UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois	60606
(Address of principal executive offices)	(Zip code)

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

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: January 31, 2014

Item 1. Schedule of Investments.

GOLDMAN SACHS ASIA EQUITY FUND

Schedule of Investments

January 31, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.6%
	Canada – 2.7%
	40,332	Canadian Solar, Inc. (Semiconductors & Semiconductor Equipment)*	$  1,578,191
	China – 23.5%
	286,000	Anhui Conch Cement Co. Ltd. Class H (Materials)	1,103,196
	420,000	Bloomage Biotechnology Corp. Ltd. (Materials)	1,138,415
	2,857,000	China Cinda Asset Management Co. Ltd. Class H (Diversified Financials)*	1,847,309
	1,173,110	China Construction Bank Corp. Class H (Banks)	812,668
	170,000	China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)	778,665
	216,000	China Oilfield Services Ltd. Class H (Energy)	579,275
	1,004,000	China Petroleum & Chemical Corp. Class H (Energy)	793,054
	9,583	Ctrip.com International Ltd. ADR (Retailing)*	378,624
	214,000	ENN Energy Holdings Ltd. (Utilities)	1,384,612
	687,000	Hilong Holding Ltd. (Energy)	523,937
	45,622	Hollysys Automation Technologies Ltd. (Technology Hardware & Equipment)*	769,643
	1,562,635	Industrial & Commercial Bank of China Ltd. Class H (Banks)	963,458
	101,000	Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)	310,803
	304,000	Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)	1,040,649
	19,100	Tencent Holdings Ltd. (Software & Services)	1,339,100
			13,763,408
	Hong Kong – 9.1%
	158,036	AIA Group Ltd. (Insurance)	728,475
	30,000	Cheung Kong Holdings Ltd. (Real Estate)	445,013
	139,000	Galaxy Entertainment Group Ltd. (Consumer Services)*	1,358,667
	209,000	Haier Electronics Group Co. Ltd. (Consumer Durables & Apparel)	606,282
	57,000	Hutchison Whampoa Ltd. (Capital Goods)	705,884
	1,960,000	Peace Mark Holdings Ltd. (Consumer Durables & Apparel)*	—
	191,500	Shimao Property Holdings Ltd. (Real Estate)	418,282
	788,000	Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	666,168
	30,555	Sun Hung Kai Properties Ltd. (Real Estate)	372,570
			5,301,341

Shares		Description	Value
	Common Stocks – (continued)
	India – 9.4%
	14,099	Bajaj Finance Ltd. (Diversified Financials)	$     344,182
	1,233	Bosch Ltd. (Automobiles & Components)	177,152
	5,632	Gillette India Ltd. (Household & Personal Products)	184,407
	64,405	HCL Technologies Ltd. (Software & Services)	1,502,946
	57,370	HDFC Bank Ltd. (Banks)	577,560
	28,852	IndusInd Bank Ltd. (Banks)	177,054
	13,006	Infosys Ltd. (Software & Services)	765,766
	46,100	Just Dial Ltd. (Software & Services)*	1,043,871
	75,055	Prestige Estates Projects Ltd. (Real Estate)	167,277
	27,454	Siemens Ltd. (Capital Goods)	241,457
	7,441	United Spirits Ltd. (Food, Beverage & Tobacco)	293,606
			5,475,278
	Indonesia – 4.0%
	856,300	PT Bank Central Asia Tbk (Banks)	695,036
	96,500	PT Gudang Garam Tbk (Food, Beverage & Tobacco)	331,484
	2,401,000	PT Media Nusantara Citra Tbk (Media)	440,779
	638,000	PT MNC Sky Vision Tbk (Media)	100,139
	26,856,500	PT Sri Rejeki Isman Tbk (Consumer Durables & Apparel)*	646,846
	51,000	PT Unilever Indonesia Tbk (Household & Personal Products)	119,860
			2,334,144
	Malaysia – 3.8%
	372,300	Gamuda Bhd (Capital Goods)	497,152
	217,420	Genting Bhd (Consumer Services)	676,617
	101,300	Public Bank Bhd (Banks)	578,221
	764,000	UEM Sunrise Bhd (Real Estate)	471,208
			2,223,198
	Philippines – 2.2%
	1,825,200	Emperador, Inc. (Software & Services)*	459,119
	1,866,900	Lafarge Republic, Inc. (Materials)	370,341
	178,330	Universal Robina Corp. (Food, Beverage & Tobacco)	464,183
			1,293,643

GOLDMAN SACHS ASIA EQUITY FUND

Schedule of Investments (continued)

January 31, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Singapore – 6.7%
	265,000	CapitaCommercial Trust (Real Estate)	$     294,085
	100,230	DBS Group Holdings Ltd. (Banks)	1,294,417
	427,000	Hutchison Port Holdings Trust Class U (Transportation)	286,090
	7,875,000	SIIC Environment Holdings Ltd. (Utilities)*	1,144,399
	331,000	Singapore Telecommunications Ltd. (Telecommunication Services)	913,169
			3,932,160
	South Korea – 22.4%
	46,130	Hana Financial Group, Inc. (Banks)	1,745,531
	35,340	Hanjin Kal Corp. (Transportation)*	771,778
	8,030	Hanssem Co. Ltd. (Consumer Durables & Apparel)*	390,261
	116,480	Hanwha General Insurance Co. Ltd. (Insurance)*	551,259
	9,430	Interpark INT Corp. (Retailing)*	67,839
	30,222	Kia Motors Corp. (Automobiles & Components)	1,507,872
	50,550	KT Corp. (Telecommunication Services)	1,462,869
	18,500	KT Skylife Co. Ltd. (Media)	478,614
	5,270	LMS Co. Ltd. (Semiconductors & Semiconductor Equipment)	89,098
	551	NAVER Corp. (Software & Services)	347,656
	866	NCSoft Corp. (Software & Services)	159,195
	6,179	OCI Co. Ltd. (Materials)*	1,082,935
	6,483	Samsung C&T Corp. (Capital Goods)	352,571
	1,363	Samsung Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment)	1,614,077
	24,299	Seoul Semiconductor Co. Ltd. (Semiconductors & Semiconductor Equipment)*	1,036,544
	1,779	SK Holdings Co. Ltd. (Capital Goods)	296,244
	32,660	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)*	1,138,003
			13,092,346
	Taiwan – 12.3%
	13,000	Eclat Textile Co. Ltd. (Consumer Durables & Apparel)	142,090
	238,000	Epistar Corp. (Semiconductors & Semiconductor Equipment)*	528,893
	602,000	Fubon Financial Holding Co. Ltd. (Diversified Financials)	849,277
	72,000	Ginko International Co. Ltd. (Health Care Equipment & Services)	1,332,279
	376,600	Hon Hai Precision Industry Co. Ltd. (Technology Hardware & Equipment)	1,052,065

Shares		Description	Value
	Common Stocks – (continued)
	Taiwan – (continued)
	28,000	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)	$     373,148
	668,843	Mega Financial Holding Co. Ltd. (Banks)	540,009
	56,899	PChome Online, Inc. (Software & Services)	394,659
	42,000	Silergy Corp. (Semiconductors & Semiconductor Equipment)*	298,044
	494,338	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)	1,702,231
			7,212,695
	Thailand – 1.7%
	190,100	Airports of Thailand PCL (Transportation)	986,093
	United States – 0.8%
	5,028	Cognizant Technology Solutions Corp. Class A (Software & Services)*	487,314
	TOTAL INVESTMENTS – 98.6%		$57,679,811
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.4%		821,225
	NET ASSETS – 100.0%		$58,501,036

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Non-income producing security.

Investment Abbreviations:
ADR	— American Depositary Receipt
REIT	— Real Estate Investment Trust
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS ASIA EQUITY FUND

Schedule of Investments (continued)

January 31, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

TAX INFORMATION — At January 31, 2014, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	55,358,705
Gross unrealized gain		7,550,225
Gross unrealized loss		(5,229,119	)
Net unrealized security gain	$	2,321,106

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).

GOLDMAN SACHS BRIC FUND

Schedule of Investments

January 31, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – 95.8%
	Brazil – 18.1%
	1,008,695	AMBEV SA (Food, Beverage & Tobacco)	$    6,693,564
	615,234	BB Seguridade Participacoes SA (Insurance)	5,787,138
	201,710	BRF SA (Food, Beverage & Tobacco)	3,614,189
	223,919	CETIP SA - Mercados Organizados (Diversified Financials)	2,143,387
	92,177	Cia Hering (Retailing)	1,023,658
	1,231,390	Odontoprev SA (Health Care Equipment & Services)	4,597,055
	170,488	Petroleo Brasileiro SA ADR (Energy)	1,911,171
	233,138	Vale SA (Materials)	3,168,128
	413,355	Vale SA ADR (Materials)	5,621,628
			34,559,918
	China – 35.9%
	322,500	AAC Technologies Holdings, Inc. (Technology Hardware & Equipment)	1,381,741
	10,428,800	Agricultural Bank of China Ltd. Class H (Banks)	4,552,674
	558,000	Anhui Conch Cement Co. Ltd. Class H (Materials)	2,152,389
	5,272,360	China Construction Bank Corp. Class H (Banks)	3,652,409
	1,005,000	China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)	4,603,284
	1,075,000	China Oilfield Services Ltd. Class H (Energy)	2,882,967
	856,200	China Pacific Insurance Group Co. Ltd. Class H (Insurance)	3,109,117
	2,516,400	China Petroleum & Chemical Corp. Class H (Energy)	1,987,690
	14,726	Ctrip.com International Ltd. ADR (Retailing)*	581,824
	778,000	ENN Energy Holdings Ltd. (Utilities)	5,033,775
	808,500	Great Wall Motor Co. Ltd. Class H (Automobiles & Components)	3,804,955
	342,000	Haitian International Holdings Ltd. (Capital Goods)	740,382
	389,500	Hengan International Group Co. Ltd. (Household & Personal Products)	4,190,037
	208,424	Hollysys Automation Technologies Ltd. (Technology Hardware & Equipment)*	3,516,113
	5,871,050	Industrial & Commercial Bank of China Ltd. Class H (Banks)	3,619,853
	1,984,000	PetroChina Co. Ltd. Class H (Energy)	1,912,590
	358,500	Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)	1,103,197

Shares		Description	Value
	Common Stocks – (continued)
	China – (continued)
	429,000	Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)	$    1,468,548
	92,700	TAL Education Group ADR (Consumer Services)*	2,220,165
	202,100	Tencent Holdings Ltd. (Software & Services)	14,169,214
	619,000	Zhuzhou CSR Times Electric Co. Ltd. Class H (Capital Goods)	1,908,776
			68,591,700
	Cyprus – 0.6%
	82,645	Globaltrans Investment PLC GDR (Transportation)	1,095,046
	Hong Kong – 7.0%
	682,000	China Overseas Land & Investment Ltd. (Real Estate)	1,830,724
	405,000	Galaxy Entertainment Group Ltd. (Consumer Services)*	3,958,706
	466,000	Haier Electronics Group Co. Ltd. (Consumer Durables & Apparel)	1,351,805
	94,000	Kerry Logistics Network Ltd. (Transportation)*	158,850
	1,175,000	Shimao Property Holdings Ltd. (Real Estate)	2,566,480
	4,140,000	Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	3,499,921
			13,366,486
	India – 16.8%
	77,777	Bajaj Finance Ltd. (Diversified Financials)	1,898,674
	13,529	Bosch Ltd. (Automobiles & Components)	1,943,785
	75,902	Credit Analysis & Research Ltd. (Diversified Financials)	847,110
	75,719	CRISIL Ltd. (Diversified Financials)	1,330,114
	23,839	Gillette India Ltd. (Household & Personal Products)	780,556
	28,112	Grasim Industries Ltd. GDR (Materials)	1,149,147
	155,773	HCL Technologies Ltd. (Software & Services)	3,635,098
	191,839	HDFC Bank Ltd. (Banks)	1,931,296
	36,393	Hero MotoCorp Ltd. (Automobiles & Components)	1,144,458
	192,499	IndusInd Bank Ltd. (Banks)	1,181,292
	48,019	Infosys Ltd. ADR (Software & Services)	2,812,953
	143,534	Just Dial Ltd. (Software & Services)*	3,250,131
	37,328	Oracle Financial Services Software Ltd. (Software & Services)*	1,908,700
	540,992	Prestige Estates Projects Ltd. (Real Estate)	1,205,721

GOLDMAN SACHS BRIC FUND

Schedule of Investments (continued)

January 31, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	India – (continued)
	169,052	Siemens Ltd. (Capital Goods)	$    1,486,808
	57,377	Sobha Developers Ltd. (Real Estate)	244,222
	293,415	Thermax Ltd. (Capital Goods)	2,967,634
	365,607	Titan Co. Ltd. (Consumer Durables & Apparel)	1,306,075
	29,862	United Spirits Ltd. (Food, Beverage & Tobacco)	1,178,289
			32,202,063
	Russia – 16.2%
	1,441,707	Alrosa AO (Materials)	1,496,227
	88,190	DIXY Group OJSC (Food & Staples Retailing)*	834,941
	21,835	Magnit OJSC (Food & Staples Retailing)	5,211,965
	550,052	OAO Gazprom ADR (Energy)	4,529,695
	122,478	OAO Lukoil ADR (Energy)	6,953,540
	958,916	OAO Moscow Exchange MICEX-RTS (Diversified Financials)	1,678,123
	358,906	OAO Rosneft GDR (Energy)	2,454,631
	45,056	OJSC Mobile Telesystems (Telecommunication Services)	369,639
	83,851	OJSC Mobile Telesystems ADR (Telecommunication Services)	1,446,430
	2,241,247	Sberbank of Russia (Banks)	6,062,152
			31,037,343
	United States – 1.2%
	24,348	Cognizant Technology Solutions Corp. Class A (Software & Services)*	2,359,808
	TOTAL COMMON STOCKS		$183,212,364
	Preferred Stocks – 4.1%
	Brazil – 4.1%
	384,158	Banco Bradesco SA (Banks)	$    4,148,586
	55,634	Cia Brasileira de Distribuicao Grupo Pao de Acucar (Food & Staples Retailing)	2,142,079
	122,431	Itau Unibanco Holding SA (Banks)	1,526,427
	TOTAL PREFERRED STOCKS		$    7,817,092
	TOTAL INVESTMENTS – 99.9%		$191,029,456
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.1%		174,581
	NET ASSETS – 100.0%		$191,204,037

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

GOLDMAN SACHS BRIC FUND

Schedule of Investments (continued)

January 31, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

TAX INFORMATION — At January 31, 2014, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	196,815,849
Gross unrealized gain		21,233,800
Gross unrealized loss		(27,020,193	)
Net unrealized security loss	$	(5,786,393	)

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).

GOLDMAN SACHS CHINA EQUITY FUND

Schedule of Investments

January 31, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.3%
	Air Freight & Logistics* – 0.9%
	127,500	Kerry Logistics Network Ltd.	$     215,462
	Automobiles – 2.1%
	113,000	Great Wall Motor Co. Ltd. Class H	531,799
	Capital Markets* – 1.9%
	728,000	China Cinda Asset Management Co. Ltd.	470,718
	Commercial Banks – 17.2%
	2,188,000	Agricultural Bank of China Ltd. Class H	955,167
	2,160,000	China Construction Bank Corp. Class H	1,496,331
	2,966,000	Industrial and Commercial Bank of China Ltd. Class H	1,828,715
			4,280,213
	Commercial Services & Supplies – 0.6%
	156,000	United Envirotech Ltd.	146,446
	Computers & Peripherals – 0.7%
	142,000	Lenovo Group Ltd.	183,137
	Construction & Engineering – 2.5%
	341,000	China Machinery Engineering Corp. Class H	256,167
	200,000	China State Construction International Holdings Ltd.	362,510
			618,677
	Construction Materials – 1.5%
	386,000	China National Building Material Co. Ltd. Class H	371,101
	Diversified Consumer Services* – 2.4%
	325,000	Fu Shou Yuan International Group Ltd.	205,956
	15,875	TAL Education Group ADR	380,206
			586,162
	Electrical Equipment – 1.7%
	138,000	Zhuzhou CSR Times Electric Co. Ltd. Class H	425,543
	Electronic Equipment, Instruments & Components – 6.3%
	91,500	AAC Technologies Holdings, Inc.	392,029
	584,000	FIH Mobile Ltd.*	291,609
	33,335	Hollysys Automation Technologies Ltd.*	562,361
	482,000	Ju Teng International Holdings Ltd.	320,128
			1,566,127
	Energy Equipment & Services – 3.6%
	238,000	China Oilfield Services Ltd. Class H	638,275
	318,000	Hilong Holding Ltd.	242,521
			880,796

Shares		Description	Value
	Common Stocks – (continued)
	Food Products – 2.9%
	155,000	China Mengniu Dairy Co. Ltd.	$     709,959
	Gas Utilities – 2.2%
	86,000	ENN Energy Holdings Ltd.	556,432
	Independent Power Producers & Energy Traders – 1.0%
	542,000	Huadian Fuxin Energy Corp. Ltd.	247,044
	Insurance – 4.9%
	208,000	China Pacific Insurance (Group) Co. Ltd. Class H	755,310
	156,400	New China Life Insurance Co., Ltd.*	465,390
			1,220,700
	Internet & Catalog Retail* – 0.8%
	5,290	Ctrip.com International Ltd. ADR	209,008
	Internet Software & Services – 11.4%
	40,400	Tencent Holdings Ltd.	2,832,439
	Machinery – 2.8%
	140,300	China International Marine Containers Co., Ltd.	324,646
	168,000	Haitian International Holdings Ltd.	363,696
			688,342
	Marine – 0.7%
	41,000	Orient Overseas International Ltd.	171,037
	Oil, Gas & Consumable Fuels – 8.1%
	1,542,800	China Petroleum and Chemical Corp. (Sinopec) Class H	1,218,647
	779,000	China Suntien Green Energy Corp. Ltd. Class H	335,699
	486,000	PetroChina Co. Ltd. Class H	468,507
			2,022,853
	Personal Products – 3.0%
	69,500	Hengan International Group Co., Ltd.	747,644
	Pharmaceuticals – 4.7%
	320,000	Dawnrays Pharmaceutical Holdings Ltd.	233,142
	164,000	Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H	504,670
	496,000	Sino Biopharmaceutical	419,314
			1,157,126
	Real Estate Management & Development – 5.3%
	272,000	China Overseas Land & Investment Ltd.	730,142
	262,500	Shimao Property Holdings Ltd.	573,362
			1,303,504

GOLDMAN SACHS CHINA EQUITY FUND

Schedule of Investments (continued)

January 31, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment* – 2.5%
	205,000	Epistar Corp.	$     455,559
	22,000	Silergy Corp.	156,118
			611,677
	Water Utilities – 2.4%
	394,000	Guangdong Investment Ltd.	363,443
	1,667,000	SIIC Environment Holdings Ltd.*	242,249
			605,692
	Wireless Telecommunication Services – 4.2%
	109,500	China Mobile Ltd.	1,044,884
	TOTAL COMMON STOCKS – 98.3%		$24,404,522

Principal Amount	Interest Rate			Maturity Date	Value
Short-term Investments(a) – 2.8%
Repurchase Agreement – 2.8%
Joint Repurchase Agreement Account II
$        700,000		0.025	%	02/03/14	$     700,000
TOTAL INVESTMENTS – 101.1%					$25,104,522
LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.1)%					(270,758)
NET ASSETS – 100.0%					$24,833,764

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)	Joint repurchase agreement was entered into on January 31, 2014. Additional information appears in the Notes to the Schedule of Investments section.
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.

GOLDMAN SACHS CHINA EQUITY FUND

Schedule of Investments (continued)

January 31, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

TAX INFORMATION – At January 31, 2014, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax Cost	$	23,058,495
Gross unrealized gain		3,385,421
Gross unrealized loss		(1,339,394	)
Net unrealized security gain	$	2,046,027

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).

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Schedule of Investments

January 31, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – 97.5%
	Brazil – 9.7%
	881,490	AMBEV SA (Food, Beverage & Tobacco)	$    5,849,449
	577,741	BB Seguridade Participacoes SA (Insurance)	5,434,464
	184,247	BRF SA (Food, Beverage & Tobacco)	3,301,291
	240,793	CETIP SA - Mercados Organizados (Diversified Financials)	2,304,908
	135,637	Cia Hering (Retailing)	1,506,297
	1,589,431	Odontoprev SA (Health Care Equipment & Services)	5,933,702
	146,496	Petroleo Brasileiro SA ADR (Energy)	1,642,220
	559,302	Vale SA ADR (Materials)	7,606,507
			33,578,838
	Chile – 0.7%
	33,175	Banco de Chile ADR (Banks)	2,430,069
	China – 14.8%
	322,500	AAC Technologies Holdings, Inc. (Technology Hardware & Equipment)	1,381,741
	6,078,000	Agricultural Bank of China Ltd. Class H (Banks)	2,653,340
	910,000	China Mengniu Dairy Co. Ltd. (Food, Beverage & Tobacco)	4,168,148
	25,661	Ctrip.com International Ltd. ADR (Retailing)*	1,013,866
	836,000	ENN Energy Holdings Ltd. (Utilities)	5,409,043
	786,000	Great Wall Motor Co. Ltd. Class H (Automobiles & Components)	3,699,066
	806,000	Haitian International Holdings Ltd. (Capital Goods)	1,744,877
	459,500	Hengan International Group Co. Ltd. (Household & Personal Products)	4,943,060
	212,845	Hollysys Automation Technologies Ltd. (Technology Hardware & Equipment)*	3,590,695
	624,000	Shanghai Fosun Pharmaceutical Group Co. Ltd. Class H (Pharmaceuticals, Biotechnology & Life Sciences)	1,920,209
	763,000	Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)	2,611,893
	161,328	TAL Education Group ADR (Consumer Services)*	3,863,806
	177,000	Tencent Holdings Ltd. (Software & Services)	12,409,455
	585,000	Zhuzhou CSR Times Electric Co. Ltd. Class H (Capital Goods)	1,803,932
			51,213,131

Shares		Description	Value
	Common Stocks – (continued)
	Cyprus – 0.3%
	87,726	Globaltrans Investment PLC GDR (Transportation)	$    1,162,370
	Georgia – 1.1%
	106,737	Bank of Georgia Holdings PLC (Banks)	3,766,287
	Hong Kong – 4.8%
	392,000	China Overseas Land & Investment Ltd. (Real Estate)	1,052,264
	3,080,000	Dawnrays Pharmaceutical Holdings Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	2,243,988
	459,000	Galaxy Entertainment Group Ltd. (Consumer Services)*	4,486,534
	830,000	Haier Electronics Group Co. Ltd. (Consumer Durables & Apparel)	2,407,722
	1,281,000	Shimao Property Holdings Ltd. (Real Estate)	2,798,009
	4,320,000	Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	3,652,091
			16,640,608
	India – 9.2%
	155,486	Bajaj Finance Ltd. (Diversified Financials)	3,795,689
	12,269	Bosch Ltd. (Automobiles & Components)	1,762,754
	71,218	Credit Analysis & Research Ltd. (Diversified Financials)	794,834
	40,610	Gillette India Ltd. (Household & Personal Products)	1,329,685
	25,920	Grasim Industries Ltd. GDR (Materials)	1,059,543
	206,409	HCL Technologies Ltd. (Software & Services)	4,816,733
	143,599	HDFC Bank Ltd. (Banks)	1,445,651
	262,032	IndusInd Bank Ltd. (Banks)	1,607,989
	6,734	Infosys Ltd. (Software & Services)	396,484
	26,833	Infosys Ltd. ADR (Software & Services)	1,571,877
	177,549	Just Dial Ltd. (Software & Services)*	4,020,354
	37,223	Oracle Financial Services Software Ltd. (Software & Services)*	1,903,331
	692,389	Prestige Estates Projects Ltd. (Real Estate)	1,543,143
	236,792	Siemens Ltd. (Capital Goods)	2,082,579
	207,101	Sobha Developers Ltd. (Real Estate)	881,516
	191,095	Thermax Ltd. (Capital Goods)	1,932,757
	312,121	Titan Co. Ltd. (Consumer Durables & Apparel)	1,115,004
			32,059,923

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Schedule of Investments (continued)

January 31, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Indonesia – 3.0%
	6,219,000	PT Bank Central Asia Tbk (Banks)	$    5,047,796
	9,534,500	PT Media Nusantara Citra Tbk (Media)	1,750,358
	7,056,000	PT Surya Citra Media Tbk (Media)	1,530,777
	903,500	PT Unilever Indonesia Tbk (Household & Personal Products)	2,123,409
			10,452,340
	Malaysia – 1.8%
	546,700	Genting Bhd (Consumer Services)	1,701,346
	569,500	Public Bank Bhd (Banks)	3,250,710
	2,099,300	UEM Sunrise Bhd (Real Estate)	1,294,773
			6,246,829
	Mexico – 5.6%
	1,056,726	Alsea SAB de CV (Consumer Services)	3,152,637
	2,724,523	Compartamos SAB de CV (Diversified Financials)	4,889,229
	877,900	Grupo Sanborns SA de CV (Retailing)	1,593,795
	426,000	Infraestructura Energetica Nova SAB de CV (Utilities)	1,834,087
	984,900	Macquarie Mexico Real Estate Management SA de CV (REIT)*	1,801,305
	1,004,568	Mexichem SAB de CV (Materials)	3,488,271
	223,600	Promotora y Operadora de Infraestructura SAB de CV (Capital Goods)*	2,719,012
			19,478,336
	Netherlands – 0.6%
	43,679	OCI (Capital Goods)*	2,026,794
	Peru – 2.0%
	43,600	Credicorp Ltd. (Banks)	5,751,712
	35,711	Intercorp Financial Services, Inc. (Diversified Financials)	1,133,824
			6,885,536
	Philippines – 1.4%
	14,394,600	Emperador, Inc. (Software & Services)*	3,620,884
	430,430	Universal Robina Corp. (Food, Beverage & Tobacco)	1,120,385
			4,741,269
	Russia – 9.0%
	2,599,355	Alrosa AO (Materials)	2,697,652
	116,060	DIXY Group OJSC (Food & Staples Retailing)*	1,098,801
	20,253	Magnit OJSC (Food & Staples Retailing)	4,834,346
	242,403	OAO Gazprom ADR (Energy)	1,996,196
	124,104	OAO Lukoil ADR (Energy)	7,045,854

Shares		Description	Value
	Common Stocks – (continued)
	Russia – (continued)
	1,615,441	OAO Moscow Exchange MICEX-RTS (Diversified Financials)	$    2,827,056
	470,953	OAO Rosneft GDR (Energy)	3,220,943
	112,241	OJSC Mobile Telesystems (Telecommunication Services)	920,824
	87,722	OJSC Mobile Telesystems ADR (Telecommunication Services)	1,513,204
	467,115	Sberbank of Russia ADR (Banks)	5,042,595
			31,197,471
	South Africa – 4.5%
	298,955	JSE Ltd. (Diversified Financials)	2,229,080
	142,000	MTN Group Ltd. (Telecommunication Services)	2,535,744
	1,143,650	Nampak Ltd. (Materials)	3,585,109
	1,166,023	Netcare Ltd. (Health Care Equipment & Services)	2,338,666
	786,702	PPC Ltd. (Materials)	2,109,668
	535,239	Woolworths Holdings Ltd. (Retailing)	2,925,132
			15,723,399
	South Korea – 14.1%
	97,340	Hana Financial Group, Inc. (Banks)	3,683,287
	115,990	Hanjin Kal Corp. (Transportation)*	2,533,067
	117,710	Hanssem Co. Ltd. (Consumer Durables & Apparel)*	5,720,757
	57,020	Interpark INT Corp. (Retailing)*	410,197
	142,844	Kia Motors Corp. (Automobiles & Components)	7,126,944
	8,279	LG Household & Health Care Ltd. (Household & Personal Products)	3,665,752
	2,656	NAVER Corp. (Software & Services)	1,675,816
	9,312	NCSoft Corp. (Software & Services)	1,711,811
	5,307	Orion Corp. (Food, Beverage & Tobacco)*	4,316,061
	209,090	Samchuly Bicycle Co. Ltd. (Consumer Durables & Apparel)	4,132,113
	34,807	Samsung C&T Corp. (Capital Goods)	1,892,941
	4,677	Samsung Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment)	5,538,544
	70,942	Seoul Semiconductor Co. Ltd. (Semiconductors & Semiconductor Equipment)	3,026,235
	103,110	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)*	3,592,758
			49,026,283

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Schedule of Investments (continued)

January 31, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Taiwan – 9.1%
	1,050,000	Chipbond Technology Corp. (Semiconductors & Semiconductor Equipment)	$    1,600,798
	700,000	Epistar Corp. (Semiconductors & Semiconductor Equipment)*	1,555,567
	156,000	Ginko International Co. Ltd. (Health Care Equipment & Services)	2,886,605
	1,745,963	Hon Hai Precision Industry Co. Ltd. (Technology Hardware & Equipment)	4,877,499
	139,000	MediaTek, Inc. (Semiconductors & Semiconductor Equipment)	1,852,412
	420,000	PChome Online, Inc. (Software & Services)	2,913,179
	212,000	President Chain Store Corp. (Food & Staples Retailing)	1,419,527
	266,000	Silergy Corp. (Semiconductors & Semiconductor Equipment)*	1,887,614
	3,618,883	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment)	12,461,460
			31,454,661
	Thailand – 2.1%
	948,900	Airports of Thailand PCL (Transportation)	4,922,164
	446,800	Kasikornbank PCL (NVDR) (Banks)	2,298,826
			7,220,990
	Turkey – 2.9%
	565,996	Aselsan Elektronik Sanayi Ve Ticaret AS (Capital Goods)	1,955,569
	123,328	BIM Birlesik Magazalar AS (Food & Staples Retailing)	2,109,717
	239,358	TAV Havalimanlari Holding AS (Transportation)	1,800,683
	457,152	Turkiye Garanti Bankasi AS (Banks)	1,210,338
	201,522	Turkiye Halk Bankasi AS (Banks)	998,234
	356,984	Ulker Biskuvi Sanayi AS (Food, Beverage & Tobacco)	2,198,345
			10,272,886
	United States – 0.8%
	27,511	Cognizant Technology Solutions Corp. Class A (Software & Services)*	2,666,366
	TOTAL COMMON STOCKS		$338,244,386

Shares		Description	Value
	Preferred Stocks – 1.4%
	Brazil – 1.4%
	233,174	Banco Bradesco SA (Banks)	$2,518,085
	57,166	Cia Brasileira de Distribuicao Grupo Pao de Acucar (Food & Staples Retailing)	2,201,066
	TOTAL PREFERRED STOCK		$4,719,151

Notional Shares		Description	Maturity Date	Value
	Participation Notes*(a) – 0.0%
	India – 0.0%
	9,763	Credit Analysis & Research Ltd. (Issuer Citigroup) (Diversified Financials)	02/15	$       108,960
	7,977	Credit Analysis & Research Ltd. (Issuer Morgan Stanley) (Diversified Financials)	12/17	89,028
	TOTAL PARTICIPATION NOTES			$       197,988
	TOTAL INVESTMENTS – 98.9%			$343,161,525
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.1%			3,670,465
	NET ASSETS – 100.0%			$346,831,990

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)	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 $197,988, which represents approximately 0.0% of net assets as of January 31, 2014.

Investment Abbreviations:
ADR	— American Depositary Receipt
GDR	— Global Depositary Receipt
NVDR	— Non-Voting Depositary Receipt
REIT	— Real Estate Investment Trust
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS EMERGING MARKETS EQUITY FUND

Schedule of Investments (continued)

January 31, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

TAX INFORMATION — At January 31, 2014, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	346,118,304
Gross unrealized gain		31,707,394
Gross unrealized loss		(34,664,173	)
Net unrealized security loss	$	(2,956,779	)

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).

GOLDMAN SACHS N-11 EQUITY FUND

Schedule of Investments

January 31, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – 98.7%
	Bangladesh – 3.0%
	860,200	GrameenPhone Ltd. (Telecommunication Services)	$    2,341,334
	6,360,413	Islami Bank Bangladesh Ltd. (Banks)	2,858,375
	488,850	Power Grid Co. of Bangladesh Ltd. (Utilities)	358,812
	3,707,175	Prime Bank Ltd. (Banks)	1,245,668
	1,278,379	Square Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)	3,759,019
	116,200	Summit Power Ltd. (Utilities)*	70,610
	1,725,275	Titas Gas Transmission & Distribution Co. Ltd. (Energy)	1,814,232
			12,448,050
	Egypt – 7.1%
	1,981,370	Commercial International Bank Egypt SAE (Banks)	9,730,375
	946,193	Commercial International Bank Egypt SAE (Registered) GDR (Banks)	4,182,546
	52,084	Eastern Tobacco (Food, Beverage & Tobacco)	956,742
	3,355,623	Global Telecom Holding (Telecommunication Services)*	2,542,281
	959,324	Global Telecom Holding GDR (Telecommunication Services)*	3,179,693
	147,282	Oriental Weavers (Consumer Durables & Apparel)	761,834
	4,177,351	Talaat Moustafa Group (Real Estate)*	4,393,038
	1,979,732	Telecom Egypt Co. (Telecommunication Services)	4,288,960
			30,035,469
	Indonesia – 13.2%
	10,576,500	PT Astra International Tbk (Automobiles & Components)	5,564,731
	10,535,600	PT Bank Central Asia Tbk (Banks)	8,551,465
	8,804,000	PT Bank Mandiri (Persero) Tbk (Banks)	6,244,742
	8,402,000	PT Bank Negara Indonesia (Persero) Tbk (Banks)	3,012,929
	5,609,000	PT Bank Rakyat Indonesia (Persero) Tbk (Banks)	3,833,083
	1,129,000	PT Bumi Serpong Damai (Real Estate)	133,677
	2,655,000	PT Charoen Pokphand Indonesia Tbk (Food, Beverage & Tobacco)	895,612
	10,563,000	PT Global Mediacom Tbk (Media)	1,595,755
	680,000	PT Gudang Garam Tbk (Food, Beverage & Tobacco)	2,335,842
	461,000	PT Indo Tambangraya Megah Tbk (Energy)	1,012,654
	1,054,000	PT Indocement Tunggal Prakarsa Tbk (Materials)	1,935,346

Shares		Description	Value
	Common Stocks – (continued)
	Indonesia – (continued)
	3,926,000	PT Indofood Sukses Makmur Tbk (Food, Beverage & Tobacco)	$    2,244,326
	6,263,935	PT Jasa Marga (Persero) Tbk (Transportation)	2,641,704
	8,130,500	PT Kalbe Farma Tbk (Pharmaceuticals, Biotechnology & Life Sciences)	933,842
	5,006,000	PT Lippo Karawaci Tbk (Real Estate)	389,635
	1,087,200	PT Matahari Department Store Tbk (Retailing)*	1,036,610
	7,316,500	PT Media Nusantara Citra Tbk (Media)	1,343,174
	9,739,500	PT Perusahaan Gas Negara (Persero) Tbk (Utilities)	3,788,546
	2,450,500	PT Semen Indonesia (Persero) Tbk (Materials)	2,846,938
	1,255,500	PT Tambang Batubara Bukit Asam (Persero) Tbk (Energy)	949,682
	23,787,800	PT Telekomunikasi Indonesia (Persero) Tbk (Telecommunication Services)	4,411,112
			55,701,405
	Mexico – 23.9%
	1,133,100	Alfa SAB de CV Class A (Capital Goods)	3,194,098
	500,800	Alpek SA de CV (Materials)	997,556
	280,881	Alsea SAB de CV (Consumer Services)	837,981
	964,348	America Movil SAB de CV Series L ADR (Telecommunication Services)	20,502,038
	374,900	Arca Continental SAB de CV (Food, Beverage & Tobacco)	2,058,390
	727,699	Cemex SAB de CV ADR (Materials)*	9,001,637
	127,786	Coca-Cola Femsa SAB de CV Series L (Food, Beverage & Tobacco)	1,361,656
	1,685,696	Compartamos SAB de CV (Diversified Financials)	3,025,026
	183,400	El Puerto de Liverpool SAB de CV (Retailing)	1,924,233
	105,100	Fomento Economico Mexicano SAB de CV ADR (Food, Beverage & Tobacco)	9,484,224
	214,868	Gruma SAB de CV Class B (Food, Beverage & Tobacco)*	1,747,028
	208,873	Grupo Aeroportuario del Sureste SAB de CV Class B (Transportation)	2,355,951
	453,400	Grupo Bimbo SAB de CV Series A (Food, Beverage & Tobacco)	1,204,524
	1,579,715	Grupo Financiero Banorte SAB de CV Class O (Banks)	9,971,552
	1,608,500	Grupo Financiero Inbursa SAB de CV Class O (Banks)	4,011,027

GOLDMAN SACHS N-11 EQUITY FUND

Schedule of Investments (continued)

January 31, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Mexico – (continued)
	110,438	Grupo Financiero Santander Mexico SAB de CV Class B ADR (Banks)	$    1,221,444
	2,060,994	Grupo Mexico SAB de CV Series B (Materials)	6,671,185
	454,500	Grupo Sanborns SA de CV (Retailing)	825,128
	239,518	Grupo Televisa SAB ADR (Media)	6,960,393
	51,205	Industrias Penoles SAB de CV (Materials)	1,198,957
	472,600	Infraestructura Energetica Nova SAB de CV (Utilities)	2,034,717
	425,400	Kimberly-Clark de Mexico SAB de CV Class A (Household & Personal Products)	1,084,652
	1,067,370	Mexichem SAB de CV (Materials)	3,706,345
	2,225,456	Wal-Mart de Mexico SAB de CV Series V (Food & Staples Retailing)	5,324,854
			100,704,596
	Nigeria – 5.3%
	15,208,681	Access Bank PLC (Banks)	850,848
	1,851,888	Dangote Cement PLC (Materials)	2,669,674
	3,023,095	Dangote Flour Mills PLC (Food, Beverage & Tobacco)*	176,561
	4,745,996	Dangote Sugar Refinery PLC (Food, Beverage & Tobacco)	339,077
	21,460,029	FBN Holdings PLC (Banks)	1,917,206
	19,354,999	Guaranty Trust Bank PLC (Banks)	3,272,240
	1,035,944	Guinness Nigeria PLC (Food, Beverage & Tobacco)	1,413,867
	3,245,415	Intercontinental Wapic Insurance PLC (Insurance)*	19,753
	1,711,583	Lafarge Cement WAPCO Nigeria PLC (Materials)	1,206,128
	389,664	Nestle Nigeria PLC (Food, Beverage & Tobacco)	2,695,020
	4,222,108	Nigerian Breweries PLC (Food, Beverage & Tobacco)	4,075,319
	634,807	Unilever Nigeria PLC (Household & Personal Products)	211,661
	14,519,431	United Bank for Africa PLC (Banks)	730,514
	18,791,261	Zenith Bank PLC (Banks)	2,710,987
			22,288,855
	Pakistan – 5.4%
	1,207,433	Engro Corp. Ltd. (Materials)*	2,041,629
	3,058,500	Fatima Fertilizer Co. Ltd. (Materials)	824,728
	619,300	Fauji Fertilizer Co. Ltd. (Materials)	666,320
	257,900	Lucky Cement Ltd. (Materials)	757,666
	1,911,970	MCB Bank Ltd. (Banks)	5,146,642

Shares		Description	Value
	Common Stocks – (continued)
	Pakistan – (continued)
	2,946,000	Oil & Gas Development Co. Ltd. (Energy)	$    7,628,675
	512,900	Pakistan Oilfields Ltd. (Energy)	2,574,758
	581,520	Pakistan Petroleum Ltd. (Energy)	1,221,731
	1,824,000	The HUB Power Co. Ltd. (Utilities)	1,117,045
	547,000	United Bank Ltd. (Banks)	695,144
			22,674,338
	Philippines – 4.3%
	571,760	Aboitiz Equity Ventures, Inc. (Capital Goods)	654,082
	949,900	Aboitiz Power Corp. (Utilities)	749,355
	2,908,100	Alliance Global Group, Inc. (Capital Goods)	1,732,871
	105,220	Ayala Corp. (Diversified Financials)	1,215,950
	4,652,400	Ayala Land, Inc. (Real Estate)	2,679,494
	440,792	Bank of the Philippine Islands (Banks)	861,973
	316,760	BDO Unibank, Inc. (Banks)	550,519
	2,950,900	Energy Development Corp. (Utilities)	341,775
	20,270	Globe Telecom, Inc. (Telecommunication Services)	762,121
	263,690	Jollibee Foods Corp. (Consumer Services)	881,966
	6,302,100	Metro Pacific Investments Corp. (Diversified Financials)	597,266
	598,988	Metropolitan Bank & Trust Co. (Banks)	1,000,510
	7,340	Philippine Long Distance Telephone Co. (Telecommunication Services)	438,590
	67,657	SM Investments Corp. (Capital Goods)	1,046,513
	4,223,200	SM Prime Holdings, Inc. (Real Estate)	1,442,132
	1,260,270	Universal Robina Corp. (Food, Beverage & Tobacco)	3,280,413
			18,235,530
	South Korea – 24.0%
	650	Amorepacific Corp. (Household & Personal Products)*	610,971
	1,800	CJ CheilJedang Corp. (Food, Beverage & Tobacco)	443,228
	4,256	Daelim Industrial Co. Ltd. (Capital Goods)*	325,580
	7,170	Doosan Heavy Industries & Construction Co. Ltd. (Capital Goods)*	243,190
	3,600	E-Mart Co. Ltd. (Food & Staples Retailing)	867,723
	12,940	GS Holdings (Energy)	613,440
	107,450	Hana Financial Group, Inc. (Banks)	4,065,843
	18,270	Hanssem Co. Ltd. (Consumer Durables & Apparel)*	887,930

GOLDMAN SACHS N-11 EQUITY FUND

Schedule of Investments (continued)

January 31, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	South Korea – (continued)
	18,522	Hyundai Department Store Co. Ltd. (Retailing)	$    2,460,321
	14,609	Hyundai Engineering & Construction Co. Ltd. (Capital Goods)*	789,649
	3,376	Hyundai Heavy Industries Co. Ltd. (Capital Goods)	697,756
	6,520	Hyundai Mipo Dockyard (Capital Goods)	1,045,962
	6,699	Hyundai Mobis (Automobiles & Components)*	1,918,650
	35,766	Hyundai Motor Co. (Automobiles & Components)	7,762,125
	10,407	Hyundai Wia Corp. (Automobiles & Components)*	1,552,607
	126,780	KB Financial Group, Inc. (Banks)	4,353,628
	94,165	Kia Motors Corp. (Automobiles & Components)	4,698,193
	59,710	KT Corp. (Telecommunication Services)	1,727,951
	21,043	Kumho Petro Chemical Co. Ltd. (Materials)	1,702,693
	9,372	LG Chem Ltd. (Materials)	2,245,059
	21,098	LG Electronics, Inc. (Consumer Durables & Apparel)	1,284,769
	4,191	LG Household & Health Care Ltd. (Household & Personal Products)	1,855,679
	10,818	Lotte Chemical Corp. (Materials)*	2,095,334
	2,690	Lotte Shopping Co. Ltd. (Retailing)	951,642
	7,194	NAVER Corp. (Software & Services)	4,539,090
	8,169	NCSoft Corp. (Software & Services)	1,501,695
	5,635	NHN Entertainment Corp. (Software & Services)*	397,338
	11,707	OCI Co. Ltd. (Materials)*	2,051,775
	2,566	Orion Corp. (Food, Beverage & Tobacco)*	2,086,868
	12,766	POSCO (Materials)	3,548,952
	49,056	Samsung C&T Corp. (Capital Goods)	2,667,857
	19,233	Samsung Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment)	22,775,887
	7,178	Samsung Fire & Marine Insurance Co. Ltd. (Insurance)	1,656,946
	11,900	Samsung Life Insurance Co. Ltd. (Insurance)	1,141,685
	84,650	Shinhan Financial Group Co. Ltd. (Banks)	3,572,270
	15,579	SK Holdings Co. Ltd. (Capital Goods)	2,594,257
	130,350	SK Hynix, Inc. (Semiconductors & Semiconductor Equipment)*	4,541,906
	8,434	SK Telecom Co. Ltd. (Telecommunication Services)	1,699,327

Shares		Description	Value
	Common Stocks – (continued)
	South Korea – (continued)
	7,757	S-Oil Corp. (Energy)	$       492,601
	28,780	Sung Kwang Bend Co. Ltd. (Capital Goods)*	610,068
			101,078,445
	Turkey – 9.2%
	715,157	Akbank TAS (Banks)	1,829,524
	213,078	Arcelik AS (Consumer Durables & Apparel)	1,052,757
	244,814	Aselsan Elektronik Sanayi Ve Ticaret AS (Capital Goods)	845,855
	239,613	Aygaz AS (Utilities)	808,385
	261,786	BIM Birlesik Magazalar AS (Food & Staples Retailing)	4,478,255
	16,159	Coca-Cola Icecek AS (Food, Beverage & Tobacco)	338,372
	1,990,806	Dogan Sirketler Grubu Holding AS (Capital Goods)*	617,384
	330,885	Enka Insaat ve Sanayi AS (Capital Goods)	943,887
	995,615	Haci Omer Sabanci Holding AS (Diversified Financials)	3,301,215
	337,525	KOC Holding AS (Capital Goods)	1,147,073
	54,844	Koza Altin Isletmeleri AS (Materials)	463,794
	360,335	TAV Havalimanlari Holding AS (Transportation)	2,710,790
	963,087	Turkcell Iletisim Hizmetleri AS (Telecommunication Services)*	4,757,327
	1,896,634	Turkiye Garanti Bankasi AS (Banks)	5,021,455
	788,815	Turkiye Halk Bankasi AS (Banks)	3,907,374
	1,606,188	Turkiye Is Bankasi Class C (Banks)	2,887,443
	615,800	Turkiye Vakiflar Bankasi T.A.O. Class D (Banks)	943,787
	445,458	Ulker Biskuvi Sanayi AS (Food, Beverage & Tobacco)	2,743,177
			38,797,854
	United Kingdom – 0.4%
	91,234	Genel Energy PLC (Energy)*	1,473,844
	Vietnam – 2.9%
	713,710	Bank for Foreign Trade of Vietnam JSC (Banks)	964,935
	65,810	Bao Viet Holdings (Insurance)	145,104
	864,002	HAGL JSC (Diversified Financials)	899,725
	387,640	Masan Group Corp. (Food, Beverage & Tobacco)*	1,747,257
	195,822	PetroVietnam Drilling and Well Services JSC (Energy)	666,985
	732,150	Petrovietnam Fertilizer & Chemicals JSC (Materials)	1,574,853
	382,170	PetroVietnam Gas JSC (Utilities)	1,394,484
	302,601	Saigon Thuong Tin Commercial JSB (Banks)	287,370

GOLDMAN SACHS N-11 EQUITY FUND

Schedule of Investments (continued)

January 31, 2014 (Unaudited)

Shares		Description	Value
	Common Stocks – (continued)
	Vietnam – (continued)
	406,192	Vietnam Joint Stock Commercial Bank for Industry and Trade (Banks)	$       326,513
	1,099,313	Vingroup JSC (Real Estate)*	3,993,231
			12,000,457
	TOTAL COMMON STOCKS		$415,438,843
	Preferred Stock – 0.9%
	South Korea – 0.9%
	4,152	Samsung Electronics Co. Ltd. (Semiconductors & Semiconductor Equipment)	$    3,659,008

Notional Shares		Description	Maturity Date	Value
	Participation Note*(a) – 0.0%
	Bangladesh – 0.0%
	6,750	Power Grid Co. of Bangladesh Ltd. (Issuer Deutsche Bank AG) (Utilities)	02/21	$           4,954
	TOTAL INVESTMENTS – 99.6%			$419,102,805
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.4%			1,525,256
	NET ASSETS – 100.0%			$420,628,061

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)	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 $4,954, which represents approximately 0.0% of net assets as of January 31, 2014.

Investment Abbreviations:
ADR	— American Depositary Receipt
GDR	— Global Depositary Receipt
For information on the mutual funds, please call our toll-free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

GOLDMAN SACHS N-11 EQUITY FUND

Schedule of Investments (continued)

January 31, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

TAX INFORMATION — At January 31, 2014, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	424,745,717
Gross unrealized gain		40,609,550
Gross unrealized loss		(46,252,462	)
Net unrealized security loss	$	(5,642,912	)

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).

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Schedule of Investments (continued)

January 31, 2014 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

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

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

The Trustees have adopted Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to 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, 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 net asset value (“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

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Schedule of Investments (continued)

January 31, 2014 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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, of G8 countries (not held in money market funds), which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i. Structured Notes — The values of structured notes are based on the price movements of a reference security or index. Upon termination, a Fund will receive a payment from the issuer based on the value of the referenced security (notional amount multiplied by price of the referenced security) and record a realized gain or loss.

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 GSAMI 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.

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Schedule of Investments (continued)

January 31, 2014 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

JOINT REPURCHASE AGREEMENT ACCOUNT II — At January 31, 2014, the China Equity Fund had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of February 3, 2014, as follows:

Principal Amount	Maturity Value		Collateral Allocation Value
$700,000		$700,001	$715,309

REPURCHASE AGREEMENTS — At January 31, 2014, the Principal Amount of the Fund’s interest in the Joint Repurchase Agreement Account II was as follows:

Counterparty	Interest Rate			Principal Amounts
BNP Paribas Securities Co.		0.030	%	$	80,074
Citigroup Global Markets, Inc.		0.020			212,603
Merrill Lynch & Co., Inc.		0.020			129,151
TD Securities USA LLC		0.030			278,172
TOTAL				$	700,000

At January 31, 2014, the Joint Repurchase Agreement Account II was fully collateralized by:

Issuer	Interest Rates			Maturity Dates
Federal Farm Credit Bank		0.155 to 0.360	%		08/14/15 to 10/11/16
Federal Home Loan Bank		0.100			07/29/14
Federal Home Loan Mortgage Corp.		2.500 to 5.500			03/27/19 to 01/01/43
Federal National Mortgage Association		0.450 to 6.000			09/08/14 to 10/01/43
Tennessee Valley Authority		5.250			09/15/39
United States Treasury Bills		0.000			07/17/14 to 10/16/14
United States Treasury Bonds		5.375 to 6.375			08/15/27 to 02/15/31
United States Treasury Inflation Protected Securities		2.000 to 3.375			01/15/16 to 02/15/40
United States Treasury Notes		0.250 to 4.500			09/15/14 to 08/15/22
United States Treasury Principal-Only Stripped Security		0.000			11/15/43

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Schedule of Investments (continued)

January 31, 2014 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of January 31, 2014:

ASIA EQUITY
Investment Type	Level 1		Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments
North and South America	$	2,065,505	$	—		$	—
Other		1,148,268		54,466,038	(a)		—
Total	$	3,213,773	$	54,466,038		$	—
BRIC
Investment Type	Level 1		Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments
North and South America	$	9,892,607	$	34,844,211	(a)	$	—
Other		10,577,485		135,715,153	(a)		—
Total	$	20,470,092	$	170,559,364		$	—
CHINA EQUITY
Investment Type	Level 1		Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments	$	2,199,830	$	22,204,692	(a)	$	—
Short-term Investments		—		700,000			—
Total	$	2,199,830	$	22,904,692		$	—
EMERGING MARKETS EQUITY
Investment Type	Level 1		Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments
North and South America	$	39,575,210	$	30,183,086	(a)	$	—
Other		11,553,449		261,849,780	(a)		—
Total	$	51,128,659	$	292,032,866		$	—
N-11 EQUITY
Investment Type	Level 1		Level 2			Level 3
Assets
Common Stock and/or Other Equity Investments
North and South America	$	100,704,596	$	—		$	—
Other		—		318,398,209	(a)		—
Total	$	100,704,596	$	318,398,209		$	—

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

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

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

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

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

Geographic Risk — Concentration of the investments of a Fund in issuers located in a particular country or region will subject the Fund, to a greater extent than if investments were less concentrated, to the risks of adverse securities markets, exchange rates and social, political, regulatory or economic events which may occur in a given country or region. The Asia Equity Fund invests primarily in equity investments in Asian issuers. The BRIC Fund invests primarily in equity investments in Brazil, Russia, India and China issuers. The China Equity Fund invests primarily in equity investments in China. The N-11 Equity Fund invests primarily in equity investments in the N-11 countries, and may invest up to 50% of its assets in any one N-11 country.

GOLDMAN SACHS FUNDAMENTAL EMERGING MARKETS EQUITY FUNDS

Schedule of Investments (continued)

January 31, 2014 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS (continued)

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.

Non-Diversification Risk — The BRIC, China Equity and N-11 Equity Funds are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in fewer issuers than diversified mutual funds. Thus, a Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

Item 2. Controls and Procedures.

(a) The Registrant’s President/Principal Executive Officer and Principal Financial Officer concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) were effective as of a date within 90 days prior to the filing date of this report (the “Evaluation Date”), based on their evaluation of the effectiveness of the Registrant’s disclosure controls and procedures as of the Evaluation Date.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

(a) Separate certifications for the President/Principal Executive Officer and the Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Goldman Sachs Trust
By (Signature and Title)*	/s/ James A. McNamara
	James A. McNamara, President/Principal Executive Officer

Date March 26, 2014

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

By (Signature and Title)*	/s/ James A. McNamara
	James A. McNamara, President/Principal Executive Officer

Date March 26, 2014

By (Signature and Title)*	/s/ Scott McHugh
	Scott McHugh Principal Financial Officer

Date March 26, 2014

* Print the name and title of each signing officer under his or her signature.