.4%
FHLMC REMIC Structured Pass-Through Certificates Series K703, Class A2
$	300,000		2.699	%	05/25/18	$ 323,858
FHLMC REMIC Structured Pass-Through Certificates Series K705, Class A2
	300,000		2.303		09/25/18	318,522
FNMA
	194,250		2.800		03/01/18	208,398
	491,189		3.740		05/01/18	552,272
	110,000		3.840		05/01/18	123,407
	400,000		4.506		06/01/19	463,461
	97,707		3.416		10/01/20	108,477
	97,777		3.632		12/01/20	109,744
	391,894		3.763		12/01/20	442,904
	199,834		4.520		06/01/21	232,763
GNMA
	87,556		3.950		07/15/25	96,243

						2,980,049

Regular Floater^(a)– 0.6%
National Credit Union Administration Guaranteed Notes Series A1
	400,000		0.248		06/12/13	400,000

Sequential Fixed Rate – 1.3%
Banc of America Funding Corp. Series 2007-8, Class 2A1
	493,220		7.000		10/25/37	295,490
National Credit Union Administration Guaranteed Notes Series 2010-C1, Class APT
	282,166		2.650		10/29/20	299,173
National Credit Union Administration Guaranteed Notes Series A4
	300,000		3.000		06/12/19	324,033

						918,696

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$ 4,298,745

Federal Agencies – 42.9%
Adjustable Rate FHLMC^(a) – 0.6%
	$380,966		2.375	%	09/01/35	$ 409,658

Adjustable Rate FNMA^(a) – 1.2%
	156,642		2.342		05/01/33	165,605
	367,425		2.333		05/01/35	392,754
	247,363		2.657		12/01/35	265,838

						824,197

FHLMC – 4.7%
	2,256		10.000		03/01/21	2,660
	2,000,000		3.000		TBA-30yr^(b)	2,108,438
	1,000,000		3.500		TBA-30yr^(b)	1,072,109

						3,183,207

FNMA – 36.4%
	40,183		5.000		03/01/18	43,589


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	19,296		5.000	%	06/01/18	$ 20,932
	423,341		5.500		03/01/19	458,366
	7,277		8.000		09/01/21	8,403
	9,347		5.000		04/01/23	10,149
	25,889		5.000		06/01/23	28,110
	454,620		5.500		05/01/25	493,418
	260,593		4.000		10/01/31	282,030
	70		6.000		03/01/32	78
	2,546		6.000		05/01/33	2,843
	12,206		5.000		08/01/33	13,431
	1,126		6.000		12/01/33	1,265
	722		6.000		12/01/34	807
	73,919		5.000		04/01/35	80,919
	951		6.000		04/01/35	1,056
	3,142		6.000		02/01/36	3,490
	9,535		6.500		03/01/36	10,760
	924,572		5.000		07/01/36	1,006,779
	939,932		5.000		04/01/38	1,021,443
	49,543		5.000		08/01/38	53,839
	44,739		5.000		01/01/39	48,618
	3,000,000		5.000		06/01/39	3,260,952
	72,015		4.500		02/01/40	77,925
	92,226		4.500		04/01/40	99,793
	1,720,274		4.500		05/01/40	1,861,435
	44,775		4.000		11/01/40	48,179
	99,874		5.000		02/01/41	109,592
	81,405		5.000		05/01/41	88,840
	567,018		5.000		10/01/41	620,730
	3,000,000		2.500		TBA-15yr^(b)	3,153,750
	1,000,000		3.000		TBA-30yr^(b)	1,055,547
	1,000,000		4.500		TBA-30yr^(b)	1,082,656
	6,000,000		5.000		TBA-30yr^(b)	6,542,343
	3,000,000		6.000		TBA-30yr^(b)	3,312,891

						24,904,958

TOTAL FEDERAL AGENCIES						$ 29,322,020

TOTAL MORTGAGE-BACKED OBLIGATIONS						$ 34,100,146


Agency Debentures – 26.5%
FFCB
$	500,000		5.400	%	06/08/17	$ 606,895
FHLB
	800,000		1.750		12/14/12	802,462
	800,000		0.210		01/04/13	800,062
	3,400,000		0.375		01/29/14	3,406,043
	5,000,000		2.125		06/10/16	5,281,320
	200,000		5.625		06/11/21	262,119
FHLMC
	700,000		0.500		01/24/14	699,826
	500,000		0.375		02/27/14	500,923
	1,500,000		4.500		04/02/14	1,595,178
	500,000		1.000		03/08/17	507,562
	100,000		1.000		06/29/17	101,259
	200,000		1.000		07/28/17	202,461
	300,000		1.250		08/01/19	300,338
	500,000		1.250		10/02/19	499,327
	400,000		2.375		01/13/22	419,781


Principal Amount		Interest Rate			Maturity Date	Value
Agency Debentures – (continued)
FNMA
$	500,000		1.125	%	04/27/17	$ 510,021
	300,000		0.875		08/28/17	301,770
	900,000		0.875		10/26/17	903,578
Tennessee Valley Authority
	300,000		5.375		04/01/56	415,800

TOTAL AGENCY DEBENTURES						$ 18,116,725


Asset-Backed Securities – 1.3%
Home Equity – 0.1%
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
$	35,002		7.000	%	09/25/37	$ 30,306
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
	48,466		7.000		09/25/37	41,904

						72,210

Student Loans^(a) – 1.2%
Brazos Higher Education Authority Series 2005-3, Class A14
	96,334		0.479		09/25/23	96,173
College Loan Corp. Trust Series 2004-1, Class A4
	150,000		0.641		04/25/24	140,591
SLM Student Loan Trust Series 2008-5, Class A4
	300,000		2.151		07/25/23	316,153
SLM Student Loan Trust Series 2012-2, Class A
	246,578		0.916		01/25/29	248,991

						801,908

TOTAL ASSET-BACKED SECURITIES						$ 874,118


Government Guarantee Obligations – 8.2%
Ally Financial, Inc.^(c)
$	1,100,000		1.750	%	10/30/12	$ 1,101,354
Citigroup Funding, Inc.^(c)
	1,300,000		1.875		10/22/12	1,301,218
	600,000		1.875		11/15/12	601,220
Israel Government AID Bond^(c)
	100,000		5.500		12/04/23	132,327
Private Export Funding Corp.^(d)
	2,000,000		3.550		04/15/13	2,036,218
U.S. Central Federal Credit Union^(c)
	400,000		1.900		10/19/12	400,316

TOTAL GOVERNMENT GUARANTEE OBLIGATIONS						$ 5,572,653


U.S. Treasury Obligations – 17.1%
United States Treasury Bonds
$	1,600,000		0.000	%^(e)	02/15/26	$ 1,183,408
	800,000		4.375		05/15/41	1,060,624
	100,000		3.750		08/15/41	119,641
	100,000		3.125		02/15/42	106,430
United States Treasury Inflation-Protected Securities
	117,785		1.875		07/15/15	129,619


Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – (continued)
United States Treasury Notes
$	1,500,000		0.250	%^(f)	11/30/13	$ 1,500,720
	700,000		0.250		04/30/14	700,175
	300,000		0.625		07/15/14	302,052
	1,000,000		0.125		07/31/14	997,890
	1,000,000		0.375		03/15/15	1,002,440
	1,000,000		1.750		07/31/15	1,040,610
	1,900,000		0.625		09/30/17	1,899,487
	1,100,000		2.000		11/15/21	1,148,378
	500,000		1.625		08/15/22	499,415

TOTAL U.S. TREASURY OBLIGATIONS						$ 11,690,889

TOTAL INVESTMENTS – 103.0%						$ 70,354,531

LIABILITIES IN EXCESS OF OTHER ASSETS – (3.0)%						(2,021,552)

NET ASSETS – 100.0%						$ 68,332,979


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



(a)		Variable rate security. Interest rate disclosed is that which is in effect at September30, 2012.

(b)		TBA (To Be Announced) Securities are purchased/sold on a forward commitment basis with an approximate principal amount and no defined maturity date.The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned.Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $18,327,734 which represents approximately 26.8% of net assets as of September 30, 2012.

(c)		Guaranteed under the Federal Deposit Insurance Corporation’s (“FDIC”) Temporary Liquidity Guarantee Program and are backed by the full faith and credit of the United States. The expiration date of the FDIC’s guarantee is the earlier of the maturity date of the debt or December 31, 2012. Total market value for these securities amounts to $3,536,435, which represents approximately 5.2% of net assets as of September 30, 2012.

(d)		Guaranteed by the Export/Import Bank of the United States. Total market value for this security amounts to $2,036,218, which represents approximately 3.0% of net assets as of September 30, 2012.

(e)		Issued with a zero coupon. Income is recognized through the accretion of discount.

(f)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.

FORWARD SALES CONTRACTS — At September 30, 2012, the Fund had the following forward sales contracts:

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

TAX INFORMATION — At September 30, 2012, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 99.2%
	Banks – 1.7%
	86,838	First Republic Bank	$ 2,992,437

	Capital Goods – 6.0%
	35,837	Graco, Inc.	1,801,884
	70,994	Kennametal, Inc.	2,632,458
	104,065	Quanta Services, Inc.*	2,570,405
	21,403	Rockwell Automation, Inc.	1,488,579
	18,197	Roper Industries, Inc.	1,999,668

			10,492,994

	Commercial & Professional Services – 1.2%
	109,177	Ritchie Bros Auctioneers, Inc.	2,099,474

	Consumer Durables & Apparel – 5.6%
	48,028	Deckers Outdoor Corp.*	1,759,746
	20,557	Lululemon Athletica, Inc.*	1,519,985
	112,395	Newell Rubbermaid, Inc.	2,145,620
	46,619	PVH Corp.	4,369,133

			9,794,484

	Consumer Services – 5.1%
	6,456	Chipotle Mexican Grill, Inc.*	2,050,038
	63,237	Coinstar, Inc.*	2,844,400
	34,382	Dunkin’ Brands Group, Inc.	1,003,782
	79,015	Marriott International, Inc. Class A	3,089,487

			8,987,707

	Diversified Financials – 8.5%
	20,658	IntercontinentalExchange, Inc.*	2,755,984
	76,321	Lazard Ltd. Class A	2,230,863
	87,872	MSCI, Inc. Class A*	3,144,939
	58,945	Northern Trust Corp.	2,735,932
	111,303	SLM Corp.	1,749,683
	35,183	T. Rowe Price Group, Inc.	2,227,084

			14,844,485

	Energy – 6.3%
	49,541	Cameron International Corp.*	2,777,764
	11,431	Core Laboratories NV	1,388,638
	25,820	Dril-Quip, Inc.*	1,855,942
	21,971	Pioneer Natural Resources Co.	2,293,772
	34,937	Southwestern Energy Co.*	1,215,109
	31,709	Whiting Petroleum Corp.*	1,502,372

			11,033,597

	Food, Beverage & Tobacco – 2.4%
	16,863	Beam, Inc.	970,297
	23,584	The Hain Celestial Group, Inc.*	1,485,792
	33,670	TreeHouse Foods, Inc.*	1,767,675

			4,223,764

	Health Care Equipment & Services – 8.3%
	36,377	C. R. Bard, Inc.	3,806,853
	91,537	CareFusion Corp.*	2,598,736
	18,059	Edwards Lifesciences Corp.*	1,938,995
	35,056	Henry Schein, Inc.*	2,778,889
	30,612	HMS Holdings Corp.*	1,023,359
	55,025	St. Jude Medical, Inc.	2,318,203

			14,465,035

	Household & Personal Products – 1.8%
	38,134	Church & Dwight Co., Inc.	2,058,855



Shares		Description	Value
	Common Stocks – (continued)
	Household & Personal Products – (continued)
	18,558	The Estee Lauder Companies, Inc. Class A	$ 1,142,616

			3,201,471

	Materials – 4.3%
	34,912	Airgas, Inc.	2,873,258
	37,311	Ecolab, Inc.	2,418,126
	36,352	International Flavors & Fragrances, Inc.	2,165,852

			7,457,236

	Media – 3.1%
	27,450	Discovery Communications, Inc. Class A*	1,636,844
	110,910	Pandora Media, Inc.*	1,214,464
	42,646	Scripps Networks Interactive, Inc. Class A	2,611,215

			5,462,523

	Pharmaceuticals, Biotechnology & Life Sciences – 7.1%
	85,803	Agilent Technologies, Inc.	3,299,125
	11,366	Alexion Pharmaceuticals, Inc.*	1,300,270
	27,761	Ariad Pharmaceuticals, Inc.*	672,510
	21,959	BioMarin Pharmaceutical, Inc.*	884,289
	17,782	Cepheid, Inc.*	613,657
	6,815	Mettler-Toledo International, Inc.*	1,163,593
	21,574	Shire PLC ADR	1,913,614
	47,750	Vertex Pharmaceuticals, Inc.*	2,671,613

			12,518,671

	Real Estate – 2.1%
	203,407	CBRE Group, Inc. Class A*	3,744,723

	Retailing – 9.4%
	27,626	Bed Bath & Beyond, Inc.*	1,740,438
	36,199	Dick’s Sporting Goods, Inc.	1,876,918
	23,455	Dollar General Corp.*	1,208,871
	48,424	Family Dollar Stores, Inc.	3,210,511
	54,077	PetSmart, Inc.	3,730,231
	23,169	Tiffany & Co.	1,433,698
	86,908	Urban Outfitters, Inc.*	3,264,265

			16,464,932

	Semiconductors & Semiconductor Equipment – 3.9%
	48,211	Altera Corp.	1,638,451
	47,247	Linear Technology Corp.	1,504,817
	66,169	NVIDIA Corp.*	882,694
	84,829	Xilinx, Inc.	2,834,137

			6,860,099

	Software & Services – 10.7%
	24,886	Citrix Systems, Inc.*	1,905,521
	22,704	Cognizant Technology Solutions Corp. Class A*	1,587,464
	14,590	Equinix, Inc.*	3,006,269
	47,143	FleetCor Technologies, Inc.*	2,112,006
	84,589	Genpact Ltd.	1,410,945
	44,662	MICROS Systems, Inc.*	2,193,797
	46,117	Rackspace Hosting, Inc.*	3,047,873
	17,645	Salesforce.com, Inc.*	2,694,215



Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – (continued)
	26,752	VeriFone Systems, Inc.*	$ 745,043

			18,703,133

	Technology Hardware & Equipment – 4.4%
	55,193	Amphenol Corp. Class A	3,249,764
	49,740	Juniper Networks, Inc.*	851,051
	82,114	NetApp, Inc.*	2,699,908
	107,303	RealD, Inc.*	959,289

			7,760,012

	Telecommunication Services – 6.7%
	45,630	Crown Castle International Corp.*	2,924,883
	89,977	SBA Communications Corp. Class A*	5,659,553
	123,531	tw telecom, inc.*	3,220,453

			11,804,889

	Transportation – 0.6%
	18,074	C.H. Robinson Worldwide, Inc.	1,058,233

	TOTAL INVESTMENTS – 99.2%		$ 173,969,899

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.8%		1,340,593

	NET ASSETS –100.0%		$ 175,310,492



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.


Investment Abbreviation:
ADR — American Depositary Receipt


For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

TAX INFORMATION — At September 30, 2012, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 98.1%
	Automobiles & Components – 1.0%
	478,784	General Motors Co.*	$ 10,892,336

	Banks – 4.0%
	89,485	PNC Financial Services Group, Inc.	5,646,504
	588,347	SunTrust Banks, Inc.	16,632,570
	642,848	U.S. Bancorp	22,049,686

			44,328,760

	Capital Goods – 8.9%
	166,404	General Dynamics Corp.	11,002,633
	2,348,974	General Electric Co.	53,345,200
	533,828	Masco Corp.	8,034,111
	319,188	Textron, Inc.	8,353,150
	249,815	The Boeing Co.	17,392,120

			98,127,214

	Consumer Services – 1.7%
	24,763	Chipotle Mexican Grill, Inc.*	7,863,243
	1,002,621	MGM Resorts International*	10,778,176

			18,641,419

	Diversified Financials – 9.9%
	148,375	Ameriprise Financial, Inc.	8,411,379
	3,314,537	Bank of America Corp.	29,267,361
	1,141,662	JPMorgan Chase & Co.	46,214,478
	685,527	Morgan Stanley	11,475,722
	853,657	SLM Corp.	13,419,488

			108,788,428

	Energy – 15.4%
	217,467	Chevron Corp.	25,347,954
	519,565	Devon Energy Corp.	31,433,682
	553,522	Exxon Mobil Corp.	50,619,587
	768,843	Halliburton Co.	25,902,321
	159,992	Occidental Petroleum Corp.	13,768,911
	157,519	Southwestern Energy Co.*	5,478,511
	368,806	Transocean Ltd.	16,555,701

			169,106,667

	Food & Staples Retailing – 1.6%
	478,722	Walgreen Co.	17,444,630

	Food, Beverage & Tobacco – 5.1%
	94,589	Anheuser-Busch InBev NV ADR	8,126,141
	79,979	Diageo PLC ADR	9,016,032
	294,774	Kraft Foods, Inc.	7,826,250
	195,921	Philip Morris International, Inc.	17,621,135
	153,452	The J.M. Smucker Co.	13,247,511

			55,837,069

	Health Care Equipment & Services – 2.5%
	239,095	UnitedHealth Group, Inc.	13,248,254
	190,113	Varian Medical Systems, Inc.*	11,467,616
	56,931	WellPoint, Inc.	3,302,568

			28,018,438

	Household & Personal Products – 0.8%
	133,890	The Procter & Gamble Co.	9,286,610



Shares		Description	Value
	Common Stocks – (continued)
	Insurance – 7.4%
	334,369	American International Group, Inc.*	$ 10,963,960
	153,739	Everest Re Group Ltd.	16,443,923
	409,807	Hartford Financial Services Group, Inc.	7,966,648
	471,289	Prudential Financial, Inc.	25,689,963
	301,326	The Travelers Companies, Inc.	20,568,513

			81,633,007

	Materials – 2.9%
	205,763	Eastman Chemical Co.	11,730,549
	305,252	Freeport-McMoRan Copper & Gold, Inc.	12,081,874
	94,794	Martin Marietta Materials, Inc.	7,855,579

			31,668,002

	Media – 3.6%
	152,186	CBS Corp. Class B	5,528,917
	229,627	DIRECTV*	12,046,232
	223,123	Time Warner, Inc.	10,114,166
	216,516	Viacom, Inc. Class B	11,603,093

			39,292,408

	Pharmaceuticals, Biotechnology & Life Sciences – 10.3%
	108,953	Celgene Corp.*	8,324,009
	430,848	Johnson & Johnson	29,689,736
	376,799	Merck & Co., Inc.	16,993,635
	484,344	Mylan, Inc.*	11,817,993
	1,385,048	Pfizer, Inc.	34,418,443
	221,918	Vertex Pharmaceuticals, Inc.*	12,416,312

			113,660,128

	Real Estate Investment Trust – 1.6%
	116,078	American Tower Corp.	8,286,809
	63,251	Simon Property Group, Inc.	9,602,134

			17,888,943

	Retailing – 3.2%
	69,866	Bed Bath & Beyond, Inc.*	4,401,558
	696,355	Lowe’s Companies, Inc.	21,057,775
	266,243	Urban Outfitters, Inc.*	10,000,087

			35,459,420

	Semiconductors & Semiconductor Equipment – 2.0%
	254,290	Altera Corp.	8,642,046
	409,914	Lam Research Corp.*	13,029,116

			21,671,162

	Software & Services – 2.6%
	234,598	Adobe Systems, Inc.*	7,615,051
	8,077	Google, Inc. Class A*	6,094,097
	314,958	Microsoft Corp.	9,379,449
	176,756	Oracle Corp.	5,566,046

			28,654,643

	Technology Hardware & Equipment – 3.5%
	531,755	Cisco Systems, Inc.	10,151,203
	452,140	EMC Corp.*	12,329,858
	586,263	Juniper Networks, Inc.*	10,030,960



Shares		Description	Value
	Common Stocks – (continued)
	Technology Hardware & Equipment – (continued)
	90,174	QUALCOMM, Inc.	$ 5,634,973

			38,146,994

	Telecommunication Services – 2.3%
	439,384	AT&T, Inc.	16,564,777
	1,583,528	Sprint Nextel Corp.*	8,741,074

			25,305,851

	Utilities – 7.8%
	389,800	American Electric Power Co., Inc.	17,127,812
	206,132	Duke Energy Corp.	13,357,354
	420,485	Northeast Utilities	16,075,142
	179,805	PG&E Corp.	7,672,279
	496,974	PPL Corp.	14,437,095
	640,150	Xcel Energy, Inc.	17,738,556

			86,408,238

	TOTAL COMMON STOCKS		$ 1,080,260,367


	Exchange Traded Fund – 0.8%
	121,600	iShares Russell 1000 Value Index Fund	$ 8,777,088

	TOTAL INVESTMENTS – 98.9%		$ 1,089,037,455

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1%		12,645,888

	NET ASSETS –100.0%		$ 1,101,683,343



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.



Investment Abbreviation:
ADR		— American Depositary Receipt


For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

TAX INFORMATION — At September 30, 2012, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 98.6%
	Automobiles & Components – 1.0%
	117,714	Delphi Automotive PLC*	$ 3,649,134
	110,182	TRW Automotive Holdings Corp.*	4,816,055

			8,465,189

	Banks – 4.7%
	154,982	CIT Group, Inc.*	6,104,741
	152,530	First Republic Bank	5,256,184
	158,257	M&T Bank Corp.	15,059,736
	413,907	SunTrust Banks, Inc.	11,701,151

			38,121,812

	Capital Goods – 9.0%
	134,894	B/E Aerospace, Inc.*	5,679,037
	192,392	Dover Corp.	11,445,400
	171,591	Fortune Brands Home & Security, Inc.*	4,634,673
	107,475	Gardner Denver, Inc.	6,492,565
	179,214	Lennox International, Inc.	8,666,789
	48,617	Parker Hannifin Corp.	4,063,409
	142,649	Pentair, Inc.	6,349,307
	58,387	Rockwell Automation, Inc.	4,060,816
	314,427	Spirit Aerosystems Holdings, Inc. Class A*	6,983,423
	91,395	Stanley Black & Decker, Inc.	6,968,869
	292,075	Textron, Inc.	7,643,603

			72,987,891

	Commercial & Professional Services – 0.3%
	88,846	Republic Services, Inc.	2,444,153

	Consumer Durables & Apparel – 2.1%
	227,177	D.R. Horton, Inc.	4,688,933
	94,163	PVH Corp.	8,824,956
	115,289	Toll Brothers, Inc.*	3,831,054

			17,344,943

	Consumer Services – 1.8%
	12,226	Chipotle Mexican Grill, Inc.*	3,882,244
	688,318	MGM Resorts International*	7,399,419
	53,248	Starwood Hotels & Resorts Worldwide, Inc.	3,086,254

			14,367,917

	Diversified Financials – 5.6%
	156,664	Ameriprise Financial, Inc.	8,881,282
	500,001	Invesco Ltd.	12,495,025
	122,623	Lazard Ltd. Class A	3,584,270
	708,111	SLM Corp.	11,131,505
	417,480	The NASDAQ OMX Group, Inc.	9,725,197

			45,817,279

	Energy – 8.2%
	75,495	Cabot Oil & Gas Corp.	3,389,725
	237,838	Cameron International Corp.*	13,335,577
	117,308	Energen Corp.	6,148,112
	94,764	EQT Corp.	5,591,076
	168,576	HollyFrontier Corp.	6,957,132
	136,952	Marathon Petroleum Corp.	7,476,210
	98,200	Pioneer Natural Resources Co.	10,252,080



Shares		Description	Value
	Common Stocks – (continued)
	Energy – (continued)
	124,686	Range Resources Corp.	$ 8,711,811
	113,265	Tesoro Corp.	4,745,803

			66,607,526

	Food, Beverage & Tobacco – 5.2%
	276,492	Coca-Cola Enterprises, Inc.	8,645,905
	203,477	Constellation Brands, Inc. Class A*	6,582,481
	157,353	Ingredion, Inc.	8,679,591
	51,915	Lorillard, Inc.	6,045,502
	142,467	The J.M. Smucker Co.	12,299,176

			42,252,655

	Health Care Equipment & Services – 3.5%
	261,976	Aetna, Inc.	10,374,250
	1,725,616	Boston Scientific Corp.*	9,905,036
	419,476	Hologic, Inc.*	8,490,194

			28,769,480

	Household & Personal Products – 0.4%
	56,968	Church & Dwight Co., Inc.	3,075,702

	Insurance – 8.4%
	122,344	Everest Re Group Ltd.	13,085,914
	285,847	Hartford Financial Services Group, Inc.	5,556,866
	87,473	PartnerRe Ltd.	6,497,494
	519,412	Principal Financial Group, Inc.	13,992,959
	275,644	W.R. Berkley Corp.	10,333,894
	222,455	Willis Group Holdings PLC	8,213,039
	433,506	XL Group PLC	10,417,149

			68,097,315

	Materials – 6.6%
	136,559	Albemarle Corp.	7,193,928
	67,484	Ball Corp.	2,855,248
	138,042	Carpenter Technology Corp.	7,222,357
	119,212	Crown Holdings, Inc.*	4,381,041
	128,374	Cytec Industries, Inc.	8,411,065
	91,927	Martin Marietta Materials, Inc.	7,617,991
	155,851	Reliance Steel & Aluminum Co.	8,158,800
	388,364	Sealed Air Corp.	6,004,107
	50,789	Vulcan Materials Co.	2,402,320

			54,246,857

	Media – 0.8%
	103,718	Scripps Networks Interactive, Inc. Class A	6,350,653

	Pharmaceuticals, Biotechnology & Life Sciences – 3.3%
	169,114	Life Technologies Corp.*	8,266,292
	480,262	Mylan, Inc.*	11,718,393
	16,363	Vertex Pharmaceuticals, Inc.*	915,510
	465,015	Warner Chilcott PLC Class A	6,277,703

			27,177,898

	Real Estate Investment Trust – 11.0%
	138,411	Alexandria Real Estate Equities, Inc.	10,175,977



Shares		Description	Value
	Common Stocks – (continued)
	Real Estate Investment Trust – (continued)
	80,577	AvalonBay Communities, Inc.	$ 10,957,666
	82,570	Camden Property Trust	5,324,939
	237,138	Douglas Emmett, Inc.	5,470,774
	735,853	Host Hotels & Resorts, Inc.	11,810,441
	435,753	Kimco Realty Corp.	8,832,713
	258,770	Liberty Property Trust	9,377,825
	973,658	MFA Financial, Inc.	8,276,093
	223,650	Tanger Factory Outlet Centers, Inc.	7,230,604
	192,142	Ventas, Inc.	11,960,840

			89,417,872

	Retailing – 4.6%
	16,249	AutoZone, Inc.*	6,006,768
	462,592	Liberty Interactive Corp. Class A*	8,557,952
	58,444	Limited Brands, Inc.	2,878,951
	241,675	Macy’s, Inc.	9,091,813
	62,615	PetSmart, Inc.	4,319,183
	49,523	Ross Stores, Inc.	3,199,186
	100,182	Urban Outfitters, Inc.*	3,762,836

			37,816,689

	Semiconductors & Semiconductor Equipment – 3.2%
	221,696	Altera Corp.	7,534,339
	42,009	Cavium, Inc.*	1,400,160
	381,260	Lam Research Corp.*	12,118,349
	798,776	ON Semiconductor Corp.*	4,928,448

			25,981,296

	Software & Services – 3.7%
	121,817	Adobe Systems, Inc.*	3,954,180
	84,264	Check Point Software Technologies Ltd.*	4,058,154
	219,557	Fidelity National Information Services, Inc.	6,854,570
	371,610	Parametric Technology Corp.*	8,101,098
	129,057	Paychex, Inc.	4,296,307
	131,015	QLIK Technologies, Inc.*	2,936,046

			30,200,355

	Technology Hardware & Equipment – 3.5%
	75,092	Amphenol Corp. Class A	4,421,417
	494,506	Juniper Networks, Inc.*	8,460,997
	184,907	NetApp, Inc.*	6,079,742
	379,232	Polycom, Inc.*	3,743,020
	129,232	SanDisk Corp.*	5,612,546

			28,317,722

	Telecommunication Services – 0.9%
	1,369,502	Sprint Nextel Corp.^*	7,559,651

	Utilities – 10.8%
	378,850	Calpine Corp.*	6,554,105
	128,627	CMS Energy Corp.	3,029,166
	187,794	Edison International	8,580,308
	140,253	Great Plains Energy, Inc.	3,122,032
	234,891	Northeast Utilities	8,979,883



Shares		Description	Value
	Common Stocks – (continued)
	Utilities – (continued)
	394,649	NV Energy, Inc.	$ 7,107,628
	117,817	Pinnacle West Capital Corp.	6,220,738
	387,600	PPL Corp.	11,259,780
	130,011	Questar Corp.	2,643,124
	216,139	SCANA Corp.	10,433,029
	103,798	Sempra Energy	6,693,933
	470,198	Xcel Energy, Inc.	13,029,186

			87,652,912

	TOTAL COMMON STOCKS		$ 803,073,767


	Exchange Traded Fund – 0.6%
	101,400	iShares Russell Midcap Value Index Fund	$ 4,940,208

	TOTAL INVESTMENTS – 99.2%		$ 808,013,975

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.8%		6,454,172

	NET ASSETS –100.0%		$ 814,468,147



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.

For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

TAX INFORMATION — At September 30, 2012, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Commercial Paper and Corporate Obligations – 33.4%
ABN Amro Funding (USA) LLC
$	2,000,000		0.461	%	11/01/12	$ 1,999,208
Aspen Funding Corp.
	11,159,000		0.451		11/05/12	11,154,118
Atlantic Asset Securitization LLC
	10,000,000		0.420		10/16/12	9,998,250
Atlantis One Funding Corp.
	1,160,000		0.340		10/25/12	1,159,737
	9,000,000		0.491		02/22/13	8,982,360
Bank of China Ltd.
	8,750,000		0.641		11/01/12	8,745,178
Erste Abwicklungsanstalt
	10,000,000		0.431		01/25/13	9,986,144
Gemini Securitization Corp. LLC
	2,000,000		0.471		10/09/12	1,999,791
	5,276,000		0.440		11/06/12	5,273,679
Hannover Funding Co. LLC
	8,000,000		0.551		10/24/12	7,997,189
	2,000,000		0.410		11/26/12	1,998,724
Kells Funding LLC
	1,000,000		0.400		10/09/12	999,911
	9,000,000		0.511		01/08/13	8,987,378
LMA Americas LLC
	8,000,000		0.450		10/11/12	7,999,000
Newport Funding Corp.
	12,083,000		0.451		11/05/12	12,077,714
Regency Markets No. 1 LLC
	7,789,000		0.220		10/22/12	7,788,000
Royal Park Investments Funding Corp.
	1,000,000		0.952		10/01/12	1,000,000
	10,000,000		0.902		10/19/12	9,995,500
Versailles Commercial Paper LLC
	5,000,000		0.450		10/09/12	4,999,500

TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS						$ 123,141,381


Eurodollar Certificate of Deposit – 1.3%
Sumitomo Mitsui Trust Bank Ltd.
	5,000,000		0.400		01/25/13	5,000,081


Fixed Rate Municipal Debt Obligation – 0.8%
Lower Colorado River, TX Authority Series 2012
	3,000,000		0.210		10/03/12	3,000,000


U.S. Government Agency Obligations – 7.5%
Federal Farm Credit Bank
	200,000		0.608	^(a)	11/01/12	200,000
Federal Home Loan Bank
	1,000,000		0.230		10/24/12	999,972
	300,000		0.230		11/07/12	299,993
	100,000		0.200		12/06/12	99,990
	500,000		0.210		12/10/12	499,958
	800,000		0.210		12/13/12	799,930
	600,000		0.210		12/19/12	599,940
	600,000		0.210		12/21/12	599,942
	300,000		0.200		12/28/12	299,961
	600,000		0.210		12/28/12	599,937


Principal Amount		Interest Rate			Maturity Date	Amortized Cost
U.S. Government Agency Obligations – (continued)
Federal Home Loan Bank – (continued)
$	200,000		0.300	%	01/11/13	$ 200,000
	300,000		0.210		05/17/13	299,920
	350,000		0.200		05/22/13	349,882
	200,000		0.230		05/23/13	199,970
	20,000		0.230		05/24/13	19,996
	1,000,000		0.240		05/24/13	999,915
	500,000		0.230		05/29/13	499,924
	500,000		0.240		06/06/13	499,955
	100,000		0.230		06/07/13	99,984
	50,000		0.280		06/10/13	50,000
	200,000		0.350		06/10/13	200,132
	300,000		0.230		06/12/13	299,951
	90,000		1.625		06/14/13	90,857
	350,000		0.230		06/18/13	349,941
	400,000		0.420		06/21/13	400,478
	100,000		1.875		06/21/13	101,164
	300,000		0.125		06/28/13	299,693
	600,000		0.240		06/28/13	599,929
	370,000		0.250		07/05/13	369,962
	1,000,000		0.168	^(a)	07/08/13	999,611
	260,000		0.350		07/09/13	260,173
	1,000,000		0.161	^(a)	07/15/13	999,602
	4,000,000		0.280		09/16/13	4,002,580
	100,000		0.125		09/25/13	99,904
	1,000,000		0.210	^(b)	10/01/13	999,871
	1,000,000		3.625		10/18/13	1,035,522
Federal Home Loan Mortgage Corporation
	1,000,000		0.181	^(a)	05/03/13	999,763
	30,000		4.000		06/12/13	30,778
	1,000,000		4.500		07/15/13	1,033,333
Federal National Mortgage Association
	1,000,000		0.245	^(a)	12/28/12	999,952
	1,500,000		0.344	^(a)	05/17/13	1,499,711
	240,000		0.500		08/09/13	240,461
	100,000		1.125		10/08/13	100,918
	3,075,000		4.625		10/15/13	3,214,762

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$ 27,448,217


U.S. Treasury Obligations – 3.0%
United States Treasury Notes
	500,000		3.875	%	02/15/13	506,836
	1,000,000		0.625		02/28/13	1,001,716
	1,600,000		0.750		03/31/13	1,604,328
	1,000,000		2.500		03/31/13	1,011,145
	300,000		1.000		07/15/13	301,758
	800,000		0.125		09/30/13	799,350
	700,000		3.125		09/30/13	720,345
	5,200,000		0.500		10/15/13	5,215,724

TOTAL U.S. TREASURY OBLIGATIONS						$ 11,161,202


Variable Rate Municipal Debt Obligations^(a) – 10.7%
Agency Enhanced Affordable Housing VRDN RB P-Floats Series 2012 MT-798 (FHLMC) (Bank of America N.A., LIQ)^(c)
	4,735,000		0.380		10/08/12	4,735,000


Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Variable Rate Municipal Debt Obligations^(a) – (continued)
Alaska Housing Finance Corp. VRDN RB Taxable General Series 2012 B
$	500,000		0.200	%	10/08/12	$ 500,000
BlackRock Municipal Income Trust VRDN RB Putters Series 2012-T0008 (JPMorgan Chase Bank, LIQ)^(c)
	1,000,000		0.250		10/01/12	1,000,000
BlackRock MuniHoldings Investment Quality Fund VRDN Tax-Exempt Preferred Series 2011 W-7-2746 (Bank of America N.A., LIQ)^(c)
	300,000		0.370		10/08/12	300,000
BlackRock MuniVest Fund, Inc. VRDN RB Putters Series 2012-T0005 (JP Morgan Chase Bank N.A., LIQ)^(c)
	950,000		0.250		10/01/12	950,000
BlackRock MuniYield Fund, Inc. VRDN Tax-Exempt Preferred Series 2011 W-7-2514 (Bank of America N.A., LIQ)^(c)
	300,000		0.370		10/08/12	300,000
California GO VRDN for Kindergarten Series 2004 A8-RMKT (Citibank N.A., LOC) (California State Teachers Retirement, LOC)
	4,000,000		0.160		10/08/12	4,000,000
City of Durham, North Carolina GO VRDN for Taxable Housing Series 2000 (Bank of America N.A., SPA)
	1,250,000		0.410		10/08/12	1,250,000
City of Los Angeles, California Department of Airports VRDN RB for Los Angeles International Airport Putters Series 2012-4174 (JPMorgan Chase Bank N.A., LIQ)^(c)
	1,500,000		0.240		10/08/12	1,500,000
Cook County, Illinois GO VRDN Series 2002 B (BNYM, SPA)
	1,100,000		0.180		10/08/12	1,100,000
Dekalb County, Georgia Development Authority VRDN RB for Emory University Series 1995 B (GO of University)
	4,200,000		0.200		10/08/12	4,200,000
Montgomery County, Virginia Industrial Development Authority VRDN RB for Virginia Tech Foundation Series 2009 B (Bank of New York Mellon, SPA)
	1,120,000		0.220		10/08/12	1,120,000
New Jersey State Turnpike Authority VRDN RB Series 1991 D (NATL-RE FGIC) (Societe Generale, LOC)
	1,000,000		0.250		10/08/12	1,000,000
New York City GO VRDN Series 2007 Subseries D-4 (Calyon Bank, SPA)
	250,000		0.270		10/08/12	250,000
New York City, New York Transitional Finance Authority VRDN RB for Future Tax Secured Series 1998 A-1 (WestLB AG, SPA)
	1,000,000		0.210		10/08/12	1,000,000
Nuveen Municipal Market Opportunity Fund, Inc. VRDN Tax- Exempt Preferred Series 2010-1 (Deutsche Bank A.G., LIQ)^(c)
	500,000		0.320		10/08/12	500,000
Port Authority of New York & New Jersey VRDN RB P-Floats Series 2012-807 (AGM GO of Authority) (Bank of America N.A., LIQ)^(c)
	3,810,000		0.280		10/08/12	3,810,000
Port of Corpus Christi Authority of Nueces County VRDN RB for Flint Hills Resources Series 2002 A (GTY AGMT-Flint Hills Resources)
	2,000,000		0.240		10/08/12	2,000,000


Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Variable Rate Municipal Debt Obligations^(a) – (continued)
State of Texas GO VRDN Refunding for Taxable Veterans’ Land Series 2002 (Landesbank Hessen-Thueringen Girozentrale, SPA)
$	600,000		0.250	%	10/08/12	$ 600,000
State of Texas GO VRDN Refunding for Taxable Veterans’ Land Series 2010 B (Sumitomo Mitsui Banking Corp., SPA)
	455,000		0.230		10/08/12	455,000
State of Texas GO VRDN Veterans’ Housing Assistance Program Fund II Series 2006 A (JPMorgan Chase Bank N.A., SPA)
	2,000,000		0.170		10/08/12	2,000,000
Texas State GO VRDN Refunding Series 2010 D RMKT (Bank of Tokyo Mitsubishi UFJ, SPA)
	1,000,000		0.210		10/08/12	1,000,000
Texas State VRDN RN Series 2012-4262 (JPMorgan Chase Bank N.A., LIQ)^(c)
	4,000,000		0.200		10/01/12	4,000,000
University of Alabama VRDN RB Series 1993 B
	1,400,000		0.330		10/08/12	1,400,000
University of Utah VRDN RB for Auxiliary & Campus Facilities Series 1997 A (JPMorgan Chase & Co., SPA)
	345,000		0.260		10/08/12	345,000

TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS						$ 39,315,000


Variable Rate Obligations^(a) – 10.2%
Bank of Nova Scotia
	1,000,000		0.517		11/09/12	1,000,000
	5,000,000		0.473		10/11/13	5,000,000
Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A.
	9,000,000		0.587		08/12/13	9,000,000
Deutsche Bank AG
	2,000,000		0.789		03/15/13	2,000,000
JPMorgan Chase Bank NA
	1,000,000		0.525		06/18/13	1,000,000
	3,000,000		0.339		06/21/13	3,000,000
National Bank of Canada
	1,000,000		0.314		12/14/12	1,000,000
Overseas Private Investment Corp.
	2,000,000		0.180		07/09/26	2,000,000
Providence Health & Services (U.S. Bank N.A.)
	880,000		0.220		10/01/42	880,000
Svenska Handelsbanken AB
	5,000,000		0.000	^(b)(c)	10/04/13	5,000,000
Wells Fargo Bank NA
	2,500,000		0.429		10/18/13	2,500,000
Westpac Banking Corp.
	1,000,000		0.540	^(c)	11/06/12	1,000,000
	4,000,000		0.473	^(c)	10/01/13	4,000,000

TOTAL VARIABLE RATE OBLIGATIONS						$ 37,380,000


Yankee Certificates of Deposit – 11.0%
Banco Del Estado De Chile
	10,000,000		0.330		10/10/12	10,000,025


Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Yankee Certificates of Deposit – (continued)
Bank of Tokyo-Mitsubishi UFJ Ltd/New York, NY
$	10,000,000		0.500	%	11/05/12	$ 10,001,258
DZ Bank AG Deutsche Zentral-Genossenschaftsbank
	1,000,000		0.420		10/11/12	1,000,001
	2,500,000		0.760		10/12/12	2,500,274
Standard Chartered Bank
	7,000,000		0.490		01/07/13	7,000,000
The Norinchukin Bank
	10,000,000		0.400		10/26/12	10,000,138

TOTAL YANKEE CERTIFICATES OF DEPOSIT						$ 40,501,696

TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$ 286,947,577


Repurchase Agreements^(d) – 23.7%
ABN Amro Securities (USA) LLC
	1,000,000		0.310	^(a)	10/04/12	1,000,000
Maturity Value: $1,000,060
Settlement Date: 09/27/12
Collateralized by various corporate security issuers. The aggregate market value of the collateral, including accrued interest, was $1,095,043.

BNP Paribas Securities Corp.
	2,000,000		0.480		10/01/12	2,000,000
Maturity Value: $2,000,080
Collateralized by various corporate security issuers, 4.000% to 8.875%, due 03/01/16 to 01/15/42 and mortgage-backed obligations, 5.305% to 5.679%, due 12/15/43 to 04/15/49. The aggregate market value of the collateral, including accrued interest, was $2,243,479.

Deutsche Bank Securities, Inc.
	3,000,000		0.430		10/01/12	3,000,000
Maturity Value: $3,000,108
Collateralized by various corporate security issuers, 0.000% to 7.250%, due 12/15/12 to 01/01/49. The aggregate market value of the collateral, including accrued interest, was $3,300,011.
	7,500,000		0.250		11/19/12	7,500,000
Maturity Value: $7,504,740
Settlement Date: 08/20/12
Collateralized by Federal Home Loan Mortgage Corp., 16.323% to 80.980%, due 04/15/32 to 06/15/36. The aggregate market value of the collateral, including accrued interest, was $7,973,758.

ING Financial Markets LLC
	5,000,000		0.200		10/01/12	5,000,000
Maturity Value: $5,000,083
Collateralized by Federal National Mortgage Association, 3.000%, due 07/01/41. The market value of the collateral, including accrued interest, was $5,100,732.


Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements^(d) – (continued)
Joint Repurchase Agreement Account III
$	63,700,000		0.219	%	10/01/12	$ 63,700,000
RBS Securities, Inc.
	5,000,000		0.380		10/01/12	5,000,000
Maturity Value: $5,000,158
Collateralized by Federal Home Loan Mortgage Corp., 3.500%, due 05/01/32. The market value of the collateral, including accrued interest, was $5,102,098.

TOTAL REPURCHASE AGREEMENTS						$ 87,200,000

TOTAL INVESTMENTS – 101.6%						$ 374,147,577

LIABILITIES IN EXCESS OF OTHER ASSETS – (1.6)%						(5,958,484)

NET ASSETS – 100.0%						$ 368,189,093



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

(a)		Variable or floating rate security. Interest rate disclosed is that which is in effect at September 30, 2012.

(b)		All or a portion represents a forward commitment.

(c)		Security not registered under the Securities Act of 1933, as amended. Such securities have been determined to be liquid by the Investment Adviser. At September 30, 2012, these securities amounted to $27,095,000 or approximately 7.4% of net assets.

(d)		Unless noted, all repurchase agreements were entered into on September 30, 2012. Additional information on Joint Repurchase Agreement Account III appears in the Notes to the Schedule of Investments section.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, or the prerefunded date for those types of securities.



Investment Abbreviations:
AGM		— Insured by Assured Guaranty Municipal Corp.
FGIC		— Insured by Financial Guaranty Insurance Co.
FHLMC		— Insured by Federal Home Loan Mortgage Corp.
GO		— General Obligation
GTY AGMT		— Guaranty Agreement
LIQ		— Liquidity Agreement
LOC		— Letter of Credit
NATL-RE		— National Reinsurance Corp.
RB		— Revenue Bond
RN		— Revenue Notes
RMKT		— Remarketed
SPA		— Stand-by Purchase Agreement
VRDN		— Variable Rate Demand Notes

For information on the mutual funds, please call our
toll-free Shareholder Services Line at
1-800-526-7384 or visit us on the web at
www.goldmansachsfunds.com.



Shares		Description	Value
	Common Stocks – 99.2%
	Capital Goods – 4.8%
	32,953	Caterpillar, Inc.	$ 2,835,276
	112,632	Danaher Corp.	6,211,655
	123,573	Honeywell International, Inc.	7,383,487
	49,019	Rockwell Automation, Inc.	3,409,271

			19,839,689

	Consumer Durables & Apparel – 3.9%
	33,953	Lululemon Athletica, Inc.*	2,510,485
	81,890	NIKE, Inc. Class B	7,772,180
	61,495	PVH Corp.	5,763,311

			16,045,976

	Consumer Services – 4.5%
	12,845	Chipotle Mexican Grill, Inc.*	4,078,801
	80,681	Las Vegas Sands Corp.	3,741,178
	152,039	Marriott International, Inc. Class A	5,944,725
	25,083	McDonald’s Corp.	2,301,365
	34,549	Yum! Brands, Inc.	2,291,981

			18,358,050

	Diversified Financials – 5.9%
	129,501	American Express Co.	7,363,427
	118,760	CME Group, Inc.	6,804,948
	22,801	IntercontinentalExchange, Inc.*	3,041,882
	93,641	Northern Trust Corp.	4,346,347
	43,511	T. Rowe Price Group, Inc.	2,754,246

			24,310,850

	Energy – 6.0%
	33,330	Devon Energy Corp.	2,016,465
	173,973	Halliburton Co.	5,861,150
	27,263	National Oilwell Varco, Inc.	2,184,039
	22,873	Occidental Petroleum Corp.	1,968,451
	174,955	Schlumberger Ltd.	12,654,495

			24,684,600

	Food & Staples Retailing – 2.8%
	114,536	Costco Wholesale Corp.	11,467,917

	Food, Beverage & Tobacco – 4.4%
	50,300	Diageo PLC ADR	5,670,319
	101,856	PepsiCo, Inc.	7,208,349
	56,228	Philip Morris International, Inc.	5,057,146

			17,935,814

	Health Care Equipment & Services – 1.8%
	19,956	C. R. Bard, Inc.	2,088,396
	130,171	St. Jude Medical, Inc.	5,484,104

			7,572,500

	Household & Personal Products – 2.1%
	173,257	Avon Products, Inc.	2,763,449
	85,350	The Procter & Gamble Co.	5,919,876

			8,683,325

	Materials – 2.9%
	50,851	Ecolab, Inc.	3,295,653
	81,911	Praxair, Inc.	8,508,915

			11,804,568



Shares		Description	Value
	Common Stocks – (continued)
	Media – 2.1%
	42,368	Discovery Communications, Inc. Class A*	$ 2,526,404
	115,426	Viacom, Inc. Class B	6,185,679

			8,712,083

	Pharmaceuticals, Biotechnology & Life Sciences – 10.4%
	144,060	Abbott Laboratories	9,876,754
	89,207	Agilent Technologies, Inc.	3,430,009
	44,047	Celgene Corp.*	3,365,191
	116,961	Gilead Sciences, Inc.*	7,758,023
	28,770	Johnson & Johnson	1,982,541
	94,462	Sanofi ADR	4,067,534
	45,512	Shire PLC ADR	4,036,914
	108,130	Teva Pharmaceutical Industries Ltd. ADR	4,477,663
	71,241	Vertex Pharmaceuticals, Inc.*	3,985,934

			42,980,563

	Real Estate – 5.1%
	202,167	American Tower Corp. (REIT)	14,432,702
	363,071	CBRE Group, Inc. Class A*	6,684,137

			21,116,839

	Retailing – 7.0%
	45,434	Amazon.com, Inc.*	11,554,775
	78,931	Dollar General Corp.*	4,068,104
	29,102	Family Dollar Stores, Inc.	1,929,462
	6,875	Priceline.com, Inc.*	4,253,769
	188,672	Urban Outfitters, Inc.*	7,086,520

			28,892,630

	Semiconductors & Semiconductor Equipment – 2.1%
	252,803	Xilinx, Inc.	8,446,148

	Software & Services – 14.6%
	29,775	Equinix, Inc.*	6,135,139
	78,557	Facebook, Inc. Class A*	1,700,759
	26,925	Google, Inc. Class A*	20,314,912
	15,667	Mastercard, Inc. Class A	7,073,337
	373,128	Microsoft Corp.	11,111,752
	258,126	Oracle Corp.	8,128,388
	38,223	Salesforce.com, Inc.*	5,836,270

			60,300,557

	Technology Hardware & Equipment – 15.8%
	97,496	Amphenol Corp. Class A	5,740,564
	54,596	Apple, Inc.	36,429,727
	175,968	NetApp, Inc.*	5,785,828
	271,655	QUALCOMM, Inc.	16,975,721

			64,931,840

	Telecommunication Services – 3.0%
	190,306	Crown Castle International Corp.*	12,198,615

	TOTAL COMMON STOCKS		$ 408,282,564



Shares		Description	Value
	Exchange Traded Fund – 0.5%
	30,400	iShares Russell 1000 Growth Index Fund	$ 2,027,680

	TOTAL INVESTMENTS – 99.7%		$ 410,310,244

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3%		1,240,563

	NET ASSETS – 100.0%		$ 411,550,807



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.



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


For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

TAX INFORMATION — At September 30, 2012, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 96.8%
	Australia – 3.4%
	709,373	QR National Ltd. (Transportation)	$ 2,497,417
	158,200	Westpac Banking Corp. (Banks)	4,056,382

			6,553,799

	Brazil – 1.1%
	363,305	Magazine Luiza SA (Retailing)	2,193,540

	China – 0.5%
	1,825,000	China Citic Bank Corp. Ltd. Class H (Banks)	860,504

	Czech Republic – 0.8%
	41,473	CEZ AS (Utilities)	1,547,458

	Finland – 1.5%
	92,074	Fortum Oyj (Utilities)	1,696,475
	30,127	Nokian Renkaat Oyj (Automobiles & Components)	1,229,788

			2,926,263

	France – 11.7%
	21,859	Air Liquide SA (Materials)	2,709,446
	14,002	Air Liquide SA-Prime De Fidelite (Materials)*	1,735,563
	45,914	Compagnie Generale de Geophysique-Veritas (Energy)*	1,474,554
	14,439	LVMH Moet Hennessy Louis Vuitton SA (Consumer Durables & Apparel)	2,167,556
	21,401	Remy Cointreau SA (Food, Beverage & Tobacco)	2,460,730
	89,435	Safran SA (Capital Goods)	3,216,942
	91,330	Societe Generale SA (Banks)*	2,588,103
	73,281	Total SA (Energy)	3,645,724
	59,249	Vinci SA (Capital Goods)	2,520,925

			22,519,543

	Germany – 4.3%
	44,800	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	3,852,337
	64,489	K+S AG (Registered) (Materials)	3,177,068
	52,858	ThyssenKrupp AG (Materials)	1,126,024

			8,155,429

	Hong Kong – 2.3%
	382,195	AIA Group Ltd. (Insurance)	1,416,198
	978,000	Belle International Holdings Ltd. (Retailing)	1,767,388
	386,000	China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)	1,153,126

			4,336,712

	India – 0.9%
	47,981	Hero Motocorp Ltd. (Automobiles & Components)	1,708,299

	Ireland – 3.1%
	48,204	Kerry Group PLC Class A (Food, Beverage & Tobacco)	2,468,490



Shares		Description	Value
	Common Stocks – (continued)
	Ireland – (continued)
	117,952	Shire PLC (Pharmaceuticals, Biotechnology & Life Sciences)	$ 3,479,439

			5,947,929

	Italy – 2.3%
	202,257	Eni SpA (Energy)	4,434,176

	Japan – 18.4%
	55,600	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)	2,817,804
	17,100	FANUC Corp. (Capital Goods)	2,752,388
	101,400	Hitachi High-Technologies Corp. (Technology Hardware & Equipment)	2,448,003
	368,000	Isuzu Motors Ltd. (Automobiles & Components)	1,773,301
	341,000	Kubota Corp. (Capital Goods)	3,441,479
	132,200	LIXIL Group Corp. (Capital Goods)	3,150,342
	365,000	Mitsubishi Electric Corp. (Capital Goods)	2,690,360
	180,000	Mitsubishi Estate Co. Ltd. (Real Estate)	3,441,622
	106,500	Seven & I Holdings Co. Ltd. (Food & Staples Retailing)	3,263,513
	133,800	Sumitomo Mitsui Financial Group, Inc. (Banks)	4,168,966
	336,000	Tokyo Gas Co. Ltd. (Utilities)	1,847,642
	62,400	Unicharm Corp. (Household & Personal Products)	3,577,724

			35,373,144

	Mexico – 0.5%
	72,000	Grupo Financiero Santander Mexico S.A.B. de C.V. ADR (Banks)*	986,400

	Netherlands – 2.7%
	293	Royal Dutch Shell PLC Class A (Energy)	10,154
	28,397	Royal Dutch Shell PLC Class B (Energy)	1,010,530
	102,914	Unilever NV CVA (Food, Beverage & Tobacco)	3,649,952
	14,501	Ziggo NV (Telecommunication Services)	492,976

			5,163,612

	Russia – 2.0%
	63,537	Globaltrans Investment PLC GDR (Transportation)	1,320,299
	18,186	OAO Lukoil ADR (Energy)	1,124,063
	122,482	Sberbank of Russia ADR (Banks)	1,443,234

			3,887,596

	South Korea – 2.3%
	39,000	Kia Motors Corp. (Automobiles & Components)	2,423,202



Shares		Description	Value
	Common Stocks – (continued)
	South Korea – (continued)
	1,653	Samsung Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment)	$ 1,992,027

			4,415,229

	Sweden – 3.0%
	104,860	Scania AB Class B (Capital Goods)	1,927,743
	410,977	Telefonaktiebolaget LM Ericsson Class B (Technology Hardware & Equipment)	3,748,556

			5,676,299

	Switzerland – 10.8%
	44,962	Aryzta AG (Food, Beverage & Tobacco)*	2,158,193
	138,282	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	8,463,345
	13,237	Roche Holding AG (Pharmaceuticals, Biotechnology & Life Sciences)	2,475,937
	13,287	Sulzer AG (Registered) (Capital Goods)	1,939,507
	342,957	UBS AG (Registered) (Diversified Financials)*	4,176,106
	32,895	Wolseley PLC (Capital Goods)	1,407,115

			20,620,203

	United Kingdom – 25.2%
	283,231	Abcam PLC (Pharmaceuticals, Biotechnology & Life Sciences)	1,841,230
	113,962	Admiral Group PLC (Insurance)	1,942,244
	179,398	BG Group PLC (Energy)	3,630,069
	756,000	BP PLC (Energy)	5,329,707
	138,642	Burberry Group PLC (Consumer Durables & Apparel)	2,244,899
	781,728	HSBC Holdings PLC (Banks)	7,262,067
	53,459	Imperial Tobacco Group PLC (Food, Beverage & Tobacco)	1,980,472
	207,199	Inmarsat PLC (Telecommunication Services)	1,978,243
	370,761	Reed Elsevier PLC (Media)	3,549,392
	99,398	Rio Tinto PLC (Materials)	4,647,774
	516,554	Royal Bank of Scotland Group PLC (Banks)*	2,146,173
	53,716	Schroders PLC (Diversified Financials)	1,319,992
	55,895	Spirax-Sarco Engineering PLC (Capital Goods)	1,890,574
	92,330	Tullow Oil PLC (Energy)	2,048,262
	78,029	Victrex PLC (Materials)	1,669,739
	1,691,247	Vodafone Group PLC (Telecommunication Services)	4,805,903

			48,286,740

	TOTAL COMMON STOCKS		$ 185,592,875


		Expiration
Units	Description	Month		Value
Right – 0.0%
France – 0.0%
45,914	Compagnie Generale de Geophysique-Veritas (Energy)*		10/12	$ 74,106

TOTAL INVESTMENTS – 96.8%				$185,666,981

OTHER ASSETS IN EXCESS OF LIABILITIES – 3.2%				6,072,902

NET ASSETS – 100.0%				$191,739,883


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.



Investment Abbreviations:
ADR		— American Depositary Receipt
CVA		— Dutch Certification
GDR		— Global Depositary Receipt


For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

TAX INFORMATION — At September 30, 2012, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 97.3%
	Automobiles & Components – 0.5%
	5,736	Modine Manufacturing Co.*	$ 42,332
	17,769	Stoneridge, Inc.*	88,312
	17,077	Superior Industries International, Inc.	291,846
	3,269	Thor Industries, Inc.	118,730

			541,220

	Banks – 6.5%
	3,894	1st Source Corp.	86,719
	28,381	Astoria Financial Corp.	280,404
	2,797	BankUnited, Inc.	68,834
	12,430	Cathay General Bancorp	214,542
	78,464	CVB Financial Corp.	936,860
	2,267	East West Bancorp, Inc.	47,879
	24,110	First Bancorp	277,988
	6,132	First Bancorp, Inc.	107,617
	11,406	First Financial Bancorp	192,876
	12,553	First Interstate Bancsystem, Inc.	187,793
	22,559	First Niagara Financial Group, Inc.	182,502
	2,421	FirstMerit Corp.	35,661
	33,271	Fulton Financial Corp.	328,052
	14,075	Great Southern Bancorp, Inc.	435,058
	1,046	Iberiabank Corp.	47,907
	64,629	International Bancshares Corp.	1,231,183
	10,337	Investors Bancorp, Inc.*	188,547
	3,893	Northfield Bancorp, Inc.	62,366
	3,260	Oritani Financial Corp.	49,063
	3,950	PacWest Bancorp	92,312
	24,749	PrivateBancorp, Inc.	395,737
	11,699	Renasant Corp.	229,359
	2,511	State Bank Financial Corp.	41,406
	16,264	Texas Capital Bancshares, Inc.*	808,483
	5,251	United Bankshares, Inc.	130,802
	39,010	Wilshire Bancorp, Inc.*	245,763
	6,413	Wintrust Financial Corp.	240,936

			7,146,649

	Capital Goods – 7.4%
	1,857	Alamo Group, Inc.	62,729
	3,990	Albany International Corp. Class A	87,660
	1,804	American Science & Engineering, Inc.	118,360
	6,857	American Woodmark Corp.*	136,934
	7,975	Applied Industrial Technologies, Inc.	330,404
	8,625	Astec Industries, Inc.*	272,636
	20,067	Beacon Roofing Supply, Inc.*	571,910
	1,678	Belden, Inc.	61,885
	4,427	Brady Corp. Class A	129,623
	2,822	Ceradyne, Inc.	68,941
	5,717	Cubic Corp.	286,193
	9,498	Ducommun, Inc.*	129,173
	8,338	Encore Wire Corp.	243,970
	3,825	FreightCar America, Inc.	68,047
	20,384	H&E Equipment Services, Inc.	247,054
	14,762	Kadant, Inc.*	342,331
	6,310	KBR, Inc.	188,164
	43,981	LSI Industries, Inc.	296,432
	8,267	Lydall, Inc.*	116,482
	17,917	Miller Industries, Inc.	287,568
	18,504	Mueller Industries, Inc.	841,377



Shares		Description	Value
	Common Stocks – (continued)
	Capital Goods – (continued)
	5,149	Orbital Sciences Corp.*	$ 74,969
	3,707	Sauer-Danfoss, Inc.	149,059
	85	Seaboard Corp.*	192,111
	1,777	Simpson Manufacturing Co., Inc.	50,858
	28,599	Tecumseh Products Co. Class A*	148,143
	4,028	Tennant Co.	172,479
	13,174	The Toro Co.	524,062
	1,115	Trex Co., Inc.*	38,044
	2,131	Trinity Industries, Inc.	63,866
	15,484	Universal Forest Products, Inc.	643,205
	11,061	Vicor Corp.*	73,777
	14,605	Watsco, Inc.	1,106,913

			8,125,359

	Commercial & Professional Services – 2.9%
	6,196	ABM Industries, Inc.	117,290
	19,317	CDI Corp.	328,969
	3,172	Consolidated Graphics, Inc.*	82,758
	8,302	Heidrick & Struggles International, Inc.	105,767
	23,393	HNI Corp.	596,755
	9,501	Insperity, Inc.	239,710
	48,423	Kelly Services, Inc. Class A	610,130
	30,916	Kforce, Inc.*	364,500
	25,263	Kimball International, Inc. Class B	308,714
	2,304	Mine Safety Appliances Co.	85,870
	12,564	United Stationers, Inc.	326,915

			3,167,378

	Consumer Durables & Apparel – 4.5%
	14,045	American Greetings Corp. Class A^(a)	235,956
	2,047	Arctic Cat, Inc.*	84,869
	21,745	Beazer Homes USA, Inc.*^(a)	77,195
	18,013	Blyth, Inc.	468,158
	22,917	Crocs, Inc.*	371,485
	2,729	CSS Industries, Inc.	56,081
	5,253	D.R. Horton, Inc.	108,422
	1,680	Ethan Allen Interiors, Inc.	36,826
	37,760	Hovnanian Enterprises, Inc. Class A*	130,650
	6,181	iRobot Corp.*	140,680
	4,826	LeapFrog Enterprises, Inc.*	43,530
	3,175	Lennar Corp. Class A	110,395
	5,170	Meritage Homes Corp.*	196,615
	6,966	Movado Group, Inc.	234,893
	8,408	NACCO Industries, Inc. Class A	1,054,447
	12,023	Oxford Industries, Inc.	678,698
	19,424	Perry Ellis International, Inc.*	428,299
	2,292	PulteGroup, Inc.*	35,526
	1,722	Skechers U.S.A., Inc. Class A*	35,129
	14,919	Smith & Wesson Holding Corp.*	164,258
	4,654	Sturm, Ruger & Co., Inc.^(a)	230,326
	6,955	Zagg, Inc.*^(a)	59,326

			4,981,764

	Consumer Services – 2.6%
	9,497	Ascent Capital Group, Inc. Class A*	512,933
	2,512	Biglari Holdings, Inc.*	917,031
	24,302	Papa John's International, Inc.*	1,297,970



Shares		Description	Value
	Common Stocks – (continued)
	Consumer Services – (continued)
	2,284	Weight Watchers International, Inc.^(a)	$ 120,595

			2,848,529

	Diversified Financials – 3.6%
	12,402	Apollo Investment Corp.	97,604
	27,432	BlackRock Kelso Capital Corp.	266,639
	19,158	Cash America International, Inc.	738,924
	3,446	Cohen & Steers, Inc.	102,070
	2,997	DFC Global Corp.*	51,398
	677	Diamond Hill Investment Group, Inc.	51,912
	3,168	Duff & Phelps Corp. Class A	43,116
	1,742	Epoch Holding Corp.	40,240
	2,184	Financial Engines, Inc.*	52,045
	7,909	GAMCO Investors, Inc. Class A	393,473
	17,521	Gladstone Capital Corp.	153,309
	17,253	Greenhill & Co., Inc.	892,843
	2,430	Horizon Technology Finance Corp.	39,269
	2,938	KBW, Inc.	48,389
	37,002	NGP Capital Resources Co.	276,035
	1,527	Raymond James Financial, Inc.	55,965
	5,589	Safeguard Scientifics, Inc.*	87,691
	34,107	TICC Capital Corp.	354,713
	3,574	World Acceptance Corp.*^(a)	241,066

			3,986,701

	Energy – 4.7%
	51,862	Alon USA Energy, Inc.	710,509
	3,122	Bill Barrett Corp.*	77,332
	3,425	Contango Oil & Gas Co.*	168,304
	3,969	Crosstex Energy, Inc.	55,685
	1,790	Dawson Geophysical Co.*	45,215
	33,373	Delek US Holdings, Inc.	850,678
	1,728	Energy XXI Bermuda Ltd.	60,394
	6,980	EXCO Resources, Inc.	55,910
	5,306	Exterran Holdings, Inc.*	107,606
	12,137	Forest Oil Corp.*	102,558
	4,690	FX Energy, Inc.*	34,987
	5,731	Goodrich Petroleum Corp.*^(a)	72,440
	8,186	McDermott International, Inc.*	100,033
	3,449	Oasis Petroleum, Inc.*	101,642
	30,891	Parker Drilling Co.*	130,669
	22,595	SemGroup Corp. Class A*	832,626
	34,655	W&T Offshore, Inc.	650,821
	33,382	Western Refining, Inc.	873,941
	6,742	Willbros Group, Inc.*	36,204
	6,339	WPX Energy, Inc.*	105,164

			5,172,718

	Food & Staples Retailing – 0.6%
	11,447	Susser Holdings Corp.*	414,038
	17,872	The Pantry, Inc.*	260,038

			674,076

	Food, Beverage & Tobacco – 3.6%
	42,484	Alliance One International, Inc.*	137,223
	4,240	Dole Food Co., Inc.*	59,487
	3,635	Fresh Del Monte Produce, Inc.	93,056
	5,928	J&J Snack Foods Corp.	339,852
	20,246	Lancaster Colony Corp.	1,483,020
	32,278	National Beverage Corp.*	489,334



Shares		Description	Value
	Common Stocks – (continued)
	Food, Beverage & Tobacco – (continued)
	11,950	The Boston Beer Co., Inc. Class A*^(a)	$ 1,338,042

			3,940,014

	Health Care Equipment & Services – 4.1%
	30,203	Align Technology, Inc.*	1,116,605
	31,501	Amedisys, Inc.*	435,029
	10,455	AMN Healthcare Services, Inc.*	105,177
	2,894	Anika Therapeutics, Inc.*	43,468
	16,234	Assisted Living Concepts, Inc. Class A	123,865
	7,321	Bio-Reference Labs, Inc.*	209,234
	5,805	BioScrip, Inc.*	52,883
	1,260	Cyberonics, Inc.*	66,049
	628	Haemonetics Corp.*	50,365
	1,120	IDEXX Laboratories, Inc.*	111,272
	15,721	Invacare Corp.	222,295
	27,543	Kindred Healthcare, Inc.*	313,439
	1,587	Masimo Corp.*	38,374
	6,600	MedAssets, Inc.*	117,480
	23,880	Medical Action Industries, Inc.*	83,341
	36,745	PharMerica Corp.*	465,192
	5,855	Select Medical Holdings Corp.*	65,752
	1,985	Sirona Dental Systems, Inc.*	113,066
	28,604	Skilled Healthcare Group, Inc. Class A*	183,924
	13,674	Tenet Healthcare Corp.*	85,736
	29,158	Universal American Corp.*	269,420
	12,622	Vascular Solutions, Inc.*	186,932

			4,458,898

	Household & Personal Products – 1.9%
	58,085	Central Garden and Pet Co. Class A*	701,667
	12,860	Herbalife Ltd.	609,564
	20,978	Medifast, Inc.*	548,574
	5,817	USANA Health Sciences, Inc.*	270,316

			2,130,121

	Insurance – 2.9%
	2,303	Allied World Assurance Co. Holdings AG	177,907
	17,877	American Equity Investment Life Holding Co.	207,909
	9,777	Assurant, Inc.	364,682
	7,616	Assured Guaranty Ltd.	103,730
	14,782	CNO Financial Group, Inc.	142,646
	60,419	First American Financial Corp.	1,309,280
	4,129	Global Indemnity PLC*	90,343
	1,677	Homeowners Choice, Inc.	39,409
	33,139	Maiden Holdings Ltd.	294,606
	4,705	OneBeacon Insurance Group Ltd. Class A	63,235
	2,997	Stewart Information Services Corp.	60,360
	19,522	Symetra Financial Corp.	240,121
	3,642	Tower Group, Inc.	70,618

			3,164,846

	Materials – 3.4%
	15,836	A. Schulman, Inc.	377,214
	8,786	Buckeye Technologies, Inc.	281,679
	15,873	Coeur d'Alene Mines Corp.*	457,619



Shares		Description	Value
	Common Stocks – (continued)
	Materials – (continued)
	3,647	Georgia Gulf Corp.	$ 132,094
	34,028	Golden Star Resources Ltd.*^(a)	67,035
	22,940	Headwaters, Inc.*	150,945
	1,526	Koppers Holdings, Inc.	53,303
	30,380	Kraton Performance Polymers, Inc.*	792,918
	14,155	Materion Corp.	336,889
	2,355	Schnitzer Steel Industries, Inc. Class A	66,293
	48,974	Senomyx, Inc.*	93,051
	20,667	Spartech Corp.*	110,569
	7,970	Stepan Co.	766,076
	1,480	The Scotts Miracle-Gro Co. Class A	64,336
	2,272	Tredegar Corp.	40,305

			3,790,326

	Media – 0.6%
	1,693	AMC Networks, Inc. Class A*	73,679
	4,032	Arbitron, Inc.	152,813
	2,974	Cablevision Systems Corp. Class A	47,138
	8,061	Entercom Communications Corp. Class A*	55,298
	7,679	Harte-Hanks, Inc.	53,216
	59,889	Journal Communications, Inc. Class A*	311,423

			693,567

	Pharmaceuticals, Biotechnology & Life Sciences – 8.2%
	20,594	Acorda Therapeutics, Inc.*	527,412
	6,191	Aegerion Pharmaceuticals, Inc.*	91,751
	19,323	Affymax, Inc.*	406,942
	76,681	Affymetrix, Inc.*^(a)	332,029
	15,295	Albany Molecular Research, Inc.*	53,074
	67,812	Arena Pharmaceuticals, Inc.*^(a)	564,196
	18,148	AVEO Pharmaceuticals, Inc.*^(a)	188,921
	1,729	BioMarin Pharmaceutical, Inc.*	69,627
	13,381	Bruker Corp.*	175,157
	923	Charles River Laboratories International, Inc.*	36,551
	20,140	Curis, Inc.*	83,380
	24,872	Emergent Biosolutions, Inc.*	353,431
	5,546	Enzon Pharmaceuticals, Inc.*	38,600
	15,885	Genomic Health, Inc.*	551,051
	2,223	Infinity Pharmaceuticals, Inc.*	52,352
	3,883	Isis Pharmaceuticals, Inc.*^(a)	54,634
	3,373	Jazz Pharmaceuticals PLC*	192,295
	3,848	Luminex Corp.*	74,805
	30,432	Momenta Pharmaceuticals, Inc.*	443,394
	2,751	Myriad Genetics, Inc.*	74,249
	92,957	Nabi Biopharmaceuticals*	164,534
	2,253	PAREXEL International Corp.*	69,302
	113,151	PDL BioPharma, Inc.	870,131
	27,267	Pharmacyclics, Inc.*	1,758,721
	55,984	Progenics Pharmaceuticals, Inc.*	160,674
	26,348	Questcor Pharmaceuticals, Inc.*^(a)	487,438
	26,606	Santarus, Inc.*	236,261
	48,417	Sciclone Pharmaceuticals, Inc.*	268,714
	18,574	Spectrum Pharmaceuticals, Inc.*^(a)	217,316
	4,025	Synageva BioPharma Corp.*	215,056
	9,186	Vivus, Inc.*	163,694



Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals, Biotechnology & Life Sciences – (continued)
	4,854	Warner Chilcott PLC Class A	$ 65,529

			9,041,221

	Real Estate – 8.1%
	20,432	AG Mortgage Investment Trust, Inc. (REIT)	493,024
	10,812	Agree Realty Corp. (REIT)	275,598
	16,057	Altisource Portfolio Solutions SA*	1,384,916
	6,208	American Capital Mortgage Investment Corp. (REIT)	156,007
	4,713	Chesapeake Lodging Trust (REIT)	93,647
	7,060	Colony Financial, Inc. (REIT)	137,529
	17,132	DuPont Fabros Technology, Inc. (REIT)	432,583
	41,845	Franklin Street Properties Corp. (REIT)	463,224
	16,513	Getty Realty Corp. (REIT)^(a)	296,408
	5,685	Hatteras Financial Corp. (REIT)	160,260
	6,245	Invesco Mortgage Capital, Inc. (REIT)	125,712
	15,723	LTC Properties, Inc. (REIT)	500,778
	9,808	National Health Investors, Inc. (REIT)	504,524
	17,971	Potlatch Corp. (REIT)	671,576
	1,924	PS Business Parks, Inc. (REIT)	128,562
	27,761	Rayonier, Inc. (REIT)	1,360,567
	14,653	Starwood Property Trust, Inc. (REIT)	340,975
	3,365	Urstadt Biddle Properties, Inc. Class A (REIT)	68,074
	31,383	Zillow, Inc. Class A*	1,323,735

			8,917,699

	Retailing – 8.6%
	1,423	Abercrombie & Fitch Co. Class A	48,268
	31,516	Aeropostale, Inc.*	426,412
	3,743	ANN, Inc.*	141,223
	2,508	Asbury Automotive Group, Inc.*	70,099
	3,845	Collective Brands, Inc.*	83,475
	7,988	Core-Mark Holding Co., Inc.	384,303
	3,287	Destination Maternity Corp.	61,467
	517	Dillard's, Inc. Class A	37,390
	51,755	Express, Inc.*^(b)	767,009
	26,144	Francesca's Holdings Corp.*	803,405
	36,640	Fred’s, Inc. Class A	521,387
	3,249	Group 1 Automotive, Inc.	195,687
	4,747	Guess?, Inc.	120,669
	37,191	Hot Topic, Inc.	323,562
	11,484	Lumber Liquidators Holdings, Inc.*	582,009
	20,578	Select Comfort Corp.*	649,236
	18,363	Shoe Carnival, Inc.	432,081
	1,444	Signet Jewelers Ltd.	70,409
	62,365	Stage Stores, Inc.	1,313,407
	12,331	The Buckle, Inc.^(a)	560,197
	1,283	The Childrens Place Retail Stores, Inc.*	76,980
	17,561	The Finish Line, Inc. Class A	399,337
	3,624	Urban Outfitters, Inc.*	136,117
	16,653	Zale Corp.*	114,906



Shares		Description	Value
	Common Stocks – (continued)
	Retailing – (continued)
	40,394	Zumiez, Inc.*	$ 1,120,126

			9,439,161

	Semiconductors & Semiconductor Equipment – 1.3%
	17,001	AuthenTec, Inc.*	136,178
	11,539	Cypress Semiconductor Corp.*	123,698
	7,015	DSP Group, Inc.*	41,669
	90,723	Lattice Semiconductor Corp.*	347,469
	28,994	Micrel, Inc.	302,118
	31,248	Photronics, Inc.*	167,802
	53,382	PLX Technology, Inc.*	308,014
	9,655	RF Micro Devices, Inc.*	38,137

			1,465,085

	Software & Services – 11.6%
	40,564	Accelrys, Inc.*	351,284
	2,690	AOL, Inc.*	94,769
	9,109	Aspen Technology, Inc.*	235,468
	36,131	Blackbaud, Inc.	864,253
	1,443	Bottomline Technologies, Inc.*	35,628
	91,755	Ciber, Inc.*	318,390
	6,634	CommVault Systems, Inc.*	389,416
	9,622	Cornerstone OnDemand, Inc.*	295,010
	11,209	CSG Systems International, Inc.*	252,090
	6,841	Genpact Ltd.	114,108
	10,625	Global Cash Access Holdings, Inc.*	85,531
	2,164	Imperva, Inc.*	80,046
	5,344	Informatica Corp.*	186,025
	12,069	Kenexa Corp.*	553,122
	14,238	Lender Processing Services, Inc.	397,098
	121,557	Lionbridge Technologies, Inc.*	427,881
	14,371	LivePerson, Inc.*	260,259
	18,583	LogMeIn, Inc.*	416,817
	18,579	Manhattan Associates, Inc.*	1,064,019
	1,877	Mantech International Corp. Class A	45,048
	55,638	Marchex, Inc. Class B	212,537
	10,091	MicroStrategy, Inc. Class A*	1,352,900
	6,725	Monotype Imaging Holdings, Inc.	104,843
	8,691	Opnet Technologies, Inc.	296,102
	23,950	Pegasystems, Inc.	695,508
	16,973	PROS Holdings, Inc.*	323,675
	7,642	QAD, Inc. Class A*	103,778
	5,637	QLIK Technologies, Inc.*	126,325
	24,204	Quest Software, Inc.*	677,712
	24,977	RealNetworks, Inc.*	207,809
	8,410	Responsys, Inc.*	86,034
	15,437	Saba Software, Inc.*	154,216
	8,794	TeleTech Holdings, Inc.*	149,938
	30,715	TIBCO Software, Inc.*	928,514
	2,729	TNS, Inc.*	40,799
	2,173	Travelzoo, Inc.*	51,218
	5,830	Ultimate Software Group, Inc.*	595,243
	7,200	Unisys Corp.*	149,904

			12,723,317

	Technology Hardware & Equipment – 4.3%
	16,911	Agilysys, Inc.*	145,435
	22,783	Electronics for Imaging, Inc.*	378,426
	32,273	Emulex Corp.*	232,688
	41,270	Extreme Networks*	137,842



Shares		Description	Value
	Common Stocks – (continued)
	Technology Hardware & Equipment – (continued)
	3,872	Fusion-io, Inc.*	$ 117,205
	38,302	Imation Corp.*	214,108
	12,630	Ingram Micro, Inc. Class A*	192,355
	19,606	Insight Enterprises, Inc.*	342,713
	20,969	Jabil Circuit, Inc.	392,540
	29,083	Methode Electronics, Inc.	282,396
	7,481	National Instruments Corp.	188,297
	1,408	Plantronics, Inc.	49,745
	4,469	Polycom, Inc.*	44,109
	165,434	Quantum Corp.*	266,349
	21,771	Radisys Corp.*	78,376
	20,309	RealD, Inc.*^(a)	181,562
	53,306	ShoreTel, Inc.*	218,021
	32,122	STEC, Inc.*	216,823
	13,508	Super Micro Computer, Inc.*	162,501
	30,589	Symmetricom, Inc.*	213,205
	21,728	Tellabs, Inc.	76,917
	19,742	Vishay Intertechnology, Inc.*	194,064
	49,339	Xyratex Ltd.	453,919

			4,779,596

	Telecommunication Services – 1.0%
	25,148	Cbeyond, Inc.*	247,959
	10,998	magicJack VocalTec Ltd.*	269,781
	45,005	USA Mobility, Inc.	534,210

			1,051,950

	Transportation – 1.2%
	15,982	Celadon Group, Inc.	256,831
	3,045	Genesee & Wyoming, Inc. Class A*	203,589
	93,345	Pacer International, Inc.*	371,513
	7,676	Saia, Inc.*	154,594
	22,962	SkyWest, Inc.	237,197
	7,243	Universal Truckload Services, Inc.	115,671

			1,339,395

	Utilities – 3.2%
	9,340	Avista Corp.	240,412
	887	CH Energy Group, Inc.	57,841
	3,495	El Paso Electric Co.	119,704
	14,319	Genie Energy Ltd. Class B	102,667
	10,428	Integrys Energy Group, Inc.	544,342
	3,402	New Jersey Resources Corp.	155,539
	3,484	Northwest Natural Gas Co.	171,552
	5,802	NorthWestern Corp.	210,207
	4,644	Piedmont Natural Gas Co., Inc.	150,837
	3,149	Questar Corp.	64,019
	31,470	Southwest Gas Corp.	1,390,974
	940	The Laclede Group, Inc.	40,420
	5,280	UGI Corp.	167,640
	2,044	WGL Holdings, Inc.	82,271

			3,498,425

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE		$ 107,078,015



Shares	Rate			Value
Securities Lending Reinvestment Vehicle^(c)(d)– 4.3%
Goldman Sachs Financial Square Money Market Fund — FST Shares
4,781,600		0.154	%	$ 4,781,600

TOTAL INVESTMENTS – 101.6%				$ 111,859,615

LIABILITIES IN EXCESS OF OTHER ASSETS – (1.6)%				(1,801,414)

NET ASSETS – 100.0%				$ 110,058,201



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 September 30, 2012.

(d)		Represents an affiliated issuer.



Investment Abbreviation:
REIT		— Real Estate Investment Trust



For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

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

TAX INFORMATION — At September 30, 2012, the Fund's aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:



Shares		Description	Value
	Common Stocks – 97.9%
	Banks – 2.5%
	11,153	Bank of Hawaii Corp.	$ 508,800
	6,661	City National Corp.	343,108
	14,930	Commerce Bancshares, Inc.	602,127
	29,378	East West Bancorp, Inc.	620,463
	193,509	First Niagara Financial Group, Inc.	1,565,488
	23,237	Fulton Financial Corp.	229,117
	12,363	M&T Bank Corp.^(a)	1,176,463
	25,831	PNC Financial Services Group, Inc.	1,629,936
	76,474	Wells Fargo & Co.	2,640,647

			9,316,149

	Capital Goods – 4.4%
	11,053	Alliant Techsystems, Inc.	553,866
	14,118	Emerson Electric Co.	681,476
	3,335	Fluor Corp.	187,694
	317,054	General Electric Co.	7,200,296
	5,532	Huntington Ingalls Industries, Inc.*	232,621
	19,225	KBR, Inc.	573,289
	1,807	Lockheed Martin Corp.	168,738
	21,768	MSC Industrial Direct Co., Inc. Class A	1,468,469
	30,129	Navistar International Corp.*	635,421
	11,716	Northrop Grumman Corp.	778,294
	8,924	Raytheon Co.	510,096
	20,118	The Boeing Co.	1,400,615
	53,762	The Toro Co.	2,138,652
	6,095	Trinity Industries, Inc.	182,667

			16,712,194

	Commercial & Professional Services – 0.2%
	5,055	Clean Harbors, Inc.*	246,936
	5,576	Manpower, Inc.	205,197
	2,438	Tyco International Ltd.	137,162

			589,295

	Consumer Durables & Apparel – 0.1%
	575	NVR, Inc.*	485,588

	Consumer Services – 2.8%
	108,389	Carnival Corp.	3,949,695
	70,633	Marriott International, Inc. Class A	2,761,750
	30,774	Marriott Vacations Worldwide Corp.*	1,108,480
	3,762	McDonald's Corp.	345,164
	23,072	Starbucks Corp.	1,170,904
	7,973	Weight Watchers International, Inc.^(a)	420,974
	13,700	Yum! Brands, Inc.	908,858

			10,665,825

	Diversified Financials – 4.0%
	744	BlackRock, Inc.	132,655
	31,615	CME Group, Inc.	1,811,540
	24,072	Franklin Resources, Inc.	3,010,685
	189,500	JPMorgan Chase & Co.	7,670,960
	13,831	Leucadia National Corp.	314,655
	74,841	SEI Investments Co.	1,605,339



Shares		Description	Value
	Common Stocks – (continued)
	Diversified Financials – (continued)
	13,801	State Street Corp.	$ 579,090

			15,124,924

	Energy – 13.4%
	58,980	Chevron Corp.	6,874,709
	106,047	ConocoPhillips	6,063,768
	146,481	Exxon Mobil Corp.	13,395,687
	56,357	Hess Corp.	3,027,498
	83,489	Marathon Oil Corp.	2,468,770
	84,266	Marathon Petroleum Corp.	4,600,081
	74,817	Murphy Oil Corp.	4,016,925
	69,658	Occidental Petroleum Corp.	5,994,768
	14,276	Phillips 66	661,978
	44,876	Tesoro Corp.	1,880,304
	33,582	Ultra Petroleum Corp.*^(a)	738,132
	72,914	WPX Energy, Inc.*	1,209,643

			50,932,263

	Food & Staples Retailing – 1.6%
	102,773	CVS Caremark Corp.	4,976,269
	29,464	Walgreen Co.	1,073,668

			6,049,937

	Food, Beverage & Tobacco – 4.5%
	112,764	Archer-Daniels-Midland Co.	3,064,926
	40,452	Lorillard, Inc.	4,710,635
	68,264	Philip Morris International, Inc.	6,139,664
	68,356	Reynolds American, Inc.	2,962,549
	5,667	The Coca-Cola Co.	214,949

			17,092,723

	Health Care Equipment & Services – 0.9%
	149,097	Boston Scientific Corp.*	855,817
	64,351	Cardinal Health, Inc.	2,507,758

			3,363,575

	Household & Personal Products – 1.9%
	40,355	Herbalife Ltd.	1,912,827
	12,050	Nu Skin Enterprises, Inc. Class A	467,902
	69,106	The Procter & Gamble Co.	4,793,192

			7,173,921

	Insurance – 2.9%
	93,719	Aflac, Inc.	4,487,266
	17,294	Assurant, Inc.	645,066
	61,897	Berkshire Hathaway, Inc. Class B*	5,459,315
	3,317	Prudential Financial, Inc.	180,810
	12,604	Validus Holdings Ltd.	427,402

			11,199,859

	Materials – 3.0%
	24,016	CF Industries Holdings, Inc.	5,337,316
	101,674	LyondellBasell Industries NV Class A	5,252,479
	6,770	Newmont Mining Corp.	379,188
	13,734	Southern Copper Corp.	471,900

			11,440,883

	Media – 5.4%
	128,573	Cablevision Systems Corp. Class A	2,037,882



Shares		Description	Value
	Common Stocks – (continued)
	Media – (continued)
	34,341	DIRECTV*	$ 1,801,529
	127,941	DISH Network Corp. Class A	3,916,274
	2,811	Liberty Global, Inc. Class A*	170,768
	255,336	News Corp. Class A	6,263,392
	35,464	Pandora Media, Inc.*	388,331
	21,760	The Walt Disney Co.	1,137,613
	68,646	Time Warner, Inc.	3,111,723
	32,322	Viacom, Inc. Class B	1,732,136

			20,559,648

	Pharmaceuticals, Biotechnology & Life Sciences – 13.0%
	71,291	Amgen, Inc.	6,011,257
	23,398	Biogen Idec, Inc.*	3,491,684
	181,957	Bristol-Myers Squibb Co.	6,141,049
	68,521	Celgene Corp.*	5,235,004
	6,507	Charles River Laboratories International, Inc.*	257,677
	18,563	Covance, Inc.*	866,706
	54,144	Eli Lilly & Co.	2,566,967
	17,800	Endo Health Solutions, Inc.*	564,616
	12,697	Forest Laboratories, Inc.*	452,140
	83,013	Gilead Sciences, Inc.*	5,506,252
	17,497	Hospira, Inc.*	574,252
	59,999	Johnson & Johnson	4,134,531
	126,392	Merck & Co., Inc.	5,700,279
	219,943	Pfizer, Inc.	5,465,584
	19,925	United Therapeutics Corp.*	1,113,409
	50,764	Warner Chilcott PLC Class A	685,314
	5,973	Watson Pharmaceuticals, Inc.*	508,661

			49,275,382

	Real Estate Investment Trust – 2.5%
	53,790	American Tower Corp.	3,840,068
	1,079	AvalonBay Communities, Inc.	146,733
	15,966	Health Care REIT, Inc.	922,037
	94,434	Rayonier, Inc.	4,628,210

			9,537,048

	Retailing – 3.7%
	19,953	Amazon.com, Inc.*	5,074,447
	28,667	Family Dollar Stores, Inc.	1,900,622
	39,912	Guess?, Inc.	1,014,563
	18,794	Liberty Interactive Corp. Class A*	347,689
	3,821	Limited Brands, Inc.	188,222
	11,997	PetSmart, Inc.	827,553
	2,918	Priceline.com, Inc.*	1,805,454
	14,039	Ross Stores, Inc.	906,919
	5,706	The Gap, Inc.	204,161
	12,220	TJX Companies, Inc.	547,334
	32,737	Urban Outfitters, Inc.*	1,229,602

			14,046,566

	Semiconductors & Semiconductor Equipment – 0.8%
	21,769	First Solar, Inc.*^(a)	482,074
	114,417	Intel Corp.	2,594,978
	2,592	KLA-Tencor Corp.	123,651

			3,200,703

	Software & Services – 13.1%
	16,334	Adobe Systems, Inc.*	530,202



Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – (continued)
	38,797	AOL, Inc.*	$ 1,366,818
	13,164	Autodesk, Inc.*	439,283
	8,264	BMC Software, Inc.*	342,873
	11,003	Citrix Systems, Inc.*	842,500
	43,490	Computer Sciences Corp.	1,400,813
	35,300	eBay, Inc.*	1,708,873
	13,089	Google, Inc. Class A*	9,875,650
	22,254	International Business Machines Corp.	4,616,592
	11,863	Mastercard, Inc. Class A	5,355,907
	296,221	Microsoft Corp.	8,821,461
	262,485	Oracle Corp.	8,265,653
	2,067	Salesforce.com, Inc.*	315,610
	9,587	Solera Holdings, Inc.	420,582
	146,567	Symantec Corp.*	2,638,206
	36,821	TIBCO Software, Inc.*	1,113,099
	26,320	VeriSign, Inc.*	1,281,521
	2,507	Visa, Inc. Class A	336,640
	12,887	Yahoo!, Inc.*	205,870

			49,878,153

	Technology Hardware & Equipment – 9.1%
	26,993	Apple, Inc.	18,011,349
	187,251	Cisco Systems, Inc.	3,574,622
	47,613	Hewlett-Packard Co.	812,278
	135,734	Ingram Micro, Inc. Class A*	2,067,229
	81,397	NetApp, Inc.*	2,676,333
	69,288	QUALCOMM, Inc.	4,329,807
	24,503	Seagate Technology PLC	759,593
	59,433	Western Digital Corp.	2,301,840

			34,533,051

	Telecommunication Services – 2.6%
	225,760	AT&T, Inc.^(b)	8,511,152
	29,817	Verizon Communications, Inc.	1,358,761

			9,869,913

	Transportation – 2.5%
	24,014	CSX Corp.	498,291
	12,279	FedEx Corp.	1,039,049
	60,038	Norfolk Southern Corp.	3,820,218
	14,791	Union Pacific Corp.	1,755,692
	33,606	United Parcel Service, Inc. Class B	2,405,181

			9,518,431

	Utilities – 3.0%
	124,300	Ameren Corp.	4,060,881
	32,210	Consolidated Edison, Inc.	1,929,057
	15,372	Entergy Corp.	1,065,280
	56,341	Integrys Energy Group, Inc.	2,941,000
	27,014	The Southern Co.	1,245,075

			11,241,293

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE		$ 371,807,324


Shares	Rate			Value
Securities Lending Reinvestment Vehicle^(c)(d)– 0.5%
Goldman Sachs Financial Square Money Market Fund — FST Shares
1,777,570		0.154	%	$ 1,777,570

TOTAL INVESTMENTS – 98.4%				$ 373,584,894

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.6%				6,249,632

NET ASSETS – 100.0%				$ 379,834,526



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 September 30, 2012.

(d)		Represents an affiliated issuer.

For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.goldmansachsfunds.com.

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

TAX INFORMATION — At September 30, 2012, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Investment Valuation — The Funds’ valuation policy (except VIT Money Market Fund) is to value investments at fair value.

It is the Money Market Fund’s policy to use the amortized-cost method permitted by Rule 2a-7 under the Investment Company Act of 1940, as amended (the “Act”), which approximates market value, for valuing portfolio securities. Under this method, all investments purchased at a discount or premium are valued by accreting or amortizing the difference between the original purchase price and maturity value of the issue, as an adjustment to interest income. Under procedures and tolerances established by the trustees, Goldman Sachs Asset Management, L.P. (“GSAM”) evaluates the difference between the Fund’s net asset value (“NAV”) based upon the amortized cost of the Fund’s securities and the NAV based upon available market quotations (or permitted substitutes) at least once a week.

Investments and Fair Value Measurements — The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). Accounting principles generally accepted in the United States of America (“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 or Goldman Sachs Asset Management International (“GSAMI”) assumptions in determining fair value measurement).

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 United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges including, but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, 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. Investments applying these valuation adjustments are 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.

i. Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of assets. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

ii. Mortgage Dollar Rolls — Mortgage dollar rolls are transactions where by the Funds sell mortgage-backed securities and simultaneously contract with the same counterparty to repurchase similar securities on a specified future date. During the settlement period, the Funds will not be entitled to accrue interest and principal payments on the securities sold.

iii. Treasury Inflation Protected Securities — TIPS are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

iv. When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to the Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although the Funds will

generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for their portfolios, the Funds may dispose of when-issued securities or forward commitments prior to settlement which may result in a realized gain or loss.

Securities Lending — Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience a delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan.

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

Both the Funds and GSAL received compensation relating to the lending of the Funds’ securities.

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. 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, the Funds agree 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.

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, the Funds deposit cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Funds equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset in unrealized gains or losses.

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

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

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

JOINT REPURCHASE AGREEMENT ACCOUNT III — At September 30, 2012, the Money Market Fund had undivided interests in the Joint Repurchase Agreement Account III, with a maturity date of October 1, 2012, as follows:

REPURCHASE AGREEMENTS — At September 30, 2012, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account III were as follows:

At September 30, 2012, the Joint Repurchase Agreement Account III was fully collateralized by:

B. Level 3 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 3 are as follows:

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

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of September 30, 2012. For the Money Market Fund, all investments are classified as Level 2. Please refer to the Schedule of Investments for further detail.

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 participating insurance companies, 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.

Interest Rate Risk — In a declining interest rate environment, low yields on the Money Market Fund’s holdings may have an adverse impact on the Fund’s ability to provide a positive yield to its shareholders. As a result, GSAM and/or Goldman Sachs may voluntarily agree to waive certain fees (such as distribution and service, transfer agency and management fees) which can fluctuate daily.

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

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

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

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.

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.


Counterparty	Contracts to Buy/Sell	Settlement Date	Current Value		Unrealized Gain

Bank of America NA	USD/GBP	12/19/12	$	150,595	$	817
	USD/JPY	12/19/12		261,311		689
Barclays Bank PLC	CAD/USD	12/19/12		481,326		1,315
	JPY/USD	12/19/12		87,872		872
	USD/GBP	12/19/12		54,891		118
Citibank NA	USD/EUR	12/19/12		174,917		618
	USD/JPY	12/19/12		1,000,272		5,246
Deutsche Bank AG (London)	NZD/USD	12/19/12		245,999		9,464
HSBC Bank PLC	GBP/EUR	12/19/12		173,980		2,921
	NOK/USD	12/19/12		308,790		790
	SEK/EUR	12/19/12		351,870		7,180
JPMorgan Chase Bank NA	EUR/USD	12/19/12		87,459		29
	USD/GBP	11/14/12		9,173,881		30,767
Morgan Stanley Co.	USD/EUR	12/19/12		87,458		633
Standard Chartered Bank	USD/EUR	12/19/12		522,179		2,465
Royal Bank of Canada	USD/AUD	12/19/12		384,090		2,856
	USD/CAD	12/19/12		435,518		1,482
UBS AG (London)	JPY/USD	12/19/12		99,395		1,395
	USD/CHF	12/19/12		306,528		1,472
Westpac Banking Corp.	USD/AUD	12/19/12		429,616		3,165

TOTAL					$	74,294


FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Contracts to Buy/Sell	Settlement Date	Current Value		Unrealized Loss

Barclays Bank PLC	GBP/USD	12/19/12	$	54,891	$	(243	)
	USD/GBP	12/19/12		175,973		(485	)
	USD/NZD	12/19/12		34,552		(1,216	)
Citibank NA	JPY/USD	12/19/12		86,856		(144	)
Credit Suisse International	EUR/USD	12/19/12		172,345		(2,842	)
	USD/CHF	12/19/12		511,184		(6,036	)
	USD/JPY	12/19/12		175,043		(1,043	)
Deutsche Bank AG (London)	EUR/USD	12/19/12		1,300,691		(4,180	)
	JPY/USD	12/19/12		261,092		(908	)
	USD/GBP	12/19/12		175,974		(498	)
HSBC Bank PLC	EUR/SEK	12/19/12		351,121		(2,498	)
	USD/NOK	12/19/12		309,514		(1,514	)
	USD/SEK	12/19/12		497,705		(4,863	)
JPMorgan Chase Bank NA	USD/GBP	10/02/12		9,175,102		(215,895	)
	USD/EUR	10/12/12		342,814		(8,019	)
Citibank NA	DKK/EUR	12/19/12		187,029		(142	)
	EUR/CHF	12/19/12		518,321		(2,041	)
	GBP/USD	12/19/12		403,610		(1,795	)
	USD/AUD	12/19/12		353,377		(4,765	)
	USD/GBP	12/19/12		179,203		(3,217	)
	USD/NOK	12/19/12		12,699		(205	)
Royal Bank of Canada	USD/CAD	12/19/12		133,061		(61	)
	USD/GBP	12/19/12		718,344		(1,723	)
Royal Bank of Scotland	EUR/SEK	12/19/12		174,917		(1,571	)
	USD/JPY	12/19/12		262,656		(656	)
State Street Bank	GBP/USD	12/19/12		259,173		(1,448	)
	USD/GBP	12/19/12		109,782		(22	)
UBS AG (London)	CHF/USD	12/19/12		303,058		(3,942	)
	EUR/CHF	12/19/12		348,548		(853	)
	EUR/SEK	12/19/12		344,690		(5,576	)
Westpac Banking Corp.	AUD/USD	12/19/12		172,052		(931	)
	USD/AUD	12/19/12		174,112		(492	)

TOTAL					$	(279,824	)


FUTURES CONTRACTS — At September 30, 2012, the Fund had the following futures contracts:
Type	Number of Contracts Long (Short)	Expiration Date	Current Value			Unrealized Gain (Loss)

Eurodollars	24	September 2014	$	5,970,900		$	46,712
Eurodollars	(24)	September 2015		(5,953,800	)		(75,565	)
U.S. Ultra Long Treasury Bonds	4	December 2012		660,875			10,791
5 Year U.S. Treasury Notes	135	December 2012		16,825,430			51,868
10 Year U.S. Treasury Notes	46	December 2012		6,140,281			24,281

TOTAL						$	58,087



Tax cost	$	128,509,204

Gross unrealized gain		6,131,539
Gross unrealized loss		(1,202,297	)

Net unrealized security gain	$	4,929,242


Type	Number of Contracts Long (Short)	Expiration Date	Current Value		Unrealized Gain (Loss)

S&P 500 E-mini Index	26	December 2012	$	1,864,460	$	(28,910	)



Tax cost	$	146,586,282

Gross unrealized gain		58,618,993
Gross unrealized loss		(31,330,391	)

Net unrealized security gain	$	27,288,602


Peter V. Bonanno, Esq. Goldman, Sachs & Co. 200 West Street New York, NY 10208		Copies to: Geoffrey R.T. Kenyon, Esq. Dechert LLP 200 Clarendon Street 27th Floor Boston, MA 02116-5021



Tax cost	$	8,296,725

Gross unrealized gain		130,228
Gross unrealized loss		—

Net unrealized security gain	$	130,228



Investment Abbreviations:
FFCB		— Federal Farm Credit Bank
FHLB		— Federal Home Loan Bank
FHLMC		— Federal Home Loan Mortgage Corp.
FNMA		— Federal National Mortgage Association
GNMA		— Government National Mortgage Association
REMIC		— Real Estate Mortgage Investment Conduit



Tax cost	$	69,498,223

Gross unrealized gain		1,252,589
Gross unrealized loss		(396,281	)

Net unrealized security gain	$	856,308



Tax cost	$	148,708,738

Gross unrealized gain		33,136,763
Gross unrealized loss		(7,875,602	)

Net unrealized security gain	$	25,261,161



Tax cost	$	1,007,171,601

Gross unrealized gain		109,807,513
Gross unrealized loss		(27,941,659	)

Net unrealized security gain	$	81,865,854



Tax cost	$	731,887,145

Gross unrealized gain		102,671,256
Gross unrealized loss		(26,544,426	)

Net unrealized security gain	$	76,126,830



Tax cost	$	315,867,756

Gross unrealized gain		106,078,959
Gross unrealized loss		(11,636,471	)

Net unrealized security gain	$	94,442,488



Tax cost	$	182,356,951

Gross unrealized gain		12,173,561
Gross unrealized loss		(8,863,531	)

Net unrealized security gain	$	3,310,030



Tax cost	$	96,856,558

Gross unrealized gain		21,745,069
Gross unrealized loss		(6,742,012	)

Net unrealized security gain	$	15,003,057



Tax cost	$	319,085,033

Gross unrealized gain		60,289,413
Gross unrealized loss		(5,789,552	)

Net unrealized security gain	$	54,499,861


Principal Amount	Maturity Value		Collateral Value
$63,700,000	$	63,701,161	$	65,600,220


Counterparty	Interest Rate			Principal Amount
Bank of Nova Scotia (The)		0.230	%	$	8,147,675
Crédit Agricole Corporate and Investment Bank		0.210			43,515,988
Wells Fargo Securities LLC		0.240			12,036,337
TOTAL				$	63,700,000


Issuer	Interest Rates			Maturity Dates
Federal Home Loan Mortgage Corp.		2.500 to 9.500	%		02/01/14 to 10/01/42
Federal National Mortgage Association		2.500 to 8.000			12/01/12 to 10/01/42
Government National Mortgage Association		2.500 to 12.500			11/20/12 to 09/20/42
U.S. Treasury Note		0.250			05/15/15


CORE FIXED INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	36,008,255		$	—
Mortgage-Backed Obligations		—			57,280,064			35,494
U.S. Treasury Obligations and/or Other U.S. Government Agencies		8,786,752			10,546,589			—
Asset-Backed Securities		—			2,178,405			—
Foreign Debt Obligations		8,614,112			1,282,224			—
Municipal Debt Obligations		—			1,450,882			—
Government Guarantee Obligations		—			7,255,669			—
Total	$	17,400,864		$	116,002,088		$	35,494

Derivative Type
Assets^(a)
Futures Contracts	$	133,652		$	—		$	—
Forward Currency Exchange Contracts		—			74,294			—

Liabilities^(a)
Futures Contracts	$	(75,565	)	$	—		$	—
Forward Currency Exchange Contracts		—			(279,824	)		—

EQUITY INDEX
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	173,734,897		$	—		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		139,987			—			—
Total	$	173,874,884		$	—		$	—

Derivative Type

Liabilities^(a)
Futures Contracts	$	(28,910	)	$	—		$	—

GLOBAL MARKETS NAVIGATOR
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	2,551,170		$	—		$	—
Investment Company		1,238,315			—			—
U.S. Treasury Obligations		4,637,468			—			—
Total	$	8,426,953		$	—		$	—

Derivative Type
Assets^(a)
Futures Contracts	$	6,797		$	—		$	—

Liabilities^(a)
Futures Contracts	$	(76,277	)	$	—		$	—

GOVERNMENT INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	34,100,146		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		11,690,889			18,116,725			—
Asset-Backed Securities		—			874,118			—
Government Guarantee Obligations		—			5,572,653			—
Total	$	11,690,889		$	58,663,642		$	—

Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(3,272,813	)	$	—

Derivative Type
Assets^(a)
Futures Contracts	$	78,169		$	—		$	—

Liabilities^(a)
Futures Contracts	$	(72,520	)	$	—		$	—


GROWTH OPPORTUNITIES
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	173,969,899		$	—		$	—

LARGE CAP VALUE
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	1,089,037,455		$	—		$	—

MID CAP VALUE
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	808,013,975		$	—		$	—

STRATEGIC GROWTH
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	410,310,244		$	—		$	—

STRATEGIC INTERNATIONAL EQUITY
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	4,784,867		$	180,882,114	^(b)	$	—

STRUCTURED SMALL CAP EQUITY
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	107,078,015		$	—		$	—
Securities Lending Reinvestment Vehicle		4,781,600			—			—
Total	$	111,859,615		$	—		$	—

Derivative Type
Liabilities^(a)
Futures Contracts	$	(60,653	)	$	—		$	—

STRUCTURED U.S. EQUITY
Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	371,807,324		$	—		$	—
Securities Lending Reinvestment Vehicle		1,777,570			—			—
Total	$	373,584,894		$	—		$	—

Derivative Type
Liabilities^(a)
Futures Contracts	$	(89,704	)	$	—		$	—


(Registrant) Goldman Sachs Variable Insurance Trust

By (Signature and Title)*		/s/ JAMES A. McNAMARA, PRESIDENT/PRINCIPAL EXECUTIVE OFFICER

Date November 28, 2012