Goldman Sachs High Yield Instl NCSRS 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 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)


Peter V. Bonanno, Esq.		Copies to:
Goldman, Sachs & Co.		Jack W. Murphy, Esq.
One New York Plaza		Dechert LLP
New York, New York 10004		1775 I Street, NW
		Washington, D.C. 20006

(Name and address of agents for service)

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

Date of fiscal year end: March 31

Date of reporting period: September 30, 2008


ITEM 1.		REPORTS TO STOCKHOLDERS.

		The Semi-Annual Report to Stockholders is filed herewith.

Goldman Sachs Funds



Semi-Annual Report			September 30, 2008



			Multi Sector Fixed Income
			Core Fixed Income
			Core Plus Fixed Income
			Global Income

Goldman Sachs Multi Sector Fixed Income Funds


n	GOLDMAN SACHS CORE FIXED INCOME FUND

n	GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

n	GOLDMAN SACHS GLOBAL INCOME FUND

TABLE OF CONTENTS


Principal Investment Strategies and Risks		1
Investment Process		2
Letters to Shareholders and Performance Summaries		3
Schedules of Investments		19
Financial Statements		58
Notes to the Financial Statements		62
Financial Highlights		78
Other Information		84


NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Principal Investment Strategies and Risks

The Core Fixed Income Fund invests primarily in fixed income securities, including U.S. government securities, corporate debt securities, privately issued mortgage-backed securities and asset-backed securities. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. 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’s investments in mortgage-backed securities are subject to prepayment risks. These risks may result in greater share price volatility. The Fund may invest in foreign and emerging markets securities, which may be more volatile and less liquid than investment in U.S. securities and will be subject to the risks of currency fluctuations and political developments. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all. The Fund 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. The Fund may make substantial investments in derivative instruments, including options, financial futures, Eurodollar futures contracts, swaps, options on swaps, structured securities and other derivative investments. 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 Core Plus Fixed Income Fund invests primarily in fixed income securities, including U.S. government securities, corporate debt securities, privately issued mortgage-backed securities, asset-backed securities, high yield non-investment grade securities and fixed income securities of issuers located in emerging countries. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. 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’s investments in mortgage-backed securities are subject to prepayment risks. These risks may result in greater share price volatility. The Fund may invest in high yield, fixed income securities that, at the time of purchase, are non-investment grade. High yield, lower rated securities involve greater price volatility and present greater risks than higher rated fixed income securities. The Fund may also invest in foreign issuers who are denominated in currencies other than the U.S. dollar and in securities of issuers located in emerging countries denominated in any currency. The Fund’s foreign and emerging market investments may be more volatile and less liquid than its investment in U.S. securities and will be subject to the risks of currency fluctuations and sudden economic or political developments. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all. The Fund may also engage in foreign currency transactions for hedging purposes (including cross hedging) or for speculative purposes. The Fund may make substantial investments in derivative instruments, including options, financial futures, Eurodollar futures contracts, swaps, options on swaps, structured securities and other derivative investments. 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 Global Income Fund invests primarily in a portfolio of fixed income securities of U.S. and foreign issuers. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. The Fund may invest in foreign and emerging market securities, which may be more volatile and less liquid than its investment in U.S. securities and will be subject to the risks of currency fluctuations and sudden economic or political developments. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all. The Fund may also engage in foreign currency transactions for hedging purposes (including cross hedging) for speculative purposes. Forward foreign currency exchange contracts are subject to the risk that the counterparty to the contract will default on its obligations. The Fund may make substantial investments in derivative instruments, including options, financial futures, Eurodollar futures contracts, swaps, options on swaps, structured securities and other derivative investments. 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 concentrate its investments in particular countries or regions and may be subject to greater losses than if it were less concentrated in a particular country or region. The Fund is non-diversified and may invest more of its assets in fewer issuers than diversified funds, may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be susceptible to greater losses because of these developments.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

What Differentiates the Goldman Sachs Asset
Management Fixed Income Investment Process?

At Goldman Sachs Asset Management, L.P. (“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 mortgage-backed and corporate debt securities) 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

PORTFOLIO RESULTS

Core Fixed Income Fund

Dear Shareholder:

This report provides an overview on the performance of the Goldman Sachs Core Fixed Income Fund (the “Fund”) during the six-month reporting period that ended September 30, 2008.

Performance Review

Over the six-month period that ended September 30, 2008, the Fund’s Class A, B, C, Institutional, Service, IR and R Shares generated cumulative total returns, without sales charges, of −4.96%, −5.29%, −5.28%, −4.67%, −5.00%, −4.83% and −5.06%, respectively. These returns compare to the −1.50% cumulative total return of the Fund’s benchmark, the Lehman Brothers U.S. Aggregate Bond Index, over the same time period.

Our security selection of non-agency-backed adjustable-rate mortgages (“ARMs”) was the leading detractor from the Fund’s performance versus the benchmark during the reporting period. Despite their seniority in the capital structure and substantial amount of credit enhancement, these securities sold off significantly due to the slowdown in the housing market, illiquidity and forced selling of high quality assets by leveraged investors. Another negative contributor to performance was our security selection of nominal and inflation-protected government-related securities. Nominal Treasuries performed poorly in September 2008, due to volatility, coupled with risk aversion towards off-the-run (i.e., not the most currently issued bond of a particular maturity) securities. Inflation-protected Treasuries performed poorly during the extreme flight to quality in September 2008 as investors shunned everything but the most very liquid assets. Overall, the Fund’s term structure positioning (i.e., its positioning relative to our interest rate expectations) had a neutral impact on performance.

Market Review

During the reporting period, the global financial crisis reached historic proportions, rapidly spreading to the overall economy, prompting a historic response from policymakers. The month of September proved to be a turning point for the global financial markets. In recent weeks, the U.S. government seized mortgage giants Fannie Mae and Freddie Mac, helped to keep American International Group (“AIG”) solvent, provided insurance for money market funds, passed the $700 billion Troubled Asset Recovery Program (“TARP”) and created a program through which the Federal Reserve Board (the “Fed”) will purchase commercial paper outright, among many other measures. Arguably the most pivotal event, the Lehman Brothers bankruptcy filing, led to historically wide spreads in the corporate sector, with the financial sub-sector leading the way. Yields on U.S. Treasuries rose during the six-month period, as rising food and energy prices triggered inflation fears. With the exception of the mortgage sector, spread sectors experienced a dramatic widening as the financial system was shaken to its core.

Looking back, after improving in April, market sentiment took a turn for the worse in May and June, putting renewed pressure on all risky assets. A number of factors weighed on the mortgage market in the latter part of the second quarter, including renewed macroeconomic concerns, continued declines in home prices, weakening in the broader financial system and quarter-end balance sheet pressures. Non-agency mortgage spreads finished the second quarter tighter, as the sector rallied in April and May in response to improved financing and liquidity conditions. After reaching historic wide levels in August, agency mortgage spreads

PORTFOLIO RESULTS

tightened in response to the government’s takeover of the government-sponsored enterprises (“GSEs”) on September 7. Agency mortgage passthrough spreads rallied, tightening close to 50 basis points the day following the announcement. However, spreads then reversed course, moving wider toward the end of the third quarter, as extreme stress in money markets and heightened liquidity concerns weighed on the market.

As the third quarter came to a close, fundamentals in the housing market continued to deteriorate, with the S&P/Case-Shiller housing indices reaching record annual declines, but with some signs of a slowdown in the quarterly rates of decline. In addition, within the non-agency mortgage market, credit performance continued to deteriorate across sectors. Risk premiums in the non-agency mortgage market remained elevated, and the outlook for the sector remained volatile due to a number of factors, including concerns around housing and economic conditions, ratings uncertainty and delinquency and performance trends.

We expect that U.S. economic growth will be negative in the coming quarters. Inflation is in retreat with oil prices down more than 25% from the highs seen in July and inflation expectations likely to give way to deflation concerns as global growth slows. However, we do not see deflation as a significant threat, due largely to policymakers’ extraordinary response to the financial crisis.

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

At the end of the reporting period, the Fund was targeting a long duration position relative to the benchmark with a curve steepening bias, as TARP-related issuance of Treasuries may lead to higher interest rates in the long-term. Currently spreads in most sectors are at or close to all-time wide levels. We maintain a neutral view of all spread sectors, other than mortgages, as technical pressures and illiquidity are dominating short-term uncertainty.

We maintain a small overweight to corporate bonds. We favor defensive sectors (energy, pipelines, cable) and are avoiding cyclical sectors (homebuilders, retail). Within financials, we are trimming our overweight position in insurance and are targeting an underweight position to brokers. We are also focusing on large money-center banks in the U.S. as well as diversified European banks with low leverage.

Within mortgages, we continue to favor higher quality securities, that we believe have strong underlying fundamentals and attractive valuations. We continue to have exposure to non-agency ARMs. Given the current risk premiums, we believe these securities offer attractive return potential over the next one to two years. Over the near-term, we expect volatility in these securities to remain elevated. We continue to look for attractive security selection opportunities to emerge in the mortgage sector as the government-sponsored enterprise (GSE) federal takeover and TARP take effect.

PORTFOLIO RESULTS

Since the conclusion of the reporting period ended September 30, 2008, we have continued to experience periods of extreme volatility in the financial markets. In particular, continued deleveraging, a lack of liquidity and uncertainty regarding the economy have led to increased investor risk aversion. Despite these challenges, we continue to follow our investment approach that includes actively managing the Fund’s portfolios within a research-intensive, risk-managed framework. We thank you for your investment and look forward to your continued confidence.

Goldman Sachs U.S. Fixed Income Investment Management Team

October 23, 2008

FUND BASICS

Core Fixed Income Fund

as of September 30, 2008

PERFORMANCE REVIEW


	Fund Total Return			Lehman Brothers			30-Day
April 1, 2008–September 30, 2008	(based on NAV¹)			Aggregate Bond Index²			Standardized Yield³


Class A		-4.96	%		-1.50	%		5.05	%
Class B		-5.29			-1.50			4.52
Class C		-5.28			-1.50			4.52
Institutional		-4.67			-1.50			5.64
Service		-5.00			-1.50			5.13
Class IR		-4.83			-1.50			5.54
Class R		-5.06			-1.50			5.07


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 RETURNS⁴


For the period ended 9/30/08	One Year			Five Years			Ten Years			Since Inception			Inception Date


Class A		-9.51	%		0.92	%		3.45	%		4.44	%	5/1/97
Class B		-10.65			0.68			3.16			4.09		5/1/97
Class C		-6.99			1.09			3.14			3.85		8/15/97
Institutional		-4.93			2.23			4.33			5.42		1/5/94
Service		-5.50			1.74			3.81			4.83		3/13/96
Class IR		N/A			N/A			N/A			-7.44		11/30/07
Class R		N/A			N/A			N/A			-7.81		11/30/07

⁴

The Standardized Average Annual Total Returns are average annual total returns as of the most recent calendar quarter-end, except for Class IR and Class R Shares, which are cumulative total returns. 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, Service, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual 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.

FUND BASICS

EXPENSE RATIOS⁵


	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)


Class A		0.78	%		0.78	%
Class B		1.53			1.53
Class C		1.53			1.53
Institutional		0.44			0.44
Service		0.94			0.94
Class IR		0.53			0.53
Class R		1.03			1.03

⁵

The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations), are as set forth above according to the most recent publicly available Prospectuses for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Applicable 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 ALLOCATIONS⁶

Percentage of Net Assets


⁶	The percentage shown for each investment category of the Fund reflects the value of investments in that category as a percentage of net assets (excluding securities lending collateral, if any.) Securities lending collateral represent 1.5% and 0.1% of the Fund’s net assets, respectively, at September 30, 2008 and March 31, 2008. 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.

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.

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 (the “Fund”) during the six-month reporting period that ended September 30, 2008.

Performance Review

Over the six-month period that ended September 30, 2008, the Fund’s Class A, B, C, Institutional, Service, IR and R Shares generated cumulative total returns, without sales charges, of −4.39%, −4.85%, −4.85%, −4.33%, −4.58%, −4.36% and −4.59%, respectively. These returns compare to the −1.50% cumulative total return of the Fund’s benchmark, the Lehman Brothers U.S. Aggregate Bond Index, over the same time period.

Our security selection of non-agency-backed adjustable-rate mortgages (“ARMs”) was the leading detractor from the Fund’s performance versus the benchmark during the reporting period. Despite their seniority in the capital structure and substantial amount of credit enhancement, these securities sold off significantly due to the slowdown in the housing market, illiquidity and forced selling of high quality assets by leveraged investors. Another negative contributor to performance was our security selection of inflation-protected treasury securities. These bonds performed poorly during the extreme flight to quality in September 2008 as investors shunned everything but the most very liquid assets. Overall, the Fund’s term structure positioning (i.e., its positioning relative to our interest rate expectations) had a neutral impact on performance.

Market Review

PORTFOLIO RESULTS

spreads rallied, tightening close to 50 basis points the day following the announcement. However, spreads then reversed course, moving wider toward the end of the third quarter, as extreme stress in money markets and heightened liquidity concerns weighed on the market.

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

At the end of the reporting period, the Fund was targeting a long duration position relative to the benchmark with a curve steepening bias as TARP-related issuance of Treasuries may lead to higher rates in the long-term. Currently spreads in most sectors are at or close to all-time wide levels. We maintain a neutral view of all spread sectors, other than mortgages, as technical pressures and illiquidity are dominating short-term uncertainty.

We have maintained our small overweight to corporate bonds. We favor defensive sectors (energy, pipelines, cable) and are avoiding cyclical sectors (homebuilders, retail). Within financials, we are trimming our overweight position in insurance and are targeting an underweight position to brokers. We are also focusing on large money-center banks in the U.S. as well as diversified European banks with low leverage.

PORTFOLIO RESULTS

Goldman Sachs U.S. Fixed Income Investment Management Team

October 23, 2008

FUND BASICS

Core Plus Fixed Income Fund

as of September 30, 2008

PERFORMANCE REVIEW


	Fund Total Return			Lehman Brothers			30-Day
April 1, 2008–September 30, 2008	(based on NAV¹)			Aggregate Bond Index²			Standardized Yield³


Class A		-4.39	%		-1.50	%		5.34	%
Class B		-4.85			-1.50			4.81
Class C		-4.85			-1.50			4.82
Institutional		-4.33			-1.50			5.95
Service		-4.58			-1.50			5.44
Class IR		-4.36			-1.50			5.85
Class R		-4.59			-1.50			5.36


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 RETURNS⁴


For the period ended 9/30/08	One Year			Since Inception			Inception Date


Class A		-7.39	%		-2.17	%	11/30/06
Class B		-8.59			-3.47		6/20/07
Class C		-4.75			-0.49		11/30/06
Institutional		-2.74			0.62		11/30/06
Service		-3.21			0.25		6/20/07
Class IR		N/A			-4.61		11/30/07
Class R		N/A			-4.99		11/30/07

⁴

FUND BASICS

EXPENSE RATIOS⁵


	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)


Class A		0.83	%		1.21	%
Class B		1.58			1.96
Class C		1.58			1.96
Institutional		0.49			0.87
Service		0.99			1.37
Class IR		0.58			0.96
Class R		1.08			1.46

⁵

SECTOR ALLOCATIONS⁶

Percentage of Net Assets


⁶	The percentage shown for each investment category of the Fund reflects the value of investments in that category as a percentage of net assets (excluding securities lending collateral, if any.) Securities lending collateral represent 2.0% and 0.0% of the Fund’s net assets, respectively, at September 30, 2008 and March 31, 2008. 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.

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.

PORTFOLIO RESULTS

Global Income Fund

Dear Shareholder:

This report provides an overview on the performance of the Goldman Sachs Global Income Fund (the “Fund”) during the six-month reporting period that ended September 30, 2008.

Performance Review

Over the six-month period that ended September 30, 2008, the Fund’s Class A, B, C, Institutional, and Service Shares generated cumulative total returns, without sales charges, of −4.10%, −4.48%, −4.40%, −3.86% and −4.10%, respectively. These returns compare to the −0.96% cumulative total return of the Fund’s benchmark, the Lehman Brothers Global Aggregate Index (USD hedged).

The primary detractors from relative performance were our corporate selection and collateralized selection strategies.

Our duration strategy detracted from performance during the second quarter of 2008. In particular, our long duration bias in the U.S., Japan and Europe underperformed. Global government bonds experienced a sharp sell-off over the quarter as a rise in food and fuel prices added to inflationary pressures that caused central banks to become more diligent about inflation. Elsewhere, in general, our long duration in Europe and yield steepener position were significant detractors from performance. A resilient German economy and higher inflation triggered expectations that the European Central Bank (“ECB”) would not cut interest rates. However, our long duration bias in Europe benefited performance in the third quarter of 2008, due to a sharp rally in government bonds at that time.

Our country strategy detracted from performance in the third quarter of 2008, as our short positions in Sweden and the U.S. relative to Europe worked against us. During this period, Sweden and U.S. government bonds underperformed European bonds due to a weaker economic growth outlook in Sweden and concerns about possible financial market failures in the U.S. Our short UK/long Australia trade benefited from the Bank of England’s concerns and rhetoric regarding inflation compared to that of the Reserve Bank of Australia.

Our collateralized selection strategy detracted from performance over the reporting period as the mortgage sector remained under pressures from continued weakness in the housing and financial markets that caused significant writedowns by banks and brokerages.

Market Review

We believe that the global financial crisis has reached historic proportions and is spreading to the overall economy, prompting an equally historic response from policymakers. In recent weeks, the U.S. government has seized mortgage giants Fannie Mae and Freddie Mac, helped to keep American International Group (“AIG”) solvent while allowing Lehman Brothers to fail, provided insurance for money market funds, passed the $700 billion Troubled Asset Recovery Program (“TARP”) and created a program through which the Federal Reserve Board (the “Fed”) will purchase commercial paper outright, among many other measures. European governments have also responded dramatically, with a number of countries taking steps to support or nationalizing troubled banks and

PORTFOLIO RESULTS

Germany, Ireland and Greece pledging to guarantee bank deposits. The UK implemented a special liquidity plan, making at least 200 billion pounds available to banks, and offered to purchase preference shares to increase banks’ capital. In addition, the central banks of the U.S., Eurozone, UK, Canada, Sweden, Switzerland and China all lowered rates in early October 2008 (after the reporting period ended) in a coordinated easing of global monetary policy. We believe additional measures, including more rate cuts, are likely.

We believe that the policy measures recently implemented are intended to limit the impact of the financial crisis on the global economy by re-capitalizing banks so that they can resume lending. Ultimately, we expect the massive policy response to help restore liquidity to the credit markets. However, we are also of the belief that the deepening of the credit crisis that occurred in September and October will have a negative effect on consumer and business confidence. As a result, we expect flat or slightly negative real GDP growth on average in the US, Europe, UK and Japan over the next 12 months. We believe that a significant and widespread economic slowdown is virtually inevitable, and that the real question now is whether the policy response can reverse the situation before the damage to consumer confidence and business activity becomes so severe that emerging economies also slow substantially, tipping global growth into recession.

Considering the severity of the financial crisis and the downturn in housing, U.S. growth has held up better than might have been expected thus far in 2008. Growth has been supported primarily by the strength of exports and the surprising resilience of retail sales. U.S. net exports contributed almost three percentage points to second quarter GDP and should remain a positive contributor to U.S. growth over the next 12 months. However, as global growth has slowed and the dollar has rebounded, we expect less support from exports relative to the first and second quarter of 2008.

Meanwhile, we believe that U.S. consumer spending is likely to come under increasing pressure from a combination of falling home prices and diminishing confidence. The imbalance in the U.S. housing market remains significant, with more than 10 months of supply available for sale at the current sales rate, suggesting that the decline in housing prices will continue for some time. We expect a continued fall in home prices, combined with the drop in equity prices, will have a meaningful impact on consumers’ net wealth. Falling net wealth, together with rising unemployment, tight credit availability and a decline in disposable income, all argue for a continuation of the decline in consumer spending.

At this point, the ultimate impact of the credit crunch on U.S. business and consumer activity remains to be seen, although September data showed a steep drop in manufacturing activity and new orders, and a 27% decline in auto sales. Lending in the commercial paper market, which many companies use to fund regular business activities, ground to a virtual halt in September and early October as money market funds reduced credit risk in favor of Treasury securities. As discussed, the U.S. government has responded quickly by implementing a number of aggressive measures. Thus, we are optimistic that the freeze in

PORTFOLIO RESULTS

the commercial paper market may be temporary, except to the extent that business and consumer confidence are damaged, which could lead to further retrenchment.

INVESTMENT OBJECTIVE

The Fund seeks a high total return, emphasizing current income, and, to a lesser extent, providing opportunities for capital appreciation.

Portfolio Composition

At the end of the reporting period, the Fund was targeting a slightly long duration position relative to the benchmark. At the end of September, we held a long duration bias in Europe as we believed the global economic slowdown will see the ECB ease monetary policy rates and do so faster than expected by the market.

We also held a short UK/long Australia position as we believed the Bank of England was more concerned about inflation than the Reserve Bank of Australia. As a result, we believed the Bank of England’s actions would be more geared towards containing inflation expectations than actions by the central bank in Australia.

After the dramatic events of September, we are cautious on investment grade corporate credit due to systemic issues, including the uncertainty surrounding funding and the ultimate resolution of the TARP. We targeted a neutral sector risk position. As about half of the investment grade credit market is comprised of financials, the distress of many of those institutions and the lack of clarity regarding their exposure to the more toxic securities weigh heavily on market returns. We believe governments across the globe will continue to intervene to stabilize the markets, but we do not think this will be a panacea. We would expect additional failures to take place because there are a number of firms that are legitimately insolvent. We would, therefore, expect default rates to increase markedly as we go into the first half of 2009. Assets are currently priced for extreme risk (i.e., for Lehman Brothers or Washington Mutual type-defaults). Financial companies are in a slow process of balance sheet repair and delevering, which we would expect to continue for the next two years. In the non-financial investment grade credit universe, we expect defaults to start to increase through 2009, as the weaker players are unable to raise new debt and face the impact of economic slowdown on their balance sheets. Companies that are highly reliant on consumer spending are likely to be hit first and potentially hardest so, in general, we would avoid all but the highest quality of those companies.

Also within the corporate bond market, we remain underweight companies that are closely tied to consumer spending, particularly retail names, as we believe they face narrowing margin pressures as a result of higher commodity prices and a lengthy housing bear market. We are also underweight U.S. homebuilders and basic industries. Key sector overweights include certain financials and defensive sectors such as media and energy. Within financials, we are selectively adding exposures given recent underperformance,

PORTFOLIO RESULTS

focusing primarily on large, well diversified institutions. We feel the banking industry can recover in roughly two years and believe the outlook for corporate debt is more positive than equity due to dilution caused by deleveraging and capital raising. We feel there is a backstop from regulators and are focusing on the largest blue-chip banks that we believe should be too big to fail. However, disorderly systemic deleveraging remains the biggest risk to both the economy and markets.

Within our active currency strategy, we maintained our short British pound and euro positions as we feel the global slowdown will weigh the most on these economies where interest rates were still high relative to the U.S.

Since the conclusion of the reporting period, we have continued to experience periods of extreme volatility in the financial markets. In particular, continued deleveraging, a lack a liquidity and uncertainty regarding the economy have led to increased investor risk aversion. Despite these challenges, we continue to adhere to our disciplined investment process that calls for actively managing the Fund’s portfolios within a research-intensive, risk-managed framework. We thank you for your investment and look forward to your continued confidence.

Goldman Sachs Global Fixed Income Investment Management Team

October 23, 2008

FUND BASICS

Global Income Fund

as of September 30, 2008

PERFORMANCE REVIEW


April 1, 2008–	Fund Total Return			Lehman Brothers Global			30-Day
September 30, 2008	(based on NAV¹)			Aggregate Index (USD hedged)²			Standardized Yield³


Class A		-4.10	%		-0.96	%		3.48	%
Class B		-4.48			-0.96			2.87
Class C		-4.40			-0.96			2.87
Institutional		-3.86			-0.96			3.99
Service		-4.10			-0.96			3.47


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 reflects 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 Global Aggregate Index (USD hedged), an unmanaged index, provides a broad based measure of the global investment-grade fixed-rate debt markets and covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities. The Index figures do not include 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 RETURNS⁴


For the period ended 9/30/08	One Year			Five Years			Ten Years			Since Inception			Inception Date


Class A		-6.73	%		1.32	%		2.70	%		5.25	%	8/2/91
Class B		-7.90			1.14			2.56			4.19		5/1/96
Class C		-3.96			1.55			2.56			3.60		8/15/97
Institutional		-1.91			2.70			3.73			5.76		8/1/95
Service		-2.40			2.19			3.21			5.57	⁵	8/2/91


⁴	The Standardized Average Annual 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 Average Annual 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.
⁵	Performance data for Service Shares prior to 3/12/97 (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.

FUND BASICS

EXPENSE RATIOS⁶


	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)


Class A		1.01	%		1.07	%
Class B		1.76			1.82
Class C		1.76			1.82
Institutional		0.67			0.73
Service		1.17			1.23

⁶

CURRENCY ALLOCATION⁷


	Percentage of Net Assets

	as of 9/30/08			as of 3/31/08


U.S. Dollar⁸		36.8	%		41.4	%
Euro		29.0			32.8
Japanese Yen		11.8			13.6
British Pound		3.3			3.4
Canadian Dollar		1.3			1.2
Danish Krone		0.6			0.5
Polish Zloty		0.5			0.5
Swedish Krona		0.4			0.4
Deutschemark		0.3			0.3
Australian Dollar		0.1			0.1

⁷

The percentage shown for each currency reflects the value of investments in that category as a percentage of net assets (excluding securities lending collateral, if any.) Securities lending collateral represent 1.9% and 6.9% of the Fund’s net assets, respectively, at September 30, 2008 and March 31, 2008. Figures in the above table are reflective of the Fund’s total investments before the effect of derivative instruments, including forward foreign currency contracts. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.


⁸	These figures represent the value excluding short-term obligations. If short-term obligations had been included the percentage for 9/30/08 and 3/31/08 would have been 43.9% and 50.2%, respectively.

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Bonds – 22.1%


	Automotive – 0.1%
	General Motors Acceptance Corp.
	$	2,900,000		6.875	%		09/15/11	$	1,305,000


	Banks – 4.7%
	ANZ Capital Trust II^(a)(b)
		3,500,000		5.360			12/15/49		3,125,570
	Associates Corp. NA^(c)
		2,000,000		8.550			07/15/09		1,971,380
	Astoria Financial Corp.^(b)
		4,600,000		5.750			10/15/12		3,965,343
	Bank of America Corp.
		3,250,000		5.750			12/01/17		2,755,961
		8,550,000		8.000	^(b)(d)		01/30/49		6,770,463
	Citigroup, Inc.
		2,000,000		7.250			10/15/11		2,128,598
		6,050,000		6.875			03/05/38		4,963,016
		3,375,000		8.400	^(b)(d)		04/30/49		2,297,227
	HBOS Capital Funding LP^(a)(b)(d)
		4,325,000		6.071			06/30/49		2,796,476
	ING Capital Funding Trust III^(b)(d)
		2,150,000		8.439			12/31/49		1,982,537
	JPMorgan Chase & Co.
		7,950,000		6.000			01/15/18		7,245,074
		7,050,000		7.900	^(b)(d)		04/30/49		5,935,254
	MUFG Capital Finance 1 Ltd.^(b)(d)
		4,650,000		6.346			07/25/49		3,277,800
	National Australia Bank Ltd.^(b)
		2,000,000		8.600			05/19/10		2,048,556
	PNC Bank NA
		3,075,000		6.875			04/01/18		2,929,869
	Resona Bank Ltd.^(a)(b)(d)
		3,500,000		5.850			04/15/49		2,574,194
		EUR 2,675,000		4.125			09/27/49		2,988,256
	Resona Preferred Global Securities Ltd.^(a)(b)(d)
	$	1,375,000		7.191			07/30/49		1,020,788
	Royal Bank of Scotland Group PLC^(b)
		4,500,000		9.118			03/31/49		4,363,560
		2,425,000		6.990	^(a)(d)		10/05/49		1,807,234
	Santander Issuances SA Unipersonal^(a)(b)(d)
		1,600,000		5.805			06/20/16		1,535,200
		400,000		6.671			10/24/49		372,858
	Sovereign Bank^(b)(d)
		2,550,000		4.511			08/01/13		1,866,651
	Union Planters Corp.
		150,000		7.750			03/01/11		139,390
	Wells Fargo & Co.
		6,000,000		4.375			01/31/13		5,636,296
	Wells Fargo Capital XIII^(b)(d)
		2,900,000		7.700			03/26/49		2,528,829
	Wells Fargo Capital XV^(b)(d)
		3,850,000		9.750			09/26/49		3,734,500

									82,760,880


	Brokerage – 1.6%
	Bear Stearns & Co., Inc.
		4,775,000		6.400			10/02/17		4,382,670
		10,100,000		7.250			02/01/18		9,714,977


	FMR Corp.^(a)
		500,000		4.750			03/01/13		486,290
	Merrill Lynch & Co., Inc.
		1,575,000		5.450			02/05/13		1,381,041
		2,950,000		6.400			08/28/17		2,513,693
	Morgan Stanley
		2,300,000		5.750			08/31/12		1,587,000
		3,000,000		5.300	^(b)		03/01/13		2,060,403
		9,925,000		6.625	^(b)		04/01/18		6,649,750

									28,775,824


	Captive Financial – 0.3%
	International Lease Finance Corp.
		2,625,000		4.950			02/01/11		1,941,188
	Nelnet, Inc.^(b)
		2,580,000		5.125			06/01/10		2,391,158

									4,332,346


	Diversified Manufacturing^(b) – 0.1%
	Tyco Electronics Group SA
		1,950,000		6.000			10/01/12		1,921,803


	Electric^(b) – 1.2%
	Arizona Public Service Co.
		2,590,000		5.800			06/30/14		2,395,784
		4,425,000		6.250			08/01/16		4,169,360
	Commonwealth Edison Co.
		2,400,000		5.875			02/01/33		1,966,872
		2,725,000		5.900			03/15/36		2,192,966
	MidAmerican Energy Holdings Co.
		3,575,000		6.125			04/01/36		3,004,739
	NiSource Finance Corp.^(d)
		5,000,000		3.381			11/23/09		4,872,335
	Progress Energy, Inc.
		50,000		5.625			01/15/16		47,400
		2,250,000		7.750			03/01/31		2,334,368

									20,983,824


	Energy^(b) – 1.4%
	Canadian Natural Resources Ltd.
		2,675,000		6.500			02/15/37		2,057,731
	EnCana Corp.
		6,175,000		6.500			02/01/38		4,982,015
	Kerr-McGee Corp.
		4,575,000		6.950			07/01/24		4,324,725
	Petro-Canada
		3,300,000		6.050			05/15/18		2,880,606
	Valero Energy Corp.
		4,620,000		6.625			06/15/37		3,986,736
	XTO Energy, Inc.
		6,875,000		6.500			12/15/18		6,377,016

									24,608,829


	Entertainment – 0.1%
	Time Warner Entertainment Co.
		2,175,000		8.375			03/15/23		2,116,656

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Bonds – (continued)
	Entertainment – (continued)

	Food & Beverage^(b) – 0.3%
	Cargill, Inc.^(a)
	$	3,425,000		6.000	%		11/27/17	$	3,222,466
	General Mills, Inc.
		2,400,000		5.200			03/17/15		2,302,884

									5,525,350


	Gaming^(b) – 0.2%
	Harrah’s Operating Co., Inc.
		2,475,000		5.500			07/01/10		1,905,750
	MGM Mirage, Inc.
		850,000		8.500			09/15/10		799,000

									2,704,750


	Health Care Services^(b) – 0.4%
	UnitedHealth Group, Inc.
		7,700,000		5.500			11/15/12		7,361,046


	Life Insurance – 0.7%
	Americo Life, Inc.^(a)(b)
		1,600,000		7.875			05/01/13		1,584,913
	MetLife Capital Trust X^(a)(b)(d)
		2,000,000		9.250			04/08/38		1,898,396
	Phoenix Life Insurance Co.^(a)(b)
		3,200,000		7.150			12/15/34		3,054,275
	Principal Financial Group Australia^(a)(b)
		2,750,000		8.200			08/15/09		2,788,899
	Reinsurance Group of America, Inc.
		550,000		6.750			12/15/11		529,609
	Symetra Financial Corp.^(a)(b)(d)
		3,100,000		8.300			10/15/37		2,145,221

									12,001,313


	Media-Cable – 0.9%
	Comcast Cable Communications Holdings, Inc.
		4,395,000		8.375			03/15/13		4,591,414
		2,050,000		9.455			11/15/22		2,270,960
	Cox Communications, Inc.^(b)
		11,000		4.625			01/15/10		10,909
		5,050,000		5.875	^(a)		12/01/16		4,662,352
	Rogers Communications, Inc.^(b)
		2,000,000		6.800			08/15/18		1,892,060
	Time Warner Cable, Inc.^(b)
		2,550,000		5.400			07/02/12		2,425,601
		150,000		6.550			05/01/37		124,195

									15,977,491


	Media-Non Cable^(b) – 0.5%
	News America, Inc.
		4,400,000		6.650			11/15/37		3,774,507
	Thomson Reuters Corp.
		4,950,000		6.500			07/15/18		4,733,997

									8,508,504


	Metals & Mining^(b) – 0.3%
	Inco Ltd.
		5,550,000		5.700			10/15/15		5,016,428


	Noncaptive-Financial – 1.5%
	American General Finance Corp.
		2,525,000		5.900			09/15/12		1,441,482
	Countrywide Home Loans, Inc.
		1,150,000		6.250			04/15/09		1,095,375
		3,050,000		5.625			07/15/09		2,884,474
		1,750,000		4.125			09/15/09		1,636,250
	GATX Financial Corp.^(b)
		5,775,000		5.125			04/15/10		5,820,137
	General Electric Capital Corp.
		1,300,000		6.000			06/15/12		1,254,726
	HSBC Finance Corp.
		5,875,000		5.700			06/01/11		5,846,865
	PHH Corp.^(b)
		1,900,000		7.125			03/01/13		1,732,192
	SLM Corp.
		5,775,000		5.400			10/25/11		4,042,500

									25,754,001


	Pipelines^(b) – 1.8%
	Boardwalk Pipelines LP
		4,400,000		5.875			11/15/16		4,207,691
	CenterPoint Energy Resources Corp. Series B
		4,075,000		5.950			01/15/14		3,798,854
	Energy Transfer Partners LP
		6,450,000		5.950			02/01/15		5,968,905
		3,200,000		6.700			07/01/18		3,008,523
	Enterprise Products Operating LP
		4,625,000		5.000			03/01/15		4,124,235
	ONEOK Partners LP
		2,900,000		6.850			10/15/37		2,583,793
	Southern Natural Gas Co.^(a)
		1,650,000		5.900			04/01/17		1,455,353
	TEPPCO Partners LP
		6,225,000		5.900			04/15/13		6,168,863

									31,316,217


	Property/Casualty Insurance – 1.9%
	AON Capital Trust A
		1,752,000		8.205			01/01/27		1,515,666
	Arch Capital Group Ltd.^(b)
		3,200,000		7.350			05/01/34		3,216,713
	Aspen Insurance Holdings Ltd.^(b)
		1,525,000		6.000			08/15/14		1,392,218
	CNA Financial Corp.
		98,000		6.600			12/15/08		97,918
		500,000		5.850	^(b)		12/15/14		475,465
	Endurance Specialty Holdings Ltd.^(b)
		2,950,000		6.150			10/15/15		2,470,716
	Hartford Financial Services Group, Inc.^(b)
		2,000,000		7.900			06/15/10		2,060,730
	QBE Insurance Group Ltd.^(a)(b)(d)
		3,150,000		5.647			07/01/23		3,139,479
	Swiss Re Capital I LP^(a)(b)(d)
		5,100,000		6.854			05/29/49		4,334,419
	The Chubb Corp.^(b)
		1,125,000		6.500			05/15/38		1,017,578
		4,225,000		6.375	^(d)		03/29/67		3,342,222

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

GOLDMAN SACHS CORE FIXED INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Bonds – (continued)
	Property/Casualty Insurance – (continued)

	White Mountains Reinsurance Group Ltd.^(a)(b)
	$	4,900,000		6.375	%		03/20/17	$	4,395,470
	ZFS Finance USA Trust I^(a)(b)(d)
		4,000,000		6.150			12/15/65		2,904,880
	ZFS Finance USA Trust IV^(a)(b)(d)
		3,050,000		5.875			05/09/32		2,080,405

									32,443,879


	Real Estate Investment Trusts^(b) – 1.3%
	Brandywine Operating Partnership LP
		3,740,000		4.500			11/01/09		3,610,488
	Highwoods Properties, Inc.
		3,525,000		5.850			03/15/17		2,827,589
	iStar Financial, Inc.
		2,200,000		5.650			09/15/11		1,254,000
	iStar Financial, Inc. Series B
		3,275,000		5.700			03/01/14		1,604,750
	Liberty Property LP
		1,100,000		7.250			03/15/11		1,087,067
	Simon Property Group LP
		6,625,000		6.125			05/30/18		5,868,432
	Westfield Capital Corp.^(a)
		3,725,000		5.125			11/15/14		3,312,754
	Westfield Group^(a)
		4,411,000		5.400			10/01/12		4,073,999

									23,639,079


	Retailers^(b) – 0.8%
	CVS Caremark Corp.
		4,525,000		5.750			06/01/17		4,228,576
	Marks & Spencer PLC^(a)
		2,850,000		6.250			12/01/17		2,434,578
		3,825,000		7.125			12/01/37		3,040,617
	Nordstrom, Inc.
		5,250,000		6.250			01/15/18		4,888,942

									14,592,713


	Technology^(a)(b) – 0.3%
	Computer Sciences Corp.
		4,725,000		6.500			03/15/18		4,538,249


	Tobacco – 0.4%
	Philip Morris International, Inc.
		8,200,000		5.650			05/16/18		7,579,539


	Wireless Telecommunications^(b) – 0.2%
	Sprint Capital Corp.
		3,100,000		7.625			01/30/11		2,954,066
		1,060,000		6.875			11/15/28		716,674

									3,670,740


	Wirelines Telecommunications – 1.1%
	Ameritech Capital Funding
		775,000		6.250			05/18/09		787,677
	Deutsche Telekom International Finance BV
		2,900,000		8.750			06/15/30		2,940,709


	Qwest Capital Funding, Inc.^(b)
		500,000		7.900			08/15/10		480,000
	Telecom Italia Capital^(b)
		2,625,000		4.950			09/30/14		2,223,953
		3,350,000		7.721			06/04/38		2,776,547
	Telefonica Europe BV^(b)
		2,575,000		7.750			09/15/10		2,688,608
	TPSA Finance BV^(a)
		2,200,000		7.750			12/10/08		2,206,967
	Verizon Communications, Inc.^(b)
		2,750,000		6.100			04/15/18		2,556,075
		4,125,000		6.400			02/15/38		3,460,805

									20,121,341


	TOTAL CORPORATE BONDS
	(Cost $443,068,450)							$	387,555,802




Mortgage-Backed Obligations – 82.8%


	Adjustable Rate Non-Agency^(d) – 21.4%
	Adjustable Rate Mortgage Trust Series 2004-5, Class 2A1
	$	2,071,942		4.997	%		04/25/35	$	1,596,888
	American Home Mortgage Assets Series 2007-1, Class A1
		20,505,181		3.555			02/25/47		10,313,641
	Bear Stearns Adjustable Rate Mortgage Trust Series 2003-05, Class 1A1
		74,792		5.774			08/25/33		53,394
	Bear Stearns Adjustable Rate Mortgage Trust Series 2004-1, Class 21A1
		2,893,314		4.470			04/25/34		2,292,584
	Bear Stearns Adjustable Rate Mortgage Trust Series 2005-03, Class 2A1
		7,831,025		5.077			06/25/35		6,052,198
	Bear Stearns Adjustable Rate Mortgage Trust Series 2006-2, Class 3A2
		702,701		5.750			07/25/36		489,322
	Bear Stearns Alt-A Trust II Series 2007-1, Class 1A1
		18,449,399		6.231			09/25/47		12,031,654
	Bear Stearns Alt-A Trust Series 2005-8, Class 11A1
		2,306,060		3.477			10/25/35		1,483,383
	Bear Stearns Mortgage Funding Trust Series 2006-AR2, Class 1A1
		19,534,757		3.407			09/25/46		12,041,545
	Chase Mortgage Finance Corp. Series 2007-A1, Class 1A3
		10,791,493		4.630			02/25/37		9,727,484
	Chase Mortgage Finance Corp. Series 2007-A1, Class 4A1
		4,829,208		4.624			02/25/37		4,329,158
	Chase Mortgage Finance Corp. Series 2007-A1, Class 5A1
		2,433,001		4.168			02/25/37		2,163,509
	Countrywide Alternative Loan Trust Series 2005-38, Class A1
		1,712,943		4.355			09/25/35		1,089,236
	Countrywide Alternative Loan Trust Series 2005-51, Class 1A1
		4,899,186		3.508			11/20/35		3,162,903

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Mortgage-Backed Obligations – (continued)
	Adjustable Rate Non-Agency^(d) – (continued)

	Countrywide Alternative Loan Trust Series 2005-51, Class 2A1
	$	5,641,670		3.488	%		11/20/35	$	3,577,276
	Countrywide Alternative Loan Trust Series 2005-51, Class 4A1
		7,221,990		3.508			11/20/35		4,546,392
	Countrywide Alternative Loan Trust Series 2005-59, Class 1A1
		6,644,579		3.537			11/20/35		4,112,464
	Countrywide Alternative Loan Trust Series 2005-62, Class 1A1
		11,247,187		3.507			12/25/35		7,086,248
	Countrywide Home Loan Trust Series 2003-37, Class 1A1
		53,946		5.420			08/25/33		40,991
	Countrywide Home Loan Trust Series 2004-HYB5, Class 2A1
		7,283,200		4.822			04/20/35		5,858,656
	Countrywide Home Loan Trust Series 2004-HYB6, Class A2
		2,642,003		4.543			11/20/34		1,862,705
	Countrywide Home Loan Trust Series 2005-HYB4, Class 2A1
		10,155,501		4.902			08/20/35		6,800,025
	Countrywide Home Loan Trust Series 2006-3, Class 1A1
		4,080,294		3.447			03/25/36		2,391,040
	CS First Boston Mortgage Securities Corp. Series 2003-AR9, Class 2A2
		62,113		5.879			03/25/33		46,138
	Downey Savings & Loan Association Mortgage Loan Trust Series 2005-AR6, Class 2A1A
		6,995,422		3.320			10/19/45		4,403,341
	First Horizon Mortgage Pass-Through Trust Series 2004-AR6, Class 2A1
		1,070,226		4.750			12/25/34		966,923
	GMAC Mortgage Corp. Loan Trust Series 2004-AR1, Class 12A
		4,026,934		4.388			06/25/34		3,737,263
	Harborview Mortgage Loan Trust Series 2005-10, Class 2A1A
		9,196,495		3.340			11/19/35		5,922,196
	Harborview Mortgage Loan Trust Series 2005-14, Class 5A1A
		6,362,774		5.738			12/19/35		3,903,353
	Harborview Mortgage Loan Trust Series 2005-16, Class 2A1A
		1,576,119		3.270			01/19/36		1,004,780
	Harborview Mortgage Loan Trust Series 2005-16, Class 3A1A
		8,787,343		3.280			01/19/36		5,507,349
	Harborview Mortgage Loan Trust Series 2006-12, Class 2A2A
		14,518,458		3.220			01/19/38		8,794,435
	Impac CMB Trust Series 2005-06, Class 1A1
		7,072,739		3.457			10/25/35		3,753,990
	Impac Secured Assets Corp. Series 2005-2, Class A1W
		7,317,334		3.457			03/25/36		3,844,066
	Indymac Index Mortgage Loan Trust Series 2005-AR13, Class 4A1
		4,765,740		5.358			08/25/35		3,184,632
	Indymac Index Mortgage Loan Trust Series 2005-AR15, Class A1
		5,140,707		5.425			09/25/35		3,387,494


	Indymac Index Mortgage Loan Trust Series 2006-AR2, Class 1A1A
		7,481,494		3.427			04/25/46		4,595,059
	Indymac Index Mortgage Loan Trust Series 2006-AR4, Class A1A
		8,701,023		3.417			05/25/46		5,317,737
	JPMorgan Mortgage Trust Series 2007-A1, Class 1A1
		5,959,106		4.200			07/25/35		5,552,570
	JPMorgan Mortgage Trust Series 2007-A1, Class 2A2
		2,260,341		4.746			07/25/35		2,040,921
	JPMorgan Mortgage Trust Series 2007-A1, Class 4A2
		1,621,271		4.069			07/25/35		1,502,985
	JPMorgan Mortgage Trust Series 2007-A1, Class 5A2
		6,166,154		4.766			07/25/35		5,479,921
	Lehman XS Trust Series 2005-5N, Class 3A1A
		8,229,654		3.507			11/25/35		5,270,413
	Lehman XS Trust Series 2005-7N, Class 1A1A
		250,924		3.477			12/25/35		162,291
	Lehman XS Trust Series 2005-9N, Class 1A1
		9,427,907		3.477			02/25/36		6,126,910
	Luminent Mortgage Trust Series 2006-2, Class A1A
		8,789,245		3.407			02/25/46		5,350,423
	Luminent Mortgage Trust Series 2006-5, Class A1A
		4,587,334		3.397			07/25/36		2,773,606
	Master Adjustable Rate Mortgages Trust Series 2004-9, Class 2A1
		71,196		3.587			11/25/34		43,228
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
		3,146,210		3.705			12/25/46		1,598,232
	MLCC Mortgage Investors, Inc. Series 2004-E, Class A2B
		2,986,753		3.825			11/25/29		2,631,100
	Mortgage IT Trust Series 2005-AR1, Class 1A1
		8,532,943		3.457			11/25/35		5,443,966
	Residential Accredit Loans, Inc. Series 2005-Q05, Class A1
		7,822,493		3.855			01/25/46		4,715,645
	Residential Accredit Loans, Inc. Series 2007-QH9, Class A1
		23,104,009		5.895			11/25/37		14,189,374
	Residential Funding Mortgage Securities I Series 2005-SA4, Class 2A1
		7,341,877		5.202			09/25/35		5,697,917
	Residential Funding Mortgage Securities I Series 2005-SA4, Class 2A2
		6,658,313		5.180			09/25/35		5,671,029
	Sequoia Mortgage Trust Series 2003-4, Class 1A2
		1,975,712		3.414			07/20/33		1,690,728
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-05, Class 3A1
		3,487,763		4.380			05/25/34		2,454,226
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 3A2
		1,513,736		5.250			09/25/34		1,078,934
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-16, Class 3A1
		6,685,442		5.450			11/25/34		5,030,576

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

GOLDMAN SACHS CORE FIXED INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Mortgage-Backed Obligations – (continued)
	Adjustable Rate Non-Agency^(d) – (continued)

	Structured Asset Mortgage Investments, Inc. Series 2006-AR1, Class 3A1
	$	14,205,202		3.437	%		02/25/36	$	8,507,686
	Structured Asset Mortgage Investments, Inc. Series 2006-AR2, Class A1
		7,928,647		3.437			02/25/36		4,665,803
	Structured Asset Mortgage Investments, Inc. Series 2007-AR6, Class A1
		23,063,208		4.355			08/25/47		12,989,884
	Structured Asset Securities Corp. Series 2003-26A, Class 3A4
		117,245		4.956			09/25/33		115,655
	Structured Asset Securities Corp. Series 2003-26A, Class 3A5
		4,000,000		4.956			09/25/33		3,248,436
	Structured Asset Securities Corp. Series 2003-37A, Class 3A7
		3,140,006		4.520			12/25/33		2,750,196
	Thornburg Mortgage Securities Trust Series 2006-5, Class A1
		20,613,650		3.327			09/25/46		18,971,966
	Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR19, Class A7
		166,455		6.512			02/25/33		138,962
	Washington Mutual Mortgage Pass-Through Certificates Series 2004-AR3, Class A2
		4,621,216		4.243			06/25/34		4,172,924
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR08, Class 2A1A
		7,717,815		3.497			07/25/45		5,130,625
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR11, Class A1A
		4,733,816		3.527			08/25/45		3,076,102
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR13, Class A1A1
		8,664,060		3.497			10/25/45		5,618,168
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR15, Class A1A1
		9,937,832		3.467			11/25/45		6,363,524
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR17, Series A1A1
		7,708,417		3.477			12/25/45		4,949,206
	Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR09, Class 2A
		20,354,587		3.695			11/25/46		10,784,907
	Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR11, Class 3A1A
		3,659,571		3.775			09/25/46		2,017,516
	Washington Mutual Mortgage Pass-Through Certificates Series 2007-0A2, Class 1A
		6,350,821		3.555			03/25/47		3,346,861
	Wells Fargo Alternative Loan Trust Series 2007-PA6, Class A1
		21,361,296		6.602			12/28/37		14,039,328
	Wells Fargo Mortgage Backed Securities Trust Series 2005-AR06, Class A1
		16,753,954		5.034			04/25/35		14,642,642
	Wells Fargo Mortgage Backed Securities Trust Series 2005-AR16, Class 1A1
		5,788,919		5.332			10/25/35		5,015,756

									376,522,594


	Collateralized Mortgage Obligations – 1.4%
	Interest Only^(e) – 0.0%
	ABN AMRO Mortgage Corp. Series 2003-5, Class A2
		1,571,493		5.500			04/25/33		132,446
	CS First Boston Mortgage Securities Corp. Series 2002-AR31, Class 5X^(d)(g)
		290,433		0.000			11/25/32		—
	CS First Boston Mortgage Securities Corp. Series 2003-08, Class 3A2
		97,428		5.500			04/25/33		1,380
	CS First Boston Mortgage Securities Corp. Series 2003-10, Class 3A13
		37,275		5.750			05/25/33		189
	CS First Boston Mortgage Securities Corp. Series 2003-11, Class 1A2
		116,790		5.500			06/25/33		2,803
	CS First Boston Mortgage Securities Corp. Series 2003-AR18, Class 2X^(d)(g)
		1,577,081		0.000			07/25/33		2
	CS First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2X^(d)(g)
		1,923,076		0.000			08/25/33		2
	FNMA REMIC Series 2004-47, Class EI^(d)(g)
		5,276,075		0.000			06/25/34		153,383
	Washington Mutual Mortgage Pass-Through Certificates Series 2003-AR12, Class X^(d)
		8,087,823		0.481			02/25/34		3,235
	Wells Fargo Mortgage Backed Securities Trust Series 2003-G, Class AI0^(d)
		10,625,235		0.760			06/25/33		128,113

									421,553


	Inverse Floaters^(d) – 0.1%
	GNMA Series 2001-48, Class SA
		165,704		18.401			10/16/31		180,384
	GNMA Series 2001-51, Class SA
		315,782		21.718			10/16/31		384,706
	GNMA Series 2001-51, Class SB
		326,345		18.401			10/16/31		356,957
	GNMA Series 2001-59, Class SA
		59,656		18.239			11/16/24		63,751
	GNMA Series 2002-11, Class SA
		163,749		25.955			02/16/32		217,237
	GNMA Series 2002-13, Class SB
		381,422		25.955			02/16/32		490,384

									1,693,419


	Inverse Floating Rate – Interest Only^(d)(e) – 0.1%
	FNMA Series 2003-46, Class BS
		8,793,404		4.493			04/25/17		586,561


	Planned Amortization Class – 0.3%
	FHLMC Series 2639, Class UL
		254,001		4.750			03/15/22		253,695
	FHLMC Series 2681, Class PC
		1,428,744		5.000			01/15/19		1,439,188
	FHLMC Series 2775, Class MC
		1,458,800		5.000			08/15/27		1,471,066

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Mortgage-Backed Obligations – (continued)
	Planned Amortization Class – (continued)

	FHLMC Series 2949, Class WV
	$	2,000,000		5.000	%		12/15/20	$	1,983,155
	FNMA Series 2003-134, Class ME
		326,750		4.500			06/25/33		319,681
	FNMA Series 2004-64, Class BA
		208,789		5.000			03/25/34		207,477

									5,674,262


	Regular Floater^(d) – 0.4%
	FHLMC REMIC Series 3038, Class XA^(g)
		493,838		0.000			09/15/35		433,795
	FHLMC REMIC Series 3325, Class SX^(g)
		1,691,668		0.000			06/15/37		1,706,011
	FHLMC Series 3013, Class XH^(g)
		1,001,587		0.000			08/15/35		981,350
	FHLMC Series 3138, Class X^(g)
		60,684		0.000			04/15/36		59,981
	FHLMC Series 3273, Class TC^(g)
		618,064		0.000			02/15/37		660,018
	FHLMC Series 3292, Class WA^(g)
		1,829,461		0.000			07/15/36		1,715,807
	FNMA REMIC Series 2004-62, Class DI^(e)(g)
		2,411,663		0.000			07/25/33		73,117
	FNMA REMIC Series 2004-71, Class DI^(e)(g)
		5,154,133		0.000			04/25/34		177,446
	FNMA Series 2006-48, Class VF
		578,734		3.557			02/25/20		566,919
	FNMA Series 2006-81, Class LF^(g)
		226,926		0.000			09/25/36		203,267
	FNMA Series 2007-27, Class XA^(g)
		242,294		0.000			05/25/35		244,955
	FNMA Series 2007-53, Class UF^(g)
		80,265		0.000			06/25/37		68,146
	FNMA Series 2007-56, Class GY^(g)
		277,521		0.000			06/25/37		315,614

									7,206,426


	Sequential Fixed Rate – 0.5%
	Countrywide Alternative Loan Trust Series 2005-J11, Class 2A1
		4,189,420		6.000			10/25/35		3,149,920
	Countrywide Alternative Loan Trust Series 2006-5T2, Class A3
		5,396,830		6.000			04/25/36		4,205,888
	FHLMC Series 2664, Class MA
		368,476		5.000			04/15/30		370,930
	FHLMC Series 2796, Class AB
		181,470		5.500			10/15/31		184,529
	FNMA Series 2005-103, Class DA
		391,177		5.000			06/25/16		391,080

									8,302,347


	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							$	23,884,568


	Commercial Mortgage-Backed Securities – 7.4%
	Agency – 0.4%
	FNMA
		1,221,310		7.040			08/01/15		1,313,241
		2,689,380		6.460			12/01/28		2,684,709
	FNMA Series 2001-M2, Class C
		2,418,926		6.300			09/25/15		2,476,440

									6,474,390


	Interest Only^(a)(d)(e) – 0.0%
	CS First Boston Mortgage Securities Corp. Series 2002-CKS4, Class ASP
		23,309,953		1.750			11/15/36		337,962


	Sequential Fixed Rate – 7.0%
	Banc of America Commercial Mortgage, Inc. Series 2005-6, Class A4
		20,000,000		5.180			09/10/47		17,825,550
	Banc of America Commercial Mortgage, Inc. Series 2006-4, Class A4
		6,000,000		5.634			07/10/46		5,285,279
	Commercial Mortgage Pass-Through Certificates Series 2006-C7, Class A4
		24,000,000		5.768			06/10/46		21,635,256
	First Union National Bank Commercial Mortgage Trust Series 2000-C2, Class A1
		16,357,685		7.202			10/15/32		16,587,158
	GMAC Commercial Mortgage Securities, Inc. Series 2002-C1, Class A2
		15,000,000		6.278			11/15/39		14,988,142
	LB-UBS Commercial Mortgage Trust Series 2005-C5, Class A4
		9,000,000		4.954			09/15/30		7,878,821
	LB-UBS Commercial Mortgage Trust Series 2005-C7, Class A4
		10,175,000		5.197			11/15/30		9,015,850
	LB-UBS Commercial Mortgage Trust Series 2006-C1, Class A4
		12,000,000		5.156			02/15/31		10,476,787
	Merrill Lynch Mortgage Investors, Inc. Series 1999-C1, Class A2
		3,439,954		7.560			11/15/31		3,460,855
	Morgan Stanley Capital I Series 2006-T21, Class A4^(h)
		19,000,000		5.162			10/12/52		16,723,058

									123,876,756


	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES							$	130,689,108


	Federal Agencies – 52.6%
	Adjustable Rate FNMA^(d) – 1.9%
		31,137		4.387			06/01/33		31,009
		3,602,272		4.342			07/01/34		3,628,062
		14,086,229		4.362			09/01/34		14,261,676
		9,987,966		5.328			05/01/35		10,088,676
		5,300,631		4.030			06/01/35		5,327,434

									33,336,857

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

GOLDMAN SACHS CORE FIXED INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date			Value

Mortgage-Backed Obligations – (continued)

	FHLMC – 9.5%
	$	168,414		5.000	%		12/01/12		$	169,311
		17,497		5.500			07/01/13			17,797
		114,552		5.500			12/01/13			116,515
		1,387,014		6.500			12/01/13			1,428,049
		88,828		4.000			02/01/14			85,459
		43,526		5.500			02/01/14			44,272
		1,466,382		4.000			03/01/14			1,410,772
		292,225		4.000			04/01/14			281,144
		8,993		5.500			06/01/14			9,148
		42,921		5.500			09/01/14			43,658
		2,452		7.000			10/01/14			2,585
		539,296		6.000			12/01/14			547,442
		21,351		7.000			05/01/15			22,525
		64,874		8.000			07/01/15			69,145
		12,757		7.000			02/01/16			13,450
		29,972		7.000			03/01/16			31,653
		576,365		7.500			05/01/16			606,960
		2,194		7.000			10/01/17			2,316
		2,023,162		4.500			05/01/18			1,992,691
		469,930		4.500			06/01/18			462,852
		1,842,795		4.500			09/01/18			1,815,041
		1,409,035		4.500			10/01/18			1,387,812
		1,274,322		5.000			10/01/18			1,277,987
		1,826,487		4.500			11/01/18			1,798,979
		1,494,449		4.500			12/01/18			1,471,941
		4,152,214		5.000			12/01/18			4,164,157
		526,202		4.500			01/01/19			518,277
		1,428,959		4.500			03/01/19			1,404,674
		6,463,721		4.500			06/01/19			6,366,369
		522,137		5.000			06/01/19			521,311
		2,870,637		4.500			02/01/20			2,818,519
		2,891,974		5.000			06/01/20			2,891,406
		4,189,418		5.000			07/01/20			4,173,126
		2,914,809		4.500			10/01/23			2,781,679
		471,924		5.500			10/01/25			472,569
		602,921		5.500			11/01/25			603,745
		54,819		7.000			06/01/26			57,947
		60,569		7.500			03/01/27			65,812
		11,010		6.500			06/01/29			11,391
		1,815,042		6.500			12/01/29			1,880,021
		58,457		7.500			12/01/30			61,916
		42,261		7.500			01/01/31			44,761
		60,568		6.500			03/01/32			62,477
		15,905		6.500			04/01/32			16,406
		169,295		6.500			07/01/32			174,630
		1,094,511		6.500			08/01/33			1,129,004
		401,796		6.500			10/01/33			414,103
		1,381,445		5.000			11/01/35			1,347,825
		4,520,267		5.000			12/01/35			4,410,257
		14,281,337		5.000			03/01/36			13,933,770
		12,136,460		5.000			04/01/36			11,841,093
		20,195,614		5.000			06/01/36			19,708,141
		686,897		7.000			11/01/37			716,361
		540,266		7.500			11/01/37			572,828


		351,702		7.500			01/01/38			372,962
		68,000,000		5.500			TBA-15yr⁽ⁱ	⁾		67,638,784

										166,285,825


	FNMA – 41.2%
		302,285		8.500			10/01/15			322,397
		10,084		7.000			01/01/16			10,631
		496,613		6.000			12/01/16			507,530
		6,668,050		5.000			10/01/17			6,698,325
		43,166,170		5.000			12/01/17			43,361,792
		1,243,772		5.000			01/01/18			1,247,263
		3,908,710		5.000			02/01/18			3,920,210
		1,245,428		5.000			04/01/18			1,244,007
		8,880,524		4.500			05/01/18			8,749,929
		916,990		5.000			05/01/18			915,945
		35,891,544		4.500			06/01/18			35,366,299
		678,206		5.000			06/01/18			677,433
		4,954,503		4.000			07/01/18			4,808,872
		11,979,263		4.500			07/01/18			11,803,098
		2,428,993		4.000			08/01/18			2,357,596
		2,427,825		4.500			08/01/18			2,392,122
		64,737		6.000			08/01/18			66,320
		21,782,054		4.000			09/01/18			21,163,819
		5,057,438		4.500			09/01/18			4,986,121
		165,717		4.500			10/01/18			163,280
		28,996,173		4.500			12/01/18			28,569,759
		506,633		4.500			01/01/19			499,225
		699,189		4.500			03/01/19			688,965
		2,296,966		5.000			04/01/19			2,294,349
		173,011		5.000			05/01/19			172,495
		346,693		4.500			06/01/19			340,230
		260,010		5.000			06/01/19			259,714
		219,844		4.500			07/01/19			215,924
		199,866		4.500			08/01/19			196,303
		8,181,161		6.000			09/01/19			8,374,260
		335,415		5.000			11/01/19			334,415
		627,406		5.000			12/01/19			626,691
		4,331,067		4.500			04/01/20			4,267,734
		10,298,160		6.000			12/01/20			10,541,227
		879,240		5.000			02/01/22			873,979
		432,687		4.500			03/01/23			421,997
		4,732,822		4.500			04/01/23			4,615,995
		1,481,681		4.500			05/01/23			1,445,075
		2,568,180		4.500			06/01/23			2,504,730
		1,393,643		4.500			07/01/23			1,359,211
		2,130,019		4.500			08/01/23			2,077,395
		260,980		4.500			09/01/23			254,532
		658,042		7.000			08/01/27			688,523
		1,802,319		7.000			03/01/28			1,885,809
		31,429		7.500			12/01/30			33,234
		122,285		8.000			01/01/31			130,580
		64,253		8.000			02/01/31			68,773
		548,539		7.000			03/01/31			578,594
		15,252		7.500			07/01/31			16,459
		33,829		7.500			08/01/32			36,434
		44,688		7.500			11/01/32			48,129

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date			Value

Mortgage-Backed Obligations – (continued)
	FNMA – (continued)

	$	14,852		6.500	%		09/01/33		$	15,313
		994,692		5.000			10/01/35			970,795
		543,199		7.000			10/01/35			567,515
		11,553,799		5.000			01/01/36			11,276,224
		7,269,827		6.500			09/01/36			7,462,691
		63,334		7.000			09/01/36			66,165
		853,459		7.500			09/01/36			903,482
		7,213,504		6.500			10/01/36			7,404,874
		485,414		7.500			10/01/36			513,865
		46,176		5.000			11/01/36			45,038
		9,579,475		6.500			11/01/36			9,833,612
		102,550		7.500			11/01/36			108,561
		497,646		8.000			11/01/36			530,752
		1,669,687		5.000			12/01/36			1,628,528
		745,809		7.500			12/01/36			789,522
		1,802,297		5.000			01/01/37			1,757,797
		2,261,706		5.000			02/01/37			2,205,762
		1,381,146		5.000			03/01/37			1,346,809
		766,190		6.000			03/01/37			776,896
		655,242		7.000			03/01/37			684,524
		1,048,246		5.000			04/01/37			1,022,184
		3,705,488		6.000			04/01/37			3,757,265
		5,385,236		7.000			04/01/37			5,625,899
		7,920,770		5.000			05/01/37			7,723,842
		1,513,670		6.000			05/01/37			1,534,820
		4,367,675		7.000			05/01/37			4,568,610
		3,046,237		5.000			06/01/37			2,970,578
		3,296,611		6.000			06/01/37			3,342,675
		9,493,204		7.000			06/01/37			9,929,065
		3,342,849		5.000			07/01/37			3,259,774
		3,922,665		6.000			07/01/37			3,977,476
		10,236,091		7.000			07/01/37			10,705,468
		1,685,297		5.000			08/01/37			1,643,554
		5,564,626		7.000			08/01/37			5,820,072
		60,846		7.500			08/01/37			64,392
		609,836		5.000			09/01/37			594,675
		12,084,604		7.000			09/01/37			12,640,309
		945,303		7.500			09/01/37			1,000,388
		432,303		5.000			10/01/37			421,555
		9,926,736		6.500			10/01/37			10,190,085
		13,205,751		7.000			10/01/37			13,806,919
		1,779,788		7.500			10/01/37			1,883,500
		680,815		5.000			11/01/37			663,888
		997,828		6.000			11/01/37			1,011,771
		23,044,115		6.500			11/01/37			23,651,724
		17,744,824		7.000			11/01/37			18,561,176
		23,023,942		7.500			11/01/37			24,347,830
		1,972,604		6.000			12/01/37			2,000,167
		32,519,456		7.000			12/01/37			34,015,517
		5,901,782		7.500			12/01/37			6,245,692
		353,503		5.000			01/01/38			344,714
		2,759,439		6.000			01/01/38			2,797,997
		10,688,619		7.000			01/01/38			11,180,353
		3,511,844		7.500			01/01/38			3,716,488
		316,930		5.000			02/01/38			303,473
		13,950,530		7.000			02/01/38			14,592,440


		891,383		7.500			02/01/38			943,326
		7,238,289		7.000			03/01/38			7,571,346
		49,997		6.500			04/01/38			51,302
		2,752,642		6.000			08/01/38			2,790,830
		14,771,738		6.000			09/01/38			14,976,668
		3,000,000		4.000			TBA-15yr⁽ⁱ	⁾		2,852,814
		45,000,000		5.000			TBA-15yr⁽ⁱ	⁾		43,846,875
		95,000,000		5.500			TBA-15yr⁽ⁱ	⁾		94,732,860
		32,000,000		6.000			TBA-15yr⁽ⁱ	⁾		32,409,984

										724,164,794


	TOTAL FEDERAL AGENCIES								$	923,787,476


	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $1,646,579,225)								$	1,454,883,746




Agency Debentures – 0.2%


	FNMA
	$	4,800,000		0.000	%^(f)		10/09/19		$	2,402,784
		306,000		5.000			06/16/28			280,419
	Small Business Administration
		446,260		6.300			06/01/18			455,624


	TOTAL AGENCY DEBENTURES
	(Cost $2,897,526)								$	3,138,827




Asset-Backed Securities – 2.8%


	Credit Card – 0.2%
	MBNA Master Credit Card Trust II Series 1999-J, Class A
	$	3,000,000		7.000	%		02/15/12		$	3,030,540


	Home Equity – 2.3%
	CIT Mortgage Loan Trust Series 2007-1, Class 2A1^(a)(d)
		10,290,230		4.207			10/25/37			8,746,695
	CIT Mortgage Loan Trust Series 2007-1, Class 2A2^(a)(d)
		3,400,000		4.457			10/25/37			1,700,000
	CIT Mortgage Loan Trust Series 2007-1, Class 2A3^(a)(d)
		6,500,000		4.657			10/25/37			2,437,500
	ContiMortgage Home Equity Loan Trust Series 1999-1, Class A7^(d)
		76		6.970			12/25/13			75
	Countrywide Home Equity Loan Trust Series 2002-E, Class A^(d)
		1,208,744		2.748			10/15/28			839,058
	Countrywide Home Equity Loan Trust Series 2004-G, Class 2A^(d)
		588,629		2.708			12/15/29			394,318
	Countrywide Home Equity Loan Trust Series 2006-HW, Class 2A1B^(d)
		18,180,465		2.638			11/15/36			11,520,761
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
		2,438,959		7.000			09/25/37			1,358,195

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

GOLDMAN SACHS CORE FIXED INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Asset-Backed Securities – (continued)
	Home Equity – (continued)

	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
	$	2,894,015		7.000	%		09/25/37	$	1,403,667
	Household Home Equity Loan Trust Series 2007-3, Class APT^(d)
		10,853,494		4.388			11/20/36		8,250,349
	Impac CMB Trust Series 2004-08, Class 1A^(d)
		894,187		3.927			10/25/34		242,857
	Impac CMB Trust Series 2004-10, Class 2A^(d)
		1,084,589		3.847			03/25/35		557,468
	Morgan Stanley Capital, Inc. Series 2004-HE1, Class A4^(d)
		4,071,384		3.577			01/25/34		3,664,246

									41,115,189


	Manufactured Housing – 0.1%
	Mid-State Trust Series 4, Class A
		1,424,888		8.330			04/01/30		1,201,951


	Utilities – 0.2%
	Massachusetts RRB Special Purpose Trust Series 1999-1, Class A5
		3,695,735		7.030			03/15/12		3,786,646


	TOTAL ASSET-BACKED SECURITIES
	(Cost $70,545,579)							$	49,134,326




U.S. Treasury Obligations – 1.4%


	United States Treasury Inflation Protected Securities^(j)
	$	11,450,775		2.375	%		01/15/27	$	11,074,148
		3,569,252		1.750			01/15/28		3,113,894
		8,634,413		3.625			04/15/28		9,933,624
	United States Treasury Principal-Only STRIPS^(f)
		400,000		0.000			08/15/27		168,277


	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $26,477,943)							$	24,289,943




Municipal Bond – 0.0%


	Ohio – 0.0%
	Buckeye Tobacco Settlement Financial Authority RB Asset-Backed Senior Turbo Series 2007 A-2
	$	72,000		5.125	%		06/01/24	$	61,194
	(Cost $147,797)




Repurchase Agreement^(k) – 5.2%


	Joint Repurchase Agreement Account II
	$	91,800,000		1.944	%		10/01/08	$	91,800,000
	Maturity Value: $91,804,957
	(Cost $91,800,000)


	TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL
	(Cost $2,281,516,520)							$	2,010,863,838


			Interest
	Shares		Rate	Value

Securities Lending Collateral^(d) – 1.5%


	State Street Navigator Securities Lending Prime Portfolio
		25,845,750	2.830%	$	25,845,750
	(Cost $25,845,750)


	TOTAL INVESTMENTS – 116.0%
	(Cost $2,307,362,270)			$	2,036,709,588


	LIABILITIES IN EXCESS OF OTHER ASSETS – (16.0)%				(280,491,938	)


	NET ASSETS – 100.0%			$	1,756,217,650

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

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


(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 $87,202,715, which represents approximately 5.0% of net assets as of September 30, 2008.

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

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

(d)		Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2008.

(e)		Represents security with notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.

(f)		Security issued with a zero coupon. Income is recognized through the accretion of discount.

(g)		Security is issued with zero coupon and interest rate is contingent upon LIBOR reaching a predetermined level.

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

(i)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $241,481,317 which represents approximately 13.8% of net assets as of September 30, 2008.

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

(k)		Joint repurchase agreement was entered into on September 30, 2008. Additional information appears on page 57.




Investment Abbreviations:
EURO	—	Euro Offered Rate
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
LIBOR	—	London Interbank Offered Rate
RB	—	Revenue Bond
RRB	—	Rate Reduction Bond
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.

GOLDMAN SACHS CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY CONTRACTS — At September 30, 2008, the Fund had outstanding forward foreign currency exchange contracts, both to purchase and sell foreign currencies:


Open Forward Foreign Currency	Contract	Expiration	Value on		Current		Unrealized
Contracts with Unrealized Gain	Type	Date	Settlement Date		Value		Gain

British Pound	Purchase	12/17/08	$	6,588,000	$	6,720,483	$	132,483
Canadian Dollar	Sale	12/17/08		6,110,000		5,961,040		148,960
Euro	Sale	10/03/08		6,562,000		6,410,493		151,507
Euro	Sale	10/31/08		11,319,590		10,902,041		417,549
Euro	Purchase	12/17/08		6,588,000		6,629,635		41,635
Euro	Sale	12/17/08		32,596,485		32,455,809		140,676
New Zealand Dollar	Sale	12/17/08		7,039,919		7,002,063		37,856
Swedish Krona	Sale	12/17/08		13,102,808		12,799,203		303,605
Swiss Franc	Purchase	12/17/08		6,445,494		6,528,909		83,415


TOTAL							$	1,457,686


Open Forward Foreign Currency	Contract	Expiration	Value on		Current		Unrealized
Contracts with Unrealized Loss	Type	Date	Settlement Date		Value		Loss

Australian Dollar	Purchase	12/17/08	$	12,347,902	$	11,787,587	$	(560,315	)
British Pound	Sale	12/17/08		12,625,252		12,776,859		(151,607	)
Canadian Dollar	Purchase	10/02/08		13,079,489		13,023,149		(56,340	)
Canadian Dollar	Purchase	12/17/08		13,372,746		13,054,281		(318,465	)
Canadian Dollar	Sale	12/17/08		6,532,000		6,555,991		(23,991	)
Euro	Purchase	12/17/08		18,752,000		18,267,349		(484,651	)
Japanese Yen	Purchase	12/17/08		6,110,000		6,078,368		(31,632	)
Japanese Yen	Sale	12/17/08		6,532,000		6,721,384		(189,384	)
Norwegian Krone	Purchase	12/17/08		13,352,118		12,834,825		(517,293	)
Swedish Krona	Purchase	12/17/08		6,095,795		5,749,552		(346,243	)
Swiss Franc	Purchase	10/03/08		6,562,000		6,459,936		(102,064	)
Swiss Franc	Purchase	12/17/08		6,616,424		6,506,506		(109,918	)


TOTAL							$	(2,891,903	)

FORWARD SALES CONTRACT — At September 30, 2008, the Fund had the following forward sales contract:

Interest

Maturity

Settlement

Principal

Description

Rate

Date

Amount

Value

FNMA (Proceeds Receivable: $144,365,625)

7.000%

TBA-15yr⁽ⁱ⁾

10/14/08

138,000,000

144,166,938

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At September 30, 2008, the following futures contracts were open:


	Number of
	Contracts			Settlement	Notional			Unrealized
Type	Long (Short)			Month	Value			Gain (Loss)

Eurodollars		(614	)	December 2008	$	(148,196,575	)	$	904,853
Eurodollars		(314	)	March 2009		(76,172,475	)		155,343
Eurodollars		(314	)	June 2009		(76,113,600	)		147,209
Eurodollars		(384	)	September 2009		(93,000,000	)		79,577
Eurodollars		(384	)	December 2009		(92,697,600	)		216,191
U.S. Treasury Bonds		576		December 2008		67,491,000			(335,514	)
2 Year U.S. Treasury Notes		1,214		December 2008		259,113,125			1,658,999
5 Year U.S. Treasury Notes		(1,781	)	December 2008		(199,889,422	)		(478,892	)
10 Year U.S. Treasury Notes		1,685		December 2008		193,143,125			(1,479,024	)


TOTAL								$	868,742

SWAP CONTRACTS — At September 30, 2008, 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	$	—		$	1,044,621
		80,000			09/02/10	4.309	3 month LIBOR		—			1,512,986
		65,000			10/06/10	4.703	3 month LIBOR		—			2,603,348
		65,000			04/19/12	4.547	3 month LIBOR		—			2,407,487
		11,000			05/25/15	4.533	3 month LIBOR		—			322,325
		25,000			10/19/15	4.965	3 month LIBOR		—			1,419,482
		6,500	^(a)		12/17/18	4.750	3 month LIBOR		216,392			(97,695	)
		80,000			03/23/20	3 month LIBOR	5.108%		—			(4,149,666	)
		39,600	^(a)		12/17/23	4.750	3 month LIBOR		(111,870	)		491,607
		6,100	^(a)		12/17/28	3 month LIBOR	5.000		(320,945	)		89,135
		15,400	^(a)		12/17/28	5.000	3 month LIBOR		(260,070	)		845,295
		10,000			04/09/35	5.266	3 month LIBOR		—			1,050,662
Credit Suisse First Boston Corp.		EUR 16,200	^(a)		12/17/13	6 month EURO	4.500		343,126			(193,500	)
	$	14,400	^(a)		12/17/18	4.750	3 month LIBOR		287,371			(24,412	)
		46,100	^(a)		12/17/23	3 month LIBOR	4.750		566,234			(1,008,302	)
		13,700	^(a)		12/17/28	3 month LIBOR	5.000		(450,357	)		(70,265	)
Deutsche Bank Securities, Inc.		EUR 60,400	^(a)		12/17/10	4.500	6 month EURO		(57,784	)		44,401
	$	30,200	^(a)		12/17/11	3.750	3 month LIBOR		(27,672	)		(25,149	)
		EUR 126,000	^(a)		12/17/13	6 month EURO	4.500		2,244,947			(1,081,192	)
	$	157,800	^(a)		12/17/13	4.250	3 month LIBOR		802,329			(94,583	)
		EUR 142,200	^(a)		12/17/13	4.500	6 month EURO		(1,614,845	)		301,464
	$	10,800	^(a)		12/17/18	4.750	3 month LIBOR		189,000			8,220
		26,800	^(a)		12/17/23	3 month LIBOR	4.750		635,543			(892,537	)
		6,100	^(a)		12/17/23	4.750	3 month LIBOR		(12,963	)		71,457
		10,000	^(a)		12/17/28	3 month LIBOR	5.000		(260,523	)		(119,494	)
		EUR 11,900	^(a)		12/17/38	5.000	6 month EURO		511,540			708,931
	$	29,900	^(a)		12/17/38	5.000	3 month LIBOR		(148,379	)		1,531,071

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

GOLDMAN SACHS CORE FIXED INCOME FUND


ADDITIONAL INVESTMENT INFORMATION (continued)

INTEREST RATE SWAP CONTRACTS (continued)


						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)

JPMorgan Securities, Inc.	$	67,800	^(a)		12/17/11	3.750%	3 month LIBOR	$	(59,468	)	$	(59,117	)
		11,800	^(a)		12/17/13	3 month LIBOR	4.250%		2,971			(66,993	)
		71,800	^(a)		12/17/15	4.500	3 month LIBOR		285,481			385,936
		38,000	^(a)		12/17/18	4.750	3 month LIBOR		327,396			366,524
		152,000	^(a)		12/17/23	3 month LIBOR	4.750		1,951,288			(3,408,865	)
		18,600	^(a)		12/17/23	4.750	3 month LIBOR		149,205			29,157
		6,100	^(a)		12/17/28	3 month LIBOR	5.000		(318,069	)		86,259


TOTAL								$	4,869,878		$	4,028,598


(a)	Represents forward starting interest rate swaps whose effective dates of commencement of cash flows and associated accruals occur subsequent to September 30, 2008.

CREDIT DEFAULT SWAP CONTRACTS


		Notional		Rates (paid)					Upfront Payments
		Amount		received by				Termination	received			Unrealized
Swap Counterparty	Referenced Obligation	(000s)		Fund				Date	by the Fund			Gain (Loss)

Protection Purchased:
Credit Suisse First Boston Corp.	Computer Sciences Corp. 5.00%, 02/15/13	$	4,725		(1.180	)	%	03/20/18	$	—		$	(184,413	)
Deutsche Bank Securities, Inc.	CDX North America Investment Grade Index		150,000		(1.550	)		06/20/13		(2,167,840	)		3,012,751
JPMorgan Securities, Inc.	CDX North America Investment Grade Index		81,000		(1.550	)		06/20/13		(270,462	)		726,715
	Nordstrom, Inc. 6.95%, 03/15/28		5,250		(0.870	)		12/20/17		—			249,836
Protection Sold:
Credit Suisse First Boston Corp.	ABX-HE-AAA 07-1 Index		16,200		0.090			08/25/37		(3,706,875	)		(4,055,287	)
	ABX-HE-AAA 07-2 Index		8,000		0.760			01/25/38		(1,713,124	)		(2,235,631	)


TOTAL									$	(7,858,301	)	$	(2,486,029	)

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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Bonds – 21.7%


	Airlines – 0.0%
	United Air Lines, Inc.

	$	454		6.602	%		09/01/13	$	450


	Banks – 5.5%
	ANZ Capital Trust I^(a)(b)

		250,000		4.484			01/29/49		243,570
	Bank of America Corp.^(c)

		500,000		2.876			12/18/08		498,941
		400,000		8.000	^(b)		12/29/49		316,747
	Barclays Bank PLC^(c)

		830,000		2.829			03/13/09		822,901
	Citigroup, Inc.

		525,000		4.125			02/22/10		489,017
	HSBC Holdings PLC

		500,000		6.800			06/01/38		423,391
	JPMorgan Chase & Co.

		375,000		6.000			01/15/18		341,749
		350,000		7.900	^(b)(c)		04/30/49		294,658
	JPMorgan Chase Capital XXII Series V^(b)

		250,000		6.450			02/02/37		183,911
	MUFG Capital Finance 1 Ltd.^(b)(c)

		250,000		6.346			07/29/49		176,226
	PNC Bank NA

		250,000		6.875			04/01/18		238,201
	Rabobank Nederland^(a)(c)

		500,000		2.791			04/06/09		499,629
	Resona Preferred Global Securities Ltd.^(a)(b)(c)

		300,000		7.191			12/29/49		222,717
	Royal Bank of Scotland Group PLC^(b)

		200,000		7.640	^(c)		03/31/49		149,004
		175,000		9.118			03/31/49		169,694
		200,000		6.990	^(a)(c)		10/05/49		149,050
	UFJ Finance Aruba AEC

		30,000		6.750			07/15/13		29,418
	Wachovia Corp.

		100,000		5.500			05/01/13		82,732
	Wells Fargo & Co.

		400,000		4.375			01/31/13		375,753
		300,000		5.625			12/11/17		280,417
	Wells Fargo Capital XIII^(b)(c)

		175,000		7.700			03/26/49		152,602
	Wells Fargo Capital XV^(b)(c)

		200,000		9.750			03/26/49		194,000

									6,334,328


	Brokerage – 1.8%
	Citigroup Global Markets Holdings, Inc.^(c)

		1,200,000		2.916			03/17/09		1,183,549
	Merrill Lynch & Co., Inc.

		150,000		5.450			02/05/13	��	131,528
		200,000		6.400			08/28/17		170,420
	Morgan Stanley

		550,000		3.041	^(c)		01/09/12		363,751
		325,000		6.625	^(b)		04/01/18		217,750

									2,066,998


	Captive Financial – 0.5%
	General Electric Capital Corp.^(b)(c)

		200,000		6.375			11/15/67		161,834
	International Lease Finance Corp.

		125,000		4.950			02/01/11		92,438
	VTB Capital SA

		150,000		6.609	^(a)		10/31/12		118,398
		290,000		6.875	^(d)		05/29/18		216,050

									588,720


	Distributors^(a)(b) – 0.7%
	Ras Laffan Liquefied Natural Gas Co. Ltd.

		17,424		3.437			09/15/09		17,456
	Southern Star Central Gas Pipeline, Inc.

		900,000		6.000			06/01/16		816,093

									833,549


	Electric^(b) – 1.0%
	AEP Texas Central Co.

		115,000		6.650			02/15/33		102,390
	Arizona Public Service Co.

		150,000		6.250			08/01/16		141,334
	Commonwealth Edison Co.

		75,000		5.800			03/15/18		68,729
		150,000		5.875			02/01/33		122,929
		125,000		5.900			03/15/36		100,595
	MidAmerican Energy Holdings Co.

		75,000		5.750			04/01/18		69,187
		250,000		6.125			04/01/36		210,122
	Progress Energy, Inc.

		100,000		5.625			01/15/16		94,801
	Scottish Power PLC

		125,000		4.910			03/15/10		124,855
	The AES Corp.

		125,000		9.500			06/01/09		125,937

									1,160,879


	Energy – 1.6%
	Anadarko Petroleum Corp.^(b)

		325,000		5.950			09/15/16		298,712
	Canadian Natural Resources Ltd.^(b)

		275,000		5.700			05/15/17		236,403
		75,000		6.500			02/15/37		57,693
	Halliburton Co.^(a)

		25,000		7.600			08/15/96		26,022
	Kerr-McGee Corp.^(b)

		75,000		6.950			07/01/24		70,897
	Nexen, Inc.^(b)

		350,000		6.400			05/15/37		277,090
	Transocean, Inc.^(b)

		175,000		6.800			03/15/38		160,452
	Valero Energy Corp.^(b)

		375,000		6.625			06/15/37		323,599
	XTO Energy, Inc.^(b)

		150,000		5.000			01/31/15		138,099
		225,000		6.500			12/15/18		208,702

									1,797,669

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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Bonds – (continued)
	Energy – (continued)

	Entertainment^(b) – 0.1%
	Universal City Development Partners

	$	125,000		11.750	%		04/01/10	$	125,938


	Food & Beverage – 0.4%
	Cargill, Inc.^(a)(b)

		250,000		5.200			01/22/13		241,757
	Kraft Foods, Inc.

		150,000		6.500			08/11/17		144,330
	Land O’ Lakes, Inc.^(b)

		125,000		8.750			11/15/11		123,906

									509,993


	Gaming^(b) – 0.1%
	Mohegan Tribal Gaming Authority

		170,000		6.375			07/15/09		165,750


	Health Care Services^(b)(e) – 0.1%
	HCA, Inc.

		125,000		9.625			11/15/16		118,438


	Life Insurance^(a)(b) – 0.2%
	Americo Life, Inc.

		50,000		7.875			05/01/13		49,529
	Phoenix Life Insurance Co.

		100,000		7.150			12/15/34		95,446
	Symetra Financial Corp.

		100,000		6.125			04/01/16		80,574

									225,549


	Media-Cable – 1.4%
	Comcast Cable Communications Holdings, Inc.

		200,000		10.625			07/15/12		217,505
		175,000		9.455			11/15/22		192,397
	Cox Communications, Inc.^(a)(b)

		150,000		5.875			12/01/16		138,486
		300,000		6.250			06/01/18		278,792
	CSC Holdings, Inc. Series B

		125,000		7.625			04/01/11		119,687
	EchoStar DBS Corp.^(b)

		125,000		7.125			02/01/16		100,312
	Rogers Communications, Inc.^(b)

		225,000		6.800			08/15/18		212,857
	Time Warner Cable, Inc.^(b)

		250,000		5.400			07/02/12		237,804
		150,000		6.550			05/01/37		124,195

									1,622,035


	Media-Non Cable^(b) – 0.6%
	DIRECTV Holdings LLC

		125,000		8.375			03/15/13		123,750
	News America, Inc.

		300,000		6.650			11/15/37		257,353
	Thomson Reuters Corp.

		275,000		6.500			07/15/18		263,000

									644,103


	Metals & Mining^(b) – 0.4%
	ArcelorMittal^(a)

		450,000		6.125			06/01/18		398,750
	GrafTech Finance, Inc.

		13,000		10.250			02/15/12		13,423

									412,173


	Noncaptive-Financial – 1.3%
	Countrywide Home Loans, Inc.

		50,000		6.250			04/15/09		47,625
		275,000		5.625			07/15/09		260,075
		25,000		4.125			09/15/09		23,375
	GATX Financial Corp.^(b)

		150,000		8.875			06/01/09		152,606
	Pemex Project Funding Master Trust

		10,000		9.125			10/13/10		10,700
	SLM Corp.

		300,000		5.450			04/25/11		210,000
	The Bear Stearns Cos. LLC

		50,000		6.400			10/02/17		45,892
		825,000		7.250			02/01/18		793,550

									1,543,823


	Packaging^(b)(c) – 0.1%
	Impress Holdings BV

		EUR 125,000		8.088			09/15/13		153,098


	Pipelines – 2.0%
	Boardwalk Pipelines LP^(b)

	$	175,000		5.875			11/15/16		167,351
	El Paso Corp.^(b)

		500		7.750			01/15/32		425
	Energy Transfer Partners LP^(b)

		500,000		5.950			02/01/15		462,706
		175,000		6.700			07/01/18		164,529
	Enterprise Products Operating LP^(b)

		125,000		5.600			10/15/14		116,316
		225,000		5.000			03/01/15		201,177
		100,000		7.034	^(c)		01/15/68		84,567
	Gulf South Pipeline Co. LP^(a)(b)

		175,000		6.300			08/15/17		167,768
	ONEOK Partners LP^(b)

		225,000		6.150			10/01/16		212,455
		125,000		6.650			10/01/36		108,685
	Southern Natural Gas Co.^(a)(b)

		50,000		5.900			04/01/17		44,102
	Tennessee Gas Pipeline Co.

		325,000		7.625			04/01/37		304,568
	TEPPCO Partners LP^(b)

		275,000		6.650			04/15/18		267,869

									2,302,518


	Property/Casualty Insurance – 0.9%
	CNA Financial Corp.

		150,000		7.250			11/15/23		130,832
	Endurance Specialty Holdings Ltd.^(b)

		75,000		6.150			10/15/15		62,815
		150,000		7.000			07/15/34		133,648

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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Bonds – (continued)
	Property/Casualty Insurance – (continued)

	QBE Capital Funding II LP^(a)(b)(c)

	$	175,000		6.797	%		06/01/49	$	139,714
	Swiss Re Capital I LP^(a)(b)(c)

		100,000		6.854			05/29/49		84,989
	The Chubb Corp.^(b)

		75,000		6.500			05/15/38		67,839
		125,000		6.375	^(c)		03/29/67		98,882
	ZFS Finance USA Trust I^(a)(b)(c)

		500,000		6.150			12/15/65		363,110

									1,081,829


	Real Estate Investment Trust^(b) – 0.5%
	iStar Financial, Inc. Series B

		100,000		5.700			03/01/14		49,000
	Simon Property Group LP

		450,000		6.125			05/30/18		398,610
	Westfield Capital Corp.^(a)

		150,000		5.125			11/15/14		133,400

									581,010


	Technology^(b) – 0.2%
	Fiserv, Inc.

		225,000		6.125			11/20/12		221,301


	Telecommunications-Internet & Data – 0.2%
	Deutsche Telekom International Finance BV

		200,000		8.750			06/15/30		202,808


	Tobacco – 0.4%
	Philip Morris International, Inc.

		450,000		5.650			05/16/18		415,950


	Wireless Telecommunications^(b) – 0.7%
	AT&T, Inc.

		475,000		6.400			05/15/38		398,629
	Hellas Telecommunications Luxembourg V^(c)

		EUR 125,000		8.463			10/15/12		134,621
	Inmarsat Finance II PLC^(f)

	$	125,000		10.375			11/15/12		123,906
	Sprint Capital Corp.

		275,000		6.875			11/15/28		185,930

									843,086


	Wirelines Telecommunications – 1.0%
	British Telecommunications PLC^(b)

		250,000		9.125			12/15/30		249,397
	New England Telephone & Telegraph Co.^(d)

		5,000		7.875			11/15/29		4,787
	Nordic Telephone Co. Holdings^(b)

		EUR 125,000		8.250			05/01/16		146,059
	Telecom Italia Capital^(b)

	$	175,000		6.200			07/18/11		171,558
		300,000		7.721			06/04/38		248,646


	Verizon Communications, Inc.^(b)

		150,000		6.100			04/15/18		139,422
		300,000		6.400			02/15/38		251,695

									1,211,564


	TOTAL CORPORATE BONDS
	(Cost $28,240,836)							$	25,163,559




Mortgage-Backed Obligations – 71.8%


	Adjustable Rate Non-Agency^(c) – 11.4%
	Adjustable Rate Mortgage Trust Series 2004-5, Class 2A1

	$	156,373		4.997	%		04/25/35	$	120,520
	American Home Mortgage Assets Series 2007-1, Class A1

		854,383		3.555			02/25/47		429,735
	Bear Stearns Adjustable Rate Mortgage Trust Series 2004-1, Class 21A1

		180,832		4.470			04/25/34		143,287
	Bear Stearns Adjustable Rate Mortgage Trust Series 2005-03, Class 2A1

		522,068		5.077			06/25/35		403,480
	Countrywide Alternative Loan Trust Series 2005-38, Class A3

		342,589		3.557			09/25/35		216,671
	Countrywide Home Loan Trust Series 2004-HYB5, Class 2A1

		364,160		4.822			04/20/35		292,933
	Countrywide Home Loan Trust Series 2004-HYB6, Class A2

		184,326		4.543			11/20/34		129,956
	Countrywide Home Loan Trust Series 2005-HYB4, Class 2A1

		760,305		4.902			08/20/35		509,093
	First Horizon Mortgage Pass-Through Trust Series 2004-AR6, Class 2A1

		82,325		4.750			12/25/34		74,379
	GMAC Mortgage Corp. Loan Trust Series 2004-AR1, Class 12A

		366,085		4.388			06/25/34		339,751
	Harborview Mortgage Loan Trust Series 2005-14, Class 5A1A

		706,975		5.738			12/19/35		433,706
	Harborview Mortgage Loan Trust Series 2006-10, Class 2A1A

		781,981		3.210			11/19/36		477,341
	Harborview Mortgage Loan Trust Series 2006-12, Class 2A2A

		1,528,259		3.220			01/19/38		925,730
	Indymac Index Mortgage Loan Trust Series 2005-AR13, Class 4A1

		476,574		5.358			08/25/35		318,463
	JPMorgan Mortgage Trust Series 2005-A4, Class 2A1

		611,594		5.061			07/25/35		563,597
	Lehman XS Trust Series 2006-2N, Class 1A1

		1,620,539		3.467			02/25/46		973,413
	Lehman XS Trust Series 2007-16N, Class 2A2

		1,436,398		4.057			09/25/47		823,898
	Master Adjustable Rate Mortgages Trust Series 2004-9, Class 2A1

		14,239		3.587			11/25/34		8,646
	Master Adjustable Rate Mortgages Trust Series 2006-A2, Class 4A1B

		786,553		4.055			12/25/46		393,696

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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Mortgage-Backed Obligations – (continued)
	Adjustable Rate Non-Agency^(c) – (continued)

	Morgan Stanley Mortgage Loan Trust Series 2004-8AR, Class 4A1

	$	683,602		5.363	%		10/25/34	$	463,923
	Residential Accredit Loans, Inc. Series 2005-Q05, Class A1

		558,749		3.855			01/25/46		336,832
	Residential Accredit Loans, Inc. Series 2007-QH9, Class A1

		962,667		5.895			11/25/37		591,224
	Residential Funding Mortgage Securities I Series 2005-SA4, Class 2A1

		667,443		5.202			09/25/35		517,992
	Residential Funding Mortgage Securities I Series 2005-SA4, Class 2A2

		739,812		5.180			09/25/35		630,114
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-05, Class 3A1

		237,032		4.380			05/25/34		166,792
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 3A2

		94,609		5.250			09/25/34		67,433
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-16, Class 3A1

		427,557		5.450			11/25/34		321,723
	Structured Adjustable Rate Mortgage Loan Trust Series 2006-1, Class 5A2

		1,000,000		5.250			02/25/36		413,011
	Washington Mutual Mortgage Pass-Through Certificates Series 2004-AR3, Class A2

		304,696		4.243			06/25/34		275,138
	Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR02, Class 1A1

		736,423		5.297			03/25/37		621,867
	Wells Fargo Mortgage Backed Securities Trust Series 2005-AR06, Class A1

		1,396,163		5.034			04/25/35		1,220,220

									13,204,564


	Collateralized Mortgage Obligations – 1.3%
	Planned Amortization Class – 0.5%
	FNMA REMIC Series 2005-70, Class PA

		512,693		5.500			08/25/35		515,248


	Regular Floater^(c)(g) – 0.1%
	FHLMC REMIC Series 3038, Class XA

		70,548		0.000			09/15/35		61,971
	FHLMC REMIC Series 3167, Class X

		65,505		0.000			06/15/36		57,774
	FHLMC REMIC Series 3176, Class XI^(h)

		252,044		0.000			10/15/35		8,615

									128,360


	Sequential Fixed Rate – 0.7%
	FHLMC REMIC Series 3200, Class AD

		830,389		5.500			05/15/29		842,603


	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							$	1,486,211


	Commercial Mortgage-Backed Securities – 4.8%
	Sequential Fixed Rate – 4.8%
	Banc of America Commercial Mortgage, Inc. Series 2002-2, Class A3

		530,000		5.118			07/11/43		511,633
	Banc of America Commercial Mortgage, Inc. Series 2005-6, Class A4

		1,000,000		5.352			09/10/47		891,278
	Bear Stearns Commercial Mortgage Securities Series 2006-PW13, Class A4

		1,000,000		5.540			09/11/41		890,833
	GMAC Commercial Mortgage Securities, Inc. Series 2000-C3, Class A2

		738,297		6.957			09/15/35		749,001
	JPMorgan Chase Commercial Mortgage Securities Corp. Series 2005-LDP3, Class A4A

		1,000,000		4.936			08/15/42		888,783
	JPMorgan Chase Commercial Mortgage Securities Corp. Series 2007-CB18, Class A4

		700,000		5.440			06/12/47		583,986
	LB-UBS Commercial Mortgage Trust Series 2006-C1, Class A4

		1,207,000		5.156			02/15/31		1,053,790

									5,569,304


	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES							$	5,569,304


	Federal Agencies – 54.3%
	Adjustable Rate FHLMC^(c) – 0.8%
		654,740		4.809			09/01/35		654,913
		309,881		5.743			04/01/37		312,830

									967,743


	FHLMC – 5.1%
		335,958		5.000			05/01/18		336,477
		330,946		5.500			05/01/33		330,167
		734,135		5.500			06/01/37		730,819
		703,649		7.500			08/01/37		746,059
		776,952		7.000			11/01/37		810,279
		952,788		5.500			02/01/38		948,622
		989,318		5.500			06/01/38		984,849
		999,900		5.500			09/01/38		995,384

									5,882,656


	FNMA – 47.5%
		2,917,756		4.500			06/01/18		2,875,090
		235,227		4.500			10/01/18		231,767
		51,654		4.500			11/01/18		50,895
		86,782		4.500			12/01/18		85,505
		790,037		4.500			01/01/19		778,422
		191,940		6.000			02/01/19		195,751
		339,301		4.500			05/01/19		333,250
		337,351		5.000			05/01/19		336,966
		436,035		4.000			06/01/19		419,440
		169,306		4.500			06/01/19		166,287
		117,728		4.500			08/01/19		115,629
		448,253		5.000			08/01/19		446,916

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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date			Value

Mortgage-Backed Obligations – (continued)
	FNMA – (continued)

	$	392,940		6.000	%		08/01/19		$	400,741
		409,058		6.000			09/01/19			418,713
		747,628		5.500			06/01/20			755,819
		4,805,778		5.000			08/01/20			4,806,573
		514,908		6.000			12/01/20			527,061
		476,483		5.000			01/01/21			474,328
		640,328		6.000			04/01/21			654,404
		270,437		6.000			06/01/21			275,806
		196,604		5.500			07/01/21			198,480
		127,916		6.000			07/01/21			130,466
		439,285		5.000			07/01/23			436,612
		555,995		5.000			08/01/23			552,612
		648,510		6.000			12/01/32			659,720
		101,345		6.000			02/01/34			102,973
		1,894,217		5.500			11/01/34			1,892,764
		984,937		5.500			02/01/35			983,980
		304,502		5.000			11/01/35			297,308
		1,050,345		5.000			01/01/36			1,025,111
		183,175		4.500			03/01/36			173,243
		1,285,355		5.000			03/01/36			1,254,988
		2,483,909		5.000			07/01/36			2,422,681
		493,118		6.500			09/01/36			506,201
		31,667		7.000			09/01/36			33,082
		200,375		6.500			10/01/36			205,691
		943,504		6.000			11/01/36			956,741
		774,563		6.500			11/01/36			795,111
		813,730		5.000			02/01/37			793,499
		935,107		5.000			03/01/37			912,057
		200,353		6.500			03/01/37			205,669
		482,024		7.000			03/01/37			503,566
		955,359		5.000			04/01/37			931,607
		303,728		7.000			04/01/37			317,302
		592,121		5.500			07/01/37			590,985
		27,113		7.000			08/01/37			28,325
		1,743,153		7.000			09/01/37			1,823,347
		277,771		6.500			10/01/37			285,140
		848,927		7.000			10/01/37			887,982
		741,977		8.000			10/01/37			792,606
		1,881,060		7.000			11/01/37			1,967,598
		244,217		5.000			01/01/38			238,121
		257,008		5.000			02/01/38			250,592
		537,507		5.500			02/01/38			536,423
		399,986		5.000			03/01/38			390,001
		1,415,566		5.500			03/01/38			1,412,711
		377,143		5.500			03/01/38			376,382
		303,406		5.000			04/01/38			295,832
		478,119		5.000			04/01/38			466,184
		2,633,460		5.500			04/01/38			2,628,052
		1,288,656		5.000			06/01/38			1,256,489
		93,845		5.500			07/01/38			93,656
		3,000,000		4.500			TBA-15yr	⁽ⁱ⁾		2,919,999
		2,000,000		5.500			TBA-15yr	⁽ⁱ⁾		1,994,376
		3,000,000		6.000			TBA-15yr	⁽ⁱ⁾		3,038,436
		2,000,000		6.500			TBA-15yr	⁽ⁱ⁾		2,050,624

										54,964,688


	GNMA – 0.9%
		1,077,866		5.500			05/15/36			1,080,870


	TOTAL FEDERAL AGENCIES								$	62,895,957


	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $89,640,497)								$	83,156,036




Agency Debentures – 2.2%


	FHLB^(j)

	$	2,400,000		4.625	%		09/11/20		$	2,324,771
	FNMA^(k)

		300,000		0.000			10/09/19			150,174


	TOTAL AGENCY DEBENTURES
	(Cost $2,437,205)								$	2,474,945




Asset-Backed Securities – 1.4%


	Automotive – 0.2%
	Nissan Auto Receivables Owner Trust Series 2006-C, Class A3

	$	281,145		5.440	%		04/15/10		$	282,059


	Home Equity – 1.2%
	Bear Stearns Asset Backed Securities Trust Series 2001-3, Class A2^(c)

		23,834		3.607			10/27/32			22,467
	Bear Stearns Asset Backed Securities Trust Series 2002-2, Class A1^(c)

		13,740		3.867			10/25/32			12,389
	Bear Stearns Asset Backed Securities Trust Series 2003-2, Class A2^(c)

		5,510		3.657			03/25/43			5,342
	CIT Mortgage Loan Trust Series 2007-1, Class 2A1^(a)(c)

		395,778		4.207			10/25/37			336,411
	CIT Mortgage Loan Trust Series 2007-1, Class 2A2^(a)(c)

		150,000		4.457			10/25/37			75,000
	CIT Mortgage Loan Trust Series 2007-1, Class 2A3^(a)(c)

		250,000		4.657			10/25/37			93,750
	CS First Boston Mortgage Securities Corp. Series 2001-HE17, Class A1^(c)

		2,347		3.827			01/25/32			2,049
	First Alliance Mortgage Loan Trust Series 1999-4, Class A2^(c)

		4,982		3.948			03/20/31			4,371
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1

		81,299		7.000			09/25/37			45,273
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1

		124,029		7.000			09/25/37			60,157
	Home Equity Asset Trust Series 2002-1, Class A4^(c)

		257		3.807			11/25/32			206
	Household Home Equity Loan Trust Series 2007-3, Class APT^(c)

		417,443		4.388			11/20/36			317,322

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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Asset-Backed Securities – (continued)
	Home Equity – (continued)

	Renaissance Home Equity Loan Trust Series 2003-2, Class A^(c)

	$	3,066		3.647	%		08/25/33	$	2,655
	Renaissance Home Equity Loan Trust Series 2003-3, Class A^(c)

		10,057		3.707			12/25/33		8,368
	Salomon Brothers Mortgage Securities VII Series 2002-CIT1, Class A^(c)

		1,656		3.507			03/25/32		1,356
	Saxon Asset Securities Trust Series 2002-1, Class AV2^(c)

		104		3.747			01/25/32		102
	Wells Fargo Home Equity Trust Series 2005-3, Class AI1A^(a)(c)

		396,197		3.477			11/25/35		369,268

									1,356,486


	TOTAL ASSET-BACKED SECURITIES
	(Cost $2,162,811)							$	1,638,545




Credit Linked Note^(a) – 0.1%


	Brazil – 0.1%
	UBS AG, Jersey Branch (Referenced Obligation: Federal Republic of Brazil Inflation Linked)

		BRL 297,000		6.000	%		12/31/17	$	89,432
	(Cost $110,082)




Foreign Debt Obligations – 2.7%


	Sovereign – 0.4%
	Hungary Government Bond

		HUF 66,890,000		6.000	%		11/24/23	$	323,881

	Israel Government AID Bond

	$	50,000		5.500			04/26/24		54,368
		40,000		5.500			09/18/33		44,327
	United Mexican States^(c)

		30,000		3.488			01/13/09		29,940

									452,516


	Supranational – 2.3%
	European Investment Bank

		2,600,000		4.250			07/15/13		2,661,360


	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $3,092,818)							$	3,113,876




Municipal Bonds – 0.3%


	Michigan^(c) – 0.2%
	Michigan State University VRDN RB Series 2007 B (AMBAC)

	$	415,000		2.509	%		02/15/37	$	282,669


	New York^(c) – 0.0%
	New York City Municipal Water Finance Authority Water & Sewer Systems RB Residuals Series 2005-1105 (FSA)

		10,000		2.010			06/15/34		9,132


	Ohio – 0.1%
	Buckeye Tobacco Settlement Financial Authority RB Asset-Backed Senior Turbo Series 2007 A-2

		75,000		5.875			06/01/47		56,703


	TOTAL MUNICIPAL BONDS
	(Cost $375,305)							$	348,504




U.S. Treasury Obligations^(l) – 1.8%


	United States Treasury Inflation Protected Securities

	$	886,448		2.000	%		01/15/26	$	809,369
		654,330		2.375			01/15/27		632,808
		419,912		1.750			01/15/28		366,341
		271,950		3.625			04/15/28		312,870


	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $2,318,262)							$	2,121,388




Repurchase Agreement^(m) – 5.4%


	Joint Repurchase Agreement Account II

	$	6,300,000		1.944	%		10/01/08	$	6,300,000
	Maturity Value: $6,300,340

	(Cost $6,300,000)


	TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL
	(Cost $134,677,816)							$	124,406,285


			Interest
	Shares		Rate	Value

Securities Lending Collateral^(c) – 2.0%


	State Street Navigator Securities Lending Prime Portfolio
		2,266,750	2.830%	$	2,266,750
	(Cost $2,266,750)

	TOTAL INVESTMENTS – 109.4%
	(Cost $136,944,566)			$	126,673,035


	LIABILITIES IN EXCESS OF OTHER ASSETS – (9.4)%				(10,858,347	)


	NET ASSETS – 100.0%			$	115,814,688

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

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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


(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 $5,273,213, which represents approximately 4.6% of net assets as of September 30, 2008.

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

(c)		Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2008.

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

(e)		Pay-in-kind securities.

(f)		Security is issued with a zero coupon or interest rate which increases to the stated rate at a set date in the future.

(g)		Security is issued with zero coupon and interest rate is contingent upon LIBOR reaching a predetermined level.

(h)		Represents security with notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.

(i)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $10,003,435 which represents approximately 8.6% of net assets as of September 30, 2008.

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

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

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

(m)		Joint repurchase agreement was entered into on September 30, 2008. Additional information appears on page 57.




Investment Abbreviations:
AMBAC	—	Insured by American Municipal Bond Assurance Corp.
BBSW	—	Australian Bank Bill Swap Reference Rate
BP	—	British Pound Offered Rate
CDOR	—	Canadian Dollar Offered Rate
EURO	—	Euro Offered Rate
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
JYOR	—	Japanese Yen Offered Rate
LIBOR	—	London Interbank Offered Rate
RB	—	Revenue Bond
REMIC	—	Real Estate Mortgage Investment Conduit
STIB	—	Stockholm Interbank Offered Rate
VRDN	—	Variable Rate Demand Notes

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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY CONTRACTS — At September 30, 2008, the Fund had outstanding forward foreign currency exchange contracts, both to purchase and sell foreign currencies:


Open Forward Foreign Currency	Contract	Expiration	Value on		Current		Unrealized
Contracts with Unrealized Gain	Type	Date	Settlement Date		Value		Gain

Brazilian Real	Sale	11/04/08	$	120,995	$	102,333	$	18,662
British Pound	Purchase	12/17/08		392,000		399,883		7,883
Canadian Dollar	Sale	12/17/08		369,000		360,004		8,996
Euro	Sale	10/03/08		390,000		380,995		9,005
Euro	Sale	10/31/08		817,375		788,122		29,253
Euro	Purchase	12/17/08		392,000		394,477		2,477
Euro	Sale	12/17/08		1,911,390		1,903,049		8,341
Hungarian Forint	Sale	10/16/08		346,417		322,670		23,747
Mexican Peso	Sale	10/17/08		678,108		629,423		48,685
New Zealand Dollar	Sale	12/17/08		329,784		328,011		1,773
Swedish Krona	Sale	12/17/08		740,027		722,933		17,094
Swiss Franc	Purchase	12/17/08		358,858		363,502		4,644


TOTAL							$	180,560


Open Forward Foreign Currency	Contract	Expiration	Value on		Current		Unrealized
Contracts with Unrealized Loss	Type	Date	Settlement Date		Value		Loss

Australian Dollar	Purchase	12/17/08	$	774,466	$	739,666	$	(34,800	)
British Pound	Sale	12/17/08		742,179		751,091		(8,912	)
Canadian Dollar	Purchase	10/02/08		792,359		788,946		(3,413	)
Canadian Dollar	Purchase	12/17/08		810,124		790,831		(19,293	)
Canadian Dollar	Sale	12/17/08		389,000		390,429		(1,429	)
Euro	Purchase	11/14/08		61,384		59,356		(2,028	)
Euro	Purchase	12/17/08		1,127,000		1,096,738		(30,262	)
Japanese Yen	Purchase	12/17/08		369,000		367,090		(1,910	)
Japanese Yen	Sale	12/17/08		389,000		399,860		(10,860	)
Mexican Peso	Purchase	10/17/08		764,378		734,056		(30,322	)
Norwegian Krone	Purchase	12/17/08		756,464		727,095		(29,369	)
Swedish Krona	Purchase	12/17/08		368,142		347,231		(20,911	)
Swiss Franc	Purchase	10/03/08		390,000		383,934		(6,066	)
Swiss Franc	Purchase	12/17/08		393,235		386,702		(6,533	)


TOTAL							$	(206,108	)

FORWARD SALES CONTRACT — At September 30, 2008, the Fund had the following forward sales contract:

Interest

Maturity

Settlement

Principal

Description

Rate

Date

Amount

Value

FNMA (Proceeds Receivable: $5,225,313)

7.000%

TBA-15yr⁽ⁱ⁾

10/14/08

5,000,000

5,223,440

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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At September 30, 2008, the following futures contracts were open:


	Number of
	Contracts			Settlement	Notional			Unrealized
Type	Long (Short)			Month	Value			Gain (Loss)

Eurodollars		(5	)	September 2009	$	(1,210,938	)	$	2,800
Eurodollars		(5	)	December 2009		(1,207,000	)		3,713
Eurodollars		(13	)	March 2010		(3,133,000	)		9,326
Federal Funds		3		September 2008		1,227,504			6,349
Federal Funds		2		October 2008		818,941			888
Federal Funds		2		November 2008		819,274			1,955
2 Year Euro-Schatz		(5	)	December 2008		734,731			(5,885	)
5 Year Euro-Bobl		2		December 2008		308,913			2,916
30 Year Euro-Buxl		12		December 2008		1,527,858			(3,075	)
U.K. Life Long Gilt		3		December 2008		598,158			417
U.S. Treasury Bonds		81		December 2008		9,490,922			(29,407	)
2 Year U.S. Treasury Notes		79		December 2008		16,861,563			51,153
5 Year U.S. Treasury Notes		(118	)	December 2008		(13,243,656	)		84,681
10 Year U.S. Treasury Notes		(3	)	December 2008		(343,875	)		2,790


TOTAL								$	128,621

SWAP CONTRACTS — At September 30, 2008, 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	$	400	^(a)		12/17/18	4.750%	3 month LIBOR	$	13,315		$	(6,012	)
		4,000	^(a)		12/17/23	4.750	3 month LIBOR		(11,300	)		49,657
		400	^(a)		12/17/28	3 month LIBOR	5.000%		(21,046	)		5,846
		100	^(a)		12/17/28	5.000	3 month LIBOR		(1,689	)		5,489
Barclays Bank PLC		EUR 300	^(a)		12/17/13	6 month EURO	4.500		2,596			175
		GBP 710	^(a)		12/17/13	6 month BP	5.250		(2,472	)		(4,491	)
		SEK 7,800	^(a)		12/17/13	3 month STIB	4.750		(6,566	)		(434	)
	$	2,090	^(a)		12/17/13	4.250	3 month LIBOR		6,682			2,692
		GBP 90	^(a)		12/17/18	6 month BP	5.250		5,138			(8,243	)
		SEK 5,200	^(a)		12/17/18	3 month STIB	5.000		(18,218	)		(3,866	)
Citibank NA		JPY 41,000	^(a)		12/17/13	6 month JYOR	1.500		(3,132	)		1,270
		100,000	^(a)		12/17/13	1.500	6 month JYOR		7,307			(2,765	)
		EUR 460	^(a)		12/17/13	4.500	6 month EURO		(1,574	)		(2,674	)
Credit Suisse International (London)		EUR 750	^(a)		12/17/13	6 month EURO	4.500		11,787			(4,859	)
		JPY 161,000	^(a)		12/17/13	6 month JYOR	1.500		(6,149	)		—
	$	3,970	^(a)		12/17/13	4.250	3 month LIBOR		19,256			(1,451	)
		EUR 70	^(a)		12/17/13	4.500	6 month EURO		(602	)		(44	)
		GBP 670	^(a)		12/17/13	5.250	6 month BP		(3,001	)		9,571
		EUR 40	^(a)		12/17/18	6 month EURO	4.750		406			(707	)
		SEK 900	^(a)		12/17/18	3 month STIB	5.000		(3,648	)		(182	)
	$	900	^(a)		12/17/18	4.750	3 month LIBOR		17,961			(1,526	)
		SEK 400	^(a)		12/17/18	5.000	3 month STIB		1,124			578
	$	3,600	^(a)		12/17/23	3 month LIBOR	4.750		44,218			(78,739	)
		900	^(a)		12/17/28	3 month LIBOR	5.000		(29,575	)		(4,626	)

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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND


ADDITIONAL INVESTMENT INFORMATION (continued)

INTEREST RATE SWAP CONTRACTS (continued)


						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)

Deutsche Bank Securities, Inc.		JPY 169,000	^(a)		12/17/10	1.160%	6 month JYOR	$	—		$	187
		175,330	^(a)		12/17/10	1.181	6 month JYOR		—			882
		EUR 3,420	^(a)		12/17/10	4.500	6 month EURO		17,996			(18,754	)
		BRL 1,000			01/02/12	13.950	Brazilian Interbank Deposit Average		—			(3,836	)
		1,000			01/02/12	13.980	Brazilian Interbank Deposit Average		—			(3,889	)
	$	1,400	^(a)		12/17/13	3 month LIBOR	4.250%		(18,456	)		8,477
		CAD 290	^(a)		12/17/13	4.000	3 month CDOR		6,964			(2,540	)
	$	21,000	^(a)		12/17/13	4.250	3 month LIBOR		146,351			(52,164	)
		JPY 107,000	^(a)		12/17/15	6 month JYOR	1.641		—			(7,013	)
		111,330	^(a)		12/17/15	6 month JYOR	1.699		—			(11,333	)
		EUR 1,170	^(a)		12/17/18	4.750	6 month EURO		21,584			(12,769	)
	$	1,200	^(a)		12/17/18	4.750	3 month LIBOR		4,410			17,503
		800	^(a)		12/17/23	4.750	3 month LIBOR		(1,700	)		9,371
		600	^(a)		12/17/28	3 month LIBOR	5.000		(15,631	)		(7,170	)
		JPY 22,000	^(a)		12/17/38	2.540	6 month JYOR		—			10,277
		22,000	^(a)		12/17/38	2.594	6 month JYOR		—			12,730
JPMorgan Securities, Inc.		BRL 1,790			01/04/10	12.395	Brazilian Interbank Deposit Average		—			(19,002	)
		EUR 2,500	^(a)		12/17/10	4.500	6 month EURO		15,226			(15,780	)
		BRL 1,200			01/03/11	14.170	Brazilian Interbank Deposit Average		—			(2,207	)
		CAD 180	^(a)		12/17/13	3 month CDOR	4.000		1,017			(3,763	)
		EUR 230	^(a)		12/17/13	6 month EURO	4.500		3,014			(889	)
	$	700	^(a)		12/17/13	3 month LIBOR	4.250		(10,103	)		5,114
		EUR 420	^(a)		12/17/13	4.500	6 month EURO		(920	)		(2,959	)
	$	500	^(a)		12/17/15	4.500	3 month LIBOR		1,988			2,688
		GBP 70	^(a)		12/17/18	6 month BP	5.250		(1,698	)		(717	)
	$	1,200	^(a)		12/17/18	4.750	3 month LIBOR		16,227			5,686
		AUD 370	^(a)		12/17/18	7.250	6 month BBSW		4,228			14,184
	$	14,400	^(a)		12/17/23	3 month LIBOR	4.750		204,125			(342,211	)
		400	^(a)		12/17/28	3 month LIBOR	5.000		(20,857	)		5,656
		1,100	^(a)		12/17/38	5.000	3 month LIBOR		(10,346	)		61,214
Merrill Lynch Capital Markets		GBP 90	^(a)		12/17/18	6 month BP	5.250		4,635			(7,741	)
Morgan Stanley Capital Services, Inc.		80	^(a)		12/17/18	6 month BP	5.250		4,407			(7,167	)
Royal Bank of Canada		CAD 570	^(a)		12/17/13	3 month CDOR	4.000		(11,062	)		2,366
		330	^(a)		12/17/13	4.000	3 month CDOR		7,378			(2,343	)
Royal Bank of Scotland		GBP 50	^(a)		12/17/18	6 month BP	5.250		2,471			(4,196	)
UBS AG (London)		AUD 840	^(a)		12/17/13	6 month BBSW	7.500		(25,449	)		(6,127	)
		JPY 41,000	^(a)		12/17/13	6 month JYOR	1.500		(2,606	)		743
		53,000	^(a)		12/17/13	1.500	6 month JYOR		4,331			(1,924	)
		GBP 80	^(a)		12/17/18	6 month BP	5.250		(2,003	)		(757	)
		AUD 670	^(a)		12/17/18	7.250	6 month BBSW		3,282			30,060


TOTAL								$	369,621		$	(395,454	)


(a)	Represents forward starting interest rate swaps whose effective date of commencement of accruals and cash flows occur subsequent to September 30, 2008.

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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


ADDITIONAL INVESTMENT INFORMATION (continued)

CREDIT DEFAULT SWAP CONTRACTS


		Notional	Rates (paid)		Upfront Payments
		Amount	received by	Termination	received			Unrealized
Swap Counterparty	Referenced Obligation	(000s)	Fund	Date	by the Fund			Gain (Loss)

Protection Purchased:
Deutsche Bank Securities, Inc.	CDX North America Investment Grade Index	$13,000	(1.550)%	06/20/13	$	(155,339	)	$	228,565
JPMorgan Securities, Inc.	CDX North America Investment Grade Index	2,000	(1.550)	06/20/13		(6,678	)		17,944
Protection Sold:
Credit Suisse First Boston Corp.	ABX.HE AAA 07-1 Index	900	0.090	08/25/37		(205,938	)		(225,294	)
	ABX.HE AAA 07-2 Index	600	0.760	01/25/38		(150,681	)		(145,470	)
Deutsche Bank Securities, Inc.	ABX.HE AAA 06-2 Index	600	0.110	05/25/46		(76,603	)		(110,581	)


TOTAL					$	(595,239	)	$	(234,836	)

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Foreign Sovereign Debt Obligations – 36.2%


	Australian Dollar – 0.1%
	Australia Government Bond
	AUD	1,100,000		6.000	%		02/15/17	$	907,253


	British Pound – 2.4%
	United Kingdom Treasury
		GBP 1,300,000		8.750			08/25/17		3,020,977
		7,240,000		8.000			06/07/21		16,986,700
		1,150,000		4.750			12/07/30		2,059,801
		3,580,000		4.250			06/07/32		6,005,417

									28,072,895


	Canadian Dollar – 1.6%
	Government of Canada
	CAD	3,900,000		4.500			06/01/15		3,897,545
		10,450,000		5.750			06/01/29		11,797,085
	Quebec Province of Canada
	$	3,350,000		5.125			11/14/16		3,437,958

									19,132,588


	Danish Krone – 0.6%
	Kingdom of Denmark
	DKK	20,000,000		6.000			11/15/09		3,854,087
		16,000,000		4.000			11/15/15		2,961,379

									6,815,466


	Euro – 18.8%
	Federal Republic of Germany
		EUR 200,000		4.000			07/04/16		282,075
		4,460,000		4.750			07/04/28		6,372,909
		3,400,000		5.500			01/04/31		5,314,283
		50,000		4.000			01/04/37		63,697
		16,520,000		4.250			07/04/39		21,926,569
	French Treasury Note
		10,000,000		4.500			07/12/13		14,342,853
	Government of France
		4,200,000		3.500			04/25/15		5,696,059
		5,500,000		3.750			04/25/21		7,196,640
		5,300,000		5.500			04/25/29		8,158,231
	Kingdom of Belgium
		17,500,000		5.000			09/28/12		25,335,690
	Kingdom of Spain
		10,000,000		4.400			01/31/15		14,084,620
	Kingdom of The Netherlands
		29,800,000		4.250			07/15/13		42,357,291
	Republic of Austria
		2,860,000		3.800	^(a)		10/20/13		3,978,597
		13,650,000		3.500			07/15/15		18,438,208
	Republic of Italy
		12,300,000		4.250			10/15/12		17,215,512
		12,980,000		4.500			02/01/18		17,929,711
		7,120,000		6.000			05/01/31		11,042,030

									219,734,975


	Japanese Yen – 11.8%
	Government of Japan
		JPY 3,100,000,000		0.800			12/20/10		29,217,271
		1,000,000,000		1.300			06/20/12		9,520,267
		3,000,000,000		1.500			06/20/12		28,766,067
		1,538,000,000		1.700			09/20/16		14,953,227
		1,139,000,000		1.700			12/20/16		11,063,673
		66,000,000		1.500			09/20/18		622,978
		400,000,000		1.900			06/20/25		3,704,131
		1,325,000,000		2.000			12/20/25		12,362,709
		430,000,000		2.100			12/20/26		4,036,239
		350,000,000		2.100			12/20/27		3,290,174
		285,000,000		2.500			09/20/34		2,786,258
	Government of Japan CPI Linked Bond
		87,040,000		0.800			12/10/15		768,960
		174,420,000		1.000			06/10/16		1,555,684
		229,275,000		1.100			12/10/16		2,051,198
		1,545,264,000		1.200			03/10/17		13,897,278

									138,596,114


	Polish Zloty – 0.5%
	Government of Poland
		PLN 16,000,000		4.750			04/25/12		6,361,244


	Swedish Krona – 0.4%
	Kingdom of Sweden
		SEK 11,000,000		6.750			05/05/14		1,823,377
		20,000,000		4.500			08/12/15		3,010,197

									4,833,574


	TOTAL FOREIGN SOVEREIGN DEBT OBLIGATIONS
	(Cost $410,437,310)							$	424,454,109




Corporate Bonds – 18.4%


	Banks – 8.2%
	Alliance & Leicester PLC^(b)
	$	2,600,000		2.838	%		01/12/10	$	2,521,867
	Australia & New Zealand Banking Group Ltd.
		EUR 1,400,000		5.250			05/20/13		1,887,789
	Banca Popolare di Bergamo Capital Trust^(b)
		1,180,000		8.364			12/29/49		1,587,281
	Bancaja Emisiones SA Unipersonal^(b)
		500,000		4.625			12/29/49		350,411
	Banco Popolare Scarl^(b)
		1,850,000		6.156			06/21/49		1,704,834
	Bank of America Corp.^(b)
	$	8,800,000		8.000			12/29/49		6,968,430
	BayernLB Capital Trust I^(b)
		3,250,000		6.203			05/31/49		1,972,750
	Caja de Ahorros de Valencia Castellon y Alicante^(b)
		EUR 2,100,000		4.375			03/03/49		1,741,900
	Citicorp
	DEM	4,500,000		6.250			09/19/09		3,140,304
	Citigroup, Inc.
	$	3,350,000		6.875			03/05/38		2,748,116

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Bonds – (continued)
	Banks – (continued)

	Deutsche Postbank Funding Trust IV^(b)
		EUR 950,000		5.983	%		06/29/49	$	814,777
	HSBC Holdings PLC
	$	3,900,000		6.800			06/01/38		3,302,450
	Instituto de Credito Oficial MTN
		2,100,000		4.625			10/26/10		2,157,101
	Intesa Sanpaolo SPA
		EUR 2,000,000		5.000			04/28/11		2,788,729
		2,350,000		6.625			05/08/18		3,040,915
		2,050,000		8.047	^(b)		06/20/49		2,409,225
	JPMorgan Chase & Co.^(b)
	$	4,350,000		7.900			04/30/49		3,662,178
	Kreditanstalt fuer Wiederaufbau MTN
		EUR 6,250,000		4.375			07/04/18		8,671,073
	Landwirtschaftliche Rentenbank
	$	8,940,000		5.000			11/08/16		9,346,860
	Nordea Bank Finland PLC
		1,010,000		6.500			04/01/09		1,011,268
	OTP Bank PLC
		EUR 850,000		5.270			09/19/16		958,305
	RBS Capital Trust I^(b)
	$	860,000		4.709			12/29/49		706,954
	Resona Bank Ltd. MTN^(b)
		EUR 1,180,000		3.750			04/15/15		1,534,277
	Resona Preferred Global Securities Ltd.^(a)(b)
	$	2,500,000		7.191			07/30/49		1,855,978
	Royal Bank of Scotland Group PLC
		EUR 1,150,000		5.250			05/15/13		1,456,819
		2,350,000		6.934			04/09/18		3,014,852
	Santander International Debt SA
		1,850,000		5.125			04/11/11		2,572,521
	Schieneninfrastructurfinanzierungs-Gesellschaft mBH MTN
	$	760,000		4.625			11/21/13		782,694
	Societe Generale^(b)
		EUR 2,100,000		7.756			05/22/49		2,512,666
	St. George Bank Ltd.
		850,000		6.500			06/24/13		1,196,178
	U.S. Bank NA^(b)
		2,450,000		4.375			02/28/17		2,979,359
	UBS AG London
		GBP 3,450,000		6.625			04/11/18		5,642,229
	UniCredit SPA
		EUR 3,600,000		5.750			09/26/17		4,662,077
	UT2 Funding PLC
		1,350,000		5.321			06/30/16		1,265,753
	Wachovia Bank NA
		1,750,000		6.000			05/23/13		1,918,464
	Wells Fargo Capital XIII^(b)
	$	1,750,000		7.700			03/26/49		1,526,018

									96,413,402


	Brokerage – 0.9%
	Bear Stearns & Co., Inc.
		2,410,000		5.850			07/19/10		2,399,333
		200,000		7.250			02/01/18		192,376


	Lehman Brothers Holdings, Inc.^(c)
		EUR 2,900,000		5.375			10/17/12		479,708
	$	1,650,000		6.200			09/26/14		214,500
	Merrill Lynch & Co., Inc.
	$	1,700,000		6.400			08/28/17		1,448,569
	Morgan Stanley
		EUR 6,850,000		5.500			10/02/17		5,485,368

									10,219,854


	Capital Goods^(a) – 0.0%
	Bombardier, Inc.
	$	250,000		6.300			05/01/14		231,250
		360,000		7.450			05/01/34		343,800

									575,050


	Communications – 3.4%
	AT&T, Inc.
		3,300,000		5.600			05/15/18		2,953,632
	Bell Atlantic New Jersey, Inc.
		65,000		8.000			06/01/22		62,401
	British Telecommunications PLC
		EUR 1,450,000		5.250			01/22/13		1,885,416
		3,000,000		6.500			07/07/15		4,129,135
	Comcast Cable Communications Holdings, Inc.
	$	170,000		9.455			11/15/22		188,324
	Comcast Corp.
		8,400,000		5.700			05/15/18		7,331,915
	Cox Communications, Inc.
		1,850,000		4.625			01/15/10		1,834,688
	Deutsche Telekom International Finance BV
		1,000,000		6.750			08/20/18		943,064
		230,000		8.750			06/15/30		233,229
	Koninklijke (Royal) KPN NV
		EUR 7,950,000		4.750			05/29/14		10,242,370
	Telecom Italia Finance SA
		1,349,000		7.750			01/24/33		1,794,481
	$	450,000		6.000			09/30/34		316,777
		400,000		7.200			07/18/36		315,264
	Telefonica Emisiones SAU
		EUR 2,250,000		5.580			06/12/13		3,124,155
	$	2,650,000		7.045			06/20/36		2,465,059
	Time Warner Cable, Inc.
		2,600,000		6.550			05/01/37		2,152,714

									39,972,624


	Consumer Noncyclical – 1.4%
	BAT International Finance PLC
		EUR 3,150,000		5.875			03/12/15		4,214,617
	Casino Guichard-Perrachon SA
		2,200,000		6.375			04/04/13		3,002,697
		1,750,000		4.875			04/10/14		2,195,359
	Imperial Tobacco Finance PLC
		1,650,000		7.250			09/15/14		2,276,260
	Imperial Tobacco Overseas BV
	$	1,410,000		7.125			04/01/09		1,409,611

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

GOLDMAN SACHS GLOBAL INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Bonds – (continued)
	Consumer Noncyclical – (continued)

	Tesco PLC
		EUR 2,650,000		5.875	%		09/12/16	$	3,604,701

									16,703,245


	Energy – 0.5%
	Canadian Natural Resources Ltd.
	$	1,100,000		6.750	%		02/01/39		906,895
	Transocean, Inc.
		1,716,000		6.800			03/15/38		1,573,343
	XTO Energy, Inc.
		3,250,000		5.500			06/15/18		2,872,795

									5,353,033


	Financial Companies – 1.2%
	American Express Centurion
		3,250,000		5.200			11/26/10		3,013,191
	Capital One Financial Corp.
		4,540,000		5.700			09/15/11		3,857,884
	Countrywide Home Loans, Inc.
		1,766,000		6.250			04/15/09		1,682,115
		950,000		5.625			07/15/09		898,443
	GE Capital Euro Funding
		EUR 1,100,000		5.250			05/18/15		1,336,426
	International Lease Finance Corp.
	$	1,000,000		4.950			02/01/11		739,500
	SLM Corp.
		3,475,000		8.450			06/15/18		2,363,000

									13,890,559


	Insurance – 2.0%
	Allianz Finance II B.V.
	EUR	2,050,000		5.000			03/06/13		2,835,841
	American International Group, Inc.^(b)
		4,650,000		4.875			03/15/67		981,941
	Aviva PLC^(b)
		2,250,000		6.875			05/22/38		2,493,496
	AXA SA^(b)
		2,280,000		5.777			07/06/49		2,210,957
		2,500,000		6.211			10/05/49		2,348,563
	CNA Financial Corp.
	$	420,000		6.600			12/15/08		419,647
	Endurance Specialty Holdings Ltd.
		20,000		7.000			07/15/34		17,820
	Old Mutual PLC^(b)
		EUR 2,950,000		4.500			01/18/17		3,393,911
	Resolution PLC^(b)
		GBP 1,950,000		6.586			04/25/49		1,411,338
	SL Finance PLC^(b)
		EUR 650,000		5.314			01/06/49		676,034
		GBP 2,850,000		6.546			01/06/49		3,622,652
	Swiss Re Capital I LP^(a)(b)
	$	1,400,000		6.854			05/25/49		1,189,840
	ZFS Finance USA Trust IV^(a)(b)
		1,050,000		5.875			05/09/32		716,205


	ZFS Finance USA Trust V^(a)(b)
	$	1,900,000		6.500			05/09/37		1,538,373

									23,856,618


	Metals & Mining – 0.3%
	Glencore Finance Europe SA
		EUR 2,450,000		7.125			04/23/15		3,196,163


	Natural Gas – 0.2%
	Enterprise Products Partners L.P.
	$	2,300,000		6.500			01/31/19		2,142,652


	Real Estate Investment Trust – 0.2%
	Simon Property Group LP
		2,700,000		5.600			09/01/11		2,665,664


	Transportation – 0.1%
	OeBB Infrastruktur Bau AG
		810,000		4.750			10/28/13		837,742


	TOTAL CORPORATE BONDS
	(Cost $266,186,545)							$	215,826,606




Foreign Debt Obligation – 0.8%


	Supranational – 0.8%
	European Investment Bank
		EUR 6,750,000		4.250	%		10/15/14	$	9,386,720
	(Cost $9,863,802)




Asset-Backed Securities – 0.5%


	Home Equity – 0.5%
	CIT Mortgage Loan Trust Series 2007-1, Class 2A1^(a)(b)
	$	4,591,026		4.207	%		10/25/37	$	3,902,372
	CIT Mortgage Loan Trust Series 2007-1, Class 2A2^(a)(b)
		1,600,000		4.457			10/25/37		800,000
	CIT Mortgage Loan Trust Series 2007-1, Class 2A3^(a)(b)
		2,900,000		4.657			10/25/37		1,087,500
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
		264,220		7.000			09/25/37		147,138
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
		268,730		7.000			09/25/37		130,340

									6,067,350


	TOTAL ASSET-BACKED SECURITIES
	(Cost $9,624,975)							$	6,067,350




Mortgage-Backed Obligations – 25.9%


	Collateralized Mortgage Obligations – 4.9%
	Bear Stearns Alt-A Trust II Series 2007-1, Class 1A1^(b)
	$	7,028,343		6.231	%		09/25/47	$	4,583,487

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date			Value

Mortgage-Backed Obligations – (continued)
	Collateralized Mortgage Obligations – (continued)

	Countrywide Alternative Loan Trust Series 2005-46CB, Class A8
	$	5,286,652		5.500	%		10/25/35		$	4,548,161
	Countrywide Home Loan Trust Series 2004-HYB5, Class 2A1^(b)
		728,320		4.822			04/20/35			585,866
	Countrywide Home Loan Trust Series 2005-HYB4, Class 2A1^(b)
		1,846,455		4.902			08/20/35			1,236,368
	GMAC Mortgage Corp. Loan Trust Series 2004-AR1, Class 12A^(b)
		1,464,340		4.388			06/25/34			1,359,005
	Harborview Mortgage Loan Trust Series 2006-6, Class 3A1A^(b)
		10,523,377		5.979			08/19/36			6,549,966
	Harborview Mortgage Loan Trust Series 2007-4, Class 2A1^(b)
		10,933,516		3.250			07/19/47			6,040,598
	Indymac Index Mortgage Loan Trust Series 2005-AR13, Class 4A1^(b)
		476,574		5.358			08/25/35			318,463
	Luminent Mortgage Trust Series 2006-5, Class A1A^(b)
		1,966,000		3.397			07/25/36			1,188,688
	Merrill Lynch Alternative Note Asset Series 2007-AF1, Class AV1^(b)
		8,836,722		5.648			06/25/37			5,605,386
	Morgan Stanley Mortgage Loan Trust Series 2007-15AR, Class 2A1^(b)
		14,012,396		6.477			11/25/37			9,482,530
	Residential Accredit Loans, Inc. Series 2005-Q05, Class A1^(b)
		2,234,998		3.855			01/25/46			1,347,327
	Residential Accredit Loans, Inc. Series 2005-QS13, Class 2A3
		3,384,275		5.750			09/25/35			3,037,349
	Sequoia Mortgage Trust Series 2004-10, Class A3A^(b)
		439,486		3.212			11/20/34			370,022
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-05, Class 3A1^(b)
		1,083,577		4.380			05/25/34			762,478
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 3A2^(b)
		220,753		5.250			09/25/34			157,344
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-16, Class 3A1^(b)
		1,088,328		5.450			11/25/34			818,931
	Structured Asset Mortgage Investments, Inc. Series 2007-AR6, Class A1^(b)
		7,752,339		4.355			08/25/47			4,366,348
	Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR07, Class 2A^(b)
		4,692,727		3.835			07/25/46			2,553,868
	Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR11, Class 3A1A^(b)
		1,463,828		3.775			09/25/46			807,007
	Washington Mutual Mortgage Pass-Through Certificates Series 2007-0A1, Class A1A^(b)
		2,245,394		3.555			02/25/47			1,182,538

										56,901,730


	Commercial Mortgage-Backed Securities – 1.0%
	Bear Stearns Commercial Mortgage Securities Series 2007-PW18, Class A4
	$	13,000,000		5.700			06/11/50			11,153,090


	Federal Agencies – 19.7%
	Adjustable Rate FHLMC^(b) – 1.4%
		16,413,459		6.128			09/01/37			16,611,717


	Adjustable Rate FNMA^(b) – 2.9%
		9,367,693		5.819			09/01/37			9,477,323
		14,695,362		6.592			09/01/37			15,142,460
		9,115,602		5.970			10/01/37			9,246,530

										33,866,313


	FHLMC – 4.1%
		1,000,000		5.500			11/01/37			995,483
		2,999,998		5.500			01/01/38			2,986,446
		117,362		5.500			04/01/38			116,832
		1,586,023		5.500			05/01/38			1,578,859
		294,134		5.500			08/01/38			292,806
		40,896,994		6.500			08/01/38			41,980,997

										47,951,423


	FNMA – 11.3%
		1,050,345		5.000			01/01/36			1,025,111
		500,001		6.000			03/01/37			506,814
		920,477		5.500			06/01/37			918,713
		204,889		7.000			07/01/37			212,780
		74,144		7.000			08/01/37			77,000
		2,478,199		5.500			09/01/37			2,473,448
		33,129		7.000			09/01/37			34,405
		1,624,649		5.500			10/01/37			1,621,535
		38,816,980		6.000			10/01/37			39,345,965
		507,473		7.000			10/01/37			527,017
		13,899,511		7.500			10/01/37			14,604,227
		575,363		6.500			11/01/37			590,533
		10,836,373		7.500			11/01/37			11,457,348
		4,112,202		8.000			11/01/37			4,348,905
		25,146,103		7.000			12/01/37			26,114,561
		985,787		5.500			03/01/38			983,592
		994,231		5.000			04/01/38			969,413
		498,252		5.000			05/01/38			485,815
		5,258,946		5.500			05/01/38			5,248,586
		3,847,878		6.000			05/01/38			3,901,645
		2,493,130		5.000			06/01/38			2,430,547
		5,057,327		5.500			06/01/38			5,047,126
		2,625,951		5.500			07/01/38			2,620,654
		3,499,998		6.000			07/01/38			3,546,893
		2,000,000		5.000			TBA-15yr^(d	⁾		1,955,781
		2,000,000		5.500			TBA-15yr^(d	⁾		1,998,750

										133,047,164


	TOTAL FEDERAL AGENCIES									231,476,617


	Home Equity^(b) – 0.3%
	American Home Mortgage Investment Trust Series 2004-3, Class 1A
		44,690		3.577			10/25/34			35,355

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

GOLDMAN SACHS GLOBAL INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Mortgage-Backed Obligations – (continued)
	Home Equity^(b) – (continued)

	Countrywide Alternative Loan Trust Series 2005-38, Class A1
	$	342,588		4.355	%		09/25/35	$	217,847
	Countrywide Alternative Loan Trust Series 2005-82, Class A1
		4,314,898		3.477			02/25/36		2,756,027
	Countrywide Alternative Loan Trust Series 2006-OA1, Class 2A1
		1,490,443		3.398			03/20/46		890,529

									3,899,758


	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $334,494,948)							$	303,431,195




Agency Debentures – 0.5%


	FFCB
	$	3,500,000		5.050	%		11/06/17	$	3,567,121
		2,200,000		4.250			04/16/18		2,092,741


	TOTAL AGENCY DEBENTURES
	(Cost $5,636,187)							$	5,659,862




U.S. Treasury Obligations^(e) – 1.7%


	Sovereign – 1.7%
	United States Treasury Bonds
	$	9,500,000		7.500	%		11/15/24	$	12,935,390
	United States Treasury Inflation Protected Securities
		8,818,152		1.750			01/15/28		7,693,150


	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $20,986,879)							$	20,628,540

Exercise

Expiration

Contracts

Rate

Date

Value

Options Purchased – 0.1%

Cross Currency Option

Call SKK 4,885,000

Put EUR 158,762,500

32.50

10/15/08

489,451

Cross Currency Option

Call HUF 4,747,000

Put EUR 1,044,340,000

220.00

10/07/08

—

Cross Currency Option

Put JPY 17,497,000

Call NZD 1,487,245,000

85.00

11/10/08

117

Cross Currency Option

Put JPY 5,782,080

Call NZD 491,476,800

85.00

11/04/08

Cross Currency Option

Put PLN 3,830,000

Call EUR 13,022,000

3.40

10/31/08

49,152

Currency Option

Call BRL 5,766,000

Put USD 8,533,680

1.48

10/24/08

—

Currency Option

Call IDR 4,063,344

Put USD 36,773,263,200

9,050.00

10/10/08

—

Currency Option

Call MXN 14,129,000

Put USD 146,941,600

10.40

10/09/08

—

Currency Option

Put CNY 11,353,300

Call USD 79,382,274

6.99

10/10/08

—

Currency Option

Put CNY 18,201,000

Call USD 127,315,995

6.99

10/20/08

182

Currency Option

Put KRW 5,879,000

Call USD 6,290,530,000

1,070.00

10/20/08

652,340

TOTAL OPTIONS PURCHASED

(Cost $306,554)

1,191,261


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Short-Term Obligations – 5.3%


	JPMorgan Corp.
	$	16,843,156		1.400	%		10/01/08	$	16,843,156
	Northern Trust
		5,001,625		3.000			10/01/08		5,001,625
		5,000,000		2.000			10/01/08		5,000,000
	Rabobank
		31,062,179		1.000			10/01/08		31,062,179
	State Street Bank London Time Deposit
		3,923,569		1.600			10/01/08		3,923,569


	TOTAL SHORT-TERM OBLIGATIONS
	(Cost $61,830,529)							$	61,830,529


	TOTAL INVESTMENTS BEFORE SECURITIES LENDING COLLATERAL
	(Cost $1,119,367,729)							$	1,048,476,172


			Interest
	Shares		Rate			Value

Securities Lending Collateral^(b) – 1.9%


	State Street Navigator Securities Lending Prime Portfolio
		22,005,625		2.830	%	$	22,005,625
	(Cost $22,005,625)


	TOTAL INVESTMENTS – 91.3%
	(Cost $1,141,373,354)					$	1,070,481,797


	OTHER ASSETS IN EXCESS OF LIABILITIES – 8.7%						101,672,505


	NET ASSETS – 100.0%					$	1,172,154,302

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)

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


(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 illiquid Rule 144A securities amounts to $15,643,915, which represents approximately 1.3% of net assets as of September 30, 2008.

(b)		Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2008.

(c)		Security is currently in default/non-income producing.

(d)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $3,954,531 which represents approximately 0.3% of net assets as of September 30, 2008.

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




Investment Abbreviations:
BBSW	—	Australian Bank Bill Swap Reference Rate
BP	—	British Pound Offered Rate
CDOR	—	Canadian Dollar Offered Rate
CPI	—	Consumer Price Index
EURO	—	Euro Offered Rate
FFCB	—	Federal Farm Credit Bank
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
JYOR	—	Japanese Yen Offered Rate
LIBOR	—	London Interbank Offered Rate
MTN	—	Medium-Term Note
STIB	—	Stockholm Interbank Offered Rate

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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY CONTRACTS — At September 30, 2008, the Fund had outstanding forward foreign currency exchange contracts, both to purchase and sell foreign currencies:


Open Forward Foreign Currency	Contract		Expiration	Value on		Current		Unrealized
Contracts with Unrealized Gain	Type		Date	Settlement Date		Value		Gain

Australian Dollar		Sale	10/16/08	$	1,156,639	$	953,160	$	203,479
Brazilian Real		Sale	10/08/08		1,359,000		1,233,581		125,419
Brazilian Real		Sale	10/09/08		1,352,000		1,241,239		110,761
Brazilian Real		Sale	10/14/08		7,144,553		6,854,753		289,800
Brazilian Real		Sale	10/20/08		2,890,000		2,845,461		44,539
Brazilian Real		Sale	10/28/08		1,261,310		1,230,724		30,586
Brazilian Real		Sale	11/28/08		1,299,955		1,278,561		21,394
British Pound		Sale	11/21/08		42,637,715		41,195,532		1,442,183
British Pound		Purchase	12/17/08		8,355,000		8,534,459		179,459
Canadian Dollar		Sale	10/15/08		15,049,506		14,368,812		680,694
Canadian Dollar		Sale	12/17/08		9,752,000		9,554,259		197,741
Chilean Peso		Sale	10/02/08		1,955,025		1,908,507		46,518
Chilean Peso		Purchase	10/09/08		258,583		259,200		617
Chilean Peso		Sale	10/09/08		676,000		639,392		36,608
Chilean Peso		Sale	10/17/08		4,485,722		4,315,730		169,992
Chilean Peso		Sale	10/20/08		5,610,870		5,436,689		174,181
Euro		Sale	10/03/08		10,230,000		9,944,084		285,916
Euro		Sale	10/31/08		351,759,912		345,933,262		5,826,650
Euro		Purchase	12/17/08		31,488,751		31,629,144		140,393
Euro		Sale	12/17/08		42,639,024		42,216,393		422,631
Hungarian Forint		Sale	12/17/08		827,899		800,610		27,289
Indian Rupee		Sale	11/05/08		2,757,000		2,576,181		180,819
Indonesian Rupiah		Purchase	10/14/08		758,137		763,997		5,860
Indonesian Rupiah		Sale	10/14/08		778,000		763,997		14,003
Indonesian Rupiah		Purchase	10/22/08		534,368		539,850		5,482
Indonesian Rupiah		Sale	10/27/08		436,323		434,236		2,087
Israeli Shekel		Sale	12/17/08		1,026,064		1,023,063		3,001
Japanese Yen		Purchase	12/17/08		2,694,000		2,733,973		39,973
Japanese Yen		Sale	12/17/08		2,812,720		2,786,753		25,967
Malaysian Ringgit		Purchase	10/03/08		548,108		551,881		3,773
Malaysian Ringgit		Sale	10/03/08		1,107,898		1,103,763		4,135
Malaysian Ringgit		Purchase	10/06/08		690,152		690,653		501
Malaysian Ringgit		Sale	10/06/08		694,000		690,653		3,347
Malaysian Ringgit		Sale	10/28/08		1,188,464		1,148,275		40,189
Malaysian Ringgit		Purchase	11/04/08		3,835,954		3,850,395		14,441
Malaysian Ringgit		Sale	11/04/08		4,560,500		4,540,520		19,980
Malaysian Ringgit		Sale	12/03/08		138,000		136,011		1,989
Malaysian Ringgit		Purchase	12/04/08		1,385,051		1,389,621		4,570
Malaysian Ringgit		Sale	12/04/08		1,393,923		1,389,621		4,302
Mexican Peso		Sale	10/16/08		5,848,141		5,576,903		271,238
Mexican Peso		Sale	12/17/08		11,651,654		11,318,323		333,331
New Zealand Dollar		Purchase	12/17/08		520,382		535,576		15,194
New Zealand Dollar		Sale	12/17/08		8,925,334		8,875,823		49,511
Philippine Peso		Purchase	11/03/08		1,447,897		1,467,735		19,838
Philippine Peso		Sale	11/03/08		2,852,440		2,828,615		23,825
Philippine Peso		Sale	11/28/08		1,467,500		1,442,253		25,247
Philippine Peso		Sale	12/03/08		1,532,981		1,528,937		4,044
Polish Zloty		Sale	11/13/08		7,218,014		6,579,902		638,112
Polish Zloty		Sale	12/17/08		3,638,899		3,537,739		101,160
Russian Ruble		Purchase	10/14/08		5,470,168		5,514,207		44,039
Russian Ruble		Sale	10/14/08		3,296,120		3,262,048		34,072
Russian Ruble		Purchase	11/05/08		2,936,000		2,942,242		6,242

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY CONTRACTS (continued)


Open Forward Foreign Currency	Contract		Expiration	Value on		Current		Unrealized
Contracts with Unrealized Gain	Type		Date	Settlement Date		Value		Gain

Russian Ruble		Sale	11/05/08	$	3,531,413	$	3,433,820	$	97,593
Russian Ruble		Sale	11/28/08		6,789,564		6,535,393		254,171
South African Rand		Purchase	12/17/08		1,760,474		1,766,551		6,077
South African Rand		Sale	12/17/08		13,060,547		12,592,263		468,284
South Korean Won		Sale	10/06/08		5,554,635		4,990,613		564,022
South Korean Won		Sale	10/08/08		1,726,000		1,616,538		109,462
South Korean Won		Sale	10/14/08		1,767,867		1,534,813		233,054
South Korean Won		Sale	10/22/08		1,703,735		1,619,770		83,965
South Korean Won		Sale	11/12/08		1,480,938		1,258,589		222,349
South Korean Won		Sale	12/11/08		3,897,811		3,838,369		59,442
Swedish Krona		Sale	11/13/08		5,407,681		5,290,979		116,702
Swedish Krona		Sale	12/17/08		17,845,720		17,363,269		482,451
Swiss Franc		Purchase	12/17/08		13,022,189		13,205,324		183,135
Taiwan Dollar		Purchase	10/23/08		1,295,185		1,298,649		3,464
Taiwan Dollar		Sale	10/23/08		1,960,790		1,864,451		96,339
Taiwan Dollar		Sale	10/28/08		1,525,000		1,444,823		80,177
Taiwan Dollar		Sale	10/30/08		3,320,000		3,142,437		177,563
Taiwan Dollar		Sale	11/04/08		271,518		264,224		7,294
Taiwan Dollar		Sale	11/05/08		2,424,575		2,308,414		116,161
Taiwan Dollar		Purchase	11/06/08		1,447,327		1,450,276		2,949
Taiwan Dollar		Sale	11/06/08		1,522,560		1,450,276		72,284
Taiwan Dollar		Sale	11/10/08		4,018,424		3,924,405		94,019
Taiwan Dollar		Purchase	11/12/08		1,065,660		1,067,839		2,179
Taiwan Dollar		Sale	11/12/08		2,968,801		2,876,452		92,349
Taiwan Dollar		Sale	11/13/08		848,000		819,515		28,485
Taiwan Dollar		Sale	12/03/08		1,468,000		1,447,652		20,348
Turkish Lira		Sale	12/17/08		7,682,942		7,516,511		166,431
Yuan Renminbi		Sale	10/31/08		1,658,026		1,644,264		13,762
Yuan Renminbi		Sale	11/25/08		751,251		737,375		13,876


TOTAL								$	16,265,509


Open Forward Foreign Currency	Contract		Expiration	Value on		Current		Unrealized
Contracts with Unrealized Loss	Type		Date	Settlement Date		Value		Loss

Australian Dollar		Purchase	12/17/08	$	20,746,874	$	19,814,441	$	(932,433	)
Brazilian Real		Purchase	10/08/08		1,262,059		1,233,580		(28,479	)
Brazilian Real		Purchase	10/09/08		3,150,300		2,845,477		(304,823	)
Brazilian Real		Purchase	10/14/08		2,802,394		2,773,866		(28,528	)
Brazilian Real		Purchase	10/16/08		2,920,000		2,752,863		(167,137	)
Brazilian Real		Purchase	10/20/08		1,327,918		1,296,002		(31,916	)
Brazilian Real		Purchase	10/23/08		427,000		415,718		(11,282	)
Brazilian Real		Purchase	10/24/08		560,600		534,398		(26,202	)
Brazilian Real		Purchase	10/27/08		820,000		779,532		(40,468	)
Brazilian Real		Purchase	10/28/08		1,462,275		1,230,724		(231,551	)
Brazilian Real		Purchase	11/18/08		1,465,000		1,262,245		(202,755	)
Brazilian Real		Purchase	11/28/08		1,464,000		1,278,561		(185,439	)
British Pound		Sale	12/17/08		18,380,853		18,626,547		(245,694	)
Canadian Dollar		Purchase	10/02/08		19,571,598		19,566,005		(5,593	)
Canadian Dollar		Purchase	12/17/08		20,010,415		19,616,022		(394,393	)
Canadian Dollar		Sale	12/17/08		10,248,000		10,328,893		(80,893	)
Chilean Peso		Purchase	10/02/08		1,999,000		1,908,508		(90,492	)

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

GOLDMAN SACHS GLOBAL INCOME FUND


ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY CONTRACTS (continued)


Open Forward Foreign Currency	Contract		Expiration	Value on		Current		Unrealized
Contracts with Unrealized Loss	Type		Date	Settlement Date		Value		Loss

Chilean Peso		Purchase	10/03/08	$	277,358	$	259,305	$	(18,053	)
Chilean Peso		Sale	10/03/08		258,583		259,304		(721	)
Chilean Peso		Purchase	10/17/08		4,316,723		4,093,178		(223,545	)
Chilean Peso		Purchase	10/20/08		5,637,788		5,365,840		(271,948	)
Chilean Peso		Purchase	11/04/08		1,877,017		1,816,173		(60,844	)
Chilean Peso		Purchase	12/03/08		2,347,200		2,188,143		(159,057	)
Danish Krone		Sale	12/10/08		7,583,515		7,631,744		(48,229	)
Euro		Purchase	10/17/08		120,465		117,525		(2,940	)
Euro		Purchase	12/17/08		33,586,849		32,658,261		(928,588	)
Euro		Sale	12/17/08		24,430,550		24,503,905		(73,355	)
Hungarian Forint		Purchase	12/17/08		523,587		501,406		(22,181	)
Indian Rupee		Purchase	10/24/08		2,804,000		2,723,460		(80,540	)
Indian Rupee		Purchase	11/05/08		1,677,009		1,619,809		(57,200	)
Indonesian Rupiah		Purchase	10/09/08		4,093,690		4,049,584		(44,106	)
Indonesian Rupiah		Sale	10/09/08		1,634,412		1,639,521		(5,109	)
Indonesian Rupiah		Purchase	10/14/08		4,084,517		4,021,702		(62,815	)
Indonesian Rupiah		Sale	10/14/08		1,055,911		1,057,476		(1,565	)
Indonesian Rupiah		Purchase	10/20/08		678,000		663,117		(14,883	)
Indonesian Rupiah		Sale	10/20/08		656,003		663,117		(7,114	)
Indonesian Rupiah		Purchase	12/02/08		1,467,000		1,426,143		(40,857	)
Israeli Shekel		Sale	10/02/08		1,031,356		1,037,881		(6,525	)
Japanese Yen		Sale	11/06/08		136,420,199		136,823,038		(402,839	)
Japanese Yen		Purchase	12/17/08		12,571,442		12,522,530		(48,912	)
Japanese Yen		Sale	12/17/08		12,979,393		13,369,120		(389,727	)
Malaysian Ringgit		Purchase	10/03/08		551,897		551,881		(16	)
Malaysian Ringgit		Purchase	10/22/08		1,725,082		1,703,118		(21,964	)
Malaysian Ringgit		Sale	10/22/08		2,018,291		2,035,283		(16,992	)
Malaysian Ringgit		Purchase	10/28/08		1,827,563		1,719,588		(107,975	)
Malaysian Ringgit		Sale	10/28/08		690,152		690,464		(312	)
Malaysian Ringgit		Purchase	11/04/08		523,587		519,737		(3,850	)
Malaysian Ringgit		Sale	11/04/08		3,140,874		3,160,169		(19,295	)
Malaysian Ringgit		Sale	12/04/08		1,382,747		1,389,621		(6,874	)
Mexican Peso		Purchase	10/16/08		5,861,000		5,576,903		(284,097	)
Mexican Peso		Purchase	10/31/08		2,809,870		2,759,284		(50,586	)
Mexican Peso		Purchase	12/17/08		9,071,390		8,773,626		(297,764	)
New Zealand Dollar		Purchase	12/17/08		2,275,736		2,248,622		(27,114	)
New Zealand Dollar		Sale	12/17/08		2,646,618		2,713,190		(66,572	)
Norwegian Krone		Purchase	12/17/08		19,990,252		19,161,561		(828,691	)
Philippine Peso		Sale	10/20/08		1,448,292		1,467,605		(19,313	)
Philippine Peso		Sale	11/28/08		1,224,623		1,225,263		(640	)
Russian Ruble		Purchase	10/14/08		3,029,416		2,996,855		(32,561	)
Russian Ruble		Purchase	11/05/08		2,168,000		1,979,792		(188,208	)
Singapore Dollar		Purchase	12/17/08		821,235		818,838		(2,397	)
South African Rand		Purchase	12/17/08		4,409,000		4,237,886		(171,114	)
South Korean Won		Purchase	10/06/08		5,109,646		4,990,613		(119,033	)
South Korean Won		Purchase	10/08/08		1,703,884		1,616,538		(87,346	)
Swedish Krona		Purchase	12/17/08		9,729,328		9,141,264		(588,064	)
Swiss Franc		Purchase	10/03/08		10,230,000		10,052,020		(177,980	)
Swiss Franc		Purchase	12/17/08		12,986,627		12,857,891		(128,736	)
Taiwan Dollar		Purchase	10/22/08		4,112,248		4,067,209		(45,039	)
Taiwan Dollar		Sale	10/22/08		3,804,561		3,817,080		(12,519	)
Taiwan Dollar		Purchase	10/23/08		3,549,023		3,314,401		(234,622	)

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY CONTRACTS (continued)


Open Forward Foreign Currency	Contract		Expiration	Value on		Current		Unrealized
Contracts with Unrealized Loss	Type		Date	Settlement Date		Value		Loss

Taiwan Dollar		Purchase	10/28/08	$	1,816,811	$	1,700,448	$	(116,363	)
Taiwan Dollar		Purchase	10/30/08		458,474		428,695		(29,779	)
Taiwan Dollar		Purchase	11/04/08		132,546		132,112		(434	)
Taiwan Dollar		Purchase	11/10/08		3,419,206		3,396,724		(22,482	)
Turkish Lira		Purchase	12/17/08		15,463,695		14,981,923		(481,772	)
Yuan Renminbi		Purchase	11/25/08		8,018,892		7,862,680		(156,212	)
Yuan Renminbi		Purchase	12/05/08		2,759,462		2,705,113		(54,349	)
Yuan Renminbi		Purchase	12/09/08		2,757,030		2,704,373		(52,657	)
Yuan Renminbi		Purchase	12/10/08		2,392,760		2,354,546		(38,214	)


TOTAL								$	(10,471,667	)


Open Forward Foreign Currency	Expiration		Purchase		Sale		Unrealized
Cross Contracts with Unrealized Gain (Purchase/Sale)	Date		Current Value		Current Value		Gain

Czech Koruna/Euro		12/17/08	$	6,778,343	$	6,738,530	$	39,813
Euro/Czech Koruna		12/17/08		3,305,538		3,249,737		55,801
Euro/Polish Zloty		12/17/08		6,072,068		5,971,813		100,255
Euro/Slovakian Koruna		10/17/08		6,408,522		6,394,424		14,098
Euro/Hungarian Forint		12/17/08		9,668,375		9,544,802		123,573
Hungarian Forint/Euro		12/17/08		1,147,333		1,146,412		921
Polish Zloty/Euro		12/17/08		7,775,552		7,646,400		129,152


TOTAL							$	463,613


Open Forward Foreign Currency	Expiration		Purchase		Sale		Unrealized
Cross Contracts with Unrealized Loss (Purchase/Sale)	Date		Current Value		Current Value		Loss

Euro/Czech Koruna		12/17/08	$	8,434,908	$	8,502,169	$	(67,261	)
Euro/Polish Zloty		12/17/08		3,353,009		3,356,938		(3,929	)
Euro/Slovakian Koruna		10/17/08		3,376,640		3,529,824		(153,184	)
Hungarian Forint/Euro		12/17/08		2,826,711		2,856,447		(29,736	)
Slovakian Koruna/Euro		10/17/08		2,543,043		2,550,441		(7,398	)


TOTAL							$	(261,508	)

FORWARD SALES CONTRACT — At September 30, 2008, the Fund had the following forward sales contract:

Interest

Maturity

Settlement

Principal

Description

Rate

Date

Amount

Value

FNMA (Proceeds Receivable: $6,084,375)

6.000%

TBA – 15yr^(d)

10/14/08

6,000,000

5,610,000

FUTURES CONTRACTS — At September 30, 2008, the following futures contracts were open:


	Number of
	Contracts			Settlement	Notional			Unrealized
Type	Long (Short)			Month	Value			Gain (Loss)

Australia 10 Year Treasury Bond		98		December 2008		8,105,984			150,919
Eurodollars		(36	)	December 2008		(8,689,050	)		35,428
Eurodollars		(45	)	March 2009		(10,916,438	)		(13,653	)
Federal Funds		47		November 2008		19,252,936			69,442
2 Year Euro-Schatz		(64	)	December 2008		(9,404,557	)		(77,666	)

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

GOLDMAN SACHS GLOBAL INCOME FUND


ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)


	Number of
	Contracts			Settlement	Notional			Unrealized
Type	Long (Short)			Month	Value			Gain (Loss)

5 Year Euro-Bobl		551		December 2008		85,105,705			659,932
10 Year Euro-Bund		(516	)	December 2008		(83,589,722	)		(393,722	)
Japan 10 Year Treasury Bond		10		December 2008		12,932,161			2,962
U.K. Life Long Gilt		67		December 2008		13,358,857			26,192
U.S. Treasury Bonds		241		December 2008		28,238,422			(214,123	)
2 Year U.S. Treasury Notes		(235	)	December 2008		(50,157,813	)		(95,418	)
5 Year U.S. Treasury Notes		696		December 2008		78,115,125			(1,345,091	)
10 Year U.S. Treasury Notes		60		December 2008		6,877,500			(17,598	)


TOTAL								$	(1,212,396	)

SWAP CONTRACTS — At September 30, 2008, 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)

Barclays Bank PLC	$	5,010^(a	⁾		12/17/13	3 month LIBOR	4.250%	$	(40,420	)	$	17,950
		41,560^(a	⁾		12/17/13	4.250%	3 month LIBOR		9,794			176,606
		EUR 84,810^(a	⁾		12/17/13	6 month EURO	4.500		733,780			49,539
		GBP 8,950^(a	⁾		12/17/13	6 month BP	5.250		(50,609	)		(37,148	)
		SEK 7,990^(a	⁾		12/17/13	4.750	3 month STIB		(42,177	)		49,265
	$	2,820^(a	⁾		12/17/18	3 month LIBOR	4.750		6,110			(57,606	)
		GBP 3,190^(a	⁾		12/17/18	6 month BP	5.250		182,101			(292,172	)
		SEK 280,800^(a	⁾		12/17/18	3 month STIB	5.000		(983,757	)		(208,756	)
	$	216,875^(a	⁾		12/20/27	6.000	3 month LIBOR		1,972,424			8,920,335
		26,220^(a	⁾		12/20/27	3 month LIBOR	6.000		(304,145	)		(1,012,781	)
		62,240^(a	⁾		06/20/28	5.600	3 month LIBOR		244,211			1,580,618
		41,740^(a	⁾		06/20/28	3 month LIBOR	5.600		(650,781	)		(573,004	)
		11,400^(a	⁾		12/17/28	3 month LIBOR	5.000		144,819			(578,038	)
Citibank NA		16,430^(a	⁾		12/17/10	3.500	3 month LIBOR		10,961			(7,815	)
		10,000			09/21/11	5.600	3 month LIBOR		11,703			522,726
		75,450^(a	⁾		12/17/11	3 month LIBOR	3.750		(44,440	)		176,405
		13,030^(a	⁾		12/17/13	4.250	3 month LIBOR		46,478			11,962
		EUR 15,230^(a	⁾		12/17/13	4.500	6 month EURO		(53,130	)		(87,537	)
		JPY 3,271,000^(a	⁾		12/17/13	1.500	6 month JYOR		239,342			(90,783	)
		1,327,000^(a	⁾		12/17/13	6 month JYOR	1.500		(101,375	)		41,114
		SEK 29,300^(a	⁾		12/17/13	4.750	3 month STIB		(141,785	)		167,775
	$	3,920^(a	⁾		12/17/18	4.750	3 month LIBOR		81,610	��		(10,027	)
		176,980^(a	⁾		12/20/27	3 month LIBOR	6.000		(3,159,358	)		(5,729,639	)
		113,185^(a	⁾		12/20/27	6.000	3 month LIBOR		1,344,734			4,340,094

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


ADDITIONAL INVESTMENT INFORMATION (continued)

INTEREST RATE SWAP CONTRACTS (continued)


						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)

Citibank NA	$	11,850^(a	⁾		06/20/28	5.600%	3 month LIBOR	$	67,086		$	280,347
		56,820^(a	⁾		06/20/28	3 month LIBOR	5.600%		(1,059,051	)		(606,866	)
		5,060^(a	⁾		12/17/28	3 month LIBOR	5.000		(173,248	)		(19,040	)
		GBP 3,100^(a	⁾		12/17/38	4.750	6 month BP		105,838			174,449
Credit Suisse International (London)	$	3,840^(a	⁾		12/17/13	4.250	3 month LIBOR		4,286			12,937
		EUR 23,930^(a	⁾		12/17/13	6 month EURO	4.500		376,067			(155,046	)
		EUR 2,180^(a	⁾		12/17/13	4.500	6 month EURO		(18,753	)		(1,382	)
		GBP 8,950^(a	⁾		12/17/13	5.250	6 month BP		(40,091	)		127,848
		JPY 4,235,000^(a	⁾		12/17/13	6 month JYOR	1.500		(161,734	)		—
		EUR 1,760^(a	⁾		12/17/18	6 month EURO	4.750		17,844			(31,105	)
		SEK 5,600^(a	⁾		12/17/18	3 month STIB	5.000		(22,700	)		(1,130	)
		16,600^(a	⁾		12/17/18	5.000	3 month STIB		46,636			24,001
	$	137,940^(a	⁾		12/20/27	3 month LIBOR	6.000		(282,002	)		(6,646,166	)
		17,850^(a	⁾		12/20/27	6.000	3 month LIBOR		57,120			839,414
		24,330^(a	⁾		06/20/28	3 month LIBOR	5.600		(387,745	)		(325,592	)
		8,720^(a	⁾		06/20/28	5.600	3 month LIBOR		85,369			170,295
		17,980^(a	⁾		12/17/28	3 month LIBOR	5.000		(240,847	)		(442,422	)
		EUR 1,040^(a	⁾		12/17/38	5.000	6 month EURO		48,715			57,948
Deutsche Bank Securities, Inc.	$	96,790^(a	⁾		12/17/10	3.500	3 month LIBOR		8,790			9,738
		EUR 75,930^(a	⁾		12/17/10	4.500	6 month EURO		394,208			(411,032	)
		JPY 2,245,000^(a	⁾		12/17/10	1.160	6 month JYOR		—			2,483
		2,924,670^(a	⁾		12/17/10	1.181	6 month JYOR		—			14,706
		CAD 12,620^(a	⁾		12/17/13	4.000	3 month CDOR		303,071			(110,536	)
		JPY 1,420,000^(a	⁾		12/17/15	6 month JYOR	1.641		—			(93,075	)
		1,852,000^(a	⁾		12/17/15	6 month JYOR	1.699		—			(188,524	)
		EUR 52,800^(a	⁾		12/17/18	4.750	6 month EURO		974,068			(576,235	)
	$	13,480^(a	⁾		12/20/27	3 month LIBOR	6.000		(376,510	)		(300,537	)
		7,390^(a	⁾		06/20/28	3 month LIBOR	5.600		(138,550	)		(78,119	)
		JPY 285,000^(a	⁾		12/17/38	2.540	6 month JYOR		—			133,138
		372,660^(a	⁾		12/17/38	2.594	6 month JYOR		—			215,634
JPMorgan Securities, Inc.		EUR 23,000^(a	⁾		12/17/10	6 month EURO	4.500		266,639			(261,543	)
		53,470^(a	⁾		12/17/10	4.500	6 month EURO		325,650			(337,497	)
		AUD 8,770^(a	⁾		12/17/13	6 month BBSW	7.500		(58,802	)		(270,864	)
		EUR 7,680^(a	⁾		12/17/13	6 month EURO	4.500		100,866			(29,932	)
		13,500^(a	⁾		12/17/13	4.500	6 month EURO		(29,571	)		(95,117	)
		AUD 12,560^(a	⁾		12/17/18	7.250	6 month BBSW		142,200			482,831
		GBP 2,510^(a	⁾		12/17/18	6 month BP	5.250		(60,895	)		(25,712	)
	$	6,020^(a	⁾		12/17/38	5.000	3 month LIBOR		(178,837	)		457,225

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

GOLDMAN SACHS GLOBAL INCOME FUND


ADDITIONAL INVESTMENT INFORMATION (continued)

INTEREST RATE SWAP CONTRACTS (continued)


						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)

Merrill Lynch Capital Markets		GBP 2,700^(a	⁾		12/17/18	6 month BP	5.250%	$	139,056		$	(232,219	)
Morgan Stanley Capital Services, Inc.		6,260^(a	⁾		12/17/13	5.250%	6 month BP		99,146			(37,765	)
		1,160^(a	⁾		12/17/18	6 month BP	5.250		65,476			(105,502	)
	$	6,710^(a	⁾		12/20/27	6.000	3 month LIBOR		18,273			318,743
Royal Bank of Canada		CAD 27,360^(a	⁾		12/17/13	3 month CDOR	4.000		(326,055	)		(91,354	)
		10,530^(a	⁾		12/17/13	4.000	3 month CDOR		235,410			(74,761	)
Royal Bank of Scotland	$	35,500^(a	⁾		12/17/13	4.250	3 month LIBOR		(109,734	)		268,955
		GBP 9,210^(a	⁾		12/17/18	6 month BP	5.250		(178,020	)		(139,770	)
	$	5,000^(a	⁾		12/17/28	3 month LIBOR	5.000		31,269			(221,277	)
UBS AG (London)		AUD 27,350^(a	⁾		12/17/13	6 month BBSW	7.500		(825,812	)		(202,281	)
		JPY 1,705,000^(a	⁾		12/17/13	1.500	6 month JYOR		139,274			(61,840	)
		1,320,000^(a	⁾		12/17/13	6 month JYOR	1.500		(83,901	)		23,958
		EUR 48,990^(a	⁾		12/17/15	4.500	6 month EURO		346,195			(965,795	)
		AUD 23,010^(a	⁾		12/17/18	7.250	6 month BBSW		112,467			1,032,594
		GBP 2,700^(a	⁾		12/17/18	6 month BP	5.250		(67,600	)		(25,563	)
	$	3,000^(a	⁾		12/17/28	3 month LIBOR	5.000		10,323			(124,328	)


TOTAL								$	(843,026	)	$	(1,273,600	)

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2008.

CREDIT DEFAULT SWAP CONTRACT

Upfront

Payments

Notional Amount

Rates received

Termination

received

Unrealized

Swap Counterparty

Referenced Obligation

(000s)

by Fund

Date

by the Fund

Gain

Protection Sold:

Deutsche Bank Securities, Inc.

iTraxx Europe Index

82,500

1.650%

06/20/13

(3,364,184

)

928,773

WRITTEN OPTIONS — At September 30, 2008, the Fund had outstanding written options as follows:


	Exercise		Expiration
Type	Rate		Month	Value

Currency Option
Put KRW 11,758,000	$	11.00	October 2008	$	(1,012,622	)
Call USD 129,338,000
Currency Option
Call MXN 14,129,000		10.40	October 2008		—
Put USD 146,941,600


TOTAL (Premiums Received: $207,725)				$	(1,012,622	)

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2008 (Unaudited)


ADDITIONAL INVESTMENT INFORMATION (continued)

WRITTEN OPTIONS (continued)

For the six months ended September 30, 2008, the Fund had the following written options activity:


	Number of			Premiums
	Contracts			Received

Contracts Outstanding March 31, 2008		—		$	—


Contracts written		33,171,000			275,648
Contracts expired		(7,284,000	)		(67,923	)


Contracts Outstanding September 30, 2008		25,887,000		$	207,725

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

ADDITIONAL INVESTMENT INFORMATION (continued)

JOINT REPURCHASE AGREEMENT ACCOUNT II — At September 30, 2008, certain Funds had undivided interests in the Joint Repurchase Agreement Account II, as follows:


Fund	Principal Amount

Core Fixed Income	$	91,800,000


Core Plus Fixed Income		6,300,000

REPURCHASE AGREEMENTS


	Principal		Interest			Maturity		Maturity
Counterparty	Amount		Rate			Date		Value

ABN Amro, Inc.	$	1,000,000,000		2.25	%		10/01/08	$	1,000,062,500


Banc of America Securities LLC		1,500,000,000		2.25			10/01/08		1,500,093,750


Barclays Capital, Inc.		100,000,000		0.25			10/01/08		100,000,694


Barclays Capital, Inc.		497,800,000		1.00			10/01/08		497,813,828


Barclays Capital, Inc.		5,850,000,000		2.25			10/01/08		5,850,365,625


Credit Suisse Securities (USA) LLC		150,000,000		1.80			10/01/08		150,007,500


Deutsche Bank Securities, Inc.		300,000,000		2.75			10/01/08		300,022,917


Greenwich Capital Markets		750,000,000		2.50			10/01/08		750,052,083


JPMorgan Securities		1,600,000,000		2.00			10/01/08		1,600,088,889


Merrill Lynch & Co., Inc.		2,000,000,000		1.50			10/01/08		2,000,083,333


Morgan Stanley & Co.		800,000,000		0.40			10/01/08		800,008,889


Morgan Stanley & Co.		500,000,000		1.75			10/01/08		500,024,306


UBS Securities LLC		950,000,000		1.50			10/01/08		950,039,583


TOTAL								$	15,998,663,897

At September 30, 2008, the Joint Repurchase Agreement Account II was fully collateralized by Federal Farm Credit Bank 0.000%, due 01/08/09; Federal Home Loan Bank, 0.000% to 5.250%, due 10/27/08 to 06/05/17; Federal Home Loan Mortgage Corp., 3.250% to 7.500%, due 03/05/09 to 12/01/47; Federal National Mortgage Association, 3.000% to 15.500%, due 12/01/08 to 10/01/48 and U.S. Treasury Note, 7.500%, due 11/15/16. The aggregate market value of the collateral, including accrued interest, was $16,356,152,736.

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities

September 30, 2008 (Unaudited)


	Core Fixed			Core Plus Fixed			Global
	Income Fund			Income Fund			Income Fund

Assets:

Investments in securities, at value (identified cost $2,281,516,520, $134,677,816 and $1,119,367,729, respectively)^(a)	$	2,010,863,838		$	124,406,285		$	1,048,476,172
Securities lending collateral, at value which equals cost		25,845,750			2,266,750			22,005,625
Cash		2,651,306			98,905			12,935,468
Foreign currencies, at value (identified cost $159,527, $0 and $3,258,521, respectively)		155,497			—			3,258,343
Receivables:
Investment securities sold, at value		572,223,540			8,352,442			8,100,112
Due from broker — swap collateral^(b)		14,914,471			1,600,000			17,902,249
Interest and dividends, at value		13,626,836			867,443			13,294,243
Due from broker — variation margin^(c)		4,669,031			424,877			3,479,848
Fund shares sold		2,632,920			73,570			97,560,234
Securities lending income		30,771			1,090			16,757
Reimbursement from investment adviser		—			306,765			158,746
Premium for swaps purchased		—			21,385			—
Swap contracts, at value (includes upfront payments made of $2,385,203, $109,732 and $7,329,294, respectively)		19,682,232			499,943			26,531,622
Forward foreign currency exchange contracts, at value		1,457,686			180,560			16,729,122
Other assets, at value		20,573			254			33,634

Total assets		2,668,774,451			139,100,269			1,270,482,175




Liabilities:

Due to Custodian-Foreign currency (identified cost $18,919)		—			20,383			—
Payables:
Investment securities purchased		562,027,506			13,095,670			22,130,956
Fund shares redeemed		147,056,616			462,104			2,181,384
Forward sale contracts, at value (proceeds receivable $144,365,625, $5,225,313 and $6,084,375, respectively)		144,166,938			5,223,440			5,610,000
Payable upon return of securities loaned		25,845,750			2,266,750			22,005,625
Due to broker — variation margin		6,301,592			330,971			1,289,334
Income distribution		2,061,775			76,995			—
Amounts owed to affiliates		942,839			88,534			705,784
Due to broker — swap collateral		—			—			300,000
Options written, at value (premium received $207,725)		—			—			1,012,622
Premium for swaps sold		—			—			1,080,196
Swap contracts, at value (includes upfront payments received of $5,373,626, $335,350 and $11,536,504, respectively)		21,128,086			1,355,851			31,083,659
Forward foreign currency exchange contracts, at value		2,891,903			206,108			10,733,175
Accrued expenses		133,796			158,775			195,138

Total liabilities		912,556,801			23,285,581			98,327,873




Net Assets:

Paid-in capital		2,011,409,198			129,508,030			1,217,443,497
Accumulated (distribution in excess of) net investment income (loss)		(2,855,353	)		(12,067	)		(36,611,111	)
Accumulated net realized gain (loss) from investment, futures, option, swap and foreign currency related transactions		16,771,988			(2,901,799	)		58,177,484
Net unrealized loss on investments, futures, options, swaps and translation of assets and liabilities denominated in foreign currencies		(269,108,183	)		(10,779,476	)		(66,855,568	)

NET ASSETS	$	1,756,217,650		$	115,814,688		$	1,172,154,302


Net Assets:
Class A	$	711,907,688		$	47,817,544		$	228,799,612
Class B		17,743,496			11,445,650			7,830,078
Class C		25,553,608			10,483,794			5,611,070
Institutional		982,953,689			46,038,620			929,664,656
Service		18,040,702			10,046			248,886
Class IR		9,252			9,537			—
Class R		9,215			9,497			—


Total Net Assets	$	1,756,217,650		$	115,814,688		$	1,172,154,302

Shares Outstanding, $0.001 par value (unlimited number of shares authorized):
Class A		80,265,763			5,170,459			18,825,290
Class B		1,992,062			1,238,751			646,530
Class C		2,867,157			1,134,623			464,258
Institutional		110,410,830			4,980,364			76,598,060
Service		2,025,217			1,087			20,528
Class IR		1,042			1,031			—
Class R		1,038			1,027			—

Net asset value, offering and redemption price per share:^(d)
Class A		$8.87			$9.25			$12.15
Class B		8.91			9.24			12.11
Class C		8.91			9.24			12.09
Institutional		8.90			9.24			12.14
Service		8.91			9.24			12.12
Class IR		8.88			9.25			—
Class R		8.88			9.25			—


(a)		Includes loaned securities having a market value of $24,304,009, $2,132,677 and $20,936,990 for Core Fixed Income, Core Plus Fixed Income and Global Income Funds, respectively.
(b)		Represents restricted cash on deposit with the counterparties as collateral for swaps for Core Fixed Income, Core Plus Fixed Income and Global Income Funds, respectively.
(c)		Includes cash on deposit with counterparty of $222,985 and $372,947 for Core Plus Fixed Income and Global Income Funds, respectively, relating to initial margin requirements on futures transactions.
(d)		Maximum public offering price per share for Class A Shares of the Core Fixed Income, Core Plus Fixed Income and Global Income Funds (NAV per share multiplied by 1.0471) is $9.29, $9.69 and $12.72, 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.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Operations

For the Six Months Ended September 30, 2008 (Unaudited)


	Core Fixed			Core Plus Fixed			Global
	Income Fund			Income Fund			Income Fund


Investment income:

Interest (including securities lending income of $89,212, $2,776 and $185,457, respectively)	$	63,343,029		$	3,351,983		$	29,839,901
Dividends^(a)		136,163			—			43,541


Total investment income		63,479,192			3,351,983			29,883,442





Expenses:

Management fees		4,332,368			284,861			4,042,379
Distribution and Service fees^(b)		1,223,867			182,560			425,694
Transfer Agent fees^(b)		839,712			58,902			386,345
Custody and accounting fees		166,347			66,898			211,909
Registration fees		79,331			67,587			63,357
Professional fees		61,812			138,714			128,004
Printing fees		59,840			39,727			40,172
Service share fees — Service Plan		27,493			13			387
Service share fees — Shareholder Administration Plan		27,493			13			387
Trustee fees		7,018			7,018			7,018
Other		70,635			20,717			40,068


Total expenses		6,895,916			867,010			5,345,720


Less — expense reductions		(138,032	)		(434,567	)		(512,044	)


Net expenses		6,757,884			432,443			4,833,676


NET INVESTMENT INCOME		56,721,308			2,919,540			25,049,766





Realized and unrealized gain (loss) from investment, futures, option, swap and foreign currency related transactions:

Net realized gain (loss) from:
Investment transactions		(18,350,124	)		(1,253,928	)		251,805
Futures transactions		4,154,581			478,786			5,252,081
Written options		—			—			(95,474	)
Swap contracts		18,622,189			396,331			7,826,116
Foreign currency related transactions		248,158			(27,874	)		70,688,274
Net change in unrealized gain (loss) on:
Investments		(132,992,857	)		(6,569,441	)		(146,900,365	)
Futures		4,482,712			(146,483	)		(4,528,455	)
Written options		—			—			(804,897	)
Swap contracts		(40,545,606	)		(1,406,600	)		(13,648,780	)
Translation of assets and liabilities denominated in foreign currencies		(955,043	)		23,109			8,499,986


Net realized and unrealized loss from investment, futures, option, swap and foreign currency related transactions		(165,335,990	)		(8,506,100	)		(73,459,709	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(108,614,682	)	$	(5,586,560	)	$	(48,409,943	)


(a)	Foreign taxes withheld on dividends were $7 and $9,329 for the Core Fixed Income and Global Income Funds, respectively.
(b)	Class specific Distribution and Service and Transfer Agent fees were as follows:


	Distribution and Service Fees								Transfer Agent Fees
Fund	Class A		Class B		Class C		Class R		Class A		Class B		Class C		Institutional		Service		Class IR		Class R
Core Fixed Income	$	988,911	$	99,769	$	135,163	$	24	$	514,233	$	12,970	$	17,571	$	290,527	$	4,399		$ 6		$ 6
Core Plus Fixed Income		63,499		63,846		55,190		25		33,019		8,300		7,175		10,394		2		6		6
Global Income		349,513		46,230		29,951		N/A		181,746		6,010		3,893		194,634		62		N/A		N/A

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets


	Core Fixed Income Fund
	For the			For the
	Six Months Ended			Period			For the
	September 30, 2008			November 1, 2007 to			Year Ended
	(Unaudited)			March 31, 2008*			October 31, 2007




From operations:

Net investment income	$	56,721,308		$	51,094,956		$	110,265,737
Net realized gain (loss) from investment, futures, option, swap and foreign currency related transactions		4,674,804			55,495,164			(19,724,855	)
Net change in unrealized gain (loss) on investments, futures, options, swaps and translation of assets and liabilities denominated in foreign currencies		(170,010,794	)		(130,156,152	)		26,334,813


Net increase (decrease) in net assets resulting from operations		(108,614,682	)		(23,566,032	)		116,875,695





Distributions to shareholders:

From net investment income
Class A Shares		(19,684,481	)		(16,419,344	)		(32,109,154	)
Class B Shares		(421,844	)		(361,130	)		(761,061	)
Class C Shares		(571,637	)		(438,018	)		(807,123	)
Institutional Shares		(38,537,519	)		(35,104,003	)		(70,984,275	)
Service Shares		(528,629	)		(540,535	)		(1,657,481	)
Class IR Shares^(a)		(252	)		(159	)		—
Class R Shares^(a)		(228	)		(144	)		—
From capital
Class A Shares		—			—			—
Class B Shares		—			—			—
Class C Shares		—			—			—
Institutional Shares		—			—			—
Service Shares		—			—			—


Total distributions to shareholders		(59,744,590	)		(52,863,333	)		(106,319,094	)





From share transactions:

Net proceeds from sales of shares		392,201,859			610,668,943			955,886,546
Proceeds received in connection with merger		—			—			93,427,679
Reinvestment of distributions		41,397,204			34,819,220			69,594,888
Cost of shares redeemed		(964,592,684	)		(670,213,808	)		(937,095,681	)


Net increase (decrease) in net assets resulting from share transactions		(530,993,621	)		(24,725,645	)		181,813,432


TOTAL INCREASE (DECREASE)		(699,352,893	)		(101,155,010	)		192,370,033





Net assets:

Beginning of period		2,455,570,543			2,556,725,553			2,364,355,520


End of period	$	1,756,217,650		$	2,455,570,543		$	2,556,725,553


Accumulated undistributed (distribution in excess of) net investment income	$	(2,855,353	)	$	167,929		$	1,417,302


*	The Fund changed its fiscal year end from October 31 to March 31.
(a)	Commenced operations on November 30, 2007.
(b)	Commenced operations on November 30, 2006 for Class A, Class C and Institutional Shares and June 20, 2007 for Class B and Service Shares.
(c)	Net of redemption fees, remitted to the Funds as follows:


	For the Six Months Ended		For the Period Ended		For the Period Ended
Fund	September 30, 2008		March 31, 2008*		October 31, 2007

Core Plus Fixed Income	$	1,324	$	2,923	$	913
Global Income		12,696		5,075		8,278

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS


Core Plus Fixed Income Fund									Global Income Fund
For the			For the						For the			For the
Six Months Ended			Period			For the			Six Months Ended			Period			For the
September 30, 2008			November 1, 2007 to			Period Ended			September 30, 2008			November 1, 2007 to			Year Ended
(Unaudited)			March 31, 2008*			October 31, 2007^(b)			(Unaudited)			March 31, 2008*			October 31, 2007




$	2,919,540		$	2,197,912		$	3,701,530		$	25,049,766		$	21,915,728		$	39,886,830
	(406,685	)		3,032,233			(1,761,691	)		83,922,802			(53,017,129	)		(9,039,050	)
	(8,099,415	)		(4,299,282	)		3,223,963			(157,382,511	)		52,171,495			32,874,258



	(5,586,560	)		930,863			5,163,802			(48,409,943	)		21,070,094			63,722,038








	(1,158,079	)		(1,217,640	)		(962,158	)		(5,310,594	)		(4,769,157	)		(8,314,867	)
	(243,074	)		(277,315	)		(201,220	)		(142,571	)		(125,053	)		(269,626	)
	(210,270	)		(223,498	)		(161,994	)		(94,574	)		(71,854	)		(113,130	)
	(1,278,015	)		(926,013	)		(2,313,517	)		(20,322,283	)		(19,562,324	)		(28,629,452	)
	(228	)		(228	)		(158	)		(5,921	)		(5,409	)		(9,897	)
	(238	)		(181	)		—			—			—			—
	(214	)		(165	)		—			—			—			—

	—			—			—			—			—			(924,754	)
	—			—			—			—			—			(29,987	)
	—			—			—			—			—			(12,582	)
	—			—			—			—			—			(3,184,081	)
	—			—			—			—			—			(1,101	)



	(2,890,118	)		(2,645,040	)		(3,639,047	)		(25,875,943	)		(24,533,797	)		(41,489,477	)







	22,713,305			41,418,357			113,526,251			249,419,313			220,316,317			914,681,652
	—			—			107,923,394			—			—			—
	2,418,516			2,225,414			3,161,540			25,312,522			24,289,339			40,918,077
	(32,051,557	)^(c)		(22,300,633	)^(c)		(114,553,799	)^(c)		(434,336,313	)^(c)		(265,869,186	)^(c)		(415,622,549	)^(c)



	(6,919,736	)		21,343,138			110,057,386			(159,604,478	)		(21,263,530	)		539,977,180



	(15,396,414	)		19,628,961			111,582,141			(233,890,364	)		(24,727,233	)		562,209,741







	131,211,102			111,582,141			—			1,406,044,666			1,430,771,899			868,562,158


$	115,814,688		$	131,211,102		$	111,582,141		$	1,172,154,302		$	1,406,044,666		$	1,430,771,899


$	(12,067	)	$	(41,489	)	$	328,928		$	(36,611,111	)	$	(35,784,934	)	$	(5,642,679	)

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements

September 30, 2008 (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 following are Goldman Sachs Funds included in this report (collectively, the “Funds” or individually a “Fund”), the share classes offered by each Fund and their diversification status under the Act:


Fund	Share Classes Offered	Diversified/Non-diversified

Core Fixed Income and Core Plus Fixed Income	A, B, C, Institutional, Service, IR and R	Diversified


Global Income	A, B, C, Institutional and Service	Non-diversified

Class A Shares of the Funds are sold with front-end sales charges of up to 4.50%. Class B Shares of the Funds are sold with contingent deferred sales charges that decline from 5.00% to zero, depending upon the period of time the shares are held. Class C Shares of the Funds have a contingent deferred sales charge of 1.00% during the first 12 months. Institutional, Service, Class IR and Class R Shares of the Funds are not subject to a sales charge. Goldman, Sachs & Co. (“Goldman Sachs”) serves as Distributor of the shares of the Funds pursuant to a Distribution Agreement, receives such sales charges and may retain a portion of such sales charges.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs, serves as Investment Adviser pursuant to Management Agreements with the Trust on behalf of the Core Fixed Income and Core Plus Fixed Income Funds. Goldman Sachs Asset Management International (“GSAMI”), an affiliate of GSAM and Goldman Sachs, serves as Investment Adviser pursuant to a Management Agreement with the Trust on behalf of Global Income (the Management Agreements with GSAM and GSAMI are collectively referred to herein as the “Agreements”).

The Funds changed their fiscal year end from October 31 to March 31. GSAM has agreed to reimburse the Funds for any costs associated with changing their fiscal year ends.

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 Generally Accepted Accounting Principles in the United States of America (“GAAP”) requires management to make estimates and assumptions that may affect amounts. Actual results could differ from those estimates.

A. Investment Valuation — The investment valuation policy of the Funds is to value investments at market value. The Funds’ investments for which market quotations are readily available are valued on the basis of quotations furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which considers yield or price with respect to comparable bonds, quotations from bond dealers or by reference to other securities that are considered comparable in such characteristics as rating, interest rate and maturity date, to determine current value. If accurate quotations are not readily available, or if GSAM or GSAMI believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined based on yield equivalents, a pricing matrix or other sources, under valuation procedures established by the Board of Trustees. Short-term debt obligations maturing in sixty days or less are valued at amortized cost, which approximates market value.

GSAM and GSAMI, consistent with its procedures and applicable regulatory guidance, may determine to make an adjustment to the previous closing prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Funds’ net asset value per share. Significant events that could affect a large number of securities in a particular market may include, but are not limited to: situations relating to one or more single issuers in a market sector; significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions or market closings; equipment failures; natural or man-made disasters or acts of God; armed conflicts; government actions or other developments; as well as the same or similar events which may affect specific issuers or the securities markets even though not tied directly to the securities markets. Other significant events that could relate to

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; corporate announcements, including those relating to earnings, products and regulatory news; significant litigation; low trading volume; and trading limits or suspensions.

B. Security Transactions and Investment Income — Security transactions are reflected for financial reporting purposes as of the trade date. Realized gains and losses on sales of portfolio securities are calculated using the identified cost basis. Dividend income is recognized on the ex-dividend date, net of foreign withholding taxes, if any, which are reduced by any amounts reclaimable by the Funds, where applicable. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted. Certain mortgage security paydown gains and losses are recorded as interest income (loss) and are included in interest income in the accompanying Statements of Operations. 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. In addition, it is the Funds’ policy to accrue for estimated capital gains taxes, if any, on foreign securities held by the Funds, which are subject to such taxes.

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.

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.

D. Federal Taxes and Distributions 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 income and capital gains to its shareholders. Accordingly, no federal tax provisions are required. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:


	Income Distributions	Capital Gains Distributions
Fund	Declared and Paid	Declared and Paid

Core Fixed Income and Core Plus Fixed Income	Daily/Monthly	Annually


Global Income	Monthly	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 GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital.

GSAM has reviewed the tax positions for the Funds under Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes” (“FIN 48”) for the open tax years (tax years ended October 31, 2005-2007 and March 31, 2008) and determined that the application of FIN 48 did not have a material impact on the Funds’ financial statements. FIN 48 establishes financial accounting and disclosure requirements for recognition and measurement of tax positions taken or expected to be taken on a U.S. income tax return.

E. Foreign Currency Translations — The books and records of the Funds are accounted for in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars (using 4:00 p.m. Eastern Time exchange rates) on the following basis: (i) investment valuations, foreign currency and other assets and liabilities initially expressed in foreign currencies are converted 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 represents: (i) foreign exchange gains and losses from the sale and holdings of foreign currencies; (ii) currency gains and losses between trade date and settlement date

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2008 (Unaudited)


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

on investment security transactions and forward exchange contracts; and (iii) gains and losses from the difference between amounts of dividends, interest 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 segregated in the Statements 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) on foreign currency related 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.

Non U.S. currency symbols utilized throughout the report are defined as follows:


AUD = Australian Dollar BRL = Brazilian Real CAD = Canadian Dollar CNY = Yuan Renminbi DEM = German Mark DKK = Danish Krone EUR = Euro GBP = British Pound		HUF = Hungarian Forint IDR = Indonesian Rupiah JPY = Japanese Yen KRW = South Korean Won MXN = Mexican Peso NZD = New Zealand Dollar PLN = Polish Zloty SEK = Swedish Krona

F. Forward Foreign Currency Exchange Contracts — The Funds 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. The Funds may also purchase and sell forward foreign currency exchange 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 by the Funds. The Funds record realized gains or losses on the settlement date of a contract.

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 September 30, 2008, the Funds had segregated sufficient cash and/or securities to cover any commitments under these contracts.

G. Futures Contracts — The Funds may purchase or sell futures contracts 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 deposit cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by the Funds equal to the daily change in the contract value and are recorded as variation margin receivable or payable and offset in unrealized gains or losses. The Funds recognize a realized gain or loss when a contract is closed or expires.

The use of futures contracts involves, to varying degrees, elements of market and counterparty risk which may exceed the amounts recognized in the Statements of Assets and Liabilities. Futures contracts may be illiquid, and exchanges may limit fluctuations in futures contract prices during a single day. 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. At September 30, 2008, the Funds had segregated sufficient cash and/or securities to cover any commitments under these contracts.

H. Mortgage and Asset-Backed Securities — The Funds may invest in mortgage and/or asset-backed securities. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. These securities may include mortgage pass-through securities, collateralized mortgage

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

obligations, Real Estate Mortgage Investment Conduit pass-through or participation certificates, and stripped mortgage-backed securities. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of assets such as auto loans, credit card receivables, leases, installment contracts and personal property. Asset-backed securities also include home equity line of credit loans and other second-lien mortgages.

The value of some mortgage- and asset-backed securities may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers. Early repayment of principal on mortgage- or asset-backed securities may expose a Fund to the risk of earning a lower rate of return upon reinvestment of principal. Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral. In addition, while mortgage- and asset-backed securities may be supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or insurers, if any, will meet their obligations.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all of the interest payments (the interest-only, or “IO” and/or the high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all of the principal payments (the principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, adjustments are made to the cost of the security on a daily basis until maturity. These adjustments are included in interest income. Payments received for PO’s, typically monthly, are treated as a proportionate reduction to the reduction in par of the cost basis of the securities and excess amounts are recorded as gains. All gains and losses resulting from principal payments are classified as interest income in the accompanying Statements of Operations.

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 contracts with the same counterparty to repurchase similar (same type, coupon and maturity) but not identical securities on a specified future date. The Funds treat 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 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. Options — The Funds may write and/or purchase call and put options on futures, currencies, securities or any securities index consisting of securities in which the Funds may invest. When the Funds write call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current market value of the option written. Options on a future may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. When a written option expires on its stipulated expiration date or the Funds enter into a closing purchase transaction, the Funds realize a gain or loss without regard to any unrealized gain or loss on the underlying future, security or currency transaction, and the liability related to such option is extinguished. When a written call option is exercised, the Funds realize a gain or loss from the sale of the underlying future, security or currency transaction, and the proceeds of the sale are increased by the premium originally received. When a written put option is exercised, the amount of the premium originally received will reduce the cost of the future, security or currency transaction which the Funds purchase upon exercise. There is a risk of loss from a change in value of such options which may exceed the related premiums received.

Upon the purchase of a call option or a put option by the Funds, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current market value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. If an option which the Funds have purchased expires on the stipulated expiration date, the Funds will realize a loss in the amount of the cost of the option. If the Funds enter into a closing sale transaction, the Funds will realize a gain

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2008 (Unaudited)


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

or loss, depending on whether the sale proceeds for the closing sale transaction are greater or less than the cost of the option. If the Funds exercise a purchased put option, the Funds will realize a gain or loss from the sale of the underlying future, security or currency transaction, and the proceeds from such sale will be decreased by the premium originally paid. If the Funds exercise a purchased call option, the cost of the future, security or currency transaction which the Funds purchase upon exercise will be increased by the premium originally paid. Purchased over-the counter options are subject to the risk that the counterparty may default on its obligations, which could result in a loss to the Funds.

K. Redemption Fees — All classes of the Core Plus Fixed Income and Global Income Funds charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. For this purpose, the Funds use a first-in first out method so that shares held longest will be treated as being redeemed first and shares held shortest will be treated as being redeemed last. Redemption fees are reimbursed to a Fund and are reflected as a reduction in share redemptions. Redemption fees are credited to Paid-in capital and are allocated to each share class of a Fund on a pro-rata basis at the time of payment.

L. Repurchase Agreements — The Funds may enter in 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 agreements with GSAM, or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. In addition, the Funds’ credit exposure is allocated to the underlying repurchase counterparties on a pro-rata basis. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

M. Structured Notes — The Funds may invest in structured notes whose values are based on the price movements of a reference security or index. The value of these structured notes will rise and fall in response to changes in the reference security or index. On termination date of each structured note, the Funds will receive a payment from a counterparty based on the value of the referenced security (notional multiplied by price of the referenced security) and record a realized gain or loss. These structured notes are subject to credit, counterparty and interest rate risks.

N. Swap Contracts — The Funds may enter into swap transactions for hedging purposes or to seek to increase total return. Swap transactions are privately negotiated agreements between a Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. The Funds may be required to post collateral under the terms of a swap contract. 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 degrees, market, liquidity, elements of credit, legal and documentation risk in excess of amounts recognized in the Statements of Assets and Liabilities. When entering into swap contracts, a Fund must set aside liquid assets or engage in other appropriate measures to cover its obligations under the swap contract. The Funds may invest in the following types of swaps:

A credit default swap agreement involves 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 or an issuer within an

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

index 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. 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. If a credit event occurs, the seller of protection may be required to pay the Fund the notional value of the credit default swap on the specified reference obligation. 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. If the Fund enters into a sale contract and a credit event occurs, in addition to the credit exposure the Fund has on the other assets held in its portfolio, the value of the reference obligation received by the Fund reduced by the periodic payments previously received may be less than the maximum payout amount the Fund pays to the counterparty, resulting in a loss to the Fund. Credit default swaps may involve greater risks than if a Fund had invested in the referenced obligation directly.

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 the Funds 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 Funds may also be required to pay the dollar value of that decline to the counterparty.

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 unrealized gain or loss. Upfront payments made and/or received by the Funds are recorded as an asset and/or liability on the Statements 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 ratably beginning on the effective start date. Periodic payments received or made on swap contracts are recorded as a realized gain or loss on the Statements of Operations. Gains or losses are also realized upon early termination of the swap agreements or, with respect to credit default swaps, when a credit event occurs and recorded as realized gains from swaps on the Statements of Operations.

O. 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 for Urban Consumers (“CPIU”). The adjustments to principal due to inflation are reflected as increases or decreases to interest income. Such adjustments may have a significant impact on the Fund’s distributions. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

P. When-Issued Securities and Forward Commitments — The Funds may purchase when-issued securities, including TBA (To Be Announced) securities and enter into contracts to purchase or sell securities for a fixed price at a future date beyond the customary settlement period. When-issued securities are securities that have been authorized, but not yet issued in the market. When-issued securities are purchased in order to secure what is considered to be an advantageous price and yield to the Funds at the time of entering into the transaction. A forward commitment involves the entering into a contract to purchase or sell securities for a fixed price at a future date beyond the customary settlement period. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although the Funds will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for their portfolios, the Funds may dispose of when-issued securities or forward commitments prior to settlement if GSAM deems it appropriate. When purchasing a security on a when-issued basis or entering into a forward commitment, the Funds must set aside liquid assets, or engage in other appropriate measures to cover their obligations.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2008 (Unaudited)

3. AGREEMENTS

A. Management Agreements — Under the Agreements, GSAM and GSAMI manage the Funds, subject to the general supervision of the Board of Trustees.

As compensation for the services rendered pursuant to the Agreements, the assumption of the expenses related thereto and administering the Funds’ business affairs, including providing facilities, GSAM and GSAMI are 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.

For the six months ended September 30, 2008, GSAM and GSAMI received a Management fee on a contractual basis at the following rates:


	Contractual Management Rate
	Up to			Next			Next			Next			Over
Fund	$1 billion			$1 billion			$3 billion*			$3 billion*			$8 billion*			Effective Rate

Core Fixed Income		0.40	%		0.36	%		0.34	%		0.33	%		0.32	%		0.37	%


Core Plus Fixed Income		0.45			0.41			0.39			0.38			0.37			0.45


Global Income		0.65			0.59			0.56			0.55			0.54			0.64


*		Effective July 1, 2008, GSAM and GSAMI implemented these additional asset level breakpoints to their contractual management rates.

B. Distribution Agreement and Service Plans — The Trust, on behalf of each Fund, has adopted Distribution and Service Plans (the “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%, 0.75%, 0.75% and 0.50% of each Fund’s average daily net assets attributable to Class A, Class B, Class C and Class R 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 each Fund’s average daily net assets attributable to Class B and Class C Shares. With respect to Class A and Class R Shares, the distributor at its discretion may use compensation for distribution services paid under the Plans to compensate service organizations for personal and account maintenance services and expenses so long as such total compensation under the Plans does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

Goldman Sachs may retain a portion of the Class A sales load and Class B and Class C contingent deferred sales charges. During the six months ended September 30, 2008, Goldman Sachs advised the Funds that it retained the following approximate amounts:


			Contingent Deferred
	Sales Load		Sales Charge
Fund	Class A		Class B		Class C

Core Fixed Income	$	42,200	$	100	$	1,200


Core Plus Fixed Income		7,900		—		—


Global Income		7,100		—		—

C. Transfer Agency Agreement — Goldman Sachs also serves as the Transfer Agent of the Funds for a fee pursuant to a Transfer Agency Agreement. The fees charged for such transfer agency services are calculated daily and payable monthly at an annual rate as follows: 0.13% of the average daily net assets for Class A, Class B, Class C, Class IR and Class R Shares and 0.04% of the average daily net assets for Institutional and Service Shares.

D. Service Plan and Shareholder Administration Plan — The Trust, on behalf of the Funds, has adopted a Service Plan and Shareholder Administration Plan for Service Shares. These plans allow for Service Shares to compensate service

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS


3. AGREEMENTS (continued)

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 each provide for compensation to the service organizations in an amount equal to, on an annual basis, 0.25% of the average daily net assets of the Service Shares.

E. Other Agreements — GSAM and GSAMI have voluntarily agreed to limit certain “Other Expenses” of the Funds (excluding Management fees, Distribution and Service fees, Transfer Agent fees and expenses, Service Share fees, taxes, interest, brokerage fees and litigation, indemnification, shareholder meetings and other extraordinary expenses, exclusive of any custody and transfer agent fee credit reductions) to the extent 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 and GSAMI for prior fiscal year expense reimbursements, if any. The Other Expense limitations for the Core Fixed Income, Core Plus Fixed Income and Global Income Funds as an annual percentage rate of average daily net assets were 0.104%, 0.004% and 0.004%, respectively.

In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent resulting in a reduction of the Funds’ expenses. For the six months ended September 30, 2008, these expense reductions, including any waivers and expense reimbursements, were as follows (in thousands):


			Expense Credits
	Other Expense		Custody		Transfer Agent		Total Expense
Fund	Reimbursement		Fee		Fee		Reductions

Core Fixed Income	$	—	$	134	$	4	$	138


Core Plus Fixed Income		408		24		3		435


Global Income		465		45		2		512

As of September 30, 2008, the amounts owed to affiliates of the Funds were as follows (in thousands):


	Management		Distribution and		Transfer
Fund	Fees		Service Fees		Agent Fees		Total

Core Fixed Income	$	630	$	189	$	124	$	943


Core Plus Fixed Income		52		28		9		89


Global Income		591		60		55		706

4. FAIR VALUE OF INVESTMENTS

For the period ended September 30, 2008, the Funds adopted FASB Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”). FAS 157 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FAS 157 are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly;

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2008 (Unaudited)


4. FAIR VALUE OF INVESTMENTS (continued)

Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

As required by FAS 157, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following is a summary of the levels within the fair value hierarchy in which the Funds invest:


	Core Fixed Income										Core Plus Fixed Income
	Investments in		Investments in								Investments in		Investments in
	Securities		Securities			Derivatives-		Derivatives-			Securities		Securities			Derivatives-		Derivatives-
Level	Long-Assets		Short-Liabilities			Assets		Liabilities			Long-Assets		Short-Liabilities			Assets		Liabilities

Level 1	$	50,135,693	$	—		$	3,162,172	$	(2,293,430	)	$	4,486,833	$	—		$	166,988	$	(38,367	)
Level 2		1,986,573,891		(144,166,938	)		21,139,918		(24,019,989	)		122,096,770		(5,223,440	)		680,503		(1,561,959	)
Level 3		4		—			—		—			89,432		—			—		—


Total	$	2,036,709,588	$	(144,166,938	)	$	24,302,090	$	(26,313,419	)	$	126,673,035	$	(5,223,440	)	$	847,491	$	(1,600,326	)


	Global Income
	Investments in		Investments in
	Securities		Securities			Derivatives-		Derivatives-
Level	Long-Assets		Short-Liabilities			Assets		Liabilities

Level 1	$	433,827,883	$	—		$	944,875	$	(2,157,271	)
Level 2		636,653,914		(6,622,622	)		43,260,744		(41,816,834	)
Level 3		—		—			—		—


Total	$	1,070,481,797	$	(6,622,622	)	$	44,205,619	$	(43,974,105	)

The following is a reconciliation of Level 3 investments for the six months ended September 30, 2008.


	Core Fixed Income			Core Plus Fixed Income
	Investments in			Investments in
	Securities			Securities
Level 3	Long-Assets			Long-Assets

Beginning Balance as of March 31, 2008	$	28,503,559		$	515,431
Realized gain (loss)		—			—
Change in unrealized gain (loss)		(2	)		(22,009	)
Net purchase (sales)		—			—
Net transfers in and/or out of Level 3		(28,503,553	)		(403,990	)


Ending Balance as of September 30, 2008	$	4		$	89,432

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

5. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended September 30, 2008, were as follows:


					Sales and Maturities		Sales and Maturities
	Purchases of U.S.		Purchases (Excluding		of U.S. Government		(Excluding U.S.
	Government and Agency		U.S. Government and		and Agency		Government and
Fund	Obligations		Agency Obligations)		Obligations		Agency Obligations)

Core Fixed Income	$	3,706,999,478	$	112,734,308	$	3,824,516,422	$	237,257,686


Core Plus Fixed Income		109,638,912		22,916,521		100,224,713		19,644,651


Global Income		1,044,403,180		178,105,964		1,136,244,930		229,570,000

For the six months ended September 30, 2008, Goldman Sachs earned approximately $143,000 and $12,200 of brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as Futures Commission Merchant on behalf of the Core Fixed Income and Core Plus Fixed Income Funds, respectively.

6. SECURITIES LENDING

The Funds may lend their securities through an agreement with their custodian, State Street Bank and Trust Company (“SSB”). In accordance with the Funds’ security lending procedures, the loans are collateralized at all times with cash and/or securities with a market value at least equal to the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, in accordance with the Funds’ valuation policies or, if applicable, by the valuation procedures established by the Board of Trustees, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds bear the risk of delay on recovery or loss of rights in the collateral should the borrower of the securities fail financially.

The Funds invest the cash collateral received in connection with securities lending transactions in the State Street Navigator Securities Lending Prime Portfolio (the “Portfolio”). The Portfolio is a private, registered money market fund and is managed by State Street Global Advisors (“SSgA”). The Portfolio has been established primarily for the investment of cash collateral on behalf of funds participating in SSB’s securities lending program and complies with the requirements of Rule 2a-7 of the Act. The Funds bear the risk of incurring a loss from the investment of cash collateral due to either credit or market factors. Both the Funds and SSB receive compensation relating to the lending of the Funds’ securities. The amounts earned by the Funds for the six months ended September 30, 2008, are reported parenthetically under Investment Income on the Statements of Operations. Effective October 2, 2008, the Funds suspended this program but may resume lending securities in the future.

7. LINE OF CREDIT FACILITY

The Funds participated in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having a management agreement with GSAM, GSAMI or affiliates. 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 September 30, 2008, the Funds did not have any borrowings under the facility. Prior to May 13, 2008, the amount of the facility was $450,000,000.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2008 (Unaudited)

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, March 31, 2008, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:


				Core Plus Fixed
	Core Fixed Income			Income			Global Income

Capital loss carryforward:¹
Expiring 2011	$	—		$	—		$	(10,969,514	)
Expiring 2012		—			—			(1,611,665	)
Expiring 2014		—			—			(3,390,508	)
Expiring 2015		—			(2,188,126	)		—


Total capital loss carryforward	$	—		$	(2,188,126	)	$	(15,971,687	)


Timing differences (deferred straddle losses, swap income receivable and income distribution payable)	$	(7,027,896	)	$	(73,877	)	$	(44,432,574	)


¹		Expiration occurs on March 31 of the year indicated.

At September 30, 2008, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:


				Core Plus Fixed
	Core Fixed Income			Income			Global Income

Tax Cost	$	2,307,561,755		$	136,959,473		$	1,144,655,032


Gross unrealized gain		5,666,977			581,381			27,434,678
Gross unrealized loss		(276,519,144	)		(10,867,819	)		(101,607,913	)


Net unrealized security loss	$	(270,852,167	)	$	(10,286,438	)	$	(74,173,235	)

The difference between book-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gain (loss) on regulated futures and forward foreign currency contracts recognized for tax purposes and differences related to the tax treatment of the amortization of market premium, as of the most recent fiscal year end.

9. OTHER RISKS

Funds’ Shareholder Concentration — Certain Goldman Sachs Fund of Fund Portfolios may invest a significant percentage of its assets in the Funds. In the event the Fund of Funds Porfolios experience significant redemptions and/or reallocations, the Funds may be exposed to liquidity risk. In particular, the Fund may encounter difficulty meeting redemptions if unusual market conditions create an unfavorable environment in which the Fund is forced to liquidate its securities. The following Portfolios were beneficial owners of Global Income Fund as of September 30, 2008, with amounts of 5% or greater of the total shares outstanding, as follows:

Goldman Sachs

Growth and

Balanced Strategy

Growth Strategy

Income Strategy

Fund

Portfolio

Global Income

10%

11%

56%

As of September 30, 2008, the Goldman Sachs Group, Inc. (“GSG”) was the beneficial owner of approximately 100% of the Service Shares of the Core Plus Fixed Income Fund and 100% of the Class R and Class IR Shares of the Core Fixed Income and Core Plus Fixed Income Funds.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS


9. OTHER RISKS (continued)

Indemnifications — Under the Trust’s organizational documents, its Board of Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown; as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds believe the risk of loss under these arrangements to be remote.

Market and Credit Risk — In the normal course of business the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the contracting party to the transaction to perform (credit risk). The Funds may be exposed to additional credit risk that an institution or other entity with which the Funds have unsettled or open transactions will default.

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

10. OTHER MATTERS

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

Pursuant to the Reorganization Agreement, the assets and liabilities of the Signal Income Fund’s (“Acquired Fund”) Class A and Institutional Class were transferred into the Goldman Sachs Core Fixed Income Fund’s (“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

9,461,522

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 reorganization) and the Acquired Fund’s unrealized depreciation and capital loss carryforwards. Utilization of the Acquired Fund’s capital loss carryforward may be limited under the Code.

Survivor Fund’s

Acquired Fund’s

Survivor Fund’s

Aggregate Net

Acquired Fund’s

Assets before

Assets Immediately

Unrealized

Capital Loss

Survivor/Acquired Fund

Reorganization

after Reorganization

Depreciation

Carryforward

Core Fixed Income/Signal Income

2,284,620,154

93,427,679

2,378,047,833

(847,168

)

(531,167

)

At a meeting held on November 9, 2006, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (“the Reorganization Agreement”) providing for the tax-free reorganization of the AXA Enterprise Multi-Manager Core Bond Fund by the Core Plus Fixed Income Fund. The reorganization was completed on June 25, 2007, as of the close of business on June 22, 2007.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2008 (Unaudited)


10. OTHER MATTERS (continued)

Pursuant to the Reorganization Agreement, the assets and liabilities of the AXA Enterprise Multi-Manager Core Bond Fund’s (“Acquired Fund”) Class A, Class P, Class B, Class C and Class Y were transferred into the Core Plus Fixed Income Fund’s (“Survivor Fund”) Class A, Class A, Class B, Class C 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 June 22, 2007

Core Plus Fixed Income Class A/
AXA Enterprise Multi-Manager Core Bond Class A		3,094,089	$	30,260,288		3,168,607


Core Plus Fixed Income Class A/
AXA Enterprise Multi-Manager Core Bond Class P		578,343		5,656,165		592,910


Core Plus Fixed Income Class B/
AXA Enterprise Multi-Manager Core Bond Class B		1,645,941		16,080,867		1,687,728


Core Plus Fixed Income Class C/
AXA Enterprise Multi-Manager Core Bond Class C		1,137,825		11,116,583		1,167,239


Core Plus Fixed Income Institutional Class/
AXA Enterprise Multi-Manager Core Bond Class Y		4,581,724		44,809,491		4,692,118

Survivor Fund’s

Acquired Fund’s

Survivor Fund’s

Aggregate Net

Acquired Fund’s

Assets before

Assets Immediately

Unrealized

Capital Loss

Survivor/Acquired Fund

Reorganization

after Reorganization

Depreciation

Carryforward

Core Plus Fixed Income/

AXA Enterprise Multi-Manager Core Bond

75,344,672

107,923,394

183,268,066

(1,604,742

)

(3,702,687

)

New Accounting Pronouncements — In March 2008, FASB issued Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“FAS 161”). FAS 161 is effective for fiscal years and interim periods beginning after November 15, 2008. FAS 161 requires enhanced disclosures about the Funds’ derivative and hedging activities. Management is currently evaluating the impact the adoption of FAS 161 will have on the Funds’ financial statement disclosures.

In September 2008, FASB Staff Position FAS 133-1 and FIN 45-4, “Disclosures about Credit Derivatives and Certain Guarantees: An Amendment of FASB Statement No. 133 and FASB Interpretation No. 45; and Clarification of the Effective Date of FASB Statement No 161” (“Amendment”) was issued and is effective for annual and interim reporting periods ending after November 15, 2008. The Amendment requires enhanced disclosures regarding a fund’s credit derivatives holdings. Management is currently evaluating the impact the adoption of the Amendment will have on the Funds’ financial statement disclosures.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Core Fixed Income Fund
	For the Six Months Ended						For the Period
	September 30, 2008						November 1, 2007 to						For the Year Ended
	(Unaudited)						March 31, 2008*						October 31, 2007

	Shares			Dollars			Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		13,201,029		$	123,917,198			14,802,533		$	147,356,297			28,772,067		$	281,982,501
Shares issued in connection with merger		—			—			—			—			23,514			230,909
Reinvestment of distributions		1,819,760			16,867,546			1,406,889			13,913,927			2,776,234			27,235,819
Shares converted from Class B^(a)		75,680			700,174			72,278			712,619			142,820			1,400,465
Shares redeemed		(19,490,962	)		(181,107,997	)		(12,546,680	)		(124,245,746	)		(23,569,984	)		(230,861,469	)


		(4,394,493	)		(39,623,079	)		3,735,020			37,737,097			8,144,651			79,988,225


Class B Shares
Shares sold		210,676			1,971,499			520,779			5,211,062			564,864			5,559,937
Reinvestment of distributions		37,382			348,154			29,689			294,866			62,728			618,008
Shares converted to Class A^(a)		(75,354	)		(700,174	)		(71,986	)		(712,619	)		(142,240	)		(1,400,465	)
Shares redeemed		(409,672	)		(3,836,435	)		(343,035	)		(3,390,951	)		(720,795	)		(7,082,601	)


		(236,968	)		(2,216,956	)		135,447			1,402,358			(235,443	)		(2,305,121	)


Class C Shares
Shares sold		559,742			5,239,113			923,115			9,242,551			1,372,895			13,534,119
Reinvestment of distributions		50,817			473,124			36,201			359,330			69,831			688,212
Shares redeemed		(697,865	)		(6,560,250	)		(326,272	)		(3,253,007	)		(1,243,093	)		(12,247,048	)


		(87,306	)		(848,013	)		633,044			6,348,874			199,633			1,975,283


Institutional Shares
Shares sold		27,422,739			258,686,791			45,328,744			446,516,643			65,769,913			647,150,046
Shares issued in connection with merger		—			—			—			—			9,461,522			93,196,770
Reinvestment of distributions		2,509,939			23,347,324			2,007,200			19,940,315			4,089,098			40,274,233
Shares redeemed		(83,168,591	)		(765,791,825	)		(53,859,540	)		(531,771,698	)		(67,274,876	)		(661,743,156	)


		(53,235,913	)		(483,757,710	)		(6,523,596	)		(65,314,740	)		12,045,657			118,877,893


Service Shares
Shares sold		249,583			2,387,258			232,626			2,322,390			776,618			7,659,943
Reinvestment of distributions		38,739			360,576			31,234			310,479			79,034			778,616
Shares redeemed		(781,603	)		(7,296,177	)		(763,527	)		(7,552,406	)		(2,561,838	)		(25,161,407	)


		(493,281	)		(4,548,343	)		(499,667	)		(4,919,537	)		(1,706,186	)		(16,722,848	)


Class IR Shares^(b)
Shares sold		—			—			999			10,000			—			—
Reinvestment of distributions		27			252			16			159			—			—


		27			252			1,015			10,159			—			—


Class R Shares^(b)
Shares sold		—			—			999			10,000			—			—
Reinvestment of distributions		24			228			15			144			—			—


		24			228			1,014			10,144			—			—


NET INCREASE (DECREASE)		(58,447,910	)	$	(530,993,621	)		(2,517,723	)	$	(24,725,645	)		18,448,312		$	181,813,432


*		The Fund changed its fiscal year end from October 31 to March 31.


(a)		Class B Shares automatically convert into Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund.


(b)		Commenced operations on November 30, 2007.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2008 (Unaudited)


11. SUMMARY OF SHARE TRANSACTIONS (continued)


	Core Plus Fixed Income Fund
	For the Six Months Ended						For the Period
	September 30, 2008						November 1, 2007 to						For the Period Ended
	(Unaudited)						March 31, 2008*						October 31, 2007^(a)

	Shares			Dollars			Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		945,360		$	9,183,820			1,255,847		$	12,723,275			3,097,810		$	30,736,724
Shares issued in connection with merger		—			—			—			—			3,672,432			35,916,453
Reinvestment of distributions		113,733			1,093,160			112,800			1,137,371			87,947			873,409
Shares converted from Class B^(b)		20,900			201,003			39,019			391,715			17,219			171,479
Shares redeemed		(1,394,709	)		(13,589,539	)		(1,279,588	)		(12,825,397	)		(1,518,311	)		(15,004,556	)


		(314,716	)		(3,111,556	)		128,078			1,426,964			5,357,097			52,693,509


Class B Shares
Shares sold		81,166			784,638			102,329			1,032,094			29,565			292,780
Shares issued in connection with merger		—			—			—			—			1,645,941			16,080,867
Reinvestment of distributions		23,104			221,919			24,937			251,341			18,359			182,178
Shares converted to Class A^(b)		(20,922	)		(201,003	)		(39,057	)		(391,715	)		(17,235	)		(171,479	)
Shares redeemed		(243,368	)		(2,356,187	)		(199,339	)		(2,004,726	)		(166,729	)		(1,650,419	)


		(160,020	)		(1,550,633	)		(111,130	)		(1,113,006	)		1,509,901			14,733,927


Class C Shares
Shares sold		224,484			2,165,955			187,754			1,905,306			190,328			1,877,629
Shares issued in connection with merger		—			—			—			—			1,137,825			11,116,583
Reinvestment of distributions		17,558			168,731			18,473			186,154			13,798			136,957
Shares redeemed		(292,326	)		(2,829,638	)		(202,843	)		(2,042,875	)		(160,428	)		(1,586,591	)


		(50,284	)		(494,952	)		3,384			48,585			1,181,523			11,544,578


Institutional Shares
Shares sold		1,099,521			10,578,892			2,537,206			25,737,682			8,080,609			80,609,108
Shares issued in connection with merger		—			—			—			—			4,581,724			44,809,491
Reinvestment of distributions		97,215			934,026			64,558			649,974			198,883			1,968,839
Shares redeemed		(1,395,610	)		(13,276,193	)		(541,427	)		(5,427,635	)		(9,742,315	)		(96,312,233	)


		(198,874	)		(1,763,275	)		2,060,337			20,960,021			3,118,901			31,075,205


Service Shares
Shares sold		—			—			—			—			1,025			10,010
Reinvestment of distributions		24			228			22			228			16			157


		24			228			22			228			1,041			10,167


Class IR Shares^(c)
Shares sold		—			—			988			10,000			—			—
Reinvestment of distributions		25			238			18			181			—			—


		25			238			1,006			10,181			—			—


Class R Shares^(c)
Shares sold		—			—			988			10,000			—			—
Reinvestment of distributions		23			214			16			165			—			—


		23			214			1,004			10,165			—			—


NET INCREASE (DECREASE)		(723,822	)	$	(6,919,736	)		2,082,701		$	21,343,138			11,168,463		$	110,057,386


*		The Fund changed its fiscal year end from October 31 to March 31.


(a)		Commenced operations on November 30, 2006 for Class A, Class C and Institutional Shares and June 20, 2007 for Class B and Service Shares.


(b)		Class B Shares automatically convert into Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund.


(c)		Commenced operations on November 30, 2007.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS


11. SUMMARY OF SHARE TRANSACTIONS (continued)


	Global Income Fund
	For the Six Months Ended						For the Period
	September 30, 2008						November 1, 2007 to						For the Year Ended
	(Unaudited)						March 31, 2008*						October 31, 2007

	Shares			Dollars			Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		5,796,708		$	73,310,100			3,800,722		$	50,053,238			15,075,138		$	192,152,271
Reinvestment of distributions		397,290			4,997,288			353,302			4,624,668			699,165			8,922,506
Shares converted from Class B^(a)		52,111			652,494			48,008			628,070			70,217			895,407
Shares redeemed		(11,577,404	)		(146,005,011	)		(5,151,710	)		(67,996,190	)		(10,589,392	)		(135,013,641	)


		(5,331,295	)		(67,045,129	)		(949,678	)		(12,690,214	)		5,255,128			66,956,543


Class B Shares
Shares sold		46,772			585,927			111,464			1,468,150			45,674			581,353
Reinvestment of distributions		9,226			115,588			7,764			101,287			19,021			241,780
Shares converted to Class A^(a)		(52,298	)		(652,494	)		(48,192	)		(628,070	)		(70,504	)		(895,407	)
Shares redeemed		(171,588	)		(2,160,035	)		(120,430	)		(1,573,872	)		(525,606	)		(6,681,886	)


		(167,888	)		(2,111,014	)		(49,394	)		(632,505	)		(531,415	)		(6,754,160	)


Class C Shares
Shares sold		67,745			854,515			216,517			2,856,108			155,547			1,978,412
Reinvestment of distributions		5,596			69,936			4,178			54,426			7,386			93,740
Shares redeemed		(84,896	)		(1,066,284	)		(155,705	)		(2,017,274	)		(297,209	)		(3,767,219	)


		(11,555	)		(141,833	)		64,990			893,260			(134,276	)		(1,695,067	)


Institutional Shares
Shares sold		14,154,710			174,598,833			12,666,450			165,933,239			56,619,606			719,904,481
Reinvestment of distributions		1,602,527			20,127,404			1,492,309			19,507,191			2,483,178			31,656,557
Shares redeemed		(22,699,166	)		(284,919,764	)		(15,013,398	)		(194,278,693	)		(21,115,181	)		(270,026,669	)


		(6,941,929	)		(90,193,527	)		(854,639	)		(8,838,263	)		37,987,603			481,534,369


Service Shares
Shares sold		5,591			69,938			427			5,582			5,127			65,135
Reinvestment of distributions		184			2,306			135			1,767			274			3,494
Shares redeemed		(14,717	)		(185,219	)		(242	)		(3,157	)		(10,482	)		(133,134	)


		(8,942	)		(112,975	)		320			4,192			(5,081	)		(64,505	)


NET INCREASE (DECREASE)		(12,461,609	)	$	(159,604,478	)		(1,788,401	)	$	(21,263,530	)		42,571,959		$	539,977,180


*		The Fund changed its fiscal year end from October 31 to March 31.


(a)		Class B Shares automatically convert into Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after the initial purchase date of either the Fund or another Goldman Sachs Fund.

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


				Income (loss) from								Distributions
		Net asset		investment operations								to shareholders
		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 SEPTEMBER 30, (UNAUDITED)


	2008 - A	$	9.57	$	0.22	$	(0.69	)	$	(0.47	)	$	(0.23	)	$	—		$	—		$	(0.23	)
	2008 - B		9.61		0.19		(0.69	)		(0.50	)		(0.20	)		—			—			(0.20	)
	2008 - C		9.61		0.19		(0.69	)		(0.50	)		(0.20	)		—			—			(0.20	)
	2008 - Institutional		9.60		0.24		(0.69	)		(0.45	)		(0.25	)		—			—			(0.25	)
	2008 - Service		9.61		0.21		(0.68	)		(0.47	)		(0.23	)		—			—			(0.23	)
	2008 - IR		9.58		0.23		(0.68	)		(0.45	)		(0.25	)		—			—			(0.25	)
	2008 - R		9.57		0.21		(0.68	)		(0.47	)		(0.22	)		—			—			(0.22	)


FOR THE PERIOD NOVEMBER 1, 2007 TO MARCH 31, 2008*


	2008 - A		9.86		0.19		(0.28	)		(0.09	)		(0.20	)		—			—			(0.20	)
	2008 - B		9.90		0.16		(0.28	)		(0.12	)		(0.17	)		—			—			(0.17	)
	2008 - C		9.91		0.16		(0.29	)		(0.13	)		(0.17	)		—			—			(0.17	)
	2008 - Institutional		9.90		0.21		(0.30	)		(0.09	)		(0.21	)		—			—			(0.21	)
	2008 - Service		9.91		0.19		(0.30	)		(0.11	)		(0.19	)		—			—			(0.19	)
	2008 - IR^(e)		10.01		0.16		(0.43	)		(0.27	)		(0.16	)		—			—			(0.16	)
	2008 - R^(e)		10.01		0.14		(0.44	)		(0.30	)		(0.14	)		—			—			(0.14	)


FOR THE YEARS ENDED OCTOBER 31,


	2007 - A		9.82		0.44		0.02			0.46			(0.42	)		—			—			(0.42	)
	2007 - B		9.86		0.37		0.02			0.39			(0.35	)		—			—			(0.35	)
	2007 - C		9.87		0.37		0.02			0.39			(0.35	)		—			—			(0.35	)
	2007 - Institutional		9.86		0.48		0.02			0.50			(0.46	)		—			—			(0.46	)
	2007 - Service		9.86		0.43		0.03			0.46			(0.41	)		—			—			(0.41	)




	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	)


*	The Fund changed its fiscal year end from October 31 to March 31.


(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 changes. 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)	The portfolio turnover rate excluding the effect of mortgage dollar rolls is 155% for the six months ended September 30, 2008, 193% for the period ended March 31, 2008, 141% for the year ended October 31, 2007 and 516% for the year ended October 31, 2006. Prior years include the effect of mortgage dollar roll transactions.
(d)	Annualized.
(e)	Commenced operations November 30, 2007.

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

GOLDMAN SACHS CORE FIXED INCOME FUND


													Ratios assuming no
													expense reductions
										Ratio of						Ratio of
					Net assets,		Ratio of			net investment			Ratio of			net investment
Net asset					end of		net expenses			income			total expenses			income			Portfolio
value, end		Total			period		to average			to average			to average			to average			turnover
of period		return^(b)			(in 000s)		net assets			net assets			net assets			net assets			rate^(c)




$	8.87		(4.96	)%	$	711,908		0.78	%^(d)		4.71	%^(d)		0.79	%^(d)		4.70	%^(d)		161	%
	8.91		(5.29	)		17,743		1.53	^(d)		3.97	^(d)		1.54	^(d)		3.96	^(d)		161
	8.91		(5.28	)		25,554		1.53	^(d)		3.97	^(d)		1.54	^(d)		3.96	^(d)		161
	8.90		(4.67	)		982,954		0.44	^(d)		5.04	^(d)		0.45	^(d)		5.03	^(d)		161
	8.91		(5.00	)		18,041		0.94	^(d)		4.53	^(d)		0.95	^(d)		4.52	^(d)		161
	8.88		(4.83	)		9		0.53	^(d)		4.97	^(d)		0.54	^(d)		4.96	^(d)		161
	8.88		(5.06	)		9		1.03	^(d)		4.49	^(d)		1.04	^(d)		4.48	^(d)		161





	9.57		(0.99	)		809,957		0.78	^(d)		4.63	^(d)		0.78	^(d)		4.63	^(d)		239
	9.61		(1.28	)		21,415		1.53	^(d)		3.89	^(d)		1.53	^(d)		3.89	^(d)		239
	9.61		(1.38	)		28,402		1.53	^(d)		3.89	^(d)		1.53	^(d)		3.89	^(d)		239
	9.60		(0.94	)		1,571,578		0.44	^(d)		4.97	^(d)		0.44	^(d)		4.97	^(d)		239
	9.61		(1.04	)		24,199		0.94	^(d)		4.47	^(d)		0.94	^(d)		4.47	^(d)		239
	9.58		(2.75	)		10		0.53	^(d)		4.66	^(d)		0.53	^(d)		4.66	^(d)		239
	9.57		(2.90	)		10		1.03	^(d)		4.22	^(d)		1.03	^(d)		4.22	^(d)		239





	9.86		4.84			798,223		0.80			4.51			0.81			4.50			166
	9.90		4.05			20,736		1.55			3.74			1.56			3.73			166
	9.91		4.05			23,008		1.55			3.76			1.56			3.75			166
	9.90		5.21			1,684,860		0.44			4.87			0.45			4.86			166
	9.91		4.68			29,899		0.94			4.32			0.95			4.31			166




	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

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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


				Income (loss) 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)		gain (loss)			operations			income

FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)


	2008 - A	$	9.90	$	0.22	$	(0.65	)	$	(0.43	)	$	(0.22	)
	2008 - B		9.90		0.19		(0.66	)		(0.47	)		(0.19	)
	2008 - C		9.90		0.19		(0.66	)		(0.47	)		(0.19	)
	2008 - Institutional		9.90		0.24		(0.66	)		(0.42	)		(0.24	)
	2008 - Service		9.90		0.22		(0.67	)		(0.45	)		(0.21	)
	2008 - IR		9.91		0.24		(0.67	)		(0.43	)		(0.23	)
	2008 - R		9.91		0.21		(0.66	)		(0.45	)		(0.21	)


FOR THE PERIOD NOVEMBER 1, 2007 TO MARCH 31, 2008*


	2008 - A		9.99		0.18		(0.05	)		0.13			(0.22	)
	2008 - B		9.99		0.15		(0.05	)		0.10			(0.19	)
	2008 - C		9.99		0.15		(0.05	)		0.10			(0.19	)
	2008 - Institutional		9.99		0.20		(0.05	)		0.15			(0.24	)
	2008 - Service		9.99		0.18		(0.05	)		0.13			(0.22	)
	2008 - IR^(e)		10.12		0.15		(0.17	)		(0.02	)		(0.19	)
	2008 - R^(e)		10.12		0.14		(0.18	)		(0.04	)		(0.17	)


FOR THE PERIOD ENDED OCTOBER 31,


	2007 - A^(f)		10.00		0.39		(0.02	)		0.37			(0.38	)
	2007 - B^(g)		9.77		0.14		0.21			0.35			(0.13	)
	2007 - C^(f)		10.00		0.33		(0.02	)		0.31			(0.32	)
	2007 - Institutional^(f)		10.00		0.42		(0.01	)		0.41			(0.42	)
	2007 - Service^(g)		9.77		0.16		0.21			0.37			(0.15	)


*	The Fund changed its fiscal year end from October 31 to March 31.


(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)	The portfolio turnover rate excluding the effect of mortgage dollar rolls is 184% for the six months ended September 30, 2008, 63% for the period ended March 31, 2008 and 312% for the period ended October 31, 2007.


(e)	Commenced operations November 30, 2007.


(f)	Commenced operations November 30, 2006.


(g)	Commenced operations June 20, 2007.


(h)	Includes a non-recurring reduction of expenses due to expenses accrued by previous investment manager of a merged fund.

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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND


														Ratios assuming no
														expense reductions
											Ratio of						Ratio of
					Net assets,		Ratio of				net investment			Ratio of			net investment
Net asset					end of		net expenses				income			total expenses			income			Portfolio
value, end		Total			period		to average				to average			to average			to average			turnover
of period		return^(b)			(in 000s)		net assets^(c)				net assets^(c)			net assets^(c)			net assets^(c)			rate^(d)




$	9.25		(4.39	)%	$	47,818		0.68	%^(h)			4.61	%		1.37	%^(h)		3.92	%		101	%
	9.24		(4.85	)		11,446		1.43	^(h)			3.85			2.12	^(h)		3.16			101
	9.24		(4.85	)		10,484		1.43	^(h)			3.85			2.12	^(h)		3.16			101
	9.24		(4.33	)		46,039		0.34	^(h)			4.97			1.03	^(h)		4.28			101
	9.24		(4.58	)		10		0.84	^(h)	��		4.44			1.53	^(h)		3.75			101
	9.25		(4.36	)		9		0.43	^(h)			4.86			1.12	^(h)		4.17			101
	9.25		(4.59	)		9		0.93	^(h)			4.40			1.62	^(h)		3.71			101

								��



	9.90		1.21			54,330		0.79				4.37			1.21			3.95			96
	9.90		0.99			13,843		1.54				3.63			1.96			3.21			96
	9.90		0.99			11,727		1.54				3.63			1.96			3.21			96
	9.90		1.45			51,281		0.45				4.73			0.87			4.31			96
	9.90		1.26			11		0.95				4.26			1.37			3.84			96
	9.91		(0.26	)		10		0.54				4.49			0.96			4.07			96
	9.91		(0.41	)		10		1.04				4.00			1.46			3.58			96





	9.99		3.93			53,541		0.83				4.45			1.51			3.77			350
	9.99		3.60			15,077		1.58				3.86			2.26			3.18			350
	9.99		3.13			11,798		1.58				3.78			2.26			3.10			350
	9.99		4.21			31,155		0.47				4.62			1.15			3.94			350
	9.99		3.83			10		0.97				4.42			1.65			3.74			350

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

GOLDMAN SACHS GLOBAL INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


				Income (loss) from								Distributions
		Net asset		investment operations								to shareholders
		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 SEPTEMBER 30, (UNAUDITED)


	2008 - A	$	12.91	$	0.24	$	(0.75	)	$	(0.51	)	$	(0.25	)	$	—		$	(0.25	)
	2008 - B		12.87		0.19		(0.75	)		(0.56	)		(0.20	)		—			(0.20	)
	2008 - C		12.84		0.19		(0.74	)		(0.55	)		(0.20	)		—			(0.20	)
	2008 - Institutional		12.89		0.26		(0.74	)		(0.48	)		(0.27	)		—			(0.27	)
	2008 - Service		12.88		0.22		(0.74	)		(0.52	)		(0.24	)		—			(0.24	)


FOR THE PERIOD NOVEMBER 1, 2007 TO MARCH 31, 2008*


	2008 - A		12.93		0.17		—			0.17			(0.19	)		—			(0.19	)
	2008 - B		12.88		0.13		0.01			0.14			(0.15	)		—			(0.15	)
	2008 - C		12.86		0.13		—			0.13			(0.15	)		—			(0.15	)
	2008 - Institutional		12.91		0.19		—			0.19			(0.21	)		—			(0.21	)
	2008 - Service		12.90		0.16		—			0.16			(0.18	)		—			(0.18	)


FOR THE YEARS ENDED OCTOBER 31,


	2007 - A		12.74		0.37		0.20			0.57			(0.34	)		(0.04	)		(0.38	)
	2007 - B		12.70		0.27		0.19			0.46			(0.25	)		(0.03	)		(0.28	)
	2007 - C		12.67		0.27		0.20			0.47			(0.25	)		(0.03	)		(0.28	)
	2007 - Institutional		12.73		0.42		0.18			0.60			(0.38	)		(0.04	)		(0.42	)
	2007 - Service		12.71		0.35		0.20			0.55			(0.32	)		(0.04	)		(0.36	)




	2006 - A		13.25		0.34		(0.09	)		0.25			(0.71	)		(0.05	)		(0.76	)
	2006 - B		13.20		0.24		(0.08	)		0.16			(0.62	)		(0.04	)		(0.66	)
	2006 - C		13.18		0.24		(0.09	)		0.15			(0.62	)		(0.04	)		(0.66	)
	2006 - Institutional		13.23		0.38		(0.07	)		0.31			(0.76	)		(0.05	)		(0.81	)
	2006 - Service		13.22		0.32		(0.08	)		0.24			(0.70	)		(0.05	)		(0.75	)




	2005 - A		13.65		0.32		0.28			0.60			(1.00	)		—			(1.00	)
	2005 - B		13.61		0.22		0.27			0.49			(0.90	)		—			(0.90	)
	2005 - C		13.58		0.22		0.28			0.50			(0.90	)		—			(0.90	)
	2005 - Institutional		13.64		0.37		0.28			0.65			(1.06	)		—			(1.06	)
	2005 - Service		13.63		0.30		0.28			0.58			(0.99	)		—			(0.99	)




	2004 - A		14.39		0.36		0.19			0.55			(1.29	)		—			(1.29	)
	2004 - B		14.34		0.28		0.19			0.47			(1.20	)		—			(1.20	)
	2004 - C		14.32		0.28		0.18			0.46			(1.20	)		—			(1.20	)
	2004 - Institutional		14.37		0.43		0.20			0.63			(1.36	)		—			(1.36	)
	2004 - Service		14.36		0.37		0.19			0.56			(1.29	)		—			(1.29	)




	2003 - A		14.34		0.46		0.32			0.78			(0.73	)		—			(0.73	)
	2003 - B		14.30		0.39		0.30			0.69			(0.65	)		—			(0.65	)
	2003 - C		14.27		0.38		0.32			0.70			(0.65	)		—			(0.65	)
	2003 - Institutional		14.33		0.56		0.30			0.86			(0.82	)		—			(0.82	)
	2003 - Service		14.31		0.49		0.31			0.80			(0.75	)		—			(0.75	)


*	The Fund changed its fiscal year end from October 31 to March 31.


(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 changes. 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.

GOLDMAN SACHS GLOBAL INCOME FUND


													Ratios assuming no
													expense reductions
										Ratio of						Ratio of
					Net assets,		Ratio of			net investment			Ratio of			net investment
Net asset					end of		net expenses			income			total expenses			income			Portfolio
value, end		Total			period		to average			to average			to average			to average			turnover
of period		return^(b)			(in 000s)		net assets			net assets			net assets			net assets			rate




$	12.15		(4.10	)%	$	228,800		1.02	%^(c)		3.71	%^(c)		1.10	%^(c)		3.63	%^(c)		104	%
	12.11		(4.48	)		7,830		1.77	^(c)		2.95	^(c)		1.85	^(c)		2.87	^(c)		104
	12.09		(4.40	)		5,611		1.77	^(c)		2.95	^(c)		1.85	^(c)		2.87	^(c)		104
	12.14		(3.86	)		929,665		0.68	^(c)		4.03	^(c)		0.76	^(c)		3.95	^(c)		104
	12.12		(4.10	)		249		1.18	^(c)		3.53	^(c)		1.26	^(c)		3.45	^(c)		104





	12.91		1.33			311,900		1.01	^(c)		3.17	^(c)		1.07	^(c)		3.11	^(c)		141
	12.87		1.10			10,479		1.76	^(c)		2.42	^(c)		1.82	^(c)		2.36	^(c)		141
	12.84		1.02			6,110		1.76	^(c)		2.44	^(c)		1.82	^(c)		2.38	^(c)		141
	12.89		1.48			1,077,177		0.67	^(c)		3.54	^(c)		0.73	^(c)		3.48	^(c)		141
	12.88		1.27			380		1.17	^(c)		3.03	^(c)		1.23	^(c)		2.97	^(c)		141





	12.93		4.46			324,537		1.04			2.92			1.10			2.86			116
	12.88		3.59			11,127		1.79			2.13			1.85			2.07			116
	12.86		3.69			5,282		1.79			2.13			1.85			2.07			116
	12.91		4.76			1,089,450		0.68			3.30			0.74			3.24			116
	12.90		4.31			376		1.18			2.75			1.24			2.69			116




	12.74		2.07			252,962		1.05			2.63			1.17			2.51			97
	12.70		1.36			17,716		1.80			1.89			1.93			1.76			97
	12.67		1.28			6,908		1.80			1.89			1.93			1.76			97
	12.73		2.53			590,541		0.68			3.00			0.80			2.88			97
	12.71		1.93			435		1.18			2.51			1.31			2.38			97




	13.25		4.56			173,712		1.08			2.36			1.32			2.12			137
	13.20		3.72			24,819		1.83			1.61			2.07			1.37			137
	13.18		3.80			8,370		1.83			1.61			2.07			1.37			137
	13.23		4.90			214,410		0.69			2.70			0.91			2.48			137
	13.22		4.38			463		1.19			2.26			1.43			2.02			137




	13.65		4.01			168,340		1.25			2.60			1.67			2.18			109
	13.61		3.47			31,252		1.84			2.00			2.26			1.58			109
	13.58		3.40			8,463		1.84			2.01			2.26			1.59			109
	13.64		4.66			117,471		0.69			3.12			1.11			2.70			109
	13.63		4.13			470		1.19			2.65			1.61			2.23			109




	14.39		5.45			224,553		1.35			3.15			1.74			2.76			106
	14.34		4.87			37,118		1.85			2.64			2.24			2.25			106
	14.32		4.96			11,238		1.85			2.64			2.24			2.25			106
	14.37		6.07			90,368		0.70			3.82			1.09			3.43			106
	14.36		5.61			609		1.20			3.37			1.59			2.98			106

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Fund Expenses (Unaudited) — Six Month Period Ended September 30, 2008

As a shareholder of Class A, Class B, Class C, Institutional, Service, Class IR or Class R 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 Class 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, Class C and Class R 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, Class IR and Class R 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 April 1, 2008 through September 30, 2008.

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.


	Core Fixed Income Fund							Core Plus Fixed Income Fund							Global Income Fund
						Expenses							Expenses							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			6 months ended		Account Value		Account Value			6 months ended
Share Class	4/1/08		9/30/08			9/30/08*		4/1/08		9/30/08			9/30/08*		4/1/08		9/30/08			9/30/08*
Class A
Actual	$	1,000	$	950.40		$	3.82	$	1,000	$	956.10		$	3.34	$	1,000	$	959.00		$	4.98
Hypothetical 5% return		1,000		1,021.15	+		3.96		1,000		1,020.55	+		3.45		1,000		1,019.98	+		5.14

Class B
Actual		1,000		947.10			7.48		1,000		951.50			7.02		1,000		955.20			8.65
Hypothetical 5% return		1,000		1.017.39	+		7.75		1,000		1,016.77	+		7.26		1,000		1,016.22	+		8.92

Class C
Actual		1,000		947.20			7.48		1,000		951.50			7.00		1,000		956.00			8.66
Hypothetical 5% return		1,000		1,017.38	+		7.75		1,000		1,016.78	+		7.24		1,000		1,016.21	+		8.93

Institutional
Actual		1,000		953.30			2.16		1,000		956.70			1.68		1,000		961.40			3.31
Hypothetical 5% return		1,000		1,022.86	+		2.23		1,000		1,022.25	+		1.73		1,000		1,021.69	+		3.41

Service
Actual		1,000		950.00			4.60		1,000		954.20			4.16		1,000		959.00			5.76
Hypothetical 5% return		1,000		1,020.35	+		4.76		1,000		1,019.71	+		4.30		1,000		1,019.19	+		5.94

Class IR
Actual		1,000		951.70			2.62		1,000		956.40			2.17		N/A		N/A			N/A
Hypothetical 5% return		1,000		1,025.07	+		2.72		1,000		1,025.07	+		2.25		N/A		N/A			N/A

Class R
Actual		1,000		949.40			4.84		1,000		954.10			4.42		N/A		N/A			N/A
Hypothetical 5% return		1,000		1,020.10	+		5.02		1,000		1,019.44	+		4.57		N/A		N/A			N/A

Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended September 30, 2008. 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 net expense ratios for the period were as follows:


Fund	Class A			Class B			Class C			Institutional			Service			Class IR			Class R

Core Fixed Income		0.78	%		1.53	%		1.53	%		0.44	%		0.94	%		0.53	%		1.03	%
Core Plus Fixed Income		0.68			1.43			1.43			0.34			0.84			0.43			0.90
Global Income		1.01			1.76			1.76			0.67			1.17			N/A			N/A


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited)

Background

The Goldman Sachs Core Fixed Income, Goldman Sachs Core Plus Fixed Income and Goldman Sachs Global Income Funds (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held during the year. In addition, the Board of Trustees determines annually whether to approve and continue the Trust’s investment management agreements (the “Management Agreements”) on behalf of the Core Fixed Income and Core Plus Fixed Income Funds with Goldman Sachs Asset Management, L.P. and on behalf of the Global Income Fund with Goldman Sachs Asset Management International (together with Goldman Sachs Asset Management, L.P., the “Investment Advisers”).

The Management Agreements were most recently approved for continuation until June 30, 2009 by the Board of Trustees, including those Trustees who are not parties to the Management Agreements or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 18, 2008 (the “Annual Contract Meeting”).

To assist the Trustees in their deliberations at the Annual Contract Meeting, and in addition to the reviews of the Funds’ investment performance, expenses and other matters discussed at regularly scheduled Board meetings, the Trustees have established a Contract Review Committee (the “Committee”) whose members include all of the Independent Trustees. The Committee held meetings on December 12, 2007, February 6, 2008 and May 21, 2008. At those Committee meetings, the Independent Trustees considered matters relating to the Management Agreements including: (a) the nature and quality of the advisory, administrative and other services provided to the Funds by the Investment Advisers and their affiliates; (b) the Funds’ investment performance; (c) the Funds’ management fee arrangements; (d) the Investment Advisers’ undertakings to reimburse certain expenses of the Funds that exceed specified levels and the estimated annualized savings realized by the Funds from those undertakings; (e) potential economies of scale and the levels of breakpoints in the fees payable by the Funds under the Management Agreements; (f) the relative expense levels of the Funds as compared to those of comparable funds; (g) data relating to the Investment Advisers’ profitability with respect to the Trust and each of the Funds; (h) the statutory and regulatory requirements applicable to the approval and continuation of mutual fund investment management agreements; (i) a summary of fee concessions by the Investment Advisers and their affiliates with respect to the Funds; (j) recently proposed changes to the expense cap arrangements, and proposed amendments to the management fee schedules to further reduce the fee rates charged on assets above specified levels; (k) capacity issues related to the Funds; (l) information on the advisory fees charged to institutional accounts by the Investment Advisers; (m) information on the processes followed by a third party mutual fund data provider engaged as part of the Trustees’ contract review (the “Outside Data Provider”) in producing investment performance and expense comparisons for the Funds; (n) the current pricing and profitability of the Funds’ transfer agent; and (o) the nature and quality of the services provided by the Funds’ unaffiliated service providers and reports on due diligence conducted by the Investment Advisers with respect to those service providers.

At the Annual Contract Meeting, the Trustees reviewed the matters that were considered at the Committee meetings and also considered additional matters including: (a) the quality of the Investment Advisers’ services; (b) the structure, staff and capabilities of the Investment Advisers and their portfolio management teams; (c) the groups within the Investment Advisers that support the portfolio management teams, including the legal and compliance departments, the credit department, the fund controllers group, the tax group, the product services group, the valuation oversight group, the risk management and analysis group, the business planning team and the technology group; (d) the Investment Advisers’ business continuity and disaster recovery planning; (e) the Investment Advisers’ financial resources and their ability to hire and retain talented personnel; (f) the fees received by the Investment Advisers’ affiliates from the Funds for transfer agency, distribution and other services; (g) the terms of the Management Agreements and agreements with other service providers entered into by the Trust on behalf of the Funds; (h) the administrative services provided under the Management Agreements, including the nature and extent of the Investment Advisers’ oversight of the Funds’ other service providers, including the custodian and fund accounting agent; (i) portfolio trading related issues; and (j) the Investment Advisers’ processes and policies addressing various types of potential conflicts of interest. At the Annual Contract Meeting, the Trustees also considered further the Investment Advisers’ profitability with respect to the Trust and each Fund, and each Fund’s investment performance, fees and expenses, including each Fund’s expense trends over time and existing and proposed breakpoints in the fee rates payable under the Management Agreements.

In connection with the Committee meetings and the Annual Contract Meeting, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel regarding their responsibilities under applicable law. Also, in conjunction with these meetings, the Trustees attended sessions at which they

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

reviewed information regarding the Funds’ assets, sales and redemptions, and the payment of Rule 12b-1 distribution and service fees by the Funds and the payment of non-Rule 12b-1 shareholder service and administration fees by the Funds’ Service Shares.

Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Advisers and their affiliates to intermediaries that promote the sale, distribution and/or servicing of Fund shares; portfolio manager ownership of Fund shares; portfolio manager compensation, the alignment of the interests of the Funds and the portfolio managers and related potential conflicts of interest; the number and types of accounts managed by the portfolio managers; and other matters. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Advisers or their affiliates present.

The presentations made at the Committee meetings and at the Annual Contract Meeting encompassed the Funds and other mutual fund portfolios for which the Board of Trustees has responsibility. While the management agreements for all of the Funds and the other mutual fund portfolios for which the Trustees have responsibility were considered at the same Annual Contract Meeting, the Trustees separately considered the Management Agreements as they applied to each Fund.

In evaluating the Management Agreements at the Annual Contract Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Advisers, their affiliates, their services and the Funds. At those meetings the Trustees received materials relating to the Investment Advisers’ investment management and other services provided under the Management Agreements, including: (a) information on the investment performance of the Funds in comparison to the performance of similar mutual funds and benchmark performance indices; (b) general investment outlooks in the markets in which the Funds invest; (c) compliance reports; and (d) expenses borne by the Funds. In addition, the Trustees were provided with copies of disclosure materials regarding the Funds and their expenses, as well as information on the Funds’ competitive universe and discussed the broad range of other investment choices that are available to Fund investors.

Nature, Extent and Quality of the Services Provided Under the Management Agreements

As part of their review, the Trustees considered the nature, extent and quality of the services provided by the Investment Advisers. In this regard, the Trustees considered both the investment advisory services, and the other, non-advisory services, that are provided to the Funds by the Investment Advisers and their affiliates. The Trustees concluded that the Investment Advisers were both able to commit substantial financial and other resources to the operations of the Funds and had continued to commit those resources in multiple areas including portfolio management, trading, technology, human resources, tax, treasury, legal, compliance, vendor oversight and risk management. The Independent Trustees also believed that the Investment Advisers had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Advisers, including the implementation and enhancement of compliance systems and education and training initiatives.

Investment Performance

The Independent Trustees also considered the investment performance of the Funds and the Investment Advisers. In this regard, they compared the investment performance of each Fund to the performance of other similar SEC-registered funds and to rankings and ratings compiled by the Outside Data Provider. The Independent Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. This information on each Fund’s investment performance was provided for the one-, three-, five- and ten-year periods ended December 31, 2007, to the extent that each Fund had been in existence for those periods. In addition, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies, credit and duration parameters, as well as in light of periodic analyses of its quality and risk profile. The Independent Trustees considered whether each Fund had operated within its investment policies, and had complied with its investment limitations. The Trustees believed that each of the Funds had provided investment performance within a competitive range for long-term investors, and that the Investment Advisers’ continued management would benefit each Fund and its shareholders.

Costs of Services Provided and Competitive Information

The Independent Trustees considered the contractual fee rates payable by each Fund under the Management Agreements. In this regard, the Trustees considered information on the services rendered by the Investment Advisers to the

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of the Funds’ management fees and breakpoints to relevant peer groups and category universes; an expense analysis which compared each Fund’s expenses to a peer group and a category universe; and a five-year history (or, in the case of the Core Plus Fixed Income Fund, since 2006), comparing each Fund’s expenses to the category averages. The analyses also compared each Fund’s transfer agency fees, custody and accounting fees, distribution fees, other expenses and fee waivers/reimbursements to those of other funds in the peer groups and peer group medians. The Independent Trustees believed that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Independent Trustees considered the Investment Advisers’ voluntary undertakings to limit the Funds’ “other expenses” ratios (excluding certain expenses) to certain specified levels. They also considered comparative fee information for services provided by the Investment Advisers to institutional accounts and information that indicated that services provided to the Funds differed in various significant respects from the services provided to institutional accounts, which generally required fewer services from the Investment Advisers, were less time-intensive and paid lower fees.

The Independent Trustees noted the competitive nature of the mutual fund marketplace, and that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Advisers and have a general expectation that the relationship will continue. They also noted that shareholders may be able to redeem their Fund shares if they believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Profitability

The Independent Trustees reviewed the Investment Advisers’ revenues and pre-tax profit margins with respect to the Trust and each of the Funds. In this regard the Independent Trustees reviewed, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and expense allocation methodologies, as well as the report of an independent registered public accounting firm regarding the mathematical accuracy and conformity to the Investment Advisers’ allocation methodologies of the Investment Advisers’ schedule of revenues and expenses. Profitability data for the Trust and each Fund were provided for 2007 and 2006 (2007 only for the Core Plus Fixed Income Fund), and the Independent Trustees considered this information in relation to the Investment Advisers’ overall profitability. The Independent Trustees considered the Investment Advisers’ revenues and pre-tax profit margins both in absolute terms and in comparison to information on the reported pre-tax profit margins earned by certain other asset management firms.

Economies of Scale

The Independent Trustees also considered the breakpoints in the fee rate payable under the Management Agreements for each of the Funds at the following annual percentages of the average daily net assets of the Funds:


	First $1 Billion		Next $1 Billion		Next $3 Billion		Next $3 Billion		Over $8 Billion

Core Fixed Income		0.40%		0.36%		0.34%		0.33%		0.32%
Core Plus Fixed Income		0.45%		0.41%		0.39%		0.38%		0.37%
Global Income		0.65%		0.59%		0.56%		0.55%		0.54%

The breakpoints at the $5 and $8 billion asset levels were considered by the Independent Trustees at the May Committee meeting and were approved by the Trustees at the Annual Contract Meeting. These additional breakpoints had been proposed by the Investment Advisers to further share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. In approving these fee breakpoints, the Independent Trustees considered the Investment Advisers’ potential economies of scale in managing each Fund, and whether the Funds and their shareholders were participating in the benefits of those economies. In this regard, the Independent Trustees considered the amounts of assets in the Funds; the information provided by the Investment Advisers relating to the costs of the services provided by the Investment Advisers and their affiliates and the profits realized by them; information comparing fee rates charged by the Investment Advisers with fee rates charged by other, unaffiliated investment managers to other mutual funds; and the Investment Advisers’ voluntary undertakings to limit “other expenses” to certain amounts. Upon

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

reviewing these matters at the Annual Contract Meeting in 2008, the Independent Trustees concluded that the fee breakpoints represented a means of ensuring that benefits of scalability would be passed along to shareholders at the specified asset levels.

Other Benefits to the Investment Advisers and Their Affiliates

The Independent Trustees also considered the other benefits derived by the Investment Advisers and their affiliates from their relationship with the Funds as stated above, including: (a) transfer agency fees received by Goldman, Sachs & Co. (“Goldman Sachs”); (b) futures commissions earned by Goldman Sachs for executing futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Advisers; (d) the Investment Advisers’ ability to leverage the infrastructure designed to service the Funds on behalf of their other clients; (e) the Investment Advisers’ ability to cross-market other products and services to Fund shareholders; (f) Goldman Sachs’ retention of certain fees as Fund Distributor; and (g) the Investment Advisers’ ability to negotiate better pricing with custodians on behalf of their other clients, as a result of the relationship with the Funds.

Other Benefits to the Funds and Their Shareholders

The Independent Trustees also noted that the Funds receive certain other benefits as a result of their relationship with the Investment Advisers, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Advisers; (b) improved servicing and pricing from vendors because of the volume of business generated by the Investment Advisers and their affiliates; (c) improved servicing and pricing from broker-dealers because of the volume of business generated by the Investment Advisers and their affiliates; (d) the Investment Advisers’ ability to negotiate favorably with derivatives counterparties as a result of the size and reputation of the Goldman Sachs organization; (e) the advantage received from the Investment Advisers’ knowledge and experience gained from managing other accounts and products; and (f) the Investment Advisers’ ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization.

Conclusion

In connection with their consideration of the Management Agreements, the Independent Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Independent Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Advisers, the Investment Advisers’ costs and each Fund’s current and reasonably foreseeable asset levels, and that the Management Agreements should be approved and continued with respect to each Fund until June 30, 2009.

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GOLDMAN SACHS FUNDS

In building a globally diversified portfolio, you can select from more than 80 Goldman Sachs Funds and gain access to investment opportunities across borders, investment styles, asset classes and security capitalizations.


Money Market¹ Fixed Income §n Enhanced Income Fund §n Ultra-Short Duration Government Fund §n Short Duration Government Fund §n Short Duration Tax-Free Fund §n California AMT-Free Municipal Fund §n New York AMT-Free Municipal Fund §n Municipal Income Fund §n Government Income Fund §n Inflation Protected Securities Fund §n U.S. Mortgages Fund §n Core Fixed Income Fund §n Core Plus Fixed Income Fund §n Investment Grade Credit Fund §n Global Income Fund §n High Yield Municipal Fund §n High Yield Fund §n Emerging Markets Debt Fund §n Local Emerging Markets Debt Fund		Domestic Equity §n Balanced Fund §n Growth and Income Fund §n Structured Large Cap Value Fund §n Large Cap Value Fund §n Structured U.S. Equity Fund §n Structured U.S. Equity Flex Fund §n Structured Large Cap Growth Fund §n Capital Growth Fund §n Strategic Growth Fund §n All Cap Growth Fund §n Concentrated Growth Fund §n Tollkeeper Fund^SM §n Mid Cap Value Fund §n Growth Opportunities Fund §n Small/Mid Cap Growth Fund §n Structured Small Cap Equity Fund §n Structured Small Cap Value Fund §n Structured Small Cap Growth Fund §n Small Cap Value Fund Fund of Funds²§n Asset Allocation Portfolios §n Income Strategies Portfolio §n Satellite Strategies Portfolio §n Enhanced Dividend Global Equity Portfolio §n Tax-Advantaged Global Equity Portfolio		Retirement Strategies² International Equity §n Structured International Equity Fund §n Structured International Equity Flex Fund §n Strategic International Equity Fund §n Concentrated International Equity Fund §n Structured International Small Cap Fund §n International Small Cap Fund §n Asia Equity Fund §n Structured Emerging Markets Equity Fund §n Emerging Markets Equity Fund §n Concentrated Emerging Markets Equity Fund §n BRIC Fund (Brazil, Russia, India, China) Specialty²§n U.S. Equity Dividend and Premium Fund §n International Equity Dividend and Premium Fund §n Structured Tax-Managed Equity Fund §n Structured International Tax-Managed Equity Fund §n Real Estate Securities Fund §n International Real Estate Securities Fund §n Commodity Strategy Fund §n Absolute Return Tracker 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	Individual Funds within the Fund of Funds, Retirement Strategies 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 Fund of Funds, Retirement Strategies or Specialty category.

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


TRUSTEES Ashok N. Bakhru, Chairman John P. Coblentz, Jr. Diana M. Daniels Patrick T. Harker James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel		OFFICERS James A. McNamara, President John M. Perlowski, Senior Vice President and Treasurer Peter V. Bonanno, Secretary


GOLDMAN, SACHS & CO. Distributor and Transfer Agent		GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL Investment Adviser
GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser		Christchurch Court, 10-15 Newgate Street London, England EC1 A7HD

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

Goldman Sachs Asset Management, L.P. 32 Old Slip, 32nd Floor, New York, New York 10005

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).

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.


ITEM 2.		CODE OF ETHICS.

	(a)		The information required by this Item is only required in an annual report on this Form N-CSR.

	(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 information required by this Item is only required in an annual report on this Form N-CSR.


ITEM 4.		PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item is only required in an annual report on this Form N-CSR.


ITEM 5.		AUDIT COMMITTEE OF LISTED REGISTRANTS.

		The information required by this Item is only required in an annual report on this Form N-CSR.


ITEM 6.		SCHEDULE OF INVESTMENTS.

		The Schedule of Investments is included as part of the Semi-Annual Report to Stockholders filed under Item 1 of this Form N-CSR.


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, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


				Goldman Sachs Trust

By:				/s/ James A. McNamara

				James A. McNamara
				President/Principal Executive Officer
				Goldman Sachs Trust

Date:				December 5, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, 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/ James A. McNamara

				James A. McNamara
				President/Principal Executive Officer
				Goldman Sachs Trust

Date:				December 5, 2008

By:				/s/ John M. Perlowski

				John M. Perlowski
				Treasurer/Principal Financial Officer
				Goldman Sachs Trust

Date:				December 5, 2008

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