Goldman Sachs Variable Insurance Trust


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – 26.8%
Automobiles & Components – 0.5%
Delphi Corp.^(a)
$	75,000		5.000	%	02/15/23	$ 77,438
Ford Motor Credit Co. LLC
	525,000		3.984		06/15/16	554,747

						632,185

Banks – 6.8%
Abbey National Treasury Services PLC
	175,000		2.875		04/25/14	177,075
ANZ Capital Trust II^(a)(b)
	425,000		5.360		12/15/15	427,550
Bank of America Corp.
	225,000		6.000		09/01/17	255,644
	200,000		5.750		12/01/17	226,069
	100,000		5.625		07/01/20	111,918
Barclays Bank PLC^(b)
	125,000		6.050		12/04/17	138,849
Capital One Financial Corp.
	225,000		1.000		11/06/15	223,485
CBA Capital Trust II^(a)(b)(c)
	325,000		6.024		12/31/49	340,437
Citigroup, Inc.
	375,000		5.000		09/15/14	389,241
	150,000		3.375		03/01/23	142,269
Compass Bank
	175,000		5.500		04/01/20	177,120
ING Bank NV^(b)
	450,000		2.000		09/25/15	456,125
Intesa Sanpaolo SpA
	225,000		3.125		01/15/16	224,992
JPMorgan Chase & Co.
	450,000		4.400		07/22/20	473,822
	100,000		3.250		09/23/22	94,258
Merrill Lynch & Co., Inc.
	325,000		6.400		08/28/17	373,345
Mizuho Corporate Bank Ltd.^(b)
	200,000		2.550		03/17/17	203,154
Morgan Stanley & Co.
	200,000		6.250		08/28/17	227,037
	550,000		5.950		12/28/17	620,925
Regions Bank
	250,000		7.500		05/15/18	294,358
Regions Financial Corp.
	325,000		5.750		06/15/15	347,990
Resona Bank Ltd.^(a)(b)(c)
	650,000		5.850		12/31/49	695,500
Royal Bank of Scotland Group PLC
	250,000		2.550		09/18/15	254,932
Royal Bank of Scotland Group PLC^(a)(c)
	100,000		9.500		03/16/22	115,140
Santander Holdings USA, Inc.
	75,000		3.000	^(a)	09/24/15	76,988
	165,000		4.625		04/19/16	173,085
Standard Chartered PLC^(b)
	150,000		5.500		11/18/14	157,725
Union Bank NA
	425,000		2.125		06/16/17	425,523
Wachovia Bank NA
	300,000		6.600		01/15/38	366,032

						8,190,588


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Chemicals – 0.1%
Eastman Chemical Co.
$	150,000		2.400	%	06/01/17	$ 151,737

Construction Machinery – 0.2%
Caterpillar, Inc.
	250,000		3.803		08/15/42	214,019

Diversified Manufacturing – 0.2%
Xylem, Inc.
	250,000		3.550		09/20/16	262,406

Electric – 1.1%
Florida Power & Light Co.^(a)
	193,000		4.125		02/01/42	179,396
NV Energy, Inc.
	200,000		6.250		11/15/20	232,769
PPL WEM Holdings PLC^(a)(b)
	220,000		5.375		05/01/21	237,848
Progress Energy, Inc.
	350,000		7.000		10/30/31	417,691
Puget Sound Energy, Inc. Series A^(a)(c)
	75,000		6.974		06/01/67	78,000
Southern California Edison Co.^(a)
	175,000		4.050		03/15/42	159,270

						1,304,974

Energy – 3.1%
BG Energy Capital PLC^(a)(c)
	325,000		6.500		11/30/72	347,750
CNOOC Curtis Funding No. 1 Pty Ltd.^(b)(d)
	200,000		4.500		10/03/23	201,538
Dolphin Energy Ltd.^(b)
	170,712		5.888		06/15/19	188,440
	200,000		5.500		12/15/21	218,000
Ecopetrol SA
	50,000		5.875		09/18/23	52,233
Gazprom OAO Via Gaz Capital SA^(e)
	350,000		9.250		04/23/19	428,750
Nexen, Inc.
	130,000		6.400		05/15/37	142,064
Pemex Project Funding Master Trust
	150,000		6.625		06/15/35	159,000
Petrobras International Finance Co.
	40,000		5.750		01/20/20	41,584
	190,000		5.375		01/27/21	190,571
PTTEP Canada International Finance Ltd.^(b)
	240,000		5.692		04/05/21	255,422
Ras Laffan Liquefied Natural Gas Co. Ltd. III^(b)
	250,000		5.500		09/30/14	260,230
Rosneft Finance SA
	140,000		7.875		03/13/18	161,875
Rosneft Oil Co. via Rosneft International Finance Ltd.^(b)
	200,000		4.199		03/06/22	184,250
Shell International Finance BV
	200,000		4.550		08/12/43	196,434
Transocean, Inc.
	375,000		6.500		11/15/20	417,870
Weatherford International Ltd.
	175,000		9.625		03/01/19	220,889

						3,666,900

Entertainment – 0.1%
The Walt Disney Co.
	140,000		3.700		12/01/42	119,455


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Food & Beverage – 0.8%
Mondelez International, Inc.
$	200,000		6.500	%	02/09/40	$ 235,354
Pernod-Ricard SA^(b)
	375,000		4.450		01/15/22	386,319
SABMiller Holdings, Inc.^(b)
	275,000		2.450		01/15/17	282,537

						904,210

Food & Staples Retailing – 0.1%
Walgreen Co.
	175,000		1.800		09/15/17	175,399

Healthcare – 0.4%
Cigna Corp.
	150,000		2.750		11/15/16	155,812
Coventry Health Care, Inc.
	153,000		6.300		08/15/14	160,218
DENTSPLY International, Inc.
	125,000		2.750		08/15/16	126,639

						442,669

Household & Personal Products – 0.6%
Avon Products, Inc.
	325,000		4.600		03/15/20	336,035
Deere & Co.^(a)
	150,000		3.900		06/09/42	133,997
Kimberly-Clark Corp.
	300,000		3.700		06/01/43	259,974

						730,006

Life Insurance – 0.7%
American International Group, Inc.
	125,000		2.375		08/24/15	126,623
	100,000		5.850		01/16/18	113,810
Genworth Financial, Inc.
	75,000		8.625		12/15/16	89,031
	75,000		7.200		02/15/21	86,721
	125,000		7.625		09/24/21	147,830
The Northwestern Mutual Life Insurance Co.^(b)
	200,000		6.063		03/30/40	229,673

						793,688

Media Cable – 0.0%
Time Warner Cable, Inc.
	50,000		5.000		02/01/20	50,488

Media Non Cable – 0.7%
NBCUniversal Media LLC
	175,000		2.875		04/01/16	182,969
News America, Inc.^(b)
	375,000		5.400		10/01/43	376,619
WPP Finance UK
	275,000		8.000		09/15/14	292,913

						852,501

Metals and Mining^(b) – 0.7%
Glencore Funding LLC
	125,000		1.700		05/27/16	123,164
	175,000		2.500		01/15/19	164,041
Xstrata Finance Canada Ltd.
	500,000		2.700		10/25/17	497,273

						784,478


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Noncaptive-Financial – 0.6%
General Electric Capital Corp.
$	300,000		5.875	%	01/14/38	$ 327,684
International Lease Finance Corp.
	375,000		5.750		05/15/16	395,625

						723,309

Pharmaceuticals – 0.8%
AbbVie, Inc.
	650,000		1.750		11/06/17	645,155
Mylan, Inc.^(a)(b)
	250,000		7.875		07/15/20	285,313

						930,468

Pipelines – 1.3%
El Paso Pipeline Partners Operating Co. LLC^(a)
	275,000		5.000		10/01/21	290,435
Enterprise Products Operating LLC Series A^(a)(c)
	450,000		8.375		08/01/66	495,000
Enterprise Products Operating LLC Series B^(a)(c)
	125,000		7.034		01/15/68	138,750
Tennessee Gas Pipeline Co. LLC
	200,000		8.375		06/15/32	263,184
TransCanada Pipelines Ltd.^(a)(c)
	325,000		6.350		05/15/67	333,125

						1,520,494

Real Estate Development – 0.3%
MDC Holdings, Inc.
	200,000		5.625		02/01/20	207,163
	125,000		6.000	^(a)	01/15/43	108,426

						315,589

Real Estate Investment Trusts – 2.9%
Camden Property Trust
	325,000		5.700		05/15/17	361,340
DDR Corp.
	225,000		7.875		09/01/20	276,003
Developers Diversified Realty Corp.
	375,000		7.500		04/01/17	439,407
ERP Operating LP^(a)
	275,000		4.625		12/15/21	289,519
HCP, Inc.
	275,000		6.000		01/30/17	309,695
	125,000		2.625	^(a)	02/01/20	118,653
Health Care REIT, Inc.
	375,000		2.250		03/15/18	371,079
Healthcare Realty Trust, Inc.
	350,000		5.750		01/15/21	380,572
Kilroy Realty LP
	275,000		5.000		11/03/15	295,680
	150,000		3.800	^(a)	01/15/23	140,713
Simon Property Group LP^(a)
	350,000		10.350		04/01/19	478,687

						3,461,348

Technology – 0.5%
Hewlett-Packard Co.
	250,000		3.000		09/15/16	257,682
	150,000		2.600		09/15/17	151,748
NetApp, Inc.
	250,000		2.000		12/15/17	245,134

						654,564


Principal Amount		Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Tobacco – 0.3%
Imperial Tobacco Finance PLC^(b)
$	400,000		2.050	%	02/11/18	$ 390,044

Transportation – 0.6%
Penske Truck Leasing Co. LP / PTL Finance Corp.^(b)
	250,000		3.125		05/11/15	257,153
	225,000		2.500		03/15/16	229,443
United Parcel Service, Inc.
	300,000		3.625		10/01/42	255,088

						741,684

Wirelines Telecommunications – 3.4%
American Tower Corp.
	150,000		4.700		03/15/22	145,746
	125,000		3.500		01/31/23	109,710
AT&T, Inc.
	425,000		2.950		05/15/16	444,079
	75,000		2.625	^(a)	12/01/22	66,892
Telefonica Emisiones SAU
	175,000		3.192		04/27/18	172,302
	100,000		5.462		02/16/21	102,084
Verizon Communications, Inc.
	450,000		3.650		09/14/18	475,041
	975,000		4.500		09/15/20	1,040,545
	1,050,000		5.150		09/15/23	1,127,983
	300,000		6.550		09/15/43	339,209

						4,023,591

TOTAL CORPORATE OBLIGATIONS						$ 32,036,794


Mortgage-Backed Obligations – 36.3%
Adjustable Rate Non-Agency^(a)(c) – 1.1%
Countrywide Alternative Loan Trust Series 2005-38, Class A1
$	218,643		1.653	%	09/25/35	$ 184,490
Indymac Index Mortgage Loan Trust Series 2006-AR4, Class A1A
	798,038		0.389		05/25/46	648,862
Lehman XS Trust Series 2005-7N, Class 1A1A
	306,220		0.449		12/25/35	266,461
Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
	419,318		1.003		12/25/46	241,004

						1,340,817

Collateralized Mortgage Obligations – 9.9%
Agency Multi-Family – 5.6%
FHLMC Multifamily Structured Pass Through Certificates Series K027, Class A2
	600,000		2.630		01/25/23	570,988
FHLMC Multifamily Structured Pass Through Certificates Series K028, Class A2
	1,200,000		3.111		02/25/23	1,187,760
FHLMC Multifamily Structured Pass Through Certificates Series K031, Class A2
	400,000		3.300		04/25/23	398,820
FNMA
	380,485		2.800		03/01/18	397,277
	1,064,860		3.864		05/01/18	1,153,657
	320,000		3.968		05/01/18	346,799


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations— (continued)
Agency Multi-Family – (continued)
$	800,000		4.656	%	06/01/19	$ 882,473
	100,000		1.520		12/25/19	99,546
	192,124		3.530		10/01/20	201,045
	192,361		3.753		12/01/20	203,418
	966,443		3.888		12/01/20	1,030,605
	100,000		2.349		05/25/22	93,644
GNMA
	159,318		3.950		07/15/25	167,808

						6,733,840

Covered Bond – 1.5%
Abbey National Treasury Services PLC^(c)
GBP	200,000		2.112		02/16/15	329,252
Northern Rock Asset Management PLC^(b)
$	900,000		5.625		06/22/17	1,021,086
Sparebank 1 Boligkreditt AS^(b)
	500,000		2.625		05/27/16	519,959

						1,870,297

Regular Floater^(c) – 2.5%
Aire Valley Mortgages PLC Series 2004-1X, Class 3A2
EUR	428,629		0.642		09/20/66	555,011
Aire Valley Mortgages PLC Series 2006-1A, Class 1A^(b)
$	89,873		0.472		09/20/66	85,061
Aire Valley Mortgages PLC Series 2006-1X
EUR	80,649		0.522		09/20/66	104,056
Granite Master Issuer PLC Series 2003-3, Class 3A
GBP	48,898		0.890		01/20/44	78,403
Granite Master Issuer PLC Series 2005-2, Class A7
	27,795		0.811		12/20/54	44,369
Granite Master Issuer PLC Series 2006-1X, Class A7
	305,748		0.731		12/20/54	488,057
Granite Master Issuer PLC Series 2006-3, Class A4
$	1,222,994		0.260		12/20/54	1,204,675
Granite Master Issuer PLC Series 2006-3, Class A5
EUR	27,795		0.347		12/20/54	37,159
Granite Master Issuer PLC Series 2007-1, Class 3A2
	83,386		0.327		12/20/54	111,477
Leek Finance Number Eighteen PLC Series 18X, Class A2B
$	213,204		0.510		09/21/38	216,802
Leek Finance Number Seventeen PLC Series 17X, Class A2C
EUR	35,664		0.501		12/21/37	49,654

						2,974,724

Sequential Fixed Rate – 0.3%
National Credit Union Administration Guaranteed Notes Series A4
$	300,000		3.000		06/12/19	316,242

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$ 11,895,103

Commercial Mortgage-Backed Securities – 0.9%
Sequential Fixed Rate – 0.9%
GS Mortgage Securities Corp. II Series 2007-GG10, Class A4^(f)
$	300,000		5.993	%	08/10/45	$ 332,179
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6, Class A4
	800,000		2.858		11/15/45	754,550

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$ 1,086,729


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations— (continued)
Federal Agencies – 24.4%
Adjustable Rate FHLMC^(c) – 1.1%
$	1,281,930		2.407	%	09/01/35	$ 1,363,429

Adjustable Rate FNMA^(c) – 1.5%
	367,692		2.119		05/01/33	381,157
	628,635		2.333		05/01/35	667,059
	638,246		2.590		09/01/35	676,842

						1,725,058

FHLMC – 4.0%
	10,990		7.500		06/01/15	11,390
	17,146		7.000		07/01/16	17,357
	208,035		5.500		02/01/18	224,566
	20,109		5.500		04/01/18	21,707
	7,603		4.500		09/01/18	8,055
	31,922		5.500		09/01/18	34,459
	1,560		9.500		08/01/19	1,591
	43		9.500		08/01/20	44
	87,628		6.500		10/01/20	96,949
	18,191		4.500		07/01/24	19,403
	99,273		4.500		11/01/24	106,044
	18,957		4.500		12/01/24	20,232
	28,199		6.000		03/01/29	31,249
	178		6.000		04/01/29	197
	23,239		7.500		12/01/29	26,859
	206,754		7.000		05/01/32	233,679
	482		6.000		08/01/32	532
	122,000		7.000		12/01/32	137,887
	10,168		5.000		10/01/33	10,991
	13,604		5.000		07/01/35	14,687
	182,644		5.000		08/01/35	196,666
	17,265		5.000		12/01/35	18,688
	156,940		5.500		01/01/37	169,547
	966,578		5.000		03/01/38	1,040,800
	1,002,475		5.000		12/01/38	1,078,544
	5,331		5.000		02/01/39	5,739
	136,522		5.500		03/01/39	147,523
	951,317		5.000		09/01/39	1,024,005
	14,550		5.000		06/01/41	15,935

						4,715,325

FNMA – 14.6%
	16,282		7.500		08/01/15	16,445
	11,847		6.000		04/01/16	12,666
	24,705		6.500		05/01/16	25,854
	38,224		6.500		09/01/16	40,456
	49,690		6.500		11/01/16	52,669
	10,468		7.500		04/01/17	10,952
	225,340		5.500		02/01/18	238,750
	211,165		5.000		05/01/18	223,644
	19,346		6.500		08/01/18	21,382
	107,568		7.000		08/01/18	118,183
	395,168		4.521		06/01/21	432,562
	2,353		5.000		06/01/23	2,499
	74,607		5.000		08/01/23	80,871
	237,040		5.500		09/01/23	255,819
	59,274		5.500		10/01/23	64,113
	16,555		4.500		07/01/24	17,697
	221,555		4.500		11/01/24	236,943
	94,102		4.500		12/01/24	100,648
	78		7.000		07/01/25	78
	634		7.000		11/01/25	642
	23,408		9.000		11/01/25	28,508


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations— (continued)
FNMA – (continued)
$	80,663		7.000	%	08/01/26	$ 88,861
	762		7.000		08/01/27	877
	7,632		7.000		09/01/27	8,786
	23,596		6.000		12/01/27	25,975
	266		7.000		01/01/28	307
	151,662		6.000		02/01/29	167,584
	140,363		6.000		06/01/29	155,191
	44,017		8.000		10/01/29	53,763
	11,606		7.000		12/01/29	13,357
	66,142		5.000		01/01/30	72,172
	1,452		8.500		04/01/30	1,796
	7,184		8.000		05/01/30	7,994
	357		8.500		06/01/30	411
	13,303		7.000		05/01/32	15,306
	104,434		7.000		06/01/32	119,901
	136,024		7.000		08/01/32	156,170
	33,066		8.000		08/01/32	38,327
	6,489		5.000		08/01/33	7,065
	503,900		5.000		09/01/33	550,446
	6,256		5.500		09/01/33	6,860
	1,247,349		5.000		12/01/33	1,362,568
	2,352		5.500		02/01/34	2,569
	399		5.500		04/01/34	436
	34,818		5.000		12/01/34	37,788
	15,942		5.500		12/01/34	17,413
	49,946		5.000		04/01/35	54,307
	116,277		6.000		04/01/35	128,555
	2,822		5.500		09/01/35	3,081
	205		5.500		02/01/37	223
	331		5.500		04/01/37	360
	351		5.500		05/01/37	382
	415,086		5.500		08/01/37	452,812
	528		5.500		03/01/38	575
	482		5.500		06/01/38	525
	590		5.500		07/01/38	643
	479		5.500		08/01/38	522
	348		5.500		09/01/38	379
	8,663		5.500		10/01/38	9,441
	229		5.500		12/01/38	249
	226,702		5.000		01/01/39	246,707
	46,057		4.500		08/01/39	49,513
	455,815		4.000		09/01/40	478,038
	145,781		6.000		05/01/41	160,046
	230,132		3.000		08/01/42	225,035
	205,648		3.000		09/01/42	201,094
	70,395		3.000		11/01/42	68,836
	1,091,162		3.000		12/01/42	1,066,998
	861,527		3.000		01/01/43	842,443
	342,682		3.000		02/01/43	335,081
	378,297		3.000		03/01/43	369,906
	459,280		3.000		04/01/43	449,093
	320,815		3.000		05/01/43	313,699
	3,000,000		3.000		TBA-30yr^(g)	2,931,797
	3,000,000		4.000		TBA-30yr^(g)	3,146,718
	1,000,000		4.500		TBA-30yr^(g)	1,068,125

						17,498,487

GNMA – 3.2%
	5,528		7.000		10/15/25	6,152
	14,099		7.000		11/15/25	15,803
	2,398		7.000		02/15/26	2,667
	8,076		7.000		04/15/26	8,885


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations— (continued)
GNMA – (continued)
$	3,906		7.000	%	03/15/27	$ 4,189
	82,470		7.000		11/15/27	89,730
	4,742		7.000		01/15/28	5,521
	33,324		7.000		02/15/28	38,798
	8,198		7.000		03/15/28	9,545
	3,786		7.000		04/15/28	4,408
	515		7.000		05/15/28	599
	7,492		7.000		06/15/28	8,723
	18,010		7.000		07/15/28	20,969
	13,851		7.000		08/15/28	16,127
	16,027		7.000		09/15/28	18,660
	2,707		7.000		11/15/28	3,152
	4,392		7.500		11/15/30	4,460
	594		7.000		12/15/31	690
	344,402		6.000		08/20/34	384,676
	1,000,000		4.000		TBA-30yr^(g)	1,054,688
	1,000,000		4.500		TBA-30yr^(g)	1,077,656
	1,000,000		5.000		TBA-30yr^(g)	1,086,719

						3,862,817

TOTAL FEDERAL AGENCIES						$ 29,165,116

TOTAL MORTGAGE-BACKED OBLIGATIONS						$ 43,487,765


Agency Debentures – 6.4%
Federal Home Loan Banks
$	600,000		2.125	%	06/09/23	$ 535,852
	300,000		3.250		06/09/23	303,463
FHLMC
EUR	300,000		4.375		01/15/14	410,076
$	800,000		0.875		03/07/18	781,815
	600,000		1.250		10/02/19	573,643
	700,000		2.375		01/13/22	681,212
FNMA
	1,600,000		0.625		10/30/14	1,607,749
	1,000,000		1.875		09/18/18	1,012,089
	400,000		6.250		05/15/29	511,951
Tennessee Valley Authority
	700,000		1.750		10/15/18	698,748
	500,000		5.375		04/01/56	551,250

TOTAL AGENCY DEBENTURES						$ 7,667,848


Asset-Backed Securities – 7.9%
Collateralized Loan Obligations^(c) – 6.2%
Aberdeen Loan Funding Ltd. Series 2008-1A, Class A^(b)
$	965,558		0.915	%	11/01/18	$ 939,461
Acis CLO Ltd. Series 2013-1A^(b)
	1,500,000		1.493		04/18/24	1,463,980
Acis CLO Ltd. Series 2013-2A^(b)
	950,000		1.167		10/14/22	917,702
Acis CLO Ltd. Series 2013-2A, Class A^(b)
	150,000		0.716		10/14/22	145,050
Black Diamond CLO Ltd. Series 2006-1A, Class AD^(b)
	246,643		0.514		04/29/19	239,775
Ocean Trails CLO I Series 2006-1X, Class A1
	1,984,502		0.519		10/12/20	1,941,945
OFSI Fund V Ltd. Series 2013-5A^(b)
	950,000		1.594		04/17/25	940,774


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations – (continued)
Red River CLO Ltd. Series 1A, Class A^(b)
$	864,357		0.535	%	07/27/18	$ 846,354

						7,435,041

Home Equity – 0.2%
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
	100,538		7.000		09/25/37	96,384
GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1^(a)
	145,968		7.000		09/25/37	141,264

						237,648

Student Loans^(c) – 1.5%
Access Group, Inc. Series 2005-2, Class A3^(a)
	496,881		0.442		11/22/24	490,581
College Loan Corp. Trust Series 2004-1, Class A4
	300,000		0.456		04/25/24	284,710
College Loan Corp. Trust Series 2006-1, Class A3
	1,000,000		0.356		10/25/25	991,761

						1,767,052

TOTAL ASSET-BACKED SECURITIES						$ 9,439,741


Foreign Debt Obligations – 4.7%
Sovereign – 3.6%
Chile Government International Bond
$	150,000		3.625	%	10/30/42	$ 122,250
Colombia Government International Bond
	209,000		4.375		07/12/21	215,792
	280,000		4.000		02/26/24	273,000
Indonesia Government International Bond
	200,000		6.125	^(b)	03/15/19	206,750
	200,000		5.375	^(b)	10/17/23	199,000
	230,000		8.500		10/12/35	278,875
Mexico Government International Bond
	250,000		4.750		03/08/44	226,250
Russian Federation^(b)
	400,000		4.875		09/16/23	410,000
Slovenia Government International Bond^(b)
	210,000		5.500		10/26/22	195,825
Turkey Government International Bond
	100,000		5.625		03/30/21	104,500
	400,000		6.250		09/26/22	429,500
United Kingdom Treasury Gilt
GBP	1,000,000		2.750		01/22/15	1,667,966

						4,329,708

Supranational – 1.1%
Inter-American Development Bank
	200,000		1.000		02/27/18	194,368
International Finance Corp.
	1,100,000		0.875		06/15/18	1,067,944

						1,262,312

TOTAL FOREIGN DEBT OBLIGATIONS						$ 5,592,020


Principal Amount		Interest Rate			Maturity Date	Value
Municipal Debt Obligations – 2.9%
California – 0.9%
California State University Systemwide RB Refunding Series 2012 A^(a)
$	265,000		5.000	%	11/01/37	$ 275,979
California State Various Purpose GO Bonds Series 2010
	140,000		7.950	^(a)	03/01/36	162,101
	105,000		7.625		03/01/40	137,284
California State Various Purpose GO Bonds Series 2013^(a)
	250,000		5.000		04/01/37	258,595
	250,000		5.000		04/01/43	255,882

						1,089,841

Illinois – 0.2%
Illinois State GO Bonds for Build America Bonds Series 2010-5
	250,000		7.350		07/01/35	265,825

New York – 0.9%
New York City Municipal Finance Authority Water and Sewer System RB Series 2012 BB^(a)
	250,000		5.000		06/15/47	257,795
New York State Urban Development Corp. RB for State Personal Income Tax Series 2011 A^(a)
	250,000		5.000		03/15/35	262,837
Rensselaer Polytechnic Institute Taxable Bonds Series 2010
	475,000		5.600		09/01/20	519,089

						1,039,721

North Carolina – 0.5%
North Carolina State University RB Refunding Bonds Series 2013 A^(a)
	490,000		5.000		10/01/42	516,813

Ohio – 0.2%
American Municipal Power, Inc. RB Build America Bond Series 2010 E RMKT
	250,000		6.270		02/15/50	257,385

Washington^(a) – 0.2%
Washington Motor Vehicle Fuel Tax GO Bonds Series 2014 B
	250,000		5.000		08/01/34	265,955

TOTAL MUNICIPAL DEBT OBLIGATIONS						$ 3,435,540


Government Guarantee Obligations – 0.9%
Achmea Hypotheekbank NV^(b)(h)
$	105,000		3.200	%	11/03/14	$ 108,183
Israel Government AID Bond⁽ⁱ⁾
	400,000		5.500		09/18/23	476,856
	100,000		5.500		12/04/23	119,544
	100,000		5.500		04/26/24	119,641
Kommunalbanken AS^(b)(h)
	300,000		1.000		09/26/17	295,840

TOTAL GOVERNMENT GUARANTEE OBLIGATIONS						$ 1,120,064


Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – 18.5%
United States Treasury Bond
$	1,200,000		3.625	%	08/15/43	$ 1,186,224
United States Treasury Inflation-Protected Securities
	758,532		2.000		01/15/14	762,324
	1,324,536		1.250		04/15/14	1,336,126
	404,808		0.125		01/15/23	393,866
United States Treasury Notes
	2,400,000		0.250		09/30/15	2,396,439
	600,000		0.625		04/30/18	583,254
	3,800,000		1.000		05/31/18	3,751,398
	1,500,000		1.375		09/30/18	1,498,920
	5,000,000		1.625	^(j)	11/15/22	4,629,100
	4,700,000		1.750		05/15/23	4,355,020
United States Treasury Principal-Only STRIPS^(k)
	1,900,000		0.000		11/15/27	1,186,341

TOTAL U.S. TREASURY OBLIGATIONS						$ 22,079,012

TOTAL INVESTMENTS – 104.4%						$124,858,784

LIABILITIES IN EXCESS OF OTHER ASSETS – (4.4)%						(5,256,675)

NET ASSETS – 100.0%						$119,602,109



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

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

(b)		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 $15,721,447, which represents approximately 13.1% of net assets as of September 30, 2013.

(c)		Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2013.

(d)		When-issued security.

(e)		Security 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, 2013.

(f)		Interest is based on the wieghted net interest rate of the collateral.



(g)		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 $10,365,703 which represents approximately 8.7% of net assets as of September 30, 2013.

(h)		Guaranteed by a foreign government. Total market value of these securities amounts to $404,023, which represents 0.3% of net assets as of September 30, 2013.

(i)		Guaranteed by the United States Government. Total market value of these securities amounts to $716,041, which represents 0.6% of net assets as of September 30, 2013.

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

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



Investment Abbreviations:
FHLMC		— Federal Home Loan Mortgage Corp.
FNMA		— Federal National Mortgage Association
GNMA		— Government National Mortgage Association
GO		— General Obligation
RB		— Revenue Bond
RMKT		— Remarketed
STRIPS		— Separate Trading of Registered Interest and Principal of Securities
UK		— United Kingdom

Currency Abbreviations:
AUD		— Australian Dollar
CAD		— Canadian Dollar
CHF		— Swiss Franc
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.GSAMFUNDS.com.

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2013, the Fund had the following forward foreign currency exchange contracts:

FORWARD SALES CONTRACTS — At September 30, 2013, the Fund had the following forward sales contracts:

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

TAX INFORMATION — At September 30, 2013, 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 – 99.4%
	Automobiles & Components – 1.2%
	1,415	BorgWarner, Inc.	$ 143,467
	3,345	Delphi Automotive PLC	195,415
	47,092	Ford Motor Co.	794,442
	11,323	General Motors Co.*	407,288
	2,674	Harley-Davidson, Inc.	171,778
	8,227	Johnson Controls, Inc.	341,421
	2,985	The Goodyear Tire & Rubber Co.*	67,013

			2,120,824

	Banks – 2.9%
	8,354	BB&T Corp.	281,948
	2,265	Comerica, Inc.	89,037
	10,546	Fifth Third Bancorp	190,250
	5,842	Hudson City Bancorp, Inc.	52,870
	10,198	Huntington Bancshares, Inc.	84,236
	11,151	KeyCorp	127,121
	1,490	M&T Bank Corp.	166,761
	3,672	People’s United Financial, Inc.	52,803
	17,150	Regions Financial Corp.	158,809
	6,488	SunTrust Banks, Inc.	210,341
	6,341	The PNC Financial Services Group, Inc.	459,406
	22,062	U.S. Bancorp	807,028
	58,129	Wells Fargo & Co.	2,401,890
	2,189	Zions Bancorporation	60,022

			5,142,522

	Capital Goods – 8.1%
	7,811	3M Co.	932,712
	2,938	AMETEK, Inc.	135,207
	7,654	Caterpillar, Inc.	638,114
	2,072	Cummins, Inc.	275,307
	6,969	Danaher Corp.	483,091
	4,631	Deere & Co.	376,917
	2,065	Dover Corp.	185,499
	5,724	Eaton Corp. PLC	394,040
	8,616	Emerson Electric Co.	557,455
	3,294	Fastenal Co.	165,524
	1,770	Flowserve Corp.	110,430
	1,982	Fluor Corp.	140,643
	3,997	General Dynamics Corp.	349,818
	122,514	General Electric Co.	2,926,860
	9,353	Honeywell International, Inc.	776,673
	5,027	Illinois Tool Works, Inc.	383,409
	3,210	Ingersoll-Rand PLC	208,457
	1,539	Jacobs Engineering Group, Inc.*	89,539
	1,284	Joy Global, Inc.	65,535
	1,110	L-3 Communications Holdings, Inc.	104,895
	3,175	Lockheed Martin Corp.	404,971
	4,447	Masco Corp.	94,632
	2,769	Northrop Grumman Corp.	263,775
	4,243	PACCAR, Inc.	236,165
	1,352	Pall Corp.	104,158
	1,827	Parker Hannifin Corp.	198,632
	2,484	Pentair Ltd. (Registered)	161,311
	1,771	Precision Castparts Corp.	402,442
	2,589	Quanta Services, Inc.*	71,223
	3,903	Raytheon Co.	300,804
	1,708	Rockwell Automation, Inc.	182,654
	1,650	Rockwell Collins, Inc.	111,969



Shares		Description	Value
	Common Stocks – (continued)
	Capital Goods – (continued)
	1,177	Roper Industries, Inc.	$ 156,388
	722	Snap-on, Inc.	71,839
	1,944	Stanley Black & Decker, Inc.	176,068
	3,365	Textron, Inc.	92,908
	8,350	The Boeing Co.	981,125
	10,140	United Technologies Corp.	1,093,295
	709	W.W. Grainger, Inc.	185,552
	2,137	Xylem, Inc.	59,686

			14,649,722

	Commercial & Professional Services – 0.7%
	1,254	Cintas Corp.	64,205
	1,446	Equifax, Inc.	86,543
	2,026	Iron Mountain, Inc.	54,743
	2,600	Nielsen Holdings NV	94,770
	2,600	Pitney Bowes, Inc.	47,294
	3,266	Republic Services, Inc.	108,954
	1,757	Robert Half International, Inc.	68,576
	1,067	Stericycle, Inc.*	123,132
	2,406	The ADT Corp.*	97,828
	478	The Dun & Bradstreet Corp.	49,640
	5,575	Tyco International Ltd.	195,013
	5,338	Waste Management, Inc.	220,139

			1,210,837

	Consumer Durables & Apparel – 1.2%
	3,388	Coach, Inc.	184,748
	3,336	D.R. Horton, Inc.	64,818
	639	Fossil Group, Inc.*	74,277
	1,400	Garmin Ltd.	63,266
	823	Harman International Industries, Inc.	54,507
	1,385	Hasbro, Inc.	65,289
	1,800	Leggett & Platt, Inc.	54,270
	1,923	Lennar Corp. Class A	68,074
	4,086	Mattel, Inc.	171,040
	3,478	Newell Rubbermaid, Inc.	95,645
	8,997	NIKE, Inc. Class B	653,542
	4,072	PulteGroup, Inc.	67,188
	943	PVH Corp.	111,925
	735	Ralph Lauren Corp.	121,077
	1,057	VF Corp.	210,396
	963	Whirlpool Corp.	141,022

			2,201,084

	Consumer Services – 1.8%
	5,398	Carnival Corp.	176,191
	377	Chipotle Mexican Grill, Inc.*	161,620
	1,566	Darden Restaurants, Inc.	72,490
	3,300	H&R Block, Inc.	87,978
	3,036	International Game Technology	57,472
	2,873	Marriott International, Inc. Class A	120,838
	12,048	McDonald’s Corp.	1,159,138
	9,026	Starbucks Corp.	694,731
	2,386	Starwood Hotels & Resorts Worldwide, Inc.	158,550
	1,694	Wyndham Worldwide Corp.	103,283
	983	Wynn Resorts Ltd.	155,324
	5,380	Yum! Brands, Inc.	384,078

			3,331,693



Shares		Description	Value
	Common Stocks – (continued)
	Diversified Financials – 6.9%
	11,162	American Express Co.	$ 842,954
	2,431	Ameriprise Financial, Inc.	221,415
	129,433	Bank of America Corp.	1,786,175
	1,511	BlackRock, Inc.	408,907
	7,049	Capital One Financial Corp.	484,548
	36,573	Citigroup, Inc.	1,774,156
	3,719	CME Group, Inc.	274,760
	5,759	Discover Financial Services	291,060
	3,050	ETRADE Financial Corp.	50,325
	4,831	Franklin Resources, Inc.	244,207
	892	IntercontinentalExchange, Inc.*	161,827
	5,385	Invesco Ltd.	171,782
	45,171	JPMorgan Chase & Co.	2,334,889
	1,279	Legg Mason, Inc.	42,770
	3,475	Leucadia National Corp.	94,659
	3,314	McGraw Hill Financial, Inc.	217,365
	2,320	Moody’s Corp.	163,166
	16,532	Morgan Stanley	445,537
	2,650	Northern Trust Corp.	144,134
	2,995	NYSE Euronext	125,730
	5,270	SLM Corp.	131,223
	5,365	State Street Corp.	352,749
	3,102	T. Rowe Price Group, Inc.	223,127
	13,733	The Bank of New York Mellon Corp.	414,599
	13,138	The Charles Schwab Corp.	277,737
	5,025	The Goldman Sachs Group, Inc.^(a)	795,005
	1,431	The NASDAQ OMX Group, Inc.	45,921

			12,520,727

	Energy – 10.4%
	5,999	Anadarko Petroleum Corp.	557,847
	4,679	Apache Corp.	398,370
	5,292	Baker Hughes, Inc.	259,837
	4,995	Cabot Oil & Gas Corp.	186,413
	3,016	Cameron International Corp.*	176,044
	6,309	Chesapeake Energy Corp.	163,277
	23,189	Chevron Corp.	2,817,464
	14,688	ConocoPhillips	1,020,963
	2,780	CONSOL Energy, Inc.	93,547
	4,506	Denbury Resources, Inc.*	82,955
	4,552	Devon Energy Corp.	262,924
	819	Diamond Offshore Drilling, Inc.	51,040
	2,777	Ensco PLC Class A	149,264
	3,254	EOG Resources, Inc.	550,837
	1,832	EQT Corp.	162,535
	52,953	Exxon Mobil Corp.	4,556,076
	2,802	FMC Technologies, Inc.*	155,287
	10,173	Halliburton Co.	489,830
	1,294	Helmerich & Payne, Inc.	89,221
	3,470	Hess Corp.	268,370
	8,100	Kinder Morgan, Inc.	288,117
	8,622	Marathon Oil Corp.	300,735
	3,766	Marathon Petroleum Corp.	242,229
	2,067	Murphy Oil Corp.	124,681
	2,954	Nabors Industries Ltd.	47,441
	5,168	National Oilwell Varco, Inc.	403,673
	1,660	Newfield Exploration Co.*	45,434
	3,115	Noble Corp.	117,654
	4,284	Noble Energy, Inc.	287,071



Shares		Description	Value
	Common Stocks – (continued)
	Energy – (continued)
	9,721	Occidental Petroleum Corp.	$ 909,302
	3,406	Peabody Energy Corp.	58,754
	7,394	Phillips 66	427,521
	1,600	Pioneer Natural Resources Co.	302,080
	2,242	QEP Resources, Inc.	62,081
	1,998	Range Resources Corp.	151,628
	1,431	Rowan Companies PLC Class A*	52,546
	15,866	Schlumberger Ltd.	1,401,920
	4,294	Southwestern Energy Co.*	156,216
	8,136	Spectra Energy Corp.	278,495
	1,656	Tesoro Corp.	72,831
	8,300	The Williams Companies, Inc.	301,788
	6,631	Valero Energy Corp.	226,449
	2,288	WPX Energy, Inc.*	44,067

			18,794,814

	Food & Staples Retailing – 2.4%
	5,262	Costco Wholesale Corp.	605,761
	14,670	CVS Caremark Corp.	832,523
	2,923	Safeway, Inc.	93,507
	7,216	Sysco Corp.	229,685
	6,323	The Kroger Co.	255,070
	10,333	Walgreen Co.	555,915
	19,627	Wal-Mart Stores, Inc.	1,451,613
	4,194	Whole Foods Market, Inc.	245,349

			4,269,423

	Food, Beverage & Tobacco – 5.4%
	23,996	Altria Group, Inc.	824,262
	7,865	Archer-Daniels-Midland Co.	289,747
	1,937	Beam, Inc.	125,227
	1,832	Brown-Forman Corp. Class B	124,814
	2,156	Campbell Soup Co.	87,771
	3,132	Coca-Cola Enterprises, Inc.	125,938
	5,068	ConAgra Foods, Inc.	153,763
	1,800	Constellation Brands, Inc. Class A*	103,320
	2,462	Dr. Pepper Snapple Group, Inc.	110,347
	7,801	General Mills, Inc.	373,824
	1,575	Hormel Foods Corp.	66,339
	3,064	Kellogg Co.	179,949
	7,094	Kraft Foods Group, Inc.	372,009
	4,558	Lorillard, Inc.	204,107
	1,621	McCormick & Co., Inc.	104,879
	2,422	Mead Johnson Nutrition Co.	179,858
	1,923	Molson Coors Brewing Co. Class B	96,400
	21,360	Mondelez International, Inc. Class A	671,131
	1,743	Monster Beverage Corp.*	91,072
	18,534	PepsiCo, Inc.	1,473,453
	19,472	Philip Morris International, Inc.	1,686,080
	3,839	Reynolds American, Inc.	187,266
	45,733	The Coca-Cola Co.	1,732,366
	1,828	The Hershey Co.	169,090
	1,301	The J.M. Smucker Co.	136,657
	3,436	Tyson Foods, Inc. Class A	97,170

			9,766,839



Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – 4.2%
	18,841	Abbott Laboratories	$ 625,333
	4,428	Aetna, Inc.	283,481
	2,807	AmerisourceBergen Corp.	171,508
	6,490	Baxter International, Inc.	426,328
	2,368	Becton, Dickinson and Co.	236,847
	16,020	Boston Scientific Corp.*	188,075
	926	C. R. Bard, Inc.	106,675
	4,168	Cardinal Health, Inc.	217,361
	2,676	CareFusion Corp.*	98,744
	3,481	Cerner Corp.*	182,927
	3,441	Cigna Corp.	264,475
	5,610	Covidien PLC	341,873
	2,042	DaVita HealthCare Partners, Inc.*	116,190
	1,805	DENTSPLY International, Inc.	78,355
	1,394	Edwards Lifesciences Corp.*	97,064
	9,792	Express Scripts Holding Co.*	604,950
	1,927	Humana, Inc.	179,847
	480	Intuitive Surgical, Inc.*	180,610
	1,135	Laboratory Corp. of America Holdings*	112,524
	2,703	McKesson Corp.	346,795
	11,932	Medtronic, Inc.	635,379
	1,081	Patterson Companies, Inc.	43,456
	1,922	Quest Diagnostics, Inc.	118,760
	3,407	St. Jude Medical, Inc.	182,752
	3,472	Stryker Corp.	234,673
	1,296	Tenet Healthcare Corp.*	53,382
	12,189	UnitedHealth Group, Inc.	872,854
	1,338	Varian Medical Systems, Inc.*	99,989
	3,651	WellPoint, Inc.	305,260
	2,024	Zimmer Holdings, Inc.	166,251

			7,572,718

	Household & Personal Products – 2.2%
	5,219	Avon Products, Inc.	107,511
	10,515	Colgate-Palmolive Co.	623,539
	4,658	Kimberly-Clark Corp.	438,877
	1,622	The Clorox Co.	132,550
	2,874	The Estee Lauder Companies, Inc. Class A	200,893
	32,944	The Procter & Gamble Co.	2,490,237

			3,993,607

	Insurance – 4.4%
	4,088	ACE Ltd.	382,473
	5,599	Aflac, Inc.	347,082
	17,628	American International Group, Inc.	857,250
	3,758	Aon PLC	279,746
	936	Assurant, Inc.	50,638
	21,654	Berkshire Hathaway, Inc. Class B*	2,457,946
	1,764	Cincinnati Financial Corp.	83,190
	6,090	Genworth Financial, Inc. Class A*	77,891
	5,361	Hartford Financial Services Group, Inc.	166,834
	3,295	Lincoln National Corp.	138,357
	3,772	Loews Corp.	176,303
	6,692	Marsh & McLennan Companies, Inc.	291,437
	13,200	MetLife, Inc.	619,740
	3,357	Principal Financial Group, Inc.	143,747



Shares		Description	Value
	Common Stocks – (continued)
	Insurance – (continued)
	5,579	Prudential Financial, Inc.	$ 435,051
	5,693	The Allstate Corp.	287,781
	3,040	The Chubb Corp.	271,350
	6,618	The Progressive Corp.	180,208
	4,491	The Travelers Companies, Inc.	380,702
	1,124	Torchmark Corp.	81,321
	3,235	Unum Group	98,473
	3,522	XL Group PLC	108,548

			7,916,068

	Materials – 3.5%
	2,478	Air Products & Chemicals, Inc.	264,080
	801	Airgas, Inc.	84,946
	13,050	Alcoa, Inc.	105,966
	1,373	Allegheny Technologies, Inc.	41,904
	1,211	Avery Dennison Corp.	52,703
	1,809	Ball Corp.	81,188
	1,300	Bemis Co., Inc.	50,713
	675	CF Industries Holdings, Inc.	142,310
	1,863	Cliffs Natural Resources, Inc.	38,191
	11,041	E.I. du Pont de Nemours & Co.	646,561
	1,862	Eastman Chemical Co.	145,050
	3,216	Ecolab, Inc.	317,612
	1,664	FMC Corp.	119,342
	12,486	Freeport-McMoRan Copper & Gold, Inc.	413,037
	1,007	International Flavors & Fragrances, Inc.	82,876
	5,341	International Paper Co.	239,277
	5,390	LyondellBasell Industries NV Class A	394,710
	2,198	MeadWestvaco Corp.	84,359
	6,404	Monsanto Co.	668,385
	5,936	Newmont Mining Corp.	166,802
	3,763	Nucor Corp.	184,462
	1,932	Owens-Illinois, Inc.*	57,999
	1,726	PPG Industries, Inc.	288,346
	3,580	Praxair, Inc.	430,352
	2,370	Sealed Air Corp.	64,440
	1,463	Sigma-Aldrich Corp.	124,794
	14,468	The Dow Chemical Co.	555,571
	4,098	The Mosaic Co.	176,296
	1,014	The Sherwin-Williams Co.	184,731
	1,627	United States Steel Corp.	33,500
	1,580	Vulcan Materials Co.	81,860

			6,322,363

	Media – 3.7%
	2,740	Cablevision Systems Corp. Class A	46,142
	6,809	CBS Corp. Class B	375,584
	31,361	Comcast Corp. Class A	1,415,949
	6,142	DIRECTV*	366,984
	2,777	Discovery Communications, Inc. Class A*	234,434
	2,891	Gannett Co., Inc.	77,450
	6,154	News Corp. Class A*	98,833
	3,087	Omnicom Group, Inc.	195,839
	1,316	Scripps Networks Interactive, Inc. Class A	102,793
	5,057	The Interpublic Group of Companies, Inc.	86,879
	19,987	The Walt Disney Co.	1,288,962



Shares		Description	Value
	Common Stocks – (continued)
	Media – (continued)
	50	The Washington Post Co. Class B	$ 30,568
	3,473	Time Warner Cable, Inc.	387,587
	11,011	Time Warner, Inc.	724,634
	24,012	Twenty-First Century Fox, Inc.	804,402
	5,221	Viacom, Inc. Class B	436,371

			6,673,411

	Pharmaceuticals, Biotechnology & Life Sciences – 8.8%
	18,933	AbbVie, Inc.	846,873
	2,120	Actavis, Inc.*	305,280
	3,922	Agilent Technologies, Inc.	201,002
	2,327	Alexion Pharmaceuticals, Inc.*	270,304
	3,604	Allergan, Inc.	325,982
	9,010	Amgen, Inc.	1,008,579
	2,786	Biogen Idec, Inc.*	670,757
	19,679	Bristol-Myers Squibb Co.	910,744
	4,971	Celgene Corp.*	765,186
	11,950	Eli Lilly & Co.	601,443
	2,782	Forest Laboratories, Inc.*	119,042
	18,290	Gilead Sciences, Inc.*	1,149,344
	1,973	Hospira, Inc.*	77,381
	33,772	Johnson & Johnson	2,927,695
	2,096	Life Technologies Corp.*	156,844
	35,205	Merck & Co., Inc.	1,676,110
	4,510	Mylan, Inc.*	172,147
	1,321	PerkinElmer, Inc.	49,868
	1,068	Perrigo Co.	131,770
	79,644	Pfizer, Inc.	2,286,579
	929	Regeneron Pharmaceuticals, Inc.*	290,656
	4,284	Thermo Fisher Scientific, Inc.	394,771
	2,801	Vertex Pharmaceuticals, Inc.*	212,372
	1,055	Waters Corp.*	112,051
	6,015	Zoetis, Inc.	187,187

			15,849,967

	Real Estate – 2.0%
	4,717	American Tower Corp. (REIT)	349,671
	1,780	Apartment Investment & Management Co. Class A (REIT)	49,733
	1,416	AvalonBay Communities, Inc. (REIT)	179,959
	1,813	Boston Properties, Inc. (REIT)	193,809
	3,215	CBRE Group, Inc. Class A*	74,363
	3,803	Equity Residential (REIT)	203,727
	5,526	HCP, Inc. (REIT)	226,290
	3,294	Health Care REIT, Inc. (REIT)	205,480
	8,840	Host Hotels & Resorts, Inc. (REIT)	156,203
	5,016	Kimco Realty Corp. (REIT)	101,223
	1,947	Plum Creek Timber Co., Inc. (REIT)	91,178
	5,903	Prologis, Inc. (REIT)	222,071
	1,756	Public Storage (REIT)	281,926
	3,718	Simon Property Group, Inc. (REIT)	551,119
	1,700	The Macerich Co. (REIT)	95,948
	3,584	Ventas, Inc. (REIT)	220,416
	2,076	Vornado Realty Trust (REIT)	174,508



Shares		Description	Value
	Common Stocks – (continued)
	Real Estate – (continued)
	6,714	Weyerhaeuser Co. (REIT)	$ 192,222

			3,569,846

	Retailing – 4.5%
	899	Abercrombie & Fitch Co. Class A	31,798
	4,452	Amazon.com, Inc.*	1,391,873
	499	AutoNation, Inc.*	26,033
	420	AutoZone, Inc.*	177,547
	2,590	Bed Bath & Beyond, Inc.^*	200,362
	3,266	Best Buy Co., Inc.	122,475
	2,697	CarMax, Inc.*	130,724
	3,605	Dollar General Corp.*	203,538
	2,750	Dollar Tree, Inc.*	157,190
	1,183	Expedia, Inc.	61,267
	1,184	Family Dollar Stores, Inc.	85,272
	1,447	GameStop Corp. Class A	71,843
	1,845	Genuine Parts Co.	149,242
	1,710	J.C. Penney Co., Inc.*	15,082
	2,448	Kohl’s Corp.	126,684
	2,939	L Brands, Inc.	179,573
	12,653	Lowe’s Companies, Inc.	602,409
	4,563	Macy’s, Inc.	197,441
	679	Netflix, Inc.*	209,954
	1,829	Nordstrom, Inc.	102,790
	1,327	O’Reilly Automotive, Inc.*	169,312
	1,256	PetSmart, Inc.	95,782
	617	Priceline.com, Inc.*	623,756
	2,637	Ross Stores, Inc.	191,974
	8,172	Staples, Inc.	119,720
	7,670	Target Corp.	490,727
	3,247	The Gap, Inc.	130,789
	17,233	The Home Depot, Inc.	1,307,123
	1,324	Tiffany & Co.	101,445
	8,663	TJX Companies, Inc.	488,507
	1,342	TripAdvisor, Inc.*	101,777
	1,400	Urban Outfitters, Inc.*	51,478

			8,115,487

	Semiconductors & Semiconductor Equipment – 2.0%
	3,863	Altera Corp.	143,549
	3,718	Analog Devices, Inc.	174,932
	14,634	Applied Materials, Inc.	256,680
	6,387	Broadcom Corp. Class A	166,126
	780	First Solar, Inc.*	31,364
	59,760	Intel Corp.	1,369,699
	2,046	KLA-Tencor Corp.	124,499
	1,947	Lam Research Corp.*	99,667
	2,798	Linear Technology Corp.	110,969
	6,413	LSI Corp.	50,150
	2,322	Microchip Technology, Inc.	93,553
	12,427	Micron Technology, Inc.*	217,100
	6,964	NVIDIA Corp.	108,360
	2,300	Teradyne, Inc.*	37,996
	13,293	Texas Instruments, Inc.	535,309
	3,161	Xilinx, Inc.	148,124

			3,668,077

	Software & Services – 9.3%
	7,711	Accenture PLC Class A	567,838
	5,619	Adobe Systems, Inc.*	291,851
	2,136	Akamai Technologies, Inc.*	110,431



Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – (continued)
	2,733	Autodesk, Inc.*	$ 112,518
	5,795	Automatic Data Processing, Inc.	419,442
	4,083	CA, Inc.	121,143
	2,287	Citrix Systems, Inc.*	161,485
	3,637	Cognizant Technology Solutions Corp. Class A*	298,670
	1,861	Computer Sciences Corp.	96,288
	13,988	eBay, Inc.*	780,391
	3,626	Electronic Arts, Inc.*	92,644
	3,559	Fidelity National Information Services, Inc.	165,280
	1,621	Fiserv, Inc.*	163,802
	3,365	Google, Inc. Class A*	2,947,437
	12,388	International Business Machines Corp.	2,294,010
	3,393	Intuit, Inc.	224,990
	1,248	Mastercard, Inc. Class A	839,629
	91,193	Microsoft Corp.	3,037,639
	42,897	Oracle Corp.	1,422,894
	3,853	Paychex, Inc.	156,586
	2,247	Red Hat, Inc.*	103,677
	6,332	Salesforce.com, Inc.*	328,694
	8,351	Symantec Corp.	206,687
	1,987	Teradata Corp.*	110,159
	6,597	The Western Union Co.	123,100
	1,891	Total System Services, Inc.	55,633
	1,569	VeriSign, Inc.*	79,846
	6,210	Visa, Inc. Class A	1,186,731
	11,313	Yahoo!, Inc.*	375,139

			16,874,634

	Technology Hardware & Equipment – 6.4%
	1,945	Amphenol Corp. Class A	150,504
	10,909	Apple, Inc.	5,200,866
	64,150	Cisco Systems, Inc.	1,502,393
	17,542	Corning, Inc.	255,938
	17,844	Dell, Inc.	245,712
	25,149	EMC Corp.	642,808
	947	F5 Networks, Inc.*	81,215
	1,725	FLIR Systems, Inc.	54,165
	1,340	Harris Corp.	79,462
	23,055	Hewlett-Packard Co.	483,694
	2,242	Jabil Circuit, Inc.	48,607
	2,854	JDS Uniphase Corp.*	41,982
	6,055	Juniper Networks, Inc.*	120,252
	1,725	Molex, Inc.	66,447
	2,846	Motorola Solutions, Inc.	168,996
	4,033	NetApp, Inc.	171,886
	20,637	QUALCOMM, Inc.	1,390,108
	2,903	SanDisk Corp.	172,758
	3,823	Seagate Technology PLC	167,218
	5,036	TE Connectivity Ltd.	260,764
	2,587	Western Digital Corp.	164,016
	14,491	Xerox Corp.	149,112

			11,618,903

	Telecommunication Services – 2.4%
	63,893	AT&T, Inc.	2,160,861
	7,290	CenturyLink, Inc.	228,760
	3,548	Crown Castle International Corp.*	259,111



Shares		Description	Value
	Common Stocks – (continued)
	Telecommunication Services – (continued)
	12,349	Frontier Communications Corp.	$ 51,495
	34,331	Verizon Communications, Inc.	1,601,885
	6,949	Windstream Holdings, Inc.	55,592

			4,357,704

	Transportation – 1.9%
	1,985	C.H. Robinson Worldwide, Inc.	118,226
	12,265	CSX Corp.	315,701
	10,200	Delta Air Lines, Inc.	240,618
	2,479	Expeditors International of Washington, Inc.	109,225
	3,517	FedEx Corp.	401,325
	1,341	Kansas City Southern	146,652
	3,815	Norfolk Southern Corp.	295,090
	600	Ryder System, Inc.	35,820
	8,899	Southwest Airlines Co.	129,569
	5,555	Union Pacific Corp.	862,914
	8,692	United Parcel Service, Inc. Class B	794,188

			3,449,328

	Utilities – 3.1%
	7,565	AES Corp.	100,539
	1,371	AGL Resources, Inc.	63,107
	2,863	Ameren Corp.	99,747
	5,777	American Electric Power Co., Inc.	250,433
	5,252	CenterPoint Energy, Inc.	125,890
	3,170	CMS Energy Corp.	83,434
	3,561	Consolidated Edison, Inc.	196,354
	6,912	Dominion Resources, Inc.	431,862
	2,139	DTE Energy Co.	141,131
	8,526	Duke Energy Corp.	569,366
	3,982	Edison International	183,411
	2,164	Entergy Corp.	136,743
	10,406	Exelon Corp.	308,434
	5,024	FirstEnergy Corp.	183,125
	921	Integrys Energy Group, Inc.	51,475
	5,069	NextEra Energy, Inc.	406,331
	3,700	NiSource, Inc.	114,293
	3,870	Northeast Utilities	159,638
	3,885	NRG Energy, Inc.	106,177
	2,532	ONEOK, Inc.	135,006
	2,832	Pepco Holdings, Inc.	52,279
	5,358	PG&E Corp.	219,249
	1,337	Pinnacle West Capital Corp.	73,187
	7,225	PPL Corp.	219,496
	6,052	Public Service Enterprise Group, Inc.	199,292
	1,546	SCANA Corp.	71,178
	2,715	Sempra Energy	232,404
	2,535	TECO Energy, Inc.	41,929
	10,419	The Southern Co.	429,054
	2,828	Wisconsin Energy Corp.	114,195
	5,948	Xcel Energy, Inc.	164,224

			5,662,983

	TOTAL COMMON STOCKS		$179,653,581


Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligations^(b)(c) – 0.1%
United States Treasury Bills
$	100,000		0.000	%	11/07/13	$ 99,997
	40,000		0.000		12/12/13	39,998

TOTAL U.S. TREASURY OBLIGATIONS						$ 139,995

TOTAL INVESTMENTS – 99.5%						179,793,576

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.5%						838,353

NET ASSETS – 100.0%						$180,631,929



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

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



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.GSAMFUNDS.com.

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

TAX INFORMATION — At September 30, 2013, 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
Agency Debenture^(a) – 12.3%
FHLB
$	12,246,000		0.000	%	03/28/14	$ 12,244,187



Shares		Description	Values
	Exchange Traded Funds – 29.4%
	206,834	Vanguard S&P 500	$ 15,926,218
	126,620	iShares Russell 2000 ETF^(b)	13,500,224

	TOTAL EXCHANGE TRADED FUNDS		$ 29,426,442



Shares	Rate	Value
Investment Company^(c) – 8.1%
Goldman Sachs Financial Square Government Fund – FST Shares
8,141,353	0.006%	$ 8,141,354



Principal Amount		Interest Rate			Maturity Date	Value
U.S. Treasury Obligation^(a) – 6.4%
United States Treasury Bill
$	6,425,000		0.000	%	01/30/14	$ 6,424,784

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE						$ 56,236,767



Shares	Rate			Value
Securities Lending Reinvestment Vehicle^(c)(d) – 2.8%
Goldman Sachs Financial Square Money Market Fund – FST Shares
2,773,125		0.058	%	$ 2,773,125

TOTAL INVESTMENTS – 59.0%				$ 59,009,892

OTHER ASSETS IN EXCESS OF LIABILITIES – 41.0%				41,042,051

NET ASSETS – 100.0%				$100,051,943



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

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

(b)		All or a portion of security is on loan.

(c)		Represents an affiliated issuer.

(d)		Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2013.



Investment Abbreviation:
FHLB		— Federal Home Loan Bank


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.GSAMFUNDS.com.

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

TAX INFORMATION — At September 30, 2013, 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 – 99.7%
	Banks – 1.8%
	77,017	First Republic Bank	$ 3,591,303

	Capital Goods – 9.7%
	47,145	Graco, Inc.	3,491,559
	27,796	Hubbell, Inc. Class B	2,911,353
	65,985	Kennametal, Inc.	3,008,916
	58,421	Quanta Services, Inc.*	1,607,162
	16,048	Roper Industries, Inc.	2,132,298
	87,727	Sensata Technologies Holding NV*	3,357,312
	9,295	W.W. Grainger, Inc.	2,432,594

			18,941,194

	Commercial & Professional Services – 1.1%
	35,423	Healthcare Services Group, Inc.	912,497
	60,080	Ritchie Bros Auctioneers, Inc.	1,212,414

			2,124,911

	Consumer Durables & Apparel – 5.6%
	45,688	Deckers Outdoor Corp.*	3,011,753
	85,918	Fifth & Pacific Companies, Inc.*	2,159,119
	33,537	PVH Corp.	3,980,507
	10,726	Ralph Lauren Corp.	1,766,894

			10,918,273

	Consumer Services – 4.0%
	8,491	Chipotle Mexican Grill, Inc.*	3,640,092
	34,604	Marriott International, Inc. Class A	1,455,444
	7,528	Panera Bread Co. Class A*	1,193,414
	26,421	Tim Hortons, Inc.	1,532,418

			7,821,368

	Diversified Financials – 9.2%
	24,381	IntercontinentalExchange, Inc.*	4,423,201
	67,146	Lazard Ltd. Class A	2,418,599
	114,768	MSCI, Inc.*	4,620,560
	31,827	Northern Trust Corp.	1,731,070
	97,192	SLM Corp.	2,420,081
	30,950	T. Rowe Price Group, Inc.	2,226,233

			17,839,744

	Energy – 6.3%
	66,299	Cameron International Corp.*	3,869,873
	9,992	Core Laboratories NV	1,690,746
	17,669	Dril-Quip, Inc.*	2,027,518
	15,762	Pioneer Natural Resources Co.	2,975,865
	28,239	Whiting Petroleum Corp.*	1,690,104

			12,254,106

	Food & Staples Retailing – 1.3%
	42,883	Whole Foods Market, Inc.	2,508,655

	Food, Beverage & Tobacco – 4.2%
	33,080	Beam, Inc.	2,138,622
	14,763	Green Mountain Coffee Roasters, Inc.*	1,112,097
	5,366	Monster Beverage Corp.*	280,373
	33,255	The Hain Celestial Group, Inc.*	2,564,626
	30,601	TreeHouse Foods, Inc.*	2,045,065

			8,140,783



Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – 5.6%
	33,085	C. R. Bard, Inc.	$ 3,811,392
	61,347	CareFusion Corp.*	2,263,704
	24,275	Henry Schein, Inc.*	2,517,318
	63,922	HMS Holdings Corp.*	1,374,962
	9,775	MEDNAX, Inc.*	981,410

			10,948,786

	Household & Personal Products – 1.2%
	38,677	Church & Dwight Co., Inc.	2,322,554

	Materials – 4.4%
	30,827	Airgas, Inc.	3,269,203
	14,294	Ecolab, Inc.	1,411,675
	32,135	International Flavors & Fragrances, Inc.	2,644,711
	6,520	The Sherwin-Williams Co.	1,187,814

			8,513,403

	Media – 2.3%
	24,153	Discovery Communications, Inc. Class A*	2,038,996
	32,311	Scripps Networks Interactive, Inc. Class A	2,523,812

			4,562,808

	Pharmaceuticals, Biotechnology & Life Sciences – 11.7%
	77,148	Agilent Technologies, Inc.	3,953,835
	9,858	Alexion Pharmaceuticals, Inc.*	1,145,105
	33,228	Ariad Pharmaceuticals, Inc.*	611,395
	24,328	BioMarin Pharmaceutical, Inc.*	1,756,968
	56,729	Cepheid, Inc.*	2,214,700
	24,074	Medivation, Inc.*	1,442,996
	5,973	Mettler-Toledo International, Inc.*	1,434,058
	37,964	PerkinElmer, Inc.	1,433,141
	8,640	Pharmacyclics, Inc.*	1,195,949
	5,524	Regeneron Pharmaceuticals, Inc.*	1,728,294
	19,122	Shire PLC ADR	2,292,537
	30,909	Vertex Pharmaceuticals, Inc.*	2,343,520
	36,027	Zoetis, Inc.	1,121,160

			22,673,658

	Real Estate – 2.4%
	199,372	CBRE Group, Inc. Class A*	4,611,474

	Retailing – 8.5%
	31,812	Dick’s Sporting Goods, Inc.	1,698,125
	72,109	Dollar General Corp.*	4,071,274
	73,977	L Brands, Inc.	4,519,995
	47,550	PetSmart, Inc.	3,626,163
	20,375	Tiffany & Co.	1,561,132
	9,074	Ulta Salon, Cosmetics & Fragrance, Inc.*	1,083,980

			16,560,669

	Semiconductors & Semiconductor Equipment – 4.3%
	74,563	Altera Corp.	2,770,761
	41,549	Linear Technology Corp.	1,647,834
	86,155	Xilinx, Inc.	4,037,223

			8,455,818



Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – 9.7%
	16,708	Cognizant Technology Solutions Corp. Class A*	$ 1,372,061
	25,751	Equinix, Inc.*	4,729,171
	18,433	FleetCor Technologies, Inc.*	2,030,579
	74,752	Genpact Ltd.*	1,411,318
	3,978	LinkedIn Corp. Class A*	978,827
	48,049	MICROS Systems, Inc.*	2,399,567
	83,181	Pandora Media, Inc.*	2,090,338
	24,114	Rackspace Hosting, Inc.*	1,272,255
	49,304	Salesforce.com, Inc.*	2,559,371

			18,843,487

	Technology Hardware & Equipment – 1.8%
	35,280	Amphenol Corp. Class A	2,729,966
	34,696	Juniper Networks, Inc.*	689,063

			3,419,029

	Telecommunication Services – 4.6%
	79,121	SBA Communications Corp. Class A*	6,366,076
	86,188	tw telecom, inc.*	2,574,004

			8,940,080

	TOTAL INVESTMENTS – 99.7%		$193,992,103

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3%		513,141

	NET ASSETS – 100.0%		$194,505,244



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

*		Non-income producing security.



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.GSAMFUNDS.com.

TAX INFORMATION — At September 30, 2013, 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 – 65.4%
Collateralized Mortgage Obligations – 53.9%
Agency Multi-Family^(a) – 4.4%
FNMA
$	190,243		2.800	%	03/01/18	$ 198,639
	484,027		3.864		05/01/18	524,389
	110,000		3.968		05/01/18	119,212
	400,000		4.656		06/01/19	441,236
	96,062		3.530		10/01/20	100,523
	96,181		3.753		12/01/20	101,709
	386,577		3.888		12/01/20	412,242
	197,584		4.521		06/01/21	216,281
FNMA ACES Series 2013-M11, Class FA
	1,097,228		0.509		01/25/18	1,097,786
GNMA
	79,659		3.950		07/15/25	83,904

						3,295,921

Regular Floater^(a) – 49.5%
Aire Valley Mortgages PLC Series 2006-1A, Class 1A^(b)
	2,097,028		0.472		09/20/66	1,984,759
FHLMC REMIC Series 3208, Class FG^(c)
	2,405,458		0.582		08/15/36	2,412,383
FHLMC REMIC Series 3307, Class FT
	3,494,022		0.422		07/15/34	3,498,561
FHLMC REMIC Series 3311, Class KF
	5,069,156		0.522		05/15/37	5,060,777
FHLMC REMIC Series 3371, Class FA^(c)
	1,582,376		0.782		09/15/37	1,591,657
FHLMC REMIC Series 4174, Class FB
	1,933,982		0.482		05/15/39	1,924,596
FNMA REMIC Series 2006-82, Class F
	2,041,094		0.749		09/25/36	2,058,173
FNMA REMIC Series 2006-96, Class FA
	1,775,534		0.479		10/25/36	1,779,750
FNMA REMIC Series 2007-85, Class FC
	1,360,406		0.719		09/25/37	1,372,957
FNMA REMIC Series 2008-8, Class FB
	2,787,079		0.999		02/25/38	2,807,504
FNMA REMIC Series 2011-110, Class FE
	950,215		0.579		04/25/41	951,991
FNMA REMIC Series 2012-35, Class QF
	3,128,506		0.579		04/25/42	3,138,153
FNMA REMIC Series 2013-96, Class FW
	332,473		0.579		09/25/43	332,844
GNMA Series 2005-48, Class AF
	1,714,953		0.380		06/20/35	1,705,606
GNMA Series 2013-113, Class FD
	1,453,233		0.482		08/16/43	1,452,293
Granite Master Issuer PLC Series 2007-1, Class 2A1
	1,445,356		0.320		12/20/54	1,423,707
Leek Finance Number Eighteen PLC Series 18X, Class A2B
	159,903		0.510		09/21/38	162,602
National Credit Union Administration Guaranteed Notes Trust Series 2011-R1, Class 1A^(c)
	3,436,650		0.632		01/08/20	3,455,579

						37,113,892

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$40,409,813


Principal Amount		Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Commercial Mortgage-Backed Security – 0.3%
Sequential Fixed Rate – 0.3%
Banc of America Commercial Mortgage Trust Series 2006-3, Class A4
$	200,000		5.889	%	07/10/44	$ 220,040

Federal Agencies – 11.2%
Adjustable Rate FHLMC^(a) – 4.5%
	320,483		2.407		09/01/35	340,857
	773,695		2.559		12/01/36	823,422
	1,193,174		3.051		04/01/37	1,285,535
	856,977		2.732		01/01/38	915,201

						3,365,015

Adjustable Rate FNMA^(a) – 4.0%
	122,564		2.119		05/01/33	127,052
	314,317		2.333		05/01/35	333,530
	1,165,199		4.625		06/01/35	1,235,481
	1,066,335		2.460		11/01/35	1,129,708
	181,302		2.674		12/01/35	191,211

						3,016,982

Adjustable Rate GNMA^(a) – 0.8%
	602,499		1.625		04/20/33	627,770

FHLMC – 0.6%
	446,165		4.000		06/01/25	472,621

FNMA – 1.3%
	104,754		3.000		08/01/42	102,434
	98,741		3.000		09/01/42	96,554
	330,879		3.000		12/01/42	323,551
	263,710		3.000		01/01/43	257,870
	128,896		3.000		02/01/43	126,037
	34,620		3.000		03/01/43	33,852
	25,987		3.000		04/01/43	25,410

						965,708

TOTAL FEDERAL AGENCIES						$ 8,448,096

TOTAL MORTGAGE-BACKED OBLIGATIONS						$49,077,949


Asset-Backed Securities^(a) – 23.3%
Auto – 1.7%
Ally Master Owner Trust Series 2013-1, Class A1
$	1,250,000		0.632	%	02/15/18	$ 1,250,358

Collateralized Loan Obligations – 8.6%
Acis CLO Ltd. Series 2013-2A, Class A^(b)(d)
	700,000		0.761		10/14/22	676,900
Brentwood CLO Corp. Series 2006-1A, Class A1A^(b)
	1,263,398		0.535		02/01/22	1,226,760
Brentwood CLO Corp. Series 2006-1A, Class A1B^(b)
	496,335		0.535		02/01/22	481,942
KKR Financial CLO Corp. Series 2007-1A, Class A^(b)
	1,388,124		0.614		05/15/21	1,355,871
Westbrook CLO Ltd. Series 2006-1X, Class A1
	750,000		0.492		12/20/20	728,116
Westchester CLO Ltd. Series 2007-1X, Class A1A
	2,035,279		0.490		08/01/22	1,968,329

						6,437,918


Principal Amount		Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Student Loans – 13.0%
Brazos Higher Education Authority Series 2005-3, Class A14
$	35,619		0.361	%	09/25/23	$ 35,573
College Loan Corp. Trust Series 2004-1, Class A4
	150,000		0.456		04/25/24	142,355
Edsouth Indenture No. 1 LLC Series 2010-1, Class A1^(b)(c)
	2,561,388		1.116		07/25/23	2,567,424
Educational Funding of the South, Inc. Series 2011-1, Class A2^(d)
	1,000,000		0.916		04/25/35	994,019
EFS Volunteer No. 3 LLC Series 2012-1, Class A2^(b)
	1,750,000		1.179		02/25/25	1,771,836
Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2
	1,300,000		1.180		05/20/30	1,311,536
Panhandle-Plains Higher Education Authority, Inc. Series 2011-1, Class A2
	1,140,000		1.224		07/01/24	1,149,609
SLM Student Loan Trust Series 2008-5, Class A4^(c)
	300,000		1.966		07/25/23	313,368
SLM Student Loan Trust Series 2011-2, Class A1
	1,265,640		0.779		11/25/27	1,270,906
SLM Student Loan Trust Series 2012-2, Class A^(c)
	220,108		0.879		01/25/29	219,861

						9,776,487

TOTAL ASSET-BACKED SECURITIES						$17,464,763


U.S. Treasury Obligations – 3.5%
United States Treasury Bond
$	200,000		3.625	%	08/15/43	$ 197,704
United States Treasury Notes
	200,000		1.000		05/31/18	197,442
	200,000		1.375		06/30/18	200,546
	200,000		1.375		07/31/18	200,364
	200,000		1.500		08/31/18	201,356
	100,000		1.375		09/30/18	99,928
	100,000		1.375		05/31/20	96,495
	100,000		1.875		06/30/20	99,545
	100,000		2.000		07/31/20	100,251
	100,000		2.125		08/31/20	100,886
	100,000		2.000		09/30/20	99,895
	1,100,000		1.750		05/15/23	1,019,260

TOTAL U.S. TREASURY OBLIGATIONS						$ 2,613,672

TOTAL INVESTMENTS – 92.2%						$69,156,384

OTHER ASSETS IN EXCESS OF LIABILITIES – 7.8%						5,855,767

NET ASSETS – 100.0%						$75,012,151

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 September 30, 2013.

(b)		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 $10,065,492, which represents approximately 13.4% of net assets as of September 30, 2013.

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

(d)		When-issued security.



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


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.GSAMFUNDS.com.

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

TAX INFORMATION — At September 30, 2013, 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%
	Banks – 1.9%
	279,116	Comerica, Inc.	$ 10,972,050
	315,007	SunTrust Banks, Inc.	10,212,527

			21,184,577

	Capital Goods – 9.5%
	98,955	Caterpillar, Inc.	8,249,878
	2,191,624	General Electric Co.	52,357,897
	491,870	Textron, Inc.	13,580,531
	257,440	The Boeing Co.	30,249,200

			104,437,506

	Commercial & Professional Services – 1.0%
	277,074	Waste Management, Inc.	11,426,532

	Consumer Durables & Apparel – 2.2%
	58,901	Fossil Group, Inc.*	6,846,652
	521,400	Toll Brothers, Inc.*	16,909,002

			23,755,654

	Consumer Services – 2.0%
	478,755	MGM Resorts International*	9,785,752
	185,580	Starwood Hotels & Resorts Worldwide, Inc.	12,331,791

			22,117,543

	Diversified Financials – 13.1%
	2,512,915	Bank of America Corp.	34,678,227
	235,922	Capital One Financial Corp.	16,217,278
	764,704	Citigroup, Inc.	37,095,791
	606,297	JPMorgan Chase & Co.	31,339,492
	207,334	Morgan Stanley	5,587,651
	788,972	SLM Corp.	19,645,403

			144,563,842

	Energy – 13.7%
	159,506	Apache Corp.	13,580,341
	438,780	BP PLC ADR	18,441,923
	80,892	ConocoPhillips	5,622,803
	505,771	Devon Energy Corp.	29,213,333
	552,893	Exxon Mobil Corp.	47,570,914
	441,058	Halliburton Co.	21,236,943
	436,817	Southwestern Energy Co.*	15,891,402

			151,557,659

	Food & Staples Retailing – 1.1%
	166,182	Wal-Mart Stores, Inc.	12,290,821

	Food, Beverage & Tobacco – 4.4%
	156,600	Anheuser-Busch InBev NV ADR	15,534,720
	350,898	ConAgra Foods, Inc.	10,646,245
	174,742	Mondelez International, Inc. Class A	5,490,394
	146,548	Monster Beverage Corp.*	7,657,133
	108,458	Philip Morris International, Inc.	9,391,378

			48,719,870

	Health Care Equipment & Services – 4.4%
	94,400	C. R. Bard, Inc.	10,874,880
	268,671	Covidien PLC	16,372,811



Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Services – (continued)
	291,132	UnitedHealth Group, Inc.	$ 20,847,962

			48,095,653

	Insurance – 8.7%
	611,873	American International Group, Inc.	29,755,384
	73,588	Everest Re Group Ltd.	10,700,431
	457,707	Hartford Financial Services Group, Inc.	14,243,842
	332,442	Prudential Financial, Inc.	25,923,827
	184,716	The Travelers Companies, Inc.	15,658,375

			96,281,859

	Materials – 1.6%
	228,932	Eastman Chemical Co.	17,833,803

	Media – 3.5%
	212,832	CBS Corp. Class B	11,739,813
	215,267	Liberty Global PLC Series A*	17,081,436
	118,746	Viacom, Inc. Class B	9,924,791

			38,746,040

	Pharmaceuticals, Biotechnology & Life Sciences – 9.9%
	558,155	Ariad Pharmaceuticals, Inc.*	10,270,052
	249,744	Eli Lilly & Co.	12,569,616
	618,627	Merck & Co., Inc.	29,452,831
	304,483	Mylan, Inc.*	11,622,116
	1,115,917	Pfizer, Inc.	32,037,977
	173,564	Vertex Pharmaceuticals, Inc.*	13,159,623

			109,112,215

	Real Estate Investment Trust – 2.2%
	128,641	American Tower Corp.	$9,536,157
	112,227	AvalonBay Communities, Inc.	14,262,930

			23,799,087

	Retailing – 2.3%
	257,755	L Brands, Inc.	15,748,830
	209,298	Lowe’s Companies, Inc.	9,964,678

			25,713,508

	Semiconductors & Semiconductor Equipment – 3.7%
	358,752	Altera Corp.	13,331,224
	470,666	Applied Materials, Inc.	8,255,482
	248,252	Lam Research Corp.*	12,708,020
	435,560	NVIDIA Corp.	6,777,314

			41,072,040

	Software & Services – 3.3%
	161,469	Adobe Systems, Inc.*	8,386,700
	515,510	Microsoft Corp.	17,171,638
	332,041	Oracle Corp.	11,013,800

			36,572,138

	Technology Hardware & Equipment – 6.4%
	44,137	Apple, Inc.	21,042,315
	1,100,917	EMC Corp.	28,139,438
	579,988	Juniper Networks, Inc.*	11,518,562
	153,616	QUALCOMM, Inc.	10,347,574

			71,047,889



Shares		Description	Value
	Common Stocks – (continued)
	Utilities – 3.7%
	293,803	Exelon Corp.	$ 8,708,321
	137,359	NextEra Energy, Inc.	11,010,698
	298,907	PG&E Corp.	12,231,274
	99,269	Sempra Energy	8,497,426

			40,447,719

	TOTAL INVESTMENTS – 98.6%		$1,088,775,955

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.4%		15,862,649

	NET ASSETS – 100.0%		$1,104,638,604



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.GSAMFUNDS.com.

TAX INFORMATION — At September 30, 2013, 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 – 98.9%
	Automobiles & Components – 1.7%
	180,982	Delphi Automotive PLC	$ 10,572,968
	83,628	TRW Automotive Holdings Corp.^*	5,963,513

			16,536,481

	Banks – 5.8%
	192,521	CIT Group, Inc.^*	9,389,249
	157,374	First Republic Bank	7,338,349
	1,190,218	Huntington Bancshares, Inc.	9,831,201
	160,391	M&T Bank Corp.	17,950,961
	59,385	Signature Bank^*	5,434,915
	236,329	Zions Bancorporation	6,480,141

			56,424,816

	Capital Goods – 8.3%
	144,981	Carlisle Companies, Inc.	10,190,715
	88,690	Flowserve Corp.	5,533,369
	122,716	Owens Corning^*	4,660,754
	115,706	Parker Hannifin Corp.	12,579,556
	126,658	Stanley Black & Decker, Inc.	11,471,415
	215,255	Terex Corp.^*	7,232,568
	343,321	Textron, Inc.	9,479,093
	178,526	Timken Co.	10,782,970
	122,813	Triumph Group, Inc.	8,623,929

			80,554,369

	Commercial & Professional Services – 1.8%
	273,469	Tyco International Ltd.	9,565,946
	177,039	Waste Connections, Inc.	8,039,341

			17,605,287

	Consumer Durables & Apparel – 3.3%
	163,950	Lennar Corp. Class A	5,803,830
	60,970	PVH Corp.	7,236,529
	270,140	Toll Brothers, Inc.^*	8,760,640
	66,590	Whirlpool Corp.	9,751,440

			31,552,439

	Consumer Services – 2.4%
	532,918	MGM Resorts International^*	10,892,844
	189,938	Starwood Hotels & Resorts Worldwide, Inc.	12,621,380

			23,514,224

	Diversified Financials – 6.0%
	349,893	ING U.S., Inc.	10,220,374
	480,202	Invesco Ltd.	15,318,444
	230,306	Raymond James Financial, Inc.	9,596,851
	469,833	SLM Corp.	11,698,842
	337,599	The NASDAQ OMX Group, Inc.	10,833,552

			57,668,063

	Energy – 9.3%
	165,795	Cameron International Corp.^*	9,677,454
	748,949	Chesapeake Energy Corp.	19,382,800
	152,866	Cimarex Energy Co.	14,736,282
	75,110	Concho Resources, Inc.^*	8,172,719
	92,585	Oil States International, Inc.^*	9,578,844
	79,344	Pioneer Natural Resources Co.	14,980,147
	91,903	Range Resources Corp.	6,974,519



Shares		Description	Value
	Common Stocks – (continued)
	Energy – (continued)
	138,108	Tesoro Corp.	$ 6,073,990

			89,576,755

	Food & Staples Retailing – 0.5%
	140,017	Safeway, Inc.	4,479,144

	Food, Beverage & Tobacco – 3.2%
	151,338	Constellation Brands, Inc. Class A^*	8,686,801
	127,728	Ingredion, Inc.	8,451,762
	124,175	Monster Beverage Corp.^*	6,488,144
	241,732	Tyson Foods, Inc. Class A	6,836,181

			30,462,888

	Health Care Equipment & Services – 7.4%
	152,263	Aetna, Inc.	9,747,877
	82,240	C. R. Bard, Inc.	9,474,048
	324,093	Cardinal Health, Inc.	16,901,450
	288,073	CareFusion Corp.^*	10,629,894
	70,141	Envision Healthcare Holdings, Inc.^*	1,825,770
	158,250	Humana, Inc.	14,769,472
	202,352	Tenet Healthcare Corp.^*	8,334,879

			71,683,390

	Insurance – 9.3%
	87,570	Everest Re Group Ltd.	12,733,554
	719,023	Genworth Financial, Inc. Class A^*	9,196,304
	273,859	Hartford Financial Services Group, Inc.	8,522,492
	278,483	Lincoln National Corp.	11,693,501
	10,903	Markel Corp.^*	5,645,246
	389,761	Principal Financial Group, Inc.	16,689,566
	162,065	W.R. Berkley Corp.	6,946,106
	218,561	Willis Group Holdings PLC	9,470,248
	284,250	XL Group PLC	8,760,585

			89,657,602

	Materials – 5.1%
	65,373	Ashland, Inc.	6,045,695
	119,552	Carpenter Technology Corp.	6,947,167
	230,682	Celanese Corp. Series A	12,177,703
	110,838	International Paper Co.	4,965,542
	128,800	Packaging Corp. of America	7,353,192
	132,208	Reliance Steel & Aluminum Co.	9,686,880
	60,614	Sealed Air Corp.	1,648,095

			48,824,274

	Media – 1.7%
	74,038	Liberty Media Corp. Series A^*	10,894,692
	65,081	Scripps Networks Interactive, Inc. Class A	5,083,477

			15,978,169

	Pharmaceuticals, Biotechnology & Life Sciences – 2.4%
	291,009	Agilent Technologies, Inc.	14,914,211
	224,888	Mylan, Inc.^*	8,583,975

			23,498,186



Shares		Description	Value
	Common Stocks – (continued)
	Real Estate Investment Trust – 7.5%
	103,975	Alexandria Real Estate Equities, Inc.	$ 6,638,804
	118,821	AvalonBay Communities, Inc.	15,100,961
	80,561	Camden Property Trust	4,949,668
	352,279	DDR Corp.	5,534,303
	145,204	Digital Realty Trust, Inc.	7,710,332
	668,680	MFA Financial, Inc.	4,981,666
	355,101	Starwood Property Trust, Inc.	8,511,771
	209,166	Tanger Factory Outlet Centers, Inc.	6,829,270
	83,628	Taubman Centers, Inc.	5,629,001
	636,748	Two Harbors Investment Corp.	6,182,823

			72,068,599

	Retailing – 2.6%
	91,904	Expedia, Inc.	4,759,708
	629,787	Liberty Interactive Corp. Series A^*	14,781,101
	123,348	Macy’s, Inc.	5,337,268

			24,878,077

	Semiconductors & Semiconductor Equipment – 5.2%
	405,483	Altera Corp.	15,067,749
	439,306	Applied Materials, Inc.	7,705,427
	63,559	KLA-Tencor Corp.	3,867,565
	246,112	Lam Research Corp.^*	12,598,473
	165,989	Maxim Integrated Products, Inc.	4,946,472
	373,987	NVIDIA Corp.	5,819,238

			50,004,924

	Software & Services – 4.1%
	121,256	Akamai Technologies, Inc.^*	6,268,935
	71,619	Citrix Systems, Inc.^*	5,057,018
	130,745	Computer Sciences Corp.	6,764,746
	206,393	Fidelity National Information Services, Inc.	9,584,891
	256,785	PTC Inc.^*	7,300,398
	90,783	Teradata Corp.^*	5,033,009

			40,008,997

	Technology Hardware & Equipment – 3.2%
	640,837	Juniper Networks, Inc.^*	12,727,023
	250,445	NetApp, Inc.	10,673,966
	721,481	Polycom, Inc.^*	7,878,572

			31,279,561

	Utilities – 8.1%
	424,466	Calpine Corp.^*	8,247,374
	273,272	Edison International	12,586,908
	291,381	NiSource, Inc.	9,000,759
	196,900	OGE Energy Corp.	7,106,121
	335,094	PPL Corp.	10,180,156
	150,072	SCANA Corp.	6,909,315
	134,544	Sempra Energy	11,516,967
	471,682	Xcel Energy, Inc.	13,023,140

			78,570,740

	TOTAL INVESTMENTS – 98.9%		$ 954,826,985

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1%		10,875,093

	NET ASSETS – 100.0%		$ 965,702,078

TAX INFORMATION — At September 30, 2013, 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 – 13.6%
Chariot Funding LLC
$	5,000,000		0.301	%	02/26/14	$ 4,993,833
Dexia Credit Local New York Branch
	7,000,000		0.471		03/04/14	6,985,926
	3,000,000		0.471		03/05/14	2,993,929
Gemini Securitization Corp. LLC
	1,088,000		0.250		10/09/13	1,087,939
	5,162,000		0.230		11/06/13	5,160,813
Jupiter Securitization Co. LLC
	5,000,000		0.301		03/14/14	4,993,167
Kells Funding LLC
	5,000,000		0.230		11/07/13	4,998,818
LMA Americas LLC
	5,000,000		0.170		10/28/13	4,999,363
Nationwide Building Society
	5,000,000		0.240		11/29/13	4,998,033
Nieuw Amsterdam Receivables Corp.
	5,000,000		0.230		01/17/14	4,996,550

TOTAL COMMERCIAL PAPER AND CORPORATE OBLIGATIONS						$ 46,208,371


Eurodollar Certificates of Deposit – 3.8%
Credit Industriel et Commercial, New York
	3,000,000		0.290		12/02/13	3,000,103
	5,000,000		0.280		01/06/14	5,000,202
Standard Chartered Bank
	5,000,000		0.270		11/19/13	5,000,000

TOTAL EURODOLLAR CERTIFICATES OF DEPOSIT						$ 13,000,305


Fixed Rate Municipal Debt Obligations – 3.1%
Regional Transportation Authority, Illinois RB Series 2012 A
	1,500,000		1.044		04/01/14	1,504,045
Rutgers State University
	5,750,000		0.220		12/10/13	5,750,000
State of California GO Series 2009
	2,000,000		3.750		10/01/13	2,000,000
State of California GO Series 2009-3
	1,120,000		5.250		04/01/14	1,145,844

TOTAL FIXED RATE MUNICIPAL DEBT OBLIGATIONS						$ 10,399,889


U.S. Government Agency Obligations – 13.6%
Federal Home Loan Bank
	1,000,000		0.210		10/01/13	1,000,000
	400,000		0.210		10/10/13	399,999
	1,700,000		0.200		10/18/13	1,699,990
	140,000		0.300		10/18/13	140,005
	50,000		0.375		10/18/13	50,004
	1,000,000		3.625		10/18/13	1,001,581
	2,000,000		0.210		10/24/13	1,999,996
	7,000,000		0.375		11/27/13	7,001,600
	1,000,000		0.125		07/01/14	999,307
	3,000,000		0.190		07/11/14	2,999,581
	3,000,000		0.245		07/25/14	3,000,000
	2,000,000		0.250		07/25/14	2,000,000


Principal Amount		Interest Rate			Maturity Date	Amortized Cost
U.S. Government Agency Obligations – (continued)
Federal Home Loan Bank – (continued)
$	1,600,000		0.245	%	10/07/14	$ 1,600,000
Federal Home Loan Mortgage Corporation
	3,000,000		0.150		10/08/13	2,999,913
	3,000,000		0.150		10/10/13	2,999,888
	150,000		0.375		10/15/13	150,009
	130,000		0.875		10/28/13	130,063
	500,000		0.375		10/30/13	500,064
	5,000,000		0.130		02/07/14	4,999,682
Federal National Mortgage Association
	100,000		1.125		10/08/13	100,017
	3,075,000		4.625		10/15/13	3,080,163
	5,200,000		0.160		10/25/13	5,199,445
Overseas Private Investment Corp. (USA)
	2,000,000		0.130	^(a)	10/07/13	2,000,000

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS						$ 46,051,307


Variable Rate Municipal Debt Obligations^(a) – 22.8%
ABAG California Finance Authority for Non-profit Corporations VRDN RB for Bachenhmer Building Project Series 2002-A-T (FNMA, LIQ)
	865,000		0.230		10/07/13	865,000
ABAG California Finance Authority for Non-profit Corporations VRDN RB for Berkeleyan Project Series 2003-A-T (FNMA, LIQ)
	700,000		0.230		10/07/13	700,000
ABAG California Finance Authority for Non-profit Corporations VRDN RB for Darling Florist Building Project Series 2002-A-T (FNMA, LIQ)
	140,000		0.230		10/07/13	140,000
ABAG California Finance Authority for Non-profit Corporations VRDN RB for GAIA Building Project Series 2000-A-T (FNMA, LIQ)
	100,000		0.220		10/07/13	100,000
BlackRock Municipal Income Trust VRDN RB Putters Series 2012-T0008 (JPMorgan Chase Bank N.A., LIQ)
	1,000,000		0.110	^(b)	10/01/13	1,000,000
BlackRock MuniVest Fund VRDN RB Putters Series 2012-T0005 (JPMorgan Chase Bank N.A., LIQ)
	950,000		0.110	^(b)	10/01/13	950,000
Board of Regents of the University of Texas System VRDN RB for Financing System Series 2008 B (University of Texas Investment Management, LIQ)
	1,595,000		0.050		10/07/13	1,595,000
City of Chula Vista Industrial Development VRDN RB Putters Series 2013-4370 (JPMorgan Chase Bank N.A., LIQ)
	2,250,000		0.270	^(b)	10/01/13	2,250,000
City of Riverton, Utah VRDN RB for IHC Health Services, Inc. Floater Certificates Series 2012-33C (GTY AGMT- Wells Fargo Bank N.A.) (Wells Fargo Bank N.A., LIQ)
	3,000,000		0.080	^(b)	10/07/13	3,000,000
Collier County, Florida Housing Finance Authority MF Hsg VRDN RB for Brittany Bay Housing Series 2001-B (FNMA, LIQ)
	875,000		0.220		10/07/13	875,000
Cook County, Illinois GO VRDN Capital Improvement Series 2002 B (Bank of NY Mellon, SPA)
	1,100,000		0.100		10/07/13	1,100,000


Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Variable Rate Municipal Debt Obligations^(a) – (continued)
Dekalb County, Georgia Development Authority VRDN RB for Emory University Series 1995 B (GO of University)
$	5,500,000		0.160	%	10/07/13	$ 5,500,000
Kentucky Housing Corporation VRDN RB for Overlook Terrace Series 2008-B (FNMA, LIQ)
	690,000		0.230		10/07/13	690,000
Los Angeles Community College District GO VRDN for Building America Boards P-Floats Series 2010-TN-027 (Bank of America N.A., LIQ)
	10,250,000		0.430	^(b)	10/07/13	10,250,000
Massachusetts Housing Finance Agency VRDN RB Series 2009-B (Bank of NY Mellon, LOC)
	6,204,000		0.220		10/07/13	6,204,000
Missouri Health & Educational Facilities Authority VRDN RB for BJC Health System Series 2008 C (BJC Health System, LIQ)
	675,000		0.050		10/07/13	675,000
New York City GO VRDN Series 2007 Subseries D-4 (Credit Agricole Corporate and Investment Bank, SPA)
	250,000		0.100		10/07/13	250,000
New York City Municipal Water Finance Authority Water & Sewer System VRDN RB Series 2003 F Subseries F-2 (Bayerische Landesbank, SPA)
	2,700,000		0.080		10/01/13	2,700,000
New York State Housing Finance Agency VRDN RB for Worth Street Series 2001 A RMKT (FNMA, LIQ)
	600,000		0.070		10/07/13	600,000
New York State Housing Finance Agency VRDN RB Series 2000 B RMKT (FNMA, LIQ)
	300,000		0.150		10/07/13	300,000
New York State Urban Development Corp. VRDN RB Putters Series 2013 T0020 (JPMorgan Chase Bank N.A., LIQ)
	4,985,000		0.240	^(b)	10/01/13	4,985,000
Nuveen Municipal Market Opportunity Fund, Inc. VRDN Tax- Exempt Preferred Series 2010-1 (Deutsche Bank A.G., LIQ)
	500,000		0.210	^(b)	10/07/13	500,000
Oglethorpe, Georgia Power Corp. VRDN RB Putters Series 2012 SGT05 (NATL-RE FGIC) (Societe Generale, LIQ)
	10,200,000		0.110	^(b)	10/01/13	10,200,000
Ohio State Higher Educational Facility Commission VRDN RB for Cleveland Clinic Health System Floater Certificates Series 2008 59C (Wells Fargo & Co., LIQ)
	800,000		0.080	^(b)	10/07/13	800,000
Port Authority of New York & New Jersey VRDN RB SPEARS Series 2013-DB-1201 (GO of Authority) (Deutsche Bank A.G., LIQ)
	1,000,000		0.120	^(b)	10/07/13	1,000,000
Port of Corpus Christi Authority of Nueces County VRDN RB for Flint Hills Resources Series 2002 A (GTY AGMT-Flint Hills Resources)
	1,000,000		0.080		10/07/13	1,000,000
Port of Corpus Christi Authority of Nueces County VRDN RB for Flint Hills Resources Series 2007 (GTY AGMT-Flint Hills Resources)
	1,000,000		0.100		10/07/13	1,000,000
Puttable Floating Option VRDN RB P-Floats Series 2013-TNP-1006 (Bank of America N.A., LIQ)
	5,500,000		0.450	^(b)	10/01/13	5,500,000


Principal Amount		Interest Rate			Maturity Date		Amortized Cost
Variable Rate Municipal Debt Obligations^(a) – (continued)
South Carolina State Public Service Authority VRDN RB Taxable Series 2011 A
$	4,525,000		0.883	%		12/02/13	$ 4,528,159
Texas State GO VRDN Refunding for Taxable Veterans’ Land Series 2002 (Landesbank Hessen-Thueringen Girozentrale, SPA)
	600,000		0.130			10/07/13	600,000
Texas State GO VRDN Refunding Taxable Series 2010 D RMKT (Bank of Tokyo-Mitsubishi UFJ, SPA)
	1,000,000		0.110			10/07/13	1,000,000
Texas State GO VRDN Refunding Taxable Veterans Series 2010 B RMKT (Sumitomo Mitsui Banking Corp., SPA)
	1,000,000		0.110			10/07/13	1,000,000
The Regents of the University of California VRDN RB Taxable Series 2011 Y-2
	1,000,000		0.582			07/01/14	1,000,721
The Regents of the University of California VRDN RB Taxable Series 2011 Z-1
	1,500,000		0.110			10/07/13	1,500,000
University of Alabama VRDN RB Series 1993 B
	900,000		0.200			10/01/13	900,000
Washington State Housing Finance Commission VRDN RB for Eagles Landing Series 2006-B (FNMA, LIQ)
	150,000		0.260			10/07/13	150,000
Wayne County, Michigan VRDN RB P-Floats Series 2013 TNP-1005 (Bank of America N.A., LIQ)
	1,820,000		0.450	^(b)		10/01/13	1,820,000

TOTAL VARIABLE RATE MUNICIPAL DEBT OBLIGATIONS							$ 77,227,880


Variable Rate Obligations^(a) – 17.5%
Australia & New Zealand Banking Group Ltd.
	5,000,000		0.338	^(b)		10/17/14	5,000,000
Bank of Nova Scotia (The)
	3,000,000		0.242			12/16/13	3,000,294
	5,000,000		0.352			10/23/14	5,000,000
Commonwealth Bank of Australia
	3,000,000		0.312	^(b)		11/18/13	3,000,000
	3,000,000		0.290	^(b)		04/04/14	3,000,000
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA
	5,000,000		0.294			09/15/14	5,000,000
Credit Suisse Securities (USA) LLC
	5,000,000		0.349			10/25/13	5,000,000
Deutsche Bank AG/New York NY
	5,000,000		0.302			12/29/13	5,000,000
JPMorgan Chase Bank N.A.
	8,000,000		0.338			10/07/14	8,000,000
Providence Health & Services (U.S. Bank N.A., SBPA)
	880,000		0.160			10/07/13	880,000
Svenska Handelsbanken AB
	5,000,000		0.353			10/03/14	5,000,000
Versailles Commercial Paper LLC
	5,000,000		0.242	^(b)		11/04/13	5,000,000
Wells Fargo Bank N.A.
	2,500,000		0.342			10/20/14	2,500,000
Westpac Banking Corp.
	4,000,000		0.399	^(b)		10/01/14	4,000,000

TOTAL VARIABLE RATE OBLIGATIONS							$ 59,380,294


Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Yankee Certificates of Deposit – 11.5%
China Construction Bank Corp., New York
$	5,000,000		0.550	%	11/20/13	$ 5,000,000
	3,000,000		0.620		12/13/13	3,000,424
Mitsubishi UFJ Trust & Banking Corp.
	5,000,000		0.240		11/07/13	5,000,000
Mizuho Corp. Bank, Ltd.
	5,000,000		0.220		12/04/13	4,999,955
National Bank of Kuwait
	4,000,000		0.290		10/24/13	4,000,013
	2,000,000		0.280		10/28/13	2,000,000
Norinchukin Bank
	5,000,000		0.230		12/12/13	5,000,000
Sumitomo Mitsui Banking Corp./New York
	5,000,000		0.250		11/01/13	5,000,000
	5,000,000		0.230		01/16/14	5,000,000

TOTAL YANKEE CERTIFICATES OF DEPOSIT						$ 39,000,392

TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENTS						$291,268,438


Repurchase Agreements^(c) – 14.1%
ABN Amro Securities (USA) LLC
	1,000,000		0.240	^(a)	10/02/13	1,000,000
Maturity Value: $1,000,047
Settlement Date: 09/25/13
Collateralized by various equity securities. The aggregate market value of the collateral, including accrued interest, was $1,080,004.

BNP Paribas Securities Corp.
	5,000,000		0.360	^(a)	10/01/13	5,000,000
Maturity Value: $5,000,350
Settlement Date: 09/24/13
Collateralized by various corporate security issuers, 1.000% to 8.000%, due 05/15/14 to 10/15/42. The aggregate market value of the collateral, including accrued interest was, $5,500,557.
	2,000,000		0.410		10/01/13	2,000,000
Maturity Value: $2,000,023
Collateralized by various asset-backed obligations, 0.000% to 4.168%, due 10/17/18 to 07/17/24 and various corporate security issuers, 0.748% to 11.250%, due 10/25/13 to 03/15/42. The aggregate market alue of the collateral, including accrued interest was, $2,248,832.
	5,000,000		0.440		10/02/13	5,000,000
Maturity Value: $5,000,428
Settlement Date: 09/25/13
Collateralized by various corporate security issuers, 0.000% to 7.500%, due 02/15/14 to 02/15/44. The aggregate market value of the collateral, including accrued interest was, $5,500,003.


Principal Amount		Interest Rate			Maturity Date	Amortized Cost
Repurchase Agreements^(c) – (continued)
ING Financial Markets LLC
$	5,000,000		0.130	%	10/01/13	$ 5,000,000
Maturity Value: $5,000,018
Collateralized by various corporate security issuers, 3.150% to 6.400%, due 09/01/15 to 05/15/37. The aggregate market value of the collateral, including accrued interest, was $5,255,308.

Joint Repurchase Agreement Account III
	24,900,000		0.076		10/01/13	24,900,000
Maturity Value: $24,900,053

RBS Securities, Inc.
	5,000,000		0.710	^(a),(d)	11/04/13	5,000,000
Maturity Value: $5,017,750
Settlement Date: 05/16/13
Collateralized by Federal Home Loan Mortgage Corp., 3.500%, due 03/15/42. The market value of the collateral, including accrued interest, was $5,502,817.

TOTAL REPURCHASE AGREEMENTS						$ 47,900,000

TOTAL INVESTMENTS – 100.0%						$339,168,438

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%						149,984

NET ASSETS – 100.0%						$339,318,422



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, 2013.

(b)		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, 2013, these securities amounted to $62,255,000 or approximately 18.3% of net assets.

(c)		Unless noted, all repurchase agreements were entered into on September 30, 2013. Additional information on Joint Repurchase Agreement Account III appears on pages X.

(d)		Security has been determined to be illiquid by the Investment Adviser. At September 30, 2013, these securities amounted to $5,000,000 or approximately 1.5% of net assets.

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:
FGIC		— Insured by Financial Guaranty Insurance Co.
FNMA		— Insured by Federal National Mortgage Association
GO		— General Obligation
GTY AGMT		— Guaranty Agreement
IHC		— Intermountain Health Care
LIQ		— Liquidity Agreement
LOC		— Letter of Credit
MF Hsg		— Multi-Family Housing
NATL-RE		— National Reinsurance Corp.
RB		— Revenue Bond
RMKT		— Remarketed
SBPA		— Standby Bond Purchase Agreement
SPA		— Stand-by Purchase Agreement
SPEARS		— Short Puttable Exempt Adjustable Receipts
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.GSAMFUNDS.com.



Shares		Description	Value
	Common Stocks – 98.1%
	Capital Goods – 9.4%
	39,255	Cummins, Inc.	$ 5,215,812
	125,292	Danaher Corp.	8,685,241
	121,930	Honeywell International, Inc.	10,125,067
	37,715	Precision Castparts Corp.	8,570,357
	65,746	The Boeing Co.	7,725,155
	47,567	United Technologies Corp.	5,128,674

			45,450,306

	Consumer Durables & Apparel – 4.4%
	189,756	NIKE, Inc. Class B	13,783,876
	60,677	PVH Corp.	7,201,753

			20,985,629

	Consumer Services – 5.8%
	17,508	Chipotle Mexican Grill, Inc.^*	7,505,680
	68,783	McDonald’s Corp.	6,617,612
	124,434	Starbucks Corp.	9,577,685
	69,977	Tim Hortons, Inc.	4,058,666

			27,759,643

	Diversified Financials – 2.6%
	52,164	IntercontinentalExchange, Inc.^*	9,463,593
	42,983	T. Rowe Price Group, Inc.	3,091,767

			12,555,360

	Energy – 6.1%
	67,165	Anadarko Petroleum Corp.	6,245,674
	38,909	Cameron International Corp.^*	2,271,118
	30,445	Pioneer Natural Resources Co.	5,748,016
	168,672	Schlumberger Ltd.	14,903,858

			29,168,666

	Food & Staples Retailing – 4.2%
	113,013	Costco Wholesale Corp.	13,010,057
	125,423	Whole Foods Market, Inc.	7,337,245

			20,347,302

	Food, Beverage & Tobacco – 4.7%
	92,818	PepsiCo, Inc.	7,379,031
	54,901	Philip Morris International, Inc.	4,753,877
	160,160	The Coca-Cola Co.	6,066,861
	57,774	The Hain Celestial Group, Inc.^*	4,455,531

			22,655,300

	Health Care Equipment & Services – 3.0%
	149,006	Abbott Laboratories	4,945,509
	46,885	Becton, Dickinson and Co.	4,689,438
	41,224	C. R. Bard, Inc.	4,749,005

			14,383,952

	Household & Personal Products – 0.9%
	58,435	The Procter & Gamble Co.	4,417,102

	Materials – 1.7%
	32,186	Airgas, Inc.	3,413,325
	26,758	The Sherwin-Williams Co.	4,874,773

			8,288,098



Shares		Description	Value
	Common Stocks – (continued)
	Media – 3.1%
	42,169	Discovery Communications, Inc. Class A^*	$ 3,559,907
	24,588	Time Warner Cable, Inc.	2,744,021
	262,904	Twenty-First Century Fox, Inc.	8,807,284

			15,111,212

	Pharmaceuticals, Biotechnology & Life Sciences – 10.4%
	160,120	Agilent Technologies, Inc.	8,206,150
	52,110	Amgen, Inc.	5,833,193
	30,088	Celgene Corp.^*	4,631,446
	120,021	Gilead Sciences, Inc.^*	7,542,120
	28,879	Regeneron Pharmaceuticals, Inc.^*	9,035,373
	49,960	Roche Holding AG ADR	3,373,799
	154,172	Sanofi ADR	7,805,728
	45,417	Vertex Pharmaceuticals, Inc.^*	3,443,517

			49,871,326

	Real Estate – 5.1%
	199,480	American Tower Corp. (REIT)	14,787,452
	422,730	CBRE Group, Inc. Class A^*	9,777,745

			24,565,197

	Retailing – 8.0%
	40,188	Amazon.com, Inc.^*	12,564,377
	180,689	Dollar General Corp.^*	10,201,701
	143,953	L Brands, Inc.	8,795,528
	6,735	Priceline.com, Inc.^*	6,808,748

			38,370,354

	Semiconductors & Semiconductor Equipment – 1.8%
	182,819	Xilinx, Inc.	8,566,898

	Software & Services – 14.6%
	175,048	eBay, Inc.^*	9,765,928
	64,544	Equinix, Inc.^*	11,853,506
	118,877	Facebook, Inc. Class A^*	5,972,380
	22,538	Google, Inc. Class A^*	19,741,260
	296,247	Microsoft Corp.	9,867,987
	141,958	Oracle Corp.	4,708,747
	164,219	Salesforce.com, Inc.^*	8,524,608

			70,434,416

	Technology Hardware & Equipment – 10.0%
	61,226	Amphenol Corp. Class A	4,737,668
	50,398	Apple, Inc.	24,027,246
	289,320	QUALCOMM, Inc.	19,488,595

			48,253,509

	Telecommunication Services – 0.5%
	2,329	Crown Castle International Corp.^*	170,087
	28,599	SBA Communications Corp. Class A^*	2,301,075

			2,471,162

	Transportation – 1.8%
	77,207	FedEx Corp.	8,810,091

	TOTAL INVESTMENTS – 98.1%		$ 472,465,523

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.9%		9,185,857

	NET ASSETS – 100.0%		$ 481,651,380

TAX INFORMATION — At September 30, 2013, 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 – 91.3%
	Australia – 5.6%
	399,233	Aurizon Holdings Ltd. (Transportation)	$ 1,744,349
	180,609	Australia & New Zealand Banking Group Ltd. (Banks)	5,192,936
	64,268	Caltex Australia Ltd. (Energy)	1,110,372
	311,842	Computershare Ltd. (Software & Services)	2,888,671
	400,500	PanAust Ltd. (Materials)	792,665

			11,728,993

	Belgium – 3.9%
	43,794	Anheuser-Busch InBev NV (Food, Beverage & Tobacco)	4,344,265
	24,473	Solvay SA (Materials)	3,670,552

			8,014,817

	Denmark – 1.6%
	19,483	Novo Nordisk A/S Class B (Pharmaceuticals, Biotechnology & Life Sciences)	3,299,727

	Finland – 1.5%
	60,159	Nokian Renkaat Oyj (Automobiles & Components)	3,058,624

	France – 13.2%
	5,051	Air Liquide SA (Materials)	703,794
	13,380	Air Liquide SA-Prime De Fidelite (Materials)*	1,864,336
	101,529	AXA SA (Insurance)	2,356,369
	62,040	BNP Paribas SA (Banks)	4,196,663
	62,457	CGG Veritas (Energy)*	1,439,767
	20,844	LVMH Moet Hennessy Louis Vuitton SA (Consumer Durables & Apparel)	4,107,630
	59,825	Safran SA (Capital Goods)	3,684,658
	46,730	Sanofi (Pharmaceuticals, Biotechnology & Life Sciences)	4,732,669
	73,831	Total SA (Energy)	4,279,455

			27,365,341

	Germany – 5.7%
	26,553	BASF SE (Materials)	2,546,443
	27,600	Bayer AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	3,254,891
	27,462	Bayerische Motoren Werke AG (Automobiles & Components)	2,953,376
	35,625	Beiersdorf AG (Household & Personal Products)	3,163,052

			11,917,762

	Hong Kong – 2.5%
	684,795	AIA Group Ltd. (Insurance)	3,222,351
	456,000	China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)	2,045,501

			5,267,852



Shares		Description	Value
	Common Stocks – (continued)
	India – 0.7%
	43,845	Hero MotoCorp Ltd. (Automobiles & Components)	$ 1,407,570

	Indonesia – 0.5%
	4,275,500	PT Media Nusantara Citra Tbk (Media)	997,660

	Ireland – 2.0%
	37,587	Kerry Group PLC Class A (Food, Beverage & Tobacco)	2,285,943
	49,194	Shire PLC (Pharmaceuticals, Biotechnology & Life Sciences)	1,967,990

			4,253,933

	Italy – 1.2%
	385,772	UniCredit SpA (Banks)	2,463,473

	Japan – 14.9%
	25,500	Astellas Pharma, Inc. (Pharmaceuticals, Biotechnology & Life Sciences)	1,302,540
	80,300	Credit Saison Co. Ltd. (Diversified Financials)	2,186,693
	198,000	Ebara Corp. (Capital Goods)	1,113,243
	112,000	Fujitec Co. Ltd. (Capital Goods)	1,410,725
	94,700	Japan Tobacco, Inc. (Food, Beverage & Tobacco)	3,413,914
	38,600	KDDI Corp. (Telecommunication Services)	1,983,653
	185,000	Kubota Corp. (Capital Goods)	2,688,802
	28,300	Makita Corp. (Capital Goods)	1,648,850
	137,900	Nomura Real Estate Holdings, Inc. (Real Estate)	3,404,742
	26,400	Rinnai Corp. (Consumer Durables & Apparel)	1,961,889
	87,900	Sumitomo Mitsui Financial Group, Inc. (Banks)	4,256,597
	391,000	Tokyo Gas Co. Ltd. (Utilities)	2,144,604
	56,600	Unicharm Corp. (Household & Personal Products)	3,312,298

			30,828,550

	Netherlands – 1.7%
	93,627	Unilever NV CVA (Food, Beverage & Tobacco)	3,573,432

	Russia – 2.7%
	8,578	Magnit OJSC (Food & Staples Retailing)	2,171,367
	33,519	OAO Lukoil ADR (Energy)	2,120,783
	111,169	Sberbank of Russia ADR (Banks)	1,337,753

			5,629,903

	Singapore – 1.2%
	185,000	DBS Group Holdings Ltd. (Banks)	2,421,767

	South Africa – 0.7%
	467,751	Nampak Ltd. (Materials)	1,454,045



Shares		Description	Value
	Common Stocks – (continued)
	South Korea – 1.1%
	37,859	Kia Motors Corp. (Automobiles & Components)	$ 2,298,286

	Spain – 3.6%
	460,710	Banco Santander SA (Banks)	3,756,230
	233,400	Telefonica SA (Telecommunication Services)	3,628,463

			7,384,693

	Sweden – 2.5%
	120,357	Scania AB Class B (Capital Goods)	2,580,254
	200,333	Telefonaktiebolaget LM Ericsson Class B (Technology Hardware & Equipment)	2,668,184

			5,248,438

	Switzerland – 7.1%
	125,019	Credit Suisse Group AG (Registered) (Diversified Financials)*	3,823,322
	38,263	Julius Baer Group Ltd. (Diversified Financials)*	1,786,627
	91,509	Novartis AG (Registered) (Pharmaceuticals, Biotechnology & Life Sciences)	7,038,705
	42,219	Wolseley PLC (Capital Goods)	2,184,312

			14,832,966

	Taiwan – 1.3%
	120,000	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)	1,482,275
	75,955	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Semiconductors & Semiconductor Equipment)	1,288,197

			2,770,472

	United Kingdom – 16.1%
	531,431	BP PLC (Energy)	3,725,779
	608,728	Direct Line Insurance Group PLC (Insurance)	2,101,022
	646,738	HSBC Holdings PLC (Banks)	6,999,874
	411,513	Melrose Industries PLC (Capital Goods)	1,997,902
	316,024	Partnership Assurance Group PLC (Insurance)*	2,107,838
	118,028	Rio Tinto PLC (Materials)	5,761,303
	34,434	Spirax-Sarco Engineering PLC (Capital Goods)	1,678,292
	143,316	Telecity Group PLC (Software & Services)	1,925,252
	2,005,824	Vodafone Group PLC (Telecommunication Services)	7,040,092

			33,337,354

	TOTAL COMMON STOCKS		$189,555,658



Shares		Description	Value
	Preferred Stock – 0.8%
	Germany – 0.8%
	14,907	Sartorius AG (Health Care Equipment & Services)	$ 1,664,301


	Exchange Traded Funds – 6.6%
	Japan – 4.1%
	709,512	iShares MSCI Japan Fund	8,450,288

	United States – 2.5%
	81,294	iShares MSCI EAFE Fund	5,185,744

	TOTAL EXCHANGE TRADED FUNDS		$ 13,636,032

	TOTAL INVESTMENTS – 98.7%		$204,855,991

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.3%		2,610,611

	NET ASSETS – 100.0%		$207,466,602



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


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.GSAMFUNDS.com.

TAX INFORMATION — At September 30, 2013, 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 – 96.4%
	Automobiles & Components – 2.1%
	12,262	Dana Holding Corp.	$ 280,064
	10,132	Dorman Products, Inc.	502,041
	26,801	Gentex Corp.	685,838
	5,736	Modine Manufacturing Co.*	83,918
	6,436	Standard Motor Products, Inc.	206,982
	15,852	Stoneridge, Inc.*	171,360
	11,232	Superior Industries International, Inc.	200,266
	7,367	Tenneco, Inc.*	372,033

			2,502,502

	Banks – 5.8%
	4,876	1st Source Corp.	131,262
	11,422	Associated Banc-Corp.	176,927
	1,557	BOK Financial Corp.	98,636
	18,256	Central Pacific Financial Corp.	323,131
	2,296	Chemical Financial Corp.	64,104
	915	City Holding Co.	39,564
	26,229	Columbia Banking System, Inc.	647,856
	54,386	CVB Financial Corp.	735,299
	6,132	First Bancorp, Inc.	102,895
	688	First Citizens BancShares, Inc. Class A	141,453
	19,124	First Financial Bancorp	290,111
	28,099	First Interstate Bancsystem, Inc.	678,591
	2,051	Great Southern Bancorp, Inc.	57,900
	8,482	Hancock Holding Co.	266,165
	13,460	International Bancshares Corp.	291,140
	3,260	Oritani Financial Corp.	53,660
	37,349	PrivateBancorp, Inc.	799,269
	7,506	Renasant Corp.	203,938
	3,877	Sterling Financial Corp.	111,076
	42,126	Susquehanna Bancshares, Inc.	528,681
	46,228	Umpqua Holdings Corp.^(a)	749,818
	23,462	United Community Banks, Inc.*	351,930

			6,843,406

	Capital Goods – 10.0%
	14,672	AAON, Inc.	389,688
	24,476	AAR Corp.	668,929
	5,559	AECOM Technology Corp.*	173,830
	1,857	Alamo Group, Inc.	90,826
	13,384	Albany International Corp. Class A	480,084
	7,678	Alliant Techsystems, Inc.	749,066
	3,352	American Science & Engineering, Inc.	202,159
	5,860	American Woodmark Corp.*	203,049
	8,625	Astec Industries, Inc.	310,155
	9,022	Barnes Group, Inc.	315,048
	15,885	Brady Corp. Class A	484,493
	19,926	Briggs & Stratton Corp.	400,911
	6,847	Ducommun, Inc.*	196,372
	15,590	EnerSys, Inc.	945,222
	11,602	EnPro Industries, Inc.*	698,556
	665	Esterline Technologies Corp.*	53,127
	21,359	Exelis, Inc.	335,550
	9,010	Hyster-Yale Materials Handling, Inc.	807,927
	715	IDEX Corp.	46,654
	17,716	II-VI, Inc.*	333,415
	16,456	John Bean Technologies Corp.	409,425
	6,178	Kadant, Inc.	207,519



Shares		Description	Value
	Common Stocks – (continued)
	Capital Goods – (continued)
	8,849	Kaydon Corp.	$ 314,317
	22,341	LSI Industries, Inc.	188,558
	8,267	Lydall, Inc.*	141,944
	9,579	Miller Industries, Inc.	162,651
	9,052	Orbital Sciences Corp.*	191,721
	16,132	Polypore International, Inc.*^(a)	660,928
	1,545	Simpson Manufacturing Co., Inc.	50,321
	4,766	Taser International, Inc.*	71,061
	15,438	Tecumseh Products Co. Class A*	138,170
	8,446	Universal Forest Products, Inc.	355,577
	6,747	WABCO Holdings, Inc.*	568,502
	2,204	Watsco, Inc.	207,771
	4,280	Watts Water Technologies, Inc. Class A	241,264

			11,794,790

	Commercial & Professional Services – 3.9%
	11,013	CDI Corp.	168,609
	3,172	Consolidated Graphics, Inc.*	177,822
	9,051	Deluxe Corp.	377,065
	5,824	FTI Consulting, Inc.*	220,147
	8,302	Heidrick & Struggles International, Inc.	158,236
	4,419	ICF International, Inc.*	156,477
	11,844	Insperity, Inc.	445,334
	35,128	Kelly Services, Inc. Class A	683,942
	13,701	Kforce, Inc.	242,371
	18,046	Kimball International, Inc. Class B	200,130
	16,499	Korn/Ferry International*	353,079
	8,571	Manpowergroup, Inc.	623,454
	20,955	Quad/Graphics, Inc.^(a)	636,194
	4,370	R.R. Donnelley & Sons Co.	69,046
	9,337	RPX Corp.*	163,678

			4,675,584

	Consumer Durables & Apparel – 4.3%
	7,770	Blyth, Inc.^(a)	107,459
	12,335	Brunswick Corp.	492,290
	10,878	Columbia Sportswear Co.	655,182
	4,031	Crocs, Inc.*	54,862
	2,729	CSS Industries, Inc.	65,523
	12,744	Ethan Allen Interiors, Inc.	355,175
	86,664	Hovnanian Enterprises, Inc. Class A*^(a)	453,253
	1,536	iRobot Corp.*	57,861
	7,145	Movado Group, Inc.	312,594
	3,351	NACCO Industries, Inc. Class A	185,712
	8,858	Perry Ellis International, Inc.	166,885
	22,607	Skechers U.S.A., Inc. Class A*	703,304
	27,644	Smith & Wesson Holding Corp.*^(a)	303,808
	13,118	Sturm, Ruger & Co., Inc.^(a)	821,580
	14,744	William Lyon Homes Class A*	299,598

			5,035,086

	Consumer Services – 5.7%
	7,570	American Public Education, Inc.*	286,146
	33,477	Apollo Group, Inc. Class A*	696,656
	6,442	Ascent Capital Group, Inc. Class A*	519,354
	7,835	Bally Technologies, Inc.*	564,590



Shares		Description	Value
	Common Stocks – (continued)
	Consumer Services – (continued)
	1,044	Biglari Holdings, Inc.*	$ 430,828
	49,230	Boyd Gaming Corp.*	696,605
	3,850	Capella Education Co.*	217,756
	1,148	CEC Entertainment, Inc.	52,647
	17,188	K12, Inc.*	530,765
	11,120	Krispy Kreme Doughnuts, Inc.*	215,061
	12,665	Outerwall, Inc.*^(a)	633,123
	1,580	Papa John’s International, Inc.	110,410
	2,360	Red Robin Gourmet Burgers, Inc.*	167,796
	3,348	Strayer Education, Inc.^(a)	139,009
	28,631	Texas Roadhouse, Inc.	752,423
	27,209	WMS Industries, Inc.*	706,074

			6,719,243

	Diversified Financials – 6.4%
	65,613	BGC Partners, Inc. Class A	370,713
	36,839	BlackRock Kelso Capital Corp.	349,602
	17,689	Cash America International, Inc.	800,958
	677	Diamond Hill Investment Group, Inc.	72,405
	2,184	Financial Engines, Inc.	129,817
	10,251	FXCM, Inc. Class A	202,457
	7,909	GAMCO Investors, Inc. Class A	600,530
	14,135	Gladstone Capital Corp.	123,399
	14,823	Green Dot Corp. Class A*	390,290
	16,159	Greenhill & Co., Inc.	806,011
	18,609	Investment Technology Group, Inc.*	292,534
	71,562	Janus Capital Group, Inc.	608,993
	18,343	Nelnet, Inc. Class A	705,288
	32,840	PHH Corp.*	779,622
	4,105	Piper Jaffray Companies*	140,760
	449	Virtus Investment Partners, Inc.*	73,025
	7,619	Walter Investment Management Corp.*	301,255
	12,713	WisdomTree Investments, Inc.*	147,598
	7,779	World Acceptance Corp.*	699,488

			7,594,745

	Energy – 2.6%
	11,037	C&J Energy Services, Inc.*^(a)	221,623
	6,640	Comstock Resources, Inc.	105,642
	3,425	Contango Oil & Gas Co.	125,869
	72,723	EXCO Resources, Inc.^(a)	490,153
	14,187	Exterran Holdings, Inc.*	391,136
	61,948	Forest Oil Corp.*	377,883
	2,985	Green Plains Renewable Energy, Inc.	47,909
	9,463	Helix Energy Solutions Group, Inc.*	240,076
	22,501	Northern Oil and Gas, Inc.*	324,689
	19,422	Parker Drilling Co.*	110,705
	33,315	SandRidge Energy, Inc.*^(a)	195,226
	986	SEACOR Holdings, Inc.	89,174
	9,582	Ship Finance International Ltd.	146,317
	6,229	Stone Energy Corp.*	202,007

			3,068,409

	Food & Staples Retailing – 0.1%
	11,024	The Pantry, Inc.*	122,146



Shares		Description	Value
	Common Stocks – (continued)
	Food, Beverage & Tobacco – 2.0%
	9,175	Lancaster Colony Corp.	$ 718,311
	49,299	Pilgrim’s Pride Corp.*^(b)	827,730
	10,887	Sanderson Farms, Inc.	710,268
	55	Seaboard Corp.	151,140

			2,407,449

	Health Care Equipment & Services – 5.0%
	2,094	Align Technology, Inc.*	100,763
	6,144	Amedisys, Inc.*	105,800
	12,634	AMN Healthcare Services, Inc.*	173,844
	4,871	Bio-Reference Labs, Inc.*^(a)	145,545
	1,035	Computer Programs & Systems, Inc.	60,548
	5,864	Corvel Corp.*	216,792
	2,989	Cynosure, Inc. Class A*	68,179
	4,952	ICU Medical, Inc.*	336,389
	31,683	Kindred Healthcare, Inc.	425,503
	12,833	Magellan Health Services, Inc.*	769,467
	25,946	Masimo Corp.	691,201
	5,328	Meridian Bioscience, Inc.	126,007
	20,102	Molina Healthcare, Inc.*	715,631
	2,500	National Healthcare Corp.	118,175
	4,208	Omnicell, Inc.*	99,645
	13,358	PharMerica Corp.*	177,261
	31,572	Quality Systems, Inc.	686,060
	13,773	Select Medical Holdings Corp.	111,148
	22,345	Skilled Healthcare Group, Inc. Class A*	97,424
	17,644	Triple-S Management Corp. Class B*	324,473
	8,175	Vascular Solutions, Inc.*	137,340
	2,771	WellCare Health Plans, Inc.*	193,250

			5,880,445

	Household & Personal Products – 0.6%
	8,370	USANA Health Sciences, Inc.^*	726,432

	Insurance – 1.9%
	692	Allied World Assurance Co. Holdings AG	68,778
	21,560	Amtrust Financial Services, Inc.^(a)	842,134
	2,098	Aspen Insurance Holdings Ltd.	76,136
	2,407	Employers Holdings, Inc.	71,584
	4,129	Global Indemnity PLC*	105,124
	7,685	Primerica, Inc.	310,013
	45,967	Symetra Financial Corp.	819,132

			2,292,901

	Materials – 6.0%
	18,629	A. Schulman, Inc.	548,810
	16,364	Allegheny Technologies, Inc.	499,429
	15,146	Cliffs Natural Resources, Inc.^(a)	310,493
	7,229	Commercial Metals Co.	122,532
	2,230	FutureFuel Corp.	40,051
	32,560	Globe Specialty Metals, Inc.	501,750
	731	Kaiser Aluminum Corp.	52,084
	3,972	Koppers Holdings, Inc.	169,406
	14,155	Materion Corp.	453,809
	17,896	Olin Corp.	412,861
	12,567	OM Group, Inc.*	424,513
	5,686	OMNOVA Solutions, Inc.*	48,615
	2,260	P.H. Glatfelter Co.	61,178



Shares		Description	Value
	Common Stocks – (continued)
	Materials – (continued)
	8,098	Reliance Steel & Aluminum Co.	$ 593,340
	14,190	Schnitzer Steel Industries, Inc. Class A	390,793
	2,954	Schweitzer-Mauduit International, Inc.	178,806
	48,974	Senomyx, Inc.*	172,878
	12,931	Stepan Co.	746,507
	31,534	SunCoke Energy, Inc.*	536,078
	730	The Valspar Corp.	46,304
	21,438	Worthington Industries, Inc.	738,110

			7,048,347

	Media – 0.6%
	8,061	Entercom Communications Corp. Class A*	70,776
	7,679	Harte-Hanks, Inc.	67,805
	23,343	Journal Communications, Inc. Class A*	199,583
	11,925	Scholastic Corp.	341,651

			679,815

	Pharmaceuticals, Biotechnology & Life Sciences – 7.5%
	7,091	Acorda Therapeutics, Inc.*	243,079
	33,443	Affymetrix, Inc.*	207,347
	24,117	Arena Pharmaceuticals, Inc.*^(a)	127,096
	14,233	Cambrex Corp.*	187,876
	20,644	Cepheid, Inc.*	805,942
	12,962	Charles River Laboratories International, Inc.*	599,622
	10,916	Cubist Pharmaceuticals, Inc.*	693,712
	22,468	Curis, Inc.*^(a)	100,207
	19,736	Emergent Biosolutions, Inc.*	375,971
	21,806	Genomic Health, Inc.*^(a)	666,827
	5,598	Halozyme Therapeutics, Inc.*	61,802
	28,985	Isis Pharmaceuticals, Inc.*^(a)	1,088,097
	1,256	Ligand Pharmaceuticals, Inc. Class B*	54,360
	6,289	Luminex Corp.*	125,780
	21,278	MannKind Corp.*^(a)	121,285
	11,934	Momenta Pharmaceuticals, Inc.*	171,730
	1,898	Myriad Genetics, Inc.*	44,603
	17,825	PAREXEL International Corp.*	895,350
	88,504	PDL BioPharma, Inc.^(a)	705,377
	3,375	Questcor Pharmaceuticals, Inc.	195,750
	2,496	Sagent Pharmaceuticals, Inc.*	50,918
	12,634	Sangamo Biosciences, Inc.*	132,404
	20,549	Santarus, Inc.*	463,791
	25,949	Sciclone Pharmaceuticals, Inc.*	131,561
	8,709	United Therapeutics Corp.*	686,705

			8,937,192

	Real Estate – 5.2%
	9,162	American Assets Trust, Inc. (REIT)	279,533
	12,847	Aviv REIT, Inc. (REIT)	292,912
	17,281	Colony Financial, Inc. (REIT)	345,274
	10,642	CoreSite Realty Corp. (REIT)	361,189
	8,729	Corrections Corp. of America (REIT)	301,587
	37,814	Cousins Properties, Inc. (REIT)	389,106
	11,887	CubeSmart (REIT)	212,064
	2,179	Extra Space Storage, Inc. (REIT)	99,689



Shares		Description	Value
	Common Stocks – (continued)
	Real Estate – (continued)
	17,228	Forestar Group, Inc.*	$ 370,919
	16,513	Getty Realty Corp. (REIT)	320,848
	7,912	Investors Real Estate Trust (REIT)	65,274
	2,515	Jones Lang LaSalle, Inc.	219,559
	3,830	PS Business Parks, Inc. (REIT)	285,795
	14,599	Realogy Holdings Corp.*	628,049
	18,638	Ryman Hospitality Properties, Inc. (REIT)^(a)	643,197
	4,411	Sovran Self Storage, Inc. (REIT)	333,824
	3,245	Taubman Centers, Inc. (REIT)	218,421
	24,871	The Geo Group, Inc. (REIT)	826,961

			6,194,201

	Retailing – 3.8%
	8,794	Barnes & Noble, Inc.*	113,794
	1,689	Blue Nile, Inc.*	69,131
	9,959	Brown Shoe Co., Inc.	233,738
	3,287	Destination Maternity Corp.	104,527
	10,209	Fred’s, Inc. Class A	159,771
	14,488	GameStop Corp. Class A	719,329
	18,678	Guess?, Inc.	557,538
	2,892	Haverty Furniture Companies, Inc.	70,941
	11,564	hhgregg, Inc.*	207,111
	4,978	HomeAway, Inc.*	139,384
	9,914	Lithia Motors, Inc. Class A	723,325
	7,293	Monro Muffler Brake, Inc.	339,052
	11,900	OfficeMax, Inc.	152,201
	36,244	Orbitz Worldwide, Inc.*	349,030
	11,823	Stein Mart, Inc.	162,211
	29,214	The Pep Boys-Manny Moe & Jack*	364,299

			4,465,382

	Semiconductors & Semiconductor Equipment – 3.5%
	13,360	Advanced Energy Industries, Inc.*	234,067
	8,639	Cabot Microelectronics Corp.*	332,774
	46,333	Cypress Semiconductor Corp.*	432,750
	7,015	DSP Group, Inc.*	49,456
	28,252	International Rectifier Corp.*	699,802
	66,936	Intersil Corp. Class A	751,691
	28,994	Micrel, Inc.	264,136
	5,524	Monolithic Power Systems, Inc.	167,267
	8,735	Photronics, Inc.*	68,395
	27,640	PLX Technology, Inc.*	166,393
	72,964	Rambus, Inc.*	685,862
	26,081	Spansion, Inc. Class A*	263,157

			4,115,750

	Software & Services – 8.8%
	10,939	Acxiom Corp.*	310,558
	26,781	Aspen Technology, Inc.*	925,284
	23,478	AVG Technologies NV*	562,063
	6,449	Blucora, Inc.*	148,198
	9,303	Booz Allen Hamilton Holding Corp.	179,734
	39,913	Ciber, Inc.*	131,713
	16,822	Constant Contact, Inc.*	398,513
	12,586	CoreLogic, Inc.*	340,451
	11,209	CSG Systems International, Inc.	280,785



Shares		Description	Value
	Common Stocks – (continued)
	Software & Services – (continued)
	18,157	Digital River, Inc.*	$ 324,466
	10,855	Euronet Worldwide, Inc.*	432,029
	9,572	Forrester Research, Inc.	351,867
	10,625	Global Cash Access Holdings, Inc.*	82,981
	24,187	ManTech International Corp. Class A	695,618
	25,040	Marchex, Inc. Class B	182,291
	3,180	Monotype Imaging Holdings, Inc.	91,139
	9,828	Netscout Systems, Inc.*	251,302
	1,468	Pegasystems, Inc.	58,441
	7,763	QAD, Inc. Class A	105,887
	7,660	Sapient Corp.*	119,266
	19,928	SS&C Technologies Holdings, Inc.*	759,257
	3,994	Stamps.com, Inc.*	183,444
	10,475	TeleTech Holdings, Inc.*	262,818
	10,273	The Active Network, Inc.*	147,007
	58,002	TiVo, Inc.*	721,545
	4,485	Travelzoo, Inc.*	119,032
	36,807	ValueClick, Inc.*	767,426
	14,255	VistaPrint NV*^(a)	805,693
	23,375	WebMD Health Corp.*	668,525

			10,407,333

	Technology Hardware & Equipment – 5.8%
	4,038	Aruba Networks, Inc.*	67,192
	27,032	AVX Corp.	354,930
	32,750	Benchmark Electronics, Inc.*	749,648
	4,826	Checkpoint Systems, Inc.*	80,594
	41,270	Extreme Networks, Inc.*	215,429
	49,144	Harmonic, Inc.*	377,917
	31,123	Imation Corp.*	127,604
	51,766	Infinera Corp.*	585,473
	20,908	InterDigital, Inc.	780,496
	16,682	Lexmark International, Inc. Class A	550,506
	3,061	Methode Electronics, Inc.	85,708
	3,032	Plexus Corp.*	112,790
	12,871	Rofin-Sinar Technologies, Inc.*	311,607
	43,890	Sanmina Corp.*	767,636
	3,023	ScanSource, Inc.*	104,596
	23,506	Symmetricom, Inc.*	113,299
	14,581	Synaptics, Inc.*	645,647
	49,840	Tellabs, Inc.	113,137
	34,494	TTM Technologies, Inc.*	336,317
	33,459	Vishay Intertechnology, Inc.*	431,287

			6,911,813

	Telecommunication Services – 1.2%
	15,011	Cbeyond, Inc.*	96,221
	8,305	magicJack VocalTec Ltd.*	106,885
	16,460	Telephone & Data Systems, Inc.	486,393
	11,532	United States Cellular Corp.	525,052
	11,582	USA Mobility, Inc.	164,001

			1,378,552

	Transportation – 3.0%
	9,689	Alaska Air Group, Inc.	606,725
	7,607	Allegiant Travel Co.	801,474
	24,604	Heartland Express, Inc.	349,131



Shares		Description	Value
	Common Stocks – (continued)
	Transportation – (continued)
	22,013	Knight Transportation, Inc.	$ 363,655
	17,688	Matson, Inc.	463,956
	29,138	Pacer International, Inc.*	180,364
	24,288	Republic Airways Holdings, Inc.*	289,027
	1,734	Seaspan Corp.	42,431
	27,887	SkyWest, Inc.	404,919

			3,501,682

	Utilities – 0.6%
	11,451	Genie Energy Ltd. Class B*	112,220
	3,806	Northwest Natural Gas Co.	159,776
	9,340	Southwest Gas Corp.	467,000

			738,996

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE		$114,042,201



Shares	Rate	Value
Securities Lending Reinvestment Vehicle^(c)(d) – 7.9%
Goldman Sachs Financial Square Money Market Fund — FST Shares
9,334,575	0.058%	$ 9,334,575

TOTAL INVESTMENTS – 104.3%		$123,376,776

LIABILITIES IN EXCESS OF OTHER ASSETS – (4.3)%		(5,093,852)

NET ASSETS – 100.0%		$118,282,924


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, 2013.

(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.GSAMFUNDS.com.

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

TAX INFORMATION — At September 30, 2013, 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 – 97.0%
	Automobiles & Components – 0.4%
	57,942	Gentex Corp.	$ 1,482,736
	7,627	Johnson Controls, Inc.	316,520

			1,799,256

	Banks – 2.4%
	31,539	The PNC Financial Services Group, Inc.	2,285,001
	133,087	U.S. Bancorp	4,868,322
	66,180	Wells Fargo & Co.	2,734,558

			9,887,881

	Capital Goods – 8.4%
	2,623	Alliant Techsystems, Inc.	255,900
	72,834	Danaher Corp.	5,048,853
	37,909	Donaldson Co., Inc.	1,445,470
	336,101	General Electric Co.	8,029,453
	64,009	Illinois Tool Works, Inc.	4,881,966
	3,472	Jacobs Engineering Group, Inc.*	202,001
	59,916	Raytheon Co.	4,617,726
	53,000	The Boeing Co.	6,227,500
	41,202	WABCO Holdings, Inc.*	3,471,681

			34,180,550

	Commercial & Professional Services – 0.7%
	39,855	Manpowergroup, Inc.	2,899,053

	Consumer Durables & Apparel – 4.4%
	2,074	Fossil Group, Inc.*	241,082
	93,266	Garmin Ltd.^(a)	4,214,691
	64,918	Hasbro, Inc.^(a)	3,060,234
	78,312	NIKE, Inc. Class B	5,688,584
	25,997	PulteGroup, Inc.	428,950
	26,315	Ralph Lauren Corp.	4,334,870

			17,968,411

	Consumer Services – 3.1%
	99,820	Apollo Group, Inc. Class A*	2,077,254
	1,940	Bally Technologies, Inc.*	139,796
	120,061	Carnival Corp.	3,918,791
	30,369	Las Vegas Sands Corp.	2,017,109
	27,761	Wynn Resorts Ltd.	4,386,516

			12,539,466

	Diversified Financials – 6.8%
	199,757	Bank of America Corp.	2,756,647
	68,436	Capital One Financial Corp.	4,704,291
	50,958	Citigroup, Inc.	2,471,972
	179,306	JPMorgan Chase & Co.	9,268,327
	5,133	Legg Mason, Inc.	171,647
	43,512	Morgan Stanley	1,172,648
	98,268	SEI Investments Co.	3,037,464
	176,840	The Charles Schwab Corp.	3,738,398

			27,321,394

	Energy – 7.5%
	10,805	Anadarko Petroleum Corp.	1,004,757
	84,051	Baker Hughes, Inc.	4,126,904
	37,211	Cabot Oil & Gas Corp.	1,388,714
	37,704	Chesapeake Energy Corp.	975,780
	14,665	ConocoPhillips	1,019,364
	19,578	Devon Energy Corp.	1,130,825
	24,975	EOG Resources, Inc.	4,227,768



Shares		Description	Value
	Common Stocks – (continued)
	Energy – (continued)
	59,651	Hess Corp.	$ 4,613,408
	6,538	Occidental Petroleum Corp.	611,565
	70,639	Phillips 66	4,084,347
	44,795	Rowan Companies PLC Class A*	1,644,872
	74,491	Southwestern Energy Co.*	2,709,983
	42,974	Valero Energy Corp.	1,467,562
	59,027	WPX Energy, Inc.*	1,136,860

			30,142,709

	Food & Staples Retailing – 2.2%
	46,695	Costco Wholesale Corp.	5,375,529
	4,443	CVS Caremark Corp.	252,140
	45,513	Safeway, Inc.	1,455,961
	21,892	Wal-Mart Stores, Inc.	1,619,132

			8,702,762

	Food, Beverage & Tobacco – 4.4%
	170,675	Altria Group, Inc.	5,862,686
	68,283	Archer-Daniels-Midland Co.	2,515,546
	1,703	Bunge Ltd.	129,275
	8,807	Green Mountain Coffee Roasters, Inc.*	663,431
	72,094	Lorillard, Inc.	3,228,369
	29,198	Molson Coors Brewing Co. Class B	1,463,696
	4,027	Monster Beverage Corp.*	210,411
	44,014	Philip Morris International, Inc.	3,811,172

			17,884,586

	Health Care Equipment & Services – 5.7%
	159,788	Abbott Laboratories	5,303,364
	212,261	Boston Scientific Corp.*	2,491,944
	56,419	Edwards Lifesciences Corp.*	3,928,455
	17,228	McKesson Corp.	2,210,352
	102,514	Medtronic, Inc.	5,458,871
	21,924	St. Jude Medical, Inc.	1,176,003
	33,360	Varian Medical Systems, Inc.*	2,492,993

			23,061,982

	Household & Personal Products – 0.5%
	31,342	Herbalife Ltd.^(a)	2,186,731

	Materials – 4.6%
	29,142	Allegheny Technologies, Inc.	889,414
	49,421	LyondellBasell Industries NV Class A	3,619,100
	2,987	Packaging Corp. of America	170,528
	28,379	PPG Industries, Inc.	4,740,996
	34,949	Reliance Steel & Aluminum Co.	2,560,713
	1,754	Sigma-Aldrich Corp.	149,616
	35,550	The Dow Chemical Co.	1,365,120
	14,680	The Sherwin-Williams Co.	2,674,402
	36,301	The Valspar Corp.	2,302,573

			18,472,462

	Media – 1.3%
	83,504	Comcast Corp. Class A	3,655,325
	22,791	DIRECTV*	1,361,762
	19,401	News Corp. Class A*	311,580

			5,328,667



Shares		Description	Value
	Common Stocks – (continued)
	Pharmaceuticals, Biotechnology & Life Sciences – 10.4%
	10,088	AbbVie, Inc.	$ 451,236
	20,919	Alexion Pharmaceuticals, Inc.*	2,429,951
	20,898	Allergan, Inc.	1,890,224
	9,817	Amgen, Inc.	1,098,915
	3,052	Biogen Idec, Inc.*	734,800
	31,315	Celgene Corp.*	4,820,318
	79,449	Gilead Sciences, Inc.*	4,992,575
	116,531	Johnson & Johnson	10,102,073
	128,587	Merck & Co., Inc.	6,122,027
	322,378	Pfizer, Inc.	9,255,472

			41,897,591

	Real Estate – 4.0%
	59,665	American Tower Corp. (REIT)	4,422,966
	4,600	Apartment Investment & Management Co. Class A (REIT)	128,524
	107,517	CBRE Group, Inc. Class A*	2,486,868
	20,230	Public Storage (REIT)	3,247,927
	92,914	Realogy Holdings Corp.*	3,997,160
	28,493	Taubman Centers, Inc. (REIT)	1,917,864

			16,201,309

	Retailing – 6.2%
	9,728	AutoZone, Inc.*	4,112,317
	63,154	GameStop Corp. Class A	3,135,596
	15,826	Guess?, Inc.	472,406
	25,925	L Brands, Inc.	1,584,018
	87,428	Lowe’s Companies, Inc.	4,162,447
	22,053	O’Reilly Automotive, Inc.*	2,813,742
	11,164	Staples, Inc.	163,553
	81,539	Target Corp.	5,216,865
	33,589	The Home Depot, Inc.	2,547,726
	27,045	Urban Outfitters, Inc.*	994,445

			25,203,115

	Semiconductors & Semiconductor Equipment – 1.9%
	164,026	Broadcom Corp. Class A	4,266,316
	30,903	Lam Research Corp.*	1,581,925
	65,155	Maxim Integrated Products, Inc.	1,941,619

			7,789,860

	Software & Services – 8.9%
	29,214	AOL, Inc.*	1,010,220
	7,052	CoreLogic, Inc.*	190,757
	103,648	eBay, Inc.*	5,782,522
	12,221	Google, Inc. Class A*	10,704,496
	33,047	International Business Machines Corp.	6,119,643
	2,513	Mastercard, Inc. Class A	1,690,696
	217,309	Oracle Corp.	7,208,140
	8,647	Symantec Corp.	214,013
	39,888	VMware, Inc. Class A*	3,226,939

			36,147,426

	Technology Hardware & Equipment – 8.2%
	27,876	Apple, Inc.	13,289,883
	12,887	AVX Corp.	169,206
	142,579	Cisco Systems, Inc.	3,339,200
	134,108	Corning, Inc.	1,956,636
	294,819	Flextronics International Ltd.*	2,679,905
	236,167	Hewlett-Packard Co.	4,954,784



Shares		Description	Value
	Common Stocks – (continued)
	Technology Hardware & Equipment – (continued)
	4,019	Lexmark International, Inc. Class A	$ 132,627
	8,576	QUALCOMM, Inc.	577,679
	88,083	TE Connectivity Ltd.	4,560,938
	6,175	Western Digital Corp.	391,495
	97,014	Xerox Corp.	998,274

			33,050,627

	Telecommunication Services – 3.5%
	263,055	AT&T, Inc.	8,896,520
	90,807	CenturyLink, Inc.	2,849,524
	5,331	Telephone & Data Systems, Inc.	157,531
	51,348	Verizon Communications, Inc.	2,395,898

			14,299,473

	Transportation – 1.3%
	2,458	Alaska Air Group, Inc.	153,920
	38,208	FedEx Corp.	4,359,915
	11,356	Southwest Airlines Co.	165,343
	6,300	United Parcel Service, Inc. Class B	575,631

			5,254,809

	Utilities – 0.2%
	28,892	AES Corp.	383,974
	7,759	Exelon Corp.	229,977

			613,951

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE		$392,834,071



Shares	Rate	Value
Securities Lending Reinvestment Vehicle^(b)(c) – 1.9%
Goldman Sachs Financial Square Money Market Fund — FST Shares
7,614,625	0.058%	$ 7,614,625

TOTAL INVESTMENTS – 98.9%		$400,448,696

OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1%		4,443,934

NET ASSETS – 100.0%		$404,892,630



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

*		Non-income producing security.

(a)		All or a portion of security is on loan.

(b)		Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2013.

(c)		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.GSAMFUNDS.com.

TAX INFORMATION — At September 30, 2013, 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).

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’s or Goldman Sachs Asset Management International (“GSAMI”) assumptions in determining fair value measurement).

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

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

Equity Securities — Equity securities and investment companies traded on a 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. These investments are generally classified as Level 2 of the fair value hierarchy.

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

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 other assets or receivables. 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 whereby a Fund sells mortgage-backed-securities and simultaneously contracts with the same counterparty to repurchase similar securities on a specified future date. During the settlement period, a Fund will not be entitled to accrue interest and receive 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 a 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 a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement which may result in a realized gain or loss.

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

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

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

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

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, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.

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

JOINT REPURCHASE AGREEMENT ACCOUNT III — At September 30, 2013, the Money Market Fund had undivided interests in the Joint Repurchase Agreement Account III, with a maturity date of October 1, 2013, as follows:

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

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of September 30, 2013. For the Money Market Fund, all investments are classified as Level 2. Please refer to the Schedule of Investments for further detail.

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

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

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

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

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

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

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

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

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	EUR/USD	12/18/13	$	101,484	$	2,331
Barclays Bank PLC	EUR/USD	12/18/13		100,131		1,547
	GBP/EUR	12/18/13		404,455		2,577
	NOK/USD	12/18/13		126,655		1,551
BNP Paribas SA	GBP/USD	12/18/13		620,558		22,126
Citibank NA	EUR/USD	12/18/13		399,172		674
	GBP/EUR	12/18/13		200,369		106
	NZD/USD	12/18/13		99,128		1,274
Credit Suisse International	JPY/USD	12/18/13		100,670		670
HSBC Bank PLC	EUR/SEK	12/18/13		100,131		114
JPMorgan Chase Bank NA	EUR/NOK	12/18/13		399,172		7,043
	EUR/USD	12/18/13		399,172		4,631
	JPY/USD	12/18/13		199,649		649
Royal Bank of Scotland	GBP/USD	12/18/13		100,315		2,596
Standard Chartered Bank	USD/JPY	12/18/13		99,516		484
State Street Bank	GBP/EUR	12/18/13		201,787		171
	JPY/USD	12/18/13		399,519		519
Westpac Banking Corp.	AUD/USD	12/18/13		300,238		5,783
	NZD/AUD	12/18/13		100,514		1,200
	USD/AUD	12/18/13		394,470		2,234

TOTAL					$	58,280


FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

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

Bank of America NA	USD/EUR	12/18/13	$	400,525	$	(5,366	)
Barclays Bank PLC	EUR/GBP	12/18/13		100,131		(126	)
	NOK/EUR	12/18/13		96,999		(3,132	)
BNP Paribas SA	EUR/GBP	12/18/13		610,259		(5,300	)
	USD/JPY	12/18/13		403,343		(3,590	)
Citibank NA	EUR/GBP	12/18/13		101,484		(755	)
	USD/CAD	12/18/13		485,431		(863	)
	USD/EUR	12/18/13		558,627		(8,971	)
	USD/JPY	12/18/13		99,015		(15	)
Credit Suisse International	EUR/CHF	12/18/13		100,131		(1,150	)
Deutsche Bank AG (London)	AUD/USD	12/18/13		195,843		(60	)
	USD/EUR	12/18/13		200,262		(662	)
HSBC Bank PLC	USD/AUD	12/18/13		99,314		(1,329	)
	USD/SEK	12/18/13		325,482		(4,502	)
JPMorgan Chase Bank NA	NOK/EUR	12/18/13		298,341		(6,112	)
	USD/EUR	10/25/13		1,133,553		(23,757	)
	USD/EUR	12/18/13		637,322		(3,090	)
Morgan Stanley Co., Inc.	NZD/USD	12/18/13		195,779		(2,475	)
Royal Bank of Canada	CAD/USD	12/18/13		492,989		(3,011	)
	USD/GBP	10/24/13		2,874,380		(68,461	)
	USD/CAD	12/18/13		99,575		(75	)
	USD/NZD	12/18/13		199,942		(7,342	)
Royal Bank of Scotland	USD/GBP	12/18/13		200,630		(648	)
State Street Bank	NOK/EUR	12/18/13		201,087		(6,586	)
	USD/CHF	12/18/13		401,663		(11,214	)
	USD/EUR	12/18/13		100,131		(17	)
	USD/JPY	12/18/13		100,878		(1,878	)
Westpac Banking Corp.	AUD/USD	12/18/13		389,830		(4,424	)
	EUR/USD	12/18/13		198,909		(195	)
	USD/AUD	12/18/13		101,610		(538	)

TOTAL					$	(175,644	)


Type	Number of Contracts Long (Short)	Expiration Date	Current Value			Unrealized Gain (Loss)
U.S. Long Bond	(44)	December 2013	$	(5,868,500	)	$	(70,106	)
U.S. Ultra Long Treasury Bonds	19	December 2013		2,699,781			5,784
2 Year U.S. Treasury Notes	26	December 2013		5,726,906			15,399
5 Year U.S. Treasury Notes	120	December 2013		14,525,625			173,904
10 Year U.S. Treasury Notes	(78)	December 2013		(9,858,469	)		(77,117	)

TOTAL						$	47,864



Tax cost	$	123,776,159

Gross unrealized gain		2,939,874
Gross unrealized loss		(1,857,249	)

Net unrealized security gain	$	1,082,625


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

S&P 500 E-mini Index	15	December 2013	$	1,255,725	$	(5,416	)



Tax cost	$	125,405,104

Gross unrealized gain		74,654,201
Gross unrealized loss		(20,265,729	)

Net unrealized security gain	$	54,388,472


Description	Interest Rate	Maturity Date^(g)	Settlement Date	Principal Amount			Value

FHLMC	5.000%	TBA-30yr	10/10/13	$	(1,000,000	)	$	(1,078,594	)
FNMA	5.000%	TBA-30yr	10/10/13		(2,000,000	)		(2,169,062	)

TOTAL (Proceeds Receivable: $3,231,797)							$	(3,247,656	)



Tax cost	$	57,625,743

Gross unrealized gain		1,398,236
Gross unrealized loss		(14,087	)

Net unrealized security gain	$	1,384,149



Tax cost	$	139,747,581

Gross unrealized gain		55,258,224
Gross unrealized loss		(1,013,702	)

Net unrealized security gain	$	54,244,522



Tax cost	$	69,155,453

Gross unrealized gain		276,599
Gross unrealized loss		(275,668	)

Net unrealized security gain	$	931



Tax cost	$	908,672,494

Gross unrealized gain		198,118,467
Gross unrealized loss		(18,015,006	)

Net unrealized security gain	$	180,103,461



Tax cost	$	839,053,813

Gross unrealized gain		135,864,558
Gross unrealized loss		(20,091,386	)

Net unrealized security gain	$	115,773,172



Tax cost	$	363,081,140

Gross unrealized gain		111,575,738
Gross unrealized loss		(2,191,355	)

Net unrealized security gain	$	109,384,383



Tax cost	$	183,638,619

Gross unrealized gain		24,571,360
Gross unrealized loss		(3,353,988	)

Net unrealized security gain	$	21,217,372



Tax cost	$	108,400,528

Gross unrealized gain		17,709,388
Gross unrealized loss		(2,733,140	)

Net unrealized security gain	$	14,976,248



Tax cost	$	376,669,378

Gross unrealized gain		30,670,189
Gross unrealized loss		(6,890,871	)

Net unrealized security gain	$	23,779,318


Principal Amount	Maturity Value	Collateral Value
$24,900,000	$24,900,053		$25,550,394

REPURCHASE AGREEMENTS — At September 30, 2013, the Principal Amounts of the Money Market Fund’s interest in the Joint Repurchase Agreement Account III were as follows:

Counterparty	Interest Rate	Principal Amount
ABN Amro Bank N.V.	0.080%		$3,434,483
BNP Paribas Securities Corp.	0.050		4,293,103
Citibank, N.A.	0.100		4,906,404
Crédit Agricole Corporate and Investment Bank	0.080		7,359,606
Wells Fargo Securities LLC	0.070		4,906,404
TOTAL			$24,900,000

At September 30, 2013, the Joint Repurchase Agreement Account III was fully collateralized by cash and the following securities:

Issuer	Interest Rates	Maturity Dates
Federal Home Loan Mortgage Corp.	2.000 to 7.000%		10/01/13 to 09/01/43
Federal National Mortgage Association	2.000 to 8.500		10/01/13 to 08/01/47
Government National Mortgage Association	3.500 to 5.000		07/20/41 to 08/15/42
U.S. Treasury Note	0.250		05/31/14


CORE FIXED INCOME

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	32,036,794		$	—
Mortgage-Backed Obligations		—			43,487,765			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		22,079,012			7,667,848			—
Asset-Backed Securities		—			9,439,741			—
Foreign Debt Obligations		1,667,966			3,924,054			—
Municipal Debt Obligations		—			3,435,540			—
Government Guarantee Obligations		—			1,120,064			—
Total	$	23,746,978		$	101,111,806		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(3,247,656	)	$	—

Derivative Type
Assets^(a)
Futures Contracts	$	195,087		$	—		$	—
Forward Foreign Currency Exchange Contracts		—			58,280			—
Liabilities^(a)
Futures Contracts	$	(147,223	)	$	—		$	—
Forward Foreign Currency Exchange Contracts		—			(175,644	)		—

EQUITY INDEX

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	179,653,581		$	—		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		139,995			—			—
Total	$	179,793,576		$	—		$	—

Derivative Type
Liabilities^(a)
Futures Contracts	$	(5,416	)	$	—		$	—

GLOBAL MARKETS NAVIGATOR

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Agency Debenture	$	—		$	12,244,187		$	—
U.S. Treasury Obligation and/or Other U.S. Government Agencies		6,424,784			—			—
Exchange Traded Funds		29,426,442			—			—
Investment Company		8,141,354			—			—
Securities Lending Reinvestment Vehicle		2,773,125			—			—
Total	$	46,765,705		$	12,244,187		$	—

Derivative Type
Assets^(a)
Futures Contracts	$	403,206		$	—		$	—

GROWTH OPPORTUNITIES

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	193,992,103		$	—		$	—


HIGH QUALITY FLOATING RATE

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	49,077,949		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		2,613,672			—			—
Asset-Backed Securities		—			17,464,763			—
Total	$	2,613,672		$	66,542,712		$	—

Derivative Type
Assets^(a)
Futures Contracts	$	32,268		$	—		$	—
Liabilities^(a)
Futures Contracts	$	(195,047	)	$	—		$	—

LARGE CAP VALUE

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	1,088,775,955		$	—		$	—

MID CAP VALUE

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	954,826,985		$	—		$	—

STRATEGIC GROWTH

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	472,465,523		$	—		$	—

STRATEGIC INTERNATIONAL EQUITY

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments
North and South America	$	5,185,744		$	—		$	—
Other		9,738,485			189,931,762	^(b)		—
Total	$	14,924,229		$	189,931,762		$	—

STRUCTURED SMALL CAP EQUITY

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	114,042,201		$	—		$	—
Securities Lending Reinvestment Vehicle		9,334,575			—			—
Total	$	123,376,776		$	—		$	—

Derivative Type
Assets^(a)
Futures Contracts	$	2,320		$	—		$	—

STRUCTURED U.S. EQUITY

Investment Type	Level 1			Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	392,834,071		$	—		$	—
Securities Lending Reinvestment Vehicle		7,614,625			—			—
Total	$	400,448,696		$	—		$	—


(Registrant) Goldman Sachs Variable Insurance Trust

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

Date November 26, 2013