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)


Caroline Kraus, Esq.		Copies to:
Goldman, Sachs & Co.		Geoffrey R.T. Kenyon, Esq.
200 West Street		Dechert LLP
New York, New York 10282		100 Oliver Street
		40th Floor
		Boston, MA 02110-2605

(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, 2013

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, 2013

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

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Goldman Sachs Multi Sector Fixed Income Funds

CORE FIXED INCOME

CORE PLUS FIXED INCOME

GLOBAL INCOME

STRATEGIC INCOME

WORLD BOND


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			32

Financial Statements			116

Financial Highlights			124

Notes to the Financial Statements			134

Other Information			164



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 Goldman Sachs 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. 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). Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are 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 Goldman Sachs 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. 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 investments involve greater price volatility and present greater risks than higher rated fixed income securities. Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are 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 Goldman Sachs 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. Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are 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. 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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

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 Goldman Sachs 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. Investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. 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 investments involve greater price volatility, are less liquid and present greater risks than higher rated fixed income securities. Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are 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 illiquid 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.

The Goldman Sachs World Bond Fund invests primarily in a portfolio of debt instruments, including bonds, derivatives and other instruments with similar economic exposures. Investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. High yield, lower rated investments involve greater price volatility and present greater risks than higher rated fixed income securities. 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. 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. 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. 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. 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.

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

Expectations that the U.S. Federal Reserve (the “Fed”) might taper its asset purchases via its quantitative easing program primarily drove global fixed income market performance during the six months ended September 30, 2013 (the “Reporting Period”).

When the Reporting Period began in April 2013, spread, or non-government bond, sectors were performing well, as investors sought higher yielding assets in the artificially low interest rate environment created by accommodative monetary policies of central banks around the world. The Fed, for example, maintained its quantitative easing program, through which it purchased approximately $85 billion of U.S. Treasury and mortgage-backed securities every month. In early May 2013, the European Central Bank (“ECB”) cut its main policy interest rate by 25 basis points to a record low 0.50%, citing weak Eurozone economic growth and slowing inflation. (A basis point is 1/100th of a percentage point.)

Meanwhile, U.S. economic data strengthened in late April and through May 2013, led by robust housing data and an improved employment picture. The strengthening trend prompted the Fed in mid-May 2013 to signal a possible reduction, or tapering, of its asset purchases later in 2013. In response to Fed Chair Bernanke’s testimony, government bond yields rose substantially, while spread sectors grew more volatile, reflecting widespread uncertainty over how markets might function should the Fed indeed withdraw support.

In June 2013, bond investors focused on the U.S. economy and stronger than expected payrolls data, which reinforced expectations the Fed would start tapering its quantitative easing purchases during 2013. Government bond yields continued to rise, as the June Fed meeting and press conference were more hawkish than expected. Spread sectors remained volatile. Meanwhile, European economic data improved, with modest increases in the Eurozone Purchasing Managers indices (“PMI”) and accelerating expansion in the U.K. Japan’s economy continued to respond positively to the policies of its government and central bank. In contrast, China’s economic data raised concerns about the duration and extent of that nation’s slowdown.

During July 2013, the Fed’s tilt toward a reduction in asset purchases continued to drive volatility in the global fixed income markets broadly. Debate over the successor to Fed Chair Bernanke introduced new concerns about future Fed policy. Government bond yields rose during July and continued to climb in August 2013 on speculation that Lawrence Summers, not Fed Vice Chair Janet Yellen, might be the frontrunner. It was widely believed the Fed would become more hawkish under Summers. In the Eurozone, economic data suggested the region had pulled itself out of an extended recessionary period, with manufacturing activity pointing to an expansion for the first time in two years. Elsewhere, China showed signs of modest growth in its industrial and export sectors, suggesting to many that Chinese policymakers would likely be successful in engineering a soft landing for China’s economic slowdown. Meanwhile, in Japan, Prime Minister Abe’s Liberal Democratic Party won an expected but resounding victory in its upper house parliamentary election, allowing the Prime Minister to proceed with the structural reforms outlined in his economic policy.

In mid-September 2013, the Fed surprised the financial markets by announcing it would delay tapering of its quantitative easing program asset purchases, citing concerns about the strength of the U.S. economic recovery and the pressures of fiscal tightening, including tax increases that took effect at the beginning of 2013 and federal spending cuts known as sequestration. Volatility in the spread sectors subsided on the unexpected decision and on the implication the Fed’s commitment to an accommodative monetary policy would persist. Also in September

MARKET REVIEW

2013, Lawrence Summers withdrew himself from consideration as the next Fed Chair. (In October 2013, after the end of the Reporting Period, President Obama nominated Janet Yellen for the post.) However, such reduced volatility in the fixed income markets was short lived. Toward the end of the month, U.S. lawmakers did not reach agreement on a bill to keep the federal government funded after September 30, 2013, which led to the first U.S. government shutdown in 17 years. In the Eurozone, German Chancellor Angela Merkel secured a third term, though her Christian Democratic Union fell just short of an absolute majority, and she had to seek a coalition partner. The Italian government under Prime Minister Enrico Letta received a vote of confidence as former Prime Minister Silvio Berlusconi backed down on a threat to destabilize the ruling coalition in Italy due to a lack of support from his Freedom People party. More broadly, global PMI improved in September 2013, with Asia, Europe and the U.S. all demonstrating month-over-month expansion in manufacturing activity, suggesting to many that the worldwide economic recovery was ongoing.

For the Reporting Period overall, high yield corporate bonds posted the strongest performance within the fixed income market. Mortgage-backed securities, investment grade corporate bonds and commercial mortgage-backed securities also outperformed U.S. Treasury securities during the Reporting Period, but more modestly so. Sovereign emerging market debt was weakest within the fixed income market, as the combination of anticipation of the Fed tapering its quantitative easing program, U.S. economic growth outpacing emerging markets economic growth, and worries over an economic slowdown in China drove a sell-off in the sector during the Reporting Period. Agency securities and asset-backed securities also trailed U.S. Treasury returns, albeit more modestly. Meanwhile, U.S. Treasury yields rose during the Reporting Period across the yield curve, or spectrum of maturities. The yield on the bellwether 10-year U.S. Treasury rose approximately 75 basis points to 2.61%. Overall, the U.S. Treasury yield curve steepened during the Reporting Period, with rates on longer-term maturities increasing more than those on shorter-term maturities.

Looking Ahead

At the end of the Reporting Period, the U.S., in our view, was making good progress on the path to sustainable economic growth, and other major economies seemed to be joining the upswing. Leading economic indicators showed broad-based improvement in economic activity, especially in Europe. Going forward, we believe the combination of improving economic growth and ongoing monetary policy accommodation should be positive for spread sector performance. Further, credit fundamentals remained solid at the end of the Reporting Period, including a low number of defaults and strong balance sheets in the corporate sector. Though leverage has increased and merger and acquisition activity has risen, corporate behavior remains moderate, in our view, compared to that seen in the years before the financial crisis. On the other hand, strengthening economic growth, we believe, may well maintain upward pressure on core government yields, particularly in the U.S. (Remember, there is usually an inverse relationship between bond prices and yield movements, so that bond prices fall when yields rise and vice versa.)

The durability of economic growth outside the U.S. is still unclear. Whereas in the U.S., private sector strength has been offsetting temporary headwinds, such as weak capital expenditure and fiscal tightening, the same quality of growth is not yet evident elsewhere. Improvement in the economies of Eurozone peripheral nations has been coming from a low level, and demand remains weak across the region overall. In Japan, the initial benefits from the yen’s steep decline — the result of government and central bank policy — appeared to be

MARKET REVIEW

subsiding at the end of the Reporting Period, and the prospects for effective corporate reform remained in doubt. China’s economic rebound, in our opinion, has been mainly due to renewed investment, demonstrating policymakers’ determination to hit their 7% to 7.5% economic growth target. However, we are concerned about rising inventories and the softening of policies meant to restrain credit growth in China, which could increase the risk of crisis over the longer term, with possible spillover to the emerging markets broadly. That said, we think the emerging markets are better positioned than in the past to weather shocks, with greater economic growth, lower debt and tighter fiscal policy than many developed countries. At the same time, we expect emerging market debt returns to become more varied in the months ahead according to the strengths and weaknesses of individual economies. Such weaknesses include current account deficits, high foreign liabilities and excessive credit growth.

At the end of the Reporting Period, global liquidity remained quite strong, in our view. Eurozone and U.K. central banks were officially biased to keep interest rates low, and we think the ECB may offer more special loans going forward. The Bank of Japan could ramp up quantitative easing to offset tax hikes next year, and the Fed continues to buy $85 billion of securities per month. While the Fed’s actions and statements suggest the normalization process of monetary policy will likely be gradual, we consider that process to be underway and expect a reduction in its asset purchases by early 2014.

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, 2013 (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 -1.99%, -2.34%, -2.34%, -1.72%, -2.06%, -1.87% and -2.02%, respectively. These returns compare to the -1.77% 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?

Bottom-up individual issue selection within the U.S. government/agency and municipal bond sectors detracted from the Fund’s performance during the Reporting Period. The security selection strategies in these sectors were partially offset by selection within the collateralized, corporate bond and emerging market debt sectors, which added value.

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, albeit more modestly, 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.

Which fixed income market sectors most significantly affected Fund performance?

Selections of U.S. securities within the government/ agency sector detracted from the Fund’s relative results. So, too, did selection of municipal securities, especially in September 2013.

Individual issue selection within the collateralized, corporate bond and emerging market debt sectors added value. Within the collateralized sector, selection of agency mortgage-backed security pass-throughs and collateralized mortgage obligations helped most. (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.) Within the corporate bond sector, choices amongst investment grade financial and industrial securities proved particularly effective. Within the emerging market debt sector, selections of external Brazilian debt contributed most positively to the Fund’s performance.

An overweighted allocation to corporate bonds, implemented via our cross-sector strategy, contributed positively to the Fund’s performance during the Reporting Period, despite an increase in volatility following comments by the Federal Reserve (the “Fed”) regarding the potential for tapering its asset purchases.

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. Early in the second calendar quarter, a short duration position in the U.S. relative to the Barclays Index detracted, as interest rates declined on mixed economic data. Later in the Reporting Period, the Fund’s short U.S. duration position compared to that of the Barclays Index contributed positively to results, as U.S. Treasury yields began a rising trend after the fixed income market reacted to the Fed’s mid-May 2013 comments that it could begin tapering asset purchases earlier than the market had

PORTFOLIO RESULTS

anticipated. The Fund’s long European duration position detracted in June 2013, but the same positioning contributed positively to performance in September 2013 when interest rates moved lower.

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”) spot and forward foreign exchange contracts as well as by purchasing 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. The Fund also used forward sales contracts to help manage duration. 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 adjusted the Fund’s duration positioning as market conditions shifted. We maintained the Fund’s short U.S. duration stance relative to that of the Barclays Index for most of the Reporting Period in the face of expected Fed tapering. However, we did move to a more neutral U.S. duration position toward the end of the Reporting Period as a result of the withdrawal of Lawrence Summers’ candidacy for Fed chair and in anticipation of the September 2013 Fed meeting.

From a sector perspective, the Fund began the Reporting Period with an overweight position in corporate bonds, but we trimmed the position to an underweight relative to the Barclays Index during the summer months, as volatility increased and due to the weak seasonal period. We maintained a bias toward lower quality investment grade corporate bonds during these months. After the Fed announced in mid-September that it would keep pace with its asset purchase program, surprising the market that it would not yet begin to taper, we re-established the Fund’s overweight exposure to corporate bonds.

Amongst agency mortgage-backed securities, the Fund maintained a modest overweight exposure to agency multi-family securities, while shifting between an underweight and neutral position relative to the Barclays Index in agency mortgage-backed security pass-throughs.

How was the Fund positioned relative to its benchmark index at the end of September 2013?

At the end of September 2013, the Fund had overweighted allocations relative to the Barclays Index on a market-value weighted basis in asset-backed securities and investment grade corporate bonds, with an emphasis in the latter on the financials industry. The Fund also had modest exposure to municipal bonds, which is a sector not represented in the Barclays Index. The Fund had underweighted exposure relative to the Barclays Index in U.S. government securities and commercial mortgage-backed securities. The Fund had a rather neutral position compared to the Barclays Index in residential mortgage-backed securities overall. However, within the residential mortgage-backed securities sector, the fund had an overweighted allocation to agency collateralized mortgage obligations and non-U.S. mortgage-backed securities and an underweighted exposure to mortgage-backed security pass-throughs. The Fund also had a rather neutral position compared to the Barclays Index in quasi-government bonds, emerging market debt and covered bonds at the end of the Reporting Period. (Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.) The Fund had a neutral overall duration compared to the Barclays Index at the end of the Reporting Period.

FUND BASICS

Core Fixed Income Fund

as of September 30, 2013

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PERFORMANCE REVIEW


April 1, 2013– September 30, 2013	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		-1.99	%		-1.77	%		1.82	%		1.82	%
Class B		-2.34			-1.77			1.16			1.16
Class C		-2.34			-1.77			1.16			1.16
Institutional		-1.72			-1.77			2.23			2.23
Service		-2.06			-1.77			1.74			1.74
Class IR		-1.87			-1.77			2.14			2.14
Class R		-2.02			-1.77			1.65			1.65

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 method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. 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 adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standard Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

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.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. 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 9/30/13	One Year			Five Years	Ten Years	Since Inception	Inception Date
Class A		-5.19	%	5.13%	3.48%	4.94%	5/1/97
Class B		-7.06		4.80	3.25	4.80	5/1/97
Class C		-3.15		5.19	3.12	4.26	8/15/97
Institutional		-1.01		6.31	4.25	5.65	1/5/94
Service		-1.59		5.78	3.74	5.10	3/13/96
Class IR		-1.20		6.20	N/A	3.90	11/30/07
Class R		-1.60		5.72	N/A	3.43	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

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, 2013 (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 -1.36%, -1.83%, -1.83%, -1.19%, -1.44%, -1.24% and -1.58%, respectively. These returns compare to the -1.77% 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 collateralized and corporate bond sectors also added value during the Reporting Period. The security selection strategies in these sectors more than offset selection within the emerging market debt and U.S. government/agency sectors, which detracted.

Which fixed income market sectors most significantly affected Fund performance?

Positioning in non-agency mortgage-backed securities, implemented via our cross-sector strategy, contributed positively to the Fund’s performance during the Reporting Period, as continued improvement in the housing market provided support for the sector. April 2013, in particular, proved to be a strong month for non-agency mortgage-backed securities, as a strong technical, or supply/demand, environment carried over from the first calendar quarter. Exposure to corporate bonds also contributed positively to the Fund’s performance, despite an increase in volatility following comments by the Federal Reserve (the “Fed”) regarding the potential for tapering its asset purchases.

Individual issue selection within the collateralized and corporate bond sectors added value. Within the collateralized sector, selection of non-agency collateralized mortgage obligations helped most. Within the corporate bond sector, choices amongst investment grade industrial securities, with a lower quality bias, proved particularly effective.

On the other hand, choices made within the emerging market debt sector detracted from the Fund’s relative results, as the combination of Fed tapering, U.S. economic growth outpacing economic growth in emerging markets, and China worries created headwinds for the sector throughout the third calendar quarter. Selection of government/agency securities also detracted from the Fund’s performance during the Reporting Period.

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

PORTFOLIO RESULTS

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?

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

During the Reporting Period, as mentioned earlier, we adjusted the Fund’s duration positioning as market conditions shifted. We maintained the Fund’s short U.S. duration stance relative to that of the Barclays Index for most of the Reporting Period in the face of expected Fed tapering. However, we did move to a more neutral U.S. duration position toward the end of the Reporting Period as a result of the withdrawal of Lawrence Summers’ candidacy for Fed chair and in anticipation of the September 2013 Fed meeting. We also tactically managed duration positioning in Japan, moving from a short duration stance early in the second calendar quarter to a modestly long duration stance later in the Reporting Period when aggressive policy stimulus was announced by the Bank of Japan. The Fund ended the Reporting Period with a neutral duration position in Japanese rates.

From a sector perspective, the Fund began the Reporting Period with an overweight position in corporate bonds, but we subsequently trimmed the position to a rather neutral allocation relative to the Barclays Index as unfavorable seasonal factors were expected during the summer months. We maintained a bias toward lower quality investment grade corporate bonds during these months. After the Fed announced in mid-September 2013 that it would keep pace with its asset purchase program, surprising the market that it would not yet begin to taper, we re-established the Fund’s overweight exposure to corporate bonds.

Amongst agency mortgage-backed securities, the Fund maintained an overweight exposure to agency multi-family securities, while shifting between an underweight and neutral position relative to the Barclays Index in agency mortgage-backed security 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.)

We maintained the Fund’s overweighted allocation to non-agency mortgage-backed securities throughout the Reporting Period given positive housing market fundamentals. Such positioning proved to be a positive contributor to the Fund’s results during the Reporting Period.

PORTFOLIO RESULTS

We reduced the Fund’s exposure to emerging market debt during the Reporting Period in light of the sell-off experienced in the sector through the beginning of the third calendar quarter.

How was the Fund positioned relative to its benchmark index at the end of September 2013?

At the end of September 2013, the Fund had overweighted allocations relative to the Barclays Index on a market-value weighted basis in asset-backed securities, high yield corporate bonds, emerging market debt, investment grade corporate bonds, residential mortgage-backed securities 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 municipal bonds, which is a sector not represented in the Barclays Index. The Fund had underweighted exposure relative to the Barclays Index in U.S. government securities, commercial mortgage-backed securities and quasi-government securities. The Fund had a neutral overall duration compared to the Barclays Index at the end of the Reporting Period.

FUND BASICS

Core Plus Fixed Income Fund

as of September 30, 2013

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PERFORMANCE REVIEW


April 1, 2013– September 30, 2013	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		-1.36	%		-1.77	%		2.40	%		2.10	%
Class B		-1.83			-1.77			1.75			1.45
Class C		-1.83			-1.77			1.76			1.45
Institutional		-1.19			-1.77			2.84			2.55
Service		-1.44			-1.77			2.33			2.02
Class IR		-1.24			-1.77			2.74			2.43
Class R		-1.58			-1.77			2.25			1.94

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 9/30/13	One Year			Five Years	Since Inception	Inception Date
Class A		-3.19	%	6.25%	4.62%	11/30/06
Class B		-5.16		5.89	4.89	6/20/07
Class C		-1.17		6.28	4.41	11/30/06
Institutional		1.01		7.45	5.57	11/30/06
Service		0.51		6.93	5.53	6/20/07
Class IR		0.82		7.27	5.34	11/30/07
Class R		0.33		6.78	4.86	11/30/07

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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	%		0.98	%
Class B		1.58			1.73
Class C		1.58			1.73
Institutional		0.49			0.64
Service		0.99			1.13
Class IR		0.58			0.73
Class R		1.08			1.24

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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 29, 2014, 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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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, 2013 (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 -0.92%, -1.30%, -1.31%, -0.75%, -1.02% and -0.80%, respectively. These returns compare to the -0.92% cumulative total return of the Fund’s benchmark, the Barclays Global Aggregate Bond Index (Gross, USD, hedged) (the “Barclays Index”), during the same time period.

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

Primary contributors to the Fund’s performance were our country, cross-sector and duration strategies. Within our country strategy, our five-year versus five-year relative value trading proved most effective. (The strategy looks at various countries, both developed and emerging market, for relative value opportunities.) Our long U.S. versus short Japan trade also proved to be beneficial, particularly in April 2013. Overall, the Fund’s positioning in the U.S. and Australia contributed positively to results, while positioning in Germany and Spain detracted. 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. Duration is a measure of the Fund’s sensitivity to changes in interest rates.

Our currency strategy detracted from the Fund’s results. An overweight position in the Mexican peso and tactical positioning in the euro hurt most.

Which fixed income market sectors most significantly affected Fund performance?

The Fund’s tactical overweights to corporate bonds and to non-agency mortgage-backed securities contributed positively to its performance as did our tactical positioning within the agency mortgage-backed securities sector. Bottom-up individual issue selection within the emerging market debt, government/agency and collateralized sectors also boosted the Fund’s relative results during the Reporting Period.

Conversely, overweighted allocations to asset-backed securities and emerging market debt detracted from the Fund’s results during the Reporting Period. Within the corporate bond sector, our regional positioning hurt performance modestly.

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 results during the Reporting Period. The Fund’s duration strategy is actively managed and constantly monitored in an effort to generate greater performance and reduced risk through volatile markets. We tactically adjusted the Fund’s duration position throughout the Reporting Period as market conditions shifted. Particularly benefiting the Fund’s results was our tactical short U.S. duration position relative to the Barclays Index maintained through most of the third calendar quarter, as U.S. yields rose through mid-September 2013 on expectations of a withdrawal of accommodative monetary policy by the U.S. Federal Reserve (the “Fed”). As it turns out, at its mid-September 2013 meeting, the Fed surprised markets by delaying the widely-anticipated reduction in asset

PORTFOLIO RESULTS

purchases, with Fed Chair Ben Bernanke citing persistent concerns about the strength of the U.S. economic recovery and the pressure of fiscal tightening.

The Fund’s short duration bias to the Japanese government bond yield curve also proved beneficial, particularly during the second quarter of 2013, when global government bond yields broadly increased.

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 than we would otherwise be able to implement.

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

As mentioned earlier, we tactically adjusted the Fund’s duration position throughout the Reporting Period as market conditions shifted. We increased the Fund’s weightings in commercial mortgage-backed securities, established a position in municipal bonds and reduced the Fund’s relative exposure to quasi-government securities, asset-backed securities, residential mortgage-backed securities and investment grade corporate bonds. We increased the Fund’s position in cash.

From a country perspective, we decreased the Fund’s exposure to Italy from an overweight position to an underweight position relative to the Barclays Index.

How was the Fund positioned relative to its benchmark index at the end of September 2013?

At the end of September 2013, the Fund had overweighted allocations relative to the Barclays Index in collateralized securities, including asset-backed securities and commercial mortgage-backed securities, as well as in emerging market debt and municipal bonds. The Fund had underweighted exposure relative to the Barclays Index in government securities and quasi-government securities and was rather neutral to the Barclays Index in corporate bonds, both investment grade and high yield, residential mortgage-backed securities and covered bonds. (Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.) The Fund also had a sizable position in cash at the end of the Reporting Period.

From a country perspective, the Fund was neutral relative to the benchmark in the Eurozone overall, but within the region, was underweight Spain, Italy and Ireland and overweight Germany, France and Slovenia at the end of the Reporting Period. The Fund was underweight relative to the Barclays Index in the U.K., Japan and the U.S. The Fund had a shorter duration than the Barclays Index at the end of the Reporting Period.

FUND BASICS

Global Income Fund

as of September 30, 2013

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PERFORMANCE REVIEW
April 1, 2013– September 30, 2013	Fund Total Return (based on NAV)¹			Barclays Global Aggregate Bond Index (Gross, USD, hedged)²			30-Day Standardized Subsidized Yield³			30-Day Standardized Unsubsidized Yield³
Class A		-0.92	%		-0.92	%		1.34	%		1.02	%
Class B		-1.30			-0.92			0.66			0.34
Class C		-1.31			-0.92			0.65			0.33
Institutional		-0.75			-0.92			1.72			1.40
Service		-1.02			-0.92			1.23			0.91
Class IR		-0.80			-0.92			1.64			1.31

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 (Gross, 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 9/30/13	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		-2.73	%		5.23	%		3.73	%		5.47	%	8/2/91
Class B		-4.71			4.83			3.50			4.90		5/1/96
Class C		-0.70			5.22			3.37			4.10		8/15/97
Institutional		1.40			6.38			4.52			5.93		8/1/95
Service		0.88			5.84			4.00			4.81		3/12/97
Class IR		1.24			N/A			N/A			3.52		7/30/10

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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		1.04	%		1.15	%
Class B		1.79			1.90
Class C		1.79			1.90
Institutional		0.69			0.81
Service		1.19			1.31
Class IR		0.79			0.90

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FUND BASICS


CURRENCY ALLOCATION⁶
	Percentage of Net Assets
	as of 9/30/13			as of 3/31/13
U.S. Dollar⁷		48.6	%		56.7	%
Euro		25.7			28.2
Japanese Yen		8.1			7.1
British Pound		3.6			2.7
Canadian Dollar		2.0			2.4
Swedish Krona		0.9			1.1
Mexican Peso		0.9			0.9
South Korean Won		0.7			0.8
Danish Krone		0.6			0.6
Australian Dollar		0.6			0.7
South African Rand		0.5			1.0
Czech Koruna		0.1			0.0
Russian Ruble		0.0			0.3

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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.

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These figures represent the value excluding short-term obligations. If short-term obligations had been included, the percentages for 9/30/13 and 3/31/13 would have been 51.3% and 56.7%, 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, 2013 (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 1.25%, 0.87%, 1.43%, 1.28% and 1.13%, respectively. These returns compare to the 0.14% 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.

We note that the Fund’s benchmark being the LIBOR Index is a means of emphasizing that the Fund has an unconstrained strategy. That said, this Fund employs a benchmark agnostic strategy and thus comparisons to a benchmark index are not particularly relevant.

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

Overall, the Fund’s performance was driven by a pro-global economic growth view, including a constructive view on the U.S. economy expressed via sizable positions in corporate bonds and mortgage-backed securities. Additionally, the ability to hedge duration risk around the possibility of rising U.S. interest rates modestly helped the Fund’s performance.

Within our top-down strategies, our cross-sector, country selection and duration strategies contributed 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. Within our country strategy, relative value trades of favoring Europe over the U.K. and favoring the U.S. versus Japan added value, as did our five-year versus five-year country valuation strategy. (The strategy looks at various countries, both developed and emerging market, for relative value opportunities.) Duration is a measure of the Fund’s sensitivity to changes in interest rates. Bottom-up individual issue selection within the mortgage-backed securities sector also added value during the Reporting Period.

Detracting from the Fund’s performance was our currency, emerging market debt and government/agency strategies. These strategies reflect any active views we take on these particular sectors.

Which fixed income market sectors most significantly affected Fund performance?

The Fund’s sizable exposures to corporate bonds and to non-agency mortgage-backed securities contributed positively to its performance. Additionally, our individual issue selection within the mortgage-backed securities sector boosted results.

Conversely, within our currency strategy, our long position in the Mexican peso weighed on results. Within emerging market debt, the Fund’s Brazilian yield curve positioning detracted from performance. Our forward positioning on the U.S. and U.K. yield curves within our government/agency strategy produced negative returns.

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, albeit modestly, to results during the Reporting Period. Early in the Reporting Period, the Fund was long the U.S. Treasury yield curve. We then moved to a short duration on the U.S. Treasury yield curve and maintained that stance from May through September 2013. Such positioning helped overall, as interest rates rose during the Reporting Period as a whole on speculation the Federal Reserve (the “Fed”) would taper its quantitative easing program at its mid-September 2013 meeting. U.S. economic data also continued to improve,

PORTFOLIO RESULTS

particularly in the housing sector, causing rates to increase in anticipation of further recovery. The 10-year U.S. Treasury yield ended the Reporting Period 75 basis points higher at 2.61% . (A basis point is 1/100th of a percentage point.)

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 and Japanese markets. Currency transactions were carried out using primarily over-the-counter (“OTC”) spot and forward foreign exchange contracts as well as by purchasing 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, we used written options contracts and 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. We used total return swaps to manage curve exposure across various strategies within the Fund. Our currency strategy used forward sales contracts to implement long and short views within the strategy.

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. During the Reporting Period, we generally reduced risk heading into a time of uncertainty that included surprises around Fed monetary policy and leadership, Syrian tensions and U.S. lawmakers’ failure to sign a continuing resolution in time to prevent a partial U.S. government shutdown.

We shifted the Fund’s duration positioning during the Reporting Period from a long U.S. duration position at the beginning of the Reporting Period to a short U.S. duration position in May 2013, which we maintained and even added to before ending the Reporting Period with a rather neutral U.S. duration stance, as the Fed delayed its tapering at its mid-September 2013 meeting and as Lawrence Summers surprisingly exited from the running for next Fed chair.

We reduced the Fund’s exposure to corporate bonds and mortgage-backed securities, although we maintained the Fund’s sizable positions. We increased the Fund’s exposure to emerging market debt, as sell-offs in the sector created value, in our view, especially over the longer-term horizon. We established a position in high quality, long-dated municipal bonds, as prior underperformance of the sector drove valuations to what we considered to be attractive levels.

How was the Fund positioned at the end of September 2013?

At the end of September 2013, the Fund had the majority of its total net assets invested in U.S. government securities, followed by agency and non-agency mortgage-backed securities and emerging market debt. The Fund also maintained exposure at the end of the Reporting Period to commercial mortgage-backed securities, municipal bonds, collateralized loan obligations, high yield corporate bonds, investment grade corporate bonds, quasi-government securities, corporate bank loans and covered bonds. (Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.)

The Fund’s largest duration position at the end of the Reporting Period was its long duration position in Europe. The Fund had a more modest long duration position in Canada. The Fund maintained short duration positions in the U.S., Japan and the U.K. The Fund had a short 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 Mexican peso, the Russian ruble and the Philippine peso. The Fund was short the Chinese renminbi, the Swiss franc, the Swedish krona and the Indonesian rupiah at the end of the Reporting Period.

FUND BASICS

Strategic Income Fund

as of September 30, 2013

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PERFORMANCE REVIEW
April 1, 2013– September 30, 2013	Fund Total Return (based on NAV)¹			BofA Merrill Lynch U.S. Dollar 3-Month LIBOR Constant Maturity Index²			30-Day Standardized Subsidized Yield³			30-Day Standardized Unsubsidized Yield³
Class A		1.25	%		0.14	%		1.83	%		1.83	%
Class C		0.87			0.14			1.14			1.14
Institutional		1.43			0.14			2.24			2.24
Class IR		1.28			0.14			2.15			2.15
Class R		1.13			0.14			1.65			1.65

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 BofA Merrill Lynch US Dollar 3-Month LIBOR Constant Maturity 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.

FUND BASICS


STANDARDIZED TOTAL RETURNS⁴
For the period ended 9/30/13	One Year			Since Inception	Inception Date
Class A		2.79	%	3.63%	6/30/10
Class C		4.99		4.07	6/30/10
Institutional		7.19		5.20	6/30/10
Class IR		6.99		5.08	6/30/10
Class R		6.59		4.58	6/30/10

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EXPENSE RATIOS⁵
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.99	%		0.99	%
Class C		1.74			1.74
Institutional		0.65			0.65
Class IR		0.74			0.74
Class R		1.23			1.23

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FUND BASICS


SECTOR ALLOCATIONS⁶
Percentage of Net Assets

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PORTFOLIO RESULTS

Goldman Sachs World Bond Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income Investment Management Team discusses the Goldman Sachs World Bond Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2013 (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 -1.87%, -2.27%, -1.80%, -1.79% and -2.11%, respectively. These returns compare to the -1.72% cumulative total return of the Fund’s benchmark, the Barclays Global Sovereign Fiscal Strength Index (Gross, USD, Unhedged) (the “Barclays Index”), during the same time period.

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

Within our top-down strategies, our currency strategy detracted from the Fund’s results. To a more modest degree, our cross-sector strategy also hampered returns. 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. Such detractors were partially offset by our country and duration strategies, which contributed most positively to the Fund’s performance during the Reporting Period. Duration is a measure of the Fund’s sensitivity to changes in interest rates.

Bottom-up individual issue selection in emerging market debt and government/agency securities added value. There were no significant detractors from an individual issue selection perspective during the Reporting Period.

Which fixed income market sectors most significantly affected Fund performance?

The Fund was invested primarily in fixed income instruments issued by U.S. and non-U.S. governments and in sovereign-related debt. Yields across local and external debt peaked during early September, as markets priced in the potential for Federal Reserve (“Fed”) tapering of its asset purchases via its quantitative easing program. Yields subsequently retraced these moves following the announcement in mid-September 2013 that such tapering would be delayed.

Our individual issue selection within the emerging market debt and government/agency sectors contributed positively to the Fund’s performance. Within the emerging market debt sector, exposure to Indonesian and South African rates added to returns. Within the government/agency sector, exposure to the two-year to six-year segment of the U.S. Treasury yield curve proved most beneficial. Yield curve indicates the spectrum of maturities within a particular sector.

Through most of the Reporting Period, the Fund had an underweighted exposure relative to the Barclays Index in government securities and an overweight relative to the Barclays Index in emerging market debt. The Fund’s positioning in government securities proved prudent, as tapering talk from the Fed prompted a rise in developed market government bond yields during the Reporting Period. The Fund’s positioning in emerging market debt detracted, as the combination of anticipation of Fed tapering its quantitative easing program, U.S. economic growth outpacing economic growth in emerging markets, and China worries created headwinds and drove a sell-off in the sector during the Reporting Period.

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

The Fund’s duration positioning contributed positively to results during the Reporting Period, most especially in August and September 2013. Overall, the Fund maintained a shorter duration than the Barclays Index during the Reporting Period, although the Fund’s duration strategy is actively managed and constantly monitored in an effort to generate greater performance and reduce risk through volatile

PORTFOLIO RESULTS

markets. We began the Reporting Period with the Fund having a longer duration than the Barclays Index. We then shifted to a comparatively shorter duration than the Barclays Index toward the end of June 2013 and maintained this stance through the remainder of the Reporting Period.

Within the strategy, the Fund’s short duration positioning in the U.S. and Japan relative to the Barclays Index contributed most. More specifically, the Fund’s short position at the 10-year segment of the U.S. Treasury yield curve and a short position at the seven-year segment of the Japanese government bond curve were the primary contributors, as yields rose during the Reporting Period.

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 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?

Given the Fund’s launch on November 30, 2012, it was not so much a matter of making changes during the Reporting Period but of continuing to build the portfolio in accordance with the Fund’s principal investment strategies.

That said, as mentioned earlier, we adjusted the Fund’s duration positioning as market conditions shifted during the Reporting Period. We reduced the Fund’s duration, decreasing interest rate exposure given prospects of the Fed tapering. We also implemented a five-year versus five-year relative value trading strategy within our country strategy using interest rate swaps. The strategy looks at ten developed countries, i.e. those of the G10, versus six emerging market countries for relative value opportunities. (The G10 are actually eleven industrialized nations that meet on an annual basis to consult each other and to debate and cooperate on international financial matters. The emerging market countries we look at via this strategy are Brazil, South Korea, Malaysia, Mexico, Poland and South Africa.)

How was the Fund positioned relative to its benchmark index at the end of September 2013?

At the end of September 2013, the Fund had an underweighted allocation relative to the Barclays Index in U.S. Treasuries. The Fund also had an underweighted exposure relative to the Barclays Index in emerging market debt. The Fund had a sizable position in cash at the end of the Reporting Period. The Fund had an underweight in foreign sovereign bonds in duration terms relative to the Barclays Index.

From a country perspective, the Fund was overweight relative to the Barclays Index in Germany and the U.S. at the end of September 2013. The Fund was underweight relative to the Barclays Index in Japan, Spain and the emerging markets overall. The Fund was neutral to the Barclays Index in Australia, Canada, Denmark, France, Ireland, Italy, Norway, Sweden and the U.K. at the end of the Reporting Period.

In terms of currencies, the Fund was underweight the U.S. dollar and the Swiss franc compared to the Barclays Index at the end of the Reporting Period and overweight relative to the Barclays Index in the euro. The Fund had a shorter duration than the Barclays Index at the end of the Reporting Period.

FUND BASICS

World Bond Fund

as of September 30, 2013

LOGO


PERFORMANCE REVIEW
April 1, 2013– September 30, 2013	Fund Total Return (based on NAV)¹			Barclays Global Sovereign Fiscal Strength Weighted Index (Gross, USD, Unhedged)²			30-Day Standardized Subsidized Yield³			30-Day Standardized Unsubsidized Yield³
Class A		-1.87	%		-1.72	%		1.22	%		-5.86	%
Class C		-2.27			-1.72			0.53			-6.80
Institutional		-1.80			-1.72			1.60			-5.77
Class IR		-1.79			-1.72			1.56			-5.81
Class R		-2.11			-1.72			0.99			-6.35

The net asset value (“NAV”) represents the net assets of the Fund (ex-dividend) divided by the total number of shares 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 Global Sovereign Fiscal Strength Weighted Index (Gross, USD, Unhedged) family is a new rules-based alternative weight benchmark offering that uses fundamental measures of fiscal sustainability to depart from market capitalization country weights in existing bond indices. It is not possible to invest directly in an unmanaged index.


STANDARDIZED TOTAL RETURNS⁴
For the period ended 9/30/13	Since Inception			Inception Date
Class A		-6.20	%	11/30/12
Class C		-4.11		11/30/12
Institutional		-2.36		11/30/12
Class IR		-2.38		11/30/12
Class R		-2.88		11/30/12

⁴

The Standardized Total Returns are cumulative total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions at NAV. These returns reflect a maximum initial sales charge of 3.75% for Class A Shares and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Because Institutional, Class IR and Class R Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

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.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

FUND BASICS


EXPENSE RATIOS⁵
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.04	%		4.14	%
Class C		1.78			5.46
Institutional		0.71			4.37
Class IR		0.86			4.53
Class R		1.31			4.96

⁵


CURRENCY ALLOCATION⁶
	Percentage of Net Assets
	as of 9/30/13			as of 3/31/13
Euro		30.3	%		19.1	%
U.S. Dollar⁷		18.0			37.0
Japanese Yen		5.6			5.4
British Pound		4.3			5.0
Russian Ruble		3.5			5.2
Colombian Peso		3.2			1.1
Turkish Lira		3.0			1.9
Mexican Peso		2.7			4.7
Australian Dollar		2.7			2.6
Polish Zloty		2.7			1.6
Other Currencies		11.8			12.8

⁶

⁷

These figures represent the value excluding short-term obligations. If short-term obligations had been included, the percentages for 9/30/13 and 3/31/13 would have been 27.4% and 37.8%, respectively.

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments

September 30, 2013 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	Corporate Obligations – 32.6%
	Automotive – 0.6%
	Delphi Corp.^(a)
$	775,000		5.000	%		02/15/23	$	803,094
	Ford Motor Credit Co. LLC
	3,575,000		3.984			06/15/16		3,775,799
	1,875,000		8.000			12/15/16		2,216,418

								6,795,311

	Banks – 8.5%
	Abbey National Treasury Services PLC
	1,750,000		2.875			04/25/14		1,770,752
GBP	1,600,000		2.113	^(b)		02/16/15		2,634,017
	ANZ Capital Trust II^(a)(c)
$	4,525,000		5.360			12/15/49		4,552,150
	Bank of America Corp.
	1,650,000		6.000			09/01/17		1,874,722
	3,225,000		5.750			12/01/17		3,645,367
	825,000		5.700			01/24/22		922,196
	Bank of Scotland PLC^(c)
	400,000		5.250			02/21/17		446,822
	Barclays Bank PLC^(c)
	2,725,000		6.050			12/04/17		3,026,914
	BB&T Corp.^(a)
	2,025,000		1.600			08/15/17		2,006,905
	Capital One Financial Corp.
	2,225,000		1.000			11/06/15		2,210,021
	Citigroup, Inc.
	4,650,000		5.000			09/15/14		4,826,587
	1,000,000		3.375			03/01/23		948,462
	Commonwealth Bank of Australia^(a)(b)(c)
	3,740,000		6.024			03/15/49		3,917,650
	Compass Bank
	1,950,000		5.500			04/01/20		1,973,618
	Credit Suisse AG^(c)
	1,475,000		6.500			08/08/23		1,516,151
	Discover Bank
	492,000		8.700			11/18/19		623,788
	Discover Financial Services
	1,583,000		3.850			11/21/22		1,502,185
	ING Bank NV^(c)
	4,500,000		2.000			09/25/15		4,561,245
	Intesa Sanpaolo SPA
	1,475,000		3.125			01/15/16		1,474,946
	2,275,000		3.875			01/16/18		2,238,239
	JPMorgan Chase & Co.
	1,625,000		3.250			09/23/22		1,531,694
	Northern Rock Asset Management PLC^(c)
	8,900,000		5.625			06/22/17		10,105,539
	Regions Bank
	1,575,000		7.500			05/15/18		1,854,458
	Regions Financial Corp.
	3,475,000		5.750			06/15/15		3,732,150
	Resona Preferred Global Securities Ltd.^(a)(b)(c)
	3,650,000		7.191			07/30/49		3,905,500
	Royal Bank of Scotland PLC
	2,825,000		2.550			09/18/15		2,880,727
	1,025,000		9.500	^(a)(b)		03/16/22		1,178,750


	Corporate Obligations – (continued)
	Banks – (continued)
	Santander Holdings USA, Inc.^(a)
$	1,400,000		3.000			09/24/15		1,437,116
	Sovereign Bank
	975,000		8.750			05/30/18		1,168,348
	Sparebank 1 Boligkreditt AS^(c)
	9,900,000		2.625			05/27/16		10,295,185
	600,000		1.750			11/15/19		571,980
	Standard Chartered PLC^(c)
	1,700,000		5.500			11/18/14		1,787,550
	2,550,000		3.950			01/11/23		2,398,655
	SunTrust Banks, Inc.^(a)
	2,450,000		3.600			04/15/16		2,584,216
	U.S. Bancorp
	3,750,000		3.442			02/01/16		3,914,091
	Union Bank NA
	4,800,000		2.125			06/16/17		4,805,907

								100,824,603

	Brokerage – 0.8%
	Merrill Lynch & Co., Inc.
	2,950,000		6.400			08/28/17		3,388,824
	Morgan Stanley, Inc.
	5,625,000		6.625			04/01/18		6,518,461

								9,907,285

	Chemicals – 0.6%
	Eastman Chemical Co.
	1,925,000		2.400			06/01/17		1,947,295
	Ecolab, Inc.
	4,650,000		1.450			12/08/17		4,564,307
	LYB International Finance BV
	1,050,000		4.000			07/15/23		1,036,712

								7,548,314

	Construction Machinery – 0.2%
	Caterpillar, Inc.
	2,275,000		3.803			08/15/42		1,947,576

	Consumer Products – 0.7%
	Avon Products, Inc.
	3,425,000		4.600			03/15/20		3,541,293
	Deere & Co.^(a)
	1,525,000		3.900			06/09/42		1,362,308
	Kimberly-Clark Corp.
	3,125,000		3.700			06/01/43		2,708,057

								7,611,658

	Distributor^(c) – 0.2%
	Ras Laffan Liquefied Natural Gas Co. Ltd. III
	1,700,000		5.500			09/30/14		1,763,750

	Electric – 1.0%
	Florida Power & Light Co.^(a)
	2,132,000		4.125			02/01/42		1,981,719
	Ipalco Enterprises, Inc.^(a)
	1,175,000		5.000			05/01/18		1,219,063
	NV Energy, Inc.
	2,075,000		6.250			11/15/20		2,396,625


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

	Corporate Obligations – (continued)
	Electric – (continued)
	PPL WEM Holdings PLC^(a)(c)
$	2,290,000		5.375	%		05/01/21	$	2,491,325
	Puget Sound Energy, Inc.^(a)(b)
	1,180,000		6.974			06/01/67		1,227,200
	Ruwais Power Co. PJSC^(c)
	740,000		6.000			08/31/36		764,050
	Southern California Edison Co.^(a)
	1,950,000		4.050			03/15/42		1,774,720

								11,854,702

	Energy – 2.8%
	Anadarko Petroleum Corp.
	1,330,000		6.375			09/15/17		1,548,020
	BG Energy Capital PLC^(a)(b)
	3,375,000		6.500			11/30/72		3,595,292
	CNOOC Curtis Funding No. 1 Pty Ltd.^(c)
	700,000		4.500			10/03/23		705,384
	Dolphin Energy Ltd.^(c)
	1,244,775		5.888			06/15/19		1,359,917
	1,760,000		5.500			12/15/21		1,927,799
	Ecopetrol SA
	490,000		5.875			09/18/23		511,885
	Gaz Capital SA for Gazprom^(d)
	2,690,000		9.250			04/23/19		3,295,250
	Nexen, Inc.
	1,479,000		6.400			05/15/37		1,606,128
	PTTEP Canada International Finance Ltd.^(c)
	1,990,000		5.692			04/05/21		2,121,837
	Rosneft Oil Co. via Rosneft International Finance Ltd.^(c)
	1,850,000		4.199			03/06/22		1,704,313
	Rowan Cos., Inc.^(a)
	3,400,000		4.875			06/01/22		3,472,193
	Shell International Finance BV
	1,775,000		4.550			08/12/43		1,743,354
	TNK-BP Finance SA
	1,570,000		7.875			03/13/18		1,815,313
	Transocean, Inc.
	3,620,000		6.500			11/15/20		4,024,617
	Transportadora de Gas Internacional SA^(a)
	1,020,000		5.700			03/20/22		1,028,638
	Weatherford International Ltd.
	1,921,000		9.625			03/01/19		2,424,727	��

								32,884,667

	Entertainment – 0.1%
	The Walt Disney Co.
	1,644,000		3.700			12/01/42		1,402,741

	Food & Beverage – 1.8%
	Anadolu Efes Biracilik Ve Malt Sanayii AS^(c)
	1,400,000		3.375			11/01/22		1,134,000
	Anheuser-Busch InBev Worldwide, Inc.
	3,100,000		1.375			07/15/17		3,091,444
	ConAgra Foods, Inc.
	3,475,000		1.900			01/25/18		3,426,607
	Diageo Capital PLC
	2,850,000		1.500			05/11/17		2,846,000


	Corporate Obligations – (continued)
	Food & Beverage – (continued)
	Kraft Foods Group, Inc.
	2,350,000		2.250			06/05/17		2,396,713
	Mondelez International, Inc.
	655,000		5.375			02/10/20		739,640
	1,975,000		6.500			02/09/40		2,318,496
	Pernod-Ricard SA^(c)
	5,425,000		4.450			01/15/22		5,569,495

								21,522,395

	Health Care – Medical Products – 0.1%
	DENTSPLY International, Inc.
	1,550,000		2.750			08/15/16		1,570,322

	Health Care – Services – 0.6%
	Coventry Health Care, Inc.
	1,606,000		6.300			08/15/14		1,681,763
	Express Scripts Holding Co.
	5,050,000		3.125			05/15/16		5,290,088

								6,971,851

	Home Construction – 0.3%
	MDC Holdings, Inc.
	1,950,000		5.625			02/01/20		2,019,839	��
	1,575,000		6.000			01/15/43		1,367,094

								3,386,933

	Life Insurance – 0.8%
	American International Group, Inc.
	1,200,000		2.375			08/24/15		1,215,580
	800,000		5.850			01/16/18		910,484
	Genworth Financial, Inc.
	875,000		8.625			12/15/16		1,038,300
	800,000		7.200			02/15/21		925,026
	Genworth Holdings, Inc.
	1,200,000		7.625			09/24/21		1,419,166
	The Northwestern Mutual Life Insurance Co.^(c)
	3,600,000		6.063			03/30/40		4,134,114

								9,642,670

	Media – Cable – 0.1%
	DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
	950,000		2.400			03/15/17		950,309
	Time Warner Cable, Inc.
	375,000		5.000			02/01/20		378,661

								1,328,970

	Media – Non Cable – 1.0%
	NBCUniversal Media LLC
	3,850,000		4.375			04/01/21		4,144,711
	News America, Inc.
	1,050,000		6.150			02/15/41		1,150,513
	3,650,000		5.400	^(c)		10/01/43		3,653,806
	WPP Finance UK
	2,850,000		8.000			09/15/14		3,035,641

								11,984,671


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Metals & Mining^(c) – 0.7%
	Glencore Funding LLC
$	1,525,000		1.700	%		05/27/16	$	1,502,604
	2,400,000		2.500			01/15/19		2,249,697
	Xstrata Finance Canada Ltd.
	5,025,000		2.450			10/25/17		4,997,594

								8,749,895

	Noncaptive – Financial – 0.7%
	General Electric Capital Corp.
	1,050,000		3.150			09/07/22		989,685
	2,625,000		5.875			01/14/38		2,867,230
	International Lease Finance Corp.
	4,000,000		5.750			05/15/16		4,220,000

								8,076,915

	Pharmaceuticals – 0.6%
	AbbVie, Inc.
	7,150,000		1.750			11/06/17		7,096,705

	Pipelines – 1.2%
	El Paso Pipeline Partners Operating Co. LLC
	1,650,000		6.500			04/01/20		1,892,283
	Enterprise Products Operating LLC^(a)(b)
	4,100,000		8.375			08/01/66		4,510,000
	1,350,000		7.000			06/01/67		1,429,313
	925,000		7.034			01/15/68		1,026,750
	Tennessee Gas Pipeline Co.
	1,450,000		8.375			06/15/32		1,908,085
	TransCanada PipeLines Ltd.^(a)(b)
	3,200,000		6.350			05/15/67		3,280,000

								14,046,431

	Property/Casualty Insurance – 0.1%
	Arch Capital Group Ltd.
	1,200,000		7.350			05/01/34		1,493,577

	Real Estate Investment Trusts – 2.8%
	American Campus Communities Operating Partnership LP^(a)
	3,175,000		3.750			04/15/23		3,025,856
	Camden Property Trust
	3,575,000		5.700			05/15/17		3,971,476
	Developers Diversified Realty Corp.
	250,000		9.625			03/15/16		296,856
	4,155,000		7.500			04/01/17		4,868,629
	HCP, Inc.
	1,500,000		6.300			09/15/16		1,693,176
	2,950,000		6.000			01/30/17		3,322,183
	Health Care REIT, Inc.
	2,125,000		2.250			03/15/18		2,099,185
	1,557,000		4.125			04/01/19		1,634,896
	Healthcare Trust of America Holdings LP^(a)(c)
	2,275,000		3.700			04/15/23		2,132,019
	Kilroy Realty LP
	1,125,000		5.000			11/03/15		1,209,602
	2,375,000		6.625			06/01/20		2,693,593
	1,500,000		3.800			01/15/23		1,395,166
	ProLogis LP
	1,050,000		6.125			12/01/16		1,179,635

	Corporate Obligations – (continued)
	Real Estate Investment Trusts – (continued)
	Ventas Realty LP/Ventas Capital Corp.^(a)
	3,250,000		2.700			04/01/20		3,097,063

								32,619,335

	Retailers – 0.7%
	CVS Caremark Corp.^(a)
	1,875,000		4.125			05/15/21		1,989,075
	LVMH Moet Hennessy Louis Vuitton SA^(c)
	2,675,000		1.625			06/29/17		2,668,064
	Walgreen Co.
	1,750,000		1.800			09/15/17		1,753,994
	1,550,000		3.100			09/15/22		1,454,980

								7,866,113

	Schools – 0.4%
	Rensselaer Polytechnic Institute
	4,200,000		5.600			09/01/20		4,589,840

	Technology – Hardware – 0.6%
	Hewlett-Packard Co.
	2,775,000		3.000			09/15/16		2,860,265
	1,425,000		2.600			09/15/17		1,441,608
	NetApp, Inc.
	2,575,000		2.000			12/15/17		2,524,881

								6,826,754

	Tobacco^(c) – 0.4%
	Imperial Tobacco Finance PLC
	4,920,000		2.050			02/11/18		4,797,541

	Transportation – 0.8%
	ERAC USA Finance LLC^(c)
	1,950,000		3.300			10/15/22		1,853,434
	Penske Truck Leasing Co. LP/PTL Finance Corp.^(c)
	3,000,000		3.125			05/11/15		3,087,918
	2,025,000		2.500			03/15/16		2,062,537
	United Parcel Service, Inc.
	3,050,000		3.625			10/01/42		2,593,398

								9,597,287

	Wireless Telecommunications – 0.2%
	American Tower Corp.
	3,025,000		3.500			01/31/23		2,665,301

	Wirelines Telecommunications – 3.2%
	AT&T, Inc.
	6,975,000		2.950			05/15/16		7,288,125
	400,000		2.625			12/01/22		356,756
	Telefonica Emisiones SAU
	2,300,000		3.192			04/27/18		2,264,540
	1,450,000		5.462			02/16/21		1,480,222
	Verizon Communications, Inc.
	4,525,000		3.650			09/14/18		4,776,797
	5,175,000		4.500			09/15/20		5,522,894
	11,875,000		5.150			09/15/23		12,756,949
	2,925,000		6.550			09/15/43		3,307,290

								37,753,573

	TOTAL CORPORATE OBLIGATIONS
	(Cost $377,052,406)						$	385,127,686


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
	Mortgage-Backed Obligations – 37.8%
	Adjustable Rate Non-Agency^(b) – 2.7%
	Aire Valley Mortgages PLC Series 2005-1X, Class 2A3
$	2,643,992		0.592	%		09/20/66	$	2,511,330
	Aire Valley Mortgages PLC Series 2006-1A, Class 1A^(c)
	1,108,429		0.472			09/20/66		1,049,087
	Aire Valley Mortgages PLC Series 2007-1A, Class 2A1^(c)
	2,368,801		0.492			09/20/66		2,244,546
	Granite Master Issuer PLC Series 2006-1X, Class A7
GBP	3,279,846		0.731			12/20/54		5,235,529
	Granite Master Issuer PLC Series 2006-2, Class A5
EUR	3,696,776		0.327			12/20/54		4,942,136
	Granite Master Issuer PLC Series 2006-3, Class A4
$	5,725,834		0.260			12/20/54		5,640,072
	Granite Master Issuer PLC Series 2006-3, Class A5
EUR	583,701		0.347			12/20/54		780,337
	Granite Master Issuer PLC Series 2007-1, Class 2A1
$	2,946,303		0.320			12/20/54		2,902,173
	Granite Mortgages PLC Series 2003-3, Class 3A
GBP	464,533		0.890			01/20/44		744,827
	Harborview Mortgage Loan Trust Series 2005-16, Class 2A1A
$	949,109		0.421			01/19/36		604,258
	Leek Finance PLC Series 2017X, Class A2C
EUR	285,312		0.501			12/21/37		397,233
	Leek Finance PLC Series 2018X, Class A2B
$	2,185,341		0.510			09/21/38		2,222,219
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
	1,692,188		1.003			12/25/46		972,589
	Sequoia Mortgage Trust Series 2003-4, Class 1A2
	1,352,364		0.728			07/20/33		1,269,339
	Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR19, Class A7
	74,785		2.491			02/25/33		74,304

								31,589,979

	Collateralized Mortgage Obligations – 1.4%
	Interest Only^(b)(e) – 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
	CS First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2X
	1,047,206		0.000			08/25/33		1

								2

	Inverse Floaters^(b) – 0.1%
	GNMA Series 2001-48, Class SA
	60,425		25.895			10/16/31		89,070
	GNMA Series 2001-51, Class SA
	116,428		31.710			10/16/31		183,765
	GNMA Series 2001-51, Class SB
	120,322		25.895			10/16/31		185,595
	GNMA Series 2002-13, Class SB
	151,414		36.716			02/16/32		245,633

								704,063

	Mortgage-Backed Obligations – (continued)
	Planned Amortization Class – 0.0%
	FHLMC REMIC Series 2639, Class UL
	17,009		4.750			03/15/22		17,275
	FNMA REMIC Series 2003-134, Class ME
	67,723		4.500			06/25/33		70,980
	FNMA REMIC Series 2004-64, Class BA
	47,063		5.000			03/25/34		48,701

								136,956

	Sequential Fixed Rate – 1.3%
	FNMA REMIC Series 2011-52, Class GB
	2,400,000		5.000			06/25/41		2,631,894
	FNMA REMIC Series 2011-99, Class DB
	2,125,000		5.000			10/25/41		2,334,429
	NCUA Guaranteed Notes Series 2010-C1, Class APT
	6,675,261		2.650			10/29/20		6,832,130
	NCUA Guaranteed Notes Series 2010-R1, Class 2A
	503,966		1.840			10/07/20		509,242
	NCUA Guaranteed Notes Series A4
	3,500,000		3.000			06/12/19		3,689,490

								15,997,185

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	16,838,206

	Commercial Mortgage-Backed Securities – 5.8%
	Sequential Fixed Rate – 2.8%
	FHLMC Multifamily Structured Pass-Through Certificates Series K020, Class A2
$	800,000		2.373	%		05/25/22	$	755,181
	FHLMC Multifamily Structured Pass-Through Certificates Series K027, Class A2
	11,400,000		2.637			01/25/23		10,848,775
	FHLMC Multifamily Structured Pass-Through Certificates Series K030, Class A1
	1,495,540		2.779			09/25/22		1,535,785
	FHLMC Multifamily Structured Pass-Through Certificates Series KSMC, Class A2
	3,300,000		2.615			01/25/23		3,105,893
	LB-UBS Commercial Mortgage Trust Series 2006-C1, Class A4
	6,000,000		5.156			02/15/31		6,453,855
	Wachovia Bank Commercial Mortgage Trust Series 2007-C31, Class A4
	9,000,000		5.509			04/15/47		9,907,451

								32,606,940

	Sequential Floating Rate^(b) – 3.0%
	Citigroup Commercial Mortgage Trust Series 2008-C7, Class A1A
	11,559,004		6.250			12/10/49		13,163,971
	FHLMC Multifamily Structured Pass-Through Certificates Series K030, Class A2
	10,000,000		3.250			04/25/23		9,971,452
	LB Commercial Mortgage Trust Series 2007-C3, Class A1A
	11,545,846		6.036			07/15/44		12,907,644

								36,043,067

	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	68,650,007


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	Federal Agencies – 27.9%
	Adjustable Rate FNMA^(b) – 1.0%
$	13,111		2.341	%		06/01/33	$	13,848
	2,044,134		2.476			07/01/34		2,171,686
	4,792,525		2.395			09/01/34		5,056,205
	3,684,841		2.613			05/01/35		3,890,282
	1,061,154		2.108			06/01/35		1,100,961

								12,232,982

	FHLMC – 3.5%
	5,104		6.500			12/01/13		5,122
	181		7.000			10/01/14		185
	8,252		6.000			12/01/14		8,296
	1,445		7.000			05/01/15		1,478
	7,202		8.000			07/01/15		7,447
	3,296		7.000			02/01/16		3,445
	5,105		7.000			03/01/16		5,176
	98,942		7.500			05/01/16		104,206
	1,071		5.000			01/01/17		1,135
	8,983		5.000			02/01/17		9,515
	6,908		5.000			03/01/17		7,317
	814		5.000			04/01/17		863
	52,609		5.000			09/01/17		55,722
	131,637		5.000			10/01/17		139,432
	462		7.000			10/01/17		493
	82,894		5.000			11/01/17		87,800
	35,195		5.000			12/01/17		37,278
	50,882		5.000			01/01/18		53,847
	127,619		5.000			02/01/18		134,913
	92,557		5.000			03/01/18		97,969
	59,877		5.000			04/01/18		63,438
	36,942		5.000			05/01/18		39,162
	27,321		5.000			06/01/18		28,948
	59,135		5.000			07/01/18		62,773
	19,615		5.000			08/01/18		20,805
	91,235		4.500			09/01/18		96,659
	7,251		5.000			10/01/18		7,712
	14,903		5.000			11/01/18		15,849
	152,406		5.000			06/01/19		162,450
	191,148		5.000			05/01/23		206,467
	559,150		4.500			10/01/23		593,918
	66,216		5.500			10/01/25		72,506
	85,206		5.500			11/01/25		93,300
	18,228		7.000			06/01/26		20,367
	22,390		7.500			12/01/30		24,751
	32,683		7.500			01/01/31		37,724
	190,924		3.500			01/01/33		197,651
	1,086,049		3.500			07/01/33		1,124,315
	49,454		5.000			10/01/33		53,459
	128,765		6.500			10/01/33		145,329
	7,318		5.000			04/01/35		7,910
	69,255		5.000			07/01/35		74,772
	800,636		5.000			08/01/35		862,102
	184,961		5.500			11/01/35		200,366
	345,293		5.000			12/01/35		373,752
	773		5.500			02/01/36		836
	704,510		5.000			03/01/36		758,596
	180,707		5.500			06/01/36		195,758

	Mortgage-Backed Obligations – (continued)
	FHLMC – (continued)
	89,301		4.000			08/01/36		93,397
	228,528		4.000			09/01/36		239,008
	262,478		4.000			10/01/36		274,514
	414,256		4.000			12/01/36		433,254
	1,779,873		5.000			02/01/37		1,914,930
	178,125		5.500			07/01/37		192,433
	185,852		5.500			08/01/37		200,781
	227,705		5.500			10/01/37		245,995
	703,194		5.000			01/01/38		756,553
	688,782		5.000			02/01/38		741,411
	159,422		5.500			02/01/38		172,267
	1,958,759		5.000			03/01/38		2,109,157
	416,403		5.000			04/01/38		448,219
	2,871,381		5.000			06/01/38		3,090,778
	478,359		5.500			07/01/38		516,903
	202,629		5.500			08/01/38		218,956
	1,260,090		5.000			09/01/38		1,356,371
	35,594		6.500			09/01/38		39,514
	151,000		5.500			11/01/38		163,167
	2,011,010		5.000			12/01/38		2,163,611
	155,990		5.500			12/01/38		168,558
	1,923,833		5.000			01/01/39		2,073,691
	173,824		5.500			01/01/39		187,830
	23,558		5.000			02/01/39		25,358
	507,117		5.000			06/01/39		546,619
	354,659		4.500			09/01/39		380,303
	233,621		5.000			08/01/40		252,335
	9,987,181		5.500			08/01/40		10,791,890
	383,119		5.000			09/01/40		412,392
	11,787		4.500			11/01/40		12,551
	104,120		4.500			03/01/41		110,883
	43,979		5.000			04/01/41		48,165
	63,783		5.000			06/01/41		69,854
	1,513,433		4.000			11/01/41		1,582,475
	1,983,986		4.000			12/01/41		2,079,620
	944,347		3.500			07/01/42		960,356

								41,377,413

	FNMA – 18.6%
	1,053,599		7.040			08/01/15		1,132,572
	50,733		8.500			10/01/15		53,552
	1,840		7.000			01/01/16		1,920
	4,756,066		2.800			03/01/18		4,965,968
	2,904,165		3.740			05/01/18		3,146,337
	3,480,000		3.840			05/01/18		3,771,438
	664,304		4.500			05/01/18		706,160
	1,316,790		4.500			06/01/18		1,399,759
	84,051		5.000			06/01/18		89,234
	861,712		4.500			07/01/18		916,006
	678,388		4.500			08/01/18		721,131
	8,823		6.000			08/01/18		9,633
	1,349		6.500			10/01/18		1,491
	9,000,000		4.506			06/01/19		9,927,820
	2,209,431		3.416			10/01/20		2,314,808
	1,635,070		3.632			12/01/20		1,729,051
	9,954,367		3.763			12/01/20		10,615,228
	4,149,262		4.375			06/01/21		4,541,901


36		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)
	FNMA – (continued)
$	4,135,484		5.000	%		03/01/23		$	4,482,695
	311,967		5.500			09/01/23			336,708
	88,912		5.500			10/01/23			96,170
	921,652		5.000			02/01/24			978,665
	308,201		5.000			12/01/25			333,944
	112,661		7.000			08/01/27			123,857
	3,538		6.500			09/01/27			3,917
	522,420		7.000			03/01/28			597,365
	5,598		6.500			05/01/28			6,199
	1,288		5.500			01/01/29			1,403
	19,862		8.000			02/01/31			24,273
	178,672		7.000			03/01/31			202,387
	10,918		5.500			02/01/33			11,946
	235,533		5.500			03/01/33			257,697
	322,234		5.500			05/01/33			353,763
	443,823		5.500			06/01/33			487,375
	106,009		5.000			07/01/33			115,539
	655,521		5.500			07/01/33			719,821
	112,655		5.000			08/01/33			122,680
	83,675		5.500			08/01/33			91,575
	651,493		5.000			09/01/33			711,658
	209,629		5.500			09/01/33			229,404
	6,904		6.500			09/01/33			7,751
	2,806		5.500			10/01/33			3,067
	40,494		5.500			11/01/33			44,269
	40,186		5.000			12/01/33			43,897
	8,667		5.500			12/01/33			9,483
	14,924		5.500			01/01/34			16,312
	32,093		5.500			02/01/34			35,053
	3,219		5.500			03/01/34			3,520
	4,776		5.500			04/01/34			5,217
	642,959		5.500			05/01/34			703,703
	9,622		5.000			06/01/34			10,442
	25,056		5.500			07/01/34			27,392
	8,250		5.000			08/01/34			8,954
	13,107		5.500			08/01/34			14,369
	4,277		5.000			10/01/34			4,642
	19,741		5.500			10/01/34			21,710
	39,320		5.500			11/01/34			43,247
	190,923		5.500			12/01/34			208,539
	706		6.000			12/01/34			778
	329,004		5.000			04/01/35			357,728
	15,180		5.500			04/01/35			16,581
	15,087		5.500			07/01/35			16,466
	600		5.500			08/01/35			655
	41,511		5.500			09/01/35			45,320
	30,599		5.500			11/01/35			33,442
	2,865		5.500			12/01/35			3,130
	4,076		5.500			01/01/36			4,455
	28,957		5.500			02/01/36			31,644
	1,351,629		5.500			03/01/36			1,476,414
	49,140		6.000			03/01/36			54,034
	19,402		5.500			04/01/36			21,194
	11,760		6.000			04/01/36			12,936
	86,793		4.000			08/01/36			91,082
	264,944		4.000			09/01/36			278,036

	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
	5,931		5.500			01/01/37			6,457
	11,225		6.000			01/01/37			12,344
	96,368		4.000			02/01/37			101,205
	2,310		5.500			02/01/37			2,515
	57,376		4.000			03/01/37			60,221
	4,401		5.500			04/01/37			4,792
	6,922		5.500			05/01/37			7,531
	2,152		5.500			06/01/37			2,343
	2,462		5.500			07/01/37			2,676
	14,831		5.000			08/01/37			16,096
	151		5.500			08/01/37			164
	825		5.500			12/01/37			899
	8,415		5.500			01/01/38			9,240
	30,328		5.000			02/01/38			32,237
	2,480		5.500			02/01/38			2,701
	13,814		5.500			03/01/38			15,029
	2,471		5.500			05/01/38			2,692
	18,665		5.500			06/01/38			20,308
	12,604		5.500			07/01/38			13,722
	6,301		5.500			08/01/38			6,849
	5,265		5.500			09/01/38			5,723
	8,812		5.500			12/01/38			9,692
	96,093		4.500			04/01/39			103,273
	24,637		4.500			05/01/39			26,478
	33,391		5.500			06/01/39			36,288
	22,434		4.500			07/01/39			24,117
	189,772		4.500			08/01/39			204,011
	110,164		4.500			10/01/39			118,431
	135,413		4.500			11/01/39			145,575
	29,858		5.500			11/01/39			32,454
	1,070,659		4.500			12/01/39			1,151,004
	177,639		5.000			08/01/40			193,401
	1,823,258		4.000			09/01/40			1,912,895
	1,070,142		4.500			04/01/41			1,144,733
	1,539,455		4.500			07/01/41			1,646,447
	362,707		4.500			08/01/41			387,988
	1,801,754		4.500			09/01/41			1,927,083
	478,544		4.500			10/01/41			511,898
	2,350,696		3.000			08/01/42			2,300,286
	2,070,856		3.000			09/01/42			2,026,808
	346,931		3.000			10/01/42			339,558
	1,454,968		3.000			11/01/42			1,423,934
	13,694,531		3.000			12/01/42			13,401,088
	10,095,429		3.000			01/01/43			9,880,778
	4,083,151		3.000			02/01/43			3,996,025
	9,924,350		2.500			03/01/43			9,231,595
	2,415,063		3.000			03/01/43			2,363,556
	994,109		2.500			04/01/43			924,717
	3,213,270		3.000			04/01/43			3,144,798
	1,932,593		3.000			05/01/43			1,891,333
	190,993		3.000			06/01/43			186,935
	1,641,285		3.000			07/01/43			1,606,408
	11,000,000		2.500			TBA-15yr	^(f)		11,067,891
	14,000,000		3.000			TBA-30yr	^(f)		13,681,718
	28,000,000		4.000			TBA-30yr	^(f)		29,369,374


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)


Principal Amount		Interest Rate			Maturity Date			Value

	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	33,000,000		6.000	%		TBA-30yr	^(f)	$	36,104,062
	6,000,000		5.500			TBA-30yr	^(f)		6,542,813

									219,373,701

	GNMA – 4.8%
	1,513,521		3.950			07/15/25			1,594,179
	24,931		6.000			11/15/38			27,663
	11,787,897		2.500			12/15/42			10,991,535
	4,903,324		2.500			12/20/42			4,569,894
	289,144		2.500			01/15/43			269,620
	5,016,393		2.500			02/15/43			4,679,330
	4,094,674		2.500			03/15/43			3,818,237
	3,946,472		2.500			03/20/43			3,677,918
	296,951		2.500			04/15/43			276,903
	2,129,912		2.500			05/15/43			1,986,119
	1,261,147		2.500			08/15/43			1,176,005
	11,000,000		4.000			TBA-30yr	^(f)		11,618,750
	2,000,000		4.500			TBA-30yr	^(f)		2,155,312
	9,000,000		5.000			TBA-30yr	^(f)		9,780,469

									56,621,934

	TOTAL FEDERAL AGENCIES							$	329,606,030

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $440,852,736)							$	446,684,222


	Agency Debentures – 6.5%
	FHLB
$	6,800,000		2.125	%		06/09/23		$	6,072,991
	3,300,000		3.250			06/09/23			3,338,089
	2,400,000		5.000			09/28/29			2,684,561
	FHLMC
EUR	3,100,000		4.375			01/15/14			4,240,763
$	9,100,000		0.875			03/07/18			8,893,143
	7,300,000		1.250			10/02/19			6,979,329
	9,500,000		2.375			01/13/22			9,245,026
	FNMA
	9,700,000		1.875			09/18/18			9,817,256
	4,200,000		6.250			05/15/29			5,405,412
	Kommunalbanken AS^(c)
	3,000,000		1.000			09/26/17			2,951,610
	Private Export Funding Corp.
	7,000,000		5.450			09/15/17			8,178,380
	Small Business Administration
	92,863		6.300			06/01/18			99,301
	Tennessee Valley Authority
	7,200,000		1.750			10/15/18			7,187,121
	1,400,000		4.625			09/15/60			1,325,365

	TOTAL AGENCY DEBENTURES
	(Cost $77,937,774)							$	76,418,347


	Asset-Backed Securities^(b) – 2.2%
	Home Equity – 0.5%
	Countrywide Home Equity Loan Trust Series 2004-G, Class 2A
$	301,900		0.402	%		12/15/29		$	257,301


	Asset-Backed Securities^(b) – (continued)
	Home Equity – (continued)
	Countrywide Home Equity Loan Trust Series 2006-HW, Class 2A1B
	7,403,813		0.332			11/15/36			6,137,668
	Impac CMB Trust Series 2004-08, Class 1A
	455,184		0.899			10/25/34			375,419

									6,770,388

	Student Loan – 1.7%
	Brazos Higher Education Authority, Inc. Series 2004-1, Class A2
	3,814,733		0.411			06/27/22			3,805,663
	Brazos Higher Education Authority, Inc. Series 2005-1, Class 1A2
	1,193,500		0.331			12/26/18			1,192,032
	Brazos Higher Education Authority, Inc. Series 2005-3, Class A14
	242,210		0.361			09/25/23			241,896
	College Loan Corp. Trust Series 2004-1, Class A4
	3,000,000		0.456			04/25/24			2,847,097
	Education Funding Capital Trust I Series 2004-1, Class A2
	1,022,252		0.414			12/15/22			1,020,013
	Educational Funding of the South, Inc. Series 2011-1, Class A2
	5,200,000		0.916			04/25/35			5,168,897
	EFS Volunteer No 3 LLC Series 2012-1, Class A2^(c)
	4,750,000		1.184			02/25/25			4,809,270
	Northstar Education Finance, Inc. Series 2005-1, Class A1
	281,305		0.364			10/28/26			280,042
	US Education Loan Trust LLC Series 2006-1, Class A2^(c)
	511,376		0.390			03/01/25			509,628

									19,874,538

	TOTAL ASSET-BACKED SECURITIES
	(Cost $27,838,677)							$	26,644,926


	Foreign Debt Obligations – 3.3%
	Sovereign – 2.2%
	Republic of Chile
$	2,240,000		3.625	%		10/30/42		$	1,825,600
	Republic of Colombia
	2,184,000		4.375			07/12/21			2,254,980
	2,900,000		4.000			02/26/24			2,827,500
	Republic of Indonesia
	470,000		6.125	^(c)		03/15/19			485,862
	980,000		5.375	^(c)		10/17/23			975,100
	1,960,000		8.500			10/12/35			2,376,500
	Republic of Panama
	120,000		7.125			01/29/26			145,200
	Republic of Slovenia
	1,300,000		5.500	^(c)		10/26/22			1,212,250
	1,480,000		5.500			10/26/22			1,380,100
	Republic of Turkey
	880,000		5.625			03/30/21			919,600
	2,540,000		6.250			09/26/22			2,727,325
	Russian Federation^(c)
	4,800,000		4.875			09/16/23			4,920,000


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

GOLDMAN SACHS CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

	Foreign Debt Obligations – (continued)
	Sovereign – (continued)
	United Mexican States
$	4,050,000		4.750	%		03/08/44	$	3,665,250

								25,715,267

	Supranational – 1.1%
	Inter-American Development Bank
	2,700,000		1.000			02/27/18		2,623,976
	International Finance Corp.
	10,800,000		0.875			06/15/18		10,485,267

								13,109,243

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $40,952,969)						$	38,824,510


	Municipal Debt Obligations – 2.6%
	California – 0.9%
	California State GO Bonds (Refunding-Various Purposes) Series 2013
$	705,000		5.000	%		09/01/28	$	767,012
	350,000		5.000			09/01/31		372,498
	670,000		5.000			09/01/32		708,605
	395,000		5.000			09/01/33		417,436
	California State GO Bonds (Various Purposes) Series 2013
	415,000		5.000			09/01/27		455,795
	380,000		5.000			04/01/37		393,064
	1,140,000		5.000			04/01/43		1,166,824
	California State GO Bonds Build America Taxable Series 2009
	950,000		7.500			04/01/34		1,205,607
	1,650,000		7.550			04/01/39		2,147,475
	California State GO Bonds Build America Taxable Series 2010
	1,645,000		7.950			03/01/36		1,904,680
	California State University Systemwide RB Series 2012 A
	350,000		5.000			11/01/42		361,067
	City of Los Angeles CA Department of Water & Power RB (Power System) Series 2012 B
	300,000		5.000			07/01/43		307,452
	City of Los Angeles CA Department of Water & Power RB Series 2012 B
	595,000		5.000			07/01/43		621,079

								10,828,594

	Florida – 0.1%
	Miami-Dade County FL Transit System Sales Surtax RB (Sales Tax) Series 2012
	355,000		5.000			07/01/42		360,502
	Tampa Bay Water Regional Utility System Authority RB Series 2013
	280,000		5.000			10/01/38		293,006

								653,508

	Georgia – 0.1%
	DeKalb County GA Water & Sewerage RB Series 2011 A
	250,000		5.250			10/01/41		257,563


	Municipal Debt Obligations – (continued)
	Georgia – (continued)
	Private Colleges & Universities GA Authority RB (Emory University) Series 2013 A
	1,035,000		5.000			10/01/43		1,099,408

								1,356,971

	Illinois – 0.2%
	Illinois State GO Bonds Build America Series 2010
	1,280,000		7.350			07/01/35		1,361,024
	Metropolitan Pier & Exposition Authority Dedicated State Tax RB (Mccormick Place Expansion) Series 2010 A
	490,000		5.500			06/15/50		498,188

								1,859,212

	Louisiana – 0.0%
	Louisiana State Gas & Fuels Tax RB (Second Lien) Series 2010 B
	265,000		5.000			05/01/45		272,767

	Massachusetts – 0.1%
	Massachusetts State Consolidated Loan GO Bonds Series 2013 E
	465,000		5.000			08/01/40		488,306
	Massachusetts State Development Finance Agency RB (Williams College) Series 2013 P
	285,000		5.000			07/01/43		300,262
	Massachusetts State School Building Authority Sales Tax RB (Senior) Series 2011 B
	280,000		5.000			10/15/41		292,418

								1,080,986

	Missouri – 0.0%
	Metropolitan St. Louis MO Sewer District Wastewater System RB Series 2012 A
	310,000		5.000			05/01/42		327,242

	New Jersey – 0.1%
	New Jersey State Economic Development Authority RB (Rutgers University) Series 2013
	270,000		5.000			06/15/46		276,445
	New Jersey State Transportation Trust Fund Authority RB (Transportation Program) Series 2013 AA
	325,000		5.000			06/15/36		333,522
	325,000		5.500			06/15/39		347,132
	350,000		5.000			06/15/44		354,539

								1,311,638

	New York – 0.7%
	New York City GO Bonds (Refunding) Series 2012 B
	305,000		5.000			08/01/24		349,189
	New York City GO Bonds (Refunding) Series 2012 F
	265,000		5.000			08/01/24		301,485
	New York City GO Bonds (Refunding) Series 2012 I
	265,000		5.000			08/01/24		303,393
	New York City GO Bonds (Refunding) Series 2013 I
	260,000		5.000			08/01/25		296,361
	New York City GO Bonds (Refunding) Series 2013 J
	300,000		5.000			08/01/24		347,685
	290,000		5.000			08/01/25		331,864
	New York City GO Bonds Series 2013 D
	260,000		5.000			08/01/24		299,512


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	Municipal Debt Obligations – (continued)
	New York – (continued)
	New York City Transitional Finance Authority RB (Future Tax Secured) Series 2012 E-1
$	270,000		5.000	%		02/01/42	$	279,844
	New York City Water & Sewer System Finance Authority RB (Refunding) Series 2012 CC
	270,000		5.000			06/15/45		278,594
	New York City Water & Sewer System Finance Authority RB (Second General) Series 2012 BB
	880,000		5.000			06/15/47		907,439
	New York City Water & Sewer System Finance Authority RB (Second General) Series 2013 CC
	805,000		5.000			06/15/47		831,187
	New York City Water & Sewer System Finance Authority RB Series 2013 EE
	815,000		5.000			06/15/47		841,512
	New York State Dormitory Authority Personal Income Tax RB (General Purpose) Series 2013 A
	355,000		5.000			02/15/43		368,976
	New York State Urban Development Corp. RB (Personal Income Tax) Series 2011 A
	260,000		5.000			03/15/35		273,351
	280,000		5.000			03/15/36		293,465
	New York State Urban Development Corp. RB (Personal Income Tax) Series 2013 C
	550,000		5.000			03/15/30		599,698
	575,000		5.000			03/15/31		623,162
	630,000		5.000			03/15/32		679,159

								8,205,876

	Ohio – 0.2%
	American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
	1,700,000		6.270			02/15/50		1,750,218
	Ohio State Turnpike Commission RB (Junior Lien-Infrastructure Projects) Series 2013 A-1
	550,000		5.000			02/15/48		555,296
	Ohio State Turnpike Commission RB (Senior Lien) Series 2013 A
	265,000		5.000			02/15/48		272,370

								2,577,884

	Pennsylvania – 0.0%
	Pennsylvania State Turnpike Commission RB Series 2013 C
	250,000		5.000			12/01/43		253,365

	Texas – 0.0%
	Dallas-Fort Worth TX International Airport RB (Improvement) Series 2013 B
	265,000		5.000			11/01/44		261,285
	North Texas Tollway Authority RB (Special Projects System) Series 2011 A
	250,000		5.500			09/01/41		269,580

								530,865

	Washington – 0.2%
	University of Washington RB (General) Series 2013
	295,000		5.000			07/01/41		308,647


	Municipal Debt Obligations – (continued)
	Washington – (continued)
	Washington State GO Bonds (Motor Vehicle Fuel Tax) Series 2013 B
	250,000		5.000			08/01/33		268,455
	250,000		5.000			08/01/34		265,955
	Washington State GO Bonds (Various Purpose) Series 2013 A
	250,000		5.000			08/01/33		268,455
	Washington State GO Bonds (Various Purposes) Series 2013 A
	250,000		5.000			08/01/34		265,955
	375,000		5.000			08/01/35		397,072

								1,774,539

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $29,495,936)						$	31,033,447


	Government Guarantee Obligations – 1.6%
	Achmea Hypotheekbank NV^(c)(g)
	$ 571,000		3.200	%		11/03/14	$	588,313
	Israel Government AID Bond^(h)
	7,827,000		5.500			09/18/23		9,330,876
	600,000		5.500			12/04/23		717,264
	2,400,000		5.500			04/26/24		2,871,382
	4,700,000		5.500			09/18/33		5,570,296

	TOTAL GOVERNMENT GUARANTEE OBLIGATIONS
	(Cost $19,747,039)						$	19,078,131


	U.S. Treasury Obligations – 19.8%
	United States Treasury Bonds
	$ 3,600,000		3.125	%		11/15/41	$	3,246,516
	27,900,000		3.125			02/15/42		25,119,206
	10,500,000		2.750			08/15/42		8,705,025
	12,300,000		3.625			08/15/43		12,158,796
	United States Treasury Inflation Protected Securities
	7,964,523		2.000			01/15/14		8,004,346
	11,920,608		1.250			04/15/14		12,024,913
	4,756,400		0.125			01/15/23		4,627,835
	United States Treasury Notes
	85,900,000		0.250	⁽ⁱ⁾		05/31/14		85,987,615
	5,600,000		1.375			09/30/18		5,595,968
	62,800,000		1.750			05/15/23		58,190,482
	10,300,000		2.500			08/15/23		10,194,631

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $239,181,141)						$	233,855,333


Notional Amount		Exercise Rate			Expiration Date		Value
	Options Purchased – 0.6%
	Interest Rate Swaptions
	Bank of America NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.590%
$	9,300,000		3.590	%		03/22/16	$	571,525


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

GOLDMAN SACHS CORE FIXED INCOME FUND


Notional Amount		Exercise Rate			Expiration Date		Value
	Options Purchased – (continued)
	Interest Rate Swaptions – (continued)
	Bank of America NA Call - OTC - 10 year Interest Rate Swap Strike Price 4.070%
$	8,600,000		4.070	%		03/29/16	$	373,593
	Citibank NA Put - OTC - 10 year Interest Rate Swap Strike Price 3.017%
	4,800,000		3.017			05/29/15		117,589
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.017%
	4,800,000		3.017			05/29/15		316,120
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.570%
	8,300,000		3.570			02/22/16		501,180
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.625%
	7,800,000		3.625			02/22/16		452,533
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.633%
	6,500,000		3.633			02/19/16		374,474
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.645%
	8,300,000		3.645			02/16/16		471,173
	Deutsche Bank Securities, Inc. Call - OTC - 2 year Interest Rate Swap Strike Price 1.950%
	26,400,000		1.950			10/26/15		276,545
	Deutsche Bank Securities, Inc. Call - OTC - 2 year Interest Rate Swap Strike Price 2.030%
	26,300,000		2.030			10/26/15		259,683
	JPMorgan Chase Bank NA Call - OTC - 2 year Interest Rate Swap Strike Price 1.855%
	25,500,000		1.855			11/02/15		292,495
	JPMorgan Chase Bank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.610%
	7,700,000		3.610			02/16/16		448,486
	Morgan Stanley Capital Services, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 3.620%
	13,900,000		3.620			03/07/16		821,828
	Morgan Stanley Capital Services, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 3.630%
	22,600,000		3.630			02/16/16		648,591
	Morgan Stanley Capital Services, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 3.652%
	14,900,000		3.652			02/22/16		847,533

	TOTAL OPTIONS PURCHASED – 0.6%
	(Cost $4,421,945)						$	6,773,348

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $1,257,480,623)						$	1,264,439,950

	Short-term Investment^(j) – 0.1%
	Repurchase Agreement – 0.1%
	Joint Repurchase Agreement Account II
$	1,800,000		0.083	%		10/01/13	$	1,800,000
	(Cost $1,800,000)

	TOTAL INVESTMENTS – 107.1%
	(Cost $1,259,280,623)						$	1,266,239,950

	LIABILITIES IN EXCESS OF OTHER ASSETS – (7.1)%							(84,083,365	)

	NET ASSETS – 100.0%						$	1,182,156,585


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)		Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2013.
(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 $119,512,205, which represents approximately 10.1% of net assets as of September 30, 2013.
(d)		Security 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, 2013.
(e)		Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(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 $120,320,389 which represents approximately 10.2% of net assets as of September 30, 2013.
(g)		Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $588,313, which represents approximately 0.0% of net assets as of September 30, 2013.
(h)		Guaranteed by United States Government until maturity. Total market value of these securities amounts to $18,489,818, which represents approximately 1.6% of net assets as of September 30, 2013.
(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 30, 2013. Additional information appears on page 115.


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)



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

Investment Abbreviations:
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
NCUA		—National Credit Union Administration
OTC		—Over the Counter
RB		—Revenue Bond
REIT		—Real Estate Investment Trust
REMIC		—Real Estate Mortgage Investment Conduit
SPA		—Stand-by Purchase Agreement

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2013, 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		12/18/13	$	994,551	$	22,844
Barclays Bank PLC	EUR/USD		12/18/13		985,079		15,224
	GBP/EUR		12/18/13		3,943,022		25,261
	NOK/USD		12/18/13		1,509,553		18,423
BNP Paribas SA	GBP/USD		12/18/13		5,855,674		208,732
Citibank NA	EUR/USD		12/18/13		3,903,781		6,608
	GBP/EUR		12/18/13		1,963,392		1,016
	NZD/USD		12/18/13		977,164		12,487
Credit Suisse International (London)	JPY/USD		12/18/13		982,548		6,548
HSBC Bank PLC	EUR/SEK		12/18/13		974,475		1,132
JPMorgan Securities, Inc.	EUR/NOK		12/18/13		3,826,804		68,858
	EUR/USD		12/18/13		3,929,491		45,609
	JPY/USD		12/18/13		1,955,381		6,381
Royal Bank of Scotland PLC	GBP/USD		12/18/13		993,429		25,694
Standard Chartered Bank	USD/JPY		12/18/13		969,297		4,703
State Street Bank	GBP/EUR		12/18/13		1,979,630		1,651
	JPY/USD		12/18/13		3,903,116		5,116
Westpac Banking Corp.	AUD/USD		12/18/13		2,926,733		56,088
	NZD/AUD		12/18/13		972,650		11,745
	USD/AUD		12/18/13		3,846,980		22,023
TOTAL						$	566,143


42		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


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
Bank of America Securities LLC	USD/EUR		12/18/13	$	3,926,785	$	(52,629	)
Barclays Bank PLC	EUR/GBP		12/18/13		976,823		(1,216	)
	NOK/EUR		12/18/13		986,432		(30,896	)
BNP Paribas SA	EUR/GBP		12/18/13		6,054,539		(52,052	)
	USD/JPY		12/18/13		3,952,896		(35,229	)
Citibank NA	EUR/GBP		12/18/13		1,006,029		(7,419	)
	USD/CAD		12/18/13		4,885,167		(8,533	)
	USD/EUR		12/18/13		5,922,963		(95,141	)
	USD/JPY		12/18/13		969,154		(154	)
Credit Suisse International (London)	EUR/CHF		12/18/13		997,770		(11,338	)
Deutsche Bank AG (London)	AUD/USD		12/18/13		1,928,595		(724	)
	USD/EUR		12/18/13		1,952,567		(6,465	)
HSBC Bank PLC	USD/AUD		12/18/13		979,147		(13,031	)
	USD/SEK		12/18/13		3,375,574		(46,612	)
JPMorgan Securities, Inc.	NOK/EUR		12/18/13		2,986,359		(60,046	)
	USD/EUR		10/25/13		9,990,938		(209,480	)
	USD/EUR		12/18/13		5,845,524		(28,462	)
Morgan Stanley Capital Services, Inc.	NZD/USD		12/18/13		1,914,680		(24,362	)
Royal Bank of Canada	CAD/USD		12/18/13		4,835,387		(29,613	)
	USD/CAD		12/18/13		974,704		(704	)
	USD/GBP		10/24/13		8,478,995		(201,790	)
	USD/NZD		12/18/13		1,682,271		(61,649	)
Royal Bank of Scotland PLC	USD/GBP		12/18/13		1,951,263		(6,280	)
State Street Bank	NOK/EUR		12/18/13		2,040,247		(64,787	)
	USD/CHF		12/18/13		3,958,041		(110,563	)
	USD/EUR		12/18/13		974,254		(170	)
	USD/JPY		12/18/13		990,449		(18,449	)
Westpac Banking Corp.	AUD/USD		12/18/13		3,824,706		(43,631	)
	EUR/USD		12/18/13		1,947,155		(1,899	)
	USD/AUD		12/18/13		974,936		(5,097	)
TOTAL						$	(1,228,421	)

FORWARD SALES CONTRACTS — At September 30, 2013, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(f)	Settlement Date		Principal Amount			Value
FHLMC		5.000	%	TBA-30yr		10/10/2013	$	(7,000,000	)	$	(7,550,157	)
FHLMC		5.500		TBA-30yr		10/10/2013		(11,000,000	)		(11,919,532	)
FNMA		2.500		TBA-30yr		10/10/2013		(9,000,000	)		(8,368,594	)
FNMA		4.500		TBA-30yr		10/10/2013		(3,000,000	)		(3,204,375	)
FNMA		5.000		TBA-30yr		10/10/2013		(3,000,000	)		(3,253,594	)
GNMA		2.500		TBA-30yr		10/21/2013		(24,000,000	)		(22,346,251	)
GNMA		2.500		TBA-30yr		10/21/2013		(2,000,000	)		(1,863,438	)
TOTAL (Proceeds Receivable: $57,421,875)										$	(58,505,941	)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At September 30, 2013, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)		Expiration Date	Current Value		Unrealized Gain (Loss)
Eurodollars		205	December 2014	$	68,997,318	$	197,240
Ultra Long U.S. Treasury Bonds		56	December 2013		7,957,250		161,368
10 Year German Euro-Bund		80	December 2013		15,206,039		406,791
2 Year U.S. Treasury Notes		266	December 2013		58,590,657		146,100
5 Year U.S. Treasury Notes		995	December 2013		120,441,641		1,232,783
10 Year U.S. Treasury Notes		119	December 2013		15,040,484		272,232
20 Year U.S. Treasury Bonds		229	December 2013		30,542,875		495,199
TOTAL						$	2,911,713

SWAP CONTRACTS — At September 30, 2013, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS


					Rates Exchanged
Counterparty	Notional Amount (000s)^(a)		Termination Date		Payments Received			Payments Made	Unrealized Gain (Loss)*
Citibank NA	$	3,100		02/18/26		3.145	%	3 month LIBOR	$	(166,216	)
		2,400		02/23/26		3.133		3 month LIBOR		(132,197	)
		2,900		02/24/26		3.125		3 month LIBOR		(161,868	)
		3,100		02/24/26		3.070		3 month LIBOR		(187,516	)
Deutsche Bank Securities, Inc.		11,800		10/30/17		1.530		3 month LIBOR		(92,734	)
		11,900		10/30/17		1.450		3 month LIBOR		(112,186	)
JPMorgan Securities, Inc.		11,500		11/06/17		1.355		3 month LIBOR		(134,168	)
		2,900		02/18/26		3.110		3 month LIBOR		(164,120	)
Morgan Stanley Capital Services, Inc.		8,400		02/18/26		3.130		3 month LIBOR		(461,102	)
		5,600		02/24/26		3.152		3 month LIBOR		(299,728	)
		5,000		03/09/26		3.120		3 month LIBOR		(286,227	)
TOTAL									$	(2,198,062	)

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2013.

There are no upfront payments on the swap contract(s), therefore the unrealized gain/loss of the swap contract(s) is equal to their market value.

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


			Rates Exchanged		Market Value
Notional Amount (000s)^(a)		Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
$	65,000	12/18/16	3 month LIBOR	0.500%	$	791,446		$	(41,463	)
	1,300	12/18/18	3 month LIBOR	1.000		19,950			22,998
	17,600	05/07/19	1.973%	3 month LIBOR		53			(401,139	)
	31,700	08/15/19	3.250	3 month LIBOR		(12,738	)		263,546
	3,900	08/29/19	3.520	3 month LIBOR		9			55,632
	3,900	08/29/19	3.560	3 month LIBOR		9			59,998
	65,600	12/18/20	3 month LIBOR	1.500		1,410,108			2,023,855
	16,400	08/16/21	3 month LIBOR	3.000		(119,997	)		(256,403	)
	2,000	08/27/21	3 month LIBOR	3.095		11			(54,810	)
	2,000	08/27/21	3 month LIBOR	3.133		11			(59,669	)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)


			Rates Exchanged		Market Value
Notional Amount (000s)^(a)		Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
$	5,100	11/07/23	3 month LIBOR	1.983 %	$	41		$	385,482
	14,200	12/18/23	3 month LIBOR	2.000		1,213,088			(102,755	)
	4,800	06/11/24	3 month LIBOR	2.733		39			145,122
	24,300	08/01/25	5.000%	3 month LIBOR		73			115,269
	3,500	03/24/26	3.090	3 month LIBOR		28			(213,425	)
	2,400	03/31/26	3.070	3 month LIBOR		38			(151,571	)
	48,200	12/18/28	3 month LIBOR	2.500		2,007,155			3,126,723
	7,700	08/01/30	3 month LIBOR	5.000		(29,881	)		(101,205	)
	22,700	12/18/43	3 month LIBOR	3.000		588,946			2,474,152
	TOTAL				$	5,868,389		$	7,290,337

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2013.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


											Market Value
Counterparty	Referenced Obligation	Notional Amount (000s)		Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2013^(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		0.114	$	(19,409	)	$	(30,294	)
Deutsche Bank Securities, Inc.	CDX North America Investment Grade Index 16		15,400		(1.000	)		06/20/14		0.114		(43,026	)		(61,113	)
JPMorgan Securities, Inc.	CDX North America Investment Grade Index 16		41,100		(1.000	)		06/20/14		0.114		(119,227	)		(158,702	)
Morgan Stanley Capital Services, Inc.	CDX North America Investment Grade Index 16		13,775		(1.000	)		06/20/14		0.114		(33,902	)		(59,248	)
Protection Sold:
Bank of America Securities LLC	CDX North America Investment Grade Index 16		24,250		1.000			06/20/16		0.354		18,824			414,266
	Tranches of Commercial Mortgage-Backed Index AAA Series 3		3,600		0.080			12/13/49		1.135		(118,154	)		827
	Tranches of Commercial Mortgage-Backed Index AAA Series 4		6,900		0.350			02/17/51		1.241		(200,258	)		(14,094	)
Citibank NA	Tranches of Commercial Mortgage-Backed Index AAA Series 4		7,400		0.350			02/17/51		1.241		(231,095	)		1,177
Credit Suisse First Boston Corp.	Tranches of Commercial Mortgage-Backed Index AAA Series 4		6,900		0.350			02/17/51		1.241		(228,536	)		14,152
Deutsche Bank Securities, Inc.	Tranches of Commercial Mortgage-Backed Index AAA Series 4		2,400		0.350			02/17/51		1.241		(79,943	)		5,375


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS (continued)


											Market Value
Counterparty	Referenced Obligation	Notional Amount (000s)		Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2013^(b)		Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Sold (continued):
Morgan Stanley Capital Services, Inc.	CDX North America Investment Grade Index 16	$	27,925		1.000	%		06/20/16		0.354	$	20,721		$	478,002
	Tranches of Commercial Mortgage-Backed Index AAA Series 4		2,500		0.350			02/17/51		1.241		(74,324	)		(3,351	)
TOTAL											$	(1,108,329	)	$	586,997

(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.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT


									Market Value
Referenced Obligation	Notional Amount (000s)	Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2013^(b)		Upfront Payments Made (Received)		Unrealized Gain (Loss)
Protection Purchased:

CDX North America Investment Grade Index 20	$3,325		(1.000	)%		06/20/18		0.728	$	45,870	$	(3,644	)

(b)


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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments

September 30, 2013 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – 33.6%
	Automotive – 0.5%
	Ford Motor Credit Co. LLC
$	750,000		8.000	%		12/15/16	$	886,567
	375,000		5.000			05/15/18		410,866

								1,297,433

	Banks – 7.8%
	Abbey National Treasury Services PLC
GBP	200,000		2.113	^(a)		02/16/15		329,252
$	925,000		4.000			04/27/16		981,311
	ANZ Capital Trust II^(b)(c)
	1,100,000		5.360			07/29/49		1,106,600
	Bank of America Corp.
	1,325,000		6.100			06/15/17		1,488,258
	475,000		6.000			09/01/17		539,693
	Bank of Scotland PLC^(b)
	100,000		5.250			02/21/17		111,706
	Barclays Bank PLC^(b)
	650,000		6.050			12/04/17		722,016
	Capital One Financial Corp.
	550,000		1.000			11/06/15		546,297
	Citigroup, Inc.
	305,000		6.125			11/21/17		350,277
	825,000		3.375			03/01/23		782,481
	Compass Bank
	475,000		5.500			04/01/20		480,753
	Credit Suisse AG^(b)
	475,000		6.500			08/08/23		488,252
	Fifth Third Bancorp
	300,000		3.625			01/25/16		315,685
	ING Bank NV^(b)
	900,000		2.000			09/25/15		912,249
	Intesa Sanpaolo SPA
	375,000		3.125			01/15/16		374,986
	375,000		3.875			01/16/18		368,941
	JPMorgan Chase & Co.
	850,000		4.400			07/22/20		894,997
	575,000		4.350			08/15/21		595,605
	Mizuho Corporate Bank Ltd.^(b)
	675,000		2.550			03/17/17		685,643
	275,000		2.950			10/17/22		253,633
	MUFG Capital Finance 1 Ltd.^(a)(c)
	450,000		6.346			07/29/49		493,875
	Northern Rock Asset Management PLC^(b)
	2,200,000		5.625			06/22/17		2,497,998
	Regions Financial Corp.
	325,000		5.750			06/15/15		349,050
	Resona Preferred Global Securities Ltd.^(a)(b)(c)
	550,000		7.191			07/30/49		588,500
	Royal Bank of Scotland PLC
	675,000		2.550			09/18/15		688,315
	300,000		9.500	^(a)(c)		03/16/22		345,000
	Santander Holdings USA, Inc.
	270,000		4.625			04/19/16		283,230
	Sovereign Bank
	400,000		8.750			05/30/18		479,322

	Corporate Obligations – (continued)
	Banks – (continued)
	Standard Chartered PLC^(b)
	425,000		5.500			11/18/14		446,888
	600,000		3.950			01/11/23		564,389
	Swedbank Hypotek AB^(a)(b)
	400,000		0.698			03/28/14		400,909
	Union Bank NA
	800,000		2.125			06/16/17		800,984

								20,267,095

	Brokerage – 0.6%
	Morgan Stanley, Inc.
	950,000		6.250			08/28/17		1,078,425
	525,000		6.625			04/01/18		608,390

								1,686,815

	Chemicals – 0.7%
	Ashland, Inc.^(c)
	500,000		4.750			08/15/22		469,375
	Eastman Chemical Co.
	850,000		2.400			06/01/17		859,845
	Ecolab, Inc.
	425,000		3.000			12/08/16		445,768

								1,774,988

	Consumer Cyclical Services^(c) – 0.2%
	Equinix, Inc.
	450,000		7.000			07/15/21		480,375

	Consumer Products – 0.6%
	Avon Products, Inc.
	725,000		4.600			03/15/20		749,617
	Kimberly-Clark Corp.
	850,000		3.700			06/01/43		736,591

								1,486,208

	Diversified Manufacturing – 0.2%
	Xylem, Inc.
	550,000		3.550			09/20/16		577,294

	Electric – 0.9%
	Arizona Public Service Co.
	375,000		8.750			03/01/19		483,350
	Consumers Energy Co.^(c)
	850,000		3.950			05/15/43		760,973
	Ipalco Enterprises, Inc.^(c)
	300,000		5.000			05/01/18		311,250
	PPL WEM Holdings PLC^(b)(c)
	505,000		5.375			05/01/21		549,397
	Puget Sound Energy, Inc.^(a)(c)
	250,000		6.974			06/01/67		260,000

								2,364,970

	Energy – 2.8%
	Continental Resources, Inc.^(c)
	675,000		5.000			09/15/22		678,375
	Ecopetrol SA
	280,000		5.875			09/18/23		292,506


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, 2013 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Energy – (continued)
	Gaz Capital SA for Gazprom^(d)
$	870,000		9.250	%		04/23/19	$	1,065,750
	Lukoil International Finance BV
	300,000		6.656			06/07/22		324,000
	Nexen, Inc.
	375,000		6.400			05/15/37		407,233
	Petrobras International Finance Co.
	60,000		5.750			01/20/20		62,377
	450,000		5.375			01/27/21		451,351
	Petroleos Mexicanos
	270,000		5.500			01/21/21		289,575
	80,000		4.875			01/18/24		80,600
	PTTEP Canada International Finance Ltd.^(b)
	460,000		5.692			04/05/21		490,475
	Rosneft Oil Co. via Rosneft International Finance Ltd.^(b)
	850,000		4.199			03/06/22		783,062
	Rowan Cos., Inc.^(c)
	250,000		4.875			06/01/22		255,308
	TNK-BP Finance SA
	160,000		7.500			07/18/16		179,200
	120,000		7.250			02/02/20		135,300
	Transocean, Inc.
	775,000		6.500			11/15/20		861,624
	Transportadora de Gas Internacional SA^(c)
	330,000		5.700			03/20/22		332,795
	Weatherford International Ltd.
	400,000		9.625			03/01/19		504,889

								7,194,420

	Environmental^(c) – 0.2%
	Clean Harbors, Inc.
	505,000		5.250			08/01/20		496,163

	Food & Beverage – 1.3%
	ConAgra Foods, Inc.
	850,000		1.900			01/25/18		838,163
	Constellation Brands, Inc.
	50,000		3.750			05/01/21		46,250
	900,000		6.000			05/01/22		954,000
	Pernod-Ricard SA^(b)
	550,000		2.950			01/15/17		568,974
	250,000		4.450			01/15/22		256,659
	SABMiller Holdings, Inc.^(b)
	600,000		2.450			01/15/17		616,444

								3,280,490

	Health Care – Services – 0.6%
	Express Scripts Holding Co.
	400,000		2.650			02/15/17		412,532
	HCA, Inc.
	250,000		7.875	^(c)		02/15/20		270,000
	750,000		7.500			02/15/22		821,250

								1,503,782

	Home Construction – 0.5%
	D.R. Horton, Inc.^(c)
	550,000		4.375			09/15/22		500,500

	Corporate Obligations – (continued)
	Home Construction – (continued)
	MDC Holdings, Inc.
	500,000		5.625			02/01/20		517,907
	375,000		6.000	^(c)		01/15/43		325,499

								1,343,906

	Life Insurance – 0.9%
	AIG Life Holdings, Inc.
	425,000		8.500			07/01/30		535,500
	American International Group, Inc.
	350,000		5.850			01/16/18		398,337
	Genworth Holdings, Inc.
	675,000		7.625			09/24/21		798,281
	The Northwestern Mutual Life Insurance Co.^(b)
	650,000		6.063			03/30/40		746,437

								2,478,555

	Media – Cable – 0.8%
	CCO Holdings LLC/CCO Holdings Capital Corp.^(c)
	900,000		5.250			09/30/22		830,250
	DISH DBS Corp.
	475,000		6.750			06/01/21		498,750
	Videotron Ltd.
	825,000		5.000			07/15/22		781,687

								2,110,687

	Media – Non Cable – 1.3%
	NBCUniversal Media LLC
	1,375,000		4.375			04/01/21		1,480,254
	News America, Inc.^(b)
	800,000		5.400			10/01/43		800,834
	Nielsen Finance LLC/Nielsen Finance Co.^(c)
	525,000		4.500			10/01/20		503,344
	WPP Finance UK
	551,000		8.000			09/15/14		586,890

								3,371,322

	Metals & Mining^(b) – 0.6%
	Glencore Funding LLC
	425,000		1.700			05/27/16		418,759
	Xstrata Finance Canada Ltd.
	1,180,000		2.450			10/25/17		1,173,564

								1,592,323

	Noncaptive – Financial – 0.6%
	Discover Financial Services
	400,000		3.850			11/21/22		379,579
	GE Capital Trust I^(a)(c)
	458,000		6.375			11/15/67		485,480
	General Electric Capital Corp.
	275,000		5.875			01/14/38		300,377
	International Lease Finance Corp.
	375,000		8.250			12/15/20		427,500

								1,592,936

	Packaging – 0.7%
	Ball Corp.
	500,000		5.000			03/15/22		486,875


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
	Corporate Obligations – (continued)
	Packaging – (continued)
	Crown Americas LLC/Crown Americas Capital Corp. IV^(b)
$	550,000		4.500	%		01/15/23	$	501,875
	Sealed Air Corp.^(b)(c)
	775,000		8.375			09/15/21		869,938

								1,858,688

	Pharmaceuticals – 0.9%
	AbbVie, Inc.
	1,125,000		1.750			11/06/17		1,116,614
	Actavis, Inc.^(c)
	425,000		3.250			10/01/22		397,487
	Mylan, Inc.^(b)(c)
	750,000		7.875			07/15/20		855,938

								2,370,039

	Pipelines – 2.3%
	Access Midstream Partners LP/ACMP Finance Corp.^(c)
	525,000		4.875			05/15/23		493,500
	Boardwalk Pipelines LP
	575,000		5.875			11/15/16		643,579
	El Paso LLC
	500		7.750			01/15/32		510
	El Paso Pipeline Partners Operating Co. LLC
	450,000		6.500			04/01/20		516,077
	Energy Transfer Partners LP^(a)(b)(c)
	1,075,000		3.283			11/01/66		967,500
	Enterprise Products Operating LLC^(a)(c)
	775,000		8.375			08/01/66		852,500
	775,000		7.034			01/15/68		860,250
	MarkWest Energy Partners LP/MarkWest Energy Finance Corp.^(c)
	550,000		4.500			07/15/23		518,375
	Southern Star Central Gas Pipeline, Inc.^(b)
	300,000		6.000			06/01/16		327,963
	TransCanada PipeLines Ltd.^(a)(c)
	875,000		6.350			05/15/67		896,875

								6,077,129

	Property/Casualty Insurance – 0.3%
	QBE Capital Funding III Ltd.^(a)(b)(c)
	325,000		7.250			05/24/41		342,550
	Transatlantic Holdings, Inc.
	275,000		8.000			11/30/39		339,857

								682,407

	Real Estate Investment Trust – 2.1%
	American Campus Communities Operating Partnership LP^(c)
	800,000		3.750			04/15/23		762,420
	Developers Diversified Realty Corp.
	65,000		9.625			03/15/16		77,183
	755,000		7.500			04/01/17		884,673
	ERP Operating LP^(c)
	450,000		4.625			12/15/21		473,759
	HCP, Inc.
	525,000		6.000			01/30/17		591,236
	350,000		2.625	^(c)		02/01/20		332,228
	Healthcare Realty Trust, Inc.
	550,000		6.500			01/17/17		617,143

	Corporate Obligations – (continued)
	Real Estate Investment Trust – (continued)
	ProLogis LP
	275,000		6.125			12/01/16		308,952
	Simon Property Group LP^(c)
	625,000		10.350			04/01/19		854,798
	WEA Finance LLC/WT Finance Australia Property Ltd.^(b)(c)
	700,000		3.375			10/03/22		659,740

								5,562,132

	Retailers^(c) – 0.2%
	NIKE, Inc.
	625,000		3.625			05/01/43		538,702

	Schools – 0.4%
	Rensselaer Polytechnic Institute
	850,000		5.600			09/01/20		928,896

	Technology – 0.8%
	Hewlett-Packard Co.
	525,000		3.000			09/15/16		541,131
	375,000		2.600			09/15/17		379,371
	NetApp, Inc.
	625,000		2.000			12/15/17		612,835
	Tech Data Corp.
	650,000		3.750			09/21/17		663,665

								2,197,002

	Transportation^(b) – 0.4%
	Penske Truck Leasing Co. LP/PTL Finance Corp.
	1,000,000		2.875			07/17/18		1,000,579

	Wireless Telecommunications – 1.0%
	American Tower Corp.
	625,000		3.400			02/15/19		617,089
	Crown Castle International Corp.
	700,000		5.250			01/15/23		644,000
	MetroPCS Wireless, Inc.^(b)(c)
	250,000		6.250			04/01/21		250,625
	200,000		6.625			04/01/23		200,000
	Softbank Corp.^(b)
	525,000		4.500			04/15/20		501,156
	VimpelCom Holdings BV^(b)
	200,000		7.504			03/01/22		210,000
	VIP Finance Ireland Ltd. for OJSC Vimpel Communications^(b)
	230,000		6.493			02/02/16		243,225

								2,666,095

	Wirelines Telecommunications – 3.4%
	AT&T, Inc.
	725,000		2.950			05/15/16		757,547
	Frontier Communications Corp.
	750,000		8.500			04/15/20		830,625
	MTS International Funding Ltd.
	100,000		8.625			06/22/20		116,375
	200,000		5.000	^(b)		05/30/23		185,938
	Telefonica Emisiones SAU
	600,000		3.192			04/27/18		590,749
	350,000		5.462			02/16/21		357,295
	Verizon Communications, Inc.
	1,275,000		3.650			09/14/18		1,345,948


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, 2013 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Wirelines Telecommunications – (continued)
$	1,500,000		4.500	%		09/15/20	$	1,600,839
	1,925,000		5.150			09/15/23		2,067,969
	850,000		6.550			09/15/43		961,093

								8,814,378

	TOTAL CORPORATE OBLIGATIONS
	(Cost $86,555,147)						$	87,595,809


	Mortgage-Backed Obligations – 34.0%
	Adjustable Rate Non-Agency^(a) – 3.1%
	Aire Valley Mortgages PLC Series 2004-1X, Class 3A2
EUR	1,114,435		0.642	%		09/20/66	$	1,443,030
	Aire Valley Mortgages PLC Series 2006-1X, Class 2A1
	241,947		0.522			09/20/66		312,168
	Banc of America Funding Corp. Series 2007-E, Class 4A1
$	732,584		2.689			07/20/47		557,182
	Countrywide Alternative Loan Trust Series 2005-38, Class A3
	218,643		0.529			09/25/35		179,354
	Granite Master Issuer PLC Series 2005-1, Class A6
GBP	83,386		0.731			12/20/54		133,107
	Granite Master Issuer PLC Series 2005-2, Class A7
	111,181		0.811			12/20/54		177,476
	Granite Master Issuer PLC Series 2006-1X, Class A7
	806,064		0.731			12/20/54		1,286,698
	Granite Master Issuer PLC Series 2006-3, Class A4
$	2,946,303		0.260			12/20/54		2,902,173
	Granite Master Issuer PLC Series 2007-1, Class 5A1
GBP	194,567		0.711			12/20/54		310,582
	Granite Mortgages PLC Series 2003-3, Class 3A
	73,347		0.890			01/20/44		117,604
	Lehman XS Trust Series 2007-4N, Class 1A1
$	313,686		0.309			03/25/47		275,493
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1B
	419,318		1.353			12/25/46		242,949
	Structured Adjustable Rate Mortgage Loan Trust Series 2005-22, Class 1A4
	1,021		2.486			12/25/35		737

	TOTAL ADJUSTABLE RATE NON-AGENCY						$	7,938,553

	Collateralized Mortgage Obligations – 5.4%
	Interest Only^(e) – 0.0%
	FNMA REMIC Series 2010-130, Class HI
$	322,356		6.000	%		11/25/40	$	42,735

	Inverse Floaters^(a) – 0.1%
	FNMA REMIC Series 2005-92, Class SC
	336,191		6.501			10/25/35		50,769
	FNMA REMIC Series 2010-126, Class LS
	1,260,141		4.817			11/25/40		153,166
	FNMA REMIC Series 2010-129, Class SM
	682,969		5.821			11/25/40		82,673
	FNMA REMIC Series 2012-11, Class GS
	675,866		5.821			05/25/40		90,615

								377,223

	Mortgage-Backed Obligations – (continued)
	Planned Amortization Class – 0.1%
	FNMA REMIC Series 2005-70, Class PA
	203,314		5.500			08/25/35		225,024

	Sequential Fixed Rate – 3.0%
	FHLMC Multifamily Structured Pass-Through Certificates Series K005, Class A2
	1,500,000		4.317			11/25/19		1,650,809
	FHLMC Multifamily Structured Pass-Through Certificates Series K027, Class A2
	1,500,000		2.637			01/25/23		1,427,470
	FHLMC Multifamily Structured Pass-Through Certificates Series KS01, Class A2
	1,800,000		2.522			01/25/23		1,703,360
	FNMA REMIC Series 2011-52, Class GB
	1,025,000		5.000			06/25/41		1,124,038
	NCUA Guaranteed Notes Series 2010-C1, Class APT
	1,157,045		2.650			10/29/20		1,184,236
	NCUA Guaranteed Notes Series A4
	600,000		3.000			06/12/19		632,484

								7,722,397

	Sequential Floating Rate^(a) – 2.2%
	Countrywide Alternative Loan Trust Series 2006-0C8, Class 2A3
	5,088,685		0.429			11/25/36		2,199,161
	Deutsche Alt-A Securities, Inc. Alternative Loan Trust Series 2006-AR3, Class A6
	5,471,329		0.464			08/25/36		3,085,378
	FNMA REMIC Series 2011-63, Class FG
	509,654		0.629			07/25/41		511,646

								5,796,185

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	14,163,564

	Commercial Mortgage-Backed Securities^(a) – 0.9%
	Sequential Fixed Rate – 0.7%
	FHLMC Multifamily Structured Pass-Through Certificates Series K030, Class A2
$	1,800,000		3.250	%		04/25/23	$	1,794,861

	Sequential Floating Rate – 0.2%
	Banc of America Commercial Mortgage, Inc. Series 2007-2, Class AM
	225,000		5.803			04/10/49		247,906
	FREMF Mortgage Trust Series 2012-K707, Class C^(b)
	200,000		4.018			01/25/47		188,108
	Morgan Stanley Capital I, Inc. Series 2007-HQ11, Class AM
	50,000		5.478			02/12/44		55,423
	Morgan Stanley Capital I, Inc. Series 2007-HQ13, Class AM
	50,000		5.931			12/15/44		49,286

								540,723

	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	2,335,584

	Federal Agencies – 24.6%
	Adjustable Rate FHLMC^(a) – 0.1%
$	124,857		2.853	%		09/01/35	$	132,920


50		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)
	FHLMC – 5.1%
$	37,903		5.000	%		05/01/18	$	40,155
	55,332		5.000			08/01/33		59,814
	9,957		5.000			09/01/33		10,763
	15,001		5.000			10/01/33		16,216
	11,471		5.000			11/01/34		12,384
	775,447		5.000			12/01/34		837,211
	1,598,533		5.000			03/01/35		1,721,254
	13,034		5.000			05/01/35		14,034
	16,819		5.000			06/01/35		18,112
	34,865		5.000			07/01/35		37,599
	348,845		5.000			08/01/35		375,626
	75,518		5.000			09/01/35		81,316
	16,011		5.000			10/01/35		17,241
	58,331		5.000			11/01/35		62,894
	7,767		5.000			02/01/36		8,363
	34,754		5.000			05/01/36		37,422
	15,032		5.000			07/01/36		16,186
	2,003,895		5.000			12/01/36		2,157,782
	1,152,267		5.000			02/01/37		1,240,614
	597,519		5.500			08/01/37		645,515
	98,143		6.500			08/01/37		109,035
	275,459		6.500			10/01/37		306,478
	13,437		5.000			02/01/38		14,469
	60,091		5.000			03/01/38		64,698
	3,328		5.000			06/01/38		3,582
	73,100		5.000			09/01/38		78,685
	121,928		6.500			09/01/38		135,357
	127,641		5.000			10/01/38		137,394
	3,705		5.000			12/01/38		3,988
	7,928		5.000			02/01/39		8,534
	146,683		5.000			03/01/39		158,109
	60,615		5.000			05/01/39		65,336
	891,404		5.000			09/01/39		959,514
	76,954		5.000			04/01/40		84,052
	18,348		5.000			08/01/40		20,040
	2,653,537		5.500			08/01/40		2,867,344
	19,750		4.500			03/01/41		21,033
	14,801		5.000			04/01/41		16,210
	21,466		5.000			06/01/41		23,510
	756,716		4.000			11/01/41		791,238

								13,279,107

	FNMA – 15.2%
	954,783		3.070			12/01/17		1,003,244
	760,971		2.800			03/01/18		794,555
	5,555		6.000			12/01/18		6,062
	1,600,000		4.506			06/01/19		1,764,946
	63,721		6.000			06/01/21		69,412
	92,070		5.000			08/01/23		98,315
	54,038		5.500			09/01/23		58,310
	29,637		5.500			10/01/23		32,057
	230,413		5.000			02/01/24		244,666
	1,330,292		5.500			05/01/25		1,429,482
	67		6.000			03/01/32		74
	132,724		6.000			12/01/32		146,713
	1,794		5.000			01/01/33		1,960
	2,581		5.500			03/01/33		2,834

	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
	206,477		5.500			04/01/33		226,739
	279		6.000			05/01/33		309
	6,489		5.000			08/01/33		7,065
	14,219		5.500			09/01/33		15,605
	57,903		5.500			12/01/33		63,585
	478		6.000			12/01/33		526
	89,819		5.500			02/01/34		98,619
	25,648		6.000			02/01/34		28,356
	6,690		5.500			03/01/34		7,359
	8,758		5.500			04/01/34		9,615
	520,348		5.500			05/01/34		571,410
	9,804		5.500			09/01/34		10,784
	5,033		5.500			10/01/34		5,536
	43,661		5.500			11/01/34		48,022
	15,942		5.500			12/01/34		17,413
	19,080		5.500	��		02/01/35		20,987
	61,362		5.000			04/01/35		66,719
	173		6.000			04/01/35		190
	15,513		5.500			05/01/35		16,923
	640,457		5.000			07/01/35		695,085
	6,153		5.500			07/01/35		6,712
	2,822		5.500			09/01/35		3,081
	9,828		6.000			03/01/36		10,807
	12,380		5.500			04/01/36		13,505
	19,117		6.000			04/01/36		21,030
	88,407		5.500			09/01/36		97,082
	205		5.500			02/01/37		223
	331		5.500			04/01/37		360
	351		5.500			05/01/37		382
	34,424		5.500			02/01/38		37,553
	528		5.500			03/01/38		575
	482		5.500			06/01/38		525
	590		5.500			07/01/38		643
	479		5.500			08/01/38		522
	348		5.500			09/01/38		379
	448,075		6.000			11/01/38		488,568
	229		5.500			12/01/38		249
	36,235		4.500			04/01/39		38,942
	8,703		5.500			06/01/39		9,458
	46,057		4.500			08/01/39		49,513
	51,061		4.500			11/01/39		54,893
	7,772		5.500			11/01/39		8,448
	395,362		4.500			12/01/39		425,029
	455,815		4.000			09/01/40		478,224
	11,007		4.000			11/01/40		11,544
	1,071,241		4.000			12/01/40		1,123,470
	20,571		4.000			01/01/41		21,574
	21,690		4.000			02/01/41		22,751
	50,986		4.000			03/01/41		53,479
	171,808		4.500			08/01/41		183,784
	44,992		4.500			10/01/41		48,128
	30,848		4.000			01/01/42		32,356
	644,768		3.000			08/01/42		630,942
	572,941		3.000			09/01/42		560,754
	81,084		3.000			10/01/42		79,361
	304,453		3.000			11/01/42		297,953


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, 2013 (Unaudited)


Principal Amount		Interest Rate			Maturity Date			Value
	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	3,599,177		3.000	%		12/01/42		$	3,522,011
	993,991		2.500			01/01/43			924,607
	2,852,919		3.000			01/01/43			2,792,036
	1,246,113		3.000			02/01/43			1,219,531
	989,698		2.500			03/01/43			920,614
	484,165		3.000			03/01/43			473,840
	994,109		2.500			04/01/43			924,717
	797,166		3.000			04/01/43			780,186
	345,819		3.000			05/01/43			338,436
	97,857		3.000			06/01/43			95,778
	840,916		3.000			07/01/43			823,047
	4,000,000		3.000			TBA-30yr	^(f)		3,909,062
	8,000,000		4.000			TBA-30yr	^(f)		8,391,250
	2,000,000		4.500			TBA-30yr	^(f)		2,136,250

									39,627,641

	GNMA – 4.2%
	238,977		3.950			07/15/25			251,713
	159,160		5.500			11/15/32			176,063
	135,639		5.500			01/15/33			149,975
	134,477		5.500			02/15/33			148,690
	133,411		5.500			03/15/33			147,511
	144,037		5.500			07/15/33			159,260
	84,624		5.500			08/15/33			93,568
	70,298		5.500			09/15/33			77,728
	75,037		5.500			04/15/34			82,661
	85,266		5.500			05/15/34			93,930
	744,451		5.500			09/15/34			820,095
	579,009		5.500			12/15/34			637,843
	628,062		5.500			01/15/35			689,973
	3,836		5.500			05/15/36			4,194
	109,658		5.000			11/15/40			120,624
	460,185		2.500			12/15/42			429,096
	48,634		2.500			12/20/42			45,327
	995,928		2.500			05/20/43			928,156
	1,991,742		2.500			07/20/43			1,856,206
	3,000,000		4.000			TBA-30yr	^(f)		3,167,500
	1,000,000		4.500			TBA-30yr	^(f)		1,077,656

									11,157,769

	TOTAL FEDERAL AGENCIES							$	64,197,437

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $84,108,433)							$	88,635,138


	Agency Debentures – 3.9%
	FHLB
$	2,400,000		4.625	%		09/11/20		$	2,777,769
	FHLMC
	700,000		0.500			10/15/13			700,114
EUR	600,000		4.375			01/15/14			820,793
$	400,000		2.375			01/13/22			389,264
	FNMA
	300,000		4.125			04/15/14			306,505
	2,600,000		1.875			09/18/18			2,631,429
	800,000		6.250			05/15/29			1,029,602

	Agency Debentures – (continued)
	Tennessee Valley Authority
	1,600,000		1.750			10/15/18			1,597,138

	TOTAL AGENCY DEBENTURES
	(Cost $9,859,490)							$	10,252,614


	Asset-Backed Securities – 11.2%
	Collateralized Loan Obligations – 9.6%
	Aberdeen Loan Funding Ltd. Series 2008-1A, Class A^(a)(b)
$	3,717,397		0.915	%		11/01/18		$	3,616,927
	ACIS CLO Ltd. Series 2013-1A, Class ACOM^(b)
	2,600,000		1.558			04/18/24			2,537,566
	ACIS CLO Ltd. Series 2013-2A, Class A^(a)(b)
	400,000		0.761			10/14/22			386,800
	ACIS CLO Ltd. Series 2013-2A, Class COM^(a)(b)
	2,650,000		1.176			10/14/22			2,559,905
	Crown Point CLO Ltd. Series 2012-1A, Class ACOM^(a)(b)
	1,250,000		1.484			11/21/22			1,222,691
	Golub Capital Management CLO Ltd. Series 2007-1A, Class A^(a)(b)
	1,500,000		0.506			07/31/21			1,473,906
	OCP CLO Ltd. Series 2012-2A, Class ACOM^(a)(b)
	2,200,000		1.502			11/22/23			2,137,714
	OFSI Fund V Ltd. Series 2013-5A, Class ACOM^(b)
	1,650,000		1.618			04/17/25			1,633,975
	Red River CLO Ltd. Series 1A, Class A^(a)(b)
	3,587,083		0.535			07/27/18			3,512,368
	Westchester CLO Ltd. Series 2007-1X, Class A1A^(a)
	6,105,837		0.490			08/01/22			5,904,986

									24,986,838

	Home Equity – 0.2%
	Bear Stearns Asset Backed Securities Trust Series 2001-3, Class A2^(a)
	7,141		0.979			10/27/32			6,953
	Bear Stearns Asset Backed Securities Trust Series 2002-2, Class A1^(a)
	5,561		0.844			10/25/32			5,373
	Bear Stearns Asset Backed Securities Trust Series 2005-SD4, Class 2A1^(a)
	482,182		0.579			12/25/42			470,311
	CS First Boston Mortgage Securities Corp. Series 2001-HE17, Class A1^(a)
	1,761		0.799			01/25/32			1,484
	First Alliance Mortgage Loan Trust Series 1999-4, Class A2^(a)
	545		0.940			03/20/31			444
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
	157,988		7.000			09/25/37			151,460
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
	62,558		7.000			09/25/37			60,542
	Home Equity Asset Trust Series 2002-1, Class A4^(a)
	257		0.784			11/25/32			234
	Renaissance Home Equity Loan Trust Series 2003-2, Class A^(a)
	2,022		0.624			08/25/33			1,893
	Renaissance Home Equity Loan Trust Series 2003-3, Class A^(a)
	4,975		0.679			12/25/33			4,790

									703,484


52		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
	Asset-Backed Securities – (continued)
	Student Loan^(a) – 1.4%
	College Loan Corp. Trust Series 2004-1, Class A4
$	750,000		0.456	%		04/25/24	$	711,774
	College Loan Corp. Trust Series 2006-1, Class A3
	1,000,000		0.356			10/25/25		991,761
	Northstar Education Finance, Inc. Series 2005-1, Class A1
	70,326		0.364			10/28/26		70,011
	Panhandle-Plains Higher Education Authority, Inc. Series 2010-2, Class A1
	621,592		1.378			10/01/35		631,807
	South Carolina Student Loan Corp. Series 2005, Class A1
	311,206		0.361			12/03/18		310,443
	South Carolina Student Loan Corp. Series 2006-1, Class A1
	859,045		0.350			12/02/19		852,642
	US Education Loan Trust LLC Series 2006-1, Class A2^(b)
	118,010		0.390			03/01/25		117,607

								3,686,045

	TOTAL ASSET-BACKED SECURITIES
	(Cost $28,470,660)						$	29,376,367


	Foreign Debt Obligations – 4.6%
	Sovereign – 4.3%
	Dominican Republic
DOP	500,000		14.500	%		02/10/23	$	11,348
	Republic of Chile
$	910,000		3.625			10/30/42		741,650
	Republic of Indonesia
	430,000		6.125	^(b)		03/15/19		444,513
	230,000		4.875			05/05/21		227,700
	220,000		3.375	^(b)		04/15/23		187,000
	430,000		8.500			10/12/35		521,375
	Republic of Ivory Coast^(h)
	1,168,000		5.750			12/31/32		1,016,160
	Republic of Slovenia
	750,000		5.500	^(b)		10/26/22		699,375
	200,000		5.500			10/26/22		186,500
	850,000		5.850	^(b)		05/10/23		807,960
	Republic of South Africa
	200,000		5.875			09/16/25		211,250
	Republic of Turkey
	820,000		6.250			09/26/22		880,475
	Republic of Venezuela
	90,000		8.250			10/13/24		67,050
	390,000		9.250			09/15/27		315,900
	Russian Federation^(b)
	3,000,000		4.875			09/16/23		3,075,000
	United Mexican States
MXN	2,128,400		6.500			06/10/21		170,496
	425,600		8.000			12/07/23		37,484
	3,020,200		7.500			06/03/27		253,867
	1,424,600		8.500			05/31/29		127,507
	1,588,400		7.750			05/29/31		131,040
	7,700		10.000			11/20/36		776
	6,728,200		7.750			11/13/42		545,702

	Foreign Debt Obligations – (continued)
	Sovereign – (continued)
$	660,000		4.750			03/08/44		597,300

								11,257,428

	Supranational – 0.3%
	Inter-American Development Bank
	700,000		1.000			02/27/18		680,290

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $12,377,056)						$	11,937,718


	Structured Notes – 0.7%
	Notas do Tesouro Nacional Series B (Issuer HSBC Corp.)
BRL $	3,790,640		6.000	%		08/15/40	$	1,740,957


	Municipal Debt Obligations – 5.6%
	California – 1.8%
	California State GO Bonds (Refunding-Various Purposes) Series 2013
$	415,000		5.000	%		09/01/28	$	451,503
	255,000		5.000			09/01/31		271,391
	365,000		5.000			09/01/32		386,031
	265,000		5.000			09/01/33		280,052
	California State GO Bonds (Various Purposes) Series 2013
	255,000		5.000			09/01/27		280,067
	250,000		5.000			04/01/37		258,595
	660,000		5.000			04/01/43		675,530
	California State GO Bonds Build America Taxable Series 2009
	210,000		7.550			04/01/39		273,315
	California State GO Bonds Build America Taxable Series 2010
	625,000		7.950			03/01/36		723,662
	California State University Systemwide RB Series 2012 A
	395,000		5.000			11/01/37		411,365
	255,000		5.000			11/01/42		263,063
	City of Los Angeles CA Department of Water & Power RB (Power System) Series 2012 B
	250,000		5.000			07/01/43		256,210
	City of Los Angeles CA Department of Water & Power RB Series 2012 B
	250,000		5.000			07/01/43		260,958

								4,791,742

	Florida – 0.1%
	Miami-Dade County FL Transit System Sales Surtax RB (Sales Tax) Series 2012
	255,000		5.000			07/01/42		258,953

	Georgia – 0.1%
	Private Colleges & Universities GA Authority RB (Emory University) Series 2013 A
	335,000		5.000			10/01/43		355,847

	Illinois – 0.3%
	Illinois State GO Bonds Build America Series 2010
	500,000		7.350			07/01/35		531,650


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, 2013 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Municipal Debt Obligations – (continued)
	Illinois – (continued)
	Illinois State GO Bonds Taxable-Pension Series 2003
$	115,000		5.100	%		06/01/33	$	101,962

								633,612

	Louisiana – 0.1%
	Louisiana State Gas & Fuels Tax RB (Second Lien) Series 2010 B
	255,000		5.000			05/01/45		262,474

	Massachusetts – 0.1%
	Massachusetts State Consolidated Loan GO Bonds Series 2013 E
	355,000		5.000			08/01/40		372,793

	Missouri – 0.1%
	Metropolitan St. Louis MO Sewer District Wastewater System RB Series 2012 A
	250,000		5.000			05/01/42		263,905

	New Jersey – 0.5%
	New Jersey State Economic Development Authority RB (Rutgers University) Series 2013
	255,000		5.000			06/15/38		266,959
	New Jersey State Transportation Trust Fund Authority RB (Transportation Program) Series 2013 AA
	420,000		5.000			06/15/36		431,012
	290,000		5.500			06/15/39		309,749
	315,000		5.000			06/15/44		319,086

								1,326,806

	New York – 1.6%
	New York City GO Bonds Series 2012 B
	250,000		5.000			08/01/24		286,220
	New York City GO Bonds (Refunding) Series 2012 F
	255,000		5.000			08/01/24		290,108
	New York City GO Bonds (Refunding) Series 2012 I
	250,000		5.000			08/01/24		286,220
	New York City GO Bonds (Refunding) Series 2013 I
	250,000		5.000			08/01/25		284,963
	New York City GO Bonds (Refunding) Series 2013 J
	250,000		5.000			08/01/24		289,738
	250,000		5.000			08/01/25		286,090
	New York City Transitional Finance Authority RB (Future Tax Secured) Series 2012 E-1
	250,000		5.000			02/01/42		259,115
	New York City Water & Sewer System Finance Authority RB (Refunding) Series 2011 AA
	260,000		5.000			06/15/44		267,852
	New York City Water & Sewer System Finance Authority RB (Second General) Series 2013 CC
	505,000		5.000			06/15/47		521,428
	New York State Dormitory Authority Personal Income Tax RB (General Purpose) Series 2013 A
	255,000		5.000			02/15/43		265,039
	New York State Urban Development Corp. RB (Personal Income Tax) Series 2013 C
	320,000		5.000			03/15/30		348,915
	330,000		5.000			03/15/31		357,641
	340,000		5.000			03/15/32		366,530

								4,109,859

	Municipal Debt Obligations – (continued)
	Ohio – 0.4%
	American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
$	250,000		6.270	%		02/15/50	$	257,385
	Ohio State Turnpike Commission RB (Junior Lien-Infrastructure Projects) Series 2013 A-1
	395,000		5.000			02/15/48		398,804
	Ohio State Turnpike Commission RB (Senior Lien) Series 2013 A
	250,000		5.000			02/15/48		256,952

								913,141

	Pennsylvania – 0.1%
	Pennsylvania State Turnpike Commission RB Series 2013 C
	250,000		5.000			12/01/43		253,365

	Texas – 0.1%
	North Texas Tollway Authority RB (Special Projects System) Series 2011 A
	255,000		5.500			09/01/41		274,972

	Washington – 0.3%
	University of Washington RB (General) Series 2013
	260,000		5.000			07/01/41		272,028
	Washington State GO Bonds (Various Purposes) Series 2013 A
	250,000		5.000			08/01/34		265,955
	300,000		5.000			08/01/35		317,658

								855,641

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $14,123,962)						$	14,673,110


	Government Guarantee Obligations – 1.4%
	Achmea Hypotheekbank NV^(b)(i)
$	145,000		3.200	%		11/03/14	$	149,396
	Israel Government AID Bond^(j)
	2,000,000		5.500			09/18/23		2,384,279
	200,000		5.500			12/04/23		239,088
	650,000		5.500			04/26/24		777,666
	40,000		5.500			09/18/33		47,407

	TOTAL GOVERNMENT GUARANTEE OBLIGATIONS
	(Cost $3,817,049)						$	3,597,836


	U.S. Treasury Obligations – 4.9%
	United States Treasury Bonds
$	2,600,000		3.125	%		11/15/41	$	2,344,706
	5,100,000		3.125	^(g)		02/15/42		4,591,683
	3,500,000		3.625			08/15/43		3,459,820
	United States Treasury Notes
	2,500,000		1.375			09/30/18		2,498,200

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $13,793,554)						$	12,894,409


54		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 – 2.2%
	Interest Rate Swaptions
	Bank of America NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.590%
$	8,700,000		3.590	%		03/22/16	$	534,652
	Bank of America NA Call - OTC - 10 year Interest Rate Swap Strike Price 4.070%
	8,000,000		4.070			03/29/16		347,528
	Citibank NA Put - OTC - 10 year Interest Rate Swap Strike Price 3.017%
	4,500,000		3.017			05/29/15		110,240
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.017%
	4,500,000		3.017			05/29/15		296,362
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.570%
	7,300,000		3.570			02/22/16		440,797
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.625%
	7,000,000		3.625			02/22/16		406,119
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.645%
	7,600,000		3.645			02/16/16		431,436
	Deutsche Bank Securities, Inc. Call - OTC - 2 year Interest Rate Swap Strike Price 1.950%
	23,600,000		1.950			10/26/15		247,215
	Deutsche Bank Securities, Inc. Call - OTC - 2 year Interest Rate Swap Strike Price 2.030%
	23,500,000		2.030			10/26/15		232,037
	JPMorgan Chase Bank NA Call - OTC - 2 year Interest Rate Swap Strike Price 1.855%
	22,700,000		1.855			11/02/15		260,378
	JPMorgan Chase Bank NA Call - OTC - 10year Interest Rate Swap Strike Price 3.610%
	6,900,000		3.610			02/16/16		401,890
	Morgan Stanley Capital Services, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 3.652%
	19,700,000		3.652			02/22/16		1,120,564
	Morgan Stanley Capital Services, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 3.620%
	13,700,000		3.620			03/07/16		810,003

	TOTAL OPTIONS PURCHASED – 2.2%
	(Cost $3,697,796)						$	5,639,221

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $259,049,030)						$	266,343,179

Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment^(k) – 3.9%
	Repurchase Agreement – 3.9%
	Joint Repurchase Agreement Account II
$	10,200,000		0.083	%		10/01/13	$	10,200,000
	(Cost $10,200,000)

	TOTAL INVESTMENTS – 106.0%
	(Cost $269,249,030)						$	276,543,179

	LIABILITIES IN EXCESS OF OTHER ASSETS – (6.0)%							(15,640,018	)

	NET ASSETS – 100.0%						$	260,903,161


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, 2013.
(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 $47,051,226, which represents approximately 18.0% of net assets as of September 30, 2013.
(c)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(d)		Security 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, 2013.
(e)		Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(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 $16,572,343 which represents approximately 6.4% of net assets as of September 30, 2013.
(g)		A portion of this security is segregated as collateral for initial margin requirements on futures transactions.
(h)		Coupon increases periodically based upon a predetermined schedule. Stated interest rate in effect at September 30, 2013.
(i)		Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $149,396, which represents approximately 0.1% of net assets as of September 30, 2013.
(j)		Guaranteed by United States Government until maturity. Total market value of these securities amounts to $3,448,440, which represents approximately 1.3% of net assets as of September 30, 2013.
(k)		Joint repurchase agreement was entered into on September 30, 2013. Additional information appears on page 115.


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, 2013 (Unaudited)



Currency Abbreviations:
AUD		—Australian Dollar
BRL		—Brazilian Real
CAD		—Canadian Dollar
CHF		—Swiss Franc
CLP		—Chilean Peso
CZK		—Czech Koruna
DOP		—Dominican Peso
EUR		—Euro
GBP		—British Pound
HUF		—Hungarian Forint
IDR		—Indonesian Rupiah
ILS		—Israeli Shekel
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
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
JYOR		—Japanese Yen Offered Rate
KWCDC		—South Korean Won Certificate of Deposit
LIBOR		—London Interbank Offered Rate
MYROR		—Malaysian Ringgit Offered Rate
NCUA		—National Credit Union Administration
NIBOR		—Norwegian Interbank Offered Rate
NZDOR		—New Zealand Dollar Offered Rate
OTC		—Over the Counter
RB		—Revenue Bond
REMIC		—Real Estate Mortgage Investment Conduit
SPA		—Stand-by Purchase Agreement
STIBOR		—Stockholm Interbank Offered Rate
WIBOR		—Warsaw Interbank Offered Rate


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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2013, 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	CZK/EUR		12/18/13	$	109,604	$	37
	EUR/USD		12/18/13		392,408		6,789
	HUF/EUR		12/18/13		286,758		286
	PLN/USD		12/18/13		439,301		2,301
Barclays Bank PLC	EUR/USD		10/25/13		494,347		9,020
	EUR/USD		12/18/13		280,098		4,329
	GBP/EUR		12/18/13		503,364		3,402
	HUF/EUR		12/18/13		110,957		582
	NOK/USD		12/18/13		188,370		2,299
	USD/IDR		11/19/13		132,405		6,595
	USD/MYR		10/11/13		217,583		1,417
	USD/PHP		10/17/13		179,296		3,704
BNP Paribas SA	GBP/USD		12/18/13		868,614		30,963
Citibank NA	EUR/USD		12/18/13		2,336,684		31,254
	GBP/EUR		12/18/13		221,913		115
	MXN/USD		12/18/13		174,851		1,101
	NZD/USD		12/18/13		109,859		1,404
	PHP/USD		10/11/13		140,055		1,055
	RUB/USD		10/07/13		143,586		4,586
	USD/IDR		10/24/13		135,003		2,997
	USD/RUB		10/10/13		235,228		772
	USD/RUB		10/24/13		106,996		2,004
Credit Suisse International (London)	JPY/USD		12/18/13		109,731		731
	RUB/USD		10/07/13		144,016		5,016
	RUB/USD		10/10/13		571,024		17,024
	USD/RUB		10/17/13		218,288		712
Deutsche Bank AG (London)	ILS/USD		12/18/13		109,159		159
	MYR/USD		10/03/13		281,861		2,861
	TWD/USD		10/15/13		138,481		481
	USD/MXN		12/18/13		107,811		1,189
HSBC Bank PLC	EUR/SEK		12/18/13		109,476		128
	KRW/USD		10/23/13		109,558		558
	MYR/USD		10/03/13		282,622		4,622
	MYR/USD		10/11/13		281,179		4,179
JPMorgan Securities, Inc.	EUR/NOK		12/18/13		598,125		10,784
	JPY/USD		12/18/13		328,071		1,071
	USD/TRY		12/18/13		107,829		138
Morgan Stanley Capital Services, Inc.	BRL/USD		10/15/13		302,363		1,474
	HUF/EUR		12/18/13		110,957		612
	RUB/USD		10/15/13		280,425		4,425
	USD/MXN		12/18/13		214,429		3,571
Royal Bank of Canada	BRL/USD		10/07/13		147,832		8,832
	BRL/USD		10/11/13		143,454		5,454
	BRL/USD		10/18/13		111,132		2,132
	MXN/USD		12/18/13		138,897		897
Royal Bank of Scotland PLC	CHF/USD		12/18/13		271,682		6,728
	GBP/USD		12/18/13		142,381		3,683
	JPY/USD		12/18/13		242,741		1,397
Standard Chartered Bank	SGD/USD		12/18/13		109,562		562


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, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Gain
State Street Bank	GBP/EUR		12/18/13	$	282,804	$	236
	JPY/USD		12/18/13		437,574		574
	MXN/USD		12/18/13		139,079		1,079
	USD/MXN		12/18/13		217,291		1,709
UBS AG (London)	BRL/USD		10/18/13		110,985		1,985
	MYR/USD		10/11/13		138,503		503
	PHP/USD		10/07/13		283,222		5,222
	PHP/USD		10/11/13		138,596		596
	TWD/USD		10/11/13		277,322		322
	USD/IDR		11/19/13		260,570		20,430
	USD/ZAR		12/18/13		214,507		4,493
Westpac Banking Corp.	AUD/USD		12/18/13		844,112		16,210
	NZD/AUD		12/18/13		138,287		1,670
	USD/AUD		12/18/13		648,743		2,691
	USD/MYR		10/23/13		214,721		2,623
TOTAL						$	266,775

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
Bank of America Securities LLC	CZK/EUR		12/18/13	$	109,604	$	(186	)
	EUR/PLN		12/18/13		288,866		(4,032	)
	HUF/EUR		12/18/13		108,250		(593	)
	TRY/USD		12/18/13		213,189		(5,811	)
	USD/EUR		12/18/13		443,827		(5,949	)
	USD/MYR		10/03/13		140,241		(1,241	)
Barclays Bank PLC	EUR/GBP		12/18/13		109,740		(136	)
	MXN/USD		12/18/13		105,727		(3,273	)
	NOK/EUR		12/18/13		140,726		(4,408	)
	USD/TRY		12/18/13		139,023		(1,023	)
	USD/ZAR		12/18/13		218,437		(437	)
	ZAR/USD		12/18/13		518,847		(4,153	)
BNP Paribas SA	EUR/GBP		12/18/13		862,596		(7,417	)
	RUB/USD		10/15/13		285,282		(5,024	)
	USD/JPY		12/18/13		562,898		(5,017	)
Citibank NA	EUR/GBP		12/18/13		143,134		(1,055	)
	MYR/USD		10/23/13		210,531		(6,469	)
	PHP/USD		10/17/13		218,576		(424	)
	RUB/USD		10/17/13		218,823		(177	)
	TRY/USD		12/18/13		106,365		(3,635	)
	USD/CAD		12/18/13		733,095		(1,281	)
	USD/GBP		12/18/13		1,098,597		(26,493	)
	USD/JPY		12/18/13		109,017		(17	)
	USD/MXN		12/18/13		139,503		(503	)
	USD/MYR		10/03/13		139,900		(900	)
	USD/MYR		10/18/13		218,434		(434	)
	USD/RUB		10/10/13		283,312		(6,312	)
	USD/RUB		10/21/13		109,029		(29	)
	USD/TRY		12/18/13		142,848		(3,848	)


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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
Credit Suisse International (London)	CLP/USD		10/16/13	$	164,646	$	(337	)
	CLP/USD		10/25/13		107,178		(1,822	)
	EUR/CHF		12/18/13		142,343		(1,617	)
	RUB/USD		10/21/13		212,404		(5,596	)
	USD/JPY		12/18/13		278,466		(2,466	)
	USD/MXN		10/30/13		938,339		(1,406	)
	USD/RUB		10/07/13		285,246		(9,246	)
	USD/RUB		10/15/13		139,423		(1,423	)
Deutsche Bank AG (London)	AUD/USD		12/18/13		325,764		(122	)
	CNH/USD		12/18/13		312,045		(128	)
	ILS/USD		12/18/13		107,992		(1,008	)
	MYR/USD		10/18/13		104,168		(832	)
	MYR/USD		10/23/13		105,424		(3,576	)
	USD/CNH		12/18/13		598,190		(134	)
	USD/CNH		01/08/14		587,534		(7,534	)
	USD/CZK		12/18/13		334,756		(7,828	)
	USD/EUR		12/18/13		219,207		(726	)
	USD/MXN		10/30/13		302,841		(2,839	)
	USD/PHP		10/17/13		55,044		(44	)
	USD/PLN		12/18/13		353,396		(5,380	)
	USD/RUB		10/15/13		75,895		(754	)
HSBC Bank PLC	USD/AUD		12/18/13		139,215		(1,852	)
	USD/MYR		10/03/13		141,310		(2,310	)
	USD/SEK		12/18/13		462,484		(6,386	)
JPMorgan Securities, Inc.	MXN/USD		12/18/13		431,091		(5,909	)
	NOK/EUR		12/18/13		426,237		(8,575	)
	USD/BRL		10/17/13		1,760,431		(66,461	)
	USD/EUR		10/25/13		4,660,498		(97,717	)
	USD/EUR		12/18/13		765,872		(3,702	)
	USD/HUF		12/18/13		617,809		(17,843	)
	USD/IDR		10/07/13		21,205		(205	)
	USD/RUB		10/15/13		63,782		(782	)
	USD/TRY		12/18/13		396,409		(6,433	)
Morgan Stanley Capital Services, Inc.	MXN/JPY		12/18/13		109,632		(4,272	)
	NZD/USD		12/18/13		213,935		(2,722	)
	USD/BRL		11/04/13		109,863		(863	)
	USD/ILS		12/18/13		293,427		(3,374	)
Royal Bank of Canada	CAD/USD		12/18/13		542,686		(3,314	)
	USD/BRL		10/15/13		141,855		(3,855	)
	USD/BRL		10/18/13		240,267		(4,267	)
	USD/CAD		12/18/13		196,642		(142	)
	USD/GBP		10/24/13		2,625,339		(62,480	)
	USD/NZD		12/18/13		272,298		(9,979	)
Royal Bank of Scotland PLC	TRY/USD		12/18/13		923,190		(18,053	)
	USD/EUR		12/18/13		292,506		(3,943	)
	USD/GBP		12/18/13		218,425		(703	)
	USD/TRY		12/18/13		139,709		(1,709	)
Standard Chartered Bank	IDR/USD		10/24/13		207,841		(13,572	)
	USD/SGD		12/18/13		157,280		(2,708	)
	USD/TRY		12/18/13		427,101		(1,790	)
State Street Bank	MXN/USD		12/18/13		214,001		(4,999	)
	NOK/EUR		12/18/13		230,124		(7,307	)


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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (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
State Street Bank (continued)	USD/AUD		12/18/13	$	138,287	$	(1,097	)
	USD/CHF		12/18/13		702,959		(19,636	)
	USD/EUR		12/18/13		109,604		(19	)
	USD/JPY		12/18/13		282,257		(5,257	)
UBS AG (London)	RUB/USD		10/24/13		214,973		(3,027	)
	USD/BRL		10/07/13		146,906		(7,906	)
	USD/BRL		10/11/13		142,591		(4,591	)
	USD/IDR		10/07/13		99,737		(1,617	)
	USD/ZAR		12/18/13		328,876		(1,876	)
	ZAR/USD		12/18/13		351,219		(5,781	)
Westpac Banking Corp.	AUD/USD		12/18/13		428,783		(4,882	)
	EUR/USD		12/18/13		217,854		(212	)
	USD/AUD		12/18/13		276,574		(1,445	)
	USD/EUR		12/18/13		217,854		(316	)
TOTAL						$	(580,984	)

FORWARD SALES CONTRACTS — At September 30, 2013, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(f)	Settlement Date		Principal Amount			Value
FHLMC		5.000	%	TBA-30yr		10/10/2013	$	(2,000,000	)	$	(2,157,188	)
FNMA		2.500		TBA-30yr		10/10/2013		(2,000,000	)		(1,859,688	)
GNMA		2.500		TBA-30yr		10/21/2013		(3,000,000	)		(2,795,156	)
TOTAL (Proceeds Receivable: $6,680,625)										$	(6,812,032	)

FUTURES CONTRACTS — At September 30, 2013, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Eurodollars		64		September 2014	$	21,554,696		$	38,850
Eurodollars		8		December 2014		2,692,578			5,651
Eurodollars		62		March 2015		20,851,755			30,178
French 10 Year Government Bonds		1		December 2013		179,239			2,934
Italian 10 Year Government Bonds		(7	)	December 2013		(1,045,293	)		515
Ultra Long U.S. Treasury Bonds		23		December 2013		3,268,156			(5,231	)
5 Year German Euro-Bobl		1		December 2013		168,349			1,946
10 Year German Euro-Bund		6		December 2013		1,140,453			19,876
2 Year U.S. Treasury Notes		11		December 2013		2,422,922			3,591
5 Year U.S. Treasury Notes		(215	)	December 2013		(26,025,078	)		(217,451	)
10 Year U.S. Treasury Notes		642		December 2013		81,142,781			1,099,424
20 Year U.S. Treasury Bonds		309		December 2013		41,212,875			886,431
TOTAL								$	1,866,714


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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2013, the Fund had the following swap contracts:

OVER THE COUNTER 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	6,090			01/04/16	10.390%	1 month Brazilian Interbank Deposit Average	$	—	$	(19,529	)
		CAD	6,200	^(a)		12/20/25	2.910	6 month CDOR		—		(408,809	)
			300			06/27/33	6 month CDOR	3.475%		—		3,855
			3,600	^(a)		12/20/35	6 month CDOR	3.000		—		451,525
Barclays Bank PLC		BRL	2,190			01/04/16	10.300	1 month Brazilian Interbank Deposit Average		—		(8,778	)
		MYR	380			08/14/23	3 month MYROR	4.485		—		(3,348	)
Citibank NA		BRL	2,480			01/04/16	10.090	1 month Brazilian Interbank Deposit Average		—		(14,449	)
		NZD	610	^(a)		12/18/18	3 month NZDOR	3.500		10,634		11,000
		KRW	2,257,900			08/08/23	3 month KWCDC	3.450		—		(23,262	)
			231,040			08/16/23	3 month KWCDC	3.485		—		(2,979	)
		$	2,800	^(a)		02/18/26	3.145	3 month LIBOR		—		(150,131	)
			2,600	^(a)		02/24/26	3.125	3 month LIBOR		—		(145,123	)
			2,700	^(a)		02/24/26	3.070	3 month LIBOR		—		(163,320	)
Credit Suisse International (London)		NZD	1,710	^(a)		12/18/18	3 month NZDOR	3.500		47,801		12,846
Deutsche Bank Securities, Inc.		$	10,600	^(a)		10/30/17	1.450	3 month LIBOR		—		(99,930	)
			10,600	^(a)		10/30/17	1.530	3 month LIBOR		—		(83,303	)
		MYR	330			08/14/23	3 month MYROR	4.490		—		(2,952	)
		NZD	1,340	^(a)		12/18/23	3 month NZDOR	4.000		24,808		56,784
JPMorgan Securities, Inc.		BRL	5,220			01/02/15	8.155	1 month Brazilian Interbank Deposit Average		—		(48,878	)
		$	10,200	^(a)		11/06/17	1.355	3 month LIBOR		—		(119,001	)
		KRW	291,170			08/21/23	3 month KWCDC	3.563		—		(5,533	)
		MYR	420			09/26/23	3 month MYROR	4.330		—		(80	)
		$	2,600	^(a)		02/18/26	3.110	3 month LIBOR		—		(147,142	)
Morgan Stanley Capital Services, Inc.		KRW	225,810			08/16/23	3 month KWCDC	3.485		—		(2,912	)
		$	7,800	^(a)		02/18/26	3.130	3 month LIBOR		—		(428,166	)
			7,400	^(a)		02/24/26	3.152	3 month LIBOR		—		(396,069	)
			5,000	^(a)		03/09/26	3.120	3 month LIBOR		—		(286,227	)
TOTAL									$	83,243	$	(2,023,911	)

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2013.

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


				Rates Exchanged			Market Value
Notional Amount (000s)^(a)		Termination Date		Payments Received	Payments Made		Upfront Payments Made (Received)			Unrealized Gain (Loss)
	EUR 8,460		06/05/15	0.600%		6 month EURO	$	(9,791	)	$	10,611
	10,780		06/29/15	0.850		6 month EURO		5,343			29,619


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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)


				Rates Exchanged		Market Value
Notional Amount (000s)^(a)		Termination Date		Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
NOK	10,710		06/30/15	3 month NIBOR	2.000%	$	127		$	418
EUR	10,620		08/06/15	0.750%	6 month EURO		(41	)		15,493
	13,770		08/18/15	0.800	6 month EURO		2,769			24,740
JPY	3,412,620		08/18/15	6 month JYOR	0.280		2,714			(10,383	)
AUD	6,520		09/05/15	3.200	6 month AUDOR		(469	)		15,176
$	13,630		09/26/15	3 month LIBOR	0.650		(1,988	)		(4,538	)
	51,100		12/18/15	3 month LIBOR	0.500		202,560			(163,116	)
GBP	6,930		07/18/16	6 month BP	0.930		31,824			37,494
$	31,300		07/25/16	3 month LIBOR	0.965		4,975			(70,971	)
CAD	40,600		07/25/16	1.940	6 month CDOR		(10,920	)		78,514
EUR	34,830		07/27/16	6 month EURO	1.100		29,348			(58,359	)
$	58,900		12/19/16	0.500	3 month LIBOR		(516,464	)		(163,136	)
EUR	29,150		07/27/18	1.600	6 month EURO		(100,610	)		122,615
CAD	1,610		12/18/18	1.750	6 month CDOR		(47,013	)		3,417
$	2,590		12/18/18	3 month LIBOR	1.000		104,278			(18,712	)
GBP	3,690		12/18/18	6 month BP	1.000		245,259			1,103
EUR	4,950		12/18/18	1.000	6 month EURO		(149,298	)		48,906
SEK	7,540		12/18/18	3 month STIBOR	1.750		31,786			883
$	31,800		12/18/18	1.000	3 month LIBOR		(964,972	)		(85,604	)
	26,100		08/15/19	3.250	3 month LIBOR		(12,755	)		219,256
JPY	673,850		04/24/20	0.610	6 month JYOR		4,298			(9,991	)
EUR	11,690		07/27/20	6 month EURO	1.950		78,477			(52,509	)
$	59,700		12/18/20	3 month LIBOR	1.500		1,938,041			1,187,075
GBP	9,490		07/18/21	2.240	6 month BP		(235,903	)		(98,553	)
$	13,500		08/15/21	3 month LIBOR	3.000		(94,313	)		(215,528	)
PLN	940		08/09/23	3 month WIBOR	4.041		2			3,826
	480		08/16/23	3 month WIBOR	4.200		1			(70	)
	610		08/20/23	3 month WIBOR	4.330		2			(2,198	)
	620		08/23/23	3 month WIBOR	4.385		2			(3,131	)
EUR	10		12/18/23	1.750	6 month EURO		(35	)		(438	)
GBP	410		12/18/23	6 month BP	2.000		47,885			(1,382	)
JPY	17,800		12/18/23	0.750	6 month JYOR		(5,852	)		3,245
$	37,800		12/18/23	3 month LIBOR	2.000		3,453,950			(498,274	)
	4,600		06/11/24	3 month LIBOR	2.733		37			139,075
GBP	6,090		07/18/24	6 month BP	2.700		193,139			49,844
$	6,900		07/24/24	3.098	3 month LIBOR		(65,033	)		50,456
CAD	9,300		07/24/24	6 month CDOR	3.250		24,838			11,873
JPY	1,077,330		04/24/25	6 month JYOR	1.030		10,001			104,505
	1,828,000		05/09/25	6 month JYOR	1.650		23,488			103,023
$	3,300		03/24/26	3.090	3 month LIBOR		26			(201,230	)
	2,200		03/31/26	3.070	3 month LIBOR		35			(138,940	)
JPY	1,121,000		05/10/27	1.880	6 month JYOR		(22,230	)		(84,892	)
$	2,300		12/18/28	3 month LIBOR	2.500		115,596			129,381
JPY	553,730		04/24/30	1.480	6 month JYOR		(1,725	)		(72,344	)
$	16,500		12/18/43	3 month LIBOR	3.000		682,385			1,544,095
	TOTAL					$	4,993,774		$	1,980,344

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2013.


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

GOLDMAN SACHS CORE PLUS FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


												Market Value
Counterparty	Referenced Obligation	Notional Amount (000s)		Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2013^(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		0.114	%	$	(3,697	)	$	(5,770	)
Deutsche Bank Securities, Inc.	CDX North America Investment Grade Index 16		3,000		(1.000	)		06/20/14		0.114			(8,382	)		(11,905	)
JPMorgan Securities, Inc.	CDX North America Investment Grade Index 16		7,800		(1.000	)		06/20/14		0.114			(22,624	)		(30,122	)
Morgan Stanley Capital Services, Inc.	CDX North America Investment Grade Index 16		2,675		(1.000	)		06/20/14		0.114			(6,584	)		(11,505	)
Protection Sold:
Bank of America Securities LLC	CDX North America Investment Grade Index 16		4,625		1.000			06/20/16		0.354			3,590			79,009
	Tranches of Commercial Mortgage-Backed Index AAA Series 3		500		0.080			12/13/49		1.135			(16,410	)		115
	Tranches of Commercial Mortgage-Backed Index AAA Series 4		2,100		0.350			02/17/51		1.241			(74,950	)		9,703
Citibank NA	Tranches of Commercial Mortgage-Backed Index AAA Series 4		1,400		0.350			02/17/51		1.241			(44,023	)		525
Credit Suisse International (London)	Tranches of Commercial Mortgage-Backed Index AAA Series 4		1,400		0.350			02/17/51		1.241			(48,254	)		4,756
Morgan Stanley Capital Services, Inc.	CDX North America Investment Grade Index 16		5,425		1.000			06/20/16		0.354			4,025			92,862
	Tranches of Commercial Mortgage-Backed Index AAA Series 4		2,500		0.350			02/17/51		1.241			(78,242	)		566
TOTAL												$	(295,551	)	$	128,234

(b)


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments

September 30, 2013 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Foreign Sovereign Debt Obligations – 37.1%
	British Pound – 2.6%
	United Kingdom Treasury
GBP	5,900,000		1.750	%		09/07/22	$	8,945,568
	3,160,000		3.750			07/22/52		5,376,936

								14,322,504

	Canadian Dollar – 2.0%
	British Columbia Province of Canada
CAD	800,000		3.250			12/18/21		788,210
	Government of Canada
	1,700,000		4.000			06/01/41		1,931,799
	Ontario Province of Canada
	1,800,000		4.400			06/02/19		1,912,259
	4,200,000		4.000			06/02/21		4,330,683
	Quebec Province of Canada
	1,800,000		4.250			12/01/21		1,873,954

								10,836,905

	Czech Koruna – 0.1%
	Czech Republic Government Bond
CZK	11,190,000		1.500			10/29/19		582,729

	Danish Krone – 0.6%
	Kingdom of Denmark
DKK	16,000,000		4.000			11/15/15		3,131,009

	Euro – 17.9%
	Federal Republic of Germany
EUR	7,550,000		3.000			07/04/20		11,487,709
	2,360,000		1.500			09/04/22		3,170,633
	1,040,000		4.000			01/04/37		1,751,108
	Government of Finland^(a)
	7,990,000		3.125			09/15/14		11,117,448
	390,000		4.375			07/04/19		619,970
	Government of France
	1,400,000		3.750			04/25/17		2,092,670
	4,140,000		1.000			05/25/18		5,585,063
	4,520,000		2.250			10/25/22		6,133,339
	1,480,000		4.500			04/25/41		2,400,140
	Kingdom of Belgium^(a)
	4,515,000		3.500			06/28/17		6,666,096
	395,000		3.750			09/28/20		598,084
	Kingdom of The Netherlands^(a)
	2,900,000		4.000			07/15/16		4,305,126
	2,470,000		4.500			07/15/17		3,802,486
	Republic of Austria^(a)
	4,080,000		4.350			03/15/19		6,427,013
	Republic of Italy
	1,550,000		4.500			07/15/15		2,191,686
	11,320,000		4.750			06/01/17		16,245,375
	2,560,000		3.500			11/01/17		3,517,027
	1,910,000		4.500			05/01/23		2,602,032
	490,000		5.000			08/01/39		660,112
	Spain Government Bond
	1,730,000		4.500			01/31/18		2,495,143
	2,700,000		4.400	^(a)		10/31/23		3,677,900

								97,546,160

	Foreign Sovereign Debt Obligations – (continued)
	Japanese Yen – 8.2%
	Government of Japan
JPY	200,000		0.100	%		12/15/14	$	2,035
	1,244,000,000		0.300			03/20/18		12,706,252
	12,700,000		1.400			03/20/20		137,791
	377,000,000		0.800			12/20/22		3,890,178
	667,000,000		0.600			03/20/23		6,750,363
	430,000,000		2.100			12/20/26		4,994,151
	29,000,000		2.200			03/20/31		330,443
	221,300,000		1.700			09/20/32		2,312,986
	485,000,000		2.500			09/20/34		5,722,645
	250,000,000		2.500			03/20/38		2,975,874
	100,000,000		2.200			09/20/39		1,130,167
	150,000,000		2.200			03/20/41		1,696,566
	59,500,000		2.000			09/20/41		646,202
	100,900,000		2.000			03/20/52		1,088,404

								44,384,057

	Mexican Peso – 0.9%
	United Mexican States
MXN	1,405,400		7.500			06/03/27		118,133
	12,961,000		7.750			05/29/31		1,069,259
	148,000		10.000			11/20/36		14,913
	8,168,000		8.500			11/18/38		717,186
	36,673,600		7.750			11/13/42		2,974,476

								4,893,967

	South African Rand – 0.5%
	Republic of South Africa
ZAR	18,820,000		7.750			02/28/23		1,896,362
	6,569,608		10.500			12/21/26		790,237

								2,686,599

	South Korean Won – 0.7%
	Republic of Korea
KRW	3,819,000,000		5.000			06/10/20		3,927,777

	Swedish Krona – 0.9%
	Kingdom of Sweden
SEK	11,000,000		6.750			05/05/14		1,769,948
	20,000,000		4.500			08/12/15		3,302,995

								5,072,943

	United States Dollar – 2.7%
	Perusahaan Penerbit SBSN^(a)
$	340,000		6.125			03/15/19		351,475
	Republic of Chile
	1,540,000		3.625			10/30/42		1,255,100
	Republic of Colombia
	210,000		2.625			03/15/23		185,325
	1,120,000		4.000			02/26/24		1,092,000
	Republic of Indonesia
	530,000		5.375	^(a)		10/17/23		527,350
	1,050,000		8.500			10/12/35		1,273,125
	Republic of Korea
	660,000		7.125			04/16/19		817,318
	Republic of Slovenia
	1,640,000		5.500			10/26/22		1,529,300
	400,000		5.850			05/10/23		380,000
	2,190,000		5.850	^(a)		05/10/23		2,081,685


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

GOLDMAN SACHS GLOBAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Foreign Sovereign Debt Obligations – (continued)
	United States Dollar – (continued)
	Republic of Turkey
$	200,000		6.250	%		09/26/22	$	214,750
	230,000		6.000			01/14/41		221,375
	Russian Federation^(a)
	3,200,000		4.875			09/16/23		3,280,000
	State of Qatar
	1,189,000		5.150			04/09/14		1,215,752
	United Mexican States
	470,000		5.750			10/12/10		438,275

								14,862,830

	TOTAL FOREIGN SOVEREIGN DEBT OBLIGATIONS
	(Cost $194,352,078)						$	202,247,480


	Corporate Obligations – 22.3%
	Automotive – 0.5%
	Ford Motor Credit Co. LLC
$	2,300,000		3.984	%		06/15/16	$	2,429,186
	300,000		4.250			02/03/17		320,386
	200,000		4.375			08/06/23		200,272

								2,949,844

	Banks – 8.4%
	Bank of America Corp.
	1,550,000		5.750			12/01/17		1,752,037
	1,000,000		5.650			05/01/18		1,126,813
	Bank of Scotland PLC
	1,200,000		5.250			02/21/17		1,340,467
	2,070,000		5.250	^(a)		02/21/17		2,312,306
	Barclays Bank PLC^(b)(c)
EUR	850,000		4.500			03/04/19		1,158,547
	BNP Paribas SA^(b)
	150,000		4.730			04/29/49		205,464
	Citigroup, Inc.
$	105,000		4.450			01/10/17		113,669
	375,000		6.125			05/15/18		432,386
	Credit Agricole SA^(a)
	1,500,000		2.125			04/17/18		1,484,930
	Credit Suisse AG^(a)
	700,000		6.500			08/08/23		719,529
	DnB Boligkreditt AS
	800,000		2.900			03/29/16		837,680
	2,700,000		2.900	^(a)		03/29/16		2,827,170
	1,900,000		1.450	^(a)		03/21/18		1,870,360
	HSBC Holdings PLC
	1,150,000		6.800			06/01/38		1,355,482
	ING Bank NV
	1,600,000		4.000	^(a)		03/15/16		1,689,520
EUR	650,000		6.125	^(b)(c)		05/29/23		964,537
	Intesa Sanpaolo SPA
	500,000		4.125			01/14/16		699,608
$	650,000		3.875			01/16/18		639,497
	JPMorgan Chase & Co.
	1,400,000		4.250			10/15/20		1,458,944

	Corporate Obligations – (continued)
	Banks – (continued)
	Lloyds TSB Bank PLC^(b)(c)
EUR	1,150,000		11.875	%		12/16/16	$	1,905,828
	Morgan Stanley, Inc.
$	1,650,000		4.000			07/24/15		1,721,202
	225,000		5.550			04/27/17		249,610
	850,000		6.250			08/28/17		964,907
	250,000		6.625			04/01/18		289,709
	400,000		2.125			04/25/18		389,841
	Regions Financial Corp.^(c)
	750,000		2.000			05/15/18		729,210
	Royal Bank of Scotland PLC
	1,100,000		2.550			09/18/15		1,121,699
EUR	550,000		5.375			09/30/19		863,133
	300,000		10.500	^(b)(c)		03/16/22		484,743
	Santander Holdings USA, Inc.^(c)
$	850,000		3.000			09/24/15		872,535
	Sparebank 1 Boligkreditt AS
	4,900,000		2.625	^(a)		05/27/16		5,095,597
	1,100,000		2.300			06/30/17		1,128,380
	3,300,000		2.300	^(a)		06/30/17		3,385,140
	3,200,000		1.750	^(a)		11/15/19		3,050,560
	Standard Chartered PLC^(a)
	400,000		5.500			11/18/14		420,600

								45,661,640

	Chemicals – 0.4%
	CF Industries, Inc.
	200,000		3.450			06/01/23		185,488
	Ecolab, Inc.
	1,550,000		4.350			12/08/21		1,633,061
	LYB International Finance BV
	350,000		4.000			07/15/23		345,571
	150,000		5.250			07/15/43		147,090

								2,311,210

	Communications – 2.6%
	American Tower Corp.
	450,000		3.400			02/15/19		444,304
	British Telecommunications PLC
GBP	244,000		6.625			06/23/17		457,037
	Koninklijke KPN NV
EUR	100,000		3.250			02/01/21		138,276
	200,000		4.500			10/04/21		297,698
	550,000		4.250			03/01/22		800,125
	News America, Inc.
$	50,000		4.000	^(a)		10/01/23		50,254
	700,000		6.400			12/15/35		768,621
	Telefonica Emisiones SAU
	750,000		5.462			02/16/21		765,632
	Verizon Communications, Inc.
	1,350,000		3.650			09/14/18		1,425,122
	350,000		4.500			09/15/20		373,529
	1,500,000		5.150			09/15/23		1,611,404
	1,000,000		6.400			09/15/33		1,111,969
	2,050,000		6.550			09/15/43		2,317,929
	Verizon Wireless Capital LLC
EUR	950,000		8.750			12/18/15		1,501,201


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Communications – (continued)
	Vodafone Group PLC
$	1,950,000		2.875	%		03/16/16	$	2,020,443

								14,083,544

	Consumer Noncyclical – 0.3%
	Avon Products, Inc.
	600,000		4.600			03/15/20		620,372
	400,000		5.000			03/15/23		403,951
	Imperial Tobacco Finance PLC
EUR	300,000		4.375			11/22/13		407,909
$	300,000		2.050	^(a)		02/11/18		292,533

								1,724,765

	Diversified Manufacturing – 0.1%
	Roper Industries, Inc.
	400,000		2.050			10/01/18		391,775

	Electric – 0.6%
	Alliander NV^(b)
EUR	350,000		4.875			11/11/49		487,702
	DONG Energy A/S
	1,000,000		4.875			12/16/21		1,577,670
	366,000		6.250	^(b)(c)		06/26/13		506,903
	MidAmerican Energy Holdings Co.
$	350,000		5.950			05/15/37		389,482
	Ruwais Power Co. PJSC^(a)
	520,000		6.000			08/31/36		536,900

								3,498,657

	Energy – 3.0%
	BP Capital Markets PLC
GBP	850,000		4.325			12/10/18		1,509,525
	Buckeye Partners LP^(c)
$	550,000		4.150			07/01/23		536,248
	CNOOC Curtis Funding No. 1 Pty Ltd.^(a)
	1,160,000		4.500			10/03/23		1,168,923
	Dolphin Energy Ltd.
	647,283		5.888			06/15/19		707,157
	1,002,933		5.888	^(a)		06/15/19		1,095,704
	Ecopetrol SA
	400,000		5.875			09/18/23		417,865
	Energy Transfer Partners LP^(c)
	700,000		3.600			02/01/23		650,456
	400,000		5.150			02/01/43		356,279
	Gaz Capital SA for Gazprom
	1,770,000		9.250			04/23/19		2,168,250
	GPN Capital SA for Gazprom
	1,280,000		4.375			09/19/22		1,177,600
	Marathon Oil Corp.^(c)
	50,000		2.800			11/01/22		46,488
	Petrobras International Finance Co.
	140,000		5.750			01/20/20		145,545
	560,000		5.375			01/27/21		561,682
	Petroleos Mexicanos
	920,000		5.500			01/21/21		986,700

	Corporate Obligations – (continued)
	Energy – (continued)
	Phillips 66
$	250,000		4.300	%		04/01/22	$	254,131
	Rosneft Oil Co. via Rosneft International Finance Ltd.^(a)
	560,000		4.199			03/06/22		515,900
	TNK-BP Finance SA
	168,000		7.500			07/18/16		188,160
	271,000		6.625			03/20/17		298,439
	190,000		7.875			03/13/18		219,687
	100,000		7.250			02/02/20		112,750
	Transocean, Inc.
	450,000		6.375			12/15/21		497,948
	850,000		3.800	^(c)		10/15/22		799,073
	Transportadora de Gas Internacional SA^(c)
	340,000		5.700			03/20/22		342,879
	Weatherford International Ltd.
	500,000		9.625			03/01/19		631,111
	718,000		5.125			09/15/20		753,795
	50,000		4.500	^(c)		04/15/22		49,344

								16,191,639

	Financial Companies – 0.8%
	American Express Credit Corp.
GBP	1,200,000		5.375			10/01/14		2,023,309
$	700,000		2.800			09/19/16		732,642
	GE Capital European Funding
EUR	1,200,000		2.875			06/18/19	��	1,699,640

								4,455,591

	Food & Beverage – 0.9%
	Anadolu Efes Biracilik ve Malt Sanayii AS^(a)
$	665,000		3.375			11/01/22		538,650
	Mondelez International, Inc.^(c)
	715,000		6.500			02/09/40		839,354
	Pernod-Ricard SA^(a)
	400,000		4.450			01/15/22		410,654
	1,050,000		4.250			07/15/22		1,060,133
	885,000		5.500			01/15/42		901,310
	SABMiller Holdings, Inc.^(a)
	1,250,000		3.750			01/15/22		1,259,952

								5,010,053

	Health Care – Services – 0.5%
	Express Scripts Holding Co.
	2,350,000		3.500			11/15/16		2,487,243
	350,000		3.900			02/15/22		354,030

								2,841,273

	Insurance – 1.1%
	AIG Life Holdings, Inc.
	100,000		8.500			07/01/30		126,000
	Allianz Finance II BV^(b)(c)
EUR	100,000		5.750			07/08/41		150,153
	American International Group, Inc.
$	750,000		4.875			09/15/16		822,327
	1,450,000		4.875			06/01/22		1,556,570
	Genworth Holdings, Inc.
	150,000		7.700			06/15/20		175,912


66		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)
	Insurance – (continued)
$	250,000		7.625	%		09/24/21	$	295,659
	300,000		4.900			08/15/23		300,255
	QBE Insurance Group Ltd.^(a)
	400,000		2.400			05/01/18		389,692
	Standard Life PLC^(b)
EUR	1,400,000		5.314			01/06/49		1,908,196

								5,724,764

	Metals & Mining – 0.9%
	Anglo American Capital PLC^(a)
$	2,600,000		9.375			04/08/14		2,708,654
	Glencore Funding LLC^(a)
	50,000		4.125			05/30/23		46,253
	Rio Tinto Finance USA Ltd.
	752,000		9.000			05/01/19		973,805
	Xstrata Finance Canada Ltd.^(a)
	1,250,000		4.250			10/25/22		1,167,834

								4,896,546

	Noncaptive – Financial – 0.1%
	General Electric Capital Corp.
	350,000		5.550			05/04/20		395,898

	Pharmaceuticals – 0.3%
	AbbVie, Inc.
	1,500,000		1.750			11/06/17		1,488,819

	Real Estate Investment Trusts – 0.9%
	Gecina SA
EUR	700,000		4.250			02/03/16		1,013,238
	HCP, Inc.^(c)
$	1,750,000		5.375			02/01/21		1,895,209
	Ventas Realty LP/Ventas Capital Corp.^(c)
	200,000		3.250			08/15/22		185,787
	WEA Finance LLC^(a)(c)
	1,600,000		4.625			05/10/21		1,687,779
	WEA Finance LLC/WT Finance Australia Property Ltd.^(a)(c)
	250,000		3.375			10/03/22		235,622

								5,017,635

	Retailers – 0.1%
	Wal-Mart Stores, Inc.
	550,000		5.000			10/25/40		564,789

	Technology – 0.2%
	Apple, Inc.
	900,000		3.850			05/04/43		756,749
	Hewlett-Packard Co.
	250,000		2.600			09/15/17		252,914

								1,009,663

	Transportation – 0.6%
	Abertis Infraestructuras SA
EUR	700,000		4.750			10/25/19		1,036,079
	300,000		3.750			06/20/23		400,083
	Burlington Northern Santa Fe LLC^(c)
$	450,000		3.000			03/15/23		423,057
	500,000		4.375			09/01/42		447,494

	Corporate Obligations – (continued)
	Transportation – (continued)
	Transnet Ltd.
$	790,000		4.500	%		02/10/16	$	815,675

								3,122,388

	TOTAL CORPORATE OBLIGATIONS
	(Cost $118,251,950)						$	121,340,493


	Foreign Debt Obligation – 2.0%
	Supranational – 2.0%
	European Financial Stability Facility
EUR	7,700,000		2.000	%		05/15/17	$	10,821,126
	(Cost $9,738,016)


	Asset-Backed Securities – 2.9%
	Home Equity – 0.5%
	CIT Mortgage Loan Trust Series 2007-1, Class 2A3^(a)(b)
$	2,900,000		1.629	%		10/25/37	$	2,528,160
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
	93,356		7.000			09/25/37		89,499
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
	135,542		7.000			09/25/37		131,173

								2,748,832

	Student Loans^(b) – 2.4%
	Access Group, Inc. Series 2004-2, Class A2
	2,831,651		0.416			01/25/16		2,639,051
	Brazos Higher Education Authority, Inc. Series 2005-3, Class A14
	106,858		0.361			09/25/23		106,719
	Educational Services of America, Inc. Series 2010-1, Class A1^(a)
	2,004,565		1.116			07/25/23		2,009,288
	Knowledgeworks Foundation Student Loan Series 2010-1, Class A
	977,998		1.212			02/25/42		985,302
	Nelnet Student Loan Trust Series 2010-3A, Class A^(a)
	1,035,781		0.979			07/27/48		1,043,113
	Nelnet Student Loan Trust Series 2011-1A, Class A^(a)
	595,536		1.029			02/25/43		601,349
	SLC Student Loan Center Series 2011-1, Class A^(a)
	1,316,338		1.399			10/25/27		1,343,986
	SLC Student Loan Trust Series 2006-1, Class A4
	2,085,992		0.334			12/15/21		2,076,948
	US Education Loan Trust LLC Series 2006-1, Class A2^(a)
	393,366		0.390			03/01/25		392,021
	Wachovia Student Loan Trust Series 2006-1, Class A4^(a)
	1,865,583		0.346			04/25/23		1,861,837

								13,059,614

	TOTAL ASSET-BACKED SECURITIES
	(Cost $16,129,434)						$	15,808,446


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – 17.7%
	Adjustable Rate Non-Agency^(b) – 0.6%
	American Home Mortgage Investment Trust Series 2004-3, Class 1A
$	1,446		0.919	%		10/25/34	$	1,438
	Countrywide Alternative Loan Trust Series 2005-38, Class A1
	218,643		1.653			09/25/35		184,490
	Countrywide Alternative Loan Trust Series 2005-82, Class A1
	2,929,286		0.449			02/25/36		2,180,028
	Countrywide Alternative Loan Trust Series 2006-OA1, Class 2A1
	1,017,527		0.390			03/20/46		702,546

	TOTAL ADJUSTABLE RATE NON-AGENCY						$	3,068,502

	Collateralized Mortgage Obligations – 4.1%
	Aire Valley Mortgages PLC Series 2006-1X, Class 2A1^(b)
EUR	1,693,628		0.522	%		09/20/66	$	2,185,174
	Aire Valley Mortgages PLC Series 2007-1X, Class 2A2^(b)
	731,844		0.482			09/20/66		941,006
	Countrywide Home Loan Mortgage Pass-Through Trust Series 2004-HYB5, Class 2A1^(b)
$	233,758		2.551			04/20/35		232,880
	FHLMC Multifamily Structured Pass-Through Certificates Series K028, Class A2
	6,200,000		3.111			02/25/23		6,136,760
	FNMA REMIC Series 2010-126, Class LS^(b)
	2,425,771		4.817			11/25/40		294,845
	FNMA REMIC Series 2011-52, Class GB
	1,000,000		5.000			06/25/41		1,096,622
	FNMA REMIC Series 2011-99, Class DB
	875,000		5.000			10/25/41		961,236
	Granite Mortgages PLC Series 2003-2, Class 1B^(b)
	320,008		1.246			07/20/43		312,502
	Granite Mortgages PLC Series 2004-1, Class 2A2^(b)
EUR	1,668,538		0.542			03/20/44		2,228,480
	Granite Mortgages PLC Series 2004-2, Class 3A^(b)
GBP	289,581		0.838			06/20/44		463,419
	Granite Mortgages PLC Series 2004-3, Class 3A1^(b)
	269,355		0.878			09/20/44		431,297
	Harborview Mortgage Loan Trust Series 2006-6, Class 3A1A^(b)
$	1,031,076		2.712			08/19/36		723,161
	Leek Finance PLC Series 2017X, Class A2C^(b)
EUR	142,656		0.501			12/21/37		198,616
	Leek Finance PLC Series 2018X, Class A2B^(b)
$	906,117		0.510			09/21/38		921,408
	NCUA Guaranteed Notes Series 2010-C1, Class APT
	3,382,132		2.650			10/29/20		3,461,613
	NCUA Guaranteed Notes Series 2010-R1, Class 2A
	74,113		1.840			10/07/20		74,889
	Residential Accredit Loans, Inc. Series 2005-Q05, Class A1^(b)
	1,373,473		1.153			01/25/46		964,250
	Sequoia Mortgage Trust Series 2004-10, Class A3A^(b)
	290,429		0.763			11/20/34		281,419
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-16, Class 3A1^(b)
	700,943		2.605			11/25/34		686,838

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	22,596,415

	Mortgage-Backed Obligations – (continued)
	Commercial Mortgage-Backed Securities – 5.5%
	Banc of America Commercial Mortgage, Inc. Series 2007-2, Class AM^(b)
$	600,000		5.633	%		04/10/49	$	661,083
	Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW18, Class A1A
	7,140,760		5.602			06/11/50		8,005,946
	Citigroup Commercial Mortgage Trust Series 2008-C7, Class A1A^(b)
	4,273,917		6.046			12/10/49		4,867,351
	Commercial Mortgage Trust Series 2007-C9, Class A1A^(b)
	4,523,729		5.800			12/10/49		5,099,515
	FNMA ACES Series 2012-M13, Class A2
	1,500,000		2.377			05/25/22		1,408,916
	FNMA ACES Series 2012-M8, Class A2
	300,000		2.349			05/25/22		280,933
	FNMA ACES Series 2012-M8, Class ASQ2
	200,000		1.520			12/25/19		199,092
	FNMA ACES Series 2012-M8, Class ASQ3
	300,000		1.801			12/25/19		293,935
	LB Commercial Mortgage Trust Series 2007-C3, Class A1A^(b)
	3,902,821		6.036			07/15/44		4,363,147
	ML-CFC Commercial Mortgage Trust Series 2006-4, Class A1A^(b)
	4,027,059		5.166			12/12/49		4,415,147
	Morgan Stanley Capital I, Inc. Series 2007-HQ11, Class AM^(b)
	150,000		5.478			02/12/44		166,268
	Morgan Stanley Capital I, Inc. Series 2007-HQ13, Class AM^(b)
	250,000		5.931			12/15/44		246,429

	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES						$	30,007,762

	Federal Agencies – 7.5%
	FHLMC – 1.1%
$	775		5.000	%		09/01/16	$	809
	8,704		5.000			11/01/16		9,215
	1,326		5.000			12/01/16		1,404
	28,538		5.000			01/01/17		30,217
	45,907		5.000			02/01/17		48,628
	36,130		5.000			03/01/17		38,269
	65,141		5.000			04/01/17		68,993
	3,000		5.000			05/01/17		3,178
	1,209		5.000			06/01/17		1,280
	1,681		5.000			08/01/17		1,781
	196,494		5.000			09/01/17		208,122
	226,103		5.000			10/01/17		239,481
	128,658		5.000			11/01/17		136,275
	138,812		5.000			12/01/17		147,026
	167,196		5.000			01/01/18		177,055
	383,889		5.000			02/01/18		406,384
	378,076		5.000			03/01/18		400,444
	327,468		5.000			04/01/18		346,930
	246,101		5.000			05/01/18		260,752
	60,809		5.000			06/01/18		64,426
	63,500		5.000			07/01/18		67,406
	32,797		5.000			08/01/18		34,770
	24,457		5.000			09/01/18		25,911


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

GOLDMAN SACHS GLOBAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date			Value
	Mortgage-Backed Obligations – (continued)
	FHLMC – (continued)
$	71,684		5.000	%		10/01/18		$	75,976
	89,994		5.000			11/01/18			95,406
	60,090		5.000			12/01/18			63,662
	42,748		5.000			01/01/19			45,303
	5,158		5.000			02/01/19			5,478
	10,849		5.000			03/01/19			11,523
	2,151		5.000			10/01/35			2,316
	1,000,000		5.000			06/01/36			1,076,771
	16,639		5.000			02/01/37			18,008
	2,239		5.000			11/01/37			2,409
	953,697		5.000			03/01/38			1,026,567
	943,509		5.000			11/01/38			1,015,102
	44,995		4.500			09/01/39			48,249
	87,028		5.000			01/01/40			94,459

									6,299,985

	FNMA – 5.9%
	2,084		5.000			04/01/18			2,213
	30,424		5.000			05/01/18			32,248
	3,804		5.000			06/01/18			4,035
	3,612		5.000			11/01/18			3,838
	3,704		5.000			03/01/19			3,940
	4,559		5.000			04/01/19			4,868
	4,000,000		4.506			06/01/19			4,412,364
	1,633,057		3.416			10/01/20			1,710,945
	1,250,348		3.632			12/01/20			1,322,216
	773,155		3.762			12/01/20			824,484
	2,074,631		4.375			06/01/21			2,270,950
	400,000		3.830			07/01/21			422,719
	312,959		5.000			05/01/26			343,553
	245,189		6.000			09/01/27			269,905
	6,489		5.000			08/01/33			7,065
	5,790		5.500			02/01/34			6,324
	7,144		5.500			05/01/34			7,803
	4,928		5.500			10/01/34			5,383
	32,728		5.500			12/01/34			35,748
	7,838		5.500			04/01/35			8,562
	7,603		5.500			07/01/35			8,297
	63,679		4.500			05/01/39			68,438
	38,007		4.500			06/01/39			40,847
	46,057		4.500			08/01/39			49,513
	740,722		5.000			12/01/39			802,947
	164,484		6.000			05/01/41			180,578
	117,640		4.500			07/01/41			125,840
	171,808		4.500			08/01/41			183,784
	44,992		4.500			10/01/41			48,128
	935,008		3.000			08/01/42			914,952
	824,186		3.000			09/01/42			806,655
	112,925		3.000			10/01/42			110,526
	511,188		3.000			11/01/42			500,283
	5,044,381		3.000			12/01/42			4,936,342
	3,436,226		3.000			01/01/43			3,363,031
	1,019,849		3.000			02/01/43			998,038
	990,014		2.500			03/01/43			920,908
	247,860		3.000			03/01/43			242,593
	717,554		3.000			04/01/43			702,305

	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	994,615		2.500	%		05/01/43		$	925,188
	1,000,000		4.000			TBA-30yr	^(d)		1,048,906
	1,000,000		5.500			TBA-30yr	^(d)		1,090,469
	2,000,000		6.000			TBA-30yr	^(d)		2,188,125

									31,955,856

	GNMA – 0.5%
	716,931		3.950			07/15/25			755,137
	200,034		2.500			01/15/43			186,530
	786,936		2.500			02/15/43			734,146
	1,000,000		4.000			TBA-30yr	^(d)		1,058,125

									2,733,938

	TOTAL FEDERAL AGENCIES							$	40,989,779

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $97,732,901)							$	96,662,458


	Agency Debentures – 0.1%
	FHLMC
$	800,000		2.375	%		01/13/22		$	778,528

	TOTAL AGENCY DEBENTURES
	(Cost $795,851)							$	778,528


	Municipal Debt Obligations – 1.3%
	California – 0.2%
	California State GO Bonds (Various Purpose) Series 2011
$	385,000		5.000	%		09/01/41		$	393,308
	California State GO Bonds (Various Purpose) Series 2012
	560,000		5.000			09/01/42			572,914

									966,222

	Connecticut – 0.1%
	Connecticut State GO Bonds Series 2013 E
	715,000		5.000			08/15/24			836,321

	Massachusetts – 0.1%
	Massachusetts State School Building Authority Sales Tax RB (Refunding-Senior) Series 2012 B
	530,000		5.000			08/15/30			577,891

	New Jersey – 0.1%
	New Jersey State Transportation Trust Fund Authority RB (Transportation Program) Series 2013 AA
	270,000		5.000			06/15/44			273,502

	New York – 0.5%
	New York City GO Bonds Series 2012 I
	535,000		5.000			08/01/25			605,449
	New York City Transitional Finance Authority RB (Future Tax Secured) Series 2012 F-1
	340,000		5.000			05/01/34			361,172
	New York City Water & Sewer System Finance Authority RB (Refunding) Series 2011 AA
	410,000		5.000			06/15/44			422,382


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Municipal Debt Obligations – (continued)
	New York – (continued)
	New York State Dormitory Authority Personal Income Tax RB (General Purpose) Series 2012 A
$	425,000		5.000	%		02/15/30	$	463,110
	New York State Dormitory Authority Personal Income Tax RB Series 2013 B
	465,000		5.000			03/15/34		493,602
	New York State Urban Development Corp. RB (Personal Income Tax) Series 2013 C
	380,000		5.000			03/15/28		421,967

								2,767,682

	North Carolina – 0.1%
	North Carolina State University at Raleigh RB Series 2013 A
	325,000		5.000			10/01/42		342,784

	Texas – 0.2%
	Dallas-Fort Worth TX International Airport RB (Improvement) Series 2013 F
	415,000		5.250			11/01/33		434,837
	North Texas Tollway Authority RB (Special Projects System) Series 2011 A
	970,000		5.500			09/01/41		1,045,970

								1,480,807

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $7,144,377)						$	7,245,209


	Government Guarantee Obligations^(e) – 2.2%
	Achmea Hypotheekbank NV^(a)
$	387,000		3.200	%		11/03/14	$	398,734
	Kreditanstalt fuer Wiederaufbau
EUR	5,676,000		3.125			06/15/18		8,437,504
AUD	3,000,000		6.000			08/20/20		3,062,120

	TOTAL GOVERNMENT GUARANTEE OBLIGATIONS
	(Cost $11,251,695)						$	11,898,358


	U.S. Treasury Obligations – 5.7%
	United States Treasury Bonds
$	2,300,000		3.625	%		08/15/43	$	2,273,596
	1,400,000		3.125			02/15/42		1,260,462
	2,200,000		3.000			05/15/42		1,927,926
	United States Treasury Inflation Protected Securities
	1,996,861		1.125			01/15/21		2,150,999
	United States Treasury Notes
	7,400,000		1.375			09/30/18		7,394,672
	6,700,000		1.750			05/15/23		6,208,220
	4,400,000		2.125	^(f)		08/31/20		4,438,984
	5,300,000		2.000			09/30/20		5,294,435

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $31,252,924)						$	30,949,294


Notional Amount		Exercise Rate			Expiration Date		Value
	Options Purchased – 1.0%
	Currency Option
Put EUR	2,094,000
Call USD	2,749,422		1.313	%		10/04/13	$	79
	Interest Rate Swaptions
	Barclays Bank PLC Call - OTC - 10 year Interest Rate Swap Strike Price 3.710%
	16,000,000		3.710			03/08/16		887,285
	Citibank Securities, Inc. Put - OTC - 10 year Interest Rate Swap Strike Price 3.017%
	12,600,000		3.017			05/29/15		308,671
	Citibank Securities, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 3.017%
	12,600,000		3.017			05/29/15		829,815
	Citibank Securities, Inc. Put - OTC - 10 year Interest Rate Swap Strike Price 3.500%
	2,000,000		3.500			07/02/15		87,197
	Citibank Securities, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 3.500%
	2,000,000		3.500			07/02/15		92,667
	JPMorgan Chase Bank NA Put - OTC - 10 year Interest Rate Swap Strike Price 3.498%
	8,000,000		3.498			07/02/15		347,856
	JPMorgan Chase Bank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.498%
	8,000,000		3.498			07/02/15		371,471
	Royal Bank of Canada Call - OTC - 2 year Interest Rate Swap Strike Price 1.916%
	68,000,000		1.916			10/23/15		724,567
	Royal Bank of Canada Call - OTC - 10 year Interest Rate Swap Strike Price 3.623%
	31,000,000		3.623			02/22/16		1,801,156

	TOTAL OPTIONS PURCHASED
	(Cost $4,294,847)						$	5,450,764


Principal Amount		Interest Rate			Maturity Date		Value
	Short-Term Obligation – 2.7%
	Time Deposit – 2.7%
	Rabobank Nederland
$	14,733,320		0.050	%		10/01/13	$	14,733,320
	(Cost $14,733,320)

	TOTAL INVESTMENTS – 95.0%
	(Cost $505,677,393)						$	517,935,476

	OTHER ASSETS IN EXCESS OF LIABILITIES – 5.0%							27,222,949

	NET ASSETS – 100.0%						$	545,158,425


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

GOLDMAN SACHS GLOBAL INCOME FUND


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 $90,555,580, which represents approximately 16.6% of net assets as of September 30, 2013.
(b)		Variable rate security. Interest rate disclosed is that which is in effect at September 30, 2013.
(c)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(d)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $5,385,625 which represents approximately 1.0% of net assets as of September 30, 2013.
(e)		Guaranteed by a foreign government until maturity.
(f)		All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.



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
IDR		—Indonesian Rupiah
ILS		—Israeli Shekel
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
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
GO		—General Obligation
JYOR		—Japanese Yen Offered Rate
LIBOR		—London Interbank Offered Rate
NCUA		—National Credit Union Administration
NIBOR		—Norwegian Interbank Offered Rate
NZDOR		—New Zealand Dollar Offered Rate
OTC		—Over the Counter
RB		—Revenue Bond
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.		71

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2013, 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	CZK/EUR		12/18/13	$	474,949	$	160
	EUR/USD		12/18/13		1,357,190		22,083
	HUF/EUR		12/18/13		724,968		724
	PLN/USD		12/18/13		1,787,364		9,364
Barclays Bank PLC	EUR/USD		10/25/13		3,435,461		1,174
	EUR/USD		12/18/13		901,185		13,927
	GBP/EUR		12/18/13		1,811,842		11,617
	HUF/EUR		12/18/13		450,592		2,366
	NOK/USD		12/18/13		596,767		7,283
	USD/MYR		10/11/13		883,249		5,751
	USD/PHP		10/17/13		218,487		4,513
BNP Paribas SA	GBP/USD		12/18/13		2,848,921		101,553
Citibank NA	CHF/USD		10/11/13		3,247,316		24,726
	EUR/USD		12/18/13		1,792,898		3,035
	GBP/EUR		12/18/13		901,185		466
	MXN/USD		12/18/13		498,025		3,136
	NZD/USD		12/18/13		447,695		5,721
	PHP/USD		10/11/13		447,371		3,371
	RUB/USD		10/07/13		463,812		14,812
	USD/IDR		10/24/13		434,356		9,644
	USD/RUB		10/10/13		443,545		1,455
	USD/RUB		10/24/13		437,799		8,201
Credit Suisse International (London)	JPY/USD		12/18/13		256,711		1,711
	RUB/USD		10/07/13		465,203		16,203
	RUB/USD		10/10/13		1,830,576		54,576
	USD/RUB		10/17/13		886,108		2,892
Deutsche Bank AG (London)	EUR/USD		10/25/13		12,732,444		175,280
	GBP/USD		10/24/13		1,180,383		20,416
	ILS/USD		12/18/13		444,648		648
	MYR/USD		10/03/13		910,239		9,239
	TWD/USD		10/15/13		444,545		1,545
	USD/MXN		10/30/13		2,195,552		19,866
	USD/MXN		12/18/13		442,123		4,877
	USD/ZAR		10/30/13		1,792,124		23,271
HSBC Bank PLC	EUR/SEK		12/18/13		447,366		520
	GBP/USD		10/24/13		1,106,154		14,958
	KRW/USD		10/23/13		446,273		2,273
	MYR/USD		10/03/13		944,446		15,446
	MYR/USD		10/11/13		901,398		13,398
JPMorgan Securities, Inc.	EUR/NOK		12/18/13		1,753,255		31,524
	EUR/USD		12/18/13		1,799,664		20,889
	JPY/USD		12/18/13		1,425,652		4,652
	USD/TRY		12/18/13		442,197		566
Morgan Stanley Capital Services, Inc.	BRL/USD		10/15/13		977,126		4,764
	HUF/EUR		12/18/13		450,592		2,485
	RUB/USD		10/15/13		901,222		14,222
	USD/MXN		12/18/13		878,370		14,630


72		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
Royal Bank of Canada	BRL/USD		10/07/13	$	477,529	$	28,529
	BRL/USD		10/11/13		461,547		17,547
	BRL/USD		10/18/13		452,686		8,686
	MXN/USD		12/18/13		446,885		2,885
Royal Bank of Scotland PLC	GBP/USD		12/18/13		454,648		11,760
Standard Chartered Bank	SGD/USD		12/18/13		446,291		2,291
State Street Bank	EUR/USD		10/25/13		1,828,858		5,505
	GBP/EUR		12/18/13		906,597		757
	JPY/USD		12/18/13		1,897,487		2,487
	MXN/USD		12/18/13		447,471		3,471
	USD/EUR		10/25/13		1,070,176		2,122
	USD/MXN		12/18/13		882,061		6,939
UBS AG (London)	BRL/USD		10/18/13		452,085		8,085
	GBP/USD		10/24/13		502,913		8,110
	MYR/USD		10/11/13		445,618		1,618
	PHP/USD		10/07/13		913,849		16,849
	PHP/USD		10/11/13		444,912		1,912
	TWD/USD		10/11/13		889,034		1,034
	USD/IDR		11/19/13		869,809		68,191
	USD/ZAR		12/18/13		870,759		18,241
Westpac Banking Corp.	AUD/USD		12/18/13		2,728,816		52,465
	NZD/AUD		12/18/13		445,489		5,379
	USD/AUD		12/18/13		2,703,559		11,081
	USD/MYR		10/23/13		882,594		10,784
TOTAL						$	1,022,661

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Contracts to Buy/Sell		Settlement Date		Current Value		Unrealized Loss
Bank of America Securities LLC	CZK/EUR			12/18/13	$	476,302	$	(807	)
	EUR/PLN			12/18/13		933,838		(13,033	)
	HUF/EUR			12/18/13		445,180		(2,441	)
	TRY/USD			12/18/13		865,412		(23,588	)
	USD/EUR			12/18/13		1,802,370		(24,157	)
	USD/MYR			10/03/13		455,026		(4,026	)
Barclays Bank PLC	EUR/GBP			12/18/13		474,864		(592	)
	MXN/USD			12/18/13		431,638		(13,362	)
	NOK/EUR			12/18/13		451,946		(14,156	)
	USD/AUD			10/10/13		2,834,921		(120,670	)
	USD/TRY			12/18/13		446,283		(3,283	)
	USD/ZAR			12/18/13		736,474		(1,474	)
	ZAR/USD			12/18/13		1,760,758		(15,242	)
BNP Paribas SA	EUR/GBP			12/18/13		2,788,419		(23,974	)
	RUB/USD			10/15/13		953,336		(16,787	)
	USD/JPY			12/18/13		1,861,740		(16,592	)
Citibank NA	EUR/GBP			12/18/13		463,482		(3,418	)
	MYR/USD			10/23/13		839,212		(25,788	)
	PHP/USD	��		10/17/13		887,281		(1,719	)
	RUB/USD			10/17/13		888,280		(720	)
	TRY/USD			12/18/13		429,329		(14,671	)


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (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)	USD/CAD		12/18/13	$	2,097,931	$	(3,665	)
	USD/EUR		12/18/13		2,402,672		(38,594	)
	USD/GBP		12/18/13		4,363,646		(105,231	)
	USD/JPY		12/18/13		445,071		(71	)
	USD/MXN		12/18/13		445,607		(1,607	)
	USD/MYR		10/03/13		453,919		(2,919	)
	USD/MYR		10/18/13		776,544		(1,544	)
	USD/RUB		10/10/13		908,240		(20,240	)
	USD/RUB		10/21/13		473,125		(125	)
	USD/TRY		12/18/13		460,402		(12,402	)
Credit Suisse International (London)	CLP/USD		10/16/13		521,667		(1,068	)
	CLP/USD		10/25/13		438,543		(7,457	)
	EUR/CHF		12/18/13		457,140		(5,194	)
	RUB/USD		10/21/13		795,055		(20,945	)
	USD/CZK		10/17/13		589,567		(8,064	)
	USD/JPY		12/18/13		900,978		(7,978	)
	USD/MXN		10/30/13		3,294,435		(4,937	)
	USD/RUB		10/07/13		922,917		(29,917	)
	USD/RUB		10/15/13		448,577		(4,577	)
Deutsche Bank AG (London)	AUD/USD		12/18/13		1,324,401		(497	)
	ILS/USD		12/18/13		441,874		(4,126	)
	MYR/USD		10/18/13		881,957		(7,043	)
	MYR/USD		10/23/13		430,399		(14,601	)
	USD/CNH		12/18/13		1,379,688		(310	)
	USD/CNH		01/08/14		2,218,598		(28,598	)
	USD/CZK		12/18/13		917,390		(21,452	)
	USD/DKK		10/21/13		3,434,748		(90,551	)
	USD/EUR		12/18/13		1,022,967		(3,388	)
	USD/PHP		10/17/13		237,192		(192	)
	USD/PLN		12/18/13		736,113		(11,207	)
	USD/RUB		10/15/13		243,634		(2,420	)
	USD/SEK		10/04/13		5,807,030		(90,839	)
HSBC Bank PLC	USD/AUD		12/18/13		451,057		(6,002	)
	USD/KRW		10/24/13		4,189,384		(237,022	)
	USD/MYR		10/03/13		455,444		(7,444	)
	USD/SEK		12/18/13		1,527,058		(21,087	)
JPMorgan Securities, Inc.	MXN/USD		12/18/13		1,753,959		(24,041	)
	NOK/EUR		12/18/13		1,368,015		(27,483	)
	USD/EUR		12/18/13		3,131,144		(15,132	)
	USD/HUF		12/18/13		2,074,466		(59,912	)
	USD/IDR		10/07/13		68,159		(659	)
	USD/RUB		10/15/13		205,521		(2,521	)
	USD/TRY		12/18/13		1,438,160		(22,146	)
Morgan Stanley Capital Services, Inc.	MXN/JPY		12/18/13		448,166		(17,463	)
	NZD/USD		12/18/13		875,566		(11,140	)
	USD/BRL		11/04/13		476,746		(3,746	)
	USD/ILS		12/18/13		943,750		(10,851	)
Royal Bank of Canada	CAD/USD		12/18/13		2,212,458		(13,542	)
	USD/BRL		10/15/13		456,402		(12,402	)
	USD/BRL		10/18/13		658,698		(11,698	)
	USD/CAD		12/18/13		494,357		(357	)
	USD/GBP		10/24/13		22,454,463		(534,391	)
	USD/NZD		12/18/13		998,390		(36,588	)


74		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	TRY/USD		12/18/13	$	2,952,822	$	(74,223	)
	USD/GBP		12/18/13		949,744		(3,057	)
	USD/TRY		12/18/13		449,499		(5,499	)
Standard Chartered Bank	USD/SGD		12/18/13		526,054		(9,056	)
	USD/TRY		12/18/13		1,489,119		(6,242	)
	ZAR/USD		12/18/13		427,820		(18,180	)
State Street Bank	MXN/USD		12/18/13		868,707		(20,293	)
	NOK/EUR		12/18/13		934,529		(29,676	)
	USD/AUD		12/18/13		444,561		(3,527	)
	USD/CHF		12/18/13		1,962,500		(54,820	)
	USD/EUR		12/18/13		473,596		(83	)
	USD/JPY		12/18/13		904,854		(16,854	)
UBS AG (London)	RUB/USD		10/24/13		879,613		(12,387	)
	USD/BRL		10/07/13		473,481		(25,481	)
	USD/BRL		10/11/13		458,770		(14,770	)
	USD/EUR		10/25/13		157,794,917		(3,226,368	)
	USD/IDR		10/07/13		321,455		(5,212	)
	USD/ZAR		12/18/13		1,429,158		(8,158	)
	ZAR/USD		12/18/13		1,310,524		(22,476	)
Westpac Banking Corp.	AUD/USD		12/18/13		1,750,399		(19,964	)
	EUR/USD		12/18/13		947,191		(924	)
	USD/AUD		12/18/13		889,121		(4,648	)
	USD/CAD		10/23/13		11,332,251		(263,077	)
	USD/EUR		12/18/13		893,066		(1,294	)
	USD/JPY		11/08/13		44,911,010		(112,875	)
TOTAL						$	(5,927,030	)

FORWARD SALES CONTRACTS — At September 30, 2013, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(a)	Settlement Date		Principal Amount			Value
FNMA (Proceeds Receivable $3,818,828)		3.000	%	TBA-30yr		10/10/13	$	(4,000,000	)	$	(3,909,062	)

FUTURES CONTRACTS — At September 30, 2013, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Australian 10 Year Government Bonds		11		December 2013	$	1,206,952		$	29,807
Canada 10 Year Government Bonds		(6	)	December 2013		(755,148	)		(5,668	)
Eurodollars		158		March 2015		53,138,343			78,103
Eurodollars		3		December 2014		1,009,717			2,125
French 10 Year Government Bonds		28		December 2013		5,018,696			82,080
Italian 10 Year Government Bonds		(19	)	December 2013		(2,837,225	)		883
Japan 10 Year Government Bonds		6		December 2013		8,797,192			74,445
U.K. Life Long Gilt		53		December 2013		9,465,649			74,901
Ultra Long U.S. Treasury Bonds		94		December 2013		13,356,813			172,535
10 Year German Euro-Bund		99		December 2013		18,817,473			238,110
10 Year U.S. Treasury Notes		(107	)	December 2013		(13,523,797	)		(1,810	)
20 Year U.S. Treasury Bonds		(22	)	December 2013		(2,934,250	)		(2,378	)
TOTAL								$	743,133


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2013, the Fund had the following swap contracts:

OVER THE COUNTER 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		CAD	2,220	^(a)		12/20/22	3.000%	6 month CDOR	$	(49,436	)	$	(21,080	)
			300			06/27/33	6 month CDOR	3.475%		—			3,855
Barclays Bank PLC		$	6,080	^(a)		03/10/26	3.210	3 month LIBOR		—			(302,162	)
BNP Paribas SA		NOK	40,570	^(a)		12/20/22	4.000	6 month NIBOR		(51,130	)		37,533
Citibank NA		NZD	2,400	^(a)		12/18/18	3 month NZDOR	3.500		41,743			43,375
		CAD	2,970	^(a)		12/20/22	3.000	6 month CDOR		(126,248	)		31,910
		NOK	23,560	^(a)		12/20/22	6 month NIBOR	4.000		16,836			(8,940	)
		NZD	1,150	^(a)		12/18/23	3 month NZDOR	4.000		45,937			24,085
Credit Suisse International (London)			6,350	^(a)		12/18/18	3 month NZDOR	3.500		80,038			145,169
			200	^(a)		12/18/23	3 month NZDOR	4.000		4,520			7,658
Deutsche Bank Securities, Inc.		BRL	6,490			01/02/15	9.942	1 month Brazilian Interbank Deposit Average		—			(3,453	)
		CAD	12,960	^(a)		12/20/22	3.000	6 month CDOR		(342,453	)		(69,203	)
		NOK	73,840	^(a)		12/20/22	6 month NIBOR	4.000		(9,189	)		33,937
		NZD	7,890	^(a)		12/18/23	3 month NZDOR	4.000		146,068			334,346
JPMorgan Securities, Inc.		NOK	20,640	^(a)		12/20/22	6 month NIBOR	4.000		23,560			(16,643	)
		NZD	260	^(a)		12/18/23	3 month NZDOR	4.000		5,678			10,153
Royal Bank of Canada		$	30,710	^(a)		10/27/17	1.416	3 month LIBOR		—			(306,176	)
		CAD	12,810	^(a)		12/20/22	3.000	6 month CDOR		(391,197	)		(15,898	)
			8,810	^(a)		12/20/22	6 month CDOR	3.000		329,146			(49,309	)
			4,300	^(a)		10/06/25	2.780	6 month CDOR		—			(310,975	)
		$	11,560	^(a)		02/24/26	3.123	3 month LIBOR		—			(647,203	)
		CAD	2,500	^(a)		10/04/35	6 month CDOR	2.860		—			355,233
UBS AG (London)		CHF	5,400			01/06/17	2.105	6 month CHFOR		—			434,523
TOTAL									$	(276,127	)	$	(289,265	)

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2013.

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


			Rates Exchanged		Market Value
Notional Amount (000s)^(a)		Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
EUR	6,720	06/05/15	0.600%	6 month EURO	$	(18,111	)	$	18,762
	40,710	06/27/15	0.850	6 month EURO		19,323			112,707
NOK	40,990	06/30/15	3 month NIBOR	2.000%		485			1,602
EUR	16,230	08/06/15	0.750	6 month EURO		6,719			16,895
	63,830	08/18/15	0.800	6 month EURO		12,836			114,681
JPY	15,188,130	08/18/15	6 month JYOR	0.280		11,996			(46,129	)
AUD	32,840	09/07/15	3.200	6 month AUDOR		(2,347	)		76,426
$	74,450	09/26/15	3 month LIBOR	0.650		(10,855	)		(24,792	)
	5,200	12/18/15	0.500	3 month LIBOR		261			(4,275	)
GBP	2,210	06/25/16	1.650	6 month BP		4,730			—
	9,540	07/18/16	6 month BP	0.930		43,295			52,129


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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)


			Rates Exchanged		Market Value
Notional Amount (000s)^(a)		Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
$	43,600	07/24/16	3 month LIBOR	0.965%	$	5,824		$	(97,754	)
CAD	56,780	07/24/16	1.940%	6 month CDOR		(10,010	)		104,541
EUR	49,700	07/27/16	6 month EURO	1.100		31,958			(73,355	)
	42,070	07/27/18	1.600	6 month EURO		(117,195	)		148,953
$	2,580	12/18/18	3 month LIBOR	1.000		92,475			(7,240	)
CAD	10,020	12/18/18	1.750	6 month CDOR		(256,154	)		(15,170	)
GBP	21,120	12/18/18	6 month BP	1.000		1,357,946			52,126
EUR	29,760	12/18/18	1.000	6 month EURO		(630,944	)		27,378
SEK	31,860	12/18/18	3 month STIBOR	1.750		130,917			7,124
JPY	641,900	12/18/18	0.500	6 month JYOR		(21,824	)		45,708
$	32,690	08/15/19	3.250	3 month LIBOR		26,163			232,477
	3,300	08/29/19	3.520	3 month LIBOR		8			47,073
	3,300	08/29/19	3.560	3 month LIBOR		8			50,768
JPY	877,900	04/24/20	0.610	6 month JYOR		(2,169	)		(5,248	)
EUR	16,640	07/27/20	6 month EURO	1.950		95,388			(58,424	)
$	10,730	12/18/20	3 month LIBOR	1.500		153,175			408,508
GBP	13,140	07/18/21	2.240	6 month BP		(320,338	)		(142,755	)
$	16,920	08/15/21	3 month LIBOR	3.000		(114,780	)		(273,554	)
	1,700	08/27/21	3 month LIBOR	3.095		10			(46,588	)
	1,700	08/27/21	3 month LIBOR	3.132		10			(50,719	)
GBP	8,895	12/20/22	3.000	6 month BP		(534,604	)		152,650
JPY	4,291,900	12/20/22	6 month JYOR	1.250		27,099			(206,945	)
SEK	1,840	12/18/23	3 month STIBOR	2.250		12,475			2,639
CAD	2,620	12/18/23	2.250	6 month CDOR		(186,488	)		(5,124	)
AUD	2,710	12/18/23	4.000	6 month AUDOR		(84,044	)		2,171
GBP	3,270	12/18/23	2.000	6 month BP		(364,496	)		(6,390	)
$	5,980	12/18/23	2.000	3 month LIBOR		(474,267	)		—
GBP	6,600	12/18/23	6 month BP	2.000		416,458			332,120
EUR	7,930	12/18/23	1.750	6 month EURO		(345,148	)		(29,602	)
JPY	509,510	12/18/23	6 month JYOR	0.750		172,330			(97,707	)
EUR	50	12/19/23	3.250	6 month EURO		(126	)		728
NZD	5,000	12/19/23	5.750	3 month NZDOR		(19,171	)		49,195
CHF	7,250	12/19/23	2.500	6 month CHFOR		(7,030	)		44,981
$	7,500	06/12/24	3 month LIBOR	2.807		60			177,072
GBP	8,420	07/18/24	6 month BP	2.700		264,251			71,696
$	9,800	07/24/24	3.097	3 month LIBOR		(76,778	)		56,074
CAD	13,190	07/24/24	6 month CDOR	3.250		34,367			17,701
JPY	1,431,450	04/24/25	6 month JYOR	1.030		48,906			103,239
	2,028,750	05/09/25	6 month JYOR	1.650		41,028			99,376
	1,241,660	05/09/27	1.880	6 month JYOR		(36,883	)		(81,769	)
	728,550	04/24/30	1.480	6 month JYOR		(28,528	)		(68,925	)
EUR	2,270	12/18/43	2.250	6 month EURO		(79,082	)		(174,707	)
$	3,150	12/18/43	3 month LIBOR	3.000		340,755			84,300
	TOTAL				$	(390,116	)	$	1,194,628

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2013.


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


												Market Value
Counterparty	Referenced Obligation	Notional Amount (000s)		Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2013^(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		0.114	%	$	(43,967	)	$	(68,625	)
Morgan Stanley Capital Services, Inc.	CDX North America Investment Grade Index 16		28,700		(1.000	)		06/20/14		0.114			(70,635	)		(123,441	)
Protection Sold:
Bank of America Securities LLC	CDX North America Investment Grade Index 16		5,400		1.000			06/20/16		0.354			4,192			92,249
Morgan Stanley Capital Services, Inc.	CDX North America Investment Grade Index 16		24,050		1.000			06/20/16		0.354			17,845			411,672
TOTAL												$	(92,565	)	$	311,855

(b)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


										Market Value
Referenced Obligation	Notional Amount (000s)	Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2013^(b)			Upfront Payments Made (Received)		Unrealized Gain (Loss)
Protection Purchased:

iTraxx Europe Index Series 19	EUR 14,500		(1.000	)%		06/20/18		0.942	%	$	104,049	$	(47,109	)

(b)

WRITTEN OPTIONS CONTRACTS — For the six months ended September 30, 2013, the Fund had the following written swaptions activity:


	Notional Amount (000s)			Premiums Received
Contracts Outstanding March 31, 2013	$	—		$	—
Contracts written		10,458			33,590
Contracts bought to close		—			—
Contracts expired		(10,458	)		(33,590	)
Contracts Outstanding September 30, 2013	$	—		$	—


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments

September 30, 2013 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – 10.5%
	Banks – 2.3%
	Abbey National Treasury Services PLC^(a)
GBP	1,800,000		2.113	%		02/16/15	$	2,963,269
	ABN AMRO Bank NV^(a)(b)
EUR	15,000		4.310			03/10/49		19,329
	ANZ Capital Trust II^(b)(c)
$	6,600,000		5.360			12/15/49		6,639,600
	Bank of America Corp.^(a)(b)
EUR	6,500,000		1.061			03/28/18		8,334,066
	Bank of Scotland PLC^(c)
$	590,000		5.250			02/21/17		659,063
	Barclays Bank PLC
	6,150,000		6.050	^(c)		12/04/17		6,831,383
	14,675,000		7.750	^(a)(b)		04/10/23		15,041,875
	BNP Paribas SA^(a)(b)
EUR	1,850,000		4.730			04/29/49		2,534,058
	Brazil Loan Trust 1
$	8,580,000		5.477			07/24/23		8,708,700
	Credit Suisse AG^(c)
	26,675,000		6.500			08/08/23		27,419,212
	HBOS PLC^(a)(b)
EUR	5,175,000		4.375			10/30/19		6,937,992
	HSBC Capital Funding LP^(a)(b)
	4,975,000		5.369			03/24/49		6,780,909
	Northern Rock Asset Management PLC^(c)
$	10,354,000		5.625			06/22/17		11,756,489
	Sparebank 1 Boligkreditt AS^(c)
	100,000,000		1.250			10/25/13		100,060,000
	13,400,000		1.750			11/15/19		12,774,220
	Stadshypotek AB^(c)
	8,100,000		1.875			10/02/19		7,831,080

								225,291,245

	Chemicals^(b) – 0.1%
	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC
	7,050,000		9.000			11/15/20		6,909,000

	Consumer Cyclical Services^(b) – 0.1%
	Equinix, Inc.
	1,050,000		4.875			04/01/20		1,023,750
	8,525,000		7.000			07/15/21		9,100,438
	1,350,000		5.375			04/01/23		1,275,750

								11,399,938

	Consumer Products – Household & Leisure – 0.4%
	Alphabet Holding Co., Inc.^(b)(d)
	11,450,000		7.750			11/01/17		11,736,250
	Avon Products, Inc.
	10,025,000		4.600			03/15/20		10,365,390
	13,150,000		5.000			03/15/23		13,279,893
	Spectrum Brands Escrow Corp.^(b)(c)
	2,750,000		6.375			11/15/20		2,873,750

								38,255,283

	Energy – 1.6%
	Ecopetrol SA
	11,300,000		5.875			09/18/23		11,804,692

	Corporate Obligations – (continued)
	Energy – (continued)
	Gaz Capital SA for Gazprom
$	2,660,000		8.625	%^(e)		04/28/14	$	3,168,725
	7,090,000		9.250	^(e)		04/23/19		8,685,250
	3,680,000		5.999			01/23/21		3,854,800
	3,090,000		6.510			03/07/22		3,306,300
	2,219,000		4.950			07/19/22		2,138,561
	2,350,000		7.288	^(c)		08/16/37		2,532,125
	GPN Capital SA for Gazprom
	14,389,000		4.375			09/19/22		13,237,880
	Halcon Resources Corp.^(b)
	29,950,000		8.875			05/15/21		30,773,625
	KazMunayGas National Co.^(c)
	6,220,000		5.750			04/30/43		5,473,600
	Offshore Drilling Holding SA^(b)(c)
	10,010,000		8.375			09/20/20		10,126,229
	Offshore Group Investment Ltd.^(b)
	11,925,000		7.500			11/01/19		12,533,761
	2,900,000		7.125			04/01/23		2,844,440
	Petrobras Global Finance BV
	6,500,000		4.375			05/20/23		5,923,085
	7,880,000		5.625			05/20/43		6,570,215
	Raizen Fuels Finance Ltd.
	1,400,000		9.500			08/15/14		1,480,461
	Rosneft Oil Co. via Rosneft International Finance Ltd.^(c)
	28,350,000		4.199			03/06/22		26,117,437
	TNK-BP Finance SA
	4,750,000		7.250			02/02/20		5,355,625

								155,926,811

	Energy – Exploration & Production – 1.0%
	Continental Resources, Inc.^(b)
	16,800,000		5.000			09/15/22		16,884,000
	50,850,000		4.500			04/15/23		49,833,000
	Lukoil International Finance BV
	770,000		7.250			11/05/19		873,950
	14,600,000		6.125			11/09/20		15,567,250
	1,480,000		6.656			06/07/22		1,598,400
	3,530,000		4.563	^(c)		04/24/23		3,282,900
	MEG Energy Corp.^(b)(c)
	10,075,000		6.375			01/30/23		9,823,125

								97,862,625

	Food & Beverage – 0.4%
	Constellation Brands, Inc.
	20,900,000		3.750			05/01/21		19,332,500
	4,350,000		4.250			05/01/23		3,980,250
	US Foods, Inc.^(b)
	13,000,000		8.500			06/30/19		13,715,000

								37,027,750

	Gaming – 0.3%
	MGM Resorts International
	25,200,000		6.750			10/01/20		26,460,000
	Studio City Finance Ltd.^(b)(c)
	6,850,000		8.500			12/01/20		7,500,750

								33,960,750


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Health Care – Medical Products^(b) – 0.1%
	DJO Finance LLC/DJO Finance Corp.
$	8,650,000		9.875	%		04/15/18	$	9,169,000

	Life Insurance – 0.3%
	Genworth Financial, Inc.
	5,203,000		6.515			05/22/18		5,871,802
	1,861,000		7.200			02/15/21		2,151,841
	Genworth Holdings, Inc.
	19,875,000		7.625			09/24/21		23,504,931

								31,528,574

	Media – Cable^(b) – 0.2%
	UPC Holding BV
EUR	12,300,000		6.375			09/15/22		16,372,488

	Noncaptive – Financial^(b)(c) – 0.0%
	GEO Maquinaria
	1,571,931		9.625			05/02/21		550,176

	Packaging^(b) – 0.4%
	Ardagh Packaging Finance PLC^(c)
	12,300,000		4.875			11/15/22		11,746,500
	Reynolds Group Issuer, Inc.
	6,625,000		9.875			08/15/19		7,155,000
	16,100,000		5.750			10/15/20		16,100,000
	6,725,000		8.250			02/15/21		6,758,625

								41,760,125

	Pipelines^(b) – 0.5%
	Energy Transfer Partners LP^(a)(c)
	8,775,000		3.283			11/01/66		7,897,500
	Enterprise Products Operating LLC^(a)
	6,850,000		8.375			08/01/66		7,535,000
	1,850,000		7.000			06/01/67		1,958,687
	3,600,000		7.034			01/15/68		3,996,000
	Regency Energy Partners LP
	10,000,000		5.750			09/01/20		10,050,000
	5,000,000		6.500			07/15/21		5,237,500
	12,600,000		5.500			04/15/23		12,064,500

								48,739,187

	Real Estate Investment Trust^(b) – 0.1%
	Entertainment Properties Trust
	5,500,000		5.750			08/15/22		5,586,514

	Retailers^(b) – 0.2%
	Burlington Coat Factory Warehouse Corp.
	13,325,000		10.000			02/15/19		14,757,438

	Services Cyclical – Rental Equipment^(b)(c) – 0.3%
	Algeco Scotsman Global Finance PLC
	13,075,000		8.500			10/15/18		13,826,813
	10,950,000		10.750			10/15/19		11,004,750

								24,831,563

	Technology – Hardware^(b)(c)(d) – 0.1%
	CommScope Holding Co., Inc.
	7,150,000		6.625			06/01/20		7,132,125

	Corporate Obligations – (continued)
	Technology – Software^(b)(c) – 0.1%
	BMC Software Finance, Inc.
$	8,800,000		8.125	%		07/15/21	$	9,130,000

	Transportation Services^(b)(c) – 0.1%
	Aguila 3 SA
	12,800,000		7.875			01/31/18		13,376,000

	Wireless Telecommunications – 1.2%
	Crown Castle International Corp.
	9,275,000		5.250			01/15/23		8,533,000
	Intelsat Jackson Holdings SA^(b)(c)
	4,350,000		5.500			08/01/23		4,067,250
	Intelsat Luxembourg SA^(b)(c)
	11,225,000		7.750			06/01/21		11,617,875
	4,950,000		8.125			06/01/23		5,209,875
	MTS International Funding Ltd.^(c)
	7,040,000		5.000			05/30/23		6,545,008
	Softbank Corp.^(c)
	14,800,000		4.500			04/15/20		14,127,834
	Sprint Corp.^(c)
	15,450,000		7.250			09/15/21		15,565,875
	19,300,000		7.875			09/15/23		19,637,750
	Sprint Nextel Corp.
	12,400,000		7.000			08/15/20		12,586,000
	2,750,000		11.500			11/15/21		3,520,000
	VimpelCom Holdings BV
	4,100,000		5.200	^(c)		02/13/19		4,066,669
	4,790,000		7.504			03/01/22		5,029,500
	11,550,000		5.950	^(c)		02/13/23		10,857,000

								121,363,636

	Wirelines Telecommunications – 0.7%
	Level 3 Financing, Inc.^(b)
	14,125,000		9.375			04/01/19		15,608,125
	Verizon Communications, Inc.
	14,300,000		3.650			09/14/18		15,095,735
	28,600,000		5.150			09/15/23		30,724,105
	7,650,000		6.550			09/15/43		8,649,834

								70,077,799

	TOTAL CORPORATE OBLIGATIONS
	(Cost $1,024,584,038)						$	1,021,008,027


	Mortgage-Backed Obligations – 25.6%
	Adjustable Rate Non-Agency^(a) – 5.7%
	Aire Valley Mortgages PLC Series 2005-1X, Class 2A1
GBP	2,087,362		0.878	%		09/20/66	$	3,215,663
	Aire Valley Mortgages PLC Series 2005-1X, Class 2A2
EUR	5,681,507		0.582			09/20/66		7,331,300
	Aire Valley Mortgages PLC Series 2006-1A, Class 1A^(c)
$	9,646,327		0.472			09/20/66		9,129,892
	Aire Valley Mortgages PLC Series 2007-1A, Class 2A1^(c)
	7,528,538		0.492			09/20/66		7,133,630
	American Home Mortgage Assets Trust Series 2006-6, Class A1A
	14,021,581		0.369			12/25/46		9,237,101


80		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^(a) – (continued)
	American Home Mortgage Assets Trust Series 2007-1, Class A1
$	32,459,619		0.853	%		02/25/47	$	18,282,611
	American Home Mortgage Assets Trust Series 2007-2, Class A1
	2,193,360		0.309			03/25/47		1,639,126
	American Home Mortgage Investment Trust Series 2005-3, Class 2A4
	6,100,000		2.022			09/25/35		3,705,615
	American Home Mortgage Investment Trust Series 2006-3, Class 11A1
	241,560		0.359			12/25/46		183,592
	American Home Mortgage Investment Trust Series 2007-2, Class 11A1
	6,272,262		0.414			03/25/47		3,806,195
	Banc of America Funding Corp. Series 2006-G, Class 2A1
	12,021,397		0.404			07/20/36		10,782,212
	Banc of America Funding Corp. Series 2006-H, Class 6A1
	10,743,763		0.374			10/20/36		6,891,380
	Bear Stearns Mortgage Funding Trust Series 2006-AR1, Class 2A1
	1,194,762		0.404			08/25/36		836,466
	Bear Stearns Mortgage Funding Trust Series 2007-AR4, Class 1A1
	5,292,657		0.384			09/25/47		4,103,191
	Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2005-4A, Class A1^(c)
	8,395,222		0.379			10/25/36		6,612,761
	Citigroup Mortgage Loan Trust, Inc. Series 2006-AR7, Class 2A2A
	6,957,613		2.719			11/25/36		5,041,415
	Countrywide Alternative Loan Trust Series 2006-0C8, Class 2A2B
	5,984,368		0.354			11/25/36		4,847,765
	Countrywide Alternative Loan Trust Series 2005-59, Class 1A1
	12,704,690		0.510			11/20/35		9,171,176
	Countrywide Alternative Loan Trust Series 2005-61, Class 1A1
	854,616		0.444			12/25/35		747,182
	Countrywide Alternative Loan Trust Series 2005-76, Class 1A1
	2,745,935		1.638			01/25/36		2,441,646
	Countrywide Alternative Loan Trust Series 2005-81, Class A1
	10,199,301		0.459			02/25/37		7,307,648
	Countrywide Alternative Loan Trust Series 2005-82, Class A1
	800,361		0.454			02/25/36		595,643
	Countrywide Alternative Loan Trust Series 2005-9CB, Class 1A5
	1,688,654		0.684			05/25/35		1,349,731
	Countrywide Alternative Loan Trust Series 2006-OA1, Class 2A1
	366,769		0.394			03/20/46		253,234
	Countrywide Alternative Loan Trust Series 2007-OA11, Class A1A
	38,374,550		1.533			11/25/47		26,123,847
	Countrywide Alternative Loan Trust Series 2007-OA2, Class 2A1
	13,614,185		0.314			03/25/47		8,882,714
	Countrywide Home Loans Mortgage Pass-Through Trust Series 2006-OA5, Class 2A1
	17,155,483		0.384			04/25/46		12,859,680

	Mortgage-Backed Obligations – (continued)
	Adjustable Rate Non-Agency^(a) – (continued)
	Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-OA1, Class A1
$	11,700,654		0.334	%		02/25/47	$	7,877,621
	GreenPoint Mortgage Funding Trust Series 2006-OH1, Class A1
	2,156,802		0.364			01/25/37		1,487,081
	HarborView Mortgage Loan Trust Series 2005-09, Class 2A1A
	2,851,986		0.520			06/20/35		2,579,778
	HarborView Mortgage Loan Trust Series 2005-5, Class 1A1A
	15,683,202		0.491			07/19/45		13,110,075
	HarborView Mortgage Loan Trust Series 2006-11, Class A1A
	8,891,795		0.354			12/19/36		5,687,281
	HarborView Mortgage Loan Trust Series 2006-7, Class 2A1A
	2,615,817		0.384			09/19/46		1,896,790
	HarborView Mortgage Loan Trust Series 2007-7, Class 2A1A
	15,063,054		1.179			11/25/47		13,108,147
	Indymac Index Mortgage Loan Trust Series 2005-AR10, Class A1
	7,345,141		0.439			06/25/35		6,209,805
	Indymac Index Mortgage Loan Trust Series 2005-AR13, Class 4A1
	1,405,329		2.431			08/25/35		1,155,512
	Indymac Index Mortgage Loan Trust Series 2005-AR23, Class 6A1
	6,123,526		4.706			11/25/35		5,071,692
	Indymac Index Mortgage Loan Trust Series 2006-AR2, Class 1A1A
	11,793,815		0.404			04/25/46		9,099,437
	Indymac Index Mortgage Loan Trust Series 2006-AR41, Class A3
	9,730,881		0.364			02/25/37		6,750,326
	Indymac Index Mortgage Loan Trust Series 2007-AR1, Class 1A1
	10,505,193		3.065			03/25/37		8,976,689
	Indymac Index Mortgage Loan Trust Series 2007-FLX3, Class A1
	746,094		0.419			06/25/37		620,900
	Indymac Index Mortgage Loan Trust Series 2007-FLX4, Class 2A1
	10,221,048		0.359			07/25/37		8,649,687
	JPMorgan Alternative Loan Trust Series 2006-A2, Class 2A2
	10,488,694		2.770			05/25/36		7,408,120
	JPMorgan Alternative Loan Trust Series 2006-A5, Class 1A1
	8,832,312		0.344			10/25/36		6,460,439
	Leek Finance Number Eighteen PLC Series 18X, Class A2C
EUR	11,459,715		0.481			09/21/38		15,768,867
	Lehman XS Trust Series 2007-12N, Class 2A1
$	5,811,911		0.359			07/25/37		3,909,564
	Lehman XS Trust Series 2007-15N, Class 4A1
	11,912,930		1.079			08/25/47		7,933,912
	Lehman XS Trust Series 2007-16N, Class 2A2
	568,141		1.029			09/25/47		434,605
	Lehman XS Trust Series 2007-4N, Class 3A2A
	7,382,682		0.903			03/25/47		5,771,587
	Lehman XS Trust Series 2007-5H, Class 3A4
	11,978,738		6.450			05/25/37		6,879,767


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)


Principal Amount		Interest Rate			Maturity Date			Value
	Mortgage-Backed Obligations – (continued)
	Adjustable Rate Non-Agency^(a) – (continued)
	Lehman XS Trust Series 2007-7N, Class 1A1A
$	26,179,221		0.399	%		06/25/47	��	$	18,200,795
	Luminent Mortgage Trust Series 2006-5, Class A1A
	4,184,374		0.369			07/25/36			2,747,621
	Luminent Mortgage Trust Series 2006-7, Class 2A1
	12,171,627		0.349			12/25/36			9,180,568
	Luminent Mortgage Trust Series 2007-2, Class 2A1
	2,543,469		0.414			05/25/37			1,554,611
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 1A1
	13,162,297		0.953			12/25/46			7,571,040
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
	5,241,469		1.003			12/25/46			3,012,548
	Master Adjustable Rate Mortgages Trust Series 2007-2, Class A1
	5,994,909		0.334			03/25/47			5,124,325
	Master Adjustable Rate Mortgages Trust Series 2007-3, Class 12A1
	2,166,990		0.379			05/25/47			1,411,374
	Residential Accredit Loans, Inc. Series 2005-Q05, Class A1
	7,674,280		1.153			01/25/46			5,387,749
	Residential Accredit Loans, Inc. Series 2006-QA10, Class A1
	7,696,399		0.369			12/25/36			5,640,380
	Residential Accredit Loans, Inc. Series 2006-QO1, Class 3A1
	3,960,201		0.449			02/25/46			2,647,794
	Residential Accredit Loans, Inc. Series 2007-QA4, Class A1A
	7,776,905		0.334			06/25/37			5,402,384
	Residential Accredit Loans, Inc. Series 2007-QH9, Class A1
	19,402,698		3.256			11/25/37			10,407,058
	Residential Accredit Loans, Inc. Series 2007-QO3, Class A1
	18,535,950		0.344			03/25/47			13,813,342
	Residential Accredit Loans, Inc. Series 2007-QS8, Class A3
	3,820,385		0.784			06/25/37			2,284,142
	Residential Accredit Loans, Inc. Trust Series 2007-QO2, Class A1
	7,310,473		0.334			02/25/47			4,162,032
	Residential Accredit Loans, Inc. Trust Series 2007-QO4, Class A1A
	2,130,819		0.374			05/25/47			1,635,525
	Residential Funding Mortgage Securities I Series 2005-SA4, Class 2A1
	8,599,649		2.956			09/25/35			7,383,117
	Structured Adjustable Rate Mortgage Loan Trust Series 2007-11, Class 1A1
	10,384,846		1.329			12/25/37			6,659,282
	Structured Asset Mortgage Investments II Trust Series 2006-AR5, Class 1A1
	8,434,446		0.389			05/25/46			5,888,221
	Structured Asset Mortgage Investments II Trust Series 2006-AR6, Class 2A1
	6,576,983		0.374			07/25/46			4,935,556
	Structured Asset Mortgage Investments, Inc. Series 2005-AR7, Class 5A1
	1,903,411		1.613			03/25/46			1,440,261
	Structured Asset Mortgage Investments, Inc. Series 2006-AR6, Class 1A3
	627,153		0.374			07/25/46			356,450

	Mortgage-Backed Obligations – (continued)
	Adjustable Rate Non-Agency^(a) – (continued)
	Structured Asset Mortgage Investments, Inc. Series 2006-AR7, Class A1A
$	690,045		0.389	%		08/25/36		$	491,017
	Structured Asset Mortgage Investments, Inc. Series 2006-AR8, Class A1A
	5,564,506		0.384			10/25/36			4,006,283
	Structured Asset Mortgage Investments, Inc. Series 2007-AR7, Class 1A1
	2,112,518		1.029			05/25/47			1,352,389
	Washington Mutual Alternative Mortgage Pass-Through Certificates Series 2005-4, Class CB1
	143,424		0.634			06/25/35			107,135
	Washington Mutual Alternative Mortgage Pass-Through Certificates Series 2006-AR4, Class DA
	3,743,299		1.123			06/25/46			1,963,512
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR1, Class A2A1
	9,377,830		0.524			01/25/45			8,599,161
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR11, Class A1A
	5,812,057		0.504			08/25/45			5,427,525
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR12, Class 1A6
	8,175,000		2.373			10/25/35			7,596,306
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR19, Class A1A1
	742,442		0.454			12/25/45			680,970
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR6, Class 2A1A
	672,596		0.409			04/25/45			623,002
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR7, Class A3
	8,860,000		2.418			08/25/35			8,367,200
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR8, Class 1A1A
	460,488		0.449			07/25/45			421,742
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR8, Class 2A1A
	1,697,732		0.469			07/25/45			1,571,066
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR9, Class A1A
	6,398,492		0.499			07/25/45			5,948,463
	Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR11, Class 1A
	5,552,303		1.113			09/25/46			4,583,866
	Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR11, Class 3A1A
	4,806,642		1.079			09/25/46			3,459,133
	Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR15, Class 1A
	14,610,030		0.999			11/25/46			11,676,589
	Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR5, Class 4A
	1,960,332		1.143			06/25/46			1,218,577


82		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^(a) – (continued)
	Washington Mutual Mortgage Pass-Through Certificates Series 2007-0A1, Class A1A
$	7,030,105		0.853	%		02/25/47	$	5,511,618
	Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA2, Class 2A
	9,974,154		0.853			01/25/47		6,242,003
	Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA3, Class 2A
	4,456,730		0.903			02/25/47		2,692,195
	Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA4, Class 1A
	7,410,149		0.923			05/25/47		6,418,253
	Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA5, Class 1A
	19,149,476		0.909			06/25/47		15,839,345
	Wells Fargo Alternative Loan Trust Series 2007-PA2, Class 2A1
	9,416,085		0.614			06/25/37		6,456,474

	TOTAL ADJUSTABLE RATE NON-AGENCY						$	557,460,097

	Collateralized Mortgage Obligations – 3.6%
	Interest Only – 0.1%
	FHLMC STRIPS Series 247, Class 22
$	6,085,346		5.000	%		10/15/35	$	1,045,919
	FHLMC STRIPS Series 247, Class 23
	8,914,602		5.000			01/15/36		1,532,197
	FHLMC STRIPS Series 247, Class 24
	22,546,099		5.000			09/15/36		3,875,111
	FHLMC STRIPS Series 258, Class 83
	10,373,230		5.000			01/15/36		1,782,899

								8,236,126

	Inverse Floaters^(a) – 0.1%
	FHLMC REMIC Series 2011-3862, Class SA
	10,326,532		6.358			05/15/41		1,370,720
	FNMA REMIC Series 2010-126, Class LS
	7,469,076		4.817			11/25/40		907,842
	FNMA REMIC Series 2013-75, Class SA
	21,745,848		5.971			07/25/43		4,328,307

								6,606,869

	Regular Floater^(a) – 2.0%
	CitiMortgage Alternative Loan Trust Series 2007-A2 , Class 1A9
	10,016,779		6.000			02/25/37		8,360,236
	Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12
	1,889,563		0.984			12/25/35		1,471,383
	FHLMC REMIC Series 3084 Class FN
	3,571,342		0.682			12/15/34		3,601,424
	FHLMC REMIC Series 3231 Class FB
	1,662,350		0.532			10/15/36		1,663,325
	FHLMC REMIC Series 3314 Class FC
	1,330,479		0.582			12/15/36		1,332,822
	FHLMC REMIC Series 3371, Class FA
	1,353,046		0.782			09/15/37		1,360,982

	Mortgage-Backed Obligations – (continued)
	Regular Floater^(a) – (continued)
	FHLMC REMIC Series 3545, Class FA
$	2,759,567		1.032	%		06/15/39	$	2,800,787
	FHLMC REMIC Series 3827 Class KF
	1,857,764		0.552			03/15/41		1,862,336
	FHLMC REMIC Series 3830 Class FD
	13,133,873		0.542			03/15/41		13,162,038
	FNMA REMIC Series 2005-102, Class DF
	3,968,954		0.479			11/25/35		3,977,895
	FNMA REMIC Series 2006-45, Class TF
	2,689,924		0.579			06/25/36		2,695,524
	FNMA REMIC Series 2006-76, Class QF
	2,762,257		0.579			08/25/36		2,771,245
	FNMA REMIC Series 2006-79, Class PF
	3,238,852		0.579			08/25/36		3,249,044
	FNMA REMIC Series 2007-33, Class HF
	3,792,329		0.529			04/25/37		3,803,824
	FNMA REMIC Series 2007-75, Class VF
	1,017,390		0.629			08/25/37		1,020,573
	FNMA REMIC Series 2007-91, Class FB
	3,132,232		0.779			10/25/37		3,164,173
	FNMA REMIC Series 2009-84, Class WF
	1,024,192		1.279			10/25/39		1,047,476
	FNMA REMIC Series 2010-100, Class FD
	23,878,927		0.599			09/25/40		24,005,199
	FNMA REMIC Series 2010-89, Class CF
	13,647,042		0.629			02/25/38		13,717,252
	FNMA REMIC Series 2011-55, Class FJ
	13,307,324		0.619			06/25/41		13,302,567
	FNMA REMIC Series 2011-59, Class FW
	4,019,295		0.539			07/25/41		4,021,865
	FNMA REMIC Series 2011-86, Class DF
	2,335,370		0.679			09/25/41		2,362,904
	FNMA REMIC Series 2013-96, Class FW
	29,376,320		0.579			09/25/43		29,409,151
	GNMA Series 2013-113, Class FD
	27,490,330		0.482			08/16/43		27,472,535
	Granite Mortgages PLC Series 2003-2, Class 1B
	3,776,089		1.246			07/20/43		3,687,522
	Granite Mortgages PLC Series 2003-2, Class 3A
GBP	2,492,485		0.990			07/20/43		4,000,755
	Granite Mortgages PLC Series 2003-3, Class 2A
EUR	181,202		0.600			01/20/44		242,750
	Granite Mortgages PLC Series 2004-2, Class 3A
GBP	2,695,967		0.838			06/20/44		4,314,386
	Granite Mortgages PLC Series 2004-3, Class 2A2
EUR	67,498		0.502			09/20/44		90,221
	Granite Mortgages PLC Series 2004-3, Class 3A1
GBP	2,603,394		0.878			09/20/44		4,168,610
	Sequoia Mortgage Trust Series 2007-3, Class 2AA1
$	6,760,726		2.463			07/20/37		5,302,995

								193,443,799

	Sequential Fixed Rate – 1.3%
	Banc of America Funding Corp. Series 2007-8, Class 2A1
	3,078,323		7.000			10/25/37		1,896,295


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	Sequential Fixed Rate – (continued)
	BCAP LLC Trust Series 2007-AA2, Class 2A7
$	2,946,340		6.000	%		04/25/37	$	2,495,453
	Citicorp Mortgage Securities, Inc. Series 2007-4, Class 2A1
	304,184		5.500			05/25/22		307,533
	Citimortgage Alternative Loan Trust Series 2006-A3, Class 1A13
	5,542,820		6.000			07/25/36		4,938,319
	Citimortgage Alternative Loan Trust Series 2007-A1, Class 1A7
	2,023,763		6.000			01/25/37		1,656,833
	Citimortgage Alternative Loan Trust Series 2007-A4, Class 1A5
	7,595,285		5.750			04/25/37		6,443,509
	Countrywide Alternative Loan Trust Series 2005-77T1, Class 1A2
	4,208,084		6.000			02/25/36		3,419,077
	Countrywide Alternative Loan Trust Series 2007-06, Class A4
	4,468,632		5.750			04/25/47		3,563,730
	Countrywide Alternative Loan Trust Series 2007-15CB, Class A5
	1,849,726		5.750			07/25/37		1,585,503
	Countrywide Alternative Loan Trust Series 2007-18CB, Class 2A25
	808,435		6.000			08/25/37		680,542
	Countrywide Home Loans Mortgage Pass-Through Trust Series 2007-1, Class A4
	2,612,683		6.000			03/25/37		2,303,743
	Countrywide Home Loans Mortgage Pass-Through Trust Series 2007-7, Class A3
	5,444,171		5.750			06/25/37		4,975,170
	JPMorgan Alternative Loan Trust Series 2008-R2, Class A1^(c)
	13,559,869		6.000			11/25/36		10,813,311
	JPMorgan Mortgage Trust Series 2006-S4, Class A3
	18,262,156		6.000			01/25/37		15,374,108
	Morgan Stanley Mortgage Loan Trust Series 2005-4, Class 1A
	1,843,474		5.000			08/25/35		1,833,004
	Morgan Stanley Mortgage Loan Trust Series 2006-2, Class 1A
	6,211,024		5.250			02/25/21		6,019,609
	Morgan Stanley Mortgage Loan Trust Series 2006-2, Class 2A3
	7,223,166		5.750			02/25/36		6,883,622
	Residential Accredit Loans, Inc. Series 2006-QS12, Class 1A1
	7,658,184		6.500			09/25/36		5,621,367
	Residential Accredit Loans, Inc. Series 2006-QS2, Class 1A9
	1,122,598		5.500			02/25/36		910,555
	Residential Accredit Loans, Inc. Series 2006-QS4, Class A9
	5,859,880		6.000			04/25/36		4,665,523
	Residential Accredit Loans, Inc. Series 2006-QS6, Class 1A13
	1,907,932		6.000			06/25/36		1,450,541
	Residential Accredit Loans, Inc. Series 2006-QS7, Class A1
	1,147,986		6.000			06/25/36		912,078
	Residential Accredit Loans, Inc. Series 2006-QS8, Class A3
	3,438,603		6.000			08/25/36		2,637,856
	Residential Accredit Loans, Inc. Series 2006-QS9, Class 1A11
	3,424,941		6.500			07/25/36		2,763,286
	Residential Asset Securitization Trust Series 2005-A11CB, Class 2A1
	13,478,544		4.850			10/25/35		9,528,654
	Residential Asset Securitization Trust Series 2006-A8, Class 1A1
	2,489,182		6.000			08/25/36		2,223,822

	Mortgage-Backed Obligations – (continued)
	Sequential Fixed Rate – (continued)
	Residential Asset Securitization Trust Series 2006-A8, Class 2A3
$	8,645,221		6.000	%		08/25/36	$	5,398,834
	Residential Funding Mortgage Securities I Series 2007-S9, Class 1A1
	9,781,338		6.000			10/25/37		8,392,176
	Wells Fargo Mortgage Backed Securities Trust Series 2007-11, Class A85
	2,568,307		6.000			08/25/37		2,518,933

								122,212,986

	Sequential Floating Rate^(a) – 0.1%
	Banc of America Funding Corp. Series 2006-7, Class T2A1
	11,635,386		5.878			10/25/36		9,057,118
	Banc of America Funding Corp. Series 2007-2, Class 2A1
	228,251		5.554			03/25/37		230,671
	Chaseflex Trust Series 2007-3, Class 1A2
	4,673,363		0.644			07/25/37		2,770,943
	Washington Mutual Alternative Mortgage Pass-Through Certificates Series 2006-AR10, Class A1
	1,400,900		0.279			12/25/36		900,259

								12,958,991

	Support – 0.0%
	Countrywide Alternative Loan Trust Series 2006-4CB, Class 2A4
	921,356		5.500			04/25/36		820,568

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	344,279,339

	Commercial Mortgage-Backed Securities – 10.9%
	Sequential Fixed Rate – 3.2%
	Credit Suisse Commercial Mortgage Trust Series 2007-C1, Class A1A
$	145,976,580		5.361	%		02/15/40	$	154,597,271
	FHLMC Multifamily Structured Pass-Through Certificates Series K030, Class A1
	24,181,886		2.779			09/25/22		24,832,625
	Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9, Class A4
	4,500,000		3.102			05/15/46		4,279,248
	Wachovia Bank Commercial Mortgage Trust Series 2006-C28, ClassA1A
	112,130,347		5.559			10/15/48		123,709,577
	WF-RBS Commercial Mortgage Trust Series 2012-C6 Class B
	2,500,000		4.697			04/15/45		2,600,590

								310,019,311

	Sequential Floating Rate^(a) – 7.7%
	Credit Suisse Commercial Mortgage Trust Series 2007-C2, Class A1A
	173,996,395		5.526			01/15/49		187,451,292
	Credit Suisse Commercial Mortgage Trust Series 2007-C3, Class A1A1
	99,013,503		5.872			06/15/39		108,628,209
	FHLMC Multifamily Structured Pass-Through Certificates Series K029, Class A2
	83,200,000		3.320			02/25/23		83,494,536


84		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 Floating Rate^(a) – (continued)
	FHLMC Multifamily Structured Pass-Through Certificates Series K030, Class A2
$	160,500,000		3.250	%		04/25/23		$	160,041,805
	FHLMC Multifamily Structured Pass-Through Certificates Series K031, Class A2
	144,500,000		3.300			04/25/23			144,073,508
	FREMF Mortgage Trust Series 2012-K706, Class B^(c)
	2,200,000		4.162			11/25/44			2,188,740
	FREMF Mortgage Trust Series 2012-K706, Class C^(c)
	1,350,000		4.162			11/25/44			1,286,677
	FREMF Mortgage Trust Series 2012-K707, Class C^(c)
	2,350,000		4.018			01/25/47			2,210,273
	FREMF Mortgage Trust Series 2012-K710, Class B^(c)
	5,700,000		3.949			06/25/47			5,537,829
	FREMF Mortgage Trust Series 2012-K710, Class C^(c)
	1,600,000		3.949			06/25/47			1,486,696
	GS Mortgage Securities Trust Series 2007-GG10, Class A1A
	38,942,058		5.993			08/10/45			43,021,250
	Morgan Stanley Capital I Trust Series 2007-HQ11, Class AM
	1,450,000		5.478			02/12/44			1,607,258
	Morgan Stanley Capital I Trust Series 2007-HQ13, Class AM
	1,200,000		5.931			12/15/44			1,182,858

									742,210,931

	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES							$	1,052,230,242

	Federal Agencies – 5.4%
	Adjustable Rate FNMA^(a) – 0.1%
$	2,750,184		2.550	%		05/01/33		$	2,920,733
	1,285,236		1.996			10/01/34			1,341,398
	2,827,054		1.944			01/01/35			2,945,886
	2,219,377		2.606			09/01/35			2,369,807
	1,043,526		2.442			10/01/36			1,111,222

									10,689,046

	FHLMC – 0.4%
	37,239,076		4.000			06/01/25			39,442,672

	FNMA – 4.9%
	6,800,896		3.104			01/01/18			7,165,503
	6,701,485		3.462			01/01/18			7,145,626
	4,358,668		3.660			01/01/18			4,710,784
	663,879		5.000			01/01/18			705,146
	3,280,389		5.000			02/01/18			3,484,518
	5,387,507		3.750			03/01/18			5,839,642
	2,147,552		5.000			03/01/18			2,281,188
	3,144,195		5.000			04/01/18			3,339,849
	3,550,000		3.840			05/01/18			3,847,301
	269,923		5.000			05/01/18			286,719
	268,104		5.000			06/01/18			284,787
	6,328		5.500			01/01/19			6,863
	107,236		5.500			02/01/19			115,981
	103,602		5.500			03/01/19			112,359
	84,422		5.500			04/01/19			91,557
	45,094		5.500			05/01/19			48,906
	188,637		5.500			06/01/19			204,581
	622,456		5.500			07/01/19			674,871

	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	546,074		5.500	%		08/01/19		$	591,890
	503,038		5.500			09/01/19			545,114
	152,675		5.500			10/01/19			165,526
	154,584		5.500			11/01/19			167,651
	262,807		5.500			12/01/19			285,020
	21,575		5.500			01/01/20			23,398
	11,443		5.500			06/01/20			12,297
	2,977,293		5.500			07/01/20			3,176,438
	2,113,368		3.416			10/01/20			2,214,164
	1,538,889		3.632			12/01/20			1,627,343
	5,927,517		4.375			06/01/21			6,488,430
	7,649,177		5.500			05/01/25			8,219,520
	12,296,453		4.000			09/01/26			13,070,265
	9,431		4.500			09/01/29			10,062
	273,183		5.000			04/01/33			298,417
	1,398		5.000			05/01/33			1,527
	474,232		5.000			08/01/33			518,037
	614,234		5.000			09/01/33			670,972
	30,188		4.000			02/01/35			31,660
	12,587,517		5.000			07/01/35			13,686,467
	107,584		6.000			08/01/36			117,343
	208,043		5.000			03/01/38			225,044
	44,747		4.000			08/01/39			46,919
	20,566		4.000			09/01/39			21,564
	86,742		5.000			12/01/39			94,028
	25,352		5.000			07/01/40			27,602
	34,031		4.000			08/01/40			35,691
	152,711		5.000			08/01/40			166,260
	196,306		4.000			11/01/40			205,878
	156,624		4.000			12/01/40			164,261
	135,078		4.000			01/01/41			141,664
	1,115,829		4.000			02/01/41			1,172,958
	254,443		4.000			03/01/41			266,881
	52,725		4.000			05/01/41			55,302
	4,786		5.000			05/01/41			5,223
	4,076,240		6.000			05/01/41			4,475,090
	86,623		4.000			08/01/41			90,858
	2,796,664		4.500			08/01/41			2,991,595
	732,372		4.500			10/01/41			783,419
	1,188,933		5.000			11/01/41			1,297,627
	157,876		4.000			01/01/42			165,594
	33,592		4.000			02/01/42			35,239
	11,159,839		3.000			08/01/42			10,920,520
	9,843,770		3.000			09/01/42			9,634,390
	1,649,368		3.000			10/01/42			1,614,318
	6,629,335		3.000			11/01/42			6,487,896
	61,145,866		3.000			12/01/42			59,836,228
	42,229,542		3.000			01/01/43			41,331,576
	12,782,651		3.000			02/01/43			12,509,407
	3,089,104		3.000			03/01/43			3,023,460
	8,354,590		3.000			04/01/43			8,177,055
	208,000,000		3.500			TBA-30yr	^(f)		211,835,000
	4,000,000		4.000			TBA-30yr	^(f)		4,195,625

									474,301,894

	TOTAL FEDERAL AGENCIES							$	524,433,612

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $2,423,893,419)							$	2,478,403,290


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Asset-Backed Securities – 6.7%
	Collateralized Loan Obligations – 5.1%
	Aberdeen Loan Funding Ltd. Series 2008-1A, Class A^(a)(c)
$	37,994,697		0.915	%		11/01/18	$	36,967,814
	ACIS CLO Ltd. Series 2013-1A, Class ACOM^(c)
	22,700,000		1.493			04/18/24		22,154,905
	ACIS CLO Ltd. Series 2013-2A, Class A^(a)
	11,950,000		0.761			10/14/22		11,555,650
	ACIS CLO Ltd. Series 2013-2A, Class COM^(a)
	67,633,962		1.176			10/14/22		65,334,540
	Atrium CDO Corp. Series 4A Class A2^(a)(c)
	1,998,986		0.508			06/08/19		1,984,458
	Black Diamond CLO Ltd. Series 2005-1A, Class A1^(a)(c)
	1,856,348		0.522			06/20/17		1,846,201
	Black Diamond CLO Ltd. Series 2005-1A, Class A1A^(a)(c)
	365,846		0.502			06/20/17		364,937
	Black Diamond CLO Ltd. Series 2006-1A, Class AD^(a)(c)
	22,691,192		0.514			04/29/19		22,059,265
	Brentwood CLO Corp. Series 2006-1A, Class A1A^(a)(c)
	58,251,658		0.535			02/01/22		56,562,418
	Brentwood CLO Corp. Series 2006-1A, Class A1B^(a)(c)
	23,011,886		0.535			02/01/22		22,344,565
	Callidus Debt Partners CLO Fund Ltd. Series 7A, Class A^(a)(c)
	6,305,038		1.016			01/21/21		6,281,810
	Callidus Debt Partners CLO Fund VI Ltd. Series 6X, Class A1D^(a)
	10,480,408		0.525			10/23/21		10,101,562
	Crown Point CLO Ltd. Series 2012-1A, Class ACOM^(a)(c)
	7,650,000		1.484			11/21/22		7,482,870
	ECP CLO Ltd. Series 2008-1A, Class A1^(a)(c)
	11,400,000		1.104			03/17/22		11,191,220
	Gleneagles CLO Ltd. Series 2005-1A, Class A1^(a)(c)
	13,377,611		0.540			11/01/17		13,220,585
	Golub Capital Management CLO Ltd. Series 2007-1A, Class A^(a)(c)
	10,950,000		0.506			07/31/21		10,759,514
	Greywolf CLO Ltd. Series 2007-1A, Class A^(a)(c)
	9,327,400		0.508			02/18/21		9,097,489
	Greywolf CLO Ltd. Series 2007-1A, Class B^(a)(c)
	600,000		0.693			02/18/21		564,800
	Jasper CLO Ltd. Series 2005-1A, Class A^(a)(c)
	7,020,331		0.535			08/01/17		6,990,642
	KKR Financial CLO Ltd. Series 2006-1A, Class A1^(a)(c)
	12,374,542		0.542			08/25/18		12,274,605
	KKR Financial CLO Ltd. Series 2007-1A, Class A^(a)(c)
	22,125,596		0.614			05/15/21		21,611,507
	KKR Financial CLO Ltd. Series 2007-AA, Class A^(a)(c)
	360,254		1.018			10/15/17		358,588
	Liberty CLO Ltd. Series 2005-1A, Class A1C^(a)(c)
	20,670,635		0.515			11/01/17		20,530,943
	Mountain View Funding CLO Series 2007-3A, Class A1^(a)(c)
	2,725,691		0.483			04/16/21		2,677,586
	Ocean Trails CLO Ltd. Series 2006-1X, Class A1^(a)
	5,209,319		0.519			10/12/20		5,097,605
	OCP CLO Ltd. Series 2012-2A, Class ACOM^(a)(c)
	15,650,000		1.502			11/22/23		15,206,917
	OFSI Fund V Ltd. Series 2013-5A, Class ACOM^(c)
	11,950,000		1.618			04/17/25		11,833,942

	Asset-Backed Securities – (continued)
	Collateralized Loan Obligations – (continued)
	Red River CLO Ltd. Series 1A, Class A^(a)(c)
$	38,507,125		0.535	%		07/27/18	$	37,705,060
	Westbrook CLO Ltd. Series 2006-1X, Class A1^(a)
	21,800,000		0.492			12/20/20		21,163,920
	Westchester CLO Ltd. Series 2007-1X, Class A1A^(a)
	26,051,572		0.490			08/01/22		25,194,605

								490,520,523

	Home Equity – 1.4%
	Ameriquest Mortgage Securities Trust Series 2006-M3, Class A2B^(a)
	21,858,017		0.284			10/25/36		9,318,772
	Centex Home Equity Loan Trust Series 2006-A, Class AV4^(a)
	16,300,000		0.429			06/25/36		13,766,938
	Citigroup Mortgage Loan Trust Series 2007-WFH2, Class A4^(a)
	300,000		0.534			03/25/37		257,729
	Countrywide Asset-Backed Certificates Series 2004-3, Class 1A^(a)
	19,374,284		0.604			08/25/34		17,115,373
	Countrywide Asset-Backed Certificates Series 2005-4, Class MV1^(a)
	1,842,395		0.639			10/25/35		1,852,105
	Countrywide Asset-Backed Certificates Series 2007-2, Class 2A4^(a)
	20,000,000		0.404			08/25/37		7,661,506
	First Franklin Mortgage Loan Asset-Backed Certificates Series 2006-FF18, Class A2B^(a)
	3,731,795		0.294			12/25/37		2,037,181
	HLSS Servicer Advance Receivables Backed Notes Series 2013-T1, Class A2^(c)
	7,200,000		1.495			01/16/46		7,227,343
	HSI Asset Securitization Corp. Trust Series 2006-OPT1, Class 2A4^(a)
	8,600,000		0.484			12/25/35		7,064,091
	JPMorgan Mortgage Acquisition Trust Series 2006-CH1, Class A5^(a)
	3,850,000		0.414			07/25/36		3,265,495
	Lehman XS Trust Series 2005-5N, Class 3A1A^(a)
	1,642,883		0.484			11/25/35		1,397,774
	Lehman XS Trust Series 2005-7N, Class 1A1A^(a)
	9,078,144		0.454			12/25/35		7,899,447
	Lehman XS Trust Series 2006-14N, Class 1A1B^(a)
	868,751		0.394			09/25/46		600,465
	Lehman XS Trust Series 2006-16N, Class A321^(a)
	9,767,778		0.384			11/25/46		5,984,182
	Lehman XS Trust Series 2006-GP1, Class A2A^(a)
	2,736,521		0.354			05/25/46		2,595,565
	Morgan Stanley ABS Capital I, Inc. Trust Series 2005-WMC2, Class M3^(a)
	5,399,000		0.889			02/25/35		4,710,644
	Residential Asset Mortgage Products Trust Series 2006-RZ3, Class A3^(a)
	5,700,000		0.474			08/25/36		4,669,672
	Residential Asset Mortgage Products Trust Series 2006-RZ4, Class A3^(a)
	13,400,000		0.454			10/25/36		10,057,051


86		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)
	Residential Asset Securities Corp. Trust Series 2006-KS7, Class A4^(a)
$	30,832,000		0.424	%		09/25/36	$	23,671,783
	Soundview Home Equity Loan Trust Series 2006-EQ1, Class A4^(a)
	11,762,000		0.434			10/25/36		6,929,765
	Structured Asset Securities Corp. Mortgage Loan Trust Series 2006-BC3, Class A3^(a)
	4,423,972		0.344			10/25/36		2,973,085

								141,055,966

	Student Loan^(a) – 0.2%
	GCO Education Loan Funding Trust Series 2006-1, Class A8L
	5,707,017		0.392			05/25/25		5,572,491
	Panhandle-Plains Higher Education Authority, Inc. Series 2011-1, Class A2
	10,000,000		1.198			07/01/24		10,084,292
	US Education Loan Trust LLC Series 2006-1, Class A2^(c)
	472,040		0.390			03/01/25		470,426

								16,127,209

	TOTAL ASSET-BACKED SECURITIES
	(Cost $633,756,804)						$	647,703,698


	Foreign Debt Obligations – 13.8%
	Sovereign – 13.8%
	Brazil Minas SPE via State of Minas Gerais
$	10,840,000		5.333	%		02/15/28		10,406,400
	1,400,000		5.333	^(c)		02/15/28		1,344,000
	Dominican Republic
DOP	201,600,000		14.500			02/10/23		4,575,454
$	4,430,000		5.875	^(c)		04/18/24		4,091,199
	Federal Republic of Brazil
BRL	41,807,981		6.000			08/15/40		19,201,481
	249,820,189		6.000			08/15/50		113,480,879
	Nigeria Government Bond
$	17,030,000		6.375	^(c)		07/12/23		17,328,025
	Republic of Colombia
	109,940,000		4.000			02/26/24		107,191,500
	Republic of Costa Rica
	900,000		4.375			04/30/25		783,000
	10,280,000		5.625			04/30/43		8,738,000
	Republic of Indonesia
	31,680,000		6.125	^(c)		03/15/19		32,749,200
	530,000		3.750			04/25/22		475,675
	25,770,000		3.375	^(c)		04/15/23		21,904,500
	60,440,000		5.375	^(c)		10/17/23		60,137,800
	Republic of Ivory Coast^(g)
	58,399,000		5.750			12/31/32		50,807,130
	Republic of Nigeria
	11,181,000		5.125			07/12/18		11,306,786
	13,270,000		5.125	^(c)		07/12/18		13,419,287
	4,080,000		6.375			07/12/23		4,151,400
	Republic of Slovenia
	15,750,000		5.500	^(c)		10/26/22		14,686,875

	Foreign Debt Obligations – (continued)
	Republic of Slovenia – (continued)
$	36,520,000		5.500	%		10/26/22	$	34,054,900
	36,930,000		5.850			05/10/23		35,083,500
	31,660,000		5.850	^(c)		05/10/23		30,094,138
	Republic of Venezuela
	13,230,000		12.750			08/23/22		13,130,775
	3,050,000		8.250			10/13/24		2,272,250
	36,250,000		9.250			09/15/27		29,362,500
	Russian Federation
	236,600,000		4.875	^(c)		09/16/23		242,515,000
	Russian Federation Bond
	9,202,050		7.500	^(g)		03/31/30		10,858,419
	United Kingdom Gilt
GBP	150,000,000		1.250			07/22/18		239,641,381
	United Mexican States
MXN	241,369,600		6.500			06/10/21		19,334,997
$	31,510,000		4.000			10/02/23		31,603,046
MXN	930,877,100		8.000			12/07/23		81,984,432
	397,443,300		7.500			06/03/27		33,407,651
	54,272,100		8.500			05/31/29		4,857,570
	304,430,900		7.750			05/29/31		25,114,988
	4,092,700		10.000			11/20/36		412,387
	129,315,200		7.750			11/13/42		10,488,336

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $1,314,881,185)						$	1,340,994,861


	Structured Notes – 0.2%
	Notas do Tesouro Nacional (Issuer Deutsche Bank AG (London)
BRL$	5,523,000		6.000	%		04/12/14	$	5,860,832
	3,722,000		6.000			05/15/14		3,949,667
	Notas do Tesouro Nacional Series B (Issuer HSBC Corp.)
	17,219,674		6.000			08/15/40		7,908,615

	TOTAL STRUCTURED NOTES
	(Cost $24,210,199)						$	17,719,114


	Municipal Debt Obligations – 5.6%
	California – 1.5%
	California State GO Bonds (Refunding-Various Purposes) Series 2013
$	15,085,000		5.000	%		09/01/28	$	16,411,877
	6,030,000		5.000			09/01/31		6,417,609
	14,365,000		5.000			09/01/32		15,192,711
	8,620,000		5.000			09/01/33		9,109,616
	California State GO Bonds (Various Purposes) Series 2011
	6,935,000		5.000			09/01/41		7,084,657
	California State GO Bonds (Various Purposes) Series 2012
	5,050,000		5.000			09/01/42		5,166,453
	California State GO Bonds (Various Purposes) Series 2013
	7,940,000		5.000			09/01/27		8,720,502
	7,065,000		5.000			04/01/37		7,307,895
	23,920,000		5.000			04/01/43		24,482,838
	California State University Systemwide RB Series 2012 A
	17,910,000		5.000			11/01/37		18,652,011
	4,970,000		5.000			11/01/42		5,127,151


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Municipal Debt Obligations – (continued)
	California – (continued)
	City of Los Angeles CA Department of Water & Power RB (Power System) Series 2012 B
$	5,100,000		5.000	%		07/01/43	$	5,226,684
	City of Los Angeles CA Department of Water & Power RB Series 2012 B
	7,945,000		5.000			07/01/43		8,293,229
	Contra Costa Community College District GO Bonds Series 2013
	1,710,000		5.000			08/01/38		1,788,267
	Sacramento CA Municipal Utility District RB Series 2013 A
	1,890,000		5.000			08/15/41		1,938,762
	University of California RB (Limited Project) Series 2012 G
	2,445,000		5.000			05/15/37		2,572,433

								143,492,695

	Connecticut – 0.1%
	Connecticut State GO Bonds Series 2013 E
	9,375,000		5.000			08/15/24		10,965,750

	Florida – 0.1%
	Miami-Dade County FL Transit System Sales Surtax RB (Sales Tax) Series 2012
	7,095,000		5.000			07/01/42		7,204,972
	Tampa Bay Water Regional Utility System Authority RB Series 2013
	4,290,000		5.000			10/01/38		4,489,271

								11,694,243

	Georgia – 0.2%
	DeKalb County GA Water & Sewerage RB Series 2011 A
	3,260,000		5.250			10/01/41		3,358,615
	Private Colleges & Universities GA Authority RB (Emory University) Series 2013 A
	16,755,000		5.000			10/01/43		17,797,664

								21,156,279

	Illinois – 0.1%
	Metropolitan Pier & Exposition Authority Dedicated State Tax RB (Mccormick Place Expansion) Series 2010 A
	7,255,000		5.500			06/15/50		7,376,231

	Louisiana – 0.1%
	Louisiana State Gas & Fuels Tax RB (Second Lien) Series 2010 B
	5,055,000		5.000			05/01/45		5,203,162

	Massachusetts – 0.3%
	Massachusetts State Consolidated Loan GO Bonds Series 2013 E
	7,385,000		5.000			08/01/40		7,755,136
	Massachusetts State Development Finance Agency RB (Williams College) Series 2013 P
	3,895,000		5.000			07/01/43		4,103,577
	Massachusetts State School Building Authority Sales Tax RB (Refunding-Senior) Series 2012 B
	7,035,000		5.000			08/15/30		7,670,683
	Massachusetts State School Building Authority Sales Tax RB (Senior) Series 2011 B
	4,275,000		5.000			10/15/41		4,464,596

								23,993,992

	Municipal Debt Obligations – (continued)
	Missouri – 0.1%
	Metropolitan St. Louis MO Sewer District Wastewater System RB Series 2012 A
$	5,240,000		5.000	%		05/01/42	$	5,531,449

	New Jersey – 0.5%
	New Jersey State Economic Development Authority RB (Rutgers University) Series 2013
	2,435,000		5.000			06/15/38		2,549,202
	3,615,000		5.000			06/15/46		3,701,290
	New Jersey State Transportation Trust Fund Authority RB (Transportation Program) Series 2013 AA
	17,070,000		5.000			06/15/36		17,517,575
	9,195,000		5.500			06/15/39		9,821,179
	14,035,000		5.000			06/15/44		14,217,034

								47,806,280

	New York – 1.8%
	New York City GO Bonds (Refunding) Series 2012 B
	4,475,000		5.000			08/01/24		5,123,338
	New York City GO Bonds (Refunding) Series 2012 F
	3,435,000		5.000			08/01/24		3,907,931
	New York City GO Bonds (Refunding) Series 2012 I
	4,770,000		5.000			08/01/24		5,461,078
	New York City GO Bonds (Refunding) Series 2013 I
	3,355,000		5.000			08/01/25		3,824,197
	New York City GO Bonds (Refunding) Series 2013 J
	3,655,000		5.000			08/01/24		4,235,962
	3,715,000		5.000			08/01/25		4,251,297
	New York City GO Bonds Series 2012 I
	8,875,000		5.000			08/01/25		10,043,660
	New York City GO Bonds Series 2013 D
	2,925,000		5.000			08/01/24		3,369,512
	2,060,000		5.000			08/01/25		2,335,566
	New York City GO Bonds Series 2013 E
	2,200,000		5.000			08/01/25		2,494,294
	New York City GO Bonds Series 2013 I
	1,925,000		5.000			08/01/24		2,230,979
	New York City Transitional Finance Authority RB (Future Tax Secured) Series 2012 E-1
	3,630,000		5.000			02/01/42		3,762,350
	New York City Transitional Finance Authority RB (Future Tax Secured) Series 2012 F-1
	4,475,000		5.000			05/01/34		4,753,658
	New York City Transitional Finance Authority RB (Future Tax Secured) Series 2013 I
	2,975,000		5.000			05/01/38		3,115,539
	New York City Water & Sewer System Finance Authority RB (Refunding) Series 2011 AA
	7,530,000		5.000			06/15/44		7,757,406
	New York City Water & Sewer System Finance Authority RB (Refunding) Series 2012 CC
	2,665,000		5.000			06/15/45		2,749,827
	New York City Water & Sewer System Finance Authority RB (Second General) Series 2012 BB
	10,460,000		5.000			06/15/47		10,786,143
	New York City Water & Sewer System Finance Authority RB (Second General) Series 2013 CC
	11,795,000		5.000			06/15/47		12,178,691


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Municipal Debt Obligations – (continued)
	New York – (continued)
	New York City Water & Sewer System Finance Authority RB Series 2013 EE
$	7,650,000		5.000	%		06/15/47	$	7,898,854
	New York State Dormitory Authority Personal Income Tax RB (General Purpose) Series 2012 A
	6,895,000		5.000			02/15/30		7,513,275
	New York State Dormitory Authority Personal Income Tax RB (General Purpose) Series 2013 A
	7,245,000		5.000			02/15/43		7,530,236
	New York State Dormitory Authority Personal Income Tax RB Series 2013 B
	7,585,000		5.000			03/15/34		8,051,553
	New York State Urban Development Corp. RB (Personal Income Tax) Series 2011 A
	2,330,000		5.000			03/15/35		2,449,646
	2,550,000		5.000			03/15/36		2,672,630
	New York State Urban Development Corp. RB (Personal Income Tax) Series 2013 C
	7,805,000		5.000			03/15/28		8,666,984
	12,160,000		5.000			03/15/30		13,258,778
	12,695,000		5.000			03/15/31		13,758,333
	13,380,000		5.000			03/15/32		14,424,041

								178,605,758

	North Carolina – 0.0%
	North Carolina State University at Raleigh RB Series 2013 A
	4,305,000		5.000			10/01/42		4,540,570

	Ohio – 0.2%
	Ohio State Turnpike Commission RB (Junior Lien-Infrastructure Projects) Series 2013 A-1
	1,910,000		5.250			02/15/39		1,996,103
	9,215,000		5.000			02/15/48		9,303,740
	Ohio State Turnpike Commission RB (Senior Lien) Series 2013 A
	3,180,000		5.000			02/15/48		3,268,436

								14,568,279

	Pennsylvania – 0.0%
	Pennsylvania State Turnpike Commission RB Series 2013 C
	2,875,000		5.000			12/01/43		2,913,697

	Texas – 0.3%
	Dallas-Fort Worth TX International Airport RB (Improvement) Series 2013 B
	7,790,000		5.000			11/01/44		7,680,784
	Dallas-Fort Worth TX International Airport RB (Improvement) Series 2013 F
	5,755,000		5.250			11/01/33		6,030,089
	North Texas Tollway Authority RB (Special Projects System) Series 2011 A
	16,365,000		5.500			09/01/41		17,646,707

								31,357,580

	Washington – 0.3%
	University of Washington RB (General) Series 2013
	5,560,000		5.000			07/01/41		5,817,206

	Municipal Debt Obligations – (continued)
	Washington – (continued)
	Washington State GO Bonds (Motor Vehicle Fuel Tax) Series 2013 B
$	2,745,000		5.000	%		08/01/33	$	2,947,636
	2,830,000		5.000			08/01/34		3,010,611
	1,000,000		5.000			08/01/37		1,050,660
	435,000		5.000			08/01/38		455,262
	Washington State GO Bonds (Various Purpose) Series 2013 A
	2,375,000		5.000			08/01/33		2,550,323
	955,000		5.000			08/01/36		1,007,286
	Washington State GO Bonds (Various Purposes) Series 2013 A
	6,575,000		5.000			08/01/34		6,994,616
	6,570,000		5.000			08/01/35		6,956,710

								30,790,310

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $525,905,527)						$	539,996,275


	Government Guarantee Obligations^(h) – 2.4%
	Kreditanstalt fuer Wiederaufbau
EUR	112,100,000		3.125	%		07/04/16	$	162,758,074
	56,100,000		0.500			07/25/16		76,028,486

	TOTAL GOVERNMENT GUARANTEE OBLIGATIONS
	(Cost $230,554,241)						$	238,786,560


	U.S. Treasury Obligations – 28.1%
	United States Treasury Bill⁽ⁱ⁾
$	550,000,000		0.000	%		02/20/14	$	549,978,308
	United States Treasury Bonds
	1,500,000		3.125			02/15/42		1,350,495
	3,700,000		3.000			05/15/42		3,242,421
	96,500,000		3.125			02/15/43		86,476,544
	169,400,000		3.625			08/15/43		167,455,283
	United States Treasury Inflation Protected Securities
	40,960,404		2.000			01/15/14		41,165,206
	96,358,248		1.250			04/15/14		97,201,383
	17,811,200		0.125			01/15/23		17,329,763
	8,833,088		0.375			07/15/23		8,791,661
	United States Treasury Notes
	130,300,000		0.250			06/30/14		130,447,238
	10,800,000		0.250			09/30/14		10,813,932
	89,500,000		0.250			01/15/15		89,585,026
	89,000,000		0.250			02/15/15		89,067,636
	51,100,000		0.125			04/30/15		51,006,487
	44,300,000		1.000			05/31/18		43,733,403
	124,200,000		1.375			06/30/18		124,520,188
	89,000,000		1.375			07/31/18		89,161,979
	106,900,000		1.500			08/31/18		107,624,783
	251,500,000		1.375			09/30/18		251,318,922
	60,100,000		1.125	^(j)		04/30/20		57,138,872
	78,300,000		1.375			05/31/20		75,555,587
	76,700,000		1.875			06/30/20		76,351,013
	16,900,000		2.000			07/31/20		16,942,418
	182,100,000		2.125			08/31/20		183,713,410


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	U.S. Treasury Obligations – (continued)
	United States Treasury Notes (continued)
$	181,000,000		2.000	%		09/30/20	$	180,809,945
	181,000,000		1.750	^(j)		05/15/23		167,714,607
	6,900,000		2.500			08/15/23		6,829,413

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $2,719,800,132)						$	2,725,325,923


	Senior Term Loans^(k) – 1.5%
	Airlines – 0.1%
	Delta Air Lines, Inc.
$	6,451,250		4.000	%		10/18/18	$	6,461,701

	Consumer Products – Household & Leisure – 0.1%
	Visant Holding Corp.
	8,418,523		5.250			12/22/16		8,149,467

	Energy – 0.1%
	Vantage Drilling Co.
	4,389,740		6.250			10/25/17		4,389,740

	Food & Beverage – 0.2%
	Arysta Lifescience Corp.
	7,082,250		4.500			05/29/20		7,061,570
	Pinnacle Foods Finance LLC
	15,323,000		3.250			04/29/20		15,173,601

								22,235,171

	Food & Drug Retailers – 0.1%
	Rite Aid Corp.
	9,950,000		4.000			02/21/20		9,927,613

	Gaming – 0.2%
	Scientific Games International, Inc.
	23,000,000		0.000			05/22/20		22,798,750

	Health Care – Services – 0.3%
	American Renal Holdings, Inc.
	13,930,000		4.500			08/20/19		13,773,288
	18,775,000		8.500			03/20/20		18,493,375

								32,266,663

	Media – Cable – 0.1%
	UPC Financing Partnership
	6,500,000		4.000			01/31/21		6,500,000

	Retailers – 0.2%
	BJ’s Wholesale Club, Inc.
	9,925,125		4.250			09/26/19		9,881,057
	True Religion Apparel, Inc.
	10,000,000		5.880			07/30/19		9,408,300

								19,289,357

	Services Cyclical – Consumer Services – 0.0%
	Lonestar Intermediate Super Holdings LLC
	1,250,000		11.000			09/02/19		1,303,125

	Utilities – Electric – 0.1%
	Calpine Corp.
	12,095,794		4.000			10/09/19		12,086,722

	TOTAL SENIOR TERM LOANS
	(Cost $145,463,784)						$	145,408,309

	Options Purchased – 3.6%
	Interest Rate Swaptions
	Bank of America NA Put - OTC - 5 year Interest Rate Swap Strike Price 2.650%
$	256,000,000		2.650	%		08/26/14	$	8,673,818
	Bank of America NA Call - OTC - 5 year Interest Rate Swap Strike Price 2.650%
	256,000,000		2.650			08/26/14		2,415,360
	Bank of America NA Put - OTC - 5 year Interest Rate Swap Strike Price 2.463%
	258,500,000		2.463			08/28/14		6,959,880
	Bank of America NA Call - OTC - 5 year Interest Rate Swap Strike Price 2.463%
	258,500,000		2.463			08/28/14		3,102,931
	Bank of America NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.590%
	197,100,000		3.590			03/22/16		12,112,643
	Bank of America NA Call - OTC - 10 year Interest Rate Swap Strike Price 4.070%
	197,600,000		4.070			03/29/16		8,583,942
	Citibank NA Put - OTC - 5 year Interest Rate Swap Strike Price 2.465%
	321,000,000		2.465			08/20/14		8,820,279
	Citibank NA Call - OTC - 5 year Interest Rate Swap Strike Price 2.465%
	321,000,000		2.465			08/20/14		3,662,482
	Citibank NA Put - OTC - 5 year Interest Rate Swap Strike Price 2.510%
	321,000,000		2.510			08/21/14		9,249,005
	Citibank NA Call - OTC - 5 year Interest Rate Swap Strike Price 2.510%
	321,000,000		2.510			08/21/14		3,528,721
	Citibank NA Put - OTC - 5 year Interest Rate Swap Strike Price 2.635%
	486,000,000		2.635			08/22/14		16,192,402
	Citibank NA Call - OTC - 5 year Interest Rate Swap Strike Price 2.635%
	486,000,000		2.635			08/22/14		4,627,789
	Citibank NA Put - OTC - 5 year Interest Rate Swap Strike Price 2.463%
	248,100,000		2.463			08/28/14		6,679,869
	Citibank NA Call - OTC - 5 year Interest Rate Swap Strike Price 2.463%
	248,100,000		2.463			08/28/14		2,978,093
	Citibank NA Put - OTC - 10 year Interest Rate Swap Strike Price 3.010%
	164,700,000		3.010			05/29/15		3,995,902
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.010%
	164,700,000		3.010			05/29/15		10,908,394
	Citibank NA Put - OTC - 10 year Interest Rate Swap Strike Price 3.017%
	97,100,000		3.017			05/29/15		2,378,727
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.017%
	97,100,000		3.017			05/29/15		6,394,841


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Notional Amount		Exercise Rate			Expiration Date		Value
	Options Purchased – (continued)
	Interest Rate Swaptions – (continued)
	Citibank NA Put - OTC - 10 year Interest Rate Swap Strike Price 3.040%
$	153,900,000		3.040	%		06/03/15	$	3,895,271
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.040%
	153,900,000		3.040			06/03/15		9,997,498
	Citibank NA Put - OTC - 10 year Interest Rate Swap Strike Price 3.098%
	65,000,000		3.098			06/08/15		1,773,285
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.098%
	65,000,000		3.098			06/08/15		4,056,936
	Citibank NA Put - OTC - 10 year Interest Rate Swap Strike Price 3.500%
	149,900,000		3.500			07/02/15		6,535,430
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.500%
	149,900,000		3.500			07/02/15		6,945,377
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.645%
	109,700,000		3.645			02/16/16		6,227,439
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.633%
	86,400,000		3.633			02/19/16		4,977,625
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.570%
	81,900,000		3.570			02/22/16		4,945,384
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.625%
	79,000,000		3.625			02/22/16		4,583,343
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.650%
	415,000,000		3.650			05/20/16		26,079,969
	Deutsche Bank Securities, Inc. Call - OTC - 2 year Interest Rate Swap Strike Price 1.950%
	269,900,000		1.950			10/26/15		2,827,256
	Deutsche Bank Securities, Inc. Call - OTC - 2 year Interest Rate Swap Strike Price 2.030%
	249,500,000		2.030			10/26/15		2,463,538
	Deutsche Bank Securities, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 1.700%
	267,200,000		1.700			11/04/13		917,057
	Deutsche Bank Securities, Inc. Put - OTC - 10 year Interest Rate Swap Strike Price 3.503%
	301,100,000		3.503			07/02/15		13,162,707
	Deutsche Bank Securities, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 3.503%
	301,100,000		3.503			07/02/15		13,920,786
	JPMorgan Chase Bank NA Put - OTC - 10 year Interest Rate Swap Strike Price 3.080%
	147,700,000		3.080			06/04/15		3,934,964
	JPMorgan Chase Bank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.080%
	147,700,000		3.080			06/04/15		9,323,134

	Options Purchased – (continued)
	Interest Rate Swaptions – (continued)
	JPMorgan Chase Bank NA Put - OTC - 10 year Interest Rate Swap Strike Price 3.498%
$	186,000,000		3.498	%		07/02/15	$	8,087,652
	JPMorgan Chase Bank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.498%
	186,000,000		3.498			07/02/15		8,636,705
	JPMorgan Chase Bank NA Put - OTC - 10 year Interest Rate Swap Strike Price 3.948%
	192,700,000		3.948			08/21/15		12,576,700
	JPMorgan Chase Bank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.948%
	192,700,000		3.948			08/21/15		6,595,273
	JPMorgan Chase Bank NA Call - OTC - 2 year Interest Rate Swap Strike Price 1.855%
	262,500,000		1.855			11/02/15		3,010,980
	JPMorgan Chase Bank NA Call - OTC - 5 year Interest Rate Swap Strike Price 3.610%
	76,300,000		3.610			02/16/16		4,444,086
	Morgan Stanley Capital Services, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 2.675%
	344,400,000		2.675			09/08/14		11,775,759
	Morgan Stanley Capital Services, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 2.675%
	344,400,000		2.675			09/08/14		3,349,634
	Morgan Stanley Capital Services, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 3.620%
	297,700,000		3.620			03/07/16		17,601,304
	Morgan Stanley Capital Services, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 3.630%
	300,200,000		3.630			02/16/16		17,230,699
	Morgan Stanley Capital Services, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 3.652%
	125,800,000		3.652			02/22/16		7,155,680

	TOTAL OPTIONS PURCHASED – 3.6%
	(Cost $307,203,188)						$	348,296,549


Shares		Description	Value
	Investment Company – 8.1%
	SSgA U.S. Government Money Market Fund
	782,129,734		$	782,129,734
	(Cost $782,129,734)

	TOTAL INVESTMENTS – 106.1%
	(Cost $10,132,382,250)		$	10,285,772,340

	LIABILITIES IN EXCESS OF OTHER ASSETS – (6.1)%			(591,876,391	)

	NET ASSETS – 100.0%		$	9,693,895,949


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)


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, 2013.
(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 $1,252,500,206, which represents approximately 12.9% of net assets as of September 30, 2013.
(d)		Pay-in-kind securities.
(e)		Security 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, 2013.
(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 $216,030,625 which represents approximately 2.2% of net assets as of September 30, 2013.
(g)		Coupon increases periodically based upon a predetermined schedule. Stated interest rate in effect at September 30, 2013.
(h)		Guaranteed by a foreign government until maturity.
(i)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(j)		A portion of this security is segregated as collateral for initial margin requirements on futures transactions.
(k)		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, 2013. Senior Term Loans typically have rates of interest which are predetermined 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.



Currency Abbreviations:
AUD		—Australian Dollar
BRL		—Brazilian Real
CAD		—Canadian Dollar
CHF		—Swiss Franc
CLP		—Chilean Peso
CZK		—Czech Koruna
DOP		—Dominican Peso
EUR		—Euro
GBP		—British Pound
HUF		—Hungarian Forint
IDR		—Indonesian Rupiah
ILS		—Israeli Shekel
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
GNMA		—Government National Mortgage Association
GO		—General Obligation
JYOR		—Japanese Yen Offered Rate
KLIBOR		—Kuala Lumpur Interbank Offered Rate
KWCDC		—South Korean Won Certificate of Deposit
LIBOR		—London Interbank Offered Rate
NIBOR		—Norwegian Interbank Offered Rate
NZDOR		—New Zealand Dollar Offered Rate
OTC		—Over the Counter
RB		—Revenue Bond
REMIC		—Real Estate Mortgage Investment Conduit
STIBOR		—Stockholm Interbank Offered Rate
STRIPS		—Separate Trading of Registered Interest and Principal of Securities
TIIE		—La Tasa de Interbank Equilibrium Interest Rate


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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At September 30, 2013, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:


Borrower	Principal Amount	Current Value		Unrealized Gain (Loss)

Tenet Healthcare Corp., due 06/24/14	$22,500,000	$	22,500,000	$	—

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2013, 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	CZK/EUR		12/18/13	$	26,241,259	$	8,867
	EUR/USD		12/18/13		71,330,272		1,115,775
	HUF/EUR		12/18/13		26,254,132		26,216
	PLN/USD		12/18/13		96,336,703		504,703
Barclays Bank PLC	EUR/USD		12/18/13		46,547,688		719,354
	GBP/EUR		12/18/13		94,785,435		587,536
	HUF/EUR		12/18/13		24,276,513		127,467
	NOK/USD		12/18/13		31,415,248		383,408
	USD/BRL		10/17/13		6,822,479		15,850
	USD/MYR		10/11/13		45,292,097		294,903
	USD/PHP		10/17/13		8,630,726		178,274
Citibank NA	EUR/USD		12/18/13		395,988,215		4,857,909
	GBP/EUR		12/18/13		50,496,122		26,125
	MXN/USD		12/18/13		24,377,667		153,504
	NZD/USD		12/18/13		24,120,181		308,226
	PHP/USD		10/11/13		22,380,649		168,649
	RUB/USD		10/07/13		22,397,278		715,278
	USD/IDR		10/24/13		22,646,193		502,807
	USD/RUB		10/10/13		23,105,189		75,811
	USD/RUB		10/24/13		25,195,051		471,949
Credit Suisse International (London)	RUB/USD		10/07/13		22,464,440		782,440
	RUB/USD		10/10/13		91,777,203		2,736,203
	USD/RUB		10/17/13		47,760,144		155,856
Deutsche Bank AG (London)	GBP/USD		10/24/13		10,174,006		89,856
	ILS/USD		12/18/13		24,493,691		35,691
	MYR/USD		10/03/13		42,552,921		431,921
	TWD/USD		10/15/13		22,977,882		79,882
	USD/MXN		12/18/13		24,834,084		273,916
HSBC Bank PLC	EUR/SEK		12/18/13		26,110,783		30,344
	GBP/USD		10/24/13		216,025,604		2,630,905
	KRW/USD		10/23/13		24,080,642		122,642
	MYR/USD		10/03/13		37,299,009		610,009
	MYR/USD		10/11/13		45,192,739		671,739
	USD/MXN		10/30/13		78,104,611		877,323
JPMorgan Securities, Inc.	EUR/NOK		12/18/13		88,531,158		1,663,106
	EUR/USD		10/25/13		12,466,881		261,393
	EUR/USD		12/18/13		96,992,391		1,125,767
	JPY/USD		12/18/13		72,068,172		235,172
	USD/TRY		12/18/13		25,382,320		32,448
Morgan Stanley Capital Services, Inc.	HUF/EUR		12/18/13		24,276,513		133,878
	RUB/USD		10/15/13		46,531,297		734,297


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

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 Capital Services, Inc. (continued)	USD/MXN		12/18/13	$	43,396,221	$	722,779
Royal Bank of Canada	BRL/USD		10/07/13		23,059,658		1,377,658
	BRL/USD		10/11/13		23,139,712		879,712
	BRL/USD		10/18/13		24,426,672		468,672
	EUR/USD		10/25/13		12,693,435		21,411
	MXN/USD		12/18/13		22,404,656		144,656
Royal Bank of Scotland PLC	GBP/USD		12/18/13		28,362,891		733,595
Standard Chartered Bank	GBP/USD		12/18/13		131,603,793		4,601,519
	SGD/USD		12/18/13		24,081,607		123,607
	USD/IDR		10/24/13		15,220,877		993,937
State Street Bank	AUD/USD		12/18/13		87,694,783		1,894,147
	BRL/USD		10/15/13		55,567,281		241,197
	GBP/EUR		12/18/13		47,226,959		39,398
	JPY/USD		12/18/13		104,854,428		137,428
	MXN/USD		12/18/13		22,434,007		174,007
	USD/MXN		12/18/13		43,421,435		341,565
UBS AG (London)	BRL/USD		10/18/13		24,394,287		436,287
	MYR/USD		10/11/13		22,341,138		81,138
	PHP/USD		10/07/13		44,177,513		814,513
	PHP/USD		10/11/13		22,996,844		98,844
	TWD/USD		10/11/13		44,572,816		51,816
	USD/IDR		11/19/13		36,060,751		2,825,249
	USD/ZAR		12/18/13		40,186,177		841,823
Westpac Banking Corp.	AUD/USD		12/18/13		44,815,230		568,403
	NZD/AUD		12/18/13		23,213,671		280,312
	USD/AUD		12/18/13		132,964,440		505,087
	USD/MYR		10/23/13		46,988,925		574,120
TOTAL						$	44,930,279

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
Bank of America Securities LLC	CZK/EUR		12/18/13	$	19,221,218	$	(32,575	)
	EUR/PLN		12/18/13		45,473,331		(634,647	)
	HUF/EUR		12/18/13		25,238,589		(138,387	)
	TRY/USD		12/18/13		48,519,530		(1,322,470	)
	USD/EUR		12/18/13		101,003,070		(1,353,703	)
	USD/ILS		12/18/13		46,868,924		(516,825	)
	USD/MYR		10/03/13		21,569,831		(190,831	)
Barclays Bank PLC	EUR/GBP		12/18/13		26,549,681		(33,060	)
	EUR/HUF		12/18/13		7,520,183		(36,018	)
	MXN/USD		12/18/13		24,172,717		(748,283	)
	NOK/EUR		12/18/13		23,545,823		(737,472	)
	USD/BRL		10/17/13		7,760,898		(640,179	)
	USD/BRL		10/18/13		14,184,832		(44,832	)
	USD/TRY		12/18/13		23,067,698		(169,698	)
	USD/ZAR		12/18/13		33,589,211		(67,211	)
	ZAR/USD		12/18/13		96,258,421		(907,579	)
BNP Paribas SA	EUR/GBP		12/18/13		136,171,473		(1,171,001	)
	USD/JPY		12/18/13		90,471,374		(806,309	)


94		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 LOSS (continued)


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
Citibank NA	EUR/GBP		12/18/13	$	22,666,996	$	(167,143	)
	MYR/USD		10/23/13		49,564,954		(1,523,046	)
	PHP/USD		10/17/13		47,823,338		(92,662	)
	RUB/USD		10/15/13		47,846,370		(789,544	)
	RUB/USD		10/17/13		47,877,183		(38,817	)
	TRY/USD		12/18/13		24,096,548		(823,452	)
	USD/GBP		12/18/13		118,847,470		(2,866,065	)
	USD/JPY		12/18/13		24,924,965		(3,965	)
	USD/MXN		12/18/13		19,695,025		(71,025	)
	USD/MYR		10/03/13		21,517,369		(138,369	)
	USD/MYR		10/18/13		39,757,037		(79,037	)
	USD/RUB		10/10/13		37,892,723		(848,723	)
	USD/RUB		10/21/13		26,458,993		(6,993	)
	USD/TRY		12/18/13		22,307,938		(600,938	)
Credit Suisse International (London)	CLP/USD		10/16/13		15,791,607		(32,340	)
	CLP/USD		10/25/13		24,930,099		(423,901	)
	EUR/CHF		12/18/13		23,816,455		(270,632	)
	RUB/USD		10/21/13		49,244,697		(1,297,303	)
	USD/JPY		12/18/13		44,048,015		(390,015	)
	USD/RUB		10/07/13		45,120,593		(1,462,593	)
	USD/RUB		10/15/13		23,373,512		(238,512	)
Deutsche Bank AG (London)	AUD/USD		12/18/13		71,393,269		(26,819	)
	ILS/USD		12/18/13		21,983,718		(205,282	)
	MXN/USD		10/30/13		8,172,327		(199,052	)
	MYR/USD		10/18/13		47,536,414		(379,586	)
	MYR/USD		10/23/13		24,101,370		(817,630	)
	USD/CNH		12/18/13		113,517,650		(35,701	)
	USD/CNH		01/08/14		69,772,866		(898,866	)
	USD/EUR		10/25/13		10,683,613		(36,815	)
	USD/EUR		12/18/13		45,465,183		(150,543	)
	USD/MXN		10/30/13		34,345,224		(321,938	)
	USD/PHP		10/17/13		10,653,611		(8,611	)
	USD/PLN		12/18/13		39,993,198		(608,852	)
	USD/RUB		10/15/13		12,590,104		(125,057	)
	USD/RUB		10/17/13		4,193,821		(95,832	)
HSBC Bank PLC	USD/AUD		12/18/13		22,052,616		(293,480	)
	USD/BRL		10/17/13		16,614,709		(299,314	)
	USD/MYR		10/03/13		13,794,463		(225,463	)
	USD/SEK		12/18/13		66,984,054		(924,947	)
JPMorgan Securities, Inc.	MXN/USD		12/18/13		94,536,206		(1,295,794	)
	NOK/EUR		12/18/13		67,983,980		(1,367,895	)
	USD/BRL		10/17/13		52,712,057		(2,333,857	)
	USD/EUR		10/25/13		364,021,063		(7,632,426	)
	USD/EUR		12/18/13		170,723,116		(826,075	)
	USD/HUF		12/18/13		100,194,920		(2,893,705	)
	USD/IDR		10/07/13		3,237,908		(31,283	)
	USD/MXN		10/30/13		70,938,714		(32,953	)
	USD/RUB		10/15/13		10,687,081		(131,081	)
	USD/TRY		12/18/13		79,250,562		(1,456,489	)
Morgan Stanley Capital Services, Inc.	MXN/JPY		12/18/13		25,404,146		(989,891	)
	NZD/USD		12/18/13		49,635,485		(631,538	)
	USD/BRL		10/17/13		9,088,075		(284,878	)
	USD/BRL		11/04/13		22,434,297		(176,297	)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (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
Morgan Stanley Capital Services, Inc. (continued)	USD/NZD		12/18/13	$	36,112,126	$	(1,328,416	)
Royal Bank of Canada	CAD/USD		12/18/13		122,964,909		(765,091	)
	USD/BRL		10/15/13		22,621,712		(614,712	)
	USD/BRL		10/17/13		14,178,226		(681,113	)
	USD/BRL		10/18/13		18,564,693		(329,693	)
	USD/CAD		12/18/13		141,227,377		(242,863	)
	USD/GBP		10/24/13		458,857,139		(8,057,776	)
Royal Bank of Scotland PLC	TRY/USD		12/18/13		132,493,137		(2,928,723	)
	USD/GBP		12/18/13		53,033,590		(170,707	)
	USD/TRY		12/18/13		23,435,717		(286,717	)
Standard Chartered Bank	USD/GBP		12/18/13		52,253,732		(647,631	)
	USD/SGD		12/18/13		21,774,068		(374,820	)
	ZAR/USD		12/18/13		24,240,881		(1,030,119	)
State Street Bank	MXN/USD		12/18/13		48,704,290		(1,137,710	)
	NOK/EUR		12/18/13		50,346,683		(1,598,734	)
	USD/AUD		12/18/13		22,381,164		(177,519	)
	USD/CZK		12/18/13		48,039,593		(1,026,831	)
	USD/EUR		12/18/13		26,461,819		(4,604	)
	USD/JPY		12/18/13		45,548,410		(848,410	)
	USD/TRY		12/18/13		58,402,081		(193,859	)
UBS AG (London)	RUB/USD		10/21/13		4,497,801		(125,199	)
	RUB/USD		10/24/13		50,620,162		(712,838	)
	USD/AUD		12/18/13		23,220,168		(172,165	)
	USD/BRL		10/07/13		23,057,911		(1,240,911	)
	USD/BRL		10/11/13		23,000,504		(740,504	)
	USD/BRL		10/17/13		7,897,912		(794,067	)
	USD/CHF		12/18/13		98,413,243		(2,858,511	)
	USD/IDR		10/07/13		15,575,496		(252,525	)
	USD/JPY		11/08/13		12,559,675		(23,932	)
	USD/ZAR		12/18/13		89,852,143		(579,143	)
	ZAR/USD		12/18/13		69,860,210		(1,204,790	)
Westpac Banking Corp.	AUD/USD		12/18/13		96,761,991		(1,123,229	)
	EUR/USD		12/18/13		47,838,574		(46,651	)
	USD/AUD		12/18/13		22,322,694		(115,242	)
	USD/EUR		12/18/13		28,077,457		(40,679	)
TOTAL						$	(79,930,539	)

FORWARD SALES CONTRACTS — At September 30, 2013, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(f)	Settlement Date	Principal Amount			Value
FNMA		4.500	%	TBA-30yr	10/10/2013	$	(3,000,000	)	$	(3,204,375	)
FNMA		5.000		TBA-30yr	10/10/2013		(16,000,000	)		(17,352,499	)
TOTAL (Proceeds Receivable: $20,296,875)									$	(20,556,874	)

FUTURES CONTRACTS — At September 30, 2013, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
French 10 Year Government Bonds		228		December 2013	$	40,866,528		$	668,325
Italian 10 Year Government Bonds		(220	)	December 2013		(32,852,079	)		19,702
Ultra Long U.S. Treasury Bonds		(4,249	)	December 2013		(603,756,344	)		(11,481,280	)
10 Year German Euro-Bund		(85	)	December 2013		(16,156,417	)		(147,508	)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)


Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
2 Year U.S. Treasury Notes		(2,873	)	December 2013	$	(632,823,143	)	$	(2,623,049	)
5 Year U.S. Treasury Notes		(18,477	)	December 2013		(2,236,583,109	)		(6,922,412	)
10 Year U.S. Treasury Notes		(3,361	)	December 2013		(424,798,891	)		(481,247	)
20 Year U.S. Treasury Bonds		1,039		December 2013		138,576,625			329,979
TOTAL								$	(20,637,490	)

SWAP CONTRACTS — At September 30, 2013, the Fund had the following swap contracts:

OVER THE COUNTER 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	179,170			01/02/15	9.950%	1 month Brazilian Interbank Deposit Average	$	—		$	(87,742	)
			224,170			01/04/16	10.390	1 month Brazilian Interbank Deposit Average		—			(718,835	)
		CAD	178,180	^(a)		12/20/22	3.000	6 month CDOR		(6,707,873	)		1,048,234
		KRW	62,976,210			07/25/23	3 month KWCDC	3.352%		—			(174,729	)
			52,907,090	^(a)		09/12/23	3 month KWCDC	3.805		—			(243,394	)
		MYR	106,220	^(a)		09/18/23	3 month KLIBOR	4.945		—			53,519
			204,060	^(a)		09/19/23	3 month KLIBOR	4.680		—			708,823
		CAD	34,200	^(a)		10/03/25	2.740	6 month CDOR		—			(2,580,912	)
			12,300	^(a)		10/06/25	2.790	6 month CDOR		—			(879,543	)
			29,900	^(a)		11/26/25	2.820	6 month CDOR		—			(2,148,182	)
			24,400	^(a)		12/22/25	2.910	6 month CDOR		—			(1,608,860	)
			19,600	^(a)		01/02/26	2.960	6 month CDOR		—			(1,225,934	)
			17,100	^(a)		02/09/26	3.100	6 month CDOR		—			(909,852	)
			13,600	^(a)		05/04/26	2.810	6 month CDOR		—			(1,094,484	)
			38,200	^(a)		06/29/26	3.725	6 month CDOR		—			(403,146	)
			35,300	^(a)		07/13/26	3.790	6 month CDOR		—			(217,276	)
			39,300	^(a)		07/23/26	3.670	6 month CDOR		—			(637,362	)
			2,700			06/27/33	6 month CDOR	3.475		—			34,699
			19,500	^(a)		10/03/35	6 month CDOR	2.825		—			2,863,241
			7,000	^(a)		10/04/35	6 month CDOR	2.875		—			980,416
			17,300	^(a)		11/26/35	6 month CDOR	2.910		—			2,367,461
			14,300	^(a)		12/20/35	6 month CDOR	3.000		—			1,793,556
			11,400	^(a)		01/02/36	6 month CDOR	3.045		—			1,365,213
			10,000	^(a)		02/07/36	6 month CDOR	3.212		—			983,409
			7,900	^(a)		05/02/36	6 month CDOR	2.965		—			1,053,129
			22,500	^(a)		06/27/36	6 month CDOR	3.780		—			602,750
			21,300	^(a)		07/14/36	6 month CDOR	3.820		—			467,212
			23,400	^(a)		07/23/36	6 month CDOR	3.740		—			768,741
			4,700			06/22/43	6 month CDOR	3.230		—			252,123
Barclays Bank PLC		BRL	32,120			01/04/16	10.300	1 month Brazilian Interbank Deposit Average		—			(128,739	)
			261,850	^(a)		01/04/16	11.160	1 month Brazilian Interbank Deposit Average		—			377,938


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER 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)
Barclays Bank PLC (continued)	NOK	575,130	^(a)		12/20/22	4.000%	6 month NIBOR	$	(719,412	)	$	526,661
		773,070	^(a)		12/20/22	6 month NIBOR	4.000%		(378,682	)		481,167
	KRW	16,826,730			05/10/23	3 month KWCDC	2.735		—			760,641
		19,262,500			05/22/23	3 month KWCDC	2.830		—			732,271
		19,262,500			05/22/23	3 month KWCDC	2.840		—			717,203
		6,800,000			08/09/23	3 month KWCDC	3.440		—			(64,449	)
	MYR	31,310			08/14/23	3 month KLIBOR	4.485		—			(275,865	)
	MXN	193,210			11/05/32	6.747	Mexico Interbank TIIE 28 Days		(2,261	)		(1,613,396	)
BNP Paribas SA	NOK	422,030	^(a)	��	12/20/22	6 month NIBOR	4.000		(11,037	)		152,478
Citibank NA	BRL	114,810			01/04/16	10.09	1 month Brazilian Interbank Deposit Average		—			(668,918	)
	MYR	112,250	^(a)		09/18/18	3 month KLIBOR	3.830		—			(202,832	)
		42,800	^(a)		09/24/18	3 month KLIBOR	3.785		—			(1,744	)
	NZD	160,970	^(a)		12/18/18	3 month NZDOR	3.500		2,451,153			3,257,780
	CAD	29,800	^(a)		12/20/22	3.000	6 month CDOR		(1,266,729	)		320,173
	KRW	98,915,810			08/08/23	3 month KWCDC	3.450		—			(1,019,064	)
		8,854,260			08/16/23	3 month KWCDC	3.485		—			(114,176	)
	NZD	17,730	^(a)		12/18/23	3 month NZDOR	4.000		616,032			463,529
	$	40,900	^(a)		02/18/26	3.145	3 month LIBOR		—			(2,192,980	)
		32,400	^(a)		02/23/26	3.133	3 month LIBOR		—			(1,784,663	)
		29,500	^(a)		02/24/26	3.125	3 month LIBOR		—			(1,646,587	)
		30,600	^(a)		02/24/26	3.070	3 month LIBOR		—			(1,850,957	)
Credit Suisse International (London)	NZD	81,300	^(a)		12/18/18	3 month NZDOR	3.500		1,856,893			1,026,478
	CAD	91,100	^(a)		12/20/22	3.000	6 month CDOR		(3,914,207	)		1,020,543
	NZD	92,010	^(a)		12/18/23	3 month NZDOR	4.000		2,230,185			3,372,209
Deutsche Bank Securities, Inc.	BRL	110,210			01/02/15	8.150	1 month Brazilian Interbank Deposit Average		—			(1,035,509	)
	$	5,100			02/27/15	3 month LIBOR	1.414		—			(80,701	)
	BRL	31,760			01/04/16	10.300	1 month Brazilian Interbank Deposit Average		—			(127,296	)
		76,700			01/04/16	10.347	1 month Brazilian Interbank Deposit Average		—			(319,443	)
	$	112,200	^(a)		10/30/17	1.530	3 month LIBOR		—			(881,757	)
		121,500	^(a)		10/30/17	1.450	3 month LIBOR		—			(1,145,429	)
	MYR	112,770	^(a)		09/13/18	3 month KLIBOR	3.920		—			(353,602	)
	NOK	641,050	^(a)		12/20/22	6 month NIBOR	4.000		218,432			(3,587	)
	KRW	19,262,510			05/15/23	3 month KWCDC	2.815		—			752,497
	MYR	26,840			08/14/23	3 month KLIBOR	4.490		—			(240,062	)
	KRW	52,965,990			08/28/23	3 month KWCDC	3.588		—			(1,102,666	)
		26,410,690	^(a)		09/06/23	3 month KWCDC	3.570		—			(505,535	)
	MXN	399,250	^(a)		09/18/23	8.295	Mexico Interbank TIIE 28 Days		—			27,857
	NZD	74,970	^(a)		12/18/23	3 month NZDOR	4.000		1,387,927			3,176,919
JPMorgan Securities, Inc.	BRL	83,100			01/02/15	8.155	1 month Brazilian Interbank Deposit Average		—			(778,111	)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER 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)
JPMorgan Securities, Inc. (continued)	BRL	152,040			01/02/15	8.220%	1 month Brazilian Interbank Deposit Average	$	—		$	(1,355,432	)
	$	117,900	^(a)		11/06/17	1.355	3 month LIBOR		—			(1,375,516	)
	BRL	171,040			01/04/21	10.527	1 month Brazilian Interbank Deposit Average		—			(2,565,404	)
	CAD	77,760	^(a)		12/20/22	3.000	6 month CDOR		(3,144,738	)		674,800
	NOK	321,480	^(a)		12/20/22	6 month NIBOR	4.000%		420,364			(312,622	)
	NOK	397,530	^(a)		12/20/22	4.000	3 month NIBOR		(568,800	)		435,571
	KRW	26,509,370			08/14/23	3 month KWCDC	3.415		—			(195,411	)
	MYR	34,420			08/15/23	3 month KLIBOR	4.520		—			(334,945	)
	KRW	11,159,200			08/21/23	3 month KWCDC	3.563		—			(212,056	)
		80,085,470	^(a)		09/13/23	3 month KWCDC	3.783		—			(314,239	)
	MYR	64,380	^(a)		09/26/23	3 month KLIBOR	4.330		—			(12,356	)
	NZD	8,330	^(a)		12/18/23	3 month NZDOR	4.000		181,903			325,302
	$	28,400	^(a)		02/18/26	3.110	3 month LIBOR		—			(1,607,247	)
Morgan Stanley Capital Services, Inc.	BRL	86,640	^(a)		01/04/16	11.215	1 month Brazilian Interbank Deposit Average		—			149,573
		153,890			01/04/16	10.190	1 month Brazilian Interbank Deposit Average		—			(761,121	)
		256,130	^(a)		01/04/16	11.180	1 month Brazilian Interbank Deposit Average		—			408,284
	NZD	57,500	^(a)		12/18/18	3 month NZDOR	3.500		1,829,765			209,521
	NOK	279,700	^(a)		12/20/22	6 month NIBOR	4.000		404,657			(310,918	)
	KRW	36,546,310			06/27/23	6 month KWCDC	3.413		—			(241,611	)
		8,653,900			08/16/23	6 month KWCDC	3.485		—			(111,593	)
	MYR	198,250	^(a)		09/19/23	3 month KLIBOR	4.699		—			647,021
		116,840	^(a)		09/20/23	3 month KLIBOR	4.802		—			246,706
	NZD	49,500	^(a)		12/18/23	3 month NZDOR	4.000		2,625,343			388,661
	$	112,300	^(a)		02/18/26	3.130	3 month LIBOR		—			(6,164,495	)
		46,900	^(a)		02/24/26	3.152	3 month LIBOR		—			(2,510,219	)
		113,900	^(a)		03/09/26	3.120	3 month LIBOR		—			(6,520,251	)
Royal Bank of Canada	CAD	198,170	^(a)		12/20/22	3.000	6 month CDOR		(4,008,697	)		(2,289,390	)
		5,500	^(a)		10/06/25	2.780	6 month CDOR		—			(397,759	)
		76,100	^(a)		05/11/26	3.000	6 month CDOR		—			(5,000,333	)
		35,600	^(a)		06/25/26	3.780	6 month CDOR		—			(218,802	)
		37,900	^(a)		07/13/26	3.761	6 month CDOR		—			(318,028	)
		42,800	^(a)		07/24/26	3.750	6 month CDOR		—			(424,730	)
		43,100	^(a)		07/27/26	3.810	6 month CDOR		—			(226,042	)
		42,900	^(a)		07/30/26	3.820	6 month CDOR		—			(204,161	)
		3,200	^(a)		10/04/35	6 month CDOR	2.860		—			454,698
		44,400	^(a)		05/12/36	6 month CDOR	3.130		—			4,957,748
		21,400	^(a)		06/25/36	6 month CDOR	3.820		—			460,873
		22,900	^(a)		07/11/36	6 month CDOR	3.800		—			562,185
		25,700	^(a)		07/24/36	6 month CDOR	3.808		—			615,755
		26,000	^(a)		07/25/36	6 month CDOR	3.862		—			436,337
		25,900	^(a)		07/30/36	6 month CDOR	3.875		—			396,399
TOTAL								$	(6,499,782	)	$	(21,174,696	)

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2013.


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


				Rates Exchanged		Market Value
Notional Amount (000s)			Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
EUR	5,100,000	^(a)	12/17/14	0.600%	6 month EURO	$	20,071		$	3,021,935
	4,485,000	^(a)	06/17/15	0.750	6 month EURO		194,990			2,606,390
	1,811,130	^(a)	06/29/15	0.850	6 month EURO		1,660,646			4,213,190
NOK	1,924,160	^(a)	06/30/15	6 month NIBOR	2.000%		196,781			(98,833	)
EUR	2,021,050	^(a)	08/06/15	0.750	6 month EURO		1,761,026			1,179,582
	2,343,000	^(a)	08/18/15	0.800	6 month EURO		135,939			4,544,799
JPY	559,257,120	^(a)	08/18/15	6 month JYOR	0.280		497,725			(1,754,553	)
AUD	1,238,690	^(a)	09/07/15	3.200	6 month AUDOR		(88,334	)		2,882,513
$	3,417,780	^(a)	09/28/15	3 month LIBOR	0.650		(498,342	)		(1,138,091	)
	2,287,700	^(a)	12/18/15	3 month LIBOR	0.500		8,254,863			(6,488,987	)
GBP	150,190	^(a)	06/27/16	1.650	6 month BP		203,452			117,959
	664,140	^(a)	07/18/16	6 month BP	0.930		5,702,011			941,077
CAD	2,687,000	^(a)	07/25/16	1.940	6 month CDOR		(2,579,231	)		7,052,738
$	1,883,700	^(a)	07/25/16	3 month LIBOR	0.965		614,265			(4,586,047	)
	261,400	^(a)	07/25/16	3 month LIBOR	0.968		784			(571,237	)
EUR	2,890,580	^(a)	07/27/16	6 month EURO	1.100		1,588,110			(3,995,819	)
$	466,100	^(a)	12/19/16	0.500	3 month LIBOR		(6,347,204	)		969,249
GBP	503,680	^(a)	08/24/17	6 month BP	2.120		(217,209	)		(1,545,540	)
	150,900		07/23/18	6 month BP	1.100		4,579,361			1,917,879
EUR	2,430,720	^(a)	07/27/18	1.600	6 month EURO		(6,683,273	)		8,518,201
$	245,820	^(a)	12/18/18	1.000	3 month LIBOR		(9,253,115	)		1,131,959
EUR	1,271,860	^(a)	12/18/18	1.000	6 month EURO		(37,032,388	)		11,237,639
CAD	262,770	^(a)	12/18/18	1.750	6 month CDOR		(7,081,740	)		(33,624	)
SEK	1,347,620	^(a)	12/18/18	3 month STIBOR	1.750		5,648,524			190,379
GBP	908,180	^(a)	12/18/18	6 month BP	1.000		60,523,304			111,127
$	74,100	^(a)	05/07/19	1.973	3 month LIBOR		222			(1,688,887	)
	1,594,400	^(a)	08/15/19	3.250	3 month LIBOR		(404,230	)		13,018,963
	81,200	^(a)	08/29/19	3.520	3 month LIBOR		193			1,158,279
	81,200	^(a)	08/29/19	3.560	3 month LIBOR		193			1,249,191
JPY	30,892,200	^(a)	04/24/20	0.610	6 month JYOR		(608,545	)		347,566
$	73,500		06/19/20	1.250	3 month LIBOR		(970,574	)		(2,759,892	)
EUR	977,380	^(a)	07/27/20	6 month EURO	1.950		5,948,960			(3,777,827	)
GBP	481,760	^(a)	08/24/20	2.960	6 month BP		2,083,448			5,815,054
$	1,410,800	^(a)	12/18/20	3 month LIBOR	1.500		59,928,946			13,922,202
GBP	921,290	^(a)	07/19/21	2.240	6 month BP		(34,540,215	)		2,071,202
$	807,300	^(a)	08/16/21	3 month LIBOR	3.000		(6,221,911	)		(12,306,592	)
	41,300	^(a)	08/27/21	3 month LIBOR	3.095		235			(1,131,818	)
	41,300	^(a)	08/27/21	3 month LIBOR	3.133		235			(1,232,173	)
GBP	122,575	^(a)	12/20/22	3.000	6 month BP		(7,073,381	)		1,809,984
JPY	104,449,195	^(a)	12/20/22	6 month JYOR	1.250		1,934,432			(6,311,214	)
$	21,500	^(a)	11/07/23	3 month LIBOR	1.983		172			1,625,073
EUR	281,450	^(a)	12/18/23	1.750	6 month EURO		(16,458,827	)		3,158,279
SEK	93,390	^(a)	12/18/23	2.250	3 month STIBOR		(530,659	)		(236,454	)
CAD	69,270	^(a)	12/18/23	2.250	6 month CDOR		(4,930,548	)		(135,472	)
$	194,360	^(a)	12/18/23	3 month LIBOR	2.000		18,429,396			(3,231,901	)
AUD	3,340	^(a)	12/18/23	4.000	6 month AUDOR		(125,097	)		24,191
GBP	142,640	^(a)	12/18/23	6 month BP	2.000		16,597,281			(418,930	)
JPY	17,361,360	^(a)	12/18/23	6 month JYOR	0.750		5,465,647			(2,922,900	)
CHF	165,210	^(a)	12/19/23	2.500	6 month CHFOR		(154,657	)		1,019,474
$	22,190	^(a)	12/19/23	3 month LIBOR	4.500		36,516			(285,430	)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)


				Rates Exchanged		Market Value
Notional Amount (000s)			Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
EUR	300	^(a)	12/19/23	3.250%	6 month EURO	$	(757	)	$	4,366
$	97,800	^(a)	06/11/24	3 month LIBOR	2.733%		782			2,956,856
	25,000	^(a)	06/12/24	3 month LIBOR	2.808		200			590,240
GBP	597,030	^(a)	07/18/24	6 month BP	2.700		27,498,065			(3,677,390	)
$	58,300	^(a)	07/23/24	3.126	3 month LIBOR		466			32,415
	442,700	^(a)	07/24/24	3.098	3 month LIBOR		(3,393,197	)		2,457,949
CAD	603,200	^(a)	07/24/24	6 month CDOR	3.250		3,215,445			(834,326	)
JPY	49,217,810	^(a)	04/24/25	6 month JYOR	1.030		4,886,678			344,545
	90,548,900	^(a)	05/09/25	6 month JYOR	1.650		5,148,934			1,117,682
$	1,639,600	^(a)	08/01/25	5.000	3 month LIBOR		5,707			7,776,818
GBP	168,180	^(a)	08/26/25	6 month BP	3.550		(1,708,877	)		(3,056,962	)
$	74,300	^(a)	03/24/26	3.090	3 month LIBOR		594			(4,530,717	)
	54,700	^(a)	03/31/26	3.070	3 month LIBOR		875			(3,454,562	)
	153,000	^(a)	05/26/26	3.150	3 month LIBOR		1,224			(9,263,951	)
CAD	41,000	^(a)	08/17/26	4.010	6 month CDOR		317			385,677
	35,800	^(a)	08/17/26	4.030	6 month CDOR		278			394,511
	41,700	^(a)	08/24/26	4.100	6 month CDOR		317			628,885
	39,900	^(a)	08/31/26	3.930	6 month CDOR		305			66,306
	53,900	^(a)	09/08/26	4.160	6 month CDOR		410			1,021,170
JPY	55,177,500	^(a)	05/10/27	1.880	6 month JYOR		(4,521,866	)		(750,856	)
$	278,200	^(a)	12/18/28	3 month LIBOR	2.500		12,078,335			17,553,303
JPY	24,816,240	^(a)	04/24/30	1.480	6 month JYOR		(2,979,349	)		(340,137	)
$	524,000	^(a)	08/01/30	3 month LIBOR	5.000		(2,067,566	)		(6,853,115	)
CAD	21,800	^(a)	08/15/36	6 month CDOR	4.065		381			(202,679	)
	24,900	^(a)	08/18/36	6 month CDOR	4.055		434			(198,410	)
	25,300	^(a)	08/22/36	6 month CDOR	4.138		433			(419,562	)
	24,100	^(a)	08/29/36	6 month CDOR	3.985		414			71,611
	32,900	^(a)	09/08/36	6 month CDOR	4.198		564			(781,786	)
$	141,300	^(a)	12/18/43	3 month LIBOR	3.000		13,390,924			5,675,844
	TOTAL					$	111,768,718		$	45,917,578

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2013.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


												Market Value
Counterparty	Referenced Obligation	Notional Amount (000s)		Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2013^(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		0.114	%	$	(25,482	)	$	(39,773	)
Deutsche Bank Securities, Inc.	CDX North America Investment Grade Index 16		20,200		(1.000	)		06/20/14		0.114			(56,437	)		(80,161	)
JPMorgan Securities, Inc.	CDX North America Investment Grade Index 16		54,000		(1.000	)		06/20/14		0.114			(156,643	)		(208,520	)
Morgan Stanley Capital Services, Inc.	CDX North America Investment Grade Index 16		18,100		(1.000	)		06/20/14		0.114			(44,547	)		(77,850	)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS (continued)


												Market Value
Counterparty	Referenced Obligation	Notional Amount (000s)		Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2013^(b)			Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Sold:
Bank of America Securities LLC	CDX North America Investment Grade Index 16	$	31,800		1.000	%		06/20/16		0.354	%	$	24,684		$	543,243
	Tranches of Commercial Mortgage-Backed Index AAA Series 3		5,600		0.080			12/13/49		1.135			(183,795	)		1,286
	Tranches of Commercial Mortgage-Backed Index AAA Series 4		56,800		0.350			02/17/51		1.241			(1,727,050	)		(37,496	)
Barclays Bank PLC	Federative Republic of Brazil 12.250% 03/06/30		31,000		1.000			09/20/23		2.183			(3,042,349	)		62,838
Citibank NA	Tranches of Commercial Mortgage-Backed Index AAA Series 4		43,100		0.350			02/17/51		1.241			(1,255,070	)		(83,886	)
Credit Suisse International (London)	Tranches of Commercial Mortgage-Backed Index AAA Series 4		32,700		0.350			02/17/51		1.241			(1,093,966	)		77,972
Deutsche Bank Securities, Inc.	Tranches of Commercial Mortgage-Backed Index AAA Series 4		15,300		0.350			02/17/51		1.241			(512,024	)		36,650
Morgan Stanley Capital Services, Inc.	CDX North America Investment Grade Index 16		25,625		1.000			06/20/16		0.354			19,014			438,632
	Tranches of Commercial Mortgage-Backed Index AAA Series 4		23,100		0.350			02/17/51		1.241			(710,002	)		(7,719	)
TOTAL												$	(8,763,667	)	$	625,216

(b)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


										Market Value
Referenced Obligation	Notional Amount (000s)	Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2013^(b)			Upfront Payments Made (Received)		Unrealized Gain (Loss)
Protection Sold:
CDX North America High Yield Index 20	$ 300,000		5.000	%		06/20/18		3.607	%	$	17,915,709	$	(102,150	)
CDX North America Investment Grade Index 20	2,061,900		1.000			06/20/18		0.728			28,518,042		(2,339,388	)
TOTAL										$	46,433,751	$	(2,441,538	)

(b)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

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	$	8,196	Markit IOS Fannie-Mae Index, 30 yr Fixed Rate, 5.000%, Series 10	01/12/41	One month LIBOR	$	(122,844	)	$	(93,236	)
		165,305	Markit IOS Fannie-Mae Index, 30 yr Fixed Rate, 6.000%, Series 8	01/12/39	One month LIBOR		798,700			(2,796,462	)
Barclays Bank PLC		46,956	Markit MBX Fannie-Mae Index, 30 yr Fixed Rate, 6.500%, Series 67	01/12/38	One month LIBOR		107,242			262,120
Citibank NA		21,857	Markit IOS Fannie-Mae Index, 30 yr Fixed Rate, 5.000%, Series 10	01/12/41	One month LIBOR		344,782			(920,994	)
		66,228	Markit IOS Fannie-Mae Index, 30 yr Fixed Rate, 6.500%, Series 67	01/12/38	One month LIBOR		140,622			(437,166	)
Credit Suisse International (London)		70,519	Markit IOS Fannie-Mae Index, 30 yr Fixed Rate, 5.000%, Series 10	01/12/41	One month LIBOR		(746,864	)		(1,114,589	)
		47,962	Markit IOS Fannie-Mae Index, 30 yr Fixed Rate, 6.000%, Series 8	01/12/39	One month LIBOR		466,292			(1,045,926	)
		98,170	Markit MBX Fannie-Mae Index, 30 yr Fixed Rate, 6.500%, Series 67	01/12/38	One month LIBOR		147,460			624,752
Deutsche Bank Securities, Inc.		608,880	Markit MBX Fannie-Mae Index, 30 yr Fixed Rate, 6.500%, Series 67	01/12/38	One month LIBOR		(751,448	)		5,540,940
JPMorgan Securities, Inc.		16,547	Markit IOS Fannie-Mae Index, 30 yr Fixed Rate, 5.000%, Series 10	01/12/41	One month LIBOR		142,465			(578,733	)
		46,001	Markit IOS Fannie-Mae Index, 30 yr Fixed Rate, 6.000%, Series 8	01/12/39	One month LIBOR		220,293			(776,237	)
		35,938	Markit IOS Fannie-Mae Index, 30 yr Fixed Rate, 6.500%, Series 67	01/12/38	One month LIBOR		31,067			(191,983	)
		45,704	Markit MBX Fannie-Mae Index, 30 yr Fixed Rate, 6.500%, Series 67	01/12/38	One month LIBOR		191,674			167,840
TOTAL						$	969,441		$	(1,359,674	)

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 — At September 30, 2013, the Fund had the following written swaptions:

INTEREST RATE SWAPTION CONTRACTS


Counterparty	Description	Notional Amount (000s)		Expiration Date		Strike Price			Market Value			Premiums Received
Deutsche Bank Securities, Inc.	Call - OTC - 10 year Interest Rate Swap for the obligation to pay a fixed rate of 2.885% versus the 3 month LIBOR maturing on November 6, 2023	$	140,600		11/04/2013		2.885	%	$	(1,048,187	)	$	(1,298,207	)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

WRITTEN OPTIONS CONTRACTS — For the six months ended September 30, 2013, the Fund had the following written swaptions activity:


	Notional Amount (000s)			Premiums Received
Contracts Outstanding March 31, 2013	$	281,200		$	1,579,407
Contracts Written		2			1,081,907
Contracts Bought to Close		—			—
Contracts Expired		(140,602	)		(1,363,107	)
Contracts Outstanding September 30, 2013	$	140,600		$	1,298,207


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

GOLDMAN SACHS WORLD BOND FUND

Schedule of Investments

September 30, 2013 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	Foreign Sovereign Debt Obligations – 68.8%
	Australian Dollar – 2.7%
	Australia Government Bond
AUD	110,000		4.750	%		10/21/15	$	107,025
	100,000		5.250			03/15/19		102,515
	100,000		5.500			04/21/23		105,741

								315,281

	Brazilian Real – 0.4%
	Brazil Notas do Tesouro Nacional
BRL	108,634		6.000			08/15/50		49,347

	British Pound – 4.3%
	United Kingdom Treasury
GBP	170,000		2.000			01/22/16		283,780
	40,000		4.750			03/07/20		75,859
	70,000		4.250			12/07/40		128,903
	10,000		3.750			07/22/52		17,016

								505,558

	Canadian Dollar – 1.9%
	Government of Canada
CAD	100,000		1.500			09/01/17		96,448
	50,000		3.750			06/01/19		53,043
	40,000		5.750			06/01/33		54,452
	20,000		4.000			06/01/41		22,727

								226,670

	Colombian Peso – 3.2%
	Republic of Colombia
COP	196,300,000		8.000			10/28/15		109,042
	309,100,000		7.000			05/04/22		163,086
	17,900,000		7.500			08/26/26		9,376
	216,300,000		6.000			04/28/28		99,796

								381,300

	Czech Koruna – 0.1%
	Czech Republic Government Bond
CZK	300,000		3.850			09/29/21		17,781

	Danish Krone – 0.7%
	Kingdom of Denmark
DKK	300,000		3.000			11/15/21		60,240
	80,000		4.500			11/15/39		19,690

								79,930

	Euro – 30.3%
	Federal Republic of Germany
EUR	330,000		1.750			10/09/15		460,637
	710,000		4.000			01/04/18		1,100,904
	90,000		3.000			07/04/20		136,940
	40,000		1.500			09/04/22		53,740
	50,000		4.000			01/04/37		84,188
	60,000		2.500			07/04/44		79,434
	Government of Finland^(a)
	20,000		1.625			09/15/22		26,437
	Government of France
EUR	110,000		1.000			05/25/18		148,395
	180,000		2.250			10/25/22		244,248
	40,000		4.500			04/25/41		64,869


	Foreign Sovereign Debt Obligations – (continued)
	Euro – (continued)
	Kingdom of Belgium
EUR	20,000		3.500	%^(a)		06/28/17	$	29,529
	30,000		3.000			09/28/19		43,624
	6,000		4.000			03/28/32		8,793
	Kingdom of The Netherlands^(a)
	100,000		3.750			07/15/14		139,114
	50,000		4.500			07/15/17		76,973
	120,000		2.250			07/15/22		165,966
	20,000		3.750			01/15/42		32,164
	Republic of Austria^(a)
	30,000		4.300			09/15/17		46,041
	20,000		3.400			11/22/22		30,137
	5,000		3.150			06/20/44		7,082
	Republic of Italy
	100,000		3.750			08/01/15		139,682
	70,000		4.750			06/01/17		100,457
	80,000		5.250			08/01/17		116,973
	70,000		4.500			05/01/23		95,362
	12,000		5.750			02/01/33		17,708
	Republic of Slovenia
	38,000		4.625			09/09/24		43,119
	Spain Government Bond
	20,000		4.500			01/31/18		28,846
	50,000		4.400	^(a)		10/31/23		68,109

								3,589,471

	Japanese Yen – 5.6%
	Government of Japan
JPY	16,000,000		0.400			06/20/16		163,968
	14,000,000		0.200			09/20/17		142,524
	13,250,000		0.800			09/20/22		136,877
	16,000,000		1.700			09/20/32		167,229
	4,500,000		1.900			09/20/42		47,836

								658,434

	Malaysian Ringgit – 0.1%
	Malaysia Government Bond
MYR	30,000		3.492			03/31/20		9,073

	Mexican Peso – 2.7%
	United Mexican States
MXN	119,400		6.250			06/16/16		9,611
	11,400		7.250			12/15/16		946
	481,200		6.500			06/10/21		38,547
	96,200		8.000			12/07/23		8,472
	1,048,400		7.500			06/03/27		88,125
	256,600		8.500			05/31/29		22,967
	859,900		7.750			05/29/31		70,940
	56,000		10.000			11/20/36		5,643
	865,500		7.750			11/13/42		70,198

								315,449

	Norwegian Krone – 1.8%
	Kingdom of Norway
NOK	400,000		5.000			05/15/15		70,031
	200,000		4.250			05/19/17		35,908
	400,000		4.500			05/22/19		73,917
	220,000		2.000			05/24/23		34,065

								213,921


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

GOLDMAN SACHS WORLD BOND FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	Foreign Sovereign Debt Obligations – (continued)
	Peruvian Nuevo Sol – 0.4%
	Republic of Peru
PEN	8,000		8.200	%		08/12/26	$	3,539
	93,000		6.950			08/12/31		35,492
	9,000		6.900			08/12/37		3,371

								42,402

	Polish Zloty – 2.7%
	Poland Government Bond
PLN	80,000		2.500			07/25/18		24,082
	280,000		5.500			10/25/19		96,242
	554,000		5.750			10/25/21		193,835

								314,159

	Russian Ruble – 3.5%
	Russian Federation Bond
RUB	30,000		7.500			02/27/19		955
	13,100,000		7.600			07/20/22		415,657
	30,000		7.050			01/19/28		878

								417,490

	Singapore Dollar – 0.5%
	Republic of Singapore
SGD	75,000		3.125			09/01/22		64,794

	South African Rand – 1.4%
	Republic of South Africa
ZAR	800,000		8.000			12/21/18		83,234
	500,000		7.250			01/15/20		49,842
	370,000		7.750			02/28/23		37,282

								170,358

	Swedish Krona – 1.6%
	Kingdom of Sweden
SEK	700,000		3.000			07/12/16		113,790
	350,000		3.500			06/01/22		59,493
	100,000		3.500			03/30/39		16,678

								189,961

	Swiss Franc – 1.7%
	Swiss Confederation
CHF	60,000		3.000			01/08/18		74,228
	70,000		2.000			05/25/22		84,192
	30,000		3.500			04/08/33		43,861

								202,281

	Thai Baht – 0.2%
	Kingdom of Thailand
THB	300,000		3.875			06/13/19		9,730
	Thailand Government Bond
	250,000		3.650			12/17/21		7,864
	300,000		3.775			06/25/32		8,648

								26,242

	Turkish Lira – 3.0%
	Republic of Turkey
TRY	400,000		10.000			12/04/13		198,817
	100,000		9.500			01/12/22		50,365
	33,185		3.000			02/23/22		16,366


	Foreign Sovereign Debt Obligations – (continued)
	Turkish Lira – (continued)
TRY	120,000		8.500	%		09/14/22	$	57,661
	60,000		7.100			03/08/23		26,166

								349,375

	TOTAL FOREIGN SOVEREIGN DEBT OBLIGATIONS
	(Cost $8,366,262)						$	8,139,277


	Structured Notes – 1.0%
	Notas do Tesouro Nacional (Issuer Deutsche Bank AG (London))
BRL	106,000		6.000	%		08/15/50	$	112,484


	U.S. Treasury Obligations – 18.0%
	United States Treasury Bill^(b)(c)
$	540,000		0.000	%		01/09/14	$	539,993
	United States Treasury Bonds
	640,000		5.500			08/15/28		818,931
	480,000		2.750			11/15/42		397,325
	United States Treasury Inflation Protected Securities
	53,392		1.125			01/15/21		57,513
	United States Treasury Notes
	160,000		0.250			01/31/15		160,152
	170,000		1.625			11/15/22		157,389

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $2,203,637)						$	2,131,303


Shares		Description	Value

	Investment Company – 9.4%
	SSgA Government Money Market Fund
	1,112,747		$	1,112,747
	(Cost $1,112,747)

	TOTAL INVESTMENTS – 97.2%
	(Cost $11,846,447)		$	11,495,811

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.8%			335,539

	NET ASSETS – 100.0%		$	11,831,350


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 $621,552, which represents approximately 5.3% of net assets as of September 30, 2013.
(b)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(c)		All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.


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

GOLDMAN SACHS WORLD BOND FUND



Currency Abbreviations:
AUD		—Australian Dollar
BRL		—Brazilian Real
CAD		—Canadian Dollar
CHF		—Swiss Franc
CLP		—Chilean Peso
COP		—Colombian Peso
CZK		—Czech Koruna
DKK		—Danish Krone
EUR		—Euro
GBP		—British Pound
HKD		—Hong Kong Dollar
HUF		—Hungarian Forint
IDR		—Indonesian Rupiah
ILS		—Israeli Shekel
JPY		—Japanese Yen
KRW		—South Korean Won
MXN		—Mexican Peso
MYR		—Malaysian Ringgit
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
THB		—Thai Baht
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
CDOR		—Canadian Dollar Offered Rate
CLICP		—Sinacofi Chile Interbank Rate
EURO		—Euro Offered Rate
JIBAR		—Johannesburg Interbank Agreed Rate
JYOR		—Japanese Yen Offered Rate
KWCDC		—South Korean Won Certificate of Deposit
LIBOR		—London Interbank Offered Rate
NZDOR		—New Zealand Dollar Offered Rate
STIBOR		—Stockholm Interbank Offered Rate
TIIE		—La Tasa de Interbank Equilibrium Interest Rate
WIBOR		—Warsaw Interbank Offered Rate


The accompanying notes are an integral part of these financial statements.		107

GOLDMAN SACHS WORLD BOND FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2013, 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	CZK/EUR		12/18/13	$	24,356	$	8
	EUR/USD		12/18/13		73,069		1,184
	HUF/EUR		12/18/13		56,494		56
	HUF/USD		11/13/13		31,740		550
	PLN/USD		12/18/13		97,511		511
Barclays Bank PLC	EUR/USD		12/18/13		48,713		753
	GBP/EUR		12/18/13		97,426		620
	HUF/EUR		12/18/13		24,356		128
	NOK/USD		12/18/13		26,229		320
	USD/IDR		11/19/13		22,861		1,139
	USD/MYR		10/11/13		48,683		317
	USD/PHP		10/17/13		12,247		253
BNP Paribas SA	USD/PLN		10/30/13		28,757		34
Citibank NA	EUR/USD		12/18/13		397,096		4,959
	GBP/EUR		12/18/13		50,066		26
	MXN/USD		12/18/13		24,782		156
	NZD/USD		12/18/13		24,780		316
	PHP/USD		10/11/13		24,182		182
	RUB/USD		10/07/13		24,792		792
	USD/IDR		10/24/13		23,479		521
	USD/RUB		10/10/13		23,922		78
	USD/RUB		10/24/13		24,540		460
Credit Suisse International (London)	CLP/USD		10/17/13		46,134		540
	JPY/USD		12/18/13		25,168		168
	PEN/USD		10/17/13		52,516		516
	RUB/USD		10/07/13		24,866		866
	RUB/USD		10/10/13		98,950		2,950
	RUB/USD		10/17/13		80,184		2,260
	USD/PEN		10/17/13		8,688		12
	USD/RUB		10/17/13		48,841		159
Deutsche Bank AG (London)	DKK/USD		10/21/13		24,907		657
	GBP/USD		10/24/13		116,879		1,445
	GBP/USD		12/18/13		24,269		622
	ILS/USD		12/18/13		24,035		35
	MYR/USD		10/03/13		48,492		492
	RUB/USD		10/17/13		1,324		28
	SEK/USD		10/04/13		30,098		471
	TWD/USD		10/15/13		24,084		84
	USD/MXN		12/18/13		18,793		207
	USD/ZAR		10/30/13		82,963		1,077
HSBC Bank PLC	BRL/USD		10/17/13		350,379		13,111
	CHF/USD		10/11/13		55,793		983
	EUR/SEK		12/18/13		24,328		28
	KRW/USD		10/23/13		24,123		123
	KRW/USD		10/24/13		427,403		24,181
	MYR/USD		10/03/13		48,798		798
	MYR/USD		10/11/13		48,724		724
	PHP/USD		10/24/13		81,247		191
	TWD/USD		10/24/13		288,706		4,706


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

GOLDMAN SACHS WORLD BOND 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
HSBC Bank PLC (continued)	USD/TRY		10/21/13	$	28,857	$	313
	USD/ZAR		10/30/13		55,822		1,388
JPMorgan Securities, Inc.	EUR/NOK		12/18/13		97,031		1,747
	EUR/USD		12/18/13		98,779		1,147
	JPY/USD		12/18/13		74,242		242
	USD/TRY		10/21/13		16,608		474
	USD/TRY		12/18/13		24,721		31
Morgan Stanley Capital Services, Inc.	BRL/USD		10/15/13		53,720		261
	BRL/USD		10/17/13		66,994		4,603
	HUF/EUR		12/18/13		24,356		135
	RUB/USD		10/15/13		48,770		770
	RUB/USD		10/17/13		19,200		486
	USD/BRL		10/17/13		47,052		86
	USD/MXN		12/18/13		48,197		803
Royal Bank of Canada	BRL/USD		10/07/13		25,525		1,525
	BRL/USD		10/11/13		24,948		948
	BRL/USD		10/18/13		24,469		469
	MXN/USD		12/18/13		24,156		156
Standard Chartered Bank	GBP/USD		12/18/13		152,582		5,335
	SGD/USD		12/18/13		24,124		124
State Street Bank	GBP/EUR		12/18/13		50,066		42
	JPY/USD		12/18/13		99,130		130
	MXN/USD		12/18/13		24,188		188
	SGD/USD		10/31/13		108,897		1,515
	USD/MXN		12/18/13		48,618		382
UBS AG (London)	BRL/USD		10/18/13		24,437		437
	MYR/USD		10/11/13		24,087		87
	PHP/USD		10/07/13		48,902		902
	PHP/USD		10/11/13		24,104		104
	TWD/USD		10/11/13		48,056		56
	USD/IDR		11/19/13		44,511		3,489
	USD/ZAR		12/18/13		47,995		1,005
Westpac Banking Corp.	AUD/USD		12/18/13		145,976		2,802
	CAD/USD		10/23/13		62,422		1,450
	JPY/USD		11/08/13		417,924		1,050
	NZD/AUD		12/18/13		24,131		291
	USD/AUD		12/18/13		145,712		605
	USD/MYR		10/23/13		48,740		596
TOTAL						$	106,971

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
Bank of America Securities LLC	CZK/EUR		12/18/13	$	24,356	$	(41	)
	EUR/PLN		12/18/13		50,088		(699	)
	HUF/EUR		12/18/13		24,356		(134	)
	MYR/USD		10/24/13		81,087		(2,032	)
	TRY/USD		12/18/13		47,700		(1,300	)
	USD/EUR		12/18/13		98,779		(1,324	)
	USD/ILS		12/18/13		48,910		(539	)


The accompanying notes are an integral part of these financial statements.		109

GOLDMAN SACHS WORLD BOND FUND

Schedule of Investments (continued)

September 30, 2013 (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
Bank of America Securities LLC (continued)	USD/MYR		10/03/13	$	24,214	$	(214	)
	USD/ZAR		10/30/13		40,544		(443	)
Barclays Bank PLC	EUR/GBP		12/18/13		25,064		(31	)
	EUR/HUF		12/18/13		35,351		(170	)
	MXN/USD		12/18/13		23,279		(721	)
	NOK/EUR		12/18/13		24,356		(763	)
	USD/AUD		10/10/13		41,878		(1,783	)
	USD/TRY		12/18/13		24,178		(178	)
	USD/ZAR		12/18/13		45,090		(90	)
	ZAR/USD		12/18/13		96,158		(842	)
BNP Paribas SA	EUR/GBP		12/18/13		150,135		(1,290	)
	RUB/USD		10/15/13		49,257		(868	)
	USD/JPY		12/18/13		97,916		(873	)
Citibank NA	EUR/GBP		12/18/13		24,537		(181	)
	MYR/USD		10/23/13		48,509		(1,491	)
	MYR/USD		10/24/13		40,538		(1,099	)
	PHP/USD		10/17/13		48,905		(95	)
	RUB/USD		10/17/13		48,960		(40	)
	TRY/USD		12/18/13		23,207		(793	)
	USD/CAD		12/18/13		120,403		(210	)
	USD/GBP		12/18/13		160,178		(3,862	)
	USD/JPY		12/18/13		24,004		(4	)
	USD/MXN		12/18/13		24,087		(87	)
	USD/MYR		10/03/13		24,155		(155	)
	USD/MYR		10/18/13		49,098		(98	)
	USD/RUB		10/10/13		49,094		(1,094	)
	USD/RUB		10/21/13		25,007		(7	)
	USD/TRY		12/18/13		24,664		(664	)
Credit Suisse International (London)	CLP/USD		10/16/13		24,232		(50	)
	CLP/USD		10/25/13		24,582		(418	)
	EUR/CHF		12/18/13		24,636		(280	)
	RUB/USD		10/10/13		7,054		(48	)
	RUB/USD		10/21/13		47,742		(1,258	)
	USD/COP		10/17/13		166,900		(3,900	)
	USD/JPY		12/18/13		48,429		(429	)
	USD/PEN		10/17/13		29,735		(92	)
	USD/PLN		10/30/13		24,318		(163	)
	USD/RUB		10/07/13		49,608		(1,608	)
	USD/RUB		10/15/13		24,247		(247	)
Deutsche Bank AG (London)	AUD/USD		12/18/13		72,392		(27	)
	ILS/USD		12/18/13		24,769		(231	)
	MYR/USD		10/18/13		48,612		(388	)
	MYR/USD		10/23/13		23,213		(787	)
	MYR/USD		10/24/13		60,803		(1,193	)
	THB/USD		10/31/13		43,551		(510	)
	TRY/USD		10/21/13		12,009		(80	)
	TRY/USD		12/18/13		69,192		(2,533	)
	USD/CNH		12/18/13		98,858		(22	)
	USD/CNH		01/08/14		97,247		(1,247	)
	USD/CZK		12/18/13		51,577		(1,206	)
	USD/EUR		12/18/13		50,066		(166	)
	USD/JPY		11/08/13		41,643		(143	)
	USD/MXN		10/30/13		66,240		(621	)
	USD/PHP		10/17/13		12,010		(10	)


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

GOLDMAN SACHS WORLD BOND 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
Deutsche Bank AG (London) (continued)	USD/PLN		12/18/13	$	62,880	$	(957	)
	USD/RUB		10/15/13		13,199		(131	)
	USD/TRY		10/21/13		191,716		(937	)
HSBC Bank PLC	HKD/USD		11/07/13		196,856		(48	)
	USD/AUD		12/18/13		24,131		(321	)
	USD/HUF		12/18/13		30,237		(586	)
	USD/KRW		10/24/13		28,336		(1,336	)
	USD/MYR		10/03/13		24,399		(399	)
	USD/PLN		10/30/13		80,560		(2,630	)
	USD/SEK		12/18/13		74,815		(1,033	)
	ZAR/USD		10/30/13		21,264		(62	)
JPMorgan Securities, Inc.	MXN/USD		12/18/13		95,688		(1,312	)
	NOK/EUR		12/18/13		73,068		(1,469	)
	TRY/USD		12/18/13		73,258		(742	)
	USD/EUR		10/25/13		1,156,675		(24,252	)
	USD/EUR		12/18/13		171,848		(831	)
	USD/HUF		12/18/13		99,510		(2,874	)
	USD/IDR		10/07/13		3,787		(37	)
	USD/PLN		10/30/13		170,437		(5,590	)
	USD/RUB		10/15/13		11,137		(137	)
	USD/TRY		12/18/13		97,077		(1,477	)
Morgan Stanley Capital Services, Inc.	MXN/JPY		12/18/13		24,644		(961	)
	NZD/USD		12/18/13		47,908		(610	)
	USD/BRL		11/04/13		25,198		(198	)
	USD/COP		10/17/13		79,126		(1,351	)
	USD/TRY		10/21/13		21,274		(27	)
Royal Bank of Canada	CAD/USD		12/18/13		122,251		(749	)
	USD/BRL		10/15/13		24,670		(670	)
	USD/BRL		10/18/13		24,434		(434	)
	USD/CAD		12/18/13		25,018		(18	)
	USD/GBP		10/24/13		143,126		(1,811	)
	USD/GBP		12/18/13		50,157		(152	)
	USD/NZD		12/18/13		51,858		(1,900	)
Standard Chartered Bank	IDR/USD		10/24/13		20,310		(1,326	)
	USD/SGD		12/18/13		25,846		(445	)
	USD/TRY		12/18/13		67,986		(285	)
	ZAR/USD		12/18/13		23,981		(1,019	)
State Street Bank	MXN/USD		12/18/13		47,882		(1,118	)
	NOK/EUR		12/18/13		50,515		(1,604	)
	USD/AUD		12/18/13		24,131		(192	)
	USD/CHF		12/18/13		107,746		(3,010	)
	USD/COP		10/17/13		79,873		(839	)
	USD/EUR		12/18/13		24,356		(4	)
	USD/JPY		12/18/13		48,911		(911	)
UBS AG (London)	IDR/USD		11/29/13		179,695		(32,305	)
	RUB/USD		10/24/13		48,320		(680	)
	USD/BRL		10/07/13		25,365		(1,365	)
	USD/BRL		10/11/13		24,798		(798	)
	USD/IDR		10/07/13		17,221		(279	)
	USD/ZAR		12/18/13		74,422		(422	)
	ZAR/USD		12/18/13		71,765		(1,235	)
Westpac Banking Corp.	AUD/USD		12/18/13		95,594		(1,088	)
	EUR/USD		12/18/13		48,713		(47	)
	USD/AUD		12/18/13		48,261		(252	)
	USD/EUR		12/18/13		50,066		(73	)
TOTAL						$	(147,211	)


The accompanying notes are an integral part of these financial statements.		111

GOLDMAN SACHS WORLD BOND FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At September 30, 2013, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)			Expiration Date		Current Value			Unrealized Gain (Loss)
2 Year German Euro-Schatz		2			December 2013	$	298,710		$	294
5 Year German Euro-Bobl		2			December 2013		336,698			3,730
2 Year U.S. Treasury Notes		5			December 2013		1,101,328			601
5 Year U.S. Treasury Notes		(19	)		December 2013		(2,299,891	)		(26,766	)
10 Year U.S. Treasury Notes		(1	)		December 2013		(126,391	)		(158	)
30 Year U.S. Treasury Bonds		2			December 2013		266,750			6,062
TOTAL									$	(16,237	)

SWAP CONTRACTS — At September 30, 2013, the Fund had the following swap contracts:

OVER THE COUNTER 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	300		01/04/16	10.010%	1 month Brazilian Interbank Deposit Average	$	—		$	(1,947	)
	EUR	170	^(a)	12/18/23	1.750	6 month EURO		—			(8,034	)
Barclays Bank PLC	BRL	1,000		01/04/16	8.980	1 month Brazilian Interbank Deposit Average		—			(13,406	)
		1,020		01/04/16	8.200	1 month Brazilian Interbank Deposit Average		—			(20,636	)
	$	710		06/19/18	1.000	3 month LIBOR		(596	)		(11,702	)
	NZD	100	^(a)	12/18/18	3 month NZDOR	3.500%		2,321			1,226
	JPY	48,720	^(a)	12/18/20	0.500	6 month JYOR		(12,710	)		9,110
	KRW	211,330		05/30/23	3 month KWCDC	2.995		—			5,344
		59,680		06/19/23	3 month KWCDC	3.185		—			655
Citibank NA	BRL	610		01/04/16	8.890	1 month Brazilian Interbank Deposit Average		—			(9,408	)
	$	1,500		06/20/16	0.500	3 month LIBOR		(5,529	)		884
	PLN	1,300		01/22/18	6 month WIBOR	3.590		—			(5,265	)
	ZAR	820		05/09/23	3 month JIBAR	6.380		—			8,758
	MXN	230		06/01/23	6.230	Mexico Interbank TIIE 28 Days		—			(435	)
	PLN	340		07/31/23	6 month WIBOR	3.840		—			3,211
	KRW	81,640		09/11/23	3 month KWCDC	3.520		—			(1,229	)
	EUR	170	^(a)	12/18/23	1.750	6 month EURO		(2,572	)		(5,461	)
Credit Suisse International (London)	$	1,740		06/19/18	1.000	3 month LIBOR		(1,962	)		(28,175	)
	NZD	180	^(a)	12/18/18	3 month NZDOR	3.500		5,925			459
Deutsche Bank Securities, Inc.	BRL	310		01/04/16	10.347	1 month Brazilian Interbank Deposit Average		—			(1,291	)
		380		01/04/16	10.370	1 month Brazilian Interbank Deposit Average		—			(1,501	)


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

GOLDMAN SACHS WORLD BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER 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. (continued)	CLP	7,070		09/25/18	6 month CLICP	4.950%	$	—		$	30
		48,470	^(a)	10/01/18	6 month CLICP	4.990		—			41
	NZD	90	^(a)	12/18/18	3 month NZDOR	3.500		1,101			2,091
	MXN	470		06/01/23	6.255%	Mexico Interbank TIIE 28 Days		—			(816	)
	KRW	117,160		08/28/23	3 month KWCDC	3.588		—			(2,438	)
	NZD	250	^(a)	12/18/23	3 month NZDOR	4.000		4,628			10,594
	EUR	370	^(a)	12/18/23	1.750	6 month EURO		(2,581	)		(14,904	)
JPMorgan Securities, Inc.	MXN	380		05/12/23	5.630	Mexico Interbank TIIE 28 Days		—			(2,105	)
Morgan Stanley Capital Services, Inc.	KRW	55,850		07/11/23	3 month KWCDC	3.405		—			(410	)
TOTAL							$	(11,975	)	$	(86,760	)

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2013.

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


				Rates Exchanged		Market Value
Notional Amount (000s)			Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
EUR	150	^(a)	06/05/15	0.600%	6 month EURO	$	(279	)	$	293
	1,770	^(a)	06/27/15	0.850	6 month EURO		3,822			1,918
	490	^(a)	08/06/15	0.750	6 month EURO		(1	)		714
	2,300	^(a)	08/18/15	0.800	6 month EURO		315			4,280
JPY	564,040	^(a)	08/18/15	6 month JYOR	0.280%		379			(1,646	)
PLN	1,100	^(a)	09/01/15	3.690	6 month WIBOR		1			751
	740	^(a)	09/03/15	3.630	6 month WIBOR		1			395
AUD	1,510	^(a)	09/05/15	3.200	6 month AUDOR		(132	)		3,538
$	2,950	^(a)	09/26/15	3 month LIBOR	0.650		(430	)		(982	)
	1,500		06/20/16	3 month LIBOR	0.500		10,343			(5,697	)
GBP	370	^(a)	07/18/16	6 month BP	0.930		6,447			(2,747	)
EUR	1,560	^(a)	07/27/16	6 month EURO	1.100		135			(1,435	)
$	1,310	^(a)	12/19/16	0.500	3 month LIBOR		(19,500	)		4,385
	2,450		06/19/18	3 month LIBOR	1.000		41,242			1,193
EUR	1,320	^(a)	07/27/18	1.600	6 month EURO		(1,442	)		2,439
$	2,400	^(a)	12/18/18	1.000	3 month LIBOR		(75,384	)		(3,905	)
EUR	910	^(a)	12/18/18	1.000	6 month EURO		(28,713	)		10,257
CAD	320	^(a)	12/18/18	1.750	6 month CDOR		(10,275	)		1,610
SEK	1,240	^(a)	12/18/18	3 month STIBOR	1.750		5,709			(337	)
GBP	820	^(a)	12/18/18	6 month BP	1.000		56,025			(1,278	)
JPY	28,000	^(a)	04/24/20	0.610	6 month JYOR		(3,706	)		3,470
EUR	530	^(a)	07/27/20	6 month EURO	1.950		1,543			(366	)
GBP	530	^(a)	07/18/21	2.240	6 month BP		(34,849	)		16,169
ZAR	310	^(a)	08/20/23	8.510	3 month JIBAR		—			1,367
$	220	^(a)	12/18/23	3 month LIBOR	2.000		19,334			(2,131	)
GBP	20	^(a)	12/18/23	6 month BP	2.000		2,336			(67	)
EUR	730	^(a)	12/18/23	6 month EURO	1.750		41,801			(7,304	)
JPY	17,420	^(a)	12/18/23	6 month JYOR	0.750		5,740			(3,188	)


The accompanying notes are an integral part of these financial statements.		113

GOLDMAN SACHS WORLD BOND FUND

Schedule of Investments (continued)

September 30, 2013 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)


				Rates Exchanged		Market Value
Notional Amount (000s)			Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
GBP	340	^(a)	07/18/24	6 month BP	2.700%	$	26,317		$	(12,751)
JPY	45,000	^(a)	04/24/25	6 month JYOR	1.030		15,782			(10,999	)
	70,000	^(a)	05/09/25	6 month JYOR	1.650		9,529			(4,684	)
	43,000	^(a)	05/09/27	1.880%	6 month JYOR		(8,578	)		4,468
$	960	^(a)	12/18/28	3 month LIBOR	2.500		52,034			50,218
JPY	23,000	^(a)	04/24/30	1.480	6 month JYOR		(10,309	)		7,233
	TOTAL					$	105,237		$	55,181

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2013.


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II — At September 30, 2013, certain Funds had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of October 1, 2013, as follows:


Fund	Principal Amount		Maturity Value		Collateral Allocation Value
Core Fixed Income	$	1,800,000	$	1,800,004	$	1,841,001
Core Plus Fixed Income		10,200,000		10,200,024		10,432,340

REPURCHASE AGREEMENTS — At September 30, 2013, 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
BNP Paribas Securities Co.		0.070	%	$	617,358	$	3,498,360
Merrill Lynch & Co., Inc.		0.080			108,977		617,537
TD Securities (USA) LLC		0.090			1,073,665		6,084,103
TOTAL				$	1,800,000	$	10,200,000

At September 30, 2013, the Joint Repurchase Agreement Account II was fully collateralized by:


Issuer	Interest Rates			Maturity Dates
Federal Farm Credit Bank		0.189% to 4.250	%		08/27/14 to 06/17/20
Federal Home Loan Bank		1.750 to 2.875			09/11/15 to 09/11/20
Federal Home Loan Mortgage Corp.		3.500 to 4.000			06/01/42 to 08/01/42
Federal National Mortgage Association		0.000 to 4.000			11/15/13 to 12/01/42
U.S. Treasury Bill		0.000			08/21/14
U.S. Treasury Notes		0.750 to 2.125			03/31/18 to 02/15/22


The accompanying notes are an integral part of these financial statements.		115

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities

September 30, 2013 (Unaudited)


	Core Fixed Income Fund
Assets:
Investments, at value (cost $1,259,280,623, $269,249,030, $505,677,393, $10,132,382,250 and $11,846,447)	$	1,266,239,950
Cash		—
Foreign currencies, at value (cost $155, $78,208, $489,790, $1,388,057 and $34,328)		156
Receivables:
Investments sold on an extended settlement basis		145,182,550
Investment sold		15,289,555
Fund shares sold		21,524,838
Collateral on certain derivative contracts^(a)(b)		7,018,300
Interest		7,022,665
Unrealized gain on swap contracts		913,799
Unrealized gain on forward foreign currency exchange contracts		566,143
Variation margin on certain derivative contracts		55,450
Upfront payments made on swap contracts		39,545
Reimbursement from investment adviser		—
Due from broker — upfront payment		—
Deferred offering costs		—
Other assets		38,309
Total assets		1,463,891,260

Liabilities:
Due to custodian		546,150
Payables:
Investments purchased on an extended settlement basis		201,616,006
Investments purchased		—
Forward sale contracts, at value (proceeds receivable $57,421,875, $6,680,625, $3,818,828, $20,296,875 and $0)		58,505,941
Collateral on certain derivative contracts		6,680,610
Fund shares redeemed		7,901,978
Unrealized loss on swap contracts		2,524,864
Upfront payments received on swap contracts		1,147,874
Unrealized loss on forward foreign currency exchange contracts		1,228,421
Variation margin on certain derivative contracts		587,297
Amounts owed to affiliates		479,470
Due to broker — upfront payment		216,895
Income distribution		137,233
Due to broker		—
Written option contracts, at value (premium received $1,298,207 for Strategic Income Fund)		—
Accrued expenses		161,936
Total liabilities		281,734,675

Net Assets:
Paid-in capital		1,206,833,270
Undistributed net investment income		12,239,815
Accumulated net realized gain (loss)		(50,720,523	)
Net unrealized gain (loss)		13,804,023
NET ASSETS	$	1,182,156,585
Net Assets:
Class A	$	138,608,429
Class B		4,778,752
Class C		22,383,210
Institutional		1,012,065,807
Service		2,562,124
Class IR		1,212,949
Class R		545,314
Total Net Assets	$	1,182,156,585
Shares Outstanding $0.001 par value (unlimited shares authorized):
Class A		13,438,339
Class B		461,193
Class C		2,158,657
Institutional		97,728,276
Service		247,257
Class IR		117,504
Class R		52,801
Net asset value, offering and redemption price per share:^(c)
Class A		$10.31
Class B		10.36
Class C		10.37
Institutional		10.36
Service		10.36
Class IR		10.32
Class R		10.33

(a)

Segregated for initial margin on swap transactions of $7,018,300, $3,458,821, $1,799,923, $127,066,159 and $85,652 for the Core Fixed Income, Core Plus Fixed Income, Global Income, Strategic Income and World Bond Funds, respectively.

(b)

Includes restricted cash of $566,985 on deposit with counterparty for the Core Plus Fixed Income Fund relating to initial margin requirements and collateral on futures transactions.

(c)

Maximum public offering price per share for Class A Shares of the Core Fixed Income, Core Plus Fixed Income, Global Income, Strategic Income and World Bond Funds is $10.71, $10.72, $13.46, $10.88 and $10.07, 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.


116		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			World Bond Fund

$	276,543,179		$	517,935,476	$	10,285,772,340		$	11,495,811
	517,609			1,923,136		34,159,496			—
	77,244			464,077		1,283,953			34,031

	52,210,513			5,875,234		44,541,658			—
	5,584,338			1,686,835		27,091,697			489,654
	32,529			36,906,179		76,655,813			—
	4,035,849			1,799,925		134,258,368			87,823
	1,702,720			4,308,451		48,071,134			141,297
	723,546			1,965,698		51,634,577			42,403
	266,775			1,022,661		44,930,279			106,971
	3,594			—		1,830,493			165
	90,858			715,563		16,856,949			13,975
	71,850			131,207		—			73,204
	—			2,341,712		384,779			—
	—			—		—			28,026
	17,160			22,127		230,147			5,410
	341,877,764			577,098,281		10,767,701,683			12,518,770


	—			—		—			8,342

	62,953,139			7,400,672		365,780,564			—
	351,886			2,074,708		142,962,041			229,869
	6,812,032			3,909,062		20,556,874			—
	6,481,731			5,701,416		332,357,446			—
	528,153			1,327,838		15,243,976			—
	2,619,223			1,943,108		73,543,731			129,163
	303,166			1,084,255		31,150,957			25,950
	580,984			5,927,030		79,930,539			147,211
	12,782			1,990,388		1,205,433			1,098
	139,654			298,259		5,052,997			6,653
	737			—		—			5
	17,486			5,695		3,275,817			—
	—			—		1,344,528			—
	—			—		1,048,187			—
	173,630			277,425		352,644			139,129
	80,974,603			31,939,856		1,073,805,734			687,420


	255,832,470			514,857,033		9,652,873,134			12,217,730
	1,135,704			11,774,358		11,443,276			167,528
	(4,866,582	)		9,314,003		(89,700,460	)		(115,718	)
	8,801,569			9,213,031		119,279,999			(438,190	)
$	260,903,161		$	545,158,425	$	9,693,895,949		$	11,831,350

	$ 34,770,545		$	63,463,920	$	2,054,069,301		$	98,546
	2,845,427			1,332,195		—			—
	8,485,665			5,075,051		569,222,325			9,683
	211,919,740			474,484,090		6,728,919,736			11,703,644
	14,022			214,597		—			—
	2,741,591			588,572		341,216,910			9,763
	126,171			—		467,677			9,714
	$260,903,161		$	545,158,425	$	9,693,895,949		$	11,831,350

	3,369,917			4,897,010		196,102,618			10,175
	275,965			103,178		—			—
	822,934			394,311		54,332,283			1,001
	20,544,806			36,669,237		642,183,922			1,208,846
	1,359			16,610		—			—
	266,492			45,514		32,583,696			1,008
	12,236			—		44,706			1,003

	$10.32			$12.96		$10.47			$9.69
	10.31			12.91		—			—
	10.31			12.87		10.48			9.68
	10.32			12.94		10.48			9.68
	10.31			12.92		—			—
	10.29			12.93		10.47			9.68
	10.31			—		10.46			9.68


The accompanying notes are an integral part of these financial statements.		117

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Operations

For the Six Months Ended September 30, 2013 (Unaudited)


	Core Fixed Income Fund
Investment income:
Interest	$	15,677,990

Expenses:
Management fees		2,530,756
Transfer Agent fees^(a)		340,104
Distribution and Service fees^(a)		335,410
Custody, accounting and administrative services		152,372
Professional fees		51,963
Printing and mailing costs		46,662
Registration fees		44,469
Service Share fees — Shareholder Administration Plan		13,869
Service Share fees — Service Plan		13,869
Trustee fees		10,562
Shareholder meeting expense		1,922
Amortization of offering costs		—
Other		11,752
Total expenses		3,553,710
Less — expense reductions		—
Net expenses		3,553,710
NET INVESTMENT INCOME		12,124,280

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		(4,782,562	)
Futures contracts		(9,393,282	)
Written options		—
Swap contracts		4,518,574
Forward foreign currency exchange contracts		(677,801	)
Foreign currency transactions		(20,177	)
Net change in unrealized gain (loss) on:
Investments (net of deferred taxes of $542 for World Bond Fund)		(31,655,298	)
Futures contracts		2,128,100
Written options		—
Swap contracts		2,249,440
Forward foreign currency exchange contracts		(418,761	)
Foreign currency transactions		4,781
Net realized and unrealized loss		(38,046,986	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(25,922,706	)

(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	$	185,715	$	28,563	$	119,571	$	1,561	$	96,572	$	3,713	$	15,544	$	220,607	$	2,219	$	1,043	$	406
Core Plus Fixed Income		47,859		16,921		46,891		568		24,886		2,200		6,096		58,141		4		1,817		148
Global Income		84,823		7,745		27,208		—		44,108		1,007		3,537		81,636		30		391		—
Strategic Income		1,595,555		—		1,909,112		705		829,689		—		248,185		787,346		—		131,926		183
World Bond		95		—		49		24		50		—		6		2,348		—		6		6


118		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			World Bond Fund

$	4,818,194		$	6,560,579		$	82,027,197		$	108,927


	775,780			1,572,300			15,322,802			38,503
	93,292			130,709			1,997,329			2,416
	112,239			119,776			3,505,372			168
	191,257			339,806			425,248			132,254
	52,996			57,325			53,623			63,853
	21,522			28,831			91,451			23,510
	40,804			34,242			65,370			29,596
	18			191			—			—
	18			191			—			—
	9,072			9,776			16,074			4,851
	1,116			1,264			17,072			4,388
	—			—			—			81,406
	4,518			7,120			106,701			7,148
	1,302,632			2,301,531			21,601,042			388,093
	(310,026	)		(467,384	)		—			(344,664	)
	992,606			1,834,147			21,601,042			43,429
	3,825,588			4,726,432			60,426,155			65,498



	(319,624	)		3,280,234			(40,840,223	)		3,428
	(3,196,607	)		349,724			201,320			(36,425	)
	—			33,590			1,363,107			—
	741,197			2,057,902			64,010,654			87,076
	(282,149	)		(2,123,487	)		(46,062,931	)		(129,509	)
	123,758			3,059,583			1,927,838			(17,576	)

	(7,351,829	)		(6,289,838	)		63,374,381			(181,680	)
	2,359,952			348,828			(17,413,216	)		(8,956	)
	—			—			(577,402	)		—
	(1,285,184	)		(229,589	)		(10,759,969	)		(34,047	)
	(404,651	)		(8,505,941	)		(28,050,750	)		30,455
	5,659			103,535			24,092			2,313
	(9,609,478	)		(7,915,459	)		(12,803,099	)		(284,921	)
$	(5,783,890	)	$	(3,189,027	)	$	47,623,056	��	$	(219,423	)


The accompanying notes are an integral part of these financial statements.		119

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets


	Core Fixed Income Fund
	For the Six Months Ended September 30, 2013 (Unaudited)			For the Fiscal Year Ended March 31, 2013
From operations:
Net investment income	$	12,124,280		$	26,980,404
Net realized gain (loss)		(10,355,248	)		27,192,978
Net change in unrealized gain (loss)		(27,691,738	)		24,848,735
Net increase (decrease) in net assets resulting from operations		(25,922,706	)		79,022,117

Distributions to shareholders:
From net investment income
Class A Shares		(1,266,562	)		(3,666,379	)
Class B Shares		(27,228	)		(103,723	)
Class C Shares		(114,224	)		(372,511	)
Institutional Shares		(11,257,510	)		(30,859,051	)
Service Shares		(80,199	)		(264,291	)
Class IR Shares		(15,654	)		(28,570	)
Class R Shares		(4,502	)		(9,184	)
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		(12,765,879	)		(35,303,709	)

From share transactions:
Proceeds from sales of shares		110,642,435			314,245,826
Reinvestment of distributions		11,907,281			32,803,710
Cost of shares redeemed		(311,811,257	)		(596,890,879	)
Net increase (decrease) in net assets resulting from share transactions		(189,261,541	)		(249,841,343	)
TOTAL INCREASE (DECREASE)		(227,950,126	)		(206,122,935	)

Net assets:
Beginning of period		1,410,106,711			1,616,229,646
End of period	$	1,182,156,585		$	1,410,106,711
Undistributed (distributions in excess of) net investment income	$	12,239,815		$	12,881,414


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS


Core Plus Fixed Income Fund						Global Income Fund
For the Six Months Ended September 30, 2013 (Unaudited)			For the Fiscal Year Ended March 31, 2013			For the Six Months Ended September 30, 2013 (Unaudited)			For the Fiscal Year Ended March 31, 2013

$	3,825,588		$	7,320,346		$	4,726,432		$	12,021,067
	(2,933,425	)		9,842,885			6,657,546			26,750,451
	(6,676,053	)		9,203,897			(14,573,005	)		3,753,823
	(5,783,890	)		26,367,128			(3,189,027	)		42,525,341



	(389,803	)		(2,097,695	)		(615,096	)		(3,422,155	)
	(21,735	)		(70,430	)		(8,202	)		(37,699	)
	(60,337	)		(157,821	)		(28,700	)		(107,946	)
	(3,439,365	)		(6,435,495	)		(4,395,215	)		(13,168,429	)
	(133	)		(295	)		(1,264	)		(3,870	)
	(32,013	)		(70,721	)		(6,204	)		(15,418	)
	(1,968	)		(1,435	)		—			—

	—			(2,789,937	)		—			(4,030,873	)
	—			(137,263	)		—			(66,778	)
	—			(312,717	)		—			(188,244	)
	—			(7,381,950	)		—			(13,890,223	)
	—			(422	)		—			(6,107	)
	—			(85,190	)		—			(18,908	)
	—			(667	)		—			—
	(3,945,354	)		(19,542,038	)		(5,054,681	)		(34,956,650	)


	16,580,651			105,132,375			174,098,676			172,511,841
	3,849,015			19,029,155			4,964,789			34,482,719
	(108,736,974	)		(114,465,116	)		(101,618,529	)		(520,702,491	)
	(88,307,308	)		9,696,414			77,444,936			(313,707,931	)
	(98,036,552	)		16,521,504			69,201,228			(306,139,240	)


	358,939,713			342,418,209			475,957,197			782,096,437
$	260,903,161		$	358,939,713		$	545,158,425		$	475,957,197
$	1,135,704		$	1,255,470		$	11,774,358		$	12,102,607


The accompanying notes are an integral part of these financial statements.		121

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets


	Strategic Income Fund
	For the Six Months Ended September 30, 2013 (Unaudited)			For the Fiscal Year Ended March 31, 2013
From operations:
Net investment income	$	60,426,155		$	76,010,101
Net realized gain (loss)		(19,400,235	)		42,820,581
Net change in unrealized gain		6,597,136			119,197,608
Net increase in net assets resulting from operations		47,623,056			238,028,290

Distributions to shareholders:
From net investment income
Class A Shares		(13,497,715	)		(25,443,789	)
Class C Shares		(2,568,913	)		(6,249,357	)
Institutional Shares		(48,766,638	)		(75,727,358	)
Class IR Shares		(2,385,790	)		(2,803,135	)
Class R Shares		(2,638	)		(564	)
Total distributions to shareholders		(67,221,694	)		(110,224,203	)

From share transactions:
Proceeds from sales of shares		6,844,218,934			2,293,607,272
Reinvestment of distributions		58,093,212			100,590,900
Cost of shares redeemed		(674,250,717	)		(957,532,280	)
Net increase in net assets resulting from share transactions		6,228,061,429			1,436,665,892
TOTAL INCREASE		6,208,462,791			1,564,469,979

Net assets:
Beginning of period		3,485,433,158			1,920,963,179
End of period	$	9,693,895,949		$	3,485,433,158
Undistributed net investment income	$	11,443,276		$	18,238,815


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets


	World Bond Fund
	For the Six Months Ended September 30, 2013 (Unaudited)			For the Fiscal Year Ended March 31, 2013^(a)
From operations:
Net investment income	$	65,498		$	40,101
Net realized gain (loss)		(93,006	)		140,822
Net change in unrealized loss		(191,915	)		(246,275	)
Net decrease in net assets resulting from operations		(219,423	)		(65,352	)

Distributions to shareholders:
From net investment income
Class A Shares		(286	)		(28	)
Class C Shares		(5	)		(1	)
Institutional Shares		(62,430	)		(38,949	)
Class IR Shares		(53	)		(30	)
Class R Shares		(21	)		(11	)
Total distributions to shareholders		(62,795	)		(39,019	)

From share transactions:
Proceeds from sales of shares		80,629			12,036,004
Reinvestment of distributions		62,795			39,019
Cost of shares redeemed		(387	)		(121	)
Net increase in net assets resulting from share transactions		143,037			12,074,902
TOTAL INCREASE (DECREASE)		(139,181	)		11,970,531

Net assets:
Beginning of period		11,970,531			—
End of period	$	11,831,350		$	11,970,531
Undistributed net investment income	$	167,528		$	164,825

(a)

Commenced operations on November 30, 2012.


The accompanying notes are an integral part of these financial statements.		123

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)
2013 - A	$	10.61	$	0.08	$	(0.29	)	$	(0.21	)	$	(0.09	)	$	—		$	(0.09	)
2013 - B		10.66		0.04		(0.29	)		(0.25	)		(0.05	)		—			(0.05	)
2013 - C		10.67		0.05		(0.30	)		(0.25	)		(0.05	)		—			(0.05	)
2013 - Institutional		10.65		0.10		(0.28	)		(0.18	)		(0.11	)		—			(0.11	)
2013 - Service		10.66		0.07		(0.29	)		(0.22	)		(0.08	)		—			(0.08	)
2013 - IR		10.62		0.10		(0.30	)		(0.20	)		(0.10	)		—			(0.10	)
2013 - R		10.62		0.07		(0.28	)		(0.21	)		(0.08	)		—			(0.08	)

FOR THE FISCAL YEARS ENDED MARCH 31,
2013 - A		10.31		0.16		0.36			0.52			(0.22	)		—			(0.22	)
2013 - B		10.36		0.08		0.36			0.44			(0.14	)		—			(0.14	)
2013 - C		10.37		0.08		0.36			0.44			(0.14	)		—			(0.14	)
2013 - Institutional		10.36		0.20		0.35			0.55			(0.26	)		—			(0.26	)
2013 - Service		10.36		0.14		0.37			0.51			(0.21	)		—			(0.21	)
2013 - IR		10.32		0.19		0.36			0.55			(0.25	)		—			(0.25	)
2013 - R		10.33		0.13		0.36			0.49			(0.20	)		—			(0.20	)
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	)

(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.


124		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)

$	10.31		(1.99	)%	$	138,608		0.82	%^(d)		0.82	%^(d)		1.61	%^(d)		332	%
	10.36		(2.34	)		4,779		1.57	^(d)		1.57	^(d)		0.85	^(d)		332
	10.37		(2.34	)		22,383		1.57	^(d)		1.57	^(d)		0.86	^(d)		332
	10.36		(1.72	)		1,012,066		0.48	^(d)		0.48	^(d)		1.94	^(d)		332
	10.36		(2.06	)		2,562		0.98	^(d)		0.98	^(d)		1.30	^(d)		332
	10.32		(1.87	)		1,213		0.57	^(d)		0.57	^(d)		1.86	^(d)		332
	10.33		(2.02	)		545		1.07	^(d)		1.07	^(d)		1.35	^(d)		332


	10.61		5.08			159,470		0.81			0.81			1.54			782
	10.66		4.28			6,531		1.56			1.56			0.79			782
	10.67		4.28			25,723		1.56			1.56			0.79			782
	10.65		5.32			1,198,584		0.47			0.47			1.88			782
	10.66		4.90			17,528		0.97			0.97			1.35			782
	10.62		5.34			1,622		0.56			0.56			1.78			782
	10.62		4.72			648		1.06			1.06			1.24			782
	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


The accompanying notes are an integral part of these financial statements.		125

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)
2013 - A	$	10.57	$	0.10	$	(0.24	)	$	(0.14	)	$	(0.11	)	$	—		$	(0.11	)
2013 - B		10.57		0.06		(0.25	)		(0.19	)		(0.07	)		—			(0.07	)
2013 - C		10.57		0.06		(0.25	)		(0.19	)		(0.07	)		—			(0.07	)
2013 - Institutional		10.57		0.12		(0.25	)		(0.13	)		(0.12	)		—			(0.12	)
2013 - Service		10.57		0.09		(0.25	)		(0.16	)		(0.10	)		—			(0.10	)
2013 - IR		10.54		0.12		(0.25	)		(0.13	)		(0.12	)		—			(0.12	)
2013 - R		10.57		0.09		(0.26	)		(0.17	)		(0.09	)		—			(0.09	)

FOR THE FISCAL YEARS ENDED MARCH 31,
2013 - A		10.37		0.20		0.57			0.77			(0.25	)		(0.32	)		(0.57	)
2013 - B		10.36		0.12		0.58			0.70			(0.17	)		(0.32	)		(0.49	)
2013 - C		10.37		0.12		0.57			0.69			(0.17	)		(0.32	)		(0.49	)
2013 - Institutional		10.37		0.23		0.57			0.80			(0.28	)		(0.32	)		(0.60	)
2013 - Service		10.37		0.18		0.57			0.75			(0.23	)		(0.32	)		(0.55	)
2013 - IR		10.34		0.22		0.57			0.79			(0.27	)		(0.32	)		(0.59	)
2013 - R		10.37		0.18		0.56			0.74			(0.22	)		(0.32	)		(0.54	)
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	)

(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.


126		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)

$	10.32		(1.36	)%	$	34,771		0.84	%^(d)		1.02	%^(d)		1.97	%^(d)		370	%
	10.31		(1.83	)		2,845		1.59	^(d)		1.77	^(d)		1.21	^(d)		370
	10.31		(1.83	)		8,486		1.59	^(d)		1.77	^(d)		1.22	^(d)		370
	10.32		(1.19	)		211,920		0.50	^(d)		0.68	^(d)		2.30	^(d)		370
	10.31		(1.44	)		14		1.00	^(d)		1.18	^(d)		1.81	^(d)		370
	10.29		(1.24	)		2,742		0.59	^(d)		0.77	^(d)		2.22	^(d)		370
	10.31		(1.58	)		126		1.09	^(d)		1.26	^(d)		1.68	^(d)		370


	10.57		7.48			40,783		0.83			0.98			1.86			1,025
	10.57		6.79			3,907		1.58			1.73			1.11			1,025
	10.57		6.68			9,993		1.58			1.73			1.11			1,025
	10.57		7.84			301,201		0.49			0.64			2.20			1,025
	10.57		7.31			14		0.99			1.13			1.70			1,025
	10.54		7.76			2,847		0.58			0.73			2.11			1,025
	10.57		7.22			195		1.08			1.24			1.68			1,025
	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


The accompanying notes are an integral part of these financial statements.		127

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)
2013 - A	$	13.20	$	0.11	$	(0.23	)	$	(0.12	)	$	(0.12	)	$	—		$	(0.12	)
2013 - B		13.15		0.06		(0.23	)		(0.17	)		(0.07	)		—			(0.07	)
2013 - C		13.11		0.06		(0.23	)		(0.17	)		(0.07	)		—			(0.07	)
2013 - Institutional		13.18		0.13		(0.23	)		(0.10	)		(0.14	)		—			(0.14	)
2013 - Service		13.16		0.10		(0.23	)		(0.13	)		(0.11	)		—			(0.11	)
2013 - IR		13.17		0.13		(0.24	)		(0.11	)		(0.13	)		—			(0.13	)

FOR THE FISCAL YEARS ENDED MARCH 31,
2013 - A		13.17		0.22		0.60			0.82			(0.34	)		(0.45	)		(0.79	)
2013 - B		13.12		0.12		0.60			0.72			(0.24	)		(0.45	)		(0.69	)
2013 - C		13.09		0.12		0.59			0.71			(0.24	)		(0.45	)		(0.69	)
2013 - Institutional		13.15		0.27		0.60			0.87			(0.39	)		(0.45	)		(0.84	)
2013 - Service		13.13		0.20		0.60			0.80			(0.32	)		(0.45	)		(0.77	)
2013 - IR		13.15		0.26		0.59			0.85			(0.38	)		(0.45	)		(0.83	)
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	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.


128		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)

$	12.96		(0.92	)%	$	63,464		1.04	%^(d)		1.23	%^(d)		1.68	%^(d)		199	%
	12.91		(1.30	)		1,332		1.79	^(d)		1.98	^(d)		0.93	^(d)		199
	12.87		(1.31	)		5,075		1.79	^(d)		1.98	^(d)		0.93	^(d)		199
	12.94		(0.75	)		474,484		0.69	^(d)		0.89	^(d)		2.02	^(d)		199
	12.92		(1.01	)		215		1.19	^(d)		1.39	^(d)		1.52	^(d)		199
	12.93		(0.80	)		589		0.78	^(d)		0.98	^(d)		1.93	^(d)		199


	13.20		6.32			79,838		1.04			1.15			1.64			444
	13.15		5.55			1,784		1.79			1.90			0.92			444
	13.11		5.57			5,757		1.79			1.90			0.92			444
	13.18		6.69			387,889		0.69			0.81			1.99			444
	13.16		6.16			145		1.19			1.31			1.49			444
	13.17		6.51			545		0.79			0.90			1.94			444
	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
	12.58		0.50			2,979		1.78			1.88			1.29			272
	12.55		0.60			7,676		1.78			1.88			1.29			272
	12.61		1.62			469,982		0.69			0.79			2.36			272
	12.59		1.12			151		1.19			1.29			1.89			272
	12.61		(0.78	)		23		0.78	^(d)		0.88	^(d)		2.28	^(d)		272
	12.74		14.73			218,572		1.03			1.11			3.02			237
	12.69		13.92			5,143		1.78			1.86			2.30			237
	12.66		13.80			7,606		1.78			1.86			2.22			237
	12.72		15.14			685,787		0.69			0.77			3.36			237
	12.70		14.50			95		1.19			1.27			2.87			237
	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


The accompanying notes are an integral part of these financial statements.		129

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)
2013 - A	$	10.46	$	0.10	^(c)	$	0.02		$	0.12	$	(0.11	)	$	—		$	—		$	(0.11	)
2013 - C		10.46		0.06	^(c)		0.03			0.09		(0.07	)		—			—			(0.07	)
2013 - Institutional		10.46		0.12	^(c)		0.03			0.15		(0.13	)		—			—			(0.13	)
2013 - IR		10.46		0.11	^(c)		0.02			0.13		(0.12	)		—			—			(0.12	)
2013 - R		10.45		0.08	^(c)		0.03			0.11		(0.10	)		—			—			(0.10	)

FOR THE FISCAL YEARS ENDED MARCH 31,
2013 - A		9.87		0.32	^(c)		0.73			1.05		(0.46	)		—			—			(0.46	)
2013 - C		9.88		0.24	^(c)		0.72			0.96		(0.38	)		—			—			(0.38	)
2013 - Institutional		9.87		0.35	^(c)		0.73			1.08		(0.49	)		—			—			(0.49	)
2013 - IR		9.87		0.34	^(c)		0.73			1.07		(0.48	)		—			—			(0.48	)
2013 - R		9.87		0.30	^(c)		0.71			1.01		(0.43	)		—			—			(0.43	)
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.


130		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)

$	10.47		1.25	%	$		2,054,069		0.93	%^(d)		0.93	%^(d)		1.88	%^(d)		198	%
	10.48		0.87				569,222		1.68	^(d)		1.68	^(d)		1.13	^(d)		198
	10.48		1.43				6,728,920		0.60	^(d)		0.60	^(d)		2.24	^(d)		198
	10.47		1.28				341,217		0.68	^(d)		0.68	^(d)		2.11	^(d)		198
	10.46		1.13				468		1.19	^(d)		1.19	^(d)		1.55	^(d)		198


	10.46		10.80				709,730		0.99			0.99			3.17			727
	10.46		9.86				239,501		1.74			1.74			2.36			727
	10.46		11.18				2,428,689		0.65			0.65			3.42			727
	10.46		11.07				107,502		0.74			0.74			3.33			727
	10.45		10.45				12		1.23			1.23			2.98			727
	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.		131

GOLDMAN SACHS WORLD BOND FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of period		Net investment income^(a)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)
2013 - A	$	9.92	$	0.04		$	(0.23	)	$	(0.19	)	$	(0.04	)
2013 - C		9.91		0.01			(0.23	)		(0.22	)		(0.01	)
2013 - Institutional		9.91		0.05			(0.23	)		(0.18	)		(0.05	)
2013 - IR		9.91		0.06			(0.24	)		(0.18	)		(0.05	)
2013 - R		9.91		0.02			(0.23	)		(0.21	)		(0.02	)

FOR THE PERIOD ENDED MARCH 31,
2013 - A (Commenced November 30, 2012)		10.00		0.02			(0.08	)		(0.06	)		(0.02	)
2013 - C (Commenced November 30, 2012)		10.00		—	^(e)		(0.09	)		(0.09	)		—	^(e)
2013 - Institutional (Commenced November 30, 2012)		10.00		0.03			(0.09	)		(0.06	)		(0.03	)
2013 - IR (Commenced November 30, 2012)		10.00		0.03			(0.09	)		(0.06	)		(0.03	)
2013 - R (Commenced November 30, 2012)		10.00		0.01			(0.09	)		(0.08	)		(0.01	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)

(e)

Amount is less than $0.005 per share.


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

GOLDMAN SACHS WORLD BOND 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^(c)			Ratio of total expenses to average net assets^(c)			Ratio of net investment income (loss) to average net assets^(c)			Portfolio turnover rate^(d)

$	9.69		(1.87	)%	$	99		1.06	%		6.14	%		0.80	%		179	%
	9.68		(2.27	)		10		1.65			6.89			0.14			179
	9.68		(1.80	)		11,704		0.73			5.80			1.11			179
	9.68		(1.79	)		10		0.79			5.89			1.18			179
	9.68		(2.11	)		10		1.33			6.39			0.48			179


	9.92		(0.69	)		21		1.04			4.59			0.69			192
	9.91		(0.89	)		10		1.78			5.92			(0.10	)		192
	9.91		(0.58	)		11,920		0.71			4.83			1.02			192
	9.91		(0.60	)		10		0.86			4.99			0.97			192
	9.91		(0.78	)		10		1.31			5.42			0.38			192


The accompanying notes are an integral part of these financial statements.		133

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements

September 30, 2013 (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
World Bond (Commenced November 30, 2012)	A, C, Institutional, IR and R	Non-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 and World Bond Funds (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 are made or received upon entering into a swap agreement and are reflected as such in the Statement of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting interest rate swaps whose realized gains 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 or shortfall amounts are recorded as gains or losses. 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.

134

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

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

Distributions to shareholders are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly, and capital gains distributions, if any, are declared and paid 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.

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

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.

F. Foreign Currency Translation — The accounting records and reporting currency of the Funds are maintained in 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 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;

135

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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’s and GSAMI’s assumptions in determining fair value measurement).

The Trustees have adopted Valuation Procedures that govern the valuation of the portfolio investments held by the Funds including investments for which market quotations are not readily available. The Trustees have delegated to GSAM and GSAMI day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ portfolio investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM and GSAMI regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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 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 other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.

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 a Fund sells mortgage-backed securities and simultaneously contracts with the same counterparty to repurchase similar securities on a specified future date. During the settlement period, a Fund will not be entitled to accrue interest and receive principal payments on the securities sold.

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”). A Fund’s 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”). With respect to Participations, 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. As a result, a Fund will be exposed

136

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

to the credit risk of both the borrower and the Lender. Conversely, Assignments result in a Fund having a direct contractual relationship with the borrower, and a Fund may enforce compliance by the borrower with the terms of the loan agreement.

iv. Structured Notes — The values of structured notes are based on the price movements of a reference security or index. Upon termination, a Fund 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.

v. 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.

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 a 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 a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund 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 United States (“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. These investments are generally 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.

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 sources. 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, a Fund agrees 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.

137

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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, a Fund deposits 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 a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

iii. Options — When a Fund writes 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 a Fund, 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 volatility parameters at specified terms.

iv. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

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

138

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 a Fund sells protection through a credit default swap, a 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 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 a Fund as seller 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 a Fund 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, a 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.

i. 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, under the terms of a Master Repurchase Agreement (“MRA”). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of a Fund, 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 triparty repurchase agreements.

In December 2011, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) No. 2011-11: Disclosures about Offsetting Assets and Liabilities (“netting”) on the Statements of Assets and Liabilities that are subject to master netting arrangements or similar agreements. ASU 2011-11 was amended by ASU No. 2013-01, clarifying which investments and transactions are subject to the netting disclosure. The scope of the disclosure requirements is limited to derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions. This information is intended to enable users of the Funds’ financial statements to evaluate the effect or potential effect of netting arrangements on the Funds’ financial position. The ASU is effective for financial statements with fiscal years beginning on or after January 1, 2013, and interim periods within those fiscal years. The Funds adopted the disclosure requirement of netting for the current reporting period. Since these amended principles only require additional disclosures concerning offsetting and related arrangements, adoption did not affect the Funds’ financial condition or result of operations.

For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting arrangements or similar agreements on the Statements of Assets and Liabilities.

A MRA governs transactions between a Fund and select counterparties. A MRA contains provisions for, among other things, initiation, income payments, events of default and maintenance of securities for repurchase agreements. A MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

139

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund’s interest in the collateral is not enforceable resulting in additional losses to the Fund.

At September 30, 2013, the Funds’ investment in a repurchase agreement was subject to enforceable MRAs. The repurchase agreement on a net basis was as follows:


Repurchase Agreements	Core Fixed Income			Core Plus Fixed Income
Total gross amount presented in Statements of Assets and Liabilities	$	1,800,000		$	10,200,000
Non-cash Collateral offsetting⁽¹⁾		(1,800,000	)		(10,200,000	)
Net Amount⁽²⁾	$	—		$	—

(1)

At September 30, 2013, the value of the collateral received from each seller exceeded the value of the related repurchase agreements.

(2)

Net amount represents the net amount due from the counterparty in the event of a default based on the contractual set-off rights under the agreement.

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

B. Level 3 Fair Value Investments — 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 its 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 it believes 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.

To the extent investments are valued using single source broker quotations or third party pricing vendors, such investments are classified as Level 3 investments.

140

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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, 2013:



CORE FIXED INCOME

Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	385,127,684		$	—
Mortgage-Backed Obligations		—		446,684,222			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		233,855,333		76,418,347			—
Asset-Backed Securities		—		26,644,926			—
Foreign Debt Obligations		—		38,824,510			—
Municipal Debt Obligations		—		31,033,447			—
Government Guarantee Obligations		—		19,078,131			—
Short-term Investments		—		1,800,000			—
Total	$	233,855,333	$	1,025,611,267		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—	$	(58,505,941	)	$	—

Derivative Type
Assets
Options Purchased	$	—	$	6,773,348		$	—
Forward Foreign Currency Exchange Contracts^(a)		—		566,143			—
Futures Contracts^(a)		2,911,713		—			—
Interest Rate Swap Contracts^(a)		—		8,672,777			—
Credit Default Swap Contracts^(a)		—		913,799			—
Total	$	2,911,713	$	16,926,067		$	—
Liabilities^(a)
Forward Foreign Currency Exchange Contracts	$	—	$	(1,228,421	)	$	—
Interest Rate Swap Contracts		—		(3,580,502	)		—
Credit Default Swap Contracts		—		(330,446	)		—
Total	$	—	$	(5,139,369	)	$	—

141

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



CORE PLUS FIXED INCOME

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	87,595,809		$	—
Mortgage-Backed Obligations		—			88,635,138			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		12,894,409			10,252,614			—
Asset-Backed Securities		—			26,429,662			2,946,705
Foreign Debt Obligations		—			11,926,370			11,348
Structured Notes		—			1,740,957			—
Municipal Debt Obligations		—			14,673,110			—
Government Guarantee Obligations		—			3,597,836			—
Short-term Investments		—			10,200,000			—
Total	$	12,894,409		$	255,051,496		$	2,958,053
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(6,812,032	)	$	—

Derivative Type
Assets
Options Purchased	$	—		$	5,639,221		$	—
Forward Foreign Currency Exchange Contracts^(a)		—			266,775			—
Futures Contracts^(a)		2,089,396			—			—
Interest Rate Swap Contracts^(a)		—			4,470,653			—
Credit Default Swap Contracts^(a)		—			187,536			—
Total	$	2,089,396		$	10,564,185		$	—
Liabilities^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(580,984	)	$	—
Futures Contracts		(222,682	)		—			—
Interest Rate Swap Contracts		—			(4,514,220	)		—
Credit Default Swap Contracts		—			(59,302	)		—
Total	$	(222,682	)	$	(5,154,506	)	$	—

The following is a reconciliation of Level 3 investments for the period ended September 30, 2013:


	Fixed Income Asset-Backed Securities		Fixed Income Foreign Debt Obligations
Beginning Balance as of April 1, 2013	$	—	$	—
Realized gain (loss)		—		—
Net change in Unrealized gain (loss) relating to instruments still held at reporting date		—		89
Purchases		2,946,705		11,259
Sales		—		—
Transfers into Level 3		—		—
Transfers out of Level 3^(b)		—		—
Ending Balance as of September 30, 2013	$	2,946,705	$	11,348

142

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



GLOBAL INCOME

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Foreign Sovereign Debt Obligations	$	127,380,360		$	74,867,120		$	—
Corporate Obligations		—			121,340,493			—
Foreign Debt Obligations		—			10,821,126			—
Asset-Backed Securities		—			15,808,446			—
Mortgage-Backed Obligations		—			96,662,458			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		30,949,294			778,528			—
Municipal Debt Obligations		—			7,245,209			—
Government Guarantee Obligations		—			11,898,358			—
Short-term Investments		—			14,733,320			—
Total	$	158,329,654		$	354,155,058		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(3,909,062	)	$	—

Derivative Type
Assets
Options Purchased	$	—		$	5,450,764		$	—
Forward Foreign Currency Exchange Contracts^(a)		—			1,022,661			—
Futures Contracts^(a)		752,989			—			—
Interest Rate Swap Contracts^(a)		—			4,173,577			—
Credit Default Swap Contracts^(a)		—			503,921			—
Total	$	752,989		$	11,150,923		$	—
Liabilities^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(5,927,030	)	$	—
Futures Contracts		(9,856	)		—			—
Interest Rate Swap Contracts		—			(3,268,214	)		—
Credit Default Swap Contracts		—			(239,175	)		—
Total	$	(9,856	)	$	(9,434,419	)	$	—

143

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



STRATEGIC INCOME

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	1,021,008,027		$	—
Mortgage-Backed Obligations		—			2,478,403,290			—
Asset-Backed Securities		—			570,813,508			76,890,190
Foreign Debt Obligations		239,641,381			1,096,778,026			4,575,454
Structured Notes		—			17,719,114			—
Municipal Debt Obligations		—			539,996,275			—
Government Guarantee Obligations		—			238,786,560			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		2,725,325,923			—			—
Senior Term Loans		—			145,408,309			—
Investment Company		782,129,734			—			—
Total	$	3,747,097,038		$	6,108,913,109		$	81,465,644
Liabilities^(a)
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(20,556,874	)	$	—

Derivative Type
Assets
Options Purchased	$	—		$	348,296,549		$	—
Forward Foreign Currency Exchange Contracts^(a)		—			44,930,279			—
Futures Contracts^(a)		1,018,006			—			—
Interest Rate Swap Contracts^(a)		—			180,812,556			—
Credit Default Swap Contracts^(a)		—			1,160,621			—
Total Return Swap Contracts^(a)		—			6,595,652			—
Written Options Contracts^(a)		—			1,298,207			—
Total	$	1,018,006		$	583,093,864		$	—
Liabilities
Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(79,930,539	)	$	—
Futures Contracts^(a)		(21,655,496	)		—			—
Interest Rate Swap Contracts^(a)		—			(156,069,674	)		—
Credit Default Swap Contracts^(a)		—			(2,976,943	)		—
Total Return Swap Contracts^(a)		—			(7,955,326	)		—
Interest Rate Swaption Contracts^(a)		—			(1,298,207	)		—
Total	$	(21,655,496	)	$	(248,230,689	)	$	—

144

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



WORLD BOND

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Foreign Sovereign Debt Obligations	$	4,234,199		$	3,905,078		$	—
Structured Notes		—			112,484			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		2,131,303			—			—
Investment Company		1,112,747			—			—
Total	$	7,478,249		$	4,017,562		$	—

Derivative Type
Assets^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	106,971		$	—
Futures Contracts		10,687			—			—
Interest Rate Swap Contracts		—			157,101			—
Total	$	10,687		$	264,072		$	—
Liabilities^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(147,211	)	$	—
Futures Contracts		(26,924	)		—			—
Interest Rate Swap Contracts		—			(188,680	)		—
Total	$	(26,924	)	$	(335,891	)	$	—

(a)

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

(b)

Represents an investment that was previously valued using a single source broker quotation for which multiple sources are currently available.

For further information regarding security characteristics, see the Schedules of Investments.

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts as of September 30, 2013. 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

18,357,838

^(a)

Payable for unrealized loss on swap contracts; Unrealized loss on futures variation margin

(3,580,502)

^(a)(b)

Credit

Receivable for unrealized gain on swap contracts

913,799

Payable for unrealized loss on swap contracts

(330,446)

^(b)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts

566,143

Payable for unrealized loss on forward foreign currency exchange contracts

(1,228,421)

Total

19,837,780

(5,139,369)

145

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

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

12,199,270

^(a)

Payable for unrealized loss on swap contracts; Unrealized loss on futures variation margin

(4,736,902)

^(a)(b)

Credit

Receivable for unrealized gain on swap contracts

187,536

Payable for unrealized loss on swap contracts

(59,302)

^(b)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts

266,775

Payable for unrealized loss on forward foreign currency exchange contracts

(580,984)

Total

12,653,581

(5,377,188)

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

10,377,251

^(a)

Payable for unrealized loss on swap contracts; Unrealized loss on futures variation margin

(3,278,070)

^(a)(b)

Credit

Receivable for unrealized gain on swap contracts

503,921

Payable for unrealized loss on swap contracts

(239,175)

^(b)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts

1,022,740

Payable for unrealized loss on forward foreign currency exchange contracts

(5,927,030)

Total

11,903,912

(9,444,275)

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

538,020,970

^(a)

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

(186,978,703)

^(a)(b)

Credit

Receivable for unrealized gain on swap contracts

1,160,621

Payable for unrealized loss on swap contracts

(2,976,943)

^(b)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts

44,930,279

Payable for unrealized loss on forward foreign currency exchange contracts

(79,930,539)

Total

584,111,870

(269,886,185)

146

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)



World Bond
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	$	167,788	^(a)	Payable for unrealized loss on swap contracts; Unrealized loss on futures variation margin	$	(215,604)	^(a)(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts; Investments, at value		106,971		Payable for unrealized loss on forward foreign currency exchange contracts		(147,211)
Total		$	274,759			$	(362,815)

(a)

Includes unrealized gain (loss) on futures contracts and centrally cleared swaps 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 includes $3,910,948, $4,573,522, $3,507,389, $167,001,943 and $188,680 for Core Fixed Income, Core Plus Fixed Income, Global Income, Strategic Income and World Bond 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.

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, 2013. 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 and swap contracts/Net change in unrealized gain (loss) on investments, futures contracts and swap contracts	$	(4,311,177	)	$	7,249,676			3,015
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(403,650	)		(19,385	)		27
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(677,801	)		(418,761	)		239
Total		$	(5,392,628	)	$	6,811,530			3,281

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 and swap contracts/Net change in unrealized gain (loss) on investments, futures contracts and swap contracts	$	(1,578,449	)	$	3,484,205			1,134
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(380,915	)		(4,123	)		25
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(282,149	)		(404,651	)		438
Total		$	(2,241,513	)	$	3,075,431			1,597

147

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

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 futures contracts, swap contracts and written options	$	2,634,420		$	(3,137	)		1,244
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(193,204	)		122,376			8
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		(2,123,487	)		(8,505,941	)		453
Total		$	317,729		$	(8,386,702	)		1,705

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	$	57,870,962		$	29,514,702			15,490
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(1,732,523	)		(9,730,678	)		28
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(46,062,931	)		(28,050,750	)		456
Total		$	10,075,508		$	(8,266,726	)		15,974

World Bond
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 futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts	$	50,651		$	(43,003	)		88
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(129,509	)		30,455			477
Total		$	(78,858	)	$	(12,548	)		565

(a)

Average number of contracts is based on the average of month end balances for the six months ended September 30, 2013.

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives, including foreign exchange contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

148

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

Collateral and margin requirements differ between exchange traded derivatives and OTC derivatives. Margin requirements are established by the broker or clearing house for exchange-traded and centrally cleared derivatives (financial futures contracts, options and centrally cleared swaps) pursuant to governing agreements for those instrument types. Brokers can ask for margin in excess of the minimum in certain circumstances. Collateral terms are contract-specific for OTC derivatives (foreign currency exchange contracts, options and certain swaps). For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the marked to market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Additionally, a Fund may be required to post additional collateral to the counterparty in the form of initial margin, the terms of which would be outlined in the confirmation of the OTC transaction.

For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold (e.g. $250,000) before a transfer is required to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. A Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due the restrictions or prohibitions against the right of setoff that may be imposed due to a particular jurisdiction’s bankruptcy or insolvency laws.

The following tables set forth the Funds’ net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of September 30, 2013:



Core Fixed Income Fund
	Derivative Assets⁽¹⁾										Derivative Liabilities⁽¹⁾									Net Derivative Assets (Liabilities)			Collateral (Received) Pledged⁽¹⁾			Net Amount⁽²⁾
Counterparty	Options Purchased		Swaps		Forward Currency Contracts		Futures		Total		Swaps			Forward Currency Contracts			Total			Net Derivative Assets (Liabilities)			Collateral (Received) Pledged⁽¹⁾			Net Amount⁽²⁾
Bank of America Securities LLC	$	945,118	$	415,093	$	22,844	$	—	$	1,383,055	$	(44,388	)	$	(52,629	)	$	(97,017	)	$	1,286,038		$	(1,286,038	)	$	—
Barclays Bank PLC		—		—		58,908		—		58,908		—			(32,112	)		(32,112	)		26,796			—			26,796
BNP Paribas SA		—		—		208,732		—		208,732		—			(87,281	)		(87,281	)		121,451			—			121,451
Centrally Cleared		—		—		—		—		—		(587,297	)		—			(587,297	)		(587,297	)		587,297			—
Citibank NA		2,233,069		1,177		20,111		—		2,254,357		(647,797	)		(111,247	)		(759,044	)		1,495,313			(1,495,313	)		—
Credit Suisse First Boston Corp.		—		14,152		—		—		14,152		—			—			—			14,152			(14,152	)		—
Credit Suisse International (London)		—		—		6,548		—		6,548		—			(11,338	)		(11,338	)		(4,790	)		—			(4,790	)
Deutsche Bank Securities, Inc.		536,228		5,375		—		—		541,603		(266,033	)		—			(266,033	)		275,570			(150,000	)		125,570
Deutsche Bank AG (London)		—		—		—		—		—		—			(7,189	)		(7,189	)		(7,189	)		—			(7,189	)
Exchange Traded		—		—		—		55,450		55,450		—			—			—			55,450			—			55,450
HSBC Bank PLC		—		—		1,132		—		1,132		—			(59,643	)		(59,643	)		(58,511	)		—			(58,511	)
JPMorgan Securities, Inc.		740,981		—		120,848		—		861,829		(456,990	)		(297,988	)		(754,978	)		106,851			(106,851	)		—
Morgan Stanley Capital Services, Inc.		2,317,952		478,002		—		—		2,795,954		(1,109,656	)		(24,362	)		(1,134,018	)		1,661,936			(1,661,936	)		—
Royal Bank of Canada		—		—		—		—		—		—			(293,756	)		(293,756	)		(293,756	)		—			(293,756	)

149

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)



Core Fixed Income Fund (continued)
	Derivative Assets⁽¹⁾										Derivative Liabilities⁽¹⁾									Net Derivative Assets (Liabilities)			Collateral (Received) Pledged⁽¹⁾			Net Amount⁽²⁾
Counterparty	Options Purchased		Swaps		Forward Currency Contracts		Futures		Total		Swaps			Forward Currency Contracts			Total			Net Derivative Assets (Liabilities)			Collateral (Received) Pledged⁽¹⁾			Net Amount⁽²⁾
Royal Bank of Scotland PLC	$	—	$	—	$	25,694	$	—	$	25,694	$	—		$	(6,280	)	$	(6,280	)	$	19,414		$	—		$	19,414
Standard Chartered Bank		—		—		4,703		—		4,703		—			—			—			4,703			—			4,703
State Street Bank		—		—		6,767		—		6,767		—			(193,969	)		(193,969	)		(187,202	)		—			(187,202	)
Westpac Banking Corp.		—		—		89,856		—		89,856		—			(50,627	)		(50,627	)		39,229			—			39,229
Total	$	6,773,348	$	913,799	$	566,143	$	55,450	$	8,308,740	$	(3,112,161	)	$	(1,228,421	)	$	(4,340,582	)	$	3,968,158		$	(4,126,993	)	$	(158,835	)



Core Plus Fixed Income Fund
	Derivative Assets⁽¹⁾								Derivative Liabilities⁽¹⁾												Net Derivative Assets (Liabilities)			Collateral (Received) Pledged⁽¹⁾			Net Amount⁽²⁾
Counterparty	Options Purchased		Swaps		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Futures			Total			Net Derivative Assets (Liabilities)			Collateral (Received) Pledged⁽¹⁾			Net Amount⁽²⁾
Bank of America Securities LLC	$	882,180	$	544,207	$	9,413	$	1,435,800	$	(434,108	)	$	(17,812	)	$	—		$	(451,920	)	$	983,880		$	(983,880	)	$	—
Barclays Bank PLC		—		—		31,348		31,348		(12,126	)		(13,430	)		—			(25,556	)		5,792			—			5,792
BNP Paribas SA		—		—		30,963		30,963		—			(17,458	)		—			(17,458	)		13,505			—			13,505
Centrally Cleared		—		3,594		—		3,594		—			—			—			—			3,594			—			3,594
Citibank NA		1,684,954		11,525		45,288		1,741,767		(499,264	)		(51,577	)		—			(550,841	)		1,190,926			(1,190,926	)		—
Credit Suisse International (London)		—		17,602		23,483		41,085		—			(23,913	)		—			(23,913	)		17,172			—			17,172
Deutsche Bank Securities, Inc.		479,252		56,784		—		536,036		(198,090	)		—			—			(198,090	)		337,946			(300,000	)		37,946
Deutsche Bank AG (London)		—		—		4,690		4,690		—			(30,905	)		—			(30,905	)		(26,215	)		—			(26,215	)
Exchange Traded		—		—		—		—		—			—			(12,782	)		(12,782	)		(12,782	)		12,782			—
HSBC Bank PLC		—		—		9,487		9,487		—			(10,548	)		—			(10,548	)		(1,061	)		—			(1,061	)
JPMorgan Securities, Inc.		662,268		—		11,993		674,261		(350,756	)		(207,627	)		—			(558,383	)		115,878			(115,878	)		—
Morgan Stanley Capital Services, Inc.		1,930,567		93,428		10,082		2,034,077		(1,124,879	)		(11,231	)		—			(1,136,110	)		897,967			(897,967	)		—
Royal Bank of Canada		—		—		17,315		17,315		—			(84,037	)		—			(84,037	)		(66,722	)		—			(66,722	)
Royal Bank of Scotland PLC		—		—		11,808		11,808		—			(24,408	)		—			(24,408	)		(12,600	)		—			(12,600	)
Standard Chartered Bank		—		—		562		562		—			(18,070	)		—			(18,070	)		(17,508	)		—			(17,508	)
State Street Bank		—		—		3,598		3,598		—			(38,315	)		—			(38,315	)		(34,717	)		—			(34,717	)
UBS AG (London)		—		—		33,551		33,551		—			(24,798	)		—			(24,798	)		8,753			—			8,753
Westpac Banking Corp.		—		—		23,194		23,194		—			(6,855	)		—			(6,855	)		16,339			—			16,339
Total	$	5,639,221	$	727,140	$	266,775	$	6,633,136	$	(2,619,223	)	$	(580,984	)	$	(12,782	)	$	(3,212,989	)	$	3,420,147		$	(3,475,869	)	$	(55,722	)

150

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)



Global Income Fund
	Derivative Assets⁽¹⁾								Derivative Liabilities⁽¹⁾												Net Derivative Assets (Liabilities)			Collateral (Received) Pledged⁽¹⁾			Net Amount⁽²⁾
Counterparty	Options Purchased		Swaps		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Futures			Total			Net Derivative Assets (Liabilities)			Collateral (Received) Pledged⁽¹⁾			Net Amount⁽²⁾
Bank of America Securities LLC	$	—	$	96,104	$	32,331	$	128,435	$	(89,705	)	$	(68,052	)	$	—		$	(157,757	)	$	(29,322	)	$	—		$	(29,322	)
Barclays Bank PLC		887,285		—		46,631		933,916		(302,162	)		(168,779	)		—			(470,941	)		462,975			(462,975	)		—
BNP Paribas SA		—		37,533		101,553		139,086		—			(57,353	)		—			(57,353	)		81,733			—			81,733
Centrally Cleared		—		—		—		—		(1,956,315	)		—			—			(1,956,315	)		(1,956,315	)		1,799,923			(156,392	)
Citibank NA		1,318,350		99,370		74,567		1,492,287		(8,940	)		(232,714	)		—			(241,654	)		1,250,633			(1,250,633	)		—
Credit Suisse International (London)		—		152,827		75,382		228,209		—			(90,137	)		—			(90,137	)		138,072			(138,072	)		—
Deutsche Bank Securities, Inc.		—		368,283		—		368,283		(72,656	)		—			—			(72,656	)		295,627			—			295,627
Deutsche Bank AG (London)		—		—		255,142		255,142		—			(275,224	)		—			(275,224	)		(20,082	)		—			(20,082	)
Exchange Traded		—		—		—		—		—			—			(34,073	)		(34,073	)		(34,073	)		34,073	⁽³⁾		—
HSBC Bank PLC		—		—		46,595		46,595		—			(271,555	)		—			(271,555	)		(224,960	)		—			(224,960	)
JPMorgan Securities, Inc.		719,327		10,153		57,631		787,111		(16,643	)		(151,894	)		—			(168,537	)		618,574			(618,574	)		—
Morgan Stanley Capital Services, Inc.		—		411,672		36,101		447,773		(123,441	)		(43,200	)		—			(166,641	)		281,132			(189,600	)		91,532
Royal Bank of Canada		2,525,723		355,233		57,647		2,938,603		(1,329,561	)		(608,978	)		—			(1,938,539	)		1,000,064			(1,000,064	)		—
Royal Bank of Scotland PLC		—		—		11,760		11,760		—			(82,779	)		—			(82,779	)		(71,019	)		—			(71,019	)
Standard Chartered Bank		—		—		2,291		2,291		—			(33,478	)		—			(33,478	)		(31,187	)		—			(31,187	)
State Street Bank		—		—		21,281		21,281		—			(125,253	)		—			(125,253	)		(103,972	)		—			(103,972	)
UBS AG (London)		—		434,523		124,040		558,563		—			(3,314,852	)		—			(3,314,852	)		(2,756,289	)		—			(2,756,289	)
Westpac Banking Corp.		—		—		79,709		79,709		—			(402,782	)		—			(402,782	)		(323,073	)		—			(323,073	)
Total	$	5,450,685	$	1,965,698	$	1,022,661	$	8,439,044	$	(3,899,423	)	$	(5,927,030	)	$	(34,073	)	$	(9,860,526	)	$	(1,421,482	)	$	(1,825,922	)	$	(3,247,404	)

151

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)



Strategic Income Fund
	Derivative Assets⁽¹⁾								Derivative Liabilities⁽¹⁾															Net Derivative Assets (Liabilities)			Collateral (Received) Pledged⁽¹⁾			Net Amount⁽²⁾
Counterparty	Options Purchased		Swaps		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Futures			Options			Total			Net Derivative Assets (Liabilities)			Collateral (Received) Pledged⁽¹⁾			Net Amount⁽²⁾
Bank of America Securities LLC	$	41,848,574	$	15,887,055	$	1,655,561	$	59,391,190	$	(15,897,218	)	$	(4,189,438	)	$	—		$	—		$	(20,086,656	)	$	39,304,534		$	(33,850,000	)	$	5,454,534
Barclays Bank PLC		—		3,920,839		2,306,792		6,227,631		(2,082,449	)		(3,384,332	)		—			—			(5,466,781	)		760,850			—			760,850
BNP Paribas SA		—		152,478		—		152,478		—			(1,977,310	)		—			—			(1,977,310	)		(1,824,832	)		—			(1,824,832	)
Centrally Cleared		—		1,830,493		—		1,830,493		—			—			—			—			—			1,830,493			—			1,830,493
Citibank NA		159,434,061		4,041,482		7,280,258		170,755,801		(10,923,967	)		(8,049,779	)		—			—			(18,973,746	)		151,782,055			(151,782,055	)		—
Credit Suisse International (London)		—		6,121,954		3,674,499		9,796,453		(2,160,515	)		(4,115,296	)		—			—			(6,275,811	)		3,520,642			(3,520,642	)		—
Deutsche Bank Securities, Inc.		33,291,344		9,534,863		—		42,826,207		(5,875,748	)		—			—			(1,048,187	)		(6,923,935	)		35,902,272			(35,902,272	)		—
Deutsche Bank AG (London)		—		—		911,266		911,266		—			(3,910,584	)		—			—			(3,910,584	)		(2,999,318	)		—			(2,999,318	)
Exchange Traded		—		—		—		—		—			—			(1,205,433	)		—			(1,205,433	)		(1,205,433	)		1,205,433			—
HSBC Bank PLC		—		—		4,942,962		4,942,962		—			(1,743,204	)		—			—			(1,743,204	)		3,199,758			(45	)		3,199,713
JPMorgan Securities, Inc.		56,609,494		1,603,513		3,317,886		61,530,893		(10,818,812	)		(18,001,558	)		—			—			(28,820,370	)		32,710,523			(32,710,523	)		—
Morgan Stanley Capital Services, Inc.		57,113,076		2,488,398		1,590,954		61,192,428		(16,705,777	)		(3,411,020	)		—			—			(20,116,797	)		41,075,631			(41,075,631	)		—
Royal Bank of Canada		—		7,883,995		2,892,109		10,776,104		(9,079,245	)		(10,691,248	)		—			—			(19,770,493	)		(8,994,389	)		5,450,401			(3,543,988	)
Royal Bank of Scotland PLC		—		—		733,595		733,595		—			(3,386,147	)		—			—			(3,386,147	)		(2,652,552	)		—			(2,652,552	)
Standard Chartered Bank		—		—		5,719,063		5,719,063		—			(2,052,570	)		—			—			(2,052,570	)		3,666,493			—			3,666,493
State Street Bank		—		—		2,827,742		2,827,742		—			(4,987,667	)		—			—			(4,987,667	)		(2,159,925	)		—			(2,159,925	)
UBS AG (London)		—		—		5,149,670		5,149,670		—			(8,704,585	)		—			—			(8,704,585	)		(3,554,915	)		—			(3,554,915	)
Westpac Banking Corp.		—		—		1,927,922		1,927,922		—			(1,325,801	)		—			—			(1,325,801	)		602,121			—			602,121
Total	$	348,296,549	$	53,465,070	$	44,930,279	$	446,691,898	$	(73,543,731	)	$	(79,930,539	)	$	(1,205,433	)	$	(1,048,187	)	$	(155,727,890	)	$	290,964,008		$	(292,185,334	)	$	(1,221,326	)

152

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)



World Bond Fund
	Derivative Assets⁽¹⁾						Derivative Liabilities⁽¹⁾												Net Derivative Assets (Liabilities)			Collateral (Received) Pledged⁽¹⁾		Net Amount⁽²⁾
Counterparty	Swaps		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Futures			Total			Net Derivative Assets (Liabilities)			Collateral (Received) Pledged⁽¹⁾		Net Amount⁽²⁾
Bank of America Securities LLC	$	—	$	2,309	$	2,309	$	(9,981	)	$	(6,726	)	$	—		$	(16,707	)	$	(14,398	)	$	—	$	(14,398	)
Barclays Bank PLC		16,335		3,530		19,865		(45,744	)		(4,578	)		—			(50,322	)		(30,457	)		—		(30,457	)
BNP Paribas SA		—		34		34		—			(3,031	)		—			(3,031	)		(2,997	)		—		(2,997	)
Centrally Cleared		165		—		165		—			—			—			—			165			—		165
Citibank NA		12,853		7,490		20,343		(21,798	)		(9,880	)		—			(31,678	)		(11,335	)		—		(11,335	)
Credit Suisse International (London)		459		7,471		7,930		(28,175	)		(8,493	)		—			(36,668	)		(28,738	)		—		(28,738	)
Deutsche Bank Securities, Inc.		12,756		—		12,756		(20,950	)		—			—			(20,950	)		(8,194	)		—		(8,194	)
Deutsche Bank AG (London)		—		5,118		5,118		—			(11,189	)		—			(11,189	)		(6,071	)		—		(6,071	)
Exchange Traded		—		—		—		—			—			(1,098	)		(1,098	)		(1,098	)		1,098		—
HSBC Bank PLC		—		46,546		46,546		—			(6,415	)		—			(6,415	)		40,131			—		40,131
JPMorgan Securities, Inc.		—		3,641		3,641		(2,105	)		(38,721	)		—			(40,826	)		(37,185	)		—		(37,185	)
Morgan Stanley Capital Services, Inc.		—		7,144		7,144		(410	)		(3,147	)		—			(3,557	)		3,587			—		3,587
Royal Bank of Canada		—		3,098		3,098		—			(5,734	)		—			(5,734	)		(2,636	)		—		(2,636	)
Standard Chartered Bank		—		5,459		5,459		—			(3,075	)		—			(3,075	)		2,384			—		2,384
State Street Bank		—		2,257		2,257		—			(7,678	)		—			(7,678	)		(5,421	)		—		(5,421	)
UBS AG (London)		—		6,080		6,080		—			(37,084	)		—			(37,084	)		(31,004	)		—		(31,004	)
Westpac Banking Corp.		—		6,794		6,794		—			(1,460	)		—			(1,460	)		5,334			—		5,334
Total	$	42,568	$	106,971	$	149,539	$	(129,163	)	$	(147,211	)	$	(1,098	)	$	(277,472	)	$	(127,933	)	$	1,098	$	(126,835	)

(1)

Gross amounts available for offset but not netted in the Statement of Assets and Liabilities.

(2)

Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.

(3)

Represents non-cash collateral.

153

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended September 30, 2013, contractual and effective net management fees with GSAM and GSAMI were at the following rates:


	Contractual Management Rate
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
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			0.53
World Bond		0.65			0.59			0.56			0.54			0.53			0.65

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.

For the six months ended September 30, 2013, Goldman Sachs waived a portion of the distribution and service fees equal to 0.17% and 0.01% of the average daily net assets attributable to Class C shares and Class R shares of the World Bond Fund, respectively.

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 Shares’ CDSC. During the six months ended September 30, 2013, Goldman Sachs advised that it retained the following amounts:


	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class B		Class C
Core Fixed Income	$	2,147	$	—	$	381
Core Plus Fixed Income		1,914		—		3
Global Income		2,294		—		—
Strategic Income		315,269		N/A		1
World Bond		292		N/A		—

154

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 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 transfer agent fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, litigation, indemnification, shareholder meetings and other extraordinary expenses) 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 as an annual percentage rate of average daily net assets for the Core Fixed Income, Core Plus Fixed Income, Global Income, Strategic Income and World Bond Funds are 0.104%, 0.004%, 0.004%, 0.054% and 0.014%, respectively. These Other Expense limitations will remain in place through at least July 29, 2014, 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 and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended September 30, 2013, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Distribution Fee Waivers		Other Expense Reimbursements		Total Expense Reductions
Core Plus Fixed Income	$	—	$	310,026	$	310,026
Global Income		—		467,384		467,384
World Bond		9		344,655		344,664

As of September 30, 2013, the amounts owed to affiliates of the Funds were as follows:


Fund	Management Fees		Distribution and Service Fees		Transfer Agent Fees		Total
Core Fixed Income	$	377,598	$	51,154	$	50,718	$	479,470
Core Plus Fixed Income		109,648		16,618		13,388		139,654
Global Income		258,813		18,309		21,137		298,259
Strategic Income		3,731,038		829,906		492,053		5,052,997
World Bond		6,230		31		392		6,653

G. Line of Credit Facility — As of September 30, 2013, the Funds participated in a $780,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates (“Other Borrowers”). Pursuant to the terms of the facility, the Funds and

155

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Other Borrowers could increase the credit amount by an additional $220,000,000, for a total of up to $1,000,000,000. This facility is to be used solely for temporary or emergency purposes, which may include the funding of redemptions. 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, 2013, the Funds did not have any borrowings under the facility. Prior to May 8, 2013, the committed amount available through the facility was $630,000,000.

H. Other Transactions with Affiliates — For the six months ended September 30, 2013, Goldman Sachs earned approximately $3,244, $2,227, $3,810, $54,646 and $50 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, Global Income, Strategic Income and World Bond Funds, respectively.

As of September 30, 2013, the following Fund of Funds Portfolios were the beneficial owners of 5% or more of total outstanding shares of the following Fund:


Fund	Goldman Sachs Balanced Strategy Portfolio			Goldman Sachs Growth and Income Strategy Portfolio
Global Income		35	%		31	%

As of September 30, 2013, Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of outstanding Class A, Class C, Institutional, Service, Class IR and Class R Shares of the following Funds:


Fund	Class A			Class C			Institutional			Service			Class IR			Class R
Core Plus Fixed Income		—	%		—	%		—	%		100	%		—	%		10	%
World Bond		10			100			100			—			100			100

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, 2013, 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	$	4,415,782,321	$	196,242,610	$	4,343,669,917	$	276,387,144
Core Plus Fixed Income		1,241,645,043		51,844,165		1,495,387,591		117,517,840
Global Income		671,217,938		308,368,428		668,037,688		297,145,399
Strategic Income		12,688,730,755		4,869,447,790		9,858,207,554		1,291,402,325
World Bond		10,645,228		8,225,618		12,845,697		6,935,633

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, March 31, 2013, 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			World Bond
Capital loss carryovers:⁽¹⁾
Expiring 2018	$	(35,295,100	)	$	—		$	—		$	—		$	—
Perpetual Short-term		—			—			—			(20,516,486	)		—
Perpetual Long-term		—			—			—			(39,216,952	)		—
Total capital loss carryovers	$	(35,295,100	)	$	—		$	—		$	(59,733,438	)	$	—
Timing differences (Qualified Late Year Loss Deferral, Income Distribution Payable and Straddle Loss Deferrals)	$	(3,941,992	)	$	(2,271,320	)	$	(4,176,447	)	$	(18,822,298	)	$	(51,770	)

(1)

With the exception of perpetual capital loss carryforwards, expiration occurs on March 31 of the year indicated.

As of September 30, 2013, 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			World Bond
Tax Cost	$	1,259,785,132		$	269,348,838		$	506,869,894		$	10,132,510,153		$	11,878,966
Gross unrealized gain		28,688,054			12,421,299			19,947,954			253,188,345			122,008
Gross unrealized loss		(22,233,236	)		(5,226,958	)		(8,882,372	)		(99,926,158	)		(505,163	)
Net unrealized security gain (loss)	$	6,454,818		$	7,194,341		$	11,065,582		$	153,262,187		$	(383,155	)

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.

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.

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 a 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.

Liquidity Risk — The Funds may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to

157

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

8. OTHER RISKS (continued)

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 transactions 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 and World Bond Funds are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in fewer issuers than diversified mutual funds. Thus, each Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

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.

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.

9. INDEMNIFICATIONS

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

10. OTHER MATTERS

On August 15, 2013, a definitive proxy statement (“proxy”) was filed with the SEC to, among other things, elect certain Trustees to the Trust. The Funds will amortize their respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse each Funds to the extent such expenses exceed a specified percentage of the Fund’s net assets.

11. SUBSEQUENT EVENTS

Subsequent events after the Statement of Assets and Liabilities 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

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Core Fixed Income Fund

	For the Six Months Ended September 30, 2013 (Unaudited)						For the Fiscal Year Ended March 31, 2013

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,114,417		$	11,602,175			4,582,696		$	49,675,321
Reinvestment of distributions		116,912			1,215,862			330,702			3,504,528
Shares converted from Class B^(a)		4,920			51,006			109,462			109,462
Shares redeemed		(2,827,101	)		(29,454,115	)		(9,804,238	)		(103,481,361	)
		(1,590,852	)		(16,585,072	)		(4,781,378	)		(50,192,050	)
Class B Shares
Shares sold		12,884			136,376			90,138			960,888
Reinvestment of distributions		2,327			24,316			8,812			93,844
Shares converted to Class A^(a)		(4,897	)		(51,006	)		(10,340	)		(10,291	)
Shares redeemed		(161,816	)		(1,692,631	)		(254,270	)		(2,803,610	)
		(151,502	)		(1,582,945	)		(165,660	)		(1,759,169	)
Class C Shares
Shares sold		143,636			1,502,600			562,325			5,982,989
Reinvestment of distributions		10,023			104,715			31,819			339,053
Shares redeemed		(406,469	)		(4,256,385	)		(935,045	)		(9,950,689	)
		(252,810	)		(2,649,070	)		(340,901	)		(3,628,647	)
Institutional Shares
Shares sold		9,159,486			95,767,956			23,183,527			246,745,779
Reinvestment of distributions		1,002,869			10,474,386			2,688,015			28,596,094
Shares redeemed		(24,941,463	)		(259,879,808	)		(45,005,433	)		(477,018,455	)
		(14,779,108	)		(153,637,466	)		(19,133,891	)		(201,676,582	)
Service Shares
Shares sold		112,946			1,202,601			869,006			9,304,302
Reinvestment of distributions		6,435			67,828			21,804			232,444
Shares redeemed		(1,516,112	)		(15,634,485	)		(305,245	)		(3,250,831	)
		(1,396,731	)		(14,364,056	)		585,565			6,285,915
Class IR Shares
Shares sold		34,347			362,977			73,170			775,636
Reinvestment of distributions		1,508			15,672			2,692			28,563
Shares redeemed		(71,154	)		(739,409	)		(27,771	)		(293,735	)
		(35,299	)		(360,760	)		48,091			510,464
Class R Shares
Shares sold		6,447			67,750			76,174			800,911
Reinvestment of distributions		432			4,502			863			9,184
Shares redeemed		(15,056	)		(154,424	)		(17,929	)		(191,369	)
		(8,177	)		(82,172	)		59,108			618,726
NET DECREASE		(18,214,479	)	$	(189,261,541	)		(23,729,066	)	$	(249,841,343	)

(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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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Core Plus Fixed Income Fund

	For the Six Months Ended September 30, 2013 (Unaudited)						For the Fiscal Year Ended March 31, 2013

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		278,330		$	2,913,221			1,637,233		$	17,397,113
Reinvestment of distributions		35,989			374,723			446,199			4,730,655
Shares converted from Class B^(a)		17,565			181,634			47,896			507,090
Shares redeemed		(818,693	)		(8,493,834	)		(7,088,827	)		(75,154,818	)
		(486,809	)		(5,024,256	)		(4,957,499	)		(52,519,960	)
Class B Shares
Shares sold		5,340			55,883			59,794			636,704
Reinvestment of distributions		1,820			18,959			17,549			185,708
Shares converted to Class A^(a)		(17,572	)		(181,634	)		(47,941	)		(507,090	)
Shares redeemed		(83,303	)		(864,552	)		(134,780	)		(1,426,019	)
		(93,715	)		(971,344	)		(105,378	)		(1,110,697	)
Class C Shares
Shares sold		53,244			559,241			146,123			1,556,360
Reinvestment of distributions		4,634			48,234			35,822			379,102
Shares redeemed		(180,555	)		(1,872,349	)		(258,208	)		(2,729,977	)
		(122,677	)		(1,264,874	)		(76,263	)		(794,515	)
Institutional Shares
Shares sold		1,228,119			12,967,506			8,048,909			85,285,400
Reinvestment of distributions		324,166			3,373,528			1,280,624			13,574,960
Shares redeemed		(9,501,614	)		(97,290,745	)		(3,278,395	)		(34,969,634	)
		(7,949,329	)		(80,949,711	)		6,051,138			63,890,726
Service Shares
Reinvestment of distributions		12			133			68			717
Shares redeemed		(1	)		(11	)		—			—
		11			122			68			717
Class IR Shares
Shares sold		756			8,018			7,670			82,168
Reinvestment of distributions		3,084			32,013			14,749			155,912
Shares redeemed		(7,405	)		(76,580	)		(17,256	)		(181,588	)
		(3,565	)		(36,549	)		5,163			56,492
Class R Shares
Shares sold		7,252			76,782			16,521			174,630
Reinvestment of distributions		137			1,425			198			2,101
Shares redeemed		(13,569	)		(138,903	)		(291	)		(3,080	)
		(6,180	)		(60,696	)		16,428			173,651
NET INCREASE (DECREASE)		(8,662,264	)	$	(88,307,308	)		933,657		$	9,696,414

(a)

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Global Income Fund

	For the Six Months Ended September 30, 2013 (Unaudited)						For the Fiscal Year Ended March 31, 2013

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		501,736		$	6,549,134			1,910,820		$	25,697,467
Reinvestment of distributions		45,442			593,088			545,155			7,249,918
Shares converted from Class B^(a)		1,233			15,996			6,962			93,337
Shares redeemed		(1,699,832	)		(22,347,903	)		(11,481,258	)		(153,755,347	)
		(1,151,421	)		(15,189,685	)		(9,018,321	)		(120,714,625	)
Class B Shares
Shares sold		3,567			45,691			14,828			197,423
Reinvestment of distributions		560			7,285			7,041			93,122
Shares converted to Class A^(a)		(1,238	)		(15,996	)		(6,989	)		(93,337	)
Shares redeemed		(35,351	)		(459,659	)		(55,252	)		(733,591	)
		(32,462	)		(422,679	)		(40,372	)		(536,383	)
Class C Shares
Shares sold		41,320			533,613			50,879			673,410
Reinvestment of distributions		2,012			26,067			19,740			260,226
Shares redeemed		(88,186	)		(1,139,673	)		(117,424	)		(1,558,609	)
		(44,854	)		(579,993	)		(46,805	)		(624,973	)
Institutional Shares
Shares sold		12,870,844			166,703,372			10,923,074			145,381,905
Reinvestment of distributions		332,879			4,331,819			2,021,543			26,842,881
Shares redeemed		(5,968,169	)		(77,526,302	)		(27,183,640	)		(364,157,994	)
		7,235,554			93,508,889			(14,239,023	)		(191,933,208	)
Service Shares
Shares sold		5,908			76,421			3,449			45,879
Reinvestment of distributions		25			326			170			2,246
Shares redeemed		(313	)		(4,085	)		(7,021	)		(93,515	)
		5,620			72,662			(3,402	)		(45,390	)
Class IR Shares
Shares sold		14,388			190,445			38,818			515,757
Reinvestment of distributions		477			6,204			2,587			34,326
Shares redeemed		(10,728	)		(140,907	)		(30,597	)		(403,435	)
		4,137			55,742			10,808			146,648
NET INCREASE (DECREASE)		6,016,574		$	77,444,936			(23,337,115	)	$	(313,707,931	)

(a)

161

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2013 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Strategic Income Fund

	For the Six Months Ended September 30, 2013 (Unaudited)						For the Fiscal Year Ended March 31, 2013

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		142,368,562		$	1,499,391,111			40,551,970		$	417,088,326
Reinvestment of distributions		1,230,668			12,958,469			2,375,483			24,142,768
Shares redeemed		(15,350,287	)		(161,491,763	)		(48,802,201	)		(487,706,383	)
		128,248,943			1,350,857,817			(5,874,748	)		(46,475,289	)
Class C Shares
Shares sold		33,663,597			354,752,125			11,404,892			117,837,288
Reinvestment of distributions		190,990			2,012,851			509,758			5,208,789
Shares redeemed		(2,412,576	)		(25,419,012	)		(4,066,992	)		(41,003,910	)
		31,442,011			331,345,964			7,847,658			82,042,167
Institutional Shares
Shares sold		450,041,060			4,732,563,011			164,944,585			1,686,890,601
Reinvestment of distributions		3,868,047			40,741,402			6,687,871			68,452,667
Shares redeemed		(43,940,709	)		(462,468,536	)		(40,080,385	)		(408,289,110	)
		409,968,398			4,310,835,877			131,552,071			1,347,054,158
Class IR Shares
Shares sold		24,441,933			257,038,185			6,931,385			71,790,777
Reinvestment of distributions		226,119			2,378,440			272,756			2,786,136
Shares redeemed		(2,365,116	)		(24,857,783	)		(2,023,847	)		(20,514,381	)
		22,302,936			234,558,842			5,180,294			54,062,532
Class R Shares
Shares sold		44,682			474,502			27			280
Reinvestment of distributions		195			2,050			54			540
Shares redeemed		(1,303	)		(13,623	)		(1,890	)		(18,496	)
		43,574			462,929			(1,809	)		(17,676	)
NET INCREASE		592,005,862		$	6,228,061,429			138,703,466		$	1,436,665,892

162

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	World Bond Fund^(a)

	For the Six Months Ended September 30, 2013 (Unaudited)						For the Fiscal Year Ended March 31, 2013

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		8,088		$	80,629			2,100		$	20,949
Reinvestment of distributions		30			286			3			28
Shares redeemed		(39	)		(373	)		(7	)		(71	)
		8,079			80,542			2,096			20,906
Class C Shares
Shares sold		—			—			1,000			10,010
Reinvestment of distributions		1			5			1			1
Shares redeemed		—			—			(1	)		(10	)
		1			5			1,000			10,001
Institutional Shares
Shares sold		—			—			1,198,497			11,985,025
Reinvestment of distributions		6,457			62,430			3,895			38,949
Shares redeemed		(1	)		(14	)		(2	)		(20	)
		6,456			62,416			1,202,390			12,023,954
Class IR Shares
Shares sold		—			—			1,001			10,010
Reinvestment of distributions		5			53			3			30
Shares redeemed		—			—			(1	)		(10	)
		5			53			1,003			10,030
Class R Shares
Shares sold		—			—			1,001			10,010
Reinvestment of distributions		1			21			2			11
Shares redeemed		—			—			(1	)		(10	)
		1			21			1,002			10,011
NET INCREASE		14,542		$	143,037			1,207,491		$	12,074,902

(a)

Commenced operations on November 30, 2012.

163

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended September 30, 2013 (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, 2013 through September 30, 2013.

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							World Bond Fund
Share Class	Beginning Account Value 4/1/13		Ending Account Value 9/30/13			Expenses Paid for the 6 months ended 9/30/13*		Beginning Account Value 4/1/13		Ending Account Value 9/30/13			Expenses Paid for the 6 months ended 9/30/13*		Beginning Account Value 4/1/13		Ending Account Value 9/30/13			Expenses Paid for the 6 months ended 9/30/13*		Beginning Account Value 4/1/13		Ending Account Value 9/30/13			Expenses Paid for the 6 months ended 9/30/13*		Beginning Account Value 4/1/13		Ending Account Value 9/30/13			Expenses Paid for the 6 months ended 9/30/13*
Class A
Actual	$	1,000.00	$	980.10		$	4.07	$	1,000.00	$	986.40		$	4.18	$	1,000.00	$	990.80		$	5.19	$	1,000.00	$	1,012.50		$	4.69	$	1,000.00	$	981.30		$	5.26
Hypothetical 5% return		1,000.00		1,020.96	+		4.15		1,000.00		1,020.86	+		4.26		1,000.00		1,019.85	+		5.27		1,000.00		1,020.41	+		4.71		1,000.00		1,019.75	+		5.37
Class B
Actual		1,000.00		976.60			7.78		1,000.00		981.70			7.90		1,000.00		987.00			8.92		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,017.20	+		7.94		1,000.00		1,017.10	+		8.04		1,000.00		1,016.09	+		9.05		N/A		N/A			N/A		N/A		N/A			N/A
Class C
Actual		1,000.00		976.60			7.78		1,000.00		981.70			7.90		1,000.00		986.90			8.92		1,000.00		1,008.70			8.46		1,000.00		977.30			8.18
Hypothetical 5% return		1,000.00		1,017.20	+		7.94		1,000.00		1,017.10	+		8.04		1,000.00		1,016.09	+		9.05		1,000.00		1,016.64	+		8.49		1,000.00		1,016.80	+		8.34
Institutional
Actual		1,000.00		982.80			2.39		1,000.00		988.10			2.49		1,000.00		992.50			3.45		1,000.00		1,014.30			3.03		1,000.00		982.00			3.63
Hypothetical 5% return		1,000.00		1,022.66	+		2.43		1,000.00		1,022.56	+		2.54		1,000.00		1,021.61	+		3.50		1,000.00		1,022.06	+		3.04		1,000.00		1,021.41	+		3.70
Service
Actual		1,000.00		979.40			4.86		1,000.00		985.60			4.98		1,000.00		989.90			5.94		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,020.15	+		4.96		1,000.00		1,020.05	+		5.06		1,000.00		1,019.10	+		6.02		N/A		N/A			N/A		N/A		N/A			N/A
Class IR
Actual		1,000.00		981.30			2.83		1,000.00		987.60			2.94		1,000.00		992.00			3.90		1,000.00		1,012.80			3.43		1,000.00		982.10			3.93
Hypothetical 5% return		1,000.00		1,022.21	+		2.89		1,000.00		1,022.11	+		2.99		1,000.00		1,021.16	+		3.95		1,000.00		1,021.66	+		3.45		1,000.00		1,021.11	+		3.70
Class R
Actual		1,000.00		979.80			5.31		1,000.00		984.20			5.42		N/A		N/A			N/A		1,000.00		1,011.30			6.00		1,000.00		978.90			6.60
Hypothetical 5% return		1,000.00		1,019.70	+		5.42		1,000.00		1,019.60	+		5.52		N/A		N/A			N/A		1,000.00		1,019.10	+		6.02		1,000.00		1,018.40	+		6.73

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, 2013. 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		0.82	%		1.57	%		1.57	%		0.48	%		0.98	%		0.57	%		1.07	%
Core Plus Fixed Income		0.84			1.59			1.59			0.50			1.00			0.59			1.09
Global Income		1.04			1.79			1.79			0.69			1.19			0.78			N/A
Strategic Income		0.93			N/A			1.68			0.60			N/A			0.68			1.19
World Bond		1.06			N/A			1.65			0.73			N/A			0.79			1.33

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.

164

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, Goldman Sachs Strategic Income and Goldman Sachs World Bond 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 and World Bond Funds with Goldman Sachs Asset Management International (together with GSAM, the “Investment Advisers”).

The Management Agreements were most recently approved for continuation until June 30, 2014 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 12-13, 2013 (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 four meetings over the course of the year since the Management Agreements were last approved. At those Committee meetings, regularly scheduled Board or other committee 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;

165

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

(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 (with the exception of the World Bond Fund, which commenced operations in 2012), 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;

(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 (except for the World Bond Fund) expense trends over time; and

(iii)

to the extent the Investment Advisers manage institutional accounts or collective investment vehicles having investment objectives and policies similar to those of the Funds, comparative information on the advisory fees charged and services provided to those accounts by the Investment Advisers;

(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/or 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 (except for the World Bond Fund) 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;

166

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

(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 periodic 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 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

167

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

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 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 ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Advisers. The 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 recognized 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. In this regard, they compared the investment performance of each Fund (with the exception of the World Bond Fund, which commenced operations in 2012) to its peers using rankings and ratings (rankings only for the Strategic Income Fund) compiled by the Outside Data Provider as of December 31, 2012, and updated performance information prepared by the Investment Advisers using the peer groups identified by the Outside Data Provider as of March 31, 2013. 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 each Fund’s investment performance (except for the World Bond Fund) over time (including on a year-by-year basis) relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds (except for the World Bond Fund) over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. 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.

168

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

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.

The Trustees observed that the Core Fixed Income Fund’s Class A Shares had placed in the third quartile of the Fund’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the one- and three-year periods and underperformed for the five- and ten-year periods ended March 31, 2013. They noted that the Core Plus Fixed Income Fund’s Class A Shares had placed in the top half of the Fund’s peer group for the one-, three-, and five-year periods, and had outperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2013. The Trustees also noted that the Global Income Fund’s Class A Shares had placed in the top half of the Fund’s peer group for the one- and five-year periods, in the third quartile for the three-year period, and in the fourth quartile of the ten-year period, and had outperformed the Fund’s benchmark index for the one- and five-year periods and underperformed for the three- and ten-year periods ended March 31, 2013. They noted that the Strategic Income Fund’s Class A Shares had placed in the first quartile of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one-year period ended March 31, 2013. The Trustees also noted that the Global Income and Strategic Income Funds had certain significant differences from their peer group and/or benchmark index that caused the peer group and/or benchmark index to be an imperfect basis for performance comparison. The Trustees noted that World Bond Fund had launched on November 30, 2012 and did not yet have a meaningful performance history. The Trustees also noted the addition of a key hire to the Investment Advisers’ staff in 2012.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreements and the fee rates payable by each Fund thereunder. 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 (or, in the case of Funds that commenced investment operations within a shorter period, since the

169

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

year in which it commenced operations), 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 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.

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 (except for the World Bond Fund). 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 (except for the World Bond Fund) were provided for 2012 and 2011, 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.

170

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

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			World Bond Fund
First $1 billion		0.40	%		0.45	%		0.65	%		0.60	%		0.65	%
Next $1 billion		0.36			0.41			0.59			0.54			0.59
Next $3 billion		0.34			0.39			0.56			0.51			0.56
Next $3 billion		0.33			0.38			0.55			0.50			0.54
Over $8 billion		0.32			0.37			0.54			0.49			0.53

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.

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’

171

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

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 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, 2014.

172

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 $767.4 billion in assets under management as of September 30, 2013, 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, L.P. 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 Fund

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

World Bond 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

Dynamic 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 Fund

Structured Equity

Structured Tax-Managed Equity Fund

Structured International Tax-Managed Equity Fund

U.S. Equity Dividend and Premium Fund

International Equity Dividend and Premium Fund

Equity Insights²

Small Cap Equity Insights Fund

U.S. Equity Insights Fund

Small Cap Growth Insights Fund

Large Cap Growth Insights Fund

Large Cap Value Insights Fund

Small Cap Value Insights Fund

International Small Cap Insights Fund

International Equity Insights Fund

Emerging Markets Equity Insights Fund

Fundamental Equity International

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

China Equity Fund

Select Satellite³

Real Estate Securities Fund

International Real Estate Securities Fund

Commodity Strategy Fund

Dynamic Allocation Fund

Absolute Return Tracker Fund

Managed Futures Strategy Fund

MLP Energy Infrastructure Fund

Multi-Manager Alternatives Fund

Multi-Asset Real Return Fund

Retirement Portfolio Completion Fund

Income Strategies Portfolio

Total Portfolio Solutions³

Balanced Strategy Portfolio

Growth and Income Strategy Portfolio

Growth Strategy Portfolio

Equity Growth Strategy Portfolio

Satellite Strategies Portfolio

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 May 3, 2013, the Goldman Sachs Structured Large Cap Growth, Structured Large Cap Value, Structured Small Cap Equity, Structured Small Cap Growth, Structured Small Cap Value, Structured U.S. Equity, Structured Emerging Markets Equity, Structured International Equity and Structured International Small Cap Funds were renamed the Goldman Sachs Large Cap Growth Insights, Large Cap Value Insights, Small Cap Equity Insights, Small Cap Growth Insights, Small Cap Value Insights, U.S. Equity Insights, Emerging Markets Equity Insights, International Equity Insights and International Small Cap Insights Funds, respectively.

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.

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 Herbert J. Markley* James A. McNamara Jessica Palmer Alan A. Shuch Richard P. Strubel Roy W. Templin* * Effective as of October 15, 2013 ** Effective as of November 14, 2013, Mr. McHugh was appointed Principal Financial Officer.		OFFICERS James A. McNamara, President Scott M. McHugh, Principal Financial Officer* and Treasurer* Caroline L. Kraus, Secretary GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser
		GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL Investment Adviser Christchurch Court, 10-15 Newgate Street London, England EC1 A7HD
GOLDMAN, SACHS & CO. Distributor and Transfer Agent

Visit our Website at www.GSAMFUNDS.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 web site at http://www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q 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 also be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

Holdings and allocations shown are as of September 30, 2013 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. Current and future holdings are subject to 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.

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 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures

Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs Trust. The Audit and Non-Audit Services Pre-Approval Policy (the “Policy”) adopted by the Audit Committee of Goldman Sachs Trust (“GST”) sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GST may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission’s rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.

De Minimis Waiver. The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GST at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.

Pre-Approval of Non-Audit Services Provided to GST’s Investment Advisers. The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GST, the Audit Committee will pre-approve those non-audit services provided to GST’s investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GST) where the engagement relates directly to the operations or financial reporting of GST.

Item 4(e)(2) – 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GST’s service affiliates listed in Table 2 were approved by GST’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

Item 4(f) – Not applicable.

Item 4(g) Aggregate Non-Audit Fees Disclosure

The aggregate non-audit fees billed to GST by PwC for the twelve months ended August 31, 2013 and August 31, 2012 were approximately $819,198 and $661,025 respectively. The aggregate non-audit fees billed to GST’s adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2012 and December 31, 2011 were approximately $10.0 million and $11.6 million respectively. With regard to the aggregate non-audit fees billed to GST’s adviser and service affiliates, the 2012 and 2011 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GST’s operations or financial reporting.

Item 4(h) — GST’s Audit Committee has considered whether the provision of non-audit services to GST’s investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors’ independence.

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:		December 3, 2013

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:		December 3, 2013

By:		/s/ Scott McHugh


		Scott McHugh
		Principal Financial Officer
		Goldman Sachs Trust

Date:		December 3, 2013

Goldman Sachs High Yield Instl (GSHIX) N-CSRSCertified semi-annual shareholder report (management investment company)