Goldman Sachs Trust



Shares		Description	Value
	Common Stocks – 97.1%
	Aerospace & Defense – 4.1%
	40,791	L-3 Communications Holdings, Inc.	$ 4,530,657
	15,774	Lockheed Martin Corp.	2,380,454
	65,399	The Boeing Co.	8,191,879
	22,254	United Technologies Corp.	2,537,401

			17,640,391

	Air Freight & Logistics – 1.7%
	77,853	United Parcel Service, Inc. Class B	7,413,941

	Airlines – 3.1%
	53,012	Alaska Air Group, Inc.*	4,191,659
	158,456	Delta Air Lines, Inc.*	4,850,338
	206,245	Southwest Airlines Co.	4,320,833

			13,362,830

	Auto Components – 0.9%
	86,078	Johnson Controls, Inc.	3,969,917

	Beverages – 0.9%
	17,622	PepsiCo., Inc.	1,416,104
	66,244	The Coca-Cola Co.	2,505,348

			3,921,452

	*Biotechnology – 6.1%**
	5,910	Alexion Pharmaceuticals, Inc.	938,094
	18,627	Biogen Idec, Inc.	5,823,545
	46,905	Celgene Corp.	7,126,277
	122,153	Gilead Sciences, Inc.	9,851,639
	22,417	United Therapeutics Corp.	2,300,433

			26,039,988

	Building Products – 0.1%
	29,221	Masco Corp.	618,316

	Capital Markets – 1.0%
	73,399	SEI Investments Co.	2,499,970
	68,232	The Charles Schwab Corp.	1,693,518

			4,193,488

	Chemicals – 3.5%
	43,781	Eastman Chemical Co.	3,413,167
	27,465	LyondellBasell Industries NV Class A	2,163,143
	29,190	PPG Industries, Inc.	5,323,088
	4,203	Rockwood Holdings, Inc.	288,032
	12,839	Sigma-Aldrich Corp.	1,193,642
	58,485	The Dow Chemical Co.	2,661,652

			15,042,724

	Commercial Banks – 1.0%
	34,976	The PNC Financial Services Group, Inc.	2,793,883
	30,503	Wells Fargo & Co.	1,383,006

			4,176,889



Shares		Description	Value
	Common Stocks – (continued)
	Commercial Services & Supplies – 0.0%
	6,628	Pitney Bowes, Inc.	$ 166,893

	Communications Equipment – 2.5%
	2,807	EchoStar Corp. Class A*	132,013
	27,724	Harris Corp.	1,922,382
	113,301	QUALCOMM, Inc.	8,409,201

			10,463,596

	Computers & Peripherals – 3.7%
	31,821	Apple, Inc.	15,929,593

	Consumer Finance – 1.0%
	60,595	Capital One Financial Corp.	4,278,613

	Containers & Packaging – 0.8%
	54,122	Packaging Corp. of America	3,496,281

	Diversified Telecommunication Services – 1.8%
	148,315	Verizon Communications, Inc.^(a)	7,122,086
	63,175	Windstream Holdings, Inc.^(b)	472,549

			7,594,635

	Electrical Equipment – 0.2%
	10,283	Emerson Electric Co.	678,061

	Energy Equipment & Services – 0.4%
	8,937	Halliburton Co.	438,002
	12,071	Schlumberger Ltd.	1,057,058

			1,495,060

	Food & Staples Retailing – 2.6%
	69,966	CVS Caremark Corp.	4,738,098
	4,093	The Kroger Co.	147,757
	104,671	Walgreen Co.	6,002,882

			10,888,737

	Food Products – 2.8%
	111,107	Archer-Daniels-Midland Co.	4,386,505
	63,749	Kraft Foods Group, Inc.	3,337,260
	23,429	Mead Johnson Nutrition Co.	1,801,456
	62,648	Tyson Foods, Inc. Class A	2,343,035

			11,868,256

	Health Care Equipment & Supplies – 3.0%
	48,659	Becton Dickinson & Co.	5,261,011
	202,137	Boston Scientific Corp.*	2,734,914
	10,814	DENTSPLY International, Inc.	498,958
	73,436	Medtronic, Inc.	4,153,540
	1,986	The Cooper Cos., Inc.	246,820

			12,895,243

	Health Care Providers & Services – 2.3%
	55,002	AmerisourceBergen Corp.	3,697,235
	46,317	Cardinal Health, Inc.	3,150,482
	26,053	Henry Schein, Inc.*	2,993,229

			9,840,946



Shares		Description	Value
	Common Stocks – (continued)
	Hotels, Restaurants & Leisure – 1.4%
	7,073	Bally Technologies, Inc.*	$ 518,592
	29,678	Las Vegas Sands Corp.	2,270,961
	14,671	Wynn Resorts Ltd.	3,189,769

			5,979,322

	Household Durables – 1.4%
	52,850	Garmin Ltd.^(b)	2,380,893
	52,956	PulteGroup, Inc.*	1,076,066
	18,985	Whirlpool Corp.	2,530,700

			5,987,659

	Industrial Conglomerates – 0.7%
	38,443	Danaher Corp.	2,859,775

	*Internet & Catalog Retail – 1.8%**
	16,795	Amazon.com, Inc.	6,024,198
	1,404	Priceline.com, Inc.	1,607,426

			7,631,624

	*Internet Software & Services – 5.1%**
	20,583	eBay, Inc.	1,095,016
	18,272	Facebook, Inc. Class A	1,143,279
	16,058	Google, Inc. Class A	18,964,016
	9,898	VeriSign, Inc.	581,507

			21,783,818

	IT Services – 5.5%
	23,126	International Business Machines Corp.	4,085,902
	102,880	MasterCard, Inc. Class A	7,785,958
	36,032	Visa, Inc. Class A	7,762,374
	358,575	Xerox Corp.	3,890,539

			23,524,773

	Machinery – 3.1%
	48,531	IDEX Corp.	3,494,718
	60,622	Illinois Tool Works, Inc.	4,781,257
	28,812	Pall Corp.	2,307,841
	29,954	WABCO Holdings, Inc.*	2,582,634

			13,166,450

	Media – 5.5%
	173,564	Comcast Corp. Class A	9,450,560
	83,266	DIRECTV*	5,781,158
	36,021	Time Warner Cable, Inc.	4,800,519
	43,971	Viacom, Inc. Class B	3,610,019

			23,642,256

	Metals & Mining – 1.1%
	32,121	Cliffs Natural Resources, Inc.^(b)	620,578
	31,922	Reliance Steel & Aluminum Co.	2,232,944
	105,174	Steel Dynamics, Inc.	1,735,371

			4,588,893

	Multiline Retail – 0.5%
	39,958	Target Corp.	2,263,221



Shares		Description	Value
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – 2.1%
	25,660	EOG Resources, Inc.	$ 4,240,058
	23,432	Hess Corp.	1,768,882
	27,812	Occidental Petroleum Corp.	2,435,497
	14,537	PBF Energy, Inc. Class A	376,944

			8,821,381

	Personal Products^(b) – 0.1%
	5,101	Herbalife Ltd.	328,351

	Pharmaceuticals – 4.5%
	105,151	AbbVie, Inc.	5,176,584
	64,530	Johnson & Johnson	5,708,969
	77,355	Merck & Co., Inc.	4,097,494
	139,513	Pfizer, Inc.	4,241,195

			19,224,242

	Professional Services – 0.4%
	22,680	Manpowergroup, Inc.	1,766,772

	Real Estate Investment Trusts – 0.4%
	9,795	Public Storage	1,543,594
	2,647	Taubman Centers, Inc.	172,108

			1,715,702

	*Real Estate Management & Development – 1.7%**
	107,842	CBRE Group, Inc. Class A	2,862,126
	99,982	Realogy Holdings Corp.	4,556,180

			7,418,306

	Semiconductors & Semiconductor Equipment – 3.9%
	68,023	Lam Research Corp.*	3,442,644
	96,508	Micron Technology, Inc.*	2,223,544
	150,155	Texas Instruments, Inc.	6,366,572
	101,266	Xilinx, Inc.	4,700,768

			16,733,528

	Software – 3.6%
	63,215	Electronic Arts, Inc.*	1,668,876
	263,345	Microsoft Corp.	9,967,608
	65,654	Oracle Corp.	2,422,633
	14,653	VMware, Inc. Class A*	1,320,821

			15,379,938

	Specialty Retail – 5.9%
	10,232	AutoZone, Inc.*	5,065,454
	7,931	Best Buy Co., Inc.	186,696
	86,296	GameStop Corp. Class A	3,026,401
	30,688	Guess?, Inc.	860,798
	132,805	Lowe’s Cos., Inc.	6,147,543
	191,974	Staples, Inc.	2,526,378
	96,355	The Home Depot, Inc.	7,404,882

			25,218,152

	Textiles, Apparel & Luxury Goods – 2.5%
	39,510	Fossil Group, Inc.*	4,418,403
	87,202	NIKE, Inc. Class B	6,352,666

			10,771,069

	Tobacco – 2.3%
	125,709	Philip Morris International, Inc.	9,822,901

	Wireless Telecommunication Services – 0.1%
	10,733	United States Cellular Corp.	475,365

	TOTAL COMMON STOCKS		$415,079,348


Principal Amount	Interest Rate		Maturity Date	Value
Short-term Investment^(c) – 3.4%
Repurchase Agreement – 3.4%
Joint Repurchase Agreement Account II
$14,500,000		0.025%	02/03/14	$ 14,500,000

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE				$429,579,348



Shares	Distribution Rate	Value
Securities Lending Reinvestment Vehicle^(d)(e) – 0.8%
Financial Square Money Market Fund - FST Shares
3,591,450	0.055%	$ 3,591,450

TOTAL INVESTMENTS – 101.3%		$433,170,798

LIABILITIES IN EXCESS OF OTHER ASSETS – (1.3)%		(5,476,721)

NET ASSETS – 100.0%		$427,694,077



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 segregated as collateral for initial margin requirements on futures transactions.

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

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

(d)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at January 31, 2014.

(e)		Represents an affiliated issuer.

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

FUTURES CONTRACTS — At January 31, 2014, the Fund had the following futures contracts:

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:

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 – 97.1%
	Aerospace & Defense – 2.8%
	36,868	L-3 Communications Holdings, Inc.	$ 4,094,929
	22,234	Northrop Grumman Corp.	2,569,139
	25,179	The Boeing Co.	3,153,921

			9,817,989

	Air Freight & Logistics – 0.9%
	34,461	United Parcel Service, Inc. Class B	3,281,721

	Airlines – 2.8%
	33,219	Alaska Air Group, Inc.	2,626,626
	133,081	Delta Air Lines, Inc.	4,073,610
	149,999	Southwest Airlines Co.	3,142,479

			9,842,715

	Auto Components – 1.3%
	97,322	Johnson Controls, Inc.	4,488,491

	*Biotechnology – 1.0%**
	17,651	Celgene Corp.	2,681,716
	8,963	Gilead Sciences, Inc.	722,866

			3,404,582

	Capital Markets – 3.0%
	15,809	Ameriprise Financial, Inc.	1,670,063
	37,552	Morgan Stanley, Inc.	1,108,160
	95,485	SEI Investments Co.	3,252,219
	172,777	The Charles Schwab Corp.	4,288,325

			10,318,767

	Chemicals – 2.0%
	16,579	Eastman Chemical Co.	1,292,499
	19,468	PPG Industries, Inc.	3,550,184
	44,251	The Dow Chemical Co.	2,013,863

			6,856,546

	Commercial Banks – 8.6%
	6,143	BOK Financial Corp.	394,749
	15,694	City National Corp.	1,135,461
	3,601	First Citizens BancShares, Inc. Class A	796,685
	202,031	KeyCorp	2,577,916
	25,945	SVB Financial Group*	2,911,807
	63,705	The PNC Financial Services Group, Inc.	5,088,755
	128,486	U.S. Bancorp	5,104,749
	264,387	Wells Fargo & Co.	11,987,307

			29,997,429

	Communications Equipment – 0.7%
	50,104	Cisco Systems, Inc.	1,097,779
	11,912	EchoStar Corp. Class A*	560,221
	3,626	Harris Corp.	251,427
	7,980	QUALCOMM, Inc.	592,275

			2,501,702



Shares		Description	Value
	Common Stocks – (continued)
	Computers & Peripherals – 2.8%
	7,093	Apple, Inc.	$ 3,550,756
	124,460	Hewlett-Packard Co.	3,609,340
	30,170	Western Digital Corp.	2,599,749

			9,759,845

	Consumer Finance – 1.6%
	72,310	Capital One Financial Corp.	5,105,809
	22,296	SLM Corp.	507,457

			5,613,266

	Containers & Packaging – 0.5%
	28,128	Packaging Corp. of America	1,817,069

	Diversified Consumer Services – 0.1%
	698	Graham Holdings Co. Class B	436,990

	Diversified Financial Services – 8.4%
	409,981	Bank of America Corp.	6,867,182
	39,557	Berkshire Hathaway, Inc. Class B*	4,414,561
	133,513	Citigroup, Inc.	6,332,522
	209,993	JPMorgan Chase & Co.	11,625,212

			29,239,477

	Diversified Telecommunication Services – 1.0%
	104,063	AT&T, Inc.	3,467,379

	Electric Utilities – 2.7%
	26,252	American Electric Power Co., Inc.	1,281,360
	86,032	Edison International	4,143,301
	50,937	Exelon Corp.	1,477,173
	52,951	Great Plains Energy, Inc.	1,306,831
	21,631	Pinnacle West Capital Corp.	1,138,439

			9,347,104

	Electronic Equipment, Instruments & Components – 0.5%
	90,194	Corning, Inc.	1,552,239
	19,471	Flextronics International Ltd.*	158,688

			1,710,927

	Energy Equipment & Services – 0.1%
	2,488	Core Laboratories NV	445,153

	Food & Staples Retailing – 1.9%
	94,184	CVS Caremark Corp.	6,378,141
	4,186	Walgreen Co.	240,067

			6,618,208

	Food Products – 1.3%
	112,725	Archer-Daniels-Midland Co.	4,450,383

	Health Care Equipment & Supplies – 4.9%
	101,931	Abbott Laboratories	3,736,791
	25,217	Becton Dickinson & Co.	2,726,462
	311,891	Boston Scientific Corp.*	4,219,885
	11,446	Covidien PLC	781,075
	100,509	Medtronic, Inc.	5,684,789

			17,149,002



Shares		Description	Value
	Common Stocks – (continued)
	Health Care Providers & Services – 1.8%
	18,253	AmerisourceBergen Corp.	$ 1,226,967
	64,310	Cardinal Health, Inc.	4,374,366
	4,892	Henry Schein, Inc.*	562,042

			6,163,375

	Hotels, Restaurants & Leisure – 0.2%
	8,460	Hyatt Hotels Corp. Class A*	404,303
	2,251	Las Vegas Sands Corp.	172,247

			576,550

	Household Durables – 1.4%
	58,576	Garmin Ltd.^(a)	2,638,848
	38,665	PulteGroup, Inc.	785,673
	11,623	Whirlpool Corp.	1,549,346

			4,973,867

	Household Products – 1.4%
	61,435	The Procter & Gamble Co.	4,707,150

	Independent Power Producers & Energy Traders – 0.2%
	54,616	The AES Corp.	767,901

	Industrial Conglomerates – 2.4%
	8,325	Danaher Corp.	619,297
	311,606	General Electric Co.	7,830,659

			8,449,956

	Insurance – 0.6%
	41,961	Assured Guaranty Ltd.	887,475
	8,107	Reinsurance Group of America, Inc.	605,350
	4,996	The Travelers Cos., Inc.	406,595

			1,899,420

	*Internet Software & Services – 0.8%**
	783	Google, Inc. Class A^(b)	924,699
	49,082	Yahoo!, Inc.	1,767,345

			2,692,044

	IT Services – 1.5%
	12,930	MasterCard, Inc. Class A	978,542
	2,431	Visa, Inc. Class A	523,710
	343,236	Xerox Corp.	3,724,111

			5,226,363

	Machinery – 1.3%
	2,877	IDEX Corp.	207,173
	52,699	Illinois Tool Works, Inc.	4,156,370
	2,333	WABCO Holdings, Inc.*	201,151

			4,564,694

	Media – 1.5%
	14,543	Comcast Corp. Class A	761,326
	50,667	DIRECTV*	3,517,810
	7,201	The Walt Disney Co.	522,865
	4,342	Time Warner Cable, Inc.	578,658

			5,380,659



Shares		Description	Value
	Common Stocks – (continued)
	Metals & Mining – 2.0%
	48,621	Cliffs Natural Resources, Inc.^(a)	$ 939,358
	8,295	Newmont Mining Corp.	179,172
	41,360	Reliance Steel & Aluminum Co.	2,893,132
	175,067	Steel Dynamics, Inc.	2,888,605

			6,900,267

	Multi-Utilities – 0.2%
	15,389	Vectren Corp.	562,006

	Multiline Retail – 0.2%
	13,478	Kohl’s Corp.	682,391

	Oil, Gas & Consumable Fuels – 11.4%
	45,718	Chevron Corp.	5,103,500
	75,217	ConocoPhillips	4,885,344
	10,273	EOG Resources, Inc.	1,697,511
	135,739	Exxon Mobil Corp.	12,509,706
	27,949	Hess Corp.	2,109,870
	69,650	Occidental Petroleum Corp.	6,099,251
	31,986	PBF Energy, Inc. Class A	829,397
	53,361	Phillips 66	3,900,155
	50,865	Valero Energy Corp.	2,599,202

			39,733,936

	Pharmaceuticals – 8.4%
	93,247	Johnson & Johnson	8,249,562
	179,946	Merck & Co., Inc.	9,531,740
	374,565	Pfizer, Inc.	11,386,776

			29,168,078

	Professional Services – 1.0%
	44,837	Manpowergroup, Inc.	3,492,802

	Real Estate Investment Trusts – 2.1%
	27,152	Apartment Investment & Management Co. Class A	759,441
	6,690	General Growth Properties, Inc.	134,737
	25,927	Host Hotels & Resorts, Inc.	476,797
	21,595	Public Storage	3,403,156
	40,631	Taubman Centers, Inc.	2,641,828

			7,415,959

	*Real Estate Management & Development – 1.9%**
	120,554	CBRE Group, Inc. Class A	3,199,503
	78,294	Realogy Holdings Corp.	3,567,858

			6,767,361

	Semiconductors & Semiconductor Equipment – 3.5%
	64,252	Intel Corp.	1,576,744
	10,013	Lam Research Corp.*	506,758
	190,087	Micron Technology, Inc.*	4,379,604
	81,485	Texas Instruments, Inc.	3,454,964
	47,430	Xilinx, Inc.	2,201,701

			12,119,771

	*Software – 0.1%**
	12,014	Electronic Arts, Inc.	317,170



Shares		Description	Value
	Common Stocks – (continued)
	Specialty Retail – 3.0%
	7,049	AutoZone, Inc.*	$ 3,489,678
	75,139	GameStop Corp. Class A	2,635,125
	18,811	Guess?, Inc.	527,648
	14,802	Lowe’s Cos., Inc.	685,185
	225,547	Staples, Inc.	2,968,198

			10,305,834

	Textiles, Apparel & Luxury Goods – 0.8%
	21,862	Fossil Group, Inc.*	2,444,827
	5,962	NIKE, Inc. Class B	434,332

			2,879,159

	Tobacco – 0.5%
	24,193	Philip Morris International, Inc.	1,890,441

	Wireless Telecommunication Services – 0.0%
	2,838	United States Cellular Corp.	125,695

	TOTAL COMMON STOCKS		$338,327,594



Principal Amount	Interest Rate		Maturity Date	Value
Short-term Investment^(c) – 3.1%
Repurchase Agreement – 3.1%
Joint Repurchase Agreement Account II
$10,600,000		0.025%	02/03/14	$ 10,600,000

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE				$348,927,594



Shares	Distribution Rate	Value
Securities Lending Reinvestment Vehicle^(d)(e) – 1.0%
Financial Square Money Market Fund - FST Shares
3,483,350	0.055%	$ 3,483,350

TOTAL INVESTMENTS – 101.2%		$352,410,944

LIABILITIES IN EXCESS OF OTHER ASSETS – (1.2)%		(4,006,756)

NET ASSETS – 100.0%		$348,404,188



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

(d)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at January 31, 2014.

(e)		Represents an affiliated issuer.

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

FUTURES CONTRACTS — At January 31, 2014, the Fund had the following futures contracts:

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:



Shares		Description	Value
	Common Stocks – 97.1%
	Aerospace & Defense – 1.3%
	42,780	AAR Corp.	$ 1,140,087
	5,931	American Science and Engineering, Inc.	405,621
	5,319	Moog, Inc. Class A*	319,459
	14,954	Orbital Sciences Corp.*	365,625
	13,077	Taser International, Inc.*	210,017

			2,440,809

	*Air Freight & Logistics – 0.2%**
	39,573	Pacer International, Inc.	348,638

	Airlines – 2.1%
	15,904	Alaska Air Group, Inc.	1,257,529
	12,224	Allegiant Travel Co.	1,113,240
	75,790	JetBlue Airways Corp.*	663,920
	37,301	Republic Airways Holdings, Inc.*	365,923
	49,606	SkyWest, Inc.	645,374

			4,045,986

	Auto Components – 0.3%
	6,286	Modine Manufacturing Co.*	82,347
	4,709	Standard Motor Products, Inc.	154,031
	22,285	Stoneridge, Inc.*	253,603

			489,981

	Biotechnology – 6.0%
	34,429	Acorda Therapeutics, Inc.*	1,010,491
	12,306	Aegerion Pharmaceuticals, Inc.*	738,114
	2,931	Alkermes PLC*	142,681
	10,987	Cepheid, Inc.*	580,773
	31,738	Dyax Corp.*	267,234
	41,694	Emergent Biosolutions, Inc.*	997,737
	28,956	Genomic Health, Inc.*^(a)	872,155
	6,685	Halozyme Therapeutics, Inc.*^(a)	104,687
	1,580	Incyte Corp.*	103,522
	8,634	Insys Therapeutics, Inc.*	507,938
	304	Intercept Pharmaceuticals, Inc.*	91,468
	38,676	Isis Pharmaceuticals, Inc.*	1,974,797
	18,998	Ligand Pharmaceuticals, Inc. Class B*^(a)	1,176,736
	16,339	Momenta Pharmaceuticals, Inc.*	292,468
	13,260	PDL BioPharma, Inc.^(a)	120,666
	12,521	Sangamo Biosciences, Inc.*	242,156
	24,199	Seattle Genetics, Inc.*	1,085,567
	11,599	United Therapeutics Corp.*	1,190,289

			11,499,479

	Building Products – 0.9%
	35,526	AAON, Inc.	1,053,701
	10,509	American Woodmark Corp.*	368,971
	1,966	Simpson Manufacturing Co., Inc.	64,091
	4,414	Trex Co., Inc.*	310,437

			1,797,200



Shares		Description	Value
	Common Stocks – (continued)
	Capital Markets – 4.1%
	112,837	BGC Partners, Inc. Class A	$ 725,542
	50,571	BlackRock Kelso Capital Corp.	469,805
	10,990	Capital Southwest Corp.	375,528
	27,590	Cohen & Steers, Inc.^(a)	995,171
	20,979	Evercore Partners, Inc. Class A	1,171,467
	11,422	Financial Engines, Inc.	695,828
	26,985	FXCM, Inc. Class A^(a)	462,523
	15,434	GAMCO Investors, Inc. Class A	1,246,913
	28,737	Gladstone Capital Corp.	283,634
	6,525	Greenhill & Co., Inc.	338,974
	33,994	Investment Technology Group, Inc.*	560,901
	2,733	SEI Investments Co.	93,086
	33,290	WisdomTree Investments, Inc.*	470,055

			7,889,427

	Chemicals – 1.8%
	29,584	A. Schulman, Inc.	1,004,969
	4,264	Calgon Carbon Corp.*	86,602
	20,856	Ferro Corp.*	262,368
	4,412	FutureFuel Corp.	72,180
	3,477	Koppers Holdings, Inc.	137,342
	45,311	Olin Corp.^(a)	1,164,946
	25,110	OM Group, Inc.*	812,057

			3,540,464

	Commercial Banks – 5.1%
	21,572	1st Source Corp.	635,727
	2,640	Bancfirst Corp.	142,639
	4,481	Banner Corp.	165,035
	35,016	Central Pacific Financial Corp.	642,544
	4,359	Chemical Financial Corp.	125,888
	3,139	City Holding Co.	140,062
	16,755	Columbia Banking System, Inc.	437,473
	88,335	CVB Financial Corp.	1,317,958
	14,083	First Bancorp, Inc.	239,270
	48,379	First Interstate BancSystem, Inc.	1,241,405
	7,667	Great Southern Bancorp, Inc.	211,993
	4,439	Hancock Holding Co.	153,590
	13,079	International Bancshares Corp.	306,179
	42,625	PrivateBancorp, Inc.	1,218,649
	37,733	Renasant Corp.	1,086,333
	3,101	S&T Bancorp, Inc.	72,532
	34,818	Umpqua Holdings Corp.^(a)	611,404
	61,697	United Community Banks, Inc.*	1,029,106

			9,777,787



Shares		Description	Value
	Common Stocks – (continued)
	Commercial Services & Supplies – 1.4%
	9,120	Consolidated Graphics, Inc.*	$ 591,341
	29,652	Kimball International, Inc. Class B	440,925
	18,962	Mobile Mini, Inc.*	733,261
	37,793	Quad Graphics, Inc.^(a)	866,593

			2,632,120

	Communications Equipment – 1.3%
	5,075	Bel Fuse, Inc. Class B	97,288
	21,970	Calix, Inc.*	174,222
	16,404	EchoStar Corp. Class A*	771,480
	89,970	Harmonic, Inc.*	590,203
	28,817	Infinera Corp.*	251,284
	22,897	PC-Tel, Inc.	187,985
	10,446	Ubiquiti Networks, Inc.*^(a)	430,375

			2,502,837

	Computers & Peripherals – 1.1%
	39,306	Imation Corp.*	189,062
	31,023	Lexmark International, Inc. Class A	1,215,791
	34,129	Super Micro Computer, Inc.*	701,692

			2,106,545

	Consumer Finance – 2.0%
	32,585	Cash America International, Inc.	1,196,847
	14,260	EZCORP, Inc. Class A*	156,575
	28,519	Nelnet, Inc. Class A	1,062,333
	3,460	Portfolio Recovery Associates, Inc.*	173,761
	13,932	World Acceptance Corp.*^(a)	1,333,153

			3,922,669

	Diversified Consumer Services – 2.4%
	14,482	American Public Education, Inc.*	613,023
	29,681	Apollo Education Group, Inc.*	958,399
	30,007	Bridgepoint Education, Inc.*^(a)	521,522
	9,297	Capella Education Co.*	580,040
	1,574	Graham Holdings Co. Class B	985,418
	43,463	K12, Inc.*	954,013

			4,612,415

	Diversified Financial Services – 0.6%
	2,846	Interactive Brokers Group, Inc. Class A	60,335
	47,251	PHH Corp.*	1,146,782

			1,207,117

	Diversified Telecommunication Services – 0.2%
	3,634	Atlantic Tele-Network, Inc.	211,680
	6,517	magicJack VocalTec Ltd.*^(a)	94,627

			306,307

	Electrical Equipment – 1.6%
	8,872	Brady Corp. Class A	242,738
	18,837	EnerSys, Inc.	1,282,046
	29,677	II-VI, Inc.*	453,168
	34,160	LSI Industries, Inc.	288,310
	26,805	Polypore International, Inc.*^(a)	888,586

			3,154,848



Shares		Description	Value
	Common Stocks – (continued)
	Electronic Equipment, Instruments & Components – 2.1%
	40,634	AVX Corp.	$ 524,991
	60,284	Benchmark Electronics, Inc.*	1,370,255
	21,606	Checkpoint Systems, Inc.*	288,224
	3,238	Coherent, Inc.*	216,428
	17,467	Rofin-Sinar Technologies, Inc.*	403,488
	13,189	Sanmina Corp.*	220,520
	13,631	ScanSource, Inc.*	511,708
	65,259	TTM Technologies, Inc.*	522,725

			4,058,339

	*Energy Equipment & Services – 0.8%**
	10,040	C&J Energy Services, Inc.	234,735
	2,115	Exterran Holdings, Inc.	73,475
	13,925	SEACOR Holdings, Inc.	1,172,207

			1,480,417

	Food & Staples Retailing – 0.3%
	8,097	The Andersons, Inc.	669,946

	Food Products – 1.8%
	6,800	Lancaster Colony Corp.	591,056
	83,800	Pilgrim’s Pride Corp.*	1,401,974
	19,866	Sanderson Farms, Inc.	1,477,037

			3,470,067

	Gas Utilities – 0.8%
	28,057	Southwest Gas Corp.	1,507,503

	Health Care Equipment & Supplies – 2.3%
	1,570	Atrion Corp.	419,473
	35,451	DexCom, Inc.*	1,434,348
	10,130	ICU Medical, Inc.*	653,486
	3,518	Insulet Corp.*	151,274
	42,880	Masimo Corp.*	1,254,240
	8,812	Meridian Bioscience, Inc.^(a)	200,737
	14,669	Natus Medical, Inc.*	379,780

			4,493,338

	Health Care Providers & Services – 2.0%
	8,968	Amedisys, Inc.*	135,327
	29,383	AMN Healthcare Services, Inc.*	443,977
	9,415	CorVel Corp.*	445,894
	35,401	Kindred Healthcare, Inc.	670,495
	23,849	Magellan Health Services, Inc.*	1,426,886
	28,249	PharMerica Corp.*	687,581
	30,523	Skilled Healthcare Group, Inc. Class A*	139,490

			3,949,650

	Health Care Technology – 0.5%
	2,182	HealthStream, Inc.*	63,322
	26,975	Omnicell, Inc.*	696,494
	12,546	Quality Systems, Inc.	230,972

			990,788



Shares		Description	Value
	Common Stocks – (continued)
	Hotels, Restaurants & Leisure – 2.0%
	15,342	Bally Technologies, Inc.*	$ 1,124,875
	61,119	Boyd Gaming Corp.*	645,416
	6,989	Jack in the Box, Inc.*	353,434
	2,766	Marriott Vacations Worldwide Corp.*	132,436
	14,500	Penn National Gaming, Inc.*	170,085
	5,323	Red Robin Gourmet Burgers, Inc.*	342,961
	17,154	Sonic Corp.*	305,170
	30,343	Texas Roadhouse, Inc.	735,818

			3,810,195

	Household Durables – 1.7%
	15,111	Blyth, Inc.^(a)	141,741
	23,412	Ethan Allen Interiors, Inc.	590,919
	5,525	Helen of Troy Ltd.*	304,096
	14,918	Hooker Furniture Corp.	226,008
	2,261	Leggett & Platt, Inc.	67,875
	5,382	NACCO Industries, Inc. Class A	317,753
	54,065	PulteGroup, Inc.	1,098,601
	20,096	William Lyon Homes Class A*	483,711

			3,230,704

	Insurance – 3.1%
	50,664	American Equity Investment Life Holding Co.	1,112,075
	37,605	AmTrust Financial Services, Inc.^(a)	1,213,889
	18,557	Aspen Insurance Holdings Ltd.	721,867
	9,064	Assured Guaranty Ltd.	191,704
	41,193	CNO Financial Group, Inc.	697,809
	6,541	Employers Holdings, Inc.	160,712
	9,933	Global Indemnity PLC*	243,458
	5,520	Primerica, Inc.	232,558
	76,973	Symetra Financial Corp.	1,474,033

			6,048,105

	Internet & Catalog Retail – 0.3%
	62,961	Orbitz Worldwide, Inc.*	453,319
	4,928	PetMed Express, Inc.^(a)	65,198

			518,517

	Internet Software & Services – 5.0%
	4,785	Bankrate, Inc.*	79,383
	47,861	Blucora, Inc.*	1,225,720
	24,675	comScore, Inc.*	676,342
	32,565	Constant Contact, Inc.*	879,581
	59,113	Conversant, Inc.*	1,270,929
	2,713	Demandware, Inc.*	172,764
	29,260	Digital River, Inc.*	514,391
	3,271	Liquidity Services, Inc.*	77,752
	33,034	Marchex, Inc. Class B	309,198
	20,611	Stamps.com, Inc.*	813,310
	27,091	VistaPrint NV*	1,324,208
	28,027	Web.com Group, Inc.*	947,313
	25,960	WebMD Health Corp.*^(a)	1,243,484

			9,534,375



Shares		Description	Value
	Common Stocks – (continued)
	IT Services – 1.1%
	77,501	Ciber, Inc.*	$ 300,704
	8,289	Forrester Research, Inc.	311,169
	4,108	iGATE Corp.*	138,645
	30,377	ManTech International Corp. Class A	883,971
	16,408	ModusLink Global Solutions, Inc.*	84,501
	15,027	TeleTech Holdings, Inc.*	327,889

			2,046,879

	Leisure Equipment & Products – 0.9%
	34,524	Callaway Golf Co.	282,061
	45,239	Smith & Wesson Holding Corp.*^(a)	592,178
	10,864	Sturm Ruger & Co., Inc.^(a)	827,511

			1,701,750

	*Life Sciences Tools & Services – 0.2%**
	25,218	Affymetrix, Inc.^(a)	236,797
	4,495	Cambrex Corp.	84,371
	6,332	Luminex Corp.	115,686

			436,854

	Machinery – 3.4%
	27,114	Albany International Corp. Class A	937,331
	6,464	Astec Industries, Inc.	240,461
	18,098	EnPro Industries, Inc.*	1,312,829
	15,196	Hyster-Yale Materials Handling, Inc.	1,303,209
	4,919	IDEX Corp.	354,217
	25,002	John Bean Technologies Corp.	771,812
	8,671	Kadant, Inc.	311,376
	17,458	Lydall, Inc.*	308,483
	17,149	Miller Industries, Inc.	314,513
	20,062	Mueller Water Products, Inc. Class A	174,138
	23,239	Tecumseh Products Co. Class A*	195,207
	912	WABCO Holdings, Inc.*	78,633
	3,371	Watts Water Technologies, Inc. Class A	188,843

			6,491,052

	Marine – 0.4%
	36,726	Seaspan Corp.	817,154

	Media – 0.6%
	13,855	Entercom Communications Corp. Class A*	130,653
	44,613	Harte-Hanks, Inc.	305,599
	7,996	Journal Communications, Inc. Class A*	63,728
	4,792	National CineMedia, Inc.	89,515
	18,284	Scholastic Corp.	603,189

			1,192,684



Shares		Description	Value
	Common Stocks – (continued)
	Metals & Mining – 4.6%
	43,392	Cliffs Natural Resources, Inc.^(a)	$ 838,333
	68,566	Commercial Metals Co.	1,306,868
	71,359	Globe Specialty Metals, Inc.	1,247,355
	16,870	Kaiser Aluminum Corp.	1,177,695
	25,390	Materion Corp.	674,612
	16,471	Reliance Steel & Aluminum Co.	1,152,146
	3,926	Schnitzer Steel Industries, Inc. Class A	103,725
	58,445	Steel Dynamics, Inc.	964,343
	23,389	SunCoke Energy, Inc.*	518,768
	36,044	United States Steel Corp.^(a)	941,109

			8,924,954

	Multiline Retail – 0.2%
	18,966	Fred’s, Inc. Class A	331,526

	Oil, Gas & Consumable Fuels – 1.6%
	34,642	Comstock Resources, Inc.	594,110
	92,198	Forest Oil Corp.*	281,204
	9,648	Green Plains Renewable Energy, Inc.*^(a)	214,957
	36,511	PBF Energy, Inc. Class A^(a)	946,730
	13,004	Scorpio Tankers, Inc.	130,040
	22,368	Western Refining, Inc.^(a)	874,813

			3,041,854

	Paper & Forest Products – 0.7%
	1,650	Neenah Paper, Inc.	71,676
	25,795	Schweitzer-Mauduit International, Inc.	1,189,923

			1,261,599

	*Personal Products^(a) – 0.5%**
	15,244	USANA Health Sciences, Inc.	912,658

	Pharmaceuticals – 1.7%
	50,596	Akorn, Inc.*	1,148,529
	1,739	Hi-Tech Pharmacal Co., Inc.*	75,229
	12,096	Horizon Pharma, Inc.*	119,267
	12,303	Impax Laboratories, Inc.*	284,692
	9,137	Lannett Co., Inc.*	322,719
	18,841	Questcor Pharmaceuticals, Inc.^(a)	1,262,535
	18,172	Zogenix, Inc.*	80,502

			3,293,473

	Professional Services – 4.0%
	4,414	Barrett Business Services, Inc.	346,102
	19,021	CDI Corp.	325,639
	1,874	FTI Consulting, Inc.*	69,469
	13,379	Huron Consulting Group, Inc.*	886,225
	8,102	ICF International, Inc.*	272,713
	24,197	Insperity, Inc.	798,985
	47,756	Kelly Services, Inc. Class A	1,145,189
	22,992	Kforce, Inc.	416,845
	50,391	Korn/Ferry International*	1,182,173
	13,753	Manpowergroup, Inc.	1,071,359
	24,137	On Assignment, Inc.*	716,386
	23,419	RPX Corp.*	379,856

			7,610,941



Shares		Description	Value
	Common Stocks – (continued)
	Real Estate Investment Trusts – 3.9%
	34,631	American Assets Trust, Inc.	$ 1,159,099
	28,314	Apollo Commercial Real Estate Finance, Inc.	476,241
	23,094	Aviv REIT, Inc.	563,263
	4,485	Colony Financial, Inc.	99,567
	19,038	Coresite Realty Corp.	584,086
	21,441	Cousins Properties, Inc.	230,491
	33,083	CubeSmart	545,208
	39,809	CYS Investments, Inc.	315,287
	3,026	DuPont Fabros Technology, Inc.	78,646
	4,885	First Industrial Realty Trust, Inc.	83,826
	8,214	PS Business Parks, Inc.	645,374
	3,394	Redwood Trust, Inc.	63,468
	10,516	Resource Capital Corp.	61,939
	2,489	Sabra Health Care REIT, Inc.	72,007
	13,579	Sovran Self Storage, Inc.	922,150
	45,473	The Geo Group, Inc.	1,522,436

			7,423,088

	*Real Estate Management & Development – 0.6%**
	25,950	Realogy Holdings Corp.	1,182,542

	Road & Rail – 1.4%
	17,825	Arkansas Best Corp.	611,219
	9,440	Con-way, Inc.	363,157
	52,873	Knight Transportation, Inc.	1,128,839
	28,030	Marten Transport Ltd.	534,532

			2,637,747

	Semiconductors & Semiconductor Equipment – 4.0%
	4,759	Cabot Microelectronics Corp.*	191,883
	35,842	Cavium, Inc.*	1,332,247
	57,570	Cirrus Logic, Inc.*^(a)	1,008,051
	32,468	DSP Group, Inc.*	290,913
	54,112	International Rectifier Corp.*	1,407,453
	121,779	Intersil Corp. Class A	1,380,974
	28,350	Lattice Semiconductor Corp.*	163,863
	13,727	Micrel, Inc.	136,995
	15,120	Microsemi Corp.*	354,413
	4,796	Monolithic Power Systems, Inc.*	156,781
	22,117	OmniVision Technologies, Inc.*	340,381
	115,637	Rambus, Inc.*	1,030,326

			7,794,280

	Software – 4.6%
	13,373	Advent Software, Inc.*	439,437
	39,455	Aspen Technology, Inc.*	1,797,964
	42,539	AVG Technologies NV*	705,722
	14,713	Blackbaud, Inc.	507,010
	10,158	EPIQ Systems, Inc.	145,869
	6,465	Monotype Imaging Holdings, Inc.	188,584
	24,523	Pegasystems, Inc.	1,114,325



Shares		Description	Value
	Common Stocks – (continued)
	Software – (continued)
	35,143	SS&C Technologies Holdings, Inc.*	$ 1,364,251
	5,881	Synopsys, Inc.*	234,417
	61,499	Take-Two Interactive Software, Inc.*	1,179,551
	97,831	TiVo, Inc.*^(b)	1,212,126

			8,889,256

	Specialty Retail – 4.1%
	23,927	Brown Shoe Co., Inc.	566,591
	33,595	Express, Inc.*	581,865
	22,597	GameStop Corp. Class A^(a)	792,477
	35,837	Guess?, Inc.	1,005,228
	21,273	Haverty Furniture Cos., Inc.	591,815
	20,632	hhgregg, Inc.*^(a)	170,420
	19,199	Lithia Motors, Inc. Class A	1,080,712
	8,246	Lumber Liquidators Holdings, Inc.*	733,812
	22,378	Outerwall, Inc.*^(a)	1,439,129
	9,723	Restoration Hardware Holdings, Inc.*	551,683
	39,497	The Pep Boys-Manny, Moe & Jack*	471,594

			7,985,326

	Textiles, Apparel & Luxury Goods – 1.9%
	16,816	Columbia Sportswear Co.^(a)	1,250,270
	8,763	Fossil Group, Inc.*	979,966
	2,910	Movado Group, Inc.	109,852
	7,316	Perry Ellis International, Inc.*	114,642
	41,915	Skechers U.S.A., Inc. Class A*	1,210,924
	3,436	Unifi, Inc.*	79,681

			3,745,335

	Thrifts & Mortgage Finance – 0.2%
	9,465	Brookline Bancorp, Inc.	84,238
	4,502	Dime Community Bancshares	73,563
	14,113	Oritani Financial Corp.	222,139

			379,940

	Trading Companies & Distributors – 0.6%
	26,502	TAL International Group, Inc.	1,140,381

	*Transportation Infrastructure – 0.2%**
	15,445	Wesco Aircraft Holdings, Inc.	345,196

	Wireless Telecommunication Services – 0.6%
	17,336	United States Cellular Corp.	767,812
	22,931	USA Mobility, Inc.	326,996

			1,094,808

	TOTAL COMMON STOCKS		$186,717,850


Principal Amount	Interest Rate		Maturity Date	Value
Short-term Investment^(c) – 3.2%
Repurchase Agreement – 3.2%
Joint Repurchase Agreement Account II
$6,100,000		0.025%	02/03/14	$ 6,100,000

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE				$192,817,850



Shares	Description Rate	Value
Securities Lending Reinvestment Vehicle^(d)(e) – 10.9%
Financial Square Money Market Fund - FST Shares
20,991,595	0.055%	$ 20,991,595

TOTAL INVESTMENTS – 111.2%		$213,809,445

LIABILITIES IN EXCESS OF OTHER ASSETS – (11.2)%		(21,499,256)

NET ASSETS – 100.0%		$192,310,189



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)		A portion of this security is segregated as collateral for initial margin requirement on futures transactions.

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

(d)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at January 31, 2014.

(e)		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 January 31, 2014, the Fund had the following futures contracts:

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:



Shares		Description	Value
	Common Stocks – 96.2%
	Aerospace & Defense – 0.9%
	963	American Science and Engineering, Inc.	$ 65,860
	5,471	Moog, Inc. Class A*	328,588
	9,155	Taser International, Inc.*	147,029
	1,078	Teledyne Technologies, Inc.*	99,036

			640,513

	*Air Freight & Logistics – 0.1%**
	9,941	Pacer International, Inc.	87,580

	Airlines – 1.8%
	3,055	Alaska Air Group, Inc.*	241,559
	3,715	Allegiant Travel Co.	338,325
	10,687	Republic Airways Holdings, Inc.*	104,839
	14,050	SkyWest, Inc.	182,790
	8,494	Spirit Airlines, Inc.*	398,369

			1,265,882

	*Auto Components – 0.4%**
	4,465	Drew Industries, Inc.	214,722
	5,284	Stoneridge, Inc.	60,132

			274,854

	Beverages – 0.2%
	321	Coca-Cola Bottling Co. Consolidated	21,918
	4,603	National Beverage Corp.*	95,420

			117,338

	Biotechnology – 9.7%
	15,909	Acorda Therapeutics, Inc.*	466,929
	8,403	Aegerion Pharmaceuticals, Inc.*	504,012
	6,659	Alkermes PLC*	324,160
	5,241	Cepheid, Inc.*	277,039
	33,614	Dyax Corp.*	283,030
	10,026	Emergent Biosolutions, Inc.*	239,922
	10,011	Genomic Health, Inc.*^(a)	301,531
	19,450	Halozyme Therapeutics, Inc.*	304,587
	3,911	ImmunoGen, Inc.*^(a)	58,626
	6,762	Incyte Corp.*	443,046
	4,878	Insys Therapeutics, Inc.*	286,973
	435	Intercept Pharmaceuticals, Inc.*	130,883
	18,048	Isis Pharmaceuticals, Inc.*^(b)	921,531
	8,027	Ligand Pharmaceuticals, Inc. Class B*^(a)	497,193
	37,025	MannKind Corp.*^(a)	200,676
	10,048	Momenta Pharmaceuticals, Inc.*	179,859
	40,399	PDL BioPharma, Inc.^(a)	367,631
	15,248	Sangamo Biosciences, Inc.*	294,896
	8,842	Seattle Genetics, Inc.*^(b)	396,652
	2,589	United Therapeutics Corp.*	265,683

			6,744,859



Shares		Description	Value
	Common Stocks – (continued)
	Building Products – 2.0%
	10,581	AAON, Inc.	$ 313,832
	2,143	American Woodmark Corp.*	75,241
	7,771	Apogee Enterprises, Inc.	262,660
	10,360	Simpson Manufacturing Co., Inc.	337,736
	5,961	Trex Co., Inc.*	419,237

			1,408,706

	Capital Markets – 3.5%
	29,407	BGC Partners, Inc. Class A	189,087
	10,163	Cohen & Steers, Inc.^(a)	366,580
	8,523	Evercore Partners, Inc. Class A	475,924
	8,587	Financial Engines, Inc.	523,120
	2,947	GAMCO Investors, Inc. Class A	238,088
	7,927	Greenhill & Co., Inc.	411,808
	662	Virtus Investment Partners, Inc.*	120,656
	7,028	WisdomTree Investments, Inc.*	99,235

			2,424,498

	Chemicals – 1.9%
	5,080	Calgon Carbon Corp.*	103,175
	25,593	Ferro Corp.*	321,960
	3,388	FutureFuel Corp.	55,428
	2,613	Koppers Holdings, Inc.	103,213
	16,814	Olin Corp.^(a)	432,288
	2,609	OM Group, Inc.*	84,375
	3,397	Quaker Chemical Corp.	234,767

			1,335,206

	*Commercial Banks – 0.1%**
	3,514	United Community Banks, Inc.	58,614

	Commercial Services & Supplies – 1.7%
	2,676	Consolidated Graphics, Inc.*	173,512
	4,026	Kimball International, Inc. Class B	59,867
	5,256	Mine Safety Appliances Co.	264,797
	9,144	Mobile Mini, Inc.*	353,598
	18,957	Steelcase, Inc. Class A	279,995
	544	UniFirst Corp.	57,555

			1,189,324

	Communications Equipment – 1.9%
	1,875	ADTRAN, Inc.	47,606
	3,699	Aruba Networks, Inc.*	72,907
	11,126	Calix, Inc.*	88,229
	7,208	EchoStar Corp. Class A*	338,992
	30,404	Infinera Corp.*	265,123
	7,015	Ubiquiti Networks, Inc.*	289,018
	3,530	ViaSat, Inc.*	210,071

			1,311,946

	Computers & Peripherals – 0.7%
	8,123	Lexmark International, Inc. Class A	318,340
	7,653	Super Micro Computer, Inc.*	157,346

			475,686



Shares		Description	Value
	Common Stocks – (continued)
	Construction & Engineering – 0.1%
	2,641	Comfort Systems USA, Inc.	$ 45,003

	*Consumer Finance – 1.3%**
	11,080	Portfolio Recovery Associates, Inc.	556,438
	3,797	World Acceptance Corp.^(a)	363,335

			919,773

	Diversified Consumer Services – 1.5%
	5,489	American Public Education, Inc.*	232,349
	3,562	Capella Education Co.*	222,233
	412	Graham Holdings Co. Class B	257,937
	10,527	K12, Inc.*	231,068
	2,123	Strayer Education, Inc.*	74,220

			1,017,807

	Diversified Financial Services – 0.2%
	1,692	MarketAxess Holdings, Inc.	106,156

	Diversified Telecommunication Services – 0.3%
	2,822	Atlantic Tele-Network, Inc.	164,382
	3,718	magicJack VocalTec Ltd.*^(a)	53,985

			218,367

	Electrical Equipment – 1.2%
	2,992	Coleman Cable, Inc.	78,510
	6,350	EnerSys, Inc.	432,181
	9,922	Polypore International, Inc.*	328,914

			839,605

	Electronic Equipment, Instruments & Components – 1.7%
	12,366	Benchmark Electronics, Inc.*	281,079
	6,498	Coherent, Inc.*	434,326
	2,222	FARO Technologies, Inc.*	114,922
	2,232	FEI Co.	209,183
	5,701	Rofin-Sinar Technologies, Inc.*	131,693

			1,171,203

	*Energy Equipment & Services – 0.5%**
	4,083	SEACOR Holdings, Inc.	343,707

	Food Products – 1.6%
	875	Annie’s, Inc.*	35,105
	3,363	Lancaster Colony Corp.	292,312
	26,742	Pilgrim’s Pride Corp.*	447,394
	4,615	Sanderson Farms, Inc.	343,125

			1,117,936

	Health Care Equipment & Supplies – 4.6%
	1,286	Abaxis, Inc.*	49,087
	6,641	Align Technology, Inc.*^(b)	394,608
	1,677	Cantel Medical Corp.	53,161
	16,181	DexCom, Inc.*	654,683
	3,739	ICU Medical, Inc.*	241,203
	13,378	Insulet Corp.*	575,254



Shares		Description	Value
	Common Stocks – (continued)
	Health Care Equipment & Supplies – (continued)
	15,611	Masimo Corp.*	$ 456,622
	7,348	Meridian Bioscience, Inc.	167,387
	9,414	Natus Medical, Inc.*	243,729
	1,218	SurModics, Inc.*	29,695
	683	The Cooper Cos., Inc.	84,883
	3,949	Vascular Solutions, Inc.*	93,038
	7,371	Zeltiq Aesthetics, Inc.*	151,032

			3,194,382

	Health Care Providers & Services – 2.3%
	7,210	AMN Healthcare Services, Inc.*	108,943
	5,440	CorVel Corp.*	257,639
	5,103	ExamWorks Group, Inc.*	157,121
	16,899	HealthSouth Corp.*	525,897
	1,627	Owens & Minor, Inc.	56,359
	4,779	PharMerica Corp.*	116,321
	9,441	Skilled Healthcare Group, Inc. Class A*	43,145
	6,441	Team Health Holdings, Inc.*	277,994
	2,273	Triple-S Management Corp. Class B*	40,550

			1,583,969

	Health Care Technology – 0.8%
	479	Computer Programs and Systems, Inc.	32,007
	10,292	MedAssets, Inc.*	226,836
	7,541	Omnicell, Inc.*	194,708
	5,090	Quality Systems, Inc.	93,707

			547,258

	Hotels, Restaurants & Leisure – 2.2%
	2,133	Bally Technologies, Inc.*	156,391
	33,332	Boyd Gaming Corp.*	351,986
	3,680	Interval Leisure Group, Inc.	97,152
	2,005	Jack in the Box, Inc.*	101,393
	1,506	Multimedia Games Holding Co., Inc.*	47,830
	2,002	Red Robin Gourmet Burgers, Inc.*	128,989
	17,481	Sonic Corp.*	310,987
	14,767	Texas Roadhouse, Inc.	358,100

			1,552,828

	Household Durables – 1.6%
	3,400	Blyth, Inc.^(a)	31,892
	7,640	Ethan Allen Interiors, Inc.	192,834
	2,580	iRobot Corp.*	91,177
	4,690	La-Z-Boy, Inc.	126,255
	1,272	NACCO Industries, Inc. Class A	75,099
	15,410	PulteGroup, Inc.*	313,131
	12,658	William Lyon Homes Class A*	304,678

			1,135,066

	Insurance – 1.2%
	15,045	American Equity Investment Life Holding Co.	330,238
	13,106	AmTrust Financial Services, Inc.^(a)	423,061
	2,577	Employers Holdings, Inc.	63,317

			816,616



Shares		Description	Value
	Common Stocks – (continued)
	Internet & Catalog Retail – 0.5%
	30,117	Orbitz Worldwide, Inc.*	$ 216,843
	1,862	PetMed Express, Inc.	24,634
	2,353	Shutterfly, Inc.*	111,438

			352,915

	Internet Software & Services – 5.9%
	14,630	Blucora, Inc.*	374,674
	7,946	comScore, Inc.*	217,800
	13,717	Constant Contact, Inc.*	370,496
	19,917	Conversant, Inc.*	428,216
	1,023	CoStar Group, Inc.*	175,997
	5,685	Demandware, Inc.*	362,021
	8,144	Liquidity Services, Inc.*^(a)	193,583
	3,052	Marchex, Inc. Class B	28,567
	1,244	Perficient, Inc.*	25,539
	9,009	Stamps.com, Inc.*	355,495
	3,166	Travelzoo, Inc.*	70,538
	9,331	VistaPrint NV*	456,099
	13,001	Web.com Group, Inc.*	439,434
	11,641	WebMD Health Corp.*	557,604

			4,056,063

	IT Services – 2.0%
	5,904	CSG Systems International, Inc.	176,884
	8,661	Euronet Worldwide, Inc.*	371,211
	4,542	Forrester Research, Inc.	170,507
	3,284	Heartland Payment Systems, Inc.^(a)	141,573
	6,528	iGATE Corp.*	220,320
	2,747	Sapient Corp.*	44,034
	11,837	TeleTech Holdings, Inc.*	258,283

			1,382,812

	Leisure Equipment & Products – 0.5%
	17,481	Smith & Wesson Holding Corp.*^(a)	228,826
	1,676	Sturm Ruger & Co., Inc.	127,661

			356,487

	*Life Sciences Tools & Services – 0.2%**
	6,199	Cambrex Corp.	116,355
	1,836	Luminex Corp.	33,544

			149,899

	Machinery – 3.2%
	6,952	Albany International Corp. Class A	240,331
	1,634	Altra Industrial Motion Corp.	51,242
	2,707	CIRCOR International, Inc.	194,958
	5,769	EnPro Industries, Inc.*	418,483
	2,936	Hyster-Yale Materials Handling, Inc.	251,791
	3,093	IDEX Corp.	222,727
	6,512	John Bean Technologies Corp.	201,026
	2,890	Lydall, Inc.*	51,066



Shares		Description	Value
	Common Stocks – (continued)
	Machinery – (continued)
	32,544	Mueller Water Products, Inc. Class A	$ 282,482
	5,289	Watts Water Technologies, Inc. Class A	296,290

			2,210,396

	Marine – 0.4%
	10,706	Matson, Inc.	256,195

	Media – 0.1%
	5,985	Entercom Communications Corp. Class A*	56,439
	2,259	National CineMedia, Inc.	42,198

			98,637

	Metals & Mining – 3.2%
	15,739	Cliffs Natural Resources, Inc.^(a)	304,078
	4,875	Commercial Metals Co.	92,918
	20,261	Globe Specialty Metals, Inc.	354,162
	4,531	Kaiser Aluminum Corp.	316,309
	6,574	Materion Corp.	174,671
	4,737	Reliance Steel & Aluminum Co.	331,353
	4,639	Schnitzer Steel Industries, Inc. Class A	122,562
	18,434	Steel Dynamics, Inc.	304,161
	8,313	United States Steel Corp.^(a)	217,052

			2,217,266

	Oil, Gas & Consumable Fuels – 1.3%
	1,476	Contango Oil & Gas Co.*	61,933
	22,571	Forest Oil Corp.*	68,841
	11,419	PBF Energy, Inc. Class A^(a)	296,095
	11,580	Western Refining, Inc.^(a)	452,894

			879,763

	Paper & Forest Products – 0.9%
	1,245	Neenah Paper, Inc.	54,083
	6,156	PH Glatfelter Co.	190,774
	8,859	Schweitzer-Mauduit International, Inc.	408,666

			653,523

	*Personal Products – 0.4%**
	4,481	USANA Health Sciences, Inc.	268,277

	Pharmaceuticals – 2.3%
	20,654	Akorn, Inc.*	468,846
	1,926	Hi-Tech Pharmacal Co., Inc.*	83,319
	4,607	Horizon Pharma, Inc.*	45,425
	3,725	Lannett Co., Inc.*	131,567
	10,950	Questcor Pharmaceuticals, Inc.^(a)	733,759
	12,815	SciClone Pharmaceuticals, Inc.*	60,231
	7,845	Zogenix, Inc.*	34,753

			1,557,900



Shares		Description	Value
	Common Stocks – (continued)
	Professional Services – 3.4%
	2,304	Barrett Business Services, Inc.	$ 180,657
	4,327	CDI Corp.	74,078
	2,914	Heidrick & Struggles International, Inc.	48,606
	5,901	Huron Consulting Group, Inc.*	390,882
	8,872	Insperity, Inc.	292,953
	13,389	Kelly Services, Inc. Class A	321,068
	5,716	Kforce, Inc.	103,631
	4,114	Manpowergroup, Inc.	320,481
	14,670	On Assignment, Inc.*	435,406
	7,137	RPX Corp.*	115,762
	963	The Corporate Executive Board Co.	70,395

			2,353,919

	Real Estate Investment Trusts – 2.7%
	7,570	Aviv REIT, Inc.	184,632
	7,312	Coresite Realty Corp.	224,332
	4,854	PS Business Parks, Inc.	381,379
	5,421	Sabra Health Care REIT, Inc.	156,830
	5,667	Sovran Self Storage, Inc.	384,846
	13,549	The Geo Group, Inc.	453,620
	1,219	Universal Health Realty Income Trust	51,686

			1,837,325

	*Real Estate Management & Development – 0.5%**
	7,645	Realogy Holdings Corp.	348,383

	Road & Rail – 1.2%
	5,137	Arkansas Best Corp.	176,148
	2,013	Con-way, Inc.	77,440
	24,284	Knight Transportation, Inc.	518,463
	3,987	Swift Transportation Co.*	86,917

			858,968

	Semiconductors & Semiconductor Equipment – 5.4%
	5,266	Cabot Microelectronics Corp.*	212,325
	14,706	Cavium, Inc.*	546,622
	19,626	Cirrus Logic, Inc.*^(a)	343,651
	1,219	Diodes, Inc.*	27,927
	4,520	Integrated Device Technology, Inc.*	43,618
	1,736	International Rectifier Corp.*	45,154
	32,518	Lattice Semiconductor Corp.*	187,954
	20,954	Micrel, Inc.	209,121
	11,946	Microsemi Corp.*	280,014
	12,371	Monolithic Power Systems, Inc.*	404,408
	15,456	OmniVision Technologies, Inc.*	237,868
	12,906	PLX Technology, Inc.*	78,081
	7,220	Power Integrations, Inc.	427,641
	42,289	Rambus, Inc.*	376,795
	9,306	SunPower Corp.*^(a)	301,142

			3,722,321

	Software – 7.8%
	2,406	ACI Worldwide, Inc.*	145,828
	12,914	Advent Software, Inc.*	424,354
	15,246	Aspen Technology, Inc.*	694,760
	23,467	AVG Technologies NV*	389,317



Shares		Description	Value
	Common Stocks – (continued)
	Software – (continued)
	13,321	Blackbaud, Inc.	$ 459,042
	753	Comverse, Inc.*	27,138
	1,771	Fair Isaac Corp.	96,272
	7,912	Manhattan Associates, Inc.*	266,793
	323	MicroStrategy, Inc. Class A*	40,601
	3,613	Monotype Imaging Holdings, Inc.	105,391
	8,806	Pegasystems, Inc.	400,145
	6,338	PROS Holdings, Inc.*	240,907
	6,927	PTC, Inc.*	247,155
	3,309	QAD, Inc. Class A	60,191
	4,094	QLIK Technologies, Inc.*	110,620
	7,595	RealPage, Inc.*	170,736
	13,121	SS&C Technologies Holdings, Inc.*	509,357
	28,350	Take-Two Interactive Software, Inc.*	543,753
	2,908	Tangoe, Inc.*	53,013
	7,045	TeleNav, Inc.*	45,792
	32,449	TiVo, Inc.*	402,043

			5,433,208

	Specialty Retail – 5.2%
	2,260	Barnes & Noble, Inc.*	30,465
	7,927	Brown Shoe Co., Inc.	187,711
	21,396	Express, Inc.*	370,579
	3,211	Five Below, Inc.*	117,683
	7,079	GameStop Corp. Class A	248,261
	9,352	Guess?, Inc.	262,324
	8,160	Haverty Furniture Cos., Inc.	227,011
	1,676	Jos. A. Bank Clothiers, Inc.*	94,225
	7,413	Lithia Motors, Inc. Class A	417,278
	5,794	Lumber Liquidators Holdings, Inc.*	515,608
	2,696	Mattress Firm Holding Corp.*	109,727
	6,454	Outerwall, Inc.*^(a)	415,057
	10,675	Pier 1 Imports, Inc.	203,999
	6,925	Restoration Hardware Holdings, Inc.*	392,924

			3,592,852

	Textiles, Apparel & Luxury Goods – 1.0%
	2,932	Fossil Group, Inc.*	327,885
	5,989	Movado Group, Inc.	226,085
	5,513	Skechers U.S.A., Inc. Class A*	159,271

			713,241

	Tobacco – 0.1%
	3,221	Vector Group Ltd.	57,527

	Trading Companies & Distributors – 1.4%
	704	DXP Enterprises, Inc.*	67,612
	8,996	TAL International Group, Inc.*	387,098
	5,449	Watsco, Inc.	515,584

			970,294

	*Transportation Infrastructure – 0.3%**
	8,142	Wesco Aircraft Holdings, Inc.	181,974

	Water Utilities – 0.1%
	5,132	Consolidated Water Co., Ltd.	65,997



Shares		Description	Value
	Common Stocks – (continued)
	Wireless Telecommunication Services – 0.2%
	2,045	United States Cellular Corp.	$ 90,573
	1,961	USA Mobility, Inc.	27,964

			118,537

	TOTAL COMMON STOCKS		$66,639,361



Principal Amount	Interest Rate		Maturity Date	Value
Short-term Investment^(c) – 3.0%
Repurchase Agreement – 3.0%
Joint Repurchase Agreement Account II
$2,100,000		0.025%	02/03/14	$ 2,100,000

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE				$68,739,361



Shares	Distribution Rate	Value
Securities Lending Reinvestment Vehicle^(d)(e) – 9.2%
Financial Square Money Market Fund - FST Shares
6,403,902	0.055%	$ 6,403,902

TOTAL INVESTMENTS – 108.4%		$75,143,263

LIABILITIES IN EXCESS OF OTHER ASSETS – (8.4)%		(5,827,690)

NET ASSETS – 100.0%		$69,315,573



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 requirement on futures transactions.

(c)		Joint repurchase agreement was entered into on January 31, 2013. Additional information appears in the Notes to the Schedule of Investments section.

(d)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at January 31, 2014.

(e)		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 January 31, 2014, the Fund had the following futures contracts:

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:



Shares		Description	Value
	Common Stocks – 97.0%
	Aerospace & Defense – 1.8%
	32,213	AAR Corp.	$ 858,477
	2,688	American Science and Engineering, Inc.	183,832
	8,277	Ducommun, Inc.*	235,895
	1,309	Engility Holdings, Inc.*	50,148
	13,736	Moog, Inc. Class A*	824,984
	15,403	Orbital Sciences Corp.*	376,603

			2,529,939

	*Air Freight & Logistics – 0.2%**
	25,809	Pacer International, Inc.	227,377

	Airlines – 1.9%
	7,964	Alaska Air Group, Inc.	629,714
	128,050	JetBlue Airways Corp.*	1,121,718
	26,662	Republic Airways Holdings, Inc.*	261,554
	56,820	SkyWest, Inc.	739,228

			2,752,214

	*Auto Components – 0.2%**
	18,088	Modine Manufacturing Co.	236,953

	Biotechnology – 1.8%
	28,937	Emergent Biosolutions, Inc.*	692,462
	6,568	Genomic Health, Inc.*^(a)	197,828
	10,857	Isis Pharmaceuticals, Inc.*	554,359
	1,931	Ligand Pharmaceuticals, Inc. Class B	119,606
	2,628	Seattle Genetics, Inc.*	117,892
	8,307	United Therapeutics Corp.*	852,464

			2,534,611

	Building Products – 0.8%
	5,584	AAON, Inc.	165,621
	2,805	American Woodmark Corp.*	98,484
	2,077	Apogee Enterprises, Inc.	70,203
	7,089	Simpson Manufacturing Co., Inc.	231,101
	9,505	Universal Forest Products, Inc.	499,488

			1,064,897

	Capital Markets – 3.3%
	3,521	Arlington Asset Investment Corp. Class A	92,426
	49,815	BGC Partners, Inc. Class A	320,310
	50,189	BlackRock Kelso Capital Corp.	466,256
	4,424	Calamos Asset Management, Inc. Class A	50,743
	7,728	Capital Southwest Corp.	264,066
	10,753	Evercore Partners, Inc. Class A	600,448
	2,837	FXCM, Inc. Class A	48,626
	10,374	GAMCO Investors, Inc. Class A	838,115
	19,680	Gladstone Capital Corp.	194,242
	2,842	ICG Group, Inc.*	53,970



Shares		Description	Value
	Common Stocks – (continued)
	Capital Markets – (continued)
	26,488	Investment Technology Group, Inc.*	$ 437,052
	72,285	Janus Capital Group, Inc.	794,412
	13,175	MVC Capital, Inc.	187,744
	8,116	Piper Jaffray Cos., Inc.*	318,796

			4,667,206

	Chemicals – 2.3%
	28,526	A. Schulman, Inc.	969,028
	14,394	FutureFuel Corp.	235,486
	36,574	Olin Corp.^(a)	940,317
	27,864	OM Group, Inc.*	901,122
	2,569	Quaker Chemical Corp.	177,544

			3,223,497

	Commercial Banks – 11.7%
	11,854	1st Source Corp.	349,337
	7,786	Bancfirst Corp.	420,678
	12,819	Banner Corp.	472,124
	8,340	BBCN Bancorp, Inc.	125,517
	23,696	Central Pacific Financial Corp.	434,822
	16,742	Chemical Financial Corp.	483,509
	11,221	City Holding Co.	500,681
	29,252	Columbia Banking System, Inc.	763,770
	71,047	CVB Financial Corp.	1,060,021
	36,043	First Financial Bancorp	597,593
	4,598	First Financial Bankshares, Inc.^(a)	281,260
	8,581	First Financial Holdings, Inc.	528,161
	35,969	First Interstate BancSystem, Inc.	922,964
	34,928	First Midwest Bancorp, Inc.	557,800
	2,597	Flushing Financial Corp.	53,342
	9,256	Great Southern Bancorp, Inc.	255,928
	37,398	Hancock Holding Co.	1,293,971
	17,019	Hanmi Financial Corp.	367,100
	28,620	International Bancshares Corp.	669,994
	9,073	National Bank Holdings Corp. Class A	176,742
	9,366	Pinnacle Financial Partners, Inc.	305,706
	43,783	PrivateBancorp, Inc.	1,251,756
	31,927	Renasant Corp.	919,178
	5,511	S&T Bancorp, Inc.	128,902
	3,525	Southside Bancshares, Inc.	93,941
	14,687	Southwest Bancorp, Inc.	256,288
	61,460	Susquehanna Bancshares, Inc.	665,612
	3,912	TriCo Bancshares	96,861
	70,505	Umpqua Holdings Corp.^(a)	1,238,068
	48,952	United Community Banks, Inc.*	816,519
	4,228	WesBanco, Inc.	120,752
	8,773	Western Alliance Bancorp*	196,691
	13,031	Wilshire Bancorp, Inc.	129,789

			16,535,377

	Commercial Services & Supplies – 1.8%
	9,621	Consolidated Graphics, Inc.*	623,826
	22,520	Kimball International, Inc. Class B	334,872
	23,842	Mobile Mini, Inc.	921,970
	27,074	Quad Graphics, Inc.^(a)	620,807
	630	UniFirst Corp.	66,654

			2,568,129



Shares		Description	Value
	Common Stocks – (continued)
	*Communications Equipment – 0.9%**
	19,659	Calix, Inc.	$ 155,896
	3,485	EchoStar Corp. Class A	163,899
	7,810	Emulex Corp.	57,482
	37,580	Extreme Networks, Inc.	275,086
	65,415	Harmonic, Inc.	429,122
	17,128	Infinera Corp.	149,356

			1,230,841

	Computers & Peripherals – 1.0%
	41,246	Imation Corp.*	198,393
	15,299	Lexmark International, Inc. Class A	599,568
	45,568	Quantum Corp.*	56,960
	28,602	Super Micro Computer, Inc.*	588,057

			1,442,978

	Construction & Engineering – 0.2%
	5,360	Aegion Corp.*	109,987
	10,178	Comfort Systems USA, Inc.	173,433

			283,420

	Consumer Finance – 1.9%
	25,219	Cash America International, Inc.	926,294
	16,737	EZCORP, Inc. Class A*	183,772
	23,363	Nelnet, Inc. Class A	870,272
	7,945	World Acceptance Corp.*^(a)	760,257

			2,740,595

	*Diversified Consumer Services – 0.3%**
	1,186	American Public Education, Inc.	50,203
	24,709	Bridgepoint Education, Inc.	429,443

			479,646

	*Diversified Financial Services – 0.7%**
	43,725	PHH Corp.	1,061,206

	*Diversified Telecommunication Services^(a) – 0.1%**
	8,579	magicJack VocalTec Ltd.	124,567

	Electric Utilities – 0.6%
	14,943	Genie Energy Ltd. Class B*	149,430
	5,327	Great Plains Energy, Inc.	131,470
	1,504	Pinnacle West Capital Corp.	79,156
	17,455	PNM Resources, Inc.	430,266

			790,322

	Electrical Equipment – 1.8%
	29,149	Brady Corp. Class A	797,517
	16,485	EnerSys, Inc.	1,121,969
	26,028	II-VI, Inc.*	397,448
	26,942	LSI Industries, Inc.	227,390

			2,544,324



Shares		Description	Value
	Common Stocks – (continued)
	Electronic Equipment, Instruments & Components – 2.6%
	43,184	Benchmark Electronics, Inc.*	$ 981,572
	8,643	Checkpoint Systems, Inc.*	115,298
	1,804	Coherent, Inc.	120,579
	6,809	Daktronics, Inc.	99,480
	6,870	Fabrinet*	126,889
	15,464	Rofin-Sinar Technologies, Inc.*	357,218
	31,394	Sanmina Corp.*	524,908
	22,865	ScanSource, Inc.*	858,352
	54,244	TTM Technologies, Inc.*	434,494

			3,618,790

	Energy Equipment & Services – 2.0%
	23,999	C&J Energy Services, Inc.*	561,097
	5,412	Dawson Geophysical Co.*	175,186
	19,902	Exterran Holdings, Inc.*	691,396
	1,432	Gulfmark Offshore, Inc. Class A	60,946
	22,732	Key Energy Services, Inc.*	165,716
	11,784	SEACOR Holdings, Inc.	991,977
	5,427	Tesco Corp.*	114,618

			2,760,936

	Food & Staples Retailing – 0.8%
	11,294	Ingles Markets, Inc. Class A	306,971
	8,307	The Andersons, Inc.	687,321
	12,427	The Pantry, Inc.*	181,559

			1,175,851

	*Food Products – 0.4%**
	36,622	Pilgrim’s Pride Corp.	612,686

	Gas Utilities – 1.7%
	3,246	New Jersey Resources Corp.	148,018
	22,431	Northwest Natural Gas Co.	932,232
	23,439	Southwest Gas Corp.	1,259,377

			2,339,627

	*Health Care Equipment & Supplies – 0.6%**
	1,459	Greatbatch, Inc.	62,022
	5,528	ICU Medical, Inc.	356,612
	14,344	Natus Medical, Inc.	371,366
	2,632	SurModics, Inc.	64,168

			854,168

	Health Care Providers & Services – 2.2%
	12,754	Amedisys, Inc.*	192,458
	1,510	HealthSouth Corp.	46,991
	41,420	Kindred Healthcare, Inc.	784,495
	18,062	Magellan Health Services, Inc.*	1,080,649
	2,418	National Healthcare Corp.	125,736
	22,067	PharMerica Corp.*	537,111
	25,199	Skilled Healthcare Group, Inc. Class A*	115,159
	12,869	Triple-S Management Corp. Class B*	229,583

			3,112,182



Shares		Description	Value
	Common Stocks – (continued)
	*Health Care Technology – 0.3%**
	18,268	Omnicell, Inc.	$ 471,680

	*Hotels, Restaurants & Leisure – 0.8%**
	7,043	Jack in the Box, Inc.	356,165
	1,105	Marriott Vacations Worldwide Corp.	52,907
	6,769	Red Robin Gourmet Burgers, Inc.	436,127
	15,875	Sonic Corp.	282,416

			1,127,615

	Household Durables – 1.7%
	7,951	Blyth, Inc.^(a)	74,580
	6,605	CSS Industries, Inc.	177,014
	14,605	Ethan Allen Interiors, Inc.	368,630
	11,319	Helen of Troy Ltd.*	622,998
	11,446	Hooker Furniture Corp.	173,407
	38,500	Hovnanian Enterprises, Inc. Class A*^(a)	232,155
	4,362	NACCO Industries, Inc. Class A	257,533
	11,387	PulteGroup, Inc.	231,384
	9,606	William Lyon Homes Class A*	231,216

			2,368,917

	Independent Power Producers & Energy Traders – 0.4%
	21,454	Ormat Technologies, Inc.	528,841

	Insurance – 6.6%
	42,624	American Equity Investment Life Holding Co.	935,597
	2,166	AMERISAFE, Inc.	89,608
	23,819	AmTrust Financial Services, Inc.^(a)	768,877
	7,581	Argo Group International Holdings Ltd.	341,069
	2,569	Aspen Insurance Holdings Ltd.	99,934
	84,130	CNO Financial Group, Inc.	1,425,162
	14,697	Employers Holdings, Inc.	361,105
	7,527	First American Financial Corp.	195,100
	15,488	Global Indemnity PLC*	379,611
	11,096	Horace Mann Educators Corp.	309,578
	1,405	Infinity Property & Casualty Corp.	99,193
	5,252	Kansas City Life Insurance Co.	247,737
	41,729	Maiden Holdings Ltd.	458,185
	27,512	Primerica, Inc.	1,159,081
	7,804	Safety Insurance Group, Inc.	422,040
	7,166	Selective Insurance Group, Inc.	168,544
	8,502	Stewart Information Services Corp.	276,400
	63,413	Symetra Financial Corp.	1,214,359
	21,448	Tower Group International Ltd.	53,620
	12,483	United Fire Group, Inc.	313,323
	1,589	Validus Holdings Ltd.	57,077

			9,375,200



Shares		Description	Value
	Common Stocks – (continued)
	Internet Software & Services – 2.3%
	9,187	Bankrate, Inc.*	$ 152,412
	33,523	Blucora, Inc.*	858,524
	14,840	Constant Contact, Inc.*	400,828
	31,468	Digital River, Inc.*	553,208
	25,877	Marchex, Inc. Class B	242,209
	5,901	Perficient, Inc.*	121,148
	3,594	Stamps.com, Inc.*	141,819
	3,729	Travelzoo, Inc.*	83,082
	12,989	VistaPrint NV*	634,902
	1,648	WebMD Health Corp.*	78,939

			3,267,071

	IT Services – 1.2%
	57,204	Ciber, Inc.*	221,952
	7,874	CSG Systems International, Inc.	235,905
	12,819	Global Cash Access Holdings, Inc.*	108,705
	25,140	ManTech International Corp. Class A	731,574
	20,045	TeleTech Holdings, Inc.*	437,382

			1,735,518

	Leisure Equipment & Products – 0.1%
	20,087	Callaway Golf Co.	164,111

	Life Sciences Tools & Services – 0.7%
	72,628	Affymetrix, Inc.*^(a)	681,977
	12,849	Cambrex Corp.	241,176

			923,153

	Machinery – 2.7%
	20,394	Albany International Corp. Class A	705,021
	1,550	American Railcar Industries, Inc.	75,826
	7,154	Astec Industries, Inc.	266,129
	3,528	CIRCOR International, Inc.	254,086
	14,447	EnPro Industries, Inc.*	1,047,985
	1,712	Hyster-Yale Materials Handling, Inc.	146,821
	7,378	Kadant, Inc.	264,944
	3,080	Lydall, Inc.*	54,424
	13,414	Miller Industries, Inc.	246,013
	18,867	Tecumseh Products Co. Class A*	158,483
	9,609	Watts Water Technologies, Inc. Class A	538,296

			3,758,028

	Media – 0.6%
	13,330	Entercom Communications Corp. Class A*	125,702
	7,942	Harte-Hanks, Inc.	54,403
	9,468	Journal Communications, Inc. Class A*	75,460
	4,199	National CineMedia, Inc.	78,437
	13,868	Scholastic Corp.	457,505

			791,507



Shares		Description	Value
	Common Stocks – (continued)
	Metals & Mining – 4.2%
	2,352	Cliffs Natural Resources, Inc.^(a)	$ 45,441
	62,900	Commercial Metals Co.	1,198,874
	54,302	Globe Specialty Metals, Inc.	949,199
	842	Haynes International, Inc.	43,060
	14,340	Kaiser Aluminum Corp.	1,001,075
	16,920	Materion Corp.	449,564
	3,560	Reliance Steel & Aluminum Co.	249,022
	2,349	RTI International Metals, Inc.*	73,101
	16,911	Schnitzer Steel Industries, Inc. Class A	446,789
	36,892	Steel Dynamics, Inc.	608,718
	42,012	SunCoke Energy, Inc.*	931,826

			5,996,669

	Multi-Utilities – 0.5%
	19,956	Vectren Corp.	728,793

	Multiline Retail – 0.3%
	19,298	Fred’s, Inc. Class A	337,329
	5,610	Tuesday Morning Corp.*	73,715

			411,044

	Oil, Gas & Consumable Fuels – 2.2%
	20,452	Comstock Resources, Inc.	350,752
	72,891	Forest Oil Corp.*	222,318
	11,437	Green Plains Renewable Energy, Inc.^(a)	254,817
	5,654	Nordic American Tankers Ltd.	61,855
	27,324	PBF Energy, Inc. Class A^(a)	708,511
	7,420	PDC Energy, Inc.*	369,961
	10,885	Penn Virginia Corp.*	130,511
	9,642	Scorpio Tankers, Inc.	96,420
	4,503	Ship Finance International Ltd.	77,091
	22,748	Western Refining, Inc.^(a)	889,674

			3,161,910

	Paper & Forest Products – 0.6%
	1,314	Neenah Paper, Inc.	57,080
	6,259	Resolute Forest Products, Inc.*	120,799
	15,868	Schweitzer-Mauduit International, Inc.	731,991

			909,870

	*Personal Products^(a) – 0.4%**
	10,210	USANA Health Sciences, Inc.	611,273

	Pharmaceuticals – 0.7%
	12,841	Akorn, Inc.*	291,491
	2,179	Hi-Tech Pharmacal Co., Inc.	94,263
	35,152	Horizon Pharma, Inc.*^(a)	346,599
	8,777	Impax Laboratories, Inc.*	203,100

			935,453



Shares		Description	Value
	Common Stocks – (continued)
	Professional Services – 3.2%
	14,377	CDI Corp.	$ 246,134
	3,815	FTI Consulting, Inc.*	141,422
	8,101	Heidrick & Struggles International, Inc.	135,125
	14,620	Huron Consulting Group, Inc.*	968,429
	8,249	ICF International, Inc.*	277,661
	1,570	Insperity, Inc.	51,841
	37,874	Kelly Services, Inc. Class A	908,219
	3,830	Kforce, Inc.	69,438
	39,898	Korn/Ferry International*	936,007
	4,353	Manpowergroup, Inc.	339,099
	26,225	RPX Corp.*	425,369

			4,498,744

	Real Estate Investment Trusts – 10.6%
	8,938	Agree Realty Corp.	255,537
	28,075	American Assets Trust, Inc.	939,670
	48,676	Apollo Commercial Real Estate Finance, Inc.	818,730
	3,664	Ashford Hospitality Prime, Inc.	60,456
	18,322	Ashford Hospitality Trust, Inc.	172,227
	19,269	Aviv REIT, Inc.	469,971
	27,503	Capstead Mortgage Corp.	347,088
	4,753	Chatham Lodging Trust	99,385
	49,120	Colony Financial, Inc.	1,090,464
	11,469	Coresite Realty Corp.	351,869
	53,400	Cousins Properties, Inc.	574,050
	65,525	CubeSmart	1,079,852
	92,543	CYS Investments, Inc.	732,941
	61,511	First Industrial Realty Trust, Inc.	1,055,529
	3,810	First Potomac Realty Trust	49,759
	22,723	Getty Realty Corp.	431,737
	21,381	Inland Real Estate Corp.	225,356
	12,919	Investors Real Estate Trust	112,266
	16,433	Pennsylvania Real Estate Investment Trust	306,475
	8,821	PS Business Parks, Inc.	693,066
	29,725	Ramco-Gershenson Properties Trust	474,708
	12,075	Redwood Trust, Inc.^(a)	225,802
	72,159	Resource Capital Corp.	425,016
	42,472	RLJ Lodging Trust	1,060,951
	17,964	Sabra Health Care REIT, Inc.	519,698
	11,027	Sovran Self Storage, Inc.	748,844
	33,397	The Geo Group, Inc.	1,118,132
	12,083	Universal Health Realty Income Trust	512,319

			14,951,898

	*Real Estate Management & Development – 0.5%**
	15,977	Realogy Holdings Corp.	728,072

	Road & Rail – 0.5%
	16,786	Arkansas Best Corp.	575,592
	9,832	Marten Transport Ltd.	187,496

			763,088



Shares		Description	Value
	Common Stocks – (continued)
	Semiconductors & Semiconductor Equipment – 3.3%
	19,787	Brooks Automation, Inc.	$ 200,838
	13,143	Cavium, Inc.*	488,525
	43,009	Cirrus Logic, Inc.*^(a)	753,088
	25,876	DSP Group, Inc.*	231,849
	42,419	International Rectifier Corp.*	1,103,318
	93,183	Intersil Corp. Class A	1,056,695
	29,995	Lattice Semiconductor Corp.*	173,371
	15,089	OmniVision Technologies, Inc.*	232,220
	21,555	Rambus, Inc.*	192,055
	13,577	Spansion, Inc. Class A*	203,655

			4,635,614

	Software – 2.2%
	14,544	Accelrys, Inc.*	182,964
	19,077	Aspen Technology, Inc.*	869,339
	6,548	AVG Technologies NV*	108,631
	10,255	QAD, Inc. Class A	186,538
	17,980	SS&C Technologies Holdings, Inc.*	697,984
	10,769	Take-Two Interactive Software, Inc.*	206,549
	69,373	TiVo, Inc.*	859,532

			3,111,537

	Specialty Retail – 2.5%
	13,616	Barnes & Noble, Inc.*	183,544
	23,222	Brown Shoe Co., Inc.	549,897
	14,894	GameStop Corp. Class A	522,332
	14,701	Guess?, Inc.	412,363
	19,790	Haverty Furniture Cos., Inc.	550,558
	15,478	hhgregg, Inc.*^(a)	127,848
	2,347	Jos. A. Bank Clothiers, Inc.*	131,948
	754	Lithia Motors, Inc. Class A	42,443
	7,822	Outerwall, Inc.*^(a)	503,033
	39,484	The Pep Boys-Manny, Moe & Jack*	471,439

			3,495,405

	Textiles, Apparel & Luxury Goods – 1.8%
	12,556	Columbia Sportswear Co.^(a)	933,539
	383	Fossil Group, Inc.*	42,831
	12,783	Movado Group, Inc.	482,558
	8,912	Perry Ellis International, Inc.*	139,651
	31,851	Skechers U.S.A., Inc. Class A*	920,175

			2,518,754

	Thrifts & Mortgage Finance – 1.0%
	57,379	Brookline Bancorp, Inc.	510,673
	8,753	Dime Community Bancshares	143,024
	27,300	Oritani Financial Corp.	429,702
	10,419	Provident Financial Services, Inc.	180,457
	2,232	WSFS Financial Corp.	160,258

			1,424,114



Shares		Description	Value
	Common Stocks – (continued)
	Trading Companies & Distributors – 0.6%
	18,940	TAL International Group, Inc.	$ 814,988

	*Transportation Infrastructure – 0.5%**
	31,403	Wesco Aircraft Holdings, Inc.	701,857

	Water Utilities – 0.2%
	8,570	American States Water Co.	243,388

	Wireless Telecommunication Services – 0.2%
	16,569	USA Mobility, Inc.	236,274

	TOTAL COMMON STOCKS		$136,902,725



Principal Amount	Interest Rate		Maturity Date	Value
Short-term Investment^(b) – 2.9%
Repurchase Agreement – 2.9%
Joint Repurchase Agreement Account II
$4,100,000		0.025%	02/03/14	$ 4,100,000

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE				$141,002,725



Shares	Distribution Rate	Value
Securities Lending Reinvestment Vehicle^(c)(d) – 7.3%
Financial Square Money Market Fund - FST Shares
10,341,055	0.055%	$ 10,341,055

TOTAL INVESTMENTS – 107.2%		$151,343,780

LIABILITIES IN EXCESS OF OTHER ASSETS – (7.2)%		(10,183,603)

NET ASSETS – 100.0%		$141,160,177



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

(c)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at January 31, 2014.

(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.

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:



Shares		Description	Value
	Common Stocks – 97.1%
	Aerospace & Defense – 4.7%
	37,187	L-3 Communications Holdings, Inc.	$ 4,130,360
	9,097	Lockheed Martin Corp.	1,372,828
	37,442	Northrop Grumman Corp.	4,326,423
	19,066	Raytheon Co.	1,812,605
	42,399	The Boeing Co.	5,310,899

			16,953,115

	Air Freight & Logistics – 1.9%
	14,050	FedEx Corp.	1,873,146
	54,035	United Parcel Service, Inc. Class B	5,145,753

			7,018,899

	Airlines – 2.3%
	34,044	Alaska Air Group, Inc.	2,691,859
	100,626	Delta Air Lines, Inc.*	3,080,162
	121,759	Southwest Airlines Co.	2,550,851

			8,322,872

	Auto Components – 1.1%
	89,326	Johnson Controls, Inc.	4,119,715

	*Biotechnology – 3.6%**
	10,196	Biogen Idec, Inc.	3,187,677
	29,159	Celgene Corp.	4,430,127
	70,163	Gilead Sciences, Inc.	5,658,646

			13,276,450

	Capital Markets – 0.9%
	49,729	SEI Investments Co.	1,693,770
	67,665	The Charles Schwab Corp.	1,679,445

			3,373,215

	Chemicals – 2.7%
	4,850	Eastman Chemical Co.	378,106
	23,102	PPG Industries, Inc.	4,212,881
	92,304	The Dow Chemical Co.	4,200,755
	5,511	The Sherwin-Williams Co.	1,009,946

			9,801,688

	Commercial Banks – 4.8%
	71,736	KeyCorp.	915,351
	57,327	The PNC Financial Services Group, Inc.	4,579,281
	81,652	U.S. Bancorp	3,244,034
	190,024	Wells Fargo & Co.	8,615,688

			17,354,354

	Communications Equipment – 1.4%
	2,556	Harris Corp.	177,233
	67,776	QUALCOMM, Inc.	5,030,335

			5,207,568



Shares		Description	Value
	Common Stocks – (continued)
	Computers & Peripherals – 4.7%
	17,598	Apple, Inc.	$ 8,809,559
	14,585	EMC Corp.	353,540
	146,986	Hewlett-Packard Co.	4,262,594
	41,046	Western Digital Corp.	3,536,934

			16,962,627

	Consumer Finance – 1.3%
	65,345	Capital One Financial Corp.	4,614,010

	*Diversified Consumer Services – 0.1%**
	10,018	Apollo Education Group, Inc.	323,481

	Diversified Financial Services – 4.3%
	132,277	Bank of America Corp.	2,215,640
	8,589	Berkshire Hathaway, Inc. Class B*	958,532
	83,051	Citigroup, Inc.	3,939,109
	152,404	JPMorgan Chase & Co.	8,437,085

			15,550,366

	Diversified Telecommunication Services – 0.6%
	35,971	AT&T, Inc.	1,198,554
	24,204	Verizon Communications, Inc.	1,162,276

			2,360,830

	Electric Utilities – 0.0%
	2,952	Pinnacle West Capital Corp.	155,364

	Electrical Equipment – 0.3%
	16,942	Emerson Electric Co.	1,117,155

	Electronic Equipment, Instruments & Components – 0.9%
	184,576	Corning, Inc.	3,176,553

	Food & Staples Retailing – 2.8%
	81,307	CVS Caremark Corp.	5,506,110
	79,579	Walgreen Co.	4,563,856

			10,069,966

	Food Products – 2.4%
	106,767	Archer-Daniels-Midland Co.	4,215,161
	11,309	Kraft Foods Group, Inc.	592,026
	14,667	Mead Johnson Nutrition Co.	1,127,746
	75,398	Tyson Foods, Inc. Class A	2,819,885

			8,754,818

	Health Care Equipment & Supplies – 4.8%
	135,901	Abbott Laboratories	4,982,131
	15,569	Becton Dickinson & Co.	1,683,320
	303,605	Boston Scientific Corp.*	4,107,776
	29,387	Covidien PLC	2,005,369
	86,176	Medtronic, Inc.	4,874,114

			17,652,710

	Health Care Providers & Services – 1.0%
	46,427	Cardinal Health, Inc.	3,157,965
	4,054	WellPoint, Inc.	348,644

			3,506,609



Shares		Description	Value
	Common Stocks – (continued)
	Hotels, Restaurants & Leisure – 0.5%
	20,261	Carnival Corp.	$ 794,029
	15,129	Las Vegas Sands Corp.	1,157,671

			1,951,700

	Household Durables – 0.8%
	40,219	Garmin Ltd.^(a)	1,811,866
	23,318	PulteGroup, Inc.*	473,822
	4,890	Whirlpool Corp.	651,837

			2,937,525

	Household Products – 0.3%
	15,886	The Procter & Gamble Co.	1,217,185

	Industrial Conglomerates – 2.8%
	27,554	Danaher Corp.	2,049,742
	318,831	General Electric Co.	8,012,223

			10,061,965

	*Internet & Catalog Retail – 0.9%**
	8,692	Amazon.com, Inc.	3,117,733

	*Internet Software & Services – 3.5%**
	23,133	eBay, Inc.	1,230,675
	9,712	Google, Inc. Class A	11,469,581

			12,700,256

	IT Services – 3.3%
	3,398	International Business Machines Corp.	600,359
	61,580	MasterCard, Inc. Class A	4,660,374
	13,939	Visa, Inc. Class A	3,002,879
	330,514	Xerox Corp.	3,586,077

			11,849,689

	Machinery – 1.4%
	55,934	Illinois Tool Works, Inc.	4,411,515
	7,419	WABCO Holdings, Inc.*	639,666

			5,051,181

	Media – 4.3%
	131,596	Comcast Corp. Class A	7,016,443
	63,842	DIRECTV*	4,432,550
	31,272	Thomson Reuters Corp.	1,127,668
	38,987	Viacom, Inc. Class B	3,200,833

			15,777,494

	Metals & Mining – 1.0%
	45,682	Reliance Steel & Aluminum Co.	3,195,456
	33,961	Steel Dynamics, Inc.	560,356

			3,755,812

	Multiline Retail – 0.3%
	18,915	Target Corp.	1,071,346

	Oil, Gas & Consumable Fuels – 7.3%
	12,798	Chevron Corp.	1,428,641
	81,317	ConocoPhillips	5,281,539
	4,771	Devon Energy Corp.	282,539
	12,706	EOG Resources, Inc.	2,099,539
	62,684	Exxon Mobil Corp.	5,776,958



Shares		Description	Value
	Common Stocks – (continued)
	Oil, Gas & Consumable Fuels – (continued)
	27,900	Hess Corp.	$ 2,106,171
	58,300	Occidental Petroleum Corp.	5,105,331
	52,593	Phillips 66	3,844,022
	13,143	Valero Energy Corp.	671,607

			26,596,347

	Pharmaceuticals – 7.0%
	18,533	AbbVie, Inc.	912,380
	104,684	Johnson & Johnson	9,261,393
	136,425	Merck & Co., Inc.	7,226,432
	270,073	Pfizer, Inc.	8,210,219

			25,610,424

	Professional Services – 0.3%
	13,849	Manpowergroup, Inc.	1,078,837

	Real Estate Investment Trusts – 1.8%
	35,601	American Tower Corp.	2,879,409
	24,286	Public Storage	3,827,231

			6,706,640

	*Real Estate Management & Development – 1.2%**
	31,372	CBRE Group, Inc. Class A	832,613
	79,653	Realogy Holdings Corp.	3,629,787

			4,462,400

	Semiconductors & Semiconductor Equipment – 2.5%
	183,334	Micron Technology, Inc.*	4,224,015
	110,609	Texas Instruments, Inc.	4,689,822
	7,868	Xilinx, Inc.	365,233

			9,279,070

	Software – 2.5%
	73,054	Microsoft Corp.	2,765,094
	86,703	Oracle Corp.	3,199,340
	34,113	VMware, Inc. Class A*	3,074,946

			9,039,380

	Specialty Retail – 4.9%
	8,020	AutoZone, Inc.*	3,970,381
	80,861	GameStop Corp. Class A	2,835,795
	34,350	Guess?, Inc.	963,518
	60,283	Lowe’s Cos., Inc.	2,790,500
	169,562	Staples, Inc.	2,231,436
	64,715	The Home Depot, Inc.	4,973,348

			17,764,978

	Textiles, Apparel & Luxury Goods – 2.3%
	32,738	Fossil Group, Inc.*	3,661,091
	64,099	NIKE, Inc. Class B	4,669,612

			8,330,703

	Tobacco – 1.6%
	63,841	Altria Group, Inc.	2,248,480
	46,255	Philip Morris International, Inc.	3,614,366

			5,862,846

	TOTAL COMMON STOCKS		$353,895,876


Principal Amount	Interest Rate		Maturity Date	Value
Short-term Investment^(b) – 3.1%
Repurchase Agreement – 3.1%
Joint Repurchase Agreement Account II
$11,300,000		0.025%	02/03/14	$ 11,300,000

TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE				$365,195,876



Shares	Distribution Rate	Value
Securities Lending Reinvestment Vehicle^(c)(d) – 0.4%
Financial Square Money Market Fund - FST Shares
1,374,450	0.055%	$ 1,374,450

TOTAL INVESTMENTS – 100.6%		$366,570,326

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.6)%		(2,246,834)

NET ASSETS – 100.0%		$364,323,492



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

*		Non-income producing security.

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

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

(c)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at January 31, 2014.

(d)		Represents an affiliated issuer.

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

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:

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, L.P. (“GSAM”) assumptions in determining fair value measurement).

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

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.

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. 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 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.

Portfolio Securities Transactions — Pursuant to exemptive relief granted by the SEC and the terms and conditions contained therein, the Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statement of Operations.

The Funds invest the cash collateral received in connection with the 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 Investment Company Act of 1940, as amended (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.

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

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.

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:

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

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

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

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

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.

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.

(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.

(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.

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.


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


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

S&P 500 E-Mini Index	53	March 2014	$	4,707,990	$	(97,878	)



Tax Cost	$	408,421,446

Gross unrealized gain		32,036,240
Gross unrealized loss		(7,286,888	)

Net unrealized security gain	$	24,749,352


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

S&P 500 E-Mini Index	47	March 2014	$	4,175,010	$	(86,797	)



Tax Cost	$	341,799,466

Gross unrealized gain		19,225,462
Gross unrealized loss		(8,613,984	)

Net unrealized security gain	$	10,611,478



Tax Cost	$	196,663,757

Gross unrealized gain		24,269,673
Gross unrealized loss		(7,123,985	)

Net unrealized security gain	$	17,145,688



Tax Cost	$	68,920,542

Gross unrealized gain		8,613,866
Gross unrealized loss		(2,391,145	)

Net unrealized security gain	$	6,222,721



Tax Cost	$	137,713,246

Gross unrealized gain		18,510,042
Gross unrealized loss		(4,879,508	)

Net unrealized security gain	$	13,630,534



Tax Cost	$	343,645,353

Gross unrealized gain		28,713,832
Gross unrealized loss		(5,788,859	)

Net unrealized security gain	$	22,924,973


LARGE CAP GROWTH INSIGHTS

Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	415,079,348		$	—	$	—
Short-term Investments		—			14,500,000		—
Securities Lending Reinvestment Vehicle		3,591,450			—		—
Total	$	418,670,798		$	14,500,000	$	—

Derivative Type
Liabilities^(a)
Futures Contracts	$	(97,878	)	$	—	$	—

LARGE CAP VALUE INSIGHTS

Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	338,327,594		$	—	$	—
Short-term Investments		—			10,600,000		—
Securities Lending Reinvestment Vehicle		3,483,350			—		—
Total	$	341,810,944		$	10,600,000	$	—

Derivative Type
Liabilities^(a)
Futures Contracts	$	(86,797	)	$	—	$	—

SMALL CAP EQUITY INSIGHTS

Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	186,717,850		$	—	$	—
Short-term Investments		—			6,100,000		—
Securities Lending Reinvestment Vehicle		20,991,595			—		—
Total	$	207,709,445		$	6,100,000	$	—

Derivative Type
Assets^(a)
Futures Contracts	$	14,064		$	—	$	—

SMALL CAP GROWTH INSIGHTS

Investment Type	Level 1			Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	66,639,361		$	—	$	—
Short-term Investments		—			2,100,000		—
Securities Lending Reinvestment Vehicle		6,403,902			—		—
Total	$	73,043,263		$	2,100,000	$	—

Derivative Type
Liabilities^(a)
Futures Contracts	$	(22,180	)	$	—	$	—


SMALL CAP VALUE INSIGHTS

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	136,902,725	$	—	$	—
Short-term Investments		—		4,100,000		—
Securities Lending Reinvestment Vehicle		10,341,055		—		—
Total	$	147,243,780	$	4,100,000	$	—

U.S. EQUITY INSIGHTS

Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	353,895,876	$	—	$	—
Short-term Investments		—		11,300,000		—
Securities Lending Reinvestment Vehicle		1,374,450		—		—
Total	$	355,270,326	$	11,300,000	$	—


Fund	Principal Amount		Maturity Value		Collateral Allocation Value
Large Cap Growth Insights	$	14,500,000	$	14,500,030	$	14,817,111
Large Cap Value Insights		10,600,000		10,600,022		10,831,819
Small Cap Equity Insights		6,100,000		6,100,013		6,233,405
Small Cap Growth Insights		2,100,000		2,100,004		2,145,926
Small Cap Value Insights		4,100,000		4,100,009		4,189,666
U.S. Equity Insights		11,300,000		11,300,024		11,547,128


Counterparty	Interest Rate			Large Cap Growth Insights		Large Cap Value Insights		Small Cap Equity Insights		Small Cap Growth Insights		Small Cap Value Insights		U.S. Equity Insights
BNP Paribas Securities Co.		0.030	%	$	1,658,672	$	1,212,546	$	697,786	$	240,221	$	469,004	$	1,292,620
Citigroup Global Markets, Inc.		0.020			4,403,917		3,219,415		1,852,682		637,809		1,245,246		3,432,018
Merrill Lynch & Co., Inc.		0.020			2,675,277		1,955,720		1,125,461		387,453		756,457		2,084,871
TD Securities USA LLC		0.030			5,762,134		4,212,319		2,424,071		834,517		1,629,293		4,490,491
TOTAL				$	14,500,000	$	10,600,000	$	6,100,000	$	2,100,000	$	4,100,000	$	11,300,000


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


(Registrant) Goldman Sachs Trust

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



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