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



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

Goldman Sachs Single Sector Fixed Income Funds


n	GOLDMAN SACHS EMERGING MARKETS DEBT FUND

n	GOLDMAN SACHS HIGH YIELD FUND

n	GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

n	GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

n	GOLDMAN SACHS U.S. MORTGAGES FUND

TABLE OF CONTENTS


Principal Investment Strategies and Risks		1
Investment Process		3
Market Review		4
Portfolio Management Discussion and Performance Summaries		8
Schedules of Investments		28
Financial Statements		74
Notes to the Financial Statements		81
Financial Highlights		104
Other Information		114


NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Principal Investment Strategies and Risks

The Emerging Markets Debt Fund invests primarily in fixed income securities of issuers located in emerging countries. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. The majority of the countries in which the Fund invests have sovereign ratings that are below investment grade or are unrated. High yield, lower rated securities involve greater price volatility and present greater risks than higher rated fixed income securities. Fixed income securities of emerging countries are less liquid and are subject to greater price volatility and will be subject to the risks of currency fluctuations and sudden economic or political developments. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all. The securities markets of emerging countries have less government regulation and are subject to less extensive accounting and financial reporting requirements than the markets of more developed countries. The Fund is also subject to the risk that the issuers of sovereign debt or the government authorities that control the payment of debt may be unable or unwilling to repay principal or interest when due. The Fund may also engage in foreign currency transactions for hedging purposes (including cross hedging) or for speculative purposes. Forward foreign currency exchange contracts are subject to the risk that the counterparty to the contract will default on its obligations. The Fund may make substantial investments in derivative instruments, including options, financial futures, Eurodollar futures contracts, swaps, option on swaps, structured securities and other derivative investments. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; 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 and may be more susceptible to adverse developments affecting any single issuer held in its portfolio and may be susceptible to greater losses because of these developments.

The High Yield Fund invests primarily in high yield, fixed income securities that, at the time of purchase, are non-investment grade securities. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities including credit, liquidity and interest rate risk. High yield, lower rated securities involve greater price volatility and present greater risks than higher rated fixed income securities. The Fund may also invest in foreign issuers who are denominated in currencies other than the U.S. dollar and in securities of issuers located in emerging countries denominated in any currency. The Fund’s foreign and emerging market investments may be more volatile and less liquid than its investment in U.S. securities and will be subject to the risks of currency fluctuations and sudden economic or political developments. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all. The Fund may also engage in foreign currency transactions for hedging purposes (including cross hedging) or for speculative purposes. The Fund may make substantial investments in derivative instruments, including options, financial futures, Eurodollar futures contracts, swaps, options on swaps, structured securities and other derivative investments. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; risks of default by a counterparty; and the risks that transactions may not be liquid.

The Investment Grade Credit Fund invests primarily in investment grade fixed income securities. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. The guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. The Fund’s investments in mortgage-backed securities are subject to prepayment risks. These risks may result in greater share price volatility. The Fund may invest in foreign and emerging markets securities, which may be more volatile and less liquid than its investment in U.S. securities and will be subject to the risks of currency fluctuations and political developments. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all. The Fund may also engage in foreign currency transactions for hedging purposes (including cross hedging) or for speculative purposes. Forward foreign currency exchange contracts are subject to the risk that the counterparty to the contract will default on its obligations. The Fund may make substantial investments in derivative instruments, including options, financial futures, Eurodollar futures contracts, swaps, option on swaps, structured securities and other derivative investments. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; risks of default by a counterparty; and the risks that transactions may not be liquid.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

The Local Emerging Markets Debt Fund invests primarily in sovereign and corporate debt of issuers located in emerging countries where such debt securities are denominated in the local currency of such emerging countries. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. The majority of the countries in which the Fund invests have sovereign ratings that are below investment grade or are unrated. High yield, lower rated securities involve greater price volatility and present greater risks than higher rated fixed income securities. Fixed income securities of emerging countries are less liquid and are subject to greater price volatility and will be subject to the risks of currency fluctuations and sudden economic or political developments. Since the Fund may invest in non-investment grade fixed income securities and emerging country issuers, it especially will be subject to the risk that the liquidity of particular portfolio securities will shrink or disappear suddenly and without warning as a result of adverse economic, market or political events, or adverse investor perceptions, whether or not accurate. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all. The securities markets of emerging countries have less government regulation and are subject to less extensive accounting and financial reporting requirements than the markets of more developed countries. The Fund is also subject to the risk that the issuers of sovereign debt or the government authorities that control the payment of debt may be unable or unwilling to repay principal or interest when due. The Fund may also engage in foreign currency transactions for hedging purposes (including cross hedging) or for speculative purposes. Forward foreign currency exchange contracts are subject to the risk that the counterparty to the contract will default on its obligations. The Fund may make substantial investments in derivative instruments, including options, financial futures, Eurodollar futures contracts, swaps, option on swaps, structured securities and other derivative investments. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; risks of default by a counterparty; and the risks that transactions may not be liquid. The Fund is non-diversified and may invest more of its assets in fewer issuers than diversified funds and may be more susceptible to adverse developments affecting any single issuer held in its portfolio and may be susceptible to greater losses because of these developments.

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

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

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




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

		Fixed Income portfolios that:


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




		Since the conclusion of the fiscal year ended March 31, 2010, we have continued to experience periods of extreme volatility in the financial markets. In particular, continued deleveraging, a lack of liquidity and uncertainty regarding the economy have led to increased investor risk aversion. Despite these challenges, we continue to follow our investment approach that includes actively managing the Funds’ portfolios within a research-intensive, risk-managed framework.

MARKET REVIEW

Goldman Sachs Single 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 of the 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 Treasury purchases by the Fed, and two-year Treasury yields had reached an all-time low near 0.5%.

MARKET REVIEW


n	Investment grade corporate bonds posted strong results during the Reporting Period amid a sustained bond market rally that drove yields steadily and markedly lower. During May, as volatility increased in response to the European sovereign debt crisis, credit spreads, or the difference in yields between corporate bonds and duration-equivalent Treasury securities, widened. However, spreads then narrowed during the third calendar quarter in response to positive fundamental and technical factors. For example, on the fundamental side, corporate earnings were generally positive as companies, especially in the U.S., continued to reduce leverage, or the use of borrowed money, and repair their balance sheets. Further, merger and acquisition activity started to pick up with a number of large transactions that included mining giant BHP Billiton’s hostile takeover bid for Canadian fertilizer firm Potash Corp. The technical picture was also supportive. The third calendar quarter saw heavy new issuance, with more than $100 billion in September alone, as companies seized the opportunity to issue debt at low interest rates. Demand was also high, however, as investors continued to move into spread, or non-Treasury, product in pursuit of yield. The announcement of the Basel III regulations, which require banks to hold substantially higher capital reserves, was well received. The new rules support credit repair in the financials sector, and we believe the timeframes are reasonable, making gradual implementation achievable.

n	U.S. mortgage-backed securities generated mixed results during the Reporting Period. U.S. agency mortgage-backed securities (MBS) slightly underperformed Treasury securities, largely because of deteriorating investor sentiment following the Fed’s announcement during the third calendar quarter that it would reinvest the proceeds of maturing MBS held by the Fed into Treasuries. Late in the third calendar quarter, amid historically low mortgage interest rates and growing fears of a homeowner refinancing wave, the risk of a prepayment spike increased. Driven by supportive supply and demand dynamics, non-agency MBS posted solid gains.

n	High yield corporate bonds continued to benefit during the Reporting Period from the search for yield. Still, the sector experienced some volatility. For instance, although they withstood the pressure on riskier fixed income assets during April, high yield corporate bonds declined in early May as credit market liquidity suffered from mounting concerns about European sovereign debt and pending financial regulatory reform in Europe and the U.S. Generally speaking, however, high yield technicals enhanced the performance of the asset class. In the third calendar quarter, the high yield market logged one of its strongest quarters ever with $85.7 billion in new issuance. By the end of the Reporting Period, 2010 new issuance was a record $203 billion, surpassing 2009’s full year total of $180.7 billion. On the demand side, according to Lipper/AMG Data, high yield mutual funds experienced inflows of approximately $5.8 billion during the Reporting Period. Such demand was supported by a second calendar quarter earnings reporting season that delivered both revenue and earnings surprises. Many high yield companies continued to reap the benefits of significantly improved operating leverage on better margins and positive revenue growth. More than two-thirds of high yield issuance has been used for refinancing activities, which has allowed companies to lower their interest expenses and further improve coverage ratios. Extremely low default activity continued during the Reporting Period with the default rate falling to 2.5% for the rolling 12-month period ended September 30, 2010. The annualized default rate for speculative grade bonds (those rated no higher than BB) for the first nine months of 2010 was a mere 0.3%.

n	Emerging markets debt provided positive returns during the Reporting Period, despite a decline in May that reflected the general turmoil in the financial markets. At that time, lower quality and less liquid credits underperformed, while more liquid and higher quality credits held up well.

MARKET REVIEW

In emerging external debt markets, represented by the J.P. Morgan EMBI Global Diversified Index, the top performers during the Reporting Period were (in U.S. dollar terms*) Belize (+28.89%), Argentina (+15.34%) and the Philippines (+14.89%), while Ecuador (−9.03%), Venezuela (−1.77%), and Serbia (+1.66%) turned in the weakest performance.

In emerging local debt markets, represented by the J.P. Morgan Government Bond Index-Emerging Markets Global Diversified Index, the top performers during the Reporting Period were (in U.S. dollar terms*) Colombia (+19.35%) and Indonesia (+17.43%), while Russia (−0.32%) and Hungary (−0.30%) turned in the weakest performance.

Looking Ahead

During the Reporting Period, we grew increasingly convinced that the positives in the global economy outweigh the negatives and that economic growth will 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.


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

MARKET REVIEW

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 Emerging Markets Debt Fund

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income Investment Management Team discusses the Goldman Sachs Emerging Markets Debt Fund’s performance and positioning for the six-month period ended September 30, 2010 (the “Reporting Period”).


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

A	During the Reporting Period, the Fund’s Class A, C and Institutional Shares generated cumulative total returns, without sales charges, of 10.15%, 9.66% and 10.33%, respectively. These returns compare to the 9.57% cumulative total return of the Fund’s benchmark, the J.P. Morgan EMBI Global Diversified Index (with dividends reinvested) (the “Index”), during the same time period. During the period from inception on July 30, 2010 to September 30, 2010, the Fund’s Class IR Shares generated a cumulative total return, without sales charges, of 4.44%. This compares to the 4.00% cumulative total return of the Index during the same time period.

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

A	Country and issue selection added most to the Fund’s relative performance. Detracting from results was quasi-sovereign debt in Latin America. The Fund’s U.S. duration and yield curve positioning also modestly dampened relative returns. 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.

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

A	Country and issue selection in Argentina contributed positively to the Fund’s results versus the Index. Argentina external debt outperformed the Index for several reasons; Standard & Poor’s upgraded Argentina’s rating from B- to B, largely because of the country’s lower debt levels and improved economic performance. Argentina has been able to reduce debt by accessing funding from public agencies and has lowered the country’s near-term financing risk, but long term financing risk has not yet been addressed. Stronger than expected growth has been supported by agricultural production and expansionary fiscal policy has pushed growth much higher than what the market had been anticipating. We believe Argentina’s economy should

Investment Objective

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

continue to grow at a robust rate because of a supportive global economic environment and possible future funding from international agencies.

The Fund also benefited from its exposure to Mexico’s interest rates, accomplished through a position in Mexican local bonds. Mexico’s interest rates were supported by better-than expected inflation data and the expectation that inflation would remain subdued over the medium term, which should allow the Mexican central bank to maintain an easy monetary policy through the rest of 2010.

Issue selection in Venezuelan quasi-sovereign debt hampered the Fund’s relative performance. The Fund’s selection of a Venezuelan quasi-sovereign was a detractor during the second calendar quarter as lower quality and less liquid names suffered on fears of contagion from Europe’s severe debt problems. It also weakened on supply concerns and uncertainty surrounding new foreign exchange rules. Also detracting from the Fund’s relative results was a position in the South Korean won, accomplished through the use of currency forwards. The Korean won depreciated in May when risk aversion increased and concerns increased about the future strength of the global economic recovery.


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

A	The Fund’s U.S. duration and yield curve positioning detracted slightly from its relative returns during the Reporting Period. Because we thought the market was overstating the risk of a double-dip recession and based on our belief that yields would rise, the Fund had a short duration bias. This position dampened performance, however, when yields fell and the yield curve steepened in response to disappointing economic data. A steepened yield curve means yields on shorter-term maturities were lower than those on longer-term maturities.

PORTFOLIO RESULTS


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

A	In seeking to achieve its investment objective, including the management and influence of duration and yield curve positioning, as market conditions warranted during the Reporting Period, the Fund used financial futures contracts, forward foreign currency exchange contracts and swap contracts, among others. For example, as market conditions shifted, such instruments helped us shorten and lengthen the duration of the Fund and introduce a steepening or flattening yield curve bias within the Fund. In addition, such instruments, as well as credit linked notes, helped the Fund gain exposure to certain countries or currencies.

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

A	During the Reporting Period, we reduced the Fund’s overweighted position in Indonesia to a smaller overweight relative to the Index.

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

A	At the end of September 2010, the Fund had overweighted positions relative to the Index in Chilean and Brazilian local bonds and underweighted positions in Panamanian and Mexican external debt.

FUND BASICS

Emerging Markets Debt Fund

as of September 30, 2010

PERFORMANCE REVIEW


							30-Day			30-Day
				J.P. Morgan			Standardized			Standardized
April 1, 2010–	Fund Total Return			EMBI Global			Subsidized			Unsubsidized
September 30, 2010	(based on NAV¹)			Diversified Index²			Yield³			Yield³


Class A		10.15	%		9.57	%		4.39	%		4.15	%
Class C		9.66			9.57			3.86			3.61
Institutional		10.33			9.57			4.94			4.70

July 30, 2010– September 30, 2010

Class IR		4.44	%		4.00	%		4.83	%		4.50	%


¹	The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.
²	The J.P. Morgan EMBI Global Diversified Index is an unmanaged index of debt instruments of 41 emerging countries. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.
³	The 30-Day Standardized 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			Since Inception			Inception Date


Class A		13.16	%		8.08	%		11.04	%	8/29/03
Class C		16.67			N/A			8.74		9/29/06
Institutional		18.89			9.46			12.17		8/29/03
Class IR		N/A			N/A			4.44		7/30/10

⁴

The Standardized Average Annual Total Returns are average annual total returns or cumulative total returns (only if 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 4.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns. The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted.

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

FUND BASICS

EXPENSE RATIOS⁵


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


Class A		1.22	%		1.31	%
Class C		1.97			2.06
Institutional		0.88			0.97
Class IR		0.97			1.06

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.

TOP 10 COUNTRY ALLOCATION⁶


	Percentage of Net Assets

	as of 9/30/10			as of 3/31/10


Brazil		7.7	%		6.2	%
Indonesia		7.6			10.1
Mexico		6.9			7.7
Russia		6.0			7.0
Philippines		5.8			5.9
Turkey		5.5			4.2
Venezuela		5.4			5.2
Colombia		5.2			2.6
South Africa		4.6			2.4
Argentina		4.5			3.7


⁶	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The above table does not include repurchase agreements of 9.7% as of 9/30/10 and 7.4% as of 3/31/10.

PORTFOLIO RESULTS

Goldman Sachs High Yield Fund

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs High Yield Fixed Income Investment Management Team discusses the Goldman Sachs High Yield Fund’s performance and positioning for the six-month period ended September 30, 2010 (the “Reporting Period”).


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

A	During the Reporting Period, the Fund’s Class A, B, C, Institutional, Service, IR and R Shares generated cumulative total returns, without sales charges, of 5.35%, 4.95%, 4.96%, 5.52%, 5.42%, 5.63% and 5.22%, respectively. These returns compare to the 6.55% cumulative total return of the Fund’s benchmark, the Barclays Capital U.S. Corporate High Yield Bond Index, 2% Issuer Capped (the “Index”), during the same time period.

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

A	The Fund’s underweighted position in financials detracted most from its results relative to the Index. This was somewhat offset by our decision to hold certain bonds while their issuers restructured.

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

A	The Fund’s underweighted position relative to the Index in financials detracted most from performance. We maintained the underweight because of our concern about the viability of short-term funded entities with below-investment grade ratings as well as our overall concern about balance sheet health and the regulatory environment. However, the financials sector returned 8.38% during the Reporting Period, outperforming the rest of the high yield bond market, as represented by the Index, by almost 2%. Banks were the strongest segment, returning 9.54%. The Fund’s performance was also dampened by its overweighted exposure to stable companies, such as Reynolds Packaging Group and Peermont Hotels, Casinos and Resorts, that modestly lagged the Index.

On the positive side, the Fund benefited from its exposure to the recovery stories — all within cyclical sectors — of Grohe, a building materials supplier of premium showers and faucets; EdCon, a clothing and footwear retailer; and Carlson Wagonlit Travel, a consumer services company specializing in hospitality and business travel.

Investment Objective

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

Our decision to hold certain bonds through the issuing company’s restructuring also proved to be advantageous. Ultimately, some of these bonds were exchanged by the issuer for an equity stake in the company, boosting the Fund’s performance. Examples included CIT Group, which provides lending, leasing and advisory services to middle market businesses; Spectrum Brands, a consumer products company; and Nortek, a building products manufacturer. The Fund’s underweighted position in electric utilities, a segment that underperformed the Index, also contributed to results as falling natural gas prices made it harder for utilities to meet debt payments.


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

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

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

A	As we sought to increase the Fund’s total return and to hedge its portfolio against shifts in market conditions, we used instruments that included forward contracts related to foreign currency transactions and swap contracts.

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

A	There were no substantial changes made in the Fund’s sector weightings during the Reporting Period, but we modestly reduced the Fund’s weighting in the media industry.

PORTFOLIO RESULTS


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

A	At the end of September 2010, the Fund was overweight packaging, health care, gaming and consumer products relative to the Index. It was underweight retail, finance, energy and electric utilities versus the Index.

FUND BASICS

High Yield Fund

as of September 30, 2010

PERFORMANCE REVIEW


				Barclays Capital			30-Day			30-Day
				U.S. Corporate			Standardized			Standardized
April 1, 2010–	Fund Total Return			High Yield Bond Index			Subsidized			Unsubsidized
September 30, 2010	(based on NAV)¹			2% Issuer Capped²			Yield³			Yield³


Class A		5.35	%		6.55	%		6.32	%		6.32	%
Class B		4.95			6.55			5.87			5.87
Class C		4.96			6.55			5.87			5.86
Institutional		5.52			6.55			6.96			6.96
Service		5.42			6.55			6.46			6.45
Class IR		5.63			6.55			6.85			6.85
Class R		5.22			6.55			6.37			6.36


¹	The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.
²	The Barclays Capital U.S. Corporate High Yield Bond Index, 2% Issuer Capped, an unmanaged index, covers the universe of U.S. dollar denominated, non-convertible, fixed rate, non-investment grade debt. Index holdings must have at least one year to final maturity, at least $150 million par amount outstanding, and be publicly issued with a rating of Ba1 or lower. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.
³	The 30-Day Standardized 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		10.16	%		5.33	%		6.71	%		6.03	%	8/1/97
Class B		8.97			5.07			6.55			5.92		8/1/97
Class C		13.44			5.50			6.41			5.65		8/15/97
Institutional		15.75			6.66			7.60			6.81		8/1/97
Service		15.21			6.15			7.05			6.27		8/1/97
Class IR		15.66			N/A			N/A			6.72		11/30/07
Class R		15.11			N/A			N/A			6.14		11/30/07

⁴

The Standardized Average Annual Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 4.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). 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. Because Institutional, Service, Class R and IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns. The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 60 calendar days or less. The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted. 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).

FUND BASICS

EXPENSE RATIOS⁵


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


Class A		1.05	%		1.06	%
Class B		1.80			1.81
Class C		1.80			1.81
Institutional		0.71			0.72
Service		1.21			1.22
Class IR		0.80			0.81
Class R		1.30			1.31

⁵

TOP 10 ISSUERS AS OF 9/30/10⁶


Company	% of Net Assets			Line of Business


Intelsat		2.7	%	Telecommunications – Satellites
Sprint Nextel		2.5		Telecommunications – Cellular
HCA		2.4		Health Care – Services
Ally Financial		2.2		Finance
CIT Group		2.2		Finance
AIG		2.0		Finance
Ford		1.8		Automotive
MGM Mirage		1.2		Gaming
First Data		1.2		Technology – Software/Services
Sungard Data		1.1		Technology – Software/Services


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

TOP 10 INDUSTRY ALLOCATION⁷


	Percentage of Net Assets

	as of 9/30/10			as of 3/31/10


Health Care		9.2	%		9.0	%
Finance		8.5			8.0
Energy		6.5			6.5
Telecommunications – Non Cellular		6.2			5.6
Gaming		5.5			5.0
Media		5.2			6.8
Utilities		4.9			5.3
Automotive		4.2			3.6
Packaging		4.2			3.9
Services Cyclical		4.2			3.4


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

PORTFOLIO RESULTS

Goldman Sachs Investment Grade Credit Fund

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Investment Grade Credit Fund’s performance and positioning for the six-month period ended September 30, 2010 (the “Reporting Period”).


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

A	During the Reporting Period, the Fund’s Class A, Institutional and Separate Account Institutional Shares generated cumulative total returns, without sales charges, of 8.39%, 8.57% and 8.60%, respectively. These returns compare to the 8.07% cumulative total return of the Fund’s benchmark, the Barclays Capital U.S. Credit Index (the “Index”), during the same time period.

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

A	Issue selection among investment grade corporate bonds contributed the most to the Fund’s relative performance. The Fund’s cross-sector positioning relative to its benchmark also added value. 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. However, an overweighted position in investment grade corporate bonds overall hampered progress. The combined effect of the Fund’s duration and yield curve positioning further detracted from performance. 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.

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

A	The biggest contributor to the Fund’s relative outperformance was our individual issue selection of investment grade corporate bonds. Particularly advantageous was the Fund’s bias toward issues at the lower end of the investment grade ratings spectrum; many of these names performed strongly during the Reporting Period. Issue selection in the industrials and energy sectors, as well as in the bank and insurance industries, enhanced relative results. Among the largest relative contributors were exploration company Transocean, oil company British Petroleum and beverage maker Anheuser-Busch InBev. A small allocation to non-agency residential mortgage-backed securities (RMBS) also added to results.

Investment Objective

The Fund seeks a high level of total return consisting of capital appreciation and income that exceeds the total return of the Index.

In addition, the Fund benefited from a negative basis position in which the portfolio owned corporate cash bonds and we bought protection against credit default risk through derivatives, such as credit default swaps. Basis can be either positive (credit spreads trade wider than cash spreads) or negative (cash spreads trade wider than credit spreads). In a basis trade, the Fund is positioned to take advantage of changes in the basis. We believed that the negative basis of corporate cash bonds relative to derivatives would continue to narrow from the extreme levels they reached in late 2008 during the financial crisis. The Fund benefited from our stance when cash spreads widened less than credit spreads (that is, the negative basis narrowed) during May and June as investors sought to reduce risk and take advantage of the greater liquidity in derivatives.

Detracting was issue selection within the utilities sector. The Fund was also hampered by its overall overweight to corporate bonds, which underperformed — especially pipeline and financial issues — during the severe spread widening in May.


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 performance. Most of the impact came during the second calendar quarter when the Fund was underweight five- and 10-year maturities in the U.S. Treasury yield curve. As yields in this segment of the U.S. Treasury yield curve enjoyed a sustained and strong rally, such positioning dampened results. However, this was somewhat offset by the positive contribution from the Fund’s overweight position in the intermediate segment of the corporate bond yield curve versus the short-term end of the curve for much of the Reporting Period.

PORTFOLIO RESULTS


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

A	In seeking to achieve its investment objective, including the management and influence of duration and yield curve positioning, as market conditions warranted during the Reporting Period, the Fund used instruments that included financial futures contracts, swap contracts and forward foreign currency exchange contracts related to foreign currency transactions. For example, as market conditions shifted, such instruments helped us shorten and lengthen the duration of the Fund or to introduce a steepening or flattening yield curve bias within the Fund. We also used such instruments to adopt, as mentioned previously, a negative basis position in which the Fund’s portfolio was long corporate cash bonds and short derivative instruments, such as credit default swaps.

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

A	In response to increased market volatility and investor risk aversion in May, we aggressively reduced the Fund’s overweighted allocation to corporate bonds. We sold the most liquid issues first, which had the effect of reducing the Fund’s overweight in financials. As risk appetite returned, we took advantage of the supportive macro environment and favorable corporate earnings data to rebuild positions, especially in financials, and shifted the Fund back to an overweight in corporate bonds.

After the oil spill in the Gulf of Mexico, we underweighted the Fund in energy names such as British Petroleum and Anadarko Petroleum. As news about the capping of the oil well improved during the third calendar quarter, we shifted the Fund to an overweighted position.


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

A	At the end of September 2010, the Fund had overweighted positions relative to the Index in investment grade corporate credit. Within corporate bonds, the Fund was overweight banking, insurance, real estate investment trusts (REITs), energy and pipelines. Relative to the Index, the Fund was underweight retail, information technology and utilities corporate bonds.

FUND BASICS

Investment Grade Credit Fund

as of September 30, 2010

PERFORMANCE REVIEW


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


Class A		8.39	%		8.07	%		3.01	%		2.96	%
Institutional		8.57			8.07			3.46			3.41
Separate Account Institutional		8.60			8.07			3.51			3.46


¹	The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.
²	The Barclays Capital U.S. Credit Index is an unmanaged index which is unbundled into pure corporates (industrial, utility, and finance, including both U.S. and Non-U.S. corporations) and non-corporates (sovereign, supranational, foreign agencies, and foreign local governments). The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.
³	The 30-Day Standardized 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			Since Inception			Inception Date


Class A		8.63	%		3.71	%		3.89	%	11/3/03
Institutional		13.25			4.85			4.87		11/3/03
Separate Account Institutional		13.31			4.92			4.92		11/3/03

⁴

The Standardized Average Annual Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 3.75% for Class A Shares. 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 and Separate Account Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns.

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

FUND BASICS

EXPENSE RATIOS⁵


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


Class A		0.76	%		0.89	%
Institutional		0.42			0.55
Separate Account Institutional		0.37			0.50

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	“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 similar to any other publicly traded company.

FUND BASICS

TOP TEN INDUSTRY ALLOCATIONS⁸


	Percentage of Net Assets

	as of 9/30/10			as of 3/31/10


Banks		22.5	%		18.7	%
Energy		7.4			5.7
Insurance		6.5			7.0
Pipelines		6.3			8.9
Wirelines and Wireless Telecommunications		5.0			5.2
Real Estate Investment Trusts		5.2			5.4
Health Care		4.2			4.3
Media		4.1			8.3
Electric		3.5			4.9
Food & Beverage		3.3			4.5


⁸	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

PORTFOLIO RESULTS

Goldman Sachs Local Emerging
Markets Debt Fund

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income Investment Management Team discusses the Goldman Sachs Local Emerging Markets Debt Fund’s performance and positioning for the six-month period ended September 30, 2010 (the “Reporting Period”).


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

A	During the Reporting Period, the Fund’s Class A, C and Institutional Shares generated cumulative total returns, without sales charges, of 8.95%, 8.52% and 9.13%, respectively. These returns compare to the 10.14% cumulative total return of the Fund’s benchmark, the J.P. Morgan Government Bond Index — Emerging Markets Global Diversified Index (with dividends reinvested) (the “Index”), during the same time period. During the period from inception on July 30, 2010 to September 30, 2010, the Fund’s Class IR Shares generated a cumulative total return, without sales charges, of 5.71%. This compares to the 6.48% cumulative total return of the Index during the same time period.

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

A	The Fund’s currency positions detracted from relative performance. Contributing to results was country and issue selection.

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

A	The Fund was hampered by its currency positions in the Turkish lira and the South Korean won (accomplished through the use of currency forwards). It was overweight the Turkish lira through the middle of May; the currency depreciated from mid-April through early June. An overweight in the South Korean won worked against the Fund when the currency depreciated sharply during May in response to the European sovereign debt crisis and concern about the future strength of the global economic recovery.

The Fund benefited from country and issue selection in Colombian and Mexican local debt. Colombia interest rates outperformed on lower-than-expected inflation data, which should enable the country’s central bank to keep rates on hold for the rest of 2010. Furthermore, the Colombian peso appreciated 3.6% in June after former defense

Investment Objective

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

minister Juan Manuel Santos was elected president, largely on expectations that he would continue former President Uribe’s investor-friendly economic policies. Mexico interest rates were supported by better-than-expected inflation data and the likelihood that inflation would remain subdued over the medium term, which should allow the Mexican central bank to maintain an easy monetary policy through the rest of 2010.


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

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

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

A	To gain exposure to certain countries or currencies, the Fund used forward foreign currency exchange contracts and swap contracts. In addition, such instruments, as well as credit linked notes, helped the Fund gain exposure to certain countries or currencies.

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

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

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

A	At the end of September 2010, the Fund had overweighted positions relative to the Index in Brazilian local bonds and the Chinese renminbi. It held underweighted positions in Thai local debt and the Thai baht.

FUND BASICS

Local Emerging Markets Debt Fund

as of September 30, 2010

PERFORMANCE REVIEW


							30-Day			30-Day
				J.P. Morgan			Standardized			Standardized
April 1, 2010–	Fund Total Return			GBI EM Global			Subsidized			Unsubsidized
September 30, 2010	(based on NAV¹)			Diversified Index²			Yield³			Yield³


Class A		8.95	%		10.14	%		4.34	%		3.75	%
Class C		8.52			10.14			3.79			3.15
Institutional		9.13			10.14			4.88			4.25


July 30, 2010– September 30, 2010

Class IR		5.71	%		6.48	%		4.69	%		4.00	%


¹	The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance assumes the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.
²	The J.P. Morgan GBI EM Global Diversified Index is an unmanaged index of debt instruments of 14 Emerging Countries. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.
³	The 30-Day Standardized 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 ending 9/30/10	One Year			Since Inception			Inception Date


Class A		11.71	%		3.12	%		2/15/08
Class C		16.34			4.24			2/15/08
Institutional		17.51			5.30			2/15/08
Class IR		N/A			5.71			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 4.5% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns. The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted.

FUND BASICS

EXPENSE RATIOS⁵


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


Class A		1.35	%		1.49	%
Class C		2.10			2.24
Institutional		1.01			1.15
Class IR		1.10			1.24

⁵

TOP 10 COUNTRY ALLOCATION⁶


	Percentage of Net Assets

	as of 9/30/10			as of 3/31/10


Mexico		9.3	%		5.5	%
Thailand		7.8			6.5
South Africa		7.8			4.6
Brazil		7.7			7.7
Hungary		7.5			7.4
Indonesia		7.1			6.9
Turkey		4.9			9.3
Poland		4.6			8.3
Egypt		4.3			3.7
Malaysia		4.1			2.6


⁶	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The above table does not include repurchase agreements of 16.4% as of 9/30/10 and 20.7% as of 3/31/10.

PORTFOLIO RESULTS

Goldman Sachs U.S. Mortgages Fund

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs U.S. Mortgages Fund’s performance and positioning for the six-month period ended September 30, 2010 (the “Reporting Period”).


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

A	During the Reporting Period, the Fund’s Class A, Institutional and Separate Account Institutional Shares generated cumulative total returns, without sales charges, of 3.71%, 3.89% and 3.92%, respectively. These returns compare to the 4.00% cumulative total return of the Fund’s benchmark, the Barclays Capital U.S. Securitized Bond Index (with dividends reinvested) (the “Index”), during the same time period.

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

A	The Fund’s duration strategy detracted most from its relative results during the Reporting Period. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Contributing to performance was our cross-sector strategy 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 among agency and non-agency mortgage-backed securities (MBS) also added value.

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

A	The Fund’s cross-sector positioning contributed positively to results during the Reporting Period. Specifically, the Fund’s exposure to non-agency MBS was advantageous. Despite the temporary sell-off during May, non-agency MBS performed strongly during the Reporting Period, driven by supportive supply and demand dynamics. In addition, the Fund’s underweight to agency MBS enhanced relative performance, as agency MBS underperformed U.S. Treasury securities during the Reporting Period.

Issue selection also added to the Fund’s relative results during the Reporting Period. In particular, the Fund benefited from our focus on agency MBS with lower prepayment risk. These gains were offset somewhat by issue selection among commercial mortgage-backed securities (CMBS), which detracted.

Investment Objective

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


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

A	The Fund’s underweighted duration bias in the medium- to long-maturity portions of the Treasury yield curve, or spectrum of maturities, during the Reporting Period detracted from its relative performance during the Reporting Period. During the second and third calendar quarters of 2010, interest rates on 10-year Treasuries fell 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.

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

A	In seeking to achieve its investment objective, including the management and influence of duration and yield curve positioning, as market conditions warranted during the Reporting Period, the Fund used instruments that included financial futures contracts and swap contracts. For example, as market conditions shifted, such instruments helped us shorten and lengthen the duration of the Fund and were used to introduce a steepening or flattening yield curve bias within the Fund.

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

A	During the Reporting Period, we shifted the Fund from a short duration bias to a long duration bias. We reduced the Fund’s underweighted exposure to agency MBS but continued to maintain an underweight.

PORTFOLIO RESULTS


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

A	At the end of September 2010, the Fund had overweighted allocations relative to the Index in agency securities, agency collateralized mortgage obligations (CMO), asset-backed securities (ABS) and CMBS. It was underweight relative to the Index in residential mortgage-backed securities (RMBS), particularly agency pass-through mortgage securities.

FUND BASICS

U.S. Mortgages Fund

as of September 30, 2010

PERFORMANCE REVIEW


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


Class A		3.71	%		4.00	%		1.85	%		1.75	%
Institutional		3.89			4.00			2.26			2.15
Separate Account Institutional		3.92			4.00			2.31			2.20


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. Securitized Bond Index is an unmanaged composite of asset-backed securities, collateralized mortgage-backed securities and fixed rate mortgage-backed securities. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.
³	The 30-Day Standardized 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			Since Inception			Inception Date


Class A		3.64	%		4.15	%		4.05	%		11/3/03
Institutional		8.03			5.33			5.03			11/3/03
Separate Account Institutional		8.09			5.38			5.07			11/3/03

⁴

The Standardized Average Annual Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 3.75% for Class A Shares. 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 and Separate Account Institutional Shares do not involve a sales charge, such a charge is not applied to their Standardized Average Annual Total Returns.

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

EXPENSE RATIOS⁵


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


Class A		0.76	%		0.94	%
Institutional		0.42			0.60
Separate Account Institutional		0.37			0.55

⁵

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 up to 100% due to the exclusion of other assets and liabilities.
⁷	“Federal Agencies” are mortgage-backed securities guaranteed by Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the U.S. Government.
⁸	“Agency Debentures” include agency securities offered by companies such as 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 EMERGING MARKETS DEBT FUND

Schedule of Investments

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Sovereign Debt Obligations – 70.0%


	Argentina – 4.5%
	Republic of Argentina (B/NR)
	$	3,160,000		7.000	%		09/12/13	$	2,964,168
		4,490,000		7.000			10/03/15		3,953,944
	ARS	6,159,180		5.830	^(a)		12/31/33		1,104,796
	EUR	3,313,676		7.820			12/31/33		3,196,039
		1,320,000		2.260	^(b)		12/31/38		607,328
	Republic of Argentina (NR/NR)
	$	6,210,000		7.000			04/17/17		5,078,745
	ARS	14,967,675		2.000	^(a)		02/04/18		2,922,192
	EUR	849,011		7.820	^(a)		12/31/33		815,977
		47,580,000		2.840	^(a)		12/15/35		7,005,252

									27,648,441


	Belarus – 1.4%
	Republic of Belarus (B+/B1)
	$	8,350,000		8.750			08/03/15		8,600,500


	Brazil – 4.8%
	Federal Republic of Brazil (BBB-/Baa3)
		150,000		6.000			01/17/17		174,750
		6,450,000		5.875			01/15/19		7,562,625
		1,000,000		8.875			10/14/19		1,407,500
		2,630,000		8.250			01/20/34		3,800,350
		2,360,000		5.625			01/07/41		2,584,200
	Federal Republic of Brazil (NR/Baa3)
		12,967,000		4.875			01/22/21		14,231,282

									29,760,707


	Chile – 0.3%
	Republic of Chile (A+/Aa3)
		1,750,000		3.875			08/05/20		1,816,302


	Colombia – 4.5%
	Republic of Colombia (BBB-/Ba1)
		2,278,000		7.375			01/27/17		2,807,635
		6,920,000		7.375			03/18/19		8,753,800
		6,880,000		7.375			09/18/37		9,064,400
		6,210,000		6.125			01/18/41		7,094,925

									27,720,760


	Costa Rica – 1.0%
	Republic of Costa Rica (BB+/Baa3)
		410,000		6.548			03/20/14		462,275
		3,987,000		9.995			08/01/20		5,661,540

									6,123,815


	Dominican Republic – 2.2%
	Dominican Republic (B/B1)
		5,246,289		9.040			01/23/18		6,216,853
		5,240,000		7.500	^(c)		05/06/21		5,921,200
		100,000		7.500			05/06/21		113,000
		1,060,000		8.625			04/20/27		1,245,500

									13,496,553


	Egypt^(c) – 0.2%
	Republic of Egypt (BB+/Ba1)
		100,000		5.750			04/29/20		107,000
		1,160,000		6.875			04/30/40		1,305,000

									1,412,000


	El Salvador – 0.9%
	Republic of El Salvador (BB/Ba1)
		4,132,000		8.250			04/10/32		4,689,820
		600,000		7.650			06/15/35		652,500

									5,342,320


	Gabon – 0.4%
	Republic of Gabon (BB-/NR)
		1,270,000		8.200			12/12/17		1,470,025
		760,000		8.200	^(c)		12/12/17		879,700

									2,349,725


	Georgia – 0.2%
	Republic of Georgia (B+/Ba3)
		1,240,000		7.500			04/15/13		1,264,800


	Ghana – 0.3%
	Republic of Ghana (B/NR)
		1,880,000		8.500			10/04/17		2,147,900


	Hungary – 1.3%
	Hungary Government Bond (BBB-/Baa1)
	EUR	510,000		6.750			07/28/14		729,742
		10,000		3.500			07/18/16		12,444
		700,000		5.750			06/11/18		957,902
	$	5,763,000		6.250			01/29/20		6,137,595

									7,837,683


	Indonesia – 7.1%
	Republic of Indonesia (BB/Ba2)
		4,650,000		6.750			03/10/14		5,272,170
		820,000		7.500			01/15/16		997,366
		1,404,000		6.875			01/17/18		1,695,330
		1,880,000		11.625			03/04/19		2,909,300
		13,129,000		5.875	^(c)		03/13/20		15,114,105
		2,520,000		5.875			03/13/20		2,901,024
		2,780,000		8.500			10/12/35		4,037,950
		300,000		6.625			02/17/37		364,500
		3,198,000		7.750	^(c)		01/17/38		4,333,290
		4,804,000		7.750			01/17/38		6,509,420

									44,134,455


	Iraq – 0.8%
	Republic of Iraq (NR/NR)
		5,690,000		5.800			01/15/28		4,893,400


	Ivory Coast^(b) – 0.5%
	Republic of Ivory Coast (NR/NR)
		4,314,000		2.500			12/31/32		2,508,591
		1,000,000		2.500	^(c)		12/31/32		581,500

									3,090,091

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Sovereign Debt Obligations – (continued)

	Lebanon – 1.3%
	Republic of Lebanon (B/NR)
	$	600,000		6.375	%		03/09/20	$	622,500
		4,230,000		8.250			04/12/21		4,938,525
	Republic of Lebanon MTN (B/NR)
		2,707,500		4.000			12/31/17		2,653,350

									8,214,375


	Malaysia – 0.6%
	Malaysia (A-/A3)
		3,500,000		7.500			07/15/11		3,615,479


	Mexico – 3.2%
	Mexican Bonos (A/Baa1)
	MXN	146,465,500		10.000			12/05/24		15,481,980
	United Mexican States (BBB/Baa1)
	$	16,000		6.750			09/27/34		19,880
		3,770,000		6.050	^(d)		01/11/40		4,316,650

									19,818,510


	Pakistan – 0.3%
	Islamic Republic of Pakistan (B-/B3)
		1,070,000		6.875	^(c)		06/01/17		965,675
		1,320,000		6.875			06/01/17		1,191,300

									2,156,975


	Panama – 0.0%
	Republic of Panama (BBB-/Baa3)
		184,000		7.250			03/15/15		219,052


	Peru – 2.3%
	Republic of Peru (BBB-/Baa3)
		4,462,000		7.350			07/21/25		5,778,290
		5,698,000		8.750			11/21/33		8,461,530
		111,000		6.550			03/14/37		134,865

									14,374,685


	Philippines – 5.8%
	Republic of Philippines (BB-/Ba3)
		189,000		9.875			01/15/19		270,270
		3,759,000		8.375			06/17/19		4,999,470
		5,826,000		6.500			01/20/20		6,962,070
		3,565,000		7.500			09/25/24		4,634,500
		1,000,000		9.500	^(e)		10/21/24		1,495,000
		3,917,000		10.625			03/16/25		6,296,577
		2,412,000		9.500			02/02/30		3,693,496
		2,832,000		7.750			01/14/31		3,763,020
		3,208,000		6.375			10/23/34		3,733,310

									35,847,713


	Poland – 1.7%
	Republic of Poland (A-/A2)
		5,650,000		3.875			07/16/15		5,868,937
		4,100,000		6.375			07/15/19		4,850,813

									10,719,750


	Qatar – 0.3%
	State of Qatar (AA/Aa2)
		350,000		5.250	^(c)		01/20/20		384,125
		1,490,000		6.400			01/20/40		1,767,140

									2,151,265


	Romania – 0.2%
	Republic of Romania (BB+/Baa3)
	EUR	930,000		6.500			06/18/18		1,313,084


	Russia – 6.0%
	Russian Federation (BBB/Baa1)
	$	800,000		3.625	^(c)		04/29/15		804,960
		2,000,000		5.000	^(c)		04/29/20		2,080,000
		200,000		5.000			04/29/20		208,000
		28,640,000		7.500	^(b)		03/31/30		34,153,200

									37,246,160


	Serbia^(b) – 0.5%
	Republic of Serbia (BB-/NR)
		2,977,333		6.750			11/01/24		2,917,787


	South Africa – 3.9%
	Republic of South Africa (A+/A3)
	ZAR	70,440,000		10.500			12/21/26		12,401,422
	Republic of South Africa (BBB+/A3)
	$	960,000		6.500			06/02/14		1,094,400
		2,317,000		6.875			05/27/19		2,832,532
		5,322,000		5.500			03/09/20		5,947,335
		1,730,000		5.875			05/30/22		2,002,475

									24,278,164


	Sri Lanka – 0.6%
	Republic of Sri Lanka (B+/B1)^(c)
		1,650,000		6.250			10/04/20		1,657,590
	Republic of Sri Lanka (B+/NR)
		190,000		8.250			10/24/12		206,862
		374,000		7.400			01/22/15		409,530
		1,330,000		7.400	^(c)		01/22/15		1,456,350

									3,730,332


	Turkey – 5.3%
	Republic of Turkey (BB/Ba2)
		6,065,000		5.625			03/30/21		6,610,850
		4,661,000		11.875			01/15/30		8,261,622
		1,800,000		8.000			02/14/34		2,346,750
		830,000		6.875			03/17/36		964,875
		7,850,000		7.250			03/05/38		9,478,875
		4,317,000		6.750			05/30/40		4,921,380

									32,584,352


	Ukraine – 0.7%
	Ukraine Government (B+/B2)
	EUR	2,810,000		4.950			10/13/15		3,485,967
	$	700,000		7.750	^(c)		09/23/20		702,625

									4,188,592

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Sovereign Debt Obligations – (continued)

	United Arab Emirates – 0.5%
	Dubai DOF Sukuk Ltd. (NR/NR)
	$	2,950,000		6.396	%		11/03/14	$	2,941,150


	Uruguay – 2.0%
	Republic of Uruguay (BB+/Ba3)
		1,826,907		8.000			11/18/22		2,352,143
		466,000		6.875			09/28/25		559,200
		2,200,000		7.875	^(f)		01/15/33		2,882,000
		5,036,000		7.625			03/21/36		6,496,440

									12,289,783


	Venezuela – 4.4%
	Republic of Venezuela (BB-/B2)
		360,000		5.750			02/26/16		248,400
		1,170,000		13.625			08/15/18		1,088,100
		890,000		7.000			12/01/18		589,625
		14,540,000		7.750			10/13/19		9,632,750
		8,601,000		6.000			12/09/20		4,988,580
		8,090,000		8.250			10/13/24		5,177,600
		7,610,000		7.650			04/21/25		4,642,100
		470,000		9.250			05/07/28		311,375
		1,300,000		7.000			03/31/38		715,000

									27,393,530


	TOTAL SOVEREIGN DEBT OBLIGATIONS
	(Cost $398,990,419)							$	433,640,190




Corporate Obligations – 16.0%


	Brazil – 1.2%
	Banco Cruzeiro do Sul SA (NR/Ba3)^(c)
	$	730,000		8.875	%		09/22/20	$	770,079
	CCL Finance Ltd. (BB-/NR)
		1,058,000		9.500			08/15/14		1,237,860
	Companhia Energetica de Sao Paulo (NR/Ba2)
	BRL	3,127,249		9.750			01/15/15		1,914,231
	Independencia International Ltd. (NR/NR)^(c)
	$	1,277,436		12.000			12/30/16		38,323
	Telemar Norte Leste SA (BBB-/Baa2)^(c)
		3,374,000		5.500			10/23/20		3,418,533

									7,379,026


	Chile – 0.6%
	Corporacion Nacional del Cobre(A/A1)
		2,995,000		6.150			10/24/36		3,548,416


	Colombia – 0.7%
	EEB International Ltd. (BB/NR)
		1,020,000		8.750			10/31/14		1,114,310
		690,000		8.750	^(c)		10/31/14		753,798
	TGI International Ltd. (BB/NR)
		1,440,000		9.500			10/03/17		1,634,400
		760,000		9.500	^(c)		10/03/17		864,091

									4,366,599


	Indonesia – 0.5%
	Adaro Indonesia PT (NR/Ba1)
		2,350,000		7.625	^(c)		10/22/19		2,561,500
		700,000		7.625			10/22/19		763,000

									3,324,500


	Ireland – 0.6%
	MTS International Funding Ltd. (BB/Ba2)
		1,220,000		8.625			06/22/20		1,403,000
	VIP Finance Ireland Ltd. for OJSC Vimpel Communications (BB+/Ba2)
		500,000		9.125	^(c)		04/30/18		571,900
		1,599,000		9.125			04/30/18		1,828,936

									3,803,836


	Kazakhstan – 3.1%
	Kazakhstan Temir Zholy Finance BV (BB+/Baa3)^(c)
		700,000		6.375			10/06/20		699,132
	Kazatomprom (NR/Baa3)^(c)
		700,000		6.250			05/20/15		757,750
	KazMunaiGaz Finance Sub BV (BB+/Baa2)
		10,000		8.375	^(c)		07/02/13		11,075
		2,100,000		11.750	^(c)		01/23/15		2,661,750
		6,750,000		11.750			01/23/15		8,555,625
	KazMunaiGaz Finance Sub BV (NR/Baa2)^(c)
		5,680,000		7.000			05/05/20		6,283,500

									18,968,832


	Luxembourg – 1.1%
	Gaz Capital SA for Gazprom (BBB/Baa1)^(e)
		3,400,000		9.250			04/23/19		4,224,500
	Gazprom International SA for Gazprom (BBB+/NR)
		2,440,551		7.201			02/01/20		2,641,896

									6,866,396


	Malaysia – 0.7%
	Petronas Capital Ltd. (A-/A1)
		1,630,000		5.250			08/12/19		1,821,257
		2,200,000		5.250	^(c)		08/12/19		2,458,139

									4,279,396


	Mexico – 3.7%
	Cemex Finance LLC (B/NR)
		1,990,000		9.500			12/14/16		2,002,529
		3,460,000		9.500	^(c)		12/14/16		3,481,784
	Pemex Project Funding Master Trust (BBB/Baa1)
		6,296,000		5.750			03/01/18		6,909,860
	Petroleos Mexicanos (BBB/Baa1)
		2,572,000		8.000			05/03/19		3,208,570
		4,930,000		5.500	^(c)		01/21/21		5,250,450
		1,580,000		6.625	^(c)		06/15/35		1,730,100

									22,583,293

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)

	Qatar – 1.3%
	Ras Laffan Liquefied Natural Gas Co. Ltd. II (A/Aa2)
	$	6,806,004		5.298	%		09/30/20	$	7,364,097
	Ras Laffan Liquefied Natural Gas Co. Ltd. III (A/Aa2)^(c)
		180,000		5.500			09/30/14		197,100
		499,632		5.832			09/30/16		548,381

									8,109,578


	South Africa – 0.7%
	Peermont Proprietary Global Ltd. (B/B3)
	EUR	3,480,000		7.750			04/30/14		4,217,515


	Turkey^(c) – 0.2%
	Akbank TAS (NR/Ba1)
	$	1,270,000		5.125			07/22/15		1,270,000


	Ukraine – 0.1%
	Biz Finance PLC for Ukreximbank (NR/B1)
		700,000		8.375			04/27/15		721,000


	United Arab Emirates – 0.5%
	Dolphin Energy Ltd. (NR/A1)
		1,227,904		5.888			06/15/19		1,319,997
		1,630,810		5.888	^(c)		06/15/19		1,753,120

									3,073,117


	Venezuela – 1.0%
	Petroleos de Venezuela SA (B+/NR)
		529,900		5.250			04/12/17		308,667
	Petroleos de Venezuela SA (NR/NR)
		8,300,000		4.900			10/28/14		5,291,250
		1,439,000		5.000			10/28/15		827,425

									6,427,342


	TOTAL CORPORATE OBLIGATIONS
	(Cost $95,549,284)							$	98,938,846




Structured Notes – 3.1%


	Egyptian Treasury Bills (NR/NR)^(g)(h)
	EGP	25,800,000		0.000	%		10/26/10	$	4,506,050
		26,700,000		0.000	^(c)		11/02/10		4,655,264
	Notas do Tesouro Nacional Series B (NR/NR)^(a)(i)
	BRL	17,408,282		6.000			08/15/40		10,362,113


	TOTAL STRUCTURED NOTES
	(Cost $19,622,232)							$	19,523,427


	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $514,161,935)							$	552,102,463




Short-term Investment^(j) – 9.7%


	Repurchase Agreement – 9.7%
	Joint Repurchase Agreement Account II
	$	60,300,000		0.270	%		10/01/10	$	60,300,000
	Maturity Value: $60,300,452
	(Cost $60,300,000)


	TOTAL INVESTMENTS – 98.8%
	(Cost $574,461,935)							$	612,402,463


	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2%								7,326,400


	NET ASSETS – 100.0%							$	619,728,863

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


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

(b)		Coupon increases periodically based upon a predetermined schedule. Stated interest rate in effect at September 30, 2010.

(c)		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 $77,028,889, which represents approximately 12.4% of net assets as of September 30, 2010.

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

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

(f)		Pay-in-kind securities.

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

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

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

(j)		Joint repurchase agreement was entered into on September 30, 2010. Additional information appears on pages 72-73.

Security ratings disclosed, if any, are obtained from by Standard & Poor’s (“S&P”)/Moody’s Investor Service (“Moody’s”) and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)




Currency Abbreviations:
ARS	—	Argentine Peso
BRL	—	Brazilian Real
CLP	—	Chilean Peso
CNY	—	Chinese Yuan
COP	—	Colombian Peso
EGP	—	Egyptian Pound
EUR	—	Euro
IDR	—	Indonesian Rupiah
ILS	—	Israeli Shekel
INR	—	Indian Rupee
KRW	—	South Korean Won
MXN	—	Mexican Peso
MYR	—	Malaysian Ringgit
PHP	—	Philippine Peso
PLN	—	Polish Zloty
TRY	—	Turkish Lira
ZAR	—	South African Rand




Investment Abbreviations:
KWCDC	—	South Korean Won Certificate of Deposit
MTN	—	Medium Term Note
NR	—	Not Rated
WIBOR	—	Warsaw Interbank Offered Rate

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY 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

CNY

Purchase

03/17/11

9,846,981

90,472

IDR

Purchase

10/14/10

106,804

—

MXN

Sale

12/15/10

3,061,749

21,356

TRY

Purchase

12/15/10

3,068,644

37,644

Citibank NA

IDR

Purchase

10/14/10

1,891,893

38,031

Credit Suisse International (London)

PLN

Purchase

12/15/10

57,327

—

Deutsche Bank AG (London)

IDR

Purchase

10/14/10

1,560,393

16,145

INR

Purchase

10/14/10

6,619,702

301,953

PHP

Purchase

10/14/10

2,558,532

81,531

HSBC Bank PLC

ILS

Purchase

12/15/10

2,544,668

81,461

JPMorgan Securities, Inc.

IDR

Purchase

10/14/10

2,514,891

10,953

KRW

Purchase

10/14/10

121,000

—

PLN

Purchase

12/15/10

2,505,848

150,195

Royal Bank of Scotland PLC

EUR

Purchase

10/22/10

51,475

—

State Street Bank

KRW

Purchase

10/14/10

5,276,780

166,780

MXN

Sale

12/15/10

1,247,433

5,817

UBS AG (London)

BRL

Purchase

10/04/10

9,530,362

74,006

CNY

Purchase

03/17/11

227,145

—

TOTAL

1,076,344

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

GOLDMAN SACHS EMERGING MARKETS DEBT 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 NA	INR	Sale		10/14/10	$	103,000	$	—
Citibank NA	EUR	Sale		12/15/10		8,319,060		(569,508	)
	INR	Purchase		01/18/11		2,954,826		(14,174	)
	KRW	Sale		10/14/10		5,276,780		(259,867	)
Deutsche Bank AG (London)	INR	Sale		10/14/10		1,345,103		(45,103	)
	MXN	Sale		12/15/10		11,471,968		(426,262	)
HSBC Bank PLC	BRL	Sale		10/04/10		9,529,591		(109,656	)
	EUR	Sale		12/15/10		404,648		—
	IDR	Sale		10/14/10		264,571		—
	KRW	Sale		10/14/10		118,783		—
JPMorgan Securities, Inc.	EUR	Sale		10/22/10		13,439,924		(845,829	)
	IDR	Purchase		10/14/10		1,036,973		(5,414	)
		Sale		10/14/10		6,842,340		(181,321	)
Morgan Stanley & Co.	CNY	Purchase		03/17/11		5,881,215		(5,785	)
	INR	Sale		10/14/10		5,172,379		(236,032	)
	ZAR	Sale		11/10/10		12,464,828		(332,819	)
Royal Bank of Canada	BRL	Sale		10/14/10		2,680,525		(175,489	)
UBS AG (London)		Sale		01/18/11		9,315,761		(62,680	)
	MYR	Purchase		01/18/11		2,953,770		(15,230	)


TOTAL							$	(3,285,169	)

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)

Ultra Long U.S. Treasury Bonds		(79	)	December 2010	$	(11,161,219	)	$	(66,258	)
2 Year U.S. Treasury Notes		207		December 2010		45,433,266			70,846
5 Year U.S. Treasury Notes		435		December 2010		52,577,227			366,145
10 Year U.S. Treasury Notes		202		December 2010		25,461,469			364,729
30 Year U.S. Treasury Bonds		178		December 2010		23,801,937			325,816


TOTAL								$	1,061,278

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

GOLDMAN SACHS EMERGING MARKETS DEBT 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
	Notional			Payments			Payments
	Amount		Termination	received by			made by	Unrealized
Counterparty	(000s)		Date	the Fund			the Fund	Gain (Loss)*

Credit Suisse International (London)	CLP	9,500,000	09/11/12		4.210	%	6 month Chilean Interbank Camara Rate Average	$	(59,521	)
		3,650,000	11/17/14		5.000		6 month Chilean Interbank Camara Rate Average		114,616
Deutsche Bank Securities, Inc.	KRW	2,601,578	07/06/11		3.620		3 month KWCDC		18,607
		4,346,604	07/07/11		3.626		3 month KWCDC		31,253
	CLP	10,831,000	09/04/12		4.120		6 month Chilean Interbank Camara Rate Average		(165,164	)
		2,000,000	02/02/15		5.160		6 month Chilean Interbank Camara Rate Average		50,451
	PLN	64,300	07/14/15		5.080		6 month WIBOR		222,488
		40,130	09/14/15		4.930		6 month WIBOR		27,140
JPMorgan Securities, Inc.	CLP	3,230,000	07/27/12		4.090		6 month Chilean Interbank Camara Rate Average		(10,691	)
		3,382,000	07/30/12		4.000		6 month Chilean Interbank Camara Rate Average		(24,338	)
		8,009,000	09/27/12		4.460		6 month Chilean Interbank Camara Rate Average		35,137
		1,000,000	12/15/14		5.260		6 month Chilean Interbank Camara Rate Average		45,129
		2,080,000	07/19/15		4.970		6 month Chilean Interbank Camara Rate Average		(7,854	)


TOTAL								$	277,253


*	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.

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)^(a)

Value

by the Fund

Gain (Loss)

Protection Sold:

JPMorgan Securities, Inc.

Republic of
Kazakhstan

$8,700

1.000%

06/20/15

173

(282,261

)

(245,962

)

(36,299

)


(a)	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 EMERGING MARKETS DEBT FUND


ADDITIONAL INVESTMENT INFORMATION (continued)

TOTAL RETURN SWAP CONTRACTS

Notional

Amount

Reference

Termination

Financing

Unrealized

Counterparty

(000s)

Security

Date

Fee#

Gain (Loss)*

Deutsche Bank Securities, Inc.

COP

2,560,000

Titulos de Tesoreria
11.000%, 07/24/20

10/27/10

Colombia Minimum
Repo Rate +0.750%

(4,414

)

1,902,000

10/28/10

Colombia Minimum
Repo Rate +0.750%

(3,394

)

TOTAL

(7,808

)


*	There is no upfront payment on the swaps contract(s), therefore, the unrealized gain/loss of the swap contract(s) is equal to their market value.
#	The Fund receives semi-annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars).

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – 92.7%


	Aerospace – 0.5%
	BE Aerospace, Inc. (BB/Ba3)
	$	3,625,000		8.500	%		07/01/18	$	3,946,719
	Esterline Technologies Corp. (BB/Ba3)^(a)
		3,500,000		7.000			08/01/20		3,622,500
	Sequa Corp. (CCC/Caa2)^(a)(b)
		5,212,055		13.500			12/01/15		5,576,899
	Spirit AeroSystems, Inc. (BB-/B1)
		3,000,000		7.500			10/01/17		3,075,000
	TransDigm, Inc. (B-/B3)
		11,240,000		7.750			07/15/14		11,380,500

									27,601,618


	Agriculture – 0.9%
	JBS USA LLC/JBS USA Finance, Inc. (BB/B1)
		9,250,000		11.625			05/01/14		10,730,000
	Smithfield Foods, Inc. (B+/B1)^(a)
		3,000,000		10.000			07/15/14		3,442,500
	Smithfield Foods, Inc. (B-/Caa1)
		2,000,000		7.000			08/01/11		2,070,000
		12,500,000		7.750			05/15/13		12,968,750
		13,500,000		7.750			07/01/17		13,736,250
	Tereos Europe (BB/B1)
	EUR	4,000,000		6.375			04/15/14		5,578,148

									48,525,648


	Airlines^(a) – 0.3%
	Air Canada (B+/B2)
	$	12,000,000		9.250			08/01/15		12,226,380
	Air Canada (B-/Caa1)
		5,375,000		12.000			02/01/16		5,169,578

									17,395,958


	Automotive – 1.9%
	FCE Bank PLC (BB-/Ba2)
	EUR	10,000,000		7.125			01/16/12		14,106,260
		4,000,000		7.125			01/15/13		5,655,031
	Ford Motor Credit Co. LLC (B+/Ba2)
	$	3,125,000		8.625			11/01/10		3,128,906
		6,250,000		7.375			02/01/11		6,359,375
		32,125,000		7.250			10/25/11		33,570,625
		6,750,000		7.000			10/01/13		7,222,500
		19,750,000		7.000			04/15/15		21,132,500
		8,000,000		12.000			05/15/15		10,040,000
	Motors Liquidation Co. (NR/WR)^(c)
		7,125,000		7.125			07/15/13		2,297,812
		2,000,000		7.700			04/15/16		615,000
		1,000,000		8.800	^(d)		03/01/21		312,500
	EUR	2,000,000		8.375			07/05/33		913,378
	$	14,500,000		8.375			07/15/33		4,893,750

									110,247,637


	Automotive Parts – 2.3%
	Accuride Corp. (B/B2)^(a)
		2,000,000		9.500			08/01/18		2,100,000
	Accuride Corp. (NR/NR)^(b)
		1,584,542		7.500			02/26/20		3,953,432


	Allison Transmission, Inc. (CCC+/Caa2)^(a)
		4,500,000		11.000			11/01/15		4,871,250
		16,500,000		11.250	^(b)		11/01/15		17,902,500
	American Axle & Manufacturing Holdings, Inc. (BB-/Ba2)^(a)
		12,000,000		9.250			01/15/17		13,170,000
	American Axle & Manufacturing, Inc. (B-/B3)
		3,375,000		5.250			02/11/14		3,176,719
	ArvinMeritor, Inc. (CCC/Caa1)
		10,750,000		10.625			03/15/18		11,878,750
	Lear Corp. (BB+/Ba3)
		1,000,000		7.875			03/15/18		1,060,000
		1,375,000		8.125			03/15/20		1,464,375
	Navistar International Corp. (BB-/B1)
		9,000,000		8.250			11/01/21		9,618,750
	Pinafore LLC/Pinafore, Inc. (B+/B1)^(a)
		7,000,000		9.000			10/01/18		7,332,500
	Tenneco, Inc. (B/B2)
		2,000,000		8.125			11/15/15		2,100,000
	Tenneco, Inc. (CCC+/Caa1)
		3,000,000		8.625			11/15/14		3,090,000
	The Goodyear Tire & Rubber Co. (B+/B1)
		8,625,000		10.500			05/15/16		9,703,125
		4,250,000		8.250			08/15/20		4,451,875
		6,000,000		8.750			08/15/20		6,420,000
	TRW Automotive, Inc. (BB/B2)
	EUR	5,000,000		6.375			03/15/14		6,918,495
	$	6,500,000		7.000			03/15/14		6,906,250
		3,750,000		8.875			12/01/17		4,115,625
	UCI Holdco, Inc. (CCC+/Caa1)^(b)(e)
		7,399,905		9.250			12/15/13		7,177,908
	United Components, Inc. (NR/WR)
		5,601,000		9.375			06/15/13		5,699,018

									133,110,572


	Building Materials – 2.0%
	AMH Holdings, Inc. (CCC+/Caa2)^(f)
		13,500,000		11.250			03/01/14		14,040,000
	Atrium Cos., Inc. (NR/WR)^(a)(c)
		7,801,452		15.000			12/15/12		117,022
	Calcipar SA (B+/B1)^(e)
	EUR	7,521,000		1.961			07/01/14		8,424,895
	CPG International, Inc. (B-/Caa1)
	$	5,500,000		10.500			07/01/13		5,555,000
	Grohe Holding GMBH (B-/B3)^(e)
	EUR	13,000,000		3.710			01/15/14		16,348,779
	Grohe Holding GMBH (CCC/Caa1)
		24,500,000		8.625			10/01/14		33,650,130
	Heating Finance PLC (B/B2)
	GBP	2,000,000		7.875			03/31/14		3,110,381
	HeidelbergCement AG (BB-/B1)
	EUR	3,500,000		8.000			01/31/17		5,047,002
		3,250,000		7.500			04/03/20		4,462,947
	Nortek, Inc. (NR/NR)
	$	4,017,777		11.000			12/01/13		4,278,933
	PLY Gem Industries, Inc. (B-/Caa1)
		10,500,000		11.750			06/15/13		11,208,750

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

GOLDMAN SACHS HIGH YIELD FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

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

	USG Corp. (B+/Caa2)
	$	3,000,000		6.300	%		11/15/16	$	2,610,000
	USG Corp. (BB/B2)^(a)
		3,250,000		9.750			08/01/14		3,375,937

									112,229,776


	Capital Goods – 2.1%
	Altra Holdings, Inc. (B+/B1)
		5,000,000		8.125			12/01/16		5,200,000
	Amsted Industries, Inc. (BB-/B1)^(a)
		6,000,000		8.125			03/15/18		6,270,000
	Baldor Electric Co. (B/B3)
		14,500,000		8.625			02/15/17		15,515,000
	Mueller Water Products, Inc. (B+/B1)^(a)
		2,625,000		8.750			09/01/20		2,782,500
	Mueller Water Products, Inc. (CCC+/B3)
		11,520,000		7.375			06/01/17		10,137,600
	RBS Global, Inc. (CCC+/Caa2)
		17,500,000		11.750			08/01/16		18,900,000
	RBS Global, Inc./Rexnord LLC (B-/Caa1)
		26,000,000		8.500			05/01/18		26,422,500
	SPX Corp. (BB+/Ba1)
		1,000,000		7.625			12/15/14		1,097,500
	Standard Steel LLC/Standard Steel Finance Corp. (B/Caa1)^(a)
		5,000,000		12.000			05/01/15		5,200,000
	Terex Corp. (B/Caa1)
		7,875,000		8.000			11/15/17		7,875,000
	Terex Corp. (BB-/B2)
		12,375,000		10.875			06/01/16		14,138,437
	VAC Finanzierung GMBH (B-/Caa2)
	EUR	4,000,000		9.250			04/15/16		4,035,221

									117,573,758


	Chemicals – 2.7%
	CF Industries, Inc. (BB+/B1)
	$	3,250,000		6.875			05/01/18		3,493,750
		875,000		7.125			05/01/20		954,844
	Cognis GMBH (B/B2)^(e)
	EUR	12,250,000		2.879			09/15/13		16,574,568
	Cognis GMBH (CCC+/Caa2)
		1,625,000		9.500			05/15/14		2,286,605
	Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC (CCC+/B3)
	$	10,750,000		8.875			02/01/18		10,481,250
	Hexion U.S. Finance Corp./Hexion Nova Scotia Finance ULC (CCC+/Caa1)
		6,750,000		9.750			11/15/14		6,969,375
	Huntsman International LLC (B-/B3)
	EUR	2,500,000		6.875			11/15/13		3,493,329
	$	6,000,000		7.875			11/15/14		6,225,000
		4,000,000		8.625			03/15/20		4,160,000
	Invista (BB-/Ba3)^(a)
		770,000		9.250			05/01/12		780,588
	KRATON Polymers LLC (B-/B3)
		8,225,000		8.125			01/15/14		8,307,250
	LBI Escrow Corp. (BB/Ba3)^(a)
		1,000,000		8.000			11/01/17		1,091,250


	Lyondell Chemical Co. (B/B3)
		7,994,086		11.000			05/01/18		8,833,465
	MacDermid, Inc. (CCC/Caa2)^(a)
		7,750,000		9.500			04/15/17		8,098,750
	Momentive Performance Materials, Inc. (CCC-/B2)
		5,541,000		12.500			06/15/14		6,261,330
	Momentive Performance Materials, Inc. (CCC-/Caa1)
	EUR	3,750,000		9.000			12/01/14		5,061,067
	$	5,000,000		9.750			12/01/14		5,125,000
		678,628		10.125	^(b)		12/01/14		688,807
	Momentive Performance Materials, Inc. (CCC-/Caa2)
		2,310,000		11.500			12/01/16		2,315,775
	Nalco Co. (B/B2)
	EUR	11,500,000		9.000			11/15/13		15,951,733
	OXEA Finance/Cy SCA (B+/B2)^(a)
	$	4,875,000		9.500			07/15/17		5,261,741
	Rockwood Specialties Group, Inc. (B/B3)
	EUR	21,810,000		7.625			11/15/14		30,327,139
	SPCM SA (BB-/B3)^(a)
		2,375,000		8.250			06/15/17		3,318,662

									156,061,278


	Conglomerates – 0.6%
	Park-Ohio Industries, Inc. (CCC+/Caa1)
	$	5,000,000		8.375			11/15/14		4,875,000
	Polypore, Inc. (B-/B3)
		4,000,000		8.750			05/15/12		4,010,000
	EUR	12,500,000		8.750			05/15/12		17,040,629
	TriMas Corp. (B-/B3)^(a)
	$	9,000,000		9.750			12/15/17		9,517,500

									35,443,129


	Construction Machinery – 0.5%
	Case New Holland, Inc. (BB+/Ba3)
		1,500,000		7.750			09/01/13		1,631,250
		8,875,000		7.875	^(a)		12/01/17		9,718,125
	CNH America LLC (BB+/Ba3)
		953,000		7.250			01/15/16		1,019,710
	Dresser-Rand Group, Inc. (BB-/B1)
		10,106,000		7.375			11/01/14		10,207,060
	The Manitowoc Co., Inc. (B+/Caa1)
		5,000,000		9.500			02/15/18		5,175,000

									27,751,145


	Consumer Products – Household & Leisure – 1.6%
	Affinion Group, Inc. (B-/B3)
		6,250,000		10.125			10/15/13		6,421,875
	Affinion Group, Inc. (B-/Caa1)
		5,250,000		11.500			10/15/15		5,538,750
		5,375,000		11.625	^(a)		11/15/15		5,297,062
	Ames True Temper (NR/WR)^(e)
		2,000,000		4.526			01/15/12		1,990,000
	Central Garden & Pet Co. (B/B2)
		5,500,000		8.250			03/01/18		5,610,000
	Easton-Bell Sports, Inc. (CCC+/B3)
		3,125,000		9.750			12/01/16		3,394,531

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)
	Consumer Products – Household & Leisure – (continued)

	Elizabeth Arden, Inc. (B/B1)
	$	3,645,000		7.750	%		01/15/14	$	3,672,337
	FGI Holding Co., Inc. (B-/B3)^(a)(b)
		875,000		11.250			10/01/15		837,813
	Freedom Group, Inc. (B/Ba3)^(a)
		7,250,000		10.250			08/01/15		7,675,937
	Harry & David Holdings, Inc. (CCC-/Ca)
		2,000,000		9.000			03/01/13		1,340,000
	Jarden Corp. (B/B1)
		7,750,000		7.500			05/01/17		8,021,250
		1,875,000		7.500			01/15/20		1,945,313
	Jarden Corp. (BB-/Ba3)
		2,375,000		8.000			05/01/16		2,535,313
	Sealy Mattress Co. (BB-/Ba3)^(a)
		1,350,000		10.875			04/15/16		1,518,750
	Sealy Mattress Co. (CCC+/Caa1)
		13,500,000		8.250			06/15/14		13,466,250
	Solo Cup Co. (CCC+/Caa2)
		6,000,000		8.500			02/15/14		5,130,000
	Spectrum Brands Holdings, Inc. (B/B2)^(a)
		10,250,000		9.500			06/15/18		11,044,375
	Spectrum Brands Holdings, Inc. (CCC+/Caa1)^(b)
		5,085,308		12.000			08/28/19		5,657,405

									91,096,961


	Consumer Products – Industrial – 0.0%
	JohnsonDiversey, Inc. (B-/B3)
		2,500,000		8.250			11/15/19		2,662,500


	Consumer Products – Non Durable – 1.1%
	Belvedere SA (NR/WR)^(c)
	EUR	4,500,000		0.000			05/15/13		1,042,887
	Constellation Brands, Inc. (BB/Ba3)
	$	3,875,000		8.375			12/15/14		4,243,125
		6,000,000		7.250			09/01/16		6,360,000
		10,000,000		7.250			05/15/17		10,600,000
	Prestige Brands, Inc. (B+/B3)
		1,750,000		8.250			04/01/18		1,811,250
	Sally Holdings LLC (B/Caa1)
		16,000,000		10.500			11/15/16		17,360,000
	Sally Holdings LLC (BB-/B3)
		14,250,000		9.250			11/15/14		14,891,250
	Yankee Acquisition Corp. (B-/B3)
		7,500,000		8.500			02/15/15		7,706,250
	Yankee Acquisition Corp. (CCC+/Caa1)
		875,000		9.750			02/15/17		905,625

									64,920,387


	Defense – 0.6%
	Alliant Techsystems, Inc. (BB-/Ba3)
		6,250,000		6.750			04/01/16		6,406,250
	Communications & Power Industries, Inc. (B-/B3)
		2,000,000		8.000			02/01/12		1,997,500
	DynCorp International, Inc. (B/B1)^(a)
		1,250,000		10.375			07/01/17		1,243,750


	L-3 Communications Corp. (BB+/Ba1)
		9,000,000		5.875			01/15/15		9,180,000
		14,625,000		6.375			10/15/15		15,063,750

									33,891,250


	Emerging Markets^(a) – 1.2%
	Cemex Finance LLC (B/NR)
		15,000,000		9.500			12/14/16		15,094,439
	Digicel Group Ltd. (NR/Caa1)
		23,250,000		8.875			01/15/15		23,656,875
		7,071,000		9.125	^(b)		01/15/15		7,221,259
		6,000,000		10.500			04/15/18		6,570,000
	Digicel Ltd. (NR/B1)
		3,875,000		12.000			04/01/14		4,485,313
	Orascom Telecom Finance SCA (CCC/Caa1)
		14,000,000		7.875			02/08/14		13,475,000

									70,502,886


	Energy – Coal – 0.7%
	Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp. (NR/B1)
		2,125,000		8.250			12/15/17		2,244,531
	Foresight Energy LLC/Foresight Energy Corp. (B/Caa1)^(a)
		12,875,000		9.625			08/15/17		13,325,625
	Foundation PA Coal Co. LLC (BB/Ba3)
		1,500,000		7.250			08/01/14		1,533,750
	Peabody Energy Corp. (BB+/Ba1)
		1,000,000		5.875			04/15/16		1,012,500
		16,500,000		7.375			11/01/16		18,273,750
	Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp. (B/B2)
		2,375,000		8.250			04/15/18		2,446,250

									38,836,406


	Energy – Exploration & Production – 5.0%
	Antero Resources Finance Corp. (B/Caa1)
		1,875,000		9.375			12/01/17		1,992,188
	Chesapeake Energy Corp. (BB/Ba3)
		10,500,000		9.500			02/15/15		12,140,625
	EUR	4,500,000		6.250			01/15/17		6,195,973
	$	12,875,000		6.500			08/15/17		13,309,531
		2,000,000		6.875			08/15/18		2,100,000
		6,250,000		7.250			12/15/18		6,718,750
		2,000,000		6.625			08/15/20		2,090,000
	Cimarex Energy Co. (BB/Ba3)
		6,000,000		7.125			05/01/17		6,300,000
	Comstock Resources, Inc. (B/B2)
		11,250,000		8.375			10/15/17		11,531,250
	CONSOL Energy, Inc. (BB/B1)^(a)
		7,750,000		8.000			04/01/17		8,389,375
		6,875,000		8.250			04/01/20		7,493,750
	Continental Resources, Inc. (BB/B1)^(a)
		2,125,000		7.375			10/01/20		2,231,250
	Denbury Resources, Inc. (BB/B1)
		1,375,000		9.750			03/01/16		1,543,438
	Encore Acquisition Co. (NR/B1)
		5,250,000		9.500			05/01/16		5,880,000

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

GOLDMAN SACHS HIGH YIELD FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)
	Energy – Exploration & Production – (continued)

	EXCO Resources, Inc. (B/B3)
	$	3,000,000		7.250	%		01/15/11	$	2,996,250
		1,500,000		7.500			09/15/18		1,486,875
	Forest Oil Corp. (B+/B1)
		10,125,000		8.500			02/15/14		11,036,250
	Harvest Operations Corp. (BB-/Ba1)^(a)
		1,375,000		6.875			10/01/17		1,402,500
	Newfield Exploration Co. (BB+/Ba3)
		5,125,000		6.625			09/01/14		5,240,312
		12,750,000		6.625			04/15/16		13,260,000
		7,625,000		7.125			05/15/18		8,139,687
		6,500,000		6.875			02/01/20		6,857,500
	NFR Energy LLC/NFR Energy Finance Corp. (B/Caa1)^(a)
		14,750,000		9.750			02/15/17		14,676,250
	OPTI Canada, Inc. (B-/Caa3)
		7,500,000		7.875			12/15/14		5,625,000
	Pioneer Drilling Co. (B/B3)^(a)
		5,250,000		9.875			03/15/18		5,368,125
	Pioneer Natural Resources Co. (BB+/Ba1)
		2,750,000		5.875			07/15/16		2,826,662
		4,000,000		6.650			03/15/17		4,256,298
	Pioneer Natural Resources Co. (BB+/NR)^(d)
		20,533,000		2.875			01/15/38		25,752,489
	Plains Exploration & Production Co. (BB-/B1)
		8,250,000		7.750			06/15/15		8,641,875
		2,250,000		10.000			03/01/16		2,553,750
		9,000,000		7.000			03/15/17		9,202,500
		5,000,000		7.625			06/01/18		5,262,500
		2,000,000		8.625			10/15/19		2,190,000
		7,250,000		7.625			04/01/20		7,576,250
	Quicksilver Resources, Inc. (B+/B2)
		2,750,000		8.250			08/01/15		2,908,125
		9,500,000		11.750			01/01/16		11,115,000
	Quicksilver Resources, Inc. (B-/B3)
		7,375,000		7.125			04/01/16		7,282,812
	Range Resources Corp. (BB/Ba3)
		4,250,000		6.375			03/15/15		4,324,375
		8,625,000		8.000			05/15/19		9,444,375
	SandRidge Energy, Inc. (B+/B3)^(a)
		6,625,000		9.875			05/15/16		6,873,437
		2,500,000		8.000			06/01/18		2,450,000
		875,000		8.750			01/15/20		868,438
	Stone Energy Corp. (BB-/Caa1)
		4,250,000		8.625			02/01/17		4,165,000
	Whiting Petroleum Corp. (BB/Ba3)
		4,000,000		7.000			02/01/14		4,220,000
		875,000		6.500			10/01/18		892,500

									286,811,265


	Energy – Refining – 0.0%
	Tesoro Corp. (BB+/Ba1)
		2,250,000		9.750			06/01/19		2,463,750


	Energy – Services – 0.8%
	Aquilex Holdings LLC/Aquilex Finance Corp. (B-/B3)
		3,000,000		11.125			12/15/16		2,970,000
	CHC Helicopter SA (B+/B1)^(a)
		12,000,000		9.250			10/15/20		12,040,255
	Compagnie Generale de Geophysique-Veritas (BB-/Ba3)
		3,250,000		7.500			05/15/15		3,302,813
		2,500,000		9.500			05/15/16		2,699,350
	Expro Finance Luxembourg SCA (B+/B2)^(a)
		15,625,000		8.500			12/15/16		14,784,666
	Key Energy Services, Inc. (BB-/B1)
		6,875,000		8.375			12/01/14		7,253,125

									43,050,209


	Entertainment & Leisure – 1.6%
	Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp. (B-/B2)^(a)
		6,625,000		9.125			08/01/18		6,989,375
	GWR Operating Partnership LLP (BB-/B3)^(a)
		8,000,000		10.875			04/01/17		8,240,000
	HRP Myrtle Beach Operations LLC (NR/WR)^(a)(c)
		1,750,000		0.000			04/01/12		175
	MU Finance PLC (NR/NR)^(a)
		8,500,000		8.375			02/01/17		8,330,000
	GBP	19,625,000		8.750			02/01/17		29,749,889
	Regal Cinemas Corp. (B-/B2)
	$	1,500,000		8.625			07/15/19		1,571,250
	Universal City Development Partners Ltd. (CCC+/B3)
		11,000,000		8.875			11/15/15		11,343,750
		4,750,000		10.875			11/15/16		5,141,875
	WMG Acquisition Corp. (B/B1)
		7,750,000		7.375			04/15/14		7,285,000
	WMG Acquisition Corp. (BB/Ba2)
		8,250,000		9.500			06/15/16		8,827,500
	WMG Holdings Corp. (B/B1)^(f)
		5,000,000		9.500			12/15/14		4,800,000

									92,278,814


	Environmental – 0.0%
	WCA Waste Corp. (B-/B3)
		2,500,000		9.250			06/15/14		2,550,000


	Finance – 8.0%
	Ally Credit Canada Ltd. (B/B3)
	GBP	500,000		6.625			12/17/10		784,658
	Ally Financial, Inc. (B/B3)
	$	20,000,000		7.250			03/02/11		20,325,000
		2,652,000		5.375			06/06/11		2,671,890
		41,750,000		6.875			09/15/11		43,106,875
		7,500,000		6.625			05/15/12		7,771,875
		8,000,000		6.875			08/28/12		8,320,000
		7,000,000		6.750			12/01/14		7,280,000
		10,000,000		8.300	^(a)		02/12/15		10,925,000
		9,000,000		8.000			11/01/31		9,630,000
	American General Finance Corp. (B/B3)
		2,000,000		5.200			12/15/11		1,945,000
		13,625,000		4.875			07/15/12		12,841,563
		10,000,000		5.375			10/01/12		9,450,000

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)
	Finance – (continued)

	American International Group, Inc. (BBB/Ba2)^(e)
	$	9,375,000		8.175	%		05/15/58	$	9,328,125
	CIT Group, Inc. (B+/B3)
		5,970,706		7.000			05/01/13		6,008,023
		14,662,603		7.000			05/01/14		14,625,946
		36,300,103		7.000			05/01/15		36,027,852
		25,405,214		7.000			05/01/16		25,024,136
		27,391,189		7.000			05/01/17		26,843,365
	ETrade Financial Corp. (CCC+/B3)
		5,750,000		7.375			09/15/13		5,606,250
	GE Capital Trust II (A+/Aa3)^(e)
	EUR	16,750,000		5.500			09/15/67		19,791,398
	GE Capital Trust IV (A+/Aa3)^(e)
		10,125,000		4.625			09/15/66		11,353,386
	Ally Credit Canada Ltd. (B/B3)
		4,000,000		6.000			05/23/12		5,562,061
	International Lease Finance Corp. (BB+/B1)
	$	3,125,000		5.250			01/10/13		3,078,125
		24,686,000		6.375			03/25/13		24,747,715
		4,445,000		5.875			05/01/13		4,433,888
		17,410,000		5.625			09/20/13		17,061,800
		13,635,000		6.625			11/15/13		13,669,087
		4,000,000		8.625	^(a)		09/15/15		4,310,000
		10,500,000		8.750	^(a)		03/15/17		11,366,250
		2,250,000		8.875			09/01/17		2,435,625
	International Lease Finance Corp. (BBB-/Ba3)^(a)
		1,000,000		6.750			09/01/16		1,072,500
		1,000,000		7.125			09/01/18		1,075,000
	Lloyds Banking Group PLC (C/B3)^(a)(c)(e)
		21,000,000		5.920			10/01/49		14,966,537
		13,000,000		6.413			10/01/49		9,265,067
		10,900,000		6.267			11/14/49		7,716,592
	National Money Mart Co. (B+/B2)
		13,500,000		10.375			12/15/16		14,377,500
	NCO Group, Inc. (CCC/Caa2)
		7,250,000		11.875			11/15/14		6,506,875
	SLM Corp. (BBB-/Ba1)
	EUR	1,625,000		1.079	^(e)		12/15/10		2,182,053
	GBP	3,000,000		5.375			12/15/10		4,665,571
	Wells Fargo Capital XIII (A-/Ba1)^(e)
	$	16,125,000		7.700			03/26/49		16,669,219

									454,821,807


	Finance Insurance^(a) – 0.2%
	HUB International Holdings, Inc. (CCC+/B3)
		9,250,000		9.000			12/15/14		9,134,375


	Food – 1.6%
	Dean Foods Co. (B/B2)
		14,375,000		7.000			06/01/16		14,087,500
	Del Monte Corp. (BB/Ba3)
		1,500,000		6.750			02/15/15		1,541,250
		6,750,000		7.500			10/15/19		7,256,250
	Dole Food Co., Inc. (B+/B2)
		9,000,000		13.875			03/15/14		10,890,000
	Foodcorp Ltd. (B-/B2)
	EUR	6,500,000		8.875			06/15/12		8,994,044


	Pinnacle Foods Finance LLC (CCC+/B3)
		20,500,000		9.250			04/01/15		21,320,000
	Pinnacle Foods Finance LLC (CCC+/Caa1)
		13,000,000		10.625			04/01/17		13,845,000
	TreeHouse Foods, Inc. (BB-/Ba2)
		3,625,000		7.750			03/01/18		3,878,750
	Tyson Foods, Inc. (BB+/Ba2)
		8,065,000		10.500			03/01/14		9,698,162

									91,510,956


	Gaming – 5.4%
	Ameristar Casinos, Inc. (BB-/B2)
		9,500,000		9.250			06/01/14		10,153,125
	Boyd Gaming Corp. (B-/Caa1)
		3,000,000		6.750			04/15/14		2,688,750
		1,000,000		7.125			02/01/16		843,750
	Buffalo Thunder Development Authority (NR/WR)^(a)(c)
		2,000,000		9.375			12/15/14		500,000
	CCM Merger, Inc. (CCC+/Caa3)^(a)
		4,500,000		8.000			08/01/13		4,100,625
	Chukchansi Economic Development Authority (B+/B3)^(a)
		6,220,000		8.000			11/15/13		3,498,750
	Circus & Eldorado (B-/Caa2)
		3,000,000		10.125			03/01/12		2,775,000
	Codere Finance Luxembourg SA (B/B2)
	EUR	15,625,000		8.250			06/15/15		21,300,786
	Harrah’s Operating Co., Inc. (B/Caa1)
	$	16,000,000		11.250			06/01/17		17,520,000
	Harrah’s Operating Co., Inc. (CCC/Ca)^(a)
		9,250,000		12.750			04/15/18		8,579,375
	Harrah’s Operating Co., Inc. (CCC/NR)
		39,769,000		10.000			12/15/18		31,616,355
	Isle of Capri Casinos, Inc. (CCC+/Caa1)
		3,568,000		7.000			03/01/14		3,202,280
	Las Vegas Sands Corp. (B/B2)
		1,500,000		6.375			02/15/15		1,516,875
	Marina District Finance Co., Inc. (BB/B2)^(a)
		5,125,000		9.500			10/15/15		4,984,062
		2,750,000		9.875			08/15/18		2,660,625
	Mashantucket Pequot Tribe (NR/WR)^(a)(c)
		4,000,000		8.500			11/15/15		620,000
	MCE Finance Ltd. (B+/B1)^(a)
		10,875,000		10.250			05/15/18		12,112,031
	MGM Resorts International (B/B1)
		11,500,000		13.000			11/15/13		13,541,250
		1,875,000		10.375			05/15/14		2,076,563
		4,750,000		11.125			11/15/17		5,403,125
		2,250,000		9.000	^(a)		03/15/20		2,396,250
	MGM Resorts International (CCC+/Caa1)
		2,500,000		6.750			09/01/12		2,350,000
		9,500,000		6.750			04/01/13		8,692,500
		5,500,000		5.875			02/27/14		4,675,000
		21,500,000		6.625			07/15/15		18,060,000
		14,000,000		7.500			06/01/16		11,830,000
		1,500,000		11.375			03/01/18		1,421,250

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

GOLDMAN SACHS HIGH YIELD FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)
	Gaming – (continued)

	Mohegan Tribal Gaming Authority (CCC+/B2)
	$	5,535,000		6.125	%		02/15/13	$	4,289,625
	Mohegan Tribal Gaming Authority (CCC+/Caa2)
		1,000,000		8.000			04/01/12		760,000
		1,555,000		7.125			08/15/14		870,800
	MTR Gaming Group, Inc. (B/B2)
		1,250,000		12.625			07/15/14		1,334,375
	Peermont Proprietary Global Ltd. (B/B3)
	EUR	13,000,000		7.750			04/30/14		15,755,084
	Peninsula Gaming LLC (B/B3)
	$	5,715,000		10.750			08/15/17		6,043,612
	Penn National Gaming, Inc. (BB-/B1)
		4,125,000		6.750			03/01/15		4,145,625
	Pinnacle Entertainment, Inc. (B/Caa1)
		12,875,000		7.500			06/15/15		12,408,281
		1,625,000		8.750			05/15/20		1,600,625
	Pinnacle Entertainment, Inc. (BB/B1)
		6,000,000		8.625			08/01/17		6,360,000
	Pokagon Gaming Authority (B+/B2)^(a)
		2,625,000		10.375			06/15/14		2,716,875
	River Rock Entertainment Authority (B+/B2)
		1,500,000		9.750			11/01/11		1,342,500
	San Pasqual Casino (BB-/B2)^(a)
		3,375,000		8.000			09/15/13		3,311,719
	Scientific Games International, Inc. (BB-/B1)
		8,750,000		9.250			06/15/19		9,384,375
	Seneca Gaming Corp. (BB/Ba2)
		6,550,000		7.250			05/01/12		6,451,750
	Shingle Springs Tribal Gaming Authority (CCC/Caa2)^(a)
		10,000,000		9.375			06/15/15		7,400,000
	Snoqualmie Entertainment Authority (CCC/Caa3)^(a)
		7,250,000		9.125			02/01/15		6,380,000
	Station Casinos, Inc. (NR/WR)^(c)
		2,500,000		6.000			04/01/12		3,125
		11,625,000		6.500			02/01/14		1,163
		13,000,000		6.875			03/01/16		1,300
		2,000,000		7.750			08/15/16		1,000
	Tropicana Entertainment LLC (NR/WR)^(c)
		2,000,000		9.625			12/15/14		4,200
	Turning Stone Resort Casino Enterprise (B+/B1)^(a)
		2,950,000		9.125			09/15/14		3,009,000
	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. (BB+/Ba2)
		3,000,000		7.875			11/01/17		3,217,500
	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. (BB+/Ba3)^(a)
		9,250,000		7.750			08/15/20		9,805,000
	Yonkers Racing Corp. (BB-/B1)^(a)
		4,500,000		11.375			07/15/16		4,848,750

									310,564,611


	Health Care – Medical Products – 3.8%
	Accellent, Inc. (B+/B1)
		6,750,000		8.375			02/01/17		6,885,000
	Accellent, Inc. (CCC+/Caa2)
		7,625,000		10.500			12/01/13		7,739,375


	Alere, Inc. (B-/B2)
		4,000,000		7.875			02/01/16		4,080,000
	Alere, Inc. (B-/B3)
		9,000,000		9.000			05/15/16		9,270,000
		1,500,000		8.625	^(a)		10/01/18		1,526,250
	Bausch & Lomb, Inc. (B/Caa1)
		22,000,000		9.875			11/01/15		23,375,000
	Bio-Rad Laboratories, Inc. (BBB-/Ba2)
		3,250,000		8.000			09/15/16		3,526,250
	Boston Scientific Corp. (BBB-/Ba1)
		9,125,000		6.400			06/15/16		10,559,997
	Catalent Pharma Solutions, Inc. (B/Caa1)^(b)
		25,000,118		9.500			04/15/15		25,375,120
	Catalent Pharma Solutions, Inc. (B-/Caa1)
	EUR	8,500,000		9.750			04/15/17		10,718,556
	CONMED Corp. (B/B1)^(d)
	$	9,500,000		2.500			11/15/24		9,364,302
	DJO Finance LLC/DJO Finance Corp. (B-/B3)
		14,750,000		10.875			11/15/14		16,077,500
	DJO Finance LLC/DJO Finance Corp. (CCC+/Caa1)
		1,024,000		11.750			11/15/14		1,075,200
	FMC Finance III SA (BB+/Ba2)
		6,625,000		6.875			07/15/17		7,080,993
	Fresenius US Finance II, Inc. (BB/Ba1)^(a)
		9,750,000		9.000			07/15/15		11,115,000
	Hologic, Inc. (BB+/NR)^(d)(g)
		32,763,000		2.000			12/15/37		30,481,385
	Talecris Biotherapeutics Holdings Corp. (BB/B1)
		3,625,000		7.750			11/15/16		3,987,500
	The Cooper Cos., Inc. (BB/Ba3)
		8,670,000		7.125			02/15/15		8,756,700
	VWR Funding, Inc. (B-/Caa1)^(b)
		21,917,187		10.250			07/15/15		23,067,839
	Wright Medical Group, Inc. (NR/NR)
		5,239,000		2.625			12/01/14		4,628,657

									218,690,624


	Health Care – Pharmaceutical – 0.3%
	Elan Finance PLC/Elan Finance Corp. (B/B2)
		1,500,000		8.875			12/01/13		1,530,000
	Mylan, Inc. (BB-/NR)
		7,030,000		1.250			03/15/12		7,275,839
	Warner Chilcott Co. LLC/Warner Chilcott Finance LLC (B+/B3)^(a)
		10,625,000		7.750			09/15/18		10,850,781

									19,656,620


	Health Care – Services – 5.1%
	Alliance HealthCare Services, Inc. (B/NR)
		2,250,000		8.000			12/01/16		2,086,875
	Community Health Systems, Inc. (B/B3)
		21,000,000		8.875			07/15/15		22,260,000
	CRC Health Corp. (CCC/Caa1)
		2,875,000		10.750			02/01/16		2,702,500
	DaVita, Inc. (B/B2)
		7,750,000		7.250			03/15/15		8,021,250

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)
	Health Care – Services – (continued)

	DaVita, Inc. (B+/B1)
	$	4,569,000		6.625	%		03/15/13	$	4,643,246
	Gentiva Health Services, Inc. (B-/B2)^(a)
		4,875,000		11.500			09/01/18		5,204,062
	HCA, Inc. (B-/Caa1)
	GBP	752,000		8.750			11/01/10		1,181,316
	$	7,500,000		6.250			02/15/13		7,631,250
		11,670,000		6.750			07/15/13		11,990,925
		2,500,000		5.750			03/15/14		2,484,375
		9,000,000		6.375			01/15/15		9,045,000
		4,750,000		6.500			02/15/16		4,750,000
	HCA, Inc. (BB/Ba3)
		12,625,000		8.500			04/15/19		14,013,750
		7,500,000		7.875			02/15/20		8,212,500
		16,750,000		7.250			09/15/20		17,943,437
	HCA, Inc. (BB-/B2)
		14,000,000		9.125			11/15/14		14,752,500
		13,000,000		9.250			11/15/16		14,040,000
		24,545,000		9.625	^(b)		11/15/16		26,784,731
		2,500,000		9.875			02/15/17		2,750,000
	HEALTHSOUTH Corp. (B+/B2)
		6,500,000		7.750			09/15/22		6,565,000
	LifePoint Hospitals, Inc. (BB-/Ba1)^(a)
		3,000,000		6.625			10/01/20		3,060,000
	OnCure Holdings, Inc. (B/B2)^(a)
		6,250,000		11.750			05/15/17		5,750,000
	Patheon, Inc. (B+/B1)^(a)
		3,875,000		8.625			04/15/17		3,981,563
	Psychiatric Solutions, Inc. (B-/B3)
		3,667,000		7.750			07/15/15		3,795,345
	Radiation Therapy Services, Inc. (CCC+/Caa1)^(a)
		4,375,000		9.875			04/15/17		4,320,313
	Select Medical Corp. (B-/B3)
		2,125,000		7.625			02/01/15		2,066,563
	Tenet Healthcare Corp. (BB-/B1)
		7,000,000		9.000			05/01/15		7,630,000
		4,375,000		10.000			05/01/18		4,998,438
		8,625,000		8.875			07/01/19		9,530,625
	Tenet Healthcare Corp. (CCC+/Caa1)
		1,250,000		9.250			02/01/15		1,337,500
	U.S. Oncology, Inc. (B/Ba3)
		32,250,000		9.125			08/15/17		34,023,750
	U.S. Oncology, Inc. (CCC+/B3)
		1,921,000		10.750			08/15/14		1,997,840
	United Surgical Partners International, Inc. (CCC+/Caa1)
		5,250,000		8.875			05/01/17		5,368,125
	Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II, Inc. (B-/B3)
		18,250,000		8.000			02/01/18		18,432,500

									293,355,279


	Home Construction – 0.2%
	KB HOME (B+/B1)
		2,000,000		6.250			06/15/15		1,905,000
	Meritage Homes Corp. (B+/B1)
		5,750,000		6.250			03/15/15		5,577,500
		1,750,000		7.150			04/15/20		1,627,500

									9,110,000


	Lodging – 0.8%
	Felcor Lodging LP (NR/B2)
		7,500,000		10.000			10/01/14		8,156,250
	Gaylord Entertainment Co. (B-/Caa2)
		9,500,000		6.750			11/15/14		9,405,000
	Host Hotels & Resorts LP (BB+/Ba1)
		5,879,000		7.125			11/01/13		5,952,488
		8,250,000		6.375			03/15/15		8,435,625
		6,000,000		6.750			06/01/16		6,210,000
	Host Hotels & Resorts LP (BB+/NR)
		5,000,000		6.875			11/01/14		5,156,250

									43,315,613


	Media – 0.6%
	Allbritton Communications Co. (B/B2)
		3,000,000		8.000			05/15/18		3,015,000
	DISH DBS Corp. (BB-/Ba3)
		6,525,000		7.125			02/01/16		6,851,250
	Gray Television, Inc. (CCC/Caa2)
		5,250,000		10.500			06/29/15		5,223,750
	Lamar Media Corp. (B+/B1)
		10,500,000		6.625			08/15/15		10,552,500
		5,250,000		7.875			04/15/18		5,525,625
	Lamar Media Corp. (BB/Ba3)
		1,250,000		9.750			04/01/14		1,434,375

									32,602,500


	Media – Broadcasting & Radio – 1.6%
	Bonten Media Acquisition Co. (CCC/Caa3)^(a)(b)
		4,037,233		9.000			06/01/15		2,200,292
	Clear Channel Communications, Inc. (CCC-/Ca)
		6,000,000		5.750			01/15/13		5,040,000
		10,000,000		5.500			09/15/14		6,450,000
		5,750,000		5.500			12/15/16		2,932,500
	CMP Susquehanna Corp. (NR/NR)
		480,000		9.875			05/15/14		—
	Entravision Communications Corp. (B/B1)^(a)
		2,000,000		8.750			08/01/17		2,055,000
	Fox Acquisition Sub LLC (CCC/Caa3)^(a)
		1,250,000		13.375			07/15/16		1,300,000
	LIN Television Corp. (B-/B3)
		9,760,000		6.500			05/15/13		9,696,800
	LIN Television Corp. (BB-/Ba3)^(a)
		2,875,000		8.375			04/15/18		3,025,938
	Local TV Finance LLC (CCC/Caa2)^(a)(b)
		5,788,125		9.250			06/15/15		5,108,020
	Nexstar Broadcasting, Inc./Mission Broadcasting, Inc. (B/B3)^(a)
		3,250,000		8.875			04/15/17		3,388,125

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

GOLDMAN SACHS HIGH YIELD FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)
	Media – Broadcasting & Radio – (continued)

	Radio One, Inc. (D/Caa3)
	$	2,250,000		6.375	%		02/15/13	$	1,890,000
	Sinclair Television Group, Inc. (B+/Ba3)^(a)
		8,750,000		9.250			11/01/17		9,384,375
	Umbrella Acquisition, Inc. (CCC/Caa2)^(a)(b)
		29,147,836		9.750			03/15/15		27,836,183
	Univision Communications, Inc. (B-/B2)^(a)
		1,875,000		12.000			07/01/14		2,043,750
	XM Satellite Radio, Inc. (BB-/B2)^(a)
		5,500,000		11.250			06/15/13		6,050,000

									88,400,983


	Media – Cable – 2.5%
	Adelphia Communications Corp. (NR/NR)
		2,000,000		10.250			06/15/49		27,620
	Atlantic Broadband Finance LLC (B-/B3)
		4,500,000		9.375			01/15/14		4,556,250
	CCH II LLC/CCH II Capital Corp. (B/B2)
		4,491,939		13.500			11/30/16		5,334,178
	CCO Holdings LLC/CCO Holdings Capital Corp. (B/B2)^(a)
		1,000,000		7.250			10/30/17		1,015,000
		3,125,000		7.875			04/30/18		3,242,187
		1,750,000		8.125			04/30/20		1,846,250
	Charter Communications Operating LLC (BB+/B1)^(a)
		10,750,000		8.000			04/30/12		11,395,000
		10,000,000		10.875			09/15/14		11,300,000
	CSC Holdings LLC (BB/Ba3)
		10,500,000		8.500			04/15/14		11,550,000
		16,600,000		8.500			06/15/15		18,114,750
		11,000,000		8.625			02/15/19		12,430,000
	Frontier Vision (NR/NR)
		2,000,000		11.000			10/15/49		—
	GCI, Inc. (BB-/B2)
		3,000,000		8.625			11/15/19		3,202,500
	UPC Holding BV (B-/B2)
	EUR	11,875,000		8.000			11/01/16		16,580,361
		21,125,000		8.375	^(a)		08/15/20		28,841,861
	Virgin Media Finance PLC (B+/Ba3)
	$	11,000,000		8.375			10/15/19		12,100,000
	Ziggo Bond Co. BV (B/B2)
	EUR	1,375,000		8.000			05/15/18		1,966,506

									143,502,463


	Media – Diversified – 0.5%
	Quebecor Media, Inc. (B/B2)
	$	9,510,000		7.750			03/15/16		9,837,200
	Sun Media Corp. (B+/Ba2)
		2,500,000		7.625			02/15/13		2,509,375
	Videotron Ltee (BB-/Ba2)
		4,000,000		6.875			01/15/14		4,040,000
		1,000,000		6.375			12/15/15		1,010,000
		8,500,000		9.125			04/15/18		9,562,500
	CAD	3,000,000		7.125	^(a)		01/15/20		3,079,384

									30,038,459


	Metals – 0.7%
	AK Steel Corp. (BB/Ba3)
		1,500,000		7.625			05/15/20		1,530,000
	Aleris International, Inc. (NR/WR)^(c)
		8,500,000		9.000			12/15/14		21,250
		16,000,000		10.000			12/15/16		7,200
	Algoma Acquisition Corp. (CCC+/Caa2)^(a)
		500,000		9.875			06/15/15		446,250
	Essar Steel Algoma, Inc. (B+/B3)^(a)
		10,000,000		9.375			03/15/15		10,050,000
	FMG Resources Pty Ltd. (B/B1)^(a)
		4,000,000		10.625			09/01/16		4,925,000
	Noranda Aluminium Acquisition Corp. (CCC+/B3)^(b)(e)
		7,205,604		5.373			05/15/15		6,061,715
	SGL Carbon SE (BBB-/Ba1)^(e)
	EUR	1,500,000		2.149			05/16/15		1,876,173
	Steel Dynamics, Inc. (BB+/Ba2)
	$	7,750,000		7.375			11/01/12		8,311,875
		5,500,000		7.750			04/15/16		5,706,250
	Tube City IMS Corp. (B-/Caa1)
		3,500,000		9.750			02/01/15		3,543,750

									42,479,463


	Packaging – 4.2%
	Ardagh Glass Finance PLC (B-/B3)
	EUR	3,500,000		8.750			02/01/20		4,723,662
	Ardagh Packaging Finance PLC (B-/B3)^(a)
	$	875,000		9.125			10/15/20		875,000
	EUR	4,375,000		9.250			10/15/20		5,964,220
	Ardagh Packaging Finance PLC (BB-/Ba3)^(a)
		6,500,000		7.375			10/15/17		8,861,127
	$	1,250,000		7.375			10/15/17		1,250,000
	Berry Plastics Corp. (B/B1)^(e)
		6,500,000		5.276			02/15/15		6,142,500
	Berry Plastics Corp. (CCC/Caa1)
		8,875,000		4.167	^(e)		09/15/14		7,654,688
		11,000,000		8.875			09/15/14		10,615,000
		8,250,000		9.500			05/15/18		7,755,000
	Berry Plastics Corp. (CCC/Caa2)
		8,000,000		10.250			03/01/16		7,480,000
	Clondalkin Acquisition BV (B+/B1)^(e)
	EUR	1,000,000		2.879			12/15/13		1,220,109
	Clondalkin Industries BV (B-/Caa1)
		3,000,000		8.000			03/15/14		3,752,346
	Consol Glass Ltd. (BB-/B1)
		7,750,000		7.625			04/15/14		10,531,381
	Crown Americas LLC (BB-/Ba3)
	$	10,625,000		7.750			11/15/15		11,076,563
		7,500,000		7.625			05/15/17		8,100,000
	Crown European Holdings SA (BB-/Ba1)^(a)
	EUR	1,625,000		7.125			08/15/18		2,326,046
	Gerresheimer Holdings GMBH (BB+/B1)
		3,600,000		7.875			03/01/15		5,082,661
	Graham Packaging Co. LP (B-/Caa1)
	$	22,250,000		9.875			10/15/14		22,945,312

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)
	Packaging – (continued)

	Graham Packaging Co. LP/GPC Capital Corp. I (B-/Caa1)^(a)
	$	1,000,000		8.250	%		01/01/17	$	1,005,000
		2,000,000		8.250			10/01/18		2,030,000
	Graphic Packaging International, Inc. (B/B3)
		4,000,000		9.500			06/15/17		4,260,000
	Greif, Inc. (BB+/Ba2)
		2,000,000		7.750			08/01/19		2,162,500
	Impress Holdings BV (B+/Ba3)^(e)
	EUR	6,000,000		3.960			09/15/13		8,138,604
	Impress Holdings BV (B-/B3)
		15,000,000		9.250			09/15/14		21,368,949
	Owens-Brockway Glass Container, Inc. (BB/Ba3)
		2,750,000		6.750			12/01/14		3,823,917
	$	1,000,000		6.750			12/01/14		1,027,500
		5,000,000		7.375			05/15/16		5,412,500
	Plastipak Holdings, Inc. (B/B3)^(a)
		4,000,000		8.500			12/15/15		4,140,000
	Pregis Corp. (CCC+/Caa2)
		7,000,000		12.375			10/15/13		7,052,500
	Reynolds Group Issuer, Inc. (B-/Caa1)
	EUR	9,500,000		8.000			12/15/16		12,238,580
		22,375,000		9.500			06/15/17		29,358,874
	$	6,250,000		8.500	^(a)		05/15/18		6,078,125
	Reynolds Group Issuer, Inc. (BB-/B1)^(a)
		2,375,000		7.750			10/15/16		2,434,375
	Stichting Participatie Impress Cooperatieve UA (NR/NR)^(b)
	EUR	685,896		17.000			09/29/49		1,047,253
	Tekni-Plex, Inc. (NR/WR)
	$	2,500,000		10.875			08/15/12		2,343,750

									240,278,042


	Paper – 1.6%
	Boise Cascade LLC (B+/Caa1)
		3,882,000		7.125			10/15/14		3,668,490
	Domtar Corp. (BBB-/Ba2)
		8,750,000		10.750			06/01/17		10,806,250
	Georgia-Pacific Corp. (BB/Ba3)
		1,500,000		7.700			06/15/15		1,657,500
		1,250,000		8.000			01/15/24		1,406,250
		2,750,000		7.750			11/15/29		2,887,500
	Georgia-Pacific Corp. (BB+/Ba2)^(a)
		14,125,000		7.000			01/15/15		14,690,000
		11,625,000		7.125			01/15/17		12,264,375
	Georgia-Pacific LLC (BB+/Ba2)^(a)
		6,000,000		8.250			05/01/16		6,675,000
	Lecta SA (B+/B2)^(e)
	EUR	4,875,000		3.524			02/15/14		5,964,646
	NewPage Corp. (CCC+/B2)
	$	875,000		11.375			12/31/14		789,687
	PE Paper Escrow GmbH (BB/Ba2)^(a)
		6,875,000		12.000			08/01/14		7,880,469
	Smurfit Kappa Acquisitions (BB/Ba2)
	EUR	2,250,000		7.750			11/15/19		3,220,679
	Smurfit Kappa Funding PLC (B/B2)
	$	5,000,000		7.750			04/01/15		5,062,500
	EUR	6,000,000		7.750			04/01/15		8,404,438


	Stone Container Finance Co. of Canada II (NR/WR)^(c)
		2,250,000		7.375			07/15/14		73,125
	Verso Paper Holdings LLC (BB-/Ba2)
		2,375,000		11.500			07/01/14		2,588,750
	Verso Paper Holdings LLC (CCC+/Caa1)
		4,000,000		11.375			08/01/16		3,560,000

									91,599,659


	Printing – 0.2%
	SGS International, Inc. (B-/B3)
		5,750,000		12.000			12/15/13		5,951,250
	Valassis Communications, Inc. (BB-/Ba3)
		2,908,000		8.250			03/01/15		3,046,130

									8,997,380


	Publishing – 1.5%
	Cengage Learning Acquisitions, Inc. (CCC+/Caa2)^(a)
		21,000,000		10.500			01/15/15		20,895,000
	Dex One Corp. (CCC+/B3)^(b)
		1,371,318		12.000			01/29/17		1,078,199
	Morris Publishing Group LLC (NR/NR)
		1,456,202		10.000			09/01/14		1,390,673
	Nielsen Co. BV (B-/Caa1)^(f)
	EUR	5,000,000		11.125			08/01/16		6,748,089
	Nielsen Finance LLC (B/Caa1)
	$	3,500,000		11.625			02/01/14		3,981,250
		23,000,000		10.000			08/01/14		24,207,500
		5,000,000		11.500			05/01/16		5,687,500
		4,500,000		7.750	^(a)		10/15/18		4,467,015
	Nielsen Finance LLC (B-/Caa1)^(f)
		19,000,000		12.500			08/01/16		19,047,500
	Truvo Subsidiary Corp. (NR/WR)^(c)
	EUR	16,750,000		8.500			12/01/14		742,119

									88,244,845


	Real Estate – 0.4%
	CB Richard Ellis Services, Inc. (B+/Ba3)
	$	6,375,000		11.625			06/15/17		7,387,031
	ProLogis (BBB-/Baa2)
		1,250,000		7.375			10/30/19		1,254,647
	ProLogis (BBB-/NR)^(d)
		5,125,000		2.250			04/01/37		4,959,524
		3,500,000		1.875			11/15/37		3,310,643
	Realogy Corp. (C/Caa3)
		2,500,000		10.500			04/15/14		2,131,250
		2,268,655		11.000	^(b)		04/15/14		1,951,044

									20,994,139


	Restaurants – 0.9%
	CKE Restaurants, Inc. (B/B2)^(a)
		14,250,000		11.375			07/15/18		14,570,625
	NPC International, Inc. (CCC+/Caa1)
		12,002,000		9.500			05/01/14		12,182,030
	OSI Restaurant Partners, Inc. (CCC/Caa3)
		8,750,000		10.000			06/15/15		8,837,500

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

GOLDMAN SACHS HIGH YIELD FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)
	Restaurants – (continued)

	Seminole Hard Rock Entertainment, Inc. (BB/B2)^(a)(e)
	$	7,500,000		2.792	%		03/15/14	$	6,543,750
	Wendy’s/Arby’s Restaurants LLC (B+/B3)
		8,375,000		10.000			07/15/16		8,887,969

									51,021,874


	Retailers – 1.4%
	Claire’s Stores, Inc. (CCC+/Ca)^(b)
		3,550,084		9.625			06/01/15		3,337,079
	Edcon Holdings Proprietary Ltd. (CCC/Caa1)^(e)
	EUR	3,500,000		6.379			06/15/15		3,876,743
	Edcon Proprietary Ltd. (B/B2)^(e)
		12,375,000		4.129			06/15/14		14,170,987
	General Nutrition Centers, Inc. (B-/Caa1)^(b)(e)
	$	12,625,000		5.750			03/15/14		12,514,531
	Levi Strauss & Co. (B+/B2)
	EUR	2,000,000		7.750			05/15/18		2,753,766
	Michaels Stores, Inc. (CCC/Caa1)
	$	6,375,000		10.000			11/01/14		6,725,625
	Michaels Stores, Inc. (CCC/Caa2)
		11,500,000		11.375			11/01/16		12,535,000
	Neiman-Marcus Group, Inc. (B-/Caa1)^(b)
		8,162,442		9.000			10/15/15		8,478,737
	Neiman-Marcus Group, Inc. (CCC+/Caa2)
		14,500,000		10.375			10/15/15		15,225,000

									79,617,468


	Retailers – Food & Drug – 0.6%
	Ingles Markets, Inc. (BB-/B1)
		6,000,000		8.875			05/15/17		6,457,500
	Rite Aid Corp. (B+/B3)
		2,750,000		9.750			06/12/16		2,928,750
	Rite Aid Corp. (B-/Caa2)
		6,500,000		7.500			03/01/17		6,012,500
	Rite Aid Corp. (CCC/Caa3)
		750,000		8.625			03/01/15		648,750
		5,250,000		9.375			12/15/15		4,528,125
		5,000,000		9.500			06/15/17		4,181,250
	Supervalu, Inc. (B+/Ba3)
		5,375,000		7.500			11/15/14		5,388,438
		5,500,000		8.000			05/01/16		5,534,375

									35,679,688


	Services Cyclical – Business Services – 2.2%
	ACCO Brands Corp. (B-/Caa1)
		10,375,000		7.625			08/15/15		9,960,000
	ACCO Brands Corp. (BB-/B1)
		3,500,000		10.625			03/15/15		3,902,500
	Carlson Wagonlit BV (CCC/Caa2)^(e)
	EUR	11,655,000		6.649			05/01/15		14,855,918
	Corrections Corp. of America (BB/Ba2)
	$	1,125,000		6.250			03/15/13		1,139,063
		3,500,000		7.750			06/01/17		3,762,500
	Garda World Security Corp. (B/B3)^(a)
		3,000,000		9.750			03/15/17		3,217,500
	Great Lakes Dredge & Dock Co. (B-/B3)
		6,000,000		7.750			12/15/13		6,045,000


	Iron Mountain, Inc. (B+/B2)
		1,500,000		6.625			01/01/16		1,507,500
		4,625,000		8.000			06/15/20		4,867,812
	ISS Financing PLC (B/NR)
	EUR	4,500,000		11.000			06/15/14		6,748,089
	ISS Holdings A/S (B/Caa1)
		9,015,000		8.875			05/15/16		12,904,187
	Savcio Holdings Property Ltd. (B+/B2)
		2,000,000		8.000			02/15/13		2,699,236
	Sitel LLC/Sitel Finance Corp. (B-/Caa2)^(a)
	$	14,575,000		11.500			04/01/18		11,368,500
	Trans Union LLC/TransUnion Financing Corp. (B-/B3)^(a)
		12,000,000		11.375			06/15/18		13,680,000
	West Corp. (B/B3)
		11,500,000		9.500			10/15/14		12,031,875
		1,625,000		8.625			10/01/18		1,637,280
	West Corp. (B-/Caa1)
		14,250,000		11.000			10/15/16		15,087,187

									125,414,147


	Services Cyclical – Consumer Services – 0.1%
	Service Corp. International (BB-/B1)
		1,750,000		6.750			04/01/16		1,820,000
		2,125,000		7.000			06/15/17		2,252,500
		4,000,000		7.625			10/01/18		4,300,000

									8,372,500


	Services Cyclical – Rental Equipment – 1.8%
	Ashtead Capital, Inc. (B+/B2)^(a)
		3,000,000		9.000			08/15/16		3,135,000
	Ashtead Holdings PLC (B+/B2)^(a)
		1,750,000		8.625			08/01/15		1,787,188
	EC Finance PLC (B+/B2)
	EUR	6,125,000		9.750			08/01/17		9,059,650
	Europcar Groupe SA (B+/B3)^(e)
		3,500,000		4.399			05/15/13		4,461,237
	Hertz Corp. (CCC+/B2)
		2,250,000		7.875			01/01/14		3,113,323
	$	10,725,000		8.875			01/01/14		11,006,531
	Hertz Corp. (CCC+/B3)
		10,250,000		10.500			01/01/16		10,903,437
	Maxim Crane Works LP (B/Caa1)^(a)
		11,000,000		12.250			04/15/15		10,010,000
	RSC Equipment Rental, Inc. (B-/Caa2)
		20,750,000		9.500			12/01/14		21,528,125
	RSC Equipment Rental, Inc. (BB-/B1)^(a)
		5,250,000		10.000			07/15/17		5,788,125
	United Rentals North America, Inc. (B/B3)
		6,500,000		10.875			06/15/16		7,361,250
	United Rentals North America, Inc. (CCC+/Caa1)
		7,000,000		7.750			11/15/13		7,070,000
		5,750,000		7.000			02/15/14		5,750,000

									100,973,866

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)

	Technology – Hardware – 0.7%
	Alcatel-Lucent USA, Inc. (B/B1)
	$	10,500,000		6.450	%		03/15/29	$	7,665,000
	Freescale Semiconductor, Inc. (CCC/Caa2)^(a)
		19,630,000		10.750			08/01/20		19,679,075
	NXP BV/NXP Funding LLC (CCC+/Caa1)
		1,500,000		3.276	^(e)		10/15/13		1,413,750
	EUR	3,000,000		3.585	^(e)		10/15/13		3,823,917
	$	4,875,000		7.875			10/15/14		5,033,438
		875,000		9.750	^(a)		08/01/18		931,875

									38,547,055


	Technology – Software/Services – 3.5%
	Aspect Software, Inc. (B-/Caa1)^(a)
		4,500,000		10.625			05/15/17		4,668,750
	Expedia, Inc. (BBB-/Ba1)
		4,000,000		8.500			07/01/16		4,390,000
	Fidelity National Information Services, Inc. (BB-/Ba2)^(a)
		4,750,000		7.625			07/15/17		5,058,750
	First Data Corp. (B-/Caa1)
		42,500,000		9.875			09/24/15		34,637,500
		37,630,028		10.550	^(b)		09/24/15		30,386,247
	First Data Corp. (CCC+/Caa2)
		5,535,000		11.250			03/31/16		3,929,850
	Sabre Holdings Corp. (CCC+/Caa1)
		9,000,000		8.350			03/15/16		9,202,500
	Serena Software, Inc. (CCC+/Caa1)
		6,076,000		10.375			03/15/16		6,235,495
	Sungard Data Systems, Inc. (B/Caa1)
		15,001,000		9.125			08/15/13		15,343,173
		11,000,000		10.625			05/15/15		12,237,500
	Sungard Data Systems, Inc. (B-/Caa1)
		35,500,000		10.250			08/15/15		37,363,750
	Travelport LLC (CCC+/B3)
	EUR	2,000,000		5.513	^(e)		09/01/14		2,558,603
	$	2,000,000		9.000	^(a)		03/01/16		1,992,500
	Travelport, Inc. (CCC/Caa1)
		11,000,000		11.875			09/01/16		11,783,750
	Travelport, Inc. (CCC+/B3)
		18,000,000		9.875			09/01/14		18,517,500

									198,305,868


	Telecommunications – 3.5%
	Angel Lux Common SA (BB/B1)
	EUR	1,336,053		6.399	^(e)		05/01/16		1,822,886
		28,500,000		8.250			05/01/16		41,168,251
	$	8,000,000		8.875	^(a)		05/01/16		8,530,000
	Cincinnati Bell, Inc. (B-/B3)
		2,750,000		8.750			03/15/18		2,681,250
	ERC Ireland Finance Ltd. (CCC/Caa2)^(e)
	EUR	3,000,000		5.899			08/15/16		2,228,914
	Frontier Communications Corp. (BB/Ba2)
	$	8,500,000		6.250			01/15/13		8,882,500
		16,250,000		6.625			03/15/15		16,778,125
		5,500,000		7.875			04/15/15		5,953,750
		12,875,000		8.250			04/15/17		14,065,937
		3,250,000		8.125			10/01/18		3,514,063


		10,500,000		8.500			04/15/20		11,523,750
		3,000,000		8.750			04/15/22		3,266,250
	Level 3 Financing, Inc. (CCC/Caa1)
		10,250,000		9.250			11/01/14		9,635,000
		6,000,000		10.000			02/01/18		5,400,000
	Qwest Communications International, Inc. (B+/Ba2)
		6,250,000		8.000			10/01/15		6,750,000
		9,750,000		7.125	^(a)		04/01/18		10,188,750
	Qwest Communications International, Inc. Series B (B+/Ba2)
		1,500,000		7.500			02/15/14		1,526,250
	Qwest Corp. (BBB-/Baa3)
		1,450,000		7.500			10/01/14		1,631,250
		2,000,000		8.375			05/01/16		2,350,000
	TW Telecom Holdings, inc. (B-/NR)
		2,750,000		8.000			03/01/18		2,880,625
	Windstream Corp. (B+/Ba3)
		13,000,000		8.125			08/01/13		14,072,500
		8,750,000		8.625			08/01/16		9,231,250
		5,000,000		7.875			11/01/17		5,175,000
		3,500,000		8.125	^(a)		09/01/18		3,596,250
		950,000		7.000			03/15/19		926,250
		3,500,000		7.750	^(a)		10/15/20		3,491,250

									197,270,051


	Telecommunications – Cellular – 3.9%
	CC Holdings GS V LLC/Crown Castle GS III Corp. (BB/Baa3)^(a)
		9,375,000		7.750			05/01/17		10,359,375
	Crown Castle International Corp. (B-/B1)
		10,750,000		9.000			01/15/15		11,825,000
	Hellas Telecommunications Luxembourg III (NR/WR)^(c)
	EUR	6,148,649		8.500			10/15/13		167,643
	Hellas Telecommunications Luxembourg V (NR/WR)^(c)(e)
		1,266,038		0.000			10/15/12		552,296
	Nextel Communications, Inc. (BB-/Ba2)
	$	11,125,000		6.875			10/31/13		11,236,250
		3,000,000		5.950			03/15/14		2,977,500
		16,500,000		7.375			08/01/15		16,582,500
	SBA Telecommunications, Inc. (BB-/Ba3)
		2,500,000		8.000			08/15/16		2,675,000
	Sprint Capital Corp. (BB-/Ba3)
		8,000,000		7.625			01/30/11		8,130,000
		19,750,000		8.375			03/15/12		21,083,125
		46,625,000		6.900			05/01/19		46,858,125
		18,250,000		8.750			03/15/32		19,116,875
	Sprint Nextel Corp. (BB-/Ba3)
		14,250,000		6.000			12/01/16		14,071,875
	Wind Acquisition Finance SA (B+/B2)
	EUR	26,000,000		11.000			12/01/15		37,216,734
	$	12,750,000		12.000	^(a)		12/01/15		13,515,000
		1,500,000		11.750	^(a)		07/15/17		1,680,000
	Wind Acquisition Holdings Finance SA (B-/B3)^(b)
	EUR	5,035,833		12.250			07/15/17		7,362,821

									225,410,119

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

GOLDMAN SACHS HIGH YIELD FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)

	Telecommunications – Satellites – 2.7%
	Intelsat Corp. (BB-/B3)
	$	9,625,000		9.250	%		06/15/16	$	10,274,688
	Intelsat Intermediate Holding Co. Ltd. (CCC+/NR)^(f)
		13,250,000		9.500			02/01/15		13,713,750
	Intelsat Jackson Holdings Ltd. (B+/B3)
		10,125,000		9.500			06/15/16		10,783,125
	Intelsat Jackson Holdings SA (B+/B3)^(a)
		1,500,000		7.250			10/15/20		1,507,500
	Intelsat Jackson Holdings SA (CCC+/Caa2)
		19,000,000		11.250			06/15/16		20,615,000
		2,000,000		11.500			06/15/16		2,170,000
	Intelsat Luxembourgh SA (CCC+/Caa3)
		12,000,000		11.250	^(g)		02/04/17		12,900,000
		36,125,000		11.500	^(b)		02/04/17		39,195,625
	Intelsat SA (CCC+/Caa3)
		10,500,000		7.625			04/15/12		10,893,750
	Intelsat Subsidiary Holding Co. SA (B+/B3)
		10,000,000		8.500			01/15/13		10,100,000
		19,750,000		8.875			01/15/15		20,441,250

									152,594,688


	Textiles & Apparel – 0.2%
	Propex Fabrics, Inc. (NR/WR)^(c)
		2,500,000		10.000			12/01/12		950
	Quiksilver, Inc. (CCC/Caa1)
		11,500,000		6.875			04/15/15		10,867,500

									10,868,450


	Tobacco – 0.1%
	Alliance One International, Inc. (B+/B2)
		6,250,000		10.000			07/15/16		6,718,750


	Transportation – 0.6%
	Commercial Barge Line Co. (B+/B2)
		9,875,000		12.500			07/15/17		10,850,156
	Marquette Transportation Co./Marquette Transportation Finance Corp. (B-/B3)^(a)
		1,625,000		10.875			01/15/17		1,661,563
	RailAmerica, Inc. (BB/B1)
		9,701,000		9.250			07/01/17		10,646,847
	Stena AB (BB+/Ba2)
	EUR	500,000		6.125			02/01/17		631,935
	Teekay Corp. (BB/B1)
	$	1,750,000		8.500			01/15/20		1,905,312
	United Air Lines, Inc. (BB-/Ba3)^(a)
		1,375,000		9.875			08/01/13		1,478,125
	Western Express, Inc. (B-/Caa1)^(a)
		7,250,000		12.500			04/15/15		6,960,000

									34,133,938


	Utilities – Distribution – 0.5%
	AmeriGas Partners LP (NR/Ba3)
		3,750,000		7.250			05/20/15		3,853,125
	AmeriGas Partners LP/AmeriGas Eagle Finance Corp. (NR/Ba3)
		7,500,000		7.125			05/20/16		7,800,000


	Ferrellgas LP (B+/Ba3)
		438,000		6.750			05/01/14		442,380
	Ferrellgas Partners LP/Ferrellgas Partners Finance Corp. (B-/B2)
		4,625,000		8.625			06/15/20		4,937,188
	Inergy LP/Inergy Finance Corp. (B+/Ba3)
		4,300,000		6.875			12/15/14		4,364,500
		5,000,000		8.250			03/01/16		5,225,000
		1,250,000		7.000	^(a)		10/01/18		1,281,250

									27,903,443


	Utilities – Electric – 2.7%
	Calpine Construction Finance Co. LP and CCFC Finance Corp. (BB-/Ba3)^(a)
		4,500,000		8.000			06/01/16		4,815,000
	Calpine Corp. (B+/B1)^(a)
		2,875,000		7.250			10/15/17		2,910,938
	Dynegy Holdings, Inc. (B-/Caa2)
		3,000,000		8.750			02/15/12		3,000,000
		4,500,000		7.500			06/01/15		3,555,000
		2,500,000		8.375			05/01/16		1,943,750
		1,500,000		7.125			05/15/18		1,005,000
		6,000,000		7.750			06/01/19		4,095,000
	Edison Mission Energy (B-/B3)
		9,625,000		7.750			06/15/16		7,555,625
		11,125,000		7.000			05/15/17		7,982,187
		7,000,000		7.200			05/15/19		4,917,500
	Elwood Energy LLC (BB/Ba1)
		1,844,760		8.159			07/05/26		1,729,463
	Intergen NV (BB-/Ba3)^(a)
		4,500,000		9.000			06/30/17		4,758,750
	Midwest Generation LLC (B+/Ba2)
		3,470,928		8.560			01/02/16		3,427,541
	Mirant Mid-Atlantic Pass-Through Trust Series B (BB/Ba1)
		2,236,319		9.125			06/30/17		2,381,680
	Mirant North America LLC (B-/B1)
		5,000,000		7.375			12/31/13		5,150,000
	NRG Energy, Inc. (BB-/B1)
		21,725,000		7.250			02/01/14		22,213,812
		21,125,000		7.375			02/01/16		21,653,125
		2,500,000		7.375			01/15/17		2,556,250
	RRI Energy, Inc. (B/B3)
		4,625,000		7.625			06/15/14		4,544,063
		5,250,000		7.875			06/15/17		4,803,750
	The AES Corp. (BB-/B1)
		8,000,000		7.750			10/15/15		8,560,000
		13,250,000		9.750			04/15/16		15,171,250
		10,000,000		8.000			10/15/17		10,775,000
		6,000,000		8.000			06/01/20		6,510,000

									156,014,684


	Utilities – Pipelines – 1.7%
	Crosstex Energy LP/Crosstex Energy Finance Corp. (B+/B3)
		6,045,000		8.875			02/15/18		6,317,025

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)
	Utilities – Pipelines – (continued)

	El Paso Corp. (BB-/Ba3)
	$	5,000,000		8.250	%		02/15/16	$	5,550,000
		10,500,000		7.000			06/15/17		11,261,250
		3,500,000		7.250			06/01/18		3,771,250
		4,000,000		6.500	^(a)		09/15/20		4,070,000
		2,000,000		7.800			08/01/31		2,060,000
	El Paso Natural Gas Co. (BB/Baa3)
		2,750,000		8.375			06/15/32		3,327,191
	Energy Transfer Equity LP (BB-/Ba2)
		5,475,000		7.500			10/15/20		5,762,438
	Enterprise Products Operating LLC (BB/Ba1)^(e)
		3,750,000		8.375			08/01/66		3,918,604
		3,285,000		7.034			01/15/68		3,287,624
	Mark West Energy Partners LP/Mark West Energy Finance Corp. Series B (BB-/B1)
		8,750,000		8.500			07/15/16		9,231,250
	Regency Energy Partners LP (B+/B1)
		6,598,000		8.375			12/15/13		6,894,910
		9,000,000		9.375	^(a)		06/01/16		9,900,000
	Southern Star Central Corp. (BB+/Ba2)
		1,000,000		6.750			03/01/16		1,010,000
	Targa Resources Partners LP (B+/B1)
		3,034,000		8.250			07/01/16		3,223,625
		7,625,000		11.250			07/15/17		8,806,875
	Targa Resources Partners LP/Targa Resources Partners Finance Corp. (B+/B1)^(a)
		2,250,000		7.875			10/15/18		2,340,000
	Tennessee Gas Pipeline Co. (BB/Baa3)
		3,000,000		7.000			10/15/28		3,279,531
		1,500,000		7.625			04/01/37		1,735,510

									95,747,083


	TOTAL CORPORATE OBLIGATIONS
	(Cost $5,010,052,310)							$	5,296,896,437




Senior Term Loans^(h) – 0.2%


	Gaming – 0.1%
	Harrahs Operating Co., Inc. (NR/NR)
	$	3,750,000		3.498	%		01/28/15	$	3,228,000


	Real Estate – 0.0%
	Realogy Corp. (CCC-/Caa1)
		1,738,481		3.258			10/10/13		1,543,528


	Services Cyclical – Rental Equipment – 0.1%
	Ahern Rentals, Inc. (CCC+/Ca)
		3,375,000		16.000			12/15/12		3,307,500


	TOTAL SENIOR TERM LOANS
	(Cost $8,095,156)							$	8,079,028


	Shares		Rate			Value

Preferred Stocks – 0.1%


	Ally Financial, Inc.^(a)
		7,813		7.000	%	$	7,032,921
	Citigroup Capital XIII^(e)
		6,875		7.875			178,063
	CMP Susquehanna Radio Holdings Corp.^(a)(e)
		111,942		0.000			—
	Lucent Technologies Capital Trust I
		1,000		7.750			810,000
	Pliant Corp.^(b)
		2,796		13.000			420
	Spanish Broadcasting Systems, Inc.^(b)(d)
		3,074		10.750			15


	TOTAL PREFERRED STOCKS
	(Cost $9,065,305)					$	8,021,419


	Shares		Description	Value

Common Stocks – 1.2%


		1,996,917	Adelphia Recovery Trust Series ACC-1^(c)	$	28,955
		2,731	APP China Group Ltd.^(c)		—
		24,334	Axiohm Transaction Solutions, Inc.^(c)		243
		42,605	Charter Communications, Inc.^(c)		1,380,402
		365,648	CIT Group, Inc.^(c)		14,925,751
		133,498	LyondellBasell Industries NV^(c)		3,190,602
		59,971	LyondellBasell Industries NV Class B^(c)		1,430,308
		6,252	Masonite Worldwide Holdings^(c)		231,324
		541,841	Nortek, Inc.^(c)		21,158,891
		1,656	Nycomed^(c)		23
		3,874	Panolam Holdings Co.^(c)		39
		567,500	Parmalat SpA^(a)		1,458,078
		351	Pliant Corp.^(c)		3
		33,975	Polymer Group, Inc.^(c)		764,437
		2,500	Port Townsend Holdings Co., Inc.^(c)		—
		250	Simmons Bedding Co.		—
		20,372	Smurfit Kappa Funding PLC^(c)		205,514
		584,686	Smurfit-Stone Container Corp.^(c)		10,740,682
		444,042	Spectrum Brands Holdings, Inc.^(c)		12,069,062
		8,648	Viasystems Group, Inc.		131,450
		1,051	Zemex Minerals Group, Inc.^(c)		—


	TOTAL COMMON STOCKS
	(Cost $94,301,964)			$	67,715,764

Units

Expiration Date

Value

Warrants^(c) – 0.0%

Atrium Corp.

3,385

12/31/12

—

CNB Capital Trust I^(a)

127,920

03/23/19

—

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

GOLDMAN SACHS HIGH YIELD FUND


	Units		Expiration Date		Value

Warrants^(c) – (continued)

	Masonite Worldwide Holdings
		30,311		05/20/14	$	53,844
		22,734		05/20/16		79,569
	Nortek, Inc.
		11,520		12/07/14		115,200
	Parmalat SpA
		650		12/31/15		1,668


	TOTAL WARRANTS
	(Cost $147,716)				$	250,281


	Shares		Description	Value

Special Purpose Entity^(c) – 0.0%


		526,991	Adelphia Recovery Trust
	(Cost $63,727)			$	45,917


	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $5,121,726,178)			$	5,381,008,846

Principal

Interest

Maturity

Amount

Rate

Date

Value

Short-term Investment⁽ⁱ⁾ – 5.4%

Repurchase Agreement – 5.4%

Joint Repurchase Agreement Account II

309,400,000

0.270

10/01/10

309,400,000

Maturity Value: $309,402,321

(Cost $309,400,000)

TOTAL INVESTMENTS – 99.6%

(Cost $5,431,126,178)

5,690,408,846

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.4%

22,913,659

NET ASSETS – 100.0%

5,713,322,505

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 $1,021,836,927, which represents approximately 17.9% of net assets as of September 30, 2010.

(b)		Pay-in-kind securities.

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

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

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

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

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

(h)		Senior Term Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility at September 30, 2010. Senior Term Loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

(i)		Joint repurchase agreement was entered into on September 30, 2010. Additional information appears on pages 72-73.

Security ratings disclosed, if any, are obtained from Standard & Poor’s (“S&P”)/Moody’s Investors Service (“Moody’s”) and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.




Currency Abbreviations:
CAD	—	Canadian Dollar
EUR	—	Euro
GBP	—	British Pound

Investment Abbreviations:
NR	—	Not Rated
WR	—	Withdrawn Rating

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


		As a % of
		Net Assets

Investments Industry Classifications†


	Aerospace		0.5	%
	Agriculture		0.9
	Airlines		0.3
	Automotive		4.2
	Building Materials		2.3
	Capital Goods		2.1
	Chemicals		2.8
	Conglomerates		0.6
	Construction Machinery		0.5
	Consumer Products		3.0
	Defense		0.6
	Emerging Markets		1.2
	Energy		6.5
	Entertainment & Leisure		1.6
	Finance		8.5
	Food		1.6
	Gaming		5.5
	Health Care		9.3
	Home Construction		0.2
	Lodging		0.8
	Media		5.2
	Metals		0.7
	Packaging		4.2
	Paper		1.8
	Printing		0.2
	Publishing		1.5
	Real Estate		0.4
	Restaurants		0.9
	Retailers		2.0
	Services Cyclical		4.2
	Short-term Investments#		5.8
	Technology		4.2
	Telecommunications		10.1
	Textiles & Apparel		0.2
	Tobacco		0.1
	Transportation		0.6
	Utilities		4.9


	TOTAL INVESTMENTS		100.0	%


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

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

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

GOLDMAN SACHS HIGH YIELD FUND

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

EUR

Purchase

10/05/10

7,325,013

487,092

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Contract

Expiration

Current

Unrealized

Counterparty

Currency

Type

Date

Value

Loss

Barclays Bank PLC

GBP

Sale

10/05/10

29,477,803

(482,109

)

Citibank NA

EUR

Sale

10/05/10

672,423,532

(40,891,323

)

TOTAL

(41,373,432

)

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – 82.8%


	Banks – 22.3%
	ANZ Capital Trust II^(a)(b)
	$	2,575,000		5.360	%		01/29/49	$	2,579,828
	Astoria Financial Corp.^(b)
		2,900,000		5.750			10/15/12		2,997,054
	Bank of America Corp.
		9,925,000		5.625			07/01/20		10,478,200
	Bank of Nova Scotia^(a)
		7,900,000		1.450			07/26/13		7,985,431
	Canadian Imperial Bank of Commerce^(a)
		2,900,000		2.000			02/04/13		2,973,799
		1,000,000		2.600			07/02/15		1,040,495
	Capital One Bank USA NA
		2,650,000		8.800			07/15/19		3,381,032
	Cie de Financement Foncier^(a)
		2,900,000		1.625			07/23/12		2,911,847
		1,400,000		2.125			04/22/13		1,425,378
	Citigroup, Inc.
		6,200,000		5.500			04/11/13		6,662,215
		5,625,000		6.375			08/12/14		6,241,086
		1,750,000		5.500			10/15/14		1,895,872
		5,725,000		5.375			08/09/20		5,904,539
	Credit Agricole SA^(a)(b)(c)
		1,350,000		8.375			10/13/49		1,444,500
	Credit Suisse of New York
		4,125,000		4.375			08/05/20		4,213,503
	Discover Bank
		3,700,000		8.700			11/18/19		4,394,303
	Fifth Third Bank^(c)
		5,325,000		0.479			05/17/13		5,097,276
	HSBC Bank USA NA
		4,550,000		6.000			08/09/17		5,158,345
		2,325,000		4.875			08/24/20		2,424,975
		1,790,000		5.625			08/15/35		1,822,879
	HSBC Capital Funding LP^(a)(b)(c)
		1,050,000		4.610			06/27/49		1,013,482
	Intesa Sanpaolo SPA^(a)
		2,825,000		3.625			08/12/15		2,858,555
	JPMorgan Chase Capital XX Series T^(b)
		1,650,000		6.550			09/29/36		1,652,406
	JPMorgan Chase Capital XXV
		1,300,000		6.800			10/01/37		1,309,928
	JPMorgan Securities, Inc.
		8,375,000		6.400			10/02/17		9,748,784
	KeyBank NA
		2,375,000		5.500			09/17/12		2,537,482
	Lloyds TSB Bank PLC^(a)
		4,075,000		6.500			09/14/20		4,114,263
	Manufacturers & Traders Trust Co.^(b)(c)
		3,525,000		2.033			04/01/13		3,486,803
		1,495,000		5.585			12/28/20		1,435,200
	Merrill Lynch & Co., Inc.
		1,250,000		6.400			08/28/17		1,364,981
		4,450,000		6.875			04/25/18		4,979,662
	MUFG Capital Finance 1 Ltd.^(c)
		3,025,000		6.346			07/25/49		2,994,750


	PNC Funding Corp.
		4,825,000		5.500			09/28/12		5,184,740
	Regions Financial Corp.
		3,600,000		5.750			06/15/15		3,669,182
	Resona Bank Ltd.^(a)(b)(c)
	EUR	1,475,000		5.850			04/15/49		1,471,587
	Royal Bank of Scotland PLC
	$	3,650,000		3.400			08/23/13		3,741,998
		3,375,000		4.875	^(a)		08/25/14		3,580,436
	Santander Issuances SA Unipersonal^(a)(b)(c)
		700,000		5.805			06/20/16		681,120
	Sovereign Bank
		4,600,000		5.125			03/15/13		4,780,887
		455,000		2.176	^(b)(c)		08/01/13		440,622
	Stadshypotek AB^(a)
		4,900,000		1.450			09/30/13		4,916,008
	Sumitomo Mitsui Banking Corp.^(a)
		3,700,000		3.150			07/22/15		3,875,215
	The Toronto-Dominion Bank^(a)
		2,500,000		2.200			07/29/15		2,533,528
	UBS AG
		2,250,000		4.875			08/04/20		2,372,445
	US Bank NA^(b)(c)
	EUR	2,400,000		4.375			02/28/17		3,244,645

									159,021,266


	Brokerage – 2.4%
	Morgan Stanley & Co.
	$	4,250,000		4.750			04/01/14		4,405,245
		8,375,000		6.250	^(b)		08/28/17		9,072,302
		3,250,000		7.300	^(b)		05/13/19		3,714,577

									17,192,124


	Captive Financial – 1.3%
	Caterpillar Financial Services Corp.
		3,525,000		6.200			09/30/13		4,024,352
	John Deere Capital Corp.
		5,023,000		5.250			10/01/12		5,446,985

									9,471,337


	Chemicals^(b) – 1.7%
	Airgas, Inc.
		2,925,000		4.500			09/15/14		3,112,276
	The Dow Chemical Co.
		7,850,000		7.600			05/15/14		9,174,184

									12,286,460


	Consumer Products^(b) – 0.7%
	Whirlpool Corp.
		2,050,000		8.000			05/01/12		2,444,681
		2,675,000		8.600			05/01/14		2,921,076

									5,365,757


	Distributors^(a)(b) – 0.5%
	Ras Laffan Liquefied Natural Gas Co. Ltd. III
		2,300,000		6.750			09/30/19		2,731,688

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)
	Distributors^(a)(b) – (continued)

	Southern Star Central Gas Pipeline, Inc.
	$	1,100,000		6.000	%		06/01/16	$	1,160,796

									3,892,484


	Electric^(b) – 3.5%
	Arizona Public Service Co.
		525,000		6.250			08/01/16		601,650
		6,115,000		8.750			03/01/19		7,983,393
	Enel Finance International SA^(a)
		3,400,000		5.700			01/15/13		3,667,726
		4,325,000		3.875			10/07/14		4,532,302
	Nevada Power Co.
		2,425,000		7.125			03/15/19		2,989,981
	Progress Energy, Inc.
		1,575,000		7.050			03/15/19		1,920,785
		1,000,000		7.000			10/30/31		1,230,531
	Public Service Co. of Oklahoma
		1,650,000		6.625			11/15/37		1,939,051

									24,865,419


	Energy – 7.4%
	Anadarko Petroleum Corp.^(b)
		6,025,000		6.375			09/15/17		6,639,279
	BP Capital Markets PLC
		3,975,000		5.250			11/07/13		4,322,521
		4,475,000		3.875			03/10/15		4,640,556
		4,875,000		4.500	^(b)		10/01/20		4,990,288
	Cenovus Energy, Inc.^(b)
		6,300,000		6.750			11/15/39		7,606,418
	Dolphin Energy Ltd.^(a)(b)
		527,615		5.888			06/15/19		567,186
	Nexen, Inc.^(b)
		885,000		7.500			07/30/39		1,078,831
	Petro-Canada^(b)
		4,675,000		6.050			05/15/18		5,443,245
	Petroleos Mexicanos^(a)(b)
		900,000		6.625			06/15/35		985,500
	Shell International Finance BV^(b)
		4,775,000		1.875			03/25/13		4,874,796
	Transocean, Inc.^(b)
		7,425,000		6.500			11/15/20		8,086,456
		1,400,000		6.800			03/15/38		1,414,000
	Valero Logistics^(b)
		2,000,000		6.050			03/15/13		2,160,495

									52,809,571


	Environmental^(b) – 0.4%
	Allied Waste North America, Inc.
		2,450,000		6.375			04/15/11		2,520,805


	Food & Beverage – 3.3%
	Anheuser-Busch InBev Worldwide, Inc.^(a)(b)
		7,575,000		7.750			01/15/19		9,826,381
		2,500,000		8.200			01/15/39		3,579,965
	Bacardi Ltd.^(a)(b)
		1,200,000		7.450			04/01/14		1,419,020
		450,000		8.200			04/01/19		584,264


	Kraft Foods, Inc.
		625,000		6.125			08/23/18		737,762
		6,575,000		6.500			02/09/40		7,689,614

									23,837,006


	Health Care – Medical Products^(b) – 3.5%
	Agilent Technologies, Inc.
		6,226,000		5.500			09/14/15		6,994,660
	Boston Scientific Corp.
		3,825,000		4.500			01/15/15		3,916,460
		2,475,000		6.000			01/15/20		2,634,603
	Hospira, Inc.
		2,100,000		5.600			09/15/40		2,174,661
	Life Technologies Corp.
		6,000,000		4.400			03/01/15		6,414,034
	St. Jude Medical, Inc.
		2,675,000		3.750			07/15/14		2,872,370

									25,006,788


	Health Care – Services^(b) – 0.7%
	CIGNA Corp.
		4,250,000		6.350			03/15/18		4,957,457


	Life Insurance – 3.6%
	Lincoln National Corp.^(b)
		1,200,000		4.300			06/15/15		1,266,366
	MetLife Capital Trust X^(a)(b)(c)
		1,500,000		9.250			04/08/38		1,770,000
	Nationwide Life Global Funding I^(a)
		2,450,000		5.450			10/02/12		2,548,179
	Prudential Financial, Inc.
		2,550,000		6.100			06/15/17		2,859,218
		3,650,000		6.000			12/01/17		4,096,427
	Reinsurance Group of America, Inc.^(b)(c)
		1,950,000		6.750			12/15/65		1,672,125
	Symetra Financial Corp.^(a)(b)
		1,600,000		6.125			04/01/16		1,655,536
		725,000		8.300	^(c)		10/15/37		625,549
	The Northwestern Mutual Life Insurance Co.^(a)(b)
		7,600,000		6.063			03/30/40		8,828,578

									25,321,978


	Media – Cable – 2.7%
	Comcast Cable Communications Holdings, Inc.
		2,200,000		8.375			03/15/13		2,558,024
		1,025,000		9.455			11/15/22		1,428,483
	Comcast Corp.^(b)
		7,150,000		5.300			01/15/14		7,974,806
	Cox Communications, Inc.^(a)(b)
		2,025,000		8.375			03/01/39		2,743,777
	DIRECTV Holdings LLC^(b)
		3,925,000		7.625			05/15/16		4,356,750

									19,061,840


	Media – Non Cable – 1.4%
	NBC Universal, Inc.^(a)(b)
		3,625,000		4.375			04/01/21		3,682,143

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


		Principal		Interest			Maturity
		Amount		Rate			Date		Value

Corporate Obligations – (continued)
		Media – Non Cable – (continued)

		News America, Inc.
		$	1,800,000		5.300	%		12/15/14	$	2,032,244
		WPP Finance UK^(b)
			3,450,000		8.000			09/15/14		4,098,856
	��
										9,813,243


		Metals & Mining^(b) – 1.6%
		Anglo American Capital PLC^(a)
			3,428,000		9.375			04/08/14		4,220,478
		ArcelorMittal
			1,500,000		5.375			06/01/13		1,608,900
		Freeport-McMoRan Copper & Gold, Inc.
			4,725,000		8.375			04/01/17		5,256,563

										11,085,941


		Noncaptive – Financial – 0.6%
		General Electric Capital Corp.
			3,650,000		6.875			01/10/39		4,159,265


		Pharmaceuticals – 2.7%
		Roche Holdings, Inc.^(a)(b)
			5,900,000		5.000			03/01/14		6,596,560
		Teva Pharmaceutical Finance III LLC
			3,275,000		1.500			06/15/12		3,311,634
		Watson Pharmaceuticals, Inc.^(b)
			8,425,000		5.000			08/15/14		9,209,521

										19,117,715


		Pipelines – 6.3%
		CenterPoint Energy Resources Corp. Series B^(b)
			2,500,000		7.875			04/01/13		2,866,962
		DCP Midstream LLC^(a)(b)
			5,060,000		9.750			03/15/19		6,733,190
		Energy Transfer Partners LP^(b)
			275,000		5.650			08/01/12		291,469
			5,952,000		5.950			02/01/15		6,605,861
		Enterprise Products Operating LLC^(b)
			2,350,000		5.600			10/15/14		2,650,876
			1,575,000		6.650			04/15/18		1,842,079
			3,973,000		7.550			04/15/38		4,930,851
		Northwest Pipeline GP^(b)
			2,025,000		6.050			06/15/18		2,368,036
		Southern Natural Gas Co.^(a)(b)
			700,000		5.900			04/01/17		765,854
		Tennessee Gas Pipeline Co.^(b)
			1,460,000		7.000			10/15/28		1,596,038
			2,125,000		8.375			06/15/32		2,559,777
		The Williams Cos., Inc.
			825,000		6.750	^(a)		10/01/10		825,118
			691,000		7.875	^(b)		09/01/21		837,091
			408,000		8.750	^(b)		03/15/32		514,040
		TransCanada PipeLines Ltd.^(b)(c)
			3,425,000		6.350			05/15/67		3,185,250
		Valmont Industries, Inc.^(b)
			4,500,000		6.625			04/20/20		4,614,207


		Williams Partners LP^(b)
			1,800,000		3.800			02/15/15		1,894,018

										45,080,717
		��

		Property/Casualty Insurance^(b) – 2.9%
		ACE INA Holdings, Inc.
			1,500,000		6.700			05/15/36		1,831,545
		Alleghany Corp.
			2,900,000		5.625			09/15/20		2,959,149
		Arch Capital Group Ltd.
			1,245,000		7.350			05/01/34		1,318,988
		Aspen Insurance Holdings Ltd.
			1,025,000		6.000			08/15/14		1,111,292
		Axis Specialty Finance LLC
			2,600,000		5.875			06/01/20		2,649,117
		CNA Financial Corp.
			1,025,000		5.850			12/15/14		1,101,316
		Endurance Specialty Holdings Ltd.
			550,000		7.000			07/15/34		532,128
		QBE Insurance Group Ltd.^(a)
			647,000		9.750			03/14/14		782,706
			855,000		5.647	^(c)		07/01/23		799,608
		The Travelers Cos., Inc.^(c)
			1,300,000		6.250			03/15/37		1,248,000
		Transatlantic Holdings, Inc.
			3,725,000		8.000			11/30/39		3,814,753
		ZFS Finance USA Trust I^(a)(c)
			1,375,000		6.150			12/15/65		1,354,375
		ZFS Finance USA Trust II^(a)(c)
			1,275,000		6.450			12/15/65		1,211,250

										20,714,227


		Real Estate Investment Trusts^(b) – 5.2%
		Arden Realty LP^(d)
			1,160,000		5.200			09/01/11		1,203,559
		Developers Diversified Realty Corp.
			2,750,000		7.500			04/01/17		2,887,500
		Duke Realty LP
			2,825,000		6.750			03/15/20		3,153,547
		HCP, Inc.
			4,750,000		6.300			09/15/16		5,158,856
		Pan Pacific Retail Properties, Inc.
			1,350,000		5.950			06/01/14		1,492,873
		Post Apartment Homes LP
			3,000,000		6.300			06/01/13		3,229,049
		ProLogis^(e)
			8,000,000		2.250			04/01/37		7,741,696
		Simon Property Group LP
			2,475,000		5.750			12/01/15		2,818,369
			2,375,000		10.350			04/01/19		3,302,804
			3,500,000		5.650			02/01/20		3,894,644
			450,000		4.375			03/01/21		456,175
		WEA Finance LLC^(a)
			1,300,000		7.125			04/15/18		1,528,816

										36,867,888

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Corporate Obligations – (continued)

	Restaurants^(b) – 0.5%
	Yum! Brands, Inc.
	$	3,475,000		3.875	%		11/01/20	$	3,456,838


	Retailers^(b) – 0.3%
	Nordstrom, Inc.
		1,675,000		6.750			06/01/14		1,952,991


	Technology – Hardware^(b) – 0.2%
	Fiserv, Inc.
		1,175,000		6.125			11/20/12		1,286,291


	Tobacco – 1.6%
	Altria Group, Inc.
		4,575,000		9.700			11/10/18		6,150,780
	BAT International Finance PLC^(a)(b)
		4,032,000		9.500			11/15/18		5,482,133

									11,632,913


	Transportation^(b) – 0.5%
	Burlington Northern Santa Fe LLC
		2,975,000		7.000			02/01/14		3,480,687


	Wireless Telecommunications – 3.3%
	AT&T, Inc.^(b)
		2,300,000		6.400			05/15/38		2,614,184
	Qtel International Finance Ltd.
		2,200,000		7.875			06/10/19		2,700,500
	Telecom Italia Capital SA^(b)
		6,990,000		5.250			10/01/15		7,536,941
	Verizon Wireless Capital LLC^(b)
		4,600,000		8.500			11/15/18		6,245,562
	Vodafone Group PLC^(b)
		4,075,000		5.350			02/27/12		4,302,435

									23,399,622


	Wirelines Telecommunications^(b) – 1.7%
	Qwest Corp.
		3,975,000		8.375			05/01/16		4,670,625
	Telecom Italia Capital SA
		1,500,000		6.200			07/18/11		1,554,076
		5,700,000		4.950			09/30/14		6,054,066

									12,278,767


	TOTAL CORPORATE OBLIGATIONS
	(Cost $552,379,699)							$	589,937,397




Mortgage-Backed Obligations – 1.2%


	Collateralized Mortgage Obligations – 1.2%
	Countrywide Alternative Loan Trust Series 2007-06, Class A4
	$	1,200,000		5.750	%		04/25/47	$	747,313
	Countrywide Alternative Loan Trust Series 2007-15CB, Class A5
		2,106,591		5.750			07/25/37		1,608,509
	Countrywide Alternative Loan Trust Series 2007-16CB, Class 4A7
		1,627,840		6.000			08/25/37		1,246,173


	Residential Asset Securitization Trust Series 2007-06, Class 1A3
		1,061,885		6.000			04/25/37		791,250
	Structured Adjustable Rate Mortgage Loan Trust Series 2005-21, Class 7A1^(c)
		1,902,275		5.894			11/25/35		1,684,770
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR15, Class A1A1^(c)
		1,415,461		1.413			11/25/45		1,135,592
	Wells Fargo Alternative Loan Trust Series 2007-PA2, Class 1A1
		1,420,663		6.000			06/25/37		1,157,122


	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $8,048,137)							$	8,370,729




Foreign Debt Obligations – 3.3%


	Sovereign – 3.0%
	Federal Republic of Brazil
	$	820,000		8.250	%		01/20/34	$	1,184,900
		4,000,000		7.125			01/20/37		5,240,000
	Ontario Province of Canada
		1,400,000		4.100			06/16/14		1,537,389
	Republic of Peru
		1,250,000		8.750			11/21/33		1,856,250
		1,000,000		6.550			03/14/37		1,215,000
	Russian Federation
		4,475,000		7.500			03/31/30		5,336,437
	State of Qatar
		600,000		5.150			04/09/14		656,400
	United Mexican States
		3,800,000		6.050			01/11/40		4,351,000

									21,377,376


	Supranational – 0.3%
	North American Development Bank
		2,000,000		4.375			02/11/20		2,185,714


	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $21,296,328)							$	23,563,090




Agency Debentures – 0.8%


	FHLMC
	$	4,900,000		1.750	%		09/10/15	$	4,948,495
	Tennessee Valley Authority
		1,100,000		4.625			09/15/60		1,145,930


	TOTAL AGENCY DEBENTURES
	(Cost $5,971,767)							$	6,094,425

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

U.S. Treasury Obligations – 4.8%


	United States Treasury Bonds
	$	6,300,000		4.375	%		05/15/40	$	7,075,530
		1,100,000		3.875			08/15/40		1,137,301
	United States Treasury Notes
		16,100,000		0.750	^(d)		05/31/12		16,198,049
		7,700,000		0.625			06/30/12		7,731,338
		1,600,000		3.125			10/31/16		1,736,880


	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $33,488,635)							$	33,879,098




Municipal Debt Obligations – 3.7%


	California – 2.5%
	California State GO Bonds Build America Taxable Series 2009
	$	1,375,000		7.500	%		04/01/34	$	1,495,972
		10,120,000		7.550			04/01/39		11,005,601
		455,000		7.300			10/01/39		481,595
	California State GO Bonds Build America Taxable Series 2010
		1,845,000		7.625			03/01/40		2,029,279
	California State University RB Build America Bonds Series 2010
		2,825,000		6.484			11/01/41		3,076,425

									18,088,872


	Illinois – 1.1%
	Chicago Illinois Metropolitan Water Reclamation District GO Bonds Build America Bonds Taxable Direct Payment Series 2009
		1,775,000		5.720			12/01/38		2,020,181
	Illinois State GO Bonds Build America Series 2010
		5,675,000		6.630			02/01/35		5,580,057

									7,600,238


	New Jersey – 0.1%
	New Jersey State Turnpike Authority RB Build America Taxable Series 2009 F
		350,000		7.414			01/01/40		434,542


	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $25,005,073)							$	26,123,652


	Shares		Rate	Value

Preferred Stock^(b)(c) – 0.2%


	JPMorgan Chase & Co.
		1,225,000	7.900%	$	1,312,747
	(Cost $1,225,000)


	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $647,414,639)			$	689,281,138

Principal

Interest

Maturity

Amount

Rate

Date

Value

Short-term Investment^(f) – 3.2%

Repurchase Agreement – 3.2%

Joint Repurchase Agreement Account II

22,800,000

0.270

10/01/10

22,800,000

Maturity Value: $22,800,171

(Cost $22,800,000)

TOTAL INVESTMENTS – 100.0%

(Cost $670,214,639)

712,081,138

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%

295,869

NET ASSETS – 100.0%

712,377,007

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 $126,614,150, which represents approximately 17.8% of net assets as of September 30, 2010.

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

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

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

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

(f)		Joint repurchase agreement was entered into on September 30, 2010. Additional information appears on pages 72-73.




Currency Abbreviation:
EUR	—	Euro

Investment Abbreviations:
FHLMC	—	Federal Home Loan Mortgage Corp.
GO	—	General Obligation
LIBOR	—	London Interbank Offered Rate
RB	—	Revenue Bond

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS — At September 30, 2010, the Fund had an outstanding forward foreign currency exchange contract, to sell foreign currencies:

Contract

Expiration

Current

Unrealized

Counterparty

Currency

Type

Date

Value

Loss

JPMorgan Securities, Inc.

EUR

Sale

10/22/10

3,058,020

(194,371

)

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)

Eurodollars		(15	)	December 2010	$	(3,736,500	)	$	(4,710	)
Eurodollars		(14	)	March 2011		(3,485,650	)		(4,056	)
Eurodollars		(14	)	June 2011		(3,483,025	)		(5,806	)
Eurodollars		(14	)	September 2011		(3,479,700	)		(7,557	)
Eurodollars		(14	)	December 2011		(3,475,500	)		(10,298	)
Eurodollars		(14	)	March 2012		(3,470,775	)		(12,165	)
5 Year U.S. Treasury Notes		114		December 2010		13,778,859			74,299
10 Year U.S. Treasury Notes		1,147		December 2010		144,575,766			263,863
30 Year U.S. Treasury Bonds		329		December 2010		43,993,469			(47,113	)


TOTAL								$	246,457

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

INTEREST RATE SWAP CONTRACTS

Rates Exchanged

Notional

Payments

Amount

Termination

received by

made by

Unrealized

Counterparty

(000s)^(a)

Date

the Fund

Gain (Loss)*

Bank of America Securities LLC

16,500

08/15/17

3 month LIBOR

2.104%

—

46,500

08/15/17

3 month LIBOR

2.075

65,381

Deutsche Bank Securities Inc.

43,500

08/15/17

3 month LIBOR

2.033

176,062

TOTAL

241,443


*	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.

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


ADDITIONAL INVESTMENT INFORMATION (continued)

CREDIT DEFAULT SWAP CONTRACTS


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

Protection Sold:
Credit Suisse International (London)	Prudential Financial, Inc. 4.50%, 07/15/13	$	2,350	1.000%	06/20/15		191	$	(92,972	)	$	(112,705	)	$	19,733
Deutsche Bank Securities, Inc.	MetLife Inc. 5.00%, 06/15/15		1,825	1.000	03/20/15		204		(78,843	)		(87,074	)		8,231
			5,200	1.000	09/20/15		215		(272,598	)		(305,827	)		33,229
	CDX North America Investment Grade Index		60,000	1.000	12/20/15		107		(174,234	)		(227,697	)		53,463
JPMorgan Securities, Inc.	CDX North America Investment Grade Index		11,000	1.000	12/20/15		104		(30,411	)		(33,772	)		3,361


TOTAL								$	(649,058	)	$	(767,075	)	$	118,017


(b)	Credit Spread of 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 LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Sovereign Debt Obligations – 66.6%


	Argentina^(a) – 1.7%
	Republic of Argentina (B/NR)
		ARS 40,675,818		5.830	%		12/31/33	$	7,296,180
	Republic of Argentina (NR/NR)
		28,723,769		2.000			02/04/18		5,607,843
		EUR 19,190,000		2.840			12/15/35		2,825,364
		ARS 442,470,000		3.720			12/15/35		11,817,780

									27,547,167


	Brazil – 7.7%
	Brazil Letras do Tesouro Nacional (NR/NR)
		BRL 34,260,000		0.000	^(b)		01/01/11		19,732,173
		66,387,189		6.000			08/15/40		39,516,336
	Brazil Notas do Tesouro Nacional (NR/Baa3)
		22,634,631		6.000			05/15/15		13,283,330
		35,791,000		10.000			01/01/17		19,553,204
		68,076,000		10.000			01/01/21		36,016,037

									128,101,080


	Chile – 0.2%
	Republic of Chile (A+/Aa3)
		CLP 1,537,000,000		5.500			08/05/20		3,371,512


	Colombia – 3.4%
	Republic of Colombia (BB+/Ba1)
		COP 46,004,000,000		7.750			04/14/21		30,134,018
		32,258,000,000		9.850			06/28/27		25,701,652

									55,835,670


	Hungary – 7.5%
	Hungary Government Bond (BBB-/Baa1)
		HUF 4,964,000,000		7.250			06/12/12		24,825,894
		2,230,000,000		5.500			02/12/14		10,695,267
		11,666,000,000		8.000			02/12/15		59,956,503
		1,700,000,000		6.500			06/24/19		8,121,891
	Hungary Government Bond (BBB-/NR)
		4,702,000,000		5.500			02/12/16		22,152,547

									125,752,102


	Indonesia – 3.8%
	Republic of Indonesia (NR/Ba2)
		IDR 469,300,000,000		10.500			08/15/30		63,427,801


	Malaysia – 4.1%
	Malaysia Government Bond (NR/A3)
		MYR 112,700,000		3.741			02/27/15		37,103,016
		90,000,000		4.378			11/29/19		30,889,213

									67,992,229


	Mexico – 9.3%
	Mexican Bonos (A/Baa1)
		MXN 157,320,000		8.000			06/11/20		14,161,703
		1,174,524,000		10.000			12/05/24		124,151,809
		158,255,000		10.000			11/20/36		17,039,986

									155,353,498


	Peru – 1.3%
	Peru Government Bond (NR/Baa3)
		PEN 13,690,000		6.950			08/12/31	$	5,186,072
	Peru Government Bond (BBB+/Baa3)
		15,743,000		9.910			05/05/15		6,807,397
		23,661,000		8.200			08/12/26		10,118,759

									22,112,228


	Philippines – 0.3%
	Republic of Philippines (BB-/Ba3)
		PHP 236,000,000		4.950			01/15/21		5,477,544


	Poland – 4.6%
	Poland Government Bond (A/A2)
		PLN 33,475,000		5.250			04/25/13		11,645,212
		22,500,000		6.250			10/24/15		8,119,614
		18,754,080		3.000			08/24/16		6,422,652
		19,800,000		5.250			10/25/20		6,688,890
	Poland Government Bond (A/NR)
		128,970,000		5.500			10/25/19		44,589,452

									77,465,820


	Russia – 0.7%
	Russian Federation (BBB/Baa1)
	$	500,000		5.000			04/29/20		520,000
		9,057,400		7.500			03/31/30		10,800,949

									11,320,949


	South Africa – 7.8%
	Republic of South Africa (A+/A3)
		ZAR 735,555,000		10.500			12/21/26		129,499,258


	Thailand – 7.8%
	Thailand Government Bond (NR/Baa1)
		THB 3,290,600,000		3.625			05/22/15		113,733,653
		180,000,000		4.125			11/18/16		6,410,662
	Thailand Government Bond (NR/NR)^(b)
		314,000,000		0.000			08/04/11		10,179,785

									130,324,100


	Turkey – 4.9%
	Turkey Government Bond (BB+/Ba2)
		TRY 19,535,000		16.000			03/07/12		14,969,788
	Turkey Government Bond (NR/NR)
		14,175,000		11.000			08/06/14		10,607,610
		13,672,426		7.000			10/01/14		10,987,657
		62,373,922		4.000			04/01/20		44,843,855

									81,408,910


	Venezuela – 1.5%
	Republic of Venezuela (BB-/B2)
	$	2,460,000		5.750			02/26/16		1,697,400
		7,330,000		7.750			10/13/19		4,856,125
		21,510,000		8.250			10/13/24		13,766,400

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Sovereign Debt Obligations – (continued)
	Venezuela – (continued)

	Republic of Venezuela (BB-/B2) – (continued)
	$	1,230,000		7.650	%		04/21/25	$	750,300
		5,360,000		9.250			05/07/28		3,551,000

									24,621,225


	TOTAL SOVEREIGN DEBT OBLIGATIONS
	(Cost $1,038,346,647)							$	1,109,611,093




Structured Notes – 7.6%


	Egyptian Treasury Bills (NR/NR)^(b)(c)
		EGP 148,000,000		0.000	%		10/26/10	$	25,848,656
		81,000,000		0.000			11/11/10		14,102,082
		191,000,000		0.000			02/01/11		32,513,279
	Republic of Indonesia (BB+/Ba2)
		IDR 35,000,000,000		10.750	^(d)		05/15/16		4,533,333
		46,000,000,000		10.000	^(d)		07/15/17		5,860,374
		140,000,000,000		10.000	^(e)		07/17/17		17,835,922
		123,000,000,000		10.000	^(f)		07/17/17		15,672,336
		80,000,000,000		11.000	^(f)		11/17/20		11,091,541


	TOTAL STRUCTURED NOTES
	(Cost $121,572,011)							$	127,457,523




Corporate Obligations – 2.1%


	Chile^(g) – 0.4%
	Banco Santander Chile (A+/Aa3)
		CLP 3,676,000,000		6.500	%		09/22/20	$	7,524,532


	Germany – 0.1%
	Kreditanstalt fuer Wiederaufbau (AAA/Aaa)
		NGN 255,000,000		8.500			01/18/11		1,651,213


	Philippines – 0.1%
	JPMorgan Chase & Co. (A+/Aa3)
		PHP 52,000,000		6.000			10/10/12		1,208,850


	Russia – 1.5%
	Red Arrow International Leasing PLC (BBB/Baa2)
		RUB 51,671,135		8.375			06/30/12		1,739,877
	RSHB Capital SA for OJSC Russian Agricultural Bank (NR/Baa1)
		710,600,000		7.500			03/25/13		23,504,698

									25,244,575


	TOTAL CORPORATE OBLIGATIONS
	(Cost $36,655,289)							$	35,629,170


	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $1,196,573,947)							$	1,272,697,786




Short-term Investment^(h) – 16.4%


	Repurchase Agreement – 16.4%
	Joint Repurchase Agreement Account II
	$	272,900,000		0.270	%		10/01/10	$	272,900,000
	Maturity Value: $272,902,047
	(Cost $272,900,000)


	TOTAL INVESTMENTS – 92.7%
	(Cost $1,469,473,947)							$	1,545,597,786


	OTHER ASSETS IN EXCESS OF LIABILITIES – 7.3%								120,839,108


	NET ASSETS – 100.0%							$	1,666,436,894

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


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

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

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

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

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

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

(g)		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 $7,524,532, which represents approximately 0.4% of net assets as of September 30, 2010.

(h)		Joint repurchase agreement was entered into on September 30, 2010. Additional information appears on pages 72-73.

Security ratings disclosed, if any, are issued by Standard & Poor’s (“S&P”)/Moody’s Investor Service (“Moodys”). A brief description of the ratings is available in the Fund’s Statement of Additional Information.

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND




Currency Abbreviations:
ARS	—	Argentine Peso
BRL	—	Brazilian Real
CLP	—	Chilean Peso
CNY	—	Yuan Renminbi
COP	—	Colombian Peso
EGP	—	Egyptian Pound
EUR	—	Euro
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
NGN	—	Nigerian Naira
PEN	—	Peruvian Nuevo Sol
PHP	—	Philippine Peso
PLN	—	Polish Zloty
RUB	—	Russian Ruble
SGD	—	Singapore Dollar
THB	—	Thai Baht
TRY	—	Turkish Lira
TWD	—	Taiwan Dollar
ZAR	—	South African Rand




Investment Abbreviations:
BUBOR	—	Budapest Interbank Offered Rate
JIBAR	—	Johannesburg Interbank Agreed Rate
LIBOR	—	London Interbank Offered Rate
NR	—	Not Rated
WIBOR	—	Warsaw Interbank Offered Rate

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

BRL

Purchase

10/14/10

8,168,775

75,775

CNY

Purchase

03/17/11

57,272,840

526,213

EUR

Purchase

12/15/10

16,166,717

798,229

KRW

Purchase

10/14/10

14,955,130

614,869

MXN

Sale

12/15/10

6,241,284

43,533

MYR

Purchase

10/14/10

51,525,895

2,245,367

RUB

Purchase

10/14/10

4,998,226

55,226

SGD

Purchase

12/15/10

16,250,140

63,140

Citibank NA

COP

Purchase

10/14/10

14,584,106

12,106

MYR

Purchase

10/14/10

51,132,521

2,076,385

Credit Suisse International (London)

PLN

Purchase

12/15/10

4,996,231

16,231

Deutsche Bank AG (London)

BRL

Purchase

10/14/10

15,417,721

169,721

COP

Purchase

10/14/10

9,184,372

388,159

EUR

Purchase

12/15/10

16,454,192

154,167

INR

Purchase

10/14/10

11,445,805

543,635

MXN

Purchase

12/15/10

30,355,437

1,153,143

PHP

Purchase

10/14/10

16,727,834

918,834

HSBC Bank PLC

BRL

Purchase

10/14/10

5,424,297

261,297

CNY

Purchase

03/17/11

21,146,836

16,836

COP

Purchase

10/14/10

16,199,666

12,666

EUR

Purchase

12/15/10

16,210,315

377,825

HUF

Purchase

12/15/10

16,489,385

6,385

IDR

Purchase

10/14/10

39,643,775

710,775

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT 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

HSBC Bank PLC (continued)

ILS

Purchase

12/15/10

21,240,764

696,019

INR

Purchase

10/14/10

23,835,668

871,668

JPY

Sale

12/15/10

16,568,937

32,063

MXN

Purchase

12/15/10

6,497,395

77,105

Sale

12/15/10

12,365,736

85,264

MYR

Purchase

10/25/10

15,834,660

3,660

PHP

Purchase

10/14/10

19,236,290

971,943

RUB

Purchase

10/14/10

68,668,638

813,110

TRY

Purchase

12/15/10

58,293,955

983,301

JPMorgan Securities, Inc.

BRL

Purchase

10/14/10

3,079,927

154,927

PLN

Purchase

12/15/10

132,196,484

6,259,351

Morgan Stanley & Co.

HUF

Purchase

12/15/10

3,460,047

61,047

TRY

Purchase

12/15/10

8,177,143

156,428

Royal Bank of Canada

BRL

Purchase

10/04/10

37,220,745

648,745

Purchase

10/14/10

11,783,547

698,554

COP

Purchase

10/14/10

14,537,470

120,018

INR

Purchase

10/14/10

29,803,035

1,233,774

KRW

Purchase

10/14/10

43,832,053

1,277,052

PHP

Purchase

10/14/10

7,284,045

236,045

Royal Bank of Scotland PLC

TRY

Purchase

12/15/10

25,283,340

1,207,239

State Street Bank

MXN

Sale

12/15/10

8,576,105

39,992

UBS AG (London)

BRL

Purchase

01/18/11

5,905,791

40,591

INR

Purchase

10/14/10

8,011,024

96,024

Westpac Banking Corp.

IDR

Purchase

10/14/10

11,565,175

75,175

JPY

Purchase

12/15/10

16,102,922

271,922

MYR

Purchase

10/14/10

7,367,176

273,176

TOTAL

28,624,710

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


		Contract	Expiration		Current		Unrealized
Counterparty	Currency	Type	Date		Value		Loss

Bank of America NA	MXN	Sale		12/15/10	$	6,391,382	$	(141,979	)
Barclays Bank PLC	HUF	Sale		12/15/10		10,786,195		(915,853	)
	IDR	Purchase		01/18/11		16,296,572		(186,428	)
	KRW	Sale		10/14/10		38,034,521		(1,694,521	)
	MYR	Sale		10/14/10		29,126,119		(135,944	)
	PHP	Sale		10/14/10		22,693,967		(818,967	)
	PLN	Sale		12/15/10		4,782,182		(182,423	)
	RUB	Purchase		10/14/10		24,161,633		(90,367	)
Citibank NA	MYR	Purchase		10/14/10		16,185,708		(5,292	)
Credit Suisse International (London)	IDR	Sale		10/14/10		32,484,354		(884,899	)

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND


ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


		Contract	Expiration		Current		Unrealized
Counterparty	Currency	Type	Date		Value		Loss

Deutsche Bank AG (London)	COP	Sale		10/14/10	$	14,705,438	$	(133,438	)
	HUF	Sale		12/15/10		43,559,009		(4,659,424	)
	INR	Sale		10/14/10		15,282,633		(716,633	)
	KRW	Sale		10/14/10		7,639,405		(324,405	)
	MXN	Sale		12/15/10		15,774,799		(90,350	)
	MYR	Purchase		10/14/10		16,279,851		(31,726	)
	PEN	Purchase		11/02/10		9,389,888		(5,112	)
	PHP	Sale		10/14/10		15,105,745		(526,745	)
	PLN	Sale		12/15/10		19,805,266		(975,806	)
	RUB	Sale		10/14/10		14,509,506		(43,506	)
HSBC Bank PLC	BRL	Sale		10/04/10		31,178,770		(366,445	)
		Sale		10/14/10		15,303,951		(724,951	)
	IDR	Sale		10/14/10		15,026,057		(302,057	)
	KRW	Sale		10/14/10		21,046,165		(737,165	)
	MYR	Purchase		10/14/10		14,810,947		(24,053	)
	RUB	Purchase		10/14/10		28,899,726		(278,274	)
		Sale		10/14/10		31,637,853		(378,853	)
	TRY	Sale		12/15/10		7,871,599		(381,599	)
	TWD	Purchase		01/18/11		16,372,423		(110,577	)
	ZAR	Sale		12/15/10		63,086,543		(2,519,693	)
Morgan Stanley & Co.	CNY	Purchase		01/18/11		2,436,108		(9,892	)
	PLN	Sale		12/15/10		3,607,493		(201,551	)
	ZAR	Purchase		12/15/10		66,713,580		(77,388	)
Royal Bank of Canada	CLP	Sale		10/14/10		3,972,374		(315,374	)
	INR	Sale		10/14/10		42,122,482		(1,841,314	)
	KRW	Sale		10/14/10		15,233,087		(654,087	)
UBS AG (London)	BRL	Sale		10/04/10		6,041,974		(47,925	)


TOTAL							$	(21,535,016	)

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)		Date	the Fund			the Fund	Gain (Loss)*

Bank of America NA	ZAR		300,000	04/09/12		7.020	%	3 month JIBAR	$	602,822
Citibank NA	PLN		125,000	06/28/12		4.600		6 month WIBOR		93,834
Deutsche Bank Securities, Inc.	ZAR		375,000	02/01/12		7.363		3 month JIBAR		946,762
	HUF		6,920,000	02/15/12		6.390		6 month BUBOR		1,351,900
	PLN		92,758	03/11/12		4.890		6 month WIBOR		1,001,954
								6 month Chilean Interbank
	CLP		20,000,000	03/19/12		2.650		Camara Rate Average		(957,728	)
	PLN		150,000	03/22/12		4.750		6 month WIBOR		1,452,812
			78,400	06/14/12		4.430		6 month WIBOR		(21,654	)
			267,000	06/14/12		4.410		6 month WIBOR		(109,075	)
			213,850	06/29/12		4.580		6 month WIBOR		130,552
								6 month Chilean Interbank
	CLP		8,400,000	08/20/12		4.190		Camara Rate Average		(28,217	)

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


ADDITIONAL INVESTMENT INFORMATION (continued)

INTEREST RATE SWAP CONTRACTS (continued)


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

								6 month Chilean Interbank
Deutsche Bank Securities, Inc. (continued)	CLP		8,550,000	08/20/12		4.150	%	Camara Rate Average	$	(43,780	)
								6 month Chilean Interbank
			8,146,000	09/04/12		4.120		Camara Rate Average		(70,248	)
	PLN		307,130	09/28/12		4.660		6 month WIBOR		137,279
								6 month Chilean Interbank
	CLP		1,800,000	11/18/14		5.040		Camara Rate Average		60,960
								6 month Chilean Interbank
			3,900,000	02/02/15		5.160		Camara Rate Average		98,380
JPMorgan Securities, Inc.	HUF		3,910,000	02/06/12		6.350		6 month BUBOR		771,358
	ZAR		300,000	02/18/12		7.390		3 month JIBAR		768,823
								6 month Chilean Interbank
	CLP		9,600,000	07/29/12		4.010		Camara Rate Average		(66,457	)
								6 month Chilean Interbank
			9,861,000	07/30/12		4.000		Camara Rate Average		(70,962	)
								6 month Chilean Interbank
			8,462,000	09/27/12		4.460		Camara Rate Average		37,124
								6 month Chilean Interbank
			2,145,000	12/15/14		5.260		Camara Rate Average		95,655
								6 month Chilean Interbank
			15,750,000	04/20/15		4.950		Camara Rate Average		457,574


TOTAL									$	6,639,668


*	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.

TOTAL RETURN SWAP CONTRACTS

Notional

Amount

Reference

Termination

Financing

Unrealized

Counterparty

(000s)

Security

Date

Fee#

Gain (Loss)*

Deutsche Bank Securities, Inc.

COP

30,000,000

Titulos de Tesoreria,
11.000% 07/24/20

10/27/10

Colombia Minimum Repo Rate +0.750%

(51,732

)

3,858,500

10/28/10

Colombia Minimum Repo Rate +0.750%

(6,886

)

IDR

89,000,000

Republic of Indonesia,
10.750% 05/23/16

05/23/16

6 month LIBOR +0.200%

1,269,710

TOTAL

1,211,092


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

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Mortgage-Backed Obligations – 95.3%


	Collateralized Mortgage Obligations – 6.7%
	Adjustable Rate Non-Agency^(a) – 1.9%
	Adjustable Rate Mortgage Trust Series 2004-5, Class 2A1
	$	299,019		3.080	%		04/25/35	$	271,231
	American Home Mortgage Investment Trust Series 2004-3, Class 1A
		10,793		0.626			10/25/34		10,065
	Bear Stearns Adjustable Rate Mortgage Trust Series 2004-1, Class 21A1
		333,457		2.616			04/25/34		301,062
	Bear Stearns Alt-A Trust Series 2004-3, Class A1
		101,328		0.896			04/25/34		79,473
	Bear Stearns Alt-A Trust Series 2005-5, Class 21A1
		1,317,518		2.657			07/25/35		941,532
	Countrywide Alternative Loan Trust Series 2005-16, Class A1
		1,035,520		2.015			06/25/35		587,140
	Countrywide Alternative Loan Trust Series 2005-38, Class A1
		288,091		1.870			09/25/35		177,435
	Countrywide Home Loan Mortgage Pass-Through Trust Series 2003-52, Class A1
		350,721		3.325			02/19/34		306,555
	Countrywide Home Loan Mortgage Pass-Through Trust Series 2004-HYB6, Class A2
		393,378		3.251			11/20/34		333,952
	Harborview Mortgage Loan Trust Series 2005-15, Class 2A11
		717,843		0.527			10/20/45		423,958
	Harborview Mortgage Loan Trust Series 2005-16, Class 2A1A
		428,838		0.497			01/19/36		256,703
	Impac CMB Trust Series 2004-08, Class 1A
		112,612		0.976			10/25/34		72,232
	JPMorgan Mortgage Trust Series 2005-A4, Class 2A1
		1,258,565		2.903			07/25/35		1,145,414
	Master Adjustable Rate Mortgages Trust Series 2007-1, Class I2A3
		1,387,919		1.126			01/25/47		570,712
	Morgan Stanley Mortgage Loan Trust Series 2004-8AR, Class 4A1
		1,289,795		2.793			10/25/34		1,088,039
	Mortgage IT Trust Series 2005-5, Class A1
		959,715		0.516			12/25/35		671,485
	Sequoia Mortgage Trust Series 2004-09, Class A2
		429,502		0.768			10/20/34		349,588
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-05, Class 3A1
		561,908		2.463			05/25/34		534,392
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 3A2
		244,281		2.716			09/25/34		221,362
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-19, Class 2A2
		142,527		2.734			01/25/35		78,482

									8,420,812


	Interest Only^(b) – 0.2%
	ABN AMRO Mortgage Corp. Series 2003-8, Class A2
		48,523		5.500			06/25/33		2,370


	CS First Boston Mortgage Securities Corp. Series 2002-AR31, Class 5X^(a)(c)
		61,049		0.000			11/25/32		—
	CS First Boston Mortgage Securities Corp. Series 2003-19, Class 1A2
		118,207		5.250			07/25/33		5,119
	FHLMC REMIC Series 2575, Class IB
		7,542		5.500			08/15/30		30
	FHLMC STRIPS Series 256, Class 56
		8,216,962		4.500			05/15/23		712,366
	FNMA REMIC Series 2004-47, Class EI^(a)(c)
		779,331		0.000			06/25/34		6,827
	FNMA REMIC Series 2004-62, Class DI^(a)(c)
		337,933		0.000			07/25/33		2,066
	Master Adjustable Rate Mortgages Trust Series 2003-2, Class 3AX^(a)
		26,991		0.120			08/25/33		82
	Master Adjustable Rate Mortgages Trust Series 2003-2, Class 4AX^(a)
		9,072		0.320			07/25/33		55

									728,915


	Inverse Floaters^(a) – 0.0%
	GNMA Series 2001-48, Class SA
		16,479		25.651			10/16/31		25,443
	GNMA Series 2001-51, Class SB
		16,123		25.651			10/16/31		25,885
	GNMA Series 2001-59, Class SA
		24,688		25.489			11/16/24		37,880

									89,208


	Planned Amortization Class – 1.2%
	FNMA REMIC Series 2003-88, Class TH
		5,000,000		4.500			09/25/18		5,395,230


	Regular Floater^(a) – 0.8%
	FHLMC REMIC Series 3038, Class XA^(c)
		25,643		0.000			09/15/35		26,016
	FHLMC REMIC Series 3313, Class AU^(c)
		12,237		0.000			04/15/37		12,113
	FHLMC REMIC Series 3325, Class SX^(c)
		219,561		0.000			06/15/37		217,506
	FHLMC REMIC Series 3342, Class FT
		3,371,444		0.707			07/15/37		3,363,631

									3,619,266


	Sequential Fixed Rate – 2.4%
	FHLMC REMIC Series 2042, Class N
		430,812		6.500			03/15/28		476,186
	FHLMC REMIC Series 2590, Class NV
		1,000,000		5.000			03/15/18		1,101,079
	FHLMC REMIC Series 2770, Class TW
		7,300,000		4.500			03/15/19		8,010,618
	FNMA REMIC Series 2000-16, Class ZG
		623,016		8.500			06/25/30		714,107

									10,301,990

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Mortgage-Backed Obligations – (continued)

	Sequential Floating Rate^(a)(d) – 0.2%
	FDIC Structured Sale Guaranteed Notes Series 2010-S1, Class 1A
	$	834,693		0.806	%		02/25/48	$	836,893


	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							$	29,392,314


	Commercial Mortgage-Backed Securities – 12.1%
	Interest Only^(a)(b)(d) – 0.0%
	Bear Stearns Commercial Mortgage Securities, Inc. Series 2003-T10, Class X2
		3,708,995		1.375			03/13/40		22,455
	JPMorgan Chase Commercial Mortgage Securities Corp. Series 2004-C1, Class X2
		3,161,115		1.104			01/15/38		10,707
	Prudential Commercial Mortgage Trust Series 2003-PWR1, Class X2
		3,763,424		1.666			02/11/36		22,736

									55,898


	Sequential Fixed Rate – 3.2%
	Bear Stearns Commercial Mortgage Securities, Inc. Series 2002-TOP6, Class A2
		5,915,965		6.460			10/15/36		6,222,992
	Credit Suisse Mortgage Capital Certificates Trust Series 2006-C4, Class A3
		825,000		5.467			09/15/39		870,901
	LB-UBS Commercial Mortgage Trust Series 2006-C1, Class A4
		3,640,000		5.156			02/15/31		3,959,787
	LB-UBS Commercial Mortgage Trust Series 2006-C6, Class A4
		2,500,000		5.372			09/15/39		2,713,738

									13,767,418


	Sequential Floating Rate^(a) – 8.9%
	Banc of America Commercial Mortgage, Inc. Series 2005-6, Class A4
		5,000,000		5.346			09/10/47		5,531,747
	Banc of America Commercial Mortgage, Inc. Series 2006-2, Class A4
		2,000,000		5.928			05/10/45		2,194,055
	Commercial Mortgage Pass-Through Certificates Series 2006-C7, Class A4
		2,000,000		5.961			06/10/46		2,226,925
	GE Capital Commercial Mortgage Corp. Series 2005-C4, Class A4
		5,000,000		5.515			11/10/45		5,492,523
	JPMorgan Chase Commercial Mortgage Securities Corp. Series 2005-CB11, Class A4
		3,500,000		5.335			08/12/37		3,837,443
	JPMorgan Chase Commercial Mortgage Securities Corp. Series 2005-LDP1, Class A4
		2,000,000		5.038			03/15/46		2,176,355
	LB-UBS Commercial Mortgage Trust Series 2005-C7, Class A4
		2,000,000		5.197			11/15/30		2,204,995


	Merrill Lynch/Countrywide Commercial Mortgage Trust Series 2006-1, Class A4
		3,000,000		5.594			02/12/39		3,322,593
	Morgan Stanley Capital I Series 2006-HQ9, Class A4
		2,769,000		5.731			07/12/44		3,075,831
	Morgan Stanley Capital I Series 2006-IQ11, Class A4
		5,000,000		5.938			10/15/42		5,557,568
	Wachovia Bank Commercial Mortgage Trust Series 2006-C25, Class A5
		3,000,000		5.923			05/15/43		3,296,308

									38,916,343


	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES							$	52,739,659


	Federal Agencies – 76.5%
	Adjustable Rate FHLMC^(a) – 0.1%
		274,609		2.625			04/01/33		288,611


	Adjustable Rate FNMA^(a) – 1.3%
		9,967		3.075			07/01/22		10,258
		24,877		3.047			07/01/27		25,740
		50,338		3.047			11/01/27		52,081
		8,298		3.047			01/01/31		8,613
		9,649		3.047			06/01/32		10,016
		33,235		3.075			08/01/32		34,442
		1,341,858		2.095			05/01/33		1,386,550
		78,639		3.075			05/01/33		81,592
		422,537		2.749			06/01/33		445,100
		225,896		3.378			12/01/33		235,994
		489,658		2.949			08/01/34		518,502
		2,506,448		2.695			02/01/35		2,632,638
		21,208		3.047			11/01/35		21,946
		123,386		3.047			12/01/37		127,709
		52,734		3.047			01/01/38		54,588
		48,575		3.047			11/01/40		50,410

									5,696,179


	Adjustable Rate GNMA^(a) – 0.7%
		60,351		3.375			06/20/23		62,395
		28,488		3.625			07/20/23		29,270
		29,752		3.625			08/20/23		30,547
		77,688		3.625			09/20/23		79,770
		22,482		3.375			03/20/24		23,202
		191,990		3.375			04/20/24		198,772
		23,484		3.375			05/20/24		24,299
		201,238		3.375			06/20/24		208,468
		112,228		3.625			07/20/24		115,806
		151,230		3.625			08/20/24		155,782
		48,613		3.625			09/20/24		49,958
		56,425		3.125			11/20/24		58,285
		50,936		3.125			12/20/24		53,135
		39,359		3.375			01/20/25		40,870
		19,797		3.375			02/20/25		20,585
		66,683		3.375			05/20/25		69,467
		51,310		3.625			07/20/25		53,158
		24,870		3.375			02/20/26		25,709

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

GOLDMAN SACHS U.S. MORTGAGES FUND


	Principal		Interest			Maturity
	Amount		Rate			Date			Value

Mortgage-Backed Obligations – (continued)
	Adjustable Rate GNMA^(a) – (continued)

	$	1,434		3.625	%		07/20/26		$	1,476
		72,234		3.375			01/20/27			74,920
		25,162		3.375			02/20/27			26,004
		196,138		3.375			04/20/27			203,386
		21,740		3.375			05/20/27			22,545
		21,532		3.375			06/20/27			22,330
		7,527		3.125			11/20/27			7,755
		31,493		3.125			12/20/27			32,415
		59,934		3.375			01/20/28			61,972
		21,439		3.250			02/20/28			22,168
		23,733		3.375			03/20/28			24,568
		118,059		3.625			07/20/29			121,702
		50,504		3.625			08/20/29			52,065
		14,921		3.625			09/20/29			15,383
		59,890		3.125			10/20/29			61,637
		76,674		3.125			11/20/29			78,951
		17,823		3.125			12/20/29			18,345
		24,355		3.250			01/20/30			25,182
		13,133		3.250			02/20/30			13,580
		52,200		3.250			03/20/30			53,973
		72,601		3.375			04/20/30			75,387
		188,668		3.375			05/20/30			196,559
		15,505		3.375			06/20/30			16,105
		155,331		3.625			07/20/30			161,594
		27,300		3.625			09/20/30			28,403
		50,935		2.875			10/20/30			52,321
		240,352		2.750			12/20/34			247,520

										3,017,724


	FHLMC – 17.7%
		1,864		7.000			04/01/15			1,958
		23,772		6.000			03/01/16			25,615
		1,716		5.000			09/01/16			1,829
		19,928		5.000			11/01/16			21,237
		1,343		5.000			12/01/16			1,431
		70,818		5.000			01/01/17			75,528
		121,672		5.000			02/01/17			129,857
		96,544		5.000			03/01/17			103,037
		179,411		5.000			04/01/17			191,479
		4,376		5.000			05/01/17			4,671
		6,756		5.000			08/01/17			7,211
		480,027		5.000			09/01/17			512,318
		538,491		5.000			10/01/17			574,709
		312,868		5.000			11/01/17			333,914
		327,431		5.000			12/01/17			349,457
		388,844		5.000			01/01/18			415,150
		915,151		5.000			02/01/18			977,289
		897,521		5.000			03/01/18			958,586
		748,411		5.000			04/01/18			799,394
		82,399		4.500			05/01/18			87,453
		525,573		5.000			05/01/18			561,404
		128,343		5.000			06/01/18			137,094
		121,815		5.000			07/01/18			130,118
		70,282		5.000			08/01/18			75,060
		47,801		5.000			09/01/18			51,057
		173,723		5.000			10/01/18			185,558


		184,590		5.000			11/01/18			197,162
		115,966		5.000			12/01/18			123,867
		96,889		5.000			01/01/19			103,502
		15,625		5.000			02/01/19			16,709
		23,335		5.000			03/01/19			24,952
		398,116		4.000			04/01/19			421,513
		490,961		5.500			04/01/20			529,754
		1,988,988		4.500			08/01/23			2,118,643
		145,832		7.000			04/01/31			161,907
		1,924,999		7.000			09/01/31			2,145,117
		622,545		7.000			04/01/32			693,726
		1,757,872		7.000			05/01/32			1,955,940
		765,815		6.000			05/01/33			838,717
		45,731		5.500			12/01/33			49,000
		768,394		5.000			12/01/35			817,710
		735,164		5.500			01/01/36			788,062
		1,865		5.500			02/01/36			1,999
		29,053		5.000			02/01/37			30,872
		14,865		6.000			04/01/37			16,257
		4,322		6.000			07/01/37			4,734
		189,398		6.000			09/01/37			207,427
		386,398		5.500			02/01/38			409,577
		72,263		6.000			07/01/38			79,210
		1,159,876		5.500			12/01/38			1,229,094
		200,674		6.000			12/01/38			219,966
		98,784		6.000			01/01/39			108,250
		274,700		5.500			02/01/39			291,094
		2,092,558		5.000			03/01/39			2,233,397
		3,676,671		4.500			05/01/39			3,876,590
		154,269		5.000			05/01/39			165,425
		26,751		5.000			06/01/39			28,685
		1,103,109		5.000			07/01/39			1,177,909
		522,112		5.000			08/01/39			558,148
		10,048,866		4.500			09/01/39			10,587,739
		3,475,245		5.000			09/01/39			3,723,234
		5,829,638		4.500			10/01/39			6,138,621
		12,387,079		5.000			10/01/39			13,274,541
		1,426,641		5.000			11/01/39			1,529,793
		569,981		5.000			12/01/39			611,193
		106,201		4.500			02/01/40			111,976
		261,717		5.000			02/01/40			279,332
		487,335		5.000			03/01/40			520,135
		1,055,260		4.500			04/01/40			1,112,640
		1,782,580		4.500			05/01/40			1,879,508
		689,318		4.500			06/01/40			726,799
		99,698		4.500			07/01/40			105,119
		5,767,019		4.500			08/01/40			6,080,600
		1,000,000		3.000			TBA-15yr	^(e)		1,007,187
		1,000,000		6.000			TBA-30yr	^(e)		1,072,422

										77,098,168


	FNMA – 43.4%
		2,707		5.500			04/01/16			2,918
		3,564		5.500			08/01/16			3,841
		45,067		5.500			11/01/16			48,576
		71,194		5.000			12/01/16			74,943

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

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

	$	36,448		5.500	%		12/01/16	$	39,232
		51,139		5.500			01/01/17		55,121
		12,272		5.000			02/01/17		12,929
		101,048		5.000			04/01/17		106,493
		33,800		5.000			05/01/17		36,644
		3,795		5.500			05/01/17		4,096
		141,032		5.000			06/01/17		148,770
		18,751		5.500			07/01/17		20,239
		2,515		5.500			09/01/17		2,715
		269,214		5.000			11/01/17		287,167
		1,231,662		5.000			12/01/17		1,313,798
		1,368,219		5.000			01/01/18		1,459,648
		36,559		5.500			01/01/18		39,460
		752,906		5.000			02/01/18		804,244
		28,439		5.500			02/01/18		30,695
		3,237		6.000			02/01/18		3,509
		1,770,914		5.000			03/01/18		1,890,652
		2,468,043		5.000			04/01/18		2,636,325
		48,299		5.500			04/01/18		52,382
		304,021		5.000			05/01/18		324,750
		10,111		5.500			05/01/18		10,965
		36,097		6.000			05/01/18		39,134
		2,067,739		5.000			06/01/18		2,207,849
		111,531		5.000			07/01/18		119,135
		2,346,456		4.000			08/01/18		2,485,690
		50,342		5.000			09/01/18		53,790
		45,241		5.000			10/01/18		48,326
		306,227		5.000			11/01/18		327,107
		206,943		6.000			11/01/18		224,353
		241,987		7.000			11/01/18		263,759
		352,213		4.000			12/01/18		373,113
		2,126,879		4.500			12/01/18		2,258,404
		384,048		6.000			12/01/18		416,360
		320,250		6.000			01/01/19		347,194
		7,800		5.500			02/01/19		8,431
		31,680		5.500			04/01/19		34,243
		100,636		6.000			04/01/19		109,113
		176,407		4.000			05/01/19		186,854
		8,647		5.500			05/01/19		9,342
		22,621		6.000			05/01/19		24,524
		50,970		5.500			07/01/19		55,094
		121,203		5.500			08/01/19		131,011
		59,974		5.500			09/01/19		64,827
		708,465		6.000			09/01/19		766,839
		839,019		4.000			10/01/19		888,709
		129,085		5.500			10/01/19		139,531
		44,945		5.500			11/01/19		48,582
		33,053		5.500			12/01/19		35,727
		217,905		5.500			02/01/20		235,429
		1,056,893		4.500			03/01/20		1,122,251
		875,832		6.000			12/01/20		947,997
		56,918		5.500			01/01/21		61,524
		405,624		6.000			04/01/21		439,729
		331,642		6.000			07/01/21		359,527
		279,129		6.000			08/01/21		302,599
		267,824		6.000			09/01/21		290,344


		81,796		7.000			09/01/21		92,451
		96,547		6.000			10/01/21		104,664
		148,569		6.000			11/01/21		161,061
		166,780		6.000			01/01/22		180,803
		254,150		7.000			06/01/22		287,963
		108,398		7.000			07/01/22		122,813
		50,473		6.000			03/01/23		54,688
		61,055		4.500			04/01/23		64,216
		14,861		5.000			07/01/23		15,761
		280,960		6.000			08/01/23		304,416
		19,219		6.000			11/01/23		20,824
		2,059		7.000			01/01/29		2,322
		879		5.500			04/01/29		945
		3,396		7.000			09/01/29		3,820
		4,347		7.000			02/01/30		4,881
		55,239		7.000			08/01/31		61,255
		2,859		7.000			03/01/32		3,200
		2,624		7.000			04/01/32		2,937
		6,716		7.000			05/01/32		7,518
		17,684		7.000			06/01/32		19,793
		2,915		7.000			07/01/32		3,263
		141,033		6.000			01/01/33		154,762
		5,067		6.000			02/01/33		5,560
		686,821		5.500			04/01/33		737,152
		107,949		6.000			06/01/33		118,322
		36,717		6.000			07/01/33		40,245
		171,583		5.000			08/01/33		181,994
		9,261		5.000			09/01/33		9,824
		17,947		5.500			09/01/33		19,259
		81,299		6.000			09/01/33		89,009
		17,045		6.000			10/01/33		18,661
		10,244		5.000			11/01/33		10,867
		10,583		5.000			01/01/34		11,227
		132,242		5.500			02/01/34		141,891
		28,198		5.500			03/01/34		30,256
		34,569		5.500			04/01/34		37,091
		635		5.500			06/01/34		681
		141,409		5.500			07/01/34		151,681
		28,346		5.500			08/01/34		30,414
		85,319		5.500			10/01/34		91,465
		63,166		6.000			11/01/34		68,763
		830,364		5.500			12/01/34		889,398
		1,424,491		6.000			12/01/34		1,550,692
		13,786		5.000			03/01/35		14,562
		20,578		5.000			04/01/35		21,738
		926,299		6.000			04/01/35		1,017,466
		23,505		5.500			06/01/35		25,154
		178,951		5.000			07/01/35		189,152
		52,276		5.500			07/01/35		55,944
		76,776		5.000			08/01/35		81,102
		39,524		5.500			08/01/35		42,297
		134,520		5.000			09/01/35		142,099
		29,902		5.500			09/01/35		32,131
		45,486		5.000			10/01/35		48,049
		468,986		6.000			10/01/35		509,920
		44,334		5.000			11/01/35		46,832

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

GOLDMAN SACHS U.S. MORTGAGES FUND


	Principal		Interest			Maturity
	Amount		Rate			Date			Value

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

	$	13,759		5.500	%		12/01/35		$	14,738
		12,761		6.000			12/01/35			13,915
		679		5.500			02/01/36			729
		30,515		5.500			04/01/36			32,732
		17,155		6.000			04/01/36			18,669
		25,124		5.000			07/01/36			26,540
		1,667,615		6.000			09/01/36			1,822,651
		407,911		6.000			11/01/36			440,574
		717,314		6.000			12/01/36			783,553
		680,413		6.000			01/01/37			738,908
		27,145		5.500			02/01/37			29,070
		86,799		5.500			04/01/37			93,132
		6,611		5.500			05/01/37			7,080
		342,926		5.000			06/01/37			363,515
		2,612		5.500			06/01/37			2,796
		139,444		6.000			06/01/37			149,716
		37,754		5.500			07/01/37			40,415
		23,531		6.000			07/01/37			25,322
		10,534		5.500			08/01/37			11,276
		510,265		6.000			08/01/37			547,854
		357,142		6.000			09/01/37			383,452
		1,041,434		6.000			10/01/37			1,120,501
		386,871		6.500			10/01/37			428,127
		1,165,641		6.000			11/01/37			1,251,511
		1,135,442		5.500			12/01/37			1,208,017
		913,424		6.000			12/01/37			980,714
		2,377,976		5.500			01/01/38			2,528,888
		175,541		6.000			01/01/38			188,473
		2,668		5.500			02/01/38			2,857
		1,871,286		5.000			03/01/38			2,007,028
		984,911		5.500			03/01/38			1,046,378
		66,581		6.000			03/01/38			71,471
		146,084		5.500			04/01/38			156,733
		1,490,815		5.500			05/01/38			1,586,348
		1,484,330		5.500			06/01/38			1,577,857
		629,068		5.500			07/01/38			668,866
		10,789		5.500			08/01/38			11,556
		41,331		6.000			08/01/38			44,407
		6,517		5.500			09/01/38			6,981
		187,439		6.000			10/01/38			201,452
		3,654		5.500			12/01/38			3,914
		4,004,942		5.000			01/01/39			4,267,585
		1,664,204		6.500			01/01/39			1,844,024
		183,913		5.000			02/01/39			196,936
		45,958		5.500			02/01/39			49,455
		53,807		5.000			03/01/39			57,509
		127,918		5.000			04/01/39			136,717
		623,091		5.000			05/01/39			666,985
		241,087		4.500			06/01/39			254,544
		176,192		5.000			06/01/39			188,696
		318,065		4.500			07/01/39			335,820
		561,940		5.000			07/01/39			601,994
		372,275		4.500			08/01/39			392,879
		2,680,684		5.000			08/01/39			2,870,247
		364,691		5.500			08/01/39			387,961
		95,562		4.500			09/01/39			100,897


		1,409,418		5.000			09/01/39			1,506,371
		2,898,793		4.500			10/01/39			3,055,918
		754,953		5.000			10/01/39			808,302
		2,000,000		5.500			10/01/39			2,127,250
		479,813		4.500			11/01/39			506,596
		4,564,725		5.000			11/01/39			4,888,284
		132,479		4.500			12/01/39			139,874
		2,800,103		5.000			12/01/39			2,992,720
		795,723		4.500			01/01/40			840,139
		6,939,152		5.000			01/01/40			7,425,710
		223,668		4.500			02/01/40			236,153
		1,744,926		5.000			02/01/40			1,864,959
		383,484		4.500			03/01/40			404,889
		507,127		5.000			03/01/40			542,012
		616,781		4.500			04/01/40			651,210
		5,444,761		5.000			05/01/40			5,832,678
		1,989,687		5.000			06/01/40			2,126,556
		990,881		4.500			07/01/40			1,046,192
		3,474,034		5.000			07/01/40			3,689,655
		5,970,451		4.500			08/01/40			6,303,724
		3,000,000		3.000			TBA-15yr	^(e)		3,023,438
		6,000,000		3.500			TBA-15yr	^(e)		6,172,031
		10,000,000		3.500			TBA-15yr	^(e)		10,254,688
		20,000,000		5.500			TBA-30yr	^(e)		21,257,812
		33,000,000		6.000			TBA-30yr	^(e)		35,402,796

										189,062,729


	GNMA – 13.3%
		15,883		6.000			03/15/26			17,381
		22,400		6.000			04/15/26			24,512
		1,011,783		5.500			01/15/39			1,087,503
		2,036,172		6.000			01/15/39			2,225,840
		934,852		4.500			05/15/39			992,732
		1,982,386		4.500			06/15/39			2,105,124
		938,162		4.500			07/15/39			996,247
		95,265		4.500			10/15/39			101,163
		49,000,000		4.000			TBA-30yr	^(e)		50,608,204

										58,158,706


	TOTAL FEDERAL AGENCIES								$	333,322,117


	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $406,550,135)								$	415,454,090




Agency Debentures – 1.3%


	FHLB
	$	1,700,000		5.625	%		03/14/36		$	2,110,319
	Tennessee Valley Authority^(f)
		2,800,000		5.375			04/01/56			3,381,122


	TOTAL AGENCY DEBENTURES
	(Cost $4,628,706)								$	5,491,441

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2010 (Unaudited)


	Principal		Interest			Maturity
	Amount		Rate			Date		Value

Asset-Backed Securities – 4.4%


	Home Equity – 0.5%
	CIT Mortgage Loan Trust Series 2007-1, Class 2A2^(a)(d)
	$	570,000		1.506	%		10/25/37	$	353,361
	CIT Mortgage Loan Trust Series 2007-1, Class 2A3^(a)(d)
		1,100,000		1.706			10/25/37		553,108
	Countrywide Home Equity Loan Trust Series 2002-E, Class A^(a)
		23,562		0.517			10/15/28		20,654
	Countrywide Home Equity Loan Trust Series 2003-D, Class A^(a)
		117,552		0.517			06/15/29		84,844
	Countrywide Home Equity Loan Trust Series 2004-G, Class 2A^(a)
		63,757		0.477			12/15/29		32,768
	Countrywide Home Equity Loan Trust Series 2004-I, Class A^(a)
		567,709		0.547			02/15/34		265,475
	Countrywide Home Equity Loan Trust Series 2004-J, Class 2A^(a)
		57,438		0.547			12/15/33		29,423
	Countrywide Home Equity Loan Trust Series 2004-O, Class 1A^(a)
		217,848		0.537			02/15/34		94,952
	Countrywide Home Equity Loan Trust Series 2005-A, Class 2A^(a)
		352,378		0.497			04/15/35		144,131
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
		426,934		7.000			09/25/37		274,065
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
		521,014		7.000			09/25/37		297,994
	Residential Asset Mortgage Products, Inc. Series 2004-RZ1, Class AII^(a)
		208,464		0.736			03/25/34		138,958

									2,289,733


	Student Loan^(a) – 3.9%
	Bank of America Student Loan Trust Series 2010-1A, Class A^(d)
		500,000		1.362			02/25/43		499,955
	Brazos Higher Education Authority Inc. Student Loan Revenue Series 2004 I-A-2
		3,945,500		0.449			06/27/22		3,879,799
	Brazos Higher Education Authority Inc. Student Loan Revenue Series 2005 I-A-2
		2,053,750		0.369			12/26/18		2,033,233
	Brazos Higher Education Authority, Inc. Series 2005-3, Class A14
		1,983,187		0.399			09/25/23		1,972,330
	College Loan Corp. Trust Series 2004-1, Class A3
		1,750,000		0.658			04/25/21		1,749,109
	Education Funding Capital Trust I Series 2004-1, Class A2
		804,449		0.452			12/15/22		789,693
	Goal Capital Funding Trust Series 10-1, Class A^(d)
		1,569,167		0.964			08/25/48		1,551,540


	Knowledgeworks Foundation Student Loan Series 2010-1, Class A
		600,000		1.242			02/25/42		592,574
	Nelnet Student Loan Trust Series 2010-3A, Class A^(d)
		800,000		1.212			07/27/48		801,858
	Northstar Education Finance, Inc. Series 2005-1, Class A1
		290,678		0.588			10/28/26		288,919
	SLC Student Loan Trust Series 2006-2, Class A4
		1,100,000		0.372			06/15/22		1,071,909
	South Carolina Student Loan Corp. Series 2005, Class A2
		1,500,000		0.417			12/01/20		1,451,610
	US Education Loan Trust LLC Series 2006-1, Class A2^(d)
		417,619		0.427			03/01/25		414,341

									17,096,870


	TOTAL ASSET-BACKED SECURITIES
	(Cost $21,266,785)							$	19,386,603


	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $432,445,626)							$	440,332,134




Short-term Investment^(g) – 32.1%


	Repurchase Agreement – 32.1%
	Joint Repurchase Agreement Account II
	$	140,000,000		0.270	%		10/01/10	$	140,000,000
	Maturity Value: $140,001,050
	(Cost $140,000,000)


	TOTAL INVESTMENTS – 133.1%
	(Cost $572,445,626)							$	580,332,134


	LIABILITIES IN EXCESS OF OTHER ASSETS – (33.1)%								(144,442,537	)


	NET ASSETS – 100.0%							$	435,889,597

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


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

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

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

(d)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $5,066,954, which represents approximately 1.2% of net assets as of September 30, 2010.

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

GOLDMAN SACHS U.S. MORTGAGES FUND


(e)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $128,798,578 which represents approximately 29.5% of net assets as of September 30, 2010.

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

(g)		Joint repurchase agreement was entered into on September 30, 2010. Additional information appears on pages 72-73.




Investment Abbreviations:
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
LIBOR	—	London Interbank Offered Rate
REMIC	—	Real Estate Mortgage Investment Conduit
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities

ADDITIONAL INVESTMENT INFORMATION

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)

Eurodollars		(1	)	December 2010	$	(249,100	)	$	(1,878	)
2 Year U.S. Treasury Notes		3		December 2010		658,453			979
5 Year U.S. Treasury Notes		(353	)	December 2010		(42,666,117	)		(289,832	)
10 Year U.S. Treasury Notes		451		December 2010		56,847,141			270,212
30 Year U.S. Treasury Bonds		(165	)	December 2010		(22,063,594	)		(105,530	)
Ultra Long U.S. Treasury Bonds		(22	)	December 2010		(3,108,188	)		29,011


TOTAL								$	(97,038	)

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 First Boston Corp.	$	9,700		08/15/17	3 month LIBOR	2.252%	$	(94,254	)
Deutsche Bank Securities, Inc.		7,800		08/15/17	3 month LIBOR	2.242		(70,406	)
		8,800		08/15/17	3 month LIBOR	2.114		(8,949	)
JPMorgan Securities, Inc.		8,800		08/15/17	3 month LIBOR	2.161		(35,132	)


TOTAL							$	(208,741	)


*	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.

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments

September 30, 2010 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

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


Fund	Principal Amount

Emerging Markets Debt	$	60,300,000


High Yield		309,400,000


Investment Grade Credit		22,800,000


Local Emerging Markets Debt		272,900,000


U.S. Mortgages		140,000,000

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 SINGLE 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 SINGLE SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities

September 30, 2010 (Unaudited)


	Emerging Markets
	Debt Fund

Assets:

Investments in securities, at value (identified cost $514,161,935, $5,121,726,178, $647,414,639, $1,196,573,947 and $432,445,626, respectively)		$552,102,463
Repurchase agreement, at value which equals cost		60,300,000
Cash		898,181
Foreign currencies, at value (identified cost $161,442, $26, $0, $7,787,461 and $0, respectively)		161,442
Receivables:
Fund shares sold		21,138,234
Investment securities sold, at value		10,451,220
Interest at value, net of allowances		8,810,622
Due from broker — collateral for swap contracts		1,033,002
Forward foreign currency exchange contracts, at value		1,076,344
Swap contracts, at value		544,821
Due from broker — upfront payment		115,726
Reimbursement from investment adviser		114,543
Due from broker — variation margin, at value		10,020
Foreign tax reclaims, at value		—
Other assets, at value		712


Total assets		656,757,330





Liabilities:

Payables:
Investment securities purchased, at value		27,739,447
Fund shares redeemed		4,476,772
Forward foreign currency exchange contracts, at value		3,285,169
Swap contracts, at value (includes upfront payments received of $245,962, $0, $767,075, $0 and $0, respectively)		557,637
Amounts owed to affiliates		459,650
Income distributions		343,564
Due to broker — variation margin, at value		—
Due to broker — collateral for swap contracts		—
Deferred foreign capital gains tax		—
Accrued expenses		166,228


Total liabilities		37,028,467





Net Assets:

Paid-in capital		584,751,125
Accumulated undistributed (distributions in excess of) net investment income		2,025,528
Accumulated net realized gain (loss) from investment, futures, swap and foreign currency related transactions		(4,126,017	)
Net unrealized gain on investments, futures, swaps and translation of assets and liabilities denominated in foreign currencies		37,078,227


NET ASSETS		$619,728,863



Net Assets:
Class A		$199,020,616
Class B		—
Class C		22,716,052
Institutional		397,275,619
Service		—
Separate Account Institutional Shares		—
Class IR		716,576
Class R		—




Total Net Assets		$619,728,863


Shares Outstanding $0.001 par value (unlimited shares authorized):
Class A		15,458,788
Class B		—
Class C		1,765,874
Institutional		30,831,509
Service		—
Separate Account Institutional Shares		—
Class IR		55,603
Class R		—


Net asset value, offering and redemption price per share:^(a)
Class A		$12.87
Class B		—
Class C		12.86
Institutional		12.89
Service		—
Separate Account Institutional Shares		—
Class IR		12.89
Class R		—

(a)

Maximum public offering price per share for Class A shares of Emerging Markets Debt, High Yield and Local Emerging Markets Debt Funds (NAV per share multiplied by 1.0471), Investment Grade Credit and U.S. Mortgages Funds (NAV per share multiplied by 1.0390) is $13.48, $7.51, $10.35, $10.09 and $10.63, respectively. At redemption, Class B and Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS


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



$	5,381,008,846		$	689,281,138		$	1,272,697,786		$	440,332,134
	309,400,000			22,800,000			272,900,000			140,000,000
	12,991,041			95,540			155,611			14,292
	26			—			7,915,311			—

	55,066,045			1,039,641			26,450,671			10,123
	14,348,770			4,843,053			133,714,150			219,838,480
	104,715,504			9,049,813			26,062,716			1,183,447
	—			—			—			—
	487,092			—			28,624,710			—
	—			241,443			9,277,499			—
	—			242,247			—			—
	25,622			30,111			806,051			37,209
	—			—			—			—
	23,278			—			74,723			—
	20,735			1,648			253			1,153


	5,878,086,959			727,624,634			1,778,679,481			801,416,838










	85,856,590			10,336,849			77,583,093			364,066,009
	19,074,059			2,948,066			2,897,333			699,741
	41,373,432			194,371			21,535,016			—
	—			649,058			1,426,739			208,741
	3,674,958			271,766			1,432,977			135,658
	14,084,458			626,271			1,245,088			168,715
	—			66,742			—			53,784
	—			—			4,000,000			—
	—			—			1,501,103			—
	700,957			154,504			621,238			194,593


	164,764,454			15,247,627			112,242,587			365,527,241







	5,590,414,350			672,524,925			1,563,886,661			449,166,009
	3,188,361			659,891			(7,977,835	)		(462,676	)
	(99,651,979	)		(3,090,124	)		19,599,744			(20,394,465	)
	219,371,773			42,282,315			90,928,324			7,580,729


$	5,713,322,505		$	712,377,007		$	1,666,436,894		$	435,889,597




$	865,813,714		$	203,039,877		$	887,667,501		$	7,314,093
	52,496,604			—			—			—
	111,212,326			—			5,731,572			—
	4,651,160,918			214,351,286			771,524,593			58,189,897
	21,262,175			—			—			—
	—			294,985,844			—			370,385,607
	1,535,585			—			1,513,228			—
	9,841,183			—			—			—




$	5,713,322,505		$	712,377,007		$	1,666,436,894		$	435,889,597



	120,769,203			20,920,520			89,807,437			714,989
	7,306,725			—			—			—
	15,492,609			—			579,097			—
	646,927,998			22,083,413			78,055,460			5,683,665
	2,967,410			—			—			—
	—			30,381,213			—			36,199,836
	214,002			—			153,141			—
	1,372,660			—			—			—



	$7.17			$9.71			$9.88			$10.23
	7.18			—			—			—
	7.18			—			9.90			—
	7.19			9.71			9.88			10.24
	7.17			—			—			—
	—			9.71			—			10.23
	7.18			—			9.88			—
	7.17			—			—			—

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Operations

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


	Emerging Markets
	Debt Fund


Investment income:

Interest (net of foreign withholding taxes of $586,621 for Local Emerging Markets Debt)	$	13,944,384
Dividends (net of foreign withholding taxes of $11,063 for High Yield)		—


Total investment income		13,944,384





Expenses:

Management fees		1,832,097
Distribution and Service fees^(a)		240,311
Transfer Agent fees^(a)		158,210
Custody and accounting fees		109,622
Professional fees		71,396
Printing and mailing costs		61,761
Registration fees		41,149
Trustee fees		8,472
Account Service Fee^(a)		—
Service Share fees — Shareholder Administration Plan		—
Service Share fees — Service Plan		—
Other		2,783


Total expenses		2,525,801


Less — expense reductions		(196,531	)


Net expenses		2,329,270


NET INVESTMENT INCOME		11,615,114





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

Net realized gain (loss) from:
Investment transactions (net of foreign taxes of $341,791 for Local Emerging Markets Debt)		12,630,210
Futures transactions		2,977,457
Swap contracts		1,566,992
Foreign currency related transactions		(79,177	)
Net change in unrealized gain (loss) on:
Investments (net of deferred foreign taxes of $1,501,103 for Local Emerging Markets Debt)		20,003,864
Futures		1,061,278
Swap contracts		(154,746	)
Translation of assets and liabilities denominated in foreign currencies		(2,578,584	)


Net realized and unrealized gain from investment, futures, swap and foreign currency related transactions		35,427,294


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	47,042,408


(a)	Class specific Distribution and Service, Transfer Agent and Account Service fees were as follows:
(b)	Commenced operations on July 30, 2010 for Emerging Markets Debt and Local Emerging Markets Debt Funds.


	Distribution and Service Fees								Transfer Agent Fees																Account Service Fee
																			Separate
																			Account
																			Institutional
Fund	Class A		Class B		Class C		Class R		Class A		Class B		Class C		Institutional		Service		Shares		Class IR^(b)		Class R		Class A		Institutional
Emerging Markets Debt	$	166,436	$	—	$	73,875	$	—	$	86,547	$	—	$	9,604	$	62,002	$	—	$	—	$	57	$	—	$	—	$	—
High Yield		1,553,627		280,713		541,193		19,409		807,886		36,493		70,355		880,106		4,311		—		641		5,046		—		—
Investment Grade Credit		233,917		—		—		—		121,637		—		—		38,903		—		56,885		—		—		46,783		48,629
Local Emerging Markets Debt		883,526		—		11,050		—		459,434		—		1,437		114,519		—		—		82		—		—		—
U.S. Mortgages		12,793		—		—		—		6,652		—		—		12,065		—		74,705		—		—		2,559		15,081

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS


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




$	254,989,899		$	16,096,790		$	38,665,140		$	6,799,962
	432,550			—			—			—


	255,422,449			16,096,790			38,665,140			6,799,962







	18,968,328			1,332,148			5,767,896			888,168
	2,394,942			233,917			894,576			12,793
	1,804,838			217,425			575,472			93,422
	258,686			57,955			1,142,524			122,809
	56,877			40,894			49,307			44,817
	290,277			33,919			76,932			50,166
	40,959			21,747			28,178			15,008
	15,825			8,703			10,388			8,053
	—			95,412			—			17,640
	26,946			—			—			—
	26,946			—			—			—
	84,162			10,252			12,458			11,486


	23,968,786			2,052,372			8,557,731			1,264,362


	(48,004	)		(393,385	)		(846,891	)		(399,080	)


	23,920,782			1,658,987			7,710,840			865,282


	231,501,667			14,437,803			30,954,300			5,934,680









											��
	82,395,678			14,423,586			23,826,494			9,080,076
	—			7,079,383			—			(4,311,602	)
	659,514			893,757			546,009			(17,684	)
	40,925,623			172,424			972,136			—

	(3,392,047	)		17,538,565			62,034,380			6,510,662
	—			232,990			—			16,984
	—			313,418			5,021,739			(311,622	)
	(50,214,143	)		(195,198	)		1,661,266			—


	70,374,625			40,458,925			94,062,024			10,966,814


$	301,876,292		$	54,896,728		$	125,016,324		$	16,901,494

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets


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


From operations:

Net investment income	$	11,615,114		$	15,342,226
Net realized gain (loss) from investment, futures, swap and foreign currency related transactions		17,095,482			13,397,415
Payments by affiliate relating to certain fixed income securities		—			13,881
Net change in unrealized gain (loss) on investments, futures, swaps and translation of assets and liabilities denominated in foreign currencies		18,331,812			42,945,798


Net increase in net assets resulting from operations		47,042,408			71,699,320





Distributions to shareholders:

From net investment income
Class A Shares		(3,410,574	)		(5,165,806	)
Class B Shares		—			—
Class C Shares		(321,298	)		(338,717	)
Institutional Shares		(8,533,121	)		(13,461,063	)
Service Shares		—			—
Separate Account Institutional Shares		—			—
Class IR Shares^(a)		(2,033	)		—
Class R Shares		—			—


Total distributions to shareholders		(12,267,026	)		(18,965,586	)





From share transactions:

Proceeds from sales of shares		265,078,462			285,588,213
Proceeds of shares sold in connection with in-kind subscriptions		12,379,470			—
Reinvestment of distributions		10,662,033			16,055,510
Cost of shares redeemed		(97,177,294	)^(b)		(112,216,784	)^(b)


Net increase (decrease) in net assets resulting from share transactions		190,942,671			189,426,939


TOTAL INCREASE (DECREASE)		225,718,053			242,160,673





Net assets:

Beginning of period		394,010,810			151,850,137


End of period	$	619,728,863		$	394,010,810


Accumulated undistributed (distribution in excess of) net investment income	$	2,025,528		$	2,677,440


(a)	Commenced operations on July 30, 2010 for Emerging Markets Debt and Local Emerging Markets Debt Funds.
(b)	Net of $8,162 and $10,270, $186,970 and $1,018,273, and $20,554 and $6,213 redemption fees for Emerging Markets Debt Fund, High Yield Fund and Local Emerging Markets Debt Fund, respectively, for the six months ended September 30, 2010 and the fiscal year ended March 31, 2010, respectively.

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS


High Yield Fund						Investment Grade Credit Fund						Local Emerging Markets Debt Fund
For the						For the						For the
Six Months Ended			For the Fiscal			Six Months Ended			For the Fiscal			Six Months Ended			For the Fiscal
September 30, 2010			Year Ended			September 30, 2010			Year Ended			September 30, 2010			Year Ended
(Unaudited)			March 31, 2010			(Unaudited)			March 31, 2010			(Unaudited)			March 31, 2010




$	231,501,667		$	458,723,728		$	14,437,803		$	24,974,739		$	30,954,300		$	12,291,873
	123,980,815			(140,381,437	)		22,569,150			9,532,201			25,344,639			7,873,216
	—			—			—			—			—			—
	(53,606,190	)		1,694,492,293			17,889,775			54,773,026			68,717,385			47,478,619


	301,876,292			2,012,834,584			54,896,728			89,279,966			125,016,324			67,643,708








	(47,341,146	)		(121,306,199	)		(3,749,085	)		(6,897,887	)		(18,461,207	)		(4,386,105	)
	(1,928,465	)		(4,845,041	)		—			—			—			—
	(3,724,266	)		(7,739,011	)		—			—			(48,085	)		(9,406	)
	(175,403,425	)		(326,193,304	)		(4,252,176	)		(6,497,318	)		(16,007,782	)		(8,660,730	)
	(804,178	)		(1,575,273	)		—			—			—			—
	—			—			(6,276,450	)		(11,798,713	)		—			—
	(39,111	)		(19,368	)		—			—			(3,152	)		—
	(287,652	)		(94,435	)		—			—			—			—


	(229,528,243	)		(461,772,631	)		(14,277,711	)		(25,193,918	)		(34,520,226	)		(13,056,241	)







	1,056,071,773			4,269,359,427			106,837,554			481,186,903			901,709,027			677,733,264
	—			—			—			—			—			—
	150,504,414			310,611,056			10,611,867			18,133,125			27,951,003			12,305,729
	(1,762,710,948	)^(b)		(3,697,049,084	)^(b)		(76,755,180	)		(179,339,456	)		(151,801,832	)^(b)		(64,835,784	)^(b)


	(556,134,761	)		882,921,399			40,694,241			319,980,572			777,858,198			625,203,209


	(483,786,712	)		2,433,983,352			81,313,258			384,066,620			868,354,296			679,790,676







	6,197,109,217			3,763,125,865			631,063,749			246,997,129			798,082,598			118,291,922


$	5,713,322,505		$	6,197,109,217		$	712,377,007		$	631,063,749		$	1,666,436,894		$	798,082,598


$	3,188,361		$	1,214,937		$	659,891		$	499,799		$	(7,977,835	)	$	(4,411,909	)

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets


	U.S. Mortgages Fund
	For the
	Six Months Ended			For the Fiscal
	September 30, 2010			Year Ended
	(Unaudited)			March 31, 2010


From operations:

Net investment income	$	5,934,680		$	18,003,916
Net realized gain (loss) from investment, futures and swap transactions		4,750,790			(5,062,595	)
Net change in unrealized gain on investments, futures and swaps		6,216,024			41,086,590


Net increase in net assets resulting from operations		16,901,494			54,027,911





Distributions to shareholders:

From net investment income
Class A Shares		(132,696	)		(335,583	)
Institutional Shares		(871,204	)		(3,723,536	)
Separate Account Institutional Shares		(5,474,979	)		(15,068,011	)


Total distributions to shareholders		(6,478,879	)		(19,127,130	)





From share transactions:

Proceeds from sales of shares		25,799,975			146,131,384
Reinvestment of distributions		5,319,788			14,056,810
Cost of shares redeemed		(50,645,212	)		(274,850,884	)


Net decrease in net assets resulting from share transactions		(19,525,449	)		(114,662,690	)


TOTAL DECREASE		(9,102,834	)		(79,761,909	)





Net assets:

Beginning of period		444,992,431			524,754,340


End of period	$	435,889,597		$	444,992,431


Accumulated undistributed (distribution in excess of) net investment income	$	(462,676	)	$	81,523

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

GOLDMAN SACHS SINGLE 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

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


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


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


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

Class A Shares of the Emerging Markets Debt, High Yield, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds are sold with a front-end sales charge of up to 4.50%, 4.50%, 3.75%, 4.50% and 3.75%, respectively. 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, Separate Account Institutional, Class IR and Class R Shares are not subject to a sales charge. Class IR Shares of the Emerging Markets Debt and Local Emerging Markets Debt Funds 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 Fund pursuant to a management agreement (the “Agreement”) with the Trust.

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 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.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2010 (Unaudited)


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the previous closing prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Funds’ NAV. Significant events that could affect a large number of securities in a particular market may include, but are not limited to: situations relating to one or more single issuers in a market sector; significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions or market closings; equipment failures; natural or man-made disasters or acts of God; armed conflicts; government actions or other developments; as well as the same or similar events which may affect specific issuers or the securities markets even though not tied directly to the securities markets. Other significant events that could relate to a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; corporate announcements, including those relating to earnings, products and regulatory news; significant litigation; low trading volume; and trading limits or suspensions.

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. In-Kind Transactions — The Funds may allow investors, under certain circumstances, to purchase shares with securities instead of cash. In addition, the Trust reserves the right to redeem an investor’s shares by distributing securities instead of cash. These are known as in-kind transactions. Securities included as part of in-kind purchases and redemptions of Fund shares are valued in the same manner as they are valued for purposes of computing the Fund’s NAV, in accordance with the Funds’ valuation procedures, and such valuations are as of the date the trade is submitted pursuant to the procedures specified in the Fund’s prospectus.

E. Redemption Fees — A 2% redemption fee will be imposed on the redemption of shares (including by exchange) held for 60 calendar days or less with respect to the High Yield Fund and 30 calendar days or less with respect to the Emerging Markets Debt and Local Emerging Markets Debt Funds. For this purpose, the Funds use a first-in first-out method so that shares held longest will be treated as being redeemed first and shares held shortest will be treated as being redeemed last.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Redemption fees are reimbursed to a Fund and are reflected as a reduction in share redemptions. Redemption fees are credited to Paid-in Capital and are allocated to each share class of a Fund on a pro-rata basis at the time of payment.

F. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the 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 shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:


	Income Distributions		Capital Gains Distributions
Fund	Declared/Paid		Declared/Paid

All Funds		Daily/Monthly		Annually

Net capital losses are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital. The Funds’ capital accounts on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

G. Foreign Currency Translations — The books and records of the Funds are accounted for in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investment valuations, foreign currency and other assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars based upon 4:00 p.m. Eastern Time exchange rates; and (ii) purchases and sales of foreign investments, income and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions as of 4:00 p.m. Eastern Time.

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.

H. 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.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2010 (Unaudited)


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

I. 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.

J. Mortgage-Backed and Asset-Backed Securities — Certain 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.

K. Mortgage Dollar Rolls — Certain 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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

L. 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.

M. Senior Term Loans — The High Yield Fund may invest in Senior Term Loans, which are exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”), and contain certain restrictions on resale and cannot be sold publicly. Senior Term Loans are portions of loans originated by banks and sold in pieces to investors. These floating rate loans (“Loans”) in which the Fund invests are arranged through private negotiations between the borrower and one or more financial institutions (“Lenders”). The Fund invests in such Loans in the form of participations in Loans (“Participations”) or assignments of all or a portion of loans from third parties (“Assignments”). Participations typically result in the Fund having a contractual relationship only with the Lender, not with the borrower. The Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. In connection with purchasing Participations, the Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loan, nor any rights of set-off against the borrower, and the Fund will not benefit directly from any collateral supporting the Loan in which it has purchased the Participation. As a result, the Fund assumes the credit risk of both the borrower and the Lender that is selling the Participation. Assignments typically result in the Fund having a direct contractual relationship with the borrower, and the Fund may enforce compliance by the borrower with the terms of the loan agreement. All Senior Term Loans involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower. Senior Term Loans are marked to market daily using pricing vendor quotations, and the change in value, if any, is recorded as an unrealized gain or loss.

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.

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2010 (Unaudited)


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS


2. SIGNIFICANT ACCOUNTING POLICIES (continued)

P. When-Issued Securities and Forward Commitments — The Funds may purchase when-issued securities, including TBA (“To Be Announced”) securities and enter into contracts to purchase or sell securities for a fixed price at a future date beyond the customary settlement period. When-issued securities are securities that have been authorized, but not yet issued in the market. 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’s assumptions in determining fair value measurement).

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


Emerging Markets Debt	Level 1			Level 2			Level 3

Assets
Fixed Income
Sovereign Debt Obligations	$	—		$	433,640,190		$	—
Corporate Obligations		—			98,938,846			—
Structured Notes		—			19,523,427			—
Short-term Investments		—			60,300,000			—
Derivatives		1,127,536			1,621,165			—


Total	$	1,127,536		$	614,023,628		$	—


Liabilities
Derivatives	$	(66,258	)	$	(3,842,806	)	$	—

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2010 (Unaudited)


3. FAIR VALUE OF INVESTMENTS (continued)


High Yield	Level 1		Level 2			Level 3

Assets
Fixed Income
Corporate Obligations	$	—	$	5,296,896,437		$	—
Senior Term Loans		—		8,079,028			—
Common Stock and/or Other Equity Investments		67,555,859		8,477,522			—
Short-term Investments		—		309,400,000			—
Derivatives		—		487,092			—


Total	$	67,555,859	$	5,623,340,079		$	—


Liabilities
Derivatives	$	—	$	(41,373,432	)	$	—


Investment Grade Credit	Level 1			Level 2			Level 3

Assets
Fixed Income
Corporate Obligations	$	—		$	589,937,397		$	—
Mortgage-Backed Obligations		—			8,370,729			—
Foreign Debt Obligations		—			23,563,090			—
U.S. Treasuries and/or Other U.S. Government Obligations and Agencies		33,879,098			6,094,425			—
Municipal Debt Obligations		—			26,123,652			—
Common Stock and/or Other Equity Investments		—			1,312,747			—
Short-term Investments		—			22,800,000			—
Derivatives		338,162			241,443			—


Total	$	34,217,260		$	678,443,483		$	—


Liabilities
Derivatives	$	(91,705	)	$	(843,429	)	$	—

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS


3. FAIR VALUE OF INVESTMENTS (continued)


Local Emerging Markets Debt	Level 1		Level 2			Level 3

Assets
Fixed Income
Sovereign Debt Obligations	$	—	$	1,109,611,093		$	—
Structured Notes		—		127,457,523			—
Corporate Obligations		—		32,769,107			2,860,063
Short-term Investments		—		272,900,000			—
Derivatives		—		37,902,209			—


Total	$	—	$	1,580,639,932		$	2,860,063


Liabilities
Derivatives	$	—	$	(22,961,755	)	$	—

The following is a reconciliation of Level 3 investments for the six months ended September 30, 2010:


	Fixed Income —
	Corporate
	Obligations

Beginning Balance as of April 1, 2010	$	1,598,582
Realized gain (loss)		(54,235	)
Unrealized gain (loss) relating to instruments still held at reporting date		(105,132	)
Net purchases (sales)		(1,559,557	)
Transfers into Level 3		2,980,405
Transfers out of Level 3		—


Ending Balance as of September 30, 2010	$	2,860,063


U.S. Mortgages	Level 1			Level 2			Level 3

Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	415,454,090		$	—
U.S. Treasuries and/or Other U.S. Government Obligations and Agencies		—			5,491,441			—
Asset-Backed Securities		—			19,386,603			—
Short-term Investments		—			140,000,000			—
Derivatives		300,202			—			—


Total	$	300,202		$	580,332,134		$	—


Liabilities
Derivatives	$	(397,240	)	$	(208,741	)	$	—

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2010 (Unaudited)

4. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee computed daily and 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 and effective net management fees with GSAM were at the following rates:


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

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


High Yield		0.70			0.70			0.63			0.60			0.59			0.65			0.65


Investment Grade Credit		0.40			0.36			0.34			0.33			0.32			0.40			0.33	*


Local Emerging Markets Debt		0.90			0.90			0.81			0.77			0.75			0.90			0.90


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


*	GSAM agreed to waive a portion of its management fee in order to achieve the effective net management rates above, through at least July 29, 2011, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees.

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.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS


4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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

Fund

Class A

Class B

Class C

Emerging Markets Debt

23,400

N/A

—

High Yield

52,100

—

Investment Grade Credit

1,900

N/A

Local Emerging Markets Debt

15,000

N/A

—

U.S. Mortgages

100

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 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, Separate Account Institutional, and Service Shares.

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

G. Other Expense Agreements and Affiliated Transactions — GSAM has 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), Account Service fees, taxes, interest, brokerage fees and litigation, indemnification, shareholder meetings and other extraordinary expenses, exclusive of any custody and transfer agent fee credit reductions) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are computed daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations for the Emerging Markets Debt, High Yield, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds as an annual percentage rate of average daily net assets are 0.044%, 0.024%, 0.004%, 0.074% and 0.004%, respectively. These Other Expense reimbursements will remain in place through at least July 29, 2011, and prior to such date GSAM 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 Fund’s expenses.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2010 (Unaudited)


4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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


	Management		Custody		Other		Total
	Fee		Fee		Expense		Expense
Fund	Waivers		Credits		Reimbursements		Reductions

Emerging Markets Debt	$	—	$	2	$	195	$	197


High Yield		—		2		46		48


Investment Grade Credit		233		—		160		393


Local Emerging Markets Debt		—		2		845		847


U.S. Mortgages		155		—		244		399

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

Emerging Markets Debt	$	372	$	54	$	34	$	460


High Yield		3,042		355		278		3,675


Investment Grade Credit		192		42		38		272


Local Emerging Markets Debt		1,140		179		114		1,433


U.S. Mortgages		119		2		15		136

H. 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 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 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.

I. Other Transactions with Affiliates — For the six months ended September 30, 2010, Goldman Sachs earned approximately $5,800, $0, $20,400, $0 and $11,700 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Emerging Markets Debt, High Yield, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds, respectively.

As of September 30, 2010, the Goldman Sachs Satellite Strategies Portfolio was the beneficial owner of 16% and 7% of total outstanding shares of the Emerging Markets Debt and Local Emerging Markets Debt Funds, respectively.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

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.

The following tables set forth, by certain risk types, the gross value of the Funds’ investments in 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.

Emerging Markets Debt


	Statements of Assets				Statements of Assets
	and Liabilities				and Liabilities
Risk	Location	Assets			Location	Liabilities

Interest rate	Receivables for swap contracts, at value; Due from broker — variation margin, at value	$	1,672,357	^(a)	Payables for swap contracts, at value; Due to broker — variation margin, at value	$	(341,634	)^(a)(b)


Credit	—		—		Payables for swap contracts, at value		(282,261	)^(b)


Currency	Receivables for forward foreign currency exchange contracts, at value		1,076,344		Payables for forward foreign currency exchange contracts, at value		(3,285,169	)


Total		$	2,748,701			$	(3,909,064	)

High Yield

Statements of Assets

and Liabilities

Risk

Location

Assets

Location

Liabilities

Currency

Receivables for forward foreign currency exchange contracts, at value

487,092

Payables for forward foreign currency exchange contracts, at value

(41,373,432

)

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2010 (Unaudited)


5. INVESTMENTS IN DERIVATIVES (continued)

Investment Grade Credit


	Statements of Assets				Statements of Assets
	and Liabilities				and Liabilities
Risk	Location	Assets			Location	Liabilities

Interest rate	Receivables for swap contracts, at value; Due from broker — variation margin, at value	$	579,605	^(a)	Due to broker — variation margin, at value	$	(91,705	)^(a)


Credit	—		—		Payables for swap contracts, at value		(649,058	)^(b)


Currency	—		—		Payables for forward foreign currency exchange contracts, at value		(194,371	)


Total		$	579,605			$	(935,134	)

Local Emerging Markets Debt


	Statements of Assets			Statements of Assets
	and Liabilities			and Liabilities
Risk	Location	Assets		Location	Liabilities

Interest rate	Receivables for swap contracts, at value;	$	9,277,499	Payables for swap contracts, at value	$	(1,426,739	)^(b)


Currency	Receivables for forward foreign currency exchange contracts, at value		28,624,710	Payables for forward foreign currency exchange contracts, at value		(21,535,016	)


Total		$	37,902,209		$	(22,961,755	)

U.S. Mortgages

Statements of Assets

and Liabilities

Risk

Location

Assets

Location

Liabilities

Interest rate

Due from broker — variation margin

300,202^(a

⁾

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

(605,981

)^(a)(b)


(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 $557,637, $649,058, $1,426,739 and $208,741 for Emerging Markets Debt, Investment Grade Credit, Local Emerging Markets Debt, and U.S. Mortgages Funds, respectively, which represent the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Funds’ performance, its failure to pay on its obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Funds are entitled to a full return.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to investments in 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,

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS


5. INVESTMENTS IN DERIVATIVES (continued)

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:

Emerging Markets Debt


				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	$	4,487,874	$	942,831			532


Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		56,575		(36,299	)		1


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		808,608		(2,694,204	)		27


Total		$	5,353,057	$	(1,787,672	)		560

High Yield


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

Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	659,514	$	—			1


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		49,189,015		(52,013,751	)		4


Total		$	49,848,529	$	(52,013,751	)		5

Investment Grade Credit


				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/Net change in unrealized gain (loss) on futures and swap contracts	$	7,079,383	$	474,433			1,072


Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		893,757		71,975			7


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		133,132		(198,931	)		2


Total		$	8,106,272	$	347,477			1,081

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2010 (Unaudited)


5. INVESTMENTS IN DERIVATIVES (continued)

Local Emerging Markets Debt


				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 swap contracts	$	546,009	$	5,021,739		22


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		1,262,931		391,586		122


Total		$	1,808,940	$	5,413,325		144

U.S. Mortgages

Net Change in

Average

Net Realized

Unrealized

Number of

Risk

Statements of Operations Location

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

(4,329,286

)

(294,638

)

737


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

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities (excluding in-kind transactions) 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)

Emerging Markets Debt	$	—	$	363,445,333	$	—	$	204,929,586


High Yield		—		1,112,849,203		—		1,682,116,795


Investment Grade Credit		161,265,116		261,681,399		122,578,619		258,864,056


Local Emerging Markets Debt		—		1,308,165,641		—		769,228,308


U.S. Mortgages		1,473,078,810		30,400,328		1,493,722,467		29,350,525

In-kind transactions for the six months ended September 30, 2010, were as follows:


	In-kind		In-kind
Fund	Purchases		Redemptions

Emerging Markets Debt	$	10,765,018	$	—

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

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:


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

Capital loss carryforward⁽¹⁾
Expiring 2014	$	—		$	—		$	(2,649,569	)	$	—		$	—
Expiring 2016		—			(846,548	)		(487,181	)		—			—
Expiring 2017		(15,632,681	)		—			(7,321,148	)		(1,699,339	)		—
Expiring 2018		(4,130,595	)		(207,311,126	)		(15,180,070	)		(3,693,914	)		(22,646,854	)


Total capital loss carryforward	$	(19,763,276	)	$	(208,157,674	)	$	(25,637,968	)	$	(5,393,253	)	$	(22,646,854	)


Timing differences (Post-October losses, Income Distribution and Straddle Losses)	$	(1,137,889	)	$	(18,030,901	)	$	(622,362	)	$	(6,881,982	)	$	(2,833,169	)


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

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:


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

Tax Cost	$	575,919,847		$	5,435,089,801		$	670,222,478		$	1,470,797,489		$	572,445,624


Gross unrealized gain		41,281,452			478,377,376			43,049,741			82,087,986			13,259,541
Gross unrealized loss		(4,798,836	)		(223,058,331	)		(1,191,081	)		(7,287,689	)		(5,373,031	)


Net unrealized security gain	$	36,482,616		$	255,319,045		$	41,858,660		$	74,800,297		$	7,886,510

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 foreign currency exchange contracts, and differences related to the tax treatment of swap transactions.

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2010 (Unaudited)

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.

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 believes the risk of loss under these arrangements to be remote.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

10. SUBSEQUENT EVENTS

Subsequent events after the balance sheet date have been evaluated through the date the financial statements were issued. Other than the item discussed below, GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

Effective November 1, 2010, Goldman Sachs has agreed to waive in its entirety the account service fee for Class A Shares and Institutional Shares of the U.S. Mortgages and Investment Grade Credit Funds. Effective December 1, 2010, the Account Service Plan with respect to the Funds has been terminated, and the Funds will no longer charge an account service fee.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2010 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Emerging Markets Debt 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		9,695,418		$	119,697,114			8,618,605		$	98,385,699
Reinvestment of distributions		240,723			2,962,615			384,457			4,342,633
Shares converted from Class B^(a)		—			—			—			—
Shares redeemed		(3,260,595	)		(39,446,525	)		(4,661,057	)		(53,238,308	)


		6,675,546			83,213,204			4,342,005			49,490,024


Class B Shares
Shares sold		—			—			—			—
Reinvestment of distributions		—			—			—			—
Shares converted to Class A^(a)		—			—			—			—
Shares redeemed		—			—			—			—


		—			—			—			—


Class C Shares
Shares sold		972,301			12,064,094			749,959			8,603,028
Reinvestment of distributions		16,008			196,822			18,245			207,265
Shares redeemed		(109,302	)		(1,325,064	)		(62,587	)		(704,481	)


		879,007			10,935,852			705,617			8,105,812


Institutional Shares
Shares sold		10,753,246			132,610,991			15,587,034			178,599,486
Shares sold in connection with in-kind		960,393			12,379,470			—			—
Reinvestment of distributions		610,151			7,500,565			1,018,508			11,505,612
Shares redeemed		(4,652,073	)		(56,404,519	)		(5,338,326	)		(58,273,995	)


		7,671,717			96,086,507			11,267,216			131,831,103


Service Shares
Shares sold		—			—			—			—
Reinvestment of distributions		—			—			—			—
Shares redeemed		—			—			—			—


		—			—			—			—


Separate Account Institutional Shares
Shares sold		—			—			—			—
Reinvestment of distributions		—			—			—			—
Shares redeemed		—			—			—			—


		—			—			—			—


Class IR Shares^(b)
Shares sold		55,537			706,263			—			—
Reinvestment of distributions		158			2,031			—			—
Shares redeemed		(92	)		(1,186	)		—			—


		55,603			707,108			—			—


Class R Shares
Shares sold		—			—			—			—
Reinvestment of distributions		—			—			—			—
Shares redeemed		—			—			—			—


		—			—			—			—


NET INCREASE (DECREASE)		15,281,873		$	190,942,671			16,314,838		$	189,426,939


(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 for Emerging Markets Debt Fund.

100

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS


High Yield Fund												Investment Grade Credit Fund

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

Shares			Dollars			Shares			Dollars			Shares			Dollars			Shares			Dollars


	24,912,486		$	175,001,028			142,882,419		$	865,512,247			5,248,133		$	49,070,758			19,848,557		$	170,241,994
	6,125,321			43,055,733			15,126,588			97,524,702			282,434			2,658,499			539,148			4,788,534
	360,552			2,489,541			481,240			3,190,205			—			—			—			—
	(100,244,496	)		(708,223,046	)		(285,011,387	)		(1,738,175,872	)		(2,964,187	)		(27,898,887	)		(8,897,619	)		(79,236,789	)


	(68,846,137	)		(487,676,744	)		(126,521,140	)		(771,948,718	)		2,566,380			23,830,370			11,490,086			95,793,739



	165,441			1,172,112			1,127,340			6,988,801			—			—			—			—
	224,514			1,582,555			587,849			3,838,421			—			—			—			—
	(359,932	)		(2,489,541	)		(480,305	)		(3,190,205	)		—			—			—			—
	(1,286,611	)		(9,072,047	)		(3,009,576	)		(19,796,341	)		—			—			—			—


	(1,256,588	)		(8,806,921	)		(1,774,692	)		(12,159,324	)		—			—			—			—



	1,560,201			11,021,739			5,057,306			32,040,900			—			—			—			—
	380,911			2,683,133			792,644			5,208,358			—			—			—			—
	(2,275,735	)		(16,005,003	)		(4,373,148	)		(28,712,649	)		—			—			—			—


	(334,623	)		(2,300,131	)		1,476,802			8,536,609			—			—			—			—



	121,718,500			860,406,334			534,463,809			3,348,636,456			3,914,857			36,924,737			21,476,553			186,939,287
	—			—			—			—			—			—			—			—
	14,483,212			102,180,241			30,678,475			202,626,967			282,455			2,658,696			427,664			3,841,591
	(146,260,566	)		(1,023,287,758	)		(291,089,767	)		(1,903,289,316	)		(2,951,149	)		(27,459,360	)		(4,009,458	)		(36,184,467	)


	(10,058,854	)		(60,701,183	)		274,052,517			1,647,974,107			1,246,163			12,124,073			17,894,759			154,596,411



	391,605			2,755,039			1,599,229			10,167,040			—			—			—			—
	96,068			675,453			198,137			1,299,910			—			—			—			—
	(725,256	)		(5,074,272	)		(1,025,800	)		(6,740,569	)		—			—			—			—


	(237,583	)		(1,643,780	)		771,566			4,726,381			—			—			—			—



	—			—			—			—			2,264,427			20,842,059			14,180,545			124,005,622
	—			—			—			—			562,594			5,294,672			1,077,010			9,503,000
	—			—			—			—			(2,279,622	)		(21,396,933	)		(7,488,550	)		(63,918,200	)


	—			—			—			—			547,399			4,739,798			7,769,005			69,590,422



	111,411			785,637			108,497			748,462			—			—			—			—
	5,546			39,110			2,791			19,370			—			—			—			—
	(14,034	)		(98,318	)		(1,688	)		(11,735	)		—			—			—			—


	102,923			726,429			109,600			756,097			—			—			—			—



	702,888			4,929,884			762,062			5,265,521			—			—			—			—
	40,935			288,189			13,621			93,328			—			—			—			—
	(135,940	)		(950,504	)		(46,347	)		(322,602	)		—			—			—			—


	607,883			4,267,569			729,336			5,036,247			—			—			—			—


	(80,022,979	)	$	(556,134,761	)		148,843,989		$	882,921,399			4,359,942		$	40,694,241			37,153,850		$	319,980,572

101

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2010 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Local Emerging Markets Debt 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		54,980,387		$	515,726,994			44,392,803		$	399,811,004
Reinvestment of distributions		1,604,988			14,966,889			455,072			4,087,953
Shares redeemed		(11,816,933	)		(111,415,846	)		(2,627,149	)		(23,005,413	)


		44,768,442			419,278,037			42,220,726			380,893,544


Class C Shares
Shares sold		492,567			4,669,333			129,335			1,156,792
Reinvestment of distributions		4,802			45,319			997			8,929
Shares redeemed		(18,625	)		(175,970	)		(34,069	)		(311,162	)


		478,744			4,538,682			96,263			854,559


Institutional Shares
Shares sold		40,487,472			379,813,332			31,002,693			276,765,468
Reinvestment of distributions		1,387,015			12,935,643			932,810			8,208,847
Shares redeemed		(4,373,966	)		(40,178,881	)		(4,911,782	)		(41,519,209	)


		37,500,521			352,570,094			27,023,721			243,455,106


Separate Account Institutional Shares
Shares sold		—			—			—			—
Reinvestment of distributions		—			—			—			—
Shares redeemed		—			—			—			—


		—			—			—			—


Class IR Shares^(a)
Shares sold		156,008			1,499,368			—			—
Reinvestment of distributions		319			3,152			—			—
Shares redeemed		(3,186	)		(31,135	)		—			—


		153,141			1,471,385			—			—


NET INCREASE (DECREASE)		82,900,848		$	777,858,198			69,340,710		$	625,203,209


(a)	Commenced operations on July 30, 2010 for Local Emerging Markets Debt Fund.

102

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS


U.S. Mortgages Fund

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

Shares			Dollars			Shares			Dollars


	41,077		$	418,481			1,709,998		$	16,630,699
	11,243			113,936			32,234			315,157
	(617,799	)		(6,274,240	)		(854,000	)		(8,360,524	)


	(565,479	)		(5,741,823	)		888,232			8,585,332



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


	—			—			—			—



	545,884			5,555,954			2,906,853			28,139,990
	74,237			754,815			199,389			1,941,281
	(1,231,400	)		(12,486,317	)		(6,460,725	)		(63,856,712	)


	(611,279	)		(6,175,548	)		(3,354,483	)		(33,775,441	)



	1,963,802			19,825,540			10,407,678			101,360,695
	438,184			4,451,037			1,215,749			11,800,372
	(3,148,711	)		(31,884,655	)		(21,173,737	)		(202,633,648	)


	(746,725	)		(7,608,078	)		(9,550,310	)		(89,472,581	)



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


	—			—			—			—


	(1,923,483	)	$	(19,525,449	)		(12,016,561	)	$	(114,662,690	)

103

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


				Income (loss) from								Distributions
		Net asset		investment operations								to shareholders
		value,		Net		Net realized			Total from			From net			From net
		beginning		investment		and unrealized			investment			investment			realized			Total
	Year - Share Class	of period		income^(a)		gain (loss)			operations			income			gains			distributions

FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)


	2010 - A	$	11.99	$	0.30	$	0.90		$	1.20		$	(0.32	)	$	—		$	(0.32	)
	2010 - C		11.98		0.25		0.90			1.15			(0.27	)		—			(0.27	)
	2010 - Institutional		12.00		0.32		0.91			1.23			(0.34	)		—			(0.34	)
	2010 - IR (Commenced July 30, 2010)		12.44		0.09		0.46			0.55			(0.10	)		—			(0.10	)


FOR THE FISCAL YEARS ENDED MARCH 31,


	2010 - A		9.19		0.70		2.96			3.66			(0.86	)		—			(0.86	)
	2010 - C		9.16		0.61		2.99			3.60			(0.78	)		—			(0.78	)
	2010 - Institutional		9.20		0.74		2.96			3.70			(0.90	)		—			(0.90	)




	2009 - A		11.63		0.68		(2.50	)		(1.82	)		(0.57	)		(0.05	)		(0.62	)
	2009 - C		11.60		0.60		(2.50	)		(1.90	)		(0.49	)		(0.05	)		(0.54	)
	2009 - Institutional		11.63		0.72		(2.50	)		(1.78	)		(0.60	)		(0.05	)		(0.65	)


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


	2008 - A		12.16		0.30		(0.37	)		(0.07	)		(0.31	)		(0.15	)		(0.46	)
	2008 - C		12.14		0.25		(0.36	)		(0.11	)		(0.28	)		(0.15	)		(0.43	)
	2008 - Institutional		12.17		0.32		(0.38	)		(0.06	)		(0.33	)		(0.15	)		(0.48	)


FOR THE FISCAL YEARS ENDED OCTOBER 31,


	2007 - A		11.98		0.63		0.38			1.01			(0.62	)		(0.21	)		(0.83	)
	2007 - C		11.97		0.53		0.38			0.91			(0.53	)		(0.21	)		(0.74	)
	2007 - Institutional		11.99		0.67		0.39			1.06			(0.67	)		(0.21	)		(0.88	)




	2006 - A		11.75		0.60		0.69			1.29			(0.65	)		(0.41	)		(1.06	)
	2006 - C (Commenced September 26, 2006)		11.78		0.01		0.22			0.23			(0.04	)		—			(0.04	)
	2006 - Institutional		11.76		0.64		0.69			1.33			(0.69	)		(0.41	)		(1.10	)




	2005 - A		11.18		0.74		1.00			1.74			(0.64	)		(0.53	)		(1.17	)
	2005 - Institutional		11.19		0.77		1.02			1.79			(0.69	)		(0.53	)		(1.22	)


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


(a)	Calculated based on the average shares outstanding methodology.

(b)

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


(c)	Annualized.


(d)	Portfolio turnover rates exclude portfolio securities received as a result of in-kind subscriptions.

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

104

GOLDMAN SACHS EMERGING MARKETS DEBT 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




$	12.87		10.15	%	$	199,021		1.22	%^(c)		1.31	%^(c)		4.84	%^(c)		49	%^(d)
	12.86		9.66			22,716		1.97	^(c)		2.06	^(c)		4.07	^(c)		49	^(d)
	12.89		10.33			397,276		0.88	^(c)		0.97	^(c)		5.22	^(c)		49	^(d)
	12.89		4.44			717		0.97	^(c)		1.24	^(c)		4.20	^(c)		49	^(d)





	11.99		40.98			105,352		1.22			1.31			6.27			121
	11.98		40.28			10,629		1.97			2.06			5.41			121
	12.00		41.42			278,030		0.88			0.97			6.63			121




	9.19		(15.89	)		40,814		1.22			1.44			6.58			132
	9.16		(16.57	)		1,661		1.97			2.19			5.97			132
	9.20		(15.59	)		109,375		0.88			1.10			7.03			132





	11.63		(0.51	)		87,818		1.21	^(c)		1.36	^(c)		6.03	^(c)		41
	11.60		(0.82	)		1,890		1.96	^(c)		2.11	^(c)		5.20	^(c)		41
	11.63		(0.37	)		145,067		0.87	^(c)		1.02	^(c)		6.51	^(c)		41





	12.16		8.86			84,661		1.23			1.38			5.23			81
	12.14		7.80			995		1.98			2.13			4.64			81
	12.17		9.25			188,311		0.87			1.02			5.68			81




	11.98		11.63			69,302		1.23			1.53			5.17			167
	11.97		1.98			1		1.71	^(c)		1.75	^(c)		1.36	^(c)		167
	11.99		11.93			85,073		0.86			1.16			5.51			167




	11.75		16.48			34,327		1.26			1.82			6.13			207
	11.76		17.01			40,962		0.88			1.52			6.58			207

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

105

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


				Income (loss) from								Distributions
		Net asset		investment operations								to shareholders
		value,		Net		Net realized			Total from			from net
		beginning		investment		and unrealized			investment			investment
	Year - Share Class	of period		income^(a)		gain (loss)			operations			income

FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)


	2010 - A	$	7.07	$	0.27	$	0.10		$	0.37		$	(0.27	)
	2010 - B		7.08		0.25		0.09			0.34			(0.24	)
	2010 - C		7.08		0.25		0.09			0.34			(0.24	)
	2010 - Institutional		7.09		0.28		0.10			0.38			(0.28	)
	2010 - Service		7.06		0.27		0.10			0.37			(0.26	)
	2010 - IR		7.07		0.28		0.11			0.39			(0.28	)
	2010 - R		7.07		0.26		0.10			0.36			(0.26	)


FOR THE FISCAL YEARS ENDED MARCH 31,


	2010 - A		5.18		0.53		1.90			2.43			(0.54	)
	2010 - B		5.18		0.49		1.90			2.39			(0.49	)
	2010 - C		5.18		0.49		1.90			2.39			(0.49	)
	2010 - Institutional		5.19		0.56		1.91			2.47			(0.57	)
	2010 - Service		5.17		0.53		1.89			2.42			(0.53	)
	2010 - IR		5.18		0.55		1.90			2.45			(0.56	)
	2010 - R		5.17		0.52		1.91			2.43			(0.53	)




	2009 - A		7.12		0.55		(1.92	)		(1.37	)		(0.57	)
	2009 - B		7.13		0.51		(1.94	)		(1.43	)		(0.52	)
	2009 - C		7.12		0.51		(1.93	)		(1.42	)		(0.52	)
	2009 - Institutional		7.13		0.57		(1.92	)		(1.35	)		(0.59	)
	2009 - Service		7.12		0.54		(1.93	)		(1.39	)		(0.56	)
	2009 - IR		7.12		0.57		(1.93	)		(1.36	)		(0.58	)
	2009 - R		7.12		0.53		(1.93	)		(1.40	)		(0.55	)


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


	2008 - A		7.93		0.24		(0.78	)		(0.54	)		(0.27	)
	2008 - B		7.94		0.22		(0.79	)		(0.57	)		(0.24	)
	2008 - C		7.93		0.22		(0.79	)		(0.57	)		(0.24	)
	2008 - Institutional		7.94		0.25		(0.78	)		(0.53	)		(0.28	)
	2008 - Service		7.92		0.24		(0.78	)		(0.54	)		(0.26	)
	2008 - IR (Commenced November 30, 2007)		7.68		0.20		(0.54	)		(0.34	)		(0.22	)
	2008 - R (Commenced November 30, 2007)		7.68		0.19		(0.54	)		(0.35	)		(0.21	)


FOR THE FISCAL YEARS ENDED OCTOBER 31,


	2007 - A		8.04		0.60		(0.10	)		0.50			(0.61	)
	2007 - B		8.05		0.54		(0.10	)		0.44			(0.55	)
	2007 - C		8.04		0.54		(0.10	)		0.44			(0.55	)
	2007 - Institutional		8.05		0.63		(0.10	)		0.53			(0.64	)
	2007 - Service		8.03		0.59		(0.10	)		0.49			(0.60	)




	2006 - A		7.81		0.58		0.23			0.81			(0.58	)
	2006 - B		7.82		0.53		0.22			0.75			(0.52	)
	2006 - C		7.81		0.53		0.22			0.75			(0.52	)
	2006 - Institutional		7.82		0.61		0.23			0.84			(0.61	)
	2006 - Service		7.80		0.57		0.23			0.80			(0.57	)




	2005 - A		8.08		0.62		(0.22	)		0.40			(0.67	)
	2005 - B		8.09		0.56		(0.22	)		0.34			(0.61	)
	2005 - C		8.08		0.56		(0.22	)		0.34			(0.61	)
	2005 - Institutional		8.09		0.65		(0.21	)		0.44			(0.71	)
	2005 - Service		8.09		0.62		(0.24	)		0.38			(0.67	)


*	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 HIGH YIELD 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




$	7.17		5.35	%	$	865,814		1.05	%^(c)		1.05	%^(c)		7.70	%^(c)		20	%
	7.18		4.95			52,497		1.80	^(c)		1.80	^(c)		6.94	^(c)		20
	7.18		4.96			111,212		1.80	^(c)		1.80	^(c)		6.94	^(c)		20
	7.19		5.52			4,651,161		0.71	^(c)		0.71	^(c)		8.04	^(c)		20
	7.17		5.42			21,262		1.21	^(c)		1.21	^(c)		7.52	^(c)		20
	7.18		5.63			1,536		0.80	^(c)		0.80	^(c)		7.95	^(c)		20
	7.17		5.22			9,841		1.30	^(c)		1.30	^(c)		7.47	^(c)		20





	7.07		48.28			1,339,958		1.05			1.06			8.38			35
	7.08		47.38			60,649		1.80			1.81			7.61			35
	7.08		47.38			111,997		1.80			1.81			7.56			35
	7.09		48.88			4,655,677		0.71			0.72			8.64			35
	7.06		48.13			22,639		1.21			1.22			8.14			35
	7.07		48.63			786		0.80			0.81			8.01			35
	7.07		48.20			5,404		1.30			1.31			7.78			35




	5.18		(20.12	)		1,636,406		1.07			1.08			9.10			14
	5.18		(20.73	)		53,589		1.82			1.83			8.20			14
	5.18		(20.72	)		74,325		1.82			1.83			8.25			14
	5.19		(19.81	)		1,986,033		0.73			0.74			9.49			14
	5.17		(20.28	)		12,582		1.23			1.24			8.98			14
	5.18		(19.91	)		8		0.82			0.83			9.31			14
	5.17		(20.47	)		183		1.32			1.33			9.95			14





	7.12		(6.82	)		1,650,027		1.07	^(c)		1.09	^(c)		7.87	^(c)		11
	7.13		(7.23	)		92,953		1.82	^(c)		1.84	^(c)		7.12	^(c)		11
	7.12		(7.11	)		101,138		1.82	^(c)		1.84	^(c)		7.12	^(c)		11
	7.13		(6.68	)		1,628,668		0.73	^(c)		0.75	^(c)		8.22	^(c)		11
	7.12		(6.89	)		10,573		1.23	^(c)		1.25	^(c)		7.72	^(c)		11
	7.12		(4.35	)		10		0.82	^(c)		0.84	^(c)		8.20	^(c)		11
	7.12		(4.51	)		9		1.32	^(c)		1.34	^(c)		7.73	^(c)		11





	7.93		6.41			1,777,150		1.09			1.11			7.46			50
	7.94		5.61			115,817		1.84			1.86			6.72			50
	7.93		5.61			119,073		1.84			1.86			6.71			50
	7.94		6.79			1,646,138		0.73			0.75			7.82			50
	7.92		6.28			8,399		1.24			1.26			7.34			50




	8.04		10.76			1,395,265		1.12			1.14			7.38			41
	8.05		9.93			96,743		1.87			1.89			6.64			41
	8.04		9.94			90,528		1.87			1.89			6.64			41
	8.05		11.16			1,296,429		0.75			0.77			7.76			41
	8.03		10.63			2,980		1.25			1.27			7.26			41




	7.81		5.10			1,006,734		1.15			1.17			7.74			52
	7.82		4.31			104,637		1.90			1.92			6.98			52
	7.81		4.32			72,590		1.90			1.92			6.95			52
	7.82		5.50			825,508		0.76			0.79			8.11			52
	7.80		4.72			1,597		1.26			1.29			7.62			52

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

107

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


				Income (loss) from								Distributions
				investment operations								to shareholders
		Net asset
		value,		Net		Net realized			Total from			From net			From net
		beginning		investment		and unrealized			investment			investment			realized			Total
	Year - Share Class	of period		income^(a)		gain (loss)			operations			income			gains			distributions

FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)


	2010 - A	$	9.14	$	0.19	$	0.57		$	0.76		$	(0.19	)	$	—		$	(0.19	)
	2010 - Institutional		9.14		0.21		0.56			0.77			(0.20	)		—			(0.20	)
	2010 - Separate Account Institutional		9.14		0.21		0.57			0.78			(0.21	)		—			(0.21	)


FOR THE FISCAL YEARS ENDED MARCH 31,


	2010 - A		7.75		0.43		1.40			1.83			(0.44	)		—			(0.44	)
	2010 - Institutional		7.75		0.46		1.40			1.86			(0.47	)		—			(0.47	)
	2010 - Separate Account Institutional		7.75		0.47		1.39			1.86			(0.47	)		—			(0.47	)




	2009 - A		9.64		0.51		(1.83	)		(1.32	)		(0.57	)		—			(0.57	)
	2009 - Institutional		9.66		0.55		(1.85	)		(1.30	)		(0.61	)		—			(0.61	)
	2009 - Separate Account Institutional		9.65		0.57		(1.86	)		(1.29	)		(0.61	)		—			(0.61	)


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


	2008 - A		9.90		0.22		(0.27	)		(0.05	)		(0.21	)		—			(0.21	)
	2008 - Institutional		9.92		0.23		(0.27	)		(0.04	)		(0.22	)		—			(0.22	)
	2008 - Separate Account Institutional		9.91		0.23		(0.26	)		(0.03	)		(0.23	)		—			(0.23	)


FOR THE FISCAL YEARS ENDED OCTOBER 31,


	2007 - A		9.95		0.51		(0.08	)		0.43			(0.48	)		—			(0.48	)
	2007 - Institutional		9.97		0.55		(0.08	)		0.47			(0.52	)		—			(0.52	)
	2007 - Separate Account Institutional		9.96		0.56		(0.08	)		0.48			(0.53	)		—			(0.53	)




	2006 - A		9.93		0.47		—			0.47			(0.45	)		—			(0.45	)
	2006 - Institutional		9.95		0.51		—			0.51			(0.49	)		—			(0.49	)
	2006 - Separate Account Institutional		9.94		0.52		(0.01	)		0.51			(0.49	)		—			(0.49	)




	2005 - A		10.31		0.40		(0.35	)		0.05			(0.39	)		(0.04	)		(0.43	)
	2005 - Institutional		10.32		0.52		(0.42	)		0.10			(0.43	)		(0.04	)		(0.47	)
	2005 - Separate Account Institutional		10.31		0.46		(0.35	)		0.11			(0.44	)		(0.04	)		(0.48	)


*	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.

108

GOLDMAN SACHS INVESTMENT GRADE CREDIT 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




$	9.71		8.39	%	$	203,040		0.76	%^(c)		0.88	%^(c)		4.05	%^(c)		60	%
	9.71		8.57			214,351		0.42	^(c)		0.54	^(c)		4.42	^(c)		60
	9.71		8.60			294,986		0.37	^(c)		0.49	^(c)		4.46	^(c)		60





	9.14		23.96			167,774		0.76			0.89			4.90			90
	9.14		24.39			190,478		0.41			0.55			5.17			90
	9.14		24.45			272,812		0.36			0.50			5.39			90




	7.75		(14.00	)		53,185		0.76			0.97			6.22			135
	7.75		(13.83	)		22,809		0.40			0.63			6.52			135
	7.75		(13.72	)		171,003		0.35			0.58			6.52			135





	9.64		(0.54	)		9,455		0.76	^(c)		0.95	^(c)		5.31	^(c)		15
	9.66		(0.39	)		10,504		0.40	^(c)		0.61	^(c)		5.67	^(c)		15
	9.65		(0.37	)		226,207		0.35	^(c)		0.56	^(c)		5.72	^(c)		15





	9.90		4.44			8,615		0.79			0.97			5.17			74
	9.92		4.83			10,893		0.40			0.60			5.59			74
	9.91		4.89			239,358		0.35			0.55			5.61			74




	9.95		4.84			3,420		0.79			1.04			4.82			74
	9.97		5.35			3,317		0.40			0.65			5.21			74
	9.96		5.30			206,122		0.35			0.60			5.26			74




	9.93		0.50			3,622		0.81			1.07			3.88			88
	9.95		0.89			3,638		0.40			0.66			4.40			88
	9.94		1.04			192,196		0.35			0.62			4.34			88

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

109

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


				Income (loss) from								Distributions
		Net asset		investment operations								to shareholders
		value,		Net		Net realized			Total from			From net
		beginning		investment		and unrealized			investment			investment			From			Total
	Year - Share Class	of period		income^(a)		gain (loss)			operations			income			capital			distributions

FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)


	2010 - A	$	9.31	$	0.22	$	0.60		$	0.82		$	(0.25	)	$	—		$	(0.25	)
	2010 - C		9.33		0.18		0.60			0.78			(0.21	)		—			(0.21	)
	2010 - Institutional		9.31		0.23		0.60			0.83			(0.26	)		—			(0.26	)
	2010 - IR (Commenced July 30, 2010)		9.43		0.06		0.48			0.54			(0.09	)		—			(0.09	)


FOR THE FISCAL YEARS ENDED MARCH 31,


	2010 - A		7.23		0.42		2.10			2.52			(0.44	)		—			(0.44	)
	2010 - C		7.24		0.36		2.10			2.46			(0.37	)		—			(0.37	)
	2010 - Institutional		7.23		0.45		2.10			2.55			(0.47	)		—			(0.47	)




	2009 - A		9.85		0.50		(2.64	)		(2.14	)		(0.20	)		(0.28	)		(0.48	)
	2009 - C		9.85		0.48		(2.67	)		(2.19	)		(0.18	)		(0.24	)		(0.42	)
	2009 - Institutional		9.85		0.53		(2.64	)		(2.11	)		(0.22	)		(0.29	)		(0.51	)


FOR THE PERIOD ENDED MARCH 31,


	2008 - A (Commenced February 15, 2008)		10.00		0.04		(0.14	)		(0.10	)		(0.05	)		—			(0.05	)
	2008 - C (Commenced February 15, 2008)		10.00		0.04		(0.14	)		(0.10	)		(0.05	)		—			(0.05	)
	2008 - Institutional (Commenced February 15, 2008)		10.00		0.06		(0.15	)		(0.09	)		(0.06	)		—			(0.06	)


(a)	Calculated based on the average shares outstanding methodology.

(b)


(c)	Annualized.

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

110

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT 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




$	9.88		8.95	%	$	887,668		1.35	%^(c)		1.48	%^(c)		4.67	%^(c)		77	%
	9.90		8.52			5,732		2.10	^(c)		2.33	^(c)		3.79	^(c)		77
	9.88		9.13			771,525		1.01	^(c)		1.14	^(c)		5.03	^(c)		77
	9.88		5.71			1,513		1.10	^(c)		1.68	^(c)		3.81	^(c)		77





	9.31		35.39			419,456		1.35			1.49			4.74			134
	9.33		34.47			936		2.10			2.24			4.09			134
	9.31		35.84			377,691		1.01			1.15			5.16			134




	7.23		(22.32	)		20,385		1.33			1.65			5.99			92
	7.24		(22.79	)		30		2.08			2.40			5.17			92
	7.23		(22.05	)		97,877		0.99			1.31			6.30			92





	9.85		(0.93	)		1,482		1.35	^(c)		2.98	^(c)		4.29	^(c)		3
	9.85		(1.01	)		127		2.10	^(c)		3.73	^(c)		4.30	^(c)		3
	9.85		(0.89	)		60,432		1.01	^(c)		2.64	^(c)		5.52	^(c)		3

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

111

GOLDMAN SACHS U.S. MORTGAGES FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


				Income (loss) from								Distributions
		Net asset		investment operations								to shareholders
		value,		Net		Net realized			Total from			From net			From net
		beginning		investment		and unrealized			investment			investment			realized			Total
	Year - Share Class	of period		income^(a)		gain (loss)			operations			income			gains			distributions

FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)


	2010 - A	$	9.99	$	0.12	$	0.25		$	0.37		$	(0.13	)	$	—		$	(0.13	)
	2010 - Institutional		10.00		0.13		0.26			0.39			(0.15	)		—			(0.15	)
	2010 - Separate Account Institutional		9.99		0.14		0.25			0.39			(0.15	)		—			(0.15	)


FOR THE FISCAL YEARS ENDED MARCH 31,


	2010 - A		9.27		0.32		0.76			1.08			(0.36	)		—			(0.36	)
	2010 - Institutional		9.29		0.38		0.73			1.11			(0.40	)		—			(0.40	)
	2010 - Separate Account Institutional		9.28		0.38		0.73			1.11			(0.40	)		—			(0.40	)




	2009 - A		9.62		0.37		(0.27	)		0.10			(0.38	)		(0.07	)		(0.45	)
	2009 - Institutional		9.64		0.39		(0.26	)		0.13			(0.41	)		(0.07	)		(0.48	)
	2009 - Separate Account Institutional		9.64		0.41		(0.29	)		0.12			(0.41	)		(0.07	)		(0.48	)


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


	2008 - A		9.91		0.19		(0.29	)		(0.10	)		(0.19	)		—			(0.19	)
	2008 - Institutional		9.93		0.20		(0.28	)		(0.08	)		(0.21	)		—			(0.21	)
	2008 - Separate Account Institutional		9.93		0.21		(0.29	)		(0.08	)		(0.21	)		—			(0.21	)


FOR THE FISCAL YEARS ENDED OCTOBER 31,


	2007 - A		9.90		0.44		0.04			0.48			(0.47	)		—			(0.47	)
	2007 - Institutional		9.91		0.47		0.05			0.52			(0.50	)		—			(0.50	)
	2007 - Separate Account Institutional		9.91		0.48		0.05			0.53			(0.51	)		—			(0.51	)




	2006 - A		9.82		0.41		0.08			0.49			(0.41	)		—			(0.41	)
	2006 - Institutional		9.82		0.45		0.08			0.53			(0.44	)		—			(0.44	)
	2006 - Separate Account Institutional		9.82		0.45		0.09			0.54			(0.45	)		—			(0.45	)




	2005 - A		10.22		0.28		(0.17	)		0.11			(0.33	)		(0.18	)		(0.51	)
	2005 - Institutional		10.22		0.33		(0.18	)		0.15			(0.37	)		(0.18	)		(0.55	)
	2005 - Separate Account Institutional		10.21		0.36		(0.20	)		0.16			(0.37	)		(0.18	)		(0.55	)


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


(a)	Calculated based on the average shares outstanding methodology.

(b)


(c)	The portfolio turnover rates excluding the effect of mortgage dollar rolls were as follows:

			��
For the Six Months		For the
Ended September 30,		Periods Ended
2010		2010^(e)		2009			2008			2007			2006
	219%		464%		511	%		295	%		380	%		1,442	%


	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.

112

GOLDMAN SACHS U.S. MORTGAGES 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)




$	10.23		3.71	%	$	7,314		0.76	%^(d)		0.94	%^(d)		2.33	%^(d)		346	%
	10.24		3.89			58,190		0.42	^(d)		0.60	^(d)		2.64	^(d)		346
	10.23		3.92			370,386		0.37	^(d)		0.55	^(d)		2.69	^(d)		346





	9.99		11.84			12,791		0.76			0.94			3.29			628	^(e)
	10.00		12.11			62,950		0.41			0.60			3.88			628	^(e)
	9.99		12.17			369,251		0.36			0.55			3.91			628	^(e)




	9.27		0.90			3,637		0.76			0.91			3.93			560
	9.29		1.38			89,617		0.40			0.57			4.22			560
	9.28		1.32			431,500		0.35			0.52			4.39			560





	9.62		(0.80	)		7,021		0.76	^(d)		0.91	^(d)		4.58	^(d)		483
	9.64		(0.75	)		164,236		0.40	^(d)		0.57	^(d)		4.94	^(d)		483
	9.64		(0.73	)		507,194		0.35	^(d)		0.52	^(d)		4.98	^(d)		483





	9.91		4.96			7,044		0.78			0.94			4.43			610
	9.93		5.43			153,795		0.40			0.58			4.81			610
	9.93		5.48			532,819		0.35			0.53			4.84			610




	9.90		5.21			6,973		0.79			0.98			4.24			1,665
	9.91		5.56			117,497		0.40			0.61			4.64			1,665
	9.91		5.73			307,935		0.35			0.56			4.62			1,665




	9.82		1.00			7,916		0.81			0.98			2.88			2,006
	9.82		1.49			74,616		0.40			0.58			3.43			2,006
	9.82		1.54			387,306		0.35			0.53			3.42			2,006

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

113

GOLDMAN SACHS SINGLE 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, Separate Account Institutional, Class IR or Class R Shares of a Fund, you incur two types of costs: (1) transaction costs, including sales charges on purchase payments (with respect to Class A Shares), contingent deferred sales charges on redemptions (with respect to Class B and Class C Shares), and redemption fees (if any); and (2) ongoing costs, including management fees; distribution and service (12b-1) fees (with respect to Class A, Class B, Class C and Class R Shares); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class B, Class C, Institutional, Service, Separate Account Institutional, Class IR 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.

Emerging Markets Debt Fund

High Yield Fund

Investment Grade Credit Fund

Local Emerging Markets Debt Fund

U.S. Mortgages Fund

Expenses

Beginning

Ending

Paid for the

Beginning

Ending

Paid for the

Beginning

Ending

Paid for the

Beginning

Ending

Paid for the

Beginning

Ending

Paid for the

Account Value

6 months ended

Account Value

6 months ended

Account Value

6 months ended

Account Value

6 months ended

Account Value

6 months ended

Share Class

4/1/10

9/30/10

9/30/10*

4/1/10

9/30/10

9/30/10*

4/1/10

9/30/10

9/30/10*

4/1/10

9/30/10

9/30/10*

4/1/10

9/30/10

9/30/10*

Class A

Actual

1,000.00

1,101.50

6.43

1,000.00

1,053.50

5.41

1,000.00

1,083.90

3.97

1,000.00

1,089.50

7.07

1,000.00

1,037.10

3.88

Hypothetical 5% return

1,000.00

1,018.95

6.17

1,000.00

1,019.80

5.32

1,000.00

1,021.26

3.85

1,000.00

1,018.30

6.83

1,000.00

1,021.26

3.85

Class B

Actual

N/A

1,000.00

1,049.50

9.25

N/A

Hypothetical 5% return

N/A

1,000.00

1,016.04

9.10

N/A

Class C

Actual

1,000.00

1,096.60

10.35

1,000.00

1,049.60

9.25

N/A

1,000.00

1,085.20

10.98

N/A

Hypothetical 5% return

1,000.00

1,015.19

9.95

1,000.00

1,016.04

9.10

N/A

1,000.00

1,014.54

10.61

N/A

Institutional

Actual

1,000.00

1,103.30

4.64

1,000.00

1,055.20

3.66

1,000.00

1,085.70

2.20

1,000.00

1,091.30

5.29

1,000.00

1,038.90

2.15

Hypothetical 5% return

1,000.00

1,020.66

4.46

1,000.00

1,021.51

3.60

1,000.00

1,022.96

2.13

1,000.00

1,020.00

5.11

1,000.00

1,022.96

2.13

Service

Actual

N/A

1,000.00

1,054.20

6.23

N/A

Hypothetical 5% return

N/A

1,000.00

1,019.00

6.12

N/A

Separate Account Institutional

Actual

N/A

1,000.00

1,086.00

1.93

N/A

1,000.00

1,039.20

1.89

Hypothetical 5% return

N/A

1,000.00

1,023.21

1.88

N/A

1,000.00

1,023.21

1.88

Class IR^(a)

Actual

1,000.00

1,044.40

1.66

1,000.00

1,056.30

4.12

N/A

1,000.00

1,057.10

1.89

N/A

Hypothetical 5% return

1,000.00

1,006.74

1.63

1,000.00

1,021.06

4.05

N/A

1,000.00

1,006.52

1.84

N/A

Class R

Actual

N/A

1,000.00

1,052.20

6.69

N/A

Hypothetical 5% return

N/A

1,000.00

1,018.55

6.58

N/A


(a)	Commenced operations on July 30, 2010 for Emerging Markets Debt and Local Emerging Markets Debt 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:


																Separate Account
Fund	Class A			Class B			Class C			Institutional			Service			Institutional			Class IR^(a)			Class R

Emerging Markets Debt		1.22	%		N/A			1.97	%		0.88	%		N/A			N/A			0.97	%		N/A
High Yield		1.05			1.80	%		1.80			0.71			1.21	%		N/A			0.80			1.30	%
Investment Grade Credit		0.76			N/A			N/A			0.42			N/A			0.37	%		N/A			N/A
Local Emerging Markets Debt		1.35			N/A			2.10			1.01			N/A			N/A			1.10			N/A
U.S. Mortgages		0.76			N/A			N/A			0.42			N/A			0.37			N/A			N/A


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

114

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Emerging Markets Debt, Goldman Sachs High Yield, Goldman Sachs Investment Grade Credit, Goldman Sachs Local Emerging Markets Debt and Goldman Sachs U.S. Mortgages 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 agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2011 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 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 Agreement. 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 Agreement, including:


	(a)	the nature and quality of the advisory, administrative and other services provided to the Funds by the Investment Adviser and its affiliates, including information about:


	(i)	the structure, staff and capabilities of the Investment Adviser and its portfolio management teams;

	(ii)	the groups within the Investment Adviser and its 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 Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

	(v)	the parent company’s support of the Investment Adviser and its 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 Agreement and agreements with affiliated service providers entered into by the Trust on behalf of the Funds;

115

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)


	(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 Adviser manages institutional accounts or collective investment vehicles having investment objectives and policies similar to those of the Funds, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;


	(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 Adviser to waive certain fees (with respect to the Investment Grade Credit and U.S. Mortgages Funds) and reimburse certain expenses of the Funds that exceed specified levels, and a summary of contractual fee reductions made by the Investment Adviser and its affiliates over the past several years with respect to the Funds;

	(g)	information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of each of the Funds and the Trust as a whole to the Investment Adviser and its affiliates;

	(h)	potential economies of scale, if any, and the levels of breakpoints in the fees payable by the Funds under the Management Agreement;

	(i)	a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds, including the fees received by the Investment Adviser’s 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 Adviser;

	(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 Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administration services provided under the Management Agreement; and

	(n)	the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its 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 High Yield Fund’s Service Shares and the Investment Grade Credit and U.S. Mortgages Funds’ Class A and Institutional Shares. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution and/or servicing of Fund shares.

116

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

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 Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser, its affiliates, their services and the Funds. 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 Adviser or its 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.

Nature, Extent and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent and quality of the services provided by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services, and the other, non-advisory services, that are provided to the Funds by the Investment Adviser and its affiliates. The Independent Trustees concluded that the Investment Adviser had committed substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also observed that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser.

Investment Performance

The Trustees also considered the investment performance of the Funds and the Investment Adviser. 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 Adviser’s Chief Investment Officer and portfolio management personnel, in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

The Trustees noted that each of the Funds, with the exception of High Yield Fund, outperformed its respective benchmark for the one-year period ended December 31, 2009. They also noted that each of the Funds, with the exception of Local Emerging Markets Debt Fund, 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 Investment Grade Credit Fund, the recent performance of the Funds was generally strong. The Trustees concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders.

117

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Costs of Services Provided and Competitive Information

The Trustees considered the contractual fee rates payable by each Fund under the Management Agreement. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of the Funds’ management fees and breakpoints to those of relevant peer groups and category universes; an expense analysis which compared each Fund’s expenses to a peer group and a category universe; and a five-year (two-year, in the case of Local Emerging Markets Debt 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 Adviser’s undertakings to limit the Funds’ “other expenses” ratios (excluding certain expenses) to certain specified levels and to waive a portion of the contractual management fees paid by the Investment Grade Credit and U.S. Mortgages Funds. They also considered, to the extent that the Investment Adviser manages institutional accounts or collective investment vehicles having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to institutional accounts, which generally operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, were less time-intensive and paid lower fees. By contrast, the Trustees noted that the Investment Adviser provides substantial administrative services to the Funds under the terms of the Management Agreement.

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 Adviser’s 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 Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser 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 Adviser’s expense allocation methodology and an evaluation of the accuracy of the Investment Adviser’s profitability analysis calculations. Profitability data for the Trust and each Fund were provided for 2009 and 2008, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability. The Trustees considered the Investment Adviser’s revenues and pre-tax profit margins both in absolute terms and in comparison to information on the reported pre-tax profit margins earned by certain other asset management firms.

118

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Economies of Scale

The Trustees considered the information that had been provided regarding the Investment Adviser’s profitability and the rationale for the Funds’ breakpoint structure. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:


										Local
	Emerging						Investment			Emerging
	Markets						Grade			Markets			U.S.
Average Daily	Debt			High Yield			Credit			Debt			Mortgages
Net Assets	Fund			Fund			Fund			Fund			Fund

First $1 billion		0.80	%		0.70	%		0.40	%		0.90	%		0.40	%
Next $1 billion		0.80			0.70			0.36			0.90			0.36
Next $3 billion		0.72			0.63			0.34			0.81			0.34
Next $3 billion		0.68			0.60			0.33			0.77			0.33
Over $8 billion		0.67			0.59			0.32			0.75			0.32

The Trustees noted that the breakpoints at the $5 and $8 billion asset levels had been proposed by the Investment Adviser and approved by the Trustees in 2008 to further share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; and the Investment Adviser’s undertakings to limit management fees (with respect to the Investment Grade Credit and U.S. Mortgages Funds) and other expenses (with respect to all of the Funds) 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 the Investment Adviser was passing along savings to shareholders of the High Yield Fund, which had asset levels above the first breakpoint.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationship with the Funds as stated above, including: (a) transfer agency fees received by Goldman, Sachs & 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 Adviser; (d) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (e) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (f) Goldman Sachs’ retention of certain fees as Fund Distributor; (g) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; and (h) the Investment Adviser’s ability to leverage relationships with the Funds’ third party service providers to attract more firmwide business. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of the fall-out benefits.

119

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

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 Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) improved servicing and pricing from vendors because of the volume of business generated by the Investment Adviser and its affiliates; (c) improved servicing from broker-dealers because of the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate 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 Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firmwide resources (e.g., proprietary databases); and (h) the Funds’ access to certain affiliated distribution channels. 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 Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, 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 Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees concluded that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2011.

120

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*		OFFICERS James A. McNamara, President George F. Travers, Principal Financial Officer Peter V. Bonanno, Secretary Scott M. McHugh, Treasurer
Joseph P. LoRusso** James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel
*Resigned effective September 30, 2010
**Effective August 19, 2010
GOLDMAN, SACHS & CO. Distributor and Transfer Agent		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

Goldman Sachs Asset Management, L.P. 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 Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities for the 12-month period ending June 30, 2009 are available (I) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (II) on the Securities and Exchange Commission (”SEC”) Web site at http://www.sec.gov.

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

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

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus 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)