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: December 31

Date of reporting period: September 30, 2009


ITEM 1.		REPORTS TO STOCKHOLDERS.

		The Semi-Annual Report to Stockholders is filed herewith.

Goldman Sachs Funds



Semi-Annual Report			September 30, 2009



			Single Sector Fixed Income Funds
			Emerging Markets Debt
			High Yield
			Investment Grade Credit
			Local Emerging Markets Debt
			U.S. Mortgages

Goldman Sachs Single Sector Fixed
Income Funds


n	GOLDMAN SACHS EMERGING MARKETS DEBT

n	GOLDMAN SACHS HIGH YIELD

n	GOLDMAN SACHS INVESTMENT GRADE CREDIT

n	GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT

n	GOLDMAN SACHS U.S. MORTGAGES

TABLE OF CONTENTS


Principal Investment Strategies and Risks		1
Investment Process		3
Portfolio Management Discussion and Performance Summaries		9
Schedules of Investments		26
Financial Statements		66
Notes to Financial Statements		73
Financial Highlights		96
Other Information		106


NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Principal Investment Strategies and Risks

The Emerging Markets Debt Fund invests primarily in 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 majority of the countries in which the Fund invests have sovereign ratings that are below investment grade or are unrated. High yield, lower rated securities involve greater price volatility and present greater risks than higher rated fixed income securities. Fixed income securities of emerging countries are less liquid and are subject to greater price volatility 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 securities markets of emerging countries have less government regulation and are subject to less extensive accounting and financial reporting requirements than the markets of more developed countries. The Fund is also subject to the risk that the issuers of sovereign debt or the government authorities that control the payment of debt may be unable or unwilling to repay principal or interest when due. 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, option 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; the risk of default by a counterparty; and the risk 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 and 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.

The High Yield Fund invests primarily in high yield, fixed income securities that, at the time of purchase, are non-investment grade securities. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities including credit, liquidity and interest rate risk. 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 investments 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; the risk of default by a counterparty; and the risk that transactions may not be liquid.

The Investment Grade Credit Fund invests primarily in investment grade fixed income 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 its investments 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.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

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, option 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; the risk of default by a counterparty; and the risk that transactions may not be liquid.

The Local Emerging Markets Debt Fund invests primarily in sovereign and corporate debt of issuers located in emerging countries where such debt securities are denominated in the local currency of such 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 majority of the countries in which the Fund invests have sovereign ratings that are below investment grade or are unrated. High yield, lower rated securities involve greater price volatility and present greater risks than higher rated fixed income securities. Fixed income securities of emerging countries are less liquid and are subject to greater price volatility and will be subject to the risks of currency fluctuations and sudden economic or political developments. Since the Fund may invest in non-investment grade fixed income securities and emerging country issuers, it especially will be subject to the risk that the liquidity of particular portfolio securities will shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all. The securities markets of emerging countries have less government regulation and are subject to less extensive accounting and financial reporting requirements than the markets of more developed countries. The Fund is also subject to the risk that the issuers of sovereign debt or the government authorities that control the payment of debt may be unable or unwilling to repay principal or interest when due. 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, option 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; the risk of default by a counterparty; and the risk that transactions may not be liquid. The Fund is non-diversified and may invest more of its assets in fewer issuers than diversified funds and 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.

The U.S. Mortgages Fund invests primarily in securities representing direct or indirect interests in or that are collateralized by mortgage-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 Fund’s investment in mortgage-backed securities (MBS) is subject to prepayment risk, the risk that in a declining interest rate environment the Fund’s underlying mortgages may be prepaid, causing the Fund to have to reinvest at lower interest rates. This risk may result in greater share price volatility than a fixed income fund not invested in MBS. The guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. The Fund may make substantial investments in derivative instruments, including options, financial futures, Eurodollar futures contracts, swaps, option 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; the risk of default by a counterparty; and the risk that transactions may not be liquid.

GOLDMAN SACHS SINGLE 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 securities and 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 Fixed Income portfolios that: n Include domestic and global investment options, income opportunities, and access to areas of specialization such as high yield 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

MARKET OVERVIEW

Goldman Sachs Single Sector Fixed Income Funds

Market Review

The combination of improving financial conditions and stability in economic data led to a dramatic increase in demand for riskier fixed income assets during the six months ended September 30, 2009 (the “Reporting Period”). Fears of financial systemic risk were significantly reduced as a result of unprecedented policy mechanisms put in place earlier in the calendar year.

U.S. Fixed Income Market

The U.S. economy showed signs of improvement during the Reporting Period. After edging higher throughout the spring, the Purchasing Managers’ Index, which is an indicator of the economic health of the manufacturing sector, as reported by the Institute of Supply Management, rose above 50 for the first time in 18 months in August 2009. Because a reading above 50 indicates growth in the manufacturing sector, this was one of the strongest and most hopeful pieces of evidence that the economy had begun to pull out of recession. Business inventories declined. Retail sales were also better than expected. Although some of the uptick was attributed to higher gasoline prices, the government’s Cash for Clunkers program also provided a boost to retail sales. Indeed, even excluding auto sales, retail sales rose 1.1% in August 2009, significantly more than the forecasted 0.4% increase, indicating that the renewed strength in private demand was broader than expected.

While the marked upturn in discretionary spending indicated the possibility of sustained economic recovery, consumers continued to be burdened by high debt levels and a weak labor market. The pace of decline in nonfarm payrolls slowed, but at the end of September, the unemployment rate stood at 9.8%, the highest rate since June 1983. Although commodity and energy prices rose during the Reporting Period, inflation remained subdued. In a statement following its June meeting, the Federal Open Market Committee (the “Fed”) stated that “substantial resource slack is likely to dampen cost pressures, and the Committee expects that inflation will remain subdued for some time.” This sentiment was repeated by the Fed following its September meeting.

During the first months of the Reporting Period, what is known as the TED spread, which is the difference in yield between 3-month LIBOR* and 3-month U.S. Treasuries and a common measure of financial stress, stood at about 0.50%. This was the lowest reading of the TED spread since the middle of 2007, before the credit crisis hit in earnest. Interest rates rose during most of the second calendar quarter, but reversed course in the final weeks of June as heavy supply was well absorbed. Nevertheless, the 10-year Treasury ended the second calendar quarter 87 basis points (0.87%) higher at a yield of 3.53%. Notably, the U.S. Treasury yield curve, or spectrum of maturities, reached its steepest level ever, meaning the yields on securities with longer-term maturities were significantly higher than the yields on securities with shorter-term maturities. The differential between 2- and 10-year Treasury notes reached 275 basis points (2.75%) in May before ending June at


*		LIBOR, or London interbank offered rates, are floating interest rates that are widely used as reference rates in bank, corporate and government lending agreements.

MARKET OVERVIEW

242 basis points (2.42%). Investors showed a strong appetite for risky assets and all spread, or non-Treasury, sectors handily outperformed U.S. Treasuries.

In the third calendar quarter, interest rates were relatively stable and even declined slightly, aided by continued signs of easy monetary policy. In its statement following its September meeting, the Fed stated that it “continues to anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period.” The 10-year Treasury ended the Reporting Period 23 basis points (0.23%) lower at a yield of 3.31%. The 10-year Treasury remained surprisingly strong mainly due to support from international and domestic fund flows. The Treasury yield curve flattened slightly, meaning the difference in yields between shorter-term and longer-term Treasury securities narrowed. Still, the Treasury yield curve remained steep as the differential between the 2- and 10-year Treasury notes was 236 basis points (2.36%) at the end of September. Investors continued to show a strong appetite for risky assets and all non-Treasury sectors added to their year-to-date outperformance versus Treasuries.


n	Investment grade corporate bonds staged a remarkable rally during the Reporting Period. Credit spreads, or the difference in yields between corporate bonds and duration-equivalent Treasury securities, tightened in the face of positive economic data, favorable supply and demand technicals, and investors’ growing risk appetite. In fact, spreads ended the Reporting Period at their narrowest levels of the calendar year, reaching levels not seen since June 2008 before the aggressive selloff of the financial crisis. Financials led this sustained rally, driven by the increased issuance of debt securities by banks as they deleveraged their balance sheets and plugged funding gaps. Although investment grade corporate bond issuance was robust throughout the Reporting Period, supply was unable to keep up with demand. The correlation (or, the tendency to move in tandem) between the highest and lowest quality credits decreased as lower quality credits made the largest gains.

n	U.S. mortgage-backed securities turned in solid performance during the Reporting Period, as agency securities continued to benefit from robust government demand. In line with other risky assets, credit-sensitive mortgages performed well. Meanwhile, non-agency mortgage securities, especially prime mortgages, rallied from lows reached during the first quarter of 2009 in anticipation of the U.S. government’s Public-Private Investment Program (PPIP) and indications that the residential housing market might be stabilizing.

n	Commercial mortgage-backed securities (CMBS) outperformed Treasuries, as investors purchased CMBS eligible for the U.S. government’s Term Asset-backed Loan Facility (TALF). There was also strong demand for Re-REMICs, which are pools of commercial mortgage-backed securities that tend to have higher credit enhancement on senior tranches. However, the commercial real estate market remained extremely weak with the Moody’s/REAL National All Property Type Aggregate Index about 30% below its late 2007 peak.

n	High yield corporate bonds rallied strongly during the Reporting Period as investors sought higher yields in the near-zero interest rate environment. Strength in the high yield corporate bond market was further attributable to perceived economic and financial stability and increased liquidity. The largest gains were made by bonds rated CCC or lower.

MARKET OVERVIEW

Companies at risk of covenant breaches and seeking to reduce their exposure to near-term maturities issued bonds to replace bank debt in their capital structure. As liquidity improved and default expectations were revised downward, many companies were able to use internal cash flows to refinance near-term debt obligations. High yield companies also worked to repair their balance sheets by issuing equity to reduce leverage. Calendar year-to-date through September 30, 2009, approximately $24 billion in equity capital had been issued by high yield companies.

Emerging Markets Debt

As the Reporting Period began, global central banks had acted aggressively to improve liquidity in financial markets, thereby mitigating systemic risk, encouraging an increase in investor risk appetite, and stemming the flight to safety. Global economic data from around the world soon began to show signs of improvement. Manufacturing data, U.S. housing prices, corporate earnings, retail sales, and consumer confidence were all up and better than expected.

Emerging markets debt rallied as economic data in developed markets improved. The market also benefited from the strong support for the emerging markets at the April 2009 G20 summit, including a pledge to triple the International Monetary Fund’s (IMF) resources. Further, demand for crude oil and base metals rebounded, indicating that global trade was on the road to recovery. Given the high demand for higher-yielding assets, the general market consensus seemed to be that the worst of the global recession was over. The positive news about the developed markets, along with robust and coordinated global economic support from the IMF and other multinational financial institutions, reduced perceived risk for emerging market economies and enhanced the performance of emerging market assets.

In the J.P. Morgan EMBI Global Diversified Index, Argentina (+131.96% in U.S. dollar terms**), Ukraine (+94.28%) and Pakistan (+83.77%) were the top performers during the Reporting Period. Egypt (+4.95%), China (+5.95%) and Chile (+9.04%) were the weakest.

In the J.P. Morgan Government Bond Index — Emerging Markets Global Diversified Index, the top performers during the Reporting Period were Argentina (+170.48% in U.S. dollar terms**), Hungary (+57.07%) and Indonesia (+43.32%), while China (-0.40%), Chile (+4.77%) and Thailand (+4.79%) turned in the weakest performance.

Looking Ahead

U.S. Fixed Income Market

In our view, the U.S. economy will likely continue to rebound in the months ahead, but the sustainability of the recovery remains an open question. Most of the economic growth during the second half of 2009 is being driven by what may be temporary factors, including government spending, corporate cost-cutting and inventory rebuilding. We expect


**		All regional and market returns are in U.S. dollar terms (unless otherwise specified), are based on country-specific stock market indices and reflect the reinvestment of any dividends if applicable.

MARKET OVERVIEW

that these sources of growth will begin to fade in 2010, and consumer spending and/or business investment will need to sustain the recovery.

We believe prospects for consumption are still the key, because we see little potential for business investment to be a strong source of growth unless end-demand improves. While retail sales saw an uptick, with help from a temporary boost to auto sales with the Cash for Clunkers program and from higher gas prices, we think sustainable growth in consumer spending will depend largely on whether improvements in the job market and housing prices can continue. The pace of job cuts has slowed significantly, but U.S. employment remains very weak and the unemployment rate may well continue to rise. We believe the job market will continue to stabilize in the coming months, with unemployment peaking at slightly more than 10%. Still, the ongoing decline in hourly earnings suggests the job market will remain a challenge for consumers for some time to come.

As with employment, housing prices have stabilized in recent months but probably have further downside risk. In our view, home price gains during the Reporting Period were exaggerated by a summer seasonal boost combined with a foreclosure moratorium earlier in the year that temporarily reduced the supply of foreclosed homes being sold at distressed prices. We expect home prices to turn down again over the winter of 2009-2010 given the typical drop in demand during winter months. Plus, the pent-up foreclosure supply is likely to hit the market during these same months. That said, housing affordability has improved dramatically, particularly in markets like California that led the downturn. We believe that seasonal effects may well turn positive again after the winter, and we expect the California market to establish a true bottom in the spring of 2010, with other markets to follow. Considering the overall stabilization anticipated in housing prices and employment, as well as the continuing challenges in both sectors, we think consumption is likely to improve but remain rather subdued going forward over the near term.

With respect to a somewhat longer-term perspective, we believe the U.S. economy may expand at a year-over-year rate of about 2.4% over the next 12 months, slightly below the consensus forecast of 2.6%. We anticipate inflation of about 1.4% over the same period, which is also below the consensus forecast of about 1.8%.

In the near-term, we believe the risks to our view are probably tilted to the upside. The recovery appears to have gained momentum, and rebounds after a severe recession tend to exceed expectations. Over the longer term, we continue to see the possibility of higher inflation given the unprecedented amount of monetary and fiscal stimulus, but we see little potential for hyperinflation.

Given this view, in the months ahead, we still think there is value in the non-Treasury sectors of the market, although perhaps not as much so as at the beginning of the Reporting Period. We believe that high yield corporate bond returns, in particular, are likely to remain volatile until there is clarity on the strength of the recovery in the U.S. and the global economy. That said, we believe the stronger equity markets will continue to provide support for higher recovery values and aid in debt repayment through initial public offerings and share issuances. Default expectations vary substantially. Standard & Poor’s projects 13.9% for the 12 months beginning in August 2009, while Credit Suisse First Boston and Moody’s each predict a decline in speculative grade defaults. They forecast a

MARKET OVERVIEW

default rate in 2010 of 3% to 5% and 4.4%, respectively. For the U.S. Treasury market, we expect slow growth and low inflation to be supportive of still-lower yields.

Emerging Markets Debt

The environment for emerging market debt continues to be favorable, in our view, as a result of supportive sovereign macroeconomic stabilization programs and improved debt management efforts. In our opinion, they will continue to buffer the headwinds of a significant deterioration in global growth and the decline in capital flows. Despite positive long-term supply and demand dynamics, the 2008 global liquidity crunch — which sparked deleveraging, risk reduction and redemptions — was responsible for a dramatic decline in the assets of many emerging economies. However, investor demand and risk appetite picked up as the global economy stabilized. We expect supply and demand conditions to remain favorable as emerging countries continue to pay down more debt than they issue.

During previous large-scale crises in emerging economies, specifically the Latin American debt crisis and the Asian crisis in the late 1990s, private capital flows disappeared for a substantial period of time, recovering slowly. In our opinion, today’s lower deficits and larger foreign exchange reserves are providing better protection. Although these buffers cannot completely prevent the transmission of financial stress from developed to developing countries, they can blunt the economic impact and reduce the risk of default. In our opinion, this explains the relatively benign response of emerging markets debt to the recent financial crisis.

Meanwhile, local emerging markets have dramatically transformed in the last few years, deepening and becoming more liquid. The investor base has also grown and become more diversified. Inflows are rather consistent and stem from strategic investors, trends we consider durable. Future returns are likely to be driven by foreign currency appreciation and interest rate convergence. Emerging market currencies are underpinned by current account surpluses and strong growth rates relative to developed economies. In our view, they are not easily undermined and can anchor valuations over the medium term. As for the interest rates of emerging countries, we expect them to decline along with inflation and sovereign risk. Emerging external market spreads, or the difference in yields between emerging market debt and comparable duration U.S. Treasuries, tightened dramatically during the last decade, and we expect local emerging market yields to follow the same trend.

The economic and market forecasts presented herein have been generated by GSAM for informational purposes as of the date of this report. They are based on proprietary models and there can be no assurance that the forecasts will be achieved. Please see additional disclosures at the end of this report.

PORTFOLIO RESULTS

Goldman Sachs Emerging Markets Debt Fund

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income Investment Management Team discusses the Fund’s performance and positioning for the six months ended September 30, 2009.


Q	How did the Goldman Sachs Emerging Markets Debt Fund (the “Fund”) perform during the Reporting Period?

A	During the Reporting Period, the Fund’s Class A, C and Institutional Shares generated cumulative total returns, without sales charges, of 31.05%, 30.66% and 31.24%, respectively. These returns compare to the 23.02% cumulative total return of the Fund’s benchmark, the J.P. Morgan EMBI Global Diversified Index (with dividends reinvested) (the “J.P. Morgan Index”), during the same time period.

Q	What key factors were responsible for the Fund’s performance during the Reporting Period?

A	The Fund’s currency exposure to the Brazilian real contributed the most to its relative performance. As mentioned in our Market Review, emerging market currencies have been underpinned by current account surpluses and strong growth rates relative to developed economies. In our view, they are not easily undermined and can anchor valuations over the medium term. Sector and issue selection also enhanced Fund returns.

Q	Which segments of emerging markets debt most significantly affected Fund performance?

A	The Fund’s exposure to emerging market corporate bonds and quasi-sovereigns added to the Fund’s results versus the J.P. Morgan Index. Issue selection in corporate bonds and quasi-sovereign issuers also boosted relative performance.

More specifically, the Fund benefited from country and issuer selection in Argentine and Ukrainian external debt. In Argentina, bond prices outperformed on the back of unfavorable electoral results for the current Kirchner government, which lost the majority in both the lower house and the senate. Higher commodity prices also supported the country’s fiscal and current accounts. Investors seemed heartened about a potential agreement with multilateral institutions and other debt holders that would result in the repayment of defaulted debt from 2005. This would be a qualitative change in the government’s attitude towards economic policies. In addition, the government is working to enhance the credibility of Argentina’s national statistics

Investment Objective

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

agency, widely believed to have underestimated inflation readings and overestimated real growth numbers. Ukraine’s debt outperformed as Ukraine restarted its International Monetary Fund program. In April, the head of the IMF mission announced the team would recommend the disbursal of the second tranche of a $2.8 billion loan, a much larger amount than the originally scheduled $1.8 billion.

Detracting from the Fund’s performance versus the J.P. Morgan Index was country positioning and security selection in Indonesian external debt. Moody’s recently raised Indonesia’s foreign currency sovereign debt rating and confirmed the outlook as stable, citing the country’s strong macroeconomic management, growing policy credibility, and smooth political transition in recent elections. As expected, the Bank of Indonesia kept rates unchanged at 6.5% in September in response to a stronger domestic economy and a possible uptick in 2010 inflation because of higher commodity prices. Still, inflation has remained tame to date and is expected to be within the central bank’s target range of 4% to 6%.


Q	Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period?

A	The Fund does not use duration and yield curve positioning as active management strategies within its investment process.

Q	Were there any notable changes in the Fund’s sector weightings during the Reporting Period?

A	There were no substantial changes made in the Fund’s sector weightings during the Reporting Period.

Q	How was the Fund positioned relative to its benchmark index at the end of September 2009?

A	At the end of September 2009, the Fund had overweighted positions relative to the J.P. Morgan Index in Qatar and South Korea and underweighted positions in Panama and Lebanon.

FUND BASICS

Emerging Markets Debt Fund

as of September 30, 2009

PERFORMANCE REVIEW


April 1, 2009–	Fund Total Return			J.P. Morgan EMBI Global			30–Day
September 30, 2009	(based on NAV¹)			Diversified Index²			Standardized Yield³


Class A		31.05	%		23.02	%		5.82	%
Class C		30.66			23.02			5.35
Institutional		31.24			23.02			6.43


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 J.P. Morgan EMBI Global Diversified Index is an unmanaged index of debt instruments of 31 emerging countries. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an 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 9/30/09	One Year			Five Years			Since Inception			Inception Date


Class A		13.88	%		8.57	%		9.86	%	8/29/03
Class C		17.32			N/A			5.91		9/29/06
Institutional		19.72			9.96			11.11		8/29/03

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 and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized 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.

EXPENSE RATIOS⁵


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


Class A		1.22	%		1.44	%
Class C		1.97			2.19
Institutional		0.88			1.10

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.

FUND BASICS

TOP 10 COUNTRY ALLOCATION⁶


	Percentage of Net Assets
	as of 9/30/09			as of 3/31/09


Indonesia		10.3	%		9.4	%
Brazil		9.2			9.3
Mexico		6.9			5.2
Turkey		6.3			4.5
Russia		6.3			9.1
Venezuela		5.5			5.1
Philippines		4.9			6.8
Argentina		4.2			2.2
Uruguay		3.7			3.4
Peru		3.3			3.5


⁶	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The above table does not include repurchase agreements of 3.4% as of 9/30/09 and 14.0% as of 3/31/09.

PORTFOLIO RESULTS

Goldman Sachs High Yield Fund

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs High Yield Fixed Income Investment Management Team discusses the Fund’s performance and positioning for the six months ended September 30, 2009.


Q	How did the Goldman Sachs High Yield Fund (the “Fund”) perform during the Reporting Period?

A	During the Reporting Period, the Fund’s Class A, B, C, Institutional, Service, IR and R Shares generated cumulative total returns, without sales charges, of 35.37%, 35.27%, 35.08%, 35.73%, 35.53%, 35.74% and 35.47%, respectively. These returns compare to the 40.25% cumulative total return of the Fund’s benchmark, the Barclays Capital U.S. High Yield Index, 2% Issuer Cap (the “Barclays Index”), during the same time period.

Q	What key factors were responsible for the Fund’s performance during the Reporting Period?

A	The Fund’s underweighted position in financials detracted most from its results relative to the Barclays Index. This was somewhat offset by an allocation to European high yield bonds and exposure to lower-rated issues.

Q	Which segments within high yield most significantly affected Fund performance?

A	The Fund’s underweighted position compared to the Barclays Index in financials detracted most from relative performance. The financial sector’s weight grew from 8.25% to 10.71% in the Barclays Index, largely because of the number of “fallen angels,” that is, bonds that were previously investment grade. The strong performance also appeared to be the result of exchange offers, in which bondholders swap the bonds they own for another class of debt.

The Fund’s underweighted allocations to deep cyclical sectors, such as retail and home construction, were also a drag on its overall performance. Specific names also detracted from relative performance, including holdings in Rite Aid, Toys R Us, and Beazer Homes USA.

Adding modestly to the Fund’s results was its exposure to historically defensive sectors, such as packaging, consumer services, health care, and gaming, all of which outperformed the Barclays Index in the difficult economic environment. The portfolio particularly benefited from exposure to bonds issued by Beverage Packaging Holdings, Catalent Pharma Solutions and MGM Mirage. European names, including Carlsson Wagonlit Travel and Europcar, contributed to relative performance positively as well. Investments in lower-rated issues added value, as bonds rated CCC and lower outperformed higher quality high yield issues during the Reporting Period.


Q	Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period?

A	The Fund does not use duration and yield curve positioning as active management strategies within its investment process.

Q	Were there any notable changes in the Fund’s sector weightings during the Reporting Period?

A	There were no substantial changes made in the Fund’s sector weightings during the Reporting Period.

Q	How was the Fund positioned relative to its benchmark index at the end of September 2009?

A	At the end of September 2009, the Fund was overweighted B-rated bonds relative to the Barclays Index. It also had exposure to European high yield bonds, which are not represented in the benchmark index.

Investment Objective

The Fund seeks a high level of current income and may also consider the potential for capital appreciation.

FUND BASICS

High Yield Fund

as of September 30, 2009

PERFORMANCE REVIEW


				Barclays Capital
	Fund Total Return			U.S. High Yield Index			30-Day
April 1, 2009–September 30, 2009	(based on NAV)¹			2% Issuer Cap²			Standardized Yield³


Class A		35.37	%		40.25	%		8.01	%
Class B		35.27			40.25			7.65
Class C		35.08			40.25			7.65
Institutional		35.73			40.25			8.73
Service		35.53			40.25			8.23
Class IR		35.74			40.25			8.60
Class R		35.47			40.25			8.14


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 Barclays Capital U.S. High Yield Index, 2% Issuer Cap, an unmanaged index, covers the universe of U.S. dollar denominated, non-convertible, fixed rate, non-investment grade debt. Index holdings must have at least one year to final maturity, at least $150 million par amount outstanding, and be publicly issued with a rating of Ba1 or lower. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an 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 9/30/09	One Year			Five Years			Ten Years			Since Inception			Inception Date


Class A		10.51	%		3.95	%		5.59	%		5.30	%	8/1/97
Class B		9.70			3.74			5.31			4.93		8/1/97
Class C		13.91			4.17			5.32			4.95		8/15/97
Institutional		16.40			5.32			6.48			6.10		8/1/97
Service		15.70			4.76			5.94			5.56		8/1/97
Class IR		16.33			N/A			N/A			2.14		11/30/07
Class R		15.41			N/A			N/A			1.56		11/30/07


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, Service, Class R and IR 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 60 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.

FUND BASICS

EXPENSE RATIOS⁵


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


Class A		1.07	%		1.08	%
Class B		1.82			1.83
Class C		1.82			1.83
Institutional		0.73			0.74
Service		1.23			1.24
Class IR		0.82			0.83
Class R		1.32			1.33

⁵

TOP 10 ISSUERS AS OF 9/30/09⁶


Company	% of Net Assets			Line of Business


Sprint Nextel		2.3	%	Telecommunications — Cellular
Ford		2.2		Automotive
HCA		2.1		Health Care — Services
Intelsat		1.8		Telecommunications — Satellites
GMAC		1.8		Finance
Cablevision		1.5		Media — Cable
MGM Mirage		1.3		Gaming
Chesapeake Energy		1.2		Energy — Exploration & Production
Sungard Data		1.1		Technology — Software/Services
UPC Holding		1.1		Media — Cable


⁶	The top 10 issuers may not be representative of the Fund’s future investments.

TOP 10 INDUSTRY ALLOCATION⁷


	Percentage of Net Assets
	as of 9/30/09			as of 3/31/09


Health Care — Services		5.3	%		5.5	%
Telecommunications — Cellular		5.2			4.6
Gaming		5.2			3.0
Energy — Exploration & Production		4.5			4.0
Packaging		4.1			3.5
Media — Cable		3.8			4.2
Utilities — Electric		3.7			5.5
Finance		3.7			1.3
Telecommunications		3.5			3.4
Chemicals		3.5			2.9


⁷	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

PORTFOLIO RESULTS

Goldman Sachs Investment Grade Credit Fund

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Fund’s performance and positioning for the six months ended September 30, 2009.


Q	How did the Goldman Sachs Investment Grade Credit Fund (the “Fund”) perform during the Reporting Period?

A	During the Reporting Period, the Fund’s Class A, Institutional and Separate Account Institutional Shares generated cumulative total returns, without sales charges, of 19.04%, 19.25% and 19.28%, respectively. These returns compare to the 16.94% cumulative total return of the Fund’s benchmark, the Barclays Capital U.S. Credit Index (the “Barclays Index”), during the same time period.

Q	What key factors were responsible for the Fund’s performance during the Reporting Period?

A	The Fund’s cross-sector positioning relative to its benchmark contributed most to its results during the Reporting Period. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. The Fund’s overweighted positions in corporate bonds and mortgage-backed securities particularly buoyed relative performance. Individual issue selection within investment grade corporate bonds also added to results, although selection within subordinated financials detracted from relative performance modestly.

Q	Which segments of investment grade credit most significantly affected Fund performance?

A	The Fund benefited from our cross-sector strategy, particularly a negative basis position in which the portfolio was long corporate cash bonds and short synthetics. During the Reporting Period, the relationship between corporate cash bonds and synthetics remained more volatile than in the past, which increased the basis risk. Basis risk is the risk that offsetting investments in a hedging strategy will not experience price changes in entirely opposite directions from each other. This imperfect correlation between the two investments creates the potential for excess gains or losses in a hedging strategy, thus adding risk to the position.

Investment Objective

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

The Fund also benefited during the Reporting Period from a modestly overweighted allocation compared to the Barclays Index to investment grade corporate bonds, which delivered their best quarterly excess return over Treasuries on record during the second calendar quarter. Investment grade corporate bonds continued to rally during the third calendar quarter, as strong demand allowed record issuance to be well absorbed.

In addition, the Fund’s exposure to credit-sensitive mortgage-backed securities was beneficial. Non-agency residential mortgage-backed securities (RMBS), including adjustable-rate mortgages (ARMs), performed especially well. RMBS benefited from improved supply and demand technicals and were further boosted by the release of details that indicated support of the sector within the highly anticipated Public-Private Investment Program (PPIP) and in part due to a variety of housing market indicators suggesting overall activity seemed to be stabilizing. For example, new home sales increased in August 2009 for the fourth consecutive month. Also, 18 of the 20 cities comprising the S&P/Case-Shiller Home Price Index posted modest price gains, and sales of existing homes rose for the fourth straight month.

Issue selection within the investment grade corporate bond sector also proved effective, primarily within the financials industry. However, selection within the Fund’s overweighted exposure to subordinated debt detracted from relative performance. Subordinated debt is debt that ranks below other securities with regard to claims on assets or earnings, but which typically offers a higher rate of return than senior debt due to the increased inherent risk.

PORTFOLIO RESULTS


Q	Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period?

A	The Fund does not use duration and yield curve positioning as active management strategies within its investment process.

Q	Were there any notable changes in the Fund’s sector weightings during the Reporting Period?

A	In response to rapid spread tightening during the Reporting Period, we trimmed the Fund’s overweighted position in corporate bonds and concentrated on individual issue selection. Spreads, or the difference in yields between non-Treasury sectors and duration-equivalent Treasury securities, contracted, as excess liquidity from government policy and programs made its way into the market.

Q	How was the Fund positioned relative to its benchmark index at the end of September 2009?

A	At the end of September 2009, the Fund had overweighted positions relative to the Barclays Index in quasi-government bonds, financial and utilities corporate bonds, and RMBS. The Fund had underweighted allocations to industrial corporate bonds and to emerging markets debt relative to the benchmark index.

FUND BASICS

Investment Grade Credit Fund

as of September 30, 2009

PERFORMANCE REVIEW


April 1, 2009–	Fund Total Return			Barclays Capital			30-Day		��
September 30, 2009	(based on NAV)¹			U.S. Credit Index²			Standardized Yield³


Class A		19.04	%		16.94	%		3.90	%
Institutional		19.25			16.94			4.41
Separate Account Institutional		19.28			16.94			4.46


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 Barclays Capital U.S. Credit Index is an unmanaged index which is unbundled into pure corporates (industrial, utility, and finance, including both U.S. and Non-U.S. corporations) and non-corporates (sovereign, supranational, foreign agencies, and foreign local governments). The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an 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 9/30/09	One Year			Five Years			Since Inception			Inception Date


Class A		7.70	%		1.71	%		2.45	%	11/3/03
Institutional		12.17			2.87			3.52		11/3/03
Separate Account Institutional		12.20			2.94			3.57		11/3/03

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 3.75% for Class A Shares. Effective July 29, 2009, the maximum sales charge for Class A was changed retroactively from 4.50% to the current charge of 3.75% for Class A shares. As a result, the Standardized Average Total Returns reflect the updated sales charge for Class A since inception. Because Institutional and Separate Account Institutional 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 fee waivers and/or expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS⁵


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


Class A		0.76	%		0.97	%
Institutional		0.40			0.63
Separate Account Institutional		0.35			0.58

⁵

FUND BASICS

SECTOR ALLOCATIONS⁶

Percentage of Net Assets


⁶	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent repurchase agreements. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.

⁷	Please refer to the table below for Top Ten Industry Allocations in the Corporate Obligations Sector.

⁸	“Government Guarantee Obligations” are guaranteed under the Federal Deposit Insurance Corporation’s (“FDIC”) Temporary Liquidity Guarantee Program and are backed by the full faith and credit of the United States. The expiration date of the FDIC’s guarantee is the earlier of the maturity date of the debt or June 30, 2012.

⁹	“Agency Debentures” include agency securities offered by companies such as Fannie Mae and Freddie Mac which operate under a government charter. While they have 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.

TOP TEN INDUSTRY ALLOCATIONS¹⁰


	Percentage of Net Assets
	as of 9/30/09			as of 3/31/09


Banks		17.2	%		12.2	%
Pipelines		9.1			6.7
Electric		6.5			8.2
Media		6.4			7.9
Energy		5.2			4.8
Wirelines and Wireless Communications		5.0			5.9
Insurance		4.6			6.2
Brokerage		3.3			7.3
Food & Beverage		3.2			3.6
Real Estate Investment Trusts		3.0			5.4


¹⁰	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

PORTFOLIO RESULTS

Goldman Sachs Local Emerging
Markets Debt Fund

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income Investment Management Team discusses the Fund’s performance and positioning for the six months ended September 30, 2009.


Q	How did the Goldman Sachs Local Emerging Markets Debt Fund (the “Fund”) perform during the Reporting Period?

A	During the Reporting Period, the Fund’s Class A, C and Institutional Shares generated cumulative total returns, without sales charges, of 26.09%, 25.43% and 26.16%, respectively. These returns compare to the 26.01% cumulative total return of the Fund’s benchmark, the J.P. Morgan Government Bond Index — Emerging Markets Global Diversified Index (with dividends reinvested) (the “J.P. Morgan Index”), during the same time period.

Q	What key factors were responsible for the Fund’s performance during the Reporting Period?

A	The Fund’s currency exposure to the Brazilian real and the Peruvian new sol contributed the most to its returns. As mentioned in our Market Review, emerging market currencies have been underpinned by current account surpluses and strong growth rates relative to developed economies. In our view, they are not easily undermined and can anchor valuations over the medium term. Country and issue selection were also advantageous to the Fund’s results.

Q	Which segments of local emerging markets debt most significantly affected Fund performance?

A	The Fund benefited from country and issue selection in Hungary and Turkey. Hungary posted a second-quarter current account surplus, above consensus expectations and the country’s first surplus in more than a decade, thereby reducing the need for external financing. The surplus was accompanied by a sharp drop in domestic demand growth and aided by international funding from the IMF, World Bank, and European Union. Hungary’s economy seems to be on the path to a gradual recovery with a manageable external deficit. Detracting from Fund results was country and issue selection in Mexico and Peru.
Q	Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period?

A	The Fund does not use duration and yield curve positioning as active management strategies within its investment process.

Q	Were there any notable changes in the Fund’s sector weightings during the Reporting Period?

A	There were no substantial changes made in the Fund’s sector weightings during the Reporting Period.

Q	How was the Fund positioned at the end of September 2009?

A	At the end of September 2009, the Fund’s largest positions were in Brazil and Indonesia, and its smallest positions were in Uruguay and Hungary.

Investment Objective

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

FUND BASICS

Local Emerging Markets Debt Fund

as of September 30, 2009

PERFORMANCE REVIEW


April 1, 2009–	Fund Total Return			J.P. Morgan GBI EM			30-Day
September 30, 2009	(based on NAV¹)			Global Diversified Index²			Standardized Yield³


Class A		26.09	%		26.01	%		4.87	%
Class C		25.43			26.01			4.39
Institutional		26.16			26.01			5.47


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 assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.
²	The J.P. Morgan GBI EM Global Diversified Index is an unmanaged index of debt instruments of 14 Emerging Countries. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an 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 ending 9/30/09	One Year			Since Inception			Inception Date


Class A		0.95	%		-4.57	%	2/15/08
Class C		4.96			-2.56		2/15/08
Institutional		5.99			-1.57		2/15/08

⁴

EXPENSE RATIOS⁵


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


Class A		1.35	%		1.65	%
Class C		2.10			2.40
Institutional		1.01			1.31

⁵

FUND BASICS

TOP 10 COUNTRY ALLOCATION⁶


	Percentage of Net Assets
	as of 9/30/09			as of 3/31/09


Brazil		10.4	%		2.5	%
Mexico		8.7			10.9
Turkey		8.5			7.2
South Africa		6.6			—
Poland		5.7			4.4
Hungary		5.3			4.4
Peru		4.6			4.9
Uruguay		2.9			2.8
Indonesia		2.9			4.8
Russia		2.8			3.8


⁶	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The above table does not include repurchase agreements of 31.1% as of 9/30/09 and 44.0% as of 3/31/09.

PORTFOLIO RESULTS

Goldman Sachs U.S. Mortgages Fund

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Fund’s performance and positioning for the six months ended September 30, 2009.


Q	How did the Goldman Sachs U.S. Mortgages Fund (the “Fund”) perform during the Reporting Period?

A	During the Reporting Period, the Fund’s Class A, Institutional and Separate Account Institutional Shares generated cumulative total returns, without sales charges, of 7.73%, 7.81% and 7.84%, respectively. These returns compare to the 4.90% cumulative total return of the Fund’s benchmark, the Barclays Capital Securitized Index (with dividends reinvested) (the “Barclays Index”), during the same time period.

Q	What key factors were responsible for the Fund’s performance during the Reporting Period?

A	The Fund benefited most from an overweighted position relative to the Barclays Index in non-agency residential mortgage-backed securities (RMBS). Its short duration position compared to the Barclays Index also enhanced relative performance. Duration is a measure of the Fund’s sensitivity to changes in interest rates. An overweighted allocation to commercial mortgage-backed securities (CMBS) further contributed to relative performance. Individual issue selection in RMBS, CMBS, and asset-backed securities (ABS) detracted from relative performance.

Q	Which segments of the U.S. mortgage-backed securities sector most significantly affected Fund performance?

A	The Fund’s exposure to credit-sensitive mortgage-backed securities was beneficial. Non-agency RMBS, including adjustable-rate mortgages (ARMs), performed especially well. RMBS benefited from improved supply and demand technicals and were further boosted by the release of details that indicated support of the sector within the highly anticipated Public-Private Investment Program (PPIP) and in part due to a variety of housing market indicators suggesting overall activity seemed to be stabilizing. For example, new home sales increased in August 2009 for the fourth consecutive month. Also, 18 of the 20 cities comprising the S&P/Case-Shiller Home Price Index posted modest price gains, and sales of existing homes rose for the fourth straight month.

Investment Objective

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

An overweighted position in CMBS added to the Fund’s relative performance on strong demand for CMBS bonds eligible for the U.S. government’s Term Asset-backed Loan Facility (TALF). There was also strong demand for Re-REMICs, which are pools of commercial mortgage-backed securities that tend to have higher credit enhancement on senior tranches.

The major detractor from the Fund’s relative performance during the Reporting Period was individual issue selection among collateralized mortgage-backed securities, CMBS and mortgage-related ABS.


Q	Did the Fund’s duration and yield curve positioning strategy help or hurt its results during the Reporting Period?

A	Overall, the Fund’s short duration position in the longer-maturity end of the U.S. fixed income yield curve relative to the Barclays Index contributed positively to its performance. This was especially true during the second quarter of 2009, as interest rates rose during these months on improving financial conditions and a stabilization of macroeconomic data. However, the same positioning detracted from performance as interest rates declined during the third calendar quarter, with U.S. government securities rallying as supply was generally well absorbed.

Q	Were there any notable changes in the Fund’s weightings during the Reporting Period?

A	During the Reporting Period, we reduced the Fund’s cash position and increased its allocations to CMBS and collateralized mortgage obligations (CMOs).

PORTFOLIO RESULTS


Q	How was the Fund positioned relative to its benchmark index at the end of September 2009?

A	At the end of September 2009, the Fund had overweighted allocations relative to the Barclays Index in agency securities, non-agency ARMs and CMBS. The Fund was underweight relative to the benchmark index in ABS, agency ARMs and premium agency pass-through mortgages. Pass-through mortgages consist of a pool of residential mortgage loans, where homeowners’ monthly payments of principal, interest and prepayments pass from the original bank through a government agency or investment bank to investors.

FUND BASICS

U.S. Mortgages Fund

as of September 30, 2009

PERFORMANCE REVIEW


April 1, 2009–	Fund Total Return			Barclays Capital			30-Day
September 30, 2009	(based on NAV)¹			Securitized Index²			Standardized Yield³


Class A		7.73	%		4.90	%		3.66	%
Institutional		7.81			4.90			4.17
Separate Account Institutional		7.84			4.90			4.22


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 Barclays Capital Securitized Index is an unmanaged composite of asset-backed securities, collateralized mortgage-backed securities and fixed rate mortgage-backed securities. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an 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 9/30/09	One Year			Five Years			Since Inception			Inception Date


Class A		6.17	%		3.09	%		3.45	%	11/3/03
Institutional		10.68			4.28			4.53		11/3/03
Separate Account Institutional		10.62			4.34			4.57		11/3/03

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 3.75% for Class A Shares. Effective July 29, 2009, the maximum sales charge for Class A was changed retroactively from 4.50% to the current charge of 3.75% for Class A shares. As a result, the Standardized Average Total Returns reflect the updated sales charge for Class A since inception. Because Institutional and Separate Account Institutional 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 fee waivers and/or expense limitations in effect. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

EXPENSE RATIOS⁵


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


Class A		0.76	%		0.91	%
Institutional		0.40			0.57
Separate Account Institutional		0.35			0.52

⁵

FUND BASICS

SECTOR ALLOCATIONS⁶

Percentage of Net Assets


⁶	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent repurchase agreements. Figures in the above graph may not sum up to 100% due to the exclusion of other assets and liabilities.
⁷	Federal Agencies are mortgage-backed securities guaranteed by Ginnie Mae, Fannie Mae and Freddie Mac. Ginnie Mae instruments are backed by the full faith and credit of the United States.
⁸	“Agency Debentures” include agency securities offered by companies such as Fannie Mae and Freddie Mac, which operate under a government charter. While they have to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company.

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Sovereign Debt Obligations – 70.8%


	Argentina – 4.2%
	Republic of Argentina (B-/NR)
	$	4,320,000		7.000	%		03/28/11	$	3,931,800
		5,840,000		7.000			10/03/15		4,202,529
		3,090,000		2.500	^(a)		12/31/38		1,035,150

									9,169,479


	Brazil – 7.4%
	Federal Republic of Brazil (BBB-/Baa3)
		900,000		6.000			01/17/17		969,300
		5,185,000		8.000			01/15/18		5,999,045
		1,780,000		5.875			01/15/19		1,909,940
		5,330,000		8.250			01/20/34		7,027,605
		350,000		5.625			01/07/41		341,243

									16,247,133


	Colombia – 1.2%
	Republic of Colombia (BBB-/Ba1)
		2,240,000		7.375			03/18/19		2,576,000


	Dominican Republic – 1.2%
	Dominican Republic (B/B2)
		1,085,326		9.040			01/23/18		1,150,445
		1,160,000		8.625			04/20/27		1,125,200
		300,000		8.625	^(b)		04/20/27		291,000

									2,566,645


	El Salvador – 0.6%
	Republic of El Salvador (BB/Baa3)
		1,330,000		8.250			04/10/32		1,416,450


	Gabon^(b) – 0.6%
	Republic of Gabon (BB-/NR)
		1,380,000		8.200			12/12/17		1,421,400


	Georgia – 0.2%
	Republic of Georgia (B/NR)
		570,000		7.500			04/15/13		547,200


	Ghana – 0.3%
	Republic of Ghana (B+/NR)
		580,000		8.500			10/04/17		578,550


	Indonesia – 10.3%
	Republic of Indonesia (BB-/Ba2)
		4,650,000		6.750			03/10/14		4,987,125
		3,770,000		10.375			05/04/14		4,589,975
		5,340,000		11.625	^(b)		03/04/19		7,502,700
		480,000		11.625			03/04/19		674,400
		740,000		6.625			02/17/37		731,675
		300,000		7.750			01/17/38		333,000
		3,400,000		7.750	^(b)		01/17/38		3,774,000

									22,592,875


	Iraq – 0.7%
	Republic of Iraq (NR/NR)
		2,090,000		5.800			01/15/28		1,575,338


	Lebanon – 1.2%
	Republic of Lebanon MTN (B-/NR)
		2,983,500		4.000			12/31/17		2,610,563


	Malaysia – 1.8%
	Malaysia (A-/A3)
		3,500,000		7.500			07/15/11		3,851,013


	Mexico – 3.9%
	United Mexican States (BBB+/Baa1)
		420,000		5.625			01/15/17		440,475
		2,560,000		5.950			03/19/19		2,694,400
		1,990,000		7.500			04/08/33		2,378,050
		950,000		6.750			09/27/34		1,047,375
		1,990,000		6.050			01/11/40		2,007,512

									8,567,812


	Pakistan^(b) – 0.4%
	Islamic Republic of Pakistan (B-/B3)
		1,070,000		6.875			06/01/17		914,850


	Panama – 1.3%
	Republic of Panama (BB+/Ba1)
		2,542,000		6.700			01/26/36		2,796,200


	Peru – 3.3%
	Republic of Peru (BBB-/Ba1)
		2,910,000		7.125			03/30/19		3,368,325
		1,790,000		8.750			11/21/33		2,389,650
		1,380,000		6.550			03/14/37		1,500,750

									7,258,725


	Philippines – 4.9%
	Republic of Philippines (NR/Ba3)
		2,325,000		7.500			09/25/24		2,624,460
	Republic of Philippines (BB-/Ba3)
		690,000		8.375			06/17/19		840,903
		1,000,000		9.500	^(c)		10/21/24		1,272,500
		4,200,000		10.625			03/16/25		5,911,500

									10,649,363


	Poland – 2.3%
	Republic of Poland (A-/A2)
		4,420,000		6.375			07/15/19		4,944,212


	Qatar – 1.0%
	State of Qatar (AA-/Aa2)
		950,000		6.550			04/09/19		1,059,250
		1,100,000		6.550	^(b)		04/09/19		1,226,500

									2,285,750


	Russia^(a) – 6.3%
	Russian Federation (BBB/Baa1)
		12,675,900		7.500			03/31/30		13,832,576


	Serbia^(a) – 0.5%
	Republic of Serbia (BB-/NR)
		1,140,000		3.750			11/01/24		1,122,900


	South Africa – 1.1%
	Republic of South Africa (BBB+/A3)
		1,490,000		6.875			05/27/19		1,666,938
		700,000		5.875			05/30/22		719,250

									2,386,188

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Sovereign Debt Obligations – (continued)

	Sri Lanka – 0.3%
	Republic of Sri Lanka (B/NR)
	$	540,000		8.250	%		10/24/12	$	549,450


	Turkey – 6.3%
	Republic of Turkey (BB-/Ba3)
		1,910,000		6.750			04/03/18		2,010,275
		2,760,000		7.000			03/11/19		2,939,400
		2,020,000		7.500			11/07/19		2,224,525
		3,980,000		7.250			03/05/38		4,114,325
	Turkey Government Bond (BB/NR)
	TRY	3,411,763		10.000			02/15/12		2,586,411

									13,874,936


	Ukraine – 2.1%
	Ukraine Government (CCC+/B2)
	$	1,420,000		6.875			03/04/11		1,317,050
	EUR	900,000		4.950			10/13/15		968,005
	$	1,130,000		6.580			11/21/16		887,050
		1,960,000		6.750			11/14/17		1,538,600

									4,710,705


	Uruguay – 3.7%
	Republic of Uruguay (BB/Ba3)
		3,449,587		8.000			11/18/22		3,863,537
		2,350,000		6.875			09/28/25		2,420,500
		1,820,000		7.625			03/21/36		1,929,200

									8,213,237


	Venezuela – 3.7%
	Republic of Venezuela (NR/B2)
		1,210,000		7.650			04/21/25		807,675
	Republic of Venezuela (BB-/B2)
		1,060,000		13.625			08/15/18		1,091,800
		9,960,000		6.000			12/09/20		6,150,300

									8,049,775


	TOTAL SOVEREIGN DEBT OBLIGATIONS
	(Cost $139,718,279)							$	155,309,325




Corporate Obligations – 22.6%


	Bermuda – 1.9%
	Digicel Group Ltd. (NR/Caa1)
	$	1,570,000		8.875	%		01/15/15	$	1,460,100
	Qtel International Finance Ltd. (A-/A1)^(b)
		2,400,000		7.875			06/10/19		2,742,000

									4,202,100


	Brazil – 1.7%
	Companhia Energetica de Sao Paulo (NR/Ba2)
	BRL	3,695,168		9.750			01/15/15		2,079,339
	Independencia International Ltd. (NR/WR)^(b)(d)
	$	1,970,000		9.875			05/15/15		344,750
	RBS – Zero Hora Editora Jornalistica SA (BB/NR)^(b)

	BRL	800,000		11.250			06/15/17		365,771


	Telemar Norte Leste S.A. (NR/Baa2)^(b)
		860,000		9.500			04/23/19		1,027,700

									3,817,560


	Cayman Islands – 1.5%
	CSN Islands XI Corp. (BB+/Ba1)^(b)
		800,000		6.875			09/21/19		802,000
	Petrobras International Finance Co. (BBB-/Baa1)
		2,210,000		7.875			03/15/19		2,535,975

									3,337,975


	Chile – 0.8%
	Corporacion Nacional del Cobre (A/A1)
		400,000		7.500			01/15/19		480,382
	Empresa Nacional del Petroleo (BBB/A3)^(b)
		1,100,000		6.250			07/08/19		1,168,452

									1,648,834


	Colombia – 2.5%
	Ecopetrol SA (BB+/Baa2)^(b)
		2,530,000		7.625			07/23/19		2,758,555
	EEB International Ltd. (BB/NR)^(b)
		690,000		8.750			10/31/14		741,750
	TGI International Ltd. (BB/NR)
		1,040,000		9.500			10/03/17		1,123,200
		760,000		9.500	^(b)		10/03/17		817,000

									5,440,505


	Ireland – 1.1%
	VIP Finance Ireland Ltd. for OJSC Vimpel Communications (BB+/Ba2)
		1,140,000		8.375			04/30/13		1,188,450
		640,000		9.125	^(b)		04/30/18		670,400
		430,000		9.125			04/30/18		450,425

									2,309,275


	Kazakhstan – 2.6%
	KazMunaiGaz Finance Sub BV (BB+/Baa2)
		2,010,000		8.375	^(b)		07/02/13		2,115,525
		850,000		11.750			01/23/15		1,005,125
		2,100,000		11.750	^(b)		01/23/15		2,483,250

									5,603,900


	Malaysia^(b) – 0.9%
	Petronas Capital Ltd. (A-/A1)
		2,000,000		5.250			08/12/19		2,024,108


	Mexico – 3.0%
	Pemex Project Funding Master Trust (BBB+/Baa1)
		2,220,000		1.599	^(e)		06/15/10		2,217,336
		1,370,000		5.750			03/01/18		1,365,205
	Petroleos Mexicanos (BBB+/Baa1)
		2,770,000		8.000			05/03/19		3,163,340

									6,745,881


	Netherlands^(b) – 0.5%
	Arcos Dorados BV (BBB-/Ba2)
		1,050,000		7.500			10/01/19		1,042,081

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)

	Qatar^(b) – 1.5%
	Ras Laffan Liquefied Natural Gas Co. Ltd. III (A/Aa2)
	$	3,200,000		5.500	%		09/30/14	$	3,384,000


	South Africa – 1.1%
	Peermont Proprietary Global Ltd. (B/B3)
	EUR	1,910,000		7.750			04/30/14		2,375,747


	Trinidad and Tobago^(b) – 0.9%
	Petroleum Co. of Trinidad & Tobago Ltd. (BBB/Baa3)
	$	1,730,000		9.750			08/14/19		1,956,574


	United Arab Emirates^(b) – 0.8%
	Dolphin Energy Ltd. (NR/Aa3)
		1,700,000		5.888			06/15/19		1,718,071


	Venezuela – 1.8%
	Petroleos de Venezuela SA (NR/NR)^(f)
		920,000		0.000			07/10/11		701,960
	Petroleos de Venezuela SA (B+/NR)
		2,390,000		5.250			04/12/17		1,475,825
		3,720,000		5.375			04/12/27		1,789,320

									3,967,105


	TOTAL CORPORATE OBLIGATIONS
	(Cost $47,223,156)							$	49,573,716


	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT
	(Cost $186,941,435)							$	204,883,041




Repurchase Agreement^(g) – 3.4%


	Joint Repurchase Agreement Account II
	$	7,400,000		0.061	%		10/01/09	$	7,400,000
	Maturity Value: $7,400,013
	(Cost $7,400,000)


	TOTAL INVESTMENTS – 96.8%
	(Cost $194,341,435)							$	212,283,041


	OTHER ASSETS IN EXCESS OF LIABILITIES – 3.2%								6,909,756


	NET ASSETS – 100.0%							$	219,192,797

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


(a)		Coupon increases periodically based upon a predetermined schedule. Stated interest rate in effect at September 30, 2009.

(b)		Securities are exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $41,292,437, which represents approximately 18.8% of net assets as of September 30, 2009.

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

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

(e)		Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2009.

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

(g)		Joint repurchase agreement was entered into on September 30, 2009. Additional information appears on page 65.

Security ratings disclosed, if any, are issued by Standard & Poor’s/Moody’s Investors Service. A brief description of the ratings is available in the Fund’s Statement of Additional Information.




Investment Abbreviations:
KWCDC	—	South Korean Won Certificate of Deposit
LIBOR	—	London Interbank Offered Rate
MTN	—	Medium-Term Note
NR	—	Not Rated
TIIE	—	La Tasa de Interbank Equilibrium Interest Rate
WR	—	Withdrawn Rating

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2009, 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
Exchange Contracts with Unrealized Gain	Type	Date	Settlement Date		Value		Gain

Brazilian Real	Purchase	01/19/10	$	2,105,000	$	2,119,682	$	14,682
Euro	Sale	10/13/09		446,380		445,505		875
South Korean Won	Purchase	01/19/10		2,756,994		2,817,312		60,318
Turkish Lira	Purchase	12/16/09		516,652		525,416		8,764


TOTAL							$	84,639




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

Brazilian Real	Sale	01/19/10	$	292,425	$	299,160	$	(6,735	)
Euro	Sale	10/13/09		2,132,246		2,187,814		(55,568	)
Mexican Peso	Purchase	12/16/09		1,922,441		1,893,138		(29,303	)


TOTAL							$	(91,606	)

SWAP CONTRACTS — At September 30, 2009, the Fund had outstanding swap contracts with the following terms:

INTEREST RATE SWAP CONTRACTS


				Rates Exchanged
	Notional			Payments			Payments
	Amount		Termination	received by			made by	Market
Swap Counterparty	(000s)		Date	the Fund			the Fund	Value*

Citibank NA	MXN	140,000	09/13/11		6.250	%	Mexico Interbank TIIE 28 Days	$	(21,866	)
Deutsche Bank Securities, Inc.	KRW	12,550,000	01/20/11		2.980		3 month KWCDC		(84,996	)
		15,000,000	06/12/11		3.870		3 month KWCDC		(1,370	)
		2,601,578	07/06/11		3.620		3 month KWCDC		(6,223	)
		4,346,604	07/07/11		3.626		3 month KWCDC		(10,157	)
JPMorgan Securities, Inc.		2,067,310	07/08/11		3.660		3 month KWCDC		(3,796	)


TOTAL								$	(128,408	)


*	There are no upfront payments on the swaps listed above, therefore, the unrealized loss of the swap contracts is equal to their market value.

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


ADDITIONAL INVESTMENT INFORMATION (continued)

TOTAL RETURN SWAP CONTRACT

Notional

Amount

Reference

Termination

Financing

Market

Swap Counterparty

(000s)

Security

Date

Fee#

Value*

Deutsche Bank Securities, Inc.

TRY

2,800

Turkish
Government Bond
12.000%, 08/14/13

08/14/13

TRY Central
Deposit Bank
+0.400%

$563,229


*	There is no upfront payment on the swap listed above, therefore, the unrealized gain of the swap contract is equal to its market value.

#	The Fund receives semi-annual coupon payments in accordance with the swap contract. On the termination date of the swap contract, the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars).

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – 93.2%


	Aerospace – 0.7%
	BE Aerospace, Inc. (BB/Ba3)
	$	3,625,000		8.500	%		07/01/18	$	3,706,562
	Esterline Technologies Corp. (B+/B1)
		4,270,000		7.750			06/15/13		4,227,300
	Mecachrome International, Inc. (NR/WR)^(a)
	EUR	3,500,000		9.000			05/15/14		358,521
	Moog, Inc. (B+/Ba3)
	$	210,000		6.250			01/15/15		197,400
	Sequa Corp. (CCC/Caa2)^(b)
		5,312,390		13.500	^(c)		12/01/15		4,037,416
		9,250,000		11.750			12/01/15		7,215,000
	TransDigm, Inc. (B-/B3)
		13,500,000		7.750			07/15/14		13,365,000
	Vought Aircraft Industries, Inc. (CCC+/B3)
		2,750,000		8.000			07/15/11		2,736,250

									35,843,449


	Agriculture – 0.9%
	JBS USA LLC/JBS USA Finance, Inc. (B+/B1)^(b)
		9,250,000		11.625			05/01/14		9,943,750
	Land O’ Lakes, Inc. (BB+/Ba2)
		320,000		8.750			11/15/11		320,000
	Land O’ Lakes, Inc. (BBB/Baa3)
		3,000,000		9.000			12/15/10		3,022,500
	National Beef Packing Co. LLC/NB Finance Corp. (B-/Caa1)
		3,000,000		10.500			08/01/11		3,000,000
	Pilgrim’s Pride Corp. (NR/WR)^(a)
		5,750,000		7.625			05/01/15		6,267,500
	Smithfield Foods, Inc. (B+/Ba3)^(b)
		3,000,000		10.000			07/15/14		3,150,000
	Smithfield Foods, Inc. (B-/Caa1)
		2,000,000		7.000			08/01/11		1,920,000
		9,125,000		7.750			05/15/13		8,189,688
		12,125,000		7.750			07/01/17		9,821,250
	Tereos Europe (BB/B1)
	EUR	4,000,000		6.375			04/15/14		5,531,459

									51,166,147


	Automotive – 2.3%
	FCE Bank PLC (B-/Caa1)
		10,000,000		7.125			01/16/12		13,933,229
		4,000,000		7.125			01/15/13		5,420,730
	Ford Motor Credit Co. LLC (CCC+/Caa1)
	$	7,000,000		7.375			10/28/09		7,000,000
		3,500,000		5.700			01/15/10		3,517,500
	EUR	7,000,000		4.875			01/15/10		10,141,059
	$	8,185,000		7.875			06/15/10		8,205,462
		5,000,000		9.750			09/15/10		5,137,500
		3,125,000		8.625			11/01/10		3,179,688
		6,250,000		7.375			02/01/11		6,218,750
		12,000,000		9.875			08/10/11		12,270,000
		32,125,000		7.250			10/25/11		31,241,562
		7,000,000		7.000			10/01/13		6,580,000
		8,000,000		12.000			05/15/15		8,840,000
	General Motors Corp. (NR/WR)^(a)
		7,125,000		7.125			07/15/13		1,068,750
		2,000,000		7.700			04/15/16		300,000


		1,000,000		8.800	%^(d)		03/01/21		150,000
	EUR	2,000,000		8.375			07/05/33		429,347
	$	14,500,000		8.375			07/15/33		2,320,000

									125,953,577


	Automotive Parts – 1.1%
	Accuride Corp. (D/C)^(a)
		3,000,000		8.500			02/01/15		1,500,000
	Allison Transmission, Inc. (CCC+/Caa2)^(b)
		3,250,000		11.250	^(c)		11/01/15		2,998,125
		4,500,000		11.000			11/01/15		4,365,000
	Lear Corp. Series B (D/WR)^(a)
		6,750,000		8.500			12/01/13		4,455,000
	Tenneco, Inc. (B-/B3)
		2,000,000		8.125			11/15/15		1,920,000
	Tenneco, Inc. (CCC/Caa2)
		2,750,000		8.625			11/15/14		2,571,250
	The Goodyear Tire & Rubber Co. (B+/B1)
		3,000,000		8.625			12/01/11		3,112,500
		1,950,000		9.000			07/01/15		2,023,125
		8,625,000		10.500			05/15/16		9,401,250
	The Goodyear Tire & Rubber Co. (B+/B2)
		5,000,000		7.857			08/15/11		5,112,500
	TRW Automotive, Inc. (CCC+/Caa2)
		7,000,000		7.000	^(b)		03/15/14		6,440,000
	EUR	7,000,000		6.375			03/15/14		8,809,361
	United Components, Inc. (B-/Caa2)
	$	5,500,000		9.375			06/15/13		4,413,750
	Visteon Corp. (NR/WR)^(a)(b)(d)
		2,069,000		12.250			12/31/16		527,595

									57,649,456


	Banks – 1.4%
	Bank of America Corp. (A-/A3)
		6,500,000		5.420			03/15/17		6,179,150
	Bank of America Corp. (B/B3)^(e)
		3,500,000		8.000			12/29/49		3,111,850
	Citigroup, Inc. (A-/Baa1)
		10,500,000		5.000			09/15/14		10,017,112
		2,375,000		4.875			05/07/15		2,230,229
	Lloyds Banking Group PLC (CCC+/B3)^(b)(e)
		21,000,000		5.920			10/01/49		11,760,000
		13,000,000		6.413			10/01/49		7,540,000
		15,900,000		6.267			11/14/49		9,460,500
	Wells Fargo Capital XIII (A-/Ba3)^(e)
		28,125,000		7.700			03/26/49		24,750,000
	Wells Fargo Capital XV (A-/Ba3)^(e)
		2,000,000		9.750			09/26/49		2,080,000

									77,128,841


	Building Materials – 2.2%
	Associated Materials, Inc. (CCC-/Caa2)^(f)
		13,500,000		11.250			03/01/14		10,192,500
	Associated Materials, Inc. (CCC/B3)
		1,250,000		9.750			04/15/12		1,212,500

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)
	Building Materials – (continued)

	Atrium Cos., Inc. (CC/C)^(b)(c)
	$	7,257,165		15.000	%		12/15/12	$	90,714
	Calcipar SA (B+/B1)^(e)
	EUR	7,521,000		2.308			07/01/14		6,988,713
	CPG International, Inc. (B-/Caa1)
	$	3,500,000		10.500			07/01/13		2,957,500
	Grohe Holding GMBH (B-/B3)^(e)
	EUR	11,250,000		3.871			01/15/14		13,910,961
	Grohe Holding GMBH (CCC/Caa1)
		24,500,000		8.625			10/01/14		26,530,517
	Heating Finance PLC (C/Caa3)
	GBP	2,000,000		7.875			03/31/14		2,620,968
	Legrand France SA (BBB/Baa3)
	$	5,050,000		8.500			02/15/25		4,696,500
	Nortek, Inc. (CC/Caa2)
		4,000,000		10.000			12/01/13		4,070,000
	Nortek, Inc. (D/Ca)
		24,500,000		8.500			09/01/14		16,905,000
	NTK Holdings, Inc. (C/C)^(f)
		10,000,000		10.750			03/01/14		275,000
	Owens Corning, Inc. (BBB-/Ba1)
		8,630,000		6.500			12/01/16		8,420,222
		3,750,000		7.000			12/01/36		3,123,098
	Panolam Industries International, Inc. (D/C)^(a)
		6,500,000		10.750			10/01/13		292,500
	PLY Gem Industries, Inc. (CC/Ca)
		6,250,000		9.000			02/15/12		3,437,500
	PLY Gem Industries, Inc. (CCC/Caa1)
		5,250,000		11.750			06/15/13		4,646,250
	Texas Industries, Inc. (B+/B2)
		7,250,000		7.250			07/15/13		6,996,250
	USG Corp. (B+/Caa1)
		3,000,000		6.300			11/15/16		2,550,000

									119,916,693


	Capital Goods – 1.9%
	Altra Industrial Motion, Inc. (B+/B1)
		2,000,000		9.000			12/01/11		2,040,000
	Baldor Electric Co. (B/B3)
		14,250,000		8.625			02/15/17		14,463,750
	Briggs & Stratton Corp. (BB-/Ba3)
		2,500,000		8.875			03/15/11		2,593,750
	Mueller Water Products, Inc. (B-/Caa1)
		8,750,000		7.375			06/01/17		7,612,500
	Nexans SA (BB+/NR)
	EUR	7,000,000		5.750			05/02/17		9,680,053
	RBS Global & Rexnord Corp. (B-/Caa2)
	$	20,440,000		9.500			08/01/14		19,826,800
		8,000,000		8.875			09/01/16		6,680,000
	RBS Global & Rexnord Corp. (CCC+/Caa3)
		17,500,000		11.750			08/01/16		15,837,500
	SPX Corp. (BB/Ba2)
		1,000,000		7.625			12/15/14		1,007,500
	Terex Corp. (B/Caa1)
		9,000,000		8.000			11/15/17		8,280,000


	Terex Corp. (BB-/B2)
		12,375,000		10.875			06/01/16		13,488,750
	VAC Finanzierung GMBH (CC/Ca)
	EUR	4,000,000		9.250			04/15/16		1,463,349

									102,973,952


	Chemicals – 3.5%
	Airgas, Inc. (BBB-/Ba1)^(b)
	$	5,750,000		7.125			10/01/18		5,908,125
	Basell AF SCA (NR/WR)^(a)
		11,625,000		8.375	^(b)		08/15/15		1,918,125
	EUR	2,250,000		8.375			08/15/15		526,806
	Cognis GMBH (B-/B2)^(e)
		20,325,000		2.773			09/15/13		26,099,103
	Cognis GMBH (CCC/Caa2)
		19,000,000		9.500			05/15/14		26,969,521
	Equistar Chemicals LP (NR/WR)^(a)
	$	2,000,000		7.550			02/15/26		1,320,000
	Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC (CCC/Caa1)
		6,750,000		9.750			11/15/14		5,821,875
	Huntsman International LLC (CCC+/B3)
	EUR	2,500,000		6.875			11/15/13		3,255,951
	$	6,000,000		7.875			11/15/14		5,580,000
	Ineos Group Holdings PLC (CCC-/Caa3)
		6,000,000		8.500	^(b)		02/15/16		2,850,000
	EUR	7,875,000		7.875			02/15/16		5,531,459
	Invista (B/Ba3)^(b)
	$	1,600,000		9.250			05/01/12		1,608,000
	KRATON Polymers LLC/Capital Corp. (CCC/Caa1)
		7,975,000		8.125			01/15/14		5,532,656
	MacDermid, Inc. (CCC/Caa2)^(b)
		9,250,000		9.500			04/15/17		8,510,000
	Momentive Performance Materials, Inc. (C/B3)^(b)
		5,541,975		12.500			06/15/14		5,777,509
	Momentive Performance Materials, Inc. (C/Caa2)
	EUR	3,750,000		9.000			12/01/14		4,005,918
	$	5,528,000		9.750			12/01/14		4,243,341
	Momentive Performance Materials, Inc. (C/Caa3)
		2,310,000		11.500			12/01/16		1,501,500
	Nalco Co. (B/B2)
		7,500,000		8.875			11/15/13		7,743,750
	EUR	10,000,000		9.000			11/15/13		14,999,327
	Nalco Co. (BB-/Ba2)
		540,000		7.750			11/15/11		788,233
	Rhodia S.A. (BB-/B1)^(e)
		6,750,000		3.746			10/15/13		8,791,069
	Rockwood Specialties Group, Inc. (B-/B3)
		20,500,000		7.625			11/15/14		29,998,654
	SPCM SA (B+/B3)
		3,250,000		8.250			06/15/13		4,851,002
	The Mosaic Co. (BBB-/Baa2)^(b)
	$	1,125,000		7.375			12/01/14		1,203,750
		3,385,000		7.625			12/01/16		3,638,875

									188,974,549

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

GOLDMAN SACHS HIGH YIELD FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)

	Conglomerates – 1.1%
	Blount, Inc. (B/B2)
	$	6,750,000		8.875	%		08/01/12	$	6,851,250
	Bombardier, Inc. (BB+/Ba2)
		9,500,000		6.750	^(b)		05/01/12		9,642,500
		4,500,000		6.300	^(b)		05/01/14		4,410,000
		1,320,000		8.000	^(b)		11/15/14		1,356,300
	EUR	2,000,000		7.250	^(b)		11/15/16		2,955,965
		3,500,000		7.250			11/15/16		5,160,647
	Park-Ohio Industries, Inc. (CCC+/Caa2)
	$	5,000,000		8.375			11/15/14		3,850,000
	Polypore, Inc. (B-/B3)
		4,750,000		8.750			05/15/12		4,631,250
	EUR	10,500,000		8.750			05/15/12		14,366,428
	Spectrum Brands, Inc. (CCC/Caa2)^(c)
	$	3,582,511		12.000			08/28/19		3,403,385
	Trimas Corp. (B-/Caa2)
		5,401,000		9.875			06/15/12		4,914,910

									61,542,635


	Construction Machinery – 0.3%
	Case New Holland, Inc. (BB+/Ba3)
		1,500,000		7.750	^(b)		09/01/13		1,496,250
		3,750,000		7.125			03/01/14		3,675,000
		953,000		7.250			01/15/16		914,880
	Douglas Dynamics LLC (B-/B3)^(b)
		1,750,000		7.750			01/15/12		1,583,750
	Dresser-Rand Group, Inc. (BB-/B1)
		10,106,000		7.375			11/01/14		9,929,145

									17,599,025


	Consumer Products-Household & Leisure – 1.8%
	Affinion Group, Inc. (B-/B2)
		6,250,000		10.125			10/15/13		6,437,500
	Affinion Group, Inc. (B-/Caa1)
		4,625,000		11.500			10/15/15		4,717,500
	Ames True Temper (B-/Caa1)^(e)
		2,000,000		4.509			01/15/12		1,740,000
	Easton-Bell Sports, Inc. (CCC/Caa1)
		7,000,000		8.375			10/01/12		6,475,000
	Elizabeth Arden, Inc. (B/B1)
		3,250,000		7.750			01/15/14		3,136,250
	Freedom Group, Inc. (B+/B1)^(b)
		3,125,000		10.250			08/01/15		3,312,500
	Harry & David Holdings, Inc. (C/Ca)
		2,000,000		9.000			03/01/13		1,382,500
	Jarden Corp. (B-/B3)
		15,250,000		7.500			05/01/17		14,792,500
	Sealy Mattress Co. (BB-/Ba3)^(b)
		1,500,000		10.875			04/15/16		1,653,750
	Sealy Mattress Co. (CCC+/Caa1)
		10,000,000		8.250			06/15/14		9,300,000
	Simmons Bedding Co. (C/Ca)^(f)
		4,500,000		10.000			12/15/14		1,507,500
	Simmons Bedding Co. (D/Caa3)
		3,125,000		7.875			01/15/14		2,921,875
	Solo Cup Co. (CCC+/Caa2)
		7,500,000		8.500			02/15/14		7,125,000


	Visant Corp. (BB-/B1)
		8,125,000		7.625			10/01/12		8,125,000
	Visant Holding Corp. (B/B3)
		16,750,000		8.750			12/01/13		16,959,375
		10,000,000		10.250	^(f)		12/01/13		10,300,000

									99,886,250


	Consumer Products-Industrial – 0.6%
	Johnsondiversey Holdings, Inc. (CCC+/Caa1)^(f)
		7,539,000		10.670			05/15/13		7,237,440
	Johnsondiversey, Inc. (B-/B2)
		5,483,000		9.625			05/15/12		5,537,830
	EUR	14,467,000		9.625			05/15/12		20,641,013

									33,416,283


	Consumer Products-Non Durable – 1.3%
	Belvedere SA (NR/WR)^(a)
		4,500,000		0.000			05/15/13		658,507
	Chattem, Inc. (B/B2)
	$	2,655,000		7.000			03/01/14		2,688,188
	Church & Dwight Co., Inc. (BB+/Ba2)
		1,250,000		6.000			12/15/12		1,278,125
	Constellation Brands, Inc. (B+/B2)
		1,522,000		8.125			01/15/12		1,522,000
	Constellation Brands, Inc. (BB/Ba3)
		3,875,000		8.375			12/15/14		4,049,375
		6,000,000		7.250			09/01/16		6,015,000
		12,000,000		7.250			05/15/17		11,970,000
	Prestige Brands, Inc. (B-/B3)
		2,000,000		9.250			04/15/12		2,030,000
	Sally Holdings LLC (B-/Caa1)
		16,000,000		10.500			11/15/16		16,760,000
	Sally Holdings LLC (B/B3)
		14,250,000		9.250			11/15/14		14,784,375
	Yankee Acquisition Corp. (B-/B3)
		7,500,000		8.500			02/15/15		7,143,750
	Yankee Acquisition Corp. (CCC+/Caa1)
		875,000		9.750			02/15/17		813,750

									69,713,070


	Defense – 0.8%
	Alliant Techsystems, Inc. (BB-/B1)
		6,250,000		6.750			04/01/16		6,031,250
	Communications & Power Industries, Inc. (B-/B3)
		2,000,000		8.000			02/01/12		1,972,500
	L-3 Communications Corp. (BB+/Ba2)
		4,000,000		7.625			06/15/12		4,060,000
		2,500,000		6.125			07/15/13		2,537,500
		6,000,000		6.125			01/15/14		6,082,500
		9,000,000		5.875			01/15/15		8,955,000
		15,500,000		6.375			10/15/15		15,655,000

									45,293,750


	Energy-Coal – 0.7%
	Arch Western Finance LLC (BB-/B1)
		5,420,000		6.750			07/01/13		5,331,925

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)
	Energy-Coal – (continued)

	Foundation PA Coal Co. (BB/Ba3)
	$	1,650,000		7.250	%		08/01/14	$	1,641,750
	Massey Energy Co. (BB-/NR)
		3,000,000		3.250			08/01/15		2,382,171
	Massey Energy Co. (BB-/B2)
		6,000,000		6.875			12/15/13		5,805,000
	Peabody Energy Corp. (BB+/Ba1)
		4,250,000		6.875			03/15/13		4,271,250
		1,000,000		5.875			04/15/16		952,500
		16,385,000		7.375			11/01/16		16,569,331

									36,953,927


	Energy-Exploration & Production – 4.5%
	Chesapeake Energy Corp. (BB/Ba3)
		10,500,000		9.500			02/15/15		11,051,250
		10,750,000		6.375			06/15/15		10,024,375
		10,000,000		6.625			01/15/16		9,450,000
		13,125,000		6.875			01/15/16		12,370,312
	EUR	4,500,000		6.250			01/15/17		6,058,265
	$	13,125,000		6.500			08/15/17		12,107,812
		6,250,000		7.250			12/15/18		5,921,875
	Cimarex Energy Co. (BB/Ba3)
		6,000,000		7.125			05/01/17		5,565,000
	Encore Acquisition Co. (B/B1)
		500,000		6.250			04/15/14		465,000
		11,500,000		6.000			07/15/15		10,407,500
		5,250,000		9.500			05/01/16		5,538,750
		4,000,000		7.250			12/01/17		3,740,000
	EXCO Resources, Inc. (B/Caa1)
		3,000,000		7.250			01/15/11		2,977,500
	Forest Oil Corp. (BB-/B1)^(b)
		10,125,000		8.500			02/15/14		10,226,250
	KCS Energy, Inc. (B/B3)
		2,375,000		7.125			04/01/12		2,363,125
	Newfield Exploration Co. (BB-/Ba3)
		5,125,000		6.625			09/01/14		5,060,938
		12,750,000		6.625			04/15/16		12,526,875
		7,625,000		7.125			05/15/18		7,615,469
	OPTI Canada, Inc. (B/Caa1)
		8,000,000		7.875			12/15/14		6,140,000
	Pioneer Natural Resources Co. (BB+/NR)^(d)
		20,533,000		2.875			01/15/38		19,929,843
	Pioneer Natural Resources Co. (BB+/Ba1)
		2,750,000		5.875			07/15/16		2,528,010
		4,000,000		6.650			03/15/17		3,795,626
	Plains Exploration & Production Co. (BB/B1)
		8,250,000		7.750			06/15/15		8,208,750
		2,250,000		10.000			03/01/16		2,430,000
		9,000,000		7.000			03/15/17		8,572,500
		5,000,000		7.625			06/01/18		4,925,000
		2,000,000		8.625			10/15/19		2,030,000
	Quicksilver Resources, Inc. (B-/B3)
		7,375,000		7.125			04/01/16		6,416,250
	Quicksilver Resources, Inc. (B/B2)
		2,250,000		8.250			08/01/15		2,188,125
		7,250,000		11.750			01/01/16		7,965,938


	Range Resources Corp. (BB/Ba3)
		4,500,000		6.375			03/15/15		4,387,500
		8,625,000		8.000			05/15/19		8,862,187
	SandRidge Energy, Inc. (B-/B3)^(b)
		5,750,000		9.875			05/15/16		5,980,000
		2,500,000		8.000			06/01/18		2,418,750
	Southwestern Energy Co. (BB+/Ba2)
		5,000,000		7.500			02/01/18		5,050,000
	Whiting Petroleum Corp. (BB/B1)
		4,000,000		7.250			05/01/13		3,990,000
		4,000,000		7.000			02/01/14		3,950,000

									243,238,775


	Energy-Refining – 0.1%
	Petroplus Finance Ltd. (BB-/B1)^(b)
		4,500,000		7.000			05/01/17		4,095,000
	Tesoro Corp. (BB+/Ba1)
		2,250,000		9.750			06/01/19		2,356,875

									6,451,875


	Energy-Services – 0.4%
	Compagnie Generale de Geophysique-Veritas (BB/Ba3)
		6,250,000		7.500			05/15/15		6,203,125
		2,500,000		9.500	^(b)		05/15/16		2,619,782
	Helix Energy Solutions Group, Inc. (B+/B3)^(b)
		3,750,000		9.500			01/15/16		3,750,000
	Key Energy Services, Inc. (BB-/B1)
		6,875,000		8.375			12/01/14		6,514,063

									19,086,970


	Entertainment & Leisure – 0.6%
	HRP Myrtle Beach Operations LLC (NR/WR)^(a)(b)
		1,750,000		0.000			04/01/12		175
	Regal Cinemas Corp. (B-/B1)^(b)
		1,500,000		8.625			07/15/19		1,552,500
	Universal City Development Partners (B+/B2)
		8,750,000		11.750			04/01/10		8,750,000
	Universal City Florida Holding Co. (B-/Caa2)
		250,000		5.233	^(e)		05/01/10		244,375
		2,125,000		8.375			05/01/10		2,103,750
	WMG Acquisition Corp. (B/B1)
		7,750,000		7.375			04/15/14		7,401,250
	WMG Acquisition Corp. (BB/Ba2)^(b)
		8,750,000		9.500			06/15/16		9,275,000
	WMG Holdings Corp. (B/B1)^(f)
		4,614,000		9.500			12/15/14		4,429,440

									33,756,490


	Environmental – 0.8%
	Allied Waste North America, Inc. (BBB/Baa3)
		3,875,000		6.375			04/15/11		4,044,531
		5,285,000		7.875			04/15/13		5,443,550
		6,000,000		6.125			02/15/14		6,142,500
		11,250,000		7.250			03/15/15		11,700,000
	Allied Waste North America, Inc. Series B (BBB/Baa3)
		5,250,000		6.875			06/01/17		5,541,375

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

GOLDMAN SACHS HIGH YIELD FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)
	Environmental – (continued)

	Waste Services (B-/Caa1)
	$	8,000,000		9.500	%		04/15/14	$	7,920,000
	WCA Waste Corp. (B-/B3)
		2,500,000		9.250			06/15/14		2,450,000

									43,241,956


	Finance – 3.7%
	CIT Group, Inc. (CC/Ca)
		5,000,000		5.800			07/28/11		3,400,000
	EUR	1,000,000		4.250			09/22/11		910,991
	$	2,075,000		7.750			04/02/12		1,307,250
	EUR	2,750,000		3.800			11/14/12		2,338,871
	$	23,750,000		7.625			11/30/12		15,437,500
		4,000,000		5.000			02/13/14		2,520,000
	EUR	3,310,000		5.000			05/13/14		2,687,761
	$	16,250,000		5.000			02/01/15		10,075,000
	EUR	4,125,000		4.250			03/17/15		3,410,518
	$	4,000,000		5.400			01/30/16		2,480,000
		1,180,000		5.850			09/15/16		719,800
	EUR	5,250,000		4.650			09/19/16		4,225,420
	$	2,750,000		5.650			02/13/17		1,677,500
	ETrade Financial Corp. (CCC/B3)
		5,750,000		7.375			09/15/13		5,218,125
	General Electric Capital Corp. (A+/Aa3)^(e)
	EUR	12,125,000		4.625			09/15/66		13,573,476
		16,750,000		5.500			09/15/67		18,996,099
	GMAC Canada Ltd. (NR/Ca)
	CAD	7,250,000		6.000			05/25/10		6,604,385
	GMAC Canada Ltd. (CCC/Ca)
	GBP	500,000		6.625			12/17/10		767,113
	EUR	4,000,000		6.000			05/23/12		5,326,590
	GMAC LLC (CCC/Ca)^(b)
	$	2,431,000		5.750			05/21/10		2,351,992
		3,536,000		5.750			09/27/10		3,407,820
		17,033,000		7.250			03/02/11		16,649,757
		2,652,000		5.375			06/06/11		2,479,620
		31,080,000		6.875			09/15/11		29,526,000
		7,500,000		6.625			05/15/12		6,900,000
		8,000,000		6.875			08/28/12		7,400,000
		4,407,000		6.750			12/01/14		3,745,950
		8,289,000		8.000			11/01/31		6,796,980
	NCO Group, Inc. (CCC+/Caa1)
		7,250,000		11.875			11/15/14		4,495,000
	SLM Corp. (BBB-/Ba1)
	CAD	1,730,000		4.300			12/15/09		1,597,823
	$	4,000,000		4.000			01/15/10		3,980,689
		7,500,000		0.664	^(e)		07/26/10		7,122,663
		1,375,000		4.500			07/26/10		1,335,885
	EUR	875,000		0.973	^(e)		12/15/10		1,113,974
	$	1,875,000		5.450			04/25/11		1,772,410
		1,500,000		8.450			06/15/18		1,194,392

									203,547,354


	Finance Insurance^(b) – 0.1%
	HUB International Holdings, Inc. (CCC+/B3)
		6,500,000		9.000			12/15/14		6,223,750


	Food – 1.4%
	Dean Foods Co. (B/B3)
		14,250,000		7.000			06/01/16		13,573,125
	Dole Food Co. (CCC+/Caa1)
		7,000,000		7.250			06/15/10		7,000,000
		2,750,000		8.875			03/15/11		2,750,000
	Foodcorp Ltd. (B/B2)
	EUR	7,000,000		8.875			06/15/12		9,614,495
	Michael Foods, Inc. (B-/B3)
	$	7,500,000		8.000			11/15/13		7,612,500
	Pinnacle Foods Finance LLC (CCC/Caa2)
		20,500,000		9.250			04/01/15		20,807,500
		13,000,000		10.625			04/01/17		13,195,000

									74,552,620


	Food and Beverage – 0.5%
	Del Monte Corp. (BB-/B1)
		1,500,000		8.625			12/15/12		1,530,000
		1,500,000		6.750			02/15/15		1,485,000
		4,000,000		7.500	^(b)		10/15/19		4,020,000
	M-Foods Holdings, Inc. (B-/B3)^(b)
		3,250,000		9.750			10/01/13		3,339,375
	Tyson Foods, Inc. (BB/Ba3)
		11,250,000		10.500			03/01/14		12,738,635
	Wm. Wrigley Jr. Co. (NR/WR)
		6,000,000		4.300			07/15/10		6,087,379

									29,200,389


	Gaming – 5.2%
	Ameristar Casinos, Inc. (BB-/B2)^(b)
		9,125,000		9.250			06/01/14		9,421,562
	Boyd Gaming Corp. (B+/B3)
		3,250,000		6.750			04/15/14		2,941,250
		1,000,000		7.125			02/01/16		880,000
	Buffalo Thunder Development Authority (NR/WR)^(a)(b)
		2,500,000		9.375			12/15/14		425,000
	Caesars Entertainment, Inc. (CCC-/Ca)
		5,000,000		7.875			03/15/10		5,006,250
	CCM Merger, Inc. (CCC+/Caa3)^(b)
		4,500,000		8.000			08/01/13		3,690,000
	Chukchansi Economic Development Authority (B+/B3)^(b)
		5,470,000		8.000			11/15/13		4,293,950
	Circus & Eldorado (B-/Caa2)
		3,000,000		10.125			03/01/12		2,640,000
	Cirsa Capital Luxembourg SA (B+/B3)
	EUR	1,750,000		7.875			07/15/12		2,471,231
	Cirsa Finance Luxembourg SA (B+/B2)
		7,000,000		8.750			05/15/14		9,884,922
	Codere Finance Luxembourg SA (B/B2)
		16,000,000		8.250			06/15/15		21,072,225
	Galaxy Entertainment Finance Co. Ltd. (B/B3)^(b)
	$	1,500,000		9.875			12/15/12		1,447,500
	Harrah’s Operating Co., Inc. (B/Caa)^(b)
		5,125,000		11.250			06/01/17		5,150,625
	Harrah’s Operating Co., Inc. (CCC-/NR)^(b)
		39,769,000		10.000			12/15/18		30,920,397

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)
	Gaming – (continued)

	Harrahs Operating Escrow LLC/Harrahs Escrow Corp. (B/Caa1)^(b)
	$	8,000,000		11.250	%		06/01/17	$	8,040,000
	Isle of Capri Casinos, Inc. (CCC+/Caa1)
		1,815,000		7.000			03/01/14		1,606,275
	Mandalay Resort Group (CCC-/Ca)
		2,000,000		9.375			02/15/10		1,980,000
	Mashantucket Pequot Tribe (CCC/Ca)^(b)
		4,000,000		8.500			11/15/15		1,440,000
	MGM Mirage, Inc. (B/B1)^(b)
		11,750,000		13.000			11/15/13		13,541,875
		1,875,000		10.375			05/15/14		2,010,938
		4,750,000		11.125			11/15/17		5,236,875
	MGM Mirage, Inc. (CCC+/Caa2)
		2,000,000		8.500			09/15/10		1,980,000
		2,500,000		6.750			09/01/12		2,137,500
		9,500,000		6.750			04/01/13		7,790,000
		3,500,000		5.875			02/27/14		2,712,500
		21,750,000		6.625			07/15/15		16,801,875
		15,750,000		7.500			06/01/16		12,363,750
	MGM Mirage, Inc. (CCC-/Ca)
		5,125,000		8.375			02/01/11		4,715,000
	Mohegan Tribal Gaming Authority (B-/B1)
		250,000		6.125			02/15/13		200,000
	Mohegan Tribal Gaming Authority (CCC+/Caa2)
		3,000,000		8.000			04/01/12		2,542,500
		1,555,000		7.125			08/15/14		1,104,050
	MTR Gaming Group, Inc. (B/B2)^(b)
		6,000,000		12.625			07/15/14		5,955,000
	Peermont Proprietary Global Ltd. (B/B3)
	EUR	15,500,000		7.750			04/30/14		19,279,623
	Penn National Gaming, Inc. (BB-/B1)
	$	4,300,000		6.750			03/01/15		4,128,000
	Pinnacle Entertainment, Inc. (B/Caa1)
		4,750,000		8.250			03/15/12		4,750,000
		1,500,000		8.750			10/01/13		1,543,755
		10,000,000		7.500			06/15/15		9,000,000
	Pinnacle Entertainment, Inc. (BB/B2)^(b)
		2,000,000		8.625			08/01/17		2,010,000
	Pokagon Gaming Authority (B+/B2)^(b)
		2,620,000		10.375			06/15/14		2,698,600
	River Rock Entertainment (B+/B2)
		2,500,000		9.750			11/01/11		2,300,000
	San Pasqual Casino (BB-/B2)^(b)
		2,375,000		8.000			09/15/13		2,256,250
	Seneca Gaming Corp. (BB/Ba2)
		6,550,000		7.250			05/01/12		6,107,875
	Shingle Springs Tribal Gaming Authority (B-/Caa1)^(b)
		9,000,000		9.375			06/15/15		6,390,000
	Snoqualmie Entertainment Authority (CCC/Caa1)^(b)
		7,250,000		9.125			02/01/15		3,878,750
	Station Casinos, Inc. (D/WR)^(a)
		2,500,000		6.000			04/01/12		737,500
		11,625,000		6.500			02/01/14		465,000
		13,000,000		6.875			03/01/16		520,000
		2,000,000		7.750			08/15/16		570,000


	Tropicana Entertainment LLC (NR/WR)^(a)
		2,000,000		9.625			12/15/14		1,260
	Turning Stone Casino Resort Enterprise (B+/B1)^(b)
		2,950,000		9.125			09/15/14		2,743,500
	Wynn Las Vegas LLC (BB+/Ba2)
		16,000,000		6.625			12/01/14		15,181,250
	Yonkers Racing Corp. (B+/B1)^(b)
		4,750,000		11.375			07/15/16		4,845,000

									281,809,413


	Health Care-Medical Products – 3.4%
	Accellent, Inc. (CCC+/Caa2)
		7,625,000		10.500			12/01/13		7,281,875
	Bausch & Lomb, Inc. (B/Caa1)
		21,000,000		9.875			11/01/15		22,050,000
	Bio-Rad Laboratories, Inc. (BB+/Ba3)^(b)
		3,250,000		8.000			09/15/16		3,371,875
	Boston Scientific Corp. (BB+/Ba1)
		3,975,000		5.450			06/15/14		3,994,875
		9,125,000		6.400			06/15/16		9,239,063
	Catalent Pharma Solutions, Inc. (B-/Caa1)
	EUR	10,000,000		9.750			04/15/17		9,804,438
	Catalent Pharma Solutions, Inc. (B/Caa1)^(c)
	$	23,875,000		9.500			04/15/15		20,890,625
	CONMED Corp. (B/B1)^(d)
		9,500,000		2.500			11/15/24		8,505,198
	DJO Finance LLC/DJO Finance Corp. (B-/Caa1)
		12,000,000		10.875			11/15/14		12,240,000
	Fresenius (BB+/Ba2)
		6,625,000		6.875			07/15/17		6,455,711
	Fresenius US Finance II, Inc. (BB/Ba1)
	EUR	2,000,000		8.750			07/15/15		3,252,751
	$	9,750,000		9.000	^(b)		07/15/15		10,725,000
	Hologic, Inc. (BB-/NR)^(d)(g)
		32,763,000		2.000			12/15/37		27,015,452
	Inverness Medical Innovations, Inc. (B-/B3)
		9,000,000		9.000			05/15/16		8,943,750
	The Cooper Companies, Inc. (BB-/Ba3)
		8,670,000		7.125			02/15/15		8,409,900
	VWR Funding, Inc. (B-/Caa1)^(c)
		20,750,000		10.250			07/15/15		18,986,250
	Wright Medical Group, Inc. (NR/NR)
		6,750,000		2.625			12/01/14		5,703,075

									186,869,838


	Health Care-Pharmaceutical – 0.4%
	Angiotech Pharmaceuticals, Inc. (CC/C)
		1,750,000		7.750			04/01/14		1,251,250
	Elan Corp. PLC (B/B2)^(b)
		750,000		8.750			10/15/16		741,780
	Elan Finance PLC/Elan Finance Corp. (B/B2)
		5,000,000		7.750			11/15/11		5,100,000
		1,500,000		8.875			12/01/13		1,515,000
	Mylan, Inc. (BB-/NR)
		7,030,000		1.250			03/15/12		6,890,532

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

GOLDMAN SACHS HIGH YIELD FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)
	Health Care-Pharmaceutical – (continued)

	Warner Chilcott Corp. (B+/B3)
	$	5,606,000		8.750	%		02/01/15	$	5,746,150

									21,244,712


	Health Care-Services – 5.3%
	Alliance HealthCare Services, Inc. (B/B3)
		3,250,000		7.250			12/15/12		3,136,250
	Community Health Systems, Inc. (B/B3)
		21,000,000		8.875			07/15/15		21,525,000
	CRC Health Corp. (CCC+/Caa1)
		3,250,000		10.750			02/01/16		2,291,250
	DaVita, Inc. (B+/B1)
		5,875,000		6.625			03/15/13		5,816,250
	DaVita, Inc. (B/B2)
		7,750,000		7.250			03/15/15		7,672,500
	HCA, Inc. (B-/Caa1)
	GBP	752,000		8.750			11/01/10		1,207,819
	$	6,250,000		6.300			10/01/12		5,937,500
		7,500,000		6.250			02/15/13		7,162,500
		11,670,000		6.750			07/15/13		11,159,437
		2,500,000		5.750			03/15/14		2,218,750
		9,000,000		6.375			01/15/15		7,942,500
		4,750,000		6.500			02/15/16		4,227,500
	HCA, Inc. (BB-/B2)
		14,000,000		9.125			11/15/14		14,385,000
		24,545,000		9.625	^(c)		11/15/16		25,342,712
		13,000,000		9.250			11/15/16		13,357,500
		2,500,000		9.875	^(b)		02/15/17		2,662,500
	HCA, Inc. (BB/Ba3)^(b)
		12,625,000		8.500			04/15/19		13,130,000
		7,500,000		7.875			02/15/20		7,556,250
	LifePoint Hospitals, Inc. (B/NR)
		24,750,000		3.500			05/15/14		21,409,171
	LifePoint Hospitals, Inc. (B/B1)^(d)
		10,375,000		3.250			08/15/25		9,050,911
	Psychiatric Solutions, Inc. (B-/B3)
		2,220,000		7.750			07/15/15		2,142,300
	Select Medical Corp. (CCC/B3)
		7,000,000		7.625			02/01/15		6,553,750
	Senior Housing Properties Trust (BBB-/Ba1)
		1,600,000		7.875			04/15/15		1,504,000
	Tenet Healthcare Corp. (BB-/B2)^(b)
		7,000,000		9.000			05/01/15		7,306,250
		4,375,000		10.000			05/01/18		4,812,500
		8,625,000		8.875			07/01/19		9,142,500
	Tenet Healthcare Corp. (CCC+/Caa2)
		13,000,000		7.375			02/01/13		12,870,000
		1,250,000		9.250			02/01/15		1,304,688
	U.S. Oncology, Inc. (CCC+/B3)
		1,875,000		10.750			08/15/14		1,964,063
	United Surgical Partners International, Inc. (CCC+/Caa1)
		5,250,000		8.875			05/01/17		5,276,250
	US Oncology, Inc. (B/Ba3)^(b)
		32,250,000		9.125			08/15/17		33,862,500
	Vanguard Health Holding Co. I (CCC+/Caa1)^(f)
		3,500,000		11.250			10/01/15		3,578,750


	Vanguard Health Holding Co. II (CCC+/Caa1)
		11,375,000		9.000			10/01/14		11,630,937
	Ventas Realty LP (BBB-/Ba1)
		1,750,000		6.500			06/01/16		1,697,500

									290,837,288


	Home Construction – 0.8%
	D. R. Horton, Inc. (BB-/Ba3)
		7,750,000		5.375			06/15/12		7,711,250
		2,915,000		5.625			09/15/14		2,812,975
		6,000,000		5.250			02/15/15		5,610,000
		5,500,000		5.625			01/15/16		5,142,500
	K. Hovnanian Enterprises, Inc. (CCC-/Caa1)
		5,000,000		11.500			05/01/13		5,275,000
	KB HOME (BB-/B1)
		2,000,000		6.250			06/15/15		1,910,000
	Meritage Homes Corp. (B+/B1)
		5,750,000		6.250			03/15/15		5,290,000
	Pulte Homes, Inc. (BB/B1)
		2,000,000		5.250			01/15/14		1,940,000
		7,250,000		5.200			02/15/15		6,887,500
	USG Corp. (BB/B1)^(b)
		3,250,000		9.750			08/01/14		3,396,250

									45,975,475


	Lodging – 0.7%
	Gaylord Entertainment Co. (B-/Caa2)
		4,825,000		8.000			11/15/13		4,921,500
	Host Hotels & Resorts LP (BB+/NR)
		5,000,000		6.875			11/01/14		4,900,000
	Host Hotels & Resorts LP (BB+/Ba1)
		1,000,000		7.000			08/15/12		1,002,500
		6,000,000		6.750			06/01/16		5,775,000
	Host Marriott LP (BB+/Ba1)
		9,250,000		7.125			11/01/13		9,122,812
		8,250,000		6.375			03/15/15		7,816,875
	Starwood Hotels & Resorts Worldwide, Inc. (BB/Ba1)
		4,250,000		7.875			10/15/14		4,412,976

									37,951,663


	Media – 1.7%
	DIRECTV Holdings LLC (BBB-/Ba2)
		7,500,000		8.375			03/15/13		7,709,400
		4,250,000		6.375			06/15/15		4,308,438
		31,500,000		7.625			05/15/16		33,744,375
	DISH DBS Corp. (BB-/Ba3)
		8,000,000		7.000			10/01/13		8,060,000
	EchoStar DBS Corp. (BB-/Ba3)
		3,500,000		6.375			10/01/11		3,574,375
		4,500,000		6.625			10/01/14		4,398,750
		7,000,000		7.750			05/31/15		7,157,500
		6,525,000		7.125			02/01/16		6,476,062
	Lamar Media Corp. (B/B2)
		5,750,000		7.250			01/01/13		5,656,562
		9,684,000		6.625			08/15/15		8,860,860

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)
	Media – (continued)

	Lamar Media Corp. (BB/Ba3)
	$	1,250,000		9.750	%		04/01/14	$	1,353,125

									91,299,447


	Media-Broadcasting & Radio – 1.2%
	Bonten Media Acquisition Co. (CCC/Caa2)^(b)(c)
		3,670,625		9.000			06/01/15		1,202,130
	Clear Channel Communications, Inc. (CC/Ca)
		6,000,000		5.750			01/15/13		3,120,000
		10,000,000		5.500			09/15/14		4,450,000
		5,750,000		5.500			12/15/16		2,300,000
	CMP Susquehanna Corp. (D/Ca)
		480,000		9.875			05/15/14		—
	Fox Acquisition Sub LLC (CCC/Caa3)^(b)
		1,250,000		13.375			07/15/16		793,750
	Liberty Media LLC (BB+/Ba2)
		4,000,000		5.700			05/15/13		3,800,000
		2,120,000		8.250			02/01/30		1,738,400
	LIN Television Corp. (B-/B3)
		8,750,000		6.500			05/15/13		7,746,250
	Local TV Finance LLC (CCC/Caa3)^(b)(c)
		5,250,000		9.250			06/15/15		1,798,125
	Radio One, Inc. (CCC-/Caa3)
		2,250,000		6.375			02/15/13		787,500
	UnitedGlobalcom, Inc. (B-/NR)^(d)
	EUR	6,250,000		1.750			04/15/24		8,631,472
	Univision Communications, Inc. (B-/B2)^(b)
	$	1,875,000		12.000			07/01/14		2,029,688
	Univision Communications, Inc. (CCC/Caa2)^(b)(c)
		26,312,500		9.750			03/15/15		20,392,187
	XM Satellite Radio, Inc. (B+/Caa2)^(b)
		5,500,000		11.250			06/15/13		5,692,500

									64,482,002


	Media-Cable – 3.8%
	Adelphia Communications Corp. (NR/NR)^(a)
		2,000,000		10.250			06/15/49		45,000
	Atlantic Broadband Finance LLC (B-/Caa1)
		4,500,000		9.375			01/15/14		4,376,250
	Cablevision Systems Corp. (B+/B1)
		12,000,000		8.000			04/15/12		12,540,000
		9,750,000		8.625	^(b)		09/15/17		10,042,500
	CCH I Holdings LLC (D/WR)^(a)
		8,000,000		11.000			10/01/15		1,480,000
	CCO Holdings LLC/CCO Holdings Capital Corp. (D/B2)^(a)
		14,250,000		8.750			11/15/13		14,463,750
	Charter Communications Holdings II (D/WR)
		6,125,000		10.250			09/15/10		6,890,625
	Charter Communications Operating LLC (D/B1)^(b)
		13,500,000		10.000			04/30/12		13,635,000
		7,000,000		10.375			04/30/14		7,070,000
		10,000,000		12.875			09/15/14		10,850,000
	CSC Holdings, Inc. (BB/Ba3)
		9,300,000		6.750			04/15/12		9,613,875
		10,500,000		8.500	^(b)		04/15/14		11,051,250
		16,600,000		8.500	^(b)		06/15/15		17,430,000
		11,000,000		8.625	^(b)		02/15/19		11,660,000


	CSC Holdings, Inc. Series B (BB/Ba3)
		7,000,000		7.625			04/01/11		7,297,500
	Frontier Vision^(a)
		2,000,000		11.000			10/15/49		—
	Ono Finance II (CCC-/Caa2)
	EUR	10,500,000		8.000			05/16/14		9,833,705
	Ono Finance PLC (CCC-/Caa2)
		4,250,000		10.500			05/15/14		4,166,886
	Rainbow National Services LLC (BB/B1)^(b)
	$	1,909,000		10.375			09/01/14		1,966,270
	UPC Holding BV (B-/B2)
	EUR	10,625,000		8.625			01/15/14		15,703,564
		13,750,000		7.750			01/15/14		19,919,838
		11,875,000		8.000			11/01/16		16,508,405

									206,544,418


	Media-Diversified – 0.6%
	CanWest MediaWorks, Inc. (D/Ca)
	$	9,000,000		8.000			09/15/12		7,042,500
	Quebecor Media, Inc. (B/B2)
		8,660,000		7.750			03/15/16		8,595,050
	Videotron Ltee (BB-/NR)^(b)
		6,250,000		9.125			04/15/18		6,765,625
	Videotron Ltee (BB-/Ba2)
		6,625,000		6.875			01/15/14		6,542,188
		1,000,000		6.375			12/15/15		955,000
		2,750,000		9.125			04/15/18		2,976,875

									32,877,238


	Metals – 1.1%
	AK Steel Corp. (BB-/Ba3)
		3,625,000		7.750			06/15/12		3,625,000
	Aleris International, Inc. (D/WR)^(a)
		8,500,000		9.000			12/15/14		8,500
		16,000,000		10.000			12/15/16		40,000
	FMG Finance Pty Ltd. (B/B2)^(b)
		5,000,000		10.625			09/01/16		5,537,500
	Freeport-McMoRan Copper & Gold, Inc. (BBB-/Ba2)
		2,500,000		4.995	^(e)		04/01/15		2,507,314
		7,000,000		8.250			04/01/15		7,437,500
		7,000,000		8.375			04/01/17		7,437,500
	Noranda Aluminium Acquisition Corp. (D/Caa2)^(c)(e)
		6,810,611		5.413			05/15/15		4,597,162
	Noranda Aluminium Holding Corp. (D/Caa3)^(c)(e)
		2,312,583		7.163			11/15/14		1,075,351
	Novelis, Inc. (B-/Caa1)
		11,375,000		7.250			02/15/15		9,782,500
	SGL Carbon SE (BBB-/Ba1)^(e)
	EUR	1,000,000		2.123			05/16/15		1,271,358
	Steel Dynamics, Inc. (BB+/Ba2)
	$	7,750,000		7.375			11/01/12		7,788,750
		7,000,000		8.250	^(b)		04/15/16		7,052,500
	Tube City IMS Corp. (B-/Caa1)
		3,500,000		9.750			02/01/15		2,835,000

									60,995,935

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

GOLDMAN SACHS HIGH YIELD FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)

	Packaging – 4.1%
	Ball Corp. (BB+/Ba1)
	$	3,000,000		6.625	%		03/15/18	$	2,910,000
	Berry Plastics Corp. (B+/B1)^(e)
		6,500,000		5.259			02/15/15		5,980,000
	Berry Plastics Holding Corp. (CCC+/Caa1)
		2,500,000		4.174	^(e)		09/15/14		1,962,500
		9,000,000		8.875			09/15/14		8,550,000
	Berry Plastics Holding Corp. (CCC/Caa2)
		8,000,000		10.250			03/01/16		6,800,000
	Beverage Packaging Holdings II SA/Luxembourg (B+/B2)
	EUR	7,250,000		8.000			12/15/16		10,662,326
	Beverage Packaging Holdings II SA/Luxembourg (B-/B3)
		18,500,000		9.500			06/15/17		26,801,236
	Clondalkin Acquisition (B+/B1)^(e)
		1,000,000		2.773			12/15/13		1,317,014
	Clondalkin Industries BV (B-/Caa1)
		2,500,000		8.000			03/15/14		3,182,784
	Consol Specialty Glass Ltd. (BB-/B1)
		7,750,000		7.625			04/15/14		10,206,859
	Crown Americas LLC (BB-/B1)
	$	10,625,000		7.750			11/15/15		10,837,500
		7,500,000		7.625	^(b)		05/15/17		7,612,500
	Gerresheimer Holdings GMBH (BB+/B1)
	EUR	4,800,000		7.875			03/01/15		7,094,316
	Graham Packaging Co., Inc. (CCC+/Caa1)
	$	10,000,000		8.500			10/15/12		10,125,000
		22,250,000		9.875			10/15/14		22,917,500
	Graphic Packaging International, Inc. (B-/NR)^(b)
		3,000,000		9.500			06/15/17		3,180,000
	Graphic Packaging International, Inc. (B-/B3)
		15,000,000		9.500			08/15/13		15,412,500
	Greif, Inc. (BB+/Ba2)^(b)
		2,000,000		7.750			08/01/19		2,060,000
	Impress Holdings BV (B-/B3)
	EUR	15,000,000		9.250			09/15/14		22,608,741
	Impress Holdings BV (BB-/Ba3)^(e)
	$	1,000,000		3.634	^(b)		09/15/13		946,250
	EUR	6,000,000		4.121			09/15/13		8,215,534
	OI European Group BV (BB/Ba3)
		750,000		6.875			03/31/17		1,075,561
	Owens Brockway Glass Container, Inc. (BB/Ba3)
	$	2,500,000		8.250			05/15/13		2,562,500
	EUR	4,750,000		6.750			12/01/14		6,916,153
	$	1,000,000		6.750			12/01/14		996,250
		5,000,000		7.375			05/15/16		5,100,000
	Plastipak Holdings, Inc. (B/B3)^(b)
		4,000,000		8.500			12/15/15		4,000,000
	Pregis Corp. (CCC+/Caa2)
		7,000,000		12.375			10/15/13		6,615,000
	Sealed Air Corp. (BB+/Baa3)^(b)
		5,500,000		7.875			06/15/17		5,835,757
	Stichting Participatie Impress Cooperatieve UA (NR/NR)^(c)
	EUR	1,139,030		17.000			09/29/49		1,500,119


	Tekni-Plex, Inc. (NR/WR)
		2,500,000		10.875			08/15/12		2,218,750

									226,202,650


	Paper – 2.0%
	Boise Cascade LLC (B+/Caa1)
		3,732,000		7.125			10/15/14		2,938,950
	Catalyst Paper Corp. (CCC/Caa1)
		1,250,000		8.625			06/15/11		859,375
	Domtar Corp. (BB-/Ba3)
		8,500,000		10.750			06/01/17		9,530,625
	Georgia-Pacific Corp. (B+/B2)
		7,250,000		8.125			05/15/11		7,503,750
		1,000,000		9.500			12/01/11		1,065,000
		1,500,000		7.700			06/15/15		1,526,250
		1,250,000		8.000			01/15/24		1,237,500
		2,750,000		7.750			11/15/29		2,557,500
	Georgia-Pacific Corp. (BB-/Ba3)^(b)
		16,250,000		7.000			01/15/15		15,965,625
		12,000,000		7.125			01/15/17		11,640,000
	Georgia-Pacific LLC (BB-/Ba3)^(b)
		6,000,000		8.250			05/01/16		6,210,000
	Jefferson Smurfit Corp. (D/WR)^(a)
		6,000,000		8.250			10/01/12		4,260,000
		1,750,000		7.500			06/01/13		1,242,500
	Lecta SA (B+/B2)^(e)
	EUR	4,875,000		3.498			02/15/14		5,672,818
	NewPage Corp. (CCC-/Caa2)
	$	5,375,000		10.000			05/01/12		3,601,250
	PE Paper Escrow GmbH (BB/Ba2)^(b)
		6,000,000		12.000			08/01/14		6,410,588
	Smurfit Kappa Funding PLC (B/B2)
	EUR	6,000,000		7.750			04/01/15		8,516,691
	$	3,500,000		7.750			04/01/15		2,996,875
	Smurfit-Stone Container Enterprises, Inc. (D/WR)^(a)
		8,500,000		8.000			03/15/17		6,077,500
	Stone Container Finance (D/WR)^(a)
		2,250,000		7.375			07/15/14		1,845,000
	Verso Paper Holdings LLC, Inc. (B+/Ba2)^(b)
		2,375,000		11.500			07/01/14		2,458,125
	Verso Paper Holdings LLC, Inc. (CCC/Caa1)
		4,000,000		11.375			08/01/16		2,360,000

									106,475,922


	Printing – 0.2%
	SGS International, Inc. (B-/B3)
		5,750,000		12.000			12/15/13		5,103,125
	Valassis Communications, Inc. (CCC+/B3)
		5,000,000		8.250			03/01/15		4,487,500

									9,590,625


	Publishing – 1.7%
	Cengage Learning Acquisitions, Inc. (CCC+/Caa2)^(b)
		20,750,000		10.500			01/15/15		19,816,250
	Dex Media West Finance Co. (D/WR)^(a)
		1,800,000		8.500			08/15/10		1,557,000

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)
	Publishing – (continued)

	Dex Media West LLC (D/WR)^(a)
	$	6,744,000		9.875	%		08/15/13	$	1,213,920
	Dex Media, Inc. (D/WR)^(a)
		1,250,000		8.000			11/15/13		218,750
		12,750,000		9.000	^(f)		11/15/13		2,231,250
	Lighthouse International Co. SA (BB-/B3)
	EUR	6,500,000		8.000			04/30/14		6,182,649
	Morris Publishing Group LLC (NR/WR)
	$	4,500,000		7.000			08/01/13		900,000
	Nielsen Finance LLC Co. (B-/Caa1)
		3,500,000		11.625			02/01/14		3,753,750
		23,000,000		10.000			08/01/14		23,115,000
	EUR	1,500,000		9.000			08/01/14		2,030,397
	$	5,000,000		11.500			05/01/16		5,318,750
	Nielsen Finance LLC Co. (CCC+/Caa1)^(f)
		19,000,000		12.500			08/01/16		15,105,000
	R.H. Donnelley Corp. (D/WR)^(a)
		5,555,000		6.875			01/15/13		347,187
		2,820,000		11.750	^(b)		05/15/15		1,692,000
		4,000,000		8.875			01/15/16		250,000
		3,000,000		8.875			10/15/17		187,500
	The Nielsen Co. (CCC+/Caa1)^(f)
	EUR	5,000,000		11.125			08/01/16		5,487,559
	Truvo Subsidiary Corp. (CCC-/Caa3)
		16,750,000		8.500			12/01/14		5,882,663

									95,289,625


	Real Estate – 0.3%
	CB Richard Ellis Group, Inc. (B+/Ba3)^(b)
	$	5,875,000		11.625			06/15/17		6,212,812
	Felcor Lodging LP (B-/B2)^(b)
		1,250,000		10.000			10/01/14		1,209,375
	ProLogis (BBB-/NR)^(d)
		5,125,000		2.250			04/01/37		4,629,546
		3,500,000		1.875			11/15/37		2,976,295
	Realogy Corp. (C/Ca)
		2,500,000		10.500			04/15/14		1,837,500
		2,023,866		11.000	^(c)		04/15/14		1,335,752

									18,201,280


	Restaurants – 0.5%
	NPC International, Inc. (CCC+/Caa1)
		6,850,000		9.500			05/01/14		6,850,000
	OSI Restaurant Partners, Inc. (CCC/Caa3)
		7,750,000		10.000			06/15/15		6,839,375
	Seminole Hard Rock Entertainment, Inc. (BB/B1)^(b)(e)
		7,000,000		2.799			03/15/14		5,530,000
	Wendy’s/Arby’s Restaurants LLC (B+/B2)^(b)
		8,375,000		10.000			07/15/16		8,877,500

									28,096,875


	Retailers – 1.7%
	AutoNation, Inc. (BB+/Ba2)
		745,000		7.000			04/15/14		744,069
	Edcon Holdings Proprietary Ltd. (CCC+/Caa1)^(e)
	EUR	3,500,000		6.273			06/15/15		3,124,250


	Edcon Proprietary Ltd. (B+/B2)^(e)
	EUR	12,375,000		4.023			06/15/14		12,947,895
	General Nutrition Centers, Inc. (CCC+/Caa1)^(c)(e)
		12,625,000		5.178			03/15/14		11,173,125
	Jarden Corp. (B+/B2)
		4,125,000		8.000			05/01/16		4,228,125
	Macy’s Retail Holdings, Inc. (BB/Ba2)
		7,750,000		5.350			03/15/12		7,595,000
		3,500,000		5.875			01/15/13		3,430,000
		15,125,000		5.900			12/01/16		13,915,000
	Michaels Stores, Inc. (CCC/Caa2)
		8,375,000		10.000			11/01/14		8,207,500
	Michaels Stores, Inc. (CCC/Caa3)
		11,500,000		11.375			11/01/16		10,695,000
	Neiman-Marcus Group, Inc. (B-/Caa2)^(c)
		5,845,404		9.000			10/15/15		4,968,593
	Neiman-Marcus Group, Inc. (CCC+/Caa3)
		14,500,000		10.375			10/15/15		12,433,750

									93,462,307


	Retailers-Food & Drug – 1.0%
	Ahold Lease USA, Inc. (BBB/Baa3)^(f)
		821,619		7.820			01/02/20		813,403
		1,931,517		8.620			01/02/25		1,912,202
	Dole Food Co., Inc. (B-/B2)^(b)
		15,500,000		13.875			03/15/14		18,290,000
	Ingles Markets, Inc. (BB-/B1)
		6,000,000		8.875			05/15/17		6,150,000
	Rite Aid Corp. (B+/B3)^(b)
		2,750,000		9.750			06/12/16		2,963,125
	Rite Aid Corp. (B-/Caa2)
		6,500,000		7.500			03/01/17		5,801,250
	Rite Aid Corp. (CCC/Caa3)
		750,000		8.625			03/01/15		610,312
		5,250,000		9.375			12/15/15		4,252,500
		5,000,000		9.500			06/15/17		4,000,000
	Supervalu, Inc. (B+/Ba3)
		5,000,000		7.500			11/15/14		5,000,000
		5,500,000		8.000			05/01/16		5,692,500

									55,485,292


	Services Cyclical-Business Services – 1.6%
	ACCO Brands Corp. (B-/Caa2)
		7,250,000		7.625			08/15/15		6,017,500
	Carlson Wagonlit BV (CCC-/Caa2)^(e)
	EUR	9,000,000		6.649			05/01/15		9,581,277
	Cornell Co., Inc. (B/B2)
	$	1,500,000		10.750			07/01/12		1,537,500
	Corrections Corp. of America (BB/Ba2)
		1,125,000		6.250			03/15/13		1,110,938
		3,500,000		7.750			06/01/17		3,605,000
	Great Lakes Dredge & Dock Co. (B-/Caa1)
		5,440,000		7.750			12/15/13		5,338,000
	Iron Mountain, Inc. (B+/B2)
		1,500,000		6.625			01/01/16		1,455,000
		4,625,000		8.000			06/15/20		4,671,250

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

GOLDMAN SACHS HIGH YIELD FUND


		Principal		Interest			Maturity
		Amount		Rate			Date		Value

Corporate Obligations – (continued)
		Services Cyclical-Business Services – (continued)

		ISS Financing PLC (B/NR)
		EUR	4,500,000		11.000	%		06/15/14	$	6,991,172
		ISS Global A/S (B/NR)
			1,235,000		4.750			09/18/10		1,798,171
		ISS Holdings A/S (B/Caa1)
			12,015,000		8.875			05/15/16		15,648,103
		Savcio Holdings Ltd. (B+/B2)
			2,000,000		8.000			02/15/13		2,604,761
		West Corp. (B-/Caa1)
		$	11,500,000		9.500			10/15/14		11,270,000
			14,250,000		11.000			10/15/16		14,214,375

										85,843,047


		Services Cyclical-Consumer Services – 0.1%
		Service Corp. International (BB-/B1)
			1,750,000		6.750			04/01/16		1,719,375
			2,125,000		7.000			06/15/17		2,071,875
			4,000,000		7.625			10/01/18		4,040,000

										7,831,250


		Services Cyclical-Rental Equipment – 1.6%
		Ahern Rentals, Inc. (B/Caa3)
			3,000,000		9.250			08/15/13		1,500,000
		Ashtead Capital, Inc. (B/B2)^(b)
			3,000,000		9.000			08/15/16		2,865,000
		Ashtead Holdings PLC (B/B2)^(b)
			2,000,000		8.625			08/01/15		1,920,000
		Europcar Groupe SA (B+/B3)^(e)
		EUR	4,000,000		4.373			05/15/13		5,121,721
		Europcar Groupe SA (B/Caa1)
			3,250,000		8.125			05/15/14		4,085,780
		Hertz Corp. (CCC+/B2)
			1,750,000		7.875			01/01/14		2,432,818
		$	10,725,000		8.875			01/01/14		10,778,625
		Hertz Corp. (CCC+/B3)
			10,250,000		10.500			01/01/16		10,634,375
		RSC Equipment Rental, Inc. (B-/Caa2)
			20,000,000		9.500			12/01/14		19,200,000
		RSC Equipment Rental, Inc. (BB-/B1)^(b)
			5,250,000		10.000			07/15/17		5,656,875
		United Rentals North America, Inc. (B/B2)
			3,000,000		6.500			02/15/12		3,018,750
			6,500,000		10.875	^(b)		06/15/16		6,938,750
		United Rentals North America, Inc. (CCC+/Caa1)
			7,000,000		7.750			11/15/13		6,387,500
			5,750,000		7.000			02/15/14		5,074,375

										85,614,569


		Technology-Hardware – 1.0%
		Avago Technologies (B+/B2)
			7,120,000		11.875			12/01/15		7,769,700
		Avago Technologies Finance Corp. (BB/Ba3)
			12,500,000		10.125			12/01/13		13,234,375
		Flextronics International Ltd. (BB-/Ba2)
			3,528,000		6.500			05/15/13		3,492,720


		Freescale Semiconductor, Inc. (CCC/Caa2)
			2,500,000		8.875			12/15/14		1,900,000
			15,556,984		9.125	^(c)		12/15/14		10,812,104
		Lucent Technologies, Inc. (B+/B1)
			10,500,000		6.450			03/15/29		8,006,250
		NXP BV/NXP Funding LLC (CC/C)
			1,500,000		3.259	^(e)		10/15/13		1,087,500
		EUR	1,500,000		3.746	^(e)		10/15/13		1,569,442
		$	4,625,000		7.875			10/15/14		3,642,187
		Seagate Technology International (BB+/Ba1)^(b)
			4,250,000		10.000			05/01/14		4,717,500

										56,231,778


		Technology-Software/Services – 2.8%
		Expedia, Inc. (BB/Ba2)^(b)
			4,750,000		8.500			07/01/16		4,987,500
		First Data Corp. (B-/Caa1)
			39,125,000		9.875			09/24/15		35,995,000
			1,500,000		10.550	^(c)		09/24/15		1,290,000
		First Data Corp. (CCC+/Caa2)
			5,535,000		11.250			03/31/16		4,760,100
		Sabre Holdings Corp. (CCC+/Caa1)
			9,000,000		8.350			03/15/16		7,650,000
		Serena Software, Inc. (CCC+/Caa1)
			5,976,000		10.375			03/15/16		5,662,260
		Sungard Data Systems, Inc. (B-/Caa1)
			33,750,000		10.250			08/15/15		34,762,500
		Sungard Data Systems, Inc. (B/Caa1)
			15,001,000		9.125			08/15/13		15,226,015
			11,000,000		10.625	^(b)		05/15/15		11,742,500
		Travelport, Inc. (CC/Caa1)
			11,000,000		11.875			09/01/16		10,065,000
		Travelport, Inc. (CCC-/B3)
			18,000,000		9.875			09/01/14		17,415,000
		Travelport, Inc. (D/B3)^(d)(e)
		EUR	2,000,000		5.450			09/01/14		2,429,159

										151,985,034


		Telecommunications – 3.5%
		BCM Ireland Finance Ltd. (CCC+/B3)^(e)
			3,000,000		5.873			08/15/16		3,468,137
		Citizens Communications Co. (BB/Ba2)
		$	15,250,000		9.250			05/15/11		16,622,500
			8,500,000		6.250			01/15/13		8,415,000
		Frontier Communications Corp. (BB/Ba2)
			16,250,000		6.625			03/15/15		15,600,000
			3,250,000		8.125			10/01/18		3,290,625
		Level 3 Financing, Inc. (CCC/Caa1)
	��		10,250,000		9.250			11/01/14		9,045,625
		Nordic Telephone Co. Holdings (BB-/B1)
		EUR	2,250,000		6.399	^(d)(e)		05/01/16		3,260,598
			28,500,000		8.250			05/01/16		43,790,718
		$	8,000,000		8.875	^(b)		05/01/16		8,290,000
		Qwest Capital Funding, Inc. (B+/B1)
			8,375,000		7.900			08/15/10		8,521,562

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)
	Telecommunications – (continued)

	Qwest Communications International, Inc. (B+/Ba3)
	$	3,000,000		7.500	%		02/15/14	$	2,955,000
		6,750,000		8.000	^(b)		10/01/15		6,716,250
	Qwest Communications International, Inc. Series B (B+/Ba3)
		1,750,000		7.500			02/15/14		1,723,750
	Qwest Corp. (BBB-/Ba1)
		9,000,000		8.875			03/15/12		9,427,500
		1,450,000		7.500			10/01/14		1,468,125
		2,000,000		8.375	^(b)		05/01/16		2,055,000
	TDC A/S (BB-/Ba3)
	EUR	460,000		6.500			04/19/12		700,066
	Virgin Media Finance PLC (B/B2)
		3,825,000		8.750			04/15/14		5,807,424
	$	16,750,000		9.500			08/15/16		17,671,250
	Windstream Corp. (BB/Ba3)
		13,000,000		8.125			08/01/13		13,422,500
		8,000,000		8.625			08/01/16		8,170,000
		2,000,000		7.875	^(b)		11/01/17		1,992,500
		950,000		7.000			03/15/19		893,000

									193,307,130


	Telecommunications-Cellular – 5.2%
	American Tower Corp. (BB+/Baa3)
		5,000,000		7.125			10/15/12		5,075,000
		4,500,000		7.000			10/15/17		4,635,000
	CC Holdings GS V LLC/Crown Castle GS III Corp. (BB/Baa3)^(b)
		9,750,000		7.750			05/01/17		10,140,000
	Centennial Cellular Communications (B/B2)
		1,500,000		10.125			06/15/13		1,545,000
	Crown Castle International Corp. (B+/B1)
		10,250,000		9.000			01/15/15		10,813,750
	Digicel Group Ltd. (NR/B1)^(b)
		8,000,000		9.250			09/01/12		8,000,000
	Digicel Group Ltd. (NR/Caa1)^(b)
		23,250,000		8.875			01/15/15		21,622,500
		7,071,000		9.125	^(c)		01/15/15		6,611,385
	Digicel SA (NR/B1)^(b)
		5,500,000		12.000			04/01/14		6,132,500
	Hellas Telecommunications III (C/Ca)
	EUR	7,250,000		8.500			10/15/13		8,169,146
	Hellas Telecommunications Luxembourg V (CC/Caa2)^(e)
		1,250,000		4.496			10/15/12		1,591,392
	Nextel Communications, Inc. (BB/Ba2)
	$	11,125,000		6.875			10/31/13		10,290,625
		3,000,000		5.950			03/15/14		2,677,500
		16,500,000		7.375			08/01/15		14,788,125
	Orascom Telecom Finance SCA (CCC+/B3)^(b)
		14,875,000		7.875			02/08/14		14,168,437
	SBA Telecommunications, Inc. (BB-/Ba2)^(b)
		2,500,000		8.000			08/15/16		2,562,500
	Sprint Capital Corp. (BB/Ba2)
		8,000,000		7.625			01/30/11		8,180,000
		19,500,000		8.375			03/15/12		20,182,500
		46,125,000		6.900			05/01/19		41,743,125
		18,250,000		8.750			03/15/32		17,246,250


	Sprint Nextel Corp. (BB/Ba2)
		14,250,000		6.000			12/01/16		12,540,000
	Wind Acquisition Finance SA (BB-/B2)
	EUR	26,000,000		9.750			12/01/15		41,281,074
	$	12,500,000		10.750	^(b)		12/01/15		13,765,625
		500,000		11.750	^(b)		07/15/17		567,500

									284,328,934


	Telecommunications-Satellites – 1.9%
	Inmarsat Finance II PLC (BB/B1)^(f)
		6,000,000		10.375			11/15/12		6,210,000
	Inmarsat Finance PLC (BB+/Ba3)
		1,601,000		7.625			06/30/12		1,611,006
	Intelsat Bermuda Ltd. (CCC+/Caa2)
		13,000,000		11.250			06/15/16		13,910,000
		2,000,000		11.250	^(b)(g)		02/04/17		1,990,000
		7,437,500		11.500	^(b)(c)		02/04/17		6,954,063
	Intelsat Intermediate Holding Co. Ltd. (CCC+/NR)^(f)
		13,250,000		9.500			02/01/15		13,150,625
	Intelsat Jackson Holdings Ltd. (BB-/B3)
		9,375,000		9.500			06/15/16		9,890,625
	Intelsat Ltd. (CCC+/Caa3)
		10,500,000		7.625			04/15/12		10,185,000
	Intelsat Subsidiary Holding Co. Ltd. (BB-/B3)
		15,000,000		8.500			01/15/13		15,262,500
		24,750,000		8.875			01/15/15		25,183,125

									104,346,944


	Textiles & Apparel – 0.2%
	Propex Fabrics, Inc. (NR/WR)^(a)
		2,500,000		10.000			12/01/12		250
	Quiksilver, Inc. (CCC/Caa2)
		8,000,000		6.875			04/15/15		6,000,000
	Warnaco, Inc. (BB+/Ba3)
		2,000,000		8.875			06/15/13		2,060,000

									8,060,250


	Tobacco^(b) – 0.1%
	Alliance One International, Inc. (B+/B2)
		6,125,000		10.000			07/15/16		6,293,438


	Transportation – 0.5%
	Commercial Barge Line Co. (B+/B2)^(b)
		12,000,000		12.500			07/15/17		12,480,000
	RailAmerica, Inc. (BB-/B1)^(b)
		12,125,000		9.250			07/01/17		12,700,937
	Stena AB (BB+/Ba2)
	EUR	500,000		6.125			02/01/17		636,557

									25,817,494


	Utilities-Distribution – 0.4%
	AmeriGas Partners LP (NR/Ba3)
	$	3,750,000		7.250			05/20/15		3,656,250
	AmeriGas Partners LP/AmeriGas Eagle Finance Corp. (NR/Ba3)
		7,500,000		7.125			05/20/16		7,200,000
	Ferrellgas Finance LP (B+/Ba3)
		438,000		6.750			05/01/14		418,290

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

GOLDMAN SACHS HIGH YIELD FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)
	Utilities-Distribution – (continued)

	Inergy LP/Inergy Finance Corp. (B+/B1)
	$	1,550,000		6.875	%		12/15/14	$	1,484,125
		5,000,000		8.250			03/01/16		5,025,000
	Suburban Propane Partners LP (BB-/Ba3)
		3,442,000		6.875			12/15/13		3,407,580

									21,191,245


	Utilities-Electric – 3.7%
	Calpine Construction Finance Co. LP and CCFC Finance Corp. (BB-/B1)^(b)
		4,500,000		8.000			06/01/16		4,601,250
	Dynegy Holdings, Inc. (B/B3)
		3,000,000		8.750			02/15/12		3,030,000
		4,500,000		7.500			06/01/15		4,140,000
		2,250,000		8.375			05/01/16		2,109,375
		1,500,000		7.125			05/15/18		1,140,000
		5,750,000		7.750			06/01/19		4,916,250
	Edison Mission Energy (B/B2)
		9,625,000		7.750			06/15/16		8,349,688
		11,125,000		7.000			05/15/17		9,331,094
		7,000,000		7.200			05/15/19		5,687,500
	Elwood Energy LLC (BB/Ba1)
		2,014,140		8.159			07/05/26		1,772,443
	Intergen NV (BB-/Ba3)^(b)
		4,500,000		9.000			06/30/17		4,635,000
	Ipalco Enterprises, Inc. (BB+/Ba1)
		1,500,000		8.625			11/14/11		1,537,500
	Midwest Generation LLC (BB-/Ba1)
		4,174,001		8.560			01/02/16		4,247,046
	Mirant Americas Generation LLC (B-/B3)
		7,750,000		8.300			05/01/11		7,866,250
	Mirant Mid-Atlantic LLC (BB/Ba1)
		2,236,320		9.125			06/30/17		2,247,501
	Mirant North America LLC (B-/B1)
		10,500,000		7.375			12/31/13		10,421,250
	NiSource Finance Corp. (BBB-/Baa3)
		5,000,000		6.150			03/01/13		5,243,029
		2,000,000		5.400			07/15/14		2,038,543
		1,500,000		10.750			03/15/16		1,763,553
		7,275,000		6.400			03/15/18		7,412,747
		3,250,000		6.800			01/15/19		3,314,677
		5,000,000		5.450			09/15/20		4,679,001
	NRG Energy, Inc. (BB-/B1)
		21,725,000		7.250			02/01/14		21,344,813
		21,125,000		7.375			02/01/16		20,491,250
		2,500,000		7.375			01/15/17		2,425,000
	Orion Power Holdings, Inc. (BB/Ba3)
		3,500,000		12.000			05/01/10		3,622,500
	RRI Energy, Inc. (B+/B2)
		5,750,000		7.625			06/15/14		5,649,375
		6,375,000		7.875			06/15/17		6,215,625


	The AES Corp. (BB-/B1)
		5,250,000		9.375			09/15/10		5,407,500
		8,000,000		7.750			10/15/15		8,040,000
		13,250,000		9.750	^(b)		04/15/16		14,442,500
		10,000,000		8.000			10/15/17		10,125,000
		6,000,000		8.000			06/01/20		5,970,000

									204,217,260


	Utilities-Pipelines – 2.2%
	El Paso Corp. (BB-/Ba3)
		4,000,000		12.000			12/12/13		4,570,000
		5,000,000		8.250			02/15/16		5,125,000
		10,500,000		7.000			06/15/17		10,316,250
		3,500,000		7.250			06/01/18		3,443,125
		2,000,000		7.800			08/01/31		1,835,000
	El Paso Natural Gas Co. (BB/Baa3)
		2,625,000		8.625			01/15/22		3,189,270
		2,375,000		7.500			11/15/26		2,644,421
		4,250,000		8.375			06/15/32		5,013,088
	Enterprise Products Operating LP (BB/Ba1)^(e)
		3,750,000		8.375			08/01/66		3,494,929
		3,285,000		7.034			01/15/68		2,876,737
	Mark West Energy Partners LP/Mark West Energy Finance Corp. Series B (B+/B2)
		7,250,000		8.500			07/15/16		7,141,250
	Regency Energy Partners (B/B1)
		6,598,000		8.375			12/15/13		6,696,970
		8,000,000		9.375	^(b)		06/01/16		8,320,000
	Southern Star Central Corp. (BB+/Ba2)
		1,000,000		6.750			03/01/16		955,000
	Targa Resources Partners LP (B/B2)
		3,034,000		8.250			07/01/16		2,867,130
		6,625,000		11.250	^(b)		07/15/17		6,989,375
	Targa Resources, Inc. (B/B3)
		9,055,000		8.500			11/01/13		8,511,700
	Tennessee Gas Pipeline Co. (BB/Baa3)
		3,000,000		7.000			10/15/28		3,196,683
		3,000,000		8.375			06/15/32		3,622,065
		1,500,000		7.625			04/01/37		1,694,135
	The Williams Cos., Inc. (BB+/Baa3)
		5,000,000		8.125			03/15/12		5,447,297
		6,750,000		7.625			07/15/19		7,277,541
		5,000,000		8.750			01/15/20		5,728,189
		9,000,000		7.875			09/01/21		9,773,247
		1,000,000		7.500			01/15/31		1,027,993

									121,756,395


	TOTAL CORPORATE OBLIGATIONS
	(Cost $5,054,191,038)							$	5,093,828,556

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


			Dividend			Maturity
	Shares		Rate			Date		Value

Preferred Stocks – 0.1%


	CMP Susquehanna Radio Holdings Corp.^(b)(e)
		111,942		0.000	%		09/09/49	$	—
	Lucent Technologies Capital Trust I
		1,000		7.750			03/15/17		765,000
	Pliant Corp.^(c)
		2,796		13.000			07/18/11		420
	Preferred Blocker, Inc.^(b)
		7,813		7.000			12/31/11		4,543,504
	Spanish Broadcasting Systems, Inc.^(c)(d)
		3,074		10.750			10/15/13		15


	TOTAL PREFERRED STOCKS
	(Cost $8,894,040)							$	5,308,939


	Shares		Description	Value

Common Stocks – 0.3%


		1,996,917	Adelphia Recovery Trust Series ACC-1^(a)	$	39,938
		24,334	Axiohm Transaction Solutions, Inc.^(a)		243
		8,366	iPCS, Inc.^(a)		145,568
		6,252	Masonite Worldwide Holdings^(a)		237,604
		1,656	Nycomed^(a)		24
		567,500	Parmalat SpA^(b)		1,566,981
		351	Pliant Corp.^(a)		4
		33,975	Polymer Group, Inc.^(a)		339,750
		2,500	Port Townsend Holdings Co., Inc.		912,500
		20,372	Smurfit Kappa Funding PLC		160,385
		444,042	Spectrum Brands, Inc.^(a)		10,212,966
		103,389	Viasystems Group, Inc.^(a)		310,167
		1,051	Zemex Minerals Group, Inc.^(a)		—


	TOTAL COMMON STOCKS
	(Cost $32,867,063)			$	13,926,130


			Expiration
	Units		Date	Value

Warrants^(a) – 0.0%


	APP China Group Ltd.
		2,731	03/15/10	$	—
	Atrium Corp.
		3,385	12/31/12		—
	Avecia Group PLC (Ordinary)^(b)
		40,000	07/01/10		400
	Avecia Group PLC (Preferred)^(b)
		40,000	01/01/10		400
	CNB Capital Trust I^(b)
		127,920	03/23/19		—
	Masonite Worldwide Holdings
		30,311	06/09/14		109,119
		22,734	06/09/16		76,159


	Parmalat SpA^(b)
		650	12/31/15		1,797


	TOTAL WARRANTS
	(Cost $1,028,071)			$	187,875


	Shares		Description	Value

Special Purpose Entity^(a) – 0.0%


		526,991	Adelphia Recovery Trust
	(Cost $63,727)			$	25,032


	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT
	(Cost $5,097,043,939)			$	5,113,276,532

Principal

Interest

Maturity

Amount

Rate

Date

Value

Repurchase Agreement^(h) – 4.6%

��

Joint Repurchase Agreement Account II

252,500,000

0.061

10/01/09

252,500,000

Maturity Value: $252,500,428

(Cost $252,500,000)

TOTAL INVESTMENTS – 98.2%

(Cost $5,349,543,939)

5,365,776,532

OTHER ASSETS IN EXCESS
OF LIABILITIES – 1.8%

98,889,992

NET ASSETS – 100.0%

5,464,666,524

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


(a)		Security is currently in default and/or non-income producing.

(b)		Securities are exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $964,066,326, which represents approximately 17.6% of net assets as of September 30, 2009.

(c)		Pay-in-kind securities.

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

(e)		Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2009.

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

(g)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at September 30, 2009.

(h)		Joint repurchase agreement was entered into on September 30, 2009. Additional information appears on page 65.

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

GOLDMAN SACHS HIGH YIELD FUND

Security ratings disclosed, if any, are issued by Standard & Poor’s/Moody’s Investors Service. A brief description of the ratings is available in the Fund’s Statement of Additional Information.




Investment Abbreviations:
NR	—	Not Rated
WR	—	Withdrawn Rating


		As a % of
		Net Assets

Investments Industry Classifications†


	Aerospace		0.7	%
	Agriculture		0.9
	Automotive		3.4
	Banks		1.4
	Building Materials		2.2
	Capital Goods		1.9
	Chemicals		3.5
	Conglomerates		1.1
	Construction Machinery		0.3
	Consumer Products		3.9
	Defense		0.8
	Energy		5.6
	Entertainment & Leisure		0.6
	Environmental		0.8
	Finance		3.9
	Food		1.9
	Gaming		5.2
	Health Care		9.1
	Home Construction		0.8
	Lodging		0.7
	Media		7.2
	Metals		1.1
	Packaging		4.1
	Paper		2.0
	Printing		0.2
	Publishing		1.8
	Real Estate		0.3
	Restaurants		0.5
	Retailers		2.7
	Services Cyclical		3.3
	Short-term Investments#		6.4
	Technology		3.8
	Telecommunications		10.7
	Textiles & Apparel		0.2
	Tobacco		0.1
	Transportation		0.5
	Utilities		6.4


	TOTAL INVESTMENTS		100.0	%


†		Industry concentrations greater than one-tenth of one percent are disclosed.

#		Short-term Investments include repurchase agreements and other assets/liabilities.

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2009, the Fund had outstanding forward foreign currency exchange contracts, both to purchase and sell foreign currencies:

Contract

Expiration

Value on

Current

Unrealized

Open Forward Foreign Currency Exchange Contracts with Unrealized Gain

Type

Date

Settlement Date

Value

Gain

Euro

Purchase

11/19/09

25,637,574

26,398,828

761,254

Contract

Expiration

Value on

Current

Unrealized

Open Forward Foreign Currency Exchange Contracts with Unrealized Loss

Type

Date

Settlement Date

Value

Loss

Euro

Purchase

11/19/09

10,594,172

10,571,108

(23,064

)

Euro

Sale

11/19/09

821,858,227

847,972,781

(26,114,554

)

TOTAL

(26,137,618

)

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – 80.5%


	Banks – 17.2%
	ANZ Capital Trust I^(a)(b)
	$	850,000		4.484	%		12/15/49	$	835,876
	ANZ Capital Trust II^(a)(b)
		2,575,000		5.360			12/29/49		2,327,686
	Astoria Financial Corp.^(a)
		225,000		5.750			10/15/12		208,461
	BB&T Corp.
		2,400,000		3.850			07/27/12		2,475,682
	Bear Stearns & Co., Inc.
		3,050,000		6.950			08/10/12		3,395,214
		5,600,000		6.400			10/02/17		6,070,396
		925,000		7.250			02/01/18		1,057,808
	Citigroup, Inc.
		1,200,000		5.500			04/11/13		1,227,991
		1,425,000		6.125			05/15/18		1,403,116
		400,000		5.875			05/29/37		348,761
		725,000		6.875			03/05/38		714,059
	HBOS PLC^(a)(b)(c)
		1,750,000		5.375			11/01/49		1,120,000
	HSBC Bank USA NA
		4,400,000		6.000			08/09/17		4,644,301
		1,790,000		5.625			08/15/35		1,786,536
	HSBC Capital Funding LP^(a)(b)(c)
		1,050,000		4.610			06/27/49		842,143
	JPMorgan Chase & Co.
		2,650,000		6.300			04/23/19		2,893,076
		1,225,000		7.900	^(a)(c)		04/30/49		1,176,208
	JPMorgan Chase Capital Co. Series T^(a)
		1,650,000		6.550			09/29/36		1,532,067
	KeyBank NA
		2,375,000		5.500			09/17/12		2,450,335
	Manufacturers & Traders Trust Co.^(a)(c)
		1,495,000		5.585			12/28/20		1,189,514
	Merrill Lynch & Co., Inc.
		3,500,000		6.050			08/15/12		3,730,739
		7,111,000		5.450			02/05/13		7,410,804
		1,200,000		6.400			08/28/17		1,215,317
		5,125,000		6.875			04/25/18		5,400,789
	MUFG Capital Finance 1 Ltd.^(a)(c)
		3,025,000		6.346			07/25/49		2,722,500
	Nordea Bank Sweden AB^(a)(b)(c)
		2,380,000		8.950			11/12/49		2,261,000
	Northern Trust Co.
		1,625,000		6.500			08/15/18		1,865,854
	PNC Bank NA
		1,000,000		4.875			09/21/17		955,717
		850,000		6.000			12/07/17		869,179
	Resona Bank Ltd.^(a)(b)(c)
		1,475,000		5.850			04/15/49		1,275,875
	Royal Bank of Scotland Group PLC^(b)
		3,375,000		4.875			08/25/14		3,426,874
	Santander Issuances SA Unipersonal^(a)(b)(c)
		700,000		5.805			06/20/16		623,000
	Sovereign Bank^(a)(c)
		455,000		2.193			08/01/13		433,901


	Sumitomo Mitsui Banking Corp.^(a)(b)(c)
		450,000		5.625			10/15/49		429,335
	US Bank NA^(a)(c)
	EUR	2,400,000		4.375			02/28/17		3,263,877
	Wachovia Bank NA
	$	1,450,000		7.800			08/18/10		1,531,120
		1,300,000		6.600			01/15/38		1,426,992
	Wachovia Corp.
		9,844,000		5.500			05/01/13		10,556,778

									87,098,881


	Brokerage – 3.3%
	Morgan Stanley & Co.
		1,500,000		5.750			08/31/12		1,602,582
		8,375,000		6.250	^(a)		08/28/17		8,756,648
		2,925,000		6.625	^(a)		04/01/18		3,089,176
		2,400,000		7.300	^(a)		05/13/19		2,640,658
		825,000		5.625	^(a)		09/23/19		814,897

									16,903,961


	Chemicals^(a) – 1.8%
	Airgas, Inc.
		2,925,000		4.500			09/15/14		2,976,793
	The Dow Chemical Co.
		4,675,000		7.600			05/15/14		5,171,714
		875,000		5.900			02/15/15		898,085

									9,046,592


	Consumer Products^(a) – 0.7%
	Whirlpool Corp.
		2,650,000		8.000			05/01/12		2,860,416
		850,000		8.600			05/01/14		950,831

									3,811,247


	Consumer Products-Industrial^(a)(d) – 0.2%
	Allied Waste Industries, Inc.
		840,000		4.250			04/15/34		831,819


	Distributors^(a)(b) – 0.7%
	Ras Laffan Liquefied Natural Gas Co. Ltd. III
		2,300,000		6.750			09/30/19		2,578,951
	Southern Star Central Gas Pipeline, Inc.
		1,100,000		6.000			06/01/16		1,044,442

									3,623,393


	Electric – 6.5%
	Arizona Public Service Co.^(a)
		500,000		6.250			08/01/16		517,915
	Commonwealth Edison Co.^(a)
		2,000,000		6.150			09/15/17		2,210,026
		1,025,000		5.900			03/15/36		1,089,325
	EDF SA^(b)
		3,275,000		6.950			01/26/39		4,057,581
	Enel Finance International SA^(a)(b)
		5,100,000		5.125			10/07/19		5,077,560
	FirstEnergy Corp.^(a)
		3,225,000		7.375			11/15/31		3,614,990

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)
	Electric – (continued)

	MidAmerican Energy Holdings Co.^(a)
	$	2,475,000		5.750	%		04/01/18	$	2,671,527
	Nevada Power Co.^(a)
		2,400,000		7.125			03/15/19		2,729,904
	Niagara Mohawk Power Corp.^(a)(b)
		3,025,000		4.881			08/15/19		3,089,430
	NiSource Finance Corp.^(a)(c)
		500,000		0.977			11/23/09		499,622
	Pacific Gas and Electric Co.^(a)
		2,275,000		6.050			03/01/34		2,530,717
	Progress Energy, Inc.^(a)
		1,550,000		7.050			03/15/19		1,804,725
		1,000,000		7.000			10/30/31		1,162,174
	Public Service Co. of Oklahoma^(a)
		1,650,000		6.625			11/15/37		1,789,352

									32,844,848


	Energy^(a) – 5.2%
	Cenovus Energy, Inc.^(b)
		6,300,000		6.750			11/15/39		6,788,458
	ConocoPhillips Canada Funding Co. I
		5,250,000		5.300			04/15/12		5,674,788
	Dolphin Energy Ltd.^(b)
		550,000		5.888			06/15/19		555,847
	Petro-Canada
		4,675,000		6.050			05/15/18		4,895,183
	Suncor Energy, Inc.
		1,387,000		6.100			06/01/18		1,449,507
	Transocean, Inc.
		2,425,000		6.000			03/15/18		2,590,467
	XTO Energy, Inc.
		300,000		5.900			08/01/12		323,995
		1,437,000		6.500			12/15/18		1,586,393
		2,350,000		6.750			08/01/37		2,614,215

									26,478,853


	Entertainment – 0.3%
	Time Warner Entertainment Co.
		1,290,000		8.375			03/15/23		1,517,804


	Environmental^(a) – 1.4%
	Allied Waste North America, Inc.
		2,450,000		6.375			04/15/11		2,557,187
		1,975,000		7.875			04/15/13		2,034,250
	Waste Management, Inc.
		725,000		7.375			03/11/19		843,714
		1,403,000		7.375			05/15/29		1,588,463

									7,023,614


	Food & Beverage^(a)(b) – 3.2%
	Anheuser-Busch InBev Worldwide, Inc.
		3,300,000		7.750			01/15/19		3,904,758
		7,925,000		8.200			01/15/39		10,450,214


	Bacardi Ltd.
		1,200,000		7.450			04/01/14		1,354,380
		450,000		8.200			04/01/19		540,405

									16,249,757


	Healthcare Products – 1.5%
	Agilent Technologies, Inc.^(a)
		4,630,000		5.500			09/14/15		4,762,584
	CareFusion Corp.^(b)
		2,650,000		6.375			08/01/19		2,874,079

									7,636,663


	Life Insurance – 1.1%
	Nationwide Life Global Funding I^(b)
		2,450,000		5.450			10/02/12		2,432,260
	Phoenix Life Insurance Co.^(a)(b)
		2,600,000		7.150			12/15/34		617,500
	Reinsurance Group of America, Inc.
		625,000		6.750			12/15/11		641,245
	Symetra Financial Corp.^(a)(b)
		1,600,000		6.125			04/01/16		1,356,520
		725,000		8.300	^(c)		10/15/37		449,500

									5,497,025


	Media-Cable – 3.5%
	British Sky Broadcasting Group PLC^(a)(b)
		1,975,000		6.100			02/15/18		2,127,567
	Comcast Cable Communications Holdings, Inc.
		2,200,000		8.375			03/15/13		2,557,344
		1,350,000		9.455			11/15/22		1,734,747
	Comcast Corp.^(a)
		1,000,000		5.500			03/15/11		1,049,031
	Cox Communications, Inc.^(a)(b)
		2,000,000		6.250			06/01/18		2,121,814
		2,025,000		8.375			03/01/39		2,497,990
	Rogers Communications, Inc.^(a)
		2,500,000		6.800			08/15/18		2,805,640
	Time Warner Cable, Inc.^(a)
		1,300,000		5.400			07/02/12		1,389,077
		1,075,000		8.750			02/14/19		1,324,325

									17,607,535


	Media-Non Cable^(a) – 2.9%
	DirecTV Holdings LLC^(b)
		3,000,000		5.875			10/01/19		2,992,464
	News America, Inc.
		725,000		6.650			11/15/37		758,424
	Reed Elsevier Capital, Inc.
		5,005,000		8.625			01/15/19		6,166,020
	Thomson Reuters Corp.
		1,025,000		6.500			07/15/18		1,158,802
	WPP Finance UK
		3,450,000		8.000			09/15/14		3,784,457

									14,860,167

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)

	Metals & Mining – 1.2%
	Anglo American Capital PLC^(a)(b)
	$	1,750,000		9.375	%		04/08/19	$	2,126,250
	ArcelorMittal
		2,875,000		9.850			06/01/19		3,385,312
	Xstrata Canada Corp.^(a)
		500,000		7.250			07/15/12		535,000

									6,046,562


	Noncaptive-Financial – 2.2%
	American General Finance Corp.
		2,775,000		3.875			10/01/09		2,761,125
		1,225,000		8.450	^(d)		10/15/09		1,218,875
	General Electric Capital Corp.
		3,650,000		6.875			01/10/39		3,822,754
	SLM Corp.
		3,750,000		5.400			10/25/11		3,460,200

									11,262,954


	Paper^(a) – 0.3%
	International Paper Co.
		1,350,000		7.500			08/15/21		1,430,413


	Pharmaceuticals^(a) – 1.6%
	Roche Holdings, Inc.^(b)
		3,500,000		6.000			03/01/19		3,895,987
		625,000		7.000			03/01/39		775,817
	Watson Pharmaceuticals, Inc.
		3,150,000		5.000			08/15/14		3,229,027

									7,900,831


	Pipelines – 9.1%
	Buckeye Partners LP^(a)
		2,000,000		5.500			08/15/19		2,044,162
	CenterPoint Energy Resources Corp. Series B^(a)
		2,500,000		7.875			04/01/13		2,815,140
	DCP Midstream LLC^(a)(b)
		7,110,000		9.750			03/15/19		8,493,762
	Energy Transfer Partners LP^(a)
		275,000		5.650			08/01/12		289,996
		5,852,000		5.950			02/01/15		6,190,371
	Enterprise Products Operating LP^(a)
		2,350,000		5.600			10/15/14		2,484,949
		275,000		5.000			03/01/15		280,618
	Magellan Midstream Partners LP^(a)
		3,200,000		6.550			07/15/19		3,555,904
	Northwest Pipeline GP^(a)
		2,025,000		6.050			06/15/18		2,179,331
	ONEOK Partners LP^(a)
		1,000,000		6.150			10/01/16		1,042,643
	Southeast Supply Header LLC^(a)(b)
		2,325,000		4.850			08/15/14		2,367,164
	Southern Natural Gas Co.^(a)(b)
		700,000		5.900			04/01/17		720,932
	Tennessee Gas Pipeline Co.^(a)
		1,460,000		7.000			10/15/28		1,555,719
		2,125,000		8.375			06/15/32		2,565,630


	TEPPCO Partners LP^(a)
		1,500,000		6.650			04/15/18		1,625,694
		3,973,000		7.550			04/15/38		4,686,408
	The Williams Cos., Inc.
		825,000		6.375	^(b)		10/01/10		846,961
		589,000		7.875	^(a)		09/01/21		639,605
		408,000		8.750	^(a)		03/15/32		467,879
	TransCanada PipeLines Ltd.^(a)(c)
		1,500,000		6.350			05/15/67		1,309,658

									46,162,526


	Property/Casualty Insurance – 3.5%
	Ace Capital Trust II^(a)
		250,000		9.700			04/01/30		248,916
	ACE INA Holdings, Inc.^(a)
		1,500,000		6.700			05/15/36		1,731,353
	Arch Capital Group Ltd.^(a)
		1,245,000		7.350			05/01/34		1,158,750
	Aspen Insurance Holdings Ltd.^(a)
		1,025,000		6.000			08/15/14		1,002,154
	Catlin Insurance Co. Ltd.^(a)(b)(c)
		1,050,000		7.249			01/19/49		683,813
	CNA Financial Corp.^(a)
		1,000,000		5.850			12/15/14		907,031
	Endurance Specialty Holdings Ltd.^(a)
		1,350,000		7.000			07/15/34		1,206,789
	Marsh & McLennan Cos., Inc.^(a)
		1,000,000		5.150			09/15/10		1,013,355
	QBE Insurance Group Ltd.^(b)
		647,000		9.750			03/14/14		734,412
		855,000		5.647	^(a)(c)		07/01/23		708,095
	The Chubb Corp.^(a)
		1,300,000		6.500			05/15/38		1,532,658
	The Travelers Cos., Inc.^(a)(c)
		1,300,000		6.250			03/15/37		1,142,994
	White Mountains Reinsurance Group Ltd.^(a)(b)
		1,725,000		6.375			03/20/17		1,568,162
	Willis North America, Inc.^(a)
		1,475,000		7.000			09/29/19		1,516,623
	ZFS Finance USA Trust I^(a)(b)(c)
		1,375,000		6.150			12/15/65		1,237,500
	ZFS Finance USA Trust II^(a)(b)(c)
		1,275,000		6.450			12/15/65		1,134,750

									17,527,355


	Real Estate Investment Trusts^(a) – 3.0%
	Arden Realty LP^(e)
		1,160,000		5.200			09/01/11		1,210,568
	Health Care Property Investors, Inc.
		1,825,000		5.950			09/15/11		1,888,560
	Pan Pacific Retail Properties, Inc.
		1,350,000		5.950			06/01/14		1,366,716
	Post Apartment Homes LP
		3,000,000		6.300			06/01/13		2,953,404
	ProLogis^(d)
		2,500,000		2.250			04/01/37		2,258,315

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)
	Real Estate Investment Trusts^(a) – (continued)

	Simon Property Group LP
	$	1,000,000		5.600	%		09/01/11	$	1,040,944
		1,350,000		6.125			05/30/18		1,360,226
	WEA Finance LLC^(b)
		1,625,000		7.125			04/15/18		1,693,989
	Westfield Capital Corp. Ltd.^(b)
		1,500,000		4.375			11/15/10		1,522,004

									15,294,726


	Retailers – 1.7%
	CVS Caremark Corp.^(a)
		1,550,000		5.750			06/01/17		1,659,283
		800,000		6.250			06/01/27		850,342
	Nordstrom, Inc.^(a)
		3,350,000		6.750			06/01/14		3,674,926
	Wal-Mart Stores, Inc.
		1,850,000		7.550			02/15/30		2,378,386

									8,562,937


	Technology-Hardware^(a) – 1.3%
	Cisco Systems, Inc.
		1,925,000		5.900			02/15/39		2,083,761
	Fiserv, Inc.
		2,275,000		6.125			11/20/12		2,462,340
	Xerox Corp.
		1,750,000		8.250			05/15/14		1,989,209

									6,535,310


	Tobacco – 1.4%
	Altria Group, Inc.
		1,875,000		9.700			11/10/18		2,328,857
	BAT International Finance PLC^(a)(b)
		1,325,000		9.500			11/15/18		1,718,561
	Philip Morris International, Inc.
		2,775,000		5.650			05/16/18		2,953,754

									7,001,172


	Transportation^(a) – 0.7%
	CSX Corp.
		3,150,000		6.250			03/15/18		3,416,159


	Wireless Telecommunications^(a) – 1.5%
	AT&T, Inc.
		1,650,000		5.800			02/15/19		1,765,559
		2,300,000		6.400			05/15/38		2,441,593
	New Cingular Wireless Services, Inc.
		900,000		8.750			03/01/31		1,189,846
	Vodafone Group PLC
		1,950,000		5.000			12/16/13		2,079,636

									7,476,634


	Wirelines Telecommunications^(a) – 3.5%
	British Telecommunications PLC
		3,750,000		9.125			12/15/10		4,037,539
	France Telecom SA
		4,375,000		7.750			03/01/11		4,737,141
	Telecom Italia Capital SA
		1,500,000		6.200			07/18/11		1,596,536


		1,700,000		4.950			09/30/14		1,759,323
	Verizon Wireless Capital LLC^(b)
		4,600,000		8.500			11/15/18		5,743,707

									17,874,246


	TOTAL CORPORATE OBLIGATIONS
	(Cost $387,791,832)							$	407,523,984




Agency Debentures – 1.4%


	FHLB
	$	5,700,000		4.500	%		09/13/19	$	5,881,562
	Tennessee Valley Authority
		1,400,000		5.500			07/18/17		1,550,637


	TOTAL AGENCY DEBENTURES
	(Cost $7,346,464)							$	7,432,199




Mortgage-Backed Obligations – 1.6%


	Collateralized Mortgage Obligations – 1.6%
	Countrywide Alternative Loan Trust Series 2007-06, Class A4
	$	1,200,000		5.750	%		04/25/47	$	572,530
	Countrywide Alternative Loan Trust Series 2007-15CB, Class A5
		2,321,285		5.750			07/25/37		1,584,362
	Countrywide Alternative Loan Trust Series 2007-16CB, Class 4A7
		1,821,949		6.000			08/25/37		1,297,540
	Residential Asset Securitization Trust Series 2007-06, Class 1A3
		1,482,055		6.000			04/25/37		867,451
	Structured Adjustable Rate Mortgage Loan Trust Series 2005-21, Class 7A1^(c)
		2,176,353		6.010			11/25/35		1,709,665
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR15, Class A1A1^(c)
		1,594,986		0.506			11/25/45		1,028,624
	Wells Fargo Alternative Loan Trust Series 2007-PA2, Class 1A1
		1,615,520		6.000			06/25/37		1,113,505


	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $9,171,115)							$	8,173,677




Foreign Debt Obligations – 5.1%


	Sovereign – 3.6%
	Federal Republic of Brazil
	$	820,000		8.250	%		01/20/34	$	1,081,170
		4,000,000		7.125			01/20/37		4,770,000
	Landwirtschaftliche Rentenbank
		4,800,000		1.875			09/24/12		4,797,936
	Ontario Province of Canada
		1,400,000		4.100			06/16/14		1,480,171

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Foreign Debt Obligations – (continued)
	Sovereign – (continued)

	Societe Financement de l’Economie Francaise^(b)
	$	2,200,000		3.375	%		05/05/14	$	2,270,580
	State of Qatar
		600,000		5.150			04/09/14		628,500
		300,000		6.550			04/09/19		334,500
	Swedish Export Credit
		2,900,000		3.250			09/16/14		2,917,659

									18,280,516


	Supranational – 1.5%
	European Investment Bank
		2,500,000		3.000			04/08/14		2,558,347
		3,300,000		3.125			06/04/14		3,377,019
	Inter-American Development Bank
		1,600,000		3.000			04/22/14		1,630,202

									7,565,568


	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $24,965,018)							$	25,846,084




Municipal Debt Obligations – 1.3%


	California – 0.8%
	California State GO Bonds Build America Taxable Series 2009
	$	1,050,000		7.500	%		04/01/34	$	1,154,444
		2,625,000		7.550			04/01/39		2,921,257

									4,075,701


	Illinois – 0.4%
	Chicago Illinois Metropolitan Water Reclamation District GO Bonds Build America Bonds Taxable Direct Payment Series 2009
		1,775,000		5.720			12/01/38		1,926,709


	New Jersey – 0.1%
	New Jersey State Turnpike Authority RB Build America Taxable Series 2009 F
		350,000		7.414			01/01/40		432,058


	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $5,959,807)							$	6,434,468




Government Guarantee Obligations – 7.2%


	ANZ National (International) Ltd.^(b)(f)
	$	3,700,000		3.250	%		04/02/12	$	3,825,818
	Citigroup Funding, Inc.^(g)
		3,400,000		1.875			10/22/12		3,408,925
		5,400,000		1.875			11/15/12		5,390,712
		1,500,000		2.250			12/10/12		1,520,196
	General Electric Capital Corp.^(g)
		2,100,000		2.000			09/28/12		2,111,703
		4,400,000		2.625			12/28/12		4,508,024
	Israel Government AID Bond^(g)
		3,500,000		5.500			09/18/33		3,836,182


	LeasePlan Corp. NV^(b)(f)
		1,600,000		3.000			05/07/12		1,630,106
	Macquarie Bank Ltd.^(b)(f)
		4,200,000		3.300			07/17/14		4,185,222
	Societe Financement de l’Economie Francaise^(b)(f)
		5,900,000		2.875			09/22/14		5,912,095


	TOTAL GOVERNMENT GUARANTEE OBLIGATIONS
	(Cost $36,065,847)							$	36,328,983




U.S. Treasury Obligations – 2.0%


	United States Treasury Bonds
	$	2,700,000		4.250	%		05/15/39	$	2,793,234
	United States Treasury Note
		3,200,000		2.375			09/30/14		3,208,256
	United States Treasury Principal-Only STRIPS^(h)
		800,000		0.000			05/15/20		534,435
		7,100,000		0.000			11/15/26		3,439,517


	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $9,695,350)							$	9,975,442


	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT
	(Cost $480,995,433)							$	501,714,837




Repurchase Agreement⁽ⁱ⁾ – 1.4%


	Joint Repurchase Agreement Account II
	$	7,100,000		0.061	%		10/01/09	$	7,100,000
	Maturity Value: $7,100,012
	(Cost $7,100,000)


	TOTAL INVESTMENTS – 100.5%
	(Cost $488,095,433)							$	508,814,837



	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.5)%								(2,618,193	)


	NET ASSETS – 100.0%							$	506,196,644

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)

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


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

(b)		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 $123,849,196, which represents approximately 24.5% of net assets as of September 30, 2009.

(c)		Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2009.

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

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

(f)		Represents securities which are guaranteed by a foreign government. Total market value of the securities amounts to $15,553,241, which represents approximately 3.1% of net assets as of September 30, 2009.


(g)		This debt is guaranteed under the Federal Deposit Insurance Corporation’s (“FDIC”) Temporary Liquidity Guarantee Program and is backed by the full faith and credit of the United States. The expiration date of the FDIC’s guarantee is the earlier of the maturity date of the debt or June 30, 2012. Total market value of these securities amounts to $20,775,742, which represents approximately 4.1% of net assets as of September 30, 2009.

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

(i)		Joint repurchase agreement was entered into on September 30, 2009. Additional information appears on page 65.




Investment Abbreviations:
FHLB	—	Federal Home Loan Bank
GO	—	General Obligation
LIBOR	—	London Interbank Offered Rate
RB	—	Revenue Bond
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACT — At September 30, 2009, the Fund had an outstanding forward foreign currency exchange contract to sell foreign currencies:

Open Forward Foreign Currency

Contract

Expiration

Value on

Current

Unrealized

Exchange Contract with Unrealized Loss

Type

Date

Settlement Date

Value

Loss

Euro

Sale

10/13/09

3,190,137

3,283,088

(92,951

)

FUTURES CONTRACTS — At September 30, 2009, the following futures contracts were open:


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

Eurodollars		26		December 2009	$	6,475,950		$	26,585
Eurodollars		(15	)	September 2010		(3,698,813	)		(2,235	)
Eurodollars		(2	)	December 2010		(491,225	)		(401	)
2 Year U.S. Treasury Notes		145		December 2009		31,460,469			160,826
5 Year U.S. Treasury Notes		(88	)	December 2009		(10,216,250	)		(44,276	)
10 Year U.S. Treasury Notes		30		December 2009		3,549,844			44,477
30 Year U.S. Treasury Bonds		(187	)	December 2009		(22,697,125	)		(383,068	)


TOTAL								$	(198,092	)

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND


ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2009, the Fund had outstanding swap contracts with the following terms:

INTEREST RATE SWAP CONTRACTS


						Rates Exchanged					Upfront
	Notional					Payments	Payments				Payments made
	Amount			Termination		received by	made by	Market			(received) by			Unrealized
Swap Counterparty	(000s)			Date		the Fund	the Fund	Value			the Fund			Gain (Loss)

Banc of America Securities LLC	$	7,000			10/19/15	4.965%	3 month LIBOR	$	957,677		$	—		$	957,677
		15,900	^(a)		08/14/17	4.955	3 month LIBOR		538,562			—			538,562
		9,000	^(a)		08/15/22	3 month LIBOR	5.078%		(509,153	)		—			(509,153	)
		400	^(a)		12/17/29	3 month LIBOR	4.000		(4,422	)		26,970			(31,392	)
Credit Suisse First Boston Corp.		900	^(a)		12/17/29	3 month LIBOR	4.000		(9,950	)		25,389			(35,339	)
Deutsche Bank Securities, Inc.		20,900	^(a)		12/16/14	3.000	3 month LIBOR		185,529			(57,622	)		243,151
		3,800	^(a)		12/16/16	3 month LIBOR	3.250		(5,986	)		65,087			(71,073	)
		8,200	^(a)		09/05/17	4.568	3 month LIBOR		137,870			—			137,870
		4,800	^(a)		09/06/22	3 month LIBOR	4.710		(133,020	)		—			(133,020	)


TOTAL								$	1,157,107		$	59,824		$	1,097,283


(a)	Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2009.

CREDIT DEFAULT SWAP CONTRACTS


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

Protection Purchased:
Deutsche Bank Securities, Inc.	CDX North America Investment Grade Index	$	4,300		(1.000	)%		12/22/14	$	(1,194	)	$	—		$	(1,194	)
			6,000		(1.000	)		12/22/14		1,376			(11,538	)		12,914
JPMorgan Securities, Inc.	CDX North America Investment Grade Index		10,900		(1.500	)		12/20/13		(94,612	)		238,577			(333,189	)


TOTAL									$	(94,430	)	$	227,039		$	(321,469	)

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Sovereign Debt Obligations – 54.8%


	Brazil – 9.9%
	Brazil Notas do Tesouro Nacional (NR/Baa3)
		BRL 34,000,000		10.000	%		01/01/17	$	16,815,983


	Colombia – 1.7%
	Republic of Colombia (BB+/Ba1)
		COP 5,300,000,000		9.850			06/28/27		2,926,924


	Hungary – 5.3%
	Hungary Government Bond (BBB-/Baa1)
		HUF 1,655,000,000		7.250			06/12/12		8,944,109


	Israel – 1.7%
	Israel Government Bond – Shahar (NR/NR)
		ILS 10,400,000		7.000			04/29/11		2,965,394


	Mexico – 8.7%
	Mexican Bonos (A+/Baa1)
		MXN 127,000,000		9.000			12/20/12		10,044,108
		56,000,000		10.000			12/05/24		4,786,367

									14,830,475


	Peru – 4.6%
	Peru Government Bond (BBB+/Baa3)
		PEN 14,800,000		12.250			08/10/11		6,106,615
		4,000,000		9.910			05/05/15		1,779,922

									7,886,537


	Poland – 5.7%
	Poland Government Bond (A/A2)
		PLN 10,175,000		5.250			04/25/13		3,525,486
		18,418,560		3.000			08/24/16		6,086,898

									9,612,384


	South Africa – 6.6%
	Republic of South Africa (A+/A3)
		ZAR 67,560,000		13.500			09/15/15		11,155,584


	Turkey – 8.5%
	Turkey Government Bond (BB/NR)
		TRY 19,130,246		10.000			02/15/12		14,502,377


	Uruguay – 2.1%
	Republic of Uruguay (BB-/Ba3)
		UYU 66,728,330		5.000			09/14/18		3,179,734
		8,274,843		3.700			06/26/37		333,895

									3,513,629


	TOTAL SOVEREIGN DEBT OBLIGATIONS
	(Cost $93,724,024)							$	93,153,396




Corporate Obligations – 4.3%


	Brazil – 0.5%
	RBS-Zero Hora Editora Jornalistica SA (BB/NR)
		BRL 2,000,000		11.250	%		06/15/17	$	914,428


	Germany – 1.0%
	Kreditanstalt fuer Wiederaufbau (AAA/Aaa)
		NGN 255,000,000		8.500			01/18/11		1,632,272


	Russia – 2.8%
	Gazprombank (BB/Baa3)
		RUB 60,000,000		7.250			02/22/10		1,923,314
	Red Arrow International Leasing Plc (BBB/Baa2)
		89,590,018		8.375			06/30/12		2,834,532

									4,757,846


	TOTAL CORPORATE OBLIGATIONS
	(Cost $9,446,356)							$	7,304,546




Structured Notes – 8.8%


	Egypt Treasury Bills (NR/NR)^(a)(b)
		EGP 21,500,000		0.000	%		10/27/09	$	3,888,913
		1,600,000		0.000			12/08/09		286,238
	Republic of Indonesia (BB+/Ba2)
		IDR 21,000,000,000		10.000	^(c)		07/15/17		2,217,548
		$ 6,000,000		10.000	^(d)		07/15/17		5,755,200
		IDR 26,000,000,000		10.000	^(e)		07/17/17		2,745,535


	TOTAL STRUCTURED NOTES
	(Cost $14,238,386)							$	14,893,434




Foreign Debt Obligation – 0.8%


	Supranational – 0.8%
	International Bank Reconstruction & Development (AAA/Aaa)
		UYU 31,001,140		3.400	%		04/15/17	$	1,366,825
	(Cost $1,576,802)


	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT
	(Cost $118,985,568)							$	116,718,201




Repurchase Agreement^(f) – 31.1%


	Joint Repurchase Agreement Account II
		$52,900,000		0.061	%		10/01/09	$	52,900,000
	Maturity Value: $52,900,090
	(Cost $52,900,000)


	TOTAL INVESTMENTS – 99.8%
	(Cost $171,885,568)							$	169,618,201


	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%								394,088


	NET ASSETS – 100.0%							$	170,012,289

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

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


(a)		The underlying security is issued by Deutsche Bank AG.

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

(c)		The underlying security is issued by HSBC Corp.

(d)		The underlying security is issued by JPMorgan Chase.

(e)		The underlying security is issued by Barclays Bank PLC.

(f)		Joint repurchase agreement was entered into on September 30, 2009. Additional information appears on page 65.

Security ratings disclosed, if any, are issued by Standard & Poor’s/Moody’s Investors Service. A brief description of the ratings is available in the Fund’s Statement of Additional Information.




Investment Abbreviations:
KWCDC	—	South Korean Won Certificate of Deposit
NR	—	Not Rated
WR	—	Withdrawn Rating

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2009, 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
Exchange Contracts with Unrealized Gain	Type	Date	Settlement Date		Value		Gain

Israel Shekel	Purchase	12/16/09	$	1,132,652	$	1,140,839	$	8,187
Malaysian Ringgit	Purchase	01/19/10		3,181,714		3,193,584		11,870
New Taiwan Dollar	Purchase	01/19/10		8,116,007		8,213,424		97,417
Philippine Peso	Purchase	01/19/10		3,208,342		3,211,881		3,539
Singapore Dollar	Purchase	12/16/09		3,198,833		3,260,603		61,770
Singapore Dollar	Purchase	12/18/09		239,000		240,194		1,194
South African Rand	Sale	10/21/09		3,234,114		3,197,211		36,903
South Korean Won	Purchase	01/19/10		15,158,240		15,489,873		331,633


TOTAL							$	552,513


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

Chilean Peso	Purchase	01/19/10	$	3,224,257	$	3,198,330	$	(25,927	)
Indian Rupee	Purchase	01/19/10		8,074,445		8,061,194		(13,251	)
New Taiwan Dollar	Sale	01/19/10		2,445,000		2,481,603		(36,603	)
South African Rand	Purchase	10/01/09		1,619,500		1,609,359		(10,141	)
South African Rand	Purchase	10/21/09		3,232,500		3,197,211		(35,289	)
Yuan Renminbi	Purchase	03/29/10		3,239,886		3,213,768		(26,118	)


TOTAL							$	(147,329	)

INTEREST RATE SWAP CONTRACTS — At September 30, 2009, the Fund had outstanding swap contracts with the following terms:


					Rates Exchanged
	Notional				Payments			Payments
	Amount		Termination		received by			made by		Market
Swap Counterparty	(000s)		Date		the Fund			the Fund		Value*

Citibank NA	KRW	8,500,000		12/04/13		4.080	%		3 month KWCDC	$	(73,752	)
Deutsche Bank Securities, Inc.		2,000,000		06/09/11		3.395			3 month KWCDC		(13,336	)
		4,900,000		07/22/11		3.605			3 month KWCDC		(17,778	)


TOTAL										$	(104,866	)


*	There are no upfront payments on the swaps listed above, therefore, the unrealized loss of the swap contracts is equal to their market value.

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Mortgage-Backed Obligations – 103.0%


	Collateralized Mortgage Obligations – 10.9%
	Adjustable Rate Non-Agency^(a) – 6.0%
	Adjustable Rate Mortgage Trust Series 2004-5, Class 2A1
	$	376,966		5.007	%		04/25/35	$	317,235
	American Home Mortgage Assets Series 2006-3, Class 1A1
		5,727,574		1.871			10/25/46		2,832,389
	American Home Mortgage Investment Trust Series 2004-3, Class 1A
		18,240		0.616			10/25/34		15,143
	Bear Stearns Adjustable Rate Mortgage Trust Series 2004-1, Class 21A1
		400,530		4.217			04/25/34		337,286
	Bear Stearns Adjustable Rate Mortgage Trust Series 2005-03, Class 2A1
		1,386,950		5.086			06/25/35		1,046,821
	Bear Stearns Alt-A Trust Series 2004-3, Class A1
		117,306		0.886			04/25/34		72,616
	Bear Stearns Alt-A Trust Series 2005-5, Class 21A1
		1,432,767		4.092			07/25/35		936,888
	Countrywide Alternative Loan Trust Series 2005-16, Class A1
		1,126,121		2.546			06/25/35		503,524
	Countrywide Alternative Loan Trust Series 2005-38, Class A1
		316,690		2.401			09/25/35		178,724
	Countrywide Home Loan Trust Series 2003-52, Class A1
		418,878		4.959			02/19/34		351,428
	Countrywide Home Loan Trust Series 2004-HYB6, Class A2
		466,367		4.377			11/20/34		354,731
	Countrywide Home Loan Trust Series 2005-HYB4, Class 2A1
		2,064,303		4.864			08/20/35		1,533,032
	Harborview Mortgage Loan Trust Series 2005-14, Class 5A1A
		1,322,094		5.724			12/19/35		851,767
	Harborview Mortgage Loan Trust Series 2005-15, Class 2A11
		831,019		0.516			10/20/45		476,953
	Harborview Mortgage Loan Trust Series 2005-16, Class 2A1A
		465,216		0.486			01/19/36		261,038
	Impac CMB Trust Series 2004-08, Class 1A
		128,584		0.966			10/25/34		57,801
	Impac CMB Trust Series 2005-06, Class 1A1
		1,508,309		0.496			10/25/35		705,458
	Impac Secured Assets Corp. Series 2005-2, Class A1W
		1,822,083		0.496			03/25/36		753,267
	Indymac Index Mortgage Loan Trust Series 2005-AR13, Class 4A1
		854,831		5.186			08/25/35		580,845
	Indymac Index Mortgage Loan Trust Series 2005-AR15, Class A1
		584,083		5.278			09/25/35		415,332
	JPMorgan Mortgage Trust Series 2005-A4, Class 2A1
		1,543,899		5.055			07/25/35		1,221,519
	Lehman XS Trust Series 2005-5N, Class 3A1A
		1,379,466		0.546			11/25/35		780,100
	Luminent Mortgage Trust Series 2006-5, Class A1A
		597,144		0.436			07/25/36		311,346
	Master Adjustable Rate Mortgages Trust Series 2007-1, Class I2A3
		1,578,087		1.791			01/25/47		481,451


	Merrill Lynch Alternative Note Asset Series 2007-AF1, Class AV1
		2,420,777		5.540			06/25/37		1,307,155
	Morgan Stanley Mortgage Loan Trust Series 2004-8AR, Class 4A1
		1,447,320		3.539			10/25/34		1,180,987
	Mortgage IT Trust Series 2005-5, Class A1
		1,126,773		0.506			12/25/35		664,908
	Residential Accredit Loans, Inc. Series 2005-Q05, Class A1
		1,496,250		1.901			01/25/46		807,830
	Residential Funding Mortgage Securities I Series 2005-SA4, Class 2A1
		1,111,189		5.210			09/25/35		859,571
	Residential Funding Mortgage Securities I Series 2005-SA4, Class 2A2
		1,260,092		5.190			09/25/35		1,047,593
	Sequoia Mortgage Trust Series 2004-09, Class A2
		464,936		1.039			10/20/34		327,406
	Structured Adjustable Rate Mortgage Loan Series 2004-19, Class 2A2
		158,950		3.341			01/25/35		87,280
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-05, Class 3A1
		617,114		3.734			05/25/34		522,640
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 3A2
		269,938		3.396			09/25/34		226,910
	Structured Asset Mortgage Investments, Inc. Series 2007-AR6, Class A1
		3,563,601		2.401			08/25/47		1,856,714
	Structured Asset Securities Corp. Series 2003-26A, Class 3A5
		901,038		3.271			09/25/33		736,409
	Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR2, Class 1A1
		2,917,489		5.279			03/25/37		2,164,344

									27,166,441


	Interest Only^(b) – 0.0%
	ABN AMRO Mortgage Corp. Series 2003-5, Class A2
		15,804		5.500	%		04/25/33		2,009
	ABN AMRO Mortgage Corp. Series 2003-8, Class A2
		119,292		5.500			06/25/33		14,872
	CS First Boston Mortgage Securities Corp. Series 2002-AR31, Class 5X^(a)(c)
		62,999		0.000			11/25/32		—
	CS First Boston Mortgage Securities Corp. Series 2003-19, Class 1A2
		236,914		5.250			07/25/33		27,919
	FHLMC REMIC Series 2575, Class IB
		79,613		5.500			08/15/30		1,875
	FNMA REMIC Series 2004-47, Class EI^(a)(c)
		1,009,763		0.000			06/25/34		11,165
	FNMA REMIC Series 2004-62, Class DI^(a)(c)
		443,611		0.000			07/25/33		6,738

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

GOLDMAN SACHS U.S. MORTGAGES FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Mortgage-Backed Obligations – (continued)
	Interest Only^(b) – (continued)

	Master Adjustable Rate Mortgages Trust Series 2003-2, Class 3AX^(a)
	$	29,804		0.120	%		08/25/33	$	43
	Master Adjustable Rate Mortgages Trust Series 2003-2, Class 4AX^(a)
		10,418		0.320			07/25/33		38
	Washington Mutual Mortgage Pass-Through Certificates Series 2003-S3, Class 1A41
		51,941		5.500			06/25/33		6,603

									71,262


	Inverse Floaters^(a) – 0.0%
	GNMA Series 2001-48, Class SA
		19,795		25.703			10/16/31		29,089
	GNMA Series 2001-51, Class SB
		19,284		25.703			10/16/31		28,571
	GNMA Series 2001-59, Class SA
		29,626		25.541			11/16/24		43,752

									101,412


	Planned Amortization Class – 1.1%
	FNMA REMIC Series 2003-88, Class TH
		5,000,000		4.500			09/25/18		5,207,306


	Regular Floater^(a) – 3.0%
	FHLMC REMIC Series 3013, Class XH^(c)
		56,588		0.000			08/15/35		54,650
	FHLMC REMIC Series 3038, Class XA^(c)
		49,318		0.000			09/15/35		44,949
	FHLMC REMIC Series 3313, Class AU^(c)
		41,810		0.000			04/15/37		41,407
	FHLMC REMIC Series 3325, Class SX^(c)
		684,911		0.000			06/15/37		638,620
	FHLMC REMIC Series 3342, Class FT
		5,497,027		0.693			07/15/37		5,370,126
	FNMA REMIC Series 2006-81, Class LF^(c)
		44,921		0.000			09/25/36		44,572
	FNMA REMIC Series 2007-4, Class DF
		3,303,215		0.691			02/25/37		3,212,242
	FNMA REMIC Series 2008-22, Class FD
		4,441,850		1.086			04/25/48		4,394,025

									13,800,591


	Sequential Fixed Rate – 0.8%
	Countrywide Alternative Loan Trust Series 2005-J11, Class 2A1
		622,150		6.000			10/25/35		433,610
	Countrywide Alternative Loan Trust Series 2006-5T2, Class A3
		647,961		6.000			04/25/36		474,946
	FHLMC REMIC Series 2042, Class N
		531,107		6.500			03/15/28		569,798
	FHLMC REMIC Series 2590, Class NV
		1,000,000		5.000			03/15/18		1,061,129


	FNMA REMIC Series 2000-16, Class ZG
		824,900		8.500			06/25/30		900,893

									3,440,376


	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							$	49,787,388


	Commercial Mortgage-Backed Securities – 11.3%
	Interest Only^(a)(b)(d) – 0.0%
	Bear Stearns Commercial Mortgage Securities, Inc. Series 2003-T10, Class X2
		4,052,830		1.325			03/13/40		68,784
	JPMorgan Chase Commercial Mortgage Securities Corp. Series 2004-C1, Class X2
		4,262,183		1.152			01/15/38		45,204
	Prudential Commercial Mortgage Trust Series 2003-PWR1, Class X2
		4,099,625		1.591			02/11/36		80,486

									194,474


	Sequential Fixed Rate – 11.3%
	Banc of America Commercial Mortgage, Inc. Series 2005-5, Class A4
		4,000,000		5.115			10/10/45		3,957,978
	Banc of America Commercial Mortgage, Inc. Series 2005-6, Class A4
		5,000,000		5.351			09/10/47		4,853,891
	Bear Stearns Commercial Mortgage Securities Series 2006-PW13, Class A4
		10,295,000		5.540			09/11/41		9,650,970
	Bear Stearns Commercial Mortgage Securities, Inc. Series 2005-PW10, Class A4
		5,000,000		5.405			12/11/40		4,894,167
	GE Capital Commercial Mortgage Corp. Series 2005-C4, Class A4
		5,000,000		5.513			11/10/45		4,832,487
	LB-UBS Commercial Mortgage Trust Series 2005-C5, Class A4
		2,000,000		4.954			09/15/30		1,904,096
	LB-UBS Commercial Mortgage Trust Series 2005-C7, Class A4
		2,000,000		5.197			11/15/30		1,945,883
	LB-UBS Commercial Mortgage Trust Series 2006-C1, Class A4
		13,500,000		5.156			02/15/31		12,554,757
	Wachovia Bank Commercial Mortgage Trust Series 2005-C21, Class A4
		4,000,000		5.384			10/15/44		3,949,564
	Wachovia Bank Commercial Mortgage Trust Series 2006-C25, Class A5
		3,000,000		5.926			05/15/43		2,842,805

									51,386,598


	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES							$	51,581,072

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Mortgage-Backed Obligations – (continued)

	Federal Agencies – 80.8%
	Adjustable Rate FHLMC^(a) – 1.0%
	$	311,379		2.969	%		04/01/33	$	318,895
		4,107,803		4.206			08/01/35		4,219,683

									4,538,578


	Adjustable Rate FNMA^(a) – 1.5%
		20,194		2.630			07/01/22		20,636
		26,491		2.849			07/01/27		27,142
		63,584		2.849			11/01/27		65,155
		8,745		2.849			01/01/31		8,972
		9,993		2.849			06/01/32		10,251
		37,477		2.630			08/01/32		38,433
		83,962		2.630			05/01/33		86,131
		1,563,403		3.180			05/01/33		1,593,689
		488,250		2.950			06/01/33		501,138
		304,682		5.315			12/01/33		311,381
		557,265		3.171			08/01/34		575,726
		3,124,443		4.585			02/01/35		3,207,491
		31,465		2.849			11/01/35		32,249
		139,296		2.849			12/01/37		142,752
		62,137		2.849			01/01/38		63,685
		50,679		2.849			11/01/40		51,994

									6,736,825


	Adjustable Rate GNMA^(a) – 0.8%
		70,340		4.375			06/20/23		73,198
		32,421		4.625			07/20/23		33,451
		33,852		4.625			08/20/23		34,930
		88,035		4.625			09/20/23		90,784
		24,714		4.375			03/20/24		25,669
		217,805		4.375			04/20/24		226,654
		26,881		4.375			05/20/24		27,973
		225,208		4.375			06/20/24		234,357
		125,166		4.625			07/20/24		129,369
		175,490		4.625			08/20/24		181,269
		55,959		4.625			09/20/24		57,733
		65,532		4.125			11/20/24		67,725
		54,773		4.125			12/20/24		56,809
		45,959		4.375			01/20/25		47,826
		22,397		4.375			02/20/25		23,307
		78,040		4.375			05/20/25		81,210
		58,066		4.625			07/20/25		60,080
		28,207		4.375			02/20/26		29,331
		1,572		4.625			07/20/26		1,625
		85,674		4.375			01/20/27		89,142
		27,611		4.375			02/20/27		28,725
		223,120		4.375			04/20/27		232,185
		27,291		4.375			05/20/27		28,399
		24,077		4.375			06/20/27		25,055
		8,460		4.125			11/20/27		8,725
		34,703		4.125			12/20/27		35,823
		72,029		4.375			01/20/28		74,955
		24,187		4.250			02/20/28		25,118
		27,750		4.375			03/20/28		28,877
		138,015		4.625			07/20/29		142,638
		56,158		4.625			08/20/29		57,995
		19,002		4.625			09/20/29		19,640


		69,231		4.125			10/20/29		71,451
		87,915		4.125			11/20/29		90,735
		21,715		4.125			12/20/29		22,406
		29,147		4.250			01/20/30		30,274
		15,209		4.250			02/20/30		15,799
		61,324		4.250			03/20/30		63,702
		90,059		4.375			04/20/30		93,717
		225,534		4.375			05/20/30		234,697
		19,739		4.375			06/20/30		20,540
		195,012		4.625			07/20/30		202,094
		30,303		4.625			09/20/30		31,404
		58,578		3.875			10/20/30		60,148
		308,587		3.750			12/20/34		316,713

									3,534,257


	FHLMC – 23.0%
		95,003		5.000			12/01/12		100,948
		21,139		4.000			02/01/14		21,686
		345,086		4.000			03/01/14		354,028
		68,377		4.000			04/01/14		70,149
		79,080		4.000			05/01/14		81,317
		2,682		7.000			04/01/15		2,822
		16,705		7.000			02/01/16		17,965
		41,344		6.000			03/01/16		43,584
		2,573		5.000			09/01/16		2,709
		26,531		5.000			11/01/16		28,212
		2,503		5.000			12/01/16		2,665
		102,985		5.000			01/01/17		109,670
		166,326		5.000			02/01/17		177,038
		136,437		5.000			03/01/17		145,135
		237,309		5.000			04/01/17		252,718
		6,404		5.000			05/01/17		6,769
		12,295		5.000			08/01/17		13,094
		635,705		5.000			09/01/17		676,930
		702,341		5.000			10/01/17		747,940
		406,683		5.000			11/01/17		433,087
		451,105		5.000			12/01/17		480,391
		527,947		5.000			01/01/18		562,161
		1,218,454		5.000			02/01/18		1,297,139
		1,179,136		5.000			03/01/18		1,255,449
		1,011,916		5.000			04/01/18		1,077,432
		281,468		4.500			05/01/18		297,275
		703,055		5.000			05/01/18		748,254
		164,282		5.000			06/01/18		174,898
		156,494		5.000			07/01/18		166,605
		92,931		5.000			08/01/18		98,941
		64,628		5.000			09/01/18		68,803
		222,644		5.000			10/01/18		237,027
		231,048		5.000			11/01/18		245,975
		148,516		5.000			12/01/18		158,115
		129,929		5.000			01/01/19		138,327
		23,019		5.000			02/01/19		24,468
		29,991		5.000			03/01/19		31,835
		506,605		4.000			04/01/19		526,924
		642,167		5.500			04/01/20		684,850
		3,541,216		5.500			05/01/21		3,786,888

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

GOLDMAN SACHS U.S. MORTGAGES FUND


	Principal		Interest			Maturity
	Amount		Rate			Date			Value

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

	$	2,469,685		4.500	%		08/01/23		$	2,531,227
		31,261		7.500			03/01/27			34,873
		199,920		7.000			04/01/31			219,170
		2,091,838		7.000			09/01/31			2,287,337
		809,881		7.000			04/01/32			886,725
		2,152,673		7.000			05/01/32			2,356,925
		808,926		6.000			05/01/33			865,899
		52,426		5.500			12/01/33			55,420
		952,232		5.000			12/01/35			988,834
		1,009,544		5.500			01/01/36			1,063,302
		2,418		5.500			02/01/36			2,546
		30,082		6.000			10/01/36			31,975
		50,898		6.000			11/01/36			54,045
		2,895		5.500			12/01/36			3,045
		12,537		5.500			01/01/37			13,187
		96,433		5.500			03/01/37			101,767
		1,608,401		5.500			04/01/37			1,692,284
		18,419		6.000			04/01/37			19,647
		108,124		5.500			05/01/37			113,691
		25,094		6.000			05/01/37			26,642
		942,278		5.500			06/01/37			990,977
		28,332		6.000			06/01/37			30,079
		490,326		5.500			07/01/37			515,570
		5,223		6.000			07/01/37			5,572
		282,835		5.500			08/01/37			297,396
		81,835		5.500			09/01/37			86,636
		236,327		6.000			09/01/37			252,157
		88,076		5.500			10/01/37			93,125
		233,705		6.000			11/01/37			248,048
		815,471		5.500			12/01/37			858,305
		493,407		5.500			02/01/38			520,429
		25,213		5.500			03/01/38			26,696
		921,362		5.500			04/01/38			971,160
		52,880		6.000			04/01/38			56,125
		5,646,362		5.500			05/01/38			5,940,406
		3,408,904		6.000			05/01/38			3,617,034
		3,002,274		5.500			06/01/38			3,170,031
		340,661		5.500			07/01/38			358,413
		84,548		6.000			07/01/38			90,173
		2,029,751		5.500			08/01/38			2,135,519
		669,279		5.500			09/01/38			709,069
		45,181		6.000			09/01/38			47,926
		247,325		5.500			10/01/38			261,281
		835,315		5.500			11/01/38			885,226
		3,106,855		5.500			12/01/38			3,273,912
		2,005,563		6.000			12/01/38			2,130,054
		1,208,215		5.500			01/01/39			1,271,740
		118,778		6.000			01/01/39			126,697
		447,801		5.500			02/01/39			473,221
		55,030		6.000			02/01/39			58,373
		2,927,530		5.000			03/01/39			3,037,312
		54,649		5.500			03/01/39			57,916
		43,787		5.500			04/01/39			46,404
		3,946,053		4.500			05/01/39			3,996,929
		163,190		5.000			05/01/39			169,565
		10,915,775		5.000			06/01/39			11,288,343


		1,253,850		5.000			07/01/39			1,301,058
		552,178		5.000			08/01/39			573,174
		10,599,327		4.500			09/01/39			10,738,422
		6,994,399		5.000			09/01/39			7,237,571
		8,400,000		4.500			TBA-30yr	^(e)		8,483,373

										105,130,181


	FNMA – 44.2%
		44,533		4.000			06/01/13			45,674
		60,213		4.000			07/01/13			61,992
		85,521		4.000			08/01/13			87,751
		166,223		4.000			09/01/13			170,590
		3,839		5.500			09/01/13			4,094
		347,487		4.000			10/01/13			356,684
		8,975		5.500			02/01/14			9,572
		271,802		4.000			04/01/14			279,223
		1,883		5.500			04/01/14			2,008
		3,753		5.500			04/01/16			4,007
		4,992		5.500			08/01/16			5,330
		61,940		5.500			11/01/16			66,132
		105,716		5.000			12/01/16			110,576
		49,390		5.500			12/01/16			52,836
		70,113		5.500			01/01/17			74,858
		19,306		5.000			02/01/17			20,195
		150,626		5.000			04/01/17			157,587
		43,601		5.000			05/01/17			45,618
		5,307		5.500			05/01/17			5,686
		206,776		5.000			06/01/17			216,352
		25,372		5.500			07/01/17			27,185
		3,458		5.500			09/01/17			3,705
		2,198,785		5.000			11/01/17			2,334,950
		1,634,376		5.000			12/01/17			1,731,474
		3,149,430		5.000			01/01/18			3,333,824
		45,066		5.500			01/01/18			48,312
		990,487		5.000			02/01/18			1,052,251
		36,170		5.500			02/01/18			38,761
		4,371		6.000			02/01/18			4,704
		5,926,019		5.000			03/01/18			6,294,416
		3,325,656		5.000			04/01/18			3,532,466
		59,895		5.500			04/01/18			64,129
		2,138,667		5.000			05/01/18			2,273,529
		12,536		5.500			05/01/18			13,419
		46,253		6.000			05/01/18			49,770
		2,692,551		5.000			06/01/18			2,861,500
		137,648		5.000			07/01/18			146,234
		2,940,515		4.000			08/01/18			3,062,366
		64,259		5.000			09/01/18			68,271
		58,212		5.000			10/01/18			61,845
		408,922		5.000			11/01/18			434,339
		264,370		6.000			11/01/18			284,468
		349,207		7.000			11/01/18			380,000
		444,047		4.000			12/01/18			462,448
		474,124		6.000			12/01/18			510,166
		386,077		6.000			01/01/19			415,427
		9,965		5.500			02/01/19			10,665
		46,862		5.500			04/01/19			49,962

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

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

	$	136,104		6.000	%		04/01/19	$	143,528
		220,375		4.000			05/01/19		229,214
		11,312		5.500			05/01/19		12,109
		28,873		6.000			05/01/19		31,046
		64,173		5.500			07/01/19		68,417
		152,260		5.500			08/01/19		162,330
		76,208		5.500			09/01/19		81,247
		953,712		6.000			09/01/19		1,024,570
		1,058,612		4.000			10/01/19		1,101,070
		167,082		5.500			10/01/19		178,132
		53,823		5.500			11/01/19		57,383
		39,662		5.500			12/01/19		42,285
		279,763		5.500			02/01/20		299,477
		1,190,340		6.000			12/01/20		1,278,778
		67,162		5.500			01/01/21		71,604
		617,160		6.000			04/01/21		658,475
		500,475		6.000			07/01/21		534,687
		421,961		6.000			08/01/21		450,210
		381,369		6.000			09/01/21		407,439
		107,255		7.000			09/01/21		118,951
		164,386		6.000			10/01/21		175,391
		203,559		6.000			11/01/21		217,474
		248,435		6.000			01/01/22		265,330
		316,596		7.000			06/01/22		350,443
		150,361		7.000			07/01/22		166,436
		77,869		6.000			03/01/23		83,013
		103,410		4.500			04/01/23		107,283
		24,113		5.000			07/01/23		25,301
		356,284		6.000			08/01/23		380,006
		21,353		6.000			11/01/23		22,775
		2,125		7.000			01/01/29		2,341
		1,065		5.500			04/01/29		1,122
		3,505		7.000			09/01/29		3,862
		6,813		7.000			02/01/30		7,502
		67,339		7.000			08/01/31		73,637
		31,801		5.000			12/01/31		32,982
		3,728		7.000			03/01/32		4,093
		2,714		7.000			04/01/32		2,980
		10,593		7.000			05/01/32		11,631
		24,291		7.000			06/01/32		26,670
		3,595		7.000			07/01/32		3,947
		173,693		6.000			01/01/33		185,837
		5,192		6.000			02/01/33		5,555
		702,515		5.500			03/01/33		739,104
		2,051,145		5.500			04/01/33		2,160,102
		583,781		5.500			05/01/33		614,186
		44,643		5.000			06/01/33		46,302
		642,988		5.500			06/01/33		676,477
		114,372		6.000			06/01/33		122,387
		4,025,929		5.500			07/01/33		4,233,265
		37,557		6.000			07/01/33		40,177
		262,386		5.000			08/01/33		272,135
		30,429		5.000			09/01/33		31,560
		560,706		5.500			09/01/33		589,950
		96,799		6.000			09/01/33		103,552
		65,834		5.000			10/01/33		68,280


		518,273		5.500			10/01/33		545,267
		19,632		6.000			10/01/33		21,002
		71,265		5.000			11/01/33		73,912
		1,075,681		5.500			12/01/33		1,130,559
		12,769		5.000			01/01/34		13,244
		1,776,422		5.500			01/01/34		1,868,139
		154,722		5.500			02/01/34		163,057
		35,132		5.500			03/01/34		37,024
		39,730		5.500			04/01/34		41,869
		591,587		5.500			06/01/34		622,401
		26,136		5.000			07/01/34		27,107
		181,617		5.500			07/01/34		191,373
		34,017		5.500			08/01/34		35,887
		99,305		5.500			10/01/34		104,610
		4,075,712		6.000			10/01/34		4,328,537
		1,952,695		5.500			11/01/34		2,051,721
		64,763		6.000			11/01/34		69,271
		1,038,363		5.500			12/01/34		1,093,809
		1,617,790		6.000			12/01/34		1,730,387
		17,904		5.000			03/01/35		18,560
		95,351		5.000			04/01/35		98,748
		1,181,919		6.000			04/01/35		1,258,650
		31,038		5.500			06/01/35		32,833
		335,151		5.000			07/01/35		347,205
		59,528		5.500			07/01/35		62,681
		157,603		5.000			08/01/35		163,372
		46,161		5.500			08/01/35		48,607
		205,106		5.000			09/01/35		212,571
		35,220		5.500			09/01/35		37,084
		188,262		5.000			10/01/35		195,023
		558,400		6.000			10/01/35		594,391
		67,451		5.000			11/01/35		69,921
		16,740		5.500			12/01/35		17,652
		16,127		6.000			12/01/35		18,059
		40,468		5.500			04/01/36		42,597
		22,470		6.000			04/01/36		23,890
		66,297		5.500			06/01/36		69,775
		58,027		6.000			06/01/36		61,658
		31,028		5.000			07/01/36		32,183
		31,118		6.000			07/01/36		33,065
		115,352		6.000			08/01/36		122,571
		2,185,498		6.000			09/01/36		2,327,915
		35,485		6.000			10/01/36		37,705
		455,543		6.000			11/01/36		483,551
		31,189		5.000			12/01/36		32,300
		13,102		5.500			12/01/36		13,773
		856,409		6.000			12/01/36		911,339
		18,143		5.500			01/01/37		19,072
		544,978		6.000			01/01/37		579,536
		30,842		5.500			02/01/37		32,422
		58,812		5.500			03/01/37		61,970
		1,188,898		5.500			04/01/37		1,249,447
		1,066,076		5.500			05/01/37		1,120,390
		1,317,571		6.000			05/01/37		1,399,956
		488,945		5.000			06/01/37		505,982
		440,525		5.500			06/01/37		462,962

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

GOLDMAN SACHS U.S. MORTGAGES FUND


	Principal		Interest			Maturity
	Amount		Rate			Date			Value

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

	$	83,138		5.500	%		07/01/37		$	87,370
		19,742		5.500			08/01/37			20,759
		372,369		6.000			08/01/37			395,173
		765,849		6.000			09/01/37			812,577
		161,715		5.500			10/01/37			169,946
		37,411		6.000			10/01/37			39,694
		639,791		6.500			10/01/37			688,425
		359,618		6.000			11/01/37			381,559
		1,675		5.500			12/01/37			1,760
		247,405		6.000			12/01/37			262,500
		261,638		5.500			01/01/38			274,996
		39,844		6.000			01/01/38			42,275
		266,257		5.500			02/01/38			279,852
		412,122		6.000			02/01/38			437,396
		4,100,411		5.000			03/01/38			4,253,299
		8,829,787		5.500			03/01/38			9,303,678
		1,624,564		6.000			03/01/38			1,723,687
		3,570,485		5.500			04/01/38			3,751,238
		8,704,806		5.500			05/01/38			9,169,734
		39,784		6.000			05/01/38			42,199
		8,055,854		5.500			06/01/38			8,493,826
		2,080,558		5.500			07/01/38			2,187,755
		132,063		5.500			08/01/38			138,875
		2,336,412		5.500			09/01/38			2,455,402
		3,314,161		6.000			09/01/38			3,514,305
		1,205,655		5.500			10/01/38			1,268,283
		1,472,752		6.000			10/01/38			1,561,692
		1,584,966		5.500			11/01/38			1,669,398
		23,569		6.000			11/01/38			24,992
		1,184,524		5.500			12/01/38			1,249,749
		7,846,488		5.000			01/01/39			8,149,862
		1,231,212		5.500			01/01/39			1,293,005
		72,916		6.000			01/01/39			77,319
		2,194,639		6.500			01/01/39			2,358,590
		208,262		5.000			02/01/39			216,172
		1,310,739		5.500			02/01/39			1,376,400
		5,949,130		4.500			03/01/39			5,950,370
		61,136		5.000			03/01/39			63,419
		285,755		5.500			03/01/39			301,844
		143,295		5.000			04/01/39			148,647
		321,166		4.500			05/01/39			325,750
		671,341		5.000			05/01/39			696,755
		899,750		4.500			06/01/39			913,101
		2,149,111		5.000			06/01/39			2,222,907
		488,058		4.500			07/01/39			495,746
		1,599,225		5.000			07/01/39			1,656,147
		739,647		4.500			08/01/39			751,287
		464,372		5.000			08/01/39			481,876
		100,000		4.500			09/01/39			101,625
		165,626		5.000			09/01/39			171,810
		2,747,847		4.500			10/01/39			2,789,898
		300,000		5.000			10/01/39			311,515
		14,000,000		4.500			TBA-30yr	^(e)		14,173,893
		24,000,000		6.000			TBA-30yr	^(e)		25,065,000

										201,875,315


	GNMA – 10.3%
		977		6.000			12/15/23			1,042
		17,613		6.000			03/15/26			18,766
		24,832		6.000			04/15/26			26,458
		1,667,833		5.500			05/15/38			1,763,017
		907,181		6.000			12/15/38			960,407
		7,416,447		5.500			01/15/39			7,814,988
		2,548,774		6.000			01/15/39			2,717,926
		655,696		5.500			02/15/39			691,887
		7,249,468		5.500			03/15/39			7,644,511
		3,434,048		5.000			04/15/39			3,575,557
		4,950,914		4.500			05/15/39			5,036,201
		4,169,347		5.000			05/15/39			4,340,106
		6,172,920		4.500			06/15/39			6,279,259
		4,028,015		5.000			06/15/39			4,192,679
		996,521		4.500			07/15/39			1,013,687
		996,030		5.000			07/15/39			1,036,493

										47,112,984


	TOTAL FEDERAL AGENCIES								$	368,928,140


	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $479,221,163)								$	470,296,600




Agency Debentures – 1.1%


	FHLMC
	$	2,200,000		4.500	%		09/13/19		$	2,270,077
	Tennessee Valley Authority^(f)
		2,800,000		5.375			04/01/56			2,980,667


	TOTAL AGENCY DEBENTURES
	(Cost $5,031,818)								$	5,250,744




Asset-Backed Securities – 0.9%


	Home Equity – 0.9%
	CIT Mortgage Loan Trust Series 2007-1, Class 2A2^(a)(d)
	$	570,000		1.496	%		10/25/37		$	233,642
	CIT Mortgage Loan Trust Series 2007-1, Class 2A3^(a)(d)
		1,100,000		1.696			10/25/37			410,516
	Countrywide Home Equity Loan Trust Series 2002-E, Class A^(a)
		35,029		0.503			10/15/28			24,350
	Countrywide Home Equity Loan Trust Series 2003-D, Class A^(a)
		160,459		0.503			06/15/29			95,778
	Countrywide Home Equity Loan Trust Series 2004-G, Class 2A^(a)
		69,161		0.463			12/15/29			28,757
	Countrywide Home Equity Loan Trust Series 2004-I, Class A^(a)
		660,339		0.533			02/15/34			195,091
	Countrywide Home Equity Loan Trust Series 2004-J, Class 2A^(a)
		66,362		0.533			12/15/33			24,849

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

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

	Countrywide Home Equity Loan Trust Series 2004-O, Class 1A^(a)
	$	248,078		0.523	%		02/15/34	$	100,472
	Countrywide Home Equity Loan Trust Series 2005-A, Class 2A^(a)
		425,172		0.483			04/15/35		190,755
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
		522,288		7.000			09/25/37		309,412
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
		584,662		7.000			09/25/37		242,596
	Household Home Equity Loan Trust Series 2007-3, Class APT^(a)
		2,562,363		1.446			11/20/36		2,081,918
	Morgan Stanley Capital, Inc. Series 2004-HE1, Class A4^(a)
		548,071		0.986			01/25/34		266,434
	Residential Asset Mortgage Products, Inc. Series 2004-RZ1, Class AII^(a)
		229,018		0.726			03/25/34		133,970

									4,338,540


	TOTAL ASSET-BACKED SECURITIES
	(Cost $7,783,789)							$	4,338,540


	TOTAL INVESTMENTS BEFORE REPURCHASE AGREEMENT
	(Cost $492,036,770)							$	479,885,884




Repurchase Agreement^(g) – 9.2%


	Joint Repurchase Agreement Account II
	$	41,800,000		0.061	%		10/01/09	$	41,800,000
	Maturity Value: $41,800,071
	(Cost $41,800,000)


	TOTAL INVESTMENTS – 114.2%
	(Cost $533,836,770)							$	521,685,884


	LIABILITIES IN EXCESS OF OTHER ASSETS – (14.2)%								(65,054,502	)


	NET ASSETS – 100.0%							$	456,631,382

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


(a)		Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2009.

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

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

(d)		Securities are exempt from registration under rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounted to $838,632, which represents approximately 0.2% of net assets as of September 30, 2009.

(e)		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 $47,722,266 which represents approximately 10.5% of net assets as of September 30, 2009.

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

(g)		Joint repurchase agreement was entered into on September 30, 2009. Additional information appears on page 65.




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

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

GOLDMAN SACHS U.S. MORTGAGES FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACT — At September 30, 2009, the Fund had the following forward sales contract:

Interest

Maturity

Settlement

Principal

Description

Rate

Date^(e)

Date

Amount

Value

FHLMC (Proceeds Receivable $9,211,016)

5.000%

TBA-30yr

10/14/09

9,000,000

9,298,125

FUTURES CONTRACTS — At September 30, 2009, the following futures contracts were open:


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

Eurodollars		(102	)	December 2009	$	(25,405,650	)	$	(109,958	)
Eurodollars		(20	)	March 2010		(4,968,750	)		(41,647	)
Eurodollars		3		September 2010		739,762			4,438
Eurodollars		(1	)	December 2010		(245,613	)		(201	)
2 Year U.S. Treasury Notes		262		December 2009		56,845,813			235,366
5 Year U.S. Treasury Notes		(475	)	December 2009		(55,144,531	)		(368,895	)
10 Year U.S. Treasury Notes		272		December 2009		32,185,250			403,001
30 Year U.S. Treasury Bonds		14		December 2009		1,699,250			23,795


TOTAL								$	145,899

INTEREST RATE SWAP CONTRACTS — At September 30, 2009, the Fund had outstanding swap contracts with the following terms^(a):


				Rates Exchanged					Upfront
	Notional			Payments	Payments				Payments
	Amount		Termination	received by	made by	Market			made (received) by		Unrealized
Swap Counterparty	(000s)		Date	the Fund	the Fund	Value			the Fund		Gain (Loss)

Banc of America Securities LLC	$	900	12/16/16	3 month LIBOR	3.250%	$	(1,418	)	$	8,270	$	(9,688	)
		1,800	12/16/16	3 month LIBOR	3.250		(2,835	)		16,928		(19,763	)
		2,600	12/16/16	3 month LIBOR	3.250		(4,096	)		45,500		(49,596	)
		2,600	12/16/16	3 month LIBOR	3.250		(4,096	)		41,290		(45,386	)
		3,200	12/16/16	3 month LIBOR	3.250		(5,041	)		54,209		(59,250	)
		5,200	12/16/16	3 month LIBOR	3.250		(8,192	)		131,837		(140,029	)
		19,000	08/14/17	4.955%	3 month LIBOR		643,564			—		643,564
		10,700	08/15/22	3 month LIBOR	5.078		(605,326	)		—		(605,326	)
		3,300	12/16/24	3 month LIBOR	3.750		32,078			213,555		(181,477	)
		2,000	12/17/29	3 month LIBOR	4.000		(22,112	)		134,847		(156,959	)
Credit Suisse First Boston Corp.		3,600	12/17/29	3 month LIBOR	4.000		(39,801	)		101,555		(141,356	)

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

September 30, 2009 (Unaudited)


ADDITIONAL INVESTMENT INFORMATION (continued)

INTEREST RATE SWAP CONTRACTS — (continued)


				Rates Exchanged					Upfront
	Notional			Payments	Payments				Payments
	Amount		Termination	received by	made by	Market			made (received) by			Unrealized
Swap Counterparty	(000s)		Date	the Fund	the Fund	Value			the Fund			Gain (Loss)

Deutsche Bank Securities, Inc.	$	6,300	12/17/12	2.250%	3 month LIBOR	$	25,205		$	(79,424	)	$	104,629
		3,600	12/16/14	3.000	3 month LIBOR		31,958			(9,925	)		41,883
		9,400	09/05/17	4.568	3 month LIBOR		158,046			—			158,046
		5,500	09/06/22	3 month LIBOR	4.710%		(152,419	)		—			(152,419	)
		1,200	12/16/24	3 month LIBOR	3.750		11,665			79,558			(67,893	)
		400	12/17/29	3 month LIBOR	4.000		(4,423	)		9,258			(13,681	)
JPMorgan Securities, Inc.		4,000	12/16/19	3 month LIBOR	3.500		17,943			139,166			(121,223	)
		1,800	12/16/24	3 month LIBOR	3.750		17,497			123,499			(106,002	)
		3,000	12/16/24	3 month LIBOR	3.750		29,162			192,345			(163,183	)


TOTAL						$	117,359		$	1,202,468		$	(1,085,109	)


(a)	Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2009.

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS


ADDITIONAL INVESTMENT INFORMATION (continued)

JOINT REPURCHASE AGREEMENT ACCOUNT II — At September 30, 2009, the Funds had undivided interests in the Joint Repurchase Agreement Account II, as follows:


Fund	Principal Amount

Emerging Market Debt	$	7,400,000

High Yield		252,500,000

Investment Grade Credit		7,100,000

Local Emerging Markets Debt		52,900,000

U.S. Mortgages		41,800,000

REPURCHASE AGREEMENTS


	Principal		Interest			Maturity		Maturity
Counterparty	Amount		Rate			Date		Value

Banc of America Securities LLC	$	1,033,500,000		0.08	%		10/01/09	$	1,033,502,297

Barclays Capital, Inc.		800,000,000		0.03			10/01/09		800,000,667

Barclays Capital, Inc.		2,250,000,000		0.04			10/01/09		2,250,002,500

Citigroup Global Markets, Inc.		1,500,000,000		0.06			10/01/09		1,500,002,500

Credit Suisse Securities (USA) LLC		1,000,000,000		0.03			10/01/09		1,000,000,833

Credit Suisse Securities (USA) LLC		1,950,000,000		0.07			10/01/09		1,950,003,792

Deutsche Bank Securities, Inc.		300,000,000		0.04			10/01/09		300,000,333

Deutsche Bank Securities, Inc.		1,150,000,000		0.08			10/01/09		1,150,002,556

JPMorgan Securities		500,000,000		0.04			10/01/09		500,000,556

JPMorgan Securities		4,121,500,000		0.07			10/01/09		4,121,508,014

Merrill Lynch & Co., Inc.		950,000,000		0.07			10/01/09		950,001,847

Morgan Stanley & Co.		2,160,300,000		0.05			10/01/09		2,160,303,000

RBS Securities, Inc.		500,000,000		0.07			10/01/09		500,000,972

UBS Securities LLC		1,295,000,000		0.08			10/01/09		1,295,002,878

Wachovia Capital Markets		550,000,000		0.07			10/01/09		550,001,069

TOTAL								$	20,060,333,814

At September 30, 2009, the Joint Repurchase Agreement Account II was fully collateralized by:


Issuer	Interest Rates	Maturity Dates

Federal Farm Credit Bank	3.800% to 6.900%		11/04/09 to 08/03/37

Federal Home Loan Bank	0.820 to 6.640		10/02/09 to 03/14/36

Federal Home Loan Mortgage Corp.	0.000 to 15.000		10/13/09 to 10/01/39

Federal Home Loan Mortgage Corp. Interest-Only Stripped Securities	0.000		1/15/18

Federal National Mortgage Association	0.000 to 16.000		10/01/09 to 07/01/49

Federal National Mortgage Association Interest-Only Stripped Securities	0.000		05/15/20

Government National Mortgage Association	4.500 to 6.000		07/15/35 to 09/15/39

Tennessee Valley Authority Interest-Only Stripped Security	0.000		11/01/10

U.S. Treasury Inflation Protected Securities	0.625 to 4.250		01/15/10 to 01/15/15

U.S. Treasury Interest-Only Stripped Securities	0.000		11/30/09 to 08/15/19

U.S. Treasury Notes	1.750 to 7.250		08/31/11 to 02/15/18

U.S. Treasury Principal-Only Stripped Securities	0.000		11/15/09 to 08/15/17

The aggregate market value of the collateral, including accrued interest, was $20,558,837,843.

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities

September 30, 2009 (Unaudited)


	Emerging Markets
	Debt Fund

Assets:

Investments in securities, at value (identified cost $186,941,435, $5,097,043,939, $480,995,433, $118,985,568 and $492,036,770, respectively)	$	204,883,041
Repurchase agreement, at value which equals cost		7,400,000
Cash		1,124,782
Foreign currencies, at value (identified cost $8,383, $11,072,827, $0, $704 and $0, respectively)		8,228
Receivables:
Fund shares sold		5,957,178
Interest		3,026,875
Due from broker — swap collateral		750,000
Swap contracts, at value (includes upfront payments made (received) of $0, $0, ($69,160), $0 and $658,774, respectively)		563,229
Investment securities sold, at value		269,700
Forward foreign currency exchange contracts, at value		84,639
Reimbursement from investment adviser		11,719
Due from broker — variation margin, at value		—
Foreign tax reclaims, at value		—
Other assets, at value		378


Total assets		224,079,769





Liabilities:

Due to Custodian		—
Payables:
Investment securities purchased, at value		2,424,550
Fund shares redeemed		1,759,122
Distributions payable		199,644
Amounts owed to affiliates		161,652
Swap contracts, at value (includes upfront payments made (received) of $0, $0, $356,023, $0 and $543,694, respectively)		128,408
Forward foreign currency exchange contracts, at value		91,606
Due to broker — variation margin, at value		—
Due to broker — swap collateral		—
Due to broker — forward foreign currency exchange contracts collateral		—
Due to broker — upfront payment		—
Forward sale contracts, at value (proceeds receivable $0, $0, $0, $0 and $9,211,016, respectively)		—
Accrued expenses and other liabilities		121,990


Total liabilities		4,886,972





Net Assets:

Paid-in capital		229,931,868
Accumulated undistributed (distribution in excess of) net investment income		2,745,330
Accumulated net realized loss from investment, futures, swap and foreign currency related transactions		(31,861,958	)
Net unrealized gain (loss) on investments, futures, swaps and translation of assets and liabilities denominated in foreign currencies		18,377,557


NET ASSETS	$	219,192,797



Net Assets:
Class A	$	65,546,115
Class B		—
Class C		4,511,844
Institutional		149,134,838
Service		—
Separate Account Institutional Shares		—
Class IR		—
Class R		—




Total Net Assets	$	219,192,797


Shares Outstanding $0.001 par value (unlimited shares authorized):
Class A		5,626,846
Class B		—
Class C		388,473
Institutional		12,794,333
Service		—
Separate Account Institutional Shares		—
Class IR		—
Class R		—


Net asset value, offering and redemption price per share:^(a)
Class A		$11.65
Class B		—
Class C		11.61
Institutional		11.66
Service		—
Separate Account Institutional Shares		—
Class IR		—
Class R		—

(a)

Maximum public offering price per share for Class A shares of Emerging Markets Debt, High Yield and Local Emerging Markets Debt Funds (NAV per share multiplied by 1.0471), Investment Grade Credit and U.S. Mortgages Funds (NAV per share multiplied by 1.0390) is $12.20, $7.05, $9.31, $9.34 and $10.16, 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 SINGLE SECTOR FIXED INCOME FUNDS


High Yield			Investment Grade			Local Emerging			U.S. Mortgages
Fund			Credit Fund			Markets Debt Fund			Fund



$	5,113,276,532		$	501,714,837		$	116,718,201		$	479,885,884
	252,500,000			7,100,000			52,900,000			41,800,000
	9,345,175			18,752			—			711,543
	11,072,813			—			642			—

	28,881,093			3,109,826			6,591,497			88,815
	121,482,483			6,952,863			2,189,273			1,807,612
	—			—			—			—
	—			1,821,014			—			967,118
	6,362,258			5,223,423			2,781,491			221,292,280
	761,254			—			552,513			—
	70,446			30,490			52,303			63,245
	—			65,800			—			—
	18,122			—			—			—
	214,271			535			4,126			306


	5,543,984,447			526,037,540			181,790,046			746,616,803







	—			—			3,899,442			—

	13,713,507			13,138,784			7,173,199			272,820,108
	24,561,193			3,594,122			153,702			6,111,277
	10,607,301			641,055			16,407			464,853
	3,504,382			187,072			124,557			132,959
	—			758,337			104,866			849,759
	26,137,618			92,951			147,329			—
	—			—			—			13,860
	—			1,150,000			—			100,000
	320,000			—			—			—
	—			127,445			—			—
	—			—			—			9,298,125
	473,922			151,130			158,255			194,480


	79,317,923			19,840,896			11,777,757			289,985,421







	5,690,115,599			516,643,141			185,836,874			490,015,493
	6,875,292			97,571			(10,927,451	)		(559,205	)
	(223,938,070	)		(31,750,624	)		(2,983,596	)		(19,647,701	)
	(8,386,297	)		21,206,556			(1,913,538	)		(13,177,205	)


$	5,464,666,524		$	506,196,644		$	170,012,289		$	456,631,382




$	1,191,746,983		$	157,313,562		$	30,000,516		$	6,794,925
	66,884,066			—			—			—
	107,851,376			—			341,575			—
	4,077,156,076			138,751,866			139,670,198			99,393,978
	20,408,765			—			—			—
	—			210,131,216			—			350,442,479
	10,393			—			—			—
	608,865			—			—			—




$	5,464,666,524		$	506,196,644		$	170,012,289		$	456,631,382



	177,044,619			17,504,824			3,374,840			694,920
	9,914,797			—			—			—
	16,001,483			—			38,404			—
	604,058,356			15,439,676			15,714,748			10,153,102
	3,033,232			—			—			—
	—			23,375,153			—			35,826,032
	1,543			—			—			—
	90,460			—			—			—



	$6.73			$8.99			$8.89			$9.78
	6.75			—			—			—
	6.74			—			8.89			—
	6.75			8.99			8.89			9.79
	6.73			—			—			—
	—			8.99			—			9.78
	6.74			—			—			—
	6.73			—			—			—

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Operations

For the Six Months Ended September 30, 2009 (Unaudited)


	Emerging Markets
	Debt Fund


Investment income:

Interest — net of allowances	$	6,885,563
Dividends		—


Total investment income		6,885,563





Expenses:

Management fees		720,002
Distribution and Service fees^(b)		79,063
Transfer Agent fees^(b)		60,963
Professional fees		43,160
Custody and accounting fees		25,955
Printing fees		9,479
Trustee fees		8,400
Registration fees		7,524
Account Service Fee^(b)		—
Service share fees — Shareholder Administration Plan		—
Service share fees — Service Plan		—
Other		6,848


Total expenses		961,394


Less — expense reductions		(61,174	)


Net expenses		900,220


NET INVESTMENT INCOME		5,985,343





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

Net realized gain (loss) from:
Investment transactions		(2,479,541	)
Futures transactions		296,924
Swap contracts		1,865,842
Foreign currency related transactions		(188,307	)
Net change in unrealized gain (loss) on:
Investments		43,113,568
Futures		—
Swap contracts		(664,919	)
Translation of assets and liabilities denominated in foreign currencies		128,291


Net realized and unrealized gain from investment, futures, swap and foreign currency related transactions		42,071,858


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	48,057,201


(a)		Net of $14,467 in foreign withholding tax for the High Yield Fund.


(b)		Class specific Distribution and Service, Transfer Agent and Account Service fees were as follows:


	Distribution and Service Fees								Transfer Agent Fees																Account Service Fee
																			Separate
																			Account
Fund	Class A		Class B		Class C		Class R		Class A		Class B		Class C		Institutional		Service		Institutional		Class IR		Class R		Class A		Institutional
Emerging Markets Debt	$	66,103	$	—	$	12,960	$	—	$	34,373	$	—	$	1,685	$	24,905	$	—	$	—	$	—	$	—	$	—	$	—
High Yield		1,981,153		311,401		467,087		785		1,030,200		40,482		60,721		656,996		3,380		—		6		204		—		—
Investment Grade Credit		137,450		—		—		—		71,474		—		—		14,670		—		38,502		—		—		27,490		18,337
Local Emerging Markets Debt		28,515		—		677		—		14,828		—		88		22,449		—		—		—		—		—		—
U.S. Mortgages		8,577		—		—		—		4,461		—		—		19,336		—		75,314		—		—		1,715		24,171

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS


High Yield			Investment Grade			Local Emerging			U.S. Mortgages
Fund			Credit Fund			Markets Debt Fund			Fund






$	248,838,879	^(a)	$	11,275,060		$	4,224,903		$	11,325,305
	413,794			—			—			—


	249,252,673			11,275,060			4,224,903			11,325,305







	16,557,343			751,638			608,355			960,234
	2,760,426			137,450			29,192			8,577
	1,791,989			124,646			37,365			99,111
	71,905			44,111			75,481			54,657
	234,401			33,469			70,048			105,599
	75,545			13,291			18,641			16,033
	8,400			8,400			8,400			8,400
	65,120			10,000			33,922			7,724
	—			45,827			—			25,886
	21,123			—			—			—
	21,123			—			—			—
	248,887			10,795			38,946			19,148


	21,856,262			1,179,627			920,350			1,305,369


	(97,224	)		(267,861	)		(195,430	)		(414,210	)


	21,759,038			911,766			724,920			891,159


	227,493,635			10,363,294			3,499,983			10,434,146








	(102,153,065	)		760,300			(1,019,954	)		(4,154,581	)
	—			1,455,503			—			491,843
	—			514,267			877,113			2,974,650
	(44,091,142	)		(30,662	)		4,035,575			—



	1,428,323,812			54,317,894			24,524,711			28,694,472
	—			(394,864	)		—			56,368
	—			(2,268,959	)		(880,199	)		(2,206,160	)
	(15,195,779	)		(67,029	)		(290,370	)		—




	1,266,883,826			54,286,450			27,246,876			25,856,592


$	1,494,377,461		$	64,649,744		$	30,746,859		$	36,290,738

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets


	Emerging Markets Debt Fund
	For the
	Six Months Ended			For the Fiscal
	September 30, 2009			Year Ended
	(Unaudited)			March 31, 2009


From operations:

Net investment income	$	5,985,343		$	13,452,110
Net realized gain (loss) from investment, futures, swap and foreign currency related transactions		(505,082	)		(29,496,727	)
Net change in unrealized gain (loss) on investments, futures, swaps and translation of assets and liabilities denominated in foreign currencies		42,576,940			(22,226,490	)


Net increase (decrease) in net assets resulting from operations		48,057,201			(38,271,107	)





Distributions to shareholders:

From net investment income
Class A Shares		(1,772,076	)		(3,634,292	)
Class B Shares		—			—
Class C Shares		(75,845	)		(89,183	)
Institutional Shares		(4,416,973	)		(7,749,936	)
Service Shares		—			—
Separate Account Institutional Shares		—			—
Class IR Shares		—			—
Class R Shares		—			—
From net realized gains
Class A Shares		—			(246,033	)
Class C Shares		—			(8,518	)
Institutional Shares		—			(539,055	)
From capital
Class A Shares		—			—
Class C Shares		—			—
Institutional Shares		—			—


Total distributions to shareholders		(6,264,894	)		(12,267,017	)





From share transactions:

Net proceeds from sales of shares		76,259,167			95,945,617
Reinvestment of distributions		5,506,135			11,676,381
Cost of shares redeemed		(56,214,949	)^(a)		(140,008,996	)^(a)


Net increase (decrease) in net assets resulting from share transactions		25,550,353			(32,386,998	)


TOTAL INCREASE (DECREASE)		67,342,660			(82,925,122	)





Net assets:

Beginning of period		151,850,137			234,775,259


End of period	$	219,192,797		$	151,850,137


Accumulated undistributed (distribution in excess of) net investment income	$	2,745,330		$	3,024,881


(a)		Net of $1,044 and $36,350, $812,788 and $708,360, and $506 and $804 redemption fees for Emerging Markets Debt Fund, High Yield Fund and Local Emerging Markets Debt Fund, respectively, for the six months ended September 30, 2009 and fiscal year ended March 31, 2009, respectively.

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS


High Yield Fund						Investment Grade Credit Fund						Local Emerging Markets Debt Fund
For the						For the						For the
Six Months Ended			For the Fiscal			Six Months Ended			For the Fiscal			Six Months Ended			For the Fiscal
September 30, 2009			Year Ended			September 30, 2009			Year Ended			September 30, 2009			Year Ended
(Unaudited)			March 31, 2009			(Unaudited)			March 31, 2009			(Unaudited)			March 31, 2009




$	227,493,635		$	321,117,208		$	10,363,294		$	15,472,979		$	3,499,983		$	7,784,909
	(146,244,207	)		(50,898,993	)		2,699,408			(30,864,104	)		3,892,734			(22,315,778	)

	1,413,128,033			(1,057,319,856	)		51,587,042			(20,425,778	)		23,354,142			(24,672,952	)


	1,494,377,461			(787,101,641	)		64,649,744			(35,816,903	)		30,746,859			(39,203,821	)








	(67,658,151	)		(149,941,677	)		(2,818,815	)		(1,123,084	)		(577,818	)		(516,298	)
	(2,373,824	)		(6,081,253	)		—			—			—			—
	(3,549,724	)		(7,132,100	)		—			—			(3,143	)		(1,557	)
	(141,338,747	)		(163,011,041	)		(1,980,870	)		(840,876	)		(3,057,066	)		(2,656,210	)
	(692,698	)		(1,125,704	)		—			—			—			—
	—			—			(5,443,573	)		(14,734,719	)		—			—
	(393	)		(813	)		—			—			—			—
	(12,582	)		(7,146	)		—			—			—			—

	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—

	—			—			—			—			—			(695,397	)
	—			—			—			—			—			(2,097	)
	—			—			—			—			—			(3,577,628	)


	(215,626,119	)		(327,299,734	)		(10,243,258	)		(16,698,679	)		(3,638,027	)		(7,449,187	)







	2,852,964,560			2,771,772,782			272,592,337			142,531,774			60,125,556			174,213,205
	142,963,590			248,846,070			7,232,053			13,232,110			3,560,416			7,257,644
	(2,573,138,833	)^(a)		(1,626,469,527	)^(a)		(75,031,361	)		(102,417,544	)		(39,074,437	)^(a)		(78,566,664	)^(a)


	422,789,317			1,394,149,325			204,793,029			53,346,340			24,611,535			102,904,185


	1,701,540,659			279,747,950			259,199,515			830,758			51,720,367			56,251,177







	3,763,125,865			3,483,377,915			246,997,129			246,166,371			118,291,922			62,040,745


$	5,464,666,524		$	3,763,125,865		$	506,196,644		$	246,997,129		$	170,012,289		$	118,291,922


$	6,875,292		$	(4,992,224	)	$	97,571		$	(22,465	)	$	(10,927,451	)	$	(10,789,407	)

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets


	U.S. Mortgages Fund
	For the
	Six Months Ended			For the Fiscal
	September 30, 2009			Year Ended
	(Unaudited)			March 31, 2009


From operations:

Net investment income	$	10,434,146		$	32,006,684
Net realized loss from investment, futures and swap transactions		(688,088	)		(15,960,434	)
Net change in unrealized gain (loss) on investments, futures and swaps		26,544,680			(13,083,008	)


Net increase in net assets resulting from operations		36,290,738			2,963,242





Distributions to shareholders:

From net investment income
Class A Shares		(141,418	)		(306,002	)
Institutional Shares		(2,209,817	)		(11,338,182	)
Separate Account Institutional Shares		(8,723,806	)		(22,308,954	)
From net realized gains
Class A Shares		—			(55,345	)
Institutional Shares		—			(2,170,124	)
Separate Account Institutional Shares		—			(3,511,695	)


Total distributions to shareholders		(11,075,041	)		(39,690,302	)





From share transactions:

Net proceeds from sales of shares		67,148,309			308,690,073
Reinvestment of distributions		8,017,543			29,100,597
Cost of shares redeemed		(168,504,507	)		(454,760,094	)


Net decrease in net assets resulting from share transactions		(93,338,655	)		(116,969,424	)


TOTAL DECREASE		(68,122,958	)		(153,696,484	)





Net assets:

Beginning of period		524,754,340			678,450,824


End of period	$	456,631,382		$	524,754,340


Accumulated undistributed (distribution in excess of) net investment income	$	(559,205	)	$	81,690

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements

September 30, 2009 (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 table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:


		Diversified/
Fund	Share Classes Offered	Non-diversified

Emerging Markets Debt, Local Emerging Markets Debt	A, C and Institutional	Non-diversified


High Yield	A, B, C, Institutional, Service, IR and R	Diversified


Investment Grade Credit, U.S. Mortgages	A, Institutional and Separate Account Institutional	Diversified

Class A Shares of the Emerging Markets Debt, High Yield, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds are sold with a front-end sales charge of up to 4.50%, 4.50%, 3.75%, 4.50% and 3.75%, respectively. Prior to July 29, 2009, the maximum Class A front-end sales charges for the Investment Grade Credit and U.S. Mortgages Funds were 4.50%. The contingent deferred sales charge for Class B Shares is 5.00% maximum declining to zero after six years for High Yield, depending upon the period of time the shares are held. Effective November 2, 2009, the High Yield Fund’s Class B Shares will no longer be available for purchase by new or existing shareholders (although current Class B shareholders may continue to reinvest income and capital gain distributions into Class B Shares and Class B shareholders may continue to exchange their shares for Class B Shares of certain other Goldman Sachs Funds). Class C Shares of the Funds are sold with a contingent deferred sales charge of 1.00% during the first 12 months. Institutional, Service, Separate Account Institutional, Class IR and Class R Shares of the Funds are not subject to a sales charge. Goldman, Sachs & Co. (“Goldman Sachs” or the “Distributor”) serves as Distributor of the shares of the Funds pursuant to a Distribution Agreement. Goldman Sachs may retain a portion of such sales charges it receives as Distributor.

Goldman Sachs Asset Management, L.P., (“GSAM”), an affiliate of Goldman Sachs, serves as investment adviser to each Fund pursuant to a management agreement (the “Agreement”) with the Trust on behalf of the Funds.

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 accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that may affect the amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

A. FASB Financial Accounting Standards Codification — In July 2009, the Financial Accounting Standards Board (“FASB”) launched its “Financial Accounting Standards Codification” (the “Codification”) as the single source of GAAP. While the Codification does not change GAAP, it introduces a new structure to the accounting literature and changes references to accounting standards and other authoritative accounting guidance that have been reflected in the accompanying Notes to Financial Statements.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2009 (Unaudited)


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

Investments in equity securities and investment companies traded on a United States (“U.S.”) securities exchange or the NASDAQ system are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, such securities and investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price. In the absence of market quotations, broker quotes will be utilized or the security will be fair valued. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share (“NAV”) on the valuation date.

GSAM, consistent with its procedures and applicable regulatory guidance, may 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’ NAV. 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 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.

C. Security and Fund Share Transactions, and Investment Income — Security and Fund share transactions are reflected for financial reporting purposes as of the trade date which may cause the NAV as stated in the accompanying financial statements to be different than the NAV applied to share transactions. 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 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 foreign capital gains taxes, if applicable, on certain foreign securities held by the Funds, which are subject to such taxes. An estimated foreign capital gains tax is recorded daily on net unrealized gains on these securities and is payable upon the sale of such securities when a gain is realized.

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 Fund based upon the relative proportion of net assets of each class.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

D. 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 and are accrued daily.

E. Redemption Fees — A 2% redemption fee will be imposed on the redemption of shares (including by exchange) held for 60 calendar days or less with respect to the High Yield Fund and 30 days or less with respect to the Emerging Markets Debt and Local Emerging Markets Debt Funds. 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.

F. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Code, applicable to regulated investment companies (mutual funds) 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/Paid		Declared/Paid

All Funds		Daily/Monthly		Annually

Net capital losses are carried forward to future fiscal 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 gains 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. Financial statements are adjusted for permanent book/tax differences to reflect the appropriate tax character, and are not adjusted for temporary differences.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

G. 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 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 4:00 p.m. Eastern Time 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 as of 4:00 p.m. Eastern Time.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2009 (Unaudited)


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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 equity securities and derivative instruments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included with the net realized and unrealized gain (loss) on investments. The effect of changes in foreign currency exchange rates on fixed income securities sold during the period are segregated in the Statements of Operations from the effects of changes in market prices of those investments, and are included with the net realized gain (loss) on foreign currency related transactions. The effect of changes in foreign currency exchange rates on fixed income securities held at period end are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included with the net change in unrealized gain (loss) on investments. 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:


BRL	=	Brazilian Real	KRW	=	South Korean Won
CAD	=	Canadian Dollar	MXN	=	Mexican Peso
COP	=	Colombian Peso	NGN	=	Nigerian Naira
EGP	=	Egyptian Pound	PEN	=	Peruvian Nuevo Sol
EUR	=	Euro	PLN	=	Polish Zloty
GBP	=	British Pound	RUB	=	Russian Ruble
HUF	=	Hungarian Forint	TRY	=	Turkish Lira
IDR	=	Indonesian Rupiah	UYU	=	Uruguayan Peso
ILS	=	Israeli Shekel	ZAR	=	South African Rand

H. Mortgage-Backed and Asset-Backed Securities — The Funds may invest in mortgage-backed 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 residential and/or commercial real property. These securities may include mortgage pass-through securities, collateralized mortgage 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 certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers. Early repayment of principal on mortgage-backed 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-backed 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.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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 U.S. Mortgages and Investment Grade Credit Funds may enter into mortgage dollar rolls (“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 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 in a dollar roll transaction files for bankruptcy or becomes insolvent, the Funds’ use of proceeds from the transaction may be restricted pending a determination by, or with respect to, the other party.

J. Repurchase Agreements — The Funds may enter into 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 at the Funds’ custodian or designated subcustodians under tri-party repurchase agreements.

Pursuant to exemptive relief granted by the Securities and Exchange Commission 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. Under these joint accounts, the Funds’ credit exposure is allocated to the underlying repurchase agreements 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.

K. Structured Notes — The Funds may invest in structured notes, the values of which are based on the price movements of a reference security or index. Fluctuations in value are recorded as unrealized gain and loss. Interest income is recorded on the basis of interest accrued, premium amortized and discount accreted. On the termination date, 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. Structured notes are subject to various risks including credit, counterparty and interest rate risks.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2009 (Unaudited)


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

L. 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. A forward commitment involves 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 under these contracts. The Funds may dispose of or renegotiate these contracts after they have been entered into and may sell these securities before they are delivered, which may result in a capital gain or loss.

M. Derivatives — The Funds may make investments in derivative instruments, including, but not limited to, options, futures, swaps and other derivatives relating to foreign currency transactions. A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. Derivative instruments may be privately negotiated contracts (often referred to as over the counter (“OTC”) derivatives) or they may be listed and traded on an exchange. Derivative contracts may involve future commitments to purchase or sell financial instruments or commodities at specified terms on a specified date, or to exchange interest payment streams or currencies based on a notional or contractual amount. Derivative instruments may involve a high degree of financial risk. The use of derivatives also involves the risk of loss if the investment adviser is incorrect in its expectation of the timing or level of fluctuations in securities prices, interest rates or currency prices. Investments in derivative instruments also include the risk of default by the counterparty, the risk that the investment may not be liquid and 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.

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, portfolio positions or to seek to increase total return. All contracts are “marked-to-market” daily at the applicable forward rate 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. The Funds must set aside liquid assets, or engage in other appropriate measures to cover their obligations under these contracts.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 with a corresponding 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. The Funds must set aside liquid assets, or engage in other appropriate measures to cover their obligations under these contracts.

Swap Contracts — The Funds may enter into swap transactions for hedging purposes or to seek to increase total return. 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 risk, liquidity risk and elements of credit, legal and documentation risk in excess of amounts recognized in the Statements of Assets and Liabilities. The Funds may pay or receive cash to collateralize these contracts. This cash collateral is recorded as assets/liabilities on the Funds’ books.

Swaps are marked to market daily using either pricing vendor quotations, counterparty prices or model prices and the change in value, if any, is recorded as an unrealized gain or loss on the Statements of Operations. 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 realized gains or losses on the Statements of Operations. Gains or losses are also realized upon early termination of the swap agreements and recorded as realized gains or losses on the Statements of Operations. The Funds invest in the following types of swaps:

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2009 (Unaudited)


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

A credit default swap is an agreement that involves one party making a stream of payments to another party in exchange for the right to receive protection on a reference security or obligation. A Fund may use credit default swaps to provide a measure of protection against defaults of the reference security or obligation or to take a short position with respect to the likelihood of default. A Fund’s investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

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

In April 2009, the Funds adopted FASB Accounting Standards Codification (“ASC”) 815 “Disclosures about Derivative Instruments and Hedging Activities”, which requires enhanced disclosures about the Funds’ derivatives and hedging activities. The following tables set forth the gross value of the Funds’ derivative contracts for trading activities by certain risk types as of September 30, 2009. The values in the tables below exclude the effects of cash received or posted pursuant to derivative contracts, and therefore are not representative of the Funds’ net exposure.

Emerging Markets Debt


	Statements of Assets					Statements of Assets
	and Liabilities	Derivative		Number of		and Liabilities	Derivative			Number of
Risk	Location	Assets		Contracts		Location	Liabilities			Contracts
Interest rate	Swap contracts, at value; Unrealized gain on futures^(a)	$	563,229		1	Swap contracts, at value; Unrealized loss on futures^(a)	$	(128,408	)^(b)		6
Currency	Forward foreign currency exchange contracts, at value		84,639		4	Forward foreign currency exchange contracts, at value		(91,606	)		4


Derivative contracts, at value		$	647,868		5		$	(220,014	)		10


High Yield


	Statements of Assets					Statements of Assets
	and Liabilities	Derivative		Number of		and Liabilities	Derivative			Number of
Risk	Location	Assets		Contracts		Location	Liabilities			Contracts
Currency	Forward foreign currency exchange contracts, at value	$	761,254		4	Forward foreign currency exchange contracts, at value	$	(26,137,618	)		3


Investment Grade Credit


	Statements of Assets					Statements of Assets
	and Liabilities	Derivative		Number of		and Liabilities	Derivative			Number of
Risk	Location	Assets		Contracts		Location	Liabilities			Contracts
Interest rate	Swap contracts, at value; Unrealized gain on futures^(a)	$	2,051,526		205	Swap contracts, at value; Unrealized loss on futures^(a)	$	(1,092,511	)^(b)		297
Credit	Swap contracts, at value		1,376		1	Swap contracts, at value		(95,806	)^(b)		2
Currency	Forward foreign currency exchange contracts, at value		—		—	Forward foreign currency exchange contracts, at value		(92,951	)		1


Derivative contracts, at value		$	2,052,902		206		$	(1,281,268	)		300

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Local Emerging Markets Debt

Statements of Assets

and Liabilities

Derivative

Number of

and Liabilities

Derivative

Number of

Risk

Location

Assets

Contracts

Location

Liabilities

Contracts

Interest rate

Swap contracts, at value;
Unrealized gain on futures^(a)

—

Swap contracts, at value;
Unrealized loss on futures^(a)

(104,866

)^(b)

Currency

Forward foreign currency
exchange contracts, at value

552,513

Forward foreign currency
exchange contracts, at value

(147,329

)

Derivative contracts, at value

552,513

(252,195

)

U.S. Mortgages

Statements of Assets

and Liabilities

Derivative

Number of

and Liabilities

Derivative

Number of

Risk

Location

Assets

Contracts

Location

Liabilities

Contracts

Interest rate

Swap contracts, at value;
Unrealized gain on futures^(a)

1,633,718

560

Swap contracts, at value;
Unrealized loss on futures^(a)

(1,370,460

)^(b)

609


(a)		Includes cumulative appreciation (depreciation) of futures contracts described in the Additional Investment Information section of the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.


(b)		Amounts include $128,408, $758,337, $104,866 and $849,759 for Emerging Markets Debt, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds, respectively, which represent the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Funds’ performance, its failure to pay on its obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Funds are entitled to a full return.

The following tables set forth by certain risk types the Funds’ gains (losses) related to derivative activities for the six months ended September 30, 2009 in accordance with ASC 815. These gains (losses) should be considered in the context that derivative contracts may have been executed to economically hedge securities and accordingly, gains or losses on derivative contracts may offset losses or gains attributable to securities. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” in the Statements of Operations:

Emerging Markets Debt


					Net Change in
	Location of Gain or (Loss) on Derivatives	Net Realized			Unrealized
Risk	Recognized on Statement of Operations	Gain (Loss)			Gain (Loss)

Interest rate	Net realized gain (loss) from futures transactions and swap contracts/Net change in unrealized gain (loss) on swap contracts	$	2,030,377		$	(560,401	)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		132,389			(104,518	)
Currency	Net realized gain (loss) from foreign currency related transactions/Net change in unrealized gain (loss) on translation of assets and liabilities denominated in foreign currencies		(25,991	)		122,076


Total		$	2,136,775		$	(542,843	)



High Yield

					Net Change in
	Location of Gain or (Loss) on Derivatives	Net Realized			Unrealized
Risk	Recognized on Statement of Operations	Gain (Loss)			Gain (Loss)

Currency	Net realized gain (loss) from foreign currency related transactions/Net change in unrealized gain (loss) on translation of assets and liabilities denominated in foreign currencies	$	(64,244,481	)	$	(15,769,099	)

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2009 (Unaudited)


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Investment Grade Credit


					Net Change in
	Location of Gain or (Loss) on Derivatives	Net Realized			Unrealized
Risk	Recognized on Statement of Operations	Gain (Loss)			Gain (Loss)

Interest rate	Net realized gain (loss) from futures transactions and swap contracts/Net change in unrealized gain (loss) on futures and swap contracts	$	2,874,403		$	(1,765,815	)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(904,633	)		(898,008	)
Currency	Net realized gain (loss) from foreign currency related transactions/Net change in unrealized gain (loss) on translation of assets and liabilities denominated in foreign currencies		(71,002	)		(69,410	)


Total		$	1,898,768		$	(2,733,233	)

Local Emerging Markets Debt


				Net Change in
	Location of Gain or (Loss) on Derivatives	Net Realized		Unrealized
Risk	Recognized on Statement of Operations	Gain (Loss)		Gain (Loss)

Interest rate	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	877,113	$	(880,199	)
Currency	Net realized gain (loss) from foreign currency related transactions/Net change in unrealized gain (loss) on translation of assets and liabilities denominated in foreign currencies		8,187,239		(481,602	)


Total		$	9,064,352	$	(1,361,801	)

U.S. Mortgages


				Net Change in
	Location of Gain or (Loss) on Derivatives	Net Realized		Unrealized
Risk	Recognized on Statement of Operations	Gain (Loss)		Gain (Loss)

Interest rate	Net realized gain (loss) from futures transactions and swap contracts/Net change in unrealized gain (loss) on futures and swap contracts	$	3,466,493	$	(2,149,792	)

3. AGREEMENTS

A. Management Agreement — Under the Agreement applicable to each Fund, GSAM manages the Funds, subject to the general supervision of the trustees.

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS


3. AGREEMENTS (continued)

For the six months ended September 30, 2009, contractual and effective net management fees with GSAM were at the following rates:


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

Emerging Markets Debt		0.80	%		0.80	%		0.72	%		0.68	%		0.67	%		0.80	%		0.80	%


High Yield		0.70			0.70			0.63			0.60			0.59			0.66			0.66


Investment Grade Credit		0.40			0.36			0.34			0.33			0.32			0.40			0.33	*


Local Emerging Markets Debt		0.90			0.90			0.81			0.77			0.75			0.90			0.90


U.S. Mortgages		0.40			0.36			0.34			0.33			0.32			0.40			0.33	*


*		GSAM has voluntarily agreed to waive a portion of its management fee in order to achieve the effective net management rates.

B. Distribution Agreement and Service Plan — 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 fee accrued daily and paid monthly for distribution services and account maintenance services at the following annual rates calculated on a Fund’s average daily net assets of each respective share class:


	Distribution and Service Plan Rates
	Class A*			Class B			Class C			Class R*

Distribution Plan		0.25	%		0.75	%		0.75	%		0.50	%


Service Plan		—			0.25			0.25			—


*		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 front end sales charge and Class B and Class C contingent deferred sales charges. During the six months ended September 30, 2009, Goldman Sachs advised the Funds that it retained the following approximate amounts:

Front End

Contingent Deferred

Sales Charge

Fund

Class A

Class B

Class C

Emerging Markets Debt

5,500

—

High Yield

102,100

—

Investment Grade Credit

3,900

Local Emerging Markets Debt

300

—

U.S. Mortgages

1,100

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2009 (Unaudited)


3. AGREEMENTS (continued)

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, Separate Account Institutional, and Service Shares. Goldman Sachs has voluntarily agreed to waive a portion of the Transfer Agent Fees equal to 0.02% of the average daily net assets attributable to Institutional and Separate Account Institutional Shares of Investment Grade Credit and U.S. Mortgages. Goldman Sachs may discontinue or modify the waiver in the future at its discretion.

D. Service Plan and Shareholder Administration Plan — The Trust, on behalf of the High Yield Fund, has adopted a Service Plan and Shareholder Administration Plan for Service Shares. These plans allow for Service Shares to compensate service organizations for providing varying levels of personal and account administration and shareholder administration services to their customers who are beneficial owners of such shares. The Service Plan and Shareholder Administration Plan each provide for compensation to the service organizations in an amount equal to, on an annual basis, 0.25% (0.50% in aggregate) of the average daily net assets of the Service Shares.

E. Account Service Plans — The Trust, on behalf of Class A and Institutional Shares of Investment Grade Credit and U.S. Mortgages Funds, has adopted Account Service Plans. Under these Plans, Goldman Sachs and authorized dealers are entitled to receive a fee for account service and account maintenance equal to, on an annual basis, 0.05% of the average daily net assets of Investment Grade Credit and U.S. Mortgages Funds attributable to Class A and Institutional Shares.

F. Other Agreements — GSAM has 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, Account Service 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 for prior fiscal year expense reimbursements, if any. These expense limitations may be modified or terminated at any time at the option of GSAM. The Other Expenses limitations for the Emerging Markets Debt, High Yield, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds as an annual percentage rate of average daily net assets are 0.044%, 0.024%, 0.004%, 0.074% and 0.004%, respectively.

For the six months ended September 30, 2009, these expense reductions, including any waivers and expense reimbursements were as follows (in thousands):


	Fee Waivers				Other		Total
	Management		Transfer		Expense		Expense
Fund	Fees		Agent Fees		Reimbursement		Reductions

Emerging Markets Debt	$	—	$	—	$	61	$	61


High Yield		—		—		97		97


Investment Grade Credit		131		27		110		268


Local Emerging Markets Debt		—		—		195		195


U.S. Mortgages		168		47		199		414

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS


3. AGREEMENTS (continued)

As of September 30, 2009, the amounts owed to affiliates of the Funds were as follows (in thousands):


			Distribution
	Management		and Service		Transfer
Fund	Fees		Fees		Agent Fees		Total

Emerging Markets Debt	$	134	$	16	$	12	$	162


High Yield		2,856		376		272		3,504


Investment Grade Credit		134		31		22		187


Local Emerging Markets Debt		112		6		7		125


U.S. Mortgages		124		1		8		133

G. Line of Credit Facility — The Funds participate in a $660,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates. Pursuant to the terms of the facility, the Funds and other borrowers may increase the credit amount by an additional $340,000,000, for a total of up to $1 billion. The facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate. This 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, 2009, the Funds did not have any borrowings under the facility. Prior to May 12, 2009, the amount available through the facility was $700,000,000.

4. FAIR VALUE OF INVESTMENTS

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:

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

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

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2009 (Unaudited)


4. FAIR VALUE OF INVESTMENTS (continued)

The following is a summary of the Funds’ investments categorized in the fair value hierarchy:

Emerging Markets Debt


	Level 1		Level 2			Level 3

Assets
Fixed Income
Sovereign Debt Obligations	$	—	$	155,309,325		$	—
Corporate Obligations		—		49,573,716			—
Repurchase Agreements		—		7,400,000			—
Derivatives		—		647,868			—


Total	$	—	$	212,930,909		$	—


Liabilities
Derivatives	$	—	$	(220,014	)	$	—



High Yield


	Level 1		Level 2			Level 3

Assets
Common Stock and/or Other Equity Investments	$	12,703,192	$	5,310,720		$	1,434,064
Fixed Income
Corporate Obligations		—		5,085,196,909			8,631,647
Repurchase Agreements		—		252,500,000			—
Derivatives		—		761,254			—


Total	$	12,703,192	$	5,343,768,883		$	10,065,711


Liabilities
Derivatives	$	—	$	(26,137,618	)	$	—

The following is a reconciliation of Level 3 investments for the six months ended September 30, 2009:


	Common Stock
	and/or Other Equity			Fixed Income —
	Investments			Corporate Obligations

Beginning Balance as of April 1, 2009	$	1,960,664		$	4,787,585
Realized Gain (Loss)		—			—
Unrealized Gain (Loss) relating to instruments still held at reporting date		(526,600	)		1,449,696
Net Purchases (Sales)		—			7,164,451
Net Transfers in and/or out of Level 3		—			(4,770,085	)


Ending Balance as of September 30, 2009	$	1,434,064		$	8,631,647

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS


4. FAIR VALUE OF INVESTMENTS (continued)

Investment Grade Credit


	Level 1			Level 2			Level 3

Assets
Fixed Income
U.S. Treasuries and/or Other U.S. Government Obligations and Agencies	$	9,975,442		$	7,432,199		$	—
Corporate Obligations		—			407,523,984			—
Foreign Debt Obligations		—			25,846,084			—
Municipal Debt Obligations		—			6,434,468			—
Government Guarantee Obligations		—			36,328,983			—
Mortgage Backed Obligations		—			8,173,677			—
Repurchase Agreements		—			7,100,000			—
Derivatives		231,888			1,821,014			—


Total	$	10,207,330		$	500,660,409		$	—


Liabilities
Derivatives	$	(429,980	)	$	(851,288	)		—



Local Emerging Markets Debt


	Level 1			Level 2			Level 3

Assets
Fixed Income
Corporate Obligations	$	—		$	5,672,274		$	1,632,272
Sovereign Debt Obligations					93,153,396			—
Foreign Debt Obligations		—			—			1,366,825
Structured Notes		—			14,893,434			—
Repurchase Agreements		—			52,900,000			—
Derivatives		—			552,513			—


Total	$	—		$	167,171,617		$	2,999,097


Liabilities
Derivatives	$	—		$	(252,195	)	$	—

The following is a reconciliation of Level 3 investments for the six months ended September 30, 2009:


	Fixed Income —		Fixed Income —
	Corporate Obligations		Foreign Debt Obligations

Beginning Balance as of April 1, 2009	$	1,145,176	$	816,799
Realized Gain (Loss)		—		(572	)
Unrealized Gain (Loss) relating to instruments still held at reporting date		487,096		493,909
Net Purchases (Sales)		—		56,689
Net transfers in and/or out of Level 3		—		—


Ending Balance as of September 30, 2009	$	1,632,272	$	1,366,825

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2009 (Unaudited)


4. FAIR VALUE OF INVESTMENTS (continued)

U.S. Mortgages Fund


	Level 1			Level 2			Level 3

Assets
Fixed Income
U.S. Treasuries and/or U.S. Government Obligations and Agencies	$	—		$	5,250,744		$	—
Mortgage Backed Obligations		—			470,296,600			—
Asset-Backed Securities		—			4,338,540			—
Repurchase Agreements		—			41,800,000			—
Derivatives		666,600			967,118			—


Total	$	666,600		$	522,653,002		$	—


Liabilities
Fixed Income — Forward Sales Contracts
Mortgage-Backed Obligations	$	—		$	(9,298,125	)	$	—
Derivatives		(520,701	)		(849,759	)		—


Total	$	(520,701	)	$	(10,147,884	)	$	—

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, 2009, were as follows:


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

Emerging Markets Debt	$	—	$	124,612,246	$	—	$	90,260,829


High Yield		—		1,315,372,646		—		755,705,237


Investment Grade Credit		28,850,547		312,251,832		16,547,678		100,657,159


Local Emerging Markets Debt		—		75,225,071		—		50,745,342


U.S. Mortgages		2,325,181,853		2,866,656		2,336,234,606		13,825,692

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS


5. PORTFOLIO SECURITIES TRANSACTIONS (continued)

For the six months ended September 30, 2009, Goldman Sachs earned approximately $300, $13,900 and $21,700 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, executed on behalf of Emerging Markets Debt, Investment Grade Credit and U.S. Mortgages Funds, respectively.

6. TAX INFORMATION

As of the most recent fiscal year end March 31, 2009, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows.


										Local
	Emerging						Investment			Emerging
	Markets Debt			High Yield			Grade Credit			Markets Debt			U.S. Mortgages

Capital loss carryforward¹
Expiring 2010	$	—		$	(3,471,539	)	$	—		$	—		$	—
Expiring 2014		—			—			(2,649,569	)		—			—
Expiring 2016		—			(846,548	)		(487,181	)		—			—
Expiring 2017		(16,692,339	)		—			(7,321,148	)		(1,868,584	)		—


Total capital loss carryforward	$	(16,692,339	)	$	(4,318,087	)	$	(10,457,898	)	$	(1,868,584	)	$	—


Timing differences (post October losses, income distribution payable, straddles and defaulted bond income)	$	(13,445,260	)	$	(95,398,102	)	$	(24,179,378	)	$	(15,095,405	)	$	(19,206,675	)


¹		Expiration occurs on March 31 of the year indicated.

As of September 30, 2009, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes was as follows:


										Local
	Emerging						Investment			Emerging
	Markets Debt			High Yield			Grade Credit			Markets Debt			U.S. Mortgages

Tax Cost	$	196,504,934		$	5,350,162,379		$	488,115,938		$	171,885,568		$	533,836,768


Gross unrealized gain		21,047,033			389,882,115			28,981,781			4,002,502			10,226,650
Gross unrealized loss		(5,268,926	)		(374,267,962	)		(8,282,882	)		(6,269,869	)		(22,377,534	)


Net unrealized security gain (loss)	$	15,778,107		$	15,614,153		$	20,698,899		$	(2,267,367	)	$	(12,150,884	)

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2009 (Unaudited)

7. OTHER RISKS

Funds’ Shareholder Concentration Risk — Certain Goldman Sachs Fund of Funds Portfolios may invest a significant percentage of their assets in the Funds. In the event the Fund of Funds Portfolios experience significant redemptions and/or reallocations, the Funds may be exposed to liquidity risk. In particular, the Funds may encounter difficulty meeting redemptions if unusual market conditions create an unfavorable environment in which the Funds are forced to liquidate their securities. As of September 30, 2009, the following Fund of Funds Portfolios were the beneficial owners of 5% or more of total outstanding shares of the following Funds:


							Goldman Sachs
	Goldman Sachs			Goldman Sachs			Growth and			Goldman Sachs
	Balanced Strategy			Growth Strategy			Income Strategy			Satellite Strategies
Fund	Portfolio			Portfolio			Portfolio			Portfolio

Emerging Markets Debt		7	%		11	%		14	%		15	%


Local Emerging Markets Debt		9			14			18			24

As of September 30, 2009, Goldman Sachs Group, Inc. (“GSG”) was the beneficial owner of approximately 99% of outstanding Class IR of the High Yield Fund.

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

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

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

Portfolio Concentrations — As a result of certain of the Funds’ ability to invest a large percentage of their assets in obligations of issuers within the same country, state, industry or economic sector, an adverse economic, business or political development may affect the value of the Funds’ investments more than if their investments were not so concentrated.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

8. INDEMNIFICATIONS

Under the Trust’s organizational documents, its 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, GSAM believes the risk of loss under these arrangements to be remote.

9. OTHER MATTERS

New Accounting Pronouncement — In May 2009, the FASB issued FASB ASC 855 “Subsequent Events”. This standard requires disclosure in the financial statements to reflect the effects of subsequent events that provide additional information on conditions about the financial statements as of the balance sheet date (recognized subsequent events) and disclosure of subsequent events that provide additional information about conditions after the balance sheet date if the financial statements would otherwise be misleading (unrecognized subsequent events). ASC 855 is effective for interim and annual financial statements issued for fiscal years ending after June 15, 2009. For purposes of inclusion in the financial statements, GSAM has concluded that subsequent events after the balance sheet date have been evaluated through November 24, 2009, the date that the financial statements were issued.

10. SUBSEQUENT EVENT

Effective December 1, 2009, the Funds’ transfer agent, Goldman Sachs, will discontinue its voluntary waiver of a portion of the transfer agency fees equal to 0.02% of the average daily net assets attributable to the Investment Grade Credit and U.S. Mortgage Funds’ Institutional and Separate Account Institutional Shares.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2009 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Emerging Markets Debt Fund
	For the Six Months Ended
	September 30, 2009						For the Fiscal Year Ended
	(Unaudited)						March 31, 2009

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		2,514,943		$	26,739,772			3,026,183		$	32,623,917
Reinvestment of distributions		139,498			1,488,680			346,749			3,500,323
Shares converted from Class B^(a)		—			—			—			—
Shares redeemed		(1,468,832	)		(15,666,273	)		(6,484,563	)		(66,176,925	)


		1,185,609			12,562,179			(3,111,631	)		(30,052,685	)


Class B Shares
Shares sold		—			—			—			—
Reinvestment of distributions		—			—			—			—
Shares converted to Class A^(a)		—			—			—			—
Shares redeemed		—			—			—			—


		—			—			—			—


Class C Shares
Shares sold		226,871			2,465,126			122,174			1,280,679
Reinvestment of distributions		5,417			57,863			8,262			80,983
Shares redeemed		(25,065	)		(266,431	)		(112,107	)		(1,120,220	)


		207,223			2,256,558			18,329			241,442


Institutional Shares
Shares sold		4,339,642			47,054,269			5,827,279			62,041,021
Reinvestment of distributions		371,775			3,959,592			812,175			8,095,075
Shares redeemed		(3,809,660	)		(40,282,245	)		(7,215,626	)		(72,711,851	)


		901,757			10,731,616			(576,172	)		(2,575,755	)


Service Shares
Shares sold		—			—			—			—
Reinvestment of distributions		—			—			—			—
Shares redeemed		—			—			—			—


		—			—			—			—


Separate Account Institutional Shares
Shares sold		—			—			—			—
Reinvestment of distributions		—			—			—			—
Shares redeemed		—			—			—			—


		—			—			—			—


Class IR Shares
Shares sold		—			—			—			—
Reinvestment of distributions		—			—			—			—
Shares redeemed		—			—			—			—


		—			—			—			—


Class R Shares
Shares sold		—			—			—			—
Reinvestment of distributions		—			—			—			—
Shares redeemed		—			—			—			—


		—			—			—			—


NET INCREASE (DECREASE)		2,294,589		$	25,550,353			(3,669,474	)	$	(32,386,998	)


(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 SINGLE SECTOR FIXED INCOME FUNDS


11. SUMMARY OF SHARE TRANSACTIONS (continued)


High Yield Fund												Investment Grade Credit Fund

For the Six Months Ended												For the Six Months Ended
September 30, 2009						For the Fiscal Year Ended						September 30, 2009						For the Fiscal Year Ended
(Unaudited)						March 31, 2009						(Unaudited)						March 31, 2009

Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars


	102,924,762		$	590,511,432			205,710,219		$	1,218,047,178			13,810,305		$	115,524,965			7,006,450		$	56,250,429
	8,300,168			50,333,692			21,562,817			126,829,477			225,141			1,930,111			114,310			939,487
	256,045			1,618,001			520,347			3,171,800			—			—			—			—
	(250,572,836	)		(1,500,266,102	)		(143,256,549	)		(831,476,779	)		(3,394,676	)		(29,212,916	)		(1,237,974	)		(10,028,963	)


	(139,091,861	)		(857,802,977	)		84,536,834			516,571,676			10,640,770			88,242,160			5,882,786			47,160,953



	876,307			5,262,050			1,200,946			7,056,802			—			—			—			—
	300,785			1,852,056			769,622			4,616,387			—			—			—			—
	(255,640	)		(1,618,001	)		(519,690	)		(3,171,800	)		—			—			—			—
	(1,344,660	)		(8,271,294	)		(4,146,097	)		(25,019,789	)		—			—			—			—


	(423,208	)		(2,775,189	)		(2,695,219	)		(16,518,400	)		—			—			—			—



	3,094,169			18,505,563			4,258,054			25,016,565			—			—			—			—
	367,769			2,267,329			758,890			4,524,637			—			—			—			—
	(1,810,885	)		(11,040,039	)		(4,861,892	)		(29,724,088	)		—			—			—			—


	1,651,053			9,732,853			155,052			(182,886	)		—			—			—			—



	374,728,088			2,232,850,628			261,821,963			1,513,344,260			13,349,596			113,034,207			2,343,538			19,074,167
	14,122,997			87,926,952			19,154,876			111,998,521			118,983			1,031,540			70,044			586,497
	(167,727,064	)		(1,051,028,444	)		(126,356,273	)		(737,249,656	)		(971,394	)		(8,421,566	)		(558,813	)		(4,758,912	)


	221,124,021			1,269,749,136			154,620,566			888,093,125			12,497,185			105,644,181			1,854,769			14,901,752



	921,067			5,493,235			1,316,436			8,137,037			—			—			—			—
	92,568			570,587			148,983			869,087			—			—			—			—
	(413,830	)		(2,523,808	)		(517,885	)		(2,996,761	)		—			—			—			—


	599,805			3,540,014			947,534			6,009,363			—			—			—			—



	—			—			—			—			5,374,188			44,033,165			7,556,742			67,207,178
	—			—			—			—			502,416			4,270,402			1,375,908			11,706,126
	—			—			—			—			(4,566,260	)		(37,396,879	)		(10,316,482	)		(87,629,669	)


	—			—			—			—			1,310,344			10,906,688			(1,383,832	)		(8,716,365	)



	4			26			—			—			—			—			—			—
	64			393			138			815			—			—			—			—
	(4	)		(24	)		—			—			—			—			—			—


	64			395			138			815			—			—			—			—



	54,392			341,626			33,217			170,940			—			—			—			—
	2,011			12,581			1,372			7,146			—			—			—			—
	(1,384	)		(9,122	)		(487	)		(2,454	)		—			—			—			—


	55,019			345,085			34,102			175,632			—			—			—			—


	83,914,893		$	422,789,317			237,599,007		$	1,394,149,325			24,448,299		$	204,793,029			6,353,723		$	53,346,340

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2009 (Unaudited)


11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Local Emerging Markets Debt Fund

	For the Six Months Ended
	September 30, 2009						For the Fiscal Year Ended
	(Unaudited)						March 31, 2009

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,403,630		$	12,025,882			6,629,481		$	62,277,799
Reinvestment of distributions		68,298			574,460			134,566			1,117,122
Shares redeemed		(915,357	)		(7,548,333	)		(4,096,183	)		(35,894,268	)


		556,571			5,052,009			2,667,864			27,500,653


Class C Shares
Shares sold		33,957			291,078			2,966			27,000
Reinvestment of distributions		358			3,096			373			3,447
Shares redeemed		(1	)		(10	)		(12,115	)		(113,742	)


		34,314			294,164			(8,776	)		(83,295	)


Institutional Shares
Shares sold		5,630,677			47,808,596			11,985,195			111,908,406
Reinvestment of distributions		354,393			2,982,860			734,333			6,137,075
Shares redeemed		(3,801,540	)		(31,526,094	)		(5,322,908	)		(42,558,654	)


		2,183,530			19,265,362			7,396,620			75,486,827


Separate Account Institutional Shares
Shares sold		—			—			—			—
Reinvestment of distributions		—			—			—			—
Shares redeemed		—			—			—			—


		—			—			—			—


NET INCREASE (DECREASE)		2,774,415		$	24,611,535			10,055,708		$	102,904,185

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS


11. SUMMARY OF SHARE TRANSACTIONS (continued)


U.S. Mortgages Fund

For the Six Months Ended
September 30, 2009						For the Fiscal Year Ended
(Unaudited)						March 31, 2009

Shares			Dollars			Shares			Dollars


	645,411		$	6,093,729			268,131		$	2,566,234
	13,695			130,975			38,492			356,067
	(356,422	)		(3,420,531	)		(644,117	)		(5,945,851	)


	302,684			2,804,173			(337,494	)		(3,023,550	)



	—			—			—			—
	—			—			—			—
	—			—			—			—


	—			—			—			—



	1,764,818			16,819,582			16,618,730			159,930,929
	112,142			1,072,936			892,756			8,297,418
	(1,373,285	)		(13,199,628	)		(24,901,290	)		(228,169,765	)


	503,675			4,692,890			(7,389,804	)		(59,941,418	)



	4,673,543			44,234,998			15,586,274			146,192,910
	714,072			6,813,632			2,209,606			20,447,112
	(16,058,454	)		(151,884,348	)		(23,935,012	)		(220,644,478	)


	(10,670,839	)		(100,835,718	)		(6,139,132	)		(54,004,456	)


	(9,864,480	)	$	(93,338,655	)		(13,866,430	)	$	(116,969,424	)

GOLDMAN SACHS EMERGING MARKETS DEBT 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)


	2009 - A	$	9.19	$	0.34	$	2.48		$	2.82		$	(0.36	)		$	—		$	(0.36	)
	2009 - C		9.16		0.29		2.47			2.76			(0.31	)			—			(0.31	)
	2009 - Institutional		9.20		0.36		2.47			2.83			(0.37	)			—			(0.37	)

															��
FOR THE FISCAL YEAR ENDED MARCH 31,


	2009 - A		11.63		0.68		(2.50	)		(1.82	)		(0.57	)			(0.05	)		(0.62	)
	2009 - C		11.60		0.60		(2.50	)		(1.90	)		(0.49	)			(0.05	)		(0.54	)
	2009 - Institutional		11.63		0.72		(2.50	)		(1.78	)		(0.60	)			(0.05	)		(0.65	)


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


	2008 - A		12.16		0.30		(0.37	)		(0.07	)		(0.31	)			(0.15	)		(0.46	)
	2008 - C		12.14		0.25		(0.36	)		(0.11	)		(0.28	)			(0.15	)		(0.43	)
	2008 - Institutional		12.17		0.32		(0.38	)		(0.06	)		(0.33	)			(0.15	)		(0.48	)


FOR THE FISCAL YEARS ENDED OCTOBER 31,


	2007 - A		11.98		0.63		0.38			1.01			(0.62	)			(0.21	)		(0.83	)
	2007 - C		11.97		0.53		0.38			0.91			(0.53	)			(0.21	)		(0.74	)
	2007 - Institutional		11.99		0.67		0.39			1.06			(0.67	)			(0.21	)		(0.88	)




	2006 - A		11.75		0.60		0.69			1.29			(0.65	)			(0.41	)		(1.06	)
	2006 - C (Commenced September 26, 2006)		11.78		0.01		0.22			0.23			(0.04	)			—			(0.04	)
	2006 - Institutional		11.76		0.64		0.69			1.33			(0.69	)			(0.41	)		(1.10	)




	2005 - A		11.18		0.74		1.00			1.74			(0.64	)			(0.53	)		(1.17	)
	2005 - Institutional		11.19		0.77		1.02			1.79			(0.69	)			(0.53	)		(1.22	)




	2004 - A		10.22		0.59		0.97			1.56			(0.57	)			(0.03	)		(0.60	)
	2004 - Institutional		10.23		0.62		0.98			1.60			(0.61	)			(0.03	)		(0.64	)


*	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 returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.


(c)	Annualized.

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

GOLDMAN SACHS EMERGING MARKETS DEBT 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




$	11.65		31.05	%	$	65,546		1.22	%^(c)		6.39	%^(c)		1.29	%^(c)		6.32	%^(c)		58	%
	11.61		30.66			4,512		1.97	^(c)		5.55	^(c)		2.04	^(c)		5.48	^(c)		58
	11.66		31.24			149,135		0.88	^(c)		6.78	^(c)		0.95	^(c)		6.71	^(c)		58





	9.19		(15.89	)		40,814		1.22			6.58			1.44			6.36			132
	9.16		(16.57	)		1,661		1.97			5.97			2.19			5.75			132
	9.20		(15.59	)		109,375		0.88			7.03			1.10			6.81			132





	11.63		(0.51	)		87,818		1.21	^(c)		6.03	^(c)		1.36	^(c)		5.88	^(c)		41
	11.60		(0.82	)		1,890		1.96	^(c)		5.20	^(c)		2.11	^(c)		5.05	^(c)		41
	11.63		(0.37	)		145,067		0.87	^(c)		6.51	^(c)		1.02	^(c)		6.36	^(c)		41





	12.16		8.86			84,661		1.23			5.23			1.38			5.08			81
	12.14		7.80			995		1.98			4.64			2.13			4.49			81
	12.17		9.25			188,311		0.87			5.68			1.02			5.53			81




	11.98		11.63			69,302		1.23			5.17			1.53			4.87			167
	11.97		1.98			1		1.71	^(c)		1.36	^(c)		1.75	^(c)		1.32	^(c)		167
	11.99		11.93			85,073		0.86			5.51			1.16			5.21			167




	11.75		16.48			34,327		1.26			6.13			1.82			5.57			207
	11.76		17.01			40,962		0.88			6.58			1.52			5.94			207




	11.18		15.78			5,411		1.28			5.43			3.09			3.62			273
	11.19		16.22			20,387		0.88			5.90			2.57			4.21			273

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

GOLDMAN SACHS HIGH YIELD 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)


	2009 - A	$	5.18	$	0.26	$	1.54		$	1.80		$	(0.25	)
	2009 - B		5.18		0.25		1.55			1.80			(0.23	)
	2009 - C		5.18		0.25		1.54			1.79			(0.23	)
	2009 - Institutional		5.19		0.28		1.54			1.82			(0.26	)
	2009 - Service		5.17		0.26		1.55			1.81			(0.25	)
	2009 - IR		5.18		0.28		1.54			1.82			(0.26	)
	2009 - R		5.17		0.26		1.55			1.81			(0.25	)


FOR THE FISCAL YEAR ENDED MARCH 31,


	2009 - A		7.12		0.55		(1.92	)		(1.37	)		(0.57	)
	2009 - B		7.13		0.51		(1.94	)		(1.43	)		(0.52	)
	2009 - C		7.12		0.51		(1.93	)		(1.42	)		(0.52	)
	2009 - Institutional		7.13		0.57		(1.92	)		(1.35	)		(0.59	)
	2009 - Service		7.12		0.54		(1.93	)		(1.39	)		(0.56	)
	2009 - IR		7.12		0.57		(1.93	)		(1.36	)		(0.58	)
	2009 - R		7.12		0.53		(1.93	)		(1.40	)		(0.55	)


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


	2008 - A		7.93		0.24		(0.78	)		(0.54	)		(0.27	)
	2008 - B		7.94		0.22		(0.79	)		(0.57	)		(0.24	)
	2008 - C		7.93		0.22		(0.79	)		(0.57	)		(0.24	)
	2008 - Institutional		7.94		0.25		(0.78	)		(0.53	)		(0.28	)
	2008 - Service		7.92		0.24		(0.78	)		(0.54	)		(0.26	)
	2008 - IR (Commenced November 30, 2007)		7.68		0.20		(0.54	)		(0.34	)		(0.22	)
	2008 - R (Commenced November 30, 2007)		7.68		0.19		(0.54	)		(0.35	)		(0.21	)


FOR THE FISCAL YEARS ENDED OCTOBER 31,


	2007 - A		8.04		0.60		(0.10	)		0.50			(0.61	)
	2007 - B		8.05		0.54		(0.10	)		0.44			(0.55	)
	2007 - C		8.04		0.54		(0.10	)		0.44			(0.55	)
	2007 - Institutional		8.05		0.63		(0.10	)		0.53			(0.64	)
	2007 - Service		8.03		0.59		(0.10	)		0.49			(0.60	)




	2006 - A		7.81		0.58		0.23			0.81			(0.58	)
	2006 - B		7.82		0.53		0.22			0.75			(0.52	)
	2006 - C		7.81		0.53		0.22			0.75			(0.52	)
	2006 - Institutional		7.82		0.61		0.23			0.84			(0.61	)
	2006 - Service		7.80		0.57		0.23			0.80			(0.57	)




	2005 - A		8.08		0.62		(0.22	)		0.40			(0.67	)
	2005 - B		8.09		0.56		(0.22	)		0.34			(0.61	)
	2005 - C		8.08		0.56		(0.22	)		0.34			(0.61	)
	2005 - Institutional		8.09		0.65		(0.21	)		0.44			(0.71	)
	2005 - Service		8.09		0.62		(0.24	)		0.38			(0.67	)




	2004 - A		7.79		0.65		0.32			0.97			(0.68	)
	2004 - B		7.80		0.60		0.31			0.91			(0.62	)
	2004 - C		7.79		0.60		0.31			0.91			(0.62	)
	2004 - Institutional		7.81		0.69		0.30			0.99			(0.71	)
	2004 - Service		7.80		0.65		0.31			0.96			(0.67	)


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


(a)	Calculated based on the average shares outstanding methodology.

(b)


(c)	Annualized.

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

GOLDMAN SACHS HIGH YIELD 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




$	6.73		35.37	%	$	1,191,747		1.06	%^(c)		8.80	%^(c)		1.06	%^(c)		8.80	%^(c)		17	%
	6.75		35.27			66,884		1.81	^(c)		8.10	^(c)		1.81	^(c)		8.10	^(c)		17
	6.74		35.08			107,851		1.81	^(c)		8.09	^(c)		1.81	^(c)		8.09	^(c)		17
	6.75		35.73			4,077,156		0.72	^(c)		9.18	^(c)		0.72	^(c)		9.18	^(c)		17
	6.73		35.53			20,409		1.22	^(c)		8.68	^(c)		1.22	^(c)		8.68	^(c)		17
	6.74		35.74			10		0.81	^(c)		9.08	^(c)		0.81	^(c)		9.08	^(c)		17
	6.73		35.47			609		1.31	^(c)		8.62	^(c)		1.31	^(c)		8.62	^(c)		17





	5.18		(20.12	)		1,636,406		1.07			9.10			1.08			9.09			14
	5.18		(20.73	)		53,589		1.82			8.20			1.83			8.19			14
	5.18		(20.72	)		74,325		1.82			8.25			1.83			8.24			14
	5.19		(19.81	)		1,986,033		0.73			9.49			0.74			9.48			14
	5.17		(20.28	)		12,582		1.23			8.98			1.24			8.97			14
	5.18		(19.91	)		8		0.82			9.31			0.83			9.30			14
	5.17		(20.47	)		183		1.32			9.95			1.33			9.94			14





	7.12		(6.82	)		1,650,027		1.07	^(c)		7.87	^(c)		1.09	^(c)		7.85	^(c)		11
	7.13		(7.23	)		92,953		1.82	^(c)		7.12	^(c)		1.84	^(c)		7.10	^(c)		11
	7.12		(7.11	)		101,138		1.82	^(c)		7.12	^(c)		1.84	^(c)		7.10	^(c)		11
	7.13		(6.68	)		1,628,668		0.73	^(c)		8.22	^(c)		0.75	^(c)		8.20	^(c)		11
	7.12		(6.89	)		10,573		1.23	^(c)		7.72	^(c)		1.25	^(c)		7.70	^(c)		11
	7.12		(4.35	)		10		0.82	^(c)		8.20	^(c)		0.84	^(c)		8.18	^(c)		11
	7.12		(4.51	)		9		1.32	^(c)		7.73	^(c)		1.34	^(c)		7.71	^(c)		11





	7.93		6.41			1,777,150		1.09			7.46			1.11			7.44			50
	7.94		5.61			115,817		1.84			6.72			1.86			6.70			50
	7.93		5.61			119,073		1.84			6.71			1.86			6.69			50
	7.94		6.79			1,646,138		0.73			7.82			0.75			7.80			50
	7.92		6.28			8,399		1.24			7.34			1.26			7.32			50




	8.04		10.76			1,395,265		1.12			7.38			1.14			7.36			41
	8.05		9.93			96,743		1.87			6.64			1.89			6.62			41
	8.04		9.94			90,528		1.87			6.64			1.89			6.62			41
	8.05		11.16			1,296,429		0.75			7.76			0.77			7.74			41
	8.03		10.63			2,980		1.25			7.26			1.27			7.24			41




	7.81		5.10			1,006,734		1.15			7.74			1.17			7.72			52
	7.82		4.31			104,637		1.90			6.98			1.92			6.96			52
	7.81		4.32			72,590		1.90			6.95			1.92			6.93			52
	7.82		5.50			825,508		0.76			8.11			0.79			8.08			52
	7.80		4.72			1,597		1.26			7.62			1.29			7.59			52




	8.08		12.94			1,109,364		1.16			8.31			1.18			8.29			47
	8.09		12.09			105,106		1.91			7.54			1.93			7.52			47
	8.08		12.10			56,174		1.91			7.53			1.93			7.51			47
	8.09		13.23			832,175		0.76			8.73			0.78			8.71			47
	8.09		12.81			1,160		1.26			8.18			1.28			8.16			47

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT 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)


	2009 - A	$	7.75	$	0.22	$	1.24		$	1.46		$	(0.22	)	$	—		$	(0.22	)
	2009 - Institutional		7.75		0.23		1.25			1.48			(0.24	)		—			(0.24	)
	2009 - Separate Account Institutional		7.75		0.24		1.24			1.48			(0.24	)		—			(0.24	)


FOR THE FISCAL YEAR ENDED MARCH 31,


	2009 - A		9.64		0.51		(1.83	)		(1.32	)		(0.57	)		—			(0.57	)
	2009 - Institutional		9.66		0.55		(1.85	)		(1.30	)		(0.61	)		—			(0.61	)
	2009 - Separate Account Institutional		9.65		0.57		(1.86	)		(1.29	)		(0.61	)		—			(0.61	)


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


	2008 - A		9.90		0.22		(0.27	)		(0.05	)		(0.21	)		—			(0.21	)
	2008 - Institutional		9.92		0.23		(0.27	)		(0.04	)		(0.22	)		—			(0.22	)
	2008 - Separate Account Institutional		9.91		0.23		(0.26	)		(0.03	)		(0.23	)		—			(0.23	)


FOR THE FISCAL YEARS ENDED OCTOBER 31,


	2007 - A		9.95		0.51		(0.08	)		0.43			(0.48	)		—			(0.48	)
	2007 - Institutional		9.97		0.55		(0.08	)		0.47			(0.52	)		—			(0.52	)
	2007 - Separate Account Institutional		9.96		0.56		(0.08	)		0.48			(0.53	)		—			(0.53	)




	2006 - A		9.93		0.47		—			0.47			(0.45	)		—			(0.45	)
	2006 - Institutional		9.95		0.51		—			0.51			(0.49	)		—			(0.49	)
	2006 - Separate Account Institutional		9.94		0.52		(0.01	)		0.51			(0.49	)		—			(0.49	)




	2005 - A		10.31		0.40		(0.35	)		0.05			(0.39	)		(0.04	)		(0.43	)
	2005 - Institutional		10.32		0.52		(0.42	)		0.10			(0.43	)		(0.04	)		(0.47	)
	2005 - Separate Account Institutional		10.31		0.46		(0.35	)		0.11			(0.44	)		(0.04	)		(0.48	)


FOR THE PERIOD ENDED OCTOBER 31,


	2004 - A (Commenced November 3, 2003)		10.00		0.38		0.31			0.69			(0.38	)		—			(0.38	)
	2004 - Institutional (Commenced November 3, 2003)		10.00		0.44		0.30			0.74			(0.42	)		—			(0.42	)
	2004 - Separate Account Institutional (Commenced November 3, 2003)		10.00		0.43		0.31			0.74			(0.43	)		—			(0.43	)


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


(a)	Calculated based on the average shares outstanding methodology.

(b)


(c)	Annualized.

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

100

GOLDMAN SACHS INVESTMENT GRADE CREDIT 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




$	8.99		19.04	%	$	157,314		0.76	%^(c)		5.19	%^(c)		0.89	%^(c)		5.06	%^(c)		33	%
	8.99		19.25			138,752		0.40	^(c)		5.45	^(c)		0.55	^(c)		5.30	^(c)		33
	8.99		19.28			210,131		0.35	^(c)		5.73	^(c)		0.50	^(c)		5.58	^(c)		33





	7.75		(14.00	)		53,185		0.76			6.22			0.97			6.01			135
	7.75		(13.83	)		22,809		0.40			6.52			0.63			6.29			135
	7.75		(13.72	)		171,003		0.35			6.52			0.58			6.29			135





	9.64		(0.54	)		9,455		0.76	^(c)		5.31	^(c)		0.95	^(c)		5.12	^(c)		15
	9.66		(0.39	)		10,504		0.40	^(c)		5.67	^(c)		0.61	^(c)		5.46	^(c)		15
	9.65		(0.37	)		226,207		0.35	^(c)		5.72	^(c)		0.56	^(c)		5.51	^(c)		15





	9.90		4.44			8,615		0.79			5.17			0.97			4.99			74
	9.92		4.83			10,893		0.40			5.59			0.60			5.39			74
	9.91		4.89			239,358		0.35			5.61			0.55			5.41			74




	9.95		4.84			3,420		0.79			4.82			1.04			4.57			74
	9.97		5.35			3,317		0.40			5.21			0.65			4.96			74
	9.96		5.30			206,122		0.35			5.26			0.60			5.01			74




	9.93		0.50			3,622		0.81			3.88			1.07			3.62			88
	9.95		0.89			3,638		0.40			4.40			0.66			4.14			88
	9.94		1.04			192,196		0.35			4.34			0.62			4.07			88





	10.31		7.00			2,179		0.82	^(c)		3.66	^(c)		1.85	^(c)		2.63	^(c)		78
	10.32		7.57			76		0.40	^(c)		4.28	^(c)		1.45	^(c)		3.23	^(c)		78

	10.31		7.52			70,269		0.35	^(c)		4.26	^(c)		1.40	^(c)		3.21	^(c)		78

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

101

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT 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
		beginning		investment		and unrealized			investment			investment			From			Total
	Year - Share Class	of period		income^(a)		gain (loss)			operations			income			capital			distributions

FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)


	2009 - A	$	7.23	$	0.20	$	1.67		$	1.87		$	(0.21	)	$	—		$	(0.21	)
	2009 - C		7.24		0.18		1.65			1.83			(0.18	)		—			(0.18	)
	2009 - Institutional		7.23		0.22		1.67			1.89			(0.23	)		—			(0.23	)


FOR THE FISCAL YEAR ENDED MARCH 31,


	2009 - A		9.85		0.50		(2.64	)		(2.14	)		(0.20	)		(0.28	)		(0.48	)
	2009 - C		9.85		0.48		(2.67	)		(2.19	)		(0.18	)		(0.24	)		(0.42	)
	2009 - Institutional		9.85		0.53		(2.64	)		(2.11	)		(0.22	)		(0.29	)		(0.51	)


FOR THE PERIOD ENDED MARCH 31,


	2008 - A (Commenced February 15, 2008)		10.00		0.04		(0.14	)		(0.10	)		(0.05	)		—			(0.05	)
	2008 - C (Commenced February 15, 2008)		10.00		0.04		(0.14	)		(0.10	)		(0.05	)		—			(0.05	)
	2008 - Institutional (Commenced February 15, 2008)		10.00		0.06		(0.15	)		(0.09	)		(0.06	)		—			(0.06	)


(a)	Calculated based on the average shares outstanding methodology.

(b)


(c)	Annualized.

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

102

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT 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




$	8.89		26.09	%	$	30,001		1.35	%^(c)		4.87	%^(c)		1.64	%^(c)		4.58	%^(c)		60	%
	8.89		25.43			342		2.10	^(c)		4.34	^(c)		2.39	^(c)		4.05	^(c)		60
	8.89		26.16			139,670		1.01	^(c)		5.24	^(c)		1.30	^(c)		4.95	^(c)		60





	7.23		(22.32	)		20,385		1.33			5.99			1.65			5.67			92
	7.24		(22.79	)		30		2.08			5.17			2.40			4.85			92
	7.23		(22.05	)		97,877		0.99			6.30			1.31			5.98			92





	9.85		(0.93	)		1,482		1.35	^(c)		4.29	^(c)		2.98	^(c)		2.66	^(c)		3
	9.85		(1.01	)		127		2.10	^(c)		4.30	^(c)		3.73	^(c)		2.67	^(c)		3
	9.85		(0.89	)		60,432		1.01	^(c)		5.52	^(c)		2.64	^(c)		3.89	^(c)		3

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

103

GOLDMAN SACHS U.S. MORTGAGES 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)


	2009 - A	$	9.27	$	0.18	$	0.53		$	0.71		$	(0.20	)	$	—		$	(0.20	)
	2009 - Institutional		9.29		0.20		0.52			0.72			(0.22	)		—			(0.22	)
	2009 - Separate Account Institutional		9.28		0.21		0.51			0.72			(0.22	)		—			(0.22	)


FOR THE FISCAL YEAR ENDED MARCH 31,


	2009 - A		9.62		0.37		(0.27	)		0.10			(0.38	)		(0.07	)		(0.45	)
	2009 - Institutional		9.64		0.39		(0.26	)		0.13			(0.41	)		(0.07	)		(0.48	)
	2009 - Separate Account Institutional		9.64		0.41		(0.29	)		0.12			(0.41	)		(0.07	)		(0.48	)


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


	2008 - A		9.91		0.19		(0.29	)		(0.10	)		(0.19	)		—			(0.19	)
	2008 - Institutional		9.93		0.20		(0.28	)		(0.08	)		(0.21	)		—			(0.21	)
	2008 - Separate Account Institutional		9.93		0.21		(0.29	)		(0.08	)		(0.21	)		—			(0.21	)


FOR THE FISCAL YEARS ENDED OCTOBER 31,


	2007 - A		9.90		0.44		0.04			0.48			(0.47	)		—			(0.47	)
	2007 - Institutional		9.91		0.47		0.05			0.52			(0.50	)		—			(0.50	)
	2007 - Separate Account Institutional		9.91		0.48		0.05			0.53			(0.51	)		—			(0.51	)




	2006 - A		9.82		0.41		0.08			0.49			(0.41	)		—			(0.41	)
	2006 - Institutional		9.82		0.45		0.08			0.53			(0.44	)		—			(0.44	)
	2006 - Separate Account Institutional		9.82		0.45		0.09			0.54			(0.45	)		—			(0.45	)




	2005 - A		10.22		0.28		(0.17	)		0.11			(0.33	)		(0.18	)		(0.51	)
	2005 - Institutional		10.22		0.33		(0.18	)		0.15			(0.37	)		(0.18	)		(0.55	)
	2005 - Separate Account Institutional		10.21		0.36		(0.20	)		0.16			(0.37	)		(0.18	)		(0.55	)


FOR THE PERIOD ENDED OCTOBER 31,


	2004 - A		10.00		0.22		0.33			0.55			(0.33	)		—			(0.33	)
	2004 - Institutional		10.00		0.29		0.31			0.60			(0.38	)		—			(0.38	)
	2004 - Separate Account Institutional		10.00		0.31		0.28			0.59			(0.38	)		—			(0.38	)


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


(a)	Calculated based on the average shares outstanding methodology.

(b)


(c)	The portfolio turnover rates excluding the effect of mortgage dollar rolls were as follows:


For the Six Months	For the
Ended September 30,	Periods Ended
2009	2009	2008	2007	2006
373%	511%	295%	380%	1,442%


	Prior years include the effect of mortgage dollar roll transactions, if any.


(d)	Annualized.

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

104

GOLDMAN SACHS U.S. MORTGAGES 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)




$	9.78		7.73	%	$	6,795		0.76	%^(d)		3.85	%^(d)		0.91	%^(d)		3.70	%^(d)		460	%
	9.79		7.81			99,394		0.40	^(d)		4.30	^(d)		0.57	^(d)		4.13	^(d)		460
	9.78		7.84			350,442		0.35	^(d)		4.37	^(d)		0.52	^(d)		4.20	^(d)		460





	9.27		0.90			3,637		0.76			3.93			0.91			3.78			560
	9.29		1.38			89,617		0.40			4.22			0.57			4.05			560
	9.28		1.32			431,500		0.35			4.39			0.52			4.22			560





	9.62		(0.80	)		7,021		0.76	^(d)		4.58	^(d)		0.91	^(d)		4.43	^(d)		483
	9.64		(0.75	)		164,236		0.40	^(d)		4.94	^(d)		0.57	^(d)		4.77	^(d)		483
	9.64		(0.73	)		507,194		0.35	^(d)		4.98	^(d)		0.52	^(d)		4.81	^(d)		483





	9.91		4.96			7,044		0.78			4.43			0.94			4.27			610
	9.93		5.43			153,795		0.40			4.81			0.58			4.63			610
	9.93		5.48			532,819		0.35			4.84			0.53			4.66			610




	9.90		5.21			6,973		0.79			4.24			0.98			4.05			1,665
	9.91		5.56			117,497		0.40			4.64			0.61			4.43			1,665
	9.91		5.73			307,935		0.35			4.62			0.56			4.41			1,665




	9.82		1.00			7,916		0.81			2.88			0.98			2.71			2,006
	9.82		1.49			74,616		0.40			3.43			0.58			3.24			2,006
	9.82		1.54			387,306		0.35			3.42			0.53			3.24			2,006





	10.22		5.60			628		0.82	^(d)		1.95	^(d)		1.08	^(d)		1.69	^(d)		1,953
	10.22		6.07			120,628		0.40	^(d)		2.86	^(d)		0.68	^(d)		2.58	^(d)		1,953
	10.21		6.03			101,429		0.35	^(d)		2.98	^(d)		0.63	^(d)		2.70	^(d)		1,953

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

105

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Fund Expenses (Unaudited) — Six Month Period Ended September 30, 2009

As a shareholder of Class A, Class B, Class C, Institutional, Service, Separate Account Institutional, Class IR or Class R Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges 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, Separate Account Institutional, 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, 2009 through September 30, 2009.

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 during 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 net 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, 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.

Emerging Markets Debt Fund

High Yield Fund

Investment Grade Credit Fund

Local Emerging Markets Debt Fund

U.S. Mortgages Fund

Expenses

Beginning

Ending

Paid for the

Beginning

Ending

Paid for the

Beginning

Ending

Paid for the

Beginning

Ending

Paid for the

Beginning

Ending

Paid for the

Account Value

6 months ended

Account Value

6 months ended

Account Value

6 months ended

Account Value

6 months ended

Account Value

6 months ended

Share Class

4/1/09

9/30/09

9/30/09*

4/1/08

9/30/09

9/30/09*

4/1/09

9/30/09

9/30/09*

4/1/09

9/30/09

9/30/09*

4/1/09

9/30/09

9/30/09*

Class A

Actual

1,000.00

1,310.50

7.07

1,000.00

1,353.70

6.25

1,000.00

1,190.40

4.17

1,000.00

1,260.90

7.65

1,000.00

1,077.30

3.96

Hypothetical 5% return

1,000.00

1,018.95

6.17

1,000.00

1,019.75

5.37

1,000.00

1,021.26

3.85

1,000.00

1,018.30

6.83

1,000.00

1,021.26

3.85

Class B

Actual

N/A

1,000.00

1,352.70

10.68

N/A

Hypothetical 5% return

N/A

1,000.00

1,015.99

9.15

N/A

Class C

Actual

1,000.00

1,306.60

11.39

1,000.00

1,350.80

10.67

N/A

1,000.00

1,254.30

11.87

N/A

Hypothetical 5% return

1,000.00

1,015.19

9.95

1,000.00

1,015.99

9.15

N/A

1,000.00

1,014.54

10.61

N/A

Institutional

Actual

1,000.00

1,312.40

5.10

1,000.00

1,357.30

4.25

1,000.00

1,192.50

2.20

1,000.00

1,261.60

5.73

1,000.00

1,078.10

2.08

Hypothetical 5% return

1,000.00

1,020.66

4.46

1,000.00

1,021.46

3.65

1,000.00

1,023.06

2.03

1,000.00

1,020.00

5.11

1,000.00

1,023.06

2.03

Service

Actual

N/A

1,000.00

1,355.30

7.20

N/A

Hypothetical 5% return

N/A

1,000.00

1,018.95

6.17

N/A

Separate Account Institutional

Actual

N/A

1,000.00

1,192.80

1.92

N/A

1,000.00

1,078.40

1.82

Hypothetical 5% return

N/A

1,000.00

1,023.31

1.78

N/A

1,000.00

1,023.31

1.78

Class IR

Actual

N/A

1,000.00

1,357.40

4.79

N/A

Hypothetical 5% return

N/A

1,000.00

1,021.01

4.10

N/A

Class R

Actual

N/A

1,000.00

1,354.70

7.73

N/A

Hypothetical 5% return

N/A

1,000.00

1,018.50

6.63

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, 2009. 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:


																Separate Account
Fund	Class A			Class B			Class C			Institutional			Service			Institutional			Class IR			Class R

Emerging Markets Debt		1.22	%		N/A			1.97	%		0.88	%		N/A			N/A			N/A			N/A
High Yield		1.06			1.81	%		1.81			0.72			1.22	%		N/A			0.81	%		1.31	%
Investment Grade Credit		0.76			N/A			N/A			0.40			N/A			0.35	%		N/A			N/A
Local Emerging Markets Debt		1.35			N/A			2.10			1.01			N/A			N/A			N/A			N/A
U.S. Mortgages		0.76			N/A			N/A			0.40			N/A			0.35			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.

106

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs U.S. Mortgages, Goldman Sachs Investment Grade Credit, Goldman Sachs High Yield, Goldman Sachs Emerging Markets Debt and Goldman Sachs Local Emerging Markets Debt 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 agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2010 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement 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 17, 2009 (the “Annual Contract Meeting”).

To assist the Trustees in their deliberations at the Annual Contract Meeting, and in addition to reports on the Funds’ investment performance, expenses and other matters discussed at regularly scheduled Board meetings during the year, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held meetings on December 17, 2008, February 11, 2009 and May 20, 2009. At those Committee meetings, the Independent Trustees considered matters relating to the Management Agreement including:


	(a)	the nature and quality of the advisory, administrative and other services provided to the Funds by the Investment Adviser and its affiliates;
	(b)	the Funds’ investment performance;
	(c)	the Funds’ management fee arrangements;
	(d)	the voluntary undertakings of the Investment Adviser and the Funds’ transfer agent, Goldman Sachs & Co. (“Goldman Sachs”), to reimburse certain fees and 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 Agreement;
	(f)	the relative expense levels of the Funds as compared to those of comparable funds managed by the Investment Adviser, as well as those managed by other advisers;
	(g)	information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of each of the Funds and the Trust as a whole to the Investment Adviser and its affiliates;
	(h)	the statutory and regulatory requirements applicable to the approval and continuation of mutual fund investment management agreements;
	(i)	a summary of fee concessions made by the Investment Adviser and its affiliates over the past several years with respect to the Funds;
	(j)	capacity issues relating to the securities in which the Funds invest;
	(k)	to the extent the Investment Adviser manages institutional accounts or collective investment vehicles having investment objectives and policies similar to those of the Funds, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;
	(l)	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 (with the exception of Local Emerging Markets Debt Fund, which commenced operations in 2008) and expense comparisons for the Funds;
	(m)	the current pricing of services provided by, and the profitability of, the Funds’ transfer agent, Goldman Sachs; and
	(n)	the nature and quality of the services provided to the Funds by their unaffiliated service providers and reports on due diligence conducted by the Investment Adviser with respect to those service providers.

107

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

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 Adviser’s services; (b) the structure, staff and capabilities of the Investment Adviser and its portfolio management teams; (c) the groups or teams within the Investment Adviser that support the portfolio management teams, including legal, compliance, internal audit, the credit department, fund controllers, tax, product services, valuation oversight, market risk analysis, finance and strategy, operations, shareholder services, risk management and advisory, training and technology; (d) whether certain reductions in headcount due to economic conditions were likely to affect the quality of the services provided to the Funds; (e) the Investment Adviser’s business continuity and disaster recovery planning; (f) the Investment Adviser’s financial resources and its ability to hire and retain talented personnel; (g) the fees received by the Investment Adviser’s affiliates from the Funds for transfer agency, distribution and other services; (h) the terms of the Management Agreement and agreements with other service providers entered into by the Trust on behalf of the Funds; (i) the administrative services provided under the Management Agreement, including the nature and extent of the Investment Adviser’s oversight of the Funds’ other service providers, including the custodian and fund accounting agent; (j) portfolio trading related issues; (k) the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; (l) the Investment Adviser’s approach to risk management; (m) an overview of the Funds’ distribution plan; and (n) an annual review of the effectiveness of the Funds’ compliance program. At the Annual Contract Meeting, the Trustees also considered further the Investment Adviser’s profitability with respect to each Fund, and each Fund’s investment performance, fees and expenses, including each Fund’s expense trends over time (with the exception of Local Emerging Markets Debt Fund, which commenced operations in 2008) and any breakpoints in the fee rates payable by each Fund under the Management Agreement.

In connection with the Committee meetings and the Annual Contract Meeting, the Trustees attended sessions at which they reviewed information regarding the Funds’ assets, share purchase and redemption activity, 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/or administration fees by the High Yield Fund’s Service Shares and the Investment Grade Credit and U.S. Mortgages Funds’ Class A and Institutional Shares. Also, in conjunction with these meetings, 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.

Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution and/or servicing of Fund shares; portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined, the alignment of the interests of the Funds and of 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 Adviser or its 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 Agreement as it applied to each Fund.

In evaluating the Management Agreement at the Annual Contract Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser, its affiliates, their services and the Funds. At those meetings the Trustees regularly received materials relating to the Investment Adviser’s investment management and other services provided under the Management Agreement, including: (a) information on the investment performance of the Funds in comparison to the performance of similar mutual funds (with the exception of Local Emerging Markets Debt Fund, which commenced operations in 2008) 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. The Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

108

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Nature, Extent and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent and quality of the services provided by the Investment Adviser. 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 Adviser and its affiliates. The Trustees concluded that, during the recent financial crisis, the Investment Adviser had demonstrated a willingness and an ability to commit substantial financial and other resources to the operations of the Funds and had represented that it will continue to commit those resources in multiple areas including portfolio management, trading, technology, human resources, tax, treasury, legal, compliance, valuation oversight, vendor oversight and risk management. The Independent Trustees also observed that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser, 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 Adviser. In this regard, they compared the investment performance of each Fund (with the exception of Local Emerging Markets Debt Fund, which commenced operations in 2008) 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 over time on a year-by-year basis (other than Local Emerging Markets Debt Fund, which had only year-to-date performance through December 31, 2008) 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, 2008, to the extent that each Fund had been in existence for those periods. The Independent Trustees also compared the performance of the U.S. Mortgages and High Yield Funds to that of the Investment Adviser’s institutional composites of the performance of other accounts having similar investment objectives and policies (the investment objectives and policies of the other Funds were not sufficiently similar to those of any of the Investment Adviser’s institutional composites). 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, market conditions, credit and duration parameters, and illiquidity in certain market sectors, 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 noted that Local Emerging Markets Debt Fund commenced operations in 2008 and had provided a reasonable level of performance to investors in light of its investment policies and given prevailing conditions in the markets in which the Fund invests. In connection with the performance of the Investment Grade Credit and the U.S. Mortgages Funds, the Trustees noted that the Funds’ recent performance challenges were attributable in large part to investments in certain asset classes, such as non-agency mortgage-backed securities or corporate debt issued by financial services companies, that performed poorly in 2008 due to investor aversion to risk and resulting market illiquidity, which depressed the prices of these securities. The Trustees recognized that the market events of 2008 were in many respects unprecedented, and that there was potential for the Funds to recover some of the unrealized losses on certain portfolio holdings in the future. With respect to Emerging Markets Debt and High Yield Funds, the Trustees believed that the Funds had provided investment performance within a competitive range for long-term investors. With respect to each Fund, the Trustees concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders.

109

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Costs of Services Provided and Competitive Information

The Independent Trustees considered the contractual fee rates payable by each Fund under the Management Agreement. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the 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 those of 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 Local Emerging Markets Debt Fund, since 2008), comparing each Fund’s expenses to the peer and 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 group and peer group median. 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 Adviser’s voluntary undertakings to limit the Funds’ “other expenses” ratios (excluding certain expenses) to certain specified levels and to waive a portion of the contractual management fees payable by the U.S. Mortgages and Investment Grade Credit Funds, as well as Goldman Sachs’ voluntary undertaking to waive a portion of the transfer agency fees attributable to Institutional and Separate Account Institutional Shares of U.S. Mortgages and Investment Grade Credit Funds. They also considered, to the extent that the Investment Adviser manages institutional accounts or collective investment vehicles having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to institutional accounts, which operated under less stringent legal and regulatory structures, were in some instances subject to different investment guidelines, required fewer services from the Investment Adviser to a smaller number of client contact points, 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 Adviser and have a general expectation that the relationship will continue. They also noted that shareholders are 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 Adviser’s 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 the Investment Adviser’s expense allocation methodology. The Trustees also reviewed the report of the internal audit group within the Goldman Sachs organization, which included an assessment of the reasonableness and consistency of the Investment Adviser’s expense allocation methodology and an evaluation of the accuracy of the Investment Adviser’s profitability analysis calculations. Profitability data for the Trust and each Fund were provided for 2008 and 2007 (2008 only for Local Emerging Markets Debt Fund), and the Independent Trustees considered this information in relation to the Investment Adviser’s overall profitability. The Independent Trustees considered the Investment Adviser’s 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.

110

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Economies of Scale

The Independent Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:


	Emerging			High			Investment			Local Emerging			U.S.
Average Daily	Markets			Yield			Grade			Markets Debt			Mortgages
Net Assets	Debt Fund			Fund			Credit Fund			Fund			Fund

First $1 billion		0.80	%		0.70	%		0.40	%		0.90	%		0.40	%
Next $1 billion		0.80			0.70			0.36			0.90			0.36
Next $3 billion		0.72			0.63			0.34			0.81			0.34
Next $3 billion		0.68			0.60			0.33			0.77			0.33
Over $8 billion		0.67			0.59			0.32			0.75			0.32

The Trustees noted that the breakpoints at the $5 and $8 billion asset levels had been proposed by the Investment Adviser and approved by the Trustees in 2008 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 Adviser’s potential economies of scale in managing each Fund, and whether the Funds and their shareholders would participate in the benefits of those economies. In this regard, the Independent Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; and the voluntary undertakings of the Investment Adviser and Goldman Sachs to limit certain fees and other expenses to certain amounts. Upon reviewing these matters at the Annual Contract Meeting, 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 Adviser and Its Affiliates

The Independent Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationship with the Funds as stated above, including: (a) transfer agency fees received by 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 Adviser; (d) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (e) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (f) Goldman Sachs’ retention of certain fees as Fund Distributor; (g) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; and (h) the Investment Adviser’s ability to leverage relationships with the Funds’ third party service providers to attract more firmwide business.

Other Benefits to the Funds and Their Shareholders

The Independent Trustees also noted that the Funds receive certain potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) improved servicing and pricing from vendors because of the volume of business generated by the Investment Adviser and its affiliates; (c) improved servicing from broker-dealers because of the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorably with derivatives counterparties as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firmwide resources (e.g., proprietary databases); and (h) the Funds’ access to certain affiliated distribution channels.

111

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Conclusion

In connection with their consideration of the Management Agreement, 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 Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels, and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2010.

112

FUNDS PROFILE

Goldman Sachs Funds

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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 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 n Credit Strategies Fund		Fundamental Equity n Growth and Income Fund n Large Cap Value 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 Cap Value Fund n Small/Mid Cap Growth Fund Structured Equity n Balanced Fund n Structured U.S. Equity Fund n Structured Large Cap Growth Fund n Structured Large Cap Value Fund n Structured Small Cap Equity Fund n Structured Small Cap Value Fund n Structured Small Cap Growth Fund n Structured Tax-Managed Equity Fund n Structured International Tax- Managed Equity Fund n U.S. Equity Dividend and Premium Fund n International Equity Dividend and Premium Fund		Fund of Funds²n 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 Fundamental Equity International 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 BRIC Fund (Brazil, Russia, India, China) Select Satellite²n 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 Select Satellite 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 Select Satellite 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 Peter V. Bonanno, Secretary George F. Travers, Principal Financial Officer* Scott M. McHugh, Treasurer* * Effective October 16, 2009


GOLDMAN, SACHS & CO Distributor and Transfer Agent		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

Goldman Sachs Asset Management, L.P. 32 Old Slip, 32nd Floor, New York, New York 10005

The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, 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 Fund. 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 Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities for the 12-month period ending June 30, 2009 are 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 (”SEC”) Web site at http://www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q will be available on the SEC’s website at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. The Fund’s Form N-Q, when available, 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. Forms 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 Fund’s 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.

A prospectus for the Fund containing more complete information may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail — 1-800-526-7384) (institutional — 1-800-621-2550). 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 Fund.


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


				Goldman Sachs Trust

				/s/ James A. McNamara

				By: James A. McNamara
				Chief Executive Officer of
				Goldman Sachs Trust

				Date: December 2, 2009

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


				/s/ James A. McNamara

				By: James A. McNamara
				Chief Executive Officer of
				Goldman Sachs Trust

				Date: December 2, 2009

				/s/ George F. Travers

				By: George F. Travers
				Chief Financial Officer of
				Goldman Sachs Trust

				Date: December 2, 2009

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