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.		Geoffrey R. T. Kenyon, Esq.
200 West Street		Dechert LLP
New York, New York 10282		200 Clarendon Street
		27^th Floor
		Boston, MA 02116-5021

(Name and address of agents for service)

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

Date of fiscal year end: March 31

Date of reporting period: September 30, 2010


ITEM 1.		REPORTS TO STOCKHOLDERS.

		The Semi-Annual Report to Stockholders is filed herewith.

Goldman Sachs Funds



Semi-Annual Report			September 30, 2010



			Multi Sector Fixed Income Funds
			Core Fixed Income
			Core Plus Fixed Income
			Global Income
			Strategic Income

Goldman Sachs Multi Sector Fixed Income Funds


n	CORE FIXED INCOME

n	CORE PLUS FIXED INCOME

n	GLOBAL INCOME

n	STRATEGIC INCOME

TABLE OF CONTENTS


Principal Investment Strategies and Risks		1
Investment Process		3
Market Review		4
Portfolio Management Discussions and Performance Summaries		6
Schedules of Investments		24
Financial Statements		76
Notes to the Financial Statements		80
Financial Highlights		102
Other Information		110


NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Principal Investment Strategies and Risks

The Core Fixed Income Fund invests primarily in fixed income securities, including U.S. government securities, corporate debt securities, privately issued mortgage-backed securities and asset-backed securities. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. The guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. The Fund’s investments in mortgage-backed securities are subject to prepayment risks. These risks may result in greater share price volatility. The Fund may invest in foreign and emerging markets securities, which may be more volatile and less liquid than 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. Forward foreign currency exchange contracts are subject to the risk that the counterparty to the contract will default on its obligations. The Fund may make substantial investments in derivative instruments, including options, financial futures, Eurodollar futures contracts, swaps, options on swaps, structured securities and other derivative investments. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; risks of default by a counterparty; and the risks that transactions may not be liquid.

The Core Plus Fixed Income Fund invests primarily in fixed income securities, including U.S. government securities, corporate debt securities, privately issued mortgage-backed securities, asset-backed securities, high yield non-investment grade securities and fixed income securities of issuers located in emerging countries. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. The guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. The Fund’s investments in mortgage-backed securities are subject to prepayment risks. These risks may result in greater share price volatility. The Fund may invest in high yield, fixed income securities that, at the time of purchase, are non-investment grade. High yield, lower rated securities involve greater price volatility and present greater risks than higher rated fixed income securities. The Fund may also invest in foreign issuers which 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. Forward foreign currency exchange contracts are subject to the risk that the counterparty to the contract will default on its obligations. The Fund may make substantial investments in derivative instruments, including options, financial futures, Eurodollar futures contracts, swaps, options on swaps, structured securities and other derivative investments. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; risks of default by a counterparty; and the risks that transactions may not be liquid.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

The Global Income Fund invests primarily in a portfolio of fixed income securities of U.S. and foreign issuers. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. The Fund may invest in foreign and emerging market securities, which may be more volatile and less liquid than its 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) for speculative purposes. Forward foreign currency exchange contracts are subject to the risk that the counterparty to the contract will default on its obligations. The Fund may make substantial investments in derivative instruments, including options, financial futures, Eurodollar futures contracts, swaps, options on swaps, structured securities and other derivative investments. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; risks of default by a counterparty; and the risks that transactions may not be liquid. The Fund may concentrate its investments in particular countries or regions and may be subject to greater losses than if it were less concentrated in a particular country or region. The Fund is non-diversified and may invest more of its assets in fewer issuers than diversified funds, may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be susceptible to greater losses because of these developments.

The Strategic Income Fund invests in a broadly diversified portfolio of U.S. and foreign investment grade and non-investment grade fixed income investments including, but not limited to: U.S. Government securities (such as U.S. Treasury securities or Treasury inflation protected securities), non-U.S. sovereign debt, agency securities, corporate debt securities, agency and non-agency mortgage-backed securities, asset-backed securities, custodial receipts, municipal securities, loan participations and convertible 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 certain U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. The Fund’s investments in mortgage-backed securities are subject to, among other risks, prepayment risks. These risks may result in greater share price volatility. The Fund may invest in high yield, fixed income securities that, at the time of purchase, are non-investment grade. High yield, lower rated securities involve greater price volatility, are less liquid and present greater risks than higher rated fixed income securities. The Fund may also invest in foreign issuers which 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. Accordingly, forward foreign currency exchange contracts are subject to the risk that attempts to hedge will be unsuccessful as well as the risks of derivatives noted below. The Fund may also make substantial investments in other derivative instruments, including interest rate futures contracts, options (including options on futures contracts, swaps, bonds, stocks and indexes), swaps (including credit default, index, basis, total return, volatility and currency swaps), other forward contracts and other derivative instruments. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; risks of default by a counterparty; and the risks that transactions may not be liquid. The Fund is subject to the risks associated with implementing short positions. Taking short positions involves leverage of the Fund’s assets and presents various other risks. Losses on short positions are potentially unlimited as a loss occurs when the value of an asset with respect to which the Fund has a short position increases. Note that the implementation of short positions, as well as the use of derivatives generally, involves sophisticated investment techniques that have the potential to add additional risk to a portfolio.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

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

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




		A key element of our fixed income investment philosophy is to evaluate the broadest global opportunity set to capture relative value across sectors and instruments. Our globally integrated investment process involves managing dynamically along the risk/return spectrum, as we continue to develop value-added strategies through: n Assess relative value among sectors (such as mortgage-backed and corporate debt securities) and sub-sectors n Leverage the vast resources of GSAM in selecting securities for each portfolio n Team approach to decision making n Manage risk by avoiding significant sector and interest rate bets n Careful management of yield curve strategies — while closely managing portfolio duration

		Fixed Income portfolios that:


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

MARKET REVIEW

Goldman Sachs Multi Sector Fixed Income Funds

Market Review

The six months ended September 30, 2010 (the “Reporting Period”) brought the first signals of slowing momentum in global economic growth — a development that in our view was broadly consistent with the traditional cycle of recovery. After the recession ended in June 2009 (the date officially cited by the National Bureau of Economic Research), the world’s largest economies had begun to rebound. However, by the spring of 2010, global economic conditions showed signs of deterioration. The slowdown was most evident in the U.S. and China, raising concerns that the world’s two largest economies — both crucial sources of worldwide demand — might lead the global economy into a double-dip recession. Doubts about the sustainability of the global economic recovery drove sharp declines in government bond yields. In the U.S., for example, yields on 10-year Treasuries fell from 3.87% at the beginning of the Reporting Period to 2.51% on September 30, 2010.

During the second calendar quarter, the broader market impact of the economic slowdown was magnified by the sovereign debt crisis unfolding in Europe. Investors’ risk appetite suffered against this backdrop, and corporate bonds and emerging markets debt weakened in line with falling equity prices. By May, doubts about the solvency of peripheral European nations — Portugal, Italy, Ireland, Greece and Spain — had reached a fevered pitch. Those solvency concerns were based on high indebtedness and record budget deficits among the peripheral European nations. On April 27th, Greece’s debt rating was cut to junk by Standard & Poor’s, and risk premiums rose on Greek debt and on the sovereign debt of its similarly fiscally troubled neighbors, threatening a crisis. European lawmakers worked jointly with the International Monetary Fund (IMF) and the European Central Bank (ECB) to avert a liquidity crisis and to prevent contagion from spreading around the world through Europe’s still-fragile banking system. Although policymakers’ response succeeded in stabilizing peripheral European markets, volatility continued to flare intermittently through the end of the Reporting Period.

Riskier fixed income assets recovered during the third calendar quarter much of the ground they had lost in the months prior, and corporate bond markets experienced a record surge in new issuance. This rebound in risk appetite was helped by stronger economic signals. For example, reports of second quarter Gross Domestic Product (GDP) figures indicated that growth in the Eurozone had outstripped that of both the U.S. and Japan, primarily because of improved domestic demand among the largest European states and Germany’s exceptional exports strength. September’s economic data showed that while U.S. manufacturing and services activity had slowed, both sectors continued to expand. In China, expansion of its manufacturing sector seemed to be re-accelerating, judging by the most recently available purchasing managers survey. Still, economic growth remained below trend across the G-3 (the three largest developed economies — the U.S., Eurozone and Japan).

In the U.S., with consumer demand still weak and employment still declining, attention turned to the dwindling policy options for further stimulus. The increased focus on the widening fiscal deficit made substantial increases in government spending unlikely. Short-term interest rates had remained near zero for almost two years. During September, Federal Reserve (the “Fed”) policymakers began to demonstrate a clear willingness to revisit the exceptional bond-buying strategy it had halted earlier this year, thereby opening the door to a resumption of a second round of quantitative easing. As a result, by the end of the Reporting Period, U.S. markets were strongly positioned for more aggressive purchases by the Fed, and two-year Treasury yields had reached an all-time low near 0.5%.

MARKET REVIEW

Looking Ahead

During the Reporting Period, we grew increasingly convinced that the positives in the global economy outweigh the negatives and that economic growth should likely continue at a slow but steady pace. In the U.S., we believe the building blocks for growth are still in place and that downside risks are limited by two key factors. First, the Fed is likely, in our view, to resume quantitative easing, which should keep financial conditions highly accommodative. Second, leverage, or the use of borrowed money, in the U.S. private sector and financial system broadly has declined dramatically since 2008, and as such, we think the possibility of another severe pullback in either asset prices or employment is significantly reduced.

The biggest risk to continued economic recovery, in our view, is fiscal tightening in the U.S., where $270 billion of tax cuts and $75 billion of tax credits are scheduled to expire at the end of 2010. We estimate the expiration of these measures would be equivalent to approximately a 10% annualized decline in disposable income, or about 2% of GDP. If this scenario materializes, the risk of a double-dip recession in the U.S. may well rise. We further believe that a massive amount of quantitative easing from the Fed would be required to offset the impact of such a scenario on economic growth. However, that said, at the end of the Reporting Period, we considered this a low-probability risk and believed that a compromise would likely be reached to extend most of these tax measures for at least the next couple of years.

From an investment perspective, we think the slow but steady economic growth environment, combined with Fed asset purchases, favors overweight positions in high quality non-Treasury sectors and select emerging markets bonds. We anticipate that U.S. interest rates may stabilize as economic growth settles into a slower but steady range. Given our view that the Fed will resume quantitative easing, we favored an overweight position in the intermediate portion of the U.S. yield curve, or spectrum of maturities, at the end of the Reporting Period. In the intermediate, i.e. five- to 10-year, portion of the yield curve, we believe the likelihood of further quantitative easing reduces the downside risk of higher interest rates and increases the possibility of a stronger rally in rates than would be justified by economic fundamentals alone. We believe, however, that rates on 30-year maturities are likely to move higher on investor concerns about the potential long-term inflationary effect of more quantitative easing.

Against this backdrop, we saw value in high quality non-Treasury sectors, including corporate bonds and certain agency mortgage-backed securities. Yields on corporate bonds were low at the end of the Reporting Period, but the difference between yields on corporate bonds and U.S. Treasuries remained near long-term historical averages. As a result, we believe much of the yield on corporate bonds was compensation for credit risk, which, in our view, is low and declining given the prevalence of high corporate cash balances and cautious, credit-friendly business strategies. We also saw value at the end of the Reporting Period in select emerging market sovereign debt, where yields remained attractive relative to the yields of developed country government bonds and where debt fundamentals were improving rather than deteriorating.

PORTFOLIO RESULTS

Goldman Sachs Core Fixed Income Fund

Investment Objective

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

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-month period ended September 30, 2010 (the “Reporting Period”).


Q	How did the Goldman Sachs Core Fixed Income 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 5.96%, 5.54%, 5.43%, 6.01%, 5.85%, 5.98% and 5.72%, respectively. These returns compare to the 6.05% cumulative total return of the Fund’s benchmark, the Barclays Capital U.S. Aggregate Bond Index (the “Barclays Index”), during the same period.

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

A	Both top-down and bottom-up strategies contributed to the Fund’s performance during the Reporting Period. Within our top-down strategies, our cross-sector strategy contributed the most to relative performance. 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. Bottom-up individual issue selection within the collateralized and corporate bond sectors contributed positively to the Fund’s performance during the Reporting Period.

The primary detractor from Fund performance was its short duration in U.S. securities compared to the Barclays Index, as interest rates declined during the Reporting Period. Duration is a measure of the Fund’s sensitivity to changes in interest rates.


Q	Which fixed income market sectors most significantly affected Fund performance?

A	Exposure to non-agency residential mortgage-backed securities (RMBS) was particularly beneficial during the Reporting Period. Despite a short-lived sell-off in May, non-agency RMBS performed strongly, driven by supportive supply and demand dynamics. The Fund’s outperformance was further boosted by issue selection of non-agency RMBS within the collateralized sector. Within non-agency RMBS, the Fund’s focus on the senior tranches of mortgage securities backed by various collateral sectors added value.

Individual issue selection of agency mortgage-backed securities (MBS) contributed modestly as well. During the latter part of the Reporting Period, mortgage rates reached historically low levels and concerns surrounding a refinancing wave and heightened prepayment risk mounted within the MBS sector. Against this backdrop, select agency MBS, such as low-loan balanced pools with inherent prepayment protection features, outperformed securities more susceptible to prepayment risk. The Fund was positioned to benefit from such market conditions, as it had an overweighted allocation to those securities with prepayment protection and an underweighted exposure to those securities more susceptible to prepayments.

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’s shorter U.S. duration relative to the Barclays Index from May through July was the primary detractor from performance, as interest rates declined during the Reporting Period. During the second and third calendar quarters, 10-year U.S. Treasury rates declined approximately 135 basis points to 2.51%, driven by reports pointing to weaker than expected economic data. During the third calendar quarter, the Fed’s decision to reinvest mortgage paydowns into U.S. Treasuries, together with the market speculating about an additional round of quantitative easing, or buying of U.S. Treasuries by the Fed, led yields even lower. Duration is a measure of the Fund’s sensitivity to changes in interest rates.

Q	How did the Fund use derivatives during the Reporting Period?

A	As market conditions warranted during the Reporting Period, the Fund engaged in forward foreign currency exchange contracts, financial futures contracts and swap contracts to enhance the portfolio return and for hedging purposes. We also used such instruments to adopt a negative basis position in which the Fund’s portfolio was long corporate cash bonds and short derivative instruments, such as credit default swaps. We used derivatives for the efficient management of the Fund and to apply active investment views with greater versatility and to afford greater risk management precision.

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

A	During the Reporting Period, we increased the Fund’s exposure to agency MBS from an underweighted position to an overweighted one. We slightly reduced the Fund’s significant exposure to non-agency MBS. We also reduced the Fund’s exposure to quasi-government securities, including agency securities and FDIC (Federal Deposit Insurance Corporation)-guaranteed corporate bonds. Toward the end of the Reporting Period, we shifted from a net short U.S. duration to a net long bias in U.S. duration.

Q	How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

A	At the end of September 2010, the Fund had overweighted allocations relative to the Barclays Index in quasi-government securities, including government-guaranteed corporate bonds, as well as in asset-backed securities and RMBS. The Fund also had exposure to covered bonds, which is a sector not represented in the Barclays Index. Covered bonds are securities created from either mortgage loans or public sector loans. The Fund had underweighted exposure relative to the benchmark index in U.S. government securities, agency non-government-guaranteed securities and investment grade corporate bonds. The Fund had rather neutral positions compared to the Barclays Index in commercial mortgage-backed securities (CMBS) and emerging market debt. The Fund also had a position in cash at the end of the Reporting Period. The Fund maintained a modestly longer duration relative to the Barclays Index at the end of the Reporting Period.

FUND BASICS

Core Fixed Income Fund

as of September 30, 2010

PERFORMANCE REVIEW


				Barclays Capital			30-Day			30 Day
April 1, 2010–	Fund Total Return			U.S. Aggregate			Standardized			Standardized
September 30, 2010	(based on NAV¹)			Bond Index²			Subsidized Yield³			Unsubsidized Yield³


Class A		5.96	%		6.05	%		1.56	%		1.56	%
Class B		5.54			6.05			0.88			0.88
Class C		5.43			6.05			0.88			0.88
Institutional		6.01			6.05			1.95			1.95
Service		5.85			6.05			1.46			1.46
Class IR		5.98			6.05			1.86			1.86
Class R		5.72			6.05			1.39			1.39


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. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.
³	The 30-Day Standardized Subsidized 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 (“POP”) 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. The 30-Day Standardized Unsubsidized Yield does not reflect any applicable expense reductions.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS⁴


For the period ended 9/30/10	One Year			Five Years			Ten Years			Since Inception			Inception Date


Class A		6.12	%		3.62	%		5.09	%		5.34	%	5/1/97
Class B		4.28			3.22			4.86			5.17		5/1/97
Class C		8.35			3.64			4.70			4.68		8/15/97
Institutional		10.57			4.76			5.88			6.02		1/5/94
Service		10.01			4.26			5.36			5.53		3/13/96
Class IR		10.37			N/A			N/A			4.37		11/30/07
Class R		9.85			N/A			N/A			3.89		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 3.75% 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). Class B Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after purchase. Returns for Class B Shares for the period after conversion reflect the performance of Class A Shares. Prior to July 29, 2009, the maximum initial sales charge applicable to Class A Shares was 4.5%, which is not reflected in the average annual total return figures shown. Because Institutional, Service, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns. Effective November 2, 2009, the Fund’s Class B Shares are no longer available for purchase by new or existing shareholders (although current Class B shareholders may continue to reinvest income and capital gains 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).

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

FUND BASICS

EXPENSE RATIOS⁵


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


Class A		0.82	%		0.82	%
Class B		1.57			1.57
Class C		1.57			1.57
Institutional		0.48			0.48
Service		0.98			0.98
Class IR		0.57			0.57
Class R		1.07			1.07

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 Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. Applicable waivers and expense limitations may be modified or terminated in the future, consistent with the terms of any agreements in place. If this occurs, the expense ratios may change without shareholder approval.

FUND BASICS

FUND COMPOSITION⁶


⁶	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent repurchase agreements. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.
⁷	“Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the U.S. Government.
⁸	“Government Guarantee Obligations” are guaranteed under the Federal Deposit Insurance Corporation’s (“FDIC”) Temporary Liquidity Guarantee Program or a foreign government guarantee program and are backed by the full faith and credit of the United States or the government of a foreign country. The expiration date of the FDIC’s guarantee is the earlier of the maturity date of the debt or June 30, 2012 and the expiration date of a foreign country guarantee is the maturity date of the debt.
⁹	“Agency Debentures” include agency securities offered by companies such as Fannie Mae and Freddie Mac, which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company.

PORTFOLIO RESULTS

Goldman Sachs Core Plus Fixed Income Fund

Investment Objective

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

Portfolio Management Discussion and Analysis


Q	How did the Goldman Sachs Core Plus Fixed Income 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 5.86%, 5.47%, 5.47%, 5.94%, 5.69%, 5.89% and 5.72%, respectively. These returns compare to the 6.05% cumulative total return of the Fund’s benchmark, the Barclays Capital U.S. Aggregate Bond Index (the “Index”), during the same time period.

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

A	Both top-down and bottom-up strategies contributed to the Fund’s performance during the Reporting Period. Within our top-down strategies, our cross-sector strategy contributed the most to relative performance. 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. Bottom-up individual issue selection within the collateralized and corporate bond sectors contributed positively to the Fund’s performance during the Reporting Period.

The primary detractors from Fund performance were our duration and currency strategies. The Fund had a short duration in U.S. securities compared to the Index, which hurt as interest rates declined during the Reporting Period. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Within the currency strategy, the Fund’s positioning in the Australian dollar, Mexican peso and Canadian dollar detracted most.


Q	Which fixed income market sectors most significantly affected Fund performance?

A	Exposure to non-agency residential mortgage-backed securities (RMBS) was particularly beneficial during the Reporting Period. Despite a short-lived sell-off in May, non-agency RMBS performed strongly, driven by supportive supply and demand dynamics. The Fund’s outperformance was further boosted by issue selection of non-agency RMBS within the collateralized sector. Within non-agency RMBS, the Fund’s focus on the senior tranches of mortgage securities backed by various collateral sectors added value.

Individual issue selection of agency mortgage-backed securities (MBS) contributed as well. During the latter part of the Reporting Period, mortgage rates reached historically low levels and concerns surrounding a refinancing wave and heightened prepayment risk mounted within the MBS sector. Against this backdrop, select agency MBS, such as low-loan balanced pools with inherent prepayment protection features, outperformed securities more susceptible to prepayment risk. The Fund was positioned to benefit from such market conditions, as it had an overweighted allocation to those securities with prepayment protection and an underweighted exposure to those securities more susceptible to prepayments.

Within the corporate bond sector, a bias to be overweight lower quality bonds added value, as lower quality credits outperformed higher quality securities during the Reporting Period. Positioning on the corporate bond yield curve, or spectrum of maturities, also boosted results, as the Fund was overweight the intermediate segment of the yield curve rather than the short-term end of the yield curve for much of the Reporting Period. The intermediate segment of the yield curve outpaced shorter-term maturities during the Reporting Period. There were no real detractors from a sector allocation or security selection perspective during the Reporting Period.

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’s shorter U.S. duration relative to the Barclays Index from May through July was the primary detractor from performance, as interest rates declined during the Reporting Period. During the second and third calendar quarters, 10-year U.S. Treasury rates declined approximately 135 basis points to 2.51%, driven by reports pointing to weaker than expected economic data. During the third calendar quarter, the Fed’s decision to reinvest mortgage paydowns into U.S. Treasuries, together with the market speculating about an additional round of quantitative easing, or buying of U.S. Treasuries by the Fed, led yields even lower. The Fund’s shorter Japanese duration relative to the Barclays Index further detracted from performance, as interest rates there similarly fell during the Reporting Period. Duration is a measure of the Fund’s sensitivity to changes in interest rates.

Q	How did the Fund use derivatives during the Reporting Period?

A	As market conditions warranted during the Reporting Period, the Fund engaged in forward foreign currency exchange contracts, financial futures contracts and swap contracts to enhance the portfolio return and for hedging purposes. We also used such instruments to adopt a negative basis position in which the Fund’s portfolio was long corporate cash bonds and short derivative instruments, such as credit default swaps. We used derivatives for the efficient management of the Fund and to apply active investment views with greater versatility and to afford greater risk management precision.

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

A	During the Reporting Period, we increased the Fund’s exposure to agency MBS from an underweighted position to an overweighted one. We reduced the Fund’s exposure to commercial mortgage-backed securities (CMBS). We also reduced the Fund’s exposure to quasi-government securities, including FDIC (Federal Deposit Insurance Corporation)-guaranteed corporate bonds. Toward the end of the Reporting Period, we shifted from a net short U.S. duration to a net long bias in U.S. duration.

Q	How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

A	At the end of September 2010, the Fund had overweighted allocations relative to the Barclays Index in quasi-government securities, including government-guaranteed corporate bonds and agency government-guaranteed securities, as well as in asset-backed securities, RMBS and emerging market debt. The Fund also had a modest exposure to high yield corporate bonds, which is a sector not represented in the Barclays Index. The Fund had underweighted exposure relative to the benchmark index in U.S. government securities, agency non-government-guaranteed securities, CMBS and investment grade corporate bonds. The Fund maintained a modestly longer duration relative to the Barclays Index at the end of the Reporting Period.

FUND BASICS

Core Plus Fixed Income Fund

as of September 30, 2010

PERFORMANCE REVIEW


				Barclays Capital			30-Day			30-Day
April 1, 2010–	Fund Total Return			U.S. Aggregate			Standardized			Standardized
September 30, 2010	(based on NAV¹)			Bond Index²			Subsidized Yield³			Unsubsidized Yield³


Class A		5.86	%		6.05	%		2.28	%		2.11	%
Class B		5.47			6.05			1.63			1.45
Class C		5.47			6.05			1.63			1.45
Institutional		5.94			6.05			2.71			2.53
Service		5.69			6.05			2.24			2.06
Class IR		5.89			6.05			2.62			2.44
Class R		5.72			6.05			2.12			1.94


¹	The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.
²	The Barclays Capital U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.
³	The 30-Day Standardized Subsidized 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 (“POP”) 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. The 30-Day Standardized Unsubsidized Yield does not reflect any applicable expense reductions.

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS⁴


For the period ended 9/30/10	One Year			Since Inception			Inception Date


Class A		5.41	%		4.85	%	11/30/06
Class B		3.69			5.22		6/20/07
Class C		7.68			5.09		11/30/06
Institutional		9.89			6.25		11/30/06
Service		9.36			6.76		6/20/07
Class IR		9.78			6.26		11/30/07
Class R		9.35			5.74		11/30/07

⁴

FUND BASICS

EXPENSE RATIOS⁵


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


Class A		0.83	%		1.14	%
Class B		1.58			1.89
Class C		1.58			1.89
Institutional		0.49			0.80
Service		0.99			1.30
Class IR		0.58			0.89
Class R		1.08			1.39

⁵

FUND COMPOSITION⁶


⁶	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent repurchase agreements. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.
⁷	“Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the U.S. Government.
⁸	“Government Guarantee Obligations” are guaranteed under the Federal Deposit Insurance Corporation’s (“FDIC”) Temporary Liquidity Guarantee Program or a foreign government guarantee program and are backed by the full faith and credit of the United States or the government of a foreign country. The expiration date of the FDIC’s guarantee is the earlier of the maturity date of the debt or June 30, 2012 and the expiration date of a foreign country guarantee is the maturity date of the debt.
⁹	“Agency Debentures” include agency securities offered by companies such as Fannie Mae and Freddie Mac, which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company.

PORTFOLIO RESULTS

Goldman Sachs Global Income Fund

Investment Objective

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

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-month period ended September 30, 2010 (the “Reporting Period”).


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

A	During the Reporting Period, the Fund’s Class A, B, C, Institutional and Service Shares generated cumulative total returns, without sales charges, of 3.52%, 3.13%, 3.24%, 3.70%, and 3.52%, respectively. These returns compare to the 4.57% cumulative total return of the Fund’s benchmark, the Barclays Capital Global Aggregate Bond Index (USD hedged) (the “Barclays Index”), during the same time period.

The Fund’s Class IR Shares were launched on July 30, 2010. During the period from inception through September 30, 2010, the Fund’s Class IR Shares generated a cumulative total return, without sales charges, of 1.30%. This compares to the 1.43% cumulative total return of the Barclays Index during the same time period.


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

A	Both top-down and bottom-up strategies contributed to the Fund’s performance during the Reporting Period. Within our top-down strategies, our country strategy contributed positively. In particular, trades made within the European countries proved timely and effective. For example, as a classic flight to safety took hold with risk aversion heightening due to the sovereign debt crisis, trades we made within Germany, Greece and Portugal contributed to the Fund’s results. Indeed, these trades more than offset the impact of trades we made within France, Ireland, and in an effort to seek some reduced risk, Japan, which detracted.

Bottom-up individual issue selection within the corporate bond, government agency and collateralized sectors was helpful as well.

These contributing factors were not enough, however, to completely offset the detracting effects of our duration and currency strategies and of our security selection within the emerging markets debt sector. During the Reporting Period, the Fund was especially hurt by its shorter positions relative to the Barclays Index on the Japanese and U.S. yield curves, or spectrums of maturities. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Within the Fund’s currency strategy, positioning in the U.S. dollar detracted most.


Q	Which fixed income market sectors most significantly affected Fund performance?

A	The Fund’s overweighted allocation to residential mortgage-backed securities (RMBS) contributed to the Fund’s performance. So, too, did individual issue selection in the corporate bond, government agency and collateralized sectors add value. Within the corporate bond sector, the Fund’s bias toward lower quality issues particularly boosted results, as lower quality securities outperformed higher quality during the Reporting Period. The Fund also benefited within the corporate bond sector, from a regional perspective, from an emphasis on the U.S. over Europe, again due to greater potential impact on the European corporate sector from sovereign debt concerns there.

Conversely, the Fund’s overweighted allocation to corporate bonds, its underweighted exposure to commercial mortgage-backed securities (CMBS), and individual issue selection among emerging markets debt securities detracted from its results relative to the Barclays Index. An overweighted position in Mexico 5-year bonds especially disappointed.

Within currency, the Fund’s positioning in the U.S. dollar detracted from its performance during the Reporting Period. The Fund’s short position in the seven-year segment of the Japanese yield curve also detracted from Fund returns, as Japanese government bonds rallied with the flight to safety driven by the risk aversion arising from the European sovereign debt crisis. The short position we took

PORTFOLIO RESULTS

for the Fund in U.S. 10-year futures between May and July also detracted from results, as the safe haven demand for U.S. Treasuries drove yields to multi-year lows.


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

A	The combined effect of the Fund’s duration and yield curve positioning detracted from results during the Reporting Period. As mentioned, duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates the spectrum of maturities within a particular sector.

The Fund’s duration strategy is actively managed and constantly monitored in an effort to generate greater performance and reduced risk through volatile markets. During the Reporting Period, we moved from a longer duration relative to the Barclays Index to a shorter position relative to the Barclays Index within the Fund when yields had fallen sharply. By the end of the Reporting Period, we had shifted back to a modestly longer duration position relative to the benchmark index, as we expected bond yields to remain supported with the anticipated quantitative easing by the Fed.


Q	How did the Fund use derivatives during the Reporting Period?

A	We used derivatives for the efficient management of the Fund. These derivatives allowed us to manage interest rate, credit and currency risks more effectively by allowing us both to hedge and to apply active investment views with greater versatility and to afford greater risk management precision. Duration, yield curve and country strategies for permitted countries were implemented across the portfolio using exchange traded futures contracts. Currency transactions were carried out using primarily over-the-counter (“OTC”) spot and forward foreign currency exchange contracts. Currency transactions were generally dealt against the base currency of the portfolio for passive currency management, for example, rollover of positions are often done this way to result in a realized profit or loss flow in base currency. Active currency (long/short) views are traded on a forward basis which may or may not include the base currency (U.S. dollars) of the Fund. Interest rate and credit default swaps are also cost-efficient instruments, which grant us greater precision and versatility in the management of active strategies.

Q	Did the Fund make any significant purchases or sales during the fiscal year?

A	As mentioned earlier, we made several trades within the European countries, which proved effective, as the Fund remained underweight peripheral European bonds and overweight German bonds, given the sovereign debt concerns surrounding the periphery.

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

A	There were no material changes in the Fund’s sector or country weightings during the Reporting Period. As indicated, we did make adjustments in the Fund’s duration, however. At the beginning of the Reporting Period, the Fund had a modestly longer duration relative to the Barclays Index, as we believed that confidence in risk assets was being tested by the strain in European bond markets and that the probability of financial reform had increased in the U.S. Then, approximately mid-way through the Reporting Period, we shifted to a shorter position relative to the Barclays Index in the Fund’s duration, as we believed at the time that the rally in global bond market had largely run its course. Realizing we were premature in our view, toward the end of August, we shifted the Fund’s duration to a modestly longer position relative to the Barclays Index. Our revised view was that global bond markets should continue to perform well in light of the anticipated monetary easing by the Fed. However, we maintained only a modestly long duration position, as we were mindful that any positive surprises in the economic data could cause a sharp upward correction in rates from the very low levels seen at the end of the Reporting Period.

Q	How was the Fund positioned relative to its benchmark index at the end of the Reporting Period?

A	At the end of September 2010, the Fund had overweighted allocations relative to the Barclays Index in corporate bonds, collateralized securities and government securities. The Fund had underweighted exposure relative to the benchmark index in quasi-government securities and emerging market debt.

FUND BASICS

Global Income Fund

as of September 30, 2010

PERFORMANCE REVIEW


				Barclays Capital			30-Day			30-Day
April 1, 2010–	Fund Total Return			Global Aggregate Bond			Standardized			Standardized
September 30, 2010	(based on NAV¹)			Index (USD hedged)²			Subsidized Yield³			Unsubsidized Yield³


Class A		3.52	%		4.57	%		1.23	%		1.10	%
Class B		3.13			4.57			0.53			0.40
Class C		3.24			4.57			0.54			0.40
Institutional		3.70			4.57			1.61			1.48
Service		3.52			4.57			1.12			0.98

July 30, 2010– September 30, 2010

Class IR		1.30	%		1.43	%		1.53	%		0.15	%


¹	The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.
²	The Barclays Capital Global Aggregate Bond Index (USD hedged), an unmanaged index, provides a broad based measure of the global investment-grade fixed-rate debt markets and covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities. The Index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.
³	The 30-Day Standardized Subsidized 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 (“POP”) 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. The 30-Day Standardized Unsubsidized Yield does not reflect any applicable expense reductions.

FUND BASICS

STANDARDIZED AVERAGE ANNUAL TOTAL RETURNS⁴


For the period ended 9/30/10	One Year			Five Years			Ten Years			Since Inception			Inception Date


Class A		3.28	%		3.96	%		4.59	%		5.85	%	8/2/91
Class B		1.47			3.56			4.45			5.30		5/1/96
Class C		5.59			3.98			4.31			4.52		8/15/97
Institutional		7.72			5.13			5.49			6.44		8/1/95
Service		7.19			4.61			4.96			5.25		3/12/97
Class IR		N/A			N/A			N/A			1.30		7/30/10

⁴

The Standardized Average Annual Total Returns are average annual total returns or cumulative total returns (only if the performance is one year or less) as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 3.75% 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). Class B Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after purchase. Returns for Class B Shares for the period after conversion reflect the performance of Class A Shares. Prior to July 29, 2009, the maximum initial sales charge applicable to Class A Shares was changed 4.5%, which is not reflected in the average annual total return figures shown. Because Institutional, Service and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns. Effective November 2, 2009, the Fund’s Class B Shares are no longer available for purchase by new or existing shareholders (although current Class B shareholders may continue to reinvest income and capital gains 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).

EXPENSE RATIOS⁵


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


Class A		1.03	%		1.11	%
Class B		1.78			1.86
Class C		1.78			1.86
Institutional		0.69			0.77
Service		1.19			1.27
Class IR		0.78			0.86

⁵

FUND BASICS

CURRENCY ALLOCATION BY CURRENCY OF ISSUE⁶


	Percentage of Net Assets
	as of 9/30/10		as of 3/31/10


U.S. Dollar⁷		42.7		42.4
Euro		30.8		32.6
Japanese Yen		17.3		13.6
British Pound		5.7		5.0
Canadian Dollar		2.2		1.1
Swedish Krona		0.5		0.5
Danish Krone		0.3		0.4
Australian Dollar		0.3		0.1
Polish Zloty		0.3		0.3


⁶	The percentage shown for each currency reflects the value of investments in that category as a percentage of net assets. Figures in the above table are reflective of the Fund’s total investments before the effect of derivative instruments, including forward foreign exchange currency contracts. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.
⁷	These figures represent the value excluding short-term obligations. If short-term obligations had been included the percentage for 9/30/10 and 3/31/10 would have been 48.8% and 46.5%, respectively.

PORTFOLIO RESULTS

Goldman Sachs Strategic Income Fund

Investment Objective

The Fund seeks total return comprised of income and capital appreciation.

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 period since its inception on June 30, 2010 through September 30, 2010 (the “Reporting Period”).


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

A	During the Reporting Period, the Fund’s Class A, C, Institutional, IR and R Shares generated cumulative total returns, without sales charges, of 1.13%, 1.07%, 1.21%, 1.18% and 1.08%, respectively. These returns compare to the 2.48% cumulative total return of the Fund’s primary benchmark, the Barclays Capital U.S. Aggregate Bond Index, and the 0.10% cumulative total return of the Fund’s secondary benchmark, the 3-Month LIBOR Index (USD) (the “LIBOR Index”), during the same period.

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

A	Both top-down and bottom-up strategies contributed to the Fund’s performance during the Reporting Period. Within our top-down strategies, our cross-sector strategy contributed the most to relative performance. 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. Bottom-up individual issue selection within the emerging markets debt and corporate bond sectors contributed positively to the Fund’s performance during the Reporting Period.

The primary detractor from Fund performance was its currency strategy, specifically currency exposure in Europe, as a classic flight to quality ensued, sparked by increased uncertainty regarding the sovereign debt crisis in peripheral Europe and the potential impact of financial regulatory reform in the U.S. To a lesser extent, security selection within the collateralized sector also detracted.


Q	Which fixed income market sectors most significantly affected Fund performance?

A	Exposure to non-agency residential mortgage-backed securities (RMBS) was particularly beneficial during the Reporting Period. Non-agency RMBS performed strongly, driven by supportive supply and demand dynamics. An exposure to the corporate bond sector also contributed positively to Fund results, as spreads tightened during the Reporting Period, meaning the differential in yields between corporate bonds and U.S. Treasuries narrowed.

Individual issue selection within the high yield corporate bond sector added value. The Fund’s bias to be overweight lower quality bonds especially helped, as lower quality credits outperformed higher quality securities during the Reporting Period.

There were no real detractors from a sector allocation or security selection perspective 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	Neither duration nor yield curve positioning materially impacted Fund performance during the Reporting Period.

Q	How did the Fund use derivatives during the Reporting Period?

A	In seeking to achieve its investment objective, we engaged in forward foreign currency exchange contracts as we sought to enhance portfolio return and for hedging purposes.

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

A	With the Fund launching on June 30, 2010, it was not a matter of making changes during the Reporting Period but rather of building the Fund’s portfolio in a prudent manner to reach its fully invested status.

PORTFOLIO RESULTS

From our perspective, the Reporting Period was a time when the combination of extraordinary policy measures and an uncertain economic growth outlook in the wake of the global financial crisis boosted risk and lowered returns in markets traditionally considered safe havens. At the same time, advances in developing economies and broad deleveraging in the private sector, wherein the amount of debt owed is reduced as payments are made, supported credit quality in markets traditionally regarded as higher risk.

Against this backdrop, we maintained a somewhat defensive stance in building the Fund’s portfolio with three key factors critical to our decision making. First was the macroeconomic outlook, both domestic and global, including growth, leading indicators, inflation and employment. A second, complementary factor was the technical environment, including supply/demand factors, market volatility and asset flows, which often help drive short-term performance. Third was valuation, i.e. whether the assets are priced attractively from both a macroeconomic and technical perspective.


Q	How was the Fund positioned relative to its benchmark index at the end of September 2010?

A	The Fund held virtually all of its assets in sectors not represented in the benchmark index at the end of September 2010.

At the end of September 2010, the Fund had its greatest allocations to the U.S. government bond and RMBS sectors with somewhat lesser weightings in asset-backed securities, quasi-government securities, high yield corporate bonds and emerging market debt. The Fund had modest exposures to investment grade corporate bonds and to covered bonds as well. Covered bonds are securities created from either mortgage loans or public sector loans. The Fund also had a sizable position in cash at the end of the Reporting Period.

FUND BASICS

Strategic Income Fund

as of September 30, 2010

PERFORMANCE REVIEW


							3-Month
	Fund Total			Barclays Capital			LIBOR			30-Day			30-Day
June 30, 2010–	Return (based			U.S. Aggregate			Index			Standardized			Standardized
September 30, 2010	on NAV¹)			Bond Index²			(USD)³			Subsidized Yield⁴			Unsubsidized Yield⁴


Class A		1.13	%		2.48	%		0.10	%		3.47	%		2.79	%
Class C		1.07			2.48			0.10			2.60			1.57
Institutional		1.21			2.48			0.10			4.04			3.40
Class IR		1.18			2.48			0.10			3.95			2.67
Class R		1.08			2.48			0.10			3.45			2.90


¹	The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.
²	The Barclays Capital U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.
³	The LIBOR, the London Interbank Offered Rate, is based on the rates that contributor banks in London offer each other for inter-bank deposits. LIBOR is compiled by the British Bankers Association (BBA) and is published daily. It is not possible to invest directly in an unmanaged index.
⁴	The 30-Day Standardized Subsidized 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 (“POP”) 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. The 30-Day Standardized Unsubsidized Yield does not reflect any applicable expense reductions.

STANDARDIZED TOTAL RETURNS⁵


For the period ended 9/30/10	Since Inception			Inception Date


Class A		-2.66	%	6/30/10
Class C		0.07		6/30/10
Institutional		1.21		6/30/10
Class IR		1.18		6/30/10
Class R		1.08		6/30/10

⁵

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

FUND BASICS

EXPENSE RATIOS⁶


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


Class A		1.03	%		1.19	%
Class C		1.78			1.94
Institutional		0.69			0.85
Class IR		0.78			0.94
Class R		1.28			1.44

⁶

FUND COMPOSITION⁷


⁷	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent repurchase agreements. Figures in the above graph may not sum to 100% due to the exclusion of other assets and liabilities.
⁸	“Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the U.S. Government.
⁹	“Government Guarantee Obligations” are guaranteed under the Federal Deposit Insurance Corporation’s (“FDIC”) Temporary Liquidity Guarantee Program or a foreign government guarantee program and are backed by the full faith and credit of the United States or the government of a foreign country. The expiration date of the FDIC’s guarantee is the earlier of the maturity date of the debt or June 30, 2012 and the expiration date of a foreign country guarantee is the maturity date of the debt.


¹⁰	“Agency Debentures” include agency securities offered by companies such as Fannie Mae and Freddie Mac, which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company.

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – 21.0%


	Banks – 7.8%
	ANZ Capital Trust II^(a)(b)
	$	3,500,000		5.360	%		12/29/49	$	3,506,562
	Astoria Financial Corp.^(a)
		4,050,000		5.750			10/15/12		4,185,542
	Bank of America Corp.
		3,250,000		5.750			12/01/17		3,461,911
	Bank of Nova Scotia^(b)
		22,500,000		1.450			07/26/13		22,743,315
	BBVA Bancomer SA^(b)
		3,775,000		7.250			04/22/20		4,077,683
	Canadian Imperial Bank of Commerce^(b)
		8,000,000		2.000			02/04/13		8,203,584
		2,700,000		2.600			07/02/15		2,809,337
	Capital One Bank USA NA
		1,825,000		8.800			07/15/19		2,328,447
	Cie de Financement Foncier^(b)
		8,100,000		1.625			07/23/12		8,133,088
		3,900,000		2.125			04/22/13		3,970,695
	Citigroup, Inc.
		7,125,000		5.000			09/15/14		7,388,636
		5,150,000		5.375			08/09/20		5,311,506
	Credit Agricole SA^(a)(b)(c)
		1,500,000		8.375			10/13/49		1,605,000
	Credit Suisse of New York
		1,575,000		4.375			08/05/20		1,608,792
	Discover Bank
		2,075,000		8.700			11/18/19		2,464,372
	Fifth Third Bank^(c)
		4,025,000		0.479			05/17/13		3,852,871
	HSBC Bank USA NA
		3,225,000		4.875			08/24/20		3,363,675
	Intesa Sanpaolo SPA^(b)
		5,075,000		3.625			08/12/15		5,135,281
	JPMorgan Chase & Co.
		4,250,000		7.250			02/01/18		5,159,884
	JPMorgan Chase Capital XXV
		1,600,000		6.800			10/01/37		1,612,219
	Lloyds TSB Bank PLC^(b)
		2,775,000		6.500			09/14/20		2,801,737
	MUFG Capital Finance 1 Ltd.^(a)(c)
		4,650,000		6.346			07/25/49		4,603,500
	Regions Financial Corp.
		3,475,000		5.750			06/15/15		3,541,780
	Resona Bank Ltd.^(a)(b)(c)
	EUR	2,675,000		4.125			09/27/49		3,485,423
	Royal Bank of Scotland PLC
	$	1,950,000		4.875	^(b)		08/25/14		2,068,697
		2,800,000		5.625			08/24/20		2,935,699
	Santander Issuances SA Unipersonal^(a)(b)(c)
		1,600,000		5.805			06/20/16		1,556,845
	Sovereign Bank^(a)(c)
		250,000		2.176			08/01/13		242,100
	Stadshypotek AB^(b)
		14,400,000		1.450			09/30/13		14,447,045
	The Toronto-Dominion Bank^(b)
		7,000,000		2.200			07/29/15		7,093,877
	US Bank NA^(a)(c)
	EUR	1,700,000		4.375			02/28/17		2,298,290

									145,997,393


	Brokerage – 1.0%
	Merrill Lynch & Co., Inc.
	$	2,950,000		6.400			08/28/17		3,221,355
		2,300,000		6.875			04/25/18		2,573,758
	Morgan Stanley & Co.^(a)
		3,000,000		5.300			03/01/13		3,222,024
		4,825,000		6.625			04/01/18		5,342,849
		750,000		7.300			05/13/19		857,210
		1,925,000		5.625			09/23/19		2,001,569
		1,925,000		5.500			07/24/20		1,983,170

									19,201,935


	Chemicals^(a) – 0.2%
	The Dow Chemical Co.
		3,500,000		7.600			05/15/14		4,090,400


	Consumer Products^(a) – 0.1%
	Whirlpool Corp.
		1,025,000		8.000			05/01/12		1,119,291
		1,375,000		8.600			05/01/14		1,639,725

									2,759,016


	Distributor^(a)(b) – 0.1%
	Ras Laffan Liquefied Natural Gas Co. Ltd. III
		1,700,000		5.500			09/30/14		1,861,500


	Electric^(a) – 0.7%
	Arizona Public Service Co.
		2,590,000		5.800			06/30/14		2,863,051
	Edison International
		3,475,000		3.750			09/15/17		3,563,036
	Nevada Power Co.
		2,725,000		7.125			03/15/19		3,359,876
	Progress Energy, Inc.
		3,075,000		7.050			03/15/19		3,750,103

									13,536,066


	Energy – 1.5%
	Anadarko Petroleum Corp.^(a)
		3,325,000		6.375			09/15/17		3,664,000
	BP Capital Markets PLC
		1,800,000		5.250			11/07/13		1,957,368
		2,375,000		3.875			03/10/15		2,462,865
		3,000,000		4.500	^(a)		10/01/20		3,070,946
	Dolphin Energy Ltd.^(a)(b)
		1,678,775		5.888			06/15/19		1,804,683
	Nexen, Inc.^(a)
		465,000		7.500			07/30/39		566,844
	Petroleos Mexicanos^(a)(b)
		3,470,000		6.625			06/15/35		3,799,650
	Suncor Energy, Inc.^(a)
		1,950,000		6.100			06/01/18		2,278,541

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

GOLDMAN SACHS CORE FIXED INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)
	Energy – (continued)

	Talisman Energy, Inc.^(a)
	$	2,900,000		7.750	%		06/01/19	$	3,673,122
	Transocean, Inc.^(a)
		4,625,000		6.500			11/15/20		5,037,018

									28,315,037


	Food & Beverage – 0.8%
	Anheuser-Busch InBev Worldwide, Inc.^(a)
		4,400,000		4.125			01/15/15		4,720,607
		2,850,000		7.750	^(b)		01/15/19		3,697,054
	Kraft Foods, Inc.
		2,225,000		6.125			08/23/18		2,626,432
		1,975,000		6.500			02/09/40		2,309,808
	Wm. Wrigley Jr. Co.^(a)(b)
		1,400,000		3.700			06/30/14		1,449,733

									14,803,634


	Health Care – Medical Products^(a) – 0.6%
	Agilent Technologies, Inc.
		4,105,000		5.500			09/14/15		4,611,802
	Boston Scientific Corp.
		1,800,000		4.500			01/15/15		1,843,040
	Covidien International Finance SA
		2,100,000		4.200			06/15/20		2,234,637
	Hospira, Inc.
		2,125,000		5.600			09/15/40		2,200,550

									10,890,029


	Life Insurance – 0.6%
	MetLife Capital Trust X^(a)(b)(c)
		2,000,000		9.250			04/08/38		2,360,000
	Reinsurance Group of America, Inc.
		550,000		6.750			12/15/11		575,566
	Symetra Financial Corp.^(a)(b)(c)
		3,100,000		8.300			10/15/37		2,674,759
	The Northwestern Mutual Life Insurance Co.^(a)(b)
		4,175,000		6.063			03/30/40		4,849,910

									10,460,235


	Media – Cable – 0.2%
	Comcast Cable Communications Holdings, Inc.
		1,220,000		8.375			03/15/13		1,418,541
		2,050,000		9.455			11/15/22		2,856,966

									4,275,507


	Media – Non Cable^(a) – 0.4%
	NBC Universal, Inc.^(b)
		4,625,000		4.375			04/01/21		4,697,906
	WPP Finance UK
		1,834,000		8.000			09/15/14		2,178,928

									6,876,834


	Metals & Mining^(a) – 0.5%
	Anglo American Capital PLC^(b)
		1,375,000		9.375			04/08/19		1,854,149
	Freeport-McMoRan Copper & Gold, Inc.
		3,544,000		8.375			04/01/17		3,942,700
	Teck Resources Ltd.
		2,450,000		10.750			05/15/19		3,062,500

									8,859,349


	Noncaptive – Financial – 0.4%
	General Electric Capital Corp.
		1,300,000		6.000			06/15/12		1,400,913
	HSBC Finance Corp.
		5,875,000		5.700			06/01/11		6,057,213

									7,458,126


	Pharmaceuticals^(a) – 0.2%
	Watson Pharmaceuticals, Inc.
		2,700,000		5.000			08/15/14		2,951,419


	Pipelines^(a) – 2.2%
	Boardwalk Pipelines LP
		4,400,000		5.875			11/15/16		4,968,910
	CenterPoint Energy Resources Corp. Series B
		4,075,000		5.950			01/15/14		4,547,733
	DCP Midstream LLC^(b)
		2,205,000		9.750			03/15/19		2,934,127
	El Paso Pipeline Partners Operating Co. LLC
		1,650,000		6.500			04/01/20		1,765,500
	Energy Transfer Partners LP
		1,750,000		5.950			02/01/15		1,942,247
		1,825,000		9.700	^(d)		03/15/19		2,414,782
	Enterprise Products Operating LLC
		6,225,000		5.900			04/15/13		6,846,762
	Tennessee Gas Pipeline Co.
		1,450,000		8.375			06/15/32		1,746,672
	The Williams Cos., Inc.
		2,600,000		8.750			03/15/32		3,275,743
	TransCanada PipeLines Ltd.^(c)
		3,200,000		6.350			05/15/67		2,976,000
	Valmont Industries, Inc.
		3,100,000		6.625			04/20/20		3,178,676
	Williams Partners LP/Williams Partners Finance Corp.
		2,975,000		7.250			02/01/17		3,545,524

									40,142,676


	Property/Casualty Insurance^(a) – 1.4%
	Alleghany Corp.
		3,475,000		5.625			09/15/20		3,545,877
	Arch Capital Group Ltd.
		1,575,000		7.350			05/01/34		1,668,599
	Axis Specialty Finance LLC
		2,350,000		5.875			06/01/20		2,394,395
	CNA Financial Corp.
		500,000		5.850			12/15/14		537,227
	Endurance Specialty Holdings Ltd.
		1,325,000		6.150			10/15/15		1,430,001

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)
	Property/Casualty Insurance^(a) – (continued)

	QBE Insurance Group Ltd.^(b)(c)
	$	3,150,000		5.647	%		07/01/23	$	2,945,924
	The Chubb Corp.^(c)
		4,225,000		6.375			03/29/67		4,140,500
	Transatlantic Holdings, Inc.
		2,025,000		8.000			11/30/39		2,073,792
	ZFS Finance USA Trust I^(b)(c)
		3,050,000		5.875			05/09/32		2,861,632
		4,000,000		6.150			12/15/65		3,940,000

									25,537,947


	Real Estate Investment Trusts^(a) – 1.4%
	Developers Diversified Realty Corp.
		2,300,000		7.500			04/01/17		2,415,000
	Duke Realty LP
		3,025,000		5.950			02/15/17		3,238,008
	HCP, Inc.
		2,950,000		6.000			01/30/17		3,148,933
	Healthcare Realty Trust, Inc.
		2,400,000		6.500			01/17/17		2,585,549
	Kilroy Realty LP^(b)
		2,350,000		6.625			06/01/20		2,384,489
	Liberty Property LP
		1,100,000		7.250			03/15/11		1,125,193
	ProLogis^(d)
		950,000		2.250			04/01/37		919,326
		1,200,000		1.875			11/15/37		1,135,078
	Simon Property Group LP
		3,350,000		10.350			04/01/19		4,658,691
		1,275,000		4.375			03/01/21		1,292,496
	WCI Finance LLC^(b)
		2,986,000		5.400			10/01/12		3,185,157

									26,087,920


	Schools^(a) – 0.2%
	Rensselaer Polytechnic Institute
		4,200,000		5.600			09/01/20		4,647,174


	Tobacco – 0.2%
	Altria Group, Inc.
		2,475,000		9.700			11/10/18		3,327,471


	Wirelines Telecommunications^(a) – 0.5%
	Qwest Corp.
		1,550,000		8.375			05/01/16		1,821,250
	Telecom Italia Capital SA
		1,225,000		4.950			09/30/14		1,301,093
		3,625,000		7.200			07/18/36		3,874,356
	Verizon Wireless Capital LLC
		1,175,000		8.500			11/15/18		1,595,334

									8,592,033


	TOTAL CORPORATE OBLIGATIONS
	(Cost $369,661,625)							$	390,671,701




Mortgage-Backed Obligations – 39.0%


	Adjustable Rate Non-Agency^(c) – 1.1%
	Bear Stearns Adjustable Rate Mortgage Trust Series 2003-05, Class 1A1
	$	54,026		3.075	%		08/25/33	$	47,374
	Bear Stearns Adjustable Rate Mortgage Trust Series 2006-02, Class 3A2
		567,815		5.750			07/25/36		410,084
	Bear Stearns Alt-A Trust Series 2005-8, Class 11A1
		1,599,263		0.526			10/25/35		969,657
	Countrywide Home Loan Mortgage Pass-Through Trust Series 2003-37, Class 1A1
		32,358		3.321			08/25/33		29,187
	CS First Boston Mortgage Securities Corp. Series 2003-AR9, Class 2A2
		50,062		2.632			03/25/33		42,761
	Downey Savings & Loan Association Mortgage Loan Trust Series 2005-AR6, Class 2A1A
		4,670,138		0.547			10/19/45		3,041,194
	Harborview Mortgage Loan Trust Series 2005-16, Class 2A1A
		1,286,514		0.497			01/19/36		770,107
	Lehman XS Trust Series 2005-5N, Class 3A1A
		5,918,371		0.556			11/25/35		3,941,463
	Lehman XS Trust Series 2005-9N, Class 1A1
		6,735,779		0.526			02/25/36		4,090,175
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
		2,645,793		1.236			12/25/46		907,533
	Residential Accredit Loans, Inc. Series 2007-QH9, Class A1
		7,770,327		6.374			11/25/37		3,827,252
	Sequoia Mortgage Trust Series 2003-4, Class 1A2
		1,726,445		1.057			07/20/33		1,516,941
	Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR19, Class A7
		120,051		2.741			02/25/33		108,432

									19,702,160


	Collateralized Mortgage Obligations – 0.5%
	Interest Only^(c)(e) – 0.0%
	CS First Boston Mortgage Securities Corp. Series 2002-AR31, Class 5X^(f)
	$	275,054		0.000	%		11/25/32	$	—
	CS First Boston Mortgage Securities Corp. Series 2003-AR18, Class 2X^(f)
		976,512		0.000			07/25/33		1
	CS First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2X^(f)
		1,331,046		0.000			08/25/33		2
	FNMA REMIC Series 2004-47, Class EI^(f)
		3,192,744		0.000			06/25/34		27,971
	Wells Fargo Mortgage Backed Securities Trust Series 2003-G, Class AI0
		4,965,325		0.771			06/25/33		45,405

									73,379

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

GOLDMAN SACHS CORE FIXED INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Mortgage-Backed Obligations – (continued)

	Inverse Floaters^(c) – 0.1%
	GNMA Series 2001-48, Class SA
	$	115,351		25.651	%		10/16/31	$	178,099
	GNMA Series 2001-51, Class SA
		218,415		31.385			10/16/31		357,110
	GNMA Series 2001-51, Class SB
		225,721		25.651			10/16/31		362,386
	GNMA Series 2001-59, Class SA
		41,267		25.489			11/16/24		63,319
	GNMA Series 2002-11, Class SA
		116,581		36.366			02/16/32		208,998
	GNMA Series 2002-13, Class SB
		272,368		36.366			02/16/32		489,216

									1,659,128


	Inverse Floating Rate – Interest Only^(c)(e) – 0.0%
	FNMA REMIC Series 2003-46, Class BS
		3,019,961		7.444			04/25/17		81,650


	Planned Amortization Class – 0.1%
	FHLMC REMIC Series 2639, Class UL
		160,411		4.750			03/15/22		168,210
	FHLMC REMIC Series 2681, Class PC
		115,361		5.000			01/15/19		115,258
	FHLMC REMIC Series 2775, Class MC
		513,770		5.000			08/15/27		520,023
	FHLMC REMIC Series 2949, Class WV
		1,569,207		5.000			12/15/20		1,578,964
	FNMA REMIC Series 2003-134, Class ME
		198,031		4.500			06/25/33		207,471
	FNMA REMIC Series 2004-64, Class BA
		131,797		5.000			03/25/34		137,707

									2,727,633


	Regular Floater^(c) – 0.1%
	FHLMC REMIC Series 3013, Class XH^(f)
		3,444		0.000			08/15/35		3,449
	FHLMC REMIC Series 3038, Class XA^(f)
		179,499		0.000			09/15/35		178,067
	FHLMC REMIC Series 3273, Class TC^(f)
		250,084		0.000			02/15/37		247,429
	FHLMC REMIC Series 3325, Class SX^(f)
		347,639		0.000			06/15/37		344,384
	FNMA REMIC Series 2004-62, Class DI^(e)(f)
		1,408,052		0.000			07/25/33		8,607
	FNMA REMIC Series 2004-71, Class DI^(e)(f)
		3,502,008		0.000			04/25/34		13,204
	FNMA REMIC Series 2006-48, Class VF
		131,473		0.606			02/25/20		131,548
	FNMA REMIC Series 2007-27, Class XA^(f)
		12,572		0.000			05/25/35		12,485
	FNMA REMIC Series 2007-56, Class GY^(f)
		37,219		0.000			06/25/37		36,606

									975,779


	Sequential Fixed Rate – 0.0%
	FHLMC REMIC Series 2664, Class MA
		178,265		5.000			04/15/30		181,815
	FHLMC REMIC Series 2796, Class AB
		55,384		5.500			10/15/31		56,414

									238,229


	Sequential Floating Rate^(b)(c) – 0.2%
	FDIC Structured Sale Guaranteed Notes Series 2010-S1, Class 1A
		3,338,769		0.806			02/25/48		3,347,570



	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							$	9,103,368


	Commercial Mortgage-Backed Securities – 3.7%
	Agency – 0.1%
	FNMA
	$	2,557,012		6.460	%		12/01/28	$	2,838,657
	FNMA Series 2001-M2, Class C^(c)
		150,612		6.300			09/25/15		151,484

									2,990,141


	Sequential Fixed Rate – 3.0%
	Banc of America Commercial Mortgage, Inc. Series 2006-4, Class A4
		7,505,000		5.634			07/10/46		8,125,362
	CWCapital Cobalt Ltd. Series 2006-C1, Class A4
		10,500,000		5.223			08/15/48		10,619,816
	GMAC Commercial Mortgage Securities, Inc. Series 2002-C1, Class A2
		15,000,000		6.278			11/15/39		15,592,313
	LB-UBS Commercial Mortgage Trust Series 2005-C5, Class A4
		9,000,000		4.954			09/15/30		9,785,211
	LB-UBS Commercial Mortgage Trust Series 2006-C1, Class A4
		6,000,000		5.156			02/15/31		6,527,121
	LB-UBS Commercial Mortgage Trust Series 2006-C6, Class A4
		4,757,000		5.372			09/15/39		5,163,701

									55,813,524


	Sequential Floating Rate^(c) – 0.6%
	LB-UBS Commercial Mortgage Trust Series 2005-C7, Class A4
		10,175,000		5.197			11/15/30		11,217,911



	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES							$	70,021,576


	Federal Agencies – 33.7%
	Adjustable Rate FNMA^(c) – 1.1%
	$	22,419		2.592	%		06/01/33	$	23,538
		2,903,443		2.652			07/01/34		3,050,191
		8,347,063		2.766			09/01/34		8,727,280
		6,221,702		2.710			05/01/35		6,539,295
		2,214,917		2.192			06/01/35		2,291,425

									20,631,729

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date			Value

Mortgage-Backed Obligations – (continued)

	FHLMC – 4.5%
	$	557,074		6.500	%		12/01/13		$	602,915
		5,947		5.500			06/01/14			6,402
		1,242		7.000			10/01/14			1,331
		209,824		6.000			12/01/14			222,848
		10,118		7.000			05/01/15			10,857
		35,634		8.000			07/01/15			38,626
		10,003		7.000			02/01/16			10,914
		17,238		7.000			03/01/16			18,569
		315,566		7.500			05/01/16			343,168
		1,700		5.000			11/01/16			1,812
		1,785		5.000			12/01/16			1,902
		6,308		5.000			01/01/17			6,733
		32,262		5.000			02/01/17			34,432
		17,322		5.000			03/01/17			18,487
		4,353		5.000			04/01/17			4,645
		161,662		5.000			09/01/17			172,535
		420,458		5.000			10/01/17			448,740
		1,065		7.000			10/01/17			1,183
		244,561		5.000			11/01/17			261,013
		91,316		5.000			12/01/17			97,457
		140,309		5.000			01/01/18			149,701
		389,813		5.000			02/01/18			416,103
		278,273		5.000			03/01/18			297,143
		165,010		5.000			04/01/18			176,257
		106,542		5.000			05/01/18			113,828
		76,664		5.000			06/01/18			81,906
		155,593		5.000			07/01/18			166,199
		54,609		5.000			08/01/18			58,326
		227,210		4.500			09/01/18			241,189
		23,164		5.000			10/01/18			24,739
		41,093		5.000			11/01/18			43,888
		351,596		5.000			06/01/19			375,453
		1,978,385		4.500			10/01/23			2,107,349
		229,685		5.500			10/01/25			245,576
		288,683		5.500			11/01/25			308,655
		37,685		7.000			06/01/26			42,332
		56,802		7.500			03/01/27			64,405
		55,669		7.500			12/01/30			62,081
		35,017		7.500			01/01/31			39,050
		249,422		6.500			10/01/33			276,117
		903,994		5.000			12/01/35			962,012
		2,487		5.500			02/01/36			2,666
		29,729		6.000			04/01/37			32,513
		8,647		6.000			07/01/37			9,469
		396,448		6.000			09/01/37			434,187
		1,400,694		5.500			02/01/38			1,484,718
		73,643		5.000			04/01/38			78,416
		324,351		6.000			07/01/38			355,184
		144,947		6.500			09/01/38			157,717
		22,079		6.000			10/01/38			24,195
		7,335,976		6.000			11/01/38			8,036,619
		4,197,645		5.500			12/01/38			4,448,150
		401,348		6.000			12/01/38			439,930
		197,569		6.000			01/01/39			216,500
		915,667		5.500			02/01/39			970,312
		808,488		5.000			03/01/39			864,808
		1,088,450		5.000			04/01/39			1,161,708
		567,474		5.000			05/01/39			608,506
		2,503,741		5.000			06/01/39			2,658,582
		341,063		5.000			07/01/39			365,723
		478,228		5.000			08/01/39			512,807
		9,394,117		4.500			09/01/39			9,898,841
		4,012,351		5.000			09/01/39			4,295,969
		1,338,715		4.500			10/01/39			1,409,412
		5,650,106		5.000			10/01/39			6,041,228
		3,008,798		5.000			11/01/39			3,211,304
		303,670		5.000			01/01/40			324,109
		230,104		4.500			02/01/40			242,615
		7,266,623		5.000			03/01/40			7,792,035
		2,286,396		4.500			04/01/40			2,410,718
		7,035,923		5.000			04/01/40			7,544,652
		3,918,809		4.500			05/01/40			4,131,893
		1,913,460		4.500			06/01/40			2,017,504
		99,698		4.500			07/01/40			105,119
		1,697,811		4.500			09/01/40			1,790,130
		1,000,000		3.000			TBA-15yr	^(g)		1,007,187

										83,642,304


	FNMA – 23.2%
		1,162,262		7.040			08/01/15			1,336,717
		190,913		8.500			10/01/15			199,095
		6,430		7.000			01/01/16			6,943
		313,910		6.000			12/01/16			339,341
		33,011		5.000			12/01/17			35,213
		1,655,885		4.500			05/01/18			1,758,796
		3,816,574		4.500			06/01/18			4,054,225
		204,273		5.000			06/01/18			218,261
		3,080,724		4.000			07/01/18			3,263,528
		2,051,665		4.500			07/01/18			2,179,172
		1,503,064		4.000			08/01/18			1,592,253
		1,755,609		4.500			08/01/18			1,864,718
		39,536		6.000			08/01/18			42,863
		11,238,126		4.000			09/01/18			11,904,973
		3,103		6.500			10/01/18			3,383
		97,769		5.000			05/01/19			104,568
		4,723,098		6.000			09/01/19			5,112,263
		5,838,880		6.000			12/01/20			6,319,981
		213,146		6.000			03/01/21			231,068
		175,540		6.000			06/01/21			190,299
		286,188		6.000			08/01/21			310,251
		401,515		6.000			10/01/22			435,048
		1,024,152		5.500			09/01/23			1,106,443
		213,820		5.500			10/01/23			231,594
		412,228		7.000			08/01/27			459,699
		13,033		6.500			09/01/27			14,220
		1,043,457		7.000			03/01/28			1,162,117
		12,543		6.500			05/01/28			13,695
		3,043		5.500			01/01/29			3,262
		440		5.500			04/01/29			473
		5,151		7.500			12/01/30			5,685
		6,923		8.000			01/01/31			6,993
		21,026		8.000			02/01/31			23,260

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

GOLDMAN SACHS CORE FIXED INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date			Value

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

	$	252,391		7.000	%		03/01/31		$	282,741
		23,345		5.500			02/01/33			25,060
		493,431		5.500			03/01/33			529,651
		53,334		5.500			05/01/33			57,243
		69,579		5.000			07/01/33			73,807
		13,593		5.500			07/01/33			14,589
		416,745		5.000			08/01/33			442,034
		130,184		5.500			08/01/33			139,724
		54,816		5.000			09/01/33			58,146
		255,341		5.500			09/01/33			274,013
		8,706		6.500			09/01/33			9,665
		4,616		5.500			10/01/33			4,954
		41,323		5.000			11/01/33			43,838
		64,345		5.500			11/01/33			69,050
		25,723		5.000			12/01/33			27,288
		15,588		5.500			12/01/33			16,727
		24,939		5.000			01/01/34			26,457
		26,367		5.500			01/01/34			28,293
		53,702		5.500			02/01/34			57,621
		16,510		5.000			03/01/34			17,515
		6,510		5.500			03/01/34			6,985
		8,793		5.500			04/01/34			9,435
		1,095,619		5.500			05/01/34			1,175,899
		37,702		5.500			07/01/34			40,459
		14,179		5.500			08/01/34			15,214
		891		5.500			10/01/34			955
		543,446		5.500			12/01/34			582,081
		2,106		6.000			12/01/34			2,292
		680,155		5.000			04/01/35			719,503
		45,224		5.500			04/01/35			48,439
		39,500		5.500			07/01/35			42,271
		1,485		5.500			08/01/35			1,589
		71,745		5.500			09/01/35			77,092
		56,058		5.500			11/01/35			60,848
		6,883		5.500			12/01/35			7,372
		10,109		5.500			01/01/36			10,973
		62,441		5.500			02/01/36			67,722
		3,277,473		5.500			03/01/36			3,539,618
		156,264		6.000			03/01/36			170,059
		34,128		5.500			04/01/36			37,024
		31,833		6.000			04/01/36			34,644
		922,654		6.000			11/01/36			996,536
		780,041		6.000			01/01/37			842,668
		8,440		5.500			02/01/37			9,038
		15,870		5.500			04/01/37			16,996
		15,862		5.500			05/01/37			16,987
		7,085		5.500			06/01/37			7,585
		337,847		6.000			06/01/37			363,133
		53,225		6.000			07/01/37			57,275
		884		5.500			08/01/37			946
		1,154,170		6.000			08/01/37			1,239,194
		807,822		6.000			09/01/37			867,331
		2,355,624		6.000			10/01/37			2,534,467
		4,714,638		6.000			11/01/37			5,067,115
		2,921,826		5.500			12/01/37			3,108,580
		6,759,860		6.000			12/01/37			7,269,755
		6,119,790		5.500			01/01/38			6,508,169
		2,629,437		6.000			01/01/38			2,828,377
		231,007		5.000			02/01/38			242,174
		6,334		5.500			02/01/38			6,782
		71,242		6.000			02/01/38			77,754
		3,316,460		5.500			03/01/38			3,522,574
		2,479,543		6.000			03/01/38			2,665,490
		3,753,964		5.500			05/01/38			3,993,941
		21,957		6.000			05/01/38			24,088
		4,813,216		5.500			06/01/38			5,117,385
		19,984		6.000			06/01/38			21,923
		1,834,421		5.500			07/01/38			1,950,211
		4,692,150		6.000			07/01/38			5,037,852
		112,271		6.000			08/01/38			121,051
		423,970		6.000			10/01/38			455,668
		283		5.500			12/01/38			308
		319,056		5.000			01/01/39			341,004
		1,169,600		5.000			02/01/39			1,250,540
		776,576		4.500			03/01/39			819,720
		1,157,306		5.000			03/01/39			1,236,916
		193,632		4.500			04/01/39			204,017
		188,217		5.000			04/01/39			201,249
		710,646		4.500			05/01/39			748,760
		1,216,322		5.000			05/01/39			1,302,723
		357,721		4.500			06/01/39			377,611
		337,652		5.000			06/01/39			361,378
		546,436		4.500			07/01/39			576,753
		8,121,230		5.000			07/01/39			8,684,005
		1,055,871		4.500			08/01/39			1,113,848
		8,029,375		5.000			08/01/39			8,598,339
		1,167,010		5.500			08/01/39			1,241,476
		1,691,477		4.500			09/01/39			1,785,896
		17,225,998		5.000			09/01/39			18,451,288
		7,213,061		4.500			10/01/39			7,602,602
		11,504,298		5.000			10/01/39			12,315,775
		4,000,000		5.500			10/01/39			4,254,500
		479,676		4.500			11/01/39			506,039
		10,407,032		5.000			11/01/39			11,124,183
		3,624,201		4.500			12/01/39			3,822,611
		1,807,276		5.000			12/01/39			1,934,910
		591,000		4.500			01/01/40			623,387
		1,013,550		5.000			01/01/40			1,084,400
		581,966		4.500			02/01/40			614,334
		2,530,595		5.000			02/01/40			2,709,882
		252,909		4.500			03/01/40			267,026
		3,079,636		5.000			03/01/40			3,306,880
		711,375		4.500			04/01/40			751,084
		764,340		4.500			05/01/40			807,006
		52,223		4.500			06/01/40			55,139
		198,176		4.500			07/01/40			209,238
		3,976,805		4.500			08/01/40			4,198,791
		5,978,504		4.500			09/01/40			6,232,734
		10,000,000		3.000			TBA-15yr	^(g)		10,071,874
		50,000,000		3.500			TBA-15yr	^(g)		51,353,517
		5,000,000		3.500			TBA-30yr	^(g)		5,037,109
		53,000,000		5.500			TBA-30yr	^(g)		56,333,202

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date			Value

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

	$	71,000,000		6.000	%		TBA-30yr	^(g)	$	76,169,652
		15,000,000		6.500			TBA-30yr	^(g)		16,362,891

										433,394,932


	GNMA – 4.9%
		29,349		6.000			10/15/38			32,069
		114,472		6.000			11/15/38			124,984
		171,863		6.000			12/15/38			187,788
		424,089		6.000			01/15/39			463,384
		2,061,667		4.500			06/15/39			2,189,313
		938,162		4.500			07/15/39			996,247
		92,245		5.000			07/15/39			98,814
		3,525,306		5.000			08/15/39			3,776,346
		188,915		4.500			10/15/39			200,611
		80,000,000		4.000			TBA-30yr	^(g)		82,625,703

										90,695,259



	TOTAL FEDERAL AGENCIES								$	628,364,224


	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $721,073,157)								$	727,191,328




Agency Debentures – 1.3%


	FHLB
	$	2,400,000		5.000	%		09/28/29		$	2,713,831
	FHLMC
		13,400,000		1.750			09/10/15			13,532,620
	FNMA
		5,300,000		3.000			07/28/14			5,402,672
	Small Business Administration
		252,322		6.300			06/01/18			275,987
	Tennessee Valley Authority
		2,800,000		4.625			09/15/60			2,916,911


	TOTAL AGENCY DEBENTURES
	(Cost $24,228,782)								$	24,842,021




Asset-Backed Securities – 3.2%


	Home Equity – 0.9%
	CIT Mortgage Loan Trust Series 2007-1, Class 2A2^(b)(c)
	$	3,400,000		1.506	%		10/25/37		$	2,107,767
	CIT Mortgage Loan Trust Series 2007-1, Class 2A3^(b)(c)
		6,500,000		1.706			10/25/37			3,268,363
	Countrywide Home Equity Loan Trust Series 2002-E, Class A^(c)
		589,056		0.517			10/15/28			516,358
	Countrywide Home Equity Loan Trust Series 2004-G, Class 2A^(c)
		478,175		0.477			12/15/29			245,757
	Countrywide Home Equity Loan Trust Series 2006-HW, Class 2A1B^(c)
		11,366,822		0.407			11/15/36			8,240,505
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
		1,506,827		7.000			09/25/37			967,288
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
		2,145,353		7.000			09/25/37			1,227,032
	Impac CMB Trust Series 2004-08, Class 1A^(c)
		638,133		0.976			10/25/34			409,317
	Impac CMB Trust Series 2004-10, Class 2A^(c)
		822,422		0.896			03/25/35			498,317

										17,480,704


	Manufactured Housing – 0.1%
	Mid-State Trust Series 4, Class A
		1,013,999		8.330			04/01/30			1,012,335


	Student Loan^(c) – 2.2%
	Brazos Higher Education Authority Inc. Series 2005 I-A-2
		9,036,500		0.369			12/26/18			8,946,225
	Brazos Higher Education Authority, Inc Series 2004 I-A-2
		14,743,710		0.449			06/27/22			14,498,198
	Brazos Higher Education Authority, Inc. Series 2005-3, Class A14
		1,498,408		0.399			09/25/23			1,490,205
	Education Funding Capital Trust I Series 2004-1, Class A2
		2,949,646		0.452			12/15/22			2,895,541
	Knowledgeworks Foundation Student Loan Series 2010-1, Class A
		2,400,000		1.242			02/25/42			2,370,298
	Nelnet Student Loan Trust Series 2010-3A, Class A^(b)
		3,150,000		1.212			07/27/48			3,157,317
	Northstar Education Finance, Inc. Series 2005-1, Class A1
		775,143		0.588			10/28/26			770,449
	South Carolina Student Loan Corp. Series 2005, Class A2
		5,000,000		0.417			12/01/20			4,838,698
	US Education Loan Trust LLC Series 2006-1, Class A2^(b)
		1,392,067		0.427			03/01/25			1,381,140

										40,348,071


	TOTAL ASSET-BACKED SECURITIES
	(Cost $68,592,121)								$	58,841,110




Foreign Debt Obligations – 2.1%


	Sovereign – 1.8%
	Federal Republic of Brazil
	$	1,710,000		8.250	%		01/20/34		$	2,470,950
		1,460,000		7.125			01/20/37			1,912,600
	Ontario Province of Canada
		2,800,000		4.100			06/16/14			3,074,778
	Republic of Chile
		9,450,000		3.875			08/05/20			9,808,029
	Russian Federation
		100,000		5.000			04/29/20			104,000
		1,682,600		7.500			03/31/30			2,006,500

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

GOLDMAN SACHS CORE FIXED INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

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

	State of Qatar
	$	2,000,000		5.150	%		04/09/14	$	2,188,000
		5,410,000		5.250	^(b)		01/20/20		5,937,475
	United Kingdom Gilt
	GBP	4,100,000		4.250			09/07/39		6,822,620

									34,324,952


	Supranational – 0.3%
	North American Development Bank
	$	5,100,000		4.375			02/11/20		5,573,570


	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $37,166,039)							$	39,898,522




Municipal Debt Obligations – 0.9%


	California – 0.8%
	California State GO Bonds Build America Taxable Series 2009
	$	2,225,000		7.500	%		04/01/34	$	2,420,755
		3,925,000		7.550			04/01/39		4,268,477
	California State GO Bonds Build America Taxable Series 2010
		1,645,000		7.950			03/01/36		1,763,605
		5,600,000		7.625			03/01/40		6,159,328

									14,612,165


	Illinois – 0.1%
	Illinois State GO Bonds Build America Series 2010
		2,850,000		7.350			07/01/35		2,990,790


	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $16,615,257)							$	17,602,955




Government Guarantee Obligations – 14.6%


	Achmea Hypotheekbank NV^(b)(h)
	$	7,100,000		3.200	%		11/03/14	$	7,547,527
	Ally Financial, Inc.⁽ⁱ⁾
		22,300,000		1.750			10/30/12		22,823,629
	ANZ National (International) Ltd.^(b)(h)
		12,500,000		3.250			04/02/12		12,989,113
	BRFkredit A/S^(b)(h)
		15,000,000		2.050			04/15/13		15,353,298
	Citibank NA^(c)(i)
		3,300,000		0.448			05/07/12		3,304,171
		2,100,000		0.263			06/04/12		2,099,061
	Citigroup Funding, Inc.⁽ⁱ⁾
		36,700,000		1.875			10/22/12		37,653,349
		12,200,000		1.875			11/15/12		12,519,954
	Commonwealth Bank of Australia^(b)(h)
		5,700,000		2.500			12/10/12		5,924,466
	Danske Bank AS^(b)(h)
		3,500,000		2.500			05/10/12		3,584,418
	FIH Erhvervsbank A/S^(a)(b)(h)
		9,200,000		2.000			06/12/13		9,409,153
	General Electric Capital Corp.⁽ⁱ⁾
		10,700,000		2.000			09/28/12		10,998,215
		13,700,000		2.625			12/28/12		14,302,803
	Israel Government AID Bond⁽ⁱ⁾
		4,000,000		5.500			09/18/33		4,871,337
	Kreditanstalt fuer Wiederaufbau MTN^(h)
		8,700,000		2.500			05/28/13		9,083,009
	LeasePlan Corp. NV^(b)(h)
		9,000,000		3.000			05/07/12		9,299,772
	Macquarie Bank Ltd.^(b)(h)
		13,800,000		3.300			07/17/14		14,706,412
	National Australia Bank Ltd.^(b)(h)
		6,200,000		2.550			01/13/12		6,348,657
	Royal Bank of Scotland PLC^(b)(h)
		15,700,000		1.500			03/30/12		15,809,894
	Societe Financement de l’Economie Francaise^(b)(h)
		14,000,000		2.375			03/26/12		14,297,891
	Swedbank AB^(b)(h)
		1,100,000		3.000			12/22/11		1,131,009
		7,600,000		2.800			02/10/12		7,824,603
	Swedish Housing Finance Corp.^(b)(h)
		2,500,000		3.125			03/23/12		2,585,911
	Westpac Banking Corp.^(b)(h)
		15,900,000		3.250			12/16/11		16,368,891
		9,800,000		1.900			12/14/12		10,019,902
	Westpac Securities NZ Ltd.^(b)(h)
		1,500,000		2.500			05/25/12		1,535,235


	TOTAL GOVERNMENT GUARANTEE OBLIGATIONS
	(Cost $265,735,593)							$	272,391,680




U.S. Treasury Obligations – 13.8%


	United States Treasury Bonds
	$	1,100,000		5.375	%		02/15/31	$	1,416,371
		200,000		4.250	^(j)		05/15/39		219,978
		4,300,000		4.375	^(j)		11/15/39		4,824,729
		30,300,000		4.375			05/15/40		34,029,927
		7,100,000		3.875			08/15/40		7,340,761
	United States Treasury Inflation Protected Securities
		10,214,748		2.375			04/15/11		10,347,233
		11,518,845		3.000			07/15/12		12,235,202
		925,256		2.375			01/15/25		1,063,972
		1,208,251		2.000			01/15/26		1,328,604
	United States Treasury Notes
		8,800,000		0.750			05/31/12		8,853,592
		20,800,000		0.625			06/30/12		20,884,654
		42,500,000		3.000			09/30/16		45,850,276
		36,000,000		3.125			10/31/16		39,079,798
		7,700,000		3.250			12/31/16		8,404,396
		39,350,000		3.625			08/15/19		43,272,016
		11,600,000		3.375			11/15/19		12,496,447
		1,300,000		3.500			05/15/20		1,411,098

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

U.S. Treasury Obligations – (continued)

	United States Treasury Principal-Only STRIPS^(k)
	$	4,600,000		0.000	%		11/15/21	$	3,299,304


	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $248,679,081)							$	256,358,358


	Shares		Rate			Value

Preferred Stock^(c) – 0.1%


	JPMorgan Chase & Co.
		1,200,000		7.900	%	$	1,285,956
	(Cost $1,200,000)

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $1,752,951,655)					$	1,789,083,631


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Short-term Investment^(l) – 22.6%


	Repurchase Agreement – 22.6%
	Joint Repurchase Agreement Account II
	$	421,700,000		0.270	%		10/01/10	$	421,700,000
	Maturity Value: $421,703,163
	(Cost $421,700,000)


	TOTAL INVESTMENTS – 118.6%
	(Cost $2,174,651,655)							$	2,210,783,631


	LIABILITIES IN EXCESS OF OTHER ASSETS – (18.6)%								(346,842,581	)


	NET ASSETS – 100.0%							$	1,863,941,050

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


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

(b)		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 $312,874,626, which represents approximately 16.8% of net assets as of September 30, 2010.

(c)		Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010.

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

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

(f)		Issued with zero coupon and interest rate is contingent upon LIBOR reaching a predetermined level.

(g)		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 $298,961,135 which represents approximately 16.0% of net assets as of September 30, 2010.

(h)		Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $163,819,161, which represents approximately 8.8% of net assets as of September 30, 2010.

(i)		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 $108,572,519, which represents approximately 5.8% of net assets as of September 30, 2010.

(j)		All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.

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

(l)		Joint repurchase agreement was entered into on September 30, 2010. Additional information appears on pages 74-75.




Currency Abbreviations:
AUD	—	Australian Dollar
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
EUR	—	Euro
GBP	—	British Pound
JPY	—	Japanese Yen
NOK	—	Norwegian Krone
NZD	—	New Zealand Dollar
SEK	—	Swedish Krona

Investment Abbreviations:
BP	—	British Pound Offered Rate
FDIC	—	Federal Deposit Insurance Corp.
FHLB	—	Federal Home Loan Bank
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
LIBOR	—	London Interbank Offered Rate
MTN	—	Medium Term Note
REMIC	—	Real Estate Mortgage Investment Conduit
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities

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

GOLDMAN SACHS CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2010, the Fund had outstanding forward foreign currency exchange contracts, both to purchase and sell foreign currencies:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Contract

Expiration

Current

Unrealized

Counterparty

Currency

Type

Date

Value

Gain

Barclays Bank PLC

NOK

Purchase

12/15/10

782,541

19,439

Citibank NA

CAD

Purchase

12/15/10

1,414,569

9,569

Credit Suisse International (London)

EUR

Purchase

12/15/10

7,312,217

213,192

Deutsche Bank AG (London)

AUD

Purchase

12/15/10

4,772,793

29,398

CAD

Purchase

12/15/10

3,254,092

46,092

HSBC Bank PLC

EUR

Purchase

12/15/10

1,654,003

99,318

JPMorgan Securities, Inc.

Purchase

12/15/10

4,618,521

142,811

UBS AG (London)

Purchase

12/15/10

4,866,637

93,824

Westpac Banking Corp.

AUD

Purchase

12/15/10

1,606,569

24,131

GBP

Purchase

12/15/10

5,552,927

138,092

TOTAL

815,866

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


		Contract	Expiration	Current		Unrealized
Counterparty	Currency	Type	Date	Value		Loss

Citibank NA	EUR	Sale	12/15/10	$	1,649,915	$	(60,962	)
Credit Suisse International (London)	CHF	Sale	12/15/10		1,660,344		(52,236	)
	JPY	Sale	12/15/10		2,631,494		(23,383	)
	NZD	Purchase	12/15/10		1,581,567		(7,767	)
Deutsche Bank AG (London)		Sale	12/15/10		6,798,893		(160,085	)
HSBC Bank PLC	EUR	Sale	12/15/10		6,462,054		(111,874	)
JPMorgan Securities, Inc.	CAD	Sale	12/15/10		483,454		(2,886	)
	EUR	Sale	10/22/10		7,271,823		(462,204	)
	GBP	Sale	10/29/10		6,942,466		(67,902	)
Royal Bank of Canada	CAD	Sale	12/15/10		1,602,590		(7,590	)
	EUR	Purchase	12/15/10		3,130,888		(8,031	)
Westpac Banking Corp.	AUD	Sale	12/15/10		2,332,616		(122,866	)


TOTAL						$	(1,087,786	)

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CROSS CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (PURCHASE/SALE)


			Purchase		Sale
		Expiration	Current		Current		Unrealized
Counterparty	Currency	Date	Value		Value		Gain

Citibank NA	EUR/CHF	12/15/10	$	3,314,817	$	3,288,279	$	26,538
Credit Suisse International (London)	SEK/EUR	12/15/10		4,023,118		3,981,240		41,878
Deutsche Bank AG (London)	EUR/GBP	12/15/10		1,694,876		1,669,892		24,984
HSBC Bank PLC	EUR/GBP	12/15/10		3,310,730		3,221,027		89,703
	SEK/EUR	12/15/10		3,306,864		3,306,643		221
	EUR/NOK	12/15/10		3,287,569		3,263,933		23,636
Royal Bank of Canada	EUR/CAD	12/15/10		2,476,916		2,388,928		87,988
UBS AG (London)	EUR/CAD	12/15/10		2,416,969		2,387,277		29,692


TOTAL							$	324,640

FORWARD FOREIGN CROSS CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (PURCHASE/SALE)


			Purchase		Sale
		Expiration	Current		Current		Unrealized
Counterparty	Currency	Date	Value		Value		Loss

Barclays Bank PLC	NOK/EUR	12/15/10	$	4,878,658	$	4,959,377	$	(80,719	)
Citibank NA	EUR/SEK	12/15/10		3,354,328		3,362,942		(8,614	)
	NZD/EUR	12/15/10		2,404,805		2,555,938		(151,133	)
Credit Suisse International (London)	NZD/EUR	12/15/10		1,532,440		1,585,881		(53,441	)
HSBC Bank PLC	CHF/EUR	12/15/10		1,660,343		1,715,312		(54,969	)
	EUR/SEK	12/15/10		3,373,402		3,385,307		(11,905	)
	NZD/EUR	12/15/10		3,180,684		3,373,402		(192,718	)
Royal Bank of Canada	CAD/EUR	12/15/10		3,173,281		3,372,040		(198,759	)
	CHF/EUR	12/15/10		1,631,485		1,658,090		(26,605	)
UBS AG (London)	CHF/EUR	12/15/10		1,648,278		1,688,064		(39,786	)
	JPY/EUR	12/15/10		1,598,248		1,704,413		(106,165	)
Westpac Banking Corp.	AUD/EUR	12/15/10		1,621,687		1,656,727		(35,040	)


TOTAL							$	(959,854	)

FUTURES CONTRACTS — At September 30, 2010, the following futures contracts were open:


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

Australia 10 Year Treasury Bond		85		December 2010	$	8,862,759		$	53,213
Eurodollars		(3	)	December 2010		(747,300	)		(5,635	)
10 Year German Euro-Bobl		71		December 2010		12,721,211			83,323
2 Year U.S. Treasury Notes		19		December 2010		4,170,203			859
5 Year U.S. Treasury Notes		999		December 2010		120,746,321			664,219
10 Year U.S. Treasury Notes		1,246		December 2010		157,054,406			896,954
30 Year U.S. Treasury Bonds		474		December 2010		63,382,688			297,715


TOTAL								$	1,990,648

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

GOLDMAN SACHS CORE FIXED INCOME FUND


ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2010, 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			Unrealized
Counterparty	(000s)^(a)		Date	the Fund	the Fund			Gain (Loss)*

Credit Suisse International (London)	$	25,500	08/15/17	3 month LIBOR		2.252	%	$	(247,782	)
Deutsche Bank Securities, Inc.		20,300	08/15/17	3 month LIBOR		2.242			(183,237	)
		23,000	08/15/17	3 month LIBOR		2.114			(23,389	)
JPMorgan Securities, Inc.		23,200	08/15/17	3 month LIBOR		2.161			(92,620	)


TOTAL								$	(547,028	)


*		There are no upfront payments on the swap contract(s), therefore the unrealized gain (loss) of the swap contract(s) is equal to their market value.
(a)		Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2010.

CREDIT DEFAULT SWAP CONTRACTS


									Credit
					Rates				Spread at					Upfront
			Notional		received				September 30,					Payments
	Referenced		Amount		(paid) by			Termination	2010		Market			made (received)			Unrealized
Counterparty	Obligation		(000s)		Fund			Date	(basis points)^(b)		Value			by the Fund			Gain (Loss)

Protection Sold:
Credit Suisse First Boston Corp.		Prudential Financial, Inc. 4.500%, 7/15/13	$	1,150		1.000	%	06/20/15		191	$	(45,497	)	$	(55,153	)	$	9,656
Deutsche Bank Securities, Inc.		MetLife, Inc. 5.000%, 6/15/15		3,100		1.000		03/20/15		204		(133,925	)		(165,561	)		31,636
				1,100		1.000		03/20/15		204		(47,521	)		(39,594	)		(7,927	)
JPMorgan Securities, Inc.		Prudential Financial, Inc. 4.500%, 7/15/13		975		1.000		06/20/15		191		(38,574	)		(56,456	)		17,882
		CDX North America Investment Grade Index		25,000		1.000		12/20/15		104		(69,116	)		(76,755	)		7,639


TOTAL											$	(334,633	)	$	(393,519	)	$	58,886


(b)	Credit spread on the Referenced Obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – 17.0%


	Automotive – 0.2%
	Ally Financial, Inc.
	$	625,000		6.875	%		09/15/11	$	645,312


	Banks – 4.0%
	ANZ Capital Trust II^(a)(b)
		175,000		5.360			07/29/49		175,328
	Bank of America Corp.
		450,000		5.625			07/01/20		475,082
	Bank of America NA
		1,575,000		6.100			06/15/17		1,684,761
	Barclays Bank PLC
		900,000		6.750			05/22/19		1,071,454
	BBVA Bancomer SA^(b)
		750,000		7.250			04/22/20		810,136
	Citigroup, Inc.
		400,000		6.375			08/12/14		443,810
		925,000		5.000			09/15/14		959,226
		850,000		5.375			08/09/20		876,656
	Credit Agricole SA^(a)(b)(c)
		150,000		8.375			10/13/49		160,500
	Credit Suisse of New York
		300,000		4.375			08/05/20		306,437
	Discover Bank
		400,000		8.700			11/18/19		475,060
	Fifth Third Bank^(c)
		450,000		0.479			05/17/13		430,756
	First Niagara Financial Group, Inc.^(a)
		325,000		6.750			03/19/20		359,760
	HSBC Bank USA NA
		1,100,000		4.875			08/24/20		1,147,300
	HSBC Holdings PLC
		500,000		6.800			06/01/38		584,773
	JPMorgan Chase Capital XXII Series V^(a)
		250,000		6.450			02/02/37		247,218
	JPMorgan Securities, Inc.
		750,000		7.250			02/01/18		910,568
	Lloyds TSB Bank PLC^(b)
		500,000		6.500			09/14/20		504,817
	MUFG Capital Finance 1 Ltd.^(a)(c)
		250,000		6.346			07/29/49		247,500
	PNC Bank NA
		250,000		6.875			04/01/18		293,210
	Resona Preferred Global Securities Cayman Ltd.^(a)(b)(c)
		550,000		7.191			12/29/49		539,120
	Royal Bank of Scotland PLC
		600,000		4.875	^(b)		08/25/14		636,522
		225,000		5.625			08/24/20		235,904
	US Bank NA^(a)(c)
	EUR	200,000		4.375			02/28/17		270,387

									13,846,285


	Brokerage – 0.7%
	Morgan Stanley & Co.
	$	550,000		0.780	^(c)		01/09/12		546,710
		325,000		6.625	^(a)		04/01/18		359,881
		525,000		7.300	^(a)		05/13/19		600,047
		250,000		5.625	^(a)		09/23/19		259,944
		650,000		5.500	^(a)		07/24/20		669,642

									2,436,224


	Chemicals^(a) – 0.2%
	The Dow Chemical Co.
		500,000		7.600			05/15/14		584,343
		175,000		5.900			02/15/15		195,393

									779,736


	Consumer Products^(a) – 0.1%
	Whirlpool Corp.
		75,000		8.000			05/01/12		81,899
		100,000		8.600			05/01/14		119,253

									201,152


	Distributor^(a)(b) – 0.1%
	Ras Laffan Liquefied Natural Gas Co. Ltd. III
		250,000		6.750			09/30/19		296,923


	Electric^(a) – 0.6%
	Arizona Public Service Co.
		150,000		6.250			08/01/16		171,900
		375,000		8.750			03/01/19		489,578
	Enel Finance International SA^(b)
		425,000		5.125			10/07/19		450,724
	Nevada Power Co.
		225,000		7.125			03/15/19		277,421
	NiSource Finance Corp.
		125,000		10.750			03/15/16		165,070
	Progress Energy, Inc.
		100,000		5.625			01/15/16		113,963
		150,000		7.050			03/15/19		182,932
	Puget Sound Energy, Inc.^(c)
		250,000		6.974			06/01/67		235,732

									2,087,320


	Energy – 1.3%
	Anadarko Petroleum Corp.^(a)
		600,000		6.375			09/15/17		661,173
	BP Capital Markets PLC
		300,000		5.250			11/07/13		326,228
		525,000		3.875			03/10/15		544,423
		475,000		4.500	^(a)		10/01/20		486,233
	Dolphin Energy Ltd.^(a)(b)
		230,232		5.888			06/15/19		247,500
	Halliburton Co.^(b)
		25,000		7.600			08/15/96		30,760
	Nexen, Inc.^(a)
		75,000		7.500			07/30/39		91,426
	Petro-Canada^(a)
		550,000		6.050			05/15/18		640,382
	Petroleos Mexicanos^(a)
		370,000		8.000			05/03/19		461,575
	Transocean, Inc.^(a)
		850,000		6.500			11/15/20		925,722

									4,415,422

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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)

	Food & Beverage – 0.7%
	Anheuser-Busch InBev Worldwide, Inc.^(a)
	$	175,000		7.200	%^(b)		01/15/14	$	203,922
		625,000		4.125			01/15/15		670,541
		475,000		7.750	^(b)		01/15/19		616,176
	Kraft Foods, Inc.
		375,000		6.125			08/23/18		442,657
		350,000		6.500			02/09/40		409,333

									2,342,629


	Health Care – Medical Products^(a) – 0.7%
	Agilent Technologies, Inc.
		525,000		5.500			09/14/15		589,817
	Boston Scientific Corp.
		300,000		4.500			01/15/15		307,173
		150,000		6.000			01/15/20		159,673
		125,000		7.000			11/15/35		124,868
	Covidien International Finance SA
		400,000		4.200			06/15/20		425,645
	Hospira, Inc.
		400,000		5.600			09/15/40		414,221
	Life Technologies Corp.
		450,000		6.000			03/01/20		509,766

									2,531,163


	Health Care – Services^(a) – 0.1%
	HCA, Inc.
		250,000		7.875			02/15/20		273,750


	Life Insurance – 1.1%
	MetLife Capital Trust X^(a)(b)(c)
		400,000		9.250			04/08/38		472,000
	MetLife, Inc.^(a)
		525,000		4.750			02/08/21		556,975
	Prudential Financial, Inc.
		850,000		3.875			01/14/15		890,872
		775,000		6.000			12/01/17		869,789
	Symetra Financial Corp.^(a)(b)
		100,000		6.125			04/01/16		103,471
	The Northwestern Mutual Life Insurance Co.^(a)(b)
		725,000		6.063			03/30/40		842,200

									3,735,307


	Media – Cable – 0.6%
	Comcast Cable Communications Holdings, Inc.
		175,000		9.455			11/15/22		243,887
	Comcast Holdings Corp.
		200,000		10.625			07/15/12		231,140
	Cox Communications, Inc.^(a)(b)
		150,000		5.875			12/01/16		172,192
		300,000		6.250			06/01/18		345,891
	CSC Holdings, Inc. Series B
		250,000		7.625			04/01/11		255,625
	DIRECTV Holdings LLC^(a)
		250,000		6.350			03/15/40		269,736
	DIRECTV Holdings LLC / DirecTV Financing Co, Inc.^(a)
		250,000		5.875			10/01/19		282,741
	DISH DBS Corp.^(a)
		125,000		7.125			02/01/16		131,250

									1,932,462


	Media – Non Cable^(a) – 0.7%
	NBC Universal, Inc.^(b)
		1,125,000		4.375			04/01/21		1,142,734
	Reed Elsevier Capital, Inc.
		645,000		8.625			01/15/19		847,338
	WPP Finance UK
		276,000		8.000			09/15/14		327,908

									2,317,980


	Metals & Mining^(a) – 0.7%
	Anglo American Capital PLC^(b)
		500,000		9.375			04/08/19		674,236
	ArcelorMittal
		325,000		6.125			06/01/18		348,709
	Freeport-McMoRan Copper & Gold, Inc.
		675,000		8.375			04/01/17		750,937
	Teck Resources Ltd.
		500,000		10.750			05/15/19		625,000

									2,398,882


	Noncaptive – Financial – 0.2%
	Capital One Capital III
		300,000		7.686			08/15/36		304,500
	General Electric Co.
		275,000		5.250			12/06/17		308,689
	Pemex Project Funding Master Trust
		10,000		9.125			10/13/10		10,011

									623,200


	Packaging^(a)(c) – 0.0%
	Impress Holdings BV
	EUR	125,000		3.960			09/15/13		169,554


	Paper^(a) – 0.1%
	International Paper Co.
	$	175,000		7.950			06/15/18		211,799


	Pipelines – 1.9%
	Boardwalk Pipelines LP^(a)
		575,000		5.875			11/15/16		649,346
	Buckeye Partners LP^(a)
		475,000		5.500			08/15/19		519,662
	DCP Midstream LLC^(a)(b)
		500,000		9.750			03/15/19		665,335
	El Paso Corp.^(a)
		500		7.750			01/15/32		519
	Energy Transfer Partners LP^(a)
		675,000		5.950			02/01/15		749,153
	Enterprise Products Operating LLC^(a)
		275,000		6.650			04/15/18		321,633
		100,000		7.034	^(c)		01/15/68		100,080

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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)
	Pipelines – (continued)

	Gulf South Pipeline Co. LP^(a)(b)
	$	175,000		6.300	%		08/15/17	$	200,018
	Southern Natural Gas Co.^(a)(b)
		50,000		5.900			04/01/17		54,704
	Southern Star Central Gas Pipeline, Inc.^(a)(b)
		300,000		6.000			06/01/16		316,581
	Tennessee Gas Pipeline Co.
		825,000		8.000	^(a)		02/01/16		983,616
		325,000		7.625			04/01/37		376,027
	The Williams Cos., Inc.^(a)
		533,000		7.875			09/01/21		645,686
	TransCanada PipeLines Ltd.^(a)(c)
		875,000		6.350			05/15/67		813,750
	Williams Partners LP^(a)
		275,000		5.250			03/15/20		298,946

									6,695,056


	Property/Casualty Insurance – 0.3%
	Endurance Specialty Holdings Ltd.^(a)
		75,000		6.150			10/15/15		80,943
		25,000		7.000			07/15/34		24,188
	QBE Insurance Group Ltd.^(b)
		122,000		9.750			03/14/14		147,589
	The Chubb Corp.^(a)(c)
		125,000		6.375			03/29/67		122,500
	Transatlantic Holdings, Inc.^(a)
		275,000		8.000			11/30/39		281,626
	ZFS Finance USA Trust I^(a)(b)(c)
		500,000		6.150			12/15/65		492,500

									1,149,346


	Real Estate Investment Trust^(a) – 0.8%
	Developers Diversified Realty Corp.
		450,000		7.500			04/01/17		472,500
	Liberty Property LP
		775,000		4.750			10/01/20		780,486
	ProLogis^(d)
		325,000		1.875			11/15/37		307,417
	Simon Property Group LP
		625,000		10.350			04/01/19		869,159
		250,000		4.375			03/01/21		253,430
	WEA Finance LLC/WT Finance Australia Property Ltd.^(b)
		150,000		7.500			06/02/14		174,589

									2,857,581


	Retailers^(a) – 0.2%
	CVS Caremark Corp.
		525,000		5.750			06/01/17		604,168


	Schools^(a) – 0.3%
	Rensselaer Polytechnic Institute
		850,000		5.600			09/01/20		940,499


	Technology^(a) – 0.1%
	Fiserv, Inc.
		225,000		6.125			11/20/12		246,311


	Tobacco – 0.5%
	Altria Group, Inc.
		500,000		9.700			11/10/18		672,216
	BAT International Finance PLC^(a)(b)
		672,000		9.500			11/15/18		913,689

									1,585,905


	Wireless Telecommunications^(a) – 0.3%
	AT&T, Inc.
		450,000		6.400			05/15/38		511,471
	Hellas Telecommunications Luxembourg V^(c)(e)
	EUR	126,604		4.835			10/15/12		55,230
	Sprint Capital Corp.
	$	125,000		8.375			03/15/12		133,437
	Telemar Norte Leste SA^(b)
		325,000		5.500			10/23/20		329,290

									1,029,428


	Wirelines Telecommunications^(a) – 0.5%
	Angel Lux Common SA
	EUR	125,000		8.250			05/01/16		180,562
	Qwest Corp.
	$	375,000		8.375			05/01/16		440,625
	Telecom Italia Capital SA
		175,000		6.200			07/18/11		181,309
		325,000		7.200			07/18/36		347,356
	Verizon Communications, Inc.
		200,000		6.400			02/15/38		230,358
		150,000		8.950			03/01/39		221,380
	Verizon Wireless Capital LLC
		150,000		8.500			11/15/18		203,660

									1,805,250


	TOTAL CORPORATE OBLIGATIONS
	(Cost $53,853,693)							$	58,158,644




Mortgage-Backed Obligations – 39.5%


	Adjustable Rate Non-Agency^(c) – 3.9%
	Adjustable Rate Mortgage Trust Series 2004-5, Class 2A1
	$	108,734		3.080	%		04/25/35	$	98,629
	Banc of America Funding Corp. Series 2007-E, Class 4A1
		1,237,666		5.723			07/20/47		929,735
	Bear Stearns Adjustable Rate Mortgage Trust Series 2004-1, Class 21A1
		100,037		2.616			04/25/34		90,318
	Countrywide Alternative Loan Trust Series 2005-38, Class A3
		288,091		0.606			09/25/35		163,148
	Countrywide Home Loan Mortgage Pass-Through Trust Series 2004-HYB5, Class 2A1
		214,474		3.069			04/20/35		201,154
	Countrywide Home Loan Mortgage Pass-Through Trust Series 2004-HYB6, Class A2
		131,126		3.251			11/20/34		111,317
	Downey Savings & Loan Association Mortgage Loan Trust Series 2006-AR1, Class 2A1A
		2,324,212		1.310			04/19/47		1,443,568

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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

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

	First Horizon Asset Securities Series, Inc. 2004-AR6, Class 2A1
	$	51,356		2.987	%		12/25/34	$	48,807
	GMAC Mortgage Corp. Loan Trust Series 2004-AR1, Class 12A
		181,038		3.425			06/25/34		178,433
	Harborview Mortgage Loan Trust Series 2006-09, Class 2A1A
		1,164,918		0.467			11/19/36		707,921
	Harborview Mortgage Loan Trust Series 2006-10, Class 2A1A
		573,694		0.437			11/19/36		350,699
	Indymac Index Mortgage Loan Trust Series 2005-AR13, Class 4A1
		364,678		2.612			08/25/35		287,163
	JPMorgan Mortgage Trust Series 2005-A4, Class 2A1
		419,522		2.903			07/25/35		381,805
	Lehman XS Trust Series 2006-2N, Class 1A1
		1,235,058		0.516			02/25/46		655,976
	Lehman XS Trust Series 2007-16N, Class 2A2
		1,223,016		1.106			09/25/47		733,932
	Lehman XS Trust Series 2007-4N, Class 1A1
		1,162,222		0.386			03/25/47		793,790
	Master Adjustable Rate Mortgages Trust Series 2006-A2, Class 4A1B
		661,448		1.586			12/25/46		199,294
	Morgan Stanley Mortgage Loan Trust Series 2004-8AR, Class 4A1
		515,918		2.793			10/25/34		435,216
	Residential Accredit Loans, Inc. Series 2007-QH9, Class A1
		863,370		6.374			11/25/37		425,250
	Residential Funding Mortgage Securities I Series 2005-SA4, Class 2A2
		500,456		5.203			09/25/35		439,612
	Residential Funding Mortgage Securities I Series 2007-SA2, Class 2A1
		1,146,386		5.626			04/25/37		776,666
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-05, Class 3A1
		187,302		2.463			05/25/34		178,130
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 3A2
		73,284		2.716			09/25/34		66,409
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-16, Class 3A1
		347,351		2.644			11/25/34		292,040
	Structured Adjustable Rate Mortgage Loan Trust Series 2005-22, Class 1A4
		3,000,000		5.178			12/25/35		1,012,576
	Structured Adjustable Rate Mortgage Loan Trust Series 2006-1, Class 5A2
		1,000,000		4.797			02/25/36		573,056
	Washington Mutual Asset-Backed Certificates Series 2007-HE1, Class 2A3
		3,000,000		0.406			01/25/37		1,135,521
	Washington Mutual Mortgage Pass-Through Certificates Series 2004-AR03, Class A2
		198,276		2.707			06/25/34		192,420
	Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR02, Class 1A1
		493,180		5.200			03/25/37		411,250

									13,313,835


	Collateralized Mortgage Obligations – 2.2%
	Planned Amortization Class – 0.1%
	FNMA REMIC Series 2005-70, Class PA
		376,690		5.500	%		08/25/35	$	414,968


	Regular Floater^(c) – 0.5%
	FHLMC REMIC Series 3038, Class XA^(f)
		25,643		0.000			09/15/35		25,438
	FHLMC REMIC Series 3266, Class F
		1,288,977		0.557			01/15/37		1,281,845
	FNMA REMIC Series 2007-2, Class FM
		452,077		0.506			02/25/37		449,040

									1,756,323


	Sequential Fixed Rate – 0.4%
	Countrywide Alternative Loan Trust Series 2005-1CB, Class 2A1
		570,269		6.000			03/25/35		518,752
	FHLMC REMIC Series 3200, Class AD
		218,371		5.500			05/15/29		221,807
	First Horizon Alternative Mortgage Securities Series 2006-FA8, Class 1A7
		741,762		6.000			02/25/37		549,543

									1,290,102


	Sequential Floating Rate^(c) – 1.2%
	Bear Stearns Alt-A Trust Series 2006-6, Class 1A1
		1,815,168		0.416			11/25/36		749,712
	Countrywide Alternative Loan Trust Series 2006-0C8, Class 2A3
		6,876,210		0.506			11/25/36		952,827
	Deutsche Alt-A Securities, Inc. Alternative Loan Trust Series 2006-AR3, Class A6
		6,786,557		0.536			08/25/36		1,257,554
	Deutsche Alt-A Securities, Inc. Alternative Loan Trust Series 2007-BAR1, Class A3
		4,000,000		0.416			03/25/37		1,295,996

									4,256,089



	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							$	7,717,482


	Commercial Mortgage-Backed Securities – 0.2%
	Sequential Fixed Rate – 0.2%
	Banc of America Commercial Mortgage, Inc. Series 2002-2, Class A3
	$	530,000		5.118	%		07/11/43	$	552,881
	GMAC Commercial Mortgage Securities, Inc. Series 2000-C3, Class A2
		11,891		6.957			09/15/35		11,887



	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES							$	564,768

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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Mortgage-Backed Obligations – (continued)

	Federal Agencies – 33.2%
	Adjustable Rate FHLMC^(c) – 0.2%
	$	344,994		4.837	%		09/01/35	$	361,294
		143,974		5.732			04/01/37		150,677

									511,971


	FHLMC – 4.1%
		175,610		5.000			05/01/18		187,574
		249,899		6.500			08/01/37		276,139
		15,556		6.000			09/01/37		17,037
		555,847		6.500			10/01/37		616,643
		386,398		5.500			02/01/38		409,577
		18,113		6.000			02/01/38		19,843
		166,726		6.000			07/01/38		182,406
		496,518		6.500			09/01/38		540,263
		19,457		6.000			10/01/38		21,321
		1,104,643		5.500			12/01/38		1,170,566
		228,917		5.500			02/01/39		242,578
		587,017		5.000			04/01/39		629,461
		121,090		5.000			05/01/39		129,846
		358,709		5.000			06/01/39		384,645
		366,875		5.000			07/01/39		392,031
		141,596		5.000			08/01/39		151,436
		942,477		4.500			09/01/39		993,724
		1,978,870		5.000			10/01/39		2,118,582
		380,453		5.000			11/01/39		407,961
		1,519,949		5.000			12/01/39		1,629,848
		3,223,161		5.000			04/01/40		3,456,211

									13,977,692


	FNMA – 20.5%
		15,079		6.000			12/01/18		16,348
		145,462		6.000			02/01/19		158,090
		200,522		5.000			05/01/19		214,195
		282,584		4.000			06/01/19		299,319
		259,342		5.000			08/01/19		277,378
		220,708		6.000			08/01/19		239,869
		236,155		6.000			09/01/19		255,613
		291,944		6.000			12/01/20		315,999
		363,196		6.000			04/01/21		393,121
		118,667		6.000			06/01/21		128,645
		64,751		6.000			07/01/21		70,196
		361,481		5.000			08/01/23		385,895
		179,263		5.500			09/01/23		193,641
		71,273		5.500			10/01/23		77,198
		76		6.000			03/01/32		84
		407,309		6.000			12/01/32		447,397
		5,074		6.000			05/01/33		5,562
		27,953		5.000			08/01/33		29,649
		3,596		5.500			09/01/33		3,859
		2,141		6.000			12/01/33		2,344
		4,484		5.500			02/01/34		4,811
		65,622		6.000			02/01/34		71,952
		734		5.500			04/01/34		788
		45,378		5.500			12/01/34		48,604
		126,855		5.000			04/01/35		134,194
		2,582		6.000			04/01/35		2,806
		5,991		5.500			09/01/35		6,438
		210,474		5.000			11/01/35		222,333
		5,753		6.000			02/01/36		6,241
		153,671		4.500			03/01/36		161,224
		233,682		5.000			03/01/36		246,850
		35,881		6.000			03/01/36		39,023
		38,255		6.000			04/01/36		41,632
		1,799		6.000			05/01/36		1,947
		3,857		6.000			06/01/36		4,175
		109,415		6.000			11/01/36		118,176
		90,115		6.000			01/01/37		97,331
		747		5.500			02/01/37		801
		1,191		5.500			04/01/37		1,275
		1,325		5.500			05/01/37		1,419
		59,842		6.000			06/01/37		64,649
		136,869		6.000			08/01/37		146,952
		95,797		6.000			09/01/37		102,854
		279,346		6.000			10/01/37		300,554
		132,073		6.000			11/01/37		142,113
		733,831		5.500			12/01/37		780,729
		569,734		6.000			12/01/37		613,372
		1,538,689		5.500			01/01/38		1,636,339
		192,676		6.000			01/01/38		207,212
		71,242		6.000			02/01/38		77,754
		1,620		5.500			03/01/38		1,735
		200,121		6.000			03/01/38		215,827
		58,277		5.000			05/01/38		61,303
		941,582		5.500			05/01/38		1,001,758
		21,957		6.000			05/01/38		24,088
		956,162		5.500			06/01/38		1,016,374
		19,984		6.000			06/01/38		21,923
		495,048		5.500			07/01/38		526,223
		355,615		6.000			07/01/38		382,815
		2,082		5.500			08/01/38		2,230
		18,783		6.000			08/01/38		20,606
		1,009		5.500			09/01/38		1,081
		41,099		6.000			10/01/38		44,172
		705		5.500			12/01/38		755
		263,021		5.000			02/01/39		281,247
		1,431,812		4.500			03/01/39		1,511,660
		334,699		5.000			03/01/39		357,723
		73,015		4.500			04/01/39		76,931
		879,631		4.500			05/01/39		926,808
		28,778		5.000			05/01/39		30,901
		70,198		4.500			06/01/39		74,117
		27,368		5.000			06/01/39		29,387
		123,544		4.500			07/01/39		130,440
		1,416,855		5.000			07/01/39		1,514,818
		589,485		4.500			08/01/39		622,182
		931,745		5.000			08/01/39		1,000,497
		291,753		5.500			08/01/39		310,369
		594,430		4.500			09/01/39		627,611
		170,321		5.000			09/01/39		182,888
		695,041		4.500			10/01/39		732,583
		488,502		5.000			10/01/39		524,549
		1,000,000		5.500			10/01/39		1,063,625
		666,630		4.500			11/01/39		703,686

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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date			Value

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

	$	1,010,336		4.500	%		12/01/39		$	1,065,320
		642,732		4.500			01/01/40			678,422
		2,292,489		5.000			01/01/40			2,461,293
		169,871		4.500			02/01/40			179,351
		228,493		5.000			02/01/40			244,210
		291,246		4.500			03/01/40			307,504
		468,430		4.500			04/01/40			494,578
		995,799		5.000			07/01/40			1,048,916
		1,992,835		4.500			09/01/40			2,077,578
		4,000,000		3.500			TBA-15yr	^(g)		4,114,688
		1,000,000		3.000			TBA-15yr	^(g)		1,005,312
		5,000,000		3.500			TBA-15yr	^(g)		5,127,344
		1,000,000		3.500			TBA-30yr	^(g)		1,007,422
		14,000,000		5.500			TBA-30yr	^(g)		14,880,468
		12,000,000		6.000			TBA-30yr	^(g)		12,873,744

										70,388,012


	GNMA – 8.4%
		11,601		5.500			05/15/36			12,491
		843,760		6.000			08/15/38			920,357
		27,000,000		4.000			TBA-30yr	^(g)		27,887,656

										28,820,504



	TOTAL FEDERAL AGENCIES								$	113,698,179


	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $135,127,012)								$	135,294,264




Agency Debentures – 3.6%


	FHLB
	$	2,400,000		4.625	%^(h)		09/11/20		$	2,729,520
		300,000		5.000			09/28/29			339,229
	FHLMC
		4,300,000		4.500			04/02/14			4,780,473
		2,400,000		1.750			09/10/15			2,423,753
	FNMA
		900,000		3.000			07/28/14			917,435
	Tennessee Valley Authority
		600,000		4.625			09/15/60			625,052
	Tennessee Valley Authority Series B
		400,000		4.375			06/15/15			451,225


	TOTAL AGENCY DEBENTURES
	(Cost $11,543,434)								$	12,266,687




Asset-Backed Securities – 10.5%


	Collateralized Loan Obligations^(b)(c) – 4.6%
	Gulf Stream Compass CLO, Ltd. Series 04-1A, Class A
	$	3,977,472		0.886	%		07/15/16		$	3,781,689
	KKR Financial CLO Ltd. Series 2007-AA, Class A
		665,139		1.276			10/15/17			624,896
	Mountain View Funding CLO Series 2007-3A, Class A1
		1,982,321		0.741			04/16/21			1,784,041
	Mt. Wilson CLO Ltd. Series 06-1A, Class A
		3,650,459		0.776			07/15/18			3,357,415
	Navigare Funding CLO Ltd. Series 06-1A, Class A
		3,500,000		0.605			05/20/19			3,285,618
	Navigator CDO Ltd. Series 05-1A, Class A1B
		444,307		0.768			10/21/17			414,158
	WG Horizons CLO Series 06-1A, Class A1
		3,000,000		0.564			05/24/19			2,702,136

										15,949,953


	Home Equity – 1.3%
	ACE Securities Corp. Series 2007-HE4, Class A2A^(c)
		8,333,716		0.386			05/25/37			2,513,251
	Bear Stearns Asset Backed Securities Trust Series 2001-3, Class A2^(c)
		12,533		0.656			10/27/32			11,705
	Bear Stearns Asset Backed Securities Trust Series 2002-2, Class A1^(c)
		8,690		0.916			10/25/32			7,193
	CIT Mortgage Loan Trust Series 2007-1, Class 2A1^(b)(c)
		126,789		1.256			10/25/37			119,072
	CIT Mortgage Loan Trust Series 2007-1, Class 2A2^(b)(c)
		150,000		1.506			10/25/37			92,990
	CIT Mortgage Loan Trust Series 2007-1, Class 2A3^(b)(c)
		450,000		1.706			10/25/37			226,271
	CS First Boston Mortgage Securities Corp. Series 2001-HE17, Class A1^(c)
		1,879		0.876			01/25/32			1,260
	First Alliance Mortgage Loan Trust Series 1999-4, Class A2^(c)
		2,388		1.017			03/20/31			1,562
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
		50,228		7.000			09/25/37			32,243
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
		91,944		7.000			09/25/37			52,587
	Home Equity Asset Trust Series 2002-1, Class A4^(c)
		257		0.856			11/25/32			178
	People’s Financial Realty Mortgage Securities Trust Series 2006-1, Class 1A3^(c)
		5,433,448		0.416			09/25/36			1,523,901
	Renaissance Home Equity Loan Trust Series 2003-2, Class A^(c)
		3,026		0.696			08/25/33			2,482
	Renaissance Home Equity Loan Trust Series 2003-3, Class A^(c)
		8,147		0.756			12/25/33			6,717

										4,591,412


	Student Loan – 4.6%
	Bank of America Student Loan Trust Series 2010-1A, Class A^(b)(c)
		500,000		1.362			02/25/43			499,955
	Brazos Higher Education Authority, Inc. Series 2005 I-A-2^(c)
		1,643,000		0.369			12/26/18			1,626,586

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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Asset-Backed Securities – (continued)
	Student Loan – (continued)

	Brazos Higher Education Authority, Inc. Student Loan Revenue Series 2004 I-A-2^(c)
	$	1,661,263		0.449	%		06/27/22	$	1,633,600
	Brazos Higher Education Authority, Inc. Series 2005-3, Class A14^(c)
		1,454,338		0.399			09/25/23		1,446,376
	Brazos Student Finance, Corp. Series 2010-1, Class A1^(c)
		913,663		1.189			06/25/35		912,904
	College Loan, Corp. Trust Series 06-1, Class A3^(c)
		1,000,000		0.588			10/25/25		987,227
	Education Funding Capital Trust I Series 2004-1, Class A2^(c)
		536,299		0.452			12/15/22		526,462
	Goal Capital Funding Trust Series 2010-1, Class A^(b)(c)
		1,078,802		0.964			08/25/48		1,066,684
	Missouri Higher Education Loan Authority Student Loan Series 2010, Class A-1^(c)
		939,971		1.268			11/26/32		942,271
	Northstar Education Finance, Inc. Series 2005-1, Class A1
		193,786		0.588			10/28/26		192,612
	SLC Student Loan Trust Series 2006-2, Class A4^(c)
		900,000		0.372			06/15/22		877,016
	SLM Student Loan Trust Series 2008-6, Class A2^(c)
		2,100,000		1.048			10/25/17		2,115,078
	South Carolina Student Loan Corp. Series 2005, Class A1^(c)
		1,000,000		0.397			12/03/18		990,744
	South Carolina Student Loan Corp. Series 2006-1, Class A1^(c)
		1,500,000		0.387			12/01/19		1,467,585
	US Education Loan Trust LLC Series 2006-1, Class A2^(b)(c)
		371,217		0.427			03/01/25		368,303

									15,653,403


	TOTAL ASSET-BACKED SECURITIES
	(Cost $36,861,116)							$	36,194,768




Foreign Debt Obligations – 3.0%


	Sovereign – 2.7%
	Federal Republic of Brazil
	$	780,000		4.875	%		01/22/21	$	856,050
	Mexican Bonos
	MXN	24,070,000		9.000			12/20/12		2,066,937
		13,500,000		10.000			12/05/24		1,427,003
	Ontario Province of Canada
	$	500,000		4.100			06/16/14		549,068
	Republic of South Africa
	ZAR	14,180,000		10.500			12/21/26		2,496,482
	Republic of Venezuela
	$	580,000		5.750			02/26/16		400,200
		60,000		9.000			05/07/23		40,260
		110,000		8.250			10/13/24		70,400
	State of Qatar
		500,000		5.150			04/09/14		547,000
		630,000		5.250	^(b)		01/20/20		691,425


	United Mexican States
		300,000		6.050			01/11/40		343,500

									9,488,325


	Supranational – 0.3%
	North American Development Bank
		900,000		4.375			02/11/20		983,571


	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $9,876,675)							$	10,471,896




Structured Notes^(f) – 1.5%


	Egypt Treasury Bills⁽ⁱ⁾
	EGP	20,050,000		0.000	%		04/07/11	$	3,357,750
	Federal Republic of Brazil^(c)(j)
	BRL	3,168,655		6.000			08/15/40		1,886,111


	TOTAL STRUCTURED NOTES
	(Cost $5,252,412)							$	5,243,861




Municipal Debt Obligations – 1.1%


	California – 0.9%
	California State GO Bonds Build America Taxable Series 2009
	$	375,000		7.500	%		04/01/34	$	407,993
		500,000		7.550			04/01/39		543,755
	California State GO Bonds Build America Taxable Series 2010
		625,000		7.950			03/01/36		670,062
		1,375,000		7.625			03/01/40		1,512,335

									3,134,145


	Ohio – 0.2%
	Buckeye Tobacco Settlement Financial Authority RB Asset-Backed Senior Turbo Series 2007 A-2
		25,000		5.875			06/01/47		18,259
	Illinois State GO Bonds Build America Series 2010
		500,000		7.350			07/01/35		524,700

									542,959


	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $3,445,116)							$	3,677,104




Government Guarantee Obligations – 10.7%


	Achmea Hypotheekbank NV^(b)(k)
	$	1,800,000		3.200	%		11/03/14	$	1,913,458
	ANZ National (International) Ltd.^(b)(k)
		1,700,000		3.250			04/02/12		1,766,519
	BRFkredit A/S^(b)(k)
		3,000,000		2.050			04/15/13		3,070,660
	Citibank NA^(c)(l)
		600,000		0.448			05/07/12		600,758
		400,000		0.263			06/04/12		399,821

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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Government Guarantee Obligations – (continued)

	Citigroup Funding, Inc.^(l)
	$	1,600,000		1.875	%		11/15/12	$	1,641,961
	Commonwealth Bank of Australia^(b)(k)
		1,500,000		2.500			12/10/12		1,559,070
	Danske Bank AS^(b)(k)
		700,000		2.500			05/10/12		716,884
	FIH Erhvervsbank A/S^(b)(k)
		1,400,000		2.000			06/12/13		1,431,828
	ING Bank NV^(b)(k)
		1,400,000		2.625			02/09/12		1,431,006
	Israel Government AID Bond^(l)
		50,000		5.500			04/26/24		61,700
		40,000		5.500			09/18/33		48,713
	Kreditanstalt fuer Wiederaufbau MTN^(k)
		1,000,000		2.500			05/28/13		1,044,024
	Landwirtschaftliche Rentenbank^(k)
		2,400,000		1.875			09/24/12		2,455,426
		2,600,000		4.875			01/10/14		2,914,638
	LeasePlan Corp. NV^(b)(k)
		600,000		3.000			05/07/12		619,985
	Macquarie Bank Ltd.^(b)(k)
		1,900,000		3.300			07/17/14		2,024,796
	Royal Bank of Scotland PLC^(b)(k)
		2,200,000		1.500			03/30/12		2,215,399
		900,000		2.625			05/11/12		922,946
	Swedbank AB^(b)(k)
		800,000		3.000			12/22/11		822,552
		200,000		2.800			02/10/12		205,911
		300,000		2.900			01/14/13		311,609
	Swedish Housing Finance Corp.^(b)(k)
		3,000,000		3.125			03/23/12		3,103,094
	Westpac Banking Corp.^(b)(k)
		3,300,000		3.250			12/16/11		3,397,317
		1,600,000		1.900			12/14/12		1,635,902
	Westpac Securities NZ Ltd.^(b)(k)
		300,000		2.500			05/25/12		307,047


	TOTAL GOVERNMENT GUARANTEE OBLIGATIONS
	(Cost $35,753,695)							$	36,623,024




U.S. Treasury Obligations – 13.9%


	United States Treasury Bonds
	$	1,800,000		4.375	%		05/15/40	$	2,021,580
		4,400,000		3.875			08/15/40		4,549,204
	United States Treasury Inflation Protected Securities
		1,867,212		2.375			04/15/11		1,891,430
		1,818,765		3.000			07/15/12		1,931,874
		231,314		2.375			01/15/25		265,993
		109,841		2.000			01/15/26		120,782
	United States Treasury Notes
		3,300,000		1.000			04/30/12		3,333,198
		8,000,000		0.750			05/31/12		8,048,720
		7,400,000		2.500			06/30/17		7,707,471
		4,400,000		3.125			05/15/19		4,676,276
		3,200,000		3.625			08/15/19		3,518,944
	United States Treasury Principal-Only STRIPS^(m)
		2,100,000		0.000			08/15/20		1,596,336
		5,500,000		0.000			05/15/21		4,043,765
		5,400,000		0.000			11/15/26		3,117,744
		2,200,000		0.000			02/15/40		683,936


	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $45,245,393)							$	47,507,253


	Shares		Rate			Value

Preferred Stocks^(c) – 0.2%


	Citigroup Capital XIII
		16,000		7.875	%	$	414,400
	JPMorgan Chase & Co.
		350,000		7.900			375,070


	TOTAL PREFERRED STOCKS – 0.2%
	(Cost $750,000)					$	789,470


	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $337,708,546)					$	346,226,971


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Short-term Investment⁽ⁿ⁾ – 19.1%


	Repurchase Agreement – 19.1%
	Joint Repurchase Agreement Account II
	$	65,500,000		0.270	%		10/01/10	$	65,500,000
	Maturity Value: $65,500,491
	(Cost $65,500,000)


	TOTAL INVESTMENTS – 120.1%
	(Cost $403,208,546)							$	411,726,971


	LIABILITIES IN EXCESS OF OTHER ASSETS – (20.1)%								(68,954,145	)


	NET ASSETS – 100.0%							$	342,772,826

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


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

(b)		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 $58,190,083 which represents approximately 17.0% of net assets as of September 30, 2010.

(c)		Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010.

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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


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

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

(f)		Issued with zero coupon and interest rate is contingent upon LIBOR reaching a predetermined level.

(g)		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 $66,896,634 which represents approximately 19.5% of net assets as of September 30, 2010.

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

(i)		The underlying security is issued by Deutsche Bank.

(j)		The underlying security is issued by HSBC Bank.

(k)		Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $33,870,071, which represents approximately 9.9% of net assets as of September 30, 2010.

(l)		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 $2,752,953, which represents approximately 0.8% of net assets as of September 30, 2010.

(m)		Issued with a zero coupon. Income is recognized through the accretion of discount.

(n)		Joint repurchase agreement was entered into on September 30, 2010. Additional information appears on pages 74-75.





Currency Abbreviations:
AUD	—	Australian Dollar
BRL	—	Brazilian Real
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
EGP	—	Egyptian Pound
EUR	—	Euro
GBP	—	British Pound
IDR	—	Indonesian Rupiah
JPY	—	Japanese Yen
KRW	—	South Korean Won
MXN	—	Mexican Peso
NOK	—	Norwegian Krone
NZD	—	New Zealand Dollar
SEK	—	Swedish Krona
ZAR	—	South African Rand

Investment Abbreviations:
BP	—	British Pound Offered Rate
EURO	—	Euro Offered Rate
FHLB	—	Federal Home Loan Bank
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
GO	—	General Obligation
KWCDC	—	South Korean Won Certificate of Deposit
LIBOR	—	London Interbank Offered Rate
MTN	—	Medium Term Note
RB	—	Revenue Bond
REMIC	—	Real Estate Mortgage Investment Conduit
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2010, the Fund had outstanding forward foreign currency exchange contracts, both to purchase and sell foreign currencies:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Contract

Expiration

Current

Unrealized

Counterparty

Currency

Type

Date

Value

Gain

Citibank NA

CAD

Purchase

12/15/10

411,785

2,785

Deutsche Bank AG (London)

AUD

Purchase

12/15/10

1,368,169

8,428

CAD

Purchase

12/15/10

943,362

13,362

MXN

Sale

11/24/10

3,529,511

11,311

HSBC Bank PLC

EUR

Purchase

12/15/10

482,304

28,961

JPMorgan Securities, Inc.

AUD

Purchase

12/15/10

218,331

5,145

EUR

Purchase

12/15/10

3,418,645

103,023

IDR

Purchase

10/14/10

2,010,436

26,272

UBS AG (London)

BRL

Purchase

10/04/10

1,743,177

13,827

EUR

Purchase

12/15/10

1,395,139

26,864

Westpac Banking Corp.

AUD

Purchase

12/15/10

460,524

6,918

GBP

Purchase

10/29/10

92,418

945

Purchase

12/15/10

1,608,691

40,005

TOTAL

287,846

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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND


ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


		Contract	Expiration		Current		Unrealized
Counterparty	Currency	Type	Date		Value		Loss

Bank of America Securities LLC	NZD	Sale		12/15/10	$	1,969,708	$	(43,677	)
Citibank NA	EUR	Sale		12/15/10		472,767		(17,468	)
HSBC Bank PLC	BRL	Sale		10/04/10		1,743,177		(20,488	)
	EUR	Sale		12/15/10		1,857,006		(32,149	)
	IDR	Sale		10/14/10		2,658,300		(65,648	)
JPMorgan Securities, Inc.	CAD	Sale		12/15/10		160,125		(956	)
	CHF	Sale		12/15/10		480,036		(15,366	)
	EUR	Sale		10/22/10		952,022		(60,511	)
	IDR	Purchase		10/14/10		647,864		(3,382	)
	JPY	Sale		12/15/10		760,393		(6,632	)
	NZD	Purchase		12/15/10		448,439		(2,159	)
Morgan Stanley Capital Services, Inc.	ZAR	Sale		11/10/10		2,461,282		(66,640	)
Royal Bank of Canada	CAD	Sale		12/15/10		459,175		(2,175	)
	EUR	Purchase		12/15/10		912,835		(2,342	)
UBS AG (London)	BRL	Sale		01/18/11		1,703,886		(11,711	)
Westpac Banking Corp.	AUD	Sale		12/15/10		665,821		(35,071	)


TOTAL							$	(386,375	)

FORWARD FOREIGN CROSS CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (PURCHASE/SALE)


			Purchase		Sale
		Expiration	Current		Current		Unrealized
Counterparty	Currency	Date	Value		Value		Gain

Citibank NA	EUR/CHF	12/15/10	$	967,333	$	959,588	$	7,745
Deutsche Bank AG (London)	EUR/GBP	12/15/10		480,941		473,851		7,090
HSBC Bank PLC	EUR/GBP	12/15/10		946,896		921,240		25,656
	EUR/NOK	12/15/10		935,996		929,279		6,717
	SEK/EUR	12/15/10		945,597		945,534		63
Royal Bank of Canada	EUR/CAD	12/15/10		708,469		683,302		25,167
UBS AG (London)	EUR/CAD	12/15/10		693,482		684,963		8,519
	SEK/EUR	12/15/10		1,166,539		1,154,772		11,767


TOTAL							$	92,724

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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CROSS CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (PURCHASE/SALE)


			Purchase		Sale
		Expiration	Current		Current		Unrealized
Counterparty	Currency	Date	Value		Value		Loss

Barclays Bank PLC	NOK/EUR	12/15/10	$	1,417,112	$	1,440,559	$	(23,447	)
Citibank NA	NZD/EUR	12/15/10		699,906		743,893		(43,987	)
	EUR/SEK	12/15/10		978,232		980,744		(2,512	)
HSBC Bank PLC	NZD/EUR	12/15/10		927,486		983,682		(56,196	)
	CHF/EUR	12/15/10		480,036		495,928		(15,892	)
	EUR/SEK	12/15/10		985,045		988,521		(3,476	)
JPMorgan Securities, Inc.	NZD/EUR	12/15/10		448,027		463,230		(15,203	)
Royal Bank of Canada	CAD/EUR	12/15/10		926,983		985,045		(58,062	)
	CHF/EUR	12/15/10		466,522		474,130		(7,608	)
UBS AG (London)	JPY/EUR	12/15/10		465,038		495,929		(30,891	)
	CHF/EUR	12/15/10		478,919		490,479		(11,560	)
Westpac Banking Corp.	AUD/EUR	12/15/10		464,101		474,129		(10,028	)


TOTAL							$	(278,862	)

FUTURES CONTRACTS — At September 30, 2010, the following futures contracts were open:


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

Australia 10 Year Treasury Bond		43		December 2010	$	4,483,513		$	25,075
Japan 10 Year Government Bond		(9	)	December 2010		(15,462,146	)		(237,226	)
U.K. Life Long Gilt		5		December 2010		976,471			(6,061	)
5 Year German Euro-Bobl		(2	)	December 2010		(328,843	)		(431	)
10 Year German Euro-Bund		32		December 2010		5,733,504			36,242
2 Year U.S. Treasury Notes		111		December 2010		24,362,766			44,276
5 Year U.S. Treasury Notes		363		December 2010		43,874,789			256,042
10 Year U.S. Treasury Notes		718		December 2010		90,501,656			94,394
30 Year U.S. Treasury Bonds		23		December 2010		3,075,531			53,675


TOTAL								$	265,986

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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND


ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2010, the Fund had outstanding swap contracts with the following terms:

INTEREST RATE SWAP CONTRACTS


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

Bank of America Securities LLC	$		22,500	^(a)		08/15/17	3 month LIBOR	2.075%	$	31,636		$	—		$	31,636
Barclays Bank PLC	GBP		6,120	^(a)		11/08/15	6 month BP	2.537		(190,119	)		48			(190,167	)
	EUR		7,090	^(a)		04/23/20	4.259%	6 month EURO		428,512			—			428,512
			1,750	^(a)		05/12/20	4.265	6 month EURO		105,345			—			105,345
			6,280	^(a)		05/14/20	4.360	6 month EURO		411,651			—			411,651
	GBP		10,520	^(a)		11/08/20	3.411	6 month BP		524,962			(600	)		525,562
			5,280	^(a)		11/08/25	6 month BP	3.778		(332,834	)		357			(333,191	)
	EUR		2,120	^(a)		04/23/40	6 month EURO	4.085		(438,661	)		—			(438,661	)
			490	^(a)		05/12/40	6 month EURO	3.940		(86,371	)		—			(86,371	)
			1,850	^(a)		05/14/40	6 month EURO	4.055		(370,772	)		—			(370,772	)
Citibank NA			7,100	^(a)		04/23/20	4.286	6 month EURO		440,224			—			440,224
			2,130	^(a)		04/23/40	6 month EURO	4.119		(456,016	)		—			(456,016	)
	GBP		760	^(a)		12/15/40	4.250	6 month BP		132,449			120,960			11,489
Credit Suisse First Boston Corp.	$		7,500	^(a)		08/15/17	3 month LIBOR	2.252		(72,877	)		—			(72,877	)
	EUR		1,900	^(a)		08/06/20	3.764	6 month EURO		55,506			—			55,506
			500	^(a)		08/06/40	6 month EURO	3.630		(55,440	)		—			(55,440	)
Deutsche Bank Securities, Inc.	KRW		471,000			01/28/11	2.820	3 month KWCDC		321			—			321
			260,000			06/12/11	3.870	3 month KWCDC		1,695			—			1,695
			1,200,000			06/26/11	3.693	3 month KWCDC		6,217			—			6,217
			496,931			07/06/11	3.620	3 month KWCDC		3,554			—			3,554
			830,250			07/07/11	3.626	3 month KWCDC		5,970			—			5,970
	$		6,100	^(a)		08/15/17	3 month LIBOR	2.241		(55,061	)		—			(55,061	)
			6,800	^(a)		08/15/17	3 month LIBOR	2.113		(6,915	)		—			(6,915	)
			28,500	^(a)		08/15/17	3 month LIBOR	2.033		115,351			—			115,351
JPMorgan Securities, Inc.	KRW		458,000			01/28/11	2.830	3 month KWCDC		333			—			333
			360,000			06/15/11	3.900	3 month KWCDC		2,408			—			2,408
			1,250,000			06/22/11	3.720	3 month KWCDC		6,718			—			6,718
			394,879			07/08/11	3.660	3 month KWCDC		2,947			—			2,947
	$		6,900	^(a)		08/15/17	3 month LIBOR	2.161		(27,547	)		—			(27,547	)
	EUR		1,750	^(a)		08/07/20	3.653	6 month EURO		40,088			—			40,088
			3,530	^(a)		08/10/20	3.530	6 month EURO		56,028			—			56,028
			480	^(a)		08/07/40	6 month EURO	3.542		(44,416	)		—			(44,416	)
			960	^(a)		08/10/40	6 month EURO	3.417		(63,680	)		—			(63,680	)


TOTAL									$	171,206		$	120,765		$	50,441


(a)	Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2010.

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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


ADDITIONAL INVESTMENT INFORMATION (continued)

CREDIT DEFAULT SWAP CONTRACTS


						Credit
				Rates		Spread at					Upfront
		Notional		received		September 30,					Payments
	Referenced	Amount		(paid) by	Termination	2010		Market			made (received)			Unrealized
Counterparty	Obligation	(000s)		Fund	Date	(basis points)^(b)		Value			by the Fund			Gain (Loss)

Protection Sold:
Credit Suisse First Boston Corp.	ABX-HE-AAA 07-1 Index	$	883	0.090%	08/25/37		2009	$	(456,921	)	$	(188,094	)	$	(268,827	)
	ABX.HE.AAA07-2 Index		243	0.760	01/25/38		2189		(135,788	)		(68,720	)		(67,068	)
Deutsche Bank Securities, Inc.	CDX North America Investment Grade Index		15,000	1.000	12/20/15		107		(43,357	)		(51,609	)		8,252
	CDX North America High Yield Index		4,700	5.000	06/20/15		523		(34,609	)		(59,914	)		25,305
			19,000	1.000	12/20/15		107		(55,447	)		(79,301	)		23,854
JPMorgan Securities, Inc.	CDX North America Investment Grade Index		4,700	1.000	12/20/15		104		(13,823	)		(15,351	)		1,528


TOTAL								$	(739,945	)	$	(462,989	)	$	(276,956	)


(b)	Credit spread on the Referenced Obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Foreign Sovereign Debt Obligations – 46.3%


	British Pound – 5.6%
	United Kingdom Gilt
	GBP	2,540,000		4.250	%		09/07/39	$	4,226,696
	United Kingdom Gilt Inflation Linked
		790,000		2.500			07/26/16		3,897,344
	United Kingdom Treasury
		7,000,000		4.500			03/07/13		11,952,424
		630,000		2.250			03/07/14		1,023,899
		870,000		4.500			03/07/19		1,542,643
		3,500,000		3.750			09/07/19		5,868,173
		7,110,000		4.000			03/07/22		11,975,392
		1,150,000		4.750			12/07/30		2,055,926
		3,390,000		4.500			09/07/34		5,854,263
		3,300,000		4.500			12/07/42		5,732,950

									54,129,710


	Canadian Dollar – 2.2%
	Government of Canada
	CAD	2,340,000		3.500			06/01/13		2,392,217
		10,920,000		2.500			06/01/15		10,890,495
		1,760,000		4.500			06/01/15		1,907,417
		4,950,000		5.750			06/01/29		6,431,055

									21,621,184


	Danish Krone – 0.3%
	Kingdom of Denmark
	DKK	16,000,000		4.000			11/15/15		3,250,001


	Euro – 16.9%
	Federal Republic of Germany
	EUR	2,710,000		3.250			07/04/15		3,998,569
		4,630,000		4.000			07/04/16		7,103,102
		240,000		4.000			01/04/18		371,474
		6,100,000		4.250			07/04/18		9,610,601
		9,130,000		3.250			01/04/20		13,501,937
		6,550,000		3.000			07/04/20		9,495,674
		4,800,000		5.625			01/04/28		9,017,279
		3,370,000		5.500			01/04/31		6,402,964
		50,000		4.000			01/04/37		81,670
		850,000		4.250			07/04/39		1,465,916
		5,610,000		4.750			07/04/40		10,467,820
	Government of Finland
		7,990,000		3.125			09/15/14		11,623,248
		390,000		4.375			07/04/19		612,704
	Government of France
		7,000,000		5.000			10/25/11		9,961,679
	Government of Ireland
		1,060,000		4.600			04/18/16		1,355,915
		420,000		4.500			04/18/20		486,594
		750,000		5.000			10/18/20		898,263
	Kingdom of Belgium
		2,610,000		4.000			03/28/14		3,830,063
		1,470,000		3.500			03/28/15		2,124,758
		1,260,000		2.750			03/28/16		1,750,864
		2,270,000		3.750			09/28/20		3,256,734
	Kingdom of The Netherlands
		9,800,000		4.250			07/15/13		14,520,023


	Republic of Austria^(a)
	EUR	3,150,000		4.350			03/15/19		4,839,306
	Republic of Italy
		3,970,000		4.250			02/01/15		5,757,234
		8,800,000		3.000			04/15/15		12,124,247
		870,000		5.250			08/01/17		1,330,071
		5,080,000		4.500			02/01/18		7,434,391
		1,960,000		4.500			03/01/19		2,837,686
		980,000		4.250			09/01/19		1,392,952
		660,000		4.250			03/01/20		932,748
		3,870,000		6.000			05/01/31		6,159,788

									164,746,274	��


	Japanese Yen – 17.3%
	Government of Japan
	JPY	3,000,000,000		1.500			06/20/12		36,771,382
		1,800,000,000		0.800			03/20/13		21,907,734
		800,000,000		1.100			09/20/13		9,850,771
		1,400,000,000		0.400			06/20/15		16,891,231
		1,216,000,000		1.500			09/20/18		15,580,663
		300,000,000		1.300			12/20/19		3,748,013
		400,000,000		1.900			06/20/25		5,112,003
		875,000,000		2.000			12/20/25		11,248,488
		430,000,000		2.100			12/20/26		5,578,122
		350,000,000		2.100			12/20/27		4,529,615
		350,000,000		2.000			06/20/30		4,404,818
		285,000,000		2.500			09/20/34		3,877,659
		250,000,000		2.500			03/20/38		3,428,827
		100,000,000		2.200			09/20/39		1,296,088
	Government of Japan CPI Linked Bond
		84,320,000		0.800			12/10/15		999,962
		437,360,000		1.000			06/10/16		5,178,849
		1,496,880,000		1.200			03/10/17		17,904,105

									168,308,330


	Polish Zloty – 0.3%
	Government of Poland
	PLN	8,000,000		4.750			04/25/12		2,760,366


	Swedish Krona – 0.5%
	Kingdom of Sweden
	SEK	11,000,000		6.750			05/05/14		1,907,438
		20,000,000		4.500			08/12/15		3,298,642

									5,206,080


	United States Dollar – 3.2%
	Federal Republic of Brazil
	$	1,250,000		5.625			01/07/41		1,368,750
	Kingdom of Denmark
		17,700,000		1.875			03/16/12		17,969,111
	Quebec Province of Canada
		3,350,000		5.125			11/14/16		3,903,191
	Russian Federation
		100,000		5.000			04/29/20		104,000
		3,472,600		7.500			03/31/30		4,141,075
	State of Qatar
		1,569,000		5.150			04/09/14		1,716,486

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Foreign Sovereign Debt Obligations – (continued)

	United Mexican States
	$	1,270,000		6.050	%		01/11/40	$	1,454,150

									30,656,763


	TOTAL FOREIGN SOVEREIGN DEBT OBLIGATIONS
	(Cost $393,830,345)							$	450,678,708




Corporate Obligations – 22.5%


	Banks – 9.8%
	Abbey National Treasury Services PLC
	EUR	750,000		2.500	%		03/18/13	$	1,018,893
	Bank of America Corp.
	$	400,000		7.375			05/15/14		459,932
		2,800,000		5.750			12/01/17		2,982,569
	Bank of Nova Scotia
		4,400,000		1.450			07/26/13		4,447,582
		13,100,000		1.450	^(a)		07/26/13		13,241,663
	Bank of Scotland PLC^(a)
		2,070,000		5.250			02/21/17		2,248,784
	BNP Paribas^(a)(b)
		450,000		5.186			06/29/49		423,000
	Canadian Imperial Bank of Commerce^(a)
		3,190,000		2.000			02/04/13		3,271,179
		1,490,000		2.600			07/02/15		1,550,337
	Cie de Financement Foncier^(a)
		4,000,000		1.625			07/23/12		4,016,340
		2,600,000		2.125			04/22/13		2,647,130
	Citigroup, Inc.
		2,300,000		5.125			05/05/14		2,442,771
		1,700,000		6.010			01/15/15		1,866,441
		550,000		5.375			08/09/20		567,248
	Credit Suisse of New York
		2,350,000		4.375			08/05/20		2,400,420
	DnB NOR Boligkreditt
	EUR	2,200,000		3.375			01/20/17		3,147,768
	HSBC Bank USA NA
	$	400,000		4.875			08/24/20		417,200
	HSBC Covered Bonds France
	EUR	1,800,000		3.375			01/20/17		2,551,847
	HSBC Holdings PLC
	$	3,500,000		6.800			06/01/38		4,093,408
	Intesa Sanpaolo SPA
	EUR	2,350,000		6.625			05/08/18		3,385,267
	Lloyds TSB Bank PLC^(a)
	$	3,050,000		4.375			01/12/15		3,123,563
	Morgan Stanley, Inc.
		2,800,000		4.000			07/24/15		2,853,595
	MUFG Capital Finance 4 Ltd.^(b)
	EUR	1,350,000		5.271			01/25/49		1,693,329
	Nordea Hypotek AB
		2,100,000		3.500			01/18/17		3,011,710
	Resona Bank Ltd.^(b)
		650,000		4.125			09/27/49		873,420
	Royal Bank of Scotland Group PLC
	$	900,000		0.499	^(b)		08/29/17		726,072
	EUR	2,750,000		6.934			04/09/18		4,045,247
	Swedish Covered Bond Corp.
		2,000,000		3.000			02/03/15		2,812,933
	Toronto-Dominion Bank
	$	2,990,000		2.200			07/29/15		3,030,096
	UBS AG
		2,250,000		4.875			08/04/20		2,372,445
	UBS AG London
	EUR	1,600,000		3.875			12/02/19		2,328,218
	UBS AG Stamford
	$	1,500,000		5.875			12/20/17		1,693,011
	US Bank NA^(b)
	EUR	2,450,000		4.375			02/28/17		3,312,242
	Wachovia Bank NA
		1,750,000		6.000			05/23/13		2,611,943
	WM Covered Bond Program
		700,000		4.375			05/19/14		1,002,255
		2,050,000		4.000			09/27/16		2,888,698

									95,558,556


	Brokerage – 0.3%
	JPMorgan Chase & Co.
	$	150,000		7.250			02/01/18		182,113
	Morgan Stanley
	EUR	1,650,000		5.500			10/02/17		2,368,927

									2,551,040


	Communications – 3.0%
	AT&T, Inc.
	$	3,300,000		5.600			05/15/18		3,839,610
		2,050,000		6.300			01/15/38		2,299,521
	Comcast Cable Communications Holdings, Inc.
		170,000		9.455			11/15/22		236,919
	Comcast Corp.
		2,200,000		5.700			05/15/18		2,502,675
	Omnicom Group, Inc.
		1,150,000		4.450			08/15/20		1,182,307
	Qwest Corp.
		450,000		8.375			05/01/16		528,750
	Reed Elsevier Capital, Inc.
		2,250,000		7.750			01/15/14		2,626,101
	Telecom Italia Capital SA
		2,204,000		4.950			09/30/14		2,340,905
	Telecom Italia Finance SA
	EUR	649,000		7.750			01/24/33		1,041,836
	Telefonica Emisiones SAU
	$	900,000		7.045			06/20/36		1,077,662
	Telemar Norte Leste SA
		850,000		5.500			10/23/20		861,219
	Time Warner Cable, Inc.
		2,200,000		6.550			05/01/37		2,458,124
	Verizon New Jersey, Inc.
		65,000		8.000			06/01/22		81,292

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

GOLDMAN SACHS GLOBAL INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)
	Communications – (continued)

	Verizon Wireless Capital LLC
	EUR	2,850,000		8.750	%		12/18/15	$	5,032,388
	WPP PLC
		2,100,000		4.375			12/05/13		3,001,240

									29,110,549


	Consumer Noncyclical – 1.5%
	Altria Group, Inc.
	$	2,900,000		9.700			11/10/18		3,898,855
	BAT International Finance PLC^(a)
		2,258,000		9.500			11/15/18		3,070,103
	Boston Scientific Corp.
		1,573,000		4.500			01/15/15		1,610,612
	Imperial Tobacco Finance PLC
	EUR	1,650,000		7.250			09/15/14		2,626,361
		150,000		8.375			02/17/16		256,559
	Kraft Foods, Inc.
	$	2,050,000		6.500			02/09/40		2,397,522
	Pfizer, Inc.
		850,000		7.200			03/15/39		1,161,744

									15,021,756


	Electric^(a) – 0.4%
	Enel Finance International SA
		1,200,000		6.250			09/15/17		1,360,949
		2,600,000		5.125			10/07/19		2,757,367

									4,118,316


	Energy – 0.5%
	Canadian Natural Resources Ltd.
		1,100,000		6.750			02/01/39		1,340,256
	Dolphin Energy Ltd.^(a)
		1,352,613		5.888			06/15/19		1,454,059
	Transocean, Inc.
		1,100,000		6.500			11/15/20		1,197,994
		1,159,000		6.800			03/15/38		1,170,590

									5,162,899


	Financial Companies – 2.8%
	American Express Centurion Bank
		3,250,000		5.200			11/26/10		3,270,374
	American Express Credit Corp.
	GBP	850,000		5.375			10/01/14		1,423,351
	Capital One Financial Corp.
	$	4,540,000		5.700			09/15/11		4,735,815
	GE Capital European Funding
	EUR	1,100,000		5.250			05/18/15		1,646,785
	General Electric Capital Corp.
	$	1,750,000		4.375			09/16/20		1,756,480
	Nationwide Building Society
	EUR	2,550,000		4.625			09/13/12		3,621,369
		4,700,000		3.875			12/05/13		6,637,118
	Pemex Project Funding Master Trust
	$	1,450,000		5.750			03/01/18		1,591,375
	Yorkshire Building Society
	EUR	1,600,000		3.250			09/22/15		2,179,556

									26,862,223


	Food & Beverage^(a) – 0.2%
	Anheuser-Busch InBev Worldwide, Inc.
	$	700,000		7.750			01/15/19		908,048
		500,000		6.875			11/15/19		622,249
		450,000		8.200			01/15/39		644,394

									2,174,691


	Insurance – 1.3%
	AON Financial Services Luxembourg SA
	EUR	1,650,000		6.250			07/01/14		2,418,495
	Aviva PLC^(b)
		1,050,000		6.875			05/22/38		1,476,722
	AXA SA^(b)
		1,900,000		6.211			10/05/49		2,310,778
	Cloverie PLC for Zurich Insurance Co.^(b)
		850,000		7.500			07/24/39		1,364,559
	Endurance Specialty Holdings Ltd.
	$	20,000		7.000			07/15/34		19,350
	MetLife, Inc.
		450,000		5.875			02/06/41		489,470
	Old Mutual PLC^(b)
	EUR	250,000		4.500			01/18/17		322,635
	Standard Life PLC^(b)
		1,450,000		6.375			07/12/22		1,966,343
		650,000		5.314			01/06/49		765,991
	ZFS Finance USA Trust I^(a)(b)
	$	1,050,000		5.875			05/09/32		985,152
		950,000		6.150			12/15/65		935,750

									13,055,245


	Metals & Mining – 0.9%
	Anglo American Capital PLC^(a)
		3,400,000		9.375			04/08/14		4,186,005
	ArcelorMittal
		1,500,000		9.850			06/01/19		1,912,832
	Glencore Finance Europe SA
	EUR	1,000,000		7.125			04/23/15		1,483,728
		700,000		5.250			03/22/17		957,121

									8,539,686


	Natural Gas – 1.3%
	Centrica PLC
		1,700,000		7.125			12/09/13		2,664,787
	DCP Midstream LLC^(a)
	$	1,820,000		5.350			03/15/20		1,968,913
	Energy Transfer Partners LP
		550,000		8.500			04/15/14		649,776
		100,000		9.700			03/15/19		132,317
		1,050,000		9.000			04/15/19		1,343,993
	Enterprise Products Operating LLC
		2,050,000		5.200			09/01/20		2,216,893
	The Williams Cos., Inc.
		2,950,000		8.750			03/15/32		3,716,709

									12,693,388

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)

	Real Estate Investment Trust – 0.4%
	Simon Property Group LP
	$	2,200,000		5.650	%		02/01/20	$	2,448,062
		1,350,000		4.375			03/01/21		1,368,525

									3,816,587


	Transportation – 0.1%
	Atlantia SpA
	EUR	500,000		5.625			05/06/16		760,144


	TOTAL CORPORATE OBLIGATIONS
	(Cost $206,159,779)							$	219,425,080




Foreign Debt Obligations – 1.9%


	Bank Nederlandse Gemeenten
	$	3,300,000		1.750	%^(a)		10/06/15	$	3,290,067
	EUR	3,525,000		4.125			06/28/16		5,276,332
	Eksportfinans ASA
	$	6,700,000		2.000			09/15/15		6,716,630
	German Postal Pensions Securitisation 2 PLC
	EUR	1,050,000		4.250			01/18/17		1,565,021
	Landeskreditbank Baden-Wuerttemberg Foerderbank
	$	1,500,000		2.000			10/01/12		1,531,752


	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $18,013,602)							$	18,379,802




Asset-Backed Securities – 3.6%


	Home Equity – 0.4%
	CIT Mortgage Loan Trust Series 2007-1, Class 2A1^(a)(b)
	$	1,470,749		1.256	%		10/25/37	$	1,381,234
	CIT Mortgage Loan Trust Series 2007-1, Class 2A2^(a)(b)
		1,600,000		1.506			10/25/37		991,890
	CIT Mortgage Loan Trust Series 2007-1, Class 2A3^(a)(b)
		2,900,000		1.706			10/25/37		1,458,193
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
		163,240		7.000			09/25/37		104,790
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
		199,211		7.000			09/25/37		113,939

									4,050,046


	Student Loans^(b) – 3.2%
	Access Group, Inc. Series 2004-2, Class A2
		4,000,000		0.648			01/25/16		3,915,147
	Bank of America Student Loan Trust Series 2010-1A, Class A^(a)
		1,500,000		1.362			02/25/43		1,499,866
	Brazos Higher Education Authority, Inc. Series 2005-3, Class A14
		661,063		0.399			09/25/23		657,443
	College Loan Corp. Trust Series 2005-1, Class A2
		4,000,000		0.598			07/25/24		3,971,211
	Knowledgeworks Foundation Student Loan Series 2010-1, Class A
		1,400,000		1.242			02/25/42		1,382,674
	Nelnet Student Loan Trust Series 2010-3A, Class A^(a)
		1,650,000		1.212			07/27/48		1,653,833
	SLC Student Loan Trust Series 2006-1, Class A4
		3,000,000		0.372			12/15/21		2,944,359
	SLC Student Loan Trust Series 2006-2, Class A4
		2,500,000		0.372			06/15/22		2,436,156
	SLM Student Loan Trust Series 2008-6, Class A2
		8,000,000		1.048			10/25/17		8,057,439
	US Education Loan Trust LLC Series 2006-1, Class A2
		1,020,849		0.427			03/01/25		1,012,836
	Wachovia Student Loan Trust Series 2006-1, Class A4^(a)
		4,000,000		0.578			04/25/23		3,954,791

									31,485,755


	TOTAL ASSET-BACKED SECURITIES
	(Cost $37,601,765)							$	35,535,801




Mortgage-Backed Obligations – 15.3%


	Adjustable Rate Non-Agency^(b) – 0.3%
	American Home Mortgage Investment Trust Series 2004-3, Class 1A
	$	15,902		0.626	%		10/25/34	$	14,829
	Countrywide Alternative Loan Trust Series 2005-38, Class A1
		288,091		1.870			09/25/35		177,435
	Countrywide Alternative Loan Trust Series 2005-82, Class A1
		3,729,782		0.526			02/25/36		1,910,940
	Countrywide Alternative Loan Trust Series 2006-OA1, Class 2A1
		1,291,511		0.467			03/20/46		739,658

									2,842,862


	Collateralized Mortgage Obligations^(b) – 1.4%
	Countrywide Home Loan Mortgage Pass-Through Trust Series 2004-HYB5, Class 2A1
		428,947		3.069			04/20/35		402,309
	FDIC Structured Sale Guaranteed Notes Series 2010-S1, Class 1A^(a)
		834,691		0.806			02/25/48		836,892
	GMAC Mortgage Corp. Loan Trust Series 2004-AR1, Class 12A
		724,152		3.425			06/25/34		713,730
	Harborview Mortgage Loan Trust Series 2006-6, Class 3A1A
		1,750,767		5.702			08/19/36		1,162,645
	Indymac Index Mortgage Loan Trust Series 2005-AR13, Class 4A1
		364,678		2.612			08/25/35		287,163
	Lanark Master Issuer PLC Series 2007-1X, Class 3A2
	EUR	4,140,411		1.031			12/22/54		5,497,442
	Luminent Mortgage Trust Series 2006-5, Class A1A
	$	1,618,736		0.446			07/25/36		862,948
	Residential Accredit Loans, Inc. Series 2005-Q05, Class A1
		1,769,454		1.370			01/25/46		949,843

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

GOLDMAN SACHS GLOBAL INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

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

	Sequoia Mortgage Trust Series 2004-10, Class A3A
	$	358,488		0.794	%		11/20/34	$	300,044
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-05, Class 3A1
		856,240		2.463			05/25/34		814,311
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 3A2
		170,996		2.716			09/25/34		154,953
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-16, Class 3A1
		884,166		2.644			11/25/34		743,374
	Washington Mutual Mortgage Pass-Through Certificates Series 2007-0A1, Class A1A
		1,916,478		1.070			02/25/47		1,137,813


	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							$	13,863,467


	Federal Agencies – 13.6%
	Adjustable Rate FNMA^(b) – 1.1%
	$	4,489,411		5.734	%		09/01/37	$	4,717,516
		2,513,587		6.107			09/01/37		2,631,536
		3,432,736		5.830			10/01/37		3,626,629

									10,975,681


	FHLMC – 2.0%
		2,466		5.000			09/01/16		2,628
		33,141		5.000			11/01/16		35,317
		7,827		5.000			12/01/16		8,341
		108,461		5.000			01/01/17		115,682
		190,280		5.000			02/01/17		203,080
		146,451		5.000			03/01/17		156,299
		257,921		5.000			04/01/17		275,274
		10,309		5.000			05/01/17		11,003
		4,264		5.000			06/01/17		4,551
		9,406		5.000			08/01/17		10,038
		667,058		5.000			09/01/17		711,930
		743,935		5.000			10/01/17		793,977
		439,480		5.000			11/01/17		469,042
		487,481		5.000			12/01/17		520,272
		601,605		5.000			01/01/18		642,300
		1,315,555		5.000			02/01/18		1,404,883
		1,300,244		5.000			03/01/18		1,388,696
		1,093,174		5.000			04/01/18		1,167,641
		744,874		5.000			05/01/18		795,657
		176,051		5.000			06/01/18		188,055
		167,076		5.000			07/01/18		178,465
		98,689		5.000			08/01/18		105,397
		65,562		5.000			09/01/18		70,029
		245,728		5.000			10/01/18		262,465
		266,109		5.000			11/01/18		284,234
		180,314		5.000			12/01/18		192,601
		132,888		5.000			01/01/19		141,959
		21,457		5.000			02/01/19		22,944
		32,006		5.000			03/01/19		34,224
		108,951		5.000			02/01/37		115,773
		47,633		5.000			03/01/39		51,077
		922,455		5.000			04/01/39		989,153
		33,215		5.000			05/01/39		35,617
		90,344		5.000			08/01/39		96,876
		1,037,359		4.500			09/01/39		1,093,558
		161,312		5.000			09/01/39		172,976
		946,462		4.500			10/01/39		996,681
		977,755		5.000			10/01/39		1,048,451
		572,162		5.000			11/01/39		613,531
		163,396		5.000			01/01/40		173,117
		1,979,273		5.000			06/01/40		2,122,383
		1,800,000		4.500			09/01/40		1,873,988

									19,580,165


	FNMA – 6.6%
		5,097		5.000			01/01/17		5,430
		11,208		5.000			08/01/17		11,956
		263,537		5.000			09/01/17		281,112
		32,808		5.000			03/01/18		35,045
		60,439		5.000			04/01/18		64,563
		151,130		5.000			05/01/18		161,453
		75,168		5.000			06/01/18		80,296
		95,026		5.000			07/01/18		101,506
		156,373		5.000			10/01/18		167,035
		64,007		5.000			11/01/18		68,375
		262,370		5.000			12/01/18		280,260
		53,543		5.000			02/01/19		57,267
		10,507		5.000			03/01/19		11,223
		106,495		5.000			04/01/19		113,887
		238,046		5.000			07/01/19		254,600
		141,110		5.000			08/01/19		150,924
		98,105		5.000			09/01/19		104,928
		814,549		5.000			10/01/19		870,089
		16,979		5.000			11/01/19		18,160
		90,657		5.000			12/01/19		96,947
		153,206		5.000			01/01/20		163,682
		1,968,304		5.000			05/01/21		2,105,187
		27,953		5.000			08/01/33		29,649
		14,476		5.500			02/01/34		15,533
		13,727		5.500			05/01/34		14,729
		10,739		5.500			10/01/34		11,512
		79,572		5.500			12/01/34		85,229
		23,351		5.500			04/01/35		25,011
		20,105		5.500			07/01/35		21,516
		20,793,037		6.000			10/01/37		22,324,795
		38,661		6.000			07/01/38		41,500
		420,634		5.000			02/01/39		449,702
		1,489,589		4.500			03/01/39		1,572,738
		502,049		5.000			03/01/39		536,584
		1,136,760		4.500			05/01/39		1,197,728
		28,778		5.000			05/01/39		30,901
		136,563		4.500			06/01/39		144,041
		27,368		5.000			06/01/39		29,387
		125,881		4.500			07/01/39		132,908
		99,852		5.000			07/01/39		107,220
		620,342		4.500			08/01/39		654,762

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date			Value

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

	$	46,160		5.000	%		08/01/39		$	49,567
		430,193		4.500			09/01/39			454,206
		482,123		5.000			09/01/39			517,699
		406,680		4.500			10/01/39			428,760
		285,491		5.000			10/01/39			306,558
		826,927		4.500			11/01/39			873,087
		504,890		5.000			11/01/39			542,145
		285,496		4.500			12/01/39			301,433
		83,368		5.000			12/01/39			89,519
		318,312		5.000			01/01/40			341,800
		12,178,710		5.000			05/01/40			13,052,684
		596,331		4.500			06/01/40			629,618
		497,500		5.000			07/01/40			534,210
		996,417		4.500			09/01/40			1,038,789
		9,000,000		3.500			TBA-15yr	^(c)		9,248,437
		1,000,000		3.000			TBA-15yr	^(c)		1,005,313
		2,000,000		3.500			TBA-30yr	^(c)		2,014,844

										64,058,039


	GNMA – 3.9%
		95,432		4.500			10/15/39			101,341
		33,000,000		4.000			TBA-30yr	^(c)		34,085,625
		3,000,000		4.500			TBA-30yr	^(c)		3,157,500

										37,344,466


	TOTAL FEDERAL AGENCIES								$	131,958,351


	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $150,647,575)								$	148,664,680




Agency Debentures – 0.7%


	FFCB
	$	2,200,000		4.250	%		04/16/18		$	2,473,872
	FHLB
		1,900,000		4.500			09/13/19			2,142,760
		1,300,000		5.625			03/14/36			1,613,773
	Tennessee Valley Authority
		300,000		4.625			09/15/60			312,526


	TOTAL AGENCY DEBENTURES
	(Cost $5,775,364)								$	6,542,931




Government Guarantee Obligations – 6.8%


	Achmea Hypotheekbank NV^(a)(d)
	$	4,800,000		3.200	%		11/03/14		$	5,102,554
	Citigroup Funding, Inc.^(e)
		1,900,000		1.875			10/22/12			1,949,356
	Fortis Bank Nederland NV^(e)
	EUR	4,400,000		3.000			04/17/12			6,138,866
	General Electric Capital Corp.^(d)
		2,500,000		4.000			06/15/12			3,556,499
	ING Bank NV^(e)
		2,600,000		3.375			03/03/14			3,731,743
	Kreditanstalt fuer Wiederaufbau
	$	1,600,000		3.250	^(d)		02/15/11			1,618,507
	EUR	12,900,000		1.250	^(e)		06/17/13			17,585,120
		3,000,000		3.125	^(e)		02/25/14			4,298,602
	AUD	3,000,000		6.000	^(d)		08/20/20			2,872,018
	LeasePlan Corp. NV^(e)
	EUR	2,750,000		3.250			05/22/14			3,933,517
	NIBC Bank NV^(a)(d)
	$	2,700,000		2.800			12/02/14			2,816,505
	Swedbank AB^(e)
	EUR	2,550,000		3.375			05/27/14			3,664,793
	Western Corporate Federal Credit Union^(e)
	$	2,150,000		1.750			11/02/12			2,198,914
	Westpac Securities NZ Ltd.^(a)(d)
		6,975,000		2.500			05/25/12			7,138,843


	TOTAL GOVERNMENT GUARANTEE OBLIGATIONS
	(Cost $61,914,798)								$	66,605,837




U.S. Treasury Obligations – 3.0%


	United States Treasury Bonds
	$	1,400,000		4.500	%		08/15/39		$	1,603,112
		3,000,000		4.375			05/15/40			3,369,300
	United States Treasury Inflation Protected Securities
		2,214,976		1.625			01/15/15			2,367,083
		1,038,910		2.125			02/15/40			1,160,900
	United States Treasury Notes
		5,900,000		0.375			08/31/12			5,895,622
		5,900,000		0.750			08/15/13			5,922,243
		1,680,000		1.250			08/31/15			1,679,647
		100,000		3.250			05/31/16			109,510
		6,130,000		3.250			12/31/16			6,690,773


	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $27,511,780)								$	28,798,190


		Exercise			Expiration
	Contracts	Rate			Date		Value

Options Purchased – 0.0%


	Cross Currency Options – 0.0%
	Call TRY 7,751,240 Put EUR 4,123,000		1.880	%		10/01/10	$	—
	Put CHF 3,657,055 Call EUR 2,719,000		1.345			10/01/10		4,159
	Put CHF 7,663,125 Call EUR 5,025,000		1.525			01/07/11		2,692
	Put GBP 2,362,315 Call EUR 2,731,000		0.865			10/21/10		45,242
	Put NZD 5,090,572 Call EUR 2,692,000		1.891			10/28/10		23,363

								75,456

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

GOLDMAN SACHS GLOBAL INCOME FUND


		Exercise			Expiration
	Contracts	Rate			Date		Value

Options Purchased – (continued)

	Currency Options – 0.0%
	Call HKD 42,273,000 Put USD 5,490,000		7.700	%		12/23/10	$	3,151
	Call USD 3,596,715 Put EUR 2,799,000		1.285			10/04/10		—
	Put CHF 5,433,120 Call USD 5,488,000		0.990			10/07/10		7,546
	Put USD 3,719,871 Call EUR 2,799,000		1.329			10/04/10		98,194
	Put USD 3,756,800 Call GBP 2,348,000		1.600			10/07/10		3,191
	Put USD 4,640,000 Call GBP 2,900,000		1.600			10/01/10		23
	Put USD 5,717,250 Call EUR 4,235,000		1.350			10/18/10		97,027

								209,132


	TOTAL OPTIONS PURCHASED
	(Cost $178,785)						$	284,588


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Short-Term Obligations – 6.1%


	Commercial Paper – 6.1%
	JPMorgan Corp.
	$	26,903,461		0.150	%		10/01/10	$	26,903,461
	Rabobank
		32,978,896		0.170			10/01/10		32,978,896


	TOTAL SHORT-TERM OBLIGATIONS
	(Cost $59,882,357)							$	59,882,357


	TOTAL INVESTMENTS – 106.2%
	(Cost $961,516,150)							$	1,034,797,974


	LIABILITIES IN EXCESS OF OTHER ASSETS – (6.2)%								(60,446,370	)


	NET ASSETS – 100.0%							$	974,351,604

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


(a)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $84,378,959, which represents approximately 8.7% of net assets as of September 30, 2010.

(b)		Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010.

(c)		TBA (To Be Announced) Securities are purchased/sold 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 $49,511,719 which represents approximately 5.1% of net assets as of September 30, 2010.

(d)		Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $23,104,926, which represents approximately 2.4% of net assets as of September 30, 2010.

(e)		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 $43,500,911, which represents approximately 4.4% of net assets as of September 30, 2010.




Currency Abbreviations:
AUD	—	Australian Dollar
BRL	—	Brazilian Real
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
CLP	—	Chilean Peso
CNY	—	Chinese Yuan
COP	—	Colombian Peso
CZK	—	Czech Koruna
DKK	—	Danish Krone
EGP	—	Egyptian Pound
EUR	—	Euro
GBP	—	British Pound
HKD	—	Hong Kong Dollar
HUF	—	Hungarian Forint
IDR	—	Indonesian Rupiah
ILS	—	Israeli Shekel
INR	—	Indian Rupee
JPY	—	Japanese Yen
KRW	—	South Korean Won
MXN	—	Mexican Peso
MYR	—	Malaysian Ringgit
NOK	—	Norwegian Krone
NZD	—	New Zealand Dollar
PHP	—	Philippine Peso
PLN	—	Polish Zloty
RUB	—	Russian Ruble
SEK	—	Swedish Krona
SGD	—	Singapore Dollar
TRY	—	Turkish Lira
TWD	—	Taiwan Dollar
ZAR	—	South African Rand

Investment Abbreviations:
BP	—	British Pound Offered Rate
CDOR	—	Canadian Dollar Offered Rate
CHFOR	—	Swiss Franc Offered Rate
CPI	—	Consumer Price Index
EURO	—	Euro Offered Rate
FDIC	—	Federal Deposit Insurance Corp.
FFCB	—	Federal Farm Credit Bank
FHLB	—	Federal Home Loan Bank
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
JYOR	—	Japanese Yen Offered Rate
KWCDC	—	South Korean Won Certificate of Deposit
LIBOR	—	London Interbank Offered Rate

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2010, the Fund had outstanding forward foreign currency exchange contracts, both to purchase and sell foreign currencies:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Contract

Expiration

Current

Unrealized

Counterparty

Currency

Type

Date

Value

Gain

Bank of America Securities LLC

CAD

Purchase

12/15/10

2,730,102

47,102

Sale

12/15/10

803,599

4,401

CLP

Purchase

10/25/10

1,011,000

22,800

CNY

Purchase

03/10/11

7,838,836

59,587

CZK

Purchase

12/15/10

1,932,652

93,188

EUR

Purchase

12/15/10

6,798,964

243,553

HUF

Purchase

12/15/10

1,833,316

316

INR

Purchase

10/15/10

1,418,586

57,586

Purchase

10/21/10

987,950

20,950

KRW

Purchase

10/29/10

478,876

2,876

MXN

Sale

12/15/10

455,279

2,721

PHP

Purchase

10/18/10

673,524

6,524

TRY

Purchase

12/15/10

1,860,690

30,690

ZAR

Purchase

12/15/10

958,440

24,440

Barclays Bank PLC

AUD

Purchase

12/15/10

2,041,243

77,847

CNY

Purchase

12/10/10

3,403,429

45,868

EUR

Purchase

12/15/10

2,803,902

56,042

GBP

Purchase

12/15/10

1,354,948

21,596

IDR

Purchase

10/04/10

924,352

4,620

INR

Purchase

10/15/10

1,130,129

35,187

MYR

Purchase

10/25/10

1,833,721

721

PHP

Purchase

11/19/10

2,764,772

86,165

PLN

Purchase

12/15/10

2,701,115

122,857

TWD

Purchase

11/19/10

1,162,303

7,375

BNP Paribas SA

AUD

Purchase

12/15/10

2,178,156

94,428

EGP

Purchase

10/12/10

1,342,475

475

Purchase

11/08/10

3,857,596

19,596

Purchase

11/09/10

739,080

1,032

EUR

Purchase

12/15/10

2,829,789

81,588

GBP

Purchase

12/15/10

923,186

6,929

Sale

12/15/10

905,916

9,674

JPY

Purchase

12/15/10

1,886,981

46,980

Sale

12/15/10

1,828,040

3,960

Citibank NA

CAD

Purchase

12/15/10

839,369

4,165

CNY

Purchase

12/10/10

3,381,614

46,559

IDR

Purchase

11/09/10

1,348,097

2,097

ILS

Purchase

12/15/10

945,720

25,720

KRW

Purchase

10/18/10

938,068

18,068

RUB

Purchase

10/20/10

935,010

15,010

Purchase

10/25/10

926,660

11,660

Purchase

12/07/10

1,571,039

8,058

SGD

Purchase

12/15/10

850,202

14,082

TWD

Purchase

11/19/10

5,312,972

77,938

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

GOLDMAN SACHS GLOBAL INCOME FUND


ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Contract

Expiration

Current

Unrealized

Counterparty

Currency

Type

Date

Value

Gain

Credit Suisse International (London)

AUD

Purchase

10/21/10

2,059,233

16,704

BRL

Purchase

10/28/10

980,630

14,630

CAD

Purchase

12/15/10

1,355,174

11,174

EUR

Purchase

10/22/10

8,025,697

483,671

Purchase

12/15/10

926,459

12,363

HUF

Purchase

12/15/10

871,710

70,710

JPY

Purchase

12/15/10

1,877,661

18,661

Sale

12/15/10

1,161,197

3,803

PHP

Purchase

10/20/10

473,106

3,106

TRY

Purchase

12/15/10

1,380,240

45,240

Deutsche Bank AG (London)

AUD

Purchase

12/15/10

1,743,481

42,734

CLP

Purchase

10/25/10

449,308

10,108

CNY

Purchase

12/21/10

920,336

2,336

Purchase

12/27/10

916,123

1,123

Purchase

03/10/11

3,586,053

25,669

COP

Purchase

11/26/10

1,833,995

3,995

EUR

Purchase

12/15/10

7,936,215

462,711

GBP

Purchase

12/15/10

12,464,213

51,443

Sale

12/15/10

3,852,889

18,912

ILS

Purchase

12/15/10

4,444,612

141,516

INR

Purchase

10/15/10

3,066,132

92,909

Purchase

10/25/10

926,217

10,217

JPY

Purchase

12/15/10

2,165,445

13,445

KRW

Purchase

11/01/10

544,475

475

RUB

Purchase

12/07/10

2,158,261

11,917

ZAR

Purchase

12/15/10

390,959

4,959

HSBC Bank PLC

CNY

Purchase

12/10/10

2,768,295

32,867

IDR

Sale

11/09/10

1,348,097

6,331

JPMorgan Securities, Inc.

CNY

Purchase

12/21/10

2,782,414

7,414

EUR

Purchase

10/22/10

6,519,723

79,369

Purchase

12/15/10

3,043,691

113,320

ILS

Purchase

12/15/10

69,985

985

INR

Purchase

10/15/10

852,292

25,292

JPY

Purchase

12/15/10

2,293,586

29,586

KRW

Purchase

10/29/10

478,667

2,667

RUB

Purchase

10/27/10

692,372

2,372

SGD

Purchase

12/15/10

5,325,615

80,894

TRY

Purchase

12/15/10

708,589

18,589

Morgan Stanley Capital Services, Inc.

BRL

Purchase

10/18/10

709,007

12,075

CAD

Sale

12/15/10

1,097,754

2,246

EGP

Purchase

11/09/10

591,456

1,019

EUR

Purchase

12/15/10

6,986,594

262,425

GBP

Purchase

12/15/10

8,432,490

129,814

INR

Purchase

10/20/10

992,209

25,209

JPY

Purchase

12/15/10

1,864,265

31,265

RUB

Purchase

10/25/10

1,848,741

13,741

TRY

Purchase

12/15/10

9,470,691

229,691

ZAR

Purchase

12/15/10

1,703,626

31,386

Royal Bank of Canada

BRL

Purchase

10/18/10

2,697,315

28,315

CAD

Purchase

12/15/10

3,466,299

23,299

CLP

Purchase

10/25/10

461,050

2,050

MXN

Sale

12/15/10

1,273,979

8,021

PLN

Purchase

12/15/10

2,698,386

125,336

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Contract

Expiration

Current

Unrealized

Counterparty

Currency

Type

Date

Value

Gain

Royal Bank of Scotland

CAD

Sale

12/15/10

917,715

2,285

CNY

Purchase

12/10/10

3,559,985

26,856

EUR

Purchase

12/15/10

2,352,934

91,324

HUF

Purchase

12/15/10

2,870,119

194,536

State Street Bank

AUD

Purchase

12/15/10

6,029,899

230,612

EUR

Purchase

12/15/10

6,235,889

299,818

INR

Purchase

10/15/10

2,391,208

122,738

KRW

Purchase

10/18/10

1,266,426

19,785

MXN

Purchase

12/15/10

854,410

18,291

Sale

12/15/10

1,820,306

11,694

Westpac Banking Corp.

AUD

Purchase

12/15/10

915,304

6,511

JPY

Purchase

12/15/10

1,538,896

33,880

NZD

Purchase

12/15/10

828,303

3,509

TOTAL

5,524,979

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


		Contract	Expiration	Current		Unrealized
Counterparty	Currency	Type	Date	Value		Loss

Bank of America Securities LLC	BRL	Sale	10/18/10	$	1,790,665	$	(25,389	)
	CAD	Purchase	12/15/10		1,057,799		(3,201	)
	EUR	Sale	12/15/10		2,768,478		(135,198	)
	GBP	Purchase	12/15/10		521,255		(3,802	)
	HUF	Sale	12/15/10		3,673,000		(309,572	)
	ILS	Sale	12/15/10		306,065		(5,065	)
	JPY	Purchase	12/15/10		1,325,936		(9,064	)
		Sale	12/15/10		940,983		(20,983	)
	MYR	Purchase	11/01/10		908,610		(2,390	)
	SGD	Sale	12/15/10		994,335		(22,335	)
	TWD	Sale	11/19/10		925,205		(8,205	)
Barclays Bank PLC	AUD	Purchase	12/15/10		757,328		(4,192	)
		Sale	12/15/10		644,351		(12,875	)
	CAD	Sale	12/15/10		514,179		(11,256	)
	EUR	Sale	12/15/10		1,389,008		(25,636	)
	GBP	Sale	12/15/10		1,361,228		(22,776	)
	ILS	Sale	12/15/10		208,399		(3,399	)
	INR	Sale	10/15/10		963,302		(17,899	)
	JPY	Sale	12/15/10		693,165		(19,165	)
	MYR	Purchase	11/01/10		908,655		(2,345	)
	PHP	Sale	11/19/10		2,732,828		(44,828	)
	PLN	Sale	11/09/10		2,655,592		(160,168	)
	SEK	Sale	11/16/10		5,581,098		(244,381	)
	TRY	Sale	12/15/10		918,738		(2,738	)
	TWD	Purchase	11/01/10		814,980		(1,020	)

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

GOLDMAN SACHS GLOBAL INCOME FUND


ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


		Contract	Expiration	Current		Unrealized
Counterparty	Currency	Type	Date	Value		Loss

BNP Paribas SA	AUD	Purchase	12/15/10	$	452,865	$	(856	)
		Sale	12/15/10		774,562		(23,640	)
	CAD	Sale	12/15/10		919,984		(4,984	)
	CNY	Purchase	12/29/10		1,176,886		(5,114	)
	EGP	Sale	11/08/10		2,020,428		(13,741	)
	EUR	Sale	12/15/10		2,362,471		(99,421	)
	GBP	Sale	12/15/10		916,906		(1,276	)
	HUF	Sale	12/15/10		3,671,012		(308,049	)
	INR	Purchase	11/04/10		548,404		(1,596	)
	JPY	Sale	12/15/10		6,422,352		(41,352	)
	MXN	Purchase	12/15/10		826,865		(1,135	)
Citibank NA	AUD	Sale	12/15/10		8,362,269		(527,808	)
	CZK	Sale	12/15/10		3,061,359		(186,690	)
	IDR	Sale	10/04/10		2,763,861		(59,861	)
	MYR	Purchase	10/29/10		2,741,423		(2,577	)
	PLN	Sale	12/15/10		2,535,562		(110,815	)
	RUB	Purchase	10/29/10		1,822,907		(7,093	)
	SGD	Sale	12/15/10		2,753,318		(66,318	)
	TWD	Purchase	11/01/10		1,829,828		(3,172	)
		Sale	11/19/10		1,783,936		(28,084	)
	ZAR	Sale	12/15/10		2,324,403		(77,258	)
Credit Suisse International (London)	AUD	Purchase	12/15/10		903,815		(3,709	)
	CHF	Sale	12/15/10		1,108,553		(21,597	)
	EUR	Sale	10/06/10		940,575		(7,527	)
		Sale	12/15/10		1,434,650		(90,937	)
	GBP	Purchase	12/15/10		907,486		(7,066	)
	JPY	Sale	12/15/10		2,565,953		(24,247	)
	MYR	Purchase	11/01/10		913,839		(3,161	)
	NOK	Sale	12/15/10		2,593,006		(84,647	)
	ZAR	Purchase	12/15/10		729,553		(3,447	)
Deutsche Bank AG (London)	AUD	Purchase	12/15/10		450,950		(3,485	)
		Sale	12/15/10		1,408,381		(80,185	)
	CAD	Purchase	12/15/10		662,408		(592	)
		Sale	12/15/10		1,081,383		(3,383	)
	CNY	Purchase	01/12/11		2,388,411		(20,589	)
	COP	Sale	11/26/10		1,371,803		(9,803	)
	EUR	Sale	10/06/10		1,881,149		(41,548	)
		Sale	12/15/10		6,087,077		(367,570	)
	GBP	Purchase	12/15/10		4,302,864		(15,353	)
		Sale	12/15/10		11,207,635		(52,352	)
	IDR	Sale	10/04/10		1,373,673		(18,673	)
	ILS	Sale	12/15/10		208,281		(3,281	)
	INR	Sale	10/15/10		2,604,545		(68,806	)
		Sale	10/20/10		919,176		(4,176	)
		Sale	10/29/10		917,424		(2,424	)
	JPY	Purchase	12/15/10		1,158,906		(6,094	)
		Sale	12/15/10		1,309,508		(8,508	)
	MXN	Sale	12/15/10		1,394,265		(50,265	)
	NZD	Purchase	12/15/10		906,357		(4,526	)
		Sale	12/15/10		2,610,424		(38,373	)
	SGD	Sale	12/15/10		596,611		(13,611	)
	ZAR	Sale	12/15/10		2,345,258		(77,656	)

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


		Contract	Expiration	Current		Unrealized
Counterparty	Currency	Type	Date	Value		Loss

HSBC Bank PLC	CNY	Sale	12/10/10	$	8,583,039	$	(54,617	)
	EUR	Sale	10/22/10		333,968,786		(21,322,426	)
	GBP	Sale	10/29/10		56,498,220		(595,756	)
	IDR	Purchase	10/04/10		1,356,379		(172	)
	TRY	Sale	12/15/10		3,043,496		(115,161	)
JPMorgan Securities, Inc.	CAD	Purchase	12/15/10		2,668,379		(621	)
	EUR	Purchase	12/15/10		1,827,032		(4,700	)
		Sale	12/15/10		3,716,737		(59,703	)
	INR	Sale	10/15/10		1,138,333		(15,281	)
		Sale	10/25/10		925,813		(10,813	)
		Purchase	11/04/10		914,339		(2,662	)
	MXN	Sale	12/15/10		830,949		(2,949	)
	SGD	Sale	12/15/10		344,818		(8,281	)
	TRY	Sale	12/15/10		3,510,280		(140,280	)
Morgan Stanley Capital Services, Inc.	AUD	Sale	10/21/10		4,935,020		(263,434	)
	BRL	Sale	10/18/10		1,734,150		(28,251	)
	CAD	Purchase	12/15/10		671,616		(1,384	)
		Sale	12/15/10		332,578		(578	)
	CZK	Sale	12/15/10		3,070,944		(188,773	)
	EUR	Sale	10/06/10		940,575		(2,545	)
		Sale	12/15/10		2,381,545		(129,453	)
	ILS	Sale	12/15/10		1,847,556		(53,928	)
	INR	Purchase	11/04/10		339,464		(536	)
	JPY	Sale	11/05/10		165,338,567		(2,298,730	)
	NZD	Sale	12/15/10		549,793		(2,585	)
	RUB	Sale	12/07/10		1,862,389		(23,389	)
	SEK	Sale	12/15/10		2,836,841		(167,841	)
	SGD	Sale	12/15/10		796,155		(18,155	)
	TRY	Sale	12/15/10		3,985,558		(136,085	)
Royal Bank of Canada	BRL	Sale	10/28/10		984,375		(18,375	)
	CAD	Sale	11/08/10		20,975,808		(49,232	)
		Sale	12/15/10		2,678,906		(3,323	)
	COP	Sale	11/26/10		947,989		(13,989	)
	EUR	Sale	10/22/10		2,372,203		(99,956	)
Royal Bank of Scotland	AUD	Sale	12/15/10		1,408,381		(80,141	)
	CNY	Purchase	12/28/10		1,033,679		(4,601	)
	GBP	Sale	12/15/10		2,456,343		(30,609	)
	KRW	Sale	10/18/10		2,024,380		(40,850	)
	NZD	Sale	12/15/10		2,619,222		(39,491	)
	PHP	Purchase	10/29/10		914,463		(2,537	)
State Street Bank	CAD	Sale	12/15/10		917,792		(792	)
	EUR	Sale	12/15/10		2,546,401		(145,147	)
	KRW	Sale	10/18/10		2,033,020		(38,609	)
	MXN	Purchase	12/15/10		915,417		(1,583	)
	SGD	Sale	12/15/10		756,099		(17,099	)
	ZAR	Sale	12/15/10		1,020,799		(26,799	)

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

GOLDMAN SACHS GLOBAL INCOME FUND


ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


		Contract	Expiration	Current		Unrealized
Counterparty	Currency	Type	Date	Value		Loss

UBS AG (London)	EUR	Sale	10/04/10	$	5,773,190	$	(115,357	)
		Sale	12/15/10		1,858,369		(29,408	)
	MXN	Sale	12/15/10		1,365,466		(30,466	)
	NZD	Sale	12/15/10		930,419		(3,967	)
Westpac Banking Corp.	DKK	Sale	11/18/10		2,989,601		(108,617	)


TOTAL						$	(30,376,350	)

FORWARD FOREIGN CROSS CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (PURCHASE/SALE)


			Purchase		Sale
		Expiration	Current		Current		Unrealized
Counterparty	Currency	Date	Value		Value		Gain

Bank of America Securities LLC	EUR/CHF	12/15/10	$	4,448,367	$	4,354,107	$	94,260
	EUR/GBP	12/15/10		904,320		899,592		4,728
	HUF/EUR	12/15/10		484,908		476,854		8,054
	PLN/HUF	12/15/10		734,959		732,779		2,180
Barclays Bank PLC	EUR/CAD	12/15/10		1,427,837		1,374,167		53,670
	EUR/CHF	12/15/10		1,456,448		1,416,414		40,034
	EUR/JPY	12/15/10		918,285		908,390		9,895
	EUR/NOK	12/15/10		2,352,935		2,319,636		33,299
	NOK/GBP	12/15/10		916,854		910,625		6,229
	TRY/EUR	10/04/10		948,317		946,078		2,239
	TRY/EUR	12/15/10		920,517		918,285		2,232
BNP Paribas SA	EUR/CHF	12/15/10		1,641,741		1,625,597		16,144
	EUR/JPY	12/15/10		952,346		945,469		6,877
	HUF/EUR	12/15/10		739,845		718,006		21,839
	PLN/EUR	12/15/10		943,521		940,084		3,437
Credit Suisse International (London)	AUD/NZD	12/15/10		1,370,084		1,326,359		43,725
	EUR/CHF	12/15/10		1,430,562		1,368,839		61,723
	EUR/GBP	12/15/10		2,837,963		2,772,850		65,113
	EUR/JPY	12/15/10		953,708		939,478		14,230
Deutsche Bank AG (London)	EUR/CHF	12/15/10		3,508,557		3,474,873		33,684
	EUR/GBP	12/15/10		4,752,033		4,616,915		135,118
	EUR/JPY	12/15/10		4,403,620		4,348,119		55,501
	JPY/EUR	12/15/10		903,921		903,298		623
	PLN/NZD	12/15/10		946,433		926,044		20,389
HSBC Bank PLC	TRY/EUR	12/15/10		499,143		497,970		1,173
JPMorgan Securities, Inc.	EUR/CAD	12/15/10		1,389,689		1,371,697		17,992
	EUR/GBP	12/15/10		916,921		901,198		15,723
	SEK/EUR	12/15/10		1,463,193		1,448,274		14,919
Morgan Stanley Capital Services, Inc.	EUR/CHF	12/15/10		4,029,757		3,944,674		85,083
Royal Bank of Scotland	HUF/EUR	12/15/10		759,506		750,705		8,801
	NOK/GBP	12/15/10		923,211		915,336		7,875
State Street Bank	EUR/CHF	12/15/10		918,285		902,167		16,118
	EUR/NOK	12/15/10		2,802,540		2,782,732		19,808
	SEK/EUR	12/15/10		1,906,138		1,903,329		2,809

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CROSS CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN
(PURCHASE/SALE) (continued)


			Purchase		Sale
		Expiration	Current		Current		Unrealized
Counterparty	Currency	Date	Value		Value		Gain

UBS AG (London)	EUR/GBP	12/15/10	$	957,795	$	925,542	$	32,253
	NOK/GBP	12/15/10		920,920		915,336		5,584
	SEK/EUR	12/15/10		3,607,986		3,564,230		43,756


TOTAL							$	1,007,117

FORWARD FOREIGN CROSS CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (PURCHASE/SALE)


			Purchase		Sale
		Expiration	Current		Current		Unrealized
Counterparty	Currency	Date	Value		Value		Loss

Bank of America Securities LLC	CHF/EUR	12/15/10	$	894,634	$	918,285	$	(23,651	)
	EUR/PLN	12/15/10		929,184		930,716		(1,532	)
	EUR/SEK	12/15/10		1,444,187		1,449,460		(5,273	)
	JPY/EUR	12/15/10		902,644		918,285		(15,641	)
	NZD/EUR	12/15/10		885,438		915,560		(30,122	)
Barclays Bank PLC	CHF/EUR	12/15/10		144,278		147,144		(2,866	)
	GBP/NZD	12/15/10		555,796		559,286		(3,490	)
BNP Paribas SA	CHF/EUR	12/15/10		1,386,437		1,419,663		(33,226	)
	EUR/HUF	12/15/10		737,080		737,127		(47	)
	JPY/EUR	12/15/10		922,377		929,184		(6,807	)
	NZD/EUR	12/15/10		1,375,954		1,455,086		(79,132	)
	PLN/HUF	12/15/10		1,429,221		1,502,249		(73,028	)
Citibank NA	EUR/PLN	12/15/10		937,359		940,621		(3,262	)
	PLN/EUR	12/15/10		1,388,623		1,400,589		(11,966	)
Credit Suisse International (London)	AUD/EUR	12/15/10		2,803,473		2,869,299		(65,826	)
	CHF/EUR	12/15/10		2,077,031		2,155,381		(78,350	)
	JPY/EUR	12/15/10		927,064		935,996		(8,932	)
	NZD/EUR	12/15/10		2,027,103		2,151,293		(124,190	)
Deutsche Bank AG (London)	AUD/EUR	12/15/10		934,000		953,708		(19,708	)
	CHF/EUR	12/15/10		2,939,097		3,000,775		(61,678	)
	GBP/EUR	12/15/10		1,688,162		1,743,034		(54,872	)
	JPY/EUR	12/15/10		2,169,842		2,201,704		(31,862	)
	NZD/EUR	12/15/10		1,300,899		1,376,065		(75,166	)
	PLN/EUR	12/15/10		746,718		752,067		(5,349	)
JPMorgan Securities, Inc.	CHF/EUR	12/15/10		2,149,908		2,183,992		(34,084	)
	EUR/TRY	10/04/10		441,680		443,016		(1,336	)
	GBP/NZD	12/15/10		370,530		372,274		(1,744	)
	ILS/EUR	12/15/10		1,385,438		1,434,650		(49,212	)
Morgan Stanley Capital Services, Inc.	CHF/EUR	12/15/10		938,131		953,708		(15,577	)
	EUR/HUF	12/15/10		1,149,900		1,186,196		(36,296	)
	JPY/EUR	12/15/10		915,869		916,922		(1,053	)
Royal Bank of Scotland	NOK/EUR	12/15/10		4,863,846		4,938,392		(74,546	)
State Street Bank	AUD/CAD	12/15/10		906,687		912,786		(6,099	)
	CHF/EUR	12/15/10		694,407		720,731		(26,324	)
	EUR/SEK	12/15/10		2,825,701		2,829,716		(4,015	)

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

GOLDMAN SACHS GLOBAL INCOME FUND


ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CROSS CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS
(PURCHASE/SALE) (continued)


			Purchase		Sale
		Expiration	Current		Current		Unrealized
Counterparty	Currency	Date	Value		Value		Loss

State Street Bank (continued)	NOK/EUR	12/15/10	$	4,905,754	$	4,988,421	$	(82,667	)
UBS AG (London)	CHF/EUR	12/15/10		2,087,961		2,149,931		(61,970	)
	NZD/AUD	12/15/10		916,065		917,214		(1,149	)


TOTAL							$	(1,212,048	)

FORWARD SALES CONTRACTS — At September 30, 2010, the Fund had the following forward sales contracts:^(c)

Interest

Maturity

Settlement

Principal

Description

Rate

Date

Amount

Value

FHLMC (Proceeds Receivable $1,042,852)

4.500%

TBA-30yr

10/13/10

(1,000,000

)

(1,039,766

)

FUTURES CONTRACTS — At September 30, 2010, the following futures contracts were open:


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

Australia 10 Year Treasury Bond		129		December 2010	$	13,450,540		$	93,586
Eurodollars		3		December 2010		747,300			4,867
Eurodollars		3		March 2011		746,925			17,734
Eurodollars		3		June 2011		746,363			19,609
Eurodollars		3		September 2011		745,650			21,027
Eurodollars		3		December 2011		744,750			22,173
Eurodollars		405		March 2012		100,404,562			151,064
Japan 10 Year Government Bond		(13	)	December 2010		(22,334,212	)		(352,123	)
Ultra Long U.S. Treasury Bonds		(6	)	December 2010		(847,688	)		(11,986	)
U.K. Life Long Gilt		(25	)	December 2010		(4,882,355	)		(458	)
2 Year German Euro-Schatz		41		December 2010		6,097,117			(78	)
5 Year German Euro-Bobl		(69	)	December 2010		(11,345,092	)		(8,107	)
10 Year German Euro-Bund		109		December 2010		19,529,747			112,137
2 Year U.S. Treasury Notes		281		December 2010		61,675,110			116,889
5 Year U.S. Treasury Notes		194		December 2010		23,448,234			65,313
10 Year U.S. Treasury Notes		738		December 2010		93,022,594			607,896
30 Year U.S. Treasury Bonds		39		December 2010		5,215,031			20,529


TOTAL								$	880,072

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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2010, 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
Counterparty	(000s)			Date		the Fund	the Fund	Value			the Fund			Gain (Loss)

Bank of America Securities LLC		CAD 9,800	^(a)		04/08/16	3 month CDOR	3.845%	$	(712,614	)	$	—		$	(712,614	)
		13,700	^(a)		04/08/21	4.350%	3 month CDOR		1,503,343			—			1,503,343
		4,000	^(a)		04/08/41	3 month CDOR	4.496		(708,570	)		—			(708,570	)
Barclays Bank PLC		GBP 15,630			11/02/15	6 month BP	2.587		(554,123	)		827			(554,950	)
		14,050	^(a)		11/03/15	6 month BP	2.589		(498,784	)		(3,908	)		(494,876	)
		5,590	^(a)		11/10/15	6 month BP	2.482		(149,706	)		4,204			(153,910	)
		EUR 20,310	^(a)		04/23/20	4.259	6 month EURO		1,227,514			—			1,227,514
		4,870	^(a)		05/12/20	4.265	6 month EURO		293,161			—			293,161
		8,470	^(a)		05/14/20	4.265	6 month EURO		509,344			—			509,344
		GBP 26,380	^(a)		11/02/20	3.493	6 month BP		1,638,193			(18,047	)		1,656,240
		24,210	^(a)		11/03/20	3.485	6 month BP		1,473,301			(4,451	)		1,477,752
		9,610	^(a)		11/10/20	3.395	6 month BP		455,990			(17,391	)		473,381
		13,180	^(a)		11/02/25	6 month BP	3.872		(1,078,386	)		11,637			(1,090,023	)
		12,180	^(a)		11/03/25	6 month BP	3.865		(978,946	)		(1,107	)		(977,839	)
		4,815			11/10/25	6 month BP	3.777		(302,378	)		11,226			(313,604	)
		EUR 6,090	^(a)		04/23/40	6 month EURO	4.085		(1,260,116	)		—			(1,260,116	)
		1,350	^(a)		05/12/40	6 month EURO	3.940		(237,962	)		—			(237,962	)
		2,530	^(a)		05/14/40	6 month EURO	3.935		(443,088	)		—			(443,088	)
Citibank NA		KRW 8,068,285			07/15/14	3.905	3 month KWCDC		118,872			—			118,872
		EUR 20,380	^(a)		04/23/20	4.286	6 month EURO		1,263,630			—			1,263,630
		12,950	^(a)		05/14/20	4.348	6 month EURO		839,640			—			839,640
		6,110	^(a)		04/23/40	6 month EURO	4.119		(1,308,102	)		—			(1,308,102	)
		3,820	^(a)		05/14/40	6 month EURO	4.044		(756,581	)		—			(756,581	)
Credit Suisse First Boston Corp.	$	53,650	^(a)		12/15/12	3 month LIBOR	1.750		(1,132,417	)		(187,554	)		(944,863	)
		EUR 26,320	^(a)		12/15/15	6 month EURO	2.750		(1,191,044	)		(543,499	)		(647,545	)
	$	16,830	^(a)		08/15/17	3 month LIBOR	2.107		(10,248	)		—			(10,248	)
		33,650	^(a)		08/15/17	3 month LIBOR	2.244		(308,598	)		—			(308,598	)
		EUR 5,650			08/06/20	3.764	6 month EURO		165,058			—			165,058
		1,550	^(b)		08/06/40	6 month EURO	3.630		(171,863	)		—			(171,863	)
JPMorgan Securities, Inc.		5,310	^(a)		08/07/20	3.653	6 month EURO		121,640			—			121,640
		10,600	^(a)		08/10/20	3.530	6 month EURO		168,243			—			168,243
		1,450	^(a)		08/07/40	6 month EURO	3.542		(134,172	)		—			(134,172	)
		2,900	^(a)		08/10/40	6 month EURO	3.417		(192,364	)		—			(192,364	)
Morgan Stanley Capital Services, Inc.	$	16,830	^(a)		08/15/17	3 month LIBOR	2.186		(93,283	)		—			(93,283	)
UBS AG (London)		JPY 1,076,000	^(a)		12/15/15	1.000	6 month JYOR		322,855			152,770			170,085
		CHF 5,400			01/06/17	2.105	6 month CHFOR		324,902			—			324,902


TOTAL								$	(1,797,659	)	$	(595,293	)	$	(1,202,366	)


(a)	Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2010.

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

GOLDMAN SACHS GLOBAL INCOME FUND


ADDITIONAL INVESTMENT INFORMATION (continued)

WRITTEN OPTIONS — For the six months ended September 30, 2010, the Fund had the following written options activity:


	Number of			Premiums
	Contracts			Received

Contracts Outstanding March 31, 2010		—		$	—


Contracts written		4,738,000			5,923
Contracts expired		(4,738,000	)		(5,923	)


Contracts Outstanding September 30, 2010		—		$	—

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – 12.4%


	Aerospace & Defense^(a) – 0.1%
	L-3 Communications Corp.
	$	100,000		6.375	%		10/15/15	$	103,000
	Spirit AeroSystems, Inc.
		125,000		7.500			10/01/17		128,125

									231,125


	Automotive – 0.3%
	FCE Bank PLC
	EUR	50,000		7.250			07/15/13		71,467
	Ford Motor Credit Co. LLC
	$	500,000		7.800			06/01/12		533,125

									604,592


	Banks^(b) – 1.2%
	Cie de Financement Foncier
		1,500,000		2.125			04/22/13		1,527,190
	Stadshypotek AB
		1,100,000		1.450			09/30/13		1,103,594

									2,630,784


	Building Materials^(a) – 0.6%
	Cemex Finance LLC
		1,220,000		9.500			12/14/16		1,227,681
	PLY Gem Industries, Inc.
		148,000		11.750			06/15/13		157,990

									1,385,671


	Energy – 2.2%
	Brigham Exploration Co.^(a)(b)
		271,000		8.750			10/01/18		278,453
	Comstock Resources, Inc.^(a)
		640,000		8.375			10/15/17		656,000
	Continental Resources, Inc.^(a)(b)
		100,000		7.125			04/01/21		103,250
	EXCO Resources, Inc.^(a)
		75,000		7.250			01/15/11		74,906
		310,000		7.500			09/15/18		307,287
	Forest Oil Corp.^(a)
		250,000		8.500			02/15/14		272,500
	Gaz Capital SA for Gazprom^(c)
		300,000		9.250			04/23/19		372,750
	Penn Virginia Corp.
		125,000		4.500			11/15/12		120,994
	Petrohawk Energy Corp.^(a)
		125,000		10.500			08/01/14		140,625
		70,000		7.875			06/01/15		73,500
		41,000		7.250	^(b)		08/15/18		41,820
	Plains Exploration & Production Co.^(a)
		125,000		7.750			06/15/15		130,938
	Quicksilver Resources, Inc.^(a)
		513,000		8.250			08/01/15		542,497
	SESI LLC^(a)(c)(d)
		340,000		1.500			12/15/26		331,024
	Whiting Petroleum Corp.^(a)
		950,000		7.000			02/01/14		1,002,250
		485,000		6.500			10/01/18		494,700

									4,943,494


	Entertainment^(a) – 0.3%
	MU Finance PLC^(b)
	$	275,000		8.375			02/01/17	$	269,500
	Universal City Development Partners Ltd.
		489,000		8.875			11/15/15		504,281

									773,781


	Gaming^(a) – 0.2%
	Harrah’s Operating Co., Inc.
		250,000		11.250			06/01/17		273,750
	MGM Resorts International
		250,000		10.375			05/15/14		276,875

									550,625


	Health Care – Medical Products^(a) – 0.4%
	Bausch & Lomb, Inc.
		239,000		9.875			11/01/15		253,937
	DJO Finance LLC/DJO Finance Corp.
		655,000		10.875			11/15/14		713,950

									967,887


	Health Care – Services^(a) – 0.4%
	Alliance HealthCare Services, Inc.
		250,000		8.000			12/01/16		231,875
	DaVita, Inc.
		397,000		6.625			03/15/13		403,451
	HCA, Inc.
		107,000		9.125			11/15/14		112,751
	Psychiatric Solutions, Inc.
		139,000		7.750			07/15/15		143,865
	Tenet Healthcare Corp.
		125,000		8.875			07/01/19		138,125

									1,030,067


	Lodging^(a) – 0.1%
	Felcor Lodging LP
		125,000		10.000			10/01/14		135,938


	Media – Cable^(a) – 0.5%
	Charter Communications Operating LLC^(b)
		600,000		8.000			04/30/12		636,000
	DISH DBS Corp.
		300,000		6.625			10/01/14		313,500
	GCI, Inc.
		125,000		7.250			02/15/14		127,812

									1,077,312


	Media – Non Cable^(a) – 0.6%
	Lamar Media Corp.
		125,000		9.750			04/01/14		143,438
	LIN Television Corp.
		125,000		6.500			05/15/13		124,375
	Nielsen Finance LLC^(b)
		187,000		7.750			10/15/18		185,629
	Univision Communications, Inc.^(b)
		750,000		12.000			07/01/14		817,500

									1,270,942

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

GOLDMAN SACHS STRATEGIC INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)

	Metals & Mining^(a) – 0.1%
	Teck Resources Ltd.
	$	117,000		10.750	%		05/15/19	$	146,250


	Noncaptive – Financial – 2.0%
	Ally Credit Canada Ltd.
	GBP	250,000		6.625			12/17/10		392,329
	Ally Financial, Inc.
	$	125,000		6.875			08/28/12		130,000
		125,000		6.750			12/01/14		130,000
	CIT Group Funding Co. of Delaware LLC^(a)
		148,931		10.250			05/01/13		154,702
		55,483		10.250			05/01/14		57,633
		154,586		10.250			05/01/15		159,610
		119,000		10.250			05/01/16		122,868
		750,000		10.250			05/01/17		776,250
	CIT Group, Inc.^(a)
		1,013,000		7.000			05/01/13		1,019,331
		97,000		7.000			05/01/14		96,758
	International Lease Finance Corp.
		96,000		4.750			01/13/12		95,520
		20,000		5.400			02/15/12		20,100
	SLM Corp.
	CAD	150,000		4.625			06/15/11		144,766
	EUR	1,000,000		3.125			09/17/12		1,280,896

									4,580,763


	Packaging^(a)(b) – 0.0%
	OI European Group BV
		70,000		6.750			09/15/20		97,575


	Paper^(a) – 0.2%
	Domtar Corp.
	$	225,000		10.750			06/01/17		277,875
	Georgia-Pacific LLC^(b)
		97,000		8.250			05/01/16		107,913

									385,788


	Pipelines – 0.2%
	Carrizo Oil & Gas, Inc.^(a)(c)
		200,000		4.375			06/01/28		186,185
	Goodrich Petroleum Corp.^(a)(c)
		250,000		3.250			12/01/26		244,885
	Regency Energy Partners LP
		125,000		9.375			06/01/16		137,500

									568,570


	Services Cyclical – Business Services^(a)(b) – 0.0%
	West Corp.
		100,000		8.625			10/01/18		100,000


	Services Cyclical – Rental Equipment^(a) – 1.5%
	Mobile Mini, Inc.
		125,000		9.750			08/01/14		130,938
	RSC Equipment Rental, Inc.
		1,017,000		9.500			12/01/14		1,055,137
	United Rentals North America, Inc.
		2,231,000		7.750			11/15/13		2,253,310

									3,439,385


	Technology – 0.1%
	VeriFone Systems, Inc.
	$	125,000		1.375			06/15/12	$	124,131


	Transportation^(a) – 0.2%
	United Air Lines, Inc.^(b)
		250,000		9.875			08/01/13		268,750
	United Continental Holdings Corp.^(c)
		125,000		5.000			02/01/21		125,765

									394,515


	Wireless Telecommunications – 0.7%
	Crown Castle International Corp.^(a)
		125,000		9.000			01/15/15		137,500
	Intelsat Subsidiary Holding Co. SA^(a)
		250,000		8.500			01/15/13		252,500
	Nextel Communications, Inc.^(a)
		356,000		6.875			10/31/13		359,560
	NII Holdings, Inc.
		250,000		3.125			06/15/12		242,736
	Sprint Capital Corp.^(a)
		110,000		8.375			03/15/12		117,425
	Wind Acquisition Finance SA^(a)
	EUR	250,000		11.750			07/15/17		378,302

									1,488,023


	Wirelines Telecommunications^(a) – 0.5%
	Frontier Communications Corp.
	$	95,000		8.250			05/01/14		104,381
		697,000		7.875			04/15/15		754,503
	Windstream Corp.
		349,000		8.625			08/01/16		368,195

									1,227,079


	TOTAL CORPORATE OBLIGATIONS
	(Cost $27,884,923)							$	28,154,297




Mortgage-Backed Obligations – 22.6%


	Adjustable Rate Non-Agency – 8.6%
	American Home Mortgage Assets Series 2007-2, Class A1^(e)
	$	2,899,337		0.381	%		03/25/47	$	1,577,297
	BCAP LLC Trust Series 2007-AA2, Class 2A7
		4,350,000		6.000			04/25/37		3,305,174
	Countrywide Alternative Loan Trust Series 2005-76, Class 1A1^(e)
		3,738,254		1.850			01/25/36		2,590,677
	Deutsche Alt-A Securities, Inc. Alternate Loan Trust Series 2006-OA1, Class A1^(e)
		781,806		0.456			02/25/47		492,143
	Downey Savings & Loan Association Mortgage Loan Trust Series 2006-AR2, Class 2A1A^(e)
		2,352,279		0.457			11/19/37		1,583,554
	Harborview Mortgage Loan Trust Series 2006-14, Class 2A1A^(e)
		122,352		0.407			01/25/47		69,765
	Lehman XS Trust Series 2007-16N, Class 2A2^(e)
		815,344		1.106			09/25/47		489,288

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

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

	Luminent Mortgage Trust Series 2007-2, Class 2A1^(e)
	$	3,892,706		0.486	%		05/25/37	$	2,191,983
	Residential Accredit Loans, Inc. Series 2005-Q05, Class A1^(e)
		2,875,364		1.370			01/25/46		1,543,495
	Residential Accredit Loans, Inc. Series 2007-QH2, Class A1^(e)
		844,674		0.396			03/25/37		502,581
	Residential Accredit Loans, Inc. Series 2007-QH9, Class A1^(e)
		3,108,131		6.374			11/25/37		1,530,901
	Structured Asset Mortgage Investments, Inc. Series 2006-AR6, Class 1A3^(e)
		894,177		0.446			07/25/46		470,069
	Structured Asset Mortgage Investments, Inc. Series 2006-AR7, Class A1A^(e)
		950,534		0.466			08/25/36	$	560,340
	Structured Asset Mortgage Investments, Inc. Series 2007-AR7, Class 1A1^(e)
		2,552,655		1.106			05/25/47		1,374,349
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR6, Class 2A1A^(e)
		774,189		0.486			04/25/45		620,932
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR8, Class 1A1A^(e)
		645,872		0.526			07/25/45		517,919

									19,420,467


	Collateralized Mortgage Obligations – 9.5%
	Regular Floater^(e) – 0.7%
	Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12
	$	2,560,860		1.056	%		12/25/35	$	1,671,246


	Sequential Fixed Rate – 7.5%
	Banc of America Funding Corp. Series 2007-8, Class 2A1
		4,839,126		7.000			10/25/37		3,624,155
	Citicorp Mortgage Securities, Inc. Series 2007-4, Class 2A1
		1,890,960		5.500			05/25/22		1,884,015
	Citimortgage Alternative Loan Trust Series 2007-A1, Class 1A7
		3,088,256		6.000			01/25/37		2,171,117
	Countrywide Alternative Loan Trust Series 2007-18CB, Class 2A25
		1,279,323		6.000			08/25/37		988,662
	Residential Accredit Loans, Inc. Series 06-QS2, Class 1A9
		1,758,833		5.500			02/25/36		1,222,340
	Wells Fargo Alternative Loan Trust Series 2007-PA3, Class 1A1
		2,117,399		5.750			07/25/37		1,611,822
	Wells Fargo Alternative Loan Trust Series 2007-PA3, Class 3A1
		7,060,168		6.250			07/25/37		5,478,691

									16,980,802


	Sequential Floating Rate^(e) – 0.8%
	Banc of America Funding Corp. Series 2007-2, Class 2A1
		839,421		5.662			03/25/37		787,451
	Washington Mutual Alternative Mortgage Pass-Through Certificates Series 2006-AR10, Class A1
		1,965,746		0.356			12/25/36		1,098,572

									1,886,023


	Support – 0.5%
	Countrywide Alternative Loan Trust Series 2006-4CB, Class 2A4
		1,463,832		5.500			04/25/36		1,085,958


	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							$	21,624,029


	Federal Agencies^(f) – 4.5%
	FNMA – 4.5%
	$	10,000,000		3.500	%		TBA-15yr	$	10,254,688


	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $51,054,978)							$	51,299,184




Agency Debentures – 1.1%


	FHLMC
	$	800,000		3.800	%		03/09/16	$	811,887
	FNMA
		100,000		3.000			07/28/14		101,937
		1,500,000		3.000			01/28/15		1,512,037


	TOTAL AGENCY DEBENTURES
	(Cost $2,434,672)							$	2,425,861




Asset-Backed Securities^(e) – 9.0%


	Collateralized Loan Obligations^(b) – 3.4%
	Black Diamond CLO Ltd. Series 2005-1A, Class A1
	$	3,000,000		0.561	%		06/20/17	$	2,728,506
	DFR Middle Market CLO Ltd. Series 2007-1A, Class A1A
		1,556,603		0.781			07/20/19		1,449,971
	KKR Financial CLO Ltd. Series 2007-1A, Class A
		841,287		0.726			05/15/21		748,920
	KKR Financial CLO Ltd. Series 2007-AA, Class A
		1,900,397		1.276			10/15/17		1,785,417
	Mountain View Funding CLO Series 2007-3A, Class A1
		991,160		0.741			04/16/21		892,021

									7,604,835


	Home Equity – 5.0%
	CIT Mortgage Loan Trust Series 2007-1, Class 2A1^(b)
		608,586		1.256			10/25/37		571,545
	CIT Mortgage Loan Trust Series 2007-1, Class 2A2^(b)
		600,000		1.506			10/25/37		371,959
	CIT Mortgage Loan Trust Series 2007-1, Class 2A3^(b)
		1,120,000		1.706			10/25/37		563,164
	Countrywide Asset-Backed Certificates Series 2007-2, Class 2A4
		20,000,000		0.476			08/25/37		4,800,000

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

GOLDMAN SACHS STRATEGIC INCOME FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

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

	Soundview Home Equity Loan Trust Series 2006-EQ1, Class A4
	$	11,762,000		0.506	%		10/25/36	$	5,116,470

									11,423,138


	Student Loan^(b) – 0.6%
	US Education Loan Trust LLC Series 2006-1, Class A2
		1,299,259		0.427			03/01/25		1,289,061


	TOTAL ASSET-BACKED SECURITIES
	(Cost $20,295,577)							$	20,317,034




Foreign Debt Obligations – 4.4%


	Sovereign – 4.4%
	Dubai DOF Sukuk Ltd.
	$	290,000		6.396	%		11/03/14	$	289,130
	Mexican Bonos
	MXN	6,400,000		9.000			12/20/12		549,580
		16,700,000		10.000			12/05/24		1,765,256
	Republic of Argentina
	$	470,000		7.000			09/12/13		440,873
		750,000		7.000			10/03/15		660,458
		1,420,000		0.000	^(e)		12/15/35		166,850
	EUR	7,360,000		2.840	^(e)		12/15/35		1,083,621
	Republic of Belarus
	$	770,000		8.750			08/03/15		793,100
	Republic of South Africa
	ZAR	11,500,000		10.500			12/21/26		2,024,650
	Republic of Venezuela
	$	690,000		5.750			02/26/16		476,100
		130,000		7.750			10/13/19		86,125
		1,100,000		9.000			05/07/23		738,100
		290,000		8.250			10/13/24		185,600
		40,000		7.650			04/21/25		24,400
	Russian Federation^(d)
		617,550		7.500			03/31/30		736,428


	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $9,812,974)							$	10,020,271




Structured Notes^(g) – 2.5%


	Egypt Treasury Bills^(b)(h)
	EGP	10,300,000		0.000	%		04/05/11	$	1,724,929
	Federal Republic of Brazil^(e)(i)
	BRL	6,549,842		6.000			08/15/40		3,898,731


	TOTAL STRUCTURED NOTES
	(Cost $5,625,027)							$	5,623,660




Municipal Debt Obligations – 1.2%


	California – 0.9%
	California State GO Bonds Build America Series 2009
	$	300,000		7.350	%		11/01/39	$	320,187
	California State GO Bonds Build America Taxable Series 2009
		500,000		7.500			04/01/34		543,990
	California State GO Bonds Build America Taxable Series 2010
		1,000,000		7.625			03/01/40		1,099,880

									1,964,057


	Illinois – 0.3%
	Illinois State GO Bonds Build America Series 2010
		650,000		7.350			07/01/35		682,110


	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $2,656,472)							$	2,646,167




Government Guarantee Obligations^(j) – 2.8%


	FIH Erhvervsbank A/S^(b)
	$	585,000		1.750	%		12/06/12	$	595,352
		1,300,000		2.000			06/12/13		1,329,555
	ING Bank NV^(b)
		600,000		2.625			02/09/12		613,288
	Landwirtschaftliche Rentenbank
		1,500,000		5.000			02/15/13		1,644,936
	Swedbank AB^(b)
		2,200,000		3.000			12/22/11		2,262,018


	TOTAL GOVERNMENT GUARANTEE OBLIGATIONS
	(Cost $6,425,332)							$	6,445,149




U.S. Treasury Obligations – 22.2%


	United State Treasury Bills^(g)(k)
	$	2,000,000		0.000	%		06/30/11	$	1,996,827
	United States Treasury Inflation Protected Securities
		1,757,376		2.375			04/15/11		1,780,169
		2,910,024		3.000			07/15/12		3,090,998
	United States Treasury Notes
		16,100,000		0.625			06/30/12		16,165,525
		800,000		0.625			07/31/12		803,328
		14,100,000		0.750		��	08/15/13		14,153,157
		8,500,000		0.750			09/15/13		8,527,201
		3,700,000		1.250			09/30/15		3,694,783


	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $50,020,779)							$	50,211,988

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Shares		Rate	Value

*Preferred Stock^(e) – 0.0%**


	Citigroup Capital XIII
		360	7.875%	$	9,324
	(Cost $9,000)


	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $176,219,734)			$	177,152,935


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Short-term Investment^(l) – 25.7%


	Repurchase Agreement – 25.7%
	Joint Repurchase Agreement Account II
	$	58,100,000		0.270	%		10/01/10	$	58,100,000
	Maturity Value: $58,100,436
	(Cost $58,100,000)


	TOTAL INVESTMENTS – 103.9%
	(Cost $234,319,734)							$	235,252,935


	LIABILITIES IN EXCESS OF OTHER ASSETS – (3.9)%								(8,931,922	)


	NET ASSETS – 100.0%							$	226,321,013

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


*		Non-income producing security.

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

(b)		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 $22,462,880, which represents approximately 9.9% of net assets as of September 30, 2010.

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

(d)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at September 30, 2010.

(e)		Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2010.

(f)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $10,254,688 which represents approximately 4.5% of net assets as of September 30, 2010.

(g)		Issued with a zero coupon. Income is recognized through the accretion of discount.

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

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

(j)		Guaranteed by a foreign government until maturity.

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

(l)		Joint repurchase agreement was entered into on September 30, 2010. Additional information appears on pages 74-75.




Currency Abbreviations:
AUD	—	Australian Dollar
BRL	—	Brazilian Real
CAD	—	Canadian Dollar
CHF	—	Swiss Franc
EGP	—	Egyptian Pound
EUR	—	Euro
GBP	—	British Pound
JPY	—	Japanese Yen
MXN	—	Mexican Peso
NOK	—	Norwegian Krone
NZD	—	New Zealand Dollar
SEK	—	Swedish Krona
ZAR	—	South African Rand

Investment Abbreviations:
BP	—	British Pound Offered Rate
EURO	—	Euro Offered Rate
FHLMC	—	Federal Home Loan Mortgage Corp.
FNMA	—	Federal National Mortgage Association
GO	—	General Obligation
LIBOR	—	London Interbank Offered Rate

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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2010, the Fund had outstanding forward foreign currency exchange contracts, both to purchase and sell foreign currencies:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Contract

Expiration

Current

Unrealized

Counterparty

Currency

Type

Date

Value

Gain

Bank of America Securities LLC

CAD

Purchase

12/15/10

946,899

1,815

Barclays Bank PLC

NOK

Purchase

12/15/10

397,781

9,881

Citibank NA

CAD

Purchase

12/15/10

414,806

2,806

Credit Suisse International (London)

EUR

Purchase

12/15/10

3,117,263

87,524

GBP

Purchase

12/15/10

278,773

2,308

SEK

Purchase

12/15/10

495,492

21,392

Deutsche Bank AG (London)

AUD

Purchase

12/15/10

2,308,366

14,197

CAD

Purchase

12/15/10

907,859

12,859

MXN

Sale

11/24/10

875,631

2,806

HSBC Bank PLC

EUR

Purchase

12/15/10

557,238

33,460

JPMorgan Securities, Inc.

AUD

Purchase

12/15/10

741,052

11,882

BRL

Purchase

10/04/10

2,667,911

23,486

EUR

Purchase

12/15/10

1,527,184

28,604

GBP

Purchase

12/15/10

1,289,364

32,064

NZD

Sale

12/15/10

145,016

780

Morgan Stanley & Co.

EUR

Sale

12/15/10

818,128

1,537

Royal Bank of Canada

Purchase

10/14/10

2,788,914

189,205

UBS AG (London)

Purchase

12/15/10

2,205,791

39,306

TOTAL

515,912

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


		Contract	Expiration		Current		Unrealized
Counterparty	Currency	Type	Date		Value		Loss

BNP Paribas SA	NZD	Sale		12/15/10	$	1,594,612	$	(34,004	)
Citibank NA	EUR	Sale		12/15/10		667,596		(24,667	)
Credit Suisse International (London)	CAD	Purchase		12/15/10		200,284		(849	)
	CHF	Sale		12/15/10		427,285		(13,443	)
	JPY	Sale		12/15/10		927,993		(8,325	)
	NZD	Purchase		12/15/10		695,627		(3,416	)
HSBC Bank PLC	EUR	Sale		12/15/10		3,145,875		(54,463	)
JPMorgan Securities, Inc.	AUD	Sale		12/15/10		483,245		(25,454	)
	BRL	Sale		10/04/10		2,667,911		(31,356	)
		Sale		01/18/11		2,607,777		(20,889	)
	CAD	Sale		12/15/10		25,738		(154	)
	EUR	Sale		10/22/10		885,282		(44,420	)
		Sale		10/14/10		2,788,914		(80,340	)
		Sale		12/15/10		676,960		(30,404	)
	GBP	Sale		10/29/10		413,980		(4,049	)
Morgan Stanley & Co.	MXN	Sale		11/24/10		1,029,168		(5,855	)
	NOK	Purchase		12/15/10		546,976		(2,491	)
	ZAR	Sale		11/10/10		1,489,174		(40,319	)
Royal Bank of Canada	CAD	Sale		12/15/10		781,702		(3,702	)
	EUR	Purchase		12/15/10		1,681,251		(4,312	)
		Sale		10/22/10		900,855		(37,959	)
	GBP	Purchase		12/15/10		524,495		(6,666	)


TOTAL							$	(477,537	)

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CROSS CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (PURCHASE/SALE)


		Expiration	Purchase		Sale		Unrealized
Counterparty	Currency	Date	Current Value		Current Value		Gain

Bank of America Securities LLC	SEK/EUR	12/15/10	$	928,346	$	919,078	$	9,268
Citibank NA	EUR/CHF	12/15/10		1,216,659		1,206,919		9,740
Deutsche Bank AG (London)	EUR/GBP	12/15/10		745,255		734,269		10,986
HSBC Bank PLC	EUR/GBP	12/15/10		1,337,916		1,301,666		36,250
	SEK/EUR	12/15/10		1,279,417		1,279,331		86
	EUR/NOK	12/15/10		1,347,454		1,337,477		9,977
Royal Bank of Canada	EUR/CAD	12/15/10		1,001,394		965,821		35,573
UBS AG (London)	EUR/CAD	12/15/10		1,148,537		1,134,427		14,110


TOTAL							$	125,990

FORWARD FOREIGN CROSS CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (PURCHASE/SALE)


		Expiration	Purchase		Sale		Unrealized
Counterparty	Currency	Date	Current Value		Current Value		Loss

Bank of America Securities LLC	GBP/NZD	12/15/10	$	397,221	$	399,491	$	(2,270	)
Barclays Bank PLC	NOK/EUR	12/15/10		1,450,564		1,474,564		(24,000	)
Citibank NA	AUD/EUR	12/15/10		626,367		640,347		(13,980	)
	NZD/EUR	12/15/10		781,946		831,088		(49,142	)
	EUR/SEK	12/15/10		1,129,463		1,132,364		(2,901	)
Credit Suisse International (London)	NZD/EUR	12/15/10		550,309		569,500		(19,191	)
HSBC Bank PLC	NZD/EUR	12/15/10		1,071,361		1,136,275		(64,914	)
	CHF/EUR	12/15/10		427,285		441,431		(14,146	)
	EUR/SEK	12/15/10		1,168,974		1,173,099		(4,125	)
JPMorgan Securities, Inc.	CHF/EUR	12/15/10		482,869		494,566		(11,697	)
Royal Bank of Canada	CAD/EUR	12/15/10		1,098,788		1,167,611		(68,823	)
	CHF/EUR	12/15/10		620,689		630,810		(10,121	)
UBS AG (London)	JPY/EUR	12/15/10		468,871		500,016		(31,145	)


TOTAL							$	(316,455	)

FUTURES CONTRACTS — At September 30, 2010, the following futures contracts were open:


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

Australia 10 Year Treasury Bond		46		December 2010	$	4,796,317		$	42,181
Eurodollars		110		March 2012		27,270,375			44,736
Japan 10 Year Government Bond		(13	)	December 2010		(22,334,212	)		(267,911	)
Ultra Long U.S. Treasury Bond		(5	)	December 2010		(706,406	)		(26,571	)
10 Year German Euro-Bund		26		December 2010		4,658,472			29,506
2 Year U.S. Treasury Notes		384		December 2010		84,282,000			107,081
5 Year U.S. Treasury Notes		143		December 2010		17,284,008			69,042
10 Year U.S. Treasury Notes		89		December 2010		11,218,172			88,717
30 Year U.S. Treasury Bonds		(14	)	December 2010		(1,872,063	)		(1,977	)


TOTAL								$	84,804

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

GOLDMAN SACHS STRATEGIC INCOME FUND


ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2010, the Fund had outstanding swap contracts with the following terms:

INTEREST RATE SWAP CONTRACTS


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

Bank of America Securities LLC	GBP	100	12/15/40	4.250%	6 month BP	$	17,427		$	14,315	$	3,112
Citibank NA	EUR	17,390	08/10/20	2.950	6 month EURO		(294,350	)		—		(294,350	)
		4,810	08/10/40	6 month EURO	2.863%		238,800			—		238,800
	GBP	540	12/15/40	4.250	6 month BP		94,108			85,945		8,163
Credit Suisse First	EUR	1,500	12/15/17	3.000	6 month EURO		86,927			94,973		(8,046	)
Boston Corp.		700	08/06/20	3.764	6 month EURO		20,449			—		20,449
		10,300	08/10/20	3.504	6 month EURO		148,338			—		148,338
		200	08/06/40	6 month EURO	3.630		(22,176	)		—		(22,176	)
		2,700	08/10/40	6 month EURO	3.323		(126,014	)		—		(126,014	)
JPMorgan Securities, Inc.		730	08/07/20	3.653	6 month EURO		16,723			—		16,723
		1,620	08/10/20	3.530	6 month EURO		25,713			—		25,713
		200	08/07/40	6 month EURO	3.542		(18,507	)		—		(18,507	)
		440	08/10/40	6 month EURO	3.417		(29,186	)		—		(29,186	)


TOTAL						$	158,252		$	195,233	$	(36,981	)


(a)	Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2010.

CREDIT DEFAULT SWAP CONTRACTS


								Credit
			Rates					Spread at					Upfront
		Notional	received					September 30,					Payments
	Referenced	Amount	(paid) by			Termination		2010		Market			made (received)			Unrealized
Counterparty	Obligation	(000s)	Fund			Date		(basis points)^(b)		Value			by the Fund			Gain (Loss)

Protection Sold:
Citibank NA	CDX North America High Yield Index	$3,000		5.000	%		06/20/15		523	$	(22,091	)	$	(44,365	)	$	22,274
Deutsche Bank Securities, Inc.	CDX North America High Yield Index	5,000		5.000			06/20/15		523		(36,818	)		(105,466	)		68,648


TOTAL										$	(58,909	)	$	(149,831	)	$	90,922


(b)	Credit spread on the Referenced Obligation, together with the term of the swap contract, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and the term of the swap contract increase.

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments

September 30, 2010 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II — At September 30, 2010, certain Funds had undivided interests in the Joint Repurchase Agreement Account II, as follows:


Fund	Principal Amount

Core Fixed Income	$	421,700,000


Core Plus Fixed Income		65,500,000


Strategic Income		58,100,000

REPURCHASE AGREEMENTS


	Principal		Interest			Maturity		Maturity
Counterparty	Amount		Rate			Date		Value

Banc of America Securities LLC	$	300,000,000		0.250	%		10/01/10	$	300,002,083


Banc of America Securities LLC		1,107,500,000		0.300			10/01/10		1,107,509,229


Barclays Capital, Inc.		1,400,000,000		0.250			10/01/10		1,400,009,722


BNP Paribas Securities Co.		3,200,000,000		0.240			10/01/10		3,200,021,333


BNP Paribas Securities Co.		1,500,000,000		0.280			10/01/10		1,500,011,667


BNP Paribas Securities Co.		800,000,000		0.290			10/01/10		800,006,444


Citibank N.A.		250,000,000		0.300			10/01/10		250,002,083


Citigroup Global Markets, Inc.		1,250,000,000		0.300			10/01/10		1,250,010,417


Credit Suisse Securities (USA) LLC		500,000,000		0.220			10/01/10		500,003,056


Credit Suisse Securities (USA) LLC		550,000,000		0.250			10/01/10		550,003,819


Deutsche Bank Securities, Inc.		400,000,000		0.280			10/01/10		400,003,111


JPMorgan Securities		1,500,000,000		0.250			10/01/10		1,500,010,417


JPMorgan Securities		160,000,000		0.300			10/01/10		160,001,333


Merrill Lynch & Co., Inc.		850,000,000		0.300			10/01/10		850,007,083


RBS Securities, Inc.		1,000,000,000		0.280			10/01/10		1,000,007,778


RBS Securities, Inc.		1,000,000,000		0.300			10/01/10		1,000,008,333


UBS Securities LLC		750,000,000		0.250			10/01/10		750,005,208


UBS Securities LLC		750,000,000		0.280			10/01/10		750,005,833


UBS Securities LLC		170,000,000		0.300			10/01/10		170,001,417


Wells Fargo Securities LLC		500,000,000		0.250			10/01/10		500,003,472


Wells Fargo Securities LLC		3,250,000,000		0.280			10/01/10		3,250,025,278


TOTAL								$	21,187,659,116

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS


ADDITIONAL INVESTMENT INFORMATION (continued)

At September 30, 2010, the Joint Repurchase Agreement Account II was fully collateralized by:


Issuer	Interest Rates	Maturity Dates

Federal Farm Credit Bank	4.550 to 7.350%	03/07/11 to 10/29/37


Federal Farm Credit Bank Principal-Only Stripped Securities	0.000	12/16/15


Federal Home Loan Bank	0.000 to 8.290	10/01/10 to 07/15/36


Federal Home Loan Mortgage Corp.	0.000 to 7.690	10/04/10 to 09/01/40


Federal Home Loan Mortgage Corp. Interest-Only Stripped Securities	0.000	01/15/12 to 01/15/28


Federal Home Loan Mortgage Corp. Principal-Only Stripped Securities	0.000	11/15/13 to 03/15/31


Federal National Mortgage Association	0.000 to 10.350	10/12/10 to 06/01/50


Federal National Mortgage Association Interest-Only Stripped Securities	0.000	11/15/12 to 07/15/29


Federal National Mortgage Association Principal-Only Stripped Security	0.000	03/23/28


Government National Mortgage Association	4.000 to 6.000	03/15/24 to 09/15/40


Tennessee Valley Authority	4.375 to 6.000	03/15/13 to 07/18/17


Tennessee Valley Authority Interest-Only Stripped Securities	0.000	11/01/10 to 07/15/20


Tennessee Valley Authority Principal-Only Stripped Security	0.000	12/15/17


U.S. Treasury Bond	5.000	05/15/37


U.S. Treasury Interest-Only Stripped Securities	0.000	02/15/11 to 08/15/20


U.S. Treasury Notes	0.750 to 4.625	01/31/11 to 11/15/18

The aggregate market value of the collateral, including accrued interest, was $21,615,378,308.

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities

September 30, 2010 (Unaudited)


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

Assets:

Investments in securities, at value (identified cost $1,752,951,655, $337,708,546, $961,516,150 and $176,219,734, respectively)	$	1,789,083,631		$	346,226,971	$	1,034,797,974		$	177,152,935
Repurchase agreement, at value which equals cost		421,700,000			65,500,000		—			58,100,000
Cash^(a)		—			912,575		1,063,125			5,532,596
Foreign currencies, at value (identified cost $148,767, $72,745, $292,188 and $29,623, respectively)		150,539			73,016		292,897			29,734
Receivables:
Investment securities sold, at value		630,440,128			100,518,685		131,230,930			425,380
Interest, at value		10,779,159			2,015,078		9,580,313			1,224,072
Fund shares sold		3,287,366			137,427		173,563			17,036,605
Forward foreign currency exchange contracts, at value		1,140,506			380,570		6,532,096			641,902
Due from broker — collateral for swap contracts		800,000			901,313		2,666,307			150,000
Due from broker — upfront payment		69,116			135,816		—			97,255
Due from broker — variation margin^(b)		59,540			—		2,517,962			36,536
Swap contracts, at value (includes upfront payments made (received) of $0, $120,360, $112,881 and $195,233, respectively)		—			2,371,915		10,425,686			648,485
Reimbursement from investment adviser		—			51,564		113,143			80,948
Deferred offering costs		—			—		—			130,891
Other assets		3,946			721		39,700			—


Total assets		2,857,513,931			519,225,651		1,199,433,696			261,287,339





Liabilities:

Due to custodian		35,896			—		—			—
Payables:
Investment securities purchased		968,291,789			172,002,777		148,475,473			33,100,789
Fund shares redeemed		20,378,484			232,102		29,719,132			108,849
Forward foreign currency exchange contracts, at value		2,047,640			665,237		31,588,398			793,992
Amounts owed to affiliates		934,597			195,014		649,602			98,277
Swap contracts, at value (includes upfront payments received (made) of $393,519, $462,584, $708,174 and $149,831, respectively)		881,661			2,940,654		12,223,345			549,142
Income distribution		762,573			184,741		—			60,600
Due to broker — variation margin		—			32,190		82,217			—
Forward sale contracts, at value (proceeds receivable $0, $0, $1,042,852 and $0, respectively)		—			—		1,039,766			—
Due to broker — collateral for swap contracts		—			—		871,942			—
Accrued expenses and other liabilities		240,241			200,110		432,217			254,677


Total liabilities		993,572,881			176,452,825		225,082,092			34,966,326





Net Assets:

Paid-in capital		1,951,442,125			327,319,678		948,375,289			225,472,461
Accumulated undistributed (distribution in excess of) net investment income		8,673,887			450,262		(7,212,030	)		(35,468	)
Accumulated net realized gain (loss) from investment, futures, option, swap and foreign currency related transactions		(132,907,044	)		6,722,006		(15,251,785	)		(35,492	)
Net unrealized gain on investments, futures, swaps and translation of assets and liabilities denominated in foreign currencies		36,732,082			8,280,880		48,440,130			919,512


NET ASSETS	$	1,863,941,050		$	342,772,826	$	974,351,604		$	226,321,013



Net Assets:
Class A	$	816,047,653		$	110,466,093	$	237,742,995		$	106,979,019
Class B		14,905,408			8,290,782		4,100,156			—
Class C		34,853,023			13,273,387		8,408,654			3,831,587
Institutional		991,419,108			210,322,139		723,989,145			115,299,139
Service		4,836,459			12,414		87,465			—
Class IR		1,863,015			368,018		23,189			201,160
Class R		16,384			39,993		—			10,108


Total Net Assets	$	1,863,941,050		$	342,772,826	$	974,351,604		$	226,321,013


Shares Outstanding $0.001 par value (unlimited shares authorized):
Class A		81,796,733			10,390,814		18,205,508			10,619,977
Class B		1,487,715			780,627		315,170			—
Class C		3,476,557			1,249,674		648,066			380,303
Institutional		99,004,295			19,794,833		55,523,230			11,449,253
Service		482,681			1,168		6,715			—
Class IR		186,664			34,608		1,779			19,976
Class R		1,641			3,763		—			1,004


Net asset value, offering and redemption price per share:^(c)
Class A		$ 9.98			$10.63		$13.06			$10.07
Class B		10.02			10.62		13.01			—
Class C		10.03			10.62		12.97			10.08
Institutional		10.01			10.63		13.04			10.07
Service		10.02			10.63		13.02			—
Class IR		9.98			10.63		13.04			10.07
Class R		9.98			10.63		—			10.07

(a) Includes restricted cash of $411,985 on deposit with counterparty for the Core Plus Fixed Income Fund relating to initial margin requirements and collateral on futures transactions.

(b) Includes cash on deposit with counterparty of $2,517,962 for Global Income Fund, relating to initial margin requirements on futures transactions.

(c) Maximum public offering price per share for Class A Shares of the Core Fixed Income, Core Plus Fixed Income, Global Income and Strategic Income Funds (NAV per share multiplied by 1.0390) is $10.37, $11.04, $13.57 and $10.46, respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Operations

For the Six Months Ended September 30, 2010 (Unaudited)


	Core Fixed			Core Plus Fixed			Global			Strategic
	Income Fund			Income Fund			Income Fund			Income Fund^(a)


Investment income:

Interest	$	26,319,810		$	6,252,866		$	14,632,741		$	731,884





Expenses:

Management fees		3,342,231			736,514			3,113,623			130,240
Distribution and Service fees^(b)		1,247,833			235,353			348,239			20,090
Transfer Agent fees^(b)		731,917			120,972			299,765			15,615
Custody and accounting fees		206,093			102,912			268,250			22,987
Professional fees		56,600			75,399			67,857			52,898
Registration fees		54,244			91,983			47,967			12,735
Printing and mailing costs		95,042			36,114			63,079			16,133
Trustee fees		9,874			8,105			8,871			4,084
Service Share fees — Shareholder Administration Plan		6,524			15			116			—
Service Share fees — Service Plan		6,524			15			116			—
Amortization of offering costs		—			—			—			44,109
Other		12,078			1,799			6,304			5,747


Total expenses		5,768,960			1,409,181			4,224,187			324,638


Less — expense reductions		(1,492	)		(311,417	)		(444,315	)		(147,151	)


Net expenses		5,767,468			1,097,764			3,779,872			177,487


NET INVESTMENT INCOME		20,552,342			5,155,102			10,852,869			554,397





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

Net realized gain (loss) from:
Investment transactions		33,882,839			6,310,917			14,120,412			227,358
Futures transactions		13,102,331			846,779			(2,599,710	)		(1,008	)
Written options		—			—			5,923			—
Swap contracts		1,959,724			54,758			2,409,635			(3,302	)
Foreign currency related transactions		(245,888	)		(547,244	)		(7,809,897	)		(258,540	)
Net change in unrealized gain (loss) on:
Investments		29,609,797			6,582,577			50,375,739			933,201
Futures		2,803,084			471,259			1,552,574			84,804
Swap contracts		(475,739	)		223,087			(2,254,280	)		53,941
Translation of assets and liabilities denominated in foreign currencies		(1,149,904	)		(309,312	)		(31,448,510	)		(152,434	)


Net realized and unrealized gain from investment, futures, option, swap and foreign currency related transactions		79,486,244			13,632,821			24,351,886			884,020


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	100,038,586		$	18,787,923		$	35,204,755		$	1,438,417


(a)	Commenced operations on June 30, 2010.
(b)	Class specific Distribution and Service, and Transfer Agent fees were as follows:


	Distribution and Service Fees								Transfer Agent Fees
Fund	Class A		Class B		Class C		Class R		Class A		Class B		Class C		Institutional		Service		Class IR^(c)		Class R
Core Fixed Income	$	999,935	$	79,759	$	168,101	$	38	$	519,966	$	10,369	$	21,853	$	177,881	$	1,044	$	794	$	10
Core Plus Fixed Income		126,550		44,439		64,267		97		65,806		5,777		8,355		40,797		2		210		25
Global Income		283,932		23,651		40,656		—		147,645		3,075		5,285		143,738		18		4		—
Strategic Income		18,947		—		1,130		13		9,853		—		148		5,602		—		8		4


(c)	Commenced operations on July 30, 2010 for Global Income Fund.

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets


	Core Fixed Income Fund
	For the
	Six Months Ended			For the Fiscal
	September 30, 2010			Year Ended
	(Unaudited)			March 31, 2010


From operations:

Net investment income	$	20,552,342		$	53,447,202
Net realized gain (loss) from investment, futures, options, swap and foreign currency related transactions		48,699,006			(89,181,724	)
Net change in unrealized gain on investments, futures, swaps and translation of assets and liabilities denominated in foreign currencies		30,787,238			296,773,763


Net increase in net assets resulting from operations		100,038,586			261,039,241





Distributions to shareholders:

From net investment income
Class A Shares		(9,395,993	)		(24,910,163	)
Class B Shares		(128,624	)		(502,776	)
Class C Shares		(268,261	)		(822,116	)
Institutional Shares		(11,768,960	)		(28,338,593	)
Service Shares		(57,510	)		(220,644	)
Class IR Shares^(b)		(14,865	)		(2,081	)
Class R Shares		(159	)		(362	)


Total distributions to shareholders		(21,634,372	)		(54,796,735	)





From share transactions:

Proceeds from sales of shares		573,208,101			702,108,372
Reinvestment of distributions		16,330,534			40,342,479
Cost of shares redeemed^(c)		(370,143,513	)		(884,585,894	)


Net increase (decrease) in net assets resulting from share transactions		219,395,122			(142,135,043	)


TOTAL INCREASE		297,799,336			64,107,463





Net assets:

Beginning of period		1,566,141,714			1,502,034,251


End of period	$	1,863,941,050		$	1,566,141,714


Accumulated undistributed (distribution in excess of) net investment income	$	8,673,887		$	9,755,917


(a)	Commenced operations on June 30, 2010.
(b)	Commenced operations on July 30, 2010 for Global Income Fund.
(c)	Net of $4,029 and $10,331 and $8,393 and $11,922 of redemption fees remitted to the Core Plus Fixed Income Fund and Global Income Fund, respectively, for the six months ended September 30, 2010 and fiscal year ended March 31, 2010, respectively.

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS


Core Plus Fixed Income Fund						Global Income Fund						Strategic Income Fund
For the						For the						For the
Six Months Ended			For the Fiscal			Six Months Ended			For the Fiscal			Period Ended
September 30, 2010			Year Ended			September 30, 2010			Year Ended			September 30, 2010^(a)
(Unaudited)			March 31, 2010			(Unaudited)			March 31, 2010			(Unaudited)




$	5,155,102		$	7,071,902		$	10,852,869		$	29,349,305		$	554,397
	6,665,210			2,912,385			6,126,363			(32,184,697	)		(35,492	)
	6,967,611			14,628,078			18,225,523			126,842,735			919,512


	18,787,923			24,612,365			35,204,755			124,007,343			1,438,417








	(1,581,802	)		(2,238,162	)		(2,384,144	)		(20,025,980	)		(217,691	)
	(106,165	)		(311,280	)		(31,388	)		(570,596	)		—
	(153,546	)		(363,457	)		(55,900	)		(523,110	)		(3,704	)
	(3,538,022	)		(4,561,188	)		(8,788,570	)		(69,062,749	)		(368,268	)
	(181	)		(400	)		(898	)		(21,607	)		—
	(5,446	)		(3,924	)		(84	)		—			(164	)
	(557	)		(883	)		—			—			(38	)


	(5,385,719	)		(7,479,294	)		(11,260,984	)		(90,204,042	)		(589,865	)







	59,835,565			213,501,207			211,819,941			287,590,821			235,336,148
	4,546,646			6,779,774			11,027,676			88,636,855			499,797
	(42,610,149	)		(40,878,405	)		(189,642,157	)		(372,256,969	)		(10,363,484	)


	21,772,062			179,402,576			33,205,460			3,970,707			225,472,461


	35,174,266			196,535,647			57,149,231			37,774,008			226,321,013







	307,598,560			111,062,913			917,202,373			879,428,365			—


$	342,772,826		$	307,598,560		$	974,351,604		$	917,202,373		$	226,321,013


$	450,262		$	680,879		$	(7,212,030	)	$	(6,803,915	)	$	(35,468	)

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements

September 30, 2010 (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

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


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


Strategic Income (Commenced operations on June 30, 2010)	A, C, Institutional, IR and R	Diversified


*	Effective November 2, 2009, Class B Shares are no longer available for purchase by new or existing shareholders except under certain circumstances.

Class A Shares are sold with a front-end sales charge of up to 3.75%. Class B Shares were sold with a contingent deferred sales charge that declines from 5.00% to zero, depending upon the period of time the shares are held. Class C Shares are sold with a contingent deferred sales charge of 1.00% during the first 12 months. Institutional, Service, Class IR and Class R Shares are not subject to a sales charge. Class IR Shares of the Global Income Fund commenced operations on July 30, 2010.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”), serves as investment adviser to each of the Core Fixed Income, Core Plus Fixed Income and Strategic Income Funds pursuant to a management agreement with the Trust. Goldman Sachs Asset Management International (“GSAMI”), an affiliate of GSAM and Goldman Sachs, serves as investment adviser pursuant to a management agreement with the Trust on behalf of the Global Income Fund (the management agreements with GSAM and GSAMI are collectively referred to herein as the “Agreements”).

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. 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 or GSAMI believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined based on yield equivalents, a pricing matrix or other sources, under valuation procedures established by the 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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 or GSAMI, 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.

B. 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 Fund 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. Realized gains and losses resulting from principal paydowns on mortgage-backed and asset-backed securities are included in interest income. Market discounts, original issue discount 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. 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.

Investment income 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.

C. Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Funds on a straight-line and/or pro-rata basis depending upon the nature of the expense and are accrued daily.

D. Redemption Fees — All classes of the Core Plus Fixed Income and Global Income Funds charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. For this purpose, the Funds use a first-in first-out method so that shares held longest will be treated as being redeemed first and shares held shortest will be treated as being redeemed last. Redemption fees are reimbursed to a Fund and are reflected as a reduction in share redemptions. Redemption fees are credited to Paid-in Capital and are allocated to each share class of a Fund on a pro-rata basis at the time of payment. Effective October 1, 2010, the redemption fee for each of the Goldman Sachs Core Plus Fixed Income Fund and the Goldman Sachs Global Income Fund was eliminated.

E. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Funds are not required to make any provisions for the payment of federal income tax. Distributions to

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2010 (Unaudited)


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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


Global Income	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. The Funds’ capital accounts on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

F. 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.

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 foreign currency 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 is included with the net realized and change in unrealized gain (loss) on investments on the Statements of Operations. The effect of changes in foreign currency exchange rates on fixed income securities sold during the period is included with the net realized gain (loss) on foreign currency related transactions, while the effect of changes in foreign currency exchange rates on fixed income securities held at period end is included with the net change in unrealized gain (loss) on investments on the Statements of Operations. 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.

G. 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. Unrealized gains or losses on forward foreign currency exchange contracts are recorded by the Funds on a daily basis and realized gains or losses are recorded 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 exchange 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 MULTI SECTOR FIXED INCOME FUNDS


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

H. 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.

I. 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.

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 are treated as a proportionate reduction to the cost basis of the securities and excess amounts are recorded as gains.

J. Mortgage Dollar Rolls — The 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 accrue 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 counterparty.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2010 (Unaudited)


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

K. Offering Costs — Offering costs paid in connection with the offering of shares of the Strategic Income Fund are being amortized on a straight-line basis over 12 months from the date of commencement of operations.

L. Options — The Funds may write and/or purchase call and put options on futures, swaps (“swaptions”), currencies, securities or any securities index consisting of securities in which the Funds may invest. When the Funds write call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked to market to reflect the current market value of the option written. Options on a futures contract may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. When a written option expires on its stipulated expiration date or the Funds enter into a closing purchase transaction, the Funds realize a gain or loss without regard to any unrealized gain or loss on the underlying future, swap, security or currency transaction, and the liability related to such option is extinguished. When a written call option is exercised, the Funds realize a gain or loss from the sale of the underlying future, swap, security or currency transaction, and the proceeds of the sale are increased by the premium originally received. When a written put option is exercised, the amount of the premium originally received will reduce the cost of the future, swap, security or currency transaction that the Funds purchase upon exercise. There is a risk of loss from a change in value of such options which may exceed the related premiums received. The Funds must set aside liquid assets, or engage in other appropriate measures to cover their obligations under written option contracts.

Upon the purchase of a call option or a put option by the Funds, the premium paid is recorded as an investment and subsequently marked to market to reflect the current market value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied voluntary parameters at specified terms. If an option which the Funds have purchased expires on the stipulated expiration date, the Funds will realize a loss in the amount of the cost of the option. If the Funds enter into a closing sale transaction, the Funds will realize a gain or loss, depending on whether the sale proceeds for the closing sale transaction are greater or less than the cost of the option. If the Funds exercise a purchased put option, the Funds will realize a gain or loss from the sale of the underlying future, swap, security or currency transaction, and the proceeds from such sale will be decreased by the premium originally paid. If the Funds exercise a purchased call option, the cost of the future, swap, security or currency transaction which the Funds purchase upon exercise will be increased by the premium originally paid. Purchased over-the counter options are subject to the risk that the counterparty may default on its obligations, which could result in a loss to the Funds.

M. Repurchase Agreements — The Funds may enter into repurchase agreements which 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 sub-custodians under tri-party repurchase agreements.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other 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.

N. 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 MULTI SECTOR FIXED INCOME FUNDS


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

O. Swap Contracts — The Funds may enter into swap transactions for hedging purposes or to seek to increase total return. Risks may arise as a result of the failure of the counterparty to the swap contract to comply with the terms of the swap contract. The loss incurred by the failure of a counterparty is generally limited to the net payment to be received by the Funds and/or the termination value at the end of the contract. Therefore, the Funds consider the creditworthiness of each counterparty to a contract in evaluating potential credit risk. Additionally, risks may arise from unanticipated movements in interest rates or in the value of the underlying reference asset or index. Entering into these agreements involves, to varying 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 as collateral on these contracts which is recorded as an asset and/or liability. The Funds must set aside liquid assets, or engage in other appropriate measures to cover their obligations under these contracts.

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. Upfront payments made and/or received by the Funds, are recorded as an asset and/or liability and realized gains or losses are recognized ratably over the contract’s term/event, with the exception of forward starting interest rate swaps, whose realized gains or losses are recognized ratably from the effective start date. Periodic payments received or made on swap contracts are recorded as realized gains or losses. Gains or losses are realized upon termination of a swap contract and are recorded 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.

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.

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if the Funds sell protection through a credit default swap, the Funds could suffer a loss because the value of the referenced obligation may be less than the premium payments received. Upon the occurrence of a specified credit event, the Funds, as sellers of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. The Funds may also pay 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. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, the Funds are entitled to a return of any assets, which have been pledged as collateral to the counterparty.

The Funds’ credit default swaps are disclosed in the Additional Investment Information section of the Schedules of Investments. The maximum potential amount of future payments (undiscounted) that the Funds as sellers of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2010 (Unaudited)


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

received from a settlement of a credit default swap for the same reference security or obligation where the Funds bought credit protection.

P. Treasury Inflation Protected Securities — The Funds may invest in treasury inflation protected securities (“TIPS”), including structured bonds in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost. Such adjustments may have a significant impact on the Funds’ distributions and may result in a return of capital to shareholders. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

Q. 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.

3. 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 significant inputs are observable (including, but not limited to, quoted prices for similar securities, interest rates, foreign exchange rates and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM and GSAMI’s assumptions in determining fair value measurement).

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS


3. FAIR VALUE OF INVESTMENTS (continued)

The following is a summary of the Funds’ investments categorized in the fair value hierarchy, as of September 30, 2010:


Core Fixed Income	Level 1			Level 2			Level 3

Assets
Fixed Income
Corporate Obligations	$	—		$	390,671,701		$	—
Mortgage-Backed Obligations		—			727,191,328			—
U.S. Treasuries and/or Other U.S. Government Obligations and Agencies		256,358,358			24,842,021			—
Asset-Backed Securities		—			58,841,110			—
Foreign Debt Obligations		6,822,620			33,075,902			—
Municipal Debt Obligations		—			17,602,955			—
Government Guarantee Obligations		—			272,391,680			—
Common Stock and/or Other Equity Investments		—			1,285,956			—
Short-term Investments		—			421,700,000			—
Derivatives		1,996,283			1,140,506			—


Total	$	265,177,261		$	1,948,743,159		$	—


Liabilities
Derivatives	$	(5,635	)	$	(2,929,301	)	$	—


Core Plus Fixed Income	Level 1			Level 2			Level 3

Assets
Fixed Income
Corporate Obligations	$	—		$	58,158,644		$	—
Mortgage-Backed Obligations		—			135,294,264			—
U.S. Treasuries and/or Other U.S. Government Obligations and Agencies		47,507,253			12,266,687			—
Asset-Backed Securities		—			36,194,768			—
Foreign Debt Obligations		—			10,471,896			—
Structured Notes		—			5,243,861			—
Municipal Debt Obligations		—			3,677,104			—
Government Guarantee Obligations		—			36,623,024			—
Common Stock and/or Other Equity Investments		—			789,470			—
Short-term Investments		—			65,500,000			—
Derivatives		509,704			2,752,485			—


Total	$	48,016,957		$	366,972,203		$	—


Liabilities
Derivatives	$	(243,718	)	$	(3,605,891	)	$	—

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2010 (Unaudited)


3. FAIR VALUE OF INVESTMENTS (continued)


Global Income	Level 1			Level 2			Level 3

Assets
Fixed Income
Foreign Debt Obligations	$	363,507,026		$	105,551,484		$	—
Corporate Obligations		—			219,425,080			—
Asset-Backed Securities		—			35,535,801			—
Mortgage-Backed Obligations		—			148,664,680			—
U.S. Treasuries and/or Other U.S. Government Obligations and Agencies		28,798,190			6,542,931			—
Government Guarantee Obligations		—			66,605,837			—
Short-term Investments		—			59,882,357			—
Derivatives		1,252,824			17,242,370			—


Total	$	393,558,040		$	659,450,540		$	—


Liabilities
Fixed Income — Mortgage-Backed Obligations
Forward Sales Contracts	$	—		$	(1,039,766	)	$	—
Derivatives		(372,752	)		(43,811,743	)		—


Total	$	(372,752	)	$	(44,851,509	)	$	—


Strategic Income	Level 1			Level 2			Level 3

Assets
Fixed Income
Corporate Obligations	$	—		$	28,154,297		$	—
Mortgage-Backed Obligations		—			51,299,184			—
U.S. Treasuries and/or Other U.S. Government Obligations and Agencies		50,211,988			2,425,861			—
Asset-Backed Securities		—			20,317,034			—
Foreign Debt Obligations		—			10,020,271			—
Structured Notes		—			5,623,660			—
Municipal Debt Obligations		—			2,646,167			—
Government Guarantee Obligations		—			6,445,149			—
Common Stock and/or Other Equity Investments		—			9,324			—
Short-term Investments		—			58,100,000			—
Derivatives		381,263			1,290,387			—


Total	$	50,593,251		$	186,331,334		$	—


Liabilities
Derivatives	$	(296,459	)	$	(1,343,134	)	$	—

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS


4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

management fee computed daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

For the six months ended September 30, 2010, contractual management fees with GSAM and GSAMI were at the following rates:


	Contractual Management Rate
	First			Next			Next			Next			Over			Effective
Fund	$1 billion			$1 billion			$3 billion			$3 billion			$8 billion			Rate

Core Fixed Income		0.40	%		0.36	%		0.34	%		0.33	%		0.32	%		0.38	%


Core Plus Fixed Income		0.45			0.41			0.39			0.38			0.37			0.45


Global Income		0.65			0.59			0.56			0.55			0.54			0.65


Strategic Income		0.60			0.54			0.51			0.50			0.49			0.60

B. Distribution and Service Plans — The Trust, on behalf of each Fund, has adopted Distribution and Service Plans (the “Plans”). Under the Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee, computed daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers, 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 Distribution Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement 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, 2010, Goldman Sachs advised that it retained the following approximate amounts:


	Front End		Contingent Deferred
	Sales Charge		Sales Charge
Fund	Class A		Class B		Class C

Core Fixed Income	$	18,800	$	—	$	600


Core Plus Fixed Income		12,700		—		—


Global Income		21,800		—		—


Strategic Income		10,500		N/A		—

D. Service Plan and Shareholder Administration Plan — The Trust, on behalf of each Fund that offers Service Shares, has adopted a Service Plan and Shareholder Administration Plan. These plans allow for Service Shares to compensate service organizations for providing varying levels of personal and account maintenance and shareholder administration services to their customers who are beneficial owners of such shares. The Service Plan and Shareholder Administration Plan

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2010 (Unaudited)


4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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. 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 computed daily and paid monthly at an annual rate as follows: 0.13% of the average daily net assets for Class A, Class B, Class C, Class IR and Class R Shares and 0.04% of the average daily net assets for Institutional and Service Shares.

F. Other Expense Agreements and Affiliated Transactions — GSAM and GSAMI have agreed to limit certain “Other Expense” of the Funds (excluding management fees, distribution and service fees, transfer agent fees and expenses, service fees and shareholder administration fees (as applicable), 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 Other Expense reimbursements, if any, are computed daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM and GSAMI for prior fiscal year expense reimbursements, if any. The Other Expense limitations for the Core Fixed Income, Core Plus Fixed Income, Global Income and Strategic Income Funds as an annual percentage rate of average daily net assets are 0.104%, 0.004%, 0.004% and 0.054%, respectively. These Other Expense reimbursements will remain in place through at least July 29, 2011 for the Core Fixed Income, Core Plus Fixed Income and Global Income Funds and June 30, 2011 for the Strategic Income Fund, and prior to such date GSAM and GSAMI may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses.

For the six months ended September 30, 2010, these expense reductions, including Other Expense reimbursements, were as follows (in thousands):


	Custody Fee		Other Expense		Total Expense
Fund	Credits		Reimbursements		Reductions

Core Fixed Income	$	1	$	—	$	1


Core Plus Fixed Income		1		310		311


Global Income		1		443		444


Strategic Income		—		147		147

As of September 30, 2010, the amounts owed to affiliates of the Funds were as follows (in thousands):


	Management		Distribution and		Transfer
Fund	Fees		Service Fees		Agent Fees		Total

Core Fixed Income	$	599	$	209	$	127	$	935


Core Plus Fixed Income		134		40		21		195


Global Income		539		59		52		650


Strategic Income		74		14		10		98

G. Line of Credit Facility — As of September 30, 2010, the Funds participated in a $580,000,000 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, GSAMI or its affiliates. Pursuant to the terms of the facility, the Funds and other borrowers could increase the credit amount by an additional $340,000,000, for a total of up to $920,000,000. This facility is to be used solely for temporary or emergency purposes. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS


4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

been utilized. For the six months ended September 30, 2010, the Funds did not have any borrowings under the facility. Prior to May 11, 2010, the amount available through the facility was $660,000,000.

H. Other Transactions with Affiliates — For the six months ended September 30, 2010, Goldman Sachs earned approximately $57,200, $18,600, $0 and $3,100 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of Core Fixed Income, Core Plus Fixed Income, Global Income and Strategic Income Funds, respectively.

As of September 30, 2010, the following Fund of Funds Portfolios were the beneficial owners of 5% or more of total outstanding shares of the following Fund:


							Goldman Sachs
	Goldman Sachs			Goldman Sachs			Growth and
	Balanced Strategy			Growth Strategy			Income Strategy
Fund	Portfolio			Portfolio			Portfolio

Core Fixed Income		—	%		—	%		5	%


Global Income		17	%		14	%		39	%

As of September 30, 2010, the Goldman Sachs Group, Inc. (“GSG”) was the beneficial owner of approximately 68% of the Class R Shares of the Core Fixed Income Fund, 100% and 29% of the Service and Class R Shares, respectively, of the Core Plus Fixed Income Fund and 13%, 5% and 100% of the Institutional, Class IR and Class R Shares, respectively, of the Strategic Income Fund.

5. INVESTMENTS IN 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.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2010 (Unaudited)


5. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth, by certain risk types, the gross value of the Funds’ derivative contracts for trading activities as of September 30, 2010. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Core Fixed Income

Statements of Assets

and Liabilities

Risk

Location

Assets

Location

Liabilities

Interest rate

Due from broker — variation margin

1,996,283^(a

⁾

Payables for swap contracts, at value;
Due to broker — variation margin

(552,663

)^(a)(b)

Credit

—

Payables for swap contracts, at value

(334,633

)^(b)

Currency

Receivables for forward foreign currency exchange contracts, at value

1,140,506

Payables for forward foreign currency exchange contracts, at value

(2,047,640

)

Total

3,136,789

(2,934,936

)

Core Plus Fixed Income

Statements of Assets

and Liabilities

Risk

Location

Assets

Location

Liabilities

Interest rate

Receivables for swap contracts, at value; Due from broker — variation margin

2,881,619^(a

⁾

Payables for swap contracts, at value; Due to broker — variation margin

(2,444,427

)^(a)(b)

Credit

—

Payables for swap contracts, at value

(739,945

)^(b)

Currency

Receivables for forward foreign currency exchange contracts, at value

380,570

Payables for forward foreign currency exchange contracts, at value

(665,237

)

Total

3,262,189

(3,849,609

)

Global Income

Statements of Assets

and Liabilities

Risk

Location

Assets

Location

Liabilities

Interest rate

Receivables for swap contracts, at value; Due from broker — variation margin

11,678,510^(a

⁾

Payables for swap contracts, at value; Due to broker — variation margin

(12,596,097

)^(a)(b)

Currency

Investments in Securities, at value; Receivables for forward foreign currency exchange contracts, at value

6,816,684

Payables for forward foreign currency exchange contracts, at value

(31,588,398

)

Total

18,495,194

(44,184,495

)

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS


5. INVESTMENTS IN DERIVATIVES (continued)

Strategic Income

Statements of Assets

and Liabilities

Risk

Location

Assets

Location

Liabilities

Interest rate

Receivables for swap contracts, at value; Due from broker — variation margin

1,029,748^(a

⁾

Payables for swap contracts, at value; Due to broker — variation margin

(786,692

)^(a)(b)

Credit

—

Payables for swap contracts, at value

(58,909

)^(b)

Currency

Receivables for forward foreign currency exchange contracts, at value

641,902

Payables for forward foreign currency exchange contracts, at value

(793,992

)

Total

1,671,650

(1,639,593

)


(a)	Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

(b)

Aggregate of amounts include $881,661, $2,940,654, $12,223,345 and $549,142 for Core Fixed Income, Core Plus Fixed Income, Global Income and Strategic Income 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 and their indicative volumes for the six months ended September 30, 2010. These gains (losses) should be considered in the context that these contracts may have been executed to economically hedge securities and accordingly, gains (losses) on such contracts may offset (losses) gains attributable to securities. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

Core Fixed Income


					Net Change in			Average
		Net Realized			Unrealized			Number of
Risk	Statements of Operations Location	Gain (Loss)			Gain (Loss)			Contracts^(a)

Interest rate	Net realized gain (loss) from futures transactions and swap contracts/Net change in unrealized gain (loss) on futures and swap contracts	$	12,931,894		$	2,354,598			1,672


Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		2,130,161			(27,253	)		5


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		(177,414	)		(1,157,922	)		110


Total		$	14,884,641		$	1,169,423			1,787

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2010 (Unaudited)


5. INVESTMENTS IN DERIVATIVES (continued)

Core Plus Fixed Income


					Net Change in			Average
		Net Realized			Unrealized			Number of
Risk	Statements of Operations Location	Gain (Loss)			Gain (Loss)			Contracts^(a)

Interest rate	Net realized gain (loss) from futures transactions and swap contracts/Net change in unrealized gain (loss) on futures and swap contracts	$	994,962		$	364,490			736


Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(93,425	)		329,856			5


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		(407,415	)		(317,035	)		103


Total		$	494,122		$	377,311			844

Global Income


					Net Change in			Average
		Net Realized			Unrealized			Number of
Risk	Statements of Operations Location	Gain (Loss)			Gain (Loss)			Contracts^(a)

Interest rate	Net realized gain (loss) from futures transactions and swap contracts/Net change in unrealized gain (loss) on futures and swap contracts	$	(2,349,824	)	$	(744,831	)		1,582


Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		2,159,749			43,125			6


Currency	Net realized gain (loss) from investment transactions, written options and foreign currency related transactions/Net change in unrealized gain (loss) on investments and translation of assets and liabilities denominated in foreign currencies		972,757			(32,184,028	)		688


Total		$	782,682		$	(32,885,734	)		2,276

Strategic Income


								Average
		Net Realized			Unrealized			Number of
Risk	Statements of Operations Location	Gain (Loss)			Gain (Loss)			Contracts^(a)

Interest rate	Net realized gain (loss) from futures transactions and swap contracts/Unrealized gain (loss) on futures and swap contracts	$	(27,407	)	$	47,823			373


Credit	Net realized gain (loss) from swap contracts/Unrealized gain (loss) on swap contracts		23,097			90,922			2


Currency	Net realized gain (loss) from foreign currency related transactions/Unrealized gain (loss) on translation of assets and liabilities denominated in foreign currencies		(258,127	)		(152,090	)		61


Total		$	(262,437	)	$	(13,345	)		436


(a)	Average number of contracts is based on the average of month end balances for the period ended September 30, 2010.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended September 30, 2010, 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)

Core Fixed Income	$	3,662,497,676	$	304,153,417	$	3,413,972,252	$	338,011,799


Core Plus Fixed Income		679,879,776		97,429,906		646,495,531		87,487,438


Global Income		969,205,352		537,338,941		1,032,570,354		430,576,222


Strategic Income		92,224,960		122,359,406		29,637,336		6,575,897

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, March 31, 2010, the Funds’ capital loss carryforwards and certain timing differences, on a tax basis were as follows:


	Core			Core Plus			Global			Strategic
	Fixed Income			Fixed Income			Income			Income

Capital loss carryforward:⁽¹⁾
Expiring 2014	$	—		$	—		$	(1,892,830	)	$	—
Expiring 2017		(8,343,574	)		—			—			—
Expiring 2018		(131,291,875	)		—			(12,251,045	)		—


Total capital loss carryforward	$	(139,635,449	)	$	—		$	(14,143,875	)	$	—


Timing differences (Income Distributions Payable, Post-October Losses and Straddles)	$	(43,279,515	)	$	(442,891	)	$	(25,132,404	)	$	—


(1)	Expiration occurs on March 31 of the year indicated.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2010 (Unaudited)


7. TAX INFORMATION (continued)

As of September 30, 2010, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Core			Core Plus			Global			Strategic
	Fixed Income			Fixed Income			Income			Income

Tax Cost	$	2,175,402,184		$	403,262,955		$	961,864,415		$	234,319,734


Gross unrealized gain		61,074,076			12,705,066			84,674,069			1,278,506
Gross unrealized loss		(25,692,629	)		(4,241,050	)		(11,740,510	)		(345,305	)


Net unrealized security gain	$	35,381,447		$	8,464,016		$	72,933,559		$	933,201

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

GSAM and GSAMI have 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.

8. OTHER RISKS

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. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters into bankruptcy.

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

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.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS


8. OTHER RISKS (continued)

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 Concentration Risk — 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.

9. 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 and GSAMI believe the risk of loss under these arrangements to be remote.

10. SUBSEQUENT EVENTS

Subsequent events after the balance sheet date have been evaluated through the date the financial statements were issued. GSAM and GSAMI have concluded that, excluding the removal of the Redemption fee disclosed in the Significant Accounting Policies, there is no impact requiring adjustment or disclosure in the financial statements.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2010 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Core Fixed Income Fund

	For the Six Months Ended
	September 30, 2010						For the Fiscal Year Ended
	(Unaudited)						March 31, 2010

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		11,502,265		$	112,364,607			42,252,017		$	382,798,857
Reinvestment of distributions		767,249			7,511,368			2,186,150			19,927,326
Shares converted from Class B^(a)		48,931			476,686			62,053			565,096
Shares redeemed		(14,942,914	)		(145,311,757	)		(32,719,043	)		(296,128,599	)


		(2,624,469	)		(24,959,096	)		11,781,177			107,162,680


Class B Shares
Shares sold		133,231			1,311,133			432,183			3,888,198
Reinvestment of distributions		11,962			117,431			47,822			436,493
Shares converted to Class A^(a)		(48,731	)		(476,686	)		(61,781	)		(565,096	)
Shares redeemed		(351,001	)		(3,439,796	)		(805,452	)		(7,350,663	)


		(254,539	)		(2,487,918	)		(387,228	)		(3,591,068	)


Class C Shares
Shares sold		592,569			5,823,726			1,457,496			13,216,194
Reinvestment of distributions		23,968			235,590			77,873			713,337
Shares redeemed		(611,839	)		(5,982,283	)		(1,028,874	)		(9,406,423	)


		4,698			77,033			506,495			4,523,108


Institutional Shares
Shares sold		46,211,789			451,732,833			32,720,699			300,870,023
Reinvestment of distributions		853,255			8,408,073			2,104,749			19,097,397
Shares redeemed		(21,806,866	)		(214,141,256	)		(63,595,747	)		(567,529,761	)


		25,258,178			245,999,650			(28,770,299	)		(247,562,341	)


Service Shares
Shares sold		23,577			230,580			127,903			1,182,152
Reinvestment of distributions		4,383			43,048			18,199			165,483
Shares redeemed		(128,069	)		(1,254,365	)		(445,703	)		(4,073,782	)


		(100,109	)		(980,737	)		(299,601	)		(2,726,147	)


Class IR Shares
Shares sold		179,404			1,743,518			16,099			149,660
Reinvestment of distributions		1,507			14,865			222			2,081
Shares redeemed		(1,428	)		(13,994	)		(10,216	)		(96,620	)


		179,483			1,744,389			6,105			55,121


Class R Shares
Shares sold		175			1,704			351			3,288
Reinvestment of distributions		16			159			40			362
Shares redeemed		(6	)		(62	)		(5	)		(46	)


		185			1,801			386			3,604


NET INCREASE (DECREASE)		22,463,427		$	219,395,122			(17,162,965	)	$	(142,135,043	)


(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 MULTI SECTOR FIXED INCOME FUNDS


11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Core Plus Fixed Income Fund

	For the Six Months Ended
	September 30, 2010						For the Fiscal Year Ended
	(Unaudited)						March 31, 2010

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		2,896,366		$	30,050,231			5,908,208		$	59,326,886
Reinvestment of distributions		103,646			1,083,975			195,814			1,940,615
Shares converted from Class B^(a)		120,958			1,253,414			68,607			684,522
Shares redeemed		(1,975,784	)		(20,450,312	)		(1,914,195	)		(18,925,404	)


		1,145,186			11,937,308			4,258,434			43,026,619


Class B Shares
Shares sold		61,487			638,865			143,524			1,404,652
Reinvestment of distributions		9,276			96,807			28,725			282,662
Shares converted to Class A^(a)		(121,075	)		(1,253,414	)		(68,676	)		(684,522	)
Shares redeemed		(70,787	)		(741,647	)		(363,052	)		(3,566,249	)


		(121,099	)		(1,259,389	)		(259,479	)		(2,563,457	)


Class C Shares
Shares sold		167,175			1,742,257			340,643			3,366,470
Reinvestment of distributions		10,980			114,667			27,689			273,169
Shares redeemed		(170,189	)		(1,769,195	)		(332,824	)		(3,296,801	)


		7,966			87,729			35,508			342,838


Institutional Shares
Shares sold		2,633,987			27,318,333			15,101,571			149,082,731
Reinvestment of distributions		310,589			3,245,013			426,942			4,278,120
Shares redeemed		(1,881,197	)		(19,619,387	)		(1,567,253	)		(15,070,727	)


		1,063,379			10,943,959			13,961,260			138,290,124


Service Shares
Reinvestment of distributions		17			181			41			401


		17			181			41			401


Class IR Shares
Shares sold		8,146			85,014			27,673			280,049
Reinvestment of distributions		521			5,446			387			3,924
Shares redeemed		(2,826	)		(29,251	)		(349	)		(3,544	)


		5,841			61,209			27,711			280,429


Class R Shares
Shares sold		83			865			4,098			40,419
Reinvestment of distributions		54			557			88			883
Shares redeemed		(35	)		(357	)		(1,574	)		(15,680	)


		102			1,065			2,612			25,622


NET INCREASE		2,101,392		$	21,772,062			18,026,087		$	179,402,576


(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 MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2010 (Unaudited)


11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Global Income Fund

	For the Six Months Ended
	September 30, 2010						For the Fiscal Year Ended
	(Unaudited)						March 31, 2010

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		4,438,859		$	57,185,026			8,076,900		$	102,060,057
Reinvestment of distributions		176,678			2,283,162			1,556,742			19,062,917
Shares converted from Class B^(a)		18,401			236,124			54,707			692,847
Shares redeemed		(3,588,657	)		(46,307,783	)		(9,030,928	)		(113,884,152	)


		1,045,281			13,396,529			657,421			7,931,669


Class B Shares
Shares sold		30,266			388,773			120,761			1,506,656
Reinvestment of distributions		2,109			27,120			38,532			469,296
Shares converted to Class A^(a)		(18,473	)		(236,124	)		(54,938	)		(692,847	)
Shares redeemed		(104,100	)		(1,336,464	)		(235,354	)		(2,940,638	)


		(90,198	)		(1,156,695	)		(130,999	)		(1,657,533	)


Class C Shares
Shares sold		165,848			2,129,203			305,887			3,821,080
Reinvestment of distributions		3,452			44,298			30,641			372,722
Shares redeemed		(122,205	)		(1,571,481	)		(133,285	)		(1,668,388	)


		47,095			602,020			203,243			2,525,414


Institutional Shares
Shares sold		11,801,765			152,089,021			14,276,189			180,188,568
Reinvestment of distributions		671,997			8,672,200			5,614,696			68,721,688
Shares redeemed		(10,872,459	)		(140,411,320	)		(20,114,067	)		(253,611,838	)


		1,601,303			20,349,901			(223,182	)		(4,701,582	)


Service Shares
Shares sold		380			4,893			1,145			14,460
Reinvestment of distributions		63			812			839			10,232
Shares redeemed		(1,171	)		(15,099	)		(12,026	)		(151,953	)


		(728	)		(9,394	)		(10,042	)		(127,261	)


Class IR Shares^(b)
Shares sold		1,773			23,025			—			—
Reinvestment of distributions		7			84			—			—
Shares redeemed		(1	)		(10	)		—			—


		1,779			23,099			—			—


NET INCREASE		2,604,532		$	33,205,460			496,441		$	3,970,707


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


(b)	Commenced operations on July 30, 2010.

100

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS


11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Strategic Income Fund

	For the Period Ended
	September 30, 2010^(a)
	(Unaudited)

	Shares			Dollars

Class A Shares
Shares sold		11,349,958		$	113,992,141
Reinvestment of distributions		16,089			161,936
Shares redeemed		(746,070	)		(7,509,556	)


		10,619,977			106,644,521


Class C Shares
Shares sold		380,075			3,820,442
Reinvestment of distributions		343			3,456
Shares redeemed		(115	)		(1,157	)


		380,303			3,822,741


Institutional Shares
Shares sold		11,699,610			117,312,825
Reinvestment of distributions		33,224			334,203
Shares redeemed		(283,581	)		(2,852,706	)


		11,449,253			114,794,322


Class IR Shares
Shares sold		19,965			200,720
Reinvestment of distributions		16			164
Shares redeemed		(5	)		(45	)


		19,976			200,839


Class R Shares
Shares sold		1,002			10,020
Reinvestment of distributions		4			38
Shares redeemed		(2	)		(20	)


		1,004			10,038


NET INCREASE		22,470,513		$	225,472,461


(a)	Commenced operations on June 30, 2010.

101

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


				Income (loss) from								Distributions
		Net asset		investment operations								to shareholders
		value,		Net		Net realized			Total from			From net			From net
		beginning		investment		and unrealized			investment			investment			realized			From			Total
	Year - Share Class	of period		income^(a)		gain (loss)			operations			income			gains			capital			distributions

FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)


	2010 - A	$	9.53	$	0.11	$	0.45		$	0.56		$	(0.11	)	$	—		$	—		$	(0.11	)
	2010 - B		9.57		0.07		0.46			0.53			(0.08	)		—			—			(0.08	)
	2010 - C		9.58		0.07		0.46			0.53			(0.08	)		—			—			(0.08	)
	2010 - Institutional		9.57		0.12		0.45			0.57			(0.13	)		—			—			(0.13	)
	2010 - Service		9.58		0.10		0.45			0.55			(0.11	)		—			—			(0.11	)
	2010 - IR		9.54		0.11		0.46			0.57			(0.13	)		—			—			(0.13	)
	2010 - R		9.54		0.10		0.44			0.54			(0.10	)		—			—			(0.10	)

FOR THE FISCAL YEARS ENDED MARCH 31,


	2010 - A		8.27		0.31		1.27			1.58			(0.32	)		—			—			(0.32	)
	2010 - B		8.31		0.24		1.27			1.51			(0.25	)		—			—			(0.25	)
	2010 - C		8.31		0.24		1.28			1.52			(0.25	)		—			—			(0.25	)
	2010 - Institutional		8.30		0.34		1.28			1.62			(0.35	)		—			—			(0.35	)
	2010 - Service		8.31		0.30		1.27			1.57			(0.30	)		—			—			(0.30	)
	2010 - IR		8.28		0.31		1.29			1.60			(0.34	)		—			—			(0.34	)
	2010 - R		8.28		0.28		1.28			1.56			(0.30	)		—			—			(0.30	)


	2009 - A		9.57		0.42		(1.23	)		(0.81	)		(0.44	)		(0.05	)		—			(0.49	)
	2009 - B		9.61		0.35		(1.23	)		(0.88	)		(0.37	)		(0.05	)		—			(0.42	)
	2009 - C		9.61		0.35		(1.23	)		(0.88	)		(0.37	)		(0.05	)		—			(0.42	)
	2009 - Institutional		9.60		0.45		(1.23	)		(0.78	)		(0.47	)		(0.05	)		—			(0.52	)
	2009 - Service		9.61		0.41		(1.24	)		(0.83	)		(0.42	)		(0.05	)		—			(0.47	)
	2009 - IR		9.58		0.44		(1.23	)		(0.79	)		(0.46	)		(0.05	)		—			(0.51	)
	2009 - R		9.57		0.40		(1.22	)		(0.82	)		(0.42	)		(0.05	)		—			(0.47	)

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


	2008 - A		9.86		0.19		(0.28	)		(0.09	)		(0.20	)		—			—			(0.20	)
	2008 - B		9.90		0.16		(0.28	)		(0.12	)		(0.17	)		—			—			(0.17	)
	2008 - C		9.91		0.16		(0.29	)		(0.13	)		(0.17	)		—			—			(0.17	)
	2008 - Institutional		9.90		0.21		(0.30	)		(0.09	)		(0.21	)		—			—			(0.21	)
	2008 - Service		9.91		0.19		(0.30	)		(0.11	)		(0.19	)		—			—			(0.19	)
	2008 - IR (Commenced November 30, 2007)		10.01		0.16		(0.43	)		(0.27	)		(0.16	)		—			—			(0.16	)
	2008 - R (Commenced November 30, 2007)		10.01		0.14		(0.44	)		(0.30	)		(0.14	)		—			—			(0.14	)

FOR THE FISCAL YEARS ENDED OCTOBER 31,


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


	2006 - A		9.87		0.41		(0.01	)		0.40			(0.38	)		(0.06	)		(0.01	)		(0.45	)
	2006 - B		9.91		0.34		(0.01	)		0.33			(0.31	)		(0.06	)		(0.01	)		(0.38	)
	2006 - C		9.91		0.34		—			0.34			(0.31	)		(0.06	)		(0.01	)		(0.38	)
	2006 - Institutional		9.90		0.45		—			0.45			(0.42	)		(0.06	)		(0.01	)		(0.49	)
	2006 - Service		9.91		0.40		(0.01	)		0.39			(0.37	)		(0.06	)		(0.01	)		(0.44	)


	2005 - A		10.25		0.32		(0.20	)		0.12			(0.37	)		(0.13	)		—			(0.50	)
	2005 - B		10.29		0.24		(0.20	)		0.04			(0.29	)		(0.13	)		—			(0.42	)
	2005 - C		10.29		0.24		(0.20	)		0.04			(0.29	)		(0.13	)		—			(0.42	)
	2005 - Institutional		10.28		0.36		(0.21	)		0.15			(0.40	)		(0.13	)		—			(0.53	)
	2005 - Service		10.29		0.31		(0.21	)		0.10			(0.35	)		(0.13	)		—			(0.48	)


*	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)	The portfolio turnover rates excluding the effect of mortgage dollar rolls were as follows:


For the Six Months
Ended September 30,		For the Periods Ended
2010		2010			2009			2008			2007			2006
	158%		330%^(e	⁾		371	%		193	%		141	%		516	%

Prior years include the effect of mortgage dollar roll transactions, if any.


(d)	Annualized.
(e)	The amount previously reported has been adjusted to exclude certain “To Be Announced” activity where a mortgage security was delivered.

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

102

GOLDMAN SACHS CORE FIXED INCOME FUND


													Ratio of
					Net assets,		Ratio of			Ratio of			net investment
Net asset					end of		net expenses			total expenses			income			Portfolio
value, end		Total			period		to average			to average			to average			turnover
of period		return^(b)			(in 000s)		net assets			net assets			net assets			rate^(c)




$	9.98		5.96	%	$	816,048		0.81	%^(d)		0.81	%^(d)		2.22	%^(d)		226	%
	10.02		5.54			14,905		1.56	^(d)		1.56	^(d)		1.48	^(d)		226
	10.03		5.43			34,853		1.56	^(d)		1.56	^(d)		1.47	^(d)		226
	10.01		6.01			991,419		0.47	^(d)		0.47	^(d)		2.53	^(d)		226
	10.02		5.85			4,836		0.97	^(d)		0.97	^(d)		2.07	^(d)		226
	9.98		5.98			1,863		0.56	^(d)		0.56	^(d)		2.35	^(d)		226
	9.98		5.72			16		1.06	^(d)		1.06	^(d)		1.98	^(d)		226




	9.53		19.32			804,834		0.82			0.82			3.37			418	^(e)
	9.57		18.36			16,680		1.57			1.57			2.68			418	^(e)
	9.58		18.48			33,260		1.57			1.57			2.62			418	^(e)
	9.57		19.79			705,704		0.48			0.48			3.78			418	^(e)
	9.58		19.05			5,580		0.98			0.98			3.30			418	^(e)
	9.54		19.58			69		0.57			0.57			3.30			418	^(e)
	9.54		19.03			14		1.07			1.07			3.10			418	^(e)


	8.27		(8.63	)		600,963		0.80			0.81			4.70			413
	8.31		(9.26	)		17,694		1.55			1.56			3.95			413
	8.31		(9.26	)		24,655		1.55			1.56			3.95			413
	8.30		(8.27	)		851,372		0.46			0.47			5.04			413
	8.31		(8.72	)		7,333		0.96			0.97			4.55			413
	8.28		(8.39	)		9		0.55			0.56			4.97			413
	8.28		(8.81	)		9		1.05			1.06			4.51			413




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




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


	9.82		4.21			714,877		0.83			0.84			4.25			562
	9.86		3.42			22,971		1.58			1.59			3.49			562
	9.87		3.52			20,937		1.58			1.59			3.49			562
	9.86		4.69			1,558,971		0.46			0.47			4.65			562
	9.86		4.06			46,600		0.96			0.97			4.13			562


	9.87		1.14			658,114		0.86			0.87			3.14			283
	9.91		0.38			29,096		1.61			1.62			2.40			283
	9.91		0.38			23,432		1.61			1.62			2.40			283
	9.90		1.53			1,098,280		0.47			0.48			3.54			283
	9.91		1.02			31,682		0.97			0.98			3.03			283

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

103

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


				Income (loss) from
				investment operations
												Distributions
		Net asset										to shareholders
		value,		Net		Net realized			Total from			from net
		beginning		investment		and unrealized			investment			investment
	Year - Share Class	of period		income^(a)		gain (loss)			operations			income

FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)


	2010 - A	$	10.20	$	0.16	$	0.43		$	0.59		$	(0.16	)
	2010 - B		10.20		0.12		0.42			0.54			(0.12	)
	2010 - C		10.20		0.12		0.42			0.54			(0.12	)
	2010 - Institutional		10.20		0.17		0.44			0.61			(0.18	)
	2010 - Service		10.20		0.15		0.44			0.59			(0.16	)
	2010 - IR		10.21		0.17		0.43			0.60			(0.18	)
	2010 - R		10.20		0.14		0.44			0.58			(0.15	)


FOR THE FISCAL YEARS ENDED MARCH 31,


	2010 - A		9.16		0.34		1.07			1.41			(0.37	)
	2010 - B		9.15		0.28		1.07			1.35			(0.30	)
	2010 - C		9.15		0.28		1.07			1.35			(0.30	)
	2010 - Institutional		9.16		0.37		1.07			1.44			(0.40	)
	2010 - Service		9.16		0.34		1.05			1.39			(0.35	)
	2010 - IR		9.16		0.32		1.12			1.44			(0.39	)
	2010 - R		9.16		0.31		1.07			1.38			(0.34	)




	2009 - A		9.90		0.43		(0.75	)		(0.32	)		(0.42	)
	2009 - B		9.90		0.36		(0.76	)		(0.40	)		(0.35	)
	2009 - C		9.90		0.36		(0.76	)		(0.40	)		(0.35	)
	2009 - Institutional		9.90		0.46		(0.74	)		(0.28	)		(0.46	)
	2009 - Service		9.90		0.41		(0.74	)		(0.33	)		(0.41	)
	2009 - IR		9.91		0.45		(0.75	)		(0.30	)		(0.45	)
	2009 - R		9.91		0.40		(0.75	)		(0.35	)		(0.40	)


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


	2008 - A		9.99		0.18		(0.05	)		0.13			(0.22	)
	2008 - B		9.99		0.15		(0.05	)		0.10			(0.19	)
	2008 - C		9.99		0.15		(0.05	)		0.10			(0.19	)
	2008 - Institutional		9.99		0.20		(0.05	)		0.15			(0.24	)
	2008 - Service		9.99		0.18		(0.05	)		0.13			(0.22	)
	2008 - IR (Commenced November 30, 2007)		10.12		0.15		(0.17	)		(0.02	)		(0.19	)
	2008 - R (Commenced November 30, 2007)		10.12		0.14		(0.18	)		(0.04	)		(0.17	)


FOR THE PERIOD ENDED OCTOBER 31,


	2007 - A (Commenced November 30, 2006)		10.00		0.39		(0.02	)		0.37			(0.38	)
	2007 - B (Commenced June 20, 2007)		9.77		0.14		0.21			0.35			(0.13	)
	2007 - C (Commenced November 30, 2006)		10.00		0.33		(0.02	)		0.31			(0.32	)
	2007 - Institutional (Commenced November 30, 2006)		10.00		0.42		(0.01	)		0.41			(0.42	)
	2007 - Service (Commenced June 20, 2007)		9.77		0.16		0.21			0.37			(0.15	)


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


(a)	Calculated based on the average shares outstanding methodology.

(b)

Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges. Total 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)	The portfolio turnover rates excluding the effect of mortgage dollar rolls were as follows:


For the Six Months
Ended September 30,			For the Periods Ended
2010			2010^(e)			2009			2008			2007
	187	%		313	%		330	%		63	%		312	%


(d)	Annualized.


(e)	The amount previously reported has been adjusted to exclude certain “To Be Announced” activity where a mortgage security was delivered.


(f)	Includes a non-recurring reduction of expenses of a merged fund which amounted to 0.06% of average net assets.

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

104

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND


													Ratio of
					Net assets,		Ratio of			Ratio of			net investment
Net asset					end of		net expenses			total expenses			income			Portfolio
value, end		Total			period		to average			to average			to average			turnover
of period		return^(b)			(in 000s)		net assets			net assets			net assets			rate^(c)




$	10.63		5.86	%	$	110,466		0.83	%^(d)		1.02	%^(d)		2.98	%^(d)		233	%
	10.62		5.47			8,291		1.58	^(d)		1.77	^(d)		2.26	^(d)		233
	10.62		5.47			13,273		1.58	^(d)		1.77	^(d)		2.25	^(d)		233
	10.63		5.94			210,322		0.49	^(d)		0.68	^(d)		3.33	^(d)		233
	10.63		5.69			12		0.99	^(d)		1.18	^(d)		2.86	^(d)		233
	10.63		5.89			368		0.58	^(d)		0.77	^(d)		3.22	^(d)		233
	10.63		5.72			40		1.08	^(d)		1.27	^(d)		2.74	^(d)		233





	10.20		15.60			94,351		0.83			1.14			3.48			419	^(e)
	10.20		14.75			9,193		1.58			1.89			2.87			419	^(e)
	10.20		14.75			12,661		1.58			1.89			2.83			419	^(e)
	10.20		15.99			191,051		0.49			0.80			3.72			419	^(e)
	10.20		15.42			12		0.99			1.30			3.44			419	^(e)
	10.21		16.00			294		0.58			0.89			3.23			419	^(e)
	10.20		15.30			37		1.08			1.39			3.15			419	^(e)




	9.16		(3.17	)		45,686		0.75	^(f)		1.33	^(f)		4.57	^(f)		365
	9.15		(4.00	)		10,626		1.50	^(f)		2.08	^(f)		3.82	^(f)		365
	9.15		(4.00	)		11,040		1.50	^(f)		2.08	^(f)		3.82	^(f)		365
	9.16		(2.84	)		43,681		0.41	^(f)		0.99	^(f)		4.91	^(f)		365
	9.16		(3.34	)		10		0.91	^(f)		1.49	^(f)		4.38	^(f)		365
	9.16		(3.02	)		10		0.50	^(f)		1.08	^(f)		4.82	^(f)		365
	9.16		(3.49	)		10		1.00	^(f)		1.58	^(f)		4.32	^(f)		365





	9.90		1.21			54,330		0.79	^(d)		1.21	^(d)		4.37	^(d)		96
	9.90		0.99			13,843		1.54	^(d)		1.96	^(d)		3.63	^(d)		96
	9.90		0.99			11,727		1.54	^(d)		1.96	^(d)		3.63	^(d)		96
	9.90		1.45			51,281		0.45	^(d)		0.87	^(d)		4.73	^(d)		96
	9.90		1.26			11		0.95	^(d)		1.37	^(d)		4.26	^(d)		96
	9.91		(0.26	)		10		0.54	^(d)		0.96	^(d)		4.49	^(d)		96
	9.91		(0.41	)		10		1.04	^(d)		1.46	^(d)		4.00	^(d)		96





	9.99		3.93			53,541		0.83	^(d)		1.51	^(d)		4.45	^(d)		350
	9.99		3.60			15,077		1.58	^(d)		2.26	^(d)		3.86	^(d)		350
	9.99		3.13			11,798		1.58	^(d)		2.26	^(d)		3.78	^(d)		350
	9.99		4.21			31,155		0.47	^(d)		1.15	^(d)		4.62	^(d)		350
	9.99		3.83			10		0.97	^(d)		1.65	^(d)		4.42	^(d)		350

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

105

GOLDMAN SACHS GLOBAL INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


				Income (loss) from								Distributions
		Net asset		investment operations								to shareholders
		value,		Net		Net realized			Total from			From net			From net
		beginning		investment		and unrealized			investment			investment			realized			Total
	Year - Share Class	of period		income^(a)		gain (loss)			operations			income			gains			distributions

FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)


	2010 - A	$	12.74	$	0.13	$	0.33		$	0.46		$	(0.14	)	$	—		$	(0.14	)
	2010 - B		12.69		0.08		0.33			0.41			(0.09	)		—			(0.09	)
	2010 - C		12.66		0.08		0.32			0.40			(0.09	)		—			(0.09	)
	2010 - Institutional		12.72		0.15		0.33			0.48			(0.16	)		—			(0.16	)
	2010 - Service		12.70		0.12		0.33			0.45			(0.13	)		—			(0.13	)
	2010 - IR (Commenced July 30, 2010)		12.91		0.05		0.13			0.18			(0.05	)		—			(0.05	)


FOR THE FISCAL YEARS ENDED MARCH 31,


	2010 - A		12.30		0.38		1.35			1.73			(1.29	)		—			(1.29	)
	2010 - B		12.25		0.29		1.34			1.63			(1.19	)		—			(1.19	)
	2010 - C		12.23		0.28		1.34			1.62			(1.19	)		—			(1.19	)
	2010 - Institutional		12.28		0.42		1.35			1.77			(1.33	)		—			(1.33	)
	2010 - Service		12.27		0.36		1.34			1.70			(1.27	)		—			(1.27	)



	2009 - A		12.91		0.45		(0.60	)		(0.15	)		(0.46	)		—			(0.46	)
	2009 - B		12.87		0.35		(0.60	)		(0.25	)		(0.37	)		—			(0.37	)
	2009 - C		12.84		0.35		(0.59	)		(0.24	)		(0.37	)		—			(0.37	)
	2009 - Institutional		12.89		0.49		(0.59	)		(0.10	)		(0.51	)		—			(0.51	)
	2009 - Service		12.88		0.43		(0.60	)		(0.17	)		(0.44	)		—			(0.44	)


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


	2008 - A		12.93		0.17		—			0.17			(0.19	)		—			(0.19	)
	2008 - B		12.88		0.13		0.01			0.14			(0.15	)		—			(0.15	)
	2008 - C		12.86		0.13		—			0.13			(0.15	)		—			(0.15	)
	2008 - Institutional		12.91		0.19		—			0.19			(0.21	)		—			(0.21	)
	2008 - Service		12.90		0.16		—			0.16			(0.18	)		—			(0.18	)


FOR THE FISCAL YEARS ENDED OCTOBER 31,


	2007 - A		12.74		0.37		0.20			0.57			(0.34	)		(0.04	)		(0.38	)
	2007 - B		12.70		0.27		0.19			0.46			(0.25	)		(0.03	)		(0.28	)
	2007 - C		12.67		0.27		0.20			0.47			(0.25	)		(0.03	)		(0.28	)
	2007 - Institutional		12.73		0.42		0.18			0.60			(0.38	)		(0.04	)		(0.42	)
	2007 - Service		12.71		0.35		0.20			0.55			(0.32	)		(0.04	)		(0.36	)



	2006 - A		13.25		0.34		(0.09	)		0.25			(0.71	)		(0.05	)		(0.76	)
	2006 - B		13.20		0.24		(0.08	)		0.16			(0.62	)		(0.04	)		(0.66	)
	2006 - C		13.18		0.24		(0.09	)		0.15			(0.62	)		(0.04	)		(0.66	)
	2006 - Institutional		13.23		0.38		(0.07	)		0.31			(0.76	)		(0.05	)		(0.81	)
	2006 - Service		13.22		0.32		(0.08	)		0.24			(0.70	)		(0.05	)		(0.75	)



	2005 - A		13.65		0.32		0.28			0.60			(1.00	)		—			(1.00	)
	2005 - B		13.61		0.22		0.27			0.49			(0.90	)		—			(0.90	)
	2005 - C		13.58		0.22		0.28			0.50			(0.90	)		—			(0.90	)
	2005 - Institutional		13.64		0.37		0.28			0.65			(1.06	)		—			(1.06	)
	2005 - Service		13.63		0.30		0.28			0.58			(0.99	)		—			(0.99	)


*	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.

106

GOLDMAN SACHS GLOBAL INCOME FUND


													Ratio of
					Net assets,		Ratio of			Ratio of			net investment
Net asset					end of		net expenses			total expenses			income			Portfolio
value, end		Total			period		to average			to average			to average			turnover
of period		return^(b)			(in 000s)		net assets			net assets			net assets			rate




$	13.06		3.52	%	$	237,743		1.03	%^(c)		1.12	%^(c)		2.02	%^(c)		156	%
	13.01		3.13			4,100		1.78	^(c)		1.87	^(c)		1.30	^(c)		156
	12.97		3.24			8,409		1.78	^(c)		1.87	^(c)		1.28	^(c)		156
	13.04		3.70			723,989		0.69	^(c)		0.78	^(c)		2.36	^(c)		156
	13.02		3.52			87		1.19	^(c)		1.28	^(c)		1.88	^(c)		156
	13.04		1.30			23		0.78	^(c)		0.87	^(c)		2.12	^(c)		156





	12.74		14.73			218,572		1.03			1.11			3.02			267
	12.69		13.92			5,143		1.78			1.86			2.30			267
	12.66		13.80			7,606		1.78			1.86			2.22			267
	12.72		15.14			685,787		0.69			0.77			3.36			267
	12.70		14.50			95		1.19			1.27			2.87			267



	12.30		(1.10	)		202,926		1.02			1.11			3.61			168
	12.25		(1.93	)		6,572		1.77			1.86			2.85			168
	12.23		(1.85	)		4,863		1.77			1.86			2.85			168
	12.28		(0.76	)		664,853		0.68			0.77			3.94			168
	12.27		(1.26	)		214		1.18			1.27			3.44			168





	12.91		1.33			311,900		1.01	^(c)		1.07	^(c)		3.17	^(c)		141
	12.87		1.10			10,479		1.76	^(c)		1.82	^(c)		2.42	^(c)		141
	12.84		1.02			6,110		1.76	^(c)		1.82	^(c)		2.44	^(c)		141
	12.89		1.48			1,077,177		0.67	^(c)		0.73	^(c)		3.54	^(c)		141
	12.88		1.27			380		1.17	^(c)		1.23	^(c)		3.03	^(c)		141





	12.93		4.46			324,537		1.04			1.10			2.92			116
	12.88		3.59			11,127		1.79			1.85			2.13			116
	12.86		3.69			5,282		1.79			1.85			2.13			116
	12.91		4.76			1,089,450		0.68			0.74			3.30			116
	12.90		4.31			376		1.18			1.24			2.75			116



	12.74		2.07			252,962		1.05			1.17			2.63			97
	12.70		1.36			17,716		1.80			1.93			1.89			97
	12.67		1.28			6,908		1.80			1.93			1.89			97
	12.73		2.53			590,541		0.68			0.80			3.00			97
	12.71		1.93			435		1.18			1.31			2.51			97



	13.25		4.56			173,712		1.08			1.32			2.36			137
	13.20		3.72			24,819		1.83			2.07			1.61			137
	13.18		3.80			8,370		1.83			2.07			1.61			137
	13.23		4.90			214,410		0.69			0.91			2.70			137
	13.22		4.38			463		1.19			1.43			2.26			137

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

107

GOLDMAN SACHS STRATEGIC INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout the Period


				Income from						Distributions
		Net asset		investment operations						to shareholders
		value,		Net		Net realized		Total from		from net
		beginning		investment		and unrealized		investment		investment
	Year - Share Class	of period		income^(a)		gain		operations		income

FOR THE PERIOD ENDED SEPTEMBER 30, (UNAUDITED)


	2010 - A (Commenced June 30, 2010)	$	10.00	$	0.06	$	0.05	$	0.11	$	(0.04	)
	2010 - C (Commenced June 30, 2010)		10.00		0.05		0.06		0.11		(0.03	)
	2010 - Institutional (Commenced June 30, 2010)		10.00		0.06		0.06		0.12		(0.05	)
	2010 - IR (Commenced June 30, 2010)		10.00		0.05		0.07		0.12		(0.05	)
	2010 - R (Commenced June 30, 2010)		10.00		0.04		0.07		0.11		(0.04	)


(a)	Calculated based on the average shares outstanding methodology.

(b)


(c)	Annualized.

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

108

GOLDMAN SACHS STRATEGIC INCOME FUND


													Ratio of
					Net assets,		Ratio of			Ratio of			net investment
Net asset					end of		net expenses			total expenses			income			Portfolio
value, end		Total			period		to average			to average			to average			turnover
of period		return^(b)			(in 000s)		net assets^(c)			net assets^(c)			net assets^(c)			rate




$	10.07		1.13	%	$	106,979		1.03	%		1.71	%		2.58	%		33	%
	10.08		1.07			3,832		1.78			2.46			2.26			33
	10.07		1.21			115,299		0.69			1.37			2.58			33
	10.07		1.18			201		0.78			1.46			2.18			33
	10.07		1.08			10		1.28			1.96			1.40			33

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

109

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended September 30, 2010 (Unaudited)

As a shareholder of Class A, Class B, Class C, Institutional, Service, 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, Class IR or 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, 2010 through September 30, 2010.

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.

																								��
	Core Fixed Income Fund							Core Plus Fixed Income Fund							Global Income Fund							Strategic Income Fund^(a)
						Expenses							Expenses							Expenses								Expenses
	Beginning		Ending			Paid for the		Beginning		Ending			Paid for the		Beginning		Ending			Paid for the		Beginning			Ending			Paid for the
	Account Value		Account Value			6 months ended		Account Value		Account Value			6 months ended		Account Value		Account Value			6 months ended		Account Value			Account Value			6 months ended
Share Class	4/1/10		9/30/10			9/30/10*		4/1/10		9/30/10			9/30/10*		4/1/10		9/30/10			9/30/10*		7/1/10			9/30/10			9/30/10*
Class A
Actual	$	1,000.00	$	1,059.60		$	4.18	$	1,000.00	$	1,058.60		$	4.28	$	1,000.00	$	1,035.20		$	5.25	$	1,000.00		$	1,011.30		$	2.61
Hypothetical 5% return		1,000.00		1,021.01	+		4.10		1,000.00		1,020.91	+		4.20		1,000.00		1,019.90	+		5.22		1,000.00			1,010.01	+		2.61

Class B
Actual		1,000.00		1,055.40			8.04		1,000.00		1,054.70			8.14		1,000.00		1,031.30			9.06		N/A			N/A			N/A
Hypothetical 5% return		1,000.00		1,017.25	+		7.89		1,000.00		1,017.15	+		7.99		1,000.00		1,016.14	+		9.00		N/A			N/A			N/A

Class C
Actual		1,000.00		1,054.30			8.03		1,000.00		1,054.70			8.14		1,000.00		1,032.40			9.07		1,000.00			1,010.70			4.51
Hypothetical 5% return		1,000.00		1,017.25	+		7.89		1,000.00		1,017.15	+		7.99		1,000.00		1,016.14	+		9.00		1,000.00			1,008.12	+		4.50

Institutional
Actual		1,000.00		1,060.10			2.43		1,000.00		1,059.40			2.53		1,000.00		1,037.00			3.52		1,000.00			1,012.10			1.75
Hypothetical 5% return		1,000.00		1,022.71	+		2.38		1,000.00		1,022.61	+		2.48		1,000.00		1,021.61	+		3.50		1,000.00			1,010.86	+		1.75

Service
Actual		1,000.00		1,058.50			5.01		1,000.00		1,056.90			5.10		1,000.00		1,035.20			6.07		N/A			N/A			N/A
Hypothetical 5% return		1,000.00		1,020.21	+		4.91		1,000.00		1,020.10	+		5.01		1,000.00		1,019.10	+		6.02		N/A			N/A			N/A

Class IR^(b)
Actual		1,000.00		1,059.80			2.89		1,000.00		1,058.90			2.99		1,000.00		1,013.00			1.31		1,000.00			1,011.80			1.98
Hypothetical 5% return		1,000.00		1,022.26	+		2.84		1,000.00		1,022.16	+		2.94		1,000.00		1,007.05	+		1.31		1,000.00			1,010.64	+		1.98

Class R
Actual		1,000.00		1,057.20			5.47		1,000.00		1,057.20			5.57		N/A		N/A			N/A		1,000.00			1,010.80			3.24
Hypothetical 5% return		1,000.00		1,019.75	+		5.37		1,000.00		1,019.65	+		5.47		N/A		N/A			N/A		1,000.00			1,009.38	+		3.24


(a)	Commenced operations on June 30, 2010.
(b)	Commenced operations on July 30, 2010 for Global Income Fund.
*	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, 2010. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:


Fund	Class A			Class B			Class C			Institutional			Service			Class IR			Class R

Core Fixed Income		0.81	%		1.56	%		1.56	%		0.47	%		0.97	%		0.56	%		1.06	%
Core Plus Fixed Income		0.83			1.58			1.58			0.49			0.99			0.58			1.08
Global Income		1.03			1.78			1.78			0.69			1.19			0.78			N/A
Strategic Income^(a)		1.03			N/A			1.78			0.69			N/A			0.78			1.28


+	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.

110

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited)

Background

The Goldman Sachs Core Fixed Income, Goldman Sachs Core Plus Fixed Income and Goldman Sachs Global Income Funds (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held during the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreements (the “Management Agreements”) on behalf of Core Fixed Income and Core Plus Fixed Income Funds with Goldman Sachs Asset Management, L.P. and on behalf of Global Income Fund with Goldman Sachs Asset Management International (together with Goldman Sachs Asset Management, L.P., the “Investment Advisers”).

The Management Agreements were most recently approved for continuation until June 30, 2011 by the Board of Trustees, including those Trustees who are not parties to the Management Agreements or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 16-17, 2010 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held three meetings over the course of the year, since last approving the Management Agreements. At those Committee meetings, regularly scheduled Board meetings and/or the Annual Meeting, the Board, or the Independent Trustees, as applicable, considered matters relating to the Management Agreements, including:


	(a)	the nature and quality of the advisory, administrative and other services provided to the Funds by the Investment Advisers and their affiliates, including information about:


	(i)	the structure, staff and capabilities of the Investment Advisers and their portfolio management teams;

	(ii)	the groups within the Investment Advisers and their affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services and operations), controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, market risk analysis and finance and strategy), sales and distribution support groups and others (e.g., information technology and training);

	(iii)	trends in headcount;

	(iv)	the Investment Advisers’ financial resources and ability to hire and retain talented personnel and strengthen their operations; and

	(v)	the parent company’s support of the Investment Advisers and their mutual fund business, as expressed by the firm’s senior management;


	(b)	information on the investment performance of the Funds, including comparisons to the performance of similar mutual funds, as provided by a third party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and benchmark performance indices, and general investment outlooks in the markets in which the Funds invest;
	(c)	the terms of the Management Agreements and agreements with affiliated service providers entered into by the Trust on behalf of the Funds;
	(d)	expense information for the Funds, including:


	(i)	the relative management fee and expense levels of the Funds as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

	(ii)	each Fund’s expense trends over time; and

	(iii)	to the extent the Investment Advisers manage 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 Advisers;

111

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)


	(e)	with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Funds;
	(f)	the undertakings of the Investment Advisers to reimburse certain expenses of the Funds that exceed specified levels, and a summary of contractual fee reductions made by the Investment Advisers and their affiliates over the past several years with respect to the Funds;
	(g)	information relating to the profitability of the Management Agreements and the transfer agency and distribution and service arrangements of each of the Funds and the Trust as a whole to the Investment Advisers and their affiliates;
	(h)	potential economies of scale, if any, and the levels of breakpoints in the fees payable by the Funds under the Management Agreements;
	(i)	a summary of the “fall-out” benefits derived by the Investment Advisers and their affiliates from their relationships with the Funds, including the fees received by the Investment Advisers’ affiliates from the Funds for transfer agency, distribution and other services;
	(j)	a summary of potential benefits derived by the Funds as a result of their relationship with the Investment Advisers;
	(k)	portfolio trading related issues;
	(l)	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; and the number and types of accounts managed by the portfolio managers;
	(m)	the nature and quality of the services provided to the Funds by their unaffiliated service providers, and the Investment Advisers’ general oversight and evaluation (including reports on due diligence) of those service providers as part of the administration services provided under the Management Agreements; and
	(n)	the processes and policies followed by the Investment Advisers in addressing various types of potential conflicts of interest; their approach to risk management; the annual review of the effectiveness of the Funds’ compliance program; and compliance reports.

The Trustees also received an overview of the Funds’ distribution arrangements. They received 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 Funds’ Service Shares. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Advisers and their affiliates to intermediaries that promote the sale, distribution and/or servicing of Fund shares.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual fund portfolios for which the Board of Trustees has responsibility. In evaluating the Management Agreements at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Advisers, their affiliates, their services and the Funds. 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 and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Advisers or their affiliates present. The Independent 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.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

Nature, Extent and Quality of the Services Provided Under the Management Agreements

As part of their review, the Trustees considered the nature, extent and quality of the services provided by the Investment Advisers. In this regard, the Trustees considered both the investment advisory services, and the other, non-advisory services, that are provided to the Funds by the Investment Advisers and their affiliates. The Independent Trustees concluded that the Investment Advisers had committed substantial financial and operational resources to the Funds and expressed confidence that the Investment Advisers would continue to do so in the future. The Trustees also observed that the Investment Advisers had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Advisers.

Investment Performance

The Trustees also considered the investment performance of the Funds and the Investment Advisers. In this regard, they compared the investment performance of each Fund to the performance of other similar SEC-registered funds and to rankings and ratings compiled by the Outside Data Provider. This information on each Fund’s investment performance relative to that of its peers was provided for the one-, three-, five- and ten-year periods ended December 31, 2009, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund’s investment performance over time on a year-by-year basis relative to its performance benchmark. 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, and credit and duration parameters. The Trustees considered whether each Fund had operated within its investment policies and had complied with its investment limitations.

In addition, the Trustees considered materials prepared and presentations made by the Investment Advisers’ Chief Investment Officer and portfolio management personnel, in which Fund performance was assessed. The Trustees also considered the Investment Advisers’ periodic reports with respect to the Funds’ risk profiles, and how the Investment Advisers’ approach to risk monitoring and management influences portfolio management.

The Trustees noted that each of the Funds outperformed its respective benchmark for the one-year period ended December 31, 2009. They also noted that each of the Funds ranked in the top half of its respective peer group for the one-year period ended December 31, 2009. The Trustees recognized that despite a challenging track record over the three- and five-year time period ended December 31, 2009 for the Core Fixed Income Fund, the recent performance of the Funds had generally improved. The Trustees concluded that the Investment Advisers’ continued management likely would benefit each Fund and its shareholders.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual fee rates payable by each Fund under the Management Agreements. In this regard, the Trustees considered information on the services rendered by the Investment Advisers to the 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 (three-year, in the case of Core Plus Fixed Income Fund) history 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 the peer group median. The Trustees concluded 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 Trustees considered the Investment Advisers’ undertakings to limit the Funds’ “other expenses” ratios (excluding certain expenses) to certain specified levels. They also considered, to the extent that the Investment Advisers manage 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 Advisers 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 generally operated under less stringent legal and regulatory structures, required fewer services from the Investment Advisers to a smaller number of client contact points, were less time-intensive and paid lower fees. By contrast, the Trustees noted that the Investment Advisers provide substantial administrative services to the Funds under the terms of the Management Agreements.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

In addition, the Trustees noted that shareholders are able to redeem their Fund shares at any time 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 Trustees reviewed the Investment Advisers’ revenues and pre-tax profit margins with respect to the Trust and each of the Funds. In this regard the Trustees noted that they had received, 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 Advisers’ expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Advisers for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. 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 Advisers’ expense allocation methodology and an evaluation of the accuracy of the Investment Advisers’ profitability analysis calculations. Profitability data for the Trust and each Fund were provided for 2009 and 2008, and the Trustees considered this information in relation to the Investment Advisers’ overall profitability. The Trustees considered the Investment Advisers’ revenues and pre-tax profit margins both in absolute terms and in comparison to information on the reported pre-tax profit margins earned by certain other asset management firms.

Economies of Scale

The Trustees considered the information that had been provided regarding the Investment Advisers’ profitability and the rationale for the Funds’ breakpoint structure. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreements for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:


	Core Fixed			Core Plus Fixed
Average Daily	Income			Income			Global Income
Net Assets	Fund			Fund			Fund

First $1 billion		0.40	%		0.45	%		0.65	%
Next $1 billion		0.36			0.41			0.59
Next $3 billion		0.34			0.39			0.56
Next $3 billion		0.33			0.38			0.55
Over $8 billion		0.32			0.37			0.54

The Trustees noted that the breakpoints at the $5 and $8 billion asset levels had been proposed by the Investment Advisers 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. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Advisers relating to the costs of the services provided by the Investment Advisers and their affiliates and their realized profits; information comparing fee rates charged by the Investment Advisers with fee rates charged to other funds in the peer group; and the Investment Advisers’ undertakings to limit other expenses to certain amounts. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability would be passed along to shareholders at the specified asset levels. They also noted that Goldman Sachs Asset Management, L.P. was passing along savings to shareholders of the Core Fixed Income Fund, which had asset levels above the first breakpoint.

114

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

Other Benefits to the Investment Advisers and Their Affiliates

The Trustees also considered the other benefits derived by the Investment Advisers and their affiliates from their relationship with the Funds as stated above, including: (a) transfer agency fees received by Goldman, Sachs & Co. (“Goldman Sachs”); (b) futures commissions earned by Goldman Sachs for executing futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Advisers; (d) the Investment Advisers’ ability to leverage the infrastructure designed to service the Funds on behalf of their other clients; (e) the Investment Advisers’ ability to cross-market other products and services to Fund shareholders; (f) Goldman Sachs’ retention of certain fees as Fund Distributor; (g) the Investment Advisers’ ability to negotiate better pricing with custodians on behalf of their other clients, as a result of the relationship with the Funds; and (h) the Investment Advisers’ ability to leverage relationships with the Funds’ third party service providers to attract more firmwide business. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of the fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain potential benefits as a result of their relationship with the Investment Advisers, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Advisers; (b) improved servicing and pricing from vendors because of the volume of business generated by the Investment Advisers and their affiliates; (c) improved servicing from broker-dealers because of the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Advisers’ ability to negotiate favorable terms with derivatives counterparties as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages gained from the Investment Advisers’ knowledge and experience gained from managing other accounts and products; (f) the Investment Advisers’ ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Advisers, to certain firmwide resources (e.g., proprietary databases); and (h) the Funds’ access to certain affiliated distribution channels. The Trustees noted the competitive nature of the mutual fund marketplace, and noted further that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Advisers and that those shareholders have a general expectation that the relationship will continue.

Goldman Sachs Strategic Income Fund

The Goldman Sachs Strategic Income Fund (the “Strategic Income Fund”) commenced investment operations on June 30, 2010, and the Trustees considered, at a meeting held on June 16-17, 2010, (i) the initial appointment of Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) to serve as the Strategic Income Fund’s investment adviser and (ii) the initial approval of the Management Agreement on behalf of the Strategic Income Fund. At that meeting, the Trustees considered the nature, extent and quality of the services that would be provided by the Investment Adviser and its affiliates to the Strategic Income Fund. In this regard, the Trustees noted that, although the Strategic Income Fund was new (and therefore had no performance information to evaluate), many of the portfolio personnel who would be providing services to the Strategic Income Fund were currently providing services to other investment portfolios of the Trust. The Trustees concluded that the Investment Adviser would be able to provide quality services to the Strategic Income Fund.

The Trustees considered the management fee to be paid by the Strategic Income Fund, and the Strategic Income Fund’s anticipated total expenses, along with the Strategic Income Fund’s anticipated assets under management. They also considered a report prepared by the Outside Data Provider, which compared the Strategic Income Fund’s anticipated management fee and total expenses to those of a peer group and category median. The Trustees also noted the Investment Adviser’s undertaking to limit the Strategic Income Fund’s “other expenses” ratio (excluding certain expenses) to a specified level. They recognized that the Strategic Income Fund did not yet have profitability data to evaluate, but would after the Strategic Income Fund commenced operations. They reviewed the proposed breakpoints in the management fee schedule and concluded that the breakpoints represented a means of assuring that benefits of scalability would be passed along to shareholders at the specified asset levels. The Trustees also considered the fees to be paid to Goldman Sachs in its capacity as the Strategic Income Fund’s transfer agent and distributor, along with other fall-out benefits (as outlined above for the other Funds) that would potentially be received by the Investment Adviser and its affiliates.

115

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

The Trustees concluded, in the exercise of their business judgment, that the proposed management fee to be paid by the Strategic Income Fund would be reasonable in light of the services provided to it by the Investment Adviser and the Strategic Income Fund’s reasonably foreseeable asset levels, and that the Management Agreement should be approved on behalf of the Strategic Income Fund.

Conclusion

In connection with their consideration of the Management Agreements, the 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 Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Advisers, the Investment Advisers’ costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees concluded that the Management Agreements should be approved and continued with respect to each applicable Fund until June 30, 2011.

116

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With portfolio management teams located around the world — and $700.8 billion in assets under management as of September 30, 2010 — our investment professionals bring firsthand knowledge of local markets to every investment decision. Goldman Sachs Asset Management ranks in the top 10 asset management firms worldwide, based on assets under management.¹

OVERVIEW OF GOLDMAN SACHS FUNDS


Money Market²Financial Square Funds^SMn Financial Square Tax-Exempt Funds n Financial Square Federal Fund n Financial Square Government Fund n Financial Square Money Market Fund n Financial Square Prime Obligations Fund n Financial Square Treasury Instruments Fund n Financial Square Treasury Obligations Fund Fixed Income Short Duration and Government n Enhanced Income Fund n Ultra-Short Duration Govt. Fund n Short Duration Government Fund n Government Income Fund n Inflation Protected Securities Fund Multi-Sector n Core Fixed Income Fund n Core Plus Fixed Income Fund n Global Income Fund n Strategic Income Fund Municipal and Tax-Free n High Yield Municipal Fund n Municipal Income Fund n Short Duration Tax-Free Fund Single Sector n Investment Grade Credit Fund n U.S. Mortgages Fund n High Yield Fund		n Emerging Markets Debt Fund n Local Emerging Markets Debt Fund Corporate Credit n Credit Strategies Fund Fundamental Equity n Growth and Income Fund n Small Cap Value Fund n Mid Cap Value Fund n Large Cap Value Fund n Capital Growth Fund n Strategic Growth Fund n Small/Mid Cap Growth Fund n All Cap Growth Fund n Concentrated Growth Fund n Technology Tollkeeper Fund^{SM 4} n Growth Opportunities Fund n U.S. Equity Fund Structured Equity n Balanced Fund n Structured Small Cap Equity Fund n Structured U.S. Equity Fund n Structured Small Cap Growth Fund n Structured Large Cap Growth Fund n Structured Large Cap Value Fund n Structured Small Cap Value 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 n Structured International Small Cap Fund n Structured International Equity Fund n Structured Emerging Markets Equity Fund Fundamental Equity International n Strategic International Equity Fund n Concentrated International Equity Fund n International Small Cap Fund n Asia Equity Fund n Emerging Markets Equity Fund n BRIC Fund (Brazil, Russia, India, China) Select Satellite³n Real Estate Securities Fund n International Real Estate Securities Fund n Commodity Strategy Fund n Dynamic Allocation Fund n Absolute Return Tracker Fund Total Portfolio Solutions³n Balanced Strategy Portfolio n Growth and Income Strategy Portfolio n Growth Strategy Portfolio n Equity Growth Strategy Portfolio n Income Strategies Portfolio n Satellite Strategies Portfolio n Retirement Strategies Portfolios n Enhanced Dividend Global Equity Portfolio n Tax Advantaged Global Equity Portfolio


	Firmwide assets under management includes assets managed by GSAM and its Investment Advisory Affiliates.


¹	Ranking for Goldman Sachs Group, Inc., includes Goldman Sachs Asset Management, Private Wealth Management and Merchant Banking 2009 year-end assets. Ranked 9th in total assets worldwide. Pensions&Investments, June 2010.
²	An investment in a money market fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) 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.
³	Individual Funds within the Total Portfolio Solutions 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 Total Portfolio Solutions or Select Satellite category.
⁴	Effective July 31, 2010, the Goldman Sachs Tollkeeper Fund was renamed the Goldman Sachs Technology Tollkeeper Fund.


	The Goldman Sachs Technology Tollkeeper Fund^SM and Financial Square Funds^SM are registered service marks of Goldman, Sachs & Co.


TRUSTEES Ashok N. Bakhru, Chairman Donald C. Burke** John P. Coblentz, Jr. Diana M. Daniels Patrick T. Harker* Joseph P. LoRusso** James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel Resigned effective September 30, 2010 *Effective August 19, 2010		OFFICERS James A. McNamara, President George F. Travers, Principal Financial Officer Peter V. Bonanno, Secretary Scott M. McHugh, Treasurer GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL Investment Adviser Christchurch Court, 10-15 Newgate Street London, England EC1 A7H0
GOLDMAN, SACHS & CO. Distributor and Transfer Agent

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

Goldman Sachs Asset Management, L.P. 200 West Street, New York, New York 10282

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

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

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

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

Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail — 1-800-526-7384) (institutional — 1-800-621-2550).


ITEM 2.		CODE OF ETHICS.

The information required by this Item is only required in an annual report on this Form N-CSR.


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.

		Not applicable.


ITEM 6.		INVESTMENTS.

	(a)	Schedules of Investments are included as part of the Semi-Annual Report to Stockholders filed under Item 1 of this Form N-CSR.

	(b)	Not applicable.


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)		The information required by this Item is only required in an annual report on this Form N-CSR.

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

(a)(3)		Not applicable.

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

SIGNATURES

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


				Goldman Sachs Trust

By:				/s/ James A. McNamara

				James A. McNamara
				Principal Executive Officer
				Goldman Sachs Trust

Date:				December 1, 2010

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


By:				/s/ James A. McNamara

				James A. McNamara
				Principal Executive Officer
				Goldman Sachs Trust

Date:				December 1, 2010

By:				/s/ George F. Travers

				George F. Travers
				Principal Financial Officer
				Goldman Sachs Trust

Date:				December 1, 2010

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