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)


Copies to:
Caroline Kraus		Geoffrey R.T. Kenyon, Esq.
Goldman, Sachs & Co.		Dechert LLP
200 West Street		200 Clarendon Street
New York, New York 10282		27th 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, 2012

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Stockholders is filed herewith.

Goldman Sachs Funds

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Semi-Annual Report				September 30, 2012

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

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Goldman Sachs Multi Sector Fixed Income Funds

CORE FIXED INCOME

CORE PLUS FIXED INCOME

GLOBAL INCOME

STRATEGIC INCOME


TABLE OF CONTENTS

Principal Investment Strategies and Risks			1

Investment Process			3

Market Review			4

Portfolio Management Discussions and Performance Summaries			7

Schedules of Investments			29

Financial Statements			92

Financial Highlights			98

Notes to the Financial Statements			106

Other Information			130



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Principal Investment Strategies and Risks

This is not a complete list of risks that affect the Funds. For additional information concerning the risks applicable to the Funds, please see the Funds’ prospectus.

The Core Fixed Income Fund invests primarily in fixed income securities, including U.S. government securities, corporate debt securities, privately issued mortgage-backed securities and asset-backed securities. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Any 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 also subject to prepayment risk (i.e., the risk that in a declining interest rate environment, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). The Fund may invest in foreign and emerging markets securities, which may be more volatile and less liquid than investments in U.S. securities and will be subject to the risks of currency fluctuations and adverse economic and political developments. 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 liquidity risk (i.e., the risk that an investment may not be able to be sold without a substantial drop in price, if at all).

The Core Plus Fixed Income Fund invests primarily in fixed income securities, including U.S. government securities, corporate debt securities, privately issued mortgage-backed securities, asset-backed securities, high yield non-investment grade securities and fixed income securities of issuers located in emerging countries. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Any 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 also subject to prepayment risk (i.e., the risk that in a declining interest rate environment, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). High yield, lower rated securities involve greater price volatility and present greater risks than higher rated fixed income securities. The Fund may invest in foreign and emerging markets securities, which may be more volatile and less liquid than investments in U.S. securities and will be subject to the risks of currency fluctuations and adverse economic and political developments. 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 liquidity risk (i.e., the risk that an investment may not be able to be sold without a substantial drop in price, if at all).

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

The Global Income Fund invests primarily in a portfolio of fixed income securities of U.S. and foreign issuers. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. The Fund may invest in foreign and emerging market securities, which may be more volatile and less liquid than investments in U.S. securities and will be subject to the risks of currency fluctuations and adverse economic or political developments. Issuers of sovereign debt may be unable or unwilling to repay principal or interest when due. Any 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 also subject to prepayment risk (i.e., the risk that in a declining interest rate environment, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). 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 liquidity risk (i.e., the risk that an investment may not be able to be sold without a substantial drop in price, if at all). The Fund may invest heavily in 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. Accordingly, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and to greater losses resulting from these developments.

The Strategic Income Fund invests in a broadly diversified portfolio of U.S. and foreign investment grade and non-investment grade fixed income investments including, but not limited to: U.S. Government securities, non-U.S. sovereign debt, agency securities, corporate debt securities, agency and non-agency mortgage-backed securities, asset-backed securities, custodial receipts, municipal securities, loans and loan assignments and convertible securities. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. The Fund’s investments in mortgage-backed securities are also subject to, among other risks, prepayment risk (i.e., the risk that in a declining interest rate environment, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). High yield, lower rated securities involve greater price volatility, are less liquid and present greater risks than higher rated fixed income securities. The Fund’s foreign and emerging market investments may be more volatile and less liquid than investments in U.S. securities and will be subject to the risks of currency fluctuations and adverse economic or political developments. 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 be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in bonds of similar projects or in particular types of municipal securities. The Fund may invest in loans directly or indirectly, by purchasing participations or sub-participations from financial institutions. Indirect purchases may subject the Fund to greater delays, expenses and risks than direct obligations in the case that a borrower fails to pay scheduled principal and interest. 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 liquidity risk. At times, the Fund may be unable to sell certain of its investments without a substantial drop in price, if at all. The Fund is subject to the risks associated with implementing short positions. Taking short positions involves leverage of the Fund’s assets and presents various other risks. Losses on short positions are potentially unlimited as a loss occurs when the value of an asset with respect to which the Fund has a short position increases.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

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

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

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

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Assess relative value among sectors (such as mortgage-backed and corporate debt securities) and sub-sectors

Leverage the vast resources of GSAM in selecting securities for each portfolio

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Team approach to decision making

Manage risk by avoiding significant sector and interest rate bets

Careful management of yield curve strategies — while closely managing portfolio duration

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Fixed Income portfolios that:

Include domestic and global investment options, income opportunities, and access to areas of specialization

Capitalize on GSAM’s industry-renowned credit research capabilities

Use a risk-managed framework to seek total return, recognizing the importance of investors’ capital accumulation goals as well as their need for income

MARKET REVIEW

Goldman Sachs Multi Sector Fixed Income Funds

Market Review

Fixed income market performance during the six months ended September 30, 2012 (the “Reporting Period”) was strong but volatile, as corporate bonds and other riskier sectors of the market posted solid gains even as government bond yields fell to new lows.

Riskier fixed income assets, i.e., non-U.S. Treasury sectors, began the Reporting Period under pressure, as U.S. economic data weakened in April after a strong start to the year 2012. In particular, March payroll data released in early April showed a significant slowing in job gains. In January and February, payrolls had climbed by more than 200,000 jobs per month, but the March report showed a gain of just more than 100,000 jobs. That report set the tone for April fixed income performance, as U.S. Treasury yields declined, and non-U.S. Treasury sectors underperformed. (Remember, there is usually an inverse relationship between bond prices and yield movements, such that bond prices rise when yields decline and vice versa.)

The performance trend continued in May, as the benchmark 10-year U.S. Treasury yield fell to a new low of 1.56%, and non-U.S. Treasury sectors of the fixed income market continued to perform poorly. Economic data was again a key driver of the weakness in riskier assets, as U.S. payrolls added just 69,000 jobs, less than half the expected gain. Concerns about Europe, and the health of the Spanish banking system in particular, also weighed on investors’ risk appetites. Although Spain announced several measures in May to support its banks, Spanish government bond yields spiked on investor worries about the country’s ability to support its banks given its own debt challenges.

June marked a turning point for non-U.S. Treasury sectors, although U.S. Treasury yields continued to decline. Developments in Europe were again a key driver of risk sentiment, as Greece held a presidential election that raised concerns about the country potentially exiting the Eurozone, and Spain finally appealed to the European Union for assistance for its banking system. Continued weakness in U.S. and global economic data also weighed on investor sentiment. As a result, U.S. Treasury yields continued to decline, but non-U.S. Treasury sectors gained ground during the month as Greece elected a pro-Eurozone administration and the European Union agreed to provide support to Spain’s banking system. Even as government bond yields hit new record lows, investors began moving back into higher-yielding corporate and emerging market bonds.

Non-U.S. Treasury sectors continued to outperform U.S. Treasuries through the remainder of the Reporting Period, largely as a function of the market searching for yield in an environment of extremely low interest rates. In addition, market expectations for more quantitative easing by the U.S. Federal Reserve (the “Fed”) increased in August in light of minutes from the August 1, 2012 Federal Open Market Committee meeting and Fed Chairman Ben Bernanke’s speech at the Fed’s annual conference in Jackson Hole, Wyoming. Overall economic growth in the U.S. remained sluggish, with housing a key exception as the Standard & Poor’s/Case-Shiller Home Price Index data showed the strongest house price gains since the index’s inception.

In September, the Fed exceeded most expectations for additional quantitative easing, with an announcement of open-ended asset purchases, dubbed QE3, and an extension of the likely period of low short-term interest rates from mid-2014 to at least mid-2015. With the Fed holding short-term interest rates at low levels, demand for higher yielding sectors remained strong. As evidence, the high yield corporate bond sector received record investment inflows on a year-to-date basis during September.

MARKET REVIEW

Looking Ahead

Going forward, we believe aggressive central bank action may not provide much of a boost to global economic growth, but we think recent policy measures significantly reduce the downside risks. The Fed has committed to purchase bonds until the U.S. labor market improves substantially, while the European Central Bank has committed to unlimited bond purchases to preserve the euro. These open-ended commitments are a significant departure from previous central bank policies, which focused on specific amounts of bond purchases or liquidity support. We not only doubt these measures will have a significant positive effect on economic growth, but we also worry about the longer-term consequences of further central bank balance sheet expansion. However, in the intermediate term, we think the open-ended nature of the Fed and European Central Bank bond purchases has meaningfully reduced the probability — and the potential severity — of downside economic and market scenarios.

In the U.S., we believe economic growth could see some benefit if there is a reduction in downside scenarios related to Europe and resolution of the uncertainties related to the fiscal cliff and November elections. (The major components of the so-called fiscal cliff include tax increases and spending cuts totaling approximately $576 billion scheduled to take effect on January 1, 2013.) The U.S. corporate sector has continued to stockpile cash and defer hiring and investment as a form of self-insurance against risk and uncertainty. However, the timeline for resolving uncertainties around the fiscal cliff and election is finite in our view. One way or another, within a few months, businesses will have a much better sense of U.S. fiscal policy and the regulatory regime going forward. We think politicians will ultimately defer most of the impact of the fiscal cliff, leaving the U.S. with fiscal restraint¹ of about 1.5% of Gross Domestic Product (“GDP”) in 2013, which is close to the level of fiscal restraint seen at the end of the Reporting Period. We believe the combination of a lower than feared fiscal impact, reduced risk of a crisis in Europe and the Fed’s additional support for the U.S. housing recovery should provide modest upside potential for U.S. economic growth in 2013.

China’s economic slowdown, on the other hand, remains a source of greater uncertainty, in our view, as policymakers attempt to transition the Chinese economy from growth driven by exports and investment to growth driven by domestic consumption. China’s leaders have said economic growth will slow, and policymakers are targeting GDP of 7.5% in their latest five-year plan, which is close to the economy’s growth rate over the first half of 2012. Policymakers appear to be taking a conservative approach to stimulating economic growth and are focusing on measures such as subsidies for energy-efficient appliances rather than large infrastructure projects. China has virtually no track record when it comes to stimulating consumption, thereby raising concerns the economic slowdown could be deeper than targeted. That said, we are cautious about overreacting to the short-term trend in Chinese economic growth given policymakers’ long-term focus and 7.5% GDP growth target. Should economic growth slow more significantly, we would expect additional policy responses.

Fiscal restraint in this context refers to the net dollar amount of tax increase and/or government spending decrease, expressed as a percent of the dollar amount of US GDP, for the purpose of indicating the size of the change in taxes and government spending relative to the size of the economy.

MARKET REVIEW

From an investment perspective, we believe the policy and economic growth backdrop anticipated for the coming months favors U.S. non-Treasury sectors. We think strong economic growth is probably the only scenario that could lead central banks to allow a significant rise in real yields, and we believe strong economic growth is a low probability. As a result, we expect yields on government bonds to generally remain in the range seen at the end of the Reporting Period, and we favor a tactical approach to duration management. We also think U.S. corporate credit valuations were attractive relative to fundamentals at the end of the Reporting Period, due largely to risk premiums for European tail risk. (Here, tail risk simply means the risk or probability of rare events.) Should European risk decline and government bond yields remain low as expected, we think U.S. corporate credit should benefit from investor demand for yield as well as from favorable fundamentals. In emerging markets, we do not see the slowdown in China leading to a boom/bust cycle in emerging countries broadly. We believe emerging market countries with good economic growth and strong balance sheets should continue to perform well.

PORTFOLIO RESULTS

Goldman Sachs Core Fixed Income Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Core Fixed Income Fund’s (the ”Fund”) performance and positioning for the six-month period ended September 30, 2012 (the ”Reporting Period”).

How did the Fund perform during the Reporting Period?

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 4.50%, 4.10%, 4.09%, 4.57%, 4.40%, 4.63% and 4.28%, respectively. These returns compare to the 3.68% cumulative total return of the Fund’s benchmark, the Barclays U.S. Aggregate Bond Index (the “Barclays Index”), during the same period.

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

A primary contributor to Fund performance was our top-down cross-sector strategy. 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. Tactical management of the Fund’s duration and yield curve positioning strategy also contributed positively to Fund 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.

Bottom-up individual issue selection within the corporate bond and collateralized sectors also added value during the Reporting Period.

There were no significant detractors from the Fund’s performance during the Reporting Period.

Which fixed income market sectors most significantly affected Fund performance?

Exposure to non-agency mortgage-backed securities and overweighted allocations to corporate bonds and agency mortgage-backed securities, implemented via our cross-sector strategy, meaningfully benefited the Fund’s performance, as spread, or non-U.S. Treasury, sectors performed well, especially during the third calendar quarter. High beta, or higher volatility, sectors stalled in the second calendar quarter but were able to hold their year-to-date gains. However, with central banks keeping interest rates pinned low, investors began seeking yield in other sectors of the fixed income market, which drove strong performance of these sectors during the third calendar quarter. The Fund held a significant overweight relative to the Barclays Index in agency mortgage-backed securities for most of the summer months. We favored lower coupon agency mortgage-backed securities, as we tried to position the Fund to take advantage of an increasing likelihood the Federal Reserve (the “Fed”) would step in and begin to purchase assets in another round of quantitative easing. Indeed, with the Fed’s announcement in September that it would begin an open-ended asset purchase program concentrated in agency mortgage-backed securities, this sector’s spreads, or yield differential to U.S. Treasuries, tightened, and the Fund’s overweight position proved beneficial. Non-agency mortgage-backed securities were also a strong performing sector during the Reporting Period, buoyed by increasingly positive housing economic data and strong supply and demand technicals within the

PORTFOLIO RESULTS

sector. Similarly, given ebbing risk aversion, corporate bonds saw spreads narrow during the Reporting Period, which helped Fund performance. Corporate bonds outperformed duration-neutral U.S. Treasuries, as fundamentally, the

corporate bond sector overall was strong with low leverage and high cash balances. The corporate bond sector was also supported during the Reporting Period by favorable supply and demand technicals.

Individual issue selection within the corporate bond and collateralized sectors added value. Within the corporate bond sector, choices in the industrials and financials sub-sectors, with a bias toward lower quality investment grade securities, proved particularly effective. Within the collateralized sector, selection of lower coupon agency mortgage-backed securities during the third calendar quarter helped most.

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

Tactical management of the Fund’s duration and yield curve positioning had a positive impact on its results during the Reporting Period. The Fund maintained a long duration position in both the U.S. and Germany, concentrated in the intermediate segment of the yield curve. This helped as yields generally moved lower. After a strong start to 2012, risk markets declined in the second quarter of the year on further evidence of slowing global economic growth and renewed tensions in Europe. As a result, core government bond markets rallied, driving U.S. and German government bond yields to multi-decade lows. Though risk assets recovered during the third calendar quarter, the Fed confirmed its commitment to keeping short-term interest rates near zero through at least mid-2015 and committed to a third round of quantitative easing in an open-ended program. Nearly simultaneously, the European Central Bank offered potentially unlimited government bond purchases on a formal request for aid. These central bank policies kept interest rates pinned low, and thus the Fund’s duration positioning contributed positively to its results.

How did the Fund use derivatives and similar instruments during the Reporting Period?

As market conditions warranted during the Reporting Period, currency transactions were carried out using primarily over-the-counter (“OTC”) forward foreign exchange contracts as well as purchased OTC options. Currency transactions were used as we sought both to enhance returns and to hedge the Fund’s portfolio against currency exchange rate fluctuations. Also, Treasury futures were used as warranted to facilitate specific duration, yield curve and country strategies; swaptions (or options on interest rate swap contracts) to express an outright term structure view and manage volatility (term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds); credit default swaps to manage exposure to fluctuations in credit spreads (or the differential in yields between Treasury securities and non-Treasury securities that are identical in all respects except for quality rating); and interest rate swaps to manage exposure to fluctuations in interest rates. Overall, we employ derivatives and similar instruments for the efficient management of the Fund’s portfolio. Derivatives and similar instruments allow us to manage interest rate, credit and currency risks more effectively by allowing us both to hedge and to apply active investment views with greater versatility and to afford greater risk management precision than we would otherwise be able to implement.

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

During the Reporting Period, we shifted to a long duration position in U.S. and German government bonds, which boosted Fund returns as yields declined. From a sector perspective, we tactically adjusted the Fund’s positioning in agency mortgage-backed securities. In July and August, the Fund held a substantial overweight position in agency mortgage-backed securities, as we believed the Fed would reenter the market and begin purchasing the securities. Spreads, or yield differentials to U.S. Treasuries, tightened in anticipation of this, and we began unwinding the Fund’s position before the Fed actually announced its open-ended mortgage purchases. With its announcement, agency mortgage-backed security spreads tightened even more. At the end of the Reporting Period, the Fund held a nearly neutral to modestly overweight exposure to agency mortgage-backed securities, as the Fed had driven valuations to be rather rich in our view.

PORTFOLIO RESULTS

We shifted from a neutral to the Barclays Index position in investment grade corporate bonds to an overweighted allocation, as we believed that even though spreads had tightened since the beginning of the year, the lower probability of a catastrophic event in Europe warranted a more optimistic and trend-like economic growth rate. Further, we believed that investment grade corporate bond spreads had the potential to continue to tighten, which indeed they did into the end of the Reporting Period.

We maintained the Fund’s overweighted allocation to non-agency mortgage-backed securities throughout the Reporting Period. Such positioning proved to be one of the greatest positive contributors to the Fund’s results during the Reporting Period.

How was the Fund positioned relative to its benchmark index at the end of September 2012?

At the end of September 2012, the Fund had an overweighted allocation relative to the Barclays Index in quasi-government bonds, including agency non-government-guaranteed bonds and government-guaranteed corporate bonds. To a more modest degree, the Fund also had overweighted positions in covered bonds, residential mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities and investment grade corporate bonds. (Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.) The Fund had underweighted exposure relative to the benchmark index in U.S. government securities and a rather neutral position compared to the Barclays Index in emerging market debt. The Fund had a longer duration than the Barclays Index at the end of the Reporting Period.

FUND BASICS

Core Fixed Income Fund

as of September 30, 2012

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PERFORMANCE REVIEW
April 1, 2012– September 30, 2012	Fund Total Return (based on NAV)¹			Barclays U.S. Aggregate Bond Index²			30-Day Standardized Subsidized Yield³			30-Day Standardized Unsubsidized Yield³
Class A		4.50	%		3.68	%		1.18	%		1.18	%
Class B		4.10			3.68			0.48			0.48
Class C		4.09			3.68			0.48			0.48
Institutional		4.57			3.68			1.56			1.56
Service		4.40			3.68			1.06			1.06
Class IR		4.63			3.68			1.47			1.47
Class R		4.28			3.68			0.98			0.98

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.

The Barclays U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds and mortgage-backed and asset-backed securities. The Index figure does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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 expense reductions.

The returns set forth in the table above 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


STANDARDIZED TOTAL RETURNS⁴
For the period ended 9/30/12	One Year			Five Years	Ten Years	Since Inception	Inception Date
Class A		2.40	%	4.31%	4.38%	5.37%	5/1/97
Class B		0.54		3.95	4.15	5.22	5/1/97
Class C		4.57		4.33	4.01	4.70	8/15/97
Institutional		6.74		5.45	5.16	6.02	1/5/94
Service		6.20		4.93	4.65	5.52	3/13/96
Class IR		6.65		N/A	N/A	4.99	11/30/07
Class R		6.14		N/A	N/A	4.50	11/30/07

⁴

The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 3.75% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Class B Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after purchase. Returns for Class B Shares for the period after conversion reflect the performance of Class A Shares. Prior to July 29, 2009, the maximum initial sales charge applicable to Class A Shares was 4.5%, which is not reflected in the average annual total return figures shown. Because Institutional, Service, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. The Fund’s Class B Shares are no longer available for purchase by new or existing shareholders (although current Class B shareholders may continue to reinvest income and capital gains distributions into Class B Shares, and Class B shareholders may continue to exchange their shares for Class B Shares of certain other Goldman Sachs Funds).


EXPENSE RATIOS⁵
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.81	%		0.81	%
Class B		1.56			1.56
Class C		1.56			1.56
Institutional		0.47			0.47
Service		0.97			0.97
Class IR		0.56			0.56
Class R		1.06			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. The Fund’s waivers and/or expense limitations will remain in place through at least July 27, 2013, and prior to such date the investment adviser may not terminate the arrangements without the approval of the Fund’s Board of Trustees. If these arrangements are discontinued in the future, the expense ratios may change without shareholder approval.

FUND BASICS

SECTOR ALLOCATIONS⁶

Percentage of Net Assets

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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 graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

⁷

“Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (FHLMC). GNMA instruments are backed by the full faith and credit of the U.S. Government.

⁸

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

PORTFOLIO RESULTS

Goldman Sachs Core Plus Fixed Income Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Core Plus Fixed Income Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2012 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

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 5.41%, 5.02%, 4.92%, 5.49%, 5.23%, 5.55% and 5.18%, respectively. These returns compare to the 3.68% cumulative total return of the Fund’s benchmark, the Barclays U.S. Aggregate Bond Index (the “Barclays Index”), during the same time period.

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

Bottom-up individual issue selection within the corporate bond and collateralized sectors also added value during the Reporting Period.

There were no significant detractors from the Fund’s performance during the Reporting Period.

Which fixed income market sectors most significantly affected Fund performance?

PORTFOLIO RESULTS

corporate bond sector overall was strong with low leverage and high cash balances. The corporate bond sector was also supported during the Reporting Period by favorable supply and demand technicals.

Individual issue selection within the corporate bond and collateralized sectors added value. Within the corporate bond sector, choices in the industrials and financials sub-sectors, with a bias toward high yield and lower quality investment grade securities, proved particularly effective. Within the collateralized sector, selection of lower coupon agency mortgage-backed securities and non-agency adjustable-rate mortgages (“ARMs”) helped most. Selection of external emerging market debt contributed positively as well.

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

How did the Fund use derivatives and similar instruments during the Reporting Period?

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

PORTFOLIO RESULTS

How was the Fund positioned relative to its benchmark index at the end of September 2012?

At the end of September 2012, the Fund had overweighted allocations relative to the Barclays Index in asset-backed securities, residential mortgage-backed securities, emerging market debt and covered bonds. (Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.) The Fund also had exposure to high yield corporate bonds, which is a sector not represented in the Barclays Index. The Fund had underweighted exposure relative to the benchmark index in U.S. government securities and commercial mortgage-backed securities and rather neutral positions compared to the Barclays Index in quasi-government securities and investment grade corporate bonds. The Fund had a longer duration than the Barclays Index at the end of the Reporting Period.

FUND BASICS

Core Plus Fixed Income Fund

as of September 30, 2012

LOGO


PERFORMANCE REVIEW
April 1, 2012– September 30, 2012	Fund Total Return (based on NAV)¹			Barclays U.S. Aggregate Bond Index²			30-Day Standardized Subsidized Yield³			30-Day Standardized Unsubsidized Yield³
Class A		5.41	%		3.68	%		1.76	%		1.65	%
Class B		5.02			3.68			1.09			0.97
Class C		4.92			3.68			1.09			0.97
Institutional		5.49			3.68			2.16			2.04
Service		5.23			3.68			1.66			1.55
Class IR		5.55			3.68			2.07			1.96
Class R		5.18			3.68			1.58			1.46

The Barclays U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities. The Index figure does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

FUND BASICS


STANDARDIZED TOTAL RETURNS⁴
For the period ended 9/30/12	One Year			Five Years	Since Inception	Inception Date
Class A		4.39	%	5.47%	5.33%	11/30/06
Class B		2.51		5.10	5.69	6/20/07
Class C		6.55		5.49	5.22	11/30/06
Institutional		8.76		6.64	6.38	11/30/06
Service		8.23		6.12	6.51	6/20/07
Class IR		8.78		N/A	6.30	11/30/07
Class R		8.13		N/A	5.82	11/30/07

⁴

The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 3.75% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Class B Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after purchase. Prior to July 29, 2009, the maximum initial sales charge applicable to Class A Shares was 4.5%, which is not reflected in the average annual total return figures shown. Because Institutional, Service, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. The Fund’s Class B Shares are no longer available for purchase by new or existing shareholders (although current Class B shareholders may continue to reinvest income and capital gains distributions into Class B Shares, and Class B shareholders may continue to exchange their shares for Class B Shares of certain other Goldman Sachs Funds).


EXPENSE RATIOS⁵
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.83	%		0.99	%
Class B		1.58			1.74
Class C		1.58			1.74
Institutional		0.49			0.65
Service		0.99			1.15
Class IR		0.58			0.74
Class R		1.08			1.24

⁵

FUND BASICS

SECTOR ALLOCATIONS⁶


		Percentage of Net Assets

LOGO

⁶

⁷

“Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the U.S. Government.

⁸

PORTFOLIO RESULTS

Goldman Sachs Global Income Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income Investment Management Team discusses the Goldman Sachs Global Income Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2012 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, B, C, Institutional, Service and IR Shares generated cumulative total returns, without sales charges, of 4.23%, 3.86%, 3.87%, 4.42%, 4.17% and 4.37%, respectively. These returns compare to the 3.53% cumulative total return of the Fund’s benchmark, the Barclays Global Aggregate Bond Index (USD hedged) (the “Barclays Index”), during the same time period.

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

Bottom-up individual issue selection within the collateralized, emerging market debt, corporate bond and government/agency sectors contributed positively to the Fund’s performance during the Reporting Period as did our top-down cross-sector strategy overall. 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.

Our currency strategy also added value to the Fund’s results during the Reporting Period. More specifically, having an underweight bias to the euro in July helped. The euro was the worst performing major currency during the month, ending July down by 2.9% against the U.S. dollar, as the European Central Bank cut its deposit rate to zero and as independent ratings agency Moody’s put a negative outlook on Germany, the Netherlands and Luxembourg.

Our country strategy detracted from the Fund’s results. In particular, having an underweight bias to European peripherals, including France and Italy, and an overweight bias to Germany hurt most. We maintained such positioning as we believe the longer-term backdrop for peripheral Europe sovereigns remains poor. However, well-received policy responses to the European sovereign debt crisis during the Reporting Period drove outperformance of the bond markets of France and Italy relative to that of Germany. The impact of such country positioning was only partially offset by the positive contributions made by the Fund’s underweighted positioning in the U.S. and Spain. The U.S. fixed income market generated strong returns but lagged the bond markets of France and Italy primarily due to the Fed’s announcement of a third round of quantitative easing and its extension of the likely span of low short-term interest rates from mid-2014 to at least mid-2015. Spain’s bond market generated negative returns during the Reporting Period.

Which fixed income market sectors most significantly affected Fund performance?

The Fund’s overweighted allocations to non-agency mortgage-backed securities, agency mortgage-backed securities and emerging market debt contributed positively to the Fund’s performance. Non-agency mortgage securities performed especially strongly, outperforming other non-U.S. Treasury sectors as driven by strong demand and improvement in U.S. housing sector fundamentals. Individual issue selection within the collateralized, emerging market debt, corporate bond and government/agency sectors

PORTFOLIO RESULTS

also added value. Within the collateralized sector, selection of mortgage-backed securities helped most, primarily adjustable rate mortgages (“ARMs”) and pass-throughs. (Pass-through mortgages consist of a pool of residential mortgage loans, where homeowners’ monthly payments of principal, interest and prepayments pass from the original bank through a government agency or investment bank to investors.) Specific selection of asset-backed securities helped as well.

Conversely, an underweighted allocation to covered bonds detracted. (Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.)

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

The combined effect of the Fund’s duration and yield curve positioning contributed positively to the results during the Reporting Period. A long duration bias to the German bund yield curve added value, particularly during July, as yields declined almost 30 basis points during the month due to continuing concerns over Europe and a lack of confidence in the global economic outlook. (A basis point is 1/100th of a percentage point.) However, a short duration bias to the Japanese government bond yield curve detracted. Japanese sovereign bond yields rallied during the Reporting Period amidst a flight to quality driven by volatile fixed income markets. Corporate bonds and other riskier sectors of the market performed well even as government bond yields fell to new historic lows. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates the spectrum of maturities within a particular sector.

The Fund’s duration strategy is actively managed and constantly monitored in an effort to generate greater performance and reduced risk through volatile markets. During most of the Reporting Period, the Fund maintained tactical duration positioning relative to the Barclays Index, adjusting duration exposures to the various G10 yield curves as market conditions warranted. Our U.S. yield curve positioning was particularly nimble given the conflicting signals of slowing economic data, the extremely accommodative, open-ended stance adopted by the Fed, and subsequent risk asset rallies.

How did the Fund use derivatives and similar instruments during the Reporting Period?

We used derivatives and similar instruments for the efficient management of the Fund. These derivatives and similar instruments allowed us to manage interest rate, credit and currency risks more effectively by allowing us both to hedge and to apply active investment views with greater versatility and to afford greater risk management precision.

Did the Fund make any significant purchases or sales during the Reporting Period?

Our long 10-year German bund futures trade performed well, particularly in May 2012 as yields fell 46 basis points in that month to a near-record low of 1.20% primarily due to European sovereign debt concerns and the potential for further stimulus from the Fed. Our long 10-year U.S. Treasury futures trade also performed well, particularly in September 2012. The Fed had exceeded market expectations by announcing open-ended quantitative easing and extending the likely span of low short-term rates to at least mid-2015. However, as market euphoria dissipated, U.S. Treasury yields resumed their downward trajectory on the back of sluggish economic growth, worsening economic data and renewed political tensions in Europe.

Conversely, our short seven-year Japanese government bond futures trade detracted from the Fund’s performance during the Reporting Period, particularly in April 2012. Benchmark yields in core government markets broadly fell during that month on softer economic data. Our short futures trade in Japanese government bonds was focused in the mid-section of the yield curve. We believed the prevailing low levels of Japanese government bond yields posed a challenge to bank margins adding to upward pressure on government yields.

PORTFOLIO RESULTS

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

We increased the Fund’s weighting in U.S. Treasuries, investment grade corporate bonds and residential mortgage-backed securities relative to the Barclays Index during the Reporting Period and reduced the Fund’s relative exposure to quasi-government securities and covered bonds. From a country perspective, the Fund’s allocations to Germany and U.S. decreased and its allocations to Japan, the U.K. and Italy increased.

How was the Fund positioned relative to its benchmark index at the end of September 2012?

At the end of September 2012, the Fund had overweighted allocations relative to the Barclays Index in collateralized securities, covered bonds and investment grade corporate bonds. The Fund had underweighted exposure relative to the benchmark index in government securities and quasi-government securities and was rather neutral to the Barclays Index in emerging market debt. From a country perspective, the Fund was overweight relative to the Barclays Index in Europe, primarily Germany, and in Japan and the U.K. at the end of September 2012. The Fund was underweight relative to the benchmark index in the U.S. and was rather neutral to the Barclays Index in Australia, Canada, Denmark, Norway and Sweden. The Fund had a modestly longer duration than the Barclays Index at the end of the Reporting Period.

FUND BASICS

Global Income Fund

as of September 30, 2012

LOGO


PERFORMANCE REVIEW
April 1, 2012– September 30, 2012	Fund Total Return (based on NAV)¹			Barclays Global Aggregate Bond Index (USD hedged)²	30-Day Standardized Subsidized Yield³	30-Day Standardized Unsubsidized Yield³
Class A		4.23	%	3.53%	0.72%		0.69	%
Class B		3.86		3.53	0.01		-0.03
Class C		3.87		3.53	0.01		-0.02
Institutional		4.42		3.53	1.09		1.05
Service		4.17		3.53	0.59		0.56
Class IR		4.37		3.53	1.00		0.96

The net asset value (“NAV”) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

The Barclays Global Aggregate Bond Index (USD hedged), an unmanaged index, provides a broad based measure of the global investment-grade fixed-rate debt markets and covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities. The Index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

FUND BASICS


STANDARDIZED TOTAL RETURNS⁴
For the period ended 9/30/12	One Year			Five Years	Ten Years	Since Inception			Inception Date
Class A		2.59	%	4.51%	4.17%		5.68	%	8/2/91
Class B		0.81		4.11	3.97		5.14		5/1/96
Class C		4.86		4.52	3.84		4.35		8/15/97
Institutional		6.99		5.67	5.00		6.20		8/1/95
Service		6.47		5.14	4.47		5.07		3/12/97
Class IR		6.89		N/A	N/A		4.58		7/30/10

⁴

The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 3.75% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Class B Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after purchase. Returns for Class B Shares for the period after conversion reflect the performance of Class A Shares. Prior to July 29, 2009, the maximum initial sales charge applicable to Class A Shares was 4.5%, which is not reflected in the average annual total return figures shown. Because Institutional, Service and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. The Fund’s Class B Shares are no longer available for purchase by new or existing shareholders (although current Class B shareholders may continue to reinvest income and capital gains distributions into Class B Shares, and Class B shareholders may continue to exchange their shares for Class B Shares of certain other Goldman Sachs Funds).


EXPENSE RATIOS⁵
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.03	%		1.14	%
Class B		1.78			1.89
Class C		1.78			1.89
Institutional		0.69			0.80
Service		1.19			1.30
Class IR		0.78			0.89

⁵

FUND BASICS


CURRENCY ALLOCATION⁶
	Percentage of Net Assets
	as of 9/30/12			��	as of 3/31/12
U.S. Dollar⁷		45.9	%			39.6	%
Euro		28.9				32.4
Japanese Yen		23.6				17.8
British Pound		6.9				6.6
Canadian Dollar		3.3				2.8
Australian Dollar		1.2				0.9
South African Rand		1.0				1.1
Swedish Krona		0.9				0.7
South Korean Won		0.6				0.5
Danish Krone		0.5				0.4
Mexican Peso		0.4				0.5
Polish Zloty		0.0				0.3

⁶

The percentage shown for each currency reflects the value of investments in that category as a percentage of net assets. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities. The table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

⁷

These figures represent the value excluding short-term obligations. If short-term obligations had been included, the percentages for 9/30/12 and 3/31/12 would have been 49.4% and 42.7%, respectively.

PORTFOLIO RESULTS

Goldman Sachs Strategic Income Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Strategic Income Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2012 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional, IR and R Shares generated cumulative total returns, without sales charges, of 5.02%, 4.52%, 5.20%, 5.15% and 4.78%, respectively. These returns compare to 0.23% cumulative total return of the Fund’s benchmark, the BofA Merrill Lynch U.S. Dollar 3-Month LIBOR Constant Maturity Index (the “LIBOR Index”) during the same period.* To compare, the Fund’s former benchmark, the Barclays U.S. Aggregate Bond Index (the “Barclays Index”) posted a 3.68% cumulative total return during the Reporting Period.

We note that the Fund’s benchmark is now the LIBOR Index rather than the Barclays Index, and this change is a means of emphasizing that the Fund has an unconstrained strategy. All that said, this Fund employs a benchmark agnostic strategy and thus comparisons to a benchmark index are not relevant.

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

Within our top-down strategies, our cross-sector and duration strategies contributed the most positively to Fund performance. Our cross-sector strategy is one in which we invest Fund assets based on a discipline of valuing each fixed income sector in the context of all investment opportunities within the Fund’s universe. Our duration strategy reflects any active views we take on global interest rates over the short and longer term. Individual issue selection, especially among emerging market debt securities, also added value.

Effective July 27, 2012, the Fund’s benchmark was changed. The Investment Adviser believes the LIBOR Index is a more appropriate benchmark against which to measure the Fund’s performance.

These contributing factors were only somewhat offset by the detracting effect on Fund performance of our currency strategy, especially the Fund’s long position in the South African rand.

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

The Fund’s exposure to non-agency residential mortgage-backed securities contributed most significantly to returns. The sector rallied considerably during the Reporting Period, as the U.S. housing market showed signs of recovery. Partially offsetting this positive contribution was the detracting effect of the Fund’s exposure to industrials and utilities within the high yield corporate bond sector.

Individual issue selection within the emerging market debt sector boosted the Fund’s relative results, especially its long positions in Mexico, Venezuela, Ivory Coast and Brazil.

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

The combined effect of the Fund’s tactical duration and yield curve positioning contributed positively to results during the Reporting Period. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates the spectrum of maturities within a particular sector. The Fund benefited early in the Reporting Period by being short 10-year and 30-year U.S. Treasury futures and again toward the end of the Reporting Period by our shifting of its exposure long the intermediate portion of the U.S. Treasury yield curve.

PORTFOLIO RESULTS

How did the Fund use derivatives and similar instruments during the Reporting Period?

During the Reporting Period, we used interest rate and bond exchange traded futures contracts to implement duration and country strategies within the Fund, especially in the U.S., Eurozone, U.K. and Japanese markets. Currency transactions were carried out using primarily over-the-counter (“OTC”) forward foreign exchange contracts as well as purchased OTC options. Currency transactions were used as we sought both to enhance returns and to hedge the Fund’s portfolio against currency exchange rate fluctuations. We also used swaptions (or options on interest rate swap contracts) to express an outright term structure view and manage volatility (term structure, most often depicted as a yield curve, refers to the term structure of interest rates, which is the relationship between the yield to maturity and the time to maturity for pure discount bonds); credit default swaps to manage exposure to fluctuations in credit spreads (or the differential in yields between Treasury securities and non-Treasury securities that are identical in all respects except for quality rating); and interest rate swaps to manage exposure to fluctuations in interest rates.

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

The Fund is a broadly diversified, multi-sector portfolio designed to provide total return opportunities from across the fixed income spectrum, including government, securitized, corporate credit and emerging market fixed income sectors. As macro events unfolded and market conditions shifted, we tactically adjusted the Fund’s duration and sector positioning. For example, in April, we shifted the Fund’s duration positioning from a short duration position relative to the Barclays Index to a long duration position relative to the Barclays Index. In May and June, we reduced the portfolio’s risk exposure heading into a period of uncertainty, by reducing allocations to select sectors, including high yield and investment grade corporate securities. Then in July, we tactically increased the Fund’s exposure to high yield and investment grade corporate credit. In July and early August, we tactically reduced the Fund’s exposure to agency mortgage-backed securities and then reversed that position, increasing exposure to agency mortgage-backed securities in late August and through September.

How was the Fund positioned at the end of September 2012?

At the end of September 2012, the Fund had the majority of its total net assets invested in agency and non-agency mortgage-backed securities. The Fund also maintained exposure at the end of the Reporting Period to high yield corporate bonds, collateralized loan obligations, emerging market debt, investment grade corporate bonds, government bonds, corporate bank loans, covered bonds, commercial mortgage-backed securities and asset-backed securities. Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.

The Fund’s largest duration position was its short Japanese duration positioning. The Fund had more modest short duration positions in New Zealand, Australia and the U.K. The Fund maintained significant long duration positions in Europe and the U.S. at the end of the Reporting Period, with more modest long duration positions in Canada and Sweden. The Fund had a long duration overall relative to the LIBOR Index at the end of the Reporting Period.

From a currency perspective, the Fund maintained long currency positions in the U.S. dollar and, to a significantly more modest degree, in the euro. The Fund remained short the Australian dollar, the Japanese yen, the Swiss franc, the Swedish krona and the British pound at the end of the Reporting Period.

FUND BASICS

Strategic Income Fund

as of September 30, 2012

LOGO

PERFORMANCE REVIEW


April 1, 2012– September 30, 2012	Fund Total Return (based on NAV)¹			BofA Merrill Lynch U.S. Dollar 3-Month LIBOR Constant Maturity Index)²			Barclays U.S. Aggregate Bond Index³			30-Day Standardized Subsidized Yield⁴			30-Day Standardized Unsubsidized Yield⁴
Class A		5.02	%		0.23	%		3.68	%		2.73	%		2.73	%
Class C		4.52			0.23			3.68			2.10			2.10
Institutional		5.20			0.23			3.68			3.18			3.18
Class IR		5.15			0.23			3.68			3.09			3.09
Class R		4.78			0.23			3.68			2.60			2.60

The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance reflects the reinvestment of dividends and other distributions. The Fund’s performance does not reflect the deduction of any applicable sales charges.

Effective July 27, 2012, the Fund’s benchmark was changed. The Investment Adviser believes the BofA Merrill Lynch US Dollar 3-Month LIBOR Constant Maturity Index (“LIBOR”) is a more appropriate benchmark against which to measure the Fund’s performance. The LIBOR Index tracks the performance of a synthetic asset paying Libor to a stated maturity. The index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument.

The Barclays U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities. The Index figure does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

⁴


STANDARDIZED TOTAL RETURNS⁵


For the period ended 9/30/12	One Year			Since Inception	Inception Date
Class A		6.07	%	2.24%	6/30/10
Class C		8.32		3.22	6/30/10
Institutional		10.65		4.33	6/30/10
Class IR		10.55		4.24	6/30/10
Class R		9.91		3.70	6/30/10

⁵

The returns set forth in the tables above 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 RATIOS⁶


	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.00	%		1.00	%
Class C		1.75			1.75
Institutional		0.66			0.66
Class IR		0.75			0.75
Class R		1.25			1.25

⁶


SECTOR ALLOCATIONS⁷


		Percentage of Net Assets

LOGO

⁷

⁸

“Federal Agencies” are mortgage-backed securities guaranteed by the Government National Mortgage Association (“GNMA”), Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”). GNMA instruments are backed by the full faith and credit of the U.S. Government.

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	Corporate Obligations – 27.3%
	Automotive – 0.4%
	Ford Motor Credit Co. LLC
$	3,575,000		3.984	%		06/15/16	$	3,757,592
	1,875,000		8.000			12/15/16		2,259,375

								6,016,967

	Banks – 9.0%
	Abbey National Treasury Services PLC
	1,750,000		2.875			04/25/14		1,773,760
GBP	1,600,000		2.300	^(a)		02/16/15		2,617,246
	ANZ Capital Trust II^(b)^(c)
$	4,525,000		5.360			12/15/49		4,604,187
	Bank of America Corp.
	1,650,000		6.000			09/01/17		1,900,691
	3,250,000		5.750			12/01/17		3,719,766
	4,650,000		5.700			01/24/22		5,401,546
	Bank of Scotland PLC^(b)
	3,900,000		5.250			02/21/17		4,427,978
	BB&T Corp.^(c)
	2,025,000		1.600			08/15/17		2,060,271
	Capital One Capital III^(c)
	1,225,000		7.686			08/15/36		1,237,250
	Capital One Capital IV^(a)(c)
	3,475,000		6.745			02/17/37		3,492,375
	Citigroup, Inc.
	7,125,000		5.000			09/15/14		7,506,146
	2,350,000		4.450			01/10/17		2,578,597
	Commonwealth Bank of Australia^(a)(b)(c)
	3,740,000		6.024			03/15/49		3,740,000
	Discover Bank
	2,075,000		8.700			11/18/19		2,664,331
	DnB Boligkreditt AS^(b)
	8,100,000		2.900			03/29/16		8,620,830
	ING Bank NV^(b)
	4,500,000		2.000			09/25/15		4,506,728
	JPMorgan Chase & Co.
	5,600,000		4.350			08/15/21		6,112,908
	National City Preferred Capital Trust I^(a)(c)
	2,250,000		12.000			12/10/49		2,298,960
	Nordea Bank AB^(b)
	2,825,000		4.250			09/21/22		2,807,499
	Northern Rock Asset Management PLC^(b)
	2,600,000		5.625			06/22/17		2,921,620
	Regions Financial Corp.
	3,475,000		5.750			06/15/15		3,718,250
	Resona Preferred Global Securities Ltd.^(a)(b)(c)
	3,650,000		7.191			07/30/49		3,928,199
	Royal Bank of Scotland PLC
	2,825,000		2.550			09/18/15		2,860,530
	Santander Holdings USA, Inc.^(c)
	1,400,000		3.000			09/24/15		1,406,207
	Sovereign Bank
	975,000		8.750			05/30/18		1,107,997
	Sparebank 1 Boligkreditt AS^(b)
	13,400,000		2.625			05/27/16		14,154,228
	7,400,000		2.300			06/30/17		7,723,380


	Corporate Obligations – (continued)
	Banks – (continued)
	Stadshypotek AB^(b)
$	5,500,000		1.875	%		10/02/19	$	5,498,350
	Standard Chartered PLC^(b)
	1,700,000		5.500			11/18/14		1,834,980
	SunTrust Banks, Inc.^(c)
	2,450,000		3.600			04/15/16		2,611,503
	U.S. Bancorp
	3,750,000		3.442			02/01/16		3,944,490
	UBS AG
	1,125,000		7.625			08/17/22		1,160,877
	Union Bank NA
	4,800,000		2.125			06/16/17		4,907,110

								129,848,790

	Brokerage – 1.0%
	Merrill Lynch & Co., Inc.
	2,950,000		6.400			08/28/17		3,429,301
	Morgan Stanley, Inc.^(c)
	1,675,000		6.250			08/28/17		1,894,690
	5,625,000		6.625			04/01/18		6,397,926
	2,300,000		5.500			07/28/21		2,494,115

								14,216,032

	Chemicals^(c) – 0.4%
	CF Industries, Inc.
	1,775,000		6.875			05/01/18		2,165,500
	Eastman Chemical Co.
	1,925,000		2.400			06/01/17		2,013,387
	1,650,000		4.800			09/01/42		1,783,020

								5,961,907

	Distributor^(b)(c) – 0.1%
	Ras Laffan Liquefied Natural Gas Co. Ltd. III
	1,700,000		5.500			09/30/14		1,831,750

	Electric^(c) – 0.3%
	Ipalco Enterprises, Inc.
	1,175,000		5.000			05/01/18		1,233,750
	PPL WEM Holdings PLC^(b)
	2,290,000		5.375			05/01/21		2,554,149
	Puget Sound Energy, Inc.^(a)
	580,000		6.974			06/01/67		620,600

								4,408,499

	Energy – 3.7%
	Anadarko Petroleum Corp.^(c)
	1,330,000		6.375			09/15/17		1,601,084
	BG Energy Capital PLC^(a)(c)
	3,375,000		6.500			11/30/72		3,610,800
	BP Capital Markets PLC
	1,925,000		3.200			03/11/16		2,057,180
	4,000,000		4.500	^(c)		10/01/20		4,618,254
	3,967,000		3.245	^(c)		05/06/22		4,159,679
	Dolphin Energy Ltd.^(b)
	1,400,700		5.888	^(c)		06/15/19		1,586,293
	1,760,000		5.500			12/15/21		2,036,695


The accompanying notes are an integral part of these financial statements.		29

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	Corporate Obligations – (continued)
	Energy – (continued)
	Gaz Capital SA for Gazprom
$	2,690,000		9.250	%		04/23/19	$	3,497,000
	Nexen, Inc.^(c)
	2,929,000		6.400			05/15/37		3,720,072
	1,800,000		7.500			07/30/39		2,570,553
	PTTEP Canada International Finance Ltd.^(b)
	2,490,000		5.692			04/05/21		2,871,308
	1,440,000		6.350			06/12/42		1,656,000
	Rowan Cos., Inc.^(c)
	3,400,000		4.875			06/01/22		3,648,262
	TNK-BP Finance SA
	1,570,000		7.875			03/13/18		1,891,850
	Transocean, Inc.^(c)
	1,000,000		4.950			11/15/15		1,093,291
	1,225,000		6.000			03/15/18		1,426,714
	6,320,000		6.500			11/15/20		7,532,863
	1,275,000		6.375			12/15/21		1,525,982
	Weatherford International Ltd.^(c)
	1,921,000		9.625			03/01/19		2,509,597

								53,613,477

	Food & Beverage – 1.9%
	Anheuser-Busch InBev Worldwide, Inc.^(c)
	3,100,000		1.375			07/15/17		3,127,981
	Diageo Capital PLC^(c)
	2,850,000		1.500			05/11/17		2,894,599
	Heineken NV^(b)(c)
	2,425,000		3.400			04/01/22		2,525,613
	Kraft Foods Group, Inc.^(b)
	2,350,000		2.250			06/05/17		2,431,415
	525,000		3.500			06/06/22		553,321
	Mondelez International, Inc.
	1,605,000		5.375			02/10/20		1,938,763
	1,975,000		6.500			02/09/40		2,684,182
	Pernod-Ricard SA^(b)(c)
	1,050,000		2.950			01/15/17		1,085,973
	4,325,000		4.450			01/15/22		4,768,114
	SABMiller Holdings, Inc.^(b)(c)
	5,225,000		3.750			01/15/22		5,674,021

								27,683,982

	Health Care – Medical Products^(c) – 0.4%
	DENTSPLY International, Inc.
	1,550,000		2.750			08/15/16		1,588,395
	PerkinElmer, Inc.
	3,700,000		5.000			11/15/21		4,079,264

								5,667,659

	Health Care – Services^(c) – 0.5%
	Coventry Health Care, Inc.
	1,606,000		6.300			08/15/14		1,741,839
	Express Scripts Holding Co.
	5,050,000		3.125			05/15/16		5,332,628

								7,074,467


	Corporate Obligations – (continued)
	Life Insurance^(c) – 0.4%
	American International Group, Inc.
$	1,200,000		2.375	%		08/24/15	$	1,212,260
	The Northwestern Mutual Life Insurance Co.^(b)
	3,600,000		6.063			03/30/40		4,606,672

								5,818,932

	Media – Cable – 0.1%
	Comcast Cable Communications Holdings, Inc.
	1,220,000		8.375			03/15/13		1,263,353

	Media – Non Cable^(c) – 1.0%
	NBCUniversal Media LLC
	6,175,000		4.375			04/01/21		6,987,048
	News America, Inc.
	3,800,000		6.150			02/15/41		4,684,340
	WPP Finance UK
	2,850,000		8.000			09/15/14		3,191,524

								14,862,912

	Metals & Mining^(b)(c) – 0.2%
	Newcrest Finance Pty Ltd.
	3,275,000		4.450			11/15/21		3,357,569

	Noncaptive – Financial – 0.7%
	Blackstone Holdings Finance Co. LLC^(b)(c)
	975,000		4.750			02/15/23		1,016,570
	1,025,000		6.250			08/15/42		1,087,603
	General Electric Capital Corp.
	1,050,000		3.150			09/07/22		1,053,746
	2,625,000		5.875			01/14/38		3,116,565
	International Lease Finance Corp.
	4,000,000		5.750			05/15/16		4,240,000

								10,514,484

	Pharmaceuticals^(c) – 0.1%
	Watson Pharmaceuticals, Inc.
	1,625,000		3.250			10/01/22		1,647,522

	Pipelines^(c) – 1.7%
	CenterPoint Energy Resources Corp. Series B
	4,075,000		5.950			01/15/14		4,332,043
	El Paso Pipeline Partners Operating Co. LLC
	1,650,000		6.500			04/01/20		1,938,750
	Energy Transfer Partners LP
	1,750,000		5.950			02/01/15		1,920,485
	Enterprise Products Operating LLC
	1,300,000		5.250			01/31/20		1,515,529
	2,900,000		8.375	^(a)		08/01/66		3,262,500
	ONEOK Partners LP
	2,875,000		3.375			10/01/22		2,903,480
	Tennessee Gas Pipeline Co.
	1,450,000		8.375			06/15/32		2,090,552
	TransCanada PipeLines Ltd.^(a)
	3,200,000		6.350			05/15/67		3,408,000
	Western Gas Partners LP
	1,310,000		5.375			06/01/21		1,472,616
	1,900,000		4.000			07/01/22		1,979,858

								24,823,813


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

GOLDMAN SACHS CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

	Corporate Obligations – (continued)
	Property/Casualty Insurance^(c) – 0.6%
	Arch Capital Group Ltd.
$	1,375,000		7.350	%		05/01/34	$	1,763,659
	Mitsui Sumitomo Insurance Co. Ltd.^(a)(b)
	1,500,000		7.000			03/15/72		1,653,927
	QBE Insurance Group Ltd.^(a)(b)
	3,150,000		5.647			07/01/23		3,103,015
	Transatlantic Holdings, Inc.
	1,925,000		8.000			11/30/39		2,403,407

								8,924,008

	Real Estate Investment Trusts^(c) – 2.2%
	Camden Property Trust
	1,725,000		5.700			05/15/17		1,969,018
	Developers Diversified Realty Corp.
	250,000		9.625			03/15/16		309,063
	4,155,000		7.500			04/01/17		4,933,992
	Duke Realty LP
	2,600,000		4.375			06/15/22		2,730,897
	HCP, Inc.
	1,500,000		6.300			09/15/16		1,739,122
	2,950,000		6.000			01/30/17		3,419,728
	Health Care REIT, Inc.
	1,557,000		4.125			04/01/19		1,655,568
	Kilroy Realty LP								��
	1,125,000		5.000			11/03/15		1,225,249
	2,375,000		6.625			06/01/20		2,840,383
	ProLogis LP
	1,050,000		6.125			12/01/16		1,207,292
	1,200,000		1.875			11/15/37		1,202,016
	Simon Property Group LP
	3,350,000		10.350			04/01/19		4,809,553
	WCI Finance LLC^(b)
	2,986,000		5.400			10/01/12		2,986,000

								31,027,881

	Retailers^(c) – 0.5%
	CVS Caremark Corp.
	1,250,000		5.750			06/01/17		1,499,136
	LVMH Moet Hennessy Louis Vuitton SA^(b)
	2,675,000		1.625			06/29/17		2,697,738
	Walgreen Co.
	1,750,000		1.800			09/15/17		1,776,616
	1,550,000		3.100			09/15/22		1,582,309

								7,555,799

	Schools^(c) – 0.4%
	Rensselaer Polytechnic Institute
	4,200,000		5.600			09/01/20		4,905,852

	Technology – Hardware^(c) – 0.4%
	Hewlett-Packard Co.
	2,775,000		3.000			09/15/16		2,861,786
	1,475,000		2.600			09/15/17		1,483,163
	1,300,000		4.300			06/01/21		1,322,750

								5,667,699


	Corporate Obligations – (continued)
	Tobacco – 0.2%
	Altria Group, Inc.
$	558,000		9.700	%		11/10/18	$	796,724
	1,150,000		2.850			08/09/22		1,136,531

								1,933,255

	Transportation^(c) – 0.5%
	Burlington Northern Santa Fe LLC
	2,375,000		4.375			09/01/42		2,502,815
	Penske Truck Leasing Co. LP/PTL Finance Corp.^(b)
	3,000,000		3.125			05/11/15		3,069,243
	2,025,000		2.500			03/15/16		2,024,471

								7,596,529

	Wirelines Telecommunications^(c) – 0.6%
	AT&T, Inc.
	6,975,000		2.950			05/15/16		7,462,646
	Telefonica Emisiones SAU
	675,000		5.462			02/16/21		659,813

								8,122,459

	TOTAL CORPORATE OBLIGATIONS
	(Cost $368,984,004)						$	394,345,597


	Mortgage-Backed Obligations – 40.5%
	Adjustable Rate Non-Agency^(a) – 0.2%
	Bear Stearns Adjustable Rate Mortgage Trust Series 2003-05, Class 1A1
$	39,093		3.005	%		08/25/33	$	38,697
	Countrywide Home Loan Mortgage Pass-Through Trust Series 2003-37, Class 1A1
	27,801		3.253			08/25/33		24,333
	Harborview Mortgage Loan Trust Series 2005-16, Class 2A1A
	1,000,124		0.459			01/19/36		598,162
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
	2,148,851		0.998			12/25/46		682,451
	Sequoia Mortgage Trust Series 2003-4, Class 1A2
	1,479,708		1.058			07/20/33		1,316,255
	Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR19, Class A7
	90,899		2.457			02/25/33		87,866

								2,747,764

	Collateralized Mortgage Obligations – 3.0%
	Interest Only^(a)(d) – 0.0%
	CS First Boston Mortgage Securities Corp. Series 2002-AR31, Class 5X
	257,696		0.000			11/25/32		—
	CS First Boston Mortgage Securities Corp. Series 2003-AR18, Class 2X
	818,118		0.000			07/25/33		1


The accompanying notes are an integral part of these financial statements.		31

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	Mortgage-Backed Obligations – (continued)
	Interest Only^(a)(d) – (continued)
	CS First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2X
$	1,047,206		0.000	%		08/25/33	$	1
	Wells Fargo Mortgage Backed Securities Trust Series 2003-G, Class AI0
	2,171,051		0.759			06/25/33		8,082

								8,084

	Inverse Floaters^(a) – 0.1%
	GNMA Series 2001-48, Class SA
	77,400		25.770			10/16/31		125,312
	GNMA Series 2001-51, Class SA
	147,427		31.543			10/16/31		253,605
	GNMA Series 2001-51, Class SB
	152,359		25.770			10/16/31		259,340
	GNMA Series 2002-13, Class SB
	188,092		36.537			02/16/32		329,963

								968,220

	Planned Amortization Class – 0.0%
	FHLMC REMIC Series 2639, Class UL
	51,545		4.750			03/15/22		52,974
	FNMA REMIC Series 2003-134, Class ME
	103,632		4.500			06/25/33		109,669
	FNMA REMIC Series 2004-64, Class BA
	73,533		5.000			03/25/34		77,400

								240,043

	Regular Floater^(a)^(b) – 0.4%
	Lanark Master Issuer PLC Series 2012-2A, Class 1A
	5,200,000		1.834			12/22/54		5,310,779

	Sequential Fixed Rate – 2.5%
	FHLMC Multifamily Structured Pass-Through Certificates Series K019, Class A2
	6,600,000		2.272			03/25/22		6,689,347
	FHLMC Multifamily Structured Pass-Through Certificates Series K020, Class A2
	5,000,000		2.373			05/25/22		5,100,853
	FHLMC Multifamily Structured Pass-Through Certificates Series K703, Class A2
	7,000,000		2.699			05/25/18		7,556,668
	FHLMC Multifamily Structured Pass-Through Certificates Series K705, Class A2
	5,200,000		2.303			09/25/18		5,521,051
	NCUA Guaranteed Notes Series 2010-C1, Class APT
	7,054,142		2.650			10/29/20		7,479,319
	NCUA Guaranteed Notes Series 2010-R1, Class 2A
	794,726		1.840			10/07/20		807,640
	NCUA Guaranteed Notes Series A4
	3,500,000		3.000			06/12/19		3,780,385

								36,935,263

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	43,462,389


	Mortgage-Backed Obligations – (continued)
	Commercial Mortgage-Backed Securities – 4.6%
	Sequential Fixed Rate – 3.6%
	FNMA ACES Series 2012-M13, Class A2
$	7,800,000		2.377	%		05/25/22	$	7,945,454
	FNMA ACES Series 2012-M9, Class A2
	2,100,000		2.482			04/25/22		2,150,228
	LB-UBS Commercial Mortgage Trust Series 2005-C5, Class A4
	9,000,000		4.954			09/15/30		9,914,922
	LB-UBS Commercial Mortgage Trust Series 2006-C1, Class A4
	6,000,000		5.156			02/15/31		6,739,356
	UBS Barclays Commercial Mortgage Trust Series 2012-C3, Class A4
	9,850,000		3.091			08/10/49		10,320,804
	Wachovia Bank Commercial Mortgage Trust Series 2007-C31, Class A4
	12,400,000		5.509			04/15/47		14,201,875

								51,272,639

	Sequential Floating Rate^(a) – 1.0%
	GS Mortgage Securities Trust Series 2007-GG10, Class A4
	3,000,000		5.983			08/10/45		3,443,993
	LB-UBS Commercial Mortgage Trust Series 2005-C7, Class A4
	10,175,000		5.197			11/15/30		11,329,667

								14,773,660

	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	66,046,299

	Federal Agencies – 32.7%
	Adjustable Rate FNMA^(a) – 1.1%
$	16,944		2.333	%		06/01/33	$	18,084
	2,232,038		2.733			07/01/34		2,378,551
	5,750,077		2.558			09/01/34		6,143,423
	4,535,842		2.860			05/01/35		4,874,614
	1,714,883		2.319			06/01/35		1,818,766

								15,233,438

	FHLMC – 1.1%
	96,179		6.500			12/01/13		96,583
	461		7.000			10/01/14		488
	50,555		6.000			12/01/14		51,720
	3,955		7.000			05/01/15		4,135
	14,407		8.000			07/01/15		15,296
	6,741		7.000			02/01/16		7,248
	7,154		7.000			03/01/16		7,614
	210,110		7.500			05/01/16		227,425
	2,370		5.000			01/01/17		2,569
	14,622		5.000			02/01/17		15,852
	10,016		5.000			03/01/17		10,859
	1,158		5.000			04/01/17		1,255
	83,441		5.000			09/01/17		90,455
	203,339		5.000			10/01/17		220,433
	671		7.000			10/01/17		761
	121,937		5.000			11/01/17		132,189
	50,927		5.000			12/01/17		55,207
	76,468		5.000			01/01/18		82,830
	193,425		5.000			02/01/18		208,742


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

GOLDMAN SACHS CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

	Mortgage-Backed Obligations – (continued)
	FHLMC – (continued)
$	143,094		5.000	%		03/01/18	$	154,433
	90,963		5.000			04/01/18		98,194
	56,547		5.000			05/01/18		61,026
	42,593		5.000			06/01/18		45,966
	85,262		5.000			07/01/18		92,012
	30,125		5.000			08/01/18		32,514
	136,259		4.500			09/01/18		145,925
	12,571		5.000			10/01/18		13,567
	23,769		5.000			11/01/18		25,651
	206,365		5.000			06/01/19		223,417
	912,172		4.500			10/01/23		996,100
	70,883		5.500			10/01/25		77,636
	91,395		5.500			11/01/25		100,102
	24,447		7.000			06/01/26		28,965
	52,316		7.500			03/01/27		60,851
	22,970		7.500			12/01/30		26,411
	33,538		7.500			01/01/31		38,561
	185,356		6.500			10/01/33		211,069
	513,989		5.000			12/01/35		562,477
	1,248		5.500			02/01/36		1,367
	106,571		4.000			08/01/36		114,393
	308,107		4.000			09/01/36		330,722
	325,529		4.000			10/01/36		349,422
	495,122		4.000			12/01/36		531,463
	21,784		6.000			04/01/37		24,256
	5,775		6.000			07/01/37		6,424
	249,976		6.000			09/01/37		278,108
	164,408		6.000			07/01/38		183,398
	57,662		6.500			09/01/38		64,449
	13,749		6.000			10/01/38		15,374
	4,871,147		6.000			11/01/38		5,423,909
	256,972		6.000			12/01/38		286,654
	134,048		6.000			01/01/39		150,221
	742,241		5.000			06/01/39		805,516
	437,477		4.500			09/01/39		481,191
	16,310		4.500			11/01/40		17,541
	114,191		4.500			03/01/41		123,011
	1,864,944		4.000			11/01/41		2,024,076

								15,438,033

	FNMA – 30.4%
	1,092,798		7.040			08/01/15		1,200,550
	78,875		8.500			10/01/15		84,383
	3,091		7.000			01/01/16		3,279
	4,856,249		2.800			03/01/18		5,228,551
	2,947,136		3.740			05/01/18		3,313,631
	3,480,000		3.840			05/01/18		3,904,143
	867,896		4.500			05/01/18		935,056
	2,210,141		4.500			06/01/18		2,381,169
	113,996		5.000			06/01/18		123,659
	1,187,023		4.500			07/01/18		1,278,877
	1,086,308		4.500			08/01/18		1,170,369
	16,360		6.000			08/01/18		18,067
	1,583		6.500			10/01/18		1,780
	9,000,000		4.506			06/01/19		10,427,885
	2,247,254		3.416			10/01/20		2,494,979


	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	1,662,217		3.632	%		12/01/20	$	1,848,720
	10,091,268		3.763			12/01/20		11,404,773
	4,196,521		4.375			06/01/21		4,888,025
	6,319,386		5.000			03/01/23		6,977,188
	491,003		5.500			09/01/23		534,123
	122,823		5.500			10/01/23		133,906
	1,379,268		5.000			02/01/24		1,496,295
	197,178		7.000			08/01/27		225,084
	5,752		6.500			09/01/27		6,467
	776,425		7.000			03/01/28		887,720
	10,225		6.500			05/01/28		11,496
	1,987		5.500			01/01/29		2,275
	500,000		5.000			02/01/29		544,492
	190		5.500			04/01/29		210
	20,289		8.000			02/01/31		24,249
	185,477		7.000			03/01/31		204,810
	2,909,956		4.000			10/01/31		3,149,335
	14,634		5.500			02/01/33		16,271
	318,453		5.500			03/01/33		354,080
	35,306		5.500			05/01/33		39,255
	32,623		5.000			07/01/33		35,888
	9,323		5.500			07/01/33		10,365
	196,393		5.000			08/01/33		215,978
	105,839		5.500			08/01/33		117,680
	18,307		5.000			09/01/33		20,045
	194,605		5.500			09/01/33		216,263
	7,180		6.500			09/01/33		8,274
	3,420		5.500			10/01/33		3,802
	47,829		5.500			11/01/33		53,180
	13,929		5.000			12/01/33		15,210
	10,353		5.500			12/01/33		11,512
	17,509		5.500			01/01/34		19,462
	37,734		5.500			02/01/34		41,791
	4,201		5.500			03/01/34		4,669
	6,306		5.500			04/01/34		6,999
	813,291		5.500			05/01/34		904,190
	30,997		5.500			07/01/34		34,464
	9,249		5.500			08/01/34		10,265
	6,525		5.000			10/01/34		7,119
	457		5.500			10/01/34		507
	333,897		5.500			12/01/34		368,956
	722		6.000			12/01/34		806
	497,307		5.000			04/01/35		547,989
	21,267		5.500			04/01/35		23,457
	139,625		5.000			05/01/35		152,040
	4,691,870		5.000			07/01/35		5,109,038
	22,328		5.500			07/01/35		24,628
	74,347		5.000			08/01/35		80,957
	987		5.500			08/01/35		1,092
	7,463,627		5.000			09/01/35		8,143,078
	51,830		5.500			09/01/35		57,151
	590,032		5.000			10/01/35		642,494
	1,851,384		5.000			11/01/35		2,021,860
	40,351		5.500			11/01/35		44,625
	3,979,168		5.000			12/01/35		4,347,195
	4,365		5.500			12/01/35		4,834


The accompanying notes are an integral part of these financial statements.		33

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date			Value

	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	6,969		5.500	%		01/01/36		$	7,707
	43,572		5.500			02/01/36			48,136
	252,747		5.000			03/01/36			275,219
	1,941,436		5.500			03/01/36			2,144,120
	83,477		6.000			03/01/36			92,949
	25,508		5.500			04/01/36			28,182
	20,309		6.000			04/01/36			22,613
	746,417		5.000			06/01/36			812,783
	96,713		4.000			08/01/36			104,053
	9,307		5.000			08/01/36			10,124
	280,574		4.000			09/01/36			301,869
	12,152,959		5.000			11/01/36			13,249,127
	79,123		5.000			12/01/36			86,069
	682,632		6.000			12/01/36			752,128
	1,821,026		5.000			01/01/37			1,988,495
	422,554		6.000			01/01/37			465,733
	178,030		4.000			02/01/37			191,541
	162,446		5.000			02/01/37			176,576
	4,265		5.500			02/01/37			4,693
	89,083		4.000			03/01/37			95,844
	6,569		5.000			03/01/37			7,140
	78,959		5.000			04/01/37			85,827
	7,163		5.500			04/01/37			7,882
	2,746,774		5.000			05/01/37			2,985,699
	8,731		5.500			05/01/37			9,587
	3,739		5.500			06/01/37			4,107
	336		5.500			08/01/37			369
	1,695		5.500			12/01/37			1,862
	31,245		6.000			12/01/37			34,937
	153,044		5.000			02/01/38			165,688
	3,792		5.500			02/01/38			4,166
	484,892		5.000			03/01/38			526,942
	10,897		5.500			03/01/38			11,980
	1,801,151		5.000			04/01/38			1,957,348
	148,224		5.000			05/01/38			161,078
	3,987		5.500			05/01/38			4,383
	16,586		6.000			05/01/38			18,590
	5,406,515		5.000			06/01/38			5,887,041
	13,099		5.500			06/01/38			14,401
	14,128		6.000			06/01/38			15,834
	365,152		5.000			07/01/38			396,818
	15,802		5.500			07/01/38			17,373
	34,720		6.000			07/01/38			38,996
	13,557		6.000			08/01/38			15,227
	83,970		5.000			10/01/38			91,252
	2,631,083		6.000			11/01/38			2,899,017
	70,801		5.000			12/01/38			76,941
	275		5.500			12/01/38			307
	83,974		5.000			01/01/39			91,256
	1,747,757		5.000			03/01/39			1,903,784
	132,259		4.500			04/01/39			145,583
	3,202,964		5.000			04/01/39			3,495,518
	34,064		4.500			05/01/39			37,496
	2,848,342		5.000			06/01/39			3,102,020
	27,715		4.500			07/01/39			30,611
	3,927,747		5.000			07/01/39			4,268,363


	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	242,683		4.500	%		08/01/39		$	268,041
	100,000		5.000			09/01/39			109,133
	7,437,434		4.500			10/01/39			8,034,479
	8,709,921		4.500			11/01/39			9,409,602
	1,398,134		4.500			12/01/39			1,544,402
	394,057		4.500			04/01/40			426,392
	817,129		4.500			05/01/40			884,181
	4,916,522		5.000			05/01/40			5,344,181
	72,775		5.000			07/01/40			79,856
	36,210,759		4.500			08/01/40			39,182,133
	2,656,777		4.000			09/01/40			2,866,058
	1,260,657		4.500			09/01/40			1,364,103
	2,553,251		4.500			10/01/40			2,762,765
	44,775		4.000			11/01/40			48,178
	150,533		4.500			11/01/40			162,886
	2,255,471		4.000			12/01/40			2,433,140
	2,258,026		4.500			12/01/40			2,443,315
	532,958		4.500			01/01/41			576,691
	398,456		4.500			02/01/41			431,980
	2,424,119		5.000			02/01/41			2,659,989
	3,038,573		4.500			04/01/41			3,294,224
	791,283		5.000			04/01/41			868,276
	7,409,681		4.500			05/01/41			8,033,095
	1,975,838		5.000			05/01/41			2,156,308
	292,962		5.000			06/01/41			319,721
	3,101,485		4.500			07/01/41			3,368,943
	2,631,098		4.500			08/01/41			2,852,465
	4,387,546		4.500			09/01/41			4,766,184
	156,059		4.000			10/01/41			168,036
	919,622		4.500			10/01/41			996,994
	13,762,530		5.000			10/01/41			15,121,794
	1,316,323		4.000			11/01/41			1,417,344
	2,672,091		4.000			12/01/41			2,877,159
	2,903,804		4.000			01/01/42			3,126,655
	2,357,504		4.500			03/01/42			2,571,652
	1,614,000		4.500			04/01/42			1,758,930
	19,000,000		2.500			TBA-15yr	^(e)		19,973,750
	7,000,000		3.000			TBA-30yr	^(e)		7,388,828
	84,000,000		5.000			TBA-30yr	^(e)		91,592,810
	43,000,000		6.000			TBA-30yr	^(e)		47,484,767

									439,165,839

	GNMA – 0.1%
	1,663,561		3.950			07/15/25			1,828,620
	37,635		6.000			11/15/38			42,508

									1,871,128

	TOTAL FEDERAL AGENCIES							$	471,708,438

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $568,116,688)							$	583,964,890


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

GOLDMAN SACHS CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

	Agency Debentures – 8.8%
	FHLB
$	27,000,000		0.210	%		01/04/13	$	27,002,079
	2,400,000		5.000			09/28/29		3,057,518
	FHLMC
EUR	3,100,000		4.375			01/15/14		4,158,081
$	11,400,000		1.000			03/08/17		11,572,411
	100,000		1.000			06/29/17		101,259
	4,500,000		1.000			07/28/17		4,555,360
	5,600,000		1.250			08/01/19		5,606,317
	10,900,000		1.250			10/02/19		10,882,669
	10,100,000		2.375			01/13/22		10,599,465
	FNMA
	12,500,000		1.125			04/27/17		12,750,513
	12,400,000		0.875			08/28/17		12,462,446
	20,000,000		0.875			10/26/17		20,079,518
	Kommunalbanken AS^(b)
	3,000,000		1.000			09/26/17		3,002,098
	Small Business Administration
	140,573		6.300			06/01/18		153,483
	Tennessee Valley Authority
	1,400,000		4.625			09/15/60		1,712,473

	TOTAL AGENCY DEBENTURES
	(Cost $125,466,503)						$	127,695,690


	Asset-Backed Securities – 1.9%
	Home Equity – 0.6%
	Countrywide Home Equity Loan Trust Series 2002-E, Class A^(a)
$	160,181		0.481	%		10/15/28	$	149,775
	Countrywide Home Equity Loan Trust Series 2004-G, Class 2A^(a)
	318,908		0.441			12/15/29		233,184
	Countrywide Home Equity Loan Trust Series 2006-HW, Class 2A1B^(a)
	8,367,066		0.371			11/15/36		6,495,478
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
	1,050,069		7.000			09/25/37		909,164
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
	1,696,298		7.000			09/25/37		1,466,647
	Impac CMB Trust Series 2004-08, Class 1A^(a)
	509,325		0.937			10/25/34		418,911

								9,673,159

	Student Loan^(a) – 1.3%
	Brazos Higher Education Authority, Inc. Series 2004-1, Class A2
	7,329,536		0.529			06/27/22		7,314,927
	Brazos Higher Education Authority, Inc. Series 2005-1, Class 1A2
	3,762,000		0.449			12/26/18		3,754,100
	Brazos Higher Education Authority, Inc. Series 2005-3, Class A14
	655,072		0.479			09/25/23		653,978
	College Loan Corp. Trust Series 2004-1, Class A4
	3,000,000		0.641			04/25/24		2,811,819


	Asset-Backed Securities – (continued)
	Student Loan^(a) – (continued)
	Education Funding Capital Trust I Series 2004-1, Class A2
$	1,413,798		0.549	%		12/15/22	$	1,409,318
	GCO Education Loan Funding Trust Series 2006-1, Class A11L
	1,500,000		0.657			05/25/36		1,299,717
	Northstar Education Finance, Inc. Series 2005-1, Class A1
	422,993		0.547			10/28/26		421,442
	US Education Loan Trust LLC Series 2006-1, Class A2^(b)
	748,646		0.551			03/01/25		743,600

								18,408,901

	TOTAL ASSET-BACKED SECURITIES
	(Cost $30,110,241)						$	28,082,060


	Foreign Debt Obligations – 1.3%
	Sovereign – 0.9%
	Republic of Colombia
$	2,184,000		4.375	%		07/12/21	$	2,514,876
	Republic of Indonesia
	2,560,000		8.500			10/12/35		4,048,000
	Russian Federation
	100,000		5.000			04/29/20		115,250
	5,000,000		4.500			04/04/22		5,575,000

								12,253,126

	Supranational – 0.4%
	North American Development Bank
	5,100,000		4.375			02/11/20		5,761,921

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $16,292,743)						$	18,015,047


	Municipal Debt Obligations – 0.6%
	California – 0.4%
	California State GO Bonds Build America Taxable Series 2009
$	950,000		7.500	%		04/01/34	$	1,252,157
	1,650,000		7.550			04/01/39		2,238,241
	California State GO Bonds Build America Taxable Series 2010
	1,645,000		7.950			03/01/36		1,965,479

								5,455,877

	Illinois – 0.1%
	Illinois State GO Bonds Build America Series 2010
	1,280,000		7.350			07/01/35		1,507,904

	Ohio – 0.1%
	American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
	1,700,000		6.270			02/15/50		1,981,571

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $7,458,136)						$	8,945,352


The accompanying notes are an integral part of these financial statements.		35

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	Government Guarantee Obligations – 9.4%
	Achmea Hypotheekbank NV^(b)(f)
$	4,316,000		3.200	%		11/03/14	$	4,525,283
	BRFkredit AS^(b)(f)
	17,100,000		2.050			04/15/13		17,256,961
	Citigroup Funding, Inc.^(g)
	36,700,000		1.875			10/22/12		36,734,388
	12,200,000		1.875			11/15/12		12,224,815
	Commonwealth Bank of Australia^(b)(f)
	5,700,000		2.500			12/10/12		5,723,193
	FIH Erhvervsbank AS^(b)(f)
	9,200,000		2.000			06/12/13		9,298,808
	General Electric Capital Corp.^(g)
	13,700,000		2.625			12/28/12		13,784,543
	Israel Government AID Bond^(h)
	6,527,000		5.500			09/18/23		8,630,806
	600,000		5.500			12/04/23		793,960
	4,000,000		5.500			09/18/33		5,475,533
	Kreditanstalt fuer Wiederaufbau MTN^(f)
	8,700,000		2.500			05/28/13		8,824,410
	Swedbank AB^(b)(f)
	3,100,000		2.900			01/14/13		3,121,898
	Westpac Banking Corp.^(b)(f)
	9,800,000		1.900			12/14/12		9,828,224

	TOTAL GOVERNMENT GUARANTEE OBLIGATIONS
	(Cost $134,140,929)						$	136,222,822


	U.S. Treasury Obligations – 23.1%
	United States Treasury Bonds
$	2,300,000		6.125	%		11/15/27	$	3,462,144
	3,000,000		5.000			05/15/37		4,297,740
	200,000		4.250			05/15/39		259,320
	8,500,000		4.375			11/15/39		11,241,930
	11,500,000		4.250			11/15/40		14,940,570
	22,100,000		4.375			05/15/41		29,299,739
	8,200,000		3.750			08/15/41		9,810,561
	3,200,000		3.125			02/15/42		3,405,760
	10,600,000		3.000			05/15/42		10,997,924
	900,000		2.750			08/15/42		885,519
	United States Treasury Inflation Protected Securities
	1,319,901		1.625			01/15/15		1,414,564
	824,544		1.875			07/15/15		907,386
	United States Treasury Notes
	184,600,000		0.250	⁽ⁱ⁾		05/31/14		184,651,688
	41,000,000		0.625			09/30/17		40,988,930
	16,200,000		1.625			08/15/22		16,181,046

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $323,259,977)						$	332,744,821

Notional Amount		Exercise Rate			Expiration Date		Value

	Options Purchased – 0.1%
	Interest Rate Swaptions
	Citibank NA Put – OTC – 10 year Interest Rate Swap Strike Price 1.895%
$	11,900,000		1.895	%		02/28/13	$	261,046
	Citibank NA Call – OTC – 10 year Interest Rate Swap Strike Price 1.895%
	11,900,000		1.895			02/28/13		188,317
	Deutsche Bank AG Put – OTC – 10 year Interest Rate Swap Strike Price 2.060%
	11,900,000		2.060			02/19/13		383,134
	Deutsche Bank AG Call – OTC – 10 year Interest Rate Swap Strike Price 2.060%
	11,900,000		2.060			02/19/13		115,769

	TOTAL OPTIONS PURCHASED – 0.1%
	(Cost $1,062,670)						$	948,266

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $1,574,891,891)						$	1,630,964,545


Principal Amount		Interest Rate			Maturity Date		Value

	Short-term Investment^(j) – 1.9%
	Repurchase Agreement – 1.9%
	Joint Repurchase Agreement Account II
$	27,300,000		0.245	%		10/01/12	$	27,300,000
	(Cost $27,300,000)

	TOTAL INVESTMENTS – 114.9%
	(Cost $1,602,191,891)						$	1,658,264,545

	LIABILITIES IN EXCESS OF OTHER ASSETS – (14.9)%							(214,431,472	)

	NET ASSETS – 100.0%						$	1,443,833,073


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, 2012.
(b)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $178,756,283, which represents approximately 12.4% of net assets as of September 30, 2012.
(c)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(d)		Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.


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

GOLDMAN SACHS CORE FIXED INCOME 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 $166,440,155 which represents approximately 11.5% of net assets as of September 30, 2012.
(f)		Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $58,578,777, which represents approximately 4.1% of net assets as of September 30, 2012.
(g)		Guaranteed under the Federal Deposit Insurance Corporation’s (“FDIC”) Temporary Liquidity Guarantee Program and is backed by the full faith and credit of the United States. The expiration date of the FDIC’s guarantee is the earlier of the maturity date of the debt or December 31, 2012. Total market value of these securities amounts to $62,743,746, which represents approximately 4.3% of net assets as of September 30, 2012.
(h)		Guaranteed by United States Government until maturity. Total market value of these securities amounts to $14,900,299, which represents approximately 1.0% of net assets as of September 30, 2012.
(i)		All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.
(j)		Joint repurchase agreement was entered into on September 28, 2012. Additional information appears on pages 90-91.



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

Investment Abbreviations:
ACES		—Alternative Credit Enhancement Securities
FHLB		—Federal Home Loan Bank
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
GO		—General Obligation
LIBOR		—London Interbank Offered Rate
MTN		—Medium Term Note
NCUA		—National Credit Union Administration
OTC		—Over the Counter
RB		—Revenue Bond
REIT		—Real Estate Investment Trust
REMIC		—Real Estate Mortgage Investment Conduit


The accompanying notes are an integral part of these financial statements.		37

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2012, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Gain
Bank of America N.A.	USD/GBP		12/19/12	$	1,576,109	$	8,556
	USD/JPY		12/19/12		3,633,476		9,524
Barclays Bank PLC	CAD/USD		12/19/12		5,716,519		15,478
	JPY/USD		12/19/12		917,115		9,115
	USD/GBP		12/19/12		573,932		1,231
Citibank NA	USD/EUR		12/19/12		1,817,367		6,392
	USD/JPY		12/19/12		8,995,473		47,030
Deutsche Bank AG (London)	NZD/USD		12/19/12		2,345,536		90,074
HSBC Bank PLC	GBP/EUR		12/19/12		1,773,637		30,255
	NOK/USD		12/19/12		3,216,112		8,112
	SEK/EUR		12/19/12		3,578,143		74,366
JPMorgan Securities, Inc.	EUR/USD		12/19/12		914,471		317
Morgan Stanley & Co.	USD/EUR		12/19/12		904,182		6,526
Royal Bank of Canada	USD/AUD		12/19/12		3,837,640		28,882
	USD/CAD		12/19/12		4,541,427		15,573
Standard Chartered Bank	USD/EUR		12/19/12		5,461,105		25,686
UBS AG (London)	JPY/USD		12/19/12		922,462		12,962
	USD/CHF		12/19/12		3,200,687		15,313
Westpac Banking Corp.	USD/AUD		12/19/12		4,473,994		33,363
TOTAL						$	438,755

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
Barclays Bank PLC	GBP/USD		12/19/12	$	573,932	$	(2,546	)
	USD/GBP		12/19/12		1,827,542		(5,037	)
	USD/NZD		12/19/12		358,577		(12,589	)
Citibank NA	DKK/EUR		12/19/12		1,837,123		(1,366	)
	JPY/USD		12/19/12		911,503		(1,497	)
Credit Suisse International (London)	EUR/USD		12/19/12		1,790,357		(29,497	)
	USD/CHF		12/19/12		5,236,763		(61,927	)
	USD/JPY		12/19/12		1,828,926		(10,926	)
Deutsche Bank AG (London)	EUR/USD		12/19/12		12,885,663		(41,213	)
	JPY/USD		12/19/12		2,718,587		(9,413	)
	USD/GBP		12/19/12		1,827,542		(5,163	)
HSBC Bank PLC	EUR/SEK		12/19/12		3,679,835		(25,808	)
	USD/NOK		12/19/12		3,606,861		(21,727	)
	USD/SEK		12/19/12		4,655,504		(45,353	)
JPMorgan Securities, Inc.	USD/EUR		10/12/12		7,929,323		(185,669	)
Royal Bank of Canada	USD/CAD		12/19/12		1,831,798		(798	)
	USD/GBP		12/19/12		6,962,205		(16,685	)
Royal Bank of Scotland PLC	EUR/SEK		12/19/12		1,840,099		(16,300	)
	USD/GBP		12/19/12		1,859,830		(33,380	)
	USD/JPY		12/19/12		2,734,873		(6,873	)
Standard Chartered Bank	EUR/CHF		12/19/12		5,419,371		(21,288	)
	GBP/USD		12/19/12		3,614,722		(16,085	)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
State Street Bank	GBP/USD		12/19/12	$	2,711,370	$	(15,156	)
	USD/GBP		12/19/12		1,147,864		(225	)
UBS AG (London)	CHF/USD		12/19/12		3,154,032		(40,968	)
	EUR/CHF		12/19/12		3,635,916		(8,899	)
	EUR/SEK		12/19/12		3,651,536		(57,960	)
Westpac Banking Corp.	AUD/USD		12/19/12		1,794,542		(9,874	)
	USD/AUD		12/19/12		5,490,764		(54,141	)
TOTAL						$	(758,363	)

FORWARD SALES CONTRACTS — At September 30, 2012, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(e)	Settlement Date		Principal Amount			Value
FNMA		4.500	%	TBA-30yr		10/11/2012	$	(26,000,000	)	$	(28,149,061	)
FNMA		4.500		TBA-30yr		11/14/2012		(12,000,000	)		(12,984,844	)
FNMA		5.000		TBA-30yr		11/10/2012		(14,000,000	)		(15,273,125	)
TOTAL (Proceeds Receivable: $56,405,742)										$	(56,407,030	)

FUTURES CONTRACTS — At September 30, 2012, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Eurodollars		(75	)	December 2012	$	(18,690,000	)	$	(84,544	)
Eurodollars		(75	)	March 2013		(18,689,063	)		(81,731	)
Eurodollars		153		September 2014		38,064,488			291,651
Eurodollars		(153	)	September 2015		(37,955,475	)		(474,109	)
Ultra Long U.S. Treasury Bonds		(30	)	December 2012		(4,956,563	)		(127,441	)
2 Year U.S. Treasury Notes		(1	)	December 2012		(220,531	)		(91	)
5 Year U.S. Treasury Notes		2,389		December 2012		297,747,790			788,157
10 Year U.S. Treasury Notes		834		December 2012		111,325,969			583,870
30 Year U.S. Treasury Bonds		(78	)	December 2012		(11,651,250	)		138,779
TOTAL								$	1,034,541

SWAP CONTRACTS — At September 30, 2012, the Fund had the following swap contracts:

INTEREST RATE SWAP CONTRACTS


					Rates Exchanged		Market Value
Counterparty	Notional Amount (000s)^(a)		Termination Date		Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
Bank of America Securities LLC	$	18,100		02/28/17	3 month LIBOR	0.750%	$	(20,374)		$	(38,238	)
		2,100		07/23/24	2.150%	3 month LIBOR		—			(20,113	)
Barclays Bank PLC		49,300		02/28/17	3 month LIBOR	0.750		(92,504	)		(67,139	)
		1,600		07/21/24	2.160	3 month LIBOR		—			(13,682	)


The accompanying notes are an integral part of these financial statements.		39

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

INTEREST RATE SWAP CONTRACTS (continued)


					Rates Exchanged		Market Value
Counterparty	Notional Amount (000s)^(a)		Termination Date		Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
Citibank NA	$	17,300		02/28/17	3 month LIBOR	0.750%	$	(17,003	)	$	(39,017	)
		5,500		12/19/17	3 month LIBOR	1.250		(19,620	)		(92,319	)
		14,300		12/19/19	3 month LIBOR	1.750		(207,356	)		(265,069	)
Credit Suisse First Boston Corp.		27,700		02/28/17	3 month LIBOR	0.750		(34,095	)		(55,603	)
		45,500		12/19/19	3 month LIBOR	1.750		(634,603	)		(868,566	)
		17,000		12/19/42	3 month LIBOR	2.500		(26,574	)		512,476
Deutsche Bank Securities, Inc.		23,600		02/28/17	3 month LIBOR	0.750		(61,838	)		(14,584	)
		16,600		10/02/18	1.775%	3 month LIBOR		—			—
		4,800		04/02/23	3 month LIBOR	1.820		—			—
		2,100		07/22/24	2.130	3 month LIBOR		—			(23,773	)
		3,300		07/28/24	2.060	3 month LIBOR		—			(59,880	)
JPMorgan Securities, Inc.		10,500		02/28/17	3 month LIBOR	0.750		(17,130	)		(16,871	)
Morgan Stanley Capital Services, Inc.		31,900		02/28/17	3 month LIBOR	0.750		(70,962	)		(32,336	)
		9,000		09/28/18	1.760	3 month LIBOR		—			(10,987	)
		2,600		03/28/23	3 month LIBOR	1.813		—			8,595
TOTAL							$	(1,202,059	)	$	(1,097,106	)

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2012.

CREDIT DEFAULT SWAP CONTRACTS


												Market Value
Counterparty	Referenced Obligation	Notional Amount (000s)		Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2012^(b)			Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Purchased:
Bank of America Securities LLC	CDX North America Investment Grade Index 16	$	7,350		(1.000	)%		06/20/14		0.322	%	$	(46,448	)	$	(42,258	)
Deutsche Bank Securities, Inc.	CDX North America Investment Grade Index 16		15,400		(1.000	)		06/20/14		0.322			(102,967	)		(82,892	)
JPMorgan Securities, Inc.	CDX North America Investment Grade Index 16		41,100		(1.000	)		06/20/14		0.322			(285,326	)		(210,700	)
Morgan Stanley Capital Services, Inc.	CDX North America Investment Grade Index 16		13,775		(1.000	)		06/20/14		0.322			(81,133	)		(85,114	)
Protection Sold:
Bank of America Securities LLC	CDX North America Investment Grade Index 16		24,250		1.000			06/20/16		0.722			25,743			228,415
Barclays Bank PLC	iTraxx SovX Western Europe Index 7		520		1.000			06/20/17		1.835			(45,732	)		26,761
Credit Suisse First Boston Corp.	Prudential Financial, Inc. 4.500%, 7/15/13		1,150		1.000			06/20/15		1.185			(31,754	)		26,383
Deutsche Bank Securities, Inc.	MetLife, Inc. 5.000%, 6/15/15		4,200		1.000			03/20/15		1.198			(113,207	)		94,085
	iTraxx SovX Western Europe Index 7		1,600		1.000			06/20/17		1.835			(120,819	)		62,446


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

GOLDMAN SACHS CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CREDIT DEFAULT SWAP CONTRACTS (continued)


												Market Value
Counterparty	Referenced Obligation	Notional Amount (000s)		Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2012^(b)			Upfront Payments Made (Received)			Unrealized Gain (Loss)
JPMorgan Securities, Inc.	Prudential Financial, Inc. 4.500%, 7/15/13	$	975		1.000	%		06/20/15		1.185	%	$	(32,504	)	$	27,950
Morgan Stanley Capital Services, Inc.	CDX North America Investment Grade Index 16		27,925		1.000			06/20/16		0.722			28,337			264,338
TOTAL												$	(805,810	)	$	309,414

(b)

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

WRITTEN OPTIONS CONTRACTS

INTEREST RATE SWAPTION CONTRACTS — At September 30, 2012, the Fund had the following written swaptions:


Counterparty	Description	Notional Amount (000s)		Expiration Date		Strike Price			Market Value			Premiums Received
Bank of America NA	Put – OTC – 10 year Interest Rate Swap for the obligation to pay a fixed rate of 1.640% versus the 3 month LIBOR maturing on July 23, 2024	$	7,600		7/21/14		1.640	%	$	(118,211	)	$	(169,480	)
Barclays Bank PLC	Put – OTC – 10 year Interest Rate Swap for the obligation to pay a fixed rate of 1.650% versus the 3 month LIBOR maturing on July 21, 2024		5,700		7/17/14		1.650			(90,128	)		(128,250	)
Deutsche Bank Securities, Inc.	Put – OTC – 10 year Interest Rate Swap for the obligation to pay a fixed rate of 1.620% versus the 3 month LIBOR maturing on July 22, 2024		7,600		7/18/14		1.620			(114,000	)		(171,000	)
	Put – OTC – 10 year Interest Rate Swap for the obligation to pay a fixed rate of 1.550% versus the 3 month LIBOR maturing on July 28, 2024		9,200		7/24/14		1.550			(120,017	)		(198,720	)
TOTAL		$	30,100						$	(442,356	)	$	(667,450	)


The accompanying notes are an integral part of these financial statements.		41

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

INTEREST RATE SWAPTION CONTRACTS (continued)

For the six months ended September 30, 2012, the Fund had the following written swaptions activity:


	Notional Amount (000s)		Premiums Received
Contracts Outstanding March 31, 2012	$	—	$	—
Contracts Written		30,100		667,450
Contracts Outstanding September 30, 2012	$	30,100	$	667,450


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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	Corporate Obligations – 27.2%
	Automotive – 0.4%
	Ford Motor Credit Co. LLC
$	1,125,000		8.000	%		12/15/16	$	1,355,625

	Banks – 7.3%
	Abbey National Treasury Services PLC
GBP	200,000		2.300	^(a)		02/16/15		327,156
$	925,000		4.000			04/27/16		961,494
	ANZ Capital Trust II^(b)(c)
	1,100,000		5.360			07/29/49		1,119,250
	Bank of America Corp.
	475,000		6.000			09/01/17		547,169
	325,000		5.650			05/01/18		371,108
	725,000		5.700			01/24/22		842,177
	Bank of America N.A.
	1,575,000		6.100			06/15/17		1,807,781
	Bank of Scotland PLC^(c)
	1,000,000		5.250			02/21/17		1,135,379
	BB&T Corp.^(b)
	475,000		1.600			08/15/17		483,273
	Citigroup, Inc.
	350,000		6.375			08/12/14		380,967
	925,000		5.000			09/15/14		974,482
	275,000		4.450			01/10/17		301,751
	305,000		6.125			11/21/17		357,507
	350,000		4.500			01/14/22		380,776
	Discover Bank
	400,000		8.700			11/18/19		513,606
	Fifth Third Bancorp
	300,000		3.625			01/25/16		323,272
	Fifth Third Bank^(a)
	450,000		0.545			05/17/13		449,415
	HSBC Holdings PLC
	1,000,000		6.800			06/01/38		1,215,076
	ING Bank NV^(c)
	1,100,000		2.000			09/25/15		1,101,644
	JPMorgan Chase & Co.
	575,000		4.350			08/15/21		627,665
	Mizuho Corporate Bank Ltd.^(c)
	675,000		2.550			03/17/17		705,374
	MUFG Capital Finance 1 Ltd.^(a)(b)
	450,000		6.346			07/29/49		490,360
	Nordea Bank AB^(c)
	700,000		4.250			09/21/22		695,663
	Northern Rock Asset Management PLC^(c)
	600,000		5.625			06/22/17		674,220
	Regions Bank
	600,000		7.500			05/15/18		705,000
	Regions Financial Corp.
	325,000		5.750			06/15/15		347,750
	Resona Preferred Global Securities Ltd.^(a)(b)(c)
	550,000		7.191			07/30/49		591,920
	Royal Bank of Scotland PLC
	675,000		2.550			09/18/15		683,489
	Santander Holdings USA, Inc.
	270,000		4.625			04/19/16		281,791


	Corporate Obligations – (continued)
	Banks – (continued)
	Sparebank 1 Boligkreditt AS^(c)
$	1,500,000		2.300	%		06/30/17	$	1,565,550
	Stadshypotek AB^(c)
	1,400,000		1.875			10/02/19		1,399,580
	Standard Chartered PLC^(c)
	425,000		5.500			11/18/14		458,745
	Swedbank Hypotek AB^(a)(c)
	400,000		0.812			03/28/14		399,398
	The Bear Stearns Cos. LLC
	750,000		7.250			02/01/18		936,137
	UBS AG
	250,000		7.625			08/17/22		257,973
	Union Bank NA
	1,075,000		2.125			06/16/17		1,098,988

								25,512,886

	Brokerage^(b) – 0.8%
	Morgan Stanley, Inc.
	875,000		6.250			08/28/17		989,763
	525,000		6.625			04/01/18		597,140
	525,000		7.300			05/13/19		616,884
	450,000		5.500			07/28/21		487,979

								2,691,766

	Chemicals^(b) – 0.7%
	CF Industries, Inc.
	275,000		7.125			05/01/20		344,258
	Eastman Chemical Co.
	850,000		2.400			06/01/17		889,028
	Ecolab, Inc.
	425,000		3.000			12/08/16		452,897
	300,000		4.350			12/08/21		337,740
	The Dow Chemical Co.
	500,000		7.600			05/15/14		552,189

								2,576,112

	Construction Machinery^(b) – 0.2%
	Case New Holland, Inc.
	750,000		7.750			09/01/13		786,563

	Consumer Cyclical Services^(b) – 0.2%
	Lender Process Services, Inc.
	350,000		5.750			04/15/23		350,000
	UR Merger Sub Corp.
	250,000		8.250			02/01/21		274,688

								624,688

	Defense^(b) – 0.2%
	L-3 Communications Corp.
	100,000		6.375			10/15/15		101,250
	United Technologies Corp.
	650,000		3.100			06/01/22		688,582

								789,832

	Diversified Manufacturing^(b) – 0.2%
	Xylem, Inc.
	550,000		3.550			09/20/16		583,877


The accompanying notes are an integral part of these financial statements.		43

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	Corporate Obligations – (continued)
	Electric^(b) – 0.6%
	Arizona Public Service Co.
$	375,000		8.750	%		03/01/19	$	499,790
	Ipalco Enterprises, Inc.
	300,000		5.000			05/01/18		315,000
	Nevada Power Co.
	225,000		7.125			03/15/19		287,639
	PPL WEM Holdings PLC^(c)
	505,000		5.375			05/01/21		563,251
	Puget Sound Energy, Inc.^(a)
	250,000		6.974			06/01/67		267,500

								1,933,180

	Energy – 3.3%
	Anadarko Petroleum Corp.^(b)
	400,000		8.700			03/15/19		537,337
	BP Capital Markets PLC
	325,000		3.200			03/11/16		347,316
	1,000,000		4.500	^(b)		10/01/20		1,154,563
	675,000		3.245	^(b)		05/06/22		707,785
	Gaz Capital SA for Gazprom
	870,000		9.250			04/23/19		1,131,000
	Newfield Exploration Co.^(b)
	500,000		7.125			05/15/18		530,000
	200,000		5.750			01/30/22		222,500
	Nexen, Inc.^(b)
	325,000		6.400			05/15/37		412,777
	375,000		7.500			07/30/39		535,532
	Petrobras International Finance Co.^(b)
	60,000		5.750			01/20/20		68,099
	450,000		5.375			01/27/21		507,203
	Petroleos Mexicanos^(b)
	270,000		5.500			01/21/21		315,900
	Plains Exploration & Production Co.^(b)
	100,000		6.125			06/15/19		101,000
	PTTEP Canada International Finance Ltd.^(c)
	460,000		5.692			04/05/21		530,443
	Range Resources Corp.^(b)
	50,000		7.500			10/01/17		51,937
	150,000		7.250			05/01/18		158,250
	Rowan Cos., Inc.^(b)
	725,000		4.875			06/01/22		777,938
	TNK-BP Finance SA
	280,000		7.500			07/18/16		324,100
	Transocean, Inc.^(b)
	250,000		6.000			03/15/18		291,166
	1,600,000		6.500			11/15/20		1,907,054
	300,000		6.375			12/15/21		359,055
	Weatherford International Ltd.^(b)
	400,000		9.625			03/01/19		522,561

								11,493,516

	Food & Beverage – 2.0%
	Anheuser-Busch InBev Worldwide, Inc.^(b)
	725,000		1.375			07/15/17		731,544
	Constellation Brands, Inc.^(b)
	900,000		6.000			05/01/22		1,026,000


	Corporate Obligations – (continued)
	Food & Beverage – (continued)
	Ingredion, Inc.^(b)
$	375,000		1.800	%		09/25/17	$	375,881
	Kraft Foods Group, Inc.^(c)
	400,000		2.250			06/05/17		413,858
	200,000		3.500			06/06/22		210,789
	Mondelez International, Inc.
	275,000		5.375			02/10/20		332,187
	625,000		6.500			02/09/40		849,425
	Pernod-Ricard SA^(b)(c)
	550,000		2.950			01/15/17		568,843
	800,000		4.450			01/15/22		881,963
	SABMiller Holdings, Inc.^(b)(c)
	600,000		2.450			01/15/17		627,576
	1,075,000		3.750			01/15/22		1,167,382

								7,185,448

	Food & Drug Retailers^(b) – 0.3%
	CVS Caremark Corp.
	300,000		5.750			06/01/17		359,793
	Walgreen Co.
	450,000		1.800			09/15/17		456,844
	375,000		3.100			09/15/22		382,817

								1,199,454

	Health Care – Services^(b) – 0.5%
	Cigna Corp.
	375,000		2.750			11/15/16		395,507
	Express Scripts Holding Co.^(c)
	400,000		2.650			02/15/17		416,278
	525,000		3.900			02/15/22		570,596
	HCA, Inc.
	250,000		7.875			02/15/20		280,937

								1,663,318

	Home Construction^(b) – 0.3%
	D.R. Horton, Inc.
	900,000		4.375			09/15/22		896,625

	Life Insurance – 0.8%
	American International Group, Inc.^(b)
	600,000		4.875			06/01/22		676,697
	MetLife Capital Trust X^(b)(c)
	400,000		9.250			04/08/38		528,000
	Prudential Financial, Inc.
	850,000		3.875			01/14/15		901,907
	The Northwestern Mutual Life Insurance Co.^(b)(c)
	650,000		6.063			03/30/40		831,760

								2,938,364

	Media – Cable^(b) – 0.5%
	CCO Holdings LLC/CCO Holdings Capital Corp.
	900,000		5.250			09/30/22		902,250
	DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
	400,000		5.875			10/01/19		471,080
	DISH DBS Corp.
	125,000		7.125			02/01/16		138,125


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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

	Corporate Obligations – (continued)
	Media – Cable^(b) – (continued)
	Virgin Media Finance PLC
$	207,000		9.500	%		08/15/16	$	228,735

								1,740,190

	Media – Non Cable^(b) – 1.4%
	NBCUniversal Media LLC
	1,375,000		4.375			04/01/21		1,555,820
	News America, Inc.
	675,000		6.150			02/15/41		832,087
	Nielsen Finance LLC/Nielson Finance Co.
	624,000		11.500			05/01/16		696,540
	900,000		4.500	^(c)		10/01/20		893,250
	SGS International, Inc.
	155,000		12.000			12/15/13		156,550
	WPP Finance UK
	551,000		8.000			09/15/14		617,028

								4,751,275

	Metals & Mining^(b)(c) – 0.2%
	Newcrest Finance Pty Ltd.
	675,000		4.450			11/15/21		692,018

	Noncaptive – Financial – 0.7%
	Blackstone Holdings Finance Co. LLC^(b)(c)
	250,000		4.750			02/15/23		260,659
	225,000		6.250			08/15/42		238,742
	Capital One Capital III^(b)
	500,000		7.686			08/15/36		505,000
	GE Capital Trust I^(a)(b)
	458,000		6.375			11/15/67		482,045
	General Electric Capital Corp.
	275,000		5.875			01/14/38		326,497
	GEO Maquinaria^(b)(c)
	225,688		9.625			05/02/21		207,474
	International Lease Finance Corp.
	375,000		8.250			12/15/20		444,375

								2,464,792

	Pharmaceuticals^(b) – 0.1%
	Watson Pharmaceuticals, Inc.
	425,000		3.250			10/01/22		430,890

	Pipelines – 1.9%
	Boardwalk Pipelines LP^(b)
	575,000		5.875			11/15/16		649,036
	El Paso LLC^(b)
	500		7.750			01/15/32		600
	El Paso Pipeline Partners Operating Co. LLC^(b)
	700,000		6.500			04/01/20		822,500
	Enterprise Products Operating LLC^(b)
	450,000		5.250			01/31/20		524,606
	500,000		8.375	^(a)		08/01/66		562,500
	350,000		7.034	^(a)		01/15/68		392,875
	ONEOK Partners LP^(b)
	700,000		3.375			10/01/22		706,934
	Southern Star Central Gas Pipeline, Inc.^(b)(c)
	300,000		6.000			06/01/16		330,546


	Corporate Obligations – (continued)
	Pipelines – (continued)
	Southern Union Co.^(a)(b)
$	1,075,000		3.462	%		11/01/66	$	860,000
	Tennessee Gas Pipeline Co. LLC
	325,000		7.625			04/01/37		452,676
	TransCanada PipeLines Ltd.^(a)(b)
	875,000		6.350			05/15/67		931,875
	Western Gas Partners LP^(b)
	425,000		4.000			07/01/22		442,863

								6,677,011

	Property/Casualty Insurance^(b) – 0.3%
	Mitsui Sumitomo Insurance Co. Ltd.^(a)(c)
	300,000		7.000			03/15/72		330,785
	QBE Capital Funding III Ltd.^(a)(c)
	525,000		7.250			05/24/41		531,563
	Transatlantic Holdings, Inc.
	275,000		8.000			11/30/39		343,344

								1,205,692

	Real Estate Investment Trust^(b) – 1.7%
	Developers Diversified Realty Corp.
	65,000		9.625			03/15/16		80,356
	755,000		7.500			04/01/17		896,550
	Duke Realty LP
	575,000		4.375			06/15/22		603,948
	HCP, Inc.
	525,000		6.000			01/30/17		608,596
	Healthcare Realty Trust, Inc.
	550,000		6.500			01/17/17		627,878
	Liberty Property LP
	775,000		4.750			10/01/20		839,961
	ProLogis LP
	275,000		6.125			12/01/16		316,195
	325,000		1.875	^(d)		01/15/13		325,546
	Simon Property Group LP
	625,000		10.350			04/01/19		897,305
	WEA Finance LLC/WT Finance Australia Property Ltd.^(c)
	150,000		7.500			06/02/14		165,281
	700,000		3.375			10/03/22		695,885

								6,057,501

	Schools^(b) – 0.3%
	Rensselaer Polytechnic Institute
	850,000		5.600			09/01/20		992,851

	Technology^(b) – 0.8%
	Fidelity National Information Services, Inc.
	425,000		7.875			07/15/20		473,875
	Hewlett-Packard Co.
	525,000		3.000			09/15/16		541,419
	375,000		2.600			09/15/17		377,075
	400,000		4.300			06/01/21		407,000
	Tech Data Corp.
	1,025,000		3.750			09/21/17		1,032,841

								2,832,210


The accompanying notes are an integral part of these financial statements.		45

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	Corporate Obligations – (continued)
	Tobacco – 0.1%
	Altria Group, Inc.
$	102,000		9.700	%		11/10/18	$	145,638
	275,000		2.850			08/09/22		271,779

								417,417

	Transportation^(b) – 0.1%
	Canadian Pacific Railway Ltd.
	255,000		4.500			01/15/22		281,497

	Wireless Telecommunications – 0.5%
	Cellco Partnership/Verizon Wireless Capital LLC^(b)
	150,000		8.500			11/15/18		209,802
	Digicel Ltd.^(b)(c)
	250,000		8.250			09/01/17		268,750
	Sprint Nextel Corp.^(b)
	900,000		7.000			08/15/20		936,000
	VimpelCom Holdings BV^(c)
	200,000		7.504			03/01/22		208,500
	VIP Finance Ireland Ltd. for OJSC Vimpel Communications^(c)
	230,000		6.493			02/02/16		240,925

								1,863,977

	Wirelines Telecommunications – 0.8%
	AT&T, Inc.^(b)
	725,000		2.950			05/15/16		775,687
	450,000		6.400			05/15/38		598,213
	Frontier Communications Corp.^(b)
	625,000		6.250			01/15/13		632,031
	MTS International Funding Ltd.
	100,000		8.625			06/22/20		120,500
	Telefonica Emisiones SAU^(b)
	175,000		5.462			02/16/21		171,063
	Verizon Communications, Inc.^(b)
	200,000		6.400			02/15/38		271,250
	150,000		8.950			03/01/39		257,288

								2,826,032

	TOTAL CORPORATE OBLIGATIONS
	(Cost $89,220,649)						$	95,464,607


	Mortgage-Backed Obligations – 40.4%
	Adjustable Rate Non-Agency^(a) – 2.8%
	Banc of America Funding Corp. Series 2007-E, Class 4A1
$	847,080		3.085	%		07/20/47	$	636,822
	Countrywide Alternative Loan Trust Series 2005-38, Class A3
	239,981		0.567			09/25/35		160,873
	Countrywide Alternative Loan Trust Series 2007-OA6, Class A1A
	2,513,916		0.357			06/25/37		1,768,481
	Downey Savings & Loan Association Mortgage Loan Trust Series 2006-AR1, Class 2A1A
	1,931,615		1.088			04/19/47		1,342,701
	Harborview Mortgage Loan Trust Series 2006-10, Class 2A1A
	465,337		0.399			11/19/36		319,197


	Mortgage-Backed Obligations – (continued)
	Adjustable Rate Non-Agency^(a) – (continued)
	Indymac Index Mortgage Loan Trust Series 2005-AR13, Class 4A1
$	307,938		2.626	%		08/25/35	$	229,575
	Lanark Master Issuer PLC Series 2012-2A, Class 1A^(c)
	1,200,000		1.834			12/22/54		1,225,564
	Lehman XS Trust Series 2007-4N, Class 1A1
	545,930		0.347			03/25/47		424,465
	Master Adjustable Rate Mortgages Trust Series 2006-A2, Class 4A1B
	537,213		1.348			12/25/46		181,215
	Residential Funding Mortgage Securities I Series 2005-SA4, Class 2A2
	361,138		3.237			09/25/35		311,861
	Residential Funding Mortgage Securities I Series 2007-SA2, Class 2A1
	745,292		3.308			04/25/37		545,539
	Structured Adjustable Rate Mortgage Loan Trust Series 2005-22, Class 1A4
	2,817,754		2.666			12/25/35		1,566,586
	Structured Adjustable Rate Mortgage Loan Trust Series 2006-1, Class 5A2
	1,000,000		2.756			02/25/36		731,937
	Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR02, Class 1A1
	384,749		2.472			03/25/36		293,537

								9,738,353

	Collateralized Mortgage Obligations – 6.4%
	Planned Amortization Class – 0.9%
	FHLMC REMIC Series 3820, Class DA
	2,658,291		4.000			11/15/35		2,896,592
	FNMA REMIC Series 2005-70, Class PA
	256,872		5.500			08/25/35		289,727

								3,186,319

	Sequential Fixed Rate – 3.8%
	Countrywide Alternative Loan Trust Series 2005-1CB, Class 2A1
	497,135		6.000			03/25/35		427,283
	FHLMC Multifamily Structured Pass-Through Certificates Series K005, Class A2
	1,500,000		4.317			11/25/19		1,756,356
	FHLMC Multifamily Structured Pass-Through Certificates Series K020, Class A2
	800,000		2.373			05/25/22		816,137
	FHLMC Multifamily Structured Pass-Through Certificates Series K703, Class A2
	1,300,000		2.699			05/25/18		1,403,381
	FHLMC Multifamily Structured Pass-Through Certificates Series K705, Class A2
	1,000,000		2.303			09/25/18		1,061,741
	FHLMC Multifamily Structured Pass-Through Certificates Series K706, Class A2
	2,200,000		2.323			10/25/18		2,328,719


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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

	Mortgage-Backed Obligations – (continued)
	Sequential Fixed Rate – (continued)
	FHLMC Multifamily Structured Pass-Through Certificates Series K709, Class A2
$	800,000		2.086	%		03/25/19	$	834,396
	FHLMC Multifamily Structured Pass-Through Certificates Series K710, Class A2
	2,200,000		1.883			05/25/19		2,265,706
	First Horizon Alternative Mortgage Securities Series 2006-FA8, Class 1A7
	525,592		6.000			02/25/37		392,877
	NCUA Guaranteed Notes Series 2010-C1, Class APT
	1,222,718		2.650			10/29/20		1,296,415
	NCUA Guaranteed Notes Series A4
	600,000		3.000			06/12/19		648,066

								13,231,077

	Sequential Floating Rate^(a) – 1.7%
	Countrywide Alternative Loan Trust Series 2006-0C8, Class 2A3
	5,519,654		0.467			11/25/36		848,086
	Deutsche Alt-A Securities, Inc. Alternative Loan Trust Series 2006-AR3, Class A6
	5,759,855		0.497			08/25/36		1,701,470
	Deutsche Alt-A Securities, Inc. Alternative Loan Trust Series 2007-BAR1, Class A3
	4,000,000		0.377			03/25/37		1,761,051
	FHLMC REMIC Series 3582, Class SL
	1,790,289		5.929			10/15/39		324,298
	FNMA REMIC Series 2009-12, Class AI
	2,374,313		6.284			08/25/37		472,289
	FNMA REMIC Series 2010-126, Class LS
	2,631,931		4.770			11/25/40		163,180
	FNMA REMIC Series 2011-63, Class FG
	816,796		0.667			07/25/41		820,355

								6,090,729

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	22,508,125

	Commercial Mortgage-Backed Securities – 1.8%
	Sequential Fixed Rate – 1.4%
	Commercial Mortgage Pass-Through Certificates Series 2006-C8, Class AM
$	100,000		5.347	%		12/10/46	$	106,038
	Commercial Mortgage Pass-Through Certificates Series 2012-LC4, Class AM
	325,000		4.063			12/10/44		347,023
	FNMA ACES Series 2012-M13, Class A2
	2,300,000		2.377			05/25/22		2,342,890
	FNMA ACES Series 2012-M8, Class A2
	400,000		2.349			05/25/22		408,240
	FNMA ACES Series 2012-M8, Class ASQ2
	400,000		1.520			12/25/19		409,877
	FNMA ACES Series 2012-M8, Class ASQ3
	400,000		1.801			12/25/19		410,174
	FNMA ACES Series 2012-M9, Class A2
	750,000		2.482			04/25/22		767,938

								4,792,180


	Mortgage-Backed Obligations – (continued)
	Sequential Floating Rate^(a) – 0.4%
	Banc of America Commercial Mortgage, Inc. Series 2007-2, Class AM
$	225,000		5.813	%		04/10/49	$	242,820
	Bear Stearns Commercial Mortgage Securities Series 2007-PW16, Class AM
	225,000		5.906			06/11/40		246,515
	Commercial Mortgage Pass-Through Certificates Series 2012-LC4, Class B
	225,000		4.934			12/10/44		248,874
	Commercial Mortgage Pass-Through Certificates Series 2012-LC4, Class C
	150,000		5.825			12/10/44		159,317
	FREMF Mortgage Trust Series 2012-K17, Class B^(c)
	275,000		4.499			12/25/44		289,992
	FREMF Mortgage Trust Series 2012-K707, Class C^(c)
	200,000		4.018			01/25/47		190,413
	Morgan Stanley Capital I, Inc. Series 2007-HQ11, Class AM
	50,000		5.478			02/12/44		53,693
	Morgan Stanley Capital I, Inc. Series 2007-HQ13, Class AM
	50,000		5.931			12/15/44		47,790

								1,479,414

	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	6,271,594

	Federal Agencies – 29.4%
	Adjustable Rate FHLMC^(a) – 0.1%
$	184,205		2.530	%		09/01/35	$	195,602

	FHLMC – 0.5%
	62,443		5.000			05/01/18		67,823
	159,053		6.500			08/01/37		178,785
	8,978		6.000			09/01/37		9,989
	365,462		6.500			10/01/37		411,487
	10,787		6.000			02/01/38		12,011
	62,703		6.000			07/01/38		69,946
	197,521		6.500			09/01/38		220,770
	12,116		6.000			10/01/38		13,548
	21,661		4.500			03/01/41		23,334
	932,472		4.000			11/01/41		1,012,038

								2,019,731

	FNMA – 28.7%
	971,920		3.070			12/01/17		1,045,961
	777,000		2.800			03/01/18		836,568
	1,866,520		3.740			05/01/18		2,098,633
	630,000		3.840			05/01/18		706,784
	6,489		6.000			12/01/18		7,166
	1,600,000		4.506			06/01/19		1,853,846
	390,827		3.416			10/01/20		433,909
	293,332		3.632			12/01/20		326,245
	1,861,496		3.763			12/01/20		2,103,793
	1,099,089		4.375			06/01/21		1,280,197
	78,670		6.000			06/01/21		85,902
	151,139		5.000			08/01/23		164,847
	85,212		5.500			09/01/23		92,682
	40,941		5.500			10/01/23		44,635


The accompanying notes are an integral part of these financial statements.		47

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date			Value

	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	344,817		5.000	%		02/01/24		$	374,074
	2,020,533		5.500			05/01/25			2,192,969
	586,335		4.000			10/01/31			634,568
	70		6.000			03/01/32			78
	218,683		6.000			12/01/32			244,104
	2,546		6.000			05/01/33			2,843
	12,206		5.000			08/01/33			13,431
	2,423		5.500			09/01/33			2,685
	1,126		6.000			12/01/33			1,265
	3,151		5.500			02/01/34			3,490
	37,999		6.000			02/01/34			42,430
	527		5.500			04/01/34			585
	27,881		5.500			12/01/34			30,808
	212,432		5.000			04/01/35			232,526
	951		6.000			04/01/35			1,056
	809,304		5.000			05/01/35			881,261
	4,328		5.500			09/01/35			4,772
	3,142		6.000			02/01/36			3,490
	18,596		6.000			03/01/36			20,702
	26,446		6.000			04/01/36			29,447
	167,297		5.000			06/01/36			181,984
	2,699		6.000			06/01/36			2,998
	161,245		5.000			12/01/36			175,582
	48,484		6.000			01/01/37			53,419
	378		5.500			02/01/37			416
	52,519		5.000			03/01/37			57,087
	534		5.500			04/01/37			588
	8,225,087		5.000			05/01/37			8,940,538
	729		5.500			05/01/37			801
	23,779		5.000			08/01/37			25,847
	31,245		6.000			12/01/37			34,937
	957,220		5.000			01/01/38			1,040,831
	9,952,738		5.000			02/01/38			10,837,629
	851,720		5.000			03/01/38			925,619
	965		5.500			03/01/38			1,061
	807,328		5.000			04/01/38			877,340
	16,586		6.000			05/01/38			18,590
	781		5.500			06/01/38			859
	14,128		6.000			06/01/38			15,834
	1,074		5.500			07/01/38			1,180
	34,720		6.000			07/01/38			38,996
	907		5.500			08/01/38			998
	13,557		6.000			08/01/38			15,227
	577		5.500			09/01/38			635
	6,783		5.000			11/01/38			7,371
	275,346		6.000			11/01/38			303,386
	383		5.500			12/01/38			422
	2,790,129		5.000			01/01/39			3,032,107
	49,872		4.500			04/01/39			54,896
	341,052		5.000			04/01/39			372,203
	20,515		4.500			07/01/39			22,152
	58,898		4.500			08/01/39			65,052
	59,975		4.500			11/01/39			66,485
	511,102		4.500			12/01/39			564,508
	3,440,547		4.500			05/01/40			3,722,871
	5,118,148		4.500			08/01/40			5,538,132


	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	664,194		4.000	%		09/01/40		$	716,514
	32,109		4.000			10/01/40			34,550
	235,823		4.500			10/01/40			255,175
	177,972		4.000			11/01/40			191,498
	1,399,993		4.000			12/01/40			1,506,398
	728,395		4.500			12/01/40			788,166
	25,674		4.000			01/01/41			27,626
	25,247		4.000			02/01/41			27,185
	678,753		5.000			02/01/41			744,797
	100,825		4.000			03/01/41			108,564
	733,690		5.000			03/01/41			806,154
	553,235		5.000			05/01/41			603,766
	82,029		5.000			06/01/41			89,522
	49,553		4.000			08/01/41			53,356
	209,507		4.500			08/01/41			227,134
	596,521		4.000			09/01/41			642,300
	54,201		4.500			10/01/41			58,762
	3,853,509		5.000			10/01/41			4,234,103
	282,069		4.000			11/01/41			303,717
	666,685		4.000			12/01/41			717,850
	940,905		4.500			12/01/41			1,020,068
	49,342		4.000			01/01/42			53,453
	4,000,000		2.500			TBA-15yr	^(e)		4,205,000
	5,000,000		3.000			TBA-30yr	^(e)		5,277,734
	9,000,000		5.000			TBA-30yr	^(e)		9,815,352
	14,000,000		6.000			TBA-30yr	^(e)		15,460,157

									100,765,234

	GNMA – 0.1%
	262,667		3.950			07/15/25			288,730
	6,209		5.500			05/15/36			6,887

									295,617

	TOTAL FEDERAL AGENCIES							$	103,276,184

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $136,509,006)							$	141,794,256


	Agency Debentures – 6.3%
	FHLB^(f)
$	2,400,000		4.625	%		09/11/20		$	2,946,764
	FHLMC
	700,000		0.500			10/15/13			701,939
EUR	600,000		4.375			01/15/14			804,790
$	2,300,000		1.000			03/08/17			2,334,785
	100,000		1.000			06/29/17			101,259
	1,000,000		1.000			07/28/17			1,012,302
	1,400,000		1.250			08/01/19			1,401,579
	2,700,000		1.250			10/02/19			2,695,707
	2,000,000		2.375			01/13/22			2,098,904
	FNMA
	300,000		4.125			04/15/14			317,915


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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

	Agency Debentures – (continued)
	FNMA – (continued)
$	2,700,000		0.875	%		08/28/17	$	2,713,597
	5,000,000		0.875			10/26/17		5,019,880

	TOTAL AGENCY DEBENTURES
	(Cost $21,321,012)						$	22,149,421


	Asset-Backed Securities – 7.9%
	Collateralized Loan Obligations – 4.6%
	Black Diamond CLO Ltd. Series 2005-1A, Class A1A^(a)(c)
$	1,213,683		0.629	%		06/20/17	$	1,198,241
	Crown Point CLO Ltd. Series 2012-1A, Class ACOM^(c)
	1,250,000		0.000			11/21/22		1,193,555
	Gleneagles CLO Ltd. Series 2005-1A, Class A1^(a)(c)
	1,849,142		0.720			11/01/17		1,799,336
	Goldentree Loan Opportunities V Ltd. Series 2007-5A, Class A^(a)(c)
	1,200,000		1.150	%		10/18/21		1,179,343
	KKR Financial CLO Ltd. Series 2006-1A, Class A1^(a)(c)
	463,742		0.707			08/25/18		454,553
	KKR Financial CLO Ltd. Series 2007-AA, Class A^(a)(c)
	338,293		1.205			10/15/17		335,900
	Liberty CLO Ltd. Series 2005-1A, Class A1C^(a)(c)
	3,765,344		0.695			11/01/17		3,613,871
	Lightpoint CLO Ltd. Series 2005-3A, Class A1A^(a)(c)
	589,274		0.649			09/15/17		579,291
	Westchester CLO Ltd. Series 2007-1X, Class A1A^(a)
	6,105,837		0.670			08/01/22		5,825,353

								16,179,443

	Home Equity – 0.8%
	ACE Securities Corp. Series 2007-HE4, Class A2A^(a)
	7,059,081		0.347			05/25/37		1,704,482
	Bear Stearns Asset Backed Securities Trust Series 2001-3, Class A2^(a)
	7,141		1.017			10/27/32		6,927
	Bear Stearns Asset Backed Securities Trust Series 2002-2, Class A1^(a)
	5,697		0.877			10/25/32		5,255
	Bear Stearns Asset Backed Securities Trust Series 2005-SD4, Class 2A1^(a)
	842,093		0.617			12/25/42		801,119
	CIT Mortgage Loan Trust Series 2007-1, Class 2A1^(a)(c)
	4,219		1.217			10/25/37		4,217
	CS First Boston Mortgage Securities Corp. Series 2001-HE17, Class A1^(a)
	1,879		0.837			01/25/32		1,526
	First Alliance Mortgage Loan Trust Series 1999-4, Class A2^(a)
	1,034		0.979			03/20/31		715
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
	192,513		7.000			09/25/37		166,680
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
	72,699		7.000			09/25/37		62,856
	Home Equity Asset Trust Series 2002-1, Class A4^(a)
	257		0.817			11/25/32		190


	Asset-Backed Securities – (continued)
	Home Equity – (continued)
	Renaissance Home Equity Loan Trust Series 2003-2, Class A^(a)
$	2,380		0.657	%		08/25/33	$	2,134
	Renaissance Home Equity Loan Trust Series 2003-3, Class A^(a)
	6,196		0.717			12/25/33		5,438

								2,761,539

	Student Loan^(a) – 2.5%
	Brazos Higher Education Authority, Inc. Series 2004-1, Class A-2
	825,863		0.529			06/27/22		824,217
	Brazos Higher Education Authority, Inc. Series 2005-1, Class 1A2
	684,000		0.449			12/26/18		682,564
	Brazos Higher Education Authority, Inc. Series 2005-3, Class A14
	635,806		0.479			09/25/23		634,744
	College Loan Corp. Trust Series 2004-1, Class A4
	750,000		0.641			04/25/24		702,955
	College Loan Corp. Trust Series 2006-1, Class A3
	1,000,000		0.541			10/25/25		969,848
	Education Funding Capital Trust I Series 2004-1, Class A2
	257,054		0.549			12/15/22		256,240
	GCO Education Loan Funding Trust Series 2006-1, Class A11L
	300,000		0.657			05/25/36		259,943
	Northstar Education Finance, Inc. Series 2004-1, Class A4
	1,113,333		0.637			04/29/19		1,109,620
	Northstar Education Finance, Inc. Series 2005-1, Class A1
	105,748		0.547			10/28/26		105,361
	Panhandle-Plains Higher Education Authority, Inc. Series 2010-2, Class A1
	758,679		1.490			10/01/35		771,099
	SLM Student Loan Trust Series 2011-2, Class A2
	325,000		1.417			10/25/34		316,428
	South Carolina Student Loan Corp. Series 2005, Class A1
	831,624		0.518			12/03/18		831,482
	South Carolina Student Loan Corp. Series 2006-1, Class A1
	1,209,558		0.508			12/02/19		1,200,871
	US Education Loan Trust LLC Series 2006-1, Class A2^(c)
	172,764		0.551			03/01/25		171,600

								8,836,972

	TOTAL ASSET-BACKED SECURITIES
	(Cost $27,742,572)						$	27,777,954


	Foreign Debt Obligations – 3.2%
	Sovereign – 2.9%
	Hellenic Republic Government Bond^(g)
EUR	77,000		2.000	%		02/24/23	$	26,152
	77,000		2.000			02/24/24		23,298
	77,000		2.000			02/24/25		22,443
	77,000		2.000			02/24/26		21,252
	77,000		2.000			02/24/27		20,405
	67,000		2.000			02/24/28		16,836
	107,000		2.000			02/24/29		25,767
	107,000		2.000			02/24/30		25,853


The accompanying notes are an integral part of these financial statements.		49

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	Foreign Debt Obligations – (continued)
	Sovereign – (continued)
	Hellenic Republic Government Bond^(g) – (continued)
EUR	97,000		2.000	%		02/24/31	$	23,920
	127,000		2.000			02/24/32		30,672
	67,000		2.000			02/24/33		15,056
	247,000		2.000			02/24/34		54,732
	297,000		2.000			02/24/35		64,164
	187,000		2.000			02/24/36		39,769
	157,000		2.000			02/24/37		35,105
	387,000		2.000			02/24/38		86,481
	317,000		2.000			02/24/39		65,598
	437,000		2.000			02/24/40		95,762
	287,000		2.000			02/24/41		58,819
	137,000		2.000			02/24/42		28,060
	Mexico Cetes^(h)
MXN	17,296,200		0.000			10/18/12		1,341,170
	7,320,000		0.000			03/21/13		556,777
	Republic of Argentina^(a)
$	390,000		0.000			12/15/35		51,285
EUR	5,774,000		0.000			12/15/35		890,385
	Republic of Colombia
$	250,000		6.125			01/18/41		338,750
	Republic of Indonesia
	530,000		8.500			10/12/35		838,063
	Republic of Ivory Coast
	1,320,000		3.750			12/31/32		1,118,975
	Republic of South Africa
ZAR	611,609		7.250			01/15/20		77,027
	3,565,277		6.750			03/31/21		433,942
	7,095,638		10.500			12/21/26		1,080,408
	Republic of Venezuela
$	320,000		12.750			08/23/22		340,800
	370,000		9.000			05/07/23		325,600
	790,000		8.250			10/13/24		649,775
	290,000		7.650			04/21/25		226,925
	30,000		11.750			10/21/26		30,225
	210,000		9.250			05/07/28		184,800
	90,000		11.950			08/05/31		91,800
	Russian Federation^(c)
	200,000		4.500			04/04/22		223,000
	United Mexican States
MXN	6,639,400		7.750			11/13/42		603,417

								10,183,268

	Supranational – 0.3%
	North American Development Bank
$	900,000		4.375			02/11/20		1,016,809

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $10,673,233)						$	11,200,077


	Structured Note^(a) – 0.6%
	Notas do Tesouro Nacional Series B (Issuer HSBC Corp.)
BRL	3,576,357		6.000	%		08/15/40	$	2,243,494
	(Cost $2,141,816)


	Municipal Debt Obligations – 0.6%
	California – 0.3%
	California State GO Bonds Build America Taxable Series 2009
$	210,000		7.550	%		04/01/39	$	284,867
	California State GO Bonds Build America Taxable Series 2010
	625,000		7.950			03/01/36		746,763

								1,031,630

	Illinois – 0.2%
	Illinois State GO Bonds Build America Series 2010
	500,000		7.350			07/01/35		589,025
	Illinois State GO Bonds Taxable-Pension Series 2003
	115,000		5.100			06/01/33		111,453

								700,478

	Ohio – 0.1%
	American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
	250,000		6.270			02/15/50		291,407

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $1,696,749)						$	2,023,515


	Government Guarantee Obligations – 1.1%
	Achmea Hypotheekbank NV^(c)(i)
$	1,095,000		3.200	%		11/03/14	$	1,148,097
	Israel Government AID Bond^(j)
	1,600,000		5.500			09/18/23		2,115,718
	200,000		5.500			12/04/23		264,653
	50,000		5.500			04/26/24		66,374
	40,000		5.500			09/18/33		54,755

	TOTAL GOVERNMENT GUARANTEE OBLIGATIONS
	(Cost $3,496,727)						$	3,649,597


	U.S. Treasury Obligations – 11.7%
	United States Treasury Bonds
$	300,000		5.000	%		05/15/37	$	429,774
	3,200,000		4.375			05/15/41		4,242,496
	975,000		3.125			02/15/42		1,037,693
	1,500,000		3.000			05/15/42		1,556,310
	800,000		2.750			08/15/42		787,128
	United States Treasury Inflation Protected Securities
	239,982		1.625			01/15/15		257,194
	235,584		1.875			07/15/15		259,253
	United States Treasury Notes
	29,000,000		0.125			07/31/14		28,938,810
	3,500,000		1.625			08/15/22		3,495,905

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $40,446,929)						$	41,004,563


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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND


Notional Amount		Exercise Rate			Expiration Date		Value

	Options Purchased – 0.3%
	Interest Rate Swaptions
	Citibank NA Put – OTC – 10 year Interest Rate Swap Strike Price 1.895%
$	14,000,000		1.895	%		02/28/13	$	307,112
	Citibank NA Call – OTC – 10 year Interest Rate Swap Strike Price 1.895%
	14,000,000		1.895			02/28/13		221,550
	Deutsche Bank Securities, Inc. Put – OTC – 10 year Interest Rate Swap Strike Price 2.060%
	14,000,000		2.060			02/19/13		450,746
	Deutsche Bank Securities, Inc. Call – OTC – 10 year Interest Rate Swap Strike Price 2.060%
	14,000,000		2.060			02/19/13		136,199

	TOTAL OPTIONS PURCHASED – 0.3%
	(Cost $1,250,200)						$	1,115,607

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $334,498,893)						$	348,423,091


Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment^(k) – 11.2%
	Repurchase Agreement – 11.2%
	Joint Repurchase Agreement Account II
$	39,200,000		0.245	%		10/01/12	$	39,200,000
	(Cost $39,200,000)

	TOTAL INVESTMENTS – 110.5%
	(Cost $373,698,893)						$	387,623,091

	LIABILITIES IN EXCESS OF OTHER ASSETS – (10.5)%							(36,833,812	)

	NET ASSETS – 100.0%						$	350,789,279


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, 2012.
(b)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(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 $35,828,813, which represents approximately 10.2% of net assets as of September 30, 2012.
(d)		Securities with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect at September 30, 2012.
(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 $34,758,243 which represents approximately 9.9% of net assets as of September 30, 2012.
(f)		A portion of this security is segregated as collateral for initial margin requirements on futures transactions.
(g)		Coupon increases periodically based upon a predetermined schedule. Stated interest rate in effect at September 30, 2012.
(h)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(i)		Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $1,148,097, which represents approximately 0.3% of net assets as of September 30, 2012.
(j)		Guaranteed by United States Government until maturity. Total market value of these securities amounts to $2,501,500, which represents approximately 0.8% of net assets as of September 30, 2012.
(k)		Joint repurchase agreement was entered into on September 28, 2012. Additional information appears on pages 90-91.



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

Investment Abbreviations:
ACES		—Alternative Credit Enhancement Securities
BP		—British Pound Offered Rate
CDOR		—Canadian Dollar Offered Rate
CLO		—Collateralized Loan Obligation
EURO		—Euro Offered Rate
FHLB		—Federal Home Loan Bank
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
FREMF		—Freddie Mac Multi Family
GNMA		—Government National Mortgage Association
GO		—General Obligation
LIBOR		—London Interbank Offered Rate
NCUA		—National Credit Union Administration
OTC		—Over the Counter
RB		—Revenue Bond
REMIC		—Real Estate Mortgage Investment Conduit


The accompanying notes are an integral part of these financial statements.		51

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2012, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Gain
Bank of America N.A.	USD/GBP		12/19/12	$	260,118	$	1,412
	USD/JPY		12/19/12		447,826		1,174
Barclays Bank PLC	CAD/USD		12/19/12		1,008,670		2,731
	JPY/USD		12/19/12		303,011		3,011
	MYR/USD		10/30/12		601,489		2,921
	PLN/EUR		12/19/12		149,196		448
	USD/GBP		12/19/12		94,445		202
	USD/TWD		10/18/12		298,868		132
	USD/ZAR		12/19/12		708,425		4,995
Citibank NA	RUB/USD		10/22/12		151,226		226
	SGD/USD		12/19/12		449,715		715
	USD/EUR		12/19/12		298,393		1,049
	USD/JPY		12/19/12		2,269,943		11,868
Deutsche Bank AG (London)	EUR/HUF		12/19/12		148,242		954
	HUF/PLN		12/19/12		144,429		68
	INR/USD		10/04/12		157,350		8,350
	INR/USD		10/18/12		937,477		10,416
	KRW/USD		10/05/12		455,219		7,219
	MYR/USD		10/19/12		588,233		404
	NZD/USD		12/19/12		388,660		14,926
	USD/EUR		12/19/12		141,479		2,854
	USD/MXN		12/19/12		150,370		629
HSBC Bank PLC	GBP/EUR		12/19/12		293,248		5,002
	HUF/EUR		12/19/12		153,055		2,467
	INR/USD		10/18/12		219,488		4,522
	KRW/USD		10/05/12		461,518		5,648
	MXN/JPY		12/19/12		113,730		570
	MXN/USD		12/19/12		603,286		6,286
	NOK/USD		12/19/12		527,330		1,330
	RUB/USD		10/09/12		308,702		9,702
	SEK/EUR		12/19/12		591,641		12,297
	USD/MXN		12/19/12		150,966		34
JPMorgan Securities, Inc.	EUR/USD		12/19/12		150,483		53
	HUF/EUR		12/19/12		153,055		2,255
	TRY/USD		12/19/12		517,670		1,122
	USD/EUR		12/19/12		291,962		6,543
	USD/TRY		12/19/12		299,480		520
Morgan Stanley & Co.	USD/EUR		12/19/12		298,393		2,154
Royal Bank of Canada	USD/AUD		12/19/12		4,477,410		33,697
	USD/CAD		12/19/12		750,427		2,573
	USD/ZAR		10/09/12		1,379,494		17,630
Royal Bank of Scotland PLC	INR/USD		10/10/12		1,258,063		65,191
	INR/USD		10/18/12		619,792		20,791
	INR/USD		11/06/12		1,913,136		12,142
	USD/TRY		12/19/12		240,849		1,151
Standard Chartered Bank	USD/EUR		12/19/12		902,896		4,242
State Street Bank	INR/USD		10/04/12		1,768,791		91,604
	MXN/USD		12/19/12		493,659		7,724


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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Gain
UBS AG (London)	BRL/USD		10/05/12	$	150,980	$	1,980
	BRL/USD		10/19/12		300,533		533
	JPY/USD		12/19/12		152,138		2,138
	RUB/USD		10/22/12		300,329		329
	USD/CHF		12/19/12		528,472		2,528
	USD/MXN		12/19/12		291,122		878
Westpac Banking Corp.	USD/AUD		12/19/12		735,536		5,485
TOTAL						$	407,825

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
Bank of America N.A.	CZK/EUR		12/19/12	$	145,338	$	(416	)
	EUR/HUF		12/19/12		1,376,614		(5,491	)
	EUR/SEK		12/19/12		306,039		(2,501	)
	USD/CLP		10/04/12		303,617		(5,617	)
Barclays Bank PLC	GBP/USD		12/19/12		94,445		(419	)
	USD/GBP		12/19/12		300,285		(828	)
	USD/NZD		12/19/12		58,733		(2,062	)
	USD/PLN		12/19/12		306,323		(2,323	)
	USD/TWD		10/18/12		302,691		(691	)
	ZAR/USD		12/19/12		150,334		(1,666	)
BNP Paribas SA	EUR/USD		12/19/12		295,821		(4,803	)
Citibank NA	DKK/EUR		12/19/12		452,550		(336	)
	EUR/USD		12/19/12		587,783		(12,125	)
	JPY/USD		12/19/12		145,761		(239	)
	PHP/USD		10/15/12		298,944		(56	)
	RUB/USD		10/17/12		1,835,106		(10,053	)
	SGD/USD		12/19/12		304,970		(1,372	)
	USD/BRL		10/11/12		1,980,270		(26,431	)
	USD/INR		10/18/12		152,354		(1,354	)
	USD/JPY		12/19/12		492,852		(5,482	)
	USD/KRW		10/05/12		610,025		(12,025	)
	USD/RUB		10/09/12		305,440		(5,744	)
	USD/SGD		12/19/12		1,364,395		(21,395	)
Deutsche Bank AG (London)	EUR/USD		12/19/12		1,634,793		(5,229	)
	ILS/USD		12/19/12		597,110		(890	)
	MYR/USD		10/19/12		596,435		(2,565	)
	PHP/USD		10/15/12		149,577		(423	)
	USD/GBP		12/19/12		300,285		(848	)
	USD/INR		10/18/12		647,594		(15,099	)
	USD/JPY		12/19/12		301,801		(1,801	)
	USD/KRW		10/05/12		306,712		(7,712	)
	USD/TWD		10/18/12		305,443		(1,443	)
HSBC Bank PLC	CLP/USD		10/04/12		303,617		(2,374	)
	EUR/HUF		12/19/12		151,899		(130	)
	EUR/SEK		12/19/12		298,739		(1,632	)
	PHP/USD		10/17/12		593,090		(5,910	)


The accompanying notes are an integral part of these financial statements.		53

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
HSBC Bank PLC (continued)	USD/NOK		12/19/12	$	599,960	$	(3,658	)
	USD/SEK		12/19/12		763,059		(7,433	)
	USD/TWD		10/18/12		301,997		(997	)
JPMorgan Securities, Inc.	BRL/USD		10/19/12		150,897		(232	)
	MXN/USD		12/19/12		1,832,947		(17,412	)
	RUB/USD		10/17/12		990,024		(13,553	)
	TRY/USD		12/19/12		1,494,865		(2,135	)
	USD/CZK		12/19/12		1,067,761		(13,108	)
	USD/EUR		10/12/12		2,315,935		(54,229	)
	USD/TRY		12/19/12		604,692		(1,692	)
Royal Bank of Canada	BRL/USD		10/17/12		597,264		(736	)
	USD/CAD		12/19/12		304,132		(132	)
	USD/GBP		12/19/12		1,014,166		(2,430	)
	USD/PLN		12/19/12		954,766		(29,177	)
	ZAR/USD		12/19/12		287,012		(4,988	)
Royal Bank of Scotland PLC	EUR/SEK		12/19/12		301,060		(2,667	)
	USD/GBP		12/19/12		305,128		(5,476	)
	USD/INR		10/04/12		1,926,140		(17,654	)
	USD/INR		10/18/12		308,033		(8,033	)
	USD/JPY		12/19/12		451,134		(1,134	)
Standard Chartered Bank	EUR/CHF		12/19/12		892,245		(3,498	)
	GBP/USD		12/19/12		595,727		(2,651	)
State Street Bank	GBP/USD		12/19/12		446,927		(2,499	)
	MXN/USD		12/19/12		1,337,843		(6,157	)
	USD/CHF		12/19/12		1,131,054		(13,470	)
	USD/GBP		12/19/12		188,889		(37	)
UBS AG (London)	CHF/USD		12/19/12		520,243		(6,757	)
	EUR/CHF		12/19/12		298,712		(319	)
	EUR/SEK		12/19/12		599,877		(9,522	)
	JPY/USD		12/19/12		448,472		(1,529	)
	ZAR/USD		12/19/12		271,079		(2,269	)
Westpac Banking Corp.	AUD/USD		12/19/12		296,687		(1,632	)
	USD/AUD		12/19/12		1,239,285		(13,387	)
TOTAL						$	(420,088	)

FORWARD SALES CONTRACTS — At September 30, 2012, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(e)	Settlement Date		Principal Amount			Value
FNMA		4.500	%	TBA-30yr		10/11/2012	$	(1,000,000	)	$	(1,082,656	)
FNMA		4.500		TBA-30yr		11/14/2012		(4,000,000	)		(4,328,281	)
FNMA		5.000		TBA-30yr		11/10/2012		(4,000,000	)		(4,363,750	)
TOTAL (Proceeds Receivable: $9,770,781)										$	(9,774,687	)


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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At September 30, 2012, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Eurodollars		89		September 2014	$	22,142,088		$	161,910
Eurodollars		(89	)	September 2015		(22,078,675	)		(262,333	)
Italian Government Bond		(7	)	December 2012		(948,110	)		(41,700	)
Japan 10 Year Government Bonds		(9	)	December 2012		(16,628,777	)		(32,337	)
U.K. Life Long Gilt		(16	)	December 2012		(3,116,434	)		4,091
Ultra Long U.S. Treasury Bonds		55		December 2012		9,087,031			(28,411	)
5 Year German Euro-Bobl		99		December 2012		15,990,272			128,237
10 Year German Euro-Bund		4		December 2012		728,726			2,113
2 Year U.S. Treasury Notes		46		December 2012		10,144,438			2,080
5 Year U.S. Treasury Notes		402		December 2012		50,102,391			87,828
10 Year U.S. Treasury Notes		200		December 2012		26,696,875			140,747
30 Year U.S. Treasury Bonds		22		December 2012		3,286,250			(10,908	)
TOTAL								$	151,317

SWAP CONTRACTS — At September 30, 2012, the Fund had the following swap contracts:

INTEREST RATE SWAP CONTRACTS


							Rates Exchanged		Market Value
Counterparty		Notional Amount (000s)			Termination Date		Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
Bank of America Securities LLC	BRL		7,080			01/02/14	7.750%	1 month Brazilian Interbank Deposit Average	$	—		$	2,176
	$		16,500	^(a)		02/28/17	3 month LIBOR	0.750%		(18,573	)		(34,858	)
			2,500	^(a)		07/23/24	2.150	3 month LIBOR		—			(23,944	)
	CAD		3,600	^(a)		09/14/25	3.040	6 month CDOR		—			87,209
			2,100	^(a)		09/14/35	6 month CDOR	3.108		—			(83,135	)
Barclays Bank PLC	BRL		3,030			01/02/14	7.780	1 month Brazilian Interbank Deposit Average		—			1,377
	EUR		13,570	^(a)		03/31/16	6 month EURO	1.788		—			(329,356	)
	$		44,800	^(a)		02/28/17	3 month LIBOR	0.750		(84,250	)		(60,821	)
	EUR		15,170	^(a)		03/31/21	2.625	6 month EURO		—			1,046,763
	$		1,800	^(a)		07/21/24	2.160	3 month LIBOR		—			(15,392	)
	EUR		6,060	^(a)		03/31/29	6 month EURO	2.993		—			(561,740	)
Citibank NA	$		15,800	^(a)		02/28/17	3 month LIBOR	0.750		(15,529	)		(35,634	)
			5,300	^(a)		12/19/17	3 month LIBOR	1.250		(19,436	)		(88,432	)
			4,600	^(a)		12/19/22	3 month LIBOR	2.000		(15,515	)		(84,850	)
			1,900	^(a)		12/19/32	3 month LIBOR	2.500		(51,091	)		40,406
Credit Suisse International (London)			24,500	^(a)		02/28/17	3 month LIBOR	0.750		(30,033	)		(49,303	)
			10,700	^(a)		12/19/19	3 month LIBOR	1.750		(149,236	)		(204,256	)
	GBP		120	^(a)		12/19/22	2.250	6 month BP		936			4,507
	$		700	^(a)		12/19/42	3 month LIBOR	2.500		(1,094	)		21,102


The accompanying notes are an integral part of these financial statements.		55

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

INTEREST RATE SWAP CONTRACTS (continued)


							Rates Exchanged			Market Value
Counterparty		Notional Amount (000s)			Termination Date		Payments Received		Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
Deutsche Bank Securities, Inc.	BRL		2,000			01/02/14		7.770%	1 month Brazilian Interbank Deposit Average	$	—		$	807
			20,540			01/02/14		7.740	1 month Brazilian Interbank Deposit Average		—			5,256
	$		6,900	^(a)		02/28/17		3 month LIBOR	0.750%		(15,841	)		(6,503	)
			2,400	^(a)		07/22/24		2.130	3 month LIBOR		—			(27,169	)
			3,900	^(a)		07/28/24		2.060	3 month LIBOR		—			(70,767	)
JPMorgan Securities, Inc.			9,500	^(a)		02/28/17		3 month LIBOR	0.750		(15,499	)		(15,264	)
			147,200^(a)			02/28/17		0.750	3 month LIBOR		574,368			—
Morgan Stanley Capital Services, Inc.			29,200^(a)			02/28/17		3 month LIBOR	0.750		(64,954	)		(29,601	)
TOTAL										$	94,253		$	(511,422	)

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2012.

CREDIT DEFAULT SWAP CONTRACTS


												Market Value
Counterparty	Referenced Obligation	Notional Amount (000s)		Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2012^(b)			Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Purchased:
Bank of America Securities LLC	CDX North America Investment Grade Index 16	$	1,400		(1.000	)%		06/20/14		0.322	%	$	(8,847	)	$	(8,049	)
Deutsche Bank Securities, Inc.	CDX North America Investment Grade Index 16		3,000		(1.000	)		06/20/14		0.322			(20,058	)		(16,147	)
JPMorgan Securities, Inc.	CDX North America Investment Grade Index 16		7,800		(1.000	)		06/20/14		0.322			(54,143	)		(39,993	)
Morgan Stanley Capital Services, Inc.	CDX North America Investment Grade Index 16		2,675		(1.000	)		06/20/14		0.322			(15,755	)		(16,529	)
Protection Sold:
Bank of America Securities LLC	CDX North America Investment Grade Index 16		4,625		1.000			06/20/16		0.722			4,910			43,564
Credit Suisse International (London)	CDX North America Investment Grade Index 18		16,575		1.000			06/20/17		0.904			49,232			28,875
	CDX North America Investment Grade Index 19		13,200		1.000			12/20/17		0.993			2,767			6,217
Deutsche Bank Securities, Inc.	CDX North America Investment Grade Index 19		8,225		1.000			12/20/17		0.993			16,457			(10,859	)
JPMorgan Securities, Inc.	CDX North America High Yield Index 18		3,465		5.000			06/20/17		4.868			(158,562	)		182,242


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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CREDIT DEFAULT SWAP CONTRACTS (continued)


												Market Value
Counterparty	Referenced Obligation	Notional Amount (000s)		Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2012^(b)			Upfront Payments Made (Received)			Unrealized Gain (Loss)
Morgan Stanley Capital Services, Inc.	CDX North American Investment Grade Index 16	$	5,425		1.000	%		06/20/16		0.722	%	$	5,505		$	51,353
	CDX North America Investment Grade Index 18		18,925		1.000			06/20/17		0.904			140,717			(51,536	)
TOTAL												$	(37,777	)	$	169,138

(b)

WRITTEN OPTIONS CONTRACTS

INTEREST RATE SWAPTION CONTRACTS — At September 30, 2012, the Fund had the following written swaptions:


Counterparty	Description	Notional Amount (000s)		Expiration Date		Strike Price			Market Value			Premiums Received
Bank of America NA	Put – OTC – 10 year Interest Rate Swap for the obligation to pay a fixed rate of 1.640% versus the 3 month LIBOR maturing on July 23, 2024	$	6,700		7/21/14		1.640	%	$	(139,987	)	$	(200,700	)
Barclays Bank PLC	Put – OTC – 10 year Interest Rate Swap for the obligation to pay a fixed rate of 1.650% versus the 3 month LIBOR maturing on July 21, 2024		8,900		7/17/14		1.650			(105,940	)		(150,750	)
Deutsche Bank Securities, Inc.	Put – OTC – 10 year Interest Rate Swap for the obligation to pay a fixed rate of 1.620% versus the 3 month LIBOR maturing on July 22, 2024		9,000		7/18/14		1.620			(133,500	)		(200,250	)
	Put – OTC – 10 year Interest Rate Swap for the obligation to pay a fixed rate of 1.550% versus the 3 month LIBOR maturing on July 28, 2024		10,900		7/24/14		1.550			(142,194	)		(235,440	)
TOTAL		$	35,500						$	(521,621	)	$	(787,140	)


The accompanying notes are an integral part of these financial statements.		57

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

INTEREST RATE SWAPTION CONTRACTS (continued)

For the six months ended September 30, 2012, the Fund had the following written swaptions activity:


	Notional Amount (000s)		Premiums Received
Contracts Outstanding March 31, 2012	$	—	$	—
Contracts Written		35,500		787,140
Contracts Outstanding September 30, 2012	$	35,500	$	787,140


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	Foreign Sovereign Debt Obligations – 53.9%
	British Pound – 4.9%
	United Kingdom Gilt Inflation Linked
GBP	2,050,000		2.500	%		07/26/16	$	11,359,129
	United Kingdom Treasury
	200,000		1.000			09/07/17		327,320
	2,317,000		4.000			03/07/22		4,553,955
	1,150,000		4.750			12/07/30		2,471,841
	3,160,000		4.500			09/07/34		6,543,266
	405,000		4.250			12/07/40		803,465
	260,000		4.250			12/07/49		518,995
	1,540,000		4.000			01/22/60		3,000,363

								29,578,334

	Canadian Dollar – 3.3%
	British Columbia Province of Canada
CAD	800,000		3.250			12/18/21		865,418
	Government of Canada
	5,720,000		2.500			06/01/15		6,031,455
	1,760,000		4.500			06/01/15		1,949,516
	1,700,000		4.000			06/01/41		2,330,994
	Ontario Province of Canada
	1,800,000		4.400			06/02/19		2,080,427
	4,200,000		4.000			06/02/21		4,759,274
	Quebec Province of Canada
	1,800,000		4.250			12/01/21		2,058,090

								20,075,174

	Danish Krone – 0.5%
	Kingdom of Denmark
DKK	16,000,000		4.000			11/15/15		3,093,321

	Euro – 17.4%
	Bundesobligation
EUR	10,500,000		1.250			10/14/16		14,018,440
	1,790,000		0.750			02/24/17		2,338,883
	Federal Republic of Germany
	3,340,000		4.250			07/04/17		5,061,634
	2,000,000		3.250			01/04/20		2,981,367
	2,250,000		2.000			01/04/22		3,061,172
	1,360,000		5.625			01/04/28		2,583,455
	2,640,000		5.500			01/04/31		5,122,047
	1,610,000		4.000			01/04/37		2,767,194
	Government of Finland
	7,990,000		3.125			09/15/14		10,875,941
	390,000		4.375			07/04/19		605,906
	Kingdom of Belgium
	2,610,000		4.000			03/28/14		3,540,689
	4,515,000		3.500			06/28/17		6,392,063
	395,000		3.750			09/28/20		566,780
	Kingdom of The Netherlands^(a)
	9,800,000		4.250			07/15/13		13,008,216
	2,900,000		4.000			07/15/16		4,220,797
	2,470,000		4.500			07/15/17		3,738,423
	Republic of Austria^(a)
	4,080,000		4.350			03/15/19		6,231,099
	Republic of Italy
	4,310,000		4.750			09/15/16		5,775,615
	5,980,000		4.750			06/01/17		7,933,501


	Foreign Sovereign Debt Obligations – (continued)
	Euro – (continued)
	Republic of Italy – (continued)

EUR	2,550,000		6.000	%		05/01/31	$	3,366,270
	720,000		5.000			08/01/34		840,299
	Spain Government Bond
	700,000		4.200			01/31/37		634,645

								105,664,436

	Japanese Yen – 23.6%
	Government of Japan
JPY	2,000,000,000		0.200			06/15/13		25,645,361
	800,000,000		1.100			09/20/13		10,348,949
	1,000,000,000		1.600			06/20/14		13,141,786
	1,400,000,000		0.400			06/20/15		18,083,519
	640,000,000		0.400			06/20/16		8,285,409
	500,000,000		0.400			09/20/16		6,474,276
	500,000,000		1.400			12/20/18		6,833,367
	500,000,000		1.100			12/20/21		6,637,961
	400,000,000		1.900			06/20/25		5,627,335
	875,000,000		2.000			12/20/25		12,421,020
	430,000,000		2.100			12/20/26		6,132,498
	350,000,000		2.100			12/20/27		4,951,509
	280,000,000		1.700			09/20/31		3,633,194
	485,000,000		2.500			09/20/34		7,103,982
	250,000,000		2.500			03/20/38		3,653,626
	100,000,000		2.200			09/20/39		1,380,573
	150,000,000		2.200			03/20/41		2,065,756
	70,000,000		2.000			09/20/41		922,433

								143,342,554

	Mexican Peso – 0.4%
	United Mexican States
MXN	25,553,000		8.500			11/18/38		2,501,511

	South African Rand – 1.0%
	Republic of South Africa
ZAR	2,146,093		7.250			01/15/20		270,283
	7,548,213		6.750			03/31/21		918,719
	33,349,608		10.500			12/21/26		5,077,934

								6,266,936

	South Korean Won – 0.6%
	Republic of Korea
KRW	3,819,000,000		5.000			06/10/20		3,909,412

	Swedish Krona – 0.9%
	Kingdom of Sweden
SEK	11,000,000		6.750			05/05/14		1,834,305
	20,000,000		4.500			08/12/15		3,361,344

								5,195,649

	United States Dollar – 1.3%
	Quebec Province of Canada
$	3,350,000		5.125			11/14/16		3,940,763
	Republic of Indonesia
	1,300,000		8.500			10/12/35		2,055,625
	Russian Federation
	100,000		5.000			04/29/20		115,250


The accompanying notes are an integral part of these financial statements.		59

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	Foreign Sovereign Debt Obligations – (continued)
	United States Dollar – (continued)
	State of Qatar
$	1,189,000		5.150	%		04/09/14	$	1,263,313
	United Mexican States
	470,000		5.750			10/12/2110		561,650

								7,936,601

	TOTAL FOREIGN SOVEREIGN DEBT OBLIGATIONS
	(Cost $298,134,808)						$	327,563,928


	Corporate Obligations – 29.1%
	Automotive – 0.5%
	Ford Motor Credit Co. LLC
$	2,300,000		3.984	%		06/15/16	$	2,417,472
	300,000		4.250			02/03/17		317,766

								2,735,238

	Banks – 11.1%
	Abbey National Treasury Services PLC
EUR	1,400,000		3.375			06/08/15		1,916,117
	Banco Espanol de Credito SA
	1,100,000		3.750			06/17/16		1,377,792
	Bank of America Corp.
$	1,300,000		5.750			12/01/17		1,487,906
EUR	50,000		4.000	^(b)		03/28/18		55,900
$	1,550,000		5.650			05/01/18		1,769,898
	900,000		5.000			05/13/21		987,858
	1,050,000		5.700			01/24/22		1,219,704
	Bank of Scotland PLC
EUR	2,100,000		4.375			07/13/16		3,034,432
$	2,070,000		5.250	^(a)		02/21/17		2,350,234
	1,200,000		5.250			02/21/17		1,362,455
	Barclays Bank PLC^(b)
EUR	850,000		4.500			03/04/19		1,049,120
	BNP Paribas SA^(b)
	150,000		4.730			04/29/49		163,844
	Canadian Imperial Bank of Commerce
AUD	3,500,000		5.750			12/19/13		3,737,749
	Citigroup, Inc.
$	1,700,000		4.750			05/19/15		1,830,210
	950,000		4.450			01/10/17		1,042,411
GBP	500,000		7.625			04/03/18		986,256
$	1,675,000		6.125			05/15/18		1,974,201
EUR	800,000		7.375			09/04/19		1,297,540
$	360,000		4.500			01/14/22		391,656
	DnB Boligkreditt AS
	800,000		2.900			03/29/16		851,440
	6,200,000		2.900	^(a)		03/29/16		6,598,660
	HSBC Holdings PLC
	1,150,000		6.800			06/01/38		1,397,337
	ING Bank NV
	1,600,000		4.000	^(a)		03/15/16		1,691,920
EUR	650,000		6.125	^(b)		05/29/23		851,988
	Intesa Sanpaolo SPA
	500,000		4.125			01/14/16		649,064


	Corporate Obligations – (continued)
	Banks – (continued)
	JPMorgan Chase & Co.
$	325,000		6.000	%		01/15/18	$	386,679
	850,000		4.250			10/15/20		919,840
EUR	400,000		2.750			08/24/22		514,020
	Morgan Stanley, Inc.
$	1,650,000		4.000			07/24/15		1,707,249
	225,000		5.550			04/27/17		246,512
	850,000		6.250			08/28/17		961,485
EUR	550,000		3.750			09/21/17		721,268
$	250,000		6.625			04/01/18		284,352
	100,000		5.500			07/28/21		108,440
	Rabobank Nederland
EUR	1,300,000		3.875			04/20/16		1,815,687
	Royal Bank of Scotland PLC
$	1,100,000		2.550			09/18/15		1,113,835
EUR	550,000		5.375			09/30/19		825,735
	800,000		5.500			03/23/20		1,212,069
	Sparebank 1 Boligkreditt AS^(a)
$	4,900,000		2.625			05/27/16		5,175,800
	3,300,000		2.300			06/30/17		3,444,210
	Standard Chartered PLC^(a)
	400,000		5.500			11/18/14		431,760
	Swedbank Hypotek AB^(a)(b)
	1,320,000		0.812			03/28/14		1,318,015
	Westpac Banking Corp.
	2,000,000		2.000			08/14/17		2,025,052
	WM Covered Bond Program
EUR	700,000		4.375			05/19/14		949,885
	2,050,000		4.000			09/27/16		2,907,840

								67,145,425

	Chemicals – 0.7%
	Ecolab, Inc.
$	1,550,000		4.350			12/08/21		1,744,989
	The Dow Chemical Co.
	2,166,000		5.900			02/15/15		2,413,633

								4,158,622

	Communications – 1.8%
	AT&T, Inc.
	950,000		6.300			01/15/38		1,246,001
	700,000		5.550			08/15/41		873,270
	British Telecommunications PLC
GBP	244,000		6.625			06/23/17		472,258
	Comcast Corp.
$	2,050,000		5.700			05/15/18		2,484,125
	NBCUniversal Media LLC
	400,000		4.375			04/01/21		452,602
	650,000		5.950			04/01/41		811,224
	Time Warner Cable, Inc.
	950,000		6.550			05/01/37		1,186,416
	Verizon New Jersey, Inc.
	65,000		8.000			06/01/22		87,293
	Verizon Wireless Capital LLC
EUR	950,000		8.750			12/18/15		1,517,170


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

GOLDMAN SACHS GLOBAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

	Corporate Obligations – (continued)
	Communications – (continued)
	Vodafone Group PLC
$	1,950,000		2.875	%		03/16/16	$	2,068,465

								11,198,824

	Consumer Noncyclical – 2.0%
	BAT International Finance PLC
	1,208,000		9.500	^(a)		11/15/18		1,683,803
GBP	750,000		6.375			12/12/19		1,518,816
$	480,000		3.250	^(a)		06/07/22		492,564
	CVS Caremark Corp.
	275,000		4.125			05/15/21		313,171
	1,550,000		6.125			09/15/39		2,010,016
	Imperial Tobacco Finance PLC
EUR	300,000		4.375			11/22/13		401,064
GBP	800,000		7.750			06/24/19		1,666,661
	Kraft Foods Group, Inc.^(a)
$	50,000		5.375			02/10/20		60,023
	850,000		3.500			06/06/22		895,853
	Mondelez International, Inc.
	1,200,000		6.500			02/09/40		1,630,895
	Pfizer, Inc.
	600,000		7.200			03/15/39		932,740
	Walgreen Co.
	250,000		3.100			09/15/22		255,211

								11,860,817

	Electric – 0.6%
	Alliander NV^(b)
EUR	350,000		4.875			11/11/49		472,256
	DONG Energy A/S
	1,000,000		4.875			12/16/21		1,521,165
	350,000		7.750	^(b)		06/01/3010		498,117
	Iberdrola International BV
	700,000		4.500			09/21/17		909,315

								3,400,853

	Energy – 3.2%
	Apache Corp.
$	1,550,000		3.250			04/15/22		1,667,458
	BP Capital Markets PLC
GBP	1,500,000		4.325			12/10/18		2,731,855
EUR	600,000		2.994			02/18/19		821,717
	600,000		4.154			06/01/20		884,763
	Cenovus Energy, Inc.
$	650,000		3.000			08/15/22		666,383
	Dolphin Energy Ltd.
	1,128,564		5.888	^(a)		06/15/19		1,278,099
	728,364		5.888			06/15/19		824,872
	Gaz Capital SA for Gazprom
	1,370,000		9.250			04/23/19		1,781,000
	Nexen, Inc.
	642,000		6.400			05/15/37		815,393
	Noble Holding International Ltd.
	1,050,000		3.950			03/15/22		1,101,742


	Corporate Obligations – (continued)
	Energy – (continued)
	Petrobras International Finance Co.
$	140,000		5.750	%		01/20/20	$	158,898
	560,000		5.375			01/27/21		631,186
	Petroleos Mexicanos
	920,000		5.500			01/21/21		1,076,400
	Phillips 66^(a)
	250,000		4.300			04/01/22		272,636
	Schlumberger Investment SA^(a)
	600,000		3.300			09/14/21		638,908
	TNK-BP Finance SA
	268,000		7.500			07/18/16		310,210
	271,000		6.625			03/20/17		307,585
	190,000		7.875			03/13/18		228,950
	Total Capital International SA
	1,350,000		2.875			02/17/22		1,410,796
	Weatherford International Ltd.
	500,000		9.625			03/01/19		653,201
	1,118,000		5.125			09/15/20		1,223,859
	50,000		4.500			04/15/22		52,368

								19,538,279

	Financial Companies – 0.7%
	American Express Credit Corp.
GBP	1,200,000		5.375			10/01/14		2,082,022
$	700,000		2.800			09/19/16		745,206
	GE Capital European Funding
EUR	1,200,000		2.875			06/18/19		1,589,222

								4,416,450

	Food & Beverage – 2.3%
	Anheuser-Busch InBev Worldwide, Inc.
$	400,000		7.750			01/15/19		539,829
	2,100,000		2.500			07/15/22		2,127,768
	Archer-Daniels-Midland Co.
	1,432,000		4.479			03/01/21		1,647,302
	Diageo Investment Corp.
	1,450,000		2.875			05/11/22		1,500,222
	Heineken NV^(a)
	750,000		3.400			04/01/22		781,118
	Pernod-Ricard SA^(a)
	400,000		4.450			01/15/22		440,982
	2,800,000		4.250			07/15/22		3,048,368
	885,000		5.500			01/15/42		1,009,875
	SABMiller Holdings, Inc.^(a)
	1,100,000		2.450			01/15/17		1,150,557
	1,750,000		3.750			01/15/22		1,900,390

								14,146,411

	Health Care – Services^(a) – 0.4%
	Express Scripts Holding Co.
	2,350,000		3.500			11/15/16		2,526,381

	Insurance – 2.0%
	Allianz Finance II BV^(b)
EUR	100,000		5.750			07/08/41		129,904


The accompanying notes are an integral part of these financial statements.		61

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	Corporate Obligations – (continued)
	Insurance – (continued)
	American International Group, Inc.
$	1,450,000		4.875	%		06/01/22	$	1,635,351
	750,000		4.875			09/15/16		829,182
	Cloverie PLC for Zurich Insurance Co., Ltd.^(b)
EUR	800,000		7.500			07/24/39		1,175,862
	MetLife, Inc.
$	350,000		1.756			12/15/17		353,468
	Metropolitan Life Global Funding I
GBP	1,050,000		5.250			01/09/14		1,780,720
$	650,000		2.000	^(a)		01/10/14		659,498
	Prudential Financial, Inc.
	2,150,000		4.500			11/15/20		2,350,415
	QBE Capital Funding III Ltd.^(a)(b)
	450,000		7.250			05/24/41		455,625
	Standard Life PLC^(b)
EUR	2,200,000		5.314			01/06/49		2,697,062

								12,067,087

	Internet – 0.2%
	eBay, Inc.
$	450,000		1.350			07/15/17		452,492
	1,000,000		2.600			07/15/22		1,002,755

								1,455,247

	Metals & Mining – 0.7%
	Anglo American Capital PLC^(a)
	2,600,000		9.375			04/08/14		2,901,600
	Rio Tinto Finance USA Ltd.
	752,000		9.000			05/01/19		1,020,354

								3,921,954

	Noncaptive – Financial – 0.5%
	General Electric Capital Corp.
	3,250,000		3.150			09/07/22		3,261,595

	Pharmaceuticals – 0.5%
	Teva Pharmaceutical Finance Co. BV
	2,550,000		3.650			11/10/21		2,742,499
	Watson Pharmaceuticals, Inc.
	250,000		3.250			10/01/22		253,465

								2,995,964

	Real Estate Investment Trust – 1.1%
	HCP, Inc.
	1,850,000		5.375			02/01/21		2,103,278
	Simon Property Group LP
	2,200,000		5.650			02/01/20		2,633,454
	WEA Finance LLC^(a)
	1,600,000		4.625			05/10/21		1,746,706
	250,000		3.375			10/03/22		248,530

								6,731,968

	Retailers – 0.1%
	Wal-Mart Stores, Inc.
	550,000		5.000			10/25/40		675,017


	Corporate Obligations – (continued)
	Technology – 0.4%
	Hewlett-Packard Co.
$	250,000		2.600	%		09/15/17	$	251,383
	1,400,000		4.300			06/01/21		1,424,500
	850,000		4.650			12/09/21		882,951

								2,558,834

	Transportation – 0.3%
	Transnet Ltd.
	1,940,000		4.500			02/10/16		2,066,100

	TOTAL CORPORATE OBLIGATIONS
	(Cost $164,999,888)						$	176,861,066


	Foreign Debt Obligation – 2.1%
	European Financial Stability Facility
EUR	9,700,000		2.000	%		05/15/17	$	12,987,315
	(Cost $12,363,800)


	Asset-Backed Securities – 3.9%
	Home Equity – 0.6%
	CIT Mortgage Loan Trust Series 2007-1, Class 2A1^(a)(b)
$	48,935		1.217	%		10/25/37	$	48,912
	CIT Mortgage Loan Trust Series 2007-1, Class 2A2^(a)(b)
	1,600,000		1.467			10/25/37		1,564,012
	CIT Mortgage Loan Trust Series 2007-1, Class 2A3^(a)(b)
	2,900,000		1.667			10/25/37		1,766,303
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
	113,757		7.000			09/25/37		98,493
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
	157,513		7.000			09/25/37		136,189

								3,613,909

	Student Loans^(b) – 3.3%
	Access Group, Inc. Series 2004-2, Class A2
	3,591,178		0.601			01/25/16		3,456,757
	Brazos Higher Education Authority, Inc. Series 2005-3, Class A14
	289,003		0.479			09/25/23		288,520
	College Loan Corp. Trust Series 2005-1, Class A2
	4,000,000		0.551			07/25/24		3,950,982
	GCO Education Loan Funding Trust Series 2006-1, Class A11L
	700,000		0.657			05/25/36		606,534
	Knowledgeworks Foundation Student Loan Series 2010-1, Class A
	1,092,074		1.377			02/25/42		1,090,873
	Nelnet Student Loan Trust Series 2010-3A, Class A^(a)
	1,252,668		1.231			07/27/48		1,263,041
	Nelnet Student Loan Trust Series 2011-1A, Class A^(a)
	715,990		1.067			02/25/43		724,464
	SLC Student Loan Center Series 2011-1, Class A^(a)
	1,503,268		1.437			10/25/27		1,521,554
	SLC Student Loan Trust Series 2006-1, Class A4
	2,753,538		0.469			12/15/21		2,746,072


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

GOLDMAN SACHS GLOBAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

	Asset-Backed Securities – (continued)
	Student Loans^(b) – (continued)
	US Education Loan Trust LLC Series 2006-1, Class A2^(a)
$	575,882		0.551	%		03/01/25	$	572,000
	Wachovia Student Loan Trust Series 2006-1, Class A4^(a)
	3,719,203		0.531			04/25/23		3,709,096

								19,929,893

	TOTAL ASSET-BACKED SECURITIES
	(Cost $24,517,218)						$	23,543,802


	Mortgage-Backed Obligations – 18.6%
	Adjustable Rate Non-Agency^(b) – 0.5%
	American Home Mortgage Investment Trust Series 2004-3, Class 1A
$	3,885		0.587	%		10/25/34	$	3,862
	Countrywide Alternative Loan Trust Series 2005-38, Class A1
	239,981		1.648			09/25/35		161,260
	Countrywide Alternative Loan Trust Series 2005-82, Class A1
	3,221,073		0.487			02/25/36		1,925,989
	Countrywide Alternative Loan Trust Series 2006-OA1, Class 2A1
	1,115,564		0.429			03/20/46		646,671

	TOTAL ADJUSTABLE RATE NON-AGENCY						$	2,737,782

	Collateralized Mortgage Obligations – 3.6%
	Countrywide Home Loan Mortgage Pass-Through Trust Series 2004-HYB5, Class 2A1^(b)
$	301,089		2.910	%		04/20/35	$	299,712
	FHLMC Multifamily Structured Pass-Through Certificates Series K703, Class A2
	3,000,000		2.699			05/25/18		3,238,572
	FHLMC Multifamily Structured Pass-Through Certificates Series K706, Class A2
	2,700,000		2.323			10/25/18		2,857,973
	FHLMC Multifamily Structured Pass-Through Certificates Series K709, Class A2
	800,000		2.086			03/25/19		834,396
	FHLMC Multifamily Structured Pass-Through Certificates Series K710, Class A2
	1,500,000		1.883			05/25/19		1,544,800
	FHLMC REMIC Series 3582, Class SL^(b)
	3,638,328		5.929			10/15/39		659,057
	FNMA REMIC Series 2009-12, Class AI^(b)
	4,695,864		6.284			08/25/37		934,083
	FNMA REMIC Series 2010-126, Class LS^(b)
	5,066,468		4.770			11/25/40		314,121
	GMAC Mortgage Corp. Loan Trust Series 2004-AR1, Class 12A^(b)
	485,288		3.459			06/25/34		477,707
	Granite Mortgages PLC Series 2004-2, Class 3A^(b)
GBP	367,421		0.951			06/20/44		581,444
	Granite Mortgages PLC Series 2004-3, Class 3A1^(b)
	355,609		0.991			09/20/44		562,752
	Harborview Mortgage Loan Trust Series 2006-6, Class 3A1A^(b)
$	1,312,093		2.872			08/19/36		802,063


	Mortgage-Backed Obligations – (continued)
	Collateralized Mortgage Obligations – (continued)
	Indymac Index Mortgage Loan Trust Series 2005-AR13, Class 4A1^(b)
$	307,938		2.626	%		08/25/35	$	229,575
	Luminent Mortgage Trust Series 2006-5, Class A1A^(b)
	1,356,953		0.407			07/25/36		670,750
	NCUA Guaranteed Notes Series 2010-C1, Class APT
	3,574,099		2.650			10/29/20		3,789,522
	NCUA Guaranteed Notes Series 2010-R1, Class 2A
	116,871		1.840			10/07/20		118,770
	Residential Accredit Loans, Inc. Series 2005-Q05, Class A1^(b)
	1,466,484		1.148			01/25/46		856,733
	Sequoia Mortgage Trust Series 2004-10, Class A3A^(b)
	318,931		1.061			11/20/34		286,996
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-12, Class 3A2^(b)
	141,150		2.785			09/25/34		140,614
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-16, Class 3A1^(b)
	778,587		2.839			11/25/34		758,471
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-5, Class 3A1^(b)
	717,575		2.804			05/25/34		716,727
	Washington Mutual Mortgage Pass-Through Certificates Series 2007-0A1, Class A1A^(b)
	1,591,332		0.848			02/25/47		1,072,877

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	21,747,715

	Commercial Mortgage-Backed Securities – 0.8%
	Banc of America Commercial Mortgage, Inc. Series 2007-2, Class AM^(b)
$	600,000		5.813	%		04/10/49	$	647,521
	Bear Stearns Commercial Mortgage Securities Series 2007-PW16, Class AM^(b)
	750,000		5.716			06/11/40		821,715
	Commercial Mortgage Pass-Through Certificates Series 2006-C8, Class AM
	150,000		5.347			12/10/46		159,057
	FNMA ACES Series 2012-M13, Class A2
	1,500,000		2.377			05/25/22		1,527,972
	FNMA ACES Series 2012-M8, Class A2
	300,000		2.349			05/25/22		306,180
	FNMA ACES Series 2012-M8, Class ASQ2
	200,000		1.520			12/25/19		204,939
	FNMA ACES Series 2012-M8, Class ASQ3
	300,000		1.801			12/25/19		307,630
	FNMA ACES Series 2012-M9, Class A2
	700,000		2.482			04/25/22		716,743
	Morgan Stanley Capital I, Inc. Series 2007-HQ11, Class AM^(b)
	150,000		5.478			02/12/44		161,078
	Morgan Stanley Capital I, Inc. Series 2007-HQ13, Class AM^(b)
	250,000		5.931			12/15/44		238,948

	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	5,091,783


The accompanying notes are an integral part of these financial statements.		63

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date			Value

	Mortgage-Backed Obligations – (continued)
	Federal Agencies – 13.7%
	FHLMC – 0.9%
$	1,345		5.000	%		09/01/16		$	1,452
	15,857		5.000			11/01/16			17,064
	2,281		5.000			12/01/16			2,458
	48,043		5.000			01/01/17			51,931
	79,738		5.000			02/01/17			86,442
	61,491		5.000			03/01/17			66,658
	116,794		5.000			04/01/17			126,614
	4,590		5.000			05/01/17			4,975
	1,690		5.000			06/01/17			1,833
	2,309		5.000			08/01/17			2,504
	307,481		5.000			09/01/17			333,330
	357,365		5.000			10/01/17			387,409
	197,227		5.000			11/01/17			213,809
	218,958		5.000			12/01/17			237,361
	268,083		5.000			01/01/18			290,809
	610,627		5.000			02/01/18			661,771
	620,637		5.000			03/01/18			673,017
	522,944		5.000			04/01/18			567,327
	369,145		5.000			05/01/18			400,531
	94,949		5.000			06/01/18			102,801
	91,555		5.000			07/01/18			98,803
	49,842		5.000			08/01/18			53,903
	33,918		5.000			09/01/18			36,840
	113,963		5.000			10/01/18			123,691
	137,917		5.000			11/01/18			149,623
	95,080		5.000			12/01/18			103,273
	64,114		5.000			01/01/19			69,644
	10,353		5.000			02/01/19			11,254
	17,230		5.000			03/01/19			18,730
	88,295		5.000			02/01/37			96,666
	56,959		4.500			09/01/39			62,651
	114,279		5.000			01/01/40			126,542

									5,181,716

	FNMA – 12.7%
	3,496		5.000			04/01/18			3,792
	45,556		5.000			05/01/18			49,417
	5,600		5.000			06/01/18			6,075
	5,480		5.000			11/01/18			5,944
	4,414		5.000			03/01/19			4,789
	6,069		5.000			04/01/19			6,583
	4,000,000		4.506			06/01/19			4,634,616
	1,661,014		3.416			10/01/20			1,844,115
	1,271,107		3.632			12/01/20			1,413,727
	783,788		3.763			12/01/20			885,808
	2,098,261		4.375			06/01/21			2,444,013
	400,000		3.830			07/01/21			452,925
	500,217		5.000			05/01/26			551,222
	12,206		5.000			08/01/33			13,431
	9,541		5.500			02/01/34			10,567
	9,403		5.500			05/01/34			10,410
	5,563		5.500			10/01/34			6,147
	51,596		5.500			12/01/34			57,014
	10,981		5.500			04/01/35			12,112
	11,299		5.500			07/01/35			12,463


	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	133,277		5.000	%		02/01/36		$	145,127
	3,587,475		5.000			03/01/36			3,906,448
	799,920		5.000			04/01/36			870,144
	1,500,000		5.000			01/01/39			1,632,389
	1,478,411		5.000			04/01/39			1,613,447
	94,243		4.500			05/01/39			103,880
	47,062		4.500			06/01/39			51,979
	58,898		4.500			08/01/39			65,052
	1,328,389		4.000			09/01/40			1,433,029
	28,550		4.000			10/01/40			30,720
	29,678		4.000			11/01/40			31,934
	233,752		4.500			05/01/41			253,419
	891,133		4.500			06/01/41			966,108
	163,712		4.500			07/01/41			177,486
	209,507		4.500			08/01/41			227,134
	208,080		4.000			10/01/41			224,049
	1,592,642		4.500			10/01/41			1,726,640
	282,069		4.000			11/01/41			303,717
	666,685		4.000			12/01/41			717,850
	969,656		4.000			01/01/42			1,044,072
	28,000,000		5.000			TBA-30yr	^(c)		30,532,577
	17,000,000		6.000			TBA-30yr	^(c)		18,773,047

									77,255,418

	GNMA – 0.1%
	788,002		3.950			07/15/25			866,188

	TOTAL FEDERAL AGENCIES							$	83,303,322

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $114,632,207)							$	112,880,602


	Agency Debentures^(d) – 0.1%
	FHLMC
$	800,000		2.375	%		01/13/22		$	839,562
	(Cost $795,404)


	Government Guarantee Obligations^(e) – 5.2%
	Achmea Hypotheekbank NV^(a)
$	2,918,000		3.200	%		11/03/14		$	3,059,494
	ING Bank NV
EUR	2,600,000		3.375			03/03/14			3,485,540
	Kreditanstalt fuer Wiederaufbau
	10,900,000		2.000			09/07/16			14,773,703
AUD	3,000,000		6.000			08/20/20			3,496,992
	LeasePlan Corp. NV
EUR	2,750,000		3.250			05/22/14			3,703,372
	Swedbank AB
	2,550,000		3.375			05/27/14			3,445,928

	TOTAL GOVERNMENT GUARANTEE OBLIGATIONS
	(Cost $31,114,058)							$	31,965,029


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

GOLDMAN SACHS GLOBAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

	U.S. Treasury Obligation^(d) – 0.1%
	United States Treasury Note
$	700,000		1.625	%		08/15/22	$	699,181
	(Cost $699,891)


Notional Amount		Exercise Rate			Expiration Date		Value
	Options Purchased – 0.2%
	Currency Option
	Put USD 2,938,000
	Call CNY 18,538,780		6.310	%		10/08/12	$	808

	Interest Rate Swaptions
	Citibank NA Put – OTC – 10 year Interest Rate Swap Strike Price 2.078%
$	14,000,000		2.078			02/19/13		467,596
	Citibank NA Call – OTC – 10 year Interest Rate Swap Strike Price 2.078%
	14,000,000		2.078			02/19/13		130,138
	Royal Bank of Canada Put – OTC – 10 year Interest Rate Swap Strike Price 1.903%
	14,000,000		1.903			02/28/13		313,068
	Royal Bank of Canada Call – OTC – 10 year Interest Rate Swap Strike Price 1.903%
	14,000,000		1.903			02/28/13		217,689

	TOTAL OPTIONS PURCHASED
	(Cost $1,253,834)						$	1,129,299


Principal Amount		Interest Rate			Maturity Date		Value
	Short-Term Obligation – 3.5%
	Commercial Paper – 3.5%
	Rabobank
$	21,071,733		0.100	%		10/01/12	$	21,071,733
	(Cost $21,071,733)

	TOTAL INVESTMENTS – 116.7%
	(Cost $669,582,841)						$	709,541,517

	LIABILITIES IN EXCESS OF OTHER ASSETS – (16.7)%							(101,500,239	)

	NET ASSETS – 100.0%						$	608,041,278


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $84,629,526, which represents approximately 13.9% of net assets as of September 30, 2012.


(b)		Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2012.
(c)		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 $49,305,624 which represents approximately 8.1% of net assets as of September 30, 2012.
(d)		All or a portion of this security is segregated as collateral for initial margin requirement on futures transactions.
(e)		Guaranteed by a foreign government until maturity.



Currency Abbreviations:
AUD		—Australian Dollar
BGN		—New Bulgarian Lev
BRL		—Brazilian Real
CAD		—Canadian Dollar
CHF		—Swiss Franc
CLP		—Chilean Peso
CNY		—Chinese Yuan
COP		—Colombian Peso
CZK		—Czech Koruna
DKK		—Danish Krone
EUR		—Euro
GBP		—British Pound
HUF		—Hungarian Forint
ILS		—Israeli Shekel
INR		—Indian Rupee
JPY		—Japanese Yen
KRW		—South Korean Won
MXN		—Mexican Peso
MYR		—Malaysian Ringgit
NGN		—Nigerian Naira
NOK		—Norwegian Krone
NZD		—New Zealand Dollar
PEN		—Peruvian Nuevo Sol
PHP		—Philippine Peso
PLN		—Polish Zloty
RUB		—Russian Ruble
SEK		—Swedish Krona
SGD		—Singapore Dollar
TRY		—Turkish Lira
TWD		—Taiwan Dollar
USD		—U.S. Dollar
ZAR		—South African Rand

Investment Abbreviations:
ACES		—Alternative Credit Enhancement Securities
AUDOR		—Australian Dollar Offered Rate
BP		—British Pound Offered Rate
CDOR		—Canadian Dollar Offered Rate
CHFOR		—Swiss Franc Offered Rate
EURO		—Euro Offered Rate
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
JYOR		—Japanese Yen Offered Rate
LIBOR		—London Interbank Offered Rate
NCUA		—National Credit Union Administration
NZDOR		—New Zealand Dollar Offered Rate
OTC		—Over the Counter
REMIC		—Real Estate Mortgage Investment Conduit
SPA		—Stand-by Purchase Agreement
STIBOR		—Stockholm Interbank Offered Rate


The accompanying notes are an integral part of these financial statements.		65

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2012, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Gain
Bank of America Securities LLC	EUR/USD		10/12/12	$	7,346,236	$	35,186
	HUF/USD		12/19/12		561,086		720
	USD/GBP		12/19/12		788,910		4,283
	USD/JPY		12/19/12		1,365,421		3,579
Barclays Bank PLC	CAD/USD		12/19/12		3,031,567		8,208
	EUR/CZK		12/19/12		229,548		6,877
	JPY/USD		12/19/12		847,422		8,422
	MYR/USD		10/30/12		1,861,173		9,038
	PLN/EUR		12/19/12		448,876		1,347
	USD/GBP		12/19/12		287,370		616
	USD/TWD		10/18/12		909,600		400
	USD/ZAR		12/19/12		2,180,365		15,373
BNP Paribas SA	NZD/USD		12/19/12		278,634		916
Citibank NA	RUB/USD		10/09/12		4,338,057		81,572
	RUB/USD		10/22/12		455,681		681
	SGD/USD		12/19/12		1,371,180		2,180
	USD/EUR		12/19/12		910,613		3,203
	USD/JPY		12/19/12		7,196,827		37,626
Credit Suisse International (London)	MXN/USD		12/19/12		1,849,049		19,049
	PEN/USD		10/22/12		2,999,075		1,153
	RUB/USD		10/09/12		948,967		29,967
	USD/RUB		10/09/12		1,540,202		804
	USD/TRY		12/19/12		908,302		1,698
Deutsche Bank AG (London)	EUR/CZK		12/19/12		465,027		7,823
	EUR/HUF		12/19/12		448,561		2,887
	HUF/PLN		12/19/12		450,297		212
	INR/USD		10/04/12		1,090,271		57,546
	INR/USD		10/10/12		2,961,667		168,470
	INR/USD		10/18/12		2,893,221		32,147
	KRW/USD		10/05/12		1,393,093		22,093
	MYR/USD		10/19/12		1,348,602		926
	MYR/USD		10/30/12		2,256,822		1,104
	NZD/USD		12/19/12		1,094,753		42,041
	TWD/USD		10/18/12		490,773		453
	USD/EUR		10/12/12		1,624,465		27,598
	USD/EUR		12/19/12		4,747,061		30,336
	USD/MXN		12/19/12		453,103		1,897
HSBC Bank PLC	CNY/USD		02/04/13		1,874,325		8,325
	EUR/CZK		12/19/12		461,408		11,442
	GBP/EUR		12/19/12		888,748		15,160
	HUF/EUR		12/19/12		469,454		7,567
	INR/USD		10/18/12		1,565,442		32,253
	KRW/USD		10/05/12		1,423,552		17,423
	MXN/JPY		12/19/12		348,630		1,747
	NOK/USD		12/19/12		1,612,066		4,066
	SEK/EUR		12/19/12		1,790,357		37,210
	SEK/USD		12/19/12		490,475		155
	USD/MXN		12/19/12		454,898		102


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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Gain
JPMorgan Securities, Inc.	EUR/USD		12/19/12	$	455,306	$	158
	HUF/EUR		12/19/12		469,454		6,916
	ILS/USD		12/19/12		878,369		23,166
	TRY/USD		12/19/12		1,711,265		3,711
	USD/EUR		12/19/12		893,893		20,032
Morgan Stanley Capital Services, Inc.	USD/EUR		12/19/12		902,896		6,517
Royal Bank of Canada	BRL/USD		10/05/12		464,941		5,941
	USD/AUD		11/09/12		6,655,951		15,565
	USD/AUD		12/19/12		3,926,285		29,549
	USD/CAD		12/19/12		2,546,262		8,738
	USD/JPY		11/02/12		142,289,457		202,319
	USD/ZAR		10/09/12		5,615,356		71,767
Royal Bank of Scotland PLC	GBP/USD		12/19/12		490,741		421
	INR/USD		10/10/12		3,859,058		199,978
	INR/USD		10/18/12		1,883,173		63,173
	INR/USD		11/06/12		3,024,447		19,196
	USD/TRY		12/19/12		1,144,708		3,566
Standard Chartered Bank	NGN/USD		11/27/12		2,766,151		28,664
	USD/EUR		12/19/12		2,724,122		12,804
State Street Bank	INR/USD		10/04/12		1,954,734		101,233
	MXN/USD		12/19/12		1,310,094		20,498
	USD/GBP		11/14/12		46,829,577		177,526
	USD/MXN		12/19/12		1,610,481		570
UBS AG (London)	BRL/USD		10/19/12		910,615		1,615
	JPY/USD		12/19/12		460,978		6,478
	RUB/USD		10/22/12		910,998		998
	USD/CHF		12/19/12		1,595,367		7,633
	USD/MXN		12/19/12		908,261		2,739
Westpac Banking Corp.	USD/AUD		12/19/12		2,030,449		14,858
TOTAL						$	1,860,210

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
Bank of America Securities LLC	COP/USD		10/17/12	$	693,721	$	(1,241	)
	CZK/EUR		12/19/12		900,323		(6,867	)
	CZK/USD		12/19/12		490,071		(249	)
	EUR/HUF		12/19/12		4,168,580		(16,640	)
	EUR/SEK		12/19/12		938,866		(7,674	)
	PLN/USD		12/19/12		560,171		(195	)
	USD/CLP		10/04/12		936,321		(17,321	)
Barclays Bank PLC	GBP/USD		12/19/12		287,370		(1,275	)
	USD/GBP		12/19/12		915,385		(2,523	)
	USD/NZD		12/19/12		180,283		(6,329	)
	USD/PLN		12/19/12		921,991		(6,991	)
	USD/TWD		10/18/12		913,085		(2,085	)
	ZAR/USD		12/19/12		452,979		(5,021	)
Citibank NA	DKK/EUR		12/19/12		793,565		(590	)
	EUR/USD		12/19/12		1,782,640		(36,776	)
	JPY/USD		12/19/12		454,254		(746	)


The accompanying notes are an integral part of these financial statements.		67

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
Citibank NA (continued)	PHP/USD		10/15/12	$	908,831	$	(169	)
	RUB/USD		10/17/12		599,420		(3,284	)
	SGD/USD		12/19/12		951,123		(4,279	)
	USD/EUR		10/12/12		215,442,519		(5,011,498	)
	USD/INR		10/18/12		459,081		(4,081	)
	USD/JPY		12/19/12		1,307,954		(14,549	)
	USD/KRW		10/05/12		1,873,941		(36,941	)
	USD/SGD		12/19/12		4,195,089		(66,089	)
Credit Suisse International (London)	CLP/USD		10/04/12		936,321		(4,227	)
	EUR/USD		12/19/12		792,285		(13,053	)
	RUB/USD		10/17/12		3,017,085		(33,017	)
	USD/CHF		12/19/12		2,674,651		(31,629	)
	USD/CZK		12/19/12		3,313,880		(35,716	)
	USD/JPY		12/19/12		915,469		(5,469	)
	USD/TRY		11/14/12		914,009		(4,009	)
	USD/TRY		12/19/12		912,774		(1,774	)
Deutsche Bank AG (London)	BGN/EUR		11/23/12		1,544,200		(863	)
	CZK/EUR		12/19/12		236,425		(6,454	)
	EUR/BGN		11/23/12		4,675,712		(15,455	)
	EUR/USD		10/12/12		3,428,848		(76,102	)
	ILS/USD		12/19/12		1,824,282		(2,718	)
	MYR/USD		10/19/12		1,812,207		(7,793	)
	PHP/USD		10/15/12		453,716		(1,284	)
	USD/INR		10/18/12		1,969,647		(45,913	)
	USD/KRW		10/05/12		942,704		(23,704	)
	USD/MXN		11/26/12		2,587,991		(10,746	)
	USD/MYR		10/30/12		912,794		(2,200	)
	USD/PHP		10/17/12		420,985		(711	)
	USD/TWD		10/18/12		919,342		(4,342	)
HSBC Bank PLC	EUR/HUF		12/19/12		458,270		(391	)
	EUR/SEK		12/19/12		905,270		(4,947	)
	JPY/USD		12/19/12		1,360,364		(4,636	)
	PHP/USD		10/17/12		1,871,353		(18,647	)
	USD/NOK		12/19/12		1,813,888		(11,087	)
	USD/SEK		12/19/12		2,324,545		(22,646	)
	USD/TWD		10/18/12		913,014		(3,014	)
JPMorgan Securities, Inc.	BRL/USD		10/19/12		465,902		(715	)
	EUR/BGN		11/23/12		972,892		(856	)
	MXN/USD		12/19/12		5,778,817		(54,896	)
	TRY/USD		12/19/12		4,544,511		(6,489	)
	USD/GBP		10/02/12		46,835,668		(1,101,762	)
Royal Bank of Canada	BRL/USD		10/17/12		1,815,762		(2,238	)
	USD/CAD		10/05/12		19,974,598		(281,738	)
	USD/CAD		12/19/12		915,399		(399	)
	USD/DKK		11/13/12		3,266,059		(23,945	)
	USD/GBP		12/19/12		3,823,362		(9,162	)
	USD/KRW		10/11/12		3,821,504		(116,973	)
	USD/PLN		12/19/12		2,882,244		(88,080	)
	USD/SEK		11/28/12		5,700,062		(35,001	)
	ZAR/USD		12/19/12		895,440		(15,560	)
Royal Bank of Scotland PLC	EUR/SEK		12/19/12		922,645		(8,174	)
	USD/GBP		12/19/12		934,758		(16,777	)


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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
Royal Bank of Scotland PLC (continued)	USD/INR		10/04/12	$	3,045,005	$	(27,909	)
	USD/INR		10/18/12		1,853,758		(33,758	)
	USD/INR		11/06/12		1,891,572		(338	)
	USD/JPY		12/19/12		1,368,439		(3,439	)
Standard Chartered Bank	EUR/CHF		12/19/12		2,712,918		(10,661	)
	GBP/USD		12/19/12		2,158,501		(9,605	)
State Street Bank	EUR/USD		10/12/12		4,814,276		(38,261	)
	GBP/USD		12/19/12		1,357,341		(7,587	)
	JPY/USD		12/19/12		1,467,435		(3,525	)
	MXN/USD		12/19/12		4,071,264		(18,736	)
	USD/GBP		12/19/12		1,490,124		(2,860	)
	ZAR/USD		12/19/12		831,947		(7,258	)
UBS AG (London)	CHF/USD		12/19/12		2,559,814		(20,826	)
	EUR/CHF		12/19/12		1,749,525		(4,183	)
	EUR/SEK		12/19/12		1,825,768		(28,980	)
Westpac Banking Corp.	AUD/USD		12/19/12		1,881,226		(7,056	)
	USD/AUD		12/19/12		2,755,684		(27,204	)
TOTAL						$	(7,660,911	)

FUTURES CONTRACTS — At September 30, 2012, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Australia 10 Year Treasury Bonds		11		December 2012	$	1,447,880		$	21,921
Italian Government Bond		(15	)	December 2012		(2,031,664	)		(98,963	)
Japan 10 Year Government Bonds		(15	)	December 2012		(27,714,634	)		(56,330	)
U.K. Life Long Gilt		8		December 2012		1,558,217			(5,205	)
Ultra Long U.S. Treasury Bonds		(4	)	December 2012		(660,875	)		(15,938	)
2 Year German Euro-Schatz		(132	)	December 2012		(18,781,053	)		19,083
5 Year German Euro-Bobl		134		December 2012		21,643,399			158,295
10 Year German Euro-Bund		117		December 2012		21,315,236			(21,465	)
2 Year U.S. Treasury Notes		66		December 2012		14,555,062			3,657
5 Year U.S. Treasury Notes		1,386		December 2012		172,741,079			442,749
10 Year U.S. Treasury Notes		48		December 2012		6,407,250			44,580
30 Year U.S. Treasury Bonds		53		December 2012		7,916,875			(2,531	)
TOTAL								$	489,853


The accompanying notes are an integral part of these financial statements.		69

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2012, the Fund had the following swap contracts:

INTEREST RATE SWAP CONTRACTS


						Rates Exchanged		Market Value
Counterparty		Notional Amount (000s)			Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
Bank of America Securities LLC	BRL		13,770		01/02/14	7.750%	1 month Brazilian Interbank Deposit Average	$	—		$	4,232
	AUD		860	^(a)	12/19/22	6 month AUDOR	4.000%		(7,838	)		(12,496	)
	NZD		2,240	^(a)	12/19/22	3 month NZDOR	4.000		(9,429	)		(34,351	)
	CAD		6,100	^(a)	09/14/25	3.040	6 month CDOR		—			147,771
			3,500	^(a)	09/14/35	6 month CDOR	3.108		—			(138,556	)
Barclays Bank PLC	BRL		5,880		01/02/14	7.780	1 month Brazilian Interbank Deposit Average		—			2,673
	$		7,310	^(a)	12/19/14	0.750	3 month LIBOR		16,120			37,421
	EUR		5,890	^(a)	04/25/16	6 month EURO	1.610		—			(112,054	)
			16,280	^(a)	05/02/16	6 month EURO	1.585		—			(296,211	)
	$		13,800	^(a)	02/28/17	3 month LIBOR	0.750		(24,801	)		(19,887	)
	EUR		20,050	^(a)	12/19/17	6 month EURO	1.500		(15,626	)		(601,524	)
			6,300	^(a)	04/25/21	2.451	6 month EURO		—			328,033
			17,440	^(a)	05/02/21	2.477	6 month EURO		—			936,695
	NZD		620	^(a)	12/19/22	3 month NZDOR	4.000		(1,516	)		(10,602	)
	GBP		1,610	^(a)	12/19/22	6 month BP	2.250	��	(57,960	)		(15,063	)
	SEK		17,900	^(a)	12/19/22	2.250	3 month STIBOR		(10,564	)		39,116
	$		17,640	^(a)	07/23/24	2.100	3 month LIBOR		—			(248,996	)
	EUR		2,460	^(a)	04/25/29	6 month EURO	2.832		—			(157,127	)
			6,820	^(a)	05/02/29	6 month EURO	2.883		—			(488,912	)
	$		670	^(a)	12/19/42	2.500	3 month LIBOR		(1,953	)		(17,197	)
Citibank NA	CHF		70	^(a)	12/19/22	6 month CHFOR	1.000		567			(857	)
	EUR		2,800	^(a)	12/19/22	2.000	6 month EURO		(12,593	)		78,536
	SEK		8,020	^(a)	12/19/22	2.250	3 month STIBOR		(10,990	)		23,782
	EUR		2,375	^(a)	12/19/42	2.000	6 month EURO		(186,633	)		(46,854	)
Credit Suisse First Boston Corp.	$		12,600	^(a)	02/28/17	3 month LIBOR	0.750		(24,912	)		(15,889	)
	JPY		749,000	^(a)	12/19/17	0.500	6 month JYOR		21,035			49,250
	AUD		2,230	^(a)	12/19/22	6 month AUDOR	4.000		(7,811	)		(44,917	)
	CAD		7,460	^(a)	12/19/22	2.250	6 month CDOR		(18,956	)		50,181
	$		38,100	^(a)	12/19/22	3 month LIBOR	2.000		(325,105	)		(506,181	)
	EUR		6,020	^(a)	12/19/22	2.000	6 month EURO		(12,665	)		154,443
	SEK		7,950	^(a)	12/19/22	2.250	3 month STIBOR		(8,835	)		21,516
	JPY		311,970	^(a)	12/19/22	6 month JYOR	1.000		(36,845	)		(37,976	)
Deutsche Bank Securities, Inc.	BRL		3,900		01/02/14	7.770	1 month Brazilian Interbank Deposit Average		—			1,572
			39,950		01/02/14	7.740	1 month Brazilian Interbank Deposit Average		—			10,223
	NZD		2,090	^(a)	12/19/22	3 month NZDOR	4.000		(9,681	)		(31,167	)
JPMorgan Securities, Inc.			810	^(a)	12/19/22	3 month NZDOR	4.000		(12,547	)		(3,284	)
Morgan Stanley Capital Services, Inc.	EUR		5,680	^(a)	04/28/16	6 month EURO	1.662		—			(115,120	)
	$		89,190	^(a)	02/28/17	3 month LIBOR	0.750		(151,180	)		(137,634	)
	EUR		6,090	^(a)	04/28/21	2.512	6 month EURO		—			347,025
	NZD		1,440	^(a)	12/19/22	3 month NZDOR	4.000		(21,052	)		(7,092	)


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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

INTEREST RATE SWAP CONTRACTS (continued)


					Rates Exchanged		Market Value
Counterparty		Notional Amount (000s)		Termination Date	Payments Received	Payments Made		Upfront Payments Made (Received)			Unrealized Gain (Loss)
Morgan Stanley Capital Services, Inc. (continued)	EUR	2,370	^(a)	04/28/29	6 month EURO	2.906%	$	—		$	(179,660	)
Royal Bank of Canada	AUD	2,080	^(a)	12/19/22	6 month AUDOR	4.000		(6,684	)		(42,496	)
UBS AG (London)	CHF	5,400		01/06/17	2.105%	6 month CHFOR		—			546,465
TOTAL							$	(938,454	)	$	(543,169	)

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2012.

CREDIT DEFAULT SWAP CONTRACTS


												Market Value
Counterparty	Referenced Obligation	Notional Amount (000s)		Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2012^(b)			Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Purchased:
Bank of America Securities LLC	CDX North America Investment Grade Index 16	$	16,650		(1.000	)%		06/20/14		0.322	%	$	(105,218	)	$	(95,726	)
Morgan Stanley Capital Services, Inc.	CDX North America Investment Grade Index 16		28,700		(1.000	)		06/20/14		0.322			(169,039	)		(177,334	)
Protection Sold:
Bank of America Securities LLC	CDX North America Investment Grade Index 16		5,400		1.000			06/20/16		0.722			5,732			50,864
Citibank NA	CDX North America Investment Grade Index 18		1,100		1.000			06/20/17		0.904			8,432			(3,249	)
Credit Suisse First Boston Corp.	CDX North America Investment Grade Index 19		26,200		1.000			12/20/17		0.993			5,493			12,340
Deutsche Bank Securities, Inc.	CDX North America Investment Grade Index 18		14,900		1.000			06/20/17		0.904			111,647			(41,433	)
Morgan Stanley Capital Services, Inc.	CDX North America Investment Grade Index 16		24,050		1.000			06/20/16		0.722			24,405			227,657
TOTAL												$	(118,548	)	$	(26,881	)

(b)


The accompanying notes are an integral part of these financial statements.		71

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

WRITTEN OPTIONS CONTRACTS

INTEREST RATE SWAPTION CONTRACTS — At September 30, 2012, the fund had the following written swaptions:


Counterparty	Description	Notional Amount (000s)		Expiration Date		Strike Price			Market Value			Premiums Received
Barclays Bank PLC	Put – OTC – 10 year Interest Rate Swap for the obligation to pay a fixed rate of 1.600% versus the 3 month LIBOR maturing on July 23, 2024	$	49,000		07/21/14		1.600	%	$	(705,762	)	$	(1,073,100	)

For the six months ended September 30, 2012, the Fund had the following written options activity:


	Notional Amount (000s)			Premiums Received
Contracts Outstanding March 31, 2012	$	1,720		$	15,394
Contracts Written		58,541			1,104,716
Contracts Expired		(11,261	)		(47,010	)
Contracts Outstanding September 30, 2012	$	49,000		$	1,073,100


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	Corporate Obligations – 22.8%
	Banks – 4.2%
	Abbey National Treasury Services PLC^(a)
GBP	1,800,000		2.300	%		02/16/15	$	2,944,402
	ANZ Capital Trust II^(b)(c)
$	6,600,000		5.360			12/15/49		6,715,500
	Bank of America Corp.
	8,950,000		6.000			09/01/17		10,309,808
	Bank of Scotland PLC^(b)
	5,700,000		5.250			02/21/17		6,471,660
	BNP Paribas Capital Trust VI^(a)
EUR	7,350,000		5.868			01/29/49		9,168,374
	BNP Paribas SA^(a)(c)
	1,850,000		4.730			04/29/49		2,020,741
	Capital One Capital III^(c)
$	2,000,000		7.686			08/15/36		2,020,000
	HSBC Capital Funding LP^(a)(c)
EUR	4,975,000		5.369			03/24/49		6,153,380
	National City Preferred Capital Trust I^(a)(c)
$	5,000,000		12.000			12/10/49		5,108,800
	Northern Rock Asset Management PLC^(b)
	3,800,000		5.625			06/22/17		4,270,060
	Regions Bank
	4,975,000		7.500			05/15/18		5,845,625
	Santander Holdings USA, Inc.^(c)
	4,225,000		3.000			09/24/15		4,243,731
	Sparebank 1 Boligkreditt AS^(b)
	8,700,000		2.300			06/30/17		9,080,190
	Stadshypotek AB^(b)
	8,100,000		1.875			10/02/19		8,097,570
	UBS AG
	1,675,000		7.625			08/17/22		1,728,417
	US Bank NA^(a)(c)
EUR	3,150,000		0.817			02/28/17		4,007,427
	Westpac Capital Trust III^(a)(b)(c)
$	2,585,000		5.819			09/30/49		2,570,214

								90,755,899

	Brokerage^(c) – 0.8%
	Morgan Stanley, Inc.
	17,125,000		5.500			07/28/21		18,570,316

	Chemicals^(c) – 0.8%
	LyondellBasell Industries NV
	5,900,000		5.750			04/15/24		6,725,061
	Rockwood Specialties Group, Inc.
	10,625,000		4.625			10/15/20		10,771,094

								17,496,155

	Consumer Cyclical Services^(c) – 0.5%
	Equinix, Inc.
	7,525,000		7.000			07/15/21		8,428,000
	Lender Process Services, Inc.
	3,000,000		5.750			04/15/23		3,000,000

								11,428,000

	Electric^(c) – 0.6%
	CMS Energy Corp.
	4,760,000		5.050			03/15/22		5,259,800

	Principal Amount		Interest Rate			Maturity Date		Value

	Corporate Obligations – (continued)
	Electric – (continued)
	NV Energy, Inc.
$	4,765,000		6.250	%		11/15/20	$	5,527,400
	Puget Sound Energy, Inc.^(a)
	2,000,000		6.974			06/01/67		2,140,000

								12,927,200

	Energy^(c) – 2.5%
	BG Energy Capital PLC^(a)
	7,816,000		6.500			11/30/72		8,362,078
	Newfield Exploration Co.
	2,050,000		6.875			02/01/20		2,234,500
	Nexen, Inc.
	1,225,000		5.875			03/10/35		1,449,590
	5,581,000		6.400			05/15/37		7,088,331
	SandRidge Energy, Inc.
	7,000,000		7.500			03/15/21		7,210,000
	4,500,000		7.500	^(b)		02/15/23		4,635,000
	Transocean, Inc.
	8,550,000		6.500			11/15/20		10,190,820
	5,450,000		3.800			10/15/22		5,500,632
	Trinidad Drilling Ltd.^(b)
	4,775,000		7.875			01/15/19		5,158,791
	Whiting Petroleum Corp.
	2,100,000		7.000			02/01/14		2,241,750

								54,071,492

	Energy – Exploration & Production^(c) – 2.3%
	Concho Resources, Inc.
	2,550,000		8.625			10/01/17		2,805,000
	400,000		6.500			01/15/22		440,000
	3,700,000		5.500			04/01/23		3,866,500
	Continental Resources, Inc.^(b)
	8,300,000		5.000			09/15/22		8,632,000
	Kodiak Oil & Gas Corp.^(b)
	7,285,000		8.125			12/01/19		7,722,100
	Laredo Petroleum, Inc.
	3,754,000		9.500			02/15/19		4,251,405
	5,986,000		7.375			05/01/22		6,464,880
	MEG Energy Corp.^(b)
	4,975,000		6.500	��		03/15/21		5,323,250
	9,075,000		6.375			01/30/23		9,687,562

								49,192,697

	Environmental^(c) – 0.1%
	Casella Waste Systems, Inc.
	2,100,000		11.000			07/15/14		2,215,500

	Gaming^(b)^(c) – 0.6%
	MGM Resorts International
	13,125,000		6.750			10/01/20		13,059,375

	Health Care – Services^(c) – 0.7%
	American Renal Associates Holdings Inc.^(d)
	599,121		9.750			03/01/16		632,822
	Fresenius Medical Care US Finance, Inc.^(b)
	7,950,000		5.750			02/15/21		8,466,750


The accompanying notes are an integral part of these financial statements.		73

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	Corporate Obligations – (continued)
	Health Care – Services – (continued)
	HCA, Inc.
$	4,700,000		6.500	%		02/15/20	$	5,217,000

								14,316,572

	Lodging^(b)(c) – 0.2%
	Host Hotels & Resorts LP
	4,300,000		5.250			03/15/22		4,633,250

	Media – Cable^(c) – 1.5%
	CCO Holdings LLC/CCO Holdings Capital Corp.
	6,325,000		7.000			01/15/19		6,870,531
	4,225,000		5.250			09/30/22		4,235,563
	DISH DBS Corp.
	5,600,000		6.625			10/01/14		6,062,000
	UPC Holding BV^(b)
EUR	11,300,000		6.375			09/15/22		13,976,522
	Virgin Media Finance PLC
$	2,100,000		9.500			08/15/16		2,320,500

								33,465,116

	Metals & Mining^(b)(c) – 0.3%
	Calcipar SA
	6,167,000		6.875			05/01/18		6,102,875

	Noncaptive – Financial^(c) – 0.4%
	CCL Finance Ltd.
	1,400,000		9.500			08/15/14		1,574,885
	CIT Group, Inc.^(b)
	2,700,000		5.250			04/01/14		2,808,000
	GEO Maquinaria
	3,630,625		9.625	^(b)		05/02/21		3,337,622
	716,313		9.625			05/02/21		659,189

								8,379,696

	Packaging^(c) – 0.7%
	Reynolds Group Holding Ltd.
	1,500,000		9.875			08/15/19		1,590,000
	13,725,000		5.750	^(b)		10/15/20		13,690,687

								15,280,687

	Paper^(b)(c) – 0.2%
	Sappi Papier Holding GmbH
	4,200,000		7.750			07/15/17		4,483,500

	Pharmaceuticals^(b)(c) – 1.1%
	Valeant Pharmaceuticals International
	23,750,000		6.375			10/15/20		24,225,000

	Pipelines^(c) – 1.4%
	Carrizo Oil & Gas, Inc.^(e)
	117,000		4.375			06/01/13		118,343
	Enterprise Products Operating LLC^(a)
	3,875,000		8.375			08/01/66		4,359,375
	3,175,000		7.034			01/15/68		3,563,938
	Regency Energy Partners LP
	1,105,000		9.375			06/01/16		1,205,831
	5,000,000		6.500			07/15/21		5,350,000
	8,750,000		5.500			04/15/23		8,815,625

	Principal Amount		Interest Rate			Maturity Date		Value

	Corporate Obligations – (continued)
	Pipelines – (continued)
	Southern Union Co.^(a)
$	8,775,000		3.462	%		11/01/66	$	7,020,000

								30,433,112

	Property/Casualty Insurance^(a)(b)(c) – 0.1%
	Mitsui Sumitomo Insurance Co. Ltd.
	2,650,000		7.000			03/15/72		2,921,938

	Real Estate Investment Trust^(c) – 0.3%
	CB Richard Ellis Services, Inc.
	520,000		11.625			06/15/17		582,400
	Entertainment Properties Trust
	5,500,000		5.750			08/15/22		5,668,676

								6,251,076

	Retailers^(c) – 0.3%
	Burlington Coat Factory Warehouse Corp.
	6,825,000		10.000			02/15/19		7,490,438

	Services Cyclical – Rental Equipment^(c) – 0.2%
	UR Financing Escrow Corp.
	3,480,000		10.875			06/15/16		3,862,800

	Wireless Telecommunications – 1.6%
	Intelsat Luxembourg SA^(c)(d)
	3,850,000		11.500			02/04/17		4,081,000
	Nextel Communications, Inc.^(c)
	5,545,000		5.950			03/15/14		5,551,931
	Sprint Nextel Corp.
	5,500,000		9.000	^(b)		11/15/18		6,586,250
	14,100,000		7.000			08/15/20		14,664,000
	2,750,000		11.500			11/15/21		3,437,500

								34,320,681

	Wirelines Telecommunications^(c) – 1.4%
	Frontier Communications Corp.
	16,000,000		8.250			04/15/17		18,160,000
	Level 3 Financing, Inc.
	11,100,000		9.375			04/01/19		12,321,000

								30,481,000

	TOTAL CORPORATE OBLIGATIONS
	(Cost $487,956,232)						$	496,364,375


	Mortgage-Backed Obligations – 56.5%
	Adjustable Rate Non-Agency^(a) – 9.2%
	American Home Mortgage Assets Series 2007-2, Class A1
$	2,394,932		0.342	%		03/25/47	$	1,532,385
	Bear Stearns Mortgage Funding Trust Series 2006-AR1, Class 2A1
	1,341,488		0.437			08/25/36		750,844
	Bear Stearns Mortgage Funding Trust Series 2007-AR4, Class 1A1
	5,838,866		0.417			09/25/47		4,063,582
	Countrywide Alternative Loan Trust Series 2006-0C8, Class 2A2B
	7,281,140		0.387			11/25/36		4,465,608
	Countrywide Alternative Loan Trust Series 2005-61, Class 1A1
	956,512		0.477			12/25/35		736,562


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

	Mortgage-Backed Obligations – (continued)
	Adjustable Rate Non-Agency – (continued)
	Countrywide Alternative Loan Trust Series 2005-76, Class 1A1
$	3,075,283		1.628	%		01/25/36	$	2,395,826
	Countrywide Alternative Loan Trust Series 2005-81, Class A1
	11,054,640		0.497			02/25/37		6,854,081
	Countrywide Alternative Loan Trust Series 2005-9CB, Class 1A5
	2,013,343		0.717			05/25/35		1,496,226
	Countrywide Alternative Loan Trust Series 2007-OA11, Class A1A
	2,460,970		1.528			11/25/47		1,523,567
	Countrywide Alternative Loan Trust Series 2007-OA2, Class 2A1
	15,077,106		0.347			03/25/47		7,853,498
	Harborview Mortgage Loan Trust Series 2005-09, Class 2A1A
	1,421,143		0.559			06/20/35		1,247,414
	Indymac Index Mortgage Loan Trust Series 2005-AR13, Class 4A1
	1,539,688		2.626			08/25/35		1,147,878
	Indymac Index Mortgage Loan Trust Series 2005-AR23, Class 6A1
	7,904,440		4.960			11/25/35		6,164,515
	Indymac Index Mortgage Loan Trust Series 2006-AR2, Class 1A1A
	6,185,719		0.437			04/25/46		3,811,275
	Indymac Index Mortgage Loan Trust Series 2006-AR41, Class A3
	10,895,985		0.397			02/25/37		5,901,830
	Indymac Index Mortgage Loan Trust Series 2007-FLX4, Class 2A1
	9,950,762		0.397			07/25/37		7,387,684
	Lehman XS Trust Series 2006-GP1, Class A2A
	4,969,218		0.387			05/25/46		4,577,203
	Lehman XS Trust Series 2007-15N, Class 4A1
	13,063,064		1.117			08/25/47		8,095,591
	Lehman XS Trust Series 2007-16N, Class 2A2
	635,694		1.067			09/25/47		445,070
	Lehman XS Trust Series 2007-7N, Class 1A1A
	29,217,102		0.437			06/25/47		19,556,046
	Luminent Mortgage Trust Series 2006-7, Class 2A1
	13,564,872		0.387			12/25/36		8,309,710
	Luminent Mortgage Trust Series 2007-2, Class 2A1
	3,058,448		0.447			05/25/37		1,529,963
	Master Adjustable Rate Mortgages Trust Series 2007-2, Class A1
	6,825,602		0.367			03/25/47		4,924,606
	Master Adjustable Rate Mortgages Trust Series 2007-3, Class 12A1
	2,352,057		0.417			05/25/47		1,397,311
	Residential Accredit Loans, Inc. Series 2005-Q05, Class A1
	8,193,982		1.148			01/25/46		4,786,999
	Residential Accredit Loans, Inc. Series 2007-QH9, Class A1
	13,679,950		4.037			11/25/37		6,185,075
	Residential Accredit Loans, Inc. Series 2007-QO3, Class A1
	20,285,147		0.377			03/25/47		13,786,248
	Residential Funding Mortgage Securities I Series 2005-SA4, Class 2A1
	9,735,619		3.233			09/25/35		8,027,792
	Structured Adjustable Rate Mortgage Loan Trust Series 2006-04, Class 5A1
	8,898,177		5.348			05/25/36		7,111,748
	Structured Asset Mortgage Investments, Inc. Series 2005-AR7, Class 5A1
	2,114,710		1.608			03/25/46		1,333,635

	Principal Amount		Interest Rate			Maturity Date		Value

	Mortgage-Backed Obligations – (continued)
	Adjustable Rate Non-Agency – (continued)
	Structured Asset Mortgage Investments, Inc. Series 2006-AR6, Class 1A3
$	711,698		0.407	%		07/25/46	$	364,614
	Structured Asset Mortgage Investments, Inc. Series 2006-AR7, Class A1A
	767,164		0.427			08/25/36		462,530
	Structured Asset Mortgage Investments, Inc. Series 2006-AR8, Class A1A
	6,193,896		0.417			10/25/36		3,771,043
	Structured Asset Mortgage Investments, Inc. Series 2007-AR7, Class 1A1
	2,304,573		1.067			05/25/47		1,386,032
	Washington Mutual Alternative Mortgage Pass-Through Certificates Series 2006-AR4, Class DA
	4,429,494		1.118			06/25/46		1,997,550
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR11, Class A1A
	3,143,808		0.537			08/25/45		2,825,343
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR12, Class 1A6
	8,175,000		2.488			10/25/35		7,291,547
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR19, Class A1A1
	824,784		0.487			12/25/45		727,494
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR6, Class 2A1A
	761,326		0.447			04/25/45		682,264
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR8, Class 1A1A
	531,056		0.487			07/25/45		478,210
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR8, Class 2A1A
	1,897,504		0.507			07/25/45		1,750,206
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR9, Class A1A
	1,952,515		0.537			07/25/45		1,750,713
	Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR11, Class 3A1A
	5,404,607		1.068			09/25/46		3,298,406
	Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR15, Class 1A
	6,377,589		0.988			11/25/46		4,823,981
	Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR17, Class 1A
	11,746,560		0.968			12/25/46		8,118,145
	Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR5, Class 4A
	2,251,741		1.138			06/25/46		1,124,284
	Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA2, Class 2A
	12,108,255		0.848			01/25/47		5,599,953
	Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA4, Class 1A
	8,143,157		0.918			05/25/47		6,298,855

								200,150,942


The accompanying notes are an integral part of these financial statements.		75

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	Mortgage-Backed Obligations – (continued)
	Collateralized Mortgage Obligations – 10.0%
	Inverse Floaters^(a) – 0.3%
	FNMA Series 2007-32, Class S
$	22,742,714		6.554	%		04/25/37	$	4,130,996
	FNMA Series 2007-47, Class BS
	16,014,191		6.574			05/25/37		3,040,694

								7,171,690

	Regular Floater^(a) – 4.6%
	Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12
	2,309,493		1.017			12/25/35		1,510,591
	FHLMC REMIC Series 3371, Class FA
	2,098,197		0.821			09/15/37		2,117,883
	FHLMC REMIC Series 3545, Class FA
	5,277,232		1.071			06/15/39		5,355,729
	FHLMC Series 3084 Class FN
	5,643,841		0.721			12/15/34		5,687,399
	FHLMC Series 3231 Class FB
	2,761,949		0.571			10/15/36		2,770,668
	FHLMC Series 3314 Class FC
	2,447,755		0.621			12/15/36		2,457,637
	FHLMC Series 3827 Class KF
	1,860,971		0.591			03/15/41		1,868,392
	FHLMC Series 3830 Class FD
	1,848,552		0.581			03/15/41		1,855,421
	FNMA REMIC Series 2010-126, Class LS
	15,599,918		4.770			11/25/40		967,195
	FNMA Series 2005-102, Class DF
	7,962,792		0.517			11/25/35		7,973,055
	FNMA Series 2006-45, Class TF
	3,671,972		0.617			06/25/36		3,688,254
	FNMA Series 2006-76, Class QF
	3,663,525		0.617			08/25/36		3,680,094
	FNMA Series 2006-79, Class PF
	4,714,911		0.617			08/25/36		4,737,612
	FNMA Series 2007-75, Class VF
	1,206,306		0.667			08/25/37		1,213,380
	FNMA Series 2007-91, Class FB
	3,820,736		0.817			10/25/37		3,862,184
	FNMA Series 2009-84, Class WF
	2,093,903		1.317			10/25/39		2,141,346
	FNMA Series 2010-89, Class CF
	10,292,646		0.667			02/25/38		10,361,682
	FNMA Series 2011-59, Class FW
	6,006,018		0.577			07/25/41		6,034,963
	FNMA Series 2011-86, Class DF
	2,580,554		0.717			09/25/41		2,599,078
	Granite Mortgages PLC Series 2003-2, Class 3A
GBP	3,244,772		1.263			07/20/43		5,134,863
	Granite Mortgages PLC Series 2003-3, Class 2A
EUR	237,310		0.844			01/20/44		300,686
	Granite Mortgages PLC Series 2004-2, Class 3A
GBP	3,420,649		0.951			06/20/44		5,413,188


	Mortgage-Backed Obligations – (continued)
	Regular Floater – (continued)
	Granite Mortgages PLC Series 2004-3, Class 2A2
EUR	89,113		0.524	%		09/20/44	$	112,911
	Granite Mortgages PLC Series 2004-3, Class 3A1
GBP	3,437,066		0.991			09/20/44		5,439,168
	Lanark Master Issuer PLC Series 2012-2A, Class 1A^(b)
$	7,000,000		1.834			12/22/54		7,149,125
	Permanent Master Issuer PLC Series 2011-2X, Class 1A2
	6,200,000		2.005			07/15/42		6,343,840

								100,776,344

	Sequential Fixed Rate – 4.8%
	Banc of America Funding Corp. Series 2007-8, Class 2A1
	4,009,875		7.000			10/25/37		2,402,335
	BCAP LLC Trust Series 2007-AA2, Class 2A7
	3,438,417		6.000			04/25/37		2,762,892
	Citicorp Mortgage Securities, Inc. Series 2007-4, Class 2A1
	503,026		5.500			05/25/22		503,464
	Citimortgage Alternative Loan Trust Series 2007-A1, Class 1A7
	2,383,178		6.000			01/25/37		1,849,671
	Citimortgage Alternative Loan Trust Series 2007-A4, Class 1A5
	8,612,095		5.750			04/25/37		6,578,331
	Countrywide Alternative Loan Trust Series 2005-77T1, Class 1A2
	4,957,524		6.000			02/25/36		3,721,068
	Countrywide Alternative Loan Trust Series 2007-18CB, Class 2A25
	959,336		6.000			08/25/37		769,397
	FHLMC Multifamily Structured Pass-Through Certificates Series K703, Class A2
	7,000,000		2.699			05/25/18		7,556,668
	FNMA REMIC Series 2012-108, Class TE
	2,200,000		3.500			10/25/42		2,324,560
	JPMorgan Alternative Loan Trust Series 2008-R2, Class A1^(b)
	15,648,031		6.000			11/25/36		11,512,628
	Morgan Stanley Mortgage Loan Trust Series 2005-4, Class 1A
	2,639,538		5.000			08/25/35		2,620,038
	Morgan Stanley Mortgage Loan Trust Series 2006-2, Class 1A
	7,901,074		5.250			02/25/21		7,473,081
	Morgan Stanley Mortgage Loan Trust Series 2006-2, Class 2A3
	9,859,272		5.750			02/25/36		8,849,251
	Residential Accredit Loans, Inc. Series 2006-QS12, Class 1A1
	8,904,838		6.500			09/25/36		6,328,262
	Residential Accredit Loans, Inc. Series 2006-QS2, Class 1A9
	1,293,873		5.500			02/25/36		911,864
	Residential Accredit Loans, Inc. Series 2006-QS4, Class A9
	6,811,011		6.000			04/25/36		4,662,123
	Residential Accredit Loans, Inc. Series 2006-QS6, Class 1A13
	2,216,374		6.000			06/25/36		1,512,620
	Residential Accredit Loans, Inc. Series 2006-QS7, Class A1
	1,327,715		6.000			06/25/36		960,486
	Residential Accredit Loans, Inc. Series 2006-QS8, Class A1
	5,221,389		6.000			08/25/36		3,722,613
	Residential Accredit Loans, Inc. Series 2006-QS8, Class A3
	4,053,438		6.000			08/25/36		2,889,918
	Residential Accredit Loans, Inc. Series 2006-QS9, Class 1A11
	4,012,814		6.500			07/25/36		2,928,609


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Principal Amount		Interest Rate			Maturity Date			Value

	Mortgage-Backed Obligations – (continued)
	Sequential Fixed Rate – (continued)
	Residential Asset Securitization Trust Series 2006-A8, Class 1A1
$	2,995,358		6.000	%		08/25/36		$	2,386,943
	Residential Funding Mortgage Securities I Series 2007-S9, Class 1A1
	12,358,368		6.000			10/25/37			10,593,747
	Wells Fargo Alternative Loan Trust Series 2007-PA3, Class 3A1
	6,600,888		6.250			07/25/37			5,310,121
	Wells Fargo Mortgage Backed Securities Trust Series 2007-11, Class A85
	3,468,460		6.000			08/25/37			3,357,317

									104,488,007

	Sequential Floating Rate^(a) – 0.2%
	Banc of America Funding Corp. Series 2007-2, Class 2A1
	302,388		5.562			03/25/37			305,478
	Chaseflex Trust Series 2007-3, Class 1A2
	5,292,540		0.677			07/25/37			2,566,441
	Washington Mutual Alternative Mortgage Pass-Through Certificates Series 2006-AR10, Class A1
	1,581,534		0.317			12/25/36			844,035

									3,715,954

	Support – 0.1%
	Countrywide Alternative Loan Trust Series 2006-4CB, Class 2A4
	1,169,041		5.500			04/25/36			921,819

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							$	217,073,814

	Commercial Mortgage-Backed Securities – 1.2%
	Sequential Fixed Rate – 0.3%
	Commercial Mortgage Pass-Through Certificates Series 2006-C8, Class AM
$	1,600,000		5.347	%		12/10/46		$	1,696,603
	Commercial Mortgage Pass-Through Certificates Series 2012-LC4, Class AM
	1,700,000		4.063			12/10/44			1,815,196
	WF-RBS Commercial Mortgage Trust Series 2012-C6 Class B
	2,500,000		4.697			04/15/45			2,675,018

									6,186,817

	Sequential Floating Rate^(a) – 0.9%
	Commercial Mortgage Pass-Through Certificates Series 2012-LC4, Class B
	1,375,000		4.934			12/10/44			1,520,894
	Commercial Mortgage Pass-Through Certificates Series 2012-LC4, Class C
	775,000		5.825			12/10/44	��		823,140
	FREMF Mortgage Trust Series 2012-K17, Class B^(b)
	1,550,000		4.499			12/25/44			1,634,502
	FREMF Mortgage Trust Series 2012-K706, Class B^(b)
	2,200,000		4.162			11/25/44			2,318,860
	FREMF Mortgage Trust Series 2012-K706, Class C^(b)
	1,350,000		4.162			11/25/44			1,297,171
	FREMF Mortgage Trust Series 2012-K707, Class C^(b)
	2,350,000		4.018			01/25/47			2,237,358

	Principal Amount		Interest Rate			Maturity Date			Value

	Mortgage-Backed Obligations – (continued)
	Sequential Floating Rate – (continued)
	FREMF Mortgage Trust Series 2012-K710, Class B^(b)
$	5,700,000		3.949	%		06/25/47		$	5,919,223
	FREMF Mortgage Trust Series 2012-K710, Class C^(b)
	1,600,000		3.949			06/25/47			1,505,622
	Morgan Stanley Capital I, Inc. Series 2007-HQ11, Class AM
	1,450,000		5.478			02/12/44			1,557,085
	Morgan Stanley Capital I, Inc. Series 2007-HQ13, Class AM
	1,200,000		5.931			12/15/44			1,146,951

									19,960,806

	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES							$	26,147,623

	Federal Agencies – 36.1%
	Adjustable Rate FHLMC^(a) – 1.4%
$	10,452,975		5.929	%		10/15/39		$	1,893,480
	30,030,813		0.621			07/15/39			30,142,552

									32,036,032

	Adjustable Rate FNMA^(a) – 1.8%
	3,403,318		2.925			05/01/33			3,649,409
	1,369,633		2.338			10/01/34			1,453,355
	3,060,244		2.291			01/01/35			3,252,187
	2,470,026		2.586			09/01/35			2,656,051
	1,297,316		2.458			10/01/36			1,384,393
	13,516,870		6.284			08/25/37			2,688,723
	20,140,307		0.657			06/25/41			20,133,085
	20,140,307		6.344			06/25/41			3,461,720

									38,678,923

	FNMA – 32.9%
	6,925,517		3.104			01/01/18			7,542,427
	7,726,501		3.462			01/01/18			8,513,046
	4,400,000		3.660			01/01/18			4,954,032
	1,018,371		5.000			01/01/18			1,104,300
	5,283,346		5.000			02/01/18			5,729,150
	5,464,266		3.750			03/01/18			6,136,870
	3,383,757		5.000			03/01/18			3,669,276
	4,906,742		5.000			04/01/18			5,320,769
	3,550,000		3.840			05/01/18			3,982,675
	426,027		5.000			05/01/18			461,975
	413,841		5.000			06/01/18			448,760
	9,983		5.500			01/01/19			10,849
	140,915		5.500			02/01/19			153,090
	148,952		5.500			03/01/19			161,881
	104,363		5.500			04/01/19			113,423
	67,582		5.500			05/01/19			73,447
	278,603		5.500			06/01/19			302,785
	890,519		5.500			07/01/19			967,772
	808,634		5.500			08/01/19			878,753
	758,835		5.500			09/01/19			824,603
	216,221		5.500			10/01/19			234,976
	232,504		5.500			11/01/19			252,684
	351,219		5.500			12/01/19			381,704
	28,050		5.500			01/01/20			30,485


The accompanying notes are an integral part of these financial statements.		77

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date			Value

	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	17,035		5.500	%		06/01/20		$	18,489
	4,281,653		5.500			07/01/20			4,691,351
	2,149,547		3.416			10/01/20			2,386,502
	1,564,440		3.632			12/01/20			1,739,972
	5,995,031		4.375			06/01/21			6,982,893
	11,618,067		5.500			05/01/25			12,609,570
	15,753,572		4.000			08/01/26			16,854,916
	18,456,023		4.000			09/01/26			19,711,898
	14,120		4.500			09/01/29			15,257
	805,234		5.000			10/01/29			876,887
	4,799,256		4.000			10/01/31			5,194,053
	35,392		4.000			02/01/35			38,108
	21,000,001		5.000			07/01/35			22,912,779
	529,836		5.000			09/01/35			576,945
	32,893		5.000			01/01/36			35,817
	528,258		5.000			04/01/36			574,633
	144,255		5.000			02/01/37			156,803
	7,996		5.000			03/01/37			8,691
	10,017		5.000			05/01/37			10,889
	149,984		5.000			01/01/38			162,990
	35,324		5.000			05/01/38			38,387
	3,284,362		5.000			01/01/39			3,569,183
	432,724		5.000			03/01/39			470,364
	64,000,003		5.000			07/01/39			69,550,114
	64,570		4.000			08/01/39			69,414
	28,098		4.000			09/01/39			30,205
	16,212		4.500			09/01/39			17,506
	236,000		4.500			12/01/39			254,835
	52,655		4.000			01/01/40			56,657
	903,872		4.500			02/01/40			978,042
	1,720,273		4.500			05/01/40			1,861,435
	45,335		4.000			08/01/40			48,781
	10,513,163		4.500			08/01/40			11,375,850
	6,137,492		4.500			09/01/40			6,641,121
	165,988		4.000			10/01/40			178,604
	83,285		4.500			10/01/40			90,119
	1,006,284		4.000			11/01/40			1,082,767
	13,991,670		4.500			11/01/40			15,142,436
	286,683		4.000			12/01/40			308,471
	2,278,394		4.500			12/01/40			2,465,354
	170,207		4.000			01/01/41			183,143
	67,277		4.500			01/01/41			72,798
	201,851		4.000			02/01/41			217,343
	77,496		4.500			02/01/41			83,855
	490,751		4.000			03/01/41			528,413
	2,519,880		4.500			03/01/41			2,731,890
	874,639		4.500			04/01/41			948,227
	66,431		4.000			05/01/41			71,530
	6,200,604		4.500			05/01/41			6,722,292
	67,778		4.500			06/01/41			73,481
	38,918		5.000			07/01/41			42,762
	359,959		4.000			08/01/41			387,584
	8,914,908		4.500			08/01/41			9,733,389
	189,617		4.000			09/01/41			204,169
	442,169		4.000			10/01/41			476,103
	1,755,899		4.500			10/01/41			1,903,632

	Principal Amount		Interest Rate			Maturity Date			Value

	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	2,000,199		5.000	%		10/01/41		$	2,174,184
	35,955		4.000			11/01/41			38,714
	252,526		4.000			01/01/42			273,566
	108,246		4.000			02/01/42			117,264
	35,000,000		3.000			TBA - 30yr	^(f)		36,944,141
	219,000,000		5.000			TBA - 30yr	^(f)		238,797,378
	137,000,000		6.000			TBA - 30yr	^(f)		151,288,675

									716,053,353

	TOTAL FEDERAL AGENCIES							$	786,768,308

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $1,210,175,672)							$	1,230,140,687


	Asset-Backed Securities – 11.4%
	Collateralized Loan Obligations – 9.1%
	Atrium CDO Corp. Series 4A Class A1A^(a)(b)
$	6,492,469		0.658	%		06/08/19		$	6,394,764
	Atrium CDO Corp. Series 4A Class A2^(a)(b)
	4,395,943		0.658			06/08/19			4,329,788
	Black Diamond CLO Ltd. Series 2005-1A, Class A1^(a)(b)
	3,055,445		0.649			06/20/17			3,018,761
	Black Diamond CLO Ltd. Series 2005-1A, Class A1A^(a)(b)
	1,126,991		0.629			06/20/17			1,112,652
	Black Diamond CLO Ltd. Series 2006-1A, Class AD^(a)(b)
	6,250,000		0.697			04/29/19			5,950,387
	Crown Point CLO Ltd. Series 2012-1A, Class ACOM^(b)(g)
	7,150,000		0.000			11/21/22			6,827,133
	Gleneagles CLO Ltd. Series 2005-1A, Class A1^(a)(b)
	21,727,424		0.720			11/01/17			21,142,196
	Greywolf CLO Ltd. Series 2007-1A, Class A^(a)(b)
	9,327,400		0.679			02/18/21			8,913,730
	Jasper CLO Ltd. Series 2005-1A, Class A^(a)(b)
	32,038,455		0.715			08/01/17			30,861,427
	KKR Financial CLO Ltd. Series 2006-1A, Class A1^(a)(b)
	24,300,091		0.707			08/25/18			23,818,561
	KKR Financial CLO Ltd. Series 2007-1A, Class A^(a)(b)
	13,712,725		0.785			05/15/21			13,182,303
	KKR Financial CLO Ltd. Series 2007-AA, Class A^(a)(b)
	966,552		1.205			10/15/17			959,715
	Liberty CLO Ltd. Series 2005-1A, Class A1C^(a)(b)
	46,313,728		0.695			11/01/17			44,450,619
	Mountain View Funding CLO Series 2007-3A, Class A1^(a)(b)
	2,725,691		0.670			04/16/21			2,634,915
	Westchester CLO Ltd. Series 2007-1X, Class A1A^(a)
	24,423,349		0.670			08/01/22			23,301,413

									196,898,364

	Home Equity – 1.4%
	AH Mortgage Advance Trust Series SART-1, Class A1R^(b)
	6,000,000		2.230			05/10/43			6,000,758
	AH Mortgage Advance Trust Series SART-2, Class A1^(b)
	4,700,000		3.270			09/15/43			4,710,461


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

	Asset-Backed Securities – (continued)
	Home Equity – (continued)
	CIT Mortgage Loan Trust Series 2007-1, Class 2A1^(a)(b)
$	35,014		1.217	%		10/25/37	$	34,997
	CIT Mortgage Loan Trust Series 2007-1, Class 2A2^(a)(b)
	1,030,000		1.467			10/25/37		1,006,833
	CIT Mortgage Loan Trust Series 2007-1, Class 2A3^(a)(b)
	2,040,000		1.667			10/25/37		1,242,503
	Countrywide Asset-Backed Certificates Series 2006-ABC1, Class A2^(a)
	7,687,814		0.377			05/25/36		4,301,220
	Countrywide Asset-Backed Certificates Series 2007-2, Class 2A4^(a)
	20,000,000		0.437			08/25/37		4,601,814
	First Franklin Mortgage Loan Asset-Backed Certificates Series 2006-FF18, Class A2B^(a)
	4,468,655		0.327			12/25/37		2,642,826
	Soundview Home Equity Loan Trust Series 2006-EQ1, Class A4^(a)
	11,762,000		0.467			10/25/36		5,591,694

								30,133,106

	Student Loan^(a) – 0.9%
	GCO Education Loan Funding Trust Series 2006-1, Class A11L
	2,000,000		0.657			05/25/36		1,732,955
	GCO Education Loan Funding Trust Series 2006-1, Class A8L
	6,068,991		0.557			05/25/25		5,869,123
	Panhandle-Plains Higher Education Authority, Inc. Series 2011-1, Class A2
	10,000,000		1.310			07/01/24		10,023,511
	SLM Student Loan Trust Series 2011-2, Class A2
	2,075,000		1.417			10/25/34		2,020,273
	US Education Loan Trust LLC Series 2006-1, Class A2^(b)
	691,058		0.551			03/01/25		686,400

								20,332,262

	TOTAL ASSET-BACKED SECURITIES
	(Cost $238,312,385)						$	247,363,732


	Foreign Debt Obligations – 9.1%
	Sovereign – 9.1%
	Hellenic Republic Government Bond^(h)
EUR	1,078,000		2.000	%		02/24/23	$	366,129
	1,088,000		2.000			02/24/24		329,193
	1,068,000		2.000			02/24/25		311,291
	1,088,000		2.000			02/24/26		300,290
	1,088,000		2.000			02/24/27		288,312
	1,088,000		2.000			02/24/28		273,402
	1,608,000		2.000			02/24/29		387,228
	1,718,000		2.000			02/24/30		415,102
	1,598,000		2.000			02/24/31		394,068
	2,008,000		2.000			02/24/32		484,957
	1,088,000		2.000			02/24/33		244,497
	3,938,000		2.000			02/24/34		872,604
	5,228,000		2.000			02/24/35		1,129,464
	3,258,000		2.000			02/24/36		692,873
	3,018,000		2.000			02/24/37		674,821

	Principal Amount		Interest Rate			Maturity Date		Value

	Foreign Debt Obligations – (continued)
	Sovereign – (continued)
	Hellenic Republic Government Bond^(h) – (continued)
EUR	6,958,000		2.000	%		02/24/38	$	1,554,861
	5,588,000		2.000			02/24/39		1,156,338
	7,928,000		2.000			02/24/40		1,737,308
	5,058,000		2.000			02/24/41		1,036,612
	1,878,000		2.000			02/24/42		384,645
	Mexico Cetes^(g)
MXN	468,824,300		0.000			10/18/12		36,353,237
	Republic of Argentina^(a)
EUR	104,947,000		0.000			12/15/35		16,183,454
$	4,360,000		0.000			12/15/35		573,340
	Republic of Ivory Coast
	51,515,000		3.750			12/31/32		43,669,693
	Republic of Venezuela
	9,650,000		12.750			08/23/22		10,277,250
	1,370,000		9.000			05/07/23		1,205,600
	23,810,000		8.250			10/13/24		19,583,725
	900,000		9.250			05/07/28		792,000
	21,450,000		11.950			08/05/31		21,879,000
	United Kingdom Gilt Inflation Linked
GBP	6,320,000		2.500			07/26/16		35,019,363

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $175,130,680)						$	198,570,657


	Structured Notes – 1.3%
	Notas do Tesouro Nacional (Issuer Credit Suisse Nassau)
BRL	5,168,272		6.000	%		08/17/40	$	3,242,122
	28,349,171		6.000			08/19/40		17,783,791
	Notas do Tesouro Nacional Series B (Issuer HSBC Corp.)
	11,601,353		6.000			08/15/40		7,277,675

	TOTAL STRUCTURED NOTES
	(Cost $27,729,189)						$	28,303,588


	U.S. Treasury Obligation⁽ⁱ⁾ – 0.9%
	United States Treasury Note
$	20,300,000		0.500	%		05/31/13	$	20,342,833
	(Cost $20,337,354)


	Senior Term Loans^(j) – 2.6%
	Airlines – 0.2%
	Delta Air Lines, Inc.
$	4,443,366		5.500	%		04/20/17	$	4,461,406

	Consumer Products – Household & Leisure – 0.3%
	BJ’s Wholesale Club, Inc.
	425,000		9.750			03/26/20		429,037
	6,500,000		5.750			09/26/19		6,524,375

								6,953,412


The accompanying notes are an integral part of these financial statements.		79

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	Senior Term Loans – (continued)
	Energy – 0.2%
	Chesapeake Energy Corp.
$	3,000,000		8.500	%		12/01/17	$	3,007,650
	Samson Investment Co.
	1,275,000		6.000			09/13/18		1,281,910

								4,289,560

	Health Care – 0.2%
	Multiplan, Inc.
	4,099,260		4.750			08/26/17		4,108,238

	Metals – 0.1%
	Novelis, Inc.
	2,715,452		4.000			03/10/17		2,713,416

	Services Cyclical – Business Services – 0.1%
	ADS Waste Holdings, Inc.
	2,500,000		5.250			09/11/19		2,510,950

	Telecommunications – Internet & Data – 0.5%
	Level 3 Financing, Inc.
	10,000,000		5.750			09/03/18		9,997,900

	Utilities – Distribution – 0.1%
	Energy Transfer Equity LP
	3,000,000		3.750			03/24/17		2,997,870

	Utilities – Electric – 0.6%
	Calpine Corp.
	2,273,559		4.500			04/02/18		2,275,696
	10,000,000		4.500			09/27/19		9,950,000

								12,225,696

	Wireless Telecommunications – 0.3%
	Intelsat Jackson Holdings SA
	5,694,221		5.250			04/02/18		5,697,809

	TOTAL SENIOR TERM LOANS
	(Cost $54,854,648)						$	55,956,257

Notional Amount		Exercise Rate			Expiration Date		Value
	Options Purchased – 0.6%
	Interest Rate Swaptions
	Citibank NA Put – OTC – 10 year Interest Rate Swap Strike Price 1.895%
$	171,400,000		1.895	%		02/28/13	$	3,759,933
	Citibank NA Call – OTC – 10 year Interest Rate Swap Strike Price 1.895%
	171,400,000		1.895			02/28/13		2,712,405
	Deutsche Bank Securities, Inc. Put – OTC – 10 year Interest Rate Swap Strike Price 2.060%
	171,400,000		2.060			02/19/13		5,518,412


	Options Purchased – (continued)
	Interest Rate Swaptions – (continued)
	Deutsche Bank Securities, Inc. Call – OTC – 10 year Interest Rate Swap Strike Price 2.060%
$	171,400,000		2.060	%		02/19/13	$	1,667,465

	TOTAL OPTIONS PURCHASED – 0.6%
	(Cost $15,306,020)						$	13,658,215

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
	(Cost $2,229,802,180)						$	2,290,700,344

Principal Amount		Interest Rate			Maturity Date		Value

	Short-term Investments – 16.8%
	Certificates of Deposit – 1.0%
	Dexia Credit Local
$	21,200,000		1.700	%		09/06/13	$	21,211,375

	Repurchase Agreement^(k) – 15.8%
	Joint Repurchase Agreement Account II
	344,500,000		0.245			10/01/12		344,500,000

	TOTAL SHORT-TERM INVESTMENTS – 16.8%
	(Cost $365,700,000)						$	365,711,375

	TOTAL INVESTMENTS – 122.0%
	(Cost $2,595,502,180)						$	2,656,411,719

	LIABILITIES IN EXCESS OF OTHER ASSETS – (22.0)%							(478,912,168	)

	NET ASSETS – 100.0%						$	2,177,499,551


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, 2012.
(b)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $403,509,058, which represents approximately 18.5% of net assets as of September 30, 2012.
(c)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(d)		Pay-in-kind securities.
(e)		Securities with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect at September 30, 2012.
(f)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $427,030,194, which represents approximately 19.6% of net assets as of September 30, 2012.


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

GOLDMAN SACHS STRATEGIC INCOME FUND


(g)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(h)		Coupon increases periodically based upon a predetermined schedule. Stated interest rate in effect at September 30, 2012.
(i)		A portion of this security is segregated as collateral for initial margin requirements on futures transactions.
(j)		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, 2012. 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.
(k)		Joint repurchase agreement was entered into on September 28, 2012. Additional information appears on pages 90-91.



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

Investment Abbreviations:
AUDOR		—Australian Dollar Offered Rate
BP		—British Pound Offered Rate
CDO		—Collateralized Debt Obligation
CDOR		—Canadian Dollar Offered Rate
CHFOR		—Swiss Franc Offered Rate
CLO		—Collateralized Loan Obligation
EURO		—Euro Offered Rate
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
FREMF		—Freddie Mac Multi Family
JYOR		—Japanese Yen Offered Rate
LIBOR		—London Interbank Offered Rate
NZDOR		—New Zealand Dollar Offered Rate
OTC		—Over the Counter
REMIC		—Real Estate Mortgage Investment Conduit
SART		—Servicer Advance Revolving Trust
STIBOR		—Stockholm Interbank Offered Rate


The accompanying notes are an integral part of these financial statements.		81

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2012, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Gain
Bank of America N.A.	USD/GBP		12/19/12	$	9,275,258	$	50,351
	USD/JPY		12/19/12		15,713,811		41,189
Barclays Bank PLC	CAD/USD		12/19/12		33,165,138		89,799
	JPY/USD		12/19/12		6,486,465		64,465
	MYR/USD		10/30/12		21,026,799		102,110
	PLN/EUR		12/19/12		5,290,043		15,878
	USD/GBP		12/19/12		3,303,136		7,087
	USD/TWD		10/18/12		10,613,327		4,673
	USD/ZAR		12/19/12		25,408,941		179,297
BNP Paribas SA	NZD/USD		12/19/12		2,993,260		9,849
Citibank NA	RUB/USD		10/22/12		5,387,049		8,049
	SGD/USD		12/19/12		15,780,089		25,089
	USD/AUD		12/19/12		102,955,467		1,103,640
	USD/EUR		12/19/12		10,459,186		36,786
	USD/JPY		12/19/12		78,807,138		412,018
Credit Suisse International (London)	MXN/USD		12/19/12		21,188,286		218,286
	RUB/USD		10/09/12		10,785,589		340,589
	USD/EUR		10/12/12		11,294,117		36,683
	USD/TRY		12/19/12		10,041,232		18,768
Deutsche Bank AG (London)	EUR/HUF		12/19/12		5,302,222		34,124
	HUF/PLN		12/19/12		5,382,839		2,542
	INR/USD		10/04/12		5,496,677		291,677
	INR/USD		10/10/12		19,711,858		1,121,284
	KRW/USD		10/05/12		15,989,579		253,579
	MYR/USD		10/19/12		23,585,129		16,195
	MYR/USD		10/30/12		2,587,968		1,266
	NZD/USD		12/19/12		13,139,042		504,568
	USD/AUD		12/19/12		25,999,231		212,344
	USD/EUR		10/12/12		15,849,771		276,863
	USD/EUR		12/19/12		10,414,170		210,106
	USD/MXN		12/19/12		5,356,575		22,425
HSBC Bank PLC	GBP/EUR		12/19/12		9,203,878		157,001
	HUF/EUR		12/19/12		5,332,487		85,953
	INR/USD		10/18/12		30,262,219		623,502
	KRW/USD		10/05/12		16,043,121		196,352
	MXN/JPY		12/19/12		3,981,331		19,951
	NOK/USD		12/19/12		18,510,689		46,689
	SEK/EUR		12/19/12		21,093,292		438,393
	USD/MXN		12/19/12		5,377,797		1,203
JPMorgan Securities, Inc.	EUR/USD		12/19/12		5,386,507		1,869
	HUF/EUR		12/19/12		5,332,487		78,554
	INR/USD		10/18/12		32,741,167		363,791
	TRY/USD		12/19/12		18,913,124		41,013
	USD/EUR		10/12/12		5,177,459		38,570
	USD/EUR		12/19/12		10,263,687		230,013
	USD/GBP		11/14/12		61,670,591		207,049


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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Gain
Morgan Stanley & Co.	USD/EUR		12/19/12	$	10,668,833	$	77,008
Royal Bank of Canada	USD/CAD		12/19/12		26,754,253		91,747
Royal Bank of Scotland PLC	INR/USD		10/10/12		44,063,867		2,283,147
	INR/USD		10/18/12		21,974,145		737,145
	INR/USD		11/06/12		26,929,510		170,921
	USD/TRY		12/19/12		8,149,064		38,936
Standard Chartered Bank	USD/EUR		12/19/12		32,150,550		151,252
State Street Bank	INR/USD		10/04/12		21,615,877		1,119,457
	MXN/USD		12/19/12		17,288,784		270,502
UBS AG (London)	BRL/USD		10/05/12		5,281,258		69,258
	BRL/USD		10/19/12		10,723,017		19,017
	JPY/USD		12/19/12		5,437,406		76,406
	RUB/USD		10/22/12		10,713,741		11,741
	USD/CHF		12/19/12		18,845,834		90,166
	USD/MXN		12/19/12		10,769,521		32,479
TOTAL						$	13,480,664

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
Bank of America N.A.	CZK/EUR		12/19/12	$	5,386,507	$	(15,409	)
	EUR/HUF		12/19/12		39,477,398		(156,942	)
	USD/CLP		10/04/12		10,607,223		(196,223	)
Barclays Bank PLC	GBP/USD		12/19/12		3,303,136		(14,658	)
	USD/GBP		12/19/12		10,518,050		(28,991	)
	USD/NZD		12/19/12		2,049,804		(71,966	)
	USD/PLN		12/19/12		10,855,316		(82,316	)
	USD/TWD		10/18/12		10,783,628		(24,628	)
	ZAR/USD		12/19/12		5,327,944		(59,056	)
Citibank NA	AUD/USD		12/19/12		10,580,795		(61,574	)
	DKK/EUR		12/19/12		7,553,614		(5,616	)
	EUR/USD		12/19/12		20,994,257		(433,108	)
	JPY/USD		12/19/12		5,434,075		(8,925	)
	PHP/USD		10/15/12		10,580,035		(1,965	)
	RUB/USD		10/17/12		58,885,371		(1,764	)
	SGD/USD		12/19/12		10,615,499		(47,750	)
	USD/AUD		12/19/12		10,725,018		(29,485	)
	USD/BRL		10/11/12		24,781,194		(330,757	)
	USD/INR		10/18/12		5,427,249		(48,249	)
	USD/JPY		12/19/12		16,224,566		(180,476	)
	USD/KRW		10/05/12		21,310,083		(420,083	)
	USD/RUB		10/09/12		8,076,323		(151,865	)
	USD/SGD		12/19/12		47,866,305		(747,305	)
Credit Suisse International (London)	CLP/USD		10/04/12		10,607,223		(47,886	)
	EUR/USD		12/19/12		10,558,222		(173,954	)
	RUB/USD		10/17/12		35,194,902		(385,159	)
	USD/CHF		12/19/12		19,981,158		(236,287	)
	USD/CZK		12/19/12		37,234,226		(401,299	)
	USD/JPY		12/19/12		10,766,319		(64,319	)
	USD/TRY		12/19/12		21,549,532		(65,533	)


The accompanying notes are an integral part of these financial statements.		83

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
Deutsche Bank AG (London)	EUR/USD		10/12/12	$	3,957,123	$	(67,228	)
	EUR/USD		12/19/12		56,679,587		(181,281	)
	ILS/USD		12/19/12		20,950,787		(31,213	)
	JPY/USD		12/19/12		15,997,610		(55,390	)
	MYR/USD		10/19/12		21,146,067		(90,933	)
	PHP/USD		10/15/12		5,340,886		(15,114	)
	USD/AUD		12/19/12		20,969,980		(282,584	)
	USD/GBP		12/19/12		10,518,050		(29,715	)
	USD/INR		10/18/12		21,147,214		(494,214	)
	USD/KRW		10/05/12		10,722,617		(269,617	)
	USD/MXN		11/26/12		35,826,784		(148,762	)
	USD/TWD		10/18/12		10,824,122		(51,122	)
HSBC Bank PLC	EUR/HUF		12/19/12		5,389,827		(4,607	)
	EUR/SEK		12/19/12		21,329,881		(149,129	)
	PHP/USD		10/17/12		21,027,477		(209,523	)
	USD/NOK		12/19/12		20,815,527		(121,144	)
	USD/SEK		12/19/12		30,440,693		(296,550	)
	USD/TWD		10/18/12		10,760,527		(35,527	)
JPMorgan Securities, Inc.	BRL/USD		10/19/12		5,274,817		(8,104	)
	EUR/USD		10/12/12		406,125		(1,360	)
	TRY/USD		12/19/12		53,015,300		(75,700	)
	USD/EUR		10/12/12		34,629,655		(810,870	)
	USD/GBP		10/02/12		61,678,612		(1,450,928	)
Royal Bank of Canada	AUD/USD		11/09/12		4,188,672		(9,795	)
	BRL/USD		10/17/12		21,137,948		(26,052	)
	MXN/USD		12/19/12		63,932,609		(702,876	)
	USD/CAD		12/19/12		10,777,692		(4,692	)
	USD/GBP		12/19/12		39,723,468		(95,197	)
	USD/PLN		12/19/12		31,585,888		(965,246	)
	ZAR/USD		12/19/12		10,617,495		(184,505	)
Royal Bank of Scotland PLC	EUR/SEK		12/19/12		10,594,192		(93,848	)
	USD/GBP		12/19/12		10,629,446		(190,778	)
	USD/INR		10/04/12		27,112,555		(248,498	)
	USD/INR		10/18/12		10,988,572		(286,572	)
	USD/JPY		12/19/12		16,093,446		(40,446	)
Standard Chartered Bank	EUR/CHF		12/19/12		31,655,545		(123,646	)
	GBP/USD		12/19/12		21,313,784		(94,843	)
State Street Bank	GBP/USD		12/19/12		15,807,361		(88,663	)
	MXN/USD		12/19/12		47,466,519		(218,481	)
	USD/GBP		12/19/12		6,606,272		(1,293	)
UBS AG (London)	CHF/USD		12/19/12		8,453,202		(109,798	)
	EUR/CHF		12/19/12		21,070,400		(51,706	)
	EUR/SEK		12/19/12		21,293,659		(337,988	)
	USD/AUD		12/19/12		4,718,142		(6,957	)
	ZAR/USD		12/19/12		9,463,502		(79,197	)
TOTAL						$	(13,335,240	)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD SALES CONTRACTS — At September 30, 2012, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(f)	Settlement Date		Principal Amount			Value
FNMA		4.500	%	TBA — 30yr		11/14/2012	$	(47,000,000	)	$	(50,857,304	)
FNMA		5.000		TBA — 30yr		10/11/2012		(53,000,000	)		(57,819,688	)
TOTAL (Proceeds Receivable: $108,619,453)										$	(108,676,992	)

FUTURES CONTRACTS — At September 30, 2012, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Eurodollars		1,008		September 2014	$	250,777,800		$	1,781,365
Eurodollars		(1,008	)	September 2015		(250,059,600	)		(2,885,549	)
Italian Government Bond		(267	)	December 2012		(36,163,613	)		(1,546,356	)
Japan 10 Year Government Bonds		(19)		December 2012		(35,105,202	)		(68,267	)
10 Year German Euro-Bund		238		December 2012		43,359,197			(32,439	)
TOTAL								$	(2,751,246	)

SWAP CONTRACTS — At September 30, 2012, the Fund had the following swap contracts:

INTEREST RATE SWAP CONTRACTS


							Rates Exchanged		Market Value
Counterparty		Notional Amount (000s)			Termination Date		Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
Bank of America Securities LLC	BRL		176,200			01/02/14	7.750%	1 month Brazilian Interbank Deposit Average	$	—		$	54,154
	AUD		5,070	^(a)		12/19/22	6 month AUDOR	4.000%		(46,210	)		(73,668	)
	NZD		12,890	^(a)		12/19/22	3 month NZDOR	4.000		(54,283	)		(197,649	)
	$		30,400	^(a)		07/23/24	2.150	3 month LIBOR		—			(291,156	)
	CAD		48,600	^(a)		09/14/25	3.040	6 month CDOR		—			1,177,325
			18,200	^(a)		09/20/25	2.910	6 month CDOR		—			231,692
			28,000	^(a)		09/14/35	6 month CDOR	3.108		—			(1,108,448	)
			10,500	^(a)		09/20/35	6 month CDOR	2.985		—			(222,446	)
Barclays Bank PLC	BRL		55,790			01/02/14	7.780	1 month Brazilian Interbank Deposit Average		—			25,362
	EUR		156,120	^(a)		05/02/16	6 month EURO	1.585		—			(2,840,566	)
	GBP		6,440	^(a)		12/19/17	6 month BP	1.500		14,089			(235,600	)
	EUR		26,030	^(a)		12/19/17	6 month EURO	1.500		(20,286	)		(780,931	)
	JPY		6,000,200	^(a)		12/19/19	6 month JYOR	0.750		(778,887	)		(497,870	)
	EUR		167,190	^(a)		05/02/21	2.477	6 month EURO		—			8,979,700
	GBP		50	^(a)		12/19/22	6 month BP	2.250		(1,800	)		(468	)
	NZD		4,220	^(a)		12/19/22	3 month NZDOR	4.000		(10,315	)		(72,164	)
	SEK		79,830	^(a)		12/19/22	2.250	3 month STIBOR		(48,799	)		176,137
	$		22,300	^(a)		07/21/24	2.160	3 month LIBOR		—			(190,694	)
	EUR		65,370	^(a)		05/02/29	6 month EURO	2.883		—			(4,686,239	)


The accompanying notes are an integral part of these financial statements.		85

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

INTEREST RATE SWAP CONTRACTS (continued)


								Rates Exchanged		Market Value
Counterparty			Notional Amount (000s)			Termination Date		Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
Citibank NA	$			110,000	^(a)		12/19/17	3 month LIBOR	1.250%	$	(1,085,373	)	$	(1,153,402	)
				110,000	^(a)		12/19/17	1.250%	3 month LIBOR		1,688,500			550,275
	EUR			133,940	^(a)		12/19/17	1.500	6 month EURO		2,958,335			1,164,410
	$			29,800	^(a)		12/19/19	3 month LIBOR	1.750		(432,112	)		(552,382	)
	CHF			1,100	^(a)		12/19/22	6 month CHFOR	1.000		8,910			(13,470	)
	$			99,470	^(a)		12/19/22	3 month LIBOR	2.000		(1,421,655	)		(748,632	)
				24,600	^(a)		12/19/22	2.000	3 month LIBOR		339,013			197,723
	SEK			118,600	^(a)		12/19/22	2.250	3 month STIBOR		(131,182	)		320,362
	$			33,700	^(a)		12/19/32	3 month LIBOR	2.500		334,001			(580,667	)
				11,100	^(a)		12/19/42	2.500	3 month LIBOR		(483,684	)		166,417
				16,700	^(a)		12/19/42	3 month LIBOR	2.500		859,766			(382,438	)
Credit Suisse First Boston Corp.	GBP			106,010	^(a)		02/15/15	6 month BP	0.858		—			(485,343	)
				10,300	^(a)		12/19/15	6 month BP	1.250		9,601			(240,717	)
	$			143,900	^(a)		12/19/17	1.250	3 month LIBOR		2,145,549			783,176
	GBP			24,510	^(a)		02/15/18	1.281	6 month BP		—			343,492
	$			72,180	^(a)		02/18/18	1.151	3 month LIBOR		—			915,336
	EUR			23,575	^(a)		12/19/19	1.750	6 month EURO		(32,507	)		769,803
	$			29,800	^(a)		12/19/19	1.750	3 month LIBOR		664,927			319,566
	JPY			5,000,000	^(a)		12/19/19	6 month JYOR	0.750		(536,828	)		(527,100	)
	AUD			8,830	^(a)		12/19/22	6 month AUDOR	4.000		(30,928	)		(177,853	)
	$			12,500	^(a)		12/19/22	2.000	3 month LIBOR		189,600			83,131
	CAD			41,620	^(a)		12/19/22	2.250	6 month CDOR		(129,537	)		303,743
	$			45,410	^(a)		12/19/22	3 month LIBOR	2.000		(599,142	)		(391,636	)
	SEK			38,280	^(a)		12/19/22	2.250	3 month STIBOR		(42,542	)		103,603
	EUR	��		39,850	^(a)		12/19/22	2.000	6 month EURO		512,378			426,134
	JPY			2,519,400	^(a)		12/19/22	6 month JYOR	1.000		(297,551	)		(306,688	)
	$			18,230	^(a)		02/18/28	3 month LIBOR	2.411		—			(270,185	)
Deutsche Bank Securities, Inc.	BRL			46,970			01/02/14	7.770	1 month Brazilian Interbank Deposit Average		—			18,945
				511,340			01/02/14	7.740	1 month Brazilian Interbank Deposit Average		—			130,844
	$			5,100			02/28/15	3 month LIBOR	1.414		—			(129,858	)
				24,500	^(a)		10/02/18	1.775	3 month LIBOR		—			—
	NZD			7,220	^(a)		12/19/22	3 month NZDOR	4.000		(41,920	)		(99,192	)
	$			7,000	^(a)		04/02/23	3 month LIBOR	1.820		—			—
				29,800	^(a)		07/22/24	2.130	3 month LIBOR		—			(337,348	)
				48,100	^(a)		07/28/24	2.060	3 month LIBOR		—			(872,794	)
JPMorgan Securities, Inc.	NZD			6,010	^(a)		12/19/22	3 month NZDOR	4.000		(93,094	)		(24,370	)
	$			68,500	^(a)		12/19/27	3 month LIBOR	2.500		(2,245,940	)		109,596
Morgan Stanley Capital Services, Inc.	EUR			39,390	^(a)		04/25/16	6 month EURO	1.625		—			(764,359	)
				73,400	^(a)		04/28/16	6 month EURO	1.662		—			(1,487,647	)
	$			92,670	^(a)		09/28/18	1.760	3 month LIBOR		—			(113,132	)
	EUR			42,170	^(a)		04/25/21	2.473	6 month EURO		—			2,274,589
				78,620	^(a)		04/28/21	2.512	6 month EURO		—			4,479,980
	NZD			10,600	^(a)		12/19/22	3 month NZDOR	4.000		(154,973	)		(52,201	)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

INTEREST RATE SWAP CONTRACTS (continued)


							Rates Exchanged		Market Value
Counterparty		Notional Amount (000s)			Termination Date		Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
Morgan Stanley Capital Services, Inc. (continued)	$		26,900	^(a)		03/28/23	3 month LIBOR	1.813%	$	—		$	88,930
	EUR		16,450	^(a)		04/25/29	6 month EURO	2.858		—			(1,121,036	)
			30,690	^(a)		04/28/29	6 month EURO	2.906		—			(2,326,486	)
Royal Bank of Canada	AUD		8,220	^(a)		12/19/22	6 month AUDOR	4.000		(26,416	)		(167,942	)
	CAD		30,300	^(a)		09/14/25	2.913%	6 month CDOR		—			401,670
			8,800	^(a)		09/21/25	2.877	6 month CDOR		—			86,979
			17,600	^(a)		09/14/35	6 month CDOR	2.990		—			(388,829	)
			5,100	^(a)		09/21/35	6 month CDOR	2.950		—			(81,542	)
TOTAL									$	978,705		$	(312,074	)

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2012.

CREDIT DEFAULT SWAP CONTRACTS


												Market Value
Counterparty	Referenced Obligation	Notional Amount (000s)		Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2012^(b)			Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Purchased:
Bank of America Securities LLC	CDX North America Investment Grade Index 16	$	9,650		(1.000	)%		06/20/14		0.322	%	$	(60,982	)	$	(55,481	)
Deutsche Bank Securities, Inc.	CDX North America Investment Grade Index 16		20,200		(1.000	)		06/20/14		0.322			(135,060	)		(108,729	)
JPMorgan Securities, Inc.	CDX North America Investment Grade Index 16		54,000		(1.000	)		06/20/14		0.322			(374,865	)		(276,846	)
Morgan Stanley Capital Services, Inc.	CDX North America Investment Grade Index 16		18,100		(1.000	)		06/20/14		0.322			(106,608	)		(111,838	)
Protection Sold:
Bank of America Securities LLC	CDX North America Investment Grade Index 16		31,800		1.000			06/20/16		0.722			33,758			299,530
	CDX North America High Yield Index 18		57,420		5.000			06/20/17		4.868			1,211,736			(819,317	)
Citibank NA	CDX North America High Yield Index 18		57,915		5.000			06/20/17		4.868			(2,641,516	)		3,037,317
JPMorgan Securities, Inc.	CDX North America High Yield Index 18		59,400		5.000			06/20/17		4.868			1,474,729			(1,068,779	)
Morgan Stanley Capital Services, Inc.	CDX North America Investment Grade Index 16		25,625		1.000			06/20/16		0.722			26,003			242,566
TOTAL												$	(572,805	)	$	1,138,423

(b)


The accompanying notes are an integral part of these financial statements.		87

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2012 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

TOTAL RETURN SWAP CONTRACTS


							Market Value
Counterparty	Notional Amount (000s)		Reference Security	Termination Date	Financing Fee#		Upfront Payments Made (Received)			Unrealized Gain (Loss)
Bank of America Securities LLC	$	21,730	Markit IOS Fannie-Mae Index, 30 yr Fixed Rate, 3.500%, Series 10	01/12/41		One month LIBOR	$	(717,261	)	$	11,211
Barclays Bank PLC		61,688	Markit IOS Fannie-Mae Index, 30 yr Fixed Rate, 3.500%, Series 10	01/12/41		One month LIBOR		(927,803	)		(1,076,551	)
JPMorgan Securities, Inc.		30,729	Markit IOS Fannie-Mae Index, 30 yr Fixed Rate, 5.000%, Series 10	01/12/41		One month LIBOR		(502,977	)		133,109
TOTAL							$	(2,148,041	)	$	(932,231	)

The Fund receives 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).

WRITTEN OPTIONS CONTRACTS

INTEREST RATE SWAPTION CONTRACTS — At September 30, 2012, the fund had the following written swaptions:


Counterparty	Description	Notional Amount (000s)		Expiration Date		Strike Price			Market Value			Premiums Received
Barclays Bank PLC	Put – OTC –10 year Interest Rate Swap for the obligation to pay a fixed rate of 1.650% versus the 3 month LIBOR maturing on July 21, 2024	$	81,900		07/17/14		1.650	%	$	(1,295,003	)	$	(1,842,750	)
Deutsche Bank Securities, Inc.	Put – OTC – 10 year Interest Rate Swap for the obligation to pay a fixed rate of 1.620% versus the 3 month LIBOR maturing on July 22, 2024		109,200		07/18/14		1.620	%		(1,638,000	)		(2,457,000	)
Bank of America N.A.	Put – OTC – 10 year Interest Rate Swap for the obligation to pay a fixed rate of 1.640% versus the 3 month LIBOR maturing on July 23, 2024		110,300		07/21/14		1.640	%		(1,715,617	)		(2,459,690	)
Deutsche Bank Securities, Inc.	Put – OTC – 10 year Interest Rate Swap for the obligation to pay a fixed rate of 1.550% versus the 3 month LIBOR maturing on July 28, 2024		133,500		07/24/14		1.550	%		(1,741,548	)		(2,883,600	)
TOTAL		$	434,900						$	(6,390,168	)	$	(9,643,040	)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

INTEREST RATE SWAPTION CONTRACTS (continued)

For the six months ended September 30, 2012, the Fund had the following written swaptions activity:


	Notional Amount (000s)			Premiums Received
Contracts Outstanding March 31, 2012	$	—		$ —
Contracts Written		466,900		9,774,601
Contracts Expired		(32,000	)	(131,561)
Contracts Outstanding September 30, 2012	$	434,900		$9,643,040


The accompanying notes are an integral part of these financial statements.		89

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

September 30, 2012 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II — At September 30, 2012, certain Funds had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of October 1, 2012, as follows:


Fund	Principal Amount		Maturity Value		Collateral Allocation Value
Core Fixed Income	$	27,300,000	$	27,300,557	$	27,947,427
Core Plus Fixed Income		39,200,000		39,200,800		40,129,639
Strategic Income		344,500,000		344,507,034		352,669,918

REPURCHASE AGREEMENTS — At September 30, 2012, the Principal Amounts of certain Funds’ interest in the Joint Repurchase Agreement Account II were as follows:


Counterparty	Interest Rate			Core Fixed Income		Core Plus Fixed Income		Strategic Income
BNP Paribas Securities Co.		0.250	%	$	3,063,709	$	4,399,171	$	38,661,084
Credit Suisse Securities LLC		0.200			1,099,793		1,579,190		13,878,338
Deutsche Bank Securities, Inc.		0.250			5,147,030		7,390,608		64,950,622
JPMorgan Securities LLC		0.250			10,133,805		14,551,105		127,878,971
Wells Fargo Securities LLC		0.240			7,855,663		11,279,926		99,130,985
TOTAL				$	27,300,000	$	39,200,000	$	344,500,000


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

ADDITIONAL INVESTMENT INFORMATION (continued)

At September 30, 2012, the Joint Repurchase Agreement Account II was fully collateralized by:


Issuer	Interest Rates			Maturity Dates
Federal Home Loan Mortgage Corp.		2.500 to 5.500	%		08/01/22 to 09/01/42
Federal National Mortgage Association		2.500 to 8.500			06/01/14 to 07/01/51
Government National Mortgage Association		2.500 to 4.500			04/15/27 to 09/20/42
U.S. Treasury Notes		0.375 to 4.875			10/15/12 to 05/15/19


The accompanying notes are an integral part of these financial statements.		91

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities

September 30, 2012 (Unaudited)


	Core Fixed Income Fund
Assets:
Investments, at value (cost $1,574,891,891, $334,498,893, $669,582,841 and $2,251,002,180)	$	1,630,964,545
Repurchase agreement, at value which equals cost		27,300,000
Cash		8,991,183
Foreign currencies, at value (cost $164, $50,039, $583,565 and $549,476)		163
Receivables:
Investments sold on an extended settlement basis		543,732,149
Investments sold		18,676,130
Interest		8,817,990
Fund shares sold		4,197,834
Collateral on certain derivative contracts^(a)		2,319,976
Unrealized gain on swap contracts		1,251,449
Unrealized gain on forward foreign currency exchange contracts		438,755
Futures-variation margin		60,898
Upfront payments made on swap contracts		54,080
Due from broker — upfront payment		44,620
Reimbursement from investment adviser		—
Total assets		2,246,849,772

Liabilities:
Payables:
Investments purchased on an extended settlement basis		657,049,192
Investments purchased		63,742,517
Forward sale contracts, at value (proceeds receivable $56,405,742, $9,770,781, $0 and $108,619,453)		56,407,030
Fund shares redeemed		19,509,370
Upfront payments received on swap contracts		2,061,949
Unrealized loss on swap contracts		2,039,141
Unrealized loss on forward foreign currency exchange contracts		758,363
Amounts owed to affiliates		591,118
Written option contracts, at value (premium received $667,450, $787,140, $1,073,100 and $9,643,040)		442,356
Income distribution		224,716
Collateral on certain derivative contracts		—
Due to broker — upfront payment		—
Accrued expenses and other liabilities		190,947
Total liabilities		803,016,699

Net Assets:
Paid-in capital		1,421,723,094
Undistributed (distributions in excess of) net investment income		7,304,691
Accumulated net realized gain (loss)		(41,418,784	)
Net unrealized gain		56,224,072
NET ASSETS	$	1,443,833,073
Net Assets:
Class A	$	168,136,672
Class B		7,726,901
Class C		27,478,268
Institutional		1,227,917,558
Service		10,639,211
Class IR		1,220,587
Class R		713,876
Total Net Assets	$	1,443,833,073
Shares Outstanding $0.001 par value (unlimited shares authorized):
Class A		15,759,673
Class B		720,929
Class C		2,561,959
Institutional		114,632,446
Service		992,466
Class IR		114,338
Class R		66,824
Net asset value, offering and redemption price per share:^(b)
Class A		$10.67
Class B		10.72
Class C		10.73
Institutional		10.71
Service		10.72
Class IR		10.68
Class R		10.68

(a)

Includes segregated cash of $441,985 for the Core Plus Fixed Income Fund relating to initial margin requirements and collateral on futures transactions.

(b)

Maximum public offering price per share for Class A Shares of the Core Fixed Income, Core Plus Fixed Income, Global Income and Strategic Income Funds is $11.09, $11.23, $14.15 and $10.58, 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.


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS


Core Plus Fixed Income Fund			Global Income Fund		Strategic Income Fund

$	348,423,091		$	709,541,517	$	2,311,911,719
	39,200,000			—		344,500,000
	1,154,040			435,532		14,504,697
	50,039			584,689		549,473

	177,294,802			169,112,909		876,319,443
	23,011,210			58,730,287		7,213,798
	1,948,491			6,047,110		11,960,873
	694,763			472,359		17,478,198
	693,000			2,265,260		10,124,839
	1,521,854			3,069,795		28,406,807
	407,825			1,860,210		13,480,664
	93,360			47,263		21,520
	794,892			193,431		12,470,895
	—			147,770		421,511
	35,317			21,991		—
	595,322,684			952,530,123		3,649,364,437



	202,045,924			217,842,603		1,242,713,160
	27,266,822			17,683,425		35,381,521
	9,774,687			—		108,676,992
	293,064			93,325,056		6,514,360
	738,416			1,250,433		14,213,036
	1,864,138			3,639,845		28,512,689
	420,088			7,660,911		13,335,240
	184,105			451,429		1,314,241
	521,621			705,762		6,390,168
	10,408			38		550,385
	709,989			1,749,748		14,033,634
	579,341			—		—
	124,802			179,595		229,460
	244,533,405			344,488,845		1,471,864,886


	328,214,849			552,447,469		2,180,280,588
	(589,243	)		3,141,543		(2,133,052	)
	9,180,217			18,221,284		(61,854,779	)
	13,983,456			34,230,982		61,206,794
$	350,789,279		$	608,041,278	$	2,177,499,551

$	96,934,931		$	162,756,549	$	449,133,691
	4,508,570			2,066,882		—
	10,307,547			5,753,728		151,943,155
	236,232,009			436,744,802		1,523,310,444
	13,978			184,768		—
	2,770,208			534,549		53,101,132
	22,036			—		11,129
$	350,789,279		$	608,041,278	$	2,177,499,551

	8,965,444			11,946,761		44,112,779
	417,377			152,277		—
	954,094			425,146		14,917,608
	21,860,912			32,107,680		149,606,478
	1,293			13,602		—
	257,008			39,291		5,216,422
	2,039			—		1,094

	$10.81			$13.62		$10.18
	10.80			13.57		—
	10.80			13.53		10.19
	10.81			13.60		10.18
	10.81			13.58		—
	10.78			13.60		10.18
	10.81			—		10.18


The accompanying notes are an integral part of these financial statements.		93

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Operations

For the Six Months Ended September 30, 2012 (Unaudited)


	Core Fixed Income Fund
Investment income:
Interest	$	19,093,531

Expenses:
Management fees		2,961,888
Distribution and Service fees^(a)		411,970
Transfer Agent fees^(a)		406,363
Custody and accounting fees		135,724
Registration fees		76,931
Professional fees		53,030
Printing and mailing costs		37,604
Service Share fees — Shareholder Administration Plan		13,536
Service Share fees — Service Plan		13,536
Trustee fees		9,207
Other		32,557
Total expenses		4,152,346
Less — expense reductions		(1,919	)
Net expenses		4,150,427
NET INVESTMENT INCOME		14,943,104

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		10,344,072
Futures contracts		5,210,678
Written options		—
Swap contracts		(2,202,257	)
Forward foreign currency exchange contracts		1,512,089
Foreign currency transactions		(484,337	)
Net change in unrealized gain (loss) on:
Investments		38,685,946
Futures contracts		2,514,100
Written options		225,094
Swap contracts		(1,552,305	)
Forward foreign currency exchange contracts		(260,454	)
Foreign currency translation		(35,335	)
Net realized and unrealized gain		53,957,291
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	68,900,395

(a)

Class specific Distribution and Service, and Transfer Agent fees were as follows:


	Distribution and Service Fees								Transfer Agent Fees
Fund	Class A		Class B		Class C		Class R		Class A		Class B		Class C		Institutional		Service		Class IR		Class R
Core Fixed Income	$	229,096	$	39,613	$	142,183	$	1,078	$	119,130	$	5,150	$	18,484	$	260,406	$	2,166	$	747	$	280
Core Plus Fixed Income		116,340		23,701		51,113		54		60,496		3,081		6,645		48,387		3		1,790		14
Global Income		219,852		11,076		30,223		—		114,323		1,440		3,929		110,210		38		309		—
Strategic Income		763,176		—		731,618		39		396,852		—		95,110		238,187		—		32,395		10


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS


Core Plus Fixed Income Fund			Global Income Fund			Strategic Income Fund

$	4,865,731		$	9,206,871		$	41,191,247


	793,705			2,391,548			5,690,017
	191,208			261,151			1,494,833
	120,416			230,249			762,554
	105,543			223,434			228,035
	48,976			48,002			58,214
	59,348			55,333			94,045
	24,188			34,983			105,685
	17			239			—
	17			239			—
	7,835			8,684			9,875
	11,382			18,636			39,012
	1,362,635			3,272,498			8,482,270
	(250,745	)		(375,437	)		(7,082	)
	1,111,890			2,897,061			8,475,188
	3,753,841			6,309,810			32,716,059



	5,373,490			12,971,360			16,101,485
	2,338,123			2,550,790			(13,063,197	)
	—			46,468			126,169
	(425,012	)		(895,386	)		3,288,728
	601,113			5,129,066			10,388,024
	(469,472	)		(9,039,188	)		(15,229,731	)

	7,313,192			20,682,623			69,554,592
	522,156			462,331			(2,328,494	)
	265,519			364,813			3,252,872
	(374,349	)		(1,922,284	)		(4,181,151	)
	(6,718	)		(4,126,265	)		1,736,716
	(10,069	)		(1,262,449	)		(312,996	)
	15,127,973			24,961,879			69,333,017
$	18,881,814		$	31,271,689		$	102,049,076


The accompanying notes are an integral part of these financial statements.		95

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets


	Core Fixed Income Fund
	For the Six Months Ended September 30, 2012 (Unaudited)			For the Fiscal Year Ended March 31, 2012
From operations:
Net investment income	$	14,943,104		$	36,927,671
Net realized gain (loss)		14,380,245			79,893,136
Net change in unrealized gain (loss)		39,577,046			13,135,423
Net increase in net assets resulting from operations		68,900,395			129,956,230

Distributions to shareholders:
From net investment income
Class A Shares		(1,793,338	)		(5,808,782	)
Class B Shares		(47,781	)		(119,651	)
Class C Shares		(170,905	)		(340,638	)
Institutional Shares		(14,958,703	)		(31,823,657	)
Service Shares		(97,082	)		(128,844	)
Class IR Shares		(12,642	)		(17,548	)
Class R Shares		(3,457	)		(314	)
From net realized gains
Class A Shares		—			—
Class B Shares		—			—
Class C Shares		—			—
Institutional Shares		—			—
Service Shares		—			—
Class IR Shares		—			—
Class R Shares		—			—
Total distributions to shareholders		(17,083,908	)		(38,239,434	)

From share transactions:
Proceeds from sales of shares		119,586,529			909,073,281
Reinvestment of distributions		15,877,858			35,547,192
Cost of shares redeemed		(359,677,447	)		(1,200,947,645	)
Net increase (decrease) in net assets resulting from share transactions		(224,213,060	)		(256,327,172	)
TOTAL INCREASE (DECREASE)		(172,396,573	)		(164,610,376	)

Net assets:
Beginning of period		1,616,229,646			1,780,840,022
End of period	$	1,443,833,073		$	1,616,229,646
Undistributed (distributions in excess) of net investment income	$	7,304,691		$	9,445,495


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS


Core Plus Fixed Income Fund						Global Income Fund						Strategic Income Fund
For the Six Months Ended September 30, 2012 (Unaudited)			For the Fiscal Year Ended March 31, 2012			For the Six Months Ended September 30, 2012 (Unaudited)			For the Fiscal Year Ended March 31, 2012			For the Six Months Ended September 30, 2012 (Unaudited)			For the Fiscal Year Ended March 31, 2012

$	3,753,841		$	9,354,097		$	6,309,810		$	16,199,192		$	32,716,059		$	70,601,622
	7,418,242			12,896,747			10,763,110			27,635,689			1,611,478			(42,729,379	)
	7,709,731			511,451			14,198,769			5,499,767			67,721,539			(8,938,689	)
	18,881,814			22,762,295			31,271,689			49,334,648			102,049,076			18,933,554



	(1,035,687	)		(2,560,826	)		(1,362,671	)		(3,599,380	)		(10,861,691	)		(29,474,854	)
	(35,100	)		(107,885	)		(9,070	)		(28,367	)		—			—
	(75,640	)		(205,726	)		(24,900	)		(74,877	)		(2,097,464	)		(3,448,017	)
	(3,101,292	)		(6,590,804	)		(5,251,827	)		(12,458,786	)		(23,722,933	)		(37,374,979	)
	(141	)		(324	)		(1,363	)		(2,713	)		—			—
	(34,158	)		(72,396	)		(4,458	)		(5,402	)		(965,120	)		(1,759,055	)
	(211	)		(640	)		—			—			(271	)		(855	)

	—			(1,998,604	)		—			—			—			—
	—			(118,759	)		—			—			—			—
	—			(233,636	)		—			—			—			—
	—			(4,604,249	)		—			—			—			—
	—			(268	)		—			—			—			—
	—			(54,366	)		—			—			—			—
	—			(413	)		—			—			—			—
	(4,282,229	)		(16,548,896	)		(6,654,289	)		(16,169,525	)		(37,647,479	)		(72,057,760	)


	22,159,078			89,958,210			102,870,595			420,493,587			757,434,368			1,594,274,448
	4,218,248			16,264,066			6,485,002			15,755,235			34,265,059			64,503,860
	(32,605,841	)		(79,264,128	)		(308,028,156	)		(372,244,977	)		(599,564,652	)		(1,418,035,742	)
	(6,228,515	)		26,958,148			(198,672,559	)		64,003,845			192,134,775			240,742,566
	8,371,070			33,171,547			(174,055,159	)		97,168,968			256,536,372			187,618,360


	342,418,209			309,246,662			782,096,437			684,927,469			1,920,963,179			1,733,344,819
$	350,789,279		$	342,418,209		$	608,041,278		$	782,096,437		$	2,177,499,551		$	1,920,963,179
$	(589,243	)	$	(60,855	)	$	3,141,543		$	3,486,022		$	(2,133,052	)	$	2,798,368


The accompanying notes are an integral part of these financial statements.		97

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income^(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)
2012 - A	$	10.31	$	0.09	$	0.37		$	0.46		$	(0.10	)	$	—		$	(0.10	)
2012 - B		10.36		0.05		0.37			0.42			(0.06	)		—			(0.06	)
2012 - C		10.37		0.05		0.37			0.42			(0.06	)		—			(0.06	)
2012 - Institutional		10.36		0.11		0.36			0.47			(0.12	)		—			(0.12	)
2012 - Service		10.36		0.08		0.37			0.45			(0.09	)		—			(0.09	)
2012 - IR		10.32		0.10		0.38			0.48			(0.12	)		—			(0.12	)
2012 - R		10.33		0.07		0.37			0.44			(0.09	)		—			(0.09	)

FOR THE FISCAL YEARS ENDED MARCH 31,
2012 - A		9.79		0.19		0.53			0.72			(0.20	)		—			(0.20	)
2012 - B		9.84		0.12		0.52			0.64			(0.12	)		—			(0.12	)
2012 - C		9.84		0.12		0.53			0.65			(0.12	)		—			(0.12	)
2012 - Institutional		9.83		0.23		0.53			0.76			(0.23	)		—			(0.23	)
2012 - Service		9.84		0.17		0.53			0.70			(0.18	)		—			(0.18	)
2012 - IR		9.79		0.22		0.53			0.75			(0.22	)		—			(0.22	)
2012 - R		9.80		0.17		0.53			0.70			(0.17	)		—			(0.17	)
2011 - A		9.53		0.21		0.29			0.50			(0.24	)		—			(0.24	)
2011 - B		9.57		0.14		0.29			0.43			(0.16	)		—			(0.16	)
2011 - C		9.58		0.14		0.28			0.42			(0.16	)		—			(0.16	)
2011 - Institutional		9.57		0.24		0.29			0.53			(0.27	)		—			(0.27	)
2011 - Service		9.58		0.20		0.28			0.48			(0.22	)		—			(0.22	)
2011 - IR		9.54		0.23		0.28			0.51			(0.26	)		—			(0.26	)
2011 - R		9.54		0.18		0.29			0.47			(0.21	)		—			(0.21	)
2010 - A		8.27		0.31		1.27			1.58			(0.32	)		—			(0.32	)
2010 - B		8.31		0.24		1.27			1.51			(0.25	)		—			(0.25	)
2010 - C		8.31		0.24		1.28			1.52			(0.25	)		—			(0.25	)
2010 - Institutional		8.30		0.34		1.28			1.62			(0.35	)		—			(0.35	)
2010 - Service		8.31		0.30		1.27			1.57			(0.30	)		—			(0.30	)
2010 - IR		8.28		0.31		1.29			1.60			(0.34	)		—			(0.34	)
2010 - R		8.28		0.28		1.28			1.56			(0.30	)		—			(0.30	)
2009 - A		9.57		0.42		(1.23	)		(0.81	)		(0.44	)		(0.05	)		(0.49	)
2009 - B		9.61		0.35		(1.23	)		(0.88	)		(0.37	)		(0.05	)		(0.42	)
2009 - C		9.61		0.35		(1.23	)		(0.88	)		(0.37	)		(0.05	)		(0.42	)
2009 - Institutional		9.60		0.45		(1.23	)		(0.78	)		(0.47	)		(0.05	)		(0.52	)
2009 - Service		9.61		0.41		(1.24	)		(0.83	)		(0.42	)		(0.05	)		(0.47	)
2009 - IR		9.58		0.44		(1.23	)		(0.79	)		(0.46	)		(0.05	)		(0.51	)
2009 - R		9.57		0.40		(1.22	)		(0.82	)		(0.42	)		(0.05	)		(0.47	)

FOR THE PERIOD NOVEMBER 1, 2007 TO MARCH 31, 2008*
2008 - A		9.86		0.19		(0.28	)		(0.09	)		(0.20	)		—			(0.20	)
2008 - B		9.90		0.16		(0.28	)		(0.12	)		(0.17	)		—			(0.17	)
2008 - C		9.91		0.16		(0.29	)		(0.13	)		(0.17	)		—			(0.17	)
2008 - Institutional		9.90		0.21		(0.30	)		(0.09	)		(0.21	)		—			(0.21	)
2008 - Service		9.91		0.19		(0.30	)		(0.11	)		(0.19	)		—			(0.19	)
2008 - IR (Commenced November 30, 2007)		10.01		0.16		(0.43	)		(0.27	)		(0.16	)		—			(0.16	)
2008 - R (Commenced November 30, 2007)		10.01		0.14		(0.44	)		(0.30	)		(0.14	)		—			(0.14	)

FOR THE FISCAL YEAR ENDED OCTOBER 31,
2007 - A		9.82		0.44		0.02			0.46			(0.42	)		—			(0.42	)
2007 - B		9.86		0.37		0.02			0.39			(0.35	)		—			(0.35	)
2007 - C		9.87		0.37		0.02			0.39			(0.35	)		—			(0.35	)
2007 - Institutional		9.86		0.48		0.02			0.50			(0.46	)		—			(0.46	)
2007 - Service		9.86		0.43		0.03			0.46			(0.41	)		—			(0.41	)

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

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short term investments and certain derivatives. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

(d)

Annualized.


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

GOLDMAN SACHS CORE FIXED INCOME FUND



Net asset value, end of period		Total return^(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate^(c)

$	10.67		4.50	%	$	168,137		0.81	%^(d)		0.81	%^(d)		1.68	%^(d)		426	%
	10.72		4.10			7,727		1.56	^(d)		1.56	^(d)		0.93	^(d)		426
	10.73		4.09			27,478		1.56	^(d)		1.56	^(d)		0.93	^(d)		426
	10.71		4.57			1,227,918		0.47	^(d)		0.47	^(d)		2.02	^(d)		426
	10.72		4.40			10,639		0.97	^(d)		0.97	^(d)		1.52	^(d)		426
	10.68		4.63			1,221		0.56	^(d)		0.56	^(d)		1.92	^(d)		426
	10.68		4.28			714		1.06	^(d)		1.06	^(d)		1.38	^(d)		426


	10.31		7.37			204,327		0.81			0.81			1.90			687
	10.36		6.55			8,065		1.56			1.56			1.14			687
	10.37		6.65			28,539		1.56			1.56			1.13			687
	10.36		7.81			1,363,229		0.47			0.47			2.23			687
	10.36		7.17			10,969		0.97			0.97			1.70			687
	10.32		7.74			1,081		0.56			0.56			2.14			687
	10.33		7.21			19		1.06			1.06			1.64			687
	9.79		5.24			694,255		0.81			0.81			2.13			554
	9.84		4.55			11,234		1.56			1.56			1.39			554
	9.84		4.44			27,993		1.56			1.56			1.38			554
	9.83		5.58			1,041,837		0.47			0.47			2.45			554
	9.84		5.17			3,966		0.97			0.97			1.98			554
	9.79		5.39			1,538		0.56			0.56			2.30			554
	9.80		4.98			17		1.06			1.06			1.88			554
	9.53		19.32			804,834		0.82			0.82			3.37			418
	9.57		18.36			16,680		1.57			1.57			2.68			418
	9.58		18.48			33,260		1.57			1.57			2.62			418
	9.57		19.79			705,704		0.48			0.48			3.78			418
	9.58		19.05			5,580		0.98			0.98			3.30			418
	9.54		19.58			69		0.57			0.57			3.30			418
	9.54		19.03			14		1.07			1.07			3.10			418
	8.27		(8.63	)		600,963		0.80			0.81			4.70			413
	8.31		(9.26	)		17,694		1.55			1.56			3.95			413
	8.31		(9.26	)		24,655		1.55			1.56			3.95			413
	8.30		(8.27	)		851,372		0.46			0.47			5.04			413
	8.31		(8.72	)		7,333		0.96			0.97			4.55			413
	8.28		(8.39	)		9		0.55			0.56			4.97			413
	8.28		(8.81	)		9		1.05			1.06			4.51			413


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


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


The accompanying notes are an integral part of these financial statements.		99

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income^(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)
2012 - A	$	10.37	$	0.10	$	0.46		$	0.56		$	(0.12	)	$	—		$	(0.12	)
2012 - B		10.36		0.06		0.46			0.52			(0.08	)		—			(0.08	)
2012 - C		10.37		0.06		0.45			0.51			(0.08	)		—			(0.08	)
2012 - Institutional		10.37		0.12		0.46			0.58			(0.14	)		—			(0.14	)
2012 - Service		10.37		0.09		0.46			0.55			(0.11	)		—			(0.11	)
2012 - IR		10.34		0.12		0.45			0.57			(0.13	)		—			(0.13	)
2012 - R		10.37		0.09		0.45			0.54			(0.10	)		—			(0.10	)

FOR THE FISCAL YEARS ENDED MARCH 31,
2012 - A		10.17		0.27		0.42			0.69			(0.27	)		(0.22	)		(0.49	)
2012 - B		10.16		0.19		0.42			0.61			(0.19	)		(0.22	)		(0.41	)
2012 - C		10.16		0.19		0.43			0.62			(0.19	)		(0.22	)		(0.41	)
2012 - Institutional		10.17		0.30		0.43			0.73			(0.31	)		(0.22	)		(0.53	)
2012 - Service		10.17		0.25		0.43			0.68			(0.26	)		(0.22	)		(0.48	)
2012 - IR		10.18		0.29		0.38			0.67			(0.29	)		(0.22	)		(0.51	)
2012 - R		10.17		0.25		0.41			0.66			(0.24	)		(0.22	)		(0.46	)
2011 - A		10.20		0.28		0.33			0.61			(0.31	)^(e)		(0.33	)		(0.64	)
2011 - B		10.20		0.21		0.31			0.52			(0.23	)^(e)		(0.33	)		(0.56	)
2011 - C		10.20		0.21		0.31			0.52			(0.23	)^(e)		(0.33	)		(0.56	)
2011 - Institutional		10.20		0.32		0.32			0.64			(0.34	)^(e)		(0.33	)		(0.67	)
2011 - Service		10.20		0.27		0.32			0.59			(0.29	)^(e)		(0.33	)		(0.62	)
2011 - IR		10.21		0.31		0.32			0.63			(0.33	)^(e)		(0.33	)		(0.66	)
2011 - R		10.20		0.26		0.32			0.58			(0.28	)^(e)		(0.33	)		(0.61	)
2010 - A		9.16		0.34		1.07			1.41			(0.37	)		—			(0.37	)
2010 - B		9.15		0.28		1.07			1.35			(0.30	)		—			(0.30	)
2010 - C		9.15		0.28		1.07			1.35			(0.30	)		—			(0.30	)
2010 - Institutional		9.16		0.37		1.07			1.44			(0.40	)		—			(0.40	)
2010 - Service		9.16		0.34		1.05			1.39			(0.35	)		—			(0.35	)
2010 - IR		9.16		0.32		1.12			1.44			(0.39	)		—			(0.39	)
2010 - R		9.16		0.31		1.07			1.38			(0.34	)		—			(0.34	)
2009 - A		9.90		0.43		(0.75	)		(0.32	)		(0.42	)		—			(0.42	)
2009 - B		9.90		0.36		(0.76	)		(0.40	)		(0.35	)		—			(0.35	)
2009 - C		9.90		0.36		(0.76	)		(0.40	)		(0.35	)		—			(0.35	)
2009 - Institutional		9.90		0.46		(0.74	)		(0.28	)		(0.46	)		—			(0.46	)
2009 - Service		9.90		0.41		(0.74	)		(0.33	)		(0.41	)		—			(0.41	)
2009 - IR		9.91		0.45		(0.75	)		(0.30	)		(0.45	)		—			(0.45	)
2009 - R		9.91		0.40		(0.75	)		(0.35	)		(0.40	)		—			(0.40	)

FOR THE PERIOD NOVEMBER 1, 2007 TO MARCH 31, 2008*
2008 - A		9.99		0.18		(0.05	)		0.13			(0.22	)		—			(0.22	)
2008 - B		9.99		0.15		(0.05	)		0.10			(0.19	)		—			(0.19	)
2008 - C		9.99		0.15		(0.05	)		0.10			(0.19	)		—			(0.19	)
2008 - Institutional		9.99		0.20		(0.05	)		0.15			(0.24	)		—			(0.24	)
2008 - Service		9.99		0.18		(0.05	)		0.13			(0.22	)		—			(0.22	)
2008 - IR (Commenced November 30, 2007)		10.12		0.15		(0.17	)		(0.02	)		(0.19	)		—			(0.19	)
2008 - R (Commenced November 30, 2007)		10.12		0.14		(0.18	)		(0.04	)		(0.17	)		—			(0.17	)

FOR THE PERIOD ENDED OCTOBER 31,
2007 - A (Commenced November 30, 2006)		10.00		0.39		(0.02	)		0.37			(0.38	)		—			(0.38	)
2007 - B (Commenced June 20, 2007)		9.77		0.14		0.21			0.35			(0.13	)		—			(0.13	)
2007 - C (Commenced November 30, 2006)		10.00		0.33		(0.02	)		0.31			(0.32	)		—			(0.32	)
2007 - Institutional (Commenced November 30, 2006)		10.00		0.42		(0.01	)		0.41			(0.42	)		—			(0.42	)
2007 - Service (Commenced June 20, 2007)		9.77		0.16		0.21			0.37			(0.15	)		—			(0.15	)

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

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

Includes a tax return of capital amounting to less than $0.01 per share.

(f)

Includes a non-recurring reduction of expenses of a merged fund which amounted to 0.06% of average net assets.


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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND



Net asset value, end of period		Total return^(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate^(c)

$	10.81		5.41	%	$	96,935		0.83	%^(d)		0.97	%^(d)		1.93	%^(d)		574	%
	10.80		5.02			4,509		1.58	^(d)		1.72	^(d)		1.18	^(d)		574
	10.80		4.92			10,308		1.58	^(d)		1.72	^(d)		1.18	^(d)		574
	10.81		5.49			236,232		0.49	^(d)		0.63	^(d)		2.26	^(d)		574
	10.81		5.23			14		0.99	^(d)		1.13	^(d)		1.77	^(d)		574
	10.78		5.55			2,770		0.58	^(d)		0.72	^(d)		2.18	^(d)		574
	10.81		5.18			22		1.08	^(d)		1.22	^(d)		1.67	^(d)		574


	10.37		6.89			91,437		0.83			0.99			2.60			767
	10.36		6.10			4,924		1.58			1.74			1.85			767
	10.37		6.20			10,592		1.58			1.74			1.85			767
	10.37		7.25			232,692		0.49			0.65			2.94			767
	10.37		6.75			13		0.99			1.15			2.44			767
	10.34		6.74			2,739		0.58			0.74			2.82			767
	10.37		6.63			21		1.08			1.24			2.37			767
	10.17		6.06			93,196		0.83			1.00			2.72			673
	10.16		5.27			6,349		1.58			1.75			2.01			673
	10.16		5.27			10,824		1.58			1.75			1.99			673
	10.17		6.42			198,465		0.49			0.66			3.07			673
	10.17		5.91			12		0.99			1.16			2.58			673
	10.18		6.32			364		0.58			0.75			2.96			673
	10.17		5.80			36		1.08			1.25			2.49			673
	10.20		15.60			94,351		0.83			1.14			3.48			419
	10.20		14.75			9,193		1.58			1.89			2.87			419
	10.20		14.75			12,661		1.58			1.89			2.83			419
	10.20		15.99			191,051		0.49			0.80			3.72			419
	10.20		15.42			12		0.99			1.30			3.44			419
	10.21		16.00			294		0.58			0.89			3.23			419
	10.20		15.30			37		1.08			1.39			3.15			419
	9.16		(3.17	)		45,686		0.75	^(f)		1.33	^(f)		4.57	^(f)		365
	9.15		(4.00	)		10,626		1.50	^(f)		2.08	^(f)		3.82	^(f)		365
	9.15		(4.00	)		11,040		1.50	^(f)		2.08	^(f)		3.82	^(f)		365
	9.16		(2.84	)		43,681		0.41	^(f)		0.99	^(f)		4.91	^(f)		365
	9.16		(3.34	)		10		0.91	^(f)		1.49	^(f)		4.38	^(f)		365
	9.16		(3.02	)		10		0.50	^(f)		1.08	^(f)		4.82	^(f)		365
	9.16		(3.49	)		10		1.00	^(f)		1.58	^(f)		4.32	^(f)		365


	9.90		1.21			54,330		0.79	^(d)		1.21	^(d)		4.37	^(d)		96
	9.90		0.99			13,843		1.54	^(d)		1.96	^(d)		3.63	^(d)		96
	9.90		0.99			11,727		1.54	^(d)		1.96	^(d)		3.63	^(d)		96
	9.90		1.45			51,281		0.45	^(d)		0.87	^(d)		4.73	^(d)		96
	9.90		1.26			11		0.95	^(d)		1.37	^(d)		4.26	^(d)		96
	9.91		(0.26	)		10		0.54	^(d)		0.96	^(d)		4.49	^(d)		96
	9.91		(0.41	)		10		1.04	^(d)		1.46	^(d)		4.00	^(d)		96


	9.99		3.93			53,541		0.83	^(d)		1.51	^(d)		4.45	^(d)		350
	9.99		3.60			15,077		1.58	^(d)		2.26	^(d)		3.86	^(d)		350
	9.99		3.13			11,798		1.58	^(d)		2.26	^(d)		3.78	^(d)		350
	9.99		4.21			31,155		0.47	^(d)		1.15	^(d)		4.62	^(d)		350
	9.99		3.83			10		0.97	^(d)		1.65	^(d)		4.42	^(d)		350


The accompanying notes are an integral part of these financial statements.		101

GOLDMAN SACHS GLOBAL INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


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

FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)
2012 - A	$	13.17	$	0.10	$	0.46		$	0.56		$	(0.11	)	$	—		$	(0.11	)
2012 - B		13.12		0.05		0.46			0.51			(0.06	)		—			(0.06	)
2012 - C		13.09		0.05		0.45			0.50			(0.06	)		—			(0.06	)
2012 - Institutional		13.15		0.12		0.46			0.58			(0.13	)		—			(0.13	)
2012 - Service		13.13		0.09		0.46			0.55			(0.10	)		—			(0.10	)
2012 - IR		13.15		0.12		0.45			0.57			(0.12	)		—			(0.12	)


FOR THE FISCAL YEARS ENDED MARCH 31,
2012 - A		12.63		0.23		0.54			0.77			(0.23	)		—			(0.23	)
2012 - B		12.58		0.14		0.54			0.68			(0.14	)		—			(0.14	)
2012 - C		12.55		0.14		0.54			0.68			(0.14	)		—			(0.14	)
2012 - Institutional		12.61		0.27		0.55			0.82			(0.28	)		—			(0.28	)
2012 - Service		12.59		0.21		0.54			0.75			(0.21	)		—			(0.21	)
2012 - IR		12.61		0.24		0.57			0.81			(0.27	)		—			(0.27	)
2011 - A		12.74		0.26		(0.10	)		0.16			(0.27	)		—			(0.27	)
2011 - B		12.69		0.17		(0.11	)		0.06			(0.17	)		—			(0.17	)
2011 - C		12.66		0.16		(0.09	)		0.07			(0.18	)		—			(0.18	)
2011 - Institutional		12.72		0.30		(0.09	)		0.21			(0.32	)		—			(0.32	)
2011 - Service		12.70		0.24		(0.10	)		0.14			(0.25	)		—			(0.25	)
2011 - IR (Commenced July 30, 2010)		12.91		0.19		(0.29	)		(0.10	)		(0.20	)		—			(0.20	)
2010 - A		12.30		0.38		1.35			1.73			(1.29	)		—			(1.29	)
2010 - B		12.25		0.29		1.34			1.63			(1.19	)		—			(1.19	)
2010 - C		12.23		0.28		1.34			1.62			(1.19	)		—			(1.19	)
2010 - Institutional		12.28		0.42		1.35			1.77			(1.33	)		—			(1.33	)
2010 - Service		12.27		0.36		1.34			1.70			(1.27	)		—			(1.27	)
2009 - A		12.91		0.45		(0.60	)		(0.15	)		(0.46	)		—			(0.46	)
2009 - B		12.87		0.35		(0.60	)		(0.25	)		(0.37	)		—			(0.37	)
2009 - C		12.84		0.35		(0.59	)		(0.24	)		(0.37	)		—			(0.37	)
2009 - Institutional		12.89		0.49		(0.59	)		(0.10	)		(0.51	)		—			(0.51	)
2009 - Service		12.88		0.43		(0.60	)		(0.17	)		(0.44	)		—			(0.44	)


FOR THE PERIOD NOVEMBER 1, 2007 TO MARCH 31, 2008*
2008 - A		12.93		0.17		—			0.17			(0.19	)		—			(0.19	)
2008 - B		12.88		0.13		0.01			0.14			(0.15	)		—			(0.15	)
2008 - C		12.86		0.13		—			0.13			(0.15	)		—			(0.15	)
2008 - Institutional		12.91		0.19		—			0.19			(0.21	)		—			(0.21	)
2008 - Service		12.90		0.16		—			0.16			(0.18	)		—			(0.18	)


FOR THE FISCAL YEAR ENDED OCTOBER 31,
2007 - A		12.74		0.37		0.20			0.57			(0.34	)		(0.04	)		(0.38	)
2007 - B		12.70		0.27		0.19			0.46			(0.25	)		(0.03	)		(0.28	)
2007 - C		12.67		0.27		0.20			0.47			(0.25	)		(0.03	)		(0.28	)
2007 - Institutional		12.73		0.42		0.18			0.60			(0.38	)		(0.04	)		(0.42	)
2007 - Service		12.71		0.35		0.20			0.55			(0.32	)		(0.04	)		(0.36	)

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

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

The amount previously reported has been adjusted to exclude certain “To Be Announced” activity where a mortgage security was delivered.


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

GOLDMAN SACHS GLOBAL INCOME FUND



Net asset value, end of period		Total return^(b)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate^(c)


$	13.62		4.23	%	$	162,757		1.03	%^(d)		1.13	%^(d)		1.47	%^(d)		257	%
	13.57		3.86			2,067		1.78	^(d)		1.88	^(d)		0.72	^(d)		257
	13.53		3.87			5,754		1.78	^(d)		1.88	^(d)		0.72	^(d)		257
	13.60		4.42			436,745		0.69	^(d)		0.79	^(d)		1.81	^(d)		257
	13.58		4.17			185		1.19	^(d)		1.29	^(d)		1.31	^(d)		257
	13.60		4.37			535		0.78	^(d)		0.88	^(d)		1.71	^(d)		257



	13.17		6.16			198,463		1.03			1.14			1.78			333
	13.12		5.38			2,310		1.78			1.89			1.07			333
	13.09		5.32			6,359		1.78			1.89			1.06			333
	13.15		6.53			574,373		0.69			0.80			2.10			333
	13.13		6.01			189		1.19			1.30			1.61			333
	13.15		6.43			402		0.78			0.89			1.87			333
	12.63		1.27			204,116		1.03			1.13			2.03			272	^(e)
	12.58		0.50			2,979		1.78			1.88			1.29			272	^(e)
	12.55		0.60			7,676		1.78			1.88			1.29			272	^(e)
	12.61		1.62			469,982		0.69			0.79			2.36			272	^(e)
	12.59		1.12			151		1.19			1.29			1.89			272	^(e)
	12.61		(0.78	)		23		0.78	^(d)		0.88	^(d)		2.28	^(d)		272	^(e)
	12.74		14.73			218,572		1.03			1.11			3.02			237	^(e)
	12.69		13.92			5,143		1.78			1.86			2.30			237	^(e)
	12.66		13.80			7,606		1.78			1.86			2.22			237	^(e)
	12.72		15.14			685,787		0.69			0.77			3.36			237	^(e)
	12.70		14.50			95		1.19			1.27			2.87			237	^(e)
	12.30		(1.10	)		202,926		1.02			1.11			3.61			168
	12.25		(1.93	)		6,572		1.77			1.86			2.85			168
	12.23		(1.85	)		4,863		1.77			1.86			2.85			168
	12.28		(0.76	)		664,853		0.68			0.77			3.94			168
	12.27		(1.26	)		214		1.18			1.27			3.44			168



	12.91		1.33			311,900		1.01	^(d)		1.07	^(d)		3.17	^(d)		141
	12.87		1.10			10,479		1.76	^(d)		1.82	^(d)		2.42	^(d)		141
	12.84		1.02			6,110		1.76	^(d)		1.82	^(d)		2.44	^(d)		141
	12.89		1.48			1,077,177		0.67	^(d)		0.73	^(d)		3.54	^(d)		141
	12.88		1.27			380		1.17	^(d)		1.23	^(d)		3.03	^(d)		141



	12.93		4.46			324,537		1.04			1.10			2.92			116
	12.88		3.59			11,127		1.79			1.85			2.13			116
	12.86		3.69			5,282		1.79			1.85			2.13			116
	12.91		4.76			1,089,450		0.68			0.74			3.30			116
	12.90		4.31			376		1.18			1.24			2.75			116


The accompanying notes are an integral part of these financial statements.		103

GOLDMAN SACHS STRATEGIC INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income			Net realized and unrealized gain (loss)			Total from investment operations		From net investment income			From net realized gains			From capital			Total distributions
FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)
2012 - A	$	9.87	$	0.16	^(c)	$	0.33		$	0.49	$	(0.18	)	$	—		$	—		$	(0.18	)
2012 - C		9.88		0.12	^(c)		0.33			0.45		(0.14	)		—			—			(0.14	)
2012 - Institutional		9.87		0.17	^(c)		0.34			0.51		(0.20	)		—			—			(0.20	)
2012 - IR		9.87		0.17	^(c)		0.33			0.50		(0.19	)		—			—			(0.19	)
2012 - R		9.87		0.15	^(c)		0.33			0.48		(0.17	)		—			—			(0.17	)

FOR THE FISCAL YEAR ENDED MARCH 31,
2012 - A		10.03		0.32	^(c)		(0.16	)		0.16		(0.32	)		—			—			(0.32	)
2012 - C		10.04		0.24	^(c)		(0.15	)		0.09		(0.25	)		—			—			(0.25	)
2012 - Institutional		10.03		0.35	^(c)		(0.15	)		0.20		(0.36	)		—			—			(0.36	)
2012 - IR		10.03		0.34	^(c)		(0.15	)		0.19		(0.35	)		—			—			(0.35	)
2012 - R		10.03		0.29	^(c)		(0.15	)		0.14		(0.30	)		—			—			(0.30	)

FOR THE PERIOD ENDED MARCH 31,
2011 - A (Commenced June 30, 2010)		10.00		0.17			0.06			0.23		(0.16	)		(0.02	)		(0.02	)		(0.20	)
2011 - C (Commenced June 30, 2010)		10.00		0.12			0.06			0.18		(0.10	)		(0.02	)		(0.02	)		(0.14	)
2011 - Institutional (Commenced June 30, 2010)		10.00		0.20			0.05			0.25		(0.18	)		(0.02	)		(0.02	)		(0.22	)
2011 - IR (Commenced June 30, 2010)		10.00		0.19			0.05			0.24		(0.17	)		(0.02	)		(0.02	)		(0.21	)
2011 - R (Commenced June 30, 2010)		10.00		0.16			0.05			0.21		(0.14	)		(0.02	)		(0.02	)		(0.18	)

(a)

(b)

(c)

Calculated based on the average shares outstanding methodology.

(d)

Annualized.


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

GOLDMAN SACHS STRATEGIC INCOME FUND



Net asset value, end of period		Total return^(a)			Net assets, end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate^(b)

$	10.18		5.02	%	$	449,134		1.00	%^(d)		1.00	%^(d)		3.18	%^(d)		498	%
	10.19		4.52			151,943		1.75	^(d)		1.75	^(d)		2.38	^(d)		498
	10.18		5.20			1,523,310		0.66	^(d)		0.66	^(d)		3.42	^(d)		498
	10.18		5.15			53,101		0.75	^(d)		0.75	^(d)		3.38	^(d)		498
	10.18		4.78			11		1.25	^(d)		1.25	^(d)		2.97	^(d)		498


	9.87		1.60			728,059		1.00			1.00			3.23			636
	9.88		0.94			148,590		1.75			1.75			2.51			636
	9.87		2.04			993,936		0.66			0.66			3.59			636
	9.87		1.95			50,350		0.75			0.75			3.54			636
	9.87		1.46			29		1.25			1.25			3.00			636


	10.03		2.37			820,664		1.02	^(d)		1.08	^(d)		2.63	^(d)		342
	10.04		1.81			82,982		1.77	^(d)		1.83	^(d)		1.81	^(d)		342
	10.03		2.51			804,517		0.68	^(d)		0.74	^(d)		2.96	^(d)		342
	10.03		2.44			25,158		0.77	^(d)		0.83	^(d)		2.82	^(d)		342
	10.03		2.09			25		1.27	^(d)		1.33	^(d)		2.07	^(d)		342


The accompanying notes are an integral part of these financial statements.		105

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements

September 30, 2012 (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:


Fund	Share Classes Offered*	Diversified/ Non-diversified
Core Fixed Income and Core Plus Fixed Income	A, B, C, Institutional, Service, IR and R	Diversified
Global Income	A, B, C, Institutional, Service and IR	Non-diversified
Strategic Income	A, C, Institutional, IR and R	Diversified

Class B Shares are generally no longer available for purchase by current or prospective investors.

Class A Shares are sold with a front-end sales charge of up to 3.75%. Class B Shares were sold with a contingent deferred sales charge (“CDSC”) that declines from 5.00% to zero, depending upon the period of time the shares are held. Class C Shares are sold with a CDSC of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Class IR and Class R Shares are not subject to a sales charge.

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

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.

A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

B. Investment Income and Investments — Investment income includes interest income and dividend income, net of any foreign withholding taxes, less any amounts reclaimable. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract. Upfront payments on swaps are recorded as realized gains or losses and are recognized over the contract’s term/event with the exception of forward starting interest rate swaps whose realized gain or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities and excess amounts are recorded as gains. For treasury inflation protected securities (“TIPS”), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

106

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agent and Service and Shareholder Administration fees. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the respective Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses.

D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (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:


Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Core Fixed Income, Core Plus Fixed Income and Strategic Income	Daily/Monthly	Annually
Global Income	Monthly	Annually

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

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

E. Foreign Currency Translation — The accounting records and reporting currency of the Funds are maintained in United States (“U.S.”) dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency transactions. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.


3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

107

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2012 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. 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 investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

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

A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Debt Securities — Debt securities, for which market quotations are readily available, are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the trustees. 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 securities dealers to determine current value. 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 fair value. With the exception of treasury securities, which are generally classified as Level 1, these investments are generally classified as in Level 2 of the fair value hierarchy.

i. Mortgage-Backed and 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 estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of assets. 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 the securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.

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.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (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, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

ii. Mortgage Dollar Rolls — Mortgage dollar rolls are transactions whereby the Funds sell mortgage backed securities and simultaneously contract within the same counterparty to repurchase similar securities on a specified future date. During the settlement period, the Funds will not be entitled to accrue interest and principal payments on the securities sold.

108

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

iii. Senior Term Loans — Senior Term Loans (“Loans”) are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions (“Lenders”). Investments in Loans are in the form of either participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties (“Assignments”). A 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. A Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement.

iv. Treasury Inflation Protected Securities — TIPS are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

v. Structured Notes — The value of structured notes are based on the price movements of a reference security or index. Upon termination, the Funds will receive a payment from the issuer based on the value of the referenced security (notional amount multiplied by price of the referenced security) and record a realized gain or loss.

vi. When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to the Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. 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 which may result in a realized gain or loss.

Equity Securities — Equity securities and investment companies traded on a U.S. securities exchange or the NASDAQ system, or those located on certain foreign exchanges including, but not limited to the Americas, 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, equity securities and exchange traded investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Investments in investment companies (other than those that are exchange traded) are valued at the NAV on the valuation date. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy.

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. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under valuation procedures approved by the trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. Investments applying these valuation adjustments are classified as Level 2 of the fair value hierarchy.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors.

109

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Notes to Financial Statements (continued)

September 30, 2012 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Exchange-traded derivatives, including futures contracts, typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing. Where models are used, the selection of a particular model to value an OTC derivative depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i. Forward Foreign Currency Exchange Contracts — In a forward foreign currency contract, the Funds agree to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily at the applicable forward rate.

ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security and are valued based on exchanged settlement prices or independent market quotes. Futures contracts are valued at the last settlement price, or in the absence of a sale, the last bid price for long positions and at the last ask price for short positions, 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.

iii. Options — When the Funds write call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on interest rate swap contracts. Options on a futures contract may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

Upon the purchase of a call option or a put option by the Funds, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied voluntary parameters at specified terms.

iv. Swap Contracts — Swaps are marked to market daily using pricing vendor quotations, counterparty prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss.

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

110

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 Fund sells protection through a credit default swap, the Fund 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, a Fund, as a seller 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. A Fund 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, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty.

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

Short Term Investments — Short-term investments having a maturity of 60 days or less are generally valued at amortized cost which approximates fair market value. These investments are classified as Level 2 of the fair value hierarchy.

Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the Funds, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. 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 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 maintain pro rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

111

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Notes to Financial Statements (continued)

September 30, 2012 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

B. Level 3 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 3 are as follows:

To the extent that the aforementioned significant inputs are unobservable, or if quotations are not readily available, or if GSAM and GSAMI believe that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined under valuation procedures approved by the trustees. GSAM and GSAMI, consistent with their procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what they believe to be the fair value of the securities at the time of determining a Fund’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of September 30, 2012:



CORE FIXED INCOME

Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	394,345,597		$	—
Mortgage-Backed Obligations		—		583,964,890			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		332,744,821		127,695,690			—
Asset-Backed Securities		—		28,082,060			—
Foreign Debt Obligations		—		18,015,047			—
Municipal Debt Obligations		—		8,945,352			—
Government Guarantee Obligations		—		136,222,822			—
Short-term Investments		—		27,300,000			—
Total	$	332,744,821	$	1,324,571,458		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—	$	(56,407,030	)	$	—

112

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



CORE FIXED INCOME (continued)

Derivative Type	Level 1			Level 2			Level 3
Assets
Options Purchased	$	—		$	948,266		$	—
Forward Foreign Currency Exchange Contracts^(a)		—			438,755			—
Futures Contracts^(a)		1,802,457			—			—
Interest Rate Swap Contracts^(a)		—			521,071			—
Credit Default Swap Contracts^(a)		—			730,378			—
Total	$	1,802,457		$	2,638,470		$	—
Liabilities
Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(758,363	)	$	—
Futures Contracts^(a)		(767,916	)		—			—
Interest Rate Swap Contracts^(a)		—			(1,618,177	)		—
Credit Default Swap Contracts^(a)		—			(420,964	)		—
Written Options Contracts		—			(442,356	)		—
Total	$	(767,916	)	$	(3,239,860	)	$	—

CORE PLUS FIXED INCOME

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	95,464,607		$	—
Mortgage-Backed Obligations		—			141,794,256			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		41,004,563			22,149,421			—
Asset-Backed Securities		—			26,584,399			1,193,555
Foreign Debt Obligations		—			11,200,077			—
Structured Note		—			2,243,494			—
Municipal Debt Obligations		—			2,023,515			—
Government Guarantee Obligations		—			3,649,597			—
Short-term Investments		—			39,200,000			—
Total	$	41,004,563		$	344,309,366		$	1,193,555
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(9,774,687	)	$	—

Derivative Type
Assets
Options Purchased	$	—		$	1,115,607		$	—
Forward Foreign Currency Exchange Contracts^(a)		—			407,825			—
Futures Contracts^(a)		527,006			—			—
Interest Rate Swap Contracts^(a)		—			1,209,603			—
Credit Default Swap Contracts^(a)		—			312,251			—
Total	$	527,006		$	3,045,286		$	—

113

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2012 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



CORE PLUS FIXED INCOME (continued)

Derivative Type	Level 1			Level 2			Level 3
Liabilities
Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(420,088	)	$	—
Futures Contracts^(a)		(375,689	)		—			—
Interest Rate Swap Contracts^(a)		—			(1,721,025	)		—
Credit Default Swap Contracts^(a)					(143,113	)
Written Options Contracts		—			(521,621	)		—
Total	$	(375,689	)	$	(2,805,847	)	$	—

GLOBAL INCOME

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Foreign Sovereign Debt Obligations	$	252,786,702		$	74,777,226		$	—
Corporate Obligations		—			176,861,066			—
Foreign Debt Obligations		—			12,987,315			—
Asset-Backed Securities		—			23,543,802			—
Mortgage-Backed Obligations		—			112,880,602			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		699,181			839,562
Government Guarantee Obligations		—			31,965,029			—
Short-term Investments		—			21,071,733			—
Total	$	253,485,883		$	454,926,335		$	—

Derivative Type
Assets
Options Purchased	$	—		$	1,129,299		$	—
Forward Foreign Currency Exchange Contracts^(a)		—			1,860,210			—
Futures Contracts^(a)		690,285			—			—
Interest Rate Swap Contracts^(a)		—			2,778,934			—
Credit Default Swap Contracts^(a)		—			290,861			—
Total	$	690,285		$	6,059,304		$	—
Liabilities
Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(7,660,911	)	$	—
Futures Contracts^(a)		(200,432	)		—			—
Interest Rate Swap Contracts^(a)		—			(3,322,103	)		—
Credit Default Swap Contracts^(a)		—			(317,742	)		—
Written Options Contracts		—			(705,762	)		—
Total	$	(200,432	)	$	(12,006,518	)	$	—

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



STRATEGIC INCOME

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	496,364,375		$	—
Mortgage-Backed Obligations		—			1,230,140,687			—
Asset-Backed Securities		—			240,536,599			6,827,133
Foreign Debt Obligations		35,019,363			163,551,294			—
Structured Notes		—			28,303,588			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		20,342,833			—			—
Senior Term Loans		—			55,956,257			—
Short-term Investments		—			365,711,375			—
Total	$	55,362,196		$	2,580,564,175		$	6,827,133
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(108,676,992	)	$	—

Derivative Type
Assets
Options Purchased	$	—		$	13,658,215		$	—
Forward Foreign Currency Exchange Contracts^(a)		—			13,480,664			—
Futures Contracts^(a)		1,781,365			—			—
Interest Rate Swap Contracts^(a)		—			24,683,074			—
Credit Default Swap Contracts^(a)		—			3,579,413			—
Total Return Swap Contracts^(a)		—			144,320			—
Total	$	1,781,365		$	55,545,686		$	—
Liabilities
Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(13,335,240	)	$	—
Futures Contracts^(a)		(4,532,611	)		—			—
Interest Rate Swap Contracts^(a)		—			(24,995,148	)		—
Credit Default Swap Contracts^(a)		—			(2,440,990	)		—
Total Return Swap Contracts^(a)		—			(1,076,551	)		—
Written Options Contracts		—			(6,390,168	)		—
Total	$	(4,532,611	)	$	(48,238,097	)	$	—

(a)

Amount shown represents unrealized gain (loss) at period end.

115

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Notes to Financial Statements (continued)

September 30, 2012 (Unaudited)

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts as of September 30, 2012. These instruments were used to meet the Funds’ investment objectives and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

Core Fixed Income

Risk

Statements of Assets

and Liabilities

Assets

Statements of Assets

and Liabilities

Liabilities

Interest rate

Receivable for unrealized gain on swap contracts; Unrealized gain on futures variation margin; Investments, at value

3,271,794

^(a)

Payable for unrealized loss on swap contracts; Unrealized loss on futures variation margin; Options written, at value

(2,828,449)

^(a)(b)

Credit

Receivable for unrealized gain on swap contracts

730,378

Payable for unrealized loss on swap contracts

(420,964)

^(b)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts

438,755

Payable for unrealized loss on forward foreign currency exchange contracts

(758,363)

Total

4,440,927

(4,007,776)

Core Plus Fixed Income

Risk

Statements of Assets

and Liabilities

Assets

Statements of Assets

and Liabilities

Liabilities

Interest rate

Receivable for unrealized gain on swap contracts; Unrealized gain on futures variation margin; Investments, at value

2,852,216

^(a)

Payable for unrealized loss on swap contracts; Unrealized loss on futures variation margin; Options written, at value

(2,618,335)

^(a) (b)

Credit

Receivable for unrealized gain on swap contracts

312,251

Payable for unrealized loss on swap contracts

(143,113)

^(b)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts

407,825

Payable for unrealized loss on forward foreign currency exchange contracts

(420,088)

Total

3,572,292

(3,181,536)

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4. INVESTMENTS IN DERIVATIVES (continued)

Global Income

Risk

Statements of Assets

and Liabilities

Assets

Statements of Assets

and Liabilities

Liabilities

Interest rate

Receivable for unrealized gain on swap contracts; Unrealized gain on futures variation margin; Investments, at value

4,597,710

^(a)

Payable for unrealized loss on swap contracts; Unrealized loss on futures variation margin; Options written, at value

(4,228,297)

^(a)(b)

Credit

Receivable for unrealized gain on swap contracts

290,861

Payable for unrealized loss on swap contracts

(317,742)

^(b)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts; Investments, at value

1,861,018

Payable for unrealized loss on forward foreign currency exchange contracts

(7,660,911)

Total

6,749,589

(12,206,950)

Strategic Income

Risk

Statements of Assets

and Liabilities

Assets

Statements of Assets

and Liabilities

Liabilities

Interest rate

Receivable for unrealized gain on swap contracts; Unrealized gain on futures variation margin; Investments, at value

40,266,974

^(a)

Payable for unrealized loss on swap contracts; Unrealized loss on futures variation margin; Options written, at value

(36,994,478)

^(a)(b)

Credit

Receivable for unrealized gain on swap contracts

3,579,413

Payable for unrealized loss on swap contracts

(2,440,990)

^(b)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts

13,480,664

Payable for unrealized loss on forward foreign currency exchange contracts

(13,335,240)

Total

57,327,051

(52,770,708)

(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 $2,039,141, $1,864,138, $3,639,845 and $28,512,689 for Core Fixed Income, Core Plus Fixed Income, Global Income and Strategic Income Funds, respectively, which represent the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Funds’ performance, their failure to pay on their 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.

117

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Notes to Financial Statements (continued)

September 30, 2012 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended September 30, 2012. These gains (losses) should be considered in the context that these derivative contracts may have been executed to economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:



Core Fixed Income
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from investments, futures contracts, swap contracts and written options/Net change in unrealized gain (loss) on investments, futures contracts, swap contracts and written options	$	3,318,608		$	1,072,382			3,563
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(619,060	)		179,372			16
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		1,512,089			(260,454	)		210
Total		$	4,211,637		$	991,300			3,789



Core Plus Fixed Income
Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from investments, futures contracts, swap contracts and written options/Net change in unrealized gain (loss) on investments, futures contracts, swap contracts and written options	$	1,542,972	$	306,197			1390
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		56,527		154,583			9
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		601,113		(6,718	)		239
Total		$	2,200,612	$	454,062			1,638

118

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4. INVESTMENTS IN DERIVATIVES (continued)



Global Income
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from investments, futures contracts, swap contracts and written options/Net change in unrealized gain (loss) on investments, futures contracts, swap contracts and written options	$	1,546,140		$	(985,750	)		1,112
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(271,374	)		(27,555	)		6
Currency	Net realized gain (loss) from investments, written options and forward foreign currency exchange contracts/Net change in unrealized gain (loss) on investments, written options and forward foreign currency exchange contracts		4,975,130			(4,179,836	)		514
Total		$	6,249,896		$	(5,193,141	)		1,632

Strategic Income
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from investments, futures contracts, swap contracts and written options/Net change in unrealized gain (loss) on investments, futures contracts, swap contracts and written options	$	(10,464,480	)	$	(3,747,171	)		7,402
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(2,943,968	)		1,025,229			11
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		10,388,024			1,736,716			262
Total		$	(3,020,424	)	$	(985,226	)		7,675

(a)

Average number of contracts is based on the average of month end balances for the six months ended September 30, 2012.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

119

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2012 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended September 30, 2012, contractual management fees with GSAM and GSAMI were at the following rates:


	Contractual Management Fee Rate
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Net Management Fee
Core Fixed Income		0.40	%		0.36	%		0.34	%		0.33	%		0.32	%		0.39	%
Core Plus Fixed Income		0.45			0.41			0.39			0.38			0.37			0.45
Global Income		0.65			0.59			0.56			0.55			0.54			0.65
Strategic Income		0.60			0.54			0.51			0.50			0.49			0.57

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, accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers, at the following annual rates calculated on a Fund’s average daily net assets of each respective share class:


	Distribution and Service Plan Rates
	Class A*			Class B			Class C			Class R*
Distribution Plan		0.25	%		0.75	%		0.75	%		0.50	%
Service Plan		—			0.25			0.25			—

With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A front end sales charge and Class B and Class C CDSC. During the six months ended September 30, 2012, Goldman Sachs advised that it retained the following approximate amounts:


	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class B		Class C
Core Fixed Income	$	4,700	$	—	$	400
Core Plus Fixed Income		2,000		—		—	*
Global Income		1,400		—		—
Strategic Income		24,700		N/A		—

Amount is less than $50.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

D. Service Plan and Shareholder Administration Plan — The Trust, on behalf of each Fund that offers Service Shares, has adopted a Service Plan and a Shareholder Administration Plan. These plans allow for service organizations to provide 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 which is accrued daily and paid monthly at an annual rate of 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 accrued daily and paid monthly at annual rates as follows: 0.13% of the average daily net assets of Class A, Class B, Class C, Class IR and Class R Shares and 0.04% of the average daily net assets of Institutional and Service Shares.

F. Other Expense Agreements and Affiliated Transactions — GSAM and GSAMI have agreed to limit certain “Other Expense” of the Funds (excluding management fees, distribution and service fees, acquired fund fees and expenses, transfer agent fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, litigation, indemnification, shareholder meeting and other extraordinary expenses, exclusive of any custody and transfer agent fee 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 accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM and GSAMI for prior fiscal year expense reimbursements, if any. The Other Expense limitations for the Core Fixed Income, Core Plus Fixed Income, Global Income and Strategic Income Funds as an annual percentage rate of average daily net assets are 0.104%, 0.004%, 0.004% and 0.054%, respectively. These Other Expense reimbursements will remain in place through at least July 27, 2013, and prior to such date GSAM and GSAMI may not terminate the arrangements without the approval of the trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses.

For the six months ended September 30, 2012, these expense reductions, including Other Expense reimbursements, were as follows (in thousands):


Fund	Custody Fee Credits		Other Expense Reimbursements		Total Expense Reductions
Core Fixed Income	$	2	$	—	$	2
Core Plus Fixed Income		1		250		251
Global Income		1		374		375
Strategic Income		7		—		7

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2012 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of September 30, 2012, the amounts owed to affiliates of the Funds were as follows (in thousands):


Fund	Management Fees		Distribution and Service Fees		Transfer Agent Fees		Total
Core Fixed Income	$	463	$	65	$	63	$	591
Core Plus Fixed Income		132		32		20		184
Global Income		375		40		36		451
Strategic Income		986		211		117		1,314

G. Line of Credit Facility — As of September 30, 2012, the Funds participated in a $630,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM, GSAMI or its affiliates (“Other Borrowers”). 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 $970,000,000. 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, 2012, the Funds did not have any borrowings under the facility. Prior to May 8, 2012, the amount available through the facility was $580,000,000.

H. Other Transactions with Affiliates — For the six months ended September 30, 2012, Goldman Sachs earned approximately $42,800, $40,800 and $333,100 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Core Fixed Income, Core Plus Fixed Income and Strategic Income Funds, respectively.

As of September 30, 2012, the following Fund of Funds Portfolios were the beneficial owners of 5% or more of total outstanding shares of the following Funds:


Fund	Goldman Sachs Balanced Strategy Portfolio			Goldman Sachs Growth and Income Strategy Portfolio
Global Income		31	%		27	%

As of September 30, 2012, Goldman Sachs Group, Inc. was the beneficial owner of approximately 100% and 60% of the Service and Class R Shares of the Core Plus Fixed Income Fund and 97% of the Class R Shares of the Strategic Income Fund.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended September 30, 2012, were as follows:


Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
Core Fixed Income	$	7,598,300,603	$	216,623,861	$	7,780,794,379	$	294,500,722
Core Plus Fixed Income		2,103,193,457		59,167,806		2,110,263,276		68,869,287
Global Income		1,708,400,472		291,644,749		1,724,223,880		418,886,715
Strategic Income		10,610,984,402		720,014,060		10,277,751,651		585,491,915

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, March 31, 2012, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:


	Core Fixed Income			Core Plus Fixed Income			Global Income			Strategic Income
Capital loss carryforwards:⁽¹⁾
Expiring 2018	$	(55,130,066	)	$	—		$	—		$	—
Perpetual Short-term		—			—			—			(30,402,827	)
Perpetual Long-term		—			—			—			(17,191,857	)
Total capital loss carryforwards	$	(55,130,066	)	$	—					$	(47,594,684	)
Timing differences (Post-October Losses, Income Distributions Payable, and Straddle Losses)	$	(1,938,677	)	$	(340,526	)	$	(11,417,704	)	$	(18,654,653	)

(1)

Except for perpetual capital loss carryforwards, expiration occurs on March 31 of the year indicated.

As of September 30, 2012, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Core Fixed Income			Core Plus Fixed Income			Global Income			Strategic Income
Tax Cost	$	1,602,711,554		$	373,835,539		$	670,136,082		$	2,595,788,544
Gross unrealized gain		61,740,422			16,520,897			48,334,275			74,370,594
Gross unrealized loss		(6,187,431	)		(2,733,345	)		(8,928,840	)		(13,747,419	)
Net unrealized security gain	$	55,552,991		$	13,787,552		$	39,405,435		$	60,623,175

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

GSAM and GSAMI have reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and have 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.

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Notes to Financial Statements (continued)

September 30, 2012 (Unaudited)

8. OTHER RISKS

The Funds’ risks include, but are not limited to, the following:

Foreign Custody Risk — A fund that invests in foreign securities may hold such securities and foreign currency with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). 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 the Fund’s ability to recover its assets if a Foreign Custodian enters into bankruptcy. 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.

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 entities of their holdings in the Funds may impact the Funds’ liquidity and NAV. These redemptions may also force the Funds to sell securities.

Liquidity Risk — The Funds may make investments that may be illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions.

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.

Non-Diversification Risk — The Global Income Fund is non-diversified and is permitted to invest more of its assets in fewer issuers than “diversified” mutual funds. Thus, this Fund may be subject to greater risks than a fund that invests in a great number of issuers.

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, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds’ investments more than if their investments were not so concentrated.

9. INDEMNIFICATIONS

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

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

10. OTHER MATTERS

Other — On February 8, 2012, the Commodity Futures Trading Commission (CFTC) adopted amendments to several of its rules relating to commodity pool operators, including Rule 4.5. The Funds currently rely on Rule 4.5’s exclusion from CFTC regulation for regulated investment companies. GSAM is currently evaluating the amendments and their impact, if any, on the Funds’ financial statements.

11. SUBSEQUENT EVENTS

Subsequent events after the balance sheet date have been evaluated through the date the financial statements were issued. GSAM and GSAMI have concluded that there is no impact requiring adjustment or disclosure in the financial statements.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2012 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Core Fixed Income Fund

	For the Six Months Ended September 30, 2012 (Unaudited)						For the Fiscal Year Ended March 31, 2012

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,446,740		$	15,217,428			8,368,890		$	84,412,273
Reinvestment of distributions		162,836			1,717,151			555,903			5,621,104
Shares converted from Class B^(a)		3,497			36,863			62,766			636,270
Shares redeemed		(5,663,969	)		(59,434,368	)		(60,060,065	)		(601,116,368	)
		(4,050,896	)		(42,462,926	)		(51,072,506	)		(510,446,721	)
Class B Shares
Shares sold		40,441			428,315			167,299			1,709,066
Reinvestment of distributions		4,092			43,356			10,588			107,959
Shares converted to Class A^(a)		(3,481	)		(36,863	)		(62,491	)		(636,270	)
Shares redeemed		(98,478	)		(1,040,237	)		(479,238	)		(4,886,820	)
		(57,426	)		(605,429	)		(363,842	)		(3,706,065	)
Class C Shares
Shares sold		271,828			2,873,304			963,527			9,868,248
Reinvestment of distributions		14,709			155,903			29,525			301,775
Shares redeemed		(476,946	)		(5,052,006	)		(1,084,848	)		(11,068,110	)
		(190,409	)		(2,022,799	)		(91,796	)		(898,087	)
Institutional Shares
Shares sold		9,420,452			99,617,356			79,505,150			802,666,261
Reinvestment of distributions		1,309,488			13,862,968			2,878,782			29,398,451
Shares redeemed		(27,738,769	)		(292,690,716	)		(56,717,727	)		(579,518,046	)
		(17,008,829	)		(179,210,392	)		25,666,205			252,546,666
Service Shares
Shares sold		42,069			445,361			900,520			9,167,511
Reinvestment of distributions		7,773			82,381			9,735			100,041
Shares redeemed		(115,799	)		(1,223,263	)		(255,017	)		(2,609,961	)
		(65,957	)		(695,521	)		655,238			6,657,591
Class IR Shares
Shares sold		29,931			316,696			122,287			1,248,617
Reinvestment of distributions		1,197			12,642			1,719			17,548
Shares redeemed		(21,502	)		(227,168	)		(176,430	)		(1,748,328	)
		9,626			102,170			(52,424	)		(482,163	)
Class R Shares
Shares sold		65,536			688,069			129			1,305
Reinvestment of distributions		325			3,457			31			314
Shares redeemed		(907	)		(9,689	)		(1	)		(12	)
		64,954			681,837			159			1,607
NET DECREASE		(21,298,937	)	$	(224,213,060	)		(25,258,966	)	$	(256,327,172	)

(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.

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Core Plus Fixed Income Fund

	For the Six Months Ended September 30, 2012 (Unaudited)						For the Fiscal Year Ended March 31, 2012

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,097,667		$	11,614,183			3,619,062		$	37,470,750
Reinvestment of distributions		95,689			1,015,221			433,817			4,469,586
Shares converted from Class B^(a)		23,967			254,110			99,566			1,029,641
Shares redeemed		(1,066,104	)		(11,237,456	)		(4,499,436	)		(46,579,177	)
		151,219			1,646,058			(346,991	)		(3,609,200	)
Class B Shares
Shares sold		27,183			287,556			98,713			1,024,212
Reinvestment of distributions		2,957			31,308			19,945			205,036
Shares converted to Class A^(a)		(23,990	)		(254,110	)		(99,662	)		(1,029,641	)
Shares redeemed		(63,831	)		(673,423	)		(168,641	)		(1,741,924	)
		(57,681	)		(608,669	)		(149,645	)		(1,542,317	)
Class C Shares
Shares sold		71,576			760,094			446,025			4,623,631
Reinvestment of distributions		5,769			61,110			33,394			343,266
Shares redeemed		(145,125	)		(1,528,245	)		(522,484	)		(5,404,394	)
		(67,780	)		(707,041	)		(43,065	)		(437,497	)
Institutional Shares
Shares sold		901,403			9,471,783			4,257,125			44,062,787
Reinvestment of distributions		290,034			3,076,099			1,079,526			11,118,102
Shares redeemed		(1,773,522	)		(19,024,857	)		(2,413,255	)		(24,960,937	)
		(582,085	)		(6,476,975	)		2,923,396			30,219,952
Service Shares
Reinvestment of distributions		13			141			57			592
		13			141			57			592
Class IR Shares
Shares sold		2,358			25,000			271,190			2,774,850
Reinvestment of distributions		3,229			34,158			12,303			126,442
Shares redeemed		(13,473	)		(141,733	)		(54,374	)		(558,321	)
		(7,886	)		(82,575	)		229,119			2,342,971
Class R Shares
Shares sold		44			462			191			1,980
Reinvestment of distributions		19			211			102			1,042
Shares redeemed		(12	)		(127	)		(1,853	)		(19,375	)
		51			546			(1,560	)		(16,353	)
NET INCREASE (DECREASE)		(564,149	)	$	(6,228,515	)		2,611,311		$	26,958,148

(a)

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2012 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Global Income Fund

	For the Six Months Ended September 30, 2012 (Unaudited)						For the Fiscal Year Ended March 31, 2012

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,505,681		$	20,273,552			7,136,253		$	92,174,626
Reinvestment of distributions		98,084			1,316,694			267,122			3,454,031
Shares converted from Class B^(a)		5,080			68,469			14,409			186,994
Shares redeemed		(4,728,836	)		(63,243,421	)		(8,516,219	)		(110,008,276	)
		(3,119,991	)		(41,584,706	)		(1,098,435	)		(14,192,625	)
Class B Shares
Shares sold		9,002			120,595			32,800			421,851
Reinvestment of distributions		593			7,928			1,903			24,451
Shares converted to Class A^(a)		(5,100	)		(68,469	)		(14,468	)		(186,994	)
Shares redeemed		(28,230	)		(376,912	)		(81,040	)		(1,043,220	)
		(23,735	)		(316,858	)		(60,805	)		(783,912	)
Class C Shares
Shares sold		12,771			170,527			111,490			1,433,101
Reinvestment of distributions		1,632			21,764			4,910			62,953
Shares redeemed		(75,227	)		(1,000,719	)		(242,334	)		(3,109,619	)
		(60,824	)		(808,428	)		(125,934	)		(1,613,565	)
Institutional Shares
Shares sold		6,157,306			82,063,520			25,328,364			325,900,362
Reinvestment of distributions		382,963			5,133,870			944,846			12,207,610
Shares redeemed		(18,105,295	)		(243,265,275	)		(19,877,099	)		(257,917,588	)
		(11,565,026	)		(156,067,885	)		6,396,111			80,190,384
Service Shares
Shares sold		1,502			20,107			6,800			88,131
Reinvestment of distributions		22			288			61			788
Shares redeemed		(2,314	)		(31,166	)		(4,477	)		(57,444	)
		(790	)		(10,771	)		2,384			31,475
Class IR Shares
Shares sold		16,660			222,294			36,742			475,516
Reinvestment of distributions		332			4,458			416			5,402
Shares redeemed		(8,270	)		(110,663	)		(8,388	)		(108,830	)
		8,722			116,089			28,770			372,088
NET INCREASE (DECREASE)		(14,761,644	)	$	(198,672,559	)		5,142,091		$	64,003,845

(a)

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Strategic Income Fund

	For the Six Months Ended September 30, 2012 (Unaudited)						For the Fiscal Year Ended March 31, 2012

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		10,034,963		$	99,591,142			57,716,759		$	572,718,440
Reinvestment of distributions		1,018,919			10,071,127			2,911,970			28,484,323
Shares redeemed		(40,669,526	)		(403,401,363	)		(68,680,847	)		(667,493,669	)
		(29,615,644	)		(293,739,094	)		(8,052,118	)		(66,290,906	)
Class C Shares
Shares sold		2,150,285			21,399,679			9,423,856			93,510,820
Reinvestment of distributions		178,594			1,773,181			293,113			2,856,266
Shares redeemed		(2,453,885	)		(24,258,860	)		(2,942,697	)		(28,599,581	)
		(125,006	)		(1,086,000	)		6,774,272			67,767,505
Institutional Shares
Shares sold		63,116,936			625,961,092			87,282,794			861,024,079
Reinvestment of distributions		2,157,541			21,459,813			3,216,238			31,411,784
Shares redeemed		(16,331,452	)		(161,649,755	)		(70,020,876	)		(679,851,459	)
		48,943,025			485,771,150			20,478,156			212,584,404
Class IR Shares
Shares sold		1,052,644			10,482,353			6,777,376			67,017,589
Reinvestment of distributions		96,818			960,691			180,114			1,750,632
Shares redeemed		(1,033,506	)		(10,236,255	)		(4,365,459	)		(42,090,947	)
		115,956			1,206,789			2,592,031			26,677,274
Class R Shares
Shares sold		11			102			350			3,520
Reinvestment of distributions		25			247			88			855
Shares redeemed		(1,883	)		(18,419	)		(9	)		(86	)
		(1,847	)		(18,070	)		429			4,289
NET INCREASE		19,316,484		$	192,134,775			21,792,770		$	240,742,566

129

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended September 30, 2012 (Unaudited)

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2012 through September 30, 2012.

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

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

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


	Core Fixed Income Fund							Core Plus Fixed Income Fund							Global Income Fund							Strategic Income Fund
Share Class	Beginning Account Value 4/1/12		Ending Account Value 9/30/12			Expenses Paid for the 6 months ended 9/30/12*		Beginning Account Value 4/1/12		Ending Account Value 9/30/12			Expenses Paid for the 6 months ended 9/30/12*		Beginning Account Value 4/1/12		Ending Account Value 9/30/12			Expenses Paid for the 6 months ended 9/30/12*		Beginning Account Value 4/1/12		Ending Account Value 9/30/12			Expenses Paid for the 6 months ended 9/30/12*
Class A
Actual	$	1,000.00	$	1,045.00		$	4.15	$	1,000.00	$	1,054.10		$	4.27	$	1,000.00	$	1,042.30		$	5.27	$	1,000.00	$	1,050.20		$	5.14
Hypothetical 5% return		1,000.00		1,021.01	+		4.10		1,000.00		1,020.91	+		4.20		1,000.00		1,019.90	+		5.22		1,000.00		1,020.05	+		5.06
Class B
Actual		1,000.00		1,041.00			7.98		1,000.00		1,050.20			8.12		1,000.00		1,038.60			9.10		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,071.25	+		7.89		1,000.00		1,017.15	+		7.99		1,000.00		1,016.14	+		9.00		N/A		N/A			N/A
Class C
Actual		1,000.00		1,040.90			7.98		1,000.00		1,049.20			8.12		1,000.00		1,038.70			9.10		1,000.00		1,045.20			8.97
Hypothetical 5% return		1,000.00		1,071.25	+		7.89		1,000.00		1,017.15	+		7.99		1,000.00		1,016.14	+		9.00		1,000.00		1,016.29	+		8.85
Institutional
Actual		1,000.00		1,045.70			2.41		1,000.00		1,054.90			2.52		1,000.00		1,044.20			3.54		1,000.00		1,052.00			3.40
Hypothetical 5% return		1,000.00		1,022.71	+		2.38		1,000.00		1,022.61	+		2.48		1,000.00		1,021.61	+		3.50		1,000.00		1,021.76	+		3.35
Service
Actual		1,000.00		1,044.00			4.97		1,000.00		1,052.30			5.09		1,000.00		1,041.70			6.09		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,020.21	+		4.91		1,000.00		1,020.10	+		5.01		1,000.00		1,019.10	+		6.02		N/A		N/A			N/A
Class IR
Actual		1,000.00		1,046.30			2.87		1,000.00		1,055.50			2.99		1,000.00		1,043.70			4.00		1,000.00		1,051.50			3.86
Hypothetical 5% return		1,000.00		1,022.26	+		2.84		1,000.00		1,022.16	+		2.94		1,000.00		1,021.16	+		3.95		1,000.00		1,021.31	+		3.80
Class R
Actual		1,000.00		1,042.80			5.43		1,000.00		1,051.80			5.56		N/A		N/A			N/A		1,000.00		1,047.80			6.42
Hypothetical 5% return		1,000.00		1,019.75	+		5.37		1,000.00		1,019.65	+		5.47		N/A		N/A			N/A		1,000.00		1,018.80	+		6.33

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, 2012. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:


Fund	Class A			Class B			Class C			Institutional			Service			Class IR			Class R
Core Fixed Income		0.81	%		1.56	%		1.56	%		0.47	%		0.97	%		0.56	%		1.06	%
Core Plus Fixed Income		0.83			1.58			1.58			0.49			0.99			0.58			1.08
Global Income		1.03			1.78			1.78			0.69			1.19			0.78			N/A
Strategic Income		1.00			N/A			1.75			0.66			N/A			0.75			1.25

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.

130

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited)

Background

The Goldman Sachs Core Fixed Income, Goldman Sachs Core Plus Fixed Income, Goldman Sachs Global Income and Goldman Sachs Strategic Income Funds (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held during the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreements (the “Management Agreements”) on behalf of the Core Fixed Income, Core Plus Fixed Income and Strategic Income Funds with Goldman Sachs Asset Management, L.P. (“GSAM”) and on behalf of the Global Income Fund with Goldman Sachs Asset Management International (together with GSAM, the “Investment Advisers”).

The Management Agreements were most recently approved for continuation until June 30, 2013 by the Board of Trustees, including those Trustees who are not parties to the Management Agreements or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 13, 2012 (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 the Management Agreements were last approved. At those Committee meetings, regularly scheduled Board meetings and/or the Annual Meeting, the Board, or the Independent Trustees, as applicable, considered matters relating to the Management Agreements, including:

(a)

the nature and quality of the advisory, administrative and other services provided to the Funds by the Investment Advisers and their affiliates, including information about:

(i)

the structure, staff and capabilities of the Investment Advisers and their portfolio management teams;

(ii)

the groups within the Investment Advisers and their affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services and operations), controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance and strategy and central funding), sales and distribution support groups and others (e.g., information technology and training);

(iii)

trends in headcount;

(iv)

the Investment Advisers’ financial resources and ability to hire and retain talented personnel and strengthen their operations; and

(v)

the parent company’s support of the Investment Advisers and their mutual fund business, as expressed by the firm’s senior management;

(b)

information on the investment performance of the Funds, including comparisons to the performance of similar mutual funds, as provided by a third party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), benchmark performance indices, and comparable institutional composites managed by the Investment Advisers (in the case of the Core Fixed Income, Core Plus Fixed Income and Global Income Funds), and general investment outlooks in the markets in which the Funds invest;

(c)

the terms of the Management Agreements and agreements with affiliated service providers entered into by the Trust on behalf of the Funds;

131

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (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 (with the exception of the Strategic Income Fund, which commenced operations in 2010); and

(iii)

to the extent the Investment Advisers manage institutional accounts or collective investment vehicles having investment objectives and policies similar to those of the Funds, comparative information on the advisory fees charged and services provided to those accounts by the Investment Advisers;

(e)

with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Funds;

(f)

the undertakings of the Investment Advisers to limit certain expenses of the Funds that exceed specified levels, and a summary of contractual fee reductions made by the Investment Advisers and their affiliates over the past several years with respect to the Funds;

(g)

information relating to the profitability of the Management Agreements and the transfer agency and distribution and service arrangements of each of the Funds and the Trust as a whole to the Investment Advisers and their affiliates;

(h)

whether each Fund’s existing management fee schedule adequately addressed any economies of scale;

(i)

a summary of the “fall-out” benefits derived by the Investment Advisers and their affiliates from their relationships with the Funds, including the fees received by the Investment Advisers’ affiliates from the Funds for transfer agency, portfolio trading, distribution and other services;

(j)

a summary of potential benefits derived by the Funds as a result of their relationship with the Investment Advisers;

(k)

information regarding portfolio trading and how the Investment Advisers carry out their duty to seek best execution;

(l)

portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(m)

the nature and quality of the services provided to the Funds by their unaffiliated service providers, and the Investment Advisers’ general oversight and evaluation (including reports on due diligence) of those service providers as part of the administration services provided under the Management Agreements; and

(n)

the Investment Advisers’ processes and policies addressing various types of potential conflicts of interest; their approach to risk management; the annual review of the effectiveness of the Funds’ compliance program; and compliance reports.

The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity and the payment of Rule 12b-1 distribution and service fees by the Funds and the payment of non-Rule 12b-1 shareholder service and/or administration fees by the Core Fixed Income, Core Plus Fixed Income and Global Income Funds’ Service Shares. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Advisers and their affiliates to intermediaries that promote the sale, distribution and/or servicing of Fund shares.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual fund portfolios for which the Board of Trustees has responsibility. In evaluating the Management Agreements at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Advisers, their affiliates, their services and the Funds. In conjunction with these meetings, the Trustees

132

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

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. In addition, the Investment Advisers and their affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Advisers or their affiliates present. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

Nature, Extent and Quality of the Services Provided Under the Management Agreements

As part of their review, the Trustees considered the nature, extent and quality of the services provided by the Investment Advisers. In this regard, the Trustees considered both the investment advisory services, and the other, non-advisory services, that are provided to the Funds by the Investment Advisers and their affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Advisers’ portfolio management teams that had occurred in recent periods, and the potential benefit to the Funds of the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Advisers. The Independent Trustees concluded that the Investment Advisers continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Advisers would continue to do so in the future. The Trustees also observed that the Investment Advisers had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Advisers.

Investment Performance

The Trustees also considered the investment performance of the Funds and the Investment Advisers. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings (rankings only for the Strategic Income Fund) compiled by the Outside Data Provider as of December 31, 2011, and updated performance information prepared by the Investment Advisers using the peer groups identified by the Outside Data Provider as of March 31, 2012. The information on each Fund’s investment performance was provided for the one-, three-, five- and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed the investment performance of each Fund (except for the Strategic Income Fund, which had only a full calendar year of 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 (except for the Strategic Income Fund) 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 also received information comparing the Core Fixed Income, Core Plus Fixed Income and Global Income Funds’ performance to that of comparable institutional composites managed by the Investment Advisers.

In addition, the Trustees considered materials prepared and presentations made by the Investment Advisers’ senior management and portfolio management personnel, in which Fund performance was assessed. The Trustees also considered the Investment Advisers’ periodic reports with respect to the Funds’ risk profiles, and how the Investment Advisers’ approach to risk monitoring and management influences portfolio management.

133

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

The Independent Trustees observed that the Core Fixed Income Fund placed in the top half of its peer group for the one- and three-year periods and in the bottom half of its peer group for the five- and ten-year periods ended March 31, 2012. They noted that the Fund outperformed its benchmark index for the three-year period and underperformed its benchmark index for the one-, five-, and ten-year periods ended March 31, 2012. The Independent Trustees observed that the Core Plus Fixed Income Fund placed in the top half of its peer group during the one- and three-year periods and in the third quartile of its peer group during the five-year period, and outperformed its benchmark index during the three-year period and underperformed its benchmark index during the one- and five-year periods ended March 31, 2012. The Independent Trustees noted that the Global Income Fund had placed in the top quartile of its peer group during the one-year period and in the bottom half of its peer group during the three-, five-, and ten-year periods ended March 31, 2012. They further observed that the Fund outperformed its benchmark index during the three-year period and underperformed its benchmark index during the one-, five-, and ten-year periods ended March 31, 2012. The Independent Trustees observed that the Strategic Income Fund had placed in the top half of its peer group and outperformed its benchmark index for the one-year period ended March 31, 2012. The Independent Trustees noted that the Global Income Fund had certain significant differences from its peer group (World Bond) and the Strategic Income Fund had certain significant differences from its benchmark index (3-Month LIBOR) that caused the peer group or benchmark index (as applicable) to be an imperfect basis for performance comparison. They noted the addition of certain key hires to the Fixed Income Team in 2011, and that the Fixed Income Team had adjusted its investment process and scenario analysis in 2011 in an effort to provide stronger investment performance.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual fee rates payable by each Fund under the Management Agreements. In this regard, the Trustees considered information on the services rendered by the Investment Advisers to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of the Funds’ management fees and breakpoints to those of relevant peer groups and category universes; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and a five-year history (one-year, in the case of the Strategic Income Fund) comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s transfer agency, custody and distribution fees, other expenses and fee waivers/reimbursements to those of other funds in the peer group and the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Advisers’ undertakings to limit certain expenses of the Funds that exceed specified levels. They also considered, to the extent that the Investment Advisers manage institutional accounts or collective investment vehicles having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Advisers to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to institutional accounts, which generally operated under less stringent legal and regulatory structures, required fewer services from the Investment Advisers to a smaller number of client contact points, were less time-intensive and paid lower fees. By contrast, the Trustees noted that the Investment Advisers provide substantial administrative services to the Funds under the terms of the Management Agreements.

134

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

In addition, the Trustees noted that shareholders are able to redeem their Fund shares at any time if they believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Profitability

The Trustees reviewed the Investment Advisers’ revenues and pre-tax profit margins with respect to the Trust and each of the Funds. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service) and the Investment Advisers’ expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Advisers for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also reviewed the report of the internal audit group within the Goldman Sachs organization, which included an assessment of the reasonableness and consistency of the Investment Advisers’ expense allocation methodology and an evaluation of the accuracy of the Investment Advisers’ profitability analysis calculations. Profitability data for the Trust and each Fund were provided for 2011 and 2010, and the Trustees considered this information in relation to the Investment Advisers’ overall profitability. The Trustees considered the Investment Advisers’ revenues and pre-tax profit margins both in absolute terms and in comparison to information on the reported pre-tax profit margins earned by certain other asset management firms.

Economies of Scale

The Trustees considered the information that had been provided regarding the Investment Advisers’ profitability. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreements for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:


Average Daily Net Assets	Core Fixed Income Fund			Core Plus Fixed Income Fund			Global Income Fund			Strategic Income Fund
First $1 billion		0.40	%		0.45	%		0.65	%		0.60	%
Next $1 billion		0.36			0.41			0.59			0.54
Next $3 billion		0.34			0.39			0.56			0.51
Next $3 billion		0.33			0.38			0.55			0.50
Over $8 billion		0.32			0.37			0.54			0.49

The Trustees noted that the breakpoints were meant to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Advisers relating to the costs of the services provided by the Investment Advisers and their affiliates and their realized profits; information comparing fee rates charged by the Investment Advisers with fee rates charged to other funds in the peer groups; and the Investment Advisers’ undertakings to limit certain expenses of the Funds that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that GSAM had passed along savings to shareholders of the Core Fixed Income and Strategic Income Funds, which had asset levels above at least the first breakpoint during the prior fiscal year.

135

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

Other Benefits to the Investment Advisers and Their Affiliates

The Trustees also considered the other benefits derived by the Investment Advisers and their affiliates from their relationship with the Funds as stated above, including: (a) transfer agency fees received by Goldman, Sachs & Co. (“Goldman Sachs”); (b) futures commissions earned by Goldman Sachs for executing futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Advisers; (d) the Investment Advisers’ ability to leverage the infrastructure designed to service the Funds on behalf of their other clients; (e) the Investment Advisers’ ability to cross-market other products and services to Fund shareholders; (f) Goldman Sachs’ retention of certain fees as Fund Distributor; (g) the Investment Advisers’ ability to negotiate better pricing with custodians on behalf of their other clients, as a result of the relationship with the Funds; and (h) the possibility that the working relationship between the Investment Advisers and the Funds’ third party service providers may cause those service providers to be open to doing business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain potential benefits as a result of their relationship with the Investment Advisers, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Advisers; (b) improved servicing and pricing from vendors because of the volume of business generated by the Investment Advisers and their affiliates; (c) improved servicing from broker-dealers because of the volume of business generated by the Investment Advisers and their affiliates; (d) the Investment Advisers’ ability to negotiate favorable terms with derivatives counterparties as a result of the size and reputation of the Goldman Sachs organization; (e) the Investment Advisers’ knowledge and experience gained from managing other accounts and products; (f) the Investment Advisers’ ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Advisers, to certain firmwide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Funds’ access to certain affiliated distribution channels. The Trustees noted the competitive nature of the mutual fund marketplace, and noted further that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Advisers and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreements, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by its respective Investment Adviser, the Investment Advisers’ costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Advisers’ continued management likely would benefit each applicable Fund and its shareholders and that the Management Agreements should be approved and continued with respect to each applicable Fund until June 30, 2013.

136

FUNDS PROFILE

Goldman Sachs Funds

LOGO

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 approximately $735.5 billion in assets under management as of September 30, 2012, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. GSAM’s assets under management includes assets managed by Goldman Sachs Asset Management, LP and its Investment Advisory Affiliates.

OVERVIEW OF GOLDMAN SACHS FUNDS

LOGO

Money Market¹

Financial Square Funds^SM

Financial Square Tax-Exempt Funds

Financial Square Federal Fund

Financial Square Government Fund

Financial Square Money Market Fund

Financial Square Prime Obligations Fund

Financial Square Treasury Instruments Fund

Financial Square Treasury Obligations Fund

Fixed Income

Short Duration and Government

Enhanced Income Fund

High Quality Floating Rate Fund²

Short Duration Government Fund

Short Duration Income Fund

Government Income Fund

Inflation Protected Securities Fund

Multi-Sector

Core Fixed Income Fund

Core Plus Fixed Income Fund

Global Income Fund

Strategic Income Fund

Municipal and Tax-Free

High Yield Municipal Fund

Municipal Income Fund

Short Duration Tax-Free Fund

Single Sector

Investment Grade Credit Fund

U.S. Mortgages Fund

High Yield Fund

High Yield Floating Rate Fund

Emerging Markets Debt Fund

Local Emerging Markets Debt Fund

Corporate Credit

Credit Strategies Fund

Fundamental Equity

Growth and Income Fund

Small Cap Value Fund

Mid Cap Value Fund

Large Cap Value Fund

Capital Growth Fund

Strategic Growth Fund

Focused Growth Fund

Small/Mid Cap Growth Fund

Flexible Cap Growth Fund

Concentrated Growth Fund

Technology Tollkeeper Fund

Growth Opportunities Fund

Rising Dividend Growth Fund

U.S. Equity Fund

Income Builder Fund³

Structured Equity

Structured Small Cap Equity Fund

Structured U.S. Equity Fund

Structured Small Cap Growth Fund

Structured Large Cap Growth Fund

Structured Large Cap Value Fund

Structured Small Cap Value Fund

Structured Tax-Managed Equity Fund

Structured International Tax-Managed Equity Fund

U.S. Equity Dividend and Premium Fund

International Equity Dividend and Premium Fund

Structured International Small Cap Fund

Structured International Equity Fund

Structured Emerging Markets Equity Fund

Fundamental Equity International⁴

Strategic International Equity Fund

Concentrated International Equity Fund

International Small Cap Fund

Asia Equity Fund

Emerging Markets Equity Fund

BRIC Fund (Brazil, Russia, India, China)

N-11 Equity Fund

Brazil Equity Fund

China Equity Fund

Korea Equity Fund

India Equity Fund

Select Satellite⁵

Real Estate Securities Fund

International Real Estate Securities Fund

Commodity Strategy Fund

Dynamic Allocation Fund

Absolute Return Tracker Fund

Managed Futures Strategy Fund

Retirement Portfolio Completion Fund

Total Portfolio Solutions⁵

Balanced Strategy Portfolio

Growth and Income Strategy Portfolio

Growth Strategy Portfolio

Equity Growth Strategy Portfolio

Income Strategies Portfolio

Satellite Strategies Portfolio

Retirement Strategies Portfolios⁶

Enhanced Dividend Global Equity Portfolio

Tax Advantaged Global Equity Portfolio

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.

Effective at the close of business on July 27, 2012, the Goldman Sachs Ultra-Short Duration Government Fund was renamed the Goldman Sachs High Quality Floating Rate Fund.

Effective at the close of business on June 29, 2012, the Goldman Sachs Balanced Fund was renamed the Goldman Sachs Income Builder Fund.

⁴

Since October 18, 2012, shares of the Goldman Sachs Brazil Equity, India Equity and Korea Equity Funds (each, a “Fund,” and collectively, the “Funds”) have not been available for purchase by investors. Each Fund will be liquidated pursuant to a Board-approved Plan of Liquidation on or about November 30, 2012 (the “Liquidation Date”). At any time prior to the Liquidation Date, shareholders may redeem their shares of the Funds and receive the net asset value thereof in cash or in kind, as provided in the Prospectus.

⁵

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.

⁶

Since July 28, 2012, shares of each of the Goldman Sachs Retirement Strategy Portfolios (the “Portfolios”) have not been available for purchase except to participants within certain Retirement Plans (as defined in the Prospectus). As of the close of business on December 6, 2012, shares of the Portfolios will no longer be available for purchase by any investors.

Financial Square Funds^SM is a registered service mark of Goldman, Sachs & Co.

TRUSTEES

Ashok N. Bakhru, Chairman

Donald C. Burke

John P. Coblentz, Jr.

Diana M. Daniels

Joseph P. LoRusso

James A. McNamara

Jessica Palmer

Alan A. Shuch

Richard P. Strubel

GOLDMAN, SACHS & CO.

Distributor and Transfer Agent

OFFICERS

James A. McNamara, President

George F. Travers, Principal Financial Officer

Caroline Kraus, Secretary

Scott M. McHugh, Treasurer

GOLDMAN SACHS ASSET MANAGEMENT, L.P.

Investment Adviser

GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL

Investment Adviser

Christchurch Court, 10-15 Newgate Street

London, England EC1 A7H0

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

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s web site at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. 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 be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.

Holdings and allocations shown are as of September 30, 2012 and may not be representative of future investments. 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.

SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Report to Stockholders filed under Item 1.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

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

(b)

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

ITEM 12.

EXHIBITS.


(a)(1)	The information required by this Item is only required in connection with 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 filed herewith.

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

SIGNATURES

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


				Goldman Sachs Trust

By:				/s/ James A. McNamara
				James A. McNamara
				President/Principal Executive Officer
				Goldman Sachs Trust

Date:				November 19, 2012

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


By:				/s/ James A. McNamara
				James A. McNamara
				President/Principal Executive Officer
				Goldman Sachs Trust

Date:				November 19, 2012

By:				/s/ George F. Travers
				George F. Travers
				Principal Financial Officer
				Goldman Sachs Trust

Date:				November 16, 2012

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