Goldman Sachs High Yield Instl (GSHIX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES

Investment Company Act file number 811-5349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Suite 500, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Peter V. Bonanno, Esq.	Copies to:
Goldman, Sachs & Co.	Jack Murphy, Esq.
One New York Plaza	Dechert
New York, New York 10004	1775 I Street, NW
	Washington, DC 20006
(Name and address of agents for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2007

ITEM 1.	REPORTS TO STOCKHOLDERS.
	The Semiannual Report to Stockholders is filed herewith.

Goldman Sachs Funds

SINGLE/ MULTI-SECTOR TAXABLE FIXED INCOME FUNDS Semiannual Report  April 30, 2007 

Current income potential from portfolios that invest in a variety of fixed income securities.

Goldman Sachs Single/ Multi-Sector

Taxable Fixed Income Funds

n	GOLDMAN SACHS GOVERNMENT INCOME FUND
n	GOLDMAN SACHS U.S. MORTGAGES FUND
n	GOLDMAN SACHS CORE FIXED INCOME FUND
n	GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND
n	GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

The Goldman Sachs Government Income Fund’s net asset value and yield are not guaranteed by the U.S. government or by its agencies, instrumentalities or sponsored enterprises. Investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk. The guarantee on certain U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. The Fund’s investments in mortgage-backed securities are subject to prepayment risks. These risks may result in greater share price volatility. The Fund may make investments in derivative instruments, including options, financial futures, Eurodollar futures contracts, swaps, options on swaps and structured securities. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; risks of default by a counterparty; and the risks that transactions may not be liquid.

The Goldman Sachs U.S. Mortgages Fund’s investment in mortgage-backed securities (MBS) is subject to prepayment risk, the risk that in a declining interest rate environment the Fund’s underlying mortgages may be prepaid, causing the Fund to have to reinvest at lower interest rates. This risk may result in greater share price volatility than a fixed income fund not invested in MBS. The guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. The Fund may make substantial investments in derivative instruments, including options, financial futures, Eurodollar futures contracts, swaps, options on swaps and structured securities. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; risks of default by a counterparty; and the risks that transactions may not be liquid. Investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk.

The Goldman Sachs Core Fixed Income Fund’s investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk. The guarantee on certain U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. The Fund’s investments in mortgage-backed securities are subject to prepayment risks. These risks may result in greater share price volatility. The Fund may make substantial investments in derivative instruments, including options, financial futures, Eurodollar futures contracts, swaps, options on swaps and structured securities. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; risks of default by a counterparty; and the risks that transactions may not be liquid. The Fund may also engage in forward foreign currency transactions for both speculative and hedging purposes.

NOT FDIC-INSURED May Lose Value No Bank Guarantee

GOLDMAN SACHS SINGLE/ MULTI-SECTOR TAXABLE FIXED INCOME FUNDS

The Goldman Sachs Investment Grade Credit Fund’s investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk. The guarantee on certain U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. The Fund’s investments in mortgage-backed securities are subject to prepayment risks. These risks may result in greater share price volatility. The Fund may make substantial investments in derivative instruments, including options, financial futures, Eurodollar futures contracts, swaps, options on swaps and structured securities. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; risks of default by a counterparty; and the risks that transactions may not be liquid.

The Goldman Sachs Core Plus Fixed Income Fund’s investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk. The guarantee on certain U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. The Fund’s investments in mortgage-backed securities are subject to prepayment risks. These risks may result in greater share price volatility. The Fund may make substantial investments in derivative instruments, including options, financial futures, Eurodollar futures contracts, swaps, options on swaps and structured securities. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; risks of default by a counterparty; and the risks that transactions may not be liquid.

1

GOLDMAN SACHS SINGLE/ MULTI-SECTOR TAXABLE FIXED INCOME FUNDS

What Distinguishes Goldman Sachs Asset

Management’s Fixed Income Investment Process?

At Goldman Sachs Asset Management (“GSAM”), the goal of our fixed income investment process is to provide consistent, strong performance by actively managing our portfolios within a research-intensive, risk-managed framework.

A key element of our fixed income investment philosophy is to evaluate the broadest global opportunity set to capture relative value across sectors and instruments. Our globally integrated investment process involves managing dynamically along the risk/return spectrum, as we continue to develop value-added strategies through:



n  Assess relative value among sectors (such as mortgages and corporates) and sub-sectors
n  Leverage the vast resources of GSAM in selecting securities for each portfolio



n  Team approach to decision making
n  Manage risk by avoiding significant sector and interest rate bets
n  Careful management of yield curve strategies — while closely managing portfolio duration

Fixed Income portfolios that:
	n Include domestic and global investment options, income opportunities, and access to areas of specialization
	n Capitalize on GSAM’s industry-renowned credit research capabilities
	n Use a risk-managed framework to seek total return, recognizing the importance of investors’ capital accumulation goals as well as their need for income

2

PORTFOLIO RESULTS

Government Income Fund

Dear Shareholder:

This report provides an overview on the performance of the Goldman Sachs Government Income Fund during the six-month reporting period that ended April 30, 2007.

  Performance Review

Over the six-month period that ended April 30, 2007, the Fund’s Class A, B, C, Institutional and Service Shares generated cumulative total returns, without sales charges, of 2.29%, 1.98%, 1.99%, 2.48% and 2.30%, respectively. These returns compare to the 2.61% cumulative total return of the Fund’s benchmark, the Lehman Brothers Government/ Mortgage Index, over the same time period.

A combination of top-down and bottom-up investment strategies impacted the Fund’s performance relative to its benchmark over the period. Fundamental yield curve strategies contributed to performance as the yield curve steepened over the period. Based on negative fundamentals in the mortgage market, we continued to underweight the Fund’s mortgage exposure relative to the benchmark. This strategy detracted from performance as the mortgage sector outperformed over the period. However, individual mortgage securities helped enhance results. In particular, our selection of high quality floating rate adjustable rate mortgages (“ARMs”) and mortgage derivatives contributed positively to relative performance. On the other hand, the Fund’s holdings of Treasury Inflation Protected Securities (“TIPS”) and select asset-backed auto securities modestly detracted.

  Market Review

The six-month reporting period was characterized by a number of ongoing themes. The yield curve, for example, remained flat. Although short- to intermediate-term yields fell and longer yields rose modestly, the difference between two- and 10-year yields increased by only 12 basis points.

Economic data continued to be mixed. Despite the downturn in the housing sector, strong employment data and robust corporate earnings raised the level of uncertainty in the bond market. Meanwhile, a growing number of delinquencies in the sub-prime sector of the mortgage market exacerbated concerns about the housing market and whether its weakness would spill over into the broader economy. A widespread sell-off in the global equity markets—sparked by a sharp decline in Chinese equities—contributed to a spike in volatility during late February.

Through three consecutive meetings, the Federal Reserve (the “Fed”) held short-term interest rates steady at 5.25%. In their post-meeting statements, Fed governors stressed the upside risks to inflation, but acknowledged the downside risks to the U.S. economy, specifically the housing slowdown and decreased business spending. Given the benign inflation data during the period, the Fed appears to have successfully restrained inflation. Nonetheless, a tightening labor market and higher crude oil and gasoline prices suggest that inflation could remain a focus in the coming months.

3

PORTFOLIO RESULTS

During the six-month reporting period, the 10-year Treasury yield rose two basis points, closing the period at 4.62%. In general, investment-grade sectors outperformed Treasuries.

INVESTMENT OBJECTIVE

The Fund seeks a high level of current income, consistent with safety of principal.

  Portfolio Composition

Over the period, the Fund continued to focus on sectors and securities that we believed would generate a competitive total rate of return relative to the benchmark. We tactically adjusted the Fund’s exposures to take advantage of changing relative valuations within the market and to add value in security-specific trades. We continued to find value in AAA rated adjustable-rate mortgages ARMs and commercial mortgage-backed securities (“CMBS”). At the end of the reporting period, the Fund’s largest sector weight was in mortgage-backed securities. We maintained a defensive short-duration position relative to the benchmark for much of the period based on our belief that interest rates would move higher.

We thank you for your investment and look forward to your continued confidence.

Goldman Sachs U.S. Fixed Income Investment Management Team

May 18, 2007

4

FUND BASICS

Government Income Fund

as of April 30, 2007

PERFORMANCE REVIEW

November 1, 2006–	Fund Total Return			Lehman Govt./			30-Day
April 30, 2007	(based on NAV)1			Mortgage Index2			Standardized Yield3
Class A		2.29	%		2.61	%		4.04	%
Class B		1.98			2.61			3.48
Class C		1.99			2.61			3.47
Institutional		2.48			2.61			4.60
Service		2.30			2.61			4.09

1	The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.
2	The Lehman Brothers Government/ Mortgage Index, an unmanaged index, does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.
3	The 30-Day Standardized Yield of the Fund is calculated by dividing the net investment income per share (as defined by securities industry regulations) earned by the Fund over a 30-day period (ending on the stated month-end date) by the maximum public offering price per share of the Fund on the last day of the period. This number is then annualized. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS ⁴

For the period ended 3/31/07	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		0.94	%		3.62	%		5.30	%		5.59	%	2/10/93
Class B		-0.26			3.38			5.06			5.08		5/1/96
Class C		3.80			3.80			N/A			4.72		8/15/97
Institutional		6.02			4.98			N/A			5.91		8/15/97
Service		5.49			4.46			5.725			5.845		2/10/93

4	The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 4.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years), and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.
5	Performance data for Service Shares prior to 8/15/97 (commencement of operations) is that of Class A Shares (excluding the impact of front-end sales charges applicable to Class A Shares since Service Shares are not subject to any sales charges). Performance of Class A Shares in the Fund reflects the expenses applicable to the Fund’s Class A Shares. The fees applicable to Service Shares are different from those applicable to Class A Shares which impact performance ratings and rankings for a class of shares.
	The returns represent past performance. Past performance does not guarantee future results. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our Web site at: www.goldmansachsfunds.com to obtain the most recent month-end returns. Performance reflects expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

5

FUND BASICS

EXPENSE RATIOS ⁶

	Current Expense Ratio (Net)			Expense Ratio Before Waivers (Gross)
Class A		0.95	%		1.04	%
Class B		1.70			1.79
Class C		1.70			1.79
Institutional		0.58			0.67
Service		1.08			1.17

⁶   The expense ratios of the Fund, both current (net of any fee waivers or expense limitations) and before waivers (gross of any fee waivers or expense limitations), are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The waivers and expense limitations are voluntary and may be modified or terminated at any time at the option of the Investment Adviser. If this occurs, the expense ratios may change without shareholder approval.

SECTOR ALLOCATION ⁷

Percentage of Net Assets

7	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent repurchase agreements. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.
8	Federal Agencies are mortgage backed securities guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the U.S. Government. 2.1% of the Federal Agencies are guaranteed by GNMA.
9	“Agency Debentures” include agency securities offered by companies such as FNMA and FHLMC, which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate similar to any other publicly traded company.

6

PORTFOLIO RESULTS

U.S. Mortgages Fund

Dear Shareholder,

This report provides an overview on the performance of the Goldman Sachs U.S. Mortgages Fund during the six-month reporting period that ended April 30, 2007.

  Performance Review

Over the six-month period that ended April 30, 2007, the Fund’s Class A, Institutional and Separate Account Institutional Shares generated cumulative total returns, without sales charges, of 2.49%, 2.77% and 2.69%, respectively. These returns compare to the 2.87% cumulative total return of the Fund’s benchmark, the Lehman Brothers Securitized Index, over the same time period.

Throughout the reporting period, we continued to target an underweight position to mortgage pass-throughs. We held this view because mortgage-backed security fundamentals were unattractive and implied volatility remained near cyclical lows. However, mortgages outperformed the market during the reporting period and our underweight detracted from performance. Security selection helped offset this underperformance. In particular, our selection of collateralized mortgage obligations (“CMOs”) and adjustable rate mortgages (“ARMs”) added value.

To the extent we find them effective instruments to manage the duration of the portfolio, the Fund may employ the use of derivatives, including futures, swaps and Eurodollar futures contracts. We believe that using derivatives, including both futures and swaps, in the portfolio has been an effective portfolio management tool. Futures have been efficiently employed to hedge duration (interest rate sensitivity) drift that may occur due to the passage of time, changing interest rates or changing mortgage durations. In addition, we believe that futures allowed us to optimize security selection by giving us the flexibility to select the most attractive securities for the portfolio, regardless of the securities’ maturity/duration. Finally, futures and swaps were important tools in implementing certain interest rate and spread views.

  Market Review

Over the six-month reporting period, the yield curve steepened as short- to intermediate-term yields fell and longer yields rose modestly. Although the difference between two- and 10-year yields increased by only 12 basis points, the yield curve remained flat.

The housing sector experienced a downturn, but strong employment data and robust corporate earnings raised the level of uncertainty in the bond market. Meanwhile, a growing number of delinquencies in the sub-prime sector of the mortgage market exacerbated concerns about the housing sector and whether its weakness would spill over into the broader economy.

Through three consecutive meetings, the Federal Reserve (the “Fed”) held short-term interest rates steady at 5.25%. In their post-meeting statements, Fed governors stressed the upside risks to inflation, but acknowledged the downside risks to the U.S. economy, specifically the housing slowdown and decreased business spending.

7

PORTFOLIO RESULTS

During the six-month reporting period, the 10-year Treasury yield rose two basis points, closing the period at 4.62%. Mortgages outperformed Treasuries. Although spreads widened on fixed-rate mortgages, a decline in implied volatility contributed to the outperformance of mortgage pass-throughs. As the period ended, mortgage spreads remained tight relative to long-term averages and implied volatility remained below historical levels.

INVESTMENT OBJECTIVE

The Fund seeks a high level of total return consisting of income and capital appreciation.

  Portfolio Composition

The Fund maintained a short duration position relative to its benchmark over most of the reporting period. Given its underweight position in mortgage pass-throughs, the Fund invested in other collateralized sectors. We took advantage of opportunities to add value in security-specific trades; we favor bonds with less exposure to implied volatility and housing turnover such as seasoned 15-year mortgage-backed securities, super-senior AAA adjustable-rate mortgage floaters, and super-senior AAA commercial mortgage-backed securities. We continue to believe that fundamentals remain unattractive and that implied volatility continues to remain near cyclical lows.

We thank you for your investment and look forward to your continued confidence.

Goldman Sachs Fixed Income Investment Management Team

May 21, 2007

8

FUND BASICS

U.S. Mortgages Fund

as of April 30, 2007

PERFORMANCE REVIEW

November 1, 2006–	Fund Total Return			Lehman Brothers			30-Day
April 30, 2007	(based on NAV)1			Securitized Index2			Standardized Yield3
Class A		2.49	%		2.87	%		4.29	%
Institutional		2.77			2.87			4.89
Separate Account Institutional		2.69			2.87			4.94

1	The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.
2	The Lehman Brothers Securitized Index is an unmanaged composite of asset-backed securities, collateralized mortgage-backed securities (ERISA-eligible) and fixed rate mortgage-backed securities. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.
3	The 30-Day Standardized Yield of the Fund is calculated by dividing the net investment income per share (as defined by securities industry regulations) earned by the Fund over a 30-day period (ending on the stated month-end date) by the maximum public offering price per share of the Fund on the last day of the period. This number is then annualized. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS ⁴

For the period ended 3/31/07	One Year			Since Inception			Inception Date
Class A		1.39	%		2.67	%	11/3/03
Institutional		6.51			4.50		11/3/03
Separate Account Institutional		6.57			4.52		11/3/03

⁴   The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 4.5% for Class A Shares. Because Institutional and Separate Account Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

EXPENSE RATIOS⁵

	Current Expense Ratio (Net)			Expense Ratio Before Waivers (Gross)
Class A		0.79	%		0.98	%
Institutional		0.40			0.61
Separate Account Institutional		0.35			0.56

⁵   The expense ratios of the Fund, both current (net of any fee waivers or expense limitations) and before waivers (gross of any fee waivers or expense limitations), are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The waivers and expense limitations are voluntary and may be modified or terminated at any time at the option of the Investment Adviser. If this occurs, the expense ratios may change without shareholder approval.

9

FUND BASICS

SECTOR ALLOCATION ⁶

Percentage of Net Assets

6	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent repurchase agreements. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.
7	Federal Agencies are mortgage backed securities guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the U.S. Government. 1.6% of the Federal Agencies are guaranteed by GNMA.
8	“Agency Debentures” include agency securities offered by companies such as FNMA and FHLMC, which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate similar to any other publicly traded company.

10

PORTFOLIO RESULTS

Core Fixed Income Fund

Dear Shareholder,

This report provides an overview on the performance of the Goldman Sachs Core Fixed Income Fund during the six-month reporting period that ended April 30, 2007.

  Performance Review

Over the six-month period that ended April 30, 2007, the Fund’s Class A, B, C, Institutional and Service Shares generated cumulative total returns, without sales charges, of 2.34%, 1.95%, 1.95%, 2.51% and 2.26%, respectively. These returns compare to the 2.64% cumulative total return of the Fund’s benchmark, the Lehman Brothers Aggregate Bond Index, over the same time period.

The most meaningful detractor to the Fund’s performance was our long Australian dollar/short U.S. dollar trade, as market expectations of additional interest-rate increases in Australia caused its bonds—and our position—to underperform. Within the currency strategy, our long Japanese yen (“JPY”) and short New Zealand dollar (“NZD”) trades detracted from performance as the JPY depreciated and the NZD appreciated over the reporting period.

Our duration position contributed positively to performance. The Fund benefited from our yield-curve steepening position at the five- and 15-year parts of the curve. Results were also enhanced by our fundamental term structure positioning.

At the security level, our underweight to mortgage-backed securities detracted as the mortgage sector outperformed Treasuries. Within investment-grade corporate bonds, our selection of industrial- and financial-sector credits contributed positively to performance. Our Treasury Inflation Protection Securities position benefited returns as higher-than-expected inflation data was reported early in the period. However, our selection of Treasuries detracted from performance.

In addition, to the extent we find them effective instruments to manage the overall duration of the portfolio, the Fund may employ the use of derivatives, including futures, swaps and Eurodollar futures contracts. We believe that using derivatives, including both futures and swaps, in the portfolio has been an effective portfolio management tool. Futures have been efficiently employed to hedge duration (interest rate sensitivity) drift that may occur due to the passage of time, changing interest rates or changing mortgage durations. In addition, we believe that futures allowed us to optimize security selection by giving us the flexibility to select the most attractive securities for the portfolio, regardless of the securities’ maturity/duration. Finally, futures and swaps were important tools in implementing certain interest rate and spread views.

  Market Review

The six-month reporting period was characterized by a number of ongoing themes. The yield curve, for example, remained flat. Although short- to intermediate-term yields fell and longer yields rose modestly, the difference between two- and 10-year yields increased by only 12 basis points.

Economic data continued to be mixed. Despite the downturn in the housing sector, strong employment data and robust corporate earnings raised the level of uncertainty in the bond market. Meanwhile, a growing number of delinquencies in the sub-prime sector of the

11

PORTFOLIO RESULTS

mortgage market exacerbated concerns about the housing market and whether its weakness would spill over into the broader economy. A widespread sell-off in the global equity markets—sparked by a sharp decline in Chinese equities—contributed to a spike in volatility during late February.

Through three consecutive meetings, the Federal Reserve Board (the “Fed”) held short-term interest rates steady at 5.25%. In their post-meeting statements, Fed governors stressed the upside risks to inflation, but acknowledged the downside risks to the U.S. economy, specifically the housing slowdown and decreased business spending. Given the benign inflation data during the period, the Fed appears to have successfully restrained inflation.

Nonetheless, a tightening labor market and higher crude oil and gasoline prices suggest that inflation could remain a focus in the coming months.

During the six-month reporting period, the 10-year Treasury yield rose two basis points, closing the period at 4.62%. In general, investment-grade sectors outperformed Treasuries.

INVESTMENT OBJECTIVE

The Goldman Sachs Core Fixed Income Fund seeks a total return consisting of capital appreciation and income that exceeds the total return of the Lehman Brothers Aggregate Bond Index.

  Portfolio Composition

During the period, the Fund continued to hold a short-duration position relative to the benchmark, driven primarily by our quantitative model. We maintained an underweight exposure in the mortgage sector because of historically tight spreads and low implied volatility. However, we continued to find value in bonds with less exposure to implied volatility and to turnover in the housing sector. These bonds included 15-year mortgage-backed securities from established lenders with good reputations, super-senior AAA adjustable-rate mortgage floaters, and super-senior AAA collateralized mortgage-backed securities. We slightly reduced the Fund’s underweight to the corporate sector because we believe spreads are tighter than warranted for the overall level of credit quality. Our exposure to government securities increased modestly, but we maintained our underweight in favor of other high quality spread sectors at the shorter end of the yield curve, such as agencies.

We thank you for your investment and look forward to your continued confidence.

Goldman Sachs U.S. Fixed Income Investment Management Team

May 17, 2007

12

FUND BASICS

Core Fixed Income Fund

as of April 30, 2007

PERFORMANCE REVIEW

November 1, 2006–	Fund Total Return			Lehman Aggregate			30-Day
April 30, 2007	(based on NAV)1			Bond Index2			Standardized Yield3
Class A		2.34	%		2.64	%		4.57	%
Class B		1.95			2.64			4.03
Class C		1.95			2.64			4.04
Institutional		2.51			2.64			5.15
Service		2.26			2.64			4.65

1	The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.
2	The Lehman Brothers Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.
3	The 30-Day Standardized Yield of the Fund is calculated by dividing the net investment income per share (as defined by securities industry regulations) earned by the Fund over a 30-day period (ending on the stated month-end date) by the maximum public offering price per share of the Fund on the last day of the period. This number is then annualized. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS ⁴

For the period ended 3/31/07	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		0.61	%		4.16	%		N/A			5.46	%	5/1/97
Class B		-0.49			3.91			N/A			5.18		5/1/97
Class C		3.64			4.33			N/A			4.93		8/15/97
Institutional		5.74			5.52			6.46	%		6.26		1/5/94
Service		5.32			5.02			5.94			5.83		3/13/96

⁴   The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 4.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional and Service Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

EXPENSE RATIOS ⁵

	Current Expense Ratio (Net)			Expense Ratio Before Waivers (Gross)
Class A		0.83	%		0.84	%
Class B		1.58			1.59
Class C		1.58			1.59
Institutional		0.46			0.47
Service		0.96			0.97

⁵   The expense ratios of the Fund, both current (net of any fee waivers or expense limitations) and before waivers (gross of any fee waivers or expense limitations), are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The waivers and expense limitations are voluntary and may be modified or terminated at any time at the option of the Investment Adviser. If this occurs, the expense ratios may change without shareholder approval.

13

FUND BASICS

SECTOR ALLOCATION ⁶

Percentage of Net Assets

6	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent repurchase agreements. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.
7	“Agency Debentures” include agency securities offered by companies such as Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”), which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate similar to any other publicly traded company.
8	Federal Agencies are mortgage backed securities guaranteed by the Government National Mortgage Association (“GNMA”), FNMA and FHLMC. GNMA instruments are backed by the full faith and credit of the U.S. Government.

14

PORTFOLIO RESULTS

Investment Grade Credit Fund

Dear Shareholder:

This report provides an overview on the performance of the Goldman Sachs Investment Grade Credit Fund during the six-month reporting period that ended April 30, 2007.

  Performance Review

Over the six-month period that ended April 30, 2007, the Fund’s Class A, Institutional and Separate Account Institutional Shares generated cumulative total returns, without sales charges, of 3.14%, 3.34% and 3.36%, respectively. These returns compare to the 2.79% cumulative total return of the Fund’s benchmark, the Lehman Brothers U.S. Credit Index, over the same time period.

The largest contributor to the Fund’s performance was within our allocation to corporate securities. We overweighted the life insurance, property and casualty, and auto sectors, which added positively to results. Our overweight to high quality financial issues boosted performance in March, when many financial names, primarily those of lower quality, suffered in response to investor fears about sub-prime lending practices.

Also adding to returns was our underweight to higher quality corporates and our overweight to lower quality corporates. We continue to overweight lower quality issues because we believe they are less susceptible to shareholder-friendly actions such as stock repurchases and onetime dividend payouts, which adversely impact bond prices. Our strategy was rewarded when lower quality issues outperformed higher quality issues during the period.

Detracting slightly from performance was our underweight to emerging market debt. Spreads tightened over the period in response to sovereign macroeconomic stabilization programs, improved debt management efforts, and strong investor demand. The Fund’s short duration bias positively impacted performance, mostly due to rising yields in December. (Yields move inversely to bond prices.) However, as yields fell during the first four months of 2007, our position detracted from performance. Nonetheless, for the reporting period, our strategy was modestly positive.

To the extent we find them effective instruments to manage the overall duration of the portfolio, the Fund may employ the use of derivatives, including futures, swaps and Eurodollar futures contracts. The Fund also makes use of currency forwards for the purpose of hedging all non-U.S. dollar exposure back to the base U.S. dollar currency. We believe that using derivatives, including both futures and swaps, in the portfolio has been an effective portfolio management tool. Futures have been efficiently employed to hedge duration (interest rate sensitivity) drift that may occur due to the passage of time, or changing interest rates. In addition, we believe that futures allowed us to optimize security selection by giving us the flexibility to select the most attractive securities for the portfolio, regardless of the securities’ maturity/duration. Finally, futures and swaps were important tools in implementing certain interest rate and spread views.

  Market Review

The six-month reporting period was characterized by a number of ongoing themes. The yield curve, for example, remained flat. Although short- to intermediate-term yields fell

15

and longer yields rose modestly, the difference between two- and 10-year yields increased by only 12 basis points.

Economic data continued to be mixed. Despite the downturn in the housing sector, strong employment data and robust corporate earnings raised the level of uncertainty in the bond market. Meanwhile, a growing number of delinquencies in the sub-prime sector of the mortgage market exacerbated concerns about the housing market and whether its weakness would spill over into the broader economy. A widespread sell-off in the global equity markets—sparked by a sharp decline in Chinese equities—contributed to a spike in volatility during late February.

Through three consecutive meetings, the Federal Reserve Board (the “Fed”) held short-term interest rates steady at 5.25%. In their post-meeting statements, Fed governors stressed the upside risks to inflation, but acknowledged the downside risks to the U.S. economy, specifically the housing slowdown and decreased business spending. Given the benign inflation data during the period, the Fed appears to have successfully restrained inflation. Nonetheless, a tightening labor market and higher crude oil and gasoline prices suggest that inflation could remain a focus in the coming months.

INVESTMENT OBJECTIVE

The Fund seeks a high level total return consisting of capital appreciation and income that exceeds the total return of the Lehman Brothers U.S. Credit Index

  Portfolio Composition

From a credit quality perspective, the Fund held a down-in-quality bias, reflected through its overweight to BBB rated bonds versus the benchmark. The Fund continued to hold this position on the belief that lower quality credits still have the potential to benefit from balance sheet deleveraging and, in turn, remain less susceptible to equity shareholder-friendly activities. However, we have recently trimmed this position, as valuations are beginning to appear rich. In terms of sector positioning, the Fund had overweights in the insurance and media-cable securities, while holding underweights in consumer products, brokerage, banks, retail, and technology.

We thank you for your investment and look forward to your continued confidence.

Goldman Sachs Fixed Income Investment Management Team

May 17, 2007

16

FUND BASICS

Investment Grade Credit Fund

as of April 30, 2007

PERFORMANCE REVIEW

November 1, 2006–	Fund Total Return			Lehman Brothers			30-Day
April 30, 2007	(based on NAV)1			U.S. Credit Index2			Standardized Yield3
Class A		3.14	%		2.79	%		5.02	%
Institutional		3.34			2.79			5.65
Separate Account Institutional		3.36			2.79			5.70

1	The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.
2	The Lehman Brothers U.S. Credit Index is an unmanaged index which is unbundled into pure corporates (industrial, utility, and finance, including both U.S. and Non-U.S. corporations) and non-corporates (sovereign, supranational, foreign agencies, and foreign local governments). The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.
3	The 30-Day Standardized Yield of the Fund is calculated by dividing the net investment income per share (as defined by securities industry regulations) earned by the Fund over a 30-day period (ending on the stated month-end date) by the maximum public offering price per share of the Fund on the last day of the period. This number is then annualized. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS ⁴

For the period ended 3/31/07	One Year			Since Inception			Inception Date
Class A		1.97	%		2.88	%	11/3/03
Institutional		7.17			4.76		11/3/03
Separate Account Institutional		7.23			4.79		11/3/03

⁴   The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 4.5% for Class A Shares. Because Institutional and Separate Account Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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

EXPENSE RATIOS ⁵

	Current Expense Ratio (Net)			Expense Ratio Before Waivers (Gross)
Class A		0.79	%		1.02	%
Institutional		0.40			0.65
Separate Account Institutional		0.35			0.60

⁵   The expense ratios of the Fund, both current (net of any fee waivers or expense limitations) and before waivers (gross of any fee waivers or expense limitations), are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The waivers and expense limitations are voluntary and may be modified or terminated at any time at the option of the Investment Adviser. If this occurs, the expense ratios may change without shareholder approval.

17

FUND BASICS

SECTOR ALLOCATION ⁶

Percentage of Net Assets

6	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent repurchase agreements. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.
7	Please refer to the table below for Top Ten Industry Allocations in the Corporate Bond Sector.

TOP TEN INDUSTRY ALLOCATIONS

Percentage of Net Assets	as of 4/30/07			as of 10/31/06
Banks		17.7	%		21.0	%
Insurance		17.5			14.0
Financial		10.4			8.6
REIT		13.0			13.1
Electric		6.8			8.5
Natural Gas		6.7			3.3
Energy		6.1			2.5
Communications		5.8			6.7
Media		4.9			4.2
Transportation		3.2			0.0

18

PORTFOLIO RESULTS

Core Plus Fixed Income Fund

Dear Shareholder:

This report provides an overview on the performance of the Goldman Sachs Core Plus Fixed Income Fund for the period from its inception on November 30, 2006 to April 30, 2007.

  Performance Review

Over the period from the Fund’s inception on November 30, 2006 to April 30, 2007, the Fund’s Class A, C, and Institutional Shares generated cumulative total returns, without sales charges, of 1.31%, 1.01% and 1.47%, respectively. These returns compare to the 1.46% cumulative total return of the Fund’s benchmark, the Lehman Brothers Aggregate Bond Index, over the same time period.

The most meaningful detractor to the Fund’s performance was our long Australian dollar/short U.S. dollar trade, as market expectations of additional interest-rate increases caused Australian bonds to underperform. Our overall currency trades in Japanese yen, Swedish kroner and Canadian dollars had an adverse impact on returns. However, these trades were partly offset by our long exposure to Norwegian kroner, which appreciated on supportive economic data.

Our fundamental duration strategy contributed positively to performance. The Fund was well-positioned for the modest steepening of the yield curve during the period. At the sector level, our underweight to mortgage-backed securities detracted as the mortgage sector outperformed Treasuries. Within investment-grade corporates, our selection of industrial- and financial-sector credits added positively to performance. Our preference for lower quality credits also contributed positively as these securities outperformed higher quality credits.

In addition, to the extent we find them effective instruments to manage the overall duration of the portfolio, the Fund may employ the use of derivatives, including futures, swaps and Eurodollar futures contract. We believe that using derivatives, including both futures and swaps, in the portfolio has been an effective portfolio management tool. Futures have been efficiently employed to hedge duration (interest rate sensitivity) drift that may occur due to the passage of time, changing interest rates or changing mortgage durations. In addition, we believe that futures allowed us to optimize security selection by giving us the flexibility to select the most attractive securities for the portfolio, regardless of the securities’ maturity/duration. Finally, futures, forwards and swaps are important tools in implementing certain interest rate, spread, and currency views.

  Market Review

The six-month reporting period was characterized by a number of ongoing themes. The yield curve, for example, remained flat. Although short- to intermediate-term yields fell and longer yields rose modestly, the difference between two- and 10-year yields increased by only 12 basis points.

Economic data continued to be mixed. Despite the downturn in the housing sector, strong employment data and robust corporate earnings raised the level of uncertainty in the bond market. Meanwhile, a growing number of delinquencies in the sub-prime sector of the mortgage market exacerbated concerns about the housing market and whether its weakness

19

PORTFOLIO RESULTS

would spill over into the broader economy. A widespread sell-off in the global equity markets—sparked by a sharp decline in Chinese equities—contributed to a spike in volatility during late February.

Through three consecutive meetings, the Federal Reserve Board (the “Fed”) held short-term interest rates steady at 5.25%. In their post-meeting statements, Fed governors stressed the upside risks to inflation, but acknowledged the downside risks to the U.S. economy, specifically the housing slowdown and decreased business spending. Given the benign inflation data during the period, the Fed appears to have successfully restrained inflation. Nonetheless, a tightening labor market and higher crude oil and gasoline prices suggest that inflation could remain a focus in the coming months.

During the six-month reporting period, the 10-year Treasury yield rose two basis points, closing the period at 4.62%. In general, investment-grade sectors outperformed Treasuries. Emerging market debt also outperformed Treasuries.

INVESTMENT OBJECTIVE

The Goldman Sachs Core Plus Fixed Income Fund seeks a total return consisting of capital appreciation and income that exceeds the total return of the Lehman Brothers Aggregate Bond Index.

  Portfolio Composition

During the period, the Fund continued to hold a short-duration position relative to the benchmark. We initiated an underweight exposure in the mortgage sector because of historically tight spreads and low implied volatility. However, we continued to find value in bonds with less exposure to implied volatility and to turnover in the housing sector. These bonds included 15-year mortgage-backed securities from established lenders, super-senior AAA adjustable-rate mortgage floaters, and super-senior AAA collateralized mortgage-backed securities. We also increased the Fund’s underweight to the corporate sector because we believe credit quality in the sector will be pressured by robust capital expenditures, dividend increases, leveraged buy-outs, and other shareholder-friendly activity. Our exposure to emerging market debt remained unchanged over the period. We continue to see a favorable external environment for the asset class due to supportive cyclical factors, sovereign macroeconomic stabilization programs, and improved debt management efforts.

We thank you for your investment and look forward to your continued confidence.

Goldman Sachs U.S. Fixed Income Investment Management Team

May 17, 2007

20

FUND BASICS

Core Plus Fixed Income Fund

as of April 30, 2007

PERFORMANCE REVIEW

November 30, 2006–	Fund Total Return			Lehman Aggregate			30-Day
April 30, 2007	(based on NAV)1			Bond Index2			Standardized Yield3
Class A		1.31	%		1.46	%		3.58	%
Class C		1.01			1.46			3.00
Institutional		1.47			1.46			4.12

1	The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.
2	The Lehman Brothers Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.
3	The 30-Day Standardized Yield of the Fund is calculated by dividing the net investment income per share (as defined by securities industry regulations) earned by the Fund over a 30-day period (ending on the stated month-end date) by the maximum public offering price per share of the Fund on the last day of the period. This number is then annualized. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS ⁴

For the period ended 3/31/07	Since Inception			Inception Date
Class A		-3.84	%	11/30/06
Class C		-0.56		11/30/06
Institutional		0.81		11/30/06

⁴   The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 4.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted.

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

EXPENSE RATIOS ⁵

	Current Expense Ratio (Net)			Expense Ratio Before Waivers (Gross)
Class A		0.86	%		2.15	%
Class C		1.61			2.90
Institutional		0.49			1.78

⁵   The expense ratios of the Fund, both current (net of any fee waivers or expense limitations) and before waivers (gross of any fee waivers or expense limitations), are set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. The waivers and expense limitations are voluntary and may be modified or terminated at any time at the option of the Investment Adviser. If this occurs, the expense ratios may change without shareholder approval.

21

FUND BASICS

SECTOR ALLOCATION ⁶

Percentage of Net Assets

6	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent repurchase agreements. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.
7	“Agency Debentures” include agency securities offered by companies such as Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”), which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate similar to any other publicly traded company.
8	Federal Agencies are mortgage backed securities guaranteed by the Government National Mortgage Association (“GNMA”), FNMA and FHLMC. GNMA instruments are backed by the full faith and credit of the U.S. Government.

22

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments

April 30, 2007 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date		Value
Mortgage-Backed Obligations – 58.5%
Adjustable Rate FHLMC(a) – 2.2%
$	7,472,421		3.489	%		09/01/33	$	7,404,278
	5,280,647		4.582			08/01/35		5,245,692
								12,649,970
Adjustable Rate FNMA(a) – 3.9%
	12,450,545		5.028			11/25/28		12,483,616
	206,922		4.485			03/01/33		210,002
	3,885,555		3.850			10/01/33		3,843,667
	6,140,738		4.332			01/01/35		6,087,294
								22,624,579
Adjustable Rate GNMA(a) – 2.1%
	232,019		5.375			06/20/23		234,493
	108,172		5.750			07/20/23		109,531
	112,312		5.750			08/20/23		113,390
	292,805		5.750			09/20/23		295,614
	82,140		5.375			03/20/24		83,057
	778,860		5.375			04/20/24		786,746
	102,016		5.375			05/20/24		103,099
	751,543		5.375			06/20/24		760,226
	413,391		5.750			07/20/24		418,165
	587,569		5.750			08/20/24		594,475
	192,680		5.750			09/20/24		194,833
	212,972		6.125			11/20/24		215,973
	187,750		6.125			12/20/24		190,333
	157,512		5.375			01/20/25		159,646
	80,144		5.375			02/20/25		81,234
	262,927		5.375			05/20/25		266,372
	180,485		5.750			07/20/25		182,844
	124,277		5.375			02/20/26		125,743
	5,147		5.750			07/20/26		5,207
	308,568		5.375			01/20/27		312,733
	108,614		5.375			02/20/27		109,919
	886,905		5.375			04/20/27		897,304
	101,322		5.375			05/20/27		102,418
	103,914		5.375			06/20/27		105,030
	31,200		6.125			11/20/27		31,561
	127,244		6.125			12/20/27		128,709
	273,319		5.375			01/20/28		276,747
	102,771		5.250			02/20/28		103,846
	96,903		5.375			03/20/28		98,086
	684,997		5.500			07/20/29		692,932
	251,471		5.500			08/20/29		254,386
	103,990		5.500			09/20/29		105,237
	304,683		6.125			10/20/29		308,604
	370,619		6.125			11/20/29		375,441
	102,879		6.125			12/20/29		104,207
	152,466		5.250			01/20/30		154,280
	69,275		5.250			02/20/30		70,100
	274,083		5.250			03/20/30		277,343
	464,569		5.375			04/20/30		470,501
	1,195,209		5.375			05/20/30		1,211,249
	116,067		5.375			06/20/30		117,473
	836,335		5.500			07/20/30		848,859
	123,383		5.500			09/20/30		125,228
	282,860		5.875			10/20/30		286,794
								12,489,968
Adjustable Rate Non-Agency(a) – 11.2%
Banc of America Commercial Mortgage, Inc. Series 2005-6, Class A4
	10,000,000		5.353			09/10/47		9,942,461
Bear Stearns Adjustable Rate Mortgage Trust Series 2003-5, Class 1A1
	80,760		5.960			08/25/33		81,993
Citigroup/Deutsche Bank Commercial Mortgage Trust Series 2005-CD1, Class A4
	10,000,000		5.400			07/15/44		9,989,083
Countrywide Alternative Loan Trust Series 2005-59, Class 1A1
	3,776,891		5.650			11/20/35		3,789,672
Countrywide Home Loans Series 2003-37, Class 1A1
	114,206		5.807			08/25/33		114,467
CS First Boston Mortgage Securities Corp. Series 2003-AR9, Class 2A2
	418,015		5.100			03/25/33		416,875
Harborview Mortgage Loan Trust Series 2005-10, Class 2A1A
	1,168,344		5.630			11/19/35		1,172,064
Harborview Mortgage Loan Trust Series 2005-16, Class 2A1A
	1,305,595		5.560			01/19/36		1,308,180
Impac CMB Trust Series 2004-8, Class 1A
	790,833		5.680			10/25/34		790,960
JPMorgan Mortgage Trust Series 2007-A1, Class 1A1
	1,962,523		4.204			07/25/35		1,929,217
JPMorgan Mortgage Trust Series 2007-A1, Class 2A2
	1,949,147		4.766			07/25/35		1,932,215
JPMorgan Mortgage Trust Series 2007-A1, Class 4A2
	982,696		4.071			07/25/35		964,637
JPMorgan Mortgage Trust Series 2007-A1, Class 5A2
	1,935,419		4.771			07/25/35		1,918,788
Lehman XS Trust Series 2007-4N, Class 3A2A
	3,977,413		5.733			03/25/47		3,978,656
Master Adjustable Rate Mortgages Trust Series 2004-9, Class 2A1
	293,949		5.700			11/25/34		294,893
MLCC Mortgage Investors, Inc. Series 2004-E, Class A2B
	2,224,540		5.674			11/25/29		2,228,866
Sequoia Mortgage Trust Series 2004-09, Class A2
	1,466,307		5.681			10/20/34		1,471,014
Structured Adjustable Rate Mortgage Loan Series 2004-1, Class 3A3
	84,729		7.380			02/25/34		86,084
Structured Adjustable Rate Mortgage Loan Series 2004-5, Class 1A
	1,139,994		5.400			05/25/34		1,148,357
Structured Asset Securities Corp. Series 2003-24A, Class 1A3
	1,061,725		5.000			07/25/33		1,075,065
Structured Asset Securities Corp. Series 2003-34A, Class 3A3
	1,640,011		4.700			11/25/33		1,649,547

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

23

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

April 30, 2007 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date		Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate Non-Agency(a) – (continued)
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR11, Class A1A
$	3,076,830		5.640	%		08/25/45	$	3,084,586
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR13, Class 1A
	4,013,955		5.894			10/25/46		4,016,463
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR19, Class 1A
	920,118		5.754			01/25/47		918,968
Washington Mutual Mortgage Pass-Through Certificates Series 2007-0A2, Class 2A
	2,780,006		5.714			01/25/47		2,776,965
Wells Fargo Mortgage Backed Securities Trust Series 2005-AR16, Class 1A1
	5,239,813		4.975			10/25/35		5,245,426
Wells Fargo Mortgage Backed Securities Trust Series 2006-AR10, Class 5A3
	3,251,599		5.600			07/25/36		3,244,927
								65,570,429
Commercial Mortgage Backed Securities – 4.5%
Interest Only(a)(b)(c) – 0.4%
Bear Stearns Commercial Mortgage Securities, Inc. Series 2003-T10, Class X2
	17,723,003		1.422			03/13/40		678,892
CS First Boston Mortgage Securities Corp. Series 2003-C3, Class ASP
	12,736,999		1.944			05/15/38		465,469
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2004-C1, Class X2
	20,316,291		1.157			01/15/38		591,104
Prudential Commercial Mortgage Trust Series 2003-PWR1, Class X2
	20,626,018		1.625			02/11/36		917,406
								2,652,871
Sequential Fixed Rate – 4.1%
CS First Boston Mortgage Securities Corp. Series 1997-C2, Class A3
	358,139		6.550			01/17/35		359,011
First Union National Bank Commercial Mortgage Trust Series 2000-C2, Class A2
	9,500,000		7.202			10/15/32		10,021,616
GMAC Commercial Mortgage Securities, Inc. Series 2002-C1, Class A2
	8,000,000		6.278			11/15/39		8,310,733
Morgan Stanley Capital I Series 2007-T25, Class A3
	5,000,000		5.514			11/12/49		5,048,711
								23,740,071
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES							$	26,392,942
Collateralized Mortgage Obligations – 2.1%
Interest Only(b) – 0.1%
Countrywide Home Loan Trust Series 2003-42, Class 2X1(a)
	888,178		0.362			10/25/33		3,533
CS First Boston Mortgage Securities Corp. Series 2003-11, Class 1A2
	122,901		5.500			06/25/33		6,087
CS First Boston Mortgage Securities Corp. Series 2003-AR18, Class 2X(a)
	258,785		0.782			07/25/33		1,125
CS First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2X(a)
	311,914		0.605			08/25/33		1,500
FNMA Series 151, Class 2
	26,403		9.500			07/25/22		6,689
FNMA Series 2004-47, Class EI(a)(d)
	3,507,918		0.000			06/25/34		148,024
FNMA Series 2004-62, Class DI(a)(d)
	1,562,008		0.000			07/25/33		66,655
FNMA Series 2004-71, Class DI(a)(d)
	2,663,794		0.000			04/25/34		65,332
Master Adjustable Rate Mortgages Trust Series 2003-2, Class 3AX(a)
	94,173		0.679			08/25/33		700
Master Adjustable Rate Mortgages Trust Series 2003-2, Class 4AX(a)
	32,801		1.158			07/25/33		484
Washington Mutual Mortgage Pass-Through Certificates Series 2003-AR04, Class X1(a)
	2,177,827		1.181			01/25/08		17,835
Washington Mutual Mortgage Pass-Through Certificates Series 2003-AR12, Class X(a)
	5,447,578		0.485			02/25/34		31,091
Washington Mutual Series 2003-AR07, Class X(a)
	1,254,352		0.941			06/25/08		9,406
								358,461
Inverse Floaters(a) – 0.1%
GNMA Series 2001-48, Class SA
	90,265		9.198			10/16/31		99,895
GNMA Series 2001-51, Class SA
	71,751		9.447			10/16/31		81,186
GNMA Series 2001-51, Class SB
	90,040		9.198			10/16/31		100,424
GNMA Series 2001-59, Class SA
	78,553		9.035			11/16/24		86,220
GNMA Series 2002-13, Class SB
	307,145		12.740			02/16/32		378,770
								746,495
Principal Only(e) – 0.0%
FNMA REMIC Trust Series G-35, Class N
	23,202		0.000			10/25/21		18,884
Regular Floater(a) – 0.0%
FHLMC Series 1760, Class ZB
	261,659		3.980			05/15/24		256,866

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

24

GOLDMAN SACHS GOVERNMENT INCOME FUND

Principal		Interest			Maturity
Amount		Rate			Date		Value
Mortgage-Backed Obligations – (continued)
Regular Floater(a) – (continued)
Sequential Fixed Rate – 1.9%
FHLMC Series 2329, Class ZA
$	5,069,056		6.500	%		06/15/31	$	5,241,469
FHLMC Series 2590, Class NV
	2,000,000		5.000			03/15/18		1,980,298
FNMA REMIC Series 1993-78, Class H
	21,162		6.500			06/25/08		21,201
FNMA REMIC Trust Series 1994-42, Class ZQ
	2,945,175		7.000			04/25/24		3,075,928
FNMA Series 2001-53, Class GH
	704,088		8.000			09/25/16		742,169
								11,061,065
TOTAL COLLATERALIZED MORTGAGE
	OBLIGATIONS						$	12,441,771
FHLMC – 12.0%
	1,727,842		5.500			12/01/08		1,731,477
	109,965		7.000			06/01/09		111,508
	1,157,128		6.500			12/01/13		1,182,594
	45,157		4.000			02/01/14		42,766
	31,904		6.500			02/01/14		32,606
	713,055		4.000			03/01/14		675,308
	138,494		4.000			04/01/14		131,163
	4,411,388		7.500			11/01/14		4,591,483
	20,797		7.000			02/01/15		21,475
	2,062,874		5.500			07/01/15		2,072,035
	206,340		8.000			07/01/15		216,949
	33,607		7.000			01/01/16		34,752
	84,889		7.000			02/01/16		87,783
	636,980		4.500			05/01/18		619,002
	484,416		5.500			05/01/18		486,288
	150,562		4.500			06/01/18		146,313
	2,761,506		5.500			06/01/18		2,772,182
	601,659		4.500			09/01/18		584,678
	441,399		4.500			10/01/18		428,942
	455,146		4.500			11/01/18		442,300
	11,277,487		4.500			12/01/18		10,959,200
	2,276,308		5.000			12/01/18		2,250,744
	165,313		4.500			01/01/19		160,647
	330,179		4.500			03/01/19		320,657
	13,489,343		4.000			06/01/19		12,775,238
	8,148,986		4.500			06/01/19		7,918,995
	650,340		5.000			06/01/19		642,077
	6,646,076		5.000			11/01/19		6,564,228
	899,876		4.500			02/01/20		873,363
	27,978		6.500			08/01/22		28,627
	1,729,079		4.500			10/01/23		1,640,901
	22,733		7.500			03/01/27		23,694
	962,330		6.500			07/01/28		981,721
	5,841,804		6.500			12/01/29		6,036,171
	19,154		8.000			07/01/30		19,868
	58,129		7.500			12/01/30		60,558
	6,119		7.500			01/01/31		6,375
	422,812		7.000			04/01/31		440,372
	273,295		6.500			07/01/31		282,388
	1,799,959		6.000			05/01/33		1,823,996
								70,221,424
FNMA – 20.5%
	3,647,677		6.277			12/01/08		3,637,813
	669,466		5.500			05/01/09		671,768
	513,521		4.500			03/01/13		505,197
	233,009		4.500			05/01/13		229,183
	306,511		4.000			06/01/13		297,867
	490,244		4.500			06/01/13		482,138
	408,630	��	4.000			07/01/13		397,107
	510,354		4.500			07/01/13		501,863
	569,664		4.000			08/01/13		553,482
	240,965		4.500			08/01/13		236,930
	842,406		4.000			09/01/13		818,288
	1,010,582		4.500			09/01/13		993,554
	1,700,334		4.000			10/01/13		1,651,245
	833,538		4.000			04/01/14		808,153
	3,899,488		5.500			09/01/14		3,919,370
	135,833		7.000			03/01/15		140,149
	40,448		8.000			01/01/16		42,357
	687,869		5.000			11/01/17		680,277
	23,126,909		5.000			12/01/17		22,870,296
	4,240,578		5.000			01/01/18		4,193,826
	5,304,200		5.000			02/01/18		5,242,449
	4,688,345		5.000			03/01/18		4,633,627
	643,970		4.500			04/01/18		625,284
	1,720,805		5.000			04/01/18		1,700,776
	2,922,858		4.500			05/01/18		2,838,495
	627,230		5.000			05/01/18		619,925
	5,363,005		4.500			06/01/18		5,207,755
	2,877,229		5.000			06/01/18		2,843,739
	422,597		4.500			07/01/18		410,398
	141,630		5.000			07/01/18		139,977
	11,357,377		4.000			08/01/18		10,784,062
	491,849		4.500			08/01/18		477,653
	114,078		5.000			08/01/18		112,746
	824,001		4.500			09/01/18		800,218
	1,642,232		5.000			09/01/18		1,623,118
	6,715,319		4.500			10/01/18		6,521,492
	8,340,470		5.000			10/01/18		8,243,396
	605,169		4.500			11/01/18		587,703
	3,942,189		5.000			11/01/18		3,896,303
	783,126		4.500			12/01/18		760,522
	1,608,976		5.500			12/01/18		1,615,270
	157,656		4.500			01/01/19		153,105
	220,281		4.500			03/01/19		213,923
	3,167,936		5.000			04/01/19		3,131,065
	140,636		4.500			06/01/19		136,445
	3,382,330		5.000			06/01/19		3,342,964
	1,836,505		4.500			09/01/19		1,783,497
	525,068		4.500			03/01/20		509,913
	1,369,939		4.500			04/01/20		1,330,398
	13,863		7.500			03/01/24		14,532
	49,610		6.500			10/01/28		51,183

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

25

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

April 30, 2007 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date		Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	59,187		6.500	%		11/01/28	$	61,073
	22,680		7.500			07/01/29		23,672
	1,842		7.500			08/01/29		1,922
	9,853		7.500			10/01/29		10,355
	3,751		7.500			02/01/30		3,915
	5,169		7.500			03/01/30		5,419
	685,014		7.000			07/01/31		706,037
	13,470		6.500			01/01/34		13,881
	964,270		7.500			08/01/35		1,000,052
	2,240,974		7.500			10/01/35		2,324,132
	186,515		7.500			04/01/36		193,436
	776,820		7.500			05/01/36		805,442
	678,511		7.500			09/01/36		703,512
								119,835,644
TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $343,199,660)							$	342,226,727
Agency Debentures – 16.0%
FFCB
$	6,838,000		4.100	%		07/21/08	$	6,763,726
	10,000,000		4.200			02/23/09		9,882,500
	11,000,000		4.450			06/11/09		10,913,716
	7,000,000		7.375			02/09/10		7,471,541
	9,000,000		4.750			11/06/12		8,956,647
	3,900,000		3.500			02/13/09		3,806,018
	1,500,000		7.625			05/14/10		1,617,684
	8,400,000		4.500			09/14/12		8,247,528
FHLMC
	10,390,000		4.250			06/23/08		10,298,682
	11,000,000		4.480			09/19/08		10,923,174
FNMA
	5,000,000		6.625			09/15/09		5,199,369
New Valley Generation II
	3,416,362		5.572			05/01/20		3,448,814
Small Business Administration
	508,841		6.700			12/01/16		524,105
	389,870		7.150			03/01/17		404,813
	283,884		7.500			04/01/17		296,454
	179,196		7.300			05/01/17		186,286
	125,317		6.800			08/01/17		129,515
	324,539		6.300			05/01/18		333,094
	294,884		6.300			06/01/18		302,742
Tennessee Valley Authority
	4,000,000		5.375			04/01/56		4,048,440
TOTAL AGENCY DEBENTURES
(Cost $94,436,415)							$	93,754,848
Asset-Backed Securities – 1.2%
Home Equity(a) – 1.1%
Citigroup Mortgage Loan Trust, Inc. Series 2004-OPT1, Class A2
$	889,086		5.680	%		10/25/34	$	891,078
Countrywide Home Equity Loan Trust Series 2004-I, Class A
	1,178,100		5.610			02/15/34		1,177,917
Countrywide Home Equity Loan Trust Series 2004-Q, Class 2A
	1,198,120		5.620			12/15/33		1,200,145
Countrywide Home Equity Loan Trust Series 2005-B, Class 2A
	1,272,053		5.500			05/15/35		1,270,463
Master Asset Backed Securities Trust Series 2005-WMC1, Class A4
	1,136,765		5.510			03/25/35		1,136,925
Popular Asset Backed Securities Mortgage Pass-Through Trust Series 2004-5, Class AV2
	648,844		5.660			12/25/34		649,960
Securitized Asset Backed Receivables LLC Trust Series 2004-OP2, Class A2
	170,785		5.670			08/25/34		170,983
								6,497,471
Manufactured Housing – 0.1%
Mid-State Trust Series 4, Class A
	265,266		8.330			04/01/30		283,004
TOTAL ASSET-BACKED SECURITIES
(Cost $6,772,726)							$	6,780,475
U.S. Treasury Obligations – 22.1%
United States Treasury Bonds
$	1,600,000		4.500	%		02/15/36	$	1,515,374
United States Treasury Inflation Protected Securities
	1,727,040		2.000			07/15/14		1,713,569
	705,236		2.500			07/15/16		724,630
	647,640		2.375			01/15/25		651,055
	1,311,596		2.375			01/15/27		1,321,280
United States Treasury Notes
	5,000,000		4.500			03/31/09		4,988,670
	3,900,000		4.875			08/15/09		3,925,350
	89,000,000		4.500			09/30/11		88,916,563
	19,700,000		4.875			08/15/16		20,068,784
	5,100,000		4.625			02/15/17		5,099,184
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $128,922,338)							$	128,924,459
Insured Revenue Bonds – 1.3%
New Jersey Economic Development Authority Series A (MBIA)
$	2,000,000		7.425	%		02/15/29	$	2,472,180

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

26

GOLDMAN SACHS GOVERNMENT INCOME FUND

Principal		Interest			Maturity
Amount		Rate			Date		Value
Insured Revenue Bonds – (continued)
Sales Tax Asset Receivable Taxable Series B (FSA)
$	5,500,000		3.600	%		10/15/08	$	5,402,485
TOTAL INSURED REVENUE BONDS
(Cost $7,500,000)							$	7,874,665
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT – 99.1%
(Cost $580,831,139)							$	579,561,174
Repurchase Agreement(f) – 5.8%
Joint Repurchase Agreement Account II
$	33,800,000		5.242	%		05/01/07	$	33,800,000
Maturity Value: $33,804,922
(Cost $33,800,000)
TOTAL INVESTMENTS – 104.9%
(Cost $614,631,139)							$	613,361,174
LIABILITIES IN EXCESS OF OTHER ASSETS – (4.9)%								(28,898,864	)
NET ASSETS – 100.0%							$	584,462,310

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

(a)	Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2007.
(b)	Represents security with notional principal amount. The actual effective yield of this security is different than the stated interest rate.
(c)	Securities are exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $2,652,871, which represents approximately 0.4% of net assets as of April 30, 2007.
(d)	Security is issued with zero coupon and interest rate is contingent upon LIBOR reaching a predetermined level.
(e)	Security issued with a zero coupon. Income is recognized through the accretion of discount.

 (f)   Joint repurchase agreement was entered into on April 30, 2007. Additional information appears on page 63.

Investment Abbreviations:
FFCB	—	Federal Farm Credit Bank
FHLB	—	Federal Home Loan Bank
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
FSA	—	Insured by Financial Security Assurance Co.
GNMA	—	Government National Mortgage Association
LIBOR	—	London Interbank Offered Rate
MBIA	—	Insured by Municipal Bond Investors Assurance
REMIC	—	Real Estate Mortgage Investment Conduit

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

27

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

April 30, 2007 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2007, the following futures contacts were open:

	Number of
	Contracts			Settlement	Market			Unrealized
Type	Long (Short)			Month	Value			Gain (Loss)
Eurodollars		76		June 2007	$	17,988,250		$	(13,558	)
Eurodollars		(20	)	September 2007		(4,740,000	)		13,682
Eurodollars		(90	)	December 2007		(21,372,750	)		35,919
U.S. Treasury Bonds		713		June 2007		79,677,750			614,591
2 Year U.S. Treasury Notes		(76	)	June 2007		(15,558,625	)		(39,216	)
10 Year U.S. Treasury Notes		(1,022	)	June 2007		(110,711,344	)		(60,585	)
TOTAL					$	(54,716,719	)	$	550,833

INTEREST RATE SWAP CONTRACTS — At April 30, 2007, the Fund had outstanding swap contracts with the following terms:

					Rates Exchanged
	Notional				Payments	Payments	Upfront
Swap	Amount		Termination		received by	made by	Payments made		Unrealized
Counterparty	(000s)		Date		the Fund	the Fund	by the Fund		Gain (Loss)
Banc of America Securities LLC	$	30,000		04/07/08	4.339%	3 month LIBOR	$	—	$	(294,579	)
Banc of America Securities LLC		35,000		09/02/10	4.309	3 month LIBOR		—		(831,964	)
Banc of America Securities LLC		25,000		10/06/10	4.703	3 month LIBOR		—		(264,901	)
Banc of America Securities LLC (a)		98,400		06/20/12	5.000	3 month LIBOR		297,331		(188,062	)
Deutsche Bank Securities, Inc. (a)		88,300		06/20/12	5.000	3 month LIBOR		393,023		(294,969	)
Deutsche Bank Securities, Inc. (a)		125,700		06/20/12	3 month LIBOR	5.000%		380,440		(520,025	)
JPMorgan Securities, Inc.(a)		13,800		06/20/12	3 month LIBOR	5.000		98,376		(113,700	)
Banc of America Securities LLC (a)		155,100		06/20/12	3 month LIBOR	5.000		791,975		(964,616	)
Bear Stearns & Co., Inc.(a)		29,000		06/20/12	3 month LIBOR	5.000		195,919		(228,122	)
Banc of America Securities LLC (a)		98,200		06/20/14	5.100	3 month LIBOR		763,928		(514,323	)
JPMorgan Securities, Inc.(a)		28,000		06/20/14	5.100	3 month LIBOR		308,350		(237,179	)
Deutsche Bank Securities, Inc. (a)		164,100		06/20/14	5.100	3 month LIBOR		1,294,941		(861,288	)
JPMorgan Securities, Inc.(a)		45,000		06/20/14	3 month LIBOR	5.100		287,375		(401,756	)
Banc of America Securities LLC (a)		72,600		06/20/14	3 month LIBOR	5.100		215,604		(400,139	)
Deutsche Bank Securities, Inc. (a)		24,400		06/20/14	3 month LIBOR	5.100		176,579		(238,599	)
Banc of America Securities LLC		30,000		12/09/14	4.641	3 month LIBOR		—		(518,115	)
Banc of America Securities LLC		9,000		05/25/15	4.533	3 month LIBOR		—		(244,978	)
JPMorgan Securities, Inc.		30,000		03/07/16	3 month LIBOR	5.183		—		(112,968	)
JPMorgan Securities, Inc.(a)		22,000		06/20/17	5.100	3 month LIBOR		334,040		(442,760	)
Banc of America Securities LLC		43,000		11/02/19	3 month LIBOR	4.865		—		1,010,783
Banc of America Securities LLC		20,000		11/12/19	3 month LIBOR	5.069		—		74,576
Banc of America Securities LLC		13,200		04/09/35	5.266	3 month LIBOR		—		(224,911	)
TOTAL							$	5,537,881	$	(6,812,595	)

(a)  Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to April 30, 2007.

LIBOR—London Interbank Offered Rate

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

28

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments

April 30, 2007 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date		Value
Mortgage-Backed Obligations – 90.2%
Adjustable Rate FHLMC(a) – 0.2%
$	891,595		4.261	%		04/01/33	$	890,976
Adjustable Rate FNMA(a) – 3.9%
	35,698		5.608			07/01/22		36,143
	45,725		5.642			07/01/27		46,259
	103,625		5.642			11/01/27		104,835
	13,622		5.642			01/01/31		13,783
	22,809		5.642			06/01/32		23,080
	41,956		5.608			08/01/32		42,455
	3,505,241		4.418			05/01/33		3,504,158
	105,353		5.608			05/01/33		106,613
	771,592		4.842			06/01/33		787,119
	2,331,333		3.850			10/01/33		2,306,201
	847,933		4.396			12/01/33		844,354
	1,412,487		4.654			08/01/34		1,406,884
	5,393,195		4.569			02/01/35		5,336,698
	43,492		5.642			11/01/35		44,021
	222,796		5.642			12/01/37		225,533
	98,995		5.642			01/01/38		100,216
	72,696		5.642			11/01/40		73,601
								15,001,953
Adjustable Rate GNMA(a) – 1.6%
	100,190		5.375			06/20/23		101,258
	48,076		5.750			07/20/23		48,680
	49,917		5.750			08/20/23		50,395
	130,135		5.750			09/20/23		131,384
	35,469		5.375			03/20/24		35,866
	336,325		5.375			04/20/24		339,732
	44,052		5.375			05/20/24		44,520
	324,530		5.375			06/20/24		328,279
	183,729		5.750			07/20/24		185,852
	261,141		5.750			08/20/24		264,211
	85,636		5.750			09/20/24		86,592
	91,965		6.125			11/20/24		93,261
	81,074		6.125			12/20/24		82,189
	68,016		5.375			01/20/25		68,938
	34,608		5.375			02/20/25		35,078
	113,537		5.375			05/20/25		115,024
	80,216		5.750			07/20/25		81,264
	53,665		5.375			02/20/26		54,298
	2,288		5.750			07/20/26		2,314
	133,245		5.375			01/20/27		135,044
	46,901		5.375			02/20/27		47,465
	382,982		5.375			04/20/27		387,472
	43,753		5.375			05/20/27		44,226
	44,872		5.375			06/20/27		45,354
	13,180		6.125			11/20/27		13,332
	54,946		6.125			12/20/27		55,579
	118,024		5.375			01/20/28		119,504
	45,676		5.250			02/20/28		46,154
	41,845		5.375			03/20/28		42,356
	304,443		5.500			07/20/29		307,970
	111,765		5.500			08/20/29		113,060
	46,218		5.500			09/20/29		46,772
	131,567		6.125			10/20/29		133,261
	160,040		6.125			11/20/29		162,122
	44,425		6.125			12/20/29		44,999
	67,763		5.250			01/20/30		68,569
	30,789		5.250			02/20/30		31,156
	121,815		5.250			03/20/30		123,263
	200,609		5.375			04/20/30		203,170
	516,114		5.375			05/20/30		523,039
	50,120		5.375			06/20/30		50,727
	371,704		5.500			07/20/30		377,271
	54,837		5.500			09/20/30		55,657
	122,144		5.875			10/20/30		123,843
	585,285		4.500			12/20/34		584,171
								6,034,671
Adjustable Rate Non-Agency(a) – 13.2%
American Home Mortgage Assets Series 2007-1, Class A1
	4,924,191		5.714			02/25/47		4,889,721
American Home Mortgage Investment Trust Series 2004-3, Class 1A
	69,686		5.690			10/25/34		69,788
Bear Stearns Alt-A Trust Series 2004-3, Class A1
	181,763		5.640			04/25/34		181,969
Countrywide Alternative Loan Trust Series 2005-59, Class 1A1
	1,716,768		5.650			11/20/35		1,722,578
Harborview Mortgage Loan Trust Series 2005-15, Class 2A11
	1,451,759		5.590			10/20/45		1,455,797
Harborview Mortgage Loan Trust Series 2005-16, Class 2A1A
	870,396		5.560			01/19/36		872,120
Harborview Mortgage Loan Trust Series 2005-16, Class 3A1A
	2,974,077		5.570			01/19/36		2,976,865
Impac CMB Trust Series 2004-8, Class 1A
	296,562		5.680			10/25/34		296,610
Impac CMB Trust Series 2005-6, Class 1A1
	3,137,192		5.570			10/25/35		3,140,095
Impac Secured Assets Corp. Series 2005-2, Class A1W
	3,333,093		5.570			03/25/36		3,342,210
JPMorgan Mortgage Trust Series 2007-A1, Class 1A1
	981,261		4.204			07/25/35		964,609
JPMorgan Mortgage Trust Series 2007-A1, Class 2A2
	974,574		4.766			07/25/35		966,107
JPMorgan Mortgage Trust Series 2007-A1, Class 4A2
	982,696		4.071			07/25/35		964,637
JPMorgan Mortgage Trust Series 2007-A1, Class 5A2
	967,710		4.771			07/25/35		959,394
Lehman XS Trust Series 2005-5N, Class 3A1A
	2,137,607		5.620			11/25/35		2,138,869
Lehman XS Trust Series 2006-2N, Class 1A1
	2,721,928		5.580			02/25/46		2,728,614
Lehman XS Trust Series 2007-4N, Class 3A2A
	2,983,060		5.764			03/25/47		2,983,992
Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
	2,852,245		5.833			12/25/46		2,852,245
Mortgage IT Trust Series 2005-5, Class A1
	1,575,046		5.580			12/25/35		1,577,450

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

29

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

April 30, 2007 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date		Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate Non-Agency(a) – (continued)
Sequoia Mortgage Trust Series 2004-09, Class A2
$	902,343		5.681	%		10/20/34	$	905,239
Structured Adjustable Rate Mortgage Loan Series 2004-19, Class 2A2
	254,391		7.189			01/25/35		257,730
Structured Adjustable Rate Mortgage Loan Series 2004-6, Class 3A2
	1,367,405		4.713			06/25/34		1,369,345
Structured Asset Securities Corp. Series 2003-34A, Class 3A3
	82,001		4.700			11/25/33		82,478
Structured Asset Securities Corp. Series 2003-37A, Class 3A7
	305,724		4.520			12/25/33		306,410
WAMU Mortgage Pass-Through Certificates Series 2006-AR7, Class A1A
	2,467,331		5.934			09/25/46		2,470,030
WAMU Mortgage Pass-Through Certificates Series 2006-AR19, Class 1A
	920,118		5.754			01/25/47		918,968
Wells Fargo Mortgage Backed Securities Trust Series 2005-AR16, Class 1A1
	2,619,907		4.975			10/25/35		2,622,713
WMALT Mortgage Pass-Through Certificates Series 2006-AR13, Class 1A
	2,682,527		5.894			10/25/46		2,684,204
WMALT Mortgage Pass-Through Certificates Series 2006-AR9, Class 2A
	3,838,340		5.854			11/25/46		3,837,740
								50,538,527
Commercial Mortgage Backed Securities – 8.4%
Interest Only(a)(b)(c) – 0.1%
Bear Stearns Commercial Mortgage Securities, Inc. Series 2003-T10, Class X2
	5,008,675		1.422			03/13/40		191,861
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2004-C1, Class X2
	5,335,592		1.157			01/15/38		155,239
Prudential Commercial Mortgage Trust Series 2003-PWR1, Class X2
	5,448,382		1.625			02/11/36		242,334
								589,434
Sequential Fixed Rate – 8.3%
Banc of America Commercial Mortgage, Inc. Series 2005-5, Class A4(a)
	4,000,000		5.115			10/10/45		3,939,607
Banc of America Commercial Mortgage, Inc. Series 2005-6, Class A4(a)
	5,000,000		5.353			09/10/47		4,971,231
Banc of America Commercial Mortgage, Inc. Series 2006-4, Class A4,
	1,000,000		5.634			07/10/46		1,018,558
Bear Stearns Commercial Mortgage Securities, Inc. Series 2005-PW10, Class A4(a)
	5,000,000		5.405			12/11/40		5,024,252
CS First Boston Mortgage Securities Corp. Series 1997-C2, Class A3
	199,961		6.550			01/17/35		200,448
GE Capital Commercial Mortgage Corp. Series 2005-C4, Class A4(a)
	5,000,000		5.512			11/10/45		5,023,121
LB-UBS Commercial Mortgage Trust Series 2002-C1, Class A2
	131,350		5.969			03/15/26		131,776
LB-UBS Commercial Mortgage Trust Series 2005-C5, Class A4
	2,000,000		4.954			09/15/30		1,953,691
LB-UBS Commercial Mortgage Trust Series 2005-C7, Class A4(a)
	2,000,000		5.197			11/15/30		1,983,193
LB-UBS Commercial Mortgage Trust Series 2006-C1, Class A4
	3,500,000		5.156			02/15/31		3,457,058
Wachovia Bank Commercial Mortgage Trust Series 2005-C21, Class A4(a)
	4,000,000		5.371			10/15/44		3,981,081
								31,684,016
TOTAL COMMERCIAL MORTGAGE BACKED
SECURITIES								32,273,450
Collateralized Mortgage Obligations – 3.9%
Interest Only(b) – 0.1%
ABN AMRO Mortgage Corp. Series 2003-5, Class A2
	59,156		5.500			04/25/33		5,222
ABN AMRO Mortgage Corp. Series 2003-8, Class A2
	383,938		5.500			06/25/33		39,012
Countrywide Home Loan Trust Series 2003-42, Class 2X1(a)
	579,247		0.362			10/25/33		2,304
CS First Boston Mortgage Securities Corp. Series 2002-AR31, Class 5X(a)
	176,810		0.000			11/25/32		106
CS First Boston Mortgage Securities Corp. Series 2003-08, Class 3A2
	5,794		5.500			04/25/33		227
CS First Boston Mortgage Securities Corp. Series 2003-10, Class 3A13
	5,063		5.750			05/25/33		146
CS First Boston Mortgage Securities Corp. Series 2003-11, Class 1A2
	24,580		5.500			06/25/33		1,217
CS First Boston Mortgage Securities Corp. Series 2003-19, Class 1A2
	462,843		5.250			07/25/33		58,196
FHLMC Series 2575, Class IB
	240,880		5.500			08/15/30		20,704
FNMA Series 2004-47, Class EI(a)(e)
	1,576,021		0.000			06/25/34		66,504
FNMA Series 2004-62, Class DI(a)(e)
	694,226		0.000			07/25/33		29,625

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

30

GOLDMAN SACHS U.S. MORTGAGES FUND

Principal		Interest			Maturity
Amount		Rate			Date		Value
Mortgage-Backed Obligations – (continued)
Interest Only(b) – (continued)
FNMA Series E, Class E2
$	1,037		5.060	%		09/01/10	$	7,109
Master Adjustable Rate Mortgages Trust Series 2003-2, Class 3AX(a)
	62,782		0.679			08/25/33		467
Master Adjustable Rate Mortgages Trust Series 2003-2, Class 4AX(a)
	16,400		1.158			07/25/33		242
WAMU Mortgage Pass-Through Certificates Series 2003-AR04, Class X1(a)
	362,971		1.181			01/25/08		2,973
WAMU Mortgage Pass-Through Certificates Series 2003-AR12, Class X(a)
	920,199		0.485			02/25/34		5,252
WAMU Mortgage Pass-Through Certificates Series 2003-S3, Class 1A41
	302,915		5.500			06/25/33		25,704
								265,010
Inverse Floaters(a) – 0.0%
FHLMC Series 1544, Class M
	6,800		11.674			07/15/08		6,866
FNMA Series 1993-072, Class SA
	1,531		8.792			05/25/08		1,549
FNMA Series 1993-093, Class SA
	2,972		11.713			05/25/08		3,040
FNMA Series 1993-095, Class SE
	4,874		11.976			06/25/08		4,976
FNMA Series 1993-135, Class S
	14,036		6.500			07/25/08		14,302
GNMA Series 2001-48, Class SA
	30,088		9.198			10/16/31		33,298
GNMA Series 2001-51, Class SB
	30,013		9.198			10/16/31		33,475
GNMA Series 2001-59, Class SA
	45,095		9.035			11/16/24		49,497
								147,003
Planned Amortization Class – 1.3%
FNMA REMIC Series 1993-63, Class PK
	15,632		6.500			05/25/08		15,650
FNMA Series 2003-88, Class TH
	5,000,000		4.500			09/25/18		4,783,771
								4,799,421
Sequential Fixed Rate – 2.5%
CS First Boston Mortgage Securities Corp. Series 2002-5, Class PPA1
	158,281		6.500			03/25/32		157,009
FHLMC Series 1703, Class GC
	2,049,244		6.500			04/15/09		2,052,312
FHLMC Series 1823, Class A
	947,520		6.500			08/15/23		951,455
FHLMC Series 2042, Class N
	861,023		6.500			03/15/28		879,350
FHLMC Series 2458, Class OD
	87,430		6.000			04/15/16		87,457
FHLMC Series 2590, Class NV
	1,000,000		5.000			03/15/18		990,149
FNMA REMIC Trust Series 1993-101, Class PJ
	179,744		7.000			06/25/08		180,263
FNMA REMIC Trust Series 2002-24, Class AE
	235,178		6.000			04/25/16		234,536
FNMA Series 1993-76, Class PJ
	46,046		6.000			06/25/08		46,028
FNMA Series 1994-42, Class K
	2,851,320		6.500			04/25/24		2,928,790
FNMA Series 2000-16, Class ZG
	1,159,789		8.500			06/25/30		1,237,718
								9,745,067
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS								14,956,501
FHLMC – 19.5%
	268,937		5.000			12/01/12		266,083
	45,157		4.000			02/01/14		42,766
	713,055		4.000			03/01/14		675,307
	138,494		4.000			04/01/14		131,163
	154,178		4.000			05/01/14		149,644
	27,143		7.000			04/01/15		27,739
	24,877		7.000			02/01/16		25,726
	109,364		6.000			03/01/16		110,812
	424,653		4.500			05/01/18		412,669
	3,061,491		5.000			05/01/18		3,025,832
	100,375		4.500			06/01/18		97,542
	820,511		4.000			08/01/18		779,439
	17,199		4.500			08/01/18		16,702
	401,106		4.500			09/01/18		389,785
	294,266		4.500			10/01/18		285,960
	749,396		4.500			11/01/18		728,245
	16,573,259		4.500			12/01/18		16,105,264
	7,551,601		5.000			12/01/18		7,466,796
	486,181		4.500			01/01/19		472,201
	755,964		5.000			01/01/19		747,159
	1,984,599		4.500			02/01/19		1,927,081
	904,939		5.000			02/01/19		893,726
	2,103,485		4.500			03/01/19		2,041,103
	735,158		4.000			04/01/19		695,798
	41,526		4.500			04/01/19		40,286
	104,973	��	5.000			04/01/19		103,639
	4,512,082		4.500			06/01/19		4,384,737
	650,340		5.000			06/01/19		642,077
	39,567		4.500			11/01/19		38,386
	1,859,760		4.500			02/01/20		1,804,965
	5,913,548		4.500			08/01/20		5,742,600
	954,371		4.500			10/01/20		926,782
	5,361,463		5.500			05/01/21		5,368,907
	3,475,592		4.500			08/01/23		3,311,429
	61,791		7.500			03/01/27		64,404
	2,780,501		6.500			01/01/29		2,871,410

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

31

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

April 30, 2007 (Unaudited)

Principal		Interest			Maturity
Amount		Rate			Date		Value
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	994,576		6.500	%		04/01/29	$	1,027,066
	495,068		6.500			12/01/29		511,540
	422,812		7.000			04/01/31		440,372
	3,347,621		7.000			09/01/31		3,486,646
	1,629,925		7.000			04/01/32		1,692,321
	2,939,306		7.000			05/01/32		3,051,827
	1,067,485		6.000			05/01/33		1,081,741
	456,235		6.500			08/01/33		470,319
								74,575,996
FNMA – 39.5%
	102,170		4.000			06/01/13		99,289
	136,210		4.000			07/01/13		132,369
	189,888		4.000			08/01/13		184,494
	360,116		4.000			09/01/13		349,806
	744,024		4.000			10/01/13		722,543
	555,692		4.000			04/01/14		538,769
	8,632		5.500			04/01/16		8,673
	8,988		5.500			08/01/16		9,030
	110,689		5.500			11/01/16		111,206
	91,981		5.500			12/01/16		92,409
	131,939		5.500			01/01/17		132,555
	15,445,079		5.000			10/01/17		15,272,630
	3,858,040		5.000			11/01/17		3,815,002
	12,515,658		5.000			12/01/17		12,376,088
	264,756		4.500			01/01/18		257,184
	5,509,650		5.000			01/01/18		5,448,334
	3,811,787		5.000			02/01/18		3,767,389
	6,967		6.000			02/01/18		7,046
	513,425		4.500			03/01/18		498,436
	9,738,338		5.000			03/01/18		9,624,776
	726,762		4.500			04/01/18		705,630
	5,641,192		5.000			04/01/18		5,575,517
	2,696,421		4.500			05/01/18		2,618,536
	5,182,463		5.000			05/01/18		5,122,130
	80,029		6.000			05/01/18		80,931
	9,737,155		4.500			06/01/18		9,453,846
	7,161,511		5.000			06/01/18		7,078,015
	2,157,172		4.500			07/01/18		2,094,909
	1,804,211		5.000			07/01/18		1,783,178
	4,380,761		4.000			08/01/18		4,159,622
	1,318,645		4.500			08/01/18		1,280,474
	485,731		5.000			08/01/18		480,062
	658,099		5.000			09/01/18		650,419
	1,544,237		5.000			10/01/18		1,526,215
	9,167,779		5.000			11/01/18		9,061,318
	444,551		6.000			11/01/18		449,557
	729,999		7.000			11/01/18		753,197
	655,618		4.000			12/01/18		622,523
	58,900		4.500			12/01/18		57,200
	5,474,979		5.000			12/01/18		5,411,081
	1,608,976		5.500			12/01/18		1,615,270
	822,046		6.000			12/01/18		831,301
	261,453		5.000			01/01/19		258,401
	657,656		6.000			01/01/19		665,061
	377,046		5.000			02/01/19		372,465
	5,209,695		5.000			04/01/19		5,149,060
	238,746		6.000			04/01/19		242,197
	307,198		4.000			05/01/19		290,754
	48,238		6.000			05/01/19		49,159
	1,040,492		5.000			06/01/19		1,028,348
	99,151		5.500			07/01/19		99,420
	8,743,340		5.000			08/01/19		8,632,236
	265,330		5.500			08/01/19		266,049
	132,895		5.000			09/01/19		131,344
	121,106		5.500			09/01/19		121,434
	1,521,101		4.000			10/01/19		1,439,677
	259,308		5.500			10/01/19		260,011
	3,220,467		4.500			11/01/19		3,123,246
	79,880		5.500			11/01/19		80,097
	55,260		5.500			12/01/19		55,410
	167,732		7.000			09/01/21		175,999
	481,323		7.000			06/01/22		504,873
	232,800		7.000			07/01/22		244,190
	73,747		6.500			01/01/29		76,140
	137,053		6.500			04/01/29		141,418
	106,524		6.500			05/01/29		109,916
	1,002,534		6.500			06/01/29		1,034,462
	549,387		6.500			07/01/29		566,881
	67,588		6.500			09/01/29		69,740
	131,528		7.000			08/01/31		135,591
	8,173		6.500			08/01/32		8,417
	338,622		6.500			11/01/32		348,758
	251,916		6.000			01/01/33		255,290
	5,429		6.000			02/01/33		5,501
	151,505		6.000			06/01/33		153,393
	51,494		6.000			07/01/33		52,135
	123,631		6.000			09/01/33		125,172
	34,539		6.000			10/01/33		34,969
	265,185		5.500			07/01/34		262,778
	73,035		6.000			11/01/34		73,809
	2,134,320		6.000			12/01/34		2,156,942
	3,374,217		7.500			05/01/36		3,498,543
	894,178		7.500			08/01/36		927,125
	2,448,733		7.500			09/01/36		2,538,960
	515,335		7.500			12/01/36		534,323
								151,158,653
GNMA – 0.0%
	1,071		6.000			12/15/23		1,086
	33,524		6.000			03/15/26		34,119
	41,323		6.000			04/15/26		42,056
								77,261
TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $346,370,632)							$	345,507,988

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

32

GOLDMAN SACHS U.S. MORTGAGES FUND

Principal		Interest			Maturity
Amount		Rate			Date		Value
Agency Debenture – 0.7%
Tennessee Valley Authority
$	2,800,000		5.375	%		04/01/56	$	2,833,908
(Cost $2,791,657)
Asset-Backed Securities(a) – 1.8%
Home Equity – 1.8%
ContiMortgage Home Equity Loan Trust Series 1999-1, Class A7
	20,378		6.970			12/25/13		20,302
Countrywide Home Equity Loan Trust Series 2002-E, Class A
	88,813		5.580			10/15/28		88,813
Countrywide Home Equity Loan Trust Series 2003-A, Class A
	1,190,822		5.670			03/15/29		1,192,716
Countrywide Home Equity Loan Trust Series 2003-D, Class A
	362,025		5.580			06/15/29		362,385
Countrywide Home Equity Loan Trust Series 2004-G, Class 2A
	181,985		5.540			12/15/29		182,213
Countrywide Home Equity Loan Trust Series 2004-I, Class A
	1,178,098		5.610			02/15/34		1,177,916
Countrywide Home Equity Loan Trust Series 2004-J, Class 2A
	118,817		5.610			12/15/33		118,780
Countrywide Home Equity Loan Trust Series 2004-O, Class 1A
	458,068		5.600			02/15/34		458,715
Countrywide Home Equity Loan Trust Series 2004-Q, Class 2A
	399,373		5.620			12/15/33		400,048
Countrywide Home Equity Loan Trust Series 2004-S, Class 1A
	193,203		5.560			02/15/30		193,356
Countrywide Home Equity Loan Trust Series 2005-A, Class 2A
	741,302		5.560			04/15/35		740,955
Master Asset Backed Securities Trust Series 2005-WMC1, Class A4
	568,382		5.510			03/25/35		568,462
Morgan Stanley ABS Capital I Series 2004-HE1, Class A4
	548,071		5.690			01/25/34		549,052
Popular Asset Backed Securities Mortgage Pass-Through Trust Series 2004-5, Class AV2
	170,748		5.660			12/25/34		171,042
Residential Asset Mortgage Products, Inc. Series 2004-RZ1, Class AII
	278,120		5.560			03/25/34		278,447
Residential Funding Mortgage Securities, Inc. Series 2004-HS2, Class AII
	352,527		5.550		��	06/25/29		352,712
								6,855,914
TOTAL ASSET-BACKED SECURITIES
(Cost $6,853,127)							$	6,855,914
U.S. Treasury Obligations – 1.1%
United States Treasury Inflation Protected Securities
$	1,187,340		2.000	%		07/15/14	$	1,178,079
	431,760		2.375			01/15/25		434,036
	807,136		2.375			01/15/27		813,095
United States Treasury Principal-Only STRIPS(d)
	4,000,000		0.000			11/15/21		1,962,400
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $4,349,368)								4,387,610
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT – 93.8%
(Cost $360,364,784)							$	359,585,420
Repurchase Agreement(f) – 7.1%
Joint Repurchase Agreement Account II
$	27,100,000		5.242	%		05/01/07	$	27,100,000
Maturity Value: $27,103,946
(Cost $27,100,000)
TOTAL INVESTMENTS – 100.9%
(Cost $387,464,784)							$	386,685,420
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.9)%								(3,633,588	)
NET ASSETS – 100.0%							$	383,051,832

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

(a)	Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2007.
(b)	Represents security with notional principal amount. The actual effective yield of this security is different than the stated interest rate.
(c)	Securities are exempt from registration under rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounted to $589,434, which represents approximately 0.2% of net assets as of April 30, 2007.
(d)	Security issued with a zero coupon. Income is recognized through the accretion of discount.
(e)	Security is issued with zero coupon and interest rate is contingent upon LIBOR reaching a predetermined level.
(f)	Joint repurchase agreement was entered into on April 30, 2007. Additional information appears on page 63.

Investment Abbreviations:
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
LIBOR	—	London Interbank Offered Rate
REMIC	—	Real Estate Mortgage Investment Conduit
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities

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

33

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

April 30, 2007 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At April 30, 2007, the following futures contracts were open:

	Number of
	Contracts			Settlement	Market			Unrealized
Type	Long (Short)			Month	Value			Gain (Loss)
Eurodollars		138		June 2007	$	32,662,875		$	(38,692	)
Eurodollars		35		September 2007		8,295,000			(16,956	)
Eurodollars		36		March 2008		8,566,650			9,778
Eurodollars		22		June 2008		5,242,600			13,950
U.S. Treasury Bonds		90		June 2007		10,057,500			41,557
2 Year U.S. Treasury Notes		(29	)	June 2007		(5,936,844	)		4,932
5 Year U.S. Treasury Notes		(60	)	June 2007		(6,349,687	)		(20,030	)
10 Year U.S. Treasury Notes		(328	)	June 2007		(35,531,625	)		34,847
TOTAL					$	17,006,469		$	29,386

SWAP CONTRACTS — At April 30, 2007, the Fund had outstanding swap contracts with the following terms:

INTEREST RATE SWAP CONTRACTS

				Rates Exchanged
	Notional			Payments	Payments	Upfront Payments
	Amount		Termination	received by	made by	made (received)			Unrealized
Swap Counterparty	(000s)		Date	the Fund	the Fund	by the Fund			Loss
Banc of America Securities LLC	$	12,000	09/02/10	4.309%	3 month LIBOR	$	—		$	(285,245	)
Banc of America Securities LLC		15,000	10/06/10	4.703	3 month LIBOR		—			(158,941	)
Banc of America Securities LLC		11,000	05/23/12	4.374	3 month LIBOR		—			(198,216	)
Banc of America Securities LLC (a)		36,700	06/20/12	5.000	3 month LIBOR		129,083			(88,328	)
Banc of America Securities LLC (a)		28,600	06/20/12	3 month LIBOR	5.000%		151,078			(182,836	)
Bear Stearns & Co., Inc.(a)		5,900	06/20/12	3 month LIBOR	5.000		39,859			(46,411	)
Deutsche Bank Securities, Inc. (a)		14,100	06/20/12	3 month LIBOR	5.000		28,316			(43,974	)
Deutsche Bank Securities, Inc. (a)		63,700	06/20/14	5.100	3 month LIBOR		592,482			(421,001	)
Banc of America Securities LLC (a)		16,000	06/20/14	5.100	3 month LIBOR		41,652			(984	)
Banc of America Securities LLC (a)		35,900	06/20/14	3 month LIBOR	5.100		(74,778	)		(16,472	)
JPMorgan Securities, Inc.		10,000	03/07/16	3 month LIBOR	5.183		—			(37,333	)
Banc of America Securities LLC (a)		9,100	06/20/22	5.250	3 month LIBOR		(21,940	)		(24,234	)
TOTAL						$	885,752		$	(1,503,975	)

(a)  Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to April 30, 2007.

LIBOR—London Interbank Offered Rate

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

34

GOLDMAN SACHS U.S. MORTGAGES FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

TOTAL RETURN INDEX SWAP CONTRACTS

	Notional					Unrealized
	Amount		Termination	Reference	Payments	Gain
Swap Counterparty	(000s)		Date	Security	to be Exchanged (a)	(Loss)
Banc of America Securities LLC	$	7,000	05/02/07	Banc of America Securities LLC CMBS AAA 10Yr Index	Monthly duration adjusted return	$	(3,207	)
JPMorgan Securities, Inc.		11,000	05/31/07	Banc of America Securities LLC CMBS AAA 10Yr Index	Monthly duration adjusted return		670
Banc of America Securities LLC		4,500	06/18/07	Banc of America Securities LLC CMBS AAA 10Yr Index	Monthly duration adjusted return		(2,059	)
Banc of America Securities LLC		4,000	07/02/07	Banc of America Securities LLC CMBS AAA 10Yr Index	Monthly duration adjusted return		(1,660	)
Banc of America Securities LLC		6,000	07/18/07	Banc of America Securities LLC CMBS AAA 10Yr Index	Monthly duration adjusted return		(2,474	)
Banc of America Securities LLC		18,000	08/01/07	Banc of America Securities LLC CMBS AAA 10Yr Index	Monthly duration adjusted return		(8,130	)
JPMorgan Securities, Inc.		1,500	08/31/07	Banc of America Securities LLC CMBS AAA 10Yr Index	Monthly duration adjusted return		700
Banc of America Securities LLC		1,500	08/31/07	Banc of America Securities LLC CMBS AAA 10Yr Index	Monthly duration adjusted return		420
Deutsche Bank Securities,Inc.		2,000	08/31/07	Banc of America Securities LLC CMBS AAA 10Yr Index	Monthly duration adjusted return		934
TOTAL						$	(14,806	)

(a)  Fund receives payments based on any positive monthly duration adjusted return of the underlying index. Fund makes payments on any such negative returns.

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

35

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments

April 30, 2007 (Unaudited)

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Corporate Bonds – 17.3%
Aerospace/Defense – 0.1%
Boeing Capital Corp.
$	500,000		5.800	%		01/15/13	$	517,689
General Dynamics Corp.
	750,000		4.500			08/15/10		738,429
								1,256,118
Automotive – 0.1%
General Motors Acceptance Corp.
	2,900,000		6.875			09/15/11		2,915,289
Banks – 3.1%
ANZ Capital Trust I(a)
	3,500,000		5.360			12/29/49		3,444,374
Associates Corp. NA
	500,000		6.875			11/15/08		512,625
	2,000,000		8.550			07/15/09		2,144,690
Astoria Financial Corp.
	4,600,000		5.750			10/15/12		4,644,291
Bank of America Corp.
	500,000		5.375			06/15/14		502,574
Citigroup, Inc.
	2,000,000		7.250			10/15/11		2,161,848
Credit Suisse USA, Inc.
	500,000		4.625			01/15/08		497,422
Fleet Boston Financial Corp.
	450,000		7.375			12/01/09		474,670
Greater Bay Bancorp Series D
	2,900,000		5.125			04/15/10		2,886,999
GreenPoint Financial Corp.
	2,400,000		3.200			06/06/08		2,346,928
HBOS Capital Funding LP(a)(b)
	4,325,000		6.071			06/27/49		4,425,500
JPMorgan & Co., Inc.
	20,000		5.750			10/15/08		20,173
	155,000		6.000			01/15/09		156,997
JPMorgan Chase & Co.
	4,065,000		5.250			05/30/07		4,064,333
	500,000		5.750			01/02/13		511,928
	500,000		5.250			05/01/15		495,300
JPMorgan Chase Bank NA
	395,000		6.125			11/01/08		398,941
KeyBank NA
	5,500,000		5.000			07/17/07		5,492,635
Mizuho JGB Investment LLC(a)(b)
	1,600,000		9.870			06/30/49		1,679,064
MUFG Capital Finance 1 Ltd.(b)
	5,250,000		6.346			07/25/49		5,366,950
National Australia Bank Ltd.
	2,000,000		8.600			05/19/10		2,196,456
National City Bank
	500,000		4.500			03/15/10		492,300
Popular North America, Inc.
	4,125,000		5.200			12/12/07		4,118,841
Regions Financial Corp.
	4,500,000		7.000			03/01/11		4,777,425
Resona Bank Ltd.(a)(b)
	3,500,000		5.850			04/15/49		3,483,060
	EUR 2,675,000		4.125			09/27/49		3,525,939
Sovereign Bank
$	1,000,000		4.000			02/01/08		989,768
	375,000		5.125			03/15/13		368,069
	2,550,000		4.375	(b)		08/01/13		2,514,881
U.S. Bancorp
	750,000		3.950			08/23/07		746,683
Union Planters Corp.
	150,000		7.750			03/01/11		162,894
Wachovia Bank NA
	105,000		5.800			12/01/08		105,916
	5,000,000		7.875			02/15/10		5,361,118
Washington Mutual Bank
	1,000,000		5.500			01/15/13		994,781
	1,000,000		5.650			08/15/14		994,237
Wells Fargo & Co.
	500,000		3.500			04/04/08		492,691
Wells Fargo Bank NA
	1,000,000		6.450			02/01/11		1,045,369
								74,598,670
Brokerage – 0.4%
Bear Stearns Cos., Inc.
	500,000		4.500			10/28/10		489,850
FMR Corp.(a)
	500,000		4.750			03/01/13		489,915
Lehman Brothers Holdings, Inc.
	4,500,000		5.250			02/06/12		4,500,554
Morgan Stanley
	500,000		3.625			04/01/08		492,868
	400,000		4.250			05/15/10		390,521
	3,000,000		5.300			03/01/13		3,009,618
								9,373,326
Captive Financial – 0.1%
HSBC Finance Corp.
	500,000		4.750			07/15/13		483,881
Nelnet, Inc.
	2,580,000		5.125			06/01/10		2,523,364
								3,007,245
Diversified Manufacturing – 0.2%
General Electric Co.
	1,300,000		5.000			02/01/13		1,291,176
Tyco International Group Participation Certificate(a)
	3,525,000		4.436			06/15/07		3,520,312
								4,811,488
Electric – 1.6%
Arizona Public Service Co.
	2,590,000		5.800			06/30/14		2,615,424
	4,425,000		6.250			08/01/16		4,571,848
CenterPoint Energy, Inc. Series B
	550,000		7.250			09/01/10		581,688

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

36

GOLDMAN SACHS CORE FIXED INCOME FUND

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Corporate Bonds – (continued)
Electric – (continued)
FirstEnergy Corp. Series C
$	4,050,000		7.375	%		11/15/31	$	4,644,649
MidAmerican Energy Holdings Co.
	1,500,000		7.630			10/15/07		1,513,358
	2,210,000		7.520			09/15/08		2,273,757
	6,125,000		6.125			04/01/36		6,227,360
National Rural Utilities Cooperative Finance Corp.
	950,000		3.250			10/01/07		942,109
NiSource Finance Corp.(b)
	5,000,000		5.930			11/23/09		5,006,025
Progress Energy, Inc.
	50,000		5.625			01/15/16		50,505
	3,000,000		7.750			03/01/31		3,603,516
TXU Corp. Series O
	5,250,000		4.800			11/15/09		5,171,250
Union Electric Co.
	500,000		6.750			05/01/08		504,289
								37,705,778
Energy – 0.5%
Canadian Natural Resources Ltd.
	1,800,000		5.700			05/15/17		1,805,409
	450,000		5.850			02/01/35		426,251
	3,100,000		6.500			02/15/37		3,194,371
	1,025,000		6.250			03/15/38		1,017,416
Kerr-McGee Corp.
	4,575,000		6.950			07/01/24		4,892,655
								11,336,102
Entertainment – 0.1%
Time Warner Entertainment Co.
	2,175,000		8.375			03/15/23		2,600,904
Environmental – 0.1%
Waste Management, Inc.
	2,000,000		7.375			08/01/10		2,121,419
Food & Beverage – 0.0%
Anheuser-Busch Cos., Inc.
	500,000		4.700			04/15/12		489,351
Kraft Foods, Inc.
	300,000		4.000			10/01/08		294,992
McDonald’s Corp.
	280,000		6.000			04/15/11		287,170
								1,071,513
Gaming – 0.2%
Caesars Entertainment, Inc.
	1,745,000		7.500			09/01/09		1,816,981
Harrah’s Operating Co., Inc.
	2,475,000		5.500			07/01/10		2,434,781
MGM Mirage, Inc.
	850,000		8.500			09/15/10		910,563
								5,162,325
Life Insurance – 0.5%
American International Group, Inc.
	1,850,000		6.250			03/15/37		1,841,394
Americo Life, Inc.(a)
	1,600,000		7.875			05/01/13		1,646,667
Lincoln National Corp.
	513,000		6.500			03/15/08		515,860
Phoenix Life Insurance Co.(a)
	3,200,000		7.150			12/15/34		3,409,213
Principal Financial Group Australia(a)
	2,750,000		8.200			08/15/09		2,933,744
Prudential Financial, Inc.
	1,000,000		4.500			07/15/13		959,302
Reinsurance Group of America, Inc.
	550,000		6.750			12/15/11		579,238
								11,885,418
Media-Cable – 1.7%
Comcast Cable Communications Holdings, Inc.
	7,395,000		8.375			03/15/13		8,479,042
	2,050,000		9.455			11/15/22		2,706,431
Cox Communications, Inc.
	7,211,000		4.625			01/15/10		7,110,469
	5,050,000		5.875	(a)		12/01/16		5,092,021
Cox Enterprises, Inc.(a)
	2,825,000		4.375			05/01/08		2,793,436
Rogers Cable, Inc.
	1,575,000		5.500			03/15/14		1,559,250
Time Warner Cable, Inc.(a)
	8,050,000		5.400			07/02/12		8,072,355
	1,525,000		6.550			05/01/37		1,552,059
Viacom, Inc.
	1,975,000		5.750			04/30/11		2,002,213
								39,367,276
Media-Non Cable – 0.4%
AMFM, Inc.
	5,325,000		8.000			11/01/08		5,505,872
News America, Inc.
	2,750,000		6.400			12/15/35		2,771,417
								8,277,289
Metals & Mining – 0.2%
Inco Ltd.
	5,550,000		5.700			10/15/15		5,558,584
Noncaptive-Financial – 1.6%
American General Finance Corp.
	500,000		4.000			03/15/11		479,135
Countrywide Home Loans MTN
	750,000		4.250			12/19/07		743,964
FIA Credit Services NA
	300,000		5.375			01/15/08		299,842
GATX Financial Corp.
	5,775,000		5.125			04/15/10		5,752,599

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

37

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

April 30, 2007 (Unaudited)

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Corporate Bonds – (continued)
Noncaptive-Financial – (continued)
General Electric Capital Corp.
$	3,000,000		7.375	%		01/19/10	$	3,176,935
	345,000		6.125			02/22/11		357,523
HSBC Finance Corp.
	250,000		8.000			07/15/10		270,683
	8,375,000		5.700			06/01/11		8,512,099
	1,000,000		6.375			10/15/11		1,043,649
MBNA Corp.
	500,000		6.125			03/01/13		519,503
PHH Corp.
	7,950,000		6.000			03/01/08		7,967,053
	1,900,000		7.125			03/01/13		2,058,639
Residential Capital LLC
	7,000,000		6.375			06/30/10		7,023,813
SLM Corp.
	500,000		5.375			01/15/13		465,008
	500,000		5.375			05/15/14		454,748
								39,125,193
Pipelines – 1.2%
Boardwalk Pipelines LP
	4,400,000		5.875			11/15/16		4,431,410
CenterPoint Energy Resources Corp. Series B
	4,075,000		5.950			01/15/14		4,128,411
Energy Transfer Partners LP
	2,175,000		5.650			08/01/12		2,203,094
	6,450,000		5.950			02/01/15		6,542,675
Enterprise Products Operating LP
	3,525,000		5.600			10/15/14		3,519,322
	2,450,000		5.000			03/01/15		2,338,752
ONEOK Partners LP
	2,625,000		6.650			10/01/36		2,721,209
Panhandle Eastern PipeLine
	1,350,000		4.800			08/15/08		1,337,047
Southern Natural Gas Co.(a)
	1,650,000		5.900			04/01/17		1,654,506
								28,876,426
Property/Casualty Insurance – 1.6%
AON Capital Trust A
	1,852,000		8.205			01/01/27		2,070,639
Arch Capital Group Ltd.
	3,200,000		7.350			05/01/34		3,508,363
Aspen Insurance Holdings Ltd.
	1,525,000		6.000			08/15/14		1,521,915
CNA Financial Corp.
	98,000		6.600			12/15/08		99,823
	500,000		5.850			12/15/14		503,128
Endurance Specialty Holdings Ltd.
	2,950,000		6.150			10/15/15		2,950,339
Everest Reinsurance Holdings, Inc.
	1,000,000		5.400			10/15/14		992,342
Hartford Financial Services Group, Inc.
	2,000,000		7.900			06/15/10		2,163,031
QBE Insurance Group Ltd.(a)(b)
	3,150,000		5.647			07/01/23		3,096,311
SAFECO Corp.
	5,000,000		6.875			07/15/07		5,015,470
Swiss Re Capital I LP(a)(b)
	5,400,000		6.854			05/25/49		5,637,886
The Chubb Corp.(b)
	4,225,000		6.375			03/29/67		4,275,945
White Mountains Reinsurance Group Ltd.(a)
	4,900,000		6.375			03/20/17		4,844,880
Zurich Capital Trust I(a)
	2,500,000		8.376			06/01/37		2,610,397
								39,290,469
REIT – 1.0%
Brandywine Operating Partnership LP
	3,740,000		4.500			11/01/09		3,673,277
Highwoods Properties, Inc.(a)
	3,525,000		5.850			03/15/17		3,505,570
iStar Financial, Inc.
	2,200,000		5.650			09/15/11		2,205,539
iStar Financial, Inc. Series B
	3,275,000		5.700			03/01/14		3,263,403
Liberty Property LP
	1,100,000		7.250			03/15/11		1,175,600
Simon Property Group LP
	1,625,000		7.000			06/15/08		1,655,295
Westfield Capital Corp.(a)
	3,725,000		5.125			11/15/14		3,653,186
Westfield Group(a)
	4,411,000		5.400			10/01/12		4,440,355
								23,572,225
Restaurants – 0.0%
Darden Restaurants, Inc.
	800,000		4.875			08/15/10		787,786
Retailers – 0.0%
Target Corp.
	750,000		5.875			03/01/12		773,190
Tobacco – 0.1%
Altria Group, Inc.
	475,000		7.000			11/04/13		516,885
	1,020,000		7.750			01/15/27		1,226,948
								1,743,833
Wireless Telecommunications – 0.8%
America Movil SA de CV
	1,800,000		5.500			03/01/14		1,796,292
AT&T Wireless Services, Inc.
	5,775,000		7.875			03/01/11		6,321,313
Intelsat
	3,850,000		5.250			11/01/08		3,744,125
Sprint Capital Corp.
	3,100,000		7.625			01/30/11		3,324,027
	235,000		6.875			11/15/28		233,501

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

38

GOLDMAN SACHS CORE FIXED INCOME FUND

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Corporate Bonds – (continued)
Wireless Telecommunications – (continued)
Telecom Italia Capital SA
$	2,475,000		4.875	%		10/01/10	$	2,442,228
								17,861,486
Wirelines Telecommunications – 1.7%
Ameritech Capital Funding
	775,000		6.250			05/18/09		785,089
AT&T, Inc.
	2,725,000		4.125			09/15/09		2,664,955
BellSouth Corp.
	7,000,000		6.000			10/15/11		7,229,229
Deutsche Telekom International Finance BV
	2,800,000		5.375			03/23/11		2,820,602
	4,075,000		8.250			06/15/30		5,115,903
Embarq Corp.
	1,500,000		7.995			06/01/36		1,586,828
France Telecom SA
	5,750,000		7.750			03/01/11		6,260,890
Qwest Capital Funding, Inc.
	500,000		7.900			08/15/10		522,500
Telecom Italia Capital
	3,050,000		4.000			01/15/10		2,959,209
	2,625,000		4.950			09/30/14		2,498,601
Telecomunicaciones de Puerto Rico, Inc.
	2,650,000		6.800			05/15/09		2,703,989
Telefonica Europe BV
	2,575,000		7.750			09/15/10		2,774,459
TPSA Finance BV(a)
	2,200,000		7.750			12/10/08		2,273,458
								40,195,712
TOTAL CORPORATE BONDS
(Cost $409,531,458)								413,275,064
Mortgage-Backed Obligations – 45.8%
Adjustable Rate FNMA(b) – 0.4%
$	68,974		4.485	%		03/01/33	$	70,000
	9,325,333		3.850			10/01/33		9,224,802
								9,294,802
Adjustable Rate Non-Agency(b) – 27.4%
American Home Mortgage Assets Series 2007-1, Class A1
	21,666,438		5.714			02/25/47		21,514,773
Banc of America Commercial Mortgage, Inc. Series 2005-6, Class A4
	20,000,000		5.353			09/10/47		19,884,922
Bear Stearns Adjustable Rate Mortgage Trust Series 2003-5, Class 1A1
	161,520		5.960			08/25/33		163,986
Bear Stearns Alternative-A Trust Series 2005-8, Class 11A1
	3,254,070		5.590			10/25/35		3,264,515
Bear Stearns Mortgage Funding Trust Series 2006-AR2, Class 1A1
	22,307,478		5.520			09/25/36		22,223,580
Chase Mortgage Finance Corp. Series 2007-A1, Class 1A3
	16,473,742		4.365			02/25/37		16,312,299
Chase Mortgage Finance Corp. Series 2007-A1, Class 4A1
	7,718,615		4.497			02/25/37		7,644,748
Citigroup Commercial Mortgage Trust Series 2006-C4, Class A3
	13,000,000		5.915			03/15/49		13,404,046
Commercial Mortgage Pass Through Certificates Series 2006-C7, Class A4
	24,000,000		5.962			06/10/46		24,815,781
Countrywide Alternative Loan Trust Series 2005-51, Class 1A1
	6,687,306		5.640			11/20/35		6,702,553
Countrywide Alternative Loan Trust Series 2005-51, Class 2A1
	8,465,500		5.620			11/20/35		8,482,150
Countrywide Alternative Loan Trust Series 2005-51, Class 4A1
	8,540,274		5.640			11/20/35		8,570,173
Countrywide Alternative Loan Trust Series 2005-59, Class 1A1
	8,240,488		5.650			11/20/35		8,268,374
Countrywide Alternative Loan Trust Series 2005-59, Class 1A2A
	6,867,074		5.700			11/20/35		6,896,029
Countrywide Alternative Loan Trust Series 2005-62, Class 1A1
	13,077,757		5.620			12/25/35		13,174,396
Countrywide Alternative Loan Trust Series 2006-OA19, Class A1
	21,901,423		5.500			02/20/47		21,859,462
Countrywide Home Loan Mortgage Pass Through Trust Series 2006-3, Class 1A1
	6,113,745		5.560			03/25/36		6,124,926
Countrywide Home Loans Series 2003-37, Class 1A1
	114,206		5.807			08/25/33		114,467
CS First Boston Mortgage Securities Corp. Series 2003-AR9, Class��2A2
	157,917		5.100			03/25/33		157,486
Downey Savings & Loan Association Mortgage Loan Trust Series 2005-AR6, Class 2A1A
	9,847,217		5.610			10/19/45		9,890,596
Harborview Mortgage Loan Trust Series 2005-10, Class 2A1A
	12,267,613		5.630			11/19/35		12,306,669
Harborview Mortgage Loan Trust Series 2005-16, Class 2A1A
	2,611,189		5.560			01/19/36		2,616,360
Harborview Mortgage Loan Trust Series 2005-16, Class 3A1A
	13,085,937		5.570			01/19/36		13,110,951
Harborview Mortgage Loan Trust Series 2006-12, Class 2A2A
	17,654,959		5.510			01/19/38		17,669,503
Impac CMB Trust Series 2005-6, Class 1A1
	11,921,331		5.570			10/25/35		11,932,359
Impac Secured Assets Corp. Series 2005-2, Class A1W
	10,665,899		5.570			03/25/36		10,695,072
Indymac Index Mortgage Loan Trust Series 2006-AR2, Class 1A1A
	9,558,102		5.540			04/25/46		9,569,932
Indymac Index Mortgage Loan Trust Series 2006-AR4, Class A1A
	11,503,688		5.530			05/25/46		11,518,510

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

39

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

April 30, 2007 (Unaudited)

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate Non-Agency(b) – (continued)
JPMorgan Mortgage Trust Series 2007-A1, Class 1A1
$	6,868,829		4.204	%		07/25/35	$	6,752,260
JPMorgan Mortgage Trust Series 2007-A1, Class 2A2
	2,923,721		4.766			07/25/35		2,898,322
JPMorgan Mortgage Trust Series 2007-A1, Class 4A2
	1,965,393		4.071			07/25/35		1,929,274
JPMorgan Mortgage Trust Series 2007-A1, Class 5A2
	7,741,678		4.771			07/25/35		7,675,153
Lehman XS Trust Series 2005-5N, Class 3A1A
	10,993,405		5.620			11/25/35		10,999,900
Lehman XS Trust Series 2005-9N, Class 1A1
	11,787,361		5.590			02/25/36		11,791,045
Luminent Mortgage Trust Series 2006-2, Class A1A
	11,135,281		5.520			02/25/46		11,126,425
Master Adjustable Rate Mortgages Trust Series 2004-9, Class 2A1
	489,915		5.700			11/25/34		491,489
Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
	15,211,972		5.833			12/25/46		15,211,972
MLCC Mortgage Investors, Inc. Series 2004-E, Class A2B
	4,671,534		5.674			11/25/29		4,680,618
Morgan Stanley Capital I Series 2006-T21, Class A4
	19,000,000		5.162			10/12/52		18,769,995
Mortgage IT Trust Series 2005-AR1, Class 1A1
	10,093,757		5.570			11/25/35		10,116,840
Sequoia Mortgage Trust Series 2003-4, Class 1A2
	3,179,484		5.721			07/20/33		3,182,003
Structured Asset Mortgage Investments, Inc. Series 2006-AR1, Class 3A1
	16,771,839		5.550			02/25/36		16,798,088
Structured Asset Mortgage Investments, Inc. Series 2006-AR2, Class A1
	10,198,499		5.550			02/25/36		10,215,265
Structured Asset Securities Corp. Series 2003-37A, Class 3A7
	4,585,858		4.520			12/25/33		4,596,149
Thornburg Mortgage Securities Trust Series 2006-5, Class A1
	25,840,417		5.440			08/25/36		25,800,181
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR8, Class 2A1A
	12,486,116		5.610			07/25/45		12,503,077
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR11, Class A1A
	7,032,754		5.640			08/25/45		7,050,481
Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR13, Class A1A1
	13,097,180		5.610			10/25/45		13,113,133
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR11, Class 3A1A
	4,687,988		5.934			09/25/46		4,693,116
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR13, Class 1A
	16,095,162		5.894			10/25/46		16,105,221
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR17, Class 1A
	7,776,946		5.834			12/25/46		7,801,506
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR7, Class A1A
	10,691,769		5.934			09/25/46		10,703,463
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR9, Class 2A
	23,030,040		5.854			11/25/46		23,026,441
Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR19, Class 1A
	3,680,473		5.754			01/25/47		3,675,872
Washington Mutual Mortgage Pass-Through Certificates Series 2007-0A2, Class 1A(c)
	7,532,386		5.714			03/25/47		7,522,970
Washington Mutual Mortgage Pass-Through Certificates Series 2007-0A2, Class 2A(c)
	12,046,691		5.714			01/25/47		12,033,515
Washington Mutual Series 2002-AR19, Class A7
	836,736		4.679			02/25/33		829,058
Washington Mutual Series 2005-AR15, Class A1A1
	13,969,960		5.580			11/25/45		14,013,798
Washington Mutual Series 2005-AR17, Series A1A1
	10,752,520		5.590			12/25/45		10,748,434
Wells Fargo Mortgage Backed Securities Trust Series 2005-AR16, Class 1A1
	13,099,533		4.975			10/25/35		13,113,565
Wells Fargo Mortgage Backed Securities Trust Series 2006-AR2, Class 2A3
	26,133,617		5.090			03/25/36		26,096,335
								654,953,582
Commercial Mortgage Backed Securities – 3.9%
Agency – 0.3%
FNMA
	1,257,696		7.040			08/01/15		1,390,007
	2,772,840		6.460			12/01/28		2,817,686
FNMA Series 2001-M2, Class C
	3,473,738		6.300			09/25/15		3,556,958
								7,764,651
Interest Only(a)(b)(c) – 0.1%
Bear Stearns Commercial Mortgage Securities, Inc. Series 2001-TOP2, Class X2
	38,000,000		1.285			02/15/35		431,844
CS First Boston Mortgage Securities Corp. Series 2002-CKS4, Class ASP
	23,309,953		1.793			11/15/36		840,643
								1,272,487
Sequential Fixed Rate – 3.5%
Banc of America Commercial Mortgage, Inc. Series 2006-4 Class A4
	6,000,000		5.634			07/10/46		6,111,348

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

40

GOLDMAN SACHS CORE FIXED INCOME FUND

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
Commercial Mortgage Acceptance Corp. Series 1997-ML1, Class A3
$	2,331,765		6.570	%		12/15/30	$	2,329,139
CS First Boston Mortgage Securities Corp. Series 1997-C2, Class A3
	5,968,988		6.550			01/17/35		5,983,514
First Union National Bank Commercial Mortgage Trust Series 2000-C2, Class A2
	17,000,000		7.202			10/15/32		17,933,418
GMAC Commercial Mortgage Securities, Inc. Series 2002-C1, Class A2
	15,000,000		6.278			11/15/39		15,582,625
LB-UBS Commercial Mortgage Trust Series 2005-C5, Class A4
	9,000,000		4.954			09/15/30		8,791,610
LB-UBS Commercial Mortgage Trust Series 2005-C7, Class A4(b)
	10,175,000		5.197			11/15/30		10,089,495
LB-UBS Commercial Mortgage Trust Series 2006-C1, Class A4
	12,000,000		5.156			02/15/31		11,852,769
Merrill Lynch Mortgage Investors, Inc. Series 1998-C2, Class A2
	748,688		6.390			02/15/30		749,296
Merrill Lynch Mortgage Investors, Inc. Series 1999-C1, Class A2
	3,944,800		7.560			11/15/31		4,108,347
								83,531,561
TOTAL COMMERCIAL MORTGAGE BACKED
SECURITIES							$	92,568,699
Collateralized Mortgage Obligations – 0.5%
Interest Only(c) – 0.1%
ABN AMRO Mortgage Corp. Series 2003-5, Class A2
	2,218,349		5.500			04/25/33		195,838
Countrywide Home Loan Trust Series 2003-42, Class 2X1(b)
	2,896,234		0.362			10/25/33		11,520
CS First Boston Mortgage Securities Corp. Series 2002-AR31, Class 5X(b)
	796,614		0.000			11/25/32		478
CS First Boston Mortgage Securities Corp. Series 2003-08, Class 3A2
	301,263		5.500			04/25/33		11,797
CS First Boston Mortgage Securities Corp. Series 2003-10, Class 3A13
	237,938		5.750			05/25/33		6,850
CS First Boston Mortgage Securities Corp. Series 2003-11, Class 1A2
	253,996		5.500			06/25/33		12,581
CS First Boston Mortgage Securities Corp. Series 2003-AR18, Class 2X(b)
	2,976,030		0.782			07/25/33		12,936
CS First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2X(b)
	3,587,016		0.605			08/25/33		17,248
FNMA Series 2004-47, Class EI(b)(f)
	6,456,603		0.000			06/25/34		272,450
FNMA Series 2004-62, Class DI(b)(f)
	2,892,608		0.000			07/25/33		123,435
FNMA Series 2004-71, Class DI(b)(f)
	5,993,536		0.000			04/25/34		146,997
Washington Mutual Mortgage Pass-Through Certificates Series 2003-AR04, Class X1(b)
	4,718,626		1.181			01/25/08		38,642
Washington Mutual Mortgage Pass-Through Certificates Series 2003-AR12, Class X(b)
	11,447,276		0.485			02/25/34		65,333
Washington Mutual Series 2003-AR05, Class X1(b)
	13,881,696		0.756			02/25/08		78,222
Washington Mutual Series 2003-AR06, Class X2
	10,773,404		0.371			05/25/08		33,016
Washington Mutual Series 2003-AR07, Class X(b)
	17,090,544		0.941			06/25/08		128,155
Wells Fargo Mortgage Backed Securities Trust Series 2003-G, ClassAI0(b)
	12,272,251		0.762			06/25/33		229,896
								1,385,394
Inverse Floaters(b) – 0.1%
FHLMC Series 1544, Class M
	27,199		11.674			07/15/08		27,466
FNMA Series 1993-072, Class SA
	10,719		8.792			05/25/08		10,840
FNMA Series 1993-093, Class SA
	13,867		11.713			05/25/08		14,185
FNMA Series 1993-095, Class SE
	21,931		11.976			06/25/08		22,393
FNMA Series 1993-135, Class S
	56,146		6.500			07/25/08		57,209
FNMA Series 1993-175, Class SA
	137,642		12.177			09/25/08		142,960
GNMA Series 2001-48, Class SA
	210,618		9.198			10/16/31		233,088
GNMA Series 2001-51, Class SA
	406,587		9.447			10/16/31		460,054
GNMA Series 2001-51, Class SB
	420,187		9.198			10/16/31		468,648
GNMA Series 2001-59, Class SA
	75,379		9.035			11/16/24		82,737
GNMA Series 2002-11, Class SA
	212,121		12.740			02/16/32		260,973
GNMA Series 2002-13, Class SB
	493,556		12.740			02/16/32		608,651
								2,389,204
Planned Amortization Class – 0.2%
FHLMC Series 2639, Class UL
	325,523		4.750			03/15/22		321,375
FHLMC Series 2681, Class PC
	1,500,000		5.000			01/15/19		1,494,132

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

41

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

April 30, 2007 (Unaudited)

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Mortgage-Backed Obligations – (continued)
Planned Amortization Class – (continued)
FHLMC Series 2775, Class MC
$	1,458,800		5.000	%		08/15/27	$	1,451,019
FHLMC Series 2949, Class WV
	2,000,000		5.000			12/15/20		1,971,373
FNMA Series 1999-51, Class LG
	108,033		6.500			12/25/28		107,666
FNMA Series 2003-134, Class ME
	411,098		4.500			06/25/33		397,780
FNMA Series 2004-64, Class BA
	278,930		5.000			03/25/34		275,778
								6,019,123
Regular Floater(b) – 0.0%
FHLMC Series 3138, Class X(f)
	90,079		0.000			04/15/36		90,273
FNMA REMIC Trust Series 1993-175, Class FA
	297,307		3.930			09/25/08		293,675
FNMA Series 2006-48, Class VF
	759,645		5.670			02/25/20		753,993
								1,137,941
Sequential Fixed Rate – 0.1%
FHLMC Series 2367, Class BC
	521,686		6.000			04/15/16		521,258
FHLMC Series 2664, Class MA
	493,393		5.000			04/15/30		490,679
FHLMC Series 2796, Class AB
	239,435		5.500			10/15/31		240,620
FNMA REMIC Series 1993-78, Class H
	268,055		6.500			06/25/08		268,544
FNMA Series 2005-103, Class DA
	446,368		5.000			06/25/16		441,171
								1,962,272
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							$	12,893,934
FHLMC – 4.1%
	268,937		5.000			12/01/12		266,083
	23,285		5.500			07/01/13		23,381
	175,284		5.500			12/01/13		176,007
	2,279,543		6.500			12/01/13		2,329,711
	135,470		4.000			02/01/14		128,299
	67,314		5.500			02/01/14		67,592
	2,139,174		4.000			03/01/14		2,025,929
	415,485		4.000			04/01/14		393,490
	26,547		5.500			06/01/14		26,665
	64,735		5.500			09/01/14		65,023
	3,799		7.000			10/01/14		3,882
	1,134,286		6.000			12/01/14		1,137,960
	32,995		7.000			05/01/15		33,720
	103,170		8.000			07/01/15		108,474
	14,446		7.000			02/01/16		14,935
	34,920		7.000			03/01/16		36,110
	742,193		7.500			05/01/16		771,257
	3,206		7.000			10/01/17		3,351
	2,547,925		4.500			05/01/18		2,476,014
	602,249		4.500			06/01/18		585,252
	2,406,643		4.500			09/01/18		2,338,719
	1,765,598		4.500			10/01/18		1,715,768
	1,615,852		5.000			10/01/18		1,597,706
	2,266,551		4.500			11/01/18		2,202,581
	1,875,978		4.500			12/01/18		1,823,031
	5,314,695		5.000			12/01/18		5,255,010
	661,252		4.500			01/01/19		642,590
	1,773,475		4.500			03/01/19		1,722,047
	42,266,617		4.000			06/01/19		40,029,088
	8,148,986		4.500			06/01/19		7,918,995
	650,340		5.000			06/01/19		642,077
	3,599,501		4.500			02/01/20		3,493,448
	3,738,967		5.000			06/01/20		3,691,464
	5,298,271		5.000			07/01/20		5,226,081
	3,458,158		4.500			10/01/23		3,281,802
	560,705		5.500			10/01/25		558,129
	783,204		5.500			11/01/25		779,605
	74,964		7.000			06/01/26		78,119
	62,600		7.500			03/01/27		65,247
	17,984		6.500			06/01/29		18,572
	2,326,820		6.500			12/01/29		2,404,238
	67,994		7.500			12/01/30		70,834
	43,165		7.500			01/01/31		44,968
	81,161		6.500			03/01/32		83,667
	19,312		6.500			04/01/32		19,908
	202,394		6.500			07/01/32		208,642
	1,421,032		6.500			08/01/33		1,464,900
	500,814		6.500			10/01/33		515,955
								98,566,326
FNMA – 9.5%
	1,016		9.000			09/15/08		1,034
	359,495		8.500			10/01/15		383,951
	14,829		7.000			01/01/16		15,297
	670,439		6.000			12/01/16		681,978
	8,465,621		5.000			10/01/17		8,371,100
	56,179,620		5.000			12/01/17		55,552,380
	1,613,179		5.000			01/01/18		1,595,271
	5,556,491		5.000			02/01/18		5,491,670
	1,159,234		4.500			04/01/18		1,125,775
	1,648,670		5.000			04/01/18		1,629,481
	9,864,653		4.500			05/01/18		9,579,923
	1,160,751		5.000			05/01/18		1,147,240
	19,787,375		4.500			06/01/18		19,215,654
	869,159		5.000			06/01/18		859,043
	6,381,760		4.000			07/01/18		6,059,611
	3,121,208		4.500			07/01/18		3,030,611
	3,106,688		4.000			08/01/18		2,949,864
	15,927,322		4.500			08/01/18		15,462,830
	79,576		6.000			08/01/18		80,472
	26,983,647		4.000			09/01/18		25,620,777
	8,712,354		4.500			09/01/18		8,458,007

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

42

GOLDMAN SACHS CORE FIXED INCOME FUND

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	3,427,738		4.500	%		10/01/18	$	3,328,801
	2,420,682		4.500			11/01/18		2,350,812
	2,760,005		5.000			11/01/18		2,727,882
	3,103,063		4.500			12/01/18		3,013,498
	2,413,464		5.500			12/01/18		2,422,905
	630,625		4.500			01/01/19		612,423
	881,125		4.500			03/01/19		855,693
	2,957,341		5.000			04/01/19		2,922,921
	203,279		5.000			05/01/19		200,725
	421,875		4.500			06/01/19		409,304
	339,723		5.000			06/01/19		335,769
	271,910		4.500			07/01/19		263,702
	245,565		4.500			08/01/19		238,151
	7,346,023		4.500			09/01/19		7,133,991
	435,112		5.000			11/01/19		429,645
	817,394		5.000			12/01/19		807,854
	2,100,273		4.500			03/01/20		2,039,652
	5,479,757		4.500			04/01/20		5,321,592
	11,948		7.500			03/01/29		12,470
	8,939		7.500			08/01/29		9,330
	4,184		7.500			11/01/29		4,367
	55,028		6.500			12/01/30		56,675
	58,134		7.500			12/01/30		59,973
	128,263		8.000			01/01/31		134,511
	65,414		8.000			02/01/31		68,967
	680,314		7.000			03/01/31		707,548
	15,208		6.500			09/01/33		15,643
	2,946,130		7.500			09/01/34		3,069,528
	3,040,624		7.500			09/01/35		3,153,456
	2,240,974		7.500			10/01/35		2,324,132
	2,291,466		7.500			02/01/36		2,375,898
	649,504		7.500			05/01/36		673,436
	2,384,361		7.500			07/01/36		2,472,215
	746,970		7.500			08/01/36		774,493
	2,338,671		7.500			09/01/36		2,424,841
	1,137,677		7.500			10/01/36		1,179,596
	1,453,210		7.500			11/01/36		1,506,755
	788,919		8.000			11/01/36		832,490
	1,866,615		7.500			12/01/36		1,935,392
								226,519,005
TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $1,093,527,240)							$	1,094,796,348
Agency Debentures – 15.2%
FFCB
$	2,500,000		3.250	%		06/15/07	$	2,494,007
	2,000,000		3.625			01/04/08		1,978,944
	3,000,000		3.150			07/21/08		2,934,111
	750,000		5.200			02/24/10		747,801
	420,000		5.810			01/10/11		434,163
	750,000		4.650			11/29/11		738,256
	250,000		5.220			10/20/14		246,817
	9,000,000		4.830			12/22/14		8,948,727
	2,000,000		5.200			03/21/16		2,034,522
	500,000		5.625			10/19/20		493,410
	2,000,000		5.300			08/25/26		2,015,956
FHLB
	100,000,000		4.800			05/02/08		99,750,600
	800,000		4.500			06/06/08		795,242
	500,000		4.050			08/13/08		494,231
	2,565,000		5.800			09/02/08		2,590,670
	325,000		5.250			11/14/08		326,357
	875,000		5.490			12/22/08		882,903
	5,000,000		5.375	(e)		05/15/09		5,046,392
	10,000,000		6.715			06/29/09		10,380,180
	10,000,000		6.500			08/14/09		10,346,593
	400,000		4.280			10/30/09		394,081
	1,250,000		4.750			03/30/10		1,239,595
	200,000		5.000			03/30/10		199,380
	550,000		4.000			04/22/10		538,209
	1,500,000		5.000	(b)		08/09/10		1,482,795
	750,000		5.200			10/28/10		747,571
	500,000		5.000	(b)		02/24/11		499,704
	100,000		6.000			05/13/11		104,240
	1,000,000		5.000			08/03/11		992,019
	9,595,000		4.250			11/15/11		9,373,893
	1,000,000		4.750			02/16/12		984,026
	500,000		5.000			02/21/12		495,465
	1,200,000		5.250			05/03/12		1,192,619
	2,500,000		4.750			03/26/13		2,450,080
	200,000		4.750	(b)		10/29/13		198,561
	500,000		5.500	(b)		01/30/15		499,108
	1,000,000		5.740			04/20/15		996,183
	2,000,000		5.200			04/23/18		1,950,572
	500,000		4.000	(b)		06/26/18		490,704
	500,000		5.650			03/22/19		493,475
	500,000		5.300			11/04/19		487,775
	500,000		5.850			12/27/19		495,277
	2,000,000		5.400			12/30/19		2,055,940
FHLMC
	1,950,000		3.500			09/15/07		1,938,440
	10,540,000		3.650			01/23/08		10,423,006
	200,000		3.250			03/14/08		196,766
	50,000		5.750			04/15/08		50,271
	40,000,000		4.480			09/19/08		39,720,632
	750,000		4.850			12/01/09		745,105
	1,810,000		5.125			07/15/12		1,835,148
	750,000		5.250			11/05/12		747,022
	1,500,000		4.800			07/30/13		1,468,071
	500,000		5.125			08/06/13		493,524
	10,500,000		5.000			01/30/14		10,551,534
	895,000		5.000	(b)		08/26/14		889,386
	1,500,000		4.000	(b)		10/14/14		1,490,592
	500,000		5.000			10/27/14		502,796
	750,000		5.000			11/13/14		753,485

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

43

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

April 30, 2007 (Unaudited)

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Agency Debentures – (continued)
FHLMC – (continued)
$	1,000,000		5.400	%		09/22/15	$	988,481
	1,500,000		5.000			10/20/16		1,454,362
	800,000		5.250			03/17/17		780,316
	2,000,000		5.000	(b)		02/13/18		1,986,484
	500,000		4.500	(b)		07/15/18		483,084
	496,000		5.000			07/30/18		476,518
	1,000,000		5.125	(b)		08/01/18		988,148
	1,135,000		5.000			06/11/21		1,070,785
FNMA
	2,850,000		5.750			02/15/08		2,862,198
	50,000,000		4.200			03/24/08		49,553,900
	1,000,000		4.000			09/02/08		986,477
	1,250,000		5.250			01/15/09		1,257,485
	500,000		4.000			11/30/09		490,201
	200,000		4.250			07/28/10		196,247
	5,150,000		6.250			02/01/11		5,381,408
	19,560,000		5.300			02/22/11		19,512,948
	1,000,000		4.550			03/09/11		984,264
	750,000		5.375			11/15/11		767,698
	11,000,000		5.625			02/28/12		10,975,959
	4,600,000		5.250			08/01/12		4,657,489
	1,000,000		4.250	(b)		10/19/12		994,820
	300,000		5.000			04/15/13		296,222
	500,000		4.625			10/15/14		491,416
	500,000		5.310			11/03/14		494,743
	800,000		5.000			04/26/17		778,093
	669,000		5.250			03/11/22		640,750
	306,000		5.000			06/16/28		282,165
Small Business Administration
	737,209		6.300			06/01/18		756,855
Tennessee Valley Authority
	200,000		5.625			01/18/11		205,722
TOTAL AGENCY DEBENTURES
(Cost $365,166,215)							$	364,642,170
Asset-Backed Securities – 3.5%
Credit Card – 0.1%
MBNA Master Credit Card Trust II Series 1999-J, Class A
$	3,000,000		7.000	%		02/15/12	$	3,138,240
Home Equity(b) – 3.0%
Amortizing Residential Collateral Trust Series 2002-BC1M, Class A
	1,034,917		5.600			01/01/32		1,035,888
ContiMortgage Home Equity Loan Trust Series 1999-1, Class A7
	6,114		6.970			12/25/13		6,090
Countrywide Home Equity Loan Trust Series 2002-E, Class A
	2,220,324		5.580			10/15/28		2,220,322
Countrywide Home Equity Loan Trust Series 2003-A, Class A
	7,144,933		5.670			03/15/29		7,156,295
Countrywide Home Equity Loan Trust Series 2004-G, Class 2A
	1,364,887		5.540			12/15/29		1,366,596
Countrywide Home Equity Loan Trust Series 2004-S, Class 1A
	4,443,826		5.560			02/15/30		4,447,348
Countrywide Home Equity Loan Trust Series 2005-I, Class 2A
	9,488,104		5.550			02/15/36		9,446,594
Countrywide Home Equity Loan Trust Series 2006-H, Class 2A1B
	33,434,944		5.470			11/15/36		33,372,254
First Franklin Mortgage Loan Asset Backed Certificates Series 2004-FF11, Class 2A2
	914,874		5.600			01/25/35		914,874
Impac CMB Trust Series 2004-10, Class 2A
	4,537,359		5.640			03/25/35		4,550,348
Impac CMB Trust Series 2004-8, Class 1A
	1,680,520		5.680			10/25/34		1,680,789
Morgan Stanley ABS Capital I Series 2004-HE1, Class A4
	4,071,384		5.690			01/25/34		4,078,673
Popular Asset Backed Securities Mortgage Pass-Through Trust Series 2004-5, Class AV2
	1,297,688		5.660			12/25/34		1,299,919
								71,575,990
Manufactured Housing – 0.1%
Mid-State Trust Series 4, Class A
	1,781,213		8.330			04/01/30		1,900,323
Utilities – 0.3%
Massachusetts RRB Special Purpose Trust Series 1999-1, Class A5
	6,150,000		7.030			03/15/12		6,360,084
TOTAL ASSET-BACKED SECURITIES
(Cost $83,285,373)							$	82,974,637
U.S. Treasury Obligations – 10.1%
United States Treasury Bond
$	55,330,000		4.500	%		02/15/36	$	52,485,485
United States Treasury Inflation Protected Securities
	6,584,340		2.000			07/15/14		6,532,982
	265,633		1.625			01/15/15		255,589
	3,451,899		1.875			07/15/15		3,380,686
	7,858,344		2.500			07/15/16		8,074,448
	2,914,380		2.375			01/15/25		2,929,748
	5,145,492		2.375			01/15/27		5,183,481
United States Treasury Notes
	3,000,000		3.625			01/15/10		2,930,700
	150,000		3.500			02/15/10		145,958
	1,000,000		6.500			02/15/10		1,050,770
	500,000		4.000			03/15/10		493,030
	500,000		4.500			02/28/11		500,000
	1,750,000		4.000			11/15/12		1,707,930
	200,000		4.750			05/15/14		202,196
	750,000		4.250			11/15/14		734,355
	74,600,000		4.875			08/15/16		75,996,514

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

44

GOLDMAN SACHS CORE FIXED INCOME FUND

Principal		Interest			Maturity
Amount*		Rate			Date		Value
U.S. Treasury Obligations – (continued)
United States Treasury Principal-Only STRIPS(d)
$	560,000		0.000	%		05/15/18	$	332,315
	10,200,000		0.000			05/15/20		5,421,300
	1,800,000		0.000			08/15/20		943,794
	128,500,000		0.000			11/15/21		63,042,100
	6,250,000		0.000			11/15/22		2,919,375
	400,000		0.000			02/15/25		166,632
	8,500,000		0.000			08/15/26		3,296,470
	7,300,000		0.000			11/15/26		2,798,966
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $242,098,707)							$	241,524,824
Emerging Market Debt(a)(b) – 0.3%
Regional Banks – 0.3%
VTB Capital (Vneshtorgbank)
$	7,980,000		5.960	%		08/01/08	$	7,987,980
(Cost $7,980,000)
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT – 92.2%
(Cost $2,201,588,993)							$	2,205,201,023
Repurchase Agreement(g) – 1.6%
Joint Repurchase Agreement Account II
$	39,400,000		5.242	%		05/01/07	$	39,400,000
Maturity Value: $39,405,737
(Cost $39,400,000)
TOTAL INVESTMENTS – 93.8%
(Cost $2,240,988,993)							$	2,244,601,023
OTHER ASSETS IN EXCESS OF LIABILITIES – 6.2%								147,919,018
NET ASSETS – 100.0%							$	2,392,520,041

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

* The principal amount of each security is stated in the currency in which the bond is denominated. All amounts shown are in U.S. dollars unless otherwise noted. See below.

Currency Description

EUR = Euro Currency

(a)	Securities are exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $87,044,675, which represents approximately 3.6% of net assets as of April 30, 2007.
(b)	Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2007.
(c)	Represents security with nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(d)	Security issued with a zero coupon. Income is recognized through the accretion of discount.
(e)	A portion of this security is segregated as collateral for initial margin requirement on futures transactions.
(f)	Security is issued with zero coupon and interest rate is contingent upon LIBOR reaching a predetermined level.
(g)	Joint repurchase agreement was entered into on April 30, 2007. Additional information appears on page 63.

Investment Abbreviations:
FFCB	—	Federal Farm Credit Bank
FHLB	—	Federal Home Loan Bank
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
LIBOR	—	London Interbank Offered Rate
MTN	—	Medium-Term Note
REIT	—	Real Estate Investment Trust
REMIC	—	Real Estate Mortgage Investment Conduit
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities

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

45

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

April 30, 2007 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY CONTRACTS — At April 30, 2007, the Fund had outstanding forward foreign currency exchange contracts, both to purchase and sell foreign currencies:

Open Forward Foreign Currency	Purchase/		Expiration		Value on		Current		Unrealized
Contracts with Unrealized Gain	Sale Contract		Date		Settlement Date		Value		Gain
Australian Dollar		Purchase		06/20/07	$	27,980,747	$	28,955,198	$	974,451
British Pound		Purchase		06/20/07		66,536,092		68,798,478		2,262,386
Canadian Dollar		Purchase		06/20/07		28,296,000		29,354,039		1,058,039
Euro		Purchase		06/20/07		42,244,348		43,173,872		929,524
Euro		Sale		06/20/07		28,766,000		28,757,930		8,070
Japanese Yen		Sale		06/20/07		65,352,333		64,097,332		1,255,001
New Zealand Dollar		Purchase		06/20/07		20,911,000		21,795,003		884,003
Norwegian Krone		Purchase		06/20/07		58,723,275		60,427,043		1,703,768
Swedish Krona		Purchase		06/20/07		16,811,179		17,388,993		577,814
Swiss Franc		Purchase		06/20/07		35,305,000		35,445,429		140,429
Swiss Franc		Sale		06/20/07		27,191,875		27,094,402		97,473
TOTAL OPEN FORWARD FOREIGN CURRENCY CONTRACTS WITH UNREALIZED GAIN									$	9,890,958

Open Forward Foreign Currency	Purchase/		Expiration		Value on		Current		Unrealized
Contracts with Unrealized Loss	Sale Contract		Date		Settlement Date		Value		Loss
British Pound		Sale		05/16/07	$	2,795,756	$	2,850,405	$	(54,649	)
British Pound		Purchase		06/20/07		14,350,000		14,336,212		(13,788	)
British Pound		Sale		06/20/07		49,232,980		50,190,800		(957,820	)
Canadian Dollar		Sale		06/20/07		35,279,547		37,287,266		(2,007,719	)
Euro		Sale		05/30/07		4,447,973		4,456,280		(8,307	)
Euro		Sale		06/20/07		35,060,072		35,733,735		(673,663	)
Japanese Yen		Purchase		06/20/07		42,231,000		41,376,112		(854,888	)
New Zealand Dollar		Sale		06/20/07		19,144,738		20,399,894		(1,255,156	)
Norwegian Krone		Sale		06/20/07		28,168,000		28,872,361		(704,361	)
Swedish Krona		Sale		06/20/07		7,117,000		7,438,350		(321,350	)
Swiss Franc		Purchase		06/20/07		35,730,000		35,584,288		(145,712	)
Swiss Franc		Sale		06/20/07		40,681,462		41,085,278		(403,816	)
TOTAL OPEN FORWARD FOREIGN CURRENCY CONTRACTS WITH UNREALIZED LOSS									$	(7,401,229	)

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

46

GOLDMAN SACHS CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At April 30, 2007, the following futures contracts were open:

	Number of
	Contracts			Settlement		Market			Unrealized
Type	Long (Short)			Month		Value			Gain (Loss)
Eurodollars		432			June 2007	$	102,249,000		$	(74,560	)
Eurodollars		64			September 2007		15,168,000			(30,618	)
Eurodollars		(257	)		December 2007		(61,031,075	)		88,148
Eurodollars		158			March 2008		37,598,075			42,913
Eurodollars		92			June 2008		21,923,600			58,337
U.S. Treasury Bonds		(169	)		June 2007		(18,885,750	)		(80,281	)
2 Year U.S. Treasury Notes		(64	)		June 2007		(13,102,000	)		(33,024	)
5 Year U.S. Treasury Notes		1,969			June 2007		208,375,578			557,079
10 Year U.S. Treasury Notes		(2,064	)		June 2007		(223,589,250	)		(155,465	)
TOTAL						$	68,706,178		$	372,529

SWAP CONTRACTS — At April 30, 2007, the Fund had outstanding swap contracts with the following terms:

INTEREST RATE SWAP CONTRACTS

					Rates Exchanged
	Notional				Payments		Payments		Upfront Payments
	Amount		Termination		received by		made by		made (received)			Unrealized
Swap Counterparty	(000s)		Date		the Fund		the Fund		by the Fund			Gain (Loss)
Banc of America Securities LLC	$	100,000		10/14/08		3.514%	3 month LIBOR		$	—		$	(2,449,900	)
Banc of America Securities LLC(a)		127,100		06/21/10		5.000	3 month LIBOR			703,835			(708,017	)
Banc of America Securities LLC		80,000		09/02/10		4.309	3 month LIBOR			—			(1,901,633	)
Banc of America Securities LLC		65,000		10/06/10		4.702	3 month LIBOR			—			(688,743	)
Banc of America Securities LLC		65,000		04/19/12		4.547	3 month LIBOR			—			(1,276,996	)
Deutsche Bank Securities, Inc.(a)		AUD 170,600		06/20/12		6.250	6 month BBSW			(715,020	)		(772,171	)
Deutsche Bank Securities, Inc.(a)		AUD 170,600		06/20/12	6 month BBSW			6.250%		2,290,136			(802,945	)
Banc of America Securities LLC(a)	$	364,100		06/20/12		5.000	3 month LIBOR			1,045,280			(639,704	)
Deutsche Bank Securities, Inc.(a)		556,300		06/20/12		5.000	3 month LIBOR			1,416,445			(798,695	)
Deutsche Bank Securities, Inc.(a)		585,350		06/20/12	3 month LIBOR			5.000		1,953,436			(2,575,543	)
JPMorgan Securities, Inc.(a)		90,400		06/20/12	3 month LIBOR			5.000		644,432			(744,817	)
Banc of America Securities LLC(a)		474,900		06/20/12	3 month LIBOR			5.000		2,041,018			(2,569,191	)
Bear Stearns & Co., Inc.(a)		74,000		06/20/12	3 month LIBOR			5.000		499,931			(582,105	)
Banc of America Securities LLC(a)		93,000		06/20/14		5.100	3 month LIBOR			1,569,924			(1,333,537	)
JPMorgan Securities, Inc.(a)		100,000		06/20/14		5.100	3 month LIBOR			1,101,249			(847,069	)
Deutsche Bank Securities, Inc.(a)		552,300		06/20/14		5.100	3 month LIBOR			3,241,004			(1,809,840	)
JPMorgan Securities, Inc.(a)		168,700		06/20/14	3 month LIBOR			5.100		1,046,763			(1,475,564	)
Banc of America Securities LLC(a)		254,900		06/20/14	3 month LIBOR			5.100		250,202			(898,108	)
Deutsche Bank Securities, Inc.(a)		18,700		06/20/14	3 month LIBOR			5.100		135,329			(182,861	)
Banc of America Securities LLC		11,000		05/26/15		4.532	3 month LIBOR			—			(299,418	)
Banc of America Securities LLC		25,000		10/19/15		4.965	3 month LIBOR			—			(259,775	)
Bear Stearns & Co., Inc.		85,000		06/19/16		5.666	3 month LIBOR			—			4,492,864
JPMorgan Securities, Inc.(a)		69,700		06/20/17		5.100	3 month LIBOR			1,058,298			(1,402,743	)
Banc of America Securities LLC		80,000		03/23/20	3 month LIBOR			5.108		—			1,105,797
Banc of America Securities LLC(a)		65,400		06/20/22		5.250	3 month LIBOR			(157,681	)		(174,166	)
Banc of America Securities LLC		9,000		03/30/35		5.320	3 month LIBOR			—			(81,940	)
Banc of America Securities LLC		10,000		04/09/35		5.265	3 month LIBOR			—			(170,387	)
TOTAL									$	18,124,581		$	(19,847,207	)

(a)  Represents forward starting interest rate swap whose effective dates of commencement of accruals and cash flows occur subsequent to April 30, 2007.

AUD —Australian Dollar

BBSW —Australian Bank Bill Swap Rate

LIBOR—London Interbank Offered Rate

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

47

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

April 30, 2007 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CREDIT DEFAULT SWAP CONTRACTS

		Notional		Rate				Upfront Payments			Unrealized
		Amount		Paid by		Termination		made (received)			Gain
Referenced Obligation	Swap Counterparty	(000s)		Fund		Date		by the Fund			(Loss)
Protection Purchased:
Core Investment Grade Bond Trust	JPMorgan Securities, Inc.	$	280,500		0.400%		12/20/11	$	(548,865	)	$	(131,143	)
Core Investment Grade Bond Trust	Banc of America Securities LLC		126,000		0.350		06/20/12		200,491			(193,730	)
PHH Corp. 7.125% 03/01/13	Bear Stearns & Co., Inc.		2,600		1.150		06/20/13		—			(99,339	)
Core Investment Grade Bond Trust	JPMorgan Securities, Inc.		65,000		0.650		12/20/16		(314,106	)		265,074
Core Investment Grade Bond Trust	Banc of America Securities LLC		17,000		0.650		12/20/16		9,343			(22,166	)
TOTAL								$	(653,137	)	$	(181,304	)

TOTAL RETURN INDEX SWAP CONTRACTS

	Notional
	Amount		Termination		Reference	Payments	Unrealized
Swap Counterparty	(000s)		Date		Security	to be Exchanged(a)	Gain (Loss)
JPMorgan Securities, Inc.	$	51,000		05/31/07	Banc of America Securities LLC CMBS AAA 10Yr Index	Monthly duration adjusted return	$	590
Banc of America Securities LLC		28,000		06/05/07	Banc of America Securities LLC CMBS AAA 10Yr Index	Monthly duration adjusted return		(11,619	)
Banc of America Securities LLC		20,000		06/18/07	Banc of America Securities LLC CMBS AAA 10Yr Index	Monthly duration adjusted return		(16,927	)
Banc of America Securities LLC		21,000		07/02/07	Banc of America Securities LLC CMBS AAA 10Yr Index	Monthly duration adjusted return		(8,714	)
Banc of America Securities LLC		28,000		07/18/07	Banc of America Securities LLC CMBS AAA 10Yr Index	Monthly duration adjusted return		(20,100	)
Banc of America Securities LLC		28,000		08/01/07	Banc of America Securities LLC CMBS AAA 10Yr Index	Monthly duration adjusted return		(12,168	)
JPMorgan Securities, Inc.		22,000		08/31/07	Banc of America Securities LLC CMBS AAA 10Yr Index	Monthly duration adjusted return		10,270
Banc of America Securities LLC		22,000		08/31/07	Banc of America Securities LLC CMBS AAA 10Yr Index	Monthly duration adjusted return		6,154
DMG & Partners		27,000		08/31/07	Banc of America Securities LLC CMBS AAA 10Yr Index	Monthly duration adjusted return		12,605
Banc of America Securities LLC		25,000		10/02/07	Banc of America Securities LLC CMBS AAA 10Yr Index	Monthly duration adjusted return		(10,759	)
Banc of America Securities LLC		25,000		10/31/07	Banc of America Securities LLC CMBS AAA 10Yr Index	Monthly duration adjusted return		(18,400	)
TOTAL							$	(69,068	)

(a)  Fund receives payments based on any positive monthly duration adjusted return of the underlying index. Fund makes payments on any such negative returns.

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

48

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments

April 30, 2007 (Unaudited)

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Corporate Bonds – 100.3%
Automotive – 3.2%
Chrysler Corp.
$	3,325,000		7.450	%		03/01/27	$	3,811,780
DaimlerChrysler NA
	400,000		8.500			01/18/31		504,492
Ford Motor Credit Co.
	1,700,000		5.700			01/15/10		1,640,760
General Motors Acceptance Corp.
	1,275,000		6.875			09/15/11		1,281,722
								7,238,754
Banks – 17.7%
ANZ Capital Trust I(a)
	325,000		4.484			01/15/49		318,117
	800,000		5.360			12/29/49		787,286
Astoria Financial Corp.
	225,000		5.750			10/15/12		227,166
Banca Popolare di Bergamo Capital Trust(b)
	EUR 475,000		8.364			02/15/49		725,527
Credit Suisse First Boston London(a)(b)
$	1,625,000		7.900			05/29/49		1,628,455
Danske Bank A/S(a)(b)
	300,000		7.400			06/15/10		300,769
Greater Bay Bancorp Series D
	2,700,000		5.125			04/15/10		2,687,896
GreenPoint Financial Corp.
	600,000		3.200			06/06/08		586,732
HBOS PLC(a)(b)
	1,750,000		5.375			12/29/49		1,737,209
HSBC Capital Funding LP(a)(b)
	1,050,000		4.610			06/27/49		1,002,779
HSBC USA, Inc.
	250,000		6.625			03/01/09		256,696
Huntington National Bank
	1,000,000		8.000			04/01/10		1,071,663
JPMorgan Chase Capital Co. Series T
	1,650,000		6.550			09/29/36		1,685,988
Key Bank N.A.(c)
	1,000,000		6.500			10/15/27		1,016,723
Lehman Brothers Holdings E-Capital Trust I(b)
	675,000		6.140			08/19/65		682,858
Manufacturers & Traders Trust Co.(b)
	1,495,000		5.585			12/28/20		1,485,645
Mizuho JGB Investment LLC(a)(b)
	1,275,000		9.870			06/30/49		1,338,004
MUFG Capital Finance 1 Ltd.(b)
	4,325,000		6.346			07/25/49		4,421,344
Nordea Bank Sweden AB(a)(b)
	2,380,000		8.950			11/12/49		2,573,044
North Fork Bancorp.(b)
	1,350,000		5.000			08/15/12		1,348,657
PNC Funding Corp.
	600,000		7.500			11/01/09		632,956
Popular North America, Inc.
	1,795,000		4.250			04/01/08		1,765,289
RBS Capital Trust II(b)
	1,000,000		5.512			09/30/49		988,930
Resona Bank Ltd.(a)(b)
	EUR 1,475,000		5.850			04/15/49		1,467,861
$	925,000		4.125			09/27/49		1,219,250
Resona Preferred Global Securities Ltd.(a)(b)
	2,175,000		7.191			07/30/49		2,299,151
Royal Bank of Scotland Group PLC
	400,000		9.118			03/31/49		441,582
Sovereign Bank
	1,000,000		4.000			02/01/08		989,768
	300,000		5.125			03/15/13		294,455
	455,000		4.375	(b)		08/01/13		448,734
Tokai Preferred Capital Co. LLC(a)(b)
	650,000		9.980			12/29/49		682,537
Unicredito Italiano Capital Trust(a)(b)
	500,000		9.200			10/05/49		561,496
Wachovia Capital Trust III(b)
	1,775,000		5.800			03/15/42		1,801,447
Washington Mutual Bank
	500,000		5.950			05/20/13		509,553
								39,985,567
Captive Financial – 0.8%
Nelnet, Inc.
	1,760,000		5.125			06/01/10		1,721,365
Consumer Cyclical Services – 0.5%
Sabre Holdings Corp.
	1,300,000		8.350			03/15/16		1,226,554
Diversified Manufacturing – 1.0%
Tyco International Group SA
	2,000,000		6.875			01/15/29		2,371,312
Electric – 6.8%
Arizona Public Service Co.
	500,000		6.250			08/01/16		516,593
	2,000,000		6.875			08/01/36		2,137,398
Centerpoint Energy, Inc.
	2,100,000		5.875			06/01/08		2,108,045
CenterPoint Energy, Inc. Series B
	350,000		7.250			09/01/10		370,165
Commonwealth Edison Co.
	425,000		5.900			03/15/36		404,972
MidAmerican Energy Holdings Co.
	280,000		7.520			09/15/08		288,078
	2,100,000		6.125			04/01/36		2,135,095
NiSource Finance Corp.(b)
	500,000		5.930			11/23/09		500,602
Ohio Edison Co.
	1,500,000		6.875			07/15/36		1,643,442
Progress Energy, Inc.
	2,175,000		5.625			01/15/16		2,196,970
	1,000,000		7.000			10/30/31		1,109,302
Southwestern Public Service Cos.
	375,000		6.000			10/01/36		372,719
Tampa Electric Co.
	275,000		6.550			05/15/36		294,322

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

49

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

April 30, 2007 (Unaudited)

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Corporate Bonds – (continued)
Electric – (continued)
TXU Corp. Series O
$	1,225,000		4.800	%		11/15/09	$	1,206,625
								15,284,328
Energy – 6.1%
Anadarko Petroleum Corp.
	6,025,000		6.450			09/15/36		6,040,219
Canadian Natural Resources Ltd.
	1,375,000		5.850			02/01/35		1,302,435
	4,275,000		6.500			02/15/37		4,405,140
Kerr-McGee Corp.
	800,000		6.950			07/01/24		855,546
XTO Energy, Inc.
	1,200,000		6.250			04/15/13		1,248,185
								13,851,525
Entertainment – 0.8%
Time Warner Entertainment Co.
	325,000		7.250			09/01/08		332,831
	1,290,000		8.375			03/15/23		1,542,605
								1,875,436
Gaming – 1.1%
Harrah’s Operating Co., Inc.
	2,425,000		5.500			07/01/10		2,385,594
Healthcare Products – 0.4%
Hospira, Inc.
	1,000,000		6.050			03/30/17		1,010,293
Life Insurance – 6.9%
American International Group, Inc.
	1,150,000		6.250			03/15/37		1,144,650
Americo Life, Inc.(a)
	550,000		7.875			05/01/13		566,042
AXA Financial, Inc.
	805,000		7.750			08/01/10		867,495
AXA SA(a)(b)
	825,000		6.379			12/14/49		807,002
	825,000		6.463			12/31/49		815,197
Lincoln National Corp.(b)
	1,600,000		7.000			05/17/66		1,690,231
Phoenix Life Insurance Co.(a)
	2,600,000		7.150			12/15/34		2,769,985
Reinsurance Group of America, Inc.
	625,000		6.750			12/15/11		658,224
	2,250,000		6.750	(b)		12/15/65		2,260,518
SL Finance PLC(b)
	EUR650,000		6.375			07/12/22		953,017
Stingray Pass-Through Trust(a)
$	400,000		5.902			01/12/15		370,992
Symetra Financial Corp.(a)
	1,600,000		6.125			04/01/16		1,625,678
The MONY Group, Inc.
	1,000,000		8.350			03/15/10		1,084,859
								15,613,890
Media-Cable – 4.1%
Comcast Cable Communications Holdings, Inc.
	1,350,000		9.455			11/15/22		1,782,284
Cox Communications, Inc.
	850,000		4.625			01/15/10		838,150
Cox Enterprises, Inc.(a)
	3,275,000		4.375			05/01/08		3,238,409
Time Warner Cable, Inc.(a)
	3,225,000		6.550			05/01/37		3,282,223
								9,141,066
Media-Non Cable – 0.8%
AMFM, Inc.
	1,700,000		8.000			11/01/08		1,757,743
Metals & Mining – 1.2%
Falconbridge Ltd.
	500,000		7.250			07/15/12		547,063
Inco Ltd.
	2,050,000		5.700			10/15/15		2,053,171
								2,600,234
Noncaptive-Financial – 9.6%
American General Finance Corp.(c)
	1,825,000		8.450			10/15/09		1,965,193
Capital One Bank
	325,000		5.000			06/15/09		324,006
Capital One Financial Corp.
	1,775,000		5.700			09/15/11		1,789,708
GATX Financial Corp.
	3,400,000		5.125			04/15/10		3,386,811
MGIC Investment Corp.
	1,300,000		5.625			09/15/11		1,307,760
Nelnet, Inc.(b)
	625,000		7.400			09/29/36		633,788
PHH Corp.
	3,088,000		6.000			03/01/08		3,094,624
	750,000		7.125			03/01/13		812,621
Residential Capital LLC
	2,575,000		6.375			06/30/10		2,583,759
	900,000		6.500			04/17/13		899,524
SLM Corp.
	5,000,000		5.400			10/25/11		4,796,835
								21,594,629
Paper – 1.4%
Weyerhaeuser Co.
	3,025,000		7.375			03/15/32		3,198,520
Pipelines – 6.7%
Boardwalk Pipelines LP
	1,775,000		5.875			11/15/16		1,787,671
Energy Transfer Partners LP
	4,350,000		5.950			02/01/15		4,412,502
Enterprise Products Operating LP
	1,805,000		4.950			06/01/10		1,791,589
	2,350,000		5.600			10/15/14		2,346,215
	275,000		5.000			03/01/15		262,513

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

50

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Corporate Bonds – (continued)
Pipelines – (continued)
ONEOK Partners LP
$	1,375,000		5.900	%		04/01/12	$	1,413,416
	775,000		6.650			10/01/36		803,405
Panhandle Eastern PipeLine
	150,000		4.800			08/15/08		148,561
Southern Natural Gas Co.(a)
	700,000		5.900			04/01/17		701,911
TransCanada PipeLines Ltd.(b)
	1,500,000		6.350			05/15/67		1,497,315
								15,165,098
Property/Casualty Insurance – 10.6%
Ace Capital Trust II
	250,000		9.700			04/01/30		334,205
AON Capital Trust A
	1,000,000		8.205			01/01/27		1,118,056
Arch Capital Group Ltd.
	1,245,000		7.350			05/01/34		1,364,973
Aspen Insurance Holdings Ltd.
	1,025,000		6.000			08/15/14		1,022,926
Catlin Insurance Co. Ltd.(a)(b)
	1,050,000		7.249			01/19/49		1,058,540
CNA Financial Corp.
	350,000		6.600			12/15/08		356,509
	1,000,000		5.850			12/15/14		1,006,256
Endurance Specialty Holdings Ltd.
	1,100,000		6.150			10/15/15		1,100,127
Everest Reinsurance Holdings, Inc.(b)
	1,500,000		6.600			05/15/37		1,505,403
Marsh & McLennan Cos., Inc.
	1,000,000	��	5.150			09/15/10		990,431
PartnerRe Finance(b)
	175,000		6.440			12/01/66		175,402
QBE Capital Funding II LP(a)(b)
	1,500,000		6.797			06/01/49		1,512,959
QBE Insurance Group Ltd.(a)(b)
	855,000		5.647			07/01/23		840,427
Swiss Re Capital I LP(a)(b)
	4,375,000		6.854			05/29/49		4,567,732
The Chubb Corp.(b)
	1,625,000		6.375			03/29/67		1,644,594
The Travelers Cos., Inc.(b)
	1,300,000		6.250			03/15/37		1,301,773
White Mountains Reinsurance Group Ltd.(a)
	1,725,000		6.375			03/20/17		1,705,595
ZFS Finance USA Trust II(a)(b)
	2,100,000		6.450			12/15/65		2,124,307
Zurich Capital Trust I(a)
	125,000		8.376			06/01/37		130,520
								23,860,735
REIT – 13.0%
Arden Realty LP
	1,160,000		5.200			09/01/11		1,165,533
BRE Properties, Inc.
	3,525,000		7.450			01/15/11		3,788,511
Camden Property Trust
	1,650,000		4.375			01/15/10		1,618,097
Colonial Realty LP
	1,750,000		6.050			09/01/16		1,790,171
Health Care Property Investors, Inc.
	1,825,000		5.950			09/15/11		1,858,117
Heritage Property Investment Trust
	885,000		4.500			10/15/09		868,984
Highwoods Properties, Inc.(a)
	2,925,000		5.850			03/15/17		2,908,878
iStar Financial, Inc. Series B
	3,200,000		5.700			03/01/14		3,188,669
Liberty Property LP
	225,000		7.750			04/15/09		235,337
Pan Pacific Retail Properties, Inc.
	1,350,000		5.950			06/01/14		1,388,333
Post Apartment Homes LP
	1,500,000		7.700			12/20/10		1,614,069
	3,000,000		6.300			06/01/13		3,110,535
ProLogis
	2,250,000		5.500			04/01/12		2,275,157
Shurgard Storage Centers, Inc.
	2,050,000		7.750			02/22/11		2,204,980
Simon Property Group LP
	200,000		7.000	(c)		06/15/08		203,729
	1,000,000		5.600			09/01/11		1,016,017
								29,235,117
Retailers – 0.9%
Federated Retail Holdings, Inc.
	2,050,000		5.350			03/15/12		2,048,973
Tobacco – 0.9%
Altria Group, Inc.
	275,000		7.000			11/04/13		299,249
	393,000		7.750			01/15/27		472,736
Imperial Tobacco Overseas BV
	1,200,000		7.125			04/01/09		1,238,343
								2,010,328
Wireless Telecommunications – 2.1%
America Movil SA de CV
	800,000		5.500			03/01/14		798,352
AT&T Wireless Services, Inc.
	900,000		8.750			03/01/31		1,176,542
Intelsat
	350,000		5.250			11/01/08		340,375
Sprint Capital Corp.
	1,500,000		7.625			01/30/11		1,608,400
	850,000		6.875			11/15/28		844,577
								4,768,246
Wirelines Telecommunications – 3.7%
Ameritech Capital Funding
	575,000		6.250			05/18/09		582,485

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

51

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

April 30, 2007 (Unaudited)

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Corporate Bonds – (continued)
Wirelines Telecommunications – (continued)
Bellsouth Telecommunications, Inc.
$	426,000		6.125	%		09/23/08	$	429,440
Deutsche Telekom International Finance BV
	550,000		5.375			03/23/11		554,047
	1,650,000		8.250			06/15/30		2,071,470
Embarq Corp.
	500,000		7.995			06/01/36		528,943
France Telecom SA
	EUR175,000		8.125			01/28/33		322,002
Telecom Italia Capital
$	700,000		4.000			01/15/10		679,163
	1,700,000		4.950			09/30/14		1,618,141
TPSA Finance BV(a)
	350,000		7.750			12/10/08		361,686
Verizon Communications, Inc.
	1,260,000		7.510			04/01/09		1,309,681
								8,457,058
TOTAL CORPORATE BONDS
(Cost $225,986,072)							$	226,402,365
Emerging Markets Debt – 0.4%
Korea Development Bank
$	150,000		5.750	%		09/10/13	$	153,482
VTB Capital (Vneshtorgbank)(a)(b)
	700,000		5.955			08/01/08		700,700
TOTAL EMERGING MARKETS DEBT
(Cost $852,350)								854,182
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT – 100.7%
(Cost $226,838,422)							$	227,256,547
Repurchase Agreement(d) – 0.8%
Joint Repurchase Agreement Account II
	1,800,000		5.242	%		05/01/07		1,800,000
Maturity Value: $1,800,262
(Cost $1,800,000)
TOTAL INVESTMENTS – 101.5%
(Cost $228,638,422)							$	229,056,547
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.5)%								(3,412,877	)
NET ASSETS – 100.0%							$	225,643,670

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

 *    The principal amount of each security is stated in the currency in which the bond is denominated. All amounts shown are in U.S. dollars unless otherwise noted. See below.

Currency Description
EUR	=	Euro Currency

(a)	Securities are exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $46,004,741, which represents approximately 20.4% of net assets as of April 30, 2007.
(b)	Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2007.
(c)	Securities with “Put” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(d)	Joint repurchase agreement was entered into on April 30, 2007. Additional information appears on page 63.

Investment Abbreviation:
REIT	—	Real Estate Investment Trust

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

52

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY CONTRACTS — At April 30, 2007, the Fund had outstanding forward foreign currency exchange contracts, to sell foreign currencies:

Open Forward Foreign Currency	Purchase/		Expiration		Value on		Current		Unrealized
Contracts	Sale Contract		Date		Settlement Date		Value		Loss
British Pound		Sale		05/16/07	$	514,865	$	524,930	$	(10,065	)
Euro		Sale		05/30/07		2,987,482		2,993,061		(5,579	)
TOTAL OPEN FORWARD FOREIGN CURRENCY CONTRACTS WITH UNREALIZED LOSS					$	3,502,347	$	3,517,991	$	(15,644	)

FUTURES CONTRACTS — At April 30, 2007, the following futures contracts were open:

	Number of
	Contracts			Settlement	Market			Unrealized
Type	Long (Short)			Month	Value			Gain (Loss)
Eurodollars		(5	)	June 2007	$	(1,183,437	)	$	2,358
Eurodollars		6		September 2007		1,422,000			(2,908	)
Eurodollars		7		March 2008		1,665,737			1,914
Eurodollars		4		June 2008		953,200			2,536
U.S. Treasury Bonds		(69	)	June 2007		(7,710,750	)		55,313
2 Year U.S. Treasury Notes		(76	)	June 2007		(15,558,625	)		(4,442	)
5 Year U.S. Treasury Notes		122		June 2007		12,911,031			37,169
10 Year U.S. Treasury Notes		2		June 2007		216,656			1,028
TOTAL					$	(7,284,188	)	$	92,968

SWAP CONTRACTS — At April 30, 2007, the Fund had outstanding swap contracts with the following terms:

INTEREST RATE SWAP CONTRACTS

					Rates Exchanged
	Notional				Payments	Payments	Upfront Payments
	Amount		Termination		received by	made by	made by		Unrealized
Swap Counterparty	(000s)		Date		the Fund	the Fund	the Fund		Gain (Loss)
Banc of America Securities LLC	$	8,000		09/02/10	4.309%	3 month LIBOR	$	—	$	(190,163	)
Banc of America Securities LLC		5,000		05/23/12	4.374	3 month LIBOR		—		(67,417	)
Banc of America Securities LLC (a)		13,100		06/20/12	5.000	3 month LIBOR		24,442		(9,894	)
Deutsche Bank Securities, Inc. (a)		13,500		06/20/12	3 month LIBOR	5.000%		19,621		(34,612	)
Banc of America Securities LLC (a)		9,600		06/20/12	3 month LIBOR	5.000		31,433		(42,094	)
Deutsche Bank Securities, Inc. (a)		22,000		06/20/14	5.100	3 month LIBOR		263,944		(203,627	)
Deutsche Bank Securities, Inc. (a)		14,000		06/20/14	3 month LIBOR	5.100		101,316		(136,901	)
Banc of America Securities LLC (a)		14,000		06/20/14	3 month LIBOR	5.100		99,609		(135,194	)
Banc of America Securities LLC (a)		8,700		06/20/14	5.100	3 month LIBOR		146,864		(124,750	)
JPMorgan Securities, Inc.(a)		2,700		06/20/14	3 month LIBOR	5.100		21,016		(27,879	)
Banc of America Securities LLC		7,000		10/19/15	4.965	3 month LIBOR		—		(72,737	)
Deutsche Bank Securities, Inc. (a)		15,900		06/20/22	3 month LIBOR	5.250		60,729		25,868
Banc of America Securities LLC		4,000		03/19/35	5.288	3 month LIBOR		—		(55,743	)
Banc of America Securities LLC		2,800		04/09/35	5.266	3 month LIBOR		—		(47,708	)
Banc of America Securities LLC (a)		2,800		06/22/37	5.250	3 month LIBOR		94,591		(149,068	)
TOTAL							$	863,565	$	(1,271,919	)

(a)   Represents forward starting interest rate swap whose effective dates of commencement of accruals and cash flows occur subsequent to April 30, 2007.

LIBOR—London Interbank Offered Rate

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

53

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

April 30, 2007 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CREDIT DEFAULT SWAP CONTRACTS

		Notional		Rate Paid					Upfront Payments
		Amount		(Received)			Termination		made (received)			Unrealized
Referenced Obligation	Swap Counterparty	(000s)		by Fund			Date		by the Fund			Gain (Loss)
Protection Purchased:
Core Investment Grade Bond Trust	JPMorgan Securities, Inc.	$	39,700		0.400	%		12/20/11	$	(77,683	)	$	(18,561	)
Core Investment Grade Bond Trust	Banc of America Securities LLC		68,900		0.350			06/20/12		130,091			(125,132	)
Lowe’s Cos., Inc. 8.250% 6/1/2010	Banc of America Securities LLC		5,000		0.180			06/20/13		—			9,784
Centex Corp. 5.250% 6/15/2015	Bear Stearns & Co., Inc.		2,000		0.845			06/20/13		—			63,474
Core Investment Grade Bond Trust	Deutsche Bank Securities, Inc.		48,300		0.650			12/20/16		(321,920	)		285,486
Core Investment Grade Bond Trust	JPMorgan Securities, Inc.		18,000		0.650			12/20/16		(114,101	)		100,523
Core Investment Grade Bond Trust	Banc of America Securities LLC		2,000		0.650			12/20/16		1,099			(2,608	)
Protection Sold:
Countrywide Home Loans, Inc. 4.00%, 3/22/2011	JPMorgan Securities, Inc		2,500		(0.450	)		03/20/12		—			(20,296	)
Countrywide Home Loans, Inc. 4.00%, 3/22/2011	JPMorgan Securities, Inc.		1,500		(0.720	)		03/20/12		—			(2,340	)
Countrywide Home Loans, Inc. 4.00%, 3/22/2011	Deutsche Bank Securities, Inc		1,000		(0.610	)		03/20/12		—			3,250
TOTAL									$	(382,514	)	$	293,580

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

54

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments

April 30, 2007 (Unaudited)

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Corporate Bonds – 7.1%
Banks – 1.2%
JPMorgan Chase Capital XXII Series V
$	250,000		6.450	%		02/02/37	$	252,931
MUFG Capital Finance 1 Ltd.(a)
	100,000		6.346			07/29/49		102,134
Resona Preferred Global Securities Ltd.(a)(b)
	175,000		7.191			12/29/49		184,989
Washington Mutual, Inc.
	350,000		8.250			04/01/10		377,835
								917,889
Electric – 0.9%
Arizona Public Service Co.
	150,000		6.250			08/01/16		154,978
Commonwealth Edison Co.
	75,000		5.900			03/15/36		71,466
MidAmerican Energy Holdings Co.
	325,000		6.125			04/01/36		330,431
Progress Energy, Inc.
	100,000		5.625			01/15/16		101,010
								657,885
Energy – 0.5%
Canadian Natural Resources Ltd.
	25,000		5.700			05/15/17		25,075
	100,000		6.500			02/15/37		103,044
	25,000		6.250			03/15/38		24,815
Kerr-McGee Corp.
	75,000		6.950			07/01/24		80,208
XTO Energy, Inc.
	150,000		5.000			01/31/15		144,529
								377,671
Life Insurance – 0.5%
American International Group, Inc.
	100,000		6.250			03/15/37		99,535
Americo Life, Inc.(b)
	50,000		7.875			05/01/13		51,458
Phoenix Life Insurance Co.(b)
	100,000		7.150			12/15/34		106,538
Symetra Financial Corp.(b)
	100,000		6.125			04/01/16		101,605
								359,136
Media-Cable – 1.1%
Comcast Cable Communications Holdings, Inc.
	175,000		9.455			11/15/22		230,776
Cox Communications, Inc.(b)
	150,000		5.875			12/01/16		151,248
Time Warner Cable, Inc.(b)
	250,000		5.400			07/02/12		250,694
	150,000		6.550			05/01/37		152,662
								785,380
Media-Non Cable – 0.1%
AMFM, Inc.
	50,000		8.000			11/01/08		51,698
Noncaptive-Financial – 0.5%
GATX Financial Corp.
	150,000		8.875			06/01/09		160,144
Residential Capital LLC
	175,000		6.375			06/30/10		175,595
								335,739
Pipelines – 1.0%
Boardwalk Pipelines LP
	200,000		5.875			11/15/16		201,428
Energy Transfer Partners LP
	100,000		5.950			02/01/15		101,437
Enterprise Products Operating LP
	125,000		5.600			10/15/14		124,799
	75,000		5.000			03/01/15		72,127
ONEOK Partners LP
	75,000		6.150			10/01/16		77,207
	125,000		6.650			10/01/36		129,581
Southern Natural Gas Co.(b)
	50,000		5.900			04/01/17		50,137
								756,716
Property/Casualty Insurance – 0.4%
Endurance Specialty Holdings Ltd.
	75,000		6.150			10/15/15		75,009
Swiss Re Capital I LP(a)(b)
	100,000		6.854			05/29/49		104,405
The Chubb Corp.(a)
	125,000		6.375			03/29/67		126,507
								305,921
REIT – 0.3%
iStar Financial, Inc. Series B
	100,000		5.700			03/01/14		99,646
Westfield Capital Corp.(b)
	150,000		5.125			11/15/14		147,108
								246,754
Wireless Telecommunications – 0.1%
Sprint Capital Corp.
	50,000		6.875			11/15/28		49,681
Wirelines Telecommunications – 0.5%
Deutsche Telekom International Finance BV
	200,000		8.250			06/15/30		251,027
Telecom Italia Capital
	150,000		4.950			09/30/14		142,777
								393,804
TOTAL CORPORATE BONDS
(Cost $5,236,190)							$	5,238,274
Mortgage-Backed Obligations – 14.3%
Adjustable Rate Non-Agency(a) – 7.4%
Countrywide Alternative Loan Trust Series 2005-38, Class A3
$	471,440		5.670	%		09/25/35	$	473,321

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

55

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

April 30, 2007 (Unaudited)

Principal		Interest			Maturity
Amount*		Rate			Date		Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate Non-Agency(a) – (continued)
Harborview Mortgage Loan Trust Series 2006-10, Class 2A1A
$	953,964		5.500	%		11/19/36	$	949,939
Harborview Mortgage Loan Trust Series 2006-12, Class 2A2A
	1,858,417		5.510			01/19/38		1,859,948
Lehman XS Trust Series 2006-2N, Class 1A1
	2,041,446		5.580			02/25/46		2,046,460
Master Adjustable Rate Mortgages Trust Series 2004-9, Class 2A1
	97,983		5.700			11/25/34		98,298
								5,427,966
FHLMC – 0.6%
	437,356		5.000			05/01/18		432,262
FNMA – 6.2%
	72,721		4.500			04/01/18		70,598
	3,662,589		4.500			06/01/18		3,556,874
	999,127		4.500			01/01/19		969,971
								4,597,443
Collateralized Mortgage Obligation – 0.1%
Regular Floater(a)(d) – 0.1%
FHLMC Series 3167 Class X(d)
$	90,683		0.000	%		06/15/36	$	84,975
TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $10,535,450)							$	10,542,646
Agency Debentures – 8.4%
FHLB
$	1,600,000		5.000	%		12/11/09	$	1,607,568
	1,800,000		4.750			10/06/10		1,799,231
FNMA
	2,800,000		5.125			09/02/08		2,804,965
TOTAL AGENCY DEBENTURES
(Cost $6,208,430)							$	6,211,764
Asset-Backed Securities(a) – 5.3%
Home Equity – 5.3%
Countrywide Home Equity Loan Trust Series 2007-B Class A
$	1,000,000		5.470	%		09/25/32	$	1,001,977
Countrywide Home Equity Loan Trust Series 2007-C Class A
	1,000,000		5.470			05/15/37		999,989
Wells Fargo Home Equity Trust Series 2005-3, Class AI1A
	1,920,683		5.590			11/25/35		1,922,225
								3,924,191
TOTAL ASSET-BACKED SECURITIES
(Cost $3,924,884)							$	3,924,191
U.S. Treasury Obligations – 34.7%
United States Treasury Bonds
$	1,100,000		4.500			02/15/36	$	1,043,109
United States Treasury Inflation Protected Securities
	906,732		2.500			07/15/16		931,030
	107,940		2.375			01/15/25		108,509
	100,892		2.375			01/15/27		101,637
United States Treasury Notes
	9,200,000		4.875			10/31/08		9,214,370
	3,900,000		4.875			08/15/09		3,925,350
	7,800,000		4.625			11/15/09		7,812,496
	1,600,000		4.875			08/15/16		1,629,952
United States Treasury Principal-Only STRIPS(c)
	850,000		0.000			11/15/21		417,010
	1,100,000		0.000			11/15/26		421,762
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $25,607,995)							$	25,605,225
Foreign Debt Obligation – 2.4%
Government of Japan
	JPY215,000,000		1.700	%		12/20/16	$	1,820,516
(Cost $1,779,880)

Shares		Description	Value
Mutual Funds (Institutional Shares) – 3.6%
Fixed Income – 3.6%
	85,647	Goldman Sachs Emerging Markets Debt Fund	$	1,055,409
	190,365	Goldman Sachs High Yield Fund		1,583,856
				2,639,265
TOTAL MUTUAL FUNDS (INSTITUTIONAL SHARES)
(Cost $2,593,407)			$	2,639,265
TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT – 75.8%
(Cost $55,886,236)			$	55,981,881

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

56

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Principal		Interest			Maturity
Amount		Rate			Date		Value
Repurchase Agreement(e) – 23.2%
Joint Repurchase Agreement Account II
$	17,100,000		5.242	%		05/01/07	$	17,100,000
Maturity Value: $17,102,490
(Cost $17,100,000)
TOTAL INVESTMENTS – 99.0%
(Cost $72,986,236)							$	73,081,881
OTHER ASSETS IN EXCESS OF LIABILITIES – 1.0%								745,449
NET ASSETS – 100.0%							$	73,827,330

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

*  The principal amount of each security is stated in the currency in which the bond is denominated. All amounts shown are in U.S. dollars unless otherwise noted. See below.

Currency Description
JPY	=	Japanese Yen

(a)	Variable rate security. Interest rate disclosed is that which is in effect at April 30, 2007.
(b)	Securities are exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $1,300,844, which represents approximately 1.8% of net assets as of April 30, 2007.
(c)	Security issued with a zero coupon. Income is recognized through the accretion of discount.
(d)	Security is issued with zero coupon and interest rate is contingent upon LIBOR reaching a predetermined level.
(e)	Joint repurchase agreement was entered into on April 30, 2007. Additional information appears on page 63.

Investment Abbreviations:
FHLB	—	Federal Home Loan Bank
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
LIBOR	—	London Interbank Offered Rate
REIT	—	Real Estate Investment Trust
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities

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

57

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

April 30, 2007 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY CONTRACTS — At April 30, 2007, the Fund had outstanding forward foreign currency exchange contracts, both to purchase and sell foreign currencies:

Open Forward Foreign Currency	Purchase/		Expiration		Value on		Current		Unrealized
Contracts with Unrealized Gain	Sale Contract		Date		Settlement Date		Value		Gain
Australian Dollar		Purchase		06/20/07	$	985,575	$	1,013,789	$	28,214
British Pound		Purchase		06/20/07		2,094,689		2,161,418		66,729
Canadian Dollar		Purchase		06/20/07		1,090,000		1,123,440		33,440
Euro		Purchase		05/30/07		66,504		66,698		194
Euro		Purchase		06/20/07		1,040,988		1,063,505		22,517
Euro		Sale		06/20/07		229,000		228,936		64
Japanese Yen		Sale		05/31/07		1,841,970		1,828,405		13,565
Japanese Yen		Sale		06/20/07		1,391,076		1,367,577		23,499
New Zealand Dollar		Purchase		06/20/07		615,000		640,524		25,524
Norwegian Krone		Purchase		06/20/07		1,938,037		1,989,593		51,556
Swedish Krona		Purchase		06/20/07		335,706		343,960		8,254
Swiss Franc		Purchase		06/20/07		1,042,000		1,046,360		4,360
		Sale		06/20/07		1,660,517		1,654,564		5,953
TOTAL OPEN FORWARD FOREIGN CURRENCY CONTRACTS WITH UNREALIZED GAIN									$	283,869

Open Forward Foreign Currency	Purchase/		Expiration		Value on		Current		Unrealized
Contracts with Unrealized Loss	Sale Contract		Date		Settlement Date		Value		Loss
Australian Dollar		Sale		07/18/07	$	10,570	$	10,606	$	(36	)
British Pound		Sale		05/16/07		88,549		89,239		(690	)
British Pound		Purchase		06/20/07		457,000		456,828		(172	)
British Pound		Sale		06/20/07		1,412,999		1,439,816		(26,817	)
Canadian Dollar		Sale		06/20/07		965,541		1,018,716		(53,175	)
Euro		Sale		05/30/07		40,872		40,948		(76	)
Euro		Sale		06/20/07		871,000		885,659		(14,659	)
Japanese Yen		Purchase		06/20/07		1,015,000		995,197		(19,803	)
New Zealand Dollar		Sale		06/20/07		571,140		608,984		(37,844	)
Norwegian Krone		Sale		06/20/07		1,005,000		1,030,305		(25,305	)
Swedish Krona		Sale		06/21/07		66,153		68,261		(2,108	)
Swiss Franc		Purchase		06/20/07		829,000		826,680		(2,320	)
		Sale		06/20/07		643,000		645,023		(2,023	)
TOTAL OPEN FORWARD FOREIGN CURRENCY CONTRACTS WITH UNREALIZED LOSS									$	(185,028	)

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

58

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At April 30, 2007, the following futures contracts were open:

	Number of
	Contracts			Settlement	Market			Unrealized
Type	Long (Short)			Month	Value			Gain (Loss)
Eurodollars		26		June 2007	$	6,153,875		$	(4,487	)
Eurodollars		4		December 2007		949,900			794
2 Year Euro-Schatz		9		June 2007		1,266,749			835
5 Year Euro-Bobl		(31	)	June 2007		(4,559,116	)		35,396
10 Year Euro-Bund		3		June 2007		467,324			(8,769	)
30 Year Euro-Buxl		2		June 2007		258,738			(10,158	)
10 Year Japanese Yen Bond		(1	)	June 2007		(1,124,911	)		3,255
U.K. Life Long Gilt		(2	)	June 2007		(426,514	)		(7	)
U.S. Treasury Bonds		49		June 2007		5,475,750			48,110
2 Year U.S. Treasury Notes		(14	)	June 2007		(2,866,063	)		(6,643	)
5 Year U.S. Treasury Notes		86		June 2007		9,101,219			32,204
10 Year U.S. Treasury Notes		(118	)	June 2007		(12,782,719	)		(7,587	)
TOTAL					$	13,282,286		$	82,943

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

59

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

April 30, 2007 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At April 30, 2007, the Fund had outstanding swap contracts with the following terms:

INTEREST RATE SWAP CONTRACTS

				Rates Exchanged		Upfront
						Payments
	Notional			Payments	Payments	made
	Amount		Termination	received by	made by	(received) by			Unrealized
Swap Counterparty	(000s)		Date	the Fund	the Fund	the Fund			Gain (Loss)
CSFB International London(a)		EUR 3,580	06/22/09	4.250%	6 month EURO	$	8,039		$	(18,911	)
BNP Paribas SA(a)		EUR 2,550	06/22/09	4.250	6 month EURO		4,822			21,533
Merrill Lynch Capital Markets(a)		EUR 2,420	06/22/09	4.250	6 month EURO		4,693			(12,074	)
Deutsche Bank AG		EUR 7,140	10/16/09	4.360	6 month EURO		—			(2,153	)
Deutsche Bank AG		EUR 2,860	10/16/09	4.401	6 month EURO		—			2,082
Deutsche Bank AG		EUR 2,850	10/16/09	4.395	6 month EURO		—			1,645
Deutsche Bank AG		EUR 1,430	10/16/09	4.363	6 month EURO		—			(323	)
Deutsche Bank AG		CAD 110	04/04/12	4.318	3 month CDOR		—			(261	)
Deutsche Bank AG		CAD 110	04/05/12	4.328	3 month CDOR		—			(473	)
Deutsche Bank AG		NZD 180	04/10/12	3 month ZDOR	7.598%		—			(140	)
Deutsche Bank AG		NZD 180	04/11/12	3 month ZDOR	7.598		—			(114	)
JPMorgan Securities, Inc.		MXN 10,580	04/17/12	7.670	Mexican Interbank Equilibrium Rate		—			(7,445	)
Bank of America Securities LLC(a)		USD 11,200	06/20/12	5.000	3 month LIBOR		22,222			(9,774	)
Bank of America Securities LLC(a)		USD 14,900	06/20/12	3 month LIBOR	5.000		65,125			(81,710	)
Bear Stearns & Co., Inc.(a)		USD 2,000	06/20/12	3 month LIBOR	5.000		13,512			(15,733	)
Citibank NA(a)		JPY 85,000	06/20/12	6 month JYOR	1.500		(3,090	)		(654	)
Citibank NA(a)		EUR 910	06/20/12	4.250	6 month EURO		6,298			(11,627	)
Deutsche Bank Securities, Inc. (a)		USD 24,900	06/20/12	5.000	3 month LIBOR		200,468			(172,817	)
Deutsche Bank Securities, Inc. (a)		USD 13,700	06/20/12	3 month LIBOR	5.000		36,102			(51,315	)
Deutsche Bank AG (a)		AUD 2,360	06/20/12	6.250	6 month BBSW		(5,118	)		(15,455	)
Deutsche Bank AG (a)		USD 970	06/20/12	5.000	3 month LIBOR		(1,766	)		2,844
Deutsche Bank AG (a)		AUD 1,600	06/20/12	6 month BBSW	6.250		19,784			(5,836	)
Deutsche Bank AG (a)		USD 680	06/20/12	3 month LIBOR	5.000		(2,669	)		1,914
Deutsche Bank AG (a)		AUD 600	06/20/12	6.250	6 month BBSW		(5,008	)		(223	)
JPMorgan Securities, Inc. (a)		USD 2,100	06/20/12	3 month LIBOR	5.000		14,970			(17,302	)
Merrill Lynch Capital Markets(a)		JPY 300,000	06/20/12	6 month JYOR	1.500		(15,074	)		1,857

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

60

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

INTEREST RATE SWAP CONTRACTS — (continued)

				Rates Exchanged		Upfront
						Payments
	Notional			Payments	Payments	made
	Amount		Termination	received by	made by	(received) by			Unrealized
Swap Counterparty	(000s)		Date	the Fund	the Fund	the Fund			Gain (Loss)
Bank of America NA (a)		JPY 50,000	06/20/14	6 month JYOR	1.500%	$	1,944		$	99
Banc of America Securities LLC(a)		USD 6,500	06/20/14	3 month LIBOR	5.100		21,231			(37,753	)
Citibank NA(a)		JPY 319,000	06/20/14	6 month JYOR	1.500		21,940			(6,589	)
Citibank NA(a)		JPY 121,000	06/20/14	1.500%	6 month JYOR		(1,850	)		(3,282	)
Deutsche Bank AG (a)		JPY 141,000	06/20/14	6 month JYOR	1.500		4,388			(10,368	)
Deutsche Bank AG (a)		JPY 121,000	06/20/14	1.500	6 month JYOR		(344	)		(4,788	)
Deutsche Bank Securities, Inc. (a)		USD 33,000	06/20/14	5.100	3 month LIBOR		286,988			(203,145	)
Deutsche Bank Securities, Inc. (a)		USD 1,200	06/20/14	3 month LIBOR	5.100		8,684			(11,734	)
JPMorgan Securities, Inc. (a)		USD 5,000	06/20/14	3 month LIBOR	5.100		28,951			(41,660	)
Deutsche Bank AG		EUR 4,810	10/16/14	6 month EURO	4.378		—			(2,117	)
Deutsche Bank AG		EUR 1,920	10/16/14	6 month EURO	4.435		—			(10,619	)
Deutsche Bank AG		EUR 1,920	10/16/14	6 month EURO	4.442		—			(8,929	)
Deutsche Bank AG		EUR 960	10/16/14	6 month EURO	4.380		—			(613	)
Citibank NA		JPY 213,000	12/20/16	6 month JYOR	1.872		—			(22,764	)
Bank of America NA (a)		JPY 106,000	06/20/17	1.750	6 month JYOR		(11,272	)		6,292
Barclays Bank PLC (a)		SEK 5,000	06/20/17	3 month SKOF	4.250		7,888			10,211
CSFB International London(a)		EUR 600	06/20/17	6 month EURO	4.250		14,046			(3,786	)
CSFB International London(a)		EUR 450	06/20/17	4.250	6 month EURO		(2,187	)		(5,996	)
Deutsche Bank AG		SEK 18,000	06/20/17	3 month SKOF	4.250		—			65,158
Deutsche Bank AG (a)		EUR 1,770	06/20/17	4.250	6 month EURO		11,523			(43,709	)
CSFB International London(a)		GBP 100	06/20/37	6 month BP	4.500		3,413			7,584
Deutsche Bank AG (a)		USD 700	06/20/37	5.250	3 month LIBOR		19,140			(32,766	)
Barclays Bank PLC (a)		GBP 150	06/22/37	6 month BP	4.500		10,297			6,212
Citibank NA(a)		EUR 310	06/22/37	6 month EURO	4.250		5,181			13,497
Citibank NA(a)		GBP 240	06/22/37	6 month BP	4.500		4,578			21,815
Merrill Lynch Capital Markets(a)		GBP 160	06/22/37	6 month BP	4.500		3,162			14,433
Deutsche Bank AG		EUR 1,070	10/16/37	4.568	6 month EURO		—			7,571
Deutsche Bank AG		EUR 430	10/16/37	4.631	6 month EURO		—			8,932
Deutsche Bank AG		EUR 420	10/16/37	4.641	6 month EURO		—			9,637
Deutsche Bank AG		EUR 210	10/16/37	4.573	6 month EURO		—			1,691
TOTAL						$	801,011		$	(669,951	)

(a)   Represents forward starting interest rate swap whose effective dates of commencement of accruals and cash flows occur subsequent to April 30, 2007.

AUD	—	Australian Dollar	JYOR	—	Japanese Yen Offered Rate
BBSW	—	Australian Bank Bill Swap Reference Rate	LIBOR	—	London Interbank Offered Rate
BP	—	British Pound Offered Rate	MXN	—	Mexican Peso
CAD	—	Canadian Dollar	NZD	—	New Zealand Dollar
CDOR	—	Canadian Dollar Offered Rate	SEK	—	Swedish Krona
EUR	—	Euro Currency	SKOF	—	Swedish Krona Offered Rate
EURO	—	Euro Offered Rate	USD	—	U.S. Dollar
GBP	—	British Pounds	ZDOR	—	New Zealand Offered Rate
JPY	—	Japanese Yen

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

61

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

April 30, 2007 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CREDIT DEFAULT SWAP CONTRACTS

								Upfront
		Notional		Rate				Payments
		Amount		Paid by			Termination	(received) made			Unrealized
Referenced Obligation	Swap Counterparty	(000s)		Fund			Date	by the Fund			Gain (Loss)
Protection Purchased:
Core Investment Grade Bond Trust	JPMorgan Securities, Inc.	$	7,000		0.400	%	12/20/11	$	(13,697	)	$	(3,273	)
Core Investment Grade Bond Trust	Banc of America Securities LLC		3,200		0.350		06/20/12		5,092			(4,920	)
Core Investment Grade Bond Trust	JPMorgan Securities, Inc.		5,000		0.650		12/20/16		(30,353	)		26,582
Core Investment Grade Bond Trust	Banc of America Securities LLC		1,000		0.650		12/20/16		549			(1,304	)
TOTAL								$	(38,409	)	$	17,085

TOTAL RETURN INDEX SWAP CONTRACTS

	Notional
	Amount		Termination		Reference	Value	Unrealized
Swap Counterparty	(000s)		Date		Security	to be Exchanged(a)	Gain(Loss)
JPMorgan Securities, Inc.	$	500		05/31/07	Banc of America Securities LLC CMBS AAA 10 Yr Index	Monthly duration adjusted return	$	(213	)
JPMorgan Securities, Inc.		500		05/31/07	Banc of America Securities LLC CMBS AAA 10 Yr Index	Monthly duration adjusted return		233
Banc of America Securities LLC		5,500		06/02/07	Banc of America Securities LLC CMBS AAA 10 Yr Index	Monthly duration adjusted return		(2,918	)
Banc of America Securities LLC		500		07/03/07	Banc of America Securities LLC CMBS AAA 10 Yr Index	Monthly duration adjusted return		(208	)
Banc of America Securities LLC		1,000		07/18/07	Banc of America Securities LLC CMBS AAA 10 Yr Index	Monthly duration adjusted return		(412	)
Banc of America Securities LLC		1,000		08/02/07	Banc of America Securities LLC CMBS AAA 10 Yr Index	Monthly duration adjusted return		(435	)
JPMorgan Securities, Inc.		750		08/31/07	Banc of America Securities LLC CMBS AAA 10 Yr Index	Monthly duration adjusted return		350
JPMorgan Securities, Inc.		1,000		09/04/07	Banc of America Securities LLC CMBS AAA 10 Yr Index	Monthly duration adjusted return		467
Banc of America Securities LLC		750		09/04/07	Banc of America Securities LLC CMBS AAA 10 Yr Index	Monthly duration adjusted return		210
TOTAL							$	(2,926	)

(a)   Fund receives payments based on any positive monthly duration adjusted return of the underlying index. Fund makes payments on any such negative returns.

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

62

GOLDMAN SACHS SINGLE/MULTI-SECTOR TAXABLE FIXED INCOME FUNDS

ADDITIONAL INVESTMENT INFORMATION (continued)

JOINT REPURCHASE AGREEMENT ACCOUNT II — At April 30, 2007, the Funds had undivided interests in the Joint Repurchase Agreement Account II, as follows:

Fund	Principal Amount
Government Income	$	33,800,000
U.S. Mortgages		27,100,000
Core Fixed Income		39,400,000
Investment Grade Credit		1,800,000
Core Plus Fixed Income		17,100,000

REPURCHASE AGREEMENTS

	Principal		Interest			Maturity	Maturity
Counterparty	Amount		Rate			Date	Value
Banc of America Securities LLC	$	1,500,000,000		5.24	%	05/01/07	$	1,500,218,333
Barclays Capital PLC		1,250,000,000		5.24		05/01/07		1,250,181,944
Bear Stearns		750,000,000		5.25		05/01/07		750,109,375
Citigroup Global Markets, Inc.		1,050,000,000		5.24		05/01/07		1,050,152,833
Credit Suisse First Boston LLC		500,000,000		5.25		05/01/07		500,072,917
Deutsche Bank Securities, Inc.		950,000,000		5.24		05/01/07		950,138,278
Greenwich Capital Markets		550,000,000		5.25		05/01/07		550,080,208
UBS Securities LLC		1,850,000,000		5.24		05/01/07		1,850,269,279
Wachovia Bank		250,000,000		5.24		05/01/07		250,036,389
TOTAL	$	8,650,000,000					$	8,651,259,556

At April 30, 2007, the Joint Repurchase Agreement Account II was fully collateralized by Federal Home Loan Mortgage Association, 2.700% to 10.500%, due 05/01/07 to 04/01/47; Federal National Mortgage Association, 3.375% to 9.000%, due 05/15/07 to 05/01/47; Government National Mortgage Association, 4.500% to 9.000%, due 07/15/09 to 04/20/37. The aggregate market value of the collateral, including accrued interest, was $8,849,763,665.

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

63

GOLDMAN SACHS SINGLE/MULTI-SECTOR TAXABLE FIXED INCOME FUNDS

Statements of Assets and Liabilities

April 30, 2007 (Unaudited)

		Government
		Income Fund
Assets:
Investments in securities, at value (identified cost $580,831,139, $360,364,784, $2,201,588,993, $226,838,422 and $55,886,236, respectively)		$	579,561,174
Repurchase agreement, at value which equals cost			33,800,000
Cash(a)			2,602,687
Receivables:
	Investment securities sold		55,787,445
	Interest, at value		3,485,752
	Fund shares sold		1,539,643
	Reimbursement from investment adviser		63,471
	Due from broker-variation margin(b)		1,893,340
	Forward foreign currency exchange contracts, at value		—
	Swap contracts, at value (includes upfront payments made of $3,057,573, $763,217, $10,864,529, $626,069 and $567,507, respectively)		2,047,110
	Deferred offering cost		—
Other assets, at value			4,366
Total assets			680,784,988
Liabilities:
Due to Custodian — U.S. Dollar			153,677
Due to Custodian — Foreign currency (identified cost $31,677)			—
Payables:
	Investment securities purchased		90,786,076
	Swap contracts, at value (includes upfront payments made (received) of $2,480,308, $122,535, $6,606,915, ($145,018) and ($195,095), respectively)		3,321,824
	Fund shares repurchased		1,065,554
	Forward foreign currency exchange contracts, at value		—
	Income distribution		375,890
	Amounts owed to affiliates		404,801
	Due to broker-variation margin		—
Accrued expenses and other liabilities			214,856
Total liabilities			96,322,678
Net Assets:
Paid-in capital			595,419,288
Accumulated undistributed net investment income			2,431,406
Accumulated net realized gain (loss) on investments, futures, swaps and foreign currency related transactions			(5,856,657	)
Net unrealized depreciation on investments, futures, swaps and translation of assets and liabilities denominated in foreign currencies			(7,531,727	)
NET ASSETS		$	584,462,310
Net Assets:
	Class A	$	317,262,594
	Class B		16,773,369
	Class C		12,283,608
	Institutional		206,372,301
	Service		31,770,438
	Separate Account Institutional Shares		—
Shares Outstanding:
	Class A		21,604,685
	Class B		1,142,082
	Class C		836,865
	Institutional		14,069,120
	Service		2,167,555
	Separate Account Institutional Shares		—
Total shares outstanding, $0.001 par value (unlimited number of shares authorized)			39,820,307
Net asset value, offering and redemption price per share:(c)
	Class A		$14.68
	Class B		14.69
	Class C		14.68
	Institutional		14.67
	Service		14.66
	Separate Account Institutional Shares		—

(a)	Includes restricted cash of $2,602,687, $922,945, $23,482,866 and $606,508 relating to swap contracts for Government Income, U.S. Mortgages, Core Fixed Income and Investment Grade Credit Funds, respectively.
(b)	Includes restricted cash of $1,427,625, $709,057, $268,180, $1,398,000 and $312,532, relating to initial margin requirements and collateral on futures transactions for Government Income, U.S. Mortgages, Investment Grade Credit, Core Fixed Income and Core Plus Fixed Income Funds, respectively.
(c)	Maximum public offering price per share for Class A shares of Government Income, U.S. Mortgages, Core Fixed Income, Investment Grade Credit and Core Plus Fixed Income Funds (NAV per share multiplied by 1.0471) is $15.37, $10.38, $10.31, $10.49 and $10.43, respectively. At redemption, Class B and Class C shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

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

64

GOLDMAN SACHS SINGLE/MULTI-SECTOR TAXABLE FIXED INCOME FUNDS

U.S. Mortgages			Core Fixed			Investment Grade			Core Plus Fixed
Fund			Income Fund			Credit Fund			Income Fund
$	359,585,420		$	2,205,201,023		$	227,256,547		$	55,981,881
	27,100,000			39,400,000			1,800,000			17,100,000
	997,878			24,396,789			753,218			339
	1,189,574			123,271,023			—			78,377
	1,493,032			16,919,703			3,380,844			453,932
	74,786			5,657,270			1,793			181,791
	66,073			—			35,858			81,600
	709,057			1,398,000			305,227			362,563
	—			9,890,958			—			283,869
	255,628			10,066,699			265,042			399,397
	—			—			—			69,770
	9,752			57,725			10,331			4,909
	391,481,200			2,436,259,190			233,808,860			74,998,428
	—			—			—			—
	1,628			—			—			30,731
	4,176,636			15,398,565			4,495,950			396,633
	888,657			12,692,834			762,330			292,587
	2,700,060			3,651,758			2,520,613			328
	—			7,401,229			15,644			185,028
	297,739			2,656,673			202,251			32,804
	112,923			1,041,383			66,990			33,862
	91,381			452,643			—			—
	160,344			444,064			101,412			199,125
	8,429,368			43,739,149			8,165,190			1,171,098
	385,092,978			2,406,223,062			229,329,833			74,016,900
	197,377			1,902,540			310,930			35,025
	30,236			(1,986,062	)		(3,518,123	)		153,491
	(2,268,759	)		(13,619,499	)		(478,970	)		(378,086	)
$	383,051,832		$	2,392,520,041		$	225,643,670		$	73,827,330
$	6,694,280		$	743,815,543		$	6,937,728		$	12,564,687
	—			21,389,450			—			—
	—			24,487,393			—			360,253
	138,602,374			1,557,319,876			3,576,745			60,902,390
	—			45,507,779			—			—
	237,755,178			—			215,129,197			—
	675,468			75,528,084			692,310			1,261,211
	—			2,162,855			—			—
	—			2,474,610			—			36,173
	13,963,860			157,534,619			356,260			6,113,494
	—			4,601,172			—			—
	23,967,316			—			21,442,538			—
	38,606,644			242,301,340			22,491,108			7,410,878
	$9.91		$	9.85		$	10.02		$	9.96
	—			9.89			—			—
	—			9.90			—			9.96
	9.93			9.89			10.04			9.96
	—			9.89			—			—
	9.92			—			10.03			—

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

65

GOLDMAN SACHS SINGLE/MULTI-SECTOR TAXABLE FIXED INCOME FUNDS

Statements of Operations

For the Six Months Ended April 30, 2007 (Unaudited)

		Government
		Income Fund
Investment income:
Interest		$	15,592,998
Dividends from Underlying Funds			—
Total income			15,592,998
Expenses:
Management fees			1,689,321
Distribution and Service fees(b)			626,033
Transfer Agent fees(b)			365,320
Custody and accounting fees			115,487
Professional fees			37,239
Amortization of offering costs			—
Service share fees(b)			74,893
Registration fees			42,071
Printing fees			17,107
Trustee fees			9,217
Other			41,385
Total expenses			3,018,073
Less — expense reductions			(274,402	)
Net expenses			2,743,671
NET INVESTMENT INCOME			12,849,327
Realized and unrealized gain (loss) on investments, futures, swaps and foreign currency related transactions:
Net realized gain (loss) from:
	Investment transactions		121,857
	Capital gain distributions from Underlying Funds		—
	Futures transactions		3,286,301
	Swap contracts		3,209,281
	Foreign currency related transactions		—
Net change in unrealized gain (loss) on:
	Investments		1,509,707
	Futures		67,580
	Swap contracts		(6,786,242	)
	Translation of assets and liabilities denominated in foreign currencies		—
Net realized and unrealized gain (loss) on investments, futures, swaps and foreign currency related transactions			1,408,484
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	14,257,811

(a)	Commenced operations on November 30, 2006.
(b)	Class specific Distribution and Service, Transfer Agent, and Service Share fees were as follows:

	Distribution and Service Fees						Transfer Agent Fees												Service Share Fees
																	Separate
																	Account
Fund	Class A		Class B		Class C		Class A		Class B		Class C		Institutional		Service		Institutional		Class A		Institutional
Government Income	$	458,505	$	86,683	$	80,845	$	293,443	$	13,869	$	12,935	$	39,082	$	5,991	$	—	$	—	$	—
U.S. Mortgages		8,317		—		—		5,323		—		—		24,940		—		60,178		1,663		31,175
Core Fixed Income		894,336		110,298		103,383		572,375		17,648		16,541		289,484		9,149		—		—		—
Investment Grade Credit		7,559		—		—		4,838		—		—		670		—		42,276		1,512		838
Core Plus Fixed Income		4,738		—		1,036		3,032		—		166		8,763		—		—		—		—

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

66

U.S. Mortgages			Core Fixed			Investment Grade			Core Plus Fixed
Fund			Income Fund			Credit Fund			Income Fund(a)
$	11,190,165		$	59,635,425		$	6,252,245		$	1,139,887
	—			—			—			74,162
	11,190,165			59,635,425			6,252,245			1,214,049
	864,492			4,224,039			441,559			102,848
	8,317			1,108,017			7,559			5,774
	90,441			905,197			47,784			11,961
	102,958			129,355			36,921			55,855
	35,079			54,750			27,299			55,220
	—			—			—			49,230
	32,838			114,367			2,350			—
	18,388			50,992			18,079			24,894
	13,575			46,201			17,869			17,914
	9,217			9,217			9,217			9,217
	4,024			50,028			500			12,100
	1,179,329			6,692,163			609,137			345,013
	(383,748	)		(56,337	)		(206,547	)		(223,921	)
	795,581			6,635,826			402,590			121,092
	10,394,584			52,999,599			5,849,655			1,092,957
	812,378			3,164,439			18,201			(116,100	)
	—			—			—			17,610
	293,275			11,646,797			420,874			400,757
	540,074			8,781,514			360,228			(19,538	)
	—			(3,742,927	)		(171,905	)		(129,238	)
	440,664			(1,265,898	)		1,169,538			95,645
	370,316			1,158,388			118,859			82,943
	(1,185,024	)		(21,665,080	)		(377,186	)		(655,792	)
	—			3,429,141			13,012			99,118
	1,271,683			1,506,374			1,551,621			(224,595	)
$	11,666,267		$	54,505,973		$	7,401,276		$	868,362

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

67

GOLDMAN SACHS SINGLE/ MULTI-SECTOR TAXABLE FIXED INCOME FUNDS

Statements of Changes in Net Assets

		Government Income Fund						U.S. Mortgages Fund
		For the						For the
		Six Months						Six Months
		Ended			For the			Ended			For the
		April 30, 2007			Year Ended			April 30, 2007			Year Ended
		(Unaudited)			October 31, 2006			(Unaudited)			October 31, 2006
From operations:
Net investment income		$	12,849,327		$	31,518,636		$	10,394,584		$	22,135,388
Net realized gain (loss) on investment, futures, swaps and foreign currency related transactions			6,617,439			(14,124,908	)		1,645,727			(342,237	)
Net change in unrealized gain (loss) on investments, futures, swaps and translation of assets and liabilities denominated in foreign currencies			(5,208,955	)		11,340,934			(374,044	)		5,107,390
Net increase in net assets resulting from operations			14,257,811			28,734,662			11,666,267			26,900,541
Distributions to shareholders:
From net investment income
	Class A Shares		(7,420,703	)		(24,629,669	)		(158,864	)		(327,343	)
	Class B Shares		(284,801	)		(650,709	)		—			—
	Class C Shares		(264,956	)		(542,468	)		—			—
	Institutional Shares		(4,300,788	)		(4,808,529	)		(3,177,111	)		(4,165,860	)
	Service Shares		(585,273	)		(711,718	)		—			—
	Separate Account Institutional Shares		—			—			(7,751,078	)		(17,156,726	)
From net realized gains
	Class A Shares		—			(160,181	)		—			—
	Class B Shares		—			(5,062	)		—			—
	Class C Shares		—			(3,803	)		—			—
	Institutional Shares		—			(12,822	)		—			—
	Service Shares		—			(3,776	)		—			—
From capital
	Class A Shares		—			—			—			—
	Class B Shares		—			—			—			—
	Class C Shares		—			—			—			—
	Institutional Shares		—			—			—			—
	Service Shares		—			—			—			—
Total distributions to shareholders			(12,856,521	)		(31,528,737	)		(11,087,053	)		(21,649,929	)
From share transactions:
Net proceeds from sales of shares			249,266,519			490,086,040			46,818,137			293,021,211
Proceeds received in connection with merger			—			—			—			—
Reinvestment of dividends and distributions			10,379,697			28,194,885			8,956,554			18,063,365
Cost of shares repurchased			(315,236,050	)		(727,312,932	)		(105,707,311	)		(353,767,406	)
Net increase (decrease) in net assets resulting from share transactions			(55,589,834	)		(209,032,007	)		(49,932,620	)		(42,682,830	)
TOTAL INCREASE (DECREASE)			(54,188,544	)		(211,826,082	)		(49,353,406	)		(37,432,218	)
Net assets:
Beginning of period			638,650,854			850,476,936			432,405,238			469,837,456
End of period		$	584,462,310		$	638,650,854		$	383,051,832		$	432,405,238
Accumulated undistributed (distributions in excess of) net investment income		$	2,431,406		$	2,438,600		$	197,377		$	889,846

(a)   Commenced operations on November 30, 2006.

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

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GOLDMAN SACHS SINGLE/MULTI-SECTOR TAXABLE FIXED INCOME FUNDS

Core Fixed Income Fund						Investment Grade Credit Fund						Core Plus Fixed Income Fund(a)
For the						For the
Six Months						Six Months						For the
Ended			For the			Ended			For the			Period Ended
April 30, 2007			Year Ended			April 30, 2007			Year Ended			April 30, 2007
(Unaudited)			October 31, 2006			(Unaudited)			October 31, 2006			(Unaudited)
$	52,999,599		$	97,632,224		$	5,849,655		$	11,221,247		$	1,092,957
	19,849,823			(30,351,124	)		627,398			(3,970,304	)		153,491
	(18,343,449	)		37,147,203			924,223			3,469,449			(378,086	)
	54,505,973			104,428,303			7,401,276			10,720,392			868,362
	(14,493,041	)		(27,592,559	)		(145,917	)		(173,533	)		(73,338	)
	(362,223	)		(809,299	)		—			—			—
	(339,353	)		(683,475	)		—			—			(3,521	)
	(31,885,122	)		(59,364,208	)		(87,661	)		(173,199	)		(981,073	)
	(891,834	)		(1,497,789	)		—			—			—
	—			—			(5,583,112	)		(10,283,179	)		—
	—			(4,057,820	)		—			—			—
	—			(173,446	)		—			—			—
	—			(143,326	)		—			—			—
	—			(6,915,957	)		—			—			—
	—			(198,051	)		—			—			—
	—			(666,129	)		—			—			—
	—			(19,538	)		—			—			—
	—			(16,500	)		—			—			—
	—			(1,433,147	)		—			—			—
	—			(36,159	)		—			—			—
	(47,971,573	)		(103,607,403	)		(5,816,690	)		(10,629,911	)		(1,057,932	)
	430,144,982			1,051,438,670			30,473,681			68,516,397			75,028,827
	93,427,679			230,276,588			—			—			—
	31,923,612			70,943,055			4,525,677			8,219,129			1,012,248
	(533,866,152	)		(829,727,761	)		(23,798,846	)		(63,423,525	)		(2,024,175	)
	21,630,121			522,930,552			11,200,512			13,312,001			74,016,900
	28,164,521			523,751,452			12,785,098			13,402,482			73,827,330
	2,364,355,520			1,840,604,068			212,858,572			199,456,090			—
$	2,392,520,041		$	2,364,355,520		$	225,643,670		$	212,858,572		$	73,827,330
$	1,902,540		$	(3,125,486	)	$	310,930		$	277,965		$	35,025

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

69

GOLDMAN SACHS SINGLE/MULTI-SECTOR TAXABLE FIXED INCOME FUNDS

Notes to Financial Statements

April 30, 2007 (Unaudited)

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (“the Act”), as an open-end management investment company. The Trust includes Goldman Sachs Government Income Fund (“Government Income”), Goldman Sachs U.S. Mortgages Fund (“U.S. Mortgages”), Goldman Sachs Core Fixed Income Fund (“Core Fixed Income”) Goldman Sachs Investment Grade Credit Fund (“Investment Grade Credit”) and Goldman Sachs Core Plus Fixed Income Fund (“Core Plus Fixed Income”) (collectively, the “Funds” or individually a “Fund”). Each Fund is a diversified portfolio of the Trust. U.S. Mortgages and Investment Grade Credit offer three classes of shares — Class A, Institutional and Separate Account Institutional and Core Plus Fixed Income currently offers three classes of Shares — Class A, Class C and Institutional. Government Income and Core Fixed Income offer five classes of shares — Class A, Class B, Class C, Institutional and Service. Class A shares of the funds charge a maximum initial sales charge of 4.50%. The contingent deferred sales charge for Class B shares is 5.00% maximum declining to zero after six years for the Government Income and Core Fixed Income. The Class C shares of Government Income, Core Fixed Income and Core Plus Fixed Income have a contingent deferred sales charge of 1.00% during the first 12 months. Institutional, Service and Separate Account Institutional shares are not subject to a sales charge. Goldman, Sachs & Co. (“Goldman Sachs”) as distributor of the Funds receives such sales loads of which a certain portion may be retained.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies consistently followed by the Funds. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that may affect the reported amounts. Actual results could differ from those estimates.

A. Investment Valuation — Portfolio securities for which market quotations are readily available are valued at market value on the basis of quotations furnished by a pricing service or provided by dealers in such securities. Investments in the investment companies that are not traded on a securities exchange (the “Underlying Funds”) are valued at the net asset value per share of each Underlying Fund on the day of valuation. Certain instruments may be valued by the investment adviser in good faith through the use of valuation models (matrix pricing) that take into account spread and yield changes on government instruments in the appropriate market. Short-term debt obligations maturing in sixty days or less are valued at amortized cost, which approximates market value. Portfolio securities for which market quotations are not readily available or are deemed not to reflect market value by the investment adviser are valued based on yield equivalents, pricing matrices or other sources, under valuation procedures established by the Trust’s Board of Trustees.

B. Security Transactions and Investment Income — Security transactions are reflected as of the trade date. Realized gains and losses on sales of portfolio securities are calculated using the identified cost basis. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted. Market discounts, original issue discount (OID) and market premiums on debt securities are accreted/amortized to interest income over the life of the security with a corresponding adjustment in the cost basis of that security. Net investment income (other than class specific expenses) and unrealized and realized gains or losses are allocated daily to each class of shares of the respective Funds based upon the relative proportion of net assets of each class.

     Certain mortgage security paydown gains and losses are recorded as interest income (loss) and included in interest income in the accompanying Statements of Operations.

70

GOLDMAN SACHS SINGLE/MULTI-SECTOR TAXABLE FIXED INCOME FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

     Pursuant to applicable law and procedures adopted by the Trust’s Board of Trustees, securities transactions in portfolio securities (including futures transactions) may be effected from time to time through Goldman Sachs or an affiliate. In order for Goldman Sachs or an affiliate, acting as agent, to effect securities or futures transactions for a Fund, the commissions, fees or other remuneration received by Goldman Sachs or an affiliate must be reasonable and fair compared to the commissions, fees or other remuneration received by other brokers in connection with comparable transactions involving similar securities or futures contracts.

C. Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Funds on a straight-line and/or “pro-rata” basis depending upon the nature of the expense. Expenses included in the accompanying financial statements reflect the expenses of each Fund and do not include any expenses associated with the Underlying Funds.

     Class A, Class B and Class C shareholders of the Funds bear all expenses and fees relating to their respective Distribution and Service Plans. Service Shares bear all expenses and fees relating to their Service and Shareholder Administration Plans. Each class of shares of the Funds separately bear its respective class-specific Transfer Agency fees. Class A and Institutional shareholders of U.S. Mortgages and Investment Grade Credit bear their respective class specific Account Services fees.

D. Federal Taxes and Distribution to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable and tax-exempt income and capital gains to its shareholders. Accordingly, no federal tax provisions are required. Dividends and distributions to shareholders are recorded on the ex-dividend date. Income distributions are declared daily and paid monthly. Capital gain distributions, if any, are declared and paid annually. Net capital losses are carried forward to future years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gain distributions.

     The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with Federal income tax rules, which may differ from U.S. generally accepted accounting principles. Therefore, the source of each Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gains, or as a tax return of capital.

E. Foreign Currency Translations — The books and records of the Funds are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investment valuations, foreign currency and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates; and (ii) purchases and sales of foreign investments, income and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions.

     Net realized and unrealized gain (loss) on foreign currency transactions will represent: (i) foreign exchange gains and losses from the sale and holdings of foreign currencies; (ii) gains and losses from the sale of investments (applicable to fixed income securities); (iii) currency gains and losses between trade date and settlement date on investment securities transactions and forward exchange contracts; and (iv) gains and losses from the difference between amounts of interest, dividends and foreign withholding taxes recorded and the amounts actually received. The effect of changes in foreign currency exchange rates on securities and derivative instruments are not segregated in the Statement of Operations from the effects of changes in market prices of those securities and derivative instruments, and are included with the net realized and unrealized gain (loss)

71

GOLDMAN SACHS SINGLE/MULTI-SECTOR TAXABLE FIXED INCOME FUNDS

Notes to Financial Statements (continued)

April 30, 2007 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

on securities and derivative instruments transactions. Net unrealized foreign exchange gains and losses arising from changes in the value of other assets and liabilities as a result of changes in foreign exchange rates are included as increases and decreases in unrealized gain (loss) on foreign currency related transactions.

F. Forward Foreign Currency Exchange Contracts — Core Fixed Income, Investment Grade Credit and Core Plus Fixed Income may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date as a hedge or cross-hedge against either specific transactions or portfolio positions. Core Fixed Income, Investment Grade Credit and Core Plus Fixed Income may also purchase and sell forward contracts to seek to increase total return. All commitments are “marked-to-market” daily at the applicable translation rates and any resulting unrealized gains or losses are recorded in the Funds’ financial statements. Core Fixed Income, Investment Grade Credit and Core Plus Fixed Income record realized gains or losses at the time a forward contract is offset by entry into a closing transaction or extinguished by delivery of the currency. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

     The contractual amounts of forward foreign currency contracts do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. At April 30, 2007, Core Fixed Income, Investment Grade Credit and Core Plus Fixed Income had segregated sufficient cash and/or securities to cover any commitments under these contracts.

G. Forward Sales Contracts — The Funds may enter into forward security sales of mortgage-backed securities in which the Funds sell securities in the current month for delivery of securities defined by pool-stipulated characteristics on a specified future date. The value of the contract is recorded as an asset and a liability on the Funds’ records with the difference between its market value and expected cash proceeds recorded as an unrealized gain or loss. Gains or losses are realized upon delivery of the security sold.

H. Futures Contracts — The Funds may enter into futures transactions to hedge against changes in interest rates, securities prices, currency exchange rates or to seek to increase total return. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price, at the end of each day on the board of trade or exchange upon which they are traded. Upon entering into a futures contract, the Funds are required to segregate cash or securities equal to the minimum “initial margin” requirement of the associated futures exchange. Subsequent payments for futures contracts (“variation margin”) are paid or received by the Funds, dependent on the fluctuations in the value of the contracts, and are recorded for financial reporting purposes as unrealized gains or losses. When contracts are closed, the Funds realize a gain or loss which is reported in the Statement of Operations.

     The use of futures contracts involves, to varying degrees, elements of market and counterparty risk which may exceed the amounts recognized in the Statement of Assets and Liabilities. Changes in the value of a futures contract may not directly correlate with changes in the value of the underlying securities. These risks may decrease the effectiveness of the Funds’ strategies and potentially result in a loss.

I. Mortgage Dollar Rolls — The Funds may enter into mortgage “dollar rolls” in which the Funds sell securities in the current month for delivery and simultaneously contract with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. For financial and tax reporting purposes, the Funds treat

72

GOLDMAN SACHS SINGLE/MULTI-SECTOR TAXABLE FIXED INCOME FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

mortgage dollar rolls as two separate transactions; one involving the purchase of a security and a separate transaction involving a sale.

     During the settlement period between sale and repurchase, the Funds will not be entitled to accrued interest and/or receive principal payments on the securities sold. Dollar roll transactions involve the risk that the market value of the securities sold by the Funds may decline below the repurchase price of those securities. In the event the buyer of the securities under a dollar roll transaction files for bankruptcy or becomes insolvent, the Funds’ use of proceeds of the transaction may be restricted pending a determination by, or with respect to, the other party.

J. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the Funds, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. If the seller defaults or becomes insolvent, realization of the collateral by the Funds may be delayed or limited and there may be a decline in the value of the collateral during the period while the Funds seek to assert their rights. The underlying securities for all repurchase agreements are held in safekeeping at the Funds’ custodian or designated subcustodians under triparty 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 registered investment companies having management or investment advisory agreements with Goldman Sachs Asset Management, L.P. (“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.

K. Securities purchased on a when-issued or delayed-delivery basis — The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled a month or more after trade date; interest income is not accrued until settlement date. At the time a Fund enters into such transactions, it is required to have segregated assets with a current value at least equal to the amount of its when-issued or delayed-delivery purchase commitments. Credit risks exist on these commitments to the extent of any unrealized gains on the underlying securities purchased and any unrealized losses on the underlying securities sold. Market risk exists on these commitments to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. In addition to the normal credit and market risks, transactions with delayed settlement dates may expose the Funds to greater risk that such transactions may not be consummated.

L. Segregation Transactions — The Funds may enter into certain derivative transactions to seek to increase total return. Forward foreign currency exchange contracts, futures contracts, swap contracts, written options, mortgage dollar rolls, when-issued securities and forward commitments represent examples of such transactions. As a result of entering into these transactions, the Funds are required to segregate liquid assets with a current value equal to or greater than the market value of the corresponding transactions.

M. Swap Contracts — The Funds may enter into swap transactions for hedging purposes or to seek to increase total return. Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the swap contract. The loss incurred by the failure of a counterparty is generally limited to the net payment to be received by the Funds and/or the termination value at the end of the contract. Therefore, the Funds consider the creditworthiness of each counterparty to a contract in evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying reference asset or index. Entering into these agreements involves, to varying

73

GOLDMAN SACHS SINGLE/MULTI-SECTOR TAXABLE FIXED INCOME FUNDS

Notes to Financial Statements (continued)

April 30, 2007 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

degrees, market, liquidity, elements of credit, legal and documentation risk in excess of amounts recognized in the Statement of Assets and Liabilities. The Funds may invest in the following types of swaps:

     An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices, rates or indices for a specified amount of an underlying asset or notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other.

     A total return swap is an agreement that gives a Fund the right to receive the appreciation in the value of a specified security, index or other instrument in return for a fee paid to the counterparty, which will typically be an agreed upon interest rate. If the underlying asset declines in value over the term of the swap, the Fund may also be required to pay the dollar value of that decline to the counterparty.

     Credit default swap agreements involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party, typically a corporate issuer on its obligation. A Fund may use credit default swaps to provide a measure of protection against defaults of a corporate issuer or to take an active long or short position with respect to the likelihood of a particular issuer’s default. As a seller of protection, a Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. Credit default swaps may involve greater risks than if a Fund had invested in the referenced obligation directly. If the Fund enters into a buy contract and no credit event occurs, its exposure is limited to the periodic payments previously made to the counterparty. In addition, if the Fund enters into a sale contract and a credit event occurs, the value of the referenced obligation received by the Fund reduced by the periodic payments previously received may be less than the maximum payout amount it pays to the counterparty, resulting in a loss to the Fund.

     Swaps are marked to market daily using either pricing vendor quotations, counterparty prices or model prices and the change in value, if any, is recorded as an unrealized gain or loss in the Statement of Operations. Upfront payments made and/or received by the Funds, are recorded as an asset and/ or liability on the Statement of Assets and Liabilities and are recorded as a realized gain or loss ratably over the contract’s term/event with the exception of forward starting interest rate swaps, which are recorded as a realized gain or loss on termination date. Periodic payments received or made on swap contracts are recorded as realized gain or loss on the Statement of Operations. Gains or losses are also realized upon early termination of the swap agreements and recorded as realized gains on swaps on the Statement of Operations.

N. Treasury Inflation-Protected Securities — The Funds may invest in Treasury Inflation-Protected Securities (“TIPS”), specially structured bonds in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index (“CPI”). The adjustments for interest income due to inflation are reflected in interest income on the Statement of Operations. The repayment of the original bond principal upon maturity and adjustments for interest income are guaranteed by the full faith and credit of the U.S. Government.

3. AGREEMENTS

GSAM, an affiliate of Goldman Sachs, serves as investment adviser pursuant to an Investment Management Agreement (the “Agreement”) with the Trust on behalf of the Funds. Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trust’s Board of Trustees.

     As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administering the Funds’ business affairs, including providing facilities, GSAM is entitled to a fee (“Management fee”), computed daily and payable monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

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GOLDMAN SACHS SINGLE/MULTI-SECTOR TAXABLE FIXED INCOME FUNDS

3. AGREEMENTS (continued)

     For the six months ended April 30, 2007, GSAM received a Management fee on a contractual basis at the following rates:

	Contractual Management Fee
												Effective
	Up to		Next			Over			Effective			Net Management
Fund	$1 billion		$1 billion			$2 billion			Fee			Fee (After Waivers)
Government Income		0.54%		0.49	%		0.47	%		0.54	%		0.54	%
U.S. Mortgages		0.40		0.36			0.34			0.40			0.33	*
Core Fixed Income		0.40		0.36			0.34			0.38			0.38
Investment Grade Credit		0.40		0.36			0.34			0.40			0.33	*
Core Plus Fixed Income		0.45		0.41			0.39			0.45			0.45

*  GSAM voluntarily agreed to waive a portion of its management fee in order to achieve an effective fee of 0.33% and 0.33%, as an annual percentage rate of average daily net assets of U.S. Mortgages and Investment Grade Credit, respectively.

     GSAM has also voluntarily agreed to limit certain “Other Expenses” (excluding Management fees, Distribution and Service fees, Transfer Agency fees and expenses, Service Share fees, Account Service fees, taxes, interest, brokerage fees and litigation, indemnification, shareholder meeting and other extraordinary expenses exclusive of any custody and transfer agent fee credit reductions) to the extent that such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such expense reimbursements, if any, are computed daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. For the six months ended April 30, 2007, the Other Expense limitations for Government Income, U.S. Mortgages, Core Fixed Income, Investment Grade Credit and Core Plus Fixed Income as an annual percentage rate of average daily net assets were 0.004%, 0.004%, 0.104%, 0.004% and 0.004%, respectively.

     The Trust, on behalf of each Fund, has adopted Distribution and Service Plans. Under the Plans, Goldman Sachs and/or authorized dealers are entitled to a monthly fee for distribution services equal to, on an annual basis, 0.25% of the average daily net assets of U.S. Mortgages and Investment Grade Credit attributable to Class A shares and 0.25%, 0.75% and 0.75% of the average daily net assets of Government Income, Core Fixed Income and Core Plus Fixed Income attributable to Class A, Class B and Class C shares, respectively. Additionally, Goldman Sachs and/or authorized dealers are entitled to receive, under the Plans, a separate fee for personal and account maintenance services equal to, on an annual basis, 0.25% of the average daily net assets of Government Income, Core Fixed Income and Core Plus Fixed Income attributable to Class B or Class C Shares, as appropriate.

75

GOLDMAN SACHS SINGLE/MULTI-SECTOR TAXABLE FIXED INCOME FUNDS

Notes to Financial Statements (continued)

April 30, 2007 (Unaudited)

3. AGREEMENTS (continued)

     Goldman Sachs serves as Distributor of the shares of the Funds pursuant to a Distribution Agreement. Goldman Sachs may retain a portion of the Class A sales load and Class B and Class C contingent deferred sales charges. During for the six months ended April 30, 2007, Goldman Sachs advised the Funds that it retained the following approximate amounts:

	Sales		Contingent Deferred
	Load		Sales Charge
Fund	Class A		Class B		Class C
Government Income		$15,200		$100	$	600
U.S. Mortgages		400		—		—
Core Fixed Income		61,500		—		1,000
Investment Grade Credit		700		—		—
Core Plus Fixed Income		3,700		—		—

     Goldman Sachs also serves as Transfer Agent of the Funds for a fee. The fees charged for such transfer agency services are calculated daily and payable monthly at an annual rate as follows: 0.16% of the average daily net assets for Class A, Class B and Class C Shares and 0.04% of the average daily net assets for Separate Account Institutional (U.S. Mortgages and Investment Grade Credit only), Institutional for the Funds and Service shares (Government Income and Core Fixed Income only). For the six months ended April 30, 2007, Goldman Sachs has voluntarily agreed to waive a portion of the Transfer Agent fees equal to 0.02% of the average daily net assets attributable to Institutional and Separate Account Institutional shares of U.S. Mortgages and Investment Grade Credit. Goldman Sachs may discontinue or modify this waiver in the future at its discretion.

     The Trust, on behalf of Government Income and Core Fixed Income, has adopted a Service Plan and a Shareholder Administration Plan for Service Shares. These plans allow for Service Shares to compensate service organizations for providing varying levels of personal and account administration and shareholder administration services to their customers who are beneficial owners of such shares. The Service Plan, and Shareholder Administration Plan provide for compensation to the service organizations in an amount equal to, on an annualized basis, 0.25% and 0.25% respectively, of the average daily net assets of each share class. The Trust, on behalf of Class A and Institutional Class Shares of U.S. Mortgages and Investment Grade Credit Funds, has adopted Account Service Plans. Under these Plans, Goldman Sachs and authorized dealers are entitled to receive a fee for account service and account maintenance equal to, on an annual basis, 0.05% of the average daily net assets of U.S. Mortgages and Investment Grade Credit Funds attributable to Class A and Institutional Class shares.

     For the six months ended April 30, 2007, GSAM and the distributor have voluntarily agreed to waive certain fees and reimburse other expenses. In addition, the Funds have entered into certain offset arrangements with the custodian and transfer

76

GOLDMAN SACHS SINGLE/MULTI-SECTOR TAXABLE FIXED INCOME FUNDS

3. AGREEMENTS (continued)

agent resulting in a reduction of the Funds’ expenses. For the six months ended April 30, 2007, expense reductions were as follows (in thousands):

	Fee Waivers						Fee Credits
					Other						Total
	Management		Transfer		Expense		Custody		Transfer		Expense
Fund	Fees		Agent Fees		Reimbursement		Fee		Agent Fee		Reductions
Government Income	$	—	$	—	$	250	$	14	$	10	$	274
U.S. Mortgages		151		43		175		15		—		384
Core Fixed Income		—		—		—		39		17		56
Investment Grade Credit		77		22		106		2		—		207
Core Plus Fixed Income		—		—		224		—		—		224

     At April 30, 2007, the amounts owed to affiliates of the Trust were as follows (in thousands):

	Management		Distribution and		Transfer
Fund	Fees		Service Fees		Agent Fees		Total
Government Income	$	262	$	89	$	54	$	405
U.S. Mortgages		105		1		7		113
Core Fixed Income		702		188		151		1,041
Investment Grade Credit		61		1		5		67
Core Plus Fixed Income		28		3		3		34

4. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2007, were as follows:

					Sales and		Sales and Maturities
	Purchases of		Purchases		Maturities of		(Excluding
	U.S. Government		(Excluding		U.S. Government		U.S. Government
	and Agency		U.S. Government and		and Agency		and Agency
Fund	Obligations		Agency Obligations		Obligations)		Obligations)
Government Income	$	473,267,918	$	29,926,629	$	396,872,792	$	16,652,393
U.S. Mortgages		988,185,828		16,037,044		1,040,336,210		46,013,603
Core Fixed Income		1,236,617,323		211,349,685		583,491,819		605,695,602
Investment Grade Credit		25,680,166		93,605,565		35,224,090		55,873,534
Core Plus Fixed Income		92,574,251		20,892,108		55,335,720		947,456

77

GOLDMAN SACHS SINGLE/MULTI-SECTOR TAXABLE FIXED INCOME FUNDS

Notes to Financial Statements (continued)

April 30, 2007 (Unaudited)

4. PORTFOLIO SECURITIES TRANSACTIONS (continued)

     For the year ended April 30, 2007, Government Income, U.S. Mortgages, Core Fixed Income, Investment Grade Credit and Core Plus Fixed Income paid commissions of approximately $57,600, $12,500, $170,100, $7,600 and $7,200, respectively, in connection with futures contracts entered into with Goldman Sachs.

5. LINE OF CREDIT FACILITY

The Funds participate in a $400,000,000 committed, unsecured revolving line of credit facility together with other registered investment companies having management or investment advisory agreements with GSAM or affiliates. Such amount was increased to $450,000,000 effective May 23, 2007.

     Under the most restrictive arrangement, the Funds must own securities having a market value in excess of 300% of each Fund’s total bank borrowings. This facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate. The committed facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended April 30, 2007, the Funds did not have any borrowings under this facility.

6. TAX INFORMATION

As of the most recent fiscal year ended October 31, 2006, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows.

		Government						Core Fixed			Investment Grade
		Income			U.S. Mortgages			Income			Credit
Capital loss carryforward:1
	Expiring 2013	$	—		$	(936,118	)	$	—		$	(419,693	)
	Expiring 2014		(11,925,097	)		(978,868	)		(22,304,650	)		(3,690,267	)
Total capital loss carryforward		$	(11,925,097	)	$	(1,914,986	)	$	(22,304,650	)	$	(4,109,960	)
Timing differences (income distribution payables, straddles and swap receivables)			(326,685	)		(311,786	)		(2,837,105	)		(251,423	)

¹  Expiration occurs on October 31 of the year indicated.

     As of April 30, 2007, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:

	Government						Core Fixed			Investment			Core Plus Fixed
	Income			U.S. Mortgages			Income			Grade Credit			Income
Tax Cost	$	614,363,347		$	388,381,615		$	2,258,753,361		$	229,133,525		$	73,748,838
Gross unrealized gain		3,224,509			1,519,517			13,107,446			2,188,975			169,976
Gross unrealized loss		(4,226,682	)		(3,215,712	)		(27,259,784	)		(2,265,953	)		(836,933	)
Net unrealized security loss	$	(1,002,173	)	$	(1,696,195	)	$	(14,152,338	)	$	(76,978	)	$	(666,957	)

78

GOLDMAN SACHS SINGLE/MULTI-SECTOR TAXABLE FIXED INCOME FUNDS

6. TAX INFORMATION (continued)

     The difference between book-basis and tax-basis unrealized gains (losses) is attributable to wash sales, differences related to the tax treatment of non-periodic swap payments, amortization of swaps, market discount accretion and premium amortization and mark-to-market gain (losses) on 1256 futures contracts.

7. OTHER MATTERS

     As of April 30, 2007, Goldman Sachs Group, Inc. (“GSG”) was the beneficial owner of approximately 68% of the outstanding Institutional Shares of the Core Plus Fixed Income Fund.

Mergers and Reorganizations — At a meeting held on December 14, 2005, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (“the First Funds Agreement”) providing for the tax-free acquisition of the First Funds Intermediate Bond Portfolio by the Core Fixed Income Fund. On April 7, 2006, the Board of Trustees approved certain amendments to the First Funds Agreement. The acquisition was completed on June 5, 2006, as of the close of business June 2, 2006.

     Pursuant to the First Funds Agreement, the assets and liabilities of the First Funds Intermediate Bond Portfolio (“Acquired Fund”) Institutional Class, Class A, Class B and Class C were transferred into the Core Fixed Income (“Survivor Fund”) Institutional Class and Class A, Class B and Class C, respectively, in a tax free exchange as follows:

					Acquired Fund’s Shares
	Exchanged Shares of		Value of Exchanged		Outstanding as of
Survivor Share Class/Acquired Fund Share Class	Survivor Issued		Shares		June 2, 2006
Core Fixed Income Institutional Class/First Funds Intermediate Bond Portfolio Institutional Class		23,256,054	$	225,816,117		22,869,788
Core Fixed Income Class A/First Fund Intermediate Bond Portfolio Class A		249,590		2,413,528		244,781
Core Fixed Income Class A/First Funds Intermediate Bond Portfolio Class B		32,136		310,758		31,472
Core Fixed Income Class A/First Funds Intermediate Bond Portfolio Class C		179,544		1,736,185		175,687

     The following chart shows the Survivor Fund’s and Acquired Fund’s aggregate net assets (immediately before and after the completion of the acquisition) and the Acquired Fund’s unrealized depreciation.

					Survivor Fund’s
	Survivor Fund’s		Acquired Fund’s		Aggregate Net
	Aggregate Net		Aggregate Net		Assets		Acquired Fund’s
	Assets Before		Assets Before		Immediately		Unrealized
Survivor/Acquired Fund	Acquisition		Acquisition		After Acquisition		(Depreciation)
Core Fixed Income/First Funds Intermediate Bond Portfolio	$	2,168,716,107	$	230,276,588	$	2,398,992,695	$	(5,005,096	)

79

GOLDMAN SACHS SINGLE/MULTI-SECTOR TAXABLE FIXED INCOME FUNDS

Notes to Financial Statements (continued)

April 30, 2007 (Unaudited)

7. OTHER MATTERS (continued)

At a meeting held on December 14, 2006, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (“the Agreement”) providing for the tax-free acquisition of the Signal Income Fund into the Goldman Sachs Core Fixed Income Fund. The acquisition was completed on April 30, 2007, as of the close of business on April 27, 2007.

     Pursuant to the Agreement, the assets and liabilities of the Signal Income Fund (“Acquired Fund”) Class A and Institutional Class were transferred into the Goldman Sachs Core Fixed Income Fund (“Survivor Fund”) Class A and Institutional Class, respectively, in a tax-free exchange as follows:

	Exchanged Shares				Acquired Fund’s
	of Survivor		Value of		Shares Outstanding
Survivor/Acquired Fund	Issued		Exchanged Shares		as of April 27, 2007
Core Fixed Income Class A/Signal Income Class A		23,514	$	230,909		23,842
Core Fixed Income Institutional Class/Signal Income Institutional Class		9,461,521		93,196,770		9,622,019

     The following chart shows the Survivor Fund’s and Acquired Fund’s aggregate net assets (immediately before and after the completion of the acquisition) and the Acquired Fund’s unrealized appreciation and capital loss carryforwards. Utilization of the Acquired Fund’s capital loss carryforward may be limited under the Internal Revenue Code.

Survivor Fund’s

Survivor Fund’s

Acquired Fund’s

Aggregate

Aggregate

Aggregate

Net Assets

Acquired

Acquired

Net Assets

Net Assets

immediately

Fund’s

Fund’s

before

before

after

Unrealized

Capital Loss

Survivor/Acquired Fund

acquisition

acquisition

acquisition

Appreciation

Carryforward

Core Fixed Income/Signal Income

$

2,284,620,154

$

93,427,679

$

2,378,047,833

$

(847,168

)

$

(531,026

)

New Accounting Pronouncements — On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Recent SEC guidance allows implementing FIN 48 in Fund net asset value calculations as late as the Fund’s last net asset value calculation in the first required financial statement reporting period. As a result, the Funds will incorporate FIN 48 in their April 30, 2008 semiannual reports. At this time, the advisor is evaluating the implications of FIN 48 and its impact in the financial statements has not yet been determined.

     On September 15, 2006, the FASB released Statement Financial Accounting Standard No. 157 “Fair Value Measurement” (“FAS 157”) which provides enhanced guidance for using fair value to measure assets and liabilities. The standard requires companies to provide expanded information about the assets and liabilities measured at fair value and the potential effect of these fair valuations on an entity’s financial performance. The standard does not expand the use of fair value in any new circumstances, but provides clarification on acceptable fair valuation methods and applications. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007. The investment adviser does not believe the adoption of FAS 157 will impact the amounts reported in the financial statements, however, additional disclosures will be required.

80

GOLDMAN SACHS SINGLE/MULTI-SECTOR TAXABLE FIXED INCOME FUNDS

8. CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

     On December 14, 2006, the Board of Trustees of the Trust, upon the recommendation of the Board’s audit committee, determined not to retain Ernst & Young LLP and approved a change of the Portfolio’s independent registered public accounting firm to PricewaterhouseCoopers LLP. For the years ended October 31, 2006 and October 31, 2005, Ernst & Young LLP’s audit reports contained no adverse opinion or disclaimer of opinion; nor were their reports qualified or modified as to uncertainty, audit scope, or accounting principles. Further, there were no disagreements between the Portfolios and Ernst & Young LLP on accounting principles or practices, financial statement disclosure or audit scope or procedures, which if not resolved to the satisfaction of Ernst & Young LLP would have caused them to make reference to the disagreement in their reports.

9. SUBSEQUENT EVENT

     At a meeting held on November 8, 2006, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (the “Agreement”) providing for the tax-free acquisition of the AXA Enterprise Government Securities Fund and AXA Enterprise Multi-Manager Core Bond Fund by the Government Income and Core Plus Fixed Income Funds, respectively. Government Income acquired all of the net assets of approximately $191.6 million of the AXA Enterprise Government Securities Fund and Core Plus Fixed Income acquired all of the net assets of approximately $108.0 million of the AXA Enterprise Multi-Manager Core Bond Fund. The acquisition was completed on June 25, 2007, as of the close of business June 22, 2007.

81

GOLDMAN SACHS SINGLE/MULTI-SECTOR TAXABLE FIXED INCOME FUNDS

Notes to Financial Statements (continued)

April 30, 2007 (Unaudited)

9. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Government Income Fund
	For the Six Months Ended
	April 30, 2007						For the Year Ended
	(Unaudited)						October 31, 2006
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		4,971,067		$	72,903,733			19,006,196		$	276,486,239
Shares converted from Class B(a)		34,585			507,786			71,331			1,040,729
Shares issued in connection with merger		—			—			—			—
Reinvestment of dividends and distributions		442,264			6,487,090			1,574,240			22,857,034
Shares repurchased		(13,399,120	)		(195,842,916	)		(41,202,955	)		(593,696,503	)
		(7,951,204	)		(115,944,307	)		(20,551,188	)		(293,312,501	)
Class B Shares
Shares sold		74,468			1,095,427			131,172			1,901,404
Reinvestment of dividends and distributions		14,741			216,218			33,925			492,693
Shares converted to Class A(a)		(34,585	)		(507,786	)		(71,326	)		(1,040,729	)
Shares repurchased		(190,481	)		(2,794,174	)		(523,718	)		(7,594,308	)
		(135,857	)		(1,990,315	)		(429,947	)		(6,240,940	)
Class C Shares
Shares sold		234,829			3,444,588			273,958			3,976,041
Reinvestment of dividends and distributions		13,082			191,737			28,527			414,100
Shares repurchased		(568,039	)		(8,324,195	)		(429,252	)		(6,230,332	)
		(320,128	)		(4,687,870	)		(126,767	)		(1,840,191	)
Institutional Shares
Shares sold		10,580,771			154,807,144			13,235,776			192,106,435
Shares issued in connection with merger		—			—			—			—
Reinvestment of dividends and distributions		220,585			3,231,454			285,861			4,144,669
Shares repurchased		(6,768,057	)		(99,227,446	)		(7,659,473	)		(111,004,132	)
		4,033,299			58,811,152			5,862,164			85,246,972
Service Shares
Shares sold		1,162,896			17,015,627			1,077,215			15,615,921
Reinvestment of dividends and distributions		17,304			253,198			19,752			286,389
Shares repurchased		(618,048	)		(9,047,319	)		(605,504	)		(8,787,657	)
		562,152			8,221,506			491,463			7,114,653
Separate Account Institutional Shares
Shares sold		—			—			—			—
Reinvestment of dividends and distributions		—			—			—			—
Shares repurchased		—			—			—			—
		—			—			—			—
NET INCREASE (DECREASE)		(3,811,738	)	$	(55,589,834	)		(14,754,275	)	$	(209,032,007	)

(a)  Commenced operations on November 30, 2006.

82

GOLDMAN SACHS SINGLE/MULTI-SECTOR TAXABLE FIXED INCOME FUNDS

9. SUMMARY OF SHARE TRANSACTIONS (continued)

U.S. Mortgages Fund												Core Fixed Income Fund
For the Six Months Ended												For the Six Months Ended						For the Year Ended
April 30, 2007						For the Year Ended						April 30, 2007						October 31, 2006
(Unaudited)						October 31, 2006						(Unaudited)						Shares
Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars
	46,964		$	465,076			74,629		$	736,840			13,961,899		$	137,327,976			33,915,411		$	330,454,717
	—			—			—			—			88,899			876,542			94,032			918,118
	—			—			—			—			23,514			230,909			461,270			4,460,471
	14,453			143,142			32,146			315,209			1,258,458			12,387,032			2,859,107			27,907,378
	(90,242	)		(896,955	)		(208,971	)		(2,050,018	)		(12,585,271	)		(123,729,006	)		(31,237,706	)		(304,040,411	)
	(28,825	)		(288,737	)		(102,196	)		(997,969	)		2,747,499			27,093,453			6,092,114			59,700,273
	—			—			—			—			214,376			2,118,227			413,768			4,040,182
	—			—			—			—			29,491			291,521			80,189			786,518
	—			—			—			—			(88,540	)		(876,542	)		(93,649	)		(918,118	)
	—			—			—			—			(321,498	)		(3,174,991	)		(1,008,157	)		(9,859,452	)
	—			—			—			—			(166,171	)		(1,641,785	)		(607,849	)		(5,950,870	)
	—			—			—			—			900,432			8,899,029			861,312			8,439,976
	—			—			—			—			29,338			290,168			75,872			744,534
	—			—			—			—			(576,946	)		(5,703,010	)		(1,179,491	)		(11,563,276	)
	—			—			—			—			352,824			3,486,187			(242,307	)		(2,378,766	)
	1,854,208			18,355,727			4,996,084			49,157,500			27,971,768			276,166,512			70,215,331			684,433,513
	—			—			—			—			9,461,521			93,196,770			23,256,054			225,816,117
	275,365			2,731,573			365,157			3,584,728			1,880,985			18,585,320			4,149,150			40,632,934
	(18,627	)		(184,786	)		(1,103,686	)		(10,910,941	)		(39,904,337	)		(394,051,210	)		(50,393,455	)		(494,390,692	)
	2,110,946			20,902,514			4,257,555			41,831,287			(590,063	)		(6,102,608	)		47,227,080			456,491,872
	—			—			—			—			569,870			5,633,238			2,448,389			24,070,282
	—			—			—			—			37,389			369,571			88,895			871,691
	—			—			—			—			(730,438	)		(7,207,935	)		(1,010,620	)		(9,873,930	)
	—			—			—			—			(123,179	)		(1,205,126	)		1,526,664			15,068,043
	2,823,921			27,997,334			24,833,736			243,126,871			—			—			—			—
	613,770			6,081,839			1,443,931			14,163,428			—			—			—			—
	(10,556,030	)		(104,625,570	)		(34,651,048	)		(340,806,447	)		—			—			—			—
	(7,118,339	)		(70,546,397	)		(8,373,381	)		(83,516,148	)		—			—			—			—
	(5,036,218	)	$	(49,932,620	)		(4,218,022	)	$	(42,682,830	)		2,220,910		$	21,630,121			53,995,702		$	522,930,552

83

GOLDMAN SACHS SINGLE/MULTI-SECTOR TAXABLE FIXED INCOME FUNDS

Notes to Financial Statements (continued)

April 30, 2007 (Unaudited)

9. SUMMARY OF SHARE TRANSACTIONS (continued)

	Investment Grade Credit Fund
	For the Six Months Ended
	April 30, 2007						For the Year Ended
	(Unaudited)						October 31, 2006
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		383,110		$	3,821,555			122,758		$	1,221,812
Reinvestment of dividends and distributions		12,781			127,654			13,743			135,325
Shares repurchased		(47,300	)		(470,821	)		(157,724	)		(1,542,363	)
		348,591			3,478,388			(21,223	)		(185,226	)
Class C Shares
Shares sold		—			—			—			—
Reinvestment of dividends and distributions		—			—			—			—
Shares repurchased		—			—			—			—
		—			—			—			—
Institutional Shares
Shares sold		55,735			557,154			22,238			219,000
Reinvestment of dividends and distributions		8,210			82,178			16,932			166,973
Shares repurchased		(40,409	)		(403,402	)		(72,211	)		(705,458	)
		23,536			235,930			(33,041	)		(319,485	)
Separate Account Institutional Shares
Shares sold		2,611,504			26,094,972			6,781,618			67,075,585
Reinvestment of dividends and distributions		431,524			4,315,845			803,525			7,916,831
Shares repurchased		(2,292,108	)		(22,924,623	)		(6,233,643	)		(61,175,704	)
		750,920			7,486,194			1,351,500			13,816,712
NET INCREASE		1,123,047		$	11,200,512			1,297,236		$	13,312,001

(a)  Commenced operations on November 30, 2006.

84

GOLDMAN SACHS SINGLE/MULTI-SECTOR TAXABLE FIXED INCOME FUNDS

9. SUMMARY OF SHARE TRANSACTIONS (continued)

	Core Plus Fixed Income(a)
	For the Period
	Ended
	April 30, 2007
(Unaudited)
	Shares			Dollars
		1,456,406		$	14,499,601
		6,601			65,643
		(201,796	)		(2,007,861	)
		1,261,211			12,557,383
		36,870			366,316
		326			3,237
		(1,023	)		(10,154	)
		36,173			359,399
		6,019,078			60,162,910
		95,036			943,368
		(620	)		(6,160	)
		6,113,494			61,100,118
		—			—
		—			—
		—			—
		—			—
		7,410,878		$	74,016,900

85

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from
			investment operations							Distributions to shareholders
	Net asset
	value,		Net		Net realized			Total from		From net			From net
	beginning		investment		and unrealized			investment		investment			realized			Total
Year - Share Class	of period		income(a)		gain (loss)			operations		income			gains			distributions
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2007 - A	$	14.64	$	0.30	$	0.03		$	0.33	$	(0.29	)	$	—		$	(0.29	)
2007 - B		14.64		0.24		0.05			0.29		(0.24	)		—			(0.24	)
2007 - C		14.63		0.24		0.05			0.29		(0.24	)		—			(0.24	)
2007 - Institutional		14.63		0.32		0.04			0.36		(0.32	)		—			(0.32	)
2007 - Service		14.61		0.28		0.05			0.33		(0.28	)		—			(0.28	)
FOR THE YEARS ENDED OCTOBER 31,
2006 - A		14.57		0.55		0.08			0.63		(0.56	)		—	(e)		(0.56	)
2006 - B		14.57		0.44		0.08			0.52		(0.45	)		—	(e)		(0.45	)
2006 - C		14.56		0.44		0.08			0.52		(0.45	)		—	(e)		(0.45	)
2006 - Institutional		14.55		0.60		0.09			0.69		(0.61	)		—	(e)		(0.61	)
2006 - Service		14.54		0.53		0.08			0.61		(0.54	)		—	(e)		(0.54	)
2005 - A		15.00		0.43		(0.30	)		0.13		(0.39	)		(0.17	)		(0.56	)
2005 - B		15.00		0.30		(0.28	)		0.02		(0.28	)		(0.17	)		(0.45	)
2005 - C		14.99		0.31		(0.29	)		0.02		(0.28	)		(0.17	)		(0.45	)
2005 - Institutional		14.98		0.46		(0.27	)		0.19		(0.45	)		(0.17	)		(0.62	)
2005 - Service		14.98		0.41		(0.31	)		0.10		(0.37	)		(0.17	)		(0.54	)
2004 - A		14.88		0.39		0.33			0.72		(0.47	)		(0.13	)		(0.60	)
2004 - B		14.88		0.28		0.32			0.60		(0.35	)		(0.13	)		(0.48	)
2004 - C		14.87		0.28		0.32			0.60		(0.35	)		(0.13	)		(0.48	)
2004 - Institutional		14.85		0.46		0.33			0.79		(0.53	)		(0.13	)		(0.66	)
2004 - Service		14.85		0.37		0.34			0.71		(0.45	)		(0.13	)		(0.58	)
2003 - A		14.95		0.41		0.05			0.46		(0.51	)		(0.02	)		(0.53	)
2003 - B		14.95		0.31		0.04			0.35		(0.40	)		(0.02	)		(0.42	)
2003 - C		14.94		0.31		0.04			0.35		(0.40	)		(0.02	)		(0.42	)
2003 - Institutional		14.93		0.47		0.04			0.51		(0.57	)		(0.02	)		(0.59	)
2003 - Service		14.92		0.41		0.04			0.45		(0.50	)		(0.02	)		(0.52	)
2002 - A		14.96		0.63		0.19			0.82		(0.67	)		(0.16	)		(0.83	)
2002 - B		14.96		0.52		0.19			0.71		(0.56	)		(0.16	)		(0.72	)
2002 - C		14.95		0.51		0.20			0.71		(0.56	)		(0.16	)		(0.72	)
2002 - Institutional		14.94		0.69		0.19			0.88		(0.73	)		(0.16	)		(0.89	)
2002 - Service		14.93		0.62		0.19			0.81		(0.66	)		(0.16	)		(0.82	)

(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Total returns are not annualized for periods less than one full year. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(c)	The portfolio turnover rate excluding the effect of mortgage dollar rolls is 73% for the six months ended April 30, 2007 and 690% for the year ended October 31, 2006. Prior years include the effect of mortgage dollar roll transactions.
(d)	Annualized.
(e)	Amount is less than $0.005 per share.

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

86

GOLDMAN SACHS GOVERNMENT INCOME FUND

													Ratios assuming no
													expense reductions
										Ratio of			Ratio of			Ratio of
					Net assets		Ratio of			net investment			total			net investment
Net asset					at end of		net expenses			income to			expenses			income to			Portfolio
value, end		Total			period		to average			average net			to average			average net			turnover
of period		return(b)			(in 000s)		net assets			assets			net assets			assets			rate(c)
$	14.68		2.29	%	$	317,263		0.95	%(d)		4.04	%(d)		1.03	%(d)		3.96	%(d)		75	%
	14.69		1.98			16,773		1.70(d)			3.28(d)			1.78(d)			3.20(d)			75
	14.68		1.99			12,284		1.70(d)			3.27(d)			1.78(d)			3.19(d)			75
	14.67		2.48			206,372		0.58(d)			4.41(d)			0.66(d)			4.33(d)			75
	14.66		2.30			31,770		1.08(d)			3.91(d)			1.16(d)			3.83(d)			75
	14.64		4.40			432,762		0.95			3.77			1.04			3.68			766
	14.64		3.62			18,713		1.70			3.03			1.79			2.94			766
	14.63		3.63			16,931		1.70			3.04			1.79			2.95			766
	14.63		4.86			146,784		0.58			4.18			0.67			4.09			766
	14.61		4.27			23,461		1.08			3.67			1.17			3.58			766
	14.57		0.80			729,958		0.97			2.83			1.07			2.73			256
	14.57		0.04			24,882		1.72			2.08			1.83			1.97			256
	14.56		0.11			18,692		1.72			2.08			1.83			1.97			256
	14.55		1.26			60,747		0.58			3.20			0.69			3.08			256
	14.54		0.69			16,198		1.08			2.74			1.18			2.64			256
	15.00		4.99			494,883		0.98			2.60			1.17			2.41			609
	15.00		4.21			32,782		1.73			1.93			1.92			1.74			609
	14.99		4.14			20,778		1.73			1.91			1.92			1.72			609
	14.98		5.35			69,770		0.58			3.12			0.77			2.93			609
	14.98		4.90			9,467		1.08			2.55			1.27			2.36			609
	14.88		3.11			358,058		0.99			2.78			1.18			2.59			520
	14.88		2.34			44,120		1.74			2.06			1.93			1.87			520
	14.87		2.34			23,720		1.74			2.05			1.93			1.86			520
	14.85		3.60			151,111		0.59			3.16			0.78			2.97			520
	14.85		3.01			10,491		1.09			2.72			1.28			2.53			520
	14.95		5.77			248,719		0.98			4.26			1.24			4.00			226
	14.95		4.99			51,124		1.73			3.54			1.99			3.28			226
	14.94		4.99			24,095		1.73			3.49			1.99			3.23			226
	14.93		6.13			82,523		0.58			4.74			0.84			4.48			226
	14.92		5.68			10,762		1.08			4.25			1.34			3.99			226

87

GOLDMAN SACHS U.S. MORTGAGES FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income from							Distributions
			investment operations							to shareholders
	Net asset
	value,		Net		Net realized			Total from		From net			From net
	beginning		investment		and unrealized			investment		investment			realized			Total
Year - Share Class	of period		income(a)		gain (loss)			operations		income			gains			distributions
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2007 — A	$	9.90	$	0.22	$	0.02		$	0.24	$	(0.23	)	$	—		$	(0.23	)
2007 — Institutional		9.91		0.24		0.03			0.27		(0.25	)		—			(0.25	)
2007 — Separate Account Institutional		9.91		0.24		0.02			0.26		(0.25	)		—			(0.25	)
FOR THE YEARS ENDED OCTOBER 31,
2006 — A		9.82		0.41		0.08			0.49		(0.41	)		—			(0.41	)
2006 — Institutional		9.82		0.45		0.08			0.53		(0.44	)		—			(0.44	)
2006 — Separate Account Institutional		9.82		0.45		0.09			0.54		(0.45	)		—			(0.45	)
2005 — A		10.22		0.28		(0.17	)		0.11		(0.33	)		(0.18	)		(0.51	)
2005 — Institutional		10.22		0.33		(0.18	)		0.15		(0.37	)		(0.18	)		(0.55	)
2005 — Separate Account Institutional		10.21		0.36		(0.20	)		0.16		(0.37	)		(0.18	)		(0.55	)
FOR THE PERIOD ENDED OCTOBER 31,
2004 — A (commenced November 3, 2003)		10.00		0.22		0.33			0.55		(0.33	)		—			(0.33	)
2004 — Institutional (commenced November 3, 2003)		10.00		0.29		0.31			0.60		(0.38	)		—			(0.38	)
2004 — Separate Account Institutional (commenced November 3, 2003)		10.00		0.31		0.28			0.59		(0.38	)		—			(0.38	)

(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Total returns for the periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(c)	The portfolio turnover rate excluding the effect of mortgage dollar rolls is 57% for the period ended April 30, 2007 and 1442% for the year ended October 31, 2006. Prior years include the effect of mortgage dollar roll transactions.
(d)	Annualized.

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

88

													Ratios assuming no
													expense reductions
										Ratio of			Ratio of			Ratio of
					Net assets		Ratio of			net investment			total			net investment
Net asset					at end of		net expenses			income to			expenses			income to			Portfolio
value, end		Total			of period		to average			average net			to average			average net			turnover
of period		return(b)			(in 000s)		net assets			assets			net assets			assets			rate(c)
$	9.91		2.49	%	$	6,694		0.79	%(d)		4.40	%(d)		0.95	%(d)		4.24	%(d)		231	%
	9.93		2.77			138,603		0.40	(d)		4.80	(d)		0.58	(d)		4.62	(d)		231
	9.92		2.69			237,755		0.35	(d)		4.82	(d)		0.53	(d)		4.64	(d)		231
	9.90		5.21			6,973		0.79			4.24			0.98			4.05			1665
	9.91		5.56			117,497		0.40			4.64			0.61			4.43			1665
	9.91		5.73			307,935		0.35			4.62			0.56			4.41			1665
	9.82		1.00			7,916		0.81			2.88			0.98			2.71			2006
	9.82		1.49			74,616		0.40			3.43			0.58			3.24			2006
	9.82		1.54			387,306		0.35			3.42			0.53			3.24			2006
	10.22		5.60			628		0.82	(d)		1.95	(d)		1.08	(d)		1.69	(d)		1953
	10.22		6.07			120,628		0.40	(d)		2.86	(d)		0.68	(d)		2.58	(d)		1953
	10.21		6.03			101,429		0.35	(d)		2.98	(d)		0.63	(d)		2.70	(d)		1953

89

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income (loss) from
			investment operations							Distributions to shareholders
	Net asset
	value,		Net		Net realized			Total from		From net			From net
	beginning		investment		and unrealized			investment		investment			realized			From			Total
Year - Share Class	of period		income(a)		gain (loss)			operations		income			gains			capital			distributions
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2007 - A	$	9.82	$	0.22	$	0.01		$	0.23	$	(0.20	)	$	—		$	—		$	(0.20	)
2007 - B		9.86		0.18		0.01			0.19		(0.16	)		—			—			(0.16	)
2007 - C		9.87		0.18		0.01			0.19		(0.16	)		—			—			(0.16	)
2007 - Institutional		9.86		0.24		0.01			0.25		(0.22	)		—			—			(0.22	)
2007 - Service		9.86		0.21		0.01			0.22		(0.19	)		—			—			(0.19	)
FOR THE YEARS ENDED OCTOBER 31,
2006 - A		9.87		0.41		(0.01	)		0.40		(0.38	)		(0.06	)		(0.01	)		(0.45	)
2006 - B		9.91		0.34		(0.01	)		0.33		(0.31	)		(0.06	)		(0.01	)		(0.38	)
2006 - C		9.91		0.34		—			0.34		(0.31	)		(0.06	)		(0.01	)		(0.38	)
2006 - Institutional		9.90		0.45		—			0.45		(0.42	)		(0.06	)		(0.01	)		(0.49	)
2006 - Service		9.91		0.40		(0.01	)		0.39		(0.37	)		(0.06	)		(0.01	)		(0.44	)
2005 - A		10.25		0.32		(0.20	)		0.12		(0.37	)		(0.13	)		—			(0.50	)
2005 - B		10.29		0.24		(0.20	)		0.04		(0.29	)		(0.13	)		—			(0.42	)
2005 - C		10.29		0.24		(0.20	)		0.04		(0.29	)		(0.13	)		—			(0.42	)
2005 - Institutional		10.28		0.36		(0.21	)		0.15		(0.40	)		(0.13	)		—			(0.53	)
2005 - Service		10.29		0.31		(0.21	)		0.10		(0.35	)		(0.13	)		—			(0.48	)
2004 - A		10.31		0.30		0.32			0.62		(0.33	)		(0.35	)		—			(0.68	)
2004 - B		10.35		0.23		0.31			0.54		(0.25	)		(0.35	)		—			(0.60	)
2004 - C		10.35		0.23		0.31			0.54		(0.25	)		(0.35	)		—			(0.60	)
2004 - Institutional		10.35		0.34		0.31			0.65		(0.37	)		(0.35	)		—			(0.72	)
2004 - Service		10.35		0.29		0.32			0.61		(0.32	)		(0.35	)		—			(0.67	)
2003 - A		10.07		0.40		0.28			0.68		(0.40	)		(0.04	)		—			(0.44	)
2003 - B		10.10		0.33		0.28			0.61		(0.32	)		(0.04	)		—			(0.36	)
2003 - C		10.10		0.33		0.28			0.61		(0.32	)		(0.04	)		—			(0.36	)
2003 - Institutional		10.09		0.45		0.29			0.74		(0.44	)		(0.04	)		—			(0.48	)
2003 - Service		10.09		0.40		0.29			0.69		(0.39	)		(0.04	)		—			(0.43	)
2002 - A		10.25		0.50		(0.13	)		0.37		(0.52	)		(0.03	)		—			(0.55	)
2002 - B		10.29		0.43		(0.15	)		0.28		(0.44	)		(0.03	)		—			(0.47	)
2002 - C		10.29		0.43		(0.15	)		0.28		(0.44	)		(0.03	)		—			(0.47	)
2002 - Institutional		10.28		0.55		(0.15	)		0.40		(0.56	)		(0.03	)		—			(0.59	)
2002 - Service		10.28		0.51		(0.16	)		0.35		(0.51	)		(0.03	)		—			(0.54	)

(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Total returns less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(c)	The portfolio turnover rate excluding the affect of mortgage dollar rolls is 54% for the period ended April 30, 2007 and 516% for the year ended October 31, 2006. Prior years include the effect of mortgage dollar roll transactions.
(d)	Annualized.

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

90

													Ratios assuming no
													expense reductions
										Ratio of			Ratio of			Ratio of
					Net assets		Ratio of			net investment			total			net investment
Net asset					at end of		net expenses			income to			expenses			income to			Portfolio
value, end		Total			period		to average			average net			to average			average net			turnover
of period		return(b)			(in 000s)		net assets			assets			net assets			assets			rate(c)
$	9.85		2.34	%	$	743,816		0.81	%(d)		4.50	%(d)		0.82	%(d)		4.49	%(d)		55	%
	9.89		1.95			21,389		1.56	(d)		3.74	(d)		1.57	(d)		3.73	(d)		55
	9.90		1.95			24,487		1.56	(d)		3.74	(d)		1.57	(d)		3.73	(d)		55
	9.89		2.51			1,557,320		0.44	(d)		4.86	(d)		0.45	(d)		4.85	(d)		55
	9.89		2.26			45,508		0.94	(d)		4.36	(d)		0.95	(d)		4.35	(d)		55
	9.82		4.21			714,877		0.83			4.25			0.84			4.24			562
	9.86		3.42			22,971		1.58			3.49			1.59			3.48			562
	9.87		3.52			20,937		1.58			3.49			1.59			3.48			562
	9.86		4.69			1,558,971		0.46			4.65			0.47			4.64			562
	9.86		4.06			46,600		0.96			4.13			0.97			4.12			562
	9.87		1.14			658,114		0.86			3.14			0.87			3.13			283
	9.91		0.38			29,096		1.61			2.40			1.62			2.39			283
	9.91		0.38			23,432		1.61			2.40			1.62			2.39			283
	9.90		1.53			1,098,280		0.47			3.54			0.48			3.53			283
	9.91		1.02			31,682		0.97			3.03			0.98			3.02			283
	10.25		6.24			523,045		0.90			2.96			0.90			2.96			549
	10.29		5.43			32,040		1.65			2.21			1.65			2.21			549
	10.29		5.42			24,323		1.65			2.21			1.65			2.21			549
	10.28		6.55			860,021		0.50			3.36			0.50			3.36			549
	10.29		6.22			20,221		1.00			2.86			1.00			2.86			549
	10.31		7.03			445,178		0.89			3.91			0.89			3.91			489
	10.35		6.31			37,120		1.64			3.21			1.64			3.21			489
	10.35		6.21			25,409		1.64			3.16			1.64			3.16			489
	10.35		7.54			695,181		0.49			4.39			0.49			4.39			489
	10.35		6.90			21,827		0.99			3.89			0.99			3.89			489
	10.07		3.59			315,441		0.90			5.03			0.90			5.03			437
	10.10		2.70			36,131		1.65			4.33			1.65			4.33			437
	10.10		2.80			20,176		1.65			4.32			1.65			4.32			437
	10.09		3.99			733,996		0.50			5.51			0.50			5.51			437
	10.09		3.47			29,761		1.00			5.05			1.00			5.05			437

91

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period

			Income from							Distributions
			investment operations							to shareholders
	Net asset
	value,		Net		Net realized			Total from		From net			From net
	beginning		investment		and unrealized			investment		investment			realized			Total
Year - Share Class	of period		income (a)		gain (loss)			operations		income			gains			distributions
FOR THE SIX MONTHS ENDED APRIL 30, (UNAUDITED)
2007 — A	$	9.95	$	0.24	$	0.07		$	0.31	$	(0.24	)	$	—		$	(0.24	)
2007 — Institutional		9.97		0.26		0.07			0.33		(0.26	)		—			(0.26	)
2007 — Separate Account Institutional		9.96		0.26		0.07			0.33		(0.26	)		—			(0.26	)
FOR THE YEARS ENDED OCTOBER 31,
2006 — A		9.93		0.47		—			0.47		(0.45	)		—			(0.45	)
2006 — Institutional		9.95		0.51		—			0.51		(0.49	)		—			(0.49	)
2006 — Separate Account Institutional		9.94		0.52		(0.01	)		0.51		(0.49	)		—			(0.49	)
2005 — A		10.31		0.40		(0.35	)		0.05		(0.39	)		(0.04	)		(0.43	)
2005 — Institutional		10.32		0.52		(0.42	)		0.10		(0.43	)		(0.04	)		(0.47	)
2005 — Separate Account Institutional		10.31		0.46		(0.35	)		0.11		(0.44	)		(0.04	)		(0.48	)
FOR THE PERIOD ENDED OCTOBER 31,
2004 — A (commenced November 3, 2003)		10.00		0.38		0.31			0.69		(0.38	)		—			(0.38	)
2004 — Institutional (commenced November 3, 2003)		10.00		0.44		0.30			0.74		(0.42	)		—			(0.42	)
2004 — Separate Account Institutional (commenced November 3, 2003)		10.00		0.43		0.31			0.74		(0.43	)		—			(0.43	)

(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(c)	Annualized.

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

92

													Ratios assuming no
													expense reductions
										Ratio of			Ratio of			Ratio of
					Net assets		Ratio of			net investment			total			net investment
Net asset					at end of		net expenses			income to			expenses			income to			Portfolio
value, end		Total			of period		to average			average net			to average			average net			turnover
of period		return(b)			(in 000s)		net assets			assets			net assets			assets			rate
$	10.02		3.14	%	$	6,938		0.79	%(c)		4.85	%(c)		0.96	%(c)		4.68	%(c)		43	%
	10.04		3.34			3,577		0.40	(c)		5.26	(c)		0.59	(c)		5.07	(c)		43
	10.03		3.36			215,129		0.35	(c)		5.31	(c)		0.54	(c)		5.12	(c)		43
	9.95		4.84			3,420		0.79			4.82			1.04			4.57			74
	9.97		5.35			3,317		0.40			5.21			0.65			4.96			74
	9.96		5.30			206,122		0.35			5.26			0.60			5.01			74
	9.93		0.50			3,622		0.81			3.88			1.07			3.62			88
	9.95		0.89			3,638		0.40			4.40			0.66			4.14			88
	9.94		1.04			192,196		0.35			4.34			0.62			4.07			88
	10.31		7.00			2,179		0.82	(c)		3.66	(c)		1.85	(c)		2.63	(c)		78
	10.32		7.57			76		0.40	(c)		4.28	(c)		1.45	(c)		3.23	(c)		78
	10.31		7.52			70,269		0.35	(c)		4.26	(c)		1.40	(c)		3.21	(c)		78

93

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout the Period

			Income from
			investment operations
										Distributions
	Net asset									to shareholders
	value,		Net		Net realized			Total from		from net
	beginning		investment		and unrealized			investment		investment
Year - Share Class	of period		income(a)		(loss)			operations		income
FOR THE PERIOD ENDED APRIL 30, (UNAUDITED)
2007 - A (commenced November 30, 2006)	$	10.00	$	0.16	$	(0.03	)	$	0.13	$	(0.17	)
2007 - C (commenced November 30, 2006)		10.00		0.14		(0.03	)		0.11		(0.15	)
2007 - Institutional (commenced November 30, 2006)		10.00		0.19		(0.04	)		0.15		(0.19	)

(a)	Calculated based on the average shares outstanding methodology.
(b)	Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total return would be reduced if a sales or redemption charge were taken into account. Total returns for periods less than one full year are not annualized. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
(c)	Annualized.
(d)	Expense ratios exclude expenses of the Underlying funds.

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

94

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

													Ratios assuming no
													expense reductions
							Ratio of			Ratio of			Ratio of			Ratio of
					Net assets		net expenses			net investment			total			net investment
Net asset					at end of		to average			income to			expenses			income to			Portfolio
value, end		Total			of period		net			average net			to average			average net			turnover
of period		return(b)			(in 000s)		assets(c)(d)			assets(c)			net assets(c)(d)			assets(c)			rate
$	9.96		1.31	%	$	12,565		0.86	%		4.05	%		1.89	%		3.02	%		129	%
	9.96		1.01			360		1.61			3.48			2.64			2.45			129
	9.96		1.47			60,902		0.49			4.62			1.52			3.59			129

95

GOLDMAN SACHS SINGLE MULTI-SECTOR FUNDS

Fund Expenses (Unaudited) — Six Month Period Ended April 30, 2007

          As a shareholder of Class A, Class B, Class C, Institutional, Service or Separate Account Institutional Shares of the Funds you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (with respect to Class A Shares), contingent deferred sales charges (loads) on redemptions (with respect to Class B and C shares), and redemption fees (if any); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (with respect to Class A, Class B and Class C Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class B, Class C, Institutional, Service and Separate Account Institutional Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

          The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2006 through April 30, 2007.

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

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

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

	Government Income Fund							U.S. Mortgages Fund							Core Fixed Income Fund							Investment Grade Credit Fund							Core Plus Fixed Income Fund
						Expenses														Expenses							Expenses							Expenses
	Beginning		Ending			Paid for the		Beginning		Ending			Expenses		Beginning		Ending			Paid for the		Beginning		Ending			Paid for the		Beginning		Ending			Paid for the
	Account Value		Account Value			6 months ended		Account Value		Account Value			Paid for the		Account Value		Account Value			6 months ended		Account Value		Account Value			6 months ended		Account Value		Account Value			6 months ended
Share Class	11/01/06		4/30/07			4/30/07*		11/01/06		4/30/07			6 months ended 4/30/07		11/01/06		4/30/07			4/30/07		11/01/06		4/30/07			4/30/07		11/01/06		4/30/07			4/30/07
Class A
Actual	$	1,000.00	$	1,022.90		$	4.75	$	1,000.00	$	1,024.90		$	3.96	$	1,000.00	$	1,023.40		$	4.06	$	1,000.00	$	1,031.40		$	3.98	$	1,000.00	$	1,013.10		$	4.14
Hypothetical 5% return		1,000.00		1,020.10	+		4.74		1,000.00		1,020.89	+		3.95		1,000.00		1,020.78	+		4.06		1,000.00		1,020.87	+		3.96		1,000.00		1,020.68	+		4.16
Class B
Actual		1,000.00		1,019.80			8.49		N/A		N/A			N/A		1,000.00		1,019.50			7.81		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,016.39	+		8.48		N/A		N/A			N/A		1,000.00		1,017.06	+		7.80		N/A		N/A			N/A		N/A		N/A			N/A
Class C
Actual		1,000.00		1,019.90			8.49		N/A		N/A			N/A		1,000.00		1,019.50			7.82		N/A		N/A			N/A		1,000.00		1,010.10			7.93
Hypothetical 5% return		1,000.00		1,016.39	+		8.47		N/A		N/A			N/A		1,000.00		1,017.05	+		7.81		N/A		N/A			N/A		1,000.00		1,016.90	+		7.96
Institutional
Actual		1,000.00		1,024.80			2.88		1,000.00		1,027.70			2.00		1,000.00		1,025.10			2.21		1,000.00		1,033.40			2.03		1,000.00		1,014.70			2.36
Hypothetical 5% return		1,000.00		1,021.95	+		2.88		1,000.00		1,022.82	+		1.99		1,000.00		1,022.61	+		2.21		1,000.00		1,022.80	+		2.02		1,000.00		1,022.45	+		2.37
Separate Account Institutional
Actual		N/A		N/A			N/A		1,000.00		1,026.90			1.74		N/A		N/A			N/A		1,000.00		1,033.60			1.77		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		1,000.00		1,023.08	+		1.74		N/A		N/A			N/A		1,000.00		1,023.05	+		1.77		N/A		N/A			N/A
Service
Actual		1,000.00		1,023.00			5.39		N/A		N/A			N/A		1,000.00		1,022.60			4.71		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,019.46	+		5.38		N/A		N/A			N/A		1,000.00		1,020.13	+		4.71		N/A		N/A			N/A		N/A		N/A			N/A

*   Expenses for each share class are calculated using each Fund’s net annualized expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended 4/30/07. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized expense ratios for the period were as follows:

																Separate Account
Fund	Class A			Class B			Class C			Institutional			Service			Institutional
Government Income		0.95	%		1.70	%		1.70	%		0.58	%		1.08	%		N/A
U.S. Mortgages		0.79			N/A			N/A			0.40			N/A			0.35	%
Core Fixed Income		0.81			1.56			1.56			0.44			0.94			N/A
Investment Grade Credit		0.79			N/A			N/A			0.40			N/A			0.35
Core Plus Fixed Income		0.86			N/A			1.61			0.49			N/A			N/A

+  Hypothetical expenses are based on the Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses.

96

FUNDS PROFILE

Goldman Sachs Funds

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With portfolio management teams located around the world — and $699.0 billion in assets under management as of March 31, 2007 — our investment professionals bring firsthand knowledge of local markets to every investment decision, making us one of the few truly global asset managers.

GOLDMAN SACHS FUNDS

In building a globally diversified portfolio, you can select from more than 50 Goldman Sachs Funds and gain access to investment opportunities across borders, investment styles, asset classes and security capitalizations.

Money Market Funds¹

Fixed Income Funds
▪  Enhanced Income Fund
▪  Ultra-Short Duration
Government Fund
▪  Short Duration Government Fund
▪  Short Duration Tax-Free Fund
▪  California AMT-Free Municipal Fund²
▪  New York AMT-Free Municipal Fund²
▪  Tennessee Municipal Fund ▪ Municipal Income Fund
▪  U.S. Mortgages Fund
▪  Government Income Fund
▪  Core Fixed Income Fund
▪  Core Plus Fixed Income Fund
▪  Investment Grade Credit Fund
▪  Global Income Fund
▪  High Yield Municipal Fund
▪  High Yield Fund
▪  Emerging Markets Debt Fund
Domestic Equity Funds
▪  Balanced Fund
▪  Growth and Income Fund
▪  Structured Large Cap Value Fund
▪  Large Cap Value Fund
▪  Structured U.S. Equity Fund
▪  Structured U.S. Equity Flex Fund
▪  Structured Large Cap Growth Fund
▪  Capital Growth Fund ▪ Strategic Growth Fund
▪  Concentrated Growth Fund
▪  Mid Cap Value Fund
▪  Growth Opportunities Fund
▪  Small/ Mid Cap Growth Fund
▪  Structured Small Cap Equity Fund
▪  Small Cap Value Fund
International Equity Funds
▪  Structured International Equity Fund
▪  Structured International Equity Flex Fund
▪  Concentrated International Equity Fund ²
▪  Japanese Equity Fund
▪  International Small Cap Fund
▪  Asia Equity Fund
▪  Emerging Markets Equity Fund
▪  BRIC Fund (Brazil, Russia, India, China)

Asset Allocation Funds³

Specialty Funds³
▪  U.S. Equity Dividend and Premium Fund
▪  Structured Tax-Managed Equity Fund
▪  Real Estate Securities Fund
▪  International Real Estate Securities Fund
▪  Tollkeeper Fund^SM
▪  Commodity Strategy Fund

1	An investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds.
2	Effective December 26, 2006, the International Equity Fund was renamed the Concentrated International Equity Fund. Effective June 1, 2007, the California Intermediate AMT-Free Municipal Fund was renamed the California AMT-Free Municipal Fund and the New York Intermediate AMT- Free Municipal Fund was renamed the New York AMT-Free Municipal Fund.
3	Individual Funds within the Asset Allocation and Specialty categories will have various placement on the risk/return spectrum and may have greater or lesser risk than that indicated by the placement of the general Asset Allocation or Specialty category.

The Goldman Sachs Tollkeeper Fund^SM is a registered service mark of Goldman, Sachs & Co.

GOLDMAN SACHS ASSET MANAGEMENT, L.P. 32 OLD SLIP, 32ND FLOOR, NEW YORK, NEW YORK 10005

TRUSTEES Ashok N. Bakhru, Chairman John P. Coblentz, Jr. Patrick T. Harker Mary Patterson McPherson Alan A. Shuch Richard P. Strubel	OFFICERS Kaysie P. Uniacke, President James A. McNamara, Senior Vice President John M. Perlowski, Senior Vice President and Treasurer Peter V. Bonanno, Secretary
GOLDMAN, SACHS & CO. Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

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

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

Foreign and emerging markets investments may be more volatile and less liquid than investment in U.S. securities and will be subject to the risks of currency fluctuations and sudden economic or political developments. At times, the Core Fixed Income, Investment Grade Credit, and Core Plus Fixed Income Funds may be unable to sell certain of their portfolio securities without a substantial drop in price, if at all. The Core Fixed Income, Investment Grade Credit and Core Plus Fixed Income Funds may also engage in foreign currency transactions for hedging purposes including cross hedging or for speculative purposes. Forward foreign currency exchange contracts are subject to the risk that the counterparty to the contract will default on its obligations.

Holdings and allocations shown may not be representative of current or future investments. Holdings and allocations may not include the Funds’ entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus. Please consider a Fund’s objectives, risks, and charges and expenses, and read the Prospectus carefully before investing. The Prospectus contains this and other information about the Funds.

Copyright 2007 Goldman, Sachs & Co. All rights reserved. 07-1210 
SMSTFISAR / 36.2K / 06-07

ITEM 2. CODE OF ETHICS.

(a)	As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).
(b)	During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.
(c)	During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.
(d)	A copy of the Code of Ethics is available as provided in Item 12(a)(1) of this report.

ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT.
	The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. John P. Coblentz, Jr. is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES.
	N/A

ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS.
	Not applicable.

ITEM 6.	SCHEDULE OF INVESTMENTS.
	Schedule of Investments is included as part of the Report to Stockholders filed under Item 1.

ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
	Not applicable.

ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
	Not applicable.

ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
	Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
 
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a)(1) Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 11(a)(1) of the registrant’s Form N-CSR filed on March 8, 2004 for its Real Estate Securities Fund (Accession Number 0000950123-04-0002984).

(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.
(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

SIGNATURES

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

	Goldman Sachs Trust
By:	/s/ Kaysie P. Uniacke
	Kaysie P. Uniacke
	President/Principal Executive Officer
	Goldman Sachs Trust
Date:	June 29, 2007

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

By:	/s/ Kaysie P. Uniacke
	Kaysie P. Uniacke
	President/Principal Executive Officer
	Goldman Sachs Trust
Date:	June 29, 2007
By:	/s/ John M. Perlowski
	John M. Perlowski
	Treasurer/Principal Financial Officer
	Goldman Sachs Trust
Date:	June 29, 2007