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, 2014

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, 2014

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

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Goldman Sachs Single Sector Fixed Income Funds

DYNAMIC EMERGING MARKETS DEBT

EMERGING MARKETS DEBT

HIGH YIELD

HIGH YIELD FLOATING RATE

INVESTMENT GRADE CREDIT

LOCAL EMERGING MARKETS DEBT

U.S. MORTGAGES


TABLE OF CONTENTS

Principal Investment Strategies and Risks			1

Investment Process			4

Market Review			5

Portfolio Management Discussions and Performance Summaries			7

Schedules of Investments			42

Financial Statements			124

Financial Highlights			132

Notes to the Financial Statements			146

Other Information			181



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS SINGLE 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 Dynamic Emerging Markets Debt Fund invests primarily in sovereign and corporate debt of issuers located in or tied economically to emerging countries or in currencies of such emerging countries. 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. The securities markets of emerging countries have less government regulation and are subject to less extensive accounting and financial reporting requirements than the markets of more developed countries. Such securities are also subject to foreign custody risk. 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. High yield, lower rated investments involve greater price volatility and present greater risks than higher rated fixed income securities. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; the risk of default by a counterparty; and 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 “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 Emerging Markets Debt Fund invests primarily in sovereign and corporate debt of issuers located in or tied economically to 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. 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 countries in which the Fund invests may have sovereign ratings that are below investment grade or are unrated. High yield, lower rated investments involve greater price volatility and present greater risks than higher rated fixed income securities. The securities markets of emerging countries have less government regulation and are subject to less extensive accounting and financial reporting requirements than the markets of more developed countries. Such securities are also subject to foreign custody risk. 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. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; the risk of default by a counterparty; and 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 “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 SINGLE SECTOR FIXED INCOME FUNDS

The Goldman Sachs High Yield Fund invests primarily in high yield, fixed income securities that, at the time of purchase, are non-investment grade securities. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities 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 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. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; the risk of default by a counterparty; and 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 Goldman Sachs High Yield Floating Rate Fund invests primarily in domestic or foreign floating rate loans and other floating or variable rate obligations rated below investment grade. Indirect loan participations 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. Investments in loans and fixed income instruments are subject to the risks associated with debt instruments 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. High yield, lower rated investments involve greater price volatility and present greater risks than higher rated investments. At times, the Fund may be unable to sell certain of its illiquid investments without a substantial drop in price, if at all. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; the risk of default by a counterparty; and liquidity risk.

The Goldman Sachs Investment Grade Credit Fund invests primarily in investment grade fixed income securities. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. 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. Foreign and emerging markets investments may be more volatile and less liquid than its investment in U.S. securities and are subject to the risks of currency fluctuations and adverse economic or 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; the risk of default by a counterparty; and liquidity risk.

The Goldman Sachs Local Emerging Markets Debt Fund invests primarily in sovereign and corporate debt of issuers located in or tied economically to emerging countries, denominated in the local currency of such emerging countries, or in currencies of such emerging countries. 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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

economic or political developments. The securities markets of emerging countries have less government regulation and are subject to less extensive accounting and financial reporting requirements than the markets of more developed countries. Such securities are also subject to foreign custody risk. 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. High yield, lower rated investments involve greater price volatility and present greater risks than higher rated fixed income securities. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; the risk of default by a counterparty; and 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 “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 U.S. Mortgages Fund invests primarily in mortgage-backed securities of U.S. 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. Investments in mortgage-backed securities are also subject to prepayment risk, the risk that in a declining interest rate environment the Fund’s underlying mortgages may be prepaid, causing the Fund to have to reinvest at lower interest rates. 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; the risk of default by a counterparty; and liquidity risk.

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

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

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

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

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Assess relative value among securities and 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 such as high yield

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 Single Sector Fixed Income Funds

Market Review

Economic conditions, geopolitical tensions and monetary policies of global central banks drove the performance of the global fixed income markets during the six months ended September 30, 2014 (the “Reporting Period”).

When the Reporting Period began in April 2014, spread, or non-government bond, sectors rallied as global bond yields fell. Markets focused in part on events in Ukraine, as Russia’s intervention led to sanctions by the U.S. and Europe. Emerging markets debt overall appeared to benefit from investment flows diverted from Russia. Economic influences included the U.S. Commerce Department’s announcement that first quarter 2014 Gross Domestic Product (“GDP”) had declined, indicating an economic contraction. However, second calendar quarter economic data releases, such as auto sales, jobless claims and manufacturing activity, suggested a rebound was underway. This supported the view of some market participants that the first quarter 2014 contraction might have been due to inclement winter weather and that economic growth could accelerate in the remainder of the calendar year. From a monetary policy perspective, in June 2014, the European Central Bank (“ECB”) cut interest rates by 10 basis points, moving the deposit rate for the Eurozone into negative territory for the first time in history. (A basis point is 1/100th of a percentage point.) The ECB also announced it would be implementing additional liquidity measures targeted at stimulating lending. Meanwhile, India’s elections delivered a victory to its existing government, which is seeking to revive the country’s economic growth, tame inflation and remove roadblocks to reform.

At the beginning of the third calendar quarter, spread sectors generally continued to rally. In July 2014, core European government bond yields fell, while U.S. Treasury yields rose modestly. U.S. economic data was mixed, with labor and manufacturing indicators continuing to improve and housing data showing signs of weakening. In the U.K., economic growth continued at a brisk pace, broadly in line with market expectations. During August 2014, global spread sectors continued to post gains. Eurozone GDP came in below expectations, with Italy, France and Germany surprising to the downside. In the U.S., Treasury yields fell despite the release of positive durable goods orders and manufacturing data. The decline in U.S. Treasury yields may have reflected market concern about increased geopolitical risk in Ukraine and the Middle East. Meanwhile, Federal Reserve (“Fed”) comments suggested a modest shift in tone towards policy tightening. In the U.K., data continued to indicate strong economic momentum. However, heightened concerns about European economic growth appeared to decrease the likelihood of a rate hike by the Bank of England in the near term.

In September 2014, the spread sector rally ended. Core government bond yields in the U.S., U.K., Eurozone and Japan also rose during the month. In the U.S., economic data remained generally positive, despite a disappointing August 2014 payroll number, with employment, auto sales and manufacturing showing improvement. In the Eurozone, the ECB cut interest rates to record lows and announced plans to start purchasing asset-backed securities as it sought to combat a drop in inflation and weak economic growth. In the U.K., unemployment continued to fall rapidly. Scotland voted to remain part of the United Kingdom, although this had little effect on U.K. government yields.

For the Reporting Period overall, sovereign emerging markets debt generated the strongest positive returns within the broad fixed income market. Mortgage-backed securities also outperformed U.S. Treasuries, followed at some distance by agency securities, asset-backed

MARKET REVIEW

securities and commercial mortgage-backed securities. Conversely, high yield corporate bonds underperformed U.S. Treasuries, while investment grade corporate bonds also lagged, albeit more modestly. The U.S. Treasury yield curve, or spectrum of maturities, flattened during the Reporting Period, as intermediate-term and longer-term yields declined and shorter-term maturities edged up. The yield on the bellwether 10-year U.S. Treasury fell approximately 23 basis points during the Reporting Period to 2.49%.

Looking Ahead

At the end of the Reporting Period, we believed global macroeconomic conditions had diverged and that the divergence was continuing to intensify. In our opinion, the U.S. is the growth leader among developed nations, while the Eurozone appears to be falling further behind. We believe the Eurozone’s economic weakness could persist for some time and could also affect other economies. Most notably, we think Eurozone weakness could pose a risk to the U.K.’s economic expansion. Inflation seems to be trending higher in the U.S. and Japan, but Eurozone inflation is significantly below the ECB’s target rate, and we do not expect a change in the near term. Meanwhile, developed central bank activity is also moving in opposite directions. The Fed plans to end its quantitative easing asset purchase program in October 2014, and we believe the first short-term rate hike could occur in mid-2015, unless the recent increase in market volatility leads to slower economic growth. By contrast, the ECB has committed to bolder stimulus, and we think it may resort to full-scale quantitative easing in 2015. The Bank of Japan remains in easing mode, but we do not expect any action in the near term as the impact of its sales tax hike, put into effect in April 2014, works its way through the nation’s economy.

We are also seeing divergence in the emerging markets, with investors seemingly favoring countries that have passed reforms necessary for sustainable growth. These countries include India, Mexico and Indonesia. In China, we believe the balancing act between that nation’s economic reforms and a potential 2014 growth rate of 7.5% has tilted in favor of the growth target. However, in our view, the economy’s longer-term health depends on China switching to more sustainable economic drivers. At the end of the Reporting Period, wage inflation was eroding China’s competitiveness, with credit growth and the slowing real estate sector as our key concerns.

In the near term, we believe the divergence in macroeconomic conditions around the globe could stir volatility. However, we believe economic growth and strong corporate fundamentals should support the corporate credit sector. Meanwhile, geopolitical risks have increased and may also contribute to market volatility, but, in our view, are unlikely to have much impact on global GDP. Energy prices have fallen, suggesting to us that global oversupply was a stronger market driver than geopolitics at the end of the Reporting Period.

PORTFOLIO RESULTS

Goldman Sachs Dynamic Emerging Markets

Debt Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income Investment Management Team discusses the Goldman Sachs Dynamic Emerging Markets Debt Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2014 (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 0.56%, 0.39%, 0.95%, 0.89% and 0.65%, respectively. These returns compare to the 0.92% cumulative total return of the Fund’s benchmark, the Dynamic Emerging Markets Debt Composite Index (the “Index”), which is comprised 50% of the J.P. Morgan Government Bond Index — Emerging Markets (GBI-EM^SM) Global Diversified Index (Gross, USD, Unhedged), 25% of the J.P. Morgan Emerging Markets Bond Index (Gross, USD, Unhedged) (EMBI^SM) Global Diversified Index and 25% of the J.P. Morgan Corporate Emerging Markets Bond Index (Gross, USD, Unhedged) (CEMBI^SM) Broad Diversified Index during the same time period. The components of the Fund’s blended benchmark, the J.P. Morgan GBI-EM^SM Global Diversified Index, J.P. Morgan EMBI^SM Global Diversified Index and J.P. Morgan CEMBI^SM Broad Diversified Index, generated cumulative total returns of -1.87%, 4.14% and 3.36%, respectively, during the Reporting Period.

What economic and market factors most influenced emerging markets debt as a whole during the Reporting Period?

When the Reporting Period began during the second quarter of 2014, yields on 10-year U.S. Treasury securities declined. As U.S. Treasury yields fell, investors sought higher yields in riskier asset classes, and external emerging markets debt recorded strong gains for the second calendar quarter. Although U.S. Treasury yields continued to fall in the third calendar quarter, external markets debt posted a modest decline, driven by weakness in the Venezuelan, Ukrainian and Russian debt markets. For the Reporting Period overall, external emerging markets debt, as represented by the J.P. Morgan EMBI^SM Global Diversified Index, generated a positive return.

Local emerging markets debt generated positive returns during the second quarter of 2014, benefiting from currency appreciation and changes in local interest rates. In the third calendar quarter, local emerging markets debt recorded a modest decline, driven primarily by a sell-off in local currency markets. For the Reporting Period overall, the asset class, as represented by the J.P. Morgan GBI-EM^SM Global Diversified Index, recorded a negative return, due largely to currency depreciation. Emerging markets currencies, as represented by the J.P. Morgan Emerging Local Markets Plus (ELMI+) Index, also declined.

For the emerging markets corporate bond sector, performance during the Reporting Period overall was negatively affected by U.S. and European Union sanctions, which targeted Russia’s energy, defense and banking industries. In India, the general election delivered a resounding victory to the Bharatiya Janata Party (“BJP”), which is generally viewed as pro-business by the markets. Meanwhile, in Indonesia, Jakarta’s governor Joko Widodo won the presidential election, a result considered by many observers to be positive for the country’s credit markets and the Indonesian rupiah. The emerging markets corporate bond sector saw approximately $288 billion of gross new issuance for the 2014 calendar year through the end of the Reporting Period.¹ Meanwhile, J.P. Morgan revised upward its 2014 global emerging markets corporate default forecast from 2.2% to 3.4%, stating the adjustments were based on individual credits rather than on market-wide expectations. J.P. Morgan also said it expected fundamentals to remain stable for the majority of the credits in the emerging markets corporate bonds universe.

Source: JPMorgan.

PORTFOLIO RESULTS

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

During the Reporting Period, the Fund was hampered by country and issue selection of local emerging markets bonds.

Our U.S. duration and yield curve strategy also detracted from returns. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates a spectrum of maturities.

On the positive side, the Fund benefited from our active currency management through which the Fund takes positions in local currencies (accomplished through the use of forward foreign currency exchange contracts as well as bonds denominated in local currencies). In addition, country and issue selection of external emerging markets bonds added to returns. Issue selection among external emerging markets corporate bonds and emerging markets quasi-sovereign bonds also contributed positively.

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

The Fund was hampered by an underweight in South Korean local interest rates, which performed well during the Reporting Period. The Fund was underweight because we believed the South Korean central bank was unlikely to cut interest rates in the near term. However, in August 2014, the nation’s central bank lowered rates to help boost South Korea’s economic growth. The Fund was also hurt during the Reporting Period by an underweight position in Polish local interest rates. We expected Poland’s economic growth to pick up, narrowing the country’s output gap and pushing inflation higher. However, Poland’s economic growth weakened on lower trade with Russia and slower Western European growth. Inflation also remained low, prompting the Polish central bank to cut interest rates. A position in the Polish zloty, accomplished through the use of forward foreign currency exchange contracts, dampened relative performance. During the Reporting Period, the Fund was hampered by its position in the Indian rupee, accomplished through the use of forward foreign currency exchange contracts. We had a positive outlook on the Indian rupee because of the BJP’s landslide election victory, which we believed would attract capital inflows and help boost economic growth. Instead, the rupee weakened after India’s central bank intervened in the foreign exchange markets.

The Fund benefited during the Reporting Period from its overweight in Brazilian local interest rates accomplished through investments in a combination of nominal and inflation-linked Brazilian local bonds in both short-term and long-term maturities. We believe Brazil offers one of the highest real interest rates (the rate of interest an investor can expect to receive after allowing for inflation) in the world. An overweight in Mexican local rates, accomplished through investments in local emerging markets bonds, also added to relative results. In our view, Mexico has a conservative fiscal policy, a prudent monetary policy and an independent central bank. Its new government is focused on a list of reforms that could improve competitiveness and increase oil production. The Fund benefited from its overweight in Dominican Republic local interest rates accomplished through investments in local emerging markets bonds. The Dominican Republic has reduced its fiscal and current account deficits, and we believe the country may benefit from stronger, more stable economic growth and stable-to-lower oil prices. In addition, a position in the Malaysian ringgit, accomplished through the use of forward foreign currency exchange contracts, contributed positively to relative performance. We believed the ringgit would benefit from global economic growth and the efforts of the Malaysian central bank to control inflation. An overweight in Chinese company CITIC Pacific corporate bonds enhanced relative results. In August 2014, CITIC Limited completed a reverse merger with CITIC Pacific and the combined company was renamed CITIC Limited. (A reverse merger is used by private companies to become publicly traded without resorting to an initial public offering.) We expected the market to view CITIC Limited as investment grade once the merger was complete. Ultimately, credit rating agency Moody’s Investors Service upgraded CITIC Limited to A3 from Ba2.

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

The Fund’s U.S. duration and yield curve positioning detracted from relative returns during the Reporting Period. The Fund held a short duration position relative to the Index, which hurt performance as interest rates fell.

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

PORTFOLIO RESULTS

express our views on the direction of interest rates and to facilitate specific duration and yield curve strategies.

Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S. Forward foreign currency exchange contracts were used for hedging purposes or to express a positive view on a given currency. Interest rate swaps were used to express our views on the direction of a country’s interest rates. Cross-currency swaps were employed to express relative value views on given currencies as well as our views on the direction of a country’s interest rates. Credit default swaps were used to implement specific credit-related investment strategies. Total return swaps and structured notes were used in place of buying a local currency denominated bond when a particular market was otherwise inaccessible or as a more efficient means of gaining access to a local market. Non-deliverable currency forwards were used to gain exposure to a particular country and also to take advantage of relative value opportunities.

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

During the Reporting Period, we shifted the Fund from a neutral position relative to the Index in Indonesian external debt to an overweight position. We eliminated the Fund’s underweight in South African external bonds and adopted a neutral position. Also during the Reporting Period, we moved the Fund from an underweight in Indonesian local interest rates to an overweight position. We shifted the Fund from overweighted positions in Colombian, Mexican and Polish local interest rates to neutral positions. In addition, we shifted the Fund from a slight underweight in emerging market currencies overall at the beginning of the Reporting Period to a small overweight by end of Reporting Period. We eliminated the Fund’s position in the Malaysian ringgit during September 2014 after our views about the global growth outlook changed.

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

At the end of the Reporting Period, we continued to see attractive opportunities in Latin American local interest rates and had positioned the Fund with an overweight to Brazil, focused on a mix of Brazilian nominal and inflation linked bonds. The Fund was also overweight Dominican Republic and Indonesian local interest rates. Within external debt, the Fund was overweight the Dominican Republic and Paraguay. The Fund was underweight Philippines and Hungarian external bonds. Relative to currencies, the Fund was overweight in countries where we see an improving growth outlook or attractive valuations. Some of the Fund’s largest currency overweights included the Mexican peso and Indian rupee. Also, at the end of the Reporting Period, the Fund was overweight emerging markets corporate bonds as we see low default probabilities for credits with strong balance sheets. Within emerging markets corporate bonds, the Fund maintained an overweight in the energy sector, where we find the cost structure competitive. Energy emerging markets corporate bonds also serve, in our view, as a foreign exchange hedge because commodities are priced in U.S. dollars. The Fund was underweight the financials sector, as we are concerned about limited disclosure relative to balance sheet asset quality, funding risks when banks rely on wholesale funding markets and macroeconomic risks. Moreover, we believe the performance of emerging markets banks tend to be highly correlated to the performance of emerging markets sovereign debt.

What is the Fund’s tactical view and strategy for the months ahead?

At the end of the Reporting Period, we continued to have a long-term positive outlook on emerging markets debt because we believe the asset class is shifting from a niche investment to a core portfolio component. In historical terms, we believe, many portfolios have been under-allocated to emerging markets debt relative to those emerging nations’ portion of world Gross Domestic Product (“GDP”) or bond market capitalization. Emerging markets economies, in our opinion, have become better able to withstand shocks to the global financial system, thanks in part to reserve accumulation and improved external debt positions. We continue to view emerging markets debt as a compelling strategic asset class that has the potential to provide investors with an attractive credit risk premium, given the strong credit profile and low debt levels of most emerging markets economies.

Going forward, we plan to maintain our focus on relative value opportunities, especially those created by the increased dispersion of returns in external emerging markets debt. In our view, the increased dispersion in returns is being driven by idiosyncratic country risk, differences in economic fundamentals and in the policies of emerging markets governments as well as by the overall global environment. In addition, we believe a number of other factors could have varied effects on individual emerging markets countries —including the risk of higher U.S. interest rates, fears about the

PORTFOLIO RESULTS

path of China’s economic growth and persistent geopolitical concerns.

Meanwhile, during the Reporting Period, local emerging markets debt and local currencies were buffeted by a surging U.S. dollar and a drop in commodities prices. U.S. dollar strength had exacerbated the decline in commodities prices, which also suffered because of excess supply in various segments of the market including wheat, corn and soy. In turn, lower commodities prices hindered the terms of trade of certain emerging countries and erased some of the recent reduction in their current account deficits. (Terms of trade refers to the relative price of exports in terms of imports and is defined as the ratio of export prices to import prices.) Looking ahead, we do not expect local emerging markets debt to repeat the sell-off that occurred in mid-2013 when many investors questioned the attractiveness of emerging markets debt in view of higher U.S. interest rates. At the time, there was a dramatic re-pricing both in local emerging markets debt and in the currency markets of numerous emerging market countries. Brazil, India, Indonesia, South Africa and emerging countries with current account and capital account deficits took the brunt of the weakness. Some of the same countries, specifically Brazil, Indonesia and South Africa, were among the worst currency performers during September 2014. That said, we believe the depreciation of many emerging markets currencies during the Reporting Period should help buffer their economies. In the short term, currency depreciation can improve a country’s balance of payments; over the longer term, it can make exports more competitive and help drive economic growth. At the end of the Reporting Period, we believe valuations in local emerging markets debt were at reasonable levels.

As for emerging markets corporate bonds, we have a positive outlook, given that emerging markets corporate bonds have wider spreads (or yield differentials) relative to comparable developed markets bonds. In addition, we believe that emerging markets corporate issuers have less leverage and their balance sheets are generally robust with limited near-term need to refinance debt. Nevertheless, the liquidity of emerging markets corporate bonds is less than that of emerging markets sovereign debt. Going forward, we expect strong issuance to continue. J.P. Morgan forecasts $337 billion in emerging markets corporate bond issuance for 2014 as a whole.

FUND BASICS

Dynamic Emerging Markets Debt Fund

as of September 30, 2014

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PERFORMANCE REVIEW
April 1, 2014– September 30, 2014	Fund Total Return (based on NAV)¹			Dynamic Emerging Markets Debt Composite Index²			J.P.Morgan Emerging Markets Bond Index (EMBI)³			JPM Government Bond Index – Emerging Markets (GBI-EM)⁴			J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI)⁵			30-Day Standardized Subsidized Yield⁶			30-Day Standardized Unsubsidized Yield⁶
Class A		0.56	%		0.92	%		4.14	%		-1.87	%		3.36	%		4.12	%		1.20	%
Class C		0.39			0.92			4.14			-1.87			3.36			3.53			1.31
Institutional		0.95			0.92			4.14			-1.87			3.36			4.65			2.42
Class IR		0.89			0.92			4.14			-1.87			3.36			4.55			2.32
Class R		0.65			0.92			4.14			-1.87			3.36			4.04			1.82

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 Dynamic Emerging Markets Debt Composite Index is comprised of the J.P. Morgan GBI-EM^SM Global Diversified Index (50%), the J.P. Morgan EMBI^SM Global Diversified Index (25%), and the J.P. Morgan CEMBI^SM Broad Diversified Index (25%). The index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

The J.P. Morgan EMBI^SM Global Diversified Index is an unmanaged index of debt instruments of 50 emerging countries. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

⁴

The J.P. Morgan GBI-EM^SM Global Diversified Index is an unmanaged index of debt instruments of 14 Emerging Countries. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

⁵

The J.P. Morgan CEMBI^SM Broad Diversified tracks total returns of U.S. dollar-denominated debt instruments issued by corporate entities in emerging markets countries. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

⁶

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 Standardized Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

FUND BASICS


STANDARDIZED TOTAL RETURNS⁷
For the period ended 9/30/14	One Year			Since Inception			Inception Date
Class A		-1.61	%		-4.45	%		5/31/13
Class C		1.61			-1.60			5/31/13
Institutional		3.76			-0.55			5/31/13
Class IR		3.42			-0.83			5/31/13
Class R		3.16			-1.13			5/31/13

⁷

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 4.50% 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 Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 30 calendar days or less. The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted.

The returns 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 RATIOS⁸
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.23	%		3.55	%
Class C		1.98			4.30
Institutional		0.89			3.21
Class IR		0.98			3.30
Class R		1.48			3.80

⁸

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. Pursuant to a contractual arrangement, the Fund’s waivers and/or expense limitations will remain in place through at least July 29, 2015, 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.


TOP TEN COUNTRY ALLOCATION⁹
	Percentage of Net Assets
	as of 9/30/14			as of 3/31/14
Mexico		8.9	%		8.0	%
Indonesia		6.3			3.6
Turkey		5.1			8.1
Brazil		4.9			5.6
South Africa		4.9			3.4
Russia		4.1			4.4
Thailand		3.9			3.3
Chile		3.7			2.3
Colombia		3.6			4.7
Poland		3.3			1.5

⁹

The percentage shown for each investment category reflects the value of investments in that country as a percentage of net assets. The table does not include repurchase agreements of 6.3% as of 9/30/14 and 16.8% as of 3/31/14. 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.

PORTFOLIO RESULTS

Goldman Sachs Emerging Markets Debt Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income Investment Management Team discusses the Goldman Sachs Emerging Markets Debt Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2014 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional and IR Shares generated cumulative total returns, without sales charges, of 4.19%, 3.88%, 4.44% and 4.40%, respectively. These returns compare to the 4.14% cumulative total return of the Fund’s benchmark, the J.P. Morgan Emerging Markets Bond Index (EMBI^SM) Global Diversified Index (Gross, USD, Unhedged) (the “Index”), during the same time period.

What economic and market factors most influenced emerging markets debt as a whole during the Reporting Period?

When the Reporting Period began during the second quarter of 2014, yields on 10-year U.S. Treasury securities declined. As U.S. Treasury yields fell, investors sought higher yields in riskier asset classes, and external emerging markets debt recorded strong gains for the second calendar quarter. Although U.S. Treasury yields continued to fall in the third calendar quarter, external emerging markets debt posted a modest decline, driven in part by idiosyncratic weakness in the Venezuelan, Ukrainian and Russian debt markets.

For the Reporting Period overall, external emerging markets debt, as represented by the Index, generated a positive return. Sovereign spreads (that is, the difference in yields between external emerging markets debt and U.S. Treasuries) widened by approximately two basis points to close the Reporting Period 299 basis points wider than U.S. Treasury securities. (A basis point is 1/100^th of a percentage point.) The top performing emerging external debt markets during the Reporting Period, as represented by the Index, were (in U.S. dollar terms¹) Zambia (15.76%), Ghana (12.28%) and Argentina (11.30%). The weakest performing emerging external debt markets were Ukraine (-5.36%), Venezuela (-2.76%) and Angola (1.34%).

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

During the Reporting Period, the Fund benefited from our active currency management through which the Fund takes positions in local currencies (accomplished through the use of forward foreign currency exchange contracts as well as bonds denominated in local currencies). In addition, our country and issue selection of external emerging markets debt added to returns. Individual issue selection in emerging markets corporate bonds and quasi-sovereign bonds also contributed positively.

The Fund’s performance was hampered by country and issue selection of local emerging markets debt. Our U.S. duration and yield curve strategy also detracted from returns. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates a spectrum of maturities.

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

The Fund benefited during the Reporting Period by its overweight relative to the Index in Argentinean external debt. Argentina’s external debt market rallied during the Reporting Period, even after the country was forced into technical default at the end of July 2014. The technical default was not due to Argentina’s inability to pay but was because of a U.S. court ruling that prevented disbursement until Argentina settles with investors from a previous restructuring. In addition, an overweight in Paraguayan external bonds added to relative results. The Fund was overweight because Paraguay’s debt-to-Gross Domestic Product (“GDP”) levels were low, and we had a favorable

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

PORTFOLIO RESULTS

view of the country’s current account dynamics. Furthermore, President Horacio Cartes has embarked on an ambitious modernization and reform agenda, including tax reform and a fiscal responsibility law that would limit Paraguay’s fiscal deficit to 1.5% in normal market conditions and to 3% in times of crisis. Also, during the Reporting Period, the Fund benefited from a position in the Malaysian ringgit, which was accomplished through the use of forward foreign currency exchange contracts. We believed the ringgit would benefit from global economic growth and from the efforts of the Malaysian central bank to control inflation. An overweight in CITIC Pacific corporate bonds enhanced relative results. In August 2014, CITIC Limited completed a reverse merger with CITIC Pacific, and the combined company was renamed CITIC Limited. (A reverse merger is used by private companies to become publicly traded without resorting to an initial public offering.) We expected the market to view CITIC Limited as investment grade once the merger was complete. Ultimately, credit rating agency Moody’s Investors Service upgraded CITIC Limited to A3 from Ba2.

Detracting from relative performance during the Reporting Period was the Fund’s overweight in Venezuelan external debt. After performing well in the second calendar of 2014, Venezuelan external debt sold off in the third calendar quarter on the ouster of oil minister Rafael Ramirez and on falling oil prices. In addition, the Fund was hampered by an underweight in South Korean local interest rates, which performed well during the Reporting Period. The Fund was underweight because we believed the South Korean central bank was unlikely to cut interest rates in the near term. However, in August 2014, the nation’s central bank lowered rates to help boost South Korea’s economic growth. The Fund was also hurt during the Reporting Period by an underweight position in Polish local interest rates. We expected Poland’s economic growth to pick up, narrowing the country’s output gap and pushing inflation higher. However, Poland’s economic growth weakened on lower trade with Russia and slower Western European growth. Inflation also remained low, prompting the Polish central bank to cut interest rates. A position in the Polish zloty, accomplished through the use of forward foreign currency exchange contracts, dampened relative performance as well.

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

During the Reporting Period, the Fund’s U.S. duration and yield curve positioning was a drag on relative performance. The Fund held a short duration position relative to the Index, which detracted from returns as interest rates fell.

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

The Fund invested in U.S. Treasury futures, Eurodollar futures, forward foreign currency exchange contracts, interest rate swaps, total return swaps, credit default swaps, cross currency swaps, non-deliverable currency forwards and structured notes. U.S. Treasury futures were used to manage U.S. interest rate duration. Eurodollar futures were used to express our views on the direction of interest rates and to facilitate specific duration and yield curve strategies. Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S. Forward foreign currency exchange contracts were used for hedging purposes or to express a positive view on a given currency. Interest rate swaps were used to express our views on the direction of a country’s interest rates. Total return swaps, credit default swaps and structured notes were used in place of buying a local currency denominated bond when a particular market was otherwise inaccessible or as a more efficient means of gaining access to a local market. Non-deliverable currency forwards were used to gain exposure to a particular country and also to take advantage of relative value opportunities.

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

During the Reporting Period, we shifted the Fund from neutral positions in Bulgarian and Indonesian external debt to overweight positions relative to the Index. We increased the Fund’s overweight in Paraguayan external debt over the course of the Reporting Period. We eliminated the Fund’s underweight in South African external debt, shifting to a neutral position. In addition, we moved the Fund from an overweight in Argentinean external debt to an underweight position overall. We accomplished this by reducing the Fund’s investments in external bonds; the Fund continued to hold an overweight in Argentinean GDP warrants at the end of the Reporting Period. We gradually reduced the Fund’s

PORTFOLIO RESULTS

overweight in Costa Rican external debt to a neutral position by the end of the Reporting Period. We eliminated the Fund’s position in the Malaysian ringgit during September 2014 after our views about the global growth outlook changed.

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

At the end of the Reporting Period, the Fund was overweight relative to the Index in the external debt of countries with what we considered to be strong and improving balance sheets. For example, the Fund was overweight Dominican Republic external debt, as that country has reduced its fiscal and current account deficits. We also believe the Dominican Republic may benefit from stronger, more stable economic growth and stable-to-lower oil prices. In addition, at the end of the Reporting Period, the Fund was overweight relative to the Index in Paraguay external debt.

What is the Fund’s tactical view and strategy for the months ahead?

At the end of the Reporting Period, we continued to have a long-term positive outlook on emerging markets debt because we believe the asset class is shifting from a niche investment to a core portfolio component. In historical terms, we believe, many portfolios have been under-allocated to emerging markets debt relative to those emerging nations’ portion of world GDP or bond market capitalization. Emerging markets economies, in our opinion, have become better able to withstand shocks to the global financial system, thanks in part to reserve accumulation and improved external debt positions. We continue to view emerging markets debt as a compelling strategic asset class that has the potential to provide investors with an attractive credit risk premium, given the strong credit profile and low debt levels of most emerging markets economies.

FUND BASICS

Emerging Markets Debt Fund

as of September 30, 2014

LOGO


PERFORMANCE REVIEW
April 1, 2014– September 30, 2014	Fund Total Return (based on NAV)¹			J.P. Morgan EMBI^SM Global Diversified Index²			30-Day Standardized Subsidized Yield³			30-Day Standardized Unsubsidized Yield³
Class A		4.19	%		4.14	%		3.68	%		3.67	%
Class C		3.88			4.14			3.10			3.09
Institutional		4.44			4.14			4.20			4.19
Class IR		4.40			4.14			4.11			4.10

The J.P. Morgan Emerging Markets Bond Index (EMBI^SM) Global Diversified (Gross, USD, Unhedged) Index is an unmanaged index of debt instruments of 50 emerging countries. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS⁴
For the period ended 9/30/14	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		4.70	%		7.33	%		8.45	%		9.17	%		8/29/03
Class C		7.89			7.57			N/A			6.94			9/29/06
Institutional		10.12			8.71			9.33			10.02			8/29/03
Class IR		10.02			N/A			N/A			7.05			7/30/10

⁴

FUND BASICS


EXPENSE RATIOS⁵
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.25	%		1.26	%
Class C		2.00			2.01
Institutional		0.91			0.92
Class IR		1.00			1.01

⁵


TOP TEN COUNTRY ALLOCATION⁶
	Percentage of Net Assets
	as of 9/30/14			as of 3/31/14
United States		7.8	%		1.1	%
Mexico		6.7			4.4
Indonesia		4.9			3.8
Brazil		3.7			4.8
Turkey		3.5			5.7
Hong Kong		3.4			0.4
Croatia		3.4			2.2
Dominican Republic		3.4			3.2
Chile		3.3			2.9
Luxembourg		3.0			2.5

⁶

The percentage shown for each investment category reflects the value of investments in that country as a percentage of net assets. The table does not include repurchase agreements of 3.7% as of 9/30/14 and 6.7% as of 3/31/14. 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.

PORTFOLIO RESULTS

Goldman Sachs High Yield Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs High Yield Fixed Income Investment Management Team discusses the Goldman Sachs High Yield Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2014 (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 -0.30%, -0.66%, -0.67%, -0.12%, -0.38%, -0.16% and -0.42%, respectively. These returns compare to the 0.50% cumulative total return of the Fund’s benchmark, the Barclays U.S. High Yield Index, 2% Issuer Capped Bond Index (the “Index”), during the same time period.

What economic and market factors most influenced the high yield bond market as a whole during the Reporting Period?

During the Reporting Period, high yield corporate bonds generated a small gain, with higher quality credits performing best. Option adjusted spreads widened approximately 66 basis points to end the Reporting Period at 424 basis points. (The option adjusted spread is a measurement tool for evaluating price differences between similar products with different embedded options. A basis point is 1/100th of a percentage point.) High yield corporate bonds underperformed high yield loans, as represented by the Barclays Bank Loan Index/U.S. High-Yield Loan Index, and underperformed equities, as represented by the S&P 500^® Total Return Index.

Issuance was strong during the Reporting Period, with approximately $197.6 billion in new high yield corporate bonds priced. Refinancing remained the primary use of proceeds. Meanwhile, demand was tepid during the Reporting Period overall. During the second quarter of 2014, high yield corporate bond mutual funds received approximately $3.7 billion in investment inflows. However, in the third calendar quarter, investor sentiment shifted, and approximately $18 billion was withdrawn from high yield corporate bond mutual funds.

The default rate for high yield corporate bonds remained low in historical terms, helped by healthier corporate balance sheets. However, the default rate spiked during the Reporting Period as a result of the default of power company Energy Future Holdings. For the Reporting Period overall, there were seven defaults among high yield issuers, affecting approximately $20.9 billion in bonds. The 12-month par-weighted default high yield corporate bond rate through September 30, 2014 was 1.86%.¹

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

The Fund’s duration positioning detracted from its relative performance during the Reporting Period. (Duration is a measure of a portfolio’s sensitivity to changes in interest rates.) In addition, the Fund was hampered by its overall underweight in long spread duration credits (greater than nine years), as spreads (yield differentials between high yield corporate bonds and U.S. Treasury securities of similar maturity) narrowed. (Spread duration represents the price sensitivity of a high yield bond to a change in spreads.) The Fund was also hurt by an overweight in lower credit quality issues and an underweight in higher credit quality issues.

On the positive side, the Fund benefited from its overweight in high yield loans, which outperformed high yield bonds during the Reporting Period. Overweighted exposure to euro-denominated credits contributed positively. The Fund’s overweight in emerging markets high yield corporate bonds and our individual issue selection also added slightly to relative returns.

Source: J.P. Morgan.

PORTFOLIO RESULTS

Which segments within high yield most significantly affected Fund performance?

The Fund’s overweight in lower credit quality credits, in particular its overweight position in CCC-rated bonds, and its underweighted position in higher credit quality credits, particularly BB-rated bonds, detracted from relative results, as higher credit quality bonds outperformed lower credit quality bonds during the Reporting Period. Fund performance benefited from an underweight in CC-rated bonds.

In terms of sector positioning, the Fund was hurt by an underweight in utilities (especially gas and electric utilities). Overweight positions in gaming, technology and cellular telecommunications also dampened returns. Conversely, the Fund benefited from an overweight position in the commercial services sector. An underweight in the energy sector was also advantageous, as oil prices declined during the Reporting Period.

With regard to individual issue selection, the Fund benefited from its lack of exposure to several names, especially Cliffs Natural Resources, an iron ore and coal producer; Quicksilver Resources, an oil and gas exploration and production company; Walter Energy, a producer of metallurgical coal for the global steel industry; and Alpha Natural Resources, which produces metallurgical coal. The Fund was hurt by its lack of exposure to power company Energy Futures Holdings as well as by overweighted positions in Claire’s Stores, a retailer of fashion jewelry and accessories for girls; Post Holdings (formerly Post Cereals), a consumer packaged goods company; and Algeco Scotsman, a provider of modular space and secure storage solutions.

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

During the Reporting Period, the Fund’s duration and yield curve positioning hurt its performance relative to the Index. More specifically, the Fund was hampered by its short duration position as interest rates declined.

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

To hedge against currency risk (that is, the risk that certain currencies might fluctuate in value), the Fund employed forward foreign exchange currency contracts during the Reporting Period. Additionally, a specialized index of credit default swaps (CDX) was used to manage the beta of the Fund on an active basis. It was also used as a cost-efficient instrument to help manage the Fund’s cash position. We employ CDX contracts as a way to gain credit exposure by being short credit protection, when the Fund experiences significant cash inflows. In addition, during the Reporting Period, the Fund used U.S. Treasury futures to facilitate specific duration and yield curve strategies.

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

During the Reporting Period, we reduced the Fund’s overweight in gaming. We also shifted the Fund from an overweight position in retail and apparel to an underweight position by the end of the Reporting Period. We reduced the size of the Fund’s underweight in autos and finance. We increased the Fund’s exposure to more defensive industries, such as packaging and non-cable media, during the Reporting Period.

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

At the end of the Reporting Period, the Fund was overweight relative to the Index in commercial services, gaming and telecommunications. It was underweight compared to the Index in utilities, energy, aerospace and defense, and metals and mining at the end of the Reporting Period.

What is the Fund’s tactical view and strategy for the months ahead?

At the end of the Reporting Period, we had a positive outlook on high yield corporate bonds, largely because of a favorable macroeconomic backdrop and solid company fundamentals. In our view, the weakness of the asset class during the Reporting Period could be a potential buying opportunity, particularly if high yield corporate bond spreads continue to narrow. Indeed, we expect spreads to tighten as the credit cycle continues to mature. That said, we acknowledge risks exist and believe they stem mainly from macroeconomic or geopolitical developments that could create broad-based risk aversion. Among those developments could be the potential escalation of military conflicts in Eastern Europe or the Middle East, deflationary stagnation in Europe or surprise weakness in China’s economy, which could be a negative signal for global economic trends.

FUND BASICS

High Yield Fund

as of September 30, 2014

LOGO


PERFORMANCE REVIEW
April 1, 2014– September 30, 2014	Fund Total Return (based on NAV)¹			Barclays U.S. Corporate High-Yield 2% Issuer Capped Bond Index			30-Day Standardized Subsidized Yield³			30-Day Standardized Unsubsidized Yield³
Class A		-0.30	%		0.50	%		4.35	%		4.35	%
Class B		-0.66			0.50			3.79			3.79
Class C		-0.67			0.50			3.80			3.80
Institutional		-0.12			0.50			4.91			4.91
Service		-0.38			0.50			4.39			4.39
Class IR		-0.16			0.50			4.81			4.81
Class R		-0.42			0.50			4.30			4.30

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

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 9/30/14	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		1.98	%		8.22	%		6.56	%		6.43	%	8/1/97
Class B		0.70			7.99			6.41			6.34		8/1/97
Class C		4.94			8.42			6.27			5.95		8/15/97
Institutional		7.01			9.59			7.43			7.11		8/1/97
Service		6.63			9.06			6.88			6.57		8/1/97
Class IR		7.07			9.53			N/A			7.49		11/30/07
Class R		6.53			8.96			N/A			6.92		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 4.5% for Class A Shares, the assumed contingent deferred sales charge for Class B Shares (5% maximum declining to 0% after six years) and the assumed contingent deferred sales charge for Class C Shares (1% if redeemed within 12 months of purchase). Class B Shares convert automatically to Class A Shares on or about the fifteenth day of the last month of the calendar quarter that is eight years after purchase. Returns for Class B Shares for the period after conversion reflect the performance of Class A Shares. Because Institutional, Service, Class R and IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns. The Fund will charge a 2% redemption fee on the redemption of shares (including by exchange) held for 60 calendar days or less. The performance figures do not reflect the deduction of the redemption fee. If reflected, the redemption fee would reduce the performance quoted. The 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		1.05	%		1.05	%
Class B		1.81			1.81
Class C		1.81			1.81
Institutional		0.72			0.72
Service		1.22			1.22
Class IR		0.81			0.81
Class R		1.31			1.31

⁵

FUND BASICS


TOP TEN ISSUERS AS OF 9/30/14
Company	% of Net Assets			Line of Business
Sprint Corp.		2.5	%	Telecommunications – Cellular
HCA, Inc.		2.4		Health Care – Services
MGM Resorts International		1.8		Gaming
Frontier Communications Corp.		1.5		Telecommunications
HD Supply, Inc.		1.5		Consumer Products – Industrial
Reynolds Group Issuer, Inc.		1.4		Packaging
First Data Corp.		1.2		Technology – Software/Service
SLM Corp.		1.2		Finance
Ally Financial, Inc.		1.1		Finance
Wind Acquisition Finance SA		1.1		Telecommunications – Cellular

⁶

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


TOP TEN INDUSTRY ALLOCATION⁷
	Percentage of Net Assets
	as of 9/30/14			as of 3/31/14
Telecommunications		11.8	%		10.5	%
Energy		10.7			12.5
Media		8.0			8.0
Health Care		7.6			7.1
Finance		6.0			6.6
Gaming		5.3			5.9
Consumer Products		5.1			4.9
Technology		4.6			4.9
Banks		3.4			1.8
Home Construction		3.7			2.7

⁷

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The table does not include repurchase agreements of 1.4% as of 9/30/14 and 2.1% as of 3/31/14. 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.

PORTFOLIO RESULTS

Goldman Sachs High Yield Floating Rate Fund

Investment Objective

The Fund seeks a high level of current income.

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs High Yield Fixed Income Investment Management Team discusses the Goldman Sachs High Yield Floating Rate Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2014 (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 0.16%, -0.32%, -0.23%, 0.29% and -0.06%, respectively. These returns compare to the 0.88% cumulative total return of the Fund’s benchmark, the Barclays U.S. High-Yield Loans Index (the “Index”), during the same time period.

What economic and market factors most influenced the high yield floating rate loan market as a whole during the Reporting Period?

High yield loans posted a modest gain during the Reporting Period. High yield loan spreads (or yield differentials with duration-equivalent U.S. Treasury securities) widened by approximately 37 basis points, ending the Reporting Period at 510 basis points. (A basis point is 1/100th of a percentage point.) The weighted average price for the loans in the Index decreased from $98.72 to $97.67.

While the technical backdrop for high yield loans was challenging, issuance remained robust, with $232 billion of new high yield loans brought to market during the Reporting Period. An increasing amount of the proceeds were used to finance mergers and acquisitions activity. Covenant-lite issuance also increased, suggesting freer standards from underwriters. (Covenant-lite loans are issued with less restrictive lending terms.) At the same time, high yield loan mutual funds experienced investment outflows as investors grew more concerned about potential credit quality degradation and less concerned about holding low duration, floating rate assets in the falling interest rate environment. By the end of the Reporting Period, the high yield loan market had seen six consecutive months of investment inflows.

During the Reporting Period, the default rate for high yield loans remained low on a historical basis, helped by healthier corporate balance sheets. There were 21 defaults among high yield issuers in the 2014 calendar year through September 30, 2014, affecting $26 billion in high yield loans. The trailing 12-month loan-only default rate through September 30, 2014 was 3.59%. Excluding the default of Energy Future Holdings, widely anticipated by the market, the trailing 12-month default rate through September 30, 2014 was 0.95%.

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

The Fund’s exposure to the high yield corporate bond market was most responsible for its underperformance of the Index during the Reporting Period. Sector positioning within the high yield loan market also dampened results.

Which segments of the high yield floating rate loan market significantly affected Fund performance?

Overall during the Reporting Period, the Fund was hurt by its exposure to the high yield corporate bond market, as spreads widened during the third quarter of 2014 on soft economic data in Asia and Europe. An overweight in European (such as U.K.) credits also detracted from relative performance.

Relative to sector positioning within the high yield loan market, an overweight in cellular telecommunications dampened performance. In addition, the Fund was hampered by an underweight in utilities, especially a lack of exposure to Energy Future Holdings, which filed for bankruptcy in April 2014. During the Reporting Period, the power company’s debt rallied on the possibility that a legal resolution to creditors’ claims might come sooner than expected. Conversely, the Fund benefited from its underweighted positions in consumer cyclical, consumer services and leisure and restaurants. An underweight in the energy sector was also advantageous, as oil prices declined during the Reporting Period.

PORTFOLIO RESULTS

Relative to individual issue selection, the Fund was hurt during the Reporting Period by an overweight in Sprint, a wireless telecommunications provider, and in Delta Airlines, an airline company. A lack of exposure to Toys “R” Us, a toy and juvenile products retailer, also hindered results. On the positive side, the Fund’s lack of exposure to Education Management added to performance. The operator of private sector post-secondary educational institutions is facing a federal investigation over financial aid lending practices. Furthermore, a lack of exposure to children’s clothing retailer Gymboree also added to returns as did an overweight position in clothing retailer American Apparel.

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

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

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

To hedge against currency risk (that is, the risk that certain currencies might fluctuate in value), the Fund employed forward foreign exchange currency contracts during the Reporting Period. The Fund also employed interest rate swaps as a cost-efficient instrument to provide us with greater precision and versatility in the management of duration. Interest rate swaps are only utilized in the Fund for the purpose of hedging duration, as the Fund does not take active duration and yield curve positions. Additionally, a specialized index of credit default swaps (CDX) was used to manage the beta of the Fund on an active basis. It was also used as a cost-efficient instrument to help manage the Fund’s cash position. We employ CDX contracts as a way to gain credit exposure by being short credit protection, when the Fund experiences significant cash inflows.

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

During the Reporting Period, we shifted the Fund from an overweight relative to the Index in consumer non-cyclicals to a slightly underweight position. We increased the Fund’s overweight in industrial manufacturing and its underweight in finance.

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

At the end of the Reporting Period, the Fund was overweight relative to the Index in industrial manufacturing, communications and commercial services. It was underweight compared to the Index in consumer cyclical, energy and finance.

What is the Fund’s tactical view and strategy for the months ahead?

At the end of the Reporting Period, we remained positive on high yield loans, largely because we believe macroeconomic conditions remain favorable for non-investment grade credit. Overall, global central banks remain accommodative, as evidenced by increased monetary stimulus by the European Central Bank during the Reporting Period. In our view, U.S. economic growth is also improving, and we believe low yields on global government bonds support a continued search for yield. We expect the default rate for high yield loans to remain below long term averages for some time. Given the modest performance of high yield loans during the Reporting Period, we believe the asset class is likely to generate attractive returns in the near term, especially given the low default rate. Our positive outlook is tempered by risk factors that include increased mergers and acquisitions activity and a larger amount of covenant-lite issuance. We plan to be vigilant in our credit selection, and at the end of the Reporting Period, we were focusing Fund investments on higher quality issues.

FUND BASICS

High Yield Floating Rate Fund

as of September 30, 2014

LOGO


PERFORMANCE REVIEW
April 1, 2014– September 30, 2014	Fund Total Return (based on NAV)¹			Barclays U.S. High-Yield Loans Index²			30-Day Standardized Subsidized Yield³			30-Day Standardized Unsubsidized Yield³
Class A		0.16	%		0.88	%		3.18	%		3.18	%
Class C		-0.32			0.88			2.50			2.50
Institutional		0.23			0.88			3.60			3.60
Class IR		0.29			0.88			3.50			3.50
Class R		-0.06			0.88			3.03			3.03

The Barclays U.S. High-Yield Loans Index provides broad and comprehensive total return metrics of the universe of syndicated term loans. To be included in the index, a bank loan must be dollar denominated, have at least $150 million, a minimum term of one year, and a minimum initial spread of LIBOR+125. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS⁴
For the period ended 9/30/14	One Year			Since Inception			Inception Date
Class A		0.14	%		2.56	%	3/31/11
Class C		0.56			2.47		3/31/11
Institutional		2.69			3.61		3/31/11
Class IR		2.70			3.54		3/31/11
Class R		2.08			2.98		3/31/11

⁴

FUND BASICS


EXPENSE RATIOS⁵
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.96	%		0.97	%
Class C		1.72			1.73
Institutional		0.63			0.63
Class IR		0.72			0.73
Class R		1.21			1.22

⁵


TOP TEN INDUSTRY ALLOCATION⁶
	Percentage of Net Assets
	as of 9/30/14			as of 3/31/14
Food & Beverages		7.1	%		7.4	%
Health Care		6.0			4.9
Retailers		5.2			5.1
Media – Broadcasting & Radio		4.9			6.3
Services Cyclical – Business Services		4.6			3.2
Media – Cable		4.3			4.2
Airlines		3.8			4.3
Health Care – Services		3.5			4.2
Packaging		3.4			3.0
Building Materials		3.2			3.5

⁶

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The table does not include repurchase agreements of 5.5% as of 9/30/14 and 11.4% as of 3/31/14. 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.

PORTFOLIO RESULTS

Goldman Sachs Investment Grade Credit Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Investment Grade Credit Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2014 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Institutional, IR and Separate Account Institutional Shares generated cumulative total returns, without sales charges, of 2.54%, 2.83%, 2.78% and 2.83%, respectively. These returns compare to the 2.68% cumulative total return of the Fund’s benchmark, the Barclays U.S. Credit Index (the “Index”), during the same time period.

What economic and market factors most influenced the investment grade credit market as a whole during the Reporting Period?

In the second quarter of 2014 when the Reporting Period began, investment grade corporate bonds generated positive returns. Investment grade credit spreads, or the difference in yields between corporate bonds and duration-equivalent U.S. Treasury securities, tightened by approximately eight basis points to end the second calendar quarter at 104 basis points. (A basis point is 1/100th of a percentage point.) European investment grade corporate bonds outperformed U.S. investment grade corporate bonds, driven by the European Central Bank’s accommodative monetary policy as well as by improving financial conditions and modest economic growth in the region. However, in the third quarter of 2014, investment grade corporate bonds lost ground. Investment grade credit spreads widened by approximately five basis points, ending the third calendar quarter at 109 basis points. European investment grade corporate bonds continued to outperform U.S. investment grade corporate bonds.

Issuance was strong overall during the Reporting Period. In the second calendar quarter, U.S. new issuance was approximately $292 billion, while European new issuance was approximately $179 billion. Global mergers and acquisitions activity was robust, as U.S. companies bought European businesses for their cash balances and for tax efficiency reasons. During the third calendar quarter, U.S. new issuance was approximately $234 billion and European new issuance was approximately $117 billion. Mergers and acquisitions activity increased, with a significant portion driven by pharmaceutical and health care companies seeking to unlock overseas cash and manage their tax rates through corporate inversions. (A corporate inversion is the reincorporation of a company overseas in order to reduce the tax burden on income earned abroad.) In September 2014, the U.S. Treasury Department issued new policies discouraging corporate inversions.

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

Individual issue selection amongst investment grade corporate bonds contributed most positively to the Fund’s relative returns during the Reporting Period. Our cross-sector strategy also added modestly to performance. In our cross-sector strategy, we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. The Fund’s duration and yield curve positioning detracted from relative results. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates a spectrum of maturities.

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

Overall, individual issue selection of investment grade corporate bonds enhanced the Fund’s relative returns. Slightly offsetting this positive performance was individual issue selection amongst emerging market bonds. In terms of positioning, the Fund benefited from its underweight in longer-term investment grade corporate bonds and in the highest credit quality investment grade corporate bonds.

PORTFOLIO RESULTS

Conversely, the Fund’s overweight to investment grade corporate bonds in the banking sector detracted from relative results.

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

The Fund’s duration and yield curve positioning hurt its relative performance during the Reporting Period. The Fund was hampered by its short duration bias relative to the Index as interest rates declined. Ten-year U.S. Treasury security yields decreased from 2.72% at the beginning of the Reporting Period to 2.49% at the end of the Reporting Period. Yields on 30-year U.S. Treasury securities started the Reporting Period at 3.56% and ended the Reporting Period at 3.20%.

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

As market conditions warranted during the Reporting Period, the Fund used U.S. Treasury futures and Eurodollar futures to hedge interest rate exposure and facilitate specific duration and yield curve strategies. Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S. Interest rate swaps were used to express our views on the direction of a country’s interest rates. The Fund employed interest rate swaps and swaptions (options on interest rate swap contracts) to hedge interest rate exposure and express an outright term structure view (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). In addition, it used credit default swaps to implement specific credit-related investment strategies and hedge corporate spread duration (the price sensitivity of a corporate bond to a 100 basis point change in its spread over the London Interbank Offered Rate (“LIBOR”)). It utilized forward foreign currency exchange contracts to hedge currency exposure.

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

Throughout the Reporting Period, the Fund held an overweight position in investment grade corporate bonds. In late July 2014, we decreased the size of that overweight because we believed the U.S. economy was improving and the Fed might consider raising interest rates. In addition, investment grade corporate bonds have historically experienced weak performance during the late summer. During September 2014, we increased the Fund’s positioning in investment grade corporate bonds because, in our view, valuations had improved and default expectations remained low. At the end of the Reporting Period, the Fund had an overweight position in investment grade corporate bonds.

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

At the end of the Reporting Period, the Fund was overweight relative to the Index in investment grade bonds issued by real estate investment trusts (“REITs”) and banks. In addition, the Fund was overweight consumer products investment grade corporate bonds based on strengthening consumer demand. It was also overweight investment grade corporate bonds issued by telecommunication companies as that industry continued to consolidate. Compared to the Index at the end of the Reporting Period, the Fund was underweight consumer non-cyclical, energy and capital goods. We generally favored lower credit quality issues and short-term and intermediate-term maturities.

What is the Fund’s tactical view and strategy for the months ahead?

At the end of the Reporting Period, we were targeting a slight overweight to neutral position relative to the Index in investment grade bonds, largely because we saw supportive credit fundamentals, valuations being close to fair value and potential upticks in market volatility. We believe modest economic growth in the U.K. and Europe, low to moderate inflation and accommodative central bank monetary policy should continue to support investors’ appetite for investment grade corporate bonds going forward.

FUND BASICS

Investment Grade Credit Fund

as of September 30, 2014

LOGO


PERFORMANCE REVIEW
April 1, 2014–September 30, 2014	Fund Total Return (based on NAV)¹			Barclays U.S. Credit Index²			30-Day Standardized Subsidized Yield³			30-Day Standardized Unsubsidized Yield³
Class A		2.54	%		2.68	%		2.29	%		2.11	%
Institutional		2.83			2.68			2.72			2.53
Class IR		2.78			2.68			2.63			2.44
Separate Account Institutional		2.83			2.68			2.72			2.54

The Barclays U.S. Credit Index is an unmanaged index which is unbundled into pure corporates (industrial, utility, and finance, including both U.S. and non-U.S. corporations) and non-corporates (sovereign, supranational, foreign agencies, and foreign local governments). The index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS⁴
For the period ended 9/30/14	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		2.82	%		6.07	%		4.27	%		4.46	%		11/3/03
Institutional		7.27			7.27			5.05			5.22			11/3/03
Class IR		7.17			N/A			N/A			5.55			7/29/11
Separate Account Institutional		7.27			7.28			5.09			5.25			11/3/03

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. 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, Separate Account Institutional and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

FUND BASICS


EXPENSE RATIOS⁵
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.72	%		0.85	%
Institutional		0.38			0.51
Class IR		0.47			0.60
Separate Account Institutional		0.38			0.51

⁵

FUND COMPOSITION⁶

Percentage of Net Assets

LOGO

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 represents 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

“Agency Debentures” include agency securities offered by companies such as Federal National Mortgage Association and Federal Home Loan Mortgage Corp., 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 similarly to any other publicly traded company.

FUND BASICS


TOP TEN INDUSTRY ALLOCATION⁸
	Percentage of Net Assets
	as of 9/30/14			as of 3/31/14
Banks		17.7	%		17.5	%
Real Estate Investment Trusts		7.7			7.5
Wirelines Telecommunications		5.8			6.5
Energy		5.5			6.4
Electric		5.2			5.0
Pipelines		4.2			4.9
Media		3.2			2.8
Brokerage		3.1			2.7
Insurance		2.8			2.9
Food & Beverage		2.8			2.5

⁸

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The table does not include repurchase agreements of 5.3% as of 9/30/14 and 2.3% as of 3/31/14. 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.

PORTFOLIO RESULTS

Goldman Sachs Local Emerging

Markets Debt Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income Investment Management Team discusses the Goldman Sachs Local Emerging Markets Debt Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2014 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, C, Institutional and IR Shares generated cumulative total returns, without sales charges, of -1.99%, -2.23%, -1.82% and -1.87%, respectively. These returns compare to the -1.87% cumulative total return of the Fund’s benchmark, the J.P. Morgan Government Bond Index – Emerging Markets (GBI-EM^SM) Global Diversified Index (Gross, USD, Unhedged) (the “Index”), during the same time period.

What economic and market factors most influenced local emerging markets debt as a whole during the Reporting Period?

When the Reporting Period began during the second quarter of 2014, local emerging markets debt generated positive returns, benefiting from currency appreciation and changes in local interest rates. In the third calendar quarter, local emerging markets debt recorded a modest decline, driven primarily by a sell-off in local currency markets. For the Reporting Period overall, the asset class, as represented by the Index, recorded a negative return, largely due to currency depreciation. Emerging markets currencies, as represented by the J.P. Morgan Emerging Local Markets Plus (ELMI+) Index, declined -1.88%. Among countries, on a total return basis, the weakest performers (in U.S. dollar terms¹) during the Reporting Period were Russia (-10.51%), Indonesia (-6.11%) and Hungary (-3.47%). The top performers were Nigeria (+13.19%), Philippines (+6.38%) and Thailand (+2.89%).

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

During the Reporting Period, the Fund was hurt by our issue selection of local emerging markets bonds. The Fund’s U.S. duration and yield curve strategy also detracted. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates a spectrum of maturities.

On the positive side, the Fund benefited from our active currency management through which the Fund takes positions in local currencies (accomplished through the use of forward foreign currency exchange contracts as well as bonds denominated in local currencies). In addition, our country and issue selection of external emerging markets debt contributed positively. Issue selection of emerging markets corporate bonds and emerging markets quasi-sovereign bonds also added to relative returns.

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

During the Reporting Period, the Fund was hindered by an underweight relative to the Index in South Korean local interest rates. The Fund was underweight because we considered valuations rich, but South Korea’s local bonds advanced during the Reporting Period. Also during the Reporting Period, the Fund was hurt by an underweight position in Polish local interest rates. We expected Poland’s economic growth to improve, thereby narrowing the country’s output gap and pushing inflation higher. However, Poland’s economic growth weakened on lower trade with Russia and slower Western European growth. Inflation also remained low, prompting the Polish central bank to cut interest rates. A position in the Polish zloty, accomplished through the use of forward foreign currency exchange contracts, also dampened relative performance. During the Reporting Period, the Fund was hampered by its position in

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

PORTFOLIO RESULTS

the Indian rupee, accomplished through the use of forward foreign currency exchange contracts. We had a positive outlook on the Indian rupee because of the Bharatiya Janata Party’s landslide election victory, which we believed would attract capital inflows and help boost economic growth. Instead, the rupee weakened after India’s central bank intervened in the foreign exchange markets.

On the positive side, the Fund benefited from its overweight in Dominican Republic local interest rates accomplished through investments in local emerging markets bonds. The Dominican Republic has reduced its fiscal and current account deficits, and we believe the country will benefit from stronger, more stable economic growth and stable-to-lower oil prices. An overweight in Mexican local interest rates, accomplished through investments in local emerging markets bonds, also added to relative results. In our view, Mexico has a conservative fiscal policy, a prudent monetary policy and an independent central bank. Its new government appears focused on a list of reforms that could improve competitiveness and increase oil production. The Fund also benefited during the Reporting Period from its overweight in Brazilian local interest rates accomplished through investments in a combination of nominal and inflation-linked Brazilian local bonds in both short-term and long-term maturities. We believe Brazil offers some of the highest real interest rates (i.e., the rate of interest an investor can expect to receive after allowing for inflation) in the world. In addition, a position in the Malaysian ringgit, accomplished through the use of forward foreign currency exchange contracts, contributed positively to relative performance. We believed the ringgit would benefit from global economic growth and the efforts of the Malaysian central bank to control inflation.

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

During the Reporting Period, the Fund’s U.S. duration and yield curve positioning detracted from relative performance. The Fund held a short duration position relative to the Index, which hurt returns as interest rates fell.

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

The Fund invested in U.S. Treasury futures, Eurodollar futures, forward foreign currency exchange contracts, interest rate swaps, credit default swaps, total return swaps, cross currency swaps, non-deliverable currency forwards and structured notes. U.S. Treasury futures were used to manage U.S. interest rate duration. Eurodollar futures were used to express our views on the direction of interest rates and to facilitate specific duration and yield curve strategies. Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S. Forward foreign currency exchange contracts were used for hedging purposes or to express a positive view on a given currency. Interest rate swaps were used to express our views on the direction of a country’s interest rates. Cross-currency swaps were employed to express relative value views on given currencies as well as our views on the direction of a country’s interest rates. Credit default swaps were used to implement specific credit-related investment strategies. Total return swaps and structured notes were used in place of buying a local currency denominated bond when a particular market was otherwise inaccessible or as a more efficient means of gaining access to a local market. Non-deliverable currency forwards were used to gain exposure to a particular country and also to take advantage of relative value opportunities.

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

During the Reporting Period, we shifted the Fund from an underweight relative to the Index in Indonesian local interest rates to an overweight position. We moved the Fund from underweight positions in Hungarian and Polish local interest rates to neutral positions. In addition, we eliminated the Fund’s overweight to Colombia local interest rates, adopting a neutral position compared to the Index. We also reduced the Fund’s overweight in Mexican local interest rates while still maintaining a small overweight position at the end of the Reporting Period. We eliminated the Fund’s position in the Malaysian ringgit during September 2014 after our views about the global growth outlook changed.

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

At the end of the Reporting Period, the Fund was underweight relative to the Index in select Asian local interest rates, such as South Korea and Malaysia. Although we believe Asia overall is likely to benefit from U.S. economic growth and increased capital expenditures, Asian yield curves were quite flat at the end of the Reporting Period and were not, in our view, pricing in potential growth. We also see relative value opportunities in idiosyncratic mispricings within local emerging markets debt. For example, at the end of the Reporting Period, the Fund was

PORTFOLIO RESULTS

overweight Brazilian interest rates because we believe Brazil’s yield curve is steeper than fundamentals would suggest. In addition, at the end of the Reporting Period, we saw opportunities in numerous long/short pairs, with exposure focused on specific currencies rather than on broad sectors. The Fund was long the Indian rupee, Polish zloty and Mexican peso at the end of the Reporting Period; it was short the Hungarian forint and Singapore dollar.

What is the Fund’s tactical view and strategy for the months ahead?

During the Reporting Period, local emerging markets debt and local currencies were buffeted by a surging U.S. dollar and a drop in commodities prices. U.S. dollar strength had exacerbated the decline in commodities prices, which also suffered because of excess supply in various segments of the market including wheat, corn and soy. In turn, lower commodities prices hindered the terms of trade of certain emerging countries and erased some of the recent reduction in their current account deficits. (Terms of trade refers to the relative price of exports in terms of imports and is defined as the ratio of export prices to import prices.) Looking ahead, we do not expect local emerging markets debt to repeat the sell-off that occurred in mid-2013 when many investors questioned the attractiveness of emerging markets debt in view of higher U.S. interest rates. At the time, there was a dramatic re-pricing both in local emerging markets debt and in the currency markets of numerous emerging market countries. Brazil, India, Indonesia, South Africa and emerging countries with current account and capital account deficits took the brunt of the weakness. Some of the same countries, specifically Brazil, Indonesia and South Africa, were among the worst currency performers during September 2014. That said, we believe the depreciation of many emerging markets currencies during the Reporting Period should help buffer their economies. In the short term, currency depreciation can improve a country’s balance of payments; over the longer term, it can make exports more competitive and help drive economic growth. At the end of the Reporting Period, we believe valuations in local emerging markets debt were at reasonable levels.

FUND BASICS

Local Emerging Markets Debt Fund

as of September 30, 2014

LOGO


PERFORMANCE REVIEW
April 1, 2014– September 30, 2014	Fund Total Return (based on NAV)¹			J.P. Morgan GBI EM^SM Global Diversified Index²			30-Day Standardized Subsidized Yield³			30-Day Standardized Unsubsidized Yield³
Class A		-1.99	%		-1.87	%		4.84	%		4.68	%
Class C		-2.23			-1.87			4.29			4.12
Institutional		-1.82			-1.87			5.43			5.26
Class IR		-1.87			-1.87			5.33			5.16

The J.P. Morgan Government Bond Index — Emerging Markets (GBI-EMSM) Global Diversified (Gross, USD, Unhedged) Index is an unmanaged index of debt instruments of 14 emerging countries. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS⁴
For the period ended 9/30/14	One Year			Five Year			Since Inception			Inception Date
Class A		-6.77	%		2.66	%		1.54	%		2/15/08
Class C		-4.05			2.88			1.52			2/15/08
Institutional		-2.03			3.99			2.60			2/15/08
Class IR		-2.12			N/A			2.08			7/30/10

⁴

FUND BASICS


EXPENSE RATIOS⁵
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.25	%		1.36	%
Class C		2.01			2.12
Institutional		0.92			1.02
Class IR		1.01			1.11

⁵


TOP TEN COUNTRY ALLOCATION⁶
	Percentage of Net Assets as of 9/30/14
Brazil		11.4	%
Indonesia		8.7
Colombia		7.8
Malaysia		6.8
Turkey		6.6
Poland		6.5
United States		6.5
Mexico		6.3
Russia		6.0
Thailand		4.8

⁶

The percentage shown for each investment category reflects the value of investments in that country as a percentage of net assets. The table does not include repurchase agreements of 7.0% as of 9/30/14. 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.

PORTFOLIO RESULTS

Goldman Sachs U.S. Mortgages Fund

Investment Objective

The Fund seeks a high level of total return consisting 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 U.S. Mortgages Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 2014 (the “Reporting Period”).

How did the Fund perform during the Reporting Period?

During the Reporting Period, the Fund’s Class A, Institutional, IR and Separate Account Institutional Shares generated cumulative total returns, without sales charges, of 2.37%, 2.64%, 2.50% and 2.55%, respectively. These returns compare to the 2.48% cumulative total return of the Fund’s benchmark, the Barclays U.S. Securitized Bond Index (with dividends reinvested) (the “Index”), during the same time period.

What economic and market factors most influenced the U.S. mortgage markets as a whole during the Reporting Period?

During the second quarter of 2014 when the Reporting Period began, the mortgage-backed securities market rallied as robust demand outstripped supply. Mortgage-backed securities spreads (or yield differentials versus U.S. Treasury securities) tightened on muted housing activity and limited supply. In the third calendar quarter, mortgage-backed securities retraced some of their gains. Mortgage-backed securities spreads versus U.S. Treasury securities widened as continued Federal Reserve (“Fed”) tapering of asset purchases increased supply. In September 2014, mortgage-backed securities performed well, as the Fed reassured the market it would continue reinvesting the principal payments from its agency mortgage-backed securities holdings.

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

During the Reporting Period, the Fund benefited from its position in the securitized sector. Our cross-sector strategy also enhanced relative returns. In our cross-sector strategy, we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark.

The management of the Fund’s duration and yield curve positioning detracted modestly from relative returns. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates a spectrum of maturities.

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

Issue selection in the securitized sector added to the Fund’s relative performance. More specifically, the Fund benefited from issue selection among agency mortgage-backed securities and its positioning in the coupon stack (i.e., across securities with different coupons). Early in the Reporting Period, the Fund was overweight relative to the Index in higher coupon agency mortgage-backed securities (or those with higher interest rates), which added to returns as higher coupon agency mortgage-backed securities benefited from lower prepayment speeds. The Fund also benefited from its overweight relative to the Index in commercial mortgage-backed securities (“CMBS”). In addition, issue selection of CMBS contributed positively.

Additionally, individual issue selection among government securities enhanced returns.

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

During the Reporting Period, the Fund’s underweighted position toward the front, or short-term, end of the U.S. Treasury yield curve modestly detracted from performance, especially as interest rates decreased during April, May and August 2014.

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

The Fund used U.S. Treasury futures to hedge interest rate exposure and to facilitate specific duration and yield curve

PORTFOLIO RESULTS

strategies. It used Eurodollar futures to express our views on the direction of interest rates and to facilitate specific duration and yield curve strategies. Eurodollar futures are contracts that have underlying assets linked to time deposits denominated in U.S. dollars at banks outside the U.S. Interest rate swaps were used to hedge interest rate exposure and express an outright term structure view. (Term structure, most often depicted as a yield curve, refers to the terms structure of interest rates, which is the relationship between the yield to the maturity and the time to maturity for pure discount bonds.) The Fund used mortgage-backed securities forward agreements (known as “TBAs”) to efficiently manage certain of its mortgage-backed securities positions. It used swaptions to hedge volatility and yield curve risks in the Fund and/or to express tactical views on rate markets.

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

For most of the Reporting Period, the Fund generally held an underweight relative to the Index in agency mortgage-backed securities — occasionally shifting the size of that underweight position — as we deemed necessary, based on our views of potential market reaction to Fed tapering comments and developments affecting the mortgage-backed securities market, such as news about issuance. In addition, we increased the Fund’s short duration bias during the Reporting Period.

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

At the end of the Reporting Period, the Fund was overweight relative to the Index in CMBS. It was underweight compared to the Index in pass-through mortgage-backed securities and asset-backed securities. (Pass-through mortgage securities 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.) At the end of the Reporting Period, the Fund also had positions in agency collateralized mortgage obligations and Federal Family Education Loan Program (“FFELP”) student loan asset-backed securities, which are not represented in the Index.

What is the Fund’s tactical view and strategy for the months ahead?

At the end of the Reporting Period, we expected to maintain the Fund’s underweight allocation to agency mortgage-backed securities, as we believe an increase in supply through the end of 2014 could push mortgage-backed securities spreads wider. Within the Fund’s underweight position, we favor higher coupon agency mortgage-backed securities because we believe prepayment rates should remain relatively benign and volatility may continue to increase within the mortgage-backed securities market. Elsewhere, we favor senior collateralized loan obligations, based on our view that corporate default rates will likely remain low. We continue to see attractive opportunities within non-agency residential mortgage-backed securities, as borrower performance continues to improve. In addition, we continue to find value in certain legacy CMBS (in general, CMBS that were issued in 2006 or earlier) as well as certain single-asset, single-loan CMBS. (Single-asset, single-loan CMBS have a relatively small number of underlying loans or issuers, often only one.)

FUND BASICS

U.S. Mortgages Fund

as of September 30, 2014

LOGO


PERFORMANCE REVIEW
April 1, 2014– September 30, 2014	Fund Total Return (based on NAV)¹			Barclays U.S. Securitized Bond Index²			30-Day Standardized Subsidized Yield³			30-Day Standardized Unsubsidized Yield³
Class A		2.37	%		2.48	%		1.33	%		1.08	%
Institutional		2.64			2.48			1.74			1.49
Class IR		2.50			2.48			1.63			1.37
Separate Account Institutional		2.55			2.48			1.74			1.49

The Barclays U.S. Securitized Bond Index (with dividends reinvested) is an unmanaged composite of asset-backed securities, collateralized mortgage-backed securities and fixed rate mortgage-backed securities. The index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.


STANDARDIZED TOTAL RETURNS⁴
For the period ended 9/30/14	One Year			Five Years			Ten Years			Since Inception			Inception Date
Class A		0.23	%		3.44	%		3.66	%		3.81	%		11/3/03
Institutional		4.53			4.63			4.45			4.57			11/3/03
Class IR		4.43			N/A			N/A			3.52			7/29/11
Separate Account Institutional		4.43			4.60			4.47			4.58			11/3/03

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. 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 return figures shown. Because Institutional, Separate Account Institutional and Class IR Shares do not involve a sales charge, such a charge is not applied to their Standardized Total Returns.

FUND BASICS


EXPENSE RATIOS⁵
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.72	%		0.96	%
Institutional		0.38			0.63
Class IR		0.49			0.73
Separate Account Institutional		0.38			0.62

⁵

FUND COMPOSITION⁶

Percentage of Net Assets

LOGO

⁶

⁷

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

⁸

“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.

GOLDMAN SACHS DYNAMIC EMERGING MARKETS DEBT FUND

Schedule of Investments

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	Sovereign Debt Obligations – 56.6%
	Argentina^(a) – 0.9%
	Republic of Argentina (NR/NR)
$	3,010,000		0.000	%		12/15/35	$	228,760
EUR	160,000		0.000			12/15/35		14,955

								243,715

	Brazil – 3.5%
	Brazil Letras do Tesouro Nacional (BBB+/Baa2)
BRL	2,000		0.000	^(b)		01/01/15		795
	Brazil Notas do Tesouro Nacional (BBB+/Baa2)
	155,213		6.000			08/15/22		63,425
	1,308,000		10.000			01/01/23		470,573
	1,172,720		6.000			08/15/50		462,125

								996,918

	Bulgaria – 0.4%
	Republic of Bulgaria (BBB-/Baa2)
EUR	100,000		2.950			09/03/24		126,463

	Colombia – 2.7%
	Republic of Colombia (BBB+/Baa2)
COP	222,800,000		8.000			10/28/15		113,573
	12,300,000		11.250			10/24/18		7,247
	992,700,000		7.000			05/04/22		496,190
	13,700,000		7.500			08/26/26		6,906
	372,900,000		6.000			04/28/28		163,430

								787,346

	Costa Rica – 0.3%
	Republic of Costa Rica (BB/Ba1)
$	70,000		9.995			08/01/20		88,550

	Croatia – 1.7%
	Republic of Croatia (BB/Ba1)
	470,000		6.250			04/27/17		499,375

	Dominican Republic – 0.9%
	Dominican Republic (NR/NR)
DOP	5,700,000		14.500			02/10/23		149,533
	300,000		18.500			02/04/28		9,248
	Dominican Republic (B+/B1)^(c)
$	100,000		7.450			04/30/44		107,000

								265,781

	El Salvador – 0.1%
	El Salvador Government International Bond (BB-/Ba3)
	20,000		6.375	^(c)		01/18/27		20,000
	10,000		7.650			06/15/35		10,700
	10,000		7.650	^(c)		06/15/35		10,700

								41,400

	Gabon – 0.4%
	Republic of Gabon (BB-/NR)
	100,000		8.200			12/12/17		113,100

	Ghana^(c) – 0.7%
	Republic of Ghana (B/B2)
	200,000		8.125			01/18/26		200,500


	Sovereign Debt Obligations – (continued)
	Hungary – 1.1%
	Hungary Government Bond (BB/NR)
HUF	170,000		5.500	%		06/24/25	$	737
	Hungary Government Bond (BB/Ba1)
	9,340,000		7.500			11/12/20		45,041
$	50,000		4.000			03/25/19		51,063
HUF	4,380,000		6.000			11/24/23		19,738
	29,760,000		6.500			06/24/19		135,495
	5,700,000		7.000			06/24/22		27,034
	4,980,000		5.500			12/20/18		21,966

								301,074

	Indonesia – 2.9%
	Indonesia Government Bond (NR/Baa3)
IDR	1,000,000,000		5.625			05/15/23		67,706
	2,343,000,000		6.125			05/15/28		150,079
	Republic of Indonesia (BB+/Baa3)
$	140,000		5.875			03/13/20		153,825
	240,000		5.875	^(c)		01/15/24		264,000
	210,000		5.250			01/17/42		201,600

								837,210

	Israel^(b) – 0.9%
	Israel Government Bond (NR/NR)
ILS	940,000		0.000			05/06/15		254,924

	Ivory Coast^(c) – 0.7%
	Ivory Coast Government International Bond (NR/B1)
$	200,000		5.375			07/23/24		190,000

	Lithuania – 0.4%
	Republic of Lithuania (A-/Baa1)
	100,000		7.375			02/11/20		120,482

	Malaysia – 2.8%
	Federation of Malaysia (NR/NR)^(b)
MYR	1,730,000		0.000			01/20/15		522,181
	Malaysia Government Bond (NR/A3)
	120,000		4.160			07/15/21		37,227
	Malaysia Government Bond (NR/NR)
	50,000		3.418			08/15/22		14,734
	110,000		3.480			03/15/23		32,512
	160,000		3.889			07/31/20		48,966
	130,000		4.181			07/15/24		40,482
	10,000		4.048			09/30/21		3,091
	290,000		3.654			10/31/19		88,277

								787,470

	Mexico – 7.4%
	United Mexican States (BBB+/A3)
$	220,000		3.625			03/15/22		223,300
	United Mexican States (NR/A3)
MXN	7,813,900		4.750			06/14/18		578,057
	United Mexican States (A/A3)
	66,100		8.500			05/31/29		5,816
	202,700		7.500			06/03/27		16,527
	521,400		8.500			11/18/38		45,972
	1,848,300		10.000			11/20/36		186,496
	2,964,400		8.000			12/07/23		250,655
	625,061		5.000			06/16/16		50,551


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

GOLDMAN SACHS DYNAMIC EMERGING MARKETS DEBT FUND


Principal Amount		Interest Rate			Maturity Date		Value

	Sovereign Debt Obligations – (continued)
	Mexico – (continued)
	United Mexican States (A/A3) – (continued)
MXN	168,823		3.500	%		12/14/17	$	13,622
	1,350,000		8.500			12/13/18		113,691
	1,236,600		7.750			12/14/17		100,481
	1,044,100		10.000			12/05/24		100,771
	United Mexican States (NR/NR)^(b)
	5,729,630		0.000			10/16/14		425,478
	79,350		0.000			12/24/14		5,860

								2,117,277

	Nigeria – 0.8%
	Nigeria Government Bond (NR/NR)^(b)
NGN	11,820,000		0.000			05/07/15		67,684
	Nigeria Government Bond^(b)
	4,850,000		0.000			06/04/15		27,525
	Nigeria Government Bond (NR/NR)
	14,120,000		0.000	^(b)		09/03/15		78,005
	6,490,000		16.000			06/29/19		45,202

								218,416

	Panama – 0.8%
	Panama Notas del Tesoro (NR/NR)
$	30,000		4.875			02/05/21		31,616
	Republic of Panama (BBB/Baa2)
	100,000		7.125			01/29/26		125,750
	50,000		8.875			09/30/27		71,125

								228,491

	Paraguay – 1.1%
	Republic of Paraguay (BB/Ba2)
	200,000		4.625			01/25/23		203,500
	100,000		6.100	^(c)		08/11/44		105,750

								309,250

	Peru – 0.7%
	Republic of Peru (BBB+/A3)
	170,000		8.375			05/03/16		188,496
	Republic of Peru (A-/A3)
PEN	4,000		8.200			08/12/26		1,650
	4,000		6.900			08/12/37		1,396
	Republic of Peru (NR/A3)
	1,000		6.950			08/12/31		359

								191,901

	Philippines – 0.5%
	Republic of Philippines (BBB/Baa3)
$	110,000		6.375			10/23/34		138,600

	Poland – 3.3%
	Poland Government Bond (A/NR)
PLN	710,000		3.250			07/25/19		222,755
	560,000		3.250			07/25/25		172,252
	Poland Government Bond (A/A2)
	150,000		5.250			10/25/20		52,047
	148,000		5.750			10/25/21		53,126
	1,030,000		5.750			09/23/22		373,803
	210,000		4.000			10/25/23		68,403

								942,386


	Sovereign Debt Obligations – (continued)
	Romania – 1.4%
	Republic of Romania (NR/NR)
RON	250,000		5.900	%		07/26/17	$	77,014
	200,000		4.750			06/24/19		60,505
	270,000		5.950			06/11/21		85,942
	20,000		5.850			04/26/23		6,424
	Republic of Romania (BBB-/Baa3)
EUR	60,000		4.875			11/07/19		85,976
	30,000		3.625			04/24/24		40,356
	40,000		4.625			09/18/20		57,248

								413,465

	Russia – 4.1%
	Russian Federation Bond (BBB/Baa1)
RUB	4,610,000		7.600			07/20/22		105,285
	280,000		7.600			04/14/21		6,498
	2,500,000		7.000			08/16/23		54,570
	Russian Federation Bond (NR/Baa1)
	6,900,000		7.050			01/19/28		145,264
	12,550,000		7.000			01/25/23		274,441
	Russian Federation Bond (BBB-/Baa1)
$	400,000		4.875			09/16/23		393,000
	200,000		4.500			04/04/22		194,250

								1,173,308

	South Africa – 4.9%
	Republic of South Africa (NR/Baa1)
ZAR	780,000		7.000			02/28/31		58,725
	2,140,000		6.750			03/31/21		178,764
	Republic of South Africa (BBB+/Baa1)
	340,000		8.000			12/21/18		30,627
	1,362,000		7.250			01/15/20		118,108
	Republic of South Africa (BBB-/Baa1)
$	200,000		5.375			07/24/44		199,750
	150,000		5.875			05/30/22		165,375
	Republic of South Africa (NR/NR)
ZAR	700,000		8.750			02/28/48		60,411
	3,130,000		8.000			01/31/30		260,305
	3,240,000		8.250			03/31/32		269,796
	670,000		8.750			01/31/44		57,246

								1,399,107

	Sri Lanka^(c) – 0.7%
	Republic of Sri Lanka (B+/B1)
$	200,000		6.000			01/14/19		209,250

	Thailand – 3.2%
	Thailand Government Bond (NR/Baa1)
THB	9,010,000		3.450			03/08/19		282,664
	722,631		1.250			03/12/28		20,539
	Thailand Government Bond (A-/Baa1)
	4,980,000		3.625			06/16/23		156,452
	3,443,296		1.200			07/14/21		103,141
	5,215,000		3.650			12/17/21		165,117
	5,730,000		3.875			06/13/19		183,863

								911,776


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

GOLDMAN SACHS DYNAMIC EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	Sovereign Debt Obligations – (continued)
	Turkey – 5.1%
	Republic of Turkey (NR/Baa3)
$	100,000		5.625	%		03/30/21	$	106,250
	200,000		5.750			03/22/24		212,000
	Turkey Government Bond (NR/NR)
TRY	525,000		6.500			01/07/15		228,825
	305,000		5.000			05/13/15		130,176
	150,000		9.000			03/08/17		65,214
	450,000		8.300			06/20/18		189,810
	550,000		8.800			11/14/18		235,252
	340,000		10.400			03/27/19		153,643
	260,000		8.500			07/10/19		109,154
	60,000		7.100			03/08/23		22,369

								1,452,693

	Ukraine – 0.7%
	Ukraine Government Bond (CCC/Caa3)
$	150,000		6.580			11/21/16		127,500
	100,000		6.750			11/14/17		84,750

								212,250

	Uruguay – 1.1%
	Republic of Uruguay (BBB-/Baa2)
	270,911		4.500			08/14/24		283,779
	40,000		5.100			06/18/50		38,800

								322,579

	Venezuela – 0.4%
	Republic of Venezuela (CCC+/Caa1)
	110,000		7.750			10/13/19		78,375
	39,000		9.250			09/15/27		27,982
	10,000		9.250			05/07/28		6,850

								113,207

	TOTAL SOVEREIGN DEBT OBLIGATIONS
	(Cost $16,752,522)						$	16,208,264


	Corporate Obligations – 28.4%
	Brazil – 1.4%
	Banco do Estado do Rio Grande do Sul SA (NR/Ba1)
$	200,000		7.375	%		02/02/22	$	208,858
	Brazil Minas SPE via State of Minas Gerais (BBB-/NR)
	200,000		5.333			02/15/28		198,000

								406,858

	British Virgin Islands – 0.3%
	Arcos Dorados Holdings, Inc. (NR/Ba2)
	100,000		6.625			09/27/23		97,250

	Canada – 1.2%
	Pacific Rubiales Energy Corp. (BB+/Ba2)^(c)(d)
	100,000		5.375			01/26/19		100,750
	PTTEP Canada International Finance Ltd. (BBB+/Baa1)
	200,000		6.350			06/12/42		233,136

								333,886


	Corporate Obligations – (continued)
	Chile – 3.7%
	AES Gener SA (BBB-/Baa3)
$	170,000		5.250	%		08/15/21	$	177,599
	Corpbanca SA (NR/Baa3)^(c)
	200,000		3.875			09/22/19		200,700
	ENTEL Chile SA (BBB/Baa2)^(c)
	210,000		4.875			10/30/24		215,712
	GNL Quintero SA (BBB/Baa2)^(c)
	290,000		4.634			07/31/29		288,187
	Sociedad Quimica y Minera de Chile SA (BBB/Baa1)
	200,000		3.625			04/03/23		192,000

								1,074,198

	Colombia – 0.9%
	Bancolombia SA (NR/Baa2)
	100,000		5.950			06/03/21		109,500
	Ecopetrol SA (BBB/Baa2)
	50,000		7.375			09/18/43		60,454
	Empresas Publicas de Medellin ESP (NR/Baa3)^(c)(d)
COP	164,000,000		7.625			09/10/24		81,336

								251,290

	Costa Rica^(c) – 0.7%
	Banco Nacional de Costa Rica (NR/Ba1)
$	200,000		6.250			11/01/23		200,500

	Dominican Republic^(d)(e) – 0.7%
	Aeropuertos Dominicanos Siglo XXI SA (B+/B1)
	200,000		9.750			11/13/19		192,000

	Hong Kong – 2.8%
	China Unicom Ltd. (NR/NR)
CNH	1,000,000		4.000			04/16/17		161,118
	CITIC Pacific Ltd. (BBB+/A3)
$	400,000		6.375			04/10/20		450,684
	Sinopec Group Overseas Development 2013 Ltd. (AA-/Aa3)^(c)
	200,000		4.375			10/17/23		206,608

								818,410

	Ireland – 0.7%
	VIP Finance Ireland Ltd. for OJSC Vimpel Communications (BB/Ba3)
	200,000		7.748			02/02/21		205,250

	Israel – 1.5%
	Delek & Avner Tamar Bond Ltd. (BBB-/Baa3)^(c)
	100,000		2.803			12/30/16		99,750
	100,000		3.839			12/30/18		100,000
	Israel Electric Corp. Ltd. (BBB-/Baa3)
	200,000		7.250			01/15/19		224,700

								424,450

	Ivory Coast^(c) – 0.4%
	Agromercantil Senior Trust (BB/NR)
	100,000		6.250			04/10/19		103,977

	Jamaica^(c)(d) – 0.7%
	Digicel Group Ltd. (NR/Caa1)
	200,000		8.250			09/30/20		205,500


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

GOLDMAN SACHS DYNAMIC EMERGING MARKETS DEBT FUND


Principal Amount		Interest Rate			Maturity Date		Value

	Corporate Obligations – (continued)
	Kazakhstan – 1.0%
	KazMunayGas National Co. (BBB-/Baa3)
$	270,000		11.750	%		01/23/15	$	277,762

	Luxembourg^(c)(d) – 1.2%
	Tupy Overseas SA (BB-/NR)
	200,000		6.625			07/17/24		204,000
	Wind Acquisition Finance SA (BB/Ba3)
EUR	110,000		4.000			07/15/20		136,831

								340,831

	Mexico �� 1.5%
	America Movil SAB de CV (A-/A2)
MXN	2,000,000		6.000			06/09/19		149,953
	Cemex SAB de CV (B+/NR)^(c)(d)
EUR	100,000		4.750			01/11/22		126,621
	Petroleos Mexicanos (BBB+/A3)
$	20,000		3.500			07/18/18		20,730
	18,000		6.000			03/05/20		20,385
	90,000		6.375	^(c)		01/23/45		101,772

								419,461

	Netherlands – 1.5%
	Listrindo Capital BV (BB-/Ba2)^(d)
	200,000		6.950			02/21/19		211,500
	Lukoil International Finance BV (BBB-/Baa2)
	200,000		6.125			11/09/20		200,500
	Petrobras Global Finance BV (BBB-/Baa1)
	10,000		4.875			03/17/20		10,051

								422,051

	Paraguay^(c) – 0.6%
	Banco Regional SAECA (BB-/Ba2)
	150,000		8.125			01/24/19		164,250

	Peru – 2.2%
	Abengoa Transmision Sur SA (BBB-/NR)^(c)
	200,000		6.875			04/30/43		221,000
	Corp Lindley S.A. (BB+/NR)
	310,000		6.750			11/23/21		341,000
	SAN Miguel Industrias Pet SA (NR/Ba2)^(c)(d)
	60,000		7.750			11/06/20		64,800

								626,800

	Philippines – 0.4%
	Energy Development Corp. (NR/NR)
	100,000		6.500			01/20/21		108,500

	Singapore^(d) – 0.5%
	Berau Capital Resources Pte Ltd. (B/B2)
	100,000		12.500			07/08/15		77,500
	Olam International Ltd. (NR/NR)
	70,000		6.750			01/29/18		72,537

								150,037

	Thailand^(a)(c)(d) – 0.7%
	PTT Exploration & Production PCL (BBB-/Baa3)
	200,000		4.875			06/18/49		202,050


	Corporate Obligations – (continued)
	United Arab Emirates – 2.3%
	Dolphin Energy Ltd. (NR/A1)
$	400,000		5.500	%		12/15/21	$	448,040
	Ruwais Power Co. PJSC (A-/A3)^(c)
	200,000		6.000			08/31/36		224,000

								672,040

	United States^(c) – 1.2%
	Brazil Loan Trust 1 (BBB-/NR)
	150,000		5.477			07/24/23		153,750
	Cemex Finance LLC (B+/NR)^(d)
EUR	100,000		5.250			04/01/21		128,989
	YPF SA (NR/Caa1)
$	40,000		8.875			12/19/18		41,600
	20,000		8.750			04/04/24		20,221

								344,560

	Venezuela – 0.3%
	Petroleos de Venezuela SA (CCC+/NR)
	80,000		6.000			05/16/24		40,900
	50,000		6.000			11/15/26		25,188
	Petroleos de Venezuela SA (NR/Caa1)
	46,000		9.750			05/17/35		29,693

								95,781

	TOTAL CORPORATE OBLIGATIONS
	(Cost $8,097,028)						$	8,137,692


	Structured Notes^(c) – 3.4%
	Indonesia – 3.4%
	Republic of Indonesia (Issuer Deutsche Bank AG (London) (NR/NR)
IDR	2,200,000,000		8.250	%		06/17/32	$	168,363
	Republic of Indonesia (Issuer JPMorgan Chase Bank NA) (NR/NR)
	1,500,000,000		9.000			03/19/29		123,410
	Republic of Indonesia (Issuer Standard Chartered Bank) (NR/NR)
	1,000,000,000		8.375			03/19/24		81,124
	1,043,000,000		8.375			03/19/24		84,613
	1,042,000,000		8.375			03/19/24		84,532
	1,000,000,000		8.375			03/19/24		81,124
	1,005,000,000		9.000			03/19/29		82,685
	2,291,000,000		9.000			03/19/29		188,488
	1,026,000,000		9.000			03/19/29		84,412

	TOTAL STRUCTURED NOTES
	(Cost $1,136,786)						$	978,751


	Municipal Debt Obligations – 2.5%
	Puerto Rico – 2.5%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2008 A (BB-/Caa1)
$	40,000		6.000	%		07/01/44	$	29,500


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

GOLDMAN SACHS DYNAMIC EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	Municipal Debt Obligations – (continued)
	Puerto Rico – (continued)
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2012 A (BB-/Caa1)
$	5,000		5.125	%		07/01/37	$	3,562
	20,000		5.250			07/01/42		14,250
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2012 D (BB-/Caa1)
	5,000		5.000			07/01/33		3,550
	Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2012 A (BB/B2)
	10,000		5.125			07/01/37		7,475
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2012 A (BB/B2)
	15,000		5.500			07/01/26		11,935
	15,000		5.500			07/01/39		11,211
	Puerto Rico Commonwealth GO Bonds Series 2008 A (BB/B2)
	15,000		5.375			07/01/33		11,293
	Puerto Rico Commonwealth GO Bonds Series 2014 A (BB/B2)
	385,000		8.000			07/01/35		338,808
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2009 A (BBB-/B1)
	30,000		0.000	^(b)		08/01/32		23,605
	20,000		5.750			08/01/37		16,331
	35,000		6.000			08/01/42		28,078
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 A (BBB-/B1)
	15,000		5.500			08/01/37		11,757
	55,000		5.375			08/01/39		41,966
	20,000		5.500			08/01/42		15,276
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 C (BBB-/B1)
	5,000		5.000			08/01/35		3,809
	5,000		5.375			08/01/38		3,878
	10,000		6.000			08/01/39		8,186
	30,000		5.250			08/01/41		22,136
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2011 A-1 (BBB-/B1)
	35,000		5.000			08/01/43		25,074
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Unrefunded SubSeries 2009 A (BBB-/B1)
	45,000		5.500			08/01/28		38,016
	35,000		6.125			08/01/29		29,760

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $703,466)						$	699,456



	U.S. Treasury Obligation – 0.8%
	United States Treasury Bond
$	200,000		3.750	%		11/15/43	$	221,042
	(Cost $197,900)

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $26,887,702)						$	26,245,205


	Short-term Investment^(f) – 6.3%
	Repurchase Agreement – 6.3%
	Joint Repurchase Agreement Account II
$	1,800,000		0.012	%		10/01/14	$	1,800,000
	(Cost $1,800,000)

	TOTAL INVESTMENTS – 98.0%
	(Cost $28,687,702)						$	28,045,205

	OTHER ASSETS IN EXCESS OF
	LIABILITIES – 2.0%							570,254

	NET ASSETS – 100.0%						$	28,615,459


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 or distribution rate disclosed is that which is in effect at September 30, 2014.
(b)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(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 $5,678,855, which represents approximately 19.8% of net assets as of September 30, 2014.
(d)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(e)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at September 30, 2014.
(f)		Joint repurchase agreement was entered into on September 30, 2014. Additional information appears on page 123.

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


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

GOLDMAN SACHS DYNAMIC EMERGING MARKETS DEBT FUND



Currency Abbreviations:
AUD		—Australian Dollar
BRL		—Brazilian Real
CLP		—Chilean Peso
CNH		—Chinese Yuan Renminbi Offshore
COP		—Colombian Peso
DOP		—Dominican Peso
EUR		—Euro
HUF		—Hungarian Forint
IDR		—Indonesian Rupiah
ILS		—Israeli Shekel
INR		—Indian Rupee
JPY		—Japanese Yen
KRW		—South Korean Won
MXN		—Mexican Peso
MYR		—Malaysian Ringgit
NGN		—Nigerian Naira
PEN		—Peruvian Nuevo Sol
PHP		—Philippine Peso
PLN		—Polish Zloty
RON		—New Romanian Leu
RUB		—Russian Ruble
SGD		—Singapore Dollar
THB		—Thai Baht
TRY		—Turkish Lira
TWD		—Taiwan Dollar
USD		—U.S. Dollar
ZAR		—South African Rand

Investment Abbreviations:
CLICP		—Sinacofi Chile Interbank Rate
GO		—General Obligation
JIBAR		—Johannesburg Interbank Agreed Rate
KWCDC		—South Korean Won Certificate of Deposit
LIBOR		—London Interbank Offered Rate
NR		—Not Rated
RB		—Revenue Bond
TIIE		—La Tasa de Interbank Equilibrium Interest Rate


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

GOLDMAN SACHS DYNAMIC EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2014, 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	USD/EUR		12/17/14	$	990,788	$	32,577
	USD/JPY		12/17/14		49,860		1,140
	USD/MYR		10/03/14		68,688		912
Barclays Bank PLC	USD/AUD		12/17/14		57,649		2,367
	USD/ILS		12/17/14		108,224		7,505
	USD/INR		10/07/14		200,827		3,173
	USD/INR		10/27/14		99,412		1,588
	USD/KRW		10/27/14		150,053		1,447
	USD/MYR		10/03/14		270,931		1,350
	ZAR/USD		12/17/14		95,125		125
BNP Paribas SA	EUR/PLN		12/17/14		99,629		208
	EUR/USD		12/17/14		101,101		14
	MXN/USD		12/17/14		76,934		386
	USD/AUD		12/17/14		195,029		5,227
	USD/BRL		10/22/14		98,133		2,867
	USD/COP		10/24/14		64,174		2,855
	USD/MXN		12/17/14		60,774		1,538
	USD/MYR		10/20/14		99,399		1,601
	USD/RUB		10/02/14		57,449		3,551
	USD/RUB		10/27/14		198,620		3,380
	USD/TRY		12/17/14		37,872		1,848
Citibank NA (London)	PHP/USD		10/20/14		50,010		10
	USD/ILS		05/06/15		124,946		5,671
	USD/INR		10/14/14		201,470		3,530
	USD/PHP		10/14/14		49,821		1,179
	USD/SGD		12/17/14		178,720		2,993
	USD/TRY		12/17/14		98,708		3,292
	USD/TWD		10/17/14		199,895		2,105
	USD/TWD		10/20/14		199,232		1,768
Credit Suisse International (London)	COP/USD		11/04/14		110,591		96
	USD/RUB		10/02/14		96,904		5,096
Deutsche Bank AG (London)	MXN/USD		12/17/14		200,335		1,324
	USD/CNH		12/17/14		572,874		2,647
	USD/EUR		12/17/14		49,287		1,229
	USD/IDR		10/31/14		139,496		5,516
	USD/INR		10/07/14		66,922		319
	USD/KRW		10/14/14		200,789		4,211
	USD/MXN		12/17/14		240,549		3,230
	USD/MYR		10/07/14		309,529		8,009
	USD/PHP		10/14/14		49,831		1,169
	USD/PHP		10/20/14		99,597		1,403
	USD/PLN		12/17/14		121,108		2,672
	USD/RUB		10/17/14		25,440		30
	USD/RUB		11/17/14		95,012		6,765
	USD/ZAR		12/17/14		76,622		3,676
HSBC Bank PLC	TRY/USD		12/17/14		58,056		56
	TWD/USD		10/20/14		102,064		64
	USD/CNH		12/17/14		406,569		431
	USD/JPY		12/17/14		48,928		1,072


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

GOLDMAN SACHS DYNAMIC EMERGING MARKETS DEBT 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/KRW		10/22/14	$	30,086	$	381
	USD/KRW		10/23/14		70,092		908
	USD/MXN		12/17/14		43,154		1,155
	USD/RUB		10/24/14		25,341		659
	USD/RUB		11/17/14		130,830		10,882
	USD/SGD		12/17/14		227,714		4,279
	USD/TRY		12/17/14		40,344		2,035
	USD/ZAR		12/17/14		122,478		6,387
JPMorgan Chase Bank (London)	MXN/USD		12/17/14		102,337		337
	USD/EUR		12/17/14		50,550		423
	USD/IDR		10/31/14		70,281		1,417
	USD/INR		10/29/14		150,183		1,817
	USD/JPY		12/17/14		195,058		8,790
	USD/MXN		12/17/14		515,216		8,984
	USD/RUB		10/20/14		49,632		1,368
	USD/RUB		11/17/14		93,034		5,947
	USD/TRY		12/17/14		197,043		7,957
Merrill Lynch International Bank Ltd.	COP/USD		10/31/14		47,867		128
Morgan Stanley & Co. International PLC	BRL/USD		11/03/14		161,094		94
	TWD/USD		10/17/14		202,107		107
	USD/AUD		12/17/14		18,396		633
	USD/ILS		12/17/14		175,753		10,782
	USD/PHP		10/31/14		58,326		2,214
	USD/TRY		12/17/14		97,153		4,847
Royal Bank of Canada	USD/AUD		12/17/14		100,127		369
	USD/JPY		12/17/14		25,307		193
Royal Bank of Scotland PLC	USD/EUR		12/17/14		49,287		1,251
	USD/JPY		12/17/14		24,667		108
	USD/TRY		12/17/14		198,468		4,532
Standard Chartered Bank	NGN/USD		12/16/14		34,864		17
	USD/AUD		12/17/14		49,086		1,999
	USD/CNH		12/17/14		402,689		1,311
	USD/COP		10/24/14		90,098		7,430
	USD/EUR		12/17/14		49,287		1,348
	USD/IDR		10/31/14		90,225		3,774
	USD/MXN		12/17/14		39,863		513
	USD/TRY		12/17/14		36,918		1,895
	USD/ZAR		12/17/14		33,705		888
State Street Bank and Trust	AUD/USD		12/17/14		50,499		241
	USD/JPY		12/17/14		147,547		3,453
UBS AG (London)	USD/BRL		10/14/14		200,851		2,149
	USD/ILS		05/06/15		130,299		7,543
Westpac Banking Corp.	AUD/USD		12/17/14		100,997		256
	USD/AUD		12/17/14		66,467		2,577
	USD/EUR		12/17/14		2,072,567		48,767
	USD/MYR		10/20/14		96,973		1,894
	USD/SGD		12/17/14		198,741		3,750
TOTAL						$	324,011


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

GOLDMAN SACHS DYNAMIC EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

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	EUR/USD		12/17/14	$	247,697	$	(4,387	)
	HUF/USD		12/17/14		99,119		(1,881	)
Barclays Bank PLC	EUR/PLN		12/17/14		202,344		(1,406	)
	EUR/USD		12/17/14		49,287		(1,147	)
	ILS/USD		12/17/14		56,072		(1,699	)
	INR/USD		10/07/14		169,211		(1,891	)
	INR/USD		10/27/14		137,662		(2,493	)
	JPY/USD		12/17/14		48,966		(2,034	)
	MYR/USD		10/07/14		433,965		(12,483	)
	MYR/USD		10/20/14		80,880		(120	)
	MYR/USD		10/29/14		305,907		(1,379	)
	MYR/USD		10/31/14		203,962		(6,132	)
	PLN/USD		12/17/14		244,394		(8,031	)
	TWD/USD		10/27/14		100,331		(669	)
BNP Paribas SA	AUD/USD		12/17/14		49,628		(831	)
	BRL/USD		10/24/14		94,154		(7,559	)
	HUF/USD		12/17/14		45,488		(1,154	)
	ILS/USD		12/17/14		150,058		(1,942	)
	INR/USD		10/14/14		49,590		(675	)
	PLN/USD		12/17/14		246,379		(5,683	)
Citibank NA (London)	AUD/USD		12/17/14		49,628		(738	)
	ILS/USD		12/17/14		89,740		(2,260	)
	MYR/USD		10/03/14		269,619		(6,481	)
	PHP/USD		10/29/14		49,809		(191	)
Credit Suisse International (London)	COP/USD		10/03/14		110,897		(5,731	)
	COP/USD		11/04/14		54,837		(163	)
	PEN/USD		11/18/14		32,060		(1,067	)
	RUB/USD		10/02/14		95,669		(6,331	)
	RUB/USD		10/27/14		196,239		(5,761	)
	USD/COP		10/03/14		110,897		(81	)
Deutsche Bank AG (London)	AUD/USD		12/17/14		96,644		(3,774	)
	BRL/USD		10/24/14		145,253		(12,041	)
	EUR/USD		12/17/14		298,247		(6,032	)
	HUF/USD		12/17/14		81,056		(1,356	)
	IDR/USD		10/31/14		140,945		(4,058	)
	IDR/USD		11/03/14		100,836		(164	)
	INR/USD		10/29/14		66,504		(487	)
	MYR/USD		10/31/14		18,658		(726	)
	PHP/USD		10/20/14		101,932		(68	)
	PLN/USD		12/17/14		183,303		(6,577	)
	RUB/USD		10/02/14		58,487		(3,070	)
	THB/USD		10/31/14		45,883		(173	)
	TRY/USD		12/17/14		29,469		(770	)
HSBC Bank PLC	EUR/USD		12/17/14		149,124		(2,395	)
	HUF/USD		12/17/14		47,399		(1,475	)
	INR/USD		10/27/14		127,274		(1,967	)
	RON/USD		12/17/14		85,408		(1,808	)
	RUB/USD		10/17/14		48,556		(1,444	)
	RUB/USD		10/24/14		64,157		(1,843	)
	SGD/USD		12/17/14		200,325		(1,675	)
JPMorgan Chase Bank (London)	JPY/USD		12/17/14		196,279		(4,721	)
	MXN/USD		12/17/14		87,222		(1,394	)


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

GOLDMAN SACHS DYNAMIC EMERGING MARKETS DEBT 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
JPMorgan Chase Bank (London) (continued)	MYR/USD		10/03/14	$	70,000	$	(1,524	)
	MYR/USD		10/20/14		50,820		(180	)
	RUB/USD		11/17/14		389,978		(16,007	)
	TRY/USD		12/17/14		113,578		(2,422	)
	USD/MXN		12/17/14		303,658		(658	)
Merrill Lynch International Bank Ltd.	COP/USD		10/02/14		47,983		(2,034	)
	HUF/USD		12/17/14		105,944		(886	)
	USD/COP		10/02/14		47,983		(86	)
Morgan Stanley & Co. International PLC	AUD/USD		12/17/14		48,757		(1,729	)
	BRL/USD		10/27/14		98,849		(2,151	)
	EUR/HUF		12/17/14		51,522		(972	)
	EUR/USD		12/17/14		303,303		(1,589	)
	INR/USD		10/27/14		128,211		(2,077	)
	KRW/USD		10/27/14		99,057		(1,943	)
	PHP/USD		10/31/14		117,280		(1,198	)
Royal Bank of Canada	EUR/USD		12/17/14		101,101		(1,901	)
	JPY/USD		12/17/14		97,438		(4,562	)
	MXN/USD		12/17/14		187,146		(1,141	)
	PEN/USD		10/24/14		32,075		(1,027	)
	ZAR/USD		12/17/14		493,470		(26,276	)
Royal Bank of Scotland PLC	TRY/USD		12/17/14		488,769		(15,536	)
	USD/TRY		12/17/14		102,372		(372	)
Standard Chartered Bank	CLP/USD		10/24/14		31,937		(2,244	)
	CNH/USD		12/17/14		406,789		(2,211	)
	COP/USD		10/24/14		139,071		(5,817	)
	INR/USD		10/14/14		278,888		(3,081	)
	JPY/USD		12/17/14		148,686		(5,314	)
	KRW/USD		10/14/14		100,940		(60	)
	MXN/USD		12/17/14		100,024		(976	)
	PEN/USD		10/31/14		143,803		(477	)
	PLN/USD		12/17/14		231,098		(7,327	)
	TRY/USD		12/17/14		99,108		(1,892	)
State Street Bank and Trust	AUD/USD		12/17/14		49,628		(1,076	)
	EUR/USD		12/17/14		99,837		(2,184	)
UBS AG (London)	BRL/USD		10/14/14		190,707		(12,293	)
	BRL/USD		10/27/14		78,645		(1,256	)
	EUR/USD		12/17/14		77,646		(1,744	)
	INR/USD		10/07/14		98,537		(1,617	)
	PLN/USD		12/17/14		272,384		(5,616	)
	RUB/USD		11/17/14		379,759		(19,795	)
Westpac Banking Corp.	AUD/USD		12/17/14		86,196		(915	)
	INR/USD		10/14/14		157,792		(2,173	)
	KRW/USD		10/31/14		67,876		(1,567	)
	MYR/USD		10/31/14		36,740		(1,260	)
TOTAL						$	(317,584	)


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

GOLDMAN SACHS DYNAMIC EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At September 30, 2014, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Eurodollars		(20	)	March 2017	$	(4,878,750	)	$	6,397
Eurodollars		(17	)	June 2017		(4,138,863	)		7,568
Eurodollars		(11	)	September 2017		(2,673,962	)		5,758
Ultra Long U.S. Treasury Bonds		(1	)	December 2014		(152,500	)		63
2 Year U.S. Treasury Notes		23		December 2014		5,033,406			1,337
5 Year U.S. Treasury Notes		2		December 2014		236,516			928
10 Year U.S. Treasury Notes		(19	)	December 2014		(2,368,172	)		635
20 Year U.S. Treasury Bonds		(7	)	December 2014		(965,344	)		12,561
TOTAL								$	35,247

SWAP CONTRACTS — At September 30, 2014, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS


							Rates Exchanged
Counterparty	Notional Amount (000s)				Termination Date		Payments Received	Payments Made	Unrealized Gain (Loss)*
Bank of America Securities LLC		BRL	460			01/02/17	11.730%	1 month Brazilian Interbank Deposit Average	$	(1,044	)
		CLP	108,890			07/03/19	6 month CLICP	4.130%		35
			180,350			08/08/19	6 month CLICP	3.850		4,372
		KRW	385,000			10/29/23	3 month KWCDC	3.260		(18,015	)
			10,830			01/16/24	3 month KWCDC	3.445		(674	)
		MXN	680			03/03/26	6.930	Mexico Interbank TIIE 28 Days		1,627
Barclays Bank PLC		BRL	540			01/04/16	11.555	1 month Brazilian Interbank Deposit Average		560
			440			01/02/17	12.190	1 month Brazilian Interbank Deposit Average		1,179
		KRW	357,150	^(a)		09/23/24	3 month KWCDC	3.138		(2,309	)
Citibank NA		BRL	120			01/04/16	1 month Brazilian Interbank Deposit Average	11.945		(224	)
			250			01/04/16	11.190	1 month Brazilian Interbank Deposit Average		(727	)
			980			01/02/17	11.455	1 month Brazilian Interbank Deposit Average		(4,102	)
		CLP	55,160			03/13/19	6 month CLICP	4.650		(2,238	)
			37,280			09/12/19	6 month CLICP	4.050		428
		KRW	405,460			06/05/23	3 month KWCDC	3.040		(11,960	)
			19,600			01/10/24	3 month KWCDC	3.475		(1,270	)
		COP	24,640			04/16/24	3 month COP	5.920		258
		KRW	74,700			04/16/24	3 month KWCDC	3.295		(3,782	)


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

GOLDMAN SACHS DYNAMIC EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS (continued)


							Rates Exchanged
Counterparty	Notional Amount (000s)				Termination Date		Payments Received	Payments Made	Unrealized Gain (Loss)*
Credit Suisse International (London)		CLP	36,600			03/28/16	6 month CLICP	3.860%	$	(543	)
		BRL	260			01/02/17	11.770%	1 month Brazilian Interbank Deposit Average		(517	)
		CLP	42,120			04/28/17	6 month CLICP	3.980		(855	)
			22,170			05/12/17	6 month CLICP	3.950		(415	)
		BRL	170			01/02/18	11.120	1 month Brazilian Interbank Deposit Average		(1,539	)
			1,180			01/02/18	11.935	1 month Brazilian Interbank Deposit Average		(2,438	)
		CLP	35,560			02/28/19	6 month CLICP	4.573		(1,300	)
			10,000			03/26/19	6 month CLICP	4.540		(318	)
		COP	95,320			04/15/19	3 month COP	5.110		243
			69,110			06/18/19	3 month COP	5.350		(32	)
Deutsche Bank AG		BRL	250			01/04/16	11.230	1 month Brazilian Interbank Deposit Average		(683	)
			1,050			01/04/16	11.650	1 month Brazilian Interbank Deposit Average		(1,105	)
			1,850			01/04/16	9.280	1 month Brazilian Interbank Deposit Average		(24,399	)
		KRW	61,770			03/03/17	2.850	3 month KWCDC		800
		BRL	140			01/02/18	11.150	1 month Brazilian Interbank Deposit Average		(1,228	)
		MXN	990			09/25/18	Mexico Interbank TIIE 28 Days	5.180		(326	)
		CLP	9,970			10/22/18	6 month CLICP	4.860		(654	)
			16,470			02/24/19	6 month CLICP	4.595		(632	)
			49,000			03/26/19	6 month CLICP	4.550		(1,592	)
			68,830			04/10/19	6 month CLICP	4.430		(1,923	)
		COP	14,300			06/17/19	3 month COP	5.320		2
		KRW	19,460			01/08/24	3 month KWCDC	3.470		(1,254	)
			189,410			03/13/24	3 month KWCDC	3.330		(9,956	)
			173,010			07/30/24	3 month KWCDC	2.905		(3,125	)
		MXN	3,740	^(a)		02/15/29	9.625	Mexico Interbank TIIE 28 Days		9,192
JPMorgan Securities, Inc.		COP	67,690			04/22/19	3 month COP	5.190		88
		KRW	91,820			01/07/24	3 month KWCDC	3.471		(5,925	)
			8,650			01/13/24	3 month KWCDC	3.465		(554	)
			28,590			01/15/24	3 month KWCDC	3.445		(1,781	)
			243,740			07/03/24	3 month KWCDC	2.965		(5,738	)
			783,210			09/19/24	3 month KWCDC	3.126		(4,724	)
Morgan Stanley & Co. International PLC		BRL	1,070			01/02/17	11.565	1 month Brazilian Interbank Deposit Average		(3,700	)


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

GOLDMAN SACHS DYNAMIC EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS (continued)


						Rates Exchanged
Counterparty	Notional Amount (000s)			Termination Date		Payments Received	Payments Made	Unrealized Gain (Loss)*
Morgan Stanley & Co. International PLC (continued)		BRL	150		01/04/21	1 month Brazilian Interbank Deposit Average	11.410%	$	1,130
			540		01/04/16	11.670%	1 month Brazilian Interbank Deposit Average		(523	)
		CLP	9,800		04/15/19	6 month CLICP	4.350		(210	)
		ZAR	6,350		07/23/20	7.490	3 month JIBAR		(6,547	)
		KRW	20,540		01/09/24	3 month KWCDC	3.455		(1,298	)
			60,475		01/20/24	3 month KWCDC	3.440		(3,736	)
TOTAL								$	(116,001	)

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

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2014.

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)
ZAR	790			01/06/16	6.212%	3 month JIBAR	$	—		$	(339	)
	2,470			01/08/16	6.164	3 month JIBAR		1			(1,224	)
	260			01/09/16	6.218	3 month JIBAR		—			(113	)
	1,120			06/13/19	7.640	3 month JIBAR		1			148
	1,230			09/05/19	7.280	3 month JIBAR		(3	)		(1,147	)
	2,400			09/08/19	7.310	3 month JIBAR		(6	)		(2,123	)
$	1,200	^(a)		12/17/19	3 month LIBOR	2.250%		(4,972	)		(5,347	)
	1,700	^(a)		12/17/21	3 month LIBOR	2.500		(7,497	)		(1,932	)
ZAR	750			03/14/24	3 month JIBAR	8.550		1			(1,612	)
	TOTAL						$	(12,475	)	$	(13,689	)

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2014.


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

GOLDMAN SACHS DYNAMIC EMERGING MARKETS DEBT 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, 2014^(b)			Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Purchased:
Bank of America Securities LLC	People’s Republic of China, 4.250%, 10/28/14	$	30		(1.000	)%		06/20/19		0.809	%	$	(169	)	$	(98	)
Barclays Bank PLC			30		(1.000	)		03/20/19		0.760			(117	)		(200	)
Citibank NA			480		(1.000	)		03/20/19		0.760			(1,945	)		(3,142	)
			1,060		(1.000	)		06/20/19		0.809			(7,438	)		(2,008	)
JPMorgan Securities, Inc.			30		(1.000	)		03/20/19		0.760			(98	)		(220	)
			170		(1.000	)		06/20/19		0.809			(929	)		(585	)
TOTAL												$	(10,696	)	$	(6,253	)

(b)

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


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Sovereign Debt Obligations – 55.3%
	Argentina – 1.7%
	Republic of Argentina (NR/NR)
$	1,360,000		8.750	%		06/02/17	$	1,203,600
EUR	206,416		7.820	^(a)		12/31/33		219,651
$	8,776,758		8.280	^(a)		12/31/33		7,548,012
	2,453,567		8.280	^(a)		12/31/33		2,048,728
EUR	130,135,341		0.000	^(g)		12/15/35		12,163,195
$	80,510,000		0.000	^(g)		12/15/35		6,118,760
	9,930,000		4.383			12/15/35		724,890

								30,026,836

	Azerbaijan – 0.5%
	Republic of Azerbaijan (NR/Baa3)
	5,490,000		4.750	^(b)		03/18/24		5,586,075
	2,300,000		4.750			03/18/24		2,340,250

								7,926,325

	Belarus – 0.2%
	Republic of Belarus (B-/B3)
	3,979,000		8.750			08/03/15		4,058,580
	310,000		8.950			01/26/18		329,375

								4,387,955

	Belize^(b)(c) – 0.1%
	Government of Belize (B-/NR)
	2,446,500		5.000			02/20/38		1,804,294

	Brazil – 1.3%
	Brazil Letras do Tesouro Nacional (BBB+/Baa2)^(d)
BRL	7,406,000		0.000			01/01/15		2,942,439
	Brazil Notas do Tesouro Nacional (BBB+/Baa2)
	9,362,051		6.000			08/15/40		3,722,049
	Federal Republic of Brazil (BBB-/Baa2)
$	6,260,000		4.250			01/07/25		6,197,400
	Federal Republic of Brazil (BBB+/Baa2)
BRL	23,607,150		6.000			08/15/50		9,302,695

								22,164,583

	Bulgaria – 1.2%
	Republic of Bulgaria (BBB-/Baa2)
EUR	16,040,000		2.950			09/03/24		20,284,654

	Colombia – 1.8%
	Republic of Colombia (BBB/Baa2)
$	3,540,000		8.250			12/22/14		3,596,640
	7,684,000		7.375			03/18/19		9,182,380
	1,560,000		4.375			07/12/21		1,649,700
	9,991,000		4.000			02/26/24		10,115,887
	440,000		8.125			05/21/24		579,700
	2,222,000		6.125			01/18/41		2,599,740
	3,830,000		5.625			02/26/44		4,213,000

								31,937,047

	Costa Rica – 0.5%
	Republic of Costa Rica (BB/Ba1)
	390,000		9.995			08/01/20		493,350
	6,830,000		5.625	^(b)		04/30/43		5,839,650
	2,140,000		5.625			04/30/43		1,829,700
	1,430,000		7.000			04/04/44		1,437,150

								9,599,850

Principal Amount		Interest Rate			Maturity Date		Value
	Sovereign Debt Obligations – (continued)
	Croatia – 3.4%
	Republic of Croatia (BB/Ba1)
$	21,547,000		6.250	%		04/27/17	$	22,893,688
	5,220,000		6.750			11/05/19		5,748,525
	13,740,000		6.375			03/24/21		14,890,725
EUR	10,070,000		3.875			05/30/22		12,791,670
$	3,411,000		5.500			04/04/23		3,509,066

								59,833,674

	Dominican Republic – 3.2%
	Dominican Republic (B+/B1)
	2,371,763		9.040			01/23/18		2,573,363
	3,320,000		7.500	^(b)		05/06/21		3,710,100
	14,182,000		7.500			05/06/21		15,848,385
	Dominican Republic (NR/NR)^(b)
DOP	198,100,000		18.500			02/04/28		6,106,852
	Dominican Republic (B+/B1)^(b)
$	2,247,000		5.875			04/18/24		2,280,705
	Dominican Republic (NR/NR)
DOP	11,200,000		18.500			02/04/28		345,264
	Dominican Republic (B+/B1)
$	1,300,000		5.875			04/18/24		1,319,500
	4,780,000		6.600	^(b)		01/28/24		5,126,550
	15,320,000		7.450	^(b)		04/30/44		16,392,400
	200,000		6.600			01/28/24		214,500
	1,360,000		7.450			04/30/44		1,455,200

								55,372,819

	Ecuador – 0.6%
	Ecuador Government International Bond (B+/NR)
	7,750,000		7.950	^(b)		06/20/24		8,060,000
	2,500,000		7.950			06/20/24		2,600,000

								10,660,000

	Egypt – 0.5%
	Republic of Egypt (B-/Caa1)
	8,530,000		5.750			04/29/20		8,936,028

	El Salvador – 0.8%
	El Salvador Government International Bond (BB-/Ba3)
	690,000		7.375			12/01/19		765,900
	4,800,000		6.375	^(b)		01/18/27		4,800,000
	1,870,000		8.250			04/10/32		2,158,934
	1,870,000		7.650			06/15/35		2,000,900
	1,180,000		7.650	^(b)		06/15/35		1,262,600
	2,320,000		7.625			02/01/41		2,447,600

								13,435,934

	Gabon – 0.9%
	Republic of Gabon (BB-/NR)
	5,721,800		6.375	^(b)		12/12/24		6,085,134
	8,542,000		6.375			12/12/24		9,084,417

								15,169,551

	Ghana – 0.7%
	Republic of Ghana (B/B2)
	3,609,000		8.500			10/04/17		3,870,653
	2,090,000		7.875			08/07/23		2,093,135
	6,620,000		8.125	^(b)		01/18/26		6,636,550

								12,600,338


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Sovereign Debt Obligations – (continued)
	Guatemala – 0.6%
	Republic of Guatemala (BB/Ba1)
$	3,300,000		5.750	%^(b)		06/06/22	$	3,638,250
	1,350,000		5.750			06/06/22		1,488,375
	1,910,000		4.875	^(b)		02/13/28		1,938,783
	2,325,000		4.875			02/13/28		2,360,038
	1,285,000		8.125	^(e)		10/06/34		1,689,775

								11,115,221

	Honduras^(b) – 1.3%
	Republic of Honduras (B/B3)
	12,410,000		8.750			12/16/20		14,054,325
	8,170,000		7.500			03/15/24		8,721,475

								22,775,800

	Hungary – 0.2%
	Hungary Government Bond (BB/Ba1)
	3,920,000		4.000			03/25/19		4,003,339

	Indonesia – 3.7%
	Perusahaan Penerbit SBSN (BB+/Baa3)
	560,000		3.300			11/21/22		513,100
	Perusahaan Penerbit SBSN (NR/Baa3)^(b)
	3,230,000		4.350			09/10/24		3,151,269
	Republic of Indonesia (BB+/Baa3)
	820,000		7.500			01/15/16		879,967
	914,000		11.625			03/04/19		1,215,620
	3,250,000		5.875			03/13/20		3,570,937
	1,460,000		3.750			04/25/22		1,405,250
	6,770,000		3.375			04/15/23		6,279,175
	720,000		5.375			10/17/23		765,000
	4,050,000		5.875	^(b)		01/15/24		4,455,000
	2,210,000		5.875			01/15/24		2,431,000
	1,880,000		8.500			10/12/35		2,538,000
	1,550,000		6.625			02/17/37		1,751,500
	3,198,000		7.750	^(b)		01/17/38		4,049,467
	14,654,000		7.750			01/17/38		18,555,627
	1,240,000		5.250			01/17/42		1,190,400
	1,030,000		4.625			04/15/43		905,113
	9,480,000		6.750			01/15/44		11,089,704

								64,746,129

	Iraq – 0.6%
	Republic of Iraq (NR/NR)
	11,540,000		5.800			01/15/28		10,357,150

	Ivory Coast^(b) – 0.5%
	Republic of Ivory Coast (NR/B1)
	8,910,000		5.375			07/23/24		8,464,500

	Jamaica – 0.3%
	Government of Jamaica (B-/Caa3)
	5,540,000		7.625			07/09/25		5,900,100

	Lithuania – 1.3%
	Republic of Lithuania (A-/Baa1)
	8,540,000		7.375			02/11/20		10,289,163
	9,450,000		6.125			03/09/21		10,946,471
	1,800,000		6.625			02/01/22		2,154,834

								23,390,468

	Sovereign Debt Obligations – (continued)
	Macedonia^(b) – 0.4%
	Republic of Macedonia (BB-/NR)
EUR	5,960,000		3.975	%		07/24/21	$	7,627,900

	Malaysia – 0.9%
	Malaysia Government Bond (NR/NR)
MYR	38,000,000		4.181			07/15/24		11,833,168
	Wakala Global Sukuk Bhd (A-/A3)
$	2,990,000		4.646			07/06/21		3,299,148

								15,132,316

	Mexico – 4.4%
	United Mexican States (BBB+/A3)
	2,364,000		6.050			01/11/40		2,783,610
	United Mexican States (A/A3)
MXN	250,100		8.500			11/18/38		22,051
	United Mexican States (BBB+/A3)
$	5,514,000		3.625			03/15/22		5,596,710
	11,730,000		4.750			03/08/44		11,612,700
	United Mexican States (A/A3)
MXN	4,382,200		7.500			06/03/27		357,301
	10,713,200		8.500			05/31/29		942,620
	United Mexican States (BBB+/A3)
$	3,380,000		4.000			10/02/23		3,491,540
	United Mexican States (A/A3)
MXN	40,476,000		8.000			12/07/23		3,422,446
	United Mexican States (NR/NR)^(d)
	241,891,680		0.000			10/16/14		17,962,715
	United Mexican States (A/A3)
	46,958,272		5.000			06/16/16		3,797,728
	United Mexican States (BBB+/A3)
$	4,381,000		5.550			01/21/45		4,862,910
	United Mexican States (NR/A3)
MXN	218,930,300		4.750			06/14/18		16,196,042
	United Mexican States (NR/NR)^(d)
	58,704,030		0.000			12/18/14		4,343,849
	20,981,220		0.000			03/19/15		1,540,492

								76,932,714

	Netherlands – 0.7%
	Republic of Mozambique (NR/B1)
$	12,275,000		6.305			09/11/20		12,256,588

	Pakistan – 0.7%
	Islamic Republic of Pakistan (B-/Caa1)
	1,070,000		6.875	^(b)		06/01/17		1,079,363
	1,830,000		6.875			06/01/17		1,846,012
	3,500,000		7.250	^(b)		04/15/19		3,504,375
	2,550,000		8.250	^(b)		04/15/24		2,550,000
	2,900,000		7.875			03/31/36		2,555,625

								11,535,375

	Panama – 2.4%
	Panama Notas del Tesoro (NR/NR)
	920,000		4.875			02/05/21		969,546
	Republic of Panama (BBB/Baa2)
	7,700,000		4.000			09/22/24		7,680,750
	4,438,000		8.875			09/30/27		6,313,055
	2,748,000		9.375	^(e)		04/01/29		4,080,780


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Sovereign Debt Obligations – (continued)
	Panama – (continued)
	Republic of Panama (BBB/Baa2) – (continued)
$	18,340,000		6.700	%		01/26/36	$	22,488,508
	680,000		4.300			04/29/53		586,500

								42,119,139

	Paraguay – 1.8%
	Republic of Paraguay (BB/Ba2)
	9,090,000		4.625	^(b)		01/25/23		9,249,075
	6,760,000		4.625			01/25/23		6,878,300
	14,250,000		6.100	^(b)		08/11/44		15,069,375

								31,196,750

	Peru – 0.8%
	Republic of Peru (BBB+/A3)
	2,932,000		7.350			07/21/25		3,826,260
	6,201,000		8.750			11/21/33		9,456,525
	1,120,000		6.550			03/14/37		1,411,200

								14,693,985

	Philippines – 1.4%
	Republic of Philippines (BBB/Baa3)
	1,750,000		9.875			01/15/19		2,266,250
	5,869,000		8.375			06/17/19		7,336,250
	4,032,000		4.200			01/21/24		4,253,760
	5,550,000		7.750			01/14/31		7,693,688
	100,000		6.375			01/15/32		124,375
	2,590,000		6.375			10/23/34		3,263,400

								24,937,723

	Romania – 2.2%
	Republic of Romania (BBB-/Baa3)
EUR	137,000		6.500			06/18/18		203,562
	5,920,000		4.875			11/07/19		8,482,950
	12,510,000		4.625			09/18/20		17,904,475
$	710,000		4.875	^(b)		01/22/24		749,937
EUR	8,970,000		3.625			04/24/24		12,066,551

								39,407,475

	Russia – 0.5%
	Russian Federation (BBB-/Baa1)
$	9,400,000		4.875			09/16/23		9,235,500
	7,535		7.500	^(c)		03/31/30		8,439

								9,243,939

	Serbia^(b) – 0.6%
	Republic of Serbia (BB-/B1)
	9,840,000		5.875			12/03/18		10,258,692

	South Africa – 2.6%
	Republic of South Africa (BBB-/Baa1)
	2,516,000		6.875			05/27/19		2,865,095
	16,800,000		5.875			05/30/22		18,522,000
	6,770,000		4.665			01/17/24		6,854,625
	8,046,000		5.875			09/16/25		8,850,600
	8,970,000		5.375			07/24/44		8,958,787

								46,051,107

	Sovereign Debt Obligations – (continued)
	Sri Lanka – 1.0%
	Republic of Sri Lanka (B+/NR)
$	540,000		7.400	%^(b)		01/22/15	$	547,765
	274,000		7.400			01/22/15		277,940
	Republic of Sri Lanka (B+/B1)
	1,130,000		6.000			01/14/19		1,182,263
	5,310,000		6.000	^(b)		01/14/19		5,555,587
	600,000		5.125			04/11/19		606,750
	3,670,000		6.250			10/04/20		3,858,088
	3,560,000		6.250			07/27/21		3,724,650
	2,110,000		5.875			07/25/22		2,157,475

								17,910,518

	Turkey – 3.3%
	Republic of Turkey (NR/Baa3)
	1,060,000		7.500			07/14/17		1,187,200
	2,970,000		7.000			03/11/19		3,333,825
	4,240,000		5.625			03/30/21		4,505,000
	3,260,000		6.250			09/26/22		3,586,000
	13,590,000		5.750			03/22/24		14,405,400
	570,000		7.375			02/05/25		676,163
	610,000		8.000			02/14/34		780,037
	9,331,000		6.875			03/17/36		10,672,331
	1,880,000		6.750			05/30/40		2,124,400
	12,500,000		6.000			01/14/41		12,937,500
	3,720,000		6.625			02/17/45		4,157,100

								58,364,956

	Ukraine – 1.7%
	Financing of Infrastructural Projects State Enterprise (NR/Caa3)
	4,990,000		8.375			11/03/17		4,017,449
	Financing of Infrastrucural Projects State Enterprise (NR/Caa3)
	2,430,000		9.000	^(b)		12/07/17		1,989,465
	2,400,000		9.000			12/07/17		1,964,904
	2,030,000		7.400			04/20/18		1,593,956
	Ukraine Government Bond (CCC/Caa3)
	12,461,000		6.250			06/17/16		10,700,884
	3,460,000		6.580			11/21/16		2,941,000
	3,590,000		9.250			07/24/17		3,150,225
	1,500,000		6.750			11/14/17		1,271,250
	2,190,000		7.750			09/23/20		1,856,025

								29,485,158

	Uruguay – 1.6%
	Republic of Uruguay (BBB-/Baa2)
	4,307,707		4.500			08/14/24		4,512,323
	23,522,828		5.100			06/18/50		22,817,143

								27,329,466

	Venezuela – 1.6%
	Republic of Venezuela (CCC+/Caa1)
	14,570,000		9.000			05/07/23		10,126,150
	18,209,600		8.250			10/13/24		12,018,336
	4,650,000		7.650			04/21/25		2,976,000
	817,000		9.250			09/15/27		586,198
	3,090,000		9.250			05/07/28		2,116,650

								27,823,334


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Sovereign Debt Obligations – (continued)
	Vietnam – 0.3%
	Socialist Republic of Vietnam (BB-/B1)
$	4,310,000		6.875	%		01/15/16	$	4,576,703

	Zambia – 0.5%
	Republic of Zambia (B+/NR)
	9,391,000		5.375			09/20/22		8,897,973

	TOTAL SOVEREIGN DEBT OBLIGATIONS
	(Cost $972,696,632)						$	970,674,406


	Foreign Debt Obligations – 1.0%
	Supranational – 1.0%
	Corporacion Andina de Fomento (AA-/Aa3)
$	9,439,000		3.750	%		01/15/16	$	9,769,648
	7,564,000		4.375			06/15/22		8,081,778

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $17,121,776)						$	17,851,426


	Corporate Obligations – 31.4%
	Azerbaijan – 0.5%
	State Oil Company of the Azerbaijan Republic (BB+/Ba1)
$	4,110,000		5.450	%		02/09/17	$	4,285,538
	4,120,000		4.750			03/13/23		4,032,450

								8,317,988

	Brazil – 1.9%
	Banco do Estado do Rio Grande do Sul SA (NR/Ba1)
	7,010,000		7.375	^(b)		02/02/22		7,320,473
	1,300,000		7.375			02/02/22		1,357,577
	Brazil Minas SPE via State of Minas Gerais (BBB-/NR)
	15,720,000		5.333	^(b)		02/15/28		15,562,800
	8,690,000		5.333			02/15/28		8,603,100
	Independencia International Ltd. (NR/NR)^(a)(b)
	1,277,436		12.000			12/30/16		—
	Raizen Energy Finance Ltd. (BBB/Baa3)
	450,000		7.000			02/01/17		495,000

								33,338,950

	British Virgin Islands – 1.0%
	Arcos Dorados Holdings, Inc. (NR/Ba2)^(b)
	4,297,000		6.625			09/27/23		4,299,149
	PCCW Capital No 4 Ltd. (NR/NR)
	2,580,000		5.750			04/17/22		2,766,998
	Sinopec Group Overseas Development 2013 Ltd. (AA-/Aa3)^(b)
	10,350,000		4.375			10/17/23		10,691,965

								17,758,112

	Canada – 0.5%
	Pacific Rubiales Energy Corp. (BB+/Ba2)^(b)(f)
	930,000		5.375			01/26/19		936,975
	2,067,000		5.125			03/28/23		1,963,650
	2,221,000		5.625			01/19/25		2,132,049
	PTTEP Canada International Finance Ltd. (BBB+/Baa1)
	1,150,000		6.350	^(b)		06/12/42		1,323,430
	1,460,000		6.350			06/12/42		1,701,893

								8,057,997

	Corporate Obligations – (continued)
	Chile – 3.3%
	AES Gener SA (BBB-/Baa3)
$	1,320,000		5.250	%^(b)		08/15/21	$	1,379,004
	5,279,000		5.250			08/15/21		5,514,971
	AES Gener SA (NR/Ba2)^(b)(f)(g)
	3,150,000		8.375			12/18/73		3,535,875
	Banco del Estado de Chile
	3,550,000		4.125	^(b)		10/07/20		3,709,750
	2,340,000		3.875	^(b)		02/08/22		2,363,400
	1,510,000		3.875			02/08/22		1,525,100
	CFR International SpA (BB+/NR)^(f)
	2,180,000		5.125			12/06/22		2,357,114
	Corpbanca SA (NR/Baa3)^(b)
	7,311,000		3.875			09/22/19		7,336,589
	E.CL SA (BBB/NR)
	2,490,000		5.625	^(b)		01/15/21		2,689,200
	430,000		5.625			01/15/21		464,400
	Embotelladora Andina SA (BBB/NR)^(b)
	1,500,000		5.000			10/01/23		1,575,750
	Empresa de Transporte de Pasajeros Metro SA (AA-/NR)^(b)
	1,200,000		4.750			02/04/24		1,245,000
	ENTEL Chile SA (BBB/Baa2)
	6,720,000		4.875	^(b)		10/30/24		6,902,784
	910,000		4.875			10/30/24		934,752
	GNL Quintero SA (BBB/Baa2)
	12,930,000		4.634	^(b)		07/31/29		12,849,187
	200,000		4.634			07/31/29		198,750
	Sociedad Quimica y Minera de Chile SA (BBB/Baa1)
	1,360,000		5.500			04/21/20		1,485,800
	2,333,000		3.625			04/03/23		2,239,680

								58,307,106

	Colombia – 1.1%
	Banco de Bogota SA (BBB-/Baa1)
	1,450,000		5.000	^(b)		01/15/17		1,529,750
	4,324,000		5.000			01/15/17		4,561,820
	Bancolombia SA (NR/Baa2)
	3,520,000		5.950			06/03/21		3,854,400
	Ecopetrol SA (BBB/Baa2)
	1,470,000		7.375			09/18/43		1,777,348
	Empresas Publicas de Medellin ESP (NR/Baa3)
	2,469,000		7.625			07/29/19		2,925,765
	Transportadora de Gas Internacional SA ESP (BBB-/Baa3)^(f)
	2,600,000		5.700	^(b)		03/20/22		2,756,000
	2,240,000		5.700			03/20/22		2,374,400

								19,779,483

	Costa Rica – 1.2%
	Banco de Costa Rica (NR/Ba1)
	4,870,000		5.250	^(b)		08/12/18		4,967,400
	1,010,000		5.250			08/12/18		1,030,200
	Banco Nacional de Costa Rica (NR/Ba1)
	4,490,000		4.875	^(b)		11/01/18		4,523,675
	380,000		4.875			11/01/18		382,850
	9,180,000		6.250	^(b)		11/01/23		9,202,950

								20,107,075


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Croatia^(b) – 0.0%
	Hrvatska Elektroprivreda (BB-/Ba2)
$	290,000		6.000	%		11/09/17	$	302,325

	Dominican Republic^(c)(f) – 0.2%
	Aeropuertos Dominicanos Siglo XXI SA (B+/B1)
	2,812,000		9.750			11/13/19		2,699,520

	Guatemala^(f) – 0.2%
	Central American Bottling Corp. (BB/Ba2)
	2,560,000		6.750	^(b)		02/09/22		2,756,039
	1,274,000		6.750			02/09/22		1,372,950

								4,128,989

	Hong Kong – 3.4%
	Biostime International Holdings Ltd. (NR/NR)^(d)
HKD	16,000,000		0.000			02/20/19		1,901,430
	China Unicom Ltd. (NR/NR)
CNH	26,830,000		4.000			04/16/17		4,322,786
	CITIC Ltd. (BBB+/A3)
$	36,820,000		6.800			01/17/23		42,377,173
	CITIC Pacific Ltd. (BBB+/A3)
	2,850,000		6.875			01/21/18		3,195,534
	1,400,000		6.375			04/10/20		1,577,394
	530,000		6.625			04/15/21		605,785
	Metropolitan Light International Ltd. (NR/NR)^(f)
	4,220,000		5.250			01/17/18		4,251,650
	Sun Hung Kai Properties Capital Market Ltd. (A+/A1)
	2,130,000		4.500			02/14/22		2,242,570

								60,474,322

	Hungary^(b) – 0.2%
	MFB Magyar Fejlesztesi Bank Zrt (NR/Ba1)
	2,510,000		6.250			10/21/20		2,753,470

	Indonesia – 1.2%
	Pertamina Persero PT (BB+/Baa3)
	2,820,000		5.625			05/20/43		2,566,200
	5,900,000		5.625	^(b)		05/20/43		5,377,349
	1,200,000		6.450	^(b)		05/30/44		1,216,260
	Perusahaan Gas Negara Persero Tbk PT (BB+/Baa3)^(b)
	12,300,000		5.125			05/16/24		12,346,125

								21,505,934

	Ireland – 1.5%
	AHML Finance Ltd. (BBB-/Baa1)^(b)
RUB	103,900,000		7.750			02/13/18		2,382,568
	EDC Finance Ltd. (BB+/NR)
$	2,270,000		4.875	^(b)		04/17/20		2,031,650
	1,800,000		4.875			04/17/20		1,611,000
	Mobile Telesystems OJSC via MTS International Funding Ltd. (BBB-/Baa3)
	5,501,000		8.625			06/22/20		5,831,060
	MTS International Funding Ltd. (BBB-/Baa3)
	2,283,000		5.000			05/30/23		1,957,672
	Phosagro OAO via Phosagro Bond Funding Ltd. (NR/Baa3)
	3,830,000		4.204	^(b)		02/13/18		3,686,375
	1,510,000		4.204			02/13/18		1,453,375
	Sibur Securities Ltd. (NR/Ba1)
	5,020,000		3.914	^(b)		01/31/18		4,587,025
	520,000		3.914			01/31/18		475,150

	Corporate Obligations – (continued)
	Ireland – (continued)
	Uralkali OJSC via Uralkali Finance Ltd. (NR/Baa3)^(b)
$	1,630,000		3.723	%		04/30/18	$	1,552,575
	VIP Finance Ireland Ltd. for OJSC Vimpel Communications (BB/Ba3)
	270,000		9.125			04/30/18		290,588
	1,230,000		7.748	^(b)		02/02/21		1,262,287

								27,121,325

	Israel^(b) – 0.2%
	Delek & Avner Tamar Bond Ltd. (BBB-/Baa3)
	1,200,000		2.803			12/30/16		1,197,000
	1,200,000		3.839			12/30/18		1,200,000
	Israel Electric Corp. Ltd. (BBB-/Baa3)
	730,000		5.625			06/21/18		775,625

								3,172,625

	Ivory Coast – 0.3%
	Agromercantil Senior Trust (BB/NR)^(b)
	3,320,000		6.250			04/10/19		3,452,038
	Comcel Trust (NR/Ba1)^(f)
	330,000		6.875			02/06/24		349,800
	Comunicaciones Celulares SA (NR/Ba1)^(b)(f)
	810,000		6.875			02/06/24		854,550

								4,656,388

	Kazakhstan – 1.2%
	Kazakhstan Temir Zholy Finance BV (BBB-/Baa3)
	1,200,000		6.950	^(b)		07/10/42		1,293,600
	200,000		6.950			07/10/42		215,600
	Kazatomprom (NR/Baa3)
	700,000		6.250	^(b)		05/20/15		721,875
	1,780,000		6.250			05/20/15		1,835,625
	KazMunayGas National Co. (BBB-/Baa3)
	2,100,000		11.750	^(b)		01/23/15		2,160,375
	4,300,000		11.750			01/23/15		4,423,625
	2,220,000		9.125			07/02/18		2,597,400
	7,039,000		5.750	^(b)		04/30/43		6,619,441
	2,018,000		5.750			04/30/43		1,884,294

								21,751,835

	Luxembourg – 3.0%
	Gazprom Neft OAO Via GPN Capital SA (BBB-/Baa2)
	3,878,000		4.375			09/19/22		3,325,385
	14,080,000		6.000	^(b)		11/27/23		13,235,200
	8,230,000		6.000			11/27/23		7,736,200
	MHP SA (CCC/NR)
	2,040,000		8.250			04/02/20		1,726,330
	Millicom International Cellular SA (NR/Ba2)^(b)(f)
	2,450,000		4.750			05/22/20		2,327,500
	Offshore Drilling Holding SA (BB/NR)^(b)(f)
	3,561,000		8.625			09/20/20		3,770,209
	Tupy Overseas SA (BB-/NR)^(f)
	4,880,000		6.625	^(b)		07/17/24		4,977,600
	340,000		6.625			07/17/24		346,800
	Wind Acquisition Finance SA (BB/Ba3)^(b)(f)
EUR	3,000,000		4.000			07/15/20		3,731,746
	Wind Acquisition Finance SA (NR/Ba3)^(b)(f)
$	2,340,000		4.750			07/15/20		2,246,400


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Luxembourg – (continued)
	Wind Acquisition Finance SA (B/Caa1)^(b)(f)
$	9,730,000		7.375	%		04/23/21	$	9,766,487

								53,189,857

	Mexico – 2.3%
	America Movil SAB de CV (A-/A2)
MXN	19,010,000		6.000			06/09/19		1,425,301
	Cemex SAB de CV (B+/NR)^(b)(f)
EUR	1,770,000		4.750			01/11/22		2,241,188
$	3,770,000		5.700			01/11/25		3,641,820
	GEO Maquinaria (CC/NR)
	371,739		9.625	^(b)		05/02/21		104,087
	483,261		9.625			05/02/21		135,313
	Grupo Cementos de Chihuahua SAB de CV (B/NR)^(b)(f)
	710,000		8.125			02/08/20		766,343
	Metalsa SA de CV (BB+/NR)^(b)
	3,540,000		4.900			04/24/23		3,424,950
	Pemex Project Funding Master Trust (BBB+/A3)
	4,490,000		6.625			06/15/35		5,191,562
	Petroleos Mexicanos (BBB+/A3)
	300,000		5.500			01/21/21		328,545
	15,730,000		6.375	^(b)		01/23/45		17,787,484
	1,100,000		6.375			01/23/45		1,243,880
	Trust F/1401 (NR/Baa2)
	2,110,000		6.950	^(b)		01/30/44		2,310,450
	1,010,000		6.950			01/30/44		1,100,900

								39,701,823

	Netherlands – 0.8%
	Greenko Dutch BV (B/NR)^(b)(f)
	4,530,000		8.000			08/01/19		4,432,424
	Listrindo Capital BV (BB-/Ba2)^(f)
	3,560,000		6.950			02/21/19		3,764,700
	Lukoil International Finance BV (BBB-/Baa2)
	1,270,000		7.250			11/05/19		1,343,025
	1,650,000		6.125			11/09/20		1,654,125
	VimpelCom Holdings BV (BB/Ba3)
	490,000		7.504	^(b)		03/01/22		495,512
	2,580,000		7.504			03/01/22		2,609,025

								14,298,811

	Paraguay – 0.8%
	Banco Continental SAECA (BB/Ba2)^(f)
	1,900,000		8.875	^(b)		10/15/17		2,052,000
	2,090,000		8.875			10/15/17		2,272,163
	Banco Regional SAECA (BB-/Ba2)
	905,000		8.125			01/24/19		982,196
	6,070,000		8.125	^(b)		01/24/19		6,646,650
	Telefonica Celular del Paraguay SA (NR/Ba3)^(f)
	1,970,000		6.750			12/13/22		2,043,720

								13,996,729

	Peru – 1.2%
	Abengoa Transmision Sur SA (BBB-/NR)
	200,000		6.875			04/30/43		221,000
	6,100,000		6.875	^(b)		04/30/43		6,740,500

	Corporate Obligations – (continued)
	Peru – (continued)
	Corp Financiera de Desarrollo SA (BBB+/NR)
$	389,000		4.750	%^(b)		02/08/22	$	404,560
	4,208,000		4.750			02/08/22		4,376,320
	Corp Lindley S.A. (BB+/NR)
	1,630,000		6.750	^(b)		11/23/21		1,793,000
	5,980,000		6.750			11/23/21		6,578,000
	120,000		4.625	^(b)		04/12/23		116,400

								20,229,780

	Philippines – 0.8%
	Alliance Global Group, Inc. (NR/NR)
	1,500,000		6.500			08/18/17		1,620,000
	Development Bank of Philippines (BBB/NR)
	1,610,000		5.500			03/25/21		1,754,900
	Energy Development Corp. (NR/NR)
	6,795,000		6.500			01/20/21		7,372,575
	San Miguel Corp. (NR/NR)^(f)
	4,254,000		4.875			04/26/23		3,913,680

								14,661,155

	Singapore – 0.4%
	Berau Capital Resources Pte Ltd. (B/B2)^(f)
	1,210,000		12.500			07/08/15		937,750
	Bumi Investment Pte Ltd. (CCC-/Ca)
	1,150,000		10.750			10/06/17		488,750
	Olam International Ltd. (NR/NR)
	5,190,000		6.750	^(f)		01/29/18		5,378,138
	400,000		7.500			08/12/20		452,000

								7,256,638

	South Africa^(b) – 0.1%
	ZAR Sovereign Capital Fund (NR/Baa1)
	2,320,000		3.903			06/24/20		2,291,000

	Thailand^(b)(g) – 0.8%
	PTT Exploration & Production PCL (BBB-/Baa3)
	12,980,000		4.875			12/29/49		13,113,045

	Turkey – 0.2%
	Export Credit Bank of Turkey (BB+/Baa3)
	270,000		5.375	^(b)		11/04/16		281,475
	2,240,000		5.375			11/04/16		2,335,200
	Hazine Mustesarligi Varlik Kiralama AS (NR/Baa3)
	208,000		2.803			03/26/18		202,521

								2,819,196

	United Arab Emirates – 0.7%
	Dolphin Energy Ltd. (NR/A1)
	1,901,900		5.888			06/15/19		2,092,090
	2,980,000		5.500			12/15/21		3,337,898
	Ruwais Power Co. PJSC (A-/A3)
	5,990,000		6.000	^(b)		08/31/36		6,708,800
	830,000		6.000			08/31/36		929,600

								13,068,388

	United Kingdom – 0.2%
	Ukreximbank Via Biz Finance PLC (NR/Caa3)
	290,000		8.375			04/27/15		240,700
	3,910,000		8.750			01/22/18		2,914,768

								3,155,468


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	United States – 1.0%
	Brazil Loan Trust 1 (BBB-/NR)
$	13,430,000		5.477	%^(b)		07/24/23	$	13,765,750
	3,019,000		5.477			07/24/23		3,094,475
	New Cotai LLC/New Cotai Capital Corp. (NR/NR)^(b)(f)(h)
	1,084,601		10.625			05/01/19		1,212,833

								18,073,058

	Venezuela – 1.2%
	Petroleos de Venezuela SA (CCC+/NR)
	12,880,000		9.000			11/17/21		8,597,400
	5,695,000		6.000			11/15/26		2,868,856
	Petroleos de Venezuela SA (NR/Caa1)
	3,839,000		9.750			05/17/35		2,478,075
	Petroleos de Venezuela SA (CCC+/NR)
	15,390,000		6.000			05/16/24		7,868,137

								21,812,468

	Vietnam^(f) – 0.0%
	Debt and Asset Trading Corp. (NR/NR)
	660,000		1.000			10/10/25		346,500

	TOTAL CORPORATE OBLIGATIONS
	(Cost $556,331,613)						$	552,247,360


	Agency Debentures^(d) – 4.3%
	FHLB
$	30,500,000		0.000	%		11/19/14	$	30,499,451
	44,500,000		0.000			12/17/14		44,498,576

	TOTAL AGENCY DEBENTURES
	(Cost $74,993,788)						$	74,998,027


	Structured Note – 0.5%
	Brazil – 0.5%
	Notas do Tesouro Nacional Series B (Issuer HSBC Corp.) (NR/NR)
BRL	23,897,866		6.000	%		08/15/40	$	9,501,020
	(Cost $13,980,224)


	Municipal Debt Obligations – 2.5%
	Puerto Rico – 2.5%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2008 A (BB-/Caa1)
$	1,525,000		6.000	%		07/01/44	$	1,124,703
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2012 A (BB-/Caa1)
	305,000		5.125			07/01/37		216,565
	640,000		5.250			07/01/42		454,349
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2012 D (BB-/Caa1)
	305,000		5.000			07/01/33		216,620
	Puerto Rico Commonwealth GO Bonds Refunding Public Improvement Series 2006 A (BB/B2)
	80,000		5.250			07/01/23		63,834

	Municipal Debt Obligations – (continued)
	Puerto Rico – (continued)
	Puerto Rico Commonwealth GO Bonds Refunding Public Improvement Series 2009 B (BB/B2)
$	1,385,000		5.750	%		07/01/38	$	1,064,137
	Puerto Rico Commonwealth GO Bonds Refunding Public Improvement Series 2012 A (BB/B2)
	1,210,000		5.500			07/01/26		962,785
	Puerto Rico Commonwealth GO Bonds Series 2008 A (BB/B2)
	1,315,000		5.375			07/01/33		989,984
	Puerto Rico Commonwealth GO Bonds Series 2014 A (BB/B2)
	17,850,000		8.000			07/01/35		15,708,357
	Puerto Rico Highways & Transportation Authority RB Refunding Series 2007 CC (AA/A2)
	125,000		5.250			07/01/36		122,450
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2009 A (BBB-/B1)
	4,600,000		5.500			08/01/22		4,130,064
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2009 A (BBB-/B1)
	3,725,000		5.250			08/01/27		3,100,988
	340,000		6.750			08/01/32		267,526
	4,950,000		5.750			08/01/37		4,041,823
	1,960,000		6.500			08/01/44		1,658,513
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 A (BBB-/B1)
	8,465,000		5.500			08/01/37		6,634,782
	900,000		5.375			08/01/39		686,709
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 C (BBB-/B1)
	660,000		6.000			08/01/39		540,263
	1,575,000		5.250			08/01/41		1,162,161
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2011 A-1 (BBB-/B1)
	15,000		5.250			08/01/43		10,982

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $42,258,199)						$	43,157,595

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $1,677,382,232)						$	1,668,429,834


	Short-term Investment⁽ⁱ⁾ – 3.7%
	Repurchase Agreement – 3.7%
	Joint Repurchase Agreement Account II
$	65,100,000		0.012	%		10/01/14	$	65,100,000
	(Cost $65,100,000)

	TOTAL INVESTMENTS – 98.7%
	(Cost $1,742,482,232)						$	1,733,529,834

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.3%							22,822,522

	NET ASSETS – 100.0%						$	1,756,352,356


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		Security is currently in default and/or non-income producing.
(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 $480,056,283, which represents approximately 27.3% of net assets as of September 30, 2014.
(c)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at September 30, 2014.
(d)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(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, 2014.
(f)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(g)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at September 30, 2014.
(h)		Pay-in-kind securities.
(i)		Joint repurchase agreement was entered into on September 30, 2014. Additional information appears on page 123.



Currency Abbreviations:
AUD		—Australian Dollar
BRL		—Brazilian Real
CNH		—Chinese Yuan Renminbi Offshore
DOP		—Dominican Peso
EUR		—Euro
HKD		—Hong Kong Dollar
HUF		—Hungarian Forint
IDR		—Indonesian Rupiah
ILS		—Israeli Shekel
INR		—Indian Rupee
JPY		—Japanese Yen
KRW		—South Korean Won
MXN		—Mexican Peso
MYR		—Malaysian Ringgit
PHP		—Philippine Peso
PLN		—Polish Zloty
RUB		—Russian Ruble
SGD		—Singapore Dollar
TRY		—Turkish Lira
TWD		—Taiwan Dollar
USD		—U.S. Dollar

Investment Abbreviations:
FHLB		—Federal Home Loan Bank
GO		—General Obligation
KLIBOR		—Kuala Lumpur Interbank Offered Rate
KWCDC		—South Korean Won Certificate of Deposit
LIBOR		—London Interbank Offered Rate
NR		—Not Rated
RB		—Revenue Bond
TIIE		—La Tasa de Interbank Equilibrium Interest Rate


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2014, 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		USD/EUR		12/17/14	$	48,112,624	$	1,581,909
		USD/JPY		12/17/14		2,430,447		55,553
		USD/MYR		10/03/14		3,907,303		51,897
Barclays Bank PLC		USD/AUD		12/17/14		4,227,951		173,659
		USD/BRL		10/24/14		8,495,814		680,678
		USD/ILS		12/17/14		5,146,477		356,913
	��	USD/INR		10/07/14		9,745,010		153,990
		USD/INR		10/27/14		4,873,144		77,856
		USD/KRW		10/27/14		7,367,438		71,062
		USD/MYR		10/03/14		3,149,964		10,232
BNP Paribas SA		EUR/PLN		12/17/14		4,881,828		10,189
		EUR/USD		12/17/14		4,940,040		675
		USD/AUD		12/17/14		9,580,803		256,751
		USD/BRL		10/22/14		4,796,863		140,137
		USD/MYR		10/20/14		4,877,434		78,566
		USD/RUB		10/27/14		9,752,050		165,950
		USD/TRY		12/17/14		4,418,837		215,618
Citibank NA (London)		PHP/USD		10/20/14		2,468,503		503
		USD/INR		10/14/14		9,784,549		171,451
		USD/PHP		10/14/14		2,428,551		57,449
		USD/SGD		12/17/14		7,845,375		131,399
		USD/TRY		12/17/14		4,821,205		160,795
		USD/TWD		10/17/14		9,807,726		103,274
		USD/TWD		10/20/14		9,803,022		86,978
Credit Suisse International (London)		USD/RUB		10/02/14		4,719,772		248,228
Deutsche Bank AG (London)		RUB/USD		11/17/14		985,535		1,724
		USD/CNH		12/17/14		24,031,341		105,072
		USD/EUR		12/17/14		2,425,156		60,486
		USD/INR		10/07/14		332,404		1,585
		USD/KRW		10/14/14		9,751,487		204,513
		USD/MXN		12/17/14		9,744,422		130,578
		USD/MYR		10/07/14		11,066,667		317,333
		USD/PHP		10/14/14		2,429,031		56,969
		USD/PHP		10/20/14		4,876,314		68,686
		USD/RUB		10/02/14		993,985		73
		USD/RUB		11/17/14		4,274,900		304,364
HSBC Bank PLC		TWD/USD		10/20/14		4,959,096		3,096
		USD/BRL		10/27/14		6,878,669		108,153
		USD/CNH		12/17/14		19,805,015		20,985
		USD/JPY		12/17/14		2,419,007		52,993
		USD/KRW		10/22/14		1,456,517		18,464
		USD/KRW		10/23/14		3,410,806		44,194
		USD/SGD		12/17/14		11,304,203		212,415
		USD/TRY		12/17/14		4,707,231		237,507
JPMorgan Chase Bank (London)		MXN/USD		12/17/14		4,972,381		16,381
		USD/EUR		10/30/14		75,982,547		1,959,515
		USD/EUR		12/17/14		2,463,069		20,600
		USD/IDR		10/31/14		3,446,268		69,503
		USD/INR		10/29/14		7,009,206		84,794


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Gain
JPMorgan Chase Bank (London) (continued)	USD/JPY		12/17/14	$	9,114,720	$	410,765
	USD/MXN		12/17/14		25,286,295		440,905
	USD/RUB		10/20/14		2,402,749		66,251
	USD/RUB		11/17/14		4,185,917		267,574
	USD/TRY		12/17/14		9,577,232		386,768
Merrill Lynch International Bank Ltd.	MXN/USD		10/31/14		3,182,720		15,413
Morgan Stanley & Co. International PLC	TWD/USD		10/17/14		9,875,241		5,241
	USD/AUD		12/17/14		717,091		24,654
	USD/ILS		12/17/14		8,357,734		512,696
	USD/TRY		12/17/14		4,477,137		223,345
Royal Bank of Canada	USD/AUD		12/17/14		4,919,260		18,162
	USD/JPY		12/17/14		1,225,163		9,337
Royal Bank of Scotland PLC	USD/EUR		12/17/14		2,421,997		61,471
	USD/HKD		11/13/14		1,464,141		1,594
	USD/JPY		12/17/14		1,588,864		6,922
	USD/TRY		12/17/14		9,654,559		220,441
Standard Chartered Bank	USD/AUD		12/17/14		1,913,385		77,894
	USD/CNH		12/17/14		19,757,665		64,335
	USD/EUR		12/17/14		2,417,574		66,150
	USD/TRY		12/17/14		4,307,564		221,029
State Street Bank and Trust	AUD/USD		12/17/14		2,465,725		11,740
	USD/JPY		12/17/14		7,244,475		169,525
UBS AG (London)	USD/BRL		10/14/14		9,825,856		105,144
	USD/BRL		10/24/14		15,385,032		1,276,813
	USD/HUF		12/17/14		6,879,697		171,671
	USD/MXN		10/31/14		61,051,989		1,200,135
Westpac Banking Corp.	AUD/USD		12/17/14		4,941,897		12,541
	USD/AUD		12/17/14		2,590,905		100,446
	USD/EUR		10/30/14		17,003,478		424,240
	USD/EUR		12/17/14		71,129,493		1,684,667
	USD/MYR		10/07/14		5,230,318		151,798
	USD/MYR		10/20/14		4,692,130		91,653
	USD/SGD		12/17/14		9,865,922		186,150
TOTAL						$	17,829,165

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
Bank of America Securities LLC	EUR/USD		12/17/14	$	12,158,639	$	(215,375	)
	HUF/USD		12/17/14		4,858,797		(92,203	)
Barclays Bank PLC	EUR/PLN		12/17/14		9,827,064		(68,306	)
	EUR/USD		12/17/14		2,423,893		(56,428	)
	ILS/USD		12/17/14		2,374,938		(71,981	)
	INR/USD		10/07/14		5,275,956		(58,937	)
	INR/USD		10/27/14		6,252,931		(113,234	)
	JPY/USD		12/17/14		2,391,639		(99,361	)
	MYR/USD		10/20/14		3,959,110		(5,890	)
	MYR/USD		10/29/14		5,606,804		(29,817	)
	PLN/USD		12/17/14		6,555,370		(215,416	)
	TWD/USD		10/27/14		4,920,195		(32,805	)


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2014 (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
BNP Paribas SA	AUD/USD			12/17/14	$	2,417,838	$	(40,504	)
	ILS/USD			12/17/14		7,336,113		(94,887	)
	INR/USD			10/14/14		3,156,906		(42,952	)
	PLN/USD			12/17/14		6,608,608		(152,444	)
Citibank NA (London)	AUD/USD			12/17/14		2,426,545		(36,104	)
	IDR/USD			10/31/14		3,147,770		(123,916	)
	ILS/USD			12/17/14		4,368,076		(109,924	)
	MXN/USD			12/17/14		11,481,439		(155,015	)
	MYR/USD			10/03/14		4,389,198		(105,501	)
	PHP/USD			10/29/14		2,470,514		(9,486	)
Credit Suisse International (London)	RUB/USD			10/02/14		4,642,742		(307,258	)
	RUB/USD			10/27/14		9,622,509		(282,491	)
Deutsche Bank AG (London)	AUD/USD			12/17/14		4,729,455		(184,712	)
	EUR/USD			12/17/14		14,629,291		(295,724	)
	IDR/USD			11/03/14		4,926,981		(8,019	)
	INR/USD			10/29/14		330,329		(2,417	)
	KRW/USD			10/31/14		2,417,201		(65,485	)
	PHP/USD			10/20/14		4,952,711		(3,289	)
	PLN/USD			12/17/14		4,916,719		(176,411	)
	RUB/USD			10/02/14		1,071,015		(56,223	)
HSBC Bank PLC	EUR/USD			12/17/14		6,072,369		(109,845	)
	INR/USD			10/27/14		5,781,088		(89,324	)
	MXN/USD			12/17/14		11,372,937		(144,472	)
	RUB/USD			10/17/14		2,400,605		(71,395	)
	SGD/USD			12/17/14		9,822,856		(82,144	)
JPMorgan Chase Bank (London)	JPY/USD			12/17/14		9,657,706		(232,294	)
	MYR/USD			10/03/14		2,668,069		(58,091	)
	MYR/USD			10/07/14		1,918,788		(34,201	)
	MYR/USD			10/20/14		2,469,231		(8,769	)
	RUB/USD			11/17/14		898,578		(36,884	)
	TRY/USD			12/17/14		3,636,450		(77,550	)
	USD/MXN			12/17/14		14,910,305		(32,305	)
Merrill Lynch International Bank Ltd.	EUR/USD			10/30/14		5,891,610		(118,478	)
Morgan Stanley & Co. International PLC	AUD/USD			12/17/14		2,385,623		(84,583	)
	BRL/USD			10/14/14		4,198,778		(183,521	)
	BRL/USD			10/27/14		4,845,539		(105,461	)
	EUR/HUF			12/17/14		2,492,398		(47,022	)
	EUR/USD			12/17/14		14,806,849		(77,617	)
	INR/USD			10/27/14		5,823,629		(94,326	)
	KRW/USD			10/27/14		4,857,710		(95,290	)
Royal Bank of Canada	EUR/USD			12/17/14		4,895,808		(92,083	)
	JPY/USD			12/17/14		4,758,216		(222,784	)
	MXN/USD			12/17/14		22,269,597		(443,844	)
Royal Bank of Scotland PLC	TRY/USD			12/17/14		23,853,661		(755,222	)
	USD/TRY			12/17/14		4,974,061		(18,061	)
Standard Chartered Bank	CNH/USD			12/17/14		19,757,621		(107,379	)
	INR/USD			10/14/14		18,660,789		(206,092	)
	JPY/USD			12/17/14		7,215,116		(257,884	)
	KRW/USD			10/14/14		4,932,091		(2,909	)
	MXN/USD			12/17/14		17,215,201		(380,439	)
	PLN/USD	��		12/17/14		5,681,272		(180,134	)
	TRY/USD			12/17/14		4,856,297		(92,703	)


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
State Street Bank and Trust	AUD/USD		12/17/14	$	2,402,166	$	(52,075	)
	EUR/USD		12/17/14		4,875,588		(106,672	)
UBS AG (London)	BRL/USD		10/14/14		9,332,379		(601,621	)
	INR/USD		10/07/14		4,801,459		(78,756	)
	PLN/USD		12/17/14		6,632,067		(136,733	)
	RUB/USD		11/17/14		3,695,339		(282,069	)
Westpac Banking Corp.	AUD/USD		12/17/14		4,867,891		(51,687	)
	INR/USD		10/14/14		6,096,320		(83,957	)
TOTAL						$	(9,249,191	)

FUTURES CONTRACTS — At September 30, 2014, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Eurodollars		(1,139	)	March 2017	$	(277,844,813	)	$	363,780
Eurodollars		(948	)	June 2017		(230,802,450	)		415,090
Eurodollars		(567	)	September 2017		(137,830,612	)		295,328
Ultra Long U.S. Treasury Bonds		139		December 2014		21,197,500			(351,394	)
2 Year U.S. Treasury Notes		175		December 2014		38,297,656			(8,909	)
5 Year U.S. Treasury Notes		644		December 2014		76,158,032			110,536
10 Year U.S. Treasury Notes		(925	)	December 2014		(115,292,578	)		(379,966	)
20 Year U.S. Treasury Bonds		(91	)	December 2014		(12,549,469	)		(139,279	)
TOTAL								$	305,186

SWAP CONTRACTS — At September 30, 2014, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS


						Rates Exchanged
Counterparty		Notional Amount (000s)		Termination Date		Payments Received	Payments Made	Unrealized Gain (Loss)*
Bank of America Securities LLC	KRW		733,290		01/16/24	3 month KWCDC	3.445%	$	(45,654	)
	MXN		14,640		03/03/26	6.930%	Mexico Interbank TIIE 28 Days		35,028
Barclays Bank PLC	KRW		1,000,000		08/09/23	3 month KWCDC	3.440		(59,973	)
	MYR		6,800		08/14/23	3 month KLIBOR	4.485		(29,576	)
Citibank NA	BRL		15,410		01/04/16	11.190	1 month Brazilian Interbank Deposit Average		(44,784	)
	KRW		4,820,980		03/07/17	2.875	3 month KWCDC		65,043
	MYR		18,970		09/17/18	3 month KLIBOR	3.830		25,459
			11,920		09/24/18	3 month KLIBOR	3.785		22,125
			20,280		11/19/18	3 month KLIBOR	3.915		9,735
			9,040		11/21/18	3 month KLIBOR	3.960		(245	)
	BRL		5,910		01/04/21	10.730	1 month Brazilian Interbank Deposit Average		(97,836	)
	KRW		12,731,400		08/08/23	3 month KWCDC	3.450		(772,095	)
			2,069,140		08/16/23	3 month KWCDC	3.485		(131,393	)
			2,648,200		08/21/23	3 month KWCDC	3.625		(196,538	)
	MYR		14,950		11/15/23	3 month KLIBOR	4.450		(48,494	)


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS (continued)


							Rates Exchanged
Counterparty		Notional Amount (000s)			Termination Date		Payments Received	Payments Made	Unrealized Gain (Loss)*
Credit Suisse International (London)	BRL		7,820			01/04/21	11.040%	1 month Brazilian Interbank Deposit Average	$	(97,149	)
Deutsche Bank Securities, Inc.			15,170			01/04/16	11.230	1 month Brazilian Interbank Deposit Average		(41,458	)
			64,600			01/04/16	11.650	1 month Brazilian Interbank Deposit Average		(67,971	)
	KRW		4,252,430			03/03/17	2.850	3 month KWCDC		55,057
	BRL		26,130			01/02/18	11.870	1 month Brazilian Interbank Deposit Average		(68,922	)
	MYR		19,420			09/13/18	3 month KLIBOR	3.920%		4,747
	MXN		60,090			09/25/18	Mexico Interbank TIIE 28 Days	5.180		(19,781	)
	MYR		16,090			11/14/18	3 month KLIBOR	3.880		14,081
	BRL		8,470			01/04/21	11.015	1 month Brazilian Interbank Deposit Average		(108,018	)
			25,340			01/04/21	11.230	1 month Brazilian Interbank Deposit Average		(251,818	)
	KRW		21,700,000	^(a)		12/21/22	3 month KWCDC	3.390		(496,716	)
			1,400,000	^(a)		01/08/23	3 month KWCDC	3.390		(31,749	)
	MYR		5,830			08/14/23	3 month KLIBOR	4.490		(26,027	)
JPMorgan Securities, Inc.	KRW		38,314,470			03/05/17	2.889	3 month KWCDC		531,548
	MYR		11,150			12/11/18	3 month KLIBOR	3.972		(604	)
	BRL		5,910			01/04/21	11.045	1 month Brazilian Interbank Deposit Average		(72,962	)
	KRW		3,387,950			08/13/23	3 month KWCDC	3.415		(196,696	)
	MYR		6,450			08/15/23	3 month KLIBOR	4.520		(33,131	)
	KRW		2,607,840			08/19/23	3 month KWCDC	3.563		(181,180	)
	MYR		9,260			09/26/23	3 month KLIBOR	4.330		(3,845	)
	KRW		770,160			12/23/23	3 month KWCDC	3.470		(48,428	)
			3,270,720			01/07/24	3 month KWCDC	3.471		(211,040	)
			977,430			01/13/24	3 month KWCDC	3.465		(62,484	)
			1,936,610			01/15/24	3 month KWCDC	3.445		(120,613	)
			50			01/16/24	3 month KWCDC	3.457		(3	)
			2,699,030			01/27/24	3 month KWCDC	3.383		(153,986	)
Morgan Stanley & Co. International PLC	BRL		32,670			01/04/16	11.670	1 month Brazilian Interbank Deposit Average		(31,671	)
	MYR		23,990			11/20/18	3 month KLIBOR	3.934		6,884
	KRW		6,983,920	^(a)		12/11/22	3 month KWCDC	3.260		(123,452	)
			18,128,470	^(a)		12/12/22	3 month KWCDC	3.290		(342,698	)
			18,128,470	^(a)		12/13/22	3 month KWCDC	3.300		(349,645	)
			33,000,000	^(a)		01/08/23	3 month KWCDC	3.380		(734,878	)
			2,022,340			08/16/23	3 month KWCDC	3.485		(128,465	)
			1,611,030			01/09/24	3 month KWCDC	3.455		(101,829	)
TOTAL									$	(4,764,100	)

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

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2014.


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

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)
MXN	103,600		09/25/18	Mexico Interbank TIIE 28 Days	5.190%	$	31		$	(38,152	)
$	69,600	^(a)	12/17/19	3 month LIBOR	2.250		(711,163	)		112,665
	46,200	^(a)	12/17/21	3 month LIBOR	2.500		(311,990	)		55,765
	TOTAL					$	(1,023,122	)	$	130,278

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2014.

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, 2014^(b)			Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Purchased:
Bank of America Securities LLC	People’s Republic of China 4.250%, 10/28/14	$	1,100		(1.000	)%		03/20/19		0.760	%	$	(1,860	)	$	(9,795	)
			2,680		(1.000	)		06/20/19		0.809			(15,551	)		(8,331	)
Barclays Bank PLC			4,140		(1.000	)		03/20/19		0.760			(14,483	)		(29,381	)
			3,350		(1.000	)		09/20/19		0.853			(48,385	)		24,090
Citibank NA			28,220		(1.000	)		03/20/19		0.760			(86,341	)		(212,649	)
			600		(1.000	)		03/20/19		0.760			(3,578	)		(2,779	)
			6,200		(1.000	)		03/20/19		0.760			(44,980	)		(20,709	)
			12,360		(1.000	)		06/20/19		0.809			(5,426	)		(104,716	)
			25,480		(1.000	)		06/20/19		0.809			(167,605	)		(59,450	)
JPMorgan Securities, Inc.			3,900		(1.000	)		03/20/19		0.760			(12,249	)		(29,071	)
			6,200		(1.000	)		03/20/19		0.760			(43,520	)		(22,169	)
			4,400		(1.000	)		06/20/19		0.809			(25,576	)		(13,632	)
			7,400		(1.000	)		09/20/19		0.853			(106,905	)		53,236
Protection Sold:
Citibank NA	Federative Republic of Brazil 12.250%, 03/06/30		4,000		1.000			09/20/24		2.339			(319,341	)		(110,899	)
JPMorgan Securities, Inc.			900		1.000			06/20/24		2.319			(73,380	)		(20,336	)
Morgan Stanley & Co. International PLC			7,530		1.000			06/20/24		2.319			(724,987	)		(59,111	)
TOTAL												$	(1,694,167	)	$	(625,702	)

(b)


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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – 89.9%
	Airlines – 0.6%
	Air Canada (BB-/Ba3)^(a)
$	10,000,000		6.750	%		10/01/19	$	10,600,000
	Air Canada (BB+/Ba2)^(a)
	2,548,206		5.375			11/15/22		2,606,433
	Continental Airlines 2012-3 Class C Pass Thru Certificates (B+/B1)
	8,100,000		6.125			04/29/18		8,484,750
	United Airlines 2014-1 Class B Pass Through Trust (BB+/NR)
	3,950,000		4.750			10/11/23		3,940,125
	United Continental Holdings, Inc. (B/B2)
	1,750,000		6.375			06/01/18		1,833,125

								27,464,433

	Automotive – 0.5%
	Chrysler Group LLC (B/B1)
	11,800,000		8.000			06/15/19		12,508,000
	9,850,000		8.250			06/15/21		10,761,125
	General Motors Liquidation Co. (NR/NR)^(b)
	7,125,000		7.125			07/15/13		—
	2,000,000		7.700			04/15/16		—
	1,000,000		8.800			03/01/49		—
	14,500,000		8.375			07/15/49		—

								23,269,125

	Automotive Parts – 1.4%
	American Axle & Manufacturing, Inc. (B+/B2)
	3,000,000		5.125			02/15/19		3,000,000
	5,000,000		6.250			03/15/21		5,200,000
	5,000,000		6.625			10/15/22		5,300,000
	Gates Global LLC (B/Caa2)^(a)
	30,000,000		6.000			07/15/22		28,500,000
	Schaeffler Finance BV (BB-/Ba2)^(a)
	9,800,000		4.250			05/15/21		9,457,000
	Schaeffler Holding Finance BV (B/B1)^(a)(c)
	7,200,000		6.875			08/15/18		7,488,000
	Stackpole International Intermediate Co. (B+/B2)^(a)
	6,000,000		7.750			10/15/21		6,030,000

								64,975,000

	Banks – 3.4%
	Bank of America Corp. (BB/Ba3)^(d)
	4,500,000		8.000			01/30/49		4,826,250
	11,700,000		6.250			09/05/49		11,583,000
	6,200,000		5.125			12/29/49		6,006,250
	Barclays Bank PLC (B/NR)^(d)
	6,200,000		8.250			12/15/49		6,339,500
	Citigroup, Inc. (BB/Ba3)^(d)
	11,350,000		6.300			12/29/49		11,222,313
	14,000,000		5.900			12/31/49		13,790,000
	Credit Suisse Group AG (BB/NR)^(a)(d)
	16,500,000		7.500			12/11/49		17,344,800
	23,000,000		6.250			12/31/49		22,252,500
	HSBC Holdings PLC (NR/Baa3)^(d)
	13,500,000		6.375			09/17/49		13,447,643
	JPMorgan Chase & Co. (BBB-/Ba1)^(d)
	4,500,000		5.000			07/01/49		4,386,600

	Corporate Obligations – (continued)
	Banks – (continued)
	Lloyds Banking Group PLC (B+/NR)^(d)
$	15,297,000		7.500	%		12/31/49	$	15,755,910
	Nordea Bank AB (BBB/NR)^(a)(d)
	12,100,000		5.500			09/23/49		11,888,250
	Royal Bank of Scotland Group PLC (BB/Ba3)
	2,530,000		6.125			12/15/22		2,677,848
	8,470,000		6.100			06/10/23		8,943,424
	Royal Bank of Scotland PLC (BB+/NR)^(d)
	8,850,000		9.500			03/16/22		10,089,000

								160,553,288

	Building Materials – 1.1%
	Atrium Windows & Doors, Inc. (B-/Caa1)^(a)
	11,150,000		7.750			05/01/19		10,815,500
	Builders FirstSource, Inc. (B/Caa1)^(a)
	7,000,000		7.625			06/01/21		7,000,000
	Gibraltar Industries, Inc. (BB-/NR)
	4,000,000		6.250			02/01/21		4,100,000
	Hardwoods Acquisition, Inc. (B/B3)^(a)
	6,930,000		7.500			08/01/21		6,930,000
	Safway Group Holding LLC/Safway Finance Corp. (B/B3)^(a)
	2,900,000		7.000			05/15/18		2,929,000
	Summit Materials LLC/Summit Materials Finance Corp. (B-/Caa1)
	4,750,000		10.500			01/31/20		5,213,125
	1,650,000		10.500	^(a)		01/31/20		1,810,875
	Transfield Services Ltd. (B+/Ba3)^(a)
	4,350,000		8.375			05/15/20		4,524,000
	Zachry Holdings, Inc. (B+/B2)^(a)
	8,850,000		7.500			02/01/20		9,137,625

								52,460,125

	Capital Goods – 0.2%
	Dynacast International LLC/Dynacast Finance, Inc. (B/B2)
	8,000,000		9.250			07/15/19		8,620,000

	Chemicals – 2.2%
	Ashland, Inc. (BB/Ba1)
	6,450,000		3.875			04/15/18		6,466,125
	11,000,000		4.750			08/15/22		10,725,000
	Eagle Spinco, Inc. (BB/Ba3)
	11,100,000		4.625			02/15/21		10,683,750
	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC (CCC+/Caa1)
	13,000,000		8.875			02/01/18		13,195,000
	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC (CCC+/Caa2)
	5,000,000		9.000			11/15/20		4,762,500
	Huntsman International LLC (B+/B1)
	5,950,000		4.875			11/15/20		5,845,875
	Momentive Performance Materials, Inc. (NR/WR)^(b)
	13,000,000		8.875			10/15/20		11,667,500
	Rayonier AM Products, Inc. (BB+/Ba3)^(a)
	3,450,000		5.500			06/01/24		3,312,000
	Rockwood Specialties Group, Inc. (BBB-/Ba1)
	8,825,000		4.625			10/15/20		9,111,813


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

GOLDMAN SACHS HIGH YIELD FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Chemicals – (continued)
	SPCM SA (BB+/Ba3)^(a)
$	4,900,000		6.000	%		01/15/22	$	5,213,279
	US Coatings Acquisition, Inc./Axalta Coating Systems Dutch Holding B BV (B+/B1)
EUR	7,000,000		5.750			02/01/21		9,339,121
	US Coatings Acquisition, Inc./Flash Dutch 2 BV (B-/Caa1)^(a)
$	7,265,000		7.375			05/01/21		7,750,847
	WR Grace & Co. (BB+/Ba3)^(a)
	3,000,000		5.125			10/01/21		3,037,500
	2,150,000		5.625			10/01/24		2,193,000

								103,303,310

	Conglomerates – 0.3%
	Park-Ohio Industries, Inc. (B-/B3)
	12,500,000		8.125			04/01/21		13,375,000

	Construction Machinery – 1.4%
	Accudyne Industries Borrower/Accudyne Industries LLC (CCC+/Caa1)^(a)
	7,050,000		7.750			12/15/20		7,261,500
	Cleaver-Brooks, Inc. (B/B2)^(a)
	5,150,000		8.750			12/15/19		5,600,625
	Dematic SA/DH Services Luxembourg Sarl (CCC+/Caa1)^(a)
	15,250,000		7.750			12/15/20		16,012,500
	Mcron Finance Sub LLC (B/B1)^(a)
	4,560,000		8.375			05/15/19		4,839,300
	Milacron LLC/Mcron Finance Corp. (B-/Caa1)^(a)
	10,000,000		7.750			02/15/21		10,562,500
	The Manitowoc Co., Inc. (BB-/B2)
	6,000,000		8.500			11/01/20		6,450,000
	5,000,000		5.875			10/15/22		5,150,000
	Vander Intermediate Holding II Corp. (CCC+/Caa2)^(a)(c)
	5,700,000		9.750			02/01/19		5,942,250
	Waterjet Holdings, Inc. (B/B2)^(a)
	4,450,000		7.625			02/01/20		4,605,750

								66,424,425

	Consumer Products – Household & Leisure – 1.1%
	Radio Systems Corp. (B/B3)^(a)
	9,000,000		8.375			11/01/19		9,720,000
	Serta Simmons Holdings LLC (CCC+/Caa1)^(a)
	9,400,000		8.125			10/01/20		9,940,500
	Spectrum Brands, Inc. (B/B3)
	3,750,000		6.375			11/15/20		3,909,375
	4,000,000		6.625			11/15/22		4,190,000
	Springs Industries, Inc. (B/B2)
	7,150,000		6.250			06/01/21		7,024,875
	The Sun Products Corp. (CCC/Caa2)^(a)
	19,100,000		7.750			03/15/21		14,659,250
	Visant Corp. (CCC+/Caa2)
	2,641,000		10.000			10/01/17		2,357,093

								51,801,093

	Consumer Products – Industrial – 1.6%
	HD Supply, Inc. (B+/B1)
	3,500,000		8.125			04/15/19		3,780,000

	Corporate Obligations – (continued)
	Consumer Products – Industrial – (continued)
	HD Supply, Inc. (CCC+/B3)
$	10,200,000		11.000	%		04/15/20	$	11,577,000
	HD Supply, Inc. (CCC+/Caa2)
	30,922,000		7.500			07/15/20		32,081,575
	18,000,000		11.500			07/15/20		20,700,000
	WESCO Distribution, Inc. (B+/B1)
	8,000,000		5.375			12/15/21		7,960,000

								76,098,575

	Consumer Products – Non Durable – 1.6%
	Anna Merger Sub, Inc. (CCC+/Caa1)^(a)
	12,350,000		7.750			10/01/22		12,411,750
	APX Group, Inc. (B/Ba3)
	12,000,000		6.375			12/01/19		11,655,000
	APX Group, Inc. (CCC+/Caa1)
	5,000,000		8.750			12/01/20		4,525,000
	Constellation Brands, Inc. (BB+/Ba1)
	10,000,000		3.750			05/01/21		9,800,000
	9,550,000		4.250			05/01/23		9,359,000
	Prestige Brands, Inc. (B-/Caa1)
	2,700,000		8.125			02/01/20		2,882,250
	4,700,000		5.375	^(a)		12/15/21		4,453,250
	Sally Holdings LLC (BB+/Ba2)
	18,700,000		5.750			06/01/22		19,074,000
	650,000		5.500			11/01/23		653,250

								74,813,500

	Emerging Markets^(a) – 0.5%
	Digicel Group Ltd. (NR/Caa1)
	11,800,000		8.250			09/30/20		12,124,500
	5,000,000		7.125			04/01/22		5,000,000
	Digicel Ltd. (NR/B1)
	8,000,000		7.000			02/15/20		8,120,000

								25,244,500

	Energy – Coal – 0.5%
	Arch Coal, Inc. (CCC+/B3)^(a)
	2,050,000		8.000			01/15/19		1,763,000
	Arch Coal, Inc. (CCC+/Caa1)
	3,000,000		7.000			06/15/19		1,642,500
	7,950,000		9.875			06/15/19		4,611,000
	Peabody Energy Corp. (BB-/Ba3)
	10,000,000		6.000			11/15/18		9,800,000
	Peabody Energy Corp. (B-/B2)
	7,250,000		4.750			12/15/41		4,996,214

								22,812,714

	Energy – Exploration & Production – 9.4%
	Antero Resources Corp. (BB/B1)^(a)
	7,900,000		5.125			12/01/22		7,682,750
	Antero Resources Finance Corp. (BB/B1)
	8,550,000		5.375			11/01/21		8,507,250
	Athlon Holdings LP/Athlon Finance Corp. (CCC+/B3)
	15,000,000		7.375			04/15/21		16,275,000
	6,250,000		6.000	^(a)		05/01/22		6,703,125


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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Energy – Exploration & Production – (continued)
	Berry Petroleum Co. (BB-/B1)
$	10,150,000		6.375	%		09/15/22	$	9,870,875
	California Resources Corp. (BB/Ba1)^(a)
	15,450,000		6.000			11/15/24		15,836,250
	Chaparral Energy, Inc. (B-/B3)
	7,000,000		9.875			10/01/20		7,525,000
	3,175,000		8.250			09/01/21		3,349,625
	10,000,000		7.625			11/15/22		10,350,000
	Concho Resources, Inc. (BB+/Ba3)
	760,000		7.000			01/15/21		809,400
	4,650,000		6.500			01/15/22		4,940,625
	6,900,000		5.500			10/01/22		7,107,000
	11,800,000		5.500			04/01/23		12,213,000
	CrownRock LP/CrownRock Finance, Inc. (B/Caa1)^(a)
	16,000,000		7.125			04/15/21		16,640,000
	Diamondback Energy, Inc. (B-/B3)^(a)
	6,250,000		7.625			10/01/21		6,734,375
	Gulfmark Offshore, Inc. (BB-/B1)
	9,250,000		6.375			03/15/22		9,018,750
	Halcon Resources Corp. (CCC+/Caa1)
	7,800,000		9.750			07/15/20		7,878,000
	11,000,000		8.875			05/15/21		10,890,000
	Kodiak Oil & Gas Corp. (B/B3)
	12,000,000		8.125			12/01/19		12,900,000
	5,000,000		5.500			01/15/21		5,062,500
	3,300,000		5.500			02/01/22		3,333,000
	Laredo Petroleum, Inc. (B/B2)
	12,850,000		9.500			02/15/19		13,653,125
	3,000,000		5.625			01/15/22		2,947,500
	3,389,000		7.375			05/01/22		3,566,923
	Linn Energy LLC/Linn Energy Finance Corp. (B/B1)
	9,850,000		6.250			11/01/19		9,665,312
	2,850,000		7.750			02/01/21		2,885,625
	Magnum Hunter Resources Corp. (CCC/NR)
	25,000,000		9.750			05/15/20		26,437,500
	MEG Energy Corp. (BB/B1)^(a)
	7,500,000		6.500			03/15/21		7,575,000
	22,550,000		6.375			01/30/23		22,690,937
	11,000,000		7.000			03/31/24		11,385,000
	Memorial Production Partners LP/Memorial Production Finance Corp. (B-/Caa1)
	17,000,000		7.625			05/01/21		17,085,000
	2,200,000		6.875	^(a)		08/01/22		2,101,000
	Oasis Petroleum, Inc. (B+/B2)
	9,250,000		6.875			03/15/22		9,805,000
	Parsley Energy LLC/Parsley Finance Corp. (CCC+/Caa2)^(a)
	5,350,000		7.500			02/15/22		5,517,188
	Resolute Energy Corp. (CCC+/B3)
	12,600,000		8.500			05/01/20		12,663,000
	Rosetta Resources, Inc. (B+/B1)
	7,300,000		5.625			05/01/21		7,154,000
	5,450,000		5.875			06/01/24		5,341,000
	RSP Permian, Inc. (B-/B3)^(a)
	5,650,000		6.625			10/01/22		5,678,250
	Samson Investment Co. (CCC+/B3)
	18,000,000		9.750			02/15/20		16,560,000

	Corporate Obligations – (continued)
	Energy – Exploration & Production – (continued)
	SandRidge Energy, Inc. (B-/B2)
$	2,900,000		8.750	%		01/15/20	$	2,987,000
	2,500,000		8.125			10/15/22		2,493,750
	Seven Generations Energy Ltd. (CCC/Caa1)^(a)
	12,500,000		8.250			05/15/20		13,503,750
	SM Energy Co. (BB/Ba2)
	5,000,000		6.500			11/15/21		5,275,000
	20,000,000		5.000			01/15/24		19,200,000
	Vanguard Natural Resourses LLC/VNR Finance Corp. (B/B3)
	15,000,000		7.875			04/01/20		15,525,000
	Whiting Petroleum Corp. (BB+/Ba2)
	12,300,000		5.750			03/15/21		13,007,250

								438,329,635

	Energy – Services – 0.8%
	Atwood Oceanics, Inc. (BB/Ba3)
	9,725,000		6.500			02/01/20		9,943,813
	CVR Refining LLC/Coffeyville Finance, Inc. (B+/B2)
	7,500,000		6.500			11/01/22		7,650,000
	FTS International, Inc. (B/B2)^(a)
	7,900,000		6.250			05/01/22		7,761,750
	Trinidad Drilling Ltd. (BB/B1)^(a)
	10,000,000		7.875			01/15/19		10,343,700

								35,699,263

	Entertainment & Leisure – 0.4%
	Regal Entertainment Group (B-/B3)
	3,800,000		5.750			03/15/22		3,809,500
	Viking Cruises Ltd. (B+/B3)^(a)
	11,079,000		8.500			10/15/22		12,103,808
	WMG Acquisition Corp. (B+/B1)^(a)
	300,000		5.625			04/15/22		300,750
	WMG Acquisition Corp. (B/Caa1)^(a)
	5,000,000		6.750			04/15/22		4,812,500

								21,026,558

	Environmental – 0.7%
	ADS Waste Holdings, Inc. (CCC+/Caa2)
	20,000,000		8.250			10/01/20		20,900,000
	Casella Waste Systems, Inc. (CCC+/Caa1)
	12,500,000		7.750			02/15/19		12,531,250

								33,431,250

	Finance – 6.0%
	AerCap Ireland Capital Ltd./AerCap Global Aviation Trust (BB+/Ba2)^(a)
	5,000,000		3.750			05/15/19		4,862,500
	Aircastle Ltd. (BB+/Ba3)
	5,600,000		4.625			12/15/18		5,607,000
	8,000,000		6.250			12/01/19		8,430,000
	Ally Financial, Inc. (BB/B1)
	20,000,000		6.250			12/01/17		21,550,000
	5,250,000		8.000			03/15/20		6,116,250
	Ally Financial, Inc. (NR/B1)
	6,000,000		5.125			09/30/24		5,880,000
	Ally Financial, Inc. (BB/B1)
	16,000,000		8.000			11/01/31		19,960,000


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

GOLDMAN SACHS HIGH YIELD FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Finance – (continued)
	CIT Group, Inc. (BB-/Ba3)
$	4,500,000		5.000	%		05/15/17	$	4,612,500
	9,950,000		5.250			03/15/18		10,248,500
	16,000,000		5.500	^(a)		02/15/19		16,680,000
	2,042,000		5.375			05/15/20		2,103,260
	Harbinger Group, Inc. (B+/Ba3)
	9,000,000		7.875			07/15/19		9,573,750
	International Lease Finance Corp. (BBB-/Ba1)^(a)
	4,900,000		7.125			09/01/18		5,500,250
	International Lease Finance Corp. (BB+/Ba2)
	15,550,000		5.875			04/01/19		16,405,250
	8,450,000		6.250			05/15/19		9,083,750
	3,000,000		4.625			04/15/21		2,985,000
	Jefferies Finance LLC/JFIN Co-Issuer Corp. (B/B1)^(a)
	9,150,000		7.375			04/01/20		9,401,625
	4,500,000		6.875			04/15/22		4,466,250
	Jefferies LoanCore LLC/JLC Finance Corp. (B/B2)^(a)
	8,000,000		6.875			06/01/20		7,760,000
	Nationstar Mortgage LLC/Nationstar Capital Corp. (B+/B2)
	7,700,000		6.500			08/01/18		7,584,500
	5,200,000		7.875			10/01/20		5,213,000
	14,450,000		6.500			07/01/21		13,655,250
	Navient LLC (BB/Ba3)
	7,000,000		8.450			06/15/18		7,924,491
	15,900,000		5.500			01/15/19		16,251,271
	10,000,000		4.875			06/17/19		10,018,232
	12,000,000		8.000			03/25/20		13,486,755
	5,350,000		6.125			03/25/24		5,239,942
	1,200,000		5.625			08/01/33		1,016,961
	Rialto Holdings LLC/Rialto Corp. (B/B2)^(a)
	11,300,000		7.000			12/01/18		11,582,500
	Speedy Cash Intermediate Holdings Corp. (B/Caa1)^(a)
	13,500,000		10.750			05/15/18		13,533,750
	Synovus Financial Corp. (BB-/B1)
	4,250,000		7.875			02/15/19		4,738,750

								281,471,287

	Food – 1.6%
	B&G Foods, Inc. (BB-/B1)
	12,300,000		4.625			06/01/21		11,715,750
	Cott Beverages, Inc. (B+/B3)^(a)
	10,000,000		5.375			07/01/22		9,650,000
	Post Holdings, Inc. (B/B2)
	16,550,000		6.750	^(a)		12/01/21		15,888,000
	11,050,000		7.375			02/15/22		10,994,750
	6,050,000		6.000	^(a)		12/15/22		5,535,750
	Shearer’s Foods LLC/Chip Finance Corp. (B/B1)^(a)
	6,957,000		9.000			11/01/19		7,565,737
	The WhiteWave Foods Co. (BB-/B1)
	3,050,000		5.375			10/01/22		3,095,750
	TreeHouse Foods, Inc. (BB/Ba2)
	3,500,000		4.875			03/15/22		3,447,500
	Wells Enterprises, Inc. (B+/B3)^(a)
	9,196,000		6.750			02/01/20		9,379,920

								77,273,157

	Corporate Obligations – (continued)
	Gaming – 5.1%
	Caesars Entertainment Operating Co., Inc. (CCC-/Caa2)
$	31,050,000		9.000	%		02/15/20	$	23,830,875
	Churchill Downs, Inc. (BB/B1)^(a)
	10,000,000		5.375			12/15/21		10,000,000
	Downstream Development Authority of the Quapaw Tribe of Oklahoma (B/B3)^(a)
	10,700,000		10.500			07/01/19		11,261,750
	Gala Electric Casinos PLC (CCC+/Caa2)
GBP	1,000,000		11.500			06/01/19		1,717,187
	Gala Group Finance PLC (B+/B2)
	3,060,000		8.875			09/01/18		5,169,665
	GLP Capital LP/GLP Financing II, Inc. (BBB-/Ba1)
$	18,165,000		4.875			11/01/20		18,437,475
	15,000,000		5.375			11/01/23		15,337,500
	Marina District Finance Co., Inc. (B+/B2)
	5,000,000		9.875			08/15/18		5,237,500
	MGM Resorts International (B+/B3)
	8,350,000		6.875			04/01/16		8,830,125
	10,000,000		10.000			11/01/16		11,275,000
	24,750,000		6.750			10/01/20		26,296,875
	25,000,000		6.625			12/15/21		26,312,500
	11,650,000		7.750			03/15/22		12,960,625
	New Red Finance, Inc. (B-/Caa1)^(a)
	37,350,000		6.000			04/01/22		37,069,875
	River Cree Enterprises LP (B-/NR)^(a)
CAD	7,200,000		11.000			01/20/21		6,985,276
	Seminole Hard Rock Entertainment, Inc. (BB-/B2)^(a)
$	10,400,000		5.875			05/15/21		10,036,000
	Wynn Macau Ltd. (BB/Ba2)^(a)
	9,000,000		5.250			10/15/21		8,640,000

								239,398,228

	Health Care – Medical Products – 0.8%
	DJO Finance LLC/DJO Finance Corp. (CCC/Caa2)
	5,000,000		9.750			10/15/17		5,137,500
	DJO Finance LLC/DJO Finance Corp. (CCC+/Caa1)
	7,000,000		9.875			04/15/18		7,350,000
	Fresenius Medical Care US Finance II, Inc. (BB+/Ba2)^(a)
	8,650,000		5.625			07/31/19		9,104,125
	4,505,000		5.875			01/31/22		4,786,563
	Fresenius Medical Care US Finance, Inc. (BB+/Ba2)^(a)
	4,550,000		5.750			02/15/21		4,800,250
	Fresenius US Finance II, Inc. (BB+/Ba1)^(a)
	5,450,000		4.250			02/01/21		5,490,875

								36,669,313

	Health Care – Pharmaceuticals^(a) – 0.8%
	Valeant Pharmaceuticals International, Inc. (B/B1)
	5,147,000		6.750			08/15/18		5,417,218
	25,000,000		6.375			10/15/20		25,687,500
	6,000,000		5.625			12/01/21		5,977,500
	50,000		7.250			07/15/22		52,875

								37,135,093

	Health Care – Services – 5.6%
	21st Century Oncology, Inc. (B-/Caa2)
	2,150,000		8.875			01/15/17		2,214,500


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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Health Care – Services – (continued)
	21st Century Oncology, Inc. (CCC/Caa3)
$	10,700,000		9.875	%		04/15/17	$	10,379,000
	Amsurg Corp. (B-/B3)^(a)
	5,900,000		5.625			07/15/22		5,841,000
	CHS/Community Health Systems, Inc. (BB/Ba2)
	15,000,000		5.125			08/15/18		15,412,500
	CHS/Community Health Systems, Inc. (B-/B3)^(a)
	29,000,000		6.875			02/01/22		30,232,500
	CHS/Community Health Systems, Inc. (BB/Ba2)^(a)
	5,000,000		5.125			08/01/21		5,012,500
	Crimson Merger Sub, Inc. (CCC+/Caa1)^(a)
	19,000,000		6.625			05/15/22		17,385,000
	Envision Healthcare Corp. (B/B3)^(a)
	4,700,000		5.125			07/01/22		4,629,500
	HCA Holdings, Inc. (B-/B3)
	4,750,000		6.250			02/15/21		4,963,750
	HCA, Inc. (BB/Ba3)
	3,000,000		3.750			03/15/19		2,947,500
	35,000,000		6.500			02/15/20		38,237,500
	12,000,000		7.250			09/15/20		12,600,000
	10,000,000		5.000			03/15/24		9,837,500
	HCA, Inc. (B-/B3)
	38,500,000		7.500			02/15/22		43,408,750
	Lifepoint Hospitals, Inc. (BB-/Ba2)
	16,000,000		5.500			12/01/21		16,200,000
	MPH Acquisition Holdings LLC (CCC+/Caa1)^(a)
	5,300,000		6.625			04/01/22		5,353,000
	MPT Operating Partnership LP/MPT Finance Corp. (BB/Ba1)
	19,500,000		6.875			05/01/21		20,865,000
	14,200,000		6.375			02/15/22		15,123,000

								260,642,500

	Home Construction – 2.3%
	Beazer Homes USA, Inc. (CCC/Caa2)
	4,300,000		7.500			09/15/21		4,375,250
	3,150,000		7.250			02/01/23		3,134,250
	Brookfield Residential Properties, Inc. (BB-/B2)^(a)
	6,000,000		6.500			12/15/20		6,317,400
	2,650,000		6.125			07/01/22		2,711,215
	Century Communities, Inc. (B/B3)^(a)
	3,675,000		6.875			05/15/22		3,702,562
	CPG Merger Sub LLC (CCC+/Caa2)^(a)
	5,700,000		8.000			10/01/21		5,785,500
	D.R. Horton, Inc. (BB/Ba1)
	5,000,000		3.750			03/01/19		4,862,500
	3,000,000		4.750			02/15/23		2,910,000
	Lennar Corp. (BB/Ba3)
	2,000,000		6.950			06/01/18		2,180,000
	7,600,000		4.500			06/15/19		7,486,000
	3,000,000		4.750			11/15/22		2,880,000
	Meritage Homes Corp. (BB-/Ba3)
	3,000,000		7.150			04/15/20		3,225,000
	5,000,000		7.000			04/01/22		5,325,000
	Ryland Group Co. (BB-/B1)
	5,000,000		5.375			10/01/22		4,875,000

	Corporate Obligations – (continued)
	Home Construction – (continued)
	Standard Pacific Corp. (B+/B1)
$	6,000,000		6.250	%		12/15/21	$	6,112,500
	The Ryland Group, Inc. (BB-/B1)
	6,000,000		0.250			06/01/19		5,484,918
	Toll Brothers Finance Corp. (BB+/Ba1)
	5,000,000		5.875			02/15/22		5,312,500
	5,850,000		4.375			04/15/23		5,616,000
	Weyerhaeuser Real Estate Co. (BB-/B1)^(a)
	6,250,000		4.375			06/15/19		6,109,375
	5,400,000		5.875			06/15/24		5,386,500
	WLH PNW Finance Corp. (NR/B3)^(a)
	10,250,000		7.000			08/15/22		10,378,125
	Woodside Homes Co. LLC/Woodside Homes Finance, Inc. (B/B3)^(a)
	3,625,000		6.750			12/15/21		3,588,750

								107,758,345

	Life Insurance^(a) – 0.1%
	Fidelity & Guaranty Life Holdings, Inc. (BB-/Ba3)
	3,700,000		6.375			04/01/21		3,875,750

	Lodging – 0.5%
	Felcor Lodging LP (B-/B2)
	7,300,000		5.625			03/01/23		7,190,500
	Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. (B/B3)^(a)
	8,050,000		5.625			10/15/21		8,291,500
	New Cotai LLC/New Cotai Capital Corp. (NR/NR)^(a)(c)
	7,452,210		10.625			05/01/19		8,333,279

								23,815,279

	Machinery – 0.7%
	Aecom Technology Corp. (BB-/Ba3)^(a)
	3,850,000		5.750			10/15/22		3,860,268
	4,850,000		5.875			10/15/24		4,874,408
	Constellation Enterprises LLC (B-/Caa1)^(a)
	10,370,000		10.625			02/01/16		9,333,000
	Dresser-Rand Group, Inc. (B+/Ba3)
	8,000,000		6.500			05/01/21		8,640,000
	EnPro Industries, Inc. (BB-/B1)^(a)
	4,450,000		5.875			09/15/22		4,539,000

								31,246,676

	Media – Broadcasting & Radio – 2.1%
	Entercom Radio LLC (B-/Caa1)
	9,700,000		10.500			12/01/19		10,694,250
	Gannett Co., Inc. (BB+/Ba1)
	7,000,000		5.125			07/15/20		7,070,000
	iHeartCommunications, Inc. (CCC+/Caa1)
	15,000,000		9.000			12/15/19		15,093,750
	iHeartCommunications, Inc. (CCC-/NR)^(c)
	2,020,000		14.000			02/01/21		1,853,350
	Nexstar Broadcasting, Inc. (B/Caa1)
	6,350,000		6.875			11/15/20		6,524,625
	Sirius XM Radio, Inc. (BB/B1)^(a)
	400,000		4.250			05/15/20		382,000
	3,900,000		5.875			10/01/20		3,939,000


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

GOLDMAN SACHS HIGH YIELD FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Media – Broadcasting & Radio – (continued)
	Sirius XM Radio, Inc. (BB/B1)^(a) – (continued)
$	8,850,000		5.750	%		08/01/21	$	8,850,000
	9,750,000		6.000			07/15/24		9,871,875
	Univision Communications, Inc. (CCC+/Caa2)^(a)
	10,000,000		8.500			05/15/21		10,600,000
	Univision Communications, Inc. (B+/B2)^(a)
	16,506,000		6.750			09/15/22		17,702,685
	4,200,000		5.125			05/15/23		4,252,500

								96,834,035

	Media – Cable – 4.3%
	Adelphia Communications Corp. (NR/NR)^(b)
	2,000,000		10.250			06/15/49		17,500
	CCO Holdings LLC/CCO Holdings Capital Corp. (B/B1)
	5,500,000		7.375			06/01/20		5,816,250
	10,000,000		6.500			04/30/21		10,425,000
	10,000,000		6.625			01/31/22		10,500,000
	11,000,000		5.750			09/01/23		10,972,500
	Cequel Communications Holdings I LLC/Cequel Capital Corp. (B-/B3)^(a)
	25,600,000		5.125			12/15/21		24,384,000
	CSC Holdings LLC (BB/Ba2)
	5,100,000		8.625			02/15/19		5,826,750
	7,650,000		6.750			11/15/21		8,147,250
	7,000,000		5.250	^(a)		06/01/24		6,720,000
	DISH DBS Corp. (BB-/Ba3)
	5,400,000		4.250			04/01/18		5,420,250
	800,000		7.875			09/01/19		908,000
	22,000,000		6.750			06/01/21		23,595,000
	Harron Communications LP/Harron Finance Corp. (B-/Caa1)^(a)
	6,730,000		9.125			04/01/20		7,403,000
	Lynx II Corp. (B/B2)^(a)
	4,000,000		6.375			04/15/23		4,130,000
	Midcontinent Communications & Midcontinent Finance Corp. (B-/B3)^(a)
	7,500,000		6.250			08/01/21		7,575,000
	Numericable Group SA (B+/Ba3)^(a)
	19,400,000		6.000			05/15/22		19,545,500
	UPC Holding BV (B/B2)
EUR	5,000,000		8.375			08/15/20		6,810,179
	2,600,000		6.375			09/15/22		3,529,766
CHF	12,350,000		6.750	^(a)		03/15/23		14,151,209
	Virgin Media Secured Finance PLC (BB-/Ba3)^(a)
$	16,000,000		5.375			04/15/21		16,120,000
	VTR Finance BV (B+/B1)^(a)
	10,000,000		6.875			01/15/24		10,268,800

								202,265,954

	Media – Diversified – 0.3%
	Videotron Ltd. (BB/Ba2)
	8,450,000		5.000			07/15/22		8,365,500
	8,000,000		5.375	^(a)		06/15/24		7,920,000

								16,285,500

	Media – Non Cable^(a) – 0.2%
	Getty Images, Inc. (CCC+/Caa2)
	14,000,000		7.000			10/15/20		10,325,000

	Corporate Obligations – (continued)
	Metals – 1.6%
	AK Steel Corp. (B-/Caa1)
$	12,000,000		7.625	%		05/15/20	$	11,850,000
	4,850,000		7.625			10/01/21		4,680,250
	Alcoa, Inc. (BBB-/Ba1)
	3,219,000		6.150			08/15/20		3,545,804
	9,850,000		5.125			10/01/24		9,824,678
	ArcelorMittal (BB+/Ba1)
	3,700,000		6.000			03/01/21		3,875,750
	10,000,000		6.750			02/25/22		10,697,500
	Commercial Metals Co. (BB+/Ba2)
	7,792,000		4.875			05/15/23		7,538,760
	Steel Dynamics, Inc. (BB+/Ba2)
	5,650,000		5.125	^(a)		10/01/21		5,720,625
	8,650,000		5.250			04/15/23		8,693,250
	6,150,000		5.500	^(a)		10/01/24		6,257,625

								72,684,242

	Mining^(a) – 0.4%
	Calcipar SA (BB/Ba3)
	7,005,000		6.875			05/01/18		7,215,150
	Magnetation LLC/Mag Finance Corp. (B-/B3)
	3,700,000		11.000			05/15/18		3,727,750
	New Gold, Inc. (BB-/B2)
	1,098,000		7.000			04/15/20		1,161,135
	8,000,000		6.250			11/15/22		8,080,000

								20,184,035

	Packaging – 2.7%
	Ardagh Finance Holdings SA (CCC+/Caa2)^(a)(c)
	7,000,000		8.625			06/15/19		6,860,948
	Ardagh Glass Finance PLC (CCC+/Caa1)
EUR	6,000,000		8.750			02/01/20		7,918,796
	Ardagh Packaging Finance PLC (CCC+/Caa1)^(a)
$	1,550,000		6.250			01/31/19		1,548,063
	7,275,000		9.125			10/15/20		7,884,281
	Ardagh Packaging Finance PLC (NR/Caa1)^(a)
	1,332,353		7.000			11/15/20		1,327,357
	Ardagh Packaging Finance PLC (CCC+/Caa1)^(a)
	2,350,000		6.000			06/30/21		2,253,062
	Ball Corp. (BB+/Ba1)
	1,500,000		5.750			05/15/21		1,554,375
	9,450,000		5.000			03/15/22		9,473,625
	BWAY Holding Co. (CCC/Caa2)^(a)
	13,500,000		9.125			08/15/21		13,601,250
	Reynolds Group Issuer, Inc. (CCC+/Caa2)
	37,000,000		9.000			04/15/19		38,572,500
	12,000,000		9.875			08/15/19		12,915,000
	Reynolds Group Issuer, Inc. (B+/B1)
	5,000,000		7.875			08/15/19		5,300,000
	9,100,000		5.750			10/15/20		9,247,875
	1,625,000		6.875			02/15/21		1,692,031
	Sealed Air Corp. (BB/B1)^(a)
	5,450,000		8.375			09/15/21		6,035,875

								126,185,038


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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Paper – 0.3%
	Clearwater Paper Corp. (BB/Ba2)
$	1,100,000		4.500	%		02/01/23	$	1,053,250
	12,800,000		5.375	^(a)		02/01/25		12,640,000
	Stone Container Finance Co. of Canada II (NR/WR)^(b)
	2,250,000		7.375			07/15/14		—

								13,693,250

	Printing – 0.6%
	Logo Merger Sub Corp. (CCC+/Caa1)^(a)
	15,700,000		8.375			10/15/20		16,347,625
	McGraw-Hill Global Education Holdings LLC/McGraw-Hil Global Education Finance (B+/B1)
	5,800,000		9.750			04/01/21		6,409,000
	RR Donnelley & Sons Co. (BB-/Ba3)
	5,650,000		7.875			03/15/21		6,306,813

								29,063,438

	Publishing^(a) – 1.2%
	CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp. (BB-/B1)
	2,250,000		5.250			02/15/22		2,247,187
	6,650,000		5.875			03/15/25		6,666,625
	Nielsen Finance LLC/Nielsen Finance Co. (BB/B1)
	3,850,000		5.000			04/15/22		3,763,375
	ProQuest LLC/ProQuest Notes Co. (B/B3)
	18,800,000		9.000			10/15/18		19,693,000
	The Nielsen Co Luxembourg SARL (BB/B1)
	6,400,000		5.500			10/01/21		6,416,000
	Time, Inc. (BB/B1)
	18,000,000		5.750			04/15/22		17,280,000

								56,066,187

	Real Estate – 0.8%
	CB Richard Ellis Services, Inc. (BB/Ba1)
	5,000,000		5.000			03/15/23		4,950,000
	CBRE Services, Inc. (BB/Ba1)
	9,150,000		5.250			03/15/25		9,058,500
	DuPont Fabros Technology LP (BB/Ba1)
	14,000,000		5.875			09/15/21		14,350,000
	istar Financial, Inc. (B+/B3)
	7,000,000		4.000			11/01/17		6,781,250
	Starwood Property Trust, Inc. (BB-/NR)
	2,550,000		4.550			03/01/18		2,740,485

								37,880,235

	Retailers – 1.9%
	Claire’s Stores, Inc. (CCC/Caa2)
	3,000,000		8.875			03/15/19		2,490,000
	Claire’s Stores, Inc. (B-/B2)^(a)
	1,200,000		9.000			03/15/19		1,218,000
	4,000,000		6.125			03/15/20		3,680,000
	Claire’s Stores, Inc. (CCC/Caa2)^(a)
	3,000,000		7.750			06/01/20		2,137,500
	Gamestop Corp. (BB+/Ba1)^(a)
	6,800,000		5.500			10/01/19		6,677,955
	Jo-Ann Stores, Inc. (CCC+/Caa1)^(a)
	5,665,000		8.125			03/15/19		5,495,050

	Corporate Obligations – (continued)
	Retailers – (continued)
	L Brands, Inc. (BB+/Ba1)
$	10,337,000		6.625	%		04/01/21	$	11,344,857
	7,050,000		5.625			02/15/22		7,349,625
	Neiman Marcus Group Ltd., Inc. (CCC+/Caa2)^(a)
	21,000,000		8.000			10/15/21		21,840,000
	16,000,000		8.750	^(c)		10/15/21		16,880,000
	The William Carter Co. (BB+/Ba2)
	8,000,000		5.250			08/15/21		8,200,000

								87,312,987

	Retailers – Food & Drug – 0.3%
	Rite Aid Corp. (CCC+/Caa1)
	12,350,000		6.750			06/15/21		12,597,000

	Services Cyclical – Business Services – 1.0%
	CoreLogic, Inc. (B+/B1)
	13,000,000		7.250			06/01/21		13,617,500
	Sitel LLC/Sitel Finance Corp. (B-/B2)^(a)
	5,000,000		11.000			08/01/17		5,206,250
	Sitel LLC/Sitel Finance Corp. (CCC+/Caa2)
	5,000,000		11.500			04/01/18		4,756,250
	SPL Logistics Escrow LLC (B/B2)^(a)
	15,000,000		8.875			08/01/20		16,312,500
	WEX, Inc. (BB-/Ba3)^(a)
	8,900,000		4.750			02/01/23		8,499,500

								48,392,000

	Services Cyclical – Rental Equipment – 2.0%
	Ahern Rentals, Inc. (B/Caa1)^(a)
	7,000,000		9.500			06/15/18		7,490,000
	Algeco Scotsman Global Finance PLC (B/B2)^(a)
	18,500,000		8.500			10/15/18		18,962,500
	Algeco Scotsman Global Finance PLC (CCC+/Caa1)^(a)
	20,000,000		10.750			10/15/19		19,100,000
	Ashtead Capital, Inc. (BB-/Ba3)^(a)
	9,850,000		5.625			10/01/24		9,923,875
	Emeco Pty Ltd. (BB-/Ba3)^(a)
	12,250,000		9.875			03/15/19		12,188,750
	Europcar Groupe SA (B-/Caa1)
EUR	4,000,000		11.500	^(a)		05/15/17		5,787,196
	1,000,000		11.500			05/15/17		1,446,799
	Jurassic Holdings III, Inc. (B-/Caa1)^(a)
$	8,650,000		6.875			02/15/21		8,606,750
	United Rentals North America, Inc. (BB-/B1)
	10,000,000		7.375			05/15/20		10,700,000

								94,205,870

	Technology – Hardware – 1.8%
	Advanced Micro Devices, Inc. (B/B2)
	6,850,000		6.750			03/01/19		6,901,375
	Alcatel-Lucent USA, Inc. (B/B3)^(a)
	4,000,000		8.875			01/01/20		4,350,000
	12,000,000		6.750			11/15/20		12,120,000
	Alcatel-Lucent USA, Inc. (B/WR)
	7,000,000		6.450			03/15/29		6,615,000
	Ancestry.com, Inc. (CCC+/B3)
	5,000,000		11.000			12/15/20		5,700,000


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

GOLDMAN SACHS HIGH YIELD FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Technology – Hardware – (continued)
	CommScope Holding Co., Inc. (B/B3)^(a)(c)
$	6,500,000		6.625	%		06/01/20	$	6,760,000
	CommScope, Inc. (B+/B2)^(a)
	5,100,000		5.000			06/15/21		4,985,250
	3,400,000		5.500			06/15/24		3,323,500
	EN Germany Holdings BV (CCC+/B3)
EUR	3,539,000		10.750			11/15/15		4,436,411
	Freescale Semiconductor, Inc. (B/B1)^(a)
$	9,850,000		6.000			01/15/22		9,997,750
	IAC/InterActiveCorp. (BB+/Ba1)
	3,000,000		4.750			12/15/22		2,887,500
	NCR Corp. (BB/Ba3)
	600,000		4.625			02/15/21		591,000
	7,011,000		5.000			07/15/22		6,923,363
	6,500,000		6.375			12/15/23		6,825,000

								82,416,149

	Technology – Software/Services – 2.9%
	BMC Software Finance, Inc. (CCC+/Caa1)^(a)
	13,250,000		8.125			07/15/21		12,653,750
	Boxer Parent Co., Inc. (CCC+/Caa2)^(a)(c)
	10,950,000		9.000			10/15/19		10,183,500
	CyrusOne LP/CyrusOne Finance Corp. (B+/B2)
	10,255,000		6.375			11/15/22		10,652,381
	Equinix, Inc. (BB/Ba3)
	5,750,000		4.875			04/01/20		5,692,500
	8,331,000		7.000			07/15/21		8,872,515
	9,050,000		5.375			04/01/23		8,914,250
	First Data Corp. (BB-/B1)^(a)
	15,000,000		6.750			11/01/20		15,862,500
	First Data Corp. (B-/Caa1)
	5,000,000		8.250	^(a)		01/15/21		5,300,000
	6,500,000		11.250			01/15/21		7,410,000
	4,000,000		12.625			01/15/21		4,790,000
	22,000,000		8.750	^(a)(c)		01/15/22		23,430,000
	First Data Holdings, Inc. (NR/NR)^(a)(c)
	1,324,959		14.500			09/24/19		1,407,235
	Infor Software Parent LLC/Infor Software Parent, Inc. (CCC+/Caa1)^(a)(c)
	7,850,000		7.125			05/01/21		7,771,500
	Nuance Communications, Inc. (BB-/B1)^(a)
	11,900,000		5.375			08/15/20		11,632,250

								134,572,381

	Telecommunications – 2.9%
	CenturyLink, Inc. (BB/Ba2)
	4,650,000		5.625			04/01/20		4,796,475
	Frontier Communications Corp. (BB-/Ba3)
	14,000,000		8.250			04/15/17		15,470,000
	3,200,000		8.125			10/01/18		3,568,000
	27,000,000		8.500			04/15/20		30,037,500
	Level 3 Communications, Inc. (B-/Caa2)
	5,000,000		8.875			06/01/19		5,337,500
	Level 3 Financing, Inc. (B-/B3)
	5,700,000		8.125			07/01/19		6,070,500
	5,000,000		7.000			06/01/20		5,268,750

	Corporate Obligations – (continued)
	Telecommunications – (continued)
	Level 3 Financing, Inc. (B-/B3) – (continued)
$	7,100,000		6.125	%^(a)		01/15/21	$	7,313,000
	Telecom Italia Capital SA (BB+/Ba1)
	2,750,000		6.999			06/04/18		3,090,623
	1,950,000		7.175			06/18/19		2,198,625
	4,100,000		7.721			06/04/38		4,581,750
	Telecom Italia SpA (BB+/Ba1)^(a)
	19,950,000		5.303			05/30/24		19,563,568
	Windstream Corp. (B/B1)
	6,325,000		7.875			11/01/17		6,973,312
	5,050,000		7.750			10/15/20		5,321,438
	6,200,000		7.750			10/01/21		6,626,250
	5,250,000		7.500			06/01/22		5,519,062
	4,350,000		6.375			08/01/23		4,181,438

								135,917,791

	Telecommunications – Cellular – 7.2%
	Altice Financing SA (BB-/B1)^(a)
	8,100,000		6.500			01/15/22		8,302,500
	Altice Finco SA (B-/B3)^(a)
	3,200,000		9.875			12/15/20		3,592,000
	6,000,000		8.125			01/15/24		6,375,000
	Crown Castle International Corp. (BB/B1)
	5,000,000		4.875			04/15/22		4,850,000
	7,850,000		5.250			01/15/23		7,742,063
	Matterhorn Financing & CY SCA (CCC+/NR)^(a)(c)
EUR	6,100,000		9.000			04/15/19		7,788,049
	SBA Communications Corp. (B/B3)^(a)
$	11,450,000		4.875			07/15/22		10,992,000
	SBA Telecommunications, Inc. (B+/B3)
	7,400,000		5.750			07/15/20		7,566,500
	Softbank Corp. (BB+/Ba1)^(a)
	35,000,000		4.500			04/15/20		34,737,500
	Sprint Capital Corp. (BB-/B1)
	14,000,000		6.900			05/01/19		14,700,000
	18,000,000		8.750			03/15/32		19,665,000
	Sprint Communications, Inc. (BB-/B1)
	24,600,000		8.375			08/15/17		27,552,000
	Sprint Communications, Inc. (BB+/Ba2)^(a)
	15,450,000		9.000			11/15/18		17,864,062
	8,000,000		7.000			03/01/20		8,760,000
	Sprint Communications, Inc. (BB-/B1)
	11,350,000		7.000			08/15/20		11,860,750
	10,000,000		11.500			11/15/21		12,750,000
	Sprint Corp. (BB-/B1)^(a)
	19,000,000		7.250			09/15/21		19,855,000
	18,000,000		7.875			09/15/23		19,125,000
	T-Mobile USA, Inc. (BB/Ba3)
	9,050,000		6.542			04/28/20		9,253,625
	11,000,000		6.250			04/01/21		11,110,000
	2,600,000		6.633			04/28/21		2,665,000
	9,750,000		6.125			01/15/22		9,774,375
	9,000,000		6.731			04/28/22		9,225,000
	Wind Acquisition Finance SA (NR/Ba3)^(a)
	18,400,000		4.750			07/15/20		17,664,000
	Wind Acquisition Finance SA (B/Caa1)^(a)
	33,950,000		7.375			04/23/21		34,077,312

								337,846,736


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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Telecommunications – Satellites – 1.7%
	Inmarsat Finance PLC (BB+/Ba2)^(a)
$	8,750,000		4.875	%		05/15/22	$	8,509,375
	Intelsat Jackson Holdings SA (B+/B3)
	10,100,000		7.500			04/01/21		10,756,500
	6,000,000		5.500			08/01/23		5,745,000
	Intelsat Jackson Holdings SA (B-/Caa1)
	10,000,000		6.625			12/15/22		10,075,000
	Intelsat Luxembourg SA (B-/Caa2)
	4,550,000		6.750			06/01/18		4,675,125
	27,000,000		7.750			06/01/21		27,472,500
	13,000,000		8.125			06/01/23		13,552,500

								80,786,000

	Telecommunications – Wireless^(a) – 0.7%
	Mobile Challenger Intermediate Group SA (B-/NR)^(c)
CHF	9,300,000		8.750			03/15/19		9,847,265
	Sabine Pass Liquefaction LLC (BB+/Ba3)
$	11,000,000		6.250			03/15/22		11,577,500
	10,950,000		5.750			05/15/24		11,114,250

								32,539,015

	Textiles & Apparel^(a) – 0.1%
	Quiksilver, Inc. (CCC+/B2)
	6,000,000		7.875			08/01/18		5,310,000

	Tobacco – 0.2%
	Vector Group Ltd. (B+/Ba3)
	9,100,000		7.750			02/15/21		9,520,875

	Transportation^(a) – 0.5%
	Aguila 3 SA (B/B2)
	20,000,000		7.875			01/31/18		20,450,000
	Jack Cooper Holdings Corp. (CCC+/B2)
	4,350,000		9.250			06/01/20		4,687,125

								25,137,125

	Utilities – Electric – 0.5%
	NRG Energy, Inc. (BB-/B1)
	1,750,000		6.625			03/15/23		1,785,000
	10,950,000		6.250	^(a)		05/01/24		10,977,375
	RJS Power Holdings LLC (BB-/B1)^(a)
	9,000,000		5.125			07/15/19		8,842,500

								21,604,875

	Utilities – Pipelines – 0.5%
	Regency Energy Partners LP/Regency Energy Finance Corp. (BB/Ba3)
	3,000,000		5.750			09/01/20		3,105,000
	5,000,000		6.500			07/15/21		5,237,500
	3,700,000		5.875			03/01/22		3,857,250
	8,450,000		5.000			10/01/22		8,323,250
	1,800,000		5.500			04/15/23		1,809,000

								22,332,000

	TOTAL CORPORATE OBLIGATIONS
	(Cost $4,160,243,653)						$	4,210,945,140


	Agency Debentures^(e) – 3.2%
FHLB
$	61,000,000		0.000	%		11/19/14	$	60,998,902
	89,000,000		0.000			12/17/14		88,997,152

	TOTAL AGENCY DEBENTURES
	(Cost $149,987,575)						$	149,996,054


	Senior Term Loans^(f) – 5.3%
	Consumer Products – Industrial – 0.8%
	Atkore International, Inc. (B/B3)
$	11,067,711		4.500	%		04/09/21	$	10,957,034
	Atkore International, Inc. (CCC+/Caa2)
	8,275,000		7.750			10/09/21		8,192,250
	CPM Acquisition Corp. (B+/B1)
	10,089,875		6.250			08/29/17		10,064,650
	CPM Acquisition Corp. (B/Caa1)
	7,570,000		10.250			03/01/18		7,645,700

								36,859,634

	Energy – 0.3%
	American Energy – Marcellus LLC (NR/NR)
	9,950,000		5.250			08/04/20		9,853,585
	2,650,000		8.500			08/04/21		2,623,500

								12,477,085

	Food & Beverages – 1.0%
	Burger King Corp. (NR/NR)^(g)
	24,150,000		0.000			09/04/15		24,150,000
	Performance Food Group, Inc. (CCC+/B3)
	12,439,488		6.250			11/14/19		12,392,840
	Shearer’s Foods, Inc. (CCC+/Caa1)
	13,000,000		7.750			06/30/22		12,853,750

								49,396,590

	Gaming – 0.2%
	1011778 B.C. Unlimited (NR/NR)^(g)
	7,450,000		0.000			09/24/21		7,392,039
	Marina District Finance Co., Inc. (B+/B2)
	72,268		6.750			08/15/18		70,826

								7,462,865

	Health Care – Services – 0.5%
	American Renal Holdings, Inc. (CCC+/Caa1)
	20,000,000		8.500			03/20/20		19,800,000
	Arysta Lifescience Corp. (CCC+/Caa1)
	2,750,000		8.250			11/30/20		2,761,467

								22,561,467

	Home Construction – 0.4%
	BRG Bell Sports, Inc. (NR/NR)
	10,153,884		6.500			04/15/21		10,179,269
	7,600,000		10.250			04/14/22		7,600,000
	William Lyon Homes Inc. (NR/NR)^(g)
	2,065,384		0.000			08/12/22		2,065,384

								19,844,653


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

GOLDMAN SACHS HIGH YIELD FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Senior Term Loans^(f) – (continued)
	Media – Broadcasting & Radio – 0.1%
	iHeart Communications, Inc. (CCC+/Caa1)
$	3,795,111		3.804	%		01/29/16	$	3,754,807

	Media – Non Cable – 0.7%
	Affinion Group, Inc. (B/WR)
	1,439,383		6.750			04/30/18		1,394,403
	Affinion Group, Inc. (CCC/B3)
	5,100,000		8.500			10/12/18		4,903,956
	Getty Images, Inc. (B/B2)
	8,909,320		4.750			10/18/19		8,155,770
	Renaissance Learning, Inc. (B-/B1)
	7,167,532		4.500			04/09/21		7,010,778
	Renaissance Learning, Inc. (CCC/Caa2)
	12,047,700		8.000			04/01/22		11,761,567

								33,226,474

	Retail – 0.1%
	Doosan Infracore Co., Ltd. (BB-/Ba3)
	4,688,250		4.500			05/28/21		4,682,390

	Retailers – 0.5%
	BJ’s Wholesale Club, Inc. (CCC/Caa2)
	11,950,000		8.500			03/26/20		12,006,045
	True Religion Apparel, Inc. (B-/B3)
	8,272,125		5.875			07/30/19		7,589,675
	True Religion Apparel, Inc. (CCC/Caa2)
	6,825,000		11.000			01/29/20		6,415,500

								26,011,220

	Services Cyclical – Consumer Services – 0.2%
	Weight Watchers International, Inc. (B+/B1)
	10,347,878		4.000			04/02/20		7,864,387

	Services Cyclical – Rental Equipment – 0.1%
	Maxim Crane Works LP (B/Caa2)
	6,975,000		10.250			11/26/18		7,108,711

	Wireless Telecommunications^(g) – 0.4%
	Frontier Communications Corp. (NR/NR)
	19,500,000		0.000			01/29/15		19,500,000

	TOTAL SENIOR TERM LOANS
	(Cost $251,121,561)						$	250,750,283


Shares	Rate			Value
Preferred Stock^(c)(h) – 0.1%
Media – Broadcasting & Radio – 0.1%
Spanish Broadcasting System, Inc.
3,014		10.750	%	$	3,405,820
(Cost $3,042,344)


Shares		Description	Value
	Common Stocks – 0.5%
	75,000	Axiall Corp.	$	2,685,750
	40	Dawn Holdings, Inc.^(b)		—
	125,074	General Motors Co.		3,994,863
	558,471	Houghton Mifflin Harcourt Co.^(b)		10,856,676
	76,163	Intelsat SA^(b)		1,305,434
	4,578	Lear Corp.		395,585
	28,148	Motors Liquidation Co.^(b)		688,219
	21	New Cotai Class B Shares^(b)		—
	40,200	NewPage Holdings, Inc.		3,618,000
	228	Nycomed^(b)		3
	3,874	Panolam Holdings Co.^(b)		39
	2,500	Port Townsend Holdings Co., Inc.^(b)		—

	TOTAL COMMON STOCKS
	(Cost $33,960,089)		$	23,544,569


Units		Description	Expiration Date		Value
	Warrant^(b) – 0.1%
	General Motors Co. (NR/NR)
	107,339			07/10/16	$	2,402,247
	107,339			07/10/19		1,551,048
	Lear Corp. (NR/NR)
	511			11/09/14		89,394
	Lender Process Services, Inc. (NR/NR)
	14,274			12/31/20		—
	Masonite International Corp. (NR/NR)
	22,734			06/09/16		219,838

	TOTAL WARRANT
	(Cost $29,764,284)				$	4,262,527

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $4,628,119,506)				$	4,642,904,393


Principal Amount		Interest Rate	Maturity Date		Value
	Short-term Investment⁽ⁱ⁾ – 1.4%
	Repurchase Agreement – 1.4%
	Joint Repurchase Agreement Account II
$	66,000,000	0.012%		10/01/14	$	66,000,000
	(Cost $66,000,000)

	TOTAL INVESTMENTS – 100.5%
	(Cost $4,694,119,506)				$	4,708,904,393

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.5)%					(22,341,319	)

	NET ASSETS – 100.0%				$	4,686,563,074


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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $1,841,838,582, which represents approximately 39.3% of net assets as of September 30, 2014.
(b)		Security is currently in default and/or non-income producing.
(c)		Pay-in-kind securities.
(d)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at September 30, 2014.
(e)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(f)		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, 2014. 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.
(g)		This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(h)		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, 2014.
(i)		Joint repurchase agreement was entered into on September 30, 2014. Additional information appears on page 123.

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



Currency Abbreviations:
CAD		—Canadian Dollar
CHF		—Swiss Franc
EUR		—Euro
GBP		—British Pound
USD		—U.S. Dollar

Investment Abbreviations:
FHLB		—Federal Home Loan Bank
LIBOR		—London Interbank Offered Rate
NR		—Not Rated
WR		—Withdrawn Rating


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

GOLDMAN SACHS HIGH YIELD FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2014, 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
Credit Suisse International (London)	USD/CHF		10/03/14	$	20,814,673	$	765,861
	USD/EUR		10/03/14		53,790,434		2,092,868
	USD/GBP		10/03/14		12,695,884		252,373
UBS AG (London)	USD/CAD		10/03/14		7,492,531		189,985
TOTAL						$	3,301,087

FUTURES CONTRACTS — At September 30, 2014, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Eurodollars		(1,267	)	March 2017	$	(309,068,813	)	$	403,412
Eurodollars		(1,045	)	June 2017		(254,418,313	)		456,364
Eurodollars		(605	)	September 2017		(147,067,938	)		315,119
Ultra Long U.S. Treasury Bonds		101		December 2014		15,402,500			7,073
5 Year German Euro-Bobl		(248	)	December 2014		(40,069,215	)		(113,188	)
10 Year German Euro-Bund		(33	)	December 2014		(6,239,596	)		(22,564	)
10 Year U.K. Long Gilt		(36	)	December 2014		(6,603,009	)		(25,165	)
2 Year U.S. Treasury Notes		950		December 2014		207,901,563			(48,378	)
5 Year U.S. Treasury Notes		790		December 2014		93,423,672			(4,713	)
10 Year U.S. Treasury Notes		(3,349	)	December 2014		(417,421,453	)		1,314,064
20 Year U.S. Treasury Bonds		554		December 2014		76,400,063			(744,529	)
TOTAL								$	1,537,495

SWAP CONTRACTS — At September 30, 2014, the Fund had the following swap contracts:

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)
$	63,800	12/17/19		3 month LIBOR	2.250%	$	(651,284	)	$	102,662
	17,000	12/17/21		3 month LIBOR	2.500		(224,910	)		130,628
	TOTAL					$	(876,194	)	$	233,290

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2014.


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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT


										Market Value
Referenced Obligation	Notional Amount (000s)	Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2014^(b)			Upfront Payments Made (Received)		Unrealized Gain (Loss)
Protection Sold:
CDX North America High Yield Index 22	$79,200		5.000	%		06/20/19		3.546	%	$	4,435,469	$	430,554

(b)


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Senior Term Loans^(a) – 82.3%
	Aerospace – 1.5%
	LM U.S. Corp. Acquisition, Inc. (B-/B2)
$	875,412		4.750	%		10/25/19	$	868,847
	LM U.S. Corp. Acquisition, Inc. (CCC/Caa2)
	6,472,375		8.500			10/15/20		6,461,566
	Silver II US Holdings LLC (B+/B1)
	24,061,934		4.000			12/13/19		23,618,232
	Transdigm, Inc. (B/Ba3)
	2,309,250		3.500			02/14/17		2,304,054
	25,638,755		3.750			02/28/20		25,177,258
	11,172,000		3.750			06/04/21		10,962,525

								69,392,482

	Airlines – 3.0%
	Air Canada (BB-/Ba3)
	4,812,745		5.500			09/20/19		4,854,857
	Atlantic Aviation FBO, Inc. (BB-/Ba3)
	14,124,639		3.250			06/01/20		13,919,832
	Continental Airlines, Inc. (BB-/Ba2)
	30,838,967		3.500			04/01/19		30,251,176
	Delta Air Lines, Inc. (BB+/Ba1)
	24,278,102		3.250			04/20/17		23,962,487
	Delta Air Lines, Inc. (BB/Ba1)
	65,766,852		3.250			10/18/18		64,106,239
	Flying Fortress, Inc. (BBB-/Ba1)
	5,041,667		3.500			06/30/17		4,988,124

								142,082,715

	Automotive – 0.6%
	Chrysler Group LLC (BB+/Ba1)
	28,810,975		3.500			05/24/17		28,558,879

	Automotive – Distributors – 0.2%
	American Tire Distributors, Inc (CCC+/B2)
	5,971,069		5.750			06/01/18		5,959,903
	Goodyear Tire & Rubber Co. (BB/Ba1)
	2,619,083		4.750			04/30/19		2,611,723

								8,571,626

	Automotive – Parts – 0.9%
	Cooper Standard Holdings, Inc. (BB-/B1)
	11,172,000		4.000			04/04/21		11,025,423
	Gates Global LLC (B+/B2)
	19,500,000		4.250			07/05/21		19,130,280
	Jason, Inc. (B/B1)
	9,000,000		5.500			05/21/21		8,988,750
	Remy International, Inc. (BB-/B1)
	5,599,233		4.250			03/05/20		5,543,241

								44,687,694

	Building Materials – 3.2%
	American Builders & Contractors Supply Co., Inc. (BB+/B1)
	51,220,401		3.500			04/16/20		50,180,114
	Armstrong World Industries, Inc. (BB/B1)
	5,964,811		3.500			03/15/20		5,927,531
	CPG International, Inc. (B/B2)
	12,141,647		4.750			09/30/20		12,070,861
	Gyp Holdings III Corp. (CCC+/Caa2)
	21,546,000		4.750			04/01/21		21,222,810

	Senior Term Loans^(a) – (continued)
	Building Materials – (continued)
	Jeld-Wen, Inc. (B/NR)
$	25,525,000		0.000	%		09/18/21	$	25,317,737
	PLY Gem Industries, Inc. (B+/B1)
	8,706,250		4.000			02/01/21		8,523,941
	Quikrete Cos., Inc. (B+/B1)
	17,745,971		4.000			09/28/20		17,524,146
	Roofing Supply Group LLC (B/B3)
	7,131,408		5.000			05/31/19		7,036,347
	Ultima US Holdings LLC (B/B2)
	5,558,000		5.500			07/02/20		5,516,315

								153,319,802

	Capital Goods – Others – 0.9%
	Alliance Laundry Systems LLC (B/B2)
	16,966,496		4.250			12/10/18		16,761,541
	Alliance Laundry Systems LLC (CCC+/Caa2)
	7,410,137		9.500			12/10/19		7,465,712
	USIC Holdings, Inc. (B/B2)
	17,676,498		4.000			07/10/20		17,278,777

								41,506,030

	Chemicals – 2.7%
	American Pacific Corp. (NR/NR)
	9,540,707		7.000			02/27/19		9,564,559
	Eagle Spinco, Inc. (BBB-/Ba1)
	4,877,938		3.500			01/27/17		4,853,548
	Emerald Performance Materials LLC (B/B1)
	7,525,000		4.500			08/01/21		7,447,869
	Emerald Performance Materials LLC (CCC+/Caa1)
	6,350,000		7.750			08/01/22		6,299,708
	Houghton International, Inc. (B+/B1)
	4,421,250		4.000			12/20/19		4,365,984
	Huntsman International LLC (BB+/Ba2)
	3,500,000		3.750			08/12/21		3,460,625
	PQ Corp. (B+/B2)
	9,574,972		4.000			08/07/17		9,455,285
	Taminco Global Chemical Corp. (BB-/B1)
	5,932,432		3.250			02/15/19		5,887,939
	Univar, Inc. (B+/B3)
	30,658,215		5.000			06/30/17		30,300,433
	US Coatings Acquisition, Inc. (B+/B1)
	45,450,797		3.750			02/01/20		44,494,512

								126,130,462

	Consumer Products – Household & Leisure – 2.2%
	Bombardier Recreational Products, Inc. (BB-/B1)
	32,740,492		4.000			01/30/19		32,058,508
	Polymer Group, Inc. (B-/B2)
	21,852,136		5.250			12/19/19		21,742,876
	Prestige Brands, Inc. (BB/B1)
	7,275,000		4.500			09/03/21		7,256,812
	Renfro Corp. (B/B2)
	16,816,392		5.750			01/30/19		16,564,146
	The Sun Products Corp. (B-/B1)
	26,671,846		5.500			03/23/20		24,988,319

								102,610,661


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Senior Term Loans^(a) – (continued)
	Consumer Products – Industrial – 2.0%
	Atkore International, Inc. (B/B3)
$	18,827,763		4.500	%		04/09/21	$	18,639,485
	Atkore International, Inc. (CCC+/Caa2)
	11,250,000		7.750			10/09/21		11,137,500
	CPM Acquisition Corp. (B+/B1)
	4,054,809		6.250			08/29/17		4,044,672
	CPM Acquisition Corp. (B/Caa1)
	1,150,000		10.250			03/01/18		1,161,500
	HD Supply, Inc. (B+/B1)
	45,021,437		4.000			06/28/18		44,481,180
	Minimax GmbH & Co. (NR/NR)
	5,184,863		4.250			08/14/20		5,171,901
	Southwire Co. (BB+/Ba3)
	12,524,531		3.254			02/10/21		12,333,532

								96,969,770

	Diversified Manufacturing – 2.4%
	Crosby US Acquisition Corp. (B/B1)
	28,132,413		3.750			11/23/20		26,866,454
	Gardner Denver, Inc. (B/B1)
	7,256,675		4.250			07/30/20		7,105,881
	Mannington Mills, Inc. (BB-/B1)
	6,575,000		4.500			09/18/21		6,533,906
	Milacron LLC (B/B1)
	9,950,000		4.000			03/30/20		9,751,000
	Mirror Bidco Corp. (B/B1)
	17,928,554		4.250			12/28/19		17,648,510
	Penn Engineering & Manufacturing Corp. (BB/B1)
	4,650,000		4.500			08/29/21		4,626,750
	Rexnord LLC (BB-/B2)
	41,621,004		4.000			08/21/20		40,900,128

								113,432,629

	Energy – 2.0%
	American Energy – Marcellus LLC (B-/Ba3)
	13,550,000		5.250			08/04/20		13,418,700
	American Energy – Marcellus LLC (CCC/Caa1)
	25,155,000		8.500			08/04/21		24,903,450
	Jonah Energy LLC (B/B3)
	11,250,000		7.500			05/12/21		11,109,375
	MEG Energy Corp. (BBB-/Ba1)
	45,767,626		3.750			03/31/20		45,456,864

								94,888,389

	Energy – Exploration & Production – 0.1%
	Seventy Seven Operating LLC (B+/B1)
	3,665,813		3.750			06/25/21		3,626,882

	Entertainment – 0.6%
	Sabre, Inc. (B+/Ba3)
	488,222		3.500			02/19/18		485,781
	25,789,402		4.000			02/19/19		25,426,504
	WMG Acquisition Corp. (B+/B1)
	3,111,429		3.750			07/01/20		2,999,137

								28,911,422

	Senior Term Loans^(a) – (continued)
	Environmental – 0.4%
	EnergySolutions LLC (BB-/B3)
$	19,950,000		6.750	%		05/29/20	$	20,199,375

	Finance – 1.6%
	CeramTec Acquisition Corp. (B/Ba3)
	2,574,263		4.250			08/28/20		2,546,924
	6,432,649		4.250			08/31/20		6,364,334
	Guggenheim Partners LLC (NR/NR)
	13,627,425		4.250			07/22/20		13,496,874
	Houghton Mifflin Harcourt, Inc. (NR/B1)
	30,724,105		4.250			05/22/18		30,647,295
	ROC Finance LLC (BB-/B2)
	1,980,000		5.000			06/20/19		1,889,257
	SBA Senior Finance II LLC (BB/Ba3)
	21,446,250		3.250			03/24/21		20,966,712

								75,911,396

	Food & Beverages – 6.9%
	Albertson’s Holdings LLC (BB-/Ba3)
	18,150,000		4.000			08/25/19		18,006,252
	Arysta Lifescience Corp. (B/B1)
	6,283,519		4.500			05/29/20		6,220,684
	Arysta Lifescience Corp. (CCC+/Caa1)
	7,975,000		8.250			11/30/20		8,008,256
	Atrium Innovations, Inc. (B/B2)
	13,706,270		4.250			02/15/21		13,432,145
	Atrium Innovations, Inc. (CCC+/Caa2)
	9,575,000		7.750			08/13/21		9,335,625
	Big Heart Pet Brands (B+/B1)
	9,211,938		3.500			03/08/20		8,831,945
	Blue Buffalo Co. Ltd. (BB/B1)
	21,435,505		3.750			08/08/19		21,221,150
	Diamond Foods, Inc. (B-/B2)
	16,466,802		4.250			08/20/18		16,271,341
	Dole Food Co., Inc. (B-/B2)
	7,637,500		4.500			11/01/18		7,551,578
	High Liner Foods, Inc. (B+/B2)
	9,626,625		4.250			04/24/21		9,566,459
	HJ Heinz Co. (BB/Ba2)
	77,130,389		3.500			06/05/20		76,089,129
	Performance Food Group, Inc. (CCC+/B3)
	43,102,450		6.250			11/14/19		42,940,816
	Pinnacle Foods Finance LLC (BB/Ba3)
	23,746,296		3.250			04/29/20		23,229,746
	Shearer’s Foods, Inc. (B/B1)
	7,725,000		4.500			06/30/21		7,652,617
	12,800,000		7.750			06/30/22		12,656,000
	US Foods, Inc. (B-/B2)
	49,447,303		4.500			03/31/19		49,153,586

								330,167,329

	Food & Drug Retailers – 0.6%
	Rite Aid Corp. (BB-/Ba3)
	14,811,713		3.500			02/21/20		14,521,699
	Rite Aid Corp. (B/B2)
	4,490,000		5.750			08/21/20		4,540,513
	9,570,000		4.875			06/21/21		9,510,187

								28,572,399


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Senior Term Loans^(a) – (continued)
	Gaming – 1.9%
	Aristocrat Leisure Ltd. (BB/Ba2)
$	20,400,000		4.750	%		09/29/21	$	20,170,500
	Boyd Gaming Corp. (BB-/Ba3)
	4,850,420		4.000			08/14/20		4,771,601
	CCM Merger, Inc. (B+/B2)
	5,387,755		4.500			08/08/21		5,330,537
	CityCenter Holdings LLC (NR/WR)
	20,289,724		4.250			10/16/20		20,061,465
	Marina District Finance Co., Inc. (B+/B2)
	19,061,472		6.750			08/15/18		19,023,350
	MGM Resorts International (BB/Ba2)
	10,333,530		3.500			12/20/19		10,139,776
	Scientific Games International, Inc. (BB-/Ba3)
	8,675,000		6.000			09/17/21		8,498,377

								87,995,606

	Health Care – 1.7%
	Community Health Systems, Inc. (BB/Ba2)
	5,064,712		3.485			01/25/17		5,034,223
	25,553,803		4.250			01/27/21		25,460,276
	HCA, Inc. (BB/Ba3)
	33,114,253		2.904			03/31/17		32,870,532
	14,136,781		2.983			05/01/18		13,958,092
	MedAssets, Inc. (BB+/Ba3)
	73,819		4.000			12/13/19		73,266
	VWR Funding, Inc. (B+/B1)
	4,911,923		3.404			04/03/17		4,824,442

								82,220,831

	Health Care – Medical Products – 0.3%
	Convatec, Inc. (B+/Ba3)
	2,794,150		4.000			12/22/16		2,770,875
	Hologic, Inc. (BBB-/Ba2)
	10,946,307		3.250			08/01/19		10,828,306

								13,599,181

	Health Care – Pharmaceuticals – 2.2%
	Catalent Pharma Solutions, Inc. (BB/Ba3)
	3,299,307		4.500			05/20/21		3,277,993
	Grifols Worldwide Operations (BB/Ba1)
	7,960,000		3.154			02/27/21		7,805,815
	Mallinckrodt International Finance SA (BB+/Ba2)
	19,688,625		3.500			03/19/21		19,376,680
	PharMedium Healthcare Corp. (B/B1)
	4,433,573		4.250			01/28/21		4,333,818
	PharMedium Healthcare Corp. (CCC+/Caa2)
	2,000,000		7.750			01/28/22		1,975,000
	Salix Pharmaceuticals Ltd. (BB/Ba1)
	37,022,618		4.250			01/02/20		36,883,783
	Valeant Pharmaceuticals International, Inc. (BB/Ba1)
	4,561,323		3.750			02/13/19		4,505,584
	25,800,954		3.750			08/05/20		25,465,542

								103,624,215

	Health Care – Services – 3.5%
	American Renal Holdings, Inc. (B/Ba3)
	14,773,697		4.500			09/20/19		14,515,157

	Senior Term Loans^(a) – (continued)
	Health Care – Services – (continued)
	American Renal Holdings, Inc. (CCC+/Caa1)
	22,390,000		8.500			03/20/20		22,166,100
	Amsurg Corp. (BB-/Ba2)
	7,331,625		3.750			07/16/21		7,246,871
	Envision Healthcare Corp. (BB-/Ba3)
	14,200,679		4.000			05/25/18		14,048,022
	MPH Acquisition Holdings LLC (B/B1)
	63,932,344		4.000			03/31/21		62,374,313
	QOL Meds LLC (B/B2)
	2,175,000		5.500			07/15/20		2,158,688
	Radnet Management, Inc. (B+/Ba3)
	5,768,043		4.250			10/10/18		5,721,207
	Sedgwick Claims Management Services, Inc. (CCC+/Caa2)
	10,400,758		6.750			02/28/22		10,147,291
	Sedgwick Claims Management Services, Inc. (B/NR)
	7,300,000		6.750			02/28/22		7,122,099
	Surgery Center Holdings, Inc. (B/B1)
	3,625,000		5.250			07/09/20		3,611,406
	U.S. Renal Care, Inc. (B/Ba3)
	7,214,274		4.250			07/03/19		7,128,640
	U.S. Renal Care, Inc. (CCC+/Caa1)
	7,975,000		10.250			01/03/20		8,054,750
	4,000,000		8.500			07/03/20		4,040,000

								168,334,544

	Lodging – 2.5%
	Four Seasons Holdings, Inc. (BB-/B1)
	11,924,513		3.500			06/27/20		11,700,928
	Four Seasons Holdings, Inc. (B-/Caa1)
	10,392,000		6.250			12/28/20		10,392,000
	Hilton Worldwide Finance LLC (BB+/Ba3)
	50,623,272		3.500			10/26/20		49,779,382
	La Quinta Intermediate Holding LLC (BB-/B1)
	44,494,643		4.000			04/14/21		43,957,148
	Peninsula Gaming LLC (B+/B1)
	4,980,068		4.250			11/20/17		4,925,586

								120,755,044

	Media – Broadcasting & Radio – 4.3%
	Getty Images, Inc. (B/B2)
	42,495,059		4.750			10/18/19		38,900,827
	Gray Television, Inc. (BB/Ba3)
	2,992,500		3.750			06/10/21		2,943,872
	Hubbard Radio LLC (B+/B1)
	28,265,382		4.500			04/29/19		28,018,060
	iHeart Communications, Inc. (CCC+/Caa1)
	45,112,026		3.804			01/29/16		37,885,804
	2,263,014		6.904			01/30/19		2,159,572
	20,847,038		7.654			07/30/19		20,385,484
	Salem Communications Corp. (B/B2)
	14,244,775		4.500			03/13/20		14,108,310
	Telesat Canada (BB/Ba3)
	5,234,401		3.500			03/28/19		5,138,454
	The E.W. Scripps Co. (BB+/Ba2)
	8,298,737		3.250			11/26/20		8,236,496


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Senior Term Loans^(a) – (continued)
	Media – Broadcasting & Radio – (continued)
	Univision Communications, Inc. (B+/B2)
$	35,441,173		4.000	%		03/01/20	$	34,754,677
	11,942,568		4.000			03/02/20		11,703,717

								204,235,273

	Media – Cable – 3.2%
	Altice Financing SA (BB-/B1)
	4,152,848		5.500			07/02/19		4,183,994
	Charter Communications Operating LLC (BB+/Ba1)
	31,290,654		3.000			07/01/20		30,340,670
	12,194,110		3.000			01/03/21		11,818,165
	4,000,000		4.250			09/12/21		3,985,440
	CSC Holdings LLC (BB+/Baa3)
	11,993,882		2.654			04/17/20		11,630,347
	Harron Communications LLP (BB/Ba3)
	4,778,458		3.500			06/19/20		4,739,657
	Midcontinent Communications (BB-/Ba3)
	10,786,328		3.500			07/30/20		10,722,257
	Virgin Media Investment Holdings Ltd. (BB-/Ba3)
	44,150,000		3.500			06/07/20		42,946,030
	Wave Division Holdings LLC (BB-/Ba3)
	6,877,500		4.000			10/15/19		6,757,144
	Ziggo N.V. (BB-/Ba3)
	391,915		2.750			01/15/22		380,208
	7,196,596		3.210			01/15/22		6,981,634
	10,608,426		3.250			01/15/22		10,291,552
EUR	4,610,000		3.500			01/15/22		5,733,692

								150,510,790

	Media – Non Cable – 3.2%
	Advantage Sales & Marketing, Inc. (B/B1)
$	20,029,399		4.250			07/23/21		19,664,665
	Advantage Sales & Marketing, Inc. (CCC+/Caa1)
	4,791,893		7.500			07/25/22		4,714,887
	Affinion Group, Inc. (B/WR)
	2,432,014		6.750			04/30/18		2,356,014
	Affinion Group, Inc. (CCC/B3)
	6,086,500		8.500			10/12/18		5,852,535
	Cengage Learning Acquisitions, Inc. (B+/B2)
	1,641,750		7.000			03/31/20		1,638,237
	Checkout Holding Corp. (B+/B1)
	19,650,750		4.500			04/09/21		19,095,616
	Checkout Holding Corp. (CCC+/Caa1)
	15,750,000		7.750			04/11/22		15,021,562
	McGraw-Hill Global Education Holdings LLC (B+/B1)
	6,321,903		5.750			03/22/19		6,326,645
	Media General, Inc. (BB-/B1)
	11,480,861		4.250			07/31/20		11,351,702
	NEP Supershooters LP (B-/Caa1)
	4,271,429		9.500			07/22/20		4,250,071
	NEP/NCP Holdco, Inc. (B/B2)
	34,665,039		4.250			01/22/20		33,740,523
	Renaissance Learning, Inc. (B-/B1)
	7,569,114		4.500			04/09/21		7,403,578
	Renaissance Learning, Inc. (CCC/Caa2)
	9,612,400		8.000			04/11/22		9,384,105

	Senior Term Loans^(a) – (continued)
	Media – Non Cable – (continued)
	SuperMedia, Inc. (CCC+/Caa1)
	2,191,444		11.600			12/30/16		1,781,644
	TWCC Holding Corp. (B+/Ba3)
	8,317,997		3.500			02/13/17		8,167,274

								150,749,058

	Metals & Mining – 0.9%
	Delachaux SA (NR/NR)
	3,650,000		5.500			09/25/21		3,652,300
	FMG Resources (August 2006) Pty Ltd. (BBB/Baa3)
	13,320,841		3.750			06/30/19		13,027,382
	Hi Crush Partners LP (B+/B2)
	7,931,507		4.750			04/28/21		7,872,020
	Novelis, Inc. (BB-/Ba2)
	17,157,258		3.750			03/10/17		16,937,474

								41,489,176

	Packaging – 2.9%
	Ardagh Holdings USA, Inc. (B+/Ba3)
	3,482,500		4.000			12/17/19		3,430,263
	Berlin Packaging LLC (NR/NR)
	6,675,000		4.500			09/24/21		6,658,312
	Berry Plastics Holding Corp. (BB-/B1)
	43,213,376		3.500			02/08/20		42,049,208
	Berry Plastics Holding Group, Inc. (BB-/B1)
	12,504,805		3.750			01/06/21		12,209,441
	BWAY Holding Co., Inc. (B-/B2)
	28,852,688		5.500			08/14/20		28,798,733
	Consolidated Container Co. LLC (B/B2)
	5,857,370		5.000			07/03/19		5,747,544
	Kloeckner Acquisition Corp. (B+/Ba3)
	5,656,606		4.750			12/21/16		5,649,536
	Reynolds Group Holdings, Inc. (B+/B1)
	32,368,667		4.000			12/01/18		31,996,427

								136,539,464

	Property/Casualty Insurance – 0.3%
	Onex York Acquisition Corp. (B/B1)
	12,750,000		4.750			10/01/21		12,678,345

	Real Estate – 0.8%
	ABRA, Inc. (NR/NR)
	5,475,000		4.750			09/17/21		5,451,074
	Realogy Corp. (BB/WR)
	20,983,545		3.750			03/05/20		20,590,104
	Starwood Property Trust, Inc. (BB+/Ba3)
	12,503,065		3.500			04/17/20		12,296,015

								38,337,193

	Restaurants – 1.8%
	Burger King Corp. (B+/B2)
	12,325,000		0.000			09/04/15		12,325,000
	Burger King Corp. (BB/Ba3)
	5,585,751		3.750			09/28/19		5,540,953
	Dunkin’ Brands, Inc. (B+/B2)
	3,425,000		3.250			02/07/21		3,329,203
	New Red Finance, Inc. (NR/NR)
	54,050,000		4.500			09/24/21		53,629,491


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Senior Term Loans^(a) – (continued)
	Restaurants – (continued)
	NPC International, Inc. (B/B1)
$	7,934,655		4.000	%		12/28/18	$	7,656,942
	Seminole Hard Rock Entertainment, Inc. (BB+/Ba1)
	4,937,500		3.500			05/14/20		4,836,676

								87,318,265

	Retailers – 4.9%
	Academy Ltd. (B/B1)
	15,981,346		4.500			08/03/18		15,801,556
	Bass Pro Group LLC (BB-/B1)
	7,586,916		3.750			11/20/19		7,486,389
	BJ’s Wholesale Club, Inc. (B-/B3)
	15,214,925		4.500			09/26/19		14,965,248
	BJ’s Wholesale Club, Inc. (CCC/Caa2)
	17,825,000		8.500			03/26/20		17,908,599
	Burlington Coat Factory Warehouse Corp. (B/B1)
	13,000,000		4.250			07/17/21		12,851,020
	Container Store, Inc. (B/B2)
	11,322,625		4.250			04/06/19		11,096,173
	Dell, Inc. (BB+/Ba2)
	6,475,000		3.750			10/29/18		6,394,062
	4,606,563		4.500			04/29/20		4,570,954
	Doosan Infracore Co., Ltd. (BB-/Ba3)
	10,124,625		4.500			05/28/21		10,111,969
	Fairway Group Acquisition Co. (B-/B2)
	12,091,281		5.000			08/17/18		11,773,885
	Grocery Outlet, Inc. (NR/NR)
	3,934,551		6.500			12/10/18		3,922,275
	2,251,087		11.500			05/24/19		2,273,598
	Michaels Stores, Inc. (B+/Ba3)
	30,396,639		3.750			01/28/20		29,782,323
	Neiman Marcus Group Ltd., Inc. (B/B2)
	31,738,013		4.250			10/25/20		31,151,811
	Party City Holdings, Inc. (B/B2)
	7,872,882		4.000			07/27/19		7,728,100
	Payless, Inc. (B/B1)
	10,573,500		5.000			03/11/21		10,150,560
	Payless, Inc. (CCC+/B3)
	3,750,000		8.500			03/11/22		3,525,000
	Petco Animal Supplies, Inc. (B/Ba3)
	5,347,222		4.000			11/24/17		5,290,863
	The Hillman Group, Inc. (B/B1)
	2,643,375		4.500			06/30/21		2,630,158
	The Men’s Wearhouse, Inc. (B+/Ba2)
	3,750,000		4.500			06/18/21		3,724,988
	True Religion Apparel, Inc. (B-/B3)
	16,689,375		5.875			07/30/19		15,312,502
	True Religion Apparel, Inc. (CCC/Caa2)
	5,650,000		11.000			01/29/20		5,311,000

								233,763,033

	Services Cyclical – Business Services – 4.1%
	ADS Waste Holdings, Inc. (B+/B2)
	52,647,507		3.750			10/09/19		51,173,377
	Crossmark Holdings, Inc. (B/B1)
	7,090,805		4.500			12/20/19		6,948,989

	Senior Term Loans^(a) – (continued)
	Services Cyclical – Business Services – (continued)
	Crossmark Holdings, Inc. (CCC+/Caa1)
	6,864,000		8.750			12/21/20		6,778,200
	Devix Midco SA (B/B1)
	3,715,688		4.250			05/02/21		3,683,175
	Devix Midco SA (CCC+/Caa1)
	3,000,000		8.000			05/02/22		2,981,250
	First Data Corp. (BB-/B1)
	750,000		3.655			03/24/17		736,125
	27,285,076		3.655			03/23/18		26,730,916
	10,000,000		3.655			09/24/18		9,781,300
	17,977,728		4.155			03/24/21		17,708,063
	Koosharem LLC (B-/B3)
	10,723,125		7.500			04/29/20		10,669,509
	Ship US Bidco, Inc. (BB/Ba3)
	4,013,791		5.250			11/29/19		4,029,565
	TCH 2 Holdings LLC (B-/B1)
	5,586,354		5.500			05/06/21		5,530,491
	Travelport Finance S.A.R.L. (B-/B2)
	12,625,000		6.000			09/02/21		12,595,710
	Vantiv, LLC (BB+/Ba3)
	38,104,500		3.750			06/13/21		37,834,720

								197,181,390

	Services Cyclical – Consumer Services – 1.9%
	Bright Horizons Family Solution, Inc. (BB-/B1)
	53,469,283		3.750			01/30/20		52,734,080
	Spin Holdco, Inc. (B/B2)
	21,462,912		4.250			11/14/19		21,047,176
	Weight Watchers International, Inc. (B+/B1)
	985,000		3.160			04/02/16		953,805
	18,277,222		4.000			04/02/20		13,890,689

								88,625,750

	Services Cyclical – Rental Equipment – 0.2%
	Maxim Crane Works LP (B/Caa2)
	8,250,000		10.250			11/26/18		8,408,153

	Technology – 1.1%
	Ability Network, Inc. (CCC+/Caa2)
	12,718,125		6.000			05/14/21		12,686,330
	CDW LLC (BB/Ba3)
	37,811,758		3.250			04/29/20		36,855,877
	Peak Ten, Inc. (B/B2)
	3,740,625		5.000			06/17/21		3,717,246

								53,259,453

	Technology – Software/Services – 3.2%
	Applied Systems, Inc. (B+/B1)
	2,779,000		4.250			01/25/21		2,744,262
	Applied Systems, Inc. (CCC+/Caa2)
	2,865,000		7.500			01/23/22		2,852,824
	Aspect Software, Inc. (B/B1)
	4,991,351		7.250			05/06/16		4,977,326
	Avago Technologies Cayman Ltd. (BBB-/Ba1)
	30,872,625		3.750			05/06/21		30,567,912
	Blackboard, Inc. (B+/B1)
	7,395,328		4.750			10/04/18		7,332,912


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Senior Term Loans^(a) – (continued)
	Technology – Software/Services – (continued)
	BMC Software, Inc. (B/B1)
$	52,644,823		5.000	%		09/10/20	$	51,723,539
	Dealertrack Technologies, Inc. (BB-/Ba2)
	6,660,652		3.500			02/28/21		6,549,619
	Electrical Components International, Inc. (B+/B1)
	5,236,875		5.750			05/28/21		5,259,812
	Emdeon, Inc. (BB-/Ba3)
	18,805,758		3.750			11/02/18		18,576,516
	Ion Trading Technologies S.A.R.L. (B/B2)
	3,241,875		4.250			06/10/21		3,195,938
	Ion Trading Technologies S.A.R.L. (CCC+/Caa2)
	4,900,000		7.250			05/15/22		4,871,433
	Lawson Software, Inc. (B+/Ba3)
	4,361,045		3.750			06/03/20		4,258,386
	Sybil Software LLC (B+/B1)
	7,556,250		4.750			03/20/20		7,537,359

								150,447,838

	Textiles & Apparel – 0.2%
	Hanesbrands, Inc. (BBB-/Baa3)
EUR	9,052,313		0.000			07/29/21		11,483,606

	Transportation – 0.1%
	Pilot Travel Centers LLC (BB/Ba2)
$	3,300,000		0.000			09/23/21		3,283,500

	Utilities – Electric – 1.9%
	Calpine Corp. (BB/Ba3)
	18,494,583		4.000			04/01/18		18,322,214
	33,683,549		4.000			10/09/19		33,323,472
	14,486,794		4.000			10/30/20		14,323,817
	NRG Energy, Inc. (BB+/Baa3)
	26,630,684		2.750			07/02/18		26,098,071

								92,067,574

	Wireless Telecommunications – 3.2%
	Asurion LLC (B/Ba3)
	2,091,426		5.000			05/24/19		2,079,149
	Crown Castle Operating Co. (BBB/Ba2)
	41,197,329		3.000			01/31/21		30,793,146
	Intelsat Jackson Holdings Ltd. (BB/Ba3)
	75,184,955		3.750			06/30/19		73,869,219
	Level 3 Financing, Inc. (BB/Ba3)
	14,095,000		4.000			08/01/19		13,830,719
	22,000,000		4.000			01/15/20		21,587,500
	LTS Buyer LLC (B/B1)
	10,368,750		4.000			04/13/20		10,176,513

								152,336,246

	Wirelines Telecommunications – 0.2%
	Frontier Communications Corp. (BB-/Ba3)
	10,000,000		7.250			01/29/15		10,000,000

	TOTAL SENIOR TERM LOANS
	(Cost $3,969,898,251)						$	3,908,783,470


	Corporate Obligations – 10.7%
	Airlines – 0.8%
	Air Canada (BB-/Ba3)^(b)(c)
$	9,400,000		6.750	%		10/01/19	$	9,964,000
	Air Canada (BB+/Ba2)^(b)
	11,923,683		5.375			11/15/22		12,196,139
	Air Canada 2013-1 Class C Pass Through Trust (B+/B1)^(b)
	6,271,000		6.625			05/15/18		6,535,323
	Continental Airlines 2012-3 Class C Pass Thru Certificates (B+/B1)
	4,500,000		6.125			04/29/18		4,713,750
	United Airlines 2014-1 Class B Pass Through Trust (BB+/NR)
	3,850,000		4.750			10/11/23		3,840,375
	United Continental Holdings, Inc. (B/B2)
	1,299,000		6.375			06/01/18		1,360,702

								38,610,289

	Automotive^(c) – 0.1%
	Chrysler Group LLC (B/B1)
	5,000,000		8.000			06/15/19		5,300,000

	Automotive – Parts^(c) – 0.2%
	American Axle & Manufacturing, Inc. (B+/B2)
	1,000,000		5.125			02/15/19		1,000,000
	Stackpole International Intermediate Co. (B+/B2)^(b)
	6,650,000		7.750			10/15/21		6,683,250

								7,683,250

	Building Materials^(b)(c) – 0.0%
	Galapagos SA (B/B1)
EUR	1,100,000		5.375			06/15/21		1,355,816

	Chemicals – 0.4%
	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC (CCC+/Caa1)^(c)
$	5,575,000		8.875			02/01/18		5,658,625
	Hexion US Finance Corp./Hexion Nova Scotia Finance ULC (CCC+/Caa2)^(c)
	1,550,000		9.000			11/15/20		1,476,375
	Momentive Performance Materials, Inc. (NR/WR)^(c)(d)
	10,000,000		8.875			10/15/20		8,975,000
	US Coatings Acquisition, Inc./Axalta Coating Systems Dutch Holding B BV (B+/B1)^(c)
EUR	1,000,000		5.750			02/01/21		1,334,160
	WR Grace & Co. (BB+/Ba3)^(b)
$	1,500,000		5.125			10/01/21		1,518,750
	50,000		5.625			10/01/24		51,000

								19,013,910

	Consumer Products – Household & Leisure^(c) – 0.2%
	Springs Industries, Inc. (B/B2)
	10,000,000		6.250			06/01/21		9,825,000

	Consumer Products – Industrial^(c) – 0.1%
	HD Supply, Inc. (B+/B1)
	2,000,000		8.125			04/15/19		2,160,000

	Energy – Exploration & Production^(b)(c) – 0.1%
	California Resources Corp. (BB/Ba1)
	5,200,000		5.000			01/15/20		5,271,500


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Entertainment^(b)(c) – 0.0%
	WMG Acquisition Corp. (B+/B1)
$	1,750,000		5.625	%		04/15/22	$	1,754,375

	Finance^(b) – 0.1%
	CIT Group, Inc. (BB-/Ba3)
	1,650,000		5.500			02/15/19		1,720,125
	International Lease Finance Corp. (BBB-/Ba1)
	2,000,000		7.125			09/01/18		2,245,000

								3,965,125

	Food and Beverage^(c) – 0.2%
	B&G Foods, Inc. (BB-/B1)
	5,450,000		4.625			06/01/21		5,191,125
	Premier Foods PLC (B/B2)^(b)
GBP	1,700,000		6.500			03/15/21		2,430,840
	Shearer’s Foods LLC/Chip Finance Corp. (B/B1)^(b)
$	900,000		9.000			11/01/19		978,750

								8,600,715

	Gaming^(c) – 0.1%
	Caesars Entertainment Operating Co., Inc. (CCC-/Caa2)
	7,800,000		9.000			02/15/20		5,986,500

	Health Care – 1.8%
	CHS/Community Health Systems, Inc. (BB/Ba2)^(c)
	12,550,000		5.125			08/15/18		12,895,125
	10,000,000		5.125	^(b)		08/01/21		10,025,000
	CHS/Community Health Systems, Inc. (B-/B3)^(b)(c)
	17,600,000		6.875			02/01/22		18,348,000
	Crimson Merger Sub, Inc. (CCC+/Caa1)^(b)(c)
	5,200,000		6.625			05/15/22		4,758,000
	HCA, Inc. (BB/Ba3)
	10,000,000		3.750			03/15/19		9,825,000
	16,300,000		6.500			02/15/20		17,807,750
	4,435,000		7.250	^(c)		09/15/20		4,656,750
	8,050,000		5.000			03/15/24		7,919,187

								86,234,812

	Media – Broadcasting & Radio^(c) – 0.6%
	iHeartCommunications, Inc. (CCC+/Caa1)
	3,153,000		9.000			12/15/19		3,172,706
	Univision Communications, Inc. (B+/B2)^(b)
	6,525,000		6.875			05/15/19		6,802,313
	10,550,000		7.875			11/01/20		11,301,687
	6,421,000		6.750			09/15/22		6,886,523

								28,163,229

	Media – Cable^(c) – 1.1%
	Cequel Communications Holdings I LLC/Cequel Capital Corp. (B-/B3)^(b)
	2,600,000		5.125			12/15/21		2,476,500
	Numericable Group SA (B+/Ba3)^(b)
	21,000,000		4.875			05/15/19		20,737,500
	8,200,000		6.250			05/15/24		8,261,500
	Virgin Media Finance PLC (B/B2)
	10,000,000		8.375			10/15/19		10,420,000
	Virgin Media Secured Finance PLC (BB-/Ba3)^(b)
	11,000,000		5.375			04/15/21		11,082,500

								52,978,000

	Corporate Obligations – (continued)
	Media – Non Cable^(b)(c) – 0.1%
	Nielsen Finance LLC/Nielsen Finance Co. (BB/B1)
	3,450,000		5.000			04/15/22		3,372,375

	Packaging^(c) – 0.5%
	Ardagh Packaging Finance PLC (CCC+/Caa1)^(b)
	4,900,000		6.250			01/31/19		4,893,875
	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (B+/Ba3)^(b)
EUR	5,200,000		4.250			01/15/22		6,403,666
	Reynolds Group Issuer, Inc. (B+/B1)
$	1,731,000		7.875			08/15/19		1,834,860
	8,550,000		5.750			10/15/20		8,688,937

								21,821,338

	Restaurants^(b)(c) – 0.2%
	New Red Finance, Inc. (B-/Caa1)
	11,350,000		6.000			04/01/22		11,264,875

	Retailers^(c) – 0.3%
	American Apparel, Inc. (CC/Caa2)
	5,868,513		13.000			04/15/20		6,543,392
	Claire’s Stores, Inc. (B-/B2)^(b)
	3,850,000		9.000			03/15/19		3,907,750
	900,000		6.125			03/15/20		828,000

								11,279,142

	Services Cyclical – Business Services^(b)(c) – 0.5%
	Altegrity, Inc. (CCC/Caa1)
	9,600,000		9.500			07/01/19		8,904,000
	First Data Corp. (BB-/B1)
	8,150,000		7.375			06/15/19		8,557,500
	2,925,000		6.750			11/01/20		3,093,188
	Sabre, Inc. (B+/Ba3)
	4,000,000		8.500			05/15/19		4,310,000

								24,864,688

	Services Cyclical – Consumer Services^(c) – 0.2%
	APX Group, Inc. (B/Ba3)
	10,000,000		6.375			12/01/19		9,712,500

	Services Cyclical – Rental Equipment^(b)(c) – 0.7%
	Ahern Rentals, Inc. (B/Caa1)
	10,000,000		9.500			06/15/18		10,700,000
	Algeco Scotsman Global Finance PLC (B/B2)
	10,000,000		8.500			10/15/18		10,250,000
	Jurassic Holdings III, Inc. (B-/Caa1)
	11,000,000		6.875			02/15/21		10,945,000

								31,895,000

	Telecommunications – Cellular – 1.6%
	Altice Financing SA (BB-/B1)^(b)(c)
	8,000,000		6.500			01/15/22		8,200,000
	SBA Communications Corp. (B/B3)^(b)(c)
	10,600,000		4.875			07/15/22		10,176,000
	Softbank Corp. (BB+/Ba1)^(b)
	17,550,000		4.500			04/15/20		17,418,375
	Sprint Communications, Inc. (BB-/B1)
	8,000,000		8.375			08/15/17		8,960,000


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Telecommunications – Cellular – (continued)
	Sprint Communications, Inc. (BB+/Ba2)^(b)
$	3,500,000		9.000	%		11/15/18	$	4,046,875
	Sprint Communications, Inc. (BB-/B1)
	3,950,000		7.000			08/15/20		4,127,750
	Sprint Corp. (BB-/B1)^(b)
	5,800,000		7.250			09/15/21		6,061,000
	3,000,000		7.875			09/15/23		3,187,500
	Wind Acquisition Finance SA (NR/Ba3)^(b)(c)
	7,800,000		4.750			07/15/20		7,488,000
	Wind Acquisition Finance SA (B/Caa1)^(b)(c)
	7,600,000		7.375			04/23/21		7,628,500

								77,294,000

	Telecommunications – Internet & Data^(b)(c)(e) – 0.2%
	Level 3 Financing, Inc. (B-/B3)
	8,350,000		3.823			01/15/18		8,256,063

	Telecommunications – Satellites^(c) – 0.2%
	Intelsat Jackson Holdings SA (B-/Caa1)
	8,475,000		6.625			12/15/22		8,538,563
	Intelsat Luxembourg SA (B-/Caa2)
	700,000		8.125			06/01/23		729,750

								9,268,313

	Telecommunications – Wirelines – 0.1%
	Frontier Communications Corp. (BB-/Ba3)
	5,000,000		8.250			04/15/17		5,525,000

	Transportation^(c) – 0.3%
	Aguila 3 SA (B/B2)
	12,950,000		7.875	^(b)		01/31/18		13,241,375
CHF	2,150,000		7.875			01/31/18		2,287,750

								15,529,125

	TOTAL CORPORATE OBLIGATIONS
	(Cost $511,194,735)						$	506,984,940


	Agency Debenture^(f) – 3.1%
	FHLB
$	150,000,000		0.000	%		11/21/14	$	149,997,300
	(Cost $149,993,625)


	Asset-Backed Securities^(b)(e) – 1.8%
	Collateralized Loan Obligations – 1.8%
	ACIS CLO Ltd. Series 2013-1A, Class ACOM (A/NR)
$	9,000,000		1.461	%		04/18/24	$	8,674,200
	ACIS CLO Ltd. Series 2014-4A, Class ACOM (AA/NR)
	9,000,000		1.713			05/01/26		8,821,800
	ACIS CLO Ltd. Series 2014-4A, Class C (A/NR)
	1,500,000		2.777			05/01/26		1,389,865
	B&M CLO Ltd. Series 2014-1A, Class B (A/NR)
	8,500,000		2.998			04/16/26		8,073,954
	ICG US CLO Ltd. Series 2014-1A, Class B (A/NR)
	7,250,000		2.966			04/20/26		6,887,587

	Asset-Backed Securities^(b)(e) – (continued)
	Collateralized Loan Obligations – (continued)
	OCP CLO Ltd. Series 2014-5A, Class B (A/NR)
$	9,250,000		2.916	%		04/26/26	$	8,807,221
	OFSI Fund V Ltd. Series 2013-5A, Class A3L (A/NR)
	4,000,000		3.433			04/17/25		3,924,476
	OFSI Fund VI Ltd. Series 2014-6A, Class B (A/NR)
	12,500,000		3.423			03/20/25		12,080,050
	Palmer Square CLO Ltd. Series 2013-1A, Class B (A/NR)
	3,300,000		3.084			05/15/25		3,204,290
	Red River CLO Ltd. Series 1A, Class A (AAA/Aaa)
	1,800,762		0.510			07/27/18		1,791,126
	Regatta IV Funding Ltd. Series 2014-1A, Class C (NR/A2)
	3,600,000		3.215			07/25/26		3,485,063
	Trinitas CLO II Ltd. Series 2014-2A, Class C (A/NR)
	1,950,000		3.124			07/15/26		1,862,814
	Trinitas CLO Ltd. Series 2014-1A, Class B1 (A/NR)
	8,000,000		3.103			04/15/26		7,552,648
	Zais CLO 1 Ltd. Series 2014-1A, Class B (A/NR)
	8,600,000		2.864			04/15/26		8,143,615

	TOTAL ASSET-BACKED SECURITIES
	(Cost $85,212,663)						$	84,698,709


Shares		Description	Value
	Investment Company^(g) – 0.8%
	5,757,912	Goldman Sachs High Yield Fund
	(Cost $41,449,489)		$	40,535,700

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $4,757,748,763)		$	4,691,000,119


Principal Amount		Interest Rate	Maturity Date		Value
	Short-term Investment^(h) – 5.5%
	Repurchase Agreement – 5.5%
	Joint Repurchase Agreement Account II
$	259,800,000	0.012%		10/01/14	$	259,800,000
	(Cost $259,800,000)

	TOTAL INVESTMENTS – 104.2%
	(Cost $5,017,548,763)				$	4,950,800,119

	LIABILITIES IN EXCESS OF OTHER ASSETS – (4.2)%					(199,760,915	)

	NET ASSETS – 100.0%				$	4,751,039,204


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		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, 2014. 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.
(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 $411,217,017, which represents approximately 8.7% of net assets as of September 30, 2014.
(c)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(d)		Security is currently in default and/or non-income producing.
(e)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at September 30, 2014.
(f)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(g)		Represents Affiliated Funds.
(h)		Joint repurchase agreement was entered into on September 30, 2014. Additional information appears on page 123.

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



Currency Abbreviations:
CHF		—Swiss Franc
EUR		—Euro
GBP		—British Pound
USD		—U.S. Dollar

Investment Abbreviations:
CLO		—Collateralized Loan Obligation
FHLB		—Federal Home Loan Bank
LIBOR		—London Interbank Offered Rate
LP		—Limited Partnership
WR		—Withdrawn Rating


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At September 30, 2014, 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)
Advantage Sales & Marketing, Inc. (NR/NR), due 07/23/21	$	40,323	$	39,588	$	(885	)
Ziggo B.V. (NR/NR), due 01/15/22		5,240,000		6,517,256		(101,129	)
Ziggo N.V. (NR/NR), due 01/15/22		12,153,064		11,831,095		(361,427	)
TOTAL					$	(463,441	)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2014, 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
Credit Suisse International (London)	USD/CHF		10/03/14	$	5,059,639	$	186,166
	USD/EUR		10/03/14		16,614,295		646,426
	USD/GBP		10/03/14		2,755,879		54,782
Royal Bank of Scotland PLC	USD/CHF		10/03/14		2,236,911		46,143
TOTAL						$	933,517

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
JPMorgan Securities, Inc.	CHF/USD		10/03/14	$	2,765,704	$	(52,561	)
Royal Bank of Scotland PLC	CHF/USD		10/03/14		2,237,247		(46,175	)
TOTAL						$	(98,736	)

SWAP CONTRACTS — At September 30, 2014, the Fund had the following swap contracts:

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)
$	105,500	12/17/17		3 month LIBOR	1.500%	$	(334,646	)	$	282,023
	156,000	12/17/19		3 month LIBOR	2.250		(1,632,101	)		290,642
	96,200	12/17/21		3 month LIBOR	2.500		(828,176	)		294,651
	12,900	12/17/24		3 month LIBOR	3.000		(363,963	)		49,099
	TOTAL					$	(3,158,886	)	$	916,415

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2014.


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT


										Market Value
Referenced Obligation	Notional Amount (000s)	Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2014^(b)			Upfront Payments Made (Received)		Unrealized Gain (Loss)
Protection Sold:
CDX North America High Yield Index 22	$45,045		5.000	%		06/20/19		3.546	%	$	3,089,016	$	(333,978	)

(b)


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – 77.1%
	Automotive – 1.7%
	Ford Motor Credit Co. LLC
$	3,075,000		3.984	%		06/15/16	$	3,217,093
	4,325,000		5.875			08/02/21		4,970,145

								8,187,238

	Banks – 17.7%
	Abbey National Treasury Services PLC^(a)
GBP	600,000		2.161			02/16/16		978,318
	American Express Co.^(a)(b)
$	1,950,000		6.800			09/01/66		2,081,625
	Bank of America Corp.
	3,750,000		5.000			05/13/21		4,100,686
	8,300,000		4.000			04/01/24		8,379,380
	Barclays Bank PLC
	3,575,000		2.500			02/20/19		3,583,757
	Citigroup, Inc.
	3,750,000		3.375			03/01/23		3,686,800
	Compass Bank
	775,000		1.850	^(b)		09/29/17		774,823
	1,025,000		2.750	^(b)		09/29/19		1,023,553
	2,950,000		5.500			04/01/20		3,223,844
	Credit Suisse AG^(c)
	2,500,000		6.500			08/08/23		2,719,091
	HSBC Holdings PLC^(a)(b)
	1,675,000		6.375			09/17/49		1,668,504
	ING Bank NV^(a)(b)
	4,150,000		4.125			11/21/23		4,222,335
	Intesa Sanpaolo SPA
	1,600,000		3.125			01/15/16		1,636,007
	4,525,000		3.875			01/16/18		4,708,589
	3,400,000		5.017	^(c)		06/26/24		3,302,710
	JPMorgan Chase & Co.
	3,700,000		3.875			09/10/24		3,632,901
	Macquarie Bank Ltd.^(c)
	2,650,000		2.600			06/24/19		2,647,851
	MUFG Capital Finance 1 Ltd.^(a)(b)
	2,650,000		6.346			12/31/49		2,822,250
	Nordea Bank AB^(a)(b)(c)
	1,200,000		6.125			09/23/49		1,176,000
	PNC Preferred Funding Trust II^(a)(b)(c)
	3,800,000		1.457			03/29/49		3,652,750
	Regions Financial Corp.
	3,850,000		5.750			06/15/15		3,972,707
	Royal Bank of Scotland PLC
	4,250,000		2.550			09/18/15		4,311,514
	1,150,000		9.500	^(a)(b)		03/16/22		1,311,000
	1,150,000		6.000			12/19/23		1,207,298
	Santander Holdings USA, Inc.
	3,000,000		3.000	^(b)		09/24/15		3,053,830
	855,000		4.625			04/19/16		898,793
	975,000		3.450	^(b)		08/27/18		1,011,072
	Santander US Debt SAU^(c)
	1,700,000		3.781			10/07/15		1,746,621
	Sumitomo Mitsui Financial Group, Inc.^(c)
	2,875,000		4.436			04/02/24		2,945,061
	Wells Fargo & Co.^(a)(b)
	3,625,000		5.900			06/15/49		3,692,969

								84,172,639

	Corporate Obligations – (continued)
	Brokerage – 3.1%
	KKR Group Finance Co. LLC^(c)
$	1,850,000		6.375	%		09/29/20	$	2,163,349
	Morgan Stanley, Inc.
	8,925,000		6.250			08/28/17		10,002,662
	2,375,000		5.950			12/28/17		2,659,388

								14,825,399

	Chemicals – 2.4%
	Ecolab, Inc.
	1,667,000		5.500			12/08/41		1,908,200
	Incitec Pivot Ltd.^(c)
	3,700,000		4.000			12/07/15		3,816,369
	LyondellBasell Industries NV^(b)
	1,120,000		5.000			04/15/19		1,236,363
	Monsanto Co.^(b)
	2,000,000		4.200			07/15/34		2,006,412
	2,400,000		4.700			07/15/64		2,383,728

								11,351,072

	Consumer Products – 1.1%
	Avon Products, Inc.
	3,875,000		4.600			03/15/20		3,957,388
	Whirlpool Corp.
	1,300,000		2.400			03/01/19		1,290,790

								5,248,178

	Distributor^(c) – 0.2%
	Southern Star Central Gas Pipeline, Inc.
	1,100,000		6.000			06/01/16		1,165,054

	Diversified Manufacturing – 0.8%
	Valmont Industries, Inc.^(b)
	1,200,000		5.250			10/01/54		1,173,450
	Xylem, Inc.
	2,350,000		3.550			09/20/16		2,455,440

								3,628,890

	Electric – 5.2%
	Arizona Public Service Co.
	3,965,000		8.750			03/01/19		5,025,362
	Consumers Energy Co.^(b)
	2,500,000		3.950			05/15/43		2,414,540
	Florida Power & Light Co.^(b)
	2,600,000		5.250			02/01/41		3,039,047
	Kentucky Utilities Co.^(b)
	1,700,000		5.125			11/01/40		1,958,195
	PPL WEM Holdings PLC^(b)(c)
	1,750,000		5.375			05/01/21		1,964,433
	Progress Energy, Inc.
	1,000,000		7.000			10/30/31		1,313,445
	Public Service Electric & Gas Co.^(b)
	2,525,000		3.950			05/01/42		2,460,636
	Puget Sound Energy, Inc.^(a)(b)
	2,000,000		6.974			06/01/67		2,095,000
	Ruwais Power Co. PJSC^(c)
	670,000		6.000			08/31/36		750,400
	Southern California Edison Co.^(b)
	1,550,000		4.050			03/15/42		1,523,448


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Electric – (continued)
	Virginia Electric and Power Co.^(b)
$	2,030,000		4.000	%		01/15/43	$	1,958,141

								24,502,647

	Energy – 5.5%
	Anadarko Petroleum Corp.
	3,125,000		8.700			03/15/19		3,929,477
	BG Energy Capital PLC^(a)(b)
	2,550,000		6.500			11/30/72		2,772,339
	Corp Financiera de Desarrollo SA^(c)
	360,000		4.750			02/08/22		374,400
	Dolphin Energy Ltd.^(c)
	339,625		5.888			06/15/19		373,588
	600,000		5.500			12/15/21		672,060
	Lukoil International Finance BV
	200,000		6.125			11/09/20		200,500
	Nexen, Inc.
	675,000		6.400			05/15/37		819,021
	Pemex Project Funding Master Trust
	900,000		6.625			06/15/35		1,040,625
	Petrobras Global Finance BV
	3,100,000		4.875			03/17/20		3,115,841
	930,000		6.250			03/17/24		972,129
	Petroleos Mexicanos
	150,000		3.500			07/18/18		155,475
	127,000		6.000			03/05/20		143,828
	280,000		5.500			01/21/21		306,642
	800,000		6.375	^(c)		01/23/45		904,640
	PTTEP Canada International Finance Ltd.^(c)
	820,000		5.692			04/05/21		922,336
	Transocean, Inc.
	4,650,000		6.500			11/15/20		4,905,748
	Transportadora de Gas Internacional SA ESP^(b)
	770,000		5.700			03/20/22		816,200
	Weatherford International Ltd.
	2,685,000		9.625			03/01/19		3,448,120

								25,872,969

	Food & Beverage^(c) – 2.8%
	Pernod-Ricard SA
	5,700,000		4.450			01/15/22		6,023,515
	SABMiller Holdings, Inc.
	1,175,000		4.950			01/15/42		1,222,749
	Suntory Holdings Ltd.
	3,400,000		2.550			09/29/19		3,395,587
	WM Wrigley Jr Co.^(b)
	2,650,000		3.375			10/21/20		2,689,466

								13,331,317

	Home Construction – 1.0%
	MDC Holdings, Inc.
	2,275,000		5.625			02/01/20		2,369,790
	2,375,000		6.000	^(b)		01/15/43		2,183,078

								4,552,868

	Corporate Obligations – (continued)
	Life Insurance – 1.5%
	AIG Life Holdings, Inc.
	1,325,000		8.500			07/01/30		1,742,375
	Genworth Financial, Inc.
	1,000,000		8.625			12/15/16		1,148,375
	1,550,000		7.700			06/15/20		1,863,458
	Teachers Insurance & Annuity Association of America^(c)
	2,440,000		4.900			09/15/44		2,486,660

								7,240,868

	Media – Cable – 2.3%
	Comcast Corp.
	1,375,000		4.250			01/15/33		1,386,255
	2,775,000		6.450			03/15/37		3,546,255
	DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.^(b)
	1,025,000		6.000			08/15/40		1,147,353
	Time Warner Cable, Inc.
	2,000,000		5.000			02/01/20		2,218,551
	1,675,000		7.300			07/01/38		2,262,934
	425,000		5.875	^(b)		11/15/40		497,144

								11,058,492

	Media – Non Cable – 0.9%
	21st Century Fox America, Inc.
	700,000		3.700	^(b)(c)		09/15/24		701,220
	1,700,000		6.150			02/15/41		2,031,056
	1,625,000		5.400			10/01/43		1,778,124

								4,510,400

	Metals & Mining – 1.1%
	Freeport-McMoRan, Inc.^(b)
	1,600,000		3.550			03/01/22		1,563,320
	Glencore Funding LLC^(c)
	1,550,000		1.700			05/27/16		1,560,517
	1,975,000		2.500			01/15/19		1,933,367

								5,057,204

	Noncaptive – Financial – 2.4%
	Air Lease Corp.
	800,000		4.500			01/15/16		828,000
	1,100,000		5.625			04/01/17		1,186,625
	GE Capital Trust I^(a)(b)
	3,280,000		6.375			11/15/67		3,567,000
	General Electric Capital Corp.
	1,325,000		5.875			01/14/38		1,593,663
	975,000		6.375	^(a)(b)		11/15/67		1,066,406
	International Lease Finance Corp.
	3,225,000		5.750			05/15/16		3,354,000

								11,595,694

	Pharmaceuticals^(b) – 1.3%
	Gilead Sciences, Inc.
	1,375,000		4.800			04/01/44		1,440,283
	Roche Holdings, Inc.^(c)
	4,725,000		2.875			09/29/21		4,718,224

								6,158,507


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Pipelines – 4.2%
	Energy Transfer Partners LP
$	3,727,000		5.950	%		02/01/15	$	3,788,199
	Enterprise Products Operating LLC^(a)(b)
	3,725,000		8.375			08/01/66		4,088,187
	1,765,000		7.000			06/01/67		1,844,425
	Tennessee Gas Pipeline Co.
	2,125,000		8.375			06/15/32		2,809,135
	TransCanada PipeLines Ltd.^(a)(b)
	3,875,000		6.350			05/15/67		3,952,500
	Western Gas Partners LP^(b)
	2,950,000		5.450			04/01/44		3,208,629

								19,691,075

	Property/Casualty Insurance – 1.3%
	Alleghany Corp.^(b)
	1,175,000		4.900			09/15/44		1,168,537
	American International Group, Inc.^(b)
	3,325,000		4.500			07/16/44		3,295,336
	Arch Capital Group Ltd.
	1,245,000		7.350			05/01/34		1,669,098

								6,132,971

	Real Estate Investment Trusts – 7.7%
	American Campus Communities Operating Partnership LP^(b)
	3,200,000		4.125			07/01/24		3,209,301
	ARC Properties Operating Partnership LP/Clark Acquisition LLC^(c)
	5,075,000		2.000			02/06/17		5,075,663
	Camden Property Trust
	3,400,000		5.700			05/15/17		3,748,313
	CubeSmart LP^(b)
	1,625,000		4.800			07/15/22		1,747,372
	Developers Diversified Realty Corp.
	590,000		9.625			03/15/16		662,455
	3,750,000		7.500			04/01/17		4,262,815
	ERP Operating LP^(b)
	1,750,000		4.500			07/01/44		1,734,239
	HCP, Inc.
	2,525,000		6.300			09/15/16		2,771,242
	2,475,000		2.625	^(b)		02/01/20		2,449,941
	Health Care REIT, Inc.^(b)
	775,000		4.125			04/01/19		826,132
	Kilroy Realty LP
	2,300,000		5.000			11/03/15		2,401,246
	1,125,000		6.625			06/01/20		1,323,037
	Retail Opportunity Investments Partnership LP^(b)
	1,825,000		5.000			12/15/23		1,938,532
	Trust F/1401^(c)
	230,000		5.250			12/15/24		240,005
	UDR, Inc.
	1,900,000		4.250			06/01/18		2,030,867
	WEA Finance LLC/Westfield UK & Europe Finance PLC^(b)(c)
	2,150,000		2.700			09/17/19		2,155,098

								36,576,258

	Corporate Obligations – (continued)
	Retailers^(b) – 1.3%
	CVS Health Corp.
	1,075,000		5.750			05/15/41		1,260,837
	NIKE, Inc.
	2,936,000		3.625			05/01/43		2,746,993
	Sysco Corp.
	2,175,000		3.500			10/02/24		2,180,653

								6,188,483

	Technology – Hardware – 1.6%
	Hewlett-Packard Co.
	1,400,000		3.000			09/15/16		1,449,198
	4,400,000		2.600			09/15/17		4,519,069
	1,396,000		4.300			06/01/21		1,488,460

								7,456,727

	Technology – Software/Services – 0.6%
	Apple, Inc.
	3,000,000		3.850			05/04/43		2,776,610

	Tobacco – 1.2%
	Altria Group, Inc.
	1,650,000		2.850			08/09/22		1,579,190
	Imperial Tobacco Finance PLC^(c)
	4,100,000		2.050			02/11/18		4,083,403

								5,662,593

	Trucking & Leasing^(c) – 1.7%
	ERAC USA Finance LLC
	3,650,000		5.625			03/15/42		4,122,237
	Penske Truck Leasing Co. LP/PTL Finance Corp.
	3,100,000		2.500			03/15/16		3,163,029
	650,000		4.875			07/11/22		698,518

								7,983,784

	Wireless Telecommunications – 0.7%
	American Tower Corp.
	3,325,000		3.400			02/15/19		3,396,828

	Wirelines Telecommunications – 5.8%
	AT&T, Inc.^(b)
	3,000,000		2.625			12/01/22		2,839,732
	Telefonica Emisiones SAU
	625,000		6.221			07/03/17		697,006
	1,750,000		3.192			04/27/18		1,806,234
	1,925,000		5.462			02/16/21		2,141,529
	Verizon Communications, Inc.
	5,425,000		4.500			09/15/20		5,856,504
	4,775,000		4.150	^(b)		03/15/24		4,911,868
	3,464,000		6.400			09/15/33		4,219,601
	588,000		6.550			09/15/43		729,258
	3,598,000		4.862	^(c)		08/21/46		3,607,652
	589,000		5.012	^(c)		08/21/54		589,669

								27,399,053

	TOTAL CORPORATE OBLIGATIONS
	(Cost $355,844,874)						$	365,723,818


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations^(a) – 2.1%
	Commercial Mortgage-Backed Securities – 2.1%
	Sequential Floating Rate – 2.1%
	GS Mortgage Securities Trust Series 2007-GG10, Class A4
$	9,069,695		5.991	%		08/10/45	$	9,920,299
	(Cost $10,099,956)


	Agency Debentures – 0.3%
	FHLB
$	600,000		3.000	%		09/10/21	$	618,698
	Tennessee Valley Authority
	500,000		4.625			09/15/60		544,206

	TOTAL AGENCY DEBENTURES
	(Cost $1,106,204)						$	1,162,904


	Foreign Debt Obligations – 3.1%
	Sovereign – 3.1%
	Federal Republic of Brazil
$	940,000		4.250	%		01/07/25	$	930,600
	370,000		8.250			01/20/34		497,650
	1,485,000		7.125			01/20/37		1,819,125
	Republic of Chile
	935,000		3.625			10/30/42		820,462
	Republic of Colombia
	801,000		4.000			02/26/24		811,013
	522,000		6.125			01/18/41		610,740
	Republic of Panama^(d)
	120,000		9.375			04/01/29		178,200
	Republic of Turkey
	2,040,000		6.250			09/26/22		2,244,000
	1,550,000		5.750			03/22/24		1,643,000
	180,000		7.375			02/05/25		213,525
	Republic of Uruguay
	551,876		5.100			06/18/50		535,320
	United Mexican States
	2,854,000		6.050			01/11/40		3,360,585
	835,000		5.550			01/21/45		926,850

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $13,793,406)						$	14,591,070


	Municipal Debt Obligations – 3.4%
	California – 2.1%
	California State GO Bonds Build America Taxable Series 2009
$	1,450,000		7.500	%		04/01/34	$	2,068,686
	455,000		7.300			10/01/39		635,931
	California State GO Bonds Build America Taxable Series 2010
	2,320,000		7.625			03/01/40		3,382,885
	California State University RB Build America Bonds Series 2010
	2,825,000		6.484			11/01/41		3,612,807

								9,700,309

	Municipal Debt Obligations – (continued)
	Illinois – 1.2%
	Chicago Illinois Metropolitan Water Reclamation District GO Bonds Build America Taxable Direct Payment Series 2009
	1,775,000		5.720			12/01/38		2,127,550
	Illinois State GO Bonds Build America Series 2010
	3,225,000		6.630			02/01/35		3,527,376

								5,654,926

	New Jersey – 0.1%
	New Jersey State Turnpike Authority RB Build America Bonds Taxable Series 2009 F
	350,000		7.414			01/01/40		501,267

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $12,546,283)						$	15,856,502


	U.S. Treasury Obligations – 6.7%
	United States Treasury Bonds
$	350,000		2.750	%		11/15/42	$	320,187
	400,000		3.750	^(e)		11/15/43		442,084
	1,000,000		3.375			05/15/44		1,032,320
	United States Treasury Inflation Protected Securities
	3,124,566		0.625			01/15/24		3,142,126
	1,605,440		0.125			07/15/24		1,542,475
	United States Treasury Notes
	16,700,000		0.375	^(e)		01/31/16		16,724,215
	3,400,000		1.625			08/31/19		3,376,812
	5,300,000		1.750			09/30/19		5,292,315

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $31,877,341)						$	31,872,534


Notional Amount		Exercise Rate			Expiration Date		Value
	Options Purchased – 0.5%
	Interest Rate Swaptions
	Bank of America NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.590%
$	5,700,000		3.590	%		03/22/16	$	112,332
	Bank of America NA Call - OTC - 10 year Interest Rate Swap Strike Price 4.070%
	5,200,000		4.070			03/29/16		53,806
	Bank of America NA Put - OTC - 30 year Interest Rate Swap Strike Price 3.950%
	1,100,000		3.950			01/29/16		147,884
	Bank of America NA Call - OTC - 30 year Interest Rate Swap Strike Price 3.950%
	1,100,000		3.950			01/29/16		29,002
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.633%
	10,400,000		3.633			02/19/16		177,383
	Deutsche Bank AG Call - OTC - 2 year Interest Rate Swap Strike Price 1.950%
	16,100,000		1.950			10/26/15		91,095


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Notional Amount		Exercise Rate			Expiration Date		Value
	Options Purchased – (continued)
	Interest Rate Swaptions – (continued)
	Deutsche Bank AG Call - OTC - 2 year Interest Rate Swap Strike Price 2.030%
$	16,000,000		2.030	%		10/26/15	$	81,149
	Deutsche Bank AG Put - OTC - 5 year Interest Rate Swap Strike Price 2.550%
	5,400,000		2.550			09/28/15		87,662
	Deutsche Bank AG Call - OTC - 5 year Interest Rate Swap Strike Price 2.550%
	5,400,000		2.550			09/28/15		82,535
	Deutsche Bank AG Put - OTC - 5 year Interest Rate Swap Strike Price 2.940%
	2,800,000		2.940			09/29/16		63,877
	Deutsche Bank AG Call - OTC - 5 year Interest Rate Swap Strike Price 2.940%
	2,800,000		2.940			09/29/16		66,965
	Deutsche Bank AG Call - OTC - 10 year Interest Rate Swap Strike Price 3.780%
	2,200,000		3.780			09/26/16		52,371
	Deutsche Bank AG Put - OTC - 10 year Interest Rate Swap Strike Price 4.113%
	3,300,000		4.113			04/16/19		274,314
	Deutsche Bank AG Call - OTC - 10 year Interest Rate Swap Strike Price 4.113%
	3,300,000		4.113			04/16/19		130,476
	Deutsche Bank AG Put - OTC - 10 year Interest Rate Swap Strike Price 4.135%
	4,100,000		4.135			04/17/19		345,360
	Deutsche Bank AG Call - OTC - 10 year Interest Rate Swap Strike Price 4.135%
	4,100,000		4.135			04/17/19		159,786
	JPMorgan Chase Bank NA Call - OTC - 2 year Interest Rate Swap Strike Price 1.855%
	15,500,000		1.855			11/02/15		103,467
	JPMorgan Chase Bank NA Call - OTC - 5 year Interest Rate Swap Strike Price 2.783%
	5,800,000		2.783			09/30/15		64,525
	JPMorgan Chase Bank NA Put - OTC - 5 year Interest Rate Swap Strike Price 2.973%
	4,300,000		2.973			09/26/16		101,704
	JPMorgan Chase Bank NA Call - OTC - 5 year Interest Rate Swap Strike Price 2.973%
	4,300,000		2.973			09/26/16		99,031
	JPMorgan Chase Bank NA Put - OTC - 10 year Interest Rate Swap Strike Price 3.413%
	2,100,000		3.413			09/19/16		100,257
	JPMorgan Chase Bank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.413%
	2,100,000		3.413			09/19/16		72,909
	JPMorgan Chase Bank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.610%
	4,700,000		3.610			02/16/16		81,608

	TOTAL OPTIONS PURCHASED
	(Cost $3,047,335)						$	2,579,498

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $428,315,399)						$	441,706,625

Principal Amount		Interest Rate			Maturity Date		Value

	Short-term Investment^(f) – 5.3%
	Repurchase Agreement – 5.3%
	Joint Repurchase Agreement Account II
$	25,300,000		0.012	%		10/01/14	$	25,300,000
	(Cost $25,300,000)

	TOTAL INVESTMENTS – 98.5%
	(Cost $453,615,399)						$	467,006,625

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.5%							7,136,033

	NET ASSETS – 100.0%						$	474,142,658


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 or distribution rate disclosed is that which is in effect at September 30, 2014.
(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 $79,763,292, which represents approximately 16.8% of net assets as of September 30, 2014.
(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, 2014.
(e)		A portion of this security is segregated as collateral for initial margin requirements on futures transactions.
(f)		Joint repurchase agreement was entered into on September 30, 2014. Additional information appears on page 123.



Currency Abbreviations:
EUR		—Euro Currency
GBP		—British Pound
USD		—U.S. Dollar

Investment Abbreviations:
FHLB		—Federal Home Loan Bank
GO		—General Obligation
LIBOR		—London Interbank Offered Rate
OTC		—Over the Counter
RB		—Revenue Bond
REIT		—Real Estate Investment Trust
SPA		—Stand-by Purchase Agreement


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2014, 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
Deutsche Bank AG (London)	USD/GBP	10/22/14	$966,337	$	14,608

FUTURES CONTRACTS — At September 30, 2014, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Eurodollars		(122	)	March 2017	$	(29,760,375	)	$	38,861
Eurodollars		(110	)	June 2017		(26,780,875	)		50,921
Eurodollars		(49	)	September 2017		(11,911,288	)		25,549
Ultra Long U.S. Treasury Bonds		(8	)	December 2014		(1,220,000	)		(17,823	)
2 Year U.S. Treasury Notes		8		December 2014		1,750,750			391
5 Year U.S. Treasury Notes		133		December 2014		15,728,289			(18,758	)
10 Year U.S. Treasury Notes		302		December 2014		37,641,469			214,239
20 Year U.S. Treasury Bonds		136		December 2014		18,755,250			(271,379	)
TOTAL								$	22,001

SWAP CONTRACTS — At September 30, 2014, the Fund had the following swap contracts:

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)
$	1,700	02/01/17	3 month LIBOR	1.625%	$	(419	)	$	919
	6,300	08/04/17	3 month LIBOR	2.195		(6,169	)		4,104
	7,200	10/28/17	1.450%	3 month LIBOR		(88,283	)		29,921
	12,100	12/17/19	3 month LIBOR	2.250		(109,626	)		5,576
	2,100	10/02/20	2.532	3 month LIBOR		10			—
	9,700	08/04/21	3.025	3 month LIBOR		40,063			12,688
	14,900	12/17/21	3 month LIBOR	2.500		(60,447	)		(22,188	)
	5,000	01/30/24	4.252	3 month LIBOR		5,872			178,963
	23,500	12/17/24	3 month LIBOR	3.000		(662,695	)		89,107
	12,600	03/10/26	3.170	3 month LIBOR		(913,393	)		953,702
	5,200	08/04/26	3 month LIBOR	3.409		(36,274	)		(42,421	)
	700	09/28/26	3.280	3 month LIBOR		6			942
	7,100	12/17/29	3 month LIBOR	3.250		(155,030	)		(56,035	)
	1,500	01/30/39	3 month LIBOR	4.370		(57,197	)		(101,009	)
	TOTAL				$	(2,043,582	)	$	1,054,269

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2014.


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Sovereign Debt Obligations – 67.7%
	Argentina^(a) – 0.5%
	Republic of Argentina (NR/NR)
EUR	7,287,000		0.000	%		12/15/35	$	681,085
$	105,880,000		0.000			12/15/35		8,046,880

								8,727,965

	Brazil – 10.1%
	Brazil Letras do Tesouro Nacional (BBB+/Baa2)^(b)
BRL	146,361,000		0.000			01/01/15		58,149,920
	6,877,000		0.000			04/01/15		2,660,117
	5,523,000		0.000			01/01/16		1,953,705
	57,600,000		0.000			07/01/17		17,009,598
	Brazil Notas do Tesouro Nacional (BBB+/Baa2)
	5,087,535		6.000			08/15/16		2,108,041
	2,074,433		6.000			05/15/17		861,579
	22,806,000		10.000			01/01/18		8,735,661
	24,246,000		10.000			01/01/19		9,137,297
	107,038,000		10.000			01/01/23		38,508,552
	5,298,000		10.000			01/01/25		1,873,057
	98,331,096		6.000			08/15/40		39,093,267
	33,627,008		6.000			08/15/50		13,251,146

								193,341,940

	Chile – 0.7%
	Bonos de la Tesoreria de la Republica (NR/NR)
CLP	2,090,533,730		3.000			01/01/15		3,509,601
	Bonos del Banco Central de Chile en Pesos (NR/NR)
	1,245,000,000		6.000			06/01/17		2,225,087
	1,546,753,280		3.000			03/01/22		2,863,878
	Republic of Chile (NR/NR)
	2,905,000,000		6.000			01/01/18		5,147,865

								13,746,431

	Colombia – 5.7%
	Republic of Colombia (NR/Baa2)
COP	1,000,000,000		4.375			03/21/23		425,512
	Republic of Colombia (BBB/Baa2)
	2,399,000,000		12.000			10/22/15		1,265,799
	Republic of Colombia (BBB+/Baa2)
	33,358,000,000		8.000			10/28/15		17,004,385
	3,424,300,000		11.250			10/24/18		2,017,636
	152,453,300,000		7.000			05/04/22		76,201,994
	15,005,000,000		7.500			08/26/26		7,564,317
	10,997,500,000		6.000			04/28/28		4,819,850

								109,299,493

	Costa Rica – 0.3%
	Republic of Costa Rica (NR/NR)
CRC	2,404,800,000		11.130			03/28/18		4,751,504
	394,800,000		9.200			03/27/19		727,400

								5,478,904

	Dominican Republic – 1.3%
	Dominican Republic (NR/NR)
DOP	344,700,000		16.950			02/04/22		10,627,868
	113,200,000		14.500	^(c)		02/10/23		2,969,666
	100,000		14.500			02/10/23		2,623
	390,500,000		18.500	^(c)		02/04/28		12,037,990

								25,638,147

	Sovereign Debt Obligations – (continued)
	Honduras^(c) – 0.1%
	Republic of Honduras (B/B3)
$	1,690,000		8.750	%		12/16/20	$	1,913,925

	Hungary – 2.5%
	Hungary Government Bond (BB/Ba1)
HUF	674,650,000		5.500			12/20/18		2,975,779
	4,542,880,000		6.500			06/24/19		20,683,304
	1,342,020,000		7.500			11/12/20		6,471,741
	2,780,270,000		7.000			06/24/22		13,186,047
	384,370,000		6.000			11/24/23		1,732,159
	Hungary Government Bond (BB/NR)
	494,180,000		5.500			06/24/25		2,142,653

								47,191,683

	Indonesia – 0.6%
	Perusahaan Penerbit SBSN (NR/Baa3)^(c)
$	9,641,000		4.350			09/10/24		9,406,001
	Perusahaan Penerbit SBSN (BB+/Baa3)
	1,660,000		3.300			11/21/22		1,520,975
	Republic of Indonesia (NR/Baa3)
IDR	9,000,000		6.125			05/15/28		576

								10,927,552

	Israel^(b) – 0.9%
	Israel Government Bond (NR/NR)
ILS	66,870,000		0.000			05/06/15		18,134,853

	Malaysia – 6.9%
	Federation of Malaysia (NR/NR)^(b)
MYR	43,050,000		0.000			10/16/14		13,105,603
	40,150,000		0.000			10/28/14		12,209,725
	28,290,000		0.000			11/06/14		8,596,212
	16,440,000		0.000			01/20/15		4,962,223
	103,680,000		0.000			08/04/15		30,699,299
	Malaysia Government Bond (NR/NR)
	42,270,000		3.654			10/31/19		12,867,192
	16,680,000		3.889			07/31/20		5,104,649
	12,570,000		4.048			09/30/21		3,885,933
	5,610,000		3.418			08/15/22		1,653,116
	15,400,000		3.480			03/15/23		4,551,696
	70,300,000		4.181			07/15/24		21,891,362
	Malaysia Government Bond (NR/A3)
	30,180,000		3.741			02/27/15		9,209,937
	11,000,000		4.160			07/15/21		3,412,498

								132,149,445

	Mexico – 6.2%
	United Mexican States (NR/NR)^(b)
MXN	91,000,000		0.000			12/11/14		6,727,001
	United Mexican States (A/A3)
	304,390,900		7.750			12/14/17		24,733,646
	36,212,100		6.500			06/09/22		2,794,539
	97,846,000		8.000			12/07/23		8,273,363
	52,994,800		10.000			12/05/24		5,114,755
	92,321,700		8.500			05/31/29		8,123,085
	19,218,000		7.750			05/29/31		1,583,936
	256,700		8.500			11/18/38		22,633


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Sovereign Debt Obligations – (continued)
	Mexico – (continued)
	United Mexican States (NR/A3)
MXN	821,676,000		4.750	%		06/14/18	$	60,786,006

								118,158,964

	Nigeria – 1.0%
	Nigeria Government Bond (NR/NR)
NGN	922,370,000		0.000	^(b)		05/07/15		5,281,689
	658,670,000		0.000	^(b)		06/04/15		3,738,139
	1,574,590,000		0.000	^(a)		09/03/15		8,698,733
	225,570,000		16.000			06/29/19		1,571,074

								19,289,635

	Paraguay – 0.7%
	Republic of Paraguay (BB/Ba2)
$	7,770,000		4.625	^(c)		01/25/23		7,905,975
	1,050,000		4.625			01/25/23		1,068,375
	5,025,000		6.100	^(c)		08/11/44		5,313,938

								14,288,288

	Peru – 0.6%
	Republic of Peru (A-/A3)
PEN	12,428,000		7.840			08/12/20		4,887,213
	9,882,000		8.200			08/12/26		4,076,835
	422,000		6.900			08/12/37		147,252
	Republic of Peru (NR/NR)
	4,842,000		5.200			09/12/23		1,621,099
	Republic of Peru (NR/A3)
	116,000		6.950			08/12/31		41,656
	1,969,000		6.850			02/12/42		677,501

								11,451,556

	Philippines – 0.4%
	Republic of Philippines (BBB/Baa3)
PHP	326,000,000		3.900			11/26/22		7,137,095

	Poland – 6.6%
	Poland Government Bond (A/NR)
PLN	99,690,000		3.250			07/25/19		31,276,682
	57,600,000		3.250			07/25/25		17,717,322
	Poland Government Bond (A/A2)
	51,340,000		5.250			10/25/20		17,814,036
	139,810,000		5.750			09/23/22		50,739,220
	25,370,000		4.000			10/25/23		8,263,805

								125,811,065

	Romania – 1.9%
	Republic of Romania (NR/NR)
RON	51,060,000		5.900			07/26/17		15,729,281
	27,520,000		4.750			06/24/19		8,325,503
	33,480,000		5.950			06/11/21		10,656,789
	Republic of Romania (BBB-/Baa3)
EUR	1,185,000		4.625			09/18/20		1,695,988

								36,407,561

	Russia – 6.1%
	Russian Federation Bond (NR/Baa1)
RUB	302,240,000		7.000			01/25/23		6,609,326
	817,900,000		7.050			01/19/28		17,219,024

	Sovereign Debt Obligations – (continued)
	Russia – (continued)
	Russian Federation Bond (BBB/Baa1)
RUB	1,289,130,000		6.200	%		01/31/18	$	29,706,241
	1,125,000,000		7.850			03/10/18		27,194,793
	565,740,000		7.500			02/27/19		13,369,422
	115,870,000		6.700			05/15/19		2,645,235
	40,950,000		7.600			04/14/21		950,351
	533,850,000		7.600			07/20/22		12,192,240
	298,630,000		7.000			08/16/23		6,518,574

								116,405,206

	South Africa – 3.2%
	Republic of South Africa (BBB+/Baa1)
ZAR	18,480,000		8.000			12/21/18		1,664,636
	221,209,000		7.250			01/15/20		19,182,490
	Republic of South Africa (NR/NR)
	6,780,000		7.750			02/28/23		586,847
	58,080,000		8.000			01/31/30		4,830,194
	294,710,000		8.250			03/31/32		24,540,643
	66,770,000		8.750			01/31/44		5,704,958
	55,020,000		8.750			02/28/48		4,748,291
	Republic of South Africa (NR/Baa1)
	6,060,000		6.750			03/31/21		506,219

								61,764,278

	Thailand – 4.8%
	Thailand Government Bond (NR/Baa1)
THB	369,980,000		3.580			12/17/27		11,328,064
	162,901,674		1.250			03/12/28		4,630,168
	97,800,000		3.775			06/25/32		2,962,094
	Thailand Government Bond (A-/Baa1)
	174,547,000		3.875			06/13/19		5,600,834
	372,736,792		1.200			07/14/21		11,165,000
	1,487,645,000		3.650			12/17/21		47,101,552
	321,620,000		3.625			06/16/23		10,104,023

								92,891,735

	Turkey – 6.6%
	Turkey Government Bond (NR/NR)
TRY	5,110,000		8.300			10/07/15		2,212,884
	55,030,000		9.000			03/08/17		23,924,773
	64,250,000		8.300			06/20/18		27,100,684
	19,120,000		8.800			11/14/18		8,178,208
	58,030,000		10.400			03/27/19		26,223,172
	59,930,000		8.500			07/10/19		25,160,044
	14,295,000		9.500			01/12/22		6,221,156
	7,040,000		7.100			03/08/23		2,624,673
	12,640,000		8.800			09/27/23		5,231,618

								126,877,212

	TOTAL SOVEREIGN DEBT OBLIGATIONS
	(Cost $1,395,653,640)						$	1,297,032,933


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Structured Notes – 10.8%
	Brazil – 0.2%
	Notas do Tesouro Nacional Series B (Issuer HSBC Corp.) (NR/NR)
BRL	845,000		0.000	%^(a)		01/05/17	$	329,393
	7,736,010		6.000			08/15/40		3,075,588

								3,404,981

	Colombia – 1.8%
	Republic of Columbia (Issuer Citigroup Funding, Inc.) (NR/NR)
COP	24,676,000,000		11.250	^(c)		10/25/18		14,539,379
	15,491,000,000		11.250	^(c)		10/25/18		9,127,472
	12,492,000,000		11.000			07/27/20		7,521,498
	4,226,000,000		11.000			07/25/24		2,539,655

								33,728,004

	Indonesia – 8.2%
	Republic of Indonesia (Issuer Barclays Bank PLC) (NR/NR)
IDR	140,000,000,000		10.000			07/17/17		12,018,055
	Republic of Indonesia (Issuer Deutsche Bank AG (London) (NR/NR)^(c)
	105,400,000,000		7.000			05/17/22		7,914,731
	35,400,000,000		7.000			05/17/27		2,505,745
	29,500,000,000		8.250			06/17/32		2,257,591
	Republic of Indonesia (Issuer JPMorgan Chase Bank NA) (NR/NR)^(c)
	46,000,000,000		10.000			07/18/17		3,948,790
	66,250,000,000		7.000			05/17/27		4,689,423
	161,824,000,000		6.125			05/17/28		10,365,501
	27,665,000,000		9.000			03/19/29		2,276,090
	42,700,000,000		10.500			08/19/30		3,949,356
	363,204,000,000		6.625			05/17/33		23,383,959
	Republic of Indonesia (Issuer JPMorgan Chase Bank NA) (A/NR)
	50,100,000,000		10.000			07/17/17		4,300,747
	Republic of Indonesia (Issuer Standard Chartered Bank) (NR/NR)
	307,999,000,000		8.375	^(c)		03/19/24		24,986,213
	20,000,000,000		9.000			03/19/29		1,645,466
	64,658,300,000		9.000	^(c)		03/19/29		53,196,509

								157,438,176

	Nigeria^(c) – 0.3%
	Federal Republic of Nigeria (Issuer Citigroup Funding, Inc.) (NR/NR)
NGN	530,000,000		16.000			07/03/19		3,691,401
	Federal Republic of Nigeria (Issuer HSBC Corp.) (NR/NR)
	301,630,000		7.000			10/23/19		1,484,310

								5,175,711

	Zambia^(c) – 0.3%
	Republic of Zambia (Issuer Standard Chartered Bank (London) (NR/NR)
ZMW	10,060,000		11.000			09/06/17		1,375,881
	31,230,000		11.000			02/20/19		3,955,220
	13,170,000		13.000			09/03/24		1,539,066

								6,870,167

	TOTAL STRUCTURED NOTES
	(Cost $257,523,741)						$	206,617,039


	Corporate Obligations – 3.4%
	Brazil^(c) – 0.3%
	Banco Santander Brasil SA (BBB-/Baa2)
BRL	12,900,000		8.000	%		03/18/16	$	5,046,218

	Colombia^(c)(d) – 0.4%
	Empresas Publicas de Medellin ESP (NR/Baa3)
COP	14,028,000,000		7.625			09/10/24		6,957,212

	Hong Kong – 0.5%
	China Unicom Ltd. (NR/NR)
CNH	58,670,000		4.000			04/16/17		9,452,771

	Ireland – 0.4%
	AHML Finance Ltd. (BBB-/Baa1)^(c)
RUB	331,200,000		7.750			02/13/18		7,594,865
	Mobile Telesystems OJSC via MTS International Funding Ltd. (BBB-/Baa3)
$	192,000		8.625			06/22/20		203,520

								7,798,385

	Mexico – 0.2%
	America Movil SAB de CV (A-/A2)
MXN	46,460,000		6.000			06/09/19		3,483,401
	12,500,000		8.460			12/18/36		901,581

								4,384,982

	Philippines – 0.1%
	Alliance Global Group, Inc. (NR/NR)
$	2,710,000		6.500			08/18/17		2,926,800

	South Africa – 1.4%
	Transnet Ltd. (NR/NR)
ZAR	18,000,000		10.800			11/06/23		1,713,262
	93,000,000		9.500			08/19/25		8,088,050
	61,000,000		8.900			11/14/27		5,057,823
	Transnet Ltd. (BBB+/A3)
	136,000,000		10.000			03/30/29		11,393,854

								26,252,989

	United States^(b) – 0.1%
	Citigroup, Inc. (NR/NR)
ZMW	15,400,000		0.000			05/20/15		2,218,679

	TOTAL CORPORATE OBLIGATIONS
	(Cost $81,019,974)						$	65,038,036


	Agency Debentures^(b) – 4.7%
	FHLB
$	36,500,000		0.000	%		11/19/14	$	36,499,343
	53,500,000		0.000			12/17/14		53,498,288

	TOTAL AGENCY DEBENTURES
	(Cost $89,991,002)						$	89,997,631


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Municipal Debt Obligations – 1.3%
	Puerto Rico – 1.3%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2008 A (BB-/Caa1)
$	215,000		6.000	%		07/01/38	$	161,893
	815,000		6.000			07/01/44		601,071
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2012 A (BB-/Caa1)
	320,000		5.750			07/01/37		236,070
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2012 D (BB-/Caa1)
	165,000		5.000			07/01/33		117,188
	Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2011 A (BB/B2)
	120,000		5.750			07/01/41		90,060
	Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2012 A (BB/B2)
	15,000		5.125			07/01/37		11,213
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2008 A (BB/B2)
	70,000		5.500			07/01/32		52,585
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2009 B (BB/B2)
	45,000		5.875			07/01/36		34,992
	170,000		5.750			07/01/38		130,616
	120,000		6.000			07/01/39		92,092
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2009 C (BB/B2)
	10,000		6.000			07/01/39		7,674
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2011 A (BB/B2)
	45,000		6.000			07/01/34		34,883
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2011 E (BB/B2)
	40,000		5.625			07/01/32		30,418
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2012 A (BB/B2)
	20,000		5.500			07/01/26		15,914
	820,000		5.500			07/01/39		612,852
	300,000		5.000			07/01/41		219,612
	Puerto Rico Commonwealth GO Bonds Series 2007 A (BB/B2)
	285,000		5.250			07/01/37		214,471
	Puerto Rico Commonwealth GO Bonds Series 2014 A (BB/B2)
	14,310,000		8.000			07/01/35		12,593,086
	Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2001 A (BB/B2)
	80,000		5.125			07/01/31		59,846
	Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2004 A (BB/B2)
	20,000		5.000			07/01/34		15,054
	Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2006 A (BB/B2)
	30,000		5.250			07/01/27		23,158
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Capital Appreciation Series 2010 A (BBB-/B1)^(b)
	85,000		0.000			08/01/35		14,367
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Capital Appreciation SubSeries 2010 C (BBB-/B1)^(b)
	215,000		0.000			08/01/37		31,798
	175,000		0.000			08/01/38		24,467

	Municipal Debt Obligations – (continued)
	Puerto Rico – (continued)
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2011 C (BBB/Ba3)
$	45,000		5.250	%		08/01/40	$	38,348
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2009 A (BBB-/B1)
	90,000		5.250			08/01/27		74,923
	1,690,000		0.000	^(e)		08/01/32		1,329,760
	900,000		5.750			08/01/37		734,877
	160,000		6.375			08/01/39		134,510
	2,070,000		6.000			08/01/42		1,660,616
	15,000		6.500			08/01/44		12,693
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 A (BBB-/B1)
	475,000		0.000	^(e)		08/01/33		277,832
	840,000		5.500			08/01/37		658,384
	710,000		5.375			08/01/39		541,737
	1,830,000		5.500			08/01/42		1,397,791
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 C (BBB-/B1)
	240,000		5.375			08/01/38		186,146
	160,000		6.000			08/01/39		130,973
	1,760,000		5.250			08/01/41		1,298,669
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2011 A-1 (BBB-/B1)
	330,000		5.000			08/01/43		236,415
	155,000		5.250			08/01/43		113,482
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Unrefunded SubSeries 2009 A (BBB-/B1)
	1,200,000		5.500			08/01/28		1,013,760
	140,000		6.125			08/01/29		119,039

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $25,419,392)						$	25,385,335


	U.S. Treasury Obligation^(f) – 0.4%
	United States Treasury Note
$	7,900,000		2.375	%		08/15/24	$	7,808,044
	(Cost $7,889,006)

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $1,857,496,755)						$	1,691,879,018


	Short-term Investment^(g) – 7.1%
	Repurchase Agreement – 7.1%
	Joint Repurchase Agreement Account II
$	135,300,000		0.012	%		10/01/14	$	135,300,000
	(Cost $135,300,000)

	TOTAL INVESTMENTS – 95.4%
	(Cost $1,992,796,755)						$	1,827,179,018

	OTHER ASSETS IN EXCESS OF LIABILITIES – 4.6%							87,838,472

	NET ASSETS – 100.0%						$	1,915,017,490


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2014 (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 or distribution rate disclosed is that which is in effect at September 30, 2014.
(b)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(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 $234,332,427, which represents approximately 12.1% of net assets as of September 30, 2014.
(d)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(e)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at September 30, 2014.
(f)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(g)		Joint repurchase agreement was entered into on September 30, 2014. Additional information appears on page 123.

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



Currency Abbreviations:
AUD		—Australian Dollar
BRL		—Brazilian Real
CLP		—Chilean Peso
CNH		—Chinese Yuan Renminbi Offshore
COP		—Colombian Peso
CRC		—Costa Rican Colon
DOP		—Dominican Peso
EUR		—Euro
HUF		—Hungarian Forint
IDR		—Indonesian Rupiah
ILS		—Israeli Shekel
INR		—Indian Rupee
JPY		—Japanese Yen
KRW		—South Korean Won
MXN		—Mexican Peso
MYR		—Malaysian Ringgit
NGN		—Nigerian Naira
PEN		—Peruvian Nuevo Sol
PHP		—Philippine Peso
PLN		—Polish Zloty
RON		—New Romanian Leu
RUB		—Russian Ruble
SGD		—Singapore Dollar
THB		—Thai Baht
TRY		—Turkish Lira
TWD		—Taiwan Dollar
USD		—U.S. Dollar
ZAR		—South African Rand
ZMW		—Zambian Kwacha

Investment Abbreviations:
CLICP		—Sinacofi Chile Interbank Rate
FHLB		—Federal Home Loan Bank
GO		—General Obligation
JIBAR		—Johannesburg Interbank Agreed Rate
KWCDC		—South Korean Won Certificate of Deposit
LIBOR		—London Interbank Offered Rate
RB		—Revenue Bond
TIIE		—La Tasa de Interbank Equilibrium Interest Rate


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2014, 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	USD/EUR		12/17/14	$	81,819,643	$	2,690,172
	USD/JPY		12/17/14		4,059,218		92,782
	USD/MYR		10/03/14		5,860,560		77,840
Barclays Bank PLC	USD/AUD		12/17/14		4,623,234		189,893
	USD/ILS		12/17/14		8,935,280		619,671
	USD/INR		10/07/14		16,484,514		260,486
	USD/INR		10/27/14		8,027,744		128,256
	USD/KRW		10/27/14		12,069,584		116,416
	USD/MYR		10/03/14		26,776,799		174,607
	ZAR/USD		12/17/14		5,513,266		7,266
BNP Paribas SA	EUR/PLN		12/17/14		8,039,693		16,780
	EUR/USD		12/17/14		7,981,911		1,089
	MXN/USD		12/17/14		10,823,802		54,339
	USD/AUD		12/17/14		15,903,575		426,192
	USD/BRL		10/22/14		8,000,277		233,723
	USD/COP		10/24/14		4,790,343		213,153
	USD/MYR		10/20/14		8,115,278		130,722
	USD/RUB		10/02/14		4,895,428		302,572
	USD/RUB		10/27/14		15,976,136		271,864
	USD/TRY		12/17/14		24,123,382		1,177,104
Citibank NA (London)	PHP/USD		10/20/14		3,987,813		813
	USD/ILS		05/06/15		8,637,599		392,025
	USD/INR		10/14/14		16,584,397		290,603
	USD/PHP		10/14/14		4,071,682		96,318
	USD/SGD		12/17/14		13,309,606		222,918
	USD/TRY		12/17/14		8,180,178		272,822
	USD/TWD		10/17/14		16,320,150		171,850
	USD/TWD		10/20/14		16,273,611		144,389
Credit Suisse International (London)	COP/USD		11/04/14		14,224,752		12,420
	USD/COP		10/24/14		4,435,977		393,134
	USD/RUB		10/02/14		8,011,642		421,358
	USD/TRY		12/17/14		4,520,854		107,607
Deutsche Bank AG (London)	MXN/USD		12/17/14		10,089,465		66,680
	RUB/USD		11/17/14		6,405,833		11,212
	USD/CNH		12/17/14		44,143,861		200,654
	USD/EUR		12/17/14		4,051,616		101,052
	USD/IDR		10/31/14		11,493,567		454,471
	USD/INR		10/07/14		3,024,388		14,420
	USD/KRW		10/14/14		16,528,358		346,642
	USD/MXN		12/17/14		16,249,255		217,745
	USD/MYR		10/07/14		28,926,563		721,620
	USD/PHP		10/14/14		4,072,486		95,514
	USD/PHP		10/20/14		8,094,978		114,022
	USD/PLN		12/17/14		8,667,237		191,706
	USD/RUB		10/02/14		6,460,755		473
	USD/RUB		10/17/14		1,531,948		1,774
	USD/RUB		11/17/14		6,612,060		470,765
	USD/TRY		12/17/14		7,951,615		128
	USD/TWD		10/20/14		1,028,920		7,205
	USD/ZAR		12/17/14		4,675,039		224,245


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2014 (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
HSBC Bank PLC	TRY/USD		12/17/14	$	4,751,544	$	4,544
	TWD/USD		10/20/14		8,074,040		5,040
	USD/BRL		10/27/14		34,745,138		546,299
	USD/CNH		12/17/14		32,239,839		34,161
	USD/JPY		12/17/14		4,016,021		87,979
	USD/KRW		10/22/14		2,428,709		30,787
	USD/KRW		10/23/14		5,661,641		73,359
	USD/RUB		10/24/14		3,329,263		86,520
	USD/RUB		11/17/14		12,621,916		1,049,889
	USD/SGD		12/17/14		19,177,477		360,360
	USD/TRY		12/17/14		25,697,789		1,296,600
	USD/ZAR		12/17/14		5,032,264		262,438
JPMorgan Chase Bank (London)	MXN/USD		12/17/14		8,095,670		26,670
	USD/EUR		12/17/14		4,056,671		33,928
	USD/IDR		10/31/14		7,742,519		206,099
	USD/INR		10/29/14		12,118,398		146,602
	USD/JPY		12/17/14		15,450,540		696,295
	USD/MXN		12/17/14		41,997,952		732,248
	USD/RUB		10/20/14		4,006,529		110,471
	USD/RUB		11/17/14		6,474,429		413,861
	USD/TRY		12/17/14		16,250,729		656,271
Merrill Lynch International Bank Ltd.	COP/USD		10/31/14		6,657,816		17,840
	USD/RUB		10/24/14		2,283,020		290,351
Morgan Stanley & Co. International PLC	BRL/USD		11/03/14		14,818,631		8,631
	TWD/USD		10/17/14		15,958,469		8,469
	USD/AUD		12/17/14		1,456,183		50,066
	USD/ILS		12/17/14		14,510,699		890,144
	USD/PHP		10/31/14		1,161,669		44,082
	USD/RUB		10/24/14		1,086,384		114,925
	USD/TRY		12/17/14		23,734,963		1,184,037
Royal Bank of Canada	USD/AUD		12/17/14		8,099,801		29,905
	USD/CLP		10/24/14		9,476,140		671,269
	USD/JPY		12/17/14		2,042,931		15,569
Royal Bank of Scotland PLC	USD/EUR		12/17/14		4,050,352		102,799
	USD/JPY		12/17/14		2,783,992		12,128
	USD/TRY		12/17/14		16,099,405		367,595
Standard Chartered Bank	NGN/USD		12/08/14		3,480,301		60,038
	NGN/USD		12/16/14		8,198,875		4,056
	USD/AUD		12/17/14		3,885,477		158,177
	USD/CNH		12/17/14		32,876,946		107,054
	USD/COP		10/24/14		43,620,419		3,597,300
	USD/EUR		12/17/14		4,022,550		110,066
	USD/IDR		10/31/14		8,680,284		363,054
	USD/TRY		12/17/14		23,515,920		1,206,643
State Street Bank and Trust	AUD/USD		12/17/14		3,984,600		18,971
	USD/JPY		12/17/14		12,033,412		281,588
UBS AG (London)	USD/BRL		10/14/14		16,180,852		173,148
	USD/ILS		05/06/15		9,505,366		550,267
Westpac Banking Corp.	AUD/USD		12/17/14		8,044,949		20,416
	USD/AUD		12/17/14		5,261,303		203,974
	USD/EUR		12/17/14		116,364,678		2,756,041
	USD/MYR		10/20/14		8,028,563		156,828
	USD/SGD		12/17/14		16,737,446		315,804
TOTAL						$	33,703,168


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
Bank of America Securities LLC	EUR/USD		12/17/14	$	20,120,330	$	(356,710	)
	HUF/USD		12/17/14		8,004,109		(151,891	)
Barclays Bank PLC	EUR/PLN		12/17/14		16,655,868		(115,771	)
	EUR/USD		12/17/14		4,033,923		(93,911	)
	ILS/USD		12/17/14		3,927,329		(119,033	)
	INR/USD		10/07/14		11,255,648		(125,737	)
	INR/USD		10/27/14		10,552,898		(191,102	)
	JPY/USD		12/17/14		4,050,713		(168,287	)
	MYR/USD		10/07/14		19,868,452		(571,514	)
	MYR/USD		10/20/14		6,445,411		(9,589	)
	MYR/USD		10/29/14		28,069,456		(125,020	)
	MYR/USD		10/31/14		41,990,596		(1,262,465	)
	PLN/USD		12/17/14		25,611,797		(841,630	)
	TWD/USD		10/27/14		8,102,974		(54,026	)
BNP Paribas SA	AUD/USD		12/17/14		3,982,424		(66,714	)
	BRL/USD		10/24/14		1,315,394		(105,606	)
	EUR/USD		12/17/14		2,707,138		(62,142	)
	HUF/USD		12/17/14		14,072,519		(356,857	)
	ILS/USD		12/17/14		12,218,768		(158,232	)
	INR/USD		10/14/14		4,109,036		(55,906	)
	PLN/USD		12/17/14		25,819,794		(595,600	)
	USD/PLN		12/17/14		4,748,814		(1,814	)
Citibank NA (London)	AUD/USD		12/17/14		3,996,354		(59,462	)
	ILS/USD		12/17/14		7,413,434		(186,566	)
	MXN/USD		12/17/14		22,777,449		(307,526	)
	MYR/USD		10/03/14		29,493,105		(708,911	)
	PHP/USD		10/29/14		4,046,464		(15,536	)
Credit Suisse International (London)	COP/USD		10/03/14		14,264,115		(737,053	)
	COP/USD		11/04/14		2,650,115		(7,885	)
	PEN/USD		11/18/14		4,741,941		(157,740	)
	RUB/USD		10/02/14		7,853,268		(519,732	)
	RUB/USD		10/24/14		5,465,111		(150,550	)
	RUB/USD		10/27/14		15,848,724		(465,276	)
	USD/COP		10/03/14		14,264,115		(10,415	)
	USD/RUB		10/24/14		2,473,358		(5,358	)
Deutsche Bank AG (London)	AUD/USD		12/17/14		7,850,790		(306,619	)
	BRL/USD		10/24/14		7,988,682		(662,225	)
	EUR/USD		12/17/14		24,635,746		(498,553	)
	HUF/USD		12/17/14		6,440,332		(106,916	)
	IDR/USD		10/31/14		7,545,904		(355,667	)
	IDR/USD		11/03/14		7,962,041		(12,959	)
	INR/USD		10/29/14		3,005,511		(21,991	)
	KRW/USD		10/31/14		3,021,151		(81,847	)
	MYR/USD		10/31/14		1,915,977		(74,552	)
	PHP/USD		10/20/14		8,063,645		(5,355	)
	PLN/USD		12/17/14		25,569,256		(748,786	)
	RUB/USD		10/02/14		11,514,557		(604,460	)
	THB/USD		10/31/14		38,828,386		(180,527	)
	TRY/USD		12/17/14		9,126,409		(172,869	)
	USD/THB		11/03/14		1,901,967		(2,967	)
HSBC Bank PLC	EUR/USD		12/17/14		12,094,188		(194,745	)
	HUF/USD		12/17/14		5,194,761		(161,600	)
	INR/USD		10/27/14		10,992,979		(169,854	)


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
HSBC Bank PLC (continued)	MXN/USD		12/17/14	$	23,309,084	$	(297,026	)
	RON/USD		12/17/14		8,525,270		(180,407	)
	RUB/USD		10/17/14		3,985,470		(118,530	)
	RUB/USD		10/24/14		2,843,452		(81,679	)
	SGD/USD		12/17/14		16,178,704		(135,296	)
	TRY/USD		12/17/14		12,721,732		(361,933	)
JPMorgan Chase Bank (London)	JPY/USD		12/17/14		16,032,377		(385,623	)
	MXN/USD		12/17/14		6,468,707		(103,369	)
	MYR/USD		10/03/14		3,144,254		(68,458	)
	MYR/USD		10/20/14		4,019,724		(14,276	)
	PHP/USD		10/31/14		2,324,547		(7,515	)
	RUB/USD		11/17/14		18,067,490		(741,613	)
	TRY/USD		12/17/14		7,985,699		(170,301	)
	USD/MXN		12/17/14		24,423,918		(52,918	)
	USD/MYR		11/03/14		4,747,952		(952	)
Merrill Lynch International Bank Ltd.	COP/USD		10/02/14		6,673,924		(282,843	)
	HUF/USD		12/17/14		7,503,899		(62,759	)
	USD/COP		10/02/14		6,673,924		(12,022	)
Morgan Stanley & Co. International PLC	AUD/USD		12/17/14		3,985,036		(141,290	)
	BRL/USD		10/27/14		7,982,269		(173,731	)
	EUR/HUF		12/17/14		4,229,992		(79,803	)
	EUR/USD		12/17/14		24,103,071		(126,347	)
	INR/USD		10/27/14		11,073,872		(179,366	)
	KRW/USD		10/27/14		8,000,069		(156,931	)
Royal Bank of Canada	EUR/USD		12/17/14		8,306,697		(156,238	)
	JPY/USD		12/17/14		8,060,595		(377,405	)
	MXN/USD		12/17/14		52,228,075		(1,037,264	)
	PEN/USD		10/24/14		6,113,644		(195,741	)
Royal Bank of Scotland PLC	TRY/USD		12/17/14		39,872,096		(1,275,410	)
	USD/TRY		12/17/14		8,098,406		(29,406	)
Standard Chartered Bank	CNH/USD		12/17/14		34,746,206		(190,144	)
	COP/USD		10/24/14		17,981,850		(743,943	)
	INR/USD		10/14/14		23,285,868		(257,171	)
	JPY/USD		12/17/14		12,242,428		(437,572	)
	KRW/USD		10/14/14		7,970,298		(4,702	)
	MXN/USD		12/17/14		32,499,498		(738,600	)
	PEN/USD		10/31/14		5,870,988		(19,452	)
	PLN/USD		12/17/14		24,218,348		(767,883	)
	TRY/USD		12/17/14		6,323,461		(317,552	)
State Street Bank and Trust	AUD/USD		12/17/14		3,986,777		(86,427	)
	EUR/USD		12/17/14		8,262,466		(180,773	)
UBS AG (London)	BRL/USD		10/14/14		15,628,514		(1,007,486	)
	EUR/USD		12/17/14		3,874,534		(77,888	)
	INR/USD		10/07/14		8,253,254		(135,374	)
	PLN/USD		12/17/14		27,558,825		(568,175	)
	RUB/USD		11/17/14		17,594,065		(917,086	)
	ZAR/USD		12/17/14		73,986,457		(3,880,688	)
Westpac Banking Corp.	AUD/USD		12/17/14		7,311,849		(77,635	)
	EUR/USD		12/17/14		3,460,116		(56,729	)
	INR/USD		10/14/14		13,872,574		(191,046	)
	KRW/USD		10/31/14		1,726,290		(25,710	)
	MYR/USD		10/31/14		3,395,861		(116,501	)
TOTAL						$	(31,089,048	)


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At September 30, 2014, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Eurodollars		(1,464	)	March 2017	$	(357,124,500	)	$	466,239
Eurodollars		(981	)	June 2017		(238,836,712	)		346,907
Eurodollars		(754	)	September 2017		(183,287,975	)		392,715
Ultra Long U.S. Treasury Bonds		(307	)	December 2014		(46,817,500	)		657,630
10 Year German Euro-Bund		(37	)	December 2014		(6,995,910	)		(25,299	)
2 Year U.S. Treasury Notes		2,376		December 2014		519,972,750			(94,799	)
5 Year U.S. Treasury Notes		(1,393	)	December 2014		(164,733,134	)		542,507
10 Year U.S. Treasury Notes		(1,153	)	December 2014		(143,710,641	)		867,446
20 Year U.S. Treasury Bonds		609		December 2014		83,984,906			(1,124,768	)
TOTAL								$	2,028,578

SWAP CONTRACTS — At September 30, 2014, 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	52,790			01/02/17	11.890%	1 month Brazilian Interbank Deposit Average	$	—	$	(83,122	)
			80,730			01/02/17	11.730	1 month Brazilian Interbank Deposit Average		—		(183,298	)
		CLP	4,338,450			07/31/19	6 month CLICP	4.030%		—		42,787
		KRW	48,420,000	^(a)		08/10/22	3 month KWCDC	3.120		—		(653,891	)
		CLP	2,809,080			06/07/23	6 month CLICP	5.360		—		(208,004	)
		KRW	2,088,990			01/16/24	3 month KWCDC	3.445		—		(130,058	)
		MXN	435,070	^(a)		04/22/27	9.300	Mexico Interbank TIIE 28 Days		—		1,161,833
			158,630	^(a)		09/03/27	8.590	Mexico Interbank TIIE 28 Days		—		150,591
Barclays Bank PLC		KRW	26,091,240	^(a)		09/18/22	3 month KWCDC	3.300		—		(531,341	)
			30,000,000	^(a)		10/09/22	3 month KWCDC	3.120		—		(378,118	)
			6,345,000	^(a)		11/21/22	3 month KWCDC	3.150		—		(84,892	)
			19,698,730	^(a)		11/29/22	3 month KWCDC	3.225		—		(326,550	)
			37,196,850	^(a)		11/29/22	3 month KWCDC	3.230		—		(616,620	)
			26,791,540	^(a)		12/05/22	3 month KWCDC	3.275		—		(497,245	)
		MXN	55,780			05/12/23	5.615	Mexico Interbank TIIE 28 Days		—		(172,427	)
			703,500	^(a)		06/29/27	8.010	Mexico Interbank TIIE 28 Days		—		(162,653	)
			301,660	^(a)		07/30/27	8.650	Mexico Interbank TIIE 28 Days		—		338,035
		KRW	6,115,600			01/24/28	3 month KWCDC	3.000		23		(132,856	)
Citibank NA		BRL	17,370			01/04/16	11.190	1 month Brazilian Interbank Deposit Average		—		(50,480	)


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2014 (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)
Citibank NA (continued)		BRL	52,500			01/04/16	8.640 %	1 month Brazilian Interbank Deposit Average	$	—	$	(963,027	)
			67,890			01/04/16	1 month Brazilian Interbank Deposit Average	12.640%		—		(466,620	)
			35,190			01/02/17	11.500	1 month Brazilian Interbank Deposit Average		—		(137,735	)
			67,610			01/02/17	11.455	1 month Brazilian Interbank Deposit Average		—		(282,962	)
		KRW	26,353,510			03/07/17	2.875	3 month KWCDC		—		355,552
		ZAR	166,000			05/31/18	6.500	3 month JIBAR		—		(425,738	)
		CLP	1,495,220			03/13/19	6 month CLICP	4.650		—		(60,675	)
		ZAR	306,200			11/02/19	6.590	3 month JIBAR		—		(1,227,322	)
			162,000			05/30/20	6.623	3 month JIBAR		—		(755,278	)
		BRL	24,560			01/04/21	11.640	1 month Brazilian Interbank Deposit Average		—		(108,580	)
		COP	4,527,080			04/16/24	Columbia 90 days DTF	5.920		—		47,379
		KRW	20,189,970			07/11/24	2.940	3 month KWCDC		—		430,207
		MXN	94,190	^(a)		09/03/27	8.520	Mexico Interbank TIIE 28 Days		—		75,265
		KRW	19,730,000	^(a)		03/13/28	3 month KWCDC	3.165		—		(10,070	)
Credit Suisse International (London)		CLP	5,864,500			03/28/16	6 month CLICP	3.860		—		(87,046	)
			4,742,700			03/31/16	6 month CLICP	3.850		—		(68,753	)
		BRL	44,320			01/02/17	11.770	1 month Brazilian Interbank Deposit Average		—		(88,199	)
		CLP	5,280,140			04/28/17	6 month CLICP	3.980		—		(107,130	)
			2,675,440			05/12/17	6 month CLICP	3.950		—		(50,022	)
			5,385,640			07/28/17	6 month CLICP	3.640		—		(15,160	)
		BRL	23,240			01/02/18	11.120	1 month Brazilian Interbank Deposit Average		—		(210,442	)
			40,360			01/02/18	11.935	1 month Brazilian Interbank Deposit Average		—		(83,371	)
		CLP	1,346,570			02/25/19	6 month CLICP	4.580		—		(50,203	)
			5,113,230			02/28/19	6 month CLICP	4.573		—		(186,959	)
			2,415,320			03/06/19	6 month CLICP	4.610		—		(92,709	)
			567,780			03/13/19	6 month CLICP	4.660		—		(23,436	)
			442,000			03/26/19	6 month CLICP	4.540		—		(16,553	)
		COP	20,678,330			04/15/19	Columbia 90 days DTF	5.110		—		52,693
			9,588,030			06/18/19	Colombia IBR Overnight Interbank	5.350		—		(3,883	)
			3,635,890			05/02/24	Colombia IBR Overnight Interbank	6.055		—		20,043


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT 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 AG		BRL	17,110			01/04/16	11.230 %	1 month Brazilian Interbank Deposit Average	$	—		$	(46,760	)
			38,650			01/04/16	10.370	1 month Brazilian Interbank Deposit Average		—			(204,812	)
			56,320			01/04/16	10.347	1 month Brazilian Interbank Deposit Average		—			(310,451	)
			71,300			01/04/16	8.860	1 month Brazilian Interbank Deposit Average		—			(1,199,109	)
			71,480			01/04/16	11.650	1 month Brazilian Interbank Deposit Average		—			(75,210	)
			58,490			01/02/17	11.820	1 month Brazilian Interbank Deposit Average		—			(95,920	)
		KRW	11,710,120			03/03/17	2.850	3 month KWCDC		—			151,613
		BRL	23,940			01/02/18	11.150	1 month Brazilian Interbank Deposit Average		—			(210,058	)
			31,520			01/02/18	11.450	1 month Brazilian Interbank Deposit Average		—			(187,756	)
			127,930			01/02/18	11.500	1 month Brazilian Interbank Deposit Average		—			(744,262	)
		ZAR	132,550			05/30/18	6.520	3 month JIBAR		—			(331,599	)
			162,430			05/31/18	6.530	3 month JIBAR		—			(402,353	)
			66,000			06/07/18	7.110	3 month JIBAR		—			(55,072	)
			168,500			06/07/18	7.100	3 month JIBAR		—			(145,101	)
		CLP	4,106,880			10/03/18	6 month CLICP	4.990%		—			(312,499	)
			1,802,040			10/22/18	6 month CLICP	4.860		—			(118,257	)
			1,657,400			02/24/19	6 month CLICP	4.595		—			(63,593	)
			2,098,000			03/26/19	6 month CLICP	4.550		—			(80,206	)
			3,354,300			03/27/19	6 month CLICP	4.556		—			(110,259	)
			6,375,000			04/10/19	6 month CLICP	4.430		—			(178,143	)
		COP	17,921,760			06/17/19	Colombia IBR Overnight Interbank	5.320		—			2,663
		CLP	2,048,400			07/28/19	6 month CLICP	4.000		—			24,516
		ZAR	190,000			01/02/20	6.200	3 month JIBAR		(1,048	)		(1,086,654	)
			7,820			05/23/21	6.550	3 month JIBAR		—			(47,316	)
		MXN	85,770			09/09/21	5.830	Mexico Interbank TIIE 28 Days		—			(37,680	)
		KRW	22,865,240	^(a)		09/14/22	3 month KWCDC	3.210		—			(382,119	)
			26,091,240	^(a)		09/18/22	3 month KWCDC	3.320		—			(552,877	)
			5,000,000	^(a)		01/08/23	3 month KWCDC	3.390		—			(113,391	)
			17,289,860			08/23/23	3.620	3 month KWCDC		—			1,275,512
		MXN	159,380	^(a)		04/22/27	9.290	Mexico Interbank TIIE 28 Days		—			422,115


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2014 (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)
Deutsche Bank AG (continued)		MXN	159,100	^(a)		06/11/27	8.700 %	Mexico Interbank TIIE 28 Days	$	—		$	205,121
			94,990	^(a)		09/22/27	7.940	Mexico Interbank TIIE 28 Days		—			(44,003	)
			28,000	^(a)		02/24/28	7.510	Mexico Interbank TIIE 28 Days		—			(41,855	)
JPMorgan Securities, Inc.		BRL	82,470			01/04/16	11.826	1 month Brazilian Interbank Deposit Average		—			126,323
			153,100			01/04/16	9.980	1 month Brazilian Interbank Deposit Average		—			(1,127,877	)
			266,920			01/02/17	1 month Brazilian Interbank Deposit Average	9.040%		—			6,261,893
		CLP	2,278,820			03/04/19	6 month CLICP	4.590		—			(84,895	)
		COP	10,159,090			04/22/19	Colombia IBR Overnight Interbank	5.190		—			13,151
		ZAR	125,000			12/20/21	7.760	3 month JIBAR		(1,365	)		(130,281	)
		KRW	23,074,380	^(a)		11/29/22	3 month KWCDC	3.220		—			(373,043	)
			5,318,590			01/13/24	3 month KWCDC	3.465		—			(340,412	)
			3,104,250			07/03/24	3 month KWCDC	2.965		—			(73,073	)
Morgan Stanley & Co. International PLC		BRL	36,140			01/04/16	11.670	1 month Brazilian Interbank Deposit Average		—			(35,035	)
			46,050			01/04/16	10.190	1 month Brazilian Interbank Deposit Average		—			(289,476	)
		CLP	1,333,530			03/12/19	6 month CLICP	4.640		—			(53,432	)
			3,792,910			04/09/19	6 month CLICP	4.420		—			(103,262	)
			1,243,800			04/15/19	6 month CLICP	4.350		—			(26,633	)
		BRL	25,280			01/04/21	1 month Brazilian Interbank Deposit Average	11.410		—			190,409
		MXN	310,000			06/17/21	5.630	Mexico Interbank TIIE 28 Days		—			(342,437	)
		KRW	82,000,000	^(a)		01/08/23	3 month KWCDC	3.380		—			(1,826,061	)
			14,200,000	^(a)		02/05/23	3 month KWCDC	3.315		—			(273,940	)
			28,000,000	^(a)		03/03/28	3 month KWCDC	3.135		—			14,392
TOTAL									$	(2,390	)	$	(10,628,507	)

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2014.


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

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)
ZAR	176,620			01/06/16		6.168%	3 month JIBAR	$	24		$	(85,752	)
	162,180			01/06/16		6.212	3 month JIBAR		21			(69,715	)
	51,550			01/09/16		6.218	3 month JIBAR		7			(22,333	)
	163,160			01/14/16		6.190	3 month JIBAR		21			(78,282	)
	112,380			03/25/16		6.980	3 month JIBAR		(249	)		28,312
	111,920			03/26/16		6.990	3 month JIBAR		(252	)		29,408
	151,610			06/13/19		7.640	3 month JIBAR		67			19,966
	134,360			09/05/19		7.280	3 month JIBAR		(328	)		(125,265	)
	230,220			09/08/19		7.310	3 month JIBAR		(574	)		(203,639	)
$	72,100	^(a)		12/17/19		3 month LIBOR	2.250%		(736,924	)		116,930
	21,000	^(a)		12/17/21		3 month LIBOR	2.500		(277,781	)		161,315
	66,900	^(a)		12/17/29		3 month LIBOR	3.250		(1,772,519	)		(216,244	)
	TOTAL							$	(2,788,487	)	$	(445,299	)

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2014.

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, 2014^(b)			Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Purchased:
Bank of America Securities LLC	People’s Republic of China, 4.250%, 10/28/14	$	1,160		(1.000	)%		06/20/19		0.809	%	$	(6,893	)	$	(3,443	)
Barclays Bank PLC			3,170		(1.000	)		03/20/19		0.760			(10,851	)		(22,735	)
Citibank NA			29,550		(1.000	)		03/20/19		0.760			(127,769	)		(185,312	)
			51,890		(1.000	)		06/20/19		0.809			(293,479	)		(168,920	)
JPMorgan Securities, Inc.			3,310		(1.000	)		03/20/19		0.760			(10,530	)		(24,540	)
			1,630		(1.000	)		06/20/19		0.809			(10,402	)		(4,123	)
TOTAL												$	(459,924	)	$	(409,073	)

(b)


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CROSS CURRENCY SWAP CONTRACTS


								Market Value
Counterparty	Notional Amount of Currency Received	Notional Amount of Currency Delivered		Termination Date^(c)		Receive	Pay	Upfront Payments Made (Received)			Unrealized Gain (Loss)
Citibank NA	TRY 12,250,000	$	5,573,248		03/10/16	11.070%	3 month LIBOR	$	43,956		$	(114,917	)
	91,670,000		40,942,385		03/26/15	12.040	3 month LIBOR		43,933			2,214,545
	66,690,000		30,417,332		03/31/15	11.575	3 month LIBOR		90,445			749,163
	ZAR 26,400,000		2,548,263		05/13/24	3 month JIBAR	3 month LIBOR		1,169			(165,218	)
Deutsche Bank AG	38,520,000		3,594,289		07/15/24	3 month JIBAR	3 month LIBOR		4,617			(97,950	)
	TRY 25,510,000		11,452,301		03/13/16	11.480	3 month LIBOR		(89,778	)		141,904
	ZAR 54,520,000		5,245,039		05/12/24	3 month JIBAR	3 month LIBOR		29,057			(349,008	)
	42,202,250		4,054,984		05/23/19	3 month JIBAR	3 month LIBOR		8,688			(283,288	)
Morgan Stanley & Co. International PLC	55,121,000		5,153,904		08/12/24	3 month JIBAR	3 month LIBOR		16,437			(181,654	)
	54,542,000		5,262,132		05/13/24	3 month JIBAR	3 month LIBOR		4,955			(341,371	)
	29,540,000		2,768,510		07/17/24	3 month JIBAR	3 month LIBOR		(5,244	)		(85,004	)
TOTAL								$	148,235		$	1,487,202

(c)

At the termination date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered.


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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – 100.3%
	Collateralized Mortgage Obligations – 7.6%
	Adjustable Rate Non-Agency^(a) – 1.2%
	Adjustable Rate Mortgage Trust Series 2004-5, Class 2A1
$	180,473		2.650	%		04/25/35	$	175,163
	Bear Stearns Alt-A Trust Series 2005-5, Class 21A1
	1,061,505		2.393			07/25/35		968,907
	Countrywide Alternative Loan Trust Series 2005-16, Class A1
	702,203		1.763			06/25/35		620,326
	Countrywide Alternative Loan Trust Series 2005-38, Class A1
	197,971		1.618			09/25/35		180,648
	Harborview Mortgage Loan Trust Series 2005-16, Class 2A1A
	314,822		0.393			01/19/36		205,359
	Impac CMB Trust Series 2004-08, Class 1A
	68,450		0.875			10/25/34		59,251
	Morgan Stanley Mortgage Loan Trust Series 2004-8AR, Class 4A1
	864,664		2.429			10/25/34		861,645

								3,071,299

	Interest Only^(b) – 0.9%
	CS First Boston Mortgage Securities Corp. Series 2002-AR31, Class 5X^(a)(c)
	57,196		0.000			11/25/32		—
	CS First Boston Mortgage Securities Corp. Series 2003-19, Class 1A2
	5,596		5.250			07/25/33		224
	FHLMC REMIC Series 4273, Class PS^(a)
	759,961		5.946			11/15/43		112,096
	FHLMC STRIPS Series 329, Class C1
	1,913,302		4.000			12/15/41		421,749
	FNMA REMIC Series 2010-126, Class LS^(a)
	975,523		4.846			11/25/40		178,966
	FNMA REMIC Series 2012-146, Class IO
	4,137,242		3.500			01/25/43		929,594
	GNMA REMIC Series 2013-113, Class SD^(a)
	508,601		6.546			08/16/43		81,625
	GNMA REMIC Series 2013-182, Class PI
	176,385		4.500			12/20/43		39,224
	GNMA Series 2011-99, Class DS^(a)
	3,566,300		5.946			07/16/41		622,802
	Master Adjustable Rate Mortgages Trust Series 2003-2, Class 3AX^(a)
	19,570		0.123			08/25/33		123
	Master Adjustable Rate Mortgages Trust Series 2003-2, Class 4AX^(a)
	3,205		0.320			07/25/33		37

								2,386,440

	Inverse Floaters^(a) – 0.6%
	GNMA REMIC Series 2010-1, Class SD
	47,539		5.637			01/20/40		7,152
	GNMA REMIC Series 2010-35, Class DS
	182,778		5.527			03/20/40		29,107
	GNMA REMIC Series 2010-85, Class SN
	111,905		5.787			07/20/40		20,942
	GNMA REMIC Series 2010-9, Class XD
	2,039,524		6.446			01/16/40		397,157
	GNMA REMIC Series 2010-98, Class QS
	436,712		6.447			01/20/40		73,004

	Mortgage-Backed Obligations – (continued)
	Inverse Floaters^(a) – (continued)
	GNMA REMIC Series 2011-17, Class SA
	529,311		5.947			09/20/40		85,441
	GNMA REMIC Series 2011-25, Class SA
	1,020,497		5.947			10/20/40		156,103
	GNMA REMIC Series 2011-61, Class CS
	407,019		6.527			12/20/35		55,012
	GNMA REMIC Series 2011-79, Class AS
	287,982		5.957			07/20/37		23,333
	GNMA REMIC Series 2013-113, Class SA
	316,254		6.547			08/20/43		61,590
	GNMA REMIC Series 2013-134, Class DS
	2,602,779		5.947			09/20/43		445,470
	GNMA REMIC Series 2013-148, Class SA
	415,991		6.047			10/20/43		71,939
	GNMA Series 2001-48, Class SA
	7,075		25.988			10/16/31		10,740
	GNMA Series 2001-51, Class SB
	6,878		25.988			10/16/31		11,047

								1,448,037

	Planned Amortization Class – 0.4%
	FHLMC REMIC Series 3748
	1,000,000		4.000			11/15/39		1,047,505

	Sequential Fixed Rate – 2.6%
	FHLMC REMIC Series 2042, Class N
	146,136		6.500			03/15/28		163,718
	FNMA REMIC Series 2000-16, Class ZG
	300,837		8.500			06/25/30		356,415
	FNMA REMIC Series 2005-62, Class ZL
	319,176		5.500			07/25/35		347,965
	FNMA REMIC Series 2010-95, Class ZC
	840,290		5.000			09/25/40		867,971
	FNMA REMIC Series 2011-52, Class GB
	1,200,000		5.000			06/25/41		1,331,488
	FNMA REMIC Series 2011-99, Class DB
	1,075,000		5.000			10/25/41		1,197,297
	FNMA REMIC Series 2012-111, Class B
	301,804		7.000			10/25/42		342,401
	FNMA REMIC Series 2012-153, Class B
	944,258		7.000			07/25/42		1,070,920
	GNMA Series 2009-61, Class AZ
	757,373		5.500			08/20/39		840,034

								6,518,209

	Sequential Floating Rate^(a) – 1.1%
	FHLMC REMIC Series 4103, Class BF
	2,332,885		0.504			12/15/38		2,333,104
	FNMA REMIC Series 2011-63, Class FG
	346,432		0.605			07/25/41		348,237

								2,681,341

	Support – 0.8%
	FNMA REMIC Series 2005-59, Class KZ
	1,803,435		5.500			07/25/35		1,994,936

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	19,147,767


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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	Commercial Mortgage-Backed Securities – 15.7%
	Sequential Fixed Rate – 4.7%
	Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW18, Class A1A
$	4,123,074		5.602	%		06/11/50	$	4,539,468
	FHLMC Multifamily Structured Pass-Through Certificates Series K005, Class A2
	2,000,000		4.317			11/25/19		2,201,151
	FHLMC Multifamily Structured Pass-Through Certificates Series K027, Class A2
	1,400,000		2.637			01/25/23		1,381,672
	FHLMC Multifamily Structured Pass-Through Certificates Series K028, Class A2
	3,450,000		3.111			02/25/23		3,522,642

								11,644,933

	Sequential Floating Rate^(a) – 11.0%
	Banc of America Commercial Mortgage, Inc. Series 2007-2, Class AM
	150,000		5.791			04/10/49		163,449
	Citigroup Commercial Mortgage Trust Series 2008-C7, Class A1A
	2,286,877		6.253			12/10/49		2,547,885
	Commercial Mortgage Trust Series 2007-C9, Class A1A
	2,613,593		5.989			12/10/49		2,853,935
	Credit Suisse Commercial Mortgage Trust Series 2006-C3, Class A3
	6,312,037		5.999			06/15/38		6,685,675
	FHLMC Multifamily Structured Pass-Through Certificates Series K714, Class A2
	700,000		3.034			10/25/20		724,445
	GS Mortgage Securities Trust Series 2007-GG10, Class A4
	3,627,878		5.991			08/10/45		3,968,120
	LB-UBS Commercial Mortgage Trust Series 2007-C7, Class A3
	752,823		5.866			09/15/45		834,437
	ML-CFC Commercial Mortgage Trust Series 2006-2, Class A4
	4,501,962		6.066			06/12/46		4,779,740
	Morgan Stanley Capital I Trust Series 2007-HQ11, Class AM
	50,000		5.478			02/12/44		53,793
	Morgan Stanley Capital I Trust Series 2007-HQ13, Class AM
	50,000		5.931			12/15/44		48,415
	Morgan Stanley Capital I Trust Series 2007-T25, Class A1A
	1,114,121		5.509			11/12/49		1,202,234
	Wachovia Bank Commercial Mortgage Trust Series 2006-C26, Class A1A
	2,175,708		6.009			06/15/45		2,327,386
	WF-RBS Commercial Mortgage Trust Series 2011-C2, Class A4^(d)
	1,300,000		4.869			02/15/44		1,442,177

								27,631,691

	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	39,276,624

	Federal Agencies – 77.0%
	Adjustable Rate FHLMC^(a) – 0.2%
$	119,223		2.375	%		04/01/33	$	126,720

	Mortgage-Backed Obligations – (continued)
	Adjustable Rate FHLMC^(a) – (continued)
	53,472		2.361			09/01/33		56,833
	26,203		2.232			10/01/34		27,736
	44,515		2.375			11/01/34		47,406
	46,491		2.375			02/01/35		49,526
	160,346		2.375			06/01/35		172,490

								480,711

	Adjustable Rate FNMA^(a) – 0.6%
	5,821		1.932			07/01/22		5,967
	18,728		1.918			07/01/27		19,388
	22,756		1.918			11/01/27		23,550
	6,747		1.918			01/01/31		7,027
	8,316		1.918			06/01/32		8,672
	10,422		1.932			08/01/32		10,835
	42,203		1.932			05/01/33		43,929
	17,604		1.789			06/01/33		18,277
	225,009		2.377			06/01/33		241,181
	14,359		2.349			07/01/33		15,253
	215,108		1.917			08/01/33		223,198
	1,345		2.625			09/01/33		1,439
	1,008		2.199			12/01/33		1,048
	110,802		2.289			12/01/33		117,509
	4,265		2.422			04/01/34		4,545
	266,575		2.655			08/01/34		285,734
	53,426		2.417			11/01/34		56,734
	71,481		2.320			02/01/35		75,991
	92,655		2.248			03/01/35		98,233
	56,044		2.435			04/01/35		59,893
	126,986		2.446			05/01/35		136,113
	16,789		1.918			11/01/35		17,382
	61,602		1.918			12/01/37		63,830
	39,548		1.918			01/01/38		40,974
	19,394		1.918			11/01/40		20,196

								1,596,898

	Adjustable Rate GNMA^(a) – 0.7%
	34,031		1.625			06/20/23		34,736
	15,952		1.625			07/20/23		16,284
	15,975		1.625			08/20/23		16,311
	43,119		1.625			09/20/23		44,032
	12,551		1.625			03/20/24		12,829
	109,143		1.625			04/20/24		111,573
	13,031		1.625			05/20/24		13,323
	92,338		1.625			06/20/24		94,422
	19,089		2.000			06/20/24		19,770
	30,274		1.625			07/20/24		30,961
	32,676		2.000			07/20/24		33,856
	56,629		1.625			08/20/24		57,922
	28,612		2.000			08/20/24		29,652
	27,061		1.625			09/20/24		27,683
	33,751		2.000			11/20/24		35,003
	12,966		2.000			12/20/24		13,449
	19,542		2.500			12/20/24		20,602
	22,537		2.000			01/20/25		23,382
	11,809		2.000			02/20/25		12,255
	41,592		2.000			05/20/25		43,191
	35,013		2.000			07/20/25		36,375


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

GOLDMAN SACHS U.S. MORTGAGES FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	Adjustable Rate GNMA^(a) – (continued)
$	16,384		1.625	%		02/20/26	$	16,801
	843		1.625			07/20/26		865
	21,861		1.625			01/20/27		22,449
	19,865		2.000			01/20/27		20,653
	16,563		1.625			02/20/27		17,011
	117,639		1.625			04/20/27		120,845
	13,873		1.625			05/20/27		14,253
	14,352		1.625			06/20/27		14,747
	5,135		1.625			11/20/27		5,280
	19,592		1.625			12/20/27		20,146
	37,571		1.625			01/20/28		38,636
	14,134		1.625			02/20/28		14,536
	15,251		1.625			03/20/28		15,686
	68,473		1.625			07/20/29		70,552
	36,598		1.625			08/20/29		37,713
	9,522		1.625			09/20/29		9,814
	36,826		1.625			10/20/29		37,955
	42,861		1.625			11/20/29		44,148
	10,830		1.625			12/20/29		11,160
	13,506		1.625			01/20/30		13,925
	6,791		1.625			02/20/30		7,002
	36,080		1.625			03/20/30		37,204
	41,167		1.625			04/20/30		42,458
	62,297		1.625			05/20/30		64,251
	45,755		2.000			05/20/30		48,039
	9,820		1.625			06/20/30		10,129
	91,253		2.000			07/20/30		95,838
	18,793		2.000			09/20/30		19,743
	32,337		1.625			10/20/30		33,370

								1,632,820

	FHLMC – 12.8%
	2,839		6.000			03/01/16		2,919
	335		5.000			09/01/16		346
	2,962		5.000			11/01/16		3,124
	10,271		5.000			01/01/17		10,835
	15,648		5.000			02/01/17		16,511
	14,278		5.000			03/01/17		15,063
	27,096		5.000			04/01/17		28,590
	793		5.000			05/01/17		837
	843		5.000			08/01/17		888
	81,861		5.000			09/01/17		86,372
	100,902		5.000			10/01/17		106,461
	59,150		5.000			11/01/17		62,408
	57,857		5.000			12/01/17		61,044
	69,467		5.000			01/01/18		73,284
	167,301		5.000			02/01/18		176,469
	157,612		5.000			03/01/18		166,346
	149,888		5.000			04/01/18		158,196
	18,047		4.500			05/01/18		19,020
	115,215		5.000			05/01/18		121,621
	29,397		5.000			06/01/18		31,049
	30,020		5.000			07/01/18		31,792
	13,880		5.000			08/01/18		14,671
	11,125		5.000			09/01/18		11,741
	35,243		5.000			10/01/18		37,220
	43,444		5.000			11/01/18		45,902

	Mortgage-Backed Obligations – (continued)
	FHLMC – (continued)
	19,102		5.000			12/01/18		20,157
	4,087		5.000			01/01/19		4,314
	593		5.000			02/01/19		629
	142,134		5.500			04/01/20		151,888
	477,768		5.000			11/01/22		525,769
	437,956		4.500			08/01/23		472,562
	55,560		7.000			04/01/31		63,972
	934,143		7.000			09/01/31		1,074,944
	253,697		7.000			04/01/32		286,117
	705,659		7.000			05/01/32		804,782
	219,519		5.000			10/01/33		242,667
	19,651		5.500			12/01/33		22,198
	292,318		5.500			04/01/35		326,434
	10,357		5.000			07/01/35		11,456
	233,556		5.000			12/01/35		258,180
	143,230		5.500			01/01/36		160,004
	460		5.500			02/01/36		514
	2,318		5.000			02/01/37		2,559
	8,595		5.500			01/01/38		9,550
	924,207		7.000			02/01/39		1,051,647
	857,965		5.000			05/01/39		945,359
	1,436,475		5.000			07/01/39		1,582,796
	68,653		5.000			08/01/40		75,804
	67,874		5.000			10/01/40		74,944
	146,730		4.500			02/01/41		158,498
	8,046		5.000			06/01/41		8,903
	81,646		3.000			05/01/42		80,665
	342,271		3.500			06/01/42		351,924
	293,769		3.000			08/01/42		291,760
	80,904		3.000			10/01/42		80,214
	541,616		3.500			10/01/42		551,730
	962,239		4.000			10/01/42		1,016,327
	8,694,068		3.000			11/01/42		8,627,356
	439,818		3.500			11/01/42		448,030
	2,816,944		3.000			12/01/42		2,801,567
	7,019,507		3.000			01/01/43		6,978,336
	389,804		3.000			02/01/43		385,628
	325,746		3.000			03/01/43		324,130
	475,203		3.000			04/01/43		472,846

								32,029,869

	FNMA – 57.9%
	351		5.500			04/01/16		371
	348		5.500			08/01/16		368
	6,265		5.500			11/01/16		6,628
	4,596		5.500			12/01/16		4,861
	7,212		5.500			01/01/17		7,631
	633		5.500			05/01/17		674
	2,762		5.500			07/01/17		2,941
	292		5.500			09/01/17		311
	6,146		5.500			01/01/18		6,544
	5,067		5.500			02/01/18		5,396
	553		6.000			02/01/18		624
	837,407		2.800			03/01/18		866,746
	156,998		5.000			03/01/18		165,639
	11,990		5.500			04/01/18		12,695
	2,530,000		3.840			05/01/18		2,709,840


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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	2,759		5.500	%		05/01/18	$	2,931
	6,160		6.000			05/01/18		6,955
	206,791		5.000			06/01/18		218,780
	599,183		4.000			08/01/18		633,198
	11,313		5.000			09/01/18		11,976
	57,279		6.000			11/01/18		64,670
	23,372		7.000			11/01/18		24,310
	90,029		6.000			12/01/18		101,644
	89,164		6.000			01/01/19		100,669
	2,533		5.500			02/01/19		2,708
	14,216		5.500			04/01/19		15,182
	27,118		6.000			04/01/19		30,617
	1,967		5.500			05/01/19		2,083
	5,905		6.000			05/01/19		6,667
	13,755		5.500			07/01/19		14,704
	38,952		5.500			08/01/19		41,575
	18,416		5.500			09/01/19		19,875
	42,975		5.500			10/01/19		46,009
	14,643		5.500			11/01/19		15,841
	10,699		5.500			12/01/19		11,506
	60,542		5.500			02/01/20		64,711
	235,805		4.500			03/01/20		248,815
	849,040		3.416			10/01/20		895,546
	21,173		5.500			01/01/21		23,019
	30,530		7.000			09/01/21		34,000
	101,270		7.000			06/01/22		115,081
	38,667		7.000			07/01/22		42,825
	3,863		4.500			04/01/23		4,126
	437,349		6.000			06/01/26		497,444
	266,945		5.000			07/01/27		294,531
	526		7.000			01/01/29		530
	1,861		7.000			09/01/29		1,947
	14,689		7.000			08/01/31		16,939
	1,499		7.000			03/01/32		1,730
	2,151		7.000			04/01/32		2,404
	6,963		7.000			06/01/32		7,499
	879		7.000			07/01/32		921
	70,336		6.000			01/01/33		80,419
	2,206		6.000			02/01/33		2,523
	7,370		5.500			04/01/33		8,281
	536,165		5.500			05/01/33		602,401
	336,551		5.500			06/01/33		378,127
	213,958		5.500			07/01/33		240,390
	38,075		5.000			08/01/33		42,204
	2,521		5.000			09/01/33		2,785
	37,217		5.500			09/01/33		41,804
	24,059		5.500			12/01/33		27,031
	118,168		5.500			02/01/34		132,701
	9,522		5.500			03/01/34		10,685
	26,220		5.500			04/01/34		29,450
	3,308		5.500			06/01/34		3,716
	86,323		5.500			07/01/34		96,888
	13,073		5.500			08/01/34		14,750
	44,976		5.500			10/01/34		50,457
	58,167		5.500			11/01/34		65,347
	453,184		5.500			12/01/34		508,591

	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
	353		6.000			12/01/34		399
	4,725		5.500			01/01/35		5,308
	372,329		5.500			02/01/35		418,311
	28,698		5.500			03/01/35		32,240
	260,611		6.000			04/01/35		298,020
	67,816		5.500			05/01/35		75,940
	7,908		5.500			06/01/35		8,865
	14,253		5.000			07/01/35		15,777
	15,828		5.500			07/01/35		17,791
	145,185		5.500			08/01/35		163,088
	16,248		5.500			09/01/35		18,235
	12,281		5.500			10/01/35		13,733
	145,745		6.000			10/01/35		164,509
	60,133		5.500			12/01/35		67,324
	3,889		6.000			12/01/35		4,389
	7,778		5.500			01/01/36		8,697
	224		5.500			02/01/36		250
	29,110		5.500			04/01/36		32,465
	3,593		6.000			04/01/36		4,055
	56,824		5.500			07/01/36		63,230
	52,389		5.500			09/01/36		58,856
	5,929		5.500			02/01/37		6,626
	89,578		5.500			04/01/37		100,560
	107,649		6.000			04/01/37		121,493
	1,168		5.500			05/01/37		1,305
	62,778		5.000			06/01/37		69,372
	494		5.500			06/01/37		551
	8,343		5.500			07/01/37		9,322
	1,315,569		5.500			08/01/37		1,473,111
	273,262		6.000			08/01/37		308,405
	726,738		6.000			10/01/37		820,202
	178,099		6.500			10/01/37		200,814
	110,202		6.000			11/01/37		124,374
	271		5.500			12/01/37		303
	100,910		5.500			01/01/38		113,365
	82,469		5.500			02/01/38		92,643
	11,343		5.500			03/01/38		12,655
	1,000,000		6.000			03/01/38		1,128,607
	38,090		5.500			04/01/38		42,645
	9,805		5.500			05/01/38		10,979
	177,309		6.000			05/01/38		200,112
	4,324		5.500			06/01/38		4,820
	2,306		5.500			07/01/38		2,576
	4,867		5.500			08/01/38		5,426
	4,839		5.500			09/01/38		5,394
	194,778		6.000			09/01/38		219,843
	222,008		6.000			11/01/38		250,560
	111,597		5.500			12/01/38		125,368
	556,793		6.000			12/01/38		628,445
	872,467		5.000			01/01/39		963,622
	297,732		6.000			01/01/39		336,046
	527,480		6.500			01/01/39		589,841
	11,558		5.500			02/01/39		12,940
	634,195		7.000			03/01/39		718,905
	16,038		5.500			06/01/39		17,846
	11,919		4.000			08/01/39		12,570


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

GOLDMAN SACHS U.S. MORTGAGES FUND


Principal Amount		Interest Rate			Maturity Date			Value
	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	509,192		6.000	%		09/01/39		$	574,678
	169,396		6.000			10/01/39			191,231
	14,449		5.500			11/01/39			16,078
	126,874		6.000			10/01/40			143,191
	349,328		4.500			02/01/41			377,295
	4,784,059		6.000			05/01/41			5,399,325
	154,608		4.500			08/01/41			167,140
	39,972		4.500			10/01/41			43,193
	443,950		3.000			08/01/42			441,216
	581,318		3.000			09/01/42			576,873
	780,880		3.000			10/01/42			775,522
	861,566		3.000			11/01/42			855,531
	3,490,671		3.000			12/01/42			3,462,983
	97,033		2.500			01/01/43			92,078
	4,202,223		3.000			01/01/43			4,168,817
	2,931,399		2.500			02/01/43			2,781,696
	1,335,064		3.000			02/01/43			1,325,918
	2,531,177		3.000			03/01/43			2,515,070
	2,264,944		3.000			04/01/43			2,250,386
	866,514		2.500			05/01/43			822,262
	2,670,913		3.000			05/01/43			2,653,948
	91,954		3.000			06/01/43			91,334
	799,975		3.000			07/01/43			794,319
	4,000,000		3.500			TBA-15yr	^(e)		4,204,375
	17,000,000		3.500			TBA-30yr	^(e)		17,373,203
	54,000,000		4.500			TBA-30yr	^(e)		58,117,500
	1,000,000		5.000			TBA-30yr	^(e)		1,103,594
	1,000,000		5.500			TBA-30yr	^(e)		1,113,906
	7,000,000		6.000			TBA-30yr	^(e)		7,906,797
	5,000,000		3.000			TBA-30yr	^(e)		4,927,734

									145,224,108

	GNMA – 4.8%
	116,147		5.500			07/15/20			123,085
	285,689		3.950			07/15/25			297,835
	11,693		6.000			04/15/26			13,205
	1,037		6.500			01/15/32			1,181
	1,984		6.500			02/15/32			2,259
	990,481		5.500			04/15/33			1,127,359
	8,035		5.000			11/15/33			8,952
	2,190		6.500			08/15/34			2,563
	201		6.500			01/15/36			228
	1,853		6.500			02/15/36			2,100
	4,148		6.500			03/15/36			4,712
	9,586		6.500			04/15/36			10,886
	28,217		6.500			05/15/36			32,234
	19,416		6.500			06/15/36			22,100
	120,224		6.500			07/15/36			138,152
	121,743		6.500			08/15/36			139,393
	183,406		6.500			09/15/36			209,689
	75,334		6.500			10/15/36			85,700
	118,058		6.500			11/15/36			134,394
	47,022		6.500			12/15/36			54,108
	22,427		6.500			01/15/37			25,640
	5,438		6.500			03/15/37			6,264
	15,216		6.500			04/15/37			17,370
	9,520		6.500			05/15/37			10,870

	Mortgage-Backed Obligations – (continued)
	GNMA – (continued)
	5,020		6.500			08/15/37			5,691
	35,756		6.500			09/15/37			40,646
	35,021		6.500			10/15/37			39,703
	24,144		6.500			11/15/37			28,138
	8,466		6.500			05/15/38			9,630
	9,182		6.500			11/15/38			10,729
	7,578		6.500			02/15/39			8,766
	714,705		5.000			07/15/40			795,745
	37,268		2.500			12/20/42			36,133
	5,000,000		3.500			TBA-30yr^(e)			5,168,750
	3,000,000		5.000			TBA-30yr^(e)			3,300,937

									11,915,147

	TOTAL FEDERAL AGENCIES							$	192,879,553

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $249,163,205)							$	251,303,944


	Agency Debentures^(f) – 20.0%
	FHLB
	$20,000,000		0.000	%		11/19/14		$	19,999,640
	30,000,000		0.000			12/17/14			29,999,040

	TOTAL AGENCY DEBENTURES
	(Cost $49,995,839)							$	49,998,680


	Asset-Backed Securities^(a) – 0.9%
	Home Equity – 0.1%
	Countrywide Home Equity Loan Trust Series 2003-D, Class A
$	6,541		0.414	%		06/15/29		$	6,484
	Countrywide Home Equity Loan Trust Series 2004-G, Class 2A
	33,615		0.374			12/15/29			30,311
	Countrywide Home Equity Loan Trust Series 2004-O, Class 1A
	131,475		0.434			02/15/34			111,197
	Residential Asset Mortgage Products, Inc. Series 2004-RZ1, Class AII
	182,163		0.635			03/25/34			175,644

									323,636

	Student Loan – 0.8%
	Brazos Higher Education Authority, Inc. Series 2004-1, Class A-2
	142,225		0.394			06/27/22			142,125
	Education Funding Capital Trust I Series 2004-1, Class A2
	8,102		0.394			12/15/22			8,098
	Education Loan Asset-Backed Trust I Series 2013-1, Class A1^(d)
	1,778,358		0.956			06/25/26			1,787,977
	Northstar Education Finance, Inc. Series 2005-1, Class A1
	18,929		0.335			10/28/26			18,855
	US Education Loan Trust LLC Series 2006-1, Class A2^(d)
	68,488		0.364			03/01/25			68,410

									2,025,465

	TOTAL ASSET-BACKED SECURITIES
	(Cost $2,376,510)							$	2,349,101


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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	U.S. Treasury Obligation – 0.2%
	United States Treasury Bond
$	500,000		3.625	%		02/15/44	$	540,375
	(Cost $509,067)


Notional Amount		Exercise Rate			Expiration Date		Value
	Options Purchased – 0.6%
	Interest Rate Swaptions
	Deutsche Bank Securities, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 2.550%
$	1,400,000		2.550	%		09/28/15	$	22,727
	Deutsche Bank AG Call - OTC - 5 year Interest Rate Swap Strike Price 2.550%
	1,400,000		2.550			09/28/15		21,398
	Deutsche Bank AG Put - OTC - 5 year Interest Rate Swap Strike Price 3.110%
	5,200,000		3.110			09/19/16		141,923
	Deutsche Bank AG Call - OTC - 5 year Interest Rate Swap Strike Price 3.110%
	5,200,000		3.110			09/19/16		104,177
	Deutsche Bank AG Put - OTC - 5 year Interest Rate Swap Strike Price 2.940%
	2,200,000		2.940			09/29/16		50,189
	Deutsche Bank AG Call - OTC - 5 year Interest Rate Swap Strike Price 2.940%
	2,200,000		2.940			09/29/16		52,615
	Deutsche Bank AG Put - OTC - 10 year Interest Rate Swap Strike Price 4.135%
	3,300,000		4.135			04/17/19		277,973
	Deutsche Bank AG Call - OTC - 10 year Interest Rate Swap Strike Price 4.135%
	3,300,000		4.135			04/17/19		128,608
	JPMorgan Chase Bank NA Call - OTC - 5 year Interest Rate Swap Strike Price 2.783%
	4,300,000		2.783			09/30/15		47,838
	JPMorgan Chase Bank NA Put - OTC - 5 year Interest Rate Swap Strike Price 3.080%
	2,800,000		3.080			09/19/16		74,148
	JPMorgan Chase Bank NA Call - OTC - 5 year Interest Rate Swap Strike Price 3.080%
	2,800,000		3.080			09/19/16		57,695
	JPMorgan Chase Bank NA Put - OTC - 5 year Interest Rate Swap Strike Price 2.973%
	2,000,000		2.973			09/26/16		47,304
	JPMorgan Chase Bank NA Call - OTC - 5 year Interest Rate Swap Strike Price 2.973%
	2,000,000		2.973			09/26/16		46,061
	JPMorgan Chase Bank NA Put - OTC - 10 year Interest Rate Swap Strike Price 3.955%
	1,000,000		3.955			05/07/19		75,123
	JPMorgan Chase Bank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.955%
	1,000,000		3.955			05/07/19		44,325
	Morgan Stanley Capital Services, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 2.550%
	1,100,000		2.550			09/28/15		17,857

	Options Purchased – (continued)
	Interest Rate Swaptions – (continued)
	Morgan Stanley Capital Services, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 2.550%
	1,100,000		2.550			09/28/15		16,813
	Morgan Stanley Capital Services, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 3.115%
	2,800,000		3.115			09/19/16		76,802
	Morgan Stanley Capital Services, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 3.115%
	2,800,000		3.115			09/19/16		55,832
	Morgan Stanley Capital Services, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 2.950%
	2,900,000		2.950			09/26/16		66,962
	Morgan Stanley Capital Services, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 2.950%
	2,900,000		2.950			09/26/16		68,165
	Morgan Stanley Capital Services, Inc. Call - OTC - 7 year Interest Rate Swap Strike Price 3.010%
	3,300,000		3.010			09/29/15		49,238

	TOTAL OPTIONS PURCHASED
	(Cost $1,505,518)						$	1,543,773

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $303,550,139)						$	305,735,873


Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment^(g) – 18.6%
	Repurchase Agreement – 18.6%
	Joint Repurchase Agreement Account II
	$46,600,000		0.012	%		10/01/14	$	46,600,000
	(Cost $46,600,000)

	TOTAL INVESTMENTS – 140.6%
	(Cost $350,150,139)						$	352,335,873

	LIABILITIES IN EXCESS OF OTHER ASSETS – (40.6)%							(101,688,385	)

	NET ASSETS – 100.0%						$	250,647,488


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

GOLDMAN SACHS U.S. MORTGAGES FUND


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 or distribution rate disclosed is that which is in effect at September 30, 2014.
(b)		Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(c)		Issued with zero coupon and interest rate is contingent upon LIBOR reaching a predetermined level.
(d)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the investment adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $3,298,564, which represents approximately 1.3% of net assets as of September 30, 2014.
(e)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $103,216,796 which represents approximately 41.2% of net assets as of September 30, 2014.
(f)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(g)		Joint repurchase agreement was entered into on September 30, 2014. Additional information appears on page 123.



Investment Abbreviations:
FHLB		—Federal Home Loan Bank
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
LIBOR		—London Interbank Offered Rate
OTC		—Over the Counter
REMIC		—Real Estate Mortgage Investment Conduit
STRIPS		—Separate Trading of Registered Interest and Principal of Securities


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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2014, the Fund had the following futures contracts:


Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Eurodollars		(47	)	March 2017	$	(11,465,063	)	$	12,808
Eurodollars		(58	)	June 2016		(14,258,575	)		22,375
Eurodollars		(27	)	September 2017		(6,563,363	)		14,033
Ultra Long U.S. Treasury Bonds		(15	)	December 2014		(2,287,500	)		37,764
2 Year U.S. Treasury Notes		40		December 2014		8,753,750			(3,193	)
5 Year U.S. Treasury Notes		(293	)	December 2014		(34,649,539	)		94,701
10 Year U.S. Treasury Notes		145		December 2014		18,072,891			(102,032	)
20 Year U.S. Treasury Bonds		90		December 2014		12,411,563			(145,834	)
TOTAL								$	(69,378	)

SWAP CONTRACTS — At September 30, 2014, the Fund had the following swap contracts:

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)
$	16,400	^(a)	12/17/16	3 month LIBOR	1.000%	$	(3,696	)	$	5,700
	700	^(a)	02/01/17	3 month LIBOR	1.625		(396	)		602
	3,300	^(a)	08/04/17	3 month LIBOR	2.195		(3,543	)		2,461
	19,700		06/18/19	2.000%	3 month LIBOR		167,438			54,813
	2,200	^(a)	12/17/19	3 month LIBOR	2.250		(19,723	)		805
	1,600	^(a)	10/02/20	2.532	3 month LIBOR		8			—
	5,000	^(a)	08/04/21	3.025	3 month LIBOR		22,635			4,556
	3,000	^(a)	12/17/21	3 month LIBOR	2.500		(3,773	)		(12,865	)
	1,400	^(a)	10/01/22	2.760	3 month LIBOR		11			(1,279	)
	2,000	^(a)	01/30/24	4.252	3 month LIBOR		11,577			62,357
	13,300	^(a)	12/17/24	3 month LIBOR	3.000		(375,007	)		50,380
	2,700	^(a)	08/04/26	3 month LIBOR	3.409		(21,109	)		(19,751	)
	600	^(a)	01/30/39	3 month LIBOR	4.370		(22,606	)		(40,676	)
	TOTAL					$	(248,184	)	$	107,103

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2014.

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Market Value

Swap Counterparty

Notional
Amount
(000s)

Reference
Security

Termination
Date

Financing
Fee#

Upfront
Payments
Made (Received)

Unrealized
Gain (Loss)

JPMorgan Securities, Inc.

870

Markit IOS Fannie-Mae Index,
30 yr Fixed Rate, 3.000%, Series 12

01/12/43

One month LIBOR

1,960

(1,364

)

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).


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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Schedule of Investments

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

JOINT REPURCHASE AGREEMENT ACCOUNT II — At September 30, 2014, the Funds had undivided interests in the Joint Repurchase Agreement Account II, with a maturity date of October 1, 2014, as follows:


Fund	Principal Amount		Maturity Value		Collateral Allocation Value
Dynamic Emerging Markets Debt	$	1,800,000	$	1,800,001	$	1,848,181
Emerging Markets Debt		65,100,000		65,100,021		66,842,552
High Yield		66,000,000		66,000,021		67,766,643
High Yield Floating Rate		259,800,000		259,800,084		266,754,149
Investment Grade Credit		25,300,000		25,300,008		25,977,213
Local Emerging Markets Debt		135,300,000		135,300,044		138,921,618
U.S. Mortgages		46,600,000		46,600,015		47,847,357

REPURCHASE AGREEMENTS — At September 30, 2014, the Principal Amounts of the Funds’ interest in the Joint Repurchase Agreement Account II were as follows:


Counterparty	Interest Rate			Dynamic Emerging Markets Debt		Emerging Markets Debt		High Yield		High Yield Floating Rate		Investment Grade Credit		Local Emerging Markets Debt		U.S. Mortgages
BNP Paribas Securities Co.		0.010	%	$	493,775	$	17,858,198	$	18,105,086	$	71,268,200	$	6,940,283	$	37,115,425	$	12,783,288
Citigroup Global Markets, Inc.		0.000			52,796		1,909,453		1,935,851		7,620,215		742,076		3,968,495		1,366,828
TD Securities (USA) LLC		0.005			683,689		24,726,736		25,068,580		98,679,046		9,609,622		51,390,589		17,699,937
Wells Fargo Securities LLC		0.030			569,740		20,605,613		20,890,483		82,232,539		8,008,019		42,825,491		14,749,947
TOTAL				$	1,800,000	$	65,100,000	$	66,000,000	$	259,800,000	$	25,300,000	$	135,300,000	$	46,600,000

At September 30, 2014, the Joint Repurchase Agreement Account II was fully collateralized by:


Issuer	Interest Rates			Maturity Dates
Federal National Mortgage Association		2.500% to 6.000	%		05/01/21 to 09/01/44
Government National Mortgage Association		3.500 to 4.500			08/15/42 to 06/20/44
U.S. Treasury Bond		5.375			02/15/31
U.S. Treasury Inflation Protected Securities		0.125 to 0.500			04/15/2015 to 04/15/2016
U.S. Treasury Note		0.875			08/15/17


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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities

September 30, 2014 (Unaudited)


	Dynamic Emerging Markets Debt Fund
Assets:
Investments of unaffiliated issuers, at value (cost $26,887,702, $1,677,382,232, $4,628,119,506, $4,716,299,274, $428,315,399, $1,857,496,755 and $303,550,139)	$	26,245,205
Investments of affiliated issuers, at value (cost $41,449,489 for High Yield Floating Rate Fund)		—
Repurchase agreement, at value which equals cost		1,800,000
Cash		97,618
Foreign currencies, at value (cost $24,049, $158,235, $0, $7,763,537, $0, $26,841,203 and $0)		22,164
Receivables:
Interest, net of allowances		395,472
Unrealized gain on forward foreign currency exchange contracts		324,011
Investments sold		285,391
Investments sold on an extended settlement basis		—
Collateral on certain derivative contracts^(a)		175,141
Reimbursement from investment adviser		49,314
Unrealized gain on swap contracts		19,914
Variation margin on certain derivative contracts		7,032
Fund shares sold		299
Due from broker		—
Due from broker — upfront payment		—
Foreign tax reclaims, at value		—
Upfront payments made on swap contracts		—
Other assets		2,933
Total assets		29,424,494

Liabilities:
Due to custodian		—
Foreign currency overdraft, at value (identified cost $0, $0, $1,153, $0, $776, $0 and $0)		—
Payables:
Unrealized loss on forward foreign currency exchange contracts		317,584
Unrealized loss on swap contracts		142,168
Investments purchased		103,828
Investments purchased on an extended settlement basis		—
Fund shares redeemed		41,107
Distributions		40,170
Management fees		18,959
Upfront payments received on swap contracts		10,696
Distribution and service fees and transfer agent fees		1,090
Collateral on certain derivative contracts		—
Due to broker — upfront payment		—
Unrealized loss on unfunded loan commitment		—
Variation margin on certain derivative contracts		—
Accrued expenses and other liabilities		133,433
Total liabilities		809,035

Net Assets:
Paid-in capital		29,491,383
Undistributed (distributions in excess of) net investment income		(144,576	)
Accumulated net realized gain (loss)		17,363
Net unrealized gain (loss)		(748,711	)
NET ASSETS	$	28,615,459
Net Assets:
Class A	$	145,343
Class B		—
Class C		115,376
Institutional		28,305,406
Service		—
Separate Account Institutional		—
Class IR		24,713
Class R		24,621
Total Net Assets	$	28,615,459
Shares Outstanding $0.001 par value (unlimited shares authorized):
Class A		15,612
Class B		—
Class C		12,352
Institutional		3,030,688
Service		—
Separate Account Institutional		—
Class IR		2,653
Class R		2,636
Net asset value, offering and redemption price per share:^(b)
Class A		$9.31
Class B		—
Class C		9.34
Institutional		9.34
Service		—
Separate Account Institutional		—
Class IR		9.32
Class R		9.34

(a)

Includes segregated cash of $2,295,000, $595,000, $370,000 and $520,000 for the Emerging Markets Debt, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds, respectively, relating to initial margin requirements and collateral on futures transactions. Also includes amounts segregated for initial margin on swap transactions of $64,722, $1,912,875, $5,460,051, $7,645,268, $1,039,668, $6,635,712 and $361,628 for the Dynamic Emerging Markets Debt, Emerging Markets Debt, High Yield, Yield Floating Rate, Investment Grade Credit, Local Emerging Markets Debt and U.S Mortgages Funds, respectively.

(b)

Maximum public offering price per share for Class A shares of Dynamic Emerging Markets Debt, Emerging Markets Debt, High Yield, High Yield Floating Rate, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds is $9.75, $13.27, $7.35, $10.15, $9.85, $8.42 and $10.99, 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.


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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS


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

	$1,668,429,834		$	4,642,904,393	$	4,650,464,419		$	441,706,625	$	1,691,879,018		$	305,735,873
	—			—		40,535,700			—		—			—
	65,100,000			66,000,000		259,800,000			25,300,000		135,300,000			46,600,000
	834,971			4,529,747		50,107,888			—		—			29,136
	156,275			—		7,585,758			—		26,787,665			—

	22,946,954			83,860,874		51,008,349			4,232,210		25,079,572			548,606
	17,829,165			3,301,087		933,517			14,608		33,703,168			—
	8,225,731			16,976,344		7,892,850			13,270,000		37,270,581			5,227
	—			20,328,923		124,291,717			—		1,182,429			123,636,211
	10,661,473			10,192,181		7,645,267			1,634,668		18,544,931			881,629
	15,151			—		—			46,780		99,614			39,765
	847,033			—		—			—		14,467,705			—
	173,411			1,615,300		504,460			54,224		649,720			22,775
	7,320,868			3,858,312		15,760,025			1,899,922		28,262,435			1,588,405
	—			—		—			—		32,570			—
	21			—		—			—		—			—
	—			23,278		—			—		—			—
	—			—		—			—		243,280			1,960
	9,676			42,867		41,342,340			3,973		15,098			2,357
	1,802,550,563			4,853,633,306		5,257,872,290			488,163,010		2,013,517,786			479,091,944


	—			—		—			111,650		3,957,364			—
	—			1,128		—			738		—			—

	9,249,191			—		98,736			—		31,089,048			—
	6,236,835			—		—			—		24,018,083			1,364
	16,834,481			5,987,750		80,090,437			5,071,160		21,555,126			322,647
	—			136,474,260		397,963,765			5,559,678		—			226,713,594
	9,165,638			19,919,597		25,657,404			676,147		10,093,589			421,598
	164,258			1,387,556		64,058			89,627		347,827			69,532
	1,162,034			2,574,076		2,055,669			129,729		1,289,952			69,258
	1,694,167			—		—			—		557,359			—
	113,695			363,778		159,258			22,299		100,550			9,588
	—			—		—			2,160,000		4,410,000			640,000
	1,281,639			—		—			11		20,792			19
	—			—		463,441			—		—			—
	—			—		—			69,673		—			22,735
	296,269			362,087		280,318			129,640		1,060,606			174,121
	46,198,207			167,070,232		506,833,086			14,020,352		98,500,296			228,444,456


	1,774,810,938			4,568,732,505		4,819,853,568			452,730,091		2,333,771,488			252,469,355
	(402,598	)		84,551		(609,849	)		358,988		(143,131,965	)		(715,635	)
	(12,649,445	)		97,530,329		(2,930,410	)		6,571,468		(102,492,918	)		(3,328,327	)
	(5,406,539	)		20,215,689		(65,274,105	)		14,482,111		(173,129,115	)		2,222,095
	$1,756,352,356		$	4,686,563,074	$	4,751,039,204		$	474,142,658	$	1,915,017,490		$	250,647,488

	$ 88,172,814		$	401,415,452	$	6,217,885		$	25,114,537	$	73,681,483		$	5,725,804
	—			8,574,417		—			—		—			—
	32,401,262			81,200,828		2,396,578			—		14,539,619			—
	1,617,897,754			4,145,926,304		4,741,529,506			165,063,966		1,821,778,000			42,816,534
	—			16,206,009		—			—		—			—
	—			—		—			283,206,174		—			200,559,009
	17,880,526			15,480,367		884,146			757,981		5,018,388			1,546,141
	—			17,759,697		11,089			—		—			—
	$1,756,352,356		$	4,686,563,074	$	4,751,039,204		$	474,142,658	$	1,915,017,490		$	250,647,488

	6,958,380			57,187,592		627,066			2,648,034		9,168,271			541,018
	—			1,218,550		—			—		—			—
	2,558,262			11,551,824		241,604			—		1,805,948			—
	127,518,376			588,799,558		477,611,678			17,399,610		226,608,656			4,037,095
	—			2,309,745		—			—		—			—
	—			—		—			29,843,887		—			18,953,051
	1,409,432			2,200,314		88,988			79,872		624,205			145,735
	—			2,530,054		1,117			—		—			—

	$12.67			$7.02		$9.92			$9.48		$8.04			$10.58
	—			7.04		—			—		—			—
	12.67			7.03		9.92			—		8.05			—
	12.69			7.04		9.93			9.49		8.04			10.61
	—			7.02		—			—		—			—
	—			—		—			9.49		—			10.58
	12.69			7.04		9.94			9.49		8.04			10.61
	—			7.02		9.92			—		—			—


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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Operations

For the Six Months Ended September 30, 2014 (Unaudited)


	Dynamic Emerging Markets Debt Fund
Investment income:
Interest, net of allowances — (net of foreign withholding taxes of $3,987 for Dynamic Emerging Markets Debt Fund)	$	750,956
Dividends — unaffiliated issuers (net of foreign withholding taxes of $724 for High Yield Fund)		—
Dividends — affiliated issuers		—
Total investment income		750,956

Expenses:
Management fees		124,931
Custody, accounting and administrative services		97,797
Professional fees		36,804
Registration fees		29,984
Amortization of offering costs		28,307
Printing and mailing costs		10,225
Trustee fees		9,186
Transfer Agent fees^(a)		5,657
Shareholder meeting expense		909
Distribution and Service fees^(a)		700
Service Share fees — Shareholder Administration Plan		—
Service Share fees — Service Plan		—
Other		3,675
Total expenses		348,175
Less — expense reductions		(220,442	)
Net expenses		127,733
NET INVESTMENT INCOME		623,223

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		140,259
Investments — affiliated issuers		—
Futures contracts		(75,636	)
Swap contracts		(17,294	)
Non-deliverable bond forward contracts		—
Forward foreign currency exchange contracts		118,145
Foreign currency transactions		18,555
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers (including the effects of the net change in the foreign capital gains tax liability of $5,960 and $1,024,614 for Dynamic Emerging Markets Debt and Local Emerging Markets Debt Funds)		(498,687	)
Investments — affiliated issuers		—
Futures contracts		3,729
Unfunded loan commitment		—
Non-deliverable bond forward contracts		—
Swap contracts		(96,058	)
Forward foreign currency exchange contracts		(16,994	)
Foreign currency translation		(15,939	)
Net realized and unrealized gain (loss)		(439,920	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	183,303
(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		Separate Account Institutional		Class IR		Class R
Dynamic Emerging Markets Debt	$	90	$	—	$	547	$	63	$	47	$	—	$	71	$	5,506	$	—	$	—	$	17	$	16
Emerging Markets Debt	��	128,180		—		164,750		—		66,654		—		21,418		293,714		—		—		11,322		—
High Yield		630,998		52,392		430,816		46,086		328,119		6,811		56,006		858,170		3,349		—		10,132		11,982
High Yield Floating Rate		22,955		—		11,876		27		11,936		—		1,544		890,727		—		—		723		7
Investment Grade Credit		31,305		—		—		—		16,279		—		—		33,445		—		56,518		463		—
Local Emerging Markets Debt		108,643		—		82,771		—		56,494		—		10,760		372,381		—		—		4,299		—
U.S. Mortgages		6,044		—		—		—		3,143		—		—		6,693		—		41,727		240		—


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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS


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

$	41,404,139		$	158,198,420		$	93,134,472		$	9,133,416		$	58,880,998		$	2,881,970
	—			188,357			—			—			—			—
	—			—			1,383,579			—			—			—
	41,404,139			158,386,777			94,518,051			9,133,416			58,880,998			2,881,970


	6,485,938			16,268,547			12,014,161			951,145			8,871,940			494,613
	245,174			200,115			457,046			70,511			967,553			118,015
	46,740			60,739			75,921			42,912			56,765			47,750
	49,835			63,154			70,580			39,816			38,474			34,726
	—			—			—			—			—			—
	162,617			134,699			58,084			20,601			45,791			19,484
	12,344			16,719			16,836			9,866			12,670			10,493
	393,108			1,274,569			904,937			106,705			443,934			51,803
	89,826			31,954			7,286			1,391			16,932			936
	292,930			1,160,292			34,858			31,305			191,414			6,044
	—			20,932			—			—			—			—
	—			20,932			—			—			—			—
	31,154			60,622			80,890			12,532			42,409			7,761
	7,809,666			19,313,274			13,720,599			1,286,784			10,687,882			791,625
	(103,613	)		—			(161,911	)		(328,420	)		(1,414,324	)		(307,049	)
	7,706,053			19,313,274			13,558,688			958,364			9,273,558			484,576
	33,698,086			139,073,503			80,959,363			8,175,052			49,607,440			2,397,394



	23,561,485			43,296,898			2,181,357			4,546,683			(18,097,558	)		2,645,519
	—			—			(295,073	)		—			—			—
	531,061			(8,209,248	)		—			3,320,819			(5,278,244	)		810,918
	(1,712,379	)		(2,849,896	)		(4,431,922	)		(1,550,516	)		(2,897,578	)		(661,866	)
	736,218			—			—			—			—			—
	9,094,420			7,413,343			2,221,789			34,621			1,739,290			—
	(339,974	)		(3,175,428	)		(1,368,056	)		(13,332	)		(1,285,379	)		—

	(5,904,749	)		(186,212,861	)		(71,264,569	)		(1,327,664	)		(53,954,167	)		743,167
	—			—			(1,115,796	)		—			—			—
	(1,462,618	)		(592,158	)		—			(224,275	)		(493,079	)		(319,405	)
	—			—			(737,073	)		—			—			—
	(618,563	)		—			—			—			—			—
	(4,460,503	)		1,952,308			303,099			338,974			(3,196,130	)		339,039
	9,804,619			3,133,345			800,181			13,852			(789,040	)		—
	(87,153	)		(85,536	)		569,672			(1,153	)		(2,162,248	)		—
	29,141,864			(145,329,233	)		(73,136,391	)		5,138,009			(86,414,133	)		3,557,372
$	62,839,950		$	(6,255,730	)	$	7,822,972		$	13,313,061		$	(36,806,693	)	$	5,954,766


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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets


	Dynamic Emerging Markets Debt Fund
	For the Six Months Ended September 30, 2014 (Unaudited)			For the Period Ended March 31, 2014^(a)
From operations:
Net investment income	$	623,223		$	576,502
Net realized gain (loss)		184,029			(418,835	)
Net change in unrealized loss		(623,949	)		(124,762	)
Net increase (decrease) in net assets resulting from operations		183,303			32,905

Distributions to shareholders:
From net investment income
Class A Shares		(1,494	)		(1,365	)
Class B Shares		—			—
Class C Shares		(1,810	)		(507	)
Institutional Shares		(609,227	)		(478,925	)
Service Shares		—			—
Class IR Shares		(544	)		(819	)
Class R Shares		(482	)		(580	)
From net realized gains
Class A Shares		—			—
Class B Shares		—			—
Class C Shares		—			—
Institutional Shares		—			—
Service Shares		—			—
Class IR Shares		—			—
Class R Shares		—			—
Return of capital
Class A Shares		—			(536	)
Class C Shares		—			(199	)
Institutional Shares		—			(188,033	)
Class IR Shares		—			(322	)
Class R Shares		—			(227	)
Total distributions to shareholders		(613,557	)		(671,513	)

From share transactions:
Proceeds from sales of shares		5,460,315			28,919,836
Reinvestment of distributions		370,084			388,110
Cost of shares redeemed^(b)		(1,111,572	)		(4,342,452	)
Net increase (decrease) in net assets resulting from share transactions		4,718,827			24,965,494
TOTAL INCREASE (DECREASE)		4,288,573			24,326,886

Net assets:
Beginning of period		24,326,886			—
End of period	$	28,615,459		$	24,326,886
Undistributed (distributions in excess of) net investment income	$	(144,576	)	$	(154,242	)

(a)

Commenced operations on May 31, 2013.

(b)

Net of $0 and $3,928, $7,258, and $125,836, and $39,280 and $269,505 of redemption fees for Dynamic Emerging Markets Debt, Emerging Markets Debt and High Yield Funds, respectively, for the period ended September 30, 2014 and for the fiscal year ended March 31, 2014, respectively.


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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS


Emerging Markets Debt Fund						High Yield Fund
For the Six Months Ended September 30, 2014 (Unaudited)			For the Fiscal Year Ended March 31, 2014			For the Six Months Ended September 30, 2014 (Unaudited)			For the Fiscal Year Ended March 31, 2014

$	33,698,086		$	69,862,408		$	139,073,503		$	337,235,254
	31,870,831			(53,753,476	)		36,475,669			142,016,318
	(2,728,967	)		(40,546,419	)		(181,804,902	)		(79,542,391	)
	62,839,950			(24,437,487	)		(6,255,730	)		399,709,181



	(2,004,824	)		(5,965,225	)		(13,358,014	)		(32,972,248	)
	—			—			(237,978	)		(836,211	)
	(518,287	)		(1,342,149	)		(1,954,450	)		(4,877,298	)
	(30,950,938	)		(56,154,613	)		(120,751,873	)		(295,130,180	)
	—			—			(428,885	)		(1,001,173	)
	(361,164	)		(837,936	)		(431,716	)		(998,711	)
	—			—			(463,757	)		(1,010,644	)

	—			(2,020,247	)		—			(19,586,059	)
	—			—			—			(518,089	)
	—			(600,152	)		—			(3,111,390	)
	—			(20,739,038	)		—			(162,867,891	)
	—			—			—			(600,325	)
	—			(272,490	)		—			(526,331	)
	—			—			—			(608,391	)

	—			(305,941	)		—			—
	—			(68,835	)		—			—
	—			(2,880,021	)		—			—
	—			(42,975	)		—			—
	—			—			—			—
	(33,835,213	)		(91,229,622	)		(137,626,673	)		(524,644,941	)


	436,954,157			852,069,909			475,955,990			1,265,981,357
	32,806,268			87,742,015			128,897,498			498,994,837
	(187,859,784	)		(993,217,584	)		(910,790,399	)		(2,429,872,327	)
	281,900,641			(53,405,660	)		(305,936,911	)		(664,896,133	)
	310,905,378			(169,072,769	)		(449,819,314	)		(789,831,893	)


	1,445,446,978			1,614,519,747			5,136,382,388			5,926,214,281
$	1,756,352,356		$	1,445,446,978		$	4,686,563,074		$	5,136,382,388
$	(402,598	)	$	(265,471	)	$	84,551		$	(1,362,279	)


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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)


	High Yield Floating Rate Fund
	For the Six Months Ended September 30, 2014 (Unaudited)			For the Fiscal Year Ended March 31, 2014
From operations:
Net investment income	$	80,959,363		$	105,590,591
Net realized gain (loss)		(1,691,905	)		3,579,388
Net change in unrealized gain (loss)		(71,444,486	)		(10,758,630	)
Net increase (decrease) in net assets resulting from operations		7,822,972			98,411,349

Distributions to shareholders:
From net investment income
Class A Shares		(303,562	)		(716,181	)
Class C Shares		(30,339	)		(60,603	)
Institutional Shares		(81,111,601	)		(103,191,743	)
Separate Account Institutional Shares		—			—
Class IR Shares		(19,979	)		(161,408	)
Class R Shares		(171	)		(331	)
From net realized gains
Class A Shares		—			(40,582	)
Class C Shares		—			(3,753	)
Institutional Shares		—			(5,235,933	)
Separate Account Institutional Shares		—			—
Class IR Shares		—			(8,640	)
Class R Shares		—			(18	)
Return of capital
Class A Shares		—			—
Class C Shares		—			—
Institutional Shares		—			—
Separate Account Institutional Shares		—			—
Class IR Shares		—			—
Total distributions to shareholders		(81,465,652	)		(109,419,192	)

From share transactions:
Proceeds from sales of shares		1,134,613,806			3,165,927,522
Reinvestment of distributions		81,077,447			108,783,941
Cost of shares redeemed		(591,731,287	)		(787,533,938	)
Net increase (decrease) in net assets resulting from share transactions		623,959,966			2,487,177,525
TOTAL INCREASE (DECREASE)		550,317,286			2,476,169,682

Net assets:
Beginning of period		4,200,721,918			1,724,552,236
End of period	$	4,751,039,204		$	4,200,721,918
Undistributed (distributions in excess of) net investment income	$	(609,849	)	$	(103,560	)

(a)

Net of $34,838 and $251,438 of redemption fees for Local Emerging Markets Debt Fund for the six months ended September 30, 2014 and for the fiscal year ended March 31, 2014, respectively.


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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS


Investment Grade Credit Fund						Local Emerging Markets Debt Fund						U.S. Mortgages Fund
For the Six Months Ended September 30, 2014 (Unaudited)			For the Fiscal Year Ended March 31, 2014			For the Six Months Ended September 30, 2014 (Unaudited)			For the Fiscal Year Ended March 31, 2014			For the Six Months Ended September 30, 2014 (Unaudited)			For the Fiscal Year Ended March 31, 2014

$	8,175,052		$	18,396,080		$	49,607,440		$	135,381,620		$	2,397,394		$	4,312,305
	6,338,275			2,761,565			(25,819,469	)		(370,409,799	)		2,794,571			(721,112	)
	(1,200,266	)		(15,610,609	)		(60,594,664	)		(121,257,010	)		762,801			(1,843,166	)
	13,313,061			5,547,036			(36,806,693	)		(356,285,189	)		5,954,766			1,748,027



	(390,403	)		(847,044	)		(2,362,827	)		(816,980	)		(52,909	)		(77,478	)
	—			—			(387,420	)		(121,084	)		—			—
	(2,891,806	)		(7,750,932	)		(53,504,702	)		(15,455,442	)		(412,962	)		(322,475	)
	(4,885,469	)		(9,705,470	)		—			—			(2,670,776	)		(5,950,896	)
	(11,933	)		(4,780	)		(188,851	)		(92,086	)		(4,369	)		(267	)
	—			—			—			—			—			—

	—			(382,159	)		—			(2,021,339	)		—			—
	—			—			—			(299,581	)		—			—
	—			(2,838,640	)		—			(38,239,235	)		—			—
	—			(3,862,563	)		—			—			—			—
	—			(1,478	)		—			(227,835	)		—			—
	—			—			—			—			—			—

	—			—			—			(3,899,217	)		—			—
	—			—			—			(577,900	)		—			—
	—			—			—			(73,764,527	)		—			—
	—			—			—			—			—			—
	—			—			—			(439,501	)		—			—
	(8,179,611	)		(25,393,066	)		(56,443,800	)		(135,954,727	)		(3,141,016	)		(6,351,116	)


	42,058,358			128,608,741			289,323,529			1,273,268,383			50,346,392			63,747,924
	7,556,545			23,497,220			54,054,681			130,957,369			2,667,596			5,388,132
	(58,597,349	)		(248,333,803	)		(255,169,934	)^(a)		(2,487,698,109	)^(a)		(32,045,167	)		(151,142,569	)
	(8,982,446	)		(96,227,842	)		88,208,276			(1,083,472,357	)		20,968,821			(82,006,513	)
	(3,848,996	)		(116,073,872	)		(5,042,217	)		(1,575,712,273	)		23,782,571			(86,609,602	)


	477,991,654			594,065,526			1,920,059,707			3,495,771,980			226,864,917			313,474,519
$	474,142,658		$	477,991,654		$	1,915,017,490		$	1,920,059,707		$	250,647,488		$	226,864,917
$	358,988		$	363,547		$	(143,131,965	)	$	(136,295,605	)	$	(715,635	)	$	27,987


The accompanying notes are an integral part of these financial statements.		131

GOLDMAN SACHS DYNAMIC EMERGING MARKETS DEBT 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 capital			Total distributions
FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)
2014 - A	$	9.45	$	0.20	$	(0.14	)	$	0.06		$	(0.20	)	$	—		$	(0.20	)
2014 - C		9.46		0.16		(0.12	)		0.04			(0.16	)		—			(0.16	)
2014 - Institutional		9.46		0.22		(0.13	)		0.09			(0.21	)		—			(0.21	)
2014 - IR		9.44		0.21		(0.12	)		0.09			(0.21	)		—			(0.21	)
2014 - R		9.46		0.19		(0.13	)		0.06			(0.18	)		—			(0.18	)

FOR THE PERIOD ENDED MARCH 31,
2014 - A (Commenced May 31, 2013)		10.00		0.31		(0.52	)		(0.21	)		(0.23	)		(0.11	)		(0.34	)
2014 - C (Commenced May 31, 2013)		10.00		0.25		(0.51	)		(0.26	)		(0.17	)		(0.11	)		(0.28	)
2014 - Institutional (Commenced May 31, 2013)		10.00		0.32		(0.50	)		(0.18	)		(0.25	)		(0.11	)		(0.36	)
2014 - IR (Commenced May 31, 2013)		10.00		0.31		(0.52	)		(0.21	)		(0.24	)		(0.11	)		(0.35	)
2014 - R (Commenced May 31, 2013)		10.00		0.27		(0.49	)		(0.22	)		(0.21	)		(0.11	)		(0.32	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

Annualized.

(d)

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.


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

GOLDMAN SACHS DYNAMIC EMERGING MARKETS DEBT 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 to average net assets^(c)			Portfolio turnover rate^(d)

$	9.31		0.56	%	$	145		1.27	%		2.96	%		4.20	%		63	%
	9.34		0.39			115		2.00			3.46			3.39			63
	9.34		0.95			28,305		0.91			2.40			4.50			63
	9.32		0.89			25		1.02			2.50			4.39			63
	9.34		0.65			25		1.50			3.00			3.89			63


	9.45		(2.03	)		99		1.27			3.67			3.97			140
	9.46		(2.52	)		59		2.01			5.31			3.27			140
	9.46		(1.67	)		24,119		0.93			4.21			4.17			140
	9.44		(1.98	)		24		1.03			4.19			4.00			140
	9.46		(2.14	)		24		1.52			5.22			3.50			140


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

GOLDMAN SACHS EMERGING MARKETS DEBT 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			From capital			Total distributions
FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)
2014 - A	$	12.40	$	0.25	$	0.27		$	0.52		$	(0.25	)	$	—		$	—		$	(0.25	)
2014 - C		12.39		0.20		0.28			0.48			(0.20	)		—			—			(0.20	)
2014 - Institutional		12.41		0.27		0.28			0.55			(0.27	)		—			—			(0.27	)
2014 - IR		12.41		0.26		0.29			0.55			(0.27	)		—			—			(0.27	)

FOR THE FISCAL YEARS ENDED MARCH 31,
2014 - A		13.28		0.55		(0.70	)		(0.15	)		(0.50	)		(0.20	)		(0.03	)		(0.73	)
2014 - C		13.27		0.46		(0.70	)		(0.24	)		(0.41	)		(0.20	)		(0.03	)		(0.64	)
2014 - Institutional		13.29		0.59		(0.69	)		(0.10	)		(0.55	)		(0.20	)		(0.03	)		(0.78	)
2014 - IR		13.29		0.58		(0.69	)		(0.11	)		(0.54	)		(0.20	)		(0.03	)		(0.77	)
2013 - A		12.95		0.61		0.76			1.37			(0.65	)		(0.39	)		—			(1.04	)
2013 - C		12.94		0.50		0.77			1.27			(0.55	)		(0.39	)		—			(0.94	)
2013 - Institutional		12.96		0.65		0.77			1.42			(0.70	)		(0.39	)		—			(1.09	)
2013 - IR		12.96		0.64		0.77			1.41			(0.69	)		(0.39	)		—			(1.08	)
2012 - A		12.28		0.61		0.81			1.42			(0.61	)		(0.14	)		—			(0.75	)
2012 - C		12.27		0.52		0.80			1.32			(0.51	)		(0.14	)		—			(0.65	)
2012 - Institutional		12.29		0.65		0.81			1.46			(0.65	)		(0.14	)		—			(0.79	)
2012 - IR		12.29		0.63		0.82			1.45			(0.64	)		(0.14	)		—			(0.78	)
2011 - A		11.99		0.59		0.42			1.01			(0.71	)		(0.01	)		—			(0.72	)
2011 - C		11.98		0.49		0.43			0.92			(0.62	)		(0.01	)		—			(0.63	)
2011 - Institutional		12.00		0.63		0.42			1.05			(0.75	)		(0.01	)		—			(0.76	)
2011 - IR (Commenced July 30, 2010)		12.44		0.41		(0.04	)		0.37			(0.51	)		(0.01	)		—			(0.52	)
2010 - A		9.19		0.70		2.96			3.66			(0.86	)		—			—			(0.86	)
2010 - C		9.16		0.61		2.99			3.60			(0.78	)		—			—			(0.78	)
2010 - Institutional		9.20		0.74		2.96			3.70			(0.90	)		—			—			(0.90	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

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


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

GOLDMAN SACHS EMERGING MARKETS DEBT 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)

$	12.67		4.19	%	$	88,173		1.25	%^(d)		1.26	%^(d)		3.89	%^(d)		48	%
	12.67		3.88			32,401		2.00	^(d)		2.01	^(d)		3.13	^(d)		48
	12.69		4.44			1,617,898		0.91	^(d)		0.92	^(d)		4.20	^(d)		48
	12.69		4.40			17,881		1.00	^(d)		1.01	^(d)		4.14	^(d)		48


	12.40		(0.88	)		100,723		1.25			1.26			4.38			121
	12.39		(1.63	)		32,020		2.00			2.01			3.65			121
	12.41		(0.54	)		1,296,153		0.91			0.92			4.76			121
	12.41		(0.63	)		16,552		1.00			1.01			4.65			121
	13.28		10.64			211,379		1.23			1.26			4.48			97
	13.27		9.82			49,527		1.98			2.01			3.73			97
	13.29		11.04			1,329,643		0.89			0.92			4.83			97
	13.29		10.91			23,970		0.97			1.01			4.69			97
	12.95		11.87			169,491		1.22			1.27			4.84			86
	12.94		11.05			31,893		1.97			2.02			4.11			86
	12.96		12.24			720,098		0.88			0.93			5.18			86
	12.96		12.14			6,515		0.97			1.02			5.05			86
	12.28		8.46			156,901		1.22			1.29			4.75			116	^(e)
	12.27		7.65			31,205		1.97			2.04			4.00			116	^(e)
	12.29		8.82			436,068		0.88			0.95			5.12			116	^(e)
	12.29		2.96			1,392		0.97	^(d)		1.05	^(d)		4.96	^(d)		116	^(e)
	11.99		40.98			105,352		1.22			1.31			6.27			121
	11.98		40.28			10,629		1.97			2.06			5.41			121
	12.00		41.42			278,030		0.88			0.97			6.63			121


The accompanying notes are an integral part of these financial statements.		135

GOLDMAN SACHS HIGH YIELD 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)
2014 - A	$	7.23	$	0.19	$	(0.21	)	$	(0.02	)	$	(0.19	)	$	—		$	(0.19	)
2014 - B		7.25		0.17		(0.22	)		(0.05	)		(0.16	)		—			(0.16	)
2014 - C		7.24		0.17		(0.22	)		(0.05	)		(0.16	)		—			(0.16	)
2014 - Institutional		7.25		0.21		(0.22	)		(0.01	)		(0.20	)		—			(0.20	)
2014 - Service		7.23		0.19		(0.22	)		(0.03	)		(0.18	)		—			(0.18	)
2014 - IR		7.25		0.20		(0.21	)		(0.01	)		(0.20	)		—			(0.20	)
2014 - R		7.23		0.18		(0.21	)		(0.03	)		(0.18	)		—			(0.18	)

FOR THE FISCAL YEARS ENDED MARCH 31,
2014 - A		7.40		0.43		0.09			0.52			(0.43	)		(0.26	)		(0.69	)
2014 - B		7.42		0.38		0.08			0.46			(0.37	)		(0.26	)		(0.63	)
2014 - C		7.41		0.38		0.08			0.46			(0.37	)		(0.26	)		(0.63	)
2014 - Institutional		7.42		0.46		0.08			0.54			(0.45	)		(0.26	)		(0.71	)
2014 - Service		7.40		0.42		0.09			0.51			(0.42	)		(0.26	)		(0.68	)
2014 - IR		7.41		0.45		0.10			0.55			(0.45	)		(0.26	)		(0.71	)
2014 - R		7.40		0.41		0.09			0.50			(0.41	)		(0.26	)		(0.67	)
2013 - A		7.12		0.45		0.42			0.87			(0.46	)		(0.13	)		(0.59	)
2013 - B		7.13		0.40		0.43			0.83			(0.41	)		(0.13	)		(0.54	)
2013 - C		7.13		0.40		0.42			0.82			(0.41	)		(0.13	)		(0.54	)
2013 - Institutional		7.14		0.48		0.42			0.90			(0.49	)		(0.13	)		(0.62	)
2013 - Service		7.11		0.44		0.43			0.87			(0.45	)		(0.13	)		(0.58	)
2013 - IR		7.13		0.47		0.42			0.89			(0.48	)		(0.13	)		(0.61	)
2013 - R		7.12		0.44		0.41			0.85			(0.44	)		(0.13	)		(0.57	)
2012 - A		7.38		0.49		(0.18	)		0.31			(0.50	)		(0.07	)		(0.57	)
2012 - B		7.40		0.44		(0.19	)		0.25			(0.45	)		(0.07	)		(0.52	)
2012 - C		7.39		0.44		(0.19	)		0.25			(0.44	)		(0.07	)		(0.51	)
2012 - Institutional		7.40		0.51		(0.18	)		0.33			(0.52	)		(0.07	)		(0.59	)
2012 - Service		7.38		0.48		(0.19	)		0.29			(0.49	)		(0.07	)		(0.56	)
2012 - IR		7.39		0.50		(0.17	)		0.33			(0.52	)		(0.07	)		(0.59	)
2012 - R		7.38		0.47		(0.18	)		0.29			(0.48	)		(0.07	)		(0.55	)
2011 - A		7.07		0.55		0.30			0.85			(0.54	)		—			(0.54	)
2011 - B		7.08		0.49		0.32			0.81			(0.49	)		—			(0.49	)
2011 - C		7.08		0.49		0.31			0.80			(0.49	)		—			(0.49	)
2011 - Institutional		7.09		0.57		0.31			0.88			(0.57	)		—			(0.57	)
2011 - Service		7.06		0.53		0.32			0.85			(0.53	)		—			(0.53	)
2011 - IR		7.07		0.56		0.32			0.88			(0.56	)		—			(0.56	)
2011 - R		7.07		0.53		0.31			0.84			(0.53	)		—			(0.53	)
2010 - A		5.18		0.53		1.90			2.43			(0.54	)		—			(0.54	)
2010 - B		5.18		0.49		1.90			2.39			(0.49	)		—			(0.49	)
2010 - C		5.18		0.49		1.90			2.39			(0.49	)		—			(0.49	)
2010 - Institutional		5.19		0.56		1.91			2.47			(0.57	)		—			(0.57	)
2010 - Service		5.17		0.53		1.89			2.42			(0.53	)		—			(0.53	)
2010 - IR		5.18		0.55		1.90			2.45			(0.56	)		—			(0.56	)
2010 - R		5.17		0.52		1.91			2.43			(0.53	)		—			(0.53	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.


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

GOLDMAN SACHS HIGH YIELD 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)

$	7.02		(0.30	)%	$	401,415		1.06	%^(d)		1.06	%^(d)		5.35	%^(d)		30	%
	7.04		(0.66	)		8,574		1.81	^(d)		1.81	^(d)		4.61	^(d)		30
	7.03		(0.67	)		81,201		1.81	^(d)		1.81	^(d)		4.60	^(d)		30
	7.04		(0.12	)		4,145,926		0.72	^(d)		0.72	^(d)		5.69	^(d)		30
	7.02		(0.38	)		16,206		1.22	^(d)		1.22	^(d)		5.18	^(d)		30
	7.04		(0.16	)		15,480		0.81	^(d)		0.81	^(d)		5.60	^(d)		30
	7.02		(0.42	)		17,760		1.31	^(d)		1.31	^(d)		5.09	^(d)		30


	7.23		7.41			549,354		1.05			1.05			5.95			48
	7.25		6.61			11,655		1.81			1.81			5.22			48
	7.24		6.61			88,607		1.81			1.81			5.21			48
	7.25		7.77			4,436,484		0.72			0.72			6.30			48
	7.23		7.24			17,066		1.22			1.22			5.79			48
	7.25		7.68			15,142		0.81			0.81			6.22			48
	7.23		7.14			18,075		1.31			1.31			5.70			48
	7.40		12.67			576,060		1.05			1.05			6.27			68
	7.42		11.97			20,355		1.80			1.80			5.53			68
	7.41		11.83			106,063		1.80			1.80			5.52			68
	7.42		13.03			5,167,948		0.71			0.71			6.61			68
	7.40		12.65			17,512		1.21			1.21			6.11			68
	7.41		13.09			19,711		0.80			0.80			6.55			68
	7.40		12.39			18,565		1.30			1.30			6.01			68
	7.12		4.53			630,049		1.06			1.06			6.97			71
	7.13		3.62			30,572		1.81			1.81			6.24			71
	7.13		3.76			108,682		1.81			1.81			6.21			71
	7.14		4.89			4,988,221		0.72			0.72			7.25			71
	7.11		4.22			21,420		1.22			1.22			6.81			71
	7.13		4.79			37,059		0.81			0.81			7.13			71
	7.12		4.28			17,087		1.31			1.31			6.69			71
	7.38		12.56			862,655		1.05			1.06			7.63			46
	7.40		11.87			45,430		1.80			1.81			6.86			46
	7.39		11.72			114,921		1.80			1.81			6.85			46
	7.40		12.93			4,492,556		0.71			0.72			7.94			46
	7.38		12.54			23,208		1.21			1.22			7.44			46
	7.39		12.99			3,081		0.80			0.81			7.79			46
	7.38		12.29			13,279		1.30			1.31			7.36			46
	7.07		48.28			1,339,958		1.05			1.06			8.38			35
	7.08		47.38			60,649		1.80			1.81			7.61			35
	7.08		47.38			111,997		1.80			1.81			7.56			35
	7.09		48.88			4,655,677		0.71			0.72			8.64			35
	7.06		48.13			22,639		1.21			1.22			8.14			35
	7.07		48.63			786		0.80			0.81			8.01			35
	7.07		48.20			5,404		1.30			1.31			7.78			35


The accompanying notes are an integral part of these financial statements.		137

GOLDMAN SACHS HIGH YIELD FLOATING RATE 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			From capital			Total distributions
FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)
2014 - A	$	10.07	$	0.17		$	(0.15	)	$	0.02		$	(0.17	)	$	—		$	—		$	(0.17	)
2014 - C		10.08		0.13			(0.16	)		(0.03	)		(0.13	)		—			—			(0.13	)
2014 - Institutional		10.09		0.18			(0.16	)		0.02			(0.18	)		—			—			(0.18	)
2014 - IR		10.09		0.18			(0.15	)		0.03			(0.18	)		—			—			(0.18	)
2014 - R		10.08		0.15			(0.16	)		(0.01	)		(0.15	)		—			—			(0.15	)

FOR THE FISCAL YEARS ENDED MARCH 31,
2014 - A		10.11		0.33			(0.02	)		0.31			(0.33	)		(0.02	)		—			(0.35	)
2014 - C		10.12		0.26			(0.03	)		0.23			(0.25	)		(0.02	)		—			(0.27	)
2014 - Institutional		10.13		0.37			(0.03	)		0.34			(0.36	)		(0.02	)		—			(0.38	)
2014 - IR		10.13		0.36			(0.03	)		0.33			(0.35	)		(0.02	)		—			(0.37	)
2014 - R		10.12		0.31			(0.03	)		0.28			(0.30	)		(0.02	)		—			(0.32	)
2013 - A		9.91		0.37			0.20			0.57			(0.36	)		—			(0.01	)		(0.37	)
2013 - C		9.90		0.29			0.23			0.52			(0.29	)		—			(0.01	)		(0.30	)
2013 - Institutional		9.91		0.40			0.23			0.63			(0.40	)		—			(0.01	)		(0.41	)
2013 - IR		9.91		0.40			0.22			0.62			(0.39	)		—			(0.01	)		(0.40	)
2013 - R		9.91		0.35			0.21			0.56			(0.34	)		—			(0.01	)		(0.35	)
2012 - A		10.00		0.33			(0.11	)		0.22			(0.31	)		—			—			(0.31	)
2012 - C		9.99		0.26			(0.12	)		0.14			(0.23	)		—			—			(0.23	)
2012 - Institutional		9.99		0.35			(0.09	)		0.26			(0.34	)		—			—			(0.34	)
2012 - IR		10.00		0.34			(0.10	)		0.24			(0.33	)		—			—			(0.33	)
2012 - R		10.00		0.28			(0.09	)		0.19			(0.28	)		—			—			(0.28	)
2011 - A (Commenced March 31, 2011)		10.00		—	^(e)		—	^(e)		—	^(e)		—			—			—			—
2011 - C (Commenced March 31, 2011)		10.00		—	^(e)		(0.01	)		(0.01	)		—			—			—			—
2013 - Institutional (Commenced March 31, 2011)		10.00		—	^(e)		(0.01	)		(0.01	)		—			—			—			—
2011 - IR (Commenced March 31, 2011)		10.00		—	^(e)		—	^(e)		—	^(e)		—			—			—			—
2011 - R (Commenced March 31, 2011)		10.00		—	^(e)		—	^(e)		—	^(e)		—			—			—			—

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

Amount is less than $0.005 per share.


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE 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 (loss) to average net assets			Portfolio turnover rate^(c)

$	9.92		0.16	%	$	6,218		0.94	%^(d)		0.95	%^(d)		3.29	%^(d)		22	%
	9.92		(0.32	)		2,397		1.69	^(d)		1.70	^(d)		2.53	^(d)		22
	9.93		0.23			4,741,530		0.60	^(d)		0.61	^(d)		3.62	^(d)		22
	9.94		0.29			884		0.70	^(d)		0.71	^(d)		3.58	^(d)		22
	9.92		(0.06	)		11		1.16	^(d)		1.17	^(d)		3.04	^(d)		22


	10.07		3.09			24,741		0.96			0.97			3.28			44
	10.08		2.33			2,465		1.72			1.73			2.58			44
	10.09		3.45			4,171,873		0.63			0.63			3.65			44
	10.09		3.36			1,631		0.72			0.73			3.59			44
	10.08		2.83			11		1.21			1.22			3.08			44
	10.11		5.89			8,367		1.04			1.04			3.69			72
	10.12		5.31			1,648		1.79			1.79			2.93			72
	10.13		6.47			1,710,411		0.70			0.70			3.99			72
	10.13		6.36			4,116		0.80			0.80			4.00			72
	10.12		5.73			11		1.28			1.29			3.47			72
	9.91		2.24			1,910		1.08			1.13			3.41			73
	9.90		1.40			517		1.83			1.88			2.69			73
	9.91		2.58			644,969		0.74			0.79			3.63			73
	9.91		2.48			116		0.83			0.88			3.51			73
	9.91		1.99			10		1.33			1.38			2.86			73
	10.00		—			10		1.08	^(d)		1.47	^(d)		(1.08	)^(d)		—
	9.99		—			10		1.83	^(d)		2.22	^(d)		(1.83	)^(d)		—
	9.99		—			118,817		0.74	^(d)		1.13	^(d)		(0.74	)^(d)		—
	10.00		—			10		0.83	^(d)		1.22	^(d)		(0.83	)^(d)		—
	10.00		—			10		1.33	^(d)		1.72	^(d)		(1.33	)^(d)		—


The accompanying notes are an integral part of these financial statements.		139

GOLDMAN SACHS INVESTMENT GRADE CREDIT 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)
2014 - A	$	9.39	$	0.15	$	0.09		$	0.24	$	(0.15	)	$	—		$	(0.15	)
2014 - Institutional		9.39		0.17		0.10			0.27		(0.17	)		—			(0.17	)
2014 - Separate Account Institutional		9.39		0.17		0.10			0.27		(0.17	)		—			(0.17	)
2014 - IR		9.39		0.16		0.10			0.26		(0.16	)		—			(0.16	)

FOR THE FISCAL YEARS ENDED MARCH 31,
2014 - A		9.71		0.30		(0.18	)		0.12		(0.30	)		(0.14	)		(0.44	)
2014 - Institutional		9.71		0.34		(0.18	)		0.16		(0.34	)		(0.14	)		(0.48	)
2014 - Separate Account Institutional		9.71		0.33		(0.17	)		0.16		(0.34	)		(0.14	)		(0.48	)
2014 - IR		9.71		0.32		(0.17	)		0.15		(0.33	)		(0.14	)		(0.47	)
2013 - A		9.53		0.31		0.51			0.82		(0.31	)		(0.33	)		(0.64	)
2013 - Institutional		9.53		0.34		0.52			0.86		(0.35	)		(0.33	)		(0.68	)
2013 - Separate Account Institutional		9.53		0.34		0.52			0.86		(0.35	)		(0.33	)		(0.68	)
2013 - IR		9.53		0.34		0.51			0.85		(0.34	)		(0.33	)		(0.67	)
2012 - A		9.50		0.37		0.50			0.87		(0.37	)		(0.47	)		(0.84	)
2012 - Institutional		9.51		0.40		0.50			0.90		(0.41	)		(0.47	)		(0.88	)
2012 - Separate Account Institutional		9.51		0.40		0.50			0.90		(0.41	)		(0.47	)		(0.88	)
2012 - IR (Commenced July 29, 2011)		9.86		0.25		0.15			0.40		(0.26	)		(0.47	)		(0.73	)
2011 - A		9.14		0.38		0.37			0.75		(0.38	)		(0.01	)		(0.39	)
2011 - Institutional		9.14		0.41		0.38			0.79		(0.41	)		(0.01	)		(0.42	)
2011 - Separate Account Institutional		9.14		0.41		0.38			0.79		(0.41	)		(0.01	)		(0.42	)
2010 - A		7.75		0.43		1.40			1.83		(0.44	)		—			(0.44	)
2010 - Institutional		7.75		0.46		1.40			1.86		(0.47	)		—			(0.47	)
2010 - Separate Account Institutional		7.75		0.47		1.39			1.86		(0.47	)		—			(0.47	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

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


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT 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)

$	9.48		2.54	%	$	25,115		0.72	%^(d)		0.86	%^(d)		3.12	%^(d)		35	%
	9.49		2.83			165,064		0.39	^(d)		0.52	^(d)		3.46	^(d)		35
	9.49		2.83			283,206		0.38	^(d)		0.52	^(d)		3.46	^(d)		35
	9.49		2.78			758		0.47	^(d)		0.61	^(d)		3.35	^(d)		35


	9.39		1.41			24,839		0.72			0.85			3.22			86
	9.39		1.76			165,755		0.38			0.51			3.57			86
	9.39		1.76			286,845		0.38			0.51			3.56			86
	9.39		1.66			552		0.47			0.60			3.37			86
	9.71		8.73			30,216		0.71			0.84			3.17			162
	9.71		9.09			274,095		0.37			0.50			3.51			162
	9.71		9.09			289,032		0.37			0.50			3.51			162
	9.71		8.99			723		0.47			0.59			3.46			162
	9.53		9.34			155,684		0.71			0.85			3.78			120
	9.53		9.71			163,886		0.37			0.51			4.12			120
	9.53		9.71			237,266		0.37			0.51			4.13			120
	9.53		4.26			1,300		0.46	^(d)		0.60	^(d)		3.91	^(d)		120
	9.50		8.37			147,820		0.74			0.87			3.98			100	^(e)
	9.51		8.73			143,057		0.40			0.53			4.33			100	^(e)
	9.51		8.77			262,907		0.37			0.50			4.36			100	^(e)
	9.14		23.96			167,774		0.76			0.89			4.90			90
	9.14		24.39			190,478		0.41			0.55			5.17			90
	9.14		24.45			272,812		0.36			0.50			5.39			90


The accompanying notes are an integral part of these financial statements.		141

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT 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			From capital			Total distributions
FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)
2014 - A	$	8.43	$	0.20	$	(0.36	)	$	(0.16	)	$	(0.23	)	$	—		$	—		$	(0.23	)
2014 - C		8.44		0.17		(0.36	)		(0.19	)		(0.20	)		—			—			(0.20	)
2014 - Institutional		8.43		0.22		(0.36	)		(0.14	)		(0.25	)		—			—			(0.25	)
2014 - IR		8.43		0.21		(0.36	)		(0.15	)		(0.24	)		—			—			(0.24	)

FOR THE FISCAL YEARS ENDED MARCH 31,
2014 - A		9.71		0.40		(1.27	)		(0.87	)		(0.03	)		(0.13	)		(0.25	)		(0.41	)
2014 - C		9.72		0.34		(1.28	)		(0.94	)		—			(0.13	)		(0.21	)		(0.34	)
2014 - Institutional		9.71		0.43		(1.27	)		(0.84	)		(0.06	)		(0.13	)		(0.25	)		(0.44	)
2014 - IR		9.71		0.42		(1.27	)		(0.85	)		(0.05	)		(0.13	)		(0.25	)		(0.43	)
2013 - A		9.38		0.45		0.38			0.83			(0.46	)		(0.04	)		—			(0.50	)
2013 - C		9.40		0.38		0.37			0.75			(0.39	)		(0.04	)		—			(0.43	)
2013 - Institutional		9.38		0.48		0.38			0.86			(0.49	)		(0.04	)		—			(0.53	)
2013 - IR		9.38		0.47		0.38			0.85			(0.48	)		(0.04	)		—			(0.52	)
2012 - A		9.59		0.42		(0.16	)		0.26			(0.44	)		(0.03	)		—			(0.47	)
2012 - C		9.61		0.37		(0.18	)		0.19			(0.37	)		(0.03	)		—			(0.40	)
2012 - Institutional		9.59		0.48		(0.19	)		0.29			(0.47	)		(0.03	)		—			(0.50	)
2012 - IR		9.59		0.46		(0.18	)		0.28			(0.46	)		(0.03	)		—			(0.49	)
2011 - A		9.31		0.41		0.60			1.01			(0.64	)		(0.09	)		—			(0.73	)
2011 - C		9.33		0.32		0.61			0.93			(0.56	)		(0.09	)		—			(0.65	)
2011 - Institutional		9.31		0.44		0.60			1.04			(0.67	)		(0.09	)		—			(0.76	)
2011 - IR (Commenced July 30, 2010)		9.43		0.28		0.46			0.74			(0.49	)		(0.09	)		—			(0.58	)
2010 - A		7.23		0.42		2.10			2.52			(0.44	)		—			—			(0.44	)
2010 - C		7.24		0.36		2.10			2.46			(0.37	)		—			—			(0.37	)
2010 - Institutional		7.23		0.45		2.10			2.55			(0.47	)		—			—			(0.47	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT 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)

$	8.04		(1.99	)%	$	73,681		1.26	%^(d)		1.40	%^(d)		4.74	%^(d)		79	%
	8.05		(2.23	)		14,540		2.01	^(d)		2.15	^(d)		3.98	^(d)		79
	8.04		(1.82	)		1,821,778		0.92	^(d)		1.06	^(d)		5.06	^(d)		79
	8.04		(1.87	)		5,018		1.01	^(d)		1.16	^(d)		5.01	^(d)		79


	8.43		(9.01	)		96,925		1.25			1.36			4.55			146
	8.44		(9.68	)		17,641		2.01			2.12			3.80			146
	8.43		(8.70	)		1,797,975		0.92			1.02			4.88			146
	8.43		(8.78	)		7,518		1.01			1.11			4.73			146
	9.71		9.07			190,480		1.26			1.38			4.78			115
	9.72		8.14			32,071		2.00			2.13			3.98			115
	9.71		9.46			3,252,343		0.91			1.04			5.05			115
	9.71		9.34			20,878		1.00			1.12			4.91			115
	9.38		2.71			166,407		1.27			1.38			4.31			183
	9.40		1.96			20,704		2.02			2.13			3.98			183
	9.38		3.06			1,586,055		0.93			1.04			5.18			183
	9.38		2.97			7,393		1.02			1.13			4.91			183
	9.59		11.30			1,055,640		1.35			1.43			4.30			154
	9.61		10.45			16,724		2.10			2.18			3.37			154
	9.59		11.68			1,048,186		1.01			1.09			4.63			154
	9.59		8.13			8,247		1.10	^(d)		1.16	^(d)		4.40	^(d)		154
	9.31		35.39			419,456		1.35			1.49			4.74			134
	9.33		34.47			936		2.10			2.24			4.09			134
	9.31		35.84			377,691		1.01			1.15			5.16			134


The accompanying notes are an integral part of these financial statements.		143

GOLDMAN SACHS U.S. MORTGAGES 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)
2014 - A	$	10.45	$	0.08	$	0.17		$	0.25	$	(0.12	)	$	—		$	(0.12	)
2014 - Institutional		10.47		0.10		0.18			0.28		(0.14	)		—			(0.14	)
2014 - Separate Account Institutional		10.45		0.10		0.17			0.27		(0.14	)		—			(0.14	)
2014 - IR		10.48		0.09		0.17			0.26		(0.13	)		—			(0.13	)

FOR THE FISCAL YEARS ENDED MARCH 31,
2014 - A		10.60		0.13		(0.06	)		0.07		(0.22	)		—			(0.22	)
2014 - Institutional		10.62		0.18		(0.08	)		0.10		(0.25	)		—			(0.25	)
2014 - Separate Account Institutional		10.60		0.16		(0.06	)		0.10		(0.25	)		—			(0.25	)
2014 - IR		10.63		0.20		(0.11	)		0.09		(0.24	)		—			(0.24	)
2013 - A		10.58		0.12		0.31			0.43		(0.22	)		(0.19	)		(0.41	)
2013 - Institutional		10.60		0.16		0.30			0.46		(0.25	)		(0.19	)		(0.44	)
2013 - Separate Account Institutional		10.58		0.16		0.30			0.46		(0.25	)		(0.19	)		(0.44	)
2013 - IR		10.60		0.17		0.31			0.48		(0.26	)		(0.19	)		(0.45	)
2012 - A		10.20		0.17		0.42			0.59		(0.21	)		—			(0.21	)
2012 - Institutional		10.21		0.20		0.44			0.64		(0.25	)		—			(0.25	)
2012 - Separate Account Institutional		10.20		0.21		0.42			0.63		(0.25	)		—			(0.25	)
2012 - IR (Commenced July 29, 2011)		10.45		0.14		0.19			0.33		(0.18	)		—			(0.18	)
2011 - A		9.99		0.22		0.22			0.44		(0.23	)		—			(0.23	)
2011 - Institutional		10.00		0.25		0.23			0.48		(0.27	)		—			(0.27	)
2011 - Separate Account Institutional		9.99		0.25		0.23			0.48		(0.27	)		—			(0.27	)
2010 - A		9.27		0.32		0.76			1.08		(0.36	)		—			(0.36	)
2010 - Institutional		9.29		0.38		0.73			1.11		(0.40	)		—			(0.40	)
2010 - Separate Account Institutional		9.28		0.38		0.73			1.11		(0.40	)		—			(0.40	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

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


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

GOLDMAN SACHS U.S. MORTGAGES 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)

$	10.58		2.37	%	$	5,726		0.72	%^(d)		0.97	%^(d)		1.58	%^(d)		574	%
	10.61		2.64			42,817		0.38	^(d)		0.63	^(d)		1.89	^(d)		574
	10.58		2.55			200,559		0.39	^(d)		0.63	^(d)		1.95	^(d)		574
	10.61		2.50			1,546		0.47	^(d)		0.73	^(d)		1.72	^(d)		574


	10.45		0.64			3,850		0.72			0.96			1.22			1,399
	10.47		0.99			11,692		0.38			0.63			1.71			1,399
	10.45		0.98			211,306		0.38			0.62			1.58			1,399
	10.48		0.88			16		0.49			0.73			1.91			1,399
	10.60		4.07			4,488		0.71			0.91			1.13			1,617
	10.62		4.42			13,664		0.37			0.56			1.47			1,617
	10.60		4.42			295,322		0.37			0.56			1.49			1,617
	10.63		4.61			1		0.30			0.49			1.57			1,617
	10.58		5.82			5,437		0.71			0.91			1.62			1,342
	10.60		6.28			9,984		0.37			0.57			1.89			1,342
	10.58		6.18			375,451		0.37			0.57			1.97			1,342
	10.60		3.20			1		0.46	^(d)		0.66	^(d)		2.06	^(d)		1,342
	10.20		4.46			5,511		0.74			0.92			2.14			905	^(e)
	10.21		4.81			54,096		0.40			0.58			2.41			905	^(e)
	10.20		4.84			348,447		0.37			0.55			2.42			905	^(e)
	9.99		11.84			12,791		0.76			0.94			3.29			628
	10.00		12.11			62,950		0.41			0.60			3.88			628
	9.99		12.17			369,251		0.36			0.55			3.91			628


The accompanying notes are an integral part of these financial statements.		145

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements

September 30, 2014 (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
Dynamic Emerging Markets Debt (Commenced operations May 31, 2013)	A, C, Institutional, IR and R	Non-diversified
Emerging Markets Debt, Local Emerging Markets Debt	A, C, Institutional and IR	Non-diversified
High Yield	A, B, C, Institutional, Service, IR and R	Diversified
High Yield Floating Rate	A, C, Institutional, IR and R	Diversified
Investment Grade Credit, U.S. Mortgages	A, Institutional, IR and Separate Account Institutional	Diversified

The High Yield Fund’s Class B Shares are generally no longer available for purchase by current or prospective investors.

Class A Shares of the Dynamic Emerging Markets Debt, Emerging Markets Debt, High Yield, High Yield Floating Rate, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds are sold with a front-end sales charge of up to 4.50%, 4.50%, 4.50%, 2.25%, 3.75%, 4.50% and 3.75%, respectively. 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, Separate Account Institutional, 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 the Funds pursuant to a management agreement (the “Agreement”) with the Trust.

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. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

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 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

146

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 income. 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.

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 and Organization Costs — Offering costs paid in connection with the offering of shares of Dynamic Emerging Markets Debt Fund were being amortized on a straight-line basis over 12 months from the date of commencement of operations.

E. Redemption Fees — A 2% redemption fee will be imposed on the redemption of shares (including by exchange) held for 60 calendar days or less with respect to the High Yield Fund and 30 calendar days or less with respect to the Dynamic Emerging Markets Debt, Emerging Markets Debt and Local Emerging Markets Debt Funds. For this purpose, the Funds use a first-in first-out method so that shares held longest will be treated as being redeemed first and shares held shortest will be treated as being redeemed last. Redemption fees are reimbursed to a Fund and are reflected as a reduction in share redemptions. Redemption fees are credited to Paid-in Capital and are allocated to each share class of a Fund on a pro-rata basis.

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

G. 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.

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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;

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 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 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 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:

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, otherwise they are generally classified as Level 2.

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.

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 of G8 countries (not held in money market funds), which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i. Inverse Floaters — The interest rate on inverse floating rate securities (“inverse floaters”) resets in the opposite direction from the market rate of interest to which the inverse floaters are indexed. An inverse floater may be considered to be

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher the degree of leverage of an inverse floater, the greater the volatility of its market value.

ii. 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.

iii. 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.

iv. 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 with respect to Participations. Conversely, Assignments result in a Fund having a direct contractual relationship with the borrower, and the Fund may enforce compliance by the borrower with the terms of the loan agreement.

The High Yield and High Yield Floating Rate Funds may also enter into certain credit arrangements, all or a portion of which may be unfunded. Unfunded loan commitments represent the remaining obligation of a Fund to the borrower. A Fund is obligated to fund these commitments at the borrower’s discretion. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit of a Loan. All Loans and unfunded loan commitments involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower. Loans, including unfunded loan commitments, are marked to market daily using pricing vendor quotations and the change in value, if any, is recorded as an unrealized 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. 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 instrument (notional amount multiplied by price of the referenced instrument) and record a realized gain or loss.

vii. 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

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September 30, 2014 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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”) and centrally cleared 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 OTC and centrally cleared derivatives 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 and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

i. Forward Contracts — A forward contract is a contract between two parties to buy or sell an asset at a specified price on a future date. A forward contract settlement can occur on a cash or delivery basis. Forward contracts are marked-to-market daily using counterparty prices, and the change in value, if any, is recorded as an unrealized gain or loss.

A forward foreign currency contract is a forward contract in which 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. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

A rate lock forward is a type of forward contract between a Fund and a rate lock provider pursuant to which the parties agree to make payments to each other based on a notional amount, contingent upon whether the referenced obligation is above or below a specified yield level on the termination date of the contract.

A non-deliverable bond forward is a short term forward contract between two parties to buy or sell a bond denominated in a non-deliverable foreign currency at a specified future time and price. Non-deliverable bond forwards are marked-to-market daily using market quotations. Unrealized gains or losses on non-deliverable bond forwards are recorded by a Fund on a daily basis, and realized gains or losses are recorded on the termination date or sale of a contract.

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.

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.

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

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. 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 cross currency swap is an agreement which a Fund may enter into to gain or mitigate exposure to currency risk. A cross currency swap is an agreement to exchange cash flows on a notional amount of two or more currencies based on the relative value differential among them. Such swaps may involve initial and final exchanges that correspond to the agreed upon notional amount. Cross currency swaps usually involve the delivery of the entire principle value of one designated currency in exchange for other designated currency. Therefore, the entire principle value of a cross currency swap is subject to risk that the other party to the swap will default on its contractual delivery obligations. If there is a default by the counterparty, the Fund may have contractual remedies pursuant to the agreements related to the transaction.

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September 30, 2014 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 gross value of repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Funds’ custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between a Fund and select counterparties. An 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.

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.

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 believes 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, 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 obtained directly from the broker or passed through from third party pricing vendors, such as investments are classified as Level 3 investments.

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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, 2014:



DYNAMIC EMERGING MARKETS DEBT

Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Sovereign Debt Obligations	$	—	$	16,208,264		$	—
Corporate Obligations		—		8,137,692			—
Structured Notes		—		978,751			—
Municipal Debt Obligations		—		699,456			—
U.S. Treasury Obligations		221,042		—			—
Short-term Investments		—		1,800,000			—
Total	$	221,042	$	27,824,163		$	—

Derivative Type
Assets^(a)
Forward Foreign Currency Exchange Contracts	$	—	$	324,011		$	—
Futures Contracts		35,247		—			—
Interest Rate Swap Contracts		—		20,062			—
Total	$	35,247	$	344,073		$	—
Liabilities^(a)
Forward Foreign Currency Exchange Contracts	$	—	$	(317,584	)	$	—
Interest Rate Swap Contracts		—		(149,752	)		—
Credit Default Swap Contracts		—		(6,253	)		—
Total	$	—	$	(473,589	)	$	—

EMERGING MARKETS DEBT

Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Sovereign Debt Obligations	$	—	$	970,674,406		$	—
Foreign Debt Obligations		—		17,851,426			—
Corporate Obligations		—		552,247,360			—
U.S. Government Agencies		—		74,998,027			—
Structured Note		—		9,501,020			—
Municipal Debt Obligations		—		43,157,595			—
Short-term Investments		—		65,100,000			—
Total	$	—	$	1,733,529,834		$	—

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Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



EMERGING MARKETS DEBT (continued)

Derivative Type	Level 1			Level 2			Level 3
Assets^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	17,829,165		$	—
Futures Contracts		1,184,734			—			—
Interest Rate Swap Contracts		—			938,137			—
Credit Default Swap Contracts		—			77,326			—
Total	$	1,184,734		$	18,844,628		$	—
Liabilities^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(9,249,191	)	$	—
Futures Contracts		(879,548	)		—			—
Interest Rate Swap Contracts		—			(5,571,959	)		—
Credit Default Swap Contracts		—			(703,028	)		—
Total	$	(879,548	)	$	(15,524,178	)	$	—

HIGH YIELD

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	4,210,945,140		$	—
U.S. Government Agencies		—			149,996,054			—
Senior Term Loans		—			191,019,399			59,730,884
Common Stock and/or Other Equity Investments^(b)
Europe		1,305,434			—			3
North America		22,239,093			3,405,820			39
Warrants		—			4,262,527			—
Short-term Investments		—			66,000,000			—
Total	$	23,544,527		$	4,625,628,940		$	59,730,926

Derivative Type
Assets^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	3,301,087		$	—
Futures Contracts		2,496,032			—			—
Interest Rate Swap Contracts		—			233,290			—
Credit Default Swap Contracts		—			430,554			—
Total	$	2,496,032		$	3,964,931		$	—
Liabilities^(a)
Futures Contracts	$	(958,537	)	$	—		$	—

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HIGH YIELD (continued)

The following is a reconciliation of Level 3 investments for the period ended September 30, 2014:



	Common Stocks			Senior Term Loans
Beginning Balance as of April 1, 2014	$	39		$	19,282,500
Realized gain (loss)		48,124			—
Net change in unrealized gain (loss) relating to instruments still held at reporting date		3			25,084
Purchases		—			53,127,280
Sales		(48,124	)		(5,100,000	)
Amortization		—			60,645
Transfers into Level 3		—			—
Transfers out of Level 3		—			(7,664,625	)
Ending Balance as of September 30, 2014	$	42		$	59,730,884



HIGH YIELD FLOATING RATE

Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Senior Term Loans	$	—	$	3,732,375,310		$	176,408,160
Corporate Obligations		—		506,984,940			—
U.S. Government Agencies		—		149,997,300			—
Asset-Backed Securities		—		84,698,709			—
Unfunded Loan Commitments		—		18,387,939			—
Investment Company		40,535,700		—			—
Short-term Investments		—		259,800,000			—
Total	$	40,535,700	$	4,752,244,198		$	176,408,160

Derivative Type
Assets^(a)
Forward Foreign Currency Exchange Contracts	$	—	$	933,517		$	—
Interest Rate Swap Contracts		—		916,415			—
Total	$	—	$	1,849,932		$	—
Liabilities^(a)
Forward Foreign Currency Exchange Contracts	$	—	$	(98,736	)	$	—
Credit Default Swap Contracts		—		(333,978	)		—
Total	$	—	$	(432,714	)	$	—

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Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



HIGH YIELD FLOATING RATE (continued)

The following is a reconciliation of Level 3 investments for the period ended September 30, 2014:

							Senior Term Loans
Beginning Balance as of April 1, 2014							$	32,856,154
Realized gain (loss)								(10,398	)
Net change in unrealized gain (loss) relating to instruments still held at reporting date								(2,147,344	)
Purchases								105,155,191
Sales								(9,411,014	)
Amortization								28,365
Transfers into Level 3								51,101,581
Transfers out of Level 3								(1,164,375	)
Ending Balance as of September 30, 2014							$	176,408,160

INVESTMENT GRADE CREDIT

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	365,723,818		$	—
Mortgage-Backed Obligations		—			9,920,299			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		31,872,534			1,162,904			—
Foreign Debt Obligations		—			14,591,070			—
Municipal Debt Obligations		—			15,856,502			—
Short-term Investments		—			25,300,000			—
Total	$	31,872,534		$	432,554,593		$	—

Derivative Type	Level 1			Level 2			Level 3
Assets
Options Purchased	$	—		$	2,579,498		$	—
Forward Foreign Currency Exchange Contracts^(a)		—			14,608			—
Futures Contracts^(a)		329,961			—			—
Interest Rate Swap Contracts^(a)		—			1,275,922			—
Total	$	329,961		$	3,870,028		$	—
Liabilities^(a)
Futures Contracts	$	(307,960	)	$	—		$	—
Interest Rate Swap Contracts		—			(221,653	)		—
Total	$	(307,960	)	$	(221,653	)	$	—

156

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



LOCAL EMERGING MARKETS DEBT

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Sovereign Debt Obligations	$	—		$	1,297,032,933		$	—
Structured Notes		—			206,617,039			—
Corporate Obligations		—			65,038,036			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		7,808,044			89,997,631			—
Municipal Debt Obligations		—			25,385,335			—
Short-term Investments		—			135,300,000			—
Total	$	7,808,044		$	1,819,370,974		$	—

Derivative Type	Level 1			Level 2			Level 3
Assets^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	33,703,168		$	—
Futures Contracts		3,273,444			—			—
Interest Rate Swap Contracts		—			11,718,024			—
Cross Currency Swap Contracts		—			3,105,612			—
Total	$	3,273,444		$	48,526,804		$	—
Liabilities^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(31,089,048	)	$	—
Futures Contracts		(1,244,866	)		—			—
Interest Rate Swap Contracts		—			(22,791,830	)		—
Credit Default Swap Contracts		—			(409,073	)		—
Cross Currency Swap Contracts		—			(1,618,410	)		—
Total	$	(1,244,866	)	$	(55,908,361	)	$	—

U.S. MORTGAGES

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	251,303,944		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		540,375			49,998,680			—
Asset-Backed Securities		—			2,349,101			—
Short-term Investments		—			46,600,000			—
Total	$	540,375		$	350,251,725		$	—

157

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



U.S. MORTGAGES (continued)

Derivative Type	Level 1			Level 2			Level 3
Assets
Options Purchased	$	—		$	1,543,773		$	—
Futures Contracts^(a)		181,681			—			—
Interest Rate Swap Contracts^(a)		—			181,674			—
Total	$	181,681		$	1,725,447		$	—
Liabilities^(a)
Futures Contracts	$	(251,059	)	$	—		$	—
Interest Rate Swap Contracts		—			(74,571	)		—
Total Return Swap Contracts		—			(1,364	)		—
Total	$	(251,059	)	$	(75,935	)	$	—

(a)

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

(b)

Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of net asset value. Security valuations are based on the principle exchange or system on which they are traded, which may differ from country of domicile.

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, 2014. 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.



Dynamic Emerging Markets Debt
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Receivable for unrealized gain on swap contracts; Variation margin on certain derivative contracts	$	55,309	^(a)	Payable for unrealized loss on swap contracts; Variation margin on certain derivative contracts	$	(149,752)	^(a)(b)
Credit	—		—		Payable for unrealized loss on swap contracts		(6,253)	^(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		324,011		Payable for unrealized loss on forward foreign currency exchange contracts		(317,584)
Total		$	379,320			$	(473,589)

158

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)



Emerging Markets Debt
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Receivable for unrealized gain on swap contracts; Variation margin on certain derivative contracts	$	2,122,871	^(a)	Payable for unrealized loss on swap contracts; Variation margin on certain derivative contracts	$	(6,451,507)	^(a)(b)
Credit	Receivable for unrealized gain on swap contracts		77,326		Payable for unrealized loss on swap contracts		(703,028)	^(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		17,829,165		Payable for unrealized loss on forward foreign currency exchange contracts		(9,249,191)
Total		$	20,029,362			$	(16,403,726)

High Yield
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on certain derivative contracts	$	2,729,322	^(a)	Variation margin on certain derivative contracts	$	(958,537)	^(a)
Credit	Receivable for unrealized gain on swap contracts		430,554		—		—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		3,301,087		—		—
Total		$	6,460,963			$	(958,537)

High Yield Floating Rate
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on certain derivative contracts	$	916,415	^(a)	Variation margin on certain derivative contracts	$	—
Credit	—		—		Payable for unrealized loss on swap contracts		(333,978)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		933,517		Payable for unrealized loss on forward foreign currency exchange contracts		(98,736)
Total		$	1,849,932			$	(432,714)

159

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

Investment Grade Credit

Risk

Statement of Assets
and Liabilities

Assets

Statement of Assets
and Liabilities

Liabilities

Interest rate

Variation margin on certain derivative contracts; Investments, at value

4,185,381

^(a)

Variation margin on certain derivative contracts

(529,613)

^(a)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts

14,608

—

Total

4,199,989

(529,613)

Local Emerging Markets Debt

Risk

Statement of Assets
and Liabilities

Assets

Statement of Assets
and Liabilities

Liabilities

Interest rate

Receivable for unrealized gain on swap contracts; Variation margin on certain derivative contracts

14,991,468

^(a)

Payable for unrealized loss on swap contracts; Variation margin on certain derivative contracts

(24,036,696)

^(a)(b)

Credit

—

Payable for unrealized loss on swap contracts

(409,073)

^(b)

Currency

Receivable for unrealized gain on swap contracts; Receivable for unrealized gain on forward foreign currency exchange contracts

36,808,780

Payable for unrealized loss on swap contracts; Payable for unrealized loss on forward foreign currency exchange contracts

(32,707,458)

Total

51,800,248

(57,153,227)

U.S. Mortgages

Risk

Statement of Assets
and Liabilities

Assets

Statement of Assets
and Liabilities

Liabilities

Interest rate

Receivable for unrealized gain on swap contracts; Variation margin on certain derivative contracts; Investments, at value

1,907,128

^(a)

Payable for unrealized loss on swap contracts; Variation margin on certain derivative contracts

(326,994)

^(a)(b)

(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 include $142,168, $6,236,835, $24,018,083 and $1,364 for Dynamic Emerging Markets Debt, Emerging Markets Debt, Local Emerging Markets Debt and U.S. Mortgages Funds, respectively, which represent the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Funds’ performance, 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.

160

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended September 30, 2014. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or 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:



Dynamic Emerging Markets Debt
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	$	(86,169	)	$	(87,982	)		154
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(6,761	)		(4,347	)		37
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		118,145			(16,994	)		285
Total		$	25,215		$	(109,323	)		476

Emerging Markets Debt
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, non-deliverable bond forward contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts, non-deliverable bond forward contracts and swap contracts	$	(468,771	)	$	(6,106,627	)		5,040
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		23,671			(435,057	)		37
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		9,094,420			9,804,619			216
Total		$	8,649,320		$	3,262,935			5,293

High Yield
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	$	(7,997,056	)	$	(358,868	)		10,140
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(3,062,088	)		1,719,018			1
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		7,413,343			3,133,345			6
Total		$	(3,645,801	)	$	4,493,495			10,147

161

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)



High Yield Floating Rate
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 swap contracts/Net change in unrealized gain (loss) on swap contracts	$	(2,964,027	)	$	637,077			4
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(1,467,895	)		(333,978	)		1
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		2,221,789			800,181			5
Total		$	(2,210,133	)	$	1,103,280			10

Investment Grade Credit
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 investments, futures contracts and swap contracts	$	1,654,208		$	(378,874	)		1,043
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		116,095			(145,226	)		4
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		34,621			13,852			1
Total		$	1,804,924		$	(510,248	)		1,048

Local Emerging Markets Debt
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	$	(13,231,985	)	$	2,322,730			9,592
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(370,088	)		(264,031	)		39
Currency	Net realized gain (loss) from swap contracts and forward foreign currency exchange contracts/Net change in unrealized gain (loss) on swap contracts and forward foreign currency exchange contracts		7,165,541			(6,536,948	)		326
Total		$	(6,436,532	)	$	(4,478,249	)		9,957

U.S. Mortgages
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 investments, futures contracts and swap contracts	$	149,052		$	57,889			901

(a)

Average number of contracts is based on the average of month end balances for the six months ended September 30, 2014.

162

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

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.

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, and certain options and 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 initial margin to the counterparty, 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 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.

163

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

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, 2014:



Dynamic Emerging Markets Debt Fund
	Derivative Assets⁽¹⁾						Derivative Liabilities⁽¹⁾									Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾		Net Amount⁽²⁾
Counterparty	Swaps		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾		Net Amount⁽²⁾
Bank of America Securities LLC	$	6,034	$	34,629	$	40,663	$	(19,831	)	$	(6,268	)	$	(26,099	)	$	14,564		$	—	$	14,564
Barclays Bank PLC		1,739		17,555		19,294		(2,509	)		(39,484	)		(41,993	)		(22,699	)		—		(22,699	)
BNP Paribas SA		—		23,475		23,475		—			(17,844	)		(17,844	)		5,631			—		5,631
Citibank NA		686		—		686		(29,453	)		—			(29,453	)		(28,767	)		—		(28,767	)
Citibank NA (London)		—		20,548		20,548		—			(9,670	)		(9,670	)		10,878			—		10,878
Credit Suisse International (London)		243		5,192		5,435		(7,957	)		(19,134	)		(27,091	)		(21,656	)		21,656		—
Deutsche Bank AG		9,994		—		9,994		(46,877	)		—			(46,877	)		(36,883	)		—		(36,883	)
Deutsche Bank AG (London)		—		42,200		42,200		—			(39,296	)		(39,296	)		2,904			—		2,904
HSBC Bank PLC		—		28,309		28,309		—			(12,607	)		(12,607	)		15,702			—		15,702
JPMorgan Chase Bank (London)		—		37,040		37,040		—			(26,906	)		(26,906	)		10,134			—		10,134
JPMorgan Securities, Inc.		88		—		88		(19,527	)		—			(19,527	)		(19,439	)		—		(19,439	)
Merrill Lynch International Bank Ltd.		—		128		128		—			(3,006	)		(3,006	)		(2,878	)		—		(2,878	)
Morgan Stanley & Co. International PLC		1,130		18,677		19,807		(16,014	)		(11,659	)		(27,673	)		(7,866	)		—		(7,866	)
Royal Bank of Canada		—		562		562		—			(34,907	)		(34,907	)		(34,345	)		—		(34,345	)
Royal Bank of Scotland PLC		—		5,891		5,891		—			(15,908	)		(15,908	)		(10,017	)		—		(10,017	)
Standard Chartered Bank		—		19,175		19,175		—			(29,399	)		(29,399	)		(10,224	)		—		(10,224	)
State Street Bank and Trust		—		3,694		3,694		—			(3,260	)		(3,260	)		434			—		434
UBS AG (London)		—		9,692		9,692		—			(42,321	)		(42,321	)		(32,629	)		—		(32,629	)
Westpac Banking Corp.		—		57,244		57,244		—			(5,915	)		(5,915	)		51,329			—		51,329
Total	$	19,914	$	324,011	$	343,925	$	(142,168	)	$	(317,584	)	$	(459,752	)	$	(115,827	)	$	21,656	$	(94,171	)

164

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)



Emerging Markets Debt Fund
	Derivative Assets⁽¹⁾						Derivative Liabilities⁽¹⁾									Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾		Net Amount⁽²⁾
Counterparty	Swaps		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾		Net Amount⁽²⁾
Bank of America Securities LLC	$	35,028	$	1,689,359	$	1,724,387	$	(63,780	)	$	(307,578	)	$	(371,358	)	$	1,353,029		$	—	$	1,353,029
Barclays Bank PLC		24,090		1,524,390		1,548,480		(118,930	)		(752,175	)		(871,105	)		677,375			—		677,375
BNP Paribas SA		—		867,886		867,886		—			(330,787	)		(330,787	)		537,099			—		537,099
Citibank NA		122,362		—		122,362		(1,802,587	)		—			(1,802,587	)		(1,680,225	)		1,680,225		—
Citibank NA (London)		—		711,849		711,849		—			(539,946	)		(539,946	)		171,903			—		171,903
Credit Suisse International (London)		—		248,228		248,228		(97,149	)		(589,749	)		(686,898	)		(438,670	)		—		(438,670	)
Deutsche Bank AG		73,885		—		73,885		(1,112,460	)		—			(1,112,460	)		(1,038,575	)		700,000		(338,575	)
Deutsche Bank AG (London)		—		1,251,383		1,251,383		—			(792,280	)		(792,280	)		459,103			—		459,103
HSBC Bank PLC		—		697,807		697,807		—			(497,180	)		(497,180	)		200,627			—		200,627
JPMorgan Chase Bank (London)		—		3,723,056		3,723,056		—			(480,094	)		(480,094	)		3,242,962			—		3,242,962
JPMorgan Securities, Inc.		584,784		—		584,784		(1,170,180	)		—			(1,170,180	)		(585,396	)		585,396		—
Merrill Lynch International Bank Ltd.		—		15,413		15,413		—			(118,478	)		(118,478	)		(103,065	)		—		(103,065	)
Morgan Stanley & Co. International PLC		6,884		765,936		772,820		(1,871,749	)		(687,820	)		(2,559,569	)		(1,786,749	)		1,786,749		—
Royal Bank of Canada		—		27,499		27,499		—			(758,711	)		(758,711	)		(731,212	)		—		(731,212	)
Royal Bank of Scotland PLC		—		290,428		290,428		—			(773,283	)		(773,283	)		(482,855	)		—		(482,855	)
Standard Chartered Bank		—		429,408		429,408		—			(1,227,540	)		(1,227,540	)		(798,132	)		—		(798,132	)
State Street Bank and Trust		—		181,265		181,265		—			(158,747	)		(158,747	)		22,518			—		22,518
UBS AG (London)		—		2,753,763		2,753,763		—			(1,099,179	)		(1,099,179	)		1,654,584			—		1,654,584
Westpac Banking Corp.		—		2,651,495		2,651,495		—			(135,644	)		(135,644	)		2,515,851			—		2,515,851
Total	$	847,033	$	17,829,165	$	18,676,198	$	(6,236,835	)	$	(9,249,191	)	$	(15,486,026	)	$	3,190,172		$	4,752,370	$	7,942,542

165

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)



Local Emerging Markets Debt Fund
	Derivative Assets⁽¹⁾						Derivative Liabilities⁽¹⁾									Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾			Net Amount⁽²⁾
Counterparty	Swaps		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾			Net Amount⁽²⁾
Bank of America Securities LLC	$	1,355,211	$	2,860,794	$	4,216,005	$	(1,261,816	)	$	(508,601	)	$	(1,770,417	)	$	2,445,588		$	(310,000	)	$	2,135,588
Barclays Bank PLC		338,035		1,496,595		1,834,630		(2,925,437	)		(3,678,085	)		(6,603,522	)		(4,768,892	)		2,750,199			(2,018,693	)
BNP Paribas SA		—		2,827,538		2,827,538		—			(1,402,871	)		(1,402,871	)		1,424,667			—			1,424,667
Citibank NA		3,872,111		—		3,872,111		(5,122,854	)		—			(5,122,854	)		(1,250,743	)		700,000			(550,743	)
Citibank NA (London)		—		1,591,738		1,591,738		—			(1,278,001	)		(1,278,001	)		313,737			—			313,737
Credit Suisse International (London)		72,736		934,519		1,007,255		(1,083,866	)		(2,054,009	)		(3,137,875	)		(2,130,620	)		900,000			(1,230,620	)
Deutsche Bank AG		2,223,444		—		2,223,444		(7,907,561	)		—			(7,907,561	)		(5,684,117	)		3,640,000			(2,044,117	)
Deutsche Bank AG (London)		—		3,240,328		3,240,328		—			(3,836,293	)		(3,836,293	)		(595,965	)		—			(595,965	)
HSBC Bank PLC		—		3,837,976		3,837,976		—			(1,701,070	)		(1,701,070	)		2,136,906			—			2,136,906
JPMorgan Chase Bank (London)		—		3,022,445		3,022,445		—			(1,545,025	)		(1,545,025	)		1,477,420			—			1,477,420
JPMorgan Securities, Inc.		6,401,367		—		6,401,367		(2,158,244	)		—			(2,158,244	)		4,243,123			(4,100,000	)		143,123
Merrill Lynch International Bank Ltd.		—		308,191		308,191		—			(357,624	)		(357,624	)		(49,433	)		—			(49,433	)
Morgan Stanley & Co. International PLC		204,801		2,300,354		2,505,155		(3,558,305	)		(857,468	)		(4,415,773	)		(1,910,618	)		1,910,618			—
Royal Bank of Canada		—		716,743		716,743		—			(1,766,648	)		(1,766,648	)		(1,049,905	)		—			(1,049,905	)
Royal Bank of Scotland PLC		—		482,522		482,522		—			(1,304,816	)		(1,304,816	)		(822,294	)		—			(822,294	)
Standard Chartered Bank		—		5,606,388		5,606,388		—			(3,477,019	)		(3,477,019	)		2,129,369			—			2,129,369
State Street Bank and Trust		—		300,559		300,559		—			(267,200	)		(267,200	)		33,359			—			33,359
UBS AG (London)		—		723,415		723,415		—			(6,586,697	)		(6,586,697	)		(5,863,282	)		—			(5,863,282	)
Westpac Banking Corp.		—		3,453,063		3,453,063		—			(467,621	)		(467,621	)		2,985,442			—			2,985,442
Total	$	14,467,705	$	33,703,168	$	48,170,873	$	(24,018,083	)	$	(31,089,048	)	$	(55,107,131	)	$	(6,936,258	)	$	5,490,817		$	(1,445,441	)

(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.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

166

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended September 30, 2014, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate																		Effective Net Management Rate
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate
Dynamic Emerging Markets Debt		0.90	%		0.90	%		0.81	%		0.77	%		0.75	%		0.90	%		0.80	%#
Emerging Markets Debt		0.80			0.80			0.72			0.68			0.67			0.80			0.80
High Yield		0.70			0.70			0.63			0.60			0.59			0.66			0.66
High Yield Floating Rate		0.60			0.54			0.51			0.50			0.49			0.54			0.54
Investment Grade Credit		0.40			0.36			0.34			0.33			0.32			0.40			0.34	*
Local Emerging Markets Debt		0.90			0.90			0.81			0.77			0.75			0.90			0.80	#
U.S. Mortgages		0.40			0.36			0.34			0.33			0.32			0.40			0.34	*

GSAM has agreed to waive a portion of its management fee in order to achieve the effective net management fee rates shown above through at least July 25, 2015 for Local Emerging Markets Debt and Dynamic Emerging Markets Debt Funds. Prior to such date GSAM may not terminate the arrangements without the approval of the trustees. Where the application of the above contractual management fee breakpoint schedule of a Fund would result in a lower management fee rate, the breakpoint schedule will be applied to the Fund’s assets.

GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.34% as an annual percentage rate of the average daily net assets of the Investment Grade Credit and U.S. Mortgages Funds through at least July 29, 2015.

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.

167

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A front end sales charge and Class B and Class C Shares’ CDSC. During the six months ended September 30, 2014, Goldman Sachs advised that it retained the following amounts:


	Front End Sales Charge
Fund	Class A
Emerging Markets Debt	$	8,221
High Yield		13,068
High Yield Floating Rate		1,023
Investment Grade Credit		1,559
Local Emerging Markets Debt		1,623
U.S. Mortgages		344

Goldman Sachs retained no contingent deferred sales charges.

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 the 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, Separate Account Institutional and Service Shares.

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the Funds (excluding transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, shareholder meetings, litigation, indemnification and 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 for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Dynamic Emerging Markets Debt, Emerging Markets Debt, High Yield, High Yield Floating Rate, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds, are 0.054%, 0.054%, 0.024%, 0.104%, 0.004%, 0.074% and 0.004%, respectively. These Other Expense limitations will remain in place through at least July 29, 2015, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. The Funds bear their respective share of costs related to proxy and shareholder meetings, and GSAM has agreed to reimburse each Fund to the extent such expenses exceed a specified percentage of the Fund’s net assets. 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.

168

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended September 30, 2014, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Management Fees Waivers		Other Expense Reimbursements		Total Expense Reductions
Dynamic Emerging Markets Debt	$	13,881	$	206,561	$	220,442
Emerging Markets Debt		—		103,613		103,613
High Yield		—		—		—
High Yield Floating Rate		—		161,911		161,911
Investment Grade Credit		142,672		185,748		328,420
Local Emerging Markets Debt		983,997		430,327		1,414,324
U.S. Mortgages		74,192		232,857		307,049

G. Line of Credit Facility — As of September 30, 2014, the Funds participated in a $1,080,000,000 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 Other Borrowers could increase the credit amount by an additional $120,000,000, for a total of up to $1,200,000,000. 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, 2014, the Funds did not have any borrowings under the facility.

H. Other Transactions with Affiliates — For the six months ended September 30, 2014, Goldman Sachs earned $1,180, $58,720, $117,617, $13,662, $88,772 and $11,581 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant on behalf of the Dynamic Emerging Markets Debt, Emerging Markets Debt, High Yield, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds, respectively.

As of September 30, 2014, the Goldman Sachs Satellite Strategies Portfolio was the beneficial owner of 10% and 7% of total outstanding shares of the Emerging Markets Debt and Local Emerging Markets Debt Funds, respectively.

As of September 30, 2014, the Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of outstanding Class A, Class C, Institutional, Class IR and Class R Shares of the following funds:


Fund	Class A			Class C			Institutional			Class IR			Class R
Dynamic Emerging Markets Debt		7	%		8	%		35	%		100	%		100	%
High Yield Floating Rate		—			—			—			—			100

The High Yield Floating Rate Fund invests in the Institutional Shares of the Goldman Sachs High Yield Fund. This Underlying Fund is considered to be affiliated with the Fund. The table below shows the transactions in and earnings from investments in this affiliated Fund for September 30, 2014:


Underlying Fund	Market Value 3/31/14		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Market Value 9/30/14
High Yield Fund — Institutional Shares	$	52,062,990	$	1,383,579	$	(11,500,000	)	$	(295,073	)	$	(1,115,796	)	$	40,535,700

169

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

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, 2014, 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)
Dynamic Emerging Markets Debt	$	—	$	20,450,485	$	—	$	14,777,955
Emerging Markets Debt		—		952,002,756		—		695,312,618
High Yield		304,790,467		1,128,886,416		306,650,477		1,472,654,750
High Yield Floating Rate		—		1,577,696,818		—		904,788,022
Investment Grade Credit		47,057,302		112,209,653		48,987,264		129,177,509
Local Emerging Markets Debt		7,888,891		1,364,339,726		57,960,903		1,162,507,897
U.S. Mortgages		1,467,204,437		5,457,138		1,448,498,438		992,718

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, March 31, 2014, the Funds’ timing differences, on a tax basis were as follows:


	Dynamic Emerging Markets Debt			Emerging Markets Debt			High Yield			High Yield Floating Rate			Investment Grade Credit			Local Emerging Markets Debt			U.S. Mortgages
Capital loss carryforwards
Perpetual Short-Term	$	(21,452	)	$	(27,140,420	)	$	—		$	—		$	—		$	(31,086,348	)	$	(5,328,747	)
Perpetual Long-Term		—			(3,960,660	)		—			—			—			—			(469,256	)
Total capital loss carryforwards	$	(21,452	)	$	(31,101,080	)	$	—		$	—		$	—		$	(31,086,348	)	$	(5,798,003	)
Timing differences (Income Distributions Payable, Qualified Late Year and Straddle Loss Deferrals)	$	(236,143	)	$	(10,996,957	)	$	(1,535,331	)	$	(89,623	)	$	(946,285	)	$	(170,312,618	)	$	(111,444	)

As of September 30, 2014, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Dynamic Emerging Markets Debt			Emerging Markets Debt			High Yield			High Yield Floating Rate			Investment Grade Credit			Local Emerging Markets Debt			U.S. Mortgages
Tax Cost	$	28,727,580		$	1,744,490,319		$	4,694,753,582		$	5,019,288,026		$	453,631,188		$	2,003,635,724		$	350,206,517
Gross unrealized gain		345,966			33,885,541			119,071,405			8,437,262			16,943,158			7,540,501			3,646,273
Gross unrealized loss		(1,028,341	)		(44,846,026	)		(104,920,594	)		(76,925,169	)		(3,567,721	)		(183,997,207	)		(1,516,917	)
Net unrealized gain (loss)	$	(682,375	)	$	(10,960,485	)	$	14,150,811		$	(68,487,907	)	$	13,375,437		$	(176,456,706	)	$	2,129,356

170

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

7. TAX INFORMATION (continued)

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, and differences related to the tax treatment of inflation protected securities, swap transactions, non-deliverable bond forwards, and material modification of debt securities.

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

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”). Some foreign custodians may be recently organized or new to the foreign custody business. 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 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 very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that a Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio.

Investments in Other Investment Companies — As a shareholder of another investment company, including an exchange traded fund (“ETF”), a Fund will directly bear its proportionate share of any management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

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 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. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity.

171

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

8. OTHER RISKS (continued)

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 or guarantor 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. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. Loss may also result from the imposition of exchange controls, confiscations and other government restrictions by the United States or other governments, or from problems in registration, settlement or custody. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Non-Diversification Risk — Each of the Dynamic Emerging Markets Debt Fund, Emerging Markets Debt Fund and Local Emerging Markets Debt Fund is non-diversified, meaning that they are permitted to invest a larger percentage of their assets in fewer issuers than diversified mutual funds. Thus, a 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.

Redemption Proceeds Risk — The High Yield Floating Rate Fund may at times purchase securities with settlement periods that are longer than the time period required to pay redemption proceeds. In unusual circumstances, the High Yield Floating Rate Fund may pay redemption proceeds up to seven calendar days following receipt of a properly executed redemption request.

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

172

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

10. OTHER MATTERS

At a meeting held on August 13-14, 2014, the Board of Trustees of the Goldman Sachs Trust approved the early conversion of each Fund’s Class B Shares into Class A Shares.

Accordingly, effective at the close of business on November 14, 2014 (the “Conversion Date”), Class B Shares of each Fund will convert to Class A Shares of the Fund, including Class B Shares that are scheduled to convert on a later date. No CDSCs will be assessed in connection with this early conversion. In addition, effective October 15, 2014, redemptions of a Fund’s Class B Shares before the Conversion Date will not be subject to a CDSC.

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 has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

173

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Dynamic Emerging Markets Debt Fund

	For the Six Months Ended September 30, 2014 (Unaudited)						For the Period Ended March 31, 2014^(a)

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		14,531		$	138,169			10,314		$	98,024
Reinvestment of distributions		153			1,460			204			1,901
Shares redeemed		(9,585	)		(92,534	)		(5	)		(33	)
		5,099			47,095			10,513			99,892
Class C Shares
Shares sold		6,046			57,386			6,236			58,905
Reinvestment of distributions		188			1,810			76			706
Shares redeemed		(147	)		(1,416	)		(47	)		(434	)
		6,087			57,780			6,265			59,177
Institutional Shares
Shares sold		548,597			5,264,760			2,965,055			28,694,887
Reinvestment of distributions		38,128			365,788			40,941			383,555
Shares redeemed		(105,692	)		(1,017,622	)		(456,341	)		(4,324,203	)
		481,033			4,612,926			2,549,655			24,754,239
Class IR Shares
Shares sold		—			—			4,387			43,010
Reinvestment of distributions		57			544			122			1,141
Shares redeemed		—			—			(1,913	)		(17,777	)
		57			544			2,596			26,374
Class R Shares
Shares sold		—			—			2,501			25,010
Reinvestment of distributions		50			482			86			807
Shares redeemed		—			—			(1	)		(5	)
		50			482			2,586			25,812
NET INCREASE		492,326		$	4,718,827			2,571,615		$	24,965,494

(a)

Commenced operations on May 31, 2013.

174

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Emerging Markets Debt Fund

	For the Six Months Ended September 30, 2014 (Unaudited)						For the Fiscal Year Ended March 31, 2014

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		2,380,914		$	30,321,371			5,476,000		$	68,635,660
Reinvestment of distributions		151,947			1,939,176			645,714			7,983,559
Shares redeemed		(3,700,476	)		(47,225,933	)		(13,915,087	)		(172,716,966	)
		(1,167,615	)		(14,965,386	)		(7,793,373	)		(96,097,747	)
Class C Shares
Shares sold		218,501			2,783,555			733,439			9,162,721
Reinvestment of distributions		33,426			426,399			122,023			1,501,171
Shares redeemed		(278,280	)		(3,542,505	)		(2,003,027	)		(24,733,216	)
		(26,353	)		(332,551	)		(1,147,565	)		(14,069,324	)
Institutional Shares
Shares sold		31,154,671			399,236,792			60,306,035			760,543,750
Reinvestment of distributions		2,352,646			30,079,361			6,253,957			77,104,243
Shares redeemed		(10,433,563	)		(133,058,521	)		(62,140,571	)		(775,261,888	)
		23,073,754			296,257,632			4,419,421			62,386,105
Class IR Shares
Shares sold		361,630			4,612,439			1,101,269			13,727,778
Reinvestment of distributions		28,271			361,332			93,275			1,153,042
Shares redeemed		(314,400	)		(4,032,825	)		(1,663,968	)		(20,505,514	)
		75,501			940,946			(469,424	)		(5,624,694	)
NET INCREASE (DECREASE)		21,955,287		$	281,900,641			(4,990,941	)	$	(53,405,660	)

175

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	High Yield Fund

	For the Six Months Ended September 30, 2014 (Unaudited)						For the Fiscal Year Ended March 31, 2014

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		4,300,117		$	31,006,530			26,116,314		$	190,173,468
Reinvestment of distributions		1,794,716			12,890,615			7,042,682			50,738,541
Shares converted from Class B^(a)		38,569			278,458			116,037			838,884
Shares redeemed		(24,908,734	)		(177,981,796	)		(35,179,533	)		(255,306,320	)
		(18,775,332	)		(133,806,193	)		(1,904,500)			(13,555,427	)
Class B Shares
Shares sold		13,033			94,221			54,650			398,826
Reinvestment of distributions		30,109			216,735			169,237			1,222,855
Shares converted to Class A^(a)		(38,479	)		(278,458	)		(115,762	)		(838,884	)
Shares redeemed		(393,795	)		(2,839,960	)		(1,245,436	)		(9,045,688	)
		(389,132	)		(2,807,462	)		(1,137,311	)		(8,262,891	)
Class C Shares
Shares sold		577,029			4,170,049			1,169,792			8,483,154
Reinvestment of distributions		217,649			1,564,781			897,865			6,477,147
Shares redeemed		(1,476,947	)		(10,649,188	)		(4,150,018	)		(30,226,109	)
		(682,269	)		(4,914,358	)		(2,082,361	)		(15,265,808	)
Institutional Shares
Shares sold		60,325,475			434,434,152			145,286,769			1,057,657,995
Reinvestment of distributions		15,685,072			112,968,946			60,299,396			436,017,161
Shares redeemed		(98,729,894	)		(712,481,729	)		(290,495,097	)		(2,117,148,978	)
		(22,719,347	)		(165,078,631	)		(84,908,932	)		(623,473,822	)
Service Shares
Shares sold		203,558			1,464,476			402,167			2,926,992
Reinvestment of distributions		51,334			368,244			194,448			1,399,958
Shares redeemed		(305,765	)		(2,199,157	)		(604,016	)		(4,380,552	)
		(50,873	)		(366,437	)		(7,401	)		(53,602	)
Class IR Shares
Shares sold		402,807			2,902,268			352,914			2,572,225
Reinvestment of distributions		60,010			431,658			210,987			1,524,943
Shares redeemed		(351,444	)		(2,529,073	)		(1,133,431	)		(8,289,374	)
		111,373			804,853			(569,530	)		(4,192,206	)
Class R Shares
Shares sold		261,199			1,884,294			520,094			3,768,697
Reinvestment of distributions		63,596			456,519			224,023			1,614,232
Shares redeemed		(293,745	)		(2,109,496	)		(754,323	)		(5,475,306	)
		31,050			231,317			(10,206	)		(92,377	)
NET DECREASE		(42,474,530	)	$	(305,936,911	)		(90,620,241	)	$	(664,896,133	)

(a)

Class B Shares 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. At a meeting held on August 13-14, 2014, the Board of Trustees of the Goldman Sachs Trust approved the early conversion of Class B Shares into Class A Shares. Accordingly, effective at the close of business on November 14, 2014, Class B shares will convert to Class A shares of the Fund, and no Contingent Deferred Sales Charges (“CSDCs”) will be assessed in connection with the redemptions of the Fund’s Class B Shares prior to this date.

176

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	High Yield Floating Rate Fund

	For the Six Months Ended September 30, 2014 (Unaudited)						For the Fiscal Year Ended March 31, 2014

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		313,322		$	3,146,758			4,388,071		$	44,286,380
Reinvestment of distributions		30,082			302,079			74,210			747,423
Shares redeemed		(2,172,132	)		(21,754,436	)		(2,833,756	)		(28,584,432	)
		(1,828,728	)		(18,305,599	)		1,628,525			16,449,371
Class C Shares
Shares sold		29,253			294,757			186,705			1,881,240
Reinvestment of distributions		2,799			28,060			6,022			60,703
Shares redeemed		(35,041	)		(352,182	)		(110,996	)		(1,117,793	)
		(2,989	)		(29,365	)		81,731			824,150
Institutional Shares
Shares sold		112,623,503			1,131,168,290			308,612,494			3,117,875,785
Reinvestment of distributions		8,044,966			80,727,159			10,684,489			107,805,422
Shares redeemed		(56,653,815	)		(568,869,544	)		(74,620,425	)		(753,300,554	)
		64,014,654			643,025,905			244,676,558			2,472,380,653
Class IR Shares
Shares sold		397			4,001			186,005			1,884,117
Reinvestment of distributions		1,988			19,978			16,842			170,044
Shares redeemed		(74,966	)		(755,125	)		(447,546	)		(4,531,159	)
		(72,581	)		(731,146	)		(244,699	)		(2,476,998	)
Class R Shares
Reinvestment of distributions		17			171			34			349
		17			171			34			349
NET INCREASE		62,110,373		$	623,959,966			246,142,149		$	2,487,177,525

177

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Investment Grade Credit Fund

	For the Six Months Ended September 30, 2014 (Unaudited)						For the Fiscal Year Ended March 31, 2014

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		343,178		$	3,270,186			1,008,615		$	9,419,921
Reinvestment of distributions		39,976			381,747			129,280			1,206,568
Shares redeemed		(381,058	)		(3,624,692	)		(1,604,127	)		(15,063,151	)
		2,096			27,241			(466,232	)		(4,436,662	)
Institutional Shares
Shares sold		1,501,956			14,246,901			2,584,816			24,449,074
Reinvestment of distributions		299,765			2,864,118			1,126,629			10,533,768
Shares redeemed		(2,053,947	)		(19,569,420	)		(14,284,235	)		(133,976,679	)
		(252,226	)		(2,458,401	)		(10,572,790	)		(98,993,837	)
Separate Account Institutional Shares
Shares sold		2,556,098			24,290,379			10,020,923			94,181,701
Reinvestment of distributions		449,860			4,298,747			1,257,905			11,750,626
Shares redeemed		(3,700,348	)		(35,340,404	)		(10,494,629	)		(98,549,415	)
		(694,390	)		(6,751,278	)		784,199			7,382,912
Class IR Shares
Shares sold		26,417			250,892			59,675			558,045
Reinvestment of distributions		1,248			11,933			663			6,258
Shares redeemed		(6,583	)		(62,833	)		(75,979	)		(744,558	)
		21,082			199,992			(15,641	)		(180,255	)
NET DECREASE		(923,438	)	$	(8,982,446	)		(10,270,464	)	$	(96,227,842	)

178

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Local Emerging Markets Debt Fund

	For the Six Months Ended September 30, 2014 (Unaudited)						For the Fiscal Year Ended March 31, 2014

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,035,552		$	8,811,572			6,284,912		$	56,480,510
Reinvestment of distributions		271,193			2,297,985			741,320			6,473,731
Shares redeemed		(3,640,185	)		(30,990,990	)		(15,143,371	)		(131,373,759	)
		(2,333,440	)		(19,881,433	)		(8,117,139	)		(68,419,518	)
Class C Shares
Shares sold		67,358			574,513			486,945			4,533,038
Reinvestment of distributions		37,629			319,364			97,061			847,962
Shares redeemed		(388,638	)		(3,320,155	)		(1,792,597	)		(15,468,125	)
		(283,651	)		(2,426,278	)		(1,208,591	)		(10,087,125	)
Institutional Shares
Shares sold		32,938,701			279,599,364			132,476,395			1,201,006,653
Reinvestment of distributions		6,056,016			51,274,101			14,058,396			122,914,528
Shares redeemed		(25,671,350	)		(218,067,845	)		(268,161,822	)		(2,318,984,411	)
		13,323,367			112,805,620			(121,627,031	)		(995,063,230	)
Class IR Shares
Shares sold		39,605			338,080			1,227,400			11,248,182
Reinvestment of distributions		19,248			163,231			82,060			721,148
Shares redeemed		(327,061	)		(2,790,944	)		(2,568,028	)		(21,871,814	)
		(268,208	)		(2,289,633	)		(1,258,568	)		(9,902,484	)
NET INCREASE (DECREASE)		10,438,068		$	88,208,276			(132,211,329	)	$	(1,083,472,357	)

179

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	U.S. Mortgages Fund

	For the Six Months Ended September 30, 2014 (Unaudited)						For the Fiscal Year Ended March 31, 2014

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		349,045		$	3,686,211			336,808		$	3,503,931
Reinvestment of distributions		4,997			52,894			7,402			77,335
Shares redeemed		(181,363	)		(1,916,856	)		(399,302	)		(4,170,849	)
		172,679			1,822,249			(55,092	)		(589,583	)
Institutional Shares
Shares sold		3,380,499			35,855,346			590,131			6,168,943
Reinvestment of distributions		37,599			399,008			29,405			307,733
Shares redeemed		(497,669	)		(5,273,970	)		(789,196	)		(8,298,066	)
		2,920,429			30,980,384			(169,660	)		(1,821,390	)
Class IR Shares
Shares sold		143,929			1,527,938			1,424			14,939
Reinvestment of distributions		412			4,369			25			267
Shares redeemed		(153	)		(1,628	)		(4	)		(39	)
		144,188			1,530,679			1,445			15,167
Separate Account Institutional Shares
Shares sold		878,051			9,276,897			5,198,994			54,060,111
Reinvestment of distributions		209,001			2,211,325			478,984			5,002,797
Shares redeemed		(2,351,277	)		(24,852,713	)		(13,319,436	)		(138,673,615	)
		(1,264,225	)		(13,364,491	)		(7,641,458	)		(79,610,707	)
NET INCREASE (DECREASE)		1,973,071		$	20,968,821			(7,864,765	)	$	(82,006,513	)

180

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended September 30, 2014 (Unaudited)

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2014 through September 30, 2014.

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.


	Dynamic Emerging Markets Debt Fund							Emerging Markets Debt Fund							High Yield Fund							High Yield Floating Rate Fund
Share Class	Beginning Account Value 4/1/14		Ending Account Value 9/30/14			Expenses Paid for the 6 months ended 9/30/14*		Beginning Account Value 4/1/14		Ending Account Value 9/30/14			Expenses Paid for the 6 months ended 9/30/14*		Beginning Account Value 4/1/14		Ending Account Value 9/30/14			Expenses Paid for the 6 months ended 9/30/14*		Beginning Account Value 4/1/14		Ending Account Value 9/30/14			Expenses Paid for the 6 months ended 9/30/14*
Class A
Actual	$	1,000.00	$	1,005.60		$	6.39	$	1,000.00	$	1,041.90		$	6.40	$	1,000.00	$	997.00		$	5.31	$	1,000.00	$	1,001.60		$	4.72
Hypothetical 5% return		1,000.00		1,018.70	+		6.43		1,000.00		1,018.80	+		6.33		1,000.00		1,019.75	+		5.37		1,000.00		1,020.36	+		4.76
Class B
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		993.40			9.04		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		1,015.99	+		9.15		N/A		N/A			N/A
Class C
Actual		1,000.00		1,003.90			10.05		1,000.00		1,038.80			10.22		1,000.00		993.30			9.04		1,000.00		996.80			8.46
Hypothetical 5% return		1,000.00		1,015.04	+		10.10		1,000.00		1,015.04	+		10.10		1,000.00		1,015.99	+		9.15		1,000.00		1,016.59	+		8.54
Institutional
Actual		1,000.00		1,009.50			4.58		1,000.00		1,044.40			4.66		1,000.00		998.80			3.61		1,000.00		1,002.30			3.01
Hypothetical 5% return		1,000.00		1,020.51	+		4.61		1,000.00		1,020.51	+		4.61		1,000.00		1,021.46	+		3.65		1,000.00		1,022.06	+		3.04
Service
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		996.20			6.11		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000.00		1,018.95	+		6.17		N/A		N/A			N/A
Class IR
Actual		1,000.00		1,008.90			5.14		1,000.00		1,044.00			5.12		1,000.00		998.40			4.06		1,000.00		1,002.90			3.51
Hypothetical 5% return		1,000.00		1,019.95	+		5.16		1,000.00		1,020.05	+		5.06		1,000.00		1,021.01	+		4.10		1,000.00		1,021.56	+		3.55
Class R
Actual		1,000.00		1,006.50			7.54		N/A		N/A			N/A		1,000.00		995.80			6.55		1,000.00		999.40			5.81
Hypothetical 5% return		1,000.00		1,017.55	+		7.59		N/A		N/A			N/A		1,000.00		1,018.50	+		6.63		1,000.00		1,019.25	+		5.87

181

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended September 30, 2014 (Unaudited) (continued)


	Investment Grade Credit Fund							Local Emerging Markets Debt Fund							U.S. Mortgages Fund
Share Class	Beginning Account Value 4/1/14		Ending Account Value 9/30/14			Expenses Paid for the 6 months ended 9/30/14*		Beginning Account Value 4/1/14		Ending Account Value 9/30/14			Expenses Paid for the 6 months ended 9/30/14*		Beginning Account Value 4/1/14		Ending Account Value 9/30/14			Expenses Paid for the 6 months ended 9/30/14*
Class A
Actual	$	1,000.00	$	1,025.40		$	3.66	$	1,000.00	$	980.10		$	6.25	$	1,000.00	$	1,023.70		$	3.65
Hypothetical 5% return		1,000.00		1,021.46	+		3.65		1,000.00		1,018.75	+		6.38		1,000.00		1,021.46	+		3.65
Class C
Actual		N/A		N/A			N/A		1,000.00		977.70			9.97		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		1,000.00		1,014.99	+		10.15		N/A		N/A			N/A
Institutional
Actual		1,000.00		1,028.30			1.98		1,000.00		981.80			4.57		1,000.00		1,026.40			1.93
Hypothetical 5% return		1,000.00		1,023.11	+		1.98		1,000.00		1,020.46	+		4.66		1,000.00		1,023.16	+		1.93
Class IR
Actual		1,000.00		1,027.80			2.39		1,000.00		981.30			5.02		1,000.00		1,025.00			2.39
Hypothetical 5% return		1,000.00		1,022.71	+		2.38		1,000.00		1,020.00	+		5.11		1,000.00		1,022.71	+		2.38
Separate Account Institutional
Actual		1,000.00		1,028.30			1.93		N/A		N/A			N/A		1,000.00		1,025.50			1.98
Hypothetical 5% return		1,000.00		1,023.16	+		1.93		N/A		N/A			N/A		1,000.00		1,023.11	+		1.98

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, 2014. 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			Separate Account Institutional			Class IR			Class R
Dynamic Emerging Markets Debt		1.27	%		N/A			2.00	%		0.91	%		N/A			N/A			1.02	%		1.50	%
Emerging Markets Debt		1.25			N/A			2.00			0.91			N/A			N/A			1.00			N/A
High Yield		1.06			1.81	%		1.81			0.72			1.22	%		N/A			0.81			1.31
High Yield Floating Rate		0.94			N/A			1.69			0.60			N/A			N/A			0.70			1.16
Investment Grade Credit		0.72			N/A			N/A			0.39			N/A			N/A			0.47			N/A
Local Emerging Markets Debt		1.26			N/A			2.01			0.92			N/A			0.38	%��		1.01			N/A
U.S. Mortgages		0.72			N/A			N/A			0.38			N/A			0.39			0.47			N/A

Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

182

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Dynamic Emerging Markets Debt Fund, Goldman Sachs Emerging Markets Debt Fund, Goldman Sachs High Yield Fund, Goldman Sachs High Yield Floating Rate Fund, Goldman Sachs Investment Grade Credit Fund, Goldman Sachs Local Emerging Markets Debt Fund, and Goldman Sachs U.S. Mortgages Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held during the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2015 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 11-12, 2014 (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 Agreement was 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 Agreement, including:

(a)

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

(i)

the structure, staff and capabilities of the Investment Adviser and its portfolio management teams;

(ii)

the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services and operations), controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance and strategy and central funding), sales and distribution support groups and others (e.g., information technology and training);

(iii)

trends in headcount;

(iv)

the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v)

the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b)

information on the investment performance of each Fund, including comparisons to the performance of similar mutual funds, as provided by a third party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), benchmark performance indices, and comparable institutional composites managed by the Investment Adviser (in the case of the Dynamic Emerging Markets Debt, Emerging Markets Debt, High Yield, Local Emerging Markets Debt, and U.S. Mortgages Funds), and general investment outlooks in the markets in which the Funds invest;

(c)

the terms of the Management Agreement and agreements with affiliated service providers entered into by the Trust on behalf of the Funds;

(d)

expense information for the Funds, including:

(i)

the relative management fee and expense levels of each Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii)

each Fund’s expense trends over time; and

(iii)

to the extent the Investment Adviser manages institutional accounts or collective investment vehicles having investment objectives and policies similar to those of the Funds, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

183

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(e)

with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Funds;

(f)

the undertakings of the Investment Adviser to waive certain fees (with respect to the Dynamic Emerging Markets Debt, Investment Grade Credit, Local Emerging Markets Debt, and U.S. Mortgages Funds) and to limit certain expenses of each Fund that exceed specified levels, and a summary of contractual fee reductions made by the Investment Adviser and/or its affiliates over the past several years with respect to the Funds;

(g)

information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of each Fund and the Trust as a whole to the Investment Adviser and its affiliates;

(h)

whether each Fund’s existing management fee schedule adequately addressed any economies of scale;

(i)

a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds, including the fees received by the Investment Adviser’s affiliates from the Funds for transfer agency, 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 Adviser;

(k)

information regarding portfolio trading and how the Investment Adviser carries out its 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 Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administration services provided under the Management Agreement; and

(n)

the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Funds’ compliance program; and 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 High Yield Fund’s Service Shares. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution and/or servicing of Fund shares.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual fund portfolios for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser, its affiliates, their services and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

184

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Nature, Extent and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent and quality of the services provided by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided to the Funds by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund (with the exception of the Dynamic Emerging Markets Debt Fund, which commenced operations in 2013) to its peers using rankings and ratings (rankings only for the High Yield Floating Rate Fund) compiled by the Outside Data Provider as of December 31, 2013, and updated performance information prepared by the Investment Adviser using the peer groups identified by the Outside Data Provider as of March 31, 2014. 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 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 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 Dynamic Emerging Markets Debt, Emerging Markets Debt, High Yield, Local Emerging Markets Debt, and U.S. Mortgages Funds’ performance to that of composites of institutional accounts managed by the Investment Adviser having comparable investment characteristics.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel, in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

The Trustees observed that the Emerging Markets Debt Fund’s Class A Shares had placed in the first 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 five- and ten-year periods and underperformed for the one- and three-year periods ended March 31, 2014. They noted that the High Yield Fund’s Class A Shares had placed in the second quartile of the Fund’s peer group and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2014. They observed that the High Yield Floating Rate Fund’s Class A Shares had placed in the fourth quartile of the Fund’s peer group and had underperformed the Fund’s benchmark index for the one- and three-year periods ended March 31, 2014. They also noted that changes had been made to the credit quality requirements for investments of the High Yield and High Yield Floating Rate Funds in June 2013. They noted that the Investment Grade Credit Fund’s Class A Shares had placed in the second quartile of the Fund’s peer group for the three-year period, in the third quartile for the one- and five-year periods, and in the fourth quartile for the ten-year period, and had outperformed the Fund’s benchmark index for the one-, three-, and five-year periods and underperformed for the ten-year period ended March 31, 2014. The Trustees noted that the Local Emerging Markets Debt Fund’s Class A Shares had placed in the fourth quartile of the Fund’s peer group and had underperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2014. They considered that the Local Emerging Markets Debt Fund had certain significant differences from its peer group that caused the peer group to be an imperfect basis for performance comparison. The Trustees observed that the U.S. Mortgages Fund’s Class A Shares had placed in the top half 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-, three-, and five-year periods and underperformed for the ten-year period ended March 31, 2014. They noted that the Dynamic Emerging Markets Debt Fund had launched on May 29, 2013 and did not yet have a meaningful performance history.

185

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of the Funds’ management fees and breakpoints to those of relevant peer groups and category universes; an expense analysis which compared each Fund’s 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 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 Adviser’s undertakings to waive a portion of its management fees (with respect to the Dynamic Emerging Markets Debt, Investment Grade Credit, Local Emerging Markets Debt, and U.S. Mortgages Funds) and to limit certain expenses of each Fund that exceed specified levels. The Trustees also noted that certain changes were being made to existing fee waiver or expense limitation arrangements of the Dynamic Emerging Markets Debt Fund that would have the effect of lowering total Fund expenses, with such changes taking effect in connection with the Fund’s next annual registration statement update. They also considered, to the extent that the Investment Adviser manages institutional accounts or collective investment vehicles having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to institutional accounts, which generally operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, were less time-intensive and paid lower fees.

In addition, the Trustees noted that shareholders are able to redeem their Fund shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Profitability

The Trustees reviewed the Investment Adviser’s revenues and pre-tax profit margins with respect to the Trust and each of the Funds. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service) and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization had audited the expense allocation methodology and was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations. Profitability data for the Trust and each Fund were provided for 2013 and 2012 (2013 only for the Dynamic Emerging Markets Debt Fund), and the Trustees considered this information in relation to the Investment Adviser’s overall profitability. The Trustees considered the Investment Adviser’s revenues and pre-tax profit margins both in absolute terms and in comparison to information on the reported pre-tax profit margins earned by certain other asset management firms.

186

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Economies of Scale

The Trustees considered the information that had been provided regarding the Investment Adviser’s profitability. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:


Average Daily Net Assets	Dynamic Emerging Markets Debt Fund			Emerging Markets Debt Fund			High Yield Fund			High Yield Floating Rate Fund			Investment Grade Credit Fund			Local Emerging Markets Debt Fund			U.S. Mortgages Fund
First $1 billion		0.90	%		0.80	%		0.70	%		0.60	%		0.40	%		0.90	%		0.40	%
Next $1 billion		0.90			0.80			0.70			0.54			0.36			0.90			0.36
Next $3 billion		0.81			0.72			0.63			0.51			0.34			0.81			0.34
Next $3 billion		0.77			0.68			0.60			0.50			0.33			0.77			0.33
Over $8 billion		0.75			0.67			0.59			0.49			0.32			0.75			0.32

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 Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertakings to waive a portion of its management fees (with respect to the Dynamic Emerging Markets Debt, Investment Grade Credit, Local Emerging Markets Debt, and U.S. Mortgages Funds) and to limit certain expenses of each Fund 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 the Investment Adviser had passed along savings to shareholders of the High Yield, High Yield Floating Rate, and Local Emerging Markets Debt Funds, which had asset levels above at least the first breakpoint during the prior fiscal year.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman, Sachs & Co. (“Goldman Sachs”); (b) futures commissions earned by Goldman Sachs for executing futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (e) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (f) Goldman Sachs’ retention of certain fees as Fund Distributor; (g) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; and (h) the possibility that the working relationship between the Investment Adviser and the Funds’ third party service providers may cause those service providers to be more likely to do 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.

187

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors because of the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers because of the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firmwide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2015.

188

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 $999.2 billion in assets under supervision as of September 30, 2014, 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. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman, Sachs & Co. subject to legal, internal and regulatory restrictions.

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

Limited Maturity Obligations Fund

Short Duration Government Fund

Short Duration Income Fund

Government Income Fund

Inflation Protected Securities Fund

Multi-Sector

Core Fixed Income Fund

Bond Fund²

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

Fixed Income Alternatives

Long Short Credit Strategies Fund³

Fixed Income Macro Strategies Fund

Fundamental Equity

Growth and Income Fund

Small Cap Value Fund

Small/Mid 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

Tax-Advantaged Equity

U.S. Tax-Managed Equity Fund⁴

International Tax-Managed Equity Fund⁴

U.S. Equity Dividend and Premium Fund

International Equity Dividend and Premium Fund

Equity Insights

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

Focused International Equity Fund⁵

International Small Cap Fund

Asia Equity Fund

Emerging Markets Equity Fund

BRIC Fund (Brazil, Russia, India, China)

N-11 Equity Fund

Select Satellite⁶

Real Estate Securities Fund

International Real Estate Securities Fund

Commodity Strategy Fund

Dynamic Commodity Strategy Fund

Dynamic Allocation Fund

Absolute Return Tracker Fund

Long Short Fund

Managed Futures Strategy Fund

MLP Energy Infrastructure Fund

Multi-Manager Alternatives Fund

Multi-Asset Real Return Fund

Retirement Portfolio Completion Fund

Tactical Tilt Implementation Fund

Total Portfolio Solutions⁶

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 on October 1, 2014, the Goldman Sachs Core Plus Fixed Income Fund was renamed the Goldman Sachs Bond Fund.

Effective at the close of business on March 21, 2014, the Goldman Sachs Credit Strategies Fund was reorganized with and into the Goldman Sachs Long Short Credit Strategies Fund.

⁴

Effective on April 30, 2014, the Goldman Sachs Structured Tax-Managed Equity and Structured International Tax-Managed Equity Funds were renamed the Goldman Sachs U.S. Tax-Managed Equity and International Tax-Managed Equity Funds, respectively.

⁵

Effective at the close of business on February 28, 2014, the Goldman Sachs Concentrated International Equity Fund was renamed the Goldman Sachs Focused International Equity Fund.

⁶

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.

This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds.


TRUSTEES Ashok N. Bakhru, Chairman 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		OFFICERS James A. McNamara, President Scott M. McHugh, Principal Financial Officer and Treasurer Caroline Kraus, Secretary

GOLDMAN, SACHS & CO. Distributor and Transfer Agent		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our web site 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 the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available (I) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (II) on the Securities and Exchange Commission (‘‘SEC’’) web site at http://www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ 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).

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.

Fund holdings and allocations shown are as of September 30, 2014 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

ITEM 2.

CODE OF ETHICS.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Report to Stockholders filed under Item 1.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12.

EXHIBITS.


(a)(1)	The information required by this Item is only required in connection with an annual report on this Form N-CSR.

(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.

(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


		Goldman Sachs Trust

By:		/s/ James A. McNamara


		James A. McNamara
		President/Principal Executive Officer
		Goldman Sachs Trust

Date:		December 3, 2014

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, 2014

By:		/s/ Scott McHugh


		Scott McHugh
		Principal Financial Officer
		Goldman Sachs Trust

Date:		December 3, 2014

Goldman Sachs High Yield Instl (GSHIX) N-CSRSCertified semi-annual shareholder report (management investment company)