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

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

*Effective October 1, 2014, the Goldman Sachs Core Plus Fixed Income Fund was renamed the Goldman Sachs Bond Fund.

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Goldman Sachs Multi Sector Fixed Income Funds

BOND

CORE FIXED INCOME

GLOBAL INCOME

STRATEGIC INCOME

WORLD BOND


TABLE OF CONTENTS

Principal Investment Strategies and Risks			1

Investment Process			3

Market Review			4

Portfolio Management Discussions and Performance Summaries			6

Schedules of Investments			30

Financial Statements			120

Financial Highlights			128

Notes to the Financial Statements			138

Other Information			167



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Principal Investment Strategies and Risks

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

The Goldman Sachs Bond Fund invests primarily in fixed income securities, including U.S. government securities, corporate debt securities, privately issued mortgage-backed securities, asset-backed securities, high yield non-investment grade securities and fixed income securities of issuers located in emerging countries. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Any guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. Investments in mortgage-backed securities are also subject to prepayment risk (i.e., the risk that in a declining interest rate environment, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). High yield, lower rated investments involve greater price volatility and present greater risks than higher rated fixed income securities. Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic and political developments. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; risks of default by a counterparty; and liquidity risk (i.e., the risk that an investment may not be able to be sold without a substantial drop in price, if at all).

The Goldman Sachs Core Fixed Income Fund invests primarily in fixed income securities, including U.S. government securities, corporate debt securities, privately issued mortgage-backed securities and asset-backed securities. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Any guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. Investments in mortgage-backed securities are also subject to prepayment risk (i.e., the risk that in a declining interest rate environment, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic and political developments. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; risks of default by a counterparty; and liquidity risk (i.e., the risk that an investment may not be able to be sold without a substantial drop in price, if at all).

The Goldman Sachs Global Income Fund invests primarily in a portfolio of fixed income securities of U.S. and foreign issuers. The Fund’s investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic or political developments. Issuers of sovereign debt may be unable or unwilling to repay principal or interest when due. Any guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. Investments in mortgage-backed securities are also subject to prepayment risk (i.e., the risk that in a declining interest rate environment, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; risks of default by a counterparty; and liquidity risk (i.e., the risk that an investment may not be able to be sold without a substantial drop in price, if at all). The Fund may invest heavily in investments in particular countries or regions and may be subject to greater losses than if it were less concentrated in a particular country or region. The Fund is “non-diversified” and may invest more of its assets in fewer issuers than “diversified” funds. Accordingly, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and to greater losses resulting from these developments.

The Goldman Sachs Strategic Income Fund invests in a broadly diversified portfolio of U.S. and foreign investment grade and non-investment grade fixed income investments including, but not limited to: U.S. government securities,

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

non-U.S. sovereign debt, agency securities, corporate debt securities, agency and non-agency mortgage-backed securities, asset-backed securities, custodial receipts, municipal securities, loan participations and loan assignments and convertible securities. Investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Investments in mortgage-backed securities are also subject to, among other risks, prepayment risk (i.e., the risk that in a declining interest rate environment, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). High yield, lower rated investments involve greater price volatility, are less liquid and present greater risks than higher rated fixed income securities. Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic or political developments. The Fund is also subject to the risk that the issuers of sovereign debt or the government authorities that control the payment of debt may be unable or unwilling to repay principal or interest when due. The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in bonds of similar projects or in particular types of municipal securities. The Fund may invest in loans directly, through loan assignments, or indirectly, by purchasing participations or sub-participations from financial institutions. Indirect purchases may subject the Fund to greater delays, expenses and risks than direct obligations in the case that a borrower fails to pay scheduled principal and interest. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; risks of default by a counterparty; and liquidity risk. At times, the Fund may be unable to sell certain of its illiquid investments without a substantial drop in price, if at all. The Fund is subject to the risks associated with implementing short positions. Taking short positions involves leverage of the Fund’s assets and presents various other risks. Losses on short positions are potentially unlimited as a loss occurs when the value of an asset with respect to which the Fund has a short position increases.

The Investment Adviser will not manage the investment program of the Fund by reference to a benchmark index (i.e., unconstrained). By removing benchmark constraints, the Fund is able to invest across the global fixed income spectrum without regard to sector, quality, maturity or market capitalization limitations, including in asset classes in which more traditional or benchmark-constrained fixed income funds do not typically invest (or do not invest to such an extent). Due to this flexible strategy, the Fund’s risk exposure may vary, and the Fund may underperform traditional fixed income indices. There can be no assurance that the discretionary element of the investment processes of the Investment Adviser will be exercised in a manner that is successful or that is not adverse to the Fund, or that the Fund will outperform more traditional or benchmark-constrained fixed income funds.

The Goldman Sachs World Bond Fund invests primarily in a portfolio of debt instruments, including bonds, derivatives and other instruments with similar economic exposures. Investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. High yield, lower rated investments involve greater price volatility and present greater risks than higher rated fixed income securities. Foreign and emerging market investments may be more volatile and less liquid than investments in U.S. securities and will be subject to the risks of currency fluctuations and adverse economic or political developments. Issuers of sovereign debt may be unable or unwilling to repay principal or interest when due. Any guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. Derivative instruments may involve a high degree of financial risk. These risks include the risk that a small movement in the price of the underlying security or benchmark may result in a disproportionately large movement, unfavorable or favorable, in the price of the derivative instrument; risks of default by a counterparty; and liquidity risk. The Fund is subject to the risks associated with implementing short positions. Taking short positions involves leverage of the Fund’s assets and presents various other risks. Losses on short positions are potentially unlimited as a loss occurs when the value of an asset with respect to which the Fund has a short position increases. The Fund is “non-diversified” and may invest more of its assets in fewer issuers than “diversified” funds. Accordingly, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and to greater losses resulting from these developments.

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

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

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

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

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

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

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Team approach to decision making

Manage risk by avoiding significant sector and interest rate bets

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

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Fixed Income portfolios that:

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

Capitalize on GSAM’s industry-renowned credit research capabilities

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

The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

MARKET REVIEW

Goldman Sachs Multi 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 1/100^th 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 European Union, 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

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

MARKET REVIEW

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 has indicated it will 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, or accommodative, 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 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 Bond Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Effective October 1, 2014, the Goldman Sachs Core Plus Fixed Income Fund’s name changed to the Goldman Sachs Bond Fund (the “Fund”). Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Fund’s performance and positioning for the six-month period ended September 30, 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 2.37%, 1.99%, 1.99%, 2.54%, 2.29%, 2.50% and 2.24%, respectively. These returns compare to the 2.21% cumulative total return of the Fund’s benchmark, the Barclays U.S. Aggregate Bond Index (the “Barclays Index”), during the same time period.

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

Tactical management of the Fund’s duration and yield curve positioning strategy detracted from relative performance during the Reporting Period. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Yield curve indicates the spectrum of maturities within a particular sector.

Our top-down currency and cross-sector strategies were the primary positive contributors to Fund performance during the Reporting Period. In our currency strategy, underweighted positions in the Swiss franc, Australian dollar and New Zealand dollar proved particularly beneficial during the Reporting Period. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. Bottom-up individual issue selection overall added value as well.

Which fixed income market sectors most significantly affected Fund performance?

Implemented via our cross-sector strategy, the Fund’s exposure to corporate bonds and non-agency mortgage- backed securities contributed positively to relative results. Corporate credit spreads, or yield differentials to U.S. Treasuries, tightened, or narrowed, for most of the Reporting Period, as the sector benefited from supportive credit fundamentals and low levels of volatility. Non- agency mortgage-backed securities performed well, supported by appreciating home values and improving borrower credit performance. In contrast, the Fund’s underweighted position relative to the Barclays Index in agency mortgage-backed securities detracted, as mortgage spreads tightened largely on a favorable technical, or supply/demand, environment.

Individual issue selection of non-agency collateralized mortgage obligations within the securitized debt sector added value. Selections within the government/swaps sector also contributed positively to relative results. Partially offsetting these positive contributors was the Fund’s exposure to Brazil within the emerging markets debt sector, which detracted from relative results.

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

Tactical management of the Fund’s duration and yield curve positioning detracted from its results during the Reporting Period. We further shortened the Fund’s already short U.S. duration position relative to the Barclays Index over the course of the Reporting Period, as strong durable goods numbers, elevated readings on manufacturing and services purchasing managers indices (“PMI”) and other data suggested, in our view, the U.S. economy continued to grow at an above-trend rate and thus that we anticipated rates would move higher. Such duration positioning hurt, however, as U.S. Treasury yields shrugged off improving economic data and declined instead. Political turmoil in Ukraine and the Middle East also weighed on U.S. Treasury yields later in

PORTFOLIO RESULTS

the Reporting Period. Rates rose somewhat in September 2014, partially offsetting earlier losses, following that month’s Federal Reserve (“Fed”) meeting during which there was a shift up in future interest rate projections.

We reduced the Fund’s short U.K. duration position following modest underperformance, as we believed the likelihood for a near-term rate hike from the Bank of England decreased.

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

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

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

As mentioned earlier, we further shortened the Fund’s already short U.S. duration position relative to the Barclays Index on what we perceived to be the continued strength of the U.S. economy and the upward shift in the Fed’s interest rate projections. We reduced the Fund’s short U.K. duration as we believed the likelihood for a nearer-term rate hike from the Bank of England decreased and our concerns about economic growth momentum in Europe increased.

From a sector perspective, we tactically reduced the Fund’s corporate credit target to neutral as we sought to reduce exposure in a sector that we believed had reached its fair value. That said, we remained constructive in our view toward credit fundamentals and economic growth outlooks for the latter part of 2014.

Within the agency mortgage-backed securities sector, we maintained the Fund’s overweighted exposure relative to the Barclays Index to agency multi-family securities and an underweighted exposure relative to the Barclays Index to mortgage-backed security pass-throughs. (Pass-through mortgages consist of a pool of residential mortgage loans, where homeowners’ monthly payments of principal, interest and prepayments pass from the original bank through a government agency or investment bank to investors.) We maintained the Fund’s overweighted exposure relative to the Barclays Index to non-agency mortgage-backed securities throughout the Reporting Period given what we believed were supportive housing fundamentals. Though recent housing data slowed somewhat, the U.S. housing market continues to recover at a moderate pace in our view. We expect increasing household formation to prove beneficial for the sector.

How was the Fund positioned relative to its benchmark index at the end of September 2014?

At the end of September 2014, the Fund had overweighted allocations relative to the Barclays Index on a market- value weighted basis in asset-backed securities, high yield corporate bonds, emerging market debt, investment grade corporate bonds, residential mortgage-backed securities and covered bonds. (Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.) The Fund also had exposure to municipal bonds, which is a sector not represented in the Barclays Index. The Fund had underweighted exposure relative to the Barclays Index in U.S. government securities, commercial mortgage- backed securities and quasi-government securities. The Fund maintained a short overall duration compared to the Barclays Index at the end of the Reporting Period.

FUND BASICS

Bond 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			Barclays U.S. Aggregate Bond Index²			30-Day Standardized Subsidized Yield³			30-Day Standardized Unsubsidized Yield³
Class A		2.37	%		2.21	%		1.63	%		1.34	%
Class B		1.99			2.21			0.96			0.65
Class C		1.99			2.21			0.95			0.65
Institutional		2.54			2.21			2.04			1.73
Service		2.29			2.21			1.56			1.25
Class IR		2.50			2.21			1.95			1.64
Class R		2.24			2.21			1.45			1.14

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

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

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

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

FUND BASICS


STANDARDIZED TOTAL RETURNS⁴
For the period ended 9/30/14	One Year			Five Years			Since Inception			Inception Date
Class A		1.18	%		4.70	%		4.68	%	11/30/06
Class B		-0.78			4.34			4.81		6/20/07
Class C		3.30			4.72			4.40		11/30/06
Institutional		5.46			5.88			5.56		11/30/06
Service		4.95			5.36			5.45		6/20/07
Class IR		5.27			5.68			5.33		11/30/07
Class R		4.84			5.24			4.86		11/30/07

⁴

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


EXPENSE RATIOS⁵
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.84	%		1.06	%
Class B		1.59			1.80
Class C		1.59			1.81
Institutional		0.50			0.71
Service		1.00			1.22
Class IR		0.59			0.81
Class R		1.09			1.29

⁵

The expense ratios of the Fund, both current (net of applicable fee waivers and/or expense limitations) and before waivers (gross of applicable fee waivers and/or expense limitations) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights in this report. 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.

FUND BASICS


SECTOR ALLOCATIONS⁶
Percentage of Net Assets

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⁶

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

⁷

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

⁸

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

PORTFOLIO RESULTS

Goldman Sachs Core Fixed Income Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Core Fixed Income Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 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 2.15%, 1.77%, 1.86%, 2.42%, 2.07%, 2.28% and 2.12%, respectively. These returns compare to the 2.21% cumulative total return of the Fund’s benchmark, the Barclays U.S. Aggregate Bond Index (the “Barclays Index”), during the same period.

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

Our top-down currency and cross-sector strategies were the primary positive contributors to Fund performance during the Reporting Period. In our currency strategy, underweighted positions the Swiss franc, Australian dollar and New Zealand dollar proved particularly beneficial during the Reporting Period. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark. Bottom-up individual issue selection overall added value as well.

Which fixed income market sectors most significantly affected Fund performance?

Implemented via our cross-sector strategy, the Fund’s exposure to U.S. government agency securities, corporate bonds and non-agency mortgage-backed securities contributed positively to relative results. U.S. government agency securities outperformed U.S. Treasuries during the Reporting Period. Corporate credit spreads, or yield differentials to U.S. Treasuries, tightened, or narrowed, for most of the Reporting Period, as the sector benefited from supportive credit fundamentals and low levels of volatility. Non-agency mortgage-backed securities performed well, supported by appreciating home values and improving borrower credit performance. In contrast, the Fund’s underweighted position relative to the Barclays Index in agency mortgage-backed securities detracted, as mortgage spreads tightened largely on a favorable technical, or supply/demand, environment.

Individual issue selection within the corporate bond and securitized sectors added value. Effective selection in the corporate bond sector was driven by the Fund’s underweight to longer-dated U.S. corporate bonds. Selections of non- agency collateralized mortgage obligations within the securitized debt sector buoyed results. Selections within the government/swaps sector detracted from relative results.

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

PORTFOLIO RESULTS

2014, partially offsetting earlier losses, following that month’s Federal Reserve (“Fed”) meeting during which there was a shift up in future interest rate projections.

We reduced the Fund’s short U.K. duration position following modest underperformance, as we believed the likelihood for a near-term rate hike from the Bank of England decreased.

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

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

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

From a sector perspective, we maintained the Fund’s modest overweight to corporate credit for much of the Reporting Period amidst U.S. economic recovery while favoring lower-rated securities, though moved to a neutral position over the summer. Within the agency mortgage-backed securities sector, we maintained the Fund’s overweighted exposure relative to the Barclays Index to agency multi- family securities and an underweighted exposure to mortgage-backed security pass-throughs. (Pass-through mortgages consist of a pool of residential mortgage loans, where homeowners’ monthly payments of principal, interest and prepayments pass from the original bank through a government agency or investment bank to investors.) We maintained the Fund’s overweighted exposure to non-agency mortgage-backed securities throughout the Reporting Period given what we believed were supportive U.S. housing market fundamentals and positive expectations overall for the U.S. economy. We maintained the Fund’s rather neutral position relative to the Barclays Index in emerging markets debt due to volatility in Eastern Europe and the Middle East.

How was the Fund positioned relative to its benchmark index at the end of September 2014?

At the end of September 2014, the Fund had its most overweighted allocations relative to the Barclays Index on a market-value weighted basis in asset-backed securities and investment grade corporate bonds, with an emphasis in the latter on the financials industry. The Fund also had more modestly overweighted exposure at the end of the Reporting Period to quasi-government securities, covered bonds and commercial mortgage-backed securities. (Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.) The Fund had its most underweighted exposure relative to the Barclays Index in U.S. government securities. The Fund also had an underweighted exposure to the residential mortgage-backed securities sector overall. However, within the residential mortgage-backed securities sector, the Fund had overweighted allocations to agency collateralized mortgage obligations and an underweighted exposure to mortgage-backed security pass-throughs. The Fund had a rather neutral position compared to the Barclays Index in emerging markets debt at the end of September 2014. The Fund had a short overall duration compared to the Barclays Index at the end of the Reporting Period.

FUND BASICS

Core Fixed Income 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. Aggregate Bond Index²			30-Day Standardized Subsidized Yield³			30-Day Standardized Unsubsidized Yield³
Class A		2.15	%		2.21	%		1.47	%		1.47	%
Class B		1.77			2.21			0.79			0.79
Class C		1.86			2.21			0.79			0.79
Institutional		2.42			2.21			1.87			1.87
Service		2.07			2.21			1.37			1.37
Class IR		2.28			2.21			1.78			1.78
Class R		2.12			2.21			1.28			1.28

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

FUND BASICS


STANDARDIZED TOTAL RETURNS⁴
For the period ended 9/30/14	One Year			Five Years			Ten Years			Since Inception	Inception Date
Class A		0.46	%		3.99	%		3.46	%	4.91%	5/1/97
Class B		-1.52			3.65			3.23		4.78	5/1/97
Class C		2.55			4.04			3.09		4.22	8/15/97
Instititutional		4.70			5.17			4.23		5.60	1/5/94
Service		4.18			4.63			3.71		5.05	3/13/96
Class IR		4.61			5.04			N/A		4.01	11/30/07
Class R		4.09			4.55			N/A		3.52	11/30/07

⁴

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


EXPENSE RATIOS⁵
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.83	%		0.83	%
Class B		1.58			1.58
Class C		1.58			1.58
Institutional		0.49			0.49
Service		0.98			0.98
Class IR		0.58			0.58
Class R		1.08			1.08

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FUND BASICS


SECTOR ALLOCATIONS⁶
Percentage of Net Assets

LOGO

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PORTFOLIO RESULTS

Goldman Sachs Global Income Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income Investment Management Team discusses the Goldman Sachs Global Income Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 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 and IR Shares generated cumulative total returns, without sales charges, of 2.95%, 2.57%, 2.58%, 3.13%, 2.87% and 3.16%, respectively. These returns compare to the 3.17% cumulative total return of the Fund’s benchmark, the Barclays Global Aggregate Bond (Gross, USD, Hedged) Index (the “Barclays Index”), during the same time period.

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

Our duration strategy detracted from the Fund’s results. Duration is a measure of the Fund’s sensitivity to changes in interest rates.

Primary contributors to the Fund’s performance were our currency and country strategies. Within our currency strategy, an underweighted position in the Swiss franc contributed the most. The Swiss franc depreciated relative to the U.S. dollar, as inflation concerns prompted market speculation that the Swiss National Bank might provide support in terms of monetary easing. Within our country strategy, an overweighted exposure to European rates relative to U.S. rates contributed the most. Overall, the Fund’s positioning in the European peripheral nations of Spain and Italy and in New Zealand also proved to be beneficial, more than offsetting the detracting impact of positioning in Sweden, Japan and Australia during the Reporting Period. To a more modest degree, our cross-sector strategy also added value. Our cross-sector strategy is one in which we invest Fund assets across a variety of fixed income sectors, including some that may not be included in the Fund’s benchmark.

Which fixed income market sectors most significantly affected Fund performance?

Within the government/swaps selection strategy, U.K. yield curve positioning detracted from the Fund’s results during the Reporting Period.

Conversely, the Fund’s tactical overweights to non-agency mortgage-backed securities and corporate bonds contributed positively to its performance. Bottom-up individual issue selection of collateralized mortgage obligations and adjustable rate mortgage securities — through our securitized selection strategy — also boosted the Fund’s relative results during the Reporting Period.

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

The combined effect of the Fund’s duration and yield curve positioning detracted from results during the Reporting Period. The Fund’s duration strategy is actively managed and constantly monitored in an effort to generate greater performance and reduced risk through volatile markets. We tactically adjusted the Fund’s duration position throughout the Reporting Period as market conditions shifted. However, the Fund’s tactical short U.S. and U.K. duration positions relative to the Barclays Index hurt, as yields were generally driven lower in both regions amidst mixed global economic data and elevated volatility in several emerging markets. In the U.S., the Federal Reserve (the “Fed”) maintained an accommodative monetary policy stance due to slack in the labor market, low inflation and a slowdown in the housing market. In the U.K., other factors driving yields lower were dovish inflation figures and the uncertainty of the Scottish independence vote.

PORTFOLIO RESULTS

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

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

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

As mentioned earlier, we generally maintained a short duration stance relative to the Barclays Index throughout the Reporting Period, but tactically adjusted the Fund’s duration position as market conditions shifted. We increased the Fund’s weightings in government securities and investment grade corporate bonds and reduced the Fund’s relative exposure to commercial mortgage-backed securities, residential mortgage-backed securities, covered bonds and municipal bonds. (Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.) We reduced the Fund’s position in cash.

From a country perspective, we pared back overweighted positions in Spain and Italy, as we grew more cautious about the near-term outlook in Europe. We decreased the Fund’s relative exposure to the U.S. during the Reporting Period.

How was the Fund positioned relative to its benchmark index at the end of September 2014?

At the end of September 2014, as measured by contribution to duration, the Fund had a modestly overweighted allocation relative to the Barclays Index in investment grade corporate bonds. The Fund had an underweighted exposure relative to the Barclays Index in government securities and more modestly underweighted allocations to quasi-government securities, emerging markets debt and collateralized securities, including commercial mortgage-backed securities, residential mortgage-backed securities, asset-backed securities and covered bonds.

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

FUND BASICS

Global Income Fund

as of September 30, 2014

LOGO


PERFORMANCE REVIEW
April 1, 2014– September 30, 2014	Fund Total Return (based on NAV)¹			Barclays Global Aggregate Bond (Gross, USD, Hedged) Index²			30-Day Standardized Subsidized Yield³			30-Day Standardized Unsubsidized Yield³
Class A		2.95	%		3.17	%		0.74	%		0.55	%
Class B		2.57			3.17			0.03			-0.17
Class C		2.58			3.17			0.03			-0.17
Institutional		3.13			3.17			1.11			0.90
Service		2.87			3.17			0.60			0.40
Class IR		3.16			3.17			1.01			0.81

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

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

FUND BASICS


STANDARDIZED TOTAL RETURNS⁴
For the period ended 9/30/14	One Year			Five Years			Ten Years			Since Inception	Inception Date
Class A		2.21	%		3.70	%		4.09	%	5.50%	8/2/91
Class B		0.11			3.33			3.85		4.97	5/1/96
Class C		4.34			3.74			3.72		4.17	8/15/97
Institutional		6.52			4.87			4.86		5.96	8/1/95
Service		5.99			4.33			4.34		4.88	3/12/97
Class IR		6.43			N/A			N/A		4.21	7/30/10

⁴

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


EXPENSE RATIOS⁵
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.04	%		1.20	%
Class B		1.79			1.95
Class C		1.79			1.95
Institutional		0.70			0.86
Service		1.20			1.35
Class IR		0.79			0.95

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FUND BASICS


CURRENCY ALLOCATION⁶
	Percentage of Net Assets
	as of 9/30/14			as of 3/31/14
U.S. Dollar⁷		47.5	%		48.7	%
Euro		33.0			28.3
Japanese Yen		6.8			11.6
British Pound		5.0			4.7
Canadian Dollar		3.1			2.8
Mexican Peso		1.5			1.0
South Korean Won		0.9			0.8
Australian Dollar		0.6			0.6
South African Rand		0.5			0.5
Czech Koruna		0.1			0.1
Polish Zloty		0.1			0.0
Danish Krone		0.0			0.6
Swedish Krona		0.0			0.9

⁶

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

⁷

These figures represent the value excluding short-term obligations. If short-term obligations had been included, the percentages for 9/30/14 and 3/31/14 would have been 48.4% and 55.9%, respectively.

PORTFOLIO RESULTS

Goldman Sachs Strategic Income Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs U.S. Fixed Income Investment Management Team discusses the Goldman Sachs Strategic Income Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 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 0.58%, 0.20%, 0.75%, 0.70% and 0.45%, respectively. These returns compare to the 0.13% cumulative total return of the Fund’s benchmark, the Bank of America Merrill Lynch U.S. Dollar Three-Month LIBOR Constant Maturity Index (the “LIBOR Index”), during the same period.

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

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

Within our top-down strategies, our currency, cross-sector and country strategies contributed positively to Fund performance. Within our currency strategy, the Fund benefited most from an overweighted position in the U.S. dollar, primarily against emerging market currencies which experienced volatility toward the end of the Reporting Period on slow global economic growth and increasing monetary policy divergence among central banks. Our cross-sector strategy is one in which we invest Fund assets based on a discipline of valuing each fixed income sector in the context of all investment opportunities within the Fund’s universe. Within our country strategy, an overweight to European peripheral nations versus Germany proved beneficial, as market expectations for easy monetary policy from the European Central Bank (“ECB”) encouraged yield hunting activity in the periphery nations’ markets.

Detracting from the Fund’s performance was our duration strategy and individual issue selection within the emerging markets debt and government/swaps sectors. These strategies reflect any active views we take on these particular sectors. Duration is a measure of the Fund’s sensitivity to changes in interest rates.

Which fixed income market sectors most significantly affected Fund performance?

The Fund’s sizable exposure to high yield corporate bonds and its modest exposure to agency mortgage-backed securities contributed positively to its performance.

Conversely, individual issue selection within the emerging markets debt sector detracted from performance, primarily as a result of the Fund’s positioning in local Brazilian debt. Issue selection within the government/swaps sector also detracted from performance, driven mainly by a steepening position the Fund held on the U.K. swap yield curve. (A steepening position is a Fund stance based on the belief that the differential between longer-term yields and shorter-term yields would widen. Yield curve represents a spectrum of maturities.)

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

The combined effect of the Fund’s tactical duration and yield curve positioning detracted from results during the Reporting Period. The Fund maintained a short duration on the U.S. Treasury yield curve. Such positioning hurt as rates declined during the Reporting Period while the Fund was positioned in anticipation of rising rates. The decline in rates came in part as a result of mixed economic growth data globally as well as on geopolitical tensions in Ukraine and the Middle East. The 10-year U.S. Treasury yield ended the Reporting

PORTFOLIO RESULTS

Period approximately 23 basis points lower at 2.49%. (A basis point is 1/100^th of a percentage point.)

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

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

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

The Fund is a broadly diversified, multi-sector portfolio designed to provide total return opportunities from across the fixed income spectrum, including government, securitized, corporate credit and emerging market fixed income sectors. The Fund’s overall positioning remained fairly consistent through the Reporting Period, with the major themes being short duration and an emphasis on growth-sensitive assets and interest rate volatility. That said, global monetary policy divergence, geopolitical risk surrounding Russia and the

Middle East and the sell-off in high yield during the third quarter of 2014 drove the Fund’s prudent reduced risk positioning with more moderate exposures to high yield corporate bond and interest rate volatility for the majority of the Reporting Period. More specifically, the Fund had held a sizable exposure to high yield corporate bonds, which we pared back on strong performance in the second quarter of 2014. We subsequently added back to that exposure following spread, or yield differential, widening that occurred as a result of heightened geopolitical risk and exchange-traded fund outflows late in the third calendar quarter.

How was the Fund positioned at the end of September 2014?

At the end of September 2014, the Fund had the majority of its total net assets invested in U.S. government securities, followed at some distance by quasi-government securities, collateralized loan obligations, agency and non-agency mortgage-backed securities, high yield corporate bonds and emerging markets debt. The Fund also maintained exposure at the end of the Reporting Period to commercial mortgage-backed securities, municipal bonds, corporate bank loans, investment grade corporate bonds, asset-backed securities and covered bonds. (Covered bonds are debt securities backed by cash flows from mortgage loans or public sector loans.) The Fund also had a sizable position in cash at the end of the Reporting Period.

The Fund’s largest duration positions at the end of the Reporting Period were its short duration positions in the U.S. and the U.K. The Fund had more modest short duration positions in Japan and Europe and a modestly long duration position in Canada. The Fund had a short duration overall relative to the LIBOR Index at the end of the Reporting Period.

From a currency perspective, the Fund maintained long currency positions in the U.S. dollar and, to a significantly more modest degree, in the Indian rupee, the Australian dollar, the Norwegian krona, the Japanese yen, the Polish zloty, the Swedish krona and the Mexican peso. The Fund was most short the Swiss franc, the Chinese renminbi, the Singapore dollar, the South Korean won, the Turkish lira, the euro, the New Zealand dollar and the British pound at the end of the Reporting Period.

FUND BASICS

Strategic Income Fund

as of September 30, 2014

LOGO


PERFORMANCE REVIEW
April 1, 2014– September 30, 2014	Fund Total Return (based on NAV)¹			Bank of America Merrill Lynch U.S. Dollar Three-Month LIBOR Constant Maturity Index²			30-Day Standardized Subsidized Yield³			30-Day Standardized Unsubsidized Yield³
Class A		0.58	%		0.13	%		1.82	%		1.82	%
Class C		0.20			0.13			1.15			1.15
Institutional		0.75			0.13			2.23			2.23
Class IR		0.70			0.13			2.14			2.14
Class R		0.45			0.13			1.65			1.65

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

The Bank of America Merrill Lynch U.S. Dollar Three-Month LIBOR Constant Maturity Index tracks the performance of a synthetic asset paying Libor to a stated maturity. The index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument.

FUND BASICS


STANDARDIZED TOTAL RETURNS⁴
For the period ended 9/30/14	One Year			Since Inception			Inception Date
Class A		-0.43	%		3.59	%	6/30/10
Class C		1.67			3.74		6/30/10
Institutional		3.81			4.87		6/30/10
Class IR		3.72			4.76		6/30/10
Class R		3.21			4.25		6/30/10

⁴

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 reflect 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.


EXPENSE RATIOS⁵
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		0.91	%		0.91	%
Class C		1.66			1.66
Institutional		0.57			0.57
Class IR		0.66			0.66
Class R		1.16			1.16

⁵

FUND BASICS

SECTOR ALLOCATIONS⁶

Percentage of Net Assets

LOGO

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

PORTFOLIO RESULTS

Goldman Sachs World Bond Fund

Investment Objective

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

Portfolio Management Discussion and Analysis

Below, the Goldman Sachs Global Fixed Income Investment Management Team discusses the Goldman Sachs World Bond Fund’s (the “Fund”) performance and positioning for the six-month period ended September 30, 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 -0.72%, -1.20%, -0.65%, -0.70% and -0.96%, respectively. These returns compare to the -1.00% cumulative total return of the Fund’s benchmark, the Barclays Global Sovereign Fiscal Strength (Gross, USD, Unhedged) Index (the “Barclays Index”), during the same time period.

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

Primary contributors to the Fund’s performance were our currency and country strategies. Within our currency strategy, positioning in the Swiss franc, New Zealand dollar and Australian dollar contributed the most. Within our country strategy, an overweighted exposure to European rates relative to U.S. rates contributed the most. Overall, the Fund’s favoring of the European peripheral nations versus the core European countries also proved to be beneficial.

Our duration strategy detracted from the Fund’s results. Duration is a measure of the Fund’s sensitivity to changes in interest rates. Individual issue selection overall also detracted from results.

Which fixed income market sectors most significantly affected Fund performance?

Individual issue selection within the emerging markets debt and government/swaps sectors detracted from the Fund’s results during the Reporting Period. Within the emerging markets debt sector, selection of local debt securities was most challenged, particularly in South Korea, Romania and Hungary. In the government/swaps sector, weak relative performance can be attributed to exposure to the short-term segment of the U.K. yield curve.

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

The combined effect of the Fund’s duration and yield curve positioning detracted from results during the Reporting Period, most especially during May 2014 and August 2014 when U.S. interest rates declined most significantly. Overall, the Fund maintained a shorter duration than the Barclays Index during the Reporting Period, although the Fund’s duration strategy is actively managed and constantly monitored in an effort to generate greater performance and reduced risk through volatile markets.

Within the strategy, the Fund’s short U.S. duration position relative to the Barclays Index hurt most. Its exposure to the intermediate-to-longer-term end of the U.S. yield curve together with its U.K. and Japan yield curve positioning also detracted from results.

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

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

PORTFOLIO RESULTS

transactions were used as we sought both to enhance returns and to hedge the Fund’s portfolio against currency exchange rate fluctuations. Interest rate swaps were also used as cost-efficient instruments to help grant us greater precision and versatility in the management of active strategies, especially our country strategy.

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

We increased the Fund’s exposure to emerging markets debt from an underweighted position at the start of the Reporting Period to an overweighted position in June 2014 and then reduced the position slightly to a more modestly overweighted position by the end of the Reporting Period. We increased the Fund’s exposure to government securities during the Reporting Period but remained underweighted to the sector throughout. In April 2014, we reduced the Fund’s exposure to France to an underweighted position. In May 2014, we moved from a neutral position in the Indian rupee to an overweighted position and shifted from an overweight to an underweight in the Turkish lira. We changed the Fund’s exposure to the U.K. yield curve from an underweight to an overweight in June 2014.

How was the Fund positioned relative to its benchmark index at the end of September 2014?

At the end of September 2014, the Fund had an underweighted allocation relative to the Barclays Index in U.S. Treasuries. To a more modest degree, the Fund also had an underweighted exposure relative to the Barclays Index in emerging markets debt. The Fund had a sizable position in cash at the end of the Reporting Period. The Fund had an underweight in foreign sovereign bonds in duration terms relative to the Barclays Index.

From a country perspective, the Fund was overweight relative to the Barclays Index in Italy, Germany and Spain at the end of September 2014. The Fund was underweight relative to the Barclays Index in France, Japan and the emerging markets overall. The Fund was neutral to the Barclays Index in Australia, Canada, Denmark, Ireland, Norway, Sweden, the U.K. and the U.S. at the end of the Reporting Period.

In terms of currencies, the Fund was underweight the Swiss franc and overweight the U.S. dollar compared to the Barclays Index at the end of the Reporting Period. The Fund was neutral to the remaining currency components of the Barclays Index at the end of September 2014.

The Fund had a shorter duration than the Barclays Index at the end of the Reporting Period.

FUND BASICS

World Bond Fund

as of September 30, 2014

LOGO


PERFORMANCE REVIEW
April 1, 2014– September 30, 2014	Fund Total Return (based on NAV)¹			Barclays Global Sovereign Fiscal Strength Weighted (Gross, USD, Unhedged) Index²			30-Day Standardized Subsidized Yield³			30-Day Standardized Unsubsidized Yield³
Class A		-0.72	%		-1.00	%		1.26	%		-5.29	%
Class C		-1.20			-1.00			0.56			-6.21
Institutional		-0.65			-1.00			1.66			-5.17
Class IR		-0.70			-1.00			1.52			-5.30
Class R		-0.96			-1.00			1.07			-5.75

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

The Barclays Global Sovereign Fiscal Strength Weighted (Gross, USD, Unhedged) Index family is a new rules-based alternative weight benchmark offering that uses fundamental measures of fiscal sustainability to depart from market capitalization country weights in existing bond indices. It is not possible to invest directly in an unmanaged index.


STANDARDIZED TOTAL RETURNS⁴
For the period ended 9/30/14	One Year			Since Inception			Inception Date
Class A		-3.07	%		-3.04	%	11/30/12
Class C		-1.02			-1.73		11/30/12
Institutional		1.08			-0.72		11/30/12
Class IR		1.01			-0.76		11/30/12
Class R		0.47			-1.33		11/30/12

⁴

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

FUND BASICS


EXPENSE RATIOS⁵
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Waivers)
Class A		1.04	%		4.99	%
Class C		1.71			5.64
Institutional		0.71			4.55
Class IR		0.77			4.61
Class R		1.30			5.14

⁵


CURRENCY ALLOCATIONS⁶
	Percentage of Net Assets
	as of 9/30/14			as of 3/31/14
Euro		27.3	%		32.2	%
U.S. Dollar⁷		24.8			10.4
Japanese Yen		5.3			3.0
British Pound		5.0			5.3
Mexican Peso		4.5			4.3
Brazilian Real		3.4			3.4
Russian Ruble		2.8			3.0
Colombian Peso		2.7			3.5
Australian Dollar		2.5			2.6
Canadian Dollar		2.2			2.2
Other Currencies		14.0			13.4

⁶

⁷

These figures represent the value excluding short-term obligations. If short-term obligations had been included, the percentages for 9/30/14 and 3/31/14 would have been 28.1% and 26.2%, respectively.

GOLDMAN SACHS BOND FUND

Schedule of Investments

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – 26.8%
	Automotive – 0.4%
	Ford Motor Credit Co. LLC
$	375,000		5.000	%		05/15/18	$	410,254
	500,000		5.875			08/02/21		574,583

								984,837

	Banks – 7.4%
	Abbey National Treasury Services PLC
	925,000		4.000			04/27/16		966,592
	American Express Co.^(a)(b)
	500,000		6.800			09/01/66		533,750
	Australia & New Zealand Banking Group Ltd.^(c)
	350,000		4.500			03/19/24		353,009
	Banco Nacional de Costa Rica^(c)
	260,000		6.250			11/01/23		260,650
	Bank of America Corp.
	625,000		4.125			01/22/24		634,947
	575,000		4.000			04/01/24		580,499
	300,000		6.250	^(a)(b)		09/29/49		297,000
	Barclays Bank PLC
	425,000		2.500			02/20/19		426,041
	Citigroup, Inc.
	305,000		6.125			11/21/17		343,502
	325,000		6.300	^(a)(b)		05/15/49		321,344
	Compass Bank
	275,000		1.850	^(b)		09/29/17		274,937
	475,000		5.500			04/01/20		519,094
	Credit Agricole SA^(a)(b)(c)
	225,000		7.875			01/29/49		227,250
	Credit Suisse AG^(c)
	250,000		6.500			08/08/23		271,909
	Credit Suisse Group AG^(a)(b)(c)
	300,000		6.250			12/11/49		290,250
	350,000		7.500			12/18/49		367,920
	Fifth Third Bancorp
	300,000		3.625			01/25/16		310,928
	HSBC Holdings PLC^(a)(b)
	300,000		6.375			12/29/49		298,837
	ING Bank NV^(a)(b)
	700,000		4.125			11/21/23		712,201
	Intesa Sanpaolo SPA
	475,000		2.375			01/13/17		478,336
	1,150,000		3.875			01/16/18		1,196,658
	325,000		5.017	^(c)		06/26/24		315,700
	Lloyds Bank PLC
	350,000		2.300			11/27/18		351,372
	Macquarie Bank Ltd.^(c)
	600,000		2.600			06/24/19		599,513
	MUFG Capital Finance 1 Ltd.^(a)(b)
	450,000		6.346			07/29/49		479,250
	Northern Rock Asset Management PLC^(c)
	1,700,000		5.625			06/22/17		1,887,334
	PNC Preferred Funding Trust II^(a)(b)(c)
	800,000		1.457			03/29/49		769,000
	Regions Financial Corp.
	325,000		5.750			06/15/15		335,358
	Royal Bank of Scotland PLC
	675,000		2.550			09/18/15		684,770


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Banks – (continued)
	Royal Bank of Scotland PLC – (continued)
$	300,000		9.500	% ^(a)(b)		03/16/22	$	342,000
	Santander Bank NA
	400,000		8.750			05/30/18		481,522
	Santander Holdings USA, Inc.
	270,000		4.625			04/19/16		283,829
	Sumitomo Mitsui Financial Group, Inc.^(c)
	725,000		4.436			04/02/24		742,668

								16,937,970

	Brokerage – 0.5%
	Morgan Stanley, Inc.
	575,000		6.250			08/28/17		644,429
	525,000		6.625			04/01/18		600,360

								1,244,789

	Chemicals – 0.5%
	Ashland, Inc.^(b)
	225,000		4.750			08/15/22		219,375
	Ecolab, Inc.
	425,000		3.000			12/08/16		440,829
	200,000		5.500			12/08/41		228,938
	LyondellBasell Industries NV^(b)
	300,000		5.000			04/15/19		331,169

								1,220,311

	Consumer Cyclical Services^(b) – 0.2%
	Equinix, Inc.
	450,000		7.000			07/15/21		479,250

	Consumer Products – 0.3%
	Avon Products, Inc.
	725,000		4.600			03/15/20		740,414

	Electric – 0.7%
	Arizona Public Service Co.
	375,000		8.750			03/01/19		475,287
	Consumers Energy Co.^(b)
	850,000		3.950			05/15/43		820,943
	Puget Sound Energy, Inc.^(a)(b)
	250,000		6.974			06/01/67		261,875

								1,558,105

	Energy – 1.9%
	Anadarko Petroleum Corp.
	325,000		6.450			09/15/36		395,468
	Brazil Minas SPE via State of Minas Gerais
	420,000		5.333			02/15/28		415,800
	Nexen, Inc.
	265,000		6.400			05/15/37		321,542
	Pacific Rubiales Energy Corp.^(b)(c)
	260,000		5.375			01/26/19		261,950
	Petrobras Global Finance BV
	430,000		4.875			03/17/20		432,197
	200,000		6.250			03/17/24		209,060
	Petroleos Mexicanos
	70,000		5.500			01/21/21		76,661
	240,000		6.375	^(c)		01/23/45		271,392


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

GOLDMAN SACHS BOND FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Energy – (continued)
	PTTEP Canada International Finance Ltd.^(c)
$	460,000		5.692	%		04/05/21	$	517,408
	Transocean, Inc.
	625,000		6.500			11/15/20		659,375
	Transportadora de Gas Internacional SA ESP^(b)
	330,000		5.700			03/20/22		349,800
	Weatherford International Ltd.
	400,000		9.625			03/01/19		513,686

								4,424,339

	Food & Beverage – 1.3%
	Constellation Brands, Inc.
	50,000		3.750			05/01/21		49,000
	900,000		6.000			05/01/22		981,000
	Pernod-Ricard SA^(c)
	525,000		5.750			04/07/21		597,575
	SABMiller Holdings, Inc.^(c)
	200,000		4.950			01/15/42		208,127
	Suntory Holdings Ltd.^(c)
	550,000		2.550			09/29/19		549,286
	Sysco Corp.^(b)
	600,000		3.500			10/02/24		601,559

								2,986,547

	Health Care – Services – 0.2%
	HCA, Inc.
	375,000		7.500			02/15/22		422,813

	Home Construction – 0.7%
	D.R. Horton, Inc.^(b)
	450,000		4.375			09/15/22		429,750
	MDC Holdings, Inc.
	500,000		5.625			02/01/20		520,833
	200,000		5.500	^(b)		01/15/24		197,018
	375,000		6.000	^(b)		01/15/43		344,697

								1,492,298

	Life Insurance – 0.9%
	AIG Life Holdings, Inc.
	425,000		8.500			07/01/30		558,875
	Genworth Holdings, Inc.
	350,000		7.625			09/24/21		424,708
	Teachers Insurance & Annuity Association of America^(c)
	420,000		4.900			09/15/44		428,031
	The Northwestern Mutual Life Insurance Co.^(c)
	500,000		6.063			03/30/40		619,201

								2,030,815

	Media – Cable – 1.6%
	CCO Holdings LLC/CCO Holdings Capital Corp.^(b)
	450,000		5.250			09/30/22		439,875
	DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
	725,000		3.800			03/15/22		738,741
	Time Warner Cable, Inc.
	850,000		7.300			07/01/38		1,148,355
	375,000		5.500	^(b)		09/01/41		419,793

	Corporate Obligations – (continued)
	Media – Cable – 1.6% – (continued)
	Videotron Ltd.
	825,000		5.000			07/15/22		816,750

								3,563,514

	Media – Non Cable – 0.6%
	NBCUniversal Media LLC
	750,000		4.375			04/01/21		816,096
	Nielsen Finance LLC/Nielsen Finance Co.^(b)
	525,000		4.500			10/01/20		509,250

								1,325,346

	Metals & Mining – 0.6%
	CITIC Ltd.
	400,000		6.800			01/17/23		460,371
	Glencore Funding LLC^(c)
	880,000		2.700			10/25/17		894,683

								1,355,054

	Noncaptive – Financial – 0.4%
	GE Capital Trust I^(a)(b)
	458,000		6.375			11/15/67		498,075
	General Electric Capital Corp.
MXN	1,000,000		8.500			04/06/18		82,424
$	175,000		5.875			01/14/38		210,484

								790,983

	Packaging – 0.4%
	Ball Corp.
	225,000		5.000			03/15/22		225,563
	Crown Americas LLC/Crown Americas Capital Corp. IV
	250,000		4.500			01/15/23		236,250
	Sealed Air Corp.^(b)(c)
	400,000		8.375			09/15/21		443,000

								904,813

	Pharmaceuticals^(c) – 0.2%
	Forest Laboratories, Inc.
	425,000		4.375			02/01/19		448,375

	Pipelines – 1.7%
	El Paso LLC
	500		7.750			01/15/32		612
	Enterprise Products Operating LLC^(a)(b)
	775,000		8.375			08/01/66		850,562
	375,000		7.034			01/15/68		423,750
	Kinder Morgan, Inc.^(b)(c)
	725,000		5.000			02/15/21		755,813
	Southern Star Central Gas Pipeline, Inc.^(c)
	300,000		6.000			06/01/16		317,742
	TransCanada PipeLines Ltd.^(a)(b)
	875,000		6.350			05/15/67		892,500
	Williams Partners LP^(b)
	625,000		3.900			01/15/25		615,648

								3,856,627

	Property/Casualty Insurance^(b) – 0.2%
	American International Group, Inc.
	525,000		4.500			07/16/44		520,316


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Real Estate Investment Trust – 2.1%
	American Campus Communities Operating Partnership LP^(b)
$	800,000		3.750	%		04/15/23	$	794,347
	DDR Corp.
	755,000		7.500			04/01/17		858,247
	ERP Operating LP^(b)
	700,000		4.500			07/01/44		693,696
	HCP, Inc.
	525,000		6.000			01/30/17		579,434
	Healthcare Realty Trust, Inc.
	550,000		6.500			01/17/17		609,477
	Senior Housing Properties Trust^(b)
	350,000		3.250			05/01/19		352,374
	Trust F/1401^(c)
	300,000		5.250			12/15/24		313,050
	WEA Finance LLC/Westfield UK & Europe Finance PLC^(b)(c)
	500,000		3.750			09/17/24		498,643

								4,699,268

	Schools – 0.2%
	Rensselaer Polytechnic Institute
	350,000		5.600			09/01/20		395,389

	Technology – 0.7%
	Hewlett-Packard Co.
	525,000		3.000			09/15/16		543,450
	375,000		2.600			09/15/17		385,148
	300,000		2.750			01/14/19		304,241
	Tech Data Corp.
	400,000		3.750			09/21/17		416,260

								1,649,099

	Transportation^(c) – 0.3%
	Penske Truck Leasing Co. LP/PTL Finance Corp.
	750,000		2.875			07/17/18		767,206

	Wireless Telecommunications – 0.4%
	American Tower Corp.
	300,000		3.400			02/15/19		306,480
	Crown Castle International Corp.
	575,000		5.250			01/15/23		567,094

								873,574

	Wirelines Telecommunications – 2.4%
	AT&T, Inc.
	550,000		2.950			05/15/16		567,511
	Mobile Telesystems OJSC via MTS International Funding Ltd.
	100,000		8.625			06/22/20		106,000
	Verizon Communications, Inc.
	275,000		2.625	^(c)		02/21/20		271,377
	1,500,000		4.500			09/15/20		1,619,310
	1,350,000		5.150			09/15/23		1,489,523
	1,150,000		4.150	^(b)		03/15/24		1,182,963
	266,000		6.550			09/15/43		329,903

								5,566,587

	TOTAL CORPORATE OBLIGATIONS
	(Cost $59,712,388)						$	61,238,639


Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – 29.4%
	Adjustable Rate Non-Agency^(a) – 1.2%
	Aire Valley Mortgages PLC Series 2004-1X, Class 3A2
EUR	1,005,854		0.502	%		09/20/66	$	1,255,225
	Aire Valley Mortgages PLC Series 2006-1X, Class 2A1
	218,374		0.382			09/20/66		271,213
	Eurosail Prime-UK PLC Series 2007-PR1X, Class A1
GBP	169,382		0.952			09/13/45		264,495
	Granite Mortgages PLC Series 2003-3, Class 3A
	47,298		0.936			01/20/44		76,601
	Lehman XS Trust Series 2007-4N, Class 1A1
$	221,150		0.285			03/25/47		205,847
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1B
	373,961		1.318			12/25/46		294,643
	Quadrivio Finance Series 2011-1, Class A1
EUR	331,728		0.708			07/25/60		418,518

	TOTAL ADJUSTABLE RATE NON-AGENCY						$	2,786,542

	Collateralized Mortgage Obligations – 5.0%
	Inverse Floaters^(a) – 0.2%
	FNMA REMIC Series 2010-126, Class LS
$	1,258,740		4.846	%		11/25/40	$	230,924
	GNMA REMIC Series 2013-113, Class SD
	1,073,785		6.546			08/16/43		172,331

								403,255

	Planned Amortization Class – 0.1%
	FNMA REMIC Series 2005-70, Class PA
	155,179		5.500			08/25/35		173,432

	Sequential Fixed Rate – 2.2%
	FHLMC Multifamily Structured Pass-Through Certificates Series K005, Class A2
	1,500,000		4.317			11/25/19		1,650,863
	FNMA REMIC Series 2011-52, Class GB
	1,025,000		5.000			06/25/41		1,137,313
	FNMA REMIC Series 2012-111, Class B
	150,902		7.000			10/25/42		171,201
	FNMA REMIC Series 2012-153, Class B
	333,268		7.000			07/25/42		377,972
	NCUA Guaranteed Notes Series 2010-C1, Class APT
	1,060,588		2.650			10/29/20		1,088,693
	NCUA Guaranteed Notes Series A4
	600,000		3.000			06/12/19		628,068

								5,054,110

	Sequential Floating Rate^(a) – 2.5%
	Banc of America Commercial Mortgage, Inc. Series 2007-2, Class AM
	225,000		5.791			04/10/49		245,173
	Countrywide Alternative Loan Trust Series 2006-0C8, Class 2A3
	1,911,563		0.405			11/25/36		1,059,928
	Deutsche Alt-A Securities, Inc. Alternative Loan Trust Series 2006-AR3, Class A6
	2,878,252		0.435			08/25/36		2,041,411


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

GOLDMAN SACHS BOND FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	Sequential Floating Rate^(a) – (continued)
	FHLMC Multifamily Structured Pass-Through Certificates Series K033, Class A2
$	1,200,000		3.060	%		07/25/23	$	1,213,355
	FHLMC Multifamily Structured Pass-Through Certificates Series K714, Class A2
	600,000		3.034			10/25/20		620,953
	FNMA Connecticut Avenue Securities Series 2014-C03, Class 1M1
	124,605		1.355			07/25/24		123,599
	FNMA REMIC Series 2011-63, Class FG
	346,432		0.605			07/25/41		348,237
	Morgan Stanley Capital I Trust Series 2007-HQ11, Class AM
	50,000		5.478			02/12/44		53,794
	Morgan Stanley Capital I Trust Series 2007-HQ13, Class AM
	50,000		5.931			12/15/44		48,415

								5,754,865

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	11,385,662

	Federal Agencies – 23.2%
	Adjustable Rate FHLMC^(a) – 0.1%
$	102,921		2.413	%		09/01/35	$	109,743

	FHLMC – 2.2%
	23,148		5.000			05/01/18		24,429
	408,870		6.000			08/01/27		461,206
	40,305		5.000			08/01/33		44,554
	7,657		5.000			09/01/33		8,464
	10,793		5.000			10/01/33		11,931
	6,984		6.000			12/01/33		8,017
	9,111		5.000			11/01/34		10,078
	565,753		5.000			12/01/34		625,751
	15,280		5.000			07/01/35		16,901
	12,849		5.000			11/01/35		14,204
	79,236		6.500			08/01/37		89,130
	222,092		6.500			10/01/37		249,773
	22,728		6.500			09/01/38		25,915
	498,416		6.000			01/01/39		561,862
	426,557		7.000			02/01/39		485,375
	131,353		5.000			03/01/39		144,733
	39,230		5.000			05/01/39		43,226
	62,083		5.000			04/01/40		68,550
	14,382		5.000			08/01/40		15,881
	1,782,782		5.500			08/01/40		1,981,304
	10,838		5.000			04/01/41		11,993
	11,870		5.000			06/01/41		13,135

								4,916,412

	FNMA – 19.2%
	936,868		3.070			12/01/17		968,947
	744,361		2.800			03/01/18		770,441
	4,559		6.000			12/01/18		5,147
	1,600,000		4.506			06/01/19		1,729,972
	56,067		6.000			06/01/21		59,848
	69,909		5.000			08/01/23		75,948
	38,676		5.500			09/01/23		41,928


Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	21,981		5.500	%		10/01/23	$	23,847
	165,021		5.000			02/01/24		177,974
	874,500		5.500			05/01/25		926,197
	64		6.000			03/01/32		73
	97,311		6.000			12/01/32		111,261
	1,594		5.000			01/01/33		1,763
	2,015		5.500			03/01/33		2,264
	161,983		5.500			04/01/33		181,994
	267		6.000			05/01/33		305
	5,161		5.000			08/01/33		5,723
	11,100		5.500			09/01/33		12,469
	46,627		5.500			12/01/33		52,387
	241		6.000			12/01/33		272
	68,959		5.500			02/01/34		77,474
	19,378		6.000			02/01/34		22,160
	3,666		5.500			03/01/34		4,119
	6,577		5.500			04/01/34		7,391
	395,342		5.500			05/01/34		444,181
	8,007		5.500			09/01/34		8,996
	4,241		5.500			10/01/34		4,765
	32,792		5.500			11/01/34		36,840
	11,695		5.500			12/01/34		13,114
	14,168		5.500			02/01/35		15,917
	55,069		5.000			04/01/35		61,120
	169		6.000			04/01/35		192
	9,655		5.500			05/01/35		10,797
	3,921		5.500			07/01/35		4,385
	628,578		6.000			07/01/35		711,106
	2,316		5.500			09/01/35		2,603
	235,834		6.000			09/01/35		266,797
	6,311		6.000			03/01/36		7,123
	8,743		5.500			04/01/36		9,776
	13,093		6.000			04/01/36		14,778
	162,656		6.000			06/01/36		183,622
	68,147		5.500			09/01/36		76,565
	159		5.500			02/01/37		178
	250		5.500			04/01/37		279
	234		5.500			05/01/37		261
	47,153		6.000			12/01/37		53,218
	23,882		5.500			02/01/38		26,705
	2,324		6.000			02/01/38		2,624
	382		5.500			03/01/38		426
	120,805		6.000			03/01/38		136,351
	193,908		6.000			05/01/38		218,885
	231		5.500			06/01/38		258
	382		5.500			07/01/38		427
	393		5.500			08/01/38		439
	311		5.500			09/01/38		348
	709,456		6.000			10/01/38		800,754
	526,877		6.000			11/01/38		594,648
	138		5.500			12/01/38		154
	119,704		6.000			12/01/38		135,134
	834,976		6.000			02/01/39		942,711
	281,865		7.000			03/01/39		319,514
	27,778		4.500			04/01/39		30,251
	6,324		5.500			06/01/39		7,037


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date			Value
	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	797,894		6.000	%		07/01/39		$	900,573
	27,632		4.500			08/01/39			30,109
	795,593		6.000			09/01/39			897,964
	56,465		6.000			10/01/39			63,744
	5,690		5.500			11/01/39			6,331
	326,123		4.500			12/01/39			355,360
	146,743		6.000			01/01/40			165,616
	166,187		6.000			10/01/40			187,560
	1,417,526		6.000			05/01/41			1,599,830
	154,608		4.500			08/01/41			167,139
	39,972		4.500			10/01/41			43,193
	593,470		3.000			08/01/42			589,784
	526,295		3.000			09/01/42			523,029
	75,777		3.000			10/01/42			75,312
	277,225		3.000			11/01/42			275,433
	3,324,840		3.000			12/01/42			3,302,240
	2,668,669		3.000			01/01/43			2,651,137
	1,145,038		3.000			02/01/43			1,136,914
	453,580		3.000			03/01/43			450,656
	744,624		3.000			04/01/43			739,494
	325,969		3.000			05/01/43			323,915
	91,860		3.000			06/01/43			91,238
	799,143		3.000			07/01/43			793,493
	6,000,000		3.500			TBA-30yr	^(d)		6,131,719
	10,000,000		4.500			TBA-30yr	^(d)		10,762,500
	1,000,000		5.000			TBA-30yr	^(d)		1,103,594

									43,771,060

	GNMA – 1.7%
	214,267		3.950			07/15/25			223,376
	122,138		5.500			11/15/32			139,148
	90,861		5.500			01/15/33			103,417
	101,432		5.500			02/15/33			115,450
	105,008		5.500			03/15/33			119,519
	118,861		5.500			07/15/33			135,288
	61,962		5.500			08/15/33			70,525
	49,643		5.500			09/15/33			56,503
	51,304		5.500			04/15/34			58,344
	76,434		5.500			05/15/34			86,922
	584,381		5.500			09/15/34			664,561
	452,661		5.500			12/15/34			514,769
	477,183		5.500			01/15/35			537,828
	2,599		5.500			05/15/36			2,912
	70,103		5.000			11/15/40			78,052
	45,398		2.500			12/20/42			44,015
	1,000,000		3.500			TBA-30yr	^(d)		1,033,750

									3,984,379

	TOTAL FEDERAL AGENCIES							$	52,781,594

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $63,304,750)							$	66,953,798


Principal Amount		Interest Rate			Maturity Date		Value
	Agency Debentures – 3.8%
	FFCB
$	1,400,000		3.500	%		12/20/23	$	1,476,955
	FHLB
	2,400,000		4.625			09/11/20		2,725,946
	1,200,000		3.000			09/10/21		1,237,396
	400,000		5.375			08/15/24		484,662
	FHLMC
	400,000		2.375			01/13/22		397,936
	FNMA
	800,000		6.250			05/15/29		1,080,505
	Tennessee Valley Authority
	1,200,000		3.875			02/15/21		1,312,798

	TOTAL AGENCY DEBENTURES
	(Cost $8,264,866)						$	8,716,198


	Asset-Backed Securities – 10.7%
	Collateralized Loan Obligations – 10.5%
	Aberdeen Loan Funding Ltd. Series 2008-1A, Class A^(a)(c)
$	3,339,578		0.890	%		11/01/18	$	3,314,598
	ACIS CLO Ltd. Series 2013-1A, Class ACOM^(a)(c)
	2,600,000		1.461			04/18/24		2,505,880
	ACIS CLO Ltd. Series 2013-2A, Class A^(a)(c)
	400,000		0.734			10/14/22		391,804
	ACIS CLO Ltd. Series 2013-2A, Class ACOM^(a)(c)
	2,650,000		1.149			10/14/22		2,593,820
	Crown Point CLO Ltd. Series 2012-1A, Class ACOM^(a)(c)
	1,250,000		1.452			11/21/22		1,234,000
	Golub Capital Management CLO Ltd. Series 2007-1A, Class A^(a)(c)
	749,836		0.477			07/31/21		743,994
	OCP CLO Ltd. Series 2012-2A, Class ACOM^(a)(c)
	2,200,000		1.475			11/22/23		2,159,300
	OFSI Fund V Ltd. Series 2013-5A, Class ACOM^(c)
	1,650,000		1.618			04/17/25		1,625,415
	Red River CLO Ltd. Series 1A, Class A^(a)(c)
	1,494,632		0.510			07/27/18		1,486,634
	Regatta IV Funding Ltd. Series 2014-1A, Class ACOM^(a)(c)
	1,850,000		1.775			07/25/26		1,834,830
	Westchester CLO Ltd. Series 2007-1X, Class A1A^(a)
	6,018,982		0.465			08/01/22		5,962,946

								23,853,221

	Home Equity^(a) – 0.2%
	Bear Stearns Asset Backed Securities Trust Series 2001-3, Class A2
	7,141		0.955			10/27/32		6,859
	Bear Stearns Asset Backed Securities Trust Series 2002-2, Class A1
	5,085		0.815			10/25/32		4,971
	Bear Stearns Asset Backed Securities Trust Series 2005-SD4, Class 2A1
	245,742		0.955			12/25/42		245,152
	CS First Boston Mortgage Securities Corp. Series 2001-HE17, Class A1
	1,638		0.775			01/25/32		1,392


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

GOLDMAN SACHS BOND FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Asset-Backed Securities – (continued)
	Home Equity^(a) – (continued)
	First Alliance Mortgage Loan Trust Series 1999-4, Class A2
$	149		0.914	%		03/20/31	$	128
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
	123,802		7.000			09/25/37		123,061
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
	52,399		6.827			09/25/37		52,408
	Home Equity Asset Trust Series 2002-1, Class A4
	257		0.755			11/25/32		239
	Renaissance Home Equity Loan Trust Series 2003-2, Class A
	1,600		1.035			08/25/33		1,528
	Renaissance Home Equity Loan Trust Series 2003-3, Class A
	4,706		0.655			12/25/33		4,568

								440,306

	TOTAL ASSET-BACKED SECURITIES
	(Cost $23,266,146)						$	24,293,527


	Foreign Debt Obligations – 3.6%
	Sovereign – 3.3%
	Dominican Republic
	DOP500,000		14.500	%		02/10/23	$	13,117
$	280,000		6.600	^(c)		01/28/24		300,300
	191,000		8.625			04/20/27		231,110
	Italy Buoni Poliennali Del Tesoro
EUR	890,000		1.150			05/15/17		1,141,089
	507,293		2.350			09/15/19		708,011
	10,000		4.750	^(c)		09/01/44		15,172
	Republic of Argentina^(a)
	486,000		0.000			12/15/35		45,424
$	2,925,000		0.000			12/15/35		222,300
	Republic of Colombia
	530,000		4.000			02/26/24		536,625
	Republic of Turkey
	820,000		6.250			09/26/22		902,000
	Spain Government Bond^(c)
	EUR10,000		5.150			10/31/44		16,466
	United Mexican States
MXN	9,579,400		0.000	^(e)		10/16/14		711,360
	7,051,120		0.000	^(e)		12/18/14		521,753
	9,543,780		0.000	^(e)		12/24/14		704,761
	2,518,820		0.000	^(e)		03/19/15		184,938
	2,128,400		6.500			06/10/21		165,510
	186,400		8.000			12/07/23		15,761
	4,356,000		7.500			06/03/27		355,164
	1,065,300		8.500			05/31/29		93,732
$	660,000		4.750			03/08/44		653,400

								7,537,993

	Supranational – 0.3%
	Inter-American Development Bank
	700,000		1.000			02/27/18		676,739

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $8,421,237)						$	8,214,732


Principal Amount		Interest Rate			Maturity Date		Value
	Structured Note – 0.7%
	Notas do Tesouro Nacional Series B (Issuer HSBC Corp.)
BRL	4,040,464		6.000	%		08/15/40	$	1,606,358
	(Cost $2,353,781)


	Municipal Debt Obligations – 1.8%
	California – 0.5%
	California State GO Bonds Build America Taxable Series 2009
$	210,000		7.550	%		04/01/39	$	306,222
	California State GO Bonds Build America Taxable Series 2010
	625,000		7.950			03/01/36		762,368

								1,068,590

	Illinois – 0.3%
	Illinois State GO Bonds Build America Series 2010
	500,000		7.350			07/01/35		573,895
	Illinois State GO Bonds Taxable-Pension Series 2003
	115,000		5.100			06/01/33		111,671

								685,566

	Ohio – 0.1%
	American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
	250,000		6.270			02/15/50		306,780

	Puerto Rico – 0.9%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2008 A
	30,000		6.000			07/01/38		22,590
	45,000		6.000			07/01/44		33,188
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2012 A
	20,000		5.750			07/01/37		14,754
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2012 D
	20,000		5.000			07/01/33		14,205
	Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2011 A
	10,000		5.750			07/01/41		7,505
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2009 B
	10,000		5.750			07/01/38		7,683
	10,000		6.000			07/01/39		7,674
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2012 A
	70,000		5.500			07/01/39		52,317
	20,000		5.000			07/01/41		14,641
	Puerto Rico Commonwealth GO Bonds Series 2007 A
	15,000		5.250			07/01/37		11,288
	Puerto Rico Commonwealth GO Bonds Series 2014 A
	1,375,000		8.000			07/01/35		1,210,028
	Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2006 A
	10,000		5.250			07/01/27		7,719
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Capital Appreciation SubSeries 2010 C^(e)
	15,000		0.000			08/01/37		2,219
	15,000		0.000			08/01/38		2,097


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

GOLDMAN SACHS BOND 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 Sales Tax Financing Corp. Sales Tax RB SubSeries 2009 A
$	10,000		5.250	%		08/01/27	$	8,325
	135,000		0.000	^(e)		08/01/32		106,223
	95,000		5.750			08/01/37		77,570
	15,000		6.375			08/01/39		12,610
	20,000		6.000			08/01/42		16,045
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 A
	50,000		0.000	^(e)		08/01/33		29,246
	70,000		5.500			08/01/37		54,865
	50,000		5.375			08/01/39		38,151
	170,000		5.500			08/01/42		129,849
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 C
	15,000		5.375			08/01/38		11,634
	15,000		6.000			08/01/39		12,279
	65,000		5.250			08/01/41		47,962
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2011 A-1
	15,000		5.000			08/01/43		10,746
	15,000		5.250			08/01/43		10,982
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Unrefunded SubSeries 2009 A
	55,000		5.500			08/01/28		46,464
	15,000		6.125			08/01/29		12,754

								2,033,613

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $3,778,798)						$	4,094,549


	Government Guarantee Obligations^(f) – 2.3%
	Hashemite Kingdom of Jordan Government AID Bond
$	1,600,000		2.503	%		10/30/20	$	1,632,000
	Israel Government AID Bond
	2,000,000		5.500			09/18/23		2,435,511
	300,000		5.500			12/04/23		365,519
	650,000		5.500			04/26/24		793,843
	40,000		5.500			09/18/33		50,799

	TOTAL GOVERNMENT GUARANTEE OBLIGATIONS
	(Cost $5,319,306)						$	5,277,672


	U.S. Treasury Obligations – 19.8%
	United States Treasury Bonds
$	600,000		3.625	%		08/15/43	$	648,534
	1,900,000		3.750	^(g)		11/15/43		2,099,899
	3,500,000		3.625	^(g)		02/15/44		3,782,625
	2,900,000		3.375			05/15/44		2,993,728
	United States Treasury Inflation Protected Securities
	1,368,458		0.125			01/15/22		1,337,449
	409,512		0.375			07/15/23		405,482
	1,664,393		0.625			01/15/24		1,673,747
	766,718		1.375			02/15/44		820,748


Principal Amount		Interest Rate			Maturity Date		Value
	U.S. Treasury Obligations – (continued)
	United States Treasury Notes
$	19,200,000		0.500	%		06/30/16	$	19,211,520
	11,500,000		1.000			03/31/17		11,534,615
	700,000		2.500			05/15/24		700,427

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $44,633,600)						$	45,208,774


Notional Amount		Exercise Rate			Expiration Date		Value
	Options Purchased – 1.8%
	Interest Rate Swaptions
	Bank of America Securities LLC Put - OTC - 30 year Interest Rate Swap Strike Price 3.950%
$	1,200,000		3.950	%		01/29/16	$	161,328
	Bank of America Securities LLC Call - OTC - 30 year Interest Rate Swap Strike Price 3.950%
	1,200,000		3.950			01/29/16		31,638
	Citibank NA Put - OTC - 10 year Interest Rate Swap Strike Price 3.388%
	2,100,000		3.388			09/19/16		97,706
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.388%
	2,100,000		3.388			09/19/16		74,757
	Deutsche Bank AG Put - OTC - 5 year Interest Rate Swap Strike Price 2.550%
	2,000,000		2.550			09/28/15		32,467
	Deutsche Bank AG Call - OTC - 5 year Interest Rate Swap Strike Price 2.550%
	2,000,000		2.550			09/28/15		30,568
	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 - 5 year Interest Rate Swap Strike Price 3.018%
	2,600,000		3.018			09/26/16		64,476
	Deutsche Bank AG Call - OTC - 5 year Interest Rate Swap Strike Price 3.018%
	2,600,000		3.018			09/26/16		57,469
	Deutsche Bank AG Call - OTC - 10 year Interest Rate Swap Strike Price 3.780%
	2,800,000		3.780			09/26/16		66,654
	Deutsche Bank AG Put - OTC - 10 year Interest Rate Swap Strike Price 3.963%
	1,300,000		3.963			05/07/19		98,139
	Deutsche Bank AG Call - OTC - 10 year Interest Rate Swap Strike Price 3.963%
	1,300,000		3.963			05/07/19		57,336
	Deutsche Bank AG Put - OTC - 10 year Interest Rate Swap Strike Price 4.095%
	2,000,000		4.095			04/24/19		164,391


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

GOLDMAN SACHS BOND FUND


Notional Amount		Exercise Rate			Expiration Date		Value
	Options Purchased – (continued)
	Interest Rate Swaptions – (continued)
	Deutsche Bank AG Call - OTC - 10 year Interest Rate Swap Strike Price 4.095%
$	2,000,000		4.095	%		04/24/19	$	80,270
	Deutsche Bank AG Put - OTC - 10 year Interest Rate Swap Strike Price 4.113%
	5,000,000		4.113			04/16/19		415,628
	Deutsche Bank AG Call - OTC - 10 year Interest Rate Swap Strike Price 4.113%
	5,000,000		4.113			04/16/19		197,691
	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 Securities, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 2.783%
	4,300,000		2.783			09/30/15		47,838
	JPMorgan Securities, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 2.973%
	3,000,000		2.973			09/26/16		70,957
	JPMorgan Securities, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 2.973%
	3,000,000		2.973			09/26/16		69,091
	JPMorgan Securities, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 2.988%
	2,000,000		2.988			09/26/16		48,062
	JPMorgan Securities, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 2.988%
	2,000,000		2.988			09/26/16		45,436
	JPMorgan Securities, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 3.000%
	3,500,000		3.000			09/22/16		85,207
	JPMorgan Securities, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 3.000%
	3,500,000		3.000			09/22/16		78,365
	JPMorgan Securities, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 3.080%
	2,300,000		3.080			09/19/16		60,907
	JPMorgan Securities, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 3.080%
	2,300,000		3.080			09/19/16		47,393
	JPMorgan Securities, Inc. Put - OTC - 10 year Interest Rate Swap Strike Price 3.413%
	3,200,000		3.413			09/19/16		152,772
	JPMorgan Securities, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 3.413%
	3,200,000		3.413			09/19/16		111,100
	JP Morgan Securities, Inc. Put - OTC - 10 year Interest Rate Swap Strike Price 3.955%
	1,500,000		3.955			05/07/19		112,685
	JP Morgan Securities, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 3.955%
	1,500,000		3.955			05/07/19		66,488
	JP Morgan Securities, Inc. Put - OTC - 10 year Interest Rate Swap Strike Price 4.105%
	2,000,000		4.105			04/29/19		165,350


Notional Amount		Exercise Rate			Expiration Date		Value
	Options Purchased – (continued)
	Interest Rate Swaptions – (continued)
	JP Morgan Securities, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 4.105%
$	2,000,000		4.105	%		04/29/19	$	79,896
	Morgan Stanley Capital Services, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 2.513%
	2,000,000		2.513			09/29/15		31,500
	Morgan Stanley Capital Services, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 2.513%
	2,000,000		2.513			09/29/15		31,500
	Morgan Stanley Capital Services, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 2.550%
	1,700,000		2.550			09/28/15		27,597
	Morgan Stanley Capital Services, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 2.550%
	1,700,000		2.550			09/28/15		25,983
	Morgan Stanley Capital Services, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 2.930%
	2,000,000		2.930			09/29/16		46,600
	Morgan Stanley Capital Services, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 2.930%
	2,000,000		2.930			09/29/16		46,600
	Morgan Stanley Capital Services, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 2.940%
	2,000,000		2.940			09/29/16		46,550
	Morgan Stanley Capital Services, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 2.940%
	2,000,000		2.940			09/29/16		46,550
	Morgan Stanley Capital Services, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 2.950%
	4,100,000		2.950			09/26/16		94,670
	Morgan Stanley Capital Services, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 2.950%
	4,100,000		2.950			09/26/16		96,371
	Morgan Stanley Capital Services, Inc. Call - OTC - 7 year Interest Rate Swap Strike Price 3.010%
	3,400,000		3.010			09/29/15		50,730
	Morgan Stanley Capital Services, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 3.115%
	2,300,000		3.115			09/19/16		45,862
	Morgan Stanley Capital Services, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 3.115%
	2,300,000		3.115			09/19/16		63,087

	TOTAL OPTIONS PURCHASED
	(Cost $3,934,102)						$	4,035,050

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $222,988,974)						$	229,639,297


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment^(h) – 8.1%
	Repurchase Agreement – 8.1%
	Joint Repurchase Agreement Account II
$	18,600,000		0.012	%		10/01/14	$	18,600,000
	(Cost $18,600,000)

	TOTAL INVESTMENTS – 108.8%
	(Cost $241,588,974)						$	248,239,297

	LIABILITIES IN EXCESS OF OTHER ASSETS – (8.8)%							(20,104,550	)

	NET ASSETS – 100.0%						$	228,134,747


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 $32,470,275, which represents approximately 14.2% of net assets as of September 30, 2014.
(d)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $19,031,563 which represents approximately 8.3% of net assets as of September 30, 2014.
(e)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(f)		Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $5,277,672, which represents approximately 2.3% of net assets as of September 30, 2014.
(g)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(h)		Joint repurchase agreement was entered into on September 30, 2014. Additional information appears on page 118.



Currency Abbreviations:
AUD		—Australian Dollar
BRL		—Brazilian Real
CAD		—Canadian Dollar
CHF		—Swiss Franc
CNH		—Chinese Yuan Renminbi Offshore
DOP		—Dominican Peso
EUR		—Euro
GBP		—British Pound
HUF		—Hungarian Forint
IDR		—Indonesian Rupiah
ILS		—Israeli Shekel
INR		—Indian Rupee
JPY		—Japanese Yen
KRW		—South Korean Won
MXN		—Mexican Peso
MYR		—Malaysian Ringgit
NOK		—Norwegian Krone
NZD		—New Zealand Dollar
PHP		—Philippine Peso
PLN		—Polish Zloty
RUB		—Russian Ruble
SEK		—Swedish Krona
SGD		—Singapore Dollar
TRY		—Turkish Lira
TWD		—Taiwan Dollar
USD		—United States Dollar

Investment Abbreviations:
AUDOR		—Australian Dollar Offered Rate
CDOR		—Canadian Dollar Offered Rate
CHFOR		—Swiss Franc Offered Rate
CLO		—Collateralized Loan Obligation
EURO		—Euro Offered Rate
FFCB		—Federal Farm Credit Bank
FHLB		—Federal Home Loan Bank
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
GO		—General Obligation
JYOR		—Japanese Yen Offered Rate
KLIBOR		—Kuala Lumpur Interbank Offered Rate
KWCDC		—South Korean Won Certificate of Deposit
LIBOR		—London Interbank Offered Rate
NCUA		—National Credit Union Administration
NZDOR		—New Zealand Dollar Offered Rate
OTC		—Over the Counter
RB		—Revenue Bond
REMIC		—Real Estate Mortgage Investment Conduit
SPA		—Stand-by Purchase Agreement
STIBOR		—Stockholm Interbank Offered Rate


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

GOLDMAN SACHS BOND 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	GBP/EUR		12/17/14	$	227,477	$	6,157
	NOK/EUR		12/17/14		226,213		4,615
	USD/EUR		12/17/14		4,506,570		148,173
	USD/JPY		12/17/14		452,654		10,346
	USD/MXN		10/31/14		3,070,057		56,678
	USD/MYR		10/03/14		235,064		3,751
	USD/SEK		11/06/14		231,674		3,400
Barclays Bank PLC	CAD/CHF		12/17/14		224,142		139
	GBP/USD		12/17/14		699,855		3,210
	USD/AUD		12/17/14		660,707		27,138
	USD/BRL		10/24/14		556,075		44,553
	USD/ILS		12/17/14		244,801		16,977
	USD/INR		10/07/14		470,564		7,436
	USD/INR		10/27/14		224,415		3,585
	USD/KRW		10/27/14		339,476		3,274
	USD/NZD		12/17/14		219,957		8,816
	USD/SEK		12/17/14		403,604		6,989
BNP Paribas SA	EUR/PLN		12/17/14		224,481		468
	EUR/USD		12/17/14		457,481		62
	GBP/EUR		12/17/14		230,004		5,367
	USD/AUD		12/17/14		894,173		23,963
	USD/BRL		10/22/14		222,500		6,500
	USD/GBP		12/17/14		455,230		1,745
	USD/MYR		10/20/14		227,338		3,662
	USD/RUB		10/27/14		449,353		7,647
	USD/TRY		12/17/14		221,826		10,824
Citibank NA (London)	CHF/EUR		12/17/14		226,213		678
	GBP/EUR		12/17/14		447,371		2,431
	NOK/EUR		12/17/14		673,584		9,180
	PHP/USD		10/20/14		114,023		23
	USD/CAD		12/17/14		343,116		4,884
	USD/CHF		12/17/14		712,559		14,368
	USD/INR		10/14/14		457,975		8,025
	USD/MYR		10/29/14		276,279		1,071
	USD/NZD		12/17/14		322,844		19,409
	USD/PHP		10/14/14		113,319		2,681
	USD/SGD		12/17/14		375,778		6,294
	USD/TRY		12/17/14		224,512		7,488
	USD/TWD		10/17/14		457,186		4,814
	USD/TWD		10/20/14		456,946		4,054
Credit Suisse International (London)	USD/CHF		12/17/14		768,192		16,004
	USD/RUB		10/02/14		227,058		11,942
Deutsche Bank AG (London)	RUB/USD		11/17/14		56,186		98
	USD/CNH		12/17/14		914,358		3,642
	USD/EUR		12/17/14		226,213		5,642
	USD/GBP		10/22/14		792,023		11,973
	USD/KRW		10/14/14		456,428		9,572
	USD/MXN		12/17/14		451,944		6,056
	USD/MYR		10/07/14		533,696		15,304


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

GOLDMAN SACHS BOND 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
Deutsche Bank AG (London) (continued)	USD/NZD		12/17/14	$	887,574	$	17,835
	USD/PHP		10/14/14		113,342		2,658
	USD/PHP		10/20/14		227,791		3,209
	USD/RUB		10/02/14		56,668		4
	USD/RUB		11/17/14		250,274		17,819
	USD/SEK		12/17/14		436,720		8,283
	USD/TWD		10/20/14		54,662		383
HSBC Bank PLC	GBP/USD		12/17/14		234,905		2,009
	SEK/EUR		12/17/14		458,745		168
	TWD/USD		10/20/14		228,142		142
	USD/BRL		10/27/14		92,433		1,453
	USD/CNH		12/17/14		912,034		966
	USD/GBP		12/17/14		466,570		12,125
	USD/JPY		12/17/14		226,048		4,952
	USD/KRW		10/22/14		67,251		853
	USD/KRW		10/23/14		157,953		2,047
	USD/NZD		12/17/14		322,844		20,632
	USD/SGD		12/17/14		541,449		10,174
	USD/TRY		12/17/14		236,304		11,922
JPMorgan Chase Bank (London)	MXN/USD		12/17/14		228,754		754
	SEK/EUR		12/17/14		845,456		3,079
	USD/EUR		10/30/14		3,424,221		88,308
	USD/EUR		12/17/14		226,213		1,892
	USD/IDR		10/31/14		185,165		3,735
	USD/INR		10/29/14		337,912		4,088
	USD/JPY		12/17/14		772,502		34,814
	USD/MXN		12/17/14		1,179,631		20,569
	USD/RUB		10/20/14		110,941		3,059
	USD/RUB		11/17/14		245,064		15,665
	USD/TRY		12/17/14		446,950		18,050
Morgan Stanley & Co. International PLC	TWD/USD		10/17/14		457,243		243
	USD/AUD		12/17/14		302,454		10,399
	USD/ILS		12/17/14		397,549		24,388
	USD/TRY		12/17/14		224,753		11,212
Royal Bank of Canada	USD/AUD		12/17/14		451,875		1,669
	USD/CAD		12/17/14		1,139,238		9,262
	USD/EUR		10/30/14		197,298		4,523
	USD/INR		10/14/14		539,759		7,058
	USD/JPY		12/17/14		227,268		1,732
Royal Bank of Scotland PLC	USD/EUR		12/17/14		226,213		5,741
	USD/GBP		12/17/14		453,610		2,199
	USD/JPY		12/17/14		223,524		974
	USD/MYR		10/03/14		41,963		875
	USD/TRY		12/17/14		447,776		10,224
Standard Chartered Bank	USD/AUD		12/17/14		807,027		32,854
	USD/CNH		12/17/14		921,001		2,999
	USD/EUR		12/17/14		224,949		6,156
	USD/INR		10/29/14		190,990		1,584
	USD/TRY		12/17/14		216,240		11,096
State Street Bank and Trust	AUD/USD		12/17/14		456,664		2,174
	USD/CHF		12/17/14		717,763		15,726
	USD/JPY		12/17/14		676,177		15,823


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

GOLDMAN SACHS BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Gain
State Street Bank and Trust (continued)	USD/NZD		12/17/14	$	347,678	$	21,948
	USD/SEK		12/17/14		403,286		6,071
UBS AG (London)	NZD/USD		12/17/14		454,630		1,389
	USD/BRL		10/14/14		451,172		4,828
	USD/BRL		10/24/14		1,006,995		83,571
	USD/EUR		12/17/14		226,213		1,756
	USD/HUF		12/17/14		349,372		8,718
Westpac Banking Corp.	AUD/USD		12/17/14		682,602		1,732
	USD/AUD		12/17/14		1,092,791		42,366
	USD/EUR		10/30/14		200,065		4,595
	USD/EUR		12/17/14		974,359		23,077
	USD/MYR		10/07/14		164,857		4,783
	USD/MYR		10/20/14		229,470		4,480
	USD/NZD		12/17/14		446,110		27,205
	USD/SGD		12/17/14		472,558		8,915
TOTAL						$	1,317,100

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/GBP		12/17/14	$	467,074	$	(7,065	)
	EUR/USD		12/17/14		1,128,538		(18,295	)
	HUF/USD		12/17/14		223,754		(4,246	)
Barclays Bank PLC	EUR/PLN		12/17/14		459,411		(3,193	)
	EUR/USD		12/17/14		226,213		(5,266	)
	ILS/USD		12/17/14		103,329		(3,132	)
	INR/USD		10/07/14		49,449		(553	)
	JPY/USD		12/17/14		222,746		(9,254	)
	MYR/USD		10/20/14		182,728		(272	)
	MYR/USD		10/29/14		113,212		(788	)
	NZD/USD		12/17/14		217,634		(12,904	)
	PLN/USD		12/17/14		339,254		(11,148	)
	TWD/USD		10/27/14		226,490		(1,510	)
BNP Paribas SA	AUD/USD		12/17/14		440,557		(16,752	)
	GBP/USD		12/17/14		248,320		(6,319	)
	ILS/USD		12/17/14		342,570		(4,430	)
	INR/USD		10/14/14		114,057		(1,552	)
	PLN/USD		12/17/14		342,009		(7,889	)
Citibank NA (London)	AUD/USD		12/17/14		670,412		(13,585	)
	EUR/CHF		12/17/14		452,697		(271	)
	EUR/GBP		12/17/14		226,468		(2,782	)
	IDR/USD		10/31/14		185,165		(7,290	)
	ILS/USD		12/17/14		206,782		(5,218	)
	MXN/USD		12/17/14		465,024		(6,279	)
	MYR/USD		10/03/14		277,026		(892	)
	NOK/EUR		12/17/14		458,745		(677	)
	NZD/USD		12/17/14		219,183		(8,683	)
	PHP/USD		10/29/14		113,564		(436	)
Credit Suisse International (London)	EUR/CHF		12/17/14		459,001		(256	)
	RUB/USD		10/02/14		224,165		(14,835	)
	RUB/USD		10/27/14		442,995		(13,005	)


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

GOLDMAN SACHS BOND 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
Deutsche Bank AG (London)	AUD/USD		12/17/14	$	441,427	$	(17,241	)
	EUR/USD		12/17/14		1,362,334		(27,552	)
	IDR/USD		11/03/14		227,630		(370	)
	PHP/USD		10/20/14		227,849		(151	)
	RUB/USD		10/02/14		59,561		(3,127	)
HSBC Bank PLC	EUR/USD		12/17/14		449,899		(6,123	)
	MXN/USD		12/17/14		460,630		(5,851	)
	RUB/USD		10/17/14		111,679		(3,321	)
	SGD/USD		12/17/14		452,218		(3,782	)
	USD/GBP		12/17/14		464,950		(1,495	)
JPMorgan Chase Bank (London)	EUR/GBP		12/17/14		466,365		(12,675	)
	EUR/NOK		12/17/14		458,802		(6,376	)
	JPY/USD		12/17/14		901,321		(21,679	)
	MXN/USD		10/31/14		416,563		(5,745	)
	MYR/USD		10/07/14		967,637		(17,248	)
	MYR/USD		10/20/14		113,597		(403	)
	RUB/USD		11/17/14		210,081		(8,624	)
	SEK/USD		12/17/14		456,763		(8,237	)
	TRY/USD		12/17/14		223,239		(4,761	)
	USD/MXN		12/17/14		686,487		(1,487	)
Morgan Stanley & Co. International PLC	AUD/USD		12/17/14		444,039		(16,997	)
	BRL/USD		10/14/14		88,129		(3,852	)
	BRL/USD		10/27/14		223,143		(4,857	)
	CHF/USD		12/17/14		226,154		(4,846	)
	EUR/CHF		12/17/14		447,726		(355	)
	EUR/HUF		12/17/14		115,925		(2,187	)
	EUR/USD		12/17/14		1,362,966		(7,144	)
	KRW/USD		10/27/14		223,614		(4,386	)
Royal Bank of Canada	CAD/USD		11/06/14		378,413		(7,142	)
	CAD/USD		12/17/14		1,211,950		(19,944	)
	EUR/USD		12/17/14		456,218		(8,580	)
	GBP/USD		12/17/14		447,130		(7,221	)
	JPY/USD		12/17/14		444,202		(20,798	)
	MXN/USD		12/17/14		930,081		(17,986	)
Royal Bank of Scotland PLC	NZD/USD		12/17/14		217,634		(9,321	)
	TRY/USD		12/17/14		1,120,981		(36,004	)
	USD/TRY		12/17/14		228,831		(831	)
Standard Chartered Bank	CNH/USD		12/17/14		924,973		(5,027	)
	INR/USD		10/07/14		192,190		(1,199	)
	INR/USD		10/14/14		2,837,661		(31,339	)
	JPY/USD		12/17/14		1,009,904		(36,096	)
	KRW/USD		10/14/14		227,866		(134	)
	MXN/USD		12/17/14		724,382		(15,673	)
	PLN/USD		12/17/14		320,796		(10,171	)
	TRY/USD		12/17/14		224,710		(4,290	)
State Street Bank and Trust	AUD/USD		12/17/14		222,890		(4,832	)
	EUR/GBP		12/17/14		234,087		(4,083	)
	EUR/USD		12/17/14		456,218		(9,981	)
	GBP/USD		12/17/14		458,470		(6,108	)
	JPY/USD		12/17/14		791,389		(6,611	)
UBS AG (London)	BRL/USD		10/14/14		436,839		(28,161	)
	CHF/USD		12/17/14		225,956		(5,044	)


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

GOLDMAN SACHS BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
UBS AG (London) (continued)	INR/USD		10/07/14	$	228,925	$	(3,755	)
	PLN/USD		12/17/14		343,223		(7,076	)
	RUB/USD		11/17/14		243,834		(13,955	)
Westpac Banking Corp.	AUD/USD		12/17/14		1,333,859		(36,209	)
	NZD/USD		12/17/14		1,043,991		(46,472	)
TOTAL						$	(793,692	)

FORWARD SALES CONTRACTS — At September 30, 2014, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(d)	Settlement Date		Principal Amount			Value
FNMA (Proceeds Receivable: $8,834,688)		3.000	%	TBA-30yr		10/14/14	$	(9,000,000	)	$	(8,869,922	)

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		(83	)	December 2016	$	(16,462,861	)	$	7,823
Eurodollars		(155	)	March 2017		(37,810,313	)		42,058
Eurodollars		(131	)	June 2017		(31,893,587	)		46,331
Eurodollars		(85	)	September 2017		(20,662,437	)		44,259
French 10 Year Government Bonds		(7	)	December 2014		(1,270,945	)		(12,226	)
Italian 10 Year Government Bonds		11		December 2014		1,812,831			18,144
Ultra Long U.S. Treasury Bonds		(34	)	December 2014		(5,185,000	)		72,279
10 Year German Euro-Bund		5		December 2014		945,393			3,136
10 Year U.K. Long Gilt		(13	)	December 2014		(2,384,420	)		(10,449	)
2 Year U.S. Treasury Notes		408		December 2014		89,288,250			(11,233	)
5 Year U.S. Treasury Notes		(73	)	December 2014		(8,632,820	)		7,894
10 Year U.S. Treasury Notes		14		December 2014		1,744,969			4,913
20 Year U.S. Treasury Bonds		133		December 2014		18,341,531			(176,457	)
TOTAL								$	36,472

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	50,630		01/16/24	3 month KWCDC	3.445%	$	(3,152	)
Barclays Bank PLC		MYR	380		08/14/23	3 month KLIBOR	4.485		(1,653	)
Citibank NA			1,220		11/19/18	3 month KLIBOR	3.915		586
		KRW	2,257,900		08/08/23	3 month KWCDC	3.450		(136,930	)
			231,040		08/16/23	3 month KWCDC	3.485		(14,671	)
		MYR	775		11/15/23	3 month KLIBOR	4.450		(2,514	)
		KRW	129,770		01/10/24	3 month KWCDC	3.475		(8,408	)


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

GOLDMAN SACHS BOND 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)*
Deutsche Bank AG		BRL	2,260		01/02/17	12.650%	1 month Brazilian Interbank Deposit Average	$	15,947
		MYR	1,100		11/14/18	3 month KLIBOR	3.880%		963
			330		08/14/23	3 month KLIBOR	4.490		(1,473	)
		KRW	128,620		01/08/24	3 month KWCDC	3.470		(8,287	)
JPMorgan Securities, Inc.			291,170		08/19/23	3 month KWCDC	3.563		(20,229	)
		MYR	420		09/26/23	3 month KLIBOR	4.330		(174	)
		KRW	257,820		01/07/24	3 month KWCDC	3.471		(16,636	)
			67,770		01/13/24	3 month KWCDC	3.465		(4,338	)
			133,720		01/15/24	3 month KWCDC	3.445		(8,328	)
			163,440		01/16/24	3 month KWCDC	3.457		(10,329	)
			224,325		01/17/24	3 month KWCDC	3.440		(13,872	)
			308,990		01/27/24	3 month KWCDC	3.383		(17,629	)
Morgan Stanley & Co. International PLC		MYR	1,440		11/20/18	3 month KLIBOR	3.934		413
		KRW	225,810		08/16/23	3 month KWCDC	3.485		(14,360	)
			115,670		01/09/24	3 month KWCDC	3.455		(7,311	)
TOTAL								$	(272,385	)

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.

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)
$	32,200			03/19/16	0.750%	3 month LIBOR	$	63		$	99,745
	1,700	^(a)		02/01/17	3 month LIBOR	1.625%		(419	)		919
	6,200	^(a)		08/04/17	3 month LIBOR	2.195		(5,974	)		3,942
GBP	2,970	^(a)		09/12/17	6 month GBP	2.250		6,549			(8,170	)
EUR	3,360	^(a)		12/17/19	1.000	6 month EURO		102,554			6,297
$	6,200	^(a)		12/17/19	3 month LIBOR	2.250		(54,051	)		737
SEK	28,700	^(a)		12/17/19	3 month STIBOR	1.250		(34,973	)		9,145
NZD	5,520	^(a)		12/17/19	4.500	3 month NZDOR		(12,260	)		29,470
AUD	3,630	^(a)		12/17/19	6 month AUDOR	3.750		(35,486	)		(19,118	)
$	1,600	^(a)		10/02/20	2.532	3 month LIBOR		8			—
GBP	1,090	^(a)		02/05/21	2.840	6 month GBP		(8,838	)		36,842
$	9,500	^(a)		08/04/21	3.025	3 month LIBOR		38,467			13,196
GBP	3,020	^(a)		09/12/21	2.680	6 month GBP		(39,245	)		44,933
$	5,700	^(a)		12/17/21	3 month LIBOR	2.500		(13,545	)		(18,067	)
	1,400	^(a)		10/01/22	2.760	3 month LIBOR		11			(1,280	)
JPY	139,170	^(a)		12/19/23	1.250	6 month JYOR		19,464			2,847
SEK	6,380	^(a)		12/19/23	3 month STIBOR	3.500		(61,991	)		15,546
CAD	4,320	^(a)		12/19/23	4.000	6 month CDOR		109,033			33,279
$	3,735	^(a)		12/19/23	4.500	3 month LIBOR		138,454			42,206
AUD	280	^(a)		12/19/23	6 month AUDOR	5.500		(10,588)			(594)
CHF	2,350	^(a)		12/19/23	6 month CHFOR	2.500		(159,074	)		8,433


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

GOLDMAN SACHS BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)


					Rates Exchanged		Market Value
Notional Amount (000s)			Termination Date		Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
EUR	3,510	^(a)		12/19/23	6 month EURO	3.250 %	$	(507,573	)	$	165,221
GBP	680	^(a)		12/19/23	6 month GBP	3.750		(38,754	)		1,608
$	5,100	^(a)		01/30/24	4.252%	3 month LIBOR		5,990			182,542
AUD	2,580	^(a)		09/17/24	4.500	6 month AUDOR		(9,193	)		12,832
GBP	1,650	^(a)		09/17/24	6 month GBP	3.250		(11,197	)		(11,795	)
$	30,220	^(a)		12/17/24	3 month LIBOR	3.000		(841,814	)		104,205
SEK	2,830	^(a)		12/17/24	3 month STIBOR	1.750		441			1,224
CAD	1,060	^(a)		12/17/24	3.000	6 month CDOR		43,547			(14,822	)
AUD	1,090	^(a)		12/17/24	4.500	6 month AUDOR		38,519			11,369
NZD	3,260	^(a)		12/17/24	5.000	3 month NZDOR		55,201			26,092
EUR	1,200	^(a)		12/17/24	6 month EURO	2.000		(132,495	)		12,746
GBP	1,210	^(a)		12/17/24	6 month GBP	3.000		(78,927	)		(1,628	)
JPY	183,030	^(a)		12/17/24	6 month JYOR	0.750		(16,327	)		5,362
NOK	14,510	^(a)		12/18/24	3 month NIBOR	3.500		(18,799	)		(13,224	)
GBP	2,000	^(a)		12/18/24	3.250	6 month GBP		16,272			8,446
EUR	2,700	^(a)		12/18/24	6 month EURO	2.000		5,151			(16,790	)
JPY	1,828,000	^(a)		05/09/25	6 month JYOR	1.650		23,487			(164,726	)
$	5,100	^(a)		08/04/26	3 month LIBOR	3.409		(34,960	)		(42,221	)
GBP	1,640	^(a)		09/12/26	6 month GBP	2.980		25,521			(42,103	)
$	1,000	^(a)		09/28/26	3.280	3 month LIBOR		8			1,345
JPY	1,121,000	^(a)		05/09/27	1.880	6 month JYOR		(22,230	)		182,967
$	7,800	^(a)		12/17/29	3.250	3 month LIBOR		254,414			(22,541	)
GBP	600	^(a)		02/05/36	6 month GBP	3.500		5,190			(79,331	)
$	1,600	^(a)		01/30/39	3 month LIBOR	4.370		(58,030	)		(110,722	)
	1,290	^(a)		12/17/44	3.500	3 month LIBOR		42,527			26,437
GBP	1,200	^(a)		12/17/44	6 month GBP	3.250		(122,527	)		(20,518	)
	TOTAL						$	(1,398,399	)	$	502,283

(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	$	100		(1.000	)%		06/20/19		0.809	%	$	(589	)	$	(303	)
Barclays Bank PLC			270		(1.000	)		03/20/19		0.760			(940	)		(1,921	)
Citibank NA			3080		(1.000	)		03/20/19		0.760			(12,861	)		(19,771	)
			4,940		(1.000	)		06/20/19		0.809			(22,915	)		(21,106	)
JPMorgan Securities, Inc.			270		(1.000	)		03/20/19		0.760			(847	)		(2,013	)
			120		(1.000	)		06/20/19		0.809			(766	)		(303	)


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS (continued)


												Market Value
Counterparty	Referenced Obligation	Notional Amount (000s)		Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2014^(b)			Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Sold:
Bank of America Securities LLC	CDX North America Investment Grade Index 16	$	2,425		1.000	%		06/20/16		0.227	%	$	1,191		$	31,913
TOTAL												$	(37,727	)	$	(13,504	)

(b)

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

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT


										Market Value
Referenced Obligation	Notional Amount (000s)	Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2014^(b)			Upfront Payments Made (Received)			Unrealized Gain (Loss)
Protection Purchased:
CDX North America Investment Grade Index 22	$14,375		(1.000	)%		06/20/19		0.644	%	$	(234,784	)	$	260

(b)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – 30.5%
	Automotive – 0.6%
	Ford Motor Credit Co. LLC
$	5,250,000		5.875	%		08/02/21	$	6,033,124

	Banks – 9.4%
	American Express Co.^(a)(b)
	2,125,000		6.800			09/01/66		2,268,438
	Australia & New Zealand Banking Group Ltd.^(c)
	1,475,000		4.500			03/19/24		1,487,679
	Bank of America Corp.
	3,225,000		4.125			01/22/24		3,276,328
	2,300,000		4.000			04/01/24		2,321,997
	Bank of Scotland PLC^(c)
	400,000		5.250			02/21/17		437,145
	Barclays Bank PLC
	2,200,000		2.500			02/20/19		2,205,389
	BB&T Corp.^(b)
	2,025,000		1.600			08/15/17		2,017,763
	CBA Capital Trust II^(a)(b)(c)
	4,140,000		6.024			12/31/49		4,336,650
	Citigroup, Inc.
	1,000,000		3.375			03/01/23		983,147
	Compass Bank
	875,000		1.850	^(b)		09/29/17		874,801
	1,000,000		2.750	^(b)		09/29/19		998,588
	1,950,000		5.500			04/01/20		2,131,015
	Credit Suisse AG^(c)
	1,475,000		6.500			08/08/23		1,604,264
	Credit Suisse New York
	1,475,000		2.300			05/28/19		1,461,411
	HSBC Holdings PLC^(a)(b)
	1,325,000		6.375			12/29/49		1,319,861
	ING Bank NV^(a)(b)
	3,650,000		4.125			11/21/23		3,713,620
	Intesa Sanpaolo SPA
	3,400,000		3.125			01/15/16		3,476,514
	1,375,000		2.375			01/13/17		1,384,658
	3,850,000		3.875			01/16/18		4,006,203
	1,550,000		5.017	^(c)		06/26/24		1,505,647
	Lloyds Bank PLC
	1,575,000		2.300			11/27/18		1,581,173
	Macquarie Bank Ltd.^(c)
	2,350,000		2.600			06/24/19		2,348,094
	Nordea Bank AB^(a)(b)(c)
	1,500,000		6.125			12/29/49		1,470,000
	Northern Rock Asset Management PLC^(c)
	8,900,000		5.625			06/22/17		9,880,746
	PNC Preferred Funding Trust II^(a)(b)(c)
	3,200,000		1.457			03/29/49		3,076,000
	Regions Bank
	1,575,000		7.500			05/15/18		1,836,037
	Regions Financial Corp.
	3,475,000		5.750			06/15/15		3,585,755
	Resona Preferred Global Securities Ltd.^(a)(b)(c)
	3,650,000		7.191			12/31/49		3,805,125
	Royal Bank of Scotland PLC
	2,825,000		2.550			09/18/15		2,865,889
	1,025,000		9.500	^(a)(b)		03/16/22		1,168,500


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Banks – (continued)
	Santander Bank NA
$	975,000		8.750	%		05/30/18	$	1,173,710
	Santander Holdings USA, Inc.^(b)
	1,400,000		3.000			09/24/15		1,425,121
	Santander UK PLC^(c)
	1,125,000		5.000			11/07/23		1,180,450
	Sparebank 1 Boligkreditt AS^(c)
	9,900,000		2.625			05/26/17		10,179,758
	600,000		1.750			11/15/20		583,913
	Sumitomo Mitsui Financial Group, Inc.^(c)
	2,950,000		4.436			04/02/24		3,021,889
	SunTrust Banks, Inc.^(b)
	2,450,000		3.600			04/15/16		2,543,393
	Synchrony Financial^(b)
	575,000		1.875			08/15/17		575,813
	1,900,000		3.000			08/15/19		1,904,094
	Wells Fargo & Co.^(a)(b)
	4,175,000		5.900			06/15/49		4,253,281

								100,269,859

	Brokerage – 0.6%
	Morgan Stanley, Inc.
	5,625,000		6.625			04/01/18		6,432,421

	Chemicals – 0.6%
	Ecolab, Inc.
	2,650,000		1.450			12/08/17		2,626,437
	975,000		5.500			12/08/41		1,116,074
	LyondellBasell Industries NV^(b)
	1,188,000		5.000			04/15/19		1,311,428
	Monsanto Co.^(b)
	1,725,000		4.400			07/15/44		1,698,078

								6,752,017

	Consumer Products – 0.6%
	Avon Products, Inc.
	3,425,000		4.600			03/15/20		3,497,820
	Kimberly-Clark Corp.
	3,125,000		3.700			06/01/43		2,887,888

								6,385,708

	Diversified Manufacturing^(b) – 0.1%
	Amphenol Corp.
	1,225,000		3.125			09/15/21		1,225,021

	Electric – 0.6%
	Florida Power & Light Co.^(b)
	2,132,000		4.125			02/01/42		2,135,317
	Puget Sound Energy, Inc.^(a)(b)
	1,180,000		6.974			06/01/67		1,236,050
	Ruwais Power Co. PJSC^(c)
	740,000		6.000			08/31/36		828,800
	Southern California Edison Co.^(b)
	1,950,000		4.050			03/15/42		1,916,596

								6,116,763


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Energy – 2.2%
	Anadarko Petroleum Corp.
$	1,350,000		6.450	%		09/15/36	$	1,642,715
	BG Energy Capital PLC^(a)(b)
	3,375,000		6.500			11/30/72		3,669,272
	Dolphin Energy Ltd.^(c)
	1,080,625		5.888			06/15/19		1,188,687
	1,760,000		5.500			12/15/21		1,971,376
	Gazprom Neft OAO Via GPN Capital SA
	400,000		4.375			09/19/22		343,000
	Nexen, Inc.
	1,069,000		6.400			05/15/37		1,297,087
	Petrobras Global Finance BV
	2,770,000		4.875			03/17/20		2,784,155
	490,000		6.250			03/17/24		512,197
	Petroleos Mexicanos^(c)
	1,180,000		6.375			01/23/45		1,334,344
	PTTEP Canada International Finance Ltd.^(c)
	1,990,000		5.692			04/05/21		2,238,352
	Transocean, Inc.
	2,645,000		6.500			11/15/20		2,790,474
	Transportadora de Gas Internacional SA ESP^(b)
	1,020,000		5.700			03/20/22		1,081,200
	Weatherford International Ltd.
	1,921,000		9.625			03/01/19		2,466,979

								23,319,838

	Food & Beverage – 1.0%
	Pernod-Ricard SA^(c)
	5,425,000		4.450			01/15/22		5,732,907
	SABMiller Holdings, Inc.^(c)
	775,000		4.950			01/15/42		806,494
	Suntory Holdings Ltd.^(c)
	2,550,000		2.550			09/29/19		2,546,690
	Sysco Corp.^(b)
	1,550,000		2.350			10/02/19		1,551,422

								10,637,513

	Health Care – Medical Products – 0.1%
	DENTSPLY International, Inc.
	1,550,000		2.750			08/15/16		1,588,035

	Health Care – Services – 0.3%
	Express Scripts Holding Co.
	3,475,000		3.125			05/15/16		3,590,270

	Home Construction – 0.3%
	MDC Holdings, Inc.
	1,950,000		5.625			02/01/20		2,031,249
	1,575,000		6.000	^(b)		01/15/43		1,447,725

								3,478,974

	Life Insurance – 0.7%
	Genworth Financial, Inc.
	875,000		8.625			12/15/16		1,004,828
	Genworth Holdings, Inc.
	625,000		7.200			02/15/21		737,633
	Teachers Insurance & Annuity Association of America^(c)
	1,760,000		4.900			09/15/44		1,793,657


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Life Insurance – (continued)
	The Northwestern Mutual Life Insurance Co.^(c)
$	3,100,000		6.063	%		03/30/40	$	3,839,046

								7,375,164

	Media – Cable – 1.1%
	DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
	4,325,000		3.800			03/15/22		4,406,970
	Time Warner Cable, Inc.
	3,377,000		7.300			07/01/38		4,562,346
	725,000		5.875	^(b)		11/15/40		848,069
	1,594,000		5.500	^(b)		09/01/41		1,784,402

								11,601,787

	Media – Non Cable – 0.4%
	NBCUniversal Media LLC
	3,850,000		4.375			04/01/21		4,189,292

	Metals & Mining^(c) – 0.7%
	Glencore Funding LLC
	5,025,000		2.700			10/25/17		5,108,842
	2,400,000		2.500			01/15/19		2,349,408

								7,458,250

	Noncaptive – Financial – 0.8%
	GE Capital Trust I^(a)(b)
	1,475,000		6.375			11/15/67		1,604,063
	General Electric Capital Corp.
	2,625,000		5.875			01/14/38		3,157,256
	International Lease Finance Corp.
	4,000,000		5.750			05/15/16		4,160,000

								8,921,319

	Pharmaceuticals^(c) – 0.2%
	Forest Laboratories, Inc.
	1,975,000		4.375			02/01/19		2,083,625

	Pipelines – 1.3%
	Enterprise Products Operating LLC^(a)(b)
	4,100,000		8.375			08/01/66		4,499,750
	1,350,000		7.000			06/01/67		1,410,750
	Tennessee Gas Pipeline Co.
	1,450,000		8.375			06/15/32		1,916,822
	TransCanada PipeLines Ltd.^(a)(b)
	3,200,000		6.350			05/15/67		3,264,000
	Williams Partners LP^(b)
	2,550,000		3.900			01/15/25		2,511,844

								13,603,166

	Property/Casualty Insurance – 0.6%
	American International Group, Inc.^(b)
	5,000,000		4.500			07/16/44		4,955,392
	Arch Capital Group Ltd.
	1,200,000		7.350			05/01/34		1,608,769

								6,564,161

	Real Estate Investment Trusts – 3.4%
	American Campus Communities Operating Partnership LP^(b)
	3,175,000		3.750			04/15/23		3,152,563


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

GOLDMAN SACHS CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Real Estate Investment Trusts – (continued)
	Camden Property Trust
$	3,575,000		5.700	%		05/15/17	$	3,941,241
	CBL & Associates LP^(b)
	1,675,000		5.250			12/01/23		1,793,324
	DDR Corp.
	4,155,000		7.500			04/01/17		4,723,199
	ERP Operating LP^(b)
	2,825,000		4.500			07/01/44		2,799,557
	HCP, Inc.
	1,500,000		6.300			09/15/16		1,646,282
	2,950,000		6.000			01/30/17		3,255,867
	Health Care REIT, Inc.
	2,125,000		2.250			03/15/18		2,140,484
	1,557,000		4.125	^(b)		04/01/19		1,659,726
	Healthcare Trust of America Holdings LP^(b)
	2,275,000		3.700			04/15/23		2,216,758
	Kilroy Realty LP
	1,125,000		5.000			11/03/15		1,174,523
	2,375,000		6.625			06/01/20		2,793,077
	1,500,000		3.800	^(b)		01/15/23		1,493,740
	Senior Housing Properties Trust^(b)
	1,425,000		3.250			05/01/19		1,434,668
	WEA Finance LLC/Westfield UK & Europe Finance PLC^(b)(c)
	2,300,000		3.750			09/17/24		2,293,760

								36,518,769

	Schools – 0.4%
	Rensselaer Polytechnic Institute
	4,200,000		5.600			09/01/20		4,744,673

	Technology – Hardware – 0.4%
	Hewlett-Packard Co.
	2,775,000		3.000			09/15/16		2,872,519
	1,425,000		2.600			09/15/17		1,463,562

								4,336,081

	Telecommunications – Cellular^(c) – 0.2%
	ENTEL Chile SA
	1,800,000		4.875			10/30/24		1,848,960

	Tobacco^(c) – 0.5%
	Imperial Tobacco Finance PLC
	4,920,000		2.050			02/11/18		4,900,084

	Transportation^(c) – 0.5%
	ERAC USA Finance LLC
	3,525,000		2.350			10/15/19		3,504,784
	Penske Truck Leasing Co. LP/PTL Finance Corp.
	1,425,000		4.250			01/17/23		1,465,279

								4,970,063

	Wirelines Telecommunications – 2.9%
	AT&T, Inc.
	2,550,000		2.950			05/15/16		2,631,189
	Telefonica Emisiones SAU
	2,300,000		3.192			04/27/18		2,373,907
	1,450,000		5.462			02/16/21		1,613,100
	Verizon Communications, Inc.
	6,181,000		2.625	^(c)		02/21/20		6,099,565
	3,300,000		4.500			09/15/20		3,562,482


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Wirelines Telecommunications – (continued)
	Verizon Communications, Inc. – (continued)
$	11,875,000		5.150	%		09/15/23	$	13,102,289
	1,050,000		4.150	^(b)		03/15/24		1,080,097

								30,462,629

	TOTAL CORPORATE OBLIGATIONS
	(Cost $315,083,073)						$	325,407,566


	Mortgage-Backed Obligations – 31.9%
	Adjustable Rate Non-Agency^(a) – 2.6%
	Aire Valley Mortgages PLC Series 2005-1X, Class 2A3
$	2,386,383		0.573	%		09/20/66	$	2,349,797
	Aire Valley Mortgages PLC Series 2006-1A, Class 1A^(c)
	1,000,433		0.453			09/20/66		980,403
	Aire Valley Mortgages PLC Series 2007-1A, Class 2A1^(c)
	2,138,005		0.473			09/20/66		2,097,020
	Granite Master Issuer PLC Series 2005-4, Class A6
GBP	1,894,129		0.749			12/20/54		3,060,325
	Granite Master Issuer PLC Series 2006-1X, Class A7
	2,446,583		0.749			12/20/54		3,951,637
	Granite Master Issuer PLC Series 2006-3, Class A4
$	4,064,486		0.234			12/20/54		4,043,757
	Granite Master Issuer PLC Series 2007-1, Class 2A1
	2,091,434		0.294			12/20/54		2,081,780
	Granite Master Issuer PLC Series 2007-2, Class 4A2
GBP	485,173		0.726			12/17/54		783,603
	Granite Mortgages PLC Series 2003-3, Class 3A
	299,555		0.936			01/20/44		485,141
	Harborview Mortgage Loan Trust Series 2005-16, Class 2A1A
$	944,467		0.393			01/19/36		616,075
	Leek Finance Number Eighteen PLC Series 2018X, Class A2C
EUR	293,916		0.472			09/21/38		387,701
	Leek Finance Number Seventeen PLC Series 2017X, Class A2A
GBP	192,822		0.833			12/21/37		328,979
	Leek Finance PLC Series 2017X, Class A2C
EUR	417,781		0.492			12/21/37		556,028
	Leek Finance PLC Series 2018X, Class A2B
$	2,008,426		0.490			09/21/38		2,096,765
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
	1,488,372		0.968			12/25/46		1,141,433
	Sequoia Mortgage Trust Series 2003-4, Class 1A2
	976,913		0.987			07/20/33		924,190
	Thrones PLC Series 2013-1, Class A
GBP	900,025		2.028			07/20/44		1,485,378
	Washington Mutual Mortgage Pass-Through Certificates Series 2002-AR19, Class A7
$	69,651		2.437			02/25/33		69,690

	TOTAL ADJUSTABLE RATE NON-AGENCY						$	27,439,702


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	Collateralized Mortgage Obligations – 2.2%
	Interest Only^(a)(d) – 0.0%
	CS First Boston Mortgage Securities Corp. Series 2002-AR31, Class 5X
$	257,696		0.000	%		11/25/32	$	—
	CS First Boston Mortgage Securities Corp. Series 2003-AR18, Class 2X
	818,118		0.000			07/25/33		1
	CS First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2X
	1,047,206		0.000			08/25/33		1

								2

	Inverse Floaters^(a) – 0.1%
	GNMA Series 2001-48, Class SA
	49,527		25.988			10/16/31		75,180
	GNMA Series 2001-51, Class SA
	93,173		31.834			10/16/31		153,855
	GNMA Series 2001-51, Class SB
	96,290		25.988			10/16/31		154,651
	GNMA Series 2002-13, Class SB
	124,249		36.850			02/16/32		198,822

								582,508

	Planned Amortization Class – 0.0%
	FHLMC REMIC Series 2639, Class UL
	365		4.750			03/15/22		365
	FNMA REMIC Series 2003-134, Class ME
	44,191		4.500			06/25/33		46,455
	FNMA REMIC Series 2004-64, Class BA
	29,654		5.000			03/25/34		30,658

								77,478

	Sequential Fixed Rate – 2.1%
	FHLMC REMIC Series 2755, Class ZA
	1,111,399		5.000			02/15/34		1,220,203
	FHLMC REMIC Series 4273, Class PD
	3,305,830		6.500			11/15/43		3,808,356
	FNMA REMIC Series 2011-52, Class GB
	2,400,000		5.000			06/25/41		2,662,976
	FNMA REMIC Series 2011-99, Class DB
	2,125,000		5.000			10/25/41		2,366,750
	FNMA REMIC Series 2012-111, Class B
	653,908		7.000			10/25/42		741,870
	FNMA REMIC Series 2012-153, Class B
	1,888,516		7.000			07/25/42		2,141,840
	NCUA Guaranteed Notes Series 2010-C1, Class APT
	6,083,692		2.650			10/29/20		6,244,910
	NCUA Guaranteed Notes Series 2010-R1, Class 2A
	256,237		1.840			10/07/20		257,328
	NCUA Guaranteed Notes Series A4
	3,500,000		3.000			06/12/19		3,663,732

								23,107,965

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	23,767,953


Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	Commercial Mortgage-Backed Securities – 2.8%
	Sequential Fixed Rate – 1.7%
	FHLMC Multifamily Structured Pass-Through Certificates Series K020, Class A2
$	800,000		2.373	%		05/25/22	$	783,084
	FHLMC Multifamily Structured Pass-Through Certificates Series K030, Class A1
	1,431,320		2.779			09/25/22		1,467,772
	LB-UBS Commercial Mortgage Trust Series 2006-C1, Class A4
	6,000,000		5.156			02/15/31		6,210,887
	Wachovia Bank Commercial Mortgage Trust Series 2007-C31, Class A4
	9,000,000		5.509			04/15/47		9,622,447

								18,084,190

	Sequential Floating Rate^(a) – 1.1%
	Citigroup Commercial Mortgage Trust Series 2008-C7, Class A1A
	10,466,861		6.047			12/10/49		11,661,476

	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	29,745,666

	Federal Agencies – 24.3%
	Adjustable Rate FNMA^(a) – 1.0%
$	11,543		2.340	%		06/01/33	$	12,258
	1,768,965		2.207			07/01/34		1,879,670
	4,131,102		2.113			09/01/34		4,363,472
	3,129,160		2.358			05/01/35		3,334,210
	626,210		1.881			06/01/35		657,015

								10,246,625

	FHLMC – 0.9%
	4		7.000			10/01/14		4
	141		7.000			05/01/15		142
	1,661		8.000			07/01/15		1,681
	1,581		7.000			02/01/16		1,599
	2,891		7.000			03/01/16		2,913
	45,740		7.500			05/01/16		47,194
	665		5.000			01/01/17		702
	5,064		5.000			02/01/17		5,342
	4,541		5.000			03/01/17		4,791
	330		5.000			04/01/17		348
	30,120		5.000			09/01/17		31,779
	80,751		5.000			10/01/17		85,201
	336		7.000			10/01/17		354
	52,877		5.000			11/01/17		55,790
	22,930		5.000			12/01/17		24,192
	31,263		5.000			01/01/18		32,962
	80,016		5.000			02/01/18		84,325
	56,036		5.000			03/01/18		59,150
	40,115		5.000			04/01/18		42,357
	25,123		5.000			05/01/18		26,549
	18,624		5.000			06/01/18		19,686
	38,345		5.000			07/01/18		40,607
	11,928		5.000			08/01/18		12,616
	61,235		4.500			09/01/18		64,572
	5,239		5.000			10/01/18		5,563


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

GOLDMAN SACHS CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	FHLMC – (continued)
$	10,414		5.000	%		11/01/18	$	11,057
	106,517		5.000			06/01/19		113,697
	152,172		5.000			05/01/23		167,867
	427,133		4.500			10/01/23		460,883
	61,365		5.500			10/01/25		68,129
	78,275		5.500			11/01/25		86,904
	11,143		7.000			06/01/26		12,184
	21,761		7.500			12/01/30		23,866
	31,777		7.500			01/01/31		37,031
	801,466		5.500			03/01/33		899,150
	35,529		5.000			10/01/33		39,276
	90,316		6.500			10/01/33		103,437
	1,004		5.500			12/01/33		1,126
	32,135		5.500			09/01/34		36,051
	3,009		5.500			12/01/34		3,375
	3,009		5.500			03/01/35		3,360
	6,231		5.000			04/01/35		6,888
	52,691		5.000			07/01/35		58,279
	104,172		5.500			11/01/35		116,346
	274,772		5.000			12/01/35		303,741
	614		5.500			02/01/36		685
	125,195		5.500			06/01/36		139,806
	118,485		5.500			08/01/37		131,651
	534,969		5.000			01/01/38		589,042
	295,876		5.500			03/01/38		328,823
	113,971		5.500			04/01/38		126,636
	166,835		5.500			08/01/38		185,413
	4,041		5.500			09/01/38		4,490
	6,635		6.500			09/01/38		7,565
	19,301		5.500			11/01/38		21,670
	31,645		5.500			12/01/38		35,338
	1,504,826		5.000			01/01/39		1,658,109
	1,777,322		7.000			02/01/39		2,022,398
	10,041		5.500			03/01/39		11,293
	401,503		5.000			06/01/39		442,400
	12,968		5.500			10/01/39		14,585
	24,417		5.500			03/01/40		27,130
	62,012		5.500			06/01/40		68,918
	42,735		5.000			08/01/40		47,187
	10,013		4.500			11/01/40		10,809
	32,202		5.000			04/01/41		35,636
	35,269		5.000			06/01/41		39,029

								9,151,679

	FNMA – 21.5%
	1,011,082		7.040			08/01/15		1,042,873
	21,282		8.500			10/01/15		21,766
	711		7.000			01/01/16		722
	4,652,259		2.800			03/01/18		4,815,256
	2,858,849		3.740			05/01/18		3,051,101
	3,480,000		3.840			05/01/18		3,727,369
	58,827		5.000			06/01/18		62,274
	542,701		4.500			07/01/18		573,737
	32,121		4.500			08/01/18		33,958
	4,746		6.000			08/01/18		5,358
	950		6.500			10/01/18		1,075


Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	9,000,000		4.506	%		06/01/19	$	9,731,092
	2,169,770		3.416			10/01/20		2,288,617
	1,522,263		3.632			12/01/20		1,621,658
	9,626,822		3.763			12/01/20		10,303,875
	4,099,165		4.375			06/01/21		4,522,498
	3,060,307		5.000			03/01/23		3,376,237
	223,542		5.500			09/01/23		242,372
	65,942		5.500			10/01/23		71,542
	660,083		5.000			02/01/24		711,895
	113,632		6.000			03/01/27		128,617
	76,596		7.000			08/01/27		84,214
	2,427		6.500			09/01/27		2,747
	378,477		7.000			03/01/28		415,200
	4,833		6.500			05/01/28		5,471
	738		5.500			01/01/29		821
	19,392		8.000			02/01/31		22,719
	133,013		7.000			03/01/31		150,952
	223,782		5.500			05/01/33		251,427
	330,317		5.500			06/01/33		371,123
	70,392		5.000			07/01/33		78,268
	213,113		5.500			07/01/33		239,440
	89,730		5.000			08/01/33		99,460
	478,696		5.000			09/01/33		528,798
	56,452		5.500			09/01/33		63,403
	5,128		6.500			09/01/33		5,857
	32,738		5.000			12/01/33		36,164
	1,190		5.500			12/01/33		1,338
	1,535		5.500			01/01/34		1,722
	26,196		5.500			02/01/34		29,394
	3,560		5.500			04/01/34		4,022
	11,495		5.500			05/01/34		12,898
	4,118		6.000			07/01/34		4,705
	9,941		5.500			08/01/34		11,199
	16,623		5.500			10/01/34		18,676
	28,533		5.500			11/01/34		32,055
	140,059		5.500			12/01/34		157,046
	353		6.000			12/01/34		399
	213,586		6.000			02/01/35		241,629
	295,259		5.000			04/01/35		327,703
	11,623		5.500			04/01/35		13,030
	11,254		5.500			07/01/35		12,618
	773,226		5.500			08/01/35		868,749
	34,847		5.500			09/01/35		39,125
	2,194		5.500			12/01/35		2,476
	536		5.500			02/01/36		600
	216,194		5.500			03/01/36		241,944
	31,555		6.000			03/01/36		35,618
	2,262		5.500			04/01/36		2,517
	6,666		6.000			04/01/36		7,525
	2,439,267		5.500			09/01/36		2,740,343
	629,334		6.000			10/01/36		710,455
	4,298		5.500			01/01/37		4,804
	798,943		6.000			01/01/37		901,887
	1,800		5.500			02/01/37		2,011
	839,589		6.000			02/01/37		947,566
	2,574		6.000			03/01/37		2,905


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	3,315		5.500	%		04/01/37	$	3,703
	26,304		6.000			04/01/37		29,687
	4,576		5.500			05/01/37		5,105
	1,424		5.500			06/01/37		1,590
	1,742		5.500			07/01/37		1,939
	887,518		6.000			07/01/37		1,001,778
	100		5.500			08/01/37		111
	943,617		6.000			08/01/37		1,064,973
	2,074,226		6.000			09/01/37		2,340,987
	860,697		6.000			10/01/37		971,389
	643		5.500			12/01/37		718
	767,567		5.500			01/01/38		862,389
	763,334		6.000			01/01/38		861,505
	30,324		5.000			02/01/38		32,844
	1,859		5.500			02/01/38		2,077
	10,425		5.500			03/01/38		11,619
	87,530		6.000			03/01/38		98,789
	2,254		5.500			05/01/38		2,519
	4,868,573		6.000			05/01/38		5,494,735
	11,418		5.500			06/01/38		12,729
	113,648		6.000			06/01/38		128,264
	8,481		5.500			07/01/38		9,463
	4,299		5.500			08/01/38		4,783
	4,304		5.500			09/01/38		4,789
	656,349		6.000			11/01/38		740,772
	6,432		5.500			12/01/38		7,226
	627,368		6.000			12/01/38		708,102
	153,632		6.000			02/01/39		173,403
	1,127,459		7.000			03/01/39		1,278,054
	73,666		4.500			04/01/39		80,224
	715,136		6.000			04/01/39		807,108
	20,033		4.500			05/01/39		21,829
	24,262		5.500			06/01/39		26,998
	16,531		4.500			07/01/39		18,013
	113,852		4.500			08/01/39		124,059
	1,188,116		6.000			09/01/39		1,340,917
	395,257		6.000			10/01/39		446,205
	21,858		5.500			11/01/39		24,323
	6,726,678		6.000			11/01/39		7,592,100
	864,873		4.500			12/01/39		942,408
	1,562,916		5.500			12/01/39		1,746,376
	96,329		6.000			04/01/40		108,725
	317,784		6.000			10/01/40		358,653
	738,615		6.000			04/01/41		833,607
	4,928,049		6.000			05/01/41		5,561,832
	326,395		4.500			08/01/41		352,851
	84,386		4.500			10/01/41		91,187
	2,166,229		3.000			08/01/42		2,152,710
	1,902,842		3.000			09/01/42		1,891,039
	323,619		3.000			10/01/42		321,634
	1,336,660		3.000			11/01/42		1,328,084
	12,671,245		3.000			12/01/42		12,583,148
	9,425,656		3.000			01/01/43		9,364,217
	3,757,270		3.000			02/01/43		3,730,583
	5,655,655		2.500			03/01/43		5,366,828
	2,264,665		3.000			03/01/43		2,250,066


Principal Amount		Interest Rate			Maturity Date			Value
	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	2,997,172		3.000	%		04/01/43		$	2,976,801
	1,814,834		3.000			05/01/43			1,803,348
	179,288		3.000			06/01/43			178,077
	1,559,754		3.000			07/01/43			1,548,726
	31,000,000		3.500			TBA-30yr	^(e)		31,680,546
	47,000,000		4.500			TBA-30yr	^(e)		50,586,484
	4,000,000		5.000			TBA-30yr	^(e)		4,414,375
	4,000,000		6.000			TBA-30yr	^(e)		4,517,656

									229,094,694

	GNMA – 0.9%
	1,357,025		3.950			07/15/25			1,414,717
	18,029		6.000			11/15/38			20,248
	287,885		5.000			07/15/40			320,528
	553,715		5.000			01/15/41			616,500
	37,270		2.500			12/20/42			36,135
	4,000,000		3.500			TBA-30yr	^(e)		4,135,000
	3,000,000		5.000			TBA-30yr	^(e)		3,300,937

									9,844,065

	TOTAL FEDERAL AGENCIES							$	258,337,063

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $332,351,482)							$	339,290,384


	Agency Debentures – 4.5%
	FHLB
$	2,000,000		1.875	%		03/13/20		$	1,985,415
	5,200,000		3.000			09/10/21			5,362,051
	6,800,000		2.125			06/09/23			6,446,284
	3,300,000		3.250			06/09/23			3,405,122
	3,500,000		3.375			09/08/23			3,662,312
	750,000		3.375			12/08/23			780,946
	2,400,000		5.000			09/28/29			2,781,214
	FNMA^(f)
	4,200,000		6.250			05/15/29			5,672,654
	Kommunalbanken AS^(c)
	3,000,000		1.000			09/26/17			2,976,366
	Private Export Funding Corp.
	7,000,000		5.450			09/15/17			7,824,880
	Small Business Administration
	63,657		6.300			06/01/18			66,693
	Tennessee Valley Authority
	5,400,000		3.875			02/15/21			5,907,590
	1,400,000		4.625			09/15/60			1,523,777

	TOTAL AGENCY DEBENTURES
	(Cost $48,162,125)							$	48,395,304


	Asset-Backed Securities^(a) – 6.4%
	Collateralized Loan Obligations^(c) – 4.8%
	B&M CLO Ltd. Series 2014-1A, Class A1
$	3,700,000		1.598	%		04/16/26		$	3,673,523


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

GOLDMAN SACHS CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Asset-Backed Securities^(a) – (continued)
	Collateralized Loan Obligations^(c) – (continued)
	B&M CLO Ltd. Series 2014-1A, Class A2
$	650,000		2.148	%		04/16/26	$	622,867
	CIFC Funding Ltd. Series 2014-2A, Class A1L
	5,300,000		1.725			05/24/26		5,294,886
	Halcyon Loan Advisors Funding Ltd. Series 2014-1A, Class A1
	3,400,000		1.808			04/18/26		3,396,726
	Halcyon Loan Advisors Funding Ltd. Series 2014-2A, Class A1B
	6,950,000		1.655			04/28/25		6,895,317
	Halcyon Loan Advisors Funding Ltd. Series 2014-2A, Class A2
	1,750,000		2.228			04/28/25		1,687,114
	Magnetite VIII Ltd. Series 2014-8A, Class A
	5,750,000		1.708			04/15/26		5,754,945
	Magnetite VIII Ltd. Series 2014-8A, Class B
	1,200,000		2.228			04/15/26		1,175,336
	Shackleton CLO Ltd. Series 2014-5A, Class A
	7,800,000		1.737			05/07/26		7,805,000
	Shackleton CLO Ltd. Series 2014-5A, Class B1
	1,700,000		2.237			05/07/26		1,659,217
	Trinitas CLO Ltd. Series 2014-1A, Class A1
	2,950,000		1.833			04/15/26		2,936,342
	Trinitas CLO Ltd. Series 2014-1A, Class B1
	750,000		2.203			04/15/26		716,382
	Whitehorse VIII Ltd. Series 2014-1A, Class A
	7,500,000		1.740			05/01/26		7,497,832
	Whitehorse VIII Ltd. Series 2014-1A, Class B
	1,650,000		2.290			05/01/26		1,616,739

								50,732,226

	Home Equity – 0.6%
	Countrywide Home Equity Loan Trust Series 2004-G, Class 2A
	252,109		0.374			12/15/29		227,329
	Countrywide Home Equity Loan Trust Series 2006-HW, Class 2A1B
	6,743,243		0.305			11/15/36		5,934,728
	Impac CMB Trust Series 2004-08, Class 1A
	387,884		0.875			10/25/34		335,757

								6,497,814

	Student Loan – 1.0%
	Brazos Higher Education Authority, Inc. Series 2004-1, Class A2
	531,472		0.394			06/27/22		531,101
	Education Funding Capital Trust I Series 2004-1, Class A2
	41,856		0.394			12/15/22		41,837
	Educational Funding of the South, Inc. Series 2011-1, Class A2
	5,200,000		0.884			04/25/35		5,212,061
	EFS Volunteer No 3 LLC Series 2012-1, Class A2^(c)
	4,750,000		1.155			02/25/25		4,807,102
	Northstar Education Finance, Inc. Series 2005-1, Class A1
	50,478		0.335			10/28/26		50,280
	US Education Loan Trust LLC Series 2006-1, Class A2^(c)
	254,384		0.364			03/01/25		254,094

								10,896,475

	TOTAL ASSET-BACKED SECURITIES
	(Cost $68,885,151)						$	68,126,515


Principal Amount		Interest Rate			Maturity Date		Value
	Foreign Debt Obligations – 2.0%
	Sovereign – 0.8%
	Federal Republic of Brazil
$	1,210,000		4.250	%		01/07/25	$	1,197,900
	400,000		8.250			01/20/34		538,000
	330,000		7.125			01/20/37		404,250
	Italy Buoni Poliennali Del Tesoro
EUR	2,050,000		1.150			05/15/17		2,628,351
	1,146,922		2.350			09/15/19		1,600,720
	30,000		4.750	^(c)		09/01/44		45,517
	Republic of Chile
$	390,000		3.625			10/30/42		342,225
	Republic of Panama^(g)
	100,000		9.375			04/01/29		148,500
	Spain Government Bond^(c)
EUR	30,000		5.150			10/31/44		49,399
	United Mexican States
$	20,000		6.050			01/11/40		23,550
	1,610,000		4.750			03/08/44		1,593,900
	60,000		5.750			10/12/10		62,100

								8,634,412

	Supranational – 1.2%
	Inter-American Development Bank
	2,700,000		1.000			02/27/18		2,610,279
	International Finance Corp.
	10,800,000		0.875			06/15/18		10,554,160

								13,164,439

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $22,526,307)						$	21,798,851


	Municipal Debt Obligations – 0.9%
	California – 0.6%
	California State GO Bonds Build America Taxable Series 2009
$	950,000		7.500	%		04/01/34	$	1,355,346
	1,650,000		7.550			04/01/39		2,406,030
	California State GO Bonds Build America Taxable Series 2010
	1,645,000		7.950			03/01/36		2,006,555

								5,767,931

	Illinois – 0.1%
	Illinois State GO Bonds Build America Series 2010
	1,280,000		7.350			07/01/35		1,469,171

	Ohio – 0.2%
	American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
	1,700,000		6.270			02/15/50		2,086,104

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $7,449,869)						$	9,323,206


	Government Guarantee Obligations^(h) – 2.6%
	Hashemite Kingdom of Jordan Government AID Bond
$	7,400,000		2.503	%		10/30/20	$	7,548,000


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Government Guarantee Obligations^(h) – (continued)
	Israel Government AID Bond
$	7,827,000		5.500	%		09/18/23	$	9,531,371
	1,200,000		5.500			12/04/23		1,462,074
	2,400,000		5.500			04/26/24		2,931,115
	4,700,000		5.500			09/18/33		5,968,938

	TOTAL GOVERNMENT GUARANTEE OBLIGATIONS
	(Cost $26,984,822)						$	27,441,498


	U.S. Treasury Obligations – 24.3%
	United States Treasury Bonds
$	3,600,000		3.125	%^(f)		11/15/41	$	3,571,128
	27,900,000		3.125			02/15/42		27,629,370
	10,500,000		2.750			08/15/42		9,621,360
	1,100,000		2.750			11/15/42		1,006,302
	4,100,000		3.750	^(f)		11/15/43		4,531,361
	8,200,000		3.625			02/15/44		8,862,150
	United States Treasury Inflation Protected Securities
	3,062,225		1.875			07/15/15		3,132,074
	4,000,108		0.125			01/15/22		3,909,466
	2,457,072		0.375			07/15/23		2,432,894
	6,800,526		0.625			01/15/24		6,838,745
	3,051,675		2.500			01/15/29		3,728,781
	2,709,069		1.375			02/15/44		2,899,977
	United States Treasury Notes
	63,500,000		0.375			01/31/16		63,592,073
	43,500,000		1.000	^(f)		03/31/17		43,630,936
	19,500,000		1.500			01/31/19		19,379,294
	4,600,000		1.625			04/30/19		4,582,704
	100,000		1.625			06/30/19		99,471
	3,900,000		1.625			08/31/19		3,873,402
	19,700,000		1.750			09/30/19		19,671,436
	8,600,000		2.125			01/31/21		8,598,968
	10,700,000		2.250			04/30/21		10,752,537
	5,000,000		2.125			06/30/21		4,977,700
	1,300,000		2.250			07/31/21		1,304,394

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $259,031,676)						$	258,626,523


Notional Amount		Exercise Rate			Expiration Date		Value
	Options Purchased – 0.6%
	Interest Rate Swaptions
	Deutsche Bank AG Put - OTC - 5 year Interest Rate Swap Strike Price 2.550%
$	3,200,000		2.550	%		09/28/15	$	51,948
	Deutsche Bank AG Call - OTC - 5 year Interest Rate Swap Strike Price 2.550%
	3,200,000		2.550			09/28/15		48,909
	Deutsche Bank AG Put - OTC - 5 year Interest Rate Swap Strike Price 2.940%
	4,600,000		2.940			09/29/16		104,941
	Deutsche Bank AG Call - OTC - 5 year Interest Rate Swap Strike Price 2.940%
	4,600,000		2.940			09/29/16		110,014


Notional Amount		Exercise Rate			Expiration Date		Value
	Options Purchased – (continued)
	Interest Rate Swaptions – (continued)
	Deutsche Bank AG Call - OTC - 10 year Interest Rate Swap Strike Price 3.780%
$	6,500,000		3.780	%		09/26/16	$	154,731
	Deutsche Bank AG Put - OTC - 10 year Interest Rate Swap Strike Price 4.113%
	10,800,000		4.113			04/16/19		897,756
	Deutsche Bank AG Call - OTC - 10 year Interest Rate Swap Strike Price 4.113%
	10,800,000		4.113			04/16/19		427,011
	Deutsche Bank AG Put - OTC - 10 year Interest Rate Swap Strike Price 4.135%
	10,200,000		4.135			04/17/19		859,188
	Deutsche Bank AG Call - OTC - 10 year Interest Rate Swap Strike Price 4.135%
	10,200,000		4.135			04/17/19		397,515
	Deutsche Bank AG Put - OTC - 10 year Interest Rate Swap Strike Price 4.095%
	4,000,000		4.095			04/24/19		328,783
	Deutsche Bank AG Call - OTC - 10 year Interest Rate Swap Strike Price 4.095%
	4,000,000		4.095			04/24/19		160,540
	Deutsche Bank AG Put - OTC - 10 year Interest Rate Swap Strike Price 3.963%
	3,800,000		3.963			05/07/19		286,869
	Deutsche Bank AG Call - OTC - 10 year Interest Rate Swap Strike Price 3.963%
	3,800,000		3.963			05/07/19		167,597
	Deutsche Bank AG Put - OTC - 30 Year Interest Rate Swap Strike Price 3.960%
	1,700,000		3.960			01/29/16		231,058
	Deutsche Bank AG Call - OTC - 30 Year Interest Rate Swap Strike Price 3.960%
	1,700,000		3.960			01/29/16		44,031
	Deutsche Bank AG Put - OTC - 30 year Interest Rate Swap Strike Price 4.015%
	1,100,000		4.015			04/15/19		166,363
	Deutsche Bank AG Call - OTC - 30 year Interest Rate Swap Strike Price 4.015%
	1,100,000		4.015			04/15/19		79,836
	JPMorgan Securities, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 2.783%
	9,200,000		2.783			09/30/15		102,350
	JPMorgan Securities, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 2.973%
	4,600,000		2.973			09/26/16		108,800
	JPMorgan Securities, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 2.973%
	4,600,000		2.973			09/26/16		105,940
	JPMorgan Securities, Inc. Put - OTC - 10 year Interest Rate Swap Strike Price 4.105%
	4,000,000		4.105			04/29/19		330,700
	JPMorgan Securities, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 4.105%
	4,000,000		4.105			04/29/19		159,791


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

GOLDMAN SACHS CORE FIXED INCOME FUND


Notional Amount		Exercise Rate			Expiration Date		Value
	Options Purchased – (continued)
	Interest Rate Swaptions – (continued)
	JPMorgan Securities, Inc. Put - OTC - 10 year Interest Rate Swap Strike Price 3.955%
$	3,600,000		3.955	%		05/07/19	$	270,444
	JPMorgan Securities, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 3.955%
	3,600,000		3.955			05/07/19		159,570
	Morgan Stanley Capital Services, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 2.550%
	2,600,000		2.550			09/28/15		42,208
	Morgan Stanley Capital Services, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 2.550%
	2,600,000		2.550			09/28/15		39,739
	Morgan Stanley Capital Services, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 2.513%
	3,500,000		2.513			09/29/15		55,125
	Morgan Stanley Capital Services, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 2.513%
	3,500,000		2.513			09/29/15		55,125
	Morgan Stanley Capital Services, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 2.950%
	11,100,000		2.950			09/26/16		256,302
	Morgan Stanley Capital Services, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 2.950%
	11,100,000		2.950			09/26/16		260,908
	Morgan Stanley Capital Services, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 2.930%
	3,500,000		2.930			09/29/16		81,550
	Morgan Stanley Capital Services, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 2.930%
	3,500,000		2.930			09/29/16		81,550
	Morgan Stanley Capital Services, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 2.940%
	3,500,000		2.940			09/29/16		81,463
	Morgan Stanley Capital Services, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 2.940%
	3,500,000		2.940			09/29/16		81,463
	Morgan Stanley Capital Services, Inc. Call - OTC - 7 year Interest Rate Swap Strike Price 3.010%
	7,100,000		3.010			09/29/15		105,936

	TOTAL OPTIONS PURCHASED
	(Cost $6,700,785)						$	6,896,054

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $1,087,175,290)						$	1,105,305,901


Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment⁽ⁱ⁾ – 4.1%
	Repurchase Agreement – 4.1%
	Joint Repurchase Agreement Account II
$	43,300,000		0.012	%		10/01/14	$	43,300,000
	(Cost $43,300,000)

	TOTAL INVESTMENTS – 107.8%
	(Cost $1,130,475,290)						$	1,148,605,901

	LIABILITIES IN EXCESS OF OTHER ASSETS – (7.8)%							(83,320,535	)

	NET ASSETS – 100.0%						$	1,065,285,366


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 $158,794,147, which represents approximately 14.9% of net assets as of September 30, 2014.
(d)		Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(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 $98,634,998 which represents approximately 9.3% of net assets as of September 30, 2014.
(f)		A portion of this security is segregated as collateral for initial margin requirements on futures transactions.
(g)		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.
(h)		Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $27,441,498, which represents approximately 2.6% of net assets as of September 30, 2014.
(i)		Joint repurchase agreement was entered into on September 30, 2014. Additional information appears on page 118.


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)



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

Investment Abbreviations:
AUDOR		—Australian Dollar Offered Rate
BP		—British Pound Offered Rate
CDOR		—Canadian Dollar Offered Rate
CLO		—Collateralized Loan Obligation
EURO		—Euro Offered Rate
FHLB		—Federal Home Loan Bank
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
GO		—General Obligation
JYOR		—Japanese Yen Offered Rate
LIBOR		—London Interbank Offered Rate
LP		—Limited Partnership
NCUA		—National Credit Union Administration
NZDOR		—New Zealand Dollar Offered Rate
OTC		—Over the Counter
RB		—Revenue Bond
REIT		—Real Estate Investment Trust
REMIC		—Real Estate Mortgage Investment Conduit
SPA		—Stand-by Purchase Agreement
STIBOR		—Stockholm Interbank Offered Rate


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

GOLDMAN SACHS CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 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	GBP/EUR		12/17/14	$	1,213,210	$	32,837
	NOK/EUR		12/17/14		1,208,155		24,649
	SEK/EUR		12/17/14		4,589,978		13,094
	USD/EUR		12/17/14		12,068,912		396,818
	USD/JPY		12/17/14		1,818,436		41,564
Barclays Bank PLC	CAD/CHF		12/17/14		457,853		282
	GBP/USD		12/17/14		3,737,421		17,144
	USD/AUD		12/17/14		7,678,251		267,399
	USD/CAD		12/17/14		6,148,012		45,488
	USD/EUR		12/17/14		1,208,155		30,473
	USD/GBP		12/17/14		2,455,973		11,719
	USD/JPY		12/17/14		918,844		7,156
	USD/NZD		12/17/14		1,178,785		47,247
	USD/SEK		12/17/14		2,081,511		36,045
BNP Paribas SA	EUR/USD		12/17/14		1,241,013		170
	GBP/EUR		12/17/14		1,200,572		28,015
	NZD/USD		12/17/14		2,466,773		5,469
	USD/AUD		12/17/14		2,395,201		64,188
	USD/EUR		12/17/14		1,841,299		14,661
	USD/GBP		12/17/14		2,459,213		9,427
	USD/JPY		12/17/14		2,640,030		78,639
	USD/NZD		12/17/14		4,807,304		99,019
Citibank NA (London)	CHF/EUR		12/17/14		1,210,683		3,626
	GBP/EUR		12/17/14		2,417,574		13,133
	NOK/EUR		12/17/14		3,630,784		49,408
	USD/CAD		12/17/14		1,830,940		26,060
	USD/CHF		12/17/14		3,820,123		77,029
	USD/EUR		10/30/14		3,975,841		101,275
	USD/NZD		12/17/14		1,831,541		110,113
Deutsche Bank AG (London)	USD/GBP		10/22/14		11,962,949		180,843
HSBC Bank PLC	GBP/USD		12/17/14		1,250,667		10,696
	SEK/EUR		12/17/14		2,487,081		908
	USD/AUD		12/17/14		1,372,518		47,040
	USD/GBP		12/17/14		2,439,773		63,402
	USD/JPY		12/17/14		604,752		13,248
	USD/NZD		12/17/14		1,831,541		117,049
State Street Bank and Trust	AUD/USD		12/17/14		1,858,000		8,846
	USD/CHF		12/17/14		3,848,024		84,312
	USD/JPY		12/17/14		1,810,630		42,370
	USD/NZD		12/17/14		1,972,429		124,517
	USD/SEK		12/17/14		4,905,859		84,322
Westpac Banking Corp.	AUD/USD		12/17/14		2,470,078		6,268
	USD/AUD		12/17/14		4,959,016		192,255
	USD/CHF		12/17/14		4,119,057		85,364
	USD/EUR		10/30/14		885,058		20,331
	USD/EUR		12/17/14		604,078		15,310
	USD/NZD		12/17/14		2,334,334		142,361
TOTAL						$	2,891,589


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

GOLDMAN SACHS CORE FIXED INCOME 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	CHF/USD		12/17/14	$	1,208,683	$	(27,317	)
	EUR/CHF		12/17/14		2,488,654		(1,573	)
	EUR/GBP		12/17/14		2,445,725		(36,998	)
	EUR/NOK		12/17/14		2,458,957		(40,119	)
	EUR/USD		12/17/14		3,046,926		(44,664	)
Barclays Bank PLC	AUD/USD		12/17/14		595,535		(20,578	)
	CAD/USD		12/17/14		6,663,156		(107,343	)
	EUR/USD		12/17/14		14,182,356		(326,089	)
	GBP/USD		12/17/14		2,423,573		(37,619	)
	JPY/USD		12/17/14		5,377,322		(208,678	)
	NZD/USD		12/17/14		2,334,334		(119,556	)
BNP Paribas SA	AUD/USD		12/17/14		4,131,308		(174,300	)
	CHF/USD		12/17/14		1,209,843		(26,157	)
	EUR/CHF		12/17/14		2,418,617		(2,307	)
	EUR/GBP		12/17/14		2,488,578		(64,685	)
	EUR/USD		12/17/14		4,913,501		(41,381	)
	GBP/USD		12/17/14		1,267,897		(32,264	)
	JPY/USD		12/17/14		2,415,370		(57,630	)
	SEK/USD		12/17/14		2,432,979		(47,021	)
Citibank NA (London)	AUD/USD		12/17/14		3,008,149		(64,047	)
	EUR/CHF		12/17/14		2,422,813		(1,448	)
	EUR/GBP		12/17/14		1,224,462		(15,043	)
	GBP/USD		10/22/14		1,483,389		(22,522	)
	NOK/EUR		12/17/14		2,487,081		(3,669	)
	NZD/USD		12/17/14		1,178,010		(46,669	)
HSBC Bank PLC	EUR/USD		12/17/14		614,188		(3,790	)
	USD/GBP		12/17/14		2,483,514		(7,987	)
State Street Bank and Trust	AUD/USD		12/17/14		600,759		(13,024	)
	EUR/GBP		12/17/14		1,227,030		(21,403	)
	EUR/USD		12/17/14		1,214,474		(26,571	)
	GBP/USD		12/17/14		2,455,973		(32,723	)
	JPY/USD		12/17/14		4,286,692		(35,808	)
Westpac Banking Corp.	AUD/USD		12/17/14		5,708,953		(177,703	)
	NZD/USD		12/17/14		5,610,736		(249,609	)
TOTAL						$	(2,138,295	)

FORWARD SALES CONTRACTS — At September 30, 2014, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(e)	Settlement Date		Principal Amount			Value
FNMA (Proceeds Receivable: $39,250,000)		3.000	%	TBA-30yr		10/14/14	$	(40,000,000	)	$	(39,421,876	)

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		(164	)	December 2016	$	(32,529,027	)	$	15,447
Eurodollars		(349	)	March 2017		(85,134,188	)		94,441
Eurodollars		(283	)	June 2017		(68,899,887	)		100,072


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

GOLDMAN SACHS CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)


Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
Eurodollars		(165	)	September 2017	$	(40,109,437	)	$	85,977
French 10 Year Government Bonds		(15	)	December 2014		(2,723,453	)		(26,234	)
Italian 10 Year Government Bonds		21		December 2014		3,460,859			34,067
Ultra Long U.S. Treasury Bonds		(65	)	December 2014		(9,912,500	)		141,796
10 Year German Euro-Bund		12		December 2014		2,268,944			9,503
10 Year U.K. Long Gilt		(38	)	December 2014		(6,969,843	)		(29,287	)
2 Year U.S. Treasury Notes		581		December 2014		127,148,219			(31,427	)
5 Year U.S. Treasury Notes		97		December 2014		11,471,008			13,472
10 Year U.S. Treasury Notes		33		December 2014		4,113,141			879
20 Year U.S. Treasury Bonds		165		December 2014		22,754,531			(151,307	)
TOTAL								$	257,399

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)
$	2,400	^(a)		02/01/17	3 month LIBOR	1.625%	$	(2,044	)	$	2,750
	11,200	^(a)		08/04/17	3 month LIBOR	2.195		(9,451	)		5,779
GBP	4,590	^(a)		09/12/17	6 month GBP	2.250		10,121			(12,627	)
$	55,100	^(a)		12/17/17	3 month LIBOR	1.500		(174,777	)		147,293
JPY	859,480	^(a)		02/12/19	6 month JYOR	0.420		(202,209	)		166,322
$	9,800	^(a)		06/18/19	2.000%	3 month LIBOR		64,270			46,301
EUR	7,970	^(a)		12/17/19	1.000	6 month EURO		243,246			14,950
$	23,400	^(a)		12/17/19	3 month LIBOR	2.250		(215,473	)		14,254
SEK	48,470	^(a)		12/17/19	3 month STIBOR	1.250		(59,064	)		15,444
NZD	7,500	^(a)		12/17/19	4.500	3 month NZDOR		(16,649	)		40,032
AUD	6,280	^(a)		12/17/19	6 month AUDOR	3.750		(61,370	)		(33,095	)
$	3,400	^(a)		10/02/20	2.532	3 month LIBOR		17			—
GBP	2,050	^(a)		02/05/21	2.840	6 month GBP		(29,323	)		81,992
$	16,700	^(a)		08/04/21	3.025	3 month LIBOR		57,737			33,081
GBP	4,660	^(a)		09/12/21	2.680	6 month GBP		(60,557	)		69,333
$	12,400	^(a)		12/17/21	3 month LIBOR	2.500		(67,645	)		(1,126	)
JPY	1,485,980	^(a)		02/12/22	1.080	6 month JYOR		(342,396	)		482,869
$	3,000	^(a)		10/01/22	2.760	3 month LIBOR		24			(2,742	)
	6,900			01/30/24	4.252	3 month LIBOR		(5,459	)		260,531
	1,330	^(a)		04/04/24	4.000	3 month LIBOR		(6,870	)		40,182
AUD	5,390			09/17/24	4.500	6 month AUDOR		(20,867	)		28,470
GBP	3,490	^(a)		09/17/24	6 month GBP	3.250		(22,240	)		(26,391	)
$	2,66	^(a)		12/17/24	3 month LIBOR	3.000		(44,971	)		(19,954	)
SEK	8,090	^(a)		12/17/24	3 month STIBOR	1.750		5,475			(714	)
CAD	2,330	^(a)		12/17/24	3.000	6 month CDOR		95,722			(32,581	)
AUD	2,630	^(a)		12/17/24	4.500	6 month AUDOR		92,750			27,623
NZD	6,460	^(a)		12/17/24	5.000	3 month NZDOR		111,729			49,360
EUR	2,410	^(a)		12/17/24	6 month EURO	2.000		(266,134	)		25,639
GBP	2,890	^(a)		12/17/24	6 month GBP	3.000		(177,563	)		(14,835	)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)


					Rates Exchanged		Market Value
Notional Amount (000s)			Termination Date		Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
JPY	468,120	^(a)		12/17/24	6 month JYOR	0.750%	$	(41,776	)	$	13,733
GBP	4,700	^(a)		12/18/24	3.250%	6 month GBP		38,230			19,856
EUR	6,200	^(a)		12/18/24	6 month EURO	2.000		11,813			(38,539	)
JPY	985,360	^(a)		02/14/25	6 month JYOR	1.720		(228,625	)		122,582
$	9,100	^(a)		08/04/26	3 month LIBOR	3.409		(51,180	)		(86,535	)
GBP	2,530	^(a)		09/12/26	6 month GBP	2.980		39,370			(64,952	)
$	2,200	^(a)		09/28/26	3.280	3 month LIBOR		18			2,960
	21,100	^(a)		12/17/29	3 month LIBOR	3.250		(555,635	)		(71,614	)
GBP	1,140	^(a)		02/05/36	6 month GBP	3.500		5,766			(146,633	)
$	2,300	^(a)		01/30/39	3 month LIBOR	4.370		(77,646	)		(164,935	)
	1,400	^(a)		12/17/44	3 month LIBOR	3.500		(34,682	)		(40,163	)
	3,080			12/17/44	3.500	3 month LIBOR		101,341			63,317
GBP	2,580	^(a)		12/17/44	6 month GBP	3.250		(262,695	)		(44,851	)
	TOTAL						$	(2,159,672	)	$	972,366

(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
Swap 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 Sold:
Bank of America Securities LLC	CDX North America Investment Grade Index 16	$	3,975		1.000	%		06/20/16		0.227	%	$	1,951	$	52,311

(b)

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 Purchased:
CDX North America Investment Grade Index 22	$	43,150		(1.000	)%		06/20/19		0.644	%	$	(666,803	)	$	(37,197	)

(b)


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Foreign Sovereign Debt Obligations – 40.2%
	British Pound – 2.6%
	United Kingdom Treasury
GBP	2,690,000		3.250	%		01/22/44	$	4,517,947
	3,720,000		3.750			07/22/52		6,988,060
	141,110		0.375			03/22/62		310,131

								11,816,138

	Canadian Dollar – 3.1%
	British Columbia Province of Canada
CAD	800,000		3.250			12/18/21		753,348
	Government of Canada
	3,510,000		1.500			09/01/17		3,153,249
	2,250,000		4.000			06/01/41		2,518,164
	Ontario Province of Canada
	1,800,000		4.400			06/02/19		1,775,811
	4,200,000		4.000			06/02/21		4,098,033
	Quebec Province of Canada
	1,800,000		4.250			12/01/21		1,779,347

								14,077,952

	Czech Koruna – 0.1%
	Czech Republic Government Bond
CZK	11,190,000		1.500			10/29/19		539,066

	Euro – 24.1%
	Federal Republic of Germany
EUR	24,460,000		0.000			12/12/14		30,894,523
	1,440,000		0.250			04/13/18		1,835,289
	2,090,000		2.000			01/04/22		2,924,106
	1,010,000		1.500			09/04/22		1,362,785
	910,000		2.000			08/15/23		1,269,693
	650,000		2.500			07/04/44		943,071
	Government of Finland^(a)
	390,000		4.375			07/04/19		588,777
	Government of France
	1,400,000		3.750			04/25/17		1,938,067
	2,620,000		1.000			05/25/18		3,416,410
	1,420,000		4.250			10/25/23		2,288,546
	1,330,000		4.500			04/25/41		2,431,160
	Italy Buoni Poliennali Del Tesoro
	2,800,000		1.150			05/15/17		3,589,943
	1,588,046		2.350			09/15/19		2,216,382
	1,100,000		4.750			09/01/21		1,667,616
	920,000		5.500			11/01/22		1,462,222
	4,870,000		4.500			05/01/23		7,302,595
	120,000		4.750	^(a)		09/01/44		182,069
	Kingdom of Belgium
	395,000		3.750	^(a)		09/28/20		595,693
	830,000		2.250			06/22/23		1,154,234
	970,000		2.600	^(a)		06/22/24		1,379,002
	Kingdom of The Netherlands
	2,280,000		0.500			04/15/17		2,916,386
	2,470,000		4.500	^(a)		07/15/17		3,510,357
	1,910,000		1.500			05/15/23		2,567,521
	1,000,000		2.500	^(a)		01/15/33		1,424,001
	Republic of Austria^(a)
	3,670,000		4.350			03/15/19		5,490,241


Principal Amount		Interest Rate			Maturity Date		Value
	Foreign Sovereign Debt Obligations – (continued)
	Euro – (continued)
	Republic of Italy
EUR	380,000		3.500	%		11/01/17	$	521,663
	7,096,806		2.150			11/12/17		9,352,646
	1,680,000		4.500			08/01/18		2,415,052
	400,000		5.000			08/01/39		630,458
	Spain Government Bond
	1,560,000		4.500			01/31/18		2,221,737
	360,000		5.400	^(a)		01/31/23		580,781
	230,000		4.400	^(a)		10/31/23		349,453
	370,000		4.800			01/31/24		577,945
	2,670,000		3.800	^(a)		04/30/24		3,877,252
	2,535,000		5.900			07/30/26		4,315,110
	90,000		5.150	^(a)		10/31/44		148,196

								110,340,982

	Japanese Yen – 6.8%
	Government of Japan
JPY	485,000,000		2.500			09/20/34		5,303,647
	430,000,000		2.100			12/20/26		4,560,396
	212,100,000		2.500			03/20/38		2,320,218
	100,000,000		2.200			09/20/39		1,039,685
	150,000,000		2.200			03/20/41		1,558,672
	59,500,000		2.000			09/20/41		594,209
	157,400,000		2.000			03/20/52		1,544,466
	29,000,000		2.200			03/20/31		309,788
	225,000,000		1.700			09/20/32		2,219,715
	200,000		0.100			12/15/14		1,824
	1,244,000,000		0.300			03/20/18		11,415,706

								30,868,326

	Mexican Peso – 1.4%
	United Mexican States
MXN	32,641,190		0.000	^(b)		10/16/14		2,423,913
	24,125,960		0.000	^(b)		12/18/14		1,785,219
	8,640,320		0.000	^(b)		03/19/15		634,393
	13,763,300		10.000			11/20/36		1,388,736
	1,882,300		8.500			11/18/38		165,962

								6,398,223

	Polish Zloty – 0.1%
	Poland Government Bond
PLN	980,000		3.250			07/25/19		307,465
	290,000		4.000			10/25/23		94,462

								401,927

	South African Rand – 0.5%
	Republic of South Africa
ZAR	18,820,000		7.750			02/28/23		1,628,976
	6,569,608		10.500			12/21/26		677,831

								2,306,807

	South Korean Won – 0.9%
	Republic of Korea
KRW	3,819,000,000		5.000			06/10/20		4,081,924


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Foreign Sovereign Debt Obligations – (continued)
	United States Dollar – 0.6%
	Federal Republic of Brazil
$	610,000		4.250	%		01/07/25	$	603,900
	90,000		8.250			01/20/34		121,050
	80,000		7.125			01/20/37		98,000
	Republic of Chile
	150,000		3.625			10/30/42		131,625
	Republic of Korea
	660,000		7.125			04/16/19		801,577
	Republic of Turkey
	200,000		5.750			03/22/24		212,000
	230,000		6.000			01/14/41		238,050
	United Mexican States
	470,000		5.750			10/12/2110		486,450

								2,692,652

	TOTAL FOREIGN SOVEREIGN DEBT OBLIGATIONS
	(Cost $184,078,842)						$	183,523,997


	Corporate Obligations – 21.0%
	Automotive – 0.6%
	Ford Motor Credit Co. LLC
$	2,300,000		3.984	%		06/15/16	$	2,406,280
	300,000		4.250			02/03/17		318,118

								2,724,398

	Automotive – 0.2%
	FCE Bank PLC
EUR	750,000		1.625			09/09/16		966,127

	Banks – 7.9%
	Bank of America Corp.
	600,000		4.625			08/07/17		844,788
$	1,550,000		5.750			12/01/17		1,722,006
	1,000,000		5.650			05/01/18		1,109,825
	1,400,000		2.600			01/15/19		1,392,626
	600,000		2.650			04/01/19		597,969
	1,450,000		4.125			01/22/24		1,473,078
	Barclays Bank PLC
GBP	400,000		10.000			05/21/21		853,817
	BNP Paribas SA^(c)(d)
EUR	150,000		4.730			04/12/49		194,668
	Citigroup, Inc.
$	105,000		4.450			01/10/17		111,760
	375,000		6.125			05/15/18		424,141
	Credit Agricole SA^(a)
	1,500,000		2.125			04/17/18		1,497,631
	Dexia Credit Local SA^(a)
	2,000,000		1.500			10/07/17		1,998,080
	HSBC Holdings PLC
	450,000		6.800			06/01/38		577,568
	900,000		6.375	^(c)(d)		09/17/49		896,510
	ING Bank NV
	1,600,000		4.000	^(a)		03/15/16		1,669,901
EUR	1,050,000		6.125	^(c)(d)		05/29/23		1,518,502


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Banks – (continued)
	Intesa Sanpaolo SpA
EUR	500,000		4.125	%		01/14/16	$	660,058
$	800,000		2.375			01/13/17		805,619
	1,700,000		3.875			01/16/18		1,768,973
	900,000		3.875			01/15/19		933,997
	500,000		5.017	^(a)		06/26/24		485,693
	JPMorgan Chase & Co.
	1,400,000		4.250			10/15/20		1,489,584
	Lloyds TSB Bank PLC^(c)(d)
EUR	1,250,000		11.875			12/16/21		1,926,231
	Macquarie Bank Ltd.^(a)
$	1,450,000		2.600			06/24/19		1,448,824
	Morgan Stanley, Inc.
	1,650,000		4.000			07/24/15		1,693,794
	225,000		5.550			04/27/17		246,363
	850,000		6.250			08/28/17		952,634
	250,000		6.625			04/01/18		285,885
	400,000		2.125			04/25/18		398,559
	500,000		5.625			09/23/19		561,485
EUR	900,000		2.375			03/31/21		1,204,387
	Nordea Bank AB^(a)(c)(d)
$	500,000		6.125			09/23/49		490,000
	Regions Financial Corp.^(d)
	750,000		2.000			05/15/18		741,158
	Santander Holdings USA, Inc.^(d)
	850,000		3.000			09/24/15		865,252
	Standard Chartered PLC^(a)
	400,000		5.500			11/18/14		402,560
	Sumitomo Mitsui Financial Group, Inc.^(a)
	1,500,000		4.436			04/02/24		1,536,553
	Synchrony Financial^(d)
	100,000		1.875			08/15/17		100,141
	250,000		3.000			08/15/19		250,539

								36,131,159

	Chemicals – 0.3%
	LYB International Finance BV
	150,000		5.250			07/15/43		159,607
	LyondellBasell Industries NV^(d)
	500,000		5.000			04/15/19		551,948
	Monsanto Co.^(d)
	600,000		4.400			07/15/44		590,636

								1,302,191

	Communications – 3.2%
	21st Century Fox America, Inc.
	50,000		4.000			10/01/23		51,687
	America Movil SAB de CV
MXN	5,260,000		6.000			06/09/19		394,376
	American Tower Corp.
$	250,000		3.400			02/15/19		255,400
	British Telecommunications PLC
GBP	244,000		6.625			06/23/17		442,885
	Comcast Corp.
$	1,800,000		4.500			01/15/43		1,827,370


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

GOLDMAN SACHS GLOBAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Communications – (continued)
	DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.
$	200,000		6.000	%^(d)		08/15/40	$	223,874
	350,000		6.375			03/01/41		412,917
	Empresa Nacional de Telecomunicaciones SA^(a)
	830,000		4.875	��		10/30/24		852,576
	Koninklijke KPN NV
EUR	600,000		3.250			02/01/21		832,686
	200,000		4.250			03/01/22		293,510
	Mobile Telesystems OJSC via MTS International Funding Ltd.
$	380,000		8.625			06/22/20		402,800
	Time Warner Cable, Inc.
	200,000		6.550			05/01/37		250,328
	678,000		7.300			07/01/38		915,982
	Verizon Communications, Inc.
	2,248,806		2.625	^(a)		02/21/20		2,219,178
	350,000		4.500			09/15/20		377,839
	1,500,000		5.150			09/15/23		1,655,026
	546,000		6.400			09/15/33		665,099
	699,000		6.550			09/15/43		866,925
	566,000		4.862	^(a)		08/21/46		567,518
	23		5.012	^(a)		08/21/54		23
	Verizon Wireless Capital LLC
EUR	950,000		8.750			12/18/15		1,321,762

								14,829,761

	Consumer Noncyclical – 0.3%
	Avon Products, Inc.
$	1,000,000		4.600			03/15/20		1,021,261
	400,000		5.000			03/15/23		391,959

								1,413,220

	Diversified Manufacturing – 0.1%
	Roper Industries, Inc.
	400,000		2.050			10/01/18		396,192

	Electric – 0.7%
	Enel Finance International NV
GBP	1,000,000		5.625			08/14/24		1,849,749
	200,000		5.750			09/14/40		368,946
	MidAmerican Energy Holdings Co.
$	350,000		5.950			05/15/37		422,384
	Ruwais Power Co. PJSC^(a)
	520,000		6.000			08/31/36		582,400

								3,223,479

	Energy – 1.8%
	Anadarko Petroleum Corp.
	200,000		6.450			09/15/36		243,365
	Brazil Minas SPE via State of Minas Gerais
	231,000		5.333			02/15/28		228,690
	Buckeye Partners LP^(d)
	550,000		4.150			07/01/23		555,544
	Dolphin Energy Ltd.
	870,675		5.888	^(a)		06/15/19		957,743
	561,925		5.888			06/15/19		618,118
	Petrobras Global Finance BV
	400,000		4.875			03/17/20		402,044


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Energy – (continued)
	Petroleos Mexicanos
$	920,000		5.500	%		01/21/21	$	1,007,538
	Transocean, Inc.
	1,450,000		6.375			12/15/21		1,534,325
	Transportadora de Gas Internacional SA ESP^(d)
	340,000		5.700			03/20/22		360,400
	Weatherford International Ltd.
	500,000		9.625			03/01/19		642,108
	718,000		5.125			09/15/20		786,262
	50,000		4.500	^(d)		04/15/22		52,214
	Williams Partners LP^(d)
	650,000		3.900			01/15/25		640,274

								8,028,625

	Financial Companies – 0.9%
	American Express Credit Corp.
GBP	1,200,000		5.375			10/01/14		1,945,380
$	700,000		2.800			09/19/16		723,966
	GE Capital European Funding
EUR	1,200,000		2.875			06/18/19		1,670,940

								4,340,286

	Food & Beverage – 0.8%
	Mondelez International, Inc.
$	496,000		6.500			02/09/40		618,429
	Pernod-Ricard SA^(a)
	400,000		4.450			01/15/22		422,703
	1,050,000		4.250			07/15/22		1,093,909
	885,000		5.500			01/15/42		968,629
	Sysco Corp.^(d)
	100,000		2.350			10/02/19		100,092
	150,000		3.000			10/02/21		150,607
	150,000		3.500			10/02/24		150,390
	150,000		4.350			10/02/34		152,873
	200,000		4.500			10/02/44		202,455

								3,860,087

	Health Care – Services^(d) – 0.2%
	Celgene Corp.
	750,000		3.625	��		05/15/24		738,965

	Insurance – 0.8%
	AIG Life Holdings, Inc.
	100,000		8.500			07/01/30		131,500
	Allianz Finance II BV^(c)(d)
EUR	100,000		5.750			07/08/41		147,196
	Assicurazioni Generali SpA^(c)(d)
GBP	150,000		6.416			02/28/49		246,929
	Generali Finance BV^(c)(d)
	350,000		6.214			12/31/49		573,856
	Genworth Holdings, Inc.
$	150,000		7.700			06/15/20		180,335
	300,000		7.625			09/24/21		364,035
	300,000		4.900			08/15/23		310,711
	QBE Insurance Group Ltd.^(a)
	400,000		2.400			05/01/18		400,166


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Insurance – (continued)
	Standard Life PLC^(c)(d)
GBP	150,000		6.546	%		01/06/49	$	263,842
	Teachers Insurance & Annuity Association of America^(a)
$	800,000		4.900			09/15/44		815,298

								3,433,868

	Metals & Mining – 0.5%
	Glencore Finance Canada Ltd.^(a)
	1,500,000		4.250			10/25/22		1,503,237
	Glencore Funding LLC^(a)
	50,000		4.125			05/30/23		49,485
	Rio Tinto Finance USA Ltd.
	752,000		9.000			05/01/19		962,390

								2,515,112

	Natural Gas^(c)(d) – 0.3%
	GDF Suez
EUR	900,000		3.875			07/10/49		1,189,320

	Noncaptive – Financial – 0.1%
	General Electric Capital Corp.
MXN	1,000,000		8.500			04/06/18		82,424
$	350,000		5.550			05/04/20		401,040

								483,464

	Pharmaceuticals – 0.6%
	AbbVie, Inc.
	1,500,000		1.750			11/06/17		1,495,144
	Actavis Funding SCS^(a)
	50,000		2.450			06/15/19		48,760
	350,000		4.850	^(d)		06/15/44		329,538
	Actavis Funding SCS Co.^(a)(d)
	100,000		3.850			06/15/24		96,705
	Forest Laboratories, Inc.^(a)
	300,000		4.375			02/01/19		316,500
	400,000		5.000	^(d)		12/15/21		427,554

								2,714,201

	Real Estate Investment Trusts – 1.4%
	Gecina SA
EUR	700,000		4.250			02/03/16		928,043
	Hammerson PLC
	850,000		2.000			07/01/22		1,104,907
	HCP, Inc.^(d)
$	100,000		2.625			02/01/20		98,988
	1,750,000		5.375			02/01/21		1,953,045
	200,000		4.250			11/15/23		205,076
	Prologis LP^(d)
EUR	300,000		3.000			01/18/22		414,685
	400,000		3.375			02/20/24		560,784
	Trust F/1401^(a)
$	330,000		5.250			12/15/24		344,355
	Ventas Realty LP/Ventas Capital Corp.^(d)
	200,000		3.250			08/15/22		194,447
	WEA Finance LLC/Westfield UK & Europe Finance PLC^(a)(d)
	350,000		2.700			09/17/19		350,830
	400,000		3.750			09/17/24		398,915

								6,554,075


Principal Amount		Interest Rate			Maturity Date		Value
	Corporate Obligations – (continued)
	Technology – 0.2%
	Apple, Inc.
$	500,000		3.850	%		05/04/43	$	462,769
	Hewlett-Packard Co.
	250,000		2.600			09/15/17		256,765

								719,534

	Transportation^(a) – 0.1%
	Penske Truck Leasing Co. LP/PTL Finance Corp.
	450,000		4.250			01/17/23		462,720

	TOTAL CORPORATE OBLIGATIONS
	(Cost $94,177,871)						$	96,026,784


	Foreign Debt Obligations^(e) – 2.7%
	Supranational – 2.7%
	European Financial Stability Facility
EUR	7,700,000		2.000	%		05/15/17	$	10,224,834
	1,800,000		0.875			04/16/18		2,333,129

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $12,149,449)						$	12,557,963


	Asset-Backed Securities^(c) – 8.8%
	Collateralized Loan Obligations^(a) – 6.2%
	B&M CLO Ltd. Series 2014-1A, Class A1
$	1,750,000		1.598	%		04/16/26	$	1,737,477
	B&M CLO Ltd. Series 2014-1A, Class A2
	300,000		2.148			04/16/26		287,477
	CIFC Funding Ltd. Series 2014-2A, Class A1L
	2,500,000		1.725			05/24/26		2,497,587
	Halcyon Loan Advisors Funding Ltd. Series 2014-1A, Class A1
	1,600,000		1.808			04/18/26		1,598,459
	Halcyon Loan Advisors Funding Ltd. Series 2014-2A, Class A1B
	3,250,000		1.655			04/28/25		3,224,429
	Halcyon Loan Advisors Funding Ltd. Series 2014-2A, Class A2
	850,000		2.228			04/28/25		819,455
	Magnetite VIII Ltd. Series 2014-8A, Class A
	2,700,000		1.708			04/15/26		2,702,322
	Magnetite VIII Ltd. Series 2014-8A, Class B
	550,000		2.228			04/15/26		538,696
	OFSI Fund V Ltd. Series 2014-7A, Class ACOM
	2,850,000		1.872			10/18/26		2,820,930
	Shackleton CLO Ltd. Series 2014-5A, Class A
	3,650,000		1.737			05/07/26		3,652,340
	Shackleton CLO Ltd. Series 2014-5A, Class B1
	800,000		2.237			05/07/26		780,808
	Trinitas CLO II Ltd. Series 2014-2A, Class ACOM
	1,250,000		1.691			07/15/26		1,225,250
	Trinitas CLO Ltd. Series 2014-1A, Class A1
	1,550,000		1.833			04/15/26		1,542,824
	Trinitas CLO Ltd. Series 2014-1A, Class B1
	400,000		2.203			04/15/26		382,070
	Whitehorse VIII Ltd. Series 2014-1A, Class A
	3,500,000		1.740			05/01/26		3,498,988


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

GOLDMAN SACHS GLOBAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Asset-Backed Securities^(c) – (continued)
	Collateralized Loan Obligations – (continued)
	Whitehorse VIII Ltd. Series 2014-1A, Class B
$	750,000		2.290	%		05/01/26	$	734,882

								28,043,994

	Home Equity – 0.6%
	CIT Mortgage Loan Trust Series 2007-1, Class 2A3^(a)
	2,900,000		1.605			10/25/37		2,718,362
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 1A1
	73,156		7.000			09/25/37		72,718
	GMAC Mortgage Corp. Loan Trust Series 2007-HE3, Class 2A1
	113,531		6.827			09/25/37		113,551

								2,904,631

	Student Loans – 2.0%
	Access Group, Inc. Series 2004-2, Class A2
	2,231,644		0.384			01/25/16		2,145,439
	Educational Services of America, Inc. Series 2010-1, Class A1^(a)
	1,522,811		1.084			07/25/23		1,532,442
	Knowledgeworks Foundation Student Loan Series 2010-1, Class A
	843,855		1.185			02/25/42		851,636
	Nelnet Student Loan Trust Series 2010-3A, Class A^(a)
	907,789		1.014			07/27/48		914,433
	Nelnet Student Loan Trust Series 2011-1A, Class A^(a)
	508,357		1.005			02/25/43		513,088
	SLC Student Loan Center Series 2011-1, Class A^(a)
	1,122,952		1.375			10/25/27		1,145,518
	SLC Student Loan Trust Series 2006-1, Class A4
	1,483,957		0.314			12/15/21		1,480,404
	US Education Loan Trust LLC Series 2006-1, Class A2^(a)
	195,680		0.364			03/01/25		195,457
	Wachovia Student Loan Trust Series 2006-1, Class A4^(a)
	252,993		0.314			04/25/23		252,944

								9,031,361

	TOTAL ASSET-BACKED SECURITIES
	(Cost $40,089,505)						$	39,979,986


	Mortgage-Backed Obligations – 19.0%
	Adjustable Rate Non-Agency^(c) – 0.8%
	Countrywide Alternative Loan Trust Series 2005-38, Class A1
$	197,971		1.618	%		09/25/35	$	180,648
	Countrywide Alternative Loan Trust Series 2006-OA1, Class 2A1
	950,782		0.366			03/20/46		730,581
	Countrywide Home Loan Mortgage Pass-Through Trust Series 2004-HYB5, Class 2A1
	185,165		2.341			04/20/35		183,657
	Harborview Mortgage Loan Trust Series 2006-6, Class 3A1A
	989,749		2.631			08/19/36		810,028
	Residential Accredit Loans, Inc. Series 2005-Q05, Class A1
	1,269,521		1.118			01/25/46		959,631
	Sequoia Mortgage Trust Series 2004-10, Class A3A
	264,536		0.651			11/20/34		254,646


Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	Adjustable Rate Non-Agency – (continued)
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-16, Class 3A1
$	622,144		2.492	%		11/25/34	$	629,931

	TOTAL ADJUSTABLE RATE NON-AGENCY						$	3,749,122

	Collateralized Mortgage Obligations – 3.9%
	Aire Valley Mortgages PLC Series 2006-1A, Class 1A^(a)(c)
$	757,084		0.453	%		09/20/66	$	741,926
	Aire Valley Mortgages PLC Series 2006-1X, Class 2A1^(c)
EUR	2,474,900		0.382			09/20/66		3,073,749
	Aire Valley Mortgages PLC Series 2007-1A, Class 2A1^(a)(c)
$	485,359		0.473			09/20/66		476,055
	Aire Valley Mortgages PLC Series 2007-1X, Class 2A2^(c)
EUR	1,888,854		0.342			09/20/66		2,341,814
	Eurosail Prime-UK PLC Series 2007-PR1X, Class A1^(c)
GBP	381,109		0.952			09/13/45		595,113
	FNMA REMIC Series 2010-126, Class LS^(c)
$	2,423,074		4.846			11/25/40		444,529
	FNMA REMIC Series 2011-52, Class GB
	1,000,000		5.000			06/25/41		1,109,574
	FNMA REMIC Series 2011-99, Class DB
	875,000		5.000			10/25/41		974,544
	FNMA REMIC Series 2012-111, Class B
	201,203		7.000			10/25/42		228,268
	FNMA REMIC Series 2012-153, Class B
	666,535		7.000			07/25/42		755,943
	Leek Finance Number Eighteen PLC Series 2018X, Class A2C^(c)
EUR	146,958		0.472			09/21/38		193,851
	Leek Finance Number Seventeen PLC Series 2017X, Class A2A^(c)
GBP	96,411		0.833			12/21/37		164,489
	Leek Finance PLC Series 2017X, Class A2C^(c)
EUR	160,685		0.492			12/21/37		213,857
	Leek Finance PLC Series 2018X, Class A2B^(c)
$	832,762		0.490			09/21/38		869,390
	NCUA Guaranteed Notes Series 2010-C1, Class APT
	3,082,404		2.650			10/29/20		3,164,088
	NCUA Guaranteed Notes Series 2010-R1, Class 2A
	37,682		1.840			10/07/20		37,842
	Quadrivio Finance Series 2011-1, Class A1^(c)
EUR	1,437,489		0.708			07/25/60		1,813,577
	Thrones PLC Series 2013-1, Class A^(c)
GBP	428,583		2.028			07/20/44		707,323

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	17,905,932

	Commercial Mortgage-Backed Securities – 4.0%
	Banc of America Commercial Mortgage, Inc. Series 2007-2, Class AM^(c)
$	600,000		5.622	%		04/10/49	$	653,794
	Bear Stearns Commercial Mortgage Securities Trust Series 2007-PW18, Class A1A
	2,526,109		5.602			06/11/50		2,781,223
	Commercial Mortgage Trust Series 2007-C9, Class A1A^(c)
	4,480,445		5.796			12/10/49		4,892,460


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	Commercial Mortgage-Backed Securities – (continued)
	FNMA ACES Series 2012-M8, Class ASQ2
$	200,000		1.520	%		12/25/19	$	199,476
	FNMA ACES Series 2012-M8, Class ASQ3
	300,000		1.800			12/25/19		297,384
	GS Mortgage Securities Trust Series 2007-GG10, Class A1A^(c)
	3,496,021		5.797			08/10/45		3,845,872
	LB Commercial Mortgage Trust Series 2007-C3, Class A1A^(c)
	3,009,833		6.056			07/15/44		3,319,290
	Morgan Stanley Capital I Trust Series 2007-HQ11, Class AM^(c)
	150,000		5.478			02/12/44		161,380
	Morgan Stanley Capital I Trust Series 2007-HQ13, Class AM^(c)
	250,000		5.931			12/15/44		242,076
	Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Class A1A^(c)
	1,736,971		5.608			05/15/46		1,865,877

	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	18,258,832

	Federal Agencies – 10.3%
	FHLMC – 0.7%
$	481		5.000	%		09/01/16	$	498
	4,686		5.000			11/01/16		4,943
	942		5.000			12/01/16		993
	15,327		5.000			01/01/17		16,169
	24,049		5.000			02/01/17		25,375
	21,049		5.000			03/01/17		22,210
	38,010		5.000			04/01/17		40,102
	1,759		5.000			05/01/17		1,856
	682		5.000			06/01/17		719
	1,177		5.000			08/01/17		1,242
	114,143		5.000			09/01/17		120,429
	139,189		5.000			10/01/17		146,860
	81,621		5.000			11/01/17		86,122
	89,219		5.000			12/01/17		94,134
	105,833		5.000			01/01/18		111,654
	242,519		5.000			02/01/18		255,814
	226,194		5.000			03/01/18		238,736
	217,568		5.000			04/01/18		229,635
	162,701		5.000			05/01/18		171,741
	40,322		5.000			06/01/18		42,588
	41,173		5.000			07/01/18		43,605
	19,052		5.000			08/01/18		20,136
	15,258		5.000			09/01/18		16,103
	49,944		5.000			10/01/18		52,746
	63,270		5.000			11/01/18		66,846
	41,510		5.000			12/01/18		43,808
	30,238		5.000			01/01/19		31,933
	2,773		5.000			02/01/19		2,941
	7,147		5.000			03/01/19		7,580
	3,980		5.000			01/01/33		4,391
	1,628		5.000			06/01/33		1,800
	14,458		5.000			07/01/33		15,983
	17,875		5.000			08/01/33		19,761
	3,129		5.000			10/01/33		3,458
	13,573		5.000			11/01/33		15,004
	3,617		5.000			12/01/33		3,999


Principal Amount		Interest Rate			Maturity Date		Value
	Mortgage-Backed Obligations – (continued)
	FHLMC – (continued)
$	13,297		5.000	%		02/01/34	$	14,702
	4,963		5.000			03/01/34		5,490
	9,806		5.000			04/01/34		10,846
	15,448		5.000			05/01/34		17,077
	180,403		5.000			06/01/34		199,481
	2,713		5.000			11/01/34		3,000
	58,168		5.000			04/01/35		64,302
	10,329		5.000			11/01/35		11,418
	8,692		5.000			02/01/37		9,596
	1,578		5.000			11/01/37		1,737
	568,743		7.000			02/01/39		647,167
	75,848		5.000			01/01/40		84,141

								3,030,871

	FNMA – 9.5%
	1,673		5.000			04/01/18		1,774
	20,329		5.000			05/01/18		21,480
	2,678		5.000			06/01/18		2,836
	2,302		5.000			11/01/18		2,442
	2,506		5.000			03/01/19		2,667
	3,341		5.000			04/01/19		3,567
	4,000,000		4.506			06/01/19		4,324,930
	1,603,743		3.416			10/01/20		1,691,586
	1,164,084		3.612			12/01/20		1,240,091
	747,714		3.763			12/01/20		800,301
	2,049,582		4.375			06/01/21		2,261,249
	399,138		3.830			07/01/21		428,764
	250,496		5.000			05/01/26		276,284
	162,861		6.000			09/01/27		184,493
	5,161		5.000			08/01/33		5,723
	4,516		5.500			02/01/34		5,067
	5,891		5.500			05/01/34		6,611
	4,330		5.500			10/01/34		4,855
	24,889		5.500			12/01/34		27,908
	6,002		5.500			04/01/35		6,728
	5,667		5.500			07/01/35		6,352
	2,720,277		6.000			12/01/36		3,070,919
	894,326		6.000			07/01/37		1,009,343
	45,821		6.000			09/01/37		51,714
	1,120,601		6.000			03/01/38		1,264,735
	1,703,388		6.000			09/01/38		1,922,593
	842,051		6.000			10/01/38		950,364
	74,003		6.000			11/01/38		83,520
	515,483		6.000			12/01/38		581,819
	352,331		7.000			03/01/39		399,392
	54,543		4.500			05/01/39		59,432
	32,972		4.500			06/01/39		35,928
	27,632		4.500			08/01/39		30,109
	169,730		6.000			09/01/39		191,560
	56,465		6.000			10/01/39		63,744
	315,654		5.000			06/01/40		348,767
	2,015,626		6.000			07/01/40		2,274,850
	256,706		6.000			10/01/40		289,720
	61,216		6.000			05/01/41		69,089
	490,307		5.000			06/01/41		541,788
	83,130		4.500			07/01/41		89,785


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

GOLDMAN SACHS GLOBAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date			Value
	Mortgage-Backed Obligations – (continued)
	FNMA – (continued)
$	162,014		5.000	%		07/01/41		$	179,025
	154,608		4.500			08/01/41			167,139
	39,972		4.500			10/01/41			43,193
	860,934		3.000			08/01/42			855,552
	757,431		3.000			09/01/42			752,732
	105,536		3.000			10/01/42			104,888
	467,517		3.000			11/01/42			464,521
	4,662,938		3.000			12/01/42			4,631,268
	3,216,292		3.000			01/01/43			3,195,070
	943,192		3.000			02/01/43			936,233
	232,553		3.000			03/01/43			230,981
	670,189		3.000			04/01/43			665,332
	1,000,000		3.500			TBA-30yr	^(f)		1,021,953
	4,000,000		4.500			TBA-30yr	^(f)		4,305,000
	1,000,000		6.000			TBA-30yr	^(f)		1,130,313

									43,318,079

	GNMA – 0.1%
	642,801		3.950			07/15/25			670,129

	TOTAL FEDERAL AGENCIES							$	47,019,079

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $86,776,264)							$	86,932,965


	Agency Debentures – 0.7%
	FFCB
$	700,000		3.500	%		12/20/23		$	738,477
	FHLMC
	1,800,000		6.750			03/15/31			2,595,581

	TOTAL AGENCY DEBENTURES
	(Cost $3,112,356)							$	3,334,058


	Government Guarantee Obligations^(e) – 2.4%
	Achmea Hypotheekbank NV^(a)
$	387,000		3.200	%		11/03/14		$	387,952
	Banca Monte dei Paschi di Siena SpA
EUR	3,500,000		3.500			03/20/17			4,681,496
	Dexia Credit Local SA
GBP	1,800,000		1.875			07/17/17			2,938,176
	Kreditanstalt fuer Wiederaufbau
AUD	3,000,000		6.000			08/20/20			2,944,008

	TOTAL GOVERNMENT GUARANTEE OBLIGATIONS
	(Cost $11,054,369)							$	10,951,632


	U.S. Treasury Obligations – 4.3%
	United States Treasury Inflation Protected Securities
$	2,036,692		1.125	%		01/15/21		$	2,137,895
	2,006,609		0.375	^(g)		07/15/23			1,986,864
	5,289,298		0.625			01/15/24			5,319,024
	1,328,977		1.375			02/15/44			1,422,630


Principal Amount		Interest Rate			Maturity Date		Value
	U.S. Treasury Obligations – (continued)
	United States Treasury Notes
$	30,000		1.500	%		06/30/16	$	30,531
	7,750,000		1.625	^(g)		04/30/19		7,720,860
	800,000		2.500			05/15/24		800,488
	400,000		2.375			08/15/24		395,344

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $19,791,867)						$	19,813,636


Notional Amount		Exercise Rate			Expiration Date		Value
	Options Purchased – 0.6%
	Currency Options
	Bank of America Securities LLC
	Put CNH 25,383,380
	Call USD 4,113,000		6.172	%		02/18/15	$	59,071
	Put USD 4,113,000
	Call CNH 25,383,380		6.172			02/18/15		12,088
	Put CHN 33,911,946
	Call USD 5,408,000		6.271			04/14/15		51,279
	Put USD5,408,000
	Call CHN33,911,946		6.271			04/14/15		55,994
	Interest Rate Swaptions
	Deutsche Bank AG Put - OTC - 5 year Interest Rate Swap Strike Price 2.550%
$	6,000,000		2.550			09/28/15		97,402
	Deutsche Bank AG Call - OTC - 5 year Interest Rate Swap Strike Price 2.550%
	6,000,000		2.550			09/28/15		91,705
	Deutsche Bank AG Put - OTC - 5 year Interest Rate Swap Strike Price 2.940%
	3,300,000		2.940			09/29/16		75,284
	Deutsche Bank AG Call - OTC - 5 year Interest Rate Swap Strike Price 2.940%
	3,300,000		2.940			09/29/16		78,923
	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		274,315
	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%
	3,000,000		4.135			04/17/19		252,702
	Deutsche Bank AG Call - OTC - 10 year Interest Rate Swap Strike Price 4.135%
	3,000,000		4.135			04/17/19		116,916
	Royal Bank of Canada Call - OTC - 2 year Interest Rate Swap Strike Price 1.916%
	68,000,000		1.916			10/23/15		398,011


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Notional Amount		Exercise Rate			Expiration Date		Value
	Options Purchased – (continued)
	Interest Rate Swaptions – (continued)
	Royal Bank of Canada Call - OTC - 10 year Interest Rate Swap Strike Price 3.623%
$	31,000,000		3.623	%		02/22/16	$	537,983
	JPMorgan Securities, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 2.783%
	6,400,000		2.783			09/30/15		71,200
	JPMorgan Securities, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 2.973%
	4,800,000		2.973			09/26/16		113,531
	JPMorgan Securities, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 2.973%
	4,800,000		2.973			09/26/16		110,546

	TOTAL OPTIONS PURCHASED
	(Cost $3,214,331)						$	2,579,797

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $454,444,854)						$	455,700,818


Principal Amount		Interest Rate			Maturity Date		Value
	Short-term Investment^(h) – 0.9%
	Repurchase Agreement – 0.9%
	Joint Repurchase Agreement Account II
$	3,900,000		0.012	%		10/01/14	$	3,900,000
	(Cost $3,900,000)

	TOTAL INVESTMENTS – 100.6%
	(Cost $458,344,854)						$	459,600,818

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.6)%							(2,588,262	)

	NET ASSETS – 100.0%						$	457,012,556


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 $77,785,977, which represents approximately 17.0% of net assets as of September 30, 2014.
(b)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(c)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at September 30, 2014.
(d)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(e)		Guaranteed by a foreign government until maturity.


(f)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $6,457,266, which represents approximately 1.4% of net assets as of September 30, 2014.
(g)		All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.
(h)		Joint repurchase agreement was entered into on September 30, 2014. Additional information appears on page 118.



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

Investment Abbreviations:
ACES		—Alternative Credit Enhancement Securities
AUDOR		—Australian Dollar Offered Rate
CDOR		—Canadian Dollar Offered Rate
CHFOR		—Swiss Franc Offered Rate
CLO		—Collateralized Loan Obligation
EURO		—Euro Offered Rate
FFCB		—Federal Farm Credit Bank
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
JYOR		—Japanese Yen Offered Rate
LIBOR		—London Interbank Offered Rate
NCUA		—National Credit Union Administration
NIBOR		—Norwegian Interbank Offered Rate
NZDOR		—New Zealand Dollar Offered Rate
OTC		—Over the Counter
REMIC		—Real Estate Mortgage Investment Conduit
STIBOR		—Stockholm Interbank Offered Rate


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

GOLDMAN SACHS GLOBAL INCOME 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	GBP/EUR		12/17/14	$	609,133	$	16,486
	NOK/EUR		12/17/14		609,133		12,427
	USD/AUD		11/13/14		2,977,994		9,673
	USD/AUD		12/17/14		120,012		4,217
	USD/CAD		12/17/14		134,333		2,880
	USD/CHF		12/17/14		303,622		7,151
	USD/EUR		12/17/14		12,055,011		396,360
	USD/GBP		12/17/14		123,619		610
	USD/JPY		12/17/14		1,218,157		27,843
	USD/MXN		10/31/14		6,695,687		123,614
	USD/MYR		10/03/14		495,025		6,575
	USD/NZD		12/17/14		329,859		17,271
	USD/SEK		12/17/14		244,321		4,110
Barclays Bank PLC	CAD/CHF		12/17/14		647,075		400
	CNH/USD		04/16/15		916,834		10,834
	GBP/USD		12/17/14		1,876,001		8,606
	USD/AUD		12/17/14		1,847,436		75,882
	USD/ILS		12/17/14		652,037		45,219
	USD/INR		10/07/14		1,225,633		19,367
	USD/INR		10/27/14		522,650		8,350
	USD/KRW		10/27/14		924,830		8,920
	USD/NOK		12/17/14		297,030		2,561
	USD/NZD		12/17/14		594,814		23,841
	USD/SEK		12/17/14		875,288		13,822
BNP Paribas SA	EUR/PLN		12/17/14		617,953		1,290
	EUR/USD		12/17/14		1,249,859		170
	GBP/EUR		12/17/14		849,247		19,817
	USD/AUD		12/17/14		2,416,097		64,747
	USD/BRL		10/22/14		608,231		17,769
	USD/CHF		12/17/14		158,633		2,775
	USD/GBP		12/17/14		1,381,889		5,566
	USD/MYR		10/20/14		614,108		9,892
	USD/PLN		11/10/14		397,050		7,079
	USD/RUB		10/27/14		1,224,168		20,832
	USD/TRY		12/17/14		556,253		27,142
Citibank NA (London)	CHF/EUR		12/17/14		609,133		1,824
	GBP/EUR		12/17/14		1,224,584		6,653
	NOK/EUR		12/17/14		1,836,244		24,973
	PHP/USD		10/20/14		312,064		64
	USD/CAD		12/17/14		921,386		13,114
	USD/CHF		12/17/14		2,042,812		41,192
	USD/INR		10/14/14		1,225,526		21,474
	USD/NZD		12/17/14		468,639		28,175
	USD/PHP		10/14/14		304,790		7,210
	USD/SGD		12/17/14		983,171		16,467
	USD/TRY		12/17/14		602,893		20,107
	USD/TWD		10/17/14		1,234,006		12,994
	USD/TWD		10/20/14		1,236,033		10,967


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

GOLDMAN SACHS GLOBAL INCOME 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
Credit Suisse International (London)	USD/CAD		11/06/14	$	14,066,097	$	262,757
	USD/CHF		12/17/14		2,496,872		53,210
	USD/RUB		10/02/14		591,872		31,128
Deutsche Bank AG (London)	CNH/USD		04/16/15		1,371,608		12,608
	RUB/USD		11/17/14		149,096		260
	USD/CNH		12/17/14		2,498,049		9,951
	USD/CNH		04/16/15		633,480		3,042
	USD/CZK		11/10/14		508,378		7,984
	USD/EUR		12/17/14		607,869		15,161
	USD/GBP		10/22/14		19,830,745		299,780
	USD/INR		10/07/14		512,486		2,444
	USD/KRW		10/14/14		1,221,384		25,616
	USD/MXN		12/17/14		1,234,458		16,542
	USD/MYR		10/07/14		1,391,110		39,890
	USD/NZD		12/17/14		2,422,627		48,681
	USD/PHP		10/14/14		304,850		7,150
	USD/PHP		10/20/14		615,333		8,667
	USD/RUB		10/02/14		150,375		11
	USD/RUB		11/17/14		537,324		38,257
	USD/SEK		12/17/14		734,208		13,926
	USD/TWD		10/20/14		75,038		526
HSBC Bank PLC	GBP/USD		12/17/14		628,574		5,376
	SEK/EUR		12/17/14		1,252,387		457
	TWD/USD		10/20/14		622,389		389
	USD/BRL		10/27/14		414,313		6,515
	USD/CNH		12/17/14		2,486,365		2,635
	USD/GBP		12/17/14		1,654,108		38,317
	USD/JPY		12/17/14		610,623		13,377
	USD/KRW		10/22/14		184,646		2,340
	USD/KRW		10/23/14		432,397		5,603
	USD/NOK		12/17/14		439,882		5,819
	USD/NZD		12/17/14		468,639		29,950
	USD/SGD		12/17/14		1,416,627		26,619
	USD/TRY		12/17/14		592,556		29,898
JPMorgan Chase Bank (London)	MXN/USD		12/17/14		624,056		2,056
	SEK/EUR		12/17/14		2,311,418		8,419
	USD/EUR		10/30/14		122,571,639		3,161,001
	USD/EUR		12/17/14		617,979		5,168
	USD/IDR		10/31/14		415,416		8,377
	USD/INR		10/29/14		921,848		11,152
	USD/JPY		12/17/14		2,727,481		122,916
	USD/MXN		12/17/14		3,187,224		55,576
	USD/RUB		10/20/14		304,601		8,399
	USD/RUB		11/17/14		526,140		33,632
	USD/TRY		12/17/14		1,197,635		48,365
Morgan Stanley & Co. International PLC	TWD/USD		10/17/14		1,248,663		663
	USD/AUD		12/17/14		852,147		29,298
	USD/ILS		12/17/14		1,058,889		64,956
	USD/TRY		12/17/14		563,591		28,116
Royal Bank of Canada	USD/AUD		12/17/14		1,232,862		4,552
	USD/CAD		12/17/14		3,235,160		26,892
	USD/EUR		10/30/14		437,109		10,020


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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Gain
Royal Bank of Canada (continued)	USD/EUR		12/17/14	$	145,223	$	3,615
	USD/GBP		10/22/14		1,183,579		13,416
	USD/JPY		12/17/14		620,769		4,731
	USD/ZAR		10/31/14		2,355,151		73,102
Royal Bank of Scotland PLC	USD/EUR		12/17/14		608,501		15,444
	USD/GBP		12/17/14		1,380,270		6,692
	USD/JPY		12/17/14		598,399		2,606
	USD/TRY		12/17/14		1,223,074		27,926
Standard Chartered Bank	USD/AUD		12/17/14		2,273,750		92,564
	USD/CNH		12/17/14		2,486,902		8,098
	USD/EUR		12/17/14		607,869		16,633
	USD/KRW		10/31/14		3,992,026		119,306
	USD/TRY		12/17/14		542,245		27,824
State Street Bank and Trust	AUD/USD		12/17/14		1,247,664		5,941
	EUR/NOK		12/17/14		185,362		72
	EUR/USD		10/30/14		474,107		1,941
	GBP/JPY		12/17/14		172,863		574
	USD/CHF		12/17/14		2,300,665		49,977
	USD/EUR		10/30/14		30,892,368		220,925
	USD/EUR		12/17/14		315,100		7,453
	USD/GBP		10/22/14		474,900		2,839
	USD/GBP		12/17/14		581,301		1,548
	USD/JPY		12/17/14		2,069,272		43,728
	USD/NZD		12/17/14		411,402		25,971
	USD/SEK		12/17/14		677,999		10,207
UBS AG (London)	CAD/CHF		12/17/14		132,271		599
	NZD/USD		12/17/14		1,239,195		3,784
	USD/BRL		10/14/14		1,230,829		13,171
	USD/CAD		12/17/14		279,107		5,988
	USD/EUR		12/17/14		1,525,580		27,015
	USD/GBP		10/22/14		755,372		931
	USD/GBP		12/17/14		297,056		490
	USD/HUF		12/17/14		902,408		22,518
	USD/JPY		11/07/14		47,805,191		178,776
	USD/JPY		12/17/14		344,514		14,476
Westpac Banking Corp.	AUD/JPY		12/17/14		269,540		870
	AUD/USD		12/17/14		1,860,612		4,722
	EUR/CAD		12/17/14		347,217		924
	GBP/USD		12/17/14		648,229		3,843
	USD/AUD		12/17/14		4,143,185		181,465
	USD/CAD		12/17/14		216,390		5,748
	USD/EUR		10/30/14		800,264		18,382
	USD/EUR		12/17/14		1,829,925		43,341
	USD/GBP		12/17/14		216,621		5,536
	USD/JPY		12/17/14		272,817		11,666
	USD/MYR		10/20/14		589,517		11,516
	USD/NZD		12/17/14		1,250,038		76,235
	USD/SGD		12/17/14		1,236,384		23,329
TOTAL						$	7,362,214


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

GOLDMAN SACHS GLOBAL INCOME 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/GBP		12/17/14	$	1,216,447	$	(18,402	)
	EUR/USD		12/17/14		3,074,729		(49,778	)
	HUF/USD		12/17/14		615,323		(11,677	)
Barclays Bank PLC	EUR/PLN		12/17/14		1,230,610		(8,554	)
	EUR/USD		12/17/14		610,396		(14,210	)
	ILS/USD		12/17/14		310,601		(9,414	)
	INR/USD		10/07/14		2,040,407		(14,476	)
	INR/USD		10/27/14		930,733		(16,855	)
	JPY/SEK		12/17/14		121,734		(2,397	)
	JPY/USD		12/17/14		1,402,807		(34,966	)
	MYR/USD		10/07/14		972,471		(27,973	)
	MYR/USD		10/20/14		497,260		(740	)
	MYR/USD		10/29/14		308,851		(2,149	)
	NOK/USD		12/17/14		173,176		(675	)
	NZD/USD		12/17/14		582,422		(34,534	)
	PLN/USD		12/17/14		701,887		(23,064	)
	TWD/USD		10/27/14		622,847		(4,153	)
	USD/CNH		04/16/15		924,590		(1,019	)
BNP Paribas SA	AUD/USD		12/17/14		1,379,413		(49,607	)
	CAD/USD		12/17/14		328,457		(6,458	)
	ILS/USD		12/17/14		924,056		(11,944	)
	INR/USD		10/14/14		303,491		(4,130	)
	JPY/USD		12/17/14		2,435,881		(58,119	)
	PLN/USD		12/17/14		707,587		(16,322	)
Citibank NA (London)	AUD/USD		12/17/14		1,830,139		(36,959	)
	EUR/CHF		12/17/14		1,210,142		(723	)
	EUR/GBP		12/17/14		620,548		(7,624	)
	IDR/USD		10/31/14		415,416		(16,353	)
	ILS/USD		12/17/14		546,250		(13,750	)
	MXN/USD		12/17/14		1,195,837		(16,146	)
	MYR/USD		10/03/14		88,408		(2,125	)
	NOK/EUR		12/17/14		1,252,387		(1,848	)
	NZD/USD		12/17/14		598,686		(23,718	)
	PHP/USD		10/29/14		309,810		(1,190	)
Credit Suisse International (London)	EUR/CHF		12/17/14		1,253,085		(698	)
	RUB/USD		10/02/14		583,391		(38,609	)
	RUB/USD		10/27/14		1,219,207		(35,793	)
Deutsche Bank AG (London)	AUD/USD		12/17/14		1,192,812		(46,586	)
	EUR/USD		12/17/14		3,580,233		(72,598	)
	IDR/USD		11/03/14		622,986		(1,014	)
	INR/USD		10/07/14		512,486		(2,247	)
	INR/USD		10/29/14		509,287		(3,727	)
	PHP/USD		10/20/14		621,587		(413	)
	PLN/USD		12/17/14		526,436		(18,888	)
	RUB/USD		10/02/14		158,855		(8,340	)
	USD/CNH		04/16/15		1,363,852		(4,852	)
	USD/GBP		10/22/14		588,339		(3,909	)
HSBC Bank PLC	EUR/USD		12/17/14		1,580,465		(21,008	)
	INR/USD		10/27/14		860,501		(13,295	)
	MXN/USD		12/17/14		1,184,536		(15,048	)
	NOK/USD		12/17/14		132,957		(2,538	)
	RUB/USD		10/17/14		302,989		(9,011	)


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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
HSBC Bank PLC (continued)	SGD/USD		12/17/14	$	1,158,314	$	(9,686	)
	USD/GBP		12/17/14		1,247,427		(4,012	)
JPMorgan Chase Bank (London)	EUR/GBP		12/17/14		1,251,000		(33,999	)
	EUR/NOK		12/17/14		1,234,152		(17,151	)
	MYR/USD		10/03/14		426,652		(9,289	)
	MYR/USD		10/07/14		500,102		(8,914	)
	MYR/USD		10/20/14		309,899		(1,101	)
	NOK/USD		12/17/14		647,879		(8,498	)
	RUB/USD		11/17/14		247,621		(10,164	)
	SEK/USD		12/17/14		1,223,929		(22,071	)
	TRY/USD		12/17/14		471,936		(10,064	)
	USD/MXN		12/17/14		1,872,056		(4,056	)
Merrill Lynch International Bank Ltd.	EUR/USD		10/30/14		480,749		(9,667	)
Morgan Stanley & Co. International PLC	AUD/USD		12/17/14		1,192,812		(45,648	)
	BRL/USD		10/14/14		415,642		(18,167	)
	BRL/USD		10/27/14		613,644		(13,356	)
	CHF/USD		12/17/14		610,909		(13,091	)
	EUR/CHF		12/17/14		1,226,821		(973	)
	EUR/HUF		12/17/14		311,711		(5,881	)
	EUR/USD		12/17/14		3,717,351		(19,486	)
	INR/USD		10/27/14		866,833		(14,040	)
	KRW/USD		10/27/14		614,937		(12,063	)
Royal Bank of Canada	AUD/USD		12/17/14		120,654		(3,378	)
	CAD/USD		12/17/14		2,202,035		(40,426	)
	EUR/USD		10/30/14		361,309		(1,384	)
	EUR/USD		12/17/14		1,224,584		(23,033	)
	GBP/USD		12/17/14		1,231,227		(19,885	)
	JPY/USD		12/17/14		1,189,315		(55,685	)
	MXN/USD		12/17/14		2,429,430		(46,265	)
	NOK/USD		12/17/14		172,417		(533	)
	USD/GBP		10/22/14		399,064		(980	)
Royal Bank of Scotland PLC	EUR/USD		10/30/14		1,139,528		(28,074	)
	NZD/USD		12/17/14		595,588		(25,510	)
	TRY/USD		12/17/14		2,989,359		(94,583	)
	USD/TRY		12/17/14		624,267		(2,267	)
Standard Chartered Bank	CNH/USD		12/17/14		2,475,546		(13,454	)
	INR/USD		10/14/14		1,778,540		(19,642	)
	JPY/USD		12/17/14		2,706,272		(96,728	)
	KRW/USD		10/14/14		623,632		(368	)
	MXN/USD		12/17/14		2,095,207		(42,574	)
	PLN/USD		12/17/14		663,699		(21,044	)
	TRY/USD		12/17/14		615,255		(11,745	)
State Street Bank and Trust	AUD/SEK		12/17/14		161,336		(602	)
	AUD/USD		12/17/14		1,883,728		(52,603	)
	CAD/JPY		12/17/14		135,892		(538	)
	CAD/USD		12/17/14		121,203		(2,429	)
	EUR/GBP		12/17/14		609,656		(10,634	)
	EUR/USD		12/17/14		1,220,793		(26,709	)
	GBP/JPY		12/17/14		160,848		(283	)
	GBP/USD		12/17/14		1,226,367		(16,339	)
	JPY/USD		12/17/14		2,328,007		(22,350	)
	NZD/GBP		12/17/14		136,061		(3,071	)


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

GOLDMAN SACHS GLOBAL INCOME 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
State Street Bank and Trust (continued)	NZD/JPY		12/17/14	$	197,849	$	(5,598	)
	NZD/USD		12/17/14		166,888		(6,795	)
UBS AG (London)	AUD/USD		12/17/14		1,159,446		(44,083	)
	BRL/USD		10/14/14		1,170,539		(75,461	)
	CHF/USD		12/17/14		1,020,976		(24,168	)
	INR/USD		10/07/14		923,345		(15,145	)
	JPY/USD		12/17/14		808,858		(9,383	)
	NOK/USD		12/17/14		132,252		(3,083	)
	PLN/USD		12/17/14		1,031,729		(21,271	)
	RUB/USD		11/17/14		647,779		(46,662	)
	SEK/USD		12/17/14		145,247		(2,779	)
Westpac Banking Corp.	AUD/NOK		12/17/14		208,229		(484	)
	AUD/USD		12/17/14		3,489,627		(96,342	)
	INR/USD		10/14/14		484,646		(6,674	)
	NZD/EUR		12/17/14		147,105		(538	)
	NZD/GBP		12/17/14		122,859		(771	)
	NZD/USD		12/17/14		2,997,785		(135,846	)
TOTAL						$	(2,310,202	)

FORWARD SALES CONTRACTS — At September 30, 2014, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(f)	Settlement Date		Principal Amount			Value
FNMA (Proceeds Receivable: $10,846,563)		3.000	%	TBA-30yr		10/14/2014	$	(11,000,000	)	$	(10,841,016	)

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)
Australian 10 Year Government Bonds		11		December 2014	$	1,163,433		$	9,863
Eurodollars		(160	)	December 2016		(31,735,636	)		15,049
Eurodollars		(72	)	March 2017		(17,563,500	)		36,579
Euro Buxl 30 Year Bonds		2		December 2014		359,717			1,310
French 10 Year Government Bonds		22		December 2014		3,994,397			49,706
Japan 10 Year Government Bonds		(9	)	December 2014		(11,967,723	)		(12,889	)
Ultra Long U.S. Treasury Bonds		52		December 2014		7,930,000			(104,564	)
2 Year German Euro-Schatz		(47	)	December 2014		(6,589,631	)		(6,610	)
5 Year German Euro-Bobl		(7	)	December 2014		(1,130,986	)		(3,195	)
10 Year German Euro-Bund		65		December 2014		12,290,112			65,189
10 Year U.K. Long Gilt		20		December 2014		3,668,339			(12,214	)
2 Year U.S. Treasury Notes		185		December 2014		40,486,094			(313	)
5 Year U.S. Treasury Notes		(758	)	December 2014		(89,639,422	)		229,672
10 Year U.S. Treasury Notes		92		December 2014		11,466,937			8,907
20 Year U.S. Treasury Bonds		(13	)	December 2014		(1,792,781	)		(23,183	)
TOTAL								$	253,307


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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

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)*

Barclays Bank PLC

6,080

^(a)

03/10/26

��

3.210%

3 month LIBOR

40,575

UBS AG (London)

CHF

5,400

01/06/17

2.105

6 month CHFOR

353,980

TOTAL

394,555

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)
JPY	798,500	^(a)	12/17/16	0.250%	6 month JYOR	$	10,639		$	(1,105	)
$	3,640	^(a)	12/17/16	1.000	3 month LIBOR		(186	)		(259	)
	2,600	^(a)	02/01/17	3 month LIBOR	1.625%		(559	)		1,324
	9,800	^(a)	08/04/17	3 month LIBOR	2.195		(8,314	)		5,101
GBP	4,140	^(a)	09/12/17	6 month GBP	2.250		9,129			(11,389	)
$	30,710	^(a)	10/27/17	1.416	3 month LIBOR		(261,485	)		(4,360	)
JPY	303,800	^(a)	12/17/17	0.250	6 month JYOR		4,688			(580	)
GBP	1,820	^(a)	12/17/17	1.750	6 month GBP		2,859			1,062
JPY	1,045,430	^(a)	02/12/19	6 month JYOR	0.420		(170,205	)		126,553
$	3,300	^(a)	08/29/19	3.520	3 month LIBOR		8			77,907
	3,300	^(a)	08/29/19	3.560	3 month LIBOR		8			81,664
JPY	700,150	^(a)	12/17/19	0.250	6 month JYOR		(8,326	)		(3,885	)
EUR	13,280	^(a)	12/17/19	1.000	6 month EURO		405,319			24,899
GBP	1,590	^(a)	12/17/19	2.250	6 month GBP		20,847			(11	)
$	16,360	^(a)	12/17/19	3 month LIBOR	2.250		(118,391	)		(22,290	)
SEK	83,000	^(a)	12/17/19	3 month STIBOR	1.250		(101,141	)		26,446
NZD	20,110	^(a)	12/17/19	4.500	3 month NZDOR		(44,430	)		107,128
AUD	9,200	^(a)	12/17/19	6 month AUDOR	3.750		(89,908	)		(48,481	)
$	2,300	^(a)	10/02/20	2.532	3 month LIBOR		12			—
GBP	1,890	^(a)	02/05/21	2.840	6 month GBP		(28,702	)		77,260
$	14,900	^(a)	08/04/21	3.025	3 month LIBOR		51,148			29,881
	1,700	^(a)	08/27/21	3 month LIBOR	3.095		10			(87,773	)
	1,700	^(a)	08/27/21	3 month LIBOR	3.133		10			(91,928	)
GBP	4,210	^(a)	09/12/21	2.680	6 month GBP		(54,709	)		62,638
	940	^(a)	12/17/21	2.500	6 month GBP		22,541			(4,045	)
$	31,310	^(a)	12/17/21	3 month LIBOR	2.500		(75,505	)		(98,141	)
JPY	1,475,790	^(a)	02/12/22	1.080	6 month JYOR		(224,449	)		363,958
	482,835	^(a)	12/19/23	1.250	6 month JYOR		68,934			8,473
SEK	19,300	^(a)	12/19/23	3 month STIBOR	3.500		(227,177	)		86,675
CAD	14,335	^(a)	12/19/23	4.000	6 month CDOR		387,976			84,255
$	10,955	^(a)	12/19/23	4.500	3 month LIBOR		411,144			118,746
AUD	105	^(a)	12/19/23	6 month AUDOR	5.500		(3,971	)		(223	)
CHF	7,370	^(a)	12/19/23	6 month CHFOR	2.500		(501,727	)		29,290


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)


					Rates Exchanged			Market Value
Notional Amount (000s)			Termination Date		Payments Received		Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
EUR	10,805	^(a)		12/19/23		6 month EURO	3.250%	$	(1,536,378	)	$	482,497
GBP	1,840	^(a)		12/19/23		6 month GBP	3.750		(109,172	)		8,658
$	7,500	^(a)		01/30/24		4.252%	3 month LIBOR		100,294			176,959
	1,930	^(a)		04/04/24		4.000	3 month LIBOR		(9,970	)		58,310
	7,500			06/12/24		3 month LIBOR	2.808		53			(182,954	)
	8,320	^(a)		09/17/24		4.500	6 month AUDOR		(29,587	)		41,324
GBP	5,370	^(a)		09/17/24		6 month GBP	3.250		(36,297	)		(38,531	)
JPY	75,360	^(a)		12/17/24		0.750	6 month JYOR		2,411			2,103
$	16,740	^(a)		12/17/24		3 month LIBOR	3.000		(283,014	)		(125,575	)
SEK	14,080	^(a)		12/17/24		3 month STIBOR	1.750		5,119			3,166
CAD	2,790	^(a)		12/17/24		3.000	6 month CDOR		114,620			(39,013	)
AUD	5,340	^(a)		12/17/24		4.500	6 month AUDOR		187,676			56,732
NZD	6,320	^(a)		12/17/24		5.000	3 month NZDOR		107,957			49,641
EUR	3,940	^(a)		12/17/24		6 month EURO	2.000		(435,144	)		41,970
GBP	4,190	^(a)		12/17/24		6 month GBP	3.000		(274,862	)		(4,082	)
NOK	51,170	^(a)		12/18/24		3 month NIBOR	3.500		(74,638	)		(38,294	)
GBP	6,500	^(a)		12/18/24		3.250	6 month GBP		52,865			27,466
EUR	8,600	^(a)		12/18/24		6 month EURO	2.000		16,412			(53,482	)
JPY	1,170,910	^(a)		02/14/25		6 month JYOR	1.720		(182,025	)		56,013
	2,028,750	^(a)		05/09/25		6 month JYOR	1.650		41,027			(197,776	)
$	11,560	^(a)		02/24/26		3.123	3 month LIBOR		(696,982	)		697,115
	8,000	^(a)		08/04/26		3 month LIBOR	3.409		(44,617	)		(76,451	)
GBP	2,280	^(a)		09/12/26		6 month GBP	2.980		35,480			(58,534	)
$	700	^(a)		09/28/26		3.280	3 month LIBOR		6			942
JPY	1,241,660	^(a)		05/09/27		1.880	6 month JYOR		(36,883	)		214,922
$	2,010	^(a)		12/17/34		3 month LIBOR	3.500		(79,164	)		(31,591	)
GBP	1,050	^(a)		02/05/36		6 month GBP	3.500		5,495			(135,241	)
$	2,400	^(a)		01/30/39		3 month LIBOR	4.370		(91,515	)		(161,614	)
EUR	2,140	^(a)		12/17/44		2.500	6 month EURO		491,389			(122,361	)
$	5,950	^(a)		12/17/44		3.500	3 month LIBOR		186,458			131,631
GBP	6,940	^(a)		12/17/44		6 month GBP	3.250		(880,595	)		53,319
	TOTAL							$	(3,977,494	)	$	1,776,059

(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 Sold:
Bank of America Securities LLC	CDX North America Investment Grade Index 16	$	5,400		1.000	%		06/20/16		0.227	%	$	2,651	$	71,064
Morgan Stanley Capital Services, Inc.			2,650		1.000			06/20/16		0.227			1,244		34,932
TOTAL												$	3,895	$	105,996

(b)


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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


											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 Purchased:
CDX North America Investment Grade Index 22	$	5,250		(1.000	)%		06/20/19		0.644	%	$	(81,219	)	$	(4,443	)
iTraxx Europe Index Series 21	EUR	4,650		(1.000	)		06/20/19		0.627			(99,041	)		(3,885	)
TOTAL											$	(180,260	)	$	(8,328	)

(b)

WRITTEN OPTIONS CONTRACTS — At September 30, 2014, the Fund had the following written options:

CURRENCY WRITTEN OPTION CONTRACTS


Counterparty	Description	Notional Amount (000s)		Expiration Date		Strike Price			Value
Deutsche Bank AG	Put USD/Call INR Strike Price 60.350%	$	1,251		10/21/14		60.350	%	$	(271	)
	Call USD/Put CNH Strike Price 6.172%		4,113		02/18/15		6.172			(59,071	)
	Put USD/Call CNH Strike Price 6.172%		4,113		02/18/15		6.172			(12,088	)
TOTAL (Premium Received $111,617)		$	9,477						$	(71,430	)

CURRENCY WRITTEN OPTIONS CONTRACTS — For the period ended September 30, 2014, the Fund had the following written options activity:


	Notional Amount (000s)			Premiums Received
Contracts Outstanding March 31, 2014	$	—		$	—
Contracts Written		19,082			137,919
Contracts Bought to Close		—			—
Contracts Expired		(9,605	)		(26,302	)
Contracts Outstanding September 30, 2014	$	9,477		$	111,617


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

	Corporate Obligations – 11.7%
	Automotive – 0.2%
	Chrysler Group LLC/CG Co-Issuer, Inc.^(a)
$	40,700,000		8.000	%		06/15/19	$	43,142,000
	General Motors Co.
	2,200,000		3.500			10/02/18		2,233,000
	17,875,000		4.875			10/02/23		18,768,750

								64,143,750

	Banks – 2.6%
	Abbey National Treasury Services PLC^(b)
GBP	1,800,000		2.161			02/16/15		2,934,954
	ABN AMRO Bank NV^(a)(b)
	2,940,000		5.000			02/17/49		4,837,674
EUR	21,765,000		4.310			03/10/49		27,895,693
	Banco Nacional de Costa Rica
$	3,100,000		6.250	^(c)		11/01/23		3,107,750
	2,810,000		6.250			11/01/23		2,817,025
	Banco Santander SA^(a)(b)
	25,800,000		6.375			05/19/49		24,381,000
	Bank of America Corp.^(a)(b)
EUR	15,200,000		0.922			03/28/18		18,986,225
$	54,950,000		5.125			06/17/49		53,232,813
	40,500,000		6.250			09/05/49		40,095,000
	Bank of Scotland PLC^(a)(b)
GBP	12,330,000		7.281			05/31/49		22,587,323
	8,621,000		7.286			05/31/49		14,845,379
	Barclays Bank PLC^(a)(b)
EUR	7,400,000		6.500			09/15/49		8,974,393
$	2,850,000		6.625			09/15/49		2,693,250
GBP	6,800,000		7.000			09/15/49		10,420,928
EUR	19,450,000		4.875			12/15/49		23,995,656
	Citigroup, Inc.^(a)(b)
$	55,450,000		6.300			05/15/49		54,826,187
	Credit Agricole SA^(a)(b)(c)
	15,150,000		7.875			01/23/49		15,301,500
	Credit Suisse Group AG^(a)(b)(c)
	35,475,000		7.500			12/11/49		37,291,320
	20,050,000		6.250			12/18/49		19,398,375
	Deutsche Bank AG^(a)(b)
EUR	17,500,000		6.000			04/30/49		21,334,022
	Intesa Sanpaolo SpA^(c)
$	52,550,000		5.017			06/26/24		51,046,291
	KBC Groep NV^(a)(b)
EUR	15,900,000		5.625			03/19/49		19,231,438
	Lloyds Bank PLC^(a)(b)
$	17,730,000		9.875			12/16/21		20,588,963
	Lloyds Banking Group PLC^(a)(b)
	17,655,000		6.413	^(c)		01/29/49		18,879,904
	2,956,000		6.657	^(c)		01/29/49		3,198,037
GBP	8,200,000		7.000			06/27/49		13,092,294
$	3,300,000		7.500			06/27/49		3,399,000
	Northern Rock Asset Management PLC^(c)
	10,354,000		5.625			06/22/17		11,494,971
	PNC Preferred Funding Trust II^(a)(b)(c)
	102,900,000		1.457			03/29/49		98,912,625
	Sparebank 1 Boligkreditt AS^(c)
	13,400,000		1.750			11/15/19		13,040,734

Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Banks – (continued)
	Stadshypotek AB^(c)
$	8,100,000		1.875	%		10/02/19	$	7,965,218

								670,805,942

	Building Materials^(a) – 0.3%
	HD Supply, Inc.
	53,975,000		8.125			04/15/19		58,293,000
	14,225,000		11.000			04/15/20		16,145,375

								74,438,375

	Consumer Cyclical Services^(a) – 0.5%
	Equinix, Inc.
	20,725,000		7.000			07/15/21		22,072,125
	First Data Corp.^(c)
	56,325,000		7.375			06/15/19		59,141,250
	36,150,000		8.875			08/15/20		38,725,687

								119,939,062

	Consumer Products – Household & Leisure – 0.1%
	Alphabet Holding Co., Inc.^(a)(d)
	11,450,000		7.750			11/01/17		11,249,625
	Avon Products, Inc.
	10,025,000		4.600			03/15/20		10,238,145

								21,487,770

	Energy – 0.8%
	Gazprom Neft OAO Via GPN Capital SA^(c)
	27,950,000		6.000			11/27/23		26,273,000
	GPN Capital SA for Gazprom
	10,748,000		4.375			09/19/22		9,216,410
	Halcon Resources Corp.^(a)
	41,125,000		9.750			07/15/20		41,536,250
	48,809,000		8.875			05/15/21		48,320,910
	Offshore Drilling Holding SA^(a)(c)
	3,815,000		8.375			09/20/20		4,039,131
	Seadrill Ltd.^(c)
	54,071,000		6.125			09/15/17		53,868,234
	Transocean, Inc.
	31,243,000		6.800			03/15/38		29,989,094

								213,243,029

	Energy – Exploration & Production^(a) – 0.5%
	Kodiak Oil & Gas Corp.
	72,689,000		8.125			12/01/19		78,140,675
	MEG Energy Corp.^(c)
	40,700,000		7.000			03/31/24		42,124,500
	Pacific Rubiales Energy Corp.^(c)
	20,900,000		5.375			01/26/19		21,056,750

								141,321,925

	Food & Beverage^(a) – 0.3%
	Bumble Bee Acquisition Corp.^(c)
	41,625,000		9.000			12/15/17		43,602,188
	Olam International Ltd.
	8,780,000		6.750			01/29/18		9,098,275
	Post Holdings, Inc.
	22,475,000		7.375			02/15/22		22,362,625

								75,063,088


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
	Gaming^(a) – 0.1%
	Caesars Entertainment Operating Co., Inc.
$	27,600,000		9.000	%		02/15/20	$	21,183,000

	Health Care – Services^(a) – 0.0%
	CHS/Community Health Systems, Inc.
	3,200,000		8.000			11/15/19		3,416,000

	Home Construction^(a) – 0.0%
	Beazer Homes USA, Inc.
	2,350,000		9.125			05/15/19		2,461,625

	Media – Cable^(a) – 0.1%
	Virgin Media Finance PLC
	24,201,000		8.375			10/15/19		25,217,442

	Media – Non Cable^(a)(c) – 0.3%
	Getty Images, Inc.
	20,104,000		7.000			10/15/20		14,826,700
	Univision Communications, Inc.
	67,651,000		8.500			05/15/21		71,710,060

								86,536,760

	Metals & Mining – 0.4%
	CITIC Ltd.
	83,550,000		6.800			01/17/23		96,160,043

	Noncaptive – Financial – 0.1%
	General Electric Capital Corp.
MXN	48,000,000		8.500			04/06/18		3,956,368
	GEO Maquinaria^(a)(c)
$	1,514,838		9.625			05/02/21		424,155
	Nuveen Investments, Inc.
	11,975,000		5.500			09/15/15		12,244,437

								16,624,960

	Packaging^(a) – 2.1%
	Ardagh Packaging Finance PLC
	115,304,000		9.125	^(c)		10/15/20		124,869,085
EUR	19,775,000		9.250			10/15/20		26,741,436
	Berry Plastics Corp.
$	44,266,000		9.750			01/15/21		49,024,595
	Beverage Packaging Holdings Luxembourg II SA/Beverage Packaging Holdings II Is^(c)
	33,633,000		5.625			12/15/16		33,212,588
	Reynolds Group Issuer, Inc.
	91,125,000		9.000			04/15/19		94,997,812
	28,100,000		7.875			08/15/19		29,786,000
	129,978,000		9.875			08/15/19		139,888,822
	Sealed Air Corp.^(c)
	54,075,000		8.125			09/15/19		58,130,625

								556,650,963

	Pipelines – 0.4%
	Enterprise Products Operating LLC^(a)(b)
	22,300,000		8.375			08/01/66		24,474,250
	1,850,000		7.000			06/01/67		1,933,250
	16,275,000		7.034			01/15/68		18,390,750
	Sabine Pass LNG LP
	60,200,000		7.500			11/30/16		64,037,750

								108,836,000

Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
	Property/Casualty Insurance^(a)(b) – 0.1%
	ING Capital Funding Trust III
$	12,250,000		3.833	%		12/29/49	$	12,188,750
	The Chubb Corp.
	11,794,000		6.375			03/29/67		12,914,430

								25,103,180

	Real Estate Investment Trusts^(c) – 0.1%
	Realogy Group LLC^(a)
	12,250,000		7.875			02/15/19		12,847,187
	Trust F/1401
	18,700,000		5.250			12/15/24		19,513,450
	300,000		6.950			01/30/44		328,500

								32,689,137

	Restaurants^(a)(c) – 0.2%
	New Red Finance, Inc.
	62,000,000		6.000			04/01/22		61,535,000

	Retailers – 0.1%
	Best Buy Co., Inc.
	8,450,000		5.000			08/01/18		8,745,750
	The Men’s Wearhouse, Inc.^(a)(c)
	5,550,000		7.000			07/01/22		5,633,250

								14,379,000

	Retailers – Food & Drug^(a) – 0.2%
	BI-LO LLC/BI-LO Finance Corp.^(c)
	46,255,000		8.625	^(d)		09/15/18		42,207,687
	14,150,000		9.250			02/15/19		13,937,750
	Rite Aid Corp.
	9,250,000		8.000			08/15/20		9,885,938

								66,031,375

	Services Cyclical – Rental Equipment^(a)(c) – 0.2%
	Algeco Scotsman Global Finance PLC
	46,600,000		10.750			10/15/19		44,503,000

	Technology^(a) – 0.1%
	CDW LLC/CDW Finance Corp.
	23,356,000		8.500			04/01/19		24,757,360

	Telecommunications – Cellular – 0.1%
	America Movil SAB de CV
MXN	256,740,000		6.000			06/09/19		19,249,431

	Transportation Services^(a)(c) – 0.1%
	Aguila 3 SA
$	12,800,000		7.875			01/31/18		13,088,000

	Water Utilities – 0.1%
	Anglian Water Osprey Financing PLC
GBP	15,944,000		7.000			01/31/18		27,719,393

	Wireless Telecommunications – 1.1%
	Intelsat Jackson Holdings SA^(a)
$	29,180,000		7.250			04/01/19		30,639,000
	Softbank Corp.
	95,650,000		4.500	^(c)		04/15/20		94,932,625
EUR	39,850,000		4.625			04/15/20		54,154,313
	Sprint Communications, Inc.
$	2,750,000		11.500			11/15/21		3,506,250


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Wireless Telecommunications – (continued)
	Sprint Corp.^(c)
$	92,675,000		7.875	%		09/15/23	$	98,467,187

								281,699,375

	Wirelines Telecommunications^(a) – 0.5%
	Level 3 Communications, Inc.
	36,935,000		8.875			06/01/19		39,428,112
	Level 3 Financing, Inc.
	46,550,000		9.375			04/01/19		49,808,500
	9,850,000		8.125			07/01/19		10,490,250
	30,075,000		8.625			07/15/20		32,556,188

								132,283,050

	TOTAL CORPORATE OBLIGATIONS
	(Cost $3,119,611,384)						$	3,040,567,035


	Mortgage-Backed Obligations – 14.2%
	Adjustable Rate Non-Agency^(b) – 3.1%
	Aire Valley Mortgages PLC Series 2005-1X, Class 2A1
GBP	1,883,988		0.926	%		09/20/66	$	3,009,776
	Aire Valley Mortgages PLC Series 2005-1X, Class 2A2
EUR	7,661,546		0.442			09/20/66		9,540,250
	Aire Valley Mortgages PLC Series 2005-1X, Class 2A3
$	4,647,167		0.573			09/20/66		4,575,921
	Aire Valley Mortgages PLC Series 2006-1A, Class 1A^(c)
	38,735,686		0.453			09/20/66		37,960,139
	Aire Valley Mortgages PLC Series 2006-1X, Class 2A1
EUR	12,374,502		0.382			09/20/66		15,368,745
	Aire Valley Mortgages PLC Series 2006-1X, Class 2A2
GBP	7,351,910		0.866			09/20/66		11,715,355
	Aire Valley Mortgages PLC Series 2007-1A, Class 2A1^(c)
$	34,552,682		0.473			09/20/66		33,890,321
	Aire Valley Mortgages PLC Series 2007-1X, Class 2A2
EUR	6,851,646		0.342			09/20/66		8,494,716
	American Home Mortgage Assets Trust Series 2006-2, Class 2A1
$	11,994,695		0.345			09/25/46		8,733,338
	American Home Mortgage Assets Trust Series 2006-6, Class A1A
	6,624,254		0.345			12/25/46		4,685,335
	American Home Mortgage Investment Trust Series 2005-3, Class 2A4
	6,100,000		1.954			09/25/35		3,716,561
	American Home Mortgage Investment Trust Series 2006-3, Class 11A1
	209,450		0.335			12/25/46		173,613
	American Home Mortgage Investment Trust Series 2007-2, Class 11A1
	5,573,261		0.385			03/25/47		3,581,935
	Banc of America Funding Corp. Series 2006-H, Class 6A1
	32,166,462		0.346			10/20/36		23,461,478
	Bear Stearns Mortgage Funding Series 2007-AR1, Class 1A1
	7,093,167		0.315			01/25/37		5,434,075
	Bear Stearns Mortgage Funding Trust Series 2007-AR4, Class 1A1
	4,913,341		0.355			09/25/47		3,973,419

Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Adjustable Rate Non-Agency^(b) – (continued)
	Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2005-4A, Class A1^(c)
	7,590,168		0.355			10/25/36		6,743,864
	Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2006-1A, Class A1^(c)
	38,532,766		0.305			12/25/46		32,382,936
	Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2006-2A, Class A1^(c)
	22,946,593		0.285			04/25/47		18,188,417
	Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2006-3A, Class A1^(c)
	19,542,612		0.285			08/25/47		15,500,355
	Chevy Chase Funding LLC Mortgage-Backed Certificates Series 2006-4A, Class A1^(c)
	12,584,884		0.285			11/25/47		10,009,853
	Citigroup Mortgage Loan Trust, Inc. Series 2006-AR7, Class 2A2A
	6,335,951		2.644			11/25/36		5,156,756
	Countrywide Alternative Loan Trust Series 2005-16, Class A1
	6,235,559		1.763			06/25/35		5,508,493
	Countrywide Alternative Loan Trust Series 2005-61, Class 1A1
	778,029		0.415			12/25/35		678,208
	Countrywide Alternative Loan Trust Series 2005-76, Class 1A1
	2,579,319		1.598			01/25/36		2,410,374
	Countrywide Alternative Loan Trust Series 2005-81, Class A1
	9,528,960		0.435			02/25/37		7,592,676
	Countrywide Alternative Loan Trust Series 2005-9CB, Class 1A5
	1,426,540		0.655			05/25/35		1,219,979
	Countrywide Alternative Loan Trust Series 2006-0C8, Class 2A2B
	5,044,757		0.325			11/25/36		4,433,599
	Countrywide Alternative Loan Trust Series 2006-OA1, Class 2A1
	431,534		0.366			03/20/46		331,591
	Countrywide Alternative Loan Trust Series 2007-19, Class 1A11
	14,524,605		0.655			08/25/37		9,824,382
	Countrywide Alternative Loan Trust Series 2007-HY6, Class A1
	7,577,533		0.365			08/25/47		6,178,878
	Countrywide Alternative Loan Trust Series 2007-OA11, Class A1A
	35,074,010		1.498			11/25/47		26,673,785
	Countrywide Alternative Loan Trust Series 2007-OA2, Class 2A1
	12,843,214		0.285			03/25/47		8,570,277
	Countrywide Alternative Loan Trust Series 2007-OH1, Class A1D
	12,476,204		0.365			04/25/47		9,566,753
	Countrywide Home Loans Mortgage Pass-Through Trust Series 2005-3, Class 1A1
	9,879,486		0.465			04/25/35		7,570,650
	Countrywide Home Loans Mortgage Pass-Through Trust Series 2006-OA5, Class 1A1
	4,963,818		0.355			04/25/46		4,058,418
	Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-OA5, Class A1A
	4,181,737		0.355			08/25/47		3,602,148
	Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-OA5, Class A1B
	5,218,808		0.375			08/25/47		4,522,619


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Adjustable Rate Non-Agency^(b) – (continued)
	Downey Savings & Loan Association Mortgage Trust Series 2005-AR5, Class 2A1A
$	12,127,685		0.486	%		09/19/45	$	8,918,700
	Eurosail Prime-UK PLC Series 2007-PR1X, Class A1
GBP	18,759,034		0.952			09/13/45		29,292,779
	GreenPoint Mortgage Funding Trust Series 2006-OH1, Class A1
$	2,006,794		0.335			01/25/37		1,476,198
	HarborView Mortgage Loan Trust Series 2006-11, Class A1A
	8,038,883		0.326			12/19/36		5,643,700
	HarborView Mortgage Loan Trust Series 2006-7, Class 2A1A
	2,336,694		0.356			09/19/46		1,843,885
	Impac Secured Assets Trust Series 2006-5, Class 1A1B
	28,141,305		0.355			02/25/37		20,734,215
	Indymac Index Mortgage Loan Trust Series 2005-AR10, Class A1
	6,769,575		0.415			06/25/35		5,934,886
	Indymac Index Mortgage Loan Trust Series 2005-AR13, Class 4A1
	1,276,560		2.401			08/25/35		1,090,759
	Indymac Index Mortgage Loan Trust Series 2005-AR23, Class 6A1
	5,120,388		4.427			11/25/35		4,380,815
	Indymac Index Mortgage Loan Trust Series 2006-AR41, Class A3
	9,109,117		0.335			02/25/37		6,384,024
	Indymac Index Mortgage Loan Trust Series 2007-AR1, Class 1A1
	8,924,134		2.822			03/25/37		8,149,411
	Indymac Index Mortgage Loan Trust Series 2007-FLX4, Class 2A1
	9,291,011		0.335			07/25/37		7,888,997
	JPMorgan Alternative Loan Trust Series 2006-A2, Class 2A2
	9,250,841		2.677			05/25/36		7,299,314
	JPMorgan Alternative Loan Trust Series 2006-A5, Class 1A1
	8,573,750		0.315			10/25/36		7,027,041
	Leek Finance Number Eighteen PLC Series 2018X, Class A2C
EUR	10,531,990		0.472			09/21/38		13,892,637
	Lehman XS Trust Series 2005-5N, Class 1A1
$	23,978,059		0.455			11/25/35		20,697,860
	Lehman XS Trust Series 2005-5N, Class 3A1A
	1,494,017		0.455			11/25/35		1,291,876
	Lehman XS Trust Series 2005-7N, Class 1A1A
	12,453,786		0.425			12/25/35		11,020,355
	Lehman XS Trust Series 2005-9N, Class 1A1
	5,837,548		0.425			02/25/36		4,901,205
	Lehman XS Trust Series 2006-GP1, Class A2A
	675,110		0.325			05/25/46		660,325
	Lehman XS Trust Series 2007-12N, Class 2A1
	5,453,835		0.335			07/25/37		3,757,692
	Lehman XS Trust Series 2007-15N, Class 4A1
	11,040,559		1.055			08/25/47		7,899,520
	Lehman XS Trust Series 2007-16N, Class 2A2
	14,706,520		1.005			09/25/47		12,471,129
	Lehman XS Trust Series 2007-4N, Class 3A2A
	6,857,799		0.906			03/25/47		5,844,902

Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Adjustable Rate Non-Agency^(b) – (continued)
	Lehman XS Trust Series 2007-5H, Class 3A4
	9,744,765		2.896			05/25/37		6,338,282
	Luminent Mortgage Trust Series 2007-2, Class 2A1
	2,326,703		0.385			05/25/37		1,612,173
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 1A1
	11,795,034		0.918			12/25/46		8,637,503
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A
	4,675,580		0.968			12/25/46		3,585,702
	Master Adjustable Rate Mortgages Trust Series 2007-2, Class A1
	5,383,399		0.305			03/25/47		4,610,540
	Master Adjustable Rate Mortgages Trust Series 2007-3, Class 12A1
	2,056,699		0.355			05/25/47		1,579,545
	Master Adjustable Rate Mortgages Trust Series 2007-HF2, Class A1
	9,190,821		0.465			09/25/37		8,147,797
	Morgan Stanley Mortgage Loan Trust Series 2005-6AR, Class 1A3
	1,241,280		0.565			11/25/35		1,094,153
	Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2006-AR4, Class A4A
	3,270,887		0.395			12/25/36		2,324,828
	Residential Accredit Loans, Inc. Series 2005-Q05, Class A1
	7,093,449		1.118			01/25/46		5,361,938
	Residential Accredit Loans, Inc. Series 2005-QA12, Class CB3
	8,957,117		3.533			12/25/35		7,357,042
	Residential Accredit Loans, Inc. Series 2006-QA10, Class A1
	6,860,940		0.340			12/25/36		5,145,426
	Residential Accredit Loans, Inc. Series 2006-QA2, Class 2A1
	5,756,463		3.564			02/25/36		4,249,204
	Residential Accredit Loans, Inc. Series 2006-QO1, Class 3A1
	3,742,873		0.425			02/25/46		2,527,562
	Residential Accredit Loans, Inc. Series 2006-QO7, Class 1A1
	7,757,310		0.918			09/25/46		5,269,541
	Residential Accredit Loans, Inc. Series 2007-QA4, Class A1A
	7,259,235		0.305			06/25/37		5,270,813
	Residential Accredit Loans, Inc. Series 2007-QH9, Class A1
	16,301,918		1.410			11/25/37		10,084,367
	Residential Accredit Loans, Inc. Series 2007-QO4, Class A1A
	1,891,269		0.345			05/25/47		1,533,252
	Residential Accredit Loans, Inc. Series 2007-QS8, Class A3
	3,455,566		0.755			06/25/37		2,210,581
	Residential Funding Mortgage Securities I Series 2005-SA4, Class 2A1
	7,850,930		2.822			09/25/35		6,960,032
	Residential Funding Mortgage Securities I Series 2005-SA5, Class 2A
	4,278,189		3.066			11/25/35		3,865,614
	Structured Adjustable Rate Mortgage Loan Trust Series 2006-11, Class 1A1
	7,206,244		0.315			12/25/36		5,930,115
	Structured Adjustable Rate Mortgage Loan Trust Series 2006-9, Class 3A1
	4,792,175		4.628			10/25/36		3,654,145


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Adjustable Rate Non-Agency^(b) – (continued)
	Structured Adjustable Rate Mortgage Loan Trust Series 2007-11, Class 1A1
$	9,816,936		1.305	%		12/25/37	$	6,751,851
	Structured Asset Mortgage Investments II Trust Series 2005-AR8, Class A1B
	3,501,615		0.325			02/25/36		2,753,670
	Structured Asset Mortgage Investments II Trust Series 2006-AR3, Class 21A1
	5,224,337		0.555			02/25/36		4,051,452
	Structured Asset Mortgage Investments II Trust Series 2006-AR5, Class 1A1
	7,681,142		0.365			05/25/46		5,720,147
	Structured Asset Mortgage Investments II Trust Series 2007-AR4, Class A4A
	7,837,439		0.335			09/25/47		6,622,636
	Structured Asset Mortgage Investments II Trust Series 2007-AR7, Class 3A1
	19,130,383		6.500			05/25/47		13,138,747
	Structured Asset Mortgage Investments Trust, Inc. Series 2005-AR7, Class 5A1
	1,720,298		1.578			03/25/46		1,456,404
	Structured Asset Mortgage Investments Trust, Inc. Series 2006-AR6, Class 1A3
	592,200		0.345			07/25/46		384,752
	Structured Asset Mortgage Investments Trust, Inc. Series 2006-AR7, Class A1A
	670,205		0.365			08/25/36		534,556
	Structured Asset Mortgage Investments Trust, Inc. Series 2007-AR6, Class A1
	14,793,232		1.618			08/25/47		12,704,428
	Structured Asset Mortgage Investments Trust, Inc. Series 2007-AR7, Class 1A1
	1,945,702		1.005			05/25/47		1,395,263
	Washington Mutual Alternative Mortgage Pass-Through Certificates Series 2005-4, Class CB1
	123,644		0.605			06/25/35		96,761
	Washington Mutual Alternative Mortgage Pass-Through Certificates Series 2006-AR4, Class DA
	3,468,344		1.088			06/25/46		2,078,925
	Washington Mutual Alternative Mortgage Pass-Through Certificates Series 2007-OA3, Class 2A
	3,985,610		0.868			02/25/47		2,797,500
	Washington Mutual Alternative Mortgage Pass-Through Certificates Series 2007-OA6, Class 2A
	6,853,692		1.875			07/25/47		5,077,215
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR1, Class A2A1
	11,281,072		0.495			01/25/45		10,638,051
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR19, Class A1A1
	662,371		0.425			12/25/45		622,762
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR2, Class 2A21
	4,315,802		0.485			01/25/45		4,068,939
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR8, Class 1A1A
	409,135		0.425			07/25/45		385,364

Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Adjustable Rate Non-Agency^(b) – (continued)
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR8, Class 2A1A
$	1,511,761		0.445	%		07/25/45	$	1,431,637
	Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR9, Class A1A
	5,537,200		0.475			07/25/45		5,263,108
	Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR11, Class 1A
	4,938,274		1.078			09/25/46		4,267,656
	Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR13, Class 1A
	8,559,030		0.998			10/25/46		7,004,710
	Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR19, Class 1A
	11,461,995		0.858			01/25/47		9,220,029
	Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR2, Class A1A
	11,939,346		1.058			04/25/46		9,475,065
	Washington Mutual Mortgage Pass-Through Certificates Series 2007-0A1, Class A1A
	6,421,956		0.818			02/25/47		5,197,289
	Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA2, Class 2A
	9,035,082		0.818			01/25/47		6,365,215
	Washington Mutual Mortgage Pass-Through Certificates Series 2007-OA4, Class A1A
	7,352,702		0.878			04/25/47		5,666,727
	Wells Fargo Alternative Loan Trust Series 2007-PA2, Class 2A1
	8,168,162		0.585			06/25/37		6,103,655

	TOTAL ADJUSTABLE RATE NON-AGENCY						$	816,166,882

	Collateralized Mortgage Obligations – 2.0%
	Interest Only^(e) – 0.1%
	GNMA REMIC Series 2013-182, Class PI
$	65,755,852		4.500	%		12/20/43	$	14,622,490

	Inverse Floaters^(b) – 1.1%
	FHLMC REMIC Series 3753, Class SK
	34,570,160		5.896			11/15/38		4,992,854
	FHLMC REMIC Series 4273, Class PS
	91,393,586		5.946			11/15/43		13,480,791
	FNMA REMIC Series 2010-126, Class LS
	7,460,770		4.846			11/25/40		1,368,728
	FNMA REMIC Series 2014-18, Class CS
	30,783,360		5.946			04/25/44		4,851,725
	GNMA REMIC Series 2010-1, Class SD
	17,780,940		5.637			01/20/40		2,675,057
	GNMA REMIC Series 2010-162, Class SE
	49,740,816		6.397			12/20/40		7,891,838
	GNMA REMIC Series 2010-20, Class SD
	23,453,335		5.527			02/20/40		3,734,158
	GNMA REMIC Series 2010-20, Class SE
	41,613,255		6.097			02/20/40		7,530,414
	GNMA REMIC Series 2010-35, Class DS
	63,973,687		5.527			03/20/40		10,187,771
	GNMA REMIC Series 2010-37, Class SG
	56,244,872		5.547			03/20/40		8,953,520


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Inverse Floaters^(b) – (continued)
	GNMA REMIC Series 2010-85, Class SN
$	30,214,228		5.787	%		07/20/40	$	5,654,318
	GNMA REMIC Series 2010-9, Class XD
	163,008,924		6.446			01/16/40		31,742,793
	GNMA REMIC Series 2010-9, Class YD
	88,836,223		6.646			01/16/40		18,112,267
	GNMA REMIC Series 2010-90, Class ES
	52,732,760		5.797			07/20/40		8,692,964
	GNMA REMIC Series 2011-25, Class SA
	42,581,647		5.947			10/20/40		6,513,604
	GNMA REMIC Series 2012-149, Class LS
	43,964,375		6.097			12/20/42		7,766,716
	GNMA REMIC Series 2013-113, Class SA
	84,156,800		6.547			08/20/43		16,389,453
	GNMA REMIC Series 2013-113, Class SD
	143,405,577		6.546			08/16/43		23,015,018
	GNMA REMIC Series 2013-117, Class PS
	40,602,993		5.997			04/20/43		7,319,814
	GNMA REMIC Series 2013-147, Class AS
	23,880,946		5.997			10/20/43		4,095,649
	GNMA REMIC Series 2013-147, Class SD
	62,562,432		6.497			12/20/39		12,042,355
	GNMA REMIC Series 2013-148, Class SA
	110,286,499		6.047			10/20/43		19,072,385
	GNMA REMIC Series 2013-167, Class SG
	41,811,216		5.997			11/20/43		7,291,638
	GNMA REMIC Series 2013-169, Class SE
	69,118,460		5.896			11/16/43		11,877,959
	GNMA REMIC Series 2014-133, Class BS
	64,000,000		5.445			09/20/44		9,624,550
	GNMA REMIC Series 2014-3, Class TS
	22,171,590		5.397			01/20/44		3,259,093
	GNMA REMIC Series 2014-5, Class SA
	70,257,085		5.397			01/20/44		10,893,333
	GNMA REMIC Series 2014-56, Class ST
	58,287,057		5.946			12/16/39		10,109,808
	GNMA REMIC Series 2014-76, Class SA
	70,190,216		5.447			01/20/40		11,077,118
	GNMA REMIC Series 2014-96, Class SE
	38,667,002		5.447			07/20/44		5,877,597

								296,095,288

	Planned Amortization Class^(b) – 0.0%
	GNMA REMIC Series 2011-50, Class PS
	59,004,875		5.947			02/20/41		9,820,807

	Regular Floater^(b) – 0.4%
	Countrywide Alternative Loan Trust Series 2005-26CB, Class A1
	1,277,215		0.655			07/25/35		1,033,388
	Countrywide Alternative Loan Trust Series 2005-36, Class 2A1A
	10,143,646		0.465			08/25/35		7,722,358
	Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12
	1,630,670		0.955			12/25/35		1,360,458
	Countrywide Alternative Loan Trust Series 2005-77T1, Class 1A3
	5,457,063		0.555			02/25/36		3,978,882

Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Regular Floater^(b) – (continued)
	FHLMC REMIC Series 3231, Class FB
	1,188,308		0.504			10/15/36		1,189,183
	FHLMC REMIC Series 3314, Class FC
	841,051		0.554			12/15/36		844,011
	FHLMC REMIC Series 3371, Class FA
	976,652		0.754			09/15/37		987,498
	FHLMC REMIC Series 3545, Class FA
	1,829,925		1.004			06/15/39		1,856,442
	FHLMC REMIC Series 3827, Class KF
	1,492,575		0.524			03/15/41		1,497,227
	FNMA Connecticut Avenue Securities Series 2014-C03, Class 1M1
	25,927,347		1.355			07/25/24		25,718,162
	FNMA REMIC Series 2006-45, Class TF
	2,010,663		0.555			06/25/36		2,015,923
	FNMA REMIC Series 2006-76, Class QF
	2,105,399		0.555			08/25/36		2,114,999
	FNMA REMIC Series 2006-79, Class PF
	2,151,512		0.555			08/25/36		2,161,167
	FNMA REMIC Series 2007-33, Class HF
	2,857,976		0.505			04/25/37		2,870,879
	FNMA REMIC Series 2007-75, Class VF
	763,377		0.605			08/25/37		766,328
	FNMA REMIC Series 2009-84, Class WF
	614,615		1.255			10/25/39		628,269
	Granite Mortgages PLC Series 2004-3, Class 3A1
GBP	1,652,940		0.926			09/20/44		2,675,377
	Quadrivio Finance Series 2011-1, Class A1
EUR	26,648,839		0.708			07/25/60		33,620,932
	Residential Accredit Loans, Inc. Series 2005-QS10, Class 3A1
$	1,001,950		0.655			08/25/35		765,953
	Sequoia Mortgage Trust Series 2007-3, Class 2AA1
	5,803,036		2.517			07/20/37		4,769,846

								98,577,282

	Sequential Fixed Rate – 0.4%
	Banc of America Funding Corp. Series 2007-8, Class 2A1
	2,836,725		7.000			10/25/37		1,769,507
	BCAP LLC Trust Series 2007-AA2, Class 2A7
	2,585,112		6.000			04/25/37		2,225,813
	CHL Mortgage Pass-Through Trust Series 2007-10, Class A22
	5,911,095		6.000			07/25/37		5,357,383
	CHL Mortgage Pass-Through Trust Series 2007-10, Class A5
	3,145,031		6.000			07/25/37		2,850,425
	Citicorp Mortgage Securities, Inc. Series 2007-4, Class 2A1
	215,042		5.500			05/25/22		216,654
	Citigroup Mortgage Loan Trust Series 2007-9, Class 1A1^(c)
	10,684,634		5.750			04/25/47		8,863,510
	CitiMortgage Alternative Loan Trust Series 2006-A3, Class 1A13
	4,830,398		6.000			07/25/36		4,297,058
	CitiMortgage Alternative Loan Trust Series 2007-A1, Class 1A7
	1,773,685		6.000			01/25/37		1,471,538
	CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A7
	9,817,478		5.750			03/25/37		8,374,478
	Countrywide Alternative Loan Trust Series 2005-77T1, Class 1A2
	3,744,642		6.000			02/25/36		3,206,744


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
	Countrywide Alternative Loan Trust Series 2007-06, Class A4
$	4,070,827		5.750	%		04/25/47	$	3,405,475
	Countrywide Alternative Loan Trust Series 2007-15CB, Class A5
	1,665,979		5.750			07/25/37		1,496,314
	Countrywide Alternative Loan Trust Series 2007-18CB, Class 2A25
	698,157		6.000			08/25/37		633,030
	Countrywide Home Loans Mortgage Pass-Through Trust Series 2007-1, Class A4
	2,104,500		6.000			03/25/37		1,909,946
	Countrywide Home Loans Mortgage Pass-Through Trust Series 2007-7, Class A3
	4,285,982		5.750			06/25/37		3,913,242
	JPMorgan Alternative Loan Trust Series 2008-R2, Class A1^(c)
	12,014,043		6.000			11/25/36		10,519,768
	Morgan Stanley Mortgage Loan Trust Series 2005-4, Class 1A
	1,402,834		5.000			08/25/35		1,397,978
	Residential Accredit Loans, Inc. Series 2006-QS2, Class 1A9
	993,314		5.500			02/25/36		838,798
	Residential Accredit Loans, Inc. Series 2006-QS4, Class A9
	5,252,873		6.000			04/25/36		4,519,317
	Residential Accredit Loans, Inc. Series 2006-QS6, Class 1A13
	1,707,149		6.000			06/25/36		1,336,613
	Residential Accredit Loans, Inc. Series 2006-QS8, Class A3
	3,084,628		6.000			08/25/36		2,474,789
	Residential Accredit Loans, Inc. Series 2006-QS9, Class 1A11
	2,906,421		6.500			07/25/36		2,361,440
	Residential Accredit Loans, Inc. Series 2007-QS1, Class 2A5
	3,330,335		6.000			01/25/37		2,732,883
	Residential Asset Securitization Trust Series 2005-A11CB, Class 2A1
	12,096,231		4.850			10/25/35		8,563,436
	Residential Asset Securitization Trust Series 2006-A15, Class A13
	8,861,837		6.250			01/25/37		6,762,192
	Residential Asset Securitization Trust Series 2006-A8, Class 1A1
	2,195,494		6.000			08/25/36		1,993,514
	Residential Asset Securitization Trust Series 2006-A8, Class 2A3
	8,166,019		6.000			08/25/36		5,168,214
	Residential Funding Mortgage Securities I Series 2007-S9, Class 1A1
	7,462,708		6.000			10/25/37		6,448,869
	Wells Fargo Mortgage Backed Securities Trust Series 2007-11, Class A85
	2,031,261		6.000			08/25/37		2,021,678

								107,130,606

	Sequential Floating Rate^(b) – 0.0%
	Banc of America Funding Corp. Series 2007-2, Class 2A1
	139,412		5.414			03/25/37		138,261
	Countrywide Alternative Loan Trust Series 2007-16CB, Class 4A3
	8,405,144		0.655			08/25/37		6,398,797

Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Sequential Floating Rate^(b) – (continued)
	Washington Mutual Alternative Mortgage Pass-Through Certificates Series 2006-AR10, Class A1
	1,303,085		0.255			12/25/36		859,200

								7,396,258

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	533,642,731

	Commercial Mortgage-Backed Securities – 6.1%
	Sequential Fixed Rate – 2.4%
	Credit Suisse Commercial Mortgage Trust Series 2007-C1, Class A1A
$	125,587,575		5.361	%		02/15/40	$	133,406,406
	CSMC Trust Series 2014-USA, Class E^(c)
	33,100,000		4.373			09/15/37		29,948,705
	FHLMC Multifamily Structured Pass-Through Certificates Series K030, Class A1
	23,143,493		2.779			09/25/22		23,732,902
	FHLMC Multifamily Structured Pass-Through Certificates Series K037, Class A2
	272,500,000		3.490			01/25/24		283,983,204
	FHLMC Multifamily Structured Pass-Through Certificates Series K038, Class A2
	24,500,000		3.389			03/25/24		25,303,634
	Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9, Class A4
	4,500,000		3.102			05/15/46		4,426,433
	Wachovia Bank Commercial Mortgage Trust Series 2006-C28, ClassA1A
	97,398,827		5.559			10/15/48		104,686,110
	WF-RBS Commercial Mortgage Trust Series 2012-C6 Class B
	2,500,000		4.697			04/15/45		2,650,803

								608,138,197

	Sequential Floating Rate^(b) – 3.7%
	Citigroup Commercial Mortgage Trust Series 2014-388G, Class E^(c)
	27,996,000		2.504			06/15/33		28,009,886
	Commercial Mortgage Pass Through Certificates Series 2014-KYO, Class F^(c)
	14,494,000		3.654			06/11/27		14,458,055
	Credit Suisse Commercial Mortgage Trust Series 2007-C2, Class A1A
	162,895,050		5.526			01/15/49		174,043,914
	Credit Suisse Commercial Mortgage Trust Series 2007-C3, Class A1A1
	78,117,707		5.892			06/15/39		84,363,998
	FHLMC Multifamily Structured Pass-Through Certificates Series K029, Class A2
	83,200,000		3.320			02/25/23		85,982,782
	FHLMC Multifamily Structured Pass-Through Certificates Series K030, Class A2
	160,500,000		3.250			04/25/23		165,115,932
	FHLMC Multifamily Structured Pass-Through Certificates Series K031, Class A2
	125,900,000		3.300			04/25/23		129,711,534


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Sequential Floating Rate^(b) – (continued)
	FHLMC Multifamily Structured Pass-Through Certificates Series K033, Class A2
$	169,200,000		3.060	%		07/25/23	$	171,083,078
	GRACE Mortgage Trust Series 2014-GRCE, Class F^(c)
	26,250,000		3.590			06/10/28		24,392,322
	GS Mortgage Securities Trust Series 2007-GG10, Class A1A
	30,119,564		5.797			08/10/45		33,133,669
	Hilton Mortgage Trust Series 2014-ORL, Class E^(c)
	17,950,000		3.406			07/15/29		17,971,355
	JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-FBLU, Class D^(c)
	10,200,000		2.754			12/15/28		10,219,146
	Morgan Stanley Capital I Trust Series 2007-HQ11, Class AM
	1,450,000		5.478			02/12/44		1,560,009
	Morgan Stanley Capital I Trust Series 2007-HQ13, Class AM
	1,200,000		5.931			12/15/44		1,161,965
	Morgan Stanley Capital I Trust Series 2014-CPT, Class F^(c)
	25,245,000		3.560			07/13/29		23,843,852

								965,051,497

	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	1,573,189,694

	Federal Agencies – 3.0%
	Adjustable Rate FNMA^(b) – 0.0%
$	2,131,805		2.425	%		05/01/33	$	2,271,506
	1,092,320		1.959			10/01/34		1,143,767
	2,588,425		1.915			01/01/35		2,737,429
	2,001,517		2.586			09/01/35		2,145,366
	864,984		2.411			10/01/36		921,785

								9,219,853

	FHLMC – 0.0%
	24,195		5.000			01/01/33		26,691
	3,762		5.000			03/01/33		4,159
	18,969		5.000			04/01/33		20,970
	8,780		5.000			05/01/33		9,706
	15,457		5.000			06/01/33		17,088
	87,887		5.000			07/01/33		97,154
	126,069		5.000			08/01/33		139,364
	14,866		5.000			09/01/33		16,434
	24,785		5.000			10/01/33		27,399
	82,503		5.000			11/01/33		91,203
	27,016		5.000			12/01/33		29,864
	26,133		5.000			01/01/34		28,889
	90,814		5.000			02/01/34		100,407
	36,286		5.000			03/01/34		40,134
	73,136		5.000			04/01/34		80,892
	100,041		5.000			05/01/34		110,593
	1,096,592		5.000			06/01/34		1,212,561
	20,302		5.000			11/01/34		22,455
	353,580		5.000			04/01/35		390,865
	62,783		5.000			11/01/35		69,403

								2,536,231

	FNMA – 3.0%
	6,670,486		3.104			01/01/18		6,974,819
	6,585,274		3.443			01/01/18		6,954,787

Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
FNMA – (continued)
	4,294,338		3.660			01/01/18		4,563,226
	419,177		5.000			01/01/18		442,890
	2,090,092		5.000			02/01/18		2,208,532
	5,306,635		3.750			03/01/18		5,659,598
	1,371,180		5.000			03/01/18		1,448,882
	2,010,673		5.000			04/01/18		2,124,613
	3,550,000		3.840			05/01/18		3,802,345
	182,630		5.000			05/01/18		192,979
	175,461		5.000			06/01/18		185,404
	5,507		6.000			11/01/18		6,217
	30,565		6.000			12/01/18		34,509
	3,976		5.500			01/01/19		4,212
	76,582		5.500			02/01/19		81,228
	76,071		5.500			03/01/19		81,232
	60,056		5.500			04/01/19		63,749
	29,879		5.500			05/01/19		31,684
	321,993		6.000			05/01/19		363,539
	144,292		5.500			06/01/19		153,556
	450,257		5.500			07/01/19		479,249
	393,270		5.500			08/01/19		419,564
	365,015		5.500			09/01/19		389,779
	102,545		5.500			10/01/19		109,252
	102,103		5.500			11/01/19		109,337
	203,186		5.500			12/01/19		217,928
	16,882		5.500			01/01/20		18,259
	7,943		5.500			06/01/20		8,490
	2,109,133		5.500			07/01/20		2,255,201
	2,075,432		3.416			10/01/20		2,189,112
	1,432,719		3.632			12/01/20		1,526,266
	5,855,950		4.375			06/01/21		6,460,711
	141,223		6.000			08/01/21		159,444
	22,849		6.000			11/01/21		25,797
	49,263		6.000			09/01/22		55,619
	79,260		6.000			10/01/22		89,490
	24,055		6.000			11/01/22		27,159
	27,019		6.000			12/01/22		30,508
	109,864		6.000			01/01/23		124,064
	45,775		6.000			02/01/23		51,681
	107,146		6.000			09/01/23		120,971
	4,532		6.000			01/01/24		5,117
	189,473		6.000			04/01/24		216,006
	5,028,373		5.500			05/01/25		5,325,631
	124,367		6.000			05/01/25		140,414
	90,841		6.000			07/01/26		103,253
	41,009		6.000			12/01/26		46,454
	5,158		6.000			03/01/27		5,838
	138,903		6.000			04/01/27		157,351
	230,846		6.000			06/01/27		261,422
	503,887		6.000			07/01/27		570,814
	178,914		6.000			08/01/27		202,435
	82,899		6.000			09/01/27		93,910
	119,921		6.000			10/01/27		135,775
	144,948		6.000			11/01/27		164,522
	383,682		6.000			12/01/27		435,745
	617,314		6.000			01/01/28		705,971
	200,988		6.000			07/01/28		228,098
	179,700		6.000			09/01/28		204,058


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date			Value

Mortgage-Backed Obligations – (continued)
FNMA – (continued)
$	194,337		6.000	%		03/01/29		$	220,276
	7,752		4.500			09/01/29			8,397
	85,563		6.000			09/01/29			96,904
	944,202		6.000			07/01/32			1,065,634
	9,282		6.000			12/01/32			10,612
	1,574		6.000			01/01/33			1,800
	219,998		5.000			04/01/33			243,019
	6,428		6.000			04/01/33			7,349
	1,144		5.000			05/01/33			1,264
	336,097		5.000			08/01/33			371,265
	450,896		5.000			09/01/33			498,077
	259,694		6.000			10/01/33			296,971
	9,623		6.000			02/01/34			11,005
	75,340		6.000			03/01/34			86,154
	365,177		6.000			08/01/34			417,261
	55,565		6.000			11/01/34			63,541
	664,239		6.000			05/01/35			751,423
	132,614		6.000			06/01/35			150,026
	324,988		6.000			10/01/35			366,831
	50,503		6.000			11/01/35			57,133
	62,892		6.000			12/01/35			71,149
	149,811		6.000			01/01/36			169,121
	553,229		6.000			02/01/36			627,500
	4,355,246		6.000			03/01/36			4,916,636
	391,551		6.000			04/01/36			442,022
	1,739,247		6.000			05/01/36			1,963,432
	725,151		6.000			06/01/36			818,623
	218,280		6.000			07/01/36			246,415
	704,148		6.000			08/01/36			794,914
	1,724,370		6.000			09/01/36			1,946,642
	669,625		6.000			10/01/36			755,940
	1,441,320		6.000			11/01/36			1,627,041
	1,694,487		6.000			12/01/36			1,912,871
	397,588		6.000			01/01/37			448,779
	8,694,859		6.000			02/01/37			9,824,796
	2,355,605		6.000			03/01/37			2,661,087
	1,326,411		6.000			04/01/37			1,496,997
	5,896,553		6.000			05/01/37			6,655,546
	1,696,038		6.000			06/01/37			1,914,163
	17,782,246		6.000			07/01/37			20,069,200
	7,626,199		6.000			08/01/37			8,606,984
	1,608,165		6.000			09/01/37			1,814,996
	2,521,115		6.000			10/01/37			2,845,348
	6,253,469		6.000			11/01/37			7,057,709
	429,407		6.000			12/01/37			484,634
	5,941,180		6.000			01/01/38			6,705,470
	2,228,933		6.000			02/01/38			2,515,705
	152,853		5.000			03/01/38			168,569
	963,022		6.000			03/01/38			1,086,982
	1,386,756		6.000			04/01/38			1,565,160
	87,338,505		6.000			05/01/38			98,571,307
	3,431,303		6.000			06/01/38			3,872,865
	19,104,282		6.000			07/01/38			21,562,688
	321,726		6.000			08/01/38			363,129
	7,729,098		6.000			09/01/38			8,723,310
	11,815,815		6.000			10/01/38			13,336,903

Principal Amount		Interest Rate			Maturity Date			Value

Mortgage-Backed Obligations – (continued)
FNMA – (continued)
	3,426,218		6.000			11/01/38			3,866,929
	1,564,001		6.000			12/01/38			1,765,262
	16,993,931		6.000			01/01/39			19,179,758
	33,127,123		6.000			02/01/39			37,390,159
	56,687		6.000			03/01/39			63,977
	6,835,314		6.000			04/01/39			7,714,858
	19,178		6.000			05/01/39			21,652
	58,949		6.000			06/01/39			66,535
	1,141,651		6.000			07/01/39			1,288,602
	37,488		4.000			08/01/39			39,536
	18,659		4.000			09/01/39			19,678
	3,890,319		6.000			09/01/39			4,390,759
	2,490,330		6.000			10/01/39			2,810,808
	1,453,214		6.000			11/01/39			1,640,718
	23,306,678		6.000			12/01/39			26,304,201
	1,463,689		6.000			01/01/40			1,651,931
	696,970		6.000			02/01/40			786,661
	19,757		6.000			03/01/40			22,300
	9,737,655		6.000			04/01/40			10,989,989
	39,577,810		6.000			06/01/40			44,669,323
	212,942		6.000			07/01/40			240,327
	6,739,657		6.000			10/01/40			7,606,427
	738,615		6.000			04/01/41			833,607
	13,343,784		6.000			05/01/41			15,059,931
	252,702		6.000			07/01/41			285,202
	2,516,676		4.500			08/01/41			2,720,664
	650,660		4.500			10/01/41			703,094
	509,464		5.000			11/01/41			562,957
	10,284,170		3.000			08/01/42			10,219,993
	9,045,149		3.000			09/01/42			8,989,054
	1,538,539		3.000			10/01/42			1,529,103
	6,094,389		3.000			11/01/42			6,055,228
	56,533,240		3.000			12/01/42			56,149,276
	39,461,975		3.000			01/01/43			39,203,023
	11,821,760		3.000			02/01/43			11,735,060
	2,908,539		3.000			03/01/43			2,888,884
	7,783,335		3.000			04/01/43			7,726,992
	681,018		3.000			05/01/43			672,194
	1,000,000		5.000			TBA-30yr	^(f)		1,103,594
	75,000,000		5.500			TBA-30yr	^(f)		83,542,965
	36,000,000		6.000			TBA-30yr	^(f)		40,662,500

									765,791,982

	TOTAL FEDERAL AGENCIES							$	777,548,066

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $3,610,607,742)							$	3,700,547,373


	Agency Debentures – 11.9%
	FFCB
$	132,400,000		0.250	%		12/02/15		$	132,206,829
	FHLB
	400,000,000		0.000	^(g)		11/12/14			399,994,000
	486,980,000		0.000	^(g)		11/19/14			486,971,234
	1,023,800,000		0.000	^(g)		12/17/14			1,023,767,239


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Agency Debentures – (continued)
	FHLB – (continued)
$	600,000,000		0.000	% ^(g)		12/24/14	$	599,979,000
	50,300,000		0.120			01/09/15		50,298,390
	210,000,000		0.090			01/22/15		209,971,860
	44,000,000		0.100			01/23/15		43,995,380
	79,600,000		0.100			01/23/15		79,591,642
	54,900,000		0.300			01/04/16		54,849,986

	TOTAL AGENCY DEBENTURES
	(Cost $3,081,733,934)						$	3,081,625,560


	Asset-Backed Securities – 13.6%
	Collateralized Loan Obligations – 12.7%
	Aberdeen Loan Funding Ltd. Series 2008-1A, Class A^(b)(c)
$	35,173,997		0.890	%		11/01/18	$	34,910,895
	ACIS CLO Ltd. Series 2013-1A, Class ACOM^(b)(c)
	23,550,000		1.461			04/18/24		22,697,490
	ACIS CLO Ltd. Series 2013-2A, Class A^(b)(c)
	11,950,000		0.734			10/14/22		11,705,145
	ACIS CLO Ltd. Series 2013-2A, Class ACOM^(b)(c)
	68,183,962		1.149			10/14/22		66,738,462
	ACIS CLO Ltd. Series 2014-4A, Class ACOM^(b)(c)
	177,900,000		1.713			05/01/26		174,377,580
	ACIS CLO Ltd. Series 2014-4A, Class C^(b)(c)
	11,050,000		2.777			05/01/26		10,238,676
	Anchorage Capital CLO Ltd. Series 2014-4A, Class A1A^(b)(c)
	141,900,000		1.732			07/28/26		140,823,121
	Anchorage Capital CLO Ltd. Series 2014-4A, Class A2^(b)(c)
	31,000,000		2.442			07/28/26		30,458,368
	B&M CLO Ltd. Series 2014-1A, Class A1^(b)(c)
	74,650,000		1.598			04/16/26		74,115,805
	B&M CLO Ltd. Series 2014-1A, Class A2^(b)(c)
	12,850,000		2.148			04/16/26		12,313,602
	Black Diamond CLO Ltd. Series 2005-1A, Class A1^(b)(c)
	1,062,709		0.503			06/20/17		1,061,805
	Black Diamond CLO Ltd. Series 2006-1A, Class AD^(b)(c)
	21,503,870		0.484			04/29/19		21,141,186
	Brentwood CLO Corp. Series 2006-1A, Class A1A^(b)(c)
	53,059,027		0.510			02/01/22		52,564,676
	Brentwood CLO Corp. Series 2006-1A, Class A1B^(b)(c)
	20,960,576		0.510			02/01/22		20,723,135
	Callidus Debt Partners CLO Fund VI Ltd. Series 6X, Class A1D^(b)
	10,480,408		0.493			10/23/21		10,276,543
	CIFC Funding Ltd. Series 2014-2A, Class A1L^(b)(c)
	148,600,000		1.725			05/24/26		148,456,601
	CIFC Funding Ltd. Series 2014-2A, Class A2L^(b)(c)
	24,600,000		2.395			05/24/26		24,155,478
	Covenant Credit Partners CLO I Ltd. Series 2014-1A, Class C^(b)(c)
	21,350,000		3.154			07/20/26		20,422,898
	Crown Point CLO Ltd. Series 2012-1A, Class ACOM^(b)(c)
	7,650,000		1.452			11/21/22		7,552,080
	Crown Point CLO Ltd. Series 2013-2A, Class ACOM^(b)
	118,100,000		1.314			12/14/23		115,324,296
	Doral CLO 1 Ltd. Series 2012-3A, Class A1^(b)(c)
	10,000,000		1.684			12/19/22		10,018,690

Principal Amount		Interest Rate			Maturity Date		Value

Asset-Backed Securities – (continued)
Collateralized Loan Obligations – (continued)
	Gleneagles CLO Ltd. Series 2005-1A, Class A1^(b)(c)
	4,187,963		0.515			11/01/17		4,182,942
	Golub Capital Management CLO Ltd. Series 2007-1A, Class A^(b)(c)
	5,473,804		0.477			07/31/21		5,431,152
	Halcyon Loan Advisors Funding Ltd. Series 2014-1A, Class A1^(b)(c)
	70,250,000		1.808			04/18/26		70,182,349
	Halcyon Loan Advisors Funding Ltd. Series 2014-2A, Class A1B^(b)(c)
	64,150,000		1.655			04/28/25		63,645,268
	Halcyon Loan Advisors Funding Ltd. Series 2014-2A, Class A2^(b)(c)
	55,600,000		2.228			04/28/25		53,602,014
	ICG US CLO Ltd. Series 2014-1A, Class ACOM^(b)(c)
	112,150,000		1.506			04/20/26		108,830,360
	Jasper CLO Ltd. Series 2005-1A, Class A^(b)(c)
	2,918,962		0.510			08/01/17		2,913,442
	KKR Financial CLO Corp. Series 2005-2X, Class A1^(b)
	19,172,331		0.495			11/26/17		19,131,034
	KKR Financial CLO Ltd. Series 2006-1A, Class A1^(b)(c)
	3,970,685		0.515			08/25/18		3,968,445
	KKR Financial CLO Ltd. Series 2007-1A, Class A^(b)(c)
	21,410,116		0.584			05/15/21		21,245,451
	Liberty CLO Ltd. Series 2005-1A, Class A1C^(b)(c)
	1,939,935		0.490			11/01/17		1,939,266
	Liberty CLO Ltd. Series 2005-1A, Class A2^(b)(c)
	26,000,000		0.615			11/01/17		25,910,092
	Magnetite VIII Ltd. Series 2014-8A, Class A^(b)(c)
	114,850,000		1.708			04/15/26		114,948,771
	Magnetite VIII Ltd. Series 2014-8A, Class B^(b)(c)
	23,900,000		2.228			04/15/26		23,408,783
	Mountain View Funding CLO Series 2007-3A, Class A1^(b)(c)
	2,678,194		0.448			04/16/21		2,668,901
	Neuberger Berman CLO XVII Ltd. Series 2014-17A, Class C^(b)(c)
	8,650,000		2.991			08/04/25		8,317,537
	Ocean Trails CLO Ltd. Series 2006-1X, Class A1
	3,521,212		0.480			10/12/20		3,503,870
	OCP CLO Ltd. Series 2012-2A, Class ACOM^(b)(c)
	15,650,000		1.475			11/22/23		15,360,475
	OCP CLO Ltd. Series 2014-5A, Class ACOM^(b)(c)
	140,200,000		0.000			04/26/26		136,078,120
	OFSI Fund V Ltd. Series 2013-5A, Class ACOM^(c)(g)
	11,950,000		0.000			04/17/25		11,771,945
	OFSI Fund V Ltd. Series 2014-7A, Class ACOM^(b)(c)
	146,000,000		1.872			10/18/26		144,510,800
	OFSI Fund V Ltd. Series 2014-7A, Class C^(b)(c)
	20,050,000		3.345			10/18/26		19,432,380
	OFSI Fund VI Ltd. Series 2014-6A, Class ACOM^(b)(c)
	120,000,000		1.550			03/20/25		116,760,000
	OHA Park Avenue CLO I Ltd. Series 2007-1A, Class A1A^(b)(c)
	9,365,846		0.484			03/14/22		9,286,910
	OZLM Funding III Ltd. Series 2013-3A, Class A1^(b)(c)
	14,750,000		1.562			01/22/25		14,655,158
	Red River CLO Ltd. Series 1A, Class A^(b)(c)
	16,044,785		0.510			07/27/18		15,958,929


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Asset-Backed Securities – (continued)
Collateralized Loan Obligations – (continued)
	Regatta IV Funding Ltd. Series 2014-1A, Class ACOM^(b)(c)
$	162,350,000		1.775	%		07/25/26	$	161,018,730
	Regatta IV Funding Ltd. Series 2014-1A, Class B^(b)(c)
	776,094		2.275			07/25/26		755,193
	Regatta IV Funding Ltd. Series 2014-1A, Class C^(b)(c)
	18,250,000		3.215			07/25/26		17,667,332
	Saratoga Investment CLO Corp. Series 2013-1A, Ltd. Class A1^(b)(c)
	16,000,000		1.534			10/20/23		15,898,784
	Shackleton CLO Ltd. Series 2014-5A, Class A^(b)(c)
	156,400,000		1.737			05/07/26		156,500,252
	Shackleton CLO Ltd. Series 2014-5A, Class B1^(b)(c)
	33,700,000		2.237			05/07/26		32,891,537
	Silvermore CLO Ltd. Series 2014-1A, Class A1^(b)(c)
	160,050,000		1.680			05/15/26		159,236,626
	Silvermore CLO Ltd. Series 2014-1A, Class A2^(b)(c)
	28,700,000		2.280			05/15/26		27,875,621
	Sound Point CLO Ltd. Series 2014-1A, Class B1^(b)(c)
	15,000,000		2.134			04/18/26		14,372,745
	Sound Point CLO VI Ltd. Series 2014-2A, Class ACOM^(b)(c)
	199,450,000		1.453			10/20/26		197,635,005
	Sound Point CLO VI Ltd. Series 2014-2A, Class C^(b)(c)
	15,000,000		3.163			10/20/26		14,429,160
	Symphony CLO XI Ltd. Series 2013-11A, Class A^(b)(c)
	6,500,000		1.533			01/17/25		6,458,472
	Trinitas CLO II Ltd. Series 2014-2A, Class ACOM^(b)(c)
	57,100,000		1.691			07/15/26		55,969,420
	Trinitas CLO II Ltd. Series 2014-2A, Class C^(b)(c)
	10,050,000		3.124			07/15/26		9,600,654
	Trinitas CLO Ltd. Series 2014-1A, Class A1^(b)(c)
	58,150,000		1.833			04/15/26		57,880,766
	Trinitas CLO Ltd. Series 2014-1A, Class B1^(b)(c)
	14,950,000		2.203			04/15/26		14,279,881
	Westbrook CLO Ltd. Series 2006-1X, Class A1^(b)
	14,479,157		0.473			12/20/20		14,389,704
	Westchester CLO Ltd. Series 2007-1X, Class A1A^(b)
	32,502,505		0.465			08/01/22		32,199,907
	Whitehorse VIII Ltd. Series 2014-1A, Class A^(b)(c)
	150,700,000		1.740			05/01/26		150,656,448
	Whitehorse VIII Ltd. Series 2014-1A, Class B^(b)(c)
	32,800,000		2.290			05/01/26		32,138,818
	Zais CLO 1 Ltd. Series 2014-1A, Class ACOM^(b)(c)
	93,200,000		1.712			04/15/26		92,146,840

								3,291,722,821

	Home Equity – 0.8%
	ACE Securities Corp. Home Equity Loan Trust Series 2007-ASAP1, Class A2C^(b)
	12,480,505		0.415			03/25/37		7,324,168
	ACE Securities Corp. Home Equity Loan Trust Series 2007-HE2, Class A2D^(b)
	16,641,000		0.425			05/25/36		10,939,094
	Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 05-R8, Class M2^(b)
	5,440,000		0.645			10/25/35		4,723,277

Principal Amount		Interest Rate			Maturity Date		Value

Asset-Backed Securities – (continued)
Home Equity – (continued)
	Bayview Financial Mortgage Pass-Through Trust 2006-A, Class M3^(b)
	10,095,000		0.802			02/28/41		7,975,809
	Citigroup Mortgage Loan Trust Series 2006-WFH1, Class M3^(b)
	6,400,000		0.555			01/25/36		5,305,138
	Citigroup Mortgage Loan Trust Series 2007-WFH2, Class A4^(b)
	300,000		0.505			03/25/37		266,800
	Countrywide Asset-Backed Certificates Series 2007-2, Class 2A4^(b)
	20,000,000		0.375			08/25/37		8,688,694
	Credit-Based Asset Servicing and Securitization LLC Series 2005-CB8, Class AF3^(h)
	8,886,000		4.230			12/25/35		8,478,197
	First Franklin Mortgage Loan Trust Series 2006-FF12, Class A4^(b)
	3,010,233		0.295			09/25/36		2,775,278
	First Franklin Mortgage Loan Trust Series 2006-FF6, Class A4^(b)
	25,000,000		0.405			04/25/36		20,288,802
	GSAA Home Equity Trust Series 2006-17, Class A1^(b)
	11,223,700		0.215			11/25/36		5,907,192
	GSAA Home Equity Trust Series 2007-10, Class A2A
	5,229,339		6.500			11/25/37		3,921,525
	GSAMP Trust Series 2006-HE8, Class A2C^(b)
	14,600,000		0.325			01/25/37		11,178,192
	HLSS Servicer Advance Receivables Trust Series 2014-T1, Class AT1^(c)
	7,150,000		1.244			01/17/45		7,157,333
	HSI Asset Securitization Corp. Trust Series 2006-OPT1, Class 2A4^(b)
	8,600,000		0.455			12/25/35		7,549,071
	HSI Asset Securitization Corp. Trust Series 2006-OPT2, Class M2^(b)
	5,900,000		0.545			01/25/36		4,790,334
	JPMorgan Mortgage Acquisition Trust Series 2006-CH1, Class A5^(b)
	3,850,000		0.385			07/25/36		3,693,576
	JPMorgan Mortgage Acquisition Trust Series 2007-CH2, Class AV5^(b)
	5,100,000		0.415			01/25/37		4,108,554
	Lehman XS Trust Series 2006-16N, Class A321^(b)
	9,340,992		0.355			11/25/46		6,713,371
	Morgan Stanley Mortgage Loan Trust Series 2007-1XS, Class 2A1^(b)
	8,453,402		0.235			09/25/46		3,783,227
	Saxon Asset Securities Trust Series 2007-2, Class A2C^(b)
	7,745,084		0.395			05/25/47		5,565,342
	Securitized Asset Backed Receivables LLC Trust Series 2004-DO1, Class M1^(b)
	6,416,029		1.130			07/25/34		5,742,617
	Structured Asset Securities Corp. Mortgage Loan Trust Series 2006-BC3, Class A3^(b)
	3,985,961		0.315			10/25/36		2,929,325
	Vericrest Opportunity Loan Transferee LLC Series 2014-NPL4, Class A1^(c)(h)
	58,854,458		3.125			04/27/54		58,710,818
	Wachovia Mortgage Loan Trust Series 2005-WMC1, Class M1^(b)
	4,200,000		0.815			10/25/35		3,872,869

								212,388,603


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Asset-Backed Securities – (continued)
	Student Loan^(b) – 0.1%
	GCO Education Loan Funding Trust Series 2006-1, Class A8L
$	5,336,710		0.365	%		05/25/25	$	5,230,117
	Panhandle-Plains Higher Education Authority, Inc. Series 2011-1, Class A2
	9,228,706		1.185			07/01/24		9,321,354
	US Education Loan Trust LLC Series 2006-1, Class A2^(c)
	234,816		0.364			03/01/25		234,548

								14,786,019

	TOTAL ASSET-BACKED SECURITIES
	(Cost $3,499,528,772)						$	3,518,897,443


	Foreign Debt Obligations – 11.7%
	Sovereign – 11.7%
	Brazil Letras do Tesouro Nacional^(g)
BRL	37,433,000		0.000	%		01/01/15	$	14,872,309
	Brazil Loan Trust 1
$	8,580,000		5.477			07/24/23		8,794,500
	Brazil Notas do Tesouro Nacional
BRL	44,563,361		6.000			08/15/40		17,716,953
	749,190,713		6.000			08/15/50		295,228,034
	Dominican Republic
DOP	201,600,000		14.500			02/10/23		5,288,733
$	17,540,000		6.600	^(c)		01/28/24		18,811,650
	16,850,000		6.600			01/28/24		18,071,625
	6,105,000		5.875			04/18/24		6,196,575
	2,784,000		8.625			04/20/27		3,368,640
DOP	30,000,000		18.500			02/04/28		924,814
$	15,210,000		7.450	^(c)		04/30/44		16,274,700
	Federal Republic of Germany
EUR	210,290,000		2.000			08/15/23		293,410,612
	Italy Buoni Poliennali Del Tesoro
	347,150,000		1.150			05/15/17		445,088,837
	191,513,985		2.350			09/15/19		267,289,502
	129,900,000		4.750			09/01/21		196,930,247
	38,740,000		5.500			11/01/22		61,572,279
	71,380,000		4.500			05/01/23		107,034,749
	Republic of Argentina^(b)
	144,875,000		0.000			12/15/35		13,540,848
$	1,630,000		0.000			12/15/35		118,990
	1,100,947,000		0.000			12/15/35		83,671,972
	Republic of Costa Rica
	3,360,000		9.995			08/01/20		4,250,400
	10,280,000		5.625			04/30/43		8,789,400
	4,487,000		7.000			04/04/44		4,509,435
	Republic of Honduras^(c)
	23,950,000		8.750			12/16/20		27,123,375
	Spain Government Bond
EUR	61,920,000		4.400	^(c)		10/31/23		94,078,852
	134,890,000		5.900			07/30/26		229,611,527
	United Mexican States
MXN	1,590,163,270		0.000	^(g)		10/16/14		118,084,467
	275,783,350		0.000	^(g)		11/20/14		20,420,925
	1,654,156,400		0.000	^(g)		11/27/14		122,415,826
	316,404,650		0.000	^(g)		12/11/14		23,389,608

Principal Amount		Interest Rate			Maturity Date		Value

Foreign Debt Obligations – (continued)
Sovereign – (continued)
	United Mexican States – (continued)
MXN	820,692,900		0.000	%^(g)		12/18/14		60,727,791
	534,083,530		0.000	^(g)		12/24/14		39,439,427
	976,370,600		0.000	^(g)		02/05/15		71,836,464
	300,969,830		0.000	^(g)		02/19/15		22,118,386
	293,239,180		0.000	^(g)		03/19/15		21,530,334
	1,553,045,544		5.000			06/16/16		125,601,831
	1,850,614,300		4.750			06/14/18		136,904,878
	241,369,600		6.500			06/10/21		18,769,474
	154,502,100		8.000			12/07/23		13,063,917
	39,328,100		10.000			12/05/24		3,795,723
	75,763,000		8.500			05/31/29		6,666,139
	11,492,900		7.750			05/29/31		947,238
	475,100		10.000			11/20/36		47,938
	3,417,300		8.500			11/18/38		301,304

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $3,130,514,317)						$	3,048,631,228


	Structured Note – 0.0%
	Notas do Tesouro Nacional Series B (Issuer HSBC Corp.)
BRL	18,354,547		6.000	%		08/15/40	$	7,297,175
	(Cost $10,839,236)


	Municipal Debt Obligations – 2.4%
	Puerto Rico – 2.4%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2008 A
$	5,255,000		6.000	%		07/01/38	$	3,956,962
	17,570,000		6.000			07/01/44		12,958,051
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2012 A
	8,105,000		5.750			07/01/37		5,979,221
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB (Senior Lien) Series 2012 D
	3,965,000		5.000			07/01/33		2,816,062
	Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2011 A
	3,020,000		5.750			07/01/41		2,266,510
	Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2012 A
	1,095,000		5.125			07/01/37		818,534
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2008 A
	1,485,000		5.500			07/01/32		1,115,562
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2009 B
	1,150,000		5.875			07/01/36		894,252
	5,555,000		5.750			07/01/38		4,268,073
	2,955,000		6.000			07/01/39		2,267,756
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2009 C
	275,000		6.000			07/01/39		211,043


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

GOLDMAN SACHS STRATEGIC INCOME 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 GO Bonds Refunding for Public Improvement Series 2011 A
$	1,110,000		6.000	%		07/01/34	$	860,439
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2011 E
	1,000,000		5.625			07/01/32		760,440
	Puerto Rico Commonwealth GO Bonds Refunding for Public Improvement Series 2012 A
	515,000		5.500			07/01/26		409,780
	20,810,000		5.500			07/01/39		15,552,978
	8,010,000		5.000			07/01/41		5,863,640
	Puerto Rico Commonwealth GO Bonds Series 2007 A
	6,670,000		5.250			07/01/37		5,019,375
	Puerto Rico Commonwealth GO Bonds Series 2014 A
	343,490,000		8.000			07/01/35		302,278,070
	Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2001 A
	1,950,000		5.125			07/01/31		1,458,736
	Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2004 A
	455,000		5.000			07/01/34		342,469
	Puerto Rico Commonwealth GO Bonds Unrefunded Balance for Public Improvement Series 2006 A
	605,000		5.250			07/01/27		467,024
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Capital Appreciation Series 2010 A^(g)
	1,990,000		0.000			08/01/35		336,370
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Capital Appreciation SubSeries 2010 C^(g)
	5,285,000		0.000			08/01/37		781,652
	4,305,000		0.000			08/01/38		601,882
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2011 C
	1,205,000		5.250			08/01/40		1,026,877
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2009 A
	1,005,000		5.500			08/01/23		889,867
	1,650,000		5.250			08/01/27		1,373,592
	35,660,000		0.000	^(h)		08/01/32		28,058,714
	22,040,000		5.750			08/01/37		17,996,321
	2,795,000		6.375			08/01/39		2,349,729
	59,935,000		6.000			08/01/42		48,081,655
	500,000		6.500			08/01/44		423,090
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 A
	9,275,000		0.000	^(h)		08/01/33		5,425,040
	19,375,000		5.500			08/01/37		15,185,931
	23,885,000		5.375			08/01/39		18,224,494
	41,790,000		5.500			08/01/42		31,920,038
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2010 C
	5,965,000		5.375			08/01/38		4,626,514
	3,150,000		6.000			08/01/39		2,578,527
	48,685,000		5.250			08/01/41		35,923,688

Principal Amount		Interest Rate			Maturity Date		Value

Municipal Debt Obligations – (continued)
Puerto Rico – (continued)
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB SubSeries 2011 A-1
	12,440,000		5.000			08/01/43		8,912,140
	4,060,000		5.250			08/01/43		2,972,488
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Unrefunded SubSeries 2009 A
	29,245,000		5.500			08/01/28		24,706,176
	2,995,000		6.125			08/01/29		2,546,589

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $623,530,494)						$	625,506,351


	Government Guarantee Obligation^(b)(i) – 1.0%
	FMS Wertmanagement
$	251,800,000		0.484	%		06/30/15	$	252,243,168
	(Cost $252,243,663)


	U.S. Treasury Obligations – 20.8%
	United States Treasury Bonds
$	111,200,000		2.750	%		11/15/42	$	101,727,986
	99,400,000		2.875			05/15/43		93,114,940
	142,300,000		3.625	^(j)		08/15/43		153,810,643
	168,900,000		3.750	^(j)		11/15/43		186,669,976
	640,800,000		3.625	^(j)		02/15/44		692,544,581
	436,600,000		3.375			05/15/44		450,710,921
	United States Treasury Inflation Protected Securities
	28,698,480		1.625			01/15/15		28,729,761
	285,624,120		0.500			04/15/15		285,935,450
	132,533,098		1.875			07/15/15		135,556,178
	125,371,806		0.125			01/15/22		122,530,881
	79,906,029		0.375			07/15/23		79,119,754
	176,047,851		0.625			01/15/24		177,037,240
	34,844,580		2.500			01/15/29		42,575,895
	91,852,757		1.375			02/15/44		98,325,620
	United States Treasury Notes
	89,500,000		0.250	^(j)		01/15/15		89,552,803
	89,000,000		0.250	^(j)		02/15/15		89,066,747
	51,100,000		0.125			04/30/15		51,118,909
	220,000,000		0.375			01/31/16		220,318,993
	403,100,000		1.625			03/31/19		401,955,208
	425,700,000		2.125	^(j)		01/31/21		425,648,912
	990,500,000		2.250			04/30/21		995,363,325
	474,800,000		2.125			06/30/21		472,682,397

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $5,278,914,340)						$	5,394,097,120


	Senior Term Loans^(k) – 2.7%
	Energy – 0.0%
	American Energy – Marcellus LLC
$	7,600,000		8.500	%		08/04/21	$	7,524,000


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Senior Term Loans^(k) – (continued)
	Environmental – 0.2%
	EnergySolutions LLC
$	44,313,938		6.750	%		05/29/20	$	44,867,862

	Finance^(l) – 0.2%
	Nuveen Investments, Inc.
	50,824,794		0.000			05/15/17		50,670,287

	Food & Beverage^(l) – 0.5%
	Burger King Corp.
	131,325,000		0.000			09/04/15		131,325,000

	Health Care – Services – 0.1%
	American Renal Holdings, Inc.
	13,790,000		4.500			09/20/19		13,548,675
	18,775,000		8.500			03/20/20		18,587,250

								32,135,925

	Media – Broadcasting & Radio – 0.5%
	Getty Images, Inc.
	21,288,960		4.750			10/18/19		19,488,339
	iHeart Communications, Inc.
	57,478,513		3.804			01/29/16		56,868,091
	Promotora de Informaciones SA
EUR	38,795,669		9.750			12/10/15		51,695,937

								128,052,367

	Media – Non Cable – 0.2%
	Checkout Holding Corp.
$	23,790,375		4.500			04/09/21		23,118,297
	16,750,000		7.750			04/11/22		15,975,312

								39,093,609

	Restaurants^(l) – 0.3%
	1011778 B.C. Unlimited
	90,175,000		0.000			09/24/21		89,473,438

	Retailers – 0.7%
	Alliance Boots Holdings Ltd.
GBP	41,241,941		0.000			07/09/15		66,723,655
EUR	8,971,352		0.000			07/09/17		11,324,698
GBP	21,125,000		0.000			07/09/17		34,216,318
	True Religion Apparel, Inc.
$	57,288,866		5.875			07/30/19		52,562,535
	5,000,000		11.000			01/29/20		4,700,000

								169,527,206

	TOTAL SENIOR TERM LOANS
	(Cost $700,448,201)						$	692,669,694


Shares	Rate			Value

Preferred Stocks – 0.5%
Banks – 0.3%
Citigroup Capital XIII^(b)
797,300		7.875	%	$	21,463,316
ING Groep NV
288,739		6.125			7,241,574
96,663		6.200			2,423,341
71,259		6.375			1,801,428

Shares	Rate			Value

Preferred Stocks – (continued)
Banks – (continued)
Morgan Stanley^(b)
1,700,000		6.375			42,619,000

					75,548,659

Diversified Financial Services^(b) – 0.2%
GMAC Capital Trust I
2,329,998		8.125			62,001,247
Merrill Lynch Capital Trust II
80,976		6.450			2,046,263

					64,047,510

TOTAL PREFERRED STOCKS – 0.5%
(Cost $140,928,673)				$	139,596,169


Notional Amount		Exercise Rate			Expiration Date		Value

	Options Purchased – 2.7%
	Interest Rate Swaptions
	Bank of America NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.590%
$	197,100,000		3.590	%		03/22/16	$	3,884,309
	Bank of America NA Call - OTC - 10 year Interest Rate Swap Strike Price 4.070%
	197,600,000		4.070			03/29/16		2,044,646
	Citibank NA Put - OTC - 10 year Interest Rate Swap Strike Price 3.017%
	97,100,000		3.017			05/29/15		2,730,617
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.017%
	97,100,000		3.017			05/29/15		1,659,206
	Citibank NA Put - OTC - 10 year Interest Rate Swap Strike Price 3.040%
	153,900,000		3.040			06/03/15		4,530,093
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.040%
	153,900,000		3.040			06/03/15		2,558,618
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.645%
	109,700,000		3.645			02/16/16		1,813,089
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.633%
	86,400,000		3.633			02/19/16		1,473,647
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.570%
	81,900,000		3.570			02/22/16		1,529,769
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.625%
	79,000,000		3.625			02/22/16		1,367,166
	Citibank NA Put - OTC - 10 year Interest Rate Swap Strike Price 3.725%
	200,000,000		3.725			04/04/16		13,324,800
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.725%
	200,000,000		3.725			04/04/16		3,403,380


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Notional Amount		Exercise Rate			Expiration Date		Value

Options Purchased – (continued)
Interest Rate Swaptions – (continued)
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.650%
$	415,000,000		3.650	%		05/20/16	$	8,827,797
	Citibank NA Put - OTC - 10 year Interest Rate Swap Strike Price 3.388%
	310,100,000		3.388			09/19/16		14,427,961
	Citibank NA Call - OTC - 10 year Interest Rate Swap Strike Price 3.388%
	310,100,000		3.388			09/19/16		11,039,126
	Citibank NA Put - OTC - 30 year Interest Rate Swap Strike Price 4.050%
	24,100,000		4.050			01/28/16		3,602,680
	Citibank NA Call - OTC - 30 year Interest Rate Swap Strike Price 4.050%
	24,100,000		4.050			01/28/16		528,638
	Citibank NA Put - OTC - 30 year Interest Rate Swap Strike Price 3.945%
	24,700,000		3.945			03/18/16		3,303,546
	Citibank NA Call - OTC - 30 year Interest Rate Swap Strike Price 3.945%
	24,700,000		3.945			03/18/16		741,790
	Deutsche Bank AG Call - OTC - 2 year Interest Rate Swap Strike Price 1.950%
	269,900,000		1.950			10/26/15		1,527,121
	Deutsche Bank AG Call - OTC - 2 year Interest Rate Swap Strike Price 2.030%
	249,500,000		2.030			10/26/15		1,265,414
	Deutsche Bank AG Put - OTC - 5 year Interest Rate Swap Strike Price 2.550%
	361,400,000		2.550			09/28/15		5,866,859
	Deutsche Bank AG Call - OTC - 5 year Interest Rate Swap Strike Price 2.550%
	361,400,000		2.550			09/28/15		5,523,710
	Deutsche Bank AG Put - OTC - 5 year Interest Rate Swap Strike Price 2.980%
	337,600,000		2.980			03/04/16		8,701,640
	Deutsche Bank AG Call - OTC - 5 year Interest Rate Swap Strike Price 2.980%
	337,600,000		2.980			03/04/16		4,941,620
	Deutsche Bank AG Put - OTC - 5 year Interest Rate Swap Strike Price 3.110%
	477,100,000		3.110			09/19/16		13,021,395
	Deutsche Bank AG Call - OTC - 5 year Interest Rate Swap Strike Price 3.110%
	477,100,000		3.110			09/19/16		9,558,221
	Deutsche Bank AG Put - OTC - 5 year Interest Rate Swap Strike Price 3.018%
	479,800,000		3.018			09/26/16		11,898,224
	Deutsche Bank AG Call - OTC - 5 year Interest Rate Swap Strike Price 3.018%
	479,800,000		3.018			09/26/16		10,605,211
	Deutsche Bank AG Put - OTC - 5 year Interest Rate Swap Strike Price 2.940%
	382,200,000		2.940			09/29/16		8,719,243

Notional Amount		Exercise Rate			Expiration Date		Value

Options Purchased – (continued)
Interest Rate Swaptions – (continued)
	Deutsche Bank AG Call - OTC - 5 year Interest Rate Swap Strike Price 2.940%
	382,200,000		2.940			09/29/16		9,140,733
	Deutsche Bank AG Put - OTC - 10 year Interest Rate Swap Strike Price 3.503%
	301,100,000		3.503			07/02/15		17,653,613
	Deutsche Bank AG Call - OTC - 10 year Interest Rate Swap Strike Price 3.503%
	301,100,000		3.503			07/02/15		2,261,381
	Deutsche Bank AG Put - OTC - 10 year Interest Rate Swap Strike Price 3.408%
	305,600,000		3.408			09/19/16		14,513,555
	Deutsche Bank AG Call - OTC - 10 year Interest Rate Swap Strike Price 3.408%
	305,600,000		3.408			09/19/16		10,664,462
	Deutsche Bank AG Call - OTC - 10 year Interest Rate Swap Strike Price 3.780%
	402,300,000		3.780			09/26/16		9,576,671
	Deutsche Bank AG Put - OTC - 10 year Interest Rate Swap Strike Price 4.120%
	188,500,000		4.120			04/23/19		15,736,772
	Deutsche Bank AG Call - OTC - 10 year Interest Rate Swap Strike Price 4.120%
	188,500,000		4.120			04/23/19		7,434,384
	Deutsche Bank AG Put - OTC - 10 year Interest Rate Swap Strike Price 4.130%
	188,000,000		4.130			04/23/19		15,792,940
	Deutsche Bank AG Call - OTC - 10 year Interest Rate Swap Strike Price 4.130%
	188,000,000		4.130			04/23/19		7,364,674
	Deutsche Bank AG Put - OTC - 10 year Interest Rate Swap Strike Price 4.095%
	162,400,000		4.095			04/24/19		13,348,582
	Deutsche Bank AG Call - OTC - 10 year Interest Rate Swap Strike Price 4.095%
	162,400,000		4.095			04/24/19		6,517,924
	Deutsche Bank AG Put - OTC - 10 year Interest Rate Swap Strike Price 3.963%
	162,200,000		3.963			05/07/19		12,244,770
	Deutsche Bank AG Call - OTC - 10 year Interest Rate Swap Strike Price 3.963%
	162,200,000		3.963			05/07/19		7,153,734
	Deutsche Bank AG Call - OTC - 30 Year Interest Rate Swap Strike Price 3.960%
	18,500,000		3.960			01/29/16		479,159
	Deutsche Bank AG Put - OTC - 30 Year Interest Rate Swap Strike Price 3.960%
	18,500,000		3.960			01/29/16		2,514,450
	Deutsche Bank AG Put - OTC - 30 year Interest Rate Swap Strike Price 3.920%
	25,400,000		3.920			03/14/16		3,306,369
	Deutsche Bank AG Call - OTC - 30 year Interest Rate Swap Strike Price 3.920%
	25,400,000		3.920			03/14/16		784,583


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Notional Amount		Exercise Rate			Expiration Date		Value

Options Purchased – (continued)
Interest Rate Swaptions – (continued)
	Deutsche Bank AG Put - OTC - 30 year Interest Rate Swap Strike Price 4.015%
$	21,300,000		4.015	%		04/15/19	$	3,221,395
	Deutsche Bank AG Call - OTC - 30 year Interest Rate Swap Strike Price 4.015%
	21,300,000		4.015			04/15/19		1,545,924
	JPMorgan Securities, Inc. Call - OTC - 2 year Interest Rate Swap Strike Price 1.855%
	262,500,000		1.855			11/02/15		1,752,266
	JPMorgan Securities, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 2.783%
	774,500,000		2.783			09/30/15		8,616,313
	JPMorgan Securities, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 3.080%
	319,000,000		3.080			09/19/16		8,447,567
	JPMorgan Securities, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 3.080%
	319,000,000		3.080			09/19/16		6,573,155
	JPMorgan Securities, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 3.000%
	624,200,000		3.000			09/22/16		15,195,962
	JPMorgan Securities, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 3.000%
	624,200,000		3.000			09/22/16		13,975,900
	JPMorgan Securities, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 2.973%
	535,500,000		2.973			09/26/16		12,665,753
	JPMorgan Securities, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 2.973%
	535,500,000		2.973			09/26/16		12,332,779
	JPMorgan Securities, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 2.988%
	323,200,000		2.988			09/26/16		7,766,787
	JPMorgan Securities, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 2.988%
	323,200,000		2.988			09/26/16		7,342,490
	JPMorgan Securities, Inc. Put - OTC - 10 year Interest Rate Swap Strike Price 3.080%
	147,700,000		3.080			06/04/15		4,665,370
	JPMorgan Securities, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 3.080%
	147,700,000		3.080			06/04/15		2,287,223
	JPMorgan Securities, Inc. Put - OTC - 10 year Interest Rate Swap Strike Price 3.498%
	186,000,000		3.498			07/02/15		10,838,201
	JPMorgan Securities, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 3.498%
	186,000,000		3.498			07/02/15		1,412,261
	JPMorgan Securities, Inc. Put - OTC - 10 year Interest Rate Swap Strike Price 3.385%
	160,300,000		3.385			09/19/16		7,434,602
	JPMorgan Securities, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 3.610%
	76,300,000		3.610			02/16/16		1,324,827

Notional Amount		Exercise Rate			Expiration Date		Value

Options Purchased – (continued)
Interest Rate Swaptions – (continued)
	JPMorgan Securities, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 3.385%
	160,300,000		3.385			09/19/16		5,723,928
	JPMorgan Securities, Inc. Put - OTC - 10 year Interest Rate Swap Strike Price 3.391%
	163,600,000		3.391			09/19/16		7,637,977
	JPMorgan Securities, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 3.391%
	163,600,000		3.391			09/19/16		5,804,675
	JPMorgan Securities, Inc. Put - OTC - 10 year Interest Rate Swap Strike Price 3.413%
	129,300,000		3.413			09/19/16		6,172,950
	JPMorgan Securities, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 3.413%
	129,300,000		3.413			09/19/16		4,489,115
	JPMorgan Securities, Inc. Put - OTC - 10 year Interest Rate Swap Strike Price 3.293%
	163,200,000		3.293			09/23/16		6,851,169
	JPMorgan Securities, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 3.293%
	163,200,000		3.293			09/23/16		6,449,893
	JPMorgan Securities, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 4.105%
	149,000,000		4.105			04/29/19		5,952,222
	JPMorgan Securities, Inc. Put - OTC - 10 year Interest Rate Swap Strike Price 4.105%
	149,000,000		4.105			04/29/19		12,318,590
	JPMorgan Securities, Inc. Put - OTC - 10 year Interest Rate Swap Srike Price 3.955%
	163,900,000		3.955			05/07/19		12,312,693
	JPMorgan Securities, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 3.955%
	163,900,000		3.955			05/07/19		7,264,884
	Morgan Stanley Capital Services, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 2.550%
	307,000,000		2.550			09/28/15		4,983,746
	Morgan Stanley Capital Services, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 2.550%
	307,000,000		2.550			09/28/15		4,692,249
	Morgan Stanley Capital Services, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 2.513%
	308,900,000		2.513			09/29/15		4,865,175
	Morgan Stanley Capital Services, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 2.513%
	308,900,000		2.513			09/29/15		4,865,175
	Morgan Stanley Capital Services, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 3.050%
	362,700,000		3.050			03/07/16		10,108,558
	Morgan Stanley Capital Services, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 3.050%
	362,700,000		3.050			03/07/16		4,903,849
	Morgan Stanley Capital Services, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 3.115%
	319,000,000		3.115			09/19/16		8,749,947


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Notional Amount		Exercise Rate			Expiration Date			Value
							��
Options Purchased – (continued)
Interest Rate Swaptions – (continued)
	Morgan Stanley Capital Services, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 3.115%
$	319,000,000		3.115	%		09/19/16		$	6,360,860
	Morgan Stanley Capital Services, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 2.950%
	553,800,000		2.950			09/26/16			12,787,408
	Morgan Stanley Capital Services, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 2.950%
	553,800,000		2.950			09/26/16			13,017,180
	Morgan Stanley Capital Services, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 2.930%
	308,900,000		2.930			09/29/16			7,197,370
	Morgan Stanley Capital Services, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 2.930%
	308,900,000		2.930			09/29/16			7,197,370
	Morgan Stanley Capital Services, Inc. Put - OTC - 5 year Interest Rate Swap Strike Price 2.940%
	308,900,000		2.940			09/29/16			7,189,648
	Morgan Stanley Capital Services, Inc. Call - OTC - 5 year Interest Rate Swap Strike Price 2.940%
	308,900,000		2.940			09/29/16			7,189,648
	Morgan Stanley Capital Services, Inc. Call - OTC - 7 year Interest Rate Swap Strike Price 3.010%
	599,700,000		3.010			09/29/15			8,947,884
	Morgan Stanley Capital Services, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 3.630%
	300,200,000		3.630			02/16/16			5,067,856
	Morgan Stanley Capital Services, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 3.652%
	125,800,000		3.652			02/22/16			2,096,331
	Morgan Stanley Capital Services, Inc. Put - OTC - 10 year Interest Rate Swap Strike Price 3.640%
	369,800,000		3.640			03/04/16			22,835,520
	Morgan Stanley Capital Services, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 3.640%
	369,800,000		3.640			03/04/16			6,503,673
	Morgan Stanley Capital Services, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 3.620%
	297,700,000		3.620			03/07/16			5,398,730
	Morgan Stanley Capital Services, Inc. Put - OTC - 10 year Interest Rate Swap Strike Price 3.388%
	170,000,000		3.388			09/19/16			7,905,374
	Morgan Stanley Capital Services, Inc. Call - OTC - 10 year Interest Rate Swap Strike Price 3.388%
	170,000,000		3.388			09/19/16			6,054,856
	Morgan Stanley Capital Services, Inc. Put - OTC - 30 year Interest Rate Swap Strike Price 4.180%
	55,200,000		4.180			04/02/19			9,403,927
	Morgan Stanley Capital Services, Inc. Call - OTC - 30 year Interest Rate Swap Strike Price 4.180%
	55,200,000		4.180			04/02/19			3,456,696

	TOTAL OPTIONS PURCHASED
	(Cost $777,322,395)							$	711,064,193

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENTS
	(Cost $24,226,223,151)							$	24,212,742,509

Principal Amount		Interest Rate			Maturity Date			Value

	Short-term Investments – 4.9%
	Repurchase Agreement – 4.9%
	Citigroup Global Markets, Inc.
$	350,000,000		1.133	%		03/23/15		$	350,000,000
	Maturity Value: $351,993,765
	Settlement Date: 09/23/14
	Collateralized by various asset-backed obligations, 0.335% to 7.120%, due 05/1/22 to 04/25/38, various collateralized mortgage obligations, 0.494% to 6.031%, due 10/15/20 to 01/25/54, and various corporate obligations, 0.390% to 6.250%, due 04/11/20 to 01/15/26. The aggregate market value of the collateral, including accrued interest, was $417,635,740.

	Joint Repurchase Agreement Account II^(m)
	294,700,000		0.012			10/01/14			294,700,000

	Morgan Stanley
	100,000,000		1.133			03/23/15			100,000,000
	Maturity Value: $100,550,764
	Settlement Date: 09/29/14
	Collateralized by Champion Enterprises, Inc., 2.750%, due 01/11/37 and various equity securities. The aggregate market value of the collateral, including accrued interest, was $108,000,484.

	Royal Bank of Scotland
	525,000,000		1.156			12/06/14			525,000,000
	Maturity Value: $528,000,786
	Settlement Date: 06/11/14
	Collateralized by various asset-backed obligations, 0.000% to 6.827%, due 08/17/20 to 04/12/49, various collateralized mortgage obligations, 0.000% to 9.250%, due 12/01/16 to 10/15/57, various corporate obligations, 0.000% to 9.375%, due 10/31/14 to 10/31/49, and various government obligations, 0.000% to 9.040%, due 02/25/17 to 05/01/50. The aggregate market value of the collateral, including accrued interest, was $576,790,263.

	TOTAL SHORT-TERM INVESTMENTS
	(Cost $1,269,700,000)							$	1,269,700,000

	TOTAL INVESTMENTS – 98.1%
	(Cost $25,495,923,151)							$	25,482,442,509

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.9%								505,804,333

	NET ASSETS – 100.0%							$	25,988,246,842


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at September 30, 2014.
(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 $4,920,825,541, which represents approximately 18.9% of net assets as of September 30, 2014.


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

GOLDMAN SACHS STRATEGIC INCOME FUND


(d)		Pay-in-kind securities.
(e)		Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(f)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $125,309,059 which represents approximately 0.5% of net assets as of September 30, 2014.
(g)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(h)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at September 30, 2014.
(i)		Guaranteed by a foreign government until maturity.
(j)		All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(k)		Senior Term Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility at September 30, 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.
(l)		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.
(m)		Joint repurchase agreement was entered into on September 30, 2014. Additional information appears on page 118.



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

Investment Abbreviations:
AUDOR		—Australian Dollar Offered Rate
CDOR		—Canadian Dollar Offered Rate
CHFOR		—Swiss Franc Offered Rate
CLO		—Collateralized Loan Obligation
EURO		—Euro Offered Rate
FFCB		—Federal Farm Credit Bank
FHLB		—Federal Home Loan Bank
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
GO		—General Obligation
JIBAR		—Johannesburg Interbank Agreed Rate
JYOR		—Japanese Yen Offered Rate
KLIBOR		—Kuala Lumpur Interbank Offered Rate
KWCDC		—South Korean Won Certificate of Deposit
LIBOR		—London Interbank Offered Rate
LP		—Limited Partnership
NIBOR		—Norwegian Interbank Offered Rate
NZDOR		—New Zealand Dollar Offered Rate
OTC		—Over the Counter
RB		—Revenue Bond
REMIC		—Real Estate Mortgage Investment Conduit
STIBOR		—Stockholm Interbank Offered Rate
TIIE		—La Tasa de Interbank Equilibrium Interest Rate
WIBOR		—Warsaw Interbank Offered Rate


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

GOLDMAN SACHS STRATEGIC INCOME 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 Securites LLC	GBP/EUR		12/17/14	$	82,654,989	$	2,237,158
	NOK/EUR		12/17/14		83,073,293		1,694,876
	USD/EUR		12/17/14		1,624,341,638		53,407,203
	USD/JPY		12/17/14		165,742,612		3,788,388
	USD/MYR		10/03/14		67,348,673		894,527
	USD/SEK		11/06/14		105,896,968		1,554,006
Barclays Bank PLC	CAD/CHF		12/17/14		70,647,670		43,639
	GBP/USD		12/17/14		254,713,265		1,168,376
	USD/AUD		12/17/14		233,485,767		9,590,148
	USD/BRL		10/24/14		137,704,246		11,032,754
	USD/EUR		10/30/14		70,072,042		273,592
	USD/ILS		12/17/14		89,906,242		6,235,088
	USD/INR		10/07/14		170,119,787		2,688,213
	USD/INR		10/27/14		66,495,625		1,062,375
	USD/KRW		10/27/14		128,403,497		1,238,503
	USD/MYR		10/03/14		62,287,860		202,332
	USD/NZD		12/17/14		80,953,538		3,244,725
	USD/SEK		12/17/14		145,779,556		2,524,414
BNP Paribas SA	EUR/PLN		12/17/14		83,934,398		175,179
	EUR/USD		12/17/14		170,511,615		23,268
	GBP/EUR		12/17/14		80,236,151		1,872,276
	USD/AUD		12/17/14		328,967,012		8,815,828
	USD/BRL		10/22/14		82,601,837		2,413,163
	USD/GBP		12/17/14		169,243,451		648,738
	USD/MXN		10/31/14		413,227,565		7,628,913
	USD/MYR		10/20/14		83,657,435		1,347,565
	USD/RUB		10/27/14		167,414,132		2,848,868
	USD/TRY		12/17/14		77,882,231		3,800,275
Citibank NA	CHF/EUR		12/17/14		81,116,992		242,963
	GBP/EUR		12/17/14		166,830,281		906,323
	NOK/EUR		12/17/14		249,725,384		3,396,525
	PHP/USD		10/20/14		42,597,684		8,684
	USD/CAD		12/17/14		122,748,403		1,747,097
	USD/CHF		12/17/14		254,675,351		5,135,270
	USD/EUR		10/30/14		1,446,057,412		36,834,531
	USD/INR		10/14/14		165,728,985		2,904,015
	USD/NZD		11/13/14		46,463,661		442,255
	USD/NZD		12/17/14		117,829,596		7,083,931
	USD/PHP		10/14/14		41,285,375		976,625
	USD/SGD		12/17/14		132,861,586		2,225,257
	USD/TRY		12/17/14		81,433,078		2,715,922
	USD/TWD		10/17/14		168,238,466		1,771,534
	USD/TWD		10/20/14		168,305,691		1,493,309
Credit Suisse International (London)	USD/CAD		11/06/14		62,485,173		1,167,232
	USD/CHF		12/17/14		274,559,210		5,719,947
	USD/RUB		10/02/14		79,026,727		4,156,273
Deutsche Bank AG (London)	RUB/USD		11/17/14		12,076,950		21,137
	USD/CNH		12/17/14		339,861,155		1,353,845
	USD/EUR		12/17/14		82,724,495		2,063,239


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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Gain
Deutsche Bank AG (London) (continued)	USD/GBP		10/22/14	$	251,400,820	$	3,800,413
	USD/INR		10/07/14		15,266,778		72,793
	USD/KRW		10/14/14		165,168,987		3,464,013
	USD/MXN		12/17/14		167,780,684		2,248,316
	USD/MYR		10/07/14		186,560,447		5,349,553
	USD/NZD		12/17/14		331,836,394		6,667,973
	USD/PHP		10/14/14		37,730,095		884,905
	USD/PHP		10/20/14		83,719,759		1,179,241
	USD/RUB		10/02/14		12,180,494		892
	USD/RUB		11/17/14		86,910,086		6,187,809
	USD/SEK		12/17/14		157,740,914		2,991,851
	USD/TWD		10/20/14		13,201,180		92,436
HSBC Bank PLC	GBP/USD		12/17/14		85,241,389		729,016
	SEK/EUR		12/17/14		170,931,184		62,438
	TWD/USD		10/20/14		85,577,424		53,424
	USD/BRL		10/24/14		198,239,461		15,681,228
	USD/BRL		10/27/14		71,344,434		1,121,752
	USD/CNH		12/17/14		341,733,902		362,098
	USD/GBP		12/17/14		162,009,994		4,210,155
	USD/JPY		12/17/14		83,078,982		1,820,018
	USD/KRW		10/22/14		25,075,812		317,870
	USD/KRW		10/23/14		58,877,118		762,882
	USD/NZD		12/17/14		117,829,596		7,530,148
	USD/SGD		12/17/14		191,436,923		3,597,248
	USD/TRY		12/17/14		82,965,199		4,186,065
JPMorgan Chase Bank (London)	MXN/USD		10/31/14		54,650,750		387,008
	MXN/USD		12/17/14		85,806,676		282,676
	SEK/EUR		12/17/14		315,396,696		1,148,738
	USD/BRL		10/24/14		36,844,689		1,496,033
	USD/EUR		10/30/14		1,738,889,841		42,553,794
	USD/EUR		12/17/14		84,570,849		707,315
	USD/IDR		10/31/14		44,310,396		893,632
	USD/INR		10/29/14		115,423,665		1,396,335
	USD/JPY		12/17/14		263,657,559		11,881,998
	USD/MXN		10/31/14		413,227,565		8,154,983
	USD/MXN		12/17/14		422,814,044		7,397,956
	USD/RUB		10/20/14		41,366,412		1,140,588
	USD/RUB		11/17/14		85,101,037		5,439,863
	USD/TRY		12/17/14		161,766,215		6,532,785
Merrill Lynch International Bank Ltd.	MXN/USD		10/31/14		33,917,767		164,248
Morgan Stanley & Co. International PLC	TWD/USD		10/17/14		170,445,451		90,451
	USD/AUD		12/17/14		106,596,397		3,664,914
	USD/ILS		12/17/14		146,006,147		8,956,599
	USD/TRY		12/17/14		78,909,767		3,936,474
Royal Bank of Scotland PLC	USD/AUD		12/17/14		168,874,272		623,493
	USD/CAD		12/17/14		421,509,874		3,415,626
	USD/EUR		10/30/14		68,897,584		1,579,376
	USD/EUR		12/17/14		80,995,039		2,055,674
	USD/GBP		12/17/14		180,758,661		876,422
	USD/JPY		12/17/14		177,305,595		1,047,848
	USD/MXN		11/28/14		180,583,610		2,365,002
	USD/TRY		12/17/14		166,233,424		3,795,576


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

GOLDMAN SACHS STRATEGIC INCOME 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
Standard Chartered Bank	USD/AUD		12/17/14	$	284,427,054	$	11,578,944
	USD/CNH		12/17/14		332,896,024		1,083,976
	USD/EUR		12/17/14		82,931,752		2,269,214
	USD/TRY		12/17/14		75,921,044		3,895,640
State Street Bank (London)	AUD/USD		12/17/14		170,240,781		810,559
	EUR/USD		10/30/14		362,261,656		1,483,236
	USD/AUD		12/17/14		53,095,330		1,191,265
	USD/CHF		12/17/14		256,535,443		5,620,786
	USD/JPY		12/17/14		248,828,280		5,822,720
	USD/NZD		12/17/14		126,893,411		8,010,595
	USD/SEK		12/17/14		145,664,559		2,192,937
UBS AG (London)	NZD/USD		12/17/14		160,842,143		491,174
	USD/BRL		10/14/14		168,666,142		1,804,858
	USD/EUR		12/17/14		84,516,508		655,899
	USD/HUF		12/17/14		112,764,129		2,813,828
	USD/JPY		11/07/14		109,983,943		411,304
Westpac Banking Corp.	AUD/USD		12/17/14		255,812,830		649,167
	USD/AUD		12/17/14		385,141,105		14,931,409
	USD/EUR		10/30/14		80,627,019		1,852,084
	USD/EUR		12/17/14		327,761,205		7,762,864
	USD/MYR		10/07/14		11,167,320		324,108
	USD/MYR		10/20/14		79,228,532		1,547,621
	USD/NZD		12/17/14		160,536,991		9,790,380
	USD/SGD		12/17/14		167,079,597		3,152,470
TOTAL						$	500,327,286

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
Bank of America Securites LLC	EUR/GBP		12/17/14	$	162,400,753	$	(2,456,703	)
	EUR/USD		12/17/14		398,688,620		(6,517,056	)
	HUF/USD		12/17/14		76,499,305		(1,451,695	)
	NZD/USD		11/13/14		55,769,570		(717,470	)
Barclays Bank PLC	EUR/PLN		12/17/14		166,449,235		(1,156,951	)
	EUR/USD		12/17/14		83,160,493		(1,935,990	)
	ILS/USD		12/17/14		42,244,568		(1,280,379	)
	INR/USD		10/07/14		117,068,297		(1,307,773	)
	INR/USD		10/27/14		126,438,734		(2,289,673	)
	JPY/USD		11/07/14		55,233,666		(168,974	)
	JPY/USD		12/17/14		80,733,907		(3,354,093	)
	MYR/USD		10/20/14		68,317,364		(101,636	)
	MYR/USD		10/29/14		104,443,186		(544,877	)
	NZD/USD		12/17/14		78,707,497		(4,666,865	)
	PLN/USD		12/17/14		113,739,066		(3,737,581	)
	TWD/USD		10/27/14		84,590,001		(563,999	)
BNP Paribas SA	AUD/USD		12/17/14		162,231,965		(6,115,517	)
	GBP/USD		12/17/14		85,293,008		(2,170,442	)
	ILS/USD		12/17/14		125,539,208		(1,621,792	)
	INR/USD		10/14/14		29,855,225		(406,204	)
	PLN/USD		12/17/14		114,662,758		(2,644,989	)
Citibank NA	AUD/USD		12/17/14		248,790,042		(5,028,532	)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
Citibank NA (continued)	EUR/CHF		12/17/14	$	163,006,247	$	(97,415	)
	EUR/GBP		12/17/14		84,252,443		(1,035,081	)
	GBP/USD		10/22/14		84,754,033		(1,286,765	)
	IDR/USD		10/31/14		44,310,396		(1,744,327	)
	ILS/USD		12/17/14		73,499,573		(1,848,427	)
	JPY/USD		11/07/14		64,580,851		(254,568	)
	MXN/USD		12/17/14		162,700,487		(2,196,675	)
	MYR/USD		10/03/14		65,726,873		(1,579,844	)
	NOK/EUR		12/17/14		170,931,184		(252,107	)
	NZD/USD		12/17/14		59,123,562		(2,342,269	)
	PHP/USD		10/29/14		30,994,994		(119,006	)
Credit Suisse International (London)	EUR/CHF		12/17/14		171,026,448		(95,264	)
	RUB/USD		10/02/14		78,259,746		(5,179,254	)
	RUB/USD		10/27/14		165,449,832		(4,857,168	)
Deutsche Bank AG (London)	AUD/USD		12/17/14		162,396,521		(6,342,527	)
	EUR/USD		12/17/14		493,439,059		(9,976,947	)
	IDR/USD		11/03/14		85,039,586		(138,414	)
	INR/USD		10/29/14		15,171,492		(111,009	)
	PHP/USD		10/20/14		85,467,245		(56,755	)
	PLN/USD		12/17/14		36,798,677		(1,320,323	)
	RUB/USD		10/02/14		12,947,476		(679,682	)
	SEK/USD		11/06/14		89,971,277		(1,177,734	)
HSBC Bank PLC	EUR/USD		12/17/14		147,509,911		(2,159,384	)
	INR/USD		10/27/14		116,897,738		(1,806,202	)
	MXN/USD		12/17/14		161,162,928		(2,047,283	)
	RUB/USD		10/17/14		41,223,980		(1,226,020	)
	SGD/USD		12/17/14		154,319,491		(1,290,509	)
	USD/GBP		12/17/14		168,551,696		(542,073	)
JPMorgan Chase Bank (London)	EUR/GBP		12/17/14		169,055,211		(4,594,481	)
	EUR/NOK		12/17/14		164,406,255		(2,284,746	)
	JPY/USD		12/17/14		331,620,612		(7,976,388	)
	MYR/USD		10/03/14		63,909,660		(1,391,482	)
	MYR/USD		10/07/14		148,813,931		(2,652,558	)
	MYR/USD		10/20/14		31,147,383		(110,617	)
	RUB/USD		11/17/14		24,302,725		(997,550	)
	SEK/USD		12/17/14		165,317,878		(2,981,122	)
	TRY/USD		12/17/14		83,532,603		(1,781,397	)
	USD/GBP		10/22/14		17,244,385		(90,010	)
	USD/MXN		12/17/14		239,058,955		(517,955	)
Merrill Lynch International Bank Ltd.	EUR/USD		10/30/14		600,370,384		(12,073,142	)
Morgan Stanley & Co. International PLC	AUD/USD		12/17/14		162,015,170		(6,199,591	)
	BRL/USD		10/14/14		71,607,737		(3,129,855	)
	BRL/USD		10/27/14		94,092,121		(2,047,879	)
	CHF/USD		12/17/14		83,117,874		(1,781,126	)
	EUR/CHF		12/17/14		167,138,502		(132,558	)
	EUR/HUF		12/17/14		42,106,711		(794,382	)
	EUR/USD		12/17/14		510,964,257		(2,678,441	)
	INR/USD		10/27/14		117,757,940		(1,907,354	)
	KRW/USD		10/27/14		83,515,734		(1,638,266	)
Royal Bank of Scotland PLC	CAD/USD		11/06/14		61,182,398		(1,154,792	)
	CAD/USD		12/17/14		460,966,579		(7,592,488	)
	EUR/USD		10/30/14		377,493,882		(1,445,816	)
	EUR/USD		12/17/14		165,369,374		(3,110,364	)
	GBP/USD		12/17/14		167,394,991		(2,703,563	)
	JPY/USD		12/17/14		160,654,025		(7,521,975	)


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

GOLDMAN SACHS STRATEGIC INCOME 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
Royal Bank of Scotland PLC (continued)	MXN/USD		10/31/14	$	28,119,906	$	(386,281	)
	MXN/USD		12/17/14		330,816,905		(6,294,760	)
	NZD/USD		12/17/14		80,859,050		(3,463,313	)
	TRY/USD		12/17/14		403,657,720		(12,759,079	)
	USD/TRY		12/17/14		85,835,679		(311,679	)
Standard Chartered Bank	CNH/USD		12/17/14		333,515,400		(1,812,600	)
	JPY/USD		12/17/14		365,604,485		(13,067,515	)
	KRW/USD		10/14/14		85,127,783		(50,217	)
	MXN/USD		12/17/14		258,773,781		(5,535,789	)
	PLN/USD		12/17/14		107,550,919		(3,410,081	)
	TRY/USD		12/17/14		71,383,351		(1,362,649	)
State Street Bank (London)	AUD/USD		12/17/14		82,916,083		(1,797,480	)
	EUR/GBP		12/17/14		81,530,583		(1,422,072	)
	EUR/USD		12/17/14		165,150,743		(3,613,299	)
	GBP/USD		12/17/14		165,285,706		(2,202,216	)
	JPY/USD		12/17/14		295,852,938		(2,471,312	)
UBS AG (London)	BRL/USD		10/14/14		157,377,983		(10,144,017	)
	CHF/USD		12/17/14		83,045,073		(1,853,927	)
	INR/USD		10/07/14		68,318,267		(1,120,591	)
	INR/USD		10/14/14		255,143,473		(2,460,799	)
	MXN/USD		10/31/14		45,618,029		(766,733	)
	PLN/USD		12/17/14		115,069,801		(2,372,370	)
	RUB/USD		11/17/14		125,380,130		(9,761,418	)
Westpac Banking Corp.	AUD/USD		12/17/14		492,971,652		(13,252,051	)
	INR/USD		10/14/14		112,083,584		(1,543,558	)
	NZD/USD		12/17/14		385,439,527		(17,140,323	)
TOTAL						$	(303,668,250	)

FORWARD SALES CONTRACTS — At September 30, 2014, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(f)	Settlement Date		Principal Amount			Value
FNMA (Proceeds Receivable: $144,135,781)		3.000	%	TBA-30yr		10/14/2014	$	(146,000,000	)	$	(143,889,847	)

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		(33,923	)	March 2017	$	(8,275,091,813	)	$	10,806,933
Eurodollars		(27,253	)	June 2017		(6,635,083,513	)		11,914,714
Eurodollars		(16,937	)	September 2017		(4,117,172,988	)		8,821,807
French 10 Year Government Bonds		(2,736	)	December 2014		(496,757,749	)		(3,692,381	)
Ultra Long U.S. Treasury Bonds		(7,386	)	December 2014		(1,126,365,000	)		15,437,067
10 Year German Euro-Bund		64		December 2014		12,101,034			102,124
2 Year U.S. Treasury Notes		1,102		December 2014		241,165,813			(56,083	)
5 Year U.S. Treasury Notes		21,766		December 2014		2,573,999,558			3,177,279
10 Year U.S. Treasury Notes		(24,473	)	December 2014		(3,050,330,016	)		(6,877,487	)
20 Year U.S. Treasury Bonds		15,066		December 2014		2,077,695,563			(18,392,296	)
TOTAL								$	21,241,677


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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 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	200,700			01/02/17	11.890%	1 month Brazilian Interbank Deposit Average	$	(316,017	)
			309,890			01/04/21	12.052	1 month Brazilian Interbank Deposit Average		108,019
		KRW	62,976,210			07/25/23	3 month KWCDC	3.352%		(3,372,337	)
		MYR	106,220	^(a)		09/18/23	3 month KLIBOR	4.945		(349,743	)
			204,060	^(a)		09/19/23	3 month KLIBOR	4.680		(43,700	)
			76,770	^(a)		11/01/23	4.780	3 month KLIBOR		92,055
		KRW	12,749,890			11/27/23	3 month KWCDC	3.450		(786,766	)
			30,608,550			12/13/23	3 month KWCDC	3.488		(1,971,789	)
			12,039,840			01/16/24	3 month KWCDC	3.445		(749,585	)
		MXN	453,760	^(a)		08/19/24	7.260	Mexico Interbank TIIE 28 Days		(437,705	)
Barclays Bank PLC		KRW	16,826,730			05/10/23	3 month KWCDC	2.735		(112,624	)
			19,262,500			05/20/23	3 month KWCDC	2.830		(272,511	)
			19,262,500			05/20/23	3 month KWCDC	2.840		(286,879	)
			6,800,000			08/09/23	3 month KWCDC	3.440		(407,814	)
		MYR	31,310			08/14/23	3 month KLIBOR	4.485		(136,180	)
Citibank NA		BRL	222,050			01/04/16	11.190	1 month Brazilian Interbank Deposit Average		(645,308	)
		MYR	112,250			09/17/18	3 month KLIBOR	3.830		150,645
			42,800			09/24/18	3 month KLIBOR	3.785		79,442
			169,560			11/19/18	3 month KLIBOR	3.915		81,397
			51,130			11/21/18	3 month KLIBOR	3.960		(1,386	)
		KRW	98,915,810			08/08/23	3 month KWCDC	3.450		(5,998,740	)
			8,854,260			08/16/23	3 month KWCDC	3.485		(562,258	)
		MYR	84,950			11/12/23	4.990	3 month KLIBOR		303,638
			36,600			11/15/23	3 month KLIBOR	4.450		(118,722	)
			219,660	^(a)		11/15/23	5.040	3 month KLIBOR		909,040
		KRW	30,360,000			12/18/23	3 month KWCDC	3.420		(1,792,862	)
			28,266,470			01/07/24	3 month KWCDC	3.472		(1,826,069	)
			19,358,680			01/10/24	3 month KWCDC	3.475		(1,254,246	)
Credit Suisse International (London)		BRL	36,980			01/02/18	11.935	1 month Brazilian Interbank Deposit Average		(76,389	)
Deutsche Bank AG		BRL	218,630			01/04/16	11.230	1 month Brazilian Interbank Deposit Average		(597,500	)
			435,530			01/04/16	11.680	1 month Brazilian Interbank Deposit Average		(409,072	)
			349,950			01/02/17	12.398	1 month Brazilian Interbank Deposit Average		1,757,876
		KRW	55,677,880			03/03/17	2.850	3 month KWCDC		720,871


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

GOLDMAN SACHS STRATEGIC INCOME 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)*
Deutsche Bank AG (continued)		BRL	152,740			01/02/18	11.900%	1 month Brazilian Interbank Deposit Average	$	(359,872	)
		MYR	112,770			09/13/18	3 month KLIBOR	3.920%		27,568
			50,380			11/14/18	3 month KLIBOR	3.880		44,089
			477,120			03/12/19	3 month KLIBOR	4.027		(232,355	)
		KRW	19,262,510			05/15/23	3 month KWCDC	2.815		(246,055	)
		MYR	26,840			08/14/23	3 month KLIBOR	4.490		(119,822	)
		KRW	52,965,990			08/26/23	3 month KWCDC	3.588		(3,788,860	)
			26,410,690			09/06/23	3 month KWCDC	3.570		(1,853,370	)
		MYR	194,330	^(a)		11/13/23	5.075	3 month KLIBOR		884,175
		KRW	31,522,520			11/14/23	3 month KWCDC	3.415		(1,849,295	)
			39,978,650			11/22/23	3 month KWCDC	3.473		(2,529,816	)
			71,090,000			12/17/23	3 month KWCDC	3.456		(4,399,639	)
			22,540,310			01/08/24	3 month KWCDC	3.470		(1,452,333	)
			20,035,410			01/14/24	3 month KWCDC	3.433		(1,228,257	)
			36,381,130			01/22/24	3 month KWCDC	3.470		(2,333,796	)
		MXN	406,100	^(a)		08/16/24	7.265	Mexico Interbank TIIE 28 Days		(385,221	)
JPMorgan Securities, Inc.		KRW	230,094,560			03/05/17	2.889	3 month KWCDC		3,192,171
		MYR	113,040			11/26/18	3 month KLIBOR	3.955		10,078
			254,240			12/11/18	3 month KLIBOR	3.972		(13,768	)
		KRW	26,509,370			08/13/23	3 month KWCDC	3.415		(1,539,070	)
		MYR	34,420			08/15/23	3 month KLIBOR	4.520		(176,803	)
		KRW	11,159,200			08/19/23	3 month KWCDC	3.563		(775,289	)
		MYR	64,380			09/26/23	3 month KLIBOR	4.330		(26,732	)
		KRW	31,495,660			10/31/23	3 month KWCDC	3.230		(1,399,411	)
			62,836,430			11/06/23	3 month KWCDC	3.320		(3,225,551	)
			18,223,710			11/13/23	3 month KWCDC	3.415		(1,069,221	)
			12,906,270			12/23/23	3 month KWCDC	3.470		(811,552	)
			45,184,500			01/07/24	3 month KWCDC	3.471		(2,915,484	)
			20,648,340			01/13/24	3 month KWCDC	3.465		(1,321,581	)
			34,996,240			01/15/24	3 month KWCDC	3.445		(2,179,576	)
			38,722,640			01/16/24	3 month KWCDC	3.457		(2,447,101	)
			54,917,425			01/17/24	3 month KWCDC	3.440		(3,395,926	)
			25,805,850			01/27/24	3 month KWCDC	3.383		(1,472,281	)
			8,900,000			12/18/28	3 month KWCDC	3.495		(675,558	)
Morgan Stanley & Co. International PLC		MYR	67,180			11/20/18	3 month KLIBOR	3.934		19,278
		BRL	320,120			01/04/21	12.223	1 month Brazilian Interbank Deposit Average		—
		KRW	36,546,310			06/27/23	3 month KWCDC	3.413		(2,080,614	)
			8,653,900			08/16/23	3 month KWCDC	3.485		(549,723	)
		MYR	198,250	^(a)		09/19/23	3 month KLIBOR	4.699		(85,572	)
			116,840	^(a)		09/20/23	3 month KLIBOR	4.802		(189,804	)
Morgan Stanley Capital Services, Inc.		KRW	24,219,470			01/09/24	3 month KWCDC	3.455		(1,530,849	)
			13,384,100			01/20/24	3 month KWCDC	3.440		(826,837	)
TOTAL									$	(63,632,854	)

There are no upfront payments on the swaps contract(s), therefore the unrealized gain (loss) on the swaps 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.


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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


				Rates Exchanged		Market Value
Notional Amount (000s)			Termination Date	Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
$	5,100		02/28/15	3 month LIBOR	1.414%	$	(13,550	)	$	(16,280	)
	1,791,200	^(a)	12/17/16	3 month LIBOR	1.000		(403,671	)		622,556
	319,800	^(a)	02/01/17	3 month LIBOR	1.625		(245,541	)		339,626
	1,311,100	^(a)	08/04/17	3 month LIBOR	2.195		(1,108,643	)		678,864
GBP	553,000	^(a)	09/12/17	6 month GBP	2.250		(190,963	)		(110,888	)
$	121,500	^(a)	10/28/17	1.450%	3 month LIBOR		(1,489,782	)		504,915
JPY	139,198,470	^(a)	02/12/19	6 month JYOR	0.420		(9,593,883	)		3,781,625
PLN	285,790		06/17/19	3.048	6 month WIBOR		1,398,083			1,587,969
	285,790		06/17/19	6 month WIBOR	3.045		443			(2,966,728	)
EUR	127,140		06/18/19	6 month EURO	1.250		(3,447,140	)		(3,283,029	)
	1,467,490	^(a)	12/17/19	1.000	6 month EURO		44,478,575			3,062,204
$	5,930,400	^(a)	12/17/19	3 month LIBOR	2.250		(61,378,368	)		10,382,265
SEK	12,484,300	^(a)	12/17/19	3 month STIBOR	1.250		(13,838,005	)		2,602,827
NZD	2,265,620	^(a)	12/17/19	4.500	3 month NZDOR		(5,027,495	)		12,091,154
AUD	1,195,550	^(a)	12/17/19	6 month AUDOR	3.750		(11,684,376	)		(6,299,448	)
GBP	486,150	^(a)	12/17/19	6 month GBP	2.250		(5,394,280	)		(976,506	)
$	283,700	^(a)	10/02/20	2.533	3 month LIBOR		1,418			—
GBP	258,200	^(a)	02/05/21	2.840	6 month GBP		(5,713,378	)		12,347,133
$	1,982,000	^(a)	08/04/21	3.025	3 month LIBOR		6,787,661			3,990,851
GBP	561,480	^(a)	09/12/21	2.680	6 month GBP		(1,989,179	)		3,046,609
$	5,891,400	^(a)	12/17/21	3 month LIBOR	2.500		(39,596,945	)		6,923,240
EUR	133,080	^(a)	12/17/21	6 month EURO	1.500		(8,450,976	)		19,609
JPY	289,533,840	^(a)	12/17/21	6 month JYOR	0.500		(15,040,725	)		2,782,759
	196,009,340	^(a)	02/12/22	1.080	6 month JYOR		(10,133,372	)		28,662,532
$	255,100	^(a)	10/01/22	2.760	3 month LIBOR		2,041			(233,136	)
JPY	83,936,800	^(a)	12/19/23	1.250	6 month JYOR		5,594,331			7,862,190
SEK	1,315,170	^(a)	12/19/23	3 month STIBOR	3.500		(15,680,631	)		6,106,353
CAD	1,095,780	^(a)	12/19/23	4.000	6 month CDOR		37,425,792			(1,328,013	)
$	794,760	^(a)	12/19/23	4.500	3 month LIBOR		29,948,529			8,493,774
NZD	58,830	^(a)	12/19/23	5.750	3 month NZDOR		(283,756	)		1,895,093
CHF	325,875	^(a)	12/19/23	6 month CHFOR	2.500		(19,912,482	)		(976,983	)
EUR	944,290	^(a)	12/19/23	6 month EURO	3.250		(134,973,044	)		42,870,378
GBP	263,375	^(a)	12/19/23	6 month GBP	3.750		(14,637,078	)		249,541
$	928,600	^(a)	01/30/24	4.252	3 month LIBOR		(212,691	)		34,540,247
	235,290	^(a)	04/04/24	4.000	3 month LIBOR		(1,215,665	)		7,108,809
PLN	147,230	^(a)	05/20/24	6 month WIBOR	4.095		241			(1,307,397	)
	200,040	^(a)	07/09/24	6 month WIBOR	3.880		—			(1,163,568	)
	207,060	^(a)	07/10/24	6 month WIBOR	3.827		341			(1,064,038	)
ZAR	556,240	^(a)	08/06/24	9.210	3 month JIBAR		260			167,908
PLN	111,090	^(a)	08/21/24	6 month WIBOR	3.325		177			159,840
ZAR	1,170,520	^(a)	08/28/24	8.887	3 month JIBAR		551			(589,019	)
PLN	139,130	^(a)	09/09/24	6 month WIBOR	3.255		216			336,995
	45,890	^(a)	09/09/24	6 month WIBOR	3.260		71			108,269
AUD	1,013,210	^(a)	09/17/24	4.500	6 month AUDOR		(3,601,491	)		5,030,724
GBP	653,410	^(a)	09/17/24	6 month GBP	3.250		(4,424,784	)		(4,680,115	)
$	835,220		12/17/24	3 month LIBOR	3.000		(14,078,507	)		(6,307,542	)
SEK	1,578,820	^(a)	12/17/24	3 month STIBOR	1.750		508,369			420,697
CAD	415,310	^(a)	12/17/24	3.000	6 month CDOR		17,061,906			(5,807,360	)
AUD	464,350	^(a)	12/17/24	4.500	6 month AUDOR		16,380,391			4,872,542
NZD	1,096,870	^(a)	12/17/24	5.000	3 month NZDOR		18,124,324			9,227,640


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)


					Rates Exchanged		Market Value
Notional Amount (000s)			Termination Date		Payments Received	Payments Made	Upfront Payments Made (Received)			Unrealized Gain (Loss)
EUR	291,040	^(a)		12/17/24	6 month EURO	2.000 %	$	(32,101,658	)	$	3,058,643
GBP	819,800	^(a)		12/17/24	6 month GBP	3.000		(55,050,520	)		473,296
JPY	233,938,450	^(a)		12/17/24	6 month JYOR	0.750		(19,117,785	)		5,103,661
NOK	3,252,815	^(a)		12/18/24	3 month NIBOR	3.500		(6,167,124	)		(1,011,827	)
GBP	791,200	^(a)		12/18/24	3.250%	6 month GBP		6,434,605			3,343,580
EUR	1,044,300	^(a)		12/18/24	6 month EURO	2.000		1,994,114			(6,495,609	)
JPY	155,599,190	^(a)		02/14/25	6 month JYOR	1.720		(8,547,125	)		(8,198,285	)
	44,523,270	^(a)		05/09/25	6 month JYOR	1.650		4,669,886			(8,109,920	)
$	153,000	^(a)		05/24/26	3.150	3 month LIBOR		1,224			(485,806	)
	1,070,400	^(a)		08/04/26	3 month LIBOR	3.409		(5,930,985	)		(10,267,914	)
GBP	304,580	^(a)		09/12/26	6 month GBP	2.980		1,982,848			(5,062,589	)
$	136,700	^(a)		09/28/26	3.280	3 month LIBOR		1,094			183,930
JPY	27,115,470	^(a)		05/09/27	1.880	6 month JYOR		(4,070,551	)		7,958,564
$	1,953,200	^(a)		12/17/29	3 month LIBOR	3.250		(51,731,083	)		(6,332,474	)
JPY	49,048,910	^(a)		12/18/34	2.250	6 month JYOR		(5,245,847	)		4,146,177
CAD	42,540	^(a)		12/18/34	3.750	6 month CDOR		(111,299	)		(6,196	)
AUD	100,300	^(a)		12/18/34	5.000	6 month AUDOR		(485,104	)		541,395
EUR	124,680	^(a)		12/18/34	6 month EURO	2.250		626,726			3,586,795
GBP	798,030	^(a)		12/18/34	6 month GBP	3.250		6,419,824			(3,222,379	)
	143,360	^(a)		02/05/36	6 month GBP	3.500		(3,166,649	)		(14,547,914	)
$	310,900	^(a)		01/30/39	3 month LIBOR	4.370		(13,616,316	)		(19,174,431	)
	1,120,500	^(a)		12/17/44	3 month LIBOR	3.500		(46,877,529	)		(13,024,962	)
	534,990	^(a)		12/17/44	3.500	3 month LIBOR		17,472,738			11,128,095
GBP	459,770	^(a)		12/17/44	6 month GBP	3.250		(46,204,877	)		(8,601,539	)
JPY	74,123,100	^(a)		12/20/44	2.250	6 month JYOR		(6,179,999	)		660,725
EUR	29,700	^(a)		12/20/44	6 month EURO	2.500		(382,482	)		(199,867	)
GBP	882,990	^(a)		12/20/44	6 month GBP	3.000		2,215,944			(1,629,332	)
	TOTAL						$	(489,214,611	)	$	119,581,505

(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	$	13,180		(1.000	)%		03/20/19		0.760	%	$	(22,281	)	$	(117,361	)
			31,200		(1.000	)		06/20/19		0.809			(181,499	)		(96,527	)
Barclays Bank PLC			98,670		(1.000	)		03/20/19		0.760			(295,796	)		(749,611	)
Citibank NA			518,290		(1.000	)		03/20/19		0.760			(2,299,212	)		(3,192,069	)
			1,291,770		(1.000	)		06/20/19		0.809			(6,861,188	)		(4,649,906	)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS (continued)


												Market Value
Counterparty	Referenced Obligation	Notional Amount (000s)		Rates Received (Paid)			Termination Date		Credit Spread at September 30, 2014^(b)			Upfront Payments Made (Received)			Unrealized Gain (Loss)
JPMorgan Securities, Inc.	People’s Republic of China 4.250%, 10/28/14	$	66,660		(1.000	)%		03/20/19		0.760	%	$	(280,567	)	$	(425,697	)
			59,660		(1.000	)		06/20/19		0.809			(344,712	)		(186,924	)
Protection Sold:
Bank of America Securities LLC	CDX North America Investment Grade Index 16		31,800		1.000			06/20/16		0.227			15,611			418,491
TOTAL												$	(10,269,644	)	$	(8,999,604	)

(b)

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 Purchased:
CDX North America Investment Grade Index 21	$8,446,200		(1.000	)%		06/20/19		0.644	%	$	(132,013,301	)	$	(5,789,394	)

(b)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS


						Market Value
Counterparty	Notional Amount (000s)		Reference Security	Termination Date	Financing Fee#	Upfront Payments Made (Received)			Unrealized Gain (Loss)
Bank of America Securities LLC	$	11,304	Markit IOS Fannie-Mae Index, 30 yr Fixed Rate, 3.000%, Series 12	01/12/43	One month LIBOR	$	10,392		$	(2,647	)
Barclays Bank PLC		31,888	Markit MBX Fannie-Mae Index, 30 yr Fixed Rate, 6.500%, Series 67	01/12/38	One month LIBOR		72,828			63,877
Citibank NA		26,208	Markit MBX Fannie-Mae Index, 30 yr Fixed Rate, 4.000%, Series 11	01/12/42	One month LIBOR		(266,507	)		205,052
Credit Suisse International (London)		110,435	Markit IOS Fannie-Mae Index, 30 yr Fixed Rate, 3.000%, Series 12	01/12/43	One month LIBOR		195,951			(120,284	)
		25,131	Markit MBX Fannie-Mae Index, 30 yr Fixed Rate, 3.000%, Series 12	01/12/43	One month LIBOR		23,232			(6,013	)
		53,422	Markit MBX Fannie-Mae Index, 30 yr Fixed Rate, 3.500%, Series 12	01/12/43	One month LIBOR		84,778			(123,978	)
		38,766	Markit MBX Fannie-Mae Index, 30 yr Fixed Rate, 4.000%, Series 11	01/12/42	One month LIBOR		(169,414	)		78,511


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS (continued)


						Market Value
Counterparty	Notional Amount (000s)		Reference Security	Termination Date	Financing Fee#	Upfront Payments Made (Received)			Unrealized Gain (Loss)
Credit Suisse International (London) (continued)	$	66,667	Markit MBX Fannie-Mae Index, 30 yr Fixed Rate, 6.500%, Series 67	01/12/38	One month LIBOR	$	100,140		$	185,665
Deutsche Bank AG		24,556	Markit IOS Fannie-Mae Index, 30 yr Fixed Rate, 5.000%, Series 10	01/12/41	One month LIBOR		243,175			(348,190	)
		328,154	Markit MBX Fannie-Mae Index, 30 yr Fixed Rate, 6.500%, Series 67	01/12/38	One month LIBOR		(163,022	)		1,569,833
JPMorgan Securities, Inc.		253,393	Markit IOS Fannie-Mae Index, 30 yr Fixed Rate, 3.000%, Series 12	01/12/43	One month LIBOR		577,347			(403,728	)
		52,528	Markit IOS Fannie-Mae Index, 30 yr Fixed Rate, 5.000%, Series 10	01/12/41	One month LIBOR		329,406			(554,047	)
		52,962	Markit MBX Fannie-Mae Index, 30 yr Fixed Rate, 4.000%, Series 11	01/12/42	One month LIBOR		(588,219	)		464,028
		43,793	Markit MBX Fannie-Mae Index, 30 yr Fixed Rate, 6.500%, Series 67	01/12/38	One month LIBOR		199,340			(11,599	)
		40,783	Markit MBX Ginnie-Mae Index, 30 yr Fixed Rate, 4.500%, Series 10	01/12/41	One month LIBOR		113,803			(264,711	)
TOTAL						$	763,230		$	731,769

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).


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

GOLDMAN SACHS WORLD BOND FUND

Schedule of Investments

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Foreign Sovereign Debt Obligations – 70.2%
	Australian Dollar – 2.5%
	Commonwealth of Australia
AUD	110,000		4.750	%		10/21/15	$	98,467
	100,000		5.250			03/15/19		96,095
	100,000		5.500			04/21/23		101,128

								295,690

	Brazilian Real – 3.4%
	Brazil Letras do Tesouro Nacional^(a)
BRL	336,000		0.000			01/01/15		133,494
	357,000		0.000			01/01/16		126,285
	Brazil Notas do Tesouro Nacional
	64,056		6.000			08/15/22		26,176
	303,035		6.000			08/15/50		119,415

								405,370

	British Pound – 5.0%
	United Kingdom Treasury
GBP	190,000		2.000			01/22/16		313,313
	20,000		4.750			03/07/20		37,282
	50,000		1.750			09/07/22		78,394
	100,000		3.250			01/22/44		167,954
	10,856		0.375			03/22/62		—

								596,943

	Canadian Dollar – 2.2%
	Government of Canada
CAD	100,000		3.750			06/01/19		98,064
	110,000		1.500			06/01/23		93,932
	40,000		5.750			06/01/33		52,671
	20,000		4.000			06/01/41		22,384

								267,051

	Colombian Peso – 2.7%
	Republic of Colombia
COP	545,600,000		8.000			10/28/15		278,122
	22,700,000		11.000			07/24/20		13,668
	9,100,000		7.000			05/04/22		4,548
	17,900,000		7.500			08/26/26		9,024
	47,500,000		6.000			04/28/28		20,818

								326,180

	Czech Koruna – 0.1%
	Czech Republic Government Bond
CZK	300,000		3.850			09/29/21		16,553

	Danish Krone – 0.7%
	Kingdom of Denmark
DKK	300,000		3.000			11/15/21		59,558
	80,000		4.500			11/15/39		20,724

								80,282

	Euro – 27.3%
	Federal Republic of Germany
EUR	300,000		1.000			02/22/19		394,299
	80,000		2.000			01/04/22		111,927
	40,000		1.500			09/04/22		53,972
	30,000		1.500			02/15/23		40,367
	30,000		2.000			08/15/23		41,858

Principal Amount		Interest Rate			Maturity Date		Value
	Foreign Sovereign Debt Obligations – (continued)
	Euro – (continued)
	Federal Republic of Germany – (continued)
EUR	70,000		4.000	%		01/04/37	$	124,759
	30,000		2.500			07/04/44		43,526
	Government of Finland^(b)
	20,000		1.625			09/15/22		26,880
	Government of France
	110,000		1.000			05/25/18		143,437
	80,000		4.250			10/25/23		128,932
	50,000		4.500			04/25/41		91,397
	Italy Buoni Poliennali Del Tesoro^(b)
	20,000		4.750			09/01/44		30,345
	Kingdom of Belgium
	20,000		3.500	^(b)		06/28/17		27,686
	30,000		3.000			09/28/19		42,956
	6,000		4.000			03/28/32		9,849
	Kingdom of The Netherlands
	50,000		4.500	^(b)		07/15/17		71,060
	120,000		2.250	^(b)		07/15/22		168,564
	80,000		1.500			05/15/23		107,540
	110,000		1.750			02/15/24		150,027
	20,000		2.000			07/15/24		27,383
	Republic of Argentina^(c)
	30,000		0.000			12/15/35		2,804
	Republic of Austria^(b)
	30,000		4.300			09/15/17		42,681
	40,000		3.400			11/22/22		60,673
	5,000		3.150			06/20/44		7,976
	Republic of Italy
	100,000		3.750			08/01/15		129,931
	120,000		1.150			05/15/17		153,855
	150,144		2.150			11/12/17		197,870
	40,000		4.500			08/01/18		57,501
	66,169		2.350			09/15/19		92,349
	50,000		4.750			09/01/21		75,801
	20,000		5.500			11/01/22		31,787
	120,000		4.500			05/01/23		179,941
	12,000		5.750			02/01/33		20,651
	Spain Government Bond
	20,000		4.500			01/31/18		28,484
	90,000		3.750			10/31/18		127,361
	110,000		5.900			07/30/26		187,243
	30,000		5.150	^(b)		10/31/44		49,399

								3,283,071

	Hungarian Forint – 0.9%
	Hungary Government Bond
HUF	9,380,000		6.500			06/24/19		42,706
	4,040,000		7.500			11/12/20		19,483
	6,360,000		7.000			06/24/22		30,164
	4,050,000		6.000			11/24/23		18,251
	980,000		5.500			06/24/25		4,249

								114,853

	Indonesian Rupiah – 0.6%
	Indonesia Government Bond
IDR	630,000,000		8.375			03/15/24		51,108
	335,000,000		9.000			03/15/29		27,562

								78,670


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

GOLDMAN SACHS WORLD BOND FUND

Schedule of Investments (continued)

September 30, 2014 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value
	Foreign Sovereign Debt Obligations – (continued)
	Israeli Shekel – 0.4%
	Israel Government Bond
ILS	140,000		5.500	%		01/31/22	$	47,354

	Japanese Yen – 5.3%
	Government of Japan
JPY	16,000,000		0.400			06/20/16		146,697
	31,950,000		0.100			03/20/18		291,180
	15,600,000		1.700			06/20/33		152,778
	4,500,000		1.900			09/20/42		43,913

								634,568

	Malaysian Ringgit – 0.8%
	Malaysia Government Bond
MYR	130,000		3.654			10/31/19		39,573
	10,000		3.889			07/31/20		3,060
	80,000		4.048			09/30/21		24,731
	10,000		3.418			08/15/22		2,947
	50,000		3.480			03/15/23		14,778
	20,000		4.181			07/15/24		6,228

								91,317

	Mexican Peso – 4.5%
	United Mexican States
MXN	1,774,020		0.000	^(a)		10/16/14		131,738
	1,582,130		0.000	^(a)		12/11/14		116,956
	563,820		0.000	^(a)		12/24/14		41,635
	355,254		5.000			06/16/16		28,731
	86,483		3.500			12/14/17		6,978
	1,501,500		4.750			06/14/18		111,078
	109,600		8.000			06/11/20		9,184
	481,200		6.500			06/10/21		37,419
	122,900		8.000			12/07/23		10,392
	184,000		7.500			06/03/27		15,002
	256,600		8.500			05/31/29		22,577
	21,400		7.750			05/29/31		1,764
	134,200		10.000			11/20/36		13,541
	12,800		8.500			11/18/38		1,129

								548,124

	Norwegian Krone – 1.7%
	Kingdom of Norway
NOK	400,000		5.000			05/15/15		63,660
	200,000		4.250			05/19/17		33,294
	400,000		4.500			05/22/19		69,904
	220,000		2.000			05/24/23		33,858

								200,716

	Peruvian Nuevo Sol – 0.0%
	Republic of Peru
PEN	2,000		6.900			08/12/37		698

	Polish Zloty – 0.4%
	Poland Government Bond
PLN	30,000		5.750			10/25/21		10,769
	60,000		5.750			09/23/22		21,775
	20,000		4.000			10/25/23		6,514
	40,000		3.250			07/25/25		12,304

								51,362

Principal Amount		Interest Rate			Maturity Date		Value
	Foreign Sovereign Debt Obligations – (continued)
	Russian Ruble – 2.8%
	Russian Federation Bond
RUB	270,000		7.600	%		04/14/21	$	6,266
	9,380,000		7.600			07/20/22		214,223
	1,010,000		7.000			01/25/23		22,087
	600,000		7.000			08/16/23		13,097
	3,640,000		7.050			01/19/28		76,632

								332,305

	Singapore Dollar – 0.5%
	Republic of Singapore
SGD	75,000		3.125			09/01/22		62,436

	South African Rand – 0.9%
	Republic of South Africa
ZAR	70,000		7.750			02/28/23		6,059
	600,000		8.000			01/31/30		49,898
	370,000		8.250			03/31/32		30,810
	90,000		8.750			01/31/44		7,690
	160,000		8.750			02/28/48		13,808

								108,265

	Swedish Krona – 2.1%
	Kingdom of Sweden
SEK	700,000		3.000			07/12/16		101,845
	670,000		3.500			06/01/22		108,620
	180,000		1.500			11/13/23		25,227
	100,000		3.500			03/30/39		17,512

								253,204

	Swiss Franc – 1.6%
	Swiss Confederation
CHF	60,000		3.000			01/08/18		68,975
	70,000		2.000			05/25/22		82,721
	30,000		3.500			04/08/33		44,263

								195,959

	Thai Baht – 0.8%
	Thailand Government Bond
THB	230,000		3.875			06/13/19		7,380
	1,829,251		1.200			07/14/21		54,794
	590,000		3.625			06/16/23		18,535
	412,932		1.250			03/12/28		11,737
	300,000		3.775			06/25/32		9,086

								101,532

	Turkish Lira – 1.1%
	Turkey Government Bond
TRY	300,000		6.500			01/07/15		130,757

	United States Dollar – 1.9%
	Perusahaan Penerbit SBSN^(b)
$	200,000		4.350			09/10/24		195,125
	Republic of Argentina^(c)
	488,000		0.000			12/15/35		37,088

								232,213

	TOTAL FOREIGN SOVEREIGN DEBT OBLIGATIONS
	(Cost $8,927,790)						$	8,455,473


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

GOLDMAN SACHS WORLD BOND FUND


Principal Amount		Interest Rate			Maturity Date		Value
	Structured Notes^(b) – 1.4%
	Republic of Indonesia (Issuer Standard Chartered Bank)
IDR	1,008,000,000		8.375	%		03/19/24	$	81,774
	1,000,000,000		8.375			03/19/24		81,124

	TOTAL STRUCTURED NOTES
	(Cost $174,711)						$	162,898


	U.S. Treasury Obligations – 22.9%
	United States Treasury Bill^(a)
$	930,000		0.000	%		10/16/14	$	929,997
	United States Treasury Bonds
	620,000		5.500	^(d)		08/15/28		814,060
	130,000		6.250			05/15/30		185,731
	20,000		2.750			11/15/42		18,297
	United States Treasury Inflation Protected Securities
	54,457		1.125			01/15/21		57,163
	40,951		0.375			07/15/23		40,548
	112,321		0.625			01/15/24		112,952
	20,446		1.375			02/15/44		21,887
	United States Treasury Note
	570,000		1.500			06/30/16		580,095

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $2,761,376)						$	2,760,730

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $11,863,877)						$	11,379,101


	Short-term Investment^(e) – 3.3%
	Repurchase Agreement – 3.3%
	Joint Repurchase Agreement Account II
$	400,000		0.012	%		10/01/14	$	400,000
	(Cost $400,000)

	TOTAL INVESTMENTS – 97.8%
	(Cost $12,263,877)						$	11,779,101

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.2%							260,884

	NET ASSETS – 100.0%						$	12,039,985


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(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 $843,287, which represents approximately 7.0% of net assets as of September 30, 2014.
(c)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at September 30, 2014.


(d)		All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.
(e)		Joint repurchase agreement was entered into on September 30, 2014. Additional information appears on page 118.



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

Investment Abbreviations:
AUDOR		—Australian Dollar Offered Rate
BUBOR		—Budapest Interbank Offered Rate
CDOR		—Canadian Dollar Offered Rate
CLICP		—Sinacofi Chile Interbank Rate
EURO		—Euro Offered Rate
JIBAR		—Johannesburg Interbank Agreed Rate
JYOR		—Japanese Yen Offered Rate
KLIBOR		—Kuala Lumpur Interbank Offered Rate
KWCDC		—South Korean Won Certificate of Deposit
LIBOR		—London Interbank Offered Rate
NZDOR		—New Zealand Dollar Offered Rate
STIBOR		—Stockholm Interbank Offered Rate
TIIE		—La Tasa de Interbank Equilibrium Interest Rate


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

GOLDMAN SACHS WORLD BOND 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	GBP/EUR		12/17/14	$	30,330	$	821
	NOK/EUR		12/17/14		30,330		619
	USD/AUD		11/13/14		44,085		144
	USD/EUR		12/17/14		604,078		19,861
	USD/JPY		12/17/14		60,615		1,385
	USD/MXN		10/31/14		327,341		6,044
	USD/MYR		10/03/14		24,475		325
	USD/SEK		11/06/14		74,469		1,093
Barclays Bank PLC	CAD/CHF		12/17/14		25,990		16
	GBP/USD		12/17/14		92,342		424
	USD/AUD		12/17/14		88,813		3,648
	USD/HUF		10/27/14		145,259		2,283
	USD/ILS		12/17/14		34,012		2,359
	USD/INR		10/07/14		61,036		964
	USD/INR		10/27/14		30,513		487
	USD/KRW		10/27/14		45,313		437
	USD/MYR		10/03/14		31,799		104
	USD/NZD		12/17/14		29,431		1,180
	USD/SEK		12/17/14		55,910		968
BNP Paribas SA	EUR/PLN		12/17/14		30,267		63
	EUR/USD		12/17/14		60,661		9
	GBP/EUR		12/17/14		30,330		708
	USD/AUD		12/17/14		118,411		3,173
	USD/BRL		10/22/14		30,120		880
	USD/GBP		12/17/14		61,561		236
	USD/MYR		10/20/14		30,509		491
	USD/PLN		11/10/14		19,445		347
	USD/RUB		10/27/14		59,979		1,021
	USD/TRY		12/17/14		28,946		1,412
Citibank NA (London)	CHF/EUR		12/17/14		30,330		91
	GBP/EUR		12/17/14		59,397		322
	NOK/EUR		12/17/14		90,991		1,240
	PHP/USD		10/20/14		15,003		3
	USD/CAD		12/17/14		45,847		653
	USD/CHF		12/17/14		96,975		1,956
	USD/INR		10/14/14		60,932		1,068
	USD/NZD		12/17/14		44,865		2,698
	USD/PHP		10/14/14		14,653		347
	USD/SGD		12/17/14		49,888		835
	USD/TRY		12/17/14		29,999		1,001
	USD/TWD		10/17/14		60,364		636
	USD/TWD		10/20/14		60,464		536
Credit Suisse International (London)	USD/CHF		12/17/14		104,547		2,178
	USD/RUB		10/02/14		29,451		1,549
	USD/RUB		11/17/14		4,052		166
Deutsche Bank AG (London)	RUB/USD		11/17/14		7,312		13
	USD/CNH		12/17/14		121,516		484
	USD/EUR		12/17/14		30,330		757
	USD/GBP		10/22/14		67,005		1,012


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

GOLDMAN SACHS WORLD BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Gain
Deutsche Bank AG (London) (continued)	USD/INR		10/07/14	$	24,137	$	115
	USD/KRW		10/14/14		60,726		1,274
	USD/MXN		12/17/14		60,193		807
	USD/MYR		10/07/14		101,652		2,580
	USD/NZD		12/17/14		119,273		2,396
	USD/PHP		10/14/14		14,656		344
	USD/PHP		10/20/14		30,569		431
	USD/RUB		10/02/14		7,375		—
	USD/RUB		10/17/14		3,097		4
	USD/RUB		11/17/14		34,310		2,443
	USD/SEK		12/17/14		60,497		1,147
	USD/THB		10/31/14		40,795		328
	USD/TWD		10/20/14		5,820		41
HSBC Bank PLC	GBP/USD		12/17/14		30,781		264
	SEK/EUR		12/17/14		60,661		22
	TWD/USD		10/20/14		30,019		19
	USD/BRL		10/27/14		17,409		274
	USD/CNH		12/17/14		121,871		129
	USD/GBP		12/17/14		61,561		1,600
	USD/JPY		12/17/14		30,335		665
	USD/KRW		10/22/14		8,849		112
	USD/KRW		10/23/14		20,731		269
	USD/MYR		10/31/14		129,750		3,880
	USD/NZD		12/17/14		44,865		2,868
	USD/SGD		12/17/14		71,882		1,351
	USD/TRY		12/17/14		30,835		1,556
JPMorgan Chase Bank (London)	MXN/USD		10/31/14		31,592		224
	MXN/USD		12/17/14		30,099		99
	SEK/EUR		12/17/14		112,475		409
	USD/EUR		10/30/14		549,712		14,177
	USD/EUR		12/17/14		30,330		254
	USD/IDR		10/31/14		25,905		522
	USD/INR		10/29/14		45,450		550
	USD/JPY		12/17/14		103,726		4,675
	USD/MXN		12/17/14		157,455		2,745
	USD/RUB		10/20/14		14,598		402
	USD/RUB		11/17/14		33,596		2,147
	USD/TRY		12/17/14		59,593		2,407
Merrill Lynch International Bank Ltd.	MXN/USD		10/31/14		10,921		53
Morgan Stanley & Co. International PLC	TWD/USD		10/17/14		61,032		32
	USD/AUD		12/17/14		40,659		1,397
	USD/ILS		12/17/14		55,236		3,389
	USD/TRY		12/17/14		29,328		1,463
Royal Bank of Canada	USD/AUD		12/17/14		60,947		225
	USD/CAD		12/17/14		152,261		1,239
	USD/EUR		10/30/14		30,366		696
	USD/JPY		12/17/14		30,269		231
	USD/ZAR		10/31/14		106,566		3,307
Royal Bank of Scotland PLC	USD/EUR		10/30/14		19,748		335
	USD/EUR		12/17/14		30,330		770
	USD/GBP		12/17/14		55,081		267
	USD/JPY		12/17/14		29,428		129
	USD/TRY		12/17/14		59,638		1,361


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

GOLDMAN SACHS WORLD BOND 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
Standard Chartered Bank	USD/AUD		12/17/14	$	108,488	$	4,415
	USD/CNH		12/17/14		122,601		399
	USD/COP		10/24/14		300,779		24,804
	USD/EUR		12/17/14		30,330		830
	USD/IDR		10/31/14		85,874		3,403
	USD/TRY		12/17/14		28,217		1,448
State Street Bank and Trust	AUD/USD		12/17/14		60,511		288
	EUR/USD		10/30/14		14,457		59
	USD/CHF		12/17/14		97,684		2,140
	USD/JPY		12/17/14		89,896		2,104
	USD/NZD		12/17/14		48,317		3,050
	USD/SEK		12/17/14		55,865		841
UBS AG (London)	NZD/USD		12/17/14		60,411		185
	USD/BRL		10/14/14		60,354		646
	USD/EUR		12/17/14		30,330		236
	USD/GBP		10/22/14		53,758		52
	USD/HUF		12/17/14		38,982		972
Westpac Banking Corp.	AUD/USD		12/17/14		91,420		231
	USD/AUD		12/17/14		146,903		5,694
	USD/EUR		10/30/14		15,394		353
	USD/EUR		12/17/14		123,757		2,930
	USD/MYR		10/20/14		29,764		580
	USD/NZD		12/17/14		58,087		3,542
	USD/SGD		12/17/14		62,736		1,183
TOTAL						$	197,856

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/GBP		12/17/14	$	61,592	$	(931	)
	EUR/USD		12/17/14		150,387		(2,433	)
	HUF/USD		12/17/14		30,423		(577	)
	MYR/USD		10/31/14		70,407		(1,307	)
Barclays Bank PLC	EUR/PLN		12/17/14		61,085		(424	)
	EUR/USD		12/17/14		30,330		(706	)
	ILS/USD		12/17/14		16,594		(503	)
	INR/USD		10/07/14		54,317		(607	)
	INR/USD		10/27/14		51,674		(936	)
	JPY/USD		12/17/14		29,763		(1,237	)
	MYR/USD		10/07/14		74,322		(2,138	)
	MYR/USD		10/20/14		23,964		(36	)
	MYR/USD		10/29/14		47,106		(235	)
	NZD/USD		12/17/14		28,656		(1,700	)
	PLN/USD		12/17/14		43,188		(1,420	)
	TWD/USD		10/27/14		30,795		(205	)
BNP Paribas SA	AUD/USD		12/17/14		58,335		(2,214	)
	GBP/USD		12/17/14		28,469		(725	)
	ILS/USD		12/17/14		45,415		(585	)
	INR/USD		10/14/14		15,869		(216	)
	PLN/USD		12/17/14		43,539		(1,004	)


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

GOLDMAN SACHS WORLD BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Contracts to Buy/Sell	Settlement Date		Current Value		Unrealized Loss
Citibank NA (London)	AUD/USD		12/17/14	$	89,679	$	(1,813	)
	EUR/CHF		12/17/14		60,697		(36	)
	EUR/GBP		12/17/14		30,708		(378	)
	IDR/USD		10/31/14		25,905		(1,020	)
	ILS/USD		12/17/14		28,287		(713	)
	JPY/USD		11/07/14		149,232		(588	)
	MXN/USD		12/17/14		62,047		(838	)
	MYR/USD		10/03/14		30,470		(732	)
	NOK/EUR		12/17/14		60,661		(90	)
	NOK/USD		11/06/14		29,131		(437	)
	NZD/USD		12/17/14		29,431		(1,166	)
	PHP/USD		10/29/14		14,943		(57	)
Credit Suisse International (London)	DKK/USD		11/10/14		25,437		(488	)
	EUR/CHF		12/17/14		60,694		(33	)
	PEN/USD		11/18/14		19,107		(635	)
	RUB/USD		10/02/14		29,076		(1,924	)
	RUB/USD		10/24/14		60,028		(4,245	)
	RUB/USD		10/27/14		59,260		(1,740	)
Deutsche Bank AG (London)	AUD/USD		12/17/14		58,335		(2,278	)
	CNH/USD		12/17/14		124,324		(676	)
	EUR/USD		12/17/14		181,982		(3,677	)
	IDR/USD		11/03/14		29,951		(49	)
	ILS/USD		10/27/14		12,220		(281	)
	INR/USD		10/29/14		23,986		(176	)
	MYR/USD		10/31/14		7,293		(284	)
	PHP/USD		10/20/14		29,980		(20	)
	PLN/USD		12/17/14		9,654		(346	)
	RUB/USD		10/02/14		7,750		(407	)
HSBC Bank PLC	EUR/USD		12/17/14		60,661		(828	)
	INR/USD		10/27/14		47,775		(738	)
	MXN/USD		12/17/14		61,461		(780	)
	RUB/USD		10/17/14		14,567		(433	)
	RUB/USD		10/24/14		100,759		(9,537	)
	SGD/USD		12/17/14		60,494		(506	)
	USD/GBP		12/17/14		61,561		(198	)
JPMorgan Chase Bank (London)	EUR/GBP		12/17/14		62,355		(1,694	)
	EUR/NOK		12/17/14		61,515		(854	)
	JPY/USD		12/17/14		120,111		(2,889	)
	MYR/USD		10/03/14		25,804		(562	)
	MYR/USD		10/20/14		14,947		(53	)
	SEK/USD		12/17/14		60,902		(1,098	)
	TRY/USD		12/17/14		30,353		(647	)
	USD/MXN		12/17/14		92,200		(200	)
Merrill Lynch International Bank Ltd.	EUR/USD		10/30/14		14,574		(293	)
	HUF/USD		10/27/14		22,698		(192	)
Morgan Stanley & Co. International PLC	AUD/USD		12/17/14		59,205		(2,266	)
	BRL/USD		10/14/14		14,423		(630	)
	BRL/USD		10/27/14		30,340		(660	)
	CHF/USD		12/17/14		30,350		(650	)
	EUR/CHF		12/17/14		60,709		(48	)
	EUR/HUF		12/17/14		15,457		(292	)
	EUR/USD		12/17/14		181,982		(953	)


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

GOLDMAN SACHS WORLD BOND 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
Morgan Stanley & Co. International PLC (continued)	INR/USD		10/27/14	$	48,126	$	(781	)
	KRW/USD		10/27/14		30,404		(597	)
Royal Bank of Canada	CAD/USD		12/17/14		155,781		(2,542	)
	EUR/USD		10/30/14		17,846		(69	)
	EUR/USD		12/17/14		60,661		(1,140	)
	GBP/USD		12/17/14		58,321		(942	)
	JPY/USD		12/17/14		59,227		(2,773	)
	MXN/USD		12/17/14		123,677		(2,400	)
	PEN/USD		10/24/14		19,116		(612	)
Royal Bank of Scotland PLC	NZD/USD		12/17/14		29,431		(1,260	)
	TRY/USD		12/17/14		145,308		(4,694	)
	TWD/USD		10/31/14		324,774		(4,987	)
	USD/TRY		12/17/14		30,109		(109	)
Standard Chartered Bank	CLP/USD		10/24/14		52,976		(3,723	)
	INR/USD		10/14/14		101,503		(1,121	)
	JPY/USD		12/17/14		135,169		(4,831	)
	KRW/USD		10/14/14		29,982		(18	)
	MXN/USD		12/17/14		97,225		(2,097	)
	MYR/USD		10/31/14		40,521		(1,213	)
	PHP/USD		10/31/14		78,453		(3,086	)
	PLN/USD		12/17/14		40,839		(1,294	)
	TRY/USD		12/17/14		30,419		(581	)
State Street Bank and Trust	AUD/USD		12/17/14		29,603		(641	)
	EUR/GBP		12/17/14		30,869		(539	)
	EUR/USD		12/17/14		60,661		(1,327	)
	GBP/USD		12/17/14		61,561		(821	)
	HKD/USD		11/13/14		196,593		(218	)
	JPY/USD		12/17/14		105,866		(884	)
	SGD/USD		11/13/14		123,202		(411	)
UBS AG (London)	BRL/USD		10/14/14		58,245		(3,755	)
	CHF/USD		11/06/14		55,756		(1,067	)
	CHF/USD		12/17/14		30,323		(678	)
	INR/USD		10/07/14		30,855		(507	)
	PLN/USD		12/17/14		43,694		(900	)
	RUB/USD		10/24/14		49,565		(5,436	)
	RUB/USD		11/17/14		63,852		(5,352	)
Westpac Banking Corp.	AUD/USD		12/17/14		178,486		(4,864	)
	KRW/USD		10/31/14		434,912		(13,129	)
	NZD/USD		12/17/14		140,076		(6,233	)
TOTAL						$	(159,899	)

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		(16	)	March 2017	$	(3,903,000	)	$	4,539
Eurodollars		(8	)	September 2017		(1,944,700	)		4,782
Ultra Long U.S. Treasury Bonds		4		December 2014		610,000			(9,101	)
2 Year German Euro-Schatz		2		December 2014		280,410			262
5 Year German Euro-Bobl		(1	)	December 2014		(161,569	)		(532	)


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

GOLDMAN SACHS WORLD BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)


Type	Number of Contracts Long (Short)			Expiration Date	Current Value			Unrealized Gain (Loss)
2 Year U.S. Treasury Notes		2		December 2014	$	437,688		$	28
5 Year U.S. Treasury Notes		(24	)	December 2014		(2,838,188	)		7,480
10 Year U.S. Treasury Notes		7		December 2014		872,484			(1,157	)
20 Year U.S. Treasury Bonds		(3	)	December 2014		(413,719	)		5,432
TOTAL								$	11,733

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	6,270		12/13/23	3 month KWCDC	3.488%	$	(405	)
			2,150		01/16/24	3 month KWCDC	3.445		(134	)
		MXN	610		03/03/26	6.930%	Mexico Interbank TIIE 28 Days		1,460
Barclays Bank PLC		KRW	211,330		05/30/23	3 month KWCDC	2.995		(5,566	)
Citibank NA (London)		BRL	110		01/04/16	11.190	1 month Brazilian Interbank Deposit Average		(320	)
			610		01/04/16	8.890	1 month Brazilian Interbank Deposit Average		(10,108	)
			250		01/02/17	11.455	1 month Brazilian Interbank Deposit Average		(1,046	)
		CLP	22,720		03/13/19	6 month CLICP	4.650		(922	)
			11,530		09/12/19	6 month CLICP	4.050		132
		BRL	330		01/04/21	11.765	1 month Brazilian Interbank Deposit Average		(1,047	)
		ZAR	820		05/09/23	3 month JIBAR	6.380		7,910
		KRW	6,300		12/18/23	3 month KWCDC	3.420		(372	)
			73,270		01/10/24	3 month KWCDC	3.475		(4,747	)
		COP	10,590		04/16/24	Colombia 90 days DTF	5.920		111
		KRW	47,740		07/11/24	2.940	3 month KWCDC		1,017
Credit Suisse First Boston Corp.		CLP	20,370		04/28/17	6 month CLICP	3.980		(413	)
			6,240		07/28/17	6 month CLICP	3.640		(18	)
			18,420		02/28/19	6 month CLICP	4.573		(673	)
		COP	35,680		04/15/19	Colombia 90 days DTF	5.110		91
			28,990		06/18/19	Colombia IBR Overnight Interbank	5.350		(13	)
Deutsche Bank AG (London)		KRW	36,990		03/03/17	2.850	3 month KWCDC		479
		BRL	770		01/02/18	11.610	1 month Brazilian Interbank Deposit Average		(3,703	)
		MYR	1,230		11/14/18	3 month KLIBOR	3.880		1,076


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

GOLDMAN SACHS WORLD BOND 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)*
Deutsche Bank AG (London) (continued)		CLP	66,510		04/10/19	6 month CLICP	4.430%	$	(1,859	)
		COP	19,820		06/17/19	Colombia IBR Overnight Interbank	5.320		3
		CLP	6,220		07/28/19	6 month CLICP	4.000		75
		BRL	210		01/04/21	11.230%	1 month Brazilian Interbank Deposit Average		(2,087	)
		MXN	470		06/01/23	6.255	Mexico Interbank TIIE 28 Days		183
			170		11/03/23	6.860	Mexico Interbank TIIE 28 Days		579
JPMorgan Securities, Inc.		MYR	410		04/15/19	3 month KLIBOR	4.100		(656	)
		COP	31,850		04/22/19	Colombia IBR Overnight Interbank	5.190		41
		KRW	6,820		12/23/23	3 month KWCDC	3.470		(429	)
			54,420		01/07/24	3 month KWCDC	3.471		(3,511	)
			36,950		01/15/24	3 month KWCDC	3.445		(2,301	)
Morgan Stanley & Co. International PLC		BRL	630		01/02/17	11.565	1 month Brazilian Interbank Deposit Average		(2,178	)
		CLP	3,300		04/15/19	6 month CLICP	4.350		(71	)
		BRL	70		01/04/21	1 month Brazilian Interbank Deposit Average	11.410		527
TOTAL								$	(28,895	)

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.


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

GOLDMAN SACHS WORLD BOND 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)
GBP	200	^(a)		09/12/17	6 month GBP	2.250%	$	441		$	(550	)
$	950	^(a)		12/17/17	1.500%	3 month LIBOR		533			(59	)
ZAR	390			06/13/19	7.640	3 month JIBAR		—			51
	480			09/05/19	7.280	3 month JIBAR		(1	)		(447	)
	590			09/08/19	7.310	3 month JIBAR		(2	)		(522	)
EUR	400	^(a)		12/17/19	1.000	6 month EURO		12,215			743
$	1,400	^(a)		12/17/19	2.250	3 month LIBOR		10,213			1,826
SEK	4,320	^(a)		12/17/19	3 month STIBOR	1.250		(5,264	)		1,376
NZD	830	^(a)		12/17/19	4.500	3 month NZDOR		(1,664	)		4,251
AUD	460	^(a)		12/17/19	6 month AUDOR	3.750		(5,008	)		(1,911	)
GBP	130	^(a)		02/05/21	2.840	6 month GBP		(31	)		3,371
	210	^(a)		09/12/21	2.680	6 month GBP		(2,729	)		3,124
JPY	40,230	^(a)		12/17/21	0.500	6 month JYOR		2,560			(857	)
$	370	^(a)		12/17/21	3 month LIBOR	2.500		(829	)		(1,223	)
HUF	30,350			01/29/24	6 month BUBOR	5.360		1			(19,349	)
ZAR	390			03/14/24	3 month JIBAR	8.550		—			(838	)
AUD	340	^(a)		09/17/24	4.500	6 month AUDOR		(1,198	)		1,678
GBP	220	^(a)		09/17/24	6 month GBP	3.250		(1,461	)		(1,604	)
$	490	^(a)		12/17/24	3 month LIBOR	3.000		(8,284	)		(3,676	)
CAD	90	^(a)		12/17/24	3.000	6 month CDOR		3,697			(1,258	)
GBP	70	^(a)		12/17/24	3.000	6 month GBP		5,070			(409	)
AUD	220	^(a)		12/17/24	4.500	6 month AUDOR		8,149			1,920
EUR	60	^(a)		12/17/24	6 month EURO	2.000		(6,618	)		631
JPY	79,940	^(a)		12/17/24	6 month JYOR	0.750		(7,504	)		2,715
GBP	270	^(a)		12/18/24	3.250	6 month GBP		2,196			1,141
EUR	360	^(a)		12/18/24	6 month EURO	2.000		689			(2,240	)
JPY	70,000	^(a)		05/09/25	6 month JYOR	1.650		9,529			(14,937	)
GBP	110	^(a)		09/12/26	6 month GBP	2.980		1,712			(2,824	)
JPY	43,000	^(a)		05/09/27	1.880	6 month JYOR		(8,578	)		14,743
$	850	^(a)		12/17/29	3 month LIBOR	3.250		(15,203	)		(10,066	)
GBP	70	^(a)		02/05/36	6 month GBP	3.500		842			(9,491	)
$	210	^(a)		12/17/44	3.500	3 month LIBOR		6,986			4,240
GBP	140	^(a)		12/17/44	6 month GBP	3.250		(13,879	)		(2,810	)
	TOTAL						$	(13,420	)	$	(33,261	)

(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.		117

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Schedule of Investments (continued)

September 30, 2014 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

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
Bond Fund	$	18,600,000	$	18,600,006	$	19,097,872
Core Fixed Income		43,300,000		43,300,014		44,459,025
Global Income		3,900,000		3,900,001		4,004,393
Strategic Income		294,700,000		294,700,096		302,588,328
World Bond		400,000		400,000		410,707

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			Bond Fund		Core Fixed Income		Global Income		Strategic Income		World Bond
BNP Paribas Securities Co.		0.010	%	$	5,102,342	$	11,878,033	$	1,069,846	$	80,841,950	$	109,728
Citigroup Global Markets, Inc.		0.000			545,558		1,270,036		114,391		8,643,870		11,732
TD Securities (USA) LLC		0.005			7,064,782		16,446,508		1,481,325		111,935,007		151,931
Wells Fargo Securities LLC		0.030			5,887,318		13,705,423		1,234,438		93,279,173		126,609
TOTAL				$	18,600,000	$	43,300,000	$	3,900,000	$	294,700,000	$	400,000


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

GOLDMAN SACHS WORLD BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

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			04/15/15 to 04/15/16
U.S. Treasury Note		0.875			08/15/17


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities

September 30, 2014 (Unaudited)


	Bond Fund
Assets:
Investments, at value (cost $241,588,974, $1,130,475,290, $458,344,854, $25,495,923,151 and $12,263,877)	$	248,239,297
Cash		60,689
Foreign currencies, at value (cost $30,392, $52,162, $92,340, $2,116,132 and $35,210, respectively)		32,444
Receivables:
Investments sold on an extended-settlement basis		31,014,453
Investments sold		307,920
Collateral on certain derivative contracts^(a)		1,608,567
Unrealized gain on forward foreign currency exchange contracts		1,317,100
Interest		1,179,771
Fund shares sold		494,187
Reimbursement from investment adviser		58,761
Unrealized gain on swap contracts		49,822
Upfront payments made on swap contracts		1,191
Variation margin on certain derivative contracts		886
Due from broker — upfront payment		89
Foreign tax reclaims		—
Other assets		1,868
Total assets		284,367,045

Liabilities:
Payables:
Investments purchased on an extended-settlement basis		42,299,928
Investments purchased		870,853
Forward sale contracts, at value (proceeds received $8,834,688, $39,250,000, $10,846,563, $144,135,781 and $0, respectively)		8,869,922
Collateral on certain derivative contracts		2,260,003
Unrealized loss on forward foreign currency exchange contracts		793,692
Fund shares redeemed		408,488
Unrealized loss on swap contracts		335,711
Management fees		85,357
Upfront payments received on swap contracts		38,918
Distribution and Service fees and Transfer Agent fee		26,839
Income distribution		16,383
Variation margin on certain derivative contracts		15,808
Written option contracts, at value (premium received $111,617 for the Global Income Fund)		—
Due to broker — upfront payment		—
Accrued expenses and other liabilities		210,396
Total liabilities		56,232,298

Net Assets:
Paid-in capital		217,253,759
Undistributed (distributions in excess of) net investment income		564,470
Accumulated net realized gain (loss)		2,935,019
Net unrealized gain (loss)		7,381,499
NET ASSETS	$	228,134,747
Net Assets:
Class A	$	37,386,740
Class B		1,660,353
Class C		7,671,547
Institutional		176,467,066
Service		14,721
Class IR		4,863,572
Class R		70,748
Total Net Assets	$	228,134,747
Shares Outstanding $0.001 par value (unlimited shares authorized):
Class A		3,543,445
Class B		157,467
Class C		727,553
Institutional		16,728,796
Service		1,396
Class IR		462,582
Class R		6,712
Net asset value, offering and redemption price per share:^(b)
Class A		$10.55
Class B		10.54
Class C		10.54
Institutional		10.55
Service		10.55
Class IR		10.51
Class R		10.54

(a)

Includes segregated cash of $500,000 for the Bond Fund, relating to initial margin requirements and collateral on futures transactions. Also includes amounts segregated for initial margin on swap transactions of $1,056,874, $2,537,723, $2,165,785, $629,072,631 and $63,316 for the Bond, Core Fixed Income, Global Income, Strategic Income and World Bond Funds, respectively.

(b)

Maximum public offering price per share for Class A Shares of the Bond, Core Fixed Income, Global Income, Strategic Income and World Bond Funds is $10.96, $10.90, $13.46, $11.00 and $9.78, 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.


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS


Core Fixed Income Fund			Global Income Fund			Strategic Income Fund			World Bond Fund

$	1,148,605,901		$	459,600,818		$	25,482,442,509		$	11,779,101
	181,293			73,735			33,063,238			103,428
	51,534			89,126			2,718,283			35,719

	133,537,578			25,544,375			788,635,410			—
	13,377,717			27,093,400			407,829,220			297,464
	2,537,723			2,165,785			633,591,005			63,316
	2,891,589			7,362,214			500,327,286			197,856
	5,786,402			3,157,180			149,948,068			104,277
	6,718,086			1,928,916			117,481,719			—
	—			80,012			—			68,867
	52,311			500,551			11,365,799			13,684
	1,951			3,895			1,966,003			—
	69,984			8,134			4,736,903			1,286
	—			73,132			19,128,186			—
	—			—			—			4,123
	8,394			3,796			7,692,312			3,210
	1,313,820,463			527,685,069			28,160,925,941			12,672,331



	196,665,321			23,870,019			994,087,341			—
	2,948,464			7,478,108			89,613,419			274,327
	39,421,876			10,841,016			143,889,847			—
	4,970,000			2,394,065			476,776,750			—
	2,138,295			2,310,202			303,668,250			159,899
	1,668,959			22,969,292			34,003,798			—
	—			—			83,266,488			42,579
	346,649			255,830			10,586,445			6,526
	—			—			11,472,417			—
	95,208			38,121			2,891,291			491
	108,103			13,781			7,662,262			—
	—			184,549			14,454,049			381
	—			71,430			—			—
	41			—			—			596
	172,181			246,100			306,742			147,547
	248,535,097			70,672,513			2,172,679,099			632,346


	1,071,543,360			427,373,443			25,856,196,557			12,728,788
	7,129,148			(856,940	)		69,917,644			(384,512	)
	(33,343,087	)		21,744,060			(181,883,029	)		199,625
	19,955,945			8,751,993			244,015,670			(503,916	)
$	1,065,285,366		$	457,012,556		$	25,988,246,842		$	12,039,985

$	142,355,225		$	60,622,437		$	3,177,088,759		$	174,277
	2,766,367			899,487			—			—
	19,432,766			5,135,139			1,220,249,848			36,988
	897,036,884			387,247,668			20,700,172,741			11,809,093
	1,642,690			348,281			—			—
	1,463,992			2,759,544			882,813,297			9,864
	587,442			—			7,922,197			9,763
$	1,065,285,366		$	457,012,556		$	25,988,246,842		$	12,039,985

	13,564,612			4,676,761			300,033,400			18,525
	262,384			69,653			—			—
	1,841,860			399,015			115,197,177			3,933
	85,130,601			29,919,665			1,954,843,893			1,255,675
	155,788			26,955			—			—
	139,402			213,419			83,411,231			1,049
	55,901			—			748,627			1,038

	$10.49			$12.96			$10.59			$9.41
	10.54			12.91			—			—
	10.55			12.87			10.59			9.40
	10.54			12.94			10.59			9.40
	10.54			12.92			—			—
	10.50			12.93			10.58			9.40
	10.51			—			10.58			9.40


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Operations

For the Six Months Ended September 30, 2014 (Unaudited)


	Bond Fund
Investment income:
Interest	$	3,412,421
Dividends		—
Total investment income		3,412,421

Expenses:
Management fees		550,427
Custody, accounting and administrative services		160,667
Distribution and Service fees^(a)		92,187
Transfer Agent fees^(a)		71,169
Registration fees		56,182
Professional fees		55,324
Printing and mailing costs		34,209
Trustee fees		10,290
Service Share fees — Shareholder Administration Plan		18
Service Share fees — Service Plan		18
Other		19,100
Total expenses		1,049,591
Less — expense reductions		(326,473	)
Net expenses		723,118
NET INVESTMENT INCOME		2,689,303

Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments		4,992,161
Futures contracts		1,362,557
Written options		—
Swap contracts		(1,402,689	)
Forward foreign currency exchange contracts		517,391
Foreign currency transactions		(28,697	)
Net change in unrealized gain (loss) on:
Investments (including the effects of the net change in the foreign capital gains tax liability of $779 for World Bond Fund)		(2,146,956	)
Futures contracts		(336,283	)
Written options		—
Swap contracts		12,790
Forward foreign currency exchange contracts		643,881
Foreign currency translations		(12,639	)
Net realized and unrealized gain (loss)		3,601,516
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	6,290,819

(a)

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


	Distribution and Service Fees									Transfer Agent Fees
Fund	Class A		��	Class B		Class C		Class R		Class A		Class B		Class C		Institutional		Service		Class IR		Class R
Bond	$	44,012		$	10,139	$	37,832	$	204	$	22,886	$	1,318	$	4,918	$	39,038	$	4	$	2,952	$	53
Core Fixed Income		173,231			16,540		99,228		1,397		90,080		2,150		12,900		179,274		335		982		363
Global Income		75,650			4,961		24,775		—		39,338		645		3,221		83,586		47		616		—
Strategic Income		4,573,105			—		5,693,662		17,537		2,378,014		—		740,176		3,662,504		—		530,294		4,560
World Bond		161			—		173		25		84		—		23		2,420		—		7		7


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS


Core Fixed Income Fund			Global Income Fund			Strategic Income Fund			World Bond Fund

$	14,745,851		$	6,159,364		$	358,888,495		$	164,577
	—			—			1,130,524			—
	14,745,851			6,159,364			360,019,019			164,577


	2,111,877			1,578,143			59,888,264			39,927
	155,427			202,963			1,609,571			113,422
	290,396			105,386			10,284,304			359
	286,084			127,453			7,315,548			2,541
	52,865			54,235			664,408			34,128
	57,154			54,923			82,930			50,347
	44,315			47,082			686,771			35,418
	11,882			10,500			62,117			5,803
	2,091			295			—			—
	2,091			295			—			—
	36,824			12,551			328,898			5,212
	3,051,006			2,193,826			80,922,811			287,157
	—			(368,413	)		—			(242,483	)
	3,051,006			1,825,413			80,922,811			44,674
	11,694,845			4,333,951			279,096,208			119,903



	6,712,619			6,623,249			254,202,832			229,940
	798,547			1,849,634			(66,872,627	)		44,131
	—			26,302			—			—
	(2,331,185	)		(2,401,668	)		(637,162,882	)		(131,197	)
	1,887,812			14,978,049			403,636,048			141,091
	(190,148	)		(733,702	)		(34,334,092	)		(6,133	)

	5,567,441			(14,386,993	)		(266,567,912	)		(502,280	)
	(628,191	)		(337,157	)		(9,899,585	)		(23,682	)
	—			40,187			—			—
	250,556			1,392,503			50,134,784			29,061
	776,686			3,840,461			200,924,737			32,984
	2,206			(160,635	)		(2,648,194	)		(6,808	)
	12,846,343			10,730,230			(108,586,891	)		(192,893	)
$	24,541,188		$	15,064,181		$	170,509,317		$	(72,990	)


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets


	Bond Fund
	For the Six Months Ended September 30, 2014 (Unaudited)			For the Fiscal Year Ended March 31, 2014
From operations:
Net investment income	$	2,689,303		$	7,141,192
Net realized gain		5,440,723			419,436
Net change in unrealized gain (loss)		(1,839,207	)		(6,256,916	)
Net increase (decrease) in net assets resulting from operations		6,290,819			1,303,712

Distributions to shareholders:
From net investment income
Class A Shares		(388,242	)		(958,151	)
Class B Shares		(14,806	)		(55,017	)
Class C Shares		(55,055	)		(162,740	)
Institutional Shares		(2,484,634	)		(7,247,473	)
Service Shares		(150	)		(359	)
Class IR Shares		(55,557	)		(86,537	)
Class R Shares		(796	)		(3,961	)
From net realized gains
Class A Shares		—			—
Class B Shares		—			—
Class C Shares		—			—
Institutional Shares		—			—
Service Shares		—			—
Class IR Shares		—			—
Total distributions to shareholders		(2,999,240	)		(8,514,238	)

From share transactions:
Proceeds from sales of shares		28,717,952			39,384,369
Reinvestment of distributions		2,888,818			8,278,108
Cost of shares redeemed^(a)		(62,262,646	)		(143,892,620	)
Net increase (decrease) in net assets resulting from share transactions		(30,655,876	)		(96,230,143	)
TOTAL INCREASE (DECREASE)		(27,364,297	)		(103,440,669	)

Net assets:
Beginning of period		255,499,044			358,939,713
End of period	$	228,134,747		$	255,499,044
Undistributed (distributions in excess of) net investment income	$	564,470		$	874,407

(a)

Net of $3,029 of redemption fees for Global Income Fund for the fiscal year ended March 31, 2014.


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS


Core Fixed Income Fund							Global Income 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

	$	11,694,845		$	24,888,467		$	4,333,951		$	10,940,458
		6,877,645			1,242,527			20,341,864			8,693,832
		5,968,698			(27,508,514	)		(9,611,634	)		(5,422,409	)
		24,541,188			(1,377,520	)		15,064,181			14,211,881



		(1,492,026	)		(3,229,048	)		(532,461	)		(2,869,741	)
		(23,474	)		(71,991	)		(5,050	)		(47,252	)
		(139,552	)		(343,888	)		(24,814	)		(180,501	)
		(11,174,526	)		(26,759,876	)		(4,396,151	)		(21,880,046	)
		(16,732	)		(112,378	)		(1,893	)		(8,507	)
		(18,093	)		(34,701	)		(9,179	)		(29,166	)
		(5,317	)		(11,960	)		—			—

		—			—			—			(924,409	)
		—			—			—			(18,935	)
		—			—			—			(71,786	)
		—			—			—			(7,169,813	)
		—			—			—			(3,069	)
		—			—			—			(9,276	)
		(12,869,720	)		(30,563,842	)		(4,969,548	)		(33,212,501	)


		93,008,748			212,696,889			68,792,265			278,133,116
		12,151,912			28,632,885			4,890,965			32,961,613
		(109,006,894	)		(562,034,991	)		(121,452,924	)		(273,363,689	)
		(3,846,234	)		(320,705,217	)		(47,769,694	)		37,731,040
		7,825,234			(352,646,579	)		(37,675,061	)		18,730,420


		1,057,460,132			1,410,106,711			494,687,617			475,957,197
	$	1,065,285,366		$	1,057,460,132		$	457,012,556		$	494,687,617
	$	7,129,148		$	8,304,023		$	(856,940	)	$	(221,343	)


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)


	Strategic Income Fund
	For the Six Months Ended September 30, 2014 (Unaudited)			For the Fiscal Year Ended March 31, 2014
From operations:
Net investment income	$	279,096,208		$	234,878,221
Net realized gain (loss)		(80,530,721	)		53,764,096
Net change in unrealized gain (loss)		(28,056,170	)		159,388,977
Net increase (decrease) in net assets resulting from operations		170,509,317			448,031,294

Distributions to shareholders:
From net investment income
Class A Shares		(38,288,743	)		(50,987,382	)
Class C Shares		(7,505,586	)		(9,792,648	)
Institutional Shares		(220,322,193	)		(200,729,078	)
Class IR Shares		(9,462,636	)		(9,935,816	)
Class R Shares		(63,736	)		(23,961	)
From net realized gains
Class A Shares		—			—
Class C Shares		—			—
Institutional Shares		—			—
Class IR Shares		—			—
Class R Shares		—			—
Return of capital
Class A Shares		—			—
Class C Shares		—			—
Institutional Shares		—			—
Class IR Shares		—			—
Class R Shares		—			—
Total distributions to shareholders		(275,642,894	)		(271,468,885	)

From share transactions:
Proceeds from sales of shares		8,707,860,636			19,226,399,807
Reinvestment of distributions		224,270,702			229,033,498
Cost of shares redeemed		(3,739,599,725	)		(2,216,580,066	)
Net increase in net assets resulting from share transactions		5,192,531,613			17,238,853,239
TOTAL INCREASE		5,087,398,036			17,415,415,648

Net assets:
Beginning of period		20,900,848,806			3,485,433,158
End of period	$	25,988,246,842		$	20,900,848,806
Undistributed (distributions in excess of) net investment income	$	69,917,644		$	66,464,330


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS


World Bond Fund
For the Six Months Ended September 30, 2014 (Unaudited)			For the Fiscal Year Ended March 31, 2014

$	119,903		$	172,550
	277,832			(404,291	)
	(470,725	)		213,084
	(72,990	)		(18,657	)



	(952	)		(2,661	)
	(127	)		(211	)
	(111,792	)		(363,149	)
	(89	)		(302	)
	(62	)		(248	)

	—			(113	)
	—			(11	)
	—			(13,574	)
	—			(12	)
	—			(11	)

	—			(318	)
	—			(25	)
	—			(43,432	)
	—			(36	)
	—			(30	)
	(113,022	)		(424,133	)


	121,287			93,614
	113,022			424,133
	(20,356	)		(33,444	)
	213,953			484,303
	27,941			41,513


	12,012,044			11,970,531
$	12,039,985		$	12,012,044
$	(384,512	)	$	(391,393	)


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

GOLDMAN SACHS BOND 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	$	10.42	$	0.10	$	0.15		$	0.25	$	(0.12	)	$	—		$	(0.12	)
2014 - B		10.41		0.06		0.15			0.21		(0.08	)		—			(0.08	)
2014 - C		10.41		0.06		0.15			0.21		(0.08	)		—			(0.08	)
2014 - Institutional		10.42		0.12		0.14			0.26		(0.13	)		—			(0.13	)
2014 - Service		10.42		0.09		0.15			0.24		(0.11	)		—			(0.11	)
2014 - IR		10.38		0.11		0.15			0.26		(0.13	)		—			(0.13	)
2014 - R		10.41		0.09		0.14			0.23		(0.10	)		—			(0.10	)

FOR THE FISCAL YEARS ENDED MARCH 31,
2014 - A		10.57		0.22		(0.09	)		0.13		(0.28	)		—			(0.28	)
2014 - B		10.57		0.14		(0.10	)		0.04		(0.20	)		—			(0.20	)
2014 - C		10.57		0.15		(0.11	)		0.04		(0.20	)		—			(0.20	)
2014 - Institutional		10.57		0.26		(0.09	)		0.17		(0.32	)		—			(0.32	)
2014 - Service		10.57		0.21		(0.10	)		0.11		(0.26	)		—			(0.26	)
2014 - IR		10.54		0.25		(0.11	)		0.14		(0.30	)		—			(0.30	)
2014 - R		10.57		0.19		(0.10	)		0.09		(0.25	)		—			(0.25	)
2013 - A		10.37		0.20		0.57			0.77		(0.25	)		(0.32	)		(0.57	)
2013 - B		10.36		0.12		0.58			0.70		(0.17	)		(0.32	)		(0.49	)
2013 - C		10.37		0.12		0.57			0.69		(0.17	)		(0.32	)		(0.49	)
2013 - Institutional		10.37		0.23		0.57			0.80		(0.28	)		(0.32	)		(0.60	)
2013 - Service		10.37		0.18		0.57			0.75		(0.23	)		(0.32	)		(0.55	)
2013 - IR		10.34		0.22		0.57			0.79		(0.27	)		(0.32	)		(0.59	)
2013 - R		10.37		0.18		0.56			0.74		(0.22	)		(0.32	)		(0.54	)
2012 - A		10.17		0.27		0.42			0.69		(0.27	)		(0.22	)		(0.49	)
2012 - B		10.16		0.19		0.42			0.61		(0.19	)		(0.22	)		(0.41	)
2012 - C		10.16		0.19		0.43			0.62		(0.19	)		(0.22	)		(0.41	)
2012 - Institutional		10.17		0.30		0.43			0.73		(0.31	)		(0.22	)		(0.53	)
2012 - Service		10.17		0.25		0.43			0.68		(0.26	)		(0.22	)		(0.48	)
2012 - IR		10.18		0.29		0.38			0.67		(0.29	)		(0.22	)		(0.51	)
2012 - R		10.17		0.25		0.41			0.66		(0.24	)		(0.22	)		(0.46	)
2011 - A		10.20		0.28		0.33			0.61		(0.31	)^(e)		(0.33	)		(0.64	)
2011 - B		10.20		0.21		0.31			0.52		(0.23	)^(e)		(0.33	)		(0.56	)
2011 - C		10.20		0.21		0.31			0.52		(0.23	)^(e)		(0.33	)		(0.56	)
2011 - Institutional		10.20		0.32		0.32			0.64		(0.34	)^(e)		(0.33	)		(0.67	)
2011 - Service		10.20		0.27		0.32			0.59		(0.29	)^(e)		(0.33	)		(0.62	)
2011 - IR		10.21		0.31		0.32			0.63		(0.33	)^(e)		(0.33	)		(0.66	)
2011 - R		10.20		0.26		0.32			0.58		(0.28	)^(e)		(0.33	)		(0.61	)
2010 - A		9.16		0.34		1.07			1.41		(0.37	)		—			(0.37	)
2010 - B		9.15		0.28		1.07			1.35		(0.30	)		—			(0.30	)
2010 - C		9.15		0.28		1.07			1.35		(0.30	)		—			(0.30	)
2010 - Institutional		9.16		0.37		1.07			1.44		(0.40	)		—			(0.40	)
2010 - Service		9.16		0.34		1.05			1.39		(0.35	)		—			(0.35	)
2010 - IR		9.16		0.32		1.12			1.44		(0.39	)		—			(0.39	)
2010 - R		9.16		0.31		1.07			1.38		(0.34	)		—			(0.34	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

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

(c)

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

(d)

Annualized.

(e)

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


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

GOLDMAN SACHS BOND FUND



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

$	10.55		2.37	%	$	37,387		0.84	%^(d)		1.11	%^(d)		1.94	%^(d)		196	%
	10.54		1.99			1,660		1.59	^(d)		1.85	^(d)		1.20	^(d)		196
	10.54		1.99			7,672		1.59	^(d)		1.86	^(d)		1.19	^(d)		196
	10.55		2.54			176,467		0.50	^(d)		0.76	^(d)		2.29	^(d)		196
	10.55		2.29			15		0.99	^(d)		1.26	^(d)		1.78	^(d)		196
	10.51		2.50			4,864		0.59	^(d)		0.85	^(d)		2.18	^(d)		196
	10.54		2.24			71		1.09	^(d)		1.35	^(d)		1.70	^(d)		196


	10.42		1.27			34,403		0.84			1.06			2.15			580
	10.41		0.42			2,239		1.59			1.80			1.38			580
	10.41		0.42			7,298		1.59			1.81			1.40			580
	10.42		1.62			207,604		0.50			0.71			2.46			580
	10.42		1.12			14		1.00			1.22			2.01			580
	10.38		1.42			3,808		0.59			0.81			2.41			580
	10.41		0.92			133		1.09			1.29			1.83			580
	10.57		7.48			40,783		0.83			0.98			1.86			1,025
	10.57		6.79			3,907		1.58			1.73			1.11			1,025
	10.57		6.68			9,993		1.58			1.73			1.11			1,025
	10.57		7.84			301,201		0.49			0.64			2.20			1,025
	10.57		7.31			14		0.99			1.13			1.70			1,025
	10.54		7.76			2,847		0.58			0.73			2.11			1,025
	10.57		7.22			195		1.08			1.24			1.68			1,025
	10.37		6.89			91,437		0.83			0.99			2.60			767
	10.36		6.10			4,924		1.58			1.74			1.85			767
	10.37		6.20			10,592		1.58			1.74			1.85			767
	10.37		7.25			232,692		0.49			0.65			2.94			767
	10.37		6.75			13		0.99			1.15			2.44			767
	10.34		6.74			2,739		0.58			0.74			2.82			767
	10.37		6.63			21		1.08			1.24			2.37			767
	10.17		6.06			93,196		0.83			1.00			2.72			673
	10.16		5.27			6,349		1.58			1.75			2.01			673
	10.16		5.27			10,824		1.58			1.75			1.99			673
	10.17		6.42			198,465		0.49			0.66			3.07			673
	10.17		5.91			12		0.99			1.16			2.58			673
	10.18		6.32			364		0.58			0.75			2.96			673
	10.17		5.80			36		1.08			1.25			2.49			673
	10.20		15.60			94,351		0.83			1.14			3.48			419
	10.20		14.75			9,193		1.58			1.89			2.87			419
	10.20		14.75			12,661		1.58			1.89			2.83			419
	10.20		15.99			191,051		0.49			0.80			3.72			419
	10.20		15.42			12		0.99			1.30			3.44			419
	10.21		16.00			294		0.58			0.89			3.23			419
	10.20		15.30			37		1.08			1.39			3.15			419


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations
Year - Share Class	Net asset value, beginning of period		Net investment income^(a)		Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income
FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)
2014 - A	$	10.38	$	0.10	$	0.12		$	0.22		$	(0.11	)
2014 - B		10.43		0.06		0.12			0.18			(0.07	)
2014 - C		10.43		0.06		0.13			0.19			(0.07	)
2014 - Institutional		10.42		0.12		0.13			0.25			(0.13	)
2014 - Service		10.43		0.09		0.13			0.22			(0.11	)
2014 - IR		10.39		0.11		0.13			0.24			(0.13	)
2014 - R		10.39		0.09		0.13			0.22			(0.10	)

FOR THE FISCAL YEARS ENDED MARCH 31,
2014 - A		10.61		0.19		(0.18	)		0.01			(0.24	)
2014 - B		10.66		0.11		(0.18	)		(0.07	)		(0.16	)
2014 - C		10.67		0.11		(0.19	)		(0.08	)		(0.16	)
2014 - Institutional		10.65		0.22		(0.17	)		0.05			(0.28	)
2014 - Service		10.66		0.15		(0.16	)		(0.01	)		(0.22	)
2014 - IR		10.62		0.21		(0.17	)		0.04			(0.27	)
2014 - R		10.62		0.16		(0.18	)		(0.02	)		(0.21	)
2013 - A		10.31		0.16		0.36			0.52			(0.22	)
2013 - B		10.36		0.08		0.36			0.44			(0.14	)
2013 - C		10.37		0.08		0.36			0.44			(0.14	)
2013 - Institutional		10.36		0.20		0.35			0.55			(0.26	)
2013 - Service		10.36		0.14		0.37			0.51			(0.21	)
2013 - IR		10.32		0.19		0.36			0.55			(0.25	)
2013 - R		10.33		0.13		0.36			0.49			(0.20	)
2012 - A		9.79		0.19		0.53			0.72			(0.20	)
2012 - B		9.84		0.12		0.52			0.64			(0.12	)
2012 - C		9.84		0.12		0.53			0.65			(0.12	)
2012 - Institutional		9.83		0.23		0.53			0.76			(0.23	)
2012 - Service		9.84		0.17		0.53			0.70			(0.18	)
2012 - IR		9.79		0.22		0.53			0.75			(0.22	)
2012 - R		9.80		0.17		0.53			0.70			(0.17	)
2011 - A		9.53		0.21		0.29			0.50			(0.24	)
2011 - B		9.57		0.14		0.29			0.43			(0.16	)
2011 - C		9.58		0.14		0.28			0.42			(0.16	)
2011 - Institutional		9.57		0.24		0.29			0.53			(0.27	)
2011 - Service		9.58		0.20		0.28			0.48			(0.22	)
2011 - IR		9.54		0.23		0.28			0.51			(0.26	)
2011 - R		9.54		0.18		0.29			0.47			(0.21	)
2010 - A		8.27		0.31		1.27			1.58			(0.32	)
2010 - B		8.31		0.24		1.27			1.51			(0.25	)
2010 - C		8.31		0.24		1.28			1.52			(0.25	)
2010 - Institutional		8.30		0.34		1.28			1.62			(0.35	)
2010 - Service		8.31		0.30		1.27			1.57			(0.30	)
2010 - IR		8.28		0.31		1.29			1.60			(0.34	)
2010 - R		8.28		0.28		1.28			1.56			(0.30	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.


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

GOLDMAN SACHS CORE FIXED INCOME FUND



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

$	10.49		2.15	%	$	142,355		0.85	%^(d)		0.85	%^(d)		1.93	%^(d)		182	%
	10.54		1.77			2,766		1.60	^(d)		1.60	^(d)		1.19	^(d)		182
	10.55		1.86			19,433		1.60	^(d)		1.60	^(d)		1.18	^(d)		182
	10.54		2.42			897,037		0.51	^(d)		0.51	^(d)		2.27	^(d)		182
	10.54		2.07			1,643		1.01	^(d)		1.01	^(d)		1.78	^(d)		182
	10.50		2.28			1,464		0.59	^(d)		0.59	^(d)		2.18	^(d)		182
	10.51		2.12			587		1.10	^(d)		1.10	^(d)		1.68	^(d)		182


	10.38		0.12			134,288		0.83			0.83			1.80			516
	10.43		(0.61	)		3,637		1.58			1.58			1.02			516
	10.43		(0.71	)		20,262		1.58			1.58			1.05			516
	10.42		0.47			895,504		0.49			0.49			2.13			516
	10.43		(0.03	)		1,837		0.98			0.98			1.40			516
	10.39		0.37			1,374		0.58			0.58			2.03			516
	10.39		(0.13	)		557		1.08			1.08			1.54			516
	10.61		5.08			159,470		0.81			0.81			1.54			782
	10.66		4.28			6,531		1.56			1.56			0.79			782
	10.67		4.28			25,723		1.56			1.56			0.79			782
	10.65		5.32			1,198,584		0.47			0.47			1.88			782
	10.66		4.90			17,528		0.97			0.97			1.35			782
	10.62		5.34			1,622		0.56			0.56			1.78			782
	10.62		4.72			648		1.06			1.06			1.24			782
	10.31		7.37			204,327		0.81			0.81			1.90			687
	10.36		6.55			8,065		1.56			1.56			1.14			687
	10.37		6.65			28,539		1.56			1.56			1.13			687
	10.36		7.81			1,363,229		0.47			0.47			2.23			687
	10.36		7.17			10,969		0.97			0.97			1.70			687
	10.32		7.74			1,081		0.56			0.56			2.14			687
	10.33		7.21			19		1.06			1.06			1.64			687
	9.79		5.24			694,255		0.81			0.81			2.13			554
	9.84		4.55			11,234		1.56			1.56			1.39			554
	9.84		4.44			27,993		1.56			1.56			1.38			554
	9.83		5.58			1,041,837		0.47			0.47			2.45			554
	9.84		5.17			3,966		0.97			0.97			1.98			554
	9.79		5.39			1,538		0.56			0.56			2.30			554
	9.80		4.98			17		1.06			1.06			1.88			554
	9.53		19.32			804,834		0.82			0.82			3.37			418
	9.57		18.36			16,680		1.57			1.57			2.68			418
	9.58		18.48			33,260		1.57			1.57			2.62			418
	9.57		19.79			705,704		0.48			0.48			3.78			418
	9.58		19.05			5,580		0.98			0.98			3.30			418
	9.54		19.58			69		0.57			0.57			3.30			418
	9.54		19.03			14		1.07			1.07			3.10			418


The accompanying notes are an integral part of these financial statements.		131

GOLDMAN SACHS GLOBAL INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income^(a)		Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)
2014 - A	$	12.70	$	0.10	$	0.27		$	0.37		$	(0.11	)	$	—		$	(0.11	)
2014 - B		12.65		0.05		0.27			0.32			(0.06	)		—			(0.06	)
2014 - C		12.61		0.05		0.27			0.32			(0.06	)		—			(0.06	)
2014 - Institutional		12.68		0.12		0.27			0.39			(0.13	)		—			(0.13	)
2014 - Service		12.66		0.09		0.27			0.36			(0.10	)		—			(0.10	)
2014 - IR		12.66		0.11		0.29			0.40			(0.13	)		—			(0.13	)

FOR THE FISCAL YEARS ENDED MARCH 31,
2014 - A		13.20		0.24		0.03			0.27			(0.58	)		(0.19	)		(0.77	)
2014 - B		13.15		0.14		0.03			0.17			(0.48	)		(0.19	)		(0.67	)
2014 - C		13.11		0.14		0.03			0.17			(0.48	)		(0.19	)		(0.67	)
2014 - Institutional		13.18		0.28		0.03			0.31			(0.62	)		(0.19	)		(0.81	)
2014 - Service		13.16		0.22		0.03			0.25			(0.56	)		(0.19	)		(0.75	)
2014 - IR		13.17		0.27		0.02			0.29			(0.61	)		(0.19	)		(0.80	)
2013 - A		13.17		0.22		0.60			0.82			(0.34	)		(0.45	)		(0.79	)
2013 - B		13.12		0.12		0.60			0.72			(0.24	)		(0.45	)		(0.69	)
2013 - C		13.09		0.12		0.59			0.71			(0.24	)		(0.45	)		(0.69	)
2013 - Institutional		13.15		0.27		0.60			0.87			(0.39	)		(0.45	)		(0.84	)
2013 - Service		13.13		0.20		0.60			0.80			(0.32	)		(0.45	)		(0.77	)
2013 - IR		13.15		0.26		0.59			0.85			(0.38	)		(0.45	)		(0.83	)
2012 - A		12.63		0.23		0.54			0.77			(0.23	)		—			(0.23	)
2012 - B		12.58		0.14		0.54			0.68			(0.14	)		—			(0.14	)
2012 - C		12.55		0.14		0.54			0.68			(0.14	)		—			(0.14	)
2012 - Institutional		12.61		0.27		0.55			0.82			(0.28	)		—			(0.28	)
2012 - Service		12.59		0.21		0.54			0.75			(0.21	)		—			(0.21	)
2012 - IR		12.61		0.24		0.57			0.81			(0.27	)		—			(0.27	)
2011 - A		12.74		0.26		(0.10	)		0.16			(0.27	)		—			(0.27	)
2011 - B		12.69		0.17		(0.11	)		0.06			(0.17	)		—			(0.17	)
2011 - C		12.66		0.16		(0.09	)		0.07			(0.18	)		—			(0.18	)
2011 - Institutional		12.72		0.30		(0.09	)		0.21			(0.32	)		—			(0.32	)
2011 - Service		12.70		0.24		(0.10	)		0.14			(0.25	)		—			(0.25	)
2011 - IR (Commenced July 30, 2010)		12.91		0.19		(0.29	)		(0.10	)		(0.20	)		—			(0.20	)
2010 - A		12.30		0.38		1.35			1.73			(1.29	)		—			(1.29	)
2010 - B		12.25		0.29		1.34			1.63			(1.19	)		—			(1.19	)
2010 - C		12.23		0.28		1.34			1.62			(1.19	)		—			(1.19	)
2010 - Institutional		12.28		0.42		1.35			1.77			(1.33	)		—			(1.33	)
2010 - Service		12.27		0.36		1.34			1.70			(1.27	)		—			(1.27	)

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.


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

GOLDMAN SACHS GLOBAL INCOME FUND



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

$	12.96		2.95	%	$	60,622			1.04	%^(d)		1.19	%^(d)		1.49	%^(d)		100	%
	12.91		2.57			899			1.79	^(d)		1.94	^(d)		0.76	^(d)		100
	12.87		2.58			5,135			1.78	^(d)		1.94	^(d)		0.74	^(d)		100
	12.94		3.13			387,248			0.70	^(d)		0.85	^(d)		1.84	^(d)		100
	12.92		2.87			348			1.19	^(d)		1.34	^(d)		1.33	^(d)		100
	12.93		3.16			2,760			0.78	^(d)		0.93	^(d)		1.68	^(d)		100


	12.70		2.16			61,198			1.04			1.20			1.83			288
	12.65		1.40			1,060			1.79			1.95			1.07			288
	12.61		1.40			4,688			1.79			1.95			1.08			288
	12.68		2.51			426,746			0.70			0.86			2.19			288
	12.66		1.98			239			1.20			1.35			1.70			288
	12.66		2.34			757			0.79			0.95			2.09			288
	13.20		6.32			79,838			1.04			1.15			1.64			444
	13.15		5.55			1,784			1.79			1.90			0.92			444
	13.11		5.57			5,757			1.79			1.90			0.92			444
	13.18		6.69			387,889			0.69			0.81			1.99			444
	13.16		6.16			145			1.19			1.31			1.49			444
	13.17		6.51			545			0.79			0.90			1.94			444
	13.17		6.16			198,463			1.03			1.14			1.78			333
	13.12		5.38			2,310			1.78			1.89			1.07			333
	13.09		5.32			6,359			1.78			1.89			1.06			333
	13.15		6.53			574,373	��		0.69			0.80			2.10			333
	13.13		6.01			189			1.19			1.30			1.61			333
	13.15		6.43			402			0.78			0.89			1.87			333
	12.63		1.27			204,116			1.03			1.13			2.03			272
	12.58		0.50			2,979			1.78			1.88			1.29			272
	12.55		0.60			7,676			1.78			1.88			1.29			272
	12.61		1.62			469,982			0.69			0.79			2.36			272
	12.59		1.12			151			1.19			1.29			1.89			272
	12.61		(0.78	)		23			0.78	^(d)		0.88	^(d)		2.28	^(d)		272
	12.74		14.73			218,572			1.03			1.11			3.02			237
	12.69		13.92			5,143			1.78			1.86			2.30			237
	12.66		13.80			7,606			1.78			1.86			2.22			237
	12.72		15.14			685,787			0.69			0.77			3.36			237
	12.70		14.50			95			1.19			1.27			2.87			237


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


			Income (loss) from investment operations								Distributions to shareholders
Year - Share Class	Net asset value, beginning of period		Net investment income			Net realized and unrealized gain (loss)			Total from investment operations		From net investment income			From net realized gains			From capital			Total distributions
FOR THE SIX MONTHS ENDED SEPTEMBER 30, (UNAUDITED)
2014 - A	$	10.64	$	0.11	^(c)	$	(0.05	)	$	0.06	$	(0.11	)	$	—		$	—		$	(0.11	)
2014 - C		10.64		0.07	^(c)		(0.05	)		0.02		(0.07	)		—			—			(0.07	)
2014 - Institutional		10.64		0.13	^(c)		(0.05	)		0.08		(0.13	)		—			—			(0.13	)
2014 - IR		10.63		0.12	^(c)		(0.05	)		0.07		(0.12	)		—			—			(0.12	)
2014 - R		10.63		0.10	^(c)		(0.05	)		0.05		(0.10	)		—			—			(0.10	)

FOR THE FISCAL YEARS ENDED MARCH 31,
2014 - A		10.46		0.22	^(c)		0.21			0.43		(0.25	)		—			—			(0.25	)
2014 - C		10.46		0.14	^(c)		0.21			0.35		(0.17	)		—			—			(0.17	)
2014 - Institutional		10.46		0.26	^(c)		0.21			0.47		(0.29	)		—			—			(0.29	)
2014 - IR		10.46		0.25	^(c)		0.20			0.45		(0.28	)		—			—			(0.28	)
2014 - R		10.45		0.21	^(c)		0.19			0.40		(0.22	)		—			—			(0.22	)
2013 - A		9.87		0.32	^(c)		0.73			1.05		(0.46	)		—			—			(0.46	)
2013 - C		9.88		0.24	^(c)		0.72			0.96		(0.38	)		—			—			(0.38	)
2013 - Institutional		9.87		0.35	^(c)		0.73			1.08		(0.49	)		—			—			(0.49	)
2013 - IR		9.87		0.34	^(c)		0.73			1.07		(0.48	)		—			—			(0.48	)
2013 - R		9.87		0.30	^(c)		0.71			1.01		(0.43	)		—			—			(0.43	)
2012 - A		10.03		0.32	^(c)		(0.16	)		0.16		(0.32	)		—			—			(0.32	)
2012 - C		10.04		0.24	^(c)		(0.15	)		0.09		(0.25	)		—			—			(0.25	)
2012 - Institutional		10.03		0.35	^(c)		(0.15	)		0.20		(0.36	)		—			—			(0.36	)
2012 - IR		10.03		0.34	^(c)		(0.15	)		0.19		(0.35	)		—			—			(0.35	)
2012 - R		10.03		0.29	^(c)		(0.15	)		0.14		(0.30	)		—			—			(0.30	)

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

(a)

(b)

(c)

Calculated based on the average shares outstanding methodology.

(d)

Annualized.


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

GOLDMAN SACHS STRATEGIC INCOME FUND



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

$	10.59		0.58	%	$	3,177,089		0.91	%^(d)		0.91	%^(d)		2.11	%^(d)		91	%
	10.59		0.20			1,220,250		1.66	^(d)		1.66	^(d)		1.35	^(d)		91
	10.59		0.75			20,700,173		0.57	^(d)		0.57	^(d)		2.44	^(d)		91
	10.58		0.70			882,813		0.66	^(d)		0.66	^(d)		2.35	^(d)		91
	10.58		0.45			7,922		1.16	^(d)		1.16	^(d)		1.85	^(d)		91


	10.64		4.16			3,693,934		0.91			0.91			2.08			302
	10.64		3.37			1,017,133		1.66			1.66			1.31			302
	10.64		4.51			15,468,555		0.57			0.57			2.44			302
	10.63		4.32			715,773		0.66			0.66			2.32			302
	10.63		3.90			5,454		1.16			1.16			1.96			302
	10.46		10.80			709,730		0.99			0.99			3.17			727
	10.46		9.86			239,501		1.74			1.74			2.36			727
	10.46		11.18			2,428,689		0.65			0.65			3.42			727
	10.46		11.07			107,502		0.74			0.74			3.33			727
	10.45		10.45			12		1.23			1.23			2.98			727
	9.87		1.60			728,059		1.00			1.00			3.23			636
	9.88		0.94			148,590		1.75			1.75			2.51			636
	9.87		2.04			993,936		0.66			0.66			3.59			636
	9.87		1.95			50,350		0.75			0.75			3.54			636
	9.87		1.46			29		1.25			1.25			3.00			636


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


The accompanying notes are an integral part of these financial statements.		135

GOLDMAN SACHS WORLD BOND 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	$	9.55	$	0.08		$	(0.15	)	$	(0.07	)	$	(0.07	)	$	—		$	—		$	(0.07	)
2014 - C		9.55		0.04			(0.15	)		(0.11	)		(0.04	)		—			—			(0.04	)
2014 - Institutional		9.55		0.09			(0.15	)		(0.06	)		(0.09	)		—			—			(0.09	)
2014 - IR		9.55		0.09			(0.16	)		(0.07	)		(0.08	)		—			—			(0.08	)
2014 - R		9.55		0.07			(0.16	)		(0.09	)		(0.06	)		—			—			(0.06	)

FOR THE FISCAL YEAR ENDED MARCH 31,
2014 - A		9.92		0.11			(0.17	)		(0.06	)		(0.26	)		(0.01	)		(0.04	)		(0.31	)
2014 - C		9.91		0.04			(0.15	)		(0.11	)		(0.20	)		(0.01	)		(0.04	)		(0.25	)
2014 - Institutional		9.91		0.14			(0.15	)		(0.01	)		(0.30	)		(0.01	)		(0.04	)		(0.35	)
2014 - IR		9.91		0.14			(0.15	)		(0.02	)		(0.29	)		(0.01	)		(0.04	)		(0.34	)
2014 - R		9.91		0.08			(0.15	)		(0.07	)		(0.24	)		(0.01	)		(0.04	)		(0.29	)

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

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

(d)

Annualized.

(e)

Amount is less than $0.005 per share.


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

GOLDMAN SACHS WORLD BOND FUND



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

$	9.41		(0.72	)%	$	174		1.06	%^(d)		5.25	%^(d)		1.58	%^(d)		77	%
	9.40		(1.20	)		37		1.81	^(d)		5.80	^(d)		0.85	^(d)		77
	9.40		(0.65	)		11,809		0.72	^(d)		4.67	^(d)		1.96	^(d)		77
	9.40		(0.70	)		10		0.85	^(d)		4.80	^(d)		1.87	^(d)		77
	9.40		(0.96	)		10		1.32	^(d)		5.26	^(d)		1.36	^(d)		77


	9.55		(0.43	)		98		1.05			5.95			1.17			252
	9.55		(1.11	)		10		1.72			6.60			0.43			252
	9.55		(0.08	)		11,887		0.72			5.51			1.46			252
	9.55		(0.10	)		10		0.78			5.57			1.47			252
	9.55		(0.70	)		10		1.31			6.10			0.83			252


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


The accompanying notes are an integral part of these financial statements.		137

GOLDMAN SACHS MULTI 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
Bond† and Core Fixed Income	A, B, C, Institutional, Service, IR and R	Diversified
Global Income	A, B, C, Institutional, Service and IR	Non-diversified
Strategic Income	A, C, Institutional, IR and R	Diversified
World Bond	A, C, Institutional, IR and R	Non-diversified

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

†

Formerly, Goldman Sachs Core Plus Fixed Income Fund. Effective on October 1, 2014, the Fund changed its name to Goldman Sachs Bond Fund.

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

138

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

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

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

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

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

139

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

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

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

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

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued at amortized cost, which approximates fair value. With the exception of treasury securities 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 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

140

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

v. 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 the price of the referenced instrument) and record a realized gain or loss.

vi. 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.

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 purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement which may result in a realized gain or loss.

Equity Securities — Equity securities and investment companies traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, equity securities and exchange traded investment companies are valued at the last bid price for long positions and at the last ask price for short positions. Investments in investment companies (other than those that are exchange traded) are valued at the NAV on the valuation date. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, 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.

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,

141

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 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.

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.

142

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 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.

143

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

B. Level 3 Fair Value Investments — To the extent that the aforementioned significant inputs are unobservable, or if quotations are not readily available, or if GSAM and GSAMI believe that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined under Valuation Procedures approved by the Trustees. GSAM and GSAMI, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies.

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:



BOND

Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	61,238,639		$	—
Mortgage-Backed Obligations		—		66,953,798			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		45,208,774		8,716,198			—
Asset-Backed Securities		—		24,293,527			—
Foreign Debt Obligations		1,864,272		6,350,460			—
Structured Note		—		1,606,358			—
Municipal Debt Obligations		—		4,094,549			—
Government Guarantee Obligations		—		5,277,672			—
Short-term Investments		—		18,600,000			—
Total	$	47,073,046	$	197,131,201		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—	$	(8,869,922	)	$	—

Derivative Type
Assets
Options Purchased	$	—	$	4,035,050		$	—
Forward Foreign Currency Exchange Contracts^(a)		—		1,317,100			—
Futures Contracts^(a)		246,837		—			—
Interest Rate Swap Contracts^(a)		—		1,107,842			—
Credit Default Swap Contracts^(a)		—		32,173			—
Total	$	246,837	$	6,492,165		$	—

144

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



BOND (continued)

Derivative Type	Level 1			Level 2			Level 3
Liabilities^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(793,692	)	$	—
Futures Contracts		(210,365	)		—			—
Interest Rate Swap Contracts		—			(877,944	)		—
Credit Default Swap Contracts		—			(45,417	)		—
Total	$	(210,365	)	$	(1,717,053	)	$	—

CORE FIXED INCOME

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	325,407,566		$	—
Mortgage-Backed Obligations		—			339,290,384			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		258,626,523			48,395,304			—
Asset-Backed Securities		—			68,126,515			—
Foreign Debt Obligations		4,274,588			17,524,263			—
Municipal Debt Obligations		—			9,323,206			—
Government Guarantee Obligations		—			27,441,498			—
Short-term Investments		—			43,300,000			—
Total	$	262,901,111		$	878,808,736		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(39,421,876	)	$	—

Derivative Type
Assets
Options Purchased	$	—		$	6,896,054		$	—
Forward Foreign Currency Exchange Contracts^(a)		—			2,891,589			—
Futures Contracts^(a)		495,654			—			—
Interest Rate Swap Contracts^(a)		—			1,774,653			—
Credit Default Swap Contracts^(a)		—			52,311			—
Total	$	495,654		$	11,614,607		$	—
Liabilities^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(2,138,295	)	$	—
Futures Contracts		(238,255	)		—			—
Interest Rate Swap Contracts		—			(802,287	)		—
Credit Default Swap Contracts		—			(37,197	)		—
Total	$	(238,255	)	$	(2,977,779	)	$	—

145

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



GLOBAL INCOME

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Foreign Sovereign Debt Obligations	$	137,974,233		$	45,549,764		$	—
Corporate Obligations		—			96,026,784			—
Foreign Debt Obligations		—			12,557,963			—
Asset-Backed Securities		—			39,979,986			—
Mortgage-Backed Obligations		—			86,932,965			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		19,813,636			3,334,058			—
Government Guarantee Obligations		—			10,951,632			—
Short-term Investments		—			3,900,000			—
Total	$	157,787,869		$	299,233,152		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(10,841,016	)	$	—

Derivative Type
Assets
Options Purchased	$	—		$	2,579,797		$	—
Forward Foreign Currency Exchange Contracts^(a)		—			7,362,214			—
Futures Contracts^(a)		416,275			—			—
Interest Rate Swap Contracts^(a)		—			3,810,583			—
Credit Default Swap Contracts^(a)		—			105,996			—
Total	$	416,275		$	13,858,590		$	—
Liabilities
Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(2,310,202	)	$	—
Futures Contracts^(a)		(162,968	)		—			—
Interest Rate Swap Contracts^(a)		—			(1,639,969	)		—
Credit Default Swap Contracts^(a)		—			(8,328	)		—
Written Options Contracts		—			(71,430	)		—
Total	$	(162,968	)	$	(4,029,929	)	$	—

146

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



STRATEGIC INCOME

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	3,040,567,035		$	—
Mortgage-Backed Obligations		—			3,700,547,373			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		5,394,097,120			3,081,625,560			—
Asset-Backed Securities		—			3,518,897,443			—
Foreign Debt Obligations		1,371,326,226			1,677,305,002			—
Structured Note		—			7,297,175			—
Municipal Debt Obligations		—			625,506,351			—
Government Guarantee Obligation		—			252,243,168			—
Senior Term Loans		—			556,644,694			136,025,000
Preferred Stocks^(b)
Europe		—			11,466,343			—
North America		—			128,129,826			—
Short-term Investments		—			1,269,700,000			—
Total	$	6,765,423,346		$	17,869,929,970		$	136,025,000
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(143,889,847	)	$	—

Derivative Type
Assets
Options Purchased	$	—		$	711,064,193		$	—
Forward Foreign Currency Exchange Contracts^(a)		—			500,327,286			—
Futures Contracts^(a)		50,259,924			—			—
Interest Rate Swap Contracts^(a)		—			271,442,941			—
Credit Default Swap Contracts^(a)		—			418,491			—
Total Return Swap Contracts^(a)		—			2,566,966			—
Total	$	50,259,924		$	1,485,819,877		$	—
Liabilities^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(303,668,250	)	$	—
Futures Contracts		(29,018,247	)		—			—
Interest Rate Swap Contracts		—			(215,494,290	)		—
Credit Default Swap Contracts		—			(15,207,489	)		—
Total Return Swap Contracts		—			(1,835,197	)		—
Total	$	(29,018,247	)	$	(536,205,226	)	$	—

147

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



WORLD BOND

Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Foreign Sovereign Debt Obligations	$	3,900,634		$	4,554,839		$	—
Structured Notes		—			162,898			—
U.S. Treasury Obligations		2,760,730			—			—
Short-term Investments		—			400,000			—
Total	$	6,661,364		$	5,117,737		$	—

Derivative Type
Assets^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	197,856		$	—
Futures Contracts		22,523			—			—
Interest Rate Swap Contracts		—			55,494			—
Total	$	22,523		$	253,350		$	—
Liabilities^(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(159,899	)	$	—
Futures Contracts		(10,790	)		—			—
Interest Rate Swap Contracts		—			(117,650	)		—
Total	$	(10,790	)	$	(277,549	)	$	—

(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. The Fund(s) utilize(s) fair value model prices provided by an independent fair value service for international equities, resulting in a Level 2 classification.

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

148

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

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.

Bond

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Interest rate

Receivable for unrealized gain on swap contracts; Variation margin on certain derivative contracts; Investments, at value

5,389,729

^(a)

Payable for unrealized loss on swap contracts; Variation margin on certain derivative contracts

(1,088,309)

^(a)(b)

Credit

Receivable for unrealized gain on swap contracts; Variation margin on certain derivative contracts

32,173

^(a)

Payable for unrealized loss on swap contracts

(45,417)

^(a)(b)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts

1,317,100

Payable for unrealized loss on forward foreign currency exchange contracts

(793,692)

Total

6,739,002

(1,927,418)

Core Fixed Income

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Interest rate

Variation margin on certain derivative contracts; Investments, at value

9,166,361

^(a)

Variation margin on certain derivative contracts

(1,040,542)

^(a)

Credit

Receivable for unrealized gain on swap contracts

52,311

Variation margin on certain derivative contracts

(37,197)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts

2,891,589

Payable for unrealized loss on forward foreign currency exchange contracts

(2,138,295)

Total

12,110,261

(3,216,034)

Global Income

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Interest rate

Receivable for unrealized gain on swap contracts; Variation margin on certain derivative contracts; Investments, at value

6,628,223

^(a)

Variation margin on certain derivative contracts

(1,802,937)

^(a)

Credit

Receivable for unrealized gain on swap contracts

105,996

Variation margin on certain derivative contracts

(8,328)

Currency

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

7,540,646

Payable for unrealized loss on forward foreign currency exchange contracts; Written options, at value

(2,381,632)

Total

14,274,865

(4,192,897)

149

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

Strategic Income

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Interest rate

Receivable for unrealized gain on swap contracts; Variation margin on certain derivative contracts; Investments, at value

1,035,334,024

^(a)

Payable for unrealized loss on swap contracts; Variation margin on certain derivative contracts

(246,347,734)

^(a)(b)

Credit

Receivable for unrealized gain on swap contracts

418,491

Payable for unrealized loss on swap contracts; Variation margin on certain derivative contracts

(15,207,489)

^(b)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts

500,327,286

Payable for unrealized loss on forward foreign currency exchange contracts

(303,668,250)

Total

1,536,079,801

(565,223,473)

World Bond

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Interest rate

Receivable for unrealized gain on swap contracts; Variation margin on certain derivative contracts

78,017

^(a)

Payable for unrealized loss on swap contracts; Variation margin on certain derivative contracts

(128,440)

^(a)(b)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts

197,856

Payable for unrealized loss on forward foreign currency exchange contracts

(159,899)

Total

275,873

(288,339)

(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 $335,711, $83,266,488 and $42,579 for Bond, Strategic Income and World Bond Funds, respectively, which represent the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Funds’ performance, their failure to pay on their obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Funds are entitled to a full return.

150

GOLDMAN SACHS MULTI 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:



Bond
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on investments, futures contracts and swap contracts	$	(41,483	)	$	(101,542	)		1,546
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		1,351			(99,528	)		42
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		517,391			643,881			328
Total		$	477,259		$	442,811			1,916

Core Fixed Income
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on investments, futures contracts and swap contracts	$	(1,848,102	)	$	486,903			3,205
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		315,464			(637,164	)		5
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		1,887,812			776,686			154
Total		$	355,174		$	626,425			3,364

Global Income
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on investments, futures contracts and swap contracts	$	(880,306	)	$	487,692			2,066
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		328,272			(307,967	)		5
Currency	Net realized gain (loss) from investments, written options and forward foreign currency exchange contracts/Net change in unrealized gain (loss) on investments, written options and forward foreign currency exchange contracts		14,772,254			3,840,270			396
Total		$	14,220,220		$	4,019,995			2,467

151

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)



Strategic Income
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from investments, futures contracts and swap contracts/Net change in unrealized gain (loss) on investments, futures contracts and swap contracts	$	(678,216,894	)	$	9,270,214			136,958
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(23,921,115	)		(9,498,289	)		49
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		403,636,048			200,924,737			20,627
Total		$	(298,501,961	)	$	200,696,662			157,634

World Bond
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts and swap contracts	$	(87,066	)	$	5,379			156
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		141,091			32,984			370
Total		$	54,025		$	38,363			526

(a)

Average number of contracts is based on the average of month end balances for the six months ended September 30, 2014.

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,

152

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. A Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due the restrictions or prohibitions against the right of setoff that may be imposed due to a particular jurisdiction’s bankruptcy or insolvency laws.

The following tables set forth the Funds’ net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of September 30, 2014:



Bond
	Derivative Assets⁽¹⁾								Derivative Liabilities⁽¹⁾
Counterparty	Options Purchased		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	$	192,966	$	31,913	$	233,120	$	457,999	$	(3,455	)	$	(29,606	)	$	(33,061	)	$	424,938		$	(40,003	)	$	384,935
Barclays Bank PLC		—		—		122,117		122,117		(3,574	)		(48,020	)		(51,594	)		70,523			—			70,523
BNP Paribas SA		—		—		60,238		60,238		—			(36,942	)		(36,942	)		23,296			—			23,296
Citibank NA		172,463		586		—		173,049		(203,400	)		—			(203,400	)		(30,351	)		30,351			—
Citibank NA (London)		—		—		85,400		85,400		—			(46,113	)		(46,113	)		39,287			—			39,287
Credit Suisse International (London)		—		—		27,946		27,946		—			(28,096	)		(28,096	)		(150	)		—			(150	)
Deutsche Bank AG (London)		—		—		102,478		102,478		—			(48,441	)		(48,441	)		54,037			—			54,037
Deutsche Bank AG		1,774,474		16,910		—		1,791,384		(9,760	)		—			(9,760	)		1,781,624			(1,380,000	)		401,624
HSBC Bank PLC		—		—		67,443		67,443		—			(20,572	)		(20,572	)		46,871			—			46,871
JPMorgan Chase Bank (London)		—		—		194,013		194,013		—			(87,235	)		(87,235	)		106,778			—			106,778
JPMorgan Securities, Inc.		1,241,547		—		—		1,241,547		(93,851	)		—			(93,851	)		1,147,696			(840,000	)		307,696
Morgan Stanley & Co. International PLC		—		413		46,242		46,655		(21,671	)		(44,624	)		(66,295	)		(19,640	)		—			(19,640	)
Morgan Stanley Capital Services, Inc.		653,600		—		—		653,600		—			—			—			653,600			—			653,600
Royal Bank of Canada		—		—		24,244		24,244		—			(81,671	)		(81,671	)		(57,427	)		—			(57,427	)
Royal Bank of Scotland PLC		—		—		20,013		20,013		—			(46,156	)		(46,156	)		(26,143	)		—			(26,143	)
Standard Chartered Bank		—		—		54,689		54,689		—			(103,929	)		(103,929	)		(49,240	)		—			(49,240	)
State Street Bank and Trust		—		—		61,742		61,742		—			(31,615	)		(31,615	)		30,127			—			30,127
UBS AG (London)		—		—		100,262		100,262		—			(57,991	)		(57,991	)		42,271			—			42,271
Westpac Banking Corp.		—		—		117,153		117,153		—			(82,681	)		(82,681	)		34,472			—			34,472
Total	$	4,035,050	$	49,822	$	1,317,100	$	5,401,972	$	(335,711	)	$	(793,692	)	$	(1,129,403	)	$	4,272,569		$	(2,229,652	)	$	2,042,917

153

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)



Core Fixed Income
	Derivative Assets⁽¹⁾								Derivative Liabilities⁽¹⁾
Counterparty	Options Purchased		Swaps		Forward Currency Contracts		Total		Forward Currency Contracts			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾			Net Amount⁽²⁾
Bank of America Securities LLC	$	—	$	52,311	$	508,962	$	561,273	$	(150,671	)	$	(150,671	)	$	410,602		$	(300,000	)	$	110,602
Barclays Bank PLC		—		—		462,953		462,953		(819,863	)		(819,863	)		(356,910	)		—			(356,910	)
BNP Paribas SA		—		—		299,588		299,588		(445,745	)		(445,745	)		(146,157	)		—			(146,157	)
Citibank NA (London)		—		—		380,644		380,644		(153,398	)		(153,398	)		227,246			—			227,246
Deutsche Bank AG (London)		—		—		180,843		180,843		—			—			180,843			—			180,843
Deutsche Bank Securities, Inc.		4,517,090		—		—		4,517,090		—			—			4,517,090			(3,850,000	)		667,090
HSBC Bank PLC		—		—		252,343		252,343		(11,777	)		(11,777	)		240,566			—			240,566
JPMorgan Securities, Inc.		1,237,595		—		—		1,237,595		—			—			1,237,595			(820,000	)		417,595
Morgan Stanley Capital Services, Inc.		1,141,369		—		—		1,141,369		—			—			1,141,369			—			1,141,369
State Street Bank and Trust		—		—		344,367		344,367		(129,529	)		(129,529	)		214,838			—			214,838
Westpac Banking Corp.		—		—		461,889		461,889		(427,312	)		(427,312	)		34,577			—			34,577
Total	$	6,896,054	$	52,311	$	2,891,589	$	9,839,954	$	(2,138,295	)	$	(2,138,295	)	$	7,701,659		$	(4,970,000	)	$	2,731,659



Global Income
	Derivative Assets⁽¹⁾								Derivative Liabilities⁽¹⁾									Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾			Net Amount⁽²⁾
Counterparty	Options Purchased		Swaps		Forward Currency Contracts		Total		Forward Currency Contracts			Options Written			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾			Net Amount⁽²⁾
Bank of America Securities LLC	$	178,432	$	71,064	$	629,217	$	878,713	$	(79,857	)	$	—		$	(79,857	)	$	798,856		$	—		$	798,856
Barclays Bank PLC		—		40,575		217,802		258,377		(195,179	)		—			(195,179	)		63,198			—			63,198
BNP Paribas SA		—		—		177,079		177,079		(146,580	)		—			(146,580	)		30,499			—			30,499
Citibank NA (London)		—		—		205,214		205,214		(120,436	)		—			(120,436	)		84,778			—			84,778
Credit Suisse International (London)		—		—		347,095		347,095		(75,100	)		—			(75,100	)		271,995			—			271,995
Deutsche Bank AG		1,170,094		—		—		1,170,094		—			(71,430	)		(71,430	)		1,098,664			—			1,098,664
Deutsche Bank AG (London)		—		—		550,496		550,496		(162,574	)		—			(162,574	)		387,922			(387,922	)		—
HSBC Bank PLC		—		—		167,295		167,295		(74,598	)		—			(74,598	)		92,697			—			92,697
JPMorgan Chase Bank (London)		—		—		3,465,061		3,465,061		(125,307	)		—			(125,307	)		3,339,754			—			3,339,754
JPMorgan Securities, Inc.		295,277		—		—		295,277		—			—			—			295,277			—			295,277
Merrill Lynch International Bank Ltd.		—		—		—		—		(9,667	)		—			(9,667	)		(9,667	)		—			(9,667	)
Morgan Stanley & Co. International PLC		—		—		123,033		123,033		(142,705	)		—			(142,705	)		(19,672	)		—			(19,672	)
Morgan Stanley Capital Services, Inc.		—		34,932		—		34,932		—			—			—			34,932			—			34,932
Royal Bank of Canada		935,994		—		136,328		1,072,322		(191,569	)		—			(191,569	)		880,753			(880,753	)		—
Royal Bank of Scotland PLC		—		—		52,668		52,668		(150,434	)		—			(150,434	)		(97,766	)		—			(97,766	)
Standard Chartered Bank		—		—		264,425		264,425		(205,555	)		—			(205,555	)		58,870			—			58,870
State Street Bank and Trust		—		—		371,176		371,176		(147,951	)		—			(147,951	)		223,225			—			223,225
UBS AG (London)		—		353,980		267,748		621,728		(242,035	)		—			(242,035	)		379,693			(379,693	)		—
Westpac Banking Corp.		—		—		387,577		387,577		(240,655	)		—			(240,655	)		146,922			—			146,922
Total	$	2,579,797	$	500,551	$	7,362,214	$	10,442,562	$	(2,310,202	)	$	(71,430	)	$	(2,381,632	)	$	8,060,930		$	(1,648,368	)	$	6,412,562

154

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)



Strategic Income
	Derivative Assets⁽¹⁾								Derivative Liabilities⁽¹⁾									Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾			Net Amount⁽²⁾
Counterparty	Options Purchased		Swaps		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾			Net Amount⁽²⁾
Bank of America Securites LLC	$	5,928,955	$	618,565	$	63,576,158	$	70,123,678	$	(8,244,177	)	$	(11,142,924	)	$	(19,387,101	)	$	50,736,577		$	—		$	50,736,577
Barclays Bank PLC		—		63,877		39,304,159		39,368,036		(1,965,619	)		(21,108,791	)		(23,074,410	)		16,293,626			—			16,293,626
BNP Paribas SA		—		—		29,574,073		29,574,073		—			(12,958,944	)		(12,958,944	)		16,615,129			—			16,615,129
Citibank NA		76,861,923		1,729,214		67,884,241		146,475,378		(20,041,566	)		(17,785,016	)		(37,826,582	)		108,648,796			(43,106,753	)		65,542,043
Credit Suisse International (London)		—		264,176		11,043,452		11,307,628		(326,664	)		(10,131,686	)		(10,458,350	)		849,278			(350,024	)		499,254
Deutsche Bank AG		242,884,733		5,004,412		—		247,889,145		(22,133,453	)		—			(22,133,453	)		225,755,692			(187,259,886	)		38,495,806
Deutsche Bank AG (London)		—		—		36,378,416		36,378,416		—			(19,803,391	)		(19,803,391	)		16,575,025			—			16,575,025
HSBC Bank PLC		—		—		40,434,342		40,434,342		—			(9,071,471	)		(9,071,471	)		31,362,871			—			31,362,871
JPMorgan Chase Bank (London)		—		—		89,413,704		89,413,704		—			(25,378,306	)		(25,378,306	)		64,035,398			—			64,035,398
JPMorgan Securities, Inc.		203,609,552		3,666,277		—		207,275,829		(25,291,610	)		—			(25,291,610	)		181,984,219			(145,664,971	)		36,319,248
Merrill Lynch International Bank Ltd.		—		—		164,248		164,248		—			(12,073,142	)		(12,073,142	)		(11,908,894	)		—			(11,908,894	)
Morgan Stanley & Co. International PLC		—		19,278		16,648,438		16,667,716		(2,905,713	)		(20,309,452	)		(23,215,165	)		(6,547,449	)		5,368,344			(1,179,105	)
Morgan Stanley Capital Services, Inc.		181,779,030		—		—		181,779,030		(2,357,686	)		—			(2,357,686	)		179,421,344			(98,361,553	)		81,059,791
Royal Bank of Scotland PLC		—		—		15,759,017		15,759,017		—			(46,744,110	)		(46,744,110	)		(30,985,093	)		—			(30,985,093	)
Standard Chartered Bank		—		—		18,827,774		18,827,774		—			(25,238,851	)		(25,238,851	)		(6,411,077	)		—			(6,411,077	)
State Street Bank (London)		—		—		25,132,098		25,132,098		—			(11,506,379	)		(11,506,379	)		13,625,719			—			13,625,719
UBS AG (London)		—		—		6,177,063		6,177,063		—			(28,479,855	)		(28,479,855	)		(22,302,792	)		—			(22,302,792	)
Westpac Banking Corp.		—		—		40,010,103		40,010,103		—			(31,935,932	)		(31,935,932	)		8,074,171			—			8,074,171
Total	$	711,064,193	$	11,365,799	$	500,327,286	$	1,222,757,278	$	(83,266,488	)	$	(303,668,250	)	$	(386,934,738	)	$	835,822,540		$	(469,374,843	)	$	366,447,697

155

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)



World Bond
	Derivative Assets⁽¹⁾						Derivative Liabilities⁽¹⁾
Counterparty	Swaps		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Total			Net Derivative Assets (Liabilities)			Collateral (Received) Pledged⁽¹⁾		Net Amount⁽²⁾
Bank of America Securities LLC	$	1,460	$	30,292	$	31,752	$	(539	)	$	(5,248	)	$	(5,787	)	$	25,965		$	—	$	25,965
Barclays Bank PLC		—		12,870		12,870		(5,566	)		(10,147	)		(15,713	)		(2,843	)		—		(2,843	)
BNP Paribas SA		—		8,340		8,340		—			(4,744	)		(4,744	)		3,596			—		3,596
Citibank NA (London)		9,170		11,386		20,556		(18,562	)		(7,868	)		(26,430	)		(5,874	)		—		(5,874	)
Credit Suisse First Boston Corp.		91		—		91		(1,117	)		—			(1,117	)		(1,026	)		—		(1,026	)
Credit Suisse International (London)		—		3,893		3,893		—			(9,065	)		(9,065	)		(5,172	)		—		(5,172	)
Deutsche Bank AG (London)		2,395		14,176		16,571		(7,649	)		(8,194	)		(15,843	)		728			—		728
HSBC Bank PLC		—		13,009		13,009		—			(13,020	)		(13,020	)		(11	)		—		(11	)
JPMorgan Chase Bank (London)		—		28,611		28,611		—			(7,997	)		(7,997	)		20,614			—		20,614
JPMorgan Securities, Inc.		41		—		41		(6,897	)		—			(6,897	)		(6,856	)		—		(6,856	)
Merrill Lynch International Bank Ltd.		—		53		53		—			(485	)		(485	)		(432	)		—		(432	)
Morgan Stanley & Co. International PLC		527		6,281		6,808		(2,249	)		(6,877	)		(9,126	)		(2,318	)		—		(2,318	)
Royal Bank of Canada		—		5,698		5,698		—			(10,478	)		(10,478	)		(4,780	)		—		(4,780	)
Royal Bank of Scotland PLC		—		2,862		2,862		—			(11,050	)		(11,050	)		(8,188	)		—		(8,188	)
Standard Chartered Bank		—		35,299		35,299		—			(17,964	)		(17,964	)		17,335			—		17,335
State Street Bank and Trust		—		8,482		8,482		—			(4,841	)		(4,841	)		3,641			—		3,641
UBS AG (London)		—		2,091		2,091		—			(17,695	)		(17,695	)		(15,604	)		—		(15,604	)
Westpac Banking Corp.		—		14,513		14,513		—			(24,226	)		(24,226	)		(9,713	)		—		(9,713	)
Total	$	13,684	$	197,856	$	211,540	$	(42,579	)	$	(159,899	)	$	(202,478	)	$	9,062		$	—	$	9,062

(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 and GSAMI manage 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 and GSAMI are entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

For the six months ended September 30, 2014, contractual and effective net management fees with GSAM and GSAMI were at the following rates:


	Contractual Management Rate
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
Bond		0.45	%		0.41	%		0.39	%		0.38	%		0.37	%		0.45	%
Core Fixed Income		0.40			0.36			0.34			0.33			0.32			0.40
Global Income		0.65			0.59			0.56			0.55			0.54			0.65
Strategic Income		0.60			0.54			0.51			0.50			0.49			0.50
World Bond		0.65			0.59			0.56			0.54			0.53			0.65

156

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

B. Distribution and Service Plans — The Trust, on behalf of each Fund, has adopted Distribution and Service Plans (the “Plans”). Under the Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly, for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers, at the following annual rates calculated on a Fund’s average daily net assets of each respective share class:


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

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

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A front end sales charge and Class B and Class C Shares’ CDSC. During the six months ended September 30, 2014, Goldman Sachs advised that it retained the following amounts:


	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class B		Class C
Bond	$	3,647	$	—	$	2
Core Fixed Income		1,958		—		341
Global Income		4,641		—		—
Strategic Income		277,637		N/A		155
World Bond		22		N/A		—

D. Service Plan and Shareholder Administration Plan — The Trust, on behalf of each Fund that offers Service Shares, has adopted a Service Plan and 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 and Service Shares.

F. Other Expense Agreements and Affiliated Transactions — GSAM and GSAMI have agreed to limit certain “Other Expenses” of the Funds (excluding transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, shareholder meeting, litigation, indemnification and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM and GSAMI for prior fiscal year expense reimbursements, if any. The Other Expense limitations an annual percentage rate of average daily net assets for the Core Fixed Income, Bond, Global Income, Strategic Income and World Bond Funds are 0.104%, 0.004%, 0.004%, 0.054% and 0.014%, respectively. These Other Expense reimbursements will remain in place through at least July 29, 2014, and prior to such date

157

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

GSAM and GSAMI 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.

For the six months ended September 30, 2014, these expense reductions, including any fee waivers and Other Expense reimbursements, were $326,473, $368,413 and $242,483 for the Bond, Global Income and World Bond Funds, respectively.

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 approximately $21,058, $56,497, $2,215,717 and $893 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Bond, Global Income, Strategic Income and World Bond Funds, respectively.

As of September 30, 2014, the following Fund of Funds Portfolios were the beneficial owners of 5% or more of total outstanding shares of the following Fund:


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

As of September 30, 2014, Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of outstanding Class A, Class C, Institutional, Service, Class IR and Class R Shares of the following Funds:


Fund	Class A			Class C			Institutional			Service			Class IR			Class R
Bond		—	%		—	%		—	%		100	%		—	%		20	%
World Bond		6			26			100			N/A			100			100

158

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended September 30, 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)
Bond	$	427,171,799	$	38,187,072	$	449,607,284	$	44,094,731
Core Fixed Income		1,835,728,946		145,726,034		1,882,877,392		139,656,548
Global Income		297,724,820		173,651,684		305,015,099		242,717,985
Strategic Income		10,141,749,852		10,300,541,521		10,195,648,851		7,599,246,946
World Bond		981,746		7,336,770		413,512		7,164,153

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, March 31, 2014, the Funds’ capital loss carryfowards on a tax basis were as follows:


	Bond			Core Fixed Income			Global Income			Strategic Income			World Bond
Capital loss carryovers:⁽¹⁾
Expiring 2018	$	—		$	(35,295,100	)	$	—		$	—		$	—
Perpetual Short-term		(1,849,007	)		(193,915	)		—			—			—
Perpetual Long-term		—			(3,542,757	)		—			(33,253,940	)		(9,851	)
Total capital loss carryovers	$	(1,849,007	)	$	(39,031,772	)	$	—		$	(33,253,940	)	$	(9,851	)
Timing differences (Qualified Late Year Loss, Income Distribution Payable and Straddle Loss Deferrals)	$	(324,905	)	$	(444,600	)	$	(9,269,139	)	$	(96,060,521	)	$	(401,178	)

(1)

With the exception of perpetual capital loss carryforwards, expiration occurs on March 31 of the year indicated.

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:


	Bond			Core Fixed Income			Global Income			Strategic Income			World Bond
Tax Cost	$	241,589,622		$	1,130,491,883		$	458,994,382		$	25,498,832,564		$	12,292,929
Gross unrealized gain		9,004,771			26,421,543			11,074,612			373,899,314			56,711
Gross unrealized loss		(2,335,096	)		(8,307,525	)		(10,468,176	)		(390,289,369	)		(570,539	)
Net unrealized gain (loss)	$	6,669,675		$	18,114,018		$	606,436		$	(16,390,055	)	$	(513,828	)

The differences between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark-to market gains (losses) on regulated futures contracts, foreign currency contracts, premium amortization, swap contracts, and differences related to the tax treatment of swap transactions.

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

159

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

8. OTHER RISKS

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

Foreign Custody Risk — A Fund that invests in foreign securities may hold such securities and foreign currency with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). 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.

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.

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 Funds invest. 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 Funds have exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Funds also invest in securities of issuers located in emerging markets, these risks may be more pronounced.

Non-Diversification Risk — The Global Income and World Bond Funds are non-diversified, meaning that they are permitted to invest a larger percentage of their assets in fewer issuers than diversified mutual funds. Thus, 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.

160

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

8. OTHER RISKS (continued)

Portfolio Concentration Risk — As a result of certain Funds’ ability to invest a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds’ investments more than if their investments were not so concentrated.

9. INDEMNIFICATIONS

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

10. OTHER MATTERS

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

Effective December 1, 2014, GSAM implemented a management fee waiver for the Bond Fund in order to reduce the management fee by 0.04% as calculated as an annual percentage of the fund’s average daily net assets. Also effective December 1, 2014, GSAM decreased the Other Expense limitation of the Core Fixed Income Fund from 0.104% to 0.014% as calculated as an annual percentage rate of the fund’s average daily net assets.

161

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Bond 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		710,631		$	7,501,480			673,150		$	7,008,250
Reinvestment of distributions		35,434			374,053			88,873			921,797
Shares converted from Class B^(a)		12,808			134,998			37,789			390,984
Shares redeemed		(517,085	)		(5,450,239	)		(1,354,881	)		(14,045,948	)
		241,788			2,560,292			(555,069	)		(5,724,917	)
Class B Shares
Shares sold		3,393			35,857			10,280			107,103
Reinvestment of distributions		1,235			13,020			4,667			48,376
Shares converted to Class A^(a)		(12,820	)		(134,998	)		(37,808	)		(390,984	)
Shares redeemed		(49,387	)		(520,205	)		(131,773	)		(1,365,923	)
		(57,579	)		(606,326	)		(154,634	)		(1,601,428	)
Class C Shares
Shares sold		104,173			1,096,959			94,070			982,490
Reinvestment of distributions		4,308			45,447			12,578			130,328
Shares redeemed		(81,750	)		(860,979	)		(351,437	)		(3,640,507	)
		26,731			281,427			(244,789	)		(2,527,689	)
Institutional Shares
Shares sold		1,804,602			19,026,729			2,894,341			30,210,185
Reinvestment of distributions		227,537			2,400,331			683,145			7,088,035
Shares redeemed		(5,232,736	)		(55,259,157	)		(12,142,228	)		(124,616,000	)
		(3,200,597	)		(33,832,097	)		(8,564,742	)		(87,317,780	)
Service Shares
Reinvestment of distributions		15			150			34			359
Shares redeemed		—			—			(1	)		(11	)
		15			150			33			348
Class IR Shares
Shares sold		100,527			1,053,308			96,501			994,662
Reinvestment of distributions		5,281			55,553			8,369			86,537
Shares redeemed		(9,973	)		(104,762	)		(8,180	)		(84,562	)
		95,835			1,004,099			96,690			996,637
Class R Shares
Shares sold		344			3,619			7,725			81,679
Reinvestment of distributions		25			264			258			2,676
Shares redeemed		(6,413	)		(67,304	)		(13,643	)		(139,669	)
		(6,044	)		(63,421	)		(5,660	)		(55,314	)
NET DECREASE		(2,899,851	)	$	(30,655,876	)		(9,428,171	)	$	(96,230,143	)

(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.

162

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Core Fixed Income 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		2,139,490		$	22,451,070			2,785,222		$	28,856,506
Reinvestment of distributions		137,627			1,446,112			300,504			3,112,538
Shares converted from Class B^(a)		4,965			52,035			11,156			115,426
Shares redeemed		(1,655,483	)		(17,369,643	)		(5,188,060	)		(53,846,947	)
		626,599			6,579,574			(2,091,178	)		(21,762,477	)
Class B Shares
Shares sold		8,827			93,136			23,874			250,589
Reinvestment of distributions		2,072			21,865			6,288			65,399
Shares converted to Class A^(a)		(4,941	)		(52,035	)		(11,102	)		(115,426	)
Shares redeemed		(92,361	)		(973,523	)		(282,968	)		(2,950,053	)
		(86,403	)		(910,557	)		(263,908	)		(2,749,491	)
Class C Shares
Shares sold		174,434			1,838,876			319,643			3,330,085
Reinvestment of distributions		12,295			129,895			30,508			317,257
Shares redeemed		(286,725	)		(3,018,759	)		(819,762	)		(8,555,689	)
		(99,996	)		(1,049,988	)		(469,611	)		(4,908,347	)
Institutional Shares
Shares sold		6,466,324			68,093,860			17,097,328			178,132,000
Reinvestment of distributions		997,233			10,523,151			2,404,153			25,010,333
Shares redeemed		(8,262,835	)		(86,965,341	)		(46,078,986	)		(479,042,934	)
		(799,278	)		(8,348,330	)		(26,577,505	)		(275,900,601	)
Service Shares
Shares sold		22,506			236,969			119,215			1,267,798
Reinvestment of distributions		733			7,734			7,704			80,993
Shares redeemed		(43,598	)		(458,884	)		(1,594,760	)		(16,451,446	)
		(20,359	)		(214,181	)		(1,467,841	)		(15,102,655	)
Class IR Shares
Shares sold		20,769			217,217			69,352			725,363
Reinvestment of distributions		1,721			18,104			3,347			34,684
Shares redeemed		(15,398	)		(162,057	)		(93,192	)		(967,665	)
		7,092			73,264			(20,493	)		(207,618	)
Class R Shares
Shares sold		7,388			77,620			12,930			134,548
Reinvestment of distributions		480			5,051			1,126			11,681
Shares redeemed		(5,583	)		(58,687	)		(21,418	)		(220,257	)
		2,285			23,984			(7,362	)		(74,028	)
NET DECREASE		(370,060	)	$	(3,846,234	)		(30,897,898	)	$	(320,705,217	)

(a)

163

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Global Income 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		489,746		$	6,292,646			1,256,050		$	16,192,070
Reinvestment of distributions		40,014			514,963			290,430			3,689,114
Shares converted from Class B^(a)		1,347			17,348			2,177			28,021
Shares redeemed		(674,725	)		(8,654,211	)		(2,776,709	)		(36,099,908	)
		(143,618	)		(1,829,254	)		(1,228,052	)		(16,190,703	)
Class B Shares
Shares sold		731			9,419			6,345			80,811
Reinvestment of distributions		337			4,310			4,583			57,920
Shares converted to Class A^(a)		(1,352	)		(17,348	)		(2,186	)		(28,021	)
Shares redeemed		(13,835	)		(177,177	)		(60,610	)		(780,656	)
		(14,119	)		(180,796	)		(51,868	)		(669,946	)
Class C Shares
Shares sold		66,402			846,848			71,705			916,627
Reinvestment of distributions		1,781			22,740			18,636			234,526
Shares redeemed		(41,072	)		(524,396	)		(157,602	)		(2,021,855	)
		27,111			345,192			(67,261	)		(870,702	)
Institutional Shares
Shares sold		4,634,655			59,496,229			20,189,024			260,329,764
Reinvestment of distributions		337,673			4,338,895			2,281,831			28,936,451
Shares redeemed		(8,716,267	)		(112,029,107	)		(18,240,934	)		(234,141,552	)
		(3,743,939	)		(48,193,983	)		4,229,921			55,124,663
Service Shares
Shares sold		10,358			133,706			9,195			117,986
Reinvestment of distributions		69			878			409			5,160
Shares redeemed		(2,330	)		(29,828	)		(1,736	)		(22,371	)
		8,097			104,756			7,868			100,775
Class IR Shares
Shares sold		155,904			2,013,417			38,499			495,858
Reinvestment of distributions		715			9,179			3,033			38,442
Shares redeemed		(2,978	)		(38,205	)		(23,131	)		(297,347	)
		153,641			1,984,391			18,401			236,953
NET INCREASE (DECREASE)		(3,712,827	)	$	(47,769,694	)		2,909,009		$	37,731,040

(a)

164

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Strategic Income 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		90,487,795		$	959,328,155			322,194,347		$	3,403,126,196
Reinvestment of distributions		3,482,165			36,854,565			4,652,222			49,226,533
Shares redeemed		(141,153,409	)		(1,491,847,734	)		(47,483,395	)		(501,731,244	)
		(47,183,449	)		(495,665,014	)		279,363,174			2,950,621,485
Class C Shares
Shares sold		28,274,194			299,874,236			78,761,666			832,427,995
Reinvestment of distributions		547,414			5,795,995			718,692			7,608,168
Shares redeemed		(9,197,914	)		(97,509,236	)		(6,797,147	)		(71,866,744	)
		19,623,694			208,160,995			72,683,211			768,169,419
Institutional Shares
Shares sold		676,722,763			7,169,662,283			1,354,175,002			14,312,386,204
Reinvestment of distributions		16,264,536			172,117,184			15,331,342			162,263,498
Shares redeemed		(192,097,079	)		(2,034,896,771	)		(147,768,195	)		(1,562,144,611	)
		500,890,220			5,306,882,696			1,221,738,149			12,912,505,091
Class IR Shares
Shares sold		26,008,196			275,632,219			63,725,398			672,837,499
Reinvestment of distributions		893,656			9,452,886			937,543			9,917,406
Shares redeemed		(10,803,633	)		(114,432,404	)		(7,630,689	)		(80,623,752	)
		16,098,219			170,652,701			57,032,252			602,131,153
Class R Shares
Shares sold		317,334			3,363,743			530,341			5,621,913
Reinvestment of distributions		4,734			50,072			1,688			17,893
Shares redeemed		(86,372	)		(913,580	)		(20,230	)		(213,715	)
		235,696			2,500,235			511,799			5,426,091
NET INCREASE		489,664,380		$	5,192,531,613			1,631,328,585		$	17,238,853,239

165

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2014 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	World Bond 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		9,356		$	91,041			9,356		$	92,614
Reinvestment of distributions		99			952			326			3,092
Shares redeemed		(1,233	)		(11,810	)		(1,475	)		(13,973	)
		8,222			80,183			8,207			81,733
Class C Shares
Shares sold		3,152			30,246			—			—
Reinvestment of distributions		13			128			26			248
Shares redeemed		(258	)		(2,500	)		—			—
		2,907			27,874			26			248
Institutional Shares
Shares sold		—			—			106			1,000
Reinvestment of distributions		11,590			111,791			44,287			420,155
Shares redeemed		(629	)		(6,046	)		(2,069	)		(19,471	)
		10,961			105,745			42,324			401,684
Class IR Shares
Reinvestment of distributions		9			89			37			349
		9			89			37			349
Class R Shares
Reinvestment of distributions		6			62			30			289
		6			62			30			289
NET INCREASE		22,105		$	213,953			50,624		$	484,303

166

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

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


	Bond Fund							Core Fixed Income Fund							Global Income Fund							Strategic Income Fund							World Bond 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*		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	$	1,023.70		$	4.26	$	1,000.00	$	1,021.50		$	4.31	$	1,000.00	$	1,029.50		$	5.29	$	1,000.00	$	1,005.80		$	4.58	$	1,000.00	$	992.80		$	5.30
Hypothetical 5% return		1,000.00		1,020.86	+		4.26		1,000.00		1,020.81	+		4.31		1,000.00		1,019.85	+		5.27		1,000.00		1,020.51	+		4.61		1,000.00		1,019.75	+		5.37
Class B
Actual		1,000.00		1,019.90			8.05		1,000.00		1,017.70			8.09		1,000.00		1,025.70			9.09		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,017.10	+		8.04		1,000.00		1,017.05	+		8.09		1,000.00		1,016.09	+		9.05		N/A		N/A			N/A		N/A		N/A			N/A
Class C
Actual		1,000.00		1,019.90			8.05		1,000.00		1,018.60			8.10		1,000.00		1,025.80			9.04		1,000.00		1,002.00			8.33		1,000.00		988.00			9.02
Hypothetical 5% return		1,000.00		1,017.10	+		8.04		1,000.00		1,017.05	+		8.09		1,000.00		1,016.14	+		9.00		1,000.00		1,016.75	+		8.39		1,000.00		1,015.99	+		9.15
Institutional
Actual		1,000.00		1,025.40			2.54		1,000.00		1,024.20			2.59		1,000.00		1,031.30			3.56		1,000.00		1,007.50			2.87		1,000.00		993.50			3.60
Hypothetical 5% return		1,000.00		1,022.56	+		2.54		1,000.00		1,022.51	+		2.59		1,000.00		1,021.56	+		3.55		1,000.00		1,022.21	+		2.89		1,000.00		1,021.46	+		3.65
Service
Actual		1,000.00		1,022.90			5.02		1,000.00		1,020.70			5.12		1,000.00		1,028.70			6.05		N/A		N/A			N/A		N/A		N/A			N/A
Hypothetical 5% return		1,000.00		1,020.10	+		5.01		1,000.00		1,020.00	+		5.11		1,000.00		1,019.10	+		6.02		N/A		N/A			N/A		N/A		N/A			N/A
Class IR
Actual		1,000.00		1,025.00			3.00		1,000.00		1,022.80			2.99		1,000.00		1,031.60			3.97		1,000.00		1,007.00			3.32		1,000.00		990.40			4.24
Hypothetical 5% return		1,000.00		1,022.11	+		2.99		1,000.00		1,022.11	+		2.99		1,000.00		1,021.16	+		3.95		1,000.00		1,021.76	+		3.35		1,000.00		1,020.81	+		4.31
Class R
Actual		1,000.00		1,022.40			5.53		1,000.00		1,021.20			5.57		N/A		N/A			N/A		1,000.00		1,004.50			5.83		1,000.00		993.00			6.59
Hypothetical 5% return		1,000.00		1,019.60	+		5.52		1,000.00		1,019.55	+		5.57		N/A		N/A			N/A		1,000.00		1,019.25	+		5.87		1,000.00		1,018.45	+		6.68

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			Class IR			Class R
Bond		0.84	%		1.59	%		1.59	%		0.50	%		0.99	%		0.59	%		1.09	%
Core Fixed Income		0.85			1.60			1.60			0.51			1.01			0.59			1.10
Global Income		1.04			1.79			1.78			0.70			1.19			0.78			N/A
Strategic Income		0.91			N/A			1.66			0.57			N/A			0.66			1.16
World Bond		1.06			N/A			1.81			0.72			N/A			0.85			1.32

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.

167

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited)

Background

The Goldman Sachs Core Fixed Income Fund, Goldman Sachs Bond Fund (formerly, Goldman Sachs Core Plus Fixed Income Fund), Goldman Sachs Global Income Fund, Goldman Sachs Strategic Income Fund, and Goldman Sachs World Bond 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 agreements (the “Management Agreements”) on behalf of the Core Fixed Income, Bond and Strategic Income Funds with Goldman Sachs Asset Management, L.P. (“GSAM”) and on behalf of the Global Income and World Bond Funds with Goldman Sachs Asset Management International (together with GSAM, the “Investment Advisers”).

The Management Agreements were most recently approved for continuation until June 30, 2015 by the Board of Trustees, including those Trustees who are not parties to the Management Agreements or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 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 Agreements were last approved. At those Committee meetings, regularly scheduled Board or other committee meetings and/or the Annual Meeting, the Board, or the Independent Trustees, as applicable, considered matters relating to the Management Agreements, including:

(a)

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

(i)

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

(ii)

the groups within the Investment Advisers and their affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services and operations), controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance and strategy and central funding), sales and distribution support groups and others (e.g., information technology and training);

(iii)

trends in headcount;

(iv)

the Investment Advisers’ financial resources and ability to hire and retain talented personnel and strengthen their operations; and

(v)

the parent company’s support of the Investment Advisers and their mutual fund business, as expressed by the firm’s senior management;

(b)

information on the investment performance of 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 Advisers (with the exception of the World Bond Fund), and general investment outlooks in the markets in which the Funds invest;

(c)

the terms of the Management Agreements and agreements with affiliated service providers entered into by the Trust on behalf of the Funds;

(d)

expense information for the Funds, including:

(i)

the relative management fee and expense levels of 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 Advisers manage institutional accounts or collective investment vehicles having investment objectives and policies similar to those of the Funds, comparative information on the advisory fees charged and services provided to those accounts by the Investment Advisers;

(e)

with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Funds;

(f)

the undertakings of the Investment Advisers to limit certain expenses of each Fund that exceed specified levels, and a summary of contractual fee reductions made by the Investment Advisers and/or their affiliates over the past several years with respect to the Funds;

(g)

information relating to the profitability of the Management Agreements and the transfer agency and distribution and service arrangements of each Fund and the Trust as a whole to the Investment Advisers and their affiliates;

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

(h)

whether each Fund’s existing management fee schedule adequately addressed any economies of scale;

(i)

a summary of the “fall-out” benefits derived by the Investment Advisers and their affiliates from their relationships with the Funds, including the fees received by the Investment Advisers’ affiliates from the Funds for transfer agency, portfolio trading, distribution and other services;

(j)

a summary of potential benefits derived by the Funds as a result of their relationship with the Investment Advisers;

(k)

information regarding portfolio trading and how the Investment Advisers carry out their duty to seek best execution;

(l)

portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(m)

the nature and quality of the services provided to the Funds by their unaffiliated service providers, and the Investment Advisers’ general oversight and evaluation (including reports on due diligence) of those service providers as part of the administration services provided under the Management Agreements; and

(n)

the Investment Advisers’ processes and policies addressing various types of potential conflicts of interest; their approach to risk management; the annual review of the effectiveness of the Funds’ compliance program; and periodic compliance reports.

The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity and the payment of Rule 12b-1 distribution and service fees by the Funds and the payment of non-Rule 12b-1 shareholder service and/or administration fees by the Core Fixed Income, Bond, and Global Income Funds’ Service Shares. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Advisers and their affiliates to intermediaries that promote the sale, distribution and/or servicing of Fund shares.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual fund portfolios for which the Board of Trustees has responsibility. In evaluating the Management Agreements at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Advisers, their affiliates, their services and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Advisers and their affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Advisers or their affiliates present. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

Nature, Extent and Quality of the Services Provided Under the Management Agreements

As part of their review, the Trustees considered the nature, extent and quality of the services provided by the Investment Advisers. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided to the Funds by the Investment Advisers and their affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Advisers’ portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Advisers. They also noted the Investment Advisers’ commitment to maintaining high quality systems. The Trustees concluded that the Investment Advisers continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Advisers would continue to do so in the future. The Trustees also recognized that the Investment Advisers had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Advisers.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings (rankings only for the World Bond Fund) compiled by the Outside Data Provider as of December 31, 2013, and updated performance information prepared by the Investment Advisers 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

169

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Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

objective and policies and market conditions. The Trustees also received information comparing the performance of each Fund (other than the World Bond Fund) to that of a composite of institutional accounts managed by the Investment Advisers having comparable investment characteristics.

In addition, the Trustees considered materials prepared and presentations made by the Investment Advisers’ senior management and portfolio management personnel, in which Fund performance was assessed. The Trustees also considered the Investment Advisers’ periodic reports with respect to the Funds’ risk profiles, and how the Investment Advisers’ approach to risk monitoring and management influences portfolio management.

The Trustees observed that the Core Fixed Income Fund’s Class A Shares had placed in the second quartile of the Fund’s peer group for the one-, three-, and five-year periods and in the third 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. They observed that the Bond Fund’s Class A Shares had placed in the top half of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2014. They noted that the Global Income Fund’s Class A Shares had placed in the first quartile of the Fund’s peer group for the one- and three-year periods and in the third quartile for the 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 Global Income Fund had certain significant differences from its peer group that caused the peer group to be an imperfect basis for performance comparison. The Trustees noted that the Strategic Income Fund’s Class A Shares had placed in the first quartile of the Fund’s peer group and had outperformed the Fund’s LIBOR-based benchmark index by 3.87% and 5.09%, respectively, for the one- and three-year periods ended March 31, 2014. The Trustees noted that the Strategic Income Fund had certain significant differences from its benchmark index that caused the index to be an imperfect basis for performance comparison. They observed that the World Bond Fund’s Class A Shares had placed in the fourth quartile of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one-year period ended March 31, 2014.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreements and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Advisers to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of the Funds’ management fees and breakpoints to those of relevant peer groups and category universes; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and a five-year history (or, in the case of Funds that commenced investment operations within a shorter period, since the year in which it commenced operations) comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s transfer agency, custody, and distribution fees, other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Advisers’ undertakings to limit certain expenses of the Funds that exceed specified levels. They also considered, to the extent that the Investment Advisers manage institutional accounts or collective investment vehicles having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Advisers to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to institutional accounts, which generally operated under less stringent legal and regulatory structures, required fewer services from the Investment Advisers to a smaller number of client contact points, were less time-intensive and paid lower fees.

In addition, the Trustees noted that shareholders are able to redeem their Fund shares at any time if 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 Advisers’ revenues and pre-tax profit margins with respect to the Trust and each of the Funds. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service) and information on the Investment Advisers’ expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Advisers for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should

170

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

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 Advisers’ 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 World Bond Fund), and the Trustees considered this information in relation to the Investment Advisers’ overall profitability. The Trustees considered the Investment Advisers’ revenues and pre-tax profit margins both in absolute terms and in comparison to information on the reported pre-tax profit margins earned by certain other asset management firms.

Economies of Scale

The Trustees considered the information that had been provided regarding the Investment Advisers’ profitability. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreements for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:


Average Daily Net Assets	Core Fixed Income Fund			Bond Fund			Global Income Fund			Strategic Income Fund			World Bond Fund
First $1 billion		0.40	%		0.45	%		0.65	%		0.60	%		0.65	%
Next $1 billion		0.36			0.41			0.59			0.54			0.59
Next $3 billion		0.34			0.39			0.56			0.51			0.56
Next $3 billion		0.33			0.38			0.55			0.50			0.54
Over $8 billion		0.32			0.37			0.54			0.49			0.53

The Trustees noted that the breakpoints were meant to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Advisers relating to the costs of the services provided by the Investment Advisers and their affiliates and their realized profits; information comparing fee rates charged by the Investment Advisers with fee rates charged to other funds in the peer groups; and the Investment Advisers’ undertakings to limit certain expenses of the Funds that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that GSAM had passed along savings to shareholders of the Core Fixed Income and Strategic Income Funds, which had asset levels above at least the first breakpoint during the prior fiscal year.

Other Benefits to the Investment Advisers and Their Affiliates

The Trustees also considered the other benefits derived by the Investment Advisers and their affiliates from their 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 Advisers; (d) the Investment Advisers’ ability to leverage the infrastructure designed to service the Funds on behalf of their other clients; (e) the Investment Advisers’ ability to cross-market other products and services to Fund shareholders; (f) Goldman Sachs’ retention of certain fees as Fund Distributor; (g) the Investment Advisers’ ability to negotiate better pricing with custodians on behalf of their other clients, as a result of the relationship with the Funds; and (h) the possibility that the working relationship between the Investment Advisers and the Funds’ third party service providers may cause those service providers to be 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.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain potential benefits as a result of their relationship with the Investment Advisers, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Advisers; (b) enhanced servicing from vendors because of the volume of business generated by the Investment Advisers and their affiliates; (c) enhanced servicing from broker-dealers because of the volume of business generated by the Investment Advisers and their affiliates; (d) the Investment Advisers’ ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the Investment Advisers’ knowledge and experience gained from managing other accounts and products; (f) the Investment Advisers’ ability to

171

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Advisers, to certain firmwide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Funds’ access to certain affiliated distribution channels. 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 Advisers and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreements, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by its respective Investment Adviser, the Investment Advisers’ costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Advisers’ continued management likely would benefit each applicable Fund and its shareholders and that the Management Agreements should be approved and continued with respect to each applicable Fund until June 30, 2015.

172

FUNDS PROFILE

Goldman Sachs Funds

LOGO

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $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 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 INTERNATIONAL Investment Adviser
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 a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (I) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (II) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s web site at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. The Funds’ Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Forms N-Q may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

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)